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Henry 

IButcher&Co 

incorporating 

I Leopold Farmer & Sons] 

Agents, Valuers, Surveyors and 
Auctioneers of Property and Plant 
London — Leeds - Birmingham 



No. 27,578 


Wednesday June 7 1978 




•an- 


FLAKE & 

MODULAR 

IRON 

CASTINGS 


IllfSrtSwijBWdiarate Metal CftlsL 

. ABwtaLWg^SmjtTttftiBW 44788 




CONTINENTAL 5ELUNG PRICES.- AUSTRIA Sch.lS| MgW Ff-JS; DENMARK KrJJS; FRANCE ft-J.D, GERMANY DKLflt ITALY l_SM; NErHERCANOE HJjfe NORWAY Xr.33;. PORTUGAL tscMi SPAIN rtaxM: >WB»P ■ K* JOSs gMgEMAMP F>0.6; EWE «> 



WS SUMMARY 


GENERAL 


BUSINESS 


German Gilts 
Interior 
Minister 


resigns 

Herr Werner Maihofcr, West 
.Germany's Interior minister, 
. resigned yesterday, taking 
responsibility for errors In tbe 
T hum last year for the kid- 
^ nappe rs of Dr. Hanns-Martin 
Schley er, the industrialist 
S His action comes two days 
P after his Free Democratic Party 
'* suffered- a severe setback in pro- 
vincial elections. Herr Maihofer’s 
misfortunes in office are felt to 
have contributed to his party's 
reversal. Back Page 
Police in West Germany have 
claimed their first success in the 
hunt for the gang which freed 
an urban guerrilla from jail ten 
days ago. They have seized a 
24-year-old man believed linked 
• with the gang.- 

Italian killing 

Three terrorists, one a women, 
shot dead a jail warder in a 
street in the Italian town of 
Udine. In Rome, three more 
suspected urban guerrillas were 
charged with complicity in the 
kidnapping and murder of Sig. 

. '.Ido Moro, the former Premier, 
ic a king the number charged to 
« tine. Page 3 

' Troops for Zaire 

The U.S. is preparing to fiy 
troops from Gabon and Senegal 
to join the Moroccan force sent 
to defend Zaire”s Shaba province 
against any further rebel in- 
vasion. President Kauxtda of 
Zambia has rnacie a surprise 
isit to Zaire for. talks with 
President Mobutu, who has 
accused the Zambian leader of 
1 allowing rebels to pass through 
^ his territory. Page 4 

4 fJ £st ban move 

'•* vritain and the U.S. are expected 
to propose a five-year ban on all 
nuclear testing in negotiations 
with the Soviet Union in Geneva 
this week. They hope to speed 
up the long-running Geneva talks 
at which the three Governments 
RE re seeking to draw up a corapre- 
Gr» uensive test ban treaty. Page 4 

Desai in London 

Mr. Morarji Desai. Indian 
Prime Minister, has arived in 
, Britain on a threeday visit, dur- 
ing which he will have talks on 
trade, race relations and nuclear 
energy’. Defending his govern- 
■o. ment's performance in its 14 
tor. months in office, he said India 
°* ' rad come out of a nightmare 
““ into the clear light oE the rule oE 
1 law. 

Slow recovery 

Princess Margaret is making a 
slow recovery from her illness 
and her doctors have advised her 
to undertake a strictly limited 
• number of public engagements 
for the time being, Kensington 
si Palace said. The 47-year-old prin- 
cos s went down with gastro- 
enteritis and mild hepatitis six 
woks ago. 


waver 
on bank 
figures 

• STERLING closed 35 points 
up at $1.8240 after favourable 
mar ket reaction to UK mid-May 
ba n k in g figures. The pound’s 
trade-weighted index was 61 .3 
(61J.) and the dollar’s depreda- 
tion was unchanged at SA per 
cent. 

• GILTS were unsettled after 
the hanking figures became 
known. The Government Securi- 
ties Index closed 0.04 up 
6&S3. 

• EQUITIES recovered despite 
a low volume of trade. The 
FT 30-Sbarc Index, edged higher 
to close 3.2 up at 477.7. 

O GOLD dosed $1* down at 
81812 in London, after weaken 



ing in response to a firmer 
dollar. 

t WALL STREET was 8.4S up 
at 872.31 near the dose. 


Living alone 

More and more people in Britain 
arc living alone as old-style 
family tics loosen, according to 
n General Household Survey. 
Young people are leaving home 
earlier, more marriages are 
ending in divorce and old people 
who would once have attached 
themselves to their children's 
families arc more often left to 
live alone. Society today, Page 23 

Act of God 

Rev. Edward Bland. 63, who 
ruptured an achilles tendon 
while walking home after an 
open-air service in Lancashire, 
has become the first clergyman 
in Britain 1o draw sickness 
benefit for an indutrial injury 
while on parish duty. His claim 
to the Health Department 
detailed loss of earnings — six 
funerals at £7 a time, an £8 
wedding and six cremation 
services in one month alone. 


Briefly . . . 


Italy beat Hungary 3-1 in their 
World Cup Group One match. 
Hundreds of servicemen’s wives 
marched through London to pro- 
test about their husbands' pay. 
Bus careered over people sleep- 
ing on a footpath in Calcutta, 
killing six and injuring five. 


• SHELL PETROLEUM _£om 
pany is arranging a $?J0m 
standby credit with a small 
group of Japanese banks, led by 
the Dai Ichi Kangyo. Tbe terms 
of the loan are not known. It is 
the first time that a ' Japanese 
bank has arranged such a large 
loan for the company. 

• JAPANESE sales of imported 
cars last month totalled 4,367, a 

30.4 per cent increase on sales 
for May last year, the Japan 
Automobile Importers’ Associa- 
tion has announced. Page 6 

• IN A SURPRISE move the 
Governmen has ggred to a Tory 
amendment to the Finance Bill 
which increases tax relief for 
self-employed people who spend 
some working time abroad. Back 
and Page 10 

• PRICE RISES on most cigar- 
ettes produced bjr Carreras Roth- 
mans have been announced. Back 
Page, News Analysis Page 7 

• BRITISH SHIPBUILDERS has 
unveiled a series of new ship 
designs and announced a £14m. 
order for two oE them from a 
Greek owner based in the UK 
Back Page 

• ENERGY SECRETARY Mr. 
Anthony Wedgwood Bean has 
rejected the idea of imposing 
a special tax. to bring natural 
gas prices into line with those 
of other fuels. Page 7 

• POST OFFICE engineers 
agreed to settle within the 
Government's pay guidelines, but 
have demanded an end to wage 
restraint and decided to nego- 
tiate a 20 per cent increase next 
year. Page 10 

• TUC steel committee chai r ma n 
Mr. Bill Sirs is to urge the 
Government to maintain steel 
production in defiance of EEC 
plans to cut Community output 
in the third quarter of this year 
by more than 2m tonnes. Page -4 

COMPANIES 

• STEYR - DAIMLER - PUCH, 
Austria's largest private indus- 
trial entity, reported a 17 per 
cent sales increase during the 
first quarter of this year, com- 
pared with a 9 per cent rise for 
the whole of last year. Pige 31 

• METAL BOX South Africa, 

58.5 per cent owned by Metal Box 
UK reported an improvement in 
net operating income for the year 
to March 31. This rose from 
R10.9iu to K13.3m (about £7.6m). 
Page 33 

• ‘ <XAD1RAN, Israel’s largest 
electronics company, raised its 
net profit last year by 6L4 per 
cent to l£127.7m (£3.6m). Page 
33 


CHIEF PRICE CHANGES YESTERDAY 


(Prices in pence unless otherwise 
indicated) 


RISES 

Excheq. si pc *82 A... £92iV 
Escheq. 12 pc 1908 ..JEJSj 
Comet Radiovision ... 132 

Hay (Norman) 55 

Heron Motor 330 

McDonald Martin Dst 450 

Marchwid 310 

Metal Box ...» 313 

p & O Dfd. 100 

Philip's Lamps - 9S2 

Rank Org. 260 

Savoy Hotel A 87 

Thomson Org. 255 


+ A 
+ i 
+ 6 
4- 6 
4- 16£ 
4- 30 
4- 12 
4- 5 
4- 3 
4- 37 
+ 6 
+ 4 
4- 7 


United Carriers SO 4- II 

Usher-Walker 58 4- S 

Oil Exploration 256 4- 18 

Ranger OH £25 + 2* 

Siebens (UK) 383 + 25 

Harrisons MaL Ests. 96 + 6 
Warren Plantations.. . 234 + 12 

Minorco 190 + 8 

Yukon Cons 172 + 5 

FALLS 

AmaL Distilled Prods. 38 — 4 

Cam res G4 — 4 

Els on and Robbins... 92 — 6 
Martin the Newsagent 242 — 5 

Mills and Allen 353 — 10 

Wedgwood 221 — 11 

Tasminex 70 — 5 


Schmidt leaves way 
open for package 
deal on growth 


BY JONATHAN CARR s BONN, JUNE 6 


West Germany has no immediate plan for further steps to try to hoost the 
economy. Chancellor Helmut Schmidt said to-day. At the same time he left 
the door open for a decision on new measures this summer. .. 

His remarks, in an interview forge a wider zone of currency that after a disappointing start, 
with the West German news stability in Europe — an idea out- real growth- in . gross national 
agency DPA, strengthened the lined by Herr Schmidt at the product this year nnghX yei total 
view that Bonn may now be ready European Council- in Copenhagen 3 per cent. . / •• 

to seek more growth as part of a in April The Government had limed : at 

package deal with its main Herr Schmidt's comment on 3.5 per cent, with both Britain 
trading partners. U.S. support was noted here and the U.S. urging efforts to 

Other key elements in the deal with special interest, in view of achieve even toore, 
would include firm steps by the meeting a week ago in It is noted here that the .first 
UJ5. to cut oil imports a pledge Washington with President quarter statistics are open to 
by Bonn's partners to resist pro- Ca ? ter - _ . - . correction ami give no wholly 

•tectionist pressures, and renewed St> £ar » Bntam has shown clear picture. A second- round 
efforts to counter currency reserve towards the currency of Cabinet discussions on the 
unrest scheme, partly on the grounds economy and: the 1979 Budget is 

The Whole could be tied up at ^ hat ir f ? ars tee U.S. might believed to have been postponed 
the western economic summit “terpret xt as directed against from June 21 until the second 
conference here on July 16 and dollar. half of July, after the Bonn 

17. summit ■' 

Heir Schmidt did not directly RPlTfM* H to emphasised^ that there 

refer t osucb a deal. But he did would be tittle: point in Bonn 

ci te energy, protectionism and On the German economy, Herr deciding on supplementary ecoho- 
currency matters — as well as S chmi dt stressed that the mic measures now, only to come 
efforts to improve economic eo- emphasis should be laid on under pressure %t tee summit to 
operation between the developed medium and long-term strategy do even more. • 
and developing world — as major, rather than short-term efforts Should the performance of the 
inter related problems to be which provided only an infla- economy as wefi as the attitude of 
covered at the s ummit . tionary boost. Bonn's partners suggest that 

In particular, he wished Presi- He wanted to wait for the another economic programme, is 
dent Carter success with his statistics on the economy’s per- desirable, then bbth tax relief 
energy-saving programme — formance in the second quarter and direct investment measures 
stressing that the President had of the year, believing that these are likely to emerge, 
the power to step in himself would be better than those for The particular: aim would be 
if Congress refused to act the first three months. . to help those branches of 

He expected the U.S. would. Dr. Otmar Emminger. Presi- industry and- research expected 
make clear at the Bonn summit dent of the Bundesbank, has just to provide the Jobs of the future* 
that it favoured the scheme to given a similar view. He thought Editorial comment. Page 22 

Inflation should stay in 



BY PHILIP RAW5TORNE 

MR. JAMES CALLAGHAN told 
the Commons yesterday that 
Government policies should en- 
sure that. the inflation rate never 
returned td double figures. 

The Prime Minister predicted 
that the rate would hover for 
some time between 7 and 8 per 
cent 

'I would like to see it come 
down but I doubt if that is 
likely,” he said. . 

But the Government’s fiscal 
and monetary policies, together 
with some moderation in wage 
settlements, should ensure that 
it was kept under control. 

1 1 don’t see any reason, if we 
carry out our policies, why it 
should ever get back to double 
figures," he declared. 

Mr. Callaghan told MPs that 
though an increase in the 
mortgage rate would be regret- 
table, the Government would not 
intervene in any building 
societies’ decision. 

It Is important that they 
maintain their own ' balances 
properly." 

The Prime Minister’s emphasis 
on keeping inflation within single 
figures reflects his concern that 
the Conservatives should not 
gain political advantage from 
any small increase in the retail 


price index during a possible 
General Election campaign this 
autumn 

The. Government expects the 
inflation rate to fall again to 
about 75 per cent this month 
and about 7 per cent in July and 
August 

In the autumn the retail price 
index is likely to fluctuate 
between 7 and 8 per cent say 
Government forecasts. 

Ministers intend, therefore, to 

Parliament Page 10 
Mortgage Tates, Page 7 

reassure- the voters that an 
inflationary upsurge is unlikely 
to follow any small monthly 
increase in the index. They also 
intend to explain folly the 
effects of various influences on 
the index. 

While this action to protect 
the Government’s position in an 
autumn election is being taken, 
Mr. Callaghan has told col- 
leagues that he will not decide 
the date of the General Election 
until August 

The Prime Minister, reported 
to be anxious to avoid suspicion 
of gimmicks or running to the 
country at the first favourable 


moment, has said he will take a 
M long cool look-7- at tbe situa- 
tion from his Sussex farm in the 
summer recess. 

Some of his advisers, though 
few senior Cabinet WmiKtprc 
are still inclined to hold off 
until the spring of next year. 

Cabinet Ministers are submit- 
ting legislative proposals for 
another Party session, but their 
main calculation centres on 
whether it would be 
advantageous for the G 
ment ot be forced int 


October ■'date itself. 


Minister 





chiefs 


. By Elinor .Goodman, 

Connfiner Affain CorrtsjKNWint 

MB ROY HATTERSLEY, the 
Prices. Secretary, has askedto 
see Ihe heads of all the big oil 
companies to discuss the petrol 
Mice rises which resulted from 
the companies -.reducing their 
financial support. . to -some 
garages. 

The Minis ter is dearly wor- 
ried about Implica ti ons for the 
retail prices index, and wants 
to know more about the reason- 
ing behind the oil companies’ 
latest moves- ' 

A series of meetings Is ex- 
pected to he held over the next 
few. days with executives ol the 
Individual companies. 

The two sides will presumably 
see thing s • differently. While 
Mr. Hattersley would like to 
see petrol price rises Jcept to a 
minimum, the oil companies 
would eventually tike .to end 
tbe forecourt'Prtce-cutting war- 

Last week, Esso wrote to 
many of its dealers telling them 
that it was withdrawing a .large 
pari of tiie support aid which 
has enabled them to cut several 
pence off the scheduled price 
of petroL ' . 

Hie move has resulted m 
increases of a penny or two . a 
gallon in many garages — parti- 
enlarly in urban areas where 
price cutting has been most in- 
tense. The other major oil 
companies are following suit. 


Temporary 


The oil companies did not 
give the Price -Commission ad- 
vance warning of their action 
because they did not consider 
that a reduction in what they 
regarded as a temporary sup- 
port programme for dealers fell 
within the Commission’s juris- 
diction. 

Since then, the Commission 
has raised the matter with Esso, 
hut it seems to hare concluded 
for the time being that there is 
nntiilng ft- .can do about tire 
rises. 7 

Mr. Hattersley could, -how- 
ever, presu mab ly make ~n .sec- 
toral xefeucenee of all the oil 
companies to the Commission. . 

’ Alternatively, he- could, .per- 
haps, try to get : a voluntary 
assurance from the companies 
about future price rises as he 
did from, the brewers. 

Jn spite oMast week’s reduc- 
tion in dealer support, the Oil 
companies will go on contribut-’ 
ing almost 2p a gallon to some 
dealers 5 prices. 


an autumn General Election. 

These are the Bonn economic 
summit in July which is expected 
to heighten Mr. Callaghan's 
prestige; toe TUC in eariy 
September, which could yield 
same understanding on wage 
moderation; and the referendum 
on Scottish devolution, winch a 
majprily of the Catenet woitid 
like -to hold after the election, 
but "Which cannot -be tong 
delayed .after the end of Abe 
present session. - 


Yfa New York ... . .. \ 

» 

n 


- Pterion* 

s. • Spot 

E, - IdjMMr 
3 ZDOBths 

“• iBmnihi 

S 

PPf 

Hi 



is slower 


...BY MICHAEL BtANDEN 

THE / GROWTH .Of the mpney 
supply slowed down- last : monte» 
the first of ihef^new financial 
year/ -after the sharply excessive 
figure recorded in-ApriL 
- The latest banking figures sug- 
gested that, in .-the .month to 
mid-May, tee increase, in the, 
sterling ' money stock on the 
wider "definition --(MS) was sub- 
stantially lower -than the pre- 
vious monte’s rise of 2<5 per 
cent. ••• 

The growth may still have 
been, however, at or above tee 
top end -of the official . target 
range for the current year. This 
was fixed in the Budget at an 
increase in sterling M3 of 8-12 
per cent subject to adjustment 
after six months. ? ■ 

This was a slight reduction 
from the. 8-13 per cent range ret 
for tee past year to mid-April, 
which in the event was substan- 
tially exceeded with a growth of 
sterling M3 over the year of 
.16$ percent 

The banking figures also indi- 
cated a marked upsurge in bank 
lending, apparently associated 
mainly with the rise in . con- 
sumer spending, and possibly 
with growing leasing ' business. 
This increase, coupled with' the 
continuing difficulties being ex- 
perienced by the authorities in 
selling gilt-edged stock to fund 
tee Government borrowing re- 
quirement, is causing growing 
concern over tee expansion of 
domestic credit. 

In his recent letter of intent 
to the ‘ International Monetary 
Fund, Mr; Denis Healey, the 
Chancellor of the Exchequer, 
affirmed his determination to 
keep domestic credit expansion 
within a limit -of £6bn in the 
current financial year. 

The figures Were not well 
received- in -the gilt-edged 
market,- where, after showing 


speculation 

possible further moves to control 
tbe growth of credit 

In the money markets, short' 
term interest rates have moved 
up . in .the last few days, bringing 
the possibility teat the banks 
will consider adjusting their own 
base lending rates upwards. 

The main pointer to the money 
stock was given by the Bank of 
figures for the eligible 
liabilities of the .banking system. 
These are the main deposit funds 
and a major constituent of 
sterling M3. 

. Eligible liabilities Increased by 
1.4 per cent to £445bn in the 

' Editorial comment. Page 22 
Table, Page 27 
Lex, Back Page 

four weeks to mid-May. This 
compared with a jump of more 
than 3 per cent in the previous 
month. 

An important factor helping 
to hold down tee money supply 
growth was probably the sub- 
stantial intervention undertaken 
by" the Bank of England to 
support: sterling during the 
month. 

Yesterday the Bank was again 
thought’ to have intervened, 
although on a smaller scale than 
on Monday, and in quieter 
exchange markets the pound 
gained 35 points to S1.S240 with 
Its trade-weighted index rising 
from 61.1 to 8L3. 

figures published by the 
London dealing banks showed 
a. rather smaller increase of 1 
per cent in their eligible 
liabilities, but a substantial rise 
in lending. 

. . They reported that their 
sterling advances to the U.S< 
Continued on Back Page 


BTR move into U.S. 


LONDON 

BTR, the. British engineering 
group, is buying a 32. per- cent 
Make in Worcester Controls- Cor- 
poration, the U.S. valve, concern 
which owns Worcester’ Controls 
of 'the. UK, and will bid f dr the 
rest of the shares at tile same 
price, $30 a share. Thertenns 
value the Worcester group at 
$48m (£261m). 

The offer for full control has 
not received tee support -of tee 
three British Norris brothers, 
who own 13 per cent of tee 
capital of the U.S. company^ of 
which they are all vice-presi- 
dents, and who run the 'British 


group’s turnover. 


YORK AND44ARGARET REID IN 

Mr. Eric Norris. said in Britain 
last night that he would continue 
today to have discussions on 
alternatives with a merchant 
bank. ' He and his. brothers Ken- 
neth dnd Lewis still believe that 
a higher offer could have been 
obtained. 

Las t n ight’s announcement 
that BTR had reached agree- 
ment for tee sale to it of the 32 
per cent holding— including the 
shares of Mr; Robert McCray 
and other officials of Worcester 
Controls Corporation— followed 
several -days of tense discussions. 
The opposition of the Norris 
family to the projected BTR offer 

Gantmned on Back Page 



BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


LAND SECURITIES Investment 
Trust's investment properties in- 
creased in value by £167m last 
year. A sample valuation of the 
world’s largest -property company 
revealed a 2L6 per cent rise in 
values since March. 1977, enough 
to push the value of its property 
holdings to £993Bm. 

This sample valuation, which 
has not been incorporated into 
the group’s accounts, confirms 
the dramatic recovery in pro- 
perty investment values in the 
past year. 

Although Knight Frank and 
Rutley, Land Securities’ valuer, 
notes an easing of property 
yields since the March year-end. 


yesterday’s news provided a mild 
tonic for the property share sec- 
tor. Land Securities’ own shares 
rose 2p to 215p on news of a 
21 per cent increase in pre-tax 

Results, Page 25 
Lex, Back Page 

profits to £2 6.3m and on reaction 
to the revaluation, which would 
push net assets per share from 
225p to 303p. 

Land Securities’ revaluations- 
have had a powerful influence 
on the property market in the 
past In 1973 a revaluation to 


£1.02Sbn followed that November 
by -a further revaluation to 
CLSQffim, marked -tee peak of 
the property boom. 

One radical departure in Land 
Securities' 1977-78 results is its 
decision to abandon the practice 
of treating interest paid to 
finance property development as 
an asset and instead to incor- 
porate -it as a deduction in . tee 
profit and loss account. 

This, decision cut £3j8m from 
the group’s post-tax distributable 
profits' m the year, and it could 
have -wide ranging implications 
for the accounting treatment of 
development interest charges 
at the. property sector: 


CONTENTS OF TODAY'S ISSUE 


European news 2-3 

American news 6 

Overseas news 4 

World trade news 6 

Home news — general ... 7-8-9 
— labour ......... 10 

Barifament n 10 


- Technical page .. 
Management page 
Arte page 

Leader page .......... 

UK. Companies . 
Mining 


....*.. 11 Inti. Companies 30-31-33 

12 Enromaxkets 30-31 

Money and Exchanges 37 

World markets ... 36 

x.. 24-29 Farming, raw materials ... 35- 
26 UK. stock market ............ 38 


21 

. 22 


Problems of dividends: 

Mr. Healey maintains 

suspense .22 

Society Today: 

Never before had It so 

good : 23 

Tbe ; personality which 
makes for top managers 32 


FEATURES 

Multinationals and the -New 
Order 33 

Turkey: 

Regilding the - Golden 

Horn 2 

W. German moonl ighting ? 

- Black is profitable 3 


Fren ch m achine tools: ^ 

Survival anxieties --- 3 
China’s foreign poffey: 

Fast rising profile — * 

~Sudai£ A balance of pay* 

• moits proble m 4 

- FT SURVEY 
Greece ...v.' 14-19 


A ppatBtn i uato 


■Ms- Sac. Rates — 

C iuM war il — 

E nna bfst CaU* 


3a 

02 

39 

2D 


Hone Cmtraas 


FT-A ctua i > a» Indices 


Lombard 

Men nod M attar* ... 
Racing . 

Saferasm - 

Shan IdimlH „ 


■ Today's Emits _ 9 

2 TV and Radio a* 

C Unit Trnsts S3 

* Weather 0^ 

2 INTERIM STATEMENT 
20 Elm and Rabbins 2* 

S ANNUAL STATEMENTS 
ML camrac (HldazJ 3 


Charter C a ns. — - : > 

am. Cent. 'Rhht. ; .X. 
Om. Rn. de ones ~ ' 26 

Da M R*e -.2? 

small Timber 

Scat. Heritable Trot - 23 

Francis. Sftiw — 1 2 » 


For latest Share Index ’phone 01-246 8026 


mDDON HOUSE 



; 77 Grosvenor StreefcLondonWlA 2BT _ 
Telephone: 01-629 766$ O 

and Gifyof London, EdiitirarglbEaris, Amsterdam, Australia 


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ROPEAN NEWS 






Spain has $76m. current 
account surplus in April 


MADRID, June 6. 


Irish hope 
to reopen 
Ferenka 
factory 


.... . - . 

EEC to open Phttug^ nfegphit^ 


BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT 




attUIUli Sill U1U5 111 ilUlIl x cicuava EEC FOREIGN Ministers agreed Today's decision by the EEC Foreign Secretary, said ‘ today lag on Its fpnnalr OpiiUoti^ ' - ‘ 

XT Ml n today to open "as soon as prac- Council of Ministers applies only that while it was important to Spain’s appllcationfor 

___ M \ ncin I„„ a fi TQPtnrV ticaliy possible" formal negotia- t0 principle of starting treat eac* negotiation separately- ^hicb- wa s submitted^ 1- 

BY ROBERT GRAHAM MADRID. June 6. IdtlUIJ tions * hh Portugal on its S’ 8 Wd 15° S' to '**»* ^ ^ ^ ' 

s*s- * ssssvsss: irasa sissr*- * y “ 40f lhc * •— — b x£ 2 ?s ,2 £££ s -\sss&? #%S igj 

bT" 5 Sl A C.ttT^.rt ™* had *«W the peseta, imS««M tUi,t, “aSS Int"* “ 5SS 1“ practice, this is «pe«ed to the enl^ ^ 

best monthly figure this year d which has now recovered some foreign borrowing policy. At the t h e re-opening of the former mean that the talks will start m decided 0137 ' yet. .to .. be : m_enr_ p_ ^ Snaowledged ttat it In- its.Awinibfi nn 

further evidence that on the grQU nd since the 22 per rent outset of the year the target For Ferenka steel cord factory in September or October, after the j t ^ g^u not clear how lonKm^hthe difficult toensurethat guese-xeqtiest; pnblisbeds^ 

external front at least the Gov- devaluation last July. The foreign borrowing was S3.1bn. Limerick within the nest 10 days. Community’s summer break, the negotiations will last 7 and the Admission of th« two weeks -^agb. 1 : the— C nnim ^ - ' 

ernmeut's economic measures peseta has regained almost 9 At the time, some foreign ban- This was said in London yester This timing is acceptable to the how the timing of Pq *it>p^v SnimfriXe coincided, -and .said endorsed :fl. tm ^ 

are working. per cent against the dollar, while kers were beginning to show con- day by Mr. Raphael Burke, Ire- Portuguese Government which eventual accession to iBe/EEC that the EEC should not attempt hut vfrarnerf' ,the s 

The turnround in the current !t na5 3p -? re f iate d over 5 per cern that this continued high lands junior commerce would like to link the start of will relate to that of Greece to foist suoh an arrangement on ecoiKOTic iat^ratimi riTi^tS ’ 
n !fr^UTur cent gainst other leading level of foreign borrowing would Minister. negotiations with the publication which hasbeennegotiaS^geMbuSntcwmSa^ainstEECposed-ftnumber-cr^^:’-* 

account has been striking. Durv currencies. substantially increase Spam’s The Government has been of its new medium-term eco- join for almost two yeax£ ^ ^ practical : pwWems : dud^ 

mg the same mouth last year a The strong reserve position, foreign debt to some SI5bn. and ma king strenuous efforts to re- nomic programme in the autumn. Dr. David Owen tfce U-It ^ remission is also work- have to be handled "ca^ulft.3 .. 
S43Sm deficit was recorded. The combined with the continued low create a heavy debt service ratio. slart wor k at £-j-o m Limenck * _ Lomuuaw i? ..... .. . ,-i -- 


figures for the first four months level of imports (only 2 per cent Now Spain almost certainly p j ant ever s j nce Akzo. the Dutch 
are even more impressive: the up in Apn J ) ’ the maintenance of will not need to borrow so much multinational. unexpectedly 


V. . we tiie upward trend in export earn- More important, the Government c i 0S ed down its subsidiary’s 

current account deficit was 5>72tn . . ‘ j r n , tn avail nF th* “ :L t t ‘ ... a «<t 


against $2.27bn in 
period last year. 


the in ss. and projections for a boom is expected to avail itself of the operations in Limerick at the end 

me same year f or tourist receipts mean opportunity to accelerate the re- 0 f i ast year w , t i, a [nss 0 f 1.400 


period iasi year. Lbai the current account deficit payment of some high-interest n w as the biggest indus- 

Tbe improvement in the cur- for 197S could be below the anti- short-term debts. Meanwhile, trial shut-down ever experienced 
rent account has caused a sub- cjpated S1.5bn, already a down- more as a political gesture, the j n Ireland 

stantial rise in Spain’s foreign ward revision of an earlier pro- Government has decided to pro- whilp Ak™ maintained that 
reserves According to provi- jection. vide a S25m credit to Peru as ur Jnn {t-ouSps bad contributed 

sional figures these reached a Unofficial estimates are that part of a S85m special package its decision »hp Irish tioverc- 
record §7.2bn in May, compared the healthy trend in tourist earn- with several Latin American meD . claims ’that the closure 
with S4.2bn in May, 1977. ings and continued slack on the countries -to assist Peru’s short- aPft5# , i 3n . P | v f Pnm financial 
In the first five months of this import side will push up reserves term liquidity problems. 


Chances have improved of end 
to U.S. embargo, says Ecevit 


Lisbon takes^f 
action on - 
compensation ; 

By Jimmy Borns. i ^ 


|H‘k 


BY METiN MUNIR 


ANKARA, .June 6. 




Central bank starts libel action 


arose largely from financial MR. BITLENT ECEVIT. the would he revoked, he said- be asked Congress to, re 
difficulties within Akzo itself. Turkish Prime Minister, returned was “under the impres^qb that bah. His motion was re 

Mr. Burke Tefused to reveal to Ankara from the U-S. today chances of The embargp being tlje Senate Foreign 

the identiy of the foreign com- with the impression that the M£* ed . h f ve . improved consider- Committee. r ' .'• 


the identiy of the foreign com- with the" impression ~ that the ^ ve , improved amsider- Committee- r -- 

<*“«« bm imprOMd consider- 


BY OUR OWN CORRESPONDENT 


■»» » nnm , „ ~ senior execunves : 

MADRID, June 6, ]arRest com p an i eSi 


THE BANK of Spain has taken matter are now in the hands of demise of Banco de Navarra, 
the unprecedented step of the Chief Public Prosecutor, The articles alleged that the 


over Ferenka. He was in London IT ^ . ban on arms sujqpinea .tq. aiiore confidence,” Mr. Ecevit 

yesterday for meetings with 300 Y °^^ e , arms embargo Turkey was imposed by.the.U^. said summing up! his -14 days degde d . 

senior executives from Britain’s against Turkey being tilted. Congress seven months after Be abroad.. His trip took, him : to assuEances to settie the pr^gj- 
largest companies. "President Carter and th» ordered the Turkiah army Brussels^ where he discussed mdeanjmie^. l- _; [ --?£*■ 

He also announced that Ire- American Administration are I2. Cypru * 10 toe “““©t-’W 1974 NATO and EEC matters, and It was' confirmed 
land is to spend i'350m on f u ijv aware of the iniustice of the Tbe embargo, ostensibly.,; a Washington for the: NATO stuh- tiher ojder^igned- on the. 

! 1 iniurnol . . - 1 . nilTl ichm nTv+ fny - n» * 1 . W-Jf 


w imKrtirmc Arhnnm it* rrritl’th • . . _ iOl/1 tTlfllnTl!? PAnPACRlDntf ‘T*» 4 ■-■i rnw«%wt If* TT/iotril mot tn Ka AAnvnAnsMtA#l 


against a Spanish newspaper ror ouiciais- ±ne articles made authority in taking over Banco 
alleged publication of false sweeping allegations against Cantabrico. and made further 


information. The action follows senior bank officials for their serious but unsubstantiated 
publication of a series of articles handling of (he collapse of the allegations against certain senior 
in El Imparcial. a right-wing small Banco Cantabrico. Banco officials, regarding the incorpora- 
dailv founded late last year. Cantabrico collapsed at the end tiou of the collapsed bank into a 
Ail papers concerning the of January in the wake of the specially farmed “bank hospital” 


ambitious 


^?n h U brief stopover in Istanbul 


Ecevit met to be: compensated , for 


Cantabrico collapsed at the end tiou of the collapsed bank into a u " „e thin ^ ner -.ant over obta,n its abrogation.” cancelline itTdefence D«rt v^frh ? 7 7 h . n ^rrmmVrv’TriehTT^d . U M 

the of January m the wake of the sp ^ al ' y ^™^ that period, this. P in turn, will Although he could not say with Washington. . the chances of ^Sihing ^resh be^n°aaaiSs 

7hU* ^rB^of^rain ^ d «''*«« i^eot certamty that the embargo Last month President.. C?arter.mo W - ; :• 7- - 

mi n ,. .i., of £1 Jbn in new manufacturing ■ . .. ... hnw 


Stalemate in Poland- Vatican talks 


50 per cent of the equity and the f,_u7.T. c • 
108 banks held the rest. Last fac,UUes 


week, it was revealed that on 


correspondent in Dublin i 


BY CHRIS BOBINSKI 


WARSAW. June 6. 


May 18 the Baok of Spain had writes: Mr. Desmond OTrtaHey. 
lodged an action for alleged the Minister for Industry. Corn- 


fraud against Sr. Alfredo Calle. merce and Energy, confirmed in 
FOUR YEARS after talks This evident lack of progress the former chief executive and Limerick tonight that he hoped 
between the Polish authorities conies despite last autumn’s visit main shareholder in Cantabrico. to be in a position to make an 
and the Vatican began, prospects by Polish leader Mr. Edward Apart from the Bank of announcemeot about the reopen- 
fr>r normalisation of relations Gierek to the Vatican, his meet- Spain’s action against El ing of the Ferenka plant within 
are still remote. This is the ings with the Polish Primate. Imparcial. at least two of the ten days. He told the Financial 
conclusion to be drawn as Vati- Stefan Cardinal Wyszynski. both bank’s senior officials are under- Times be was not in a position to 
can diplomat Archbishop Luigi in Warsaw and in Rome, and the stood to have lodged private give any further information. 
Poggi left Warsaw this morning apparent improvement in church- actions for defamation against "Negotiations are still a? a 
alter a two-week visit to Poland, slate relations which followed. the newspaper. critical stage.” 


Regilding the 
Golden Horn 


BY MET IN MUNIR 




yto 


Cot 


Br 



THE FERRY up the Golden lation of the city. More than 
Horn leaves from the Galata 3m tons of goods a year are ponsidpmhiv tiirreaw. 
Bridge in Istanbul every two bandied by the maritime traffic SSJff + S5 


Portuguese banks. vdt£ a 
caitcutatiog how. nwidris owbS 
hy the Government .j rt 
. The procedure Is. expected^ 
take several months and comped 
sation will almost- 
made- in the fotan /of tiondS,'---;- • 

Settlement of- , .outstanding 
claims was promised by the aH« ? 
ance of Socialists hM OEistw, 

Democrats in Its prograinmMasi 
January, to re-establish busbies* 
confidence and attract foreign - 
capitaL- . - • .-■••V* - 

-....^TOOl 1 

Commissioner rebuked } * 


hour? 6 It is a ^^1 wfc* o^ ““TaS uS? ^rSSiv^e venues of ^ ^P p ^shed The Danish Foreign ' A f , AC 

decked steamer o^aboutlKl tons] Sir? 8 of^S whSl?%Sc Q 

huilt in Britain arm.nd loin handle hv tho nm-t ^ has. promised ftinds for the city that statements by the EEC Com-r \IV » A ^ 


Sm SrSS£ “round 1910 Sed“y £ port f ' F? EEC C^\ 

th^ C Attorn an ^ 2^nOTo!? tiy,S c»th igge ?' f 01 ” 6 ® produced. The Greater Istanbul Qn Soviet policy in Africa were 

the Ottoman empire. At the transport another 8m tons a p)n nn ; no . office is-workine on it out of time with (he Community's 
turn of the century the shores year to industrial sites in -the policy. Reuter repm^ fma 


new low fares. 


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Arrival time accommodates con- 


j FARE CLASSIFICATION j 

First Class 

OneWay 

Return 

Economy 

OneWby 

Return 

1 Advance Purchase Mon^hur 

Excursion Fare 
Round Trip 

Fri-Sun 

Budget 

One .Why 


Return 


FAREt 


CONDITIONS 


£796.00 


£246.50* 


Reservations made and tickets purchased 30 days prior 
to date of travel 


£182.00 


Reservations made and tickets purchased 21 days 
prior to week of travel Braniff will give you 7 days 
notice of actual day of departure 


Standby 


£78.00 

£182.00 


Stanrihv OneWay £78.00 pay for your ticket on day ot departure up to 2 hours 

* Return £182.00 before tlightfleparture 

•Wnen travelling trom London to Dallas-Fort Worm on Sal or Sun, end from Dallas-frort Worm «> London on ■ 
Fri. or Sat . add weekend surcharge ot £6.00 each way. 

IDurmg the period 1st July-30th Sep. peak season rales apply to Economy. Apex and Budget Fares. 


of the Golden Horn, curving area. _ . , ^ ■ f t . Meanw 

around the five-mile-long estuary. Some 1.7m square,, ."mares contlpu ^ 
housed the city’s commerce and around the estuary house. 'a 
night life as well as the resi- large proportion of the r£ami- “4, DD 
dearies of the wealthy European, facturing Industries. dejx>t£;ind 
Greek and Jewish merchants. dodr yards of IstanbuL . pao ^ s - 

From a pavement display at this activity is Wiperiiopo^ <:'■ -f • 
Taksira Square near the new upon a nightmare of urbazjisa'- 
IntercoDtiaentaJ Hotel ode can tiou. Virtually every 3ime«ify *■ f r < ~ 
still buy old postcards of Con- from roads to water and gas <o ' ■' 

stantinople as it then was, show- sewage is inadequate. -The ^ 

ing a Golden Horn with long traffic is among the most con- 
caiques. clean waters, and white- gested in Istanbul, which is 
washed wooden villas. saying something. 

The banks of the Kagithane In 1975 the Ministry of 
creek flowing into’ the Golden Public Works commissioned ' 

Horn were the most popular from Istanbul's ' Bosphorus . 

Ottoman picnic spot where University a master project for . 
cravated clerks wooed heavily rehabilitating the area. A large 
veiled and escorted maidens, group of experts under Profes- 
Fener. where the Greek Ortho- sor Semih Tezcan worked for . J 
dox Ecumenical Patriarchate is two years and prepared a com- • — 
situated, was full of Greek prehensive project It foresees lL 

taverns and restaurants. At an expenditure of $64m Cat 1977 TT1| 

Balat more than 50.000 Bui- Prices) over 12 years for the 
garians lived near their cathe- complete rehabilitation of the 
dral, St. Stephen of the Bulgars. area — “a step towards paying _ 

Each year on January 7 two our debt to history, the city and v 

Bulgarians dived into the cold tbe country.” as the 45-year-old 
waters to retrieve a cross thrown professor of engineering put it Gei 

into the Golden Horn in His plan is to move the dock- appoin 

the Orthodox Epiphany cere- yards, industries and depots to of the i 

monies. other parts of Istanbul. - iiiEurc 

Pilgrims crowded the court- Professor Tezcan says that 60 fnistra 
yards of Eyup mosque, the per cent of the 700 businesses -And at 

fourth holiest shrine of Islam, polled in the Horn said that they , _ n , 
where Mohammed's standard would go voluntarily, so weary -'rt”. 

bearer is buried. The Jewish were btey of the congestion and vwno na 

community, which escaped from inefficiency. vaiuabl 

the Spanish inquisition jo the Under tbe Tezcan plan $22m also in 

15th century, also lived on tbe would go towards expropriation. to negc 

Golden Horn. Of the rest S15m would be spent vital to 

Now tbe rich foreigners and on sewage. SLSm on new roads ■ -rs n 

minorities have moved to the an d S4m on turning the region 
shores oF the Bosphorus, the around Eyyup Mosque into a ne 

narrow waterway running be- park. The proposal is for a sec- and m _° 
tween tbe European and Asiatic tion of tbe estuary to be filled io adoprin 

shores of Istanbul. The Golden to create grounds for a park. The aircraft 

Horn has turned into an open *0 other Byzantine and Ottoman is the B 

sewer, its environs have been monuments in the area would Air20C 

swallowed up by slums and a ^ be surrounded with parks and tu 

industries. places of entertainment. Tbe ■ 


Meanwhile, the Golden Horn 


y. Some l./m square,, "m&tes ™ week accused the Soviet Uhioit cf 

nd around the estuary -house, .’.a u , ®°5t. interesting, sites providing developing countrW' . 

si- large proportion of the JS-kmi- m Jf tanb ^ despite the smril. the with considerable military aid bat 
n, facturing Industries. dettotg Add hulks, and the mud failing to assist- their economic 

dockyards of Iktonhrii bao^s- development, ■ - ■ . 

at this activity is 'Buperifflpo^ ‘ . -i—- ^ 

;w upon a nightmare of urbaqlsa^ ■?' r .■ ■ r 1 

in tion. Virtually every ICniettity ' [ :r '/ . v4 - 

n- from roads to water and gas fo -t:’ 


’asssf^i 




IndWm 

lof italic 


industries. 


Every year 2m tons of indus- general purpose is to turn the 
trial and shipping refuse and golden born into a major tourist 


sewaqe pour Into the estuary, attraction. 


and It has long ceased to sustain No sopp er had the Ministry of 


Leave London Gatwick 11.45 am RESERVATION SERVICE 


fish and in some sections even f u ^I( c Works received tbe pro- 
plankton. A dolphin which ,ast Yf a f t t an 11 ■ h * , 7 ed . , 1 t ; 


necting Braniff flights to major cities Arrive Dallas-Fort Worth. 3.05pm For flight schedules and reserva- 


throughout the Big Country and 
Mexico. For example: 


Houston 5.50pm 

San Antonio 5.45pm 

Oklahoma City 5.00pm 


Tulsa 
Denver 
Kansas City 

Mexico City 


5.10pm 
5.30 pm 
6.40 pm 
7.50pm 




tions (including seat assignment) 
call your travel agent or the 
Braniff reservations centre in 
London 01-491 463 1. 
Aberdeen 

Birmingham In these cities 
Edinburgh Dial 100 and 

Glasgow ask Operator 

Liverpool for Freefone 

Manchester 2276. 

Sheffield 




blundered into the Golden Ther 5 *5. *j*^ e ^ope that it will 
Horn from the Bosphorus ® ee da ? rH * ht 1 ae 310 - ^ GoIdep 
recently was drowned. ?? rn t. 1 ? °? y . one se f ment ? f 

Not only Ibe water in the “ t * nbul “ a whole is in 

Golden Horn is filthy— the air du t . need solutions for its 

above it is three times more prob !? i n3S °J f a3t population 
polluted than the maximum fJ 0Vrth . an -?. Industrialisation, 
acceptable international limit Ir p,i . n 

as defined by the World Health ?? r fu ? ds l 0T A *'f 1 5 r - Turkey’s 
Oreaoisation biggest and most industrialised. 

Restoring to the Golden Horn ^ 5r0W i® “ 

its ancient charms and fuoc- y tiapbazard manner. 

tions has an appealing sound to h J?*JL , a h r ® t !” d ‘ c f^°. ns - 

Turkisb ears. It would make ^ i? 1 ’ 

sound economic and city plan- T ^,»J ,a pm in ^KLi S 

ring sense as well. cussing a new BiU which will 

In the derelict slums around — — — ■ — — - 

the Golden Horn there live more Fru „... T ,.,, v „ 

than Im people constituting «1»»* and holiday*. U.S. *atacnpUon^S(«l.ii>i 
more than a third of the popu- 


Getting to a business 
appointment at the other end 
of the country or somewhere 
in Europe can be a tiring, 
frustrating and irritating b^sle. 

- And at the and of it all you 
have one or more top executives 
who have not only wasted 
valuable hours in transit but are 
also in a far from ideal condition 
to negotiate and taka decisions 
vital to the company’s future. 

■ Time is money ‘ 

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aircraft, and the choice of many 
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Air 200 C {Convertible)— a tine 
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.L * tf -’iV • 


• f lS&idtal limes Wednesday Jane ? 197S 



EUROPEAN S 



vsE/W-*?-’ 



W DAVID CURRY 


told not 
? price freedom 


ID tUKKT P^’ JM6 «■ 

■,,»» ™~*ii Government has notable ««?&»; *£■ •• ■»!*»» ‘^PgJjL* 

itii^iiibwn the -first puWic signs ot crisis in the xeflnmE Mdnr) by 3“f*J5 p 1 

» 'JSSV!^ °Wh£ “welcoming tboffi In SSmm the new prices 

■ ■JS&.'TSSS 3 l £!^X , ss t JS!5 

* oa ,Tfeiite’«W*>etog restored to dt pressing for the service sector, to *™JJgj? e SjJL2o ent jj. 
SJ<SSr ks W? Prices “rLSscSSc. STS?* toe 

h * r - * lik cauatiqA comes 111 * letter W ^ Patronat, besought the dmmed- 

xi£u'rwH« ctv-rr Min let or TUf SfflBlar ixeetiOBL. _ . „ - . nShnlonxo clionTC 


■;, tv TJoeL canwA comes in a letter - Patronat, has sought me ammeu- 

.the-^astry Minister, M. “S^^SfflBflRtaed that toe late revaluation of balance sheets 
S> fcBene.- Honor?, to. toe heads of * ll 2™ ta poMic toe doubling of toe tax bonus on 

u ">itoe'^toree - snasn- employers JSir^XfSfrteeWdty, toe dividends to 100 per cent, and 
^WsSBr S^SSSS^- 2S SS^^Mi* rapport net- heavier subsidies on tend«R * 


rifffs for electriciiy, Uie aiviucuub io *«« ■ r ~ 

i-"» mcrgamsations^ we .raovnai. me "”^; v 7 ^rparis transport net- heavier subsidies on lending to 
aiWu business, organisation, and not industry to reduce the real cost 

dted (Sffitoociatioh of Chambers of J"*. “J 
-.nH Tndnsrrv <”*ly rami' 


on 


He Paris transport net- Heavier suDSMues on icnu>ufi « 

warkTand toe costal service not indukry to reduce the real cost 

'^^.jpprr^ m rr- only rannediately increase costs of borrowing for Trench corn- 

Codhostc® add .Industry. seta bad es- panics. 

■■At toe eame time toe President 
at toe^CdttPtfition Commission - 

kuntU recently toe all-powerful 
Prices Coxordission) has been 

told by toe Prime Minister, M. 

Raymond Barre, that the 


_ KaymoDu ■ :^cu»m 

llSatlO^rources oTfc^GoniaMoniriH 


Police dear out strikers 
occupying Renault plant 

ram OWN CORRESPONDENT PARIS. June 


ources tn ujc vwunuu>»«u 

substantially, increased next . — *- v ■ ^ _ 

yeah ' BY OUR OWN CORRESPONDENT PARIS. June 6. 

ISRnv FoHowing a 1.1 per cent retail pattcs and gendarmes summer holidays for. many 

- B jN '*«ri5 rise in. April and the MOT POLICE JM g hea vy workers to risk their pay 

‘ W uSrtalnty that under toe impact £TfS» Plant packets in sympathy action. 

el ;,t 3&«rf sharply higher public sector P™» S ™*1 *, t -motor company The unions appear to ne 

eV to toe e^rly hours rfth^morn- think me on the same lines. They 


' V^&tS^Sa ““ffiufftaT prices Jf Uj *««**« SSK thi^tog « toe same lines They 
r «f FV&cre&s, toe monthly indices “ * e th J ^mJJany displayed have doubled J^peals to 

Efe asaas 

— ■ ’ ' ' - — ' >—4. ■«. . Jwnmrt .4n « a#i di.* frf • thfdU 


Terrorists 
in Italy 
kill prison 
officer 

By Paul Bern oME JlTNEt 

TERRORISTS ahot i dead a 
senior Prison guard in ino 
northern town ot Udine today 
only at hours after Rome 
judicial authorities charged dx 
people with allegeU ‘nvoH^e- 
ment In the klilnappinp and 
murder «f » l S- A»«io Moro. the 
former Prime Minister. . 

Two extreme left-win,. 

groups, the Red Brigades and 

Ihp so-called “Armed Nuclei 
for Communism ” ■*““!*}£ 

eonsly claimed responsibility 
for the murder of the pnstto 
officer. Sis- Antonio Santoro. 

Slg. Santoro was chief guanj 
at Udine Jail, where Red 
Brigade* members have been 
held and w’hich has recently 
bceu involved In a scandal von- 
eernlng a drugs racket inside 

the prison. . , .. 

Meanwhile. Italy's main i poli- 
tical parlies are involved m ine 
last stages or toe campaign for 
■ be two referenda promoted n> 
the small Radical Party to be 
held on Sunday. 

The main parues are present- 


{WEST GERMANY'S MOONLIGHTING WORKERS 



placed 31 a*"smali red " C " ar.d 
U “ before and afwr toe b:g. 

hold “D” for Pcurw-’hland. 

However, one of toe latest 
‘bumper slickers join? Me 
rounds Is anythin- Liu sU**. 
Roughly jranslaicd. i; says: " t-« j 
nut working ^bLick and tut 

unemployment. 

- Black work or Schv. jr- 
iarbeit” is a major bone os con- 
tention even in a country were 

the unemployment r.ue iUnds ..t 

4 per cent— its l"wv-:i level »ur 
Tour years. Schwa-.-.irbott « 
unomeial wrk which. nit 
reported to toe jmh..rit:es sr.n 


licnnanj a uiu»'ju(,u ----- 

nnA Ariucaiion system, which means work morahu. 

. nrr\cr.T\ pan soend Despite the full in uncnJplo> , i 

there have been regular 
s tout workers have been 
means eager to return. to 
„ and have tended to P ick: 
3 nd choose from the jobs on 

oKcr. HL-rr Eberhard von 

finvone who has attempted to get a simple house- BMW, ibe iarje motor inanutac- 

liold maintenance job done is rapidly disabused hkh un- 

io! of the orderly, employment, his company has 

of the traditional image « found it hard to recruit skilled 

disciplined German worker. lab ,Ti. lustration of this came 

from a chap with whom I used 

. a™. ™ 

jr,h can ho done much faste. and ^ e lat J nder lhe control of a rogue, who worked for the lar^e 
fa n5S! ‘toe Schwarzarbcit certified master^raftsman. ^ped^nS'him just before 

system is an Infernal loss-making ^T,ile this, to a degree, l^a 


iscia on i reporica m ' 

The main parties are proi-ni- | ereforc ^ subject neitocr . 

Ing a united front against lhe j income tax or VAT. 

«°i: i nmiUKik io abolish i aii nf Wire i.errnan ofiicia 



MS* SSLffStSC m^Sftc^Taw SrtSTdl 

I fPy L [liiOUCOV '»v*w** r ” " — stoppages atlSbnay und. saraou- ^ first qaarteri Renault 

*-• *Ai. He notes that industry had re- vui e . j. . that suffered the biggest drop, partly 

-,f .trasgured Mm that price increases The company. because Peugeot and ChrysleT 

r^fSTaSaD oft total freedom to concedotoe had mw models on the market 

■ «XS not "tenore severe toan a fFt. 3,000 ^ mAMR rSsSu will not want its own 

1 jaJrtASW ss^sa-TSSe “ fte soon atM 


Radical proposals to abolish 
current public order legislation 
and the law concerning lhe 
public financing of political 

^^be^Chrislian Democrats and 
the Communists are particu- 
larly keen to we a large turn- 
on l on Sunday, when toe 
Radical proposals are gi-ncrallj 
expected to be defeated. A 
large turnout would be re- 
garded by the main parlies as 
psychologically important for 
the fragile political framework 
in which the Communists 
directly support a Christian 
Democrat minority Govern- 

m |u t view of the referenda cam- 
paign, the Prime Minister, Sig. 
Guitio Andreotti, today post- 
poned a Cabinet meeting 
originally scheduled for 
Friday until next week. The 
Cabinet meeting was expected 
to consider a second pack- 
age of measures to cut the 
public sector deficit to about 
L24.000bn (£15bn) this year. 


s a DUOipvu mi" ,_j 

«vsn*m is no miniw* . lhe Christmas and. naturally. nsKea 

Rulunee to the householder bent guarantee nf quality for the ^ how . he WM getting cn. 
on house iniprovernents tnat can customer. ^.^Ined “Just sot put on to short-Umc 

SaKsfS SKriS l 

ciitions, the enmnuers of com-. So fi 


income -- - - — . . 

All of West German oHicia’- 
dom stands run- d zrtlMl 


Si — !•“ 

certificate. losing that mueb. And. besme.. 
or ks in think how muon time 1 11 have 
r.mer For for Schwa re” 

motorist. This indicates that the trade 


the 

that IS unucM *■•-;»;• E ur0 pe. with toe max-:i:ui=> garage is liKciy ui huk* **- — - ■“ 1 T""? fll V rlv ,-a le s 

virtually t" e-‘ c - ,rl . . Kl Rrilish eyes, a utopian . ^ for less than the hour . ^ 

isSiSi iSrSSss S IHsl§S€i 

■"^SS&n vtth o skill S S ehf?o U r flnancis^ -jgk ^S^.ffSSKrt.'SrSE 

^a tie associariops ,0 siop^. 


nerta THE MACHINE TOOL INDUSTRY 

about survival 


•a-s'.u: c 



Hewlett-Packard compisteradvances 



BY DAVID CURRY W>AWS f FFr 290m and 

Isss jsrssiw aSs- sas 

<*iw»BrasSffiSS; 

tar t an orphanage fox 
■with no visible means 
. Renault is only the 

mg line of concerns to 

Wmmmiimmsm 

mrnmmmmm 

MtSS atSlper ^cent of T^^^^vSion^ a ^ by lSSO. to 

fg “oaeity. - S'*™ subsidiaries. This gro«P ^ Lift production .to xs-,ow 

5 ^a^sfsssa&w=»»^^n®“ 2 s 

f i « 

Stoup 

th 2 £ use ^>f numeri- 

&BSSJSS ad^d 

Sffl use^S^datio^” 

Af "the industrial structure rf th 

gfSaSfSASffi 

SslSIi 

»?S3H 

return for. subsidies. , 
■‘x«n»nlt and the machine-tools 

"“{a^SSforre 

I^^^ned Aerospatiale)were 

'de&nent in the 

f nachine tools area. 

^•'SSA'oJS 

tnfint b“P« . facilities. Govern- 

aTHsea i,S?= Svc also »een 
•(“.'V “les 

-SStpu? in flCTB,opins 

^f ^oat coropaoieB . W. 
irioilty is simple M ^ 

^Saaiisssffis 

g^- aSSSS. President nf 
iSidten ^of French 


he 

■< Algerian State-Owned Company) 

21, BoBlevard Ziroat Youcef 

Algiras 

T«ies:AUSE 52150 ajid52151 



A Hewlett-Packard computer helped Midland Rollmakers 

Arlewtc- pa fs/se qua ntya n d contain costs. 

NBdlandRoIlmaisershadabrilliarttnav steel Kvfsion^f °Shn^ ^eo 1 "/ compeers 

centrifugal casting process for making composite cast H8W ,ett-Packard produces £ ^ e ° f o c ™P utera 

usually has a less exotic composition. ^CenMugai ^ base and djstribu t e d systems -bringing em 

casting could improve ? lr ®®2nino the ranqe of alloy computing power to many dlff ®' + e " a a ® □“ with the 

and had the potential cr widening the rang They share a world-wide support opem on w 

manufactured at ourSonttiQuee^fetr/plaBt'S 
were complex.The rat e of change in the new Scot i an d. 

ajSStSSSSJ.'S" A~~ 


UABMTEK " ^ 

R Id the emproyees 
Technical reserves .. 

Net pco&t 

.-■• ■“■ • m y- r M%K-T . T YABnifflS- - 




inicai rtswa * :• . u . • •*,*»»». ll . The UCVenuucm -■■I 

i • ' ’"--if juirr Bat the problem is notj 

pr<^t- : - ooqfi92 935.14 ffiSdixtgtodo aomcihing, butl 
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srff ‘ ■ 




HEWLETT M PACKARD 

Vi’innsrsh, Wokingham, Berks RG115AR.Tel: Wokingham 784774. 




4 


OVERSEAS NEWS 


• Financial Times 7 b^ ; 7;!IS78' 

. 1 V"':-. . -■.-—■•A- ■;;; 


Israel sets 
conditions 
for Lebanon 
withdrawal 


By Ihsan Hijazi 

BEIRUT, .Tune 6. 
ISRAEL HAS set conditions for 
Us withdrawal from the rest of 
southern Lebanon next Tuesday. 
According to reliable sources, the 
Israelis insist on maintaining 
four permanent military outposts 
inside Lebanese territory to 
ensure there will be no infiltra- 
tion into Israel by Palestinian 
guerrillas. 

The sources said the Israeli 
terms were conveyed yesterday 
to Lebanese officials by Lieut.- 
Gen. Ensio Siilasvuo of Finland 
who is chief co-ordinator of the 
UN peace mission in the Middle 
East. He met Prime Minister Dr. 
Selim Al Hoss. Mr. Fuad Butros 
the Foreign and Defence Minister 
and Major General Victor 
Khuury. the army commander. 

Lebanse officials were reported 
to have declared that all territory 
in southern Lebanon must come 
under Lebanese sovereignty and 
control and that Israel should 
not obstruct this mission. The 
Lebanese reaction was carried 
hack to Jerusalem by General 
Siilasvuo who is expected to 
return here on Saturday. 

The Government has been busy 
making plans for despatching re- 
grouped units of the Lebanese 
army to southern Lebanon to 
assist UN troops there when the 
Israelis puli out. 



SpeMSB! 


BY ANTHONY- MCDERMOTT IN LONDON AND JAMIE BUCHAN IN JEDDAH 

THE newly-announced Saudi budget surpluses and hence a Ahmed Zaki Yamant. the Petro- 


budgeL just approved bv the further growth m their foreign leum Minister, has claimed 

Council of Ministers envisages currency reserves. recently-— mi production has so 

council i Ministers, envisages At (he Mme tlUK . same doubt far boon below the Sm I* d level. 

expenditure ^ of Saudi nyals rema j ns whether Saudi .Arabia and a rise in this rare may well 
145 qq i£-4.-lbni far 1978-79. the meet its expenditure s»Uo- be governed by Saudi Arabia's 
first time the figure has exceeded cations and therebv sustain a desire to keep some control over 

the level of SR lllbn budgeted deficit. a« bottlenecks in ihe the size of the global oil glut- 

over the past four years, economy have been eliminated — Appropriations indicate that 66 

Revenues are estimated at SR notably in port clearances — per cent of expenditures are 

I30bn. o' which SR llS.lbu or inflation has fallen to between allocated for development pro- 

88.5 per cent is to come from oil. jo and 12 per cent a year (com- jects. but concealed defence 
Even so the expenditure figure pared with over 30 .per cent in spending last vnar tHiaiied con- 
had been cut by SR 15bn from 1975-761 and the Saudi govern- siderably in ore* than the -SR 33bn 
the original estimates submitted ment has found it easier to esli- recorded for defence and 
by the Ministry of Finance and mate more accurately its security. This trend undoubtedly 
National Economy. An Assistant expenditure. Thus the surplus will continue this vyar loo. 
Deputy- Minister said yesterday this year may well be less than Salaries, wages. allowances, 
that the lower figure had been in previous years. general expenses and subsidies 

approved both because of doubts In addition, Lhe oil revenue account for the remaining 34 

over the absorptive capacity of Js based on an estimated produc- per cent of the total. Aoprooria- 
the economy and the ability of ti«n level oE Sm barrels a vlav lions by sector show clear 
ministries to spend their alloca- and unchanged oil revenues, emphasis on the expansion of 
tions. This indicates clearly that While the latter at present seems education, training, social ser- 
Saudi Arabia has no wish to see likely for this year — as Sheikh vices and health care. 



BY RICHARD NATIONS .... . ' . ' BANGKOK, June 6. 

VIETNAM WILL permit China -announced ItsdeclsUm early • of “ international law athjYiriK- 

^ ..-4 ■ - . _ '■ .• - ■ ■». . . i .HiU 'anJ r" 

send ships to evacuate 


Iranian security head dismissed 


Sudan aims 
to reduce 
payments 
deficit 


By James Buxton 
recently in Khartoum 


SUDAN IS dicreetly taking a set 
of potentially unpopular eco- 


ethnic Chinese resident 
Vietnam from Jane 20, . a 
Foreign Ministry statement 
released over the Vietnam. . 
news agency reported today.-.-.' 

Bat in a stem, tone reflect- 
ing the increasingly strained 
relations between the two 
countries, the statement .said 
that the exit of the Chinese 
and the entry of Chinese dhips- 
wiu only be permitted ap- 
points designated by the JSTetr 
names e Government, and ' in 
keeping with “Vietnamese 
laws and regulations concern- 
ing the entry of foreign ships.?'- . 

This is the first official res- : 


last week to send ships' fo Viet- • utfi,./ and 
nam to . evacuate ethnic •} sovereignty.” - 
Chinese, known as Hoa- .China | h spile, of - the 

alleges they are the victims of attitude, Hanoi said it 

an official campaign of ‘-per* "willing to allow the Hoa V 
seen ti on. maltreatment ana leave. . Vietnam ■' if. . they ; W 


harassment m designed to dnw, . ; desire.* But An ‘article- In 


them out of Vietnam; P 1 *™. ..Communist- Party, daily nw 
also riaims that already over ’ — - - L -- 


Dan sharpened the aeegsattan' 


100,000 Hoa refugees have_fled- , that theHba. were yictuBs olJ" 


across -Vietnam’s northern “ lilrin teh tinned.. rumour' ^ 
'Border liito China’s southern': ; palgn ">• supported by Peking- 
provinces over the past .few . - and’ designed to stir InteraaT 

WMlra - "■%! n r .“ In' rf-fn om>* ** The" 


weeks. 

The Vietnamese Foreign 
Ministry • statement, however, 
upgraded Peking’s- “imcon- 
s tractive attitude ” In rejecting 
its calls for negotiations over 
the Boa, and called China’s 
t unilateral decision to send 


ponse from Hanoi since PeWng* '*. ships to Vietnam ” a violation 

CHINA’S FOREIGN POLICY 


'tihrCst C.ln '. Vietnam: 
tragl-comedy about the: 
timfced .Chinese fin Vietnam! : 
is put os . to. serve : ChiqaV 
potiticaj objectives. ^ which. have; 
nothing to do with, the grantee 
aspirations -and- Interests^. 
hundreds of thonsands of-Haa 
an tP Cb inese-bbrn Vietaaniese.’! ' 


A fast-rising profile 


BY COUNA MacDOUGALL 


BY ANDREW WHITLEY TEHRAN. June 6 

THE HEAD of Iran's State with the Shah, however. As one comes less lhan 24 ho.irs after 


security police, Savak. General Western diplomat put it: *' His yesterday's nationwide' /tav-at- 
Nematollah Nassiri. has been connections with the Shall arc homo " strike called by npposi- 


THE SIGHT on Western .tet£ troops, crossed the border in Vietnam alone. About lOObnn 
i Ytsion screens of Huang Hui the Heilungkiang province and have already fled *o Chin*. 'b Jij} 
r p du c i n ® *~ils ** *ser i ous^balanre^i harassed local Chinese, has not has brought relations between 

;&ni?dS?“j.d b ?i a ,ss; k^^ixjue} ^ »■*>«» «. pekins ' ® ,tiy 

the inflation rate. Senior offi-;most vividlv the Manarwaanac ^r™awuNs«!gffiCTi “?* .already .cut 




/ 


S 


dismissed by the Shah in a move the ones that matter." The two turn groups turned out" tr> be a 

seen here as connected with the men were con temporaries at comparative failure confirming 

continuing political unrest. military college in the 1930s. In the belief that the Government 
Today's Foreign Ministry 1953. General Nassiri played a has regained the initiative, 
(-announcement said the 70-year- key role in the Shah's struggle The strike had been called bv 
President Sarkis decided to go i 0 [d. general has been appointed with the then Prime Minister the Union of National Front 
ahead with the plans despite ■ as Iranian Ambassador to Paki- Mossadegh. Later he was Forces — the revived '■ J roupi□ ,:, of 
objections from right- and left-|stan. There he takes over an appointed Iran’s Chief of Police. Mossadegii-era politicians — by 
wing factions alike. (important diplomatic post at a and then iiead of the Imperial religious leaders and iiv the 

The Israelis, in another con- 1 sensitive juncture for Iran- Guard. beFore taking up the bazaar community u. mark the 
dition. reportedly said that only Pakistan relations. Savak post. fifteenth anniversary of the 1953 

UN troops must be posted in the No reason was given for the Savak was relieved of it* riots, when 86 people* died 
“security belt” which Israel j dismissal of one of the Shah's responsibility for handling according to official figure.?. 


_ . , : most vividly the rapidly -ilsirig 

cials believe that the pro - 1 profile of Chinese foreign hjMlci?-' 
gramme (officially called the Jit came only a- few days Rafter - 
stabilisation programme bur i Huang's blast at the UN: Disannul--' 
referred to in some govern- mem Conference against the'Ruff-- 
raent quarters as an austerity I sians, and coincided with Jnmtuv r 
plan) will enable Sudan to j tan t European tours of ^severat- 
reach agreement with the In- senior economic delegations from 
temational Monetary Fund on | Peking. • 

a sland-hy credit and to make These events pinpointed:' the 
a drawing on the IMF Witte-] main strands in Peking’s iworKt" 
veen facility which together j view, not in themselves new tat * 
could total some S 200 m. This : newly relevant to the West^Therfe’ - 
would be followed by a formal j are that the Russians are * grew- - 
rescheduling of some of ling threat to world peace, fuj 
Sudan's dehis. -Africa and else where, .-that' 


occupies inside Lebanon and closest aides. As head of Savak, internal dissent where it did nnt For days the Government had : While officially maintaining its (Europe and the U.S. are iiaufli--" 


the 


which it is supposed to give up (General Nassiri was one of four involve direct threats to ihe urged Iranians to ignore 

next week. i top military men around the state towards the end of Jasr strike call. 

It is an eight-mile-viidc strip j. Shah. He had been head of an year. Rut informed sources say Only the bazaar areas actually 

extending from the Mediter-i organisation which permeates it may have re-acquired this role p 3 id j] the calls. Tehran's 

ranean coast lo the foothills of'mio nearly all corners of in past weeks. iLs alleged huge bazaar, which eov**rs a 
Mount Hermoo in the east. 'Iranian society for the past 14 inefficiency during recent unrest 4-squa re-nu le area and i« an 


Observers said Israel's pur- 
pose is two-fold: first, to retain 
a close relationship with the 
Lebanese Christians in the 
enclave next to the Israeli] 


border: and second, lo mainiainiThe Shah is known to have been 
the so-called ‘‘good feme" with I resisting pressure from a hard- 
Lebanese border villages. • lino group among his advisers 

Da, id Lennon » rile, from Tel ! !!.' lal,c „ * 0 Jfl?5 r ’“i?" S" S J 
Aviv: Israel is strongly opposed . »^PPOSition. and General 

™ nno y «= m • Ve southward h y | L P I V e u , s lf e ^ ..^1 

30.000 Syri.in troops stationed in 
I.rhanon after the Israeli army's 


years. has prompted criticism from the important element in national 

Diplomatic sources put for- Shah. After the bloody Tabriz trade, was almost completely 

ward a number of plausible riots in February, the provincial silent. The bazaars of Mashad. 

explanations for the move apart head of Savak was publicly dis- Qom and Tabriz were aJso partly 

from age and health reasons, missed. closed. Life in the capita! how"- 

General Nassairi's departure ever was virtually normal. 


final withdrawal next Tuesday. 

Officials here say Israel has 
not received any communica- 
tion from Damascus about the 


! the hardliners. His departure 
could equally be seen as a move 
to conciliate moderate dissi- 
dents, especially 
leaders. 


BY K. K. SHARMA 


NEW DELHI. June 
the Janata Parry 


commitment to development, cientiy aware of the danger; and 
the government began the that China itself needs friends ■ 
stabilisation programme early; in the West to provide tbe-tech- 
this year with cuts in spending oology that will make it a-forc& 
which have Jed to a reduction; to reckon with. 
in the rate of increase in the More important, though, they ' 
money supply. It has also im- show that the Chinese, have left 
posed greater control by the ; behind Lhe days when." they ... 
Ministry of Finance in ‘ seemed to believe that -foreign Mr 
authorising Government pay- 1 policy could be conducted • T 1 *- 
ments. The stabilisation pro- (through the propaganda columns- 



its aid.. 

.-For yeai? the Chinese ]W 
-hen warning the. WesC partita* 
laxly.- western Europe. - which 
sees as. the cockpit. of the'comiW 
struggle,- .'of the.'Smpetiallst ambt 
".irons -ol. the 'Soviet ..Uni oil'. £* 
the growth % Soviet militare: 
- strength, la . Europe has hecotnf 
more, ofi vie us ta both doves jiniY 


Hoang Hna, China 's. 
Foreign Minister.’ - 


ta both doves ahf 
■hawks, Eur.opfean leaders hit & 
been more- inelined to listen' tn- 
■the GttijTese patiently, if - n^; 
alwaysrwith total smypathy. TMy" 

" shift' -has ijome at a time -when' 
the Chijidse are in any case oh- 
-the huat r (or technology and hoa: 
.TBuropfeaa: and. Japanese ladu^ 
-tries are eager for hew putfeti^ 
"It" is only coincidence ' that 
..senior 1 Chinese officials arrived 
.in ■ Europe • when : there 1 was 2 
'already, some L' anxiety- a bo or 
Soviet intentions as it has been 
obvious since Chairman Hua’a. 
accession in October 1976 that 






t. 






on the 


FACTIONAL wrangling in the of 
religious ruling Janata Party has suddenly grounds that the present bodies. 

intensified. When Prime — the supreme decision-making | 


... . when- -its - economic plans were 

gramme has now been firmly; of the People's -Daily.-. -:-Peldng tha Ru « ian „ XD i anaf t on -finalised Peking was going to- 

spert out to the People's -has taken the first reai^tep t<y soldil« Sere cSS“*eek -industrial equipmfnt from 

Assembly in the budget as a wards strengthening itself. and.-iP?“ the WesL 

drive to eliminate waste, raise I backing its friends, even'if its- by d mistake CiHnese : However, tte coincidence has'- 

production. and concentrate on -friends are only seen sts that te "jiory oj , .givca.muchmorestrate 2 iciiapor-- 

because they oppose the spread ‘ S EuS?ea D ™ d Ja^ei- 

of Soviet power. . dent, though, is me rapidly r _ ou| na , ..j j. ■hasnr.Tt. 

:ial i The Chinese are most unlikely- escalating friction between Sat PttimLw ' 

ion ! to send troops' to Zaire,-' 'but .China and Vietnam, which for ’ ta iaSffiS' 
ml 1 Huang Hue's trip must ram that qm .hsw leaned mo re to Moscow ;- D W &S : ^KbSii ifduSS 


breaking economic bottlenecks. 

A key element in the programme 
k pegging the next financial 
year's development allocation 
at Sudanese £2n*2£m f 8582 ml 


The move -«iso rnmes against M5n5ster Morar ji Desai returns groups of the party — have never 

— *w« C T f 5 fSftSS from his foreign tour on June been elected. ' 

possible future deployment of, J?«l„„r^rt K? S2!no« c 17 - he may £ace that This is a thiai y disguised 

Syrian troops. However, there d f Jin threatens to rock his shaky move to oust the Janata Partv 

are reports that Syria has ! The latest m,>ve was ma de the president, Mr. Chandra Shekhar, 

spoken to the Lebanese Govern-, a "“. ru J' n 8 i* ar . IJ, L v. In 1> th 5 r p . ai,r day Mr. Desai left when a call who was nominated to the post. 

lost k 'both !u*-wll.«.« SfiJi* !K!.-.fL v< 2. h ^^ a ‘i iD l__P 0, r 1 !.® ” r :._ Sin . ?h foels »[■ .ShcNiar ts 


mean IDoI g’vua .uao ILUUCU JUU16 IU muotuw •_ rntr TfitAhoon inHnrtr' 

— rather less than the actual I some form of aid is onTbocarffis than to Peking. There are _plenfr 


ment and the LHM commanders 
about the possibility of moving 
its troops down to the Litani 
Fiver. 


its ■“wing leaders. Minister Mr. Charan Singh for trying to create trouble for his 
There seems no question of election of anew Parliamentary nominees in such key -imes as 
General Nassiri having fallen out Board and working committee Uttar Pradesh and Bihar. 


— rawer less man me actual inuuie ronu ui «ua is on xne-oarofe. -rnkR. British Stepri with jmh«tan 

spending during the current Peking has come out ' strongly of historical reasons why the two ; 'hj oSeS'tl^hilE?dSuhtSr' 
year which ends on June 30 [against the Cuban presence „ in should squabble^ and relations economic 


JCtfl WUIUI CllUh U JJ dUUC uio vuuuii « ra/ifinATVlipc 

ynd which may have reached : Africa, and the evidence o£ are exacerbated by the. Chinese SEXES B " 


He'fl make sure you enjoy your stay in MEA's 
luxurious transit lounge at Beirut international 
airport. Comfortably furnished in a modern style, 
the lounge provides a pleasant atmosphere in 
which to savour a cool drink or read a magazine 
while waiting for the onward flight. For those 
travelling on business it can be time well spent as 
there is a special telephone service at their 
disposal. 


Arabia: and there are frequent servic es to every 
other major centre in the Middle East. 


Sudanese £2 50 m (S71Sm). 
Privately, senior officials say 
that no major new develop- 
ment projects will be em- 
barked upon for up to two 
years. 

Largely because of a drive to 
break a vicious circle of low 
or zero growth and become a 
major 
Sudan 


.-tinea, auu tne eviarace si smsw uaicu uj uir. wuikk misnnns aresMlculv tn fnllftwAd- 

Soviet trouble-making there only fear that the Russians are fishing jreffSPJ* 'SS tJJJiS® ' 

confirms their worst suspiciS. in troubled waters there as welL ^;^ 

The Chinese have been saying The Chinese., again according IStLE* 

bluntly that Cuba is simply ^ reports from Hbrig Kong, say the -Soieclefl'visft t? France '- H “ a 
»nnl thnl- rines ihp RiiKsianR’ d(rrv'Rinwiaiv! pnCnuraeed the Vietna--h r 0} 6c teu Visit to XTance. 


, . Xhe '.whole question of arms 



tself a source of instability 


After Angola, ine ooviei inter- thnuah -ihere i-s ^ vipw " , ■ « , . 

vention In Ethiopia alarined the the Chfnese he la n it in Se wnee 11 Pekm S «xtxem^y 

Chinese further, .imd the „Hn! to SslrJti Si nervou , 3 ,n situations like the 

apparent spread of Moscow's in- f, “ 2fiK? 0 «««?« »«■ _ . 


Next lime choose MEA. Wilh 32 years experience 
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The geographical situation of Beirut ensures its 
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gateway to the Middle East. Every day of the week 
MEA operates an all-Boeing service from London 
linking with daily flights to the Gulf and Saudi 


the Middle East airline 



in transit throug 



Beirut should 


watch out 



Chinese may not be anxfoas to; where.- Pricing is -aleeady-hefivily. ^ ; ,12 
agricultural exporter, j repeat that experience, /jlbeir outgo stteil by Soviet forces.- -• -ISE££ l 2L}f 

has in the past four: sense of .urgency in the- present Not -much is', known about the most unwise ^he fa?t remaJnl ' 

years bad a growing balance; situation could lead to some sort Sino-Viethameje, border fighting ^ at ^ChinaTmiii arv weataeSu 
of-paynients deficit and accu- , of involvement. ' that is S upposed-,to have taken ffiSf " i military weakness is 

mu la ted a large backlog of un-l After Angola, the Soviet inter- ,tsprt -* s 

paid debts. Sudan's deficit on 
combined current and capital 

accounts was about $55m at; apparent spreau ui subgow s i«- Vietnamese from fiaishin" off ^ 

the end of the nine months to ; fluence to the rrfiels in Zaire th c^bodja^s in their border Wh, i e the u - s - state depart- 

March 31 this vear. But he- i has heightened tbeir anxiety. ^ooaians u,e,r t’oraer meot JS opposed t0 , he concept 

cause manv imports are not I The view of Communist officials - of ** linkage ibat is, halting 

paid for and because of delavs I reported from Hong Kong— -that Suiee r aflua *T Chinese the process of detente and dis- 

• ' ‘Moscow is trying. to disrupt the relations . with Vietnam have C ussions on strategic arms limi- 

Western world ^ cutting off its § on e “Q to worse. Lhmese tation because of Soviet 
sources of raw material supply anxiety about developments activities in other realms — this 
in Africa — may be exaggerated there lias beea obvious ever view is under pressure because 
but it probably expresses the since the end of the Vietnam Moscow’s intentions in Africa 
worst nightmares of the leaders war. In the past couple of look anything but peaceable. At 
in Peking. months the Vietnamese have the present moment, Washington 

Suspicion of Moscow's motives, allegedly been making life is ipore likely than at any time 

always profound in Peking, has miserable for their overseas in the recent nast at least to 

had plenty of fuel recently. The Chinese population,- which mun- listen to Peking's perennial line 
mid-May incident, when Russian bers well over Ira in South that detente is~u fraud. 



MEA 177 


in servicing loans, this figure 
conceals the true position. 
Sudan is believed to have pay- 
ments now due of between 
S600m and STQOm. It is be- 
coming hard for Sudan to pay 
for essential imports: recently 
the oil refinery at Port Sudan 
was closed for '* maintenance." 
At the same time there were 
no crude-oil supplies because 
of payments difficulties. 

Though Sudanese officials point 
out that balance of payments 
problems are an inevitable 
short-term consequence of the 
development drive, it is 
acknowledged in some Govern- 
ment quarters that the high 
spending programme may 
have been allowed to continue 
too long. Sudan is now 
anxious to demonstrate that 
it is not irresponsible and is 
prepared to take tough 
measures in an effort to 
reach balance of payments 
equilibrium. The measures 
fall short of those proposed 
by the IMF in recent negotia- 
tions. which ended without 
full agreement. But officials 
believe that the IMF will he 
sufficiently impressed by the 
stabilisation programme to 
make credit available and 
that other countries can be 
persuaded to help. Senior 
Government sources say that, 
once Sudan has proved it is 
taking matters in hand, it will 
seek a formal rescheduling of 
some of its debis on loans. 

Observers acknowledge that 
financial control in Sudan has 
recently been strengthened 
but point to two major threats 
to the stabilisation pro- 
gramme. The first is the 
Government's commitment lo 
reclassifyinp public - sector 
salaries on July 1. which will 
amount to an average pay-rise 
■of 15 per cent, and is 
expected to cost the Govern- 
ment about Sudanese £40m 
(3115m) (out of a total 
recurrent budget for the 
coming year of Sudanese 
£597.5m— S1.72bn. This is 
viewed as a political necessity 
to compensate far inflation. 
Officials acknowledge that it 
could itself be Inflationary 
and lead to wage claims in the 
private sector, but they hope 
its effect can be offset by 
spending cuts. 

second threat is that many 
imports are effectively beyond 
the control of the .Govern- 
ment. since they come in 
under a system designed lo 
uitilise the foreign-exchange 
earnings of Sudanese working 
abroad. Though those imports 
do not directly affect lhe 
balance of payments, they can 
have an inflationary effect. 
They also put pressure on 

Government resources and on 
the transport system, and lend 


U.S. prepared to airlift African 
troops to Zaire’s Shaba region 


PARIS. June 6. 

THE United States is ready to reporters after meeting Zaire of Shaba, on Sunday for talks 
start flying Gabonese and Sene- Fureigo Minister Utnba.di Lutete, with President Mobutu, who look 
galese troops to Zaire's Shaba he also said yesterday. that tcch- him on a special trip to Kolwezi, 
province, a senior American nicai and economic co-operation the principal copper mining town 
official said to-day. They will between the two countries was which bore the brunt of the 
join Moroccan soldiers already developing favourably. insurrection and was occupied 

flown to the area in U.S. Trans- “In this regard.*' he said, “the for eight days, 
ports to provide a defensive two sides recognised notably After his talks yesterday with 
screen for the copper-rich region that they had the same common Foreign Minister Urnba. the 
against rebel forces. task: to know how to oppose the Chinese visitor was guest of 

The source said other African threat from oulside caused by honour at a dinner given by the 
countries might also participate Soviet serial imperialism." ’ Zaire Government In remarks 
in the force, although there were Mr. Huang, who arrived here afterwards, he told his hosts that 
oo possible participants from on Saturday on u four-day official despite the distance, China would 
English-speaking Africa. The visit, has been outspoken in his not hesitate to give its support 
force would total about 2.000 criticism of the Soviet Union and to. Africa. He also said bis visit 
troops and would have enough Cuba for the support they gave would stimulate lhe strengthen- 
supplies for 60 days. * t0 Angola-based rebels who last ms: and development of relations 

month Invaded Zaire’s mineral- between China and Zaire. 

Reuter 



w v r 


The troops being rushed to . h 
Zaire in giant U S. Slarlifter 


•■^rp - v. •, 


transport planes wifi replace 
French foreign legionnaires aow 
being withdrawn. U.S. techni- 
cians were already In. Libreville 
Gabon and Dakar, Senegal, tn 
prepare the new phase of the air- 
lift, the U.S. official said. 

France flew 600 legion para- 
troops to Shaba province last 
month to rescue Europeans 
trapped by rebels in rbe copper 


He flew to LuburubashL capital Washington doubts. Page 6 


S. Africa permits mixed 
audiences at 26 theatres 


u.t , 

Yfii : ' 


BY QUENTIN PEEL 


JOHANNESBURG. June 6. 


befere C lhe e FrenS W "iriTCd* PFRMlTS , fQ P rcscn _ t s ^ vs w tad lo apply for indi- 


hundreds of people, both black n,,xed V udience s ^ all races 'idual Permits 
and European, were massacred have been granted lo 26 South Thu new permits will be 
by the rebels, who entered the African Ihealres. reviewed every year, when 

country from neighbourin * ^ „ theatres must submil reports on 

Angola T he move, announced by Mr. lhe previous vear's perfonu- 

President Mobutu and Pr™- Mjra .' s S ^ eyn ; Minister of Com- ances. They- have been granted 
deni KennetbKaJm3a P nf m H mty ^^elopinem. has been subject to such requirements as 
Zambia had two martinet m "* Icon,ed b J tJ ’“ ,rira ' a minimum of 100 performances 

Lubumbashl vestcrdTy in a su?- tcrs as a broakt ? r ,'? u gh in im- a year, as well as seating 
prise visit by the Zambian ore- £ rr>vin -* r re,all0n f- capacity- conditions and approval 

sumably aimed at patcffiSg ip ll J\ U th ^ more by - local Mr. Steyn 

their quarrel prompted b>“ thb I? rcign .P Ia ^ r ‘S^ and musi- said four applications had been 
invasion last month nf Anmi-. cians WJ,t a,,D ' v thPlr work s to rejected. 

based insurgents. President Performed in South Africa. Opposition politicians have 
Mobutu has accused the Zambian . Man / of South Africa s lead- welcomed the move, while end- 
leader of letting the rebels pass * T n ? thea ^ res ’ including 12 in cising the need to apply for 
through his territory. After the Johannesburg, four m Durban pennits. 

second meeting in the Shahn ant * t -^ jree ^ G 81 * 1 ’ Town, wdll — 

capital— held just as French have authority to admit ' 

foreign legion forces beg 3 n their m »lliracial audiences. There are deyClietleS warning 

airboume withdrawal back to significant omissions, such qs the Scvchdtes PrwMw,* 

Europe— officials said the two nc « -°P era House in Pretoria. lh ”“* r™***?' A . u f rt 
presidents were expected to hold il nd four :md ^owns, n<<v tnrea.cncri to ^ke stern 

a Press conference. Pretoria. Bloemfomein, Kimber- nicasures against anyone trying 

Chinese Foreign Minister and East London, still have m . sabotage his Left-wing 
Huang Hua said China and nn theatres with permits. . . Government, the Tanzania news 

Zaire had a common task: know- Previously only the Nico »-:ency Shihau reported yestcr* 


•A, 

’ I ' . 

V\ : 


V. j , 


^ t , 

“ lK- 


; 


■>■». *"S 

.‘‘Vi Si 


vs,. 


^0. n 


to demand for more imports j ing haw to deal with Soviet Malan Opera in Cape Town was day. Router write-s from Dar 
of fuel and spare parts. imperialism. Speaking to allowed to admit ail races. Olher Salaam. 


v-'t-O 

j 

- 

l\ f- « 

: ;v r ‘ 




®£asciai Times Wednesday. June .7 197a 


•s. And over 70% are sold abroad.They’ve helped 


. v:tr; c . u . tractors. And over / uyo aic swm j 

^worU-wkt^l^onibrb^li^ 

riktycaraloiic,wcmadcovcr3() : 000trucks,b But nC w wdre called Leyland Vehides. 


****** Nothing canstopus,,ow 















WORLD TRADE NEWS 


Financial- Txmes_W«lnesday.-:iJanes:Tt 


Five-year test ban treaty urged 


BY REGINALD DALE WASHINGTON. J,me 6 ' | 

BRITAIN and rh«.< U.S. are ex- that their nuclear deterrents are portanL particularly as there are tested about five «•:* these; 
nMcied to nronose a five-vear ban stin in *' 0r J cl »8 order. the inevitable suspicions among weapons, the role oF which would, 

i-wrin- in'np-jniii- Some defence experts take the Washington bard-tiners that the lie 10 shoot down enemy Mir- 
on dll nULlear It-iUQ.-. in nPgOllil fnp meranna rbA lnet Tn nhAQr udillfirtna ^mm.TrvlMlinnS I 


Iran buys 
five Boeing 
jumbo jets 


JUU 1 '- XC1E4CC C*.yeri5 Lane me wasningtOO para-uuera iuui ujc iu auuvi UUWn v*'*-'". n Andrew Whitlrv 

view, for instance, that the last Soviet Unio nwill try to cheat, veillance and communications * nu nm y 


Japanese car im 

May up 30 % on 




i ' j 


, A ■ * IT ' ■ m UiUI LUU IRMk kjunt.1 WIIIU M u III Vl.ww « 

lions wilh the Soviet union in three months of each five years The Russians have now satellites, i .... 

Geneva this week. They hope to should he set aside for this pur- a4 . cepted a degree of on-site The U.S. has not conducted A1R has placed firm ! JAPANESE SALES of imported European cars are' popular, from 27r its .five-mo^lh : ;•5^fe*■ 

aCL■elc^a[e the pace of the long- pose. They point out that the monitoring to control the treaty’s such tests and the assumption 0rc j e ‘ rs f 0r £ Ve m0 re Boeing 747jC2rs last month totalled 4£67 because their 'size, suits were '371 vehicles, up £rbm-l& , 
running Geneva talks, at which more sophisticated U.S. wea- implementation. Butin the last here is that the unions have j UD1 hr* jets. The agreement I vehicles, an increase of 30.4 per Japanese roads. Reduced prices . Most Eurt^Mneatjmpjj^p, . 


TEHRAN. June 6. 


BY YOKO SHIBATA 


TOKYd. Jttne^, .* 

•• ‘ • •< 1; ,17 


running Geneva talks, at which more sophisticated U.S. wea- implementation. Butin the last here is that the unions have j um b t , j ets The* agreement 1 chicles, an increase of 30.4 per Japanese roads. Reduced prices Most Eut^ean^car-jttipfljafi, . 
the three Governments are seek- P 0 "* }3 be tested , mo T e analysis, inspectors would still agred to attend the talks in the doub!es tj, e number of 747 air-fCea* over May 1977, the Japan helped to increase demand from expert sales- for the Vhehs# 


me mrce uuvernnif uis are see«\- .l ' — , ..w, — -- — uuuuies uie numoer ui ft/ «ui- -ay tux ueitrcu w iuww*"v -- — — ri-- — • •“ ■ * 

in«* iu conclude a comprehensive EjSSf uSnn fl those o£ ^ ° n 'y be allowed on Soviet tern- hope of retarding the develop. craft me Iranis airline will have Automobile Importers Associa- private buyers, particularly tius Tear Will Teath an alkfaa \ 
to". h« V Soviet onion. tory with Moscow's permission, ment of American killer satellite in service and brines to 22 the tion announced to-day. younger people. ' Wgh- -'v.;- ' 

test oan treaty. A further argument is that The negotiations also still technology. The U.S. could totaJ soW t0 Ira „ tak ing j nt0 With the removal of a 8L4 per at the M me tune. imported-ear .Stnart Alexander adds:-,Lw,; ' 

Hilhertu. the two Western par- the West may be unable to have to complete plans for swiftly overtake the Soviet accoun t a dozen sold to the cent import tariff on ears in dMWUutms have beam to shift Jazul expects to increase fsde*% 
licipanis have held that the monitor j small-scale Soviet tests installation of a network of Union if it puts its mind to it. ^ foree March and the sharp appreciation S-mn the' ^fradition^ sales prac- cars^ ^td Japan tromJBOO-tet^ 


treaty should be of unlimited ^signed 


duration. Tbc Soviet Lnion ha. dt , sj g n new ones. Any such ciple of such a system, but there and the view here is that the b u, Iran Air is likelv to be 
offered a three-year moratorium activity by the US., on the other are differences over the number Russian killers are nut yet = combination of sue 

on testing. hand, would soon become public of such stations required. capable of shooting down a sophi- _ P Xji, c p, ar it inar 

Under the U.S.-Brilish pro- knowledge. Later Jn the week. Mr. Paul sticated U.S. satellite. They SmSSSt u for* 

pnsal. as it nuw stands, the treary President Carter still seems Warnke, President Carter’s chief might be effective against 7 j- imr 6 »h™Z,fr MnabU 

would run for five years, in to want to ban even such limited arms control negotiator, will be Chinese satellites, however. 

which all testing would tie tests on the grounds that the in Helsinki for the opening oF Officials also poin: out that “P 747 

banned. Opinion is still divided treaty will have more political negotiations with the Soviet the strategic arms limitation hv Pritt" 

in Washington, however, as to impact if it is genuinely compre- Union intended to restict the agreement between Washington y/hi t * 1- rron-F » n nin*»« 

whether nr not limited ext.-ep- hensive. It is stressed here that development and deployment of and Moscow bans the u«e of such w II 1 “ 3 . e> Jittu-xr engines. 


accounted. ; tor increased sales (mostly Fiestas) 


hraotfitf 


whether nr nm simiteo excep- nensivc. it is stressed here inai aeveiopment ana aepioymem 01 ana Moscow bans the u«e v*t suen « . J l . j *> M4 un hv wtreawu m loTTi; t n 20 Shi [nt ovo w4R h 

linns should be permitted to this inokes the treaty’s monitor- killer satellites. weapons against each others sur- Delivery should S'?** ne ^ j comoacts w eL citafl/SfnSj:' vehicles, up SJ?’ 


allow the participants to check ing provisions even more im- Moscow is thought to have veillance satellites. 


June, aod be completed by J Compacts were chiefly European May. and its five-month sales ^%^?s -Uonip«iy . 

March 198 L. Iran Air plans to use !® ars - of which sales for the! . first to 347 from S2. Volkswagen It has faeW a^Leyiand tjandds, 
tlie new aircraft on Its estab- of t^ 15 year grew gold' 1.227 vehicles. In May, up al»ut 2&-vears^. 

lished routes to the U.S. and on b - v 258 P er c ^ t 0T er from LOOS, and in the first five Earher thus ...year. 
a new route to Singapore and corresponding period of' 1977. months this year sold €.363 Japan opened, anew ’ prwtehwi} 

South-East Asia. Standard cars, mainly U.S.-made, vehicles, up from 5.525. Citroen inspection centre ^tvYofeohsuoa 

Although final purchase agree- sold only 2.1 per cent more than tn May sold 107 vehicles, up As weU as_ inspection and miyfe 

ments have been signed, Iran m January to May Iaay«r; from 29; over Uie five mohthsjt cattoa- • the B.SOp^qMr^metw 

Air retains an option to cancel According to the Japan, Auto sold 361 vehicles, up from 127. facility serves as. a: parts' 
the fifth aircraft mobile Importers’ Association, Fiat's May sales totalied 91, up tuition centre- . ; > 


Unions and 
NYC agree 
wages pact 


World shortage of oil unlikely 
before late 1980s, says report 


Bjr John Wyles . . _ . „ ^ .... 

.. „ ADDING TO the recent series of meet demand in all cases in 1985, the U.S. domestic oil situation, standing Boeing monopoly of the lv". 

AhW YORK. June fi. c onfleiting reports about the but only in the two lower cases and forecasts that demand for fast growing Iranian market. The by RICHARD NATIONS BANGKOK, .Jlme'€r,; 

AFTER MORE than three world’s energy prospects, the in 1990. oil will "row bv 15-3 oer cent a decision ro go back to Boeing ... - -7 • 

months of bargaining. New York New York-based Petroleum If demand for oil continues to vear up to 1990 compared with for long-range aircraft indicates THE U.S. and Thailand have • On items of apparel the .over- subject to consultation .oppe.. 
City and it? municipal unions industry Research Foundation grow fast, therefore, a world oil 3.7 per cent in 1960-76 This Lhat this purchase was an announced agreement on a new aU ceiling of 53m square yards .exceed - a level W 

scrambled tn a new pay deal last predicts today that an extended shortage becomes a possibility in implies that US oil ininorts will exception. textile accord which is reason- equivalent previously agreed 70Q;00Q square yard equivalents 

nteht ju^t in time to present a 0 ji shortage of crisis proportions the late 1980s. when oil prices he 9.4m-12m barrels a dav bv ably satisfactory to Thai es- upon for 1978 will be retained per category.. While this- : mqy. 

united front for today's Senate j 5 unlikely before the late 1980s could reach up to double their 1985, and 10m-14 5m bv 1990. ‘ \t j • • porters, given the prevailing this year as the base. for a / per appear a move towwds^ grater . 

Banking Committee hearings on an d can be avoided for the rest 1977 levels. In the longer term the sludv J\0 OPCISlOfi Oil protectionist conditions in cent growth rate per annum for liberalisation, of Thai hnpott.. 

more federal aid for the city. of the century. But the Foundation believes foresees a slowdown in* world 1. uvvwiuu vh developing economies. - the remaining four years of the quotas observe^ point . oixt/^hirt 

Although there are still 24 The Foundation, an indepen- that a crunch of this kind is oil demand after 1990. and pre- KAmQTllQn nP5)l While clam ninff tighter wstric- a ^ reement - . . ■ , •' r ™ost of til Me -categories coyer ; 

days before the existing contracts dent body, bases its prediction on unlikely for two reasons. World diets an OPEC production peak lVvIUflllittU Uvd.1 tioQS 0IJ - suc jj jt e n, s of aooarel However, the number of tinea of production ureleyantAo- . 

expire, last night’s agreement likely developments in the non- economic growth is not expected of 51m barrels a dav. including b„ M- lC hael Donne as jeans, shirts and trousers categories of appa' ret u POh whti ch Thai export manufacturers^ . . 

was vitally needed to convince Communist world up to 2,005. to beat a level to sustain such a 19m from Saudi Arabia. The where Thai exports have proven specific Import limits have-been However -the Thais -'appear^- 

a s.-epiical Congress that New assuming varying rates of high growth in oil demand, and timing would depend on demand CONTRACT NEGOTIATIONS be- competitive in the US'- market! disposed has been increase from have gained something on the 

York i? worthy of yet more growth in oil demand of 3.8 per anyway, improvements in the and the production policies of tween British Aerospace, the the new agreement allows 61:8 under old agreement to fabric side of the agreement 
Government help to stave off p05- cent, 3 per cent and 2.2 per structure and utilisation of oil the exporting countries, but the nationalised aircraft manufac- greater flexibility on exnorts of 13 the new one. Neither This years’ ceiling of 21m 'wi 

sihle liankrupiL>. cent. Its study concludes that will ease the situation. peak would not be reached before turer and Romania, for the pur- fabrics the . levels of these limits, nor yds, negotiated under the -prt- 

Thc Eankinq Committee hear- OPEC output would be able to The study focuses closely on the mid-1990s. chase* and ultimate manufacture , •_ ' their growth rates has been dl&.Tiou;. agreement, has been lifted 


BY DAVID LASCELLES 


NEW YORK. June 6. 


Id March, Iran Air signed firm 
contracts for six European Air- 
buses. and took out options on 
another three, in a move seen 
at the time as breaking the long- 


Thais agree U.S. textile pact 


Go 


BY RICHARD NATIONS 


BANGKOK, Jline'ffy . 


The Banking Committee hear- OPEC output would be able to The study focuses closely 


mgs. starting ihis morning aod 
continuing next week, are the 
major hurdle which the Carter 
Administration's proposed aid 
programme h^s ro clear. Senator 
Wiliiam Prnxmire. the Commit- 
tee's chairman, left no room For 
doubt in hi? opening statement. 


Domestic car sales rise 11% 


in Romania of up to 80 One- . ^Wtiouona °f new dosed. But observers comment entirely. In its place each 

Eleven jet airliners, worth in ail textile agreement— due - at the that they will increase restric- specific category of fabric; is 
more than £300m. are still in e / ld °L ^I?„ year aQ , yway - when tions on those garments where subject to 


its place each 


more than £300m. are still in 


consultations " 


progress, and a decision is not tbe °w d l9 Z 8 ' e acco 5 ‘.^T" the Thai* have already estab- when imports exceed a level o! 
expected for some weeks were brought Forward to coincide jjghed a relatively strong 1 m sq yds witli-the exception of 

Suggestions vesterdav that the ■ . rationalisation of presence in the American market seven specific categories whCTe 


BY OUR OWN CORRESPONDENT 


<ta«?ei>£tinn« vocterriav that the! w,tu iuuuiHuiMuuu or presence in me American 

de^SrbVSdid^rSl £-232 -»0 ! Uy.dC^ !L we,r 


,hat he believed the city should while FOREIGN car sales fell suffering from price disadvan- company's market share is the UK of President CeasuescuL 

ue left to go it alone. f or t 2ie second consecutive tages forced on them by the fall around 29 per cent of Romania in mid-June were! _ 

The President wants Congress month th eU.S. car Industry fully in the value of the dollar this Chrysler's sales were onlv 3.6 not confirmed by British Aero- 101 

to approve $2bn of long-term recovered in May from the year. per cent higher in May. and the space, which stressed that the 


T * deal mfffht be concluded durinc I Arn * nc M system of- textile —mostly in casual wear. - the consultation level will be 

NEW YORK, June 6. fhe fScomlnc S ate visti to “^S 01,163 wh,ch educes the All other apparel items are higher. 

market .bare b £ 

■ ? s er s "e° L »ere only 3.6 Sot a,YI «« «»**»" Garland criticises ‘big three’ 

snapp urhioh that thpitoent has been made retroactive & 


-I ■ - o ICtU'ClCU 1U 1 wag IIOIU UiC J wui UlgUCf in Old V. iliiu (UC ‘ »“«• . -V. _ . e tow *l_ r . ^ 

loan guarantees lo replace, from winter slump. Dealers have now The leading Japanese company's year-to<late sales have decision rested with the “ e . ‘P “ e •“INANCIAL TIMES REPORTER 

the end nf this month, a orn- nr.-,ri„ n ari imnnrtor* Tnvnn nnH Hntcnn fallan t a nor mint «« ■oa-a,. Romanian Government. 10 Witn UOin me aiterauOO Ot the 


the end of ihi» month a pro- so id more domestically produced importers. Toyota and Datsun. fallen l“.9 per cent on last year. Romanian Government with joto toe alteration of the and US were nre?sure from the emerrin^' 

gramme of “seasonal short- ca rs than they did in the first suffered a lfl.7 per cent and 25.8 American Motors sales fell 0.6 Discussions on the deal have JJA classification system and japan ama u.b. were pressure from toe emei^ig 

term loans which the city has fi ve months of last year. per cent decline in sales per cent last month and for the been in progress since May. last 6e jSHSF ° f mdST SSKS^nca^SlSf 

been receiving and successfully Bur indiratinns thai i«ct respectively while VW, the year arp 8.3 per cent lower. year, when the Romanian Govern- negotiated inter- Gariand, the Australian Mims- ^power^vas beang used in creM' 

repaying for the past three years. ni ^j%* s extremeJy^trong^eltioa *® r S e *t nonJapanSse importer At th*e s^e tMe ai They were rneni signed a protocol with JgMMHy last .year - ^ 

Senator Proxmlre feared that ra t e may not be^sustaiifed have was down 2 3 - 1 P er CBIrt - maintaining this buoyant new car British Aerospace providing for SH* 05 ’ 

Jon^-ierin loan guarantees would cc , me from two authoritative British Leyland sales were down market American consumers the manufacture in whole or in ^ ^ h-f* Tr ?i? e T^ndoS 7 Tcatt' ? * Tanffs 4,311 TnMle 

set a "terrible precedent" which surveys^ which show deXiS 243 P er cent t0 5 - MS units - were dimming back future buy- part of the One-Eleven in Roma- SfUC k. ™ 

Siding C iTotoer cities"^ S? d «po P rt“on ^nsimlr^infiSe 1 'men L™*' “ c0Dtractual ^ %3i oror SSTdiHJ? 5 S3S BiSels SJ, ^ere 5 

doubted that such guarantees ^ i h L^ecori om y 3 b °Th i s tends U to 53 ^ more than doubled to 2,440 from the Conference Board, the Jboflshrf ' 'iS '2Sn5^n«l tl traS2?2to'* ° f FFr°n f ?h 

wnulH hp in jh/i pfninlrv'^ fnna . , . ' . ., lilTifSi and arp PTnnrtpd To ^n IT S IparHno Iindnp^c rnAPflifh a • ^ « 3DO1ISDM OTfirftlf C6lflD^5 'ftnd in , tfiTn&tlon3l trsdlD^ lilies. EEC OTl tll6 25 prpoos^ls which. 

lerm Inierests and argu'ed they Ses booof swms partly^from much higher when arrangements organisation. / BfltlSh, GrCCfc with P sep^jSeiy tesuit ^Tnten^ rompetitivl Sonl^ctX^last yi Coinnlls - 

would "remove fhe pressure on consumers' desire to beat price are completed for marketing its The Board says its consumer 1 ueaix wun separately. result oi intense competitive aon in uctooer last year. 

ihe cily and keep ii from making increases which are anticipated R5 sma11 car throu S h American confidence index was 8.5 points fQ|fi/C nn r)P£flS — 

i he lough decisions needed to get later toi? vear 3 * e dQUCipalea Motors Corporation dealers. lower in May than April while its ilCCUO 

l he ci i > back to a balanced bud- T.,tai «ai»«'nrir «; and t nr *\* n At 3.88m, year-to-date sales of buying plans index fell back 15 By Ian Hargreaves SHIPPING f 

cei and back into the credit h „*i< domestically produced cars are points to 95.3. Some 6.5 per cent . 


SHIPPING 




ce* ana oacK into tne creait hll |i» u . rrn ,i n - hi„hoo» Tr,V. M«“*vsucany piuuucea cars are points io ao.o. aouie o.a per cent . 

markets " hJrt i?5? l *J® r 16 P° r Cl ?nt higher than at the of the 5,000 households surveyed ATHENS, June 6. 

Mayor Edward Koch told the n a ' rprl i same tlrae last year - General plan to buy a new 0 r used car BRITAIN has been sounding oul 

i.'niumiuev that, without federal nn m «eiir Motors, whose sales total was up dufingthenextsixmooths.com- Olympic Airways, the Greek 

help New York would " stumble Q r.» o fl = ' 1A , .Pjfl 9 -^ per cent in May, has delivered pared to 7.S per cent in April. national airline, on its future air- 

froin crisis to crisis." He would r",, 1-3 per cent more cars this year In iLs latest survey. Citibank craft requirements as part of its 

not testify with certainty that !l!,i in arminri' iol<mn nni** per and has a market share of finds that 60 per cent of its research on whether to 

l he city will gr, bankrupt without „ L ..., Z33 ' i,w units. domestically-produced curs of respondents feel the economy collaborate with Europe or the 

the aid package but argued the While still capturing a highly around 56 per cent. Ford's sales, will worsen over the next six U.S. on the next generation of 


markets” . _i c r f - hfrf i Vnm 16 por ceQt higher than at the of the 5,000 ho use b« Ids surveyed ATHENS, June 6. 

Mayor Edward Koch (old the n a ’ rpf i Sir m it f same tlrae last iear General plan to buy a new 0 r used car BRITAIN' has been sounding oul 
i.'iiiumittee that without federal ii Motors, whose sales total was up dufingthenextsixiuonths.com- Olympic Airways, the Greek 

help New York w ould “ stumble nR.» Q fl = ' 9 - 7 P er c e n i m May, has delivered pared to 7.S per cent in April. national airline, on its future air- 

fruin crisis io crisis." He would I r;.«.i n „ d.- r^ii i« M,nue 13 P er cenl more car s this year In its latest sui-vey. Citibank craft requirements as part of its 

r. .. III. . I l0rei o n cars hJleS leil 14 Der inrl h» O -nirLa. nf ik.i Kft nn^ itf I. 


■mile u.iTiia 1 ueiu ui may, nas ueiivereu parea io per cent in April. i national amine, on 115 tuture air- 
Vfcr,I, e 1.3 per cent more cars this year In its latest survey. Citibank j craft requirements as part of its 


Slow progress on U.S. policy 


BY DAVID BELL WASHINGTON, June 6 

LAST WEEK'S meeting between dustries are very much less regu- “reach *\ that U:S. government. ; 1 n|’ f ^ 


cost of not helping New York respectable 17 per cent market up 19.3 per cent in May, are 4.9 months and more than half laid civil aircraft. 


would be greater than what was shBre ’ foreign cars are clearly per cent up on last year and the the blame on inflation, 
being pro posed. 


13 Western nations and the Jated and the conferences are agencies ought to have is one |i 


The Mayor’s four-year fiscal 
plan provides fur balancing the 
budget by igs^ and capital 
expenditures of $4.5hn. The 
federal loan guarantees would 
he used to obtain up to 52bn of 
funding from city and state pen- 
sion funds which would be 
augmented by a further $lbn of 


Labour Bill supporters 
try to end filibuster 


Argentina lifts 
restrictions on 


BY DAVID BELL 


WASHINGTON, June 6. 


debt which city clearing banks SUPPORTERS OF the Labour elections and much else, and ' ways, in the process of deciding Japan. The CSG has become tion by the Department of * t 10 “«njnnauuu 

and savings institutions have Reform Bill which is now prevent it extending its juris- BUENOS AIRES June 6. whether to go with Europe or the steadily more frustrated by U.S. Justice. tt c rorei .?“ countries. But 

agreed tu purchase. enmeshed in a filibuster on the dict *o° over small businesses. THE ARGENTINE regime has u s ; in the next stage of its air- maritime policy and by the , Fresh attempts have been made *ff„iir fc p0 2 i l,0 i “ *°™™f 

l r ; F ,h, ,Vcp n :! “* Much of the opposition to the p D p,i Pri C mp^^ which craft ordering programme. actions of the Federal Maritime in Congress to extend the in- £? uded , by Adm “ U - 

floor of the U.S. Senate are ex- Jabour reform °^ eas ^ e Zhicb H .5 Commission, which regulates Suence of the Commission-in 25 dons * B £ Wly - ope f. ed ^ 

peeved lo begin ro earnest j s the cornerstone of organised c “ rla,l ®d Press freedom and American shipping lines. this case, in a complex area con- review of shipping policy. The 

tomorrow to end the bold-up to labour's Congressional efforts which had been implanted by the SwP(1P(k Mlfl TflT Tbe dis P u te has been simmer- cerned with freight rate rebating Government is loth to make 
get the Bill passed. this year, has come from small Previous military dictatorship of viu-a win iui ing for a loQg tiine a0 ^ j, as iL . — to non-U.S. companies. Under commitments until the review is.. 


news agencies 

By Robert Lindley 


Mr. Gerald Kaufman, Industry' United States, held here in an not considered normally to be a that is causing increasing tension 
Minister yesterday completed a eEon l0 bead ^ a serious con . repaint on tiade- in relations between advanced 

senes of talks here with Mr. J r Non-U.S. shippers have become countries and not just over 

Miltiades Evert, the Greek fr °ntation over American ship- ste adily more irritated by the shipping. The recent case invoiv- 
Industry and Energy Minister. P m S policy, made some progress delay that the Maritime Com- jn£ uranium which went to the 
and Mr. Alcxandros Papadon- but also emphasised the deep mission has taken in ratifying High Court,' is another case lii 
gonas, the Minister of Communi- differences between the two sides, conference agreements. In some point 
cations. He also met Mr. The meeting was held at the cares it has been as long as IS ^ ... . , .. 


illt B 


BUENOS AIRES June 6. 


J2^ u ^ h tsr t A ol a ss i : s -. se r are - ex - us “ %°rrz s whic s 


the public debt market which P^ved lo begin in earoest is the coroerrtone of organised cu h r . la j l * d ^ J* ress . B ^ d 


has been closed to New York for tomorrow to end the hold-up to labour’s Congressional efforts whlch h ad been implanted by the 
the past three years. get the Bill passed- this year, has come from small Previous military dictatorship of 


Swedes bid for 

Mayor Koch claims that last For the past ll days, senators businessmen who want to keep General Alejandro Lanusse in Al(T£kl*ian CTQC origins in the Shipping Act II of 3 Bin proposed by Senator Daniel completed. 

nighi’ 5 pay deal is within tbe who oppose the Bill, which unions out of their companies. 1975. Now tbe onlv requirement xVlgdlttU 1916, which set up the body that Incaiye oF Hawaii and Congress- Thus, some of the 

city’s means although he has enhances the standing of unions Later, if the Bill is still short r or ne ws aaencies" m that they wnu am lalor became the Federal Mari- man John Murphy of New York, at last week's me 

conceded more than he wanted, in their battle to win tbe right of supporters, concessions may , . nu( , ' h r w,,|wm uu,,rorc * time Commission. Tbe Act also non-U.S. vessels might be banned away somewhat disa 

The deal covers more than to negotiate at non-union plants be forthcoming on another pro- * io operate aere - STOCKHOLM June 6. granted American shipping coin- from U.S. ports if -their owners the lack of formal pn 

L'OQ.fHlO workers who will receive and gives the labour movement vision which lays down that ,. t - ne ot . fH® repealed reguia- _ w __ _ * . ' panies immunity from Federal refuse to produce certain docu- at the meeting. Hi 

8 per cent, pay rises during the other advantages, are still hold- unions organisers should have UlJ,li prohibited toreign-owned » ii aweaj n 1 *as anl j. lrust acl j on . pro vided that meats that deal with rebating, participants did agr 

term of the contract. Total cost mg up the measure by keeping time, during working hours, to !“** ? up P^ , " s of ne *'otiatinc a Kr 'tobn ^contract the " confere nces " into which That, however, is only one area again this year and 

of the agreement will he Slbn up non-stop opposition. lobby for members in a company }{ 1 r f° rB t , * l, £“ ,? *h; nt V n Ar ¥h«; to buv liouefied naiur-d «as from they entered 10 fix shipping rates where there has been friction, to set up a workin 

or which S757m will be met from As yet, the Administration does which has actively been cam- co iU h b ' 1 1 lb " Sl ai S a Q Swedeaas^ nTana - i n- ^ ere 3 PP rove d by the Comoiis- Others include such matters as look into some of thi 

city revenues and the balance not believe that it has enough paigning against union member- other which ba» not been AteBrw . bweae»ass niana m 5ion pooling, space charter agreements have been disousspd 

by aid from New York state and votes to end the filibuster. But it ship. generally observed by the media Ld°Ern2 Tho conferences typically fix and a whole range of issues toat Rates are not th* 

other sources. plans to take a series of votes One factor in favour of tbe s*“« 19,b coup, banned local have : the contrart ^sjgoed before careQ and oLher rates on routes have emerged since the switch ordicLmment ^ 

The pay rises are far lower to test its strength in the hope Bill was the unexpected death jnejj* from reproducing com- f between couniries and would, to containerisation began in earn- and EuroDuTmd D 

than tho general trend of U.S. that it will gradually add extra last week of Sen. James Allen of mentaries on Argentina which It ’ would 'cover d ®' lv ® r J *r° under normal U.S. Jaw, be con- est in the early 1980s. eials ThnETic 3 ic« 

pay deals this year which are support to the point where it Alabama. Mr. Allen was a master had been published abroad. S| b !£J ? c et ^tfwtoo B ^rnm Kill? JnH sidered to be a violation of ami- The argument about the 3 

allowing up to per cent and can end the delay. To do this, of the kind of parliamentary In announcing toe repeal of ?f C i£» trust laws. By contrast the Euro- appticabilityof U S law°overseas aboij^^Tnor? « reC ^ 

more in Improved wages and however, it may well be necessary manoeuvering which is necessary the measures, the public infor- of 1984 or the beainmOo pe a n and Japanese shipping in- and about the amount tW5 U la^! ,er,cal l po 

conditions. Over a two-year to add amendments that satisfy to tie up a Bill in endless pro- matron secretary. Rear Admiral Swedegas is studying whether to F » amppiug ro ana aoout toe amount of trol requirements. 

contract the New York agree- moderate opponents of the Bill, cedural wrangling. Without him Oscar Franco. said: ''.No *“*? w« C . « 

ment applies to some 97 bargain- The first oE these is likely to the opponents may have much extremism, no totalitarianism ° r mna it in west yernwny ror | \|if aU nArciminH r% rkk/v««4- 5*. 4-^ 

ing units ranging from teachers restrict the power of the more difficulty in beating back accepts or tolerates freedom of transport by pipeline through JLJIJ.IV/JLi. Uvool JllliSli 20011 1 VJI10 III iCr 

to' dustmen, who will receive National Labour Relations the challenge from the the Press. It is this which is Denmark. Mr ^***u^«v 


By William Dullforce 

STOCKHOLM, June 6. 


origins in toe Shipping Act il of 3 Bill proposed by Senator Daniel completed. 

1916, which set up the body that Inouye of Hawaii and Congress- Thus, some of the participants 
lalor became toe Federal Mari- man John Murphy of New York, at last week's meeting came 

time Commission. Tbe Act also non-U.S. vessels might be banned away somewhat disappointed, at 

granted American shipping coin- from U.S. ports if -their owners the lack of formal progress made 

panies immunity from Federal refuse to produce certain docu- at the meeting. However, the 


. - ^ »vvu Ul^HUKU. 

range of issues that Rates are not the only area . 

ft tindll tK#l nu.ih.L _ * — 


to dustmen, who will receive National Labour Relations the challenge 


total increases averaging SI. 700. 1 Board, which oversees union Administration. 


I showing us what road to take.’ 


Doubts over Cubans and Zaire 


BY DAVID BELL 


WASHINGTON. June 6. 


WASHINGTON is much pre- ment in the training and equip- involvement with the Katangans, 
occupied this week with the P«ng of these insurgent forces/' had told him that they ended 
aiipninis bv top Taripr Adminis- But he immediately qualified their contacts with the “rebels" 
attempts *>> t the Carter Adm ms fWs statement hy addiD g u, at two years ago. Some Admin istra- 

iratmn to prove that Cuban <• no intelligence conclusion is tion officials also say that the 
iroops were involved in training ever absolutely black or white.” quality of some of the CIA infor- 
itae Katangan rebels that invaded However, he went on. the “ pre- mation is not altogether reliable 
the Shaba province of Zaire last ponderance of evidence " could and that much of the actual data 
month. But so far tbe Adminis- only lead °to the kind of conclu- is more “circumstantial” than 
iration has not quite produced sion ” that toe Administration the A dminis tration is willing to 
the conclusive proof that Sena- has come to. admit. 

tors like George McGovern have Tbe evidence has not been The Administration has, of 
been asking for. and there is a made public but it is understood course, never claimed that Cuban 
lingering feeling in some quar- that it is made up of reports from forces actually crossed the bor- 
ters that there is less “ hard " Katangan prisoners, reports from der Into Shaba province. But it 
evidence nf Cuban involvement countries bordering Angola, has cited Cuban involvement 


1 

-'■#3 

•ill 


Sweden has yet (0 build a gas 
distribution network. Swedegas 
has also been negotiating for 
supplies of Soviet gas to be 
pumped through West Germany. 


Dutch pessimistic about 
likely EEC strategy 


One in ten 
vessels idle 


By Lynton McLain 


THE HAGUE. June 6 


Austrians seek 

EEC deficit cut 


By Paul Lcndvai 


VIENNA, .tunc fi. 


.. J 


pumped through West Germany. BY CHARLES BATCHELOR THE HAGUE, June 6 NEARLY ONE In ten of lie 

world’s ships is now idle through 

. EEC MEMBERS are unlikely to accepted by the Ministers. The l ack of w ork— the wurst figures ‘ *.-■ 

Austrians SPPlC reach agreement on a Com- proposa Ms for EEC members to i?* n*.?'", *' e . ar<, r“J*>® Genera] 

nuauiaiw atta m unity shipping policy when monitor the activities of Comecon * nc Y f Bntish Shipping said 1 . - : 

mr rlnfit'it iranspori ministers meet in fieeis and to lake restrictive y c ^ 1 y - . I?DlTi» 

IjEE Q6I1CU Clll Luxcmbmirg on June 12. the measures if Comecon activity : s -Sweden is the worst hit- .jjjftvlj 4a 

B _ , , , . Dutch Shipowners Association too bich. Mr. Groenendiik said n 5 ll0n W| th over fouro ut of ten 

By Paul Lcndvai (KNRV) said today. However.il. Possible restrictions include 5? lps ni ? w id lf- In Norway and Ml' 

VIENNA, .tunc fi. «*£*«»}■ p ™« r «“ *® he made quotas or extra levies on SSfdte .AiS'lS h°L a" 

IN AN attempt to facilitate " sis ' er of Lhe tradin - Comecon vcssels. ^ “ ,dl « ! 31 ' end of A; pni.whca | RV P\ 

access for Austrian exports to activities o f Comecon country All EEC members with the i-Jffr *°S 5, f *'*? dC u d ‘ M Li 

the EEC, Foreign Minister Dr. shippinglmes. the association's exception of Belgium have legis- inErit^nlh^.f^r ay * 

Willibald Pahr and Minister of Mp - Gr °enen{Ljk. lation which empowers them to suffered^ 1 

Agriculture Huenter Haiden will lo,d “ conference. take countervaiting measures and tonnaee to a V f^fai n ff twlf in 

tomorrow start a three-day visit Not all EEC member countries even the Belgians have a draft Anrif S oF i^USwjS 

to Brussels. arc IP agreement with proposals bill which could soon be applied. T?. d ^- ?7 er l 400 ^ dff 

The Austrian delegation will to r allocate tonnage on the basis The shipowners were highly wW SSJL P! ' 
seek easier access for exports of °f P ast Performance, the amount critical of U.S. attempts to VCar K Te 
cattle for breeding and of wine of cargo generated by different •‘undermine" shipping con- takers toid«n o!» J°I ’JS 
to the Community. They will also countries and the geographic ferences. The conflict with the 4 IJ S£ p n P }x, ot £ 


carue Jnr oreeoing ana 01 wine — “‘V- uaueiuuue snjppuig con- tankers lniri-un ri... ,„,'i 

to the Community. They will also countries and the geographic ferences. The conflict with the of 4 4 m h^ P ' n( -° L of £ *££5 
urge tbe EEC Commission lo situation of each country The U.S. is caused by “ one-sided and merchant fElt 


urge toe ^ammissioq io ; ' oy oue-siaea ana merchant fleet lairt ,T„ 

help to reduce the imbalance in ^ category is particularly un- out-dated American shipping accounted 

trade with Austria, which last portant for Holland, most of legislation.” the Association said riwt Ior over —5m 


than the Central Intelligence satellite pictures and other un- with the Katangans as another trade with Austria, which last Portant for Holland, most of legislation.” the Association said dwt IOr ° Ver “‘ 5ni 

Agency lCIA> and others have disclosed intelligence. The pic- example of Cuban and, there- said that he has no doubt that year reached Sch 73bn f£2.7bn». whose ports are transit ports for in its annual report. Out of all thi» ehm« mi*. «».■ ^ 

been claiming in recent days. tures assumed extra importance fore. Soviet adventurism in the information establishes more than Austria's aggregate countries further up the Rhine. Dutch shipowners are “ not d is- nil tankprs^anS P ^ 

Admiral Stansfield Turner after Congressman Tip O'Neill. Africa. Cuban participation in the trade deficit io 1977. France and the UK are ex- satisfied” with lhelr govern- carriers were ue»rl nS- 

< righn. the head of the CfA. the Speaker of the House, said Senator McGovern and others invasion at least in the training Meanwhile, figures published pocted lo make new proposals mont’s plan to extend special aid storage un to Tim 1“ -Kin. 
ha* done noihing In reduce this that they showed that Cuban are arguing that it is nothing of the rebels. However, accord- today for the Jauary-April period f«r the distribution nf cargoes Tor two years. The aid consists brokers Howard UnuEr hi* n!£ 

fn tiuipmpnr fn ftfllpArs wprp inirnicM i« train- likp as Hear nit as this and ins to one snnrrp iho „nlif nhotn- shnw that l he visible trade dofirir and the subiect is likplv In rnnw r.r - n invoctmon- chiirf,.- nt i «; “ ra ** a| a.r said yes- 


cientiy good reasons and on tbe the enormous Cuban presence in was hetter than expected and was The Dutch shipowners " hope continuing to press fnr the Dutch static at 753 (inn dwt m 

. however, basis of evidence lhal is at best that country, that may not he due to a 6.3 per cent rise in and expert " an EEC Commission Government purchasing agenev vessels Tonn^ep nwneri to 

he Cubans, a little "cloudy” enough to ctiablixh a link with exports with a 0.2 per cent fall report on the problem of Eastern to transport more cargoes on pendent comoan iev 

fl» jIamiaiJ Drasiriont Ha^TUT* >iac filraariv thp klitanpan rsholc 1 q IQipOrtS. bine shinnin'v Tinac will l*a ri..t«.k noeeaie n j ._ -T— . 


it was his “considered opinion the pictures. eientiy good reasons and on the the enormous Cuban pi 

lhal we have sufficient evidence Senator McGovern, however, basis of evidence lhal is at best that rountry. that ma 

to draw the conclusion that there said yesterday that the Cubans, a little "cloudy” enough to establish a 

must have been Cuban involve- who have vehemently denied President Carter has already the Katangan rebels. 


bloc shipping lines will be Dutch vessels. 


puny owned tonnage remained 
stalic at 753,(100 dwt or five 
vessels. Tonnage owned by inde- 
pendent companies increased t » 
2.5m dwt, or 15 vessel*. 






* 


Times- Wednesday June 7 1978 


home news 




h 'S Vi 

? c *rs 

tn c > 

** ^ 

l4 «r a<k 

l°*4S, 


victory 

goes 

to French 
producers 


By Kenneth Gooding 


FBESC»:PW>DUCEKS yester- 
t ft*; day, ^eneiged. victorious from 
tfte elgM^year eoart battle over 
fee *-«f the word 



5^5 Breweries sulwfdijry whictTfor 
-ti;,r 3 \ many years described Its Baby 
h^clu*. cbam brand as *•- *»*• 


Benn rejects special 
tax on natural gas 


HP cash 
up 12.5% 
during 
April 


BY DAVID FREUD 


m ?*2j periT ‘” ■*■»* It Miff not 


a champagne 


»t f .. 

n:«f. 

r, , 


i in? u *e ihc description in future 
accept 'for; wae‘ made in the 
:11 Q Champagne district of France 
•Sd?.., or duunpagne Cognac produced 
hr v accordance with French 
law.- 

.Tlu's was the main point lo 
emerge from -an agreed settle- 
vl ment reached in the High Court 
svUftn '£ yesterday. Showerlngs and the 
«. a5 - champagne o reducers will tuv 


:? r h 
■ • fijiw. 


■j!?s ruse 


champagne producers will pay 

their own costa, unofficially 
at more than 
£100,000 each. 


BY RAY DAFTER, ENERGY CORRESPONDENT 

5*R- ANTHONY' WEDGWOOD chase* supplies at an annual cost and 25 times higher than in the 
BEXN. Energy Secretary, has of some £lbn less than if it had UK respectively, 
rejected the idea of imposing a paid prices related to the cost Sir Denis Ronkc chairman of 
special las to bring the pnee of of coal and oiL he said. thp Rr.tS Cm Oo^ra il.n hid 

Seffoelf mMe m 6 saiV^V^uK 3, M J‘ Benn M^oSt^cSm^ 

A gas taar as proposed by the way through (he problem^ In transit lo^ f |» 

would 3 te M !n1Ste3 "tl) boUi r g e as were to ngi^tlw pi^ ***' Mr ‘ Benn 

consumers and the gradual long- more in line with each other. CorDO ration was rune. 

igs. m *4 ^ 

sm- x i&ftft Stw 

„ ■ .. . j nter<?s t of anyone in the energy 

The Conuiiissioil - “ a body set industry to prejudice one fluel The 
up to advise the Government on because of short-lerm fluciua- would 
energy policies — has found the tions. of its 

fuel-pricing question one of its Natural gas. while cheaper than northely — and costly — fields) 
most difficult problems. other fuels al present would ® ver Me . “MU few years. ihcn| aa >- 

In a paoer discussed yesterday, become more expensive in the increase its offtake of southern- On :« longer-term --t.-ile. 

Sir Francis Tombs.- chairman of long tenn. In contrast, coal North &0a . s r* s ,n P ,c 1®®* on advances in <h*' •hvm thro 

the Electricity Council, Claimed would become relatively Cheaper l9 ?0s to help cushion furl her) months were fi.ur per cent. 

that Government . policies over the years. price increases. ihiehor than in .•'■ v *inoer- 

favoured the gas industry, for UK coal was the cheapest in But ihe fuel pricing issue is ! January. 

instance. the Common Market. British coal far from dead. Mr. Benn said) There was a *mi»U upwards 

British Gas Corporation had was subsidised 50p a tonne while that the subject would be dis-i revision in the tin:.' fr.r 

been given exclusive aeeess to Belgian coal received £15 a tonne cussed again bv the Commission j April retail sale**. Tn- volume 
North Sea gas and this had cn- subsidy. The subsidies on Her- at its next ‘meeting in the 'index was W*u7 ur«» = ift7l. 


| Accountants renew attack 
on local authority audits 

BY DAVID CHURCHILL 

■ TI IE ROW between two major CIPFA. however, has criticised puhlie contempt for our pro 1 

■ icuountancy bodies over local fe* motion for revealing “a fession. 


I authorities' 


standards 


oi 


lack of detailed knowledge of the “ Each district audit report 


, _ . , . law and practices affecting made by a member of CIPFA 

accounting was revived yes ter- amounting and avcou nubility in undermines- the reputation of the 
i J - v - iocai government.” audit report when members of 

■ The annual meeting of the 31r g r , an Maynard JOA pre.si- Me public are not aware of the 
Institute of Chartered .-iccnuc- ^ £ , nI yesierdav tra-d to lower distinction between the audit 


HIRE PURSCIJASE 

tiorTof* increasing cnnsuRier^on* a -,*rf?o*!, Ut!0n r.F Me annual meeting that the accounts and the audit report on 

fidcncc ' ' e !uiLii cr 2SffI* resolution did nor imply criti- comnany accounts. 

naLnc ^' . . , J . : authority auditors, woo are cism of CIPFA but Mr Jeremy He described CIPFA criticism 

The sisns «<•’« vein forced oy. mainly memners uf une Coar- Cr i p p S lhe motion's proposer, of his motion as “ hysterical H 

an equivalent Me in -ale* ot tered Institute of Public Finance 5lressef | lhat hL . w:iS backing and an •■unprecedented attack" 

and Accountancy l CIPFA i. ihe Chartered Instil ute. OD ihe Inslitulf. 

New credit extended hy nnanco ■ The re-,Ci!ution. passed over- He said that public credibility CIPFA. however, maintains 



Common sense 


-'GKO 




lft. Joseph . Dargeat, head of 
the champagne industry’s gov- 
erning organisation, the 
Com i 16 Interprofesslonnel du 
Via de Champagne, said in 
London altcrthe brief hearing: 
"This . is a -triumph for com- 
mon sense.'. 

“ The champagne trade is 
extremely glad to have 
resolved this dispute in this 
way and welcomes the spirit of 
... co-operation whleh has led to 
1 rt /; this mutually agreeable con- 
'*■ eJusiOD." 

In future, Babycham will be 
described as “ a sparkling 
perrj-.” an. arrangement which 
will apply anywhere in ihe 
world where the brand Is or 
will be sold. 


- % 
"t.ie g. 

* Thu 
'-• r ' 

j 

Zl '-'•“fi'.'.a.r; 
<• T l 

; 

; .kaj. 

- xr&r 

'•’•I j!*; 


-•Vi: 

'•J * i 
• -rt; 


hree 


Cigarette 
jobs lost 

By Lyntori McLain 

THE four-yea r-otd Cigarette Com- 
ponents factory at,. Burnley. is to 
dose in August, with this loss of 
SO jobs, and the company has 
called for 300 voluntary redun- 
' * f^rdaneiifs at its Jarrow works on 
*• Tyneside. . . 

- - j T he company, part' oE fee 
... -Bunzl group, blamed a fall in 
-r ''-•cigarette sales; and .changes , in 
a *; ; British tobacco tax to harmonise 

with the tax in EEC countries.- . 

; Taxing the finished price of a 
. -r- fproduct b^d Jed to a ebange in 
.- ;;xpurehasing; Jiahats, ^rid,.rh.e-_cpin,-. . 
_ •• V .Wi/Lpany:. Saiesnf Wn^ize- cigarette^! 
• r s had risen and ^ut -Ahe -*mairfu; 
brattdS. <■•••. -•» ■ >' -j. - iv 


accouni jbitiiy required of local and muajuumunl controls. private scclor.” 

.luihoriues. in least equal :o “ Each of lhese iatvs are being Thu dispute i.i likely lo be 
iliose required of companies broken by members of CIPFA.” raised again at next’ week’s 
quoted on the Sinek Exchange.*’ he said. “Each breath invites CIPFA conference ia Edinburgh. 


Callaghan not to stop Extra jobs 


abled the undertaking to pur- mau and French coal were five autumn. 

Government confirms £ 2 m. plan 
to build test windmill 

BY DAVID RSHLOCK, SCIENCE EDITOR 


seasonally adju-ii'di. 


I .... 


'.d 

linu’.e of 


a monded with vesterdov's state- Government's rept (< to die Third! Figures released wirl, 
f- ment. & i 3 fourth Reports Jrom the get showed Vhal this v 

In a renlv tn two reoorts last Select Committee on Science and . risen hy a bn ul 7 f«er cei 
io a rcpiy to two reports asi -«->« cn Jim I vour in mnl-lOTs 


GOVERNMENT PLANS to con- source. on .studies of sma))<v aero , 

struct a giant windmill with an The demonstration would proh- ecncrators of ahoui 100 kW oui-. v ® ,umc 

electricity output of 3.7 nriega- ably he computer-controlled, both pul. And X865.000 is lo bo spent , '-hase 

watts, at an estimated cast of to steer into the wind, and to on investigating rhe potential of! cnioer " l * as '. 

about £2m. as'' a • full-scale cut it out automatically at a geotherma) energy. i tions tnaj ■* 

demonstration of the latest tech- certain minimum wind-speed and Thc Government stresses ihat j ’ 

nology of aero-generators, were when the wmdspeed became lhe obstacle l0 quicker progress rLmSJ 
confirmed yesterday by fee dangerously high. . in developing these new techno- ! rft ™«K 

Department of Energy. . The Department of Energy is 1(Jgics is nol cash— as ihe Scl.-ut i 

As an initial step the Energy taking a more optimistic view Comniitlec suggested— but fee j iin-* 

Department is to spend £34LQ00 about windmills than thc Parlia- slale of (he technologv irself. ,m^pi 

in detailed design ' and mentary Select Committee on ' . inc JT 

compone^ testing. If the results Science end TedmolOK. to En«o hn^nc? ono 

are encouraging, .. the aero- which ite revive Sources oi t-nergii. Tin | in personal 

generator will be erected on 
windy hilltop, possibly in Scot 

,W The fundamental questions y ea“ »*" .o mid-tf-TS: 

such a project might reside are —on alternative energy sources 
at what cost past design weak- generally and on tidal power 
nesses in big windmills— which from the Severn Estuary — thc 
have tended to collapse— might Government has announced addi- 
now be overcome, and to what tional spending of just over £6m. 
extent they will intrude upon The main items of expenditure 
the environment. will be an extra £2.9m for wave 

A modem areogenerafer, taller power, seen, in the words of Sir 
than the biggest UK electricity Hermann Bondi, chief scientist 
pylons, could he as noisy as a at the Energy Department, as the 
helicopter, and eouid interfere energy source with the greatest 
seriously with TV . and ^ micro- potential for the U.K. but the 
wave transmissions. . ' most difficult to tap. 

The electricity supply industry. The Government is allocating 
which is co-operating in th^pro- another 11.5m to further studies 
ject, will want, to exploreyhe connected with a Severn Udal 
possibilities of feeding its .power barrage, chiefly for the raanu- 
into Lhe grid., and the-' stability focturo^aod testing of prototype 
, of Output . and load factor .that cuxnp unfits 
l ean: be expected from/ such, a Anothe^ £455 000 will be spent 


with the provisional 
106.5 

This was only :i 
on lhe index figure oi lhT r..- 
eurded in Mar. h. ,:-,-lf 
highest since Aiuan l!»7f». 

Taking the l.ix: thru.* Tvmth.- 
together the vuliuiic >>f a '.v.u* 
1.6 per cent ht^in'r man in 
November-Januar;.. r* , i!* ,, .*iing :he ‘ 
additional 
in the hanri^ 
thc beginning 

The ’ stead. i 


home loans increase 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


io prospect 
at Michell 


By Our Own Correspondent 


,ftt- THE PRIME MINISTER ?aid fn.nt. 

yesierdai lb.it he would regret Mr. Callaghan replied: “If they 

:<ny increase in fee mortgage rate reach thm vonelu-cmn. i would 1 A NEW £i.5m fjetory for Michell 
but he would not wish to stop the not v.r-h to stop them doing it) Bearings, ihe Vickers Eiisineer- 
building societies if they decided allbough 1 would nut like iL It;i n ™ subsidiarv. was formally 



output 

yesterday the 
further 

cent in fee, *»eietie.«‘ large reserves and now needed to help boost the I order for bearings for a nuclear 
recent bonuses on the taxation inflow of funds. power station in France. 


Dlicy 


e. i.l** 


NEWS ANALYSIS— CIGARETTE PRICES 

BAT moves to smoke 
out British rivals 


:*Y STUART ALEXANDER 


r „>•' 


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e v 1 * ", j cl - ' 
■*** . • ' *' ”,«■ 


2 in K'fl 

z q\s id^ 

ion . 


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n . ■ ; ■ . . 

. i . : ; , • v.i- 

i'-V- : '/'/- 

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r I *•: • 

'.TV r5 V- - VV 

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f 

ja^; ' 

a- 

»d * L * _ ,>•:* 

•rf. J-V '■ :? ;r.r;V; 

i WiT " .. 


■- 


iWSlf; - 


' THE call hy Mr. Krkland Blair,. 
managing ®r<5ctor ‘Of Carreras 

■ Rothmans UK,- Tor ^responsible 
attitude to pricing of cigarrettes 
and less “wheeling and dealing , 7 
coupled with, the ' -announcement 

■ of price -• increases-, must have 
. sounded ironic- .to - some' in. the 

tobacco : trade, r / r - 

Rothmans has-been* playih|r fee 
• numbersgainein th-etwo. yttajs-in 
which fee TJJv market, has, been 
coping iriTOr price war_ ancT a 
major change In fee taxalioi Sys- 
tem. ' . :■"/ r. 

It has carefully- Jftned- its en- 
tries wife selective price , cuts, ; 
while goaxEngiXtS; bigger .obmpe- 
. lifers by dropping - gift' coupons 
and puiimg out or spa rts~sp aaso r- 
ship “to pass on the savings- to 
the consumer.” r r. -• — • ; ' ' . - 
Rothmans 'has. hera ^garded 
by many as B orn el h i ng .fi jE a cow- 
boy on’ the; cigafette -mariseting 
scene and has gradually built up 
Its share. of tbe UK market from 
6 per cenT te l2-l5^ per-cent.-' 

Its 1 price olrtting/pbllby- OhvaU. 
sixes -of cigarett es has: not dam- 
aged fee'BtatiisOf Bothmims.King. 
Size. It «rw^.iara^otr -ex-, 

ports and last - year^opened new 

plant- inf parfiofitbo.- . : ^ . ... f_ 

This spring, saw 


MARKET SHARES 


Wills 
Player • 
Gaftafter 
Rothmans 
P. Morris 
BAT . 


April 

302 

2*5 

28.1 

12A 

LO 

02 


May 

29-5 

25J> 

265 

US 

LO 

3^ 


c^n : -Tobacco stride onto the 
scene, .' wife guns smoking arid 
spurs' clinking, leaving existing 
protagonists -watching fee new- 
eofeerts energetic efforts to win 
admirers, r 

' BAT was well ware of the 
problems of fee UK market but 
had seen old brand loyalties 
abandoned as consumers were 
exhorted to become price- 
conscious. 

./So the .decision was taken that 
fee initial principal marketing 
weapon would .be a major price- 
Cnt— -so big that it is possible to 
buy State Express 555 for less 
than. some mini-cigarettes. 

' The. .company announced feat, 
it was prepared to spend £5m on 
its. UJC .launch, but even that 
‘figure is starting to look like a 
sizeable underestimate if volume 
sides are achieved at these yexy 
low prices for any length of time. 
i-The - -.Rothmans move is j a 


in<justnaj Barkfet 'fl^stearch if Limited 
announces: three pew reports on : 




'iN.W OUTSIDE 

.; , : /-.'k).' : -.V/ ; UK ($) 

• HOW BRllfiE'iNPUS^V . Uoo : . : 3S X : 

r HOW-GERMAN ^DUfTRT - ^ ' . 

•-EXPpRTV^r’\;‘:/>t'’ : / . -. 20 ; 00 " . , 

.* HOW„.E®n^;^N^;GiRttAN : .=/•/- ../ * '/•' ' 

- J. • f$°. ■ ■ /' 

The nbom-P^ derived iiofonhatlOB dri export practice in 

Z upW&^ ^ We$t ZW ™*. and - ^ on * 

survey of 560 comparii« in^Ke r^o countries. . '. ; . 

■ , f y'Ju ptaS* cpntact: 

•• ' ... ' ■S '-f. R.’Suntook T _ ’’ • . 

IKOUSf ^ISt U5ITED 

• /lT BuckinEba 1 ^ Gar«. 

~Londan SWJE,5tN ■’ " 

’ *: ";.* m r .... Tefepbone 57^534-7814 ■ - • 

’ '% ■’ ; i :'.f. ;/:-riefecfl7fl36 0l ! 


deliberate attempt tD isolate 
BAT*s State Express as a cheap 
brand and to ensure feat any 
attempt by BAT to lift the price 
to more normal levels will be 
made very difficult if State 
Express is to bang on to its 
expensively-won consumers. 

• Rothmans’ second ploy was to 
rirro to retailers for support, with 
a rallying cry of a return to 
sensible profit levels. 

' In addition to a myriad of 
offers to the smoker, thc intro- 
duction of new brands — 
including tobacco substitutes — 
and a major change in market 
profile as king size brands began 
to dominate, tobacconists and 
newsagents have had to cope with 
fee loss of nearly 8m copies of 
national newspapers. 

CTNs — confectioners, tobacco- 
tnrts and newsagents — are still 
fee backbone of the cigarette 
retail ' trade, though they have 
been looking increasingly 
anxiously over their shoulders 
at -fee supermarkets. 

•'Ai: well as the retailers need- 
ing to make more money, all fee 
tobacco manufacturers have 
said . they would like to see 
improved profits. 

Imperial, which owns w. D. 
and H. 0. Wilis and John Player, 
•said. yesterday .feat it would be 
jbappy to see a more settled 
industry and a general reduction 
in wheeling and dealing. 

GaDaher said it, too, was 
e am in in g fee case for a price 
increase: 

But no-one knows now long 
BAT is prepared to maintain its 
present policy.' Its Liverpool and 
Southampton factories have fee 
-capacity to meet large demand 
.and' Its planning is sufficiently 

Iffethle to switch some other pro- 
duction to. its Hamburg and 
Brussels factories. • 

.But it is thought that BAT 
will have to raise State Epress 
in fee autumn towards the 
.recommended retail price of 55p. 

Some shops still sell fee at 43p 
per pack, and inside there are 
vouchers giving 2p off the next 
purchase. They are easy to buy 
at 46p and fee average gap of 
I3p below recommended price 
is a very large one to make up: 

' Meantime, they are sel lin g 
welL . 

Preliminary. "• estimates show 
they may have taken over 8.3 
per cent of trade deliveries in 
-May. — estimates which put 
Imperial’s share down to 54.5 
per cent — but fee eperienee of 
fee John Player King Size launch 
in ' 1376. when 100 cigarettes 
were - offered for . every 200 
bought, bas persuaded the indus- 
try to play a waiting game. 

Players’ early success was 
difficult to retain and it will be 
no easier for BAT. 


Youve qot better t 




your first day in Au 




It’s a long flight to Australia. 

When you get off the plane, the only 
place you'll want to go is bed, regard- 
less of the time of day. 

Qantas is the only airline with 
special direct flights which get you to 
Australia in the early evening. 

You can go straight to bed at bed- 
time, and sleep off the flight through the 
night. Then get on with your business 
the next day. 

In all, Qantas have 10 flights a week 
to Australia. 


The specially timed ones 
leave Heathrow on Mondays, Thursdays, 
and Saturdays at 10. 30 and arrive at 
Melbourne at 18.20, and Sydney at 20.40, 
the next evening. 

And as soon as you land, you can go 
straight to bed. 

So the next morning you'll feel more 
like a dynamic businessman, and less 
like Rip Van Winkle. 



We know She best wsy to Australia. 


Act' voui C 1 *’ ilss ageru for de“ai- : : rial cJVm al Oa-.fas C,tl 0 : u Bonn Sue—:-:, and Tt-rcacblht W1X 4 A 1 :*. Teiminal o. loader, rfeaihrow. 

Arundel Great Court, otrano, - n ’•VC2. 500 Cnc.vick H /hfriad, London Y, 4 6?.Y,’. Cmer ohrees luBincngham, Ertioi, Mancuestc-i and Glasgow. Reservations 01-993 1344. 


icial,Time5 


HOME NEWS 







by unions and employers’ ^“ ions sho»s_rising • ^ ' 

BY MICHAEL DIXON. EDUCATION CORRESPONDENT 11 T )\ Til"! I ' ‘ 

ENGINEERING UNION'S and • Blackening the “career image” and successive pay policies, well- sionaJ streams. W . AAM-i-" •' . QflQP ■£' *-•- i -*■. 

employers, were accused raster of manufacturing to the intentioned as they are. seem TJae most academically ab' c VllilA iiV'kJ UlUtvA' . i' 

day of blocking the advance of country’s most able youngsters often to have been enacted with- students would then pursue an C7 BY MICHAEL CASSELL, ^BUILDING CORRESPONDENT - 

manufacturin'' industry by pre- by practices and attitudes which out sufficient regard being paid extended course of four vears '.'•*»»,** esiftb-r ":' *> 

venting voung engineers from restricted pay prospects of pro- to their effects on industrial per- study of engineering, plus about FINANCIAL TIMES REPORTER WfyR _ crARTFn „n TO ..:_ « -?*V ■ ; ,= = “ 

beinc trained effectively. fcssional staff and entan S led formaoce and competitiveness." a year of work in industry either on more MW On 

_. . _ ho . , h „ them for much of their lime in As well >as “positive steps” by before entering university or np.- 0 COMPANIES In the i 1 ° u *?f l 11 A E n * va aay builders managed . Jo -THE- .NEW STATE pens} c 

Professors’ b ’Con^ ac!ivitiei such as inter-union unions, employers and liovern- during a break after the first or Lucas industries motor com* ^ cjjmfrined total of 22.400 ,ch e* ne » which.-started la - Apr* 

flrennA renresenta- d ’ s P utes having nothing to do meat to overcome such obstacles second year of their course. ponents group vesterdav faced ^ ^ ®Sur«. *om during Apnl stili does not meet tke'vpeoste 

f. Jo horfv rnr thP J 4 «So.JfS senior with engineering. to recruitment and training, the Students whose main abilities P * Rhod«i™intSS 2* Department of the .Environ- the month befo«r.PubIic sector ^ui^nenti of most 

academic f ff JSlvJSBJ “551S • Discriminating against the Professors called for radical were less academic, possibly bVsffi? &E£Va y£SS£ m **\ v _ _ - 1 T-' • Sft£ ClaimsV .***&■' 

of technologv. at a London mcvt- small unions, such as tie changes m degree-level engineer- between two-thirds and tnree- magistrates - court . Both the public ■ ini' .private fi aisbed Scotch ^ :Ufe usuriac* 

ing 1 to introduce its evidence to United Kingdom Association of IQS education. quarters of the tola! intake. -... charaes aeainst ' fa £ usxng sectors conturaefl to SL.S ii too tn 3 iSq ?he Pen®*® 8 company:., i. . ; -J .... 

tho Finnutnn innuirv into the Professional Engineers desig- Present selection of steudents would take a three-year course ^ Irl * en cna ^ecs ®gainst , S h OW the improvement in: work 1086 fr 0 ® 1L700 to WOO. ane TJje company - savs ® 

engineerin'-* profess on. naied by the Council of Engineer- for degree courses, based on the mainly emphasising practical JSrt dlvl*i7n of \ levels which started earlier !: in Bopwtment Mlcutatestoi^ttge. ^ death-ih^i^ 

-If SSfis are to continue as ing Institutions as the Unions GCE Advanced-level results, was aspects. 13 c \V V mhSSw the year- Builders started work Feferuaiy-Apnl quarter, totaJ ^ nbw an.impSa 

they are at present.” said Prof, most appropriate for professional unlikely to be a reliable devicefor lie regard both the A and ,5a' curin^ d^el an^f^S ° n 10 ' 700 P ubUc s«; lor Monies ■ com t pI *i“ ,ns lh p SJJtoire area In employee relations^ 

Arthur S here I iff. of Warwick members. finding youngsters with the right B groups _ as professional engi- “ tf 1 **"!.32 [during April against 8,500 lathe «nt on _ prwous- -.-I— the State^Kh^ne .i, 


r r_". 


scheme 


charges trend Hi April attack 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


FINANCIAL TIMES REPORTER 


WORK STARTED on nitire new 


completions 


BT BMC SHORT 


i,_j„ .L. anlVnltie CATiinr B,ul IU reHUlUUl'iil JUU -tldJUiiip. un jiuuciua kuv» ma-.u 

acadeStato uSfveSv faculties • DiscrimmaUng against the Professors called for radical were less academic, possibly 

of technologv at a London ma-t- small unions, such as the changes m degree-level engineer- between tw-o-lhirds and toree- 

ing to introduce its evidence to United Kingdom Association of mgeducation. quarters of the total intake, 

the Finniston inquiry into the Professional Engineers, desig- Present selection of steudents would take a three-year course 
engineerin' 7 nroft-ssio'n. nated by the Council of Engineer- for degree courses, based on the mainly emphasising practical 

“If thim's are to continue as ing Institutions as the unions GCE Advanced-level results, was aspects, 

they are at present" said Prof, most appropriate for professional unlikely to be a reliable devicefor “We regard both the A and 
Arthur Shercliff of Warwick members. finding youngsters with the right B groups as professional engt- 

Universitv “we reallv should be “ It's as d3ft to wantio merge abilities for “ high quality" engi- neers. and think that the three- 


busting charges in Aylesbury 
magistrates' court. 

Thirteen charges against 
Lucas Service Overseas, the 
export division of the groop, 
and CAV. a Lucas subsidiary 
munufatcurins diesel and fuel 
injection systems, involving 
goods worth £154,403, have 


daring April against 8,500 lathe 2Si #li f“ toi«rSS analyses the State; .schebie & ' 

previous month, making it Jhe months and S i per cent tower tnan although' the- seb^ 


unions, abetted to a greater or to take over -the British Medical fore far from guaranteed unless Chisholm of Salford University, 
lesser extent bv the Engineering Association." Prof. Shercliff the country first developed more chairman of the Engineering Pro- 
Emplovcrs' Federation, were added. effective measures for identify- feasors’ Conference, 

blocking the production of first- The professors' evidence to the ing students with the qualities “We see the Category A 

class manpower in three main Finniston Inquiry accused the necessary for practical engineer- courses developing mainly in the 
ways: Government of helping to mar ing work. universities. And although some 

G * Preventing students from the image of engineering as a Students accepted for engi- Category B courses would be 
saining the real shop-floor suitable career for enterprising necring degree studies in future developed there also, we believe 
working experience which h an youngsters- should be divided, preferably at the three-year studies would be 

e-sential element of effective “Much of the recent social. least a year after starring Th«r largely the province of the 

education. industrial and tax legislation, course, into A and £ profes- polytechnics." 


(No. 2), 1968. 


(previous month, making if flue " shows that although the- schem 

j best month for this type of housb- - a y ear ®®riier. ■ a vast improvement bn. F 

; building since October.'-.- Pon versions . predecessor, Jt aUII.: does ; litri 

j At the same tame, contractors conversion* . _ more than provide* rnfaimS 

i started work on 14,700 homes for The Department also sjuo yes- jgygj benefits. ." ■ ■ - - ? 
i the private sector against .11200 terday that an estimatod 25,000 ^ areag in which fhe stif 

[in March. The April totaa ^vas homes in England tfere can- structure is particularly -wS, 
! the highest monthly figuit-smee verted or improved during the are- highlighted. -especiallv ln^ 
; SeDtember. The combined +nrai first nuarter of this year wild . 


The Customs and Excise 'September. The combined total first quarter of this year with ™ D^ments on death-h^L^, 

Department applied to commit ! 0 f 25,300 was the best since last the aid of grant or subsidy. 

the companies and two com- | September’s figure of 28^00 Comparisons with ' earlier ■ n SJS Sm have dpri’il 

pany officials, for tnal at , starts. - ' neriods are nut available as ihe 


pany officials, lor tnal at j starts ■ -‘ neriods are not available as the' »* *• S 

Aylesbury Crown Court. : Taking the February-April Deponent has introduced stand^SlfW 

All the charges relate to ! three months total housing starts changes in reporting practices. JL-Met’-oubllshBd^vesteSifir’t 
events alleged to have taken : were, according to theDqpart- The 12,000 grants to private .™gg_ 

ninz-a h»iu-Pi>i. Fchnnrr 1075 l ment Hnuin a n » m.,' i„ tho niiurtiv were, consiaer various means £ 


accident 1 


Hildreth tells Tories to give 
country greater leadership 


Financial Times Reporter BY JAMES McDONALD j 

THE Government Is to simulate 

major oil tanker accident at i THE CONSERVATIVE Party than it was during the three-day the relative moderation this 
Milford Haven. Dyfed. on Friday. mu st “wake up" and give the working week of January 1974. Government appears to be $how- 
A i cry large crude carrier, up [country greater leadership ir it imposed as a result of the ing is only the result of 
to 400.000 tons deadweight, will ■ was t 0 W rj n the net election. Mr. miners’ strike. its precarious Parlinmentarv 

simulate a collision with a pas-ij an Hildreth, director-general of What the institute wanted from position. Were Labour to be 

senger ferri. (the institute of Directors, said the Conservatives was “clear returned at a general election 

Exercise Black watch will test j n London yesterday. thinking and decisive attitudes with a majority over all parties, 

contingency plans for coping with SDeak i n „ at a conference nf on the crucial issues of the day. then even that semblance or I 

a major disaster involving air- *? S.®*T e ”!*S “ What worries me most is that moderation would rii«nne a r" i 


agreeing to supply goods same period a year earlier, 
destined for Rhodesia without 

an export licence, and seven *.v .... 

*5“ “TV ‘Over elaborate’ civil 

There are two charges 

rice"ove C rsca s tf^agSg^to j dlSillGCrS ClitlCiSCd 

supply good worth a total of T w*i»,*v*uw** 

£18.426 to Lucas Sen ice 1 Ply I | BY CHRISTOPHER DUNN 

exp /rt^lfcemre! CAV 'com me r rial ! {£? AWARD has not been made Many entries in the building 
manager . Mr. John Edmund i £2J?V f ; 


ter of 1977. 


vided by the State scheme. 'pr-_ 
The booklet - : explains 
employers cad do this in thetnos 

tax-effident ' ' manner. '-^wlthaB 

gettmg involved id -’cdmpic 
administration -or .investment? 

Occapationni Schemes Jo 

Contracted-in Employees. And 
able - free from. . Standard" Lij, 
branches. 


thinking apd decisive attitudes with a majority overall parties. 


a major disaster involving air- _ Speaking at a conference of 
sej rescue and severe oil pollu- J Canndian and British business- 
» mpn hr» a«lcpri fnr elearer fhink- 


conference of on .. t ?ru Cn,c,al , - ssuw of the da >- lhen even tha t semblance of 


What worries me most is that moderation would disappear." 


illaund also faces these two 
charges. 

Mr. Thomas Graham Lock, 
director and general manager 
of Lucas Service Overseas, is 
charged with one offence under 
the Customs and Excise Act. 

At a previous hearing Mr. 
David James West, a Lucas 
Service Overseas area manager, 
was committed for trial on four 
similar charges. 

Reporting restrictions at 
yesterday’s hearing were not 
lifted. Committal proceed- 
ing's are expected to go on 
today and tomorrow. 


•sector of the ConcreteTSociety’s attention to detail affecting the ApcrO? OH'PntS' '' 
j design and craftmanship com- way buildings withstood the y.pvu^j. 

: petition because no eatry was weather. - • — 

sufficiently outstanding. The Concrete Society, a discus- JJJ j^OrtllCrii ' 

Mr. Alan Muir Wood. leader of sion group for architects and 
the four-man judges’ panel, also engineers, had 40 entries this T*,/>I oyir | 
said the quality of entries in the year, the 11th in which an award .KXcld.llil 

building sector was generally has been made. • ™ T AWT1 « 

undistinguished. - * The building category of the NORTHERN LRELANDE fire 

The judges criticised entries in competition was won by an exten- 'Argos catalogue showroom wfl. 
the civil engineering' sector for sion to Wadhain College, Oxford, 111 Belfast on. June 24. . , 
over-elaboration of detail and designed by architects, Gilleipie ™he showroom in Grea 

poor scenic impact. Father than Kidd and Coia. The consulting Victoria Street yill recem 

for cost-cutting or poor workman- engineers were Moore Vaughan three shipments weekly Tromtbi 
ship though they added that Maclean and Partners, ahd the Argos distribution centre a:, 

design standards had risen main contractor was Johnson Da vestry, and an annual sale? 

steadily recently. ‘ and Bailey of Cambridge. • target of H-Sm has been set 


ti'on. ; men, he asked for clearer think- similar charges. 

RAF helicopters will rescue ing .and decisive attitudes on -r _a ^ ^ ^ j Reporting restrictions af 

“ survivurs " from the Ferry after crucial issues. The British B OI*AObS yestenlav’s hearing were not 

it ha. “sunk." and Royal Navy Public must not be misled by v/liWIIVvllvl gAVLlJ lifted. Committal proceed- 

uniis will carry equipment to the the illusion of economic recovery __ ins's are expected to go on 

disaster area. Local authority; i° the run-up to the next Om WH rC ■ today and tomorrow. 

oil pollution officers will deal election. JJC TV JL V^UUl l j 

with b»*ach areas assumed to be “However much the Prime 

polluted with oil. Minister and IJje Chancellor of LORD Elwyn-Jones. the Lord from the Comptroller of Patents HOME CONTRACTS 

The contingency plan comes a the Exchequer try to disguise Chancellor, yesterday presided at would now be heard by the ■ *■* 

week after navy divers sank the the situation, the reality is that a ceremony to mark the setting Patent Court, which, bad full 

Greek tanker Eleni V, which the economic future looks very U P of London's new Patents High Court status. The right *1 A_ 

was a pollution source for 24 bad.” Mr. Hildreth said. Courts. of audience of patent agents and fl ill ITl^TPl 

day« afier being split by a “The evidence available from European patent judges Mr solicitors would be preserved, he 

. ?^ r members makes clear that S am Silkin, QC. the Attorney- sai ^; 


The Prime Minister has a^ked the current mini-spending spree. General Mr Peter Archer OC T* 16 io^ges of the new court, 
for a report hy July l of events both by the public and by the the Solicitor-General, and mem- Mr - Justice Graham and Mr. 
leading in ihe sinking- Government, is obscuring the bers of the Patent Bar and patent Just i<* Whitford. would have to 


Oil meter kits for North Sea platforms 

KENT INSTRUMENTS tmember able for the measurement of fedfl Boeing 727. 73? and 747 aircraft. BROWN AND PARTNERS, Dart- 
of the George Kent Group* has signals over the complete From British Airways a contract ford-based materials, handling 
two orders for extensions to go frequency range, while wide range to build hundreds , of .cabin engineers. This is- designed ta. 


reality of our economic future. agents attended the cereraonv d P a l w »*b work of great com- on platforms in the Thistle and antennas can be supplied for- service trolleys for use on the convey nuts— used for animal 
TVIrtiar "That reality suggests that in . . «i ^ P ,esit >' and would have to inter- Ninian oilfields, to enlarge oil mobile or fixed surveillance roles, new Lockheed 1011-500 TriStar feed—from pelletising machioes 

is cW expo IT a few months' time we arc m Tor Lora Eiwjm-Jones said that the pret the European Patent Con- production motoring stations + aircraft. Boeing has also placed to four bagging stations ra 

. , r , another sharp hurst of intiation, court had been set up to vent i on . Thev will have already supplied by Kent. These TAYLOR WOODROW C0NSTRUC- an order le build wing flap fiOOmra wide troughed belt cob- 

control OrfS^r while unemployment persists at " r,n ? together the changes of i ncre ased jurisdiction arc different from their predeces- TiO.V (NORTHERN), of Darling- sections for 707 aeroplanes. The veyors. and a belt-and-bucket 

levels unprecedented since the lhe ,aSt ten >ears, and to help L 0r( j ElwynJone« s-rid that the «>«. ^ they will be supplied in ton. has been awarded a XI .08m ordera = tou»l nearly X2m. elevator, at a rate of 60 tonnes/ 

THE DEPARTMENT of Trade war." de , al Vk, ^ h P. at ® nt ? un a rational S y Slein would ensure the en- "construction kit" lorm. This is contract by the North West Water C. F. Taytor (Holdings) is a hour, 

has made a new Export of Goods Industrial output. Mr. Hildreth international basis. eouragement of inventions and , b „ e “- use . S ff ,on * x ' Author,t> ' for t th * co *!f t ^ UCC l on of subsld,a ^ of Els. + 

M.onlro! i Ortler 197S. which will { added, was running at 3 The Patent Appeal Trihunal would be of service to industrv ? nrf imMA«n M rnm e Fourth staee of the develoomenr APV PARAMOUNT, Crawley, is 

CQme imn °w rali °" ° n Jul >' 3 \ deplorably low level, no higher would disappear and appeals and .he country. _the othor. « Bu?‘' ! irihr ! >l3 t . “!r‘S tirted™ncl ™U raSgswoo^ sliuJh Club » fupp]>- IS reformer tubs 

formv they will be installed in he completed in 21 months. has started. It will include eight ^^R-^Plra for JmSn tor 

existing modules and will have to * squash courts with four glass- I“ r reformers Tor 

pass through access doors about nnRR-OIIYER COMPANY Crov- backed courts, one with audi- oy,lcruae v-anaaa. 

2i metres square. The two orders don c„ rrev has secured its first torium and spectator seating. In * 

are worth over X250.000. 3or order for a new- disc addition there will be fitness, BRITISH FURNACES has M 

* pressure filter (UHDE System) weight training, table tennis ahd order from Cam Gears to install 

SIRTCON, Twickenham, has been Tb e £500 000 order from Van den committee rooms, changing and a complete continuous heat treat- 
awarded a contract by Bitmac. Berehs and Jurgens is for nine shower accommodation, car park- ment plant for the case hardening 
Scunthorpe, to design, supply and g6 square metres stainless steel ^ and landscaping. The work, of commercial vehicle steering 
erect an acid tar decomposition fiitera to be used in a refinery worth £225,000, on a design gear components, 
plant at its works at Llanwem. expansion programme at Purfleet. and construct basis by G. PERCY * 

South Wales. The plant is de- * TRENTHAM. STEIN ATKINSON STDRDY, 

fo J maximum heat re- The Glasgow firm, REFRACTORY * L .. . Worabourne. has received an 

coveiy and will provide the full SERVICES, has won two orders. As a further stage m the £14m order from The WedxKsbury Tnbe. . 
works stream requirement. Total each worth £lm, from Britain's development of the British Sugar Company (member of the 
project value is about £lm, s t e ei and power industries. The Corporations factory at Cantley, Glynwed Group) for a two tonnes- 
including civil works being under- fi rst< placed by Davy Ashmore near Norwich, a new pulp nut hour continuous gas-fired roller 
taken by others. International and the British Steel baggie and outloading plant is hearth furnace to bright anneal 

* , Corporation, is to rebuild the hot being constructed by W. W. copper tubes. 

RACAL (SLOUGH) ha^ a £500.0f)Q blast stoves at the Ravenscraig — - ; ' " S 

contract awarded by tile Ministry steel plant at Motherwell, and 

of Defence Procurement Execu- install refractory linings in a _ _ . • 

five, for sophisticated synthesiser- furnace as part of BSC’s plan to A FTTVANPr AT TTMTC QTTP\7TTV 
controlled VHF'LIHF receiving modernise the plant. The other A J. AIVlIlo DUJtVVXIi Z 

systems designed for radio inter- is from the Central Electricity . . 

fcrencc and electromagnetic com- Generating Board with a sub- IS Jp AH|i|n m m ■ m m 

patibnity measurement or sidiary of the Glasgow firm. MU B LI U H B H B ■I'lT fil BB | If 

analyrre. Frequency range Is Plant Demolition, to demolish a IA I ■ I _ B S K B.HU B B1 HU B W 

"00 Hz^ to 1 GHz.^ although Jhis power station at Bradford. ff ^ B lH ■ M ■ B ■ " s - 

Capable of local or remote' C F. TAYLOR (HOLDING?) at ^ 

computer control operation, the Wokingham and Hum has f" ~ 

system has monitoring facilities received several large orders ) ^ 

which enable features such as These are for aircraft galley BrV^rv^ — ^ B 

panoramic display. X-Y recording equipment Cor Lufthansa I 

and automatic scanning to be Malaysian Airlines. Cathay Pacific I 

used. Antenna probes are avail- and Avianca for equipment for fl 



ns 




0 "What are the regulations concerning agents 
who might handle my business in Canada? 

J _ | What are the laws regarding the 
2 expatriation ot profits or service fees out 

— 1 of Canada? 

0 Can application to open a company orforni 
agencies be made on a federal level, or do 
these have to be annliedon a province hv 


Pel WT,ati 

D laws a 

S Wr.ati 
■mpon 




What is the effect of Canadian cusroms, 
laws and practices? 


A FINANCIALTIMES SURVEY 

ACCOUNTANCY 


What is the procedure for applying for 
import licences, registration etc? 


Can application to open a company orforni 
agencies be made on a federal level, or do 
these have to be applied, on a province by 
province basis? 

What are Canada's tax laws, and how do 
they apply to international companies? 

What government grants are available to 
help set up companies such .33 in slow 
growth areas? Are such grants available to 
international companies? 


What existing Canadian labour legislation 
should! imow about? 


Are there any professional organisations, 
or chambers of commerce which can help 
supply information? 


Can a large international bank like the 
Bank or Commerce offer local expertise and 
financial resources to help me in setting up 
my business? 


Two Meissen vases make 
£4,000 at Sotheby’s 

A PAIR of Meissen hexagonal ($858,000). 

Kakiemon vases, c. 1728, sold The top price of £36,404 
for £4,00 Oat Sotheby's yesterday (S66.000> was paid for Our 
jn 3 Continental pottery and por- Mutual Friend, the Horse by Sir 
uelain sale which totalled Alfred Hunnings. 

XS2.672. A second work by Munnings. 

A more surprising price was which five were included in 
the £3,400 Tor a northern Nether- sal ^ *«««*“ English 
lands maiolica dish of the early dealer at £15,b01. It depicted a 
I7lh century which had been member of n hunt on a white 
estimated at about £500. horse surrounded by a pack of 


A rare Doccia reticulated lea- 


horse surrounded by a pack of 
bounds. 

A pair of George II giltwnod 


000 


one answer 




Get your free business guide 
'Doing Business in Canada'— 
the answer to most of your 
questions compiled by the 
bank that knows Canada 
best Send for a copy today; 
on your company letterhead, 
to; Canadian Imperial Bank 
of Commerce, Dept FE 
42 Moorgale, 

London EC2R 6BR 


<l> 


CANADIAN IMPERIAL 

BANK OF COMMERCE 

The 'Ideas Bank' 

Head Office - Commerce Court, Toronto M5L 1A2, Canada. European Operation Office-42 Moorgaie. London EC3R 6BP. 

Assets of over $32 Billion an d ovet 3,200 bra n c he s In Canada, branches or representative offices ianaj or baeti iPii sciaiitt^wotidwi da. 


pot. c. 1750. made £2,700 and a side tables from the mid-lStb 
German saltglazed pewter- 

mounted pilgrim flask of the — — — — — 

early 17th century doubled Us _ __ _ _ 

estimate at £2,400. SALEROOM 

The Sotheby's auction of auto- 

graph letters and historic docu- ANTONY THORNCROFT 
ments tulalled £40.299. Maggs 
paid £1.300 for 51 letters by 

Waller de la Marc, and Bloch century went to the Florida 
£1.000 for an archive of papers dealer. Weber, at £17,016, and a 
o! Sir George Egerton. the Arctic pair of George 111 glltwood pier 
explorer. mirrors went to Selin, the New 

Museums and institutions York dealer, at JE13.3F0. 
were among the buyers, the A sales of rare wine conducted 
National Army Museum acqoir- by Christie's in Amsterdam on 
ing a mid-17tb century military Monday rcaUsed £31.673. 
manual for £100: the Imperial Christie’s sale of Japanese 
War Museum 500 First World swords, fittings and armour 
War letters by Lt.-Col. Genrge realised £51,591 in London 
Geddes for £250: Shrewsbury yesterday. Faruta, the Japanese 
School., hie household diaries of dealer, paid £3.800 for a cnllec- 
tbe wife of a Victorian hen din as- rion of swords and scabbards of 
ter of the school for £220: and the late 17rh century. 

Queens College, Oxford, two col- in a Phillips' £52.387 furniture 
lesc leases, for £40. sale, an lSth-centurv elm and 

The opening day of Christie's yew Windsor elbow "chair rrnm 
sale oT the contents at Ravens- "a semi-detached house in South- 
cliff. SI. David's. Pennsylvania — port. Lancs., sold for £500 to a 
the home of lhe laic Charlotte private buyer. The estimate was 
Dorrance Wright, daughter of r.JOfl hut lhe' family vendors had 
the founder of Campbell Soups — thought it would make “about 
Saw a total Of £474,033 £50." 




JUNE 29 1978 

The Financial Times is proposing to publish 
a Survey on Accountancy on Thursday June 
29 1978. 

The main headings of the provisional 
editorial synopsis are set out below. 

INTRODUCTION 

THE STATE OF THE PROFESSION 
INFLATION ACCOUNTING 
ACCOUNTING STANDARDS 
THE NEW AUDITING STANDARDS 
THE NEW EEC DIRECTIVES 
THE REGULATION PROBLEM 
EDUCATION + TRAINING 
For further information on the editorial 
content and details of advertising rates please 
contact 

Mike Hills, Financial Times. Bracken House, 
10, Cannon Street, London EC4P 4BY 
Tel: 01-24S 4864 or 0I-24S 8000 

FINANCIALTIMES 

EUROPE S BUSINESS NEWSPAPER 

The content and publication dates of Survey in the 
Financial Times are subject to change at the discretion 
of the Editor. 


^1. 




7 


-i .^Kn^ncial Times Wefineislay Jane 7 1978 




*0| 

He 


HOME N® 



BHne gets 


Ebbw Vale plan to 
boost tinplate output 


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more 


sy Ror hodson 

BRITISH STEEL Corporation 

plans to invest a further £106ra 
on tinplate production at Ebbw 
Vale. South Wales, where a 

.. . £57m tinplate plant was opened , 

■ BY PAUL- CHEESERIGHT yesterday. sure* believed Io be President of the Council and 

regarded sympatteticaliy by MP for Ebbw Vale, said 3 ester* 

Mttairr V ,..;n 1. the Cabinet. 1 day that he believed that the 

intn-iTiftiV 1 & lnioc ? e<i S*ch a development, in an Umerumcnt and the eorpora- 

into.,tiieir... troubled loss-making area with a 36 per rent unem- tiun could be on the “verse" 

Cleveland;., potash' mine at j ploymcnt rate, would not ixccps- or a decision about the future 

Boulby, .'north Yorkshire, this 1 9| lb conflict with EEC expansion of Ebbw Vale tin- 

rear - hv Imn^risJ rhPMi»i ! restrictions « higher steel plate production. 

Industries -and ^Charter colfsoh! ' output A tinplate development The development opened 
lodastt^s -and Charter Consoh- at Ebbw Vale would be classed yesterday, will provide an exira 

..So far about- £l00ni has gone 

p*o£ n z^i£°Lxr£ Scandinavia air pact 

In capital costs. The mine is still -- 7 

producing at only 4o per cent. 

0, p?r£ «. injection „ ere talks in August 

disclosed yesterday by Mr. j 

Murray Hofmeyr, chairman of j BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

' FURTHER TALKS on a new Britain offered to open all UK 1 
*J' aw . Provision or £<-5m. . Anglo-Scandinaviaa air services eiiie-% with international airports , 
agauist the investment in Clevc- ] 1 agreement will be- held in 10 M-heduied nights from all 
Jana Potash. (August, after the failure of :i Scandinavian intern a tional air- 

In tfni v<^.p m }«t stiwh 5 recent meeting . in' Oslo to ports— in effect creating a new 
in. me year to M.t Marco, pro- se «le outstanding differences on "free trade area" in civil aviation 
auction was doubled, hut tbej SUc h mutters as new. air routes between this country and Scan- 
operation remains below the j and future fares levels. d inn via that would eliminate 

break-even point. I The Scandinavian, countries leneihy negotiations over indi- 

_ ■ |?avc one year’s notice of ter- vidiial siir routes. 

.Latterly there has heen a 1 mutation of the existing agree* Th«* Scandinavian negotiators' 
deterioration in industrial rela- intent late -last. year. Unless a did not accept this proposal.] 
tiDDs at the mine; checking a [new pact can be. settled by Uiryeij. it is believed, because 
' build-up m production . which December SI. air services „f f Wira that Scandinavia would 
took place in March and April, between the. UK and Scandinavia j )c swamped with UK scheduled 
“There la nothing bolding -back technically .ipust cease from air services. 
the mine ecept getting every- 1- - - ' The UK then agreed to modify 1 

hody to work together," Mr. Although the present -discu.- t j, e S( .j, en , e ani j discuss some 
Hofmeyr said. ^ ons limns to the capacities available 

This ' Rrifain'c rtn i„ -nt-ch j* opes ll l^ a ml! on 1hp ni * w routes that would be 

™*»- Britain s only .potash be reached; in -time. The UK WM . CC » h e . ween »>,- i wo CD u n - 

jnine, represents the largest marker provide* gross revenue trj This W;JS a j su una cceiJt- 
single investment in the UK nf £36m to UK scheduled mr- JJJJJ* ims was a,su unaccept 
mining sector, started produc- tines, primarily. British Airways, ’ .. . 

'» -i"* 1 £4m * chaiier 


as a « downsircam ** operation 
to improve lbe quality of raw 
su'd production by British 

Sir cl. 

Mr. Michael Fool, Lord 
President of the Couocii and 
MP for Ebbw Vale, .said yester- 
day that he believed that the 
Uuierumcnt aud the corpora- 
tion could be on the " verge " 
of a decision about the future 
expansion of Ebbw Vale tin- 
plate production. 

The development, opened 
yesterday, will provide an extra 


Scandinavia air pact 
talks in August 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


■ opens 
rthern 
id 

■ ■•EuVoi: 

• ' i 

•■'J i!F4 
MS: 


rms 


-Ii P.VRTXHS 

•' . !■ *521-. X : 
; s uCi3 

icr : 

I : ' .-'C: B! 

%.: . j;r. sul»- 
.• ;• n: 

: ' . »>' if 

O' l 


.::h L* 
reieff 


ft irv.4CF ; 

i , ;r v-": 

. . . ■ . 2 - 


up to the expectations of the revenues. . , pvlc1i - 0 ...um Ketwwn ihe 

° w ™ ra - "sje ass i*s sjSi 

o_i 7 Sm d lirl?n^ ‘toanSStanAir- bv independent airlines should 

solved ta t s«? , |ISS*SJSr£«S be cl ini in a ted — such as Dan- 

Early problems included the a year on scheduled ; flights to Air’s Alehtt ftma J? 

undulating nature of the potash the UK. apd anothe^XSro from ?r " ( ^1? ^Eli SiS^frS 
seam, which varied in width and charter operations, ,/ 

richness. The mine - remains Total business worth £SSm a f djn]>u r sh a . Dd . 

gaseous— a blow-out- last August year is at stake, -and. this is f 0 ta '^"r“ a d n / Sitish CaS 

f u ^, a -2S 11 ! a ‘ 3 m - ,Wr “ donlan'ffURhS from Edinbur s h/ 

fer® coSSf^rom o S, , ^o UK nrsothtot, »t the N “'“ U * *LSK rt «“V nc „ 
m unity with no tradition of Oslo meeting niader.-sorae _ his . This suggestion toe UK tc 
underground work. ■ concessions to the Scandinavians, jecled outright. 

. hut were disanoblnt^-.that the?e It is expected that a meeting 
Many of the technical prob- were not discossed at any length, will be held before Augusl to 
lems have now been solved. Over The UK, for example, con- discuss the question of cheaper 
the past year wider, seams have ^ders that it would be- justified air fares between the two areas, 
been mined, and the -ore grade {n as king for separate discus- The UK's view is that present 
has been higher. A drilling te<±- sf ons with Denmark,- Norway, rates are too high, and that some 
nique which pushes up to 1.000 ^ Sweden, but '.has agreed to reductions should be made with 
metre* ahead of the workings negotiate a new bilaterli pact a view to boosting traffic. No 
ha»- Indicated ithe.qoatity ; jOti ore with the three Scaodjllavian date has been fixed for this fares 
to _ _ : ^ ’cotxxitrlea' ■;iiieettog. • 

. Mpfa^ ;cohjinnous- / ’ mpiins ■ ■S' ■>* - — ~ — V — — : 

Government 'refunds 

Tn March and ^pril.mitput ex- . : ' J- ’ 

tolOO.OOO motorists 

Prospects-:pf. bringing back • . . 

production toy^tbe --Jlsrdh ‘and j - /BY -DAVID CHURCHIU- 

April level md t4e ? GOVERNMENT has re- to the type and length of licence 

as depeBdih^Siin ^provemem funded about £lm to almost bought, by the motorist. The 
in 1ndusffiS^reStiS^5ISnti«- :10 ^ 000 motorists who claim they- flgure is believed to be approxi- 
*S,n?-W^S- JSSf ?Ja ■JuBBtive- misled, into paying too mately flm so far 

sdiemc are^xpecte^seon 63 much road fund licence at the. The Tefunds were offered by 
scheme, are ; exi>ecwd ._ / ■ ^ .time of the March, 1977, Budget the Department after criticism 

Meanwhitelaho^tunioverr^ . Nearly 206,d0d people appiied by the Parliamentary Ombuds- 
.mains. high. Sotpe W per pent oi t(J (jm Department of Transport man of ambiguous wording on 
the mine's employ ee^—uow nom-. {or a {orm claiming a refund licence reminders sent out for 
bering nearly=‘JL^00, have been aQ<J t ^ e 0 f closing cars licensed at the beginning 
on the dAyrcdT: for less than a date . la st month 167.000 claims of April. 3977. 
year., Abseirt»et?rn has ipcreaseo S p bmitted. The Department The reminders said that if the 
in recent weeks. /- has paid 99.436 claims so far licence fee was increased in the 

At the same Ane, potash prices and has 38,000 to process. . Budget they would have to pay 
have gone : agaihst the operation. Of these about 31.000 arc the new rale of ^ x - Thf 
At around -a fommithey are believed outside the . criteria for fee was increased from £40 to 
less than a year ago, while cur- repayment set by the Depart- £50, but this applied only to 
rency'fluctoations have cut jre~ ment. and 30,010 claims have cars licensed after March 30. 
veiiue-Pevsrof .‘the- world’s potash already been rejected. - J 9 ™- .. ' _ ... 

mines are miking money under The-. Department has not; Three members oftnepmUe 
present/sbndi^shdiO ■■'--i -.-- ' \ released details of rthe exact level-- complained to their WP. who told 
7 . i.of -rtf udds. "which vary according, the. Ombudsman that toey bad 


XTKINSO^.® 

. .-.€ "IOwT £ 

. f .- \ 

v, ;■ J \ 

::.aVw- 


vSlRtf 1 ' 


Government refunds road tax 

: . • . .*7 * - • 

to 100,000 motorists 





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•V; I A hew name 


978 


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- J for nevy; contacts 

, in Euro-San king 

Un nouveau. nom : s£Zi. . 
' '■ contact/ 

: -b %. ' -'glipetier Name : ■ . ^ ^ 
7'v V: v '.;'fbF*ni^KbntaWe v ■■ ; 

•. -r knBiFO-B&nking /W. 




Jrf? J>\ UP * 


O 1 1 


100,000 tonnes a year of high- 
quality tinplate for the can- 
ning markets ftl home and 
overseas. 

British Steel produced 1.1 m 
tonnes of tinplate last year, 
and will raise sales lo L3m 
tonnes this year. Tinplate is 
proving lo be one of ihe few 

Xrowlh sectors iu the iron and 

steel market 

The £ 106 m future invest moot 
now being discussed for Ebbw 
Vale would provide several 
hundred new jobs 

Go-ahead 
for iron 
pipe plant 

Financial Times Reporter 

BRITISH STEEL Corporation is 
to go ahead with an USm de- 
velopment for the manufacture 
of large diameter ductile spun 
iron pipes by Stanton and 
Stavd.v, part of the Tubes Ui vi- 
sion. 

The project is due [or i.-uiiiple- 
Uon by mid-19SU. and Uic main 
feature will be a new spun iron 
pipe plant at Sianiun Works, 
near Nottingham. 

This will cost about I16m. nnd 
will be backed by a Uni deielnp- 
inent at Stavely Works., near 
Chesterfield, to make large 
diameter pipe filling** - . The 
scheme will create 135 extra jobs. 

Tbe new equipment, on a site 
alongside tbe (-eulral melting 
plant at the Stanton Works, will 
be capable uf making 55.000 
tonnes of spun iron pipes a year, 
with a maximum diameter of 
1600mm (over 5 feet), and up to 
eight metres long. 

The corporation say* ibat this 
will meet a growing demand in 
the home and export markets, by 
more than doubling tbe existing 
plant capacity, and widening 
the product range by producing 
pipes of larger diameter and 
longer lengths. 

To support the plant, the 
foundry at the Slavely Works 
will be modernised and upgraded 
to produce the larger fittings re- 
quired. 

Finishing and coating plant, 
computer-controlled, will be 
included in- tbe new production 
line. This will line and coat the 
iron pipes with concrete. 


Anewfactory 
plusnewmadiinery 
worth £500,000 

for less than 

£200,000 

and no strings! 


JUT. 


Whatever the gross cost of your expansion or re-location 
project you can save over 60% by moving to Newcastle. It’s where 
Britain's best business package is waiting for you plus a range of 
ancillary benefits you'll find hard to beat. And all with no strings! 

Capital grants, long loans at low rates, tax allowances, rent relief, interest 
subsidies . . . you’ll be pleasantly surprised — and not just financially 
either Look at what else is going for you in Newcastle: 


*v . 

if 




.’ i-, *!. -^v* '5- -. 

--•r i*--. ; 

.'J*.' Vv. ! f\ ^ 




Saar 


L'~ Y'- W r .' ( ''- ^iBiP-'WcusismtoWB. Telephone: 475921-1, Tdtephone AfbH(ag« 47 54 31 

S36 W5SU lu.Tatetpammes: rt.a,"saart u x. 


delayed buying a new licence 
because they understood the 
reminder notice to mean that 
they would have to pay ihe 
higher fee even if they bought 
a licence before the Budget. 

After studying the Ombuds- 
man's report Mr. William 
Rodgers, tbe Transport Secre- 
tary. decided that a mistake had 
been made and that it would he 
only fair to offer refunds lo 
other motorists who claimed they 
were misled. 

Critics of Mr. Rodgers' deci- 
sion say that the Government 
has been too generous. It is un- 
likely. they claim, that some 
300,000 people were misled by 
the wording. 

. Baby products 
concern 
backs charity 

JOHNSON AND JOHNSON, the 
U.S.-owned baby and medical 
products manufacturer, is to 
join rorees with the Save the 
Children Fund. Britain’s largest 
international children's charily, 
io an eight-week U.K. promotion 
campaign to raise £20,000 for 
children's vaccinations in the 
Third World. 

The scheme, the high spot in 
a £650 000 summer selling cam- 
paign by Johnson, may net the 
company an extra £lm in sales. 

During the nationwide cam- 
paign, starting on June 32, every 
Johnson baby product will be 
sold at cut-price and marked 
with a special “ Save tbe 
Children £20,000 Appeal" tab. 

For every six tokens sent to 
Johnson, the company will for- 
ward £1. up to a £20,000 limit, 
to the charity. 


OBITUARY 

Sir Ian Lyle 

SIR TAN LYLE, who died sud- 
denly at his home in Somerset 
was chairman of Tate and Lyle 
from J954 to 1964, then president 
until his retirement this March. 

Sir Ian, 71, who was a great- 
grandson of Abram Lyle, founder 
Of the sugar company which 
became Tate and Lyle, joined tbe 
company in 1931, becoming a 
director four years later. He 
played an important role in the 
company's successful fighf against 
nationalisation between 1319 and 
1951. 

During his time as chairman, 
the company bought a controlling 
interest in the Canada and 
Dominion Sugar Company and 
also widened its in teres is in the 
UK, Africa and the Caribbean. 

From 1948, Sir Tan was active 
in Aims of Industry mow Aims 
For Freedom and Enterprise) and 
was president from 1957 until 
this year. 


Excellent Amenities 

The biggesr and most modem 
shopping Centre in Europe. Sec the 
City for yourself. Thirty minutes by car 
if you want to sail, walk in unspoilt 
countryside or birdwatch on the coast. 

People 

There’s a pool of people you can 
choose from — skilled and unskilled 
and we ll pui a team at your disposal io 
advise on housing, education and all 
re-location aspects. 

Housing 

In the North East, there is a good 
choice of housing and you don't 
have to spend half your life commuting 
if you want to iivc in the country. The 
City also has one of Britain's best 
records for council house building. 




City ofNcwca&tic uponTyns 


ewcas 







A1 Road, Rail, 

Air & Sea Services 

London by rail in 3 hrs. by road in less 
thanD hrs. Direct rail links throughout 
the country. Airport with regular 
national and international flighrs by 
BA, British Caledonian, Air Anglia and 
Dan Air. Deep water port facilities and 
direct sea links to Scandinavia. 

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* F5iKUotc!al Twines "Wfcclnesclay ‘Jane 



PARLIA.MKNT AND POLITICS 


! ^ han Minister relents on tax 

_ on arms relief for self-employed 


LABOUR NEWS 


UK unions 
to fight 
EEC steel 



BY OUR LABOUR STAFF 


cutback 


Br ROY HODSON 


ropp BY JOHN HUHT. VARLIAMEMTAKY CORRESPONDENT Q PP All I I 1 l'“7ri Cutback 

a SURPRISE tax concession for Harold Lever, Chancellor of the people. . . grievous error which has now .Clrwww MJ - w' -K. VJr / \JP 

the self-employed who spent part Duchy of Lancaster, who is in However, the Government had been nut right," . '-M. .. 

BY IVOR OWEN. of the year working overseas was charge of the Government's drive come to the conclusion that this an. Peter Rees, one of the Tory - . ' ■ RY ROY HODSON 

announced yesterday by Mr. to convince the self-employed was outweighed by the need to front bench Treasury spokesmen, •- “* our labour stah- 
tf top tho Robert Sheldon, Financial Secre- that the Labour Administration remove the distinction between recalled that when the 30-day • . 

Soviet ^ lining embroiled tary l -° ^ . TreasurJ 'i whfin toe is not hostile to them. the employed and self-employed concession was made to the post OFFICE engineers agreed settlement we believe meets all UK STEEL unions wIH fight 

, ^ committee stage of the Finance it tn who spend part of their time employed last year, Mr. Sheldon yesterday to settle within^ the our aims and objectives, ' European Commission plans to 

l* £ ,hi£ Bm resumed In the Commons. *h?£«SStt5t!S «.* working abroad. had add it was too difficult to GOTeromenYS. pay guidelines- “Rut it is the best we can do cut Community steel production 

the PrimS MinS The Budge J P™rided tte Minmmeetoat the alteration ^ Nlcholas m^y (C . Ciren- « toe ; Tory demands for it to but they damandedan end: to under the present circum- in the third quarter of this year 

economies, tne Prime Minister a measure o£ tax relief for self- cester and Tewkesbury) said the be extended to the self-employed. w3Ee restraint and decided to stances." The national executive by more than 2m tonnes, 

warned in the Commons yester- employed people and members of Tories were extremely thankful He thought Mr. Sheldon had negotiate*!! 20 per cent wage was instructed, bowever.to lodge Mr. BiU Sirs, chairman of the 

day. When be again underlined partnerships who are resident in felp for the Government's acceptance seemed to be arguing • that ggH? nexTyeir . a further wage chtim jK TUC steel committee and secre- 

the importance of securing an the UK and Who work abroad for 5? of the amendment- But if -because self-employed people ■ ^ of the last unions mediately. tary of the Iron and Steel Trades' 

agreement on the limitation of at least 60 days in an income-tax fLfJJJf and Ministers were prepared to had more control over their own acc JJ a pay rise within the . This was ‘despite deputy Confederation, will ask the 

strategic weapons. year . fhcS wJo wntobul^i much ro chan g e toeir minds so rapidly, mbvemerrt^ tten they had been presenT Gov^mSt guidelines geiStl secretary Mr. Ted tfebb Government to maintain steel 

At the same time, be strongly The “ ou?interoational SroWement in why S' 3 * ^ W^ay.-rale pi nt-in ^the fiddie. M which expire on July 31. telling them: “The Government production in defiance of the EEC 

defended the stand he took iu amendment to halve the term to *“ the Finance Rill ■ in the first Mr. R«s ; complained: A The . agreement means an guidelines do not allow for an edict. He will also ask it to 

Washington last week in seeking ~ v , „ ‘ ■, of *£?/ oviSl ^percent. to^ease SunidiaVe pay daim. ThSe £ impose unilateral import quotas 

to prevent the U.S. over reacting toe seltemployed Into line with He said there had been form- He accused the Government of prepared to - trust the self- plug £XJ3 a week productivity no more money left in the kitty. 1 * on low-priced foreign steel 

to Russian and Cuban involve- “£ ble F®**? 1 ** against sueh a introducing oppressive tax pro- alloyed- J^our-pipceeds from for all staff over. 18 from July'L \ The delegates' demand was imports. 

meat in Africa. «" ceMl0n 1x1 ^oneessim. It was more difficult visions and then making conces- *» • -that the - self- The new deal -puts the main hacked up by another resolution Sir Charies VUllers. chairman 

— ~ . .. last years Finance Bill. to monitor the number of days siqns as if it were some great employed .are by definition a™,*-- n * technical . officer nf rorHprf nn / card vote . nf the British Steel Corporation. 

Mrs Margaret Thatcher. Much to their surprise, Mr. spent abroad by the self-em- reform in administration. I- twisters and .evaders. We don't between- £76 and £S8 a week- In This reaffirmed the" confer raid yesterday that he sees the 
Opposition leader. sharply Sheldon accepted the amendment ployed, who had more freedom don't think this is much of a con- beli^ the- tax sy stem should be b ot ^ £7B “ ^ ? encS? mpS&OB"^ to IeC^iopS& So? cuts Tn steel 

0£ m ~ *“ ““ — »• 1 t0 Mr. Brym- Stf r^ t S g, & gK -«b.e bu. 

(“I 1 wa® n beain?irig e to take the Sffi ° Q ld be 100 T\ • C J i q _ V •• Office Engineering Union confer the NEC to negotiate a 20 per British Steel could be forced 

fpfd in devploDiac ! more robuit ^Thfs meanTTh^t those self- I iDVIAC VnntlflPill" 071 OflIPtf > lT17’AC en«s at Blackpool: - What we are cent wage increase to be effec- to reduce production by several 
nnifr!" ES enSoved who work M SSs JL/dTlCIS tUllllUvUl Ull UUICtliTra putting before you is not the live from next August hundred thousand tonnes in the 


The new deal puts the main hacked up by another resolution Sir Charles VUllers, chairman 
grade of . technical - officer ‘of . carried on a card vote. - of the British Steel Corporation, 

between- £76 and £9B a week to This reaffirmed the confer- said yesterday that he sees the 

total. -? mice’s “ total opposition ” to HSU proposals for cuts in steel 

Mr. Bryan- Stanley; union -wage restraint including a 12- production as "inevitable but 

general secretary, told the -Port month embargo. It Instructed painful.” 

Office Engineering -Union confer- the NEC to negotiate a 20 per British Steel could be forced 
ence at Blackpool: w What we are cent wage increase to be effec- to reduce production by several 


policy ‘ Towards "Soviet expan- employed who work 30 days VVUUUVUi VM VMJW 1 ,A T putting before you is not the tive from next Augus t, 

sionisra in Africa. abroad can, for tax purposes, 

She a«ertPd that by ” Dlavine deduct 25 per cent of the profits MR. DENZIL DAVIES, Treasury “stalemate” in the gilt-edged any appropriate weapon o en- 

dowJN soviet threat the from t ,r ade attributable to the Minister of State, told the Com- market. sure that this and other compo- I lOCtl AVpi* illfl |f|1flf|r 

Mifieter hart inHirpHiv da y s worke<1 abroad in the year m ons last night that he is “con- la a further question. Mr. Cant nents of monetary growth are V>J.Cli3U VF T '• 

R,« Z n Of assessment fident " that gilts will atrtact the asked whether, in order to mod- kept to he desired trend. . . ‘ ° • 

th-ir KU AFpi»-.n -T 11 ® c o ncesa |; 0 . n w “ s P'eeted funds needed to finance he pub- erate the growth of money sup- “ The supplementary special « ~m . 

ineir with a cheer from the Opposi- I i ct secor borrowing requirement ply, the Chancellor would re- deposits scheme remains in place lVWilliCilYYr -VW1YT AltAl* 

incursions. . tj 0n> W bo have been pressing in line wih the Chancellor's introduce the so-called corset and reserve the righS to react!- IH IllJ.X l FV ll/l V 1 if I Hr 

Mr. Callaghan, who had earlier for such a move for some years, monetary objectives. restriction vate it if .and when necessary. 

been warmly commended from But they saw it as a belated move He was replying to Mr. Robert Mr. Davies answered: "The If reactivated, the scheme might, _____ 

the Government beaches for on the Government's part and Cant (Lab, Stoke Cent) who, In growth in bank lending o the as has been made dear, be based BY NICK GARNETT, LABOUR STAFF, IN DUNOON 
defusing what Mr. Alex Lyon were sceptical about the reasons a question tabled for answer be- private sector in recent months on figures for interest-bearing nrac „ ; . . . , ' _ 

(Lab., York» termed the which prompted it. fore the House adjourned for the has been by no means excessive. eUgiblie liabilities some mouths ivf * iG Hr f “ on , t0 y 5 union s execut ive. He 


(I^ib., York! termed the which prompted it. fore the House adjourned for the has been by no means excessive. eUgibue .labilities some months ,tA T J T 4 : 

“ hysteria ” which had seemed to The saw it in the hand of Mr. Spring recess, referred to the HoweveT, I shall be ready to use in arrears." * Yansport and General 

be developing among Wesrern 

nations over Africa, hit back buildto^todwtx^worseci 

Peers agree PR voting Listeners 

States wishing to be directly ^ llfKflf llV Union of Construction, 

Involved in military, interval _ UUdCl UY Trades and Technician 

&-5£a for Welsh Assembly au that aw* 

policies on the situation in q/ 300,000 workers, which the 

Africa were closely related with nor t a nH General has re!f 

both Governments fully THE HOUSE of Lords yesterday understood, and had grown out But Lord Parry (Lab.) said ||01S6 > . . p tim* « 

appreciating the nature of the wrote into the Wales Bill an of our own political conditions, there was no gvidence that the main ritv of the Trensno 

Soviet threat and the response element of proportional repre- “ There would have to be power- proposed system would lead to By Rupert Cornwell. Lobby Staff General's own reeionK 

which had to be made to it. sentation Tor Assembly elec- ful reasons for changing such a an increase in the numbers of MR- WILLIAM PRICE, the derided thev are unwill 
Amiri Lshnur cheers the Prime tions despite a Government system," he said. people voting. Minister in charge of intro- take industrial acton. 

Minister declared: "ThT SovTet warning of future clashes witth Lord Harlech wid tint opinion •* The real dilemma of democ- r b ^ adcasLing tQ r ^2 London^Sd 

Union knows that this Govern- ... a question' of getting all CbBunoM' confessed pool have shown any si 

ment is not just anti-Soviet for Peers voted 151 to 66— a strongest ^^eas°“® the people to involve themselves yesterday that radio coverage militancy, 

its own sake. We intend to -live f na ^U y . of . an ?* y J p 5 i ^^ r a f^ !y with the Government in support i n Present format was a Negotiators for the Tn 

with this country in the world “additional member system for both the Welsh and Scottish of or opposition to its policies” M Public relations disaster” and General’s constructs 

and not set up artificial conflict wWch had found backing on all devolved assembles- he said. whlch lead to Parlia- tion had recommended 

with it" sides of the House. The Welsh body should repre- - . T . f“ ent making a monumental ance of the offer last mon 

The system provides, on top sent as nearly as possible. “*** Davies of Leek (Lab.) . laughing stock of Itself. the. dericion was overtnn 

t0 ^[ r - ^ yDn ’ b e ex ~ of those elected for individual opinion throughout the Princi- “ 1( * J* 3 * toe Wales Bill itself Mr. Price remains in favour of regional lay delegates.- 

plained that while the nations of constituencies, an extra. 25 mem- patity, including minority groups. JJJJ * ma»ive reform. Proper- broadcasting: But his public Mrf Gwrge H?ndersoi 

SftJKJS r^Sir d eventi In ^ aUocated to briQ g the Tbe proposed sy^em would tjo^ 1 representation should misgivings sum up the feelings Transport Workera’ natior 

attitude about recent events in nrowide. on ton of -timw elected wait. . n r m!ln „ «x»o 


hundred thousand tonnes in the 
third quarter, if the limitations 
upon Steel output being proposed 
by Viscount Etienne Davignon, 
the EEC Industrial Commis- 
sioner, are approved by his fellow 
commissioners and by the Euro- 
pean Coal and Steel Community. 

On imports, the TUC and the 
steelmakers are particularly 
worried about the volume of 
Italian-made steel being 
imported. 

Sir Charies and the heads uF 
other leading European com- 
panies are also concerned about 


At ami uccu uivuusuu iu uxc _ — .. 7°. i w iug utiuiJtr. tivii Mwuqucca 

to work on, he said. names of Lord Kilbrandon, chair- P^es as nearly as possible into of Wales that they should: turn at Prime Minister’s question 

Reaffirming his view that it man of the Commission on the Proportion with the votes cast, out at the referendum.” time, is doing more harm than 

was essential not to react to Constitution, Lord Harlech, the J w ® uJd Baroness Elliot of Harwood S ood - 

events in Africa in the context Tory peer, and Lord Lloyd of ** sdnmHcilydtself with voters (C) that chaneTw^to Eve, 7 «»ngle MP he had spoken 
of an exclusively East-West con- Kilgerran (L) Lord Houghton ?A2 In | SJ, “ • W0 J c S dt mean a much fairer renreSa- 1° had ^Ported complaints 
flict. the Prime Minister main- of Sowerby (Lab) also argued ^ thelr^hoice, and then ^ on j n ^ Welsh Assembly It rom constituents. “The 

mined that it would be far better t* at some form of PR was hav ^ “ a 2SS? nal vot ® was wyTmportnt SSe %ium trooble *• always the same- 
for the West to try to help the inevitable. uiS’ZuVSSSi wSSS? *?1 £ Ur faehav ™- have 

African count-tnes to solve their But for the Government Lord *. J^ 1 ^ « an * t “tf the Assemhlv neiroli. been appalled at the noise, the 

basic problems instead of concen- HeCluskey Scottish Solicitor , , fi rst-past-theiiost system had ^ ^ P®. p who ™i®ht bellowing, the abuse, the 

tratmg on the symptoms. SSSS^W. «h SHE SSStA SflATS W & 5*^55- S 

But he agreed with Mr. Peter been, and would continue to be, SLSLSS forelection. ^ h . e ^ n >°r Wirnstw at 


basic problems instead of concen- McCln^y ScoS So'lidtor " astern had hie BeliowingT the abusT’ toe 

tratmg on the si-mptoms. SSSS^Wt «h SHE fggSt& 'Stoo^pS SflATS &SSSS W & 5^35- Si 

But he agreed with Mr. Peter been, and would continue to be, ce^L of th^'vmeS:^ „ JJi for election. "f* _5 h . e Mraiiter at 

Blokcr (C, Blackpool S) that massive votes in toe CommonT ^ tnnZ y 0ffice 

there was a dilemma in that fur- against additional member but aettiiiEvSllunriS^ m ' w ' ' . - .4™^. + *», 

ther Russian involvement in voting. u . ! the disenssions over 


arrears." Transport and General -Workers* is also due to meet UGATT qffi- other leading European com- 

Unlon, which is preparing strike dais tomorrow at Dunoon to try panies are also concerned about 
action over a pay offer for the to resolve 1 the severe difficulties the future of Eurofer, the Euro- 1 
_ m building industry worsened yes- now facing the industry's joint pean “club” of steel-makers, 

I 1ctfYhTl£hl*C terdlay. . union side. which was formed just over a 

J-JloLvJLlCl iJ The conference - of the Wit h the present annual agree- year ago to speak for the Euro- 

■m industry’s biggest union the ment due to run out on July 25, pean steel industry. Some stecl- 

rkKr Union of Construction, Allied the two largest unions; at makers are flouting the rules of 

UV Trades and Technicians, at loggerheads over the offer, the Eurofer, which call for complete 

*_ ■ w Dunoon, overwhelmingly whole framework of national cooperation with the EEC in all 

oil fhnf endorsed its negotiators' accep- negotiating machinery is being measures which are designed to 

1 1 til it l tance of the offer, affecting thrown into question. keep the industry in balance. 

300,000 workers, which the Trans- Senior UCATT officials said British Steel, still losing at a 
nnicn port and General has rejected, yesterday they would want new rate of £400m a year, has been 

IIUIM? • • • At the same time, a larae Payments to run from toe end of doing better business during the 

majority of the Transport and July * last flve months under the pro- 

Bjr Rupert Cornwell, Lobby Staff General’s awn melons have ■ The issue has also worsened tection of the Davignon plan, but 
ER- WILLIAM PRICE, the decided they are unwilling to Motions between the two if it is forced to cut production 
Munster in charge of intro- industrial actton^Odly Mr. Hugh • D'Arey, it will have to introduce a series 

during broadcasting to toe Yorkshire, London and Liver- TJCATT executive member, told of production pauses at a number 
House of Commons, confessed poo i have shown any signs of the conference that the Trans- of its steel mills, 
yesterday that radio coverage militancy. • ’ port Workers’ tactics were “an •The dispute-crippled Llanwcrn 

in Its present format was a Negotiators for the Transport attempt to denigrate UCATT, steel complex near . Newport, 
public relations disaster ” and General’s construction sec- undermine our position in the Gwent, will be shutdown from 

which could lead to Parlia- tion had recommended accept- construction industry and make Sunday, with 4.500 workers laid- 

ment making a monumental ance of toe offer last month, but us look weak and ineffective.” off, unless the blastfurnace pay 

laughing stock of itself. the decision was overturned .by . The conference Instructed the raw is resolved, 

r. Price remains in favour of regional lay delegates.- . .. . executive to wage a militant ■ . 

broadcasting: But his public Mr. George Henderson, . the campaign for a 35-hour week and . 

misgivings sum up the feelings Transport Workers’ national sec- new hourly rates of £2 craftsmen r-i ' • i -i _ ;1 

of many MPs of all parties re tary for construction,. Is «- and £L90 £6r non-craft workers SftClSl WOrKCrS i 

that coverage in its present pected to report soon on toe port- in the 1979 negotiations. - :.y 

shape, concentrating on toe * ‘1 

rowdy, abuse-etrewn exchanges tO Dali 1116 • ' 

Sj^dG^T^iasrffi; Banknote printers or death’ cases r 

rery single MP he had spoken - ^ 

to had reported complaints J ■ ■ j - l •• a SOCIAL WORKERS in South- , 

from constituents. “The YTATn TA CITQI7 A11T warb. London, are to ban life ... 

trouble is always the same— VUIC IU NldV UUL or death” cases from Monday - 

our behaviour. Listeners have : V kJ ^***7 and take strike acUon in support 

^abJ^’ toe BY PHILIP BASSETT, LABOUR STAFF - ^Worifera “height offices and .$A 

baying, the hee-hawiog and the , two hospitals in the area would 

rest,” the junior Minister at WORKERS In a itisonte. at driver.. refuse to accept new cases from . 


that coverage in Its present pected to report soon on the port- in the 1979 negotiations, 
shape, concentrating on toe ; - ■- • ; 


rowdy, abuse-strewn exchanges 
at Prime Minister’s question 
time, is doing more harm than 


Banknote printers 
vote to stay out 

BY PHILIP BASSET, LABOUR STAFF 


mere was a aiiemma in aoai iur- against aoainonai memoer but vnttine well unri«r wf , 

ther Russian involvement in voting. cSt of ^ A 

Africa might deny the West an "You may think it is some- “ There is a real fear in Wales ' 
opportunity to deal with toe root thing (tf a waste of time to press th at this first elected Assembly j 
causes. Nevertheless, there must on in toe face of these massive wtll be dominated by oneparty,” 1 
be some balance in the argument votes by toe elected House.” he' h e said. - paray * J 

and he was glad that he had been said. It could also be construed Lord Houghton said that even 
“ b ’« 10 1 interpolate a note of -as impertinence. ' if the first-part- to e-post system « 

d .*• • , .. .T™ ° ther system had been were Introduced Initially, some * 

tnlrr. Pl r ti in vi e ^ re ^ 0rUn « l ? ob °*“ because it was traditional, form of PR would take over In ^ 
to MPs on the NATO Council well known, well tried, perfectly the end ^ 


Speaker 
finds ‘no 
sabotage’ 


the Privy 
declared. 


Council 


:er at WORKERS in a dispute at toe 
Office Bank of England's note-print- 
ing works at Loughton, Essex, 


"Throughout the discussions over voted again yesterday to coo- 
broadcasting, this was a matter tinue their strike, which has 
which concerned us, and I say stopped distribution of new 
that as one who in the past bank notes.- 

^ £f 3 - 8ha T e Officials of the Advisory Con- 
.of toe shouting. People simply eialiation and Axbittatlon 

r‘omm > nnc Un 1f rStand Service meet management and 

Commons is ao excitable, unions today in a second 

n2"S5£ J 10 ?/ UnL- .*• r ® so . Iv ® toe dispute. 


drivpra Mni1 M reiuse in a ixvpi ue w - 

iroorot Monday, with no exceptions, a j'i 

!3v ofGriSh^f ^nril l iSrt spokesman For NALGO, toe local d 
aooeiy or Graphical and Allied onvnrnment workers’ union said a ! 
Trades, and all dismissed by KSS Y W>r ^ erS un ‘° ’ %? 

rontrart* 4 f0r aHcged breach of Life or death emergencies p 
Mr ^ Mnnrirp - Snoiriw would be put in touch with an- j. . 
KfirtAT other agency, such as the police. J 


meeting in Washington and his 
visit to New York to address the 
UN special session on disarma- 
ment. recalled that he had 
stressed the central importance 
uf a Salt ii agreement which he 
believed could be obtained. 

But he also spoke of feeling 
impressed and depressed by the 
consequences and possibility of 
another arms race without such 
an agreement. “That is why I am 
not trying to raise the tempera- 
ture with the Soviet Union or 
anybody else. I am trying to 
lower it." 

lie urged Tory MPs not to 
strike propaganda attitudes over 
arms spending and declared: *' We 
are living in a .powder keg 
situation.” 

Tory ‘battle 

plans 9 

attacked 

THE Prime Minister yesterday 
warned the Tories against 
"drawing up buttle plans for 
future industrial conflict." 

As he clashed with Tory 
Leader, Mrs. Margaret Thatcher, 
when ihe Commons resumed 
after the spring recess he 
smiled and said: "There seems 
to be an early outbreak of party 
skirmishing, just as we have got 
back. . . 



emotional and noisy place.” attemjt tiTSoIve toe dispute 

THE MYSTERIOUS appearance ° f p' . 35 P™® The flirt meeting with A CAS 

of toe names of Royalist" Tory yesterday, b that last week was adjourned after 

MPs on anti-monarchy motions growi n 0 ^disenchantment with ^ day of talks. 

on the Commons Order Paper v c .£ n * y At a hm?« mee ting at the 

was all the result nf “simnlo strengthen the hands of those ..JlL 


MPs on anti-monarchy motions 
on toe Commons Order Paper 
was all the result oF “simple 
human error" the Speaker, Mr 
George Thomas, told MPs yester- 
day. 


inquiry Following an allegation 
of “probable sabotage” by 
printers of the official -proceed- 
ings of Parliament, said - a new 
checking process should prevent 
a recurrence of the mistakes. 

The charge had been made' by 
Mr Anthony Fell (C. Yarmouth),, 


strengthen the hands of those Aj * ■“? meeting at the 
who have always opposed toe yesterday toe 500 

introduction of radio and set jy ork ® rs » mainly women, 
back further any chance of ^ ^ 

televising proceedings. fSSLUS* P !? et ThLSSL?* 

fact thp fir«t two mnnthe EngUnd in Threadneedle 


dv. ‘ back further any chance of 

Mr rv« . , . televising proceedings. 

Mr Thomas, who ordered an in fact, toe first two months of IS. g T'? 


regular coverage have divided SSSL "° ^ Us_ 

Westminster into two distinct T ^f re 

camps: those who want to get aB<l ™ er mass meeting 


Mr. George Robertson, Labour winner of the Hamilton 
hy-clection, with his wife Sandra, and sous Malcolm, aged 
five, and Martin (right) aged three, when he arrived to take 
his seat in toe Commons yesterday. 

Clash over Government 
attitude to closed shop 


who, with some of his Opposition There have also been hehind-the- 
col leagues, was the victim of two scenes moves to try and reduce 
mistakes on the Order Paper in the emphasis on Prime 
toe week before the Spring- Minister’s questions. This 
recess. could take the form either of 

Mr Thomas told the House careyfag them in an edited, 
that a “ thorough investigation " recorded form, with the worst 
had been carried out The of the noises-off deleted, or of 

mistakes had not been made by transmitting much more of toe i 

the printers at Her Majesty’s Commons to convince listeners 

Stationary Office but in the that the two 15-minute sessions 

course- of the editorial prepare- . on Tuesdays and Thursdays 
tion of cOpy for printing. ■" are In fact highly unrepresent- 

“I am satisfied that, toe a tive of what goes on. 

mistakes were in no way moti- 
vated by malice but were the _ _ m 

-Bple huraaB err0Ei ” 35 companies 


rid of radio, and those who Friday., 
feel that only TV wUl clear The dispute, over a dosed- 
up the mystery by allowing shop daim by the Bank's note- 
people to see what . they now exa m i ners, involves examiners, 
can merely hear. - 


contract. 

Mr. Maurice ' Sodding, 
SOGAT area organiser, told die 
meeting that the Bank had 
offered concessions, bat die 
central Issue remained un- 
resolved. The Bank wonld not 
be -specific, he said, on the 
guarantees on de facto SOGAT 
areas the workers wanted. 

The dismissed workers at toe 
meeting were told that there 
wonld be no problems In re- 
instatement when the dispute 
was settled. 

The Bank has a policy of 
* encouraging ■ membership of 
SOGAT. Its policy on the 
closed shop. Is that if there Is 
90. per- cent, membership in. an 
area and If guarantees can be 
given for. non-union members 
in toe area, negotiations for a 
dosed shop can begin*' " - " 


Ford foremen walk out 


No inquiries from councillors :p . 
would be answered, an overtime 
ban would be tightened, and toe i ? ' 
action would culminate in a one- 1 
day strike on Jane 26. ! » 

NALGO' is 'demanding regrad- • 
lng which would raise the mini- 1 
mum gross pay o! a social worker i . 
from £68 to ^3 a week. It also i ] 
wants a reduction in bours, and i 
paid overtime. j ! 


MPs told to 
boost London 

A DJEMAND .. tor stronger 
Parliamentary -pressure to pro- 
mote the interests of the London 
area is made to-day by the 
Souto'Bast Regional Council-, of 
the TUC. , . 

The regional council says in. 
its annual report that Mr, Eric 


MP loses .0ill 
on ‘binding 
over’ powers 


could take the form either of HUNDREDS of foremen and inddfent in the Dagenham body Y? 118 ?*. - * ndua Sf Secretapr, and 
carrying them in an edited, supervisors at Ford's Dagenham plant last week when a foreman ^ ^ Ministers fail to 

recorded form, with the worst works yesterday walked out to alleges he was punched. The co m Prehend fully the seriousness 
of the noises-off deleted, or of back a demand for protection hourly-paid employee involved of ^ pra w *™s . fa “°6 London 
transmitting much more of the from physical attacks by other was sacked, hut reinstated after m ?S cr ,S artS of ^ reeio (J- 
Commons to convince listeners workers. an appeal at which he was ^ are .? are 

that toe two 15-minute sessions “They are so scared about represented by a union official, 

‘ w” - Tbarsdaj l s attacks that they feel they Some 3^00 production workers interests 

are In fact highly un represent- must do something .positive to at the Perkins diesel ehtrine c ^« D i?^ r ®“ ec tively. 

,Hv= of wh« goes oo. teiw -m. response,- 03 sai^ & pLo?ta SSffiroSffl^fSS ^ocn^fl ■ 

Bob McCusker, assistant general borne yesterday because of a develop a mere effect^ 
ir pnmnonmc o£ ^ Aaoc«tton of strike -by- 34 maintenance men ParlSSLtery tob?y on tht 

«3D companies Scientific, Technical and over a company scheme to bring economic problems of the South- 
LlnM.i:^ Managerial Staffs, to which most in subcontractors for some East.’: says the report. The - 

on blacklist ■ o£ ^Y v ^^” 5 e on f: a . , SS-l wundl h«^tohned a 

THIRTY-FJVE firms are on toe untri Mo^day^Sd pr«SuctiJn°of ca S^^ted aS^lSw^sh^D ^1^,? # ® co ® om i? P 1 ^ 1 ^ 

S^ntoelch^of^Sl^to ba°d r S^“ d Fi6Sta ” ^ be cSrehtej^oted to* “ Sho 

sts^^jsss «»-•• *» « sra.^ epd 1 wh ° ■ >,anninE 

disclosed in the Commons last ■ ^ 1 — " - 


back...” Closed-SHOP agreements Mr. Ian Gow (C., -Eastbourne) av up , n aT> . ■ ■ • C " - 

As far as the Government's should be operated “ in a flexible added that 42 former BR era- a »+emot to nrpvont* rd ^e*L£>c ^ " ' • |i /awt/v / AT7AM — A. .1 

own programme was concerned, and tolerant way.” Mr. Harold ployees, some with more than bavins the Mr Barnet also told 10*3 that ■Cfr*yil||" 1 HI YfeOTl -- Cl I la- 
this, would “appear in due Walker, Employment Minister of 30 years service, had been dis- JglJJf tL t0 no the ^Crown Agents had been f yiL V T VI ; UliUlli i UvilliJ 

course, and will utterly satisfy State, said in the Commons missed without compensation h i !f e . 13 63 06 , asked not to place orders with 

the nation — I have no doubt yesterday. because they had refused to join 3n Deen ctiar gcd witn companies breaching the pay BY PAULINE CLARK, LABOUR STAFF 

about that.” Replying to Tory attacks over a union. e . policy guid e l ines when making rr i^pa ntf.c riant , 

Mrs. Thatcher was stung into the Government’s attitude to the Conservative employment t °, l ^ ltro - purchases for the Government p® 111 ; annual conference in Imported thence, in France over 

an attack on Labour Party closed shop, Mr. Walker accused spokesman Mr. Barney Hayhae kJL, 10 S ha . nse ® 817-year an d to take Government policy £ Scarborough that chemical com- 20 per cent 

nationalisation proposals after the Opposition of a lack of con- said that the “ continuous weasel vLjr® Pe ® c ® “to account in the placing of “ h ®?™PS^ a e «nion revolt over panies, while expressing support It Was estimated that bv 1981 

criticism of a leaked Tory report cern for those workers denied words ” used by Mr. Walker in r>f rh ^ w?*™ iY I ^ t ?? ead ^ L f b ' contracts oh their own behalf. ^ Eastern for the industrial strategy, were the COMECON" states would 

on unions and State-owned the right to joint unions. relation to the closed-shop lsue ES 7 JJLSSf 11 ?? ** 0256 ? f , a blMWuntn.es. flouting one major principle, on Smim Mt woorters of PVC 


BY PAULINE CLARK, LABOUR STAFF 


LIIULTPIH Ul d IWOtU 1WI * * V fiw* L WIU IU| MIUOC WUl IVCl* t 1YUWU w UiUO MOW *wa i - IU DatHxT T\Tl nwi If j . ' ~ T 

on unions and State-owned the right to joint unions. relation to the closed-shop lsue toe case of a 

industries. He recommended that -they failed to show how his “sup- “"“1 saDoteur wo appeared in 

Mr. Max Madden (Lab read a speech on Monday by Mr. posed neutrality ” differed from * witness and was 

Sowerby) called it a plan for David Basnett. general secretary that of Pontius Pilate- Such an jailed for refusing 

“conflict and confrontation in of the GMWU, who insisted that attitude destroyed any claim 10 “ e 1x1 utK * over to .keep the 
our public Industries.” the Tory campaign against the that the Government was con- P^oo- 


Meriden loan 
payments 


S awsae ^ km 

being among “ industrial Britain's import problems polypropolene. 
vandals" jeopardising the long- „ In ooe recent deal. ICT, Davy 

term interests of its workforce - c „ he ®P prices ^ and powergas and Klockner were to 

for short-term gains in recent ^PP 1 / to the Soviet Union two 


for short-term gains in recent 


bizarre proposals. 

Mrs. Thatcher 
Callaghan to say 
the Labour Parly 


to nationalise building, basking, ernment’s attitude on the issue servatives’ “crude -approach ” to hurst) said, the object of the gramme* nf^paymerr^had been high priorityi^tfe'newl^formpH ^. cbar ton.. 

insurance, land and 32 major as “ staggering Ly complacent.” the closed shop would inevitably 1361 Act was not only to' deal - SSrimSoe S|j h ofn b t pn tS VSlSFiSSA Ss*? V? 


private companies 
Mr. Callaghan rt 
no responsibility J 

pients," 


inpanies. He referred to a former British lead to the “disastrous conse-. with offenders but to "deal with- thT M b^operative* would also bp council. " Un,wis chemical Plastics, fe r tiUgepSi ?y®toetic with COMECON involved com- 

aghan replied: “I have RaU worker who was taking bis quences of the industrial rela- potential breaches of peace.- llableWithat date torepay the Mr. David Warburton. the pensation trading, which meant 

sibiUty for parly docu- case to the European Court of pons policies they had pursued ’ffie Bill was reject^ by 117 deferred interest,., tolling union's national office? £r Si “h HoSSd oS * 00 ,?- s 

Human R.ghh, in 1972. to W, a majomy of 23. £1,047,59*. chemicals industry, aaid at it! of xSbbS'wf. SiSUB Si 


Human Rights. 


in 1972. 


to 94, a majority of 23, 


£1,047,594. 


tF < j 



V. 

t 






tr 


WNMOTAND TED SCHKIBIS 


• OfLTECHNOLOGY 


Modernises the simple tools 



sure of an 


important pipeline 


J or the m ’ nisfli Quality panoramic X-rays 
hL f ijeav ^' Uuly an( i arc controlled from outside 
*« (bS totiSfionai^, S pp Te< l by pipeline by an operator who 
teS* 2285 Si 1 t0 t? a, P eui SpA uses a weak S aram£ radiation 

itr IjA® passive soiure. sensed by throe. in-line 

in r,[ =h wiU hnk detectors .on the crawler. The 

eh?* 1 - ■ *?’ ?!* T .®M fl ? ieni b*. operator passes the isotope along 
hi ^Hu Toe. llae-TWM. cross the Mediter- the. pipe ia the direction of travel 
t S ci * y and then pass and then places it on the pipe at 
Ml. n ° er we olraits or Messina at Ike next weld to be inspected. 
- 111 - 2,000 The crawler motor is started 

. ;; !a mw Sl inch pipp will- have by lhe first pass wiih ibe isotope 

'Jrct.f^waife about l.tnch thick. and on arrives in the area of 

,; - 30 asj _■ Layios will, take place from the 0,6 radiation, the vehicle slows 
‘^PonJCasttffa 6.1aybarge and initiallv d °wn. overshoots slightly -and 
will famih'arise engineers Then backs into the exact position 
-with this use of ifs three crawler f°r radiography. 

as-. w^vl as maintenance When the isotope is- removed. 
*£' ^routines/. X-ray exposure takes place ten 

, ai be The weld inspection nnomtinn seconds later automatically. 

-expected to P iast for^fon^to Funb ? r derails- from BIX 
■ a * v 'lah, months and work will beein *°ternatiQual (Esperanza Group) 

■ next month. Dolphin House. Commerce Way. 

COu !d Lot Leighton Buzzard, Beds, Leigh- 

tctiiiQ bt senes 2 machines provide ton Buzzard €7206 

SgA- ..pig for most jobs 












B “ ft* l 

, * 


Br ; - -.^£^1 


P» 


. r V 'V,* 

fc- 


SH ; 1 






AAVMOVi LUUilllCIkt 11 »l % i 

Leighton Buzzard, Beds., Lcigh- 



9 ELECTRONICS 

Stabiliser 
for a 

hovercraft 

DISPLAYED BY Marconi 
Avionics for the tir^t time at 
Naval Expo ia 
Itaut-nUrti is ;:n electronic 
stabilisation >yslcri! it has 
devclnpud and tested in con- 
junction with Kovermarine 
Corporation for Use on the 
filter's rigid sidewall hovercraft. 

Derived from Da- hovercraft 
principle in Britain, these 
Ifovermarim? craft have been 
developed with support from 
\RDC. although the company i. 
wholly U'.S. owned. 

The Hovi-rmarinc vessels, a 
very targe capacity one of which 
is 'm an advanced stage of 
development, lack the ability to 
..■«-! :n e up on to land which is one 
of the characteristics u£ the full 


hovcrvrafL But w.ih sidewalls, 
propellers and rudder., con- 
stantly in cooiact with the water, 
they have exceptional manoeu- 
vrability and a h««n tufa of 
syt-ctL 

The auiusiahili'jiiun system 
h:i 9 been tested on an HM- ver- 
sion, which can operate as a 
ferry, and it applies controlled 
muvemenLs to the anrled. rud- 
ders so that roll in;; motion can 
he dumped out at it occurs. 

Rotterdam pan has r our Q f, 
rhe.se voxels (HM2 Mark 4's) on 
order for a number nf applica- 
tions arai the new development 
is expected tu extend the 
possible areas of Use far this 
versatile craft, apart from naval 
operations 

The same group is showing an 
automatic low-lie hi camera 
which operates all the way from 
starlight to sunlight conditions 
without human intervention. 
Offered in this instance for naval 
purposes. Us suitability for sur- 
veillance in mam- conditions 
clearly provides other areas of 
use. More data from Marconi 
Avionics. Airport Works, 

Rochester ME 1 '-‘NX. WJ 3 44400 . 


Simple current control 


This is the control section of a two-part version of the Talisman equipment for the automation of 
basic machine tools, such as lathes, drills and mills. 


“i-i'SS. ^ LTI - USE pipeline pig Called the Vantage TV. it is 

ia< j . •tosi. which has one basic body, and lightweight, easy to assemble and 
>r tc . ( cup design way be used for maintain.- Tie design is eon- 
.h c T ,^ approximately SO per cent of all sl , steFlt throughout’ the slze ran S« 
,,c, “ -MEDteetoff anDlieafinnt °* 16 uiph es to 48 inches so. that 

L ^-CS^n /-?i ^ one PW body may accommodate 

’ ninpli'nM pl, V ns ni ° re than one size cup arid, says 

.*iee, P 1 P® ll “® s » ^he manufac- the company, lhe conical shape 

■ . ' V ^^ aa, ? on * ^htise of rhe fieviblc urethaae cups 

iC ^ •* re in Tulsa, ensures longer "wear and 

• excellent scaling ability. Mure 

_ vuhccrsM • . basically, it serves -as a batch-' from the company's European 
.urjfir jviang and dewatering pig and it headquarters at Chaussee de 
° r iiwlitL, as_ a: cleaning pig when Charleroi 27, & 1060 Brussels 
nie-j blades or brushes are bolted on, 132 2 538 88 42) r 
vak for t3»j ' 

;^f Reusing ng reactions 

h Woking strip chart recording, -visual dis- 

.m JZSFJg 11 a ' w . arfled a c °otract by play unit, with printout facili- 
• i in SbeU Expro for two geotechnical ties, data transmission keyboard 
V •■’.’•ar t- ant * met . BOr °2offical data logging and batteo - operated radio clock. 
. : .p ’ j. 1 1 systems to be installed on the The core memory ensures that 
; V 1 ^ Cormorant A and Brent C plat- no data will be lost in the .event 
• . .. ' ;. r r fo ™ s - - - of a power failure and on Cor- 

l r hp The minrcomputer-based.tnorant. A back-up ^battery 
'-^ systems process the output from system complete with charger 
■■ - '-vf’:G0 sensors on each platform and and inverter ensures that full’ 
--i ^record measurements of deep and processing facilities are con- 
shaliow pore pressures, deck and tinuousiy available. V 
-i lir caisson -movement, short term „ Offshore Systems Grouprit EMT 
V- set tl ement, temperature, wave - “Electron its offers a ' complete 
vvs'w*: -height, wind speed and direction, instrumentation service ..to the 
t.V.'c .. . r . ..- barometric pressure, etc. -Audto- offshore industry including plat- 
: matic monitoring of- .each chan— form deployment and immersion 

i. net in a given sequence can be control, structural, analysis, using 

overridden either manually or vibration and acoustic emission 

by a pre-set alarm condition. techniques, tow monitoring and 

In addition to a. minicomputer,- acoustic television. 
\VArL'PI» each system- incorporate^, anar More from Albert Drive, Styser- 
*r Vt atl.'jogue; digitaL and ^ frequency water, Woking, Surrey, .01862 

interface units _ mil Iti- channel 7 S 193 - *> l k 1 


TALISMAN describes equipment 
by Tun! masters Controls for 
auiDin.Dm^ basic machine tools 
— lathe-., drills and mills — In a 
most -ijinpie and inexpensive 
way. The icclinulngy has been 
kept utiMjphisiiCiited. and it can 
be attained to fit either new or 
exi-siin" equipment. 

Both -male ami multiple work- 
pieces tan he produced. In lhe 
case of multiples, as the operator 
makes lhe first piece, all the 
njoveim-nis ut lhe machine are 
recorded un a magnetic tape 
cj«at>tle. When played back, ibis 
will reproduce exactly all the 
machine movements, without the 
inevitable delay; which result if 
drawings or churls have to be 
interpreted. 

® COMPUTING 

Currency 

terminals 


Tulisman can control not only 
the basic machine movements 
but also the spindle, coolant, 
clamps, copy slides, rotary index- 
ing (able, indexing tool posts — 
in all, up la eight auxiliary 
functions can he controlled. 

Individual display modules 
show the position of each 
machine axis, and conlrol Us 
movements. Each module has 
livo interdependent couplers 
which indicate either the posi- 
tion from an absolute datum 
point or an Incremental move- 
ment. Push-buttons, marked 
with simple arrows, cause the 
machine to move. The feed-rale 
of the machine movement is 
selected by a rotary switch on 
the display, to give rapid, jog, 

e TRANSPORT 


or controlled icvd-r.ii The 
machine moves on j (•redeter- 
mined distance \\ ni.n the 
required figure is dulled on me 
thumbwheel switches and the 
direction button i; pressed. 

The display nv.da‘v- generate 
pulses which are fed by way of 
the cassette record me unit tu 
the motor drives: tries* provide 
the power for i!v 'teppmg 
motors and drr.e ;he -crews 
relating lo each machine axis. 
The cassette lvc.i-d-r reutsters 
the pulse trains lSl ,j s. iu ihu 
signals for the auxiliar. func- 
tions and. on pi:o -back, ijke> 
complete control uf the machine 
tool. 

Toolmasters •>tnruU. Per- 
imeter Road. U'ood (•.■;. . Beading. 
Berks KG5 4S.X. 


success 


a,.: multi-channel 76123. 

iif- • is ■ i. . 
v'- ^ - 


— ; ' • 

• • w - , , 

* - a- w. : • j . . 


,!h' *• '"STKumocrs - , 

- Tested as it moves 

: -r.- ;s .f' 

]<:'? :-'-n ’^OBBIT has .launc&ed.;^quipraeht major maintenance, is needed. 

.i ,:-r which al lows the. wear on bear- ; This system employs two Orbit 
.ai. ing and other.’ Amoving, machine meters and ,^a programming 

• ■/.£).', parts to “be measured without. module. ■-TIC. meter “A" 

- /r •::: 1 stopping tbe.hlacbine ; 1 n whicb measures the signal frequency 
„• -..,r .vs 1 they are incorporated; " ■; . from a transducer exactly one 

, ’ V-,' In practice. 1 -. drive to the second* after TIC meter “ B " has 
,‘ r \ machine ’'is switched •. off lust -recei/ed;.tbe same signal. The 

i 1 Lu-teng enouglr to enable -accurate diff^ence. between these read- 
deceleratfoa measurements ta^ber ings is the deceleration of. the 
. a -.f effected. Tbe^ bu£ld-«p of trie- signal In units of Hz per second 
I.,./'- tional forces within the m tiring or rpm per second. 

.mechanism — -etn;-’'- then- be Orbit Controls, L*fisd**wn 
> accurately estimated- on: T a Industrial Estate, Gloucester 

- .T. peri offic basis. .But -the machine Boad, Cheltenham GL51 SPL. 

"y.-'-J never - required- fo. stop until 0242 26608. 

\ - • - 

■ J . - -•••• ^ - : • . • 

• 

■«;.! * • ' : "Y v ." i v v. ■ _ y • 

■. •. ' " . 

1 N ' • 

>n in 3 -— 


told to 

Londo* 


: X £ 
:.*% 


t:\8-’ • y m m t 

• I • ' » • *" k 

r“'. 

•C !- • 

“ - - ‘ .,n! 

■" l-J? ' 

j 

. . _ li 


FOLLOWING THE successful 
trial by American Express in its 
Edinburgh and Glasgow offices 
of currency exchange computing 
systems developed by Software 
Sciences Micrologic, further 
equipments are to be installed 
at thp Nice, Amsterdam, Munich. 
Lucerne and Vienna offices. 

• Providing a solution lo lhe time 
consuming and costly problems 
of account balancing during, nr 
aftefrclosd^ of business, each of 
ihe ctfuntcMop systems will have 
'a. special-purpose keyboard with 
keys for specific functions and 
for most-used currencies. Each 
terminal also has a single line 
visual display and a tally roll 
printer, with audit trial record. 

The. terminals act as input/ 
output devices to the controlling 
Texas Instruments’ 890/4 pro- 
cessor-r-handling (he calculation 
and recording of currency ex- 
change transactions— and provide 
on-line facilities for the interro- 
gation of current balances for 
example. The use of mainframe- 
compatible discs permits the 
transfer of branch accounts to 
a central system when necessary. 
More on 0252 44321. 


BUDAPEST FKFV (the equiva- 
lent of Budapest City Council) 
bai. just taken delivery of 20 
vehicles from Air Drive of High 
Wycombe as pari of a fjin con- 
tract involving the conversion of 
Bedford KB-7 tonne vans into 
completely independent self- 
clearing site vehicles. 

The British conversion incor- 
porates a chassis-mounted 100 
cfm air compressor driven off the 
vehicle's engine to power road 


• IN THE OFFICE 

Speeds the 
passage of 


breakers and a pneumatic com- 
pactor and a .;kip handling 
system enabling cjcIi i chicle to 
transport load and off-load three 
self-tipping skips, living a total 
capacity of 1.6 cubic metres of 
asphalt, nibble, ric. 

This innovation, says the com- 
pany, provides lbe opportunity in 
the field of small -ite workings 
for real single vemclc operation 
on road crossin is. re-surfacing, 
and routine maintenance, as well 
sis in the emern-ney field fr>r ?as. 
electricity nod water authorities. 

One vehicle, with a iwo nr 
three man crew can arrive on 
site, dip 1 the Mi-face with the 
breakers. make nee*.- »« ary 
repairs, re-surface and eom,«au. 
and return lo base with all 
rubble and spoil involved. 


FIRST programmable constant 
current source integrated circuit 
tn br offered has been developed 
r.\ National Semiconductor. This 
unii|tie device, the LSI 13-«. is 
al-o designed to operate as a 
current-mode temperature iracs- 

duccr. 

.\s a current source the circuit 
will replace field-effect transistcir 
current sources as well as 
discrete circuitry in. such appli- 
cations' js oscillators, light merer- 
in 5, lime del a> >. power supplies, 
impedance measuring, nv.cn> 
pi/wer biasing and arrive filters. 
As a current-mode lemporaiure 
transducer, the LAI J34 is 
dc-ogiu-d for remote temperature 
sensing applications ro« requir- 
ing a? much as i'fi to £15 worth 
of di.-crete and hybrid circuitry. 

Is is programmable over a IQ.OdO 
:o-1 ranee in operating current, 
from 1 microampere to 10 imlli- 

o CONFERENCE 

Boss 79 
in London 

BECAUSE INCREASINGLY 
jiguruus conditions under which 
Mil-winning structures have to 
work demand a continuous revi- 
sion and development uf the tech- 
nuiuoy governing such opera- 
tions. a second ini*»mational 
conference on the Behaviour of 
Offshore Structures will be held 
at Imperial College, London, 
from August 27 to 31. 

It w'll cov»r wave*, currents 
and fluid loading, the statics 
and dynamics of structures, 
material properties and 
behaviour soil mechanics and 
foundation engineering, and me 
interactions between these 
disciplines. 

Further details from i the ■ C«*n- 
reronee Sccreiariai. BUSS /». 
BKRA Fluid Engineering. Cran- 
field. Bedford MK43 0AJ. (0--W 
750422). 


amperes, by means of a resistor 
between the trim terminal and 
the negative terminal. Current 
range can be extended by the 
addition of a PNP transistor to 
the circuit. The upper range nf 
this combination is limited only 
by the drive capability or the 
external transistor. 

Programmability is one of lhe 
LM 134's chief advantages over 
discrete FET current sources. 
Previously it was necessary tn 
stock a wide range of FET 
current sources in order to be 
assured the circuit designer had 
the specific current output neces- 
sary. and if it were a particularly 
low yielding specification it was 
necessary to pay a premium for 
the parr. With a single part, lhe 
LM 134. a user can nu-.v set any 
current output he might want. 

National Semiconductor. 19. 
Goldington Road. Bedford, MK4U 
3LF. 0234 211262. 


9 HANDLING 


SOLVES 

YOUR 

FOUNDRY 

PROBLEMS 

ALVECHURCH • BIRMINGHAM 
Telephone Rodditch 66414 
Telex 537125 

• PUMPING 

Continuous 
feed unit 

complementing its range of 

high pressure, inw flow, peri- 
pheral jmmps. is a new ranee 
called PSTii from British 
Gurnard Pumps. Kernah Drive. 
Louyhburnugh. Lvn 

Constructed in all bronze In 
pump hot or cold water the 
pumps, says the company, are 

particularly suitable for use as 

a feed pump un small bo'.lers. 
steam raising machines, anil 
oihcr situation'! requiring high 
pressure jl low flow uf clear 
liquids The pumps are eti*-* 
coupled a 0.5 hp induction 
motor running «i 2000 rpm and 
models are available for use on 
single phase or three phase elec- 
trical supplies. The unitors are 
rated for continuous operation. 

More on 01-S97 09S4 or Lough- 
borough 31 $72. 

In Scotland 

MANUFACTURER of a range of 
liquid* metering, mix lag and 
dispensing equipment. Liquid 
Control, at Kettering, nmv lias 
full sales and service repre- 
sentation in Scotland following 
the appointment of an agent in 
Glasgow. 

The Glasgow company is TSR 
Engineers t Coal bridge l which 
has recench moved to new 
factory premises at 222. Main 
Si reel. Bail !i'> Inn. Glasgow G69 
64G (041 771 S4SS). 


Bars safely straightened 


LATEST HEALTH and Safety 
legislation forbids the manual 
feeding of reeling equipment 
because the whiplash effect of 
bars undergoing lhe process has 
resulted in many serious acci- 
dents. Now. Abbot and GUI of 
Sheffield has introduced a 
machine for handling steel bars 
during reeling-— the process of 
accurately straightening bars 
prior to machining. 

The machine is said to be 
absolutely safe and tamper- 
proof. A prime feature, apart 
from its electrically driven pinch 
rolls, is that it operates entirely 
pneumatically, using Schrader 
equipment in a circuit specially 
designed in conjunction with 
Economntics (also of Sheffield). 

Controlled by a singk- lever, 
the machine consists nf an 


infeed and out feed, bnih moti- 
vated by Schrader cylinders. The 
entire machine cycle takes about 
15 seconds and bars of up tn 
II inch diameter of any re- 
quired length can be handled. 

The company says it chn.se 
pneumatics in i-unirol the 
machine because they arc less 
likely lo break down under the 
adverse working environment — 
swarf, scale, dust and vibration, 
—than fully electrical control 
systems. Pneumatic control 
valves are all centralised in a 
dust-proof cabinet and the 
operator can render the circuit 
tamper-proof hy a lockable 
valve. 

A prototype i< already in 
operation at Firtb Brown of 
Sheffield. 

Afore from the company at 
Walkmill l.arn-. Brldulnwn. 
Cannock. Staffs. US It 77, R (Tele- 
phone 2B44 J. 


papers 



*— 



DESIGNED FDR use in the 
medium sized office or factory, is 
a mid -range airtube system called 
PaperLink from D. D. Lamson. 
Gosport, Hants. 

Using a single length of tube, 
the range can connect up to 
twenty five send /receive stations. 
Cylindrical carriers take papers 
from any station to any other 
station. The forced air flow, by 
which carriers are quietly pro- 
pelled along inside the tube, 
starts when a carrier is put into 
a send station and its destination 
then keyed into the station’s 
central panel. 

Air can flow in either direction i* 
along the tube depending on the • 
location of the carrier's destina- ■ 
lion. Once the carrier has arrived 1 1 
the air flow is switched off auto- 
matically to *owe power. 

More on U7017 87311. 

• COMPONENTS 

Moving into 
plastics 

WEST PHARMARUBBER which 
has for the last ten years speci- 
alised in rubber moulding fur the 
pharmacuetiea! and health care 
industries, has announced the 
Formation of a company in associ- 
ation with the Johnsen & 
Jorgensen Group, lo manufacture 
injection moulded plastics pro- 
ducts for the same industries. 

More than £jm will be initially J- 
invested m the company to pro- 
vide an additional but completely ® 


OING 


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• : to . 

No ' • 

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• By agreement between the 
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information front Tile Technical 
Page it available for use by the 
Corporation's Erterital Services 
as source moferiaf for its over- 
seas broadcasts. 



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12 



Financial Times Wednesday June 7 1975 v? 


EDITED BY CHRISTOPHER LORENZ 


After last week's look at the re-organisation of Babcock and Wilcox, the 
managing director of its boilermaking company, Ron Campbell, . 
gives his personal view of the characteristics of a manager 


makes 







The personality mix 

good teamwork 



THE QUALITIES a manager 
should have are well-known: 
integrity, .ability to get on 
with people, clear-sightedness, 
stamina, persistence, orderli- 
ness. creativity,' decisiveness, 
.self-reliance. He should also 
have good knowledge of the 
held In which he is to operate: 
or alternatively the type of 
quick, receptive mind that 
allows him to learn rapidly and 
translate his experience in 
related fields to the problems 
of the new one. 

Another is the ability to 
receive signals from other 
people. First of all this means 
listening to what they say. But 
it also means being receptive 
to all the other visual signals 
involved in communication 
between people — facial expres- 
sions, body movements, etc. 
Only by receiving full feedback 
will the manager understand 
how others are likely to respond 
to proposed courses of action. 

It is surprising how often one 
comes across otherwise very 
able people who have a blind 
spot in this one area and can 
give a quite contrary impression 



Managers are bom either No. Is or No. 2s 


is not sensible, bearing in mind 
the need for experience at the 
different levels — then some of 
the teams must have No. Is 
reporting to No. 2s. Points 
where this occurs are potential 
sources of discord, particularly 
if the. two individuals are a long 
way- apart in the No. I/No. 2 
reale. ' . v. . 

Nowhere is it more Im- 
portant to avoid having a No. 2 
in charge of a team than at the 
top of ' the management struc- 
ture. It is bad for the health of 
the company or division if that 
is allowed to happen; and bad, 
for the health of the manager 
himself. He will tend to collect 
other No. 2s around him to 
avoid the discomfort of having 
to deal: with No. Is, who tend 
to be more prickly individuals. 
The inevitable result is poor 
team performance. 

I believe that if we could 
mem- measure positions across the 
1/No. 2 spectrum, for a 


business awards be enforced here? 




BYA:H. HERMANN. 

JUDGMENTS; IN American Sacha judgment, which -to aa'in any -British- ^newspaper or. The impact of Conrcotion 
courts on -product liability English - lawyer appears 7. fax- journal with a ’regular: circiila- would not be liimted to Biutnai 
claims for compensation 1 ' may fetched, would be virtually im- tion in the U.S. satisfied such exports alone. Under ®heu-a. 
soon be much more easily en- possible to enforce-, in top. UE-* a condition. . . - •: "V Jones: Act, fo r esa tfflp'le, wo ion 

forceahle agafcst British com- Under Common Law rales, gn The Convention -would there-- - .*"®™* 6 * for wtsact HattAwy - lor 

_ V a - * TT A -accidents on vessels at sea. a 


U.S. convention on cLVil jndg- 'ability Vof U-S.law, Thiaj>rb-. enforcement of. LLS~ judgments M the slap .has a UE. aflfibate. 
meats, which has already been. tWbb .. • a * certain- protection ^ . <^5 -which am . now con- '. . leading British companies 
initialled,- could . have i pro-" axatoBr-toie impact of American. doubtful- to&tlitiga- now. seeaa to be quite alarmed 

found effect on “British mana- product liability . law? at least; t i<m. Is not ^ even-started. It could -.about the proposed Convention. 

•frrt* thftBP. tinthnrit acoPtQ.Mh --(Uh . tiMK fkA vhMawf rvt HC nmrlnrt 



IS 


what are the really important be an extremely useful 
issues, or who tries to set policy her of the management team. No. 

on strictly logical grounds, for- lacks these qualities, particu- team to register aeood nerfor- 
getting that the policy has to larJy that of self-reliance. I see mance its average mark would 

be implemented by imperfect the No. 2s as batteries who run have to be above a certain 

humaH beings. .’ ' : down when things are difficult figure. This condition can be 

Managers who score high and who need to plug into fulfilled by having a team 

... . . _ _ _ markings in all the desirable battery-chargers— the No. Is— to leader who is very high in the 

to the one intended, when, for qualities are'very rare; we restore their energies. Managers No. 1 scale with a lot of No 2s 
instance, they are talking to therefore have to arrange teams are born eitiier No. is or No. 2s. as his immediate subordinates, 

to cover weaknesses and utilise No amount of training will turn but in this situation there 
strengths to the full. The one into the other. * 
manager with a lot of flair and 
creativity may well be rather 

unraethod|cal, but harmonious - - tion jnt0 which j would divide 

relationships can be set up 1 have written as though managers: doers and be-ers— 

not communicating— where. they which- harness the strengths of everyone can be fitted into one tfaose^ whose satisfactionTderire 

needed someone to interpret two - people. It doesn't matter category or the other. In fact, from achievement of work or of 

what they were trying to say to too much who works for whom there must be continuous status The worst ko«ihie irftk 
each other. in some cases as long as the spectrum in this as in any other ation for No ? members of a 

Another important attribute personalities ^are compatible— human quality and it is the team occurs Whenthe leader is 
is intelligence. But we need to a necessary requirement of any relative positions in the No. 1/ a No *> and Is also a he-er 
differentiate between intelh- successful partnership. _. No. 2 scale which matters when This ' can 
gence and cleverness. I like the Where it . does matter who considering how two people will maximum 

definition given in the Financial works for whom is the arrange- work • together, particularly if Looking 

Times recently — the “faculty of ment of what I call No. Is and the No. 1 is to be subservient 0 f 

understanding," as opposed to No. 2s in any team. By No. l to the No. 2. 

cleverness which was defined as and No. 2 I mean not 'the rela-' B„t W h „ «n* » v n 1 » - m wo. is. their t*w. 


their staff, because they are not 
aware that some of their words 
had been incorrectly inter- 
preted. I have been in situa- 
tions where two people, have 
been talking at each other and 


Subservient 


the disadvantage that the heir- 
apparent is not being trained. 
There is one other dassifica- 


to the 


only • lead 
frustration, 
at the top structure 
a company, both chairman 
and managing director ought to 
But why put a No. 1 under a be No. Is, their talents 


high' ervfl'- awards- in ' American p aftBj i XJK/U.S, judgments $©%■ tktm becoining. more competitive- reacted sooner. The explanation 
coarts. •. ^ .‘vimtion, v. “ .. . . . abroad. - • ' - - -" r of this may be that toough the 

- As the law stands British;.*'!^ implemented in its present nfher aimt- ronie cvfdraft of the Convention was 

industry is to a certain extent forto; to* WUS. Dra£t Con- mitUHedin October 1976 it was 

insulated from the effects olventrononthe Enforcement of- e m>t miWieised until a few/ 

ns. product liability rules. . ' .Judgments in Civil ■ Matter* iW 

a could sa^tbata.BritUi. - oblige. t>fpr£ 

made car. built ten years ago, . respept U.S. - jurisdiction to.un. wihen the Denartmeut 

bought second-hand b^Tris&Wit.farbeyond- that*re«ig- SfrSS ^S^irrt^T^ 

American, and taken- by him -fo . nised by common law rules..- . **9® , would qtrict u s liability laws 

the US. is. then driven into, a .In die -case of a British-made difiScuite Stories "ES 

wall killing the driver and ear sold second-hand h* thfe UK, siwance cover for Bite* export S™. D LS S - T 
seriously injuring one-, of the expqrted to the U-S, and- crashed prodnete than it * at present. rfUal cStSmets 

passengers. The injured passen- against a waH 10 years latoi at . According to a-recenf report the effect of the Convention 
gee jmd the family of toe. present VR counts woitidjwt ^ Lloyd's, BririsK .product could be very one-sided. 

Mlled driver could claim that recogmse ±. - U£. underwriters are cur* . There is tittle doubt that all 

*A?***y™* dne t0 * a -.?^. sh ,5 ia ^!. ac:tu ^ er ' xently asking for pfenwtan rates aspects.. of the proposed Conven- 

or the steering gen -and adc for But according to toe Convention ^ ^ w 2 0 times- the- UK rote tion shonld be discussed veiy 
dam^es m the UE. court If the: American plaintiff ^ would ^ ^ products being imported thoroughly while there is still 
the British maker of toe <»r v only. xu*d to prove. *^this S ; BecaSTii Oder toe time to revise toe draft 
was unaWe to prove that toe model, of vehicle was adveftised o 

accident was not due to a failure, by the.Britisb maker m toe UE., Convention UB. jqxi«tictiOT 
of the steering gear he could be before it suffered the accident' 
held liable and the plaintiffs in the U.S. To establish jorisdit- ^cb 

could be awarded compensatory tion under Article I0/f of th6 u ,-S- but were ava^tol e-etee- 
damages which — going -by a Convention such^ ^ an advertise* where «ud_ 5U, bM^mncy tal^i 
recent Californian jury award ment "would have to beLsjjerific*-^ 0 toe U.S., product iiabujty 
against the Ford Motor Com- aUy directed to the territory of underwriteffis -may weH increase, 
pany^-could well be assessed at the U.S.'but -U.S. courts, could >t«mitmis also for products ex- 
aronnd $3im. possibly hold that advertiauig ported to otoer destinations. 


BUSINESS PROBLEMS 


BY. OUB LEGAL STAFF 


An author’s 


tlie ability to process informs- tire positions they occupy but No. 2 ? The answer is that there experience should be conmle- 
tion m the manner of a com- their personalities.- t - are many teams with' a total mentary. . 

P 1 ***^- In “anagement It is The No. . 1-Isthe natural management strurture. wito toe Ron Campbell is managing direc- 

lntelligence we are looking for.* leader, with the qualities of self- same individual occupying for. 0/ Babcock and Wilcox 

u . sefuI w highly reliance, independence of different positions in ; different /Openrtf<ms> which -‘toiU hacec 
intellectual person who can see' thought, ability to gain respect teams. Unless all the No. 2s are controlling interest in the pro- 

all facets of a ProWwn but and to motivate others. The No. to be found at the bottom of posed boiler^making- company to 

either cannot stand back to see 2 is the man who, while he can the overall structure — and that be formed wrth^tar^ Chapm aru 


.-W \ 9 _-. 


MANY OF the hospitals 

WE REPLACE 
ARE PHYSICALLY ILL! 

And many of the communities they s.erye are unable to conveniently finance 
needed new hospital construction. We are helping to provide America with qual- 
ity health care facilities and contain health care costs at the same time. 

Each year we build new. hospital facilities for 5-6 communities to replace out- 
dated, inefficient, energy^uzzling, expensive*to-maintain old hospitals. Then we 
operate them as businesses, paying their own way, paying their taxes, providing 
good jobs for local people, and providing a fair return to our shareholders. Our ex- 
perience and expertise in the operation of quality health care facilities can be 
translated into dollar savings. That’s ther secret of our suc- 
cess and the reason we have grown from one hospital -in 
1968 to almost 100 hospitals in 1978, and have maintained 
an annual growth rate of more than 20 percent. .In 1977 
revenues totalled $627 million. 

Many of the hospitals we replace are siclC-but the health 
care business is healthy. Write for more information. 


royalties will be reduced by the be able to utilise • the residual 
' amount of the foreign ttt bill TaJue of the original equipment? 
However,' this short answer -may 'Is: tots sort of matter negotiable 
rAValtioc " be deceptively ^simple,- because ^witlr toe leasing company or are 

IUJ41UC3 there are almost' certainly^ com- there statutory regulations gov- 

A UK author has royalties this Putins Actors in the partieularerarogthe^^t^ * , -• 

vear of £30 (WO from an overseas circumstances of the cast you This is. a matter for negotiation 
Shi wS has i DTR »e concerned with. .. with, the leasing company- You 

arrangemmMrith toe UK. These The amount of toe foreign tax ; should be able to- lease with in 
mLod fa tbi* bill -should be converted' to ster^ dptiort to purchase -if you so 
t^vS at toe fate of exchange for desire. It wouM be wise to 
of 8 ^) 'per^rent (thoug^toe too **“ d3 * v on whieh it fell dde for ascertain toe terms of other 
5 m«1j^ 0 SI S payment. This W U1 lewtas companies before 

paid averKMsisSISMt SaeSr dlSereot from . the appmacbing your am. lessor. 

SsjTO IS^“’^ Sf™te(or rat es ) of«am«ee uSeff ■ ■ : * lV 

in toe UK : ' The 'author who ^ calculating the' gross income Vo legal responsibility an be 
gets do allowances or tax relief assessable In the UK, so: it is Accepted by the financial Times 
In toe overseas country has an- i matt f r for the answers given In these 

other earned Income in toe UK effective rate of tax over* columns. All Inquiries: will be 

of £10,000 (gross), giving a total **•» : wItb margin* l hata of answered, by port as soon as 

gross Income. of £40,000. taxcbargeable in the UK. : . v* passible. • 

IVooW you please feU me whM J*' *** • vautooriSij? 

relief the author conld expect and thfr potentlal com- 

to get In respect of ’the £15,000 of ^ Ppntfon ; <vn* 



Promotional and technical 
. V literature for export, 
sales to the 

Arabic-speaking countries 
of the Middle East and Iran 
must be translated and typeset 
in die idiom and style 
the market demands, 
by specialists 

BRADBURY WILKINSON 
(GRAPHICS) LTD 
NEW MALDEN, 

SURREY KT34NH 
TELEPHONE: 01-947 3 - 7 * 


the UK and . overseas), appear to 
justify the expense • of- profes- 
sional guidance. 


Leasing plant 


paid overseas. Is it a ' fixed 
amount or Is If. a fixed proportion 
of the total income? . 

As. yon do not disclose the 
name of the country in ljuestion 
(and since double -taxation 
agreements ' vary .'from country 
to country), it is difficult to give I have several pieces' of agricnJ- 
you- a helpful answer. Assuming tnrol machinery which aice now in 
that ' (contrary to the OECD toe; secondary period of: leasing: 
model) • the particular double Tbe .agreements say that if 1 dis- 
taxation agreement -you have in pose of tbe plant I have to remit 
mind does ..not limit that the money received back to the 
country's -right to levy tax on leasing company. • . 
literary royalties (and we must Is. there any way In which I 
assume that you stadied the might be able to buy- fresh 
agreement before writing to as), equipment, say, by means of 
then the short answer to your either a lease with option to pur- 
question is that the author’s UK chase or by a striaghtforward 
tax bill on toe donbly taxed hire, purchase agreement, and 




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;TRnandal:Times ; Wednesday ■ June 7 1978 
















tfinandai * Tli&^S r : f^v ‘ 




Wednesday June 7 1978 












by David Tonge 


Four years after the fall of the junta, the growing polarisation between left and ri^ht indicates 
that some central problems of Greek politics remain unresolved. The economy needs} modernisation, 
and there is the question of the country’s future relationship with NATO and with the EEC 


NEXT MONTH will see the 
• iurrh annivei>ary uf the after- 
, in.n v. hen «h<? Greek junta 
■ ailed ihe self-exiled Constac- 
: 'ne Karamanlis back from 
Pari'. But it is an indication 
..f In 'l n;>pi<ruinilies that even 
i. .lay ihe question persists of 
! . i i'.v " stable is parliamentary 
^comment in Greece. 

The past four years have seen 
ihe fi'rnial abolition of a 
i ire-disi;rediied monarchy, the 
Tironiul^jlien of a new eonsti- 
lul/en. and two parliamentary 
■•locimn?. They have also seen 
i!i» K:i rams.nl'..! governments re- 
e*tai»Ii?hiny the weight of the 
institutions of state such as the 
i rmeci forces, police and 

civil service, lain led by the 
junia. But this has been 
a'.-hiviVr’ by protecting these 
institutions from popular de- 
mand; for purging and hv re- 
directing them m serve the 
.■•ncrnmcnls of today. It has 
not been the result of any 
major cleansing front them nf 
t::« individuals whose open or 
tpi.it supp-Ti buttressed the 
junta. 

As a consequence the tradi- 
tion of near-authoritarian rule 
■ir-t practised by the Bavarian 
■N‘ny Ortn who was imposed on 
Greece in 1S33 has to some 
been maintained. The 
hi'P-s of those who resisted the 
ilm us withdrawal would 
h* i'ii.” owed hy a major rebirth 
•' r ' : revk l : “e have yet to be 
rv.iiSiM. Kurt her. the institti- 
"inns have kern their spirit of 
div' -listing and blocking chanee 
:;t iost ihe lime when change 
is not only being demanded at 
a popular l J vel but is 3 1 so be ; ng 
f freed on Gr e as a side effect 

of :'•< impending accession to 
th - * EEC. 

Tho Government is thus 
irn'er ihe pressure of both the 
< *i -pv jM-on and the expectations 


of Western Europe. Articula- 
tion of these expectations is stilt 
muffled, in part because of a 
lack of awareness in many 
quarters of how far Greece lags 
behind the Community in the 
social and economic Held, and 
in part because members cif the 
EEC have become accustomed 
to identify the political fate of 
Mr. Karamanlis with the parlia- 
mentary future of Greece. 

Bui an increasing understand- 
ing of the situation in Greece 
and a reluctant acceptance in 
EEC circles — if not those of 
NATO — that the socialist leader, 
Mr. Andreas Papandreou, is in 
the last resort a buffer against 
Communism mean that from 
Western Europe too the pres- 
sures un Mr. Karamanlis must 
grow. 

In Greece itself the problem 
is historical in that by the mid- 
1960s the institutions. which had 
evolved after the defeat of the 
left in the civil wars of the 1940s 
were no longer able to meet 
popular demands for more open 
government. Indeed, when the 
junta fell, calls for a purging of 
the state machinery were not 
aimed merely at punishing those 
guilty of arbitrariness during 
the seven-year dictatorship but 
also at ensuring the “ demorali- 
sation ” of the state machinery. 
And this with two aims: to 
protect Greeks from further 
political abuse by the ultra- 
conservatives entrenched in the 
state machinery; and to meet 
ihe calls far more equitable ad- 
ministration. 

In this field the controversy 
still rates. The government 
claims that the array is loyal to 
democracy and a coup is un- 
thinkable: that the police arc 
s'&wiv accepting the legalisation 
of the Communists and Mr. 
Papandreou's right to challenge 
Mr. Karamanlis for power: and 


that the mechanism of justice 
and the civil service are. back on 
course. 

But the Opposition sees things 
differently. They believe that 
the army is loyal only to the 
right and not to the principles 
of parliamentary rule and popu- 
lar sovereignty. They argue that 
the police often seem to condone 
the growing bunch of right- 
wing militants who have beaten 
up journalists and attacked left- 
wing offices. And they point to 
the results of leaving the whole 
process of purging in the hands 
Df an unpurged judiciary. Only 
a handful of the junta's 
notorious militiary torturers are 
still in prison, while almost alii 
the civilian torturers whose 
activities led to the Colonels 
being forced out of the Council 
of Europe in 1969 escaped 
prison. Most are no longer serv- 
ing in the security forces hut 
there is the occasional press re- 
port of a known torturer being 
promoted. . 

Also the subject of debate is 

the State's interference in union 
activities, its frequent con- 
frontations with the workers, 
the violent methods used by the 
police, and the delays in carry- 
ing through a number of basic 
reforms. These include grant- 
ing legal equality to women, 
reforming the penal code and 
divorce laws, speeding up per- 
missions for the return from the 
Eastern bloc of the Communist 
refugees from the civil wars and 
lifting the impediments to oppo- 
sition access to the State media. 

Such arguments He behind 
the growing polarisation of 
Greek political life. But there 
are equally heated arguments 
about foreign policy. Mr. Kara- 
manlis has charted Greece on 
a course of affirming its links 
with the West, in particular 
through accession to the EEC. 


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It lias been a consistent, policy 
which he has followed with 
determination and on which he 
has staked his reputation. He 
is also seeking a return to mili- 
tary co-operation with NATO 
from whose military wing 
Greece largely withdrew in 1974 
in the wake of the Cyprus 
debacle. 

But on both such policies he 


has been roundly attacked by 
Mr. Papandreou. The socialist 
leader has rallied his natural 
constituency, the smallholders 
who dominate the Greek 
economy, to his call “ No to the 
EEC of the multinationals.” His 
party. PASOK. has renewed its 
attacks on NATO as a “ perma- 
nent threat to world peace” 
and "an aggressive imperialist 
mechanism " — attacks which 


even in the less demonstratively 
anti-American climate in Greece 
of today strike some -chord 
among the many Greeks who 
blame the U.S. both foe the 
junta and the Cyprus situation. 

He has also stressed his 
nationalist credentials, answer- 
ing Mr. Kara man Lis’s Slogan 
“Greece belongs to the West”: 
with bis own “Greece belongs: 
to the Greeks:" opposed nego- 


" nations with the Turks over the 
Aegean on the grounds that it. 
~ means bargaining away Greece’s 
sovereign rights and frontiers; 
and'*>Howed a tou^h- Une an 
Cyprus.’ 

' Today Greek politics, has 
become a bitter battle between 
these two. Last November’s 
elections saw Mr. Karamanlis’s 
share of the vote slip from 54.4 
to 41.9 per cent and Mr.' Papan- - 
dr ecu nearly double his voter 
to 25.3 per cent All the indica-^ 
-tzons are that in a world o$ 
volatile party loyalties he has 
continued to gain ground. The 
centre collapsed to a mere 12 
peF cent of the vote and its 
‘ subsequent intra-party battles 
mean that at present it -is- r a;: 
negligible force. On the -Right 
the National Rally won 6-8 per- 
cent of the vote and its youth 
has since been active. - On' 
ihe Left the Communist Pasty 
of" Greece (KKE1, a pro- 
Moscow party, consolidated Its - 
position witb 9.5 per cent of the 
Vote. But the limited size of the 
“industrial proletariat" where 
it enjoys support and the 
fact that most of the agricul- 
tural population are small- 
holders, and the party's total 
exclusion from the state 
machinery — let alone, as to a 
"lesser extent is true for Mr. 
Papandreou, from the state 
media — mean that talk of a'.’ 
-Communist danger is far 
fetched. . — ... 

The municipal elections due 
in October are -important in 
that they will provide concrete 
evidence of whether PASOK 
and the KKE will be able to 
sink their differences — particu- 
Iarly over foreign policy — to the 
extent of presenting a joint 
Challenge taMr. Karamanlis. 

. At present, time .would seem 
tp be on Mr. Papandreou’s side 
iif. that there is a Steady swing 




in iiis •favour: to the eatient: that 
Mr;." P’apaudreou, who once 
seemed ’to be opening ...his%. -* 
policies: towards fte cerrti^ n'cfw •' . ■ 
appears -to .be waiting: forthe" 
centre to xonie- to him, ; , . 

But peirhaps' just ias crucial:^- - 1 
Is that- he is 12^ " years "younger^ . * 
than the. Prime ^Minister, >who-r= 
iS'Tl and -who has yet to’estab?- C. ' 
ligh an -heir. •: : . 

. Thie New D^ociucy.party :1s,.-', . 
■very miiclrlits . personal cieatioa i ' - 
and it is . .questionable .whetii^r :• .r •. 
it woutd sarvive his- departure J • : 

. Its leading. - , personatiti^- 
now Mr.' - Evafagelos' Avetof- ^ 
Tossitsa. Mr. Gearge-^Rallis and; if. . 
a forceful • newediher toi 'the-V: ' 
party," Mr -Oonstatitlhe .Mita?- ’ 7 .... 
takis.- ' ■ •- - •• 5 -v • - r>'- *■'. : ■ i V 

Mr. Averof-Tossztsa; who "has r v- 
been Minister Of ; Defence since- - 
th^ fall’of the juntii,.walkis' wia . - 
his. custoinary : Cat-tike , skill . . od* •' - .' ■ 
the - right' of the -party- . . 2 

Ballfs, ; a pdWet#Lft fignra wh^:ji" 
holds the reins ‘-pf'/ihe pSfty 
organisation,; ' has considerable - 1 ■ 
administrative; abitiQr ' but 'des- ■ : y ' 
'pile his impeccabter tonserrative 1 
credential th®™ ia'some resent- y > 
meat .within the party at sotne 
of the reforms he has hftny - ' 

' duced.' v ! • T. ' ' ‘ : 

. As fOr^Mr-'Mitsotakis.- driici^ v 
Tor his future- will be. his sue-. -I 
cess, at / revf vij^r : ,.the-j&aggibg' : 
economy; birt reyoi' if /herffler ; ^ 
ceeds In this" many ‘members jjfiy * 
New Democracy will still ques-y^ 
tion .the reliability, of thk’. 

; latecomer to their links ' an^ ^ ■■ 
who in the. mid=1960s.was taeifc^’:. 
opponent • - . . vCy- 

What happens to these wilt;.;, 
be influenced by the extent to; ; 
Whiet Mr. Kar a mantis tries thy - 




impose his choice on his partiq, \r 
when he either chooses to tal^vyaT 
a deserved- rest or. seek effectiohi f 
as President H&. closest advif-' - 
sew say that he is keeping. ' 
options ;open. Potentially ■ the. 
Presidency is a powerful posC, •_ 
even though its present incum-V. 
bent, Mr. Constantine Tatsos^ : -. 
has followed Mr. Karamanlis’s •: 
apparent wishes in pursulngv •' 
a purely formal role and has 
not even made one state trity 

abroad... ?.'i '.s~ 

Equally important for tfte =, . 
future will be the ; timing ^qf" . , 

Mr. -KaramanliVs next step.-. Bis ^ 
advisers say he does not- wi^L' 
to leave the. train until it 
reaches at least .one of his 
chosen stations ■— cbtaiding : 
Greece’s accession to the EEG ■ 
or resolving the problems with. 
Turkey over the Aegean or the 
Cyprus dispute.- And while these -■• 
are proving hard stations To 
reach, the once-distant chd- 
lenge presented by Mr. Papan- 
drenu slowly mounts. !?.■: 



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ONE MONTH ago. there was an i 
abrupt . change .among the 
personalities running Greece's i 
economy. In-place of his man- t 
darins-fram-tbe 1950s who had 3 
been - acting -. as economic < 
overlords, the Prime Minister. 1 
Mr. Constantine Karamanlis, ‘ 

brought in the forceful liberal < 
maverick^ Mr. -Constantine ; 
Mitsotafcis,' to head the Ministry 
of Coordination. As Minister of 
■Finance, he , . appomed Mr. 
Afbanassios Kanellopoulos, a 
lively academic who used to 
belong to the political centre. 

By entrusting direction of the 
economy to men from outside 
his own party. Mr. Karamanlis 
was recognising the need to 
give it fresh impetus. Growth 
is well below the rates oF 
the late 1960s. Private manu- 
facturing investment is lower 
in volume than in 1973. Con- 
sumer prices are rising at 12-13 
per cent, well above the average 
in the OECD; and the drachma 
has been falling at an annual 
rate of around 14 per cent 
against the currency of Greece's 


main trading partners. c 

Sir. Karamanlis himself j 
appears to believe that it is i 
not the policies of the past four 1 
years which have been proved j 
wrong, hut their application. J 
For all the Press talk of an i 
“ opening to the centre *’ there 
are doubts . about whether any 
major policy shift should be I 
expected. The Ministers them- 
selves tell visitors that their 
priorities are “puffin? the 
house in order " and. like int-ir 
predecessors, tackling Inflation. 
Despite their backgrounds the 
Ministers are preferred by 
industrialists to their predeces- 
sors. 

i The respected Athens economic 
i weekly ■ Oifcoiwuuicos Tolii- 
: dromos stresses the problems 
. the Ministers would nave in 
■ introducing . any changes and 
- also emphasises the role the 
t Prime Minister himself has 
» played In running the economy, 
i It sees three factors as contri- 
1 buting to the difficulties faced 
t by previous Ministers— the way 
s the Prime. Minister’s office has 


BANK OF CRETE 

HEAD OFFICE : ATHENS - GREECE ; 

CONSOLIDATED FINANCIAL STATEMENT 
. AS AT: -DEC. 31. 1977.. 

(In comparison to balance sheet as al Dec. 31, t976* 


ASSETS,; - 
Cash in hand and Banks . 

Govt Treasury Bills 
Securities Portfolio 
Loans mid Discounts 
Premises 

Furniture-Equipment . 

Other. Assets • - 

Our 'Branches Accounts. ' 

GuMjirtees Issued-'.' _ - 
Memo Accounts’ Assets ; . 
TOTAL assets " r . I 

-L I ABVL1TJE S 
Share Capital . . 

Reserves ’• 

Provision for depreciation 
• . r . of assets 

Deposits 

Due to Bahks-in F.CL - -i 
Margins- 8« 1-Customs Dues 
Qheque9 & Payment Orders 
Dividends Payabie;- ; - 
Other Liabilities • ' 

Letters bf Guarantee • ; 
Memo -Accounts Liabilities, 
TOTAL UABtUTfES 
Net profit’ forthe year 


31/12/77 
In Drs. 

564605.000 
' 531.350 000 

67.643 000 
T .306.009.000 

333.134.000 
1 2-836-000 

• 45.343.000 

L-%B60.9ep.000 
. .632.t84.000i 

[■ 1.11 1.t73.000 


31/12/76' 
In Drs. 


‘..Net 

increase 


251.990.000 
T 27.950.000 

21.258.000. 

640.161.000 

211.805.000 

7.611.000 
31.227.000 

6.384.000 
1%98.386.000l 
; 259.335.000 
v -471:738.00^ 
PQg9.459.0bO 


+124% 

v +815% 
+218% 
:+104% 
+ 57% 
-+69% 
+.*45% 

+'l20*> 

+144% 

+136% 

+127% 


often rejected ministerial pro- to 
pu>als: the international busi- is 
nfcSa slowdown; and the way that sell 
the* intuiise pnlilical impuriancc fan 
given in Greece's entry to the for 
EEC has "paralysed everything" in 
in the economic held. pei 

Behind all this is the rough as 
legacy that the dictatorship in 
bequeathed its successors. Four twi 
years have passed since the tin 
Colonels' junta Tell, but still the 
Greeks are having to pay the 0 f 
bills it left behind. sh 

The economy continues to 
suffer from ihe downturn it took p r 

even before the 1973 world oil 
crisis. It has to bear the 
massive millstone of defence 
expenditure needed to handle ' 
ihe confrontation with Turkey 
which the junta unleashed. ^ 
! Equally, after seven years of « 
L repression, the workers are P 
1 pressing their demands — while lc 
‘ industrialists arc only adapting 
5 slowly to the change from thu 4 

■ policed economy of yesterday to f 

■ the inure open society of today. . J 
1 But though the junta period v 
F cnmributed to the present acute- a 
s ness of many u£ lhese "problems, t 
~ jr is also tme that where the t 

structure of the economy is con- i 
corned the junta only i 
exacerbated existing problems. ; 
Today the impending accession i 
of Greece to the EEC makes the , 
facing of these problems 
increasingly complicated, crucial 
and overdue. 

This year the authorities 
expect GNP to grow by 5.4 per 
cent in volume — well below the 
7.6 per cent annual average 
recorded during 1963-73. the 
heady decade of the 44 Greek 
economic miracle." 

Last year growth was held 
back by a decline in agricultural 
output and by sluggish growth 
of manufacturing output. The 
Governor of the Central Bank, 
Professor Xenophon Zolotas, 
attributes the mere 2 per cent 
increase in manufacturing out- 
put to a slowdown in the growth 
of exports, following the slow 
growth and “increased protec- 
tionism in Western Europe." 
and to a shift of domestic 
demand towards imported manu- 
facturers. 


Worried 


31/12/77 . 31/12/76 Net 

in Drs. 1 .to Drs. Increase 

540 650,000 -378.576.000 + 43% 

240.760.000 93.799.000 +157% 


7.300.000 
1-.630.427.000 
l8ZifeT.000 
3Z8SI3.000 
’;ib9.227.000 
..43.252.000 
73 924.000 
Z860.920.000j 
: '632.184.000 

1,111 .773.000 


3.100.000 
669.998.000 | 

73.236.000 
- 24.646:000 

11.196.000 


TJ298.386.000 

259.335.000 

471.738.000 


■fin.iao.ooo 1 id.27t.ooo. 


+135% 
+143% 
+149% 
+ 33% 
+876% 

+ 69% 
+120% 
+144% 
+136% 
+127% 
+388% 


... , Aiheos* February 28m, 1978 


- \P. Diikdris . j. 


. G. Zquzoiias 

■ .General Manager 


pfflCE; ^Koml_^r.'; Athen5 l32 
^ ; ;T^- 324374Z - <8 aneay- T^ex; 4185 


In the labour market the 1 
high degree of self-employment P 
in Greece is reflected in the « 
way that underemployment ™ 
rather than open unemploy- 

I -.*ot has -been the main prob- p 
n. For their part tiie P> 

thorities have been far 
>re worried about the con- bi 
liring rise in prices. w 

In the year to January last b 
nsumvr prices rose by 13.4 
sr cent according to the offi- JJ 
al index, though the real in- J 
ease was widely perceived as t. 
gher. , “ 

Professor Zolotas blames the u 
;essure on prices on the 
scent housing boom and on e 
ie rapid rise in unit labour i 
«ts; the rate here is running 
c about 29 per cent per year. s 
e adds that 1 the persistence •, 
F inflation is to a large extent , 
ie result of the inflationary i 
spectations prevailing m the ; 
conomy. 1 

To .tackle this situation the , 
Ihvemznent has attempted to 
es train the growth of money 
upply. It has also begun to 
tress that one of the key ele- 
aenU of inflation is the service 
actor, “with its uncontrolled 
itfsribillties of profit,” as the 
lEmstry of Co-ordination saj’s. 
"Professor Zolotas points to 
ie mushrooming numbers of 
middlemen such as importers 
ind traders who are not listed, 
perhaps even by the tax 
authorities, and who are not 
interested, in productive invest- 
ment he says. It is these, he 
b&ieves, who are largely res- 
ponsible for the “excessive 
consumption” in boutiques 
and tavern as, let alone the pur- 
chase of consumer durables 
Such as cars which have to be 
imported. 

. - Behind this problem ue 
structural factors bound to be 
*9ected by Greece's accession 


to the EEC. One of these of the 

is the high proportion of —even 
self-employed and unpaid few Stef 
family workers in the work- of the , 
Torce. The OECD wriTcs that prove t 
in 1971 these totalled nearly 60 mal po 
per cent of total employment industx; 
as rcainst around 30 per cent ny. 
in Italy and Spain and be- prepan 
tween 10 and 20 per cent in ^infor 
the OECD as a whole. try. Oi 

Another crueial characteristic , n diisti 

of the Greek economy is the low piraeui 
share of manufacturing and the t hrce-fi 
high share of services in overall e mploj 
production. 

Mamifacturing accounis fnr pi a] 
around 20 per cent of GNP, 
which is lower lhan the share in 
, Turkey and significantly lower a 
than in Portugal. Spain or Italy evio 
= oi 15 years ago. The high un- meQt 
. portance of scrx’lces such as lhe 
\ tourism and shipping is dw- 
l crjbed by Professor Zolotas as a an „ 
\ “ permanent feature of the j mme 
\ (;reek economy since antiquity. oppos 
As sticb it is not necessarily a p 
j weakness hut it does mean that ister 
v. a targe trade deficit is a si rue- novet 
s. tural feature of the cci»n*»niy: sf . n ei 
c that to expand the economy a» a tu u 
it- whole it is nut sufficient l*» pmh' 
ly stimulate only manufacturing, r , 
s. a nd that marginal expenditure 
,n has a high import content. As 
one economist at the Bunk »>f 
,,s Greece says. "Whi'n we' take 
ial measures to stimulate our eco- 
nomy. it is the factories of our 
es trading partners which benefit.' 
up Such problems are aggravated 
by the nature of Greek manu- 
facturing units. From the pro- 
pi, ducts angle, Greece i> strong 
in textile production and this 
, ld would be a healthy sector but 
l a i for European protectionism. 

-v, But much recent investment. 

particularly by foreigners, has 
nt been in the field of mineral 
processing or “white goods. 

■, *; Such plants as Pechiney s Alu- 
minium dc Grece have relatively 
low local value-added and do 
not father ancillary industries. 
Equally, the white goods depend 
J heavily on foreign technology 
J;, and imports. The impuri content 
of manufacturing input* m 
“ general is relatively high. 

Greece still exhibits the 
classical attributes of a dual 
economy. Alongside the reia- 
tht . lively few large units exists a 
.i„ t plethora of small workshops 

the In l975 - 84 4 per cent of , h 

lent manufacturing units employed 

iov four or fewer people and 9- 
Per cent between five and nme 
the people. 

far These small units have long 
con- been discriminated against 
when it comes to obtain in 
last bank finance or official licences. 

13 4 But they survive. The Govern- 
offi- ment’s view is that their Jew- 
1 in- bility will preserve them from 
d as the chilly winds of unresirieied 
competition after the full dis- 
; the mantling of tariff barriers 
The This is due in 1984 under the 
! on existing Treaty of Association, 
ibour with the EEC. < 

ining The industrialists themselves 
year. are becoming increasingly can- 
ten ce C erned about the implications of 
xtent entry. A recent study by lOBE, 
»oary the Institute of Economic and 
i the industrial Studies, which works 
closely with SEB. the Council 
i the 0 f Greek Industrialists, stresseo 
id to that “The free establishment oi 
mney foreign industrial companies in 
™ Greece is likely to cause severe 
y ele- problems of competition for the 
jrvice products of certain branches, 
rolled _ _ Among the branches listed 
s the ar e food processing, chemicals, 
says, pharmaceuticals and many 
‘ts to household goods. Tlie study also 
rrs erf expresses fears about the obliga- 
orters lory lifting of non-tariff barriers 
listed. ^ trade. 

' Such fears are one of the fae- i 

1 “Si tors which caused overall manu- 
JL 31 facturing investment to decline 
f ’ in 1977 — and still to be showing 

Lsive o°ly few si - ns of recovc u ry ' . A 
tiques second factor has been the rise 
e our- in labour costs and the erosion 
rabies of profit margins from the very 
7 n S high levels to which industrial- 
ists had become accustomed 
m lie during the junta period. Indus- 
to be triatists have also been com- 
cession plaining at the “social mama . 


of the KAranmniis Government 

—even tf has raken onl >’ a 
few steps to correct the scandals 
of the junta period and to im- 
prove the poor safely and abys- 
mal pollution records of Greek 
industry. 

The Govemny-nr has nmv 
prepared a Bill sotting out 
reinforced incentives for indus- 
try. One of Us aims is tn spread 
industry outside the Athcnc- 
piraeus area where at present 

three-fifths of industrial 
employment is concentrated. 


Planning 


In general, such planning is 
still at a very early stage. The 
previous Karamanlis Govern- 
ment tabled the principles cf 
ihe 1976-80 plan in Parliament 
in June 197""- This was to be 
an indicative plan but was 
immediately described by the 
opposition spokesman. Mr. Inan- 
nis Pesmaeogh'ii. Finance Min- 
ister in the fir-ir p.ist-junia 
oovernment :-.s "a ...ik-ctcjn of 
'-eneralitics with I ? s 1 !*■ r '•!«■» - n*.c 
tu the vii :.! an-i nnu.cdLatc 
prob>eni« ’■•'■"•b 'be «.:•.•■*•■ 
r . - 


pennlc are lirina through. S 

The new Karamanlis Govern- l 
ment is now elaborating an a 
updated version of the plan -or 
the period 197S-S2. a 

With planning yet to be < 
forged as a weapon, the State 
continues tn rely on iis lra “ 1 ‘ : 
tional tools to ?nide the ( 
economy. Of these the bluntest ■ 

is taxation. The 25 per cent ^ 
share of taxation m total GDr 
is relatively low compared JJ* 
levels in the majority of 0£-LD 
countries, but what is particu- 
larly striking is the unbalanced 
ri-strihutinn of t&x revenue- 
Despite years of OECD uram- 
74 per cent of rax revenue -t:H 
1 come? from indirect taxes. in.s> 

: division hits the lowest income 
: croups hardest and means inat 
f fiscal management of tnc 
1 economv is difficult. Aitemp.s 
e at reform arc limited to the 
5 introduction of such reouire- 
e monts of EEC membership as 
VAT. 

a Equally, tax evasim is rife. 
>f particularly an-nr.-a in? 

:e employi.-d. Even the ptoi.i-jk 
M inister of Industry. -\>‘- 
...- M;r.' : ii.s El a :Vrr.:,-r •• 


Secretary of Finance, believes tl 
that it costs the state 25bn ll 
drachmas each year. n 

Such an amount would cover ?] 
almost half of this year's budget * 
deficit. This deficit, together 
with price support and subsi- 
dies and the losses of state trad- £ 
ing enterprises, was equal last ‘ 
vear to slightly over 6 per cent ' 
of GNP, according to the IMF. 
This deficit was as usual largely i 
financed by obliging the banks < 
to buy Treasury bills — a prac- ' 
tice criticised by the IMF not 
least since “financing of the 
budgetary deficit has con- 
tributed to nummary expan- 
i sion " 

; Such policies and the inevit- 
‘ able inflationary impact of 
t emigrants’ rvminances ana 
y r DU rism and shipping earnings 
s mean that inflation is hanJ to 
s tackle in Greece. In theory 
>- the state should he in a good 
s position to hold back credit in 
thaT it has control over banks 
responsible for four-fifths of 
j; commercial banking activity. 
>t Bm in practice ihe central 
r bank can find ii-'!F at odds 
■r tl bi.th The G rncienl and 


the banks, which it regulates 
through the Currency Com- 
mittee. Professor Zolotas has 
complained of the banks relax- 
ing the criteria applied in 
selecting loans, and credit ex- • 
pansion to the private sector 
appears to be running closer to . 
25 per cent than the 20 per cent 
set as the official target. 

However, the Minister • 
responsible for handling 
Greece’s entry to ihe EEC. Mr. 
Georgios Kontogeorgis, believes 
that the process of adapting . 
Greece is going smoothly. He 
savs that by the end of this 
■ year all the points requiring 
future action by the Greek 
authorities will have been iden- 
\ tilled. 1979 is w be the year 

I when the structure and tools 
of administration are to be 

® changed. He argues that while 
J some sectors such as agriculture 
j are bound to provide complica- 
“ tions the problems are being 
overcome. One of the changes 
J in hand is the establishment of 
a foreign exchange market in 
‘ which the commercial banks 

II will he able to deal. 

David Tonee 


vg-.yti. v v;v; 


■a ««, 0 thprvou’re flying a 1 ? 0 toCorfu ’ ^ 

direst to Nairob, most people 

OfSOfTieUIie^nP^' ... nrooro 


A: Airways; The onlyairii 

>. ■ ■ ^’'r "a ’ \ a \ / . .. =- =.' ■' ■ " 






Greece means not only marble, columns 
and ampboras . . . 


ODMPIG 








^iiil i i 




jmt 







JLO 


We're proud of our past. We're proud of our present tpo. 
Today Greece is exporting over S 2.5 billion of goods to 40 
countries. That adds up to a good bit of territory - nearly 
200,000 km - 146 times the length of Greece. 

In the past, our ideas have always been far-reaching. Our 
Ideas today are no exception. We're ™™'*™™** 
range of goods from jewelry to cement and our ever 

expanding industrial growth is putting °“ r ^ 

the map. All of this activity means humness today mQrm e - 
Come to the Thessaloniki |nternat.onal Trade F 31 r and 
let's do business. We've got all it takes for -a 
natianal business meeting. Two special days (Sep L emb-. 


and 191 for commercial visitors exclusively. 

from 40 countries. A wide selection of Pro^ums from th 

latest in technology to the finest .n P°^ 

location that attracts the best bus.ness minds ofthreeTOntH 

nents. And a holiday setting that combines the glory of 

times old with the freshness of a i sea I Thessaloniki 
You're invited... to see Greece todey at the Thessaloniki 

International Trade Fair where Greece means business. And 

ihe past is ever-present. 


Official Camer &M.YM 


43rd THESSALONIKI INTERNATIONAL TRADE FAjRW 


10-24 SEPTEMBER 1978 

Thessaloniki 36. Greece - Cable: FGInINT The.Mion« * Telex: Thessaloniki (41) 2*. Aihens 5604- Tel. Thessalomk, (03 


And the Middle East, Africa, U.S.A. and beyond, 
n a way that most people sum up in a word. 

O.K! 








'-■v'v+ 



, 1 

vVi 





ne 


Ux.-. 

y -,T i.v 


Telephone: 014937262. 
)ne: 061-832 5236. 
ne: 041-22. 5368. 
e: 021-643 3155. 


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16 



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a valuable link 
between three continents. 


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36 Panepistimiou Street . Athens 143 - Greece 
Tel. 3601-011 19. Telex: (21)9278 ERBA GR 


GREECE HAS always had the neighbour liable to seek external limits of territorial waters. At pbrtant in this respect than the'*" 

problem of just how forceful adventures to divert attention present Greece's territorial islands off its coast. BASIC STATU 

and independent a foreign from its domestic problems. waters are set at six miles. The M gnch 

nniinv a email m.mtrv can ... ..... Tiirte “! ^ arguments on sacu .Area (square miles) 


policy small country can while public feelings run high, Turks are worried that Greece oubteets are highly complex and . — — ■ 
follow. Since the Second orld j n government circles too there “if* 1 * e ** e . nd the limit to twelve n6r han«t less important- than the ^* pn * a ^ on 


luiiuw. omce me oeconu » ««« in government circles too there ™ twelve n6r h aT ,; ,ess important- than the 

War governments have sought j s grave concern for the future. n ^ es -_ Tlus would, they say, underlying fears of the two GNE. (1976) 
i to answer thi« micninn hv Jink- ~ . pFFprtivPicr nit t>,« u. i; n v, unoeriyinB lc<u “ . - — i > — h 


50,344 
ftl 7 m 
Pr 779 . 2 bp 
Dr 84,973 


cau 


■°/ 1 r W « r .. t ' h ^ Q . uesti °" To the West the Prime Minister, effectively cut the sea links be- putative allies. Turkey is con- ; Dr84J72 

mg Greece s fate with that of Bulent EceviL mav be the Ports such as Izmir and ZJZt As mav seek ^ 

withdrawsiJ fTfirn n ilitflrv T^ B s r P ohtic?anmS y ^d y 1o the rest of Turkey Fo/thS* t °™ d ^ 

withdrawal from the nnlitu> ^ able to ^ Cyprus £» be - they have told iiTthe Turks: It also Imports' “xl Dr22L8lm; 

wnng of NATO m Augics. l»/4 dispute towards a settlement, tte Greeks, a cause for war. a™^- that the dispositions Exports , ■- Briad fc 

reflected the widespread resent- b J fte Greeks S by NATO at the height of 

1 h * ^ n J e wh rivpit for presiding over the Turkish A aaopp , the cold war— Turkey being tol>orts tr0m ^ «493irti 

53?™:.^?*!^ - t0 occupation of 37 per cent, of the ALteSS allocated the Black Sea and Exports to; UK - £64.6bn 

L“ NOW a?t^ PHnfp Annistpr isIaild - There is disappointment The Soviet Union, which is Greece being allocated much of Trade “ - a - , .r~ 

5? 5^° “ nce ™* uith access the Aegean-need reconsider- ^ m rrr^g— 


m^ba 


Mr. Constantine Karamanlis. ZZ .Z r,7, ! — Imports from UK -£220.4m 

seeks to renair p r «i« , « ties oa CypElls made m March were from the Black Sea through i ng. ~ ~ 

with NATO Pa and tn insGtii- insufficient 1:0 allow President the Aegean, has itself stressed For its part, Greece has the Exports to U& ; \ £9S.8m 

tinnalisp it^ and s P ir0S Kiprianou to favour a the need for the Aegean to nightmare that, if its outlying Currency: drachma. £l=Dr68J«~ 

poUticL links 3 Western reconvening of the intercom- remain open. Asked about islands should become _ ^ 

Europe through membership' nf mnnal talks. And there is a seep- Greek intentions, the Greek surrounded by a zone of exdu- 


The EEC the nuhiir Her.nte on tical approach to the genuinely Minister m uerence, sax. si ve auxiusu Drocess 

the future alignment of Greece aggrieved protestations of the Evangelos Averaf r Tossitsa, economic influence, they would ^ 

is ^again becoming acute. - Turfcish f de ttat.tbeir proposal stresses: “In whatever case wither and drop into Turkish NA to 

PASOK, the main opposition ^e only a begmmng and are arises the communications of bands. sueeestions of Greece's ' 

nartv is raiiinv nn rrPfre to negotiable. any ships under whatever flag The Government suggestions . -- riaitknflair - 

follow the examples of. say. Arguably the Cyprus dispute between the DardtmeHes and e ° f responsible: for the junta irnd- 

Sweden. Austria or Malt3. The is unlikely to flare up and, by port of _5 em iff^iJJdenendent bodies Cyprus .dehade. lit. .. 

.. nt r.nuro hrinn +ho tun will be rejected bv Greece hands of independent DO.aies 


Defence, Mr. sive Turkish military 


Communist Party of Greece itself, again bring the two W1 “ P® respected by Grewe bands of maepe Turkey Papandteou is also arguing that 
would like to see Greece look NATO allies to the threshold of and ^ways be free. The bave^en rejected by Turkey. EEC Is little more thw. the 


WUUIU IIKU LU see Greece allies m UIC uubsuuiu tu . — — — _ ... . Mlnirtarc nf ulc UlU£e man ThP 

to the Eastern bloc. war. But it is a running sore Aegean has many Greek Bnaiiv met economic arm of NATO and is 

Such debate takes place which makes more difficult any "I 11 ? 1 h *? e ntfiits de- ?® soueht to notice that he^contests : 

against the stormv background attempt to tackle the dispute ® ned ^ international law but but the dia ^gue to ^ idea of Greece bemmingft. 


against the stormy background attempt to tackle the dispute fi ° ed interaational law but the dialogue eys gn the idea of Greece becoming the 
of Greece’s disputes with turkey, which now has more potential the . 531116 t®*® tb e Aegean L y tha a tenth member of the Nine. - . 

These are at present one of the for conflict, the Aegean. 15 an international seaway and T?* .{f,lv F °r it3 P 3 * Government 

determining factors in Greek Here the two countries are at “?J? e r t ^|j s ' between the Secretaries General P ressin & ahead with..seeking 

public life— and yet the level of odds over air, sea and land— ^ be res P ect ed by Greece. countries' Foreign “^“bership. It faqpes'tMs 

public information is not high, albeit only land under the sea. As for the seabed, the Greeks. MinisiT-iP* perhaps too high a , b e. by 1980, while the EEC Com- 

There is not one Greek journal- The continuing quarrel over cite international conventions level to into the techSTeol »*«-*&* »■ 

ist based in Ankara and most delumtanon of Flight Informa- which stipulate that islands details and too low ta find 3ar sement of the Community, 
of the news reaches Greece tion Regions means that the generate rights over their con- political solutions. Sig.^ ^ Lorenzo Nateli,- talks :pf 


through official channel:. The Aegean remains closed to inter- tinental shelves. The Turks. Greek proposals for a non- of Greece being 

picture the newspapers give is national air traffic. Where the basing their arguments on aggression pact has just been realised . by 1981.^ . ■ :/ 


consistently one of a troubled, sea is concerned, there is a equity, counter that the Ana- revived. - - , 

backward and impoverished potential problem over the tolian land mass is more im- The U.S. has valuable bases on JY! Oil VCS 

the Greek mainland and in par- - • 


A TltliT n 5^1 PHI n CT But fo? NATO and the membership will help preserve 

lijr UJL d'^^AXJL A A& Pact Turkey is strategically the- Greece:-; and, 

more important and the more fh® u Eb this is unspoken, 
unpredictable. One senior red “ C6 fiances of amfllct 
- assistant to Mr. Karamanlis, T^^ey- As su^. there is 

j 1 when asked if Greece might a tendency to underestimate the 

IT r - ^ I— ^ I — I f consider following Turkey's econom ?® consequences 

111 1; 1 ^ j 1 ' / \ , example of gently flirting with which entry will have, particn- 

B J Wk J y the USSR, replied: "But Moscow laTl y for ^ small holders 

looks on us as a second-rate and sm 3 ^^ manufacturing, tndts 
country.” And the suggestion which form the basis :of the 
that Greece might follow Mr, Greek economy. ■ 

DESPITE hurdles to be over- Greece. In fact, the Commis- points largely concern winch p a pandreou’s calls for a more While negotiations : now 

come with regard to agriculture, sion itself has described Greek EEC regulations should be non-aligned policy is countered a PP ea r to be going smoothly, 

the Greeks remain confident that agriculture as presenting “ a applied by Greece immediately the question of “How many : some pro-Marketeers ■ stress 
by (or at least during IPSO) the more serious structural prob- on accession and which sfaoiild battalions does the Third World concern at the way that 

country will become the tenth leni than those prevailing in be put into force progressively -have ? ” statements of political will by 

member of the European Com- any member state/’ Farm hold- during the transition period. In fact under Mr. Karamanlis, -the ■Community for the accession 
munity. ings, it noted, which are gener- which the Greeks insist should ' Greece has made some opening of Green are regularly accom- 

The political will of tit- nine ally small, are typically frag- not be longer than five years, 'to the Arabs and has initiated Panied by gestures in support 

governments to see a southward mented into ^connected plots: Full and immediate appMea- ' greate’f inter-co-operation in the of ^Turkey.- It is -of course a 

expansion, through the atces- this in turn impedes the adop- y on x> f principle of free Balkans.’ In_a belated response difficuit balance -which the Com- 
sion of Greece. Spain and Portu- tion of modern technology. move ment of capital., for to detente it is also about to munity has to strike ’ but the 

sal, is regarded as having beta Also, these difficulties are example, would disrupt tlie send its Foreign Minister. Mr. anti-Marketeers are. on the look 


ticidar on Crete— IsUnd ** Goverrmient^tiyes 
which potentially controls all are much .political ^as 


sea exits south from the Aegean, economic the belief that 


the EEC 


stated too unequivocally for aggravated by the absence of Greek p >vments balance. Thus. George Rallii. to Moscow— the out for a °y indication that the 
there now to be any question of 3 PP ro .P„ na _ l _ e „^ a .^ting facilities ^ free Lng-of direct divvest- first such visit 'by a Greek Greece s^ao^sio^ to 


turning back on economic and * in particular, an insuffici- menrs hv rodents of Greece in Foreign Minister * since the 1116 FEC ^ S at . il makes rt 1 ™ - 

grounds. But whether the Greek entl - v developed network of £EC iine ' mber states wJtl haVt li} Second World War. promises to Turkey, 

target of completing the sub- cooperatives. But its emphasis has been on . ^ Papandreous party con- 

stantive negotiations— the hard However, the Athens source tarklin^ itc nmhlnmc within th* tmues to oppose full or associate 


bargaining — by the end of this noted, the point is that the com- .ll fhc framework of the UN and in membership, and to press for an 

year will finally prove feasible Pkx pacKage of measures pro- JniSaS of dirS Particular of the institutions of ^reemeot with the EEC which 

is something else. P° sed for ** ™ ltCr ‘ ffaSSi bv S the WesL u - s - Administra- relates to groups of products. 

T-he Greek timetable, vigor- ranean regions of the EEc are moiSl tion ’s attempts to persuade Con- whjch would have stnct mvest- 

ously promoted by Premier b ® adopted first, so as tn form J®?* ^ ^ress to repeal its arms embargo mem tenns 311(3 whicb ' wo^d 

Constantine Karamanlis during the basis of the EEC position in “J. ; the t™*™* ° r on Turkey have' not helped the aUow Athens control over the 

visits this year to the capitals of negotiations on expansion W «™J accouxrts. government's pro-west polity, movement of commodities and 

all EEC countries except Ireland, soutiiwards. .. Clt ? -an exampto of a Bat ^ faafi made a num- capital. Should there be a 

would have the negotiations .. J he ° Jd Athens argument that pending point « the question ber - towards renair- referendum on this ? TheGm- 


wrapped up by the end of this 5 agricultural pro- .u. r ^vuvu.1 vi .^uruiud- jne ^ mUitary links with emment says no. witn tne 

year. Thus. 1979 could be de- dac J will "complement” those tion of an asset an Greece N aT 0. It is seeking the estab- Mi «kter handling EEC affairs* 

voted to ratification of the of the EEC is rarely heard these s-hould be regarded as wihoUy or ]ishment of a Greek conunand Mr. Georgios Kontogeorgis, say- 

accession treaty by the parlia- da * s - To ° ma °y o£ ar * partly exportahle-a sub- post in Larissa or Salonika ing that in view of the debate 

ments of the Nine and 0 f dearly competitive, especially ject tha.t axujmres importance in direct ] y linked to the NAT0 on the EEC in the last elections 

Greece, with full membership ° live oi!i fresh and processed view of soaring real estate headquarters in Naples This “ to some e-'rt 6111 w e feel we can 

dating from 1980. fru, !f’ vegetables and wines. In- values in Greece. wouId para iiel the arrangements treat these 33 a referendum.’* 

While this has not been ruled stead - Jt 15 now maintained— However, while it is not between Turkey and the alliance But the debate « not yet over, 

out by the heads of government ^ lth ?°™ e support from the envisaged that all points of this which come into effect on M<i ^ a war ^ with-whkh 

with whom the Greek Premier y°mmission— that the quantifies nature can be settled by the end .July I. The Greeks complain the EEC follows heated 


conferred or by the EEC Com- Involved are relatively unim- 
mission itself — and in Athens P°rtant on an EEC scale, 
the Co-ordination Ministry is B , ut «**_ certainly does not 
still describing the timetable as a ^P ^ .J® and Portu sal- 

"entirely pragmatic'’— there is ^ nd although Greece appears to 


CONTINUED ON 
NEXT PAGE 


that Turkey is filibustering their wor3d Greek politics. 


attempts to complete such 


a persistent area of doubt over 


have won the battle to have its 


the agricultural sector. application dealt with separately 

However, a vital step forward aDd firat ’ 111 aspcultiirai 
was taken last month when the sec o [ , at trie EEC will m- 

EEC farm ministers managed to pliably be thinking also of 
reach general agreement on the , -P ain and Portgual wlule negoti- 
complex problem of a ifediter- atin S with Greece, 
ranean agricultural policy. 


According to a well-informed Bargaining 
Athens source, this <bnnM make O O 


Insura n££h Don '' ^ ris ^ ,h ® vB °. 1 CO. (sutsldian/ofChut-b Corporation); 

■ in^uiancv in jr!. At jbu. univ a local!/- Assurant oeneraleade France WRlI 

m edsed organise lion fui J v undorsiar.ds and Union des Assurances do Paris IARD 
appreciates what is by Cromers llai.a Ass-curarioni SpA. Al MustaWal 

Cm h B<4i AwoikiA and dien.s.-snd car Qivtlhs same*. A^urance Co. SAL and United 

3>aUQl AraDSa- UCA-c^hlL-ned m AraNg in Commercial Insurant Co SAL. 

#|. M 1^^*. I -und * rA,r,1 ’ i 3,1 cl busmessin Saudi Tfie UCA organisation i s nrovvina 

tne local r* »» ^ heoa sn 

Li.Aar.T « general ur.de rv. min 3 tranchesm Drimman and Riyadh, and 

GXEl6rVS KlIOW agents In Saudi Arabia lor ihe insurance there are asswriaied companies in 
^ FooliwlheM«J3eE as ...PMn- Alheos. Amman. Beirut, HongKong. 

London. Luvembourg. Manila, Pans, 
Rome, and me United Slates. 


Athens source, this should make “ o 

it possible for the EEC Council If hard bargaining does lie 
to give the Commission a man- ahead, it will occur at a time 
date for the agricultural nego- when Greek agriculture is 
tiations with Greece before far from satisfactory. Output is 
Brussels “closes" for the sum- stated by Bank of Greece Gov- 
mer holidays. Had this not been ernor Xenophon Zolotas to have 
done, there would have been fallen by 4.9 per cent last year, 
little hope of finishing the following a reduction of 2 per 
negotiations this year. cent in 1976. And while this is 

A two-volume •* communica- attributed mainly to bad 
tion ” on Mediterranean agri- weather, structural problems 
culture from the EEC Commis- ar e said to have played an in- 
sion to the Council of Ministers, hfbiting role, 
dated December 1977 and Janu- A National Bank of Greece 
ary 1978 basically concerns the report, after putting the main 
Mezzos iorno region of Italy blame un the weather, refers 
and Corsica and the Languedoc also to " difficulties encountered 
and Midi Pyrenees districts of in the effort to restructure 
France, but is inextricably agriculture ” — baacaliy a matter 
bound up with the problem of of au-jtchlng to high-yield crops, 
eventual Greek, Spanish and promoting Jand consolidation, 
Portuguese membership. increasing the size of farm units 

Noting that the EEC par and improving the processing 
capita GNP is 2* times higher and marketing of agricultural 
than that of the Mezzogiorno, products, 
while the agricultural labour The ®wo reports, token 
Force in Corsica-Languedoc together, leave little doubt that 
Midi Pyrenees is 50 per cent progress in this direction so far 
higher than the EEC average, j s rauher Jess than bad been 
the “ communication " observes: f 0r _ While ttbe agricul- 

■■A southward enlargement of tural negotiations have yet to 
the Community is likely to b e gj ni the ground covered in 
aggravate the development oUlCT is vjewed ag 

problems of these regions. F ac iorv in Athens 
. in Th^ Coordination Ministry 


agem->in S?.u>Ji/irabia lor the insurance 
Fool ‘or the f/iidSie Easi itP.MEJ - 
comprising ih= A; s Ir.^orance 4 
Reinsurance Co. SA, FeJsral Insurance 


IMad etunmered 


t A ^rious imbalance in Medi- Thv coordination Ministry 
terranean agnculture, the ^ negotiations are "on 

Commission says, is illustrated ; , . „ h 

bv the excessive pro^rtion of «*?**. "** . 110 

labour involved in this sector, have ansen : “ du *? c * 

low labour productivity, the a number of “penduifi 

inadequate size of holdings. *lii! , to be resolved m 

low incomes and significant those sectors, HKludaag Customs 
underemployment. union, external relations and tie 

These strictures could cer- free movement of capital, 
tainly be applied equally to Uiroffioiai sources say Jihese 


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Financial Times Wednesday June 7 1978 


GREECE IV 



in a 


mood 


FEW COUNTRIES’ shipowners 
have. relied so heavily on the 
principle of the freedom of the 
seas as Greece's, but now the 
Greeks too are reluctantly 
accepting the reality that hence- 
forth they will be subject to 
increasing limitations both at 
home and abroad. 


PPositioa t 

P^blenT 

. a * £ 
innu; 
-batle. t 
11 sr 8ubt 

- N - a -T0 * 
31 h e 

c Govern 
1 *«h sett 
hopes this* 

the Efict 

*H>I« 

Ci'Quaaa- 

mi, 

.Greece t* 


lOiU'i meg 

P«>iiucd , 

■ : e!p c r ^ 
viroev^ ; 

5 *10£pi^ 

ICv* •’[ i,!*- 
' stirt dM: 
■A- 

: r-equet 

• pe* 

sfc 
l ci: 
; : -n% : 

iT: 

. • .'.tlai "a. 

ms: 



In part this is a consequence 
of the present shipping crisis. 
The effects of this are only too 
evident in Greece itself, where 
lines of rusting ships lie at 
anchor in the sheltered bays 
near Piraeus. So far the ««niy 
Greek owner to be hit severely 
is- Mr. Minos Col dco Iron is, but 
one leading owner says that i£ 
freights do not recover this 
year other owners could also be 
in trouble. 

The recent market improve- 
ment because of grain ship- 
ments could be only temporary, 
he warns. At present up to one- 
tenth of Greek 'shipping is laid 
up. Attempts by a body of 
owners headed by the Presi- 
dent of the Uninn of Greek 
Shipowners,- Mr. Anthony 
Chandris, to establish a volun- 
tary, dry cargo lay-up scheme 
have so far had little success: 
the Greeks had Imped to co- 
operate with Scandinavian and 
Hong Kong owners. 

Greek owners have been par- 
ticularly concerned about how 
to preserve their, share of 
cargos in a world of increasing 
flag discrimination over cargo 
aUocation. As specialists in 
cross trading — that is when the 
cargo is carried , "in a -ship 
belonging to neither the export- 
ing nor importing natioi&H-the 
Greeks are particularly vulner- 
able to the effects of- such pro- 
posals as .UNCTAD’s Liner 
Code. 

This code sets out to establish 
the principle of 40:40:20, in 
other words ships from the 
exporting and importing 
country each taking 40 per 
cent of any cargo generated 
with only 20 per cent, going 
to- cross traders. The possibuity 
that membership of the - EEC 
ewild protect .Greece from some 
of the WOrst cdnueqtwhces ot 
-such- «n>accwd. seem -to; haye 
persuaded : many -Greek .shjp- 
owners ithat they *wmlld- be 


better off within the Community 
— and the sooner they were in 
the more they would be able 
to influence any policy the 
Community might develop. 

The EEC Commission origin- 
ally rapped West Germany. 
Belgium and France on the 
knuckles for signing the 
UNCTAD Liner Code. But m 
recent years the Commission 
has moved significantly towards 
breadline the articles of the 
Treaty, of Rome which excluded 
the maritime sector from any 
common transport policy. 

The danger for the Greeks is 
that the EEC position on the 
Code is likely to be strongly 
influenced by powerful pro- 
Code tendencies within the Lnm- 
munirv. The Transport Minis- 
ters of the Nine an? due to dis- 
cuss the Code within the next 
few da vs. Britain is the key 
critic of the Code and is seek- 

in** a cargo-allocation formula 

which will limit the Codes 
effects to trade with developing 
countries. 


Majority 


While the shipowners are not 
completely of one mind, the 
majority view, expressed by the 
Union of Greek Shipowners in 
a memorandum to the Govern- 
ment this spring, favours mem- 
bership of the EEC. even al- 
though it argues that the 
Government is conceding mnre 
than is strictly required by the 
Treaty erf Rome on -such mat- 
ters as Greek-flag registry and 
coastal navigation rights. Also, 
it writes, there is “the danger 
of an exodus of Greek seamen 
to the fleets of Community 
Member states ." This follows 
the higher wages paid on the 
ships of the Nine; the Union 
hopes that the problems of find- 
ing lower-deck crews will be 
solved by bilateral, agreements 
with developing countries. 

Surb hopes from . the EEC 
partly explain the. continued 
buovancy of the Greek-regis- 
tered fleet In the year^to July 
1 1977. this rose by .45m grt 
to reach 29.5m grt TO* puts 
Greece' fourth behind /Liberia., 
Japan and the UK in, the world 
league .table and means its ton- 


■•'U r pm?' 

r levs 

, i i 

'. ,. «. 

i -j . 

.... ■■■ ••.ii'j?* * 
i i i e 

T’? 1 "- 

: - 

v - r - C ^ 
- i , ; sori:-' ' 

-.'n* - ;£ 

• " ■ tf 

... 


Si 


ESTABLISHED 1907 


nage is equivalent to 39 per 
cent of thai of lhe Nine. 

Thii growth has considerably 
strained the resources of lhe 
Ministry of Merchant Marine, 
whose registration procedure is 

cumbersome and slow, and 

whose staff, like its training 
schools, come under military 
style discipline, anti may sud- 
denly be switched from acting 
as harbour masters to repre- 
senting Greece in complex 
international discussions. 

However, the age profile or 
the Greek fleet remains prior, 
and its loss record distressing. 
Britain. Japan and Norway all 
liav»* 78 per cent or more of 
ilv-ir tonnage aged under 10 
years and no more Ilian 3 per 
com aged 20 years or more. But 
fur Greece the figures are 4.1 
per cent and 18 per cent. Wnp*o. 
m both 1975 and 197B ships 
under Greek flan accounted for 
about 7 per cent or world ton- 
nace but were responsible for 
one-fifth of world losses. U to 
such figures are added Greek- 
owned ships such as ihe Argo 
Merchant, then in 1976 Greek- 
owned shipping can claim a 
striking one-half of world 
losses. 

Accession to the EEC will 
require Greece to adopt stricter 
safety regulations. Already last 
month the Minister of Merchant 
Marine. Mr. Emmanuel kefalo- 
giannis. announced various 
measures to improve matters. 

Thu Minister was hopeful 
that the Memorandum of Under- 
standing signed by eight 
northern European nations 
including Britain which pro- 
vides for general surveillance cf 
ocean-going vessels calling at 
the eight would produce fc'**a 
results. However, it is only two 
months since the Minister also 
announced a six-month exten- 
sion of deadline for ships which 
had failed to meet the January 
1 197S deadline announced 

four years ago for the installa- 
tion of high-frequency angle 
side band (SSB) radio telephone 
communications between thip 

and shore. . 

Where pollution is concerned, 
Greece stiffened its legislation 
'in January to bring it into line 
with recent conventions liy ue 
UN body IMCO. the Inter- 
governmental Maritime Consul- 
tative Organisation. It is also 
setting up regional anti-pollu- 
tion stations to deal wi.b v.-«iat 
has long been a major problem 
in Greece, as the tar begriming 
so many Greek beaches bears 
witness. Greek owners complain 
that most Greek ports lack 
suitable slops receiving stations 
but are being warned That ny 
□ext year, on-board anti-poiiu- 
tion equipment will be neces- 
sary. 


Net shipping receipts, which 
include remittances or savings 

hv Greek seamen, totalled 

$972ni in 1977 an<i covered -me 
quarter Of the country's^ t - raac 
deficit. However, the OECD has 
calculated that in the past the 

contribution of shipping io 
Greek GNP has been less than 
would have been expected given 
the tonnage of Greek shipping. 
This point was laken up earlier 
this year by the opposition 
leader. Mr. Andreas Papan- 
dretHi, when he told various 
Greek shipowners .thai his 
party's priority was to bnost in 
visible earnings from shipping 
and noted that m the past these 
“had not grown in proportion 
to ihe huge growth in our mer- 
chant fleet." 

He also stressed the need to 
improve wages and working con- 
ditions afloat, though modified 
his party's pre-election stand in 
that he said there was no ques- 
tion of nationalising Greece s 
smaller shipyards. He was less 
precise over his aims for ino 
larger yards. 

One unusual development in 
Ihe individualistic world of 
Greek shipowners has been 
pooling of resources by five 
companies in an effort to cut 
costs The resulting consor- 
tium. the Hellenic Maritime 
Consortium, controls over 100 
vessels and has apparently 
received several other applica- 
tions for membership. But the 
yards have been going through 
a difficult period. 




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Plans 


In March, the Neorion Ship- 
yards on the island of Syros 
operated by the N. J. Goulan- 
dris group closed its gates arm 
laid off more than l,00O| 

workers. While the Govern- 
ment seems prepared to reopen 
these yards itself as a Iasi 
resort, it is waiting to see thei 
results of the interest shown 
first by the Greek owner 
Polemis, and now by a Dutch 
company and Clydedocks of 
Glasgow. In the meantime 
three smaller yards in the 
Piraeus area are reported to 
be on the verge of closing. 

Various plans for new 
yards have been shelved. These 
include the *135ra yard planned 
bv the Karageorgis group m 
the historic Bay of. Navarino 
and the $57m. yard planned by 
shipowner Captain Nikoalos 
Papalios in north-west Crete. 
Both yards had run into strong 
objections from conservationists 
worried at the progressive) 
spoiling of Greece's coast. 

By a Correspondent 


An up-to-date banking service 
With the friendly atmosphere 
of traditional Greek hospitality 

-Ba^ic « 30th November 197.7 

(In) Millions); , 

Paid^P Cap^'an.. Reserves DrST^SSS 

ToSl AssSand Liabilities *124.558 (S 3.440) 

FOREIGN EXCHANGE FACILITIES - 

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CONTINUED FROM PREVIOUS PAGE 

6# U “2f“ , ^ t ^ 1 he t r)SSS: ““part irom . degree of on 
pa ted that they can be per uanoinpas among certain pro- 
.& « slow me momenrnm o ha = s ^ 

the negowatioos. membership is opposed on 

details, a Coorsdioataon Minify ideological grounds only by the 
official saW 1 — eating p an helienic Socialist Movement 

matters concerning urew^s Mp ^^*.5 Papandreou and 
Tietations with Ww^ countri^--- ^ Qf the ^vo rival Greek 
could be left tor finalisation dur- Communist parties. Even if 
'ing the ratification process, o groupings held the 

possibly even later. support in the cities that they 

- '.In the meantime, _ a more received in las , year's general 
systematic campaign has been | eetions> when the EEC was 
launched this year to persuaae Qever a main jssue> ^ Govern- 

■ the Greeks generally, and the meQt w0|jld stin w in a member- 
farmers in particular, of s hip referendum hands down 

' benefits that will follow EEC provide( i the farm vote stayed 
membership and, conversely, of solid __though there is some 
■the dangers that would result anx iety about the EEC. 

from staying “ outside Europe. ^ has made his 

own position crystal clear: the 

famDai&D decision to seek full EEL 

VAUipaig membership “ reflects the faith 

; In a sense the campaign the Gree j- people and its 

not strictly necessary, since leadership iQ the concept of a 
elections are not due ior united Eur ope." 

. another three years and the Greecej he t old a farmers 
' govermnent has more tnan earlier this year, had 

t eitbugh votes to-push any accesr g fihoice It cou!d sa f e guard 
r sion treaty through the present _ tg interesls an n national mde- 
. Parliament. But there have been dence> and its democratic 
•- persistent Teports here that the tem through equal participa- 
government may not finally be tion jn a family of demncratic 
■™ able to avoid a referendum on European nations moving 
- Membership. 11 one had to be slowly but steadily in the direc- 
.=• held the farm vote would be llon of unification. Or it could 

■ decisive. .. .. follow “a so-called indepen- 

j 'The industrialists, for all the » p^y that leads to 
Initial difficulties they will face, iso j at ion, economic stagnation 

are adamant to their support of and incalculable foreign 

membership; they point out dangers." 
that, anyway, tariff barriers are Returning from his latest tour 

due- to be completely dismantled of E £c countries. Mr. 

by 1994 under the existing Karamaniis declared that there 
Greeee-EEC association agree- was now -not just hope but 
menu and that this date mure or actU al certainty " that in two 
less coincides with the likely years Greece would ^be the 
end' of the transitional period. tent h member of the EEC. 

Shipowners are in favour A policy initiated in I960 with 
because they want Greece to the association treaty, he said, 
have a weightier voice in W as now nearing its vindicaiM-n 
deliberations on shipping j n full membership. “ Unless 
matters, and say they are even i ha d been certain that it was 
readv to face the “ flight * of a matter involving the future of 
Greek crews to the fleets of the nation, 1 would not have 
other FiF-rf members That would persisted tor 18 years Jn this 
probably follow application of course towards Europe." 

‘^cipif™ °L ‘"S2S2S By a Correspondent 





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In the vanguard of the country’s 
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training sdiook. 

The task of the Manpower „£ 

has become more onerous and ‘ nor « “ up the 

evtra effort the Government is making io >peea up 

r.t:onnmic Cummumty. r..i-pmmenPs 

MEO’s purpose in life is to apply ibe r.uvernment s 

labour policies and make ihe best po. 

l “ U Bmh me'Sfsr o?Sour. Mr. Cnns.sn.ioe Ml 

tircece is to become = useful and product -ye member of he 
EEC. with skilled workers constantly avai.able to industry. 

training 

MEO undertakes to nay a wage and the social insur- 
,oce costs of workers aliendins ns training schools This 
Mean Thai a » ker can improve his skills w.lhnut loss of 
! ocomc At The same time. MEO can Bod jobs Tor ira.necs 
who'eonipleie us cur-es throoeh its nsion.1 offlew | when 
vacancies occur. This is a most useful service ... indosirial 
ucvelopmcm .Since il reduces um'Uipl'j.. .uen ' . . 

- TiiieralMiu ami prov.des imlusiry willl more skilled and 

inore prodiivTivc maiiiMiwcr. 

TIp- it-dmicul u-aiiviu’ urovsdvd by **-0 cnn " 

si^ls of ordinary snd a^raJ«d courts. The former 
:,re attended bv vanniaivr« heiv/eei ihe sgei «- It and IS 
nnd the biter 'bv mitillwl and unemployed workers 
i clwcen the aus or !* and 45 Tho nrfiinrrv courts take 
from 2 to 4 yesra awi-rthie io flibivci and the accelerated 

..•nurses take from t<: " months. 

TGS SCHOOLS 

Last year 2.-a t, n wnrkers unmpleted rhe nrdinary courses 
and 2J27'2 the accelerated courses making a total of 4,762. 


There are 11 centres with 32 schools tor ordinary 
courses as well as 19 boarding houses where ;- ,W 
sters receive free board and lodging every year. Another 
0800 persons are given free board at UEO's i hoarding 
houses. MEO doctors are in daily attendance and j>o are 
social workers to assist the youngsters with their problems. 

For the accelerated courses there are 7 'centres 24 
vocational training schools. 3 post-training schools mid 4o 
tourist trade training schools « hi eh were attend by 
ahnut 5 600 trainees last year. More than forty aiffereot 
trades are taught at MEO’s technical schools which turn 
out skilled fitters, mechanics, electricians, plumbers, 
tail ors and cutters Seamstresses, hairdressers, lathe opera- 
o s sa^ers carpentcrs. eoldsmiths.. shipyard workers, 
weldera!S technicians, dental technicians, caterers, etc. 

The courses consist of classroom as well as practical 
instruction which takes place in theschoolworkshopsand 
in factories under the supervision of experienced 
instructors. 

NEW SCHOOLS 

MEO's Training Plan calls for the establishment of 

new combined training centres for .hyocanonaU^nmg 
of adults berween the ages of IS and 46 and of youngsters 
between the ages of 14 and 18 in various Greek towns. 

TRADE orientation 

Another important aspect of 

SS S P ^!s u* Trade 

Or entafion Skives which offer such advloe freely on 
request. Similar advice is r ? upiIs at 51110 

schools in co-operation with their tether*. 

INSURANCE & ALLOWANCES 

up to a great extent the income thej would be earnin* 
otherwise. 

GREEK WORKERS IN WESTERN EUROPE 
Greek workers in West Germany. Belgium and 

advisory bureaux and workers to relax in Greek 

possible for emigrant uretK " ** . . 

surroundings and maintain links w * ' 

MEO also takes in 250 children of emigrant Greek 
workers evere vua? tor free vocational training at its 
"hts a" ^vitev another 1SV children to Greece for 
summer holidays with all expens.? pai 

SOCIAL MISSION 

MFO’s work and Its broader social mission underline 

the Toiitive contribution in ihe country's economic pro- 
cress be n R made by the Government of Mr. Constantine 
Karamaniis and bared on sound democratic principles. 






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GREECE - V. 


• -Financial Times Wednesday; June 7: 197g- 


- *** '- 




THIS MONTH Greece embarks autonomous unions which we eminent retraining prog Hmanfeb -Aii unpublished report 'Mj range of practices: whidi " it has - 
on a crucial experiment aim- fought decades ago." are criticised by both personnel KEPE. the State Centre for taken decides of practice for! I 


ing to replace confrontation b - v Such issues take place against managers and employees for Planning and Economic He- them to perfect,** or so claim- 

consensus in the field of labour a background of apparently low being limited in scale and search, estimates that between even moderate- unionists. . 

relations. Following EEC urg- unemployment. The officially efficiency. - 1970 and 1976 the hours worked ^ut the result has teen 'that 

ing. the Council for Social and registered unemployed total a Each year the Government m industrial units employing ^jj 0 ; European* Trades - TJaion.' 
Economic Policy is to start mere - per cent of the non- concludes a' general agreaiafiiit'-mWte than tert Waiters Cbilfe<feratimt';. ' 'fahiaQy -' : ' 

work. Grouping employers, agricultural labour force. But ^ GS £E (Tie Gi^ 446 per cent to .42.6./ These -sidered jiiusing to adeent tbe^' 

unions, agricultural and pro- m this sector, as m many others. tuC) -on the increase in the include overtime,- ; asVai fuH'menrber 1 ^zntiL,'i- 

fessional organisations and rep- Greek statistics are poor Last minimum daily wage. This jft-wiiife showing the downward : has ; ^stahli^ed ■■ 

resentatives of the State, its year th~ OECD estimated that effect ^abashes a . generai trend seem to onaerestimate m<)re demotlrsttSc lines' ai£^ : 
first meeting is to take up the only 1 J»ut ® n e-third of guideline which is nart£StaW- ; gM-' actual h arden on 

problfilQ of inflation- _ ’ inrnftrtflnt oTtran ihVui . LaikiA 'lo: practice- overtime is . often. ^ n ^fwvrithe- State” 


The importance of the ex- 


figures exclude many young 


important 


people. Underemployment is a 


number 


penment comes from the poor * £ - ** ■ Left-win- 301311 manufacturing 

rn e rre f P ^ ate nnH ab °th ^on.ste estimated that the n °J covered by umor 

nn ® fbe - unemployed and semi-employed It is through wage 


.t covered by unions' , ^ West European h6die$..detfifetfy 


K2KX ,e'r =5V tatSvS! fahour «“ <»--« ^ *£' 


banned, but since then the won- ““““ tried, to JaeWe thT iig g B!0 “ 

The National Bank of Greece Plaguing the Grecfc economy, ^as an example of :the 'atti- ’ menL ' ‘ . 

1 • 4nn recently received 13.000 applica- However, the annual negoifla- -tudes towards reducing the -Mr.- Papageorgion ' describesi V 
v.om man-nours Were JOS', in auu *4_„_ id,, a-k. rinrt^ lorf - - i*. hie-.T\rohIfem-a<r .hpiner T titv i.V, . 


Sp7Zr l?' er ! tions for 48U jobs. The level of tions have led to serimis etm- working week prevailing ‘ in- hiV-probteni-eas bfe>og/to.A*i^f} 

!!z!, */ _ ge unemployment appears to have frontation between theGevem. official circles, the KEPE report Government interfemice'frosi-'c: 

necaUSe or accumulated mis- ,n mant an.l tkA rcnc ■ T_ • , ^ T* - MW <rid#> »nd-'nd7 , rtr.1rrtprV<»Ti»T,-^V' 


C been relatively steady in the ment and the GSEE. The leader- - Is instructive. It suggests 

. 1 3 J’ ear haS Set- n O nn«t tht-k-M V-Parv In nait thic i c chin ft T ».V>i ime n-iirS— Ik- *4,- M.r- t-ha Ohnwh -Mlier from the Other. Thfi ODDfRititih '- 


1 24-hour 


general 


'Prieto past three years. In part this is ship of tins was originaljy tiie- state, the Chnrch and other froih the otber. The oppositidh s 

SI. IKe. l, lha -n'dilnKlo Inhanl* annaiMod V -A nl — — In nranant HaTTlRS SUDOOrf ' tttP fi HTai mrf 1 .' ■ 


fho unlversity Frenuentiy population and an increase in - i low income, to make good use -bas flie. backing of -the Caan^"' 

riashes^Fttn 'sS {h ~ numUl?r of - V0UQ S P^ple FflminaC - ’ - of toeix two days off for nrunist Party of Greece. • ->> 

tlS An zt ^ atIend » ,1 S s " h ° o1 and higher H-aiTimgS . /. .•... . -spiritual development, ‘ spo^; ^ < . "■ -v r; ; - 

ment hns not had t?- 1-icourse ed “ cati *“'. There has also been i n suc h circumstances the in-. .^"ration, etc.” . .'.V.'. • PKfflteR^LS'^ 

which it had last year to tell- 3 st ? aay !ncTeas,e 10 industrial troduction of any British-styje Where working conditions are. rw xnaini- w L j 

ing strikers toev Sad lien empioynrnen : m the year to .- social contracf iiito <&e?ce concerned, the ILO is Knowik 

drafted because of “national No ' emb "* by is virtually inconceivable, as' is to be disturbed, parfleniarly nt^ ^ " 

emergency,” and that if the v c « nL ,- These factory and a parily eoimission sintfar to the absence of any 

continued strikins thev would the successful Austrian practice., inspection mechanism. Each PaPggeorgiou argues r 


the police are brought in. with 


the number of young people 


ing strikers the\- had been ^ Rl P‘ 0 :*T ,enl: 1,1 lhe >' ear t? “social contract ” into <&eece concerned, the ILO is known „_T°f 
drifted because of “national ^ e "£f r * The’^faJtoK is v irtuaHy inconceivable, as' is to be disturbed, particniarly tit^ at 
emergency” and that i’ thev P5 r <-enL Th.ae factors, and a par ity commission similar to the absence of any effective . se P 3r ^ t 3T 
the reduction in the number of , h b c.^cf.,1 a,™™ unions. Mr. 


continued strikin'* thev would “““““ the successful Austrian practice., infection mechanism. Each. : 

r StTm uSr/ fc Instead, after the annbai con- between 90 and 120 people ^ ‘2? *££SB!SZL 


be subject to military dis- havc . 0U twei S lied the effects of 
cipline n law Greeks are still , bo ftrtraI fJ ; u ie m i sration 


*4jjlvuw, uic . aimuoA luu- .jt«u ucluccu jv uuu imu jjwvf»c - • . * _ ^ . .. 

frontation, which this year. saw died in factory accidents and M " s ^date if^memhem-T; 


subject to the jSE ^neral °* U,e a ***** -Sei^ .stS^-SPme S.0M peiplVT^d “ bi . 

Tnnhiii«riiin fnr nf lo : ' eaTs 19,3 5Zarch. individual unions .iteso- social insurance are vvoundL*d. loin thos ^e- But EsiiC? 


mobilisation for Cvnrus of SJr . yea * , Xareh. individual unions .Hego- social insurance are wounded. ^ 

1974 01 by«l.U°0 Greeks, or neariy one- tiate their ov*-rr increases. The ILO fears that as factories !? Y l °!^ nce .' ^^isSes^r.Qt:- 

quarier oi tne labour force. ^ Governor of the Bank 6T spread In areas with no indus- tb& recognised jimons -as 
r , Aru*orn t-migraicd abroad. In tne past Greece,- Professor Xenophon trial tradition the accident- toll representative ■ 

V^UIlvvlH yuars there has been a Zolotas. says that in the period could rise. It is particularly 117110115 ^ wWclt are far-. finrtl&yrX: ' 

The International Labour siual1 nel workers. ^ January to September 1^T7, concerned at- file' conditions in OT^ffieial tralods^:-. 

Organisation 1ILO1 ha- Pe ^f s . further slow nj 0nt jily earnings in rhahufac- the small units which make-up Militating against change is the;*-'; ' 

" . . : growth in Western Europe could T7irin „ n . ant . mar. the backbone of firair inHi,«frv way that finanang of the Creels - 


The International Labour 


expressed concern at certain T* V J7“ w— tu^ng plants employing more the backbone of Greek industry, way that financing of the GreeWr- 

Lpe^of recent Greik bbou? ^^J2!Sf,". l0 s ” t ?IL are than ten people rose by 19.9 per Mr, Nikolaos Papageorgiou, ■“»« movement : passthrough;-; 


aspect of recent Greek labour , r. j* . r • %«. tuan ten people rose by 13.8! per Mr, isoiaos i'apageorgiou, . 

legislation. Its latest mi<sion to l« r ® e .' dl f C0l,nted m -M nei1 ^ cent and monthly earnings in head of the GSEE, complains -J 1 ® hands of the -Ministry'. of , 


legislation. Its latest mission to ; , ° « .t: . cent and monthly earnings in neaa ot me complains , U1 .-«nuiiuys«. , 

Greece is known to have been lIani of lhe ' yea who returned reUl y trade rose by 20.7 per that until now safety retjula- Labour. and oniy unions rerog- 
disturb<>d at working condition*) Utfrc 0V t r ® 9 ', an< ^ l ^ e cent. A confidential report by tions have not been enforced, raised . by the; GSEE. receive 

SrtiSSrlv Tn ^the small units r ^ U 1 a ta ? e propo ?°“ advisers to the Bnk of^Greere- The -Ministry of Labour, last -r^!. 

which provide the bulk of IT'lrf 0 I;a “ e back shows that wages and salaries year doubled the number of its The ILO and the-Intemation*- 

emplovment in manufacturing: i" • • .u,. rnse 25.3 per. cent in 1976,-and factory inspectors, but the. ILO Confederation of Free Trades 

at the inadequacy of safew con- ;* n J , n 20.6 per cent last year; it fore- team recently in Greece was Unions has long prised "for-- ' 

trols: and at the considerable , ,1 m d thl 3t . f 1'^^! cast5 ^ey will rise 21 per-cent .struck by the way that not one 'changes in this system; - Last 1 


trols: and at the considerable “T ,1. u 1 casts “ey win rise 21 per cent : «tuck py tne way tnat not one -changes in this system. L»e 

degree of State influence over "t. . ra f‘; q ^ e ‘ lo f. ed , this year. . ■ .. : 'factory 11 saw employed- a year the Government passed r: 

the finances of the labour move- obta,nc ' tl l° bs but that the The banning of strikes during doctor. law confirming the present sy£- 

ment. women were ot ten hindered by the junta, period was accom- It also believes that the -tern, although it claimed it gave' 

Critical to this is the whole 01 e ,3ck t,f facilities such as panied by a pronounced shift Ministry does not vet -have tech- priority to encouraging unions ’ 

question of bud dine an The sun,-ey also found in incomes away from labour nicaj safety personnel with the and employers, to ^ make: other 

independent union movement in lliat a ^a-f ^ those who and capital to mixed incomes, right qualifications, although . arrangements such as the check 
Greece. Long years of cun- burned to Greece wished to The OECD writes that, even there are hopes that a new bill off -system. - ' ,/ ■ 

tinuous Government interven- re-emigrate. Their complaints though the weight of' Salaried being prepared will help to A , ' - pr _: no ; 

tions in Greek unions have left included conditions of work and employment outside agriculture improve this situation.. ; .. “ n - JJJ g 

their mark. European unionists the lack of full social insurance has increased (from 28 ■. ••• . & to nra’SsL ft 

say that .he Or«k.^„r move- in Greece 

ment “is today fighting ihe Lnemplo\vnent benefits, for ® n . d W'-f'.J** s °. a J®. in . \ tertPd tradP uninn^ Howewr 

same battles for' Tree and instance, are limited, and gov- h ^ tisen very litfle:- The persistence i of such 

° that profit levels seem- to 'have ^errre -reflect^ the wav "that' the «*.-eaBmarea ^wtwexRer^werer 

been very high in the years Greek trades union. 'movement ffijJfJjL JSL, "SJ 1 ?!! 

• -3 until 1973 and tfie subsequent has long been the weakest in 

J . i ^ ^ . A increases in wages have to parliamentary Europe. For long cpbrts are not l?nown for.tlwr 

B 1 1 'll O % some extent “ reflected -'a be- -years its leadership has depen- | yD lS-? y £ ° r i b ° U fLfS V1StS ' 

I ISlIIJliJ 1 C i lated catch-up on the* earlier ded more on tiie goodwill of 6 one court Jjded that an 

KJ Ill W4- JL 4^ U %, XJ distortion." the Government and , be. labour ^PlO-V^wasjustified in dis- ; 

Industrialists, however, have section of the security police missin S 20 workers who had set 
been increasingly disturbed by rlian on workers* support. When JP-. * ? Iant J*" 1 !? — , ey ,• 
0-0 the post-junta emergence of the Colonels came to power in *fN®d notify the ^nployer of 

-fl U -SS^'W- T labour P ressures - Aparr from 1967 they closed down over 100 1 J 'f !^L roc h Wrt 

I T1 M I I CT a \ J being concerned with wages, unions and " arrested their w .?£S h Ji dlfw-SlII 

II I 'Ll 1 I V these pressures have also been leaders, the head of the GSEE cn ^ c ^ ed by WesternJ^bour ex- ; 

AXAVf T directed against the length of sent them a telegram of con- pert * « Polarising -the labour 

the working week and working gratulations. scene, nut this summer these 

conditions. Today the leadership appoin- cr *!!®L b ,^ ve ^ nd ®° me nnex ' 

GREEK DiDUTRIALISTS bo- ticular: inflation, low invest- While the EEC is seeking to ted after the collapse of the nlfdiTectols ^^oV^reek 
lieve tliat. in the long run. the meats, slow rale of increase of ^ lhe i Wwur week estao- junta, remains in power, its SmSSes are tiiat 

country's accession to the Com- exports, low productivity and I ' shed as hc norni in ureeco appointinent confirmed by elec- fr? s P the Gore eltVmra ii- 

mon Market will fie mutually an oversized nufili.- wmr il was ou *y in IB* S -That the tmns. But the honesty of These . . _ _ s . J 3 .' 


TRDA 


;SK FA 
'THE ! 


mon Market will he mutually an over-sized public sector. “ was . ouly j ,l,e , ns : But the honesty- of these tervent ; 0 ns which have imueded • 

beneficial to both Greece and the These problems, he said, could fi , rst slr ? s were t0 J red “^ ^ lectlo ° 5 h * s been challenged +hp m!wth of rniXt? to? 

Community. This view was ex- be snccessruMy tackled if pro- the working week for industrial by both moderate and left-wing unionSm^nd h?ve Soed tb! ’ 

pressed by leading represents- per policies were adopted for employees from 48 to 45 hours, unionists, who have filed fre- 11 

lives of the Federation of Greek expansion of nasic productive lnr t " ,vd setvsfits the week has quent_ complaints to the ILO.. 

Industrie* at a recent meeting sectors, promotion of exports. * on " averaged 3i.5. hours. Their ~ complaints cover a 


militants. 


FOR DETAILED CATALOGUES AND SPECIFIC OFFERS 
PLEASE APPLY TO: 


yiohalgo-export ltd. 


of the mixed Greece-EEC Parti- increased productivity and i 
amenta ry Committee in improved public services. The 
Salonica. industrialists, he added, were 

The Federation, in particular, aware of their responsibility to 
bas sought to allay Community increase productivity and 
fears that the development of undertake, in co-operation with 
certain industrial sectors in the Government, the readjust- 
Greece will create competitive ments necessapr as a result of 
conditions for similar sectors accession, particularly In regard 
already facing problems in the to modernisation, reduction 
Common Market For instance, of costs and revision of the 
the Greek textile industry ex- tax structure, 
ports mainly cotton piece goods, . 
made entirely of Greek cotton. fTripr«fl]]p|- 
As such, it can only be compli- 1 h-uuxiwi 
mentary, rather than competi- Meanwhile, the new Minister 
live, to corresponding Com- of Co-ordination, Mr. ConsLan- 
munity industries. The Greek tine Mitsotakis. is establishing 
.shoe industry', too. represents a friendlier relations with 
small percentage of EEC out- industrialists. One of his pre- 
put; besides, it seeks to cover decessors had at one time been 
the ground among traditional accused by industrialists of 
labour-intensive sectore report- “socialmania.” The new 
edly being gradually abandoned Minister has expressed himself 
by developed economies of Wes- in favour of private enterprise 
tern Europe in favour of high- and made it clear that the state 
technology sectors. Similarly, does not plan to extend its 
the Greek iron and steel indufi- control over the economy. In 
try is relatively very small and fact, he suggested that this con- 
caters to the local market, trol might even be relaxed in 
presenting no serious competi- future in certain fields, such 
tion to the EEC giants. Finally, as by handing over to private 
the Greek shipbuilding industry ownership certain industries 
is engaged mainly with ship- now controlled by public 
repairs at present and relies on agencies, 
the country's important mer- The Bank of Greece annual 
chant marine. As such, it cannot report revealed recently that 
add to the problems already after two years or relatively 
faced by West European ship- rapid recovery, industrial pro- 
builders; on the contrary, duction las well as new 
Greek accession, by bringing the investments) slowed down 
Greek merchant naw to the appreciably in 19# i. Manufac- 
EJEC fold, might even be of luring output, in particular, 
benefit to the European ship- grew by only 1.5 per cent, 
building industry in general- compared with 10.6 per cent 

The new president of the 111 1976. A decline in output 
Federation of Greek Industries, was mainly noted in industries 
Mr. Dimitris Kyriazis. said in wh,ch ha d achieved a reinark- 
a speech recently that the able export performance in 
country's rapid-rate develop- previous years, like basic 
ment can only be attained by metallurgy and textiles. The 
private initiative, amidst local weakening in foreign demand 
and foreign competition and * s believed To have played a 
free market mechanisms. No leading role in slowing down 
centralised, bureaucratic State output growth, 
mechanism, he said, is in a The slackening of investment 
position to make the economy activity, which coincided with 
function more profitably than the expiration of previously 
private enterprise. existing legislation governing 

Mr. Kyriazis listed these incentives, led to a wide-scale 
problems "facing the economy revision of the entire incentives 
in general and industry in P*r- ayslem earlier this year. 

CONTINUED on next page 



SARACAKIS BROTHERS S.A. 


A MEMBER OF THE SARACAKIS GROUP OF COMPANIES 


ATHENS -GREECE 


: i '*£&**'*■ ’--H. 

^7. -* ■■ v ,4-r^ 




mm* 


MANUFACTURERS & EXPORTERS OF BUSES, 
BUS BODIES, COMMERCIAL AND MUNICIPAL 
VEHICLES AND REFRIGERATOR TRUCKS 


71 LEOFOROS ATHINOH, P.O. BOX 5200 ATHEN5 - GREECE 
CABLES : SARACAL - TELEX 215420, 215988 PH0HE : 3465321, 346701 1 


19 


^78 


-Financial Times Wednesday June 7 1978 


GREECE VI 


vhlc K 

r ***; 
,j nists.^ 

»l3aU s * 

" S?' 


Oil exploration 



e ages 



IF EVEB.YTHWG goes well. and extracting pi 1»* the carry out oil drillings in four merit of Do lSjln 
the first' Greek oil will start crude delivered tor 

gushingr . forth early in 1981. drilling and production offshore encouraging 


(?4.36hnl Mr. Evert says solar energy 


ry out oil drillings in lour mem ui that cannot seriously be ejected to 

the first' Greek oil "wifi start crude delivered to it from four regions where the™ hate been s 7 Tbia <S3-44bn> will have cover any of Greece's energy 

losfis and a sum of Drs 360m lo come Irora internal and ne€ds lathe next decade. When 



will cover 


he took over his present post 
last November lie thought he 
would set a good example by 
having a solar energy unit :n 
an which is now economically com- sta ji e d on_the roof to power his 


age woo 

it 


iresent 
ersat 


rRh ' J ildi^ r 
,Jn i0W 


.rea T mOO square miles in- petilive with uil-to at least ministr y He says the plan was 
k„,..-<J.v. the 9.hn tons. Drmci oally located at abandoned because of insuffi- 


'° u to 

ieiTr> 


The 


Prospecting 

urea of 3,000 «>»*»- «****— — ■ . .. 

2S2a *5 'K? “or?.' KS'.T Northern Greece S i...m..i.n„ technology 
the island of and Megalopolis w the Pelo- in tbifi field as yet. But plans 

Cephalonia and the Western ponnese. But the PPC estimates are under way For an expcri- 

Peloponnese, off the Pelo- that 
ponnese coast near Katakolon, 


'Dio 




-«ect 


•; :a f *s* 
numb- 




i'cj'ji 
■ I..,-., 


:oua.rp 
:Wr «e nj? 

ir *- Bur tj; 
nngr 
K ‘, 

: :r ri r 

Clj;- 
?” JP - 'a 
-• >f :n® fa 

tVtt 

• Mniiat. 

k 

ff?SE m, 


['■-xsx 
’■'* Tx 


•' :2b- 

rv:, 


imports bill, which last year lines. About $60m . 
reached $77 5m, accounting for win be for the drilling or -W 
12 per cent of Greece's total production wells; 

““ports. By the time all this happens. 

-Prinos,- ■ the ^ petroliferous the Ministry of Industry and 

basis in the offshore area of Energy should have a fair idea juju ^ r 

the North Aegean sea dis- of the amount of oil, if any in p f M off ^ p e io- that within 30 years the ment in which the entire needs 
covered by a foreign consortium other parts of Greece. nonnesc coast near Katakolon. known reserves will have been Qf a village in Crete w.li be 

late In 1973. had originally held up until the Arab oil-produc- J nd !and in ^ rectangle used up by the power siauons supp ij e d by solar energy. The 

out the: prospect of self- j'n* countries imposed the forraed by the towns of Pyrgos. it intends to mstal to cover cxpe riment is part of the effort 

sufficiency . in oil. and petroleum 5 t eep increase in the prices of Am a ii as \ndravida and Kata- the growth in consumption. being made by the International 

products by -the- end of this oil> Aegean had remained kolon _ ' u n | ike Prinos, which Energy Agency c lEAt to te*t 

decade. .,. It also sparked the virtually an uninteresting pro- is on a contract sharing basis DpoptnrS the feasibility of alternative sou 

controversial: dispute with posilion- over -the years wi|h the u e nUon consortium. IVCdituu energy options, 

neighbouring Turkey over ter- several foreign companies had getting something like 30 per Mr. Miltiades Evert, the p re u m inaiy studio have a! 
ritorial rights to the potential found traces of oil but decided cen j 0 f the oil. DEP intends young and aggressive Minister rcad y been earned out on the 

mineral riches of the Aegean jjjgy were not commercially ox- l0 contract foreign firms to ‘ 0 f industry and Energy. |j kc jy location of the Milage 

seabed. ploitabie at the prices prevail- earry out th0 drillings in the believes that nuclear reactors Thcse indicate that ihc choice is 

Five years and 'many drit- ing then. In fact, . the oil from j on j an sea on its behalf, as it arL . the answer in Greece s sll j iab ie and allows agricultural 

lings later, it has. become Prinos, whose importance was did with R 0n] petroI. long-term energy needs. Des- act j V jties able to support the 

obvious that the. great ex pecta- " magnified for reason of pres- 
tions were not justified. - Pro- tige by the . military junta then 

duction from Prinos is now in power, is rich in sulphur and Pag rr w „ 1U r IIWW — - 

put at -25,000 barrels a day. may have to be exported if it , o; Service lnc 0 f ties with respect to nucieat lhrough so lar energy. In addi 

about half the original esti- cannot be processed by the Scmce fueJs> as we u as increasing "ill be a solar- 

mates. This will cover some existing oil refineries in nc oiit gealo-ical and geo- international public opposition powCred electricity generating 

U25m tons of Greece’s ‘needs Greece. nh^sicaf work on land 8 in l® this energy °P^ n ' J 11 * Jiant. Research so far has been 

in crude oil and, at today’s : ■ ! eastern and° wostorn Greece. M.nisw is '“^ ln - D ‘ 1 r , ’ e h ' d s( , wll a h r funded l=.v ti,, Unuod States 

prices, save the country over OhvmilC L „ P^ns f °r the . pu ™^ f l which is supplying -a per cent 

5100m a year in much-needed wUVlUlla Meanwhile, the Government Greece’s first nuclear plant. A ^ tbe cost Wlt h the rvmainin 

foreign exchange now spent on From work carried out so far has stepped up efforts to re- foreign company wiH be can cd cent comin ., fr0JI1 the 

oU imports. But it represents i£ bSrne^rious' that the duce the dependence on in s00 n to draw up the specifi- 


us now. 


Pericles. General of Athens 450 B.G 


j„ ,. n ^ Bn riiinn with Com- P» lc such factors as the escalat- itlagc as an economically viable 

General" de ™o- ^ «sU or nuclear reactors. ^ h u U >eh..kl energy 

G of ^ France and political and cconomic difflcul- ne(?ds are to he met whole* 

the Geophysical Service Inc 


o draw up me speem- N£C Th(? at . lua) cons truc- 

of ._ lh !„,J n L C .. r r, al ! 0 0 ?r tion of the village is expected 


only a small part of consump- Aegean seabed is fragmented imported oil as a major energy cations 

tion of petroleum products because of innumerable geologi- source. The future develop- tender to be held next j ■ b financed by various inter 

which is expected to rise from X Txptoitation meat progrmnme ofthesUte- Meanwhile thejearchforthe W organisallons 

the present 9m tons to about J 1 “ Jd deposits there diffi- controlled Pubi c Power Cor- , ocalIO n of . As the time draws closer for 
30m tons by. 1987. . ... Stt if not commercially poralion WC) is based on the uranium in Greece uitan. MWi * fu|J £EC 

Getting the oU out of the unsound. Recmt driUlnp and fnr el ectrk*itv and the !S ff en s iEna in Epirus, on the member. Greek policy on crude 

coast 

will require an investment sompetroi, wmen w aouiauus "- ni T also the « .v. 

estimated at $180m. The North for oil in Jdie *S|" riv “ installation of ' a 600 MW A n Sl ft l£r “''eneray^'is purchases and the freein 

Aegean Petroleum . Company estuary, north entire cycle of 


Greece 

P«?U U wloiSigTt Mmbu'SonS'by^^an ““ r d ““ f0 ” le '| ri ^ ni “ l1 IomL oilTv-ill have ,o be revised Cov- 

north of Tbassos, on lnrt.ll.tlon _ of • MO MW (owa , ?nfire Sele of scquisiSon 

y 1987 ‘ also discernible ui _ this years n refinin ., and distribution 

the consortium" of four foreign Public Petroleum Enterprise This year, oil will cover 32.i annual report of the wauonai to he relinquished. 

SmSnieT led ^ Deniwn (DEP). have shown that the oil per cent of electricity produc- Energy Council j NEC). Never- wm 

Mines of Canada, has aarigned shows 


(NAPC), acting as weritorof bSSf'oTthe MatejratroHed muteu plant by 


wrvci - have to he relinquii 

found at a depth of which will total 19,100 thel ess. alternative ^ energy JheEEC for- 1 


signed shows founa at a tion wrnen win ww mvidh. - r- Ener gv has asked the klu ior a 

the job of ratting' up -the fadil; 1S.000,. feet . » W w » rth GVra._ Ugrdtt will be^uradjor five-yeir period ot gr.ee. .Her 





to 


:m c-. 


prCfli-I 
-.. i.l*; ktfl 
- •:? How 
•.* tittVttSW 
ippuc 

fVi’.jCr. anli 
c for •£ 
rtbour anus 
.■j rjied 
r fil'd i2l 
. hsis 

.-.n 3 ; . :ney- 

lT.i - tf3?teK- 

:i?vc 
-rr lib:® 4 
i.n; LV H- 

, r .-i sjae®’ 

r.:^or 
-.::u:"r 3 
. — j Ort=‘ 


ties to Fluor Corporation of exploiting. a further 54.7 per cent ana NEL for serious cm ■ ■ Greece - fi aCl . e s5ion. in which 

California. '. With the Easterh^ Aegean water resources for the remain- The three main ‘ ® l * e adjust pre seni procedure. The 

The project, as approved by enmeshed In the Continent^ ing 12.6 per rant sS.nt d5raertie deposits of proposal la to free 20 per cen 

ofe ss rz OE the Gre ma 

west of the Island- of Thassos turned Its •%**?.&** ^.^MW70 WRtt N . J. Michaebonl 


Greece and the Hellenic Isles. 

They're closer than you think. 



01 cue isiaaa-u^ Tonlan sea and the Western share of cru de oil will have Macedonia, are sufficiently ex- 

of a maiHnade ^and ^^ SSlnSt 1W hasten s b h e f n e reduced to 17 tensive to fill the energy gap 

wiU carry . . mam. ^a- approval to ^r ce ”. that of lignite will into the next century but, ac- 

tions for separating the sulphur given ,. £ a J e Aroused to 70.6 per cent, cording to present estimates, the 

while- water resources will cover cost of large-scale use ot peat is 
11.4 Pfer cent The nuclear prohibitive. In fact a deal with 
nlaht, planned -to he on stream the Soviet Union to construct a 
! Fate-in 1987, will cover just 375 MW power plant for the ex- 
1 wr cent • ploitation of the peat fell 

For th* decade 1978 to 1987. '^““f^XXore^rts’sh" to 
the PPC’s prosramme.M^ ™V?he post for use as raw 

5 i ?. 4 come S£». m.S 5 J 2 SST 5 S 

?S ASSfSflWrtS C V ever?”S P^-uomic 
M MW tSm ally competitive in the future 

^“cleraraartSr. P™ >” d . 1 Borenm, “ t 

gramme wUl require an invest- revise its policy. 


GREEK FARMERS 
IN THE E.E.C. 

the .Su^ce to Common Market 

- c= 

- S TZTA -apreneur as. Is the 

r J. • -'case in Western Europe. . 

, . -bek-iSkA: 

P.j live In '.rafr'and ha* so far performed an 

1 - OGA.wa* , n torder to understand it better. 

. in ‘ 0 ®™« dvent of OGA there was 
one-aMottld _rea»isew rfa* '.bef - T^ were abandoned 

" no tonic prmecoon^r form fariner m «iu unemployment 

to dieir fee. T s f amUy. Sickness created problems 
' and tragedy for hlip and h'® t ^ flf bis property to pay 

. .. of survival and: exploitatKmj^ could result in 

for medical .«W s tJ ®*gS' °J it z up to remedy this 
.r..pMqiT»w^*Sgj& r ? historic landmark to agricultural 
situation -and consttnMes destitution, assistance to 

r -.St**** lhuta-8 the 

aUtho “ 

. ^ /iVfio jKSsloff rhe laiidt - f y ‘ --- ■ - 

- S"”-* r* 

oi3A today * ' r 


advertisement 


NEW DEVELOPMENTS 
IN THE 

ELECTRIFICATION OF GREECE 



St Spa 


ij * *’ 


S.A. 

sanies 



■£$, 

iPAk 


% 


j CONTWrep FROM PREVIOUS PAGE 


^though the relevant legislation Major industrial projects at 
^ parliamentary present under way in Greece | 

p include a petrochemicals 

approvaL_ s being established by 


A Broad Expansion 

up to 1987 


Programme 




course nf ihe 
far has been ihe 


in order to stimulate the complex _ 
moderUbmtion and development the GovernmenwoutroUed 
of industry, the new incentives banking c °^ or ^ 
scheme provides ' for direct mdustnjl and Mmi 
coverage by the State of part ment Company (ELEVMhJ. 

of fired luvestiieut Estimated to take five years to 
•i— L-tn, cjh npy cent in certain complete, this complex will 
a tSLH ™« - centre on an ethylene steam 

tui bT refunded to the cracker unit with an annuad 
State at the rate of regular production capacity of , 

a^reefeion of fixed assets two tons. Other units planned will | 


- r . icdilerit^dtnt^pfjro” families. Some 

. c> r:fm .medial^ : 2 year at OGA's expense- 
r - ^ .270^)00 ' fcxceotkm against hall. 

hiil “* 


| years, after- the commencement preduc^ - 33 3Q0; causlic 


lof .'-production. 


low 


jSMwrSTflw todSJKS 67,000: ditoriiieaMOO: 
m’ttl SLe S witS h“h lly denrtty 

BuijflUseGovernment-MdrtoA in G this 

- “ sss- h,w not yet been 

P«ocfidarf*s on':h«™i*:'9f J j mterest-free loan. Another project co-sponsored 

by ELEVME and the Bauxites 

Parnasse Mining Company, is 

^ e* atB a $250m alumina refinery with 

VlFor.the .first time,. the State j-itioi annual capacity of 

*ay also directly . 600,000 tons. France’s Pechiney. 

pf the cost of fixed investment hag itfl own a i uin inium 

of industrial and mining Mter- the GuJf o£ Cor j nlb , 

prises: up to. SO P^ cent for tQ inyest another $100ra 

reduction- of enwjJgP*®^ P oU " over the next three years to 

iRwmeraxrinX ^^.^,— ^- hrihgtog.-ahoD^:* sh , J || laboratories and up to 35 per otier projects an-| 





they were* 



but' 


not accrue 

percentage on'. 

- • Thw-: 


The principal factor in the normal 
country's economic development so lat 
adequate supply of energy. 

lamp works for the production, transmission ana 

dlMriiSL. Sri llvmrivrt 

a strone electrical economy which is based on we 
growine exploitation of national energy resources. 

The Public Power Corporation which is ^elusive y 
responsible for electrification in 

itself towards the construiMion of h> droeiectr c » 

lignite-fired thermoelectric P Iant * ^ ibe FPC's 
in th<» 107^-1987 energv programme, loflay. me rr-k-i 
power stations have a' Total installed powei .of ^abour 
■ 7ft0 MW nf which 3.300 ATW are produced |>y lotal 
en^gJ ^ourcesr?.e lignite and waterfalls. The install^ 
pSwe? of lb? lignti^fired and hydroelectric uniLs is 

expected to rise to 8.350 MW by 1987 where** that at 
the oil-fired units will remain unchanged. 

1977: A STEADY RISE IN THE ELECTRICAL 
ECONOMY 

Electrical energy produced by the hydroelertric; 
lignite-fired and oil-fired stations durins ■ tee past year 
amounted to 17,401 million kilowatt-hours and exteea 
the previous year's production by b.e. t . 

nr rhic tniai figure, 12.0S6 million kwh. or 69%, were 

prod° ed bv U i y d, “dearie end ligni.e-fireu rtauen 

whUe 53l5 "million kwh. or 31%. were covered by oil- 
fired stations. 

This is an important achievement when one ^ con- 
siders teat 4 vUre ago. electric power production in 
Greece was 9S% dependent on units fired by imported 
S ™d only 2% dependent on iocol eners,- sources. 

Flertrir- pner’v consumption in 39*7 amounted Jo 

IMwIrifflm KA. -rv.ne 9»« vf 

total population. More specifically consumption 

amounted to 1,765 kwh per peisun. 

8.56'J million kwh. 


o£ eMlgy 

' ; Ll ihe^rro Slua of ' tiicir firm. lluoaBtyilptiorL elude: a $25m plant by 

bGAf? revenues. _ ^ c |j - Small industties^ aud^ handl- jjj^gyjjg p ro diu« 30,000 tons 

of 


wfaldi coy , er -^ ■ {[crafts can aow benefit ftp™ ^ ferrochrome out of focal 
\ .It ls.my«fid . ■-■•l p 


' ovifiKih qrabou t m'ahd that, administrative 


population, Hg^ter tax. deductions than a $60m by the 

located „ . TlanolnnmfMU 


”***' "" J ’ "wendosly if *" “"JJ* Hellenic industria! Development 

the, bank ^drts with State w Weeonmnum* 

rown pa^lar ^ IlP^portant innovati.m of IS jdar,. by ET M andJt.e 

•ttataSU acheme covert Te.ra^n^uons^ams. 


i OGA has They are: 

.• . insurance procedures ro 

f) :To imP roy * and' tM rater "^EJLc.iwvire-w the insured 

•; *? d ; *Liar^ feSeo. te«u«i. «&■<* ,n,orm 

MkiCk B * * ,ct8r 


plant by 
the Hellenic 


45701' I; - fa 


the relocation of skilled labour tion of Greece 
3 the less developed areas- The gJSm 
incsentives include priority hous- ETBA. Finally, 
inc Joans .-after a stay of two Aerospace Industry is planning 
pears in these areas, a reloea- (together with Lockheed and 
rum subsidy of up to Drs 30,000, General Electric) a St50m aero- 
a rerit subsidy of Drs 1,500- apace industry initially to main- 
Drs 3^00 monthly for up to ^ and repair Hellenic Air 
two yearfif new housing units force aircraft. 

R ^ Michaelson 


Of this total consumption. 


or 

wen- absorbed bv industry while ihe PPC’s i«aj 
revenues ?rom ic sale of ulecuic current amounted to 

$587 million. 

TKra ppr'q investments in the energy sector 
amounted to Sd50 6 million of which Sk- 6 million were 

speTJ ? P Jod55ton works. $17.3 

works and S1395 million on distribution works. 

Finally the Corporation’s fixed wets, after 

depreciation, were calculated at ^"iuo n 
total assets io 1977 were more than &2.640.9 million. 


THE EXPLOITATION OF LOCAL ENERGY 
RESOURCES 

"With the prospect of covering ihe continually 
increasing electrical energy requirement; oitteww 
economy, which from 19 1 8 to 19b< are 
increase at an average annual rate of 9 the _ PP * 

seeking to make the most of national energy resource*. 

Thus, the production of the PPC’s 
system is expected to rise from IK 1 29 miihon kwh n 
1977 to 40,170 million kwh in 198i— a rise of 140 o m 


ten years which should he coosidercd partieuiarly satis- 
faetory for the Greek electrical economy. 

More specifically, uf this total Faction of 40.170 
million kwh, 33,93>i niillmn kwh. or k . b or 

from waterfalls and lipnile and « 5 .S 35 ■nUImn kvv^ o. 

plait which t expected to go into production m 198,. 

THE LIGNITE DEPOSITS 

The large power stations to be bum during the next 
ten years will bring lignite to the fore as a m j 
source of electrical energy. 

The new lignite-fired stations will make use of .the 

miiiton tons are 

considered exploitable. 

In fact from 19S0 to 1987. the P)f" * “ i^’ora 

of^MO^^irulijon kuli. 

So SI'S p^oSn^'efecutci 0 

to 2S.350 million kwh. 

BgrSlSlSS’ US TEfiSl- losether. 

THE HYtiRODYNASnC POTENTIAL OF 
RIVERS 

With the construction inf* "« 
total lins l.974 MW. tiie AJiakmon rivers 

With these new rt,U ^.M« ? hgnc m E K 

r.rm S W n.^T t , 0 U 1 a e.ee^c energv prodnetion. 

It should he noted, hoover, that this^percen^ce 

lus been cal f u l“* ed 1 f of ^erale^irologleal condl- 
comliuons. In the nentaiwei w « 15 „- | of produc- 

.0 production by the 

oil-fired stations. 

THE NUCLEAR UNIT 

The prospects envisaged by the pf 

gramme from 197S to !»< the * country’s local 

the decade, an ^’^‘fj^nite and ^luerf alls, will have 
energy resources, i.c- HBHiie * au 

been harnessed. . 

The study »"?>"S™ r P TSr , iS.« 
country’s energy needs, boweve . flf a goo M W 

inclusion in the developmentprog^ nnpr3tjoii - n 19S7 . 
nuclear-powered unit to come 


the 

the 


xu muc into operation m 

This unit, for whivh the PPC “^^^n 

l vrs 2 s , i« ,D uS 3 r» « 












Sunlight 



silver-leaved plants 


Financial times Wednesday . iune T 197? >. 

Dlants I;! " 


BY ANTHONY HARRIS had to lay out a new border or with me. a point confirmed by 

brighten up a small garden, bigger growers. If you see it. «■> ' — 

THERE WAS ONCE a cartoon of reasoning is calculated, and I these would be high on my shop- buy it. Tbe plant has two 

a civil servant counting cherry pick the word carefully, to.drive pinq list. . _ phases. Un-til late June, it is a GARDENS TODAY 

, ^ „ T . fh „ not the other half of the act into a If I wanted a quick return. I lovely arching clump of uic..- 

sioncs. iDis>ear. .. “ state of gibbering rage. Look would use at least a quarter of silver leaves, finely cut like an RfiRlN I amp Ffsv 

loo distant future. . . At a tune w |, a t it has already done to my the space in sunlight foe silver enlarged carrot's. ROBIN LANE FOX 

to be announced. . . As soon as sentence construction. Officials leaves. Silver-leaved plants are In July, it bolts into flower. 

conditions return to normal. . who have lo read page after page easily increased and can mostly showing the typical tall stems — i 

He was. of course, elaborating of it day aHer day must need all be planted from pots throughout and drab white-grey little dais of j bave now abandoned. However valuable. Its small 


silver Leaves. The ground is every season. They are never silver plants' taste, but this is south-facing plants which -have' weeds and contrasts strongly good old .Flower of . Jovt You 

bone drv; droughts loom and abundant as the plant is oddly one which I have never lost in to he backed up as they come with the hedge's greenery. But as ; may know* nay ^fondness for. 

there is none of that wet sticky difficult to propagate: cuttings wet weather. and go so soon in mid-July. with good old Lamb's Ear -yon ■ already, but its bard.; magea^ 

clay which so distresses Tins taken generously in mid-July The lal!er stems and tner At a lower level CKryxm&e- J*w [ to leave a -bed rtems” are“ seToflf^f' 

popular class of plants. If I have had the least bad results i ea ves of Artemisia Arboresceiw main HaradjanH in strong •andr.^'-it s RT e 5? cihi p njrjutliv hv thn hairir rlftit rif.'ui-H' 


GARDENS TODAY 

ROBIN LANE FOX 


least, would be the current view 
from Great George Street. 


fSch e the "'eSeme “of n S bIh k° describe as filigree or the work selves and tfiey flop far and R av Vn. chos"cn because it is 

teach the „enuemen of the Bank. of nature’s very own silversmiths, wide in the first summer rains. tpug h er . t know two gardens 

Now the point of this com- dq no t be deterred. They are a You are back, then, with another w!l .h , t aDd j n one> jt Ls still 


nothing 


- ^ 

v This past fortnight, the.-' bigger- home for many of tts endlesa 
l TAIYAV -• and- brighter -white-flowered- 'seedling. Once you. have ityouj 

* ■'JUAT anthem is called cupamaua, has never loike .it- The white,, form, 

: - Sn^ommating.the top end of listed onder Ltfdmfe 

\NE FOX ‘ m; garden. Visitors tell me tt has ^ perhaps more * asil* placed. 

. bwn stealing the show at Wlsley The pmk J?orts -Variety ,i$ far : 
_ ^ --toff - To some eyes it is an . mope refined. JBut I stiH pirt the 
' -V • ordinary plant, greyish-green -brilliant : magente.. firSL' nuM 
valuable. Its small leaves . ifte' leaves like a small marguerite’s -wife -paleyellow. orhanging ftrka 
toothed at the edges and soft, and the same big daisy white a waif OT.-raogh.bank among'*, 
like flannel, a the touch,.They . flowers over mats about sii.goptL unfr of.'^he siiart Whjfe: 
are ash-white to . white, a hold Indies high.' But sunshine mad a Valerian. It can bfe inoyocatany ? 
colour on a dry slope, between dry' spell bring out the best in season.- -Iti see^ eve^vhere.^;: 
paving or in front of a daT^rase- them It spreads very freely and lightens - . -before , fee ; 

bed. The flowers are tedious and- blocks out all weeds, if you start Evening -I^mim>se.->Mayb^ you - 
the stems can soon become- bare it^off on. a clear slope. .-It does think' It-too.gjJahi, out - 3 t-never ‘ 
or browned at the base If jm not -really root as It spreads, but -lets : a_ g^en -dcs^iJtot^eyen',. 
do not trim them back in -April , ft is- very easily multiplied from la$t winter -nor thfr leflst_^eeo," 
each year. Do not throw the long cuttings. A dry stony sou. fingers, cxin dp it to .death. -If jjju .1 
trimmings away, as they will & 1 T delights it It is as good a plant garden udder duress, and want 


muii be devetopmg an outward duly of a Bank official to give 0 ^^- reports of them and sug- of roses, especially the easv old pianstmen nursery, itself no take root very easily. Perhaps:'as the best Periwinkle on a nasty . colour, then the leaf ^Cflowep-.. 
<nuint. They are also eyeoail a graceful brush-off to tm- gest ^ varieties which might Hybrid Musks which c-ica no longer a retail source. Arbore- good old Lambs Ear, or Stadias dry slope on which builders have head of-F|ower of Jov.fr fronta . 

i „ ..yeball with the Treasury on pertmeot journalists. continue to prove tough in your diseases and hardly need to be scens is the best of the whole Lanota is even easier to increase, dumped rubble and passers»by seed^acket sown, now for ..next 

•vhat ti« do about it For some The trouble is simply the way gardens, too. pruned. Perhaps Laiubrook family and as a garden plant, but there is not : much in-iL Like thrown bottles. PubHe planners, year is. as ^ sure a Gp ns.yon «a 

c.r.,>L- s nriiy ibe Treasury has the whole thing is being done. Among the bigger ones, I am Silver ought always to be given this is the roost reliable form. Lambs Ear. this nine-loch high- please note. But tt tikes to be be.giyen.__ 1-r . . '.77 -\- 

" ’ ' ,v * . Ui.u n( nnli.u -i,n Ihfftehad * ... : ! : - 1 ‘ 


t 0 ".n urgent ■- High issues of policy arc thrasbed 

been floating urgent proposals ojj * - n a kind of lunaCic 4 ipio maC y 

fur one new departure or officials — more or less rri i -■ • w- Tl B 

another— new securities better open disagreements secretly I atwr A l 7 ci I QflSI 

tiffed lo the market, new ways of arrived at. What is much more XI f /m ^piil B ■ Ml *3 1 Hgfi 8 ^11 €&,&..%.%&■ 

celling them, and so on- important, we never wiU know %f ***■ 

the issues and the arguments. 

Disillusioned ? “SHHSi Julio Mariner each way 

Outside the charmed — and our- 

The Treasury is at length ren tty enraged — circle, really IN ONE of the most open half out, he then made almost 

becoming almost as disillusioned well-informed discussion of im- Derbies of all time, one could enough progress— despite hinder- 

some of its critics with the portant issues is next to irapos- hardly encourage anyone to have |ng his cause through hanging — 

Grand Old Duke of York. Apart sible. At most, the best-known anything >t more than a small to peg back Dactylographe'r. At 


ENTERTAINMENT GUIDE 


r “ emhM rr« s inn mument and best-informed outsiders are -interest” in today's 198th the line, he was just :< neck 
fro.n the embarrassing m me t inv j £ed in Lo ^eu- p^. ren ewal of the world’s most adrift of the Secretariate colt, 

wntn there appears to be no ticu | ar prnp osals. but they never famous race. However, I shall Thi t . .. „ = 

,-nnnelary control at all the old see t ij e argument whole either, be both surprised and dis- 5 ' 1 ““° i ' , wr 


;n mi clary control at all the old see the argument whole either. 
Kll*«v is becoming rather costly 
in terms of real pay. What is 

more, officials do not enjoy the MnnillYlAnlc 
constant streams of suggestions 

on strategy from his non-com- c 0 .„ w , this rnuti-ne 


tamous race, nuwever, 1 ouau Thj . . .. *, T .. rin „ r 

be both surprised and dis- wb ™ . j 

appointed if an each-way *.et S e S fjMo”u "and 


EPSOM 

2.00 — General Atty*-* 

2.35— Danish King 

3.35 — Admiral’s Launch*** 
Julio Mariner EW 

4J28 — -Twice Rich* 

4.50 — Tardot 
525 — Red Johnnie 


■ TffiAT«ESr^.fe’ s f!'x - 


Secrecy 


this routinely 


missioned officers in the broking Br5tish actually encourages 

rmT -is ^GrVSeoree stonewalUng. which requires be did exceptionally ‘ well in 0 e- w TV tiETiOUrffli JTIW.BUE 

ripi. as seen from Great George . . - coin 9 down bv onlv a Inn'-'th and rfllll'P 1 11^111 I V Sjt - 7 -30 : Madama Butterfly, es 

Street rather a lot of courage to do in . . - 8 L "u . cv . v ■ ^ * vlU-C Ufctil A ▼ M u a »ao. tor a u-p«ts. irom^TSam 

. ~ . m-iKiir* fir Hip or^unent were on bot!l Admjrals Launch and a half to Shirley Heights. ■ . - . 

Not so. however, in Thread- Puoiic iu oie ar£.uineai were j u jj 0 Manner gets anyone into T shall be disappointed if Julio CflPOAf ftfinlrC tk* royal bauet •• • 

needle Street. For every pro- public, our cricket correspondent difficulties this afternoon. Mariner fails to turn the tables 5"^LCl UUIiAo HeS^l^vret^Sat 1 ^- 

pusal put up by the Treasury, might be needed after all). There are strone rounds For on Shirley Heights this afternoon A DECISION by magistrates to gram-ne qwiyer imw jig ta.je- niMe 

the Bank can generate at least Equally, and more important, it ejecting a fine nin from each a °d at sam e time confirms allow the licensee of a village 

UO sound Objections. Impatience encourages second-best solutions, of these fine-looking home-bred superiority over Sexton Blake, pub to serve drmks until mid- ^ 

is now reaching such a pitch that * . . . .. Admiral s Launch has not been night this Saturday while cus- th« previously announced performances 


RACING 

BY DOMINIC WIGAN 


Oaks runner-up of 1963. has bad victory after his superb ride on 10 a.m. tuv of pc 
just one. much-needed outing. Hot Grove a year ago. 

Sent to Y’ork for the Mecca Dante l hope and believe Admiral’s Scheherazade. ’■ 
Stakes, where he struck me as Launch could just do it for him covent garden. 
being considerably more back- this time. <Gardenci«rne E ogd 

ward than any of his opponents. Tonight & m 


CC-^Tfese theatres accept i^rtaln. credit ' ' THEATRES ' T' - - - YffiWRES^^-'^'v 

_ . . STUTTGART BALLET i STicreD VROOUCT ION," oTSeC-. . CREDIT CAHG^ BOOK WGS--«H»JS9»7. 

sras»ff-i*«s ssb&tsi ^ 

10 a.m. tor of perl. June 13. to 2*: JPAUL tODINGTON, JULIA MdCEMZK hr ARNOLD WwKCT ■■■• 

U3NDON, FESTIVAI. RAU.ET. ISl.M IE;, . BEN^ IN WHiTRdW - «» ’ STRAND. 01 '£& 2880^ nfr^r 

Gns ^- ng TvwW-k ALAN AYCKBOjURN Comefftr ,***. ThuhL 3.00. Satumw^^, 

: ‘This must be the happiest ■' 'Spk 

COV ENT GARDEN.. cc.' 2*0 -106B . mNcer in London.” D. Tel. An tOWSb- - . - the WORLD'S GREATEST * • 


1^-30 1,130, 


v y 


Police fight TV 
soccer drinks 


:oVENT GARDEN. cq. - 2^0 1066 . maker in London." P. Tel,. "An trre^ah- 
(GarffenchanK credit cents B38 6903} ' »>Iy enJn vaorc evening. Sunday Timet. 

.THE ROYAL OPKRA 1 T^SEkimim a y pe B 5 A 

Tonight & Mon. next 6.00: - G RSENWI CH THKATRt. //3» 

Tristan und lioftfe. Tomoi-. & Tu^.lnexf . e * e S£S*j£ : Jmi»5 !! M W L^Tnrt'RS - 
7.30: Fafstad. Friday 7-30: .ftJwteCto, • TMlar . 

Sat. 7-30: Madama Butterfly. fisXwW’ „■ la Adwreh 

seats avail, tor all - perfs. from -Yo am .-^Sura Kesteiman *5 . - hTTf - rT 

on day of peit. - - • :• . ... Julian Carry la a aptenota. a aagt^xi 

TKZ ROYAL BALLET 1 ' NAYNJARKIT. , si, 

CHANGE OF. PROGRAMME JULY 197S . < EW. B. ( 2-3D. 


-LAUGHTER MAKER' 

GOOD SEATS £AJOO'-tl JUK' W 


ST. MARTIHrS-.CC- 03&-T443.jB«Si -HiOO.— 
. Matinee Tue». 2-*S>' Saturday^ 5 amc s.-. 

. ■ AGATHA CHRISTIES . 

• - V TUB lIMKRItt'-.. - 


The Royal Opera House regrets .-that pro- , 
gram-ne changes' have had to ae'imde 
accommodate recent plans' for the) 


j Evs. 8. Wed. 2-30. \£atr 4i30^:'«.' -• 

INGRID 9EKCMAN- 

WENDY HILLER. " “ 
DEREK DORIS FSUMC\S 

GODFREY HARE CUKA 
vCIters OF THE MOW _ 
Must definitely close July T-.Bmt offleo 


THE MOUSETRAP 1 - 
WORLD'S LONGEST RUN 
2fith. YEAR 


TALK OF THE TOWN. CCT TM .8051. * ■ 
6.00 CMnlnn. Dancing War s open 7-1 3 l- 
B jo Super Havae--. 

-•••- • L RAZZLE DAZZUT7-"i' 

“ ' • and at Tl ims. ' : • 

LOS REALMS DEL . PARAGUAY 


is now reaching such a pitch that Z Lin niX S uumr °‘ cu Admiral’s Launch has not been night this Saturday while cus- in. ^urminc^ 

nrt Irv. First. Julio Mariner. A par- see? in .public for: some time, his tomers «'«ch a World Cap soccer '/■ .V ; ' ‘ 


h:,ve been indiscreet 'enough to llely before D^lay, and every- handtsomV full brother race having been the 2.000 match on television is to be ZZZr nJSttZt TdmLZm 

viice their feelings in fairly thing Ls 'immutable after it, mis- . ^ y Oaks winner Juliette Gummas in which be could finish challenged by the police in the piecesithe firebfriSthe*^co!kekt 
public places. I now know how ^eg ax e Hkely to turn into pub- Marnv this Blakeney colt save on, >' seventh of 19 behind High Court weJneISay is july: anSs^a-- 

:h ?> /_ e . e! ' ! ?ec c a Jfl!i.. IDa _ n .^. e A!° He monuments. The argument his owner. Captain Marcos RoIan d Gardens. The ertensronJor the Star and thuwday » July: *n«tasia- 


HARRY ANDREWS - - 
ELEANOR TREVOR 

BRON PEACOCK' 

and IRENE HANQL In 
A FAMILY . : 


Etomor SUM M ERF i ELD, James GROUT 
A MURDER IS ANNOUNCED. 

. THE NEWEST- WHODUNNIT : 

- - , toy AGATHA CHRISTIE 
'<Re-enlM- Agatha with -- another who— 


"g^tSS^Mat^wed °5r 9 “ t ¥%£ w^^S- S£ 

Evenings fl.OO. Mats. Wd^A sat, 3.00. 1 tlemJl5Wy rrawnfouB imirdfr mysteries.- . 



BRUCE FORSYTH 
In LESLIE BRICUSSE and 
ANTHONY NEWLEY'S . 
TRAVELLING MUSIC SHOW 
with Derek Griffiths 
Directed by BURT SHEVELOVE 
"K it packed to bursting point wltt 
tbe personality and sheer enemy ot Bruce 
Forsyth." Sun. Express. " The audience 
cheered." Sunday Telegraph. 


AIR-CONDITIONED 


tit I OKI A PALACE. 

BOOk now. 82a 4736-6. 834 1317. 


nostrums off him in conversation, gets to know that change -is in Futurity race. put forward is that the 2.00n yesterday. Leicester magistrates gggSlN^Fo” 1 ju^ySalLW*”^ 

iind in a subsequent meeting wind. The areument about There is little doubt in mv Guineas was the first occasion a,s0 granted a 45-minute eirten- [ormances will not now open FarsSthT 5 sun. Express. "The audience 

jotted down one or two more. He f k dv|ce ^ Minsters won’t mind that Julio Mariner would on which the West flsley colt sion for to-night’s Scotland v. S5f T % * ^2 ed " 

. ,n ! ur " y,T- ti0V Z hlS , blank , et wih When Offldata Sn't aRreeon have won on that day at Don- had encountered soft ground. Iran match. fflSf& a S!R A 7 aS& vvarehoum. Doom *.-!***&* 

jns.vei. It is wrong to make a caster, but for his luck in a surface on which his sire Counsel for Leicestershire ch»n«s and any mconyematm cause. the rocky horror show rSmoaiiv Stwiri ?? ' ' 7 R^kirn^ 

stnictural chances Jo meet the advice. What we need is a lone way behind Brigadier Gerard was never at Police contended yesterday that a glyndebourne festival opera, untn the’great rock 1 •^'holi? musical the sons of. ught. “Sheer po^c 

tenijiorary cnnjunctural prob- already well known: hearinss at the leaders until well into the bis most effective. licensee could not create a au B 7 -m. »• w,ifffi»opw London palIZBTiim^ccV qi^jt^TTs'. 

Iem in the markets. which Bank officials will -talk home straight he began tn make Admiral's Launcb has im- “special occasion simply by di« zautwmote.- TomoV. a 3^ Mo "‘' Ind , saia™jt'6“ , D amJ'iLM 8 ' Wed ' 

Apart From the question that publicly about poliev, the publi- useful progress, only to find his pressed all who have seen him putting a television set in bis om^iwJM«ii^ , t*!!r r Ef-sw«' ■■ |B , P 'WS22? B ’ 

is begged here — temporary diffi- catjon after min j raa i interval of nassage on the rails hopelessly work since that set-back. One bar. .0273 auam. A ^ n s» per«. 

cult'es ? — and the one that is mimitM _ thpv order blocked with less than three man I know who would not The judges granted the police jadler-s wells . theatre, f^tT* h^iinp ‘' oilif? S Z 05 a 

evaded— what about structural f®. lcJ m ' nutes they order the. e f l|r inngs to run. entertain the thoucht of a leave to appeal against the magis- A «- ECI mng^waVi - 1 - lyric theat^ — ~EE — B i ' Ujr tbbs ' 

ehanqes which are needed for things better in the United Switched to the outside of the change in mount is his partner, trates' decision. The case may be • Music and tunce* from bjii..- ■ ■ E*8^o.-J5i5?ihurs.^ 30 . s«.!slo * 3 bjw 

their own sake 7— this kind of States. 1f»-ninn«r field, a furlong and a Willie Carson, so de^mne of a heard to-morrow. E *“- 7M * **“• MaB - 2 - 3D * j counb?akely T ’ 


STRATFORD JOHNS. 

SHEILA HANCOCK 
*• London Loves " 

ANNIE 

Evgs. 7.30. M*b. Wed. wd W. ZJj. 


THE SONS OF UGHT. “Sheer poetic 
energy." Guardian. All SMB £1 .bo. 
Ady. bkflt. Altfyrycb Student Standby Cl. 
WESTMINSTER. 01-834 0263. 


SENTENCED TO LIFE 
By MUGGERIDGE and THORNHILL 
"TRENCHANT HUMOUR.” D. Telegraph. 
“SHARPLY TOPICAL." Financial Times. 

" Tremendous Impact." NoW. 
gvgs. -7.45. Mat. 'We>IS.‘ 3.30.’ S*u A30. 


M\ 


Music and • dances from Ball. .- 
Eves. 7.30. Sau. Mats. 2.30, 


LYRIC THEATRE. CC 01-437 3B8G. S u-^.. r 
■EV. 8--0-- A»*' 1 *»urs. 3 0. Sat. . 5-0 ft BJO 

. JOAN PLOWRIGHT. ISf’ 

COLIN BLAKELY - ****»! Raymo 

. FILUMENA ' 581 


Nlfji*. 

'X& 



THEATRES 


MAY PAIR. 


v DELPHI THEATRE. CC 01-rtB 7611. 
Evgs. 730. Mats. Thun. 3.0. Sets. 4.0. 


Evgs. BjOO. Sat. 5.30 and 6 45. Lst. 2 

WkS. GORDON CH A TER ,. -Brilliant." E.N. Wl 


FH (TEH ALL. - 01-930 6692c77S5. 

EVgs. 9.3o_ Fri. and SaL E_4S Brad 9.00. 
Pant Raymond. preMnts the SeuseUotud 
- Sex Revue, at .the Century 
DEEP THROAT ' 

Due la overwhelming public demand 
season extended. 


t Indicates programme in 
lilac!, and while. 


For .Schools, Colleges. 10.43 You Middlesex, -t-'i- Kccionai .News 
and tie 11.00 For Schools, for EncJamj (crcept London). 3-55 
Colleges. 11.40 Cricket— Benson Play School fas BBC 2 11.00 am). 


and Hedges Cup: Hcrbwhire v 4-20 The All Star Record Breakers. 
Middlesex. UO pm Bagpuss- 5-15 RcKional News (except Lon- 
1.45 News. 2.01 For Schools don and South-East). Paddington 
Colieses. 2.38 Cricket— Benson (London and South East only), 
and Hedges Cup: Derbyshire v S20 News. 

Middlesex. 3JB Regional News 550 World Cup Grandstand: 


n ,,o , 1.43 iycws- 4.oi nor .'•cnoois. 

Blit I Colieses. 2.38 Cricker-Benson 

6.10 am Open University. 9,38 and Hodges Cup: Derbyshire v 
or Srhooic r-nllesns. 10.45 You Middlesex. 3A. Regional News 


8.05 Landscapes of England. 
8-30 Call My Bluff. 

9.00 News. 

9.25 Brensham People. 

10.10 Music for a Jubilee with 
the BBC Concert Orchestra. 
11-25 Late News on 2. 


Dinosaurs. fi.M channel News. IL27 
Channel t.ai» s N'owi. iias am Seva and 
b-calher in French fo I lowed by Epilogue. 


_ THE BEST MUSICAL 
OF 1976. 1977 and. 1978 
IRENE 

” LONDON'S BEST NIGHT OUT." 
Sunday People. 

ALREADY SEEN BY OVER ONE 
- MILLION HAPPY THEATREGOERS. 
CREDIT CARO BOOKINGS 836 7611 


In THE ELOCUTION Of 
BENJAMIN l-KANKUN 
by Sieve J. Soears, 

A compassionate funny fiercely eloquent 
play. ' Gdn. "Hilarious/- EStd. ■Wickedly 
amusing. E. Nevus. "Spellbinding." . Ota. 


lllanL" E.N. WINDMILL THEATRE. CC. 01-43? 6312. 


GRAMPIAN 


9.ZJ am Fmt Thing XZSO pm Grampian 
News ll^adtin.’s. a.as Grampian Today. 
5 JO Poll'-. NVivyrnom. 1238 am Reflre. 


ALBERY. 836 3878. Party Rates. Credit 
card tags. 83B 1971-2 from 8.30 a.m ■ 
8.30 p.tn. Mon.. Tues.. Wed. and Fri 
7.JS u.m. Thurs. and Sat. a. 30 and 8.00 


FT. CROSSWORD PUZZLE No. 3.686 



Brazil v Spain, and Austria 11-Z3 Late News on 2. ££Tm. "s™5? uS am R^. 

v Sweden (highlights). 1125 Cricket — Benson and hods. U.35 Crarapian Late Nighi Head- 

7^5 The 1977 Morecarabe and Hedges Cup: Derbyshire v lines 

Wise Christmas Show (BBC Middlesex (highlights). *>a 

prize-winning show). 12.03 am Music at Night. GRANADA 

8J30 World Cup Grandstand: BBC-2 Wales oniv— 7.45 pm 7,1,3 13 Tour Right. 4.45 

Scotland v Tran, and Landscapes or England. 8.1MJ0 Whal s Ncw Sp ‘■" ::,a, ■ 5Jil Granada Ne\ 
Holland v Peru (high- Heddiw. utv 

lights). HIV 

9.30 News Headlines. LONDON 12J0 pm Report Wesi Bcadlmes. 12 

11.05 Tonight. Repon Wales Headlines. 4.45 The Elecii 

11.45 Weather/Regional News. *-30 am Schools Programmes. Th---i're shrw. j as Report west, a 

All Regions as BBC 1 except at «-00 Here Comes Munifie. 12.10 *•'**■ Jhf J"! L* 

the following times:-- Pm Stepping Stones. 12.30 News SI V n.^ 


7.4 S u.m. Thurs. 4itd Sal. 4.30 and 8.00 
- A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS MUSICAL." Fin. Times- 
OLIVER 


with ROY HUDD and JOAN TURNER 
"CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Daily Mirror. 


MERMAID. 248 765B. Restaurant 248 
2835. Wed. to Sit. 8 jo. Man. Wed.. 
FH. and Sat. at S-«S. Last week. 
TOM CONTI. JANE ASHER 
WHOSE LIFE IS IT ANYWAY 
Transfer to Savoy June13 
Alec McC Owen's 
_ . ST. MARK'S GOSPEL 

•Sun.- at. 7.30 p.m. all seats sold) 

P re*. June 13. Opens June 14. 

Subs. 730 and 9.15. 

EVERY GOOD BOY DESERVES FAVOUR j 
. A Piece lor Actors and Orchestra 
bv TOM STOPPARD ft ANDRE PREVIN. I 
Seats 64. £3. £2. 


Twice Nightly a.oo and 10.00 
Onn Sundays E.OO and. 8.00. 
PAUL RAYMOND presents 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA ' . , 

"Tikes to unprecedented limits wnft I* 


permissible on our stage-'* ErB- N4 w».' 
You may drink and smoke In the 


WYNDHAMTL 01-B38 3028. Credit Cart 
8kos. 836 1071-2 from B.30 8AI. tp 
8.30 p.tn. Mori.-ThutY. B. Fri. and Sat 
5.1S and B.30. 

■■ ENORMOUSLY RICH 
VERY FUNNY." Evwninp News. 
Mary O'Malley's smash hit Comedy . 


ONCE A" CATHOLIC .. 

1 Supreme comedy on sex and religion. 
Dally Teteg-anh.' 

“ MA'*ES ;YOU SHAKE WITH 
LAUGHTER.'' Guardian. ' ■ 


ALDWYCy. 836 6404. Info. 83R 5332. 


NATIONAL THEATRE. 
OLiviES (open stage): 


dstand: BBC-2 Wales oniv--7.45 pm '" T ' 7,115 15 Yonr 4 45 royal Shakespeare company in TJmVr 2 4 S * 7 io mac*™ 

. and Landscapes or England. 8.10^30 Wha ‘ s Ndw Swcla, ■ 5J0 G « 0JdJ N,ws - de. 7 r« . C rS R m« "o®: 7 

(high- Heddiw. mn, SEff 'JS** ^ P a ^; taI Tr,VW3 ' 

_■ HIV e£S'iw^-J , THF B 4 iarp F Tw COTTKLOE 'small auditor! nml: Ton'L ft 

LONDON 12-50 pm Report Wesi Beadlmn. 12JS P EATM ^ RSC ™«^WAREHOii?l hIRT' 8 LOST WORLOS ^ Wilson John 

Rdnnrt Wilne Q,.,iIIitiu Th.. linoer WJ anO at llie Piccadilly Mann evrellenr rhnan caatc all x » 


928 2232. mwii't". uwvmhu. 

Yon't. 7 jo: YOUNG VIC fnear Old VJcl. BaS^iaaS- 
IETH. Preys. From June IS. E»es. 7 AS. 'Bee 

tage): Tan't. Jonson'i BARTHOLOMEW FAIR. 


TTn^tre In Peter 

Thi-.itre Shew. l.« Report West. 8JM I parade. 


Tomer. 8 LOST WORLOS by Wilson John . CINEMAS 

Many excel lent cheap seats all 3 theatres A ££ M6, ‘ 

day Of pert. Car part:. R os la u rant 928 S * B - F*™-. A ^L. SEATS BKBLE. _ 


HTV Cymru /Wales — As HTV General I A i r *? s I 48 5. S. 12 /-, 


2033. Credit card blcgs. 928 3052. 
Air Conditioning. 


l! GRAY LADY DOWN (A). Wk. and 
Sun.: 2.00. 5.20. S30. 


“ Wilc^'io pm" Rcooby Doo. g« W1^4fc'’iBi* Help! *1.00 K^ddi^'y ' ' in^Mawr. 1 

4.40 Bilidmvrar. 5.15-550 Wales World Cup 7S. the Derby, and sjo-S-is un Tro. t.cjjm y Dydd. 

Today. 11-45 News and Weather Racing from Rjpon. 4.45 Really htv West — as htv General Service 


by Bob Wlllan. Tues. -SaL 1 15 o.m.. j m n yiC. 
Suns 2.00 ft 5.00 u.m. No show Mont. I ^ 29- 


for Wales. 

. Scotland — 5.15-5.20 pm Scottish 
News. 8JO-1030 World Cup — 
Scotland v Iran (Scottish com- 
ment ary). 11.45 News and Weather 
for Scotland. 

Northern Ireland— 3-53-3.55 pm 
Northern Ireland News. 5.15-520 
Northern Ireland News. 11.45 
News and Weather for Northern 
Ireland. 


BBC 2 


G.40 am Open University. 

10.15 Gharbar. 

11.00 Play School. 

11.25 ODen University. 

1.50-2.40 pm and 3.50-4.55 Cricket 
— Benson and Hedges Cup: 
Derbyshire v Middlesex, 


Rosie. except: ULSW.OO om Repon Wen Head- 

5.15 News. lines. 8J04U5 Report West. 

550 World Cup '78: Austria v ern-men 

Sweden. oC OTTIS H 

7.45 Coronation Street. ’ c “; S0 H P ? »"»> I°?, d ^p°it 4^5 

a <e IU..U -c. . Scot land Today. 7A5 Hello. Good Eveo- 

tt.15 world Cup iS ^coDaod v Iris . virnicome. UJO Laic Call. 11J8 
Iran, including at 9.30 ITN pro-CclcbriD snooker. 

Headlines. 

ITN News. SOUTHERN 

11- tO rne Sweeney. 1259 pm Southern News. 4.6 Day by 

12J0 am Close: A painting by Day. 12.30 am Southern News. 

Rembrandt with music by __ ____ 

Beethoven. T> NE TEES 

All IBA Regions as London i-2S om The Good Ward followed by 
except at the following times:-- Nrerrlt Easi News Headlines. 122» pm 

North- Ea^i News and Lookarouml. 4A5 

ANGLIA Northern Lire 12J0 am Epilogue. 

12- 55 pm Anclla News. A4S About ... -T-r-r, 

Analia. 12 J 0 am The Big Question. UI.M tK 

4 -p. . 12.50 pm Lunchtime. 4.45 Lely Look 

A I V ai Uisfer. 5M5 R.-pons. IU0 LIvidk and! 

12-58 pm A TV Newsdesk. 4 jO A TV Growing UJ5 Bedtime. 


AMBASSADORS. 01-836 17 11. 

NlahMy at B.QO. Mat. Wed. 2.43. 
PATRIC-: CARGILL and TONY ANHOLT 
In SLEUTH 

The WDrld-ramouJ Thriller 
by ANTHONY SHAFFER 
- Seeing the play again is In fart an 
utter and total lew." Punch. Seat Prices: 
£2.00 to £4.40. Dinner and Top-Price 
Seat £7.50. 


kiiv 29 -JbhC 3. 

INTERNATIONAL SEASON. 


2: THE GOODBYE GIRL (A). Wk. and 
Sun^ 2 . 00 . S. 10 . 8 . 10 . 


_ , CAMDEN PLAZA. (Opp. Camden Town 
ThS ,. Tu ^i Sh ., ' 2443- Brigitte - Fosser lo 


The MM Oo» Necatl Cumal!. A tfs ‘ ENFAVfTS DU FtACARP (AAJ. 
TurkSh '■RjlWaSartl 7?3CL - 3 -^- 5 ' SJW - 7 ' 0 0 ' fl 05 ' 11P0 ' . 

A* Wcek^ot Sundays June Tl?17. *23 

Isia Blair. Julian Glover. Harold Innocent. T R "d 63 


CLASSIC 1, 2. 3. 4 Oxford Street (On. 
Tottenham Court Rd tube). 636 0310. 


■ BMf> HMi'g JUIMII u<VF«r, ntlVW inTOLeiH. , 

g»«*j8W*l. John Rowe. Prunella Sales. J- Alan Bates. Susannah Yoric THI 
Timothy West. Timothy West as Sydney Shout CAA). Progs. 2-30. 4.JS. 6-40- 


■'1S- UJO Laic Call. 11J5 AI>OLLO. 01-437 2663. Evenings 8.00. 

Pro-Lc-ltbrio Snooker. Mm. Thurs. 3.00. Sat. s.oo and 8.00 

DONALD SINDEN 

cai n-irTTsat Actor af the Year." E*. Standard. 


Smith In Smith of Smiths. 

The Grand Tour 

Derek Jacobi as Byron in 

ThO Lunatic. The Lover ft Thu Poet. 


- IS SUPERB." N.o.W. 
SHUT YOUR EYES AND 
THINK OF ENGLAND 

"Wlriredlv funny." Times. 


A MIDSUMMER NIGHTS DREAM 5 WAHOO GObHt «»"££ B f^n 
Ergs. 7.45 Mats. WetL Thurs. ft Sat. ,« OBC * T tuJ Pr ° 914 - 1J0 ws 

2.30 With RULA LENSKA. IAIN TALTOT 8 00 B - 20 ' 

f ■vanFTH E5TEN ( EN. DAVID 4. 8 ertol [reel's 1300 ■ Part 2 13 O. Pm. 

WESTON. HELEN WEIR. ANTHONY =.39!s2™aTl 5. W 


2-_Snal day. Chart tart Heston GRAY. 
LADY DOWN {A). Progs. 1.10. 3.35. 
6. OS. 0-30. 


Dlsneys JUNGLE BOOK LUJ 
GOBCAT (UJ Progs. UO MS 


ARTS THEATRE. OI-B36 213Z 

TOM STOPPARD '5 
DIRTY LINEN 

" Hilarious . . . seo It." Sunday Times. 


S-15- C PA»OON C mSjI APFAilU'liO.^Engmta 


Monday to Thursday B.30. Friday and 
Saturday at 7.00 and 9.15. 


A TV 

12-S8 pm A TV Ncwsdcsk. 


nows of other ™«'- Ladies ' n,e! "' 


BORDER 


ASTORIA THEATRE, Charing X Rd. fwlth 
fully licensed Reuaurantl. 01-714 4791. 
Nearest tube Tottenham Court Rtf. Mon ■ 
Thurs. 8.00 pjh. Fri. ft 5at. 6.00 ft 8.45. 
Imtant credit card booking. 

... . ELVIS 

Infectious, annealing, ipot-sromplng and 
heart -thumping.*' Observer. 

„ ELVIS 

Scat prfens £1 50- £5. 50. Dinner-top- price 


^JioSirVAJtSS “oVeL°e ?Si ua £i, .5FM 

“"“KeTwaSiieJId tru™'"- '■ 

•• laSgh' MSS TOSe„ 'sSSSS SfflifxTWM 


L EI C E STER SQUARE THEATRE 1930 5252 J 
COMING HOME {XV Sep. prOOZ. Mon.- 


wi vuigi LWrCTWIDH ELVIS 

matches. BORDFP TV L3 1 VV/llU/ Scat Priens £J so- CS. SO. Dinner-top. price 

J-a Oner ' University _ 11251 r Bonier News. US Lock- S" JET’ lELS?*** »a^^^. H o ^; h °, U ,;^ I ,0 ?2 

f5AS ^1 °' d P‘ Ca " 0 ' Stamnj; Wednesday. Rug W Border Diary. 11.27 wmM lJ£ TB “ be ^musical 0 orTPfT^EiR nly ' 

Tyrone Power and Alice New * summary. K p«*. ii2s am Faith for urn. evening standaro awIro 


iT*!- 01.714 4791. Hn>.F hltD " Swl™ Itai ■" HEER Sat. 1.30. r 45. 8.10. Sun. 3.30. 7.45. 
* e ■x.U°.V DELIGHT." E. Standard. "GLORIOUS S*?? bo booked In -advance tor 

■ 8-45 CONT INUOUS LAUGHTER." Timet Mo "'* Prt - araj ■» P«»- 5“*- 

is PICCAOfLLY. 437 4 506. Credit Card bkos =~7 

i. ludt-sramping and _ 83G 1911-3 B.30 a.m.-8.30 n^rn? J*, 50 273BI2T71.J 

.*■ Observer. E*gs. 7.30. Sat 4.30 ft 8. Wed. mats. 3.0 '-™ 


ACROSS 

1 WiHinc; tn prepare gun For 
shfotin? bird in the main'(S) 

5 Insulted the sailor who was 
employed <6) 

9 Moment for foreign currency 
to tick over |4. 41 
10 Wake cenaiD of two points of 
course (fi» 


6 Notes from riverside record 
<4, 4) 

7 Little imp could relish slap 
on ear tS) 

8 Reds meet rough justice in 
Isle of Man (S) 

13 Mr. Callaghan's supporters eo 


Tyrone Power and Alice New * summary. 

7J5 News or. 2 Headlines. m Nr « 

7.45 Bioscope Days. Wbat’s On Where. A45 Valley W the 


YORKSHIRE 

1250 pm Calendar News. 4.45 Calendar.! 


_ . ELVIS Royal Shakespeare Company In ’ 

? N 5 9?C1 £ L SO-CS.50. . Dlnner-tea-prire THE OUTRAGEOUS ADULT COMEDY 
H 5 ?- Half-hour before show any by Peter Mlchols 

available tOD-prfce tlckcti £2 50 Mon - PRIVATES ON PARADE 

T "“CAJ!? a J s . , .t.5i 0 . 0 on, y- ■■ 5!RE?»rinii crlumbh." S. (nrni. 

1 J. 1 s E YEAR BEST COMEDY OF THE YEAR 

EVENING STANDARD AWARD Ev. Sfd. Award and S W.E.T Award 

FULLY AIR-CONDITIONED 

CAMBRIDGE. 636 6056. Mon. to Thurs. TOINCU~5jWAHD Fr ~ 

8.00. Friday. Snlurdav 5 AS and 8.30. olT",. _ 'V*™ 1 , CC : _ 01-437 6877. 


Tmnemann him JULIA (AI. Sea. Prow. 
?!?e 2 c 5 «w 8-45. Feature Olv. 

‘T^tre. 00 - 9 00 ' AH ***** BUrte ‘ ** 


°rFS« 5ouare. raso 8111.1 

\ £I r 25F»i?, NC r 0yNTB,ls OF THE THIRD. 

irvl D S* 0 - t»ro<w Dlv. Doors own 

7A5. Late show Fri. and 
sat. Door% och-ii 11.15 pm au seats 
may b e booked. 

™F G ^W£ ar f ,, ,!S A / eh - 1723 201112.1 
ixn «yil V bQ Dr «w. Mon^Saf- 

sw, “ bkbl * 


IPI TOMBI 

Exciting Black African Musical. 
The girls are beautiful, bare and 
bouncing." S. Mlrrer. 

THIRD GREAT YEAR 


R"d. OfKe btc* 3. June 12 13 and 20 at! ~— 

8 . 0 . June 17 5 39 and 8.30. Odens I 


THIRD GREAT YEAR PRINCE OF. WALES. CC OI.OTn ikii 

Dinner and top-price seat £8.75 Incl Monday to Fridee at 0 ~p m. MhSSSn 
uirurcra ^ ft 5.30 and 8.45. 


RADIO I « 7 ” 

(SJ SWreopbonle broadcast 
5.00 am AS Radio 3. 7J] Dave Lee 


247m News. 8-05 Yanr Midweek Choice, pin 5 Story Time. 5.00 PM Reports. 5.40 
IS*. 9J0 News. 9JS Thu Week's Com- Serendipity. 5.55 Wuarher: prosramai'.- 
poser; Schumann ii>i 1.45 Music for news. 4.00 Nuvrs. UO Ouou . . Un- 


10 SSSvis?*" ”™ points of % T k " show of b ’ aas SKTaa^a^ s^&^as^s.’s: srwj-- T f isws.’suffs: 

11 A sea tune may be transcribed n wta r« left of ire above jgS -g Vr, k« tt JS S w S S. ’S”» ^fwSSftSffi' ... 

f!' ll L r T_?" e up factory (3. 5) SES^Tote nadiT^r bjFab vS Sh .°5 SS. 1 - S'2 • naWZ. . '"Vo* r satl M at t 


CHHLHMTER. 0243 81312 

Tonight ft June 8 at 7.00. June 10 

A WOMAN OF NO IMPORTANCE 
June B at 2.00. June 9 ft 10 at TOO 
THE INCONSTANT COUPLE 


01-930 2578 


LONDON AND BROADWAY'S 
COMEDY MUST AL HIT» 

, I love MY W'FE 

starrina ROBIN ASK WITH 
"ALL JUST GOOD CLEAN FUN." 

• Dallv Eebrnr 

CREDIT CARD BOOKINGS 930 0847. 


Saturdays So 437 8181. 

P.!K “ROOKS HIGH ANXIETY fAJ.' SeO. 

BT's g p ^- ow. fi "L, S ""J J*- 1S - 2 - 45 ' 6 ' ,S ' 
^ l^kab^lkSSw B?r nUV - 11 - 45 - S ““ 


ment June 20 to July 16 e ‘eIl? N 7n'I? li 5JT? , ^l _5 c i. 01-734 1166. 


AL-EC McCOWENs 
ST. MARK'S GOSPEL 
■An unoarailelcd tour de force." S.Tms. 


yi nil" miiy U1< 'VI faptnrv J 31 B.J1* n. em »» um w nanoei. no > iai. ug in Snarl liaw. Ill.m rrann muir vjnes "HU . . . r-ouiry . . "'2- 

12 ?rnu n ts Cl ?6 S . Sm0keS 16 Fourth Pole to make large 4«to Peel ,Sj.‘ ‘ 12JIM.E >m Ai ?ifai ^?rid TiJBTajoHtoM — H££gJ £ “> s “ 

troiifters lo; . . Radio z. ward Bound. 14.05 News. 14 AO Home- ParUamcnt. 12JM Newa. COMEDY. 01-930 2378. Evenings a.o. 

13 rkonrA tho rii.tsn Lilp h.-iL-p tn iu>u w; VHF Radial 1 and 2 — SAB am With mM Rhhui » , u.im..e. Mat. Thurs. 3.0. Sat. 5.30 ft fi.io 


14 Chance llie dissolute have to “f? . . . . ...... 

escape fo. 5 1 17 Hide on lake during holiday 

15 Keep quiet about one’s pro- (S) ... 

fession to close business 19 Holy Land pilgrim hiding 


and 94.9 VHF | 


fossion to close business 19 Holy Land pilgrim hiding m 'H ope suit, tsjm iDbk. io.no jrarMwide. 8J8 bbc Sj-mshony orcftwira sjw ■-«- as Radio 2. soo rush Hour 

(4. 2. 4) cards in hand (6) **1*1 Radio 1. 12 . 00 - 2 x 2 am With Radios. |u YuRoslav* pan S: Rjivei IS). 9JD 9.00 London Live. 12JIJ pm Call In. 


Mat. Thurs. 3.0. Sat. 5.30 ft 8.30 
MOIRA LISTER. TONY BRITTON 
Margaret COURTENEY. DcrmoE WALSH 
THE HIT COMEDY THRILLER 
„ MURDER AMONG FRIENDS 

Blackmail, armed robbery, double bnlB 
end ^murder." Times. A good deal of 


lun." Evelinas News. 


22 J? JSSLiS 20 weI1 RADIO 2 _ SSwS •WSqR.. e a> 5B5 BATTSS: S » SJ£ -TJ2S& 


Evn». 8.00. s.oo. s»i. soft a.aol 
ANTHONY QUAYLE 
FAITH. BPOOK. MICHA^I- ALDRIGE 
and RACHEL KEMPSON 
I" *IAN PFmmftts 
THE OLD COUHTPY 
BEST PI AY OF THE YEAR 
Pfavs and Players Ireninn Critics Award. 
Directed by CLIFFORD WILLIAM S 
RAYMOND "CVIIEVAR CC. 01-734 1 5QS - 
At 7 p.m.. 9 p.m.. 11 n.m. toeen Sunday) 
PAU' PAYMmiuij D res«Ats 
THE FESTIVAL OF 
FROTICA 


CLASSIFIED 

ADVERTISEMENT 

RATES 


obtaining relief for prisoner 
( 6 ) 

23 Oddball determined to take a 
drug trip (5. 3» 

24 A meeting place in Broad 
Street 1 15 1 

25 LiitJe hoy under IS makes a 
I'hango c3. 5i 

26 Shares of TNT she made up 

id i 

27 A pest operator tries to lose 
his temper (3. 5) 


„ J t c\ A ^ ~ ut rt'flkjiiK Mjf unvia t-nippi, fjo oaui SlOD. usicn. 7 39 Buck Londoners 

and licked (6) SM am News Summary. 5.02 Ray FestlvaM9i7 cello and piano redial, part gjg In concert. 1003 Late Nlahi London 

21 Like 1 down to make Scots Moore with The Early Show i Si. Id clod- l: Beethoven «Si. ID JO Ralph Richardson as Rad; 0 j. uiw am Oucsdon 

leader linger (6) tn* fi.l5 Pause for Tboosht. 7J2 Tot? reads Btike U5B Bath Fesuoal JTTM Trait from the Hnk ol Commons. 


SOLUTION TO PUZZLE 
No. 3,685 


Evcflinos 8.0. Sets. 5.30. 8.30. Tbur*. 3 0 dc-^iwt niiiwr 

NOW IN ITS SECOND YEAR < 

______ -r— ,w- <[|TO ^ ^ UL'a u LESLIE PHJLLIt^S cv ^, (l>ijU Pri. dW \ 

hi* 6-15 Pause for ThoochL 7J2 Terry reads Blake. UJS Bath Fcsuvaf 1877 part "frqm”“ihe ' houtc iT fmSS 1 . in six of one “Elegant, good J^ 0 £?*"«F»9Mlng. 7 ' Gdri 

Wogan iSi Inclndins BJTT Rxclna BulleUn 2: Bcelhovcn tS». 1L35 News JIAO-U.W ijglciiHe: As Radio 2. I'.VERY FURRY." Sun. Tel. CL*I5 

and S.4S Pause for Thought. 10.02 Jimmy Tonight Scbobcn Song iS». i-ya-tjesc. as naa.u SECOND HILARI O US YEAR. Times. 

&^ S re^y% m London Broadcasting wRunr. lahj. , o,-8« m.. r,ery 

MkrLeiMBr CiaS m^Tof the 7M pm 0pen UMeruty. 261 m and 97J VHF nl0,,, 8 00 ^ *■«>• _ "wel come to the club e.n 

Isle of Man TT Races' and 1.45 Sports D . nto , 5ja __ Mornl „. AM . “A rare devastating. loyous. ui on lining Car ^*- "nod. 

Desk. 2.02 David HanuHoo's Derby W AIJ ICI 4 5 -® 1 ajn- Ha ,™ n * music. =-0U i\M. stunner," Sunday Times- Mnn^xv.Thurcjtaw rey-ilnos 6 oo. r,.H« 

emrtai Inm iSv nhlc of the iwxinv y non-stop news, inrormarion. (ravel, sport — — S.so and 8-4B. Sjtnre>w 3 -vj and 8.00 

f TbSmc * raijmni^MM f Sa 434m, 330n). ^85m and VHF ind ■ rcriew. UUM Brian Hay .3 Show, duchess. 836 8243. Mon. to Thurs. iSTU" 

French Open Tennis Oiampionships ana • *" un mr Rbmm un c..nrv^ r. ii„'« Evenings a 00 . fn. sat 6.15 and 9.00 *"i» nowei 5 , n 

the Isle of Mao TT Races. 4 JO Waggoners' EOS am News. 637 Farming Today. ohi CALCUTTA! 90 ■»nv , »i «"r. Ag 

Walk. MS Snorts Desk. U9 John Dunn L « Un to the Hour. 7 00 sr^vs 7JB ?. 0 "“ fii 1, .“" l Hxporwi icon- ••Tho Nudity is stunirtao," Daily Td. _ Best Musical re iitt 

1 S 1 including 5.45 Sports Desk. 6J3 Today. TJS Up to the Ho” .contimicdi. 4 ^ Nlim ^L^SP^!£2? l JL K . u .: S^it^JeH^ET^'t- 

World Cup Sports Desk. 7.02 Sing Some- IJIO News. 8J8 Today. 8.55 Yesterday £y^ rtst ' ,JW N w“U ,n ‘- m am «lk“* DUKE or YORK'S. 01-836 5122 «mit?«j period ohlv? 

thing Simple IS'. 7J0 Spons Desk. 7JJ In Parliament, 9-00 News. 1.05 The Living Evenings 8 00. Mai. Wed.. Sat. 3.00. 5S .T. ' Vw»r ' 

Listen to the Band <S'. 8JL5 Semprlnl World- 9J5 Happiness Is .. . UJWNeirs. n„j;„ ■ .Cj ^CUP. 0, l5ntahtat 8. Tomor. at 7 ft 9.M S ‘ 

Serenade rsi feoittinued on VHFj. 1 JO nuts In Britain Now. ls.30 jjaily Service. Capital 1x3010 ln J half jliS’" 1 * Lurin-ta Rnb-r» wiiren^in 

World CUB Special: Scotland v Iran pins 1BA5 Morning Story 11 .M Newt 1LB 194ni and 95^ VHF * B »f | ATlONAL i theatre production Ti.^cli^ApS^^D "VS 

news of the other matches. UL82 Sports Somelhloa Appealing. Something AjSuBiiUL . _ , _ ^ "'.'f’X, v or, ° mould ™ ,S .wa* hallucinating CMT 

Desk. 1L15 Brian Matthew introduces ILSO Do Animals Talk? UAH News. 6J» am Graham Dene's Breaking "jn H "W'"' RnM 1 ™ « fipSiim by 

Round Mi dnigh t, including 12.00 News. 1282 pm You and Yours. 1127 The Spam- Show IS'. SJM Michael Aspel fS). 12J» credit wl Pi "nor and ^Blif Morrison. 

2.011482 am News Summary. fritter Man (S». I2J5 Weatheri mto- Dim: Cash IS). *00 pm Roger Scott 'Sr. nmc _ rrnr=r^=j=Tfii: nt.atw m rb 

n .w (ft , c,„— „r,x-m7 srawme news. UO The World at Om:. 7.00 London Today tSi 13* Adnan FORTUNE, bsb 2238- Eva. e.po. Thurs. 3. 5A 'o^«™“™ t t3. tom Vonti^? 6 ’ 

RADIO 3 4«4ni, Stereo & VHF ^ The Archrrs. 445 Woman's Bout Love r Open Line i si, 9.00 Nicky Horne s , , SSiJ^Sfin D1 „ . whose .life .is it anywatt 

madiMti Wave mi. Including 3.DD3.fl2 News. 245 t A t ! rmn with Your Mother Wouldn't Like it IS*. Murid n MARPL6S in wrfb JANE ASHED 

ttJB am Weather. 7J» News. 7.05 Mother. UO News. 3.H5 Aftamoon Tony Myall's “* murder at the vicaraGI * A MOME T o r, OTE *iT* Y 'Gdn. URGE YOU 

Your Midweek. Choice, part liSL 8-00 Theatre ISi. 5-50 Choral EveosoiUL 4J5 Duncan Johnsons Niebt Flight 15). Third Great Year. Evs. ar'84>. T Pri. and sat. 5 . 4 s and bas. 


AT* 9BA3. 


Elegant, good engaging." ridn 1 

■ THE CL* 19 
A rew mmitJl 

■ "Caustic and Cenk Timm. 

"Shew ,"am in Mrnv." o. Ter. 
"Llnrfa TV>«r«e" . 1 revrid'on “ Times 
"WELCOME TO THE CLUB E.N. 


DOWN 

1 Twins given key to E type 

ear 16 ) 

2 Twite upset peculiar expres- 
sion of discontent (6) 

3 Share allowed to get the chop 
lOf 

4 Ship to recover what's left 
U, 2 , 4) 


ESSHBEHBnHHi: EGB 

S'B S E E n D EJ 

EBDEFS : SEQBHQCinE 

raran-HRraBn 

gnRGBEOOE r\ rjjr^r^ 
ED ra OGRE 
RnraceiES ecid?: 

m c r rg m n 

DRHB EDEF3f2P]B 

n e r • n n ci fr, 

0 El fi . E! E F, 

5drb nsGng Qnnram 
!3 R 5!-B B. R D 0 
sr??5_BSlDREninC]Bii 


OHI CALCUTTA! 

TUB Nudtly I* itunntaD." Dally Tel. 
8t»i Sensational Year. 


| DUKE OF YORK'S. 01-836 5122 

Evenings 8 00. Mat. Wed.. Sal. 3,00. 
JOHN GIELGUD 
In Julian Mitchell’s 
HALF-LIFE 

£ B !S,?l T, fi NAL . TMEATBC PRODUCTION 
Brilliantly witty ... no ono mould 


aSBPWHTk. W'MSIi Wi 800,5 


Comov-relal & Indnnrlg] 

Per 

Une 

£ 

Six air 
column 
cm. 

£ . 

Property 

4JM 

14.99 

ResMemisi Propel ly 

2.00 

8.00 

A pool n ane ms 

4.58 

14.00 

Bns'ness ft inrestmebt 

Opportunities. cnrfioratlDB 

Loans. Prodacnon 

Capacity. Businesses 

pot Salc/Wanied 

515 

18.00 

Education, lloiors. 



Contracts ft Tandem. 

Personal, Gardening 

4.25 

13.00 

R«els and Travel 

2.73 

.10.00 

Book Pnhllshcrs 

— 

7.08 


limited period onlv. 


IOYAL rou»r. 710 1745. 

Tnnlnht It 8. Tomor. at 7 ft 9-30 
L Brin-iii C fc, V*». Rnb-rr Wll«nw|n 
I WA« OTTINil tar my PATIO 
THIS GUV APKftPFD I THOUGHT 
| Wii HALLUCINATING 
Previews from 14 Inn* Flying Blind by 
BUI Morrison. 


P remium pestHoo* avadabkt 
(nlnlBiiim die 48 cotmnn uni) 
Q JO per slaglo column an extra) 


Third Great Year. 


SAVOY THEATRE. . 01-831 8886. 

poenbra Jane 13. TOM CONTI In 
WHOSE .LIFE. 13, fT ANYWAY? 
with JANE ASHER 

"A MOMENTOUS P' AT. I URGE YOU 
TO SEE IT." Cdn. 

Evs. ar 84). Fit. and Sat. 5.45 and a -45. 


For farther rietnti, u^iUt tn: 
Classified Ad vex Use ment 

Manager, 

Financial limes. 

10, Cannon Street, £C4P 4BV. 


0 L v 


h 


^ Ov 


a 9 < j- 


21 


; ;FinanciaT Times Wednesday June 7 1978 

Television 



1 

a «s* . I, 
ird 

■ 

'M'lOrfc 

d % A 


On with the Dance 


■ There Is a moment in the of the other material contained broadcast iuipinjiC upon his 
BfilsKol -Ballet's version of The in the dozen programmes aiu-niion least. During .4 Almtli 
Ntrt^ocfeer When Masha and the gathered together by Burton fn tin* C'onutrw the cameras 
Prince ‘ disappear completely under the title Dance 3ionlJi and covered as link 1 ul the itafie as 
behind, the ranics of the corps presented on BBC2 during the possible while still including all 
vs™ .v- -i; « — . — the dancers, t 


by CHRIS DUNKLEV 


Open Air Theatre, Regent’s Park 

I A Midsummer Night’s Dream 


*^02in 


dei>aUet' Then, at the climax of fast four weeks. . lho dancers thus making them 

a typical Chaikovsky crescendo. Television, because of its uni- appear as^ btit .as n 

they shoot back into view above versal distribution ' ' ' 

the- beads of the other dancers all society 
as though'carried up by a couple declining 
of .almighty ; leaps. Since then to rising 
remain,;- upright and hovering, right 
with their knees- at the level of versal 
the' corps’ , heads, it becomes make 



n D? crime 3 rat«. it is only ballets bouaht in by the BBC i \umdnriu from Copenhagen. Not 1™ * re !; s ,on of the nailet uhi;lt .jjj 1 Der'e 'cn’-imns 

?hat when the same uni- from R.U Productions. Munich only did this modern piece have -"‘P^ aS ;ic , ur;i; , , n;l realistic ¥*■*• TS, ' I.™ tVe "toskv 

distribution is used to were full of crash zooms and a slr0 nft narrative line fan aspect ^ an impre sMi.n of in- «»ranri «*.and ^ 

available to virtually every frantic camera cutting which inpre important on televisio ^. anvon c onvc>..-.l oy :i ullur >hru- ■*. - ‘ .j j ' \.r ne .„, 

avasiaoiciov.ii«« J J artuailv made the dance Incnm- th ., n , n , ho theatre) and a smal \ hum.urcd to «1 is. or. or nen 



J o»e h? 



■toppingly. exciting. Watching it watched ail. or most, of the ballet during some P^aRes citempnt of Jbc nulMC 
perform . live on the Bolshoi series would wish to apportion The S casc by Bartok ' 

stage is no doubt a superior applause in a different way. I which Tanned a tripe c,. in hnliei — 

experience- to .watching 

on 'a - television screen, but one 
Would have to be a real cur 
mudgeon hot to express gratitude 
to Humphrey - Burton, head 
BBC TV’s Music and Arts Pro- 
grammes. far having made this 
second-best experience available 

to the millions -of. us who have ... 

never-. been-, to. Moscow and who but lor sport and 
inmany cases will- sever, have a too) they seem to 
clULhce to gb--. that television serves 

The same can be said of much best when the techniques ...... . 

Flindt and the rest of the Dam<h moV j nfi 


■olarly J'erjSli falling, li .s Msntv clear and the reve's nroceec Mace, 
allot- that, U choreogr:. , .he xt. or rnb u£ 



RES 


' H ‘S» •& 

'■yte* 

ns « s- t 

0 ^ 

,6 °- 

R'tlSH 
• uS E*tEsr 
.makes' 

W_0t-L:j|L 

S.SES! 

CH5vsT;i:^ 
iSETRAE 
t.GllT nil. 
r tAP 

n. tw. -irj 
i •■*-! n»v 
- r 

CAZZLE 
'• ‘ 2.1 
iL_PA*AGUll 
-y c k. E'fti; 

Si. ^ la[ 
»■ wu Hu 

.'.2 .■*•** h 
AfiNOUNCfT 
AMOS'.'**!! 

- c-simt 

- " srra» , 
' i-.J I", taSir; 

- ■* J 1 J 1 C*. 
j"*tr -nt. 

t - c ■■ n-. NfM. 
■JiD ThtAIS 

■“’5-^ 5U:a 

D JOHN? 
MAKCOCS 



liy for the arts Virtue w-as Its pleasing croucism _ lhe riun |i(v of Ihe visual ri ^ht. 

public events —a qua lily far too rare on tcliv n "" rienre 0VC n more than that In these oiscM'i.'i.-n-.---' 
to understand vision. Enif/mu Vnnalioiu was aural thi< contrast I**-’- human vivucr us i;:* in- a’r** » ic. 

ves the viewer om- f.Mhs many repeats in Dunce AiU. Ilnwevor. Hu- me wh-.1v vsTv.i »f 

hniques of the Month. a0 d since the strangeness Sbig of Flemming ami Viv, Yemeni m ,-.:-e .■.s-.h-ut 

viinHt !inri the resl of the Danish his i o 1 1 : . • ■ But in- 


his «. o L i : . 

Ballei seemed to me to mulch c;m , er;t is uM:z-d 
up, for on>-e. lo the power ami |>r Ihr0C ininppuju-e- 
Lhe spirit of the music. 

Certainly 
aspects 
cnioved 
But there 
criticised 
Month 

“Western — . — . h . 

Month " would have been a “* lo„l. in 
mouthful but would at least have WjJJW 1 > h 


tie:* non I- . M a c«i*ih ani-an 
«mm.’ hear me the ine vita ole n - v - 
s'.rml ., 

It'i-t ics gen*r- r.*:rv- r .-> *c 
are ..hnousiy rpTe-entia'eri from 

;e-:r fester the 


Rulj Lenska and Granville Saxton 

the beds Bottom in a grotto illumi- 


wiTh. well, fairy liuhta. 


^«.my ? 

k lo SnH in lhe alay. When sieve of Hulfy spnleliness. llcr 
‘ mechanical, assemble i*> Oheroii rtlvanvi’.le Saxton) is a 
nf !'y ramus and camp monster who leads ^wun 



:;ir'iirjh lav 
i;ier.s gla-nes - . 


hecn accurate— and this is not “^^ostc^cmn j ana lea*: u*e.i ■ ; 
just an empty semantic «jvib , thruu-’h \.-r- ••-e:*- 

Television is uniquely i-JluiPP^ JJ _ m i-| [fl :i! i 1 ;-r- 


to bring together— using tape * h * firs i .. 
and film as well as live relay— haps, bail 
examples of different types 


.»ga:n. prodnciuj 

and superimposed in; i.^ n --- h 


al'Aa> 5 works m erttd-’ 
i»r*ns in Hegent’s Par.-. 

Royal Court 


but it ing fools- Titania tl 


styles and disciplines in a per- either git- 
forming art such as dance. eivms worlds 
us an opportunity io compare horribi . 
which would be impossibly ex- Finally P ! '-" 
pensive using live theatre. appointing m i! 


ih- Im'xi of bo;}; 
■ i.nsu.-'e everyone 


Robert Wilson 


Wos S:mn? on m:i Pr.lio before a 


hluk curtain pierced Lucind, Childs, the co^ireclot 


with Mr. Wilson, plays virtually j 


Tk is (jit*/ M^-'r.red l Thought 1 ^nzbl whii^baTkX.p" His words the SJ n ’ e ' ' p r Jn\l v The 
U'.ijc HaflKCHiiiSiCIi (ihe opening arp - [)f l{u|e impnrtance; they plays them quite di . - 





avhna ^j- apd Ashley Pa« 4a* teda and the Swan * 


Coliseum 


My Brother, My Sisters 


can have * real Dane, 
instead of " Ballet M>>n Lit. i 
Meanwhile, thanks arc due to I 
Burton' and to BBC 2 for having 

........ . rc iff nothing it* do with the fiasco now 

v.fomard--' by "the symphony and what he supposes mnnopolising Argeouna and all 
* * Fascinating thoug h i | Rft.fbe iaes |«Fe11ed .... -nlttii’ is the composer's Inner Need, other channels. 

• of'- Brother. Mif Steers- are, Messen&er (the contralto soloist art his m0( - - J 

So piece would be ^.'more- than ^ . j Ust returned for the y final 32p ile some fine groi 
a -psychiatrist* tpE’were it not SU ng section of ^o scjirel was w “ v DOt persuaded t 
Srtrfh«^:ihat VieMIllap.. Jl-danciap of ^greatest beauty. c|ogged cboreograpbm 


Month wa- d'*- 
: n did not give 
. . ■ British a uriiun a n;m »»i 

No one could afford in ship sor1 n f initial nallci 
into London whole collections or oramnies 
African. Greek. American, and M . oduced 
European troupes to demonstrate 1 and 

the different traditions from £ avian bl 

folk to modern dance, but ic e- , jons raarr ying ana nance : vou VV3n i to leave rur a “ 1> -“- iin 7 !ll " 3V . s lhc same thing, penguins. 

specific meaning or 
. The meaning is 
see The nearest we 
in our recent ex perl- 

ballet. tiM S describe.'l Anon. There have- , h7 Venus dc Milo from no discernmie °^ tlve lig h“s sJilpiur? of Gilbert and George. 

Bringing us lo the second enti- heen some | ;i i.Ie examples. ! , o; , l(J f h ” n „" ( ^ independently of any Did 1 enjoy it? Well, I didn t 

hut there ha-.«- al'O boon 
worth im pon inc. 

Perhaps n**'i jear. il 

gets its licence fee increase. _ 

” ’‘ r ' r ’ iidependentr only throws off his long 



are almost independent o > . r aUends nr f^ns to attend, to a s a quite new theatrical expen- 
clamped togeiher like the lasers conS | ant ] y ringing telephone. e nce; and as such l recommend 
of a club sandwich Mr. V i^lson J ) con ^ ma u y screen various films it t0 ail wide-ranging collectors. 
Plays the first act^byji.mself. On a usual[y of A youNG 


the lights ?o up 
nn a rectilinear 


he is are projected, 
chair penguins. 


of-V extraordinary 


U fn a th°^ t pr2 orfSn alfty ■ and' excitment In was also fcaturea in ™ svm phonv: or that an awkward 
e JO£L£ l ft&'-by ^E. which to explore thf situation, evening^ Mon^gnon i^^noi^hcr ^ by Manthey did any- 


that the 

texture 

Patrice Montagnon's ! nn f^ didf'much for Bruckner or his 
also featured in the « wmnhm)V . or that an awkward 


JTi, (inmiTli* ffoefeHiV A- E. which to explore LUC evening.. set by AX Cl wanuit 

famiW-The baJJet begins rather predict- yoin , g Stuttgart choreographer , * for the ba llet. 
8r°£f ablUr. frfl -that the opening conce ni ing himsc f here wi h “ 


inhabits a 'wQrJd. .obsessed by Jhe g^ n ^ c y i ae ^ fc ^ not'fired thradagi‘o o f“ Bruckn ers seventh 


CLEMENT CRISP 


-. t •«.- -V 


'?- ; SSSS % ilJPby Webern suites. MaeMiilsn's |dess 

« ■*'“ SS5T3H! »S12£ 
o£ *" " traoriiniiy 

For i, 8 nn twbam. in M 
suSS^^orland. i mus t hail again as one oj. the 


Festival Hall 

Lazar Berman 


s&s? Ss ssss 

Liszt Sonata r ^ it l £® 3U J nd the Yet if technique is seen as a 


s-T?. 


. ia «5a"Si 


PSfl - 




..-."j* V l5 Vr 
•• .K 3 - jS-’ 
- r ^'V.l 


jji;. 

r vT r>.; f 




^ famny irearest dancers of our u me, 
rtSTkr?. plaSfe.booldsh. gazing and one. weanng his 

into t^e 'pfd 
If . dreading 

ire incestuoua ^ .m^de^ qreamxawup leaps 

SSlSfSn^ irtSHStthe tot 

She Bronte^ .the ^ ¥rom Birgit Keil there 

around the of^brotnen e^^^ & characterisation at 

lika thosfr sev ®T?^ ^toht once fey and passionate vicious 

trorfes "that have cppie.do-.uebt once xey^*u p . wonderfl my 

SfS“ e ,lSt H°^ Sci« Montagnon giv« 

,ess s °* 

-Aria- as at ballet pro*t«A 
oJISm . tftfijd: hSf-mSk^ *nd^ dance whije 

macabre 


ih^Sdreh;- ’^^jwti^OT’Son^gnon. , The efl 

Suiidly disquiating, - . 

Lucia J do -nbt know, if 

1 P& -Mv~ Sisters will become 


the r girls--'onv 


chief lar - oauet, uul --t* - leve tt- 



fean of.act 
ahd jri.tlra 
rters: is dbi 

Me ‘ ^ .zL 


wa OTSdtfig 

aw* SSariWi 

squashed.. .... the lack, in the music of soft 

: “Efficient" and “unmagical se nsuousoess and suggestion, of 
were the two epithets that most anv Ional war i e ty; or in the way 
frequently recurred to charac- ^ breathtaking adventure of 
terise the playing, accompanied L j sz r s transitions was regularly 
by such adjectival phrases as diminished lay an inability to 
“technically astounding." None a p pret j a te and convey the trans- 
it these descriptions proved im- f 0rma tions of dramatic character, 
pervious to temporary alteration. The Musorgsky cycle went 
Ia : the' Liszt Sonata most of all. better, if only because its suc- 
Mr. Berman's fingers were not cess j on 0 f movements demands 
unfailingly efficient — The nig less of j ong .term dramatic con- 
barnstorming passages brought a troJ 0nce again, there were 
sizeable quota of wrong notes. some remarkably powerful, full- 
Nor was his traversal of the mettled sonorities in lhe massive 
quieter sections entirely un- movements; “Bydlo" rumbled 
magical: the softly punctuated past j n majestic depth of tone, 
[.final bars were remarkable for Y et how many pianists has one 
their “bated breath" quality. heard with not a quarter of Mr. 

' Overall, however, there could Berman's physical power and 
be tittle doubt that, as dexterity, create a gallery or 
exemplars of technique qua individual and particuiansed 
technique, .these are fingers characterisations — spine - 
capable of the bravest feats — chilling, melancholy, humorous 
double octaves solidly beaten as may be? Here, though the 
and shaped. Liszt's sequence of music was strongly outlined, its 
grtmdioso chords hugely centre was nerveless and 
sonorous without strain. * prosaic. ldppert 

capacity for piling on layers of "AX loppert 


, a***^j>» . 


«-t** fl * 




ind fusts. ;T Y/batwe - other MacMUlan 

i wrr nSPsm l & 

■Stories ;like-tiiese--;v, - - - . . " _ ... -• 

M-:. . 

^ w^ii' ixhibiiion.P^ . v . 

p^intfiigs by Oli Masters 

tv - r 


— — • - 


Moit-OI- 
• Sat. 10-i 



Purcell Room 

Lure of the East 

■ Monday's concert by the group Byron's Hebrew Melodies in 
The Songmakers’ Almanac various settings were profitably 
filled the Purcell Room and pro- raided. Yet the increasing 
dticed cheers for a miscellany hilarity of the second part, which 
called “The Lure of ; the East" began with French orientalism 
in which’ verse mingled with (Bizet and a stunning virtuoso 
voices and Schubert . and number by Saint-Sacns winning 
Schumann lay down with easily— Ravel’s “ L’lndifliircnL" 
Lehmann (Liza) and Coward, is not much without orchestra 
The’ -mixture ■ was most in- a nd went on through decent 
(‘eenlously ' assembled and care- Englishries to "Mad Docs and 
fully rehearsed; Trouble had Englishmen " and a version 
been taken over the programme attributed to Mrs. Johanna Ho? 
hook, so arranged that the of a familiar "Turkish piece, 
rheumiest and- most inattentive simply drove the memory of the 
fingers could hardly make it bigger things away. 
ruSle in lhe wrong place— worth Perhaps the readings, though 

mentioning because that is one they were nicely done by the 
of the last things concert singers (Felicity Lott, Sarah 
organisers usually bother about. Walker as guest artist. Martyn 
° And yet, not for the first time. Hill deputising for Anthony 
a eood “ theme " programme left Rolfe-Johnson, Richard Jackson) 
one slightly doubtful. What do and the unquenchable pianist 
Sch Ss achieve, except to Graham Johnson should he 
St thehoure (two and a half, sacrificed or strictly rationed. Or 
S? thii oecaSon) pass more in- were they included to reinforce 
? n rhpv might at a the point intentionally or un- 

SSffrSTOsSbtege, intentionally made by the even- 

lt P>J K^r^e'niu'nSeS 

on poetry ^n on snn^ 

Goethe’s Divan, poems and • kvwmi-u 



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22 


FINANCIAL TIMES 

BRACKEN BOUSE, CANNON STREET, LONDON EC4P 4 BT 
Telegrams: Finantimo, London PS4. Telex: 88SS41/2, 883897 
Telephone: 01-248 8000 


Wednesday June 7 1978 


Bonn’s price 
for a package 

THERE ARE at least two because some of the stronger 
important elements in the countries, like Germany and 
remarks on German economic Japan, objected to having pre- 
policy made yesterday bv Chan- cise targets imposed on them In 
cel I or Helmut Schmidt. The the OECD context, 
first was his hint that, while the With hindsight, however, it 
Bonn Government had no may seem , that the German 
immediate plans £or additional government's objection was 
stimulus for growth, some based less on the precise 


measures might be taken later 
this summer. The second was 
the message, clearly legible 
between the lines, that addi- 
tional reflationary measures 
would only be taken by Ger- 
many as part of an international 
package to which other coun- 


figures proposed by tbe OECD, 
than on the belief that this was 
the wrong sort of package, and 
that the rigbt sort of package 
could only be put together at 
the Bonn summit meeting in 
July. 

Tbe right sort of package, 


tries would have to make their according to this interpretation. 


contribution, and that this pack- 
age should be tied up at the 
international economic summit 
in Bonn next month. 

Inflation 

Mr. Dennis Healey, the 
British Chancellor of the 
Exchequer h3s long and re- 
peatedly pressed on the German 
Government its obligation to 
help the world out of recession 
by adopting a faster growth 
rate. Germany, the argument 
runs, has low inflation and a 
strong balance of payments, and 


is one which includes structural 
measures to improve and 
stabilise the international 
monetary system. As an induce- 
ment, the German government 
may well offer further domestic 
economic stimulus, and the 
report that the Bonn cabinet 
is postponing its final decisions 
on the 1979 budget until after 
the summit is a signal whose 
significance will not be lost on 
Mr. Healey or Mr. Carter. But 
the quid pro quo will be a firm 
undertaking from Washington 
that steps will be taken to curb 


can afford a more expansionary oil imports and thus reduce the 
approach than countries which, trade deficit, plus a parallel 
like the UK, are still trying to agreement within the European 
bring their inflation rates down. Community on measures to limit 
But it would be a mistake to the fluctuations between the 
suppose that Mr. Schmidt's re- European currencies, 
marks yesterday are a tribute Commhment 
to the persuasive power of Mr. 


Healey's homilies. The Germans 
have the best possible reasons 
far knowing that their probable 
growth rate this year will be 
disappointingly low. The offi- 
cial target set for 1978 was only 


Whether such a package can 
really be put together next 
month must still be open to 
question. Mr. Carter, for one. 
may not share tbe German 
belief that be can (or should) 


3.5 per cent, but the latest esti- act to curb oil imports on his 
mate by the Bundesbank puts own authority, by-passing Con- 
the probable out-turn at around gress, and be may be unwilling 
3 per cent, while other forecasts to give the kind of commitment 
suggest it may be as low as being sought by the German 

2.5 per cent The Government Government Chancellor 

has ample political incentives Schmidt's proposals for an 
for examining the feasibility of enlarged European currency 
faster economic growth, pro- snake are undergoing careful 
vtded it is compatible with other examination by Germany's Corn- 
economic priorities. munity partners, but it is not 

Recently, the Organisation for clear that they will be in a 
Economic Co-ooeration and practicable form by next month. 
Development in Paris proposed let alone that- Mr. Callaghan 
a concerted reflationary pro- will wish to expose himself to 
gramme hy a number of major attacks by the Labour Party's 
industrialised countries, though Left Wing so soon before an 
with the stronger countries election. For all that, it is clear 
giving their economies a bigger that the German Government — 
boost than the weaker. Most of quite rightly— will not reflate 
the governments were broadly the German economy just 
in favour of the idea, but the because Mr. Healey says it 
OECD proposal collapsed should. 


The recovery 
in danger 

AGAINST ANY normal fin an- figure for domestic credit expan- 
cial background, the banking sion. While monetary growth 
figures announced yesterday may be roughly in line with 
would be thoroughly welcome, policy, it is clear that DCE is 
There has been a sharp rise in far higher than is consistent 
advances, mainly to the ser- with the £6bn target reaffirmed 
vice (including equipment leas- in the last Letter of Intent to 
ing) and personal sectors. This the International Monetary 
reflects the recovery in demand Fund. 

SS? -j* be . gimi ! n ? l ° put a There is no question, then, 
iittie dynamism into the econ- ^ the Government is achiev- 

?. m J: ^ ere bas L? e ® n f a ' ing its financial targets by some 
tively slow growth in lending s j e ight of hand, though those 
manufacturers, but this is w j 1D wa tclx the money supply 


to the exclusion of anything 
else might be misled into think- 
ing so. Tbe Government will 
certainly not contain domestic 
credit growth within the target 


to manufacturers, but this 
perfectly normal in the early 
stages of a recovery: the rise 
in turnover has probably re- 
duced stocks and improved cash 
flow (notably so for the motor 

““5?' JS? £°L #b ? it set 'itself ‘without tikfng 
to repay £112m of bank ad- action. The question is 

vances In the last three months. W hat action, and how soon. 

The nse in the money supply 
cannot be estimated reliably SottlC realism 
from the clearing bank figures, 
bunt appears to be at or per- S"*"* JendjQ S hJ *f ««*£ 
baps a little above the top end erated » ? e *“>' wa * out “if! 11 
of the official target range — app®* 1 t0 be tD place restric- 
too high for comfort, but not * ons . ° n banks * and there 
alarmin^ has indeed been much talk of a 

— e " _ _ . , _ ^ possible “credit squeeze.” 

However, the financial facts There may he something to be 
behind this portrait of a reviv- for imposing some limit 
ing economy are not so pretty. 0Q (he growth rate of lending 
There is a skeleton in the cup- and liabilities under the sup- 
boardL The growth of the piementary special deposit 
money supply has not been scheme, which would guard 
kept in check, as it should be. against any explosive rise in 
by firm official action to hold lending to finance a run on 
the Government deficit with'n sterling — a development of 
the limits that can be funded which there is so far no sign, 
without endangering this fortunately. However, any such 
natural recovery of the private limit should be generous, to 
sector. On the contrary. The accommodate the recovery 
borrowing requirement is in- which has now set in. and the 

its main measures must tackle the 
problem at its source — the size 
□f the borrowing requirement, 
and its funding. 

As a result of this financial ^ Prime Minister has 
impasse, sterling has been weak, a h own some realism is resisting 
and the Government has teen backbench pressure to forbid a 
financing its own operations, ^se j n building society interest 
quite accidentally, by selling rateg> ^ has reaffirmed the 
foreign currency from Die Government’s credit policy, 
reserves instead of boirowing wh at is now needed is some 
institutional saving.-, in tne UK n OS jtive action: a rise in excise 
7 h '* c }*f c } y cannot go on duties which wU1 at least re . 
indefinitely. the borrowing co ^ revenue losses caused 
requirement would virtually by opposition amendments to 
exhaust the reserves. the gadget; and a financial in- 

This sketch of the flow of itiative to get funding moving 
funds in the last month shows again. The waiting period has 
rather more clearly what is already lasted too long. Hope 
going wrong than a discussion deferred makes markets sick, 
of official targets; but of course and the necessary medicine 
the failure to fund will be gets nastier with every passing 
reflected in due course in the week. 


DIVIDEND CONTROLS 


BY BARRY RILEY 


Financial -Times Wednesday arm*-; 7 197S 



maintains 




C URRENT LEGISLATION more likely that companies will about half of all cases in which But political expediency has 

to control dividends ex- find political reasons for not special Treasury consent was tended to win the day. It always 

pires on July 31. Unless complying. There are also twu given to above-normal increases, seems to he plausible, that 

there is Government action in very large companies. Shell Most of the other instances when earned incomes :ire 

the meantime, companies will Transport and Unilever, which were in recovery situations. restricted, so should dividend 


be able to declare dividends have legal obligations to pay out 
freely for the first time in certain levels of dividends in 
nearly six years. The Whitehall line with international 


In recent months dividends 


incomes. Dividend controls' . 
have tended to be tacked on as 


agree- 


macblne is already adjusting to merits. It is bard to sec 
the change. The Treasury has their directors could co 
been telling inquirers that with voluntary, as opposed to 
according to current legislation statutory', restraint 
permission is not required for 


buoyancy, however. 


a final addition, to a whole pack- 
how uuwevei, perhaps ag e o£ anti-inflatiohary 

I'inlv P artI r as * result of the fading measures. " 

' - * of the rights issue boom. Year- ^d there 


are no 


onjear g rowth is now down to powerful‘ta^riou P ‘s. on^ ' 

under 14 per cent and it seems of ^ 

Unions; to 


i IS not required tor Moreover the Boards of large. | ike |y that over the 12 months JET 
proposed dividends to be paid su ,.. C essful and cash rich com- l0 JllJy employee earnings and SSL!. 

after the end of next month. ?anjPS like GEC and Hov-ker rompany Xidenda nriA.ve LT*as 'Sr&JF SSSU*. 


The manning 



inning of the Treasury Siddeley wi » be undei . strons equal rata Sr £ “ e ^ ock Exchan S e > ' 

section winch adm.ntste^d,n- pressure to improve the cur- Since the latir part oflast year JSL5?“a?Sf l5?£S£ :<*«« » 

TT-received permission to pay In the stock market : at present. 


dend controls has been reduced rent!v tjny yieIds or their dividends 


have actually been approach of the investment in- received permission i i 


reuses sharPS ' v/hich are symptomatic rising faster"than“ retail' priced JSStons <>ver the statutory limit. Mostv^etheraeprospect--^ divi, 

,o^ve tb a%S~y:p U on l^p^rlLT'’’ - ■ - ™ S ^ 


whether an attempt will be 
made to extend the controls for 
a further period. 

In February. Mr. Denis 
Healey, the Chancellor of the 
Exchequer, stated: “It is too 
early yet to consider whether 
any legislation on dividends 
might be needed as part of 
counter-inflation policy v. r hen 
the present round comes tn an 
end." This remains the official 
view. 

Only yesterday a Labour MP 
tabled a Parliamentary question 
about when the Chancellor 


h nave This has, however, been very lfttle in such a nolitieal »«nr companies must already be dend freedom.iy 
■' I***- much an exception to the rule if ErfS S dose to their preferred payout fleeted in-pnee* 

«“ Of the pea few veers. 5S.m2SLL“«2rtJLlSS- levels. What is line; howeva; argue-: , 


ptirary ” dividend free 
first imposed hy the Heath 
Government in November 1972. 


5 per cent 
ceiling 

That standstill lasted only a . . .. 

few months, but the C.-nserva- In ^f ,atlon to P rofits - 
live Government then placed a cant y ’ 10 


past few years. the imoressifm t-hnt levels. What is true, nowevet, sharp^ .^vanee.: 

_ ^ impression tnat many com- .. there is a small number would accompany -spy definite 

To demonstrate the erosion IW of ^ry i ars& companies which decisian tb ranove, controls. . 

of real income suffered by ambivalent in their attitude. In SwforecMt very substantia They suggest that- the markef Is- 

shareholders it is best to trace ***? cases companies axe ■™ B “ oTSu be held- -I hS 

the history of dividends back to confidently expected to do so. :hest, some kind at yohuntasy-- 

earlv 1972. At that time, divi- able to keep up in the dividend, ^^^„Z^ mnr t.xestnli*s .will • be -called? 

dends had been decontrolled for race ^ .tbe steong nuuefsj'are 'While at worst - some staLtitfhter 

several years, and should there- no Ion 3 er to be nobbled, \ would have limit— -such as'4 or 

fore have been at a normal level At present, the concern of the SLi>S f0r tn a 'statutory —wll be imposed in vUne^with 

(Signifi- Government— -to the lintiSd 'SESSS rfMSD whSKfS '«»e- Govemmenfa.-uert .-w^- 
cantly, in the decade before extent : to which it is interest^., ot Se ^ 


cpiling of 5 per cent on dhidend dividends had risen overall very at all in dividends — is that ^ich It proposes to pay out "at 
increases. Wages were also con- much ,n ,Ine P nces > embarrassing dividend increases, opportunity. Shnilarly;-. 

» — k... m j.ipj i nro with attendant nuhlicitv. mnM .7 


The reverse 
gap 


trolled, but first the ill-fated But between early 1972 and with attendant publicity, .could other Amglo-Dutcb muiti-- 
wouid make a statement on the threshold agreements, and then early 1978 dividends per share ™ Process, of Mtiona i. Unilever, should have 

fnhiTP of rtivii'nnr! control the incoming Labour admini- rose by 85 per cent during a ° e g°L at uiK a further round of pa i d around -three-fifths more 

-^r- Trp . -RarnpM Chi-=-f st^tlcms’s Social Contract, led period in which inflation was voluntary pay resCr^ntai- fluch last year under its equalisation . ..... . - f 

p J ' ' 'to snaring earnings amidst around 130 per cent That ? WIt *? a law fitted norm agreement, than it was allowed ®^t there^are indications tbat'.^ 

accelerating inflation. implies a fall of dividends in ^ or . ' w ^ e nsGSi would, .be a ^ and the accumulated backlog £ rise m diVidendSL has alfakfly-«' 

I„ July 1974 Mr Hea i e v real terras by some 20 per cent. f^tae of its manifesto heTe ^ n0 w 38p a share gross. been discounted to some extent.- 

raised the ceiling on increases ^ l5r comparison, employee C 0IL ", 

nf dividends to 12£ per cent But earnings during thnse six years The fear is that a rash of 


Secretary to the Treasury, 
merely replied in a written 
answer: “My Rt. Hon. friend 
shall make a statement at the 
appropriate time. 


. . . . . , for the so-called reverse- yiekL 

Then there is BP, which -had gap has ^defied T>y : two p&-\ 

i annlii»ntinn tft raise its dlVl- . •‘vrr 


rSl’aS indTinduftry takes mn"a“ 'the "time wU^s'wm cJirabed by elnTost 150 percent, pajw dmdend a^mcet^tea^SbyMpacmt^eddmm 

1 ^... V-.. nr, lu ,ine hv on — r , representing a significant real m August or September could by til e Treasury a year ago. The 

have a senously adverse impart compjmjrstill intends to increase J2 to 
would be wrong to on the cUmate of pay talks. The tn 4 * «in „ share 


to dividends as something of an year, and inflation was at 16 per 
affront. To the Government, cent. Over the next two years 
however, dividends are nothing dividends took a severe batter- 
special: they are simply a form ing in real terms. It was 
of income, and so long as wider aggravated by the decision to 
aspects of incomes policy for trim dividend increases back to 


lain. 

It 


.« , r „ , • j- . , , - . - the dividend to 46.2p 2 shsrc flpffql.thp Tnarkp^c "irfaiire nw ■ 

attribute this overall erosion of inclination is to put a certain gross-compared with tha 33.5p 

real dividends wholly to con- amount of pressure on com- :+ was nprmitted to oaV-^d' - e ' 
trols. Over the same period the panles not .W-wdfe the new iSfiue prospeS last 

share of profits m the national necessary dividend adjustments j une promised that the- unpaid j - m rT™ c f 5 ’ “ Ke .- Jb® . 

th ^ ye ar 1 a he a d" ' re main u □ de- * ‘maximum" of“l0^ cent in income has fallen, particularly eouW I m ■ Ph“edin ^etiyover difference “would be diluted Jp ^ Jf- 

aided, the position of dividends July 1975. That limit has after providing for stock appre- a decent jnterral, it Is K^onsrand “& f 

.* «»». .i. M ciation and reolacement cost there need be no awkward removal of dividend restrictions Jr 

the labour permits." 811011 “ higher inflationary ex- 


cannot be determined either, applied ever since. ciation and replacement cost 1C cs nT , B _ _ 

There are. however, also some It is instructive to note that depreciation. It is clear that ^ ons i on pernuis pectations. as well as anticipa- 

practical coasideratioDS. Ai- dunn? 1974 and 1975 average dividends would have came front la al “ n = tiov of dividend treedem. 

thmi^h 1 nnp-rlause Bill ex- f*amin"<; of emnlovees ro^e bv under pressure in any case. mannsr and timing of dividend represent about 14 per cent of 

SX dlvlSSfSSioh SLSd « 59 pc? S prices So dividends have not been. J“ " 1 'SgSVEZlE ? "S’? 5 ' ^ SSf 

in UteSty be pot through Par- by 47 per cent and divi- and could never have been, a SSL ? JgSJ! L S 

Hament. given support, within dends per share — on the basis source of inflationary pressure, 
a matter of days, in practice it of the recorded yield on It should be remembered that Aueust 1 

would be a controversial the FT-Actuaries All-Share company dividends, even after 0 . 

measure. It looks increasingly Index — by only 21 per cent, adding back advance corporation 

unlikely that such legislation During the past couple of tax. account for under 3 per 

could now be passed, with the years the balance has been cent of personal incomes in the 

Liberals about to abandon their redressed just a little. Taking UK In this context, the 


pact with the Government 


66 


?? 


controls 


1976 and 1977 together, earnings primarv effect of dividend con- 
rose slightly less than ihe 28 trols has been to shift the 
per cent, rise in prices, divi- balance in the system. 

While 


A new 
base 


differeit priorities should ^^7- they implement average divi- *be . immediate." attention . ..is 
dend 1 eedom become a reality dend rises of, say, .69 per-cent, timely to be focuied' on. '.the 

-" then by themselves they will scale of any dividend increases. 

1 push up the All-Share income Yet the potential for re-estab- 
by 8} per cent On the assump- fishing a proper risk market in : 
tion that a significant minority equities will be much, more 

[[- of other companies will also important. For years, investors 

V declare big increases, while have had no assurance that 

. ' .inost companies - move ’theft: investment in a successful cam- .• 

There is going to be a strobg dividends up more or less in pany would lead to an above- ' 

. . , while com- rnmnimFPc hai^P ca se for tairill S opportunity line with inflation, it is posstble average income return. In tiy- 

dends by a idUe rno.e at 31 per 2 . * ^ J as much t0 dividend to predict an increase of over ing to treat dividends on a paf 

cent or so . . " “ would have liked^others “window" before it Is slammed 20 per cent during tbe first year with Civil Service salaries the 

Since the end of 19i6 djp- h av ^ feh obliged to distribute shut again. With inflation of freedom. Some put the figure politicians have managed to 
ThP fnwmmpnt could fall dends appear to have been fikely to be rising again next at more like 30 per cent convert ordinary shares into- a., 

hack uoon non-statutory guide- r ' sin 2 ^ appreciablj more than almost all clear- y ear * a new Govern- This aggregate figure would, kind of restricted .growth pre* - 

?£ of the kind whkh have * utut0,y |oa b.nkr,nd tonran« c“m- moot o( unpredictable com- however, he highef than the ference capital, 

already applied to wages reachl J , f 3 Jear-on->ear gain of have lhen bad to plexion lik^y to be installed in median increase for the more- Very soon, successful com- . 

“ Voluntary*"* controls c«fuld back t0 shareholders (som^ power this autumn, dividend typical company Profits across panies could be in a position to 

perhaps be backed up by some 19 ‘?' 2 Ut . t *L“i * ^ t fines twice) for new capital in freedom will not necessarily a wide belt-of Bntish industry strengthen their position on the V 

kind of blacklist for non-com- t8nt r . efl ® cted l ? e wjUmgne» of Qrder tQ n1ainlain the reaI level last for long. It will be unpor- have recentiy been sluggish, stock market But the reverse 


pliers, on the lines of recent shareholders to plough back of ^gjj. equity bases. 


tant for companies to establish and have often been falling, applies to their more lagg airily 


pav poliev But it would be TOane y ^ ^ fOTm <i£ Treasury officials have admit- a new base ahead of any fur- which scarcely provides the counterparts. For existing high 

difficult to make such a nolicy issues - . , ted. in evidence submitted to tejgnw “ right background for dividend yielding shares could .lose, some 

stick. Voluntary pay guidelines The need to raise new capital the wiison Committee, that nienihenng that uviaeads have buoyancy. Unless profitability of their appeal. and companies 
have worked, up to a point, be- has 211 accepted reason for dividend restrictions have De !“ ™ 5? STraim lor improves sharply, the dividend will no longer be able to sugar 

cause once the unions have special davadend concessions tended to make the equity three of me last y ears - rises of 20 per cent and more th pill of rights issubs. winch 

accepted them it has also been ever since -the coatrols were im- market less attractive, particu- The number of companies jn will only represent a one-ycar are expensive to shareholder 

in the interests of the cin- posed in roughly their present lariy to private investors, and such a position . should not be upward adjustment with the by arguing that this is one. of 

ployers to follow suit form in 1973. During 1976 and that this has increased the cost exaggerated. During the past growth, rate sinking back sub- the few ways to get the dividend 

But with dividends it is much 1977 this ruling accounted for of raising new capital. three, years over 750 companies sequently to a much lower level, up. 





appropriately large, and 
funding has scarcely begun. 

Cannot go on 


Brian Young, director general smaller. The quality of play is His period there was distin 
of the LB A, wrote to Stone say- naw improving. guished by a major expansion 

■ „ . +v ,„ Although a male under- of the office and of the infor- 

ming that t e ad ertise graduate can be sure of a full mation it published— sometimes 
seems clearly resigned to in- b]ue for represen ting his to the embarrassment of tbe 
fluence upinion in relation to university in any major sport government of the day. 

„.w an industrial conlroveray." The (and a half-blue for basketball Moser tells me that he 
Burmah Shareholders Action reA, s code forbids partiaUty m and the like), the feminine expects particularly to deal with 
Group is on the warpath again. cont ^ ovcrsies . thoagn sce ne is far more murky. My corporate finance for industry. 

The group hopes to start the BSAG angrily say that their inquiries have led to appeals He is also the join the Board of 
public unravelling of the oil lawyers deny the advertisement that j should no t “upset Economist Newspapers and next 


Burmah row back 
on the boil 

Why did Burmah collapse in 
1974? The question has still to 
be fully answered, but the 


company's^ crisis at Friday's should be so cate^urLied. 
AGM in Glasgow. 


BSAG has already had one Hott/e’s that? 

S^lfSfb." “to™S. IB Amid th, higher dramas in the that girls een'oceaeioe aily be tare m^dmratte^ver re 


people " — meaning men — in year will become chairman of 
what certain women dons at the the Economist Intelligence Unit, 
older universities see as a He is, of course, only the 
distinctly touchy area. It seems latest of the mandarins who 


the 

Roll and Sir Ronald Macintosh 
at Warburgs, Lord Armstrong at 
the Midland and Sir Derek 
Mitchell at Guinness Mahon. 
Illustrious recruits, and White- 


persistent campaign in 1975 and world of sport, a spirited event awarded full blues for rowing, 

1976 led the company to initiate that took place last weekend they put enough beef behind 
a £600m claim against the Bank went totally unnoticed. This the blades, 
of England. This is for the was the annual women’s cricket Even during my talk with 
recovery of the BP stock held match between Oxford and Lady Howe I had sensed the 
by Burmah before the firm’s Cambridge. It was played at seriousness of the underlying 

collapse. Fenner's and finally ended in a issues. My courage failed s mss - reraa * JS * * ir 

The claim was only made ladylike draw. It must be before I dared ask whether the 
after BSAG has persuaded the reported, however, that some Cambridge pace men (pace 
Burmah Board to release docu- plaintive cries have been women? pace persons?) had 
ments about the sale of the BP emanating from the pavilion — bowled any maidens, or if the 
stock. Now it is pressing for because an Oxbridge girl who girl who was at third man was 
some equally crucial documents wins a place in her university called the third woman. I con- 


will devise a statistical method 
of computing the City’s gains. 


Hard cheese 

— those relating to the agree- eleven only gets a half-blue, s ider the best prospect for us Action b-assame ritel news 
ments in 1974 and 1975 between whereas her male counterpart mere chaps is to await the day f c ’• 

the Burmah group and the is given a full blue. when all teams become mixed. L k pith Tnamh it j-hL 

Signal Companies Inc and One of this year's Cambridge it will at least improve the look „„„„„ 

Orion and Chase Manhattan team was Amanda Howe of of the outfield, 
banks. Girton. Her father, Sir 

BSAG and iis hon. Geoffrey, is the Tories’ shadow ^ 
treasurer, Jonathan Stone. Chancellor, which in this con- r^milu frorlitinn 
of these text is neither here nor there. ram, *y XraaillOn 


The group, with links in 150 
constituencies, tails me it has 
expanded since “we threw 
Maggy's lot m the ring ” in the 

question whether some of these text is neither here nor there. ■ **■■■•* * C, Tt Se hIf li Irtii a lf a ^ ership 

agreements contributed to the What happens to be very much It was not the first time I have na "_ SU P- 

collapse. Stone claims it is here and now is that Lady Howe been told “I am doing what speak 

improbable that their implica- is deputy chairman of the Equal my father wanted.” but it was -fr 1 *"' 11167 

tions were unknown to the Opportunities Commission; she the first time I had heard it 5L s f parate 

Government. thinks the moment is nigh when from a man of 56. However, 

“We basically represent the such discrimination against the yesterday ' Sir Claus Moser w “ e *® 13 "^"“ Heaths 

small shareholders," Stone told frirls should be hit for six. “It explained that in leaving White- Ju “ 

me. He has had some problems may take the universities some ball to join a City hank he was ■ ' ri ? lt °“ t 

in obtaining the support of a time to adjust.” she told me. in fact carrying on a family < P e 5?°„ n “oue&t 

few of the major institutional “But now that the sexes are tradition— though one inter- r ‘ A 
investors in Burmah: “ They becoming numerically more rupted by the Nazis, 

think we are trying to make a equal at Oxford and Cambridge, In the 1930s the Moser family . 

vote of no-confidence, but this this is the right time to air the bank. Fromberg. was absorbed ITT l ? 

is not the case." BSAG in fact subject." by the Deutsche Bank and the ^ 

say thev have “much admira- I dared to sugeest to Lady Moser family was forced to £ s ' *, * u j® e *J e “ 

tion" for the Board's handling Howe that altliouch the girls no leave Germany; they moved to ™ _ ™. e \M5Knmtm Central 

of Burmah’s recovery pro- longer go in for under-arm stuff. England in 1936. Now, Sir ® 5* 

gramme. perhaps they are civen half Claus is to become Vice-Chair- gnapes. They 

But thev have less admiration blues for only bowling half as man of N. M. Rothschild and , m very _^ S ood 

for the Independent Broadcast- fast as the men. She did not Sons. 0411011 

ing Authority, which has re- call me a male chauvinist, but He was a professor at the a «y. 

jected a radio appeal they merely replied that in the old London School of Economics 

wished to make in Scotland last days the "catchment area" for and served for 11 years as head /')/) <20 7 * 7 ) 01 * 

week for proxy support. Sir girl cricketers had been of the Central Statistical Office, l/uodi M5f 


Tory Action describes itself as 
probably on the right wing" 




23 




BRITISH' SOCIETY is stable was misplaced. It is true that about a third of the tenants of 
because it .Tnmain^ comfortably there are some exceptions to in unfurnished, privatcly-lct oj* lcast in lbe laiior 

well off. become less this rosy picture— no one could accommodation without such Qf t ^ e per | 0d under study) 

stable 'becaUSh 1 '-tt, 'is becoming pretend that the National Health amenities. Many of them will - s an extraordinary picture, 

more fragmented^. Service was actually improving in alt likelihood be families Telephones were rented by 

These two propositions are —but the perhaps surprising living in conditions that should 42 ppr ^ of a n households 

not quite': the Stuff of the fact is that while we -were all not be tolerated. The OHS m 1972 and 54 per cent m 

analyses to- ‘Which we ‘have telling one another that we gives an inUinfi who jim ig76. There is still a strong 
become acoistomed. which have were settle 0 poorer our popula- w j) cre lhcy miRhl b *“* he wors * class correlation here, as else- 

more to - nj "about doom and ? cettina olT in somc c,ly « ntr “-« , . d where. The possession of 

dew than stability and com- ,here is a rfcar ,n th,s phones among manual workers 

fort Yet the eyidenceT? there, “argmaliy neber. . for policy-makers. But h seems f s sim loW| with only a third 

published today: in' 'the 337 The financial, statistics ma> reasonable to hope that this of council and private tenants, 
pages of the' latest report from contradict that but the .wunl .of vorst-off margin is setting compared with 70 per cent of 

the General 'Household Survey*. rea l circumstances, which tne smaller. In any event, tnc need ownor ^, ccup iers having one in 

It is ■ based on a continuous Geaeral Household; Survey is l0 urge immediate alluvia- 1QT6 yct the growth continues. 
Government inquiry in which records, tells a convincing story, non. while acknowledging lhat Jn spile of t |ie apparently un- 
some 15,000 people are asked Take housing- The historic- 1 m* the 0VC ^heImiiis stoppable growth in the size of 

than a ii> hieh standard of housing of the population housing is of bllls . 


roocc Utoiu 

*ct 

.°® e K 

lr P a, j ^ 



The Rise in 
HOUSEHOLD 
DURABLES 

'/of households with.... 



! , 


TV Set i 

1 


90 Jr 



Vacuum Cleaner 


Vf> 

f *ar w: 

01 VQimk 

«Hed? 

* Still Ijfc 

\‘i pb> 
in li^ 
nest * 


should study the the 'industry unco ihmighl the 
central heating. Eritish WO uld never lake to — 


each , year rather more than ally high standard ^ n r..itv nnod 

they would: be in a formal in -Britain has been : remarked a loieraoie io prtuy „ on Hie same measure washing 

census. . The. answers boil down upon before in this column, but standard. machines are up from 66 per 

to-rweU, stability, with just * the fresh evidence is over- Those who are noi convinced ecm lQ 7l pcr wnt 0 f all hmise- 
®ny possible hint of fragmentation whelming. In 1971, some 88 per bv the measure according to I|oWsi Ttefrigerainrs — which 
L ' Q eonS in the future. - cent of all households bad sole bathrooms * lndv ,llL ' ■ '■ 

The 286 tables in the report, use of a bath or shower; by mbie on 
themselves, 
selected 
puter 

stored _ 

Office, tell us that we’ve stilt period and 92 per 

^importance of such much So^il The firs! thought lhat strike* ur 15 Mr'cent-ailhough here it must women under ■ 

the story as a whole is signifi- figures should be spelled out m the J one when considering those are an indium uf ^ ^ ^ nofaod> . can for eteil dt . nt seems to 

caritly at variance with what if one assumes that between cannot be soul that thw s |. q|m , s , s that here is Ihe The oHS i*. imv-nci. j iounur efft . L . t of X he present made in the 

aisrfisw 55s harass.* 

^ S r,t Arbitrary *>«. oi ,he 



than 


it woiil'l have 


increase of the share of one- 
person households, from about 
17 per cent to somc 21 per cent. 

A part of the change can be 
accounted for by the increase 
of the number nf elderly 
widows living alone — a sad 
statistic, but hardly one that 
is likely to shake society. But 
Ihe increase of the number of 
single young people, lone 
parents, and divorcees, is the 

one to watch. Combined wilh 
the trend to remain childless 
longer, ir suggests that in 
future social stability "ill have 
to be founded on something 
other than the need in care for 
children and on the extended 

family. 

Behind these statistics one 
may postulate that there is an 

increasing number of rootless 
people in our society. The 
number of victims of marital 
break-ups is growing. The feel- 
ing that there is not a lot 
worth preservine may increase 
in consequence: ir has happened 
elsewhere. 

been pension schemes covered 49 per short-term sickness among chi!- T , m is alI lhat one can say. 

u cn p - dren. and there was a rise in the There * s no strong evidence 



a Fj ^iiijuscholds" ~iia vc it. Since o^'thcsc iiuist revealing scales, thought possible n- luteraie lO cent 61 acute sickness rale for married that this change in our popula- 


^erse 
gap 

dicaiionj^ 

*s has il^ 

> »«e a* 

revcntji „„„ — 

by v«t n apart, and 'when some thoti^tt accommodation, 
cethetni. the collapse of capitalism, or J " 

? a P— democracy, or the economy, was 
reemCofc just around tiae corner. 

When we -consult the tables, * 


—but some tion and the habits of many of 
have been its members is as yet a strong 
number of enough factor to alter the 
JkV, Thpse mixed political outlook of an entire 




many 


, . , n greater strength than 

far only the indicators to * ncia] upheav3 j s o{ t], c past. 

.i.,.. h9V * re- pace nf change has not 

a been quite lhat of wartime, but 


stability ” have been re- 
nnned. Those sutaesting 



"•n thEonj 
'*‘ S View: f 

«wih. Yn> 
reflect & 
es. !:b i 
•Issue? ande- 

rusdity ai t 
other fea 

nSaiioaaryp 

frcjapffl. 

indeed xe 
■’f net: kt 
i'teatira 
u>eJ nt * 
dend iairzs 
V. far Tree 
r.f'K tnjrss 
r.u-:a r 
v ■:?». inrer: 
.".'•trance :• 

5 sa tit- 
r::um. In t 
•Svrsui vQ t" 
!Cf iolineit 
.T.ar.ajai ' 
v s.narw 
ed zrowla? 

sucocssiu! i- 
in a posiss" 

• pviiiv.oafl- 

But '.ne 
mire bSS» 
»r orzistinS 5 
cv/.d i'* 50 

23C CM#® 

sp ?ble w S 
^ 

to saaw^. 

: w:» 


When we -consult the tablw. many students or ioung housing has’ improved— but that = ^ a JJ me hu W 

and use imagination to exti^ p^obs are Itring in is on ly part of the story- The managing somehow 

polate.themjhrough ^the better „ p with a bath along the answer is to look at consumer In saying all thisjjm 

rridor. durables. The chart tells what forfeit 

Such calculations, still leave has happened, and for “years figures 

Letters to the Editor 

Management 
lessons 


say. been Again, working conditions a ^ was down household continued to shrink 

have been improved, and the . ^ ...m M n that nro- riurine the period — from 2.91 

ain not figures show 


family." In Very well, it may be objected. 

’ilore'peopie to l.7~ Some will call that pro- during tl . 

r '2S£S m * teUl T* “ " e ' nmain ' rea5 ° n w ' as 811 

still better year in 1078,. it camam. Vj „ and for “years figures, wluch remain tar n^ner 

appears that much of the alarm 




We can only hope ttotyour law him 

supplement has more effect on like to take issue 


on tax " in this Socialist SLate does J^wn by name to 
not in my experience S«; "«r J 

mnn,n»r« a sensation ot * ° . . 


their plan- 

^ suppiemeot uas uium r ~ " hoV of Aoints not in my eajjeueii« : ninp staff- near Antwerp, or 

SE5S- ffiywirA'issr s axgj vstas-ie 

aa , SSSgagS kI/ams . tlVM 

« -*ES '^t 0 Ti r Sn““ S of 


on how to pick the people who 
can do the woifc He describes 


_4 Vt‘ 


can do the work. He nTrtiinLlina Q r' a few years of risiOB property The main point of my letter . - cash grants., subord.- 

how tbte-jis^to- h«„ drae ^by JLOUCIling 4_ . | ^-nricesbt line with rising earn- which has been missed istop^c n3 ted loans, venture capital) plus 

observathmss^ is candid?^. : pt r - ........ . . . . is rash to assume the question of what motivatesa jls stC ategic location at tbecross- 

Asse8smen$!- T ri<3«ai|Cte:..pvm: i;5^ i *xa'W HPTVR - ’ ^Tftner -emit compound interest Left-winger to pursue poUciw, rQads of the Ec.u us bonded 

coupJe-.^d«^?o,^t^e HvlVv In property values which are evidently destructive warehousc regulations, and. the 

s,^\°r^Wp r S6r safw - ^ ***** 


working 
social acceptabl 


make 
ih the 


President Today’s Events 


• nic General Household Snnvy W“S. 
SO £10.00. 

Joe Rogaly 


Guardian Royal Exchange 
Assurance. 20. Aldermanbury. 
EC 12. Haden Carrier, 7-12. 

\VC. 2.30. 



affairs debate. 


OFFICIAL STATISTICS nrpat 'Eastern Hotel. EC. 12. 

House ' of Lords: Scotland Bill. \jk balance of payments 1st JanJes Nei)] Sheffield. 12. Penin- 
report stage. Theatres Trust Bill. qtr). ConstrucUon output (1st M) , ar and oriental Steam Naviga- 
second reading. _ , . qrri. lion. Leadenhall Street. EL, U. 

Select Committees: Nationalised COMPANY RESULTS Richardsons Westgarth. St. 

Industries sub-committee B. Sub- H anson Trust ( half-year). Ermin’s Hotel. SW 12. Royco. 
ject: Future of electricaj supply Harrisons and CrosfieJd ifull Marlow. 1130. -Smith St Aubjn. 
industry. Witnesses: Bnusb Elec- While Uon Court. EC. 1230. \v ard 

meal and Allied Manufacturers ^OMPANT MEETINGS While. Hilton Hotcl hl j. 

d"^ amtend Electrical AppHancK. WtaM ConsU-ucnon. Edmbumh. 
Great Eastern Hotel. EL. 12. 11. 


Sl.iro d n" , &=X m n?“ U »m. Com-ANV MEETINGS 
mittee. Trade and Industry sub- 
committees. Subject: Measu res to 


Army «cou™ 8 To«?e™ 3?«fg S MS-.* W* M 

Perhaps other v — + h„»m r«9it the inviu- house for a bit io order not to be a jj gtiU remains a central theme not try Xv switch British tovest- 


sions Boards. Pemap® - however, tha^l read the inviu- house fot - , , > . „ 

management Iessoi» fro better fWm the chairman of ^g^ed a s property developers of socialist egalitarian 
Services should be : learned yAlh jgSurtry 1500,” which purposes. sopby. 

advantage? ' • - ' • inqs^ have been received in the dealing In antiques j D ^ Smjth 

J G. C. Sworjr , • post/thft morning by a consider- iQ a pcriod 0 f inflation, and weak G House. 

(Major. retire^L Krttt abteBianber of indnstnalists, in- gj erd ng does not require much Sussex. 

Thorpe Bowse, Fbrdcombe, Kem. clu1iicg ^ose under-pnvileged ^pertfee as even junk is rapidly Peticonn, 

• ■ • . “Britons" North of Walfora. ,_ e _- M i 11 


Future 


philo- nu-nt ^ from Britain. Limburg 
tries only to switch some British 
investment from Rotterdam and 
Amsterdam, an aim which 
accords with the general invest- 
m out policies of the Dutch Gov- 
ernment. Moreover. British com- 
panies are seldom faced with the 
simple choice of expanding at 
home ur e>'. a Wishing a new base 
in the Netherlands. The econo- 
mii- factors underlying the alter- 
natives have too little m com- 
mon. But when a British com- 
(k-ndes to move into 



JJEitous” North of • increasing in value. 

m "” X' : - Mr.' .Tony Boyden, the values of all grades are Ukely to A ttrSIOtlOnS 

of the British Industry . l 5 9° keep op with the Deutsche Marks T\lll 

: Club, invites us to join him in ^ dollars rather than sterling. # ■ 

mdUStry • v«*« challenge which wiU appeal Webavc n o expertise hot of all qJ Limblirg 

Mr R BtiUocfe.--' to the sporting instincts of every ^ antiques acquired at ° 

-"tSs Direc,0T ' 

Sr ssP - s 

w k ?s,“.ra 

-rr. ;.rz ftesErc 


froin 

^^ltainV ^are df v :in^g--s5”rew if Scotland 
Hrt^ai t^de In engineerlng^pods oaSanirdayl . 

& ! tekdmg- the 


the 

Manchester 




o 

MT.^inSurity-fo^me,- and Too 


existence of the Dutch province Chamber -f Commerce, asked the 
of Limburg (relatively unknown ^JjjP. nrt l0 remember that Man- 
’ bat ^id“le manage- to British businessmen) and the chesier - s success was based on 

i= the opportunities_ available the.e. , lh;(t lts f uUire would be 




Germany having 100 or 


democracy 

. ... .. tt, ^ii^wsas; . 

Xaingf. tride.uwp “? Imointed by tboworkeB Boords of . our 


. ment haye not resigned^is the JWortuniti« B jiW h companies. r , n anU that opror- 

tuoitivs such as those Limburg 
offer* | must be examined bv 
s , v Mani-h^'er's businessmen, and 
to clarify what will in explo-ied if they were found to 

ageous. 


workers must a massive augmentation of their be advantageous. 1 believe he 
mOTe P EMnonS2 Commit- power with the spoke n-i only for Manchester, 


to the 
com- 


but fei Britain. 

Lissone. 




mtroL me. ana - ine oiaer reasonably be asked for a 

declaration of it^intenuons^d 

that is to its 

profitability and right to accumu- 
r Otherwise, rf the 


ate opposed, each 


Service to the 
investor 


ivc® 


rJ* 


• Ge nnai--XSteis.‘ 

'before Sosneriw of ptwe^iU Jnsl 


It has been a Board must become a house ^ :Jr Michael A. Riley. 
1 divided against itself. 


cSfSlSSS The image of the public* ; de ^ serefcV'to 

economic, suwal mas* of ww earng itram^ , c over raany decades,. 

standards of Uv- »?*_>- ihe so^eyrc^Pder 

and subject lo 
thwarted bankers 
in the City who 
belter. 

nnr ThC u ,, re facl lhat lhe “ n,0V ? 
uur ment ‘ h.is managed to provide 

trade a safe unspeculativc home for 
hew runds frmu The small (and some 
It is thi^ large i n.vestors, quite, apart 

regard to lack, or pparent lack or aaiee " lurbu , C nt world of constant, 
economic meirt. the near-chimiic economies is a tn- 

i manage- which lies at Hie Jient of the ^ , he balance and judg- 

managers and the 
lieties Association 

Germany and the U.S.. itseU trusts _ ove „ U.S 

- now has upwards of _ and share5 are a |i vola 
invested assets behind J”" 0 -, DOint wheve th e small 


Sj r . — - Despite an unprece- 


L: 


RtV 


i« 


t,n1 ^ 


Sfei 

gartO 01 ® 


it£° ! 


ll 


tM ^ 1 


nformaUOQ aM, » v. — , — , n lai>r in- lunas'f (n thp garden 

representa- reprwentaUves to direct, unless , _ or under Ihf mul . 

rap - -- aereement on purposes can ^ lhc CovRrmi , eil , ae t 

soon, as a matter of J h? e ,. nni .my right and buildin 




Technology. 

PO Box SS, Manchester. 


siu-ieiio'- ‘•'ill then be seen to be 
paragon* of virtue. 

Michael A- Riley. 
j (/j. Mu noil Avenue, 

Broin h’' 1 - Kent. 


Making the right 
decisions depends on 

having the right 

connections. 

^^ffsssssaffiSBS^ 

foreign excliange. 

Bank of Tokyo have almost a century of experience m making 

life easier for the businessman. 

For instance, we have branches and connections spanning the 
length and breadth of five continents. 

And we have a reputation for being one of the world s 
leading specialists in serving the needs of international business. 




operating on a 
profitable business. 


more 


Cv BANK OF TOI YO 

^ 1 ..nrlnn Offices: 20/ 24 Mooreati-.Ixmdon HC 2 RbDH. 1 i l.uHi-Sl-.l 


I.i.ndnn Offices: '_'(»/ 24 Monr^at.-. 
and 1 Hanover Square, London W1R 9RD 


Your international connection 





r 




; • ^ 7^’ ':‘l’ ky'Z ■■'■•i ; -? .v 


vi' '• " . " 



DIVIDENDS ANNOUNCED 


Date Corre- 
Current of spending 
payment _ payment div. 
Atkins Brothers 2.42 " — 241 


Comet already ahead of last year’s 

R TUE 27 weeks to MarcM. — — — — ^ 

S Cornet Radinvision Services i*iifkaig gOlITtfl tL„ „ r 

s Thi“ 1 .’ffis iS?.hi HiOHLIuHTS i-s.: 


FOR TUE 27 weeks to MarcM. 
197S Coinet Radinvision Services 
achieved a pre-tax profit of 
£4 .24111. This is £] 15m better than 
the corresponding period and 
£0.27m above the record last full 
year. 

The directors say that they 
expect the currcnL improved 
trading levels to continue, and 
add that the company is now in 
a position to take Hull advantage 
of such an improvement. They 
arc carefully considering other 
areas oT profitable expansion and 
continue to regard the future 
with considerable optimism. 

On current trading they state 
that The reduction in the annual 
rate of inflation and the increase 
in disposable incomes has resulted 
in a return or consumer confi- 
dence. Sales have increased sub- 
stantially compared with the 
depressed levels experienced 
during the same period last year. 

■*7 uM'-. ‘J'i WV"». Vear 
isrr-r* 1 971-77 i97*-t. 


Jas. Burrnugh 2.97 

Carless. Capel 0.55 

Charter Consolidated ... 5-2S 

City of Dublin 1;1 

Comet Radio vis ion ...ini. 1.21 
Consolidated Murchison 

int. Nil 

Craig & Rose 21.9 


July 25 
July 21 

.Auc. 18 
Aug. 4 


Total 

for 

year . 
3.67 
4.29.- 
0J2. 
.12.58 


. 0 / : >• • *.*/> r : i A I 1 

- * ' . ■ ■.— ■ * * ■ • ' . - v - '• • : — ’ ! : • • S» i V— v 7 irf>V'* •£ -££& ’ J ‘ r I /t 


jii*' 

A 0 


Lex discusses the May hanking figures which Indicate 
further significant growth in the money supply. Land 
Securities results are considered with particular reference to 
the 21 per cent increase in property values and the change in 
accounting, where the company is no longer capitalising 
development interest. And at De la Rue profits are in line 
with expectations thanks t.* the strong all-round performance. 
Comet Radiovisions’ interim results look very' impressive 
against an industry background of poor durable goods sales, 
while at Wedgwood, final quarter profits show a setback of 
£6(10,000. Carless Capet's full-year results bear the scars of 
the chemical recession and Scotcros has been hit by a 
combination of difficult trading conditions and some excep- 
tional expenditure. James Finlay's results are a record but 
of more interest Finlay is the first company to commit itself 
to action once dividend controls are lifted on August 1. 


trial Pressings, will be operating 

by September. Craig & Rose .... 

The group's interests include d c La Rue 

pvc foam, spring units, domestic Eastern Transvaal 
appliance industry products, heat- Ebon & Robbins 
mg and ventilation products, and James Finlay 


partitioning. 


Scotcros 
drops to 


£0.63m 


Ebon & Robbins int 

Janies Finlay 2nd int. 

1st int. 

Hartebeestfontein Gold... 

Jermyn Inv. Co 

Land Securities Inv. 

Parkland Textile Sec. int. 

Rowton Hotels 

■Scotcros 

Tonekah Harbour Tin int. 

Wedgwood 

Wcstpool Investment 

Zandpon Gold 


July 3 
Aug. 2 
Aug. 3 
July 15 
Aug. l 
Aug. 1 
Aug. 3 
Aug. 4 
July 10 
July 19 


f : res 

Ago - • • . ‘ . ' . . . ; .*. •JV’T ' 

if?- AN ADVANCE of f 620,000 hi tax- £&55cri (£5.72m) andextraonSnaiy.^ •' 
2 (« abl£ earnings is reported - by-items ^ £rom.m44m,ta,£L^ mi .‘ 
2j4» Wedgwood, the Staff ordsflire-based compmmg - a. prorisccra 

bone china group, for .the possible, exchange on. Swisslb 
30. year to April 1, 1078, taking the loans Of £LT» TO (£320,000) gcgjfr 


total from £7.73m. to a record* exchange adjostoents' in. 3tu£i_ * 


£S.35ta. . . , rtwn . "^icbengdd Jirojn a . gaitt of ; -a0fi^^ ; . • * .■= 

i 3 ., -Interest charges w-ajMSuf fS80,ft0H.' •••• ‘ - ; .vy: . • 

J-JJ 1 £5B1JOOO at. £245,000 helped ^Trie inHmg - '&72mXZ-X£S&M£i ' - 
IS but J there leiaas^and: provlsidna total- cajatife% " 

of almost £f70.QQ<K ^ V; employed -at year, ertd - was nn'-Ht.-i '• ' 

.{3k - .P roa ts last time topping. £t-2*m- £43^ (iS3 i S5m}^anif no t cSaf;.' • ' ‘ 

40 -Over the current trading period assets ; were better _-at '..SO *• 
-2J» 7 ' rdirectors are predicting a good ( £1 5.9m7 j, : N eFass#s ' cams 7 

5 81 year • as -long as there are no - i95Sp (lSfcSpJjperiliflr^,. 

Z» : further maj'or upsets in exchange- .•••-: T:> \ ‘V 

sr 5. rates and inflation is held doym.- COtlyilfinv.-r - ■ .T. ■» 1 


translation: of het-canwu 


July 27 

Wedgwood 3.9S July 20 3.7 7.48 . . 6.7 ^ ^ ninMnonth- stage wbop^: 

Wcstpool Investment 2.3 July 28 1.85 3J ' a ' draft ' ue> from dSJJan- - tp ^dipped, j&pi . £2Bm .tQ , 

7. and pan Gold 29.5T Aug. 3 1X5 41.5 ' 2?^- .fESm, Sr Arthur Bvyait'ttO^Xe" 

Dividends shown pence per share net except where otherwise stated, chairman said tiiat, provided “ie’ 

•Equivalent after allowing for scrip issue, t On cafpltal dollar did not cteteraprate ’ 

increased by rights and/or acquisition issues. $ After sub-division, ther, the directors slfil expected 
? Malaysian cents throughouL 5 South African cents, throughout; to ibleve thear. budgeted profit 
.1 Gross throughout- > futLnfrne. _ highly 

1 ^ mmmmiimm S*tes tor tbejyeag - demand '/the' ' i^eak jJdllar^^P- ’. 

cent, higher at £73.4m (S9-5ro) cJeAriv tbe'chSef culbrit-'THe -Kim<i» -.-~j 
• and the directors » y saies - facto? has hit e»or» 'CS8 ' 

Finlay’s peak £15.8m • 

strip's totalities. ' . - badly 'affected. After* the 

ALTHOUGH second half pre-tax excellent tea production condi- Home market sales ^of tne coot- benefits of Jubilee feryoiir in June 5 ?*-' 
profits of James Finlay and Co. tions. With tea -prices running P»y were buoyanr^ uoW K 18 .md price^ris8s last'Jilly; inar0iik^ : .. 


S 75. rates and. inflation .is held doymri^JP. Cwul 7. -K- -*"• 

6.7.;" VJU the mne^ont^ ": 


rt-. shares. A final payment the same 


Turni-ifftT es o'.s is.ii?R sc.Pij j s JorecasL 

pnn Harare tax .. 3.09a WTO 

s? profit • • I:S !.*i ^ © comment 

EMrj'.irri , n JJ \ t a time when volume sales of 


. V” H , , n „ ,hpi rn-riorJ downturn. i.nmci itaaiovision 

improved duim= (he > per oa « ulth 3n impressive set 

under review and deferred^x 1 . ^ ^ resuUs pr *; nts are up 


Elson & 
Robbins 
near £lm. 


AFTER EXCEPTION-VF. develop- 
ment expenditure a £360 ."00 tax- 
able proGt of Scotcros felt from 
fl.ISm to f 0.83m in the March 31. 
1978. year on turnover of i 19.33m 
against £19.6Rm. 

Directors point out tlut there 
was also the withdrawal of a 
£57.000 employment subsidy and 
that interest charges rose from 
£52.000 to £100,000. reflecting 


Finlay’s peak £15.8m 


can'S spendfne°^n° t hJ ^LK ' nl ALTHOUGH second half pre-tax excellent tea production condi- 
£11 Sin and the £1. 4m acquisition proftl* of James Finlay and Co. tions Wth tea -prices running 


of i he Rcmy companies in France 


1 pruil'l* IJI dumra 1 UUUJ tuiu VW. nvi«. *• *vu pa ivw tiuuimg " , . • iWUlOOKy 

Tell slightly from £9.4m to £S.9m. at peak levels in the early part fourtsh quarter wtadi was ms- have beea^ 'hit?ls the second hattJ.'i.- 

• . . . ... . - _ j .f inn r'-.n. annn<n.linff acnMliaUv when COOl- f n m nnr ,R a 


implemented, 
strength in 
rc-enes. A 


further 37 per cent on sales 40 per cent with SALES 33 per cent, higher book.- 


company's higher, reflecting a volume sain al £g_fip m i aS ablc profit of Elson sequent 


quarter the 
exceptionally 
period with 


the nf amund a fifih afier stripping nd Robhins rose 23 per cent. ji on tions are thru this trend /^" ove T_j 
...— mu i ho . ..ntnbutinn from new rn mai m -, n .h« i 1 . ,n, ‘ ‘ trading and 


Tu.rno,-,r of ..M, inlernaUon,! SfSJ iSit 1 . 


hMancc^hcet at March 4 is given out ihc •.•■mtributinn fr °m new j- rom £a.76m to £0.94m in the has now been reversed. 
.If r«u«...in» table. shires, t nmct has been gaining M arch 31. 1978. half-year. Much manneemeni 


financing 


in the following table. 

Mar. < Feb. ?« Auc. 2' 


ru'd «s*'.-is 

IF7S 

'nna 

T.irj-i 

isrr 

:nnn 

;.ii.M 

inv moms 

145 

— 

Currvni assoir 
S'diks . ... 

n <•:.! 


Pehinrs 

1 .WO 

l.li.iH 

('ash .ii bink 

S.isi 

3.S-9 

Current iUbiliri-.-v 
Tr.-uto crorfU'-rs 

in :4f. 

9 -ii^l 

mhir m-0U»n 

4 0 r .! 


Provision for 

wa Irani ir-s ... 

M5 

Tfir. 

«>ron. mx 

UI 

<:» 

N.«i .-urroni jwii 

S.0O4 

A 741 

Share ■.-atiiiJl 

9:;2 

h.m 

Rosrrvos . . 

5.S"" 

r..r,v. 

Sh^n?hMrs.‘ lufvls 

*.7K 

4 

Pflii. mamh-nam.? 
inoam.- 

l nun 

'-Ifi 

Di-Irt. laxalinnt... 

T.9W 

5.214 

□>-M. Inxalionr 

7 1K<1 

S.’.'M 


shires. Cornet has been gaining March 31. 1978, half-year. Much 

market share as a result of its . u ._ ,= 

competitive pricing policy but a And w'lh the growth of sales 
subsidiary reason could be a continuing, the directors 


improved from £53.09m to £74.41m resu j t follows 


of £15.7Sm coming in below the 
estimates. The latest., record 


.viAiki, oi, mo, ihii-jh>, :>iucn uianiiuemeni aiK'iniuii \ . , , h m „.L. t« n t * ss ““ ■» ■> »®»jr ■ strong ' Earrrlngs pw ^ .Wedgwood ^- : purcliase i for;--sfi3fttt/-"”’. 

And with the -rowth of sales "as given in the period to group withS^Sn* k vert 0 ™ 1 ™** ^ 19 7 6 and, this, shown lower at 35£p p7*p) . and test Tear fit royestmentOTTstl'SKg’- - ; 

continuin'- the directors expect development and integration of ■ Ey - 33m . compared with £o.i 3m. combined with the Goverhibent's thh net final dividend B rased ^ 

to reoort^record sales and profits Rcmy. The growth nf Scotcros Earnings per 50p stock unit are dividend restriction policy ■ Tarid from 3.7p to 3^8p, takeoff fc; s lower; urterest-cl^argea; On d in i 


«■- ^..rsKtEv'iss tWS -SSwr'SSSJ "Si 4s.rS^K,“ri«Sd.'7hS t^sis^-tss^ 

P'"r •** er e the company sets j for ^the full year Last year prom say _ J lQ BL5p and a second ^terim in the Indian joint vt 


ping, wiicre tne company gevs »«r me *uu j - 

half its trade. Comet's colour T\ r was a peak £l.<4m. 
sales h;nc been particularly Mr. Eric R. Keeling, the chair- 
buoyant as a result of static prices nian . sa y s the half-year result was 


anting.* per 50p stock unit are dividend restriction policy. Tariii from 3.7p to 3^8p. taking the ..lower; intereslt-rttimges^ind 

n-n to have risen from 54 the decision to reduce its iqieresl: . total dividend to the maxanuni ^belps mask a-redurtiotf.In/operat-is; ■ 

61.5p and a second interim in tbe Indian joint venture- (mm^ aUowed. 7i48p (6.7pj coating. £l,4m . mg, prpats.'Bnrai^tne^Eestibf Jfiis 7 . . 


A maximum permitted final of dividend of 1.04515p raises the pany has resulted in a -strong (£1/Un). iw . . business. /. At '22Ip; = the;,.sba 

2.43 17p lifts the total from total from 5.907784p to 6.54515p. build-up of cash within the. group. ; With tax down from £2m to stand on a p/e of^ 63 .and jri 
:*f*03p to 33757p net per 2»p A first interim of 6.454S5p in res- Directors have talked about' using £l.Sm, net profit einerged at -53 per Cent' *. ' . 


‘'been* I nvprstnckine''Tn u' an ' u* 1 / 5 * ‘^cAiihV : */' o:i P to ^'^Tp net per 25p A first interim of 6.454$5p in res- Directors have talked about' using £1. 8m, 

fiii^TY industry) white there has l» r _ * h » r * are P.e« of W™ 1 is declared and _ in the _cash to reduce groun depen- 


the TV industry) white there has tion of the previous year's plan- shown down from 9 2 d to Sip 
b^en an increasing demand for nin „ v,u '" v 

MISS ioSMaM ffbS?™ 0 ! • comment 

months * r - d iiiona1l> a dull mjnority j nrere st of £11.269 (nil) Exceptional problems coupl' 


penod^f ■ »r 'u.omev^ but ^tly inc rMae minority interest of £11.269 mil) Exceptional problems coupled ^nits '"into Mp u'rtiis “and"' a among “analv^-iut' inayb^ 

in L-on-iumer spending will obvi- ,n res P ect * he 49 per cent vith difficult trading conditions scr j p issue on the basis of one 25p Finlayisnowthinidngofdifferent- 
ouslv be T nUip ProliLi of around interest in _ Huf cor t Partitions! in the final quarter have reduced u , jit P for pvpry m unK heid is . , ue s for its cash. Its promise of 

rssm i£. n ,.9m| P now seem likely *? ke " up ' n (,ctober ,ast b > Scotcros pre-tax profits by abnut abQ prop0f)ed . a substantial diridend pa vment on . 

for the Tull year Meanwhile the Henderson Doors. 4, per cent In packaging pro- August 1 makes it one of the first 

balance sheet shows substantially Earnings per Sap share are visions of £334.000 have been AAmmoni' companies to commit itself - to 


3 -fp. ihe event of a reduction in the dence on tea for profits .and... 
rate of tax the adjustment will be revenue but so far have taken no 
paid with the second interim for specific steps. This lack of action IC6IIC NEWS 
, . that year. A sub-division of 50p is starting to arouse misgivings 
criupied ^jQpk units into 25p units and a among analvsts— but :maybe 


in-tad'.* cornrtrimnn or K«T«.ono I ;,r u ““ ‘Z 

d.l.-rr.-l b> siock relu-f *.lainK-u 10 higher iasn balnm.es of £S.2m 


Earnings per 25p share are visions of £334.000 have been . 

given at 7.23p against 3.34p. and made for exceptional expenditure • comment 


a substantial dividend payment on 
August 1 makes it one of the first 
companies to commit itself - to 


Yearlings leap to 10^% 


r A~L - 


The coupon rate on this week's CumbeniauM' and/KlIsyth Distifrfi! 

»r 1 aa «1 iiiikhnv^trf ' PaiiMaH / % ‘ ' IViVin .1 ' 


^ususti jr. 1977 . u;». 3 nij — mis cenecis a ouuu-up. y* ’V^"" ?'Y. — t ' 'IliZ* 

First half earnings per 5p share ru the expense of stocks . prinr from 1. -Ip "J* t0 «1IS 

re given at 11.7p l".Hp» anri the to the abortive bid for \\igfalb (£.9.860). A I.9I9P ttnai 


i£3.3m) — ibis reflects a build-up. 


dividend 


action the moment the current batch of local authority yearling; CouacD {£fc2Sm>, ( ..^hiwqiydirr 


iterim dividend is effectively The shares, up fip to a years high 


lifted from I.n7ii4n to 1.31087, p net. of I32p. are on a prospective p/e 
costing ll!l.l’U7. The interim has oT 9.5 i fully taxed) while 
been waivied in respect of D.53m yeild is almost 3 per cent. 


jgh was paid last year. fall in earnings From this division 

p% Mr. Keeling says the 400 sq ft also reflected problems with can- 
the of assembly and warehouse space making facilities at Metropolitan 
for its subsidiary, Domestic Indus- Canister and the dearth in coffee 


1979. ' Lochaber District . CatpjcHf? 

The last time the coupon rate (£0.25m). . 
was above 10 per cent was in'. . Mole ,. Valley DistricT: ConBcQ 7 !^ 

_ 1 * ’ April last year. " raising £035m agd Salisbury^ 'v 

|l| II V()24rV . The issues are: Copeland District Council r £0.5m; by' we,;- 

* ^ > Borough Council (£0.5m). Hart issue of ll£ per cept iionds -due??: : . 

- District Council - f £0.5m ), Strath- on June 4, 19S0. wtule : 
x- a subsidiary, pre-tax profit of Clyde Regional Council (Elm I, District -Council . has '-’ placed'^r 
to Atidiu - Brothers (Hosiery) ' Tn-. London Borough of Wandsworth. £035m bonds, at ..a* rate of 


Carless Capel falls £2m 


City of Dublin soars 


tin orders in the aftermath of the v^iiy ui jL/iiu. 
recent jump in coffee prices. The w 

food division has slipped margin- 

ally with sales of both farm A UEAP of 8,. 6 per cent in tax- 


supplies and wines barely main- 
tained at 1976-77 levels. The 


REFLECTING A downturn in where they have a 

industrial activity which has re- interest. 

duoed margins, pre-tax proht of They are making 


7.5 per cent new Eu 
reduced 


■ European venture were also transport division saw a sharp set- r,"“‘ h 31l97S and the di 
need, in 1976-77 the develop- back but the • benefits i from n sub- S^^'JSow ne 


They are making encouraging ment of selling specialist stantiai contract for tie fence 


Carl css Capel and Leonard fell progress on-shore in southern chemicals on the continent pro- equipment wmch was 

from £2.95m lo 12.03m in the England where they expect to duced profits in the region of 

March 31. 1978. year. drill an exploration well this year. £100.000 but last year the cost of ensure some recovery 


equ i pme n t which was received 0 ^i 0 ^Lll^L^ UC t 


directors 
net from to 


March 31. 1978. year. drill an exploration well this year. £100.000 but last year tne cost ot ** 

This is in line with forecasts Tn addition (he results from their setting up a full sales operation Moreover, thu division hd S b£ 

made at halfway when nrnfios flew oil and production and overseas cut the profits from this lt ® \,. th . Pc 

dffwn rl fl 55m lo flint were exploration ventures in the U.S. venture to a very small figure, ^nd Wire and Iron Works 

renorteri ^ Director^ now «v tSS proving -very satisfactory." This year that operation should Oregon Tor the manufacture 

th?S5a'uD wm hovwwr Si to There are plans for further expan- make a better return while in roll-over protection equipment. tu AIIJtlw . iriwl oau ^ «,«««. « 
mainmirus position i^marL!; «on in_thi S area. the UK there ^ some hope that m«rt of the excep- the end of Jailuary . f t is expected 


Mr. Thomas Kenny, the chair- Directors say mast divlsiocs are Oldham 
in-o man, says that the bank benefited reasonably busy ana they ; are Council 


opcV^ting «nl’bMd 1 iariI;s 1< ’ ,Unn ’ ^ sho wrl* 'ar.Tfip Vo.5 p / ' and The fin a I has 40 per cent of the UK solvents resolved. With the profits of to yield profits, he says. 

. r r „„ dividend of 0.3520p net lifts the market and solvents account Tor newly acquired Rem v Group to Already the bank's three largest 

turnover for the year was, for J, e VGar f rom 0S25p to around 80 per cent of total profits, be consolidated this year and shareholders— 117 Holdings (Ire- 

ahead from £.,l.-i4m to £r(_..it-ni 0 j)vi4n Retained profit came out Meanwhile, the company’s new R 0fne benefits expected from its land). W. P. and R. 0. Holdings 
and the result is before tax of at n n: j m stake in ga s production in the recent investments, the group is and Chain Properties-and the 

£0 ?r™ . .'!??! ^r l1 .Srt o r «n Comparative figures have been U.S.— S850.OO0 was invested Inst to stage a strong recovery this directors have indicated their in- 


Earnings per 10p share are solvent prices may rise. Carless Mortal difficulties 


able earnings from £154.000 to Atidns Brothers (Hosiery) "• -m- London Borough of Wandsworth £03Bra bonds, at .a* rate of 

£289.000 was attained by City of creased from £509.100 to -£S3L742.-f£0.5m) t CoLswold District Council per cent, due on June 5,- ISJftjgir* . 

", Dublin Bank for the half-year to in the March 31, 1978 year. ..(£033ra). Inverness District at par. ~ . ' r:".f 

p ,u’ .March 31, 137S, and the directors Turnover jumped from £8.68m Council (£0.5m). Newbury District . Variable rate bonds dated Jiitie:? 

sun- j an lQ Taise £574,000 net from to £I0.26m. At halfway profit was Council i£055m), Northampton- 1. 1983 have been issued Vr 1j^;"- 

■ nL 'j onc-for-f our rights issue. doubled to £265.606. • shire County Council (£0.75m), Havant Borough Council-’ (JEOSm);^- 

tlv ®“ nfr. Thomas Kenny, the chair- Directors say mast divisions are Oldham Metropolitan District ^ • 

’"HJ? man. says that the bank benefited reasonably busy and- they ; are Council (£lm). - Boroufih of 

from the stability of interest rates optimistic regarding autumn-trad- Sunderland i£lm>. City nf Dundee 'RMytf ' KtiULT " : 
„ en during the period and there was ing despite the generally District Council (I0.5m), Renfrew 

Porl : a buoyant demand for credit. . depressed position of textiles District Coundl fflmh Metro- Wellco Holdings ^ announces- tfcafctt. 

s of Lend in-’ increased by £4m to worldwide. ' politan Borough of Sandwell OrdJnaiy shareholders have 

e of £lSm of which about £lm related After tax of £324£2S (£276^88) (£lm). City of Manchester up 82.7 per cent. OF. the 2,837,757^3.. 

1L to Anglo-Irish Bank, acquired at net profit was £300,914 (£232,912). (£0.5m), HamhJeton ' District new Ordinary shares offereil hjc=r 

tce P" the end of January, ft is expected A final dividend of 2.423p takes Council (£0.5mj, Aniber Valley way of rights on the basis bffhu^V' . 

been that this subsidiary will soon start the total to a maximum permitted .District Council (£0.25mV Llfw-for every II- shares held -al’ jfii'a' - 

5 ° r to yield profits, he says. 3.673p (3.2S9p} net per 25p -^bare. Valley District Council (£0.15m). close of business on April 28,1978. 


Hit r, r rtn nnn Gornpafstivo ti'jures havo beer* u..i, — gofibwu »» hh^hu m-»i ■■ v. r~ — 

?p’n2nno. J b 1 of i ' , °' 000 restated following a chanae in March— will make a positive con- year with an 
i,^. . i. . accounting po|i.-y. No pronsron tribution to profits. Overall ro, ac h'h2 fin» I 

Directors say the group is n0 w being made for tax de- some recovery in profits can be * hp shares 
strong financially and has adc- furred by reason nf stock relief, expected this year, and longer on a P‘ e 0f 13. 
quale capacity to take advantage term Carless is relying on its 

™r« U ' U • Vvhcn 11 © comment neuer ventures to establish _ _ _ 


a chanae in March— will make a positive con- year with an even chance of tenlioo to subscribe for their en 

No pronsron tribution to profits. Overall reaching £lm pre-tax again. At titlemems in full, 

for tax de- some recovery in profits can be * hp shares yield 7.4 per cent The bank maintains a higi 


of an upturn in activity when u 
occurs. 


term Carless is relying on its 
newer ventures to establish 
profits growth. At 34p the shares 


It retains an interest in block Carless' results bear the scars nf f u 'j| v valued with a p-'e of 

21 2 in the UK North Sea where the recession in the chemicals <,3 an( j yj e j d of 42 per ce ' nt but 


discoveries haw sector Second half turnover is lhe Nor { h Sea ^ ke adds some 


been made and where a delinea- 
tion well is likely In bi* drilled 


lower by 5 per cent and aHer a speculative spice 
2J point drop in margins to 5.3 


this year. In the fifth round they per cent pre-lax profits are lower 
wore granted a licence for blnek by a third. The third quarter was 


prospect, the worst hit. Profits from the 


FINANCE 

for industry and commerce 


Craig & 
Rose 


fi!»p, (he shares yield 7.4 per cent The bank maintains a high 
on a p.*e of 13. liquidity ratio and the proceeds 

of the issue will further enhance 
its ability rn gTasp growth oppor- 

Mlrlnvt inmtiesand to maintain an accep- 
ts /irKL' 111 table relationship between share- 

holders' Tunds and deposits, the 
np directors say. 

I AYfllP Tax for the half-year took 

VAI1IV £127.000 (£67.000) leaving net 

WITH TAXABLE earnings better 9™ fit a t -£102.000 (£87,000 1 and 


1 son && Robbins 


l-:.:?er 10 L 

Ik act i I It it 


(PVC foam • Spring units ■- Products for domestic appiiance industry 
Heating and ventilating products * Partitioning) 


Comparative results 


INTERIM REPORT 


at £ 1.29m, against 11.14m, in the earnings per 25p share came out 
second half Parkland Textile higher at tl^Ip). The gross 


(Holdings), worsted ' manufac- 
turers, lifted profit for the year 


interim dividend is raised to lp 
(0.875p) costing £50.000 (£41,000) 


to March 3. 1978. 27 per cent from directors expect to pay a 


AVUCJV' £l.8Im to a record £2.31m. ^ n , a * of 2p. 

___ __ In November the directors said Last ?5 ar r 3 Gna °f l-'-JP cross | 

TOR THE year 1977. profits of that order books were satisfactory P* ld Ir °ra record profit of 
Craig and Rose have risen by but margins were stili not as large “”7. . , .. e . 

£24.445 to £252,483, on a turnover as they should have been to cover Retained eammgs for the first 
ahead £392.953 to £3.327.144. The rfsJr'and neceiarv cSpitM r" *«£ H tV , £U *'T 

company makes paints and quirements. They forecast a sur- Wl tb cash at other banks 


Retained earnings for the first 
half amounted to £112,000 
(£46.000). With cash at other banks 


varnishes, and acts as wallpaper p i us m the second six months at up f ron [ l £4 - 79 ™ 


merchants. 


Whether you're seeking finance for expansion, 
for plant, equipment, property ora private mortgage, the 
directors of Garfield Marwin personally investigate 

j ■ — 1 your proposal. 

j j A letter or phone call will 

^ ' • receive immediate attention. 


After tax of £119.269 f£ 1 22,852), f 0 rmance. 


least equal to the first half per- 


f came nut ■ t r £ J25i M Earnings per 25p share 


•niF£?\ f nor ea T, ing «h? f r. 129 - 71 ? P ro ved \Z 23.5p (17:)9p) and the 
( lOl.bSp Per £1 share- A nel t01aJ dividend is stepped up 

final dividend of 21.87p IS tn maximum nermittPrl 


monies lent at £I7.73m (£12.37m) 
net current assets totalled £24.79m 
(£1 6.83m ). 

Arrangements have been made 


(unaudited) 

Six months to 
31.3.78 

Six months to 
3TJ.77 


£ 

£ 

Turnover 

Group profit before taxation 

Less Taxation 

Group net profit after taxation - 

Attributable to minority shareholders 

8,694,140 

935,538 

444,703 

490,835 

11,269 

6,540,791 

758^76 

390,582 

368,394 


479,566 

368,394 

Earnings per share 

Interim dividend per share — net 
Interim dividend per share— gross 
Cost of interim dividend 

7^3p 
1.351p 
2.047 p 
89,166 

5.54 p 

1.21 p 

1.8Bp 
- 79,860 


Year to. 
30.8.77 

£ 

12,835,631’ 
1,742,801 
893,637 
-• 849,164 


849.164 


recommended, for a total 
23.97p net. against 2J.46p. 


net total dividend is stepped up w , lLh . stockbrokers Dudgeon and 
to the maximum permitted stockbrokers Good body and Wil- 


- Corporation Tax has been charged at tha appropriate rates on the profits ot the Group. 


; to tne maximum permitted r ^ 

of 3. 17625p i2.86S75pi with a second kinson for the underwriting of 
interim of l.Slop. If lhe tax rate is f he rights issue of 1.8m ordinary 


r reduced a payment will be made shares at 33p dealing will 

With the next interim to maintain begin (nil paid) today. 


Garfield 

Marwin Ltd 


For enquiries please ring 
Worthing (0903) S 14008. 


Specialist brokers in corporate finance 

Cliftonville Hall, Hove, East Sussex, BN3 3RZ 


THE NEW THROGMORTON 
TRUST LTD. 

Capital Loan Stock Valuation — 
6th June. T978. 

The Net Asset Value per £1 of 
Capital Loan Stack is I64^0p 

5<Kuritic* valued it middle market 
price! 


the dividend at ihe maximum. 

The lax charge was £795.050 A • 

I £687,883). comprised entirely of /YTk 1TW 
deferred tax relatin': to stock re- 4 
lieT, and the net balance came , 

out at £1.51 m (£I.!3m). |J M/~krri Ayci 

To the group’s profit its -wholly lilUlUCl J 
Owned subsidiary Smith BuJmer 

and Co.- contributed a record INCLUDING £260,080 received as 


Statement by the chairman, Eric ft Keeling \ 

• l am jable to report on a half year in which the consolidation of the preyfous.years i : 

planning has brought about satisfactory results with group sales increas.ed by-a 
further 33% and profits by 23%. t 

• The minority interest referred to in the figures for the six months ended 31st 
March, 1978 is in respect of the 49% holding in Hufcor (Partitions) Ltd. takeh.pp by 1 
Henderson Doors Ltd. on the 1 st October, 1977 and covered in the Annual Report for 

1 977 m *■. • • i , I 


ilia 


£335.508 t £355.340 1 pre-tax earn- a temporary employment subsidy 


inu.s on sales up from £5-35m. to and after charging some £85,000 1 


from the closure of operations of| 


Crown House put in some circuits 
at Omanis new sports stadium- 


• I can now confirm that the 40,000 sq. ft. of assembly and warehouse space for our 
subsidiary Domestic Industrial Pressings Ltd. will be in operation by September. 

• As a result of the continued growth in our sales we expect to be reporting record 
levels In both sales and.proflts for the current year. 

• Dividend Warrants will be payable on the 14th July, 1978 to Members registered at 
the close of business on 23rd June, 1978. 

^ 6 June, 1978 


FRANCE 

SHOW 


before it even opened. 


Francis Shaw 

and Company Limited w 

(Engineers to the Rubber, Cable & Plastics Industries) 
EXTRACTS FROM THE STATEMENT OF THE 




Tb 



MM 




The new Royal Oman Police Sports Stadium at Wataya, in Oman, got its 
£lm complete electrical and mechanical engineering services less than a year after 
installation was begun by Crown House Engineering. 

Hence the ‘lap of honour’ in our picture. 

Crown House are winning similar contracts all over Britain and in the 
Middle East, Australia and Africa. Outstanding developments here at home with CHE- 
installed engineering services include the NatWest Tower, Brent Cross Shopping Centre 
and the new Jumbo Jet passenger lounges at Heathrow. 

Our track record is good in other fields, too. ‘Thos.Webb 7 and 'Edinburgh 
J fcTT — Crystal’ combine to make us the leading British manufacturer 
of finest quality hand cut crystal glass. At Dema Glass, we 
^7 distribute annually more than 100 million assorted 
• . «ir glasses over half of which go for export.To find out more 

r. j ^ v . '\ about this and other Crown House activities and 

l ; ^V.VX ’-A achievements contact our Chairman, 

n Patrick Edge-Pai*tington at 2 Lygon Place, London 
SW1 W 0JT. Telephone 01-730 9287. B 


CHAIRMANi 3VfR. L. J. TOLLEY, C.B.E. 
Results for the year 


In the disappointing economic circumstances which prevailed throughout 
the year, particularly in our field of international investment, the results 


can be considered reasonable. Sales of £11,533,670 produced a ore-tax 
profit of £377,062 against the previous year of £432,360. 


Current activity 

The year ended on a low note, with order balances reduced and new orders 
difficult to obtain. Our factories will in the main be busy until late in this 
calendar year but with new contracts not yet forthcoming, although still 
under active consideration we shall almost certainly slow down with 


consequential effects upon our employment levels and our performance 
We are still giving great attention to our diversification programme : 


ovvi. w Ud x. leiepnonev-L-iou »oi. ag 

Crown House CD 

You troy rat seeus. but wete there 


we are still giving great attention to our diversification programme and 
we now have a full range of very modern, high performance machines 
covering the whole extruder family. We need a resurgence of investment 
in the UK and Western Europe to show what these machines can do. 

Future prospects 

That our problems will continue during this year of 1978 is inevitable We 
are operating in a thoroughly depressed capital investment climatp in our 
traditional Western world markets, and although business continues to be 
available from Eastern Europe it is highly competitive because of low 
fnusory in ^ manufacturin e nations and its profitability is somewhat 

However, we have a fine, hardworking group of people at Francis -Shaw at 
an levels and I am quite sure they will not miss any opportunity neeessajy 
to maintain the factory work-flow and to achieve our prime obiective of 
improved profitability. ' . J " 




'8 • A ••• - 1 . 

Financial Times Wednesday June 7 1978 

^ De La Rue presses 
2 ahead to over £28m 

Qr, jA-THE -RESHAPED Dt la Roe from the UK, including sales to year, prospects for the business 
Ooo ^Company achieved further pro. subsidiaries, rose from £62m to remain highly promising, says 
Ui ^gwssr’in' the year to March 31, £7Sm. There was strong demand Sir Arthur, 
pi 4*^978. “foUcniring on its enormous for the products and services of In a particularly difficult nad- 
‘ '^growth iu t^ ie pr evious 12 months, the security business and the ins year the Security Express 
^ With “ all- activities. ■ contributing Sranhics business lifted exports division Itnnrovcd. but the cash- 


LANDSIT 
to £26.3m 


U 9 o 


-ai (j^uornuca, xniernauanai last ume, and overseas sales amounted to time, with margins suucnng as 
*4s T^group taxable earnings climbed £86m — 78 per cent of group turn- the result of intense competition 
&l t^ifrfom £2A44mto a record £2&34m over. and rising costs. 

■ ajffwith £16.4201, affti nst f 16,03m, Capital investment in land. The Crosbeld Electronics divi- 
m^rtcoming In the. Bemad- halt > buildings, plant and equipment sion pushed turnover up by 60 

E - ' After - - £770^100 amounted to £8.8m. This was less per cent. 

f£3.4Tm) •' trading- iprofit reached the £16^m expected at the The d j vision has started the 
... £24 .25m (£l£53m). representing * ssne of the rights issue mainly ycar w j(j, its order books 

an improved -margin of 22 percent because of delays m delivery of aRa | n at rec0 rd levels nnd is 
CECILS per cent) on sales down cai”* 3 ! ef P , 'I Hn * n t- .. . therefore viewing its immediate 

'"3 ^£82^ at flI0J2in. However after The cpm&ny will I continue to prospeels with confidence. 

I »wfihe contribution from PIL is InvesX in the profitable enter- 

stripped out of last year's figures Pri“s In which it is now engaged 3 Crrement thc 
'op ^ sai&sHndi cate an increase from and £3 4m has been earmarked In Federal Military Goyernnient.thd 
f Uiw^£902zmand profit up from £23.1 lm. the budget for the current year company s stake In the Nucr an 
m oi- a-*u • « T for this purpose. Sir Arthur says. Security Printing and Mimin R 

a 1 **) at Now Sir Arthur Norman, the Spending on research and Company is being reduced from 
^SL ^n Board i2 development and design readied 40 per cent to 25 per cent, ii is 
Ttli* £ZAm (£L8m) during the year planned that this change will be 

and the directors expect to spend effected by the introduction of 
u * “SHS 1 fuUy in excess of £3m in 1978-79- additional equity by the govern- 

ri?' , and Stocks at the end of the year men t without any subscription on 

oirt” ^ SOund ^ were 23 per cent higher at the group’s part. For a number 

Pdrw based PD» Uo ? ^ asjreat as ever. £20.Gm. The major part or this 0 r temporary and local reasons 
•. ■ increase was in the graphics this company traded slightly less 

yurin^generar are 4 at an .enpouragtag ^.^0 and arose asa result of profitably in 1977/78. 

, 4. u srt a « : is 

expect the g roup from customers and other Export 6 h,3«i s.m» •‘■o.wi 

Sh ° W continued ^wedi marked increase 55SL. nju xz.m WAg 


tats 11377 JIW7 

SW32Tli^“fi wg - >si SB SS 

sst i aaas5 sruss si^= ?£ ss %% 

i^1>?WpS^Sa StEVSBlF ’SnSEf UETuf aww ." Jg 

&UUR *-2; Sr-. — - W SS SS 

■ b 'i ca igS r ^ 1 ™ i ^'^fg' ds S b a re taSSSiSUIiPSiS Sw«m. s.5Kr ,M s^«. ss -S -» 
«Tp s,Si s 5?s s r 40 r *;f JS s;s"r .- «s ss ss 

SfiAp.exdudlng the results of FI3L, P™ fits ^07s/T7 T ' ,!,57 10971 l 0 -" 5 

' 2tl 'l mv. or S7n including these figures. As standing performance in ixre/ir • rirhns. .Excluding Vormu-j im.-r- 
' n ln »te forecast at the time of the Novem- * n spite of the absence this time nations? r<-ut?x. tR«^uitx aB J*Uj 1 h l!2; 


^ssEWa^arasffss: of a s y contracts of xstSsS areaR« , a , a 

.„ ,tle ^ dead is stepped up to 9ip nature. The new plant in Malta £]05 0W , Dro .,.,.^; of M it- ironi 'hr stamp 

J n4;i (6.5iS065p equivalent after sub- reached full production. collection ii-w a debit of rucoon jrwttw 

'division) with a final .of 6.4p. Jf A heavy capital expenditure from a wdtKiian m hoidins m an «sso- 

tiie tax rate is car to 33 per cent programme. implemented at ciate. 

a further payment of 0 096876P Thomas De La Rue during tne see 

wiH be paid with interim for 1878- year, will be continued during 

1979. the current year, with me ____ 

Adjusted m line with the Hyde emphasis on replacement .01 Ml 

guidelines profit for ■ the year obsolescent equipment, in Peru- mr 

% would have been reduced to cular at the main plant m Gates- j 

£23.7m. The tax charge ha s been head- 

adjusted in accordance wjh ED 19 The division’s current _ oraer 
on deferred tax. • book is healthy and margins are 

li.'V'ih D15 Though Interest is reported as being maintained, largely due to 
U..RV a payment in net terms the group product improvements, 
nil. lux* received £300.000 interest At year The UK security /systems print 
V.irj end' cash resources Aowed a net s] de produced a record result 
> £•» :.ai £ increase of £11 .18m f£1551m) and partly as the consequence of pro- 
I* Total funds employed were up duct rationalisation in recent 
from £Sfi.02m to £8A31m with loans years partly because tit pani- 
••.; CoijCu amounting to £5JSm (£4.0lm). cularly heavy business in bond 
n - .Silifc 1978: •. ' „ ___ printing for the London market. 

» d? The rights issued realised £8.7m The : oint enterprise in Ireland, - mm ^ 

■ ijori- and the' initial £2m payment due D La ^ smurfit produced a 

h:e for:fte sale of the^oup’s 60 per modest profit> the inter- ff M 

rics si cent Interest in FIL^to American nationa i services activity, sur- 

r--? (!• Cvnamid Co. was received i^ A P^ passed its performance in 1976/77 Mr 3L H 

■Be :■ -Ifl, 1977. and a -further -^ASm wax JJ 53 meting world demand for W & 

received ,m April this Fear, security products of various kinds, Wk. - M 

::i ujieitbalanceof ^JSmlstobereceved includj akl a consMerable 

. n -- betiveen 1979 and 19gL Bank quantity Q f coins in collaboration 
;:C loans -and overdrafts were up at ^ the' Royal. Mint. ... 

£6.1m f£5m) and bank . balances A heavy programme of new 
amounted to £24.7m. - orochiet development is being 

ESLLT Sales an< l fra dine profit of the P^taLed. The 9100 system Cm 
company^, two mam activities {SkM is attiact- 

r.avBKs: ^re-kptit as to: MCunty g^a t interest worldwide; and 

h?vf -j transport and- ancillary service E . { product jon units mD 

.y :-■} :«• £89.7m (£77.1m) and ^rT^ the rmnt year. With 

,S. d £2 to P SL.r Sto new counting and dlspc# 

^ Lee to expand s 

nQ licensee activities fi 

annual ' statemraL . Ss 'while the manufacturing 

The division has rntwei furtoer Mys, bems built in Greece 

>, 7»SS lt *”^32 l -joS-^Si--5 r TS S uT-ttSdStlon of that country 

SSig'SStSfeSJ- ad ? &*£: ioliing tl« EEC 
-4- tioiKdth fbrthOT Hoensees have Aajeported on May 17 pre-ux 
' reached an advanced stage^audTt proflt 0 f the greup rose to £3.7m 

£ is* hoped . that .dheae... will l he ^ .the December SL .J® 7 ! 5J?d 

„ CM finalised in the cufrent. yean- months against the earned 

w.W 1 "*] Mri-Cooper saysi tbal de^itei in’ the previous 12 months. 

1 1.7A2-B0* the eamoouciiteptes^op' tiWSS 11 ; At balance date net current 
£33,637 1 out' • Europe.^the currenv ^^gets were up from £3.56m to 
I tinAMir haS so “far : --been most ■ *** am! Rxcti assets were 


ON TOTAL Income of IM-lm 
;i«ainsi r39.C7m taxable profit of 
Lund Seeurilies Invest ment Trust I 
climbed from £21. 56m 10 Ofiilin 
in the March 31, 1978 year. , 

Net rents and mierest receiv- j 
able in the period were M6.Klm ( 
t£«.5Sm), and interest payable , 
£20.51 m (£22.04m), Aflcr tax of 1 
£0.77m (ffi.Siim) net income from ; 
investment properties advanced 
from £12.BGm to £I6.63m. 

After pre-tax outgoings For 
development properties of £7.89m 
<r9.57m) and tax relief of £4.1m 
iC4 9Rm). Income available for 
distribution was £I2.85m com- 
p.-»red with £12 Wm last year after 
a £4 59m transfer from the capital 
resorTc. This practice has been 

discontinued with dcvctnpmpnt 
outcomes of pt.TRm for the year 
written off as incurred. 

An oni*n market valuation on a 
representative sample of proper- 
ties ns at March 31. 197R revealed 
a 21.6 ner ennt rise in the value 
of prnnerlies. although the 
valuers pointed out that yields 
eased after March 31. 

Directors say the aggregate 
J value of pronertics owned bv the 
group was £S26.62m with invest- 
ment properties comprisin'.: 

, £774.0flai. Incorporating these 
i values net assets amounted to 
1 £47n.r»7m, which without adiust- 
‘ ment for tax payable in the event 
1 of future sales, amounts to a fully 
i diluted asset value per 50p share 
1 of 223p. 

3 Earnincs per share based on 
ij income from investment proper- 
j lies is shown at S.GIp f7.9pl basic 
3 and 7.R4p l671p> fully diluted 
« Based in available income earn- 
1 ines are givm at 0.65p basic and 
' 6.31 p diluted. 

j A final dividend of 3.S09aJ.r> 
i takes the total to 5.30952 n net 
“ against 4.S04P last time. If the 
* tax rate is reduced a supplemen- 
tary final will be p-iid. 

See Lex 


board meetings 

flic fulScwlW PKIIMKi lut- 
d 4 i t .. ..{ Ujard iniiiin.- -... it., 

Vst.-taanisv Sudi iiuxim-- ..rc u-.ual 
held f..r Ul; i«iojp»- -4 '-•■i- 't* v 

di-nd - Oltlcul jMdi<-afy ,, ‘ i ' l -‘-l 
jb’.r wbtlaT dbKj.-ml ..-..orii.C a 

Hum? .< 6" 15 . i r ,!, r 

r:h..ttU hvkw a« ba-.vd l:.-:-S C-: |j 
y ear'd uuiCi»bt L '- 

TODAY 

lBlerlm*-Hin^" Tru t. IK-Z- MU-djk 
Si it tin ^ Trtisi. Utuied Wft. -«.■! o'«l 
Pluh-.li tier** =■ Ru ^ ■; , ,-'r ,n 
dc-irlv* HarrlHons 3 i .-1 r r .. *M.| O -o 
oneiiwkt ,nv t r ; ,n :: n: . \ . T 

Tmicj. " Vroccr. u. ibi^ ' ■ 

FUTURE dates 
Ifflcrtm*— , 

Allied nreu'Wlft ■■■ ■ 
munrtrff.pnrmaiiwv . . _ , ' ■/' 

Ca-iU-U-W I|0>ns- K'lb^ r - ■< - J - 
Klltinshall (RUW*.T. D- v. ! ,;r,i.i l . Juic 

Ftaat*- . 

11 PP. laJBstrws J>n‘ 

HnU'h Tar Pro** 1 • ■ ^ 

rar4.se Br®; , ;r‘ . 

chjmbcrtJiB PWrn> ■ ■ J"**; ’ 

r.innriioir. SraU""’’ 1, ' 

Danirtnuia Inveiinji'*'' ‘ 1 1 

Uovnm.: id. 11/ ,U - J 

hcrilmian 'B.> ■ , _ , *• 

Finawv aral Indie-irul Tr-i h*v 

i;EI inicrnailnwl \ 

Lo-cti ■ William 1 Bo'Mvr- !«"• 

pfc'» - ji!';: 

I Will . I" . 

Will »J head 'Janas? J/.'. 


BERTRAMS TRIMS 
LOSS TO £74.997 

Despite turnover dipping from 
£1 13m to £0.9'jm I iv In:?-? ^1 
Bertrams In the April L\ if'T-i h df 
year x»'as trimmed lrvm £JU.oiy> to 
£74.997. 

Again no interim di- iden-l •» ;o 
be paid. F° r i- fi l J, ^t the 

group loss was £US-tm lmidvod- 
of 1.S3P net per 25[» -ii:re were 
Iasi paid in 1974-7.'. v.hm a £0.2 lm 
profit was achieved. 


jUGOSLOVENSKf AEROTRANSPORT 

(Y ugoslar Airlines) 

U.S. $36,283,477 
Aircraft Financing Loan 

Guaranteed by 

Beogtadska Banka 

Managed by 

Amex Bank limited 

United California Bank 

Industrial National Bank of Bkode Island 

Provided, among others, by 

American E*prc« Intcmadonol Banking Corporation Am« Bank Limited 

Austcaiiaaod Xccr Zealand Banking GroupLimited The Cleveland Trust Company 

The Colonial Bank and Trust Company Mostrial National Bank of Rhode bland 

Mcrca^Tl^C^ptnyNJL Nadonal Bank of Nor* America 

The Nippon Credit Bank, Ltd. United California Bank 

Sctf Voik. Branca 

and partially guaranteed by 

Export-Import Bank of the United States 

Agent Bank 

American Express International Banking Corporation 


’.ft-rV's-t 


trr- ■ : -err! r// rzn CJ c rkL'l» /; ' tin- 



I 








s* .< ^r- j&a 











r •vr-c.*-. : ■ ' : ?'& - 




2 535.631 
1,741601 
£ 33,637 


1- 


t . Si : ' ysB ?|j£? i* / - 

L Wth 

>/&*' -O • .■ . 


rin'fii trading S^_£3Mm and. fix 

8-9,1^ SSSfitfoty and ^nrti^rwo^.-giwS (£S.77m>. 

__= SSfflfcS--.- •»«?»».• .«• 


igama^ga 


Mcettns, Cafe Royal, W, June 


,ci:»ve*; 
, d5 d 315' 

m** 

-,-e foro« r 
:f*S ’*■ 

^.=‘ere^ 


[T5 « i f 

m 4 f f 1 1 1 n 

ll 

kl ‘ } i f i\\ 

m | } y 1 1 J ■ 





‘ i ’ - ir 


Wr 


»W ».»nJ «r tuOUV I 



iSieSeor cireulhted ; &**?-£*? *■“ 


... ’Ji- ! McLeod, 03 JE, reports: 

uced p«>& doe to lower Eastern 
Z^^-lenrihssed UJC construction 


avu»»y. ... j 

1 'J', • ■ 

''.‘-'r : ...V, " 

* N?)ED 

-v ■ 

Turnover- ":;v ^ T .v - ; : 

Profli bef ore ^ ’ 

profit after *»* md .^ft 301 ®" 817 £ 4 , 313,847 

Beam 

Net profit retained > 

Shardiade^’-ItWs S ^g 4Sf 

.Ear^speri 1634p 

.Dividend gfflrlOp v ;.‘ * ‘ ’ ■ • . : .. 


- It is no coincidence that executives at out of 
Britain stop 50 companies carry the American Express 
Company Card * It is a matter of good bust ness sense. 

Whether travelling on business at home or abroad, 
the Card allows key executives to operate more 
efficiently on your company's behalf. 

Worldwide acceptance 

: They can settle bills at thousands of fine 
restaurants, hotels and travel offices around the world, 
amply and in style. 

• Unhampered by any specific pre-set spending 
limits, andbackedby your company's own good name, 
executives can hire cars without a deposit , purchase 
airline tickets and even cash personal sterling cheques 
in an emergency. 

The American Express Company Card is such a 
sophisticated alternative to cash, with its worldwide 
recognition and acceptance, that executives can even 

. meet unplanned expenses, such as last-nunute 

changes in travel arrangements or the impromptu 
client lunch. 

Simple expense administration 

This unbeatable flexibility and security for the 
. executive is further enhanced by other t angible 
benefits to the company. 

These indude: areductionin the amount of cash 
advances; a reductioninthenumberand cost of foreign 
currency conversions; simplification of expenses 


administration for company and executive alike; an 
exclusive choice of billing arrangements, and the 
facility to settle monthly charges with a single cheque. 

The American Express Company Card Plan is 
already helping many top companies ahd their 
executives . It can help your company just as well . 

Simplv write to R. A. Harris, Manager, Company 
Cards, American Express Company, 19 Berners 
Street, London WlP 3DD, or call his office direct on 
01-6378600. 

American Express Cards 

for Companies ‘wm,^ im-w?. 



To: RA. Harris, Manage); Company Cards, American j 
Express Company, 19 BemersStreet, London^ W1P3DD j 
I I should like to learn more about American Express Cardsfor 
j Companies. Please contact me at the address below: 1 

| Name — — . 

I ll aIITALS PLEASE) I 

Position — , — — 


, Company 
Address 


TeL No ra 

lorvjwa WvtthlirJu'd liability Li ilul'-SA- Euickfn. V ice IVeeaknt 









MINING NEWS 




Profits rise steadily 
at Charter 




'liberal dividend policy MifrjBj 
beestfonteft;,Goldi which 
of the; ’South 'AnScan- Ajaap 
group. Were- ampiy-fuffiBed^w 
yesterday, , it .■declared e a?.fiS 
' ■ 175' cents. - ' . 'r. 


BY PAUL _CHEE5ER1GHT 


■ T%»' bring8' Jts7t’ofai' dJafriS- 
ti on . for_ the - -year: ^ 

-250 cents;' CODq>a^>-^lfc£& 

• (»•• * 075 - 77 : : , - ‘T~ '■ --i'J* 


CHARTER CONSOLIDATED, the follows a restructuring of tfcg cent. 
London arm of Anglo American, operation’s finances. Th 

the South African mining finance tins tan of - U 

house, yesterday declared a final „, , , . “g ..«« doub 

dividend to give shareholders the^ swSETS SSSuaenta Z genei 

maximum they may expect under Trading proa isms- i5jb$ price 

current legislation. Matins - MJ»/%sa2'fd r « 


;ceats .InilWitTJXl ti?. “ 

'■ Zand pan, v^ose ;inining^'^ 
~ Mi-.tioir was bdugfat- -te-TBari^ 


: • The surplus on the realisatoon 197Z declared _a> 

in* lSTj of investments was more than cents, .making , 1 ts -totaL fofo 
an £ooo doubled to £S.79m- on the back of. year 4L6 cents,- near ly. dooia g 
Hh£* eenerSy hlrfier Stock Exchange 2£ cents ; paid ur^'O^fTKx 
iK^ S lrices and the Improved m arket 
*!■!»•, *S1' S=W share,. - 


M- J* JK» ~LHS?« &&■?=•. nSSSSS£B& 


i, maiSiTa «as=rsiT=^: <sr *s 

raa S&~ie 

11.4345p in 1976-77. Taxation i£a£ absorbed five / months of pro^-tt pa^a^jm 

Net profits for the year showed *«gg» ==- S gg.' *5Sl8>5 ■•"P."!'-. »«!«-* 

SpSs§sL bB sw “o gs,»= 

f2S.7m. from £22.59ra in the pre- K3^ I «S'""”fiKS * . 7JXS th“S5S finished unchanged on £13, wid.Consoad^te4 Mutiaa 
ceding financial year. «a aoniixmy hems — la.rar mi; b alan ce at 136 p. after 133p. .• were Z30p. 

But the group remains troubled Extraordinary Hans- aj«i- p.rwi ■ 1. - ^ 

by the weight of extraordinary Deflrit transferred to. r«.' T4A» 3 jsa - ■■•■-••. V V-i 

& 3 SJSSS £™ “Ci Offer 

land FOtash, the investment in 5£MkS*$?.. EK 4 . ‘ 


Offer forlnspirktitm 


.v.Vwiig 


No bank today 
can afford to 
stand still. At 
A P Bank we 
• are taking this 
literally. We’re changing our address. 
As from 12th June you will find us at: 


land potash, uie investment m z**.ZZ . — . r •. . - .-: t /‘x-iC- - --SSY- 

Botswana RST and the net effect gf S5 TWO ANGLO-AMERICAN traits, . ally jfFered^ 

of currency provisions. d th onai liahiiit* Hudson Bay Mining and Smelting jected this. Hiadw^fi 

This means that instead of foreign* ]ow°betauS^S aS Minoreo A re making a bid of although -it. MU t wo.nldytfrtg 

transferring £2.19m to the dercfriailotTJif *33 <£18.12) cash for each share Its position if a tender-awasTOsS 

reserves, as was the case in &£Ss£& ssSsbr 


reserves, as was the case in thTDeutadhemarlL nSMin In' inspiration Consolidated G«m* ' Inspiration’s . directors; Jiav^nfi , 

I97H-77, Uiere is a deficit of £L9m. :2p Hpfiifr ^ contributed to , U S- do ndt alrea^ - y et made. any recommendAfitail ti <1 « ‘1 i t 

The continued difficulties at gut there have been' event*: ovm. it was-announeed in Toronto their shareholders -about IheHil t 5 t* 4 

Cleveland Fota*h. which is run- sorbin- !«%«««•«, yesterday. bay and Minorco. .offer. ■ ^ V, fl ‘ * 

ning below breakeven point and rar as Investments are concbrneri^ Between them. Hudbay ami ■•The.object of ■ahacMfc * 

al some 40 per cent of capacity. K e S to “ £2 lS S Minorco already have 40 percent.- a '-an ^*stablistarfTL& |OT 

has led Charter to provide £7.5m ii 1976-77 helSwSie of the outstanding common stock,. juray. first.^ncorpm|ted ; Tn'J^r r ;i>Jl , • 

against its investmenL This is nay^t of a special -KteSi hV bought in 1875 for *37 a share, has copper; 
tha firct nf thrpo plpmpnlc payment 01 a _ special unepim by ‘ . values the, baT- iand^ 'Also Produces modest '(unSsl. 


The continued difficulties at 
Cleveland Potash, which is run- 


acainst its investmenL This is payment of a speciaT-^te^m hi bought in 1875 for *37 a share, has wper.propm^wjn.^li 
the first of three elements among Anglo American where the The current bid values the, bal- ^nd also pro flnoesmpd^ an^ 
the extraordinary items. group’s stake is 6 per'ceuL>.'and a nee of the common stock at of gold, sjlvera ixl. SCl^iIara. 


The second Is a provision of higher dividends from-' Anefo (sE37:4m). - ---.-t- - 

£6m against the investment in American Investment Three The relevant documents, have operations is .at . jBn 
Botswana RST, which reflects the which gains a large portion oTits been filed with the authorities xt Canada, Sfinorco 

operating losses of the Selebi- revenue from De Beers ConsoIf- Maine and New Jersey, where offl- xnttrests stretc^p»to^fett. v 
Pikwc nickel-copper venture, and dated. The Charter stake i& To per ciaJs wil1 r ^ uire ^ * east i ^ ^ ays . 


Hudbay’s .'.centre pfMi 


2 1 Great Winchester Street, 

London, EC2N 2HH. 

(Our telephone and telex numbers 
remain unchanged.) 


W age rise for white 
miners in South Africa 


to ponder the tender. . shares rose sharply To T^ose.:: 

Anaconda, now an Atlantic higher at. a. year's ..high > of Mg 
Richfield subsidiary, owns 20 per Jn response to' aggressive^ 


cent of Inspiration. It .was origin- -buy^ig. 


COMPAGNIE FINANCBERJ| 


A WAGE AWARD of 6 per cent spar deposit 42 km north-west of 
on standard rates has been agreed Rome, from B. L. Bodge and 
by the South African Chamber Partners. The report takes a 


DESUEZ 


of Mines and the Council of Alin- stage further the attempts to The Annual .General Meeting _ Now, a market economy, w 
ing Unions, which represents bring the deposit to production, of Compagnie Financifere de js the .one /France has cat 


In our new offices we will continue 
to provide all our customary services 
backed by the specialised expertise 
and high standards of personal 
attention which have been our 
trademark over the years. 


some 22.000 white mineuorkers in 


-old mines and collieries, reports C0 S| d “«tlmated de at U *32.G7 Ut SM 23, 1978. The following is a number of shareholders andfg 

Quentin Peel from Johannesburg. ton |fg ^ meuS>r, are^aUv^ translation of the statement wider representation of sbeffi 
The award .which a Iso provide j 0ttW - bearing in mind the high made by the Chairman. Monsieur groups. - . . A ■ Ary 


Suez was held in Paris on May demands ah increase in... 


Lti nc » r « iln™V e quality of the” product? With an Michel Ca plain at the Meeting: The policy of the Gove 

annual output of 200,000 tonnes Since our last Meeting, the and I would say also. of 1 


r i j L ap i. p j_ M n c uuLyuL vi ivwiwu umun quilc uiu «uu a wwuiu . . . . 

RW iwvoi * mnmhfnr VTaVani there are sufficient reserves f Dr a atmosphere has become -con- concerns, must henceforth 
June was made by a statutory P«J«!tHf e of 16 years. \ siderably brighter, thanks to the. actuated by this requirement. 3 

noncUiation board after the two Various groups have been look- goad sense of the French people. Although this change in .ma 

sides had declared a dispute. ing at Pianriano for 20 years but I probably seemed to you to economic policy is a good mov^ 
it falls far short of the union’s have tended to lose interest be rather optimistic last' year in the-upturirmlfnm^ 
original 17 per cent claim, and is because of problems with the counting on this good sense and -which has taken place since fin} - 
considerably closer to the Cham- beneficiation of the ore.. South- j n predicting — always a. dan- beginning, -of the . year,.'. should 
ber's first 4 four cent offer. land became involved in 1971 and gerous practice — that those who be -confirmed gnd -amplified, fd# 
The deal represente a consider- has sought to apply new tech- invested at. prices then current the shares are still far frofflir 

able success for the Chamber niques to the deposit. • r ^ more chance of gaining- Qian being quoted at prices ’.compart 

which had argued that costs in “In spite of previous scepticism losing. able to their . true worth and' 

fasr^^tfin r^-en^ in ^ ous , g;"c«D- Today, the political horizon is their profitability; and the stocK 

vLrTSX ur S anv a Lrea« e fn mercialiy viable process with a c i ear t> ut the economic and market should once again start 

SctiriS ^ soc* 31 Problems remain and playing its essential part in the. 

The unions were seeking a rise ?Sj e f 0 r P ™Sefi?5tfo?^f e^ry thing depends upon ^ the expansion of our economy. 

which would match the II per th e extremely fine grained ore - to* which they are resolved. .. — r-i — - - 

cenL increase in ihe cost of-tiv- produce— metspaf pellets etmT8t?r- — Never, -for-*- long tnnej have— -Our Company has -df course-' 
ing, and make up for the short- ing at least 80 per cent. fluorite, circumstances so favoured the reaped the benefit of the better- 
fall last year, when they won an less than 4 per cent silica and adoption of-a liberal policy. No trends on the Paris stock marked? 
award of only 5 per cent The less than . 0.3 per ce£t total vote, catching measures indeed especially as in l977 mid ai.t&tl 

unions also argued that the big sulphur,” states the, Hodge are necessary in view of the beginning of 1978 we substaftS 

increase in the gold I pace over appraisal. political and intellectual defeat tially increased our holdings fe 

^mKenufd afford a more "en* proven reserves at Pianciano of Marxism and the fact that no French stock market securitie^ 

?ro™ olfer ® »5 =" fl«aou m due iu ihe near -n. e Company’s own porttolg 


A P Bank Limited 

A member of the Norwich Union Insurance Group 


[NORWICH 
UNION — 

seuBAicE GraurB8& 


7 Bishopsgate, 

London EC2N3AB. 

Telephone: 01-588 7575. Telex: 888218. 


The negotiations reoresent the avera 8 e fluorite grade of 43.88 per future. This does not mean of stock market investments 
rst romid 1 fo^^heHcharaber of “^.^Thetormage ^present in however that the choice is easy in Xe sS> tr 


first round for the Chamber of fn hnSai nowever tnat the choice is easy m value from 528 million franco 

Mines, which must now conclude JSSwe fo5 SSSSlt ^Si^S d n w r {. reedoul of actl0n at Ut January to 610 raill3j 

deals with some 16,000 while offi- su,table for ope^st raimn 0 . should now he synonymous with fran CS a t 30th April, and out? 
cials, and 400.000 black workers. Hodge recommends that the inaction. The economic policy French portfolio has increasdSi 
Black warns have risen at a faster mining operation should be of France has to be expanded bv 26% over 1st January amt * 
rate than white in recent years, carried out under contract, but today under difficult inter- by 35% over the lowest of 1878f 
although the difference has not adds it is. imperative that strict national and domestic conditions IhJ 

been great, and the absolute gap and expert control should be Internationally^ wb nnt «. I 5. r “« ll iS! e ' u “fJ&iSSfil 

has actually increased. exercised in order to ensure that faced wlth W( Ji' dvv -i de w 


All al these securities laving been sold, ibis advertisement appears as a matter at record only. 


Fluorspar hope 
for Southland 


blending are consistently meL” wtn UVe R r . ob * e ™ of adapting to prices above those on the Bourse^ 


prices above those on the Bour^; ! 


MINING BRIEFS 


a new world. It is not a question hag risen by 320 mill inn francs” 1 

ti vricToi ouTo M 
Si!*! 1 . bu i of . owetmg a share has shown a notaMatl 


$ 100 , 000,000 



Household Finance Corporation 


8 V 2 % Debentures, Series 5B, due May 15, 1983 


SOUTHLAND MINING of Svdnev ' ,onDea so.tx/* zn tonnes rro per , J- “ rrancs at tne Deginning or 

a rem fl" nietali, Malayria 19 tonnes. new international division Of year to 278 francs on 18th 

has received a favourable Thailand si tonnes. April, 17#, u and labour. This demands renrpani yea r °2 p 

appraisal of its Pianciano fluor- m tonnes respectiveb. satkm and a rise of %&% *n spite of whu%^ 

° f ^ ^count is ,tIU around 

Westpool at peak £0.42m £7 |mS 

On total revenue ahead from Earnings are stated at S.58p structures and the * 0 shareholders as soon as ifiwg : 

£522.280 to £394J399 Westpool la- f2.78p) and a net final dividend chlef . P^onty now of any ^bie I am able ta Sra S 

vestment Trust shows taxable of 2^p lifts the total to 3.3p economic policy is to strengthen however SiM mir Jonso Wt0C ! 
revenue up at a peak £424,178. (2.65p). them. r £L. 

against £323,547. Net asset value Revenue was struck after In fact, for many years. French tra ^~ 

per 25p share improved from expenses and interest amounting firms have been incapable of a ™r u ™ .... . 

131.4p to 146.5p or. on a fully to £170^21 (£108.7331 and tax took maintaining their own resources i5S“ «i*S“ 
diluted basis, from 128.4 p to £750^61 (£111,415) leavmg a net at a reasonable level for two francs per Sha» 

141. Ip. balance or £273,317 (£212,132). reasons:— the impossibility of J 3 - 15 - . , 

- — ■ retaining a sufficient portion of 1978 financial year 

their cash flow because of price Pr on “®^ , 8 from the point of vigsr§j 
COMPANY NEWS IN BRIEF controls— and the impossibility of ®L ^ from .finfiiSg 

IrUlTlrHnl n,t " 3 DI ' ,Lr increasing their capital because ^^chons. Our principal su^i^ 

B ULMER AND LUM8 — Resulis. for the «7.fHHJ. cwsi or salt's adjuslnirru D7I.0IH) Of the weakness Of the Stock W B1 maintain or th _ 

roar Milled April 2. 1973, reponed on and jwjnnB aifjiistmcm £158.000. Ml-cUcr. market TTlis wav thn rosnlt nt Crease their distributions in law;':. *■* UlP ir 
May IB with chairmans observation on Canon Hall, SW. July 8 at noon. " s “, e ™SUlt Of . resTjeet of ia77 • 

prosoecis- Croup Used asse.s HJIlm headlam sims AND cacriiiQ_ 3 *“ eral P° nc > hostile to profit- ln res P«V M lv ‘ \ • \ri 1 

,r,e On,. M.,r mirrnn necnie r* Tim _ HMDIAH 511*15 ANU COCCINS— , n a . j- Ac tn the, roenlla nf nitr . . + L. . 


Goldman, Sachs & Co. Dean Witter Reynolds Inc. William Blair & Company 


Croup fixed asscis 11.21m HEADLAM SIMS AND COGGINS- 3 B . e P eral PO^Cy hostile e to profit- 111 r ®f' 85101 1W7 * ' 

Not " l ffrr n ' ??? c,s ^■ 74m thSSnf Januanf au ins” rSiwttd “aking and a taxation policy dis- .A* to the results of our sim^:’ 

V & Vi VS* r ™,^ courages to share-holding/ si diaries in 1978, it is still 

& ifjo'm rrojwrar. P anpr .'“jf"'*- The return to health of the early to forecast them. As must* 

additional dcprodation 037.000 .K37.D0D. ™ET_ p ™ a * £L n * ?«.«?« French ecfmnmv theror n « 


1 1 the 


Bache Halsey Sfnart Shields 

Incorporated 

Dillon, Read & Co. Inc. 


The First Boston Corporation 


E. F. Hatton & Company Inc. 


Donaldson, Lufkin & Jenrette 

Securities Corporation 

Kidder, Peabody & Co. 

lacnrparaud 


Blyth Eastman Dillon & Co. 

Incorporated 

Drexel Burnham Lambert 

Inearponbad 

Lazard Freres & Co. 


ealth of the early t0 forecast them. As nsntt£.B; .*U rt r. 

additional itoPNcWin MW ‘moo. economy therefore Reactivity of our indnslifc l Ut V. f) * 

w ' Jnnc at « «■ depends on the withdrawal of P^P^ons will vary bm&L * 

Bradford, Jum m. at noon. kelsey iNDUSTRiEs- 4 o r«uii s pnb- pnee controls and the growth of sect or to sector. Up to 

JOHN crowther CROuP-Rosuiu 3 for share-holding. present, onr banks seem to w?J Mi 

for mSv r'Wiune i. Croup fa ed ■“ c ^ 8 “|K ^ Today, because of the fiscal obtaining results comparable ■ 

^^Sini^chairman 11 ^* “uwre arTived at aric r doducrimi preference system, it is much more economic of the- previous year, is; ■ 

rs £Sm*l£S»m tor WJ3. tS&VS? SeSTJ^am for a 10 borrow toan t0 SLf ral,D J difficulties \ 

mdcUog, uudder.uiBid, June 2s at oooo. aild mImmSmT™ f c "* increase its capital and it is much t ^ lled by credit restrictions, ^v^lolninry 

dhamai holdings— A ccounts (nr jermyn investment companv— more tempting f or an investor to tii e property sector, although hniV Ml U{y 
1877 will be published In July or August. Pre-tax proQl £30S8S f£33.Rn» for Nov^m. nrrreha<a» hnnrle nr pvm tn b» n spectacular develnnmcmts are ehr-^Whi.- a 


present, our banks seem to H&ef-K 1 


holdings— A ccounts 


Lehman Brothers Kuhn Loeb 

In corpora ted 

Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 

Smith Barney, Harris Upham & Co. War 


Loeb Rhoades, Homblower & Co. 


jivwcnd t jBssip isapie). shares. The r&jult is that the provisions wmen we have n 

dutton-forshaw group — Ri-suiu stock market has forced yields on should— barring unforeseen ■ 

Gwp'ltaS sound French shares to a level of ^unriances — protect ns frdniJ’ 1§ O 

mans remirto 0fl Prow«0- firoup fixed rj g _ 49rn iruiClml. unrealised annn-el.ilnn 1*1 nor nont anrf .dan nFfor tha any UDDleaSanl ehnrtc •: lii Q 


Incorporated 


Bear, Stearns & Co. 


apital Markets Group Paine, Webber, Jackson & Curtis 

Smith Incorporated Inc or por a ted 

i & Co. Warburg Paribas Becker Wertheim & Co., Inc. 

Incorporated 

L. F. Rothschild, Unterberg, Towhin Shearson Hayden Stone Inc. 


I mSi£ "flSJin!. ^ M 1 ? 12 P^r cent and. even after the any unpleasant shocks. 

asK. is iio.nm ins3mi-ovprdrat« isjsni S 1 ,v , «Jl w f 1 Vr jm l J l M U ar '•» in’nm d ri*u» wh*ch ereeted ihe elections, Altogether, our income look*;; 


Swi^w T2m rrt aii‘opl5on wTo “iK 1)011 tor 'luti year not exnccied' reawmahle one. believe that~we shall be ablelot" • 

icy of iho £i.i3m balance of the , Q Jl ? c ^ d , _ D ^ m _ F* 131 1™"" Te f >orl \ ninh , t ' r The withdrawal of price con- continue to undertake, and if?: 

'I and coninwoncy fund, or t bo f^y ear an TiS lo show abound mm tn»l* ^ill renuire much level- posslhle to develop— to jnBTr.. * . 

■ar ra, Mxrf d aJW;W £13 Wm M |£P3nn‘ belonMM Indudtns PioBin on luvoatTnema ''eartedneSS on the part of the satisfaction 1 hope — the p3lt -. : 

i asscis ri.iinj iti.Kni.. current ,® r „ a ?i"* ' ^ L !?' ,h 8 . ltfc of Government and different social which we now play in tfiej- i 

52^-SSr W, O of rxioIiBof and rewrv^a wlii'bc 'in'croawA ^JHe -nseouences^f nation^ and . ; • 


ABD Securities Corporation Ad vest, Inc. American Securities Corporation A. E. Ames & Co. 

Incorporated 

Atlantic Capital Basle Securities Corporation Blunt Ellis & Loewi 

Corporation Incorporated 

Alex. Brown & Sons Dominion Securities Inc. A. G. Edwards & Sons, Inc. 


mwlna powers. MCCIIBS, Kudlllll. JUDC 23 . 


a, Ei£CUTEX clothes-rkuiis inr iW not the monthlv variations The Report and Accounts wereV/ -;'. 

G c^m ed “^s of the index which will be siuirifl- adopted, and the distribution- ' -.'-j ... 

1 A..K .1 I m Unit ll«Kt 1 l, I.. r-. . in »k. S riftrfrlonrl of 17 f ... .UU - .. ' ' 


totallln* £ 16 . 930 . 


not be wiped out at one stroke. 


EuroPartners Securities Corporation Robert Fleming Kleinwort, Benson 

Incorporalnd lacMponttod 

Moseley, Hallgarten & Estabrook Inc. New Court Securities Corporation Oppenheimer & Co., Inc. 


rSSr’ftwffln rSSiSf - " .;riS of the index which will be riimifl- aa °Pj«t and the distribution- 

£Sti'9rt n203-2Mi and Uabiiiiiei 1707^95 tiosAini). current liabilities i7«.i5tn cant but Its performance in the a uivlaend of 17 francs per share; 

■ £3M,H7\ iieeuns. Locds. June 27. nt 1 raa.Omi. MreOns. 18. Duke Street. Yf.. innmi- . farm Tha enrmor tha Davable ns fram sth Tuna lOUt- - 


i£B3.9mi. MreUns. 18. Duke Street. Vf..|| n nnar tarm 
June 27 at 11.15 am. I ,0 ” cer J_ er y’- 


The sooner the payable as from 5th June 197^7 ; 


11 FASHI0N AND geheral invest- southern ' CONSTRUCTIONS (hold- return to freedom the easier it -against Coupon No. 35. was?; 
MENT (subsidiary of Scottish and I NGS)— Results 1977 and chairman's will be. for after a period of approved. UJC. residents aTB'“ 


Piper, Jaffray & Hopwood Wm. E. Pollock & Co., Inc. * SoGen-Swiss International Corporation 

Incorporated 

Stuart Brothers Thomson McKinnon Securities Inc. Tucker, Anthony & R. L Day, Inc. 


Mercantile investment)— Results far rhe _ D ° ptostk; cts rep orte d on May a adjustment. ’ the stock market, entitled to Claim an “ avoit-. 

^eJSS^ieJShrS SSLuZa-sg 1 f».«mv n wot"te^ ^ an *** rtove mmput. will 1 ” of 8.50 francs, 


■ c.oflfiiuit. vahw £2.843.741 n2.7M.iBi i. Rtvira totanad £2.3ni" t£2.un>. Aoditor-a undertake tn keep prices in All eleven resolutions before’ 
Mecdnc. wipcbcstcr Bouse. EC. Juno as. point out that realisation or uu> trronp's orrf**r. as ft the case in Germany the Meeting were passed. 


at noon. hoots value of the stoop's tavnsnnem lo 

FLIGHT REFUEIX1NG — Results for work-to^rogresK la doDcndom on the enn- 
the year 1977 already known. Indications tinuUiK avaUabilhy of credit facilities Mr. 


I or Switzerland. 

The chance in the taxation 


An English translation of fh£ 


Caisse des Depots et Consignations 


PKbanken 


May, 1978 


are that fhc upward trend In proflis will Charics Mltchull has resigned as chair- rules relating to shares should Report and Accounts will b®- 
bc maintained jn Ok amt mr. fira u p ““ a 5° easier, for it is not very costly obtainable, later, tn London frran 

2^ d ia fl Sn £ tcSm“' 5 DS^ a ^iii liquid ji"“ at noon. . 0 h ' in the end. With a system ®ANQUE DE L’lNDOCHlNE ET 

funds at the year end 1X9.2 do 'ixei.noo trust union— rwu its rear to March wherenv bonds or cash savings Wt SUEZ. Securities Department, 

increasci. Mecitns Paimcra Haii, Ec, «. are subject to one definite rate of 62-G4 Bishopsgate. London EC2N- 

Juuu 2D. at noon. n jja , f Hi— Jra i£30.46ini overseas 17.14m . cVi^ rohnliierc fiiiffop 4 A f? f'Tal ni KDOao. 4 i rw ocoi 

LUIS CORDON GROUP— Results for US-BSmi. net current assei, fl.2Sm ux " ,n,ie SHarenoiaers SUner f I et. 01-588 4941. ExL 25ZJ,.. 

1977 and chairman's remarks* on prospeem in .Mm i. Decrease in uninvested [unds double taxation 00 their Shares, ana In the United State* from 

reported on May 19- Group flxwl asacta I3a.8« inra.oooi. Now Km nvc-yoar loan up to a rate Of 60 per Cent, it iS-Wr. C. BoiUoL US Tenreseuta-- 
73S.99d .o 31.800 ■- Wcr -cumnt aww negotiated May 1*77, As- al suar-end n ^ r « irnpte | n „ ,hr,rnnlv nn* in iiv* nf 


I73S.B90 1 1331.1100 >. Wcr . current awl* ncoouatcd May 1877, as- at n-aj-end n „» H iirnr[«in>T ihir onlv on* in liw nf rfc 

ri.2t.ui ill. 13 m ■ — owrdrafl* • • rt.TJm Industrial and GeocraJ Trust held 30 pur CP* _.» ur PJlS 1,1 «, taat only OM ! in «Le OJ ^COmpagme FinandeTe a« . 

*17 jam). Current cost loss before Tax com of euuiiy. Meeting, winchester ironsc. 35 rrencDmcn is a sb arenoioer m oues, l Crease Manhattan Platan 

Ui.ooo. aiier additional dcjjfcdatioo ec, June a, ai 2-30 pm. "a u soci^tc anonyme." New York. NY 10005 U£j 1* 




^8 T^na^^t Titt 


:^es Wednesday June 7 1978 .. 

Newman Inds. inl Bankin g £i s ures 




-«?**.*•■■ 
3\5.$-t v u 


position 


(as tabic 9 in Bauk ur England Quarlcrl} Bulletin) 

ELIGIBLE LIABILITIES, RESERVE ASSETS, RESER^ RATIOS, 
AND SPECIAL DEPOSITS 


London Clearing Banks’ balances 

as at May 17, 1978 


& ?l2. Ncwinan for financial and budgetary 
control could Inhibit policy 
I and .should re- dcrisian« ana •trcordinplv a divi- 


j 1 — Banks 


control could Inhibit policy 

$ d . cris, I oos and accordinc'.y a divi- £ ligib | C liabilities 

y®*r. sionai structure Mas introduced. 

^ v 'J*a^Spr . Bartlett ’ the This, while designed to main- L-K. hanks 

Wotto's Uin the Profit centre concept London dearii 

M«*ifies the busmens Scottish clearl 

r V whuTiS represented by a number of warn- Northern lrel 

rmai^lxTUUaM****^.,.. panics. It is still at an earls in<«niin« Ha 


May 17, Change on 
1978 month 
£m £m 


ft ST- SSP5L 

y • .-developing indlca ^s considerable promise. 

iSTti**- - says the chairman. - Overseas ban 

tha !!■ May l*> eroun A nQte t0 the accounts states: .„ n . 

*i;h *TsSooo jMd mS counsel has advised that * 

in l'm the artion started in 1376 by the .Japanese fc 

l" fo£S: Prudential Assurance Company on Oiher over 

hjJf* h v ^3S®B®S5?W Us own behalf and daiminff to Consortium 
dS5 «M:iSS£StaflSS 31680 to act ail other shareholders 

• - ■ P 10 should be vigorously defended Total c 

e &^P>?®tpLrhS& rbsfe by 57 per and lh3t ,h ° claim for ™ sciss r j° n 
5™y5 :'®S%gSSSifSrc™aa is P ot likel >‘ to succeed-. The 

Pre-tax actl0n c,a5ms that m afifrfi eincm Reserve assets 
J*?- ? CfMM h ntinn dated June 3. 1075 made between ..... , 

- the company and TPG -Invest- LA. banks 

^ w u| - m exits (completed on July £9. i.nnrf nn rtf 

^ Tes 1975) Should be rescinded with 
i[ Dnver EsgiMerin" the consequential return by TPG 


Londun clearing banks 

Scottish clearing banks 

Northern Ireland banks 

Accepting houses 

Other 


THE TABLES below provide the first 
monthly indication of the trends of bank 
lending and deposits, ahead of the more 

comprehensive banking and money 
sunoly figures publlshrd later by the 
Bank of England. Tables 1, 2 and 3 
are prepared by the London clearing 
banks. Tables 1 and 2 cover the business 


of their offices and their subsidiaries 
(excluding Scottish and Northern Ireland 
banks) in England and Wales, the 
Channel Islands and the Isle of 
which are listed by the Bank or England 
as falling within the banking sector. 
Table 3 covers the parent banks only. 
In this. It is comparable with the figures 


produced by the Bank of England, which 
show the reserve positions of ail the 
hanking sectors subject to credit controL 
Rflnar differences here arise from the 
exclusion from the clearing bank figures 
of Contis, a subsidiary of National 
Westminster but a clearing bank In its 
own right. 


Overseas banks 

American banks 4, *i2 

Japanese banks aom 

Other overseas banks “’ijrz 

Consortium banks 

Total eligible liabilities* 44,496 


I n act* “JJ-- ~ - ; ■ — »v'“h mi oi me ouecLurs »■«* 

t . ^vj»efen : '.iiosriHe to reduce family share interests in the group 
ndeWdaess : ? 7'3ma . strengthen shows that the chairman and Mr. 

irtjrkFng oipital-- --This trend was j. k. Laughton had a joint interest 
share, wnMata^wt^-tliB. early part of in 1.127.262 ordinary shares. 

inajITi^by-StW o£ two subsi- The UK remuneration of the 

t v.v.^rr t tT_^^..™hinVi fin+hpr reduced the ic thhu'n at £33.800 


injSjgr-^y.sthe.r'SSfe- o£ ; two subsi- The UK remuneration . of the 
1 ^onwaia ri^ isiiiiictL further reduced the chairman is shown at £33.800 
nder vJiatofc.cunwBi 1 ; -account overdrafts (£33.3001 and in addition he was 
etiiirs £,?iv j *bQnt-£2nt rt . : ; . paid £13,041 by an o\-erseas 


^ - paid m.( 

It'^as- recoSnised in 1977 that subsidiary. 
bh Qui^erir 4 up-'Strmture while efifec- Meeting, 

*tter. • ' -•• 

■I the au^ . M ■■ ■» Constitution of total reserve assets 

^ well placed « **»* » - 

i^ffit^anSIOII ^ ^ J 

Flip A t&uld: TOsources of the Sabah ability in 1977 was particularlj’ u.K, Northern Ireland Treasury Bills ... 910 

Mraftaltttf'GWto# 1 *! the end of severe. Other bills: 11S + 18 

‘to I977^totalled £4.17m Following spending cuts Local authority ii? _ 

p rdartt,^5SSfii® thS -crduD In a eood aimounc ® d sn ear^r years 1977 Commercial 105 

***? £srssf ssar.r.r.! *. - 2 

t ny;-'-la^roveincmt in trading Other 

— ^iS^ sMr ; , MeLeod - FS Assurance Total reserve ass>eis + J 

x sSiceiSeend of 1977 five addi- •. , 

'TPDt^^ been made to the laUIlCll6S „ o- 

-'liliKfcroap. ^-Although individuaUy Ratios °i 

lot^veiy.^aige. together they inpAmp h()nd U.R. hanks 

'epreseat a -useful extension to IflCOme »««« London clearing banks }?•* J J-T 

he group's distribution network F5 ASSURANCE, the Glasgow- ScoltiBh clearing banks I S-} 

n tiurber and general building ta^d life company, has launched Nm-thern Ireland banks 0,4 

ecMiDnn. T umlieS-'. -Mr. McLeod, reports a new guarameed income bond. Accentin'* houses n i 

ic? prospects are under which can also be used u gccepun^ no rj.« - 0.3 

icrcjs ijtegoClatipn 7 or. .study, with the growth bond, yielding 8i pec cent oui 

v"oider 5 rfMhasis_ 6ii 7 the merchantine net of basic rate tax. Overseas banks 

-ji'on tfreSdc.r’- 'At the' same, time the The contract takes the form of . MT1 -_ n ,. e 14J8 —0.1 

■Virhti^pnniinues to broaden the a single premium endoitanGnt American ban 15 2! +15 

. . Sv hase of ^rtine unire. assuraSce - terms three, four .or Japanese hanks l63 _ 1.5 

2S-J3S-IP5. SSSS SSSSrSTSaS — _2L 9 Hi 

JSsStok+VH *■*** to. £7.04a "J** ^ 0 Tk!“.Hfif'aS , ta Combined r,U. ~ 

•ftT^Irm.n eeplomo that In ^ *S ^ £m 

'i ^ - Eastern sector adverse karethem , 1111 

•:ncc iartpseattef conditions affected pro- thereby ensuring n.b.— G overnment stock holdings with more 
auction from. te'MM itaU* "^SVeed growth. ■ >- than one year but less than 16 months to 

he : sir sabah. wWdi at fl. . m cubic fert « u ^ tost lime that, the fioa j maturity amounted to 

m +i! 

is sss ss^SSi »- s at* 

— ^ JjfLn^l'eligihle ^biUties were £30,0a6 m (up £707nri. _j 

;f»T 7 3 M ft 

i :,-t totfes ’■ •-■ ’ ■ ;*■ 

-.irrllS®®'. W : . - ■ ■ /• 

»■ iriV‘'ji3Sfi- '? ■* ■ 

■ l r'v" T • • y- -■ •?. 

■y oln ' T~- • , 

‘v. j^ttsfi; S;.V. ■'?:£" 

■AridBier good y 


Bristol, July 3 at noon. 


a ^^ injE ;^j 1 jg > n>veinant in -trading 
■ohdftions, states Mr. J. McLeod. 

->he chairman: 

x sSiceiSeend of 1977 five addi- 
> Tin)tknsM : . been made to the 
-'AI-ii\h r o a p; i i+AlthouBh individually 
iot;Vveiy.:iarge. together they 
‘epresgnt a useful extension to 


L.K. banks 

London clearing banks 

Scottish clearing banks 

Northern Ireland banks 

Accepting houses 

Oiher 

Overseas banks 

American banks 

Japanese banks 

Other overseas banks 

Consortium banks 

Total reserve asseis 

Constitution of total reserve assets 

Balances with Bank of England 

Money al call: 

Discount market 

Other 

Tax reserve certificates ■■■■■• 

U.K„ Northern Ireland Treasury Bills ... 
Other bills: 

Local authority 

Commercial 

British Government stocks with one year 

or less to final maturity 

Other 


Total reserve assets 


Ratios % 

U.K. hanks 

London clearing banks .. 
Scottish clearing banks .. 
Northern Ireland banks 

Accepting houses 

Other 


Overseas banks 

American banks 

Japanese banks 

Other overseas banks 
Consortium banks 


Combined ratio 


TABLE I. 

AGGREGATE BALANCES 

liabilities 

Sterling deposits: 

U.K. banWnS sector 

U.K. private sector 

UJU public sctior 

Overseas residents 

Certificates of deposit 

or which: Sight • ■ 

Time (me. CDs) . 

Foreign currency deposits: 

U.K. banking wcior 

Other U-K- residents 

Overseas residents . 

Certificates of deposit 

Total deposil* 

Other liabilities* 

I TOTAL LIABILITIES 


ASSETS 

Sterling . , . . _ , 

Cash and balances with Bunk 

of England 

Market loans: 

Discount market 

UJ£. banks 

Certificates of deposit 

Local authorities 

Other 


Total 

tiiuurfmi 

£m. £m 


Change »“ 
reoavli 


Total 

•uuiandlng 


Change an 
momli 


Bills*. 

Treasun' bills 

Other bills 

Special deposits with Bank or 

England 

Investments: 

British Government stocks ... 

Other 

Advances: 

U.K. private scclur 

LX public serior 

Overseas residents 

Other sterling assets* 

Foreign currencies 
Market loans: 

UK. banks and discount 

market 

Certificates or deposit 

Oilier 

Bills 

Advances: 

UK. private sector 

UJv. public sei-iur 

Overseas residents 

Other foreign currency assets* 

TOTAL ASSETS... 


£m. 

£m. 

£m. 

fm. 

tliVl 

945 

1,298 

+ 10 
- S3 

- 73 


832 


+ 26 

2373 

1.432 

3.7U5 

+ 10 
+ 10 

+ 20 

18^127 


+307 


159 

3.094 

21.480 

- 52 
+ 79 

+ 332 


- 3.::s3 


- 46 


3.428 +127 

331) - 19 

6.8SS +I4C 

]0,C46 4-254 

56 +7 


8S 4 Z~ -678 1 Acceptances 

Includes items m suspense and in transit. 


TABLE 2. INDIVIDUAL GROUPS 
OF BANKS’ BALANCES 


LIABILITIES 

Total deposits 

ASSETS 

Cash and balances with Bank of 

England 

Market loans: 

U.K. banks and discount market 

Other 

Bills 

Special deposits with Bank of 

England 

British Government stocks 

Advances 


TOTAL 

Change 
islanding on 
month 

Im. £m. 


BARCLAYS 

Change 

umandmg on 

month 

£m. Im. 


1,111 + 5 366 + 33 


NATIONAL 

LLOYDS MIDLAND WESTMINSTER 

Change Change « Change 

islanding «" Outstanding o« Outstanding on 
month month mom" 

£m. Ini. £ni. £m. £m. £m. 


176 - 64 213 “ 31 


WILLI AMS & 

GLYNS 

Change 


1,354 - 65 

852 + 26 

2.273 + 10 


265 - 1 

257 + 3 

510 + 4 


108 - 24 

118 + 2 

437 — 


560 — 75 

197 + 11 
406 +6 


NB— Government stock holdings with more 
than one year but less than 16 months to 
final maturity amounted to 


Eligible liabilities 

Reserve asseis 

Ratio (%> 


TABLE 3. CREDIT CONTROL 
INFORMATION 
(Parent banks onh) 

Eligible liabilities 

Reserve assets 

Reserve ratio (%! 


3.5S1 + 42 

448 -3 

12.5 - 03 


6,170 - 6 

M3 - 13 

13.7 - U3 


Ouls landing 

on 

Outstanding 


monih 


£m. 

£m. 

£ni. 

15.652 

+ 142 

1.095 

328 

+ 53 

29 

3 , 4 . i 4 

- 1 

308 

2.656 

- 20 

302 

398 

+ 30 

24 

253 

+ 8 

26 

805 

+ 1 

115 

8.130 

+ 10 S 

984 

, 6,022 

- 4 

R ."4 

i 900 

+ -It 

111 * 

! 13.7 

+ ( 1.6 

12.7 


Another good yea 




CJB# 8 -rJ^I 



"I,.-. i. 

% •.* - •*- 


V< After tite spectacular advance of 
1976/77 the Board’s confidence 

^3SS- 

ifep^dserit „ 

nnfiiriori is as great as ever. 


lijaxasw - l 


- ; ■ l^Lafeegoqd^d services po^ss the 

..^as^-^hVpViierforiiiance, high 


that DeLaRtf#_sellf • • • • ■■ ■;■■■. . 

■ : KBE,DFC, CHAIR 


Thomas De La Rue § # 

The Banknote business improved on its 

outstanding performance of last year. Order 
book is healthy for the new financial year and 
margins are being maintained. 

De La Rue Crosfield 

The Division moved into profit from a position 
of fairly substantial loss. Prospects for the 
business: highly promising. 

Crosfield Electronics f 

Spectacular progress with turnover up by 60% 
and profits quadrupled. Order book again at 
record level and immediate prospects are 
viewed with confidence. 

Security Express 

In a particularly difficult trading year the 

Division did well to improve on its results. 

Associated Companies 

Current year prospects look good at this stage. 


Rfisul ls for the year to 31st March 1978 

- — "“I , nro I ICiTT 



1978 

£000 

1977 

£000 

Sales: 

UK 

Expon 

Overseas 

24,619 

68,369 

17,134 

Note 1 

19.631 

58,149 

12,415 


110,122 

90.195 

Trading profit before interest payable 
Interest pavable 

25,019 

770 

19.088 

S8S 

Trading profit 

Percentage on Sales 

Share of profits 

of associated companies 

24,249 

22.0*7 

4,091 

1S.200 

20.2*1 

4,906 

Profit before taxation 

Taxation (Note 2 ) 

2&340 

8,379 

23.106 

10,036 


Profit after taxation 
Minority interests 

Profit attributable to The De La Rue 
Company limited, 
before extraordinary items 
Extraordinary items 


Dividends 

Reiain ed earnings 

Earnings per Ordinary share 

■ belui-L* extraordinary items i 


Null I. '•••>• •• -•[ ■ ■ 1 , 

.ij.i.l .- •••• •’ '■ '• l, ‘ •' ,U| ‘ • 

7>:i Aufil Il'I -- . . 


19,961 

356 


19,605 

912 

20,517 

3,660 

16,857 

5Mp 


1- ■••)“•■ 1 ; .. 

- 


13,070 

189 


12.SS1 
■ 5381 
12.343 


1U.075 


j 







28 


Notice of Redemption 


Massey-Ferguson Nederland N. V. 

Guaranteed Sinking Fond Debentures Due July 1, 19S2 


NOTICE IS HEREBY GIVEN' that, pursuant to the provisions of the Fiscal Agency Agreement 
dated as of July 1. 1975 under which the above described Debentures were issued. Citibank, N-A* as 
Fiscal Agent, has drawn by Int, for redemption Ob July 1. 1978. through the operation of the sinking 
fund provided for in the said Agreement, $1,000,000 principal amount of Debentures of the said issue 
of the following distinctive numbers : ■ 


COUPON DEBESTCEES OF 51,000 PRINCIPAL AMOUNT OUTSTANDING 


M l 287^ 5-128 
KB 2908 5437 
79 2SM7 54:44 
310 2353 5585 
3W.4 2074 5CG4 
3=8 3060 5632 
453 3068 5852 
463 3074 5762 
4 TO 3151 5763 
47K 3186 5770 
486 31M 5780 
406 3246 5829 
579 3247 5940 
659 3424 5976 
762 3427 6004 
886 3458 6025 
882 3508 6100 
886 3538 6104 
895 3959 6296 
899 3560 6325 
929 3606 6376 
932 3617 6430 
991 3643 6500 
3008 3658 6520 
3082 3683 6524 
1100 3785 6591 
120B 3809 flarr 
344L 3831 6762 
3456 3883 6843 
3494 3975 6905 
3548 3990 6914 
3552 3992 6967 
1500 4006 7050 
1567 4010 7062 


8003 10144 12705 14H18 17ME 19438 22353 24800 27326 29865 32335 35214 37288 


8143 10334.12813 HW» 17474 19914 22433 24983 37514 30122 32439 35311 37426 
8161 30345 12819 14933 3.313 19918 22443 24986 27532 30140 32489 35322 37427 

8169 10368 32824 14939 17518 10956 22315 25048 27T84 30163 33526 35334 37438 

8170 10399 12867 1454* 1_.535 19969 22756 25130 27825 3016S 32527 35364 37441 

8208 10488 12868 14!*57 1.583 20049 22737 25179 27828 30214 32528 35439 37549 

8267 10510 12989 15126 1 7602 20074 22850 23201 27903 30229 32531 35442 37600 

8278 10539 13024 15161 17627 20093 22902 25217 27924 30246 32554 35475 37740 

8301 10564 13051 15182 1.657 20103 22908 25295 28058 30268 32563 35521 37767 

8320 10633 13092 15253 17658 20107 22943 25300 28081 30300 32583 35381 37779 

8347 10643 13099 1534. 17686 20110 229B9 25375 28086 30361 32684 35612 37802 

8356 10657 13151 15348 17097 20174 22994 25417 28112 30428 32832 35620 37815 

8363 10667 13201 1*058 17739 20180 23011 254S7 28122 30442 32847 35855 37835 

8376 10683 13=09 1 536C 17747 20=36 23059 • 25503 =8143 30448 32911 35686 37872 

8475 10768 13211 15388 17731 =0=53 23082 25544 28182 30483 32946 3S708 37980 

8486 10993 13=54 154'* 17831 20322 23093 25588 28209 30547 33076 35806 38226 

8002 11017 13270 1541;; 17834 20358 23102 25622 28280 30551 33083 35827 38351 

8680 1 104 L 13335 15187 17841 20395 23201 25623 28298 30553 33098 35S73 38258 

8681 11050 13400 15549 17876 20425 23215 25722 28452 30605 33157 35925 38274 

SS85 12129 13404 15571 17 9 73 20480 23293 25785 28559 30617 33276 35927 38310 

8706 11185 13441 135T5 18077 20492 23335 25633 28561 30646 33314 35928 38313 

H739 11194 13408 15595 18135 20573 =3347 25858 28563 30660 33340 35942 36399 

8764 11=69 1348= 156= 18206 20567 23411 25861 28567 30888 33428 3S973 38543 

8796 11303 13497 15*>=5 18217 208X7 23437 25934 28570 30830 33553 36077 38559 

8824 11343 135=3 15716 18222 20753 =3431 25972 28585 30839 33567 36121 38573 

8853 11385 136=9 15713 18230 20363 23485 =5973 28611 30842 33642 36174 38640 

8870 11387 13630 157=4 18243 20887 23521 25978 28732 30899 33648 36187 38649 

8900 11400 13645 15746 18264 20902 2335= 26040 28760 30925 337=5 36192 38886 

8901 11509 13651 15755 18312 =0970 23S66 26191 28771 30937 33801 36=01 387=8 

8923 1 1539 13719 15TSU 18315 21070 =3590 20203 28793 30950 33805 36224 38768 

8W9 11688 137=3 158U2 18485 21141 23C06 26229 28821 30972 33816 36237 38770 

9096 1170= 13726 15845 18504 21229 23616 26254 28865 3097B 33854 36284 38835 

8139 1 1740 13788 15380 18559 27251 23726 26258 2S874 30979 33835 36309 38906 

9159 11821 13789 15831 18565 21269 23737 28270 28907 31090 33920 36347 38941 

9219 11922 138=9 15908 18581 21272 23784 26424 28949 31144 33937 36359 39000 

9222 12001 13833 13060 18639 21311 23798 26461 29001 31173 33972 36424 39056 

9380 12004 14048 15971 18723 21332 =3835 26473 29018 31179 34011 36443 39063 

9439 1=049 Will 10031 18745 213*10 23840 =650= 29>>=9 31240 34045 36446 39=46 

9449 12063 14160 16591 18760 21383 23BS2 26812 2f09fl 31272 34057 36505 39369 

8507 12094 14168 1612!' 18787 21396 23865 26645 29l:*0 31326 34079 38504 39402 

9541 1=168 14=06 16177 18809 21436 23873 26740 29178 31334 34094 36593 39417 

9560 12194 14275 10185 18811 21516 23874 =6802 =9197 31341 34184 36613 39427 

9616 12200 14280 16277 18820 21528 23918- 26813 29235 31554 34210 36621 39436 

9676 1=237 14298 16=78 18823 21585 239=9 20822 29266 31559 34223 386=3 39525 

9885 12240 14314 18=88 18955 21608 23936 =6910 =9294 31583 -34234 36628 39695 

9755 1=202 14343 163tt> 16002 21664 24052 =6932 29298 31615 34248 38637 39697 

9769 123=1 14368 103=7 190=8 21888 24146 28948 =9307 31650 34295 36728 39757 

3780 12333 14371 16374 19027 21808 =4163 20964 29461 31715 34299 36736 39785 

9603 12367 144=1 164H8 19077 2201 L 24210 27018 =9463 31755 34316 36823 39828 

9809 12428 14451 16455 19117 22054 24320 27026 29482 31789 34458 36906 39856 

3614 12430 14500 16524 19135 22038 24344 27031 29498 31910 34724 36907 39862 

9856 12315 14560 16560 19138 22114 =4=48 27070 29548 31927 34730 36991 

9911 12529 14587 16579 19185 22118 =4353 27093 29551 31973 34731- 37006 

9948 12537 14607 16580 19274 22135 24393 27094 =9553 32003 34885 37011 

9949 1 2536 14G7T 1661S 19=99 =2142 24533 27120 29801 32094. 34886 37084 

_ 997= 1=545 14681 J6*J»i 19308 22163 24578 =7123 29705 32170 34 9 BA 37096 

2764 5230 79G5 10015 12547 14693 16780 19333 22219 24612 27133 2971 2 32318 35003 37105 

2781 536= 7968 20043 12620 24714 16867 19357 22288 24756 27370 29831 32=38 35054 371.74 

2790 5405 7992 10060 12702 14724 16986 19414 22304 24761 27302 29849 32289 251S9 37170 

The Debentures specified above, are to be redeemed l'ojvSinking Fund fa) at the W.C.G.-Ageney 
Services Department of the Fiscal Agent, 111 Wall St., Bond Window — 2nd Floor, in the 
Borough of Manhattan, The City of New York or (b> subject to any laws or regulations appli- 
cable thereto, at the main o fibres ot Citibank, N.A. in London (Citibank' House) ; Citibank 
(Luxembourg) 5. A.; Credito Italians, Milan; Dresdner Bank 'Aktiengesellschaft, 
Frankfurt/Main; Pierson, Heldring & Pierson, Amsterdam; Societe Generate, Paris 
Swiss Bank Corporation, Basle; Credit Suisse, Zurich and Societe Generate de Basque 
S.A., Brussels. Paymen* at the offices referred to in < b) above will be made bv a United States 
dollar check drawn on a bank in New York City or by transfer to a United States dollar account 
maintained by the payee with a bank in New York City on July 1, 197S. the date on which they shall 
become due and payable, UPON' PRESENTATION AND SURRENDER THEREOF, at the redemp- 
tion price of 100 per cent of the principal -amount thereof, together with accrued interest to the date 
fixed for redemption. Oa and after said redemption date, interest on said Debentures will cease to 
accrue. 

The Debentures should be presented at the offices set forth in the preceding paragraph on the said 
date with all interest coupons maturing subsequent to the redemption date. 

Coupons due July 1, 1978 should be detached and presented for payment in the usual manner. 


36=5 

4011 

7064 

1646 

4013 

7085 

1647 

4121 

7110 

1«52 

4138 

7128 

1U7U 

4142 

7173 

1773 

4285 

7174 

1801 

4280 

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1871 

4=90 

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3071 

4339 

7225 

]aa? 

+439 

7=33 

2127 

4603 

7262 

21=8 

4626 

7276 

2193 

4671 

7287 

2245 

4662 

7377 

2270 

4700 

7493 

2304 

4737 

7567 

2317 


750 

23 <55» 

4834 

7603 

=387 

4855 

7738 

2433 

4857 

7771 

2442 

4866 

7775 

2481 

4890 

7789 

253-1 

48 9G 

7618 

2556 

4930 

7648 

2680 

4942 

7874 

2746 

5130 

7837 

2764 

5230 

7965 

2781 

5362 

7968 

27M 

5405 

7992 


For MASSEY-FERGUSON NEDERLAND N.V. 


By CITIBANK. NJfc. 
Fiscal Agent 


May 31. 1978 


Hoechst 



Payment of Dividend 


NOTICE IS GIVEN to shareholders that following a resolution passed at 
the Annual General Meeting of shareholders held on 6th June, 1978 a 
dividend for the year ended 31st December, 1977 of 12 % on the nominal 
value of the shares will be paid as from 7th June, 1978 against delivery 
of Coupon No. 38 or lodgement of London Deposit Certificates for mark- 
ing Square No. 28. 

The dividend of 12% will be subject to German Capital Yields Tax of 
25%. 

Coupons and London Deposit Certificates may be presented as from 
7th June, 1978 to 

S. G. Warburg & Co. Lid, Coupon Department, 
St Albans House, Goldsmith Street, 

London, EC2P 2DL 

from whom appropriate claim forms can be obtained. 


Coupons will be paid at the rate of exchange ruling on the day of presen- 
tation. 


Payments in respect of London Deposit Certificates will be made at the 
rate of exchange ruling on the day of receipt of dividend on the under- 
lying shares deposited in Germany. 

United Kingdom Income Tax will be deducted at the rate of 1 9% unless 
claims are accompanied by an affidavit 

German Capital Yields Tax deducted in excess of 15 % fs recoverable by 
United Kingdom residents, and the Company’s United Kingdom Paying 
Agent will, upon request provide Authorised Depositaries with the ap- 
propriate forms for such recovery. 

Frankfurt am Main, June 1978 


Hoechst Aktiengeselischaft 


BANKING AND 
SOURCES OF FINANCE 
IN THE FAR EAST 


Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten countries 
of the Far East. These are: 


AUSTRALIA, NEW ZEALAND, INDONESIA, 
THE PHILIPPINES, THAILAND, MALAYSIA, 
SINGAPORE, HONG KONG, JAPAN and 
SOUTH KOREA 


Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks, the services offered; 
the system of bank and credit control: banking legislation, interest 
rates; near banking activity and institutions; merchant banking; 
investment banking; official and semi-official institutions; export 


finance; the money markets, the capital markets, and a summary of 
all short, medium and long-term sources of funds. 


Limp bound, 340 A4 si 2 e pages. ISBN O 902998 17 X 
Price £26.00 in the UJC $52.00 outside the U.K. 


Your order to: 

THE BANKER RESEARCH UNIT 
BRACKEN HOUSE 
10 CANNON STREET 
LONDON EC4P 4BY 


Registered in England No. 227590 



, Financial TO? 


St. Piran has nearly 
30% ©f Monk 


Tin mining and property 
development group. Saint Piran, 
has acquired a further 190.000 

shares in A. Monk and Co- taking 
Its total stake to 3.235.000 shares 
or 29.V5 per cent of Monk's 
capital. Saint Piran can buy only 
a very few further shares without 
triggering a takeover bid under 
the City Takeover Code. 

Saint Piran's chairman, Mr. 
W. J. Shaw, was not available for 
comment last night but the 
company secretary! Mr. V. E. 
Skinner, said that the acquisition 
of the additional shares did not 
mean a change in strategy by 
Piran. 

He said that the holding was 
still only an investment and that 
there was no intention of making 
a bid. 

Monk’s chairman, Mr. W. S. 
Whittingham. said last nizht that 
there had been no discussions 
wiih Piran since the acquisition 
of the latest parcel. "They told 
us in January t hat they weren't 
;otng to make a bid."' he said. 

Wc can’t understand it at all.” 

The Piran buying operation has 
been underway for almost a year. 
When the interest reached around 
20 per cent earlier this year Piran 
made an unsuccessful bid to have 
a director elected to the Monk 
Board. 


pletely inadequate and totally 
unacceptable." 

A detailed statement giving the 
reasons for this conclusion will 
be circulated after the formal 
offer documents have been posted 
on behalf of Redman Heenan. 

Meantime. shareholders are 
strongly adiised by their board 
to take no action regarding their 
shareholding and. in particular, 
not to sign any documents sent 
to them by or on behalf of Red* 
man Heenan. 


Germans go 
ahead with 
Newey offer 


REDMAN HEENAN 
BID ‘TOTALLY 
UNACCEPTABLE* 

As expected, the board of 
Spooner Industries has rejected 
the £2.4m bid from Redman 
Heenan. describing it as “com- 


William Pryra-Werke KG has 
today received irrevocable under- 
takings to accept the proposed 
offer In respect of 457.233 ordinary 
shares of Newey Group, represent- 
ing 18.7 per cent of the ordinary 
capital. Accordingly, the pre- 
condition to Prym's proposed offer 
bating been satisfied. Prym's cash 
offer of 65p per share for the 
ordinary shares of Newey not 
already owned win now proceed, 
subject to the terras and condi- 
tions already announced. 

Prym currently owns 608.665 
ordinary of Newey which, to- 
gether with the 457.233 for which 
irrevocable undertakings have 
now been received, represent 43.5 
per cent of the capital. 

Morgan Grenfell will post the 
formal offer documents to the 
holders as soon as practicable. 


Jtae-7ri97«r; :J U 

' •• V -I 


36tt ji^i973iaEb0iiPiiON;S ^ * 


§ \ 1 



(Interessentskabet Midtkraft) 

U.S. $8,000,000 51% Bonds 1979 

REDFW1 PTION OFHONDS 




. , . : 

„ : - a l_-.- 

....> “o-yr.. 





The 
satisfy 

nominal 

V.S.S800,000. 


DRAWING OF BONDS: 




*U 


19th May 1978 atteDded'by Mr. Keith. Francis i , 

Notary Public, when 679 bonds for a total of U.S^Gra.OOO nominaa-casitaLwere^irasmfo^ , 

redemption at par on 30tk June 1978. ■ V. ?•’ . : 'V * , • 

The following are the numbers of the bonds drawn: ' , . v - . • 


M. W. Marshall buys 
American company 


ML. W. Marshall Investments, 
holding company of leading 
money brokers M. W. Marshall, 
has completed the acquisition of 
Lasse r Brothers of New York for 
a share consideration worth some- 
thing over £l.lm. 

Mr. John Barkshire, chairman 
of Marshall, said yesterday: " We 
believe it makes us the biggest 
broking company in North Amer- 
ica." The 560,000 shares issued in 
payment for Lasser Brothers re- 
present 23 per cent. o£ the en- 
arged capital. Shares o[ Marshall, 
which is not quoted, have ex- 
changed hands in recent years at 
£2 or more each. On this basis, 
the whole company is valued at 
more than £4.9ra. 

The advantage of the deal is 
that it gives Marshall a very 
strong presence In the growing 
New York market, not to mention 
an office in San Francisco and the 
justified claim “we never close.” 
The strengths of Lasser Brothers 
New York are in Euro- 
currencies and Federal funds. 
Lasser is therefore a good fit for 
Marshall, said Mr. Barkshire, 
which is strongest on Foreign ex- 
change. 

As the biggest broker resident 
In the UJC, Marshall has for some 
time been a possible candidate 
for flotation on the Stock Ex- 
change. Mr. Barkshire said yester- 
day: *' It must be a possibility at 
some time in the future.” Prior 
to the acquisition. Electra Invest- 
ment Trust held 191 per cent of 
Marshall. About half the company 
is owned by directors and staff. 


considers this -to be “totally 
inadequate.” 

The bid comes from Seniodink, 
a company controlled by Mr. 
David M. J. O'Brien, which has 
already acquired more 'than 
100,000 shares out of the capital 
of 1,041,600 shares of lap each. 
Advised by Charterhouse Japhet 
the Board of Wood Street Mill 
tells shareholders to take no 
action ^rending a further 
announcement. 


A & W UNIONS 
TALK TODAY 

A delegation of chemical 
industry trade union officials and 
shop stewards from Albright and 
Wilson are holding talks today 
with the Office of Fair Trading to 
voice opposition to the proposed 
takeover bid by Tenneco. 

The Board of Albright and its 
adviser Hill Samuel have already 
said that the £9Ttn cash offer is 
inadequate. 

Mr. Roger Lyons, national 
chemical officer of the Association 
of Scientific Technical find 
Managerial Staffs, one of the 
members of the delegation, called 
yesterday for consultation with 
Albright employees, customers and 
the local communities f where the 
company's plants are based) 
before the acquisition is allowed 
The takeover of the UK’s second 
largest chemical company would 
be contrary to the Government' 
industrial strategy, he said. 


WOOD ST. MILL 

Wood Street Mill Co^ textile 
spanners 


waste spinners and manufac- 
turers, of Bury, has been 
informed that an offer is to be 
made for its capital. The Board 


OWEN OWEN 

Agreement has been reached in 
principle for the purchase by 
Owen Owen of Suters, which 
operates two department stores at 
Slough and Uxbridge. 

Formal contracts will shortly be 
exchanged, when further details 
will be announced. 


HME goes unconditional 


BY JAMES BARTHOLOMEW 

Harrisons and CrosfieW’s offer 
for Harrisons Malaysian Estates 
has gone unconditional after 
receipt of an ideal level of 
acceptances. 

H and C had achieved 31.9 per 
cent acceptances at the first 
closing date on Monday after- 
noon. These, added to shares 
already owned by H and C, 
represent 59.2 per cent of the 
company and further acceptances 
were coining in yesterday. . 

Allowing for, say, a further 
_J per cent or so acceptances 
which might come in before the 
offer is finally closed, this level 
suits H and C admirably.. This 
Is because a high proportion of 
the non-acceptors are the Far 
Eastern holders and if HME 
retains a large Malaysian share- 
holding then the company will be 
some way towards satisfying. the 

•• Malaysianisation ** 


in the company of £48,368, and the 
consideration and loan totalling 
£71,76S are payable as to £38,000 
on exchange of contracts 
(received June 5) and the balance 
by two instalments on June 5 
1979 and June 5, 1980. 


BIRMINGHAM AND 
MIDLAND COUNTIES 

Birmingham and Midland 
Counties Trust has sold its sub- 
sidiary, Lockwood. Blagden and 
Crawshaw, to Pilkingtorj Brothers 
for rim casli. 

Sales of dolomite from Lock- 
wood's to Pilkington’s represents 
the majority of Lockwood’s turn- 
over. The sale to Pilkington’s, 
however, will not result in any 
redundancies. 


Government’s 
programme. 

•The market in HME shares 
changed yesterday after the an- 
nouncement that the bid was 
unconditional. The nan-assented 
HME shares rose to a premium 
over the assented shares of about 
4p. The non-assented shares 
middle price towards the close 
was about 97p and the assented 
about 92p. 

Although several institutional 
shareholders wanted the offer to 
succeed, some of thena still want 
direct stake in HME as a pure 
plantations company which 
several Far Easrem brokers 
expect to attract a higher rating 
when it moves its residence to 
Malaysia in due course. 

On the other hand. H and C 
._ believed to want a good margin 
over 50 per cent of HME so that 
the further inevitable allocation 
of shares to local residents will 
not take away the control it has 
just consolidated. 

It appears that of the ma.ior 
shareholders. M and G has 
accepted for most of its 8 per 
cent holdine. while Genting .High- 
land has not accepted for it< 12 
per cent holding. Rothschild 
with about 2 per cent Is thought 
to have not accepted for the time 
being. 

H and C has decided not to give 
notice of a final close to the offer 
in 14 days, because It wants to 
give more time to the .thou*ni»ns 
of personal investors 1o set in 
their acceptances If they wish to. 


HILLARDS 
COMPLETES 

Following the preliminary 
announcement made on May S. it 
is confirmed that Hillards, the 
Leeds-based supermarket group, 
has purchased from Key Markets 
Limited, a subsidiary of Fiteb 
Lovell, the leases, equipment, 
fixtures and fittings of a chain 
of 17 retail shops in London and 
south-east England, for £1.05m in 
cash, plus £ 1-01 m for the stocks. 

These shops formed the major 
part of the KD Discount Division 
of Key Markets, and have a total 
selling area of 75.000 sq ft. with 
units varying -in size from 3.000 
to 6.500 sq fit. In addition to the 
17 shops. Hdlard-S acquired from 
Key Markets leasehold warehouse 
accommodation of over 30,000 
sq fL 


WALKER SONS (UK) 

Acceptances of Anglo Indo- 
nesian Corporation’s offer for 
Walker Sons and Co. (UK) have 
been received in respect of 
£377.820 ordinary stock (83.96 per 
cent) and £78.965 preference 
Stock (54.SA per cent). 

Both offers are unconditional 
and remain open. 


wace sale 

Ware Group has sold Its 65 Prr 
cent irrtere«t in Gainsborough 
Press to E. T. Heron and Co., of 
which two ex -directors of Wace 
are directors and have a sub- 
stantial interest. The price was 
£23.400. Wace bought Its stake in 
December 1976 at a cost of 
£16565. The transaction provides 
for the repayment of Ware’s loan 


ASSOCIATES DEALS 

Sellgman Rayner has recently 
bought 7,500 W. Henshall and 
Sons (Addtestone) at 25p. 32,500 
at 26p and 50.000 at 25Jp on 
behalf of Petford. which now 
owns more than 5 per cent of 
the capital. 

Baring Bros, bought 25,000 
Harrisons Malaysian Estates at 
8Sp for discretionary investment 
clients. Also 985 Harrisons and 
Crosfield at 487jp for a discre- 
tionary Investment client. 

Rowe and Pitman. Hurit-Brnwn 
bought for a discretionary 1 client 
468 Thomas Tilling at U!)p. 

Hoare Govett bough! 2.5(10 

Spooner Industries at 65p on 
behalf of Htrmbros Bank acting 
for Redman Heenan. 



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5868| • 
6024 £ 
6405v : 
6519 j- 
6550:' 
6317 
6809, k . 


6493 ^6497 

.6543 ' ''6544 
6572 . 6573 

•6794* <800 

6835 . - ' : 6981:- ^- 7037-: 

7143 7144 7145 f- 

7242 7250 

.7347 -7348 

7405 ' 7406 

7459 7460 

7490 7502 

7559 7560 

7606 7619 

7687 :‘.Y7D9. 

7776 . 7777 
7819 7820 

7845 7846 

7877 7879 

7906 7919 

7954 7955 

7996 7997 



7305] 

-7350“g:C*-^ 

7412,? 

7464 ‘ 

7503;:: 

7568; 

7641- V- 
7710 • j.V-.i': ■ 
77955-. 

7821 v- 
7847 

7880v* - 




7923" - ~ 
7960 -\ 


( r- 


Witness: K.F.C. Baker, Notary Public.; .. , 

The above bonds maybe presented for payment of the proceeds of redemptionatparonor 
after30th Junel978at theofficesofthepaylng;agBntsnamedonthecouponsinthemamier: ; • 
specified in Condition 4 of the Terms and Conditions of theLoan printed on the bonds.'Eadr - 
of these bonds when presented forredemption must hear the coupon dated 30th June’1979, 
otherwise the amount of the missing coupon will be deducted from the principal to be; ' 
repaid. ' - 




Principal Paying Agent: N.M. Rothschild & Sons Limited, New Court, St. Swithins Lane. London EC4P4DIL . 

7thJunel9TS 


This announcement appears as a matter of record only 


UNITED HOTEL (BAHRAIN) 
COMPANY W.L.L. 


guaranteed by 

H.E. SHEIK KHALIFA BIN SALMAN BIN HAMAD 

AL-KHALIFA 

PRIME MINISTER OF BAHRAIN 

acting on his own behalf 

FF. 118,740,000 
French Export Credit 

Arranged by 

BANQUE WORMS 


U.S.S 20,500,000 

Secured Medium Term Floating Rate Loan 

Managed by 

BANQUE WORMS THE NATIONAL BANK OF 

The CHARTERED BANK KUWAIT S.A.K. 

(O.B.U. Bahrain) ABU DHABI INVESTMENT CO. 

Provided by 

A1 Saudi Banque (Paris) 

The Bank of Nova Scotia 
(Bahrain) 

Banque Internationale pour 
l’Afrique Occidentals 
Banque Worms 
Credit Commercial de France 
The Gulf Bank KSG 
Societd Generate 

Union Mdditerraneenne de Banques 

Agent Bank 

BANQUE WORMS 


Abu Dhabi Investment Co. 

The Bank of New York (London) 
Banque Frangaise du Commerce 
Exterieur 

Banque Nationale de Paris 
The Chartered Bank (O.B.U. 
Bahrain) 

Credit Lyonnais 

The National Bank of Kuwait S.AJK 
Union Bank of the Middle East Ltd. 


i 






























v. _ 


■ M iran da ! Times Wednesday June 7 1978 

Central & Sheerwood 
sees more growth 


British 

Syphon 

improves 


*«5f 


^Waou 


01 

-ia f 

% * 


INDICATIONS are ..that 1973 will 
show further record results for j 
Central a»<t Sheerwood and Mr', ; 
Francis Singer, chairman, feels , 
that the group is well set to con- . 
cjnuB Its progress and prosperity i 
for. the years, ahead.' 

-Dnri&-'to'-$ev* r a number of 
projects, indtiding the walking 
draglipOi.. will make their first con- 
tribudon tf> profits. Smaller acqui- 
sttoo&'-axt' constantly being con- 
sldwed and-the directors would 
also consider a major transaction 
should 'a:-; suitable opportunity 
occur. •= ■' 

In fhe year 1977 group pre-tax 
profits expanded from £3 .34m to 
£1710. -‘With earnings per. share 

rising from 4JJ2p to. 6.32p. 

. . Net -tangible assets increased 
from £145ftm to £18.S9m. Liqui- 
dity imprervea considerably during 
the- year — net short term borrow- 
i ingswere reduced from £4J2m to 

fpOTm, • • 

Despite the ‘-problems of the 
; British- Motor . Car industry the 
Dinin' Group offshoot,' which 
specialises in the production of 
; Ugh quality non-ferrous dlecast- 
i mg,- -mads farther progress. Its 
: export business ‘is expanding and 
s' promises: continuous growth for 
years ahead. 

f Trianco Redfyre which has a 
; significant share of the solid fuel 
; domestic -.-oil and central beating 

- boiler market had a good year 
■ after a thorough reorganisation 

- and made a significant contxibu- 

- tkin to profit Dawson MMP, the 

5 hospital sterilising and catering 

6 equipment makers, was running 
^ at a profit towards the end of the 
^ year.. The chairman says that this 

- group is well set to become a 
£ significant force in a market 
£ which up to now has relied far 
>. to much on imported equipment 

J Newton Chambers Engineering 
J had. an excellent year with pro 5s 
* Hdng steeply. Photopia has lived 
r up to its expectations at the time 
? of the offer: and the chairman 
r feels that its . consistent growth 
X record will continue. 

*• The scope for the group's finan- 
‘ dal services is expanding and 
t further growth ur expected. 

5 The pre-tax profit adjusted in 

i . ■ ■ ■ . 

t 


accordance with the Hyde < 
guidelines is shown at £2.87m, i 
after additional ' depreciation : 
iO.Mtn., cost of sales atljuslniL-n! i 
£lJKJra, less gearing H.+im. The : 
directors say that they have con- 
siderable reservations as to bene- ' 
fits to be derived from the pub- 
lication of these figures. 

Meeting Hyde Park Hotel, S.W., 
June 28 at noon. 

Fall in 
dollar hits 
Burrough 

MAINLY REFLECTING the reduc- 
tion in the value of the doliar. 
pre-tax profits of James Burrough, 
the Beefeater gin distilling group, 
declined from £3 22m. to £3. 12m. 
in the year ended February 2K. 
1078. Turnover unproved from 
£24. 17m to fS5.82m. 

A second interim dividend of 
2.97p is declared taking the total 
up from S.9p to 4J£9p. Burrough 
is a public but unquoted concern. 

Scottish 
Heritable 
sees growth 

i The arrangement to buy further 
t shares in Trans-Continentiii 
: Carpets and the acquisition of 
City Estates wilt have a beneficial 
; effect on 197S profits at Scottish 
i Heritable Trust, Mr. A. Cochrane 
I Duncan, the chairman says in his 
» annual statement. He is confi- 
i dent group profits will show a 
« further increase in the year. 

He says Trans-Continental has 
- been trading well and that by 
1 December 31, 1978, it will beat 
least 50.6 per cent owned. The 
i group intends taking up Us 


option at May 1 . 1 U 79 , lo make < 
the company a wholly owned sub- ! 
Mdiary. It will make a substun- i 
tially improved contribution to I 
ID7S profits, he says. ; 

The acquisition in May this yrar j 
of City Estates, a residential pro- i 
perty company in Glasgow, has : 
enabled the group’s property 
division to replenish its slock of 
residential property- 

current trading in nil group 
divisions is buoyant, with the 
exception of the motor supplies 
operations, which remain dis- 
appointing. 

In ]!)77 pre-tax profit of Scottish 
Heritable improved from £0.54m 
to £Q.57m. 

Meeting, Glasgow, June 28 at 

noon. 

Record at 
! Rowton 
; Hotels 

1 A RECORD pre-tax proGt of 
1 £0.95m against £0.6l)m was 
- achieved by Rowton Hotels in 
1977 on turnover ahead from 
£3 42m to £3.95m. 

The result includes non-trading 
profits largely from investment 
portfolio realisations or £111,402 
<rj.fi70». At half-time profit was 
up from 1027m to £036m. 

Mr W B. Harris, the chairman, 
says that the three London hotels 
and the Mill Hotel in Suffolk had 
r a most successful year. Occupancy 
1 in its London hostels remained at 
f a high level 

1 For the current year, after a 
i slow siart directors expect a busy 
e year, he says. However, the 
s company has yet to complete the 
,- modernisation of its vacant office 
a space or lo find tenants. 

Profit is subject to tax of £0.47m 
s (10.34m i. Last year there were 
y extraordinary credits of £0.4?m. 
it The final dividend of 3.69755 17p 
e takes the total from 5.6Q5KK133p to 
s fi20723fi3p net per 25p share. 


lave 


TIIK SLACKNESS in demand for 
entiling equipment at British 
Syphon industries has continued 
into 1978 and is l*«untl to o!f«l 
to some extent the increased 
activity in other parts o£ in*' 
group. Mr. J. R- Eardlcy. tin- 
chairman, says In his annual 

review. , .. 

The group is. however, trading 
at a higher level than m tin- 
second half of 1977 when a de- 
pressed £0.42m was earm-d. a no 
Mr Eardley IniMs that »nis 
improvement will cnniinu'. 1 
throughout the remainder of me 

^Lnst year while demand for 
cooling equipment from in the 
brewing industry was lower, t In- 
group's market penetration was 

Increased. . , 

Efforts were also made to ire 
crease exports, resulting in a i »* 
per cent increase to fOMrn the 
cos Is involved were consider;. Id*- 

and the real benefits will only h*- 
felt in the future as markets de- 
velop. Mr. F.nrdley says. 

Mr. J. Coull. the managms 
dirodor. says the expansion of 
the dispense equipment divisi on 
facilities which began in 19 •« 
continued last year with the 
acquisition of further production 
area. This is duo to come on 
stream this year. . , 

The engineering division will 
also benefit in the future from 
ercatly improved facilities 
although the local and national 
shortage of skilled encineerlnc 
1 manpower which continued Iom 
* year may limit growth in the 
division in the near future. 

Completion or the revision of 
1 systems and the broademnu of 
I the product base as a prelude m 
' further expansion in the mcr- 

■ chanting division coincided with 
Increased demand in the clnsinu 

1 months of 1077 and I hi** is likels 
' to bo sustained this year. 

! As well as increased activdv 

■ in materials handling and 
! storage products, franchises have 

been negotiated for new plastic 
1 materials which should have wine 
1 demand in the future. 

At year end net current asset* 

} of the group were up from £2 T_m 

0 to £3 IMm. Industrial and Com- 
mercial Finanre Corporation and 

“Tone of its associates is a sub- 
stantial shareholder with 
shares, and is also a major lender i 
to the'group. 

SCOTTISH 

NORTHERN 

Scottish Northern Investment 
Trust has renewed Its loan of 
0.S.S 3.5m from Clydesdale Bank 
for three months with effect from 
June 6. The rates of interest is 

1 g,* s per cent 


— i— 1— ^ — — — 

nil M i to be eczslmei « c peblU cfferlefln c*y fwf»* if Caecda oj Ike seemlies lent .W hni*. 

S60,000,000 

The Royal Rank of Canada 


To be dated June 1, 1973 


Debentures 


Prices 100 and accrued Interest 


To mature June l, 1986 


Coyles of to offering dm.br bo obtabod Cron, nuch oT to nndopisnod and other dealers as may 
lawfully offer Lhcse securities m this province. 


Wood Gundy Limited 


Nesbitt Thomson Securities Limited 


Merrill Lynch. Royal Securities 
Limited 

Grecnishiclds Incorporated 

Richardson Securities of Canada 

Levesque. Bcjubien Inc. 

Tatse & Assocics, 

J.imitce 

Andrus, Bartlett, Cayley 
Lid. 

Mead & Co. 

Limited 

Bell, Gouinlock & Company, 
Limited 

F. H. Deacon, Hodgson 
Inc. 


A. E. Ames & Co. 
limited 

Dominion Securities 

limited 

Midland Doherty 
limited 

Walwyn Stodgcli Cochran Murray 
Limited 

Pemberton Securities 
Linnlcd 

Geoffrion, Robert & Gclinas 
Ltd. 

Brault, Guy, O’Brien 
Inc. 

Molson, Rousseau & Co. 
Limited 

Odium Brown & T. B. Read 
Ltd. 


Scotia Band Company 
Limited 

McNeil, Mantha, Inc. 

May 1978 


Houston T\ T 31oughby Limited 


Pitfield Mactay Ross 

Limited 

Bunas Fry Limited 

McLeod Young Weir 
limited 

Equitable Securities 

Maison Placements Canada 
Inc. 

A. E. Osier, Wills, Bickle 
Limited 

McDennid, Miller £ McDexmid 
limited 

Casgrain & Company 

limilHt 

Rene T. Lederc 

. Ittcorporee 

Bache Halsey Stnart Canada 
Ltd. 


John Graham & Company 

Limited 


. Mmufadnnne *. - -V-:: 

.pawfoTScoisinmwaviinuq' 

" in fiieTLSA. : - . , ■. 

The Comxnoawcahh of Puato 
X^^anitttigealpartoffiieuintad 
States. Any product manutactured. 
Di Puerto Rico caiTies’ the samp 
-Made in U^A." which allows it to 
oner the 1LS. mat to whhout p ay- 
jpg custom duties or suffrages. 

" ■'" /‘-JMt II iu''anair ppottriMe-- 

:j44oftbecnnipanitt Bsttdhi 

the Fortune 1000 have moved to 
Puerto Rico. General Elecinc, 
— ' ~ -hoose. Du Pont, rora; 


Puerto Rico? 


??f> mimn iHMhsumer markeL'tfaeQ.SA.) 


* ■ 1 ‘ fti n i pininrioii networks arc fet 
hud dfiriem. And Puerto Rico is 
' - only 3 1/2 tienns by plane from 
New York, 2' 1/2 from Miami and 
1 from Caracas. 

Manufacturing in Puerto Rico 
offers many more advanugps. To 
get to known them ail, just mail the 
anached coupon. 



m 


T ■ 

y: ■ 

"C-S 


w.- 

--', i j _ 

>“* . * 




l "% 


T->’^ 

x> 


■ 't; : /’*~T 


b\: 


I Jl 

1 y.'lJ'-. 



-■ 


wL-I.H 


i*’ 

t' 

-»•. W- . 1 1 l 




IP: 


1 




T 



i Company 


j Product J am interested In manu- 
\jaauringin Puerto Rieo • 


Mr . a. Cocbranfr Duncan, CA. covered the following points in his 

statement to sharpholders for 1977. 


^^^ipets Limtted. acquired during the y - 
Exportsr&^ife ^ring 1977.amounted to £1 .727.296 (£1 .471 .257). 

Seripteu^Ascnpfesueofone new Ordinary Share for every two held 

is recon^ndeck i .. 

• ttirkJit f^rfina : fe Buovantin all dMsbns with the 

Limited which y^^the new property subsidiary, 

aqqujiai^^' ^ ; = v -w : : 

nffice: 11 George Square, Glasgow G21DY. 


"Camrex Limited, our marine subsidiary company, 
deserve our warmest congratulations on winning the 
coveted Queen's Award for Export Achievement. 

"The Camrex Group as a whole offers a service 
which spans the world. In order to achieve the Group i 
strategy of supplying goods and services at short 
notice, we have a network of agents to complement 
our subsidiaries and associates-^ the Camrex name is 
therefore represented on every Continent." 

AfexG . Cameron , Group Chairman 



"Reward for efforts in the export field came in^ 
April, 1978 when Camrex Limited had the Queen s 
Award for Export Achievement conferred upon them. 
We are justifiably proud as this is not only a 
recognition of the achievements of the marine 
division personnel involved, but also indirectly 
- recognition of the many other Group support 

services. The award is an added incentive for us to 
continue to retain and increase our activities in the 
export markets of the world". 

A. Miller ; Chairman , Camrex Limited 


Financial Highiighis 


Turnover 

Profit before taxation 
Profit after taxation 
Earnings per share 
Net assets per share 


1377 

£'000 

24,203 

1,960 

S79 

11.51p 

73.96p 


1573 

£'000 

24,522 

1,764 

COO 

10.3Sp 

7S.05p 



►; tS 69 7D 


Record Profit 

in view of the difficult market conditions 
experienced during the year the increase in pre- 
. tax profit of £0.2m to £1 .96m is a most 
encouraging performance. The pres to sales 
ratio has improved from 7.6% to 8. i %• 

Trading 

1977 is the first year in the history cKne 
company when the results of the industrial 
activities have exceeded Those in tf- marine 
field; this endorses the policy laid down some 
years ago, to expand the business outside the 
shipping and shipbuilding industry- however, 
we have continued to increase our production 
capacity for marine coating overseas and we 
have recently opened a new factory in Brazil 
and taken an interest in a company m the 
United States. 


Dividends 


Liquidity 


Following the rights issue dividends have been There has been a^rther improvement in 
increased by 20% to a net3.SSp (gross 6.0p) liquidity with net borrowings i«rf £0.3m rat 

compared with 3.24p (gross 4.98p) in 1976. 1.1.77 being transform^ «nto net ftmds of 

Since becoming a public company the group £1 -3m at 31 .12.77 an infl 0w ^ 3 S^Vmm"Tr adino 

has maintained a level of growth sufficient to addition to the £0-5m gOTeratedfmmtradg, 

ensure ihat dividends have been increased each £1.1 m was raised from the ngh^ue From 
year and that the asset-backing of the group s this strong financial ba^ thegroup has me 
shareshas kept ahead of general inflation. ability to exploit opportunities for future 

.. ,, expansion. 

Copies of the report and accounts are available 
from The Secretary, Camrex ( Holdings ) Limited , ’ 

Camrex House, bundsr.and. a nmial Ro.nftral Meetina 



Addressing the Annual General Meeting, held 
■in Sunderland on the 6th June, The Chairman 
said: "The continued recession in shipping and 
the bad weatherin the early part of tneyear have 
resulted in the Group profit being weH beJow 
expectations. Half year profits will be less than 
last year. However, it is anticipated that the 
results for the full year should be satisfactory* • 


United States. 

MANUFACTURERS OF SPECIALISED SURFACE COATINGS, WORLDWIDE ANTI-CORROSION ENGINEERS AND CONTRACTORS. 











1 N TERNAII Oi\ A L l LNA.NL 1 AL Ai > U tUVir»^ » ;u,ho 


NORTH AMERICAN NEWS 

Recovery pharaon bids for stake 

at Campbell . _ , . Oenerale 

Industries III Texas petroleum group in Montreal 


Pharaon bids for stake 


CANADIAN I NTERNATIONAtvPAPER' : ^;Ji(.;y;r 

Coming In from tbe cold? 


By Our Financial Staff 

SAN DIEGO, June 6. 


BY JOHN WYLES 


NEW York June 6. 


IN A SERIES of related an- SAUDI ARABIAN businessman Director. A spokesman for the company 

nouncements, Campbell Indus- Mr Gtaailh Pharaon. who last A condition of that deal was said today that it did not intend 
tries, a shipbuilding concern WP< , k ma de a S12 3m tender offer the general tender offer for 60 to oppose the proposed tender 
that has been trying to work " eek ^p er c^ntstakeinSe P er cent of the . bank \ stock offer . whlcfc .meets Mr Pharaon s 
itself out of past financial dif- ‘® r . , Pf r , ceni . SI “ he *P “ e which was made last week. condition for proceeding. 

Acuities, said it has restruc- National Bank of Georgia, is Mr pharaon is clearly bent on OKC’s shares were suspended 
lured its bank and trade debt considering a $10.5in investment expanding his interests in the from trading on the New York 
and received an increased in a Texas petroleum company, sunbe.lt. for his Houston lawyer. Stock Exchange this morning, 
bank credit line. The company jur. piiaraon is a shadowy 37- Mr. Frank van Court, today but its closing price last night 
also said it expects to report year-old entrepreneur whose in- announced that the Saudi was $18.1. The company earned 
that it broke even for the year vestments in the last 18 months Arabian was considering making SSra (S2.10 per share) in 1977 
ended March 31. compared j nc i u de land In Louisiana and a tender offer for a minimum of on s3ies of S167.1m. 
with a year-earller loss of membership of a group which 500.000 shares of the common According to Mr. van Court, 
S6.9m. took a controlling interest last stock of OKC Corporation at a Mr. Pharaon also owns 38 per 

But Campbell also said that be- August in the Main Bank of price of about $21 a share. This cent of Sam P. Wallaco a Dallas 
cause of Us inability to obtain Houston. Since then he would give him a 12 per cent mechanical contracting company, 
performance bonding and sub- attracted attention as the in- holding in the Dallas-based com- and 20 per cent of Main Bank 
sequent construction financing, tended purchaser of more than pany whose main interest is the in Houston. Mr. Pharaon lives 
it has had to cancel orders ^alf of the 17 per cent stake refining and transport of petro- in Jeddah and. according to 
placed for it to build 14 tuna in National Bank of Georgia leum, but which also manufac- other sources, is the son oF 
boats valued at about S70ro. he i d t, v Mr. Bert Lance, the tures cement and manages real Rasbed, special adviser to King 
Mr. Paul I. Stevens, the presi- president’s former Budget estate. Khaled of Saudi Arabia. 


: BY A ' SPECIAL CORRESPONDENT iN fORONTO _ . y ; \ vy"; 

LONG REGARDED as the nearly chan ge, it has even appbuded a- --YfQnsiy ‘'Ciit : 031 ..the fliiLTs tinjbet 
invisible giant of the' CxdatMan -director of comxhcnac a t ioris, l&nutsTi • *•.'-7“'.'"'.'-, - 

forest products industry, Cana- bOtegual French. Canadian. • 1J. > VJLt was_seen ^ a <aassic ea^. . 

HIqti TntamotlAnnl . ° -i .* * - /rf- ' finftil n.. ■■ 


By Robert Gibbens forest products industry, Cana- bilingual French Canada an. - 1, > : -Jt was seen asatSassic.ca^ 

MONTREAL. Jane 6. £ an *J I J tenMtional . Pa P^ The company has Long 'fttrttdj.of 3?' ixnfeaawy- •’ 

Montreal seems to be emerging ™th the idea of gmnjr public in jporation . even 4Jraiigh v.CIP i ;^ba« 
THE CANADIAN* affiliate of fro m its self-enforced exile. frotn Canada and first dfcscossed^ Hie". brought bilUoiis qfdaliais *Inpi.- 
Society Generate, France’s industry activities, en route-.toa jriei in 1971 . Taken in the con-vCanada. especIaHy Onebec.;CTp- ~~ 
third largest bank, yesterday new identity as a full-fledged text „r the cilrtenti -pi^tieal rTMUtTeeaJitiiatr-oid;. wound. ‘ , 
officially opened Its Montreal corporate citizen of Quebec '; 't _ sceoe 4 hj s g(ves observers-Jpts fester ifintess it- makes;«Hh& _ «H 5 - 
head office and made dear that CIP has been desert bed. ^ as r tiie & latitude in which to - speculate .Strncttae' vnioVe j -:to 1 - -cement 


head office and made dear that ^ ... _ _ _ ^ . . 

it Is stepping closer to becom- largest forest products company about its newfound -candotb^ ' refafi ansfrir& with: > ■ 

Ing a fully-fledged Canadian m the world that does not dis^ pArivnanv- is ffoine to SO' ‘ • T ; : ! ‘ "r^ r - “ ^ ■- ■ V 

trust bank. This wUI be pos- close its production figures, its' e veS^a^fe^ ySxf do£n and rare -Int^ 

sible for foreign banking opera- Mies volume or earnings.... The t*e rt»d should^ ‘mo re: riew.Mr. C -ff.v ITenidkei, CS5 ~ . 

tions In Canada, under the gaut subsichary of International “ e roa<1, 1 . presidwt^4^II^*abop-twork^- : - 


placed for it to build 14 tuna j n ^g National Bank of Geo 
boats valued at about $70 ttj. held by Mr. Bert Lance, 
Mr. Paul I. Steveos. the presi- President’s former Bui 

dent, said that Campbell could 

not obtain the bonding be- 
cause of lasses suffered on 
other shipbuilding contracts. |VT ■ 

When Campbell completes three 1^1 

other ships currently under 
contract along with two tug 

and supply boats, the company gy DAY1D LASCELLES 
and its lenders will be in a 

position to re-evaluate Cara n- ^ ANYONE doubted 

. .... ,lim Mnchnint nn “ .. .. _ . . . 


proposed new Bank AcL Paper of New York, the world’s ■ 

Fo reign banks will be able to number one paper company .-is . • * *. 

become folly chartered with a believed to have sales .ta,4ie He invisible paid of the.. •' 
maximum of five branches in vicinity of S750m a year,"'.. . Q nnf ti a n forest products. . ' 

Canada. The Canadian affiliate. It is not unusual for tbA.Caha- industry Is showing n hew- ./ that they. knoV and- ewen^SS 
Social e Gen^rale (Canada) !□&, dian subsidiaries of- U-S. corpora- willingness to talk which - - : ;the -piins-w^-ihMB^to ' 

plans branches in Toronto, CaL tSons to keep their figuras tb could Indicate that lt is on _ _the next year? , 

guy. and Vancouver by the themselves, and sales and. earn- to making a pnblie - yeitos,- even TIO yeare.” - - -J-f 

the year end. mgs are generally lumped in ... v. ■" s-fa* -StireM-- ; 'fii.V ii 

The company already has a wittaose of the parent, • ager . : fa- ^BBSriSS^ 1 

leasing company jointly owned CIP bas been different in tiiat . . • - ^ twW 

with the Banque Canadienne Its officers have not been pnblicVy viAibie and should develop a set twin a -na t£r- ? nrfnAr- y ^ . 

French bank said that the pros- the company itself has kept Jnent community and media. ' .industrial environment in 

pect of participating in large- aloof from the media and fin an- _Wrwrs fegi that as one P«»Ple and Companies will want 

scale projects such as the caal analysts. Algo observers WMWMta? one ^ J^ ,. 

Alaska Highway Gas Pipeline Hie Montreal publication, ® f ^atamarin^to-a 

had led it to expand its Canad- Canadian Paper Analyst -said Quebec, CIP fldenee; by rffm'ih. 

lan operations. The Canadian that “ concern, sometimes border- aloof while the province re- ■ 


- closely; WKh. the;Go 55 inmpni^ 

' : developing guidelines form 
nranagement..- ^Wb-should^lw 

*> KIa 4vi MMah inith ’/' An a . . , . ‘ .'^1 ' 


NJ casino off to a flying start 


NEW YORK June 6. 


the year end. 

The company already has a 
leasing company jointly owned 
with the Banque Canadienne 
Nattonale, Montreal. The 


5 C- 


position to re-evaluate C«itud- jp ANYONE doubted it 8100m. which had been widely In short. Resorts stands to earn 
bell's new ship construction the first legal casino in projected for the casino. But a good return on its S50m 

programme. we nope tha* thp u.S. outside the State of the period covered by the report investment which was only 
Campbell can then pick up on Nevada which opened in Atlantic included the hectic opening made possible by the State of 

mutually acceptable terms £ ity ^ ew j erseyi ten days ago. week-end when people queued New Jersey’s decision to become 

some or alt of the 14 orders made a sizable “win” of nearly several hours to get in to try the second State after Nevada to 

we hart to cancel, he added. gjn, a day during its first six their luck. There was also the permit casino gambling- 

rider the terms of tne aeot re- d opera tjon. Memorial Day bank holiday Resorts was so quick off the 

structuring, camooeii agreed According to a report to the which brought extra business. mark that it will be up to a 


we hart to cancel.” he artrtpd. 
Under the terms of the debt re- 
structuring. Cam-obeli agreed 


scale projects such as the dal analysts. 

Alaska Highway Gas Pipeline Hie Montreal 
had led it to expand its Canad- Canadian Paper A 
Lan operations. The Canadian that 14 concern, somet 
subsidiary will apply for full ing on paranoia, aba 
banking status once the new trust laws, seems ti 
Bank Act is passed. It is buy- officials, and this res 
ing out BCN’s interest in the volvement in Canad 
leasing company. affairs.” 

The Canadian affiliate now A new willingness 
has assets of around Canadian to become involved 


that “concern, sometimes border- «»*. ment, .and . anV^com^'!!toat 

ing on paranoia, about -ITR anrt- exami nes its role with the rest 'm«h o 


ing on paranoia, about -US:' anti- “ a ? ln “ _mak<% sneha 

trust laws, seems to afflict ctp of Canada. CIP has. some-fence-, ha . rManrurt 


trust laws, seems to afflict CIP w Ganaoa. ^ ■ be regarded 

officials, and this restricts .its aa- m ending to do in frus regard province’s legislature. - 
volvement in Canadian’ industry dating baric -to 1972 when It- . 

affaire.” decided to dose down a sulphite. 


t0 repay rmmediateLv 38 per s^TasiSo cSntroT Commit 


cent of ahDiit «8ra in trade 


represents the year before any of the coiupet- 


v" r sion by me casinos owner, company’s gross revenues from ing casinos open for business. 

Resorts International, the brand gaming operations before costs Meanwhile. Resorts reported to- 
had been extended under an r.i,ai< in Ml, W Cm Rnl in arlriitinn Rf^nrls rlau that miKtnwtinn nt an 


5100m. In its expanded opera- affairs — even to -commend: The Quebec government. of;. the' -According -^to Canadian Pao«' ' 
tion. It will not compete In obliquely on the volatile Quebec day had to come to the mill’s Analyst, it badfced oixt eith»« 

retail banking but will coneen- political scene — has been taken rescue, which through a account erf . market condltionsVi ■ 

trate on offering a full range of by some observers as .the- pos? fortunate series of events, earned “parental coMfeeL” ; ; ... : - 

services to the corporate sible pretiminaiy to & much out to be successful. But why Tt.is still not a pIorpa hnnk *ri* 

I I. ml, _IJ.lt t-l rr» I.-™ if if « ou*t uui. » U um, U JWUfc glffl 


had been exrenaed unaer new faciUty raked m over .6m and tax. But in addition. Resorts day that construction of an 

agreement v ‘ r r> ^J ' L{ ^ ^ ™* in trie period—«I.5m of it from International will have been extension to the casino will be 

it* iStrarte creditor* si ot machines and th erest from making money out of the other finished on June 16. increasing 

5, a l pa, i’i S P.2K gaming and roulette tables. services it provides at the its size by 60 per cent, including 

VMinnf, R,nt , ..nit If This is considerably more than casino, such as catering, accom- space for 410 slot machines and 

Security PaJific Corporation ^ annual revenue of some modation. and car parking. 62 gaming tables, 

S1.6m. It still owes trade 

creditors $1.7m and the bank 

S’.n?iiSnvs FASB defends new oil accounting 

due on Anril 15. 19R1. Interest T « 

will be paid quarterly at the NEW YORK June 6. 

rate of prime plus 1.5 per cent _ ' 

and the principal amount will ASSUMING an uncharacteristi- FASB officials have released the Many smaller oil and gas 

be secured by Campbell's fixed caliv assressive stance, the U.S. Board's comment on testimony companies have preferred the 


s 


energy projects. 


Dresdner may 
seek full status 


CIP quite teadlly admits that break out into the open, in -a That says dPwfll be owned HJfl 
it has had a “Jow profile" pos- dispute with former employees percent by IP-* now and- forever;-’* 4 '' 
ture and that it is seeking a over ownership of wood pre* more." 


EUROBONDS 


NEW YORK June 6. 


be secured by Campbell's fixed caliy aggressive stance, the U.S. 


Financial Accounting Standards before the Securities and Ex- full-cost method because their 


It currently appends that result* Board iFASB) has made public change Commission in 12 days exploration costs generally are 

for the year will he approxi- a strong rebuttal to opponents of of public hearings on FASB high relative to their reserves, 

matelv a breakeven situai s nn. its controversial ruling on Statement No. 19, “ Financial Thus, for many of them a switch 


sa<rt Mr. Stevens. Cnmphell accounting for the costs of Accounting and Reporting by Oil to successful-efforts accounting 

will make a fourth-nuarter loss searchina for and developing oil and Gas Producing Companies.” could mean a sharp drop in 

of SI. 5m to $2m on the tun and gas fields. The SEC is considering profits, or even substantial 

and supply boat contract For months the FASB. which whether to endorse the FASB reported losses, 

which will he somewhat offfet i s the rule-making body for the ruling in favour of the success- ^ a ^uit. the opponents 
by profits from other opera- accounting profession, has been ful-efforts accounting method th ey WO uld be prevented 

tions For the nine months 3 t odds with many small and and held hearings on that sub- fron , rising the capital needed 
ended December 31. Campbell medium-sized oil and gas pro- ject during the past three for exploration efforts 
reported net income of ducers over its ruling last months. oce 

$658,000 or 88 cents a share December that the oil industry Under the method, oil and gas * n iff 

after an extraordinary credit uniformly adopt the “successful- producers are required to charge was ® 

of $394,000. efforts" method of accounting dry holes and other exploration standaros board said that its staff 

Campbell Industries common for such costs. The strong costs against current income in had analysed disclosures about 
stock, which w»« suspended in opposition is threatening the the year they are incurred. It jhe impact ot its Jstatement wo. 
New York at $6.75 on Monday, agency’s authority and. in the contrasts with the “full-cost” J® 

reopened at S5.254i5.75 yes ter- words of one opponent, its” pres- method which allows exploration financial statements of -94 cam- 
day. tig* and very survival." outlays to be amortised over the P anies - “ required by the SEC. 

AP-DJ Faced with this situation, life of oil and gas reserves. AP-DJ 


By Our Own Correspondent 
MONTREAL, June 6. 
THE DRESDNER BANK of 
.West Germany expects to 
decide In “ four weeks ” 
whether to remain a represen- 
tative type operation in 
Canada or to apply for full 
banking status under the pro- 
posed new Bank Act in Canada, 
says Dr. Manfred Meier- 
Preschany, a managing director 


Dollar sector rise continues 


BY MARY CAMPBELL 


MONDAY'S pick-up In- dollar ticularly on Monday against the but without underwriters (apart 
bond prices continued apace Swiss franc. Having closed, on from the managers). The coupa^' 
yesterday, with rises of up to Friday at Sw firs LBSlO-to the will he 8J per-cent and the isso* 
half a point being recorded, dollar, the rate closed yesterday price par. ' - '■ ■'S* 


rays' "Dr Manfred" Idriw- Thus , the NatWest " 5“* / OT at Sw frs 1M3S - T ' * Francis GhOes adds: The private;. 

Preschany, a managing director SSlS P ia oq?l? fL«TSS?L, , fc & ° ne new issue 11113 Placement of |14Qm .worth” dC .. 

of the parenL now visiting P° int _to 99i/}. ^nadaxr by^half ] aimc hed— a placement of $22m bonds over 14 years, which forms' 

Canad! fi i point to 97f/8J and- Orta™ ^ ^ven jmars (bullet) for part of the $350m';fimd jaiian* 

He said Dresdner Is eager to Hydr ° a “° by a “ alf tofl7 v S ' Norske Indus tribank under operation for Algeria’s national: 

help finance Canadian resource While a proportion ot the Norwegian state guarantee. The oih company, Sonatrach, * and;' 

projects including the recovery Is attributed to profes- issue, for which UBS (Securities)- which- in being coordinated byJ- 

Canadian section of the Alaska sional short-covering, dealers say is lead manager, will be sold Credit Lyonnaise, has . just been 

gas pipeline. 11121 other factors included- the through a limited selling group signed. 

R 0 wo V nrW«riC. nn <.«i M i, Improvement in the UJ5. bond! — — — . — V 


He said Dresdner Is eager to 
help finance Canadian resource 
projects including the 
Canadian section of the Alaska 
gas pipeline. 

However, West Germans look 
for a more stable dollar before 
investment flows are stepped 
up. If the bank expands In 
Canada — It has a representa- 
tive office in Toronto — this 
would probably take place in 
l he west he added. 


market and the lack of . new 
issues on offer, which might have 
prompted those buying bonds to 
turn to the secondary market 


EUROPEAN OPTIONS EXCHANGE 


Another factor cited was the 
recovery of the dollar on the 
foreign exchange market, par- 


July 

Clone Vat. 


Uct.- 

Clow VoL 


Jan. 

Otow- 'Vo U, 


BgmW-J’," ^ * 
dm# 1 J ' i y ^ 


1 nr 



SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


TRW Reports Record Quarter Results 


FIRST QUARTER FINANCIAL HIGHLIGHTS 

(CI.& dollar amounts in millions except per share data) 


Sales $ 870.4 $ 776.9 

Pre-Tax Profit 69.6 62.2 

Met Earnings 35.8 31.7 

Earnings Per She re 

Fully Diluted .98 .86 

Primary 1.10 -96 

Dividends Per Common Share .40 35 

Outstanding Common Stock 28.2 1 5.000 27,665.000 

Shares Used in Computing 
Per Share Amounts 

Fully Diluted 36,686.000 36.699.000 

Primary 23,662,000 28367,000 


- - h 1 . v - -fc,, . *■ *■ . ■'* 


MM Mr* 



^.v *; H Mir 





. J? 


-py : . 0'" / 1 

l y '[ '•'My /:. V ' 





■ M 

•••:• .jr •’/ 

"*v' 







TRW WOM HIGH PRAISE from military officials upon 
the successful deployment of the first in a series of Navy Fleet 
Satellite Communication Spacecraft shown here undergoing 
prelaunch tests in one of the company's CLS. spacecraft 
laboratories. 


TRW Jnc. a major international 
supplier of high-technology, pro- 
ducts and services, established 
new first quarter highs in sales, 
earnings and earnings per share. 

First quarter sales were (1& 
$870.4 million, a 12% increase over 
1977 first quarter sales of US 
$776.9 million. 

Earnings after taxes reached 
US $35.8 million, a 12.9% gain 
over 1977 first quarter earnings of 
US $31.7 million. 

Fully diluted earnings per share 
were US $.98 compared with U.S. 
$.86 in the first quarter of 1977. 
Primary earnings per share were 
US. $1.10 versus U.S. $.96 in 1977. 

Each of TRW’s three business 
segments reported sales and 
operating profit gains over the 
year-ago period. TRW’s Car & Truck 
segment sales increased 12.69 b 
and operating profits rose 9.6%. 

In Electronics & Space Systems, 
sales and operating profits were 
up 10.5% and 173% respectively. 
Industrial & Energy sales increased 
12.9% on a quarter-to-quarter basis, 
while operating profits were 
ahead 272%. 

Consistent with TRW’s policy of 
raising dividends as earnings 
increase,. company directors 

increased the quarterly dividend • 
on common shares from US $.40- 
per share to US $.45 per share, 
payable 15 June 1978. This will be 
the 159th consecutive dividend 
declared on TRW common shares. 

For further information on 
TRW’s 1978 first quarter results^ 
please write for a copy of our 
quarteriyTeport: 

TRW Europe Inc, 

25 St James's Street 
London SW1A1HA. 

A COMPANY CALLED 


STRAIGHTS 

Alcan Australia Sine l«8 9«i 

AMEV Spc 1987 96 

Australia $?[tc 1992 921 

Australian M. A- 5. 0Joc V! 
Oarclays BonK Sint? 1993... 9S| 

Euwaior 91 pc T992 97J 

Can. N. Railway Wite I9S6 95* 
Credit National Sjpc 19S6... 981 

Denmark Slpc 1984 9S1 

ECS 9r>? ?9<W 95 1 

ECS 9|pc 1997 941 

EIB SSnc 1992 971 

EMI 9|pc 1999 RSI 

Ericsson 84 dc 1989 934 

Esso 8 pc ?9Wi Nov lOOi 

Cl. LaXos Paper Hue 1934 971 

Hamersley 9{pc 1992 994 

Hvdro Onrfv'c 9 pc 1992 ... 93 

IH S!re 1937 961 

tSE C Jina6.i .*pc IMS JK 1 J 

MarmWan Rlordel °nc 19*2 944 

Masse v Frrcnson 91pc ’St 97* 

w-chethi Ripe 1«w ... 108* 

MWlnrtd Ini. Ffn. »!pc V2 95* 
National Coal Rd. 8sc 19R7 943 

National Wstmnstr. 8t»c ’SB 995 
NcirroundJanrt 9pc T969 995 

Nordic Inv. Bk. Sjpc J9RR . 97 
Now* Kom. Bk. »S pc 1992 96 

Nornlpe s;pc 19S9 98 

Norsk Hyrirn Sjpc I9P’ .. 951 

iVIo 9 tv l!BS 99 

Pons Antnnonirs 9p.: 1991 98 

r- -nv. tlnehee Rtx 1 lMr. ... 951 

Prov. XaskalcFnm. Sjpc - S6 99 

R"iv1 lnicrniulonal 9m; 1987 93 

RHM It pc 1992 9.1* 

Selection Trusi R’nu 1959 .. 90! 

Skand. Enskilda 9pc 1991 . 97i 

<EP 8pc IIW7 921 

Sweden iK'dotn' 51 tv IBS7 94 f 
i'n-lod Bisn'lls 9P-- I0S9 .. 9RI 
Vnlvo 8 pc 19S7 March 93* 


FLOATING RATE NOTES 
97* Bank of Tokyo 1984 8*pc... 

965 BFCE 19S4 S*PC 

93} BVP 1983 81I6PC - 

97* BQE Worms 1985 - 

96} CCF 1985 8lpc 

98} CGMF 1984 flUupc 

96* Creditanstalt 19*4 9}pc 

97 DC, Bank I9S2 7lSispc 

99 GZB 1981 8Iispc 

W* Iiwl. Westminster 1984 Ppc 

93 Lloyds 19K3 Miispc 

W* LTCB 1983 SpC 

99 Midland 1987 99 ispc 


ATT 

ATT 

ATT 

Citicorp 

Citicorp 

B. Kodak 

H. Kodak 

E. Kodak 

H. Kodak 

Bxxon 

Bxiao 

Ktson 

lilt 

OH - 

Oil 

IBX " 

IBM 

IBM 


— . 562fla 


5 

- 58659 
12 

- 558lf 


2 
63 ' 

- W?3« 


- 8623*. 
6 , : 


fMTlfl.- 


96* Nat. Westminster Bk, 1990 


OKB 1985 75 pc 992 


96* SNCF I99& 81pC 99* 


Stand, and Chop. '84 81 pc 


951 won. and Giya's *84 SIiapc 


Source : WWto Wold Securities. 


CONVERTIBLES 
American Express 4*pc ‘87 


NOTES 

AiiMr.illa 7' pc 1954 94 

Bell Canada "Jnc IP97 ... 95 

Br. Columbia Hyrf T;pc 'S3 03 

Cao. Pjc S*pc I9S4 97 

Dow Oieroiol 6 pc 1986 ... 9R 

F.CS Tip,' IPS.' 93 

Firs 810C W 91 

FEC 7‘pc tW2 9.-. 

EEC 7:pc 19R4 94 

Enso Gufioit Pipe 1984 ... 9t 
Cotavcrkcn 7?r>c 199: . ... 9& 

K.Kkums 8 pc 19X8 <rt 

Micb«*l.n 84 pc 19S3 9P 

Montreal Urban Sjpc J9SI 9« 

Now Brunswick Sue t*H 96 

Now Brans. Prov. Sjpc ‘S3 99. 

New Zealand SlPC 1996 ... 96 

Nordic Inv. Bk. 71pn 1984 94. 

Norsk Hydro 7 *dc 19S2 96 

Norway 7}pc 1932 94 

Ontario Hydro 8 pc 1997 ... 94 

Sinner 8tpc 1992 99 

S of Scoi. Elec. SJnc I9°l US 
Sweden 'K'dorn* 7 !bc 1982 95i 

S-A.-rlKb S-.VO On 7Jpc “Si 96 

Trlmrx 91pc 1!HM 99; 

T-nnoro 7’pc 19B7 May .. 9? : 

Volkncancti 7Jnc 1937 . .... 93; 


STERLING BONOS 

tilled Brnrcrkv m*pc *90 87} 

Citicorp lOnc 1993 R9* 

founai'lds Pipe 19S9 871 

ECS Pipe 19«>9 93J 

EIB 97pc 19RS Bit 

EfB Itjpc 1992 9?i 

Flnan.-c for Ind. 9?pc »9«7 S8| 

Finance for Ind. 10 Be 1989 90| 

FIsnrtK lOlpn HOT 93} 

ncstetner 11 pc 1988 91 

IN A IDpc 1988 89} 

Rovrntree Wipe 19S9 871 

Scars lOIpe 19SS &« 

Total Oil 91 PC 1984 .... HI 


DM BONDS 

Asian Dev. Bank 5iPc 1998 

BN DC 6JpC 1986 

Canada 41 dc 19<n 

Den Norske td. Bk. Spc VO 
D»-msche Bank 4lpc 1993 . . 

ECS SI pc tarn 

FIB .l 1 pe 1990 

Ell Aqiillalne 5!nc 1988 . 

Euraiom 5 !dc 1937 

Finland Slpc 198s 

Forsmarke K pc 1899 

Mexico Hoc 1985 

Nnrrctn S’pc 19SB ...._ 

Norway 4 <pc 1093 

Norway 4 1 pc 18$» 


Prov. Quebec 6pc 1990 


TRW 


Trondheltn S|pc 1988 ,., , 
TVO Power Co. 6pc 1988... 


World Bank «pc uw — 


9S} 

96} 

94} 

95 

991 

100} 

99i 

99 

. 97 

971 

96 

9s: 

96 

9s: 

9S} 

Ml 

99 

991 

98 

951 

93: 

9*1 

99 

9sj 

93 

95 

9.1* 

94 

QOS 

911 

97i 

9S 

92} 

03‘ 

94* 

95 

9«1 

99 

93* 

94 

94 

947 

95 

9-.; 

03 

9?1 

971 

99 

9S1 

99 

931 

96 

941 

951 

fl.'t 

96 

941 

951 

9tf: 

071 

96 

963 

ill 

97J 

99 

993 

99} 

196 

96} 

97 

99} 

106 

96} 

97 

94J 

93} 

96 

96j 

94} 

931 

94 

941 

90S 

100} 

99 

901 

9S* 

96 

98 

94: 

9?* 

995 

9?7 

93} 

91} 

94i 

87} 

SSI 

89* 

90} 

F7I 

SSi 

93} 

94! 

Bit 

94{ 

921 

rtf 

SSI 

«•: 

Ml 

91} 

Mi 

94} 

91 

92 

89} 

m 

871 

88} 

a** 

«DI 

Ml 

91 : 

Mf 

97} 

961 

97} 

99 

99! 

99} 

100 

98 

98! 

93} 

Ml 

95} 

96 

9S 

95} 

071 

98>. 

98 

991 

98 

98* 

Ml 

9«4 

100 

100} 

99} 

100 

87* 

98 

96 

96! 

9«| 

97} 

95 

as: 

Ml 

M! 

97 

.87! 

97} 

081 

97} 

98 

88 

w* 


161} Arttland 5pc 1988 93 


Beairic Foods 4} pc H»2 .. 98 

Beatrice Foods -Upc 1992... 108 
Bceeham Bjpe 1992 96 


Broadway Hale 4Ipc 1997— 


Cbenvn 5pc 1986 

Dart 4lpc 19S7 

Eastman Kodak 41 dc 19R9 
Econnmtc Labs. 4}pc 1997 


Ford ape 1088 


Source: Kidder. Peabody Si-rurtlles, 


Krari 

Seara 

Algemeno 

Alffemeno 

Aiftemeoe 

A lge m a n a 

Amro 

Amro 

Amro 

TCI#M 

JCLM 

KLSL 

XT,M 

KLM 
KLM 
Vat Ned 
Nat N ed 
Vat Ned 
Philip* 
Philips 
Pbili|» 

Ji. D. Shell 
U. D. Shell 
K. JJ. Shell 
I'nllever 
Uutleier 
Lnilcver 


— ■ [8Z5l« 


P330 28.00 
F340 18.50 


P850 10.50 
P360 6.50 


— F74.70- 


FI 60 33.00 
F170 25,00 
F18Q 18.50 


— F186-B0 


F190 13.00 

F200 10.00 


FLOO 110.50 
FllO 3.00 


2.80 168 
0.70 73 


3.10 243 
1.70 53 


3 n J 

is . „■ ; s, 

. — V 108.10; J . 

ii : ; U' 

- F27^ a • 

51. . , r . ■; 

15 PI28 

1 • - ' - 

15 ... -i 

— P 113.70 MS 

3 ■ «, ■ ‘>4 T 


( appnn M a dmuct of rerani i*Iy. 


June 1978 


Corporacion Venezolana de Fomento 


The U.S, Dollar equivalent of 

Bolivares 250,000,000 


Two year loan facility 


Orion Bank Limited 


Manured 1»y 

The Royal Bank of Canada 


Provided by 

Banco National de Mexico 5 .A. • • 

-BANAMEX- 

Tlw Bant ofNova Scotia International Limited 
Dank of Scotland 

XI ic Chase Manhattan Bank, XA 
Krcdictbank S.A. Luxumbourgcoise 

The Xlitsui Trust & Banking Company Limited 
Natioual Westminster Bank Group 
Ori<.«n Bank Limited 

Pierson, Hcldring & Pierson (Curasao) N.V. 
Pittsburgh XationaJ Bank 

The Royal Bank of Canada. 

Toronto Dominion Bank 


Agent Bank 

O rion Ba n k lim ited 


* 

< . 



Li 9 * J 





INTERNATIONAL FI 



all 


m 


'BY ©AVID WHITE 


«uiu.-'- ....... . 

' %OKK^ra&N: ID .per cent of the 
* Kate, w orlfc .^La^M&sey-Ferguscra's 
- factories are beipg 
if. matte’ feannd^nt'because of con- 
- r d®? an'uing'.Tosses the failure of 


lG ^». .'nb^yxeaclr subsidiary of the 
i *(,. &5Canadf9&‘3arm - machine ry group 
e 1teaid-ifc«0ttW cut the 2^00-strong 
Woxfef ffcfe reflte tractor plant- at 

■ ^r> iteanVaii by 291, while 240 jobs 
l ?" 2 iU jwoulC h)St .,al its . other plant 

■ which. 


^ov e ^sttoplwha".ji'aru' for ' Beauvais, 
<<i ^"-aad, a3ao makgs cqmhine ■ har- 

a v Jv^es^ers . . '.and . balers for ; the 
: ^French suia European markets. 

i«-5' ^A 'farther 105 people" will lose 


their jobs . in the company’s 
administrative offices. 

The company said it had put 
o &■ the cutbacks for the first six 
months' of its current November 
to October financial year, in the 
hope of a market recovery. In 
that time, its stock of tractors 
at Beauvais built up to 2,400. 

Over -"die past three years, 
Massey-Fergu son's French opera- 
tion has made losses totalling 
FFr 124m {$30. 5m). Its turnover 
in; the last- financial year was 
-FFFIjMml.'- 

Production at Beauvais last 
year was slightly below normal 
levels at 2S,000 tractors and 
16,000 tractor bodies for comple- 
tion at plants In Detroit and 
Coventry. 

The export market accounts 
for 56 per cent of ‘ Massey- 


PAR1S, June 6. 

Ferguson's French turnover— in- 
cluding machines made else- 
where and sold through the 
French offshoot— and for about 
two-thirds of the production at 
the two French factories. 

French-made Massey-Ferguson 
tractors and harvesters are sold 
in West Germany, Italy, Belgium 
and Holland. 

Massey-Ferguson is responsible 
for about 65 per cent of French 
exports of tractors and combine 
harvesters. The company ex- 
pressed hope that the labour cuts , 
would set It back on its feet and 
it is expecting the Canadian 
parent to boost its FFr 140m 
capital, though the amount of the 
increase has yet to be decided. 

Prospects for a recovery in the 
company's market this year, 
however, appear remote. 


Bad debts cost Migros $ 13.5m 


•*«' vt jOHH vncxs - 

15 L tc^llIGROS BANK, the banking 
'T ^ jaufisialary of the Swiss retail apd 
iefvfces; co-operative 'Migros, suf-. 
■* Jeered -.a loss -v of _ Sw JxJl6sn 
Lure ~,$l35m) :from the failure of the 
, " Basle comjianyr.Kued.erll 

■*u 'CPSP . 

id u i ‘- The Migros Federation. as sole 
e b* yj^'tlarebolder of the.bank^has met 
i^cr jTlhhfe ioss with a guara,atee. Mitres, 
‘iajflj-. Saji’s increase in net profits to 
■j -test-, y ear" from 

■it r-i£SwFr- %&5m catoe: with aai ex- 
' ■“■"lanaton’ -pf total assets from 
jwFr 1.6bn to SwFr lBSbn end 


win pay an unchanged dividend 
of 5 per cent. - . 

Bank, chairman Albin Helmann 
writes in the Migros- Bank annual 
report that the bank continued 
to develop well- in 1977 ■ apart 
from the Kuederli Loss. 

Meanwhile, it is reported that 
gross operating earnings of the 
Swiss Transport and forwarding 
agents, concern P.analpina Weii- 
•transportAG rose by 3 per cent to 
SwFr 273m last year, an increase 
which would have reached 15 per 
cent had exchange rates remained 


ZURICH, June 6. j 

unaltered. 

After a rise in parent-company 
net profits to SwFr 4.41m from 
SwFr 3.53m for the year, the 
board recommends the addition 
of a 2 per cent bonus to the 
usual 12 per cent, dividend. 

Panalpina, which has 112 
branches in 26 countries,, is 
□wned 40 per cent by the Ernst 
Goehner Foundation (Zurich), 40 
per cent by the Dutch group Ruys 
en Co. NV and 20 per cent by the 
Swiss shipping company 
Schwefzerische Reederel. 


DGBank ' 

explains i 

mix-up over 
CD issue 

By Mary Campbell 

IN clarification of reports about 
its abortive issue of D-Mark 
denominated certificates if 
deposit (CDs) in New York, 
Deutsche Genossenschaftsbank 
(DG Bank) said yesterday that 
the sale of CDs to two purchasers 
in the U.S. resulted from a mis- 
understanding with Salomon 
Brothers, the New York invest- 
ment bank through whom the 
planned sale would have taken 
place. 

The CDs for which sales had 
been agreed by Salomon were 
withdrawn following an intima- 
tion from the Bundesbank' that 
it would not favour the deal. 
Salomon Brothers' understand- 
ing, according to DG Bank, was 
that approval had been obtained 
earlier. 

It seems that it might have 
formed this view from the fact 
that Dr. Poehl of the Bundes- 
bank is also on the board of 
DG Bank. But. DG Bank points 
out. Dr. Poehl is on the non- 
executive board — which one, 
would not expecr to have been 
consulted about the prospective 
issue — rather than on the execu- 
tive board. 

Further, it says. Dr. Poebl is 
not the person in the Bundesbank 
with responsibility for such a 
subject 

DG Bank says that while the 
Bundesbank does not have the 
legal right to forbid the issue 
of CDs by German banks abroad, 
it would not have considered 
making the issue against the 
Bundesbank's wishes. 


AUSTRIAN COMPANY NEWS 

Stevr-Daimler 


BY PAUL LENDVA1 

the PROSPECT of satisfactory 
profits this year following a sharp 
increase in first Quarter sales 
comes tro® -Steyr-Daimler-Pucb. 
the largest private industrial en- 
tity in Austria- 

Sales during the first three 
months of lfj are 17 per cent 
ahead at $cb f*J>n (3181m) 
which compares with growth for 
the whole of last year of 9 per 
cent The motor manufacturer, 
which U controlled by Creditan- 
stalt Austria's largest bank, says 
that growing demand for new 
products suggests that profits 
overall this year will again be 
satisfactory- 

The company has recently been 
giving an insight into its over- 
seas ambitions. These include 
Joint Lorry ventures in Nigeria. 

Poland and Greece as well as the 
production of a cross-country 
vehicle together with West 

Germany's Daimler-Benz. At the 

same time Steyr is apparently in 
talks with Lancia of Italy about 
possible assembly project in 
Austria. 

This year the Nigerian plant 
will turn out 1300 lorries under 
Steyr licence, while deliveries 
and licence 'arrangements agreed 


in 1975 with Poland involve the 
export of 5300 lorries per annum, 
and are proceeding in accordance 
with original arrangements. How- 
ever, the part of the package 
deal relating to the setting-up of 
a lorry plant in Poland to manu- 
facture under Steyr licence has 
run into “financing difficulties.” 

Dr, Heinrich Treichl, chairman 
oF the supervisory board and 


chief of Creditanstalt, revealed 
that the Austrian banks are not 
in the position at present to 
satisfy the Polish desire for a 
Sch 2bn credit. 

However, Steyr's connections 
with the U.S. are proceeding 
much more smoothly. Mopeds 
produced by Steyr have a market 
share of 30 per cent in the U.S. 
With an 87 per cent share of 


VIENNA, June 6. 

exports, Puch claims to- be the 
leading moped exporter in the 
world. 

Earlier this year the company 
unveiled plans for a rights issue 
involving an increase of around 
S13m in’ group capital. In 1977. 
3fter tax profits were an eighth 
higher at Sch 92m cSSmi and the 
dividend went up from an effec- 
tive -8 per cent to 9 per cem. 


Austrian Airlines boosts traffic 


BY OUR OWN CORRESPONDENT 


AFTER A RECORD performance 
in 1977, Austrian Airlines (AUA1 
experienced a further S per cent 
increase in passengers in the first 
quarter of this year to 333,000 
and one of 23 per cent in turn- 
over of Us charter operations. 

The company, which began 
operations only 20 years ago. 
said in its annual report that 
passenger traffic in 1977 was up 
by 7 per cent to 1.4m. The 
average load factor rose by 1.4 
per cent to 50.5 per cent, while 


net profit was up by Sch 9m to 
Sch 34.7m ($2.3m). Including a 
carry-forward of Scb 33.Siu, earn- 
ings reach Sch 68.6m. 

AUA is proposing an 
unchanged dividend of 4 per cent 
and a bonus of 4 per cent t samel. 
The balance sheet total was up 
by Sch 141m to Sch ILSSbn. 
Operating revenues from 
scheduled flights were up by 
10.7 per cent to Sch 1.77bn, 

while income from charier. opera- 
tions rose by 15 per cent, and 
from freight by 12.6 per cent. 


Spanish utility raising $148m 


BY FRANCIS GHILeS 


to buy Sira^ Assets Still gloomy at Hoechst 


: :;^;S^S-D : tq'bii; 

VyI&ARLES BATCHELOR - 

30LLAND'S largest retail chain, 
he Vroom en Dreesmann group, 
fill take over a large part of the 
issets of Sims, retailing venture 

S nintly- owned by W.. H- ' Smith 
ind Son and the Dutch pu Wishi- 
ng. group, Elsevier, i- * . . 

The priVately-dwned V and D 
fro up- will 7 take Over the leases 
if four : Sims stores in Amster- 
- fiTTi iam, ; U tree ht, Arnhem and Eind- 
• : : 7:* nbvew. It avIU also .axqHire Sims 
-r .z'.ii tock and. take- oujAbout 70 Sims 
tiff in similar -jobs in its- Own 
.. .tores. V and D said it does not 
"L ' Vet have firm plans tot the .four 
. “ ' .'..licffes.-it\will_ be taking over. It 
■ V .'77. ic&es to complete , the deal by 

■” . 'Jarly.nexjmonth. 

. . \S4ms Enschede store ;-wilI be 


AMSTERDAM, June -6. °UR FINANCIAL STAFF 


integrated into Elsevier's own re- 
tail operation while talks are con- 
tinuing with potential purchasers 
of the stores in Tilburg and 
Zwolle. Elsevier and.W, H. Smith 
'Inst ' month announced' £ they 
Would end their fhte-yea^- old 
co-operation in Sims, which sells 
books, records and other leisure 
articles. Sims has made losses 
since, its formation in -1973;.,,. 

V' and- D operates 58 depart- 
ment stores in Holland •& well 
as -536* other stores, selling' tftaUxly 
clothes and food. 16 the past year 
it has acquired minority, stakes 
in two U.S. stores groups. It-had 
net profits of FlsjB2m ($2?.7m) 
on sales of Fls3.bn ($l.§8bn)vin 
the -year ended .January 31, 1977- 


LITTLE CHANGE in the under- 
lying trend of weak demand was 
the main message for Hoechst 
shareholders yesterday at the 
German chemical company's 
annual general meeting. 

After three months of 1978. 
group sales were slightly ahead 
with parent company turnover 
6.2 per c?nt lower; after five 
months Hoechst is managing to 
more or less maintain Its first- 
quarter position at the group 
level, but the sales downturn at 
the parent has shaded to a de- 
cline of 5.2 per cent 


Rolf Sammet chairman of the 
management board, told the 
meeting: “We hope the second 
half of the year will be at least 
no worse than the first half.” He 
added, however. “ Much can hap- 
pen. and it might not turn out 
that way. 1 ’ In the five months, 
sales in the UB., Japan, and 
Brazil were “ considerably 
■higher” for the group. The 
parent company's domestic sales 
fell 2.5 per cent but exports 
dropped by 7.6 per cent for the 
five months. 



Balcise Holding increases dividend 

BY OUR OWN CORRESPONDENT ZURICH. June 6 

SWISS INSURANCE concern remain unchanged at SwFr7 per 

Baloise Holding of Basle, recom- share Gpneral Jn 

“1®?.^ surance Company, and its life 

df'ftdeto(j\Df.SwFri4 (12) for the as s^rance affiliate La Neucbate- 
business'.y.ear ended March 31, loi^e Cie D’ Assurances sur lai 
following'.*, rise in net- profits vie are paying unchanged divi-! 
to SwFrTJBm ($3Bm) from de nds of S.wFrl4. and SwFrlO 
5wFr6.43itt for : the period • per share. Premium Income rose 
• The dividend of The Baloise to a gross SwFrl36Bm for the, 
Insurance Company, one. of the general insurer . • ana to 
holding company’s operating SwFr61.4m for the life assur- 
subsidiatiesi' - is .also going up ance company last year, with 
from SwFrl2 to SwFrl^ for last net profits reaching SwFt-^m 
year, while that of The Baloise (ST.15m) and SwFr580.000 
Life Insurance Company will respectively. 


FUERZAS Electric as de Cata- 
luna, a private Spanish company, 
is raising one of the largest loans 
ever by a private company in 
Spain. This .loan also includes 
a feature increasingly found in 
loans to certain borrowers — a 
yen tranche.; 

The electric utility company is 
raising $14Sm in a three-tranche 
operation, through a group of 
banks co-ordinated by Chase 
Manhattan Ltd. A S70m tranche 
will be in the form of a syndi- 
cated loan for eight years with 
a three-year grace period. It will 
carry a split spread of 1 per cent 
for four years rising to IS per- 
cent. 

A SiOm tranche will be m the 
form of a fixed-interest (94 per 
cent) seven-year loan with a 
three-year, grace period. The 
third tranche is in the form of 
a Y16bn fixed-interest rate (7.9 
per cent) ten-year loan, again 
with a three-year grace period. 
The two’ fixed-interest rate 
tranches . will be provided by 
Japanese banks with Nippon 
Credit Bank In overall charge of 
this side of the whole operation. 
The loan overall carries no 
guarantee. 

A series of unguaranteed 
loans are currently being raised 
by South .Korean companies. 
Hankuk Glass Company is rais- 
ing $32m for eigbt years on a 
spread of 11 Pgr cent through 
a group of banks led by Bank 
of America Asia Ltd. 

Meanwhile Samsung Heavy 
; Industries is raising *\2w 
through a group of banks lea 


by Schroder Wagg. Final terms 
have not yet been agreed by 
the South Korean Ministry of 
Finance. 

At the same time Samsung 
Electronic Devices Company is 
raising S20m through a group 
of banks led by Bankers Trust 
Asia. As with the previous 
loan, final terms have not yet 
been agreed with the Ministry 
of Finance in Seoul. A $21Bm 
seven-year loan for the State 
Algerian oil company, Sonalrach 
has just been signed in London; 
the borrower is paying a spread 
of 1* per cent throughout Six 
banks are jointly leading this 
operation with one of them. 


Citicorp also acting as agent. 

Qatar Steel has just signed a 
SlOOm 10-year loan arranged by 
a group of banks led by Chase 
Manhattan Ltd. Terms include 
a split spread of i; per cent for 
the first four years rising to , 
per cent for the remaining six 

The S60m 10-year medium- i 
term loan to Iceland, the largest 
ever loan raised by that country 
in the market has just been 
signed. The borrower is paying 
a spread of i per cent over the 
interbank rate for this loan 
which has been arranged by 
Hambros Bank, Canadian 
Imperial Bank of Commerce and 
Mitsui Finance Asia. 


SIR closures to go ahead 


■ MILAN, June 6. 


THE SIR chemicals group is 
going ahead with, the temporary 
closure of some of its petro- 
chemical plants in Sardinia, 
because of lack of funds to pay 
for supplies, says the company. 

The closures were announced 
last week, but over the weekend 
the Government said it was 
calling on banks to provide 
• necessary credit to keep the 
plants open pending a decision 
on a national plan for the finan- 
cially troubled chemicals sector. 

So far, despite the Govern- 
ment’s appeal, SIR's position 
.'remains unchanged, ana both it 


and its affiliate, Rumianca Spa 
are proceeding with the plant 
closures. 

Meetings between Govern- 
ment. industry and unions 3re 
scheduled this week to discuss 
the chemical industry's prob- 
lems. and SIR hopes a solution 
can soon be found, the company 
added. 

According to the company, 
the closures could cause a- chain 
reation throughout the Sardinian 
chemical industry, affecting the 
jobs of thousands of workers, as 
other firms supplied by the SIR 
'group are deprived df supplies. 
Reuter 


VIENNA. June 6. 

During the last five years, since 
emerging from a period »f 
heavy losses, the company hus 
achieved 3 foreign exchange 
surplus of Sch 1.5bn. The airline 
plans lo invest some Sch lbn 
between 1974 and 1979. 

The enlargement of AUA's 
fleet has been followed by mure 
frequent flights to Athens. 
Istanbul. Cairo, Salonika and 
Sofia. With its new office in Cairo, 
AUA now operates 34 offices in 
28 countries. 


KF plans to 
raise capital 

By William Duliforce 

STOCKHOLM. June 6. 

KF. the Swedish consumer co- 
operative association, plans to 
set up a separate holding com- 
pany for its manufacturing com- 
panies and to open the way for 
outside capital. The movement 
is not looking for stock exchange 
money, however. According to 
managing director Karl-Erik 
Persson. it hopes to attract 
finance from theh national pen- 
sions fund, the insurance com- 
panies and. if they are eventually- 
formed, the shareholding funds 
proposed by the Swedish trade 
unions. 

KF operates 21 manufacturing 
companies with 17,000 employees 
and a combined turnover last 
year of SKr 4.2bn <S913ml. So 
far. they have heen financed 
Trom the movement's own re- 
sources, but last year they re- 
turned ;i combined operating 
income after depreciation of only 
SKr 2m. The decline, in profits 
has reduced their equity bases 
and raised the demand for new 
capital beyond the resources of 
fne cunsumer cooperative move- 
ment. 

The industrial products are 
sold mainly to private customers 
in Sweden and abroad, only 
about 13 per cent of output 
being marketed through KF's 
own outlets. There are about 40 
foreign subsidiaries in the group 
and some companies are strongly 
export-orientated. 

Among these is Hugin. the 
cash register company, which 
exports 97 per cent of its out- 
put and has 10 per cent of the 
world market. 


This announcement is neither an offer 

to sell nor a solicitation it an. offer . 

to buy these securities. IS 

x>& 

The offer Is made only by - 

the (Danish) prospectus. i3( * 

THE EAST ASIATIC COMPANY’S 
HOLDING CO., Ltd. 

(Del 0stasiatiske Kompagnis H olding-Aktiesel skab) 
Head Office: 2 Holbergsgade, DK-1099 Copenhagen K 

• invite the shareholders lo subscribe for DKr. ^OGO.OOO 
-new-’Shares in the Company at a pnee of DKr. 2025 per 
share of DKr. 25.- against the surrender of Coupon No. 10 
and for subscription right certificates issued on the basis 

■ of registered share certificates. 

The subscription will take place from Thursday, 15th 

■ June, to Tuesday. 4ih July. 1978, both dates induded, 
' through DEN DANSKE BANK af 1871 Aktieseffikab. 

E missionsafd ellngen, 12 Holmens Kanal. 
hagen K. and Credit Lyonnais, 19 Boulevard des Ual'ens, 
Paris! Both banks will on application send Subscription 
Lists to shareholders. ~ 

- From- Thursday, 15th June, 1978, the same two banks 
iffiirjssuB scrip of registered share certificates to ex- 
istirig shareholders for a bonus issue of DKr. 35,000,000 
shares against the surrender of Coupon No. 9 and/or 
: bonus right certificates Issued on the basis of registered 
“ share certificates. - 

*> Tfia_ new shares and the bonus shares rank fully for 
dividend for the financial year 1078/79 and subsequent 
years and shall In all other respects rank pan passu 
with the old shares. 

' The scrip for new shares and bonus shares will later be 
/ exchanged for shares according to a separate announce- 
>- mant 

The Board of Directors 


■r 

^.Negotiable Floating Rate U.S. Dollar 
• Certificates of Deposit 
V: • ‘ Series C — Maturity date 
: 9 December 1980 


Wholly-owned subsidiaries of 

Dayton Hudson Corporation 

have sold nine regional shopping centers to 

The Equitable Life Assurance Society 
of the United States 

Brookdale Shopping Center, Brooklyn Center, Minnesota 
Eastland Shopping Center, Harper Woods, Michigan 
Genesee Valley Shopping Center, Flint, Michigan 
Northland Shopping Center, Southfield, Michigan 
Ridgedale Shopping Center, Minnetonka, Minnesota 
Rosedale Shopping Center, Roseville, Minnesota 
Southdale Shopping Center, Edina, Minnesota . 

Southland Shopping Center, Taylor, Michigan ' 

Westland Shopping Center, Westland, Michigan 


ib accordance with the provisions of the Certificates 
J of Deposit notice is hereby given that for the 
six month interest period from 7 June 1978 to 
7 December 1978 the Certificates will carry an 
Interest Rate of 8^% per annum. 

Agent Bank 

- The Chase Manhattan Bank, N.A., 

, • London 



Goldman Sachs Realty Corp. acted as advisor to 
Dayton Hudson Corporation. 


Goldman, Sachs & Co. 

New York Boston Chicago Dallas 
Detroit Houston Los Angeles Memphis 
Philadelphia St. Louis San Francisco 
International subsidiaries: 

London Tokyo Zurich 

May 24, 1978 


[Oldman 

lacns 





:4^'Vv V>-* 


Also: 44 Piccadilly, London. W.l, 
8 Sackville St, London W.l. 


Bowring 
and space 

Our involvement includes 
insurance cover for some 
40communications satellites 

valued at over $1,000,000,000 

Pioneering the insurance of space projects is an outstanding 
example of Bowring leadership. 

We began as long ago as 1965 with the Early Bird programme. We 
have since played a part in developing, planning or placing the 
cover for every insured satellite -pre-launch, launching and 
orbiting risks. 

C.T. Bowring Space Projects Limited, our subsidiary, is organised 
to follow up our spectacular growth in this field by arranging 
insurance for present and future programmes such as the new 
Space Shuttle and a wide range of commercial, governmental, 
scientific and research projects. 

Once again we have been able to extend the boundaries of 
international broking. 

The reason? We have the skill, the contacts and the unique world- 
wide resources required to handle complex insurance running into 
millions of dollars. 

Moreover, we are members of the Bowring Group whose 
international services include not only insurance and reinsurance 
broking but also insurance underwriting, credit finance and 
leasing, merchant banking, shipping, trading and engineering. 

Bowring 

insurance brokers to the world 

C.T. Bowring {Insurance) Holdings Limited, ffjfc 

The Bowring Building, T ower Place, London EC3P 3BE 

Tel: 01-283 3100 Telex: 882191 

A member of the Bowring Group 1 


PRIMROSE INDUSTRIAL 
HOLDINGS LIMITED 

Announcement to Shareholders 

With reference to the announcement on 5 May 1978 
that agreement had been reached in principle for the 
purchase of Aloe Minerals (Proprietary; Limited, 
subject to certain conditions precedent, the Board of 
Primrose announces that within the time allowed;!# 
the vendors it has not been able to satisfy itself ih 
full regarding these conditions precedent. It ha£ 
consequently decided not to proceed with thi? 
acquisition. : J* 

On behalf of the Board 

A- R. KEMP j 

Executive Chairman 

D. J. GEVISSER ; 

Managing Director 5th June 197S 


12? Regent Street, London W.l. 
Td: 734 1008. 


MULTINATIONAL companies 
around the world have been 
under constant pressure for years 
now, ever since changing econo- 
mic si jiff pniiiii-al conditions— 
especially in Third World coun- 
tries since the 1960s— have 
prompted the call for a New 
international Economic Order. 

Criticised, investigated and 
progressively constrained, they 
have emerged with a persecution 
complex as the whipping hoys 
or governments. Understandably 
they have become defensive. So 
it Is easy to understand their 
hostility towards the latest body 
to take an interest in their 
affairs, the United Nations. The 
UN Commission on Transnational 
Corporations, an in ter- govern- 
mental subsidiary of the UN 
Economic and Social Council, 
recently met in Vienna. If ihe 
volume of paperwork to enierse 
is anything u> so by. some pro- 
gress has' been made towards 
creating a new international 
regulatory' framework. 

The Commission does not have 
far to go before recommending 
a Code or Conduct as well as 
action against corrupt practices. 

It has agreed to the establish- 
ment of an inter-governmental 
body to continue the work of a 
group of experts on formulating 
international standards of report- 
ing and accounting. These 
include minimum requirements 
for financial and ” social ‘‘ dis- 
closure in annual reports which 
go beyond current practice even 
of the U.S. 

The Commission is also prepar- 
ing itself to njtablisb a compre- 
hensive information system on 
multinationals no include a data- 
bank j whose interests will he 
tailored to the needs of host 
countries. All Uicac preoccupa- 
tions will, in the fullnes-,- nf time, 
have a direct effeci on the activi- 
ties of multinationals. If agree- 


ment is reached, member govern- 
menls of the \JN will he asked to 
implement the recommendations, 
possibly through national legisla- 
tion. 

While the multinationals might 
feel besieged, this has apparently 
not affected their growth in 
recent years. According to the 
latest UN study on the subject, 
direct investment by multi- 
nationals in foreign countries 
increased by SO per cent to 
82S7bn between 1971 and 1976. 

Nearly 75 per cent of this 
capital investment is concen- 
trated in developed countries 
and .that proportion has been 
growing in recent years. Even 
the remaining one quarter in 
developing nations is increas- 
ingly in the more- industrializ'd 
countries which, the report 
silica, underlines the limited 
pile which multinationals have 
played so far in helping the 
growth of developing couniries. 


Benefits 


Aoainst this background, the 
UN is trying to draw up an 
acceptable set of rules for oil the 
parties concerned. Through the 
Economic and Social Council, the 
UN set up the Commission on 
Transnational Corporations in 
1974. A 4S-meraber body, it was 
established to promote under- 
standing of the international 
impact of multinationals and to 
secure effective international 
arrangements aimed at increas- 
ing the benefits to multinationals 
and helping countries to develop. 

Perhaps the most controversial 
— anti important — aspect oE the 
Commission's work so far has 
ben the progress made towards 
drawing up an international set 
of standards For reporting and 
accounting. It is this — and the 
Commission's interest in bringing 
in minimum disclosure rules for 
both financial and “ social ” 


aspects of reporting and account- 
ing— that has incited the wrath 
of multinationals. 

They generally described most 
of the proposals as unnecessary 
and discriminatory. They are 
fighting back through the Inter- 
national Chamber of Commerce 
(ICC i and other lobbying bodies. 
But the Vienna conference 
endorsed the work done so far. 
and then took the process one 
step further. It recommended 
that a new body, an ad hoc inter- 
governmental group, should con- 
tinue the work in hand. Some 
delegates have privately sug- 
gested that some sort of inter- 
national guidelines could be 
ready for implementation by 
1RS0. 

This recommendation was nnt 
received without misgivings. 
Some delegations, particularly 
the U.S. doubted whether a 
new high level subsidiary body 
was necessary bearing in mind 
the great practical difficulties and 
limited progress achieved so far. 

The ICC. in its reply, believed 
it would be unwise to convene 
an inter-governmental working 
group of experts. It would have 
preferred to have seen a more 
evolutionary approach. 

It believed that the UN should 
set rules for corporate disclosure 
only after the development of 
hasic accounting standards. The 
ICC recommended that estab- 
lished non-governmental pro- 
fessional bodies, such as the 
Internationa] Accounting Stan- 
dards Committee, should be 
urged to continue and accelerate 
their work on the harmonisation 
of accounting standards. 

The ICC's recommendation is. 
meanwhile, a reminder of the 
number of otber bodies now 
homing in on auditing, reporting 
and accounting, including the 
European Economic Community, 
ihe OECD and several national 


governments. They are all mak- 
ing life more djlTiruli fur multi- 
nationals. but the multiplicity 
and confusion of their efforts 
does not seem likely *o deter 
the UN. 

Mr. N. T. Wang, head of the 
information anaiviis division of 
the UN Centre on Transnational 
Corporations, said that only poli- 
ticians bad the power to make 
changes of the magnitude sug- 
gested. Clearly, then, the UN 
was the only foruui suitable for 
dealing with" multinationals. The 
new information system to 
gather data about multinationals 
is just as contentious an issue 
for multinationals as that of re- 
porting and accounting. 

As part of its task, this system 
wilt focus on the collection and 
analysis of policies. laws and 
regulations pertainms 10 multi- 
nationals. It will analyse the 
role nf multinationals in specific 
industries. It will also catalogue 
general and detailed informa- 
tion on a wide range of subjects 
as well as contracts and agree- 
ments with host countries. 

Again, multinationals have 
cried “rape." fearing, among 
other things, that they will be 
forced to relea.se confidential 
information and once handed 
over, the information will be 

distorted. 

The ICC says that the only- 
valid sources should he the multi- 
nationals' own published material 
and information issued by 
governments or inter-govern- 
mental bodies. 

While welcoming the com- 
mission's view that it would he 
improper to include information 
which the source wishes to keep 
confidential, the ICC considered 
it essential that multinationals 
have clear access to (he data 
collected on them. Alsu, multi- 
nationals should he given the 
opportunity to comment on the 
accuracy or reliability of infor- 


mation before it is released. 

But the Communist-dominated 
World Federation nf Trade 
Unions argued in a conference 
paper that the system should be 
treated as a public service, in 
principle accessible without any 
restriction, to tbe broadest 
possible range of clients, includ- 
ing individuals, organisations and 
institutions. 

However, the Commission did 
not commit itself on the question 
of whether multinationals will be 
allowed to verify the data col- 
lected on them. It recognised the 
usefulness of wide dissemination 
and recommended that the infor- 
mation should also he made 
available to non-governmental 
croups such as trade unions and 
universities. 


Political 


The Commission then dwelled 
nn its efforts to formulate a Code 
of Conduct for the activities of 
multinationals. Among the more 
controversial aspects are prob- 
able declarations on non-inter- 
ference in internal political 
affairs of host countries, 
nationalisation and compensa- 
tion. 

The Commission decided to 
speed up its work in these fields. 
The imer-governmental working 
group looking into tbe prohlem 
said it should he able to finalise 
the discussion nf tentative formu- 
la lions at its next meeting. It 
is now expected that a draft code 
could be rcadv by the spring of 
1979. 

Also, the conference heard 
from its inter-governmental 
croup looking into the problem 
of corrupt practices, particularly 
illicit payments in international 
commercial transactions. A draft 
convention should be. finalised 
later this month. 

Certainly ali these issues, 
particularly the reporting and 


establishment- of a comprehen- 
sive inform a ticra system,' are 
eventually going to have-; far- 
reaching effects on .companies; 
Tbe UN Commission; of • Trans- 
national Corporations has taken 
tbe bit between its teeth, and it 
is determined to cany ^ out its 
mandate— even if ii hurts.' 7 ' 

Multinationals would du will 
tn realise that the UNf-4aeIEec- 
tive as it might appear- at times 
in tbe political arena— has the 
power to influence their lives- 
So far, apart from the ‘.conten- 
tions Southern African' issue; 
agreement has been reached by 
concensus on every issue--and it 
seems likely that this. pattern 
will continue. 

. However, it would not be 
unfair to suggest that -if: multi- 
nationals are being: asked to 
come dean about their activities 
the UN, for its part. 'Should be 
equally frank. If its' .proposals 
come to fruition, multinationals 
are going to feel very exposed 
and vulnerable- 

It will undoubtedly 'make 
matters worse if no way is found 
to overcome their concern about 
verification of facts fed info the 
UN's databank, which could be 
subject to adjustment- in vorder 
to make them comparable: - la 
the words' of 'the IC'C, “leaving 
it to the sole judgment- of ■ the 
Centre (on Transnational Cor- 
porations) whether to yerify 
information imposes ah element 
or arbitrary discretion and thus 
creates a legal uncertainty.-. . ” 

UN officials are" ksdwn to' be 
against giving multinationals the 
right to dispute the yatidity or 
accuracy of information once it 
has passed to them, arguing that 
it would be administratively im- 
practical. 

The Vienna conference 1 did 
not commit itself on the question 
of verification. It might have 
been politic if it had. . • 


(MatieresPrebiiieres Informations)^: 


Veritable 




World 

distinctes: - ' ' ■ : .l.v; " y?- y ; ' r y .'yy ■ : ^ 

Ihurie ''g6n6rate';'i <wrnfk>rtant notanwrtSRt tin-- V * 

article de fond stirune matitife prerniereeri vedette^ 2 
2) une sur les matierespremieres agricoles 
(sucre, caf6,_cacao, bJe,"Soia f Btc.|;: j}:"' V; ; ^ H • 

_3) unesurlesrnatiarespramierestrrtnfer^lesY-:. 
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pans ce bulletin hebdomadairedu B nan craJTHTres-^; 
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donnees touteslesinfonTiatiortsVcompTiSicejte y : y ^ 
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les stocks etle-compqrtefnent 'desLproducteurs, c&Z ' 
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World Commodity' Report est i'dutii detravait . : J 
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utifisent les matifefes premiferes: y . ' f - ; Z ; i- 

La version fran^aise editeea Paris pateit ea> meme' _ 
temps que l'edSionanglaise graceauq.'sy , st6me: . 
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Vendu Uniquement surabonnement.- ; -j.-- 

Prix de 1'abonnement: Version integrals: FF 2.5G0 . - 
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fe. X Registered in England 
|i\ • No.227590 -- 


75002 PARIS 









-vi 

■ 

gSf-c'fi 


AFRICAN COMPANIES 


AND COMPANY N KWS 


moves at Bankorp 


u 3 * 




■"’■'■ JOHANNESBURG. June 6. 

contpa^y ot the SwilMn^Insuf ^ < South b Afrf^ iXli ^^ rgest baDk ? ut of toe marketing picture and quent more complete rationalisa 
VZ3T2L*£ w ! v P in8Ur ' c»? i ': .. . , to continue the cutback of the tjon cannot be excluded. 

ance ,greuft : has_ taken . further . Ste P s leading up to this latest small banking groups which . . . 

5teps to : rationalise its banking development began two years sprang up in the 1950s and 1960s * 

iirtwestsi-iThesrwere swelled a 3 ^°‘ ***** Credit Bank was _ 4 , Primrose Industrial, the Soutl 

bv'the mvAMA created out of the merger of two . f ne prospect of a merger am ran hrirtimkpr in whicf 


Caution at 
Utico over 
recovery 

By Our Financial Staff 


year-ag^by'the reverse takeover “ft* o«t ofthe mergerof two ^Prospect o . merger Africin bricllinaker lB which Mareh Sby K 

ofT^st-?a^ which has .been KgS yS? SSt’jFES Ton ^ "** Sr ^£*% S «S»> 

nTrmMHmtv-.-.HiMetAA .u- £„y/ a V^ a P k ‘ w “ 1,e ,astye ? r ’ wiH.K, .ts j" recenUy acquired a controlling ri Rim in the same n »rinr 


* ★ * UTICO, the tobacco group in 

t j ■ i *u o * 1 . which BAT is the major share- 
Pnmrose Industrial, the South hQ ^ er raised pre-tax income for 
Encan brickmaker in which {he balf . yea r to March 31 by 63 


* 


Higher income for Metal Box 


Affiles x : 




•' r 

Tj;,- p . ; 


&Y OUR OWN CORRESPONDENT 


JOHANNESBURG. June 6.' 


progressive^ - digested, in the of Joh^nesbm-z was also widely aired, but thinidng in it! trom mSlm 5n the same P eriod 

mea ^ t S% '^ HaV r 1S c ' recentfy merged- with Credit iBank. But Sanlam and Bankorp appears to ^empt initiated during the ot pre^s year Turnover. 

g£H?- ’§? ^sSiw? ta ^ bl1 ? Cr “* t Bank ' management said * avou * running the enlarged j£5£ p £ r rontrohto ac^&e the ?g!?Stto M5 7 i^iJwrom 
anq tbe^. of^- 4 Sanlam a “trade yesterday, “experienced prob- Santambank group in competition anthracite Producer Aloe nJ^JLF 611 ^ W fr0D1 

mveatuniBfe^ Bmikorp - is to leras with the application of its with Trust Bank despite the fact Minerals as a diversification R350oa - .. 

a ^? lh ® p name. 1 . which never really caught that both are in the same stable, move. A statement recording ott This £o ii 0 ! , n s p-ljJ 1 . of s yi ne 
Credlt on. Thus with Baokorp’s acquisi- Bankorp’s present plans involve termination of the negotiations 2S p f, r a C L1 £**% 

I? 011 of Santambank, a weH- putting both groups on. for says that although agreement ^ t0 

li T 800 K a knDWn , name . tbe opportunity example, shared computer facili- had been reached in priciple, Se i£ b fL!!L™ 

Stett oi. J.,wu. anii 80 branches, was taken to drop Credit Bank ties, but the possibility of subse- primrose had not been able. The recovery in earnings. 

V? ■ within the time stipulated by the Utico says. Is the mult of its 

- XT'* 1 • A Tfc Jr . ■■ vendors, Rembrandt Group, to withdrawal from the oonfec- 

Higher income for Metal Box ssa itelf 45 40 cert4in con ' 

• .n. •. o KXFM- iVAVidl Primrose's managing director, confectionery business has been 

"'■■■' u. Tiatfid Gevisser indicated almost completed, and it expects 

• ** °M* OWN CORRESPONDENT JOHANNESBURG. June 6.’ today ^ that his group bad in- that the final loss on the trans- 

* • sufficient ti^6 to c&xry oul the action will not vary materially 

METAI>..BPX Soatia Africa, 58^^ Sales at Metal Box itself the dividend is not as imperilled technical, financial and market- from tbeMJSnj provided f or in 
percept owned oyMetal Box UK, showed marginal -growth in value as it looks at first sight by the ing problems Involved. The deal, the 1977 accounts. 

nas^repOEtea an improvement in terms, but feU in volume terms, low level of earnings cover. expected to cost R2.75m Tbe Board forecasts, boweves 

net. operating: income for the year Reduced fishing quotas in south- Meanwhile, Wong Sulong ($3JL$m), would have added 6 that because trading conditions 

'*°-wS5r'**- . t indicates, how- west Africa depressed sales by writes from Kuala Lumpur that cents a share to Primrose’s continue to be difficult, profits for 

ever, that tills increase has the group's Walvis Bay sub- Metal Box Malaysia has reported earnings. the second half will be lower- 

.^“riy been contributed .by its sidiary. Which ran at ‘a loss of a 25 per catw rise in pre-tax Rembrandt acquired AJoe as U considers _ that the return on 
new subsidiary. Metal Rollings, R0.7m over the year. This was profits to 6.4m rineisitB a move into mining five years funds remains too low—barelv 
which has been included for nine less than the Rim loss the group <u.S5 27ml -for the year to ago, before tt took its big stake sufficient to finance working 

' earlier anticipated and in March "and is paying a final * n Federate Mynbou, which capital requirements and to 

„ Trover rose from R156m to addition can now he offset against dividend of 13 ner cent bringing controls the Afrikaner mining provide for growth 
RIBSm X$193m). and net operat- South African profits. The the total for the year to IS per group, General Mining and also For this reason, there is again 
«»E income from RIOihn to change here is due to the con- cent nDainfi t 15 ner cent the Union Corporation. Having put no interim dividend, and the 
K13.3m ($15.3m). After allowing stltutlodal quirk that TValvis Bay year b^ ore v the “for sale” sign up on Aloe. Board warns that a final divi- 

for other items, such as reduced has been reabsorbed into South ' , __ „ „ an . t market sources fee! Rembrandt dend (passed last year) should 

net interest paid, higher prefer Africa for administrative pur- -Jr 1 ®?**? v »nS wi31 now look for another buyer, not be expected. 

ence dividends following last poses. In the past, Walvis Bay 

year’s issue of convertible pre- operations of South African com- f r 53. y ®J d 
ference shares, and a slightly panies were classified as foreign, P a°ri U r^n^.,f2 d ;r, C ^i 
higher tax rate, attributable in- and in terms of South African wep ® refleoted in , Lhe profi ^, 
come rose from R5.2m to R8.5m. law, lasses in foreign companies The company s second-half 

. Earnings, per ' share are 0.4 cannot be offset against domestic performance did not match that - _ • g-a 1 - a ~~ 

cents up at 25.9 cents but this profits. of the first-half, mainly, it said, 1, 

figure is based on the weighted Fishing problems aside. Metal because of lower sales of pro- swznasesccunues having n. 

average number of ordinary Box should respond to any ducts with higher profit margins 

shares in issue, up trom 203m to improvement . . - in the local and the effects of inflation. 

24.9m.’ The dividend has been economy, with, its strong con- Pre-tax profit for the first half 

maintained at 22 cents, putting sumer orientation, while there was 3.55m ringgits, 

the shares at 260. cents on a yield are plans to diversify the Walvis The British parent company 

of S.6 per: cent, at which price Bay plant away from fishing. cans, holds 52.4 per cent of the sbares 

they are. also in-tine - with the Dividend policy- remains to pay of Metal Box Malaysia, while 19 

conversion, terms on last year's out 85 per cent of earnings, which per cent are held by Singapore 

convertible preference share have been stated, on an LIFO residents and the rest by ^ 1 _g m T JV 

issue. : ... basi g since April 1976, ^.ihat Malaysians. JlZ 


This omouncment appears as a matter of record otdy. 

US$15,000,000 

Kashan Industries Corporation 

Incorporated in Iran. 

Guaranleed by 

Industrial Credit Bank 


First Boston (Europe) 

limited 


Arranged by 

Bayerisclie VerelnsBant 


Provided bv 


BayeriscTie Vereinsbank International S.A. 
Provincial Bank of Canada 
Credit da Nord 


Mercantile Trust Company N.A. 
Basque Bruxelles Lambert S.A. 
Credit Soisse 


Nippon European Bank S.A. Swiss Bank Corporation 

Ageni Bead; 

Credit Suisse 


All these securities having been sold, this advertisement appears as a matter of record only 


US $75,000,000 


BY WONG SULONG 


KUALA LUMPUR, June 6 


AFTER ACHIEVING a record due +n the. drought. South Perak, to go public, 

profit of -2B.Sm ' ringgits Indications are tliaf there, will Unitata is u 50-50 joint venture 
( U.S^ll-3m ) before tax lust yea r. be a larger ‘than expeqteflsur- between United Plantations and 
United PI:.* [at ions, the- Danish plus ? bf '?P>’a bean in- tficF.’second That Oil Mills of Bombay. Pre- 
palm oil group rn Malaysia, sees _half"; of the year, with:- greater liroinary results showed TJnitata 
a period of uncertainty ahead in -planting by tbe U.S.'.-Brarilaml making a profit of Ilm ringgits 
view of increasing competition Argentina. Oil from sunflower, last year on a turnover of 164m 
for palm oil from other fats. groundnut and cotton seeds are ringgits. This does not include 
Unlike Kuala Lumpur-Kepong, also expected to increase. 4.2m ringgits in unfulfilled con- 

whicb sees an “ even chance " of Mr. Grut disclosed that discus- tracts, some of which are ex- 
repeating Its record performance sions are underway for Unitata. pectcd to be recorded in due 
of last' year. United Plantations the giant palm oil refinery in course. ■ 
chairman, Mr. 'W. O. Grut, says •- 

-ia-his annual report that .the^— •• i <:•. 'rm- - j 

Sime Darby development 

long teim ^ean«B>qnditipns.,b. . BY OUR OWN cORRfiSPONbENT KUaLA LUMPUR, June 6. 
The. present -.tight, matfcet.. for., 1 : & - y„ - ■ ■ w 

palm oil in thi Malay Man' market SIME DARBY Holditgs, which that through aU.S. subsidiary, it 
appeared- to~ be ' temporary he- Te ^ ml i y ^turned ownership of has . agreed ronditiOMUy to 
cause of the decline, in output ^ orchard Towers complex in acquire the business and certain 

‘ gapore in a deal with Golden « sets 9*J S- CorneR Gorpor 3 - 
Realty, has announced that a toivalefy-held U S. rubber 
if will biiild a sgven-storey factory tra ^ er ^ ssp d m New Jereey. 
on the island' republic for I7m „The ',net. cost . .»wll be 
ringgits (U^.S7m). U.S.$282JXW. plus an additional 

-• iJr f .. . . ... amounr to reflect inventory 

• which acqu i re a S i]j C e March 1. In addi- 

'Ji^Yprovtde -35,000 sq ft of t | 01 ^ sinifi has agreed to assume 
JjKUtfWaV -and , showroom space, certain liabilities. 
just;-qutalde the central business Cornell has -a turnover of 
district, will start next month, u.S_s25m, it will, it is said, com- 
and the building is expected to p j ement thfr group’s marketing 
be ready for occupation w'tihtn opera tions in- Kuala Lumpur and 
-Lmonlhs. Units of varying size j^ondon and . Increase, access to 
are to be offered for sale. the world’s largest rubber-con- 

The two-acre site was formerly suming inark'et- It wtij also pro- 
occupied -.■by Singapore Steam vide a base on. -which to expand 
i*uad'y,' a Sime subsidiary. Sime Darby's U.S. trading in 
0 Snhe Darby also announces other- commodities. 


Jardme Matheson deal 

: .BY ANTHONY ROWLEY HONG KONG. June 6. ■ 


Occidental International Finance N.V. 
S%% Guaranteed Notes due 1985 

Unconditionally Guaranteed as to Payment of 
Principal and Interest by 

Occidental Petroleum Corporation 


■ '•SALcfi-.CFFIGlI^PCAkT^k. 

m MARYLAND 
WANTS YOU! 





spp 

Blnjflrtt I 




T 



R*! 


u&mmm 


: -BY ANTHONY ROWLEY 

jifdine,* fitatheson has ‘made a 
further 7 payment of U.S.S35m to 
bring the equity holding in its 
Saudi Arabian associate. Trans- 
port and Trading Company Inc., 
up from 25 io.49 per cent. 

Tbe - '■Transport and Trading 
group- is Involved in activities 
such as car sales, .other con- 
sumer-product' mar keting, and 
transportation. TTI contributed 
6 per cent of Jardine’s earnings 
in J977. This fatest payment is 
ih. tiheTwLth.the original agree- 
ment whereby Jardine.woa Id in- 
crease its stake in TTI. as. certain 
profit levels were achieved.. 

Meanwhile^-. jardiiie- ; Matheson 
^ Gn./:CSputh; AS‘ia> has 

mnouncecTibat underwriting has 
be. en _ completed, in respect or 
^ome S539.l8m ot 8} per cent 
-guaranteed unsecured loan stock 
19S5'of Jardlne Mathenm Invest- 
ments (South' East : Asia), a 
whoHy-owtied-Kibsl diary- 

As previously'- stated, it is 
intended that thfe loaa 'stock will 


be allotted to minority share- 
holders of JM(SEA) in con- 
si deration -for the cancellation of 
the ordinary shares of JJff(SEA) 
which they , hold, on- the basts of 
SS2.90 nominal of the loan stock 
for ' / each 'cancelled ordinary 
share. \V 

Bank Adanim 
plans flotation 

By L. Danie i 

-TEL AVIV, June 6. 
BANK ADANIM — One- of Israel’s 
smaffer mortgage banks— reports 
that ;itar after-tax profit for 1977 
rose', by. .54- per cent to I£5.5m 
(UB,?32fi,000>, while. Its balance 
sheer total grew by 42 per cent 
to over . I£©0m_ Earnings, per 
share came -to -100 per cent (65 
per-cent in. 1976). 

Thh b ank intends to raise 
Shortly 2£4550m by a flotation 
of 'shares and options. 




IrnMmim 





&v/«TH 


m 

iij 




Xi! idbeuments for registration and 
^es^ctef^shouldin f^ be sent to; 

Bank limited 
Registrar’s Department 
' TOVSbkNO 82 ‘ - 

r-.ii: ■: National Westminster Court 
- ‘ ■- .37Broad Street " 

i‘. Bristol BS99 7NH. . 

Telephone Bristol (STP Code 0272) 

. « >-; v RegisteT enquiries 290711 . 

• ’ V Other.maders 297144 


Dean Witter Reynolds International. Inc. . \ 

Kiddec, Peabody International . 

■ l.imrtrd 

Blyth Eastman Dillon & Co. . 

loluraationat Limited .... * 

Algemenc Bank Nederland N.V. 

Banque Arabe et Internationale d'lnvestissement {BAJJ.J 
Banque Bruxelles Lambert S A. 

Banque de Parts et des Pays-Bas 

Kredietbank SA. Luxemboargeoise- 

Swiss Bank Caijgoration [ Overseas ) 

AI Saudi Bantpie Alahli Bank of Kxxwaii (KS.C) A. E. Ames & Co. Am ex Bank Amsterdam-Rotierdam Bank N.V. 

Litaifetf LimJBesf 

Tbe Arab and Morgan Grenfell Finance Company Bathe HoBey S har a rf Shields Banco Commerdale Itcliana Banco del Gottardo 

Banco Nazionale del Lavoro Banco della Svizzera Ilaliana Banco diBama Banco di Santo Spirito Banco UrqmjthHispano Americano Ltd. 

Banco de Vizcaya &/1 , Bank Julius B aer International The Ban kof Bermada Bank fur Gemein wirtschaft 

Bank GutzwiUer r Kurz, Bnngencr (Overseas) Bank Lea International Ltd. Bank Mees & Hope NV Bankhaas Hermann Lantpe KomarandUgesellscbaft 


Am ex Bank An 

UbIM 

Banco Commerdale Itcliana 


Amsterdam-Rotierdam Bank N.V. 
ma Banco del Gottardo 


Banque Frangaise do Commerce Ext e near 
Banque Internationale & Luxembourg SA. j 

Banque de Paris et des Pays-Bas (Suisse) SA. 
Banque de la Societe Financiere Europeenne 
Barclays, Kol ft Co. N.V. Baring Brothers & Ch, 

Joh. Berenberg, Gossler & Co. Bergen Bank 

Cazenove & Co. (Christiania Bank og Kreditkasse 


zero lialitma Banco diRama Banco di Santo Spirito Banco UrqaiithHispano Americano Dd. 

us Baer International The Bank of Bermuda Bank fur Gemein wirtschaft 

Lim imW Urnmd JUalmajm 

mk Leu International Ltd. Bank Mens ft Hope NV Bankhaas Hermann Lampe KommandUgesellscbaft 

Banque G4nerale du Luxembourg SJ L Banque de rindoebme etde Sues 

Banque Louis-Dreyfiu Banque Nationale de Paris Banque de Neaflize, Schlumberger, Mallet 

Banqae Populaire Suisse SA. Laxemboarg BatqnePrivdeSA. Banque Rothschild 

Banque de I’Union Europeenne Banqae Vemes et Conunerciale de Baris Banque Worms 

Bayerische Hypotheken- and Wbchsel-Bank BctyerischeLandesbank BayerischeVerdnsbank 
Berliner Handels- und Frankfurter Bank Burgan Book SAJC. Caisse des Depots et Consignations 
t Commerzbank Campagnie Monegasque de Banque County Bank Credit Commercial de France 


Cazenove & Co. Christiania Bank og Kreditkasse Commerzbank Campagnie Monegasqaede Banque County Bank Credit Commercial de France 

.IklfeagnriruAolt lUmUcd 

Credit Industrie! d’ Alsace et de Lorraine Credit Indus triel et Commercial Credit Lyonnais Credit da Nord Credito Jtaliano Daiwa Europe N.V. 


Richard Dans & Co. BanJaen 

turaali Man W. PrtotD 


Den Danske Bank Den n orske Credit hank Deutsche Girozentrale 

cf ivn “ u,,,w - Deutsche Kommuztalbank- 

Dillon, Read Overseas Corporation Dominion Securities Dmsdnar Bank Drexel Burnham ^Lambert Eoroeest S.pA. Euromobiliare S.pA. 

Umind AkbtasnArlhcb* B Imnarakd ° O—imnl, Eauopea hl irw fciHiiH 

European Arab Bank European Barking Company First Bos fonj Europe) FirstOucago Robert Fleming ft Co. 

Genossenscbaftliche Zentralbank A G Antony Gibbs Holdings Ltd. Girozentrale und Bank der oslerreichiscben Sparkassen 

Goldman Sachs Inter nati o nal Cory. The Gulf Bank KSC. HambrosBank Handelsbank in Zurich (Overseas) Limited R. He nri cjra e s jr. Bank 

Hessiscbe Landesbank Hill Samuel ft Co. EJZ Button & Co. N.V. IB } International lnstitato Bancario San Paolo dlTbrino 

- Girozentrale- UmU * 

jbftfine Fle ming & Company KansaWs-Osake-PankJd Kjfbenhams Handelsbank KJehxwort, Benson Kredietbank N.V. 

Kredietbank (Suisse) SA. Kahn Loeb Lehman Brothers International Kuwait Financial Centre SAJC. 

Kuwait Foreign % hiding Contracting ft Investment Co. (SAJC) Kuwait International Finance Co. SAK. , KfFCO > Kuwait International Investment Cd.sxtk. 

Kuwait Investment Company (SAX.) Landesbank Schleswig-Holstein Girozentrale Lazard Freres et Cie Lloyds Bank International 

LoA Rhoades, Hombhwer International McLeod, YoiwgAVnr International Merrill Lynch International & Co. B.MetzJerseel.Sahn&Ca. 

Samoel Monta gu ft Co. Morgan Grenfell & Co. Morgan Sta nley In ternational National Bank of Abu Dhabi 

Tbe National Bcaik of Kuwait SAJC. Nederlandsche Middenstandsbank iV.K Nederlandse Credietbank N.V. NeaeBank 

The Nikko Securities Co^ [Europe) Lid. Nomura Europe N.V. NorddentecheLandesbank Nordic Bank Sal.Oppenheimjr.kCie. 

Or ionBa nk Psferreic^cje^jderhnnk Paine Webberjackson & Qntis PBterbroeck,vanGampenhout,KempenSA. 

Pierson, Heldring & Pierson N.V. PKbankea Postipaniki Privatbanken Rothschild Bank AG N.M. Rothschild ft Sons 

Salomon Brothers International Sanwa Bank (Underwriters) Sanyo Securities America Inc. A.Sarasin & Cie. 

I inllhi Limited 

Saudi Arabian Investment Company Inc. Scandinavian Bank Schroder; Mhnchmeycr, Hengst ft Coi. /. Henry Schroder Wagg & Co. 

Schweizensche Hypotheken- tmd Handelsbank Sharjah Group "Ernst N.V. Scandinoviska Enskilda Banken Smith Barney. Harris Upham & Co. 


Den n orske Credit bank 


Dominion Securities 

llmind 


Drrsdncr Bank 

Akbeps'^rlltcb.li 


European Banking Company 


First Chicago 

LimUtad 


DGBANK 

Qgatfeto Gnntinmjrhn/fahunfc 

Euromobiliare S.pA. 

OMpo|nia Euapea h UPW iHiiH 

Robert Fleming & Co. 

UmlKrf 


Hill Samuel Sc Co. 

Lualferi 


Z HambrosBank 

LtalM 

EX Hutton & Co. N.V. 


Girozenlrale und Bank der bslerreichischan Sparkassen 

ALdKBg nr Ui r JxIt 

Handelsbank in Zorich ( Overseas ) Limited JL Henritjnes jr. Bank 

LBJ Int e rn a tional lnstitato Bancario San Paolo di Torino 


KansaUis-Osake-Pankld Kjfbenhavns Handelsbank 

Kahn Loeb Lehman Brothers International 


KJehxwort, Benson Kredietbank N.V. 

Umlurf 

Kuwait Financial Centre SA X. 


In eh Rhoades, Homblower International 

L/nJfcrf 

Samuel Monta gu & Co. 21 


Saadi Arabian Investment Company Inc. 
Schweizezische Hypotheken- and Handelsbank 
SodkeBancaire Barclays (Suisse) SA> 

Sodete Privee de (Section Financiere 
Svenska Handelsbanken Tbkai 

Verband ScbweizerischerKanlonalbanken 

S. G. Warburg & Co, Ltd. Wasdley 


f. Henry Schroder Wfcrgg & Go. 


Societe Genera/e Soci6t& Genirdle de Banque SA. 

Soaef^ SSqaanaise de Banqae Stroms, TbmbuJt & Co, 

(yowajdorgan Grenfell Shade Xtepelopment Bank 


Tbkai Kyowajtiorgan Grenfell 
inken Vereins- und Weslbarik 

.SkntagveOsiban 

H gftfe y Westdeutsche Landesbank 

Girozentrale 


/. Vontobel & Co. 


Wood Gandy 

Llatltod 


Smith Barney. Harris Upham ft Co. 

iKMTfumed 

Society G Snerale Alsacienne de Banque 
Swnilcmo Finance International 
Union Bank of Finland Ltd , 
M. A£ Warburg- BrincAm arm, Wirtz ft Co. 
Yamaichi International ( Europe ) 


Jttne 8.1978 






30th JUNE 1978 REDEMPTION 

PHILIPS INTERNATIONAL FINANCE S.A. 

U.S. $30,000,000 62% Loan 1979 

REDEMPTION OF BONDS 

rhilijr? International FirancftS. A. announces that for the redemption pei ludenUinvruiiGOihOtmelyTS 1 1 hA.^JuivhjciHlanilCiinuelleriiiojid.?'-! r.e 3 1 ■-'■c io.* n ivr TT.S. S*ftlO.Oi»Tic*RunAl capital 

The nomtna he ili-awn for redemption at parcntfoth June WTULo&itimytlie L nm^i'iy's •.-w-rent. redemption otoiyat n-u ■.■•.•ttlinsiy U.S. SI .660,000 and the nominal 

amount ui this* Joan remaining ours landing alter 30th. June 1978 will be U.S. 5o.500.ooo. 

DRAWING OF BONDS 

yr, Mcei* accord i ns l.vherehy given that. nii-a^inrofhond.s of 1 he above loan look pin ce on l'Jih May ir*7*ia.LLen.i.nUif }Ir. Keith Francis Ci'Oi' 1 - E- 1 kei'of liiefu’m of John \cnnd; Sons, Notary 
r-u'di..-. « hen 1.300 bond., rora ioul of U.3. Sl.lW.uao nominal capital were ihawui’or redemption at par on 30ih-iuiieJl*78. 


[APPOINTMENTS 


Financial 

£>_• - - - 

."!• V j" .- r VT 

•a" . *■ : ; - :i: ; {7 - 



The Col low in# are ihe numbers o: the 1*aiul.-'> , !r-t-wn:- 


1 

8 13 

■2ft 

21 

25 

2M' 

rt* 

y-i 

ftl 

:« 

■ft 

70 

88 

IftH 

inn 201 

21(1 

213 

225 

22> 

25K 

282 

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IV:';:.;. K. K.C. BitSvC. N'lt.ir.v PuMn-. 


Tlimilwiv- l*nnilsm.i.vhe pnvrnt*?il for pa vni^nt of L lie pr-jf-.ei'ii^ofi-pilempt ion at ffciron oralrei-SOlh June lSTfa t theoilkesorr lie ix* n ■? aicen ts i *4* n*l w |1 th* ■: | juix , nxiu the m:inues- -pct.-jfi*-il 
Jn (Vn*lii n?n 6»?fiJje Tenn^.iml O'n'lfi ionsufthe Luhii piinii-if nn rhn revi-r^ of the WiuL.-. Kauhof fx*nela wlipo pro.-ouUM for svJc-niptJon inust bi.ti tu^cOUpufl cu*tyu J*AU JUfly lJi'J, 
oihenvi.'*- Mi '-.i mount of the mi. -'-m-ii.-'Mipon'.viii bailed u«-i.<m -.'ir.ni ihepriiu-ipil tniierepnid. 

Principal Paying Agent: N. M. Rothschild & Sons Limited, New Court, St. Swithin's Lane, London EC4P 4DU.^^ ^ 



Mr. A- F. Take, chairman o£ - 
Barclays Bank,'' has been appointed 

a director of ROYAL INSURANT 
COMPANY. ‘ - . V 

* "t!. ;' 

Mr. Colin Beith has •- “been 
appointed a nonexecutive 
director of WINSTON ESTATES.' 

- * - '. 

Mr. G. D. Smith, a corporate, 
finance director, MEDIAP® • 

BANK, has been appointed.-- a 
regional director r^ponsftdeifor. 
the Leeds region from Septejnher 
1. He succeeds Mr. D. M. Corbett 
who retirles at the end of 'August." 

At the same time, Mr. £“D. 

McKay, assistant general manager 
(planning) will replace Mr. BLTB.' 

Hesketh. who is retiring. as r 
regional director, Sheffield; region/ 

*■ :■ ■ * 1 
The Secretary for Energy '. has - 
appointed four extra members to - 
his ADVISORY COUNCIL- on ; 

RE SEARCH and DEVELOPMENT.- 
They are: Professor. Sir -'Hugh' 

Ford, Dr. - Gordon- Fryers, ' 

Professor Sir James Light hfli' and- 
Mr. A. 31. Muir Wood. Changes ■ r ' 

on the Council are Dr. ^;vBirks 





Mr. A. F. 1 Take. 


. - .. fc*- 

>; v. 7;.: f ,r~ 4 l e 

.toe a r parf-4line me mherg Ypf -- 

. EQUAL OPPORTUNfnES- >'€0ftSl kr 
'M^SKW- r Shft.workfthl- p£6i£g£' 

-tion at Thames T^eVisSon. - :s..y .. 

try.. y'Ur • j :1 ■'>. :*v . 4 . 

; .. Mri - 'Mldiael -Rothsteto. ^iwlp^ . . •- 

manager, -and JHr. Stanley >:y 
- Dawson; export manager,' - iiave5'- 
^6een appointed r to..the- 'Boa2^'.<wj - r 
JAJBBS- H. RAimALL'ANDHSaE. 

'i*:< C*:X*‘“* * . ■ 

7 Bogging. tes/ieiai. '• 

appointed' ' . by ». NORWTot^ 
BREWERY; :as'71&iprty ‘ managing; . 
director in ;charge .of -pwiuctiott' 
dlfrtribdtioal-'.perBorotta' aad .xit©'- 
administratton, ». , aUdhaei; 

Dnnthome' has been -made* s^g»-' 
‘^rector and ;■ *Mt • Steve 
O 'Gorman, deputy Miles director^ 

The appopitrofinte ^ata •at' Boarfv . 
leweL . - • :- .- ^.W!- >' V.t - -i's-l 

■; , : ‘ > v'.” - ' ■ 

• Mr. X F«^nMxr Snrith, d^iiriT- _ ' 

, managing, c director --- (civil) and, 
chairman .. of the .- .Weybridg^i- - .. ■ 
Bristol .Division' - -Of "iBEHlstt? • ‘ 

aErospageajs craft; GRotip;f • 

"has taken * of ^ re3p«msitrility. 

I- - ,1^1 W^T nf? wl> l 4 t i fflliVw -^n-B Zl '«* 


on the Council are Dr. J.vBlrks „ - - "ravit itiarfee&ig ^trategy^ *>r - 

succeeding Mr. M. M. Pennell, who **£1*®“®* < Aircraft - Group: ^-V.marketih^ ' ' 

I has retired from the Council and Rote and Mr. j. C- Sh£ ~p,( a dmnn^ ‘direct™- (rpniV- ■• tfieTs- Sf - 

Dr. A. R. W. Baddeley, in place 1 of.tration). s ?S. 0 E n 'has-been appointed > . 

Dr. P. J. Agios, who has also appointed are Mr. L P. Ca mgebael fn>ifa >r.i-'-ftd»i^iw^!£S''- 1 

retired ftom O^Coundl. : ; - ; - . 

a p^oin ^ a ^^ifon -^ecu^e UrwtaM^aff f 'an ^A. Wangb BOMAG7 (GREAT BRITAK^ , 
dSSSSr^of WHA-n^DVG&^M^ (Ihvestnient). Controllers ore to be: has appointed Mr/ Alex 

vSSitt- reSred^SrSd^SVMt. L. F. Brown (data processing*, and^kr- Stewart --TL;- A RoTtof! 

e ^ Q Sir L. P Finn ( assistant secretaiy joint - rnanagrin^ -directors. Mr.- 

the Roval Bank^ o/sStfar^^ °^ and educational services), Mn V- Alex Ferns,' senlot, formeriy- 
tne Royal Bank of Scotland. v utri^fair (general administra- managing diregfeify beenmafr chat^ ; 

Mr r, cl mo „ L : tion), Mr. J. S. Pardon- (develop- mam - .. 7:- - ' 7 . - 

-^ G rgS«?2^^^.‘?SSb 1 ^ *■' - •- s;;-- 

Dundee, has been elected: p re^- t accotmta) ^ y Mr. D. M. -ShaBf his' be^i“ 

dent of the INSTTTUTE: ■ of. : »_ c r Benluiw has bden appotntejf fina n ce director of-> 
HEALTH SERVICE ADIONTS- nn ^: A WOBURN STDOIOS^'. ' : . 

T7LVTORS. He succeeds Mr.. J*. fl ?d P HmtTON^^ed- -• 

Roys, area administrator of - the n a i*o2 who^as ^ ;5 

Warwickshire Area -Health ™£ Mr. . J. A. - Witter has toeeK'.;-" 

Authority. ^ appointed chief . -esecative ^ 

* • CAJffiEX, (HOLDINGS). - -fei : 

From July 3, Norprint- 1 will' D ^,ij^ r of SSShuL** A 1 ** a Cameron^ hM-jesjg^T: 1 ■' 

become three separate companies: { “ rect0 - Ho ?ians, a ^ managing director but-^.- 

Norprint, NOR - Systems' and a. remaihs chairman- without exeCtf/’ 


Norprint, 


Systems 


parley Business Forms. These win j Runyan has been ^ responsibility, 

be m the print and mr - *■ J -- 


as -joint xnanag!hg--;*ioctoE but^.- 
remams charrman without execii/: 


dinsTon of theNORCRO^^ffi. a ' direct ^™^}?T I 


aivision oi tne ivuiti-nuj* wtuup^ n rnivnwTrttrTAT « 

Mr. Tony Wanes, chief executive ¥a* 1 T £" . , COMMERCIAL General Sir Jack Harman js to, 1 

of the print and . AGE NCIES, the UKrepresenlam e become Deputy -Supreme :Ania£3 - 

division, will be chairmanofthe ^ ffice - of C °?™ er ?i al Commander in' Europe, in' Nbraopf . 

three concerns. Mr. Peter Jordan - Agencies Grou P o£ Saudi Arabia, ber to succeed General .Sir. Harr^ .- 

becomes managing director .of M w “ retiring; states the:;’ 

Norprint, Mr. Maurice' Wright, L Mr. Terence E. Golding has Ministry of Defence. Geneng* 
managing director or - NOR apn ?.T. t . e . d -r Iief Harman is at present Adjust: : 

Systems.* and Mr. .Howard **“ NATIONAL EXHIBITr(W, General: at the ..Ministiy 'ofr - 
Marshall, managing director of ..CENTRE, Birmingham; in. success Defence. •• N ’*.r¥s{ 

D a rley Business Forms: sion to Sir Robert Bootfe, who ★’ .- - - 

* took an that additional respon- . .t 

Sir. FJW. Osborn is to retire a s la ?l. ,^ r \ appointed * to the Board 'of-7 . 

chief executive of NORTHERN Robert, recently elected presi- qawrtmgxON VIYELLA. -:-..*V 
ROCK BUILDING SOCIETY-: atthe de . n t of Birmingham Chamber of *-~ uox :£ i r i 7‘ , -^2 

end of this year. He will continue Di'tfu stry and Commerce, remains . . . . . ■ 

as deputy chairman ana retain NEC chairman. Mr. Goldidg was' PROVINCIAL . • BU IL D i H.G^ - 
membership of the Council of the formerly commercial air^tor of SOCIETY has made the following^ 
Bunding Societies Association with “>* . Earls Court and. Olympia appointments from July j; Mt 
a special interest in EEC develop- exhibition centres. .. • Mason, chief; general manager; : 5 - 

ments. At the same time . Mr. A. * ' Mr. P. Clough, general manager^ 4 . 

Rule, secretary and management . Mr. Peter Leigh has been (finance); - Mr. G. W. Womack, r 


au. u< 

general 


general manager and secretary, director of : Turner and Coates. Wfalteley, . assistant 'general i 

Assistant general managers will . ★ manager (mortgages); jahd Mr. G. f! T- ■ 

be 3Ir. R. Chapman (London),', Mr. The • Home Secretary has Thornton, assistant . general^, 

J. English (finance), Mr. P.' C. appointed SANDRA BROWN to manager (development). -'i 


COMPANY / 
NOTICES 

STANLEY ELECTRIC CO. LTD. 

NOTICE TO HOLDERS OF 

EUROPEAN DEPOSITARY RECEIPTS 
,■■ EDR* J 

evidencing Shares of Common Stock of 
the above-named Comnanv 
Further to notice o» Maryh t3. 1978 
THE CHASE MANHATTAN BANK. 
N_A_, London as Deoosltary Informs 
EDR holders that the iree distribution 
to be made on the basis of SO common 
snares Y50 each tor every 1 COR 
evidencing 1000 common shares Y50 
each beta as of record March 31. 197B 
has now been received In Tokyo- EDR 
holders should accordingly now present 
coupon No- 2 in order to claim the 
above entitlement at either the office 
Of the Depositary: 

The Cluse Manhattan Bank. NA, 
Wooigate House. 

Coleman Street..— 

London EC2P 2HD 

or at the office of the Depositary's 
Agent: 

Chase Manhattan Bank Luxembourg 
SA- 

47 Boulevard Rovsf. 

Luxembourg. 

The new shares will be available lor 
delivery at the office of the Custodian 
In Tokyo. The Mitsui Bank Limited. 
1-2 Yurakucho 1-Chome. Chlvada-ku. 
Tokyo or at the risk and exoonse 'of 
the EDR holder at the. office of the 
Oooosiury or Deposits rv s agent above. 
EDR holders should submit delivery 
instructions covering their entitlement 
of new shares to the Dsoosltary or 
Depositary's agent when presenting 
Couoon No- 2. 

THE CHASE MANHATTAN BANK. 

N.A. 

London, as Depositary. 



UNION DE BANQUES 
A RACES ET FRANCAI5E5 
U.B.A.F. 

USS25.000.000 LOAN 7976/1981 

Bondholders are hereby informed that 
the rate of Interest lor the six-month 
period starting on June S. 1978 and 
ending December 4, 1978 has been 
hxed at B'-'iv«a. 

Coupon No- 5 wifi therefore be 
payable on December 5. 1978. at a 
once of US S44.797 equivalent to a 
9*'ia% Interest on US V1.Q0O.- worked 
iirt on the basis of i83'360th. 

CREDIT LYONNAIS- LUXEMBOURG 


PUBLIC 

NOTICES 


Proposed acquisition by 
Lonrbo Limited of 
Scottish and Universal 
Investments Limited 

MERGER SITUATION 
INVOLVING 

LONRRO LIMITED AND 
HOUSE OF FRASER 
LIMITED 

On 12 May Mr Roy Haltersley, 
Secretary of Slate for Prices 
and Consumer Protection, re- 
ferred to the Monopolies and 
Mergers Commission for in- 
vestigation and report, under 
the provisions of the Fair 
Trading Act, 1973 the 
proposed acquisition by 
Lonrho Limited of Scottish 
and Universal Investment? 
Limited, and Ibe consequent 
merger situation involving 
Lonrho Limited and House of 
Fraser Limited. The Com- 
mission are required to 
report within six months. • 

Any person or organisation 
wishing to give views or in- 
formation should write as 
soon as possible to: 

The Secretary, 

Monopolies and Mergers 
Commission, 

New Court, 

4S Carey Street, 

London 
WC2A 2JT 


REPUBLIC OF ECUADOR OIT 

EXTE RNAL P ET 

^ The Council of Foreign “ — 
have been authorised bv the 
oi the Republic of Ecuador. I 

Minister of Finance and Public 

to publiih the following offers. — 

_ - 7HE NEW OFFERS 

Guayaquil and Quito Rallwa 
(formerly and 6* 0 1 Delia 
Republic of Ecuador 2ij»i i 
„ 4«t> Salt Certibcates 
Republic ol Ecuador 2i;% (lormci 
Condorcs Bonds 

1* As Irom the 2nd day of July, 
the Government of the RepuM 
Ecuador shall, on presentation 
offices of the resoectlve paving 
therefor, redeem all outstanding 

null and Quito Railway 3% - 

35; and 6 Til Dollar Bonds, 
standing Republic of Ecuadc. 
(formerly 4%) Salt Certibcat “ 
all outstanding Republic of 
Z>a% (formerly 4%) Con do res 
whether or not the same shall 
been assented to the offers ma 
the Government of the Rem-*" 
f““10r and dated 1st Ma rd 
(the 1955 Offers J at par. 

i* 1 ^ cci ? l ? d interest up w 
2nd day of July, 1978. cakuUtec 
accordance with the term j of The 1 

Offers, and (b) iwhere r 

compensation in accords net 
terms of the 1955 Offers 
tegfy. interest on all Bonds and 
Certifie s fi Presented for red am pt lo 
?w? rda, r e M wlrt ' terms of the .. 

accrue on ai ' 

worn the 2nd day o* July. 197B. 

2 ' ~Sf er . 3 1 st J 3 *? 0* December, 

only Ronds and Salt Certificates 

£i, ye t 5?". t ass ?i nted ,0 “a 1955 
prior to the date hereof (t— * 

Ifw Bonos and salt 
which have been drawn tor 
In accordance with terms of 
often) shall be eligible foT 
in accordance with the 
hereof. 

3l SX’ii 1255, °* f * rs modified *- — *- 
shall terminate and cease to hav 
on the 31st day of December. 19BO. 
The Council or F^r B „ Mj -':- 1 - 97 - 8 -' 
remr to the above Offers nubi 

"nJ5f£ m "5? - ^ aodh °lden ra'acee 
,.,1 *, .of the Procedure ' to 
followed by Bondholders 
will be published ’’by 
ABente in due course. 

9-12. Cbeansklc. 

London EC2V GAB. 

7th June, ig 78. 

CROSSLEY B^UILDteJG PRODUCTS 

wws ff— 

SSSSgfWSte CurnulaMv? 11 ' 

cnee Shares of the Mmnjnvwlllhe 
* r ejj Monday. 19tb June, 1978 - 

Friday. 30th June. 1978. lor 'the ‘ 
naratlon «i dividend waninf? 

By Order ol th 0 Board - 

G. H. M. GIBB, Secretary. 


UNIVERSITY 

APPOINTMENTS 


ian vacant on January ist. igna in 

'"'""A™ “ M? 

fflrSsSSsiffi 1 

Sffliisrassssrrfrjss 

x sbess -smt wsrS 

mSKS'S^rcd with^hc nEEE&'Sl 

sonnei ana estates. Salary will be can. 
mjwvri* mHi the nigh suSu^nd 
with the oacm 
f'. r .. be obtained 

from the Vice-Cnanreflor, the Unr/ersiiv 

** r * , * ,n,ed bv July sin. 


LEGAL NOTICES 


No. M17M-«r UNS -■ fi 

In the HIGH COURT OF JUSTloa;"-' 
Chancery IKYuun Companies Com. .in- * 
U>e Matter of TIGER STYLES LIMITED-:* 
and in the Matter of The Companies-; 
Act. 1W. ,,‘u: 

NOTICE IS BEREBY GIVEN, ftat *.3t> 
Petition for the. Wlndlnjr up of the above-.- “ 
named Company by the High Court at f/j, 
Justice was on the 2Sttt day of May';-'-* 
HNS. presonted .to Are said Court - by5-- 
IN DUST RTA ENGINEERING PRODUCTS'^. 
LIMITED. Eofcdale Rond, TJMvMw: 1. 
Middlesex, and that the said Petition la-- 
iBrecied to be beard before the Court . . 
stain* at the Royal Courts of Justice,-'-' 
Strand. London, -WC2A 2LL. on Qh^. 
36th day of June 1978. and any creditor- .. 
or contributory of the - said Company . - 
desirous 10 support or oppose (he makBwT-' 
of an Order oo the said PetiUoo njay'-^' 
appear at (he lime of hearing In petson'j-v 
or by. Ms Counsel for. that purpose; and. Y* 
a copy ol the Petition wHI be tarajalntf.-.- 
by the undersigned to any crnUrar or'-.' 
contributory of the said Company rrautane'e^. 
snrii copy on payment of the TOulaiMVl 
charge for' ihe same. 

HOVYELL-JONES-& PARTNERS.'^ ' v' 
19a. WhnMedon Bridge, 

London SW19 7NH. -. •-. v ; 

Sol iri t pr a for. the PetUnmer— "_i ■, 
NOTE.— Any . person--' 'who Intends t*.^- 
appear on the hearins of the said Pcttaar ;■ ' 
nraat serve , on. or send.hy post to. flaVti-'i 
above-named '-notice in vrttfng ■ of fisy.^ 
intention so to do. The notice most rtilfk 
the name add address of the person." or: 
if a Grm the name, and ' idlnSs-d itaT; 
firm and most be signed by -flnt 'pertM l 
or firm.' or has or tbelr soficimr.ltf wit ‘.iZ\ 
and most" be -served, at - If posted.' 
be scat by post ta saJScteni am tot 9 
reach the above-named not liter ihvr 
four o'clock in the afternoon of the'-'. 
3rd day of June 1B7S. - • V: ■ ' 


^-^Pf.V.Wte^Wrefe 

U^'Tju^^a'oT-FrirVsf 0 ^- 


W 1 4S ' 0,al B O nd SU-..i 

JSJLv 01 | -6?9 337 fi MASTER PAINT- .7 

l» 2 uV U £- MooAl. 9&- ,V; 


OBITUARIES 


iiBrK-JBBnBfcj'aK 

tereO Accoununf. sSdoSwa/teT^; 
MOrt Illness on Jrd June. 197s. Aged 
79 Great ly _ jo»ed husband of 

the (ate May Garnfck and (ho dearest 
friend and loved father of Richard* 

Sj n< 33i^S3'‘ ee i A St i Mlri**»«s C™rrii 
2?.. Monday, lath June at is a.m. 
FaltowM by nrivata cremation. Cut 
fOwcrs only {Hoase. to L. R Hurry 
55. Bradford- Street. Bralntre. 

GILBERT on 5th June, 1978. after .a 
short Illness Horton Charles, of 20 
Compton Lodye. Eastbourne. Sussex'. 

belo-rTta fusbaiia ol Vtofrr Ann 
and tatfier of Tony. Funeral private. 


EXHIBITION 

CgOSVp'ON HOUSE ANTIQUES FAIR, 
Put Uno. W.l. \4 June 5.00 p.m. to 
10.00 .p.m. fS-24 June. 1 1 JJO *jn. 

to 7.30 OJJ. Closed Sunday. Admis- 
sion £ T2»0 Including illustrated hand- 
book. 


J AUrLAe n ' paviw Street, W.fc-V 
drawhEw 2 f 5?' , I LLE PISSARRO r J 

Mto Sift JUW T-Jufy " 


GENEVA 

Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone • and 
telex services. 

• Translations and secre- 
trial services. 

• ■ Form alien-.’ domicDialion. 

and administration of, 
Swiss and foreign .coin* 

panies. - _ _ j 

Full confidence -and discretiozr' 

BUSINESS ADVISORY SSXVKJr . 
3-rue Pierro-Pufp. UflOfl Gfipcv*- 

Teu 36 os mrT'wStaSE-.'. •' 












fes"-Wetines3ay Jinie 7-197-8: 




farming- and raw materials 


UP 



Or r«. r', - 

llEt 01 1- 


on 


or perish, beet growers warned 


pjgpmeat ban 


BY HILARY BARNES 


COPENHAGEN, June 6. 


isie, van -Hattem ' 

'r/i^BRUSSELS, June 6 . 

inrro.l" xrFTOrVQ-'C A v . " , 


i? , to Jtewat«siiiests for increased 
support .ddr pigmeat producers, 
;r "Rev tout .&#?:*#?£ qjdd whether tiiey 
i ' n-' r ^ wtiH p$ ftfefc; . . 

asked specifically 
ir - imports from non- 

i ~*^Carwm& countries,' a re-intro- 
. s^dqetlqarol subsidies lor pjcmeat 
Market; in private 
“• J ‘. j£ cold and for export 
■rentes to.beraised back to last 

year's^- levels.- . . - . 


; l^je- Ccwwnission has referred 
ja deci»tm ‘.on--! the- .two- latter 
u : " '^pfdnta^jOr its- pigme at m anage- 

ritr- mnfir- «VmThit+o<» urtl<i.nh msotr 


' However, the ' French request 
or •;. an.:'- ini port ban which 


EUROPEAN sugar-beet growers 
were warned here today . to 
sharpen theh-; efficiency or perish 
at the hands of the manufac* 
turers erf -substitute sweeteners. 
The warning came from Mr. Stan 

Bichsel of .the .American Crystal 
Sugar' Company, the biggest beet 
j concern in the U.S. 

He -said the U.S. beet industry 
! was struggling for survival 
L against a highly efficient. high 
technology com-sugir industry, 
which was becoming the domi- 
nant force fn the UJS. food- In- 
dustry. 

“ The' hour it. later than you 
Uiink.'’ he warned a congress of 
European - beet .growers. “In- 
crease i-he efficiency of your in- 
dustry on the farm- and in the 
factory or perish 'as an industry 
at the hands of those who are. 
hiare. ■efficient." 

He said that corn syrup could 
be expected to capture 50 per 
cent of the U.S. market by 1990. 


Prom 19SQ corn sugar would he 
available on the market as a 
spray-dried gTanular product, 
able to penetrate the market 
areas where liquid sweeteners 
were not acceptable. 

No natural boundary or tariff 

or taxation would suffice to stop 
the high technology of the corn- 
sugar industry. If beet growers 
wanted to ensure survival, they 
must seize the technological 
initiative themselves. 

Mr. Henri Cayre, the EEC beef 
growers' leader, urged a hard 
line against isoglucose (corn 
*ynip> sweeteners. " Europe, 
being a larger sugar exporter 
ought to ban any sugar produc- 
tion from starch. Every kilo of 
isoglucose or glucose expels quota 
sugar to the world market. 

Isoglueose was last year sub- 
jected to an EEC levy, which 
effectively stopped the expansion 
of production. Output this year 
is expected to be about 110.000 
tonnes. 

The beet growers want the 
levy increased, and isoglucose 


and glucose subjected to the 
same taxes and production 
restrictions as beet sugar. 

M. Cayre was outlining a 
memorandum which the beet 
industry will soon submit to the 
Brussels Commission. He also 
called for a ban on all imports 
of sugar into the Common* 
Market from non-meraber 
countries. 

Addressing representatives oF 
the EEC's 425.000 beet growers, 
he said the Community should 
join the International Sugar 
Agreement only on condition 
that allowance should be made 
for the EEC's sugar exporting 
capacity. 

In addition to protecting the 
beet industry from imported 
sugar and alternative sweeteners, 
M. Cayre called for a massive 
campaign, financed by 1 per cent 
tax on sugar sales, to promote 
EEC sugar consumption, which 
has fallen from 10.3m tonnes in 
1973-74 to 9.2m tonnes in 197Y-7S. 

The campaign should Include 
the “medical rehabilitation’ 1 of 


sugar, against ** unfounded ** 
attacks by doctors and dieticians. 

When the Community produc- 
tion system is revised in 1980, 
the growers want a continuation 
of the national production quota 
system now in force. 

Countries, such as France, 
Germany, Denmark and Holland, 
want bigger quotas. But other 
countries are not willing to give 
up quota shares, even when, as 
in the case of the UK, the full 
production quotas are not being 
utilised. 

M. Cayre suggested a system of 
annual compensation for un- 
utilised quotas to reconcile differ- 
ences on this point. 


Sugar imported from the 
Lome countries was being 
re-exported with the help of 
EEC export subsidies, costing 

300m units of account over the 

past year, according to M. Cayre. 

The beet growers urged that 
from 1982. when Lom£ sugar 
imports can be reviewed, the 
EEC should refuse to provide 
new delivery quotas. 


But the EEC. they say, should 
give financial guarantees to 
assure the export price of sugar 
traded between the exporting 
and importing ACP (African, 
Caribbean, and Pacific) count- 
ries. 

At present, said M. Cayre. the 
ACP countries overall import 
about 850.000 tonnes a year, but 
only 10,000 tonnes come from 
other ACP countries. 

O Reuter adds: Sugar could 
become a significant source of, 
chemical and fuel products in 
the coming decades. Prof. August 
Vlitos. of Tate and Lyle, told 

the meeting. 

He said sugar from beet and 
cane could become preferred 
to petrochemical extracts for 
producing speciality chemicals. 
This was because sugar was 
cheaper, easily broken down by 
microbes and acceptable to 

environmentalists. 

As oil prices rose there was 
an increasing probability of 
alcohol being used to power cars, 
be added. 


Cut forecast in 
international 


wool supplies 


BY OUR COMMODITIES STAFF 


ports are foond to he entering 
T g*.* the j Conan luuty below the 
lie* j JJSto icegaae . prices it. is .suggested 
P. .tii,. other _ measures might he 


.Viu. «>at oecnei . measures raif 
cjft-T .adopted: ip close the gap.- 


Copper cut denied 


V '• !«?% .. 


BY JOHN EDWARDS, COMMODITIES EDITOR 


New rubber 
price pact 
talks planned 


MALAYSIA, June 6- 

.RUBB&R'GDNSUMING countries . 
will continue negotiations with 
producing, countries in November 
fori -an . ^agreement on .inter? 
national price - stabilisation for 
.'^naturil' rubber, according toilr. 

; ■* Paal; Letmg,- deputy: Primary 
. ; Industries Minister, reports 
; . 1 :. Reiifer.V 

’• He- said producing countries 
ha4 drawn up a draft text of the 
-agreement and. - expected a 
. ..rferther : preparatory meeting to 
be held. in -September fin Geneva. 
.• Worid : . natural rubber produc- 
tion rose by 30,000 tonnes to 
359m tonnes in 1977, figures 
.^.issued , by-, the International 
Rubber . Study ■Group' show. But 
consumption rose by, 225.000 
tonnes to. 3".77m tonnes - leading to 
. l35,000\tonnes deefine in stocks 
- tol.43m tonnes. \ 


SOUTHERN. PERU Copper 
Corporation firmly denied 
rumours yesterday that it was 
planning to cut back, deliveries 
by a force majeure declaration. 

It confirmed that there was a 
shortfall in the usual supplies of 
cathodes from Msnero Peru, 
causing delays odd interruptions 
in shipments to Europe. But the 
■company was operating normally 
and producing the normal 
amount of blister copper. . 

The London copper market 
bad a quiet day yesterday, dos- 
ing marginally higher. Other 
base metal values eased slightly. 

-Even tine was lower despite a 
quick reaction by North Ameri- 
can producer to - follow- the 
increase of 2 cents to 31 cents in 
the U.S. domestic zinc price 


announced by St. Joe 

Meanwhile, the UK Depart- 
ment of TYade announced yester- 
day that agreement on the 1978 
quotas for exports of non- 
ferrous scrap m eta is had finally 
been reached with the EEC Com- 
mission. 

After “protracted discussions." 
a compromise scheme has been 
worked out Certain quantities, 
not exceeding 10 per cent of the 
total EEC quota in each of the 
four classes of metals, are to be 
retained by the Commission for 
piecemeal distribution to mem- 
ber states when justified. 

To qualify for shares of these 
reserve quotas, member states 
must prove they have exported 
at least 90 per cent of their 
original export quota. 


Sharp fall 
in coffee 
market 


World cotton crop 
estimate lowered 


Malaysia tin cost plea 


BY WONG SULONG 


Synthetic rubber -production 
'■rose by 465,000 toflnes to S.4m. 
tonnes /• while consumption 
-'.increased to &5m from 7.9m. in 
1976. Stocks at. the end, .of 
December totalled Tiffin tonnes 
against 1.69m a. year, earlier. : 


MALAYSIA TO-DAY expressed 
concern over : a "disturbing 
trend" -among tin consumers to 
obstruct any move for upward 
revision of- tin prices.- even 
though this was necessary to 
meet rising costs. 

Mr. Paul Leong, the Deputy 
Minister of Primary Industries, 
said . since the entry of new 
consuming members, particularly 
the U.S., in the fifth International 
Tin Agreement. consumers 
tended to flex their muscles and 
pursue a ' confrontation course 
with producers. ’ — „ 


KUALA LUMPUR. June 6. 

His statement underscores the 
suspicion in Malaysia that the 
U.S. has done more to upset, 
rather than stabilise, the tin 
market by its recent actions at 
ITC meetings and the vagueness 
over its tin stockpile releases. 

Making it clear that Malaysia 
expects the ITC economic price 
panel, which meets in Bangkok 
next Monday, to recommend a 
higher price range. Mr. Leong 
said Malaysia strongly felt that 
a price of T.600 ringgits per pikuJ 
was ■ necessary 


By Richard Mooney 

COFFEE PRICES fell sharply 
on the London futures market 
yesterday as dealers became 
convinced that the immediate 
danger of a serious Brazilian 
frost had passed. 

The September position 
climbed to £1,980 a tonne at 
one stage bat then slumped to 
£1,767 a tonne, £185.5 down on 
the previous dose. 

Market sources said the fall 
was mainly due to speculative 
profit-taking encouraged by 
reports of warmer weather in 
Brazil's coffee growing regions. 
Minimum overnight tempera- 
ture in the north of Parana, 
Brazil’s main coffee growing 
area, On Monday night, were 
around ZO degrees centigrade. 

But the market remains very 
nervous about the possibility 
of frost. The recent scare, 
which boosted prices by over 
300, came much earlier than 
usual and the danger will not 
be completely passed for 
another two months. 

With the memory of (he 
1975 frost, which cut Brazil's 
coffee crop by three-quarters 
and pushed bean prices up 
ten-fold, stilt fresh in dealers' 
minds any new signs of lower 
temperatures can be expected 
to produce dramatic reactions 
in the market. 


WASHINGTON, June 6. 


WORLD SUPPLIES of wool avail- 
able will be reduced in the forth- 
coming 1979-79 season, according 
to Mr. Alf Maiden, chairman of 
the Australian Wool Corporation, 
reports Reuter. 

In a speech prepared for the 
International Wool Textile 
Organisation's annual conference 
in Munich, Mr. Maiden claimed 
that the small increase forecast 
for the Australian clip would not 
compensate for lower stocks in 
Australia and other exporting 
countries. 

! This was likely to be a major 
influence on the market, he said. 

Although prospects presented a 
mixed picture, the AWC believed 
the net effect of supply/demand 
interaction would be favourable 
for wool through most of the 
1978-79 season. 

In the longer term, one of the 
important factors influencing 
wool production is the expansion 
of the market for live sheep and 
sheep meats in the Middle East. 

The Government and the 
woolgrowers’ organisation, the 
Australian Wool Industry Con- 
ference, will shortly discuss 


permanent establishment of the 
“ floor ” price to provide a 
continuing base of stablity for 
growers and users alike. 

At present, the Government 
legislates to extend the scheme 
each season. Floor price levels 
for 197S-79 will be announced at 
the end of the current season 
but the Government has said the 
market indicator floor will not 
be less than the present 284 cents 
a kilo clean. 

Meanwhile, the Australian 
Wool Corporation has agreed 
to price its foreign stocks in 
both Australian and U.S. dollars. 
Mr. Maiden said this will allow 
buying houses the flexibility of 
dual currency operations. 

To hack up this arrangement 
the AWC has continued to 
replenish its European storks. 

Mr. Malcolm Vawser. general 
manager, marketing, of the 
AWC. said the Corporation's 
stockpile at 993.296 farm-equiva- 
lent bales on June 1. was below 
lm bales for the first time in 
over 34 years. The stockpile 
peaked at l.SSm bates in 
October, 1975. and has declined 
steadily since. 


WORLD COTTON production 
this season is projected at 
64.2m bales (478 lbs net weight), 
down from 65 -2m forecast last 
month, but still above the 58.3m 
produced in 1976/77. the Inter- 
national Cotton Advisory Com- 
mittee (ICAC) said here, "reports 
Reuter. 

Output in China is estimated 
at 10m bales, about lm below 
earlier expectations and the 
1976-77 harvest. 

This reduction is reflected by 
China’s continuing heavy pur- 
chases on international cotton 
markets. Aggregate Chinese 
imports could exceed 1.5m bales 
against 625.000 last season. 

The near record world cotton 
output this season is expected 
to exceed anticipated consump- 
tion by about 3.25m bales, thus 
increasing stocks as at August 1 
from the unusually low level of 
20.2m bales a year earlier. 

The Committee said the 
decrease in world consumption 
to 60.9m bales from 61.5m in 
the 1976/77 season will be con- 
centrated principally in Western 
Europe and Japan. 

The USSR is expected to use 
about S.9m bales, 100,000 bales 
above the 1976/77 level, but con- 
sumption in other East Euro- 
pean countries will generally 
remain unchanged. 

In Memphis, Tennessee, mean- 
while, Mr. Artie Bowling, U.S. 


National Cotton Council econo- 
mist, said U.S. cotton production 
could total 11.5m to 12.1m bales 
in 1978/79. 

Exports should be reasonably 
close to this season's level, and 
domestic consumption should 
reach between 6.5m and 7m bales. 
This could result in a somewhat 
lower carryover than the 5.4m 
bales projected for the current 
season. 

With this season's domestic 
consumption expected to be 
about 6.6m bales, total usage for 
the current crop will probably 
equal 11.9m bales, he added. 


S. African sales up 


BY BERNARD SIMON 


JOHANNESBURG. June 6, 


THE VALUE of the South 
African wool clip for the 1977-78 
marketing season, which ended 
last week, was the second highest 
on record. 

According to the Wool Board, 
680,303 bales weighing 100.1m 
kilogrammes were sold during 
the season, realising R170m, 


Big jump in land prices 


BY CHRISTOPHER PARKES 


THE PRICE of farmland in Eng- 
land has jumped more than 15 
per cent in the first four months 
of the year, according to figures 
just published by the Ministry 
of Agriculture. Land is now 
almost 42 per cent dearer than 
a year ago. 

And while prices have risen 
sharply, the amount of land up 
for sale has diminished equally 
alarmingly. 

During April the average price 
of land reached £1.163 an acre 


(£2.873 a hectare! compared with 
£1.117 an acre I £2,761) in March. 

By the end of April last year 
94,392 acres had changed hands 
in England, hut sales in the first 
four months of 1978 were 25 per 
cent lower at 71,000 acres. 

In Wales the average price has 
been falling so far this year. The 
average value of land sold in 
the first quarter was £667 an 
acre (£1.647 a hectare) compared 
with £687 (£1,698) in December 
and £579 (£1,430) in the first 
thre months of 1977. 


some R9m above earnings the 
previous year. 

Despite a lower volume of 
exports, the decline in the value 
of the U.S. dollar, to which the 
South African rand is pegged, has 
maintained export earnings from 
raw and processed wools at last 
year's figure of about RLSOm. 

A feature of the season, accord- 
ing to the Wool Board, was the 
high proportion of merino wool 
offerings sold at the Board's 
auctions. 

Out of 700.088 bales on offer. 
97 per cent were sold. In the 
case of karakul wool however, an 
average of only 80 per cent of 
the bales on offer were sold. In 
last week’s auctions only a third 
of the karakul available was 
bought. 

Auction prices climbed steadily 
during most of the season. The 
average price realised for greasy 
wools was 167.58 cents per kg, 
about 2 cents per kg higher than 
the 1976-77 average. 

At 293.91 cents per kg, the 
average price for clean wools was 
almost 3 per cent above the 
previous season's average. 


-—^COMMODITY MARKET REPORTS AND PRICES 

i0Ticg BASE METALS s in0n ^ hS - ' 5 ' Ml T ® a ' toon**? .... 

"J ' ... 1 »4- n-m. > 


COPPER— SOjjbtfar ftupr on Ure London TIH— Barehr cteowedUf After ooeulns at 

Metal Exchange Forward metal opened a/tw. forward metaJ.*&Ured up to £6.835. 
lower at. 1722 and leB away to ETS7 cm the reflection the njandoul rise la the Penang 
- rh# uwitrtM'-KX ~ nn P1Wir.taln110.4hm1 ntrmi rhp once 


.-rjwwwtr, tne pneo . «p ™ lng to £J«J. in ujo aiiornoon ia»u«s 

owing .10 market tatfc of an Imminent -under BefflnE pressure and freaii orota- 
force mgjeace dedararlon by- Peru. A tajdnx with ■ lorward standard metal rail- 
„ .ttofllBl-MJhfi rumour coupled wltti a shaky in^ to £B.S5 before recovering a Lgitt y to 
opeoris pn Comes save the price ease m: doS*- at £fl.53M>n the late kerb. Turnover 
- ■ nn- hat as the . lart« staged a recovery V4B6 tOBBCK. 

. prices baw-nwved np In ltne with forward . . •• _ - -..v— , 

' -mersT ttmeitfoc :ztOT odor tir cfofag at • - *.m. fr- or P-®- fftvr 

.:n75tWlim late -Verb. Turnover .12,715 TITF'-f Official | — UnalBcialj — 

. .-.toniR5.'i.7Y . ■ • ■■ r . — ~ — nT 7 'iT 


L£aD- 

xsi. 

Offl.lRl 

+jt 

p.m. r-f-lur 

rnoflid«i| — 


£ 

£ 

£ I £ 

Caab. 

332. 5 

+ 1 A 

321.5-fi J—. 7B 

3 moatlu.J 

331JD-S 

4-l.K. 

J51.5-Z -.6 

DoU.'lm'Qt 

583.5 

+ 1.5 

— | 

DJI. Spor . 

— '• 

1 

Sir 83 f -- - 


" p. «C jt+or 
Unofficial 


. COPS BE 


. Official i f Unpfflclaf I — 


-^Waoiiawl:..- -I J . ©7« 1-70 — 40 67A0- 60 (-J7.5 

756 .5 iraJS) .758.5-9.5'+ 2.5 5 660 >30 -27.B 6610-80.-2.6 

- aiaoB^he^i i77d,5 : 5r , !.5 , .l , -7.79. 80' -+5.** drttWt.\'t.77.. -40 . - i 

-. 6«tt’-«^-.,:755.e,ri5: -. r -jr .'StmitB JS^(rtl705 +2 •— 1 

58^4 -»+S .76 ■ . . " 7“ “ ' ' 


Hiicho Brad* £ £ £ * 

5^ 4 ....(6763-70. -M 1 6750-70 HID 

3 kM ; 6620-30 I 

■bmtom't.1 w77u — 


Morning: Cash. DC. 22.5. 22, three 
months £330 . 385. 32. 32.5. 32. 31, 3L5. 
32, 3L5. Cash. £322.5, three rannlhs £332. 
31 J3. S3- ■ Afternoon: Three months £323, 
3&S. 34. 33. 32.5. 33. -Kerb. 

ZH1C-A shade lower to subdued 
trading: Alter opening at £339 forward 
metal rallied to touch a .day's high of 
£M4 but- eased back oo the late Ferb 
to dose at £342. Turnover 3.025 tonnes. 


Arabics s 200.50 099.M i; tmwasbed 
Arablcas UO.M H76.0D): other mild 
Arablcas 1S3.50 (180.871; Robust as 183.30 
tlSB.M'. Patlr average m.00 ftSBJMi. 

ARAB! CAS were dull and featureless 
with only six lots trading, Drexel Burn- 
ham Lambert reports. 

Prices (In order buyer, seller, chance, 
bust nasal: June SM.OOJdkOO. —8.00. 210.00: 
Aug. 1K.OO-PB.DO. -7^0. 2Q2JIO; OcL 
ISO.IHHC.in. —5.23. nil: Dec. 180.B0-85.M. 
—6.50. OH: Feb. 17100-77.00. -6.00. m. SO- 
73 JO: Apra 174.00-80.00. -3.00. nil: June 
170.00-50.00. — 4J0. uiL Sales: 6 16) lots 
Of 1TJ50 kilos. 


SUGAR 


LONDON DAILY PRICE 'raw suturi 
no4.0o mOa.oOi a itmne cif for Jum-July 
shlpmenL White sugar daily price was 
fixed at £ 111.00 tsamei. 

Prices wre contained within a very 
narrow trading range thranghoui ibe day 
but i he colum>- of htwinen was not sub- 
stantial. reports C. Caamlkow. 


I , 

Prrt. [Yestenlay’s Pmriuiib bnMness 

L-ililhi. j Cliee Close Dour 


GRAINS 


New Ybric - : J 


I i.o. j+ or £um. tf+CT 
Official j — Cnufflcvai ^ — 

”1“^ ! i 




Caih teaa.5-3.5-+!J5 333.5-4.5-lJB 

am«inh»..| 342 .0 (-4-2.5[ o43-.5 :-U 

ri'ment.-.— i ao3.S ;+3J: — 1 

Pmi.Wmtl - i I 2B-31 l 


LONDON FUTURES (CAFTAv— The 
market Opened unchanged. Some specula- 
tive ltaaidauon of nearbys eased wheat 
\-alues to dose between 35-13 pence lower. 
Barley attracted lees trade but hedge scU- 
Inc eased the marhet to close 15-45 pence 
dwn wtih uo trade in March or May, 
Aril reports. 


X per tonue 

Aug !lLb.65-'j6.7d tun. /o-Ufi. 901 117.50-06.25 

tA-t 'Iu9.v0-k3.10 1OS.30-O».M I09./5-0a.Sj 

Dev. ....j 1 12.00-12. 10 112.55- lSLSujl 12-9t- 11.9 J 
Mnn-h .<12D.55-2u.5fl 120JD- 20.51) 12u./j-20.i 0 
Mnv ....! 123.10-25. 7 J 1 123.65-25. 75 124.25-25.50 

Aug 1 126 . 75- . 7.vD: 126 .75-27 .0 vj 1 27 .25 

Oot USd.flfl. 50. 2b'l 23.60-50.60 123.7n 


“TT- -jr,TT~^T7'- ^^tfarw months. £8.625, Zit brro: 

Amaleahiiitnd : fMeUfl ^radfafl ' reported lhree momtu BB.m. £8.5W. SO- W. oa - M - 
tha; in the. moi^l'LCiiarti-wirTbxrs rmded T0 _ i75> , M> so.M. - 

at £SS5^ 5R ffirac mdntfoi £7»^7V8ZS; , 


ac £75X3. sx tnrac otonios ru. o*,*. ■ . ■ 

■ 70, 71 r ,T3." ^7Si. , 74,' TO. ■7S._T». J S » ^ 7 * . LEAO-spnacUcfoalhr Barter in quiet 
ru. £3, 73^, 73. -CatbOdeai tfoee mraltot a,,} tag. After faltlng to £329 nn llw prv- 
ras. 'K erttr wiretiars, ohrw mnnUs market owing iv Ught Lqtddauon. 

73Ji Ti - Aft era owl : rtwrefoirs. . three taeul rallied ro £3S* in the altemwtn 
motahs £779.' 77r- n* rtniw.'. tefleiXlnB U]o •Wk 

-caNiotles.-.ttee*i. BMintfla -• iferb. -jjawever, profit- laKlnK clipqefl the price 


Morning: Cash £333.- three monfoa £340. 

CJ. 42. 42J. 48. 42.73. 42.3. 
Kerb: Three months £342. 42Z5. 42.5. 
AftmiMn: Three months £343 . 44. 43. 
•13-a. Kerb: Three monihs £343^. 43. 42. 

* Cents per Donnd t On previous 
offlcUJ dose t SM per PIctiL 


jVenl erday'W + nr lYetienisf'il + nr 
il'nrh) k-laMT . — < riore ) — 


85.00 

—0.45' 

80.30 

1-0.40 

88.30 

1 — 0.451 

83.95 

toO.46 

01.00 

L-0.«; 

85.70 

1-0.40 

93.6B 

1— 0.«] 

83.35 

(—0.16 

96.20 

(—0.40' 

90.75 

O.H) 


SILVER 


umitefl Bl-sst M6S. = September Coffee 1780-1774 

S Lament Road.- Lomlop SW10 

•' % • Tax-free tritdfi»ir®n conunocbty rnturcs. . ■ 

2 Tite' cocnnodily fntates ynarket for -the smaner uavestor. 


Silver : was fixed 2.75p an ounce lower 
for snot dettvenr tn the London bullion 
Btaritef sremarOMsr al 287. 23 p- US cent 
eaUJvalKOM of the fixing levels were: Spot 
590-la? down 4.1c: three-month 539.4c. 
down 3Jcr stx-maxnh 549 Jc. down 3.6c: 
and 12 -aiantJi 575.6c. down 3.0c. Tbe 
metal opened at 2B2.7-283.7p i532j-53lct 
and Closed u 2S0.0-291.9p (530-532C*. 




, - y.: •; .. mr.reri: INVESTMENTS L1MTTEP 

Ofive. Fixed Tsterest Capital .-<—• • 127®' 

, /Clive Fixed..latorest- Income ... U 3 - 51 


ditvaa 

Bullion 

+-urj 

per. 

fixing 


| rroy<«t. 

prioinR 

— 1 


►.or L.M.B. ti-oi 
— i-luae j — 


; !>PM : I 29 Utap — 2.7B 29 1.7|. ;-l ^5 

[ 4 mouth* .1 298.75t< -2.7 299.15p r 1.25 

6 months.. 307.05p -Ztt ■ - | 

ihnwntha.l38B.l5jj— 5L45 — ) 


Business done: Wheat— Sept. SC. 25-85. 73. 
Nov. 8S.70-S6.50. Jan. 9U5-90.90. March 
99.6jr83.63. May 9«.5IMfi.05. Sales: 131. 
Barley: Sep!. S035-S0J3. Nov. 83.25-82.85. 
Jan. S5. S3- 85.70, March — , May — . 
Sales: 60. 

HGCA — Locauun ex-farm snot prices: 
Feed barley: Humberside £5X40: Glou- 
cester £03.50. 

The OK monetary coefficient for lhe 
week beginning June 12 is cxpecicd to 
remain unchanged. 

IMPORTED— Wheat-- CWRS No. 1 13* 
per cenr. Jane £37.00 Tilbury: v.S. Dark 
Northern Spring No. 2 14 per cem. June 
and July JX7.7S. Aug. £80.00 transhipment 
East Coast. 

Malm: U.S '"French June £105.28. July 
£105.50. Aug. OOt .50 transhipment EaM 
Coast: South African White June-Jcdy 
£8L50 Classow; South African Yellow 
Jnue-JuJy £31.50 Glasgow. 


Sales: 1 708 lots or 50 [Dimes. 

International Sugar Agreement: Prices 
for June 5. I'.S. eems per lb fob and 
stowed Caribhcim port— Dally 7.6S iT.TTti; 
15-day average 7.35 iT.Cfl'. 

Tate and Lyle ax-refinery unce for 
granulated basis whde Hngar was £242.40 
(samei a iodrc for home trade and 
DM.w 1 £185 Oil > for export. 

EEC ltnpurt Levies Tor denatured and 
nondenatured mii. - it. effective June 7. in 
units <*f aoL-uum ner ISO kilos 1 previous 
in bruckeisi- White 26-11 ■ unchanged ■: 
raw 21 as < 2 l. 2 i>». 


7.50-9.00: Belgian: Conference 0.1341.15; 
Dutch; 0.15. Peaches— Spanish: Standard 
trays 3.50-4.50. Apricots— Spanish: 5 
Kilos 2.50-3.70. Baaas— Jamaican: Per lb 
0.15. Avocados— Kenya: Puerto U/24s 
3.40-S.80: S. Afncan; Fuortc 3.80-4 00. 
Strawberries — Californian: 0. B0-1.00; 

Italian: 0.30: Sp ama: 0J0-0.35. Cherrkm 
—French: Per lb 0.60-0.65; Cypriot; 0.85- 
0.70. Dnlans— Chilean: Cases 3.00-3X0: 
Canary: 3.50-4.00: Dutch: 2.00-3-80; laraeb: 
3.30: Texas: 4.30: Egyptipn: 3.90: Spanish; 
2.50, Potatwa — Egyptian: 4.60-4 JO: 
Cypriot: 5.50; Jersey: S5-lb 0.10J; Valen- 
cia: 4 20-L60: Majorcan: 5.00: Italian: 
4.40: Bnnany: 4.5W.50. Tomatoes— 
Dutch: 3, 40-3. Ml. Carrots— French: Names 
26-lb boxes Z.OD-'J.XO: Cypriot: 160-1.90. 
Asparagus— Californian: P,r lb o.fiO-l.OO: 
Uungarian: 0.71H).73. BsetrMt— i:ypriot: 
JS-lb 6.00. 

English Produce: Potaioes— Per 5Mh. 
White/ Red 2.30-3.50. Lettuce— Per 12 
1.00-1.20, Cos 2/20-2.40. Carrots — Per has 
O.su-1.40. Onions— Per 5blb 2,80-3.00. 
Rhubarb— Per lb. outdoor 0.83. Cocum- 
bers— Per tray 12 24s 1.80-2.50. Mush- 
rooms— Per lb 0.20-0.40. Apples— Per lb 
Brantley's 0.10-0^0. Tomatoes— Per 12-lb 
English 3.30-3.S0. Greens— Per craic. 
Kent t. 00-1 .20. CaoIHlowcrs — Per 12 Lin- 
coln 1.20-1.40. Kent 1. 80-2.40. Celery— 
p.-r 12 is a.flW.SO. Asparamis— Per bundle 
anpros. 2-lb 1.00-1.40. Strawberries— 
Per 1-lb Q.lh-0.22. 


PRICE CHANGES 


Prices per tonne unices otherwise 
suted. 


U.S. Markets 


lune 6 +n Mr<ntn 

MI- — 1 st(n 


Sugar and 
metals ease 


Metal* 

Aluminium £680 jL'680 

Fn*e iiwrkpt (cla)S,-I0-5 sUBMIOO 

llopperewib W.Bam K769 +2.5 tcV5.6 

1 Rioalbt Hu. do. W79.5 + 5.25 -L'7 13.76 

Cash Ustbnte (1753.76 + 3.75ji 6B5.5 

S mrmltn Hu. do, C773.26/+ 3.5 1 . 703.5 

D.ud Trnv .*j>Vl.S75U 1^26 ilJS.126 

Lernt Cash _...ie521.76{-Q.75 300 

4 ninnrbs E331.7a— O.b ...308.75 

Nichei C2.566 - 3 

Free Market hJi 'biU 1.90 .! 1.95 

I 2.03 j -2.05 


| I 

platinum nuc ox.. I' 123 • .12 J.5 

Fw lisrfcw (t 150.25; — 0.5 .120.5 

Vuiric^iit'er (7nih.ij-Yl27-aa; 127 i! 


silver unv •it- 1 291. 25 ■> 1—3.75 .78.B5|* 

5 iiiuuthc .296-75 j. I — 2.7 ,J84.9fi 


Tin thfcti [l 6.750 'f+7!fi 1-6.605 

4 niunlh- C 6 . 6 I 0 1—2.5 .6.477.5 

Woirmni2£.il«lhccii i 129-54 i 135-40 

Zincwn C334 '.—1.25 300 

i tnnntb- £343.25 — 1.5 . 508.625 

Ptx^nwrii S550-800 1 

Oils I 

Lul-iiduI )+ 15.0: .-595 

arDiinHDiil t7*t4 !— 5.0 ,t'744 

Lin«ee>l Cruilefv}.. l'58t> £361 

Paint Malayan V608A —2.0 i*570 


COTTON 


WOOL FUTURES 


LONDON— Dull and featureless, reports 
Baelw Halicy Smart. 


COTTON. Liverpool — Sp>n and shipment 
sales a/iioumcd 10 2ST mnnes. bringing 
ihc total for Uie wonh so far ,u „ 479 
tonnes, reports F. W. Tadersall. Fair 
iradlns eonilnued mosily in Amenesn- 
n pi- varleiies. Russian and Turkish were 
in rvoueM as well as Colombian and 
other Latin American growffi- 


Ausimliaii |i'e»iri , l , ys+ <w Bu*iu«-s 
Gnsiv W.n-li •- l>se ( — 1 I'-'iie 


|if fVv - % L i, 477-482 

INSURANCE tiASE .RATES _ ' 

- - L - iv=* i ._- .. a^o4e. ~ 

,1. •: .. -• - andee ntxargnee sftd-7hmpeYr;l-BaiHl Table...- _ 


LME— Turnover ISO llMt lot* of u.008 
ozs. Monung; Three months SSI. 9— 
-9.3, S.4. Rerh: Three months 299 Jl. fl.L 
98- - Afternooji: Three months 2fiS.".' S.S. 
B8A 23. 8.3, 9.1. Kerb: Three months 
298.3; 9A. 9.3, 98. 94. 


RUBBER 


COCOA 


EASIER opening on Die London physical 
market Little Interest ihwmgtiom the 
day. closing .on a dull note. Levris and 
Peat reported that the Malajuan market 
was 225 14301 cents a ke (buyer. June). 


July pza.O-iO.O I I — 

Olnlier Ean.O 4u.O i I — 

L'e>-'eiiitn.-r...paJ.ii-40.0 1 • — 

March 245.1.-4B.0 ; — 

Slav.. - Il45.ll -48 J) | — 

July fc4S.ti-46.8 ' j — 

(X-t.il«er B-:7.v-50.0 j I — 

Dmiuhnr ..|C40.O-bS.O I 1 — 

Sali-t: Nil •s.imei tois of 1.300 k£. 

SrONEY C3EASY un order buyer, 
seller. busiiKis. sai« '—Micron Contract; 
July 34S.OC-r..S. 345.5-344.5. 13; fl*.1. 347.4- 
Wfi.o. M7.vj;:n. 13; Dec. 351.1 -351. :ei.5- 
351.0. 14: .M-in-n 3So.0-.755.2. 353.3^54 3. **'■ 
May 357.8-357.0 357.9-337.11. 41: July aw.S- 
301 0. Ml.h-.VjM.f*. M; <.!<(. 384.0-384.5. 364.2- 
362.4. »: P‘."-- 367.04C7 j, 365.5-383.5. 10. 
Total safes: -4^- 


JUTE 

DUNbEE JUTE— OuleL Prices c and t 
UK for Sl-di.-Nov. atupm-mi. BWB 1297. 
BWC I2J4. BlfO £24S. Tassa BTB £2*7. 
BTC Coo. IiTD CMS. Calcutta goods 
steady. OuoiaLons for prompt shipment, 
la-ouocv- 40-mch I9.S4. 71-ounee 17.78 per 
f(KJ yards: June £8 . n tad /7.7S: July -So pi. 
n.n and £TJi9. B ( wills C7.0S. £27.2S 
and £27.53 Tor die respective sblmtent 
periods. Ysm and cloth very anleL. 


Seeds I 

t-'opro Pbilm...^... 8440; (—5.0 1 *405 
Suvahenu (Li.b-1 291.5 k- J-B. 75 293 


NEW YORK, June 5. 
PRECIOUS metals eased oo carry-over 
speculative Liquidation following a 
stronger U.S. dollar. Copfe.r closed 
lower on Commission House liquidation 
folio wins rumours of renewal ol copper 
production In Zaire. Sugar eased on 
trade arbitrage scIUtib. Coffee closed 
limn up on speculative and local buying 
on lears of 9 possible Trost in Brazil. 

Cocoa— July 130.65 tl.71.U0i. Sepi. 127 25 
iLS.001. Dec. 123.60. March 121.35 May 
119.65. July 118.35. Sepl. 117.00. Sales. 
4 #3 lols. 

Coffee— "C” Contract; July 155,50- 
186.00 US2.01 >. Sept. 179.52 bid «173.52i. 
Dec. 172.00 bid. March 107.50 bid. May 
167.50 bid. July 163.13, Sc PL. 158.75 bid. 
Sales. 875 lots. 

Copper — June 63.10 <63. BO'. ,1o]v S3. (Kl 
164.501. A lit. 64.20. Sept. 64.70. IH-c. 86.40. 
Jan. 66.00. March F7.00. May 66.00. July 
69.90. Sept. 70.90. Dec. 72.4U. Jan. 72. B0, 
March 73 90. Sales. 6.000 lots. 

Cotton— No. 2: July 58^45-58.90 1 59.09'. 
«ci 61.40 1 60.65>. Dec. 62.92-C2.W. March 
04.05. May 04.6IHM.su. July tM.20-C3.J4). 
Uct. 65.25-63.7S. Sales. 4.350 bales. 

•Cold— June 161.00 ' 133.70 1 . July 133.60 
( ISu 70'. Aug. 1S4.00. Oct- 1S6 30. Dec. 


This edition was printed before 
last night's American commodity 
prices were available. 


Prices ffiaewsted; Within a narrow range 
A quiet 'renditions, reports Gin and 
Duflns. • 


So.l jy**l , nla.v , s! PrevfoUA Bu»ine»» 
K.S> | close ! Cl"«e ih'iir 


MEAT/ VEGETABLES 


"i Yesterrla_v , *| + ur ] Buainfos 

• .' »>i — ' 1 _ , Suite 






*• ^ :■ ■ . : ^ :: ■ 1 - ; ,lr : :*yy - . : . . .• 




01*1*1' . ■ 

Jdl}- W7l.fl-72.II +7.JS lfit5.0-51.0 
■teL*-.^,...„l#W.B-i8.J -3.u ;!c5S.O-S0.u 
,-4.5 ilfcM.U-5 8.0 

SUreh iluOt'-O-OS-D ,-l.S |lb20.B-690JI 

Muy-m— , .. lfi'BuLSSJ) i + l.S U^B.D-fiBS-O 
Juty..„......1576-i7-tB.u '—3.5 ;iMflji B75Jl 

.^.1670.9-68.0 f laBb.J-GSA 

^Salesi AytM iS.fTBjlonrbFs" tonoea. 

- iuforintfojid Cftcoa Organisation fU-5. 
cccds pcr ppund) — Dllly price June S 
129J8TISC80).. Indicator price* June Ss 
1M«: average 136.52 1137.42)1 22-day 
average 13930 (Ufi.72). 


July < S7.5MB.n0 57.M-5B.4fl. - 

A.er ! fi9.ma.5ii' B8.B5 69.S0! 

Jiv^er.r 59.50-56.60 58.86-56.20' 58.45-B8.4fl 
Oct- Uc*- ea.Kf-fiO.S* M. 75 50.80; S0.B5-M.da 
Jut- .111.: Bl.S5-6l.4ir BT.&a Bt.BQ 61.80 
Aur-Jnpl U2.40 b2.45 ; 62-85^2.96 G2 65-69.40 
41V- W hfi.b0n8.65: 6B.9M4.0B! 6S.70 65.65 
(let- tin- 64.B6b4.0d; BB. 06-65. 15' 64.98 64.75 
Jui-Maii_DD.75-b6.00 86^0-86.45' _ 

Sales; 134 1333 1 Inis of IS tunaea and 
G iffl lots or 5 Tonnes. 

Physical doslnp prices (bwersi were: 
Spot 37.25p (37.7a): July 5«.3p (57.8i; 
Aus. Sip )'57,5r. 


COFFEE ■ 


1 : 

to^Wa/Z9 . . . 


V.; J- :- : 


RoSnstas advanced to new to pits- shortly 
after the 'openinsi tot heavy commissioa 
House profit-takioc soon provoted a turn 
arotrad,- Drextl . Burnham Lambert 
roporta. After aeariy two weeks of in- 
cessant upward movement many traders 
fetr that- the market .was dm tor a 
rtftctfciiy especially la view of die warmer 
weather to Brazil. Heavy selling to the 
afteraonn. with buyers holding to anuel- 
pahne lower levels, result *d to loaves of 
op (0 m art thb diy is the morn at 
closed Jusi off the tows. 


SOYABEAN MEAL 


The market opened £2 up following 
better than expected weekly inspection 
of U.S. soyabean for export. SNW Com- 
modi tics reports. On (he day prices 
fluctuated wi thin a narrow tradimt ranac 
to thin volume, and closed wiih gjuu 

Of £U0. 

Yuatcntay, fr j BuniDCM 
Llo** * ; — ! Dvae 




;YertenU,y's; 
C'ffw 1 


-f- or I Buefnm 

— < Dutte 


■ ib per intuit: 




CLUBS 


. fiARGoYVt. GO. Pcaa Street. ■tandoa. W-1 ■ 
Kiev STRIPTEASE FLOQRSHOW 
r-r : :• - r rkC GREAT BRITISH gmif 


Juty..— 

-eptembfii'- 

.V 0 p?dil'er_ 

laamry...*, 

JUrriu 

May 

July— — 


; 1865-1370 
i 1186-1768 
• 1106-1710 
1660-1670 
260ai6SO 
1806-J6fl> 
1610-1820 


-131.5 81X0- 1880 
-136.5' 1980-1 7K) 
-188.0 1980-1700 
-108.0 1865-1078 
-T70.0: 1786-1610 
-149.5' 175(5-1600 
-120.0! 1140-1760 


'Ci'ci-rumtc 

Juu-j,..,-. ' 126.0 1-28.5 + Z.I5 12S.M SB.20 

Atu!uet_ ‘l25.9r-26.fl -2.00 I26.5-J-25.70 

(Ll.dior 116.IW-27.Q + 1.15 127.JU-2S.70 
Ikiemlier .. JlSo.54-26.6 +0.75 I27.50-VE.&0 
Fetintarv. ....; 127.5 J-28.5 t 1.D5 — 

April.. 127.00-30.0 -r 2.00 - 

Jiuf IS7.0 -30.5 + ZJit) 

Sales; 89 i310i Iols ut 100 ion nos. 


VEGETABLE OILS 


Ftoor- Show uafirinb (»«««• 


m 




Sales: 10.628 (B,M0) lots 5 Lmaes 
- ICO todlctoN’ Prices tar June 5 iU-S. 
i cent -per- pound): Colombian Mild 


LONDON PALM OIL— Chains: June 
30n.no-330.on, July 300.0«-320.00. .\na. 

a».lW-33fl.M, ScpL fio-xut no. n t s. 
2M.09-32U.00. NdV. 290.0O-51S 00. D«"?. 230.00- 
310.00, Jan. un Quoted, *eb. unquuted. 
Saks: HU. 


SMITHFIELD 'Pence per fstuod >— Beer: 
Seuu-h Silled siks 5.VD :o 37.0: Eire bmd- 
quari'.rs 6>.i' <« ”3.0. for-.-tiuarti.-rs .via 
in :H.O. Veal: nuu-b hinds and ends fln.u 
io 04.0. Lamb: English «m,ni new sca'-nn 
GU.O io G4.u. ni--d:tun 34.0 lo iW.ii: imporiHd 
frozen KZ V L ’’ " fo o2.0. pm SO.tf fu 51.fr 
Pork: Eiuili-'h. under IU0 ID 3S.0 in 43.0. 
100-120 lh ::7.1> 1«» 42-0. 1'jn-lfiU lb 36.(1 lu 

HEAT COMMISSION — Avcrcsc faisiouk 
prices a) ri :Ti-scntaU»c iiiurki-L, w'l 
June CB •‘.tule 09 alp per h«. l.»\ 

I- 1.57 1, UK ihcep 144.3,, per ks. c»t. 
d.C.w. i-lLOi. GB pifiS aa.eii per ku. l.w. 
(~3.S). 

England and Wales; Caiik- numbi-r:. 
doHTi 29.4 pt-r cent, avers?* price S9-'>D 
i — n.igi; yh’-*- , n down 3 s ivr cent, 
sverace 144. It* * — -14.31 ; flue, down 29.8 
per cent, avfruuu 55.8p f— 4.1 *. 

Scotland: C.fL'te down t*.d per cent. 
averapo 70.tl5p 4 — 1-26 «; ShCOP down 37.9 
per Cent. ;tcraxe 147.3p i-i-0.7*; F*lR"4 
down 12.S per fc-nt, average 63.9p '-DJ*. 

COVENT CARDER fnnccs m siertmu 
per usckajSL- i-’vcepf where otherwise 
staled t. Importod Produce: Oranges— 
Cypriot: Val- iuia Lafos 15 kilos S UM R8: 
Moroccan: s.ai'-J-O® 1 CalUonila: 3.60-4.50: 
S. AJrican: Natela 3.43-4.43; Spama: 
Valencia Lj:c» 3.S0-3.60. Lemons — lultiu: 
1Q0 '120s Jletf crop 4.30-3 Oo; Spanla. trjyn 
23 '.“.Os 130-l.cc. S. African: >#-’193 5.00- 
3.20: Sraiiia L.i«h, box i/stf-LOH. Crape- 
froit— Cypriot: Li kilos 2^0-2.Ufl: 2(1 kilns 
3.20-4.00: 5. African; 2772 3.10-39,7; ,lalfa: 
20 kilos -t.ii'M •>' Apples— Fr'.ncli: Gotik-ii 
Delirinus •n-in Sis 350-3. to. r^s 3 70-3 30. 
jumtik- bfM V.15-0.V7: w. Auairalun- 
t; ninny Sw ib s.vjuti.ou,- T.,smaniw 
Jonailuiw, • 4’ ; Granby Snuili 5-7u: 
Italian. Ron*'- ikattly. per lb 0.17, GolJcn- 
Denciuus c s. ArriL-an: flranny 

Smiui WlWt* Winfcr f’. arncnn 

7 rji-‘. no, st.irkmB Delicious ? 20-S.7H, 
■loid'-n D.-UCI''US H.OO-S 40: Chilean. 
CriinnT Smifh New Zealand Siur- 
mer Pipms fW v.50. 773 S'.ad, urannj 
Smith H.tO-S.l' 1- Danish: p?r lb. Spariatis 
0.1.141 15. Pears— K. African: Canons. 
Patkbani's Trtomub B.0tK>.5q, WtotvT Nelis 


U.S. may raise 
beef imports 
to steady price 


Grains 

Harley SRl' 1 I 

Uume Future*.... £ 39.95 

iVlxljw I 

M null Xu. a Am xlfifi.Zb 
WltexL 

A«. I Med Sj<nn"li397 
Nv^2 Hiir 1 TVmtei-t ; 
L'liulitli M ihini-.JiL 104.5 
8lii|inu-iii....|i:l,7I2 

future .3tr|il fl.637 

ViJleePuLure. I 

Sepl j £1.767 

lli iU. 41 -A' I ir lei... j 70.53,.' 

Kn.iivr t»ilr., w.;57.2ip 

si_i«r illa>vi_.. ...'it. 4 

"'w'li 'p- kilu-.'i ZB lp 


— 0.45fS0.10 

C 105.75 

+0.75 t'P 3.75 


I el02 

. + 7.0 it.2.017 
—3.0 lt'1.925 


-1B5.5 cl. 394.5 
Uu.25 70.6 ■* 
1 — . • 52.5(. 
j-1.0 102.5 

1 2B0|. 


v iVomuiai. 1 ll nqnoied. ft August- 

it July, a June- July, a Per urn. 


WASHINGTON, June 6. 
PRESIDENT Jimmy Carter is 
expected tn announce soon, 
possibly this wei-k. whether he 
will seek increased U.S. imports 
of beef to dampen rising prices, 
reports AP Dow Jone*=. 

Mr. Jody Powell. Press Secre- 
tary. told reporters at the White 
House that the President was 
aware of “ very serious economic 
losses'* suffered by beef pro- 
ducers in recent years. 

But Mr. Carter was also con- 
cerned about the speed with 
which U S. beef prices have been 
increasing— they went up a 
record 6 per cent in April— and 
about the volatile “ boom or 
bust” nature of the cattle 

industry* 

The President is considering 
a number of options presented 
to him by economic advisers late 
last week, including a proposal 
to allow 250m lb more of ham- 
burger meat to be imported this 
year. 

The U.S. Agriculture Depart- 
ment says the overact* price of 
choice grade beet was a record 
SJ.fiS a pound in May, up from 
SI.36 a year ago. 

But Mr. Bob Bergland. Agricul- 
ture Secretary* favours doing 
nothin? for 60 lo 90 days to sen 
if the beef price increase begins 
to slow down on its own. 


INDICES 


FINANCIAL TIMES 

Junes ; -fuiic SflTiiuh h ...I i ■-hi 


252.7 7 252.46 1 _241.B7 \ 263.3^ 
I (laser JMv 1. iaS2=7fl«» 


REUTERS 

Juuefi ' June S liltintli -u[u| 


June R | June aivlnnili -mu| Ye,: ni'- 
1517. 7 _1515^, 1467.O_l~r630.0_ 


(Base: Siwiember IS. ian=T£»i 


DOW JONES 

Wujr I Judu j Junel iloaib i«< 
Jiine 1 5 i 2 | 


-pat ....1357.36 355.06362.6B'432.22 
K.it.uv (3S7.74 354.6atd4e-Ufr49Cl.35 


(Average 1K4-25 -SBsiqo> 

MOODY'S 


luocj JunejVlimtiri’Ln 
B ] 2 j j ,!>■ 


-n ^ i .i iiuu •920.5 : 922.8 906.0 30B.4 
iD-i’emtwr 01. I9si=infli 


CR1SMBY FISH— Supply good, demand 
fair. Frill'S bi ship's side iunprciu.-d.-a> 
per stone: Shell cud £3.70-13^0. cvdbnss 
tl.OO-G.M: larRe huddod; £!.Sfl-£4 00. 
mt-diuip f5-i»-t;.7a. smili ts iiu-in. 00 
Id ret: Plato' 14.0O-X4.7D, mi>diuni 14.00- 
£4.70. btfst small C.-ifl-N.oo; iarei- sfcmned 
dnpfiah IS. SO. mi-dium is.20: rocttiih 
W ini-12.20: rfds £i JM2-0: saiffie 1.73- 
C.4U. 


159.60. Feb. 192.40. April 103.30. June 

18S.30. Auk. 201.S0. Ort. ■_'04.30. Dee. 20T.nO. 
Fi-h 2)0.30. Apnl 213.4(1. Sslvs. 413 lots. 

tLard — ChlcaRO tow.- run available 
■22.75 nom.i. NY prime Bieum 24.25 

asked isarae asked >. 

t Maize— July SS4-2KI1 |2R1>. Sepi. 2644 
(261)1. Doc. 267!, -2671, March 27M, May 
1761. July 2i.l. 

SPlaliaum — July 233.DO-24O.0O 1 243,5(1 >. 

Ool. 239. 50-24 1.00 '244.20i. Jan. 242.10- 
24?. ."W. April 243.40-243.W. July 240.10- 

243.60. Oel. 2 47. 50-2 17. TO. Jan. 249. SO- 250.00. 
Sales. 2.791 lots. 

'Silver— June 5in so i5.il.80>. July 53.1.90 
i333 00i. AUS. 537.60. Sept. 541.20. Dec. 
3M.W). Jan. 557.10. MaT'.-h 565.40, May 

374.00. July S82.B0. Scpr. 592.00, Deo. 
•/y. 50 Jan. 510 20. March 610.80 Seles. 

7.000 lots. Dandy and Barman spot 

•ui'iion- 5.11.70 (347.101. 

Soyabeans— July TW-Tufli (70211. Aue. 
(S9-TH0 iG941*. SepL 692^81. Nov. 656- 
Oar. Jan. 661-6911. March 0674. May 6691- 
oTii July 9H7!. 

([Soyabean Meal— July 177..10-177.00 
i I74.7IL AIK. 17$ 0IMTS.50 flTLSfli. Sept. 
177.30-177 61). On 176.00-176.3(1. Dec. 174.00- 
174. in. Jaw. J74 5D-J74.su. March JiftSu- 
177 (Hi May 178 50-179.01). July 179.00- 

i;s«j 

Soyabean Oil — .1 u|v 26.W-2T.0O <57.151, 

IUK. 30. 45-26.59 <?i/>2 >, 5c-pT. 25SD-3B.0II, 
nil 25.10-25 l->. Dec. 54.30-24.40. Jan. 31.U.7- 
I 24.10. March 23.90. Mar 23.05. July 53.40- 
' 23 .."'I 

J Sugar— iVo. 71: Jtdr 7.56-757 fr.Sfi'i, 
Sepl. 7 81-7 92 |7SH. ucl. r.SC-T.W. Jan. 
■. I0-S.4K March S.74J4T5. May fi.DO.s.91. 
luly 9.04. Sepl. S.lS-flJl, Qcl. 9.2S-9.30. 
Sains. Z.5K0 (01S. 

Tin— Sad- 565 asked (34^361 ankodr. 
Wheal— July .llli-::29 (32311. Sept. 

.rii-332 (3253i. Dec. 239-33B1. March 33Ii. 
May 335'. July 326. 

WINNIPEG. June 2. ttRye— JaJy 1 06.30 
bid (lfifl.20 bid>. 0«. 105 50 sBked (105.40 
asked*. Nov. 105-70 bid. Dec. Ida JO bid. 

t+Oafo— July 81.20 bid (EL50(, OrL 
77.70 asked (78.60 bid*. Dec. 7U.3D asked. 
March T7.M asked 

ttSarloy—Jalr 78.40 bid /79.50>. Oef. 
78210 askHd 173^0 bidi. Dl-c. 7S.00. March 
Ts.on asked. 

SF axseed— July 287.0 (268.1) bid), OcL 
264 50 / 235 50). Nor. 263.20 asked. Dec. 
2*1 .5*1 ashed. 

I r 'Wheat— CWRS 1.1 5 per cent nrolc-in 
ietinieni in sioru Si. Lawrence 166.10 
( >1« C3l. 

i All LvniE per round ex-warebunse 
unless DihenviM- siaieri. * Sn pi-r iroy 
ounu s— 100 ounce lois. * Chicaxn Ujom? 

pi-r mo Ins — Dept, nf Ae prices pn- 
nOlis day. Prime sixain ivb. NY bulk 
'auk ears, i Ct-ius per 5H Ib busbej «-x- 
wp rehouse. 5 non hushel llilh. v 'is per 
Iroy nunc.' fur ad ui linns af SRifi pi -r 
cent piiruy d-ltvi-rwi NY. Gents pit 
iroy ounce ex-waD.'luuiki 1 . 'I New ■■ h ” 
ivnlrasi m fs a short tun for bulk lens 
i ol llin shon ions delivered f.o b. rars, 
i Chicago. TC'lvde. Si. Lnuls and Alton. 
Cwiia tor ® lb bushel in store. 
-• Cento r*-r 24 lb bu.vlu-1. j: Cenis p*-r 
149 Id bushel rx-wnrelrousi-. ;5 O.-ms per 
5*» Ib hushi-l evw.trx'nouse, 1.000 bushel 
lois. r .\ iC per loune. 






V Ai-.Ci ‘ ...y-. J y y:^ -.y.-<T£ ; v‘\- V-y. r - ••••;•< r ;. '>• 

- :• * >• -..s'?-.- > •••»!. - 'X. ‘ . . . '-v •. x..’ i r» 


*r- '.\?V » 

' i'. v 


» ® ns mb v< 



--». s H -'- •.%•■■> j.;,„- »y yyiv^rj! 





rise on 


demand 


Indices 

NEW YORK-dow jo5xs 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 (o i— 112% (109%) 
Effective (S 1.8240 )-48?% (46S%) 
WITH INSTITUTIONS continuin'; 
their buying spree Wall Street 
hounded further ahead yesterday 
morning in very heavy volume. 
The Dow Jones industrial 

Closing prices and market 
reports were not available 
for this edition. 

Average, following Monday's 10- 
point advance, was S.S3 higher at 
S72.G6 at 1 nm. The NYSE AH 
Common Index surged forward 
57 cents more to Safi. 54. while 
rises led declines by a threc-to-one 
ratio. 

First hour volume on the New 
York SE was Lhe third-hiEhest in 
history at J5.SSm shares, com- 

MONDAY'5 ACTIVE STOCKS 

Chance 

Si neks CIosini; »n 

i railed price day 


Easiem Airlines . 
Reliance •.r-»iu .... 
Dui'nl Equiomenl 

Polaroid 

Gnmuitan 


399.900 n: 
nisjou 
.111.90(1 SI} 
290.300 40* 

••©.sin) :o; 


Baltimore Gas AElc 2SO.TOO £■ 


Sqiubtt 

Pc' 

X<>rov 

Honda Pi*«er 


5**.4<W !•;} - i 


pared with the record first-hour 
turnover of i7.5Sm recorded on 
April 25. Turnover nt 1 pm 
reached 38.77m shares against 
Monday's comparable figure of 
24.7Sm. 

Analysts sai dlhe institutions 
had wailed as long as they could 
for a market pullback that failed 
to materialise, and were now 
committing their cash reserves 
before the end of the quarter. 

Airline stocks drew buying 
interest. Volume leader Pan 
Ameriran were unchanged at S7i 
— a 220. 000-share block was traded 
at 57]. 

UAL, the third most active, rose 
$1 to 8305, while Eastern, also 
active, tacked on i to S11J. 

Ford Motor, which has raised 
prices of some small cars, added 
i at jf50';. 

Scon Industries moved ahead 
HI to 823 J in response to improved 
first quarter net. 

PET nut on 1 more to $522 
after rising $94 on Monday on 
news that IC Industries has pro- 
posed a merger at $54 per Pet 
share. IC gained 11 to S2ti‘.. 

IBM rose 1> to $2G7’. Waller 
Kidric A1 to $341, Schlumhcrgrr 
I! lu -Ss.>. Boeing' $1 to S53i and 
Philip Morris 1 \ to $711. 

THE AMERICAN SE Market 
Value Index advanced 0.H3 


further to 347.42 in extremely 
active conditions. Volume !i.07m 
shares (2.52m i. 

Purepac Laboratories, however, 
slumped 3j to S'Ji on declaring 
that its planned mercer with a 
company owned by John B. Cole- 
man may be delayed or aborted. 

Volume leader Syntex rose } 
to $30. while Amdahl added II m 
S37J and Resorts International 
"A” SI to $38. 

Canada 

Further good progress was 
made in active early tradinc yes- 
terday, the Toronto Composite 
Index rising 7.9 more to 1.145.3 
at noon. Metals and Minerals ad- 
vanced 12.fi to 1,012.3. Oils and 
Gas 5.2 to 1,359.7. Banks 2.79 to 
281.20 and Utilities 0.91 to 173.80. 
Golds, in contrast, fell 21.3 to 
1.354.4 on weaker Bullion prices. 

Bluewalcr Oil and Gas, which 
resumed at noon after being 
halted from the opening, fell 3] 
to SlOi — Bluewater said that ii has 
no knowledge of any take-over 
offer for the company. 


Tokyo 


After an early (rush improve- 
ment. stocks reacted on profit- 
taking to close with a majority 


of net losses. The r*ikkei-Dpw 
Jones Average finished 5 4S easier 
at 3.4S9.80, while volume increased 
lo 290m shares from Mondays 
210m. 

Vehicles and Motor Components 
rose rapidly in the morning, re- 
flecting increased dome-lie sales 
in recent months, but nu*-'t ended 
lower nn the day. Toyota Motor 
were Y3 off at Y995. Imizu Motor 
VS down at Y2S5* and To.w> Kogyo 
Ylii cheaper at Y451. 

Electricals, Cameras and some 
other leaders weakened towards 
the close, affected by the uncer- 
tain outlook on the Tokyo foreign 
exchange market, but Sony, on 
reports that Chrysler will create 
a video programme imdst Sony 
equipment, finished Y70 stronger 
at Y1.S20. 

Sasebo Heavy Indiit-trsi’s fell Y7 
to Y7S and Hakodate Dock Y4 to 
Y57* after reporting after-tax 
deficits. 

Tpikoku Oil rose Y10 to Y415 
and was later bid ai Y440 with 
no sellers before i ratling was 
suspended on reports that an 
affiliate. Egypt Oil Development, 
has discovered an oil field in the 
Gulf of Suer.. 

Paris 

Shares were often firmer in 
quiet trading, with Monday's laic 


NEW YORK 


June ; .In ne- 
tt < 2 


I .in iif • J tiue 
: 5 t 1 


.lime , -I une 

tt : g 


buying following through to 
yesterday's session. Bourse sources 
could cite no particular factor for 
the improved tone, which came 
despite- continuing trouble at 
Renault. 

Virtually all ' sectors, except 
transports, sained ground, with 
Telephones Ericsson, in' elect ricals, 
going the day's limit up initially. 

Carrerour moved ahead 83 to 
FFr 1,625, Bonygues 35 to FFr 84L 
Peugeot 7.0 to FFr 374.9. and 
Thomson Brandt 4.9 to FFr 194.9. 

Germany 

Little activity occurred with 
stock prices again recording 
mixed movements. Dealers 
commented, however, that they 
were confident that the market 
would rise over the next few days. 

Hoechst. despite announcing at 
its annual meeting that parent 
company turnover in the first five 
months or 1978 was down 5.2 per 
cent compared with a year ago, 
gained DM 1220. but other leading 
Chemicals tended easier. 

In firmer Steels, Kioeckner- 
Werkc added DM2. 

On the Domestic Bond market, 
public issues were irregular with 
gains extending to 50 pfennigs 
and losses to 30 pfennigs. The 
Regulating Authorities bought a 
nominal DM 51.06m of paper 
I (DM 21.1m ). 


Government hi -its foreign Invest- 
ment guidelines and uranium 
policy, CRA reacted 8 cents to 
AS2 Jo, Hamersley 10 cents * to 
A$22J5, Northern Mining 15 emus 
to A SI -35 and Kathleen* In vest- 
men is 5 cents to $.42135, but Pan- 
continental advanced SO cents. to 
A3 15.00 and Atherton Antimony 8 
cents to 75 cents. 

Industrial leader BHP vat -on 
cents to A57.00, while firm Bqjiks ; 
bad BNS Wales 16 cents higher 
at AS6.30. . • i 


Jtma. Jm». Sjrf 

5 .8 L -.31-. -30 : I ® r{ 


WtrW- 840.7tf^,a«jB[8.51.8S .m» "Jjglj 

STmeBn'da* 15 J P.«(« «-®f Jf/g?, , 
Tnunpoc*.... HM4 mM****# «j» j 

mm*-, tiw-w, t«u» .m*** “H"":" *g«> Jg# 

W M -J oon «K-naJ Vfl lMttP Vl. i' ll 2L410I . — i - - — * ; 


Johannesburg 



June l 

■tune 


s : 2 

Al-t"'l l I*!* ■■ 

... 34 1* [ 

S2ln 


A^tuH IJIvLCaw. 

Air }*r>.-liii-l ' 1 

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A i nor. k\|>rv>... 



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Ainnr. M>4vr'.... 
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Amer. Simc- 

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Ameiek 

AMP 

AMP 

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Anne* Ol«i 

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ail Kn-hlienl.... 

Amn Ltaln Pn 

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Avmii Hn*lu.1»... 
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busier Tm vend... 
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lil.i lnte-inig....l 

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l. uliiinhin PU-I....I 
l.nui.lil'ti'JII Am. 
(>iitiiu>ti>ifi hna. 1 

I.'tiiillm-lli.ni hq.... 

CtnVlIj Kill* n 

l. •■iii'ii'ih i ill llel 

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t nut lnnijnii.il i...' 
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C. .i mill* Tiih--.... 

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Cnn.-Ler Nm 

I'ninn /eliert«i.n 
Ciiiiuuiu- Kn^im 
Curl i- - Wnqlii . 

l>anH 

Lh<n Siulii'in»- 
beer*.- 

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lieimii b-iixHi... 

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hniert' A IrPr'ialii ■ 
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CANADA 

Atiinui 1'tper : 12r, • 13 

AiinkitiW'e i 4 PO 5.13 

tionnXiuniiaium ; 51'z 

Algnniisieei ' Hl'i ' 21^i 

AifieMlrw 36:-. 1 39Sfl 

ttank nr Mnnlrta 12 i 21ij 
Hank Nut ms-mhim kl .21 

Basin l£i.*>i*iip-es.. all 3 j l 

Wet i Telephone.... 58 ; : E8 

Htitv Valievlml.. 2b5; . 29 

HP l.'anvla 13'? 1J!= 

Boui.mi ig; : lo>i 

Hmnu -n i -4.6 

Cmxjirv Putter.... i7ij a7~i 
CmiuiIiiw Miner... 14.'; 14ig 
L'aitMila Cvmeiii.. 10 ■: l [ 2 

CmiH-btNW L«n..- 10- w 1 l '» 
'.Hnimp LakCuni --9 It9-'i 
C-rtriM.la ID-Iusl.... ;lSir ll9i< tf 

C>UI Padttv icr; Ibit 

Can. Ph-iiii.- fur.. • i0>: Cun* 
Call. Super Oil... ;6 551; 

Carling fi'h'ceie..' J.50 4.40 

t-nnanr Aivnin...; 1, ^ It *2 

Cltieitain...._ 17 '«s 17"j 

LiiinmcLi ; ■ 2eJa - 2B^4 

•_uQr Bathurm..,. 2Sl; I ZbSs 
tuieiiDier Chu....' <3ii 165q 
kioeltu Uem.Mirret- s.LIs • 5.37 

i-iUJun Kirh fiJj ' fltt'2 

Uiuiii Hevimi..... dh B 
Ueniw*i Minn.... 72 70l< 

L*i.m Mine*. • b5ic ' o7l; 

Lh.rne Petirueuni- 62 61it 
Liiiiaiiiiun Unilv*-' ‘43 ! 243) 

Uudiibt lh 'a 

»»uf..ni 1 1 5 ■ 4 15 'a 


— ~ Hong Kong 


The market continued to rise 
throughout the session in active 
trading. There was good local 
demand for the Jeariers, 
while second-liners encountered 
selective buying. The Hang Seng 
index had its sixth successive 
business day's advance, closing 
4.5 a higher at 4SS.72. 

Hong Kong Bank rose 30 cents 
to HKS16.00. Hutchison Whampoa 
10 cents to HKS4.S3. Hong Kong 
Land 5 cents to HKSS.00 and Swire 
Pacific also 5 cents to HKS6.45, 
while Jardine Malheson and 
Wheeiock Mardcn were steady. 

Elsewhere. Hong Kong Tele- 
phone climbed 50 cents to 
HKS33.00 and Hong Kong Wharf 
40 cents to HKS20.40. 

Australia 

AUSTRALIA— Very quiet con- 
ditions prevailed following the 
holiday lengthened week-end, and 
stocks closed mixed overall but 
with leading Minings showing a 
reactionary tendency. 

As the market awaited a 
decisive move by the Australian 


NOTES : uvcncM pnecs shown bdow 
ext-ludc S premium. Belinan dividends 
arc after withhold InF lax. 

• DM50 denom. unless otherwise Slated, 
wields based on nci dividends pins lax. 
*9 Pias jdo dcooru. unless oiherwlse stated. 
4 Kr 100 denom. unless otherwise staled. 
O Frs.500 denom. and Bearer shares 
unless other. vise staled. 1 Yen 30 denom. 
unless oiiienrlse srated. J -Price at time 
of suspension. a Florins. b Schillings, 
c Cents. (/Dividend alter pending riches 


Gold sbarea shed -further 
ground in Une with the down- 
ward trend in Bullion. ' 

Mining Financials were mainly 
little changed, although Charter 
Consolidated receded 7 cents to 
R3J20 following the results. Be 
Beers were 5 cents off at £5.93 on 
lack of interest. ' . . 

Copper issues retreated follow- 
ing -Kohvezi production resump- 
tion and rumours of a possible 
Peruvian force majeure. ■ 

Switzerland . X 

Prices were generally modestly 
higher on selective demand, senti- 
ment being helped by the recov- 
ery’ of the dollar. 

OerUkon-Buehrle, Saurer Swiss- 
air and BBC moved ahead in active 
dealings, with -BBC rising -65 . to 
SuFr 1,720 ahead of rights trading 
which starts today. - 

Tinterhnr registered were pro- 
minently firmer in insurances - . 

Domestic and .foreign ' bonds 
were narrowly mixed. 


C ow? 8 t T9, '|39.6MjS%i«o i» jbj| 2WM| . 

•BvrtBot Iad« changed from AogMt 24- 

7 V aayas irH^ia-f’-Te 


iDd. a tv. yiew X 


STASDARD AFD P00BS 


8.50. { 6.59 


.-. High - - loir.. 

Ittl.Tt « 3 
Wfbvsi (2/7 (a 

21948 ' s tia 
(8/7(5 
1«4S 164# 

taw/BBKSrtrt 


4^1 y 


: : 


| j r 

tIodu.imJnB.S6l 108.48 T07.«0| 10741 KP.tJ JOB.Tffl.l «j«. 
).«»•* '-"‘M 


High' y'jhaw' I High [ low , 


W.84i 54* 
(11/1^(30(6* . 

1SB.8S i AM ■' 
(11/1/73)1 (bGtfa 
«U>fKraae_| 

; 4.51 . .. ~ i «*‘ 


lad. «!iv. yield % 

Ind. P/E Ratio 

bug Gort. Bond, yield 

K.Y.5.B. ALL COBCSCOBT 

i i i j ~ 

June j June I June I May h— 
6 2 1 I 31 j Bi 


Miylflr.iTt 
6AW' ; ~* 


. •- . Ekes and Bhlls - • . 

.... i Jun^ET} JuneZLJaBe.l..' 

lshtieatnuteL— .f 1.914 1,889 I 1 M'” 

Rise* ,-.{ -U1T .830'.?. 71 

VgUe - J, 438 J 838 1 . 73 

f F n.:K.nmt 1 ' 1? 3EO 4*1-i '..ab 


Amsterdam 

.Market was in firm vein, 
heightened by Lhe overnight- Wall 
Street strength. 

Hoovogens and Royal Dutch, 
among Dutch Inte relations, gained 
F) 1.50 and FI 2.20 respectively. 

Elsewhere, HVA, returning after 
3Ionday's suspension, • moved 
ahead FI 5.50 on an announcement 
by HVA and. Adriaan Voiker that 
they tvUI study the possible in- 
tegration of some of their 
activities. 

KUl rose FI 7.50 -and Van 
Omraeren FI 2. 

Milan 

Mixed with a lower bias in thin 
trading. 

Both Olivcttis weakened follow- 
ing approval by shareholders of 
plans for a rights issue.. 


and or scrip issue, r Per share. / Prunes. 

0 Gross, div. * ,. Ii Assumed dividend alter 
scrip and or rushis Issue, fc After local 
taxes, ms us tree, n Francs: indbdlns 
L'nilae div. V JSom. q Share split, a Div 
and yield exclude special payment, tlndi 
cated div. u unofficial tradtns. pHinorfiy 
holders only, v Merger pcndiuii. ‘Asked. 

1 Bid. t Traded, t Seller, a Assumed 
xr Ex rmhis. xd Ex dividend. - xc Ex 
scrip issue, xa Ex alL a Interim since 
increased. 


lime j June June May — - ' — 1-—“ -• Rises—.' 830? ..-71 

6 2 1 I 31 High' t~- law FkUs J 438 J B3B .73 

; — i*- 1 — “ — ■ I'wJisnged, — ...7 .359! .481- ■ ;- 45 

B647| BB-BSi M.68 S<.6d 65.87 48 47 New Bigbs 174' - '. 95 - B- 

1 ill (W>;-. (fi/3) Kew Lows... 1 421 44 1 -. \ ; a 

Imontekal i l . 1 _ -i , | „ i •'• - 1 ® 78 • - • 

1 I June rJono ■ Juno J il*y. J ------ ■ — vj 1 . — 

5. L 2! r t '31 "Hlrfi . \- W.V 


June 'Jane June 
5. - 2. [ 1 


Industrial 182.82 .WlAaTlMM 18H.8B lM.n,tf3/5y 
j ' Curahined 182.3S 180.58[7a0.^ I90JB 18248 (23/6) . .K1X82 OM) ' 

T0B0NT0 Com pus 1U 1137 4j 1181^ 1 128^ 11284 AISIX piG) j 

JOHAiraBSBTOG 2|T J yi2^ | 213.9 (e) '.218^(1/^-;- - 183.0 (20*. 

InduslriaiJ 224.81 SHffl: 11226.8 . Icj 228.1 (2(8) 1948 £1*5)7 




Australia ^ 1 486.88 
Belgium Hi 96-67 
Demur k i"i 96.14 
Prance fit) 70.1 
Germany' “1 7894 
Holland (J.*) 6*5.1 
Hong 3Coiur488.72 

i*^i 

Italy tfiii 6296 

Japan (««)410.61 

SinEUPOre 513.68 
(*) 


1 Pro- I 1378 1 . 1976 

; rinua j High 1 Lew 

~ 10 (MLO&j 441.19 

! ] (SOI bl I (1/3) 

j 96.77 101.16' 95.43 
1 (Bid) (23 /Si • 

M 98.13 94.00 
I . <9/1) (G/2) 

(u) | 71.2 47^ 

I (30(5) (3/2 

7E2.9 812.7 . 758.4 
yWlZ, (17/S) 
86.5 86.1 1 76.0 
; (6/61 1 IW) 

• 484.17 I 488.72 383.44 
1 - ! (616) . IX 13/1) 

? 63.06 64^3 ! 56.46 

I (22/S) ; 00/1) 
‘410.74 416JI 364 JM 
' - . 1 1 19/4) 1 (4/10) 

j 316-ffl 1 3U3JS8 i 2H2.0- 
( .• = * U/6/ I (1/6) 


... Jnnef Pre- 1378- ISi 

■ f Ytinia. Hi^h 

Spain . i^)l 104.18 : — Hara l 

• * : • - O/61 (Wffl 

Sweden (el; 369.80 1 37L36.1 537JJ5 

- 1 1 [ t3/5i 'em 

SwitaerrdV- 292.7 1280.6 323.7 
| I I 


indices and Base dates (all base *aiw 
100 except . ..N7SB . AO Comnwn— V 
Standards and Poors — 10 and Tomes 
SWVI.ona. tito \&s named based on tarn/ 
t EidudtRB bonds- A atm lnrtnsuhilf '' 
8 400 lDd&. 40 atiUues. 40 Finance ad" 
20 Transport.- - (It Sydney All -Offl 
i||t BelRian SB 81/12/C3. (**t Copenluw-' 
SB 1/1/73. till Paris Bourse Wl 
Ol) Commeixbank Dec- 195X (Ml-Anatic 
dam. industrial 1978. «JI) Ham. *81^ 
Bank 31/7/64. mQ) Milan an/73. (al ToJwt 
New SB 4/1/8K. (in Strata ThnesMW 
io Closed. id) Madrid SB aa (Un- 
it) Siockholm Industrial 1/1/58. U) Svf* 
Bank Corp. fi»l DnavanaMe. . 


Carlton 

C. J- irt-de*-. 

CSR «Ii 

Uina. Colil Held 3 Aunt 

Container (51) 

i.inunnc Ukirium ( 

i-iostAin Australia 

Uunl<s> Knbher (81) 

teHXUt. 

Mder-Mmtli 

ti.i. lndusinee 

Hen. Piiif.iertv 'I rust. 

H*menUev 

Broker 

ICI ADitralia 

inter -0>;*pw 

iennJnaB liidintnm 

Ji-nw (1/avii.t] 

Usoiiani Oil..; 

MaaJh lb>(*iomtiiin„ 

MIU HMlitliiM. 

.Mttir Bnifauium 

tetri'. 

AkLioIai. lnicTH8.ti<ina< j 

.North Broken HMinir* itki J 

■ Jit muter. [ 

Oil ttearcli ! 

Ouer Esplonu uui .j 

Piuneer U'ooreie ! 

Iteckin. A Odman ’ 

d. C.s>leu;li ! 

southland Minnie. J 

tpwwis Kapioml 1*^1 1 

I not n i*i I 

Waltnua . 

ff«i ern II inina cents ‘ 
Woolwnrlhs I 


r^te'en Una It. 
dorraK«uuit 
L^e-titbank 

Kot>uwta 

Kralitburtvo, 

Aotv* Hvrtrokr^fi 188.251 
itorehrand ...195.00 m ! 


M.a. 9 9.5 

65-5' — 0.5 \ - 

lOB.Oj— OJS 11 93 
. 210a— 17^20 93..,.,. , 
[105.75Uo.WU KW,°-. ¥. 

■J«l 1B8.35I+1.BB; 12 5.X. 

...J95.00B’.- 1 9 9-6 


4.45 

! SJ5 

5.30 

I +4-0U 

14.99 

— tn.jn 

............. 3.99 

...m........ 4.40 

... BTJ3 


S.15 

t3J6 

S-80 -^.li 

1-37 -6.B . 

tlS.78. 

7W - “tt»- 
JLS8 -Mi 


Kcme a* 

Iri , 

\i. Lii|iil<l 

Aquitaine 

ufC 

Bouycuo 

H.S..V. (ier»'l* 

L'nm-lour,. 

dox 

C'.l. L A ■- nle. 1 

tie H*n«i Ire. ....... 

Ci at» Maiitei 

Ci edit Com Fr'.s- 

Ciei*m Wfa. 

Uuniez. 

/r. Kete*ie".w.... 
Gen. O 3.4deau *< | 

IIUBUU I 

4-v.Tjuee iktrcl | 

Uiaiiie 1 

COiOB) 

Irtdrmnd 

Ilrtlnwirt Hln.-nl* 
tllchelin “li"„... 
Miiet H«iiii-«v...' 

ttiuilluex 

l'KI-llMl i 

Itulunei I 

I'errml-Kii.-ant ....; 

fenuMI'C Iriorn... 

I*.*rf«lu ; 

Hullo TtKiini*i*n.- . 

dak-HLe - j 

liiujue Poulenc...' 

:>u tiohaiii [ 

•Hkla HfWrtlcnni 

Sue* - 

I«lr n iec« Dl'lu?.... 1 , 
i'h>>iniinfl hr*urti.; 

liaiieir i 


Pnce j+*ir. Uii-. yi,i. 

K«N. •! — j Fra . , ; 

739 1 ' 4i*>i O.fi 

39G -2 I. in, 5.4 

299.8 -r 0.3 | 15i, 5.5 
4BZ 1 + 6.9 |3oJ2S 5:3 
527 -j. ij.-s 2.6 
B41 , + 35 I 43 i 5.3 
566 J+ 15 . 40.6! 7.2 

1.625 s + 83 75 [ 4.6 

469 +6 1 31^! 8.3 

1.1BO ' + 35 7BJ0I 5.1 

424.9 +10.9: 12 i 3.7 
411.9, * 2.8 Il.i5[ 2.7 
122 *4 0.3! 12 ' 9.8 

79.1—0.4 — ! - 
795 '.+ 15 [ 7.5 | 0.9 
156.4' + 1.4 ,14,1ft 10.4 

185-5; 1 BWj 4.3 

' 69.5 + 1.6 5.7, B.2 

j 117 -2 - : - 

1 l¥3 : . T 1 lfi.TT 8.6 

• 764 .tI 5 la.3/ 2.1 

1.73 J +45 M.fh 2.1 
1.0U3 - + 3 39 j: 5.9 

1.398 . + 9 3i.a5' 5. a 
' 492 +2 12.6 2.6 

. 161. 0 -r 6.5 3 I 1.9 

{ 159 +0.5 ld.U.12.6 

• 94.5 -1.8 7.5; 7.9 

: 272 + 4 7.5- ie.B 

. 374.9 -r 7.0 17.23 4.6 

: 2ia — , - 

. 452 +17 37 i 6.0 

J 565 +1J 27 4.B 

' 1-0.5 +2.4 9 ! 9.0 

j 152 +2 14.3& S.6 

1.600 . + 20 59 2.3 ! 

S6 1.5 +0.3 2SA, 9.7 
'. 753 '—2 2S_5i 3.4 

; 194.9: +4.9 15.15) 7.8 
' 24.3 ^0.4 — i - 


JOHANNESBURG • 

Jane « Hand 4or- 

HIHES 

.\nglfl American -Corpu. ... 5.15-. 4 

Charter Consol j dared T3J0 

East Dricfonieln 13W 

Elabnrs 1.90 ’ - 

Harmony s.I5 

t3J8 

~ 0uf v — S-80 - 

RuMenburs PUdnum 1J7 

Su Helena tlS.70 - 

Southvaal ... 7-jjO - 

Gold Fields SA JLS8 

Union Corporal Inn 4.45 

De Boers Deferred SJ5 

Blyvoonuuicht 5.30 

East Rand Pry.- +4 Jo " 

Free State Oedukl 25.80 

President Brand H .90 

Prevldetil Steyn tll.jfl - 

SiitfnnteLn 3.90 

Welkom 4.40 

West I+lcfontoln ... 137.23 

Western Holdings 2JU» 

We®iern Deep 13.15 

INDUSTRIALS 

AECT -XS 

Aiiicln-Amct. Industrial ... 950 

Barlow Rand 3.(i3 

CWA Invedments t.75 

Currie Finance p.« 

De Beers Indurtrlai IB. 30 '• 

Edcars Cunsolidated Inv. 5.0S 

EtfcJrs Srorts *24.00 - 

E*er Ready SA - t.ttS 

FederaJc VoBfvhcfefiAiiuu! . il.33 - 

r.ruaionnans Stores ..._ 2.20 4 

Guardian Asstrrance 1SA1 . 1.S0 

Hnlett3 i.B5 . 

LTA I.S8 

MeC.arihy Rod way O.gp 

.Vvdbank 2,43 - 

OK Bazaars 6.35 

Premier Millinc -ts.ao 

Pretoria Cement 12.73 - 

Pndea Hnldtncs tjN 

Rand Mloes Properties ... 1.80 ** 

Rembrandt Group 3J3 

R'TCn p_34 

Sace Hold in t.to 

SAPP) 1^2 . 

C. C. Snmh Susar 5.55 

SA RrettYne* 129 

, Tuvr Oars and Nall Mlp. ».M 

Cnisee 1.09 

Securities Rand U.S^O.72} 
(Discount of 36.7%) . 


ill int 


Mar 

ieti 


SPAIN 9 


STOCKHOLM 


; Fn.-e 1 + .11 1 On. 1. 
j K»>iir | — . 1 is,. I j 


Head Offica: Margaretenstrasse 70, A-1 051 Vienna/ Austria ^ ^ 

Telex: f 1832 wabiw a. Telephone (0222)573545 Steel Structures 


General engineering 
industrial plant 


t.Ml 

U4-rtU«'— • 
Flal 

l>3. 1‘riv., 
I'm-iilf, ... 

I(4lw.-rneiit 
IIHifihler... 
.VI c+tii >1 
MuiiUiii^in 
v» IV«UI IVi 

PtreUi A Li 
I’lnrlll tif»« 
anniVlm-uMi 


. 05.25 ; — . 

472 —1 I — 

l.8MAv'+7.5 tSu. 

. 1.537s,- Ih„. 

. 92.33 - 2.23; — ; 

. 12.210,-130 iuu 
. 178.00; + l./bj - • 
. 33.250 + 50 j I. JU0I 
. 153.00, -O.K 1 - • 

. 1.069 ,-20. 5i — ; 
. 1 2.060 -.55 13ij: 

. 971.0,-8.5 Bl-i 

. 787 1+2 _ 


,\(*A Atahr.sJI.J 
AltnUtvai bihrs.1 

AaK.A rKr.SCl 

AJu UiOUKri^l 
aiiwnii [. 

ilolur* — ...... 

s«niu j 

.■eiiuwcB j 

Dkivd'luA 't* vKnr 
brhaiwm ■B'*h‘ret.i 

li^eite "U" j 

r'aceraln 

IrrrtOiteo Itn+I ! 

Ha nit tc-dMD ken 

JUmhou^ ? 

lip LU:h Dotri-ln..; 

•Sfllidvih A.M j 

a.K.F.'U' Kr-...^ 

Sksad Kn -I* i M il..' 
Lamlsllk *B' h'ra.1 

Udiieltnim ........ J 

1 Vrtv**-lKr. tUi„„, 


210m , + l 
137 ;+i 

64.54]' 

i2ia;— i 

fas :+i 

1 1 BA + 3 
189 si- +3 
iii u- +4 

mem 

137 1—2 


1 an 4.6 
i a 1 a 6 
a 6.u 

1 o : 4 9 
} 4 I 4.7 

{ v* i 3 4 

: i-i : s.3 
! 1J I -*.4 

I o.d 1 4 9 

I 3 | 4.6 


2e3 | — 1 1 d t ».o 

92 b +2 | 4 ( 4.4 

51.5,— 0.5 i - - 

347* + 2 - to | 4.6 

10Q«& ! a : 8,0 

63 Hi , - ) - 

250 ; 3.70, 2.3 

62a. , 4.a 7.3 

158 (-1 [ d 5:3 

74.5—1.0 B 6.7 
3L0'— 0.5 i v— f - 

7lal— 1 ; 6 ‘ 8.4 


Jon..- n 

island 

Bani.p Bilbao 

Banco A: lanuco il.Dooi 

Calico Central 

Banco Exti-rlor 

Banco General 

Banco Granada (l.OOOi 

Bunco Htepano 

Banco Ind. Car. ri.ooa} 
B. lad. Mediterranco .' 

Banco Popular 

Banco Santander >250> 
Ranco UrculJo i l.OOOi 
Banco VUcayu 

Banco ri.imavi mn n 

Banbunlon 

Bunuj .Afldalona 

' Bahcock Wilcox 

CIC 

| Drakados 

Inmobanif 

! E. t Arunnrsas . .. . 

, E'oaoota Zinc ... .... 

: Exol. Rto Tmto 

' Fecsa n.onoi 

FVnosa it.nooi 

1 Gal. Pr-clados 

1 Grupo Vdaaiuci tW0> 

Hldrola . 

tbcrducro 

r>larra . ... 

Pap*.-W3? Rvurudas ... 

PeUoiitx.T 

P.'trolcos 

Sarrio PapaJcra ....... 

Snt4i+ .. , 

I Soscilsa • 

J T-’h-toaica . . 

j Torras Host each 

TohecvA 

,Vn;uo Eke. 


Percent . 

US + 1. 
313 

230 — 

394 . — 

as — 


+ 2 . •»' ? V 

+-S .. 


200 +5 

UJO - 
Id* — _ 

7750 + 0.» 

73J0 + B.» 

7S — 

80 +1 

2)65 — 

82.73 * L» 

W.7S + 1.15 

122 -2 

80 +2 

W -3 

220S8 - 1 

M - k v 

SO — '»S- 

15 • -• — -""i 

88 “ 1 

98 — 2 

isa.79 . - OX 

IS - M* 
















































Asian S ; imp* ne*e Yen 


S«1m Franc 


T iUje* m*H*n 
Mon Hi . 7 . a»S 
T>iwt nmnUia-.-i 
Sic wna'itic.^.J 

fMlriVAar - ' '• ' 


1 - 101 * 
iU- 101 * 
107 s- IX Is 
143 * 11*8 
. r 2 -i 2 i« 

1316- 12SJ 


7-8 

7-8 . - • • 
75fl-8 ' 
8 t>- 8 A ' • 
84-8L . 

8ie-8T* 


7J*-7»« 

*7>«r7J« 

756-77 8 
* Ml* 
B**g . 

886-876 


>*4*-*7 B 

4Se^J» 

456-476 

454-5 

5 lg-S 36 

BU-S»4 


10-10U 

-10-10U 
970-10 
976-10 
10 J*- 101 * 
1084-11 


□.05-0.10 

0.85-0.50 

0.75-1.75 

8.75-4.75 

8.25-11.75 

25.50-32.50 


Oten '1316-1256 1 816-876 I . 856-876 I I 

~" r " : V n ^>.Unv. suT>viriniiar dmMlni two-^*ars 8 PW 8 >*i» ' bct-mu: three years 8+0 per cent: four jean Per cent: Bre years Ml per cent. 

• %rn tena* 5 s are can lor sterling. U.S. dollars and Canadian dollar* wo days' none lor odlde« and Swim 


1.976 1.977 Increase % 


Capital & Reserves, after distribution of profits 

(Million Pesetas 1 

35.602,1 

37.313.1 

1.71 L 

4,80 

Deposits t Million Pesetas ) 

461.557,1 

560.ctw.6' 

99.352,5 

21,53 

Loans (Million Pesetas) 

311.710,2 

379.994.4 

68.284.2 

21.90 

Investments Portfolio (Million Pesetas) 

74.982,4 

79.062,7 

4.080,3 

5,44 

!Net Profit t Million Pesetas 1 

5.257,4 

5.520,8 

263.4 

5,01 

Profit Available for Distribution (Million Pesetas) . . . . . 

3.782,4 

3.816.7 

34.3 

0,90 

Met Dividend per Share i Pesetas) 

t Ma.\ mnmi permitted la») 

52,1 

53,3 

1,2 

2,30 

Number of Shareholders 

139.639 

179.631 

39.992 

28,64 


international finance 

Banco de Bilbao 
Alcala. 16 - Madrid-14 - Snain 
Tel. 2328607 
Telex: 233S1 BB RF£ 


PRINCIPAL LONDON BRANCH 
36 New Broad Sired. LONDON EC2M 1NO 
Tel. 01 63S 8481 

Telex: SS645J BB LONDON-88645: BB LONDON 
8511695 BB LONDON 


PRINCIPAL PARIS BRANCH 
29, avenue dc l' Opera 


OTHER B&4NC.HES: 
London “Covent Garden' 1 , 
London “Spital fields". 
London "Leicester Square", 
London ‘ ‘Knights bridge' ‘ . 
London *New Covent Gardem 
and Southampton. 


INTERNATIONAL TRADE 
Banco de Bilbao 
Alcala. 16 - Madrid-14 - Spain 
Teh. 221 29 85 { 232 68 07 / 232 68 20 
Telex: 27616 BB ARB 
27535 BB SEX - 22002 BB SEX 


NEW YORK AGENCY 
General Motors Building 
767 Fifth Avenue - 6th Floor 


INTERNATIONAL MONEY MARKET 

French interest rates ease 


GOLD 


Weaker 


Gold continued to lose ground 
in the London bullion* market 
yesterday. Alter the morning 6* 
of S1SL95, the metal weakened 


Th» " W»nt - easier trend in cent and on three-month paper to w eek Is to Ere* the resale rate 

SS"g^ ? l s t w fn £r l fpndpnrv 

money- roarl^- inwvention .rates ' Raxes on one-month certificates xnatortty. Ivillil/IIL Y* 

*• ■£? ■- The -.were unchanged- at 5.23 per cent The rate of 4.2o per ceot com- LV'UEAVAAVJ 

authorifios- bought FFr,Mbp:flrst The move was seen as adjusting paras with 4.»a pec cent for 

category paper at- 74 per cent the rates to money market con - uoco optional Gold continued to lose ground 

■SSSSm^Sarm-Hreim **mi At M per cent tor we- Me mr t wo tog ta London bullion- market 

previously. ' . ,1. -tnonth paper tbejirevious rate was ftsedJJlrougrb coosuhauoa wntij. yesterday. After the morning fix 

^s^stsssesisss «• tssu 

.)** *** rSSog •»* with laltr "'«»* out 

of France bought ,market .rates_of 5J-5V2 per cent cent bid from 6-58 per cent 

• nafier over two periods fronlJtrae Tbe rise was not "expected to corker, while 2&week bills ease d 

‘16 to ao nhd June 2I ttF2i which ^SMl tahyiimpending changes in to .48 per cent frtxn 711. One- Ju0fl6 ; Junr5 

» -i&jHSrl . lendtoK, -rates, with the year bHIs also declined to 7.31 — 122^— 

M n ^served. "Discount and Lombard rates each per cent from 7 .S3 per cent «nia Bullion 1 * fme 

-r sS=fSK m 

banks to-retfuca base ra r&s from.YIOObniiape taem traded 00 the J per cent earner. One month i/onuns njcia B stti .33 sigg.u 

■tk? ^wt-WaiRf- ft V per Japanese capital market at L2a certificates of deport were , <pfl.i 4 s> iCiolmd 

tte^WWt rise. in. ctatt, under a recently unchanged at 7.3tr per cent, while After0 ~« hx.ee.... jwv m *«»-» 

- v annmniced system aimed at ..Mtnopa s feU to ..41 Per cent GqMCot „ ■ iLmsi7) 

' Brusxls: Bates - bn^Xwd-mor^ libers^iSips shortterm Japanese fcom 7.« per cent, and three- d QO(e sn«Jijr 

Vildan 'T^ttsdry'certrficales’ were momey.ra.tes. ■ months to 7.57 per cent from Knuferrami — flWMisj siB 9 -isi 

MPer -TVbe scheme ; introduced la« 7.65 per cent. K . wSprMllfM SH?' '£gff 

7V ■ ■..• : . 7 - •’ ' ".•• * .iSU-ZSi! :i£29A-Mll 


UpW Bullion la fuir 

OUOrt) 

Close - 2181-18 H 

Opraing Sl82-l82f 


81821-188 

5ii2:-m 

sm.&o 

i£ 10 <LiQ 2 > 

21B3.05 

0:100.577) 


- i *J. . J I- • •. c r> 


UK MONEY market 




■AMOS- 184 1 

Sprerelmu S52i-64i 

i28J-23i) 

Old Sovereigns 'S55j-57J 

tfSIi Slii 

Gold Coins 

interns ikmuJ ly 
Krugerrajul S18B-18B 


<£104-166) 

SBis-BS* 

:i£ 2 S 6 -M 4 ) 

WS)-58i 

>£31-62) 


if* Sore reigns. — 


-:.• >' .'-ii'.i-'ji- 1 _ • ' Old Sorereigns S66»-57i »30 |-bs^ 

' S?*t==:«Si«» sw 

nits ,™„hg — — 


(£102-1031 <£183J - 1041) 
SB2i-S4J ;S52sf-6<t 
<£S8j-»h i£29 Mi 
S 66 jr- 57 i SS 61 -U; 

<£J 0 ;- 5 i:i '<£ 31 - 62 ) 


USS2 2&2 ZSSbtmSL ’slpsjxPjss . M 


* -ss sss m * w tt ^ at M 

ConsequenUy.- faced wi^an excess of revenue Rates in the table below 

baling. ^ ^S^toi'tlm*Eich«nier over nominal in some cases. 


umuiBMwnfsv.? ^Lirrirrfh faced with an excess ol revenue nates, xn 

■.ttAS-tq-tfc-E«chwuer over ^ainitl to 

LONDON MOPief ' RATES ; . ' ,-s . • : 


a generally low Jevcf ahead of 
today’s IMF gold auction. 


— ~f~ •. ' I . .'hod) pjocfti.Aua 

gf. ^SigpSg 1 

\pv» c<r!ct-.! J, J ijjfl S»» - 

• Otie months. - 'Hjf "JJjS' 

T«r« iuonitrA... . 97*4i«. “ »^ 7 I 

Thnea aUmtlH. .l&Vtty ' - 366-9*4 

.•tejfffc; - ; r « 103 . 10 


SSjSf^ll^SSr* wSifv lioWm- -TOiaJ 

-X»U .veajg^— -t ;* •■ ~ c ~ -- - • M ■ ■■— i — 


rintnct 
Room . 
Deposit 


I « 4-0 

9t*-aie 

l Sfia-lO 
-10-10 1 8 - 
I0ft-1034 

mu-ii ., 


| Disco not — j BtigiM# 
Comptny I -uwriei Tnuury I Bksfc 
Depo*M» { ~dqpHh ’ Bill* 9 [ BHh^ 


854 ' ' VVS-: 

su aig-au. 

- £*■»■ 


MONEY RATES 

NEW YORK 

■ ■ - ■■■ Prime Rare - 2.5 

Fed. Funds - . 1X5 

Treasury Bills OS-wee* ■ 8.H 

FipoTrtdt Treasury- Bills (26- week) 7.U 

Bill.* 

I! GERMANY 

" Discount Bile - — — .... 3 

— Ovenushl 3J 

~ One month 3.6 


Three months 
Six mouths . . 


— ID lOie IO-IOI4 


101b 1 1076-11 1. . 


- FRANCE 


• Discount Bsle .. 

• ■ 1 I I ~ Overnight ..... 

' ; '. • • One month .... 

Lons4eno local aoiborltr mortssKe rate Three months ... 


■ ' . ' - "• ~--L- -■ • ... — Zy ' ' - Z2.2 ftthersrsercir dayf 8x«l - tons-teno local anthorltr mortgaae rate Three months . 

— T^ngal- aBUiorittea: ama-ftiaiicg fcw ^ J^K'ttee years X2S-12J percent. 9 Bank Wl ™« in ufile are sis months .... 

. namnani yws-llFUJ p ff-. cen tp.: WK /gffL^S^Thanb b« 9l3i6-« per cent: touMWmlb trade tails OK* -9* per cent, 
baying 'rates fat" crime p^OCT- BpyljiE hnw SJig-Si ucr cent; twd^iwnrii 9?!#-S2)3i per ceni; ami thteMUrai b suio . - _ . M 

rtlea ^ ^natwwnonth » per cent:.’ and thrw-month 9l tt -9fc JAPAN 

. rer S!^nSe. and also thttA-momh. H per cent. Bbcwn , r* 1p 

. her pyti/ paMnomh.- tnuJe BW» looses Aaa»aatwn)-8* wr cent front June L ibis. Ocarina Bank Ovcraatu 

^ “* •* * ■' “ T “" SSSf-J 

:-SSgffa;grEaSiS5-d jScOMf-8.772SPcr.ainL.. ■. ... _ ^ We year 


9J 

7J75 

7 75 

S 

«JS 


3Jt 

1 

2 

3JS 

a 








ffipgei aL 35mes Wednesday June 7 1978f 


and Gold Markets 


’ V>y^ffl«»^ P remaln l aH r ft f ' lhe Gerrann mark also hn- 
SffinS rawned quiet proved in dollar terms to DM2.0880 

SbL nn!n^ aeraI t V lQW JpwayWWW previously, in 
weaker at ? ew Yor * at noon, Morgan 
'■ Tei 3 DS °I the Guaranty’s calculation of the 

f ®na eiified to a 1^ W dollar's trade weighted average j )«-. 

Tor'.™ .{tey.- of aLSiBO. Intervcn- ^VKcbtioit was unchanged at i 
tfoa bj^ie Baak of England was 3,4 per Pent - 
■ ^eti?cted_-' although not on the F^anWtirt; The dollar fluctuated 
same- sale a$ Monday. In fact ' hp ®ugb a wide range in fairly 
Yer£V fittfe Mwppened ahead i«F SK* ie standing at 

the afimiBbpTL publication of ijk D ” 2 - 09oi near the close, com- 
KnHtfrf '.Rgi»rPc for mld-Mav * >ared uith DM2.0913 at the fix- 

. jSHff J aw8 AowS ir J: ing aT,d about n«w in ca «y 

inSSin- eligUile uS oc f ^duig. The dollar moved 
i ^^eep DM2.0880 and DM2.0080 
wmAfuini'-BnD ' 1.1 _ atarket during the day. The market was 


THE POUND SPOT | FORWARD AGAINST £ 


Due month % pa. jThftsnstmUi^ % p^i. 


jSpA-Jfhf 


pared with DM2.0913 at the fix- 
ing and about HM2 nfial) in eariv 


6 - 5 S- 0 . 43 r.|uii | S. IS 
0 . 52 JL 40 e. pin 2.66 

26S 16g >'■ (»di 8.24 
20-20 c. pm 5.03 
214-414 iimli»L.6.7B 
2 T B-I 7 a I-' i>iw| 7.46 
25-186 •-.•lih I — 15-91 
35- 1 t6<li* j— e. rs 

)*r-3 llrrdia |— 1.14 
—2.43 

1 <-.pni-i*r I 8.71 
)3nrepHi-i«J«| 0.71 

TS-B cn> |un I 2.50 
436-2*6 '- P D, | 8.89 


jt.SZ- 1.42 u.uum 4.22 
_1.flS-l.5k-.pBti 2.14 
fa-flU ifiwn 6.E) 
H-BO t-.|im 6.70 

|73*3i m^ilis i — S.30 
B-7 irf ]Hit [ 7.87 
,100-500 «• .ill* —14.48 
150-230 >..!» -5.20 
[2-5 lire tlln <—0.63 

S;-5J..)tdi» -1.71 
t3>4 25t r.pin 1.54 
m-i3i»reua] 2.SS 


|S2-2S pti> 
Bu-4 Ia e. 


pot | 5.35 
pm , 3.93 


because j.ffi: ^previous fears of a the dollar against major eur- 
gT^^crease. Immediately rencies, particularly the Swiss 
^af^^^aiuKiurrcement sterling franc, with the fluctuations of 
lum&ed ,;fo V S?^S2S0-1^260 and the D-mark tending to follow the 
although ^us_ievei was not held, Swiss unit. Most other currencies 
tbe pound- showed an improve- showed -a decline against the 




meat at the close of 3S points to 

§15235-1.8245. . . 

- Events . also registered a 
favourable reaction on forward 
sterling with the: three-month 
.discount against the dollar nar- 
rowing.- slightly, to 1.47c - from 
l&ta - while the - 12-month also 
improved to 6.10e_against fl.l7Je. 

Using . • ‘ • Bank -of England 
figures'; the pound's trade 
weighted, index rose from Mon- 
day’s 'close of 61.1 to- fll.3. The 
opening - • calculation . was un- 
changed-; at 62.2 and at noon 

'showed: an improvement at 61.2. 

- The • U.S. dollar opened . mar- 
ginally firmer' hut rumours of a 
two-tier market in Switzerland, 
which, had helped to "boost the 
fioglar, were officially denied by 
SWiits - authorities and conse- 
qacotlir-tfce VS. currency staged 
^ general decline. Against the 
Swiss franc, the dollar eased -to 
Sijtfn.9135 . from SwFrlASJ and 


the dollar against major cur- 
rencies, particularly the Swiss 
franc, with the fluctuations of 
the D-mark tending to follow tbe 
Swiss unit. Most other currencies 
showed -a decline against the 
D-mark. 

Paris; The French franc showed 
little change in terms of the 
dollar and other major European 
currencies after a day of quiet 
trading. 

In the absence of any significant i 
news the franc finished 
at FFr 4.61624 asainst the dollar, 
compared with FFr 4.61721 In the 
moroine. It had fallen to 
FFr 4.6037i in late business on 
Monday however. 

Sterling closed at FFr 8.3905, 
asainst FFr 8.3910 in the mornins. 
and FFr 8.38 on Monday. The 
German D-mark was. quoted at 
FFr 22040. compared with 
FFr 22035. early, and FFr 22030 
nreriously. while the Swiss Trane 
finished at FFr 22940. asainst 
FFr 2.3945 in the morning, and 
FFr-2.4t on Monday. , 

Znrich: The dollar lost ground 
generally, with trading described 
a* active in early trading, 
although there was no indication 
of intervention by the Swiss 
authorities. Rumours of a two- 
tier market in. Switzerland were 
denied bv the central bank, and 
this tended to"-, increase the 
procure on the. U.S. currency. 

Tokyo: The U.S. dollar manaeed 
to recoup some of its earlier 
losses, closing at y220.771 against 
the Yen compared with Y219.75 
on Monday.. It opened at Y220.5 
and early selling of the dollar 
bv some banks bushed the rate 
down to Y319.95 at one point. 
However, positions were reversed 
later in the day and in fairly 
active trad ins the dollar saw a 
high for the day of Y22L1. Market 
volume was fairly heavy if 9557m 
turnover for spot delivery and 
SS66m in forward and swap trad- 
ing. 


THE DOLLAR-SPOT 


Caoid’o S* 
i Guilder 
BvMu Fr 
DuVstaKr 
D-M«ik 
Port. Es 
Lira 

NnriBi. Kr 
French Fr 
SwcOikh Kr 
Yen 

4uMrla Sda 
SwJjj Fr 

•U.S. 


CURRENCY RATES 


Sisr-mofUTi forward dollar 3.!fl-3.Wc pm, 
12-monIll G. 15-8. 05c pm. 


FORWARD AGAINST S 


Day's 





* ■ 

spread 

Close 

One ms nth 

P.P. 

Three manths 

pa. 


M.O-WA 

•A 3 -a,aic dl> 

-(US 

B 4 S 4 . 03 C dla 

-OiT 

i 23 Ni 24 » 

S 24 M 2.75 

5 A 32 SS.G 500 

2 JM 3 - 2 JM 29 

32 . 73 - 32.75 

5 .&OS- 5 . WOO 

B.W 4 AJ.C pm __ 2 .V 7 
CLSKL 07 C pm 241 

l.K-LUc pm 

0 JJ-O JQle pm 

3 .CL 

T* 2-78 

3 JM 2 . 2 JNG# 

2 jm 2 - 2 jm 2 





— 

C £ 5 - 45.05 

IM 3 - 0 .nc pm 

4 JB 

2 ^ 4 - 2 . 49 c pm 

4.79 

ML 6 WGJJ 5 

U 2 .W 4 U.U 



— 


SJVTSSMia 

5 . 059 - 5 . 41(4 

ZXmsUrrdls 

- 4 J 4 

gJS-lB lire die 

-A 42 

4 A 3 A 4 .&U 0 

AtmMAisa 

— 


— 


4 .tUIM 43 fe> 

4 . 6340 - 0. 5350 

0404 . Wc dll 

-M 2 

240 . 2 . 40 c dl* 

- 1.71 

220 . 75 - 221 . 2 S 

22 UB- 22 JJ 5 

— 


— 

5.07 



IS. 05- 15 SS 

193 ^-Jy nm 

410 

29 . 27 . 5 y pm 

l.nSC-LKST 

L 42 CS- 1 . 42 M 

— 


— 

LU 

cents per Canadian {. 

1 JN-L 04 c pm 

GJ 0 

3 ^S- 3 J 9 c pm 


•'lertina 

iluilsr 

-.*4iia,1uin 

~ ii ... 

HelifLi a (rune 
DsnUii kr»ut 
Deul^chrm'rk 
Dtill-ll [JUlHlfH 
French Irene. 
lUiun mu.... 
(>pinn« ,i eu. 
Nornny Itrwuf- 
5|4«» 

» Wlivhkmn* 
wl»« in.ru-... 


0.674236 
Xji2603 
X .37X80 
18.33H3 
39.9441 
n[m 

2.&51 12 
2.732B3 
6.62603 
lObo.16 
270.401 
6.60217 
97.9868 
5.c55Bd 
2.30494 


U.6'*6S55 

1.23360 

1.38065 

18.4488 

4U.1908 

■tm 

2.56717 

2.74986 

5.65919 

1062.55 

270.509 

6.64037 

98.5432 

5.69074 

2.37941 


| CURRENCY MOVEMENTS 


Baakef 

Morgan 

JpmS 

England Guaranty 


Index 

ebupea *, 

Stcrllns . 

U2t 

-<0.3 | 

U.S. doUar 

.... WJ7 

- SA 

Canadian dollar .. 

.... »-U 

-12.0 1 

AU5insn stbilJin* 

... 141.25 

+11.4 

Belgian franc 

. .. 11U* 

+13.# 

Danish t rone .... 

..... 115JA 

+ 4.7 

□ L-uisctic Mark .. 

.... 141.40 

+343 

Swiss rranc 

171.91 

•*-73.4 

Guilder 

.... 12131 

+ULt 

French franc 

... 9L4B 

- 5.0 

Lira 

... 5434 

-4i M 

Yen 

. . 114.42 

+3 32 

Based on trade 

wrfgfatcd riTAiUt^ from 1 

Washington agreement December. 19T1 1 

1 (Bank Of England 

lndcs= 100 >. 


OTHER MARKETS 


£ 

-Votes JUie 


Pi-und Sterlinjri U.S. Dollar . 1 
— -j.. ■- — . J 

DeutadieMark 

| Japanese Yen | 

French Ktanc i Franc I 

j Dutch Gullderj 

Italian Lira | Conadn Dollar, Belgian Freni- 


Loufliilao Dollar 
WeJgiBn Prano KM “ 


It will probably come as no surprise ’ 
to you that the Royal is Canada’s largest 
bank. But, with assets exceeding $35 
billion, we’ re also the fifth largest bank 
on the North American continent, and 
one of the largest banks in the entire 
world. In fact— through our offices, rep- 
resentatives, subsidiaries, affiliates and 
correspondents— were involved in bank- 
ing in more than a hundred different 
countries. 

Now size, we grant you, isn’t all it 
takes to handle the worldwide needs of 
today's multi-nationals and governments. 


But with size comes the expertise, the 
experience and the fast decision-making 
that it does take. Not just for basic inter- 
national banking, but for project financ- 
ing. Euro-currencies, import/export deals 
and the entire spectrum of international 
financial transactions. 

•So, if you have the feeling that your 
needs extend beyond your existing bank 
relationships, contact us. The Royal Bank. 
At (01) 606-6633 in London, 266-90-30 in 
Paris or (0600) 726 051 in Frankfurt. Even 
if your international business doesn’t 
involve Canada. And especially if it does. 


HH THE ROYAL BANK OF CANADA 

ISlr One of the worid’s great banks. 








































"Financial. .Tbngft. 


Dull late trend in Gilt-edged after banking figures 

Industrial leaders edge higher— Index up 3.2 at 477.7 


FINANCJAL TiMES STOCK INDICES 

— i r ; r 

swpj;. »2f ; 


Account Dealing Dates Securities claimed a good deal of ing the results, but Carless Capel 192p, and Unilever. 520p. both the industry's prospects. Dana 
Option attention following the results and shed a penny to 34p on the lower closed with gains of 4. while Press Corporation hardened * to £23 i- 

•First Declare- Last Account were the most 'active with S3 P r ° hts - . T , comment on the bettcr-thar- Wadham Stringer held at 43p 

Dealings tion* Dealings Day contracts recorded, while Court- in Cinemas w«iwa .7 expected annual results helped following news of its decision to 

May 15 May 25 May 2S Jun. 7 j£E* hrm * ] " iP Metal Box to firm 3 more to 313p. take on . Vouxh.ll /Bedford main 

May 30 Jun. 8 Jun. 9 Jun. 20 £ llowed by SheU - 5S - and GEC * bUy,De " Wall Street influences, were dealership. 

Jun. 12 Jun. 22 Jun. 23 July 4 ...... , . PhilitK T amn good behind a gain or 6 to 2ti0p in Rank . 

.. . Behind Wall Street advices. ^liliipa Uidllip guuu <in?nni«afinn ci»..k^ n > *necula- * n newspapers, Thomson closed 


~ =7 .juwi lnnucuna ueaiersnip. 

Jun. 12 Jun. 22 Jun. 23 July 4 ■ PhilitK Tdinin P'ood behind a gain or fi to 2ti0p in Rank . 

-■■Mew time " dealing* may take place . Bch ' nd .Sbtet advices. rmfl P s & UU Organisation. Elsewhere, specula- _ ln newspapers Thomson closed 

tram sjo a.m. two business days earlier, buyers came again for the invest- Philips' Lamp featured Elec- live buying fuelled bv take-over ■ to the good at 2aop jd response 
Th^ aFter hours' announcement C 1 ®" 1 ,, 5 urren cy premium and tricals with a rise of 37 to US2p suggestions helped" United to the chairman’s confident 


easier late trend in the Gilt-edged day . Yesterday’s conversion factor Iifted Comet Radiovision 6 to up 6 at 53p. Office and Electronic found supportand rose 5 to 243p. 
sector, but had little impact on was (r.G<63 (0.6868). 132p- also met speculative support and Elsewhere. McCorquodalc put on 

the equity leaders which held on lh „,. nh =_ p 3 to 273p ahead of today’s hgures 

to initial small improvements. ™-n U r!i «il! and Usher-Walker rose 3 to 58p 

After a dull and nervous start, L £ -a n , — on renewed interest in a thin 

when prices eased afresh by an firmed 1 *> to 540 market. In contrast, speculative 

i nnd occasionally more, silts en- 2* ^'comSSrS? wiuT th^plaring I , _ _ . favourite Mills and Allen shed 10 

countered some hear closing and ' C °7 l ?^ ed * lUl the p,acuJJ! - 9n V k HTl fTl - 10 ,s 3p- 

at the official close earlier losses 3TA. . . (I Properties passed a quiet 

were replaced by widespread p omn TnenranceS UD ~ l/~n fll I j-tI ] session awaiting the annual 

gains ranging to J. The late tone. L-Omp. IflSUraHC Up 5QQ — 1 jBJI U _riMM m _ — figures from Land .Securities 

however, was soon affected by a Publicity given to a broker's i f . f l rT..Tu.77. iTVty which .stood a couple of pence 

poor reception to the banking bullish yearly review bclped Com- =I= L f.I.'UTSflBilS IHOfl Ln~ higher at 215p before the 

figures. _ . posite_ Insurances to make_ head- 480 a ‘ / — announcement but immediately 

By way of contrast the majority wa v. Rayal put on a to 362 p and = m T \ \ — ~-= eased to 212p on it before rallv- 

of the equity leaders closed General Accident added 4 at 2 18p. -f — -- in" to 217p and closing 2 up on 

around the day’s best. Scattered Elsewhere, C E. Heath hardened 460 A, it u hnTance at °I5 d Hammerson **V’ 

small offerings were , jmsijy 3 to S7Bp 1* did WiUis Faber, to =7 =Z =3^ g* J= = - ~ — firmed 5 to oSfip. while Bradford 

absorbed by the odd useful buy mg 26ap. while Pearl put on 4 to Z= = =r=:=VA and Great Portland Estates added 

order and t* 10 30-share index 242 p. 440 i /y ji~~ tt— 2 aoiece to 225 p and 302p respec- 

gradually edged higher during tne publication of the mid- - — — I— ^ ft- * — — tively: the la<t named has results 

course of the aav_lo c*®-® May banking statistics failed to -if 7“ due next week. MeKav Securities 

a gam or 3— at 4i<. ». The volume s( j r t j, e ma jor clearing Banks 420 - were marked 15 higher to 220p 

of trade, however, aaain left much w bich had traded quietly around — - - — on small interest in a restricted 

desired; oOicnln! ms overnight levels throughout the marker, but recent sneculatlve 

or 4.544 showed no ciun„e nn d .\ a tWest closed 2 dearer at wu OCT NOV DEC JAN FEB MAR APR MAY JUN favourite Property Partnerships 

Monday’s ? nri_ very little on the 272p and m6laad 3 bette r at 1977 1978 reacted 4 to 116p on profit-taking, 

week -ago 4.oi.i. 33gp Reflecting investment cur- r ... , - „ or ,i a „. a j 

Elsewhere in the equity sectors ren ^- premium influences, foreign u-?n S «iiE« nHvirec nlnmmeH J 

hid speculation was again evident } ssuos = eperally made good pro- Stores were looking a little hardened 3 more to U3p. while riv 0 "r ltl t0 ergn s n British 

and overseas-based stocks often grcss; A , eeme ne added 21 points better in the late trade following Pritchard Services ed-ed forward Prtrol/um wWle Shell added 7 

marie progress in line with a fresh (o fI2S * and Deutsche gained 12 the final April retail sales figures. ,, t , 7 . n - rocr l T nsi . . he rSnonse to Govern 

advance in the dollar premium. 10 £1141, while Hong Kong and A. G. Stanley rose 6 to 128p for u - l0 3 . p m resp0I ? sc to the to ofilp m response to Govern 

Investment Trusts. . particularly rn " c d 0 up' at 2S»P. a tiolaT IS. ™ 1?. SciiuSnur, C „^ , ™ an . S .'V*™ ** “"*. “PP™™' r f “ r ' h / a «° r 

thns;^ with an American content. ... , . .. , , harrlpn^H 1 1 m ojn nn Pmcr nient. A shade easier at .a— op exploit the Nortn Sea Fulmar 

Un recorded wmo useful gains. .St'11 anticipating POtMHlal and the ^ chairman^ ahesd nf the Preliminary rvsuUs. Field. Siebens UK attracted 

interest here bein" enlivened bv benefits from the Ba*s Charrms- s . atement buI f ur iher consider-! I,e ^ Rui? ral,ied on Thc revived speculative interest and 

!he sharp Jermigh't imnrovement ^* r ^i to JfiKT the SStrim SSiS diS ^nouncement to finish «i higher rallied 25 tn 3S3p and. similarly, 
on Wall Street- the FT-Actuaries pany 5 . hrand - 3 more r rom Martin the News- on ,he day at 333p - f,r0Vl ‘ 1,c .! °»I Exploration rose 18 to 256p. 

index for the ' suh-wtor -ained Macdonald Martin Distilleries rose , t 3420 Newsagents continued firmly at 34p. up — investment dollar premium in- 

^ nor cent to 2OT 20 comnired ™ t0 450p , for a = ai " of rScted 4 to 106p in Jym^Sv and ‘ Mo ^ an Crucible picked up 4 fluences were responsible for 

Sh a rU?of of SrTt t! S®' Amalgamated Distilled Pro- reacted 4 to 106p in sympathy. mr)re fo „ 3p Reflecting Wall 5trPn?th in Ranger OH which 

51K71 in the All-Share index. ducts, however, eased to 3fip hmall irregular pnee move- Street influences. Dover Corpora- added 2 , 5 to £25 and in Rova! 

_ih.il. in tne ah snare moex. before closing 4 cheaper on ments were rhe order of the day jjon ro<:e j i 0 £331 , nnd Franklin Dl|f| , h whjch c \ osed a point higher 

nit vollxf l, o if 0r l balan.^- at 38p. Breweries were among the Engineering leaders Mint gained 50 to 845 n. while the £ 4fi ^ 

Dill rally HallcU and mtic changed. after a small trade. Hawker con- firm investment currency „ ' . ..... . 

* u_: 1 -„n„ ih. . . . . 1 tinued firmlv at 222o. ud 2. but nrominm nmmnroH ":<ins of 4 in -Small buying in anticipation of 


l ° ^"ter^a Tuti^S'nertS 'start, demand S^SSSSoSm 

wrsat-sui « e i; 

i nnd occnsiona i Iy morc. _ 1 Us en compared with the placing 

countered some bear closing ana r , __ 

.it the official close earlier losses P nce 0 ■ p - 

were replaced by widespread p nmn I n c nr9 nf>p« 11 n 
gains ranging to |. The late tone. L,Omp. inSUraDCeb up 
however, was soon affected hy a Publicity given to a broker’s 
poor reception to the banking bullish yearly review bclped Corn- 
figures. . . posite Insurances to make head- 

Bjr way of contrast the majority wa y. Royal put on 5 to 362p and 
of the equity leaders closed General Accident added 4 at 218p. 
around the day’s best. Scattered Elsewhere, C E. Heath hardened 
small offerings were easily 3 to 27l)p as did Willis Faber, to 
absorbed by the odd useful buying sssp. while Pearl put on 4 to 
order nnd thc FT 30-share index 242p. 

gradually edged higher during the ^ p ub]icalion of the mid . 
course % Ihe davw close wtih May bankin „ statistics failed to 
a gain or 3- at 4/i.f. The volume stif tbe raa j or clearing Banks 
or trade, however, again left much which had tr3d< , d quietly around 
to be desired; official markings overn j s ht levels throughout the 
or 4 .644 showed no change on ^ NatWest closed 2 dearer at 
Monday’s and_ very little on the 272p and ^diaad 3 better at 
week-aso 4.573. 3jgp Reflecting investment cur- 

Elsewhere in the equity sectors. renC y premium influences, foreign 
hid speculation was again evident } ssu c s generally made good pro- 


OCT NOV DEC JAN FEB MAR APR MAY JUN 
1977 1978 


known. Sentiment in the earlier 0 n 12 to SlOp on the imminent man Keenan's cash offer of Op cheapened 6 to 92p in reaction were raised a -to i3o" > aneae _ ot 

dealings was again uncertain, but instigation of the capital reorgani- P er share, while Flu.dr.vc which to the disappointing annual n^t Thursday s results . Viter 

iho rm.-prin" or hear positions nation nlans Aeainst the trend ,s currently in receipt of a bid results and Wedgwood declined the recent sharp fall on the Tan- 
-jFipp thr rpi'ent downward drift T11hurv P Contracting eased 6 to w-orth 74p per share from Thomas II to 221p for a similar reason, zanian situation. Lonrbo eased 
oushPd thp market to higher ^Od ibstock Johnsen added ** to TiUin S. improved 21 more to 79lp. The announcement that two afresh to 5»p before closing with- 
lcvels. d Bv S' Official Tate and Lyle, interim figures fetors had -^^ntia'ly out alteration at 60p Jam« 

initial losses were more than sition or the U.S. company Marion next Thursday, revived with a *.-h^h touched p" ,a > r e JSS 

j chAw. Rrirb while rhe fnrppflst nf con- pikp nf x tn iTJn in l.-tcL-.liicim unsettled X alor which touched following the results and capital 


in 1 he shorts and to l in the later prompted a rise 3 to 64n in IV. and tinued to attract speculative ? tn ^,„ r „ 11nw Tnp thp ni m n Overseas issue* made the 
maturities. The final tone, how- J- Glossop A. Monk closed 3 interest and rose 2 to 57p for a J ' *** ^'"qXhv inning in a firm Investment 

ever, turned distinctly dull and dearer at lOOp on speculative buy- two-day improvement or 6. d a i ,u r ' h ‘" r lD Tr„* t se-tnr on a combination of 

nnnnin" quotations were expected In 5 following Sami Piran s in- Linfood were also 2 higher, at 0^7*, rei ' nqu,snea 0 ,urme M'-41 Street and currency 

to he lowered todav creased share stake, but Johnson- J40p, following news that inffiieneec. Ar»o Inveshnents roep. 

From Monday’s lowest total so Richards Tiles gave up a similar Guineas Peat had increased its Proceedings in Motors and j. t0 }42n. while Selected Risk 

far of o .i0 contracts the numbers amount to 91p. shareholding, but Associated Distributors were enlivened by investment. 420n. and U-S. Trust 

of deals in London Traded After initial caution ICI firmed ? r,0sb a fi™ market of the strong performance of Heron F Und _ ^ n . nut on 30 apiece, 

notions yesterday improved to 4 to 392p and Fisons 3 to 357p da i e - eased a P*nny 1° ®9P- Motor which jumped 16’- to 130p R ab ec«i hardened a point to £Rlt 

nun. The volume of trade again Elsewhere. Craig and Rose put on _ Savoy A featured Hotels and in thin trading on a Press sug- as did Rofinco. to £47. Gams of 

left much to be desired but Land 30 to 4o0n in a thin trade follow- Carers, improving 4 to a_ 19.8 qestion that thc preliminary around 4 were seen in City and 


ADTIAUC Mfliucnvu - iu Mivv u.i eoou. utner issues were quieuy :s«*cona snisnce hum. imp. «iujb 

wrl luna the incerased profits, while other fu-m despite a gloomy forecast on Channel Inlands Caoital improved 

DEALING DATES In a „d C«nr,d. t,™ u SoS'l"-" L^dbrlil^t 

First Last Last For Compton Sons and Webb, better at l»3p. ^ 

Deal- Deal- Declara- Setlle- Lonrbo. UDT. Tricentrol. LONDON TRADED OPTIONS 

mgs^ ings lion ment Northern Engineering. Ultramar. Utd. Carriers wanted 


20 to 540p. In Financials, 
renewed speculative interest left 
London European 2 up 'at.28p.. " 

P and O Deferred dominated 
proceedings in Shippings, closing 
3 better at lOOp. after I01p. 
following a good two-way business 
in front of today’s ' apnnal 
meeting. 

Higher • earnings faffed - to 
sustain Parkland “A ” which, 
eased 3 to 78p in quiet /Textilea 
Nova Jersey, a recent speculative 
favourite, lost a like amount' at 
47 p. but WOltam Reed" edged 
forward a penny to 90p oh the 
ebairrnan’s statement on future 
trading. BAT Industries, provided 
a dull spot in Tobaccos, losing- 3 
to 3S5p on selling . following 
adverse - publicity given - to . the 
company’s sale of high-tar 
cigarettes in third-world coun- 
tries. , . .. 

The earl q-omrin ing announce^ 
ment that the bid from Harrisons 
and Crosfield had been made-un- 
conditional led to a rise of 6 to 
96p in Harrisons - Malaysian 
Estates. Guthrie cheapened- -3 to 
317p ahead of tomorrow’s ajnhtal 
results. Elsewhere. . Warren 
jumped 12 to 234p with sentiment 
buoyed by the sharp advance in 
the coffee price. 

Quiet Mines . 

Features in mining markets 
were few and far between as busi- 
ness remained at a low e>b. Even 
Australians, where trading: has 
been quite hectic recently, were 
subdued as a' downturn in over- 
livtii Sydney and Melbourne saw 
prices bere drift easier through- 
out the day prior to a' modest 
rally towards the close. 

Movements were generally 
restricted to a few pence either 
way with falls of around 2 
common to Northern Minin g; 
103p, BH South, 9Sp, and Con- 
ddc JRiotlnto, 230 p. 

Among the more speculative 
issues, similar losses were-' seen 
in Metals Exploration and Faringa 
at the common price of 35p, while 
Tasmincx dropped 5 to 70p. 

On the other band North Broken 
Hill recovered from a dull start 
to close unchanged on balance at 
126p. after 123p. while Pefeo- 
Wallsend were in demand and 
finaly a shade firmer atfiOSp. 

The further weakness in the 
bullion price, which gave up $1-25 
more to $1SL375 per ponce for a 
two-day fall of $4, in front of 
today's International Monetary 
Fund gold auction caused mar- 
ginal losses in South African 
golds. The firmer investment 
currency premium, however, 
cushioned prices to the extent that 
the Gold Mines, index ended a 
mere DJ. easier at 153J). ; 

In Financials, Chatter. Con- 
solidated shrugged off initial dis- 
appointment with the results and 
closed unchanged at 136p , after 
dipping to 133p following - the 
figures. Other London-registered 
Financials closed barely changed. 

Soth African Financials showed 
Anglo American 4 better- at *300p 


6-S3j;.' 5-S 
L6.4S : 16.4 


s.'/ja?,® ?. 
■ 


\ &.18 Rap. 840 

6K5S .:«W ; 

i.4-574; 'joSHmJ? 


Goraniment 5eci - 68.83 68 79 .6B..-36 ^.90 7^ .69^ ; 

lBdurtril U Ordinary.. _T 477TZ 7 4^.5 47-^ 47^478.8 .472 Jd- 4*^ 
Gow i».o -ia*M ip**} -mt r 

Old. Dir.' YJald.-...-. r"-. 5 - 5 ® . f 0-58 -V *'• ; 

biwBgaLinditfnUX*) 2 1 ®* 13 .'.iM.® • J®* 17 ] - 16 ^ >• 

-P/H Hmtlni (MtlCNj-.^- " ' S- 39 . ;A27j 6.18 - - &2S 

Da Jlng. lurked 4.644 rv 4,64? , > 

Equity iurao ver £ni ... ~ .-'aftSfl - 67.90i 6B^3| : p4-BB ' 

Eocdty b.«L « ■>- f 

- — 2 — lO~«n^74.A li am VO/TNooa 47B.4. 1 

Lwntf ? inilex BKWfr.WQfc* *- 

■ p,«f< nn at per -cpnL.cortwratftMr tax; ■'*»;?>. C 

' ypc<« ih Gopu Secs. na.OB».v.lDd. -ObI.- 

. sb AcUrtcr. Jnh-Doc. ; U4fc.-,- ^ ; ;; 

■ highs 

’■ i«7a j -|MTtpe Ooaipii»M«io -.■V' -n ;■ 

. High : U > " ' . - fri' V~ 7*^: 

•is?- & 


dob 1 - 


Oovt-Secs-.l .78^8. 68.79 
] fcJ/U 


Fixed lot — 8M7 
(U/l) 

led. OnL-..> 497.3 
16/1} 

Gold Slinee. 168-6 


&IG) j (A/W6) 

70.73 T:l6ri.4 


ii3&& --ZST’ -aaESj® 

442.3 -43 Ji SpqonkH * 3 

■£2o-7»lj'2f‘/lQmt 106^'riui'B? £ 


'43.5 I 


tndutrikts..] TflSf? ■[ * 

J -39iBrfc-- ag*X .. 


on- consideration of the; fifteen 
months’ results- announced on 
Monday. A good - demand for De 
Beers left the shares 3 firmer at 
352p, while S entrust rose a., 
similar amount to a 1978- high of 
2i4p. 

In Coopers, Mlnorco advanced 

NEW HIGHS AND 

The following securities Quoted In the 
Shaj-o information Service -. yesterday 
attained new.Hlahs and lows for 1978.: 

NEW HIGHS <15lV - ’ 

BRITTSH FUNDS (ri . . T. 

FOREIGM BONDS H) " ' 
AMERICANS (IT) - 
CANADIANS (X> 

BANKS iS) •. 

BEERS (2) 

BUILDINGS 18) 

CHEMICALS 13) - 
DRAPERY B, STORES (9) . . ’ ' 

ELECTRICALS !*»-.- 
ENGINEERING (81 . . 

FOODS m 
HOTELS (5) 

INDUSTRIALS <Z7) 
INSURANCE (1) .- 
MOTORS (21 
NEWSPAPERS II T 
PAPER & PRINTING (3} 
PROPERTY (SI 
SHIPPING (31- 
SHOES dl 

TEXTILES CD ... . 

TRUSTS <Sfil 

OVERSEAS TRADERS (1> • 

TEAS (S) 

MINES 151 - 

NEW LOWS (10) 

BRITISH FUNDS (3) 

Treas. 10i;pc 1978 Funds. S.lape *78-80 


: strongly to closed inktif ? > ‘ 

j 

ihe the; company's W fiir. ihagi «* . 

ation -Ckmsohdated Copper. • • ’ 
Elsewhere Tokonr o wicni:^^ . j ^ 
continued "to gain- "gr tiitni^ ^ - 

■ 7reas. T riijpc a 97S ■ . iVa£'>7i*; s : * . ♦ 

Treai. 9i^>C 1080_' ; n 111 -^?T- „ > , 

FFI 14pc.1S8i?^^MVi-^r/.'-C 

Mlfland 1 0V« 

. rHpu»TRiAtk •• - 

Glcves Group v 

' • SHOB . 

.Footwear invs. - - - - re' 1 ? - 

' ■ LLX11LE4' Ml '.-i' '■ ---S../* 

Bright a.) 


■right Q. ) 

RISE^ 

' ■ ;YESlSrat>^g^[| 

British Ponds -* 

Corps S, Dnnt^ and ,.l-; .- « . 

Foreign • Beads. »r<ja. >• 1* ■ 

Industrials ■ ; 

PtNMiciaT and Pran.— ^ ■ jnVi-aEr^nt t ' 

on* • js’- : , • gajB-t ;■ 

Ptantatfon ■ . V ,'s *f ■ 

Mines 1' T 

Recent issues .?■*-; ; -77---^ 4 : • 

Tgtais •, 


ACTIVE STOCKS 


-No. 

Denominar of 
tion .jmarkB 


Stock tion 

BP £1 

Barclays Bank ... £1 
Shell Transport... 25p 

BATs Defd 25p 

GEC 25p 

Boots 25p 

ICI V £1 

Albright & Wilson 25p 
Commercial Union 25p 
P. & O. Defd. .... £1 . 

Beech am 25p 

E^n .; sop 

Grand Met 50p 

GUS A 25p 

BTZ - 25p 


.Closing 
price (pj 
87ft 
328 
561 
"2S5 
38* ' 
192xd . 
392 
157 
150- . 
100 ; - 
■ 853 • 
147- 
115 
\ 276 
22S 


Change 
on day . 
-,-f^O v 

' +T •’» 

3 ' 

. .+ 2 

-hi' . 

•+ 2 •- 

+ 3 


+ 3 . . 


1978 
.-higt 
•: 892 

.358-.- 

588 s- 
: -296 7 -: ■ 
.278: 

‘ 231; ’ : 
; '396 .' 
^66 ~ : 
■.;!&< 
118 .t 5 

•’OTB'i' 

laa^" 

r .117J-' 
312 ... 


V s&ip* 

*:V' ;* 

- JK& V T * 

- dixw-2' „ 
:.--720*^ . . 
•,29fif.r*7. • * 

-ASMTi-Vi 


•■z.r 


■ v 
a :• 
1-1842 t’r V 


FT-AGTUAEIES SHARE 


|„f ..-,,-.7, ‘ J , « V — . ^ . OI u,e mia-may oansing nuures 

;V'lCf v f S ^*' Ice „ arranged in Polymark. Oxley and, in some cases, improved a 

Mone> was given for the call Printing, and Charterball. penny or so further. Bowater. 


Charter ConsolidatedLimited 

FINAL DIVIDEND AND CONSOLIDATED PROFIT 
STATEMENT FOR YEAR TO 31 MARCH 1978 

Tbe board of directors has today resolved to recommend to the annual genera] 
meeting of members to be held on 19 July 1978 a final dividend of 5.27645p per share 
in respect of the year ended 31 March 1978 (1977: 4.75446p per share), payable to 
shareholders registered in the books of tbe company at the close of business on 23 June 
1978 and to persons presenting coupon no. 26 detached from share warrants to bearer. 
With the interim dividend of 3.025p per share paid on 9 January 1978. the total dividend 
for thc year and associated tax credit at the current rate of 34/66ths will be 12.57795p 
C1977: ll.4345pi per share, representing the maximum distribution which can be made 
under the counter-inflation legislation. Dividend warrants will be posted on or about 
20 July 197S. 

The following unaudited results of the company and its subsidiaries for the year to 
31 March 197S are issued for information in advance of the annual report and accounts 
which will be posted to members on or about 22 June 197S. 

CONSOLIDATED PROFIT AND LOSS ACCOUNT 
FOR THE YEAR ENDED 31 MARCH 197S 


KiViik Clmun-j' 
jirn-v olfw ' 


Income from investments 

Surplus on realizations of investments 
Trading profit 


1978 

£000 

21,054 

5,790 

18.065 


Deduct: 

Administration and technical expenditure 

Prospecting expenditure 

Interest payable less receivable 



Retained profits of associated companies 


Profit before taxation 
Taxation 


Profit after taxation and before extraordinary items 


Ml* 750 

1 Bl* 800 

L»l* 850 

Bl» . 900 

tin*. Union 140 

i'oni. t’nl'-n 160 

Cun*, (ini*! 160 

Cum. Gold 180 

l>mrlii'ikta ■ 100 

Conrtaiild* i 110 
(.'■.•iinanlils 120 

CiiiriautiJa 130 

IlkC 220 

lift: - • 240 

(.K»: ’ 260 

G EC 280 

■.•rami Met. Iuj 
(,-nn.j Urt. 110 
Grand Met. 120 
ICI 330 

ICI j 360 

III 390 

1 aii 3 Sw, I 180 
Iaii> 1 Secs. I 200 
IaiI '1 Sw. 1.. I 220 
Marik * 120 

.Marla A »|C i40 

Marin* ->{> s 160 

Sin'll 500 

I 55 J 

Midi 600 

l.aa'. 


750 136 
800 84 


160 18 
180 7 

100 24 

110 17 

120 9 

130 6 

220 49 

240 29 

260 13 

280 4 

IUJ 18 

no : 10 
120 j 5 
330 ' 67 
36J . 37 
390 ' 14 
180 36 


• t'lmini; 
Vnl. ■ ofter 

— . 146 

1 ,107 

— 67 
10 I 42 

— ZO 

— 10 

1 27 
I 16 

5 27 

20 

20 14 

30 j 9 i 2 . 

2 ! 52 

- ! 35la 

15 ; 23 1 j . 

- 14 ’ 

- ! 21 . 

15 : 13i = 

5 . 10 ■ 

2 I 72 | 

- | 43 

12 I 24 I 
7 ; 37 ! 

L2 23 . 

15 . 12l 2 ' 

“ i 32 

- 16l 2 


26 I 15 1 54 

91s ■ 9 ( 24 

180 1 


42 — 

1SI S 10 

13 - 

si, ; - 
18 ! 1 
7 • — 

241s i S 
17 

9i« ? 20 
5 . 30 

49 I 2 
29i? ! — 

13 j 15 
4M ! - 

18ls — 


167 ' 

. 130 
94 
66 
23 
14 

' 311a ‘ 
20l 2 1 
29i s 1 
22 ; 
16<2 ' 
13i 2 

■ 58 | 

i 4312 
: 31 . 

' 21(2 
. 231s : 
17 • 

I ’S 

j fl 

! 4012 ! 

, 28i2 . 
17i z ; 
34 

20 ’ 
ii : 
102 ■ 
66 • 
38 I 


These indices are/the joint compilation of the Financial Times, the Institute of Actuaries;:,^ -■ 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Tues., June 6, 1978 Ji »« J ^° .Jme'.l-any 


Fri. J Thors. V Wed. 


Figures in parentheses show number of W* 1 

stocks per section % 



EsL 

PfE 

Ratio Index 
(VeU Na 
Corpu 
75x32% 



RECENT ISSUES 


EQUITIES 



UmiiKlI (t .li.t. 
Biin«hertu 




‘91 +2 i 14.5 I 3.1 7.5' 4.9 

114812,' (A ^.6414.0-^.7 14.1 


FIXED INTEREST STOCKS 


Deduct: 

Minority interests 


Attributable to Charter 

Earnings per share 24.26p (1977: lS.40p) 

Dividends of 8.30145p per share (1977: 7.50446p per share) 

Profit for the year retained before extraordinary items ... 

Deduct: 

Extraordinary items 


Deficit transferred to reserves (1977: surplus) 
Notes: 

1. Extraordinary items 

(a l In view of continuing difficulties 
resulting in a slow rate of 
development and tbe consequent 
increase in development costs it 
has been decided to provide 
£7.5 million against the in- 
vestment in Cleveland Potash 
which now stands at £14.6 
million. 

(hi Against the background of 
depressed nickel and copper 
prices and continuing operating 
losses a provision of £6 million 
has been raised against the full 
cost of the investment in 
Botswana RST Limited and BCL 
Limited. 

(c) The net effect of currency 
movements during the year 
gives rise to a deficit of £S.2 
million. 


(4,929) 


•1J. 1 IM'. 1 — 1 
lJU| ! F.F. id" -3 1 

JAuirr. b.x\iv» nn fin. inrtiiMv 

iQTiijAriiiiiflei 1 (C#.i <->ni turn- l*fvl 

OlJ Baruel I2i? ltd. 1987 

i* i, r.r - | n.x,. 

tt£97.S5 £10 28i7 1 10'» 
£50 >^a-B | 4-i 4 

■ * ' F.l*. Ili8 lot 

I-JUi. ( - ‘23, -6 I..-I- 

■ ■ ■ f.p . - toe 

• * ; f.l*. 7,7 lUJ 

C1JU I’. 1*. 2b b |i,‘L 
E98i» Cl . 19 io 

•• • f.r. 16 61-Mar 

lOOu lin-ll. n -i, k.,Mi, . •„ inn. ciMi I'rei 

I0M Water 1% K«l. frvf. 1983 

46)v'« 1 Mfi-IIM i II lUiil. Ili'nt HI llr.Ke<l. I> 

|Liheily i. Lu. :).£>% I'rf 

•il( i'iii.i Uni,. i'n 

JtW ! PresHii- 1C»* % i mil I’rcf 

« jVuu-J* iH. A J.i H>i I'M 

ijfi IimiiI |3;, Cut. Uiii.. Lu.lM^ 

73j| 1‘vne 4 w«*r 12% l»-l. ItM' 

lull itVatlr. ISiiii-rin iri“l*rn 



215.07 +05 17.46 557 8.00 21403 214J6 21532 

190J4 +03 18.03 5.70 7.93 19031 190.15 19L36 

351.09 +1.4 19.44 389 733 34625 34481 34632 

45339 +0.7 1532 3.92 936 «082 45055 

319.04 +03 18.50 639 732 31830 319.58 

17532 +03 1889 6.07 7.45 17438 374.45 

163.81 +03 17.41 8-56 7.84 36333 16425 


19689 +03 1695 

23080 +0.7 1538 

177.06 -0.4 1625 

12531 +03 19.74 

20286 +03 15.77 


4.85 830 19588 19589 

3.75 9.28 229.11 22839 

6.37 8.45 177.75 177.48 

6.14 7.14 124.86 125.02 




199.64 +0.5 16.23 

285.99 +08 17.43 

259.38 +03 11.41 

33731 +1.8 17.47 

44283 +0.7 18.92 

203.94 — 17.21 




367.73 

130.72 
18033 
18187 
257.79 
108.02 

199.27 20029 

28507 285.97 
26036 261.42 26279 
134.98 137.03 13672 
43239 43132 43085 

204.73 206.17 204.95 


MIF7¥T^|giCTfctj C i£j».-f zaW&rM fXTTMw ynn mB’i if Tarn grM 


164.79 +0.5 — 5.66 

18929 +0.4 25.00 5.69 

19835 -0.1 — 839 

14080 — 13 92 5.83 10.64 

137.89 +0.5 — 6.60 1 

12688 +13 — 6.76 

33034 +03 14 11 4.74 10.14 

8163 — — 5.97 — 

238.15 +03 288 3.02 66.74- 

108.03 — 2431 7.47 5.69 


20929 +0.9 323 4.75 30.92 207.49 

10036 -0.1 16.68 6.86 7.31 10030 I 100.77 


312.91 1 _+0.7 J 16 07 | 6 60 ] 7.66 I 310.79 I 31399 



“RIGHTS” OFFERS 


2. Taxation 

Tbe taxation charge reflects a new 
policy for deferred taxation based 
on the method proposed in Exposure 
Draft 19 issued in 1977 by the United 
Kingdom Accounting Standards Com- 
mittee. The charge for 1977 has been 
restated to reflect this new basis. 

By order of the board 
CHARTER CONSOLIDATED LIMITED 
D. S. Booth 
Secretary 

Registered Office: 

40 Holbom Viaduct, 

London, EC1P 1AJ. 

Registrars: 

Charter Consolidated Services Limited. 
P.O. Box 102, 

Charter House. 

Park Street. Ashford. 

Kent, TN24 SEQ. 6 June 1973 






FIXED INTEREST PRICE INDICES 


. . Tues. Dav's 

British Government June change 


21554 ] 21631 217.24 [ 22674 1 187.9*: 


FIXED INTEREST 
YIELDS 

Br. Govt. At'. Gross Red. 


20p : .\U I 

«> | v.r . 1 

l'i» ! .Vi 1 
aop I Nil 
70 p > Nil ! 
114.06 Nil ’ 
84 f Nil . 


7/7: 168 pro JS8pm]Bieni Lbemn-ala 

69' nrunn Dnii-n Kcm 

— i &liun Aipin jl'enadlan Imperial Link 

7;7 : , oW i JSpnUCisilni MHimruriiinnc - 3a>«pin 

21/71 £8pm Sipm, Uubsun I 'ark luiln 27 pm 

2Qun>! 17|uin Klmniljmnil Gnlrl Nlinluc ISpm 

19i7' I3poi 10pfii|Hi9iialr 13pm 

aj- 5 * JOB j H"<n/t«ii .Mi i an i 96 

21/7' Hum' Bpm HmwiIcu i.Vlesaiuleri tlpin 

ax-6 1 410 1 386*# 'ihi* mr*f U.k kuiunl, 410 

9.oi 64 l^Hpiil'm 54 

lT^i Ml#! 231#<«V I 841# 




3« J 5 
3.76 I 6 


Coupons 15 years 
25 years 


Krminnaimn flan- iisiialbr ia« lay lor OealuiB tree olsiamg Ouw. 
n -y i „. PT1.SPHI1U- .fJiiiMM. v Assumed dividend and yield, n 1-orecaM divulenrt 
Oliver bJH-rt III. prrvuiiK year's earnings, r Ulvldend and yield Oa».-d on prospi-vius 
om.r ■•Iti. la i «nma»«t Id IW u Un«s .h^arr-j SMimirt . J ' 

lor eon version oi shares nor on* rsnkinc lor dividend or ranking only tor resineieO 
iivHiemi. > Plat III- ,invt 10 WWW- WP"in- unless mh-nviae indiulcd. J| l»«eo 

by lender. II Ollere.1 io OoWets Ol Ordinary ■.Kjm js a - nsmiL 

by was of opnalisaiion. »t MtoWltUP tcwler once. W.BeintjroriUCea. Iljasoodi tReiJomoiiro yield. Higtn and lows rtcenl. taso dotes snd values and caosMtveitt changes an» aahr<ctat>n t» Sntnrda* 
la connecnon wiui reorganisation n J= r6ef ur la^e-over illllDlrdductlOA. I A “5IT '^L 01 ,hc COnsl| w«»"ts Is arallablc tram the Publisher*, iho Financial Times, Bracken 

to lormcr Prefer. -are bolder*. ■ AJIo'oienl tellers tor fully-paldl. • P«»lsiooal j London. EDJP 4BY. price Up. by post 22p. - " Hotnc * Cmw ”’ Sreet> 

or pdfUy*Pild aDoimcoi ^ ttaui uamais. 


Tuesday. 

June 6 

lodes | 
No. I 

Yield 

tt- 

5734 Jfl2.99 

62.23 | 

13.55 

71-49 j 

12.96 


■ndny Friday | Thors. 

June 
. I 


«'«.!. j Tin—. 

1I«y | Mat- 

31- W 


Tues. 'Mon. 
Juno June 
S S 


904 
. 1132 
11.96 


13.60 U.70 

12.49 1153 

12.65 12.62 


1188 21.82 

12.98 13.01 

13.39 1343 


12.02 I 12.01 


Fndaj [Thurs. 
U«> 3 lay 

26 35 


57.37 

57.34 

57.34 

57.35 

57.37 

57^5 | 

65.88 

62.91 

'52.91 

52.91 

51.75] 

51.70 

Sl.70 j 
71.831 

50.93 

71.S2 

71.66 

71.72 | 

71.79 1 

71.95 

70.17 


"•mm 















































































u» I 


AUTHORISED UNIT TRUSTS 




















1 

ill 

ap 

rfj® 











M y7~i * i • A ; t-'j .jl 




u I I 1 1 III 




L —Juno 1. —Jane 1 





Bity] 





BASE LEHPtt 1 ® «***? , „ _ 

' . 9 * *Hid Samuel • 5 » » 

li^jaSIss**- 5 

v,A3nenpaD -Espwss • 5b . aun^KOOg & oaangnal « Vo 

* ’•;■■• - 1 fl « . ; iailustrrai Bk. oi acou d ’xj 

. A P Bank Ltd. * » % Tevaer uuuwiiii ...... » Vo 

-.Henry 5 ?g!i e „ r ■CVC 11 ' ■ Kntwiiey « ou. xta. ... lxf.u 

. •;' . q «■_ . .iiuHim!l.i«4.6i'CgPlA^ •■■ a ■•« 

r -'? aB 5"^ SSS?-" ■•v*V g 4f, ■ -.'uawarfl Mimsou &' Cc», lma 

-■ wiiniagu jj * 

Barclays -. BA ok t-l:----. - m muigail urepwn . w ,u 

TSaVripft CiufeUe Ltrfj-' ;•. 9jV& .:. ^auuoal + wesiui lister v iu 
Brtmar ■, HoEings Ltt^.lO S ■ worwiai tinman l^um *£ 
"BriLBank of -Mlcb.EaSt -9 % +•• ±*. netbuH\&.to. ... # Vo 

S§: ; SS- 'AS 

.9jS : ^ieciiriiy.xiusUi?.^ i« * 
aSSfeSbiS&t.^: .: J % u * 


r.tiremar iHohjaws 0 ^‘rr *r i 
. vBriL Bank.of ^GtfcyEast -9, / 

M Rrawa 

; Capit^^C &,e^Fw. 1^4*- :. 

■' Gayzar’ IstiL .-.-s 

. Cedar Holdings .-,-.... ;•• J 


: ' 9 % uniwo Baok o£ Kuwait 9 fc 

cSSi?SSSS? ! S^S fr •«» 

-V * % • wiiiiajiik.« wyna -. * » 

DuScSuwrte & 1 Yorsaiure fian* ......... a * 

VSjtowaiajwjJ-* 6> - 

-fTrindlavs B«lK : -.— -L.j 9,%f- r l ■ Demand, deposits We- 

iw£‘S:..-..;.. * *■*-•!: 

IT Hambros-. Bat* -. ^-.vr* ff % * M ? riaw -' • 


Abbey Unit Tsi.. Mgrs. Ltd. tat 
72-BO. « Sati-liuUM Rd . .AvkilSUI-' (Jliflfi WJ I 

Abbe? Ca|ill»l — 132 & »7j . j 4 0S 

■tfrtn't'JwWw iM2 a2 V .0 ll 568 

-\bh»r In-.’, rvt. Kd 35 4 J7 71 ... . I 4 1 » 

Abbt-y iri-n.Tsl- |4S 4 «8J| »0.l| 3.51 

Allied Itamhra GroupV taitei 

lliimbm II-c , IfiiHi-n. liri-nwmi'l.f-'f'J. 
ft] rat m r >i or srenmviKi iie-i m 14.59 

Hibncnl builds 

AlluwIM ...1853 ,6591-01) 544 
t.nr (ml< fund .,623 feWi-P.-i 561 


Garlmore f uod Managers V laiigi Perpetual l'i 

5!MI j, m. Marv Axe. Et- ; A Hl:|*. ni.2Saa311 Wll.m .-!.. (!.-nl 

4DS (5, vmtairanTJ [M 5 32 7.S! - O’ 1 : nii P a'-(n.>l‘!|i | '*.h 

5 68 linli'OT-l'-V" 1 {?f® U>2 [ -0 :• IV, ........ 


Perpetual I'nit Trust MBRmt.V tal 

4« ll.nl .-!.. li.otWi.n T*-.diw ■'. 34S!" iHW 

P rx-ln.il' in i>.h '39 8 fi2 7!. ; 3 51 


H.'.-l S. I net LIOI- 33 2 35 

3 1 liiil < ‘anil jl. . 713 ..it 

il.-ffntimrunii ..... 1 M 2 11L5' 
WdmLro Afr.f'd..... 129.7 127 

InrKuc Fundi 

tliHh Vii-ld Fd 169 6 74 

Hirh Income _lM4 6 >. 

.IK fcj] !nr ..138 9 41 

Inbroaiioail Fuads , 


b 7nii - C .*( 5 al 
3B4-0.- 547 

35 5| - 0 ^1 499 


Kias & Sha.-cs.on Mgr.t. 

l'>.:nnc( rnt* Si Holier. Jr-r'ev.l0&34''73!74t 
V'i.tlo> ll^o. S.L I'-ie-r !Vn. i.mty. 10481)34703 
' T!iom.i, , w tTiH-i ivuelav. l.i.i H iOOMh 356 
<i:ft Fund 'Jt r?e>i.. 1923 9.261 , ...1 1225 

iilUTriLil>l.vM •. .. 1D32 1058rf -Ob| X2.25 
<ii!t K-wl iJuern.'.oc[£9 71 9 72] .. ..| 12.00 

!nlL frail. S^rs. t«. 

I"l r jA f-’ierli-.i; .11813 18 291-DAy — 

PiPJlnll. I1B3 83 184 74 -OelJ — 


S.S|i23 


JnlenwtiftpflJ. — ..|?60 27-S +0f’! 

Soes of Ajouric A—. (55.1 59 Qidl -rL2l 
Pacific Fund [402 43.0] +0 Jj 


J ’’ ‘ '* 44. !:!n>jir*!iur Sr 1 .V*’! J V2il\ fl I tfJ f ;iS ISoulct W Royal 1 UNe^tmjrij O.D. t‘unn>e-J L 

Oovett U0hn)¥ Prjcii.anu-Jl.. |147fl ISAS'...., *21 l.tmwnl 1 nrumu .. ISIS2U 75 lilfll I 6 51 Cuernsoj-int 

7' UmdonVull. £/’■-■ 01-rifi33ti29 Aitum l nil-. '20..9 • I 4“ Price:. Bt June 1. No it »uh nay June 7. . Thi .\ccum. . 

M.!,ir J-nrfar-BSJ j 2g; ProvincUU Life Inv. Co. Lirf-W Bnk. of Lndn. & S. Arwriea Ltd. S.!2, T g®,™ “ 

M7 U» Ace ^^ d t .;|, 1 ^ rt fly * 202 IKK. Hi^hop* aale. E.^ 2. . u 1 J47 MP ■ 4086. QucCfl Victoria Si F.< 4 C.l .930 ^213 KRjJk* kS«L ' ' 

_ . Muiimmiii.) r . . ITOhtieCias.. ..'£3 6 89.W -»I. 4 J 310 lUt.inHw Piinl... ULShU — | .[ — K-il-tA liWh.Fl 

2.45 Cneveson wanagenient Co. Ltd, HiKh Income. — )1105 lja4't|-"02l 7 59 Net assci tnlue Jua« 1 SiKiiet Pvrnitf da .. 


Kleinwnn Beeson Limited 

Co Ffrnrhur..iiS:.Kd 01^33 WVt7 


SpcctutlB Fluids 
Smaller C*. "5 Pd „tHl 
2nd Smlr. Co's FA- 434 
Recovery Si m........ 84.7 

Met. Hln.fcC'rity. . . 40 4 
Oicrfe-as Eomiofis. 57 7 
Expt.Smlr. Co'f. .412159 


37.D .._.. 

46 4 

9844 4-0 2 
43 2 + 0.1 

fi.7ia -0.7 
227.5 -OJ 


1.95 MGrwhwo E, ' =F ’- D:> - 

2^3 Barrio 3* ■ 204J 

lAceum. t{dtw— i- ???-? 
AM Buie H-Ydjunel.. 176 1 
51J fArcum. I'olUl. »U 

5^6 Endea». J pB e ® — J 9 ?J 
530 tAecum. Upua.*-—- IS89 
GracJisu-.JaiieS— 95J 
SZ& i Ace u m II hi LSI 


3tay3l.. 701 

Anderson Unit Trust Managers Ltd. (Accuimfrafi^^l^ t. 

15a FTOCfnirrhSL &C3M BAA 62PP231 Guardian Itwaj h.y 

AntlerwnU.T. 146.3 52.01 [ 4.40 R**alE«ehange.Erap.7 

(u,.-, Guard bill Tst~ |B? 6 

Ansbacher Unit Mgmt. Co. Ltd. Headers on Admini 

1 Noble SU BTSV 7J .1 01.R13 BJTft ^ f |tf -AdRim v 5 1 

Ini-. Monthly Fund |U50 175 D| .1 8 90 {SSnl wwd.Es^*- 

Arbalbnot Securities Ud. land WfrSSftlae- !i=5 

37. gui-i-n Si. London EC4R1RV 012385281 .- -p GrtniihAcr. pjo 
K,rra Ini-r.ifh? Pd .1050 UJDit/ 1132 ineanH!& .-lasrii 1324 

llluh Ini-. F\in<1 ... 412 444 -0.1 910 iiigfa income Fund*. 

4- Arrum ("nil*. . 556 59 S .... 9 09 Incotn' 1 ■ - .J59 7 

W'drvl l"IS 1 55 6 S98 ... 9 04 I'jlmi Kxm tnc. --I55 9 

Pwfc-retuv Fuml 25 4 27 4 ... 12 12 ' y 

lAccum P,iii~, . 37 7 40 6 12.12 u^^wlirlTl' .Ijaj 

■ spiiul Fund .19 0 20 5 ■■ f. K Re* - - III J 

Coaimudili- Kund . 564 60 9* . ... 5 62 . ./Lflf jl "T 

f-\rcum I'iul>- 81J B7 B)i . 5 62 InleroBtiflnni 

i!U%Wdr»l.t ■. ..49 5 53 3id 5 62 ' ISi 1 

l-in 4Prti|i Fd .-..17 4 184 +0.2 3 04 

Giant* Fund .. M2 43 3 -0 1 281 BrJd UideJum'* ,75* 

• Arcum 1‘nilM — 46 5 5 0 0 + 0 1 281 OirrMM Fund*. 

r.romh Fund —.33 3 359... 2«7 AuMrallon |35 1 

i Accum. I'nit-— — . J43 424 .... 247 l-.umpean « a 

.smaller Ui's Pd ... 27 5 29 64 .... 4 ?9 Par tot ■ *4 £ 

Easli-m A Ini). Fd.. 24 0 25 9 .... 131 NorfbAtner. «0 

ifPuWdrul.Ula.I.- IBB 20J 151 N-AmCrwJWjJ foO! 

ForciKn Kil . .. .82 9 91 J 180 CjhotAmcrSin la !5*J 

.V. Anwr i inL Fd |37 0 3454 +1.3 1 IB Mill Canine! Unit ’ 


313 9 

430 

2JL9 _... 

4.30 

18*5 _.... 

7 85 

2131 . . 

7 85 

190 7 + 3J 

1 DO 

1975 +36 

180 

99.« *__ 

2.76 

1011 

7 76 

7J1 ..... 


7 5 7 .... 

412 


2.0S3 

633 67 3 .... 

78 2 03 cl .. . 

ifS10.t2 
SISU32 I . .. 
SUS3124 LlJ 


763 +S? 31? !S! . THj ..:...! 353 Practical Invest. Co. Ltd* fvHc. Banfc of America International SJL ZIZZZJFZZ tutzm* 

12781+06 4 54 Oovett fjohn* Pracii.al'l-nfJ4.. |147fl :562i .... , ? | j w l.'.mwM 1 nromu .. ISl'lM 7i litfl] | 651 iiuerowylnt — .633' ,0SJ 673 417 

.^1 , .. „„ 77 DmdonV.'all.K- 1 ’’:.' 01-.-|R33n29 /k ' t,,ni 1 n,,N iaj ’- 9 ‘+ 0 • ' * 2i Prina. at June 1. Neil »uh nay June 7. . Ini .locum. ...78 2 83 & .. .. 4.17 

mSUd! £“ R-hWrJunaaj— ..115*7 142 a.i ) 20S PrmincUU Life Inv. Co. Ltd-W Bnk. of Lndn. & S. America Ltd. |{‘g?«'S 

aiW +0J) 6.97 Du AWU^^ jcaliui rtflir ' 202 a22.Hishop*«aUr.E^2. ul 7*- ^7- 4006.Quc«ft X'Htena St F.< 4 OI>Shl213 FiJjp^c KumL ' ILsjIm »jis 050 

_ . _ .... ITDliticU’isis.. ..;E36 89.W -I. 4 310 .\loiaadcr Fund... (IL'sbU - I .1 — K.B.US i'.»lhFd_ 8UAU/WM 079 

27Bl404| 2.45 GneveMO Management Co. Ltd. HiKh Income. — Ul05 ua4't|-0^1 7 59 Net assci infue Jum 1 SiKnct Bermuda n JLS5JI1 +009 3.6O 

»J'3 -rL?i 1.95 MGrwhanSL. EC=P=g- oi-KM jto p^d,. Portfolio Mngrs. Ud* laJibnc) Banqoe BruxeUes Lambert 

14 2319 ” 4 ja JfcJt-cm Barr.Ein.VJ.VJl 0M05K22 + Ruo [ic Lj Hev-cnic B JOB) Bnuscl* 

1761 184 5 7.BS PnidcnUol IZ250 132JI +C3( 4.46 E*nu Kund LF— IU48 1_9(KS1 4 7J6 Lloyds Bt (C.L1 Vft Mgrs. 

W74 190 7 *33 iso Qui«er Management Co. Ud* Barclays Unicorn Int (Qb- ls.l Lid. r.fr. box i». sk. H dicr, j cra «. ^ osmstwi 
1389 1975 +36 1.80 TheSik.E.\chandc.K*72N liiP 0!JQ04'.77 1. Cbariiw Cross. SL Hclier, Jrsy. 053473741 Lln^ daTrt. CV^u H J »4) . ...J 220 

99.8..** 3.76 Q u ^ronlfrw.Frf..g07.0 M41+7JJ 4M ow^l^w.Wi SLfll j 11.02 -Nea dealtne date June 15. 

2.76 umrlnrilncjni! [176 2 130.2] +2^] 7.72 I TUdOtlsT T^1ISI.^*[51 rl0£9 ILn 4 413 1 luaiil. » , | ■*- ^ CA 

”1 f 12 » LoibondTnwt - -..pusimfiT ueSj+oM b.oo Lioyds International Tfipnnt. SA. 

. 7 - <i •••• 41* Kel lance unit JIgrs. Ud V 'Subject lo lee and withhtUins ua»« 7 hue ,lu Rhone, po k«x 179. 1211 Geneva 11 


J'f Quadrant frw. Fit .[307.0 11041 +2JJ 4 14 Oiervuatf Inrome - 
?-?§ Wiudrar.i!ncamu.*|1262 130.2] +12] 7.72 I 'ni dollar Trust.-*. 


■LnilondEi.DUi 118.20 19.201 j 8.1 

'KB mi Lomian pa >i-i c upeefs on!>‘. 


195. s-- Hdlcr. Jcm-y- 053427541 

rt-fr'icaa-.ISSJ 544) ] 220 

Next dealing date June 15. 


2J 32 Invocntf St 1^2 4 

-0-1 2S Utah lacem*- Fund* 

W 

:;; - 72.12 R2kJ3BiV J2«3 

5., M,l4<.\-al.R<-.. - 121 J 

5 62 Iniemalisaal 

s fc2 «-aboi . -|§- * 

♦O'* i M Intcmaiioiifll - ij* J 

-01 281 »VW UideJuneS 175 2 

+01 2 81 n.rrw»» Funds 

2«7 AuMrallon |J5l 

.. .. 2 47 F.umpean. |3B B 

4 39 FarKM ■ |64 b 

151 NprtbAiner . « 0 


6 21 Rothschild Asset >JanagemenE fgJ |Pv 

o pa 1 ^ I V Ur®t u*— GT*> .‘'W 1 . Hfl'’M#v 2 ” 1LM8 

B57 I- V- ^ lJI, > T P ,n J . 1 ll ; 2? kuL-NT~Mavi |UJ37 

in ‘i-?f iu OriBiMUy issued at -51 

m .+ 1 • in* I III H , 4*4 i 5 *7? »■ - i' — I b Ml J M . J _ _ * m 

*.•'*. f-1'/ F-.f ■In.--|9!3 “17-ji! 169 Bridge Management L 

1,# i' '! ' :,, ! 1 *■'1 A, r. .£}?, 2:1 *W|Pri Bo\ MB, Grand Cbjtt.i 

.. .. Sn.»lr i.<vs FdlI53 S lb} -| +0 *, 4.1 j s-bas.h) June 2 .. .. I Y1SJ 

157 Rothschild & Lowndes Mgmt. (a) S pft 


63 B>3 +0IJ 
58 9.J, -0.l| 

J5 3m -n ?i 
29i! -o.;| 

91 a.d - 1 5( 
M 5l -I 5 
F0 4; . | 


41 1 -0 ; 
714! -i r, 
43 91 — ! S 


► "■«=.« i ' sRM-'« ' ' M-> 3 - H.C7.ri 79nt . . -I - 

l >' an B ho- M ay 2 . Kj-Boa i .. . J - 

;?? CuUNT~Mj.vi 112337 147* 1 ZX 

+i?i J tin OriBinally issued al *SUJ jnd *"£l tw. 

"J'jj+ili 1 I 69, 'Bridge Management Ltd. 

, “i J +J ;i 1 69 fr, Hex MB. Grand Cajir-.n. .^lyTOan la 
lb} 2| +0 +, «.1 j s - ilaiihl j une 2 .... | Y153 Jo [ 1 - 


Samuel Montagu Ldn. Agis. 

114. r>M fcrc-jil ? L. IT >. r PI-SflB w«* 

ApollvKd Maj 31 sF47 83 51851 ... 3.6i 

JWie-lM.1. SI. . 111(1.029 111} ... 1.15 

1 17 Grp »la>3! F'lJTS U.’J .... Z0I 

1 17 Jcn-.-j Ml-. 17 £5 12 5 61 . . 075 

1 17 Jr-oo s. M j> sm la; 18 l* C2l . ... — 


ill NJtmGr»J4»2K.U0 5 125 5*+ * ] 
j 80 CjhoiAincrSBit' 1 !S*3 551. +1 cl 

100 Hill Samael Unit Tsi. Mgrs.t ial 


■■i 9a idiiiK Laci*. UIr . t”i 0J-fi3EJ7V 
:.cu >Tl Excmpi . 1022 0 124 01 | 3 61 

Pn-'e on M.IV l5. Nc_l di-,ilir.4 Jidie 15 


r-iWon Kd. Si- "i K™' ’ t «| | 0.76 Mon-ay. Johnstone I Inv. Adviser) 

fM-S2£-J-iR Ex-Stork Spl:L P3S. KopvSt . Gfasso*. C7. 04I-22ISS21 


Brilannu Tsu Kngn-.t. i.ci) Ltd, 

30 Bath SI..SL llc-lier J-r.e;-. OS» 72114 


”Hp[>r Si kd . 
'Murray Fund. 


Arch wav Unit Tsi. Mgs. Ltd.9 taiic) 4.s Beech 

317. HiRh Holbom. WC1V7NL. 01 -83 1 KH3. J^j RS-pTruSti— “^5® 


I Archwavkiind HO-b B7.9dt I 5 88 

I PncL-s at June 1. Next sob. day June 8. 


iC Hollar Trust 81 0 

ihiCipital Trust. . 2® 9 
ibiF"inaneiolTrus(. 40 7 
ibi Income Trusi — 


Barclay Unicorn Ltd. (a>ig)¥lcj ,b> income Trust 

Unicom Ho. =S2 riomfonl Rd. E7. 01-S345S44 ib:SceuriivTrun...|52 5 

Unicom America -.135.0 37brfl+10| 1.07 lb' Hieh V leld T«_ 1*9 - 

Do.ausuacc _.m.7 775U1.1 L64 jntel* (a)(g) 


f|4£.-H80;i 
JM5.J+ISI 532 
4021 32 

86 7, +J’ 2.86 

:: 0 4 b9 

47 I +5.4 4 75 

2S*.a— ? 2 7 78 

56 Ji -9 ? 5 12 
31 _S+=1 iO.L 8 04 


3 6J Rowan Unit Trust MuRt. Lld.O.ai ' ' 

ts >.•+«-<»».».«-+».*+. ^ysaai ag r a j*- 

“ SSffiK'.Ki-Jfif. Vn &fc. TK -.S’ 2 

!.,.TV,<.ieJu„.i.:»5 n; .. . HiSS 1 -SI 

SOU I '.rr<i.-n l 11,1*1- —i76g E0J - 7 58 Hijh lnuStls-Tsv*.. — 

f» ^Tn^lr-m r:::. «.S ^^oea-te-j-r. 


. S'.V322S 

1 Si.sio e» 
’NAV May 31. 


4 00 Xegft S..L 

' 5Jj 10a Boulcitird Royal. Luxembourg 
im M A V JuneS l Si.SlD.47 | [ - 

12 00 Negit Ltd. 

Bank or Bermuda Bide*.. Hamilton. Brtnda. 

9.00 I'AV May IS — 1£471 — ]...'_ 


■ Avcuni. UniLM. ’l’-)95 0 99 s| ""..] 4.C1 J>5' v !rt , S, ne “* ,, jj{-^j r,U ' l _ Bank or Bermuda Bids-.. Hamilton. Bnnda 

Roval Tst. Can. Fd. Mgrs. Lid. bu. Hi«h UuJ t«.- T — 'iv.ool I 9.oo NAVMayts l«7i — \ .. .; — 

.... «•»*» "Mb Intenjaiional 

M ' .“"I 1+2 9 76 ’... 1 IS -fuae 12. PO Bex 77. St. Peter Port, Guernsey. 

I'nri-' ui Mjy :ti Next dcatiae Juoc 15. 3n>Wn Shipley Tst. Co. (Jersey) Ltd. lmer-Pollar Fund..|S2 j3 251) . i — 


l-o.Ausl.ljic.. .*..56.9 615 +1; 

Do. Capital 465 73 9 +0., 

Do. Exempt Tvt 1D91 113 Art +0 , 

Do. Fx Ira Income . 27.9 30.2 . . 

Do. Financial 594 642rt +0. 

Do 500 72.5 78.4 +D. 

Do General-. 3L2 33 7+0 

Do. Growth Arc 41 0 443 -0: 

Do. Income T*1 84 5 91 4 +0J 

■Do. Prf.AiM.TsL* 137.2 1442] . 


+64 jntel* (a)(g) Save 9s Tnwper Group 

436 15, ChrlsIopherStn.-,’!. F,C' 01-2477242 9. Great Si. Helens. London F.CP ftEP 

6.U InieL Inr. Fund — IBS 2 95 Of | 6 20 GC-T! vicm $t. F4inlur:n KrC 4\X 

8.38 i.-.,* cnnil Minifl.H 1 ta iK-altnpb wv 01-5M MM> or -J2fi 7351 


5-j8 Key Fund Managers Ltd. laiigi 
5 86 2S. Milk Si* EC2V 8J M Ul iK 

6.06 Kei Enerjo- LB.rd._i78 7 83 71 - Q^l 


4 10 Kei-EquilvJtGcc - 690 
6 04 •Keygkemsu Fd. ... 144 9 
5.02 Key income Fund. . 7« 3 


Prices at May 30 Next sub. Hay June 30 Kov Fixed lut-Fd.* 60 4 
o. Recovers-.. 1425 «5.9j .. .1 5 56 Key Small Co's Fd..|9«.7 


Klein wort Benson Unit Managers* 


Baring Brothers & Co. Ltd* (aitxl 


20. Fenchurch St, E i ' 'i 
KB LnilFd. Inc.. 184 9 

6KB. L'nitFd Ac 106 0 

KB. Fd. Inv. Tsis. ..1552 


, ^1 ^ laltgl iK-aliops in: Ol-r&l 83W> or 9dl - J2fi 7351 

ui *>6 7071). Save & Prosper Securities LtAV 

83 71 -0.T 3J5 Iniemational Fundu 

73 4 + 0.3 4 72 Capital 136.8 3 9 51 +0 41 

154 1 . 6.4S IT'.- ... 250 2i3]+0J 

83 3.^ -0.7 028 t me. Growl h |6?4 72.4) +U| 

inn 7l -n e ^Si I ncreasin* Income Fund 

1M7I+0 5 6 31 H h . Vlt .,j |53J 57 0) ......I 

it SlanagersV , liEh lccnme Fond „ 


P.O. Bo- 583, St Heller. Jerui-y. OEJ4 74777. 

SterUna Rond Ffi. -K9.9J 9 96i i 1200 

Butterfield Management Co. Ltd. 

PO Box 185. Hanuhnn, Kerr-.iida. 

ButtrassKijuiD-. BJ3 2 59 .._*] L/6 

Butlrcrcs.li\cmne..-.|2 05 1961 . I 733 


Property Growth Oversets Ltd. 
281nshTi>wn. i.ibraltar iGibJflJPO 

»7J» Tol-.irFund ..| 5TSBSB9 I .... 1 — 
Slerling Fund | £123.77 | J — 


iwj ' ". "I 733 Richmond Life Ass. Ltd. 


ULl 

113 7 

-1 1 



179 2 

138-7 

-1.1 

um 

122.8 

2293 

-31 

___ 

IDS 9 

2115 

-06 



1d3.2 

1717 

-2 7 

11.34 


OlUKSliUim II, eh nr I uni ]65 9 

>»2 3 ... | 5 06 incmr.i- —.43.7 

■S3" -| I-.HM 

w UK Equity >434 


99 J +0.t' 
182.0 -1J 
83.7 +3 3 


I 2 96 Aico it Jfryl iW fllh. oj- Jnae 12. 4Q At/iol Street. Douglas I O.M. W24 23914 

Sis Capital Internal ioaal S..V. ir.iThcsiHvr TruatpjLi lUri-n — 

I 2.* i L Notre-Dame Luicm^ra MB&5&SW -# ““ 

Capital InL Fuad- . I SUS1732 J 4 — ftai'ioMSd ]lDS9 1115-0.5 — 

! 730 Charterhouse Japhei Do.Erj.87,c2Eid.- ]1 b3.i J7lt(-2 7 u.m 

I a 18 1 . Vatervioeicr Row. 01-W8MW Rothschild Asset Management cC.I.I 

I a^i Ad! verba llltWlS -Sl^toii IS P.O.RuK 58. Si. J lsIiohs C l. Gucniwy. M81 2<n3t 

KMidak — — ”ZiZiL. 5X31 30 .Did ... 6 04 O C.Kq Fr M.J a0...»5 2 5fljl 277 

I 4.78 Kondl£— DSt2I90 SlS+020 SJ»3 rt. ln*. Fd .|, lt « j..jsc71 US M . ...J 751 

EmDorcir Fuad - SI S291 -Sli — •.».*. .1ml .‘-O.+. _..Ki27 1341 * . 1.31 

i 1X7 HiraanA- Il'SWB «53 . .... 214 O C£mCoF.lMy31..n4i 3 155 M 325 


, a-* I, Paiemoetcr Row, Ei. 4. 

;?-a Aiiropa luscabo 

e5 - , > ' 3 ,s Adi verba tfrMW IS 


Fondak IMOI 30 

46.61+0 3) 4.78 Foadls... 10X2190 

Emperor Fund -IRS291 

on jl +0.t| 3 37 Murpaoa-...- fcl'SWa 


B B4le InL May 31._n737 184.0 I 124 

IAccum.iklay3l_.h916 203.9] _ ( L24 
Neat sub. day Moae 13. "June 20. 


Bishopsgate Progressive Mgmt. Co* Lawson Secs. Ltd. tfiaiici . 

9. Bishopxgale, E.C2. 01 S ® K ®? 63 George SL.Edinh..rphLH2^jr,. 031-226 3811 1" Ti-E 7 

B’gotePr." June 6.. 11085 192 3ri -4JI 4 04 ftRilW .j tetw isi s _ MO 4211.... 6 37 Financial Sec>._ |716 

ffiUotpT w| 7 1M ^SXlSSf*trSI m 3 IIiKh-Mlalumm Fund- 

■^^diy^ u^Le J, ^ MSSSssete “Jl;,, s« Btsissfc & 

Bridge Pond Managers V(aKc) |XS55??«Sr- 3 U "Z 8JS ““*• SeCBri fi n e ! 

King WiUiani St, EC4R BAR 01.6234861 -High Yield «72 . 519].... 10.60 

American tfren4, [244 26^... 144 *1.4 win I'nils.*.. 66.2 72.s| .._„ 10.60 UjggJ*- 

Income' 50.3 54 7d +0.4 654 Deal. *Mon. Tic .. n'.Vcd. iTburs. -Fn. Seulah*rei _-56J 

BBBlKIzz.- Si SI ::::: 3S ^ * S?' T ™^ "BSi 

Exemptt 1J6 145 0 5-52 18, Canyngc Road, BriMoL 027232241 ITiccx at Mav 24. ;.w 

lniemtl. Inc.T— 15.6 166 366 PmAprillS 156 S 60 2| ... I 517 ^ii*,:-,,. Th ,. ( 

Do. Ac c. I 17.1 183 366 jAccum-Umlai- _ 722 76«^.... 5.17 SClHesinger I rust 


Bridge Pond Managers V(aKc) fArramFi 

King WitlianiSL,E04R BAR 01-6234861 -HigbYiel 

American fcGen4* [24.4 26J3 .. . 144 •riAecum.l 

Income' 50.3 54 7d +0.4 634 Deal. AM 

Capital Inct -.353 37.6 336 i.«.i j. 

Do. Ace. I 38 9 414 32b *■ 

Exemptt 136 1450 .... 532 18.Caii}U(« 

1 me mil. Inc.T 15.6 166 3 66 Dm April 1 

Do.Acc.t 17.2 Ul] 966 (Accum.Ur 

Dealing 'Tues. tWed. iTtinrs. Prices May 30/31 

June uz Leonine 

Britannia Trust Management (ai (g) ZDukeSt, 

3 London Wall B uilding s. London VVjII. Leo Dial*.* 


i «T H'Kh-Mlolninin Fund- 

SS? Select Intern Jl. ... 12552 2b< 

fHcleel Lieo&l* .... 1533 51 

Scot bits Securities Ltd* 
10 60 Seel hll#..„ ,_—.... 1388 41 

MM Scotneld 49 8 5- 

K„ Scdbbarev ]56 3 MJ 


268 3] +4 4] 
56 zj +0.1) 

LV 

41 71 +051 
53 5 . . 
605^ +D.3 


CIi« Investments (Jersey) Ltd. 

PO Box 3Sa Sf. Heller. Jerscj C6343T36L 

,»e ClneGiUFd.il -J.l.p!.90 4911 11100 

£55 CUve G.H Fd. i J*y. . h 87 9 69) .] U.Q0 

3.03 Corchil] Ins. (Gnemsey) Lid. 

P.O. Box 157. SL Peter Port. •Guernsey 

2 jB Inlal. Man. Fd. |lb8.0 1E3 0) ..*-4 — 

7AZ Delta Group 

PO. Box 3f>12. Nauau. Bahajnae. 

3 87 rielta Inv. May 30 —151.75 L84( ,._-4 — 

4C Deutscher Investment-Trust 


6 04 *1 C.Eq FT M.-.J 30... 55 2 58 7 2 T. 

5A3 Oi-lueFd .luncj.. 1C71 U5 9rt 751 

U.'.'.lnil Ko.r. _.. Si 27 154 .. . 1.31 

2.14 (j C^mCoFOSSsSL, 146 3 155 6 3Z! 

OX Connandiiv*— 1328 14C.7 45! 

UjC MrCnmifcyT S25 82 27 46J... . — 

736 L •Pnow on Mj y 3 Next dcahnu June It 
.1 00 ! Price un May 22. Next dealing June 7. 


Royal Trust iCIj Fd. Mgt. Ltd. 

P.O. Bee VM. Rcc.nl Tm H*e, Jer.wy. 0534 27441 


AT. Jail. Fd IV.sSIO 9^t« J 3 00 

R.T. Inl'LiJsv.iFd 191 95^....] 3il 

PrlcrtK at May is. Next deaJjnc June 15. 

Save & Prosper Int+rnsLional 
Deal i ns 10; 

27 Broad Sl.Sl Hu I ier. Jersey 0534-2&5S1 


London EC2M 5QL 

Assets- .. .1713 

Capital Acc 513 

Commi Ind 562 

f'emmodity 167 

Domestic 37.5 

Eamncl 1117 

Extra Income 392 

Far East 2DJ> 

Financial Secs — _ 633 
Cold & General — BS2 

Growth 78.7 

Inc.* Growth 73.1 

Tnt'l Growth 59.9 ‘ 

Xnvm tt-Tsl-S hares - 463 

NaL JRg h Inr ■■ ■- — . 772 

North Amriiaiul 30.4 
Proresstoiul — 5082 
Property Shares *_ 133 

Shield 45.7 

Status Change. ...... J05 

L'nrv Energy 132-5 


01408 0478*0478 LeoAceum— )B1 4 


77 B -OJI 5 09 Exempt High lid . 25 5 
85 ?| +fl*| 4 62 Exempt .MIX Ldrs* 253 
r.rrfM/ 9 i E-.iralnr T.-l 29 0 


gg^'J I# LfoytfaBt Unit Tst. Mhgra. LttLV «» 


37 H 82, P.*-'. Box Tj. St. Helier. Jersey. OOlSCXt J*uik- :T- 

26 ad] +0.1 4 J9 [e.D.I CT. |U72 124 61 t 3.00 &i Fixed June 1. 

31*4 J ? 00 Ip. *. r. TKtrmL lid. Inv. Advisers lviv<=, on -Jun 


5 09 Worthing. West Silt* *. 

459 First (Balncd-L. 150 2 

6.97 Do. lAccum.)-.— 1 


Third i In Cornell 
Do.iAccum.l_— 


-12 3.13 Do.iAccuml* Ul., 

+0.5 4.08 Fourth iExlne.1 585 

.. 7.00 Do. lAccum ■ 66.6 


519 

55 81 

t>5J 

70J 

311 

87 2 

UL1 

319 4 

58J 

62 9a 

M.6 

71 6? 


01-6231286 Inul Growth 50 3 

539x11+03 4 43 !n' TrLl'mis 253 

743 +0.4 4.43 M.irkci I eaders . .28 9 

55 8»c +0J, 3.07 -Nil yield- 277 

702-0 7 3.07 Pr+.r i-i-.ih Trust- 23 9 

87 2 -0.1 622 Property .-Miarc* — 261 

119 4-fli 6Z2 Srvc ml R,u T«. ... 27 J 
62 9o +0.1 7 96 1/.r* Grjh. Aceum 215 


|??3 -- 2^s F. Ss C. XgmL Lid. Inv. Advisers 

jljJu" J-. - ' 1 Z Law ?nce Pountiw.-y li'JI.EC-lROBA 

541 +1 j 251 014BS 46S# 

27Zrt +0.1 4.29 cent. Fd. May 31 —l SVS5.3 \ ... .] — 

l- 59 Fidelity Mgmt. & Res. «Eda.) Ltd. 

25 2 12 00 P.1.1 Box 870. llemlllon. Eenrudb. 

231+01 229 Fidelity .\m. As* ^1 5US25.12 I .... I — 

292 2 58 Fidelity InL Fund 5US2128 — 

23 It +01 5M Fidelity Par Fd*..- *V»*97 1-095 - 

20.4x5! +0.1 5 30 Fidelity WridFrf -( St.'FW.SJ i-«37f — 


i5j +031 16 

... . .. -0 4] 50 

maK+i 2un-.- 11266 133 * J - 

Fixed June 1. R104 llb.Bl . I 11.90 

Iritis, on -June f- —Mart 31. '»*Junc I. 

JW'cekly Dealings. 


Lloyds Life Unit Tst. Mngrs. Ud. J. Henry Schroder Wagg & Co. Lt<L¥ I Fidelity KgmL Research (.Lrsey> Ltd. 


Srfiiesiagcr Saternaticnal Mngt. Ltd. 

■=1. La Moi.v 6L. M. He her. Jersey. COM 75588. 

F*‘_!.: .. E5 Mf +31 8.06 

J-..AH-L. 9.5L ooj+or: 4 84 

n-r.Frt. .. 223e +0.1 1233 

InU Fd.Isrse}-..*. 108 113 +7 325 

in'.id.Fd Utinu-d.. 513.76 1X33 +0.16 - 

Tar E-stFond ..."3 9C .....j 3.03 

■Nest sub. day Jur.u 


37.9 ...... 

3Z1U +0.9 
5240 +02 
143 .._. 
49 Z +0.3 
3ZB -02 
35 0 +0.2 


The British Life Office Ltd* fa) 
Reliance Hse* Tunbridge W'uIK KL0BB2 22271 
BLBrUlsh Life . — [496 5Z5[ +0.1[ 568 


3 «+ 75-80. GnietiouseRd . -Utiaburv 02S6 t^n.l'he.lpxidv. K.C ? 

8.28 Equity Ai-curn .__.|1581 166.41 1 4.03 Capital Junv f 1105 4 

1» M & C (iroupv (y)fcuzi ini.nme.iuni*fi" 1BJU 

412 Three Qna>' Tnuer HIIL EOR 8BQ. 01628 4588 'Awun fn.tM 2722 

162 See also SUK Eschange Drolmus. t.enera! Mav Jl BI 

4 42 Amencan.. 51 6 55.0 -1 4 167 lAccum I hum. _ 102 0 

4 65 i Actum t 55 0 +I.a 163 curopeJur..- 7 -.305 

253 AiKlralaslan ... 52 6 5b 0-0 9 184 ' <,u "l ' ,. 

• AcciiTn. 1'mb- .*_ 53 5 57U+0 9 184 *P 'tarFd tp-u 3^8 0 

1 Cemmnditi 745 BOX -01 4 IB -Suer E-. 5h in ;ybZ 

2271 lAccum. [ mb . . B8 3 8b 3 +0 2 4 16 -hecoter alay H'l«3o 

568 Compound lin'Mh. RJ54 113.3-0! 3 67 'For i.« wwmp 


PI -240 7.434 1 Waterloo I Lai.. Don sit. St Heller. Jersey. 


BLBalanced- 45 9 49 U +011 561 

BL Din dead * _. |42 Z 45.l| .1 9.40 

■Pncet June 7. Next dealing June 14. 

Brown Shipley & Co. Ltd.? 

Mngrs; Founders CL. EC2 01-600 8520 

BS tinilx June 5 1217.6 2Z911 .... I 4 80 

Do. t Ac e.i June 3 . ..[2712 2855) ._...[ 4.80 


freoen*! Mavjl BZ8 

167 lAccum fnilM. — 102 0 
I 67 currpvJur.'- 1 ... 30 4 
jgq ( Wum I ri'i'i 3J8 
1 84 •Ib'nB.i'tjrKd tp2> 1*8 0 
4 IB •Suer Et M»t I" 216 2 
4 16 ■Kcldter May lft 163 D 


For t.ix iiMi-mpt fund- nrlv 


SSil+n i i u romerwon Grnwih 6L2 
A5il 0 M a an Conversion Inc ..**»? 7 


1061rtl +1B| 2 28 98M 27SH1 

Z28A+2C 223 Senes A Untnl £3.71 I 1 — 

ill Senes B i Pacific. £754 +02U 

282 nl +2 In 6 93 Seni» 1> iAnuAs+4 £1226 [ . I — 

lot 3 iO First \lldng Cammodity Trusts 

J25<3 ..'... 2 21 V-l. George s Sl . DoukIm. 1 o M 

35 W . ... 221 OCX 4WC. I/in. Arm. Puohhr & Co Ud . 

1731 ... 4 24 52. Itdl ft ill. London SWT73JH .11-93670 

;2J5l in via IIP TJ _«37 8 39 a . I 2- 

189 2, .J 5.14 Frt VkDbl.iip.Tst .|790 84 0*1 .. ..] 1J 

und* ..riv Fleming Japan Ftrorf $.A. 


Schrader Life Group 

Er.tcrpn^e House. Portsmouth. 

„ ~ IniCTitauooal Fnmh 

- tEquitj 1361 12J5i 

• I — J Equity 1213 1290 

USlS £Fiud intere-.' 1352 143 7 

■Fixed interest — 104.4 1115 

, , £Mnnn^ed .128.0 1361 

m «067«r.7 SM a, “ded - 112 e 120 0 

•• -I J. Henrv Schroder Warn fi 


014»08^1 Extra Yield ... 
22911 .... 1 4 80 Uvfiim. tinitfi. .. 
2855} I 4.80 Far Eaxu-rn- . 


Dividend .. . U7.1 

lAccum. L'nitsi ZZJ 9 

Europear-.—. -..48.7 

i Arcum. t’mtr-i*. 99 3 

Extra Yield M3 

lAccum tinitfi 112 7 

FarEaxu-ro- . .52 9 
i Arcum Unit" . _ 57 9 


4.80 FarEaxRrr- . .52 9 
Onwir Tnut> it) a» lAccum. . *57 9 

Financial ...*..» 7 36 81+021 416 , l w? 1 £ V"' ?«*” '^2? 

General 18 7 19.H .. .. 3« VaaW .41 

Growth Arcum 45.6 48 i +0 1 4.32 ^n9«l .... 167.7 

Growth Income. — 363 309 +01 482 '-* "SI? 

High Income Z92 3 l| ..... 9.69 “ , « h II , JJ c f T f » W31 

l.TO 205 ZLffl+O.J 3.87 M«um. I nltt 

Index 24.7 26.5 +D.1 4.15 

Overseas 20.1 21iJ +03 332 WiTI'.'JL 1 n,u 

Ferfonajutee- 57.4 6703 +0.2 439 Mnrnun> . 

Recovery . — a 6 229ra -O 5.65 

ExatpL April 10 58.4 60 M *40 , 

i A« I’lJf/I LfllL' 

Canada Life Unit TsL Mngrs. Ltd-V h* ? 5®^ r 3f: 

2-8 High St- Potters Bar. Herts. P. B.-ir5ll=2 sS und Gen 

Can- Gen D i ‘J. 1383 403) +0.2) 4 33 (Arcum. 1 nils 

Do. Gen. Accum.*— 1465 48W+0j[ 433 Sm-iinl . 

Do.Inc.Disi 1332 35 0^+0.1 7.75 iAci un t.’nil' 

Do. Inc. Acc um JI3.4 45.71 +01] 7.75 n 


. . 117.1 124 7. d —03 

... Z2J9 236^-O.b 

... 48.7 5L« 

....99 3 52.5] -0.1 

-M3 89 S . 

...112 7 120.0 -0.1 

. 52 9 56 3 -0.1 

. 57 9 617 +0.1 

.to 7 65 2iri+0.1 

_. 741 7971+01 


Hitt HI Scottish Eqnilable Fnd. Mgrs. Ud.* 

4 7.oj —03 7 78 28 SI. Andrew, 5a . Ki.nbur^h nS|.f«C91tfl plm* JuneB . . | SU&46.79 |-0j^ 

Sa’V IIS jESSCl-St " -JS.5 2o?! :8§j I io V-rce World Fund Ltd. 

5Z.5J -0.1 332 Ixal.nc dav IVcdneSda". Buncr'iviri Sldg* Hanulion. Bermuda. 

SllOLi ill Sebag Unit Tst. Manaecni Ltd* fai 

56 3 -0.1 ri; pi.iBo\;,ii.Bckihrv.Hse..Ec.-! oi-iiasuno g.t. ..lanagemen* Ltd. 


J. Henry Schroder Wagg & Co. Lid. 
12d.Cheapnrfc tlC’. 01-5884000 

• 'nspSJuncfr. . . sr:«1190 +0161 2 43 ■ 

TraLlaar April 30. V.<hU<M .... - 

V-i.-.r Fd Mj 15.— n ?K« '3jA 320 

HartiueFnd *M» 1»7 . . 52a - 

Japun Fii Jur.v I . *»(..... 015 

Sentry’ Assurance International Ltd. 

1*0 Pox 329. Hampton 5 Bermuda 


a lb High Inceme -....1031 
3 g7 /Accum. / - mu — ... 2678 
415 Japan Income...*.. 146 4 
332 lAvrum L'nilbl. . 147.7 
aio Marnum - . mo 9 

469 lAd’um. I'niL-- .,..2506 


am .Miolar.it 

lA.ruin Units 


n +1 ill Sound Gun 

? ~ lAccum. I nib*' 

^ 4J| gjMlRl. 

S-3 Z-JS iAci um. t. nil-- 
03] 7.75 Sn _-i-[!„+ pui 


147.7 15 

■!W 9 Z1 

250 6 26 

168 D 178 


219 pi.i Box .'i 1 1 , Be klbrv. Hse . E C.4 Ol-iXfiSiflO -lanagenieus Lta. p<> pqx 3C9. Hnnuiton 5 Bermuda 

5e>bM>C.i9>ial>ri -J333 34 9} +0 if 3S3 Park ifr Futtb^-C^us. London EC2. Mansard Fund . .jSTalNM IWU — J 

i d SuL'Dc bicvnie Fd.. |j02 31 .6) . ..[ 8.27 Tel- 01-628 8131. TLX. 88C1M 

sl * m -is Wn - asa* 


^ ~ai 578 Security Seleciicn Ud. SSSSi-STSlui. T bemm ar! 

irbiJIni flu lM»lir.coln's inn Fields,. WC2. n: 33t R9JA0 AsiL-htrC.lliEdtc.* £9SS 9tij-o 
178ri-0 2 8 4J i:»riiltl»T»t Arc **1241 25 71 .. i 2.50 5k'? w ' 

VS ^'C«UT*U*^IZL0 2LZrt( [ 2 50 * ° W* 6 ‘ 

iiso -0 9 is' Stewart Unit Tst. Managers Ltd. 12) B--snyFA. : sulg — 29bdo 257.9: . . 
M-ll 'IS Aft.rhurMtesJq.nilnUurgh. Jg . 


7B9>J +0 2 6 75 .ir( .xnirriean Fund 

«Sn _ nV Sax St.mdin! • 'nils 164 6 61191. . J 141 f.T l-vicrKl ...*| 5WN7 10 1 1 O’O c„riicn,( I<i( ivi 

s?n 4 4J At cum. L ruts K?6 74.^ .. - GTPatUlcFd -*| SGS1276 t-21 Surt avert tjeroeji L.d. lx » 

A‘A WnlidravplUmts ,tL6 55 U { - fortnom Innd Ud 'Ai A-nq QuoeiwHse Don-Rd Si Helicr. to'. 0SS4Z7349 

-’12 -O fa 5 21 -fcrarari Brillsh IMH Filnd t.araiQre 130. x/m. Vrt'enev^. Ind Id. jyt5o 173|-ri)2H- 

i+i'i _n‘: 4 20 qtanifo+d 1X35 5 145 Jl +0 p( t3H 2. M. Xaiy Avu. hoodoo. Et3 '.'•pperTr/'C _ .jlil 7D jj.ow-OWj _ 

215 2-9 2 4^ Actum. Lm': '".llS31 166 3) +ii 4^ CjrttnpTO Fund tFiw Erat 1 Ld. Jap. Inde».Tsl._ . lOlM 1163+018) — 

Duulmc TFn •ttert. I9u8 Hulehiws Ite lu Harcvur: F.i'. iUu»K _. . _ _ . , . 

„ , .... Jr HESsFVc.U.Tm.-.feKMa 31BH, 1 2K TSB Unit Trust Managers tC.I.i Ltd. 

6« sun -VHiance Fund Mngt. Ud Wkl& ,]Sg Bavai.3ieRd-SLS.wW Jc«e } . OW4734M 

gii San. tffiBKW H'C..h<f--nan inifponn FuDd" ' SmT / ‘530 Jo wv Fund - .. W76 soU+lm 4 79 

7 7$ E-pRuT-1 M:i’ iO. £2M2 215. W . I 440 M fcOBa l-iiofl— PUf ™ }V71\ I Ouenwj Fund .- (47 6 50 1| +1 3| 4 79 

1 79 »Tne Family Fd .. ]95 9 102 0] +D s] 3 54 Ud. ^ } p- e *» or. Ju^c 7 Next sub. dar June 14. 

5 77 Target TsL Mngrs. Lid* laHgl Gr.mre Jnu tee .7. .Ai 0 ' 224rti "ilia Tokxo Pa-kfic o', dines N V 

ai.Ovxftam<t.C4:x Dval.net caVfiMI G«rare l M «nfe*. JbSJ *9 J j 250 '!v 

«"« T^& ,0 ; : | y - 39 5 L?2 ZH 3S Hajn ! ,r0 Pa ' ific Fuad Ud- * n CL N Tushie Maia’sL'S ££ 

Jta Tanw piwsuil ^9 5 6-6 ^25 2110. I^,nnnuchc icnixe. Hons K-T.4 

TroJaiiSneV '. 303 3 236«.? -S p SSSSfu^ 31 - 'ESStf ^ I” ^oKyo Pacific BWgs. iSeaboardi N.V. 

BOJIJJ 4C*j Acr t.irf . mJ 5 293 8 *J 7 5 36 Jat+ui F und JHSi95 7j2J J — ialrtnit MiflaCC.Hen. O'. . • V„ CunwnA. 

B2B TjrgviGil! F'lr.d 1350 1205 3 DO a am hr os i Guernsey l LldJ ,v\v r ..r May 23. 5LS35.72. 

51B . £5 ill :h 159 Wgrs. tc.l.» Uti. _ R , .. „ 


Capel iJamesi Mngt. Ltd-V 
100 Old Broad SL &72N LBQ 
Capital. ._|8S.O 90.5} 


Specialised Funds 
Tru-ice __ ..-1145 2 

01-588 BOW teCndriw * . P* ’ll 


Bom - l*ac Fd . ._ * 5US91.99 0 95 

la) Berry PA<Sirle — 246 00 257.92 1.16 

*—71 O.T. Ajia Fd ...*. - . 5KKBJ2 8b3 17> 

“ GT.A! 19 SUTlms_ £12.69 13AJ . 144 

fir Kund I'lni.-* SX'Sli47 ‘PS 5 07 

141 frT Lm’ierKH ...* SUS7 10 O"0 

— I'.TPaullcFtl. -* SGS12.76 -t'^1 L21 


if* Iwjlioliyi«L -IDIUIV) 26JBL . ..J 6.46 

212 TMIvTa JbiwL. I S1AJ5C0 j . ... I J 77 

l.ib Smaghaid BianagcmcnL Liroiicd 

1J+ P > • Box S*S. St ileiier. .IsTacy 0654-71400 

t *= i.'ommociity Trust . .fC2M 97.851 .. 1 — 


153 =| -0 2! 
295.3) -0 7, 


Capital. --IS-? *2 il 5S Charifd. Jun*'! 

Income — . . „ J79 1 WJZj 7 33 lAccuni I'nis-* 

Prices on Juno a Ncxl dealing Jane SI. Pcu^. K.,.iur.e 

Carllof Unit Fd- Signs. Ltd* (a)(cl -Manuljfe > 

Milburn House. Nc»easlie-ur*CD-Tyiie 21185 St. C*. , nrf e f. tv. 

Carl id). |68 0 70 5u3 1 422 Gra'AUUnit- 

Do. Accum. Units _|B1.S 84 Hi | 4 22 Mayflower : 

00. Hifih Yield *[42.1 43 StOJ I 84 2 msGreshani 

Do Acemn. Units .. pi 2 53 71, J 8.42 

_ . Seat dnalSn date June 14 R5S»I >te a 

Chanties Official Invest. Fd* Mermrv Ft 

77 London WalL EC2N IDE. 01-588 1 81 5 J . > 

Incow May 16 1135.2 — i....| 660 „ ' JYT^J.T' u- 1183 7 

Arcum. Ma+16 - (256 5 - I I - '"fi ' •• i|| 7 

SL'nauth. Only available to Reg. Chanues. ^crc llu Jum ‘ ” (Ml* 

Cbarterhonse japhety - mIJ' 1 :' 7 " 

1. PaternoflcrRtiw. E>'L 01-2483899 AceumAt- *•;" 

CJ. Iniemari 23 b ^521 ... ’5Q uijig.,] Ki 

AccmtL Units 27 8 29.« 2 00 

CJ. Income 34 0 36?..... 7 74 Unit Trust 

CJ.Edih Fin...... 26J 2B.0) ... 4 28 Cm//1' , vio»' !•" 

Acemn. L*aii> _304 3241 4. 28 SheffieM.-'i 

CJ. Fd. Inv. Tst 26 B 2BU . . . 3.W K . 

Accum. Units 65 8 . . .3Zjij _ 3.82 'ST™:' 


b « Sun -Uliaaee Fund MngL Ltd. 
inV?« San. i fliar.it' H*'e..K<p^Mflt WKWHI 

tag" -- *. . ir. ir+na 1 n.nl i .1 an 


■LTD Char.fd. jun-! ..1*5 B 14B.D +13 7 74 , - Fd « 9 

J33 lAccum Un.:- . ]l80 S 1B3 -+1 if 7 7* Wnefamil- Fd .. |95 9 

_l- Poi* K* Jure s .)1344 1*1- a) . 5 77 T ar g e { TsL Mngrs. 

(cl Manulife Management Lid. 3l.Gn*x(iam<t..Lcs 

-1182 Si.C-.-nrcc.-. vf.iy. Sic.enosiL N.1BU1HI T.imifi'Mienly. 551 

~4J2 Growth X nit • 1514 55*1 .. .1 3 68 T«W Rim im , -i ' 5? 5 

922 Mayflower .Management Co. Ltd. TrrcI'L-jn’-" '. 3oa‘i 

8*2 1418Gr-5flJai?t..£X2f7AU *C*u Arc laif . r*J! 

8 -® Incomi' M*. *.|U8 3 110 BI | B 25 Targtr 6»j!l"ir.d LJji 

Generul Ma? ll ; .1698 73 51 1 5 IB Taracirinjuth . . +5 

Mercura- Fund Managers Lid. \u% ReisiT'nu- 1. 316 

3n.r, rn.lia.rt.ri KC2P2EB. . ^«'{^j uni . 7 '. $?: 

Trii'f nr ?! 


11 ::::' 


195.* 

-Is 

*55 

2558^ 


4 65 

be: 

-0 x 

2 3* 

73 r| 

+ US 





266.11 

1 

4*2 


Td In- .. - 

mr-r-f 

Cm n..*t,rn>ili Fc 


M0 -iOJ 
2J6 4it -2 0 
293 8 +2 7 
2205 
30 5 -o: 
312 +.17 


NAV per share May a. SL'S4S.(C 

Tokyo Pacific Bldgs. iSeaboardi N.V. 

ioli mi'. VidUKCSib-ni C". ?i V„ Curve ao. 

NAV per snare May 23. 5LN35.72, 


3J o! +c 7 1 1 59 | p o b.x ae. ■'■uenwy 


«i.s 9 iei T ' r,daU c;r<,U!1 
i ^ -1 P-O r >“* ISrX H" 1 


Uami'Lor. 5. Bermuda. 2-278h 
1 . If .-1 15 Ltlf J 600 


01-M3B9O ,341 222 c) *« Target Tst. Mgrs. tSi 

i"’0Q Arwm -'- 1 2ii - 11 1 ■* *I» AIM. ro-c.-i mm'* 

•■•I -9U uMi-.j R.1 + *- (tmiin ... - 


2 00 Midland Bank Group 
7 74 Unit Trust ^lanagers 

* 28 Cm//1"v.o.‘ J f • • »hsi Sil.tr; 

SheirieM.H..K.i 
7n -ComoiOiliW t. • -“ii [6* 2 
_ 3-82 Do. Accum. -255 

*■ Growth. . ... - [3J-S 


Puce Has 3L Next dealing June 7. Growth. 
Chieftain Trust Managers Ltd.Wa)(gi CBp»^ u i 1, '„ 


11 New St. EC2M4TP. 

American — * kz(24 2 

High Income (40 7 

International To K 1)24,4 

Basle Rcsrca TsUOM 


01-233 2632 Do. Accu7T- 
26 0) +0.71 134 lpcomis... _ 

4381 1 9 45 Eu. Accum 

2 6-2 1 _0^| 3JZ internal Iona: 
20.61 +03) 4J7 Do. Accum. - 


“I'S+Oi 3 38 j c+ J r IT KUI Samuel Overseas Fund SLV. 

303[ +0 5 3.35 T73DSaIl20tiC and Gen. 2>eC5. Co.V Rue Notrc-nunc. Ijooeaibourz 
32 bj +0 * 3 35 6l-0» Nun LonduD R»l. ChcIm5fnrdil2455IC5! EIS1W3 Mffl-OJM 


. ,.j 2317 

of Mur 0£M24tll 
U5.3I 1 - 


550 +0 2 6 31 Rarlucan June I |76 9 


L’ul fnre!. MogmnL <C.1.» Ltd. 

14. MulCiSlCT stroei. Sr Helier. Jersey. 



IP* 

IlMI J 

117.4 3 

WP-« 3 

SC.. 

10W 3 

— 



^ Crescent Unit Tst. Mgrs.- Lid. faKg) 

— 4 Meinlle Cres . Edinburgh 3. 031-2284031 

— CWBCdai Growth — B7 0 29 0|+0.!| 414 

— - Crox-Inlerpai'l 158 4 62. 6j +1.3] 0.7S 

— eras. high. Din... -TOO 46 Ji2-o3 «9S 

— Cres. Roscrwe* — 140 1 43 fl +0 l] 4 36 

— Discretionary Unit Fund Managers 


£. F. Winchester Fund Mngt. Ltd. 

OJdJcwT5\£C2 01-8052107 

frreet winchester... 113 4 20 Jl .... t 6 0B 

CtMnch er O sean]l9.7 21i| ] 436 


62.6 -0 2 
52 9rt +1 2 
56 J +3.3 
655 + 0.1 


cum I'nit-. ■ - ..1116 0 


S23 SarbrNpt M«y3J.. eSS 

563 +3.3 *.4? Rdi'lcn.'uncl.. - . 794 

655 +0.1 8j 4 lAcciict l.'hitf:.— 906 

64 5 +0.1 S >4 cctvrtftJude i. ...... II5.8 

109-3 5.49 , AC cum. Unit--— 15L8 

1093 . . 549 I'umlii Rl.iv-31 . ... 51-5 

CJllh£ Jur-e 30 lAccum l mt'i !5>5 

rs Lid Glen Junofl ... 53 2 

^ i+crum V.niL+i 68. 4 


tin Gvih .limed.. 1*1 6 


International Ta_.Vi)Zfl,4 26l| -Oja 3J2 rniemallons: -WJ 529iJ+12 2*7 B.ir'.-E.spt Muy3i.. 8SS 

Basic Kcsrca TstittA 2»M +0J) 4J7 *2-? IS Bu.i=n.W ).. - . 794 

Hjch ^3cld — 61 j 655 +0.1 Bj+ iAcciie. i.piw;.— 90 o 

Confederation Funds Mgt. LttLf la) E^. Arcum -165.3 64 5 +o.l s J4 coiemo Jure i. ...... 1+5-J 

435i " |« 

Growth Fa Qd^. |4L4 'Frit** al 31- iA> ciifn Int^f o>3 

CasniojMUtan Fund Managers. Minster Fund Managers Lid. lucrum TnVi " ul 

3a Pont street. London SW1X9EJ. 01-3358S2S. Minrtcj-Hw \r-J-.urSl.EC.4. 01«23lPr-0 M.irllHiro J«ne« 7 513 

Cosmopaln.GdLFd.tl7.9 1981***1 4.75 Miwier Ms«r" . -W7 37.2 ... | 5«7 lAnwlnic- -58b 

„ .. Exempt -|90.7 W7) .) b.4S t*n irt«1h.liihcB.. *16 

Crescent Unit Tst. Mgrs. LUL faKg) MLA UbIi Tnlst Mg emilt . U d- ‘ ?!“ 

4 5fel^ei^ .Edmburah3. 031-^-lMl old Qucvi; St- -i. S\T1!1 9JG. i)i (fiOT.-.i.l vt"c 1v- tl.v .11 «* 

,SKB£SSS. fc JlBS «|:y 0.7S MLA I 'nli+ •!« “33 - 

Cite. High. Din. . -TOO *blrt( -0 9 B95 Mutual Unt: Trust 3Tanager*V i all di . .. . ,.m i mt- n 1 

Cr«s. Reserves — |C3 l 43 0| +0 1] 4 36 CVanihaH ■■ • 6’tlIR 7Bl'. .u-tOo w. v.i.: 1 1 .'m.c2 . 

Discretionary Unit Fund Managers Matuei Srr !•> j5in wtj __ 6*1 i‘>..\c'an ^ " 

asiomkeWSLEttruTAL V14W4W SJSi p»a,-. '-i- *2 7 46 3- ‘ Jjj TnwSall .lsanagcra 

Disc Income 11629 173J«d I 521 Muiu.H Hh. - )- '• ^557 597) .. 870 IS ■ .in- i:w itm-l rn-ic 

E. F. Winchester Fund Mngt. Ltd. National ami Commercial U'Zl'l't'' 

OidJmrry.pre 01-8032107 3LM Andrt-v •■;**«, .KUinMir .'tMI ■DWP.-’l .;.,f::..l M.u ::i ....1!5' 

Great wiqcbtfster |134 303! .... 1 60B t"«*nic Jtsv 1 1 t«2 I57& . 6M I t.-.-iim I nd- 

“s-J «* isyrr ••» m is 'Stf*: |i 

Emson & Dudley TsL Mngmnt- Ltd, **' , V- m-l i n w » A*i ■ Vi 

20. Art, upon SL £H1 02-4997591 National Provident Inv, Magus. Ltd.; ^ j 

EUBOO Dudley TBL.I64A 69.7j.__.) 3fflJ 4&Gror>-eh>nvr S' .KC3P3HH 01 nzjWi ; . {tflim . 2:2; 


i.v-ciim i.'ni:^ 
1 +n !':• Jir-t 1 


|1W, V.i.:- It 'll 
6*1 Iv.Aci-an 
7 7b 


Iaisfr>rd02-1531G5! PliSWJJ 19 971 —0 -7H — 14. Mulcj-rtcr Streei. Sr Helier. Jersey. 

International Pacific Inv. Mngt- LUL u.lb. F und |:-i.s9i.7s unci) I ttl6 

BSA-a ..... *33 l'i 1 5* 8+17. SO, Pin St, Sydney. 3uy* u«ii»il c^kip: tci Inll Aiiv rn 

9J4«; ... 457 Juvalm Equity Tsi. (5209 220-0011 — d SvaW.' Tst. 1311. AOV. ID. 

103.2 ...... *57 (VT Manacers Uensvt *4. Rue Sjdrtrircr. Luxembeun; 

1330 f-E it^S vTL ScT^J i rj.T4Llnv.Fr.d._| SL'S.10 88 |-047| 092 

160.5 5 69 ™ 1W - Ruyal Tst. Hse_ JeiwyCfr.- -'+>1 v L n June 5. 

54 5ti! 7.03 Jersey ExrrnI Ttt_.J163.D 173.01 +5 C — 

59 7 . . _ 7 03 .ts at May 31. Next sub. day .'urn- X>. <; g. Warburg & Co. Ltd. 

^^*83 .iar dine Fleming & Co, Lie. oO.GrohamStrrel.EL’S. 01JM04555 

53 q *07 2.34 +5th Flwr ConDaught Centre, Hvai: Kvr.C Cnv E-} J-'d. June 5. 1 SLS964 1+003 — 

60 9 +0 8 2 36 .'ardme Citn T« ( SHK240.99 i 5N EniTi? inv JunuS .1 t L -'lb 79 1+0 07] — 

524-06 3iJ J.irtineJ'nn Fd'..) 5HK316M C^O Gr.&l-'Fcl Apr3! I JbflM I J — 

6*4- +0* 353 J i.rd in-.. S E. % [ SHK334o . J 2 jQ VJLcrM3>3l.. . !20 j5 IC47| | — 

75 3+0 4 8 5b Jardi iK.-Fli-ml.il.... | 11C;9.46 .] - 

J7D 6 5* u Ma; 2 h 'Fquiv.-,ieni s 's+r. w v; arfrtrs Imesk .nagt. jrs>. Lie. 

a7 2 rub May at 1 ‘..irin.; i~ro' . St I'-.-lie.-. Jr> - I 053*73741 


Tint all Managers Ud* 


.,n- i:Ui- ill! 1>I 


20. Ar), upon SL SUM 
Emson Dudley TOL.IH-B 


i..r>::..l ::i 
1 t.-.-inu I nA' 
V.M-inpi .ipril 3! 
• v.-.-mli 1 -ul.- 

i.’.irinii-V.i-. 31 
1 A--, uni i'tiiL-.-.. 

!nt flrni Mil' •<! 

1 ..-cum. i’nisi 


Equitas Secs. Ud. (a) «) .A™Smu5»> ■ - 549 sasl !! 

fll BIshopFgale, ECS 0I-EB8 2851 N pi ° 7 r “/.' ' lh?i 

Progrrosi™ 1669 70.M +0i| 4.04 ‘ Si, ttf ft ji 

Eqnity & Law Un. Tr. MX (ai(h)(c) 

AmeRham Rd* High Wycombe MM 33377 National ^ 

EmUCy A Law |66.9 70.CJ +0J[ AM TSI. ChcnjuiJr. EC21 SCL-. 01 -iW 0080. 

_ Capital i Accgai.-— 66 4 713^+0. 

Framlihgton Unit Mgt Lid, (al Extra Tnc.-....- - “J 70 6 [+oj 

MbetadMECUBDIL 01-248 W71 gSSfc.-. ....* w] |g|j 1 1.6 

Amencan. — — #9® 52 «...._ LOO income .. 76.0 3fl.7i+0J? 

ESSMfc=BB JM= H lllhi 

Eft :::::: U3 SStK* >****« um Ow 

. . *. .. 3'ulton Court. C-maaK. Surrey. 

Friends Provdt- Unit Tr- Mgrs* • ....KA.l mji _cr| 

Piaham End. Dorking. 0308 SOM Nel-larlliuh ■ 150.9 53.4) +0)1 

Friends Pror.l.’t4,..|42i 451 <4 -S-l) 4 26 Far New Cmiri Fund Managers U 

Do.Accom., J54.6 583J+-02J 426 see flnili.+fhiia Assn ManJ^eiaec 

G.T. Unit Managers Ltd* Norwich l‘ni>m Id sura net- Uroor 

18 Finsbury Ctrciii EiSTDl TDD ni-(KBB131 P''' Rut4.^«- " s " h ;^j5NG "&«: 


■ i.| i'n-i.il 
ilOD 3 
•IPiJ 
I ....125 0 

;.'4* 
3! 107 b 

: 1520 

si . 98 e 

122.6 

[1 . :«6 
< 272 2 

:ti .. 1J4 8 

- 1464 

111 . 162.0 


M-n +M*. I JTci •J’li' 1 1Zurapv* 
J^ruin.'Iih Fu.iil 
cot Kv;.vL.l-.\.'ap.'.r 

— I .. v’oi.i A^v>--«i-ap 


SJ.8? 437 

‘VS3S7 

kll.12 ■ 1232 
1 033 36 -i 0: 


l 7j v.’trld Wide Growth ManagcTaent^ 

— i:i. Koi.'rir.t'l Hii-.nl. I.uxcmbourr, 

WvrliH-.iK. ..n K.liSirHJl 00-0051 — 

NOTES 


J G<i Avcuiil ..... . 83.9 
Exira lac Gromh*. 43 1 . 
Du Accrm. »32 

4 21 Financial fVrtj 16.3 

7 68 Dv..'.ccur> . - ..J98 

5 05 Hich Ir.r Pnnniy. 63+ 

497 Ipivrnjtitinal 3 23 

6 41 SperialSiH. 30 7 

J45 TS3 Unit Trusts ly) 


07 Sj -0.1 
E9 7 -0.1 

40 3 

464 

17 5 

2L2 

6?.9 .... 

34.7 +1.0 

32.8 +0.1 


5 !B fYiici. do twi roriude S tiremium. e.vcea: -* *icrt t.id:ro:«l f. and are »= jsesw unless otherwise 
518 .nd-cuted Yields i&h’awn in l&rt colt-W. 1 alio-* -.or £ii hajtr.p cw-njys j uccrud pnee* 
525 ttwlurte .iU expetuies. h To+iay s rric.-> r ViuljbMed an offer jnrt d -rtU3Mled. e To+tey * 
5 24 upcninKpricc.il DWnUsinn iret of U.L LrfiK p KWROOte proRUiun msuraiweplans t birdie 
fl.Bft premium insurance x OUcrcd priw i-.durtcs all ctpcus-i tt.ee pi aju-'iU ■. romnusxion. 

y Offered price meluder all expenw. 1 - r. Cuuyhl IfirowSi mr.nnprr-. i Vr&.-iou* days pner. 
« 9 Net of tax oa realised capital nair-v urJe«s -ndieatwi by t. 9 t*u«nne> Kress. * SwpcnflM. 

b - s c licld bef-ire Jw-' w. T Ex-gibH-.iium. 

__ — 

iO .03 " "■ -- 


G.T. Cap Ir.r ..03 7 
Dn.Aor.. - - 189* 

GT.bc.Fd.Vn_. 160 4 

G.T.V.S.LGen 1S61 

O T. Japan & G«m_ . 278 7 
OGLPensEvFii*- 132.9 
G.T. Tat'/. Fund . . 21*2 

G.T. FourYdiFd. .-151 3 

G. & A. Trust laiigi 
3 Rayleigh Rd H Brentnood 
G.8A 132J 


B9PJ -0.2J 3 30 

106 a -fll 330 

as 33 2S acHid IM - .. »-;iv:es OLMISMI J. ,,, .*. 1 e ;TrT.7. l -‘ 

7913^-61 133 Pf-arlilr.-iirh! 1 2* 31 <53 ^ ; ir+ -i lux.'l U,h ‘ .r. 

139 H 4 00 Arcum I'm! . 1+7 3 29 6 -0 - 4 92 J- rwI" I! - I- vr.t ..jla-'C 

12LS+2ft 2 on Fw.rl 1-ir • |3| 5 33 6 74 M,.... n.ni- V :■« 2,3 

56M ? °1 7M Pearl I'artT-i ■ J 3B.D.i -D.li 5 06 D" '««•■ • i>4 0 

- 1 I Arcum Lri.!. -!« 7 S4 2 ) _Q2| 5 0b Wielrr f.rtWVh Fund 

Pelican Lni.- Admin. Lid. ikhx> Kl _ r v.,!!,™*, E C4ft t-AX 

iiKTTi 337SOO 8! Fnuniair S . . I.i';' r ns,i«. f«i].S56S6t'’ c I nil- (74 ,1 

34JaJ +G4 4.81 Velicar. L r.iL‘ -:SJJ 69.5) +3.i) 5.6P .V.cuftL UmL . — .[34,0 


niii PD RuC4.Ni- •s-b.'+HlONG i*WSK^i 
j » i-irocnT+t 7.: . I*J 363.3! -1 ?! 

330 Pearl Tr.i-i “bn agent Ltd. <ang:w 


UCHid Hnl - 

Pf.arli 1 ri'«th ! 

Arcum t'nl! • 
FearJ l-ir 
Pearl I'ailT ' 
lAccum Lnii- 


i itier BaskV ic* j 

V. jr:n i: M ri+ -t :* -I : i iij 2 3'H ; I 

• b l 'I.KT'.r>'ill, 137 5 40 31 +01' 526 | 

I'nit Trust Account & Mgmt. Ltd. j 


ch. ML Hi -v.i. 


( -r.il i*;i!<- 

.+iii' ,•-. . Xi-r 1 


6 74 '.ii-i. n;ni- !:•« 

S 06 l'--. i :e«r.-- i>« 0 

5 0 b Wielrr f.rOiVJh Fund 


• -| s ‘ ; = 

iJ 436 f 


oi-es-spsi i 

39 9| . J 4 36 I 
35.S| 4.36 


il "3" Khar.- 

Xi.r » *■ r< T. nu J !i:-t 
it- ii.jr.- r.-ii- . yr+- • 

r.iii-. inti r* si paid 
I- rnj :-li.trcJ. M i>i:il..y 

; *:-j . 


." 9 hv;- S.Tj. 


>-»6 -. i. F.ljr- s 

















FT SHARE INFORMATION SERVICE 





rcaa variable him 


re Miry ( Mipc J 



«1?4 

2S>4 
44Jg 
2P4 
47?, 
l«j 
218?, 
51>2 
17S 
976p 

28 

31V 

not 

12.96 ITT. 
1L76 iK 
13.10 
13.15 
13.05 
1239 
12.99 
10.U 
12.80 
13.02 
1254 
1328 

13.09 
9.97 

13.10 


go 


IngenoH-BS. 




PIT 








m 



£1- 

IOp 55 
lOp. 49 
_. 51 


l 




64 
64 

68 * 2 1 51 

94 
37 

95 
61*2 
58 


§ 







or OonLBk.51 


tans Can. Pipe- -[ U *,|+*2 | 103c | — [ 4 

SJE. List Premium 48% (based on $2.0349 per £» 


BANKS AND HIRE PURCHASE 

hJTlowI suck | Price T-"! ,vt |cNr|Sk|wE 


31 
62 
99 80 

73 65 

105 I 84 
220 
72 I 53 
97 69 

86 I 68 


245 
231 
31 
n 

50 
109 
23 

& 
66 
75 

: 68*2 

94 
37 

95 

S’" 

176 
180 
2&aS 
23 
44 nJ 
56 
80 
31 
294 

Countryside 5p._ | 39 

66 

Crooch(D.i20p— | 91 
71 
94 



150 

155 

E13V 

315 


DalOpcCoDT_ 
i 15 ]Bk- leunri El — 

160 BtLeunafUma 
380 |Bk.N.S.V.SA2 — 

R ank ftwfla nH f 1 

Bankers N.Y .510. 1 £29V 
328 
230 



DaiVpcADcb.'HMI 
Do.TVpcA Dh.'91-SW . 


193 

High Law 

19>j 17 
34 33 

98 98 

415 350 
54 46 


55 42 

77 67 

'88 34 

91 79*; 



45 
196 

95 

96 
141 2 
105 
217 

Z3 
110 
72 

176 

25*2 if 
186 136 
31 15*2 

19 15 

18 15 

50*; 40*2 
30 22*; 

157 120 

na 8i 

326 
40 
70 
12 

146 
316 
312 

53 
37 
36 
20*; 

195 

87 
23 
66 

177 
152 

66 52 

21 10 
53 35V 

147 10 2 
169 119 
166 119 

60 52 

82 54 

19 13 
160 
258 

165 ui 
11 8 
93 77 

200 146 
119 100 

88 68 

7.8 1 26 20 


Ellis &.t«ald Sp 


FairdaleText5p 










FINANCIAL TIMES 


BRACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886341/2, 883897.' Advertisements: 885033. Telegrams: Flnantimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Bi rm i n gha m , 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam P.O. Bo*: 1296. Amsterdam^. 

Tele* 12171 Tel: 240 5S5 
Birmingham ijeorge House. George Road. 

Tele* 338650 Tel: 021-454 0922 
Bonn- Presshaus 11-104 HeusMllee 2-10. 

Teles 8809042 Tel- =10039 
Brussels: 39 Rue Du cal e 
Telex 23283 Tel 512-9037 
Cairo- PO. Bo* 204a 
Tel: 938510 

Dublin: 8 Fitzwilliam Square. 

Telex 5414 Tel: 785321 
Edinburgh 37 George Street. 

Telex: 72484 Tel: 031-228 4120 
Frankfurt: Im Sarhsenlager 13. 

Teles: 416283 Tel: 555730 
Johannesburg: F.O. Box 2128 
Teles B82S7 Tel: 838-7545 
Li.sbon- Fraca da Aleima 58- ID. Lisbon X 
Telex 12533 Tel: 362 508 
Madrid: ENprnnceda 32. Madrid 3. 

Tel- 441 6772 

ADVERTISEMENT OFFICES 

Mirmincliam George House. George Road. 

Telex 338650 Tel 021-4T>4 0922 
Edinburgh 37 'icnrge Street 
Telex 7348* Tel: 031-226 4139 
Frankfurt- lnt Sachscnlaccr 13. 

Telex re!03 Tel 554667 
Leeds 1‘crmjnenl House. The Htadrow. 
Tel 0532 454908 


Manchester Queens House. Queens Street 
Telex 868813 Tel: 081-834 9381 
Moscow Sadovo-Saraotechnaya 12-24. Apt 15. 

Telex 7900 Tel: 294 3748 
New York- 75 Rockefeller Plaza. N.Y. 1001*. 

Telex 88390 Tel: >2121 541 46=5 
Paris- 38 Rue du Sentier. 73002. 

Telex 220044 Tel: 236.5743 
Rio de Janeiro: Avenlda Pres. Vargas 418-10. 

Tel: 253 4848 

Rome: Via della Mercede 55. 

Tries 61032 Tel: 678 3314 
Stockholm: c.'o Svenaka DagMadet Raalambavagen ' 
Telex 17808 Tel: 50 80 88 . 

Tehran: P.O. Box-ll-lKS. 

Telex 212634 Tel: 682898 
Tokyo: 8th Floor. Nihon Keiai Shimbun 
Building. 1-9-5 Otemac bi. Ch jjoda-ku. 

Telex J 27104 Tel: Ml 2920 
Washington: 2nd Floor. 1325 E. Street 
N.W.. Washington D.C. 2000 4 
Telex 440225 Tel: I30Z1 347 8878 


Manchester: Queens House. Queens Street 
Telex 868813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: l212» 488 8300 
Pan<- 38 Rue du Sentier. 75002. 

Telex 220044 Tel 230.86.01 
Tnkyn- Kacabaru Building. 1-8-10 Ychtkanda. 
t hivoda-lni. Telex J 27104 Tel: 295 4060 


48 ! 38 
87 
*132 
14 
68 
39 
103 
140 
185 
98 
270 
57*; 45ia 
113 98 

175 138 

147 82 
139 107 

148 116 

86 70 

100 94 

80 
80 
29*j 
30 
66 
135 
37*2 3l*a 
43. 30*2 
55 40 

9. 6 

38 27 

162 
412 


tmnelBS) 
UBM Croup 
Vectis Slone Iftp 
VlbropUm 

39 34 Ward Hld&s. lOp 

52 35 Wamnewn 

116 *5 Wans Blake 

38 30 West brick Prod.-: 

97 56 Wen em Bros 

41 WTuUumsSp 
wtuTgbm I2*jp 
TO mire Von. 10? 
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158 
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107*21 89 

86 I IS 

107 87 

72 I 55 

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68 55 

83 65 

92 82 
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117 
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43,54 
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223 
144 
13 
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222 

73 32V 
KB 73 

35 27 

69*2 55*2 
30 25 

61*a 55 
29 23 

75 49*2 

68 59 

87 71 

135 106 

93 74*2 

63 47 

65 48 

24*2 zi 

69 57 
33 Z9 
73*2 67 
20*4 14*2 
19*2 131; 

88 74V 









hotels and 



RICC50p_ 


80 
760 
20.04 

*13.81 
t99 
430 
148 
td951 
d264 

313. 

h 2 80 

*296 
*2 07 
2.57 
0.99 
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7.8 

9.4 

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M3 103 

88 

10 6 

1 189' 

919 
53 
61 
70 
53 
80 


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Z76 
7M 
122 
261 

Highland E1.20p] 30 
84 
130 


tfe? 

0.72 \ 
1107 
♦10.7 
10.66 
0.83 
♦LCB 1 
2.54 3. 

90.99 X 
9.24 L 



PhnipsLp.no 


CHEMICALS, PLASTICS 


SUBSCRIPTIONS 

Cnpies obtainable 1mm newsagents and book-talLs worldwide nr on regular subscription iron 
Subscription Department Financial Times. London 


Ell *2 600 
166 86 
295 253 
97 84 

90 61 

79 60 

£57 £40*2 

246 122 

*186 134 
25 19 

61 45 

14V 10*2 
41 27 

49 44 

£95 £89 
£99 £90*2 

£98*2 £91 
79 64 

75 59 

74 57 

20*z 191; 
6012 43*2 

"31V 16 

57 46 

<4 36 

394 325 

19V 13V 
223 156 
534 376 
424 m*i 


AXZ0 

.Albright Wilson. 
Alginate Ind* __ 
AJida Pack Kb. . 
.Ol d Colloid lOp. 
AndwrCtan ._ 
Bayer AC. DStaa 
HagdenNoakes. 
Brert Chons lOp 
Brit Benzol IQp . 
BriLTkr Prd. lup 

R*neQ5p 

CarienCwel lup. 

Caialin 

ClbeC'gy TV 1 , Lr 
Do8'cCmSl < M 
Do8tSCnv82SS 
CualueLhem. .. 
Crate- Bms-- 
Do X XV .. . 
Cor* i Horace 1 . ip- 
Ctodalnr l«p . 
Ci?StJjale9p . _ 
EnaJon Pwit> - 
Farm Feed 
Fi«on.«£l . 

HalsiesdiJ 'lhp. 
Hkss WeWiSOp 
HO0.-IN mis . . 
loi a iM SxLt. . 


3.3 4.4l 8 8 
Z_1 8.W 7.6 

6 io.a 

4.4 igilB 
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L4 2.8(24.1 
L9 7.W 9.9 
6.0 2.6(15.8 
56 *j 3.1 

2.9 4.212.6 
0.9 13 31-133? 

9 3-S * 

1.9 9.» 8.7 



USIOQ 
RouflexiiE. IQp 
ScholesnJHi 
Sony Co. loO 
Sound DilLm ap 
^delusion 5p. 
Do.-AN.V5p 
'de. Rental; 
on? Dec! 
rpeF.W.IOpi 

Uni lech lOp 

Lid.Jeieadic- 
Vard&Gold_. 
WellraHlds.5p. 
“eaiaghouse.- 
'TuhnTtllEI 5p 
Wh'lesale Ftg.20p 
WirfalURl 





102 87 

31 23 

93 75 

137*2 103*? 
70 55 

£10*1 
24 
82 



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&\ 





ST: 


ENGINEERING 
MACHINE TOOLS 


* p?a t 

iJ 571 7.0 
, 3 » 5.8] 69 
I 53 5.l| 5 3 
31 6 3) 63 
6 21 3 5] 8 7 
10)14 1116 

1.31 ; 10.0 
, 3 51 5.4 7.1 
37^ 2.S-B4- 
an 59 

* 3.9 4. 

- lB.lt - 


111 105 
223 180 
116 104 

93 bS 
272 22S 
163 161 
£159 £116 
65 55 

56 37 

134 108 

63 46 

43 32 

125 111 
8*4 
38 
23 

100 , 

115 92 


ACIMadlKrr- 

A.P.V.50p 

Acroir 

Da-.V 

AdneJ 'Iraup _ 
tj can Aluminum. 
Da9pcConi. . . 
Allen 1 Ei Balfour 

Allen W <7 

Amal Ptmer .... 
\nd--n S’clide— 
Anclo-Saux. ... 

V-hfcUcx . . . 
A-v.BrilisA 
.V*Mk Tiwlini; - 
.V>ttalndl llip.. 
Aurora lllifc .... 
Austin Jamesi... 



FOOD, GROCERIES, ETC. 

112 Alpine Soft D IQp_ 136 F63 4.117.2 

70 Ass.BiMtiil20p . 84 „ ... 3.19 36 5.8 

53 As4.BritFda.5p 69 -1 til 4.6 4.6 

205 Ass Haines 236 -el h0.78 19 4 0.5 

43 Ass. Fisheries _ 53 -1 3.0 33 86 

28*; Aiaaa Group 5p 35i 2 -i 2 f093 4.6 A2 

72 Banks iSidne-Ci 74 ..._. td36 33 7.4 

11 Barter &D.lDp_ 11V — — — 

66 Bam AG.) 83 h215 4.1 3.9 

M Barroo Millings 65nl +1 (Q1334 1.7 203 

124 BasettiGeoi 135 -2 5.15 33 £.8 

48 Bailers York lOp 50 td33l 1.9 10.01 

56*i Eeuun lOp 65 t fa 1.45 4.0 3.4 

182 Bibb? 1 J.i £1 230 +1 6 60 6 7 43 

155 Bishop's Stores. 185 td236 8.5 L9 

115 Dp “A" N,Vc_. 152 pd2 36 - 85 2.3 

130 Bluebird Corf. . 170 4.62 4 5 4 J. 

104 BrtL Sugar 50p. . 112 *1 rh4.75 4.9 64 

25 Dril VokTc lllp 30i» . .. 051 7 5 2b 
43i z Brooke Bond _ 4S +V T2.76 33 9.3 

48 Cadbury Sehps. 51*; +»; 304 1.9 8 9 

41 ranrs Milling. .. 47 »263 3.8 8.7 

42 UliHarri ftilne-,. 46 ...... 1.91 4.6 63 

33 Da -A”N.V 38 ... 1.91 46 76 

73 Cullens 2up . _ 112 *2 4.57 13 7.4 

70 Dft-C2up 108 4.57 . 13 7.6 

104*2 Danish Ben \V£l 112 6 64 .34 9 0 

82 Eadxood d B>5p . 89 392 63 1.7 

10 Ed* ds.Lou C.dp.. 10 — — — 

29 EiiKlandJ.Ei.5p 29 ..... 1-42 3.1 7 A 

66 FM.C I 67 +i6.0 2J i 

8V KtherikiSn .. 11 064 1.4 88 

57 Fitch Lovell aip.. 64 *4.05 lAj 9.^ 



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• ! Stack 1 

I -]+«] ■»« I 
| Prim J — } Net | 

Ira! 

|Cvt|Gt , s| 


BW. TBUSTS— Cootlntied 

am | Stack 1 Price \*-?\ 5t |r*r|™| 


FINANCE, LAND— Continued 




Slater Estates 


£ 


MOTORS, AIRCRAFT ' 
Motors and Cycles 


Bnrourisip 


P 



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105 
113 
M< 2 
134 
540 
54*j 
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84 
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83 ADg.iyjlnd.50c 115 

28 EdararkslOc 77 

62 Gold FWr. P 3zc 
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73 50 


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29 IB 
62 I 46 


sSE 



195 
139*2 
88 
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23 20 

44 40 

39*4 ( 33 
72*j 62 


.49*2 41 

SB Vi 


, 68 50 

T 44 25 

63 42 

St 83 7 B 

1 94 84 

B 35 600 


i 


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4 9 20 11 

SB 42 311 Z 

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A. 92 78*2 
93 79*2 

7-4 103 95*: 

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126 pM 
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195*2 

77 

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129 
3 
i 7 

* 

B 4 
« 

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36 
67 
30 
106 
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49 
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140 1 

l^ilaailFiindOfSl 
95 
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62 l|>* 

5.6 171 
“ W; 

I a 73*2 
181 
140 
37 
101 
113 
146*2 

m 86 

140 111*2 

77 58 

95 7:>j 

93 69 

188*2 

86*2 
S 3 

188 ' 

420 
134 
71 . 

113*2 
165 
68 
122 
372 
93*2 

94 
94 
26 
99 
73 
£118 

78 
115 
167 
66 
66 

157 
106 
133 
110 
60 
123 
19 

96 
188 
860 

991j 
64 
307 
193 
Wa 
& 


PLTT Cap. lOp 



rcma? Day 


Edti: urn L D 


3.35 L 
17 



If or] Div ] M d I 

| — 1 Net |CiT U»| 



iftrnaf tonal rianc 


DAIWA 


SECURITIES 


Slack 


■ID 1155 FaJconahSOc 


OILS 



neanyiGaSOp 


USMO HUM* 


trzl 


Sabira lads C$1 


172 120 Yukon Cons. CS1. 


Highlands M50c 


I'nlrn atbrnrlw Indicated, prices and nrl dividends are in 
pence and draomi ration* are Sp. gninoted prinintiilnpi 
ratios and cm ers arc based oo latest annual report* and accounts 
and. where possible are updated an half-yearly figures. P/Etare 
calc ala ted «p the basis of net distribution; bracketed figure* 
indicate 10 per cent, or mare difference U calculated OB "ail'* 
dtstribetioo. Caters are based m “tnarinrom" tfistrUrattan. 
VULds are baaed an middle prices, are cram, adjnated to ACT of 
5*. per cent, and allow for talar of declared tfistrOratioas and 
right*. -Securities with denomination* other than atcrllag are 
ftnied inclusive of ifae Investment dollar premium. 



iw; 


A Sterling denominated sec unties which include investment 
dollar premium. 

• •Tap- ftork 

• tilths and Lows marked thus have been adjusted to allow 
for rights issues for cash. 

* Interim since Increased or resumed 

t Interim since reduced, passed or deferred, 
tt Tax-free to non residents on application. 

* Ft cu rc» or report awaited- 
rf 1 'nliMed security-. 

a Price at tune of suspension. 

9 Indicated dividend alter pending scrip und.'or rights issue: 

rcr.tr relates to previous dividend or forecast. 

•• Free o'. Stamp Duty. 

♦ Merger hid or reurcamration in progress. 

♦ Nni .-om parable 

f Same interim; reduced final and/or reduced earnings 
indicated. 

{ Forecast dividend; cover on earning* updated by latest 
interim statement. 

$ Cwcr allows for conversion of chares not now ranking for 
dividends or ranking only for restricted dividend. 

* Cover does not allow for shares which may also rank for 
dividend at a future date. No P"E ratio usually provided. 

W Excluding a !uud dividend declaration. 

* Bejrional price. 

|) Mo par value. 

a Tax free, b Figures based on pnasperftw or other official 
emanate. c Cents, d Dividend rate paid or payable on part 
of capital: cover based on dividend on full capital, 
e Redemption yi*-ld- f Flat yield, r Assumed dividend and 
yield, ti Assumed dividend and yield offer »erfp issue. 
J Payment from capital sources li Kenya, m Interim higher 
then previous total, a Richts Usuc pending q Earnings 
based on preliminary figures r Australian currency, 
s Dividend and yield exclude a upwal payment. I Indicated 
dividend; cover relates lo previous dividend. P/E ratio bated 
on latest imnuul earnings, u Forecast dividend; cover based 
on previous year's ea mines. % Tax free up to SOp in the £. 
w Yield allows for currency clause, y Dividend and yield 
based on merger terms, r Dividend and yield include a 
special payment Cover doe* not apply in special payment. 
A Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cover and PIE ratio exclude profila 
of U K. aeroyfJce subsidiaries. E Issue price. F Dividend 
and vietd hawed on prospectus or other official estimates (or 
Ifrn-78. G Ajwumcd dividend and yield after pending scrip 
and.'or rluhls i">huc. H Dividend and yield baaed on 
prospectus or oilier official ertimates lor 1978-71. K Figure* 
hayed on propped us or outer olfirlal estimates for IB7B. 
M Di-idend and yield based on prospectus or oiher official 
esiimnu-s (or 1978. N Div idend and yield based on prospectus 
or other official estimates for 1W7B P Dividend and Meld 
bawl «c prospectus or other otflcml estimates (or 1977 
Q Crav.-; T Figures assumed. U No siCniHcant Corporation 
Ta» payable. 7. Pividentl total to dale j4 Yield tussd on 
rasumptibn Treasur-' Rate stays unchanged until maturity 
of stock. 


Abbreviations; woe div idend: tee* scrip issue; w ex rigtatr. at 
■II: d ex capital distribution. 


Receni Issues " and *; Rights ” Page 38 


205 1-2 W22 c 10 


This service is available to every Company dealt in on 
Stock Exchanges throughout the United Kingdom lor a 
fee of £403 per annum for each security 


REGIONAL MARKETS 


The following i* a selection of London quotat ions of s hares 
nreiioiKlv listed cnJy In regional marfceU- Prices o( Irish 


previously listed cnJy In regional mar _ 
issue. 1 . mom of which are nol officially lifted in London, 
are as quoted on the ln*h ^"fTfrehml l 52 | 


11 


Albany Inv. 20p 23 

Ash Spinning .. 45 

Bertaru. . — ... 22 

2 S 

Craig Rose C 1 450 
Dyson iR-A 1 A 37 
Ellis £ McHdy . b2 

fivered 17 

Pifu For^e. - 50 

FjpJayPky.Sp 23 
Craig Ship Cl . 154 
tiicidn.-. Brew . 82 

1 0.M. Sim Cl ISO 
HoltUo*.2f.p 265 
•Vchn «.'i< , d-.mirn 5f 
Peam> 1 1 11 1 ■ 158 
PeelM.tiv 20 

Sltefftely Brick 45i 


SindaU (Wnu..| 


82 .... 
ISO 

265 ... 

54 

358 .... 
20 . 
45 nl '1 


iBisn. 

- 10 Conv. 9-. -80.-82. £495* -11, 

Alliance Gas 75 +2 

; ■■ ArnoU — 346 . ...‘ 

'-*2 Carrol! -P.J. i— 92 +2 

•' Inndnlhin 98 

• Concrete Prod> . 135 +2 | 

1-4 Hoilon iHIdcs ■> 41 ....... 

Ins Carp. 148 ..... 


Irish Ropes 1 130 


Jacob 

Sunbeam .... . . 

T.Mil 

Vnidare.. 


OPTIONS 

3-month Call Rates 


'inot-ri- Is 

-V Brew | 

A. P resaont . 

B. S.R. .. ! 

Rahnvk . 
Barela;- Bank. 

Eeecham 

Bools Dn:u . 
Bou .<( »: rs . 

B AT 

British •MKCk-il 
Bro-* n \ ■ • ■ 
Butter Vv" 
.idbUT.-^ 
Courtaulds 
D«b<nhr.nis 
PldlllvTs. 

Dunlop 

EagJ.; Sl.ir... •• 

EMI 

(ion. ttiLiucni 
lion Utvirit 
Glax" . .. 

Grand MoL 

l i.l .S. 1 v .... 

• tiiarrit.-in ... 

liKN . 

HliwkiT tij'l-i 
iIiiua ul Vro.-or i 


T.CJ .... 20 

61? -Imps"-...-..- 6 

Sfi I.CL. 20 

9 lnvorest 8 

11 KCA 3 

ffi Lad broke 17 

35 Legal & 'ien. .. 14 

15 Let Service.. 7 

16 Li n.'il'; Bank- 22 

24 -L^ifS ‘ - 4 

b London Brick. 5 
20 Lonrho 5 

12 L-ur.olnds 25 

5 Lfffi&iJ i 10 1 

30 -M.tins' 7 

6 Mrkr.&Kpnrr 10 
15 Shviland Bank 25 

7 N.E1 12 

31 sal il'ea Rank 22 

14 Du Warrants 10 

17 P&nDfd 8 I 

15 JPIeSi<*:. 8 

40 S.H.M S 

9 |KankOrg.'A .. 18 
JO IRcvdintnl ... 12 


[Tube Invert-. 30 
Unilever 35 


Hid. Drapery.. 71* 
Vickent - ...._ 15 


Vickers. — - 1 If 
Wool worths.-. I 5 


P»P*rty 

Brit. Land — 3** 
Cap. Counties. 4** 

E.P — S 

Intreuropean « 
IxanriFecs ... 16 
MKP<. .. - 12 

PtNichey 8 

Samuel Props.. 9' 
Tonn&City — l'l 


Bril Bcunlrun.l 45 


Burmuiiifil - 


ChJrterhjIl ... 3 


Shell ... 

llltramar..- 


1B iSpillerp 3 

22 1T.;scd I 4 


22 T.-SCO 4 

20 Thorn . . .22 

12 Trust Houses.. 15 


i (uner fons.. 12 

Cnn&i.'.old 14 

RiuT.P.inc 16 


A selvvwn t-f r 'plion- traded is ?Iven nrt 
lAibvtjn Stock Exchange Report page 












































































































































































42 




• / 


61 

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II 



D.I.Y.T00LS 

Cmtride-a member of the Neepsend Group, Sheffield 



EtMDJ 

The Best Blast Cleaners 
inthe World 




Wednesday June 7 1978 



Guyson International Limited, 

AT 


Tel. (094G4) 3422. Telex 5 1 S42 



I West German 
Minister quits 
oyer kidnap 


BY JONATHAN CARR 

HERR WERNER MAIHOFER, 
the West German interior 
minister, resigned to-day — taking 
responsibility for errors in the 
bunt last year for the indus- 
trialist, Dr. Hanns-Mprtin 
Schleyer, and the terrorists who 
kidnapped and subsequently 
murdered him. 

Herr Maihofer’s action comes 
two days after a severe setback 
for bis liberal Free Democratic 
Party in provincial elections, a 
blow to which Herr Maihofer’s 
accumulated misfortunes In office 
are felt to have contributed. 

Chancellor Helmut . Schmidt 
to-day praised Herr Maihofer for 
his fairness, humanity, and for 
taking responsibility in a matter 
where others were involved in 
error, too. A report, released last 
week-end, on the hunt for Dr. 
Schleyer, criticised by implication 
not only Herr Maihofer but also 
a provincial Interior Minister and 
the Federal C rimin al Bureau. 

However. Herr Maihofer, aged 
59, has been steadily losing 
support both within his own 
party and in its partner in the 
Federal Coalition Government, 
the Social Democrats. 

Ten Left-wing members of the 
SPD recently called on him to 
step down because members of 
the Federal Border Protection 
Force, which comes under his 
responsibility, had been taking 
the names of those at airports 
found in possession of "Left- 
wing" literature. 

A year earlier Herr Maihofer 
was also at the centre of a row 
•involving the bugging of the 


BONN, June 6. 

home of an atomic . scientist 
suspected of having contact with 
terrorists. 

These affairs have eroded the 
widespread respect in which he 
was held when be took over the 
Interior Ministry in May, 1974. 

He is the third Minister in 
West German history to resign 
the Interior Ministry job — 
widely regarded as one of the 
most backbreaking, and heart- 
breaking, in Bonn. Its responsi- 
bilities range from sport and 
environmental protection to 
nuclear reactor safety and the 
war on terrorism. 

Distinction 

Her Maihofer, earlier a law 
professor at the universities of 
Saarbruecken and Bielefeld, was 
long seen as a father of modern 
German liberalism. He provided 
much of the intellectual distinc- 
tion in a programme giving the 
FDP a clear identity instead of 
a somewhat vague outline as 
pa] 

Christian Democrats. 

As Minister for Special Tasks 
in the cabinet of the former 
Chancellor, Herr Willy Brandt 
he also played a key role in the 
search for coalition compromise 
on worker co-determination in 
German industry. 

No successor to Herr Maihofer 
has so far ■ been named. As a 
small party, collecting only 7.9 
per cent of the vote at the last 
general election, the FDP has 
distinct problems in finding new 
Cabinet-quality personnel. 


Rothmans increases 
cigarette prices 

BY STUART ALEXANDER, INDUSTRIAL STAFF 


PRICE INCREASES on most 
cigarettes produced by Carreras 
Rothmans, which now claims 
more than 14 per cent of the 
UK market, were announced 
yesterday. 

The move comes as British- 
Ameriean Tobacco is offering 
heavy discounts on its State 
Express 555 brand in its efforts 
to break into the UK market. 

State Express can be bought 
for as little as 43p for 20 com- 
pared with the recommended 
retail price of 55p. 

Many other king size brands 
are also available at reduced 
prices though the other major 
companies. Imperial Tobacco's 
WJ). & H-O. Wills and John 
Player, and Gal labor, are 'being 
less active during the BAT 
launch. 

Rothmans is to put lp a pack 
Immediately onto Piccadilly 
King Size and Dunhill King Size, 
though at 54p and 53p they will 
still be cheaper than the recom- 
mended price of most competi- 
tors. 

Increases of 2p a pack will 
follow in July on most other 


Rothmans brands, except Roth- 
mans King Size and Consulate 
No 2, which went up in March. 

The move was described by 
Mr. Kirkland Blair, managing 
director of Carreras Rothmans, 
as essential for more realistic 
profit margins and a step towards 
less “wheeling and dealing” in 
the tobacco trade. 

^Most brands in the market 
place are underpriced, mainly 
because manufacturers have been 
frightened to make price 
increases in such a competitive 
market,” said Mr. Blair. 

“We now look to other manu- 
facturers to follow our lead in 
providing a more realistic level 
of prices, a reduction in the 
wheeling and dealing which 
takes place at the moment, and 
significantly increased trade 
margins,” he said. 

No commitments were made 
by the other manufacturers 
yesterday but Gallaher. which 
makes Benson and Hedges and 
Silk Cut, said it had always- been 
against price-cutting. Imperial 
said it. would be happy to see 
the market settle down. 

News Analysis Page 7 


Continued from Page 1 

Money supply 


private sector rose by £307 m, in 
a period when a sizeable fall 
would be expected on seasonal 
grounds, this indicated a sub- 
stantial underlying rise. 

Most or the increase was in the 
non-manufacturing sectors. The 
hanks’ quarterly breakdown of 


lending showed that over the last 
three months, lending to manu- 
facturing industry rose by only 
£Il3m, while the services sector 
increased its borrowing by 
£427 m with sharp rises in retail 
and other distribution. The 
personal sector also borrowed 
£215m more. 


Weather 


TJ.K. TODAY 

RATHER CLOUDY, bright early 
in E., some rain spreading from 
W, 

London, S.E, E. Anglia 
Bright at first, tain in places 
later. Max, 19C (66F). 

Cent S. England, Midlands, 
Channel Is. 

Cloudy, rain, sunny intervals. 
Max. ISC (G4F). 

S.W. England, S. Wales 
Cloudy, rain or drizzle, fog 
patches. Max. ISC (64F). 

BUSINESS CENTRES 




Vday 



Vday 


midday 


midday 



"C 

"F 



«c 

■F 

Alexndrli. 

F 

25 

77 

Lnzanb's 

F 

IS 

77 

junstdm. 

y 

24 

74 

Madrid 

H 

22 

72 

Athens 

s 

27 

SI 

Mjijchsrr 

C 

27 

63 

Bahrain 

s 

34 

93 

Melbourne 

R 

■a 

W 

Beirut 

s 

24 

75 

Milan 

S 

27 

81 

Belfast 

c 

16 

61 

Montreal 

a 

as 

SB 


c 

26 

79 

Moscow 

s 

16 

61 

Berlin 

s 

57 

SI 

Munich 

s 

26 

TO 


V 

19 

Sfi 

Newcastle 

H 

IK 

64 

Bristol 

c. 

IB 

Cl 

New York 

S 

20 

67 

Brussels 

R 

24 


Oslo 

F 

21 

70 

Budapest 

c 

24 

ra 

Paris 

C 

19 

6fl 

B. -Vires 

s 

10 

ai 

Perth 

c 

IS 

SB 


s 

CB 

82 

Pramie 

s 

25 

77 

Cardiff 

c 

17 

03 

Reykjavik 

c 

7 

45 

CblL-aso 

s 

--I 

76 

Rio Uc J'O 

t; 

24 

74 

Colosne 

s 

27 

SI 

Rome 

V 

24 

73 

(-nrmhnen- 

K 

2« 

Vj 

Slncaoore 

c 

IS 

82 

Delhi 

S 

40 103 

SrocKbolm 

s 

18 

«4 

Dublin 

n 

13 

so 

Strasbrs. 

F 

28 

fa 


c 

17 

03 

Sydney 

R 

13 

59 


s 

28 

*! 

Tehran 

s 

27 

M 


V 

24 

73 

Tnl Aviv 

5 

24 

73 

Glasgow 

c 

13 

uy 

Tokyo 

e 

to 

W 

Helsinki 

s 

S3 

73 

Taranto 

s 

19 

63 

H. Kirns 

c 

2U 

84 

Vienna 

& 

24 

71 


S 

24 

7B 

Warsaw 

c 

22 

72 

Lisbon 

F 

19 

66 

Zurich 

s 

24 

73 

.f ml tin 

C 

to 

to 






N.W-, NJEL, Cent. N. England, 
N. Wales, Lakes, L of Man. 
Cloudy, occasional tain, hill fog. 
Max. 17C <B3F). 

Borders. Edinburgh, Dundee, 
Aberdeen, S.W. Scotland, 
Glasgow, Cent Highlands, 
Moray Firth, 

Rain. Brighter later. HHI fog. 
Max. 16C (B1FL 

NJEL, N.W. Scotland, Argyll, 

N. Ireland 

Rain, brighter later. Max. 15C 
(59F) 

Orkney, Shetland 
Dry at first, rain later. Max. 
I3C (55F). 

Outlook: Rain, sunny intervals, 
cooler. 

The pollen count was 21, 
higher than on Monday but still 
low. 


HOLIDAY RESORTS 


Yday 
midday 
-C ’F 

Ajaccio S S 71 
Algiers C H 77 
Blurltz C 17 S 3 
Blackpool S 17 63 
Rordeadx It 17 63 
Bonloano C IS M 
Casa b Inca, c :i 71 
cape Town s k 78 
Corfu F 25 77 
Dubrovnik S 33 73 
Faro S 21 ft) 
Florence S ES S 3 
Ftmcbal F 3 B 
Gibraltar F 21 70 
Guernsey C 15 M 
Innsbruck c 2 S E 
Inverness F 19 68 
Isle of Man c w 57 
; Istanbul S 34 75 
.F—Firirv S — Sunny. 


Jersey 

Laa Pirns. 

Locarno 

Luxor 

Majorca 

M alag a 

Malta 

Nairobi 

Naples 

Nice 

Nicosia 

Oporto 

Rhode* 
Salzburg 
Tangier 
Tenerife 
T im la 
Valencia 
Venire 
C— CloiHfcr. 


Vd*y 
midday 
•C <*F 
9 15 D 
S U 75 
S 24 75 
S 34 S 3 
C 24 73 
S 36 TP 
S 28 75 
S 23 73 
S 23 7 J 
S 23 73 
S 28 73 
F 19 68 
S 38 T 9 
C 27 n 
C SO ® 
C 20 88 
S 30 66 

F 21 n 

F M 75 


Tax relief 
for self- 
employed 
who work 
abroad 


8/ John Hunt, Pari i men tary 

Correspondent 

THE GOVERNMENT last night 
agreed to a Conservative 
amendment to the Finance Bill 
increasing tax relief for self- 
employed people who spent part 
of their tivna working abroad. 

Hie Budget proposed that self- 
employed who work overseas for 
at least 60 days In the year can, 
for tax purposes, deduct 25 per 
cent of the profits from the trade 
attributable to the number of 
days worked abroad in the year 
of assessment. 

As a result of last night’s 
surprise move in the Finance 
Bill committee, the qualifying 

period is te be halved. Ibis 
brings the self-employed in&o 
Hue with employed people who 
were given a similar 3 (Way con- 
cession in last year's Finance 
Bill 

The Government concession 
was seen as another example of 
the influence of Mr. Harold 
Lever, Chancellor i rf the Duchy 
Of Lancaster, In his campaign to 
persn&dfe the self-employed that 
the Labour Government is not 
hostile to them. 

Announcing the concession, 
Mr. Robert Sheldon, Financial 
Secretary in the Treasury, told 
the committee: “This will be 
well received as evidence of our 
intentions concerning the efforts 
of the self-employed and those 
who contribute so much to, oar 
international Involvement ' in 
trade.” 

Parliament, Page 10 


EUROPEAN PARLIAMENT 

Owen demands 
decision on 
MPs’ salaries 

BY GUY DE JONQUIERES, COMMON M ARKET CORRESPONDENT 

LUXEMBOURG, June 6. 

DR. DAVID OWEN, the Foreign £21,900) a year, plus office and 
Secretary, called today for an staff allowances. British MPs 
early decision the EEC Council are .close to the bottom of the 
of Ministers on the level of list, earning a basic salary of 
salaries to be paid to members £6,270 a year, with an allowance 
of -the future directly-elected of £2,534 if they represent an 
European Parliament out-of-London constituency, and 

He suggested that the issue f- secretarial allowance of up 
should be tackled in earnest to £3*687., 

when Foreign Ministers of the Dr. Owen warned that any 
Nine meet later this summer to move to fix European MPs’ 
confirm the date for the first salaries much above the national 
set of direct elections, provision- level 'in Britain wo uld cause 
ally scheduled to take place resentment in "Westminster and 
between June 7-10 nest year* could unleash strong wage 

inflation pressures throughout 
Allnwiincpc toe UK public sector. 

Allowances He favonred paying European 

. Dr. Owen conpled his demand MPs- a salary close to the British, 
with a strong warning that there level and. topping this up with 
was no question of fixing Euro- allowances to cover their living 
pean MPs* salaries at a level and working expenses outside the 
near the top end of the range UK. They should pay tax to the 
of salaries paid to members of British “ Government,, unlike 
national parliaments of the Nine. British citizens employed by the 
German MPs are the best paid European Commission, who are 
in the EEC, receiving a basic taxed at a modest rate by the 
salary of DM84,000 (about EEC. 


Continued from Page 1 

BTR move into U.S: 


emerged on Sunday evening. 

BTR said last, night that the 
agreement it. had reached was 
not conditional an the outcome 
of its planned offer for the rest 
of the" shares:. It is, however, 
subject to certain technical con- 
ditions. - 

The U-& directors will recom- 
mend formal acceptance of the 
BTR offer to a board meeting 
tomorrow, but' the final outcome 
of the " take-over- is still in the 
balance. . 


BTR neds little more than 18 
per cent more to gain a control- 
ling holding. 

The .Worcester group, whose 
chief products are bail valves 
and associated pneumatic and 
electric activator s for the 
chemical and oil process, paper 
and other industries, had sales 
in the year 1976-77 of $5im, from 
which there were gaming ? of 
$2L9m; in the following six 
months, to February 1978, sales 
were at the higher rate of $30m, 


Moser leaving Whitehall 
for new career in City 


BY PETER RIDDELL 

SIR CLAUS MOSER, director 
of the Central Statistical Office, 
is to leave Whitehall for the 
City later this year, four years 
before he wax due to retire. 

He will become vice-chair- 
man of N. M. Rothschild and 
Sous, the merchant bank, and 
a director of the Economist, 
newspaper. 

Sir Claus, 56, is the latest In 
a lengthening list of senior 
civil servants who have gone 
Into banking, either after the 
Whitehall retirement age or 
In their mld-SOs. The most 
recent examples have been Sir 
Ronald Macintosh, ' former 
director of the National Econo- 
mic Development Office, to 
Warburgs; and Sir Derek 
Mitchell of the Treasury to 
Guinness Mahon. 

Unlike Sir Derek, Sir Clans 
Is leaving on good terras with 
the Prime Minister and the 
Government He commented 
yesterday that he was moving 
while still young enough for a 
new career and to avoid 
“ running out of steam ” in his 
present position. 

Sir Clans has headed both 



Sir Glaus Moser 

the Central Statistical Offiee 
and the Government- statistical 
Office for the past 11 years, 
and Is widely credited with the 
key role in expanding their 
activities and the range of their 
publications. 

He was approached about 
both his new posts a few 
months ago by Mr. Evelyn de 
Rothschild, who is both a vice- 
chairman of the bank and 
chairman of the Economist. 


Sir Clans said he had always 
believed it was desirable for 
public servants to move Into 
- tiie private sector. At Roths- 
childs he is likely to . be 
particularly Involved with the- 
’ Corporate finance . side, while 
at the Economist he will 
become chairman of the Econo- 
mist Intelligence Unit in suc- 
cession to Mr. Ian TraffonL 

Sir Claus will retain his dose 
involvement with the musical 
world, notably as chairman, as 
for the last four years, of the 
board of the Royal Open 
House, Covent Garden. 

He will be succeeded on 
August 1 at the Central Statis- 
tical Office hy Mr. At J. Bore- 
ham, at 52, present deputy 
director. The head of the CSO, 
which is within the Cabinet 
Office, Is a Second Permanent 
Secretary. 

N. M. Rothschild announced 
yesterday that Mr. Ivor Ken- 
sington, a director who was 
closely concerned with the 
rescue of plater Walker, had 
been appointed a vice-chairman 
of the bank. 

Mem and Matters Page 22 


British Shipbuilders win £ 14m 
order for two new vessels 


R— Bain. 


BY IAN HARGREAYE5 

BRITISH SHIPBUILDERS today 
unveiled a series of new standard 
ship designs by announcing a 
£L4m order for two of them. 

The contracts, from an un- 
named Greek owner based in the 
UK, are for two SD18 multi- 
purpose cargo ships which will 
be built at the Austin and 
Flckersgill shipyard, Sunder- 
land, for delivery in the mid- 
1980s. 

' The design is a slightly larger, 
version of the highly successful 
SD14. the 100th of which will be 
launched on Wearside in the 
next few weeks. An 18.000 dead- 
weight ton vessel it has a rela- 
tively Shallow draft capable of 
serving the Canadian Si Law- 
rence Seaway trade. 

The new order is the first won 
by Austin and Pickers gill since 
it became part of the State- 
owned British Shipbuilders a 
year ago. It extends the yard’s 
order book to late 1979. 


Backing 


It is also the first major ship 
order booked by British Ship- 
builders without subsidy support 
from the Government’s £65m 
shipbuilding intervention fund. 

This gives backing to the often 
repeated claim of Mr. Derek 
Klmber, Austin and PickersgHTs 
chief executive, that because of 
his yard's highly automated 

series production techniques, it 
is still able to compete on price 
.with its international rivals. 

The contract price for the ships 
is, however, unlikely to include 
much, if any, margin for profit. 

An attractive credit package 


will no doubt be arranged for 
the Greek owner, but. British 
Shipbuilders' officials stressed 
that this would be within the 
terms laid down by the Organisa- 
tion for Economic Co-operation 
and Development 

Mr. John Parker, head of 
marketing with British Ship- 
builders, said that recent 
improvements in the grain 
markets had improved con- 
fidence among shipowners and 
consequently lifted the level of 
inquiry for new ships. - 

“I am certain that we have 
produced these new ship designs 
at just the right time. In the 
next 12 months, the Greek ship- 
owners will again start to order 
ships,” he said. 

The other new' designs 
unveiled yesterday are an SD9, 

9.000 deadweight ton multi- 
purpose cargo vessel, also from 
Austin and FlckersgiH, a mark 
two version of the Clyde 19 
cargo liner from Govan. and a 

265.000 cubic foot refrigerated 
cargo ship from Smith’s dock of 
Middlesbrough. 

Mr, Gerald Kaufman, the UK 
Industry Minister who is in 
Athens for the Posidonla Ship- 
ping Exhibition and for talks 
with the Greek Government, also 
announced an agreement yester- 
day which, he claims will help 
Britain to sell ships to the 

Greeks. 

He said that Mr. Emmanuel 
Kefaloyanaia. the Minister of 
Merchant Marine, had agreed 
that in future the Greek Govern- 
ment would pass to Britain early 
market intelligence of the Greek 


PIRAEUS, June 6. 

merchant fleet's new building re- 
quirements. 

It is unlikely that this will have 
dramatic results as Greek owners 
are renowned for their resistance 
to disclosing information to the 
authorities, ' but Mr. Kaufman 
said the arrangement would have 
special value when Greek State 
agencies, such as the National 
Railway, came to order new 
ferries. 

Application 

Mr. ' Kaufman reaffirmed the 
Government’s intention of giving 
maximum support for British 
Shipbuilders'. . marketing efforts 
through the intervention fund. 
He said that at present there was 
only one application on. his desk 
for a slice of the £7m remaining 
in the fund and that this was 
from a British owner. 

This is thought to refer to an 
order for ferries placed with 
Harland and Wolff- 
• Mr. Antony Chandris,. presi- 
dent of the Union of Greek Ship- 
owners, today renewed his attack 
upon the decision by the London 
insurance . market to place a 
heavier - .weighting on hulls of 
more than 15 years. . 

This measure,, effective next 
month, will, particularly .* affect 
the Greeks because the age. pro- 
file of their fleet is much older 
than the- average. According to 
last year’s figures, 57 per cent pf 
Greek registered ships were aged 
over 10. years and 18 .per cent 
over 20 years. • 

World Shipping News Page 6 


( 


THEXEX COLUMN 



. The eEgtble Usabilities of die 
banking sector rose, wmgfedy as 
the market iaas been, especairig, 
1? some 1.4 per cent, in the 
May banking 'month. There is, 
moreover, strong evidence Sbel 
the xecentiy more buoyant trend 
of bank fending to the private 
sector has been tesessded, with 
a- rise of £307m in steading 
advances by (he clearing banks, 
in a mouth which, seasonal 
would be expected to show a 
falL . . 

As aBways, it to dangerous to 
draw a dlrert-paradiel between 
the dealers and the bauJoog 
sector as cl whole, for often the 
non-dearers show a quite differ- 
ent pattern while - money 
market factors also ptay an im- 
portant rerfe (tills month, for 
instance^ the dearers’ ho&Mogs 
of caanmexcial' bills, am alterna- 
tive form of lending, fell back). 
But it seems Likely tint tfio 
money supply, on the sterling 
M3 measure, wffl draw a rise 
at least of the order of 1 per- 
cent, compared with am offiefeii 
target equivalent to 0B per cent 
And this wril happen despite 
the impact of the substantial 
support for sterling "towards the 
end of calendar April, im- 
plying a large etemeat of 
externa l finance in hauiring May. 
Hardly any gilt-edged have been 
sold in Decent . weeks; and 
domestic credit expansion ■ to 
bound to be ramming at an ex- 
cessively high rate. 

The figures will confirm the 
pit-edged market in the view 
that some initiative will.-have 
to be taken by .the authorities 
to get the funding programme 
under way again. There is 
much talk of the reimposition of 
the banking “corset” which 
would at least give the. City 
the impression that the mone- 
tary targets are befiig taken 
seriously. There is ah increas- 
ing build-up of . institutional 
liquidity which on' the' right 
signal would be moved heavily 
into the taps at around current 
yield levels. Conversely, if 
there is no official reaction the 
gilt-edged market .will take 
another turn for the worse. 

■Why the City has taken the 
corset so close to its . heart is, 
however, a bit pf a mystery. It 
Is a largely cosmetic device 
designed to make- the figures 
look better, but it appears that 
the gilt-edged market is merely 
opting for. the best it can 
realistically hope for in the pre- 
sent political climate. Quite 
apart from the electioneering 
aspects of current economic 
management the Treasury will 
be unwilling to embark upon 


Index rose 3.2 te^ 477.7 



1976 


1977 «78 


any major changes in budgetary 
strategy ahead of the next set 
of official economic forecasts 
due next month. 

This leaves the authorities in 
a position to argue that it would 
be wrong to impose a corset on 
private sector credit mereley to 
solve a purely technical crisis 
of institutional confidence. The 
only way this kind of impasse 
can be resolved- to - for some 
common ground to be estab- 
lished on how the monetary 
pressures will develop through 
the' year. This is not going to be 
-easily achieved, but if it cart be 
shown that the economy is 
growing faster than anticipated 
at the time of the Budget, the 
Government might just have 
political room fair giving the in- 
stitutions a little of what they 
want 

Land Securities 

Land Securities’ annual pro- 
perty revaluations are eagerly 
awaited in the property sector. 
So yesterday’s hews that the 
company’s propertied had ap- 
probated by no less than 21.6 
"per cent in the year to end 
March— giving it a portfolio 
valued at almost £lbn — will 
have corne as a welcome relief. 

The other feature of yester- 
day's preliminary, statement 
which may send -a slight shiver 
through the sector is Land 
Securities' decision to abandon 
the practice of capitalising de- 
velopment Interest and other 
expenses through .a transfer 
from capital reserve. (This is 
one •' of the ' more popular 
methods by which property 
companies succeed in getting 
tax relief on these develops 
meat charges). Land Securities 
makes no secret of the fact that 
it to only leaving development 
Interest in the p and i account 


now because it has enough pro* 
fits to stand it. In other words. - 
it may go back to the old ways 
at some future time if more 
sensible accounting methods 
have not bee nagreed for proi • 
perty companies in the mean-* 
.time. Incidentally, the com- 
pany to easing in the change 
over two years. For 1978, de- . 
velopment interest goes in 
below the line,- next year it 
will be pre-tax. 

At 215p the shares look fairly 
valued at a lower than average 
discount— 29 per cent on the 
March valuation — while the 
yield is in line with the seci ! 
tor at 3.7 per cent 

De La Rue 

The momentum of De La 
Rue's profits growth has slowed 
down in the second half of 
1977-7S_ a period which took 
in some exceptionally profitable 
contracts IS months earlier. But 
the year’s outcome is still up to , 
best hopes at £2S.3m. pro- tux 
against a comparable £23.1m, 
and progress o£ a similar order 
to In view this year. 

Two-fifths of the group’s sales 
and half its profits now come 
from banknotes, where De La ' 
Rue claims to control araunc 
three-quarters of an availab : 
international market war 
roughly £60m. Profitability «' 
vary from year to year dep; 
mg. on the timing of contn 
but the underlying tn 
appear attractive — vol 
growth of perhaps 10 per t 
a year— -and heavy inn vesta 
in new capacity is under wr 

Elsewhere the Croat 
businesses are at last justif 
their acquisition four years 
especially on the graphics 
where profits have quadra 
to £2.5m. De La Rue has - 
stan ti ally widened its 
products for the colour 
industry, and sees this 
growth area. 

- The overall return on capit 
is around a third before intere. ■ 
and would have been higher b- . 
for last autumn's rights iss- 
Questions about the need * 
that funding are reinforced 
the news that spending is heir 
comfortably covered by cas..;-, 
flow, and -that the. group nove- 
llas net cash of £18m and no"! 
long-term gearing. ; 

. Yet the shares have now 
recovered all the lost ground, 
and rose another 6p to 333p 
yesterday. The yield of 4.6 per . 
cent is well covered by both . 
historic cost and Hyde-style ; 
earnings, but the shares may ■ 
need a little time to consolidate 
their recent strength. 


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