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Vi 


No. 27,579 


Thursday June 8 1978 


**15 p 


StocMfiers 



CONTINENTAL SELLING PRICES; AUSTRIA SdU5; BEtfilUM Pr-lS? DBIHARK Krjj; FRANS FrJJ>; GERMANY DW2JJ; ITALY L5M; NEIHgmNDS- W3J-, NORWAY XnXS] PORTUGAL ftr.TB; SPAIN- •Pt—^WS SWS»t KrA25; SWn«ALANP Tf.a.Ot HRE TSp 


Xl'WS^tHMA K\ 


GENERAL 


BUSINESS 


150 mph Gflts 

train easier; 

makes T^tjuities 
debut drift 


British Bail unveiled its latest 
150 mph advanced passenger 
train in Derby yesterday at a 
civil ceremony filmed !>y a 
Japanese TV crew. The Tokyo 
Government has been anxious 
for years to gain access to 
secret design data on the train’s 
suspension and tilt mechanism, 
which have been perfected by 
British RaiL 

With a £150m investment pro- 
gramme planned for the new 
train over three years, British 
Rail has already sought a “com- 
mitment in principle" for the 
money from the Transport 
Department. It will carry pay- 
ing passengers on the London to 
Glasgow route by autumn next 
year. Picture story. Back Page 

Sadat warning 

President Sadat told Egyptian 
soldiers that Israel would face a 
Middle East war unless it 
responded to his peaes moves 
and solved the Palestinian 
. problem. Egypt will send Zaire 
heavy artillery to join the 
inter-African force to defend 
Shaba province. Page 3 

Scotland draw 

Scotland drew 1-1 with Iran in 
disappointing World Cup match 
'hich left them a poor chance 
f qualifying in Group Four, 
'here Holland and Peru drew 
.-.-O: Austria in Group Three go 
-.through to the next round by 
^eating Sweden 1-0, while Brazil 
-' ri Spain played a goalless 
*• iv. 


O GILTS were more settled on 
hopes for a renewal of the 
Government funding pro- 
gramme. The Government 
Securities lades closed 0.37 up 
at 69.20. 

G EQUITIES drifted In 
extremely quiet trading. The 
FT 30-Share Index eased 2:8 to 
474.9. 

© STERLING dosed 10 points 
down- at S1.S230 after light 
trading. The pound’s trade- 
weighted index drifted to 6L2 
(6L3) and the dollar’s depreda- 
tion narrowed to 5.3 (5.4) per 
cenL 

O GOLD closed 51? tap at ¥183}, 
largely because of speculative 
buying ahead of the ■ IMF 
auction. The New York Comex 
June settlement rate was 
$180.70 ($182.20). 

O INVESTMENT dollar pre- 
mium rose to 113 (112) per cent. 


Russia must pick 
path of detente 
or conflict— Carter 

/BY DAVID BELL; WASHINGTON, June 7 / 

President Carter, in a major speech designed to clarify his Admihisdraflion’s 
policy towards the Soviet Union, said today that it was now Hp to Moscow to 
choose between confrontation or eo-operation. The U.S. was ** adequately 
prepared to meet either choice.” - • - 

Speaking before a crowd of r.- . . . 

SfSSiiSrSSSSY£Sr& onus on u.s. SAYS Moscow . . 

an end weeks of confusion about EV a SWIFT response to Presi- criticism to some extent by 

“**2* same time dent Carter’s speech, Tass, the noting that ft* Presideuthad 
to produce an effective synthesis . . __ stressed the ‘ . kxoMrtimcn of 

of the -differing views of his a ® ency ’ detente and ititeS&LT^discns- 

senior advisers. said that Rnssia had chosen 


senior advisers. said that Russia had chosen 

In recant weeks some of these, peaceful co-existence long ago. 


notably Dr. Zbigniew Brzezinski, 
■the Nation Security Adviser, 
have talked in strong terms 


ew Brzezinski, “ But evidently the choice has 
rity Adviser, still net been, made in Washing- 
strong terms ton’s ruling circles.*’ 
tion in U.S.- However, Tass balanced the 


criticism to some extent by 
noting that Oft President had 
stressed the . Importance of 
detente and . the salt <Escus- 
sions. 

It also avoided taking issue 
with Mr. Carter on human 
rights and concentrated on re- 
jecting his analysis on Soviet 
policy in Africa. 


DOLLAR 
PREMIUM 
(Effective 
Rate) I 


about a deterioration in U.S.- However, Tass balanced the policy in Africa. 

Soviet relations and have accused 

Moscow of breaking the “code , . _ 

of detente’’ between the two warning to the Soviet Union was Detente was central to world 
nations. unmistakable. pea .re but it.had'.to be broadly 

This strong language has Ho said the U.S. was con tin u- defined and had to depend on 
raised again the possibility of ing to negotiate a new SALT mutual respect and mutual 
a new “cold war” which might agreement “ in good faith observance of agreed limits, 
put an effective end to the because we both know that “ Oar long-term object iv e must i 
Strategic Arms Limitation Talks, failure would precipitate a be to convince the: Soviet Union 
Others have argued that the resumption of massive arms of the advantMis of cooperation ! 
UJS. should be more cautious in race.” The prospects for a new and of the |im&s of disruptive 
its reaction to Soviet activities agreement were still “good.” behaviour.” hfekfedd. 
in Africa and elsewhere and that Such an agreement was vital The Ad m migration would not 
detente Is too important and the if the two nations were “to lead itself seek to fiat the SALT <fis^ 
consequences of not getting an international society into a more cessions with Sovie t and Soviet-- 
agreement too serious to sacrifice stable and hopeful future.” inspired adventurism in Africa 
It unless relations get much He did not want the Soviet- ar elsewhere ita the world, 
worse. . In recent days Dr. U.S. relationship to suffer “ and Some competition, between the 
Brzezinski has seemed to get I do not believe Mr. B rezhne v UJS. and the -Soviet Union was 
the better of this debate. desires it either — and this is why inevitable, but, Moscow must 

But the President adopted a it is time for us to speak fr ankly understand -feat, a “competition 
softer tone today, although his and face the problem squarely.” Continued An Back Page 

Implications for SALT H, Page 26 * Parliament, Page 10 **-•' 

Barclays plans to close 


. • _ ,1978 naie# 

Jierby winner ari- £ ■ * I 1 , ■ l , > 

Feb Mar Air Itoir Jim [ 

Shirley Heights (8-1) ridden by ? <?*. 

Grevine Starkey, won the Epsom show1ng ^ effective rale of 
Derby by a head, denying top npr 

U.S. jockey Willie Shoemaker on _9 * per cent * 

Hawaiian Sound 1 25-1) a win on 0 WALL STREET closed 4.59 
is first race in Britain. Remain- «»-, <*> 

i?r Man (40-1) was third. Racing, G0 " n M 

“8* W A HO\T. KOftfo ’« Ramr Sene' 


"* e 18 © HONG KOPtfG’s Hang Seng 

tattle mnn iailori lDdex ended 5.50 points up at 

>OTtie man janea 494JJ2 ^ xventh successive 

man who threw a lemonade advance after active trading, 
ittlc at Prince Charles’s car p^ e M 
Newcastle last week was jailed *** . , 

r six months by the city’s T , 

agistrates. Edward George J £0321 SUTplllS 
lack, 41, an unemployed joiner, r tr 

.leaded guilty to damaging rtijay liA H,7Snil 
property belonging the Crown. 

_ , _ © JAPAN could have a $25 bn 

Migrant senem© (£13.7bnj trade surplus this 

Australia has introduced new J™ J' 1? .ftS’S.'SKEiS 

lTo«p,e nl ! ! Vpeci;..y St E STSSS 
STBSaBSSfffiESWJ 

the next three years. But the 0 JAPANESE steel produces 
Opposition said it was wrong to have wamed the EEC Commis- 
encourage immigration when 6 s j on that y^y may have difficulty 
per cent of the_work-force was adhering to the agreement 
unemployed. Page 3 governing price and volume of 

. . . » exports to the Community, unless 

WCO SIX last illegal price-cutting by European 


unemployed. Page 3 governing price and volume of 

_ - exports to the Community, unless 

WCO SIX last illegal price-cutting by European 

The Court of Session in Edin- co “ p 3^f s _ 1 ^ s . halted. ® a ^ c 
burgh has granted a marriage Editorial Comment, Page 20 
decree » a woman two years G MA y ^ anot her buoyant 
after the death of the man she month for UK car sales, but Un- 
lived with for nearly 30 years. pQ r {s rose from 42 per cent a 
The judge ruled that under an year ago to 48J2 per cent Page 6 
old Scottish law the woman. 66, 

who lives in a Highland village, © A STMS has called a meeting 
had been married by “ habit and for today of senior shop stewards 
repute.” at Ford Motor’s car plants, in a 

hid to end the shop Boor violence 
Paoal threat dispute at the company’s Dagen- 

* H t ham works. Page 10 


BY MICHAEL BLANDEN 

BARCLAYS BANK is to close 
some 130 branches over the next 
12 years and make important 
changes at another-480. 

The major reorganisation, 
announced to staff and branches 
yesterday, is the result of a full- 
scale re -appraisal, begun in 1978, 
of the group's UK network of 
3,000 offices. 

The closures are expected to 
mean the loss of about 800 jobs 
out of the bank’s UK branch staff 
of 41,000. Barclays said yester- 
day, however, that no redundan- 
cies were .envisaged, and that 
natural wastage would take care 
of the necessary cutback. 

To counter the reorganisation's 
effects on promotion prospects 
for staff, the bank is to offer a 
voluntary . early retirement 
scheme at age 57 to people in 
senior supervisory jobs and 
above. 

The proposals aroused consider- 
able concern among staff 
representatives when the possible 
closures were first outlined last 
November, and it appeared that 
up to 600 branches might be 


threatened. Yesterday, however, 
the detailed plans were received 
quite welL 

Mr. Eddie Gale, general sec- 
retary of the Barclays Group Staff 
Association, said he was satisfied 
that for at least the first few 
•years of the programme, effects 
on staff would be minimised .-with 
dew managerial jobs created and 
promotion prospects enhanced. 

Mr. Leif Mills, general sec- 
retary of the National Union of 
Bank Employees, said he was 
not “too displeased” with the 
results of the survey and to a 
large extent union fears about 
reorganisation had been allayed. 

Barclays said that staff unions 
had been consulted over the 
proposed changes. Staff affected 
would be told “as soon as firm 
.decisions have been taken on 
implementing individual branch 
proposals.” 

Mr. Robert Sale, a Barclays 
general manager, said that, 
while the bank had kept Its 
branch representation under 
review, “recent trends and 
developments have made a more 


radical assessment ^sentiaL” 

-The closures are expected to 
be mainly among suburban 
branches and sub-branches. 
They include offices whiebaxe 
unprofitable, only marginally 
profitable or fall below "the 
general level of profitability 
within the bank They also 
cover some special situations, 
including some duplications re- 
maining from the acquisition of 
Mhrtins Bank in the late 1980s. 

■The reorganisation will 
involve strengthening .^ the man- 
agement at a total of some 190 
brandies, mainly larger ones, 
where there <is a high propor- 
tion of business -customers. 
These will offer the more 
specialised services required, in 
linp with, the experiments which 
Barclays has carried, gut .in 
Luton and. Pall MaU,iondon. 

A further 290 . : branches, 
where -the level of expertise is 
regarded as being higher than 
needed : by the character of the 
business, will effectively ' be 
downgraded. 

’■ News Analysis Page 6 


California votes for tax cut$ 


Panal threat dispute at the company’s Dagen- 

* H t ham works. Page 10 

Pope Paul has made dear that 

doctors who carry out operations • ACAS applied its powers in a 
under Italy's new abortion law trade union recognition issue 
will face excommunication. “wrongly, unlawfully, unfairly 

and indeed perversely,” the High 

Rri^flv Court was told, in a case brought 

. . ... by the United Kingdom Assoda- 

Phuippinc Army claimed that y 00 0 f Professional Engineers, 
more than 1.000 Moslem page 10 
secessionists, including 14 field 

commanders, surrendered yester- O VALUE of construction output 
day. in the first quarter of this year 

Midlands police launched a hunt b nr| v ?ous Ce Q u a C rmr Pa tmt "the 

Thailand has ordered 15,000 CS MPA HIES 

earth-worms from the U.h. to _ rnarars nm 

xanHi nihhish disPHSfl I ® COMBlIVfiD S3 105 Or fliuiIHtCu 

help with ruDhisii disposal. p^po^e groups headed by 

Koran illuminated edition at Basle parent company 

Cambridge University Library jr. Hoffraann-La Roche and the 
has had eight pages torn out Canadian-based overseas holding 
West Berliner was jailed for 12 subsidiary, Sapac Corporation, 
years by an East German court rose last year by 7.3 per cent to 
on charges of repeatedly SwFr 5.4Sbn (about £l-43bn). 
smuggling East Germans out of P®®® 27 

the country. • STANDARD BANK Investment 

Earls Colne, an Essex village, has Corporation of South Africa 
been left £500.000 iu the will of raised operating profit from 
industrialist William Hunt, who R3S.4m to R54.5m f about £3L45m) 
died in March, aged 87, In the year to March 31. Page 28 


CHIEF PRICE CHANGES YESTERDAY 


BY jUREK MARTIN 

CALIFORNIANS yesterday over- 
whelmingly approved huge cuts 
In personal property taxation in 
a referendum that had been 
widely watched as a possible fore- 
runner of a growing middle-class 
taxpayers’ rebellion across the 
country. 

This morning Governor Jerry 
Brown promised to implement 
“ sensitively ” the will of the 
electorate without raising other 
taxes. 

Mr. Brown, who had originally 
opposed the initiative and who 
suddenly appears vulnerable for 
re-election to a Republican 
challenge in November, must in 
the next three weeks make pub- 
lic spending cuts to compensate 
for the S7bn in property taxes 
— the counterpart to the UK’s 
rating system— -that the state will 


no longer be collecting. 

The tax-cutting proposal, 
known as Proposition 13, was 
passed by a two-to-one majority. 
It attracted broad bipartisan 

Details Page 4 

Editorial Comment Page 20 

support in the wake of sharply, 
higher property tax assessments 
received by many voters in the 
weeks before the election. It 
also places tight ceilings on 
future increases in property 
levies. 

Conservative forces, the prin- 
cipal architects of Proposition 13, 
had another substantial victory, 
to savour yesterday in New 
Jersey across the country. 

Mr.- Jeffrey Bell, a young Right- 
wing Ideologue and sometime 


LOS ANGELES. June 7. 

adviser - to former California 
Governor Ronald Reagan, pulled 
off a shuffling upset by defeating 
the veber&ble Incumbent-Senator 
Cliff 01^3 Case In the - Republican 
“ primary. 

In the Californian Republican 
Primary, Mr. EveUe Younger, 
the -Iptidffle-of-the-road State 
Attorn^Geoeral; .won an easier 
victory than had been expensed 
over Jlr; =Ea' Davis,. ; the pagna- 
cdoos :te*ht-wing fbbner. Los 
Angeles police chief, and- two 
moderate candidates. 

The teak VrevoLt has cfleariy pot 
Governor ~ Brown’s ' once - glitter- 
ing poStieid'fntirre very much in 
the b®4-)3C& His JocM populartty 
has f alien recently, and one poll 
today gjves him only a one point 
lead o4pr Mr. Younger. 


European news 2 

American news 3 

Overseas news — 4 

World trade news 5 

Home news — general ... 6-7-8 

— labour 10 

— Parliament ... 10 


CONTENTS OF TO-DAY’S ISSUE* 

2 Technical page 8 inti. Can 

— 3 Marketing Scene 17 . mark^ 

S w Money % 

-■ 6-7-8 i^^er page 20 World M 

10 UK Companies 22-24-25 FHrminB 


InO. Companies and Earo- 

uuuktys . 26-28 

Money ^nd Exchanges .-—.. 35 
World Markets .... — ... — 34 
Farming^ raw jnaterials .> 33 


Mining 24 ’ UK stock, market .. 36 


t Prices In pence unless otherwise 
indicated) 

RISES 

Treas. lljpc *91 £03 J + } 

Excheq. I2pc “98 £941 + I 

Asscd. Book Publish. 220 4- 15 
Brown and Jackson... 100 + 5 
Churchbury Estates... 255 + 10 

Dc La Rue 342 + 9 

Finlay (James) 362 + 17 

GJossop (W. and J.) 08 + 4 
Harrisons & Crosfield 475 + 13 

ML Holdings 122 + 7 

McCorquodale 200 + 17 

New Ttarogmrtu. Cap. 114 + 18 

Reed InLnl. 12S + 5 

Spooner Inds 77 + 4 

Tunnel Cement B 272 + 8 


United Carriers 83 + 3 

Witter (Thomas) ... 53 + 4 

Ando Amor. Corp.... 314 + 14 

Duffels. 360 + 40 

Doomfonlein 315 + 16 

Hartebeest .£13} + l 

Libanon 586 + 28 

Randfontein _E35$ + 

Rio Tinto-Zinc 233- + 5 

Western Alining' 135 + 8 

Zandpan 221 + 15 

FALLS 

Carle&s Capel 31 — 3 

Highgate and Job ... 58J - 4J 

Land Securities 209 — 6 

P and O Dfd 94-6 

Kiehens Oil (UK) ... 374 — 9 

Northern Mining ... 92 — 11 


SALT and detente after 
Carter’s speech 20 

Economic Viewpoint: 

Reflections from the 
Loop 21 


FEATURES 

Business and the Courts: 

20 US. anti-trust law 18 

Shortage of craftsmen in 
West Germany 2 

21 Romanian living conditions 2 


Rhodesia: Peace prospect 
odds -lengthen ............ ^. 3 . 

Mexfco’r oU rich, eeonomyr . . 

Long-term stability . 4 

TJXL REPORT , . 
Architectare .32 


AppoiattiwBa — 29 Letters 

Amfatmnti Advt). 12-15 Lex 

Bosfawn Advts. 29 Lew b a rd 

Creasword U Men nod Mnan 

Econo mlc Indicators 31 Racing 

Entertainment Guide u Stfawn 

Eurwon Opts. . — . 33 Share Informadoa „ 

Jabs Catant 12 To-day's events ... 


a Tv and Radio U OenMat Clarka Hda. 

® Unit Tttots 37 C^toental UaJon ... 

2 ? Baih f r '• - wrflrlmiit fli rnutVlrt 

a Baaa UrndbH. Ram. 37 

T ANNUAL STATEMENTS V MU NeUI ^ - -- . 

Atlas Etectrlc 22 - ..nft'HaMIwi 

a. Cater Ryder 2* .ythAardoans Wsarth 


Divliiend 
controls 
may be 
retained 

By Rtehanf- Evans, Lobby Editor 


THE CONTINUATION . of 
dividend controb after the end 
of . nwt inonth h still in the 
balance and some senior Minis- 
ters are arguing strongly for 
their retention . on political 
gronnds for x further year. 

No decision Is likely to be': 
taken for some weeks while 
Mhcistezs develop their in- 
formal contacts with union 
leaders on the next stage of pay 
negotiations. 

But there is little support 
among senior Ministers for the 
widespread . . City . expectation 
that dividend controls, ' in' 
operation for nearly six years, 
will almost certainly be-ended 
after next month. 

Any continuation of divi- 
dend controls would need legte-. 
latioa and it b not clear 
whether Hr. Callaghan’s 
minority government conld get 
this through the Commons. 
With. Che Conservatives eppoa- 
ing any further restraint 
everything would depend on 
the minority parties. 

The assumption at Westmia- 
ster-is that the Liberals would 
probably s u pp or t Government 
legislation if . a farther under- 
standing with the ninlohff on 
■pay seemed likely. 

. A major conflict can be ex- 
pected in the Cabinet *M« 
sammer as some Ministers 
argue that the controls which 
limit dividend increases to 10 
per cent have been ineffective 
and should - be lifted, while 
others insist that they most be 
eon tinned. 

The most powerful 'argu- 
ment for continuation in a 
fairly strict form is the psycho- 
logical effect abandonment 
would have on the Govern- 
menfs campaign to moderate 
wage demands for a farther 
year. 

Current indications are that 
the balance might well shift 
towards retention of controls 
— (he Prime Minister is be- 
lieved to be moving in this 
direction— as the need - for, 
wage restraint' becomes more 
urgent Pressure for relaxation 
appears 'at - present to come 
from the Treasury. * • 

Hr. Callaghan is determined 
to secure some understanding 
with the unions on pay 
moderation before a possible 
autumn election campaign.. The 
advocates • of -continuing divi- 
dend controls argue that any 
agreement; however informal, 
would he impossible if. they, 
were to be lifted. 

Basnetfs “economic, contract,” 

■ Bade Page 


m 


BY PETER RTODaJ^TECONOWCS CORRESPONDENT 


.THE SURPLUS Of the ILK/s 
combined- capitei ■ and. current, 
accounts tell sharply: fa the first 
three months of this, year as a 
result of a deterioration in the 
balances on both visible and in- 
visible trade, -and a -decline, in 
demand for sterling. ■ ' 

' The . combined ^.surplus - in 
January to March .was £I73m 
compared with a quarterly aver- 
age surplus of £lBbn last, year 
and £L93bn in the . last three 
months of 1377. 

The change between the two is 
the result of: . 

• A £924m deterioration in the 
current account (not seasonally 
adjusted) as a result of adverse 
movements- on . both visible, 
mainly imports, and invisible 
balances. - 

• Au £835m decline an the capital 
account surplus, chiefly as a 
result. Of much smaller increases 
than tit 1977 in overseas holdings 
of gilt-«dteGd. stock and bank 
deposits. Changes In exchange 
controls- made only a small 
impact 

Tbm is shown by the detailed 
b alance-o f-paymeuts figures pub- 
lished by the Central Statistical 
Office yesterday. 

For the first time these figures 
contain a separate estimate of 
the large contribution of the 
North Sea oil and gas pro- 
gramme, £726m on capital and 
current accounts combined in 
the first three months of this 
year. 

This compares with ft quarterly 
average benefit of £640m in 1977 
and of just over JE270m in 1976. 

. Increasing production despite 
the T poor weather, coupled with 
lower Imported services, offset a 
rise In profits due abroad to pro- 
due* a net direct current account 
benefit of £454m, compared wtih 
£907m in 1977 as d'tiftiole. None 
of these -figures is’ seasonably 
adjusted^ ... 

The, latest' figures indicate a 
decline in/.: the.- seasonally 
adjusted invisible surplus; 2ro« 
£441m to £2®m between the 
final quarter of 1977 ami the first 
of 1978. This ean. -be .entirely, 
attributed to an inervee . of 


£X88mi. to £382m, in the -UK’s 
contribution to the EEC. 

This presents a misleading 
picture, since from the April-to- 
June period on the UK will 
receive a quarterly refund of 
£75m, while over the year as a 
whole net contributions are 
expected to total only £660 m. 

Otherwise, the invisibles 
picture is slightly better than 
feared, and there was a rise in 
the net surplus on services com- 
pared with last year. 

Receipts from tourism held up, 
and there were higher earnings 
from commodity, dealing, in- 
surance and civil aviation. 

-But the higher EEC contribu- 
tions ensured that the invisibles 
surplus was lower than estimated 
4h the monthly trade figures, 
While there was an upward re- 
vision to the deficit to visible 
trade , in the first three months 
of.1978. 

The result is that current 
account deficit for the period is 
estimated at £305 m, seasonally 
adjusted, rather than £220nu as 
previously stated. 

Favourable revisions have 
ensured that the current account 
for last year is estimated to have 
been in surplus by £L65ra. 
rather than in deficit by £35m 
.. The capita account figures for 
the first quarter reflect the 
lower demand for sterling in the 
period compared with 1977. but 
not the large outflows which 
appeared in April. 

. Indeed, official sterling 
balances rose by £I60m In the 
first quarter, though private 
holdings, fell by £5 9m. compared 
with inflows of nearly £l)bn in 
1977. Purchases or gilt-edged 
stock also fell back sharply in 
the quarter as a whole. 

Portfolio investment overseas 
rose sharply to £19Sm, a large 
part. of. which was financed by 
money borrowed abroad. 

This la the first substantial net 
taveatment . since. 1972, and 
refiects tbo-ending-'of the 25 per 
cent surrender rule, the fall in 
the level of the Investment cur- 
rency premium and the attrac- 
tive, share prices on Wail Street. 

Table Page 7 


P& 0 may have made 
loss in first 4 months 



flY MARGARET REID 

P dt 6. Britain’s largest shipping 
group,' may' have made^ lowr in 
the first four months of this- year 
as it grappled with the- increas- 
ing impact of the world shipping 
recession on Its business^ . 

. At yesterday’s annual meeting, 
the group's chairman, the Sari of 
Jhchcape^told shareholders .that 
the uosition had deteriorated 
further since he wrote his recent 
statement foreshadowing: lower 


profits thin year than the £43ra 
earned before tax - In 1977. He 
added that. the results for the 
first' four months of 1978 bad 
been “ poor" 

Lord Inchcape was. not pre- 
pared to comment, afterwards on 
whether- there had been an 
actual lass or a small profit in 
ibis, first one-third of 1978, a 
Continued on Back Page 
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1 


EUROPEAN NEWS 


French cut 1.3% 
from economic 
growth forecast 



BY DAVID CURRY 


PARIS, June 7. 


FORECASTS for French eco- from evidence that the public 
nomic performance made during is drawing on its savings to 
the preparation of the 1978 maintain spending, the Commis- 
Budget last autumn have now sion is inclined to put the likely 
been revised to bring them into growth in household expenditure 
line with the more modest ex- at 3.8 per cent which is close to 
pectations expressed over recent the original estimate- 
months. The original estimates of 

The National Accounts Com- balance of payments per- 
mission is due this week to formance are also, on the whole, 
examine official Government sustained. The commission is 
forecasts, and is expected to counting on a 6.6 per cent volume 
paint a much more sober picture growth in exports of goods and 
than the estimates of nine services, around 1-5 per cent 
months ago. The Commission's below the September, 1977. 
arithmetic reflects, in fact, the figures but it has also revised 
point of view that Ministers the import figure down from 7.1 
have been expressing since the to 6.8 per cent. Since the trend 
election. of French trade is fairly strongly 

The main change is the official towards surplus, this indicates 
clipping of the forecast for that France could end the year 
economic growth (GDP) from in the black. 

4.5 per cent to 3.3 per cent. The The fact that the trend of pay- 
new estimate for the January- ments was positive could, of 
December overall price rise is course, increase the pressure on 
11 per cent. It has never been the Government later in the year 
clear what the Government's ex- to relax wages control to try to 
pectations have been since it stimulate ' economic growth to 
sets itself a guideline for price take some pressure off employ- 
increases |G.5 per cent in 1977; ment. It would be argued that 
which is not a real forecast the balance of payments per- 
ils decision to push up public mitted some room to manoeuvre 
sector tariffs this year to reduce before the franc necessarily 
the burden of subsidies to State- came under pressure, 
owned enterprises has produced Industrial investment is likely 
a completely new equation. The to be just over 3 per cent, 
price increase translates into a according to the commission, 
growth in the national wage bill which is what everybody else 
of some 12-12.5 per cent, assum- has been saying recently. The 
ing that the Government can official statistics institute has just 
keep wage rises broadly in line published a survey of business 
with the increase in the cost of opinion putting likely industrial 
living. investment at exactly 3 per cent 

The level of consumer expendi- up over the year, with a rather 
ture depends to some extent on stronger performance in the 
the increase in real wages, and, capital goods sector. 


Militant Renault strikers 
court order to leave 


defy 


BY OUR OWN CORRESPONDENT 


PARIS. June 7. 


SEVER.AL HUNDRED militant close to the holiday period, has 
young workers were still occupy* proposed a minimum of symbolic 
Ing the Renault plant at Cleon sympathy action. It does not be- 
near Rouen today, ignoring a lieve that its troops are ready to 
court order to clear the factory fight a big battle with the com- 
wbich came into effect ibis morn- pany and the Government, 
ing. The company also wants to 

The company appeared to be avoid the danger of a violent 
making no move to call in police ejection of the strikers by police, 
to remove the strikers. It insisted It brought in police to clear 
that it would not resume nego- strikers from its Flins plant, near 
rial ions on grading and classifies!- Paris yesterday, but most of the 
tion which are at the centre of men there were immigrants and 
the dispute until the strike was they left without trouble. The 
called off. young militants at Cleon might be 

The company’s decision to hold less -inhibited and a fight could 
its fire probably stems from a provide the spark which has been 
desire not to present the badly- lacking for sympathy action, 
split official trade union move- Socialists and Communists in 
ment with a challenge it would Parliament have used the strike 
find difficult to refuse. The Com- to attack the Government but in- 
jiiii n is t-led CGT has been anxious fluential Gaullists have been 
to start sympathy action in other calling for negotiation and the 
Renault plants and is trying, with- company will want to display a 
out much conviction, to project conciliatory political image, 
the strike as the beginning of a The Cleon strike is halting the 
wave of revolt against the d3ily output of 3,900 engines and 
Government's economic policies. 6.000 gearboxes, but it is less 
The CFDT. aware that the damaging than the stoppage at 
strikers represent a small minor- Flins where some 1.700 units of 
ity of the workforce, and that the Renault IS and Renault 5 are 
strikes are normally unpopular assembled daily. 



Herr Gerhart Baum. 


New Bonn 
Interior 
Minister 
is named 


OECD REPORT ON IRELAND 



• ‘ - «s . 

expected to increase 


BY DAVID WHITE . PAMS, Juno T - 

HIGHER GROWTH, 3n improve- The report also warns that the closely to ensure they comply of 1977, after 20.6 per cent jn 
ment in purchasing power lower success of Irish economic policy with the pact and do not add ex- tbe Last quarter of 1978, should 
inflation and aT , n tw -odd year depends 0n keeping down the cesslvely to costs. - - . improve further. v-\ 

“other * * ' rate of pay rises. “The recent The OECD foresees no .Qdick ^rhe -real disposable income of 

for exports are forecast in toe wage agreement cannot be solution to Ireland’s continuing the Irish should rise -by a sub- 
latest report on Ireland oy tne viewed witb equanimity,” it says high level of unemployment v It *»»wrH wl « - per* cent;.- which . will 

Organisation ,nm Emnomic r*fprrinn in tho Cnvsrflmmt 1 ! alen smMm. .1 - r._»l r.e l»vrh rnnfflmo- 


for Economic referring to the Government's also expresses concern abdKMhe^ boost the level of both- consump 

Co-operation and Development latest 15-month wage pact Exchequer’s borrowing *' needs, Hon and savings. 

(OECD). The agT . e enient provides for an which are likely to equal IS per Exports - are . expected. . to 

But the organisation hoi dire increase in non-farming wages of rent of gross national, product "increase by 10.5 per, cent, in 
warnings to make, firstly on 7 per cent this year. But OECD this year. -.'volume slightly down from last 

Ireland's current external deficit, warns that with carry-over effects On the positive ride;- -real,. yearis. exceptional growth of 12-» 
which looks like rising sharply from last year, wage drift and an growth in output » expected-To per - cent - The organisation 
from last year’s £i20m. A much increase in tbe workforce, the increase to 6 per cent from ilast' describes the slowdown 
bigger shortfall, it savs. would total wage bill is likely to rise by year's 5 per emit, .fnftnjion, . reversion to- trend." and warns 
mean “the entire growth strategy 18 per cent It says the Govern- which slowed downto an annual, of a . probable 12.5 per: tent 
would require review." ment should monitor wages rate of 10B. per cent by. tbe^end indrease in imports.- 


Promise of £196m for Canaries 


BY ROBERT GRAHAM 


MADRUX JnnfirT^. 


SPAIN'S CABINET has tion movement, and thus the meat is generated mainly liy the 
approved an investment package package appears to be designed service sector wh&fc acrirapisTfor 
of Pta 2S.6bn (£i96mi ter the t0 brin ? ho “ e the Spanish 62 per cent of the islan$s-CEDP. 


By Jonathan Carr 


Giscard on Corsica visit 


BY OUR OWN CORRESPONDENT 


PARIS. June 7. 


A CLOSELY-GUARDED Presi- On his last visit, while cam- 
dent Valery Giscard d'Estaing paigning for the Presidency in 
arrived today on a three-day 1974. M. Giscard promised “a 
visit to Corsica — his first since France which includes Corsica, 
taking office three years ago — but also a France which under- 
bearing promises of fresh stands Corsica.” 
measures to improve the lot of The President will also discuss 
the island’s 230,000 people. the problem of security on the 
The bomb blasts which have island, 
become daily events in Corsica In the March general election, 
continued last night. Four the four members returned by 
bombs went off in Bastia, includ- Corsica’s fwo departements were 
ing one at the consultancy of fnjm. the GauUist RPR party. 
Dr. Edmond SLoeoni. an whose leader, M. Jacques Chu-ac, 
autonomist leader, who has r * c ?. n ^y ™ a< ? e . a much-publicised 
described the presidential visit J s a • * ., c* „ 

as "purposeless.” Seventeen ^ e 

people held in custody on the •“* “S? 

island in connection with the Slp^rnrlt ^f’P' 
t t The front, formed two years ago, 

iVT TUP l^hatra h^n^ar!^ Maimed responsibility for de- 
Corsica (FLNC) have been trails- stroying an Mr France Boeing 

ferred to Pans. Seven others 707 in 1978 and bombing a tell 
have been detained on tbe mam- vifiion re]ay statjon Iast year 

la , ■ ..... _ . M. Giscard will take advan- 

In a radio interview yesterday, tage 0 f b j s visit t0 review tbe 
President Giscard said he would Foreign Legion paratroopers who 
announce “a large number of are returning to Corsica from 
measures " in Ajaccio on Thurs- their operation in southern Zaire, 
day afternoon. An “ economic One Teinforced company is stay- 
charter” issued three years ago, ing in the raining town of 
envisaging development of moun- Kolwezi. 

tain areas, employment measures, A Legion training unit was 
industrial finance and improve- withdrawn from the Corsican 
ments in tourist facilities and mountain citadel of Corte in 1976, 
transport has failed to satisfy a after an inci<*ent involving the 
large number of Corsicans. death of two peasants. 


BONN, Jane 7. 

THE WEST GERMAN Govern- 
ment faces a tough Parliamen- 
tary debate on terrorism and 
internal security tomorrow, 
still unclear who will be defend- 
ing its record from the Interior 
Ministry. 

Herr Werner Maibofer re- 
signed yesterday as Interior 
Minister and it was derided late 
last night that Herr Gerhart 
Baum, his Parliamentary State 
Secretary, would replace him. 

Bat Herr Baum has not so far 
been sworn la. Neither he nor 
Herr Maihofer took part in 
today’s Cabinet session, and so 
far Herr Baum's main areas of 
concern have been in social, 
media and environmental 
policy. 

It is therefore not certain 
that be will be able to step in 
at short notice on tbe terrorism 
issue. The opposition is ex- 
pected to redouble its criticism 
of the Government on the basis 
of a report released last week- 
end which uncovers errors 
made during the hunt last year 
for the industrialist. Dr. Hanns- 
Martin Schleyer, and his ter- 
rorist captors. 

This report was the immed- 
iate cause of Henr Haihofer's 
resignation. But he was also 
blamed by colleagues in con- 
nection with the disastrous 
showing of his Liberal Free 
Democratic Party (FDP) In 
provincial elections last Sun- 
day. 

Herr Baum, who became 
State Secretary in 1974, Is also 
a member of the FDP and is 
generally held to be to tbe 
party's left-wing. Born in 
Dresden in 1932. he is a lawyer 
by training. 

He was not the party leader- 
ship's first choice for the 
Ministerial job— but others to 
whom the office was proposed 
turned it down. A suggestion 
of a Ministerial swap between 
the FDP and their coalition 
partners in Bonn, the Social 
Democrats, also came to 
nothing. 


„ _ , , , , , . . . nature of tbe Canaries. Despite the depressed : state hf. 

Canary Islands and has decided A Government statement said the Canaries’ economy’ "the 

to submit to Parliament that despite Spain's current essential motivation ! for the 

recently-announced plans to site economic problems it had been measures, is seen as political. 
Spain's main naval base in tbe decided to go ahead with a pro- Although the Govieittiheat 
islands gramme of public investment appears confident ' that ;it can 

' . . Tbe investments will be aimed ride out the problems posed' by 

This is the largest single primarily at improving ’ the the violence '•"•of ” Basque 
regional investment approved overall infrastructure, roads, separatism, it is far more fcensi- 
for some time. It underlines ports, housing, power and water tive to the inherent ’dangers’ qf 
Government concern to prop up supply, and educational facilities, increased support 'for separatism 
the stagnant economy of the it is not clear whether the cost in the Canaries. ‘ " 

Canaries and tn prevent 0 f the new naval base first MPAIAC enjoys Umite$^sfip- 
separatism from gaining ground announced in April is included port in the islands btrt-lt--^ 
there. in the Pta28.6bn package. supported Internationally /by 

The Government appears The Canaries are reckoned to Algeria and Libya. Algeria, in 
almost obsessed by mnve>- within have a per capita income 15 per particular, is using MF&EVCais 

the Organisation of African cent below tbe national average, a means of putting 1 ^diplomat! cl 

Unity (OAU) to recognise the Unemployment is high and pressure on Spain b«? thd 
Canaries Liberation Movement, affects more than 12 per cent of future of tbe former colony- of 
MPAIAC as an African libera- the active population. Employ- Spanish Sahara. '• 


Catalan lock-out plan backed 


•<v 


BY DAYID GARDNER 


BARCELONA. June. 7. 


EMPLOYERS from tb* Valles lise minimum trade union free- Fomento had criticised rSEFES 
region 0 f Barcelona province doms will make industry Mandst. for ■" ■lamming the door tar all 
h!vp ininL th^ rnliP ^ierin thus taken a further step possibility of dialogue” ; mid 
th / ir co . e ° ue ?. ° towards supplanting the Fomento SEFES called for a boycott of 
SEFES. the federation wmch de Trabajo Nacional. tbe oldest the CEOE poll- SEFES repre- 
represents employers from the and best-kDOwn Catalan em- sents only 10 per cent at -those 
. 7 r, industrial area of payers’ organisation. entitled to vote, but . the 

the Bait Lolbregat in its decision Growing support for SEFES's Fomenta’s new president Was 
to impose a 24-hour lock-out for t0U g b stand was evident in last elected by less than 50 -per. cent 
each day lost through industrial v/ee jj5 ejections in the Fomento, of the 400 electors.- - ^ 
acu 011 - after the accession of its former The lockout move comes- after 

Radical employers, who believe president to the chairmanship of last month’s mass, strike -and 
that Government plans lo fonua- the CEOE — the Spanish CBI. demonstrations in Bareetona 

province centred on the metal, 

textile and construction India- 


Switzerland 
foreign 
assets rise 


Diamond concession talks three-quarters of industrial^ac^ 

vity m Spain's most developed 

BY OUR OWN CORRESPONDENT region. With tile suKWrt 

ZURICH. June 7. ployers from the Vailes..an fcrea 
. _ . dominated by the - textile fiand 

THE IMMINENT establishment from Switzerland. Germany and ^^3, in ^^ strYt whertaitiie 
of a Liechtenstein-based consor- Austria on the question of invest- Vais Liobregat is a '-centfe for 
tium to take over a diamond con- ID a tW* Ca ? the meta1 industry; SEFES? r ean 

cession in the Central African is tT^ made tTth? 

Empire has been forecast by countTy ne xt month by potential B^l” ^ h^ tT^opulari^li 
Liechtenstein company- lawyer, investors. approach to industrial relations 

Dr. YVerner Walter. Th^s follows Emperor Bokassa is said by Dr. in the rest of Spain. * 
a pnvate visit to the Principality falser to be inierested in the After an llth-hour settlement 
by Enyjeror Bokassa I at the end development of extensive dia- of yearly wage negotiations in 
OF last month on Dr. Waisers ra()I1 d deposits in the country, as the metal sector .last week, 
invitation. we U as tbe exploitation ' of SEFES faces a' major test, to- 

During the emperor's visit uranium reserves and support morrow, when a 72-hour stoppage 
“intensive talks" were held in for hunting, tourism and agricul- begins in the hotel and res- 
the presence of industrialists ture. Jaurant industry. 


■ By John Wicks 

ZURICH. June 7. 
SWITZERLAND’S total foreign 
assets rose by some 5.9 'per- 
cent to an estimated 
■ SwFr 32L5bn last year, accord* 
ing (o calculations-, by the 
Union Bank of Swiizeriaind- 
: This, compares with a rise. of 
.7/4 per cent in the bank’s 
'figure for foreign liabilities to 
SwFr 153.1bn. The net. assets 
‘ of Switzeriand abroad thus 
amount to about SwFr.lTLlbn, 

Tbe importance of Switzer- 
land as a financial centre r is 
mirrored in the large volume ' 
of short-term foreign positions. 
Short-term foreign assets are 
reckoned by Uoion Bank to 
have expanded by 4J) per cent 
to SwFr 85.6bn in 1977. 
Corresponding liabilities de- 
creasing slightly, by. L4 per 
cent, to SwFr 565btu 

Tbe short-term assets are 
made up primarily of bank 
holdings, but also include 
Government assets -of 
SwFrL9bn and a surplas of 
fiduciary assets oVer fiduciary 
liabilities of SwFr 7.6bn for 
the year. 

Total Swiss holdings! of 
foreign securities are put at 
some SwFrl2L9bn at the end 
of last year/, or the biggest 
single asset item. The growth 
'rate of 6.4 per cent is. "how- 
ever, below that of 15 per cent 
booked for 1976. 

While foreign bond issues in 
Swiss francs, medium-term 
notes (priva'te placements) and 
Eurobonds subscribed by Swiss 
rose fast year, : there was a fall 
in value of . foreign shares held 
bv Swiss, interests due to the 
marked appreciation of tile 
.Swiss franc. ‘ 


Several charged with . 
Moscow tube bombing 

MOSCOW, June 7. 
SOVIET security police have 
arrested - several people oxi 
charges : of causing an 
cxpiosfOn on a Moscow tube 
early last year, Tass news 
agency reported today. 

Renter 


„0 





t J 


i-tK 


LIVING CONDITIONS IN ROMANIA 


Refugees from the rush for growth 


BY PAUL LENDVAI, RECENTLY IN ROMANIA 


ON THE day President Nicolae Romanian police have been a very long way to go before it as the series of floods- in the 
Ceausescu of Romania left for relatively lenient with some can catch up even with the neigh- 1970s and the devastating earth- 
an official visit to tbe United passport-seekers. Others in the bouring Communist countries, let quake of March, 1977; But it is 
States in April, 13 men and past have had to spend several alone with the West. So hard also the price which, has been 
women gathered on the Piata months hard labour, working on currency is made available paid for the country^ .. all-out 
Victories in front of the Govern- the new Danube-Black Sea canal primarily for imports of drive for industrialisation, 
ment building in the heart of before receiving their covered machinery and equipment - _ _ - . 

Bucharest. Three of them un- brown documents. But aim os tali rather than for travel since »r. L,ejpi5esca took 

folded a transparent: “President of the 45 brown passport holers p er baps nothing in Romania is !‘ ov l e r ^ r i^f % 

Ceausescu travels to America, who left for Austria during m0 re striking thin tbe contrast ^ SttS 

why can’t we?” tbe.flrst five oionths of this year between p^ident Ceausescu’s 

Rounded up immediately by R were . nt 2JSli? c ^ foreign policy successes and in ibbb-TO am TlWnm 

the militia, the young people, ordinary Romanians seeking a world-wide reputation on the one ^ ^ ^ j 197173 

mainly waiters, told the police new start in life. [ haDd . and the internal political gSor officla& tSa^nS that at 

that they had written to complain Tb e phenomenon of wh^t a economic, and psychological least u _ tQ 1980 ^ concen. 
to Radio Free Europe (RFE) the Western obseWer calls “ passport situation on the other. For all ^ investment will " be - 

U^. -fin a need radio station in dissidents " emerged last year the statistical victories and the maintained. They also said that President Nicolae Ceausescu. 
Munich which broadcasts in East after Mr. Paul Goma. a dissaent higher than originally expected ^ , measures intended ^ to 
European languages to the Voice novelist, circulated a “FUZZ* sSJfKES-fSS fiear outpu“te demaffand SivS 

of America, and to tne 
ton Post. They were 
after a couple of hours 
the next few days their 



optimists hope that recent 
sbaip criticism of bureaucracy 


SS.’Kyaffftmjs: CTSrXKSSSS SffiMftShsaSdSt- “ ^ aw, ’ wu? op “ ane “ 


guage broadcasts on RFE. Aa a permits for holders of stateless 
result of the publicity, within passports. The French have only 

sue weeks the gaiters’ group- done s0 with a handful of cele- nn, rp turning visitor is 
obtained so-called “brown pass- brated intellectuals cr artists. rcilirauig Vlhiiur 
ports" that is exit permits for Between July and December 1977 strncJc by a CdriOIIS 
people considered stateless. - — :J — •* ~ - 


added meaningfully. 


he phase. He has also expressed 
his willingness to do something 
r* a 1 , - , / \ «- tangible about the complaints of 

It is difficult to judge how -far national- minorities. After 
living standards wiR be affected having, received Professor Lajos 
by the recent steep rise, of fares Taiaics, vice-president of the 



GENERALF 

Assicurazioni Generali S.p. A. 


NEW SERVICE FOR “SPACE INDUSTRIES” 


Assicurazioni Generali, leading Italian insurance Company, and bead of 
an important group of Companies which operate in more than 30 dif- 
ferent countries, has gained, over the past years, considerable experience 
in the field of space risks insurance, both national and inlemationai. 


In order to provide qualified assistance for industries connected with 
space activities and help to solve the problem of .capacity arising out of 
ever increasing exposures foreseen for the future, Generali has now set 
;up, within its Aviation Department in Trieste (c/o Generali Head Office 
Piazza Daca degli Abruzzi, 2 - Italia - telex n. 46190 Generali), a new 
“service” which is run by a -staff of experts and qualified engineers. 


This service will operate in close cooperation with the Company's Lon- 
don (teles: 887469 Genaii G) and New York (telex 232494 Geny Cr) 
Branches and the vast international network of the Generali Group. 


?™? e ™ quality of changelessness I?'* 1 *?® traD f p0 T t ’ . railway. Hungarian National Council, in 

left for Austria, ip adpitum, H J 5 river and sea and air travel, js enrlv March, he Paw inEtnif-tinne 


many Romanians reach Austria as far as the standard 

SJE^SrSaJar^T .8: Of Mu, and the range 

Yugoslav-Austrian border?- Last and quality Of gOOOS in 
year 500 Romanian refugees were h windftxvq are 

recorded in Austria. - ’ » I 1116 sno P winaows are 

have concerned. 


Ordinary Romanians 


realised that they may get B pass- 


port only if their cases 


„ , t . tiaveL as early March, he gave instructions 

well as of the tariffs for n variety to ‘-prepare a thorough report 
of services and of prices for. about the education in Hun- 
coffee, pepper and olives. It is garian in 16 counties where most 
officially claimed that despite of the 1.7m Hungarians live. He 
the latest increase average real also promised to revise the post- 
incomes during 1976-80 wti] rise ing of Hungarian graduates to 

0 ?F ainst 018 far-away places and the posting 
originally expected 20. _per cent, of officials and experts to the 


— • . i, , The papers keep on DUbiishinp Hungarian or German -areas who 

one way or another Publicised. Qf g00( j s j D the shop windows are charts and drawings about the do not ?P eak ^ language of the 

S2S5 2S anS tT a nH^3?anS concerned. projected two^tagTincrease of minorities, 

special rases. Under During a 780-mile tour of the earnings which will start on - ^ 


ments with the West 
Government, between .fl, 1 
10,000 ethnic Germans 


Berman During a isu-mue tour oi tne earnings 
' and country. 1- saw practically no June L 
rill be meat ““d very little fruit indeed employees. 


which will 


benefiting ^ SItua ^ on m Transylvania 

Minora tee JiS iB flux ‘ 7,18 Germans want *o 
lu.vw einn lc Germans in the shops or on the markets. Vafley. who - nrotestat with a Jeaye. the Hungarians are wait- 
allowed to leave annually during \ ccort jjjjg to the annual statist!- stnonave invnivin? tnnnn ing -for- the response to their 

the next five years, raegugjr ^ c ffi b 8 o6k for 1977. Romanian 11 '* 

^ meat production per head was by pensions pririleg^ ieH ^ Romanian 

900 m April and about 8qD m may far the lowest j n -Eastern Europe, now Tbelr inontSy^aee shofiM and Hungarian observers that a 

^ year - f , totalling 36 kilos as against 46 SSJ'ln rSS SSSS from 2 6^uS new outburst of natiooaJ passions 

The Jews also pTohtbrpm the in Bulgaria and 64 In Hungary. in I9 75 t0 3 glo- by .tee' eud of harm not only the 

good relations between . Israel Meat and also fruit are exported, ju™ five-year nlan. x majority and -the mmprity. but 

and Romania, the onljf Eastern to the West but also to the East . F also the very foundations 'if 

bloc country which .-maintains to finance primarily imports of Austerity. Jaw- and ■ order Romania's foreign policy which 
diplomatic relations with Israel, machinery, remain the underlying principles has .resisted foreign domination 

There are officially only_ some With average earnings of of ^resident C eausescns rule, andj-gadned world-wide respect 
27,000. but according, ; te Israeli about 2,000 lei a month, rela-' ___ 


estimates just over SJKKJ Jews tlvely few people can afford to 
are still left in Romania out of buy a Dacia 1300 car (produced 
a community of 429d$0 after under a Renault licence) at 
World War II Heaving aside 70,000 lei. A black-and-white TV 
Bessarabia and Bukovid). Some se t costs 3.600 lei, a washing 
2,000 Jews emigrated “ 1976 - machine about 2.500. a refrigera- 
and 1.450 in 1977. tor 1.500 and a vacuum cleaner 

Except for Ethnic Germans, between 800 to 1200 lei. 

Jews and some Romahte* 18 with In terms of tbe consumer 
close family ties in. 'the U.S, durables its citizens can buy. 
ordinary Romanians. can hardly Romania lags far behind even 

travel at all to the West Though Bulgaria and Hungary, let alooe 
industrial output between 1966-76 Czechoslovakia and East Ger- 
was rising at an annual rate of many. In assessing this perform- 
122 per cent, Romania has still ance one must recall such factors 


By Gay Hawtin In Erari^i^rr - 

7'' , Xo ' 

IT XS perhaps pacafloxicaL-.tj 
the • West German^ ctHgti n^»g - 
industry should A hfci^sbtat's? 
ritiHedTcraftsmai' 
tiine as being in 'ihh-tiii^eshf: 
deepest "posf-waar.r^re^b%ojg 

far outstrips the ■ 

and buildtiig copcefha large-” 
small, are increasingly ieerniK 
foreigners,....:.-;^ ■ 

One reason: 

rapid overseas c^panskm ^t 
Federal Republic’s 
strurtron concerns. ' 

a decade, under the -ptess? 
the xeceasloa^ .thgyfhgyui' 
formed tbeihseiv^froni. eT 
domestically . orienxated 
tions to I nteriratiohal' ~ 
tion giants, largely cob 
on the. newly- rich OPECjni 
particularly in the JHMHfc 

Britain has already 
major re ermiment^entre ; 

West German industry^-; ?hcm 
ingiy, British craftsmen— patj- 
larly bricklayers, carpenters, 
shurterer&r-are ‘Bging " jeprii 
to . fill the gaps bptb . in' _ 
domestic market.- and - abroad^ 

Exactly how many .'Brit) * 
craftsmen - are employed.- by ^ 
man construction, compazaes.^ k] 
hard to determine:.- West 
official statistics, already a-ye 
out of date, do- not provTda'^- 1 - 
industry-by-lndustry ■ breatflo? 
of the number of Brito^ reg; 
rered for employment here.--B ' 
fi cures for mid-1977 simplie^j 
the Federal Labour .Bureau^ 

Nuremberg. . -show'., ^that- - isw - 
187.151 foreigners - were --.a 
Ployed' in the indmitry._oa->J4 
30 of that. year. : How-man^ : 
the 25.247 Britrms' paving ^ 
insurance in West Gcraum^ - - 
that tune work for the constd 
tion industry is impossible^ 

say. ' v 

Mr. Geoffrey Fehler. a Sr^. 
international - employment 
sultant based in Frankfay 
points out that the vast bulfe* 
the' foreigners are guest-worte ' 
employed primarily as nnsgilg 
labour. . • . ■ . -J,--) • 

Mr. Fehler, who advises We 
German building concerns^ 
recruitment, also points out th - 
official West German statist* 
give no indication of how oaf. 

British craftsmen are reermti 
for projects overseas becaiij 
such people are not registefe 
for -employment in the Fedei 
Republic. ■ ■ .• -'-y 

“ In view of the size of ci* 
tracts that the German constra;-. 

'tion companies; are iandin 
particularly in the Middle Eas, 
and the general availability C 
skilled labour, their recruitmen 
in Britain must be very high., 
he says. Figures could also bi 
distorted by the fact that somt 
British labour, employed bi 
small local construction firms ii 
the Federal Republic itself, hat 
not bothered to register with tin 
authorities. 

Britain is seen as an importas 
source of skills because its build _ _ 
ing trade qualifications are a. fl *33 

least equal' to those in tin 
Federal Repuhlic. according ^ 1 

Mr. Fehler. Some companiK , v^ ^s/ 
claim that British buildibj 
workers have a higbe 
intelligence level than their Wes 
German counterparts. 

“This is a hard claim to snh 
stantiate," he says. “However 
West Germany is to a degra 
suffering from the same pro bleu 
experienced by the Swedes, ii 
.that- people prefer white-collai 
jobs and. if possible, avoid ever 
skilled manual trades.” . __ 

V.But tn spite of West Germanj’i | . 
enthusiasm for British craflsmea 
their experience with them Is bj £ 
ho meins' always happy. Then _ r 
is of ter a very high turnover is ■' X 

British staff and many do no] * 

even complete the first month 01*. T^c-\- x ^ V 
their contract. ... - * ;*= £ 

Oiie. of the difficulties is th*J 5 >i? 1 
recruitment of building crafts 5. ; ' 
men is still far’ from weU; - 1 — 

organised, according to Mr. 

Fehler. It is largely handled'!# 
small recruitment -agencies, cop* 
centra ted in a few BritisE 
industrial centres, with, a heavy 
concentration' in London : -S 
Many of the agencies do notr 
have large enough recruiting 
networks, nor do they afwa&fi 
have the facilities to- chedk^h^ft. i 
prebensively tbe qualificatiota^o^rf 
the work records of the 
send out. ..*• 

But one of the main -re# 
for the high turnover'. 
culture shock experienixd'^to* 
relatively ..little-trayeUedi^ii^r 
sophisticated men during f . : £fefc 
first few weeks working 
foreign country. “ Wbr T , 
dilions here are usually. 
good and living . ^ 

though not luxurious, are-3 
ably comfortable, lie m 
housed, either in-i-a;7: 
pension or a company 

Costs are very moderate,T^ 

Mr. Fehler. - ^ 

“ The drawback is 
the men are ohvsicallv wblr 
looked after, little is 
their mental. welfare. 
always problems witB home-rim*' 1 
ness and there are lots of bitebe* 
about foreign food, the bureau* 1 
P 1 ' fonns that have to bj 
filled in. and the problems et- 
working in a country- where they 
don’t speak the language.” 








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AUSm£ANMftiJN£& 

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London W1R.0NP. 

OW39074L 
58 Royal ExcfaaiK^i 
Manchester M2 7DA. 
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TSfanSly line f fSTS' 


?SEAS . NEWS 



war again 

initiative snubbed 


? 


-j A;. - CAIRO, June 7. ! 

" - = SR SADAT role in hia attempts to reach a Palestinian question. 

'b^fS^:®ypt^ii r go to war peace 1 agreement and was at the (Mr. Sadat also said be would 
■ 'a J gain^f ^sr^>'dp6S ijQt respond . same time responding to feelings not accept the presence of any 

tar his of frustration in Egypt over what Israelis in a proposed UN peace- 
rjftVi - Since the is seen here as Israel’s failure to keeping force in the strategic 

“ hej^&g^^rect peaee talte - react'to the peace overtures. port of Sharm el Sheikh at the 
. j- ^aimosti^w^mohQlS'ago. But Mr. Sadat's warning should entrance of the Aqaba Gulf. 

, ■ -'-ai ■. ' ~ ~ Vri^a^^tokL.iinits of Egypt’s be «fcn as a long-term threat as He added he was prepared to 
U;C *hfc' swi^sr^^whlcb todt the canal the mXUtary balance is heavily in sign an international agreement 
*■ siniji r'-gW^S^A 1 ^' fo 8 t973 -October Israel?® favour and is unlikely guaranteeing the freedom of navi- 
. . Waj^thejF^woiild have to “ com- ’ to. bettered in the immediate getlon in the Aqaba Gulf. 

2 Lr| ^(.- -ptete^the: ;bat£le -pof. liberation if"! future; After the withdrawal, Egypt, he 




tecbanes-iioperative as aresntt Mr. Sadat told the troops said, was prepared to accept a 
ISi^eV^isflnr&ito understand" yesterday: “If there is any demilitarised zone, a limited 
i' spif it--., befitod.^to 0 ; - ;£peace>. question of threatening Egyptian forces zone, a UN peace-keeping 
Bativii?* i-tz.r. v.jf--.':-: territorial sovereignty or force and early warning stations. 


: 4 ^eatediy ^saidr tbe' 3973 - war order (to go to war) as I did in David Lennon adds from Jem- 
- 4 '*Wwild bc^the'lasf: ag^hst- Israel. October 1973." salem: Israel today described 

5 2 Ciir" 4 -"Jhe - E&yRtiaa . leader,.' speaking But he made it clear he was President Sadat’s warning fthat he 

t J* - yesterday jluring .a still cdmmitted to seeking a may opt for war if the peace 

I -‘hr,’ ' l tbur>bf tbe'.jfanal ■ arear.added: peaceful solution and said his talks failed to make progress as 
h* - peace initiative had not failed. He “an obstacle to peace." Bui a 

... . ^h^Vaiid:'Tadciaitg>-;A>fft not a also acknowledged peace could senior official in Jerusalem said 

i’fr- k' bfe>?pug /latid ' ' not come in six or seven mouths, the Egyptian leader's declaration 

/military He said his peace moves had would not affect Israel’s stance in 
_ ,-A tj ahS 1 , Israel brought about a drastic change the negotiations. 

; ^ A : ^ e ^>een-'.s|alJed for, almost five in America’s Middle East policy. Such declarations explicitly con- 

4^~'’4Sadat reiterated “ Today, America is not in a state tradiot previous Egyptian under- 
.^.-sss -seidertay'th^wciiild not Tesume of enmity; with the Arabs. This takings, the official said. He noted 
•- iiiddi? r nj^j ^r giftk'eh'anpeti its stand. is all over thanks to the inilia- the clause in the 1975 Sinai 
“acv w - : ^t^ptNVaht^selt determination tive,” he said. agreement to which “the parties 

£ .-tog- ^.{^jCTtinians'T on ' the -West Mr. Sadat gave no indication of undertake not to resort to ithe 
:w;r*. Strip and removal any change in Egypt's position threat or use of force against 

Iv*nie^ ‘^ 3 ira^‘’ ; ' 8 Biaiemeirts and- air- over a settlement He said Israel each other.” 

. fields in. ^Egyptrs 1 occupied Sinai would have to withdraw com- The Israeli Government has 

hefti ri- ^ both pletely from Sinai and despite been restrained in its reaction to 

I - ? 1 ■ some Palestinian “ vituperation," recent statements by -President 


Wh -•IdeHMfflL'vVv-X some Palestinian vituperation, recent statements »y -rrewueui 
j'-l Vr^-.: ; :A-'lBa>Sa^t'’ileariy wanted to Egypt couldr not accept a peace Sadat an an attempt to demon- 
'-Vt ; " rMtam n* .tfaai'-ariny central plan that did not solve the strate moderation. 

lilliil' in Lebanon over guerrillas 




: «r- ;• a pQT.m r.AI. row is raging here 
.vt36teM5overnaaent goes ahead 
witb Pians -to.-despatch units of 
•u; I^banese army to southern 
Jabanoa r when ..the .Israelis pull 
:**“ area test Tuesday. 

• z ^: The "'^“ 'Lebanese Front,” a 
v“'*iSoahtkra ;of; Christian right-wing 
‘tactions ahd-ptoiitical leaders, has 
‘ - 1 - strongly-worded state- 

"j '^jjneiit'. demanding an immediate 
s (hsarmiug' .of Palestinian guer- 
' -'rriHas 'and! declaring all Gbvena- 
’• " r ! ^nfeqt - 1 '^agreementi . with the. 

'■ : -paIC^tiod Liberation Organisation 
1 - and void. r 

' : ; : l^alto-rleft-wing arid pnySynan 
■ ” ■ 3 5 press f - accused the Front of 
^deliberate escalation, of tension 
- : tKboia up the projected Israeli 
: !. ,: .^witBarawai from the border! area. 
; i^pfeldeht Ellas Sarkis today 
-.'■?TOaded a meeting by the Cabinet 
; \ 4at which measures for sending 
: ' .'-^ army to the south were dis- 
‘ ‘‘ .teiiised: Mr. Sarkis reached an 
-Agreement on the matter with 
’ ■ rptosident- Hafez - Assad of S>hia 
. - when they met at the Syrian port 
: _AE Lattakia last •week. • .■ J 

al 


gation of the-PLO to ensure 
Palestinian cooperation regard- 
ing the govenpjnenfs mil itary 
plans for the south. 

Right- and- £eft>wing groups 
have, for different reasons, ob- 
jected to the plans. 
Chamoun, leader of the. Rlgmt- 
wing National Liberal Party, in- 
sisted that before the =army is 
ordered to movi its supply and 
communications -routes must be 
cleared of Palestinian .guerrilla 
domination. Ttje Left-wing 
groups said the army should be 
rebuilt first to ensure a Chris- 
tian-Moslem balance, to their 
present structure, fae troops are 
Christian-dominated . and their 
presence in the sooth, will tip 
the scales in 'favour "of the Right 
wing, they said. 'j!'4 . " 

No date has been %ed for dis- 
patching army units to the border 
area. • - 5 '• . * . 

About 2.000 trooidf forming 
the armoured Litani Brigade axe 
standing by' sat camp^:m the 
Bekaa valley in east';Ii«)anon 

awaiting orders to move-'outs. •; 

Reuter adds: The 
keeping for ce ’ i n ■ southern 


BEIRUT, June 7. 

accept any conditions on the 
withdrawal of Israeli troops from 
the ar ea, it said today. 

A UN IF IL spokesman was com- 
menting on reports that Israel 
wants to maintain military obser- 
vation posts in the south after 
the final evacuation, scheduled 
for next Tuesday. 

“There can be no question of 
conditions. We will respect only 
the will of the legitimate 
authority which is the Lebanese 
Government,” the spokesman 
said. 

Lebanese newspapers reported 
yesterday that a list of Israeli 
demands had been conveyed to 
Lebanese leaders by General 
Ensio Stilasvuo, commander of 
UN forces in the Middle East. 

The spokesman said there were 
still some armed men behind UN 
lines and occasional attempts by 
others to infiltrate the area. 
However . this was no longer a 
serious difficulty and the situa- 
tion was now under control. 

He said about 5,000 UN troops 
were now deployed in the south, 
and the force was expected to be 
at its. full strength of 6,000 by -the 


Japanese 
protest 
at Soviet 
‘war games’ 

* Russian Marines and para- 
troopers have swarmed onto 
Bn island claimed by Japan 
during military exercises in 
the northern Pacific. Japanese 

Defence Agency officials said 
yesterday, Reuter reports from 
Tokyo. They said they believed | 
1,000 Soviet troops had been 
practising air and amphibious 
assaults on the island of 
Etorofu in the Kuriles chain for 
several days. Etorofu is one 
of Four islands in the Kurile 
chan claimed by Japan but 
occupied by Russia since the 
end of the Second World War. 

Japan bad already protested 
against the Soviet war games, 
saying they would violate inter- 
national law and endanger 
Japanese fishing boats in the 
area. Officials said they had re- 
ceived information that tr®®ps 
had been manoeuvring on the 
island si ace about May 20. 
They said the troops were be- 
lieved to be making amphibious 
assaults from Four 2 ,50 0-lon 
class landing ships. 

SAVAK chief 
I appointed 

The Shah of Iran yester- 
day appointed LL-Gen. Nasser 
Moghadam, his bead of military 
Intelligence, as the new head 
of SAVAK, Iran’s secret police. 
He replaced Gen. Nemalollah 
Nassiri, who was appointed 
ambassador to Pakistan after 
14 years as SAVAK’s chief, our 
Foreign Staff writes. 

General Moghadam. tinder 
•hi* previous appointment, also 
handled counter-espionage. In 

addition he was bead of a 
shadowy and little-known 
“ special intelligence ” bureau, 
and special adjutant to the 
Shah. 

Belgian withdrawal 

Belgium announced yesterday 
it would progressively with- 
draw its paratroops from Zaire 
as soldiers from African coun- 
tries take over from them, 
Reuter reports from Brussels. 
Belgium still has 600 troops in 
Zaire. 


After nearly 100 days of the internal agreement TONY HAWKINS assesses the chances of success. 

Peace urosDects dimmer 




Australian immigration 

Australia yesterday an- 
nounced new immigration rules 
to attract 210,000 people, 
especially businessmen, in the 
next three years, Reuter 
reports from Canberra. Mr. 
Michael Mackeilar, the Immi- 
gration Minister, told the 
House of Representatives the 
rules, which introduce a points 
system, aimed to attract people 
! who could make a positive con- 
I tribution to economic, social or 
I cultural life in Australia- 


TOWARDS THE end of the first r 
100 days of Rhodesia’s transi- r 
tional Government, it is evident t! 
that the odds are lengthening 1: 
against the internal agreement o 
signed on March 3 by Mr. Ian a 
Smith and the tore domestic C 
nationalist leaders. Three months b 
ago, it seemed that despite Wes- a 
tern mistrust of Mr. Smith and ' 
the hostility of much of black 
Africa and the Communist bloc, 
it was just possible, given a 
generous measure or good for- 
tune, that the internal agreement 
might provide the basis for a 

reasonably peaceful transition to- 

black government in Rhodesia. 

Today, that prospect looks 
increasingly remote, mainly 
because, to date at least, the 
multiracial interim Government 
has failed to defuse the escalat- 
ing guerrilla war. It now engulfs 
rural areas throughout the 
country; Furthermore, the tran- 
sitional government's failure to 
arrive at a ceasefire has not been 
offset by the kind of urgent and 
dynamic domestic policy pro- 
gramme necessary to derive 
maximum impact front its first 
100 days in office. 

From the outset, the critics — 
both at home and abroad — have 
said that the Salisbury agree- 
ment falls short because it will 
fail to end the 51-year-old } 
guerrilla war. This criticism : 
springs from the fact that the = 
Nkomo-Mugabe Patriotic Front 
alliance excluded itself from the ; 
internal talks — partly at least . 
because it fears losing genuinely ■ 
free elections and. with Soviet. < 
Cuban and other Communist ! 
assistance, has promised to dis- 1 
credit the Salisbury government 
and to disrupt the one-man one- 
vote elections it plans to hold in 
December. 

On the evidence of recent 
weeks, the tide is running the 
PFs way. Since the transitional 
government publicly appealed 
for a ceasefire five weeks ago. the 
tempo of the war — to the extent 
that this, can be gauged front the 
casualty figures— has. if anything, 
increased. So far this year more 
than 1,800 people'have died in 
the war and at present the 
casualties are running at 100 a 
week. This compares with an 
average of the three people a 
week In the first five years of 
hostilities. 

Of. course, the PF was expected 
to step up its war effort during 
* the 10-month transitional period 
and to that extent the intensi- 
fication of the war can hardly 
be described as surprising. But 
the credibility of the transitional 
administration and of the Rev. 
Ndabaningi Sithole. in particu- 
lar, has been dented to the extent 
the three black domestic politi- 
cal leaders do not appear to 
exert much inlluence upon the 
- boys and v irls in the bush,” 
the suegriHas. 

Mr. Si thole's credibility is at 
stake because many times in 


recent weeks he has forecast a 
rundown, of the war, arguing 
that many of the ZANLA guerril- 
las, operating in the eastern half 
of the country, are loyal to him 
and not to Mr. Mugabe or 
General Tongogara in Mozam- 
bique. This week Mr. Si thole 
again promised a marked de- 


cent in the first four months 
of this year, compared with 
the same period - last year. 
That this should br-happenlng 
at a time of a widening guerrilla 
war, falling employment and real 
incomes, and ou the eve of the 
handover to black role is some- 
thing of a surprise. - - 




Mi- 

sat 


Rhodesia’s interna! leaders: top. Chief Chirau and Bishop 
Muzorewa; below, Mr. Smith and Rev. Sithole. 


escalation of the war within the 
next six to eight weeks. But he 
was saying the same as long as a 
month ago. 

The importance of the cease- 
fire cannot be exaggerated. 
Without a significant reduction 
of . hostilities it will not be pos- 
sible to hold elections in 
December, let alone elections 
that might pass muster in a 
hostile world as “ free and fair." 
So Jong as the guerrillas believe 
that they have the upper hand 
in the war and that white deter- 
mination is being eroded they 
have every incentive to pile on 
the pressure, and increasingly 
less reason to attend an all-party 
conference at which "free and 
fair elections” could be dis- 
cussed. Hence Mr. Nkomo’e 
somewhat bombastic assertion 
this week that he will return to 
Rhodesia only as “a fighter. 

The ceasefire is critical also 
because of its implications for 
the whites in Rhodesia. In the 
past nine months the rate of 
net white emigration from Rho- 
desia has slackened dramati- 
cally, falling nearly 40 per 


It appears to reflect a willing- 
ness to "wait and see" how the 
interim government works and 
what prospects there will be for 
a white minority in Zimbabwe. 
Bot if the war does not start to 
slacken soon, then the emigra- 
tion figures are likely to rise 
again sharply- There are very 
few whites indeed who are will- 
ing to risk their lives for a black 
government, especially one which 
does not resort to conscription 
for young blacks into the 
security forces as well as whites. 

The nearer we get to 
Zimbabwe Day on December SI, 
the greater will be the reluc- 
tance of the whites to be called 
up to fight the war. It is hard 
indeed to see how the present 
call-up system can be maintained 
after January 1. 1979. This point 
has not eluded the PF which, 
in its calculations, must be con- 
sidering the possibility of a 
marked reduction of the effici- 
ency of the Rhodesian military 
machine at the end of this year. 

If the transitional govern- 
ment’s ceasefire perforroance has 
been a disappointment, so too 


has its failure to make greater 
headway in the realm of domes- 
tic policies. The credit side of 
the' balance sheet shows the 
release of more than 700 of some 
900 political detainees, an end 
to executions of convicted 
terrorists, the appointment of an, 
all-party multiracial commission 
to draft a detailed constitution 
and recently the decision to hold 
elections via the proportional 
representation “ party list ” 
system. 

But in the realm of racial dis- 
crimination, there has as yet 
been no movement and far from 
accepting the urgency of the 
situation Mr. Ian Smith and some 
of his top ministers persist in 
clinging to their claim that the 
bulk of the racial legislation in 
Rhodesia today is designed To 
protect the blacks and dis- 
criminate against whites, 
coloureds and -Asians. 

Very little has been done to 
sell the agreement at home or 
abroad. Here the black ministers 
are more at fault than the 
whites, showing a marked reluc- 
tance to venture out into the 
rural areas and tell the people 
what has been achieved. Indeed, 
some of the black ministers are 
devoting more time and energy 
to reassuring the whites than the 
much more urgent task of secur- 
! ing black support 

Above all. there is very little 
: visible evidence of change. The 
j transitional government has yet 
: to announce a single measure 
that seeks positively to redress 

I the balance in favour of the 
country's 6 1 in blacks. It may be. 
that after 100 days, this is too 
harsh a criticism and that more 
time is necessary. 

On the legislative front, the 
moment of truth will come later 
thu month when parliament re- 
L assembles for the budget ses- 
: sion. If there is no major legis- 
1 lation then to remove discrimina- 
r tion in urban areas and if the 
• budget in July is framed, as in 
5 the past— with white interests 
“ paramount — then Bishop Muso- 
2 rewa. will come under intense 
V pressure from his supporters to 
' pull out of the coalition 
* It is still too early to say that 
11 the internal settlement has 
a failed. It has certainly got off 
e to a shaky, hesitant and un- 
promising start. But a tougher 
o line by the West against Russian- 
I, Cuban adventures in Africa, a 
:- possible Tory victory in British 
d elections this year, further 
d deterioration in the Zambian 
t economy, more friction within 
d the Patriotic Front alliance— all 
it of these are possibilities that 
1 . could after all smooth the way 
l- ahead for Salisbury. Above all. 
a the internal agreement's strongest 
i- card is that there will be a black 
y government in Salisbury in 
r. January. This is a timetable that 
i- Dr. Owen and Mr. Vance cannot 
us hope to match through their all 
io party conference. 


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number of people tom abroaduse 

our rail services. 

Andformany of them, that 
meansmore than just trains. 

Lastyear2,700,000 tourists 
travelled on Sealink carfenies and 
another 500,000 onSeaspeed 
Hovercraft. 

Oncehere, foreign visitors 
eagerto explore the country can . 
take advantage of our national rail 
network. 

Tenper cent of Inter-City’s 
passengers inl977 camefrom 
overseas. 

BritishTransportHotels, 
fromthestatelyGleneaglestothe 
humblest stationhostelry also 
cateredfor arecordnumber of 

tourists lastyear. 

All told, BritishRail’s earnings 

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AUCTION OF 
DRILLING 
PLATFORM 


“ SAVE THE American Dream." 
read the hat bands a ad the 
o banners in the Biltmore Hotel 
g here on Tuesday night And 
0 when Mr. Howard Jarvis, a 
o perennial Californian conserva- 
g live gadfly who. at the age of 75. 
o had just been instrumental in 
o cutting State revenues by STba 
5 at one fell swoop, appeared to 
o take his bows he was greeted 
o by his solidly white rnidle-age 
° hnme-ownin-j audience as a 


Californian vote may signal revoJt 
by property owners and taxpayers 


.. . ... the nation-- will- wateh^wilte^^V#) 

. . ‘ /•. interest, for 

^ . . wep be exactly : iKfWvBtr.^Ei^^ 1 
v* vt ifVI wn « sJrlJrlSr 


i# 


BY JUREK MARTIN IN LOS ANGELS 


home-owning audience as a ... . 

macici.-in whose next trick would 1I J3 “lat spending on public scr- 


JJrbe ro cut mortgage rates with a v | c f s * >c re duced by the amount 


o tw' f nh r*f his h^avy jowls. 


Mr. Jerry Brown, the young 


of lost revenue. 

Special circumstance', includ- 


statc governor whose political J n 8 a round of sleep property tax 


a fortunes have taken a sharp, increases tn the populous Los 
u though possibly temporary, turn An Ssles area within the lust 
S for the worse, was dutifully sober may have exacerbated 

o — as well he might be since he homeowner outrage and per- 
© has been charged with the diffi- suaded I many moderates io join 
« cult task of substantially cutting uhal had been « conservative 
o state services while running for ca usc. but the result was indis- 
9 re-election. “The people have pu J?/ J,y J 1 ^I natlc - 


suaded many moderates io join 


I EAUMA-REPOLA OY 

A 

| SELLS THE BELOW 
| MENTIONED 
| OBJECT BY 
I AUCTION 


spoken very clearly " he intoned. , ^he Californian action is dif- 
‘Ifs an idea that the hnme is fpre . nt from what has happened 


gl a castle and won’t be taken away 2J" Js pending in ut-1! =, 


o by property taxes." Tf there was f ,ther states \ a 1 lh . al *i 

o irony in Jerry Brown, the ,.. on ® parucu'ai »ax 

g successful apostle of the politics KfJ’ h whereas e ^ 

8 of reduced expectations.. being Si, 1 " 1 !!* 1 JS? J** 0 “ SSS 

g ordered .by bis constituents to Ipncrall * by n-ili* it in the rise 

S nrantisp whnt he has orearhed. ? cner3M > o> tying it lo me rise 


5 practise what be has preached, fn sl «1u V^onaHncome or out- 
o nobody chose to allude fn it. , ln Z MXx ™ ^/c 20 state 

S J U 1 Jf legis'atures have pised motions 

g whether what happened here yes- ursin that na £ onaI ^nstitu- 

© terday is simply the latest tiona f convention be held to 
g example of California madness dccliirc uicga! anv Federal bud- 



m-jfm ^ .->1 WlLM ; w vl must ''how; oa 1 ^;. . * 

• 'the thdhee that . yestefdiyv- 

' ' - . restHt 'will be-JcEallenggd^w 

. delayed-' or .conceivably' tfteg 

-»v. - ■. . 

?orplui_wluch ; te m .deXyS 


■ tore. where support lor t te t« .g“aST,f. ■%&r%F!'i3 

■ initiative was* not;- in the ntyin^rUv tAX fevfeTiU6!t. 4 ' j h«r . 


* toltlattve was- m . 

‘nheisine ®^^ fl fJ.iwi|ta»‘stiisir3>y the^tarfof nto; 

.thc primary eiectjon^ as {gghv,. iibmj\lSalL^a^m . 
thnught It would be. - -. niiace/-' . . 

Davis, the. former Los A^^^. rBnnra:' &■ .'oBbddWh'.ffiS- . 
police ^tief, had taken thig epn- t 

scrous gamble tn-tbe_HepuJJU<^ Sensing ttfljjWM 

jSf s th TSZbS.' SSP® 

-Sfgh^inSf^upSL to doomsday 

SSf outof his - conservative consequences.' • 

e»rti.em rniiffM-nian «traitiackeL finances.- of „ passage; -<tf . .the ta2 


MuSem Californian etraxtjacket. finan^s - (LM.« r » 
' ' . initiative. Now- he- is. pro 

ana. ne lose. __ r.. . : sensitive" ,.s>ehdlag"cul 

Tlvo of the. qther candidates. no pvtra cnmneasiitorv Sas 


TWO OE me. qtner cauuiuoi« ^ cmnpeosatofy tajas^Jtf ,rt/* 

were P«»baWy damj^by ‘^^SUioipSWiSSSSS® l ’ 

opposition to the inraatwe,. But.,*^.. that..- j»a.. mnsu^' 


Governor Jerry Brown Cleft) must now make, substantial"; Attorney ■ \*'*«" e *3| W il 1 SSS>ert6cs'‘ac 
expenditure cuts following the vote engineered by Mr.-HahaW J^oSi^S He mi^it 


Jarvis (right). 


Davis in a state whose R^blf- fin4 A»«ns^'bemg btejne^ ; ^or . • < 


§ as some of th/pundits claim, % c ( 1 defic i^TTie?^ o re ^ it o' a 6^- B‘”s because their consequences can coalesce intoa-cohesura to^e 


0 UI. 1 UJ auuiv U 4 mr h""". 2 ft deficit Thppp *»rp akn 3 DSI- Wivuac iucii iuuicqucm.w wu i\i*uace uaoiCTOKiue 1006 -“““ tn hsvo j 

o the largest manifestation to date f U j n f 3,05 j n con^re'S spun- remain unpredictable and their and sustain itself over time. predilection for colouifttl eon- ^»ich wan*S «S'cakfe«m, 

o of a national taxpayers’ revolt sored by Republicans who see tax social equity is questionable. The It hi also true, special- factors servatlves. , ; alK it wili hi>: 

X ..r( »V. n.ttnnc that an C.r ...... . __ r»»*'vniw . . . V , U-.t Prac i)An» Pirlo. in Ca ...MWaaJl alalMinn ktt. . ADO'S «** IL " IU UK IJU 5 SLQJfi 


o I with implications that go far cutting and lower Go\ eminent last thing that President Carter in California not withstandtog, : The November eledti.oa ■ he- - 


beyond the nrnblems now con- spending as 


eminent nuns i u *» l tirawm KHICI iu V.OU1UIIU41 noi wiuaiannmp lne iNOVemuer B1KU.VU. • w- .. y- A f »- • 

. •ccioraJ cao risk at present is an explosion that this remains essentiajly a tween Mr. Brown and : Mr. ^r 


sfej! -ar-jf- srss^sai 


§ TIME AND PLACE 

§ June 27. 197S at 1.30 p.m. 

g Rauma-Repola Oy r Mantyluoto 

g Works, Conference Room, Pori, 

8 Finland. 


fronting Jerry Brown. issues this year and in lySO. m growth, with all its inflationary movement of .the. conservgtfve Younger may turn .put tO : -be 

It must be said from the outset The Carter Administration consequences. white property-owners. The' more instructive.: however. . -In 

that what the Californian elec- might like to match fire with But the circumstantial evi- crowd at the Biltmore Hirtsliait- the first place ft w'JLdetermine .•JJJ 1 * v®' •*? . 

torate did vesterdav. by a two to fi re but. of course is muon more dence pointing to the existence night made no bonesL of tijtdifadr whether the Governor, is still Msteruy. it iras^ser > Otf 

one majority, was in its own way constrained by macro-c-onoiiiic of a national taxpayers revolt that they wanted to pay less' taxes a- national political figure in. the. ®?ay rest^oie-ioiigevityop* 

quite revolutionary. Imagine, if realities. It is trvin" i<> reduce with profound consequences for so as to rid -the .state "ef ^fwel- making. A year ago .the assamp- Hie tajqsayers rOTtat . fot; ^ . 


g quite revolutionary. Imagine, if realities. It is trying iu 
O you will, ratepayers in London its budget deficit so as to 
o ordering the GLC to cut the inflation, but has been o’j 
g rates substantially, to abide by a pare its own tax reductii 
o strict formula limiting future ase for the same reason. 
2 increases and. in effect, ordain- hardly support the Conar 


taxpayers’ refwdt . fat 


ase for the same reason. It can clear that the movement, which which strikes some chords- hut; as self into the national -political resst of . the country: wQT ; 
hardly support the Congressional is largely parochial at present, conservative leaders from-Baccy stratosphere. Now,' the polls give Undoubtedly take hqtfc:^ .' ,7'.^ 


S OBJECT 

S Ocean Ranger-type semi- 

g submersible oil drilling platform, 

g builder’s yard 12. to be ready 

8 constructed according to the 

g technical specification of 

8 construction contract signed with 

8 Fearnley et Eger on April 4, 1974 

g considering the changes later agreed 

o on. Further, the equipment 

8 furnished by buyer for the platform- 

8 will also be sold. 


Bill aims 
to tighten 
controls on 
U.S. banks 


| NOTE § 

g Construction of the platform can be g 

g changed for example, into g 

8 maintenance platform, if separately g 

8 agreed on. g 


j THE PRESENT STATE 
! OF READINESS 
| OF THE OBJECT 

g Two launched pontoons, which are 


mainly outfitted 60 per cent of 8 STL/SIESV r»Z 
columns are completed. 40 per cent ® f h "f *"«?. ™”t" memhVrV 1 
of trusses and braces are completed 8 other , parts ° r . ‘ h j s 
and manufacture of deck section g freedom of banks to deal <□ 
has been started. S .SBKJ! , ” |uta,! #,hcr 


I DELIVERY TIME 


February, 1980, provided that buyer 
will deliver the lacking equipment 
furnished by buyer and 
corresponding technical information 
according to the construction 
schedule. . * 


TERMS OF PAYMENT 


•11.5 million U.S. dollars in cash ' 
For the resting part a bank 
guarantee is required. The Finnish 
Export Credit Ltd might grant an 
export credit according to its rules. 


8 OTHER TERMS 

o 

8 Separate bids have to be made of 

8 the construction itself and of the 

8 equipment furnished by buyer. 

8 — Rauma-Repola Oy reserves the 

© right to accept or reject the bids 

g • within three days. 

8 — More information about the 

g construction, terms of auction and 

g conditions of credit are given by 

8 general manager Tauno 

g Matomaki or project manager 

8 Leo Varjonen. 


Fed. Other parts of this 
section would restrict the 
freedom of banks to deal in 
insurance and acquire., other 
banking assets. 

However, although the ABA 
has bitterly opposed Title 13, 

■ it has voiced general support 
' for the rest of the Bill, which 
has already been dnbbed “the 
Safe Banking Act.’ 1 

The main features are: 

. The extension to non- 
national banks of the rule that 
a bank cannot lend more than 
10 per cent of its capital 
account to Insiders, including 
affiliated companies; 

Loans by banks to Insiders 
of other bulks with which they 
have a correspondent relation- 
ship should be at “ non-prefer- 
ential terms 

Commercial banks should re- 
port annually (be total amount 
of their loans to major stock- 
holders and executive officers; 

The strengthening of the fed- 
eral banking authorities’ power 
to remove ban king officers who 
engage In “ unsound and un- 
safe” practices, to order bank 
holding companies to divest 
themselves of a subsidiary 
bank If the holding company's 
non-banking subsidiaries are 
endangering the bank; 

Individuals wanting to buy 
commercial or savings banks 
would have to notify the regu- 
latory agencies 60 days In ad- 
vance 

The Bill is due to go before 
the House Banking Committee 
later this month. In the mean- 
time It is certain to be the 
subject of intense lobbying, 
and it is possible that it will 
in the end emerge In a milder 
form. 


Colombian poll 

‘victor’ 

challenged 


RAUMA-REPOLA OY 
Mantyluoto Works 
28880 Pori 88 

Telephone: 939-443433 
Telex: 26196 RRMTOSF 
in Pori, May 26, 1978. 

RAUMA-REPOLA OY 


QBe999900<Se009GQOOe0900e>0099009990G00009090eC%' 


BOGOTA, June 7. 

A POLITICAL, storm In 
Colombia today threatened to 
overshadow Liberal Party 
candidate Julio Cesar Turbay 
Ayala’s victory in last Sunday's 
presidential elections. 

. Conservative Belisario 

Be tan cur, trailing by nearly 
87,000 votes with only a few 
thousand votes still to be 
counted, challenged the 
authenticity or the results 
issued by the national registry* 
With 97 per cent of the votes 
counted last nighL, the national 
registry gave Mr. Turbay 
Ayala 2,303,034 votes against 
2,216,675 votes for Mr. 

Ee tan cur. 

Reuter 


Carter considers further 
cuts in stimulus package 


Alaska oil 
line price 
cuts call 


Poll pleases^ 
Canada’s ? 


Liberals 


By John Wyles' 


-By Victor Mackie 




I By David Lascelles 

NEW YORK, June 7 
ACTING IN the wake of the 
Bert .Lanec affair, a House 
banking subcommittee has 

. approved a Bill which arms to> 
tighten regulatory control over 
-the.. U.S. commercial and 

savings banking industry. 

But parts of the Bill have 
been denounced by tbc 

American Banking Association 
(ABA) as unnecessary and 
anti-competitive, and it Is not 
clear, at this stage whether 
tile .Bill in Its present form 
will ever become law. 

Hie most controversial pari 
of the Bill, called Title 13, was 
the subject of a separate vole 
yesterday, and ft only just 
scraped through on a tie. 

This section would limit the 
activities of bank holding 
companies to those “ directly 
related” to banking and of 
beneBt to society. At the 
moment the regulations are 
more loosely worded, referring 
only to “closely related" 
activities. 

The Bill would also give the 
Fed the power to set the 
number or outside directors 
on bank boards, aud establish 
capital requirements Tor all 
the subsidiaries of a bunk 


NEW YORK, June 7. 


OTTAWA, June 


the- iatqst Gallup' Poll which 1 ' 
-• showed their party once 
- mbre popular than £be -Prtp- 


~ g^eSsIve" Conservatives, were? , j \\ 
; speculating today that,' thix {T ft 

•wnulrl fmwuiraw*.' VTr' PrnrnaV • Uilvl 


BY DAVID BELL WASHINGTON,; Jobe 7. . By J ohn W 7 le * -By Victor Mackio ^ 

THE CARTER Administration is that results may. be about right; rates higher, and.^posj^iy, pie- ' 7 " OTTAWA, June 7 $ 

now seriously umsidering In any event there is no cipitate a recession. -/Such an THE SUPREME COURT has 

making a further ail in the doubt that the current preoccu- outcome in the middle, of the dealt aserious setback to, the tsfi^it RalTn n SiaS- 

propnsed multi-billion dollar pation of the American people 1980 election year is totetltliy e ,fS bt 011 companies whick/bwn . showed *thair nartvom- 
economic stimulus programme aud of the Administration is in- what the Adrmni strati onTeais. . trans-Alaska pipeline.. - They. ■ 

because of mounting concern flation, and it is popularly per : # Meanwhile the Administration : ~ereSsftS" Conservatives WeS 

about inflation. ceived now that the size of . the has taken its anti-inflation cam- C T“ er SL. Kilting today 

The S24bn tax cut originally federal deficit has a . direct. /to.- JjSgn a stage further. Mr.- ’ .vould encourage 7 m ? PiS 

proposed has already ncen cut pact on the rate of in OaUon. . Michael Blumenthal Ihe^B. JJJJS’L '“aSSS thenmelinA ' Trudeau, the ^meMinisferh 

once to some B19bn which would Furthermore the Administra- Treasury Secretary, has written p0 £? ne i* 1 tpro ugn ine pipet tQ ca u postponed election 
result in a federal deficit for tion is well aware that if it- -tor some 200 heads of barks, The Supreme . court - in' the- autumn..- ... - 

the fiscal year 1979. beginning ignored Mr. MHler's advice the brokerage houses and Insuftuce Jave upheid a low^.court dJs- ^ :^ e .x^ber^-- 

this October, of some S53bn. chances are tiiat the Fed would companies asking thenrto fallow with 43 per cent, of pobidar* 

But Mr. William Miller, the move still further to tighten the ; lead of several "SorL SSgreii^CcS 

chairman of the Federal Re- credit and this would of itself Ses /o^Smi'monSs^om^ast seSStives with S? per cett£ 

a?7uing a tbat 'theScfid? mTt Is S^g; es in of SJrges^woffSSlt Sr 3 : 


me 324on tax cut originally federal deficit nas a direct mt jjpign a smge turtner. Mr. .would encourage Mr' pmm£. liJlu 

oposed has already been cut pact on the rate of inOation.. Michael Blumenthal fte JS. ^2 ihe Lelint ’ Trudeau; the fee Mihisferfe*'” 

re to some Slflhn which would Furthermore the Administra- . Treasury Secretary, has written p0 ™ Dg _° n pipeime. tQ caI1 ^ electio « • t 

suit in a federal deficit for tion is well aware that if it- -tor some 200 heads of bulks, The Supreme uourt Justices; . in - t h»- aut umn .. .. - 

e fiscal year 1979. beginning ignored Mr. MHler’s advice the brokerage houses and Insufthce |»v« upheld a low^.court dJs- ^ :^ e 4411 

is October, of some S53bn. chances are that the Fed would companies asking thenrto fallow ° [ v s „ „ ^ with 43 per cent, of pobidar* 

it Mr. William Miller, the move still further to tighten the 'lead of several PW»*! ICG «« ’-SSoS We SSfcSiJ?®- - 


. support, the. Progressive Cdfe 
seryatrves with . 39 per ceia^. 
'■the" New Democratic Party 15: 


U Some" “sources . within the to be, the easier Mr. Miller Mr.. rv BrumeDtha1 asked the Ja, unravel; .some ohscuritieL. -in jg* 1 

: Administration so v that the wil1 find , ' to „ re, ® x inter ^ chairmen lo help the administra- the. judgenient . this morning. sive Conservatives with 4^per- 

President has given'the Treasury rat « s . ? Ultle - J He ,. has ? lrea ;i‘ tion reach its goal of reducing Last October, , the court issued- the^fSp ^1-Tper cent S- ' 

and the Office of Management P u bli« ; y warned that in the ^ economy-wide average in- a stay of execution of the ICC Sher?4 ner cent ^ ^ 

and the Bud^t permission to absence more restraint crease in total compensation " by order which m .effect allowed Theundecideds r LnAofH were ^ - 

^ to find watfto tTsDendiim ^ Fed may feel that it will » a r least a percentage point a the oU companies to charge the ‘hSf ih^thB P tatit ?o® 

by^ between 3^ and S5bn P There ««ve no alternative but to push year." / SienVflay, 'OSTiSk 


pension'expired on January 28. 

. The ICC. did not schedule 


taken xn May, showed thenfr 
down to 27 per cent. The drop*' 


ThV'censervstive^whtle 


January 28. and so the oil com- 


! panies have - continued to charge 
I between S6.04 and 36.44 a barrel 


is a suggestion that the further *"SEJ U tCC did not Schedule down 27 PW-cenL The dro^ 

cut will be approved before next ,• • j j fn L “SS! occurred in all regions. /' 

month’s economic summit in | Qllf lOD Oil 111 VP^I ITI^TIT ISSSr? S Inrf SS The Conservatives, while dis-' 

Bonn, as a gesture of U.S. deter- UdUUUIl Ull lllYCdUllCUl appointed - that -they had. 

minalion to reduce inflation. hp?w«»n^ «(M Q an!fsB 44°-i slipped, were pleased that the^ 

It is likely that rather than BY OUR OWN CORRESPONDENT • NEW. YORK, June 7. be ,5J®f poll result would persuade Mr/ 

Z° U ^Xo^\& BUSINESSMEN in the U.S. have lower than the aettia, rat, M 

Administration will simply drop ™ been sufficiently encouraged The last survey taken by the someof toe charge* if a-Jv&eral Gallup Poll in April pressures 

its attempt to persuade Congress ?>' tne strong rehound in the Department, in March, pointed Energy Regulatory Commission were building within Ms party 

not to pare the programme U.S. economy since March to. to a total spending this year of investigation Found they were f or a leadership convention, 

further. But it is recognised significantly increase their S150.7bn, am inflatjon-adjusied excessive. But iL dxd not make , Those pressures will- now' 

that further cuts in the budget modest spending plans increase of 5.5 per cent. The clear whether the refunds would a b a t e . 

could have serious political con- The latest Commerce Depart- most recent-study reveals a slight have to cover the entire period The Tories would rather rim in- 

sequences among some of the ment .survey of business spend- increase • in projections to since last October or merely the j^e next election against fl 

groups that have traditionally ins Plans confirms that the real S151.1bn, which would be a real term of its suspension order to Liberal Party, led by Mr., 


appointed ■ that -they bad 
slipped, were pleased that the- 
poll result would persuade Mr./ 
Trudeau to continue as leader.. . 
of the Liberal Party. After UtfV 
Gallup Poll In April pressures _ 
were building within his party 
for a leadership, convention. - 
Those pressures will- nevr 
abate. ..... 


Liberal . Party, led by. .Mr.*.. 

.Trudeau.-/ than against a re- ’ v. I 
-Vived Liberal Party under t.r^uiis J v 

nau/ IfnHpr'cimh lne Mn Tnbri'-.. 1 - 


new leader' such os Mr. Johh^- 
Turner, the former Finance: ' 
Minister who quit the Trudeau ' . 
Cabinet 


favoured the Democratic party, growth in capital investment this increase of FS per cent. • January 28.. • m .Trudeau.-; than against a- re- ’ 

At the same tinu* there remains year will fall well short of the In gross terms, the- latest _ The oil companies, which _vived Liberal Party under- 1; 
some concern that too sharp a 7 to 3 per cent that the Carter figure is 11— per cent more than include BP, Exxon, Mobil and leader' such ; as Mr. John 1 * 

reduction in the stimulus pro- Administration had hoped for. the Sl.35.3bn spent last year Atlantic Richfield, have argued Turner, the former Finance:, 

gramme could prove counter- The survey taken in Aoril and which, after adjustment, was a that they fixed their charges in Minister who quit the Trudeau ' 

productive at the end of this May. finds that after, adjusting real increase of 7 per cent over accordance with an established Cabinet '-'I. 

year and early next when there for inflation spending should be spending in the previous year. ICC formula which aimed to*fix The Tories were also taking/ 

may he a slowdown in economic just under 6 per cent higher The Commerce Department's a fair rate of return on their solace from the fact that they . 

growth. The Administration ex- than last year. However, this figures would appear to confirm investment. They claimed -that have slipped. into second placer 1 

perts tend to think that the projected real increa»e is based the general expectation of a sig- the ICC^s suspension powers did -They would prefer to enter- 

economy will actually do a “soft on a 5.3 per cent inflation rate, nificant slowdown in U.S. econo- not relate to new services- and the campaign as underdogs / 

landing" later this year and which many economists expect mlc growth in the second half that the ICC had not given them . rather than in the lead or evrir^ 

that the 4 per cent growth rate to be between 1 and 2 per cent of this year,.. a hearing on the rate structure. ' .tied with .the Liberals. 


have slipped into second placer- - 
They would prefer to enter;-; - 
the campaign as underdogs; 
rather than in the lead orevrir ' 
tied: with the Liberals. - 


MEXICO’S OIL-RICH ECONOMY 


Looking for long-term stability 


BY STEWART FLEMING RECENTLY IN MEXICO CITY 


MEXICO has within IS njontbs tion in the Mexican economic squeezed economic growth down At an international banking discoveries into a less reassuring: 
moved from the verge of financial situation is primarily financial, to the 2-3 per cent level in real conference last week in Mexico perspective. . 

crisis to beina a developing The deeper question is whether, terms in 1976 ;and 1977 and in- City, Sr. David Ibarra, the Even if the economy returni^. ’ 

country to which internitional given the formidable social and flation from '30 per cent to an Finance Minister, predicted oil to its 1960s growth track of 6/ - - 

bankers are eager to advance demographic strains it is suiter- estimated 15 per cent this year, and -gas production of 2Jm per cent or more a year -how cmT- 

new funds. j ing. the country can find a path In the process,, be accepted barrels a day by I960, two years the industrialising sector With'. ’ 

A measure of that trani&onna- t0 stable long-term development, strict limits on the growth of earlier than previous estimates, new investment weighted towantf - 
tioo is the enthusiasmbf the Jn December 1B7G the idea foreign external debt which the It is assumed that about half capital intensive industry absod»^.' ; 
international banking com&unity that Mexico might be tn the IMF demanded of no more than wU be exported to bring in the population? This year 700,00th-, 
for a new multi-ntilUon/dollar relatively comfortable position of S3bn In 1977 and 1978. These annually of foreign young people are looking Xor^ - 

loan to tile country’s ‘export worrying about its. long-tojrm changes slQno . would have re- exchange -earnings. Mexico s jobs in -an economy sxocctcd'to j ■■ ^ 
bank. Banco Nsunonal de f uture , seemed barely conceivable assured bankers, .some of. whom 5“™* account payments create only 100,000 nwN. *" 

Comercio Exterior. Whenjtwas in vle . w “t 11 . 0 ^nunediate It .is. euggiated came close to In, 1977 was Sl.ibn. Looked at vacancies. . "-.-'iff. . 

originally mooted it was thought economic upheavals it was fa c- their lending Um Its. to the point this way, the. picture seems rosy Even with rapid progress- 

that banks might be re^dy to — ~ ■ • ' Meuco is well the industrial sector, the country ^v. 

advance S250ra. NowJ with face s formidable problems inter-', ' : -- 

syndication complete.- Bankers Thanks lo its oil Mexico IS now popular with commercial banks logy--Feinex has an enviable grating the large peasant worth'. .... 

working on the deal estimate anxious to lend their excess money. Bnt rapid- expansion of faree ln to an industriid socieW ■■ / 

that 8750m could be sutjBcribed capital Intensive sectors of the economy is no solution to the p rogress in tae a e ve i c rv Their migration to Mexico .'GtjF.* 

at a rate of only 1 peSentage social problema facing the country. SS^ mFttfSLSPS its Phenomenal expanshm : t 

point over LIBOR. Anfi there arc n °t reassuring Indicators.: 

are suggestions that \vjen the S?u>rs^ b af staff P iSd dSScltv k Nelther i3 the severe mahEstrf^- . ’ . 

ing. As President Luis Echevcr- where it has made them eager ISeretiS. electricity hution of wealth. The 

comes to the market it. will be ri | A i varez - s s |x.year term came lenders again. S gimen.uuu. part of the 40 per cent of th*j* 

rh^niv 0 • orrow ev ^ 1 more to a close the country was forced Mcxlconas been an oil produc- ^pkl expansion of capital in* population living in the country^/ - 
cneapij. by raging inflation and fears of er since the beginning of the cen- tensive- sectors .in . the economy rnany in gram peasant condition^.,// 


new funds. 

A measure of that tra 
tion is the enthusiasm 
international banking coi 
for a new multi-raililoi 


It .Mi augs^ted, came close to in 1 ® 77 waB Sl.Tbn. Looked at vacancies. .’ • * -'afr, , 

their lending Um Its. to the point Vais way, the. picture seems rosy Even with rapid progress- i»?«J 3n 

— ; Li — a^wed rl ^n S thc industrial sector, the country^ lit 

advanced in petroleum techno- faces formidable ornhlpms intfr-. r 


a^ft?SSS!7J9P 

SS , 5SSSS I | n ae.dSSSf oSrir W" 

Jt petrodttmtal related ™ r ,^iSSS n S. 1 M, 2S»: ■■ 

arts* T&rsisuz 


able to 
cheaply. 


. borrow 


In pari the stampede to lend political instability Into Its first tury when the first Lord Cowdrav areJ 0 sol ution to the sodal'and are the 6m citizens who controls . . 

In Mexico reflects the banks? own devaluation of the peso for 22 acquired leases. But its reserves der0W ® ra: P* 11 ® ! problems facing: the per - cent of the nations^ ; 

embarrassment of riches — Too years in August. had never been fully exploited. cc ?P ;tty » problems which are self wealth. 


much money lo lend arid too few in the. previous four years v ill* Mysteriously, even as 


evident on arrival in Mexico Mexico’s leaders look around ’ 


good creditworthy borrowers at conceived economic policies taking office President L6nez City. Currently 12m of Mexico s the world at the other oil rieh/ 

their doors. But there has also which, coincided with the inter- Portillo was able to announce estimated population of 60m nations who have failed to make_-; 

been a transformation in the national economic upheavals fol- that the national oil company, spl ? wl over the city. Inadequate a successful transition to Indus- 

immediate outlook for the Mexi- lowing the 1973 oil crisis, had Peraex. had raised its estimated f 91 ? 8011 elevation of trial status. They are already : 


can economy. Mexico has dls- forced Mexico into the financial reserves from 0bn barrels to 7 *SOO feet above sea level make concerned about the example flf . 
covered that It is sitting on the markets on an unprecedented Hbn, an increase which put 11 a esira Ti? "^tion Venezuela — they eann-ot but be /. ' 

biggest proved oil reserves in the scale. Its external debt had them on a par with the Alaskan ot5e “\e world s largest aware of the formidable nrob- 
western hemisphere. ' r tripled lo almost $20bn^ and North Slope. urban concentrations. Same estt- lems ahead. 

_ ... alone with Brazil, it had become Now the Pemex estimntnc mates suggest that by _tne end It is hard to iffliinna thaf urith 


delighted bankers, who^b®-®|y heavily indebted to U.S. commer- validated, are proved reserve^ of Population, could have i almost industrialisation of some sectors-;' . ” 

two years ago we ™_ : *S5^f eial banks. 16bn barrels — equivalent to the d oubI e ^ iLJrfol 1 SJ er - o* the economy and’ to accelerate = • ‘ 

about tiie wisdom Sr. Echeverria’s successor, British North Sen— and probable current ^toends) Mexico City s change, the pace of develonment ' ." -- 

Mexico to become one*pfU^®°^ president Josd LCpez Portillo reserves of at least a further population might nse to 30m- will not lead to social and nolltk r 
heavily mdebted of ttfii quickly and to many observers 31bn barrels. A more uncertain .cal tensions. The main comfort-' ; 

mg countries, observers surprisingly, abandoned his estimate the oil company has Jt Is this population growth of the country’s leadership i. r - ■ 

wondering about mcnior's populist rhetoric and put out is that there are paten* and the heavily skewed age dis- must be Mexico’s enviable ‘C . '= .*■ 

impact of the oil pn pe coumry failing economic policies, nego- tial reserves of 120bn barrels, trlbution, with 40 per cent of the record of political stability jfit'vf-- ’> 

just as they are in Britain. tinted support with the Inter- including the proven and prob- population 14 years of age and main concern the record* of r-5 


At this stage, the trabsfbrma- national Monetary Fund; He able figures. 


under, that -put the Pemcx oil intermittent violence. 



971 ' \ 

j^^'- ® nes Thursday Jane 8 197 B 


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LLL unlikely to make 

promises to Australia 


by Margaret 'Van hatoi 

MR. VICTOR GAjtLAlTO, Austra- 
Jiaa Minister', for Special Trade 
Representatioit .jcaij ; efpect a 
noa-coffi mitteT^CkV it or jump' 
it” reply '.ji. ho,; tries to win 
assurances of- specific trade con- 
cessTons'#6& the European Com- 
mission during two days of talks 
tn£t open nere tomorrow. 

. Australia 'wants assurances 
1 rathe ESC that in the current 
?wmiT\ a *? ra ^T ra ^* Negotiations 
(30TN).. In .Geneva, it will get' 
increased access to' sEc markets 
forbeef, sheep 'meat and fruit, 
and ■ less competition 'on third 
country markets from heavily 
subsidised EEC exports such as 
. beet, and dairy . products. 


' But the message from Brussels 
is fhatvtbe Australians have no 
choice but to accept the Com- 
mission’s vague indication that 
concessions may be made. The 
Commission appears adamant 
that iiuhilateral talks no specific 
assurances can be made, no 
commitments undertaken and no 
figures discussed. 

Australia has been fighting 
for more than eight months, in 

mounting bitterness and dis- 
trust. (at guarantees of support 
in Geneva. Relations were so 
soared & Aprils after threats by 
Mr. Malcolm Fraser. Australian 
Prime Minister, of retaliation 

against EEC exports that talks 
were postponed until June. 


Mediterranean partners 
in textile control talks 

BY RHYS DAVID, TEXTILES CORRESPONDENT 


dease 


eras 

als 


THE EISC .Commission, has. been 
asked to begin a new round of 
talks with four Mediterranean 
associates to tighten up informal- 
understandings on textile im- 
ports, after British objections to 
a proposed new deal with Portu- 
gal. 

•At . the ConnciL of Ministers' 
meeting this week -Britain is 
understood to have' raised 
strongly its concern over a Com- 
mission proposal that would have 
allowed Portugal to increase its 
imports of two prod ucts~-cotton 
yarn and 'synthetic cloth— both 
of which are axpong key textiles 
brought under strict control in 
the recent GATT multi-fibre 
arrangement IMFA). 

Britain, has insisted instead 
that any deal must be negotiated 
as part of an overall strengthen- 
ing ''of. the , agreements with 
Greece, Spain, Portugal and Tur- 
key to ensure proper observation 
of EEC limits. 

The strong British -line follows 
pressure from the industry and 
unions. Although there is sym- 
pathy.. ..with- Portugal*, whose 
economy depends heavily bn tex- 
tiles. the Commission's proposal 
would have resulted in a breach 


of the global ceilings on imports 
laid down by the EEC for cotton 
yarn and synthetic cloth. 

Britain ha£/eared that conces- 
sions to Portugal would lead to 
similar demands from the other 
associates, which because of their 
links with the EEC were not 
asked to sign formal .MFA agree- 
ments, and thatMFA signatories 
would also seek revised agree- 
ments. Britain 3s understood to 
have emphasised^ the importance 
it attaches to th£ global ceilings. 

. The Commission has the diffi- 
cult task of going back to the 
associates and frying to add 
some authority. To their under- 
standings with $U! EEC In 
several cases, -^however, the 
understandings jire with the 
industry or wit^ Chambers of 
Commerce and- • not . with 
Governments 

If the Commission can. offer 
better terms, V. incorporating 
tighter provisions^ for presenta- 
tion to the next Council of 
Ministers meeting 'jit the end of 
June, Britain, the main importer 
of Portuguese textiles, may be 
prepared to accept a?ino0est 
improvement in - .the . terms 
offered to Portugal/? . 


BRUSSELS, June 7. 

Mr. Fraser’s suggestion in 
April that EEC exports of brandy 
and cheese' might be curbed and 
EEC companies excluded from 
Australian transport aDd de- 
fence contracts provoked a strong 
diplomatic protest from Sir Roy 
Denman, EEC External Affairs 
Director. The Australians have 
since dropped all talk of retalia- 
tion. 

Current indications are that 
the Australians may be prepared 
to be moderate pending progress 
in Geneva. But the strength of 
public opinion in Australia, 
where the negotiations have be- 
come a national issue, puts Mr. 

Garland in an awkward position, 
which has not been helped by 
aggressive statements from his 
Prime Minister. 

The toughness of the EEC 
stand, which has yet to be tested, 
appears based on the conviction 
that the Australians are power- 
less in the short term. In the 
Jong term, the EEC recognises 
the need to settle agricultural 
differences and preserve rela- 
tions if it wants preferential 
access to Australia’s raw 
materials end energy. 

Possibly the most Mr. Garland 
can hope for this week is an 
unwritten indication of what con- 
cessions may be offered in 
Geneva. The Commission’s 
negotiating mandate is flexible 
and talks at the EEC Foreign 
Ministers council in Luxembourg 
late last night showed divisions 
within the Community over con- 
cessions to offer. 


India plans 
to buy 
more steel 

By K. IC S harms 

NEW DELHI, Jane 7. 

THE INDIAN Government has 
decided to import 5m tonnes 
of steel in the next five years. 
Of which L2m tonnes are to 
be ordered immediately to 
meet local shortages, mainly in 
structural. 

At the same time, the 
Government has decided to 
establish a blast furnace at 
Visbkpatnam in Andhra State, 

10 produce pig iron for export 
to Russia. The Initial capacity 
of the blast furnace will be 
lm tonnes to be raised later 
to 3m tonnes. Eventually, the 
project will become a full steel 
plant. 

India’s plans for steel exports 
remain unaffected and commit- 
ments already made — especi- 
ally of billets to Iran, shipment 
of which has been delayed— 
will be honoured. 

• Tbe Government-owned Bal- 
mer Lawrie group of companies 
has won a Rs 40.5m contract 
from the Abu Dhabi National 

011 Company for part of a lube 
oil blending complex. Tile 
group will insial pipelines, 
pumps, valves, blenders and 
electronic controls. When the 
blending process is completed, 
ibe group will provide con- 
tinuous filling facilities for 
packages or various sizes. 

Balmer Lawrie has just 
completed a Rs 14m container 
plant for Catax in Dubai and 
has been awarded a similar 
contract by the Abu Dhabi 
National Oil Company. 


Trade terms ‘harder for 



BY DAVID HQUSEGO 

THE TERMS or trade have 
moved more sharply against 
Japan in recent years than 
against either ihe U.S. or ihe 
EEC according to new statistics 
collected by the United Nations 
Conference on Trade and 
Development (UJCCTADi. 

The UNCTAD secretariat 
offers no explanation for the 
phenomenon, although the reason 
would seem to be a combination 
of the severer impact on Japan 
—which imports virtually all its 

f Ue l — of the increase in oil 
prices and Japan's success in 
holding down the prices of its 
exports. 

Using 1970 as the base year, 
the UNCTAD index records an 
almost 30 per cent shift in the 
terms of trade against Japan by 
1976— tbe last year for which 

figures are available. For the 

United States there was a decline 
of 11 points in the index and 
eight points for the EEC. 

By • contrast major oil 
exporters had registered a three- 
fold improvement in their terms 
of trade by 197*. Other develop- 
ing countries suffered -j decline 
similar to the U.S. and Europe — 
though there has probably been 
a further worsening in their 
terms of trade since then with 
the downward trend in primary 
commodity prices. Hardest hit 
among tbe developing countries 
on the 1976 figures were the 
small group of mainly Asian 
countries classified as fast grow- 
ing exporters of manufactured 
goods. 

The terms of trade index re- 
lates the unii value of exports 
in dollar terms to the unit value 


of imports. A more revealing 
pointer as to which nations have 
successfully managed their trade 
accounts since the oil crisis 
emerges from the UNCTAD in- 
dex that records the purchasing 
power of a ns lion’s exports. 

From this it emerges, not sur- 
prisingly, that the strongest per- 
formers since the oil crisis have 
been Japan and the fast growing 
exporters of manufactured pro- 
ducts. The purchasing power of 
European exports has grown 
more than that of the U.S. The 
sharpest declines were recorded 
by the poorest countries — reflect- 
ing their inability to match the 
increase in oil prices and of im- 
ported Western machinery by a 
corresponding growth In their 
exports. 

Thus, while the index has 
climbed 22 points in the 1970-76 

period for all non-oil developing 
countries, it has registered a de- 
cline of 15 points for those with 
a per capita GNP in 1975 of 
under $300 and of 16 points as 
well for the 29 least developed 
nations. 

The UNCTAD secretariat has 
been closely involved in tbe pre- 
paration of background statisti- 
cal material for negotiations be- 
tween industrialised and de- 
veloping nations over North/ 
South issues. Some of the mat- 
erial has been criticised by west- 
ern officials as too supportive of 
ibe views of developing nations. 

Amongst other information in- 
cluded in tbe handbook are 
analyses of the financial flows to 
developing countries from OPEC 
and OECD members and tables 
on trade barriers and preferences 
facing developing conn tries in 
industrialised markets. 


PURCHASING POWER TERMS OF TRADE 

OF EXPORTS UNIT yAlllE KMX OF EXPORTS DIVIDED 

hi(w * rvanDui ' » lW,T WVU1E fflDEX W ■**« 

UA1UE INDEX OF EXPORTS zn / 

| deflated BY UNIT VWUE V / “ 

OF IMPORTS B70MW Jr 


UNIT VAllff HDEX OF EXPORTS DIVIDED 0V 
UNIT VALUE INDEX Of IMPORTS 
1970—100 

JW 

2*0 ✓ 





59‘ — i — 1 1 1 1 — r 1 1 — dr — 1 1 1 1 1 50 

1970 71 ‘72 ’73 » ’75 7S 1970 *71 ’72 ’73 "M ‘75 *78 

—“•U.S. ■■ • Major Oil Exporters 

EEC = Other Developing Countries 

—Japan Fast Growing Exporters of Manufactures 

iomtm i i.tm >ji,v t-‘: ww WxtiV 


Using trade figures for 1974, 
UNCTAD shows that developing 
countries faced higher average 
tariff barriers in Japan than in 
either the U.S. or Europe. For 
Japan the average tariff barrier 
on all products amounted to 4.3 
per cent as against 2.7 per cent 
in the U.S. and 0.S per cent in 
Europe. For manufactured goods 


tariffs were highest in the U.S. 
at S.3 per cent as against 5.7 per 
cent in Japan and 3.6 per cent 
in tbe EEC. 

Handbook of International 
Trade and Development Sta- 
tistics. Supplement 197 7. 

UNCTAD Geneva and the United 
Nations New Yorfe, 3978. 




0 







L - iA 








s 


v 


wer 




mollis 


to. The Chad Basin 


n’s Irrigation system, 
capital spending. Page 27 


fraiili^jddgas doubts 


BY ANDREW WHITLEY 


-'•TEHRAN. June 7. 


IRAN'S OlsTLV operating -scheme pfan outdated agreement with 
;o export liquefied gas ’has come _&he National Iranian oil company, 
o ahalt/f oil owing theSderiSHm/ The official reason for putting 
o 4 em por^fly dose frMpc^n^.Ir^cean;T«i ice : w. tijerefore. 
r -Fran coelraiifanicomijajiy -trims the* la ck of. cargo at_ present. But 
meting ti'ctucfied -petThlemu.. ga? -Bnuudah projections and 
’lPG> t '-’' fr competing . demands -from the oil 

- IL/Wcondary recovery programme 

• ;The wwi^4areesrJJtivCfF- appear to have played, a. large 
ier. the70,000:c^ametre R^. pm . as W8 jj > . 
aunched in. Dec^iikwE. _3976. rf.^ . frah ocean— owned 50:50 by 
■"dst of S50m, iSjtob£.Ialdudm Q^ncean of - France and Iran's 
’ranee,’" -According <«*»-■ iff®* -state owned National Petrocbemi- 
:neliflWanguajge -Kaynan werj cal Company— was set up three 
.atiosaL plans tosell/ th^. Razi yea re ago with high hopes, but 
nd liquidate . -ar^nocean ^ soon became clear that it was 
Itogether Have b®*? ' Tunning into , difficulties. No new 
fter shipowners re fused.. to- ©rdeip were placed. Jor LPGcar- 

st the vessel. . - - ;• y ; <• ^ - -tiers?" . and -• the' Rari itself is 
Iran's 'ambitious ' -piaiis- to reported to have made only one 
ecorae a major ’Exporter ofasso- commercial voyage — transporting 
lat’ed hnd •’Tfoifrhssoctatedi- gas -Saudi Arabia* and Kuwaiti LPG. 

three-year.. delay 4n setting up. Kayban International reports 
ie giant iran/Jppah petrocherm- tie company as having debts to 
-ii complex in: sou them: -Irani' JYdnch banto totalling nearly 
Bieh w H 1 produce IiPC^as a-by-r $30m.- Most bopesrnow appear to 
-Qdtici.' haF ehrobined ■witfc- tire be; pinned on the French Govern- 

icf that, ’mos ^* “23 
abemteagas is enrrintiy taken lop ^^om.-^r.^econsttuction 
v ’ the ‘.dlt eimsortniijr of the Razf, repayment 

Mr&ng- ‘here: npderff^tte^’inftitoiCTt is due. shortly. 

Cali to adopt ‘Afrodollaf 

by )ohn’ ^wjbwRAiLt;.'.'- .. Jfnn ® 

PTjTfrA cTTOULCr aabpt ; lts ; own , . ^Mr. Braithwaite pointed out 

S^sSESxaaS'jrariSs 

:Sss|sie3«s 

» - • Rrafthwaitfi' of - iiiSifraiice thing ourselves must he consoli 
LTSSTS- daS M . ttat when v-e deal with 

• > -the -developed world- and their 

'£*■ ^ firtiSwajte, • a- la^e n^ket? w Aoald be stfre 


Last year.the Roneo Ackers Group achieved its best ever record of export sales, 
selling office equipment and systems right round the world. 

Even more important than this was that our biggest successes were 
achieved in what are traditionally known as ‘tough m arkets 1 . 

Mthe.hfehly competitive European markets, for example, w e ve 
become one of the world's major suppliers of franking machines 
andother majirpom equipment. Postal franking machines are 
amongst the most complex of all office equipment to market and 
ar&ofiten subject to exacting local Post Office regulations. \ [ 

Thefact that we’ve made our biggest single sales increase 
inWest Germany -where standards are very demanding - 
shows how well we've met this challenge. 1 

;-;V Office frirniture of all types, duplicators, automatic 

stencil cutters, and complete mailroom systems that ff ‘ ’ l \ 

do-atoost everything except write the letters, have g 
^creased ourshare of world-wide office equipment I 

business. And it's to meet the demand for products ^ • : j\A 

•and skills like these that we are currently building ^ "jjfi 



ms* 


mm. 




0ft)up atRomford. 

Roneo Vickers is just one of the six operating 
groups of ^ Vickers which cover Offshore 
Rogineering> Howson-Algraphy printing plates and 
itipjffies, and Engineering in the UK. Australia and 
Gaaada. However diverse their products, all these 
gnppps have one thing in common— they are building 
onstErngth to win even bigger sales successes tomorrow. 









Inf 




Building on strength. 


Winslinlted VxfaisHbuse AMbank London SW IP 4RA 


OptimisnT over Geneva 

- >■ ' WA^INGTON,' June 7. 

S BASIC politfcai' qwstions tpx$ : 

the carrent ^“S^saldi>.On balance, 

where we 

olved' brjae nu^le- that ; an 

*SSSS 5 S- w- 

■* Of ate EEC “5^, t . Z not taSSSte whit 




mm 


RnfoerkiExiia^aboittVlAecLgiBitd is avzflahle. P l eas e wri te to address diowv. 





HOME N EWS 




■^7*^*.- wyWi'iij-Wiaal-lfater — ~ -- H-.T.-- • ■ r -I I I I » I ■ ■ “ ■'. ii ■ i t •" 


VS-TjM*,-.*. 


Car industry fails to 
meet higher demand 


is vital 


High costs bring Shelton 
steelmaking to an end ? ; 




BY TCRRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


MAY was another buoyant 
month for UK car sales, with 
Ford leading comfortably. Im- 
ports, however, rose from 42 per 
cent a year ago to 48.2 per cent. 

The high imports figure shows 
that the British industry failed 
to capitalise on the general im- 
provement in sales. The UK 
companies saw their combined 
sales drop from 71,600 units a 
year ago to 68,000. though over- 
all registrations rose from 
123.500 to 13L000 units. 

British Leyland’s per- 
formance was disappointing 
again, with registrations declin- 
ing from 32,000 cars a year ago 
to 29.000. though sales of the 
Rover and Jaguar lines improved. 


Chrysler's registrations rose 
from 7.301 a year ago to 9.175. 
and VauxhalTs from 11,672 to 
11.S36. but 3,472 of these were 
imported Cavaliers brought in 
from the group's associate plant 
on the Continent 

Among the importers, the 
Japanese market share dropped 
slightly from 10.6 per cent in 
May 1977 to 10.4 per cent this 
year. 

Their overall sales rose 
slightly, from 13.103 to 13,647. 
Toyota. Honda and Colt improved 
■their registrations, while those 
of Mazda and Datsun fell back 
slightly— Datsun’s from 7,787 a 
year ago to 7.554. 

On the five-month figure. 


Japanese car sales are still well 
above last year’s (83.300 against 
55.000 a year ago) and the mar- 
ket share Is well up (from 9.1 
per cent to 11.3 per ceot>. 

But the industry expects that 
shipments from Japan will con- 
tinue to decline in the next few 
weeks following the agreement 
between the Bri t ish and 
Japanese Governments on firm 
limitations. 

The Ford Cortina continues to 
he Britain’s most popular car. 
followed by the same company’s 
Escort model. Ford sold 14.419 
Cortinas last month, and 10.005 
Escorts, with the Morris Marina 
coming third, with 5,955 registra- 
tions. 


UK CAR REGISTRATIONS 


Ford* 

British Ley land* 
Vauxhail" 

Chrysler* 

Total British 

Datsun 

VW/Audi 

Frat 

Renault 

Total importst 

Grand total 


1978 

35,429 

28,983 

11,836 

9,175 

68 ,067 

7.554 

5,723 

5,670 

4,757 

63J64 

131.331 


1977 

32.960 

31.986 

11.672 

__ 7 !®L 

71.595 
7,757 
3365 
3,924 
_ 5.452_ 
51 .891 
123,486 


5 months ended May 
1978 % 1977 

201.173 2732 162,178 

173,840 23.61 149.983 

59,893 8.13 57,484 

49,034 6.66 35,023 

391,673 5339 341.630 

49.631 6.74 32394 

26,406 339 20,815 

30392 420 27,250 

31,707 431 26,565 

344,656 46 31 259,924 

736329 10040 601354 


* Includes cars from companies’ Continental associates which are not included in the total UK figure, 
t Includes imports from all sources, inclodir^ cam from Contine n tal associates of UK companies. 

TUC urges tougher line on EEC 


BY MICHAEL CASSELL 

THE TUC yesterday called nn 
the Government to use the UK’s 
position as a major energy pro- 
ducer as a bargaining counter in 
the formulation of EEC policies. 

The call came at a meeting of 
the National Economic Develop- 
ment Council, which was largely 
devoted to examining energy 
policy. Trades union representa- 
tives stressed that Britain, 
because of its prominence as a 

primary energy producer, was in 
a very strong position to in- 
fluence a wide range of decisions 
made by the EEC. 

Although it was not specifically 
mentioned by them, the unions 
want changes in the Common 
Agricultural Policy, for example, 
and believe that this is one area 
in which the UK’s “muscle 
power” could be employed. 

But Mr. Anthony Wedgwood 
Benn, Energy Secretary, re- 
minded them that the world had 
an excess capacity of fuel supplies 
and that the UK's ability to use 


its strong position as a bargain- 
ing point was fairly restricted. 

Earlier. Mr. Benn had told the 
meeting that the UK's prospects 
for self-sufficiency in energy 
represented a “ potential 
strength.” Energy investment 
was running at £3|ibn a year, and 
although the country still faced 
an energy problem, it was not a 
crisis and the situation should 
not he dramatised. 

Energy policy options, Mr. 
Benn said, would be kept open 
as part of a flexible approach to 
the subject, a view welcomed by 
both trades union and manage- 
ment representatives at yester- 
day’s meeting. 

In response to concern about 
a steady flow of work for the 
energy-producing and related 
industry, Mr. Benn said that he 
intended to open 50 blocks a 
year for North Sea exploration, 
in line with previously stated 
policy to announce small and 


regular rounds to ensure a 

steady depletion of reserves. 

Apart from discussing the 
Green Paper on energy policy 
published earlier this year, the 
council also examined a docu- 
ment. drawn up by the National 
Economic Development Office on 
its implications for industry. 
The paper underlined the fact 
that the UK now has the highest 
energy consumption per dollar 
of gross domestic product of any 
country in .the Western world. It 
said that while energy savings 
had. until now been confined to 
small, specific improvements, 
major arid difficult decisions in- 
volving heavy capital expendi- 
ture now had to be made. 

The council also discussed 
another paper on overseas in- 
vestment The TUC called for 
more case studies on the subject 
and it seems likely that the Gov- 
ernment will sanction more in- 
vestigations. 


BY IAN HARGREAVES 

BRITISH Shipbuilder-*' recently 
proclaimed poiicv of diversifica- 
tion into work for ‘the offshore 
oil industry faces a crucial test 
in the next few weeks over 
British Petroleum's decision on 
whether to place a £50m order 
with the corporation. 

The battle for the ofJer. f° r 
an emergency support vessel to 
serve in BP’s Forties Field, has 
been narrowed from r.n initial 
seven yards to Scott Lithgow of 
Port Glasgow,' a British Ship- 
builders company, and Harland 
and Wolff, the Belfast group, 
also state-owned but dc<c part of 
the corporation.. 

If Scott wins the order, some 
of the steelwork will be done at 
the nearby Govan yard. 

Final prices for’ The contract 
will be quoted in the next few 
days. BP is expected m announce 
a decision by August. 

Scott Ltthgow is pinning great 
hopes on winning ;he order, 
needed to fill berth space to be 
made empty when lh>? final sec- 
tion of a Niarchos supertanker 
is launched next sprinc. 

The Clydeside company has 
assumed lead-yard statu? on off- 
shore matters within British 
Shipbuilders because of its 
experience in building other 
types of oil exploration craft. 

Scott Litbgow has never built 
a semi-submersible structure of 
the type being specified by BP. 
but it has some experience of 
platform design. 

Emergency. 

I To bp able to build the emer- 
gency and - maintenance vessel. 
Scott's main Kingston yard 
would, have fb* £e‘ strengthened 
at a cost of £3m. 

Harland and Wolff, on the 
other hand, could build the 
vessel using existing facilities 
and this may confer a slight 
price advantage on the Belfast 
yard.* 

Harland also has lh? advan- 
tage of having built one of the 
very few British-built semi- 
submersibles. the Scaqucst. more 
than 10 years ago. 

Delivery dates; also crucial to 
BP. are thought to be about 
three years fax both builders. 

Between 10 and 12 emergency 
support and maintenance vessels 
are expected to be ordered for 
the North Sea in the next few 
years. Shell is already talking 
to British yards about a similar 
vessel. Scott Litbzow and 
Harland are front,. runners for 
this order. 


BY ROY HODSON 

IRON AND steel-making will 
cease at the Shelton 'Works of 
British Steel Corporation. Stoke- 
on-Trent, on June 23, when the 
works annual holiday starts. - 

British Steel estimates that it 
will save £12m a year by stop- 
ping tbe high-cost production at 
the plant. 

Angry words were exchanged 
at British Steel headquarters yes- 
terday when tbe corporation ex- 
plained its intentions to the TUC 
Steel Committee. 

Union leaders accused .the cor- 
poration of presenting the 
closure of the plant as a fait 
accompli. 

All previous British Steel 
works closures in the last few 
months, part of a crash pro- 
gramme for the corporation to 
restore itself to financial via- 
bility, have been carried out after 
full agreement with tbe unions. 

Mr. Bill Sirs, chairman of the 
TUC Steel Committee, and 
general secretary of the Iron 
and Steel Trades Confederation, 
left the meeting after an hour 


saying that there would he ah 
early special meeting at the TUC 
to dismiss Shelton. . - 
Workers there lobbied the TOC 
representatives. ' and - >-igafn 
pressed their case for this 'Old 
steel-making plant to be replaced 
by a new electric- arc fimwce. : . 

After June 23 the 1,508 !$or- 
kers making iron and steel; at 
Shelton will be employed- on 
other work. 

The shopfldor men will' receive 
guaranteed weekly payrhehts. 'in- 1 
eluding shift xates of more-fhan 
90 per cent of present eatdfijgs. 

Tbe 600 workers at. Shaiton 
rolling mill wiILnot.be affected. 
BSC intends that this pare of the 
plant, which is modern, shall 
remain In production. - - 

British Steel faces a wages 
hill of about £100,000 a.wfeek 
while the Shelton iron and st«l 
workers are kept in employment 
after steel-making ceases, there., 
The corporation hopes that 
negotiations can be. completed 
quickly with the unions tb: agree 


on compensation and. 

-payments, so that the plant can 
be officially declared closed^ - ' 

Iron- and steel-making atSbel- 
imr is one casualty .of the.iniw- 

'aatkmal steel recession. _.Tne 
works has- suffered in parnculai:. 
from measures against steel im- 
ftorts into America. . 

The U.S. trigger-price 4?fenj 
sive moves aghinst. Imported steel 
have made It impossio ,e for 41,6 
high-cost Shelton steel to. com- 
pete in that market ■'* , 

■ The estimated saving of; £12mj 
a year by dosing the pl ant - is 
based on an annual- production 
of 164,000 tons- ' j 

. The Shelton Works . -AetlbnJ 
Committee claims that , its .plant ' 
is profitable. Mr. Frank . Hollo- 
way , m an aging directors finance 
at British Steel, said last night 
that Shelton'lost money in. each 
of the last three years'after ijs. 
proper share of BSC overhead 
expenses, for sales forces ' and 
other services, had been taken 
into account 


■ '-'v 7 -;- "T :. v 'i 

v iri ; eaal|lf . 

i ■ ■ / JOHN :LLOYDjv: ; /^^; jjy » 


the . ^AH-tlRE: l-Of /.Cojn^ni 

Marker 7 .Enei-js^ 
agree iast rWsek:on .'piah'^fe 
subsidising: coati Was hlanw 
yesterday on' /Ahtbon* ‘ 

•Wedgwood. Beruv-Secretary^o 
estate far Energy;, ; . 

..- 'Speddfur-ft- •4 -'<oh/erence^ - 
<oai,« organised by -the 
.five- .-Partyr'iir >j5| 

Tom KJug.? the .^Shadow Roe™ " 
spokesman,-: said, .ft T was 
.another " axjief^ive vqonseqiieh*' 
of. the ' .total : lack: bf- good-feft - 
earned by. tbs Secretar y -o BStat - 
among our European r»rme«!“r 


among our European. qaxraerc?. 
r- Be mdl cated partial agreomfer 

with --'Mr. -l Gerakt -ILrtintef 
reader in- Geography.at.UnbRa 
sity College, Ubpdon. whcE^sfr 
longed the present rate of expao 
sion in -..cpal.-'-prrouctton.;..:.!^ 


Manners .afguied that rioman ^ 
the ■ electricity, .industry . • 
NCB’s biggest -bustijiMr -— wide 
fall, leaving a total market m-ay • - 
mid- 1980 s of around. SO to: toin^ 
65 m tonnes - less 
forecast: .. i. 


• NEWS ANALYSIS— BARCLAY'S BRANCHES 

The route to rationalisat 


BY MICHAEL B LAN DEN 


THE DECISION by Barclays 
Bank to close some 130 branches 
and sub-branches and reorganise 
a further 4S0 follows a lengthy 
appraisal of the bank's network 
over a period of at least IS 
m on tbs. 

The result, after consultations 
with the bank’s regional and 
local officers and with staff repre- 
sentatives. looks rather less 
drastic than appeared possible 
when the plans first emerged 
last November. Tbe number of 
closures planned is relatively 
small in relation to the group’s 
UK network of some 3,000 offices. 
It will be phased over a fairly 
long period of 12 years, and will 
be offset by the bank’s normal 
programme of new branch open- 
ings. which, recently, has been 
running at 20 to 30 a year. 

Nevertheless, the changes will 
involve around a fifth of the 
group’s domestic network, and 
the decision is a further sign of 
tbe new thinking which is taking 
place in the banks about the 
proper structure of brandies. 

Branches are still the major 
source of the banks’ deposit 
funds, essential to support their 
leading activities, and their main 
point of contact with the public. 
But a number of changes have 
taken place in the environment 


in tiie past few years which have 
brought increasing pressure op 
the banks. It has become ..dear 
that in the years immediately 
after the second world war and 
up to the early 1960s the branch 
networks became overblown - In 
relation to present requirements. 

Pressure 

The situation began to change 
with the big banking mergers of 
the late 1960s and with the dis- 
closure of true . profits. The 
mergers, for those, banks in- 
volved, required quite .extensive 
rationalisation partly td sort oat 
duplication. 

Disclosure of true profits high- 
lighted the importance- to the 
hanks of profitability rather than 
sheer size. Coupled wath the 
rapid expansion of the services 
being offered by the banks to 
include activities such as instal- 
ment credit, leasing and advisory 
services, the changes brought 
growing pressure to make better 
use of capital investment. ^ 

The issue came to a hea&with 
the sharp inflationary pressure 
of the. past few years:. vTTils 
increased enormously the tt&ts of 
running, tbe branches -Vand 
particularly of providing the 


basic money transmission 
services which are the foundation 
of the banking business. . 

The effect of inflation has been 
to make the funds attracted 
through the branches look less 
and less cheap; the. current 
account balances, though interest 
free, arc reckoned to cost at least 
the equivalent of 7 to 8 per cent 
in overheads. 

At the same time the increas- 
ing sophistication of large 
depositors and the banks’ grow- 
ing reliance on the wholesale 
money markets' has meant ; that 
they pay full market interest 
rates on a growing proportion of 
their funds. 

This increasing burden was 
tolerable as lung as high interest 
rates enabled the banks to-earn 
substantial profits from... the 
endowment effect of the widen- 
ing margin over the fixed cost'of 
current account funds. Bntthe 
sharp drop iii rates last year, as 
well as making life- difficult in 
competing -with the building 
societies, underlined the need for 
making more - effective use ’of 
branches. - 

Among the banks, NatWest, 
because of its history, is probably 
less immediately concerned with 
the problem, while Lloyds never 
entered with quite the same 




enthusiasm into the' race 4b 3 n 
the biggest jrn“ terms of -brahS 
spread. -Midland has ’ilieaffi) 
undertaken a number of exp^ 
ments. which It . intends •« 
extend, with a form of satelliiiL 
banking. V / ^ 


Modest ;*4 

Barclays, which, like all banks . 
normally keeps its brantS# 
under regular review, has-irol 
been prompted to a more fuiug 
mental exercise. The number. J 
closures ds modest, and catOxa 
trated in (those branches malnl) ■ 
in the suburbs ' which : are ' 
making or marginal in terms - A 
profitability.' ' • 

Its other- move ^nyolves bu SW 
ing- up a lota! of -190 lai^- ’ 
branches ttr provide the me®- 
complex services required in: tBe 
main -industrial and commerotji 
centres by ■ the corporate 
tomers, while . -downgrading ' " 
another 290 to k, more limited 
range of sendees for persoaij ' 
customers mainly in the reside# 
tial -areas. The service, the \nattr- 
plans, will be -helped by its pro ' 
gramme of - installing Barotey. 

bank dispensers outside sirate&i* 

branches. 






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ike teachers or transport ‘ suggestion for a mutual exchange, award for the UK system of the 
essential to the ’captal, The GLG says the number “Greatest benefit to Society^ 

as vreli as others whose - - ■ — ' r 


or adaptation problems oblige 
them to move. The coundl 
currently receives about 1500 
requests a week for urgent acoom* 

TT7rxlaf?rrn f 

The fact that the coundl 
can cope, is largely due to an 


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headquarters in Central Londoiij 
the coottputer is connected by 




8 district offices. Into tbe com- 
puter are fed details and personal 
needs of families seeking re- 
location. This data is stored by 





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fomiys situation, the computer 
helps establish a priority order It 


IBM in Europe 


tnafrfovtig famili es’ rpqm'r^rnP TThv 
to property characteristics in 
aoconfence with the priority 
scheme. The computer even 





There are over 90,000 IBM with local universities), 14 manu- 


Antweip is erne of the 
busiest ports in Europe. When 
the Antwerp coundl acquired an 
IBM computei; the port became 
one of the system’s main areas 
of activity. 

The computer is used for 
the entire port administration. 
This indudes the control of 18 
warehouses containing equip- 
ment and spare parts needed to 
keep the port in operation. The 
computer produces invoices for 

IBM employees benefit 
from our foil employment prac- 
tice: when skill or work load 
requirements change, employees 
are retrained so they can move 
to different sectors of our busi- 
ness. All IBM employees in 
Europe are salaried... and all share 
excellent benefits plans. This 


. all port services, such as the use 
of tugs and cranes, and the 
renting of space in the ware- 
houses. It also checks on all in- 
coming and outgoing ships to 
simplify loading and doodng: 

Back on dry land, the same 
system is helping to keep die 
town of Antwerp in smooth 
running order. The computer 
calculates the salaries, taxes and 
pensions of all council workers, 
about 12,500 people. It computes 
the -private pensions of over 
8,000 others arid helps with a 
yearly census of the total popu- 


lation of Antwerp. It maintains 
a register .of inhabitants and 
their changes of address, and 


situation. It does the entire 
council’s book-keeping It issues 




and handles all administration 
for general elections^ 


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V- June 8 1978 


home nkws 






checks ‘vital 
safety’ 




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FI oancjaT Times Reporter 

MOST PEOPLE, in Britain feel 
tkat they are too highly taxed, 
according to. the June issue of 
Money . Which? - the consumer 

magazine. ' 

But Britain ranks -near the 
middle of the international tax 
league table. 

. put of "a survey of 1^500 people, 
Money Which?- found that 06 per 
cent, thought they were paying 
too much tax. 

-One reason^ may -he that a 
growing - proportion- of . taxes 
copies frrirn income- tax. This 
is more 'unpopular and more 
gainfully V. visible 11 1 than some 
other taxes, says the’ magazine, 
which calculates that 47 per cent 
,o£the UK tax yield comes- from 
Income tax^twice as much as in 
France and Italy. 

Britain’s , high marginal tax 
rates also hit the very rich and 
the very, poor far harder than 
elsewhere in the world. 

Paying dearlyV 

Many companies may pay too 
much for gas, electricity and tele- 
phone ■: services. Mr.' Graham 
Pusey, ' genferai manager of 
Natifroal Utility Service, claimed 
.yesterday, . He- said reports . of . 
huge errors in -commercial users’ 
electricity bills were “ the tip of 
the iceberg.’* 

Lorry licence . plea - 

New licensing regulations for 
the road, haulage industry to pro- 
tect road' hairliers while main- 
taining .customer choice, has 
. been’ called for by the National 
*■ I^efght’ Corpora tfon in- evidence 
to. the Foster Committee which 
■ is- investigating ; the 'licensing 
system:’ . ' - . " 

•: Tniiler sWles ...... 1 . . .. 

A SD per cent rise in refrigerated 
articulated- trailer sales over the 
■ . next-four. y’ars was forecast yes- 
terday by Mr. jnhii Peck sales 
J , dlrector of York Trailer^ wbep he 
latmcheiTthe York. Frid gemaster. 

“ TSfn^^-l^k pn^e 

- A year’s intensive inv*stisatlon 
bv- British Nuclear Fuels has 
failed to discover’ the -source 6f 
the leak of radioactive, water 

- -from a Windscalp concrete- silo 
contatnine the nutercasimrs-of 

spent • atomic fuel elements. 


BY PAUL TAYLOR 


SOPHISTICATED TANKER 
navigation equipment, including 
automatic warning devices, repre- 
sents a -growing threat to tanker 
safety if it is used to replace 
rather than supplement human 
cheeks, -’.a Commons committee 
was told, yesterday. 

The .Earning,. . delivered to 
MFs investigating tanker safety, 
came, from Captain Ralf May- 
bourn. operational manager for 
British Petroleum tankers and 
presidentelect of the Royal 
Institute of Navigation. 

Captain; Haybourn said tech- 
nology should be used “ intelli- 
gently " ’-bnt warned against 
assuming ‘that technology could 
“superset competent man- 
power.” Navigation equipment 
should bfc used as it was 
designed, as an aid to navigation, 
and- not a substitute for effective 
manninz, he said. 

The Roydl Institute of Naviga- 
tion also told the committee that 


it is concerned witb a decline in 
manning standards on vessels. 
Captain A. N. Cockrofr. a senior 
navigation lecturer, said he was 
“ very concerned M about the 
standards of manning on super- 
tankers. 

He blamed the worsening situa- 
tion on automation and a lack of 
skilled personnel. International 
safety organisations recommend 
that there should be at least one 
seaman and one navigation officer 
on watch at all times. 

But Captain Cockroft said he 
knew of two accidents in the 
Gulf when there had been one 
or even no crew members on 
watch during the “ vital minutes 
before the incident” 

The Commons committee also 
heard evidence from Rear 
Admiral David Hastaro, Hydro- 
grapber of the Royal Navy. He 
told the MPs that in 1974 only 24 
per cent of British coastal waters 

had been surveyed to modern 
standards, but this figure had now 


been increased to 28 per cent He 
warned that it would be 72 years, 
at present survey rates, berore 
the job was finished. 

lie blamed the delay in up- 
dating charts, many of which 
date from 1900, on poor weather 
last year, and the fact that new 
side-scan sonar equipment is so 
effective that more wrecks have 
been discovered and these take 
time to examine and chart 
Rear Admiral Haslam said he 
still had too Tew ships, and 
trained personnel. 

Mr. Colin Humphreys, assis- 
tant under secretary of Nava! 
staff at the Ministry of Defence. 

told the committee that the 
annual running costs oE the 
survey fleet were £10.5m and 
that it would probably cost £50m 
and take-up to three years to 
bring the fleet up to its required 
strength. 

• The annual report of the 
Hydrographer’s division is due 
to be published this week. 


Surplus cut to £173m 


THE COMBINED surplus on the 
UK cuirent ajjjd capital accounts 
narrowed sharply during the 
first three months of this year 
to £173m, cop pared,, with a 
quarterly average Df £lBbn 
during 1977. -This reflected 
adverse movedi&nts - on both 
accounts. Vt- 

The first-quarter figures, pub- 
lished by the Central Statistical 
Office yesterdayjvalso include 
revisions to tbe earlier, monthly 


estimates of the current account 
with a £54m larger visible deficit 
and n £31m smaller invisible 
surplus. 

The result is a first-quarter 
current account deficit of f305m, 
rather than £220m, os first esti- 
mated. 

However, there have been 
favourable revisions to earlier 
figures and the current account 
last year now turns out to have 
been in surplus by £165m, rather 
than by £35m In deficit 


V BALANCE OF 

•*' - - • •> £m 

■f: V 1976 

Current account 

Visible balance - —3,510 

Invisible balance’ll r+2,651 
CURRENT BALANCE - T" 859 

Current balance 859 

Investment and other •/: 

capital transactions .'->-3,129 
-Balancing item =V« • .- ,rt- 360 
BALANCE FOR OFFK3A&'’ ■ 
FINANCING 3.628 

r 'fflcial financing 
Net transactions with: -+ — ■ 

IMF : Si +1,018 

Other monetary - sfr. «-■ . 

authorities. *y.v-~ ‘ 34 

Foreign, currency borrowing:-. •' 
by HM Government* ;-*r — 

by public sector under «$•* •• <■ . 
..exchange coyer scheme . ;_+m 9,T 
Official reserves (drawing,, 
on. +s additions to. -jTyT. 853 
.. •Drawings on 51.5bn Eorp^ollar 
• - • ri.T.:-. ■ 


PAYMENTS 

1977 1978 

1977 3rd qtr. 4th qtr. lstqtr. 
Seasonally adjusted 

-1,612 + 54 + 45 -574 

-(-1,777 + 483 + 441 +269 

+ 165 + 537 + 486 -305 

Not seasonally adjusted 
+ 165 + 531 + 508 -416 

+4,357 +1,103 +1,255 + 33 

+2*39 + 974 + 169 + 556 

+7*61 +2,608 +1.932 +173 


+ 1,113 + 214 — — 

+ 871 + 287 — — 

+ 243 + ,118 + 74 -219 

-9.588 -3327 -2,006 +46 

facility by Government. 

Source: Contra! Statiglcaf Office 


Monetary 

controls 

‘unreliable’ 


BY DAVID FREUD 

MONEY supply targets are an 
inadequate measure, in them- 
selves. of tbe UK's financial 
stability and tbe range of controls 
possessed by the authorities are 
insufficient to achieve them, says 
Phillips and Drew. City brokers. 

A responsible monetary policy 
should not be aimed solely at 
achieving a growth target in a 
financial statistic, but towards 
stabilising financial conditions. 

The firm argues that authori- 
ties have no means of exercising 
any degree of precise control 
over domestic credit expension 
(DCE) or the growth in sterling 
M3. 

Both measures depend on the 
volume of purchases of public 
sector debt by non-hank private 
investors. 

The practical difficulties of 
regulating these purchases '* have 
clearly been so great as to make 
this weapon of monetary control 
highly unreliable." 

The firm says that to gain 
control of M3 and DCE the 
authorities would have to reform 
the financial system extensively, 
possibly introducing a tender 
system of selling gilt-edged 


Petrol 

price 

fears 

allayed 

By Elinor Goodman, 

Consumer Affairs Correspondent 

MR. ROY HATTERSLEY, the 
Prices Secretary, has appar- 
ently accepted oil company 
arguments that the recent 
reduction in dealer support 
would have only very small 

impact on the price or petroL 

After his meetings with oil 
company leaders yesterday, the 
two sides seemed to have 
agreed that the whole issue 

has been blown out or propor- 

lion. ■»' 

The recent changes in the 
amount of money which the 
oil companies give to garages 
under competitive pressure, 
were little more than routine. 

Mr. Hatterslcy had asked to 
see the oil companies after 
reports that last week’s redac- 
tion in dealer support would 
cause price rises of 2p more 
a gallon- Yesterday he saw 
Esso and BP and today he will 
be seeing Shell. 

Yesterday Esso produced 
figures showing that in a 
normal month they made 
several hnndred changes to the 
amount or money given to 
Individual garages facing tough 
local competition. 

It is this money which 
enables petrol stations to cut 
their prices. Bolh companies 
argkest that it was standard 
practice to alter this amount, 
depending on the local com- 
petitive situation. 


Building output 
drops by 3% 
in first quarter 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


THE VALUE of construction 
output in the first three months 
of this year fell by 3 per cent 
from the level in the previous 
quarter, said official statistics 

yesterday. 

The Department of the 
Environment stated that value of 
contracts carried out in the 
January - March period, in 
constant price terms, was up 4 
per cent on the same period a 
year a§o- 

Contractors carried out work 
worth £3.45bn in the first three 
months of 1978 against a current 
price total for the previous 
quarter of £3.52bn and of £3.09bn 
in the first three months of 1977. 

New work output in the public 
housing sector in the first quarter 
of this year was 9 per cent lower 
than in the preceding three 
months and down 7 per cent on a 
year earlier. New private bousing 
"was down 3 per cent on the 
previous three months but 
showed a 10 per cent rise on 
January-March 19k. 

The Department estimate that 
construction in the public sector, 
excluding housing, showed a 9 
per cent fall from the last 
quarter of 1977 and of 6 per cent 
from the same period a year ago. 

New private industrial output 
was 11 per cent lower in January- 
March 1978 than in the preceding 



First order for 
new platform 
company 

By Kevin Done 

REDPAIU De Groot Caledonian, 
the newly-formed oil platform 
construction group, has won its 
first order since taking over the 
Redpath Dorman Long yard at 
Methil, Fife. 

It has been awarded the £2m 
contract to build a wellhead 
platform for Shell/Esso's North 
Sea Fulmar Field. There was 
strong competition from yards 
in the UK, Holland and France. 

Mr. Jaap Spoelstra, chief 
executive of RGC, said the plat- 
form should provide continuity 
of work for the 650 employees 
at the yard until tbe end of 
197S. 


quarter and 2 per cent down on 
a year earlier. New private com- 
mercial output was down by 5 
per cent on the previous quarter 
but up 5 per cent on January- 
March 1977. 

The value of repair and main- 
tenance work in the housing 
sector carried out by contractors 
was up 4 per cent in the first 
quarter when compared with the 
previous three months and 18 P er 
cent better than a year before. 

The provisional estimate or 
the number of employees in 
work in April in the industry 
showed no change on- January. 
It was 4 per cent higher than a 
year before. 

Jobs release 
applicants 
‘have doubled’ 

THE NUMBER of people taking 
up the job release scheme bad 
more than doubled since it was 
extended throughout the country, 
Mr. John Golding. Parliamentary 
Under-Secretary of Stale. 
Employment, said yesterday. 

Latest figures showed that 
26,347 people had taken advan- 
tage of the scheme. Mr. Golding 
told Mr. Max Madden, Labour MP 

for Sowerby. 


By John Brennan, 

Property Correspondent 

AN £ts.8m sale of 20 properties 
to the Hambro Properry Funds 
takes Town and City Properties’ 
total sales in the past four years 
over the £310m mark. 

The £150m Hambro Properly 
Funds have bought the Reming- 
ton House offices at Holborn 
Viaduct Princes House and 
Princes Arcade io Piccadilly, the 
Worksop shopping centre and a 
number of smaller office and 
industrial properties from T 3nd 
C's subsidiary Central and 
District Properties. 

The funds acquired one of the 
most highly reversionary proper- 
ties on a yield of less than 1 per 
cent. But the average equated 
yield on the purchase is more 
"than 6 per cent, and a number 
of the properties are due for sub- 
stantial rent reviews in the next 
few years. 

Hambro. which yesterday 
reported a 7.S per cent average 
net annual increase in unit prices 
since its creation in 1971, also 
revealed a £10m industrial pro- 
pertv development programme 
involving 500.000 sq ft of space, 
350,000 sq ft of which is pre-let. 


Bingham fetches record price 

American 0 SftWiSSSS 

tfM^Ol. was paid for George ^ JJf, ^rKuct.on record on a wooden base, failed tn reach 
Caleb Bingham s Toe Jolly riat P . - n j c^onn ahnve it* reserve- A price between 

boatmen. W 2. at Sotheby's. Los for t^hearu,! and £5,000 above preserve ^ ^ ^ 

Angeles, on Tuesday. estimate. expected. 


Tb previous highest was tbe 
£180,000 paid in London io June, 
1976. for James Peale’s Washing- 
ton and the Generals at York- 

town. _ 

The Jolly Flathoatmen No. 2. 
painted about 1848, is one of 
three of the same subject pro- 
duced by Bingham, arguably the 
greatest of the Frontier artists. 

Bidding lasted five minutes and 
the paintin 


SALEROOM 

BY JOHN F AIDING 


expected. 

Three oils by Rafael Duran 
Camps far exceeded estimates 
in the £40 to £60 range at Bon- 
ham’s. Knightsbridge. A view 
of a Mediterranean fishing port 
fetched £400. and two still lifes 
went for £360 and £440 respec- 
tively. Top price of £1,100 was 
paid for Edward Seago s water- 
t-olour Autumn on the Upper 


ea nve mmuieji au U Boulogne Sands by the same - 

iss 

" h,ch ,0,a,led 





+-^’43 

■_* ./J/i : J?-' 





school staff have 







ofTaby . ■ ■rox/T tmnrnve their only administrative work left for 

I BM Datacentre deals with the serdm a suBpIe attendance 








'4’: 




M 








■.V&JrA 






Everyone seems to be 
content with the new system. 
Parents pay to the municipality 
through the post; so their rela- 
tionship with nursery staff is 
happily free of money problems. 
The staff themselves say they are 
more relaxed and have more 
f£ijg time for the children , who in 
their turn get more and better 
care. The system also gives the 
municipality a clearer picture of 
expenses and attendance at the 
nurseries. 

. In other words, grown-ups 
and children alike benefit from 
having a computer system take 
care or as much as possible of 
the nursery administration. 


IBM UK and the f 

. 4 -I t #VAA 1 



Luxembourg’s water 


. e 


V’ 





^ . 




v- 


2 % 


< 

A&* V ’V 


: wV > » - . 

: >>* ;'C. . . ' 


.. .V J A new computerized water 
- resource system in Luxembourg 
hdpedsignificandy in 197 6*s 
severe summer drought The 
system was able to help plan a 
gaily supply of 82,000 m , using 
sufface water from the Esch-sur- 
Sure dam instead of Luxem- 
bourg's traditional underground . 
source. This allowed the region, 
tb -cope with the extra demands 
the wells couldn’t meet 


the treatment stations, the five 
treatment phases, pumping to the 
receiving reservoir, ana distribu- 
tion of the water, which provides 
over half of Luxembourg’s daily 
needs.|It also has built-in alarms 
to control reservoir levels and 
water quality. It keeps day to day 
data on consumption in different 
areas and produces graphs to 
•illustrate these. 

Luxembourg’s Water Re- 

i r ...... 


; wells. couldn't meet. f & 

; ' The IBM computer controls sources Management say tne 

every area with water of consis- 


14,000 people, nearly all ot whom 
are British. Their activities have 
introduced new technology and 
associated skills into the United 
Kingdom. Among the 48 loca- 
tions they work at is die largest 
IBM development laboratory 
outside the United States. 

In 1977, IBM UK’s tax pro- 
vision was 53 million pounds. 
Profit after tax was 57 million 

xviortn n amour is ju^l on c pounds, and capital in\ estment 

ample of IBM’s rapidly expand- was 89 million pounds, 
o- investment in Britain. There • . IBM is working in the 

° * • *■ — ; — United Kingdom to provide data 

processing systems., office equip- 
ment and related services which 
offer commerce, industry and 
government new, more effective 
, ways to increase their produc- 
■tivity. " ' 


IBM UK is growing. And 
so are its headquarters. Opened 
in 1976 at North Harbour, 
Portsmouth, these occupy a 125- 
acre site on land reclaimed from 
the sea by IBM as a major part 
of the Portsmouth Harbour 
reclamation scheme. Already a 
second major office building is 
planned which will double the 

space available. 

North Harbour is just one 

r* - If 

ex 

ing— 

have been large extensions to 
the manufacturing plant at 
Greenock, Scotland, and to the 
development laboratory at 
Huisley, near Winchester. The 
first phase of a new marketing 
centre at Warwick has been 
completed, and the second phase 
is well under ivay. Work has 
begun on extensions to the 
manufacturing plant at Havant 
in Hampshire. And a technical 
centre is underdevelopment at 
Greeriford Green in West 
London. 

Since 1951, IBM United 

Kingdom has grown from one 
office with less than 100 em- 










' -V" 1 ".-. 'll .JU .»."4 ijjit. - 


nna^ciaFTimes : Iliine'~8^^r 



EDITED BY ARTHUR BENNETT AND TED SCHQETERS 


m METALWORKING 


« materials 


heat from 


COMBINING' THE pertormauea 
- -of. a high quality, synthetic. base 
.including extreme pressure 
agents and the cooling properties 
of soluble synthetic fluids, a - 
.synthetic soluble - cutting fluid I— • . — ;"" V ~ • i ~ 'w 

has been shown in independent ■ eMe j : .previously; using various- 
■ tests to have a performance «n- jypgg of ^soluble -.oil,- all. eight 
titfir siderabl v better ■ than _ _ tujm .^.w. nf the . fhrow-awav - cutters 



BY ROr HODSON 


The. need was for a procure- 
ment plan to be provided by the 


a THE P° wer generation and electricity supply industry on The need was 

tjj TTh I6l 31 a V 8 i electrical equipment industry key questions. ment plan to be j 

j yesterday spoke out against the Mr a K Edwards, chief t0 P management 

proposed reshaping of the elec- execu tive of BEAMA. said the electricity under 

By Our Belfast Correspondent [ uicitv supply industry in Eng- ^ of suC j, powers by ministers the , manufactui 

THE i-Juodvear Tvre and Rubber i,smd and W 5 le * as °“ lUn , e Ai n could lead to capricious changes could plan ahead 

xnc. ..ojayear lyre jna nunioer recent Government White in +ha inrtintrv Thn m 9 m.r.n(. 


away 


this year on high temperature a ” d ..^ilf 0 * 15 


cutters 
ce;0He . 
thread- 


i. which ,s s -.ordinary soluble oils. . - • ' -'length. When UlttacubS. was 

costs com- / TJJtracut-S can- be festedat a.dllutibn of T:40, it waS 


c.ti research, is expected to be- ( tu 
come operational next year. ] M 

Mr. Wcsli Hansen, chairman I wi 
and yanaging director of Good- ■ th 
year m Britain, said in Belfast j [n 
jesiterday that work would begin j jf 
later this year on the new 54,0u0 I ^], 
square foot facility. Goodyear's \ 
present 50-sirong research team 1 a f 
at. Graicavrm. 30 miles from Bel- • p( 
fast, would be doubled as a . f U 
result. [ di 

The centre will form part of j 
the company's world-wide re- 
search and development organi- 
sation. Research will concentrate 
r»n convenor boiling, power trans- 
mission belting, hose and pack- 
age Sim. 

Mr. Hansen said: “The centre 
will greatly expand the com- 
panj's capacity in develop new 
industrial and film products for 
international markets which 
Goodyear predicts will more 
than double in the next decade." 

The expansion would ensure 
“a bright 'future ” for the Ulster 
plant by providing the techno- 
logy which would help the pro- 
duels manufactured ihere to re- J ^ 


Electrical and Allied Msmufac- equipment including house- cause V fragmentation of the is custom-made in plain plate, cent in electric p 
Mirers Association t BEAMA). hold appliances. electrical industry. It would curved plate and tube form, been achieved by 

oreteSng Although the manufacturers weaken the export capabilities Thicknesses run from 10 ito SOmra the ^ felts 
S” ™ n t maMBmenfSS Sm are against ministerial powers of of the British companies which and the material ts self-support- Apart from the 
m tbn nroM^ direction Tor the electricity were exporting directly at a rate ing and easy to clean. flexible carbon 

Sr U AmhXr 1 urSEJood Benn supply industry, they agree that of JE3bn a year, and indirectly at Uniform bulk density is 0.13 insulation felts a 
thfl Fnirev Secret^ there is a need for a strong a rate of £5bn a year. sram per cubic centimetre with a are graphite and 

The manufacturers alarmed central body to manage electri- Any manufacturing involve- special grade at 0.16 gram. with interesting p 
ahmit The Dowers Mr Benn oro- city supply and that it should be ment by a centralised electricity This felting material has no energy saying ar 
noses V give to himself and on the lines of the central elec- body would be disruptive to the tendency to scatter during gas Further details 
futurp Energy Secretaries to tricity corporation proposed in British industry, the committee evacuation or its release into the and Wilson, 1 




direct the management of the the White Paper. 


was told. 


furnace even at high rates. Green, London SW: 
Repeated thermal cycling will phone 01-5S9 6393. 


. . increase in tool life /w a* expert giQGEST «>-ordiiJafe^ 

'V machine developed ^ci£ 


New council planner 
to advise on 
future airport needs 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

NEW Airports Policy ment of a military airfield, or 


takeover 

plan 

attacked 


main competitive. ; \dvisorv Council is expected to construction Df a new airport. 

The announcement is a con- . be wl ‘ up saon lo d i scuss an d Considering the time it would By Michael Cassell, Building 

sirierable boost for Goodyear in " nn future long-term air- take to decide on these matters Correspondent 

Ulster. It is at present reducing | " ' slrate 5 j V in the UK for and implement them, the studies ^ ___ .. 

its 1 -'Of '-strong labour force by i p fa t t 198 ( J S anil 19905 . should begin without delay. P , LA J^ S P0R nationalising parts 

up 10 2U0 because of declining l^hf council expected to in- This would be the task oF the of the construction sector repre- 

markets- _ JJL new advisorv council, first sent “a massive intrusion _ of 


PLANS FOR nationalising parts 


Minister * 
industrial 
nour.cemc 


... , f.nvpminpnt Dpoart- Government nas responaeu 10 ciiainuiu ui 

era* Vre?.-»mf."^The*Denar?m^nt^of * meats. tnight^be^ able** to Ibis cal. for speedy action, and claimed in London yesterday 


rmn me rc^cx poci ecT to 'conclu de En work tSKoiSh. "' consultation between various Sir Maurice, chainnan of the 

rMearei^a 2 reemenw wi t h^t least Mr. Norman Payne, chainnan Campai^i Aga.nst Bui d.ng ln- 

-r D.-itich Air^nrt*: Authn. the likelihood that the council dustry Nationalisation tuABlNi. 

12 ° ac r rt,v! he .oid l, VS5 r^mei p U ht S™ »«ln lb work in Juno." Mr. tM J builders' conference that 

planning inquirv into the pro- P 3 yne added. • the industry was seriously 1 

¥ TBrflippt posed fourth passenger terminal pswe^for Tennimd threatened by Labour Party 

JL2m£S prOJCLl at Heathrow yesterday that. ^ uthon . l> u a 5?*® fo / TfiJ 0 '? 3 ] poliucies. 

, s . . . looking beyond the f our Ut Tour at Heathrow, he said that Despite attempts by politicians 

^disastrous terminal, longer-term solutions ]f „ f n C y v»?r to play dovrii the effects of pro-i 

WM5UUU3 woi ,l d hc ngeded to eDSUre unother pois placed before the party's, 

THE NATIONAL TRUST yester- adequate facilities for London Sail )®" 18 neauirow 5 capacity 10 last ^,,^1 conference, they 

day hit out at the North-West and the South-East in the late would fundamentally alter the 

Water Authority's proposals for 1980s. InailirieS existing structure of the con- 

rjieinrr fho lavol nf F!nniJrd.i I p in f n,a UHiita Pannr nn Aiwnrlc * ctnmlinn indnstl-v and its 


consultation between 


Lakes project 
‘disastrous’ 


raising the level of Ennerdale ir. The White Paper on Airports 


struction indnstry 


the Lake District by four feet to I policy, published earlier this But. as already reported, associated trades, and profes- 
supply water to West Cumbria, year, had stressed that, 'after further developments at uatwick s j onSi ^ claimed. 

The move would be visually developing a fourth Heathrow to boost its capacity from 16m If ^ Labour Partv had its 
“disastrous" and that the terminal and perhaps develop- passengers a year to -am. and ^erc would be outright 

£500.000 tlic water authority pro- ing Gatwick to take 25m pas- to increase Stansted from the nat j 0 na ii 5a tioo of .the larger 
posed to spend on landscaping senaers a year, there were three present 300.000 to 4m pasaencers Cl>nstTUCt j on companies, expan- 
“ would do litilc lo ameliorate options. These were: a major a year, are likely to be blocked si - 0 of ine fgciem direct labour 
the effect." it said. expansion of Stansted. develop- while local authorities seek 5'°iTart m e n t«?a n d the creation of 

1 " f“ b n f p,ann,ns lnqumes ,nt0 IJerSos to take 

As' no other additional ter- ? ver ^rARlNM 

8 m minal capacity could be avail- lI ?. NapCMli**' 

R I able in the South-East before Clearly the expansion of* 


1986. the need for Terminal j protected public sector 00 this 
Four at Heathrow became even I scale could only be_acbievcd at 


greater. 


TEHNOFORESTEXPORT 


EXPORTS : 


Commission 
to look at 
Belvoir plan 

By Paul Taylor 


the expense of existing indepen- 
dent companies. 

“Any companies not imme- 
diately caught up by the public 
ownership proposals would be 
anything bui independent. 

“They would be required to 
register with one government 
board, draw their employees 
from a second, negotiate their 
jobs with a third, carry "them nut 





Ferranti — thel- ' 

its capabilities, very ‘ 

extended. J 7 7- ; 

• . . Its measuring 
raised 

. from 2 .P 00 - 

: origin ally: ■ Tfe- prTTtfen» , ^^ '^i,. 
"^cas - a r 4hree-axg 
axfs '.acchracies ' 
improved .later to r 
Fodrtfi ' and fifth- \ jtfafiqBat \ 
asses'- aiierdKiona] and-:i^^da|n^ 

is Oidb^ rom at * 

The measuring. 

■ electronic - probes;. . .td^njrixsfffr^ 
-dptmmin'.: spec d ; 7' 

All ax^. la^vqpatet-J 

■ ■ A1E .proce^mg - 
vided by- the;compflpy r '3&ef«dj®:.- 
:aWe>u Saturxi, etther'dro- apiS i- . 

catioti ; . tiuxfttgh.h- taJcnfiMj/wr. 
through a -ralnpatfea- 
Saturn" ‘can - “tiros, be -opesated 
in-"-.’, many, modes : 
step. Jtiariual tb :futly^atCtOTts;M 
fiy&axis control. 

: Ferranti, I ridustrtal' - 

Depiartioeht. ' ThpfrishanfeV 
rflf« 'Estater DalkPttR, . 

EH22- 2NG. .031-663 




•''..'A; 

mi --Mmmm 




THE PUBLIC controversy over under contfact conditions laid 


• Period and modern furniture 

• Occasional furniture 

• Chairs 

• Wooden containers 

• Sport wooden articles 

• Prefabricated wooden cottages 

• Wooden door and window frames 

• PAL (wooden particle boards), various 
assortments and finishings 

• ROMPAN lhardboards with one or two smooth 
sides) 

• EMARON f enamelled hardboards) 

• MELAROM 1 melamine-coated hardboards) 

• MELADUR (decorative multi-layer paper) 

• Beech plvwoud for indoor and outdoor use 

• Beech block board 

• Beech veneer 

• Softwood timber; beech and oakwood timber 

• Butts and round beams 

• Various species of pulp wood 

• Pile and kiln charcoal 

• Tannin 

• Oak parquetry (conventional and lamellated), 
beech parquetry (conventional) 

• Various assortments of writing and printing paper 

• Various assortments of packing paper 

• Textile and paper pulp 

• Stationery (sacks, bags, envelopes) 

• Crystal parchment paper 

• Imitation parchment paper 

• Duplex, Triplex, Prespan and Glazed cardboards 

• Egg trays 


National Coal Board expansion 


down by 


fourth, and obtain 


l h®* r materials from an almost 
plans.' particular), in the Vale Of totally nationalised materials 
Belvoir. Leicestershire, 15 likely sector." 

to be one of the first issues given Companies' who remained 
an airing in the recently formed “ inde pen deni " would find them- 
Commission on Energy and the se l ves struggling in 3 situation 
Rnvimnmpnt where they were confronted by 

Environment. day-to-day Government control 

The Commission was set up in interference 
March to bridge the conflict EventuaJiy all the nubile 
pnvhwmpntYi^t 5 P °nvpr sector work ’available would be • j 

hK wi2S.J “ taken awa y from them and given RriBIlPr 

like Belvoir and Wlndscale. f0 the ^state-controlled com- 
\ esterday it held its first meet- pan j cs . 

ing at which Mr. Peter Shore, «it is impossible lo avoid the IT! 55F&TP1 
Secretary of State for the En- conclusion that this Is yet 


; The- Tig^ting^yststtr, 
beacE-^entilatbp v r 3i®nW-7'twas. : 
made . *. .by . .KTonrfeerz: - aftd 
Schubert Kabe'lwerice.. the -fitet 
European; company, to^-he - . 
equipped, to fabricate v «jih- 
'ponfents and systernsvi^hg^the 
ribbon. “ .7 \ 

“ Cnufon “ optical; fibres ijuit 
made with a core of tranaparent 
polyniethyl methacrylate.fPMM) 
which - is surrounded 'by-ia 
sheath of another plastic" ^of f, 
Jower refractive index; -^ue- jo'.. 
totah internal ;- rBftectipnj 1, f^bt 
- winch impinges on-one-endaif-i 
aieb a fibre travels . insfdie;;it; 
•around bends and;.even 'through 
knots, to emeipe .as: ^ustfWi \ 
light ’’ at - the other i end :7 
Such fibres can be wbVBii ltfib 
tough, flexible ribbons.'- Tov^ve 
the .-•u ribbon addftd . - 7t®P»i«. . 
strength, the “ Crofon •” 
alternate- with synthetic^. £ 



This mixmg macnine is among new plant installed the machine to minimise entrainment ot air which ” ii a u*>. „?hrr-pnii-'- 

by Lloyds Industries of New Addington. Surrey, could lead to pin holes after the .material*., • - 7 g. 

for the production of vehicle body fillers and house- had been applied and rubbed -down. Mixing action tough, flexible ribbons. Tb L £tse 

hoid repair products. The machine was built by is derived from two iotermeshing rotors, the con- the* ^ ribbon added- "leittue- 

Beken Engineering ot Ripple Road, Barking. Essex figuration of which arid small, difference in: speed'. stTen«Ih ■' 'thf* “ Crnfnn ‘r* fibres' 

(01-592 2227) and is designed to handle batches of create the required kneading of the materials to aiteriMte- With ' synthetic wS 

8Q0lb. The products arc mixed under vacuum in produce a smooth mix. . in ’.the warp,' the Cf'OSfrthtbH^-- 

it weft, is a synthetic Ti.' .' ; 

©computers 

tb m • sialic random access memory, will, face difficult decisions teft conduct a broad, flat -beam ' V 

rVfflVlPSfc 10 provision for up to 4 kbytes of regarding the purchase of newer Of . light -into “ inacces^iUi^' t-r : 

VkJ mna. read onJy mem ory t a 32-line equipment because they have locations. - . Sri 4 - 

• a digital input/oiitput port and a substantial investment m soft- 'Light can be made tq- "Teak*. H; ’'• 7 ^* 

6^3 n communications interface. All ware and in-place networks. from, selected- areas along the : ';\ a - 

this is on a board measuring The. role of new participants— length of the ribbon by a process v '”' 

a j V. c 9j inches. suppliers of terminal systems, which intentionally damages the . 

‘The ‘company offers rtie unit value-added networks, and outer plastic sheaths of the 

fnr application in data entry remote computing services — is individual fibres, but leaves the 


Yironment said its objectives another move in the contlnuipe AN AGREEMENT whereby source units, where its power another critical issue in the dis- cores intact, 

would be to advise on the inter- attempt of a determined minorfly F ac , r p.-,t a Produ«.-ls, the inter- cau he used to take tile load off tributed system network market. , The amount of light from 

action between energy policy and eventually to make this country national computer peripheral a central machine; poml-of-sale Fnr example, the planned start- ‘slow areas" created by this 

the environment _ a ruiiy controlled society.” / division of Facii. has acquired use: inventory control systems; up of satellite-based communica- P r °ccss could be expected to 

After the meeting Sir Brian The anti-nationalisation cam- a 36 per cent share in Da la royal, meteorological and air pollution tions services such as that pro- decrease along the length of the 
Flowers, chairman of the Com- paign gets under way next week the US. manufacturer of matrix monitoring and general control posed, by the Satellite Business f. ,bun as ***? distance from the 

mission, said it would look at the and the combined efforts of the printers, means that Facii will purposes, among others. Systems Corporation (SBSi will J| S'tt source increases. The pro- 

monger term environmental im- construction industry will )be be sole representative in Europe Further on 01-578 9231 have a major impact on the » PS5 1S therefore programmed 

plications of future coal produc- applied to telling “the public for Dataroyal’s IPS 7000 series economics of ' distributed net- t{ ? compensate for this 

tion.' including conversion to how the proposals for sjate which will be designated Ibc works. The Arthur D. Little P^noraenon. so that the light 

other fuels. control would affect them, t Facir 453Q range. . TWT a 4— • study also points out that SBS 2J! tp V t ,u Per un,t , of surface is 

The range will he available in 1^ GIWOrKS 1F1 h;,s th c potential for ebangins tb n *i alon S whole 

three models all of which AIK ^ way lhe aetworks are ^ length of ribbon 



Further on 01-578 9231. 


HOME CONTRACTS 


Housing in Scotland 


Facir 4 ojij range. TkT.i 

The range will be available in pw 
three models all of which 
operate at 160 characters per ■ 1 

second, print in variable sizes. 
feature user available nrueessing 
oower and incnrnnrale a key- COMPETITION 


Networks in 
quick time 


uic ms UCIBUH>5 111 c uatru TT,- .;ll, 

because it would make a broad- fj _ 5 . lhe 


cast-type message possible. 


areas" is embedded in a shallow 


board display siaiion. 
More on 01-137 62SS. 


WIGHT CONSTRUCTION. Fal- awarded an L3G.UQ0 contrait to More on 01-137 Kies-, 
kirk, has won contracts totalling BRITISH OXYGEN ror the supply 

over £4m. Contracts for housing of aviation oxygen 10 six initaila- »r R 

have been awarded by the Scot- tions in the UK. until May 30 [VI 

tish Special Housing Association next year. I i.TAvPJl.W iLfifla.V'ifl. 

for 48 houses at Bo’ness town * p • 

ss; sssu."^ K“5,d ARCH,TECis i„;s from micros 

for 243 houses at Girdle Toll. been . a *« r ded a contract iprth ** 


the distributed sysiem network network protocols, and the evolv- n u P * nt 
market which Arthur I>. Litilc mg role of service vendors are Fetter l£ST VSP'S f 
predicts will reach S5hn in 1983. additional forces influencing the Q 1 S 4 V tuf’ Loadon EC4A ,HT ' 
A newly completed impact scr- direction nr the distributed pro- ~ 

vices study assesses this majnr cessing network marketplace, • n 

computer development area. Mr. Zimbel concludes that the i <ThT 

whose main competitors cut incompatibility of network pro- WC vfA 

across the traditional parlici- tocols might create an oppor- v . . 

,,m iiy for common carriers to | | ff OfV 

links 


v - , • 


worth ne^riy am*! The company ™ E MAR <? 0 , f '?* m -fi r0 *i Ornate com- Ski » sign ific^ ^rtion of 5 tie 

is also lo build a community ^r sl ®ms to develop and Imp 1 ®;’®'! 1 tinues uncliecked with Intel purine service firms, lermlnul ^ e 



build a community ?«velop and teipianicni Unues unclie cked with Intel pU Ting service firms, lermlnul market^ • ^ e 

Motherwell District ! cco 5ntancv and" ‘"mana’Sment form3l,y launching its lM>il systems suppliers, and comnuini- mt e Trom ADL ''5 Acorn 

165.000) . and will S™?Uon s2S! m ^FBEStt machine under the label “8086' cations common carriers as well. Park CiuSirid-i Mass S 

tundant jeny mono- ^aT merahanK fW BifidS ««» Data General offering a Norman S. Zimbel. the Arthur {??' Carobnd » e ' '^0- 

ogemouth Docks for GoldschmidL single board IB-bit MBC/1 pro- D. Little data processing industry U b ' * 


is also to build a community 
centre for Motherwell District 
Council (£165.000) and will 
demolish redundant jetty mono- 
liths at Grangemouth Docks for 
the Forth Ports Authority 
(£ 210 . 0001 . 

★ 


^ ^ V . 
■•v*\ " 

^ Am 


Vminr 4 ni?t rUI Koru Auuioricy """ ^ duct with niin-icomputer capabili- expert who directed the impact 

(£ 210 .dooj. aes .study, predicts ihat distributed A PACKAGING 

^ Stone and Webster EngUrecnns For the S0S6. Intel claims a system networks will have a 

Thomson Regional Newspapers is InstalUng a computer jwsting tenfold increase in performance significant long-term impact on TTfc a l 11 
has placed an order with INTER- £260,000, supplied by hAIUUS but has » a k e n care that the effective use of data process- i« finT hQli 

NATIONAL COMPUTERS for data SYSTEMS. Slough. There will be S^v eloom ent tools for previous ing. IaUUI Uali 

entry equipment and application 10 visual display units %vfth full mac wj nPS are not ob^oleted The Advances in technology have ■* ■ 

programs to streamline the adver- editing and local screen storage, «nr»iinc tr, nthoe cnfiuuro aceeleraied evolution of wrynTriVtA #3 in 

tfsement and circulation account- and the system will provide Inter- e H P for the SOSO A 'and Die distributed system products. Mr! WlSJ^pCQ IO 
ing work at five of its regional active terminal processing, batch evowed for lhe sobUA ana uie Zjnif)eL oi ' t Q , h , ■ . 

publishing centres. Total value, processing, and remote batch pro- SOSo micros. atantlally P improvin" "cust-benefiL 

including programming by JCL cessing, ail concurrently. intels own manufacturing ■ . * d p , in |,t nc .'_ Ol2.StIC O0L 

Dataskil, is about £200.000. It will also be possible lo link technique lias permitted the [?L. ^,.-7 ° r tho 

^ it to Stone and \Vebster's"Boston. 

iiiunv crrvrr tudiccti r Mass., computer centre. 


’ po^ible .0 link technique has pernutVed the «««* ... > nd cnhancinR the wandSrts * The “ 

Web'ster's-Boston. 29.00U transistor processor in lie J-jJjJJ'ljL. A MACHINE has been developed single piece mouldings made^S 

centre. contained w.litin a ch.p only ii 'SS&SZJX& . h >‘ company for packing h i? h stVengthTaterial which t 


RELIABILITY. SAFETY and 
high performance are promised 
•n a range of battery con- 
nectors from Cable form of 
Rorailey, Stockport, who 
specialises in the design and 
manufacture of electric vehicle 
control systems and components 
for the electric traction 
industry. 

Called the 2300. the battery 
connectors are said to be built 
to the latest European FEM 
^standards. The casings are 


MASSON SCOTT THRISSELL ’ ^ — .u*. 

ENGINEERING. the paper + I expected'' to teid' ‘to Ii.w'cos'u ^ bought auout me gradual rosc 

llnishins equipment subsidiary .. jc x Pv cle /* to lead t° K w cai Jf as evolution of "fail soft" or 

of Molins. has £600.000 of Seven ship sets, , of hydraulic j production experience srowi*. rpdund;int systems which meet *0 


tis --quire: wKIcir^ ^ 

- - aSSL Of " fail* 6 J?5*S and 0th " yolW coding S' ensure 


Lhe gradual 


TEHNOFORESTEXPORT 
BUCHAREST — ROMANIA 
4. Piata Rosctti 
Telephone: 16.04.00; 214.30.02 
Telex: 113S2; 11763; 11362; 11363 


orders for machinery from five control and position Indication Internal operation rates can be 1 he user's need fnr dependability nn^ratP °thj» P machine ^-bicK 

U.K. paper and board com- equipment Tor ballast and. bilge as Tast as lio nanoseconds, and very high availabilitv y wnnecieu. and lhe appropriate 

panies. This includes a fur- valves comprise an order from which means the new units will chief among the market forces ls num erically displayed, 

ther order for MSTs latest Swan Hunter Shipbuilders (on calculate between seven and 12 are ^ uscra themselves Teeh S A • I,ve parts are Protected 

design, the Autotorque winder, behalf of Govan Shipbuilders and times faster than a system based nological advances will continue P pe ° f 1116 r00tS and a * a,nst accidental contact with a 


, ■ that only the correct system to 

Only one person is required to battery combination can be 

="0 (he appropriate 


* - 


'-l ; ];r v 

> C 1 '^ 


The United Stales Ajr Force has Polish Steamship Company. 


includes a Ma-runova computer. Little study, iinwuvpr, many users Holland. 


t -U Jimperps. 

-More un QS 1-130 -J246. 


1^0 L >* * j 
















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4 


4JM 


Al'-'-i Vt: i : .- '-■• .,' 



>w bigger gives 
a lot of personal 


-va : •■<-• t .a ’ i • 


.e can see 


the results 


y&j urauiaig < 

Ihes ifthiri 


LtkMor loan, tor instance, 
iness, sooner or later, will 


ail 




r rtny -j • r‘ ^ • - - - 




Development Loan to take care of that. Longterm 
financiS. requirements are no problem either as 

NatWest own a Merchant Bank, Count/ Bank. 

And short-term money ;■ - o- " r 1 

basedonyour debtors can be ItA f L tj 

arranged through CreditFactor- JJf i j 

ing International. If your business 
could do with some financial in- 
spiration, ask your local NatWest 
bank manager. He’d like that. .■ 

Tnc?#’ ficjlr l-siinfi B NatWest 1 


DOMESTIC AND EXPQRT-EAC 





Owen sees improved chanc 


Rhodesia 


Peers fail 
in attempt 
for fewer 
Scots MPs 


BY IVOR OWEN, PARLIAMENTARY STAFF TORY AND Independent peers BY ALAN PIKE, LABOUR CORRESPONDENT . 

A CAUTIOUS indication that ^ “by^ufe^enS^in Side moretifanV” rondure the n^mbe? of sJoSS THE ADVISORY, Conciliation ^>pitedgenerailyln Whereases;; 

there are improving prospects the IMF will discuss President lens by toe events ,n v^ae more man a aruMi Westminster after the and Arbitration Service hadtS^Wid have no feopeaf poja fnr UKAPlT among t&e st^ 

,or securing .^men^onAe "*»™» S^JSSSSS^ S.Mo!To Renlvnne r,,». u bo ?■* Assembly hss been elettel applied its power, “ *« 


£ 


of appeasement in the 1930s. To 


stagin'* of a new rouno-taoie *aire s ewnwuij. , >b lu ui. --- Scotland 

conference on Rhodesia, with Dr Owen told Mr. Robert recognise the dangers surround- said that any proposal to u.-e the . 


participation by the Patriotic Hashes (Lab., Aberdeen N), who ing the West, as Mrs 

i . r j . . 1 i l hn : n Thsiahar t-Vi «• Dnnnclti 


:. 1SSSS 2LXZ3JEZ HKVST "** An amendment to the ScoU.nd tifS***. >* 

. # P ^ . a ^ tPO D^— I • I I «" ■ fetotU i uin« dafaotad Kv 1 tn Rl ■ hna ml nartavX nar UBlI — A — J aSS . ''^fiAS: Su b se quently ■ produced •: 


per'cenY- sapptnt^-^reitex'.than ; 


Front as well as by the parties deplored "the corrupt regime" Thatcher, the Opposition leader poses would be strongly opposed f' 1 ' A “? r,n | hv in S vursapi About: meram umu - j&ttf } .mbjsemjtotly produced 

fo the internal settlement, was i/zaire: ”TMs is one of the had done, was not an act of by other EEC members. Mr. g^je^LS defeated layJXto to 61. Court heard y^t«day. — ; *j&S 2S" : > S&orfSSS?SS?»™»ilt 

given by Dr. David Owen, greatest problem that we face, provocation. Davies said: “There has been a Government majority 44. The United Kingdom Aa «o^-'W^cal part^ Fml 

Foreign Secretary, in the Com- yy e have to live with the Mr. Davies also suggested that substantial change of mind in the “^ supporters ^the tion of Professional Engineers, - ' C 0It 

mens last night. Government that is there. the European Community should last three or four weeks. 


number of Westminster seats {is the Court to deda fe- engineers. . graduate - engineers 


c-ns last nignt. Government mat is there.” the European community snouin «si uurec «r iour weens. ‘‘“X.'ZIU XL " w Ai^fenfanal engineers something.' “somewhat coxiOus” 

s« “ ,d .? he »sfi_ “J F ? r * h i s r““ n .- h = «s i« k » jk *s» jesss- . sr. >»«“£ istef .E.S £££, 


lie 10 IQ UlC riuusc. * r or luia IWUU, uc fauiu, 1b n« SCCR IO BesuuaiB guauuicca iu> * ■**- h-'wpuMi, Ilf c j 7 . . - dnuhro lont 1 PVPIS of rest) Oh- .na#i«suea auftwic 

believe that the atmosphere in vital Chat the support which the Europeans in Africa, through the offered mutual benefits that were Various alternauve figures were decision against It at AP E-Allen, apprbVedaflhal:- repdrt subject 

that country and around it is west provided for Zaire should Lom6 Convention. likely to be acceptable A “fire- supgestea between 5 J 2111 “ 63 - a Bedford engineering flxm,. •- :-;-«nuHy. L : to findher «m(ihdzp€zit Involving 

coming close to recognition be nia dc contingent on the African states could be given fighting” force, in hi.; view. ^oni wonson unoi said tnat i n i te report. ACAS dedded -p^ the. employers’-- ^bup.. ':j; 

that there has got to be nego- carrying through of a programme guarantees against exploitation ought to be formed within the t-ne numoer or Westminster tliat recognition of UKAEE -Parg aiil l ll g . ; . When ine '.final -feport was. 

tiation by all parties.” which could be effectively or external domination in return framework of discussions -Mi's was reaucea, it wouia give wou ](i disrupt existing bargain- It had a 100-strong site Kntup issoed.' It containeci an amend- 

Dr. Owen, opening a two-day monitored to make certain that for assurances about the protec- between the EEC and the African ^couana ana t.ngiana paniy in ing arrangements. -at APE-AUen and had been^seex- ment_ ai7Sing- - from . &QtT8Spon- 

debate on foreign affairs. finance provided was used tion of European Jives and pro- signatories to the Lome cooven- p °Pr i ia . n ®“ i ‘r.™*v .. . . Mr. Bernard Marder, QC. eoflective bar gainin g rights dence fretween ACAS., and the 

rejected the suggestion einanat- for the purposes for which it perty, he said. tion. west CounU-y consume ea rn UKAPE. told Mr. Justice Mayjthexe since at least 1970. . ‘ erhpleyM^ group which the 

ing from Salisbury, earlier this had been allocated. Manv of Hie 30.000 Belgians “Whether the force should be .»h ^n>rpH that while the case ostensibly in- " The company had consistently. -union: did not knty antfut .This, 

week, that Britain should become ..The central objective is to employed in Africa were now formed entirely from Africans nr ^Py® s * ni ® a in Anri a rn unri th* solved APE-AJlen the issue- was .and primarily supported the bo said;. _ involved- a deoial-of 


week, that Britain should become -The central objective is to employed in Africa were . w .... cu cu...<=., n UUI ai n„-i- r aro _ c _ nri am ., n ri fh< ,i »ui*«ra Arcr/uieu tot 

an observer within the interim 5U p pQr t Zaire” the Foreign leaving the continent and unless Europeans, or from both. 1 do ,n a r Q l of wider significance. 

Uovernment established by Mr. secretary emphasised. urgent action were taken there not know. But we should try to r •«.» *■— — -v - 

Ian Smith, and the black African Mr John Davies. Conservative would be little prospect of them make Europe and Africa combine . “ or ® ‘ SS 

leaders associated with the spo kesman on Toreign affairs, or other Europeans returning. A for their mutual advantage.” be “•** ^ Lp!r„rlr t , w « that 

internal settlement. accused Uie Prime Minister of composite approach to the prob- declared. SopulaSon had not m-n at the 

He stressed that the way to an same rate as England’s, 

acceptable solution to Uie long- __ _ — ^ # J ^ • “Now is the time to avoid 

s CaD for- Soviet arms reduction 

principles, not embracing the - the major powe rs they are; 

internal settlement and not oy .. _ , oortin^ nndpr t)i@ devolution 

attending meetings ” of the RUSSIA WAS urged by Dr. “non-progress m die talks on Dr. Owen reaffirmed the setUng unoer me , aevomnon 


CaD for Soviet arms 


c w . Df wider significance ' policy of the Engiaeerlflg- Uatund jlstice. . 

Scottish border. The heart of the case was tiie'-^ :m P lo 5 rers ' Federation iwhicb ,-Mr. >Marfer.. mdi fnftled - that 

Lord Hanner-NichoUs (C) said ri) A3 0 f union m. eSterThi ^ vas. in effect to refuse to bar- ACAS was . exercising quast- 

that the reason for Scotlands »r muon manben te be.^ with org^iisationRWMcIi ; judicial- powers. ^ that .these 

over-representation was that its represented, in negonatioinr hy.^^^,^ members of the Con- were subject to the supervision 
population had not grown at the iSViqhS iffl&SbSLft Uti. ^ 

same rate as England s. whether ACAS bad the w W rf JjeeriI1 g Unioas. It: could. "The Masons nrost be intel- 

“ Now is the time to avoid }o ride rougSuhod-- as we iWyJot therefore, recognise UKAFE. ligible aild the reasons :In This 
future conflict by letting it be itbas ridden roughrfiod — over-- jl 1976 union applied to ' case are uot^telUglhle.'^ The 
seen that Scotland, in return for the clearly expressed wishes 'of a ACAS under' the Employment decisipn and reasons fpr irmust 

the major powers they are group of workers.” Protection Act recognition .pro- make sense- on the evidence. 


rea/fir cied the setting under the devolution It was clear that if the policy cedures and last year ACAS sent ACAS’s decision does not make 


Owen .0 make a more positive mutually Min* Covernmeo.s : commiunviU BiU. jeco-oises rU s uofairnees," reasons 


over-representation 


interim Government. 0wen l0 make a more positive mutually Da ancea rorce reauc- Government s r commitiiK-ni to he ° 

„. Dr - Owen, like the Prime response t0 the West on disarms- ff° ns ““{l J® 1 lB J ! d JL[“F SSJIJS usin S detente to secure a greater The Earl of Onslow said there 

nned rt fbe~Krlou?lmp!te«ions of ment b - v W«tta» 10 cut back 0Q SSnaY JeSpow. 5 particularly observance of human rights in would be an English reaction to 

IhV re«nt Se ev?nV”n P Zai^and convenUonal weapons. Sffi "the Soviet Union but admitted uny 

suggested that the danger of an He caused some surprise New efforts were needed to that the West had probably been i° e r ^ole union. 

East-West conflict in Africa among MPs by suggesting that try to achieve balanced arms too optimistic in assessing the “hich wa^methhw too arSSS 
could best be averted by the military establishment in control measures which secured prospects for securing tangible P 

orrangcraonts being devised Moscow is preventing Mr. a reduction both of arras, results . w Lofd Wlc- (Labi ^id the 

which enabled the problems of Brezhnev extending to the con- budgets, number of men and the “I dont believe that the ,, h ^| p RiM “ 5 miprlv wrone in 

Africa to be tackled by the venUonal field the* co-operation quantity of weapons. But he Wester/, democracies vhouW '" “A 1 

A f-! _..l 4 jtnn ( La«x (*•> 1 Lni*WV ^kltllin lA Tt'fliH in« ^ UaliorraH chut the nanfral icsiiA shift nnp inr-h frntn t fir* i i- i-nm- piluCipie. 11 U0U1Q place stresses 


report 


APE-Allen were gal staff at the Bedford plant- had before if 


Africa to he tackled by the venUonal field the* co-operation quantity of weapons. But he wester/, democracies should ‘ IT ' ...V strp \- p5 

African nations themselves. being shown in avoiding a believed that the central issue shift one inch from their com- J “ thP ..nitv nf thP 

He highlighted che importance further escaiaUon in nuclear was the need for the Soviet mitmenl on human rights.” hc Rrifivh » nnh* which enutri 

of next week’s raeeUng in weapons. leadership to get to grips with declared amid cheers from both an En^’i^h naHonaJkm 

Brussels when representatives of Dr. Owen complained of the its own military. sides of the House. unknown sine,. "the y7th centurv 


Tories fail to limi t retrospective 
powers on tax avoidance 


arouse an English nationalism 
unknown since the 17th century. 

Opposing the amendment, the 
Earl of Perth find) said peers 
were being asked to pick a num- 
ber of MPs " out of a hat." Surely 
Ihis was the business of a 


Ford stewards meet 
to try to end 
violence dispute 


BY NICK GARNETT, LABOUR STAFF 


A MEETING of senior shop Ford national advisory corn- 


speaker's Conference and not at Ford Motor’s car plants will 


stewards representing foremen mjttee was meeting this morn- 


Duffy calls 
on Leyland 
toolmakers 
to drop 
strike plan 


peers. _ . try to end the “shop floor 

Opposition spokesman, Earl violence" dispute at Dagen- 
Ferrers, said the difficulty was ham - 

that peers were being asked to Today’s meeting was called 
set a limit, “It is difficult to ..2E22fJX.SK?- 


.ing to try to solve the dispute. By Arthur Smith . .. 

He believed that the Issues. ,■ . • ' • 

raised by the dispute could. not' JDL .TEWtV WJFFY. prendaot 
be solv^ by industrial action . °f the Amrigamated Union 


'W«r- v v K-<F WWW-**. ww * -w ■ w— ■ ww— — - w w mar peers were oeiug asKeu uj Todav’s meeting was caHiil 

MT set a limit, “It is difficult to by T ^L S (SLSfof SdS 

BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT ?h2 [ It ?fa3Sto “ d Wua ^ al 

IN A PROLONGED battle fought They failed to press this Mr. Powell condemned the the House or the rule of law,” he t *RjL dvic t rillA _ The dispute has affected 

out in the Commons Finance Bill amendment but it was then proposals as exceptionally »id. .... Cortina and Fiesta production. 


and would have to -be Bcttled:]? Engineerings : Workers,; 
at pin. level. He expected to JSJ5S - . *?£?**?- 


apeak to company officials 
today. 

The dispute - arose after 


Mr. . Duffy, the union’s Btid- 


from all Leyland car plants in 


prepared tor The man was dismissed but J Birmingham. He said later: 


reinstated after an inquiry. -My plea was received warmly 


The foremen then went on and l am optimistic that many 


sympa- strike. 


Union officials say, however, [Monday/ 


toolmakers will be at work next 


out in the Commons Finance Bill amendment um u iuo; h»w«h,. «> .« w«,.u«u«. 5 •»«.. . , Cenpral for Scotland said “ the Cortina and Fiesta production. :r’ Allegations that a irorker ehb lainls executive . member, was 

rhp hrt[lr - nf moved by Mr. Enoch Powell grave and novel use of retro- It was only by going back to , at Dagenham, where the plant’s had had his pay stopped for addressing a meeting of SO 

e * * (Ulster Unionist, Down S.i who spection.’ 1 The citizen was being 1976 that the Government could r nlc LOOOforemen and supervisors’ keing absent from worked senior AUEW shop, stewards 

>es ter day, the Conservatives bad ma d e an impressive speech told “You had better look out" stop such schemes. If it just **7?^ have all stopped work. 'assaulted a foreman. -■ from, all Leyland car plants in 

narrowly failed to defeat the during the debate warning of the and that the Government and went back to November last year. m The foremen are prepared fo 1 The man was dismissed but Birmingham. He said later: 

Government's proposals to intro- grave constitutional dangers of Treasury would strike back when the first warning was given, re S^®? “j” 00 J", stay oat until at least the be reinstated after an Inquiry. “My plea was received warmly 

duee retrospective legislation retrospection. retrospectively at schemes of the schemes would be able to .* 5,“ ™ fi Q jL r ginning of next week and thertf The foremen then went on and I am optimistic that many 

against tax avoidance. The amendment was easily which they did not approve. continue and the tax avoidance Sp ri 1074 » P have been threats of sympa- . strike. ■.--... toolmakers wOI be at work next 

But as a result of a tied vote defealed h >‘ a Mr - peter Rees > an Opposition industry would be delighted. SSttSS^Sniill m the unitv toetic action by supervisors id Union officials say, however, Monday.^ 

on the controversial Clause 26 ® a3 °" t >' J* r - Treasury spokesman, said that By introducing the clause, the of "Se Unit?? Kingdom wcTas other. Ford plants. %. that the dispute highlights a , Absent from the meeting was 

the Opposition now has the Mr John Pardoe. tax avoidance was a symptom and Government was warning the economy defence inter- These Include computer stalf general problem of violence Mr. Boy Fraser, leaderof the 

opportunUy 10 return^ to toe fray consequence of the punitive avoidance industry that there ^aonri Taire and Sde aSd a t the company’s Wariey heat, between workers and super- unofficial tSom Smmittw 

when the BUI returns to the wpreWkeribvonltsi?’ Cg^ iSKurVilSSIfln^ U ° der 2 was Vi no , future t0 seU industrv. would remain the sole Quarters and at ite component jUbots. • which organised the strike to 

floor of the House. V L™ 6 *i ^ ked by ° n 1 S1X Gon " Labour Government. such schemes. resDonsibility of Parliament on fa clory at Daventry. . - Shop- stewards and manage- press a claim forseparatenego- 

The clause annuls an artificial se 5£VS‘«. dm M t r-.«nm-ino th^ “ These provisions aim to Mr. Pardoe asked why the devolution The 25,000 hourly-paid wori- ment yesterday bitterly criti- tiatlng rights. - He had been 

avoidance scheme under which No^mb^r cfaTe back^d bv Se te, T orise - t0 create uncertainty Government was not prepared to T^ere could be no good argu- for * at Dagenham has been dsed’what they beUeved were invited, hut said he had other 

a person enters into a partner- frent d tenrt Sas ^ th^n restr ?' in P eople ,Q the futiire challenge the matter in ihe ment for reduction m the essen- Hurting today but the absence sensationalist press reports to commitments, 

shin with a com Dan v to incur a JriL J. from embarking on schemes of courts rather than by retro- t iai renresfintation of Scottish of foremen has hindered pro- some newspapers earlier thl .. . ... . . . 


Absent from the meeting was 


other. Ford plants. £>- that the dispute highlights a Absent from the meeting was 

These Include computer staff ' general problem of violence Mr. Boy Fraser, leader of the 
at the company’s Wariey headK -between workers and supers unofficial toolroom committee 
quarters and at its components visors. which organised tho ati-ike tn 


which organised the strike to 


- Shop stewards and manage- press a claim for separate nego- 
menk yesterday bitterly criti- tiatlng rights. He had been 


eised -what they believed were invited, but said he had other 
sensationalist press reports to commitments. 


some newspapers earlier thl 


week about tibe aipute. par- .i” 1 ' 

Heularly over the number of SJ^JSLP"- “ JS! 


IS s? it W-uT hivl 


Mr. Barnett told him: “There this was the n»e Mr- Bob MeCuslter, ASTMS 

is a risk that the schemes may The inherent sovereignty to »«l*tont general secretary, 
be found by tile courts to be Partiament itself to le gisla te on s* 111 yesterday that the union’s 


oii.mmri loOu.ueo ni4o)inn 10 Leyland Cars. The toolroom 


the proposal is backdated more allowed a dangerous degree of „ For the Government, Mr Joel perfectly legitimate and the tax in matters, including those to 
than two years to apply to such retrospection. Barnett, Chief Secretary to the lost to the Revenue. ' be devolved, had to be main- 


aileged Influence of racialism. 


than two years to apply to such retrosDection. Barnett, uuer Secretary to the lost to Uie Revenue. be devolved, had to be main- 

schemes entered into since April This was followed bv a tied Treasur yv maintained that the Mr. Pardoe said that Mr. tained. If the proposal were 

6, 1976. rote Q f 14-14 w b e n the' Govern- c J* use di<l 11101 pos€ a ^reat to Barnett had failed to make out approved it would be an unwar- 

Yesterday, it provoked a fierce ment tried to °et the clause libert Y> merely a threat to the his case. “The rule of Jaw rentable trespass on the part of 

all-night debate starting at 1.30 accepted as part of the Bill. The number of people using requires that the citizen knows the House of Lords, 

am and ending three hours later. Government motion was carried 1,15 scheme. “Retrospection in what the law is. if you depart . 

During the exchanges, some MPs only when Mr Victor Goodhew this 0386 is not of ltself un * fr °m that principle, the rule of -pw 

slipped out to snatch a few chairman of the committee! constitutional nor an affront to law ceases to be a reality.’^ 8 1 TIOliVGr^ 

minutes’ sleep on the benches in followed tradition and cast his A v JT^ TT ** 

the committee corridor. vote in its favour. ^ . , ip i i 

The Conservatives concentrated The tie means that the clause L-0llC6SSI0fl 10 S6U-eiHDlOVGd QGTfiflt 

their efforts on trying to limit can be debated again on report * “ 

the backdating to November 25, stage in the Commons— an A FURTHER concession to tbe Mr Graham Page (C. Crosby), the GOVERNMENT was 


Furnacemen in talks Parity 

At the meeting Mr. Duffy 

S at Llanwem to-day £5 ?SSb5S 

... v \ Leyland pay structure, including 

BY robin reeyes, welsh correspondent common settlement date of 

. November 1, and parity for all 
BLASTFURNACEMEN at British personnel and coke oven opera- Leyland plants by November 
was Steel Corporation’s Llanwem lives will continue working. next year. 

’ory steelworks meet this morning to The stoppage began when tbe He the tfpwardi had 

tish discuss a possible end to tbe dis- corporation shut the- No. 3 fur- urged him to kcaV 
^ nute now threatening to cause narp and laid off inn to seek gome Improve- 


men say they may take more 
industrial action if their 
demands are not met. 


moves 


GOVERNMENT 


BY ROBIN REEYES, WELSH CORRESPONDENT 


against these particular schemes. Mr. Tim Renton iC. Mid Sussex) A clause in the Bill allows -w. aoorbwd for mass layoffs at the plant from fiimaeemenM the ground* Sat WantBfl 10 “ e 

Some Tory backbenchers had. warned that tbe legislation people setting up a trade to Chief Secretary- to tbe Treasury. app revai i tor Monda ^ p a woA^rule speedier progress. 

however, put down an amend- could open a floodgate with offset a current tax loss against agreed to the principle of the ^ cL^ish Assembly Strong pressure is evidently 5.000-tons-a-day furnace— the Mr* Duffy said he was asking 

ment stipulating that the clause retrospections being used in income earned before they Conservative . suggestion and votinewas 90 tn HO a maiorihr b eio« exerted behind the scenes biggest working in the UK— im- toolmakers to call off their 

should only take effect from other fields. He thought that all started their business. The said that the Government would . st ^e Government of SO b ? Gther unions— the men in- possible to operate. stoke because continued produc- 


April 11 last, the date on which it would do would belo push tax intention is to help those want- be introducing amendments to; a £ ainst 
it was announced in the BudgeL avoidance schemes underground, ing to start up a new business, put it into effect. j 


Callaghan inflation claim challenged 


BY. RUPERT CORNWELL LOBBY STAFF 


Tory MP 
loses 

unions Bill 


volved are all members of the The men claimed to have been i^ 011 was a prerequisite for 
National Union of Blastfurnace- locked .out and. as a result, achieving a fair and equitable 

men — for an end to the stoppage, another 400 blast furnacemen wage throughout Leyland. 

which has halted all iron and walked out in sympathy, halting Interrupted production would 
steel production at the plant for all raw iron and steel output. enable critics of ^ Levied Cars 
more than a week. The finishing end of the works, outside the etoud to mv thS 

The management has warned which normally produces 40,000 once again TeyteiJd wL at 

that mass lay-offs of up to 6.000 tonnes of steel a week, has kept collision nm’nt y “ ®* ‘ 


that mass lay-ons of up to e.aoo tonnes of steel a week, has kept collision noint 

men will become inevitable from going to date on accumulated “I am »Kkim» fnr „„<•» ». 

Monday unless work is resumed ctnnVc hut tho» ai*o nriui woni/iiff l vr_ «% M 86K1Z1§ Of BDltYi S2ld 


SENIOR CONSERVATIVES last remarks to the same category as Callaghan of his mask of decency ahead,” the former Minister 

night launched a powerful Mr. Healey's now notorious far sooner than even his most declared. I TORY MP Mr. Nicholas Ridley 

counter-attack on the Prime affirmation shortly before the apprehensive supporters might The aggressive Conservati^ (Cirencester and Tewkesbury) 

, . . _ . . f . . October 1974 election, that infla- have feared,” he said. line reflects a growing conviction was yesterday described in the 

Minister, accusing bun of blatant ^ on jj a( j dropped to 8.4 per cent Mr. Walker charged the Prime within the party that Labour mtrv Commons as a “union-basher 

deceit by promising the Com- sir Geoffrey declared that the Minister with “deliberate deceit.” now be on the point of losing wanting to nobble the trade union 

nions this week that there was prediction was “outrageously The Government White Paper the economic initiative. I horse.” 

no reason why inflation should misleading” and at odds with on incomes policy last summer The Tories believe that with Mr. Ridley, who had tried to 

ever return to double figures. responsible economic forecasts. bad argued that if earnings in the mortgage rate poised to In- bring in a Bill setting up a dis- 

The rejoinders, which came “It does not even take into the current round increased by crease at least by 1 per cent Jin cipli nary committee to investigate 

both from Sir Geoffrey Howe, account the fact that inflation in more than 10 per cent. Britain the near future, oth^r interest allegations oE misconduct by 


Monday unless work is resumed, stocks, but these are now rapidly Mr Duffv 
Only white-collar staff, safety approaching exhaustion. * ' 


Tighter rules for jobs 
search and transfer aid 


BY OUR LABOUR STAFF 


Peace move at 
Bank printin g 
works fails 


By Our Labour Staff 


Plaid Cymru chairman 
warns on 40% vote 


Bus fares ‘higher than 
cost of car travel 5 


uiu IMIS at Lfie very ngms ui per cent move back within a com- "TX. prouuce a formula to 

workers and seeks to establish transfer scheme and the job rjarartvely short lime end the dispute at the bank’s note 

State control of the unions. search scheme will he restricted, H Prom July 17 the’nrants will P r t otIl ig works in Essex. 

ii a r _ i i,—... *tnH rho nunlpuc lahnnr fnroa _ J ' _ fc o 1 " 14 " w,u r 1 toll,— ..j 


BY ROBIN REEVES. WELSH CORRESPONDENT 


“Mr. Ridley has little know- and the nucleus labour force no longer be paid in a lump sum Local talks are expected today 
ledge or the trade union move- scheme will be scrapped. but in two six-month stases P ^ ntl , a 111353 meeting of workers 

menL What he doesn’t understand From July 17. applications The job search scheme, under ca H e ^ tor tomorrow, 

he hits. He is a political Luddite” tor aid under tbe Manpower which people looking tor work ♦« 1116 ^ ls P° te involves the ques- 
Mr. Ridley said he believed Services Commission's employ- can claim travelling expenses for Uon a cl °sed shop for note 


MR. WILLIAM RODGERS, Trans- Mr. David Crouch (C, Canter- trade unions played a very tin- ment transfer scheme will have interviews, will bechanced from exam “ ,er s and complaints tdiat 
port Secretary, was urged by MPs bury) accused British Railj of porta n l part in society- He denied to be made before a person starts July j7. Payments will then be mana S ement has been replacing 


in the Commons yesterday to boasting of its great success as a recent suggestions -that he be- work in a new area. considered only if the annlieatibn ? em ?* rs , of t^® Society of 

A WARNING that the 40 per a cynical game but a dangerous undertake studies of toe effect on cost of several hundred thousand lieved in confrontation with the From January 1 next year, is maitebefore the journey Graphical and Allied Trades by 

cent threshold in the Welsh and one in rigging the referendum, . public transport of both higher pounds a year in advertising, unions and described Press re- students who have q ualifi ed In The nucleus labour force SS? -0111011 - wor kers. More than 
Scottish devolution referenda he Tf de 5 ™^ nri , v untorf th P es. *' Y hat us f “ lh >s to those' com- ports as * misguided.” the past six months will not be scheme, which aided companies ^ rivers : binders 

....u If a majonty voted for toe Mr. Dennis ___Cana van (Lab. pelled to travel by ER and suf- The Bill was rejected by 1SB eliatbie for assistance. mnoinp to hiah onpnminL^ and other _SOG AT members have 


cracy has been given by Dr. rule, there would be years of bit- Scottish bus fares meant that in He was supported bv Mr. Ken- . .. j 

Eurfyl ap Gwilym, chairman of temess in Wales. some cases it was more expensive neth Lewis (C. Rutland and Vl0WS lnVlI&Q 

Plaid Cymru. Plaid cyruru. said Dr. ap to travel by bus than by car. The Stamford) who insisted that the # 

Dr. ap Gwilym told a meeting Gwilym, had always pursued its increase had caused a loss of pas- more complicated the special fill lllfilicfrivll 

in Merthyr Tydfil, at which he aims by constitutional means and sengers which in turn would lead offers the more the cost In adver- iiiuuou iai 

was adopted as Plaid's prospec- would continue to do so. Those l0 cuts in toe service or higher Using. 

tivc Parliamentary candidate for responsible tor introducing f are s. * Mr. Rodgers replied that llClIlULI <*\*j 

the constituency, that if a maj- “banana republic ” versions of Mr. Canavan urged the Govern- British Rails' eOiciencv was im- -. or . tr4VC ^ , .. . 

ority of votes cast in the Welsh democracy were guilty of sen- ment to take action to stop toe proving. “ I see no reason why organisations ana maivi- 

referenduni favoured the assem- ously undermining the cause of vicious circle which was crippling BR should not bring to the atten- duals wishing to comment on toe 

blv, then it should be established. Parliamentary democracy, he public transport in various parts tion of its passengers the lacili- government s proposals on 

“ Parliament is playing not only argued. of the country. ties it offers.” industrial democracy should 


help to the unemployed or those temporary transfer, will be with- 
threatened with redundancy to drawn from July 17 because it 
move to take up a job. was used so Infrequently. 


i dismissed and note printing 
distribution has been halted. 


Nurses seek ‘special 
treatment’ over pay 


Union declares 
war on Lump 


TBE 300,000 strong building 
workers union yesterday declared 
war on The Lump— the system of 
labour-only sub-contracting in the 


of the country. ties it offers.” industrial democracy should BRITAIN'S NURSES — many of ment warning earlier this week industry. 

Mr. Rodgers stressed that Advertising high speed trains tneir views Known as whom now take home less pay that a pay deal ' following a Delegates at the Union of Con- 

effort was needed to ensure that had been a great success. They quiCKly as possible ana, in any than cleaners and porters in report on top nurses’ salaries, struction. Allied Trades and 
the fare increases to which we were now carrying 30 per cent * ve J Ui oetore tne end of hospitals — yesterday demanded due .out this autumn, would not Technicians conference in 
had become accustomed should more passeners than the previous &e P|^ nl0 ? r - . special treatment from the be backdated and would have Dunoon called on the executive 

not become the pattern. He .was services. tira ® ta £ le was Government to be negotiated within any pay to formulate a policy of outright 

. : .■ .v. n.ir.. . »_l. uTnKnn^ Mr. F.rlmunH Dp 1 1 Trarip Spptp- rial o as too It ih a nm-.i , ■ c_r — —J r j . a C?.v 


v , . f • -a enort was neeaea io ensure mat naa oeen a great success, intj -- « — — s*»ueia aiiu punere in report on rop 

I AOPn CdTPTV CtliniPfi the fare increases to which we were now carrying 30 per cent * ve J 1t - before end of hospitals — yesterday demanded due .out this at 

ijIUUIvU had become accustomed should more passeners than the previous September. special treatment from the be backdated 

not become the pattern. He was services. „ Tb ’ s . timetable was Siven by Government to be negotiate 

THE GOVERjNMENT is consider- Mr. Gwilym Roberts (Lab not piaauing any study of the Mr. Eric Hcffer (Lab. Walton) Mr. Edmund Dell. Trade Secre- The delegates at the Royal policy in force. 
in» unv? of imorovin r ' the safety Cannock) had called tor speedy effect of higher fares. called for free public transport tary, in tbe Commons yesterday, College of Nursings congress in Negotiations 

ing ways of improving me sateiy . h ri - na in«*r Farp« Mr. Ttndpprc in n>rt.iin urban ari>.ic tn reduce when he recalled that the Harrogate called for a deal . 




company officials pl*xmlag, a dhe-day strike on 
• ' Monday to stay at work. 




v«i?c 


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a . . . 

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r 'tar iro ri 
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on too report- 


opposition to the system which 
it was claimed had brought “ mal- 


a * 


ing ways ot improviii.. nc s-ieiy w bring in more regula- On lower Fares, Mr. Rodgers in certain urban areas to reduce when he recalled that the Harrogate called for a deal hl J? aff-cts the ton ° 000 nf P ra «ices and corruption.” 

of motor coaches idl lading new fol , owjri3 a series of t ®i c said that where British Rail had the number of people using recently published White Paper similar to those already given nnrL_S k! Tb ^f also calJed 0 Q theexecu- 

regulations on roof strengths and eoach acc i de nts in recent vears. been able to experiment with Mr. Rodgers said he was in fcv- indicated certain issues on which to doctors, dentists, university ™ P e ^ve to oppose exemption certifi- 

. _ kri m _ ■ w _ _ _ _ *. _ m m v v ... * p ■ * lrmn nOnlClnnki enm o a noil ♦ r* ha t'liran rn'innii er ihri A j iiflffllTDTPn nnct f rod o c tn* ^ « — ■ 


.3 

A ^ Pa> 


regulations on roof strengths and eoach acc i de nts in recent veTrs. been able to experiment with Mr. Rodgers said he was in fcv- indicated certain issues on which to doctors, dentists, university ™ nursK— should be tive tu oppose exemptlon certifi- 

brakinc systems. Mr. John Horam Mr. Horam agreed and said the special fares these had proved our of such experiments as long decision.-i remained to be taken teachers and firemen and unfettered ana tree as the cates for tax . purposes being 
TrunsDort Under Secretary told Government was acting as fast very popular and had earned as people were prepared to cover in Ihe light or further consulla* police- award has been owing since panted to sub-contractors -by~ the 

the Commons juslcrday. as possible. additional revenue. toe loss of revenue. lions and representations. They also rebuffed a Govern- April, 1975. . Inland Revenue, 



•y 

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liTiM 




HOW THE CITROEN CX REDUCES 


Tz 





• N K 


r However great the attention a car 
designer devotes td safety in a car’s make- 
up, all is to little avail if no account is taken 
of the single most important factor that 
affects safety in a fast moving car: the 


Driver ability is a variable which can 
be maintained or diminished by how a car 
performs, either in heavy traffic on short 
trips or over long distances at high speeds. 
Both conditions produce their own parti- 
cular kinds of stress. 

Reduction of stress on drivers has 
long since been a prime consideration for 
Citroen designers. The result is abundantly 
apparent in the elegant but practical design 
of the CX. It is an extremely comfortable 
car to drive. 

VARI POWER STEERING. 

Citroen’s VariPower steering is finger- 
light for parking and poweriyqtums to a 
straight line position immediately the 
steering wheel is released./ A 

The steering .^grows progressively 
firmer as speed increases so that the driver 
always remains incomplete control. \ 

Noise build/up at high speeds is an- 
other major contributor to stress on long 
journeys. In the Citroen CX it presents no 
problem. / 

IESS NOISE, MORE HUSH. 

• Aerodynamic styling reduces wind 
nOiseby aJldwing the wind to sweep over; 
under and actuiid the car; and a high level 
of soiind h^nlation further ensures the 
quietness of the CX by reducing road noise. 

^ ^^tkanbfthe ^16 range. __ — 

‘ . BHP Top speed Price 


Model, r-., A 

cxtixtifiJ: a . . 

CX$00<>S*5>er ' • 

' CX240Q Sojei A5 speed) • 
GX 2400 Pallas (5 spe$dl) • 


A/CX2400 Familiale; : 


102 109 mph 

102 I09mpfi 
115 1 12 mph 

115 112 mph 

128 112 mph' 

128 118 mph 

'115 1 09 mph 

75 90 mph 

; 115 109 mph 

- 128 112 mph 


£4775.94 

£4999.41 

£559056 

.£6157.71 

£6796.53 

=£6776.64 

..'£574236 

£607230 

£5847.66 

£8899.02 




loag distance driving fatigue, ineynugas 

ffmb^d^totjie shape ofyourbqdy, never 

around to reachamore 

cortfbrtable position. „ ' . 

A-^Their design gives excellent back 
and leg .support, a benefit that is best 
smptee^fed at the end of a long journey 

arrive related with- 


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out experiencing any desire to indulge in a 
series of limb stretching exercises. 

COMFORT AND SAFETY. 

Citroen’s hydropneumatic suspen- 
sion is unsurpassed for comfort in any car 
at any price. The ride in a CX is uncom- 
monly smooth with the unique hydropneu- 
matic system absorbing any unexpected 
road shocks. 

What may be less well known per- 
haps is the almost incredible safety aspect 
of hydropneumatic suspension. If you had 
a blowout on the motorway, the suspen- 
sion would automatically adjust to hold 
the car level so you continue to travel on 
course in safety. 

YOURS FOR UNDER £5,000. 

With all this you might expect the 
CX to be very expensive. But for just 
£4775.94 you could own a CX 2000.The 
range extends up to the luxurious, longer 


CITROEN *■ §a 


Jliusiraied: CX :J0U0Superi;49fl9.4l. 

wheelbase CX Prestige Injection C-matic 
at £8899.02 and offers a choice of engines 
(carburettor or fuel injection) and manual 
or C-matic transmission. All CX models 
have recommended service intervals of 
10,000 miles and a 12 months’ unlimited 
mileage guarantee.The suspension is guar- 
anteed for 2 years (max: 65,000 miles). 

Prices include car tax, VAT and 
inertia reel seat belts but exclude number 

plates. Delivery charge £68.04 (inc. VAT). 
Prices are correct at time of going to press. 

Please enquire about our Personal 
Export, H.M. Forces and Diplomatic 
schemes and Preferential Finance scheme. 
Check the Yellow Pages for.the name and 
address of your nearest dealer. Citroen 
Cars Ltd., Mill Street, Slough SL2 5DE. 
Telephone: Slough 23808. 

CITROEN A CX. A WORLD OF GOMFCM 








Best design 






innovation 


BY MICHAEL DIXON 


THE VERY successful electric 
razor produced by Philips was 
designed, I am told, by two pro- 
fessors of engineering on the 
Continent. How many of the 
United Kingdom's 400-plus 

engineering professors could 
show similar competence in the 
crucial design aspects of 
engineering? 

I put the question this week 
to one of the 400, Professor 
Michael French of Lancaster 
University. He and five other 
members of the Engineering 
Professors' Conference had just 
been explaining their plans for 
producing, at long last, the 
kinds of young technologist 
needed to revive our economic 
prospects hy regenerating the 
innovative powers of industry. 

He bristled with thought for 
ihaLf a minute before answering. 
Then, well, he said, if I had 
asked the same question three 
or four years ago, he would have 
replied that. oE the 400, per- 
haps one and a half could 
rightly claim to be professors 
of engineering design. But to- 
day, he believed that even those 
had disappeared from the UK 
educational scene. 

“ Ye gods, it doth amaze me." 
said Shakespeare's Cassius. And 
I agree with him. 

Even so. the hole in our uni- 
versities where design ought to 
be. emphasises the fundamental 
point made in tihe .professors" 


proposals, which have now been, 
sent to the Finniston Inquiry 

imo the engineering profession. 

(.And any readers who imagine 
that the outcome of this inquiry 
docs not concern them, tad 

bettor think again in view of tibe 
evidence that tius country’s 
break-out from worsening eco- 
nomic stagnation and un employ- 
ment. and tine totalitarian threat 
that -these ixniply, depends on a 
rebirth of technological innova- 
tion.) 

“ An important disparity may 
exist,” the professors’ pdan says, 
“ between the meaning of * high 
quality' as used by industry to 
describe its demand for high 
calfibre engineers and tihe same 
term's meaning as [measured by 
purely academic criteria.” 

Here, of course, a churlish 
person might criticise our tech- 
nological professors for saying 
that the disparity only’ “may" 
exist, when the absence of 
proven engineering designers 
from their own ranks surely 
makes it glaringly obvious that 
the disparity does exist. 

But the plan more than atones 
for this shilly-shallying by pro- 
viding a rare, if not unique, 
exception to the educational 
profession's rule that should 
academic criteria fail to coincide 
with any other kinds, then it is 
the other criteria which are 
wrong. 

“This possible ambiguity 


must be resolved and any pos- 
sible confusion eliminated,” the 
plan says. “If this is not done 
satisfactorily (educational) re- 
form may- still not produce the 
types of engineer required. 

“Industry is concerned as 
much with personal qualities 
such as determination, leader- 
ship, articulateness, drive and 
creative ability, as it is with 
intellectual ability. This is 
especially evident in the veiy 
testing conditions of production 
management . . . 


Actual needs 


“The characteristics required 
in engineers of high quality for 
the various types of engineering 
work (Including senior manage- 
ment) should be carefully 
defined so that the possibility 
of confusion about the actual 
needs of industry is removed. 

“ Research should be con- 
ducted into skill, motivation and 
aptitude testing as an aid to 
selecting engineering students 
of high quality." 

No. reader, you are not 
dreaming. The UK's major 
body representing university 
professors of engineering really 
is saying that we must hence- 
forth first find out what sort of 
people industrial resurgence 
requires, and then devise an 
educational process capable of 
identifying and developing 
them. 

This— which might be called 


a practical engineering approach 

— differs from specifications for 
meeting the same requirement 
issued by professional institu- 
tions in the field. Those I have 
read have all indulged in 
academic sycophancy by assum- 
ing in one way or another that 
in needing better quality profes- 
sional engineers, industry must 
mean engineers with higher- 
level qualifications judged by 
purely academic criteria which, 
by the way, tend to screen out 
people with several of the 
attributes listed by the profes- 
sors as personal qualities. 

Given appropriate criteria for 
identifying the right student 
raw material, the professoriate 
adds. the most su*table 
engineer-producing process 
would be broadly as follows. 

Preferably a year or more 
after starting their degree 
srud-ies the students would be 
divided into two streams, which 
the plan terms Category A 
Category B. 

A minority of the students — 
say. a quarter to a third — 
whose abilities seemed most 
suited to high-grade academic 
work would then complete four 
years of full-time study, plus 
about a year of working in an 
engineering industry either 
before starting higher educa- 
tion or during breaks in the 
first two years of the course. 
These would be the A-type pro- 
fessional engineers. 


The majority would take the 
B train which, although also 
requiring additional working 
experience, would require only 
three years of fulUime study 
— which, of course, is no more 
than is prescribed for bachelor- 
level graduation in the bulk of 
UK courses and subjects. The 
later stages of the Bs r degree 
studies would be directed 
towards the practical skills of 
engineering work. 

Now, to my mind, by produc- 
ing this outline specification 
the engineering professors have 
done more than enough to 
deserve an extra bottle of stout 
on their birthdays at the 
expense of the public purse 


depends on bur having appro- 
priately skilled people both in 
the more theoretical and in the 
more practical aspects .of 
engineering. : Each kind of work 
is dependent on the other,. and 
there can .be.no sensible way of 
reckoning either as better 
worse. They are just broadly 
different. .... V 


Rare talent 


The plan would be sufficient 
evidence that, whatever their 
lack of proven ability in 
engineering design . they have a 
startlingly rare talent for educa- 
tional design— if it were not for 
one point. 

Why the Dickens risk spoiling 
such a promising project by call- 
ing the four-year students 
** A's ” and the three-year people 
“ B’s " ? What enterprising 
youngster, regardless of the 
work most suited to his or her 
particular ability, is going to opt 
for a B in preference to an A? 

The regeneration of our 
industry's innovative power 


So to be fair as well as wise, 
the professors .surely now need 
to stop describing the two 
categories by symbols which 
imply any bett'er-and-worse 
ranking, and instead distin guish 
the two by adjectives which 
convey a fairly accurate idea of 
the kinds of work involved. 

The best suggestions.! can 
think of at the moment are 
“projective” engineers for the 
four-year variety, and “ produc- 
tive” engineers for the three- 
year folk. Sadly, that combina- 
tion risks the. mistaken - 
inference that only the. more 
practical ■ category provides 
results which are of tangible 
value. 

But, as every Jou rnalist 
knows, the task of finding, pre- 
cisely the right word taxi -often 
be beyond a single mind, -'So if 
any reader can contribute 
better suggestions, I will gladly 
pass them on to the Engineer- 
ing Professors’ Conference so 
that It can make its very good 
plan into an excellent one. 


- -4$ 


r: " • . -. •• 4 •: • r •< > v-i i ■ 



Senior Auditor- Europe 


Mid 20’s 

London Base, £8500 plus bonus 


This is an opportunity to loin one of the world’s 
largest and most successful corporations in the music, 
ciUcruiinmeni, publishing anj consumer goods industries, 
il arises ihrough promotion to a group cumpjnv. As 
a member of this growing European Audit team, 
the accountant will perform financial audits 
and evaluations of accounting and 


operational systems and procedures. Overseas 
travel can be expected and company benefits are 
excellent. Candidates in iheir mid twenries and qualified 
accountants, must have audic or general accounting 
experience, ideally with some knowledge of 
royalty or copyright. Some proficiency in 
at least one foreign language is essential. 


G.E Forester, Ref: 7 S 7 55 /FT 

Male or female candidates should telephone in confidence for a Personal History Form to: 
LONDON: 01-734 6852, Sutherland House, 5f 6 Argyll Street, WJE 6EZ. 


•;5§- 


Wmm 




Executive Selection Consultants 

BIRMINGHAM, CARDIFF. GLASGOW. LEEDS. LONDON. MANCHESTER. NEWCASTLE and SHEFFIELD. 


AMERICAN EXPRESS 
SHTERNATEOHAL BANKING GROUP 


Amex Bank L:d„ London bued Merchant Bank of American 
Express International Banking Group, is seeking an 


ECONOMIST/ECONOMETRICIAN 


to join its Economics team in London 

The position will involve preparation of detailed economic forecasts 
of major industrial economies (emphasis on Europe) using 
computer facilities with an on-line data bank and econometric ’ 
models. The successful candidate will have a sound theoretical 
grounding in economic;, and be able to prepare and present 
concise economic reports for management. 

A competitive salary will be offered. 

Candidates should write, in confidence with details ot qualifications '• 
and experience to: 


Mr. A. J. Reynolds, 
AMEX 3AKK LIMITED, 
120 Moorgate, 

London, EC2P 2JY. 





*Organisiation, auditing, 
accounting 


We are looking for highly qualified 
staff for demanding positions in the 
field of business management and 
organisation at our offices in major 
international banking centres. 

Candidates, either male or female, 
should have a practical back g round or 
a trainin g in economic s, have a good 
knowledge of general banking practice 
and already hold responsible positions 
in one of the above administrative 
sectors. 


Besides high professional ability, 
fluency in German and knowledge of 
another foreign language - French, 
Spanish or Portuguese - are required. 

We also consider flexibility, determi- 
nation and mobility to be important 
persona] prerequisites. 

Before assuming a position of 
responsibility abroad successful 
candidates will undergo a period of 
systematic training at our German 
branches. 

If you have been consistently 
furthering your professional develop- 
ment up to now - especially with a view i 


to working internationally - we invite 
your application. 

Please write enclosing a curriculum 
vitae in tabular form, photograph, 
copies of certificates and details of 
your salary wishes and the earliest date 
you could take up employment to 
position no. AMN 6791, Austin Knight 
Ltd., London W1A IDS. Applications are 
forwarded to the client concerned 
therefore companies in which you are 
not interested should be listed in a 
covering letter to the position number 
supervisor. 


A well known Capital Equipment manufacturer on the South Coast, 
a member of a major Public Croup, is appointing a 


auk Environment 

c. £6,000 


FINANCE DIRECTOR 
c. £12,000 


Probably fiie country’s moat rapfctfy 
developing clearing bank— with 64 branches 
and a planned development programme, we 
are now looking for a dynamic and 
knowledgeable young man or woman-, holding 
a good honours degree in an economics- 
related subject, with a statistical basis, and 
a supplementary qualification in Business 
Techniques or Management Sciences 
to join our punning team. 

You will be expected to taka major 
responsibility fora small team involved in 
supporting the Bank’s top management in its 
overall strategy. The main duties will include 

correlating and co-ordinating data and other 
support material asa baa's for divisional. 


department^ and branch planning and 
preparing plans for presentation to top 
management and the Board. 

In addition to the attractive salary there 
are the normal dealing bank benefits. 

Mease write with full detsBs to:- 
R. J. Gorvirt, Personnel Manager. 
Co-operative Bank Limited, P.O. Box 1 0l , 
New Century House, Manchester, M60 4EP. 


CO-OPERATIVE 

BANK 



The Croup is known for its business and engineering expertise and is.loojk- 
ing for a qualified accountant who can show a background of progressive 
achievement, probably obtained with major companies with a reputation 
for their procedures and controls. A substantial part of training and exper- 
ience in these companies should have been gained in a manufacturing 
environment. 

Responsibilities will embrace the total financial and secretarial functions of 
the company; it is a key appointment and the status and operating environ- 
ment will reflect this. A car will be provided. 

PleasB send full details, mentioning reference PF, to: 

Christopher Gold 

Executive Dynamics 

. Manaflemant Search G Selection Conaulcancs 

23a High Street, Hemel Hempstead, Herts. 

This vacancy is open to mala and female applicants. No details will be passed to our client 

without prior permission. 




I * J 


Ffeandal Times.- Thursday June S 1S7S 



SC ft 



. * 

, r* - ‘ 



0^. 


subsuotiida^ 

Management area. Ih&ntm ipitop mendtand 
top calibre executiveyptobpfoly aged: 35 - 4 j>, with&u 


This is an 


secure it leading position in the importantPr mate . 
Clients Sector. (jcmdidittsmusthaoefiTStc^ 7 ... 

aoerienccywhuhincto^ 

(md possess tliedrroeJlairaTdwiU to succeed in 
managing and devdopmgthe d&a^ . - 

successful growth. • 

Qur client is particularly enthusiastic to appoint 
the right person for this tonportant seniorpositian, :r S. 
ermsaging excellent career scope in cheskor^medxan^ 


Sedasy,wkUhisfie^ldeandfornfg^ 
zoftbcatasidfirienffy dttracS^lepdtdsecuretke . 
person selectetLExcelLent benefits are also attacked . 
jndudngnm^ntribzitoiypensionandcar. 

Please write, inthe first instance,zpitk brief but 


concise aetaus Of career in tuue,mutciu*nff unjr junta . 

in mhichyou are not interested, to: Mark Southmood, 


fl Victoria Street, London SWiH OEQ. 




& Co. 


EXECTR1CAL/M •• ANAI#^; 


We are looking for an experienced Electrical/ 
Electronics Analyst- as a result of internal 
promotion. 

The successful applicant will be joining one of the 
leading specialist teams covering .this sector and 
will be expected to take equal responsibility with 
our other senior analysts; either immediately or 
within a short period. r . ’ V . 


Remuneration will be according to ability and 
experience,. but for . a suitably experienced 
analyst £10,000 can be considered -a minimum 
figure for the first year. 


Applications, giving details . of career to date, 
should be sent to; 1 


D. Schultem : V 
James Capel & Co. 
Winch ester House, 
100 Old Broad Street, 
London EC2N 1BQ. 


I 


DIRECTOR — 
FIANCE & ADMINISTRATION 

London Area 


A successful 115. company is establishing its Euro- 
pean headquarters in the London area, and is 
seeking a dynamic Director of Finance and 
Administration. 

. if you have a recognised management record with 
an international company or accountancy firm, or 
have moved from accountancy into an inter- 
national role within industry, we are offering a 
responsible and challenging position. 

This Director will develop and implement written 
financial policy procedures, establish and maintain 
a forecasting system, and sec up commercial and 
distribution systems by working with dealers and 
branch offices throughout Europe, fn addition, this 
executive will develop and implement administra- 
tive and financial control systems and wili inter- 
face with parent company finance, as well as make 
financial policy aporaisah. reports and audits. 

The potential candidate should have a firm under- 
standing of international cash management, col- 
lection procedures, payfbll and corporate taxes, 
as well as a well-rounded background in ail areas 
of corporate accounting. We are looking for an 
experienced top manager, capable of self-motiva- 
tion as well as motivating others. We need a 
practical, mature, confident individual with an 
outgoing personality. A basic knowledge of 
German or French is desirable. 

Qualified applicants should send a resume includ- 
ing salary history in confidence to: Box F.1022, 
c >nandal Times, 10, Cannon Street, EC4P 4BY. 


'till?. Op? 


Internal Audltor- 
European operation 

c£15,000 


^PPS, 


Our client is an international organisation with a muftwniflion 
pound turnover. 

Reporting to Board level the person appointed will be 
responsible for the systems and operational audit functions, 
for the manufacturing and distribution activities throughout 
Europe. ... 

Applications are invited from accountants with at least five 
years' post qualification experience in modem auditing techniques 
both within and outside the profession. 

The ability to conduct business In two European languages in 
addition to English is necessary m the post which will provide 
frequent opportunities for travel Career prospects are good in 
fots growing organisation which offers a valuable range of fringe 
bandits in addition to the salary 

The location of the post can be a matter for discussion. 

Please write with concise career information to 
Malcolm Campbell. 


• 1 

t'.tllB*. 1 f 





Consultants 


55 New Oxford Street, 
London WOA1BX 








'r' V.V- ’■ tv- v'i ' 




^paaas& ^es Thxrfsday June S 1978 


KIDDER, PEABODY 
SECURITIES ; LIMITED 

EUROBOND FIXED-INCOME 
- RESEARCH 



ities for 
Graduates 




iatend to expand our research 'capabilities in . the Euro- 
Z™ wif Eurocurrency markets. It is our opinion that the most 
successful niture Eurobond research s pedal ists -wiH have a funda- 
mental understanding of interest rates, currency movements, 
innation rates in major developed countries and standard account- 
ing practices. Experience in a single currency capital jnarket may 
' “ J ® n 8® r oeaumaent-to guarantee a successful: career progression 
•V? lnc f e as | ng|y c ofnplex- Eurobond sector. Applications are 
ttietefore invited from- economics' graduates Who would like to 
.participate ' in the world's fistesc expanding capital market. A 
■4™" knowledge of the Eurobond, market itself « not essential. 
^.The overall research' capabilities of most Eurobond houses have 
; not, -wftn the exception of ourselves and a few major participants, 
-expanded m parallel with the market's growth. Career oppor- 
tunities are, therefore, exceptional, -2 

"■ -- ‘.-KMdeiv Peabody & Co. Incu. founded iri 1865. is a major U 5. 
invest merit banking company. Kidder, Peabody Securities Limited 
is widely recognised as one of the leading specialists in the Euro- 
-bond, market. International sales offices are 'located in London, 
v ,Paris. Geneva. Hong Kong, Tokyo and- Cairo. Successful applicants 
will, forniulate portfolio Strategy for some of ijhe world's largest 
'^financial institutions'. They wiih'eiso be expected to make direct 
1 presentations to clients within a short period. ^The initial, salary 
. :Witl be very -competitive with prospects of rapirftadvan cement. 

. Please reply, enclosing career details to: — 1 

. Ian. .M. Kerr. .. 1 Vice - President. Kidder. P-e&body. Securities 
Limited. 99, Bishopsgate, London, EC2M 3UX. + 



• rau*ird 


« * * I 


and dynamic 
for you to make a career 


7«YS it fa i • 




cooperating controls -the . 
emeniatibrtpf uniform 


••I *■- 1 rliis i Hsl 








§1 5 ^ 


... . ... . .... 

• ••••'■■ v ■ ' ' V ' 

:‘s om^as- teaveL/ ■’> • / _ ._ /•". ■; -. 


to Pans* 

btiyo senior executive posts: 




Finance and Administration 

FortheUK subsidiary of anintemational organisation, a major force ont&e 
continent, manufacturing and marketing small business compub^ 2nd 
providinga wide range of aistomer services \ • 

The primary task is toie-ra^^ cQmpany's&iaBrial and _ 


•llienextdftnade.ThiRt* rill CTitaiV riig iiUmdiiffrinn of modem COUtTOl systems, 

the provision of financial advice and work of a commercial and 
general managementnature. 

The requirement is fora qualified accountant, sldlledin business 
adminT^Tatirtfi who is accust om ed to a fast moving rmviTtramgntand tight 
reporting deadunes-Experience of computer agplicadonsi&tiecessary and * 

Remuneration: not less than £10/100, plus car and other benefits. 

Age: mid 30b. Ixicatiom'WfestLondon. 

Please write in confidence to F/FHalTfRefi 138FJ. ; 


Thomson McLintoek Associates 70- Finsbury Pavement London EC2A.1SX 'f:ML 




iorDirector 


City ... 


£ 10 , 000 + 


. Major Banking Group 


Our Client is a-weli-knawn Merchant. Bank which offers a -wide range of 
banking services to clients throughout the U.IC and on the Continent 

Current expansion plans hav&'Created the need fora young bankerto assist 
the Deputy Chief Executive on a wide variety of corporate finance projects, 
.which wilt include the identification and development of new business 
opportunities focthegroup. • • 

Candidates, aged 25 -32, should "have a degcee or professional qualification 
and wifi have spent at least two years in the corporate finance or lending 
department of a merchant or international bank. Fluency in French is 
essential and the successful applicant will possess strong communicative 
skills as well as qualities of initiative and self-motivation. 

In addition to a most competitive salary, this position carries an attractive 
range of benefits which includes company car, mortgage assistance andfree 
lunches. 

Contact A. J. Tucker MA, AIB, in confidence 
on 01-248 3812. 


NPA Recruitment Services Ltd 

■' ••• ■ 60 CheaDSide+ 'lO+idop ; E©^^Swph6rie;'0,1^2^o^Bi2v , -374?'5 V.-.- 


Accountant 




In only 7 years, Hambro Life has established itself as one of the market leaders in the 
Life Assurance and Pensions field. Currently our assets exceed £550 million and we 
have over 350.000 policyholders. 

This success can be attributed to a number of factors, not least being the Company's 
policy, of continually, assessing efficiency and performance. Our Accounts Department 
plays an important part in this process. We are now looking for an important member 
of this team. . . ■ 

Project Accountant - £7000 — £7500 

Our Management Accounts Department provides a management information 
reporting, budgeting and forcecasting service within the Company, ft cs also involved 
in developing new management ideas, detailed financial analysis grid other proper 
work ranging from the decision to buy or rent to evaluating the expense contribution 
of each of our products. • 

The increasing number and complexity of projects means that the technical capacity 
of the area must be expanded. We require a qualified accountant (preferably a 
graduate) with the initiative and maturity to complete complex project work with a 
high degree of independence. The project accountant will be technically competent 
and a good communicator at all levels. About 2 years' relevant posf.qualificaiion 
experience is preferred. 

This job offers a definite career step into a progressive company which gives excellent 
employment benefits (non-contributory pension scheme, free life assurance, tree 
BUPA, LV.'s, subsidised restaurant). Generous relocation assistance to rural Wiltshire 
is available. 

Ring La Gibney on Swindon 2781 2 or write to her at : =,*> 


mm ■ ■■ mm 



HambraLife House, Station Road, Swindon SN1 tEL 




(EXeRESS 


MANAGER ' 
FINANCIAL DEVELOPMENT 

BRIGHTON, SUSSEX 

c £9,Q00-t-mortgage subsidy • Overseas travel ; 


Due to continued expansion, our client, American Express Card Division, now seek an 
accou ntantfor a new position relating to the development or Card Divisions operations 
throughout Europe, Middle East and Africa. t 

The position will cover close involvement in majorfinancia) prolects and dveralfresponsi- 
bility for the co-ordination of other projects being undertaken by small spe; .alist 
teams. 

Applicants (age 27-37) must be qualified accountants, preferably with a degree, who 
can demonstrate a good track record in a commerc/alnndusmal environment including 
supervisdry/rrianagement responsibilities. Knowledge of computer! accounting 
systems, large company procedures and financial project work would be a pamcular 
advantage and some exposure to European business operatic ns is essential. A second 
language would be an asset. 

The successful applicant is likely to be a "self-starter" with a mature attitude anc good 
communication skills. . 

This company -offers excellent working conditiohs, and benefits include generous 
mortgage subsidy,. re-location, assistance, non-contnbutory pension, life assurance 
and medical aid schemes, etc. 

Interested applicants should telephone orwrite, in the first ins ; ance, to David L. Sattin, 
who wiff be pleased lo call or meet you outside normal . business hours should this be 
more suitable. . .. 


I^l^mTrlfir nN v nnT nliMri 9 ] fi I 


A major w t^aapOD^bank^^es.ta^trGngjtliea its Corporate 
Finance Group fes^diii&rininghai^; The appointed candidate 
will be responsible for the marketing of the bank's wide range 
of financial- facilities and sendees to a group of industrial 
organisations in the Midlands and North of England, providing 
advice, monitoring performance, etc. There are good prospects 
of advancement. 

Candidates aged between 27 and 35 may be graduates or pro- 
fessionally qualified but must have credit or investment 
appraisal experience gained in a bank or finance institution. 

Salary negotiable from £10,000 plus profit sharing, non- 
contributory pension, BUPA, subsidised, mortgage. 

Please write - isLcpafi^eap&^-to J. Ml Ward rS.B.41341. 

• B f : _ ■ 

Tiiif v/yv/iVw.V'M is •■/»« w «• >i - <:J 


Management Consultants 

Management Selection Limited 
17 Stratton Street London W1X.QDB 



lnstrunrentatiori 

The instrument Division of this quoted British 
.company is a significant growtl^area within the 
'group. It comprises several provable 
: conpanies, withoverseas sttostdiaries.whk* 
between them offer instrUrmnts-’for indusfry 
and the Ste sdenceS - utjRsing'eiectronfc, ‘ 
mechanical and chemical analysis techniques. 
The managers of these operating units wfll 
report to the Divisional Chief Executive who wfll 
plan, coordinate and control the development 
of these businesses by organic growth and by 
acquisition, from a base in the South EseL . 
Previous unequivocal success as a general 
manager, ideally in a high technology 
environment, with a wide business . ... , 


; c. £13500 + 

background (possibly from consultancy) are 
key requirements. Capability of promotion to 
the main board al some future date suggests 
ariage iri the Iate30's — mid 40’s range. Base 
; remunerationat ^e fevel incEcated plus an 
’. Jetement related to performance. 

FA Personnel Services Ref: GM26/6449JFT 
The identity of candidates will not be 
revealed to our clients without prior 
permission given during a confidential 
discussion. P/ease send brief career details, 
quoting reference number to the address 
befow. orjvrrte foran application form , and 
advise us if you have recently made any 
T . other applications * 


-Hyde Park House, 60a Knighbbridgc,' London SW1 X 7LE.Tel: 01-235 6060 Telex; 27874 



A member ot PA Imerrziieml 



•/. - C. £10,000 

TOssenforposftepresentetheexdl^ aocourrta 


todl&^spraa^compon^its by efficient 
adrniriesfraS^^ 


accountant who enjoys a significant degree of 
personaJjnvolvementintiTennariy^ectsofa 
company's operations. Previous experience of 
the implementation of new systems is 
essential for this key position and a knowledge 
of the Gemran language 2 nd commercial 
operations would be helpful-- 


^^adAoeal; ^ j,, f “ r "i»iu^hips V. with, foreign 
■-A^wgoing -. deyelopEO^ . . 

wVs^^ai.yearr eip^eoce and; 


prodl^^^P^^Tecot^pfc^My 'n , A salary of e. £10,000 vwll be negotiable 
rererityeera together with assstance v/ith r^ocatfon to a 

Sfernr^fromrecertbuan^d^reioprr^ base near Surray/Sussex border. 


thec&ip^r»wwi^esto5tr®T^haifoe 

senior rnan^ement team by appointing a. 


PA Personnel Services Bef: AA5BB444IFT 
Initial interviews are conductetfby PA 


frrtefKxalspeda^capabtecrfrfejxrtistog forthQ Consultants. No details are divulged to 


I Director wilhin 2 yeare.- 


clients without prior permission. P/ease 


t w& cover afl financial matters of send brief career. details or write for an 


the company with a particular emphasis on 
.managernertaoto^ the 

fotroduction and development of financiai. . 
cortrols and a major capita! buBcfing project. 
Aged around 30, he^she will be a quaffied' 


application form, quoting the reference 
number on both your letter and envelope, 
and advise us if you have recently made any 
other applications to PA Personnel 
Services, m 


PA Personnel Services 

Hyde Park House, 60s Knighlsbridge, London SW1 X 7LE. Teb 01 -23 5 b06Q Te1e.K: 27874 




A m&nberofPA International 


:i tf^ffe.''6artk' ing •; •pr-ofiissibh ,: ^f-T. 


CREDIT ANALYST ‘ £neg 

Our client, an international bank with a recently established branch in 
London, seeks a Credit Analyst of the highest calibre. Candidates should 
have a minimum of 2 years experience in an international bank and have 
successfully completed a formal Gourse of credit training with an American 
bank. A good working knowledges at least one European language would 
be a definite asset. . 

In view of the. considerable importance attached to this position an above 
average salary' Would- be negotiated,'- offering considerable inducement to 
the right candidate. Contact: David Grove 

NEW ISSUES MANAGER ) \ / f 7,000-6 

A Manager is required toTun the N4w Issues Department of a merchant bank 
subsidiary. ■ 

Applicants should have Hat£ it^rfageria! experience 'of handling Rights, 
Capitalisations, and Takeovers' iri a* Busy office of a bank, broker or registrar; 
have worked with computerised office systems; and have the ability to 
organise and motivate B staff effectively, • 

This challenging job;' defhertding high : professional’ standards, offers 
considerable-iridependerice end’ variety arid the pppdttunicy to deal with a 
wide range bf clients.' Contact: Roy -Webb or Kenneth Anderson 

■ ‘ ' '■ ' rr ■ 

- ' . '• l - . ^ 

MONEY BROKERS £4,000- El 0,000-f- 

The foJIovying' vacancies, with prominent firms of Money Brokers, are among 
those we can currently offer in this’ field 

1. .Experienced Foreign Exchange Deposit Broker with knowledge of French 

and German — £1 0,000+ 

2. Trainee Foreign Exchange Broker with fluent French - £4,000+ 

3. Experienced Local Authority Brokers or Dealers. - salaries negotiable 

; Contact: Mike Pope 


l70,B.Isnopsgate-E'p^ 








14 



UworftW. - -' •"■•'■ 


*'.V«-4 . —i* : i&'vt* \ •■*» 


Unicorn Industries Limited : Diamond Products Division 

Financial Controller 

International Role - Basingstoke Based 

The Diamond Products Division of Unicorn Industries Limited is a world-leader 
in industrial diamond tool manufacture. From its Basingstoke Headquarters, it 
offers management services to 25 companies in twelve countries. 

As a resultof steadygrowth,this post has been createdfora qualified accountant 
with at least 5 years' post-qualification experience, responsible to the Inter- 
national Finance Director. It involves; dealing with the potential problems of 
accounting controls In small companies; providing a consultancy service to 
operating companies on accounting systems, staffing levels, hardware and 
accounting for inflation; helping management to interpret financial and other 
operating reports and to evaluate market opportunities. Extensive travel in 
Western Europe is required. 

An attractive salary reflectingtheimportance of the postwill be offered together 
with the usual large company benefits. 

Please send your application, together with c.v., to: I. L Roderick, International 
Financial Director, Unicorn industries DPD Limited, Lister Road, Basingstoke, 
Hampshire. 

This appointment is open to men and woman. 

•• **.■•?*? T' ” “ ■ v ' f 

• .* . r. .. • ***■ • - *- * 



Gulf, 


INTERNATIONAL 

AUDITORS 

London based with Starting salaries negotiable 

overseas travel up to £8j500 per annum 

The internal Audit Department of Gulf Oil Corporation has a number of vacancies for 
Accountants who ara seeking an interesting career development move. Based at Gulfs 
European headquarters In the West End of London the people appointed wfll work as part 
of a team which provides -audit coverage for Gulfs exploration, production, refining and 
marketing operations in several countries. 

Candidates should be qualified or part-qualified Accountants, possess good communicative 
abilities and be prepared to spend approximately 5096 of their time away from headquarters. 

Computer Auditor 

One of the vacant positions is in the Computer Audit team and far tfvs appointment a 
special interest in computer audit work is essential. This jab wiB entail the monitoring of the 
integrated Data Processing network throughout Europe using the latest database 
technology. 

Gulf, as a major international OS Company, offers fkstdase conditions of employment and 
generous overseas allowances. Career opportunities within Gulf are excellent, particularly 
for people with accountancy qualifications who can de m on str a te a record of achievement. 

IF you would Bke to be considered for one of these appointments, please write giving brief 
details of age, education, job history and present salary to: — 

Mr. M. J. Thompson, 

Gulf OU Company - Eastern Hemisphere, 

-Gulf House, 

2, Portman Street, 

London, W1H0AH. 

Applications win be handled promptly and in complete confidence. 








FINANCIAL CONTROLLER 

London WC1 £9,000 + Car 

Directorship potential offered to ambitious Chartered Accountant 
with major publishing house, turnover c. £40m; responsible to 
Managing Director for all accounting functions, strong financial 
control and business management. 

CORPORATE AUDITORS 

Brussels base £8,000 NET 

Worldwide travel and non-rootine assignments will appeal to young 
single Chartered Accountants wishing to accumulate capital • 
and become involved with high level acquisitions, investigations and 
cash management 

FINANCIAL CONTROLLER 

Kent c. £8,000 

An experienced qualified accountant (under 40) is sought by 
fast-expanding manufacturing group. Responsible to Managing 
Director for all UJC and European accounting functions, planning 
and computerisation programmes. 




Telephone or write in confidence to 
Accountancy Personnel Senior 
Appointments, 

41-42, London Wall, London 

EC2M5TB 

01=588-5105 






fit Kir 


Financial Controller 

Bucks/Berks Border £8,000 + car 

We are seeking a qualified Accountant, 27-40, AC A, ACCA or ACMA, having 
experience in the dap to day control of an accounts department and the timely _ . 
production of monthly management and annual accounts including consolidation 
of results for overseas subsidiaries arid repordng upon manufacturing costs, 
ideally for an engineering company. 

Reporting to the Financial Director/Secretary, you mill be expected to quickly 
assume responsibility for the entire finance function heading a department nearly 
fifty strong, operating mechanised and sophisticated computer based systems^ 
You will have the opportunity of instituting further routines and reports as are 
necessary for more effective management control and profitable operation as well 
as involvement in Company Secretarial activities. A practical, down to earth 
approach is required as well as the ability to communicate at all levels. 

The Company is the £20m autonomous subsidiary of a major public group and 
employs 1400 in the manufacture of precision engineering products sold 
worldwide. Involvement with overseas subsidiaries will afford the opportunity of 
foreign travel and there are prospects of promotion within the CJKor overseas. 
Please write briefly or telephone for an application form, quoting ref: 445. 

MaaiagetDegat IfersaamBl 

Recruitment Selection & Advertising Consultants 
York House Chertsey Street Guildford Surrey 

GUILDFORD (0483) 64857 




The 

Whitsun Foundation 


THE WHITSUN FOUNDATION 
invites applications from suitably 
qualified persons for appointments 
at senior executive level. 

The Whitsun Foundation is a 
non-profit development agency 
funded by private capital from 
local sources. Inaugurated in 
1975 it has been involved in a 
process of national development 
programming involving policy 
analysis, project identification and 
project preparation to the stage 
of complete feasibility and analysis. 
The work of the Foundation 
has been undertaken explicitly in 
anticipation of development 
priorities under a recognised 
majority rule government, arid the 
emphasis has been on developing 
the basis for projects to be 


funded by external aid agencies. 
Whitsun offers an exciting 
opportunity for a range of 
specialists to collaborate with a 
new Zimbabwe government in its 
future programme of development;- 
Applicants should have 
substantial applied experience in' 
one or more of the following 
fields. 

Development Economics and 
Planning “ 


Agricultural and Rural 
Development 


Development 
Urban Planning 
Manpower Planning 
Development Finance 
The Foundation offers highly 
competitive salaries, negotiable in 
accordance with qualifications and 
experience. 


Applications with particulars. Including references, should be addressed to: 
The Director. P.O. Box 8274, Causeway, Salisbury, Rhodesia. 
Candidates responding to this advertisement are advised to make contact with -the _ 
Foreign Office before making a commitment to employment in Rhodesia 


MERCHANT BANKING 


S. G. Warburg & Co. Ltd. 


Our corporate finance business continues to grow and we 
are seeking young executives with the potential to make a 
significant contribution to our business. 


Successful applicants are likely to be aged between 24 and 
30, w ho have obtained a professional qualification in law or 
accountancy, or a business school degree. It will be an 
advantage, particularly so far as older applicants are 
conce raed, if they have also acquired some post qualification 
experience relevant to our corporate finance business. 


Applications, enelosingaconrise curriculumvitae, should 
be sent in confidence to: 

G. E. J. Wood. S. G. Warburg & Co. Ltd, 

30 Gresham Street, London EC2P 2EB. 


European Tax Manager 

fmm$30fJOO 


A major company in the data processing industry wishes to recruit someotie 
/m to co-ordinate the management ofits tax affairs in Europe. This is a new 
TL appointment. 

Responsibility will he to the director of international tax for creative tax 
planning, for ap prais ing the tax implications of proposed corporate action, for 
identifying tax trends, for negotiating with the revenue and for analysing 
forei gn tax data to besubmitted for in corporation into the United States Federal 
return. He —or she — will brief counsel in litigious matters. 

The specification calls for a legal, revenue or accounting training supplemented 
by not less than four years at senior level in practice or in European industry or 
commerce. Preference will be given to those bi-lingual in English and French. 

Age probably in foe thirties. Compensation will be tailored to location 
(London /Paris/Swifeerland) with a salary negotiable from- US $30,000 plus 
appropriate benefits. 


Please write in confidence for an 
application form and a job description to 
David Prosser, Executive Selection 
Division. Southwark Towers, 

32 London Bridge Street, London SEl 9SY, 
quoting MCS/3695. 




nee 

/atemouse 

r Associates 


BANKING 

OPPORTUNITIES 

MIDDLE EAST 

As executive selection consultants, we advise a number of international, 
banking and financial organisations in various countries of the Middle East 
on a' range of appointments, including loan officers, project managers and 
corporate marketing officers. 

We are currently h an dli n g assignments in all of these categories carry- 
ing salaries from $35,000 to $70,000 tax free, plus air-conditioned housing, 
free utilities, generous home and local leave, and other substantial fringe 
benefits including, in most instances, Company car /car allowance and 
contribution to school fees. 

If you have good lending and/or marketing experience and would like 
to know more, please telephone (01-437 6141/6037) or write to Alan Ashley. 



Paul R. Ray International 

Executive Selection 
25 Old Burlington Street 
London W.l. - 


"V \ •’ s ^ m jf V* jS * 

Financial Times Jtpe; s iari; 

1 V-i-. ' • c- v V: 










* turnover forecast ptex'SlOm, factonng^B® 

f A mill IV UTPW li ng MU 


manufacturing epeoausea wan cqy euns* , - w 

created this post both to develop the existing- * 
control and re port^ s-y ghms y • m 

appropriate to a • 

The new FD will have a significant toyBenw*'-- • ^ 
pfY fin mmercial ^ 


in manufactuiiDg. -and coimBtforcial/. bzl^udc- - . • 

merits dearly demonstrates -fistic ’achieve?.' ^ 
meats-- and - experase^.not Jut* m. tho- . , - * 
controllership- rote,- 

aud planning * --a*. 

which has already attracted- 'institutional ^ . 

• rfftjif'Rst OTisrra-rrt-pi* • . 


Courtis & Partners Ltd^, : Sfitedh»n^ Conratt-^ 
ants, 78 Wigmore Street, Lond6n,WlH9DQ^ ? 
demonstrating ypfo: 

• explicitly, quot±Bg x€^«ena^70l 3/FT. 53nsy • - 
b an equal opportirnity «ppomtiiiaiC.u- 



Land Economist 

c. £6,000 


Our Investment Planning department," based’ - in foe City. , 
needs a Land Economist and Property Adviser. You would 
join a small team of specialists where your own contribution 
would include: - . , . . . _ • 

• Research into the preparation OF reports inr the wider 

issues of investment in property in foe UJEC. and 
overseas; . •. f . 

• Assistance in foe financial appraisal of properly 

investments. ' ■ . _ . 

You should have' two. or three yearn* relevant .'experience 
and an appropriate professional, qualification dr degree. 
Salary will depend on -your experience and qualifications. 
The usual fringe - benefits' a8 soeiated/ Vtitb a ; major* 
will apply, including -noo-contributory 
pension and house purchase ' - - " 

schemes. 




Please write lor an 
application form. to: 

Miss B. M. Justice, 
Personnel Department; 
Temple Court; 

11 Queen Vietiffia Street, 
London EC4FT4TP."? •:» 


COMPANY ACCOUNTANT 

c£ 6,000 N. Bocks 

We are an expanding private company engaged in 
the design and .manufacture of medical in- 
strumentation, .with : . .established ; world-wide^, 
markets. . . • 

We are seeking an accountant with commercial^’, 
experience to supervise and develop our financial j 
and management accounting functions. 

Ideally qualified, candidates must have , practical 
business acumen with the ability, drive and- 
enthusiasm to make a positive contribution to the; 
efficient operation of the company. 

Salary negotiable according to qualifications and 
experience. Assistance with relocation expenses 
will be given. :v ■ 

Please write to: - '. 

The Secretary 
VTTALOGRAPH LIMITED 
Maids Moreton House 
Buckingbam MK1S 1SW 
Telephone; Buckingham (02 802) 3691 ; yi 


Company 

Accountant 


Mid Sussex to £7,000 


A rapidly expanding fashion company dose to Hajnvards Heath, 
turnover £6 million per annum, seeks a qualified Accountant 
preferably aged 25-40 (ACA or ACCA or A5CA ) with commer- 
cial experience. The appointee -will, be supervising . a -small 
management accounting team supported by a . staff, of 20. 
Applicant must have the ability to meet very strict reporting 
dates arid be budget conscious. - A computer is in the' process 
of Installation. Membership of a first' class non-contributor/ 
pension scheme is offered together With BUPA benefits-: 

Write enclosing curriculum vitae to Box . A.&376, 
Financial Times, 10, Cannon Street, EC4P 4BY 


ROWE & PITMAN, HURST-BROWN 

who have a wide-spread overseas business are 
looking for a young man/woman to work in the 
foreign department to help with settlements 
and dealing. The ideal person will have had 
experience in a Stock Exchange firm, bank or 
similar institution. 

Good salary and profit-sharing bonus. 
Telephone 606 1066, Staff Department, for 
appointment. 


RECRUITMENT CONSULTANT : 

£7,000-£10,000 

We seek to appoint an experienced person with knowledge of 
and contacts in foe Banking/Finance sectors. Ad expert who 
is now seeking n more independent role and who needs to 
achieve higher goals, both financially and in job satisfaction, 
will find that we speak foe same language. 

Telephone DAVID WHITE on 01-405 5209 

DAVID WHITE ASSOCIATES LTD, 

84, Klngsway, London W.CJJ 


f 


Director: Re-Insurance 
lo ERIKHH-Benefits 

Lloyds Broken require a Non 
Marine Reinsurance Director 
aged between 3 (MO years who 
is fully" experienced in die 
negotiation and placement of all 
daises of Treaty and Facultative 
• - Reinsurance. - 

For further detoils please apply 

' in strictest confidence to 
Box AA379, Financial Times, 

1 0, Cannon Street, E C4P 4BY 


Research 
Foreign Exchange 

Con d Com mod icy in London b expand- 
ing in rest arch department and Wisher 
“ r< fr Tl '' a research analyst to 
speoiliM in foreign exchange. Appll- 
cams. aged probably In chair In 
Mnrndas, mine be of -Ugh InMUaetoaT 
cahbre and hive > good economic* 
oeerre. and experience In forciga 
w hanking; Salary will be 
negotiable ncordlng to in and 
experience and will probably be In 
the range £7.(0.000 hoi could exceed 
this tor an ouaanding candidate. 

. AwrfKwOom to: 

Stephan Sherboume, _ 

J- Farquharson Ltd, 

( Recruitment Consultants), 

7 Gresham Street. 

London Gd_'~ 

01-247 1388. - 










^B^eiaT Times Thursday June 8 1978 




RECRUITMENT. ADVERTISING 


35 NewBroad Street; ^ondorr EC 3 JV1 IPvlH 
Tel: 0 1 - 5 S 8 35 SSorOT 5BS 3 5 V S 

Telex;iMpiSS7374&^;:^^ : ^- v ' ,'L l' , 


Wide ranging and interesting appointment with promotion prospects open to those people wHh oil-industry 
" experience or recent graduates. 

SUPPLY PLANNING ANALYST 

^ ^ LONDON OIL INDUSTRY UP TO £6,500 

wJ i ■ r J- V ' MAJOR INTERNATIONAL OIL COMPANY 

vve ^nvjw-appltcations from graduates, preferably in Economics or Chemical Engineering, aged 23-28. who have 1-3 years* 
opem,ons Qr .Pining experience: fecendy-qualified graduates will also be considered. The successful 
■ - re 5°rt to and work closely with the Supply Planning Manager, will be responsible for assisting in the 

Crude 0,1 _«'PP*nB P r °S ramme - crude oil evaluation and refinery planning, preparation of long-term refined 
proqucr ^ppiy.pians, negotiation of terminal ling agree menn and product exchanges as well as evaluation of alternative 
R^ngTenn -sup ply s trategies. Close' liaison is maintained with the company's refinery personnel and other oil companies, 
^omeracy-and. strong communication skills, both written and verbal, are essential. Salary negotiable up to 46,500. contributory 
,pe™?. 3 fee .iTO assurance. Applications in strict confidence under reference SPA 103 16/FT will be forwarded unopened to 

“"**** you ,lst « on 'pan*es » which they should not be sent in a covering letter marked for the attention of 


.^tbe -Security Manager: 


CAMPSfLl -JOHNSTON RECRUITMENT ADVERTISING LIMITED, 35 NEW BROAD STREET. LONDON EC2M 1NH. 


Merchant Battik 


PRIVATE CLIENTS 


Our client, an accepting house,-is one of the major forces in ihe investment 
scene. They regard private clients as ingrowth area and are currently seeking to 
strengthen, their growing department by appointing an additional manager. 

. - ’ ■ Y6(l will be aged 26/34-. possibly be a graduate, but more important be 
someone who combines an analytical trailing with flair for portfolio management. 
Minimum experience level with a stockbroker /investment house/bank. — four years. 

Your responsibility will cover all types of investment and you will be 
supported by sophisticated computer and other systems. Considerable persona! 
responsibility and. client contact is involved and further promotion prospects are good. 

. An exceptionally generous remuneration package will include an above 
average salary, a bonus-level inline with Stbck Exchange practice, agisted moil gage, 
non-con tributary pension etc. %■ 

Full details please to Colin Barry at Oyerton Shirley and Barry (Management 
Consultants)* 17 Holywell Row, London EC2A4JB. Tel: 01-247 S274. 


Overton Shirley .& 
>•. and Barry 


; . Investment and Business Planning 


. Bardot America invites applications for Ihe 
poiutonpf Investment Officer in its Europe, 
Middle East.and Africa Division with 
headquarters ?n the City: ‘ ' 

■ J, -./ji^ortjnofctheHeaci of Investments and 
Busifiess Planning^ the successfci canddate.' 
wDtofcjfeSp^ 


33 prajsfe)Q H^perfom^nce of the Bank's/ 
subsjtfarieshartd affiSates; developing ; . 
business strategy prpposatejor Senior / 
Management review. • ~ - g : ‘ 


Applicants should be graduates in their 
ars.'p^fBratily with an MBA. and should have 
3 to 5 years experience in corporate finance 
and pian$ng involving acquisitions, corporate 
Testructuartg.' capital investment and new 
investnKnt appraisal gainedjwth an 
rriiema^inai yank, constancy or pubic 
/accounting firm."- \ 

.. • S&arynw’ll reflect quafifTlraiions and 
. experience, and other termsrf emptoymenlare 
‘Inline with best banking pradbei m 
ifieUK. • • \ 


■ Applications conteirh'ng Ml. career details and salary history, which will be 
treated in confidenoe. sholild be addressed to; Assistant Vice Pifesident — 
■.Recruitment, Bank of America NT & SA, 25 Cannon St. London EC4P 4HN. 


BANK Of AMERICA 





f Accountant 

£ . . . - • • • - ■ 

~ Development & Planning 

; c I • c v Xondlm c. £6,300 -f car 

Due' W promotion W chalUsslng opportunity has arisen in the Head Office of a 
majoz Division ofl leading food group. Candidates should be qualified 
Suptants. aged ov|r 25, wtth-experience of a large professional firm and/or an 
industrial group- Responsible to Ihe Development Dnd Planmng Mai)a8er. hc 
aobouriee will he involved in the strategic and financial planning of the Division 
in'riudrmr the evafoation-of investment projects, proposed acqin^tious. corporate 
SSS activities. Commercial awareness and the aBUity to influence 
peopleaf an level, ex* easeetial quests for th 18 posmoo 
^c^S regarded as providing errpexience for a more senior appointment m the 
Bj^LllT^polntment offers opportmoUes for travol to sahsltotv conges 

Ihrnnghoat th& O-K.. - - r . 

Applications fir Miss Morion Williams: 

Welsh PdTtticTS Limited. 


As a result of continued grcfBtS,x-we now have a further 
vacancy for&male «■ female DjanAdmnuaMOT Oerk, m 
their mid 20s, to join our espariding Loan Atoustration 

loan idea Ife a 

Mwdiant or Ainericanbank, iiai we would like to hear from 




“haifc'- '"t jbS- as**® . - : ®* n ” r 

aCifiOtS Da*ARTMENT - 
<***?* * nd 
22-^> Salary 

* - 


A Vacancy « xbts for . a ^ 

. Qualified and Expenenced 
■ - SALSEMGINaR 

\ 

-•** concise 

saner able 

sss. srp Brr%: 

ihouW h* 

Box A.63flf, 

pg gpflltetiom bo oeknowlne«^ — 


. : HRST-CLASS 
• OPPORTUNITIES 

available to qualified students 
and '.experienced . accounting 
personnel.-' 

2: Contact Alec Moore on 
0**628 2691 




JOB 
HUNTING? 

I OVER £54100 
UNDER £25.000 
OVER 27 
UNDER 57 

If Yes' to all these, wo 
are 90% certain we can 
help you get a better Job 
quicken We are not an 
agency but Europe's most 
experienced executive and 
professional career 
counsellors, so telephone 
us now (or more information 
about our services. 

Percy C0UTTS & Co. 

1 01-839 2271 I 

140 Grand Buildings. || 

Trafalgar Square, WC2. B 


Montagu, Loebl, Stanley & Co. 

Sonth East Asia Department 

Due to further expansion we are looking for : — 

an enthusiast for South East Asia who would like to combine 
investment analysis into plantation and tin shares with the 
opportunity to develop our connections with the East. 

Attractive terras offered, negotiable according to attributes. 

Please reply in confidence to : 

Colin Priestman, 

Montagu, LoebL Stanley & Co. 

31 Sun Street, 

London EC2. 


CROUP ACCOUNTANT 


Cambridgeshire. c.£8500+ Car 

The Company — A long established service company with plans to further a 
successfully adopted policy of diversification. 

Responsibilities — Will include controlling the production of the group financial 
accounts, the agreement of budgets and preparation of management information, and 
the further development of computer based systems. 

Candidate Specification — Self motivated Accountants probably aged around 30 who 
have experience in commeice/industxy where they have success f ully controlled a large 
staff function. They should have broad technical knowledge, experience of EDP systems 
and have the ability to communicate effectively at all levels. 

The candidate appointed will report to the Financial Controller and successful 
performance will lead to opportunities for career advancement 

For more detailed informa ti on concerning this appointment and a personal history 
form, contact Nigel V. Smith. A.CJL or Peter Dawson qnoting reference No. 2169 

Conrnerdal/bidustr^ 

Douglas Llambias Associates Ltd. 

Accountancy 6 Manaqement RtcmitnientOneullatits, 

410. Strand. Loaded WC2R OHS. Tel: 01-836 9501 
121 . St. Vincent Street, Glasgow G2 5HW. Tel' 04 1 226 3101 
3, Coates Place, Edinburgh EH37AA. Tel: 031-225 7744 


JL 

Projects 

Accountant 


c. £7,500 


London W.l. 


A particularly successful international pub- 
lishing gmup seeks to strengthen the manage- 
ment team of its UK subsidiary. This new 
post carries responsibility to the financial 
director for non-routine work including 
control systems review, cost reduction 
exercises, management audits, profit im- 
provement studies, project analysis. O & M, 
apd occasional “trouble-shooting”. 

Candidates should be chartered (or certified) 
accountants aged 25-29 with first class 
training and about two years post qualifi- 
cation experience in public practice. They 
can expect a relevant and sympathetic 
transition to a commercial, profit-oriented 
environment. 

For a fuller job description write to John 
Courtis & Partners Ltd., Selection consultants, 
78 Wigmore Street, London TV1 H 9DQ., 
demonstrating your relevance briefly but 
explicitly, quoting reference 7012/FT. This 
is an equal opportunity appointment. 




BRANCH AUDITOR 


Age 30-40 


£7,500+ 


A leading International Bank with a substantial 
presence in London seeks to appoint a Senior Banker 
with an extended and detailed knowledge of all aspects 
of Internal Audit procedures. 

This is a new appointment, and the successful Candidate 
will report directly to the Head Office, with complete 
responsibility for the London Brunch. 

In addition to the obvious technical skills required, 
personal qualities of decisiveness and authority, and 
the ability to' communicate at top level are of paramount 
importance. Salary is negotiable, and benefits are hlgbly 
competitive. 

To discuss this position, in complete confidence, please 
telephone Hod Jordan. 


^BANKING PERSONNEL 

AM A 3 London Wall -London ECS- Telephone; OVSSa 0701 



Howe & Pitman, Hursf-Brovm 

Members of The Stock Exchange 


require a young salesman in their London office to join a team 
servicing European institutions. Applicants should have some 
experience of both the U.K. and U.S. markets. A knowledge of 
at least one European language would be an advantage. 

We are offering an attractive remuneration of salary and profit 
sharing bonus depending upon qualifications and experience, 
with non-contributory pension scheme incorporating good life 
cover. 

Applications (which are welcomed from men and women) with full c.v. to: 

P. N. Smith Esq.. 

Messrs. Rowe & Pitman . Hurst-Brown. 

1st Floor, City-Gale House, 39-45 Finsbury Square London EC2A 1 JA. 




Required by an expanding publishing company 
based in the Oxford area. This is an interesting 
post for a young person who wishes to expand 
his/her career in financial management. Respon- 
sibilities include production of monthly accounts, 
budgeting, statutory accounts, supervision of 
accounting procedures and ad hoc financial 
projects. 

Applicants should be mid-twenties and have varied 
.financial experience in industry and /or commerce, 
be able to demonstrate personal advancement and 
increasing responsibility in their careers and have 
an ability to achieve results in a busy working 
' environment 

It is expected that applicants wjH be either 
recently qualified or a finalist A.CC-A., A.C.M.A^ 
A.C.LS. Knowledge of or experience in publishing 
and data processing would be an advantage. 

Good salary and conditions are offered to the 
successful candidate. Please apply confidentially 
•in writing to: — 

D. M. PHILLIPS 
F inancial Controller ' 

Phaidon Press Ltd Litricgate House 
SL Ebbe's Street Oxford 


ASSISTANT ACCOUNTANT 

Required by City Commodity Brokers near 
Fen church Street Qualified person preferred with 
experience in the profession gained after qualifi- 
cations. Company have ICL 2904. but Computer 
experience not essential. Salary £7,000 p.a. + 
annual bonus. 

Please write Box A.637S, Financial Times, 

10, Cannon Street, EC4P 4BY. 


Recruitment 

A Professional Service 

Lloyd Chapman Associates are pleased to announce the formation 
ofa Banking Recruitment Division. 

The Division, under the management ofYvonne Emmerson-Fish, 
is structured to provide aprofessionalrecruitment consultancy service 
to the Banking world. 

Enquiries are invited froraBanking organisations with current or 
future recruitment oeeds.and from candidates seeking advice on 
career opportunities. 

In the first instance please telephone orwrite to 
Yvonne Emmerson-Fish. - - y 



Lloyd Chapman 
Associates 

123, New Bond Street, LondonWlY (M3 01-4997761 


A Major ILK. Investment Bank seeking to expand its already substan t i a l 
dealing operations requires two 

Eurocurrency 

Traders 

The more senior position is for someone ivho has been dr.'iling for a minimum years 
including experience of the dollar CD or FRM markets- Experience in die Foreign 
Exchange market would be:ui advantage. 

The other position requires someone widi at least 2 years’ dealing experience. Some 
knowledge or the dollar CD, FRN or Eurobond markers would be an advantage. 

Realistic salaries for both positions would be p.iid depending on age and experience and & 
die. usual Ranking fringe benefits arc available. Both pusi tiui is offer cxccllcm scope for ^ / 
advancement. 

Please write with full details, quoting refi FT/ 1 52, listing any companies to' 
whom you do not wish your application forwarded, to Peter Phillips, 

R3ey Advertising LtcL, OM Court House, 

Old Court Place, Kensing ton, L o ndon WB 4 FD. < 

A member of the Rex Stewart Group 















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“I was as delighted as FGA when they won a DADA silver 
award for the Arthur Milliard commercial for Dry Reserve, part- 
icularly because the 1978 films now in production are even better.” 

IoJm HingS. Marketing Director, H.P.BulincrLtA 





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niadret has inert®*} front J2 to 
jcrcm in tuwuniierthrt* years: 

When you see our speofia*»Oi 
yuull un-iastaffUhy. 

Ai 3a.’ inches roan t*xwet io 
boa f heG>r«i Junta is easy handling 
<r.ni tor dw burrpcn traced. 

Our ntv: txfourful packaging 



pectiv^bt^ort- 
And the entire range 
has bemrr pick up.tfaanto to our easy 
wreath display vamk. 

' -When if comes toperformance, 
the compeiiinR is finding H‘s no 
match for u». 

Exm tear we bring our a new 


9 Bond Lins: . 
And 20 other 
nw models. 

At cwly39p 
th^Ya perfect 
for today s ecoitumy. 

. Of course the engines 


“What I want from an agency is strong, singleminded, visibl- 
advertising. That’s what I’m gettingirom FGA’.’ 

RjLchjWDcl HfiH. Sales and Marketing Director, The Mettoy Company Ltd. 





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tdowo 

»a»hne 


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“When the curren 
F GA to say that it is the m< 
slimmer I’ve seen since I.h 

Tom Eyton. chain 


Iwroteto 


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“The advertising produced by FGA for Chewits has been a 
significant factor in the success of the brand over the last two years: 

Ted Dixon .Marketing Director Cavenham Confectionery Ltd 



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“The continuing success of this unusually distinctive lager 
is due in no small way to its outstanding advertising!’ 

jAlaH BlidffCtt.Mauaging Director, HolstcnDistribu tors Ltd. 


ill 


More and more pcopkaydity'wania 
house that will one day h: their own, yewmny 
■ot'dicnfaait 

Why? • • '• . 

"Wdl. one reason b- that they think dbc> : 4 
don't ram enough LoxjuaEiy for ^mortgage - ■ 
They may also fcd that they won't be 
aNeto atTordtbc nionthlv repasmotts. 

Then then: art- chose who art paid dte 
diy. nr by the limn who think they caik 
girt 2 home tain. 

.And the bdkftharw need to saw a ■ 
brjp sum for a deposit puts many people off 
bn: to capital! chec«tfwiindOTtandabk' 
tivlaig that buying a house out acall siniplc.'. •' 
hut a eonipltcuod and eosdy busing mvofoing 
soheitMMnd estate agesus. 

Nrtiecd'this ntwl Iw crucL 
At .W mpcy we.rcaDy want to help you 
buy the houses w build 

V^I lindrlcncy tou can afford at the 
Lotujwinc Park &twc."' 6 riJttwaw as well as 
all tfieadvkT jsxmnLtl 

John Wcbh the Rradent Homebuyuig 
.Adwstx will answer anv micsdons you may . 
’haw and explain the whob process of biiyk^ 
2 Ikmsc sunpl y as posable. 

What's mote bcHhdpwhh a mortgage. 
■He's alrcarfj' arranged many mortgages, lew ■ 


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people e ar n m g less thaadie a^n^.j n d u att Bt . . 
wageafDflj week. ’ ! .' 7 ’. ' "■ •■» '■ 

;• : -kieany doesn't mmeewbedaer you’re-. ;fi 


income w enough fijfc * hpme-tam. jb adfea v . ■ 
hdpyongrt one." ' T ’ 

5. '. Mw.tmy ewn feid vtwipufivforsr-f; 


.MoswSi 

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wtortgwc Thar means you mdj: havr^d i; 

5%focdiciicposiL i - '. 1 ’“: 

.•■ ' Onadoeon house that wdidiwodc | 

about the same is apadugc hoSday far dip , b^2&-'v» 
whcde&mfly “ *.•’. ” ■£ 

Sooay usa vistt-Thcsc'saitHxhiitnoii ■“?:>•' »*a 
Area ofsbowhooses, where you eau^cehbw *.£ ■ ....-j 
the house ytw'rOBitcrcsted in n^ghtjbdc . 

. It's open every weekend and most weekdasV * . . 

. frorn.KL3U3m! . _ ' _ J 

^^Ttico oart ar £ 9 ^’ 9 S'Vbiir repaymotr* _ ' t 

wont cost you much more chan vour trot 

AndssMlhr.vsmietnmgtosbowfork.. • * 
LongstoarRak Escmc: Long sitonc A uk. : 

Bn»%v-"jtK: Telephone BtklgwatCT57rfi0i 


You know where you are wkhWbupcy. . 


“We inherited FGA/Kenyon & Eckhardt when they took 
over CPV, and frankly I was a bit apprehensive. Now I think we’re 
getting the best work we’ve ever had” 

David Eaton -General Manager (Sales), Gco.Wimpey & Co. Ltd, 

















t. 'EDITED BVMICH&£t' THOMPSON-NOEL 



IN T& d?y » w&eo companies 
Bsad .$» to . ^advertising 

agesdes-.- comprehensive 

maAetinsrgtbrice/ and the agen- 
cies^cwsTd'ieShrd^o offer a wide 
. range-’ services, east- 


^ Press ad- 

yertismg ■ the most 

appn^:Ut^^ I ^ind u - : appealing 
actors w^^^sgployed. Now one 
of inixvg cast- 

■ih&di.rectotB^UJaa; F&fenander 
of, Jritf oaipson is leav- 
ing Joi set^ti iis^wti company, 

- E* : AssocfiifeSr - 
' fFo euand^fead tiari vailed ex- 
• •' in oat compre- 
hfeteiifeV -fih&'SPY; Astern. His 
. jnCBiory Cb^Paees ensured that 
Jjtftf ad^ri^ngi.was charao 

yet 

:' gafamfl-iar.- actors He is 
^tt&g tp meet lJie demand for 
his- Services from feature film 
aud-iTS^ pTOducers. He will, 
however; cwntlnu.e . to work for 
jwT *wrtao wiM'iujt. replace him. 

Ip'i his 12 . uydars at JWT, 
Foeriander has- worked with 
s^ioe outstanding film directors, 
invading r Inn dsay Anderson, 
. Kaxel Reisz, John Schlessinger, 
Joe, .^.tosey,.: Peter Yates. Nick 
'Roegi Goy Hamilton, and Clive 
Dopn^ ' . I^ all made 

cbinirierda&ior JWT. 


Industrial advertising: how Dexion 


put glamour into storage 


ONE OF the facts of life for an 
advertising agency confronted 
with the need to advertise indus- 
trial products is that most such 
products have a low interest 
rating. In consequence, indus- 
trial advertising is very often 
the wasteland of the communica- 
tions business. 


Poor storage and handling costs industry around £10bn a year, 
which is partly why Dexion launched a £250,000 advertising 
campaign in September. TERRY GRIM WARD reports 


• L AFTER months . of ’ rumours 
Access, the bank credit card, has 
moved; its- advertising account 
away from J. Walter Thompson, 
which has handled it since its 
launch iii 1972. and into Geers 
Gross. Four agencies were short 
liked — JWT, • .-'Geers Gross, 
: Saatchi & Saatehi and FCB — 
but the Geer^ross presentation 
won the day; The annual budget 
Has been around £600,000. hut 
may wen increase~^with the new 
advertising approach. - . 

•“FISONS-has ippointed TBWA 
to .handle its corporate advertis- 
ing.' The accou'nf yas previously 
with Vernbnsr. Tbe new business 
pushes TBWA. to 1978 billings 
of£7^m; . 


THIS Veai^s^ big . ice-cream 


launch by Lintas for - client 
Wall's Ice-Cream, . is aimed at 
the teenage adult market and 
is called ‘VShofnite-’— a lemon 
sorbet dppjed^iwith' raspberry 
sauce. 

The product is being launched 
in test markets -covering one- 
third of the {country, with a 
national equ^fty£. B b,udget^ 
£200,000. Th^-Wgwnsr - eoyered 
are ATV* W^^i%/$wit3fcidrn 
and Aiiglia. : y^ 1 


On the other hand, certain 
product categories have the 
advantage of consistently high 
natural . Interest. For example, 
the Gallup Omnibus shows con- 
sistently” high norms on car 
advertising for men and on shoes 
(yes, shoes) for women. Indus- 
trial products, as you can 
imagine, come at the bottom of 
men's interest levels. 

To overcome this interest 
defect, consumer agencies when 
faced with this problem in- 
variably attack it by treating tbe 
company in question as if it were 
a consumer, product They find 
a high interest area related to 
the subject area as a means of 
attracting attention, so that 
Reckitl's industrial campaign 
talks about the state of factory 
lavatories in the genre of the 
News of the World, Colt talks 
about beating and ventilation 
by describing the impact of 
hot working conditions on pro- 
ductivity. and so on. 

The name of the game is to 
make whatever you are selling 
a bigger issue Jhan it is, in the 
minds of your potential 
customers. Make the subject 
matter interesting by talking 
about related issues or effects, 
rather than by trying to interest 
people in the technical advant- 
age of your client’s very stun- 
ning steam shovel. The effect 
of such a technique is to gener- 
ate a level of interest in. and 
therefore a feasibility for, the 
companies in 'question;, which 
they otherwise simply could not 
attain. 

Rule No. I therefore is, “Make 
it bigger.” Don't talk about your 
company or its products.' Talk 

about the disaster? t>£' not buy- 
ing or having it i^.ypji .do that 
you have a chance to put some- 
thing on paper or the screen 
which can excite real^nlerest. 

In Dexion’s case v , this ' was 
especially necessary.- The direc- 
tor of the MHteria&DHafldling 
Institute at Cranfleld .. called 
storage and materials.; handling 



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©SESTOBT 


“ ihc most ignored management 
subject.*' Our own group discus- 
sions amongst a wide variety of 
industries revealed what can 
only be described as a major 
block in management thinking. 
Broadly, management's attitude 
is as follows: “ Materials hand- 
ling does not make anything, it 
only moves things and therefore 
it is not productive.” Since it 
doesn't “produce” anything 
tangible, it didn't really exist 
for them. To overcome this type 
of mental blockage you need a 
big suhject approach . 

Rule No. 2 is the reverse of 
what we all read in those early 
marketing textbooks. Don't use 
a rifle on your target group. Use 
a shotgun. Don't go for a narrow 
target group when you are ob- 
serving Rule No. 1 alone. You 
are really after'-a' much wider 
target than is at first apparent, 
simply because even for special- 


ised industrial products advertis- 
ing needs to be more universal 
than is generally practised. Put 
another way. it is this. You are 
more likely to. hit the bull's-eye 
with your advertising if you aim 
for the whole target and not the 
bull. 

• The reason for this is that the 
target audience for industrial 
products is always much wider 
than you think. Even people who 
haven't a specific responsibility 
for the product or service you 
are advertising are important to 
you. Although they have no 
specific responsibility they will, 
nevertheless, have an impact on 
the decision because in many 
cases they are affected by the 
decision. This is especially true 
of advertising which is aimed at 
management level. 

If you gear your arguments 
exclusively to top level manage- 
ment thinking, those arguments 


will have a very restricted area 
oF influence — namely the Board- 
room. Outside the Boardroom, 
the campaign will tend to be 
invisible. 


With the Demon campaign a 
much wider influence bas been 
sought. Hence the campaign, if 
not popuJarist, is intended to 
create a much wider level nf 
interest and comment. Us impact 
is intended to be felt by both 
mid-management as well as Board 
directors. 

So Dexion products are made 
more interesting by telling 
people that poor storage - and 
materials handling Uhe absence 
of Dexion's products! are cost- 
ing most companies the equiva- 
lent of half iheir profits: “It 
swallows 50 per cent of the 
average company's profits.” 

This was the third advertise- 
ment in the campaign. The first 
two conceniraled on establishing 


a much wider thought — namely 

that contrary to popular opinion 

it was not strikes that were 
holding up British industry but 
poor storage and materials handl- 
ing technology. The advertise- 
ment pointed out that only one 
hour in 1.000 was wasted by 
strikes, whereas one hour in six 
is wasted by poor storage and 
materials bundling. “ Is this 
really what is holding tip Bnusn 
Industry.” "The average worker 
costs his company more than the 
average striker." 

In using this type of argument 
we are making a conscious effort 
to make storage and materials 
handling a more commercially 
glamorous subject than it cur- 
rently is. 

Most senior managers can hold 
an intelligent conversation on 
marketing, production, research 
or even cash flow. Few under- 
stand the management science of 
s'.oragc and handling, because 
few see it a* a management 
science. To be the company s 
expert on storage and handling 
has nut been the most obvious 
path up the promotion ladder 
m most companies. This cam- 
Daign is starting to make the 
subject more acceptable to 
management. It is giving it the 
kudus cif a new OK subject in 
the way that cash flow became 
very OK in the early 1970s. 

The effects of such a campaign 
arc inevitably experienced in the 
medium term, but Dexion has 
had some very encouraging re- 
actions from a wide variety of 
industries. To date, over 900 
directors of companies have con- 
tacted Dexion asking for an 
appraisal of their storage and 
materials handling. If only 5 per 
cent of those inquiries result in 
contracts, the campaign will have 
proven to be cost effective for 
the company. 

Such benefits only accrue how- 
ever when a company has the 
courage to say something contro- 
versial in public media and then 
to back it with substantial funds. 
It is in this way. loo. that com- 
panies become recognised as 
leaders in tbeir industries, with 
all the benefits that this accords 
them in terms of the City, 
recruitment and of course 
customers. 

Terr {i Grimward is martaging 
director of Euro Advertising. 



Building that 


winning image 


The small, 15-strong, creative 
group at Selfridges. which 
generates all Selfridges 
advertising in-house, has just 
collected five top awards at the 
annual Retail Advertising Con- 
ference in Chicago. The award- 
winners cover practically the 
whole range of work done in 
Oxford Street, from a hard- 
selling cut price campaign for 
the main store to tasty image- 
building work for Miss 
Selfridge. 

Selfridges" total advertising 
budget this year is £2J5m. 

According to Bill James, who 
heads the Selfridges creative 
team: “ Retail advertising Is 
often considered to be the 
rough poor relation in the 
profession, bnt there's nothing 
rongb about these advertise- 
ments. In fact, we were com- 
plimented by the Americans 
for proving that you don’t have 
to shout to be heard.” 


Promoting the art 
of good sponsorship 


ALTHOUGH industry spends 
collectively less than £lm. a year 
on sponsoring the arts, scarcely 
a day goes by without another 
company contributing a little 
bit more. As an indication of 
how serious it is all becoming 
a new PR company has been 
formed to offer specialist advice 
to potential sponsors and 
recipient. 

Called Marketing and rhe Arts 
it combines the experience nf 
Carl Byoir, one of the largest 
interational PR companies, and 
Nielsen-Sedgwick. which in- 
cludes among its directors 
Alastair Sedgwick, long time 
head of PR at Gillette, and such 
artistic luminaries as the pianist 
Nina Milkina ami the writer 
Elizabeth Jane Howard. Market- 
ing and the Arts aims to ensure 
that there is some natural 
affinity between a company and 
its supported artistic group, and 
to avoid the “chairman’s pet” 
kind of help which is still quite 
common. It can also undertake 
the sifting process — Lloyds Bank 
receives over 700 requests for 
aid a year but helps only three 
on average. 

At the launch of the company 


THE IMAGE of Welsh Seaside 
resorts has received a ftpeist as a 
result of a £230.000 TV and Press 

i _« J ihic 


Success for Welsh seaside campaign 


promotion launched ea_ 
year by the Wales 
Board. This -is the mam, 
of ; fdUpwmp ^research 
Cardiff-based, a *" 
qnd .Marketing. 


r 


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Tfie 
World 
V\|fldlife Fund 


OGILVY 

BENSON® 

MATHER 

-LIMITED 









West, into the results of the 
WTB's most expensive campaign. 
- The -pumber of respondents 
vdiff-nbiteidered resorts ur Wales 
as easy to get to. and as places 
wbicftfeppeal to those of all ages 
increased significant! y • 

Dtirirfc the campaign, resorts 
recordedVa 25 per cent increase 
in inquiries compared with the 
corresponding weeks last year, 
and the Wales Tourist Board 
itself received a total of 271,000 


inquiries, a record. 

The campaign was prompted 
bv concern at the static state of 
business -in the Welsh resorts 
last rear. Fears were expressed 
that demand for family accommo- 
dation at hotels and' traditional 
boarding bouses would go into 
serious decline if nothing was 
done. 

Had it not been for a very- 
sharp increase in the number of 
Continental visitors to Wales 


last year, its tourist trade would 
have suffered a very lean season 
indeed. The Board has also been 
following up this particular mar- 
ket with special promotions in 
Brussels. Berlin and other 
European centres. 

Agents for the resorts TV pro- 
motion were Golly Slater and 
Partners while the Board itself 
handled the Press Advertising. 
The split was £150,000 on TV; 
£100.000 on Press. 


The Wales Tourist Board is 
planning a big follow-up cam- 
paign later this year. A 
campaign beginning in December 
to promote Wales as an off- 
season holiday destination will 
include a budgeted £120.000 
worth of TV advertising and 
£255,000 for national Press. The 
TV ads will be seen in Yorkshire, 
the North West, the West Mid- 
lands and the South East— four 
of the most important markets 
for Welsh holidays. Tourists last 
year spent an estimated £350m 
in Wales. 


three happy sponsors con- 
tributed case histories — ITT, 
which keeps it cheap and local, 
like getting an students 
tu decorate with a mural its 
new offices in the town; Lloyds 
Bank, which spends £100,000 a 
year on the arts a quarter go- 
ing to the National Youth 
Orchestra which it claims gets it 
access to every school in the 
country: and Booker McConnel 
which for a very reasonable 
£15,000 or so, including £10.000 
in prize money supports the big- 
gest book prize in the country 
and pulls in the publicity. 

What most aid for the arts 
lacks is imagination — too many 
companies commit substantial 
sums underwriting the big pres- 
tige events like London opera. 
Taunton Cider is following a 
much more popular path with 
its £20,000 investment in encour- 
aging art colleges. For the next 
four weeks the 18,000 passengers 
a day using the Victoria Line at 
London’s Green Park station 
will see'on the escalators posters 
depicting “An Image of Rural 
Britain ’’ rather than underwear 
ads. 


Antony Thorncroft 


Wiggins plays its aces 


Robin Reeves 


WIGGINS TEAPE. the paper 
company, only seriously diversi- 
fied into the toy irade in 
January last year but it is 
quickly becoming a force to be 
reckoned with. This week it 
has launched a new range of 
card games. Sporting Aces and 
The Muppet Show, which should 
help boost its first year sales of 
over £1.5m. 

Both games maintain 


Wiggins Teape tradition of 
concentrating on merchandising 
characters. Two of its greatest 
successes have been with the 
Snoopy rarite and the new 
Fonzie doll. 


The other main specialisation 
has been boxed games. In 1978 
eight new games are appearing, 
with the emphasis on Samurai. 
Shing Shang, Obession and 
Innervision. 


The Kriisseric 
Arnmnde offers you. 
that extra personal 
touch. Just phone 
Joseph Lanser, mtr 
restaurant nianayer. 
and ask him to send a 
copy cf his menu 
to your home or iff ice. 
This my you'll he 
familiar with our 
dishes when you arrive 
for dinner, die 
patisserie Aprmarw 
Socialises in La 
A'ouvelle Cuisine. the 
totally natural Style if 
cooking that is 
sweeping Trance. 
Whilst die dishes are 
new and exciting, the 
atmosphere is good old- 
fashioned cartdletight 
Jiave an evening io 
pmiemberat London's 
moStexciting 
■ restaurant 
Jlso open Timdaijsl 



TheRcfthaeric Nonnande 
at the roitman Hwel 
in PofUnanSquMe, 
Loodoa.WlHVFL 
C1-H36 5844 



Top media director quits 
to go independent 


YET ANOTHER top advertising 
agency has lost its media 
director. Hard on the heels of 
Roger Bowes leaving McCann 
Erickson for Fleet Street, and 
Mike Yershon departing from 
Collett Dickenson Pearce to set 
up as a media consultant, comes 
news that John Ayling is 
quitting Kirkwoods. 

Like Yershon, Ayling is going 
independent, and joining tiie 
growing band of media buying 
operations. However, instead 
of just advice he expects to 
provide the full agency media 
service, with a buying as well 
as a planning service for 
advertisers. 

Ayling believes that the 
financial crisis of the early 70s, 
which led to a cutback in 


recruitment and l raining by 
advertising agencies, has 

created a shortage of talent. 
Many of the bright young men 
went into the marketing 

companies which increasingly 
will look to advertising 

specialists for creative work and 
for media advice while handling 
their overall marketing strategy 
in-house. Ayling believes that 
the time is right for packaged 
goods companies to follow the 
independent ' route, and he 
intends to recruit other top 
agency media men as partners. 
Ronnie Kirkwood, who has long 
been alive to tbe challenge from 
the independent media shops, 
hopes to use Ayling’s experience 
as a con-'-ultaht while he looks 
around outside for a new media 
director. 




Asharq Al-Awsat means the Middle East. Ana Ash&rq 
Al-Awsat is the new daily newspaper which, all ?’- 5 complete 
coverage of all the prosperous Middle East markets. As well as the 
substantial Arab readership in Europe and the U:: A. 

Asharq Akftwsafe lively editorial coverage oi political and _ 
business events provides the ideal environment for your advertising 
message. There's a regular feature programme, Highlighting _ _ 
industrial and product developments of interest to Arab decision, 
makers, special colour sections - and even a marketing data card 
service with advice cm procedures and protcccl ;or dealing with 

the Middle East. . ... „ . 

• But, most important, Asharq Al-Awsat nas a dismouhon 
than, any newspaper in the Middle East Au a^aniage that goes a 
Jong way in today's competitive business v/or'd- 

rcisbiior.'s. 1.52 ■? 41 ji'J S.'t 


Asharq Al-Aws&t. 6-7 Gcugil : S&*e', Lo:.«i:n L Ct 

r 


T ff- rinn f:C4A3L'j. Tvieraoac: 4413M. 5, 3. 


I 


• 'Name:. 


Wirq^<qt distrxbutiori in the Middle East 

°£ the Arabs. I 


Please send me up to date inlonnauoo on: ^ 

' Ashaiq Ai-Asvsat - The International newspaper of 

[ -U me Arabs. 

I I FactfDe information on the Middle C 
I 1 Marketing Services to the Middle 



n can 



facelift 


£1 


The face which your company presents to the world may not be quite 
as handsome as the one you see in the boardroom. 

It’s a fact. , . A 

And it makes corporate advertising, communicating your attitudes and 
philosophies to everyone from the Government down, very important indeed. 
Southern, with its high count of opinion-forming ABCls, is the ideal area in which to 
lay the foundations of a favourable corporate identity. Recent surveys show that 
companies who run corporate campaigns orv Southern gain a significant advantage 

in awareness, recognition and beneficial attitudes. . i „ 

That too is a fact, if you're interested in a corporate facelift, call the number 
below. Wei! be happy to show you our Corporate Identity presentation. 


SOUTHERN#TELEVISION 




For further information contact Brian Henry, Marketing & Sales (Director, 

Southern Television Limited, Glen House, Stag Race, London SW1E3AX. Telephone: 01-834 4404. 


The Princes Room. Fit for Kings. 


mm 


^ l^'c^^<^ay~in th^Tower ore soroe of ,. -[HE! the finest wines and 

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LOMBARD 



ustry’s pay 


BY PETER RIDDELL 

ONE OF the main objections to not voluntary. Most of these com- 
tiie t^pe of incomes policies ponies want the pay limit 
adopted, in the UK in the past 15 

y “ r !i C ? t *? n th ® W3y “ V £ th rertUmiL Mo« of the cozmJtoS 
industry. s dependence on Gov- would prefer anyststntory policy 
eminent has increased. There.. to. be 'more flexible within these 
has been an ironic ambivalence limits. Smaller, companies in 
in company attitudes. Whitehall particular seek mnra flexibility 
has been blamed for loo much \° 32 

interference and excessively high 5J§[!JJ“ typify 00 prefer^ 
taxes, while in. the same breath greater flexibility In terms of' 
businessmen - have increasingly company's overall payroll, 
looked to Government to hold ^ * that i : desire for 

down the rate of inflation, to ease a statutory policy with a specific 
Iheir liquidity problems and to limit is incompatible with., a 
stabilise sterling. Ministers have preference for , flexibility. This 
precious little actual control over been the jnaio failure of the 
these matters and the increasing ^.12 months; the 10 per cent 
dependence has resulted in . ^5 SeTrS 
weakening or the ladependeat which settlements would cluster, 
resolve of businesmen them- instead, 10 per cenL has become 
selves. a pretty rigid nonn, and no one 

has yet found a way in which 
a specific pay guideline can be 
combined with flexibility — 

though Mr. Healey would no 
doubt gratefuiy receive any 
This is illustrated by industry’s suggestions. 

dilemma over a continuation of , a „u, n „ „ 

pav restraint beyond Phase _ Jr n wn?° r u UD 
Three On one side there has mental incompatibility. Many of 
been a recS g Sitio“of’the dLa“ companies are 

mg impact on the labour market f^i^to ^trt^heir^hatt^T 
and the distribution of skilled ^ wta» t 5!^LS2fLJS t 
workers produced by the erosion a ^. < ° ve .^ a sfatu- 

r.f nav differentials resulting tor y P 0 * 1 ^- while Simultaneously 

?r f on, P Sree d years n of a an SSZSfc ““f for individual exemption? 

pay norm. The squeeze oo differ- for themselves. In the same way 
eniials may not have been as year, large sections 

larqe as alleged, but it has clearly industry sought a lower 
been a major reason For the ®^ er * in S exchange rate in order to 
shortage of skilled staff which is accommodate the increase In its 
now increasingly mentioned in costs resulting from inflation. 
Mirveys of business opinion. On 
this view, accepted by the larger 
companies and the CBI, there 
should be a return to greater 
flexibility and independent 
bargaining between companies 
and trade unions. 


BUSINESS AND THE COURTS 


Financial ' Tikes TOnrs'day '8 .197.8", 


Peeping behind the free 



curtain 


BY PROFESSOR DAVID MARTIN 


Flexibility 


Bargaining 


But if industry really wants to 
enjoy the rewards and freedoms 
, . it seeks — for example, from price 

,i& r n e g ssrs -»«■*-«■» *« -y <— » 

industry which, both privately accept the associated responsl- 
and openly, favours a continua- billties. This means that men- 
tion of pay controls. On this vidual companies will have to 
view, it i3 necessary to have a stand up to wage claims, which 

'!™3 I be met ° r accord- 

stated norms m order to hold . , 

back the flood of runaway infla- ,a S w ^dividual financial 
tion. These two strands of position or prospects of the 
thought are often mixed together, company. This would also in- 
whi’ch sometimes produces self- volve removing the protection of 
contradictory views. This is aQ overall Um]t enforced by 
shown by a new survey among _ . .. . . . 

103 engineering companiei Government or the cushion of an 
throughout the UK which has a ccommodating exchange rate 
been carried out by the Man - policy. This does n.ot necessarily 
power organisation. remove the need for tripartite 

The survey shows that just discussion about the overall 
over half the companies favour framework of pay policy— not 
nw"; n°A 1 f ,mfct C0 T^ Ctive b ? r ‘ least to ensure some correlation 

<*■» p ubiic «* p rivate 
policy should be introduced, and sectors. - But the actual bargain- 
three-quarters of this group say ing should be carried out by 
any policy should be mandatory, employers, in. both sectors. 


QUITE APART from any effects The 1890 Sherman Act made meat which passed on voting ing stock, if It is held, for the Securities and -Exchange Industrial Reorganisation Bill, 

on "actual business .practices, unlawful every combination in stock -.in the. subsidiaries to -“investment purposes only.” Commission. ‘ may fail to engender any 

U.sl anti-trust statutes have A the form of trust or otherwise, of voting stock in the That proviso has never been The most recent such studies chaQges in policy. Yet they _are 

definite influence on the flow of The statute was aimed at trusts H**™? 7 * I® 1 !' tested litigation, but-it h as^re conducted hy the late ke Sf- ln t g 

s ^S e cogSS n v-ho« »“. -SSUSShad Menti” S& 2 JESS** BE Senator K* Metcalf throng hfa me?etdri™ 

Belli .the letter of the law and waa h eld ^ voting stockholders. What has. holding, particularly hy bank' chairmanship of the Accounts underground by the Sherman 

the. American ideology of ±ree for ^ owners by a happened to these holdings since trust departments and large and Reports Subcommittee of Anti-Trust Act. 

enterprise capitalism require * hoard that effectively accom- “At .time te nota. matter of insurance companies; the Government - Operations it should not be forgotten 

far .greater degree of '.de- .piished centralisation of control p “c record. At various times Congress ^ 01 ^ 11 ^^' released either that similar investiga- 

centralisation and independence of whole industries. Soon after . Whether the many" legally has- investigated such inter- “P® ? ear ., a rep ” rt . tions have given rise to legisla- 

of business enterprises than may - the enactment of that Federal separate corporations in connections to try to ascertain owneratup of voting stock m a tion— albeit, with some time lag. 
actually exist. The information f“ti-trost statute, the State America, are really separate whether the trusts have in fact After the Industrial Commission 

made.- public m,out fSSjSS ««r ^ USES*. “ * *=. Js°. SSSSS SjSSJLT%£ 

relevant to a Poten^l “““^ statutes that made possible the to seUier into a much to Sist. question of who owns^and con- created. After the Pujo Commit- 
proceeding is therefore strictly conversion of the trusts into smaller 'number of icombina- ■ r ' .. _ ‘ - trols UJS. corporations is tee study of the “Money Trusts." 

Uwted. ■ holding companies. Whether . tiohs. is diflBculf to "know he- ' ^ perennial and may re-emerge as the Clayton Act and the Federal 

.Unlike most other anti-trust . such a holding company was cause if the f act of cotnbmatfhn u 115510 ^ made the first such a political issue at any time. . . Trade’ Commission Act- were 

and restrictive practices legisla- included within the meaning’ of is made public, quite dire' legal study.. In l9.ll the Pujo Coni- if-ihe -t^S. ■ balance of trade passed. After ' the .Temporary 
tion, UJ5. law Includes pro-' “ otherwise “ In the prohibition conseqaenseS roay 'result The mittee of the House of -Repre- deficits gfa mild resnjt in xuhg t»^ National- Economic Committee 
visions for felony prosecutions of combinations “in the form problem is made somewhat more sentatives studied “The Money tially- Increased ownership of investigations. the Celler- 
and private suits for damages in of trust or otherwise " was complex by the provisions, of the Trusts ” and built the basis for U.S.f corporate - - securities by Kefauver Anti-Merger Act wai 
addition to government action to eventually answered in the Clayton Anti-trust Act of T914," the 1914 (3 ayton Act. In 198T powerful economic . 'interests enaetpi- 

remedy unlawful business struc- affirmative in 1911 when the- which prohibited, in Section 8, ; the National Resources Planning outside the country, populist ’ • Thn ti«? -ronrimv i* not a* 

tures and practices. Prudence Supreme Court ordered the dis- interlocking directorates. v - ° — -- * — - — - • - 1D, - yA economy us noi as 

requires that business 

control the flow of ini _ 

to give the public the appear- had been created from the stockholding that may substan- groups. In. 1941 the'Temporaiy could spread to the" eastern jeA-Sinimu' To^ ' kT' 

ance that individual companies Standard Oil Trust- Few people tially lessen competition. National Economic Committee board as welL Senator MetcalFa’ i- . . . ^ 

■ - David Martin %s Professor of 



Shirley Heights snatches 
memorable Derby win 


ENT E RTA I N M ENT GL IDE 


SHIRLEY HEIGHTS landed a any winner since Psidium in 1961 For the forecast, backers may 
memorable Derby at Epsom yes- —began to get into top gear, be best advised to overlook Crow| rr 

terday. Threiding his _ way through —little more' thiuj two lengths , “^ e ^ rtS ^ ct ^ ,t 


Apart from the fact that it beaten horses, Shirley Heights behind Balmerino in the “ Arc ” 
was nice to see a ho me- trained squeezed through on the inside and side instead with Trillion's 


conqueror, 
mount 


cards by tetepbooc or at tin - box. Ofta. 

OPERA & BALLET 

COLISEUM. Credit cards 01-2*0 52SB. 
Reservations 01-836 3161. .UntB Sati 
Eras. 7,30. Mat. Sat. at. 3. _ 
STUTTGART BALLET 


THEATRE5 


FORTUNE. 836 2238. Evs. 800. Thors. 3. 
• ■ _ Sat. 5.00 and 6.00. 

MurM Pavlov* as MISS MARPLES Jo 
■ AGATHA CHRISTIE'S 
MURDER- AT THE VICARAGE 

Ton't. Tonwr. 'A SaL Hbb Tide. CiOBm.1 . Tnh < (>eat T««T- - 

W * 5jf° GARRICK THEATRE. CC 01-836 6404. 


96 balcanr seats- always s villa 
10 am day of dart. JU 
LONDON FESTIVAL 


UlMr «A# abb CL UUUUTU tUUWl . - w , , . : w*. 

horse back in the winner’s en- to literally snatch the spoils Pnx d’Harcourt. 

closure after the world’s greatest from Hawaiian Sound on the Lester Piggotfs 

ya ppl further ^stisffletion was MoDSGi^ufiiir. - 

gained by the fact that the Shirley . Heights, owned by . bm tote Jn the big B "TifioTHv“wsT; 

r^TT-rt Halifax RtAuraiil nt the raCe PlggOtt OUgfit to be able ORwMlnB (now DrodnO - • MICHAEL KITCHEN 

g jy hi l ", 'sOTsasasB 1 

D . OIUA Irwin, is now top^ioted at Z-2 *^e. taut and excel- 

RACING S? Leger ea *° n ' S “ *? S 

BY DOMINIC WIGAN Turning to today’s Epsom pro- The. beautifnlly- bred Penny 

gramme, I have no- hesitation in Blessing, a- brown filly by So 
going for Balmerino In today’s Blessed out of Pennycuick, a 


THE" ROYAL'- opera 

Tonight A Tua next 7.30: Faliuff. Tom or 

THIATM. 

Isolde. &S Am phi' seats avail tar. an peril l E '*»- 8.15. Wed. 


UNTLY ACTED PRODUCTION.' 1 - D Tel. 
'-AN INEXHAUSTIBLY RICH WORK." 
Gdn_ "NOTja BE M1SHO." Times. 


Iram 10 am on day of pert.' 

ROYAL BALLET. 


-THE 


= - _ , . ... ,, . . . . CHANGE OF PROGRAMME JULY 1978 

winnpr cave another tremendmis Coronation CUD. I believe he IS half sister to MummfS Pet Arch The Roy al. Opera House regret* that nro- 
SSoXtSSrft^SomSt *»« middle-distance Sculptor, and -Parsimony, did 

iU Reef. performer m Europe. ’ well to run Bongoreno- to -a ■ & 

Only a few days ago the Arandel six-year-old. who a t I Nejrt)ury I on e ber 1 debut P* ^foS5vj*n5mince7 wStwmance* 

National Smd-baaed stallion-, ■,5 ^ g£?l* .®!f "™ m orrtll Sh7 Sk« gSnBI.Vv gaa « 

stake in. whom aU taxpayers "F lat antnmn s Pni de IAjc the aBernmm . s best bet in the Monday ,t jo'fSTSon saeauNH 

S°Sn r A n SS Hltlw left hta with far five - fhrlong. Acorn Stakes. - ■ e.«esm,e covewa 

overcame all sorts of ' problems much to do . in the short ' "" ~ ” 


stake in whom all 


, 01-437 -1582. 
E». a. I a. erna. 3.0. SU. t.O. b.*0. 
PAUL EDDINGTON. JULIA MCKENZIE 
BENJAMIN WHITROW. la . 
ALAN - AYCKBOURN'S New. Comedy 
_ - TEN TIMES- TABLE 
This must be the Iumik tanghter- 
meliar In London.** D. Tel. “An irrenn- 
_Wy enjoyable evemea.' Sunday Time*. 


to win the French Derby. Longchamp straight. : has made 

As was the case with Acamas, appearances this4erm. 
Shirley Heights’ task looked A respectable three and a half 
almost insurmountable as they lengths fourth behind Trillion 
raced down the hill to Tatten- in that French' course’s Prix 
ham Corner. Gan ay on his seasonal debut; ' 

It was only well into the home Balmerino came good in no tin- 
straight that Shirley Heights— certain terms at Goodwood last 
coming from further behind than month. - 


•' SELECTIONS 

EPSOM . ' 

2JH1 — Prince Titian 
2JS5— Penny Blessing*** 
3.10— Balmerino** 

3.40— ETland Road 
4.15 — Charlottes Choice 
4^0 — Port Royal* . 


TUESDAY 18 JULY; NORMA 

WEDNESDAY IB JULY: ANASTASIA 
THURSDAY 20 JULY: ANASTASIA 
__PRIDAY 2* -JULY: NORMA • . 
SATURDAY 22 JULY: TV Perform i ncr 
Imatlney and enmtnfll FOUR SCHUMANN 

pieces- (rcoiacm Firebicdi divertqse- 

M ENTS /ELITE SYNCOPATIONS. 

Unfortunately these changes' have 

< i delay In Che return of postal 


GREENWICH THEATRE^ .556 7755. 
Evenlng* 7.50. Mats. Sat*. 2 30 
THE A CHURCH LETTERS 
A plav by Don Taylor 
Sara KMtdnun ■> Superb M Achnrctt 
... . Julian Curry Is a splendid Shaw." FT. 
From June 13 THE GOLDEN CRADLE. 
-Plays by Year* Synge and Lady Gregory. 


and _ PERSONAL 


sk ass 





,.y. 


n^OK INGS - FOR JULY' BALLET . 
FORM ANCES WILL NOT. NOW OPEN 
UNTIL JULY 1. Priority pllocatton lor 
the above performances wW be given to 

° wtaj apollcations- already received. The 

Royal Opera House greatly., regrets these 
changes ai^l .any tnconvenience afttaedli-.: 

GLYNDUOURNE FESTIVAL OPERA. 

I Until Ann. 7 wUh the London Phrt- 
hannonk brehestra. Tonight, , Sat. 4, Wed. 

1 ;Wg« 530^; Dojr GtoraimL; TJImorrow 
. * :Sim. at 5. 30- -Die Zenberflo(e.*Po9«Ue 
f*™™s _o«lY. Box office Gtvndeboume 
Lewes. E. Sussex (0273 81241 1). 


HAY MARKET. 830 9832 

Evs. 8. Wed. 2.30. Sat. 4.30. 8. 
INGRID BERGMAN 
WENDY -KILLER 

DEREK -DORIS FRANCIS 
GODFREY HARE ." CUKA 
WATERS OF THE MOON 
Must definitely dose July 1. Box oftce 

now opeh for gw new nroducUon. P»s 

July 4 and 5 at ajL Oocih July 6 at 7.0 
PAUL SCOFIELD 
HARRY -ANDREWS 
ELEANOR TREVOR 

. BRON PEACOCK 

.. and . IRENE HAN Du m 
. . . . A KAMILY 


CC 01J930 5608. 
tt- Wed. & Sat. 3.00- 


t Indicates programme in 
■ black and white. 


f As BBC 3 11-00 am). 4^0 Stnbad 
and the Sultan of the Seas tofd 
hy Paul Jones. 430 Heads and 
Tails. .'4.45 Laff-a-Lyrapics. -5.05 


BBC 1 

6.40-7.55 am Open University. BIue * >eter - 5-35 Roobarb 
B.4! F.ir S ■hri'rls, C'uMeses. 1JZ0 pm 5.40 News. 

On The Mote. UO Chigley. 145 5:55 Nationwide (London and 

News. 2.00 You and Me. 353 South-East only). 

Kenional News for England 6JS0 Nationwide. 

(except London). 3.55 Play School. 7.00 Worid Cup Report. 


7.30 Tomorrow’s World. . - -LONDON GRAMPIAN.. . 

7^5 Top Of the Pops. . * :■ . " ■ ..JJB am Fua Tiling. XL3S pu Gnm- 

8J0 Rode. ; SJO iauf . Schools programmes: *•» m F** tom- “i™ Gnxn- 

9-00 Party PoIiticaT Broadcast 1140 Kimba. . 12^T Gammon -^tid ^ m?^Si u£ 

- . hw lha Pn nenru o t iup Parts .'ivin . — -tbawiiii. lUUay. ajr. Bun «u». ^ 


| SADLER'S WELLS THEATRE. . 

Ave. .E.Cl. S37 1872. Until 17 June. 
. GONG 3AWAN - 
TMuste and dnrxck from Ban. 
a. 7.30. ‘ 


•E*es 


Sats. Matt. 2.30. 


I HER MAJESTY’S 
Erenlnw BjQO. Muv _ 

. BRUCE FORSYTH 
. In LEaLIb BRICUSSE and 
ANTHONY NEWLEY-S 
TRAVELUNG MUMC SHOW 
with Derek Griffiths 
„ Dltectad by BURT SHEVELOVE 
"It H packed ta bursa no oomt with 
_tne personality and sneer cnonjy of Bruce 
Forsyth.' Sun. Express. "The -audience 
cheered.'. Sunday Telegrapn 


THEATRES 

REGS NT THEATRE. 


637 MEL 
no. 
Gdti. 


EMI. a .30. Prl. and Sab 7.0 and fi-O. 
'* Elegant, good Humoured engaging.' 

THE CLUB 
A New Musical. 

" Caustic and Comk." Times. 
“Show scores In songs." D. Tel. 

Linde Thorsco ... a reveUtton." TTnves. - 
- WELCOME TO THE CLUB." I.N. 


ROYALTY. Credit Cards. 01-403 8004, 
Monday -Thursday evenings 8. DO. Friday 
SJ» end 8-4S. Saturdays 3 -CO and 8.00. 

London critics vote 

BILLY DANIELS In 
BUBBLING BROWN SUGAR 
Best M osteal ot 1977 
Bookings accepted. Major credit cards. 
Spedal reduced rate for matmees lor a 
■ Hmfted. p arte d enly. 

ROYAL COURT. 730 1745. Tonight A 
Tomorai 7 a 9.30 Lucinda Childs. Robert 
Wilson in I WAS SITTING ON MY PATIO 
mis GUY APPEARED I THOUGHT I 
WAS KALLUCINATNG. Preview s from 14 
June Ftvmn Blind by Bill Morrlioa. 


SAVOY THEATRE. 

Opening June 13. TOM Ci 

WHOSE LIFE IS IT ANYWAY? 


nan*"- 


with JANE ASHER 
rOUS PLAY. 


URGE YOU 


"A MOMENT! ... 

„ TO SEE IT." Gdo. 

Evs. at B.O. Frl. and Sat 5.45 and 8.45. 


CC DTE ggft c 

Ave WC2 {High Holbarn endl 

J. Mat. Toes, and Sat. 3.oo 

JOHN REARDON arnl ^OAN DIENERIn 

“ A SMASH HIT ~TH IS MUSICAL MAS 
EVERYTHING." S. Mirror. 

CREDIT CARD BOOKINGS S3G 8587. 


SHAW THEATRE. 01-388 139A 

Tomorrow and SlL 7J0. ALL 
■ATS Cl. Opens June 12 at 7.00. 


S .“B TALK IN?: 


ABOUT JERUSALEM 

by ARNOLD WESKER 


STRAND. 01-838 2E60~ Ewnings 8.00.. 
MaL ^.M^SaturC^dJJO * 8.30. 

WE'RE BRITreH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 
G OO D SEATS C4.00-E1.50. 

ST. MARTIN'S CC. 836 1443. Evs. 8.00. 

S « “■ 

WORLD , S M LONGE?^ , RUN 
26th YEAR 


by the Conservative Party. Spinach. 1240 : pm Stepping aS^io n «'' 1J U3Q' 


Stonas. At 2d Kews plus FT •index, bmduaes. 
IOC WoritfiCap 78 


GRANADA 

JXJ 0 am CUe dub. 1Z5U pm This Iai 


F.T. CROSSWORD PUZZLE No. 3,687 



9.10 News. 

S^SX Claudius (BBC prize- i zjgsf Help! r - 

winning artists and shows), and.' Epsom i Racing. 340 The 
H.15 Tonight . - . SuHlvans. Udtlttia Houa^birthe Y^wS^vS^yni^t n»: sjs 

11-55 Weatfaer/Regional News» Prairie. 5J5 Vorld Cup* 78^:545 ffinaSi smteinad* rS«. 6Jd 

aw^5 e *^ M ^ sBBCleXCTpt * tR(eWS - 1 “ . .7; . . ..^^1 “ p." FanZL 

the following times: — 6 jQ 0 Thames at 6. .’ / 

Wales— 130-1.45 pm Mr. Benn. 6-50 Crossroads. ■ - ’ «1 V 

- — - N It's Selwyn ' HAS am Bens Boon, oso pm Report 

Froeeitr Wbst headUnes- J2J5 Report Wales head- 
's fB n«*r rnnnttnnlno 33D Women Only, 4JB ChtWrea 

7.45 Best Severs (continuing «W5 The Flintstones. 5J0 craas- 

.thte .story from .Sunday roads, sjw Rwon West. tZ2 
June 4): -r''V .-Wales. 7J5 Mr. and Mu. 


THEATRES 

TJ1LATRE.ee. 01-836 7611. 
30. -Mats. Tburs, 3.0- Satt. 4.0 

IRE NE 

OF T ,MW97. 

"LONDON'S BEST NIGHT OUT." 
ALREADY SEEN BY OVER ONE 
CREDIT CARO BOO< I NGS 836 761 1 


ACROSS 

1 Seal causes pain in court (6) 
4 South coast resort has direc- 
tum in good French (S) 

10 tiet on in a month with a 
ruler 17) 

11 Went quickly after an un- 


7 “I am of tears and 

laughter” (Swinburne) (5) 

8 In infancy, none is without 
silver (6) 

9 Money tokens — you have no 
chance if you've had them 

punctual start and restored 1A ti„a, 

the papal state (7) 14 ^inda for ruining my 

12 The responsibility we clearly bright idea (5-5) 

have to bear (4) 1* How to serve lobster — you 

13 Dalmatian dessert (7.3) need * month for it (9) 


4.45 ' Crystal Tipps and Alistair. 

4.50-5. 05 Y Llewod a Mlstar 
Mostyn. 5^5-020 Wales Today; 

1155 News and Weather for 

Scotland— 555-fiJO pm Report- 
ing •• Scotland. 11-56 News and 
Weather for Scotland. 11-58- 
12JS3 am Bonn Coxnhraidh. : , 

.Northern Ireland— 3-53-355' pm 
Northern Ireland News. 555-650 
Scene Aronnd Six. 1155 News and 
Weather for Northern Ireland. 

England — 555-650 pm Look 
East ' (Norwich); Look North 
(Leeds. Manchester, Newcastle); 

Midlands Today (Birmingham); 

Points West (Bristol): South 
Today (Southampton); Spotlight 
South West (Plymouth). 

BBC 2 

640-755 am Open University. 

11.00 Play School 
455 Open University. 

7.00 News on 2 Headlines. 

- 755 The Engineers. 

750 Newsday. 

8 A5- Gardeners’ World. 

850 In Deepest Britain, 

9.00 Party Political Broadcast 
by the Conservative Party. 

950 Midweek Cinema: Carousel 
starring Gordon MacRae 
• and Shirley Jones. 

1 1.15 The Sky at Nighti 
11-35 Late. News on 2. 

1145-32.00. Music at Night -with 
' ' Mabel Mercer, part L. 

BBC * Wales only-755-750 pm ^b vSETmu. 
Heddiw. topical magazine. 1145- Haws. Z2J2D am 
12.10 am The Engineers. Franca. 


MTV Cstnra/Vfales — As HTV Gamnl 


A iS ,l i!C' 3878. Party Rttes. Credit 
a 1 ™ 19 1 1 " 2 from 8 JO ajn.- 

J*° n " To ^- Wed - and FN. 

A .THOUSAND TIMES' WELCOME IS 
MIRACULOUS M USICA L/* 5 Fla. Time 

ABLE TO SEE IT AGAIN." Dally Mirror. 


. COW! PLANUS. “ Tfip 

5i^i5?P e i re _ l haw 7. ,***" anywlwrro for 

xa 1 *--. 5 -- Wlttjr . From 1 3 June 

Strladberg's THE. DANCE OF DEATH. 
*£,*'» “ THE WAREHOUSE isee , 
° riJ ^ T ans at .The P^dHty Theatm 
PARAdST ^ kl,oiV * PRIVATES ON 


10 JO ~New&: HTV Wert— As HTy General Service 

1040 “HeJter Skelter" <part 2 of “««*: nJWJ» nm Mt' *e* i*mi- 

.- -this film will be shown “““■ *32**5 Soon West. 

’ ’during jtondon ' Weekend*-' SCOTTISH" 

Television’s time oh Friday ujb pm nw and Road Beum. sjs 

June 9). r -• ' -Tbe- Babbles. 5J0 Crossroads. 

“ f h >r, The Sa J- £S“qi. »"»*'»».■ ;.ve 

1240 Close: A paintmg by ,, *"* 

Rembrandt with imwic by . SOUTHERN 

Beethoven. " 7 12J0 pm Soolhern News. . -4J8 Vyao- 

. n n > a n^i.— tbe Dos Wnwter. Affii Tbe Iasi 

All HJA Regions as London iIa]ai]lbi 5J5 Betty boop- sjb cross- 
except at 1 the following times:— roads, un Day by Bay- MS uuirndti 

- Chalk* nae. 7J5 EanBenUdu Farm. 

ANGLIA 1Z25 am Sonawrn News Estnu 

3255 .-pm Anglia Hews. US Roc*®t^ TYNE TEE^S 

^EF'-Tdale U5 an Tbe Good Word foOmrod by 01-437 „Z6B3. even loos b.oj, 

UO About Aradia. 6^ Atotl ..UST NQrtft News headlines. 1250 Horrb Mats. Tburs. 3J». saL S.oo and s.oS 

Enterprise. 122S am The Uvtaur WonL News awl X-nokaround. 5.08 ., N 

Northern Ufe. 7J5 Bamwntete Farm. -is SHu 1 ' Ev sttnoaro. 

1230. am BoUoSoe.- shut your eyes and 

'. ULSTER ' . ‘ _ 


Suns. XOO A 5.00 p.tn. No show Mots. 

AMBASSADORS. . 01-838 1 711 

NtafttSy at 8.00. Mli'Wtd 2JS , 
PATRICK CARGILL and TONY ANHOLT 

Jn SLEUTH 

Tha World- fame u* .Thriller 
- c— 4— b¥ «. AHP, 7 IONY 5HAFFER 

Win n in fact an 
SKT„ ■« f?LJ 0| 5Ln Pw**- 5rxt Prices: 
£2.00 to and Top-Price 


HUNG'S ROAD THEATRE. 3S2 7488. 
Mon. to Tburs 9.D. Fn„ Sat. 7J0. 9.30 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 
THE GREAT ROCK 'N' ROLL MUSICAL ; 

| LONDON PALLADIUM. CC 01-437 7373. 

Mon., Toes- Than, and Frl. at 8. Wed- 
. and Sats. at 6.10 and BJO. 

THE TWO RONNIES 
In a Spectacular Cooed* Rome 
ALSO - SPECIAL SUNDAY PERFS. 
Sundays Jane 25 and July 16 at 5 5 8. 
Special Boohing Hotline 01-437 205S- 

LYR1C THEATRE. CC 01-437 3686. 
Ev. 8.0. MaL Thors. 3.0. Sat. SJJ A 8.30 
JOAN PLOWRIGHT 
COLIN BLAKELY 
F1LUM8NA 

MAY FAIR. CC 629 3036. 

Ergs. 8.M. Sat 5.30 and IL45 Lst. 2 
WkS. GORDON CHATER" BrtHaoL" E.N. 
in THE ELOCUTION OP 
BENJAMIN FRANKLIN 
, by St*«« J. Spun, 
'xompassloaate. funny. Sercely dOMcnt 
ptav.” Gdn. "Hilartoos." t Std- "Wickedly 
amusing.- E. News.- ^prtWwdin g/; Obs 

MERMAID. - 24B 7656. ResUuram 248 
2835. -Wed. to Sat. 8 JO. Mao. Wed-. 
FrL amr SaL at 5AS. Last week. 
TOM CONTI. JANE ASHER 
WHOSE Lire IS IT ANYWAY 
Transfer to Savoy June 13 

AJec McCowen's 
. ST. MARK'S GOSPEL 
- (San. it 7.30 p.m. all seats sold) 
lie 13. Opens Jane 14. 


9 ^T£aSS5S 

™ _ lrMf at 11 p.m. 

LOS REALES DEL PARAGUAY 


VAUDEVILLE. 83G |980 


CC. Evs. 8.00. 


E ^a«R R 4 ,E iSN^S£ E ^ ROirr 

N A^gTA W cS E Nlr 

K MJte _ with, another who- 
duj»ilt_filt. Agatha. Christie is stalklira the 

ssafi 

VICTORIA PALACE. 

t317 ' 

gw. 7.30. Matt. Wed, and SaL 2.4S. 

vyssnb T> l eatr *- Covent 

Garden. 836 6808. Royal ShakaSMara 

L,taiT - .. Sheer poetic 
energy. Guardian. All seats £1.80. 
Ad*, bkgi. A ldwych. Studen t Standby 11 . 

01-834 0283. 


Prev. June 

. Subs. 7 JO and 9.75. 

EVERY GOOD BOY DESERVES FAVOUR 
A Piece for Actors and Or ch e st ra 
by TOM STOPPARD A ANDRE PREVIN. 

Seats £4. £3. £Z. 

WINDMILL THKA' 

NATIONAL THEATRE. 928 2252-1 . - 

OLIVIER (Open stage): Today 2 AS IrerEpr 


WESTMINSTER. 

I&ssafe 

jBlSSB 4.30 
pi'-930_ 8692-776. 


SENTENCED TO LIFE" 
JGGtRIUGE. and THORNHILL 


WHITIHALL. 01-930 0692-7765 

i.30. Frl. and sat. 6 J5 aod 9 . 00 , 


Ers., 8.;^ 

Paul gLTmond Br«ente the SensattonJ 

R Se&» ^HSoAf” W 

due to overwhelming public demand 
extended. 


„ CC- 01-437 6312. 

. 8.00 and 10.00 
.- OO and 8.00. 
iTMond presorts 

THE eROTiCEXPEHIENCE OF THE 

limits what Is 
permttslble^ onrrtao^ ero. News. 


ATV 

12-50 pm AXV Newsdesk. 420 JflJMh 
Leasnes Under tbe Sea. too ATV Today. 
7J5 Btnmenlale Farm. 

BORDER 

1291 pm Border News. 4* Code R 
too. Lookaroond Thursday. 630 .The 
PUntstooes-' 7J5 Bmnu.pi,i» Farm. 
11225 am Border News Summary. 


12JB pm Lunditmie. «S Dtor News arts theatre. 01 -836 aiaa. 1 

headlines. 4J» Report^ 420 Rabpy TOM STOPPARD'S 11 32 ' 

Days. TJS EnunerdaJe- Farm. -J225-aoi . • asarr linen 

Bedtime. ' i ■_5 ee lt *" Sunday Times. 

• -Monday to Thursday S-30. Friday end 

WESTWARD Saturday at 7.00 and. 9.15. 

n 17 pm SMDPT. '1227 pm Cns Honey- ch y [ "° X RiLUwith 

ban's BlrtMar. . 1250 .Weffiward News 


beadUnes. too Westward IMaiy. 7J5 
Mr. and n* 1038 Westward Late -News.. 


CHANNEL - _ , ^ 

1248 pm Channel Lunch time News and 12JB am Faith for Lite, 
whafa On Where. 400 Channel New*. YAttfcT^TTTRF 

UO Cartoomlxim. 1JJ u. Mrs. I UIMVoniGi- 

ML38 rh.nwrf Late 12 m pm C al enda r Newa. ■ SOB CalfiBl a r I 
News and Weather -hi fKmley Moor and Bebnont editions j. USj 
Emmsfdnli Farm. 


fully licensed Restaurant). 01-734 42S1. 1 

Tnurs. 8-00 pjn. Frl. & Sat. 6.00 A 8.45 
Instant credit ^cam boofcmo. 

■' Infcctioio, appealing, foot -stomping m 
baart-tfiiimpfng," Observer. 


day 2 A^ 

mat] A 730 MACBETH. -Totnor 7 Cnota 
early startl Brand. 

LYTTELTON (proscnnlum stage): Ton't A 
Totnor .7 AS PLENTY, a new play by David 
Him - 

COTTESLOE (small auditorium): Ton’t a 
lost WORLDS by Wilton John Hair*. 

Totnor 8 pun Juan Comes Back Tram. The 

War. 

Many excellent cheap 
day of perf. Car 
2033. Credit card 
Conditioning- 

°Lp VtC ■ 928 7616. 

Mjjr-29-June- 1 
INTERNATIONAL SEASON. 

The International Turkish Players In 
The Turkish doss by Necatl CunufL A 

musical comedy la English based , 

BS&graSfWS 4 7 '" v«jng Vjc ONTOidwc. «,.rn 



n Gio*er- Harold tenoceirt. 

Derek JatotH. John Rowe. Prunen* Scales, 
nmotlrv West. Timotey West as Sydney 
Smith In SmRta at Smith*. 

The Grand Tonr 

Derek Jacobi as Byron In 

The Lunatic. Thn Lever & . Tbe Poef- 


r mjnny.- Evening Nc 

Sn^a 8 •Esa.ffi.f 1 ^ 

■Supreme c<gnrdy » rollgtoii." 

, ■ OW VK). ! 

-Jorum's ^AftTmoMW' FA?R. 


el91 

SBjS Pinnef-top-wlce 

HS.-.5?'®?' H alI-hour ■ before Show any . 

arallablo too-prtce tickets £2JiO Mon’ ; ' : 

Tburs. and Frl. 6.00' p.m. neiforni only OPEN AIR, Regent's Park. Tel. 486 2431. 
■JEST ' MUSICAL OF THE YEAR I A MuAuMIMR NIGHTS DREAM 
_ EVENING STANDARD AWARD " ' — - - — - 


CINEMAS 

ABC-_1*2 Shaftesbury Aw. 836 8861, 
S«a. ALL SEATS BKBLET 

1 «n R £X„ L ^X. R OWN <AI. Wk. A Sun. 
2-_-QPr 5-20. h. 20 (last 7 davs). 

fo0^5.lS°glff G,Rt ‘ A3 - Wk - * SUn ' 


247m Dtaiaxt Choir, pari 2 (8). 

and Lntoslawttd concert, part 1' 


mQ Mahler SenaKCplty. SJSS Weather;- proyaiiiinie 1 t^MBRiPGE. 836 goss. Mon. to Thuro. 

f£. nSraTsm News. . AJQBnOp -of Brhabt | B -°°. Friday. .SeturjmySAS and aja. 


(S) StoreophanJc broadcast interval ReadfaiE. 1241 Concert. 1978. 7J9 Neva. 745 The Archers. _TJ0 

5J» am Aa Radio X 7J2 Dove Lee pan Z. U» pm News, us Clarinet, Cheritpolin. TtJS The Prince of Dandleg : 

Travis. MO Simon Bates. tUl Pam Violin and Plano recital, liirt lr A BlceatenW Pwoalt of Bean -Bmnm^ 

Burnett Incfaidlng 1230 pm NewabenL Stravinsky. Brahms (SI. US Words . - - ffl. 830 John EMon wim tee BK 
in Tony wi« * i u rr n 431 KM Jcsteo 130 Clarinet, violin and pjana mit . 2: Sound Archives- L® Anniyaia. w* - — 

is xrr‘cfafi-v™« fa'bifoi lh, 18 Spirit fa jtimi tea-think I gg-f, iSSSo^i®- <s ?° STrilS ISSffiSSESt. 

ruyaiiSt exile (6) about It (8) . (peel <S). am AS Radio X Orchestras of the World 1 S 1 . tSjB Borne- A Boofc it Bod tPb^- U3S The Financial 


JSE&. Town 


, , _ - IPI TOMB! . - 
Ekdtteg Black . African Musical. 


Eyas.- 7.45. Mata. Wed., Thurs. £ Sat. 

230 with RU LA LEN SKA. IAIN TALBOT . ___ 

ELIZABETH ESTENSEN. DAVID [ Tube) 485 2445. BrtaittB t- fr* 

WESTON, - HELEN WEIR. ANTHONY EN PANTS DUPLACARD <AA? n^ 5 
' I ?3 QO JUNE S ’ RNA *- WEEK. Mii’ST tSS 


^ e s. Ut M U l^o? r ’ : Bftd PHOENIX. 01-836 2294. Evenings 8.1 S. 
_.r“ s._Mirrpp, r-uw uvi .Unnfa, a on »u< ■ an 


THIRD GREAT YEAR 
Dinner and too- p r ior seat LB.7S 


19 Featut^ a good mas In bed vhf rkSw l and z-saa am with 


want BomnL 5*JK News. ' i*sa Home- World Tonight. HJO _ Today la FarUa- 


Raffio ^TooTl^ Wat - “ ^ 


T 7 tv )- ? it? a- .Wider Worid. T30 BBC WWsh ___ _ _ , 

»n is jooes. BBC Radio London 

Manaaerial Crttte 206m and 94J VHF 

2 630 Rush Hour. 

imi pm Call Id. 


16 Hieroglyphic keystone (7) 

20 In one way quite an old in Kent (S) , _ _ 

rolic < 7 > . . 22 City district hide-out— that SSk SS5o^ 

21 Youl! find me round _ the takes tho cake (6) traik iw msott voui a mi » mr 

river — there is no trick in it 23 Mistakes that can catch you RADIO 2 irSOOm and VHF gp ^ Hi'ls sm^As 

16) nut (5) SJB am News Summary. 5JB Ray Now ‘S’- *2“ Plana rodtal (SI. ijg 

24 Get your fur — its cold in the oe p ar Hpnlar<t shnui It cm th«> Kwh* «SI wlih Hu Early Show. Indod- £■“* foam for Beenlnt by Berferirr. tji Rfark tirnkm™ 

- — t •-» — /ini " raracoiars snow it on tne Jog 4^5 PUK tor nuwgfaL 732 Terry Tate. Moaanro fS). u _35 Neiys.. HAD- 

Wmum f SI Inctndlna • K p-imIi, HAS Toddll^ Scbuberr riri - 830 Sod 78. 14JB -Late MWH MHUKKI- 

8AS Panw for Thomte and S3B Cricket— _ Radio VHF only— an,’ 54 s- JJ* R a . lUo - ^ ^ 

Tbe Benson and Hedges Chip (sranJ -final P"» Open Univunaiy Jlroe tram the House of ConmKoa. 3415 

drawl. UUC CoUn Berry (SI. 1215 pm ni nTn A Close: as Radio X .. 

Waggooera’ Walk. 1230 Pern Murray's KAJJJU.4 Tjinrion RroflficaKfin? 

opea House (Si tuctaUns Sports 434m, 330m. 2R5m and VHP Ll0na0n oroaaraSUOg 

Desk. ZJS David Hamflron fSi meted bis t js am New, Tn r 

Epsom and 2A5 and 3A5 836 Oo.io^H^ourtohteK^b^S: 


Ind.' l 

0243 81313 

7 D ° ; 


WK 


IAN or 
Eor Theatre. 


_ I MPORTANCE 

01-830 2578 


Friday and Saturday S-OO and 8-40. 1 C2ASSIC 1, 2, 3. 4, Oxford Stroet (On. 
** TIM BROOKE 'TAYLOR- GRAEME Tottenham Coori Rd tub* 63B Q?lS* 
GARq5tt™H« "..iS!L«*-^_P i lM»n. ??*«* ^SusanSh Yortc. THE 

I ®ie^nv*jr ■ ws - *■** 

JUBHr ■ w»r.,„r.. 

S AVE , DIED.** Sunday Times 
E LIGHT.” E. . Standard. 

CONTINUOUS LAUGHTER," 


Communist country (10) river'"^" 11 ° D ^ 

2G Port ha5^an ^order for a re- 27 Doctor goes about in the 

morning with an umbretia (4) 


tired artist (4) 

28 Master returns to Heather Id 
the country (7) 

29 Approval from Archbishop in 
the hack stalls (7) 

50 Precipitate action she dared 
to modify (4,4) 

21 Did without the spring colour 

l6) DOWN 

1 Comparatively vulgar and no 
scholar (S) 

a The military commander must 

“ be quite an old man (9) 

2 A river found in the Bronx 

area (4) .... ... 

5 What a recital— keep it In 

the ramily (S> . , - 

6 Collected profit to include 
ihe Russian (SC!) 


£jb 20b showcase. omHpmu.Run. Xio | c °X*Fh, ue ° 1 f^s jifT aTo 8 0 - 

MOIRA LTSTER. TONY MUTTON 

"“■£5 BW'SKiKy-SKF 


Ltd. enpagemant June 20 tojuly Tg i PICCADILLY. 437 4506. Cradtf Curd bkss. 
ALEC MCCOWEN'S 836 T971-5. S.30 a.iB.~®4KJ p.m. 

I tjo. SUL 4 -SO & 8. w«d. matt. 3.0 

Rorsl Stakesoeare Comoaov In 
THE OUTRAGEOUS ADULT COMEDY 
by Peter Nichols 
PRIVATES ON PARADE 
Rlproirfnq trfumph," S. 


ST. MARK'S GOSPEL 
r ,±? fopr un force. - S.Tmt 

Tugs, to SaL 4t a.OD, sun. at 4J0. 

No Pfs. - Mondays. Tickets £1 -25 to £3.0p 


Of-GLQ. 

taPf rf® dETSr- Waisst 

Iwrv. B juiie 'IS™ 

tis e 5iS c, iSv2 9 KL~^J«L pSiis. 
M 2 CXL *‘ 15 ’ Sf * OW 1, * ,S ,M ® 


THE HIT COMEDY THRILLER 
. „ MURDER AMONG toends 

robbery, double bluff 

teA- m £2fca. T SEiL “ A 0000 dpal of 


Solution to Puzzle No. 3.686 


\m m- ® ra 51 ci g 

lEuaEBESDIES 

'a E !M Q -ES-3 C, 

□HEsgciHS eg mmrsm 
ns a a n & -m a 
ssgnnaassp 
a ra s m pi 3 a e 

gBKQffl ESEHE ■ 

m m e b • ra -’Q • h h 
QE 1G339 - -EasaCiaBRSB- 
TS n ' 0 B m 

□BEEHg §3SCnE3B 

m e .e a g r e 
--'ESHEHE iaB 


261m and 97^ VHP I 

5JB am MomtaS Mule. «J» AM: BOO- 


I *■* Bne». weather, pagers, spoi-l *nd Prayer slop news. InforuratlOD. travel. . sgorr and 
Ptw? 1 D 5i a JSl i 5 chui ' wr *te Day. 7jg 7JB Todays review. I8JB Brian Rayu Show. 186 pur 

*««?■ P«* ua Cr» T3S up to the Hour raontlnSn 8J0 Reports. MO, Georw Gale* 

guumel Motanns l^gm tetiou. L P World News. 830 Today. 8 o'clock Call. A00 LBC Reports . fcon- 1 

S 11 ^ ( P FarUemenL 9.00 Nbwk^ IBS Thra^Von t»aoe*l. >M After Eight wUh Ian G0- 
bKtedftur TJB Spans Deft. MZ Folk- Have Loved, in nn w.-u-. m , L ... chrbu. Mil wite ftrvn Jours. 

am Ntebt Extra with Adrian. Scott. 

5S £? SSST u^dJE^" S capital Radio ■ .*.• 

i2JX> News - am BP*°“ Rsceco^SSr llS^r-iSd wStd ‘ ^ 194m and 9B=9 VHF | 

■RADIO 3^ ^ 464m. Stereo &VHF Weather /s». 880 Michael Asori fS>. 128B Dave 

J Mtttam Wbm «Iy lSTtS? aJSSi ^JP'T.WorW at One. Cash .6*. 3J» p>« Roiy Seoft /fi». TAB 

^LSS » wSSt^mThowb. TJS Mr ^ ^ 

Dvermro fSl. 8JB0 News. 885 Morning With UoUmvlSRO Npw£ nKJaS ID Hirirr 

smt^ws up a*afl5rg«S SHlSJSSHhKJ' 




■ 00 > Mi ssajs^a?^' 13 ^ 


'Mv K 


DUCHESS. -- 

Even too a 4,00 

OH! CALCUTTA! 


““tS 24 ? j" Mft to Thura. 
FrU-Sat. B.1B and 9,00. 


JlOfOlfln, U BJUPTOK 

„ BEST COMEDY OF THE YEAR 
Ev. Std. Award and S.W.E.T. Award. 
FULLY AIR-CONDITION ED 


CURZON. Curzon Street W, 1 . log 37 vr 
®_-T0 aod B.SO. . LAST 7 DAYS, 


PRINCE ..EDWARD. CC. 01^437 6377. 

Red. price drew. June 12, 13 and CO at , . , , .... . 

841. June Iff SJO and 8 JO. . Opens “^fJJ*R SOUARJE THEATRE .930 5252} 


3.55. 

Fully air comHtlpned comfort 


PRINCE OF WALES. CC. 01-830 8681. 
Monday to Friday at 8 n-m. Satnrdavs 
. . _*t.SJO and 8 ^ 45 . 

LONDON AND BROADWAY’S 
COMEDY MUSICAL HIT 
• J LOYE MY WIFE 
• Starri ng ROBIN ASKWTTH 

GOOD CHAN FUN,- 

«H 0847.1 


COMING HOME <X). Sen. mgs. Mon - 
Sat- 1-30. 4 AS. 830. sinlsSfl. jS£ 
Sat 13.45 p-ieL aSti 

No late show booking. 

ODEON. Haymarfcet. 


proas. SaL 6 Sim. 


TTw Nudity - 1* stumwng.”- DarHy TW. 
. . .Btb Sensational Year. 


DUKE OF YORK'S. 

Evenings 8.00, Mat 

. -JOHN GIELGUD 
W Julian Mite dan's 
HALF-LIFE 


... 01-836 5122. 

Wjrt = Sat, 3 JO. 


Short (talk). 1835 New Zealand 4JS Story Time, SJB PM R^jxSTi® 


(54. 


H y a M H ob»q n (DnunaL injury 
-credit card rci e rv a tlnir- 
too-prke scat 


rrcervjtlgn ^^ ^jgl iyner 


Jane; •» 

fcSa-^^So. s3s. J a“t 

QUIDCS THEAT3K. ' CC. 01.734 flea °°EON; Lejcevter Eduare. Big gtss. 
Ergs. 8.00. Writ. 3.00. Sal. u iJoi • - CLOSE ENCOUNTERS OF THE 

- ANTHONY OUAYLE “ - . ‘ THIRD JtlNO (rtS 

FAITH BROOK. MICHAEL- ALDRIDGE >5°°™ °S*" 105 - 4.1 S. 

end RACHEL. KEMPSON ^* W 2'„ F, 2' Safc Oonre cmn 

In ALAN BENNETT’S “ • " 11-15 P.m. All seals may be ' 




.22'*. OLD^COUNTRY 

“HE YEAR 


_ ODEON. Martoe A rdt. ■ " 723 2011 - 2 . 

- d irected I IK K>3rtK ^F^nd 8 ^.’ 

RAYMOND. REVUEBAR CC 01-734 1503.1 ***** MU. m e m lT5o 

a* run. 1 ojn. 11 o.m. ' open Suns.) 


Fully 


EROTICA 


- Z1 St -SOBAnONAL^VGAR 


J^E ■ ShSw" Nl 
Bookable. Uceosed. 


ws. «.ts; 

11.45. SMU 


J*Jl U 9 U 



) 
















. Times Thursday June 8 *1978 




Sadler’s Wells 


[Record Review ' 


u 9 


6IKH«r~* 


iSh«r^.X.i!L ?” s J1 e “? b,e of ^ore nature than the reed-slim' 


BaHhcs* mKi’i.iin, . i-lr UUU.M 1 C man me reea-sum 

“ and daniGrs ; chi Wren v.- e have sometimes seen 
Mwan the district from which W the past, hut their costumes 
tne froupe currently a.t the Wells are as magnificent as ever, and a 
originates. The Interest lor the d r ag0D a bP ear s (two-manned and 


The Pearl Fishers 


Macbeth 


bv B. A. YOUNG 


by RONALD CRICHTON 


;-t 2 Western observer lies 1 'rfimxn. •"•‘V,™ wilh lonkinMlUM and 

d&LMS&ss 


; — secure in the lyrical, strong in spruce ensemble and makes thd 

mtafo :“ c ? Ui,,,, S ss anj-tnmg irorn The r cs Pceheura de perlcs. the dramatic music. He is least most of Doniretti's way (furl 

j ■ erin ®* P DSln S Magic Roundabout. U»trubas, Vanzo, Sarah* a. satisfying in the off-stage “De example in the Ajfunso-Leonora ' 

fliifwi f d^hseusds. but in Very wisely each item is intro- Soyer /Paris Opera Cho. and mon amie” when. Nadir is duet on side three* of construct-; 

^ Su ’l- dut-ed’ with a short explanation— Orch./Prctrc, 2 records in box. stealthily approaching Leila for iDg a kind of instrumental cage : 

nAwnt. ■® x P 0tt ' .^.worthy ex- the programme is unconununica- £ M1 SLS 5113 . Cassette TC a guilty nocturnal rendez-vous. round the vocal lines. It is: 

thin Cou,d tive about performers, though 51 * 3 - ^7.95. Unfortunately for any subsequent pleasant .for a <-hanpe to hear.' 

ialoZlU .QQ Ul€ same i Cnninue rtAtAc nKhiir tha inot B n i nnnLi D n i i .. r... : . _ #- sinoAr ‘RovnalHn Unhn uhn Pnccnttn f IlS I ffinnru > ! 


*u ■ Co P*°us in notes about the instru- Doniwili. La favorila. Cossotto sin s er » Reynaldo Hahn, who Cossotto tas Leonora* andi 
nbV^^Sr'ifS S n r m i ethatls 1 darned that we Ortrubas, Pavarotti Buauter w « n ‘* * tenor *" d had onl >' » Ghiaurov (as BaUhssare. the; 

& °S rr? P rivneged to see one of lihiaurov/Chor. and Orchof ^read of a voice, made a now Father Superior, roles with. 


sonority - h»tf for a Umi^LlZ - « ... lu uu v ot uniaurov/unor. and uren. of * r ,V 

Balinese srt L'iirtwiiri J?” ° l BaJl s greatest musicians and! Teatro Comunale Boloena/ ancient and crac kly recording of 

S’SdlestS of « tber J <S d^e-teachers; his solo with the Bunvnge, 3 records in box rhl * P‘ece with piano, but his 

an orcaestra or -.28 pieces, whoso nn-ho^ro r nnn . n .,d.. -:..u « *_ 'ki.J: i in.dru miner* in ihi« »»• nn 


which they arc not understand-! 
ably over-familiar. Though both 


irudSEtSie p3 w ec;es ' whose orchestra was sonorously rich. Decca D 96 D Cassette K 9 flK.ll artistry (aided in this case, no resort at moments to "routine i 

*£ as bcamrful » A" evening for devotees, but by £ 1195 , U “ eUe K95KJ3 ’ doubt, by mixed Jewish and loudness . they give fresh, well-: 


« "■ TftnL. _> v «vctji«s iut aevoiees. bi 

+SJ BOTtBSi? 5 are to bear — no means unrewarding for 
^ ISnl? sJTmt h f ra r ed - m - 5 y one P re P^d to seek the rev 
“SS'womK i* ve ms, de ot the out-of-the-wav. 

his golden cage. The dancers are CLEMENT c 


ie«r — no means unrewarding lor 3 ny-| R ... . „ . vcnczueian-apauisn ancestry » 10 

m by. . one prepared to seek the rewards* l-VitI." '-?*'**. Stignani. enabled this genial musician to 

inside q£ the out-of-the-wav. upp^sent, Rossi-Letneni/Clior. give, in a primitive recording uj 

rs are CLEMENT CRISP j 5 ™_ 9 ™"-. °* L 3 tah/Senia. studio, an account of the song ri 


doubt, by mixed Jewish and loudness they give fre.*h, well-: 
Vcnczuelan-Spanish ancestry) formed singing as well. l 

enabled this genial musician to Pa varotti. on disc, is 3S usual 
give. W a pnmmve recording hi?hly enjoyable for the dean.- 




;f ?5 an 





Cassette TC 5115 Sum ™ Iur . -?w wbethe r one can believe in him | 

_w ssette TC 5115 . £ 8 . 95 . operatic singers of any period M a nov ice or the order of Si.\ 

Bizet's Lex Pccheurs de nerlea ca “‘“ et f“ a ‘- . James of Compostela is another i 

yen by the composer's warmeat matter. The role of King Alfonso! 


D> tne composer's wannest Guillermo Sarabia a versatile ,u,c u ' l ' ,n « -‘vuonso* 

admirers, can hardly be placed biPhl voromisincartist we does " f gIve mu '-' h opportunity, 

in the firct elace wiih hie iw , 8 ?. y P ron »s«}S. arUst wbom we for the protean talenia of Gabriel ' 


| «he first class with-his Careen Spr^umaWy ™ iTwE L° r ^ P rote * n r l ^ nia ‘^bnel 
« is a lovely and lovable Ih- if-. Bacquier — strange casting, and. 


i e* ji is a lovely and lovable of West Germany thp Met and J}ac " 1 " . su-p/i^c casting, and • 

'L2S.SS!*. U*&. S’ri&^ySLlg S-L«£Lt, \ET12S ; 


Book Reviews are on 
Page 31 


Piero de Palma aive-t an exem-j 
plarj' compnmurio performance f 
as Gasparo. 



Dorothy Tutin and Albert Finney 


Lcuruirti Burt 


in spite of ipequali^s and a lo ^at CoventGardenHS tone should he ^mpclled to sing! 
fustian Story. it never dis- ,0 aear at cov * nc uaraeo - a leading French role in Italian. • 

appeared from the repertory Book Reviews are OH p i ero fi e Pa'. ni a pivr-s an exem-j 
even when French opera was pla ^?' com P nmuno performance f 

widely neglected. Of course the Page 31 as Gasparo. ■ ; 

tenor and soprano arias, admir- r-«* u . Norma is a greater opera and. Lcvnuni Burt 

able examples of Bizet's melodic - s 1 ,ea ^, a F - 0 • ba ?* as J ever _cnarm- n,j s reissue of the famous 1951 Dorothy Tutin and Albert Rnney 

seni USl an d still more the tenor- StiJrflSSPJSf'iSl ^!-, S r HfJ version wilh Callas sm 2 in 3 the 

baritooe duet, have helped by v ^" e «. huaiity to much effect but title-role .and Serafin conducting .. .... , . , . , 

remaining in the gramophone sometlnies leaving one hungry Pestores t0 the raialo^uc a Unwilling as I am. I cannot voiced altogether— does not sort unlike the provincial Lady Mac- 
oata/ogues. Most opera-lovers f S r true * ^^r French sound. nota bIe record in- Some°prcfer ' hp,p e0ta P arin S the National very well with tire use ot the duff, effectively played by Dinah 
who are also modest record , e H,gh B nest Nourabad is thc later Callas^ version when : Theatre's new .Vocbeih with the unadorned acting circle. There Slabb wilh a very small but arti- 
collectors. must have early * ak f° hy ' the reliable Roger the vo j ce vas already b esinnins ■ Shakespeare's. Not only seem to be two minds at work, culate little boy. 


Unwilling as l am, I cannot voiced altogether— does not sort unlike the provincial Lady Mac- 


raemories of. say. Rogatchewsfcv s W r - Tbe PerfOnpance as a t0 loS€ luslrt . l y ltlU2b the! has the RSCs production been not always in agreement The Terence Rigby plays the 
singing Nadir’s Romance "Te e ' W1 ^h l ne Paris up era fabulous powers of dramatic! P' a j;' ,n S near by 3 t the Young Vic abandonment of any attempt at Porter, having already des* 


• 3 "« l 
a> 

** M"F 

rattan i 





erois entendre encore," Vallin Ghorus and Orchestra conducted declamation were still sharper i unl i l 3 fcw days ag0; but tbe illusion in the scene with patched the bloody sergeant 

singing Lefla’s Cavatina' “Comme - Georges Pretre. is acceptable rph e an^er | 5 no doubt to ‘ ^ a J»O n:, I's. directed by Peter Banquo's ghost, for example, (promoted in this text to 

autrefurs dans ia nuit sombre.” of s lf n ? of 1130 ® j8rk possess both. The sound in the !? 3 * ? nd Russell Brown, does not match the supernatural captain,. His is the only Scol- 

or Gigli and De Luca superb in early recording is dry. but one I ba» adopted several of the more atmosphere of Hecate and her tish voice to be heard, and mostly 

'Au fond due temple saint.” afflicts performances of French SQOn / or o e i s jhj,. Even with ■ ? r, P ina ? featu, ‘ cs . the other. f a j ry voices. made sn simply by substituting 

ThorA *n • ^P^t a by French artists. Serafin at the helm thp c,. a ial ft is played straight through in Macbeth is ulav^d bv Albert Slutial stops for the letter t. He 

lvn? a | na?tn«i n DonizclU s La /ooorite was as and I'rchcsna were not 1 01,(1 lons l -‘ ,:mrir,urjus 3 '- L lasting Fjnney in the Ambiance of Kin” fires off hi s jokes rather casually, 

rEx c S~'H Sri EEHH5 

SSSS ,ar - , Mc d i,er - H •» Site. The opera SrS^TSw f rS«?’£ ! ™' A-J-eff'wd ’SB? %'e‘ min!’- f* JJ™"™ "t'Scewible'l KS? he' %S& a %,°S,$£ 

««!« *» S* W UMETT! S“iSF = V*!STJ! “ »»&“!: W 

remind e iiis De re e viewer U of FdS by brin^g'potemially tfoVluS.! dffferenc^lVVh^ r^p^S naftirafiuc^or. ashJ showed S s ^odtsco^nd 

Lear's water-colours of Ceylon recorded excemts — “Snirito t0 rh y 1hm "' ,lfe - arf * object- f hey colour \he whole everfin^' in his splendid Lopakhin. Hjs did” " but^ fsuSS °nonne ^had 

and India, but to tell the truth, Jentil ”mbS “ 0 ^mio^ernaK" les iJ DS *“ B. « n i.n style. To main dlfc«n“ 5S Wpff way w ^ it suffers in com- ^ hearL PP & ^ had 

the exoticism is only skin-deep. mrne d up almost as often as Sr fr ?? h „ 1he j u « as quickly recorded. In- P*n»n wlUl clear, musical 

What one forgets until one bears ,he big numbers from Les P henoinen “ n . , of Dallas are S j ejll j 0 r ,he RSC's filleted text, speaking of Robin Bailey's 

the whole opera again is that pccheurs in fact La favorita r ec{ ? mraffnd ^ tn * tan the the National goes for every word. Banquo— (he first serious Shakes- 

much of the score is energetic. was a French opera, La Fauorite - ,n ? n 5 of act J ,acl - ' n tbe i even bringing; in Hecate and the P*are I have heard from this To 77 ,-xj-i 

even violent, the two moods i ar a e j v concocted hv Donizetti score) “| he scene where Norma ! second team of witches in the actor, and worth waiting for. J tiZZ Oil UlC 

settmg one another off very out of previous works with some c t 0Ilte . m P la ^f J ,h > V , ir ! s h ^ r scene preceding Macbeth’s second Nicky Henson's beautifully crisp 

effectively. This is an ‘‘authentic’’ significant additions. The result. s5e ?P ,n ? children for her tragic , conjuration, complete with voice in his playing of Malcolm TTiomap 

version, with Bizet’s original even in inefficient translation r ^ c,,atlve at ? d for ,.U ie m t nu i dl ,"?. Middleton's songs. (Dominic also shows how it is possible 1 fliUTlCS 

ending in the place of the alter- f 0r which the Italian censors . . ^ antl ,' t ' na ‘Jencri figli. • Muldowney's music here, on this awkward stage to avoid 


version, with Bizet’s original even j n inefficient translation r ^ c,,atlve a ” d ror l t ' ie m . nu 2 dl "?. Middle ion's songs. (Dominic also shows how it is possi 
ending in the place of the alter- f or which the Italian censors 2.'.. ■ ^ anll ' t ’ na ‘Jencri figli. j Muldowney’s music here, on this awkward stage to av 
native by Benjamin Godard wpre na rtlv to hlamp is »nod Th,s ,s ^ knd of s,n o ,n S f ,ne ■ romantic harmonies for three losing a word. 

tnr __ l.n. ... J c iv xiaiiic, ia e,UUU _ n » V, r rnnrp ibun nnr-n nr I r, .._s , ... 


Jazz on the 
Thames 


A series of Friday evening 


. ■ - • *• - - Trevor.- JiumtHiric* 

A dancer, from Gong Sawan in North Bali 


Wlgmore Hall 


Stuart Burrows 




unreliable 
priestess i 
to sing, th 
lenor Nat 


Bologna. 


* ”■?.>? *5- ’■* ■ 


F ised by Ogun Promotions, part 
I of Ogun Records, to whom 
t applications for tickets should 
t be made at 35 Eton Avenue, 
. London. NW 3 (794 4490 ,. 


-• y 


— - ri:. . .TV. - s / ^ lVIUglV on lUP'Ul me uur. 

A,- 5 ]jghlly- schoolmas|l r liness "\ 
evening. Jiit.-^TTpw^Tf'a tenor ^ t |j e platform- rtianne/with a ,.V B| • - . 

0 hT^{,°A U «,£rf;«» a wi SS5SS?r'' reliaDce onrihand-to-hdrn .poses, Gullaball School of Music 

shrp—fhfi note&are not on^ WeJI was dinjlrOshed in Ae second \ 

schooled, hut - lumed with an ba|f Mr Bwrows gave ' _ _ ^ 

evident, sense- ot their natural entixe iy | -his nadve tongues. A A 

lyrical shape. and character. communication was freer in the I V fl P [X/l TV 1 

The; nearest Taste came to j bree Bftlen-awanged English A JJV IT 1 U 1 X X' 

being suDied, - and that only foUc so ^ s . and ^ ils f reest i n ■ 

slightly; was m the FaurC- selec- three Vfelsh ones (a pity neither 

tion ^thal ctosecC the first haXfj programme nor singer gave any .1-4 -| fTO 

•‘Nefi". and. especially “Lydia indication, to the uncomprehend- X IkCII * 


i.r 

• * .•* 


(. 4 J'- ** 


were nwo/Stede'd by a touch of i ng Bjigiishmcn who comprised 
affectionately lingering sweet- mostsbf the audience, of their 


The Marriage of 
Figaro 


11 


ness in the tone that Jed . these meaalng>. The sincere and open 
deceptive- -miniatures in the feeling with which Roger Quit- 
direction'. .. of " sentimentality.- ter’^six To Jufia songs were de- 
(Even -early Faurii requires, and iiv#ed almost contrived to calm 


by ELIZABETH FORBES 




. » • i ' 

r-CK 


resoiuieiyvB*,- tne sunace ot, tne. pear 
w nrdSj- Jife.unen cu m be re d: lyrical ^-arm- 
style' was diwrihfiig arnTrefresh-'/atl np: 
ingTAJthdqgb -Jtfr- Burrows aad^ 


sembtes with splendid firmness. Paul Leonard (Antonio). Robert 

MAX LOPPERT flls P‘ay s wore than a hint of Crowe (Don Curzio, and Robin 3 

steel in her manner and is Redgaxd (Barbarina, all fill their 

. obviously used w> getting her roles more than adequately. 

"1 ATI C °^ Q w »y- William ShimetL Dennis Maunder produces with 





rt OU/i nr Arl 1 1 ptl AH C 0 > 7 1 way j William ShimelL Dennis Maunder produces with 

nCWi PrVJU.UL/llUIIo “ 1 “ er ** d more pI * c i d m out - a sure hand: he knows exactly 

S Jr ward appearance and behaviour, » h#* ri°ht amnnnl nf mmromani 


‘■z-m 


' :':T . •• -T- - ward appearance and behaviour the right amount of movement 

;Yr R ^-^tjpual .Opera , 1 Irt* . Jjshon and Elektra and A Child *%>*£**£ *&"**£?_ fSl*? 


» ofw Ttoe to Wiesbaden. singers 50 ,hat « n «"«*«' 

fo nuances of 20 th century works. There wl! be 15 operas ^pi b r 2 0T l thc • mu , sic but neve / 






.a: 


is attempting the same level- receivim* 161 performances in 38 CoU h l tee] embarrassingly unoccupied, 

of achievement within 'the^tan- theatres; and the total in Wales Margaret Matthews* adaptable 

dard rectertorv '■ - will rise from 80 this season to Alexander Garden apart from 5e j , s extremely wnfi lit bv John 


.rK»» 

« * ■ 1 -* 


dard reifertorv — j will rise from iso tms season 10 — **”*" sci is extremely won m nv jnhn 

• MW -broductions -aonciunced- 92. °!* e - or two moments when he Roffey. who provides a nice fire- 

-for^&Tfrra place such established - The company is enjoying its. *° u . nsteady f h,s work display at the end. as 

■ zfnt4**r4hi thin? 'Vtf3P nf financia} sfabiiifv. ktpD^-ls defeated almost from p^rJiAr fmmiap/ f hv Cnunt 


iii 


w&. e i< 


* y -k - 


■I-jLrrJt.'jCWd 

: i-WZ% 



mf 

• .y -- 


works- as Aloddm -Butterfif. The. third year of Bvancial stabiJif 1 v.|‘™ne— is aereaiea almost from /»arjj + r fromi sed hv the Count, 
ifagio.-' Flute and La traviaia Results of 1977-78 were within art. and what «s more he vu em Tauskv conducts. The 


r ti: C 


. lUUUlC. f lau; anu . UJ ti.m'iutu — .... .. linnwc it ....... <-vnuui M. LHC 

aloa^idfi-j^e'j'iaJjrojHmlos. Case. 1 ■’per cent, of the £ 2 nt budget, «nows 11 . acoustics of the new theatre in 

the se cQ PtTJamcek co-production a record audience of . 152,000 was A really young looking and the Barbican are not of the 


- The sixth ; ne w-'-produ 


be' an" Offenbach. double -bill ham. Cardiff. Bristol and Oxford, ance not unlike the Mona Lisa, further performances on Thun-- 

, ai 1 ored'fdr.^ b e^Welsb' university the company played to capacity -gj turn ^ t “ ra ” y dav and Friday - 

thM+rao-i , 'Tha 'w.mnanv' '.is also honsps laugoier wiuun a. re» Ddn. tier T j „„ ^1 .1.. 



M*rn i. iv i 


: > ****-«» US London i Choral Society 




of esireme youth. Her 


appoictinent 

Simon Rattle has 


International Finance. Competitively. 





>. ■ **.' 


-* s - 


mviOENP 

mCBEASED ^ 
SmMDWA^M 
SEVEN! MONTHS. 


Academy of Ancient Music 


; .V-: 

> ♦ * . • 9 


OrchJua C a“oc^ Ph cr: mCdiUm • Ier,^, fi « anrc ^ red 

^'^SSiiSSwS? Mi afiaoe TcSenw" sSS'i £i° T g°:^ R JJS fitted f"St£ PhXnSonk Orchestr a LlVerP ° 01 Ncc-uiating or diwuniinc bills. Acceptance credits, 

- V" -yj " John r«uu.n j. Eurocurrency finance. Export fuctonne. 

9 , International leasing an J Instalment finance. 

■ 1 Christ Churchy Spitalfieids international Branch Network. Competitively. 

nSSSm ' Yv. Beiny the exclusive U.K. member of European BanVs 

: -A ^ V A - t ■ A A /fnni' /v Internafii'Fial (EBICl Midland can offer their clients the 

■: V- A ranfilTlV OT /\T1C1GX1L iVlUSlC compleie facilities of seven major independent European 

SECOHDTfME IN - . iv iJLyC I vI-^aAAJ' \J± j. banks With 10.000 branches throughout Europe and a world- 

^EVHtfliOW?^ S ■ y wide network of joint ventures. 

vd : ^'^V--= - : by NIC HOL AS KENYON International Transfers. Competitively. 

~ . ■■ j foretgn exchange, spot and forward contracts. 

*- - ; • • : . t ^^wbile causes rouricai centTe, and that it is some tightening in the voice— Clean payments, mail transfers, telegraphic transfers, 

• vv • . - •• • H 0, y fast l.— thcre is worth restoring it to its former a pity, because the rest nf the drafts. 

•.:V ’ •: • can be advanced wncu splendour. ensemble was distinguished by Bill* I or collection, documentary credits. 

^, 0 “'"™?' V S-r. JSZ r «*, T? P0 '“' , fc . International Corporate Travel. Contpefitively. 

■•aSf^SSvr *.^,'. 4 • ' ,on that a eroup Of us attractive little chamber concert John Turoer chirruped happily Exclusive to Midland, direct ncces* to the worlds 

tmUtber the vas , u by -Christopher Hogwood’s through a Vivaldi recorder con- ] arG cst travel companv— Tlionias Cook— a member of the 
:aS^®Bafieov^a.year . w JStidy nave of Hswfesmoors Academy of Aorfmc. Mttsic. The wito J“ d ; « sopranino Midland Bank Group.' 

. - oaTe.-u«uM^ hasilica at programme appeared to have mstrumenL the cocore by Arne,: r * -, 

Hastening to its been designed to juxtapose late Anthony Pleeih brought con- . J hi. I. isteLt growing company in busine.-s travel provid- 

j Spitameias, ■ »*** * flmC aliv{V mh _ and early igth^entury siderable passion to a Geminiani tngtlic most comprehensive business travel service including 

; ferV^UB«!^Vsar payOUt support to the- forma- music, much of which might well cello sonata; while Catherine foreign exchange in 150 currencies, travellers cheques, VJ.P, 


co mmcMl ... 

•r:^fvid6W6t^0<^hare. - •- . . 


-by. NICHOLAS KENYON 




How fast, wo thorp is worth jestoring it to its former a pity, because the rest nf the 

can be advanced ™ splendour. . ensemble was distinguished by 




. nrtra nisa- • cjjwuitue uj 

lidth enthusiasm and organs There u-as an encouraging iu rtl „ od DOlse 

U(1D to support them! turnout . M«do 


Eurocurrency credits, bond issues, corporate and 
investment services. 

Samuel Montagu are also major market makers in 
bullion, foreign exchange and Eurobonds. 

International Insurance. Competitively. 

Comprehensive insurance and reinsurance broking 
services through Bland Payne— a member of the Midland 
Bank Group. 

Internationa] Marketing Services. Competitively. 

A unique range of marketing and export finance services 
through the London American International Corporation 
Limited, operating in over 100 countries. 

Information on regulations, tariffs, documentation, 
procedures and exchange control. 

To ensure your company makes 
the most of its international 


° « t b a t A group of us attractive little chamber concert JohD Turner chirruped happily 

two years ago mat a gr p 

Kv rvirictnnhp.r Hoewood’s throusb a Vivaldi recorder rrm- 






•>1upWttds : * since 


•J -innp wionort to - 1 / 16 ' r t ' rn,rt music, DIUCD OI WUIVH miyiJi well *. 6 »iu suimva, w,in C oauici iuc JOnTlSU ■- ivuaiigG' III I. V LUI ILIJVIV^. LI a v 

Sn U ttie Friends <tf Christ have- been heard at the orlgmal Mackintosh and Monica Hug;ett Service cards and S 70 offices in 145 countries, 
tion ?*■ fho Friends Academy's • concerts. Judith co-ordinated precisely some _ .. 


' Ebt more’ mromraiuxi. wnte ; 

box 2730 , 


non «. u«» ■ ^ Friends* Academy's concerts. Judith co-ordinated precisely some . ‘ „ .... , 

Cbun-n. Ajreaoy w jih the Nelson sang the popular Corydon tricky figurations in trio sonatas IntCrOitftOnal Merchant Banking. Compeiltjvely. 
active c * truste e 5 and cantata by Pepusch. who helped by Handel. Vivaldi and Purcell. a complete runse of international financial senices 

nrt^cers have, found the Academy in ITIO; and The acoustic _ swept _ the violin fri , m Samuel Merchant Hank and a 




ww?' advisers have, found the .Academy id mu; ana ine acousuc swept me vioun f Samuel Montagu a maior Merchant Bank and a. 
architectural adviseix ^ a le #f arjas frQm Briseide SQUn d towards U s beautifully. Ir0m Jl L 2 ?iV *1 „ , i J 1 d 

managed to ma e Ronald by Steffani who became the and helped to project the clarity Jncjnbcr ol the Midland Bank Group. 

inhabitable. earlier, organisation's President in of Mr. Hogwood's mid-lStb- n h_ N— ^ 


opportunities, you really should talk 
with us. For a prompt answer, 
contact George Bryen, tel: London 
6069944, Ext 4057. Telex 888401 
or contact any of our branches 
throughout the U.K. TEST US. 




lnnaDitauie. ~ earlier, organisation’s President in of Mr. Hogwoods mid-lSth- 

ehnebton repo ea music absentia in 1724 . She sang century harpsichord; but the 

there are-cou ^ rov j n g brigbtlv, with a firm focus that cello boomed, which upset the 




there are . co ? nrovina brightiv, with a firm focus that cello boomed, which upset the 

fhLt th lhe% e ^efe^ao work as a was achieved at the expense of balance slightly. 


MklUod BonV LimjicJ, lnisfn*nun»l Di'uon, Ml Onccchui^h Sirui. Lvndon LC3P JBS. Tel; U |-ma AM. 





N. . 








FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4. Telex: & 86341/2, 883897 
Telephone: 01*248 StHH) 

Thursday June 3 19'B 







unreason 


BY REGINALD DALE IN WASHINGTON ^ 

S IX WEEKS AGO. Mr. human rights, both in Congress are the most difficult, and the to have teen deployed, accord* Continental capabililytb enable that it beghs when SALT ! 
Cyrus Vance, the U.S. and the country at large, few two most difficult of all are ing to the latest UJS. inteffi-Vit to. reach the U.S. There is no enters rorre. ... , , . 

Secretary of Stare, came politicians warn to stand up and restrictions on the introduction gence assessments.- slgpii at the moment that this^s. Moscow is also .. still ■ trying i - 

back from Mosl'ow reasonably be counted on the SALT of new missiles and the Soviet When these fourth-generation Moscow’s intention,/ and ; the. impose . zn mnmam ~TBstrictifo < 

confident that a new strategic issue for the time being— and Backfire bomber. The Soviet missiles are fully deployed, Badkfire is regarded in Washing- on .'Anfencan JiiddiEs % 

arms limitation agreement certainly not before November’s proposal rejected by Washing- defence experts here believe ton as more a political ques bon Boeing 747 jumbos . as Graii 

(SALT II) could be concluded raid-term elections. Quite apart ton last week would have had the Soviet Union would be able .than an Issue of substance. »ut missile carriei^s. .. One., jtnat / 

at a summit meeting between from political difficulties, it will the effect of preventing further to eliminate the entire there . is still no agreement could laun ch around 60 .Crtai' • 

President Carter and President take a considerable time to pre- testing and development of the strong American Minuteman either' on the legal status .of missiles, or ' three^linies -th - 

Brezhnev some time in July. In pare and publish the final text American MX mobile missile, force In its silos in a' first strike, Moscow’s assurances or on their amount earned .by-/?; . gj . 
yesterday's Annapolis speech, of the treaty and arrange the while permitting Moscow to go and still have a large quantity detailed content and. the proor. bcipber./TTor “lelr ;part ? /tfe * 
President Carter reiterated that necessary, inevitably lengthy, ahead with all but one of its of land-based strategic missiles lem’ looks increasingly as tr. tt/lLS.' negoUators are sqII' jk.- 

prospects for an agreement are Congressional hearings. half dozen ‘'fifth generation" lett over for a second. That is. can only be- resolved at the^ijappy. with pjroc^iures //i . . 

Hood, that the U.S. is neso- Officials close to the ne got i a- missiles now anomartime the the main argument for deploy- highest leveL . . . -verify whether Soviet' ,a«m: ' 


PROPOSITION 13 seems at the tax structure violently. Pro- good, that the U.S. is nego- Officials close to the negutia- ra i ss ij es now approaching the the main argument for deploy- highest leveL . -verify Whether ^>vxer .aireja: 

moment likely to share the gressive tax regimes which were tiating in good faith and that tions here say they still do not flight testing stage rag the MX, would Would move . Farther negotiations are also are being. . used fotretpniiai 

memorable vaaueness of Catch designed to mulct the very rich Sait II is of fundamental import- rule out an agreement at a The tt s would h _ orenaTCd fo “f 0 ™ 11 different liuncjtihg needed on ! America’s Cruise sane* refueling m-. as-jieay . 

memorabl . b vagueness ot Lat^n affect the skilled craftsman, ance to both super powers. Carter-Brezhnev suinruir pos- ™ sltes * ensurin S much greater ! mfegUe the relatively cheap , bombers/ , ;^ - ± ' -/k 

22 ra the world of P°Pul« At th e sa me time other taxes- * oreat deaJ has chan - cd sibly in Hawaii. They agree that “survivability.** : V- pHotiS s weapon that can. be Bespite ’ problem 

resentment There will be a nota bIv the fixed revenue duties however in fee n£t six weeks ^ere Is no deadline to provide de ' £ l n J J Many people id the Admin*. Punched from ground, sea or the- ^ Administration - 

thousand people with a vague __ have been considerably P Washington with a positive 1{1 J?? tration would much prefer, not ^ . w ith conventional ; qr .confident that when 

idea of what they attack — over- eroded. There has still been incentive to conclude the talks. ..m,™.-- L ™». *-, sh . to have to build the MX, both on nuclear warheads. Range limits - treaty r is. pubU^ied rt:5nli:i& 

taxation in the new example, enough net fiscal drag to offer - ; ’ jS But they point out that it only ? f ^ratrarS wire to^ver the SS*!* became Vam -toe been agreed for the period the jnpportxjf 

bureaucratic rule-making in the politicians an annual endow- requires a last burst of political i ^riod uS to lags Washing- ? re stm fen “ a ^ ,le Problems; of Tthe three-year protocol hut opmloil md 

old— for every one who knows ment o£ risin S real revenues • • ■ determination by both sides to t would like each side to lfe t0 °.T er ® ,ine “ d ^ el °P m S- its differences: continue, over how- It . fr.- 

wh.t^n^X Z “S wbM. th. «•» ■ . • CK* remata i„g as? ^ -at*- “ ’2JS2: 


thousand people with a vague — have been considerably 
idea of what they attack — over- eroded. There has still been 
taxation in the new example, enough net fiscal drag to offer 
bureaucratic rule-making in the politicians an annual endow- 
oid — for every one who knows me °t o£ nsm 8 re ®t revenues 
what they actually say. This which gave them the oppor- 
popular perception is right, tunity to spend more wjl 1 *® 
Proposition 13. by which the offering bogus tax reliefs. The 
voters of California have sought nature of this process is not as 
to limit the taxing powers of widely understood as »t should 
their elected representatives, is lje — for example, how many of 
in detail a piece of political th* Labour know-nothings who 
slapstick, just a s Catch 22 is prevented the Chancellor 

... 7 . . — . . r. Am ouvrvinn hie nrnmicPC 


A 65-page joint draft text The problem is whaT^Situtes 10 ®* r * u ^? 4 - eitoer iated. -mere is also disagree- itotta najon&jj' tte 5er- 

already records agreement in a -* n eW’ m5sSe^Se^JS dS Qjngrws or the military feat me nt over when the three years ^ P* 

substance on aroind 95 per 3 new mssd *’ *** U,S * does b unaeoessa^« the UJS. ar^ng P^sidant has 

nont ,>f th» long as the Russians do nofefajg ^ ^ protocol's life began'. there is; a .surpn^ng deirefen 

to lessen the threat to tbe October, "when SALT I optimism in the : ar'_feat-,it-ti 
Minuteman force, the’ 5 ■ ILS.Si expired and Moscow insisting a ^|ht he will 

only land-based strategic system ' ’ i - 

apart from 54 ageing Titans. 

Only if Moscow went I much 
further than is likely : ,in 
restrictihg its missile develop- 
ment would the alternative- 
policy of modernising, the 

oineu luiai oi neavy nomoers Minuteman force become 

and missiles carrying multiple c«u« miuiie realistic. Indeed, if ' 

independent warheads (MIRVs). President Carter is to. sell, a : 


£r ” cent of the issues at stake. 

Subject to minor adjustments, it 

— rftMsu'.. B’wfsiirc imniorr is ouw agreed that the overall 
number of inter-enntinentai 




fictional slapstick. They stick [rom ®“t Jjjs promises A ffiW days aj , Q W ashinglon felt baUislic missiles, submarine- 

in the mind because they to rationalise the higher rates 0 bii C ed lo reject out of launched ballistic missiles and 

express important underlying ^ hand a Surprise last-minute heavy bombers on each side wiU 

tniths. iffi.tivlw douh^d since the Soviet propel to ban the be limited to 2.250. There is a 

- is™*' "pip-squeaking’’ zeroise development oF all new ballistic sub-hnut of 1-320 for the cum- 


Self-rehonce ? n rSl i Q?4 ^Thp^oeneraTVe^nse missiles between now and 1985 hined total of heavy bombers Minuteman force become 

The popular revolt against ‘ 1 1 tt J ' S \-stem is burdensome —a proposal that the American and missiles carrying multiple Cmae mUMe politically realistic. Indeed, if 

high taxation is rapidly becom- ‘ . un f 3 i' r j s widespread as side considered at least no independent warheads (.uIRvs). President Carter is to sell, a 

ing general in the developed noiiMj-ians 0 f all parties ' are better, and probably worse, than with fee proviso thar MIRVs not dispute that the MX is new. SALT IT agreement to Congress, 
countries. Not only in heEinnine to understand Moscow's earlier negotiating nmst be limited to l^OP. Inside The Soviet Union, on the other he will have to be in a pdsjtion 

California, where ironically the position. the 1.320 sub-limits, there are hand, argues that most of its to assure the Senate that itidbes 

revolt is against what is already Rhetoric Meanwhile, a number of fac- no restrictions on the number fifth generation missiles are not not prevent the MX go Ing! ahead 

an expenditure-cutting adminis- tors have conspired to make it of heavy bombers. But the new. but simply improved ver- — precisely the option.:- that 

tration. but in many other Our wise guardians in White- increasingly unlikely that any Americans have accepted that sions of fourth generation Moscow is now trying to ctose. 

American states, in Scandinavia, hall, observing the administra- new agreement will be sent to any aircraft carrying Cruise missiles such as the SS17, SSIS Equally, President Caster- 1 will 
where the tax revolt has brought live chaos and legal in-fighting summit for ratification until missiles will have to count as a and SS19, that are currently have to secure acceptable assur- 
down entrenched Socialist which is likely to result from early next year. Against a back- heary bomber. being deployed. The smaller ances from Moscow that the 

governments; and perhaps in the Cal iforma vote, may well be g r0lint j 0 f growing hostility to Not surprisingly, however. SS16 mobile missile, though medium-range Backfire bomber 

the UK. thanking their foresight that policies on Africa and those issues still outstanding developed, does not yet seem is not to be given . -inter' 

There are two basic reasons the British constitution offers . , t • 

for this. The first is a kind of voters no opportunity- to pass . ; 

Catch 22 of social spending: irrational and ill-drafted pro- P~1£r^Tl 4P* a tt 

the more effectively social pro- posals of this kind. However. || IL-. -wa B * waR- n wa” <~n - — — 

grames eliminate extremes of they do have the opportunity to || HP wf g ggBSf* B y| ■ 

deprivation, the less pressing elect irrational and irrespon- M v ¥ B ^ W E V Lf. B M B 

seems the need to spend large sible governments. So far we - . ■* 

sums in this way. Large welfare have heard rhetoric from both /• 

spending Is not seen as appro- the main parties about tax-cut- BY DAVID BELL IN WASHINGTON ’ -i.! •' 

priaie in countries where the ting; but there is very little sign 

genera] standard of living has of the fundamental reappraisal TERY EARLY in. the welcome it), but the chief of between different parts of the posals. .•*. 

advanced out of recognition, of public spending that will be Vr morning, as the Presi- them is the President faimseif. U.S.-Soviet relationship. The cautious slde.'--af Ur. 

and today's definition of needed if the tax burden is to ▼ dont’s Press Secretary was Mr. Carter came to power better Since he took office, events Carter is bolstered by Mr.' Cyrus 


—the Cruise missile 


DOliticians of all parties are better, and probably worse, than with rhe proviso thar MIRVs no t dispute that the MX is new. SALT IT agreement to Congress, 
beginning to understand. Moscow's earlier negotiating hKist be limited to 1,200. Inside The Soviet Union, on the other he will have to be in a pdsjtion: 


K %-r >'/* j&Jx 

r,\ .r, 



"V- 

yjt.fi; . .yit-fV 

?» mm* 


Carter’s ear 



BY DAVID BELL IN WASHINGTON 

ERY EARLY in the welcome it), but the chief of between different parts of the posals. 



general standard of living has of the fundamental reappraisal TERY’ EARLY in the welcome it), but the chief of between different parts of the posals. 

advanced out of recognition, of public spending that will be ’6/ morning, as the Presi- them is the President himself. U.S.-Soviet relationship. The cautious side. '--of Ur. 

and today's definition of needed if the tax burden is to ▼ dent's Press Secretary was Mr. Carter came to power better Since he took office, events Carter is bolstered by M^' Cyrus. 

“poverty” includes at) entitle- be lightened in a rational and briefing reporters in advance of read about foreign policy than have forced him to reassess this Vance, the Secretary of; State,, 

ment to tilings which were orderly way. Mr. Carter's speech on U.S.- many of his predecessors. His view. The Russians have proved and by Dr. BLaroId Brown fee- 

regarded as middle class The State authorities in Cali- Soviet relations yesterday. Dr. grasp of the vital statistics of far more complicated, obdurate, Defence Secretary. Both , are - 
luxuries only a generation ago. forma have now been thrown in Zbigniew Brzezmska, the countries at early press confer- and canny than he seemed to worried by Soviet activities hot- . 

The liberal conscience may at the deep end, which is not National Security Adviser, was ences and even during the pre- expect. Cuban and Soviet in- both alsn value detente, are 

argue that the richer a society, necessariJy the worst way to espied behind a column, just out election debates was impressive, volvement in Africa presented confident of American strength 

the more lavishly it should learn to swim. The signs of of sight, listenin'* intently. For He was not, however, “street- an unexpected problem and and urge fee President /to resist 

assist its unfortunates; for the revolt here are so far less man y p eap ie in Washington wise ” 35 the Americans would Zaire was the final straw. “ To the temptation to respond -Wife 

taxpayer in the street, the dramatic—a few upsets in local aotlli . n „ cou ij mt>re neatly sytn- P ut had no first-hand put it bluntly the President empty gestures. UN Ambas- President Carter giving his speech on UJS.-Soviet relations. 

Jarrow marcher who com- government, and the growth of bolide the fart that the past 10 experience of dealing with the feels that he has been screwed sador Andrew Young conthohes yesterday. 

manded his grandfathers sym- tax evasion as a national sport. ri ~ h to hninn"' to Soviet Union, or v.itii Mr. by the Russians; that they have to urge the Administration not ■ • - - -- ■■ . .-*.* ‘ .. 

patiiy now appears as a welfare In the longer run. the warning n _r Menahem Begin’s Israel, or with not kept their part of the to throw away a year of succe»,'- a recogmtion of fsets. : fmjblems. Indeed, Jt^ia trW; 

scrounger. In this light it is is clear: if -the responsible ^ Herr Helmut Schmidt’s bargain." said one senior official “by reacting to the shadow -Implicit in this sentence Is that, /to judge by what has been 

not a paradox that rich societies parties will not devise sen- n l Germany. The temptation to this week. Mr. Carter signalled rather than fee substance/ of the admission (another lesson done rather than by wh&t has „ 

should swing back towards sibie ways to give expression / frf ^ , , promise too much, to propose as much yesterday morning — "a what is going on there." hard learnt) that the making of been said abotrt it; the Adnrnus/ . 

"primitive” notions of self- to strong popular feeling, they 7 ra ^ sl lj Ces ^ in 111 too sudden and too far-reaching, competition without restraint Yesterday’s speech . dearly f ° re »gh policy is no longer only tration’s record abroad is not a; 

reliance, but a natural develop- may be driven out by less res- tor , _ ^resident s ear, ana ot C b an g es — a t home and abroad — and without shared rules will reflects both sides of Mr. Carter a matter for the President. Mr. bad one. - 

ment. ponsible but more responsive j* nevk " Bijezmski line that p rrive( j irresistible. escalate into gTaver tensions,” and in it there emerges once Carter. Ijy allowing something “What Mr. Carter needs is* 

The whole process has been populists. The Californian “f s now moved t0 eentre of f u a very real sense — and be said. again a theory of linkage that of a vacutun. to develop and not Mayaguez," said one aide iH a 

immensely accelerated by in- method could then seem rela- stage. _ like no President, perhaps, since over Africa (and much tries to accommodate both preventing' debate, may have reference to President Ford’s 

flation, which has distorted the tively orderly and sane. Tlle reality is much less Harrv Truman— for Mr. Carter else; the side of Jimmy Carter views. In essence, the President mad e it worse. But post-Water- dramatic rescue of fee crew of 

straightforward. However attrac- the * st 18 monl h s has been a that now wants to hit back (fee said feat the U.S. would meet gate Washington is so suspicious a U.S. ship off the coast of Cara- 

tive it might be— and notwith- period of on-the-job training. Brzezinski side, perhaps) is bal- Soviet competition head on, but of the executive, awash with so bodia— -a rescue which gave his- 

■■ standing yesterday's speech Nowhere has this been more anced by the side that realises feat the Russians must ask them- many powerful lobbies and conr sagging popularity a sudden lift - 

which is supposed to clarify the true than in hi s approach to that the continent is too com- selves if that is what they want, taining so many people willing But the Mayaguez inddent 

M W Bji S 9 B g situation — the odds remain that the Russians. The new President plex to be reduced to a cold And they must remember that to leak confidential documents, actually cost 40 lives and was: 

v v ft* urm . a there will be no ** single voice " was wining to give them the war chessboard. And Mr. Carter “ in a democratic society where that even the most single- later seen to bean over-reaction.; 

that speaks for U.S. foreign benefit of the doubt, to believe is by no means the only Western public opinion is an integral minded of Presidents would be Mr. Carter, however tempted; . 
0j .1 H .1 J T| policy and that threading a way that there was, as Mr. Brzezinski ’leader to be uncertain quite factor in the shaping and imple- having problems. will, probably continue to 

H AA| through the confusion that p U t s jt, a code of detente that how to respond. In the event, mentation of foreign policy, we There are those here who eschew this kind of approach: 

LVVjL results will continue to be both sides would adhere to, and for all Dr. Brzezinski’s rhetoric, recognise that tensions, sharp argue that the absence of such As one commentator put it this 

rather difficult. that the Russians would not the U.S. has actually played disputes or threats to peace will a “ single mind ” is a good thing, morning, 41 Mr. Carter is tiptoe- 

A CASE can be areuprf in Commission has evidence show- There are a whole range of mind his human rights criticisms rather a modest role in Zaire complicate the quest for an They argue that if the verbal ing through a minfield.” So far, 

favour of the nlan which im? widesnread nnee niftinp hv reasons for this land many in because he told them that there and continues to be very wary (arms) agreement That is not signals have been confusing so none of the mines have actually' 

Viscount Etienne Davlgnon’, the ml "nd m.^Snh Washington, with reservations, was no - linkage” i„ his mind about French peace force pro- a matter of our preference, but have been-and so are-the blown up. 

EEC Industry Commissioner, in France and West Germany — - - - •• ' . ''/- 

brought into operation at the as well as in Italy. 

beginning of the year in an . . . . 

attempt to restore some stability initiative IMI I? 0 wli w 1 «1 b 8 ll B g 

to the Community's steel mar- The Commission has already fifB Brail! IrttilliiV if MBrm H I lillV 

pfan *?mpfe e : 'it JJSSm'iSd on Mno®'' Oiiy games keen =»out bringing controls whe nthetes tt^e eomp leted. 

establish minimum prices for th e leading French steel com- « , over navigation on ships up to /; He that + . smce the 

the most widely traded steel ?aniel % these were JorS- IH Wales “» st “ dards « Mpf *5* Jf5_“2L I'” 


mow progress on 
EEC steel 


MAHERS 

keen about bringing controls 
over navigation on ships up to 
the standards on aeroplanes. 


products and then to start push- fringements which took place The nanorimpni n p ThHp in 

mfrkrt e ™..W P hMr whil/in the If** SU T^h T 'r ?’ e C ° mraissi « n nothing P jf not enthusiastic — ' 

market could bear, while m the has said that it intends to take nr onp mieht lud „ e from lhe C w ; C c inCc^r 

meantime freezing the market qu ,cker action against price- news feal^nly onrweek after ISS J OKer 

share nf imports by means of cutting by both Community steel *- SU cces<tfu!lv ’* concludin 0 '*4 It does not pay to joke with t6e 

penal tariffs while voluntary traders and importers. It has davs 0 f" c i {jS ' e cora hat with the Swedes. Last Friday a 37-ye^r- 

restraints were negotiated with also undertaken to oversee the tanker the Fleni V thev are to QM Swiss businessman, Walter 

the main non-EEC suppliers. operation of a new sales agency _ mock disaster Elvedis, tried to Jo so at Stock- 

The plan may have smacked through which sales of all J 0 e “ 0rf ^ w m 3 m0tK ulsasrer holm - s ’Arlanda Airport Yes- 

of cartelisation on a Community Bresciani steel are now to he Exercise Elackwatch is the terday he was fined £380 for 

scale at the expense of Europe's handled. The danger in all this, code name r or a simulated colli- his pains. It was. one has to 

consumers and steel-using ex- 0 f course, is that the Commis- g ion n ^? ieh if ^ happened admit, a clumsy joke. Before 

porters. But it could be justi- sion could be dragged into wou i(j ^ Eleni V's tar Passing through anti-terrorist 

fied if it provided a breathing taking more and more measures (;eem a t Qn the lapel controls he put his keys in his 

space for steel makers to close of a bureaucratic nature in an j n tbis ^ roI J of a Ten , Jarge attache case. When a detection 

down their excess capacity and attempt to cajole wayward com- d ’ u tan i- er of 400 qqo dwt device showed metal. Elvedis 

improve their international com- pames into line. But there are be played bv ^ Shell said it was a bomb. The 

petitiveness. several factors which might still tankeri HaJi ; _ a * 19480 dwt device’s conveyor belt was 

rn-nnerntian work in its favour. feafeenieight. The Halia is to stopped, the area around it 

K.u-uperui.vn I t 1S possible, first of ail, that r am a pa SS enaer ferry. This is evacuated, a bomb disposal unit 


when the tests are completed. 
He suggests feat since the 
church where they were 
interred no longer exists they 
should be removed to West- 
minster. 


Surveyors to 
Industrial 


I think he's heating out 


Tail twister 

“ Gilts have continued their re-i 
co very" was an unexpected 
notice I received yesterday. 
Given the sluggish state of the 
market I looked again, to find 
the notice came from an equally 
unexpected quarter, the Depart 
ment of Agriculture and 
Fisheries for Scotland. 

The notice in fact proved to 
be the results of a sample pig 
census. A gilt turns out to be a 
young sow and the trade talks of 
“ in-pig gilts ” for pregnant ones 


valuations and Rating 
Rent Review Negotiations 
Investment and Management 
Sales and Lettings 
Development 


For a while it appeared that a few exemplary fines might to without trace — which called in and the flight to Lopen- Cigarettes can serionsly and “ maiden gilts " for the still 


the measures might be working, serve as a deterrent. Secondly, w jh uot b e hard since, merci- hagen sealed off while each damage your health I innocenL Just to add to the con- 
Coramunity steel prices other countries might decide to fully, the passenger ferry is passenger’s luggage was re- Henry V died of dysentery at fusion, the census was carried 
hardened, production began to retaliate if the Davignon imaginary. examined. Elvedis vainly pro- v incennes Castle in 1422 seven out on April 1. 

recover, and voluntary Import measures fail to hold. The T h is dramatic scenario is to tested that he had been joking ft ] onff bowine to vie- _ 

limits were negotiated with a Japanese are said to be already h e .played out at Milford Haven, but yesterday he was found - at Agiacourt . His funeral 

number of third countries. But threatening u* abrogate their lv . ith t h e beaches then to be guilty of ** creating false alarm, fl u iy took place at Westminster ACCid©llt Drone 

the key to the success of the import rea^amt agreement if com bed for simulated oil pollu- a crime under Sweden is new bu { y a cont e mporary chronicler. " . ... .. . 

Davignon plan lay ra the volun- price-cutting continues, and the tion bv locaI coun ty 0 il pollu- anti-terrorism laws. SAS say Enouernm de Monstrele* Tt ,s a hjgh llfe we dlflr,sts 

tary co-operation of the Com- Americans might impose a tion officers. The DoT reassures they are now considering suing ^ t ^ Kine’s en traiLs sometimes lead. On Tuesday I 

m unity’s own steel producers higher tagger price on EEC me that no oil will be spilled. Elvedis for damages as a result amoved and buried in the went t0 attend 1116 Forei Sn Press 

and it is evident that this has imports if too much of the in- Like lheir real-life brethren, of their flight being delayed. * ’ Ahh _ v of o aint Association's lunch for the 

been all too often lacking. creased Community steel output simulated oil disasters are Individual passengers too seem llnsaV o urv details in Indlan Minister, Mr. 

Production has risen to levels is being exported there, as organised at least twice a year, to have this option open to ph l/ ‘ in J thp Nntioojl i Morarji Desai— and found on 
considerably greater than those some reports suggest. Finally. Officials have simulated a them, so perhaps the “j'oke” ™ p . * * #h _ t #hp the pavement outside the recep- 

recom mended by the Commis- there is the risk which Mr. massive leak Troin the North has a happy ending for some- “I'™? k \ HaI - e hnZ « . ...t tion a £1 note which no one else 

sion, particularly since the res- Edmund Dell, the British Trade gea oil pipe landfall at Tees- body. ST.S boded to s«are?e wished to daim.^ar seemed in 

trarats on imports started to Secretary, mentioned earlier ra side. Shetlanders too have had aLk * „h h! « r^naino tooe for 1,16 SaT0 7 Md J'ester- 

take effect. In the second the week of unilateral action by to put up with simulated nil ‘ da 7 equally good fortune 

quarter aIom>. steel output is individual EEC members. Tbis on their once-unthreatencd " . . .. . a . ppeared . t0 a . wait me » ^ 

expected to exceed the Com- is the onlj alternative to Com- crofts. The East Anglians have HOUSHIS Hal in shape of a champagne lunch 

mission's preferred figure by munity-wide measures, and no- of course played the game for t £ P™*** by the auctioneers. 

about 4in tons or roughly 12 one would beneht from the com- real, and a DoT official blandly The smgei Tonj Bennett left the 18th century but in what Bonham s, 

per cent. And there has been a partmentaiisation of the EEC told me that thev might stage ^ is >n San Francisco, is now a P® 1 * *n the Paris They were launching ar 

good deal nf price cutting steel market. a simulated disaster there, com- Henry V left his in France. Ana suburbs M. Fleury found a lead “elegant travelling unit" which 

below the Commission's mini- In the long run, however, the menting: “ After all, we do have M. Michel Fleury. Director or arum. _ would take the expertise of Bnn- 

muin prices. only effective cure lies in re- the whole coast to play with." Ancient Sites for the P^V S He 15 c ^? nv J nc ?j“ fe at fe, e ham’s to “the heart of the pro- 

The steel industry in tbis structuring the steel industry. Since it is only two weeks Region, believes he has found it, macabre relic is *vrag Henry s vinces visiting shows, game Talrs 

country has been particularly This is the justification for any since Kuwait Oil Tanker’s but does not know what to do. and presumes the original burial other events.” But when I 
concerned at the growth of stabilisation programme. But it 267,000 dwt A1 Faiha was veer- He says he called the British was made in some haste because arrived the launch had been 

imports of cheap steel from the is a task wherein the initiative ing around the Channel in a Embassy in Paris but that h '® fe e August heat The drum postponed. A motorway accident 

small independent steel com- lies more with governments and way reminiscent of the worst discovery was greeted with cold is now being stored at —35 bad occurred during the Anal 

panies in Brescia in North Italy companies than the Commission fears in the book "Supertanker.” indifference: “I might have been degrees centigrade in the { 6S t drive, 

following their acceptance of and, sb far, it has been proceed- you might say the DoT is wise talking about the sausage trade Cochin Hospital in Paris where 

quotas on shipments to France ing all too slowly or, in some to prepare us. It would be from Lyons for a!! fee interest tests will be made. But M. 

and West Germany. But the countries, not at alL pleasant to see them equally they showed.” Fleury s problem is what to do \*vtj**i vwi 


innocent Just to add to the con 
fusion, the census was carried 


Observer 


King & Co 

Chartered Surveyors 
1 Snow Hill London EC1 A 2DL 
01-2363000 Telex 865485 

Also in Manchester, Leeds & Brussels. 



i 





. ... -«cv- 




. **C; . • * 


Thursday Jane S 1978 


ECONOMIC VIEWPOINT 


f.-s 


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2$ 

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*.4*. ' V # 4-' 



0 WB? 6 ? the am using aspects of 
4 he University of 
CM^H.C (spent in. fact at the 
is- to discover for 
..^M^iisct-inw ludicrous are 
popular ideas held 
‘ IjjFggfc^SJK about Chicago 
ecoataufes... ■ Judging by some of 
-wSsSfi”*.-.! received from 
■-Ltmaanysome Britons thmb- that 

pjcofcssor .'Miiton Friedman is 
m • charge of all 
ecohojDjicteachmg and. research 
veteiHl. newcomers for doctrinal 
. - p.ujat^. andsspends all the time 
6na5tual incantations about the 
ffloney ^uppiy, ... 

'■ ^t^v$^S“i£hed. professor 
of .English: background was re- 
London School of 

■ M^ondcs- to the 1330s, when it 
- was pqpularlyvbelieTCd that the 

institution ..-was ; identical with 
JHqySd^XasW, and largely 
Wessons in Com- 
'. nuntjfigL T • ’••’ • . . • 

■ ^jfepqssibte though it is to get 
. peqp tiiiio Relieve this. Professor 
;. RSedmanTiretlred - from his 

.Gl^^o'^cliair^ iast year; Of 

cotggvhe Js; more, active. than 
e^^Smj£.. T he.: jjbw lives amid 
-splendours of. San 
)’and operates profes- 


; ^^^enire of interest in the 
ecfiy Oiote r ^ of Chicago is 
hcpyrjvej^'much microeconomics 
^*^a^r v toyfexs not only the 
eonai ^analysis .of the in- 
y- 'and"- tiie jfirm, but is 
Xtoj^wjd'amily behaviour, 
^discrimination -and much 
idea.; . 

is - on intel- 
* - T . ..- v| J l tfnr » -not’ policy : pbsi- 
:fidh23E»ere is &'sense in which 
.. .economlcis' is indeed 
copg^rvatrFe. But it is one sttm- 
ajgpggs*/ tiy ! , the . slogan: 
-/yEIi^erf© economists have tried 

_ • -^ •^.^ e w j r j £ j ; om tasfe 

‘. ’ft," Professor 


from the Loop 


George Stigler, the university’s 
leading senior economist, is 
scathing about those who lecture 
governments on supposed 
“ mistakes." 

The prevailing assumption is 
that actors in political, as well 
as economic markets, tend to 
be efficient; or they would not 
survive. If the British Parlia- 
ment insists on marginal tax 
rates of 83 per cent and 98 per 
cent, or : if the U.S. Administra- 
tion responds to a supposed 
energy shortage by effectively 
subsidising oil. it is still likely 
to be acting rationally. The 
analyst should discover which 
interest -groups are being 
furthered; by such policies and 
the role of these groups in the 
dominant political coalition. 

Broad questions 

There is, of course, still a 
great deal; of research going 
on in Chicago into broad ques- 
tions of macroeconomics. But 
the emphasis is not on current 
policy. On the one hand, effort 
is being devoted to developing 
the theory of "rational expecta- 
tions" and reconciling it with 
business cycle behaviour. On 
the other hand, the actual 
history of the-.Great Depression 
is being re-examined. ;. 

This is verjj sensible For 
the most controversial and 
important presupposition of 
monetarist doctrine is that a 
market economy is reasonably 
self-stabilising -in the . absence 
of monetary shocks. Iris, there- 
fore, crucial -to determine 
Whether the World Depression 
of the 1930s re ally was due' to 
a U.S. monetaryvcollapse : and 
to discover why ; unemployment 
remained so high in the later 
1930s when the : U.S, ! money 
supply was stable! or rising. 

Of course, in’ ;i trip which 
covered" ‘ Washington, ..■•■New 


Y ork, St. Louis, California, 
Eastern Tennessee and Ontario 
as well as Chicago after 
seminar hours, I came across 
a good deal of policy dis- 
cussion. And I am afraid it was 
op oven more depressingly left- 
right lines than such discussions 
in England— except that the 
terms “ liberal ” and “ conserva- 
tive " are used instead. When 
I explained to one young 
lady that you did not have to 
be a conservative to oppose 
wage and price controls, she 
retorted that in her book a con- 
servative was defined as some- 
one hostile to Government 
economic intervention. No 
amount of social liberalism or 
past opposition to the Vietnam 
war could help one escape 
this absurd classification. 

The perverse influence of 
labels works the other way 
round. Many advocates of a mar- 
ket economy seem to feel that 
they have to be "right wing- 
on other matters too. There is 
a knee-jerk conservatism as 
well as a knee-jerk liberalism. 
This is evident for instance in 
the tendency of people who are 
in favour of the death penalty 
on supposedly deterrent 
grounds to oppose gun-control 
laws as well. Economists who 
favour de-regiilating oil prices 
feel that they have to vie 
with each other in mocking 
President Carter's Middle 
Eastern and African policies, 
as well as his conduct of the 
SALT talks. 

Sometimes, however, an idea 
which has one political label oh 
this side of the Atlantic has 
an opposite one in the U.S. 
Take, for instance, the idea of 
a tradeoff between inflation and 
unemployment, enshrined in 
the once popular Phillips curve. 
In the UK it is regarded as a 
hideously reactionary notion; as 


it suggests that you can curb 
inflation by having more un- 
employment In America, on the 
other hand, the Phillips curve 
is regarded as an East Coast 
liberal doctrine which asserts 
that you can get fuller employ- 
ment by tolerating more infla- 
tion. On both sides of the 
Atlantic it is still heresy to sug- 
gest that the existence and 
nature of the tradeoff should 
bo decided by -evidence and 
logic rather than by partisan 
loyalty. 

On the factual aspect there 
does seem to be a difference 
between the U.S. and Britain. 
In the U.S. the old rules still 
apply and a pronounced short- 
term Phillips tradeoff still 
exists. High budget deficits and 
an acceleration of monetary 
growth have produced the 
classic result of a vigorous 
expansion in America's output 
and employment achieved at 
the expense of a sharply 
rising inflation rate. In the UK. 
which is much more dependent 
on Internationa] financial move- 
ments, monetary acceleration 
now leads almost immediately to 
a fall in sterling and a drop in 
financial asset values with little 
if any transitional stimulus to 
output — and sometimes even a 
contractionary effect 

Natural rate 

It was on these grounds that 
I told Americans that the UK 
was most unlikely to launch on 
another inflationary binge of 
the 1967-75 variety, irrespective 
of the party in power. On the 
other hand, the U.S. was catch- 
ing the English sickness — a 
message which delighted U.S. 
business audiences. The Ameri- 
can position reminded me irre- 
sistibly of Britain in 1971-72. 
This was the last time in recent 


history that a British Govern- 
ment' was able to engineer a 
boom by pumping more money 
into the system. 

In contrast to their Whitehall 
opposite numbers, the more 
high-powered economists in the 
Carter Administration and in 
think-tanks such as Brookings 
acknowledge the logic of Prof. 
Friedman's so-called natural 
rare of unemployment That is 
they accept intellectually the 
futility of boosting demand to 
the point where wages and price 
rises begin to accelerate: jobs 
gained at the expense of more 
inflation are temporary and will 
be lost in an inevitable subse- 
quent recession. 

Indeed the interesting thing 
is that Washington-type econo- 
mists make more use of the 
“ natural rate " idea in their 
actual policy advice than do the 
monetarists who invented it. 
The latter treat it chiefly as a 
forensic device to demonstrate 
that their recommended mone- 
tary policies do not involve any 
ultimate sacrifice of employ- 
ment Washington-type econo- 
mists on . the other hand are in- 
clined to fine-tune the economy 
because the present 6 per cent 
unemployment rate (4 to 5 per 
rent oo British definition) is 
above the natural rate emerg- 
ing from their models. The 
economy they believe can there- 
fore be boosted further without 
inflationary risk. Hence the 
Administration’s campaign for 
a tax cut without an expendi- 
ture cut in fiscal 1978-79. 

How do these fine-tuning 
advisers reconcile their beliefs 
with the facts of increasing 
inflation? They can always take 
refuge in ‘‘special factors ” — at 
the moment rising food prices. 
But their real argument is that 
the target unemployment level 
of 4. to 5 per cent need not 



involve accelerating inflation, if 
only wages and prices could 
follow some incomes policy 
norm. Indeed, a member of the 
Council of Economic Advisers 
was willing to admit after a few 
tomato juices that what he 
really meant was wage restraint, 
and that price restraint had 
been thrown in mainly for 
public relations reasons. 

There is much wishful think- 
ing in all this. The ability of 
real world pay controls to raise 
sustainable employment levels 
is pure supposition and not 
supported by comparative inter- 
national studies. It is akin to 
saying: “ Assume that the 
natural rate is lower than it is." 


Optimism 


.-I-ifrA/n .lifinxwf 


Part of the Chicago Loop: the Elevated Railway. 


Unfortunately, one can all too 
easily score points at the ex- 
pense of Carter economic poli- 
cies (if such exist). A more 
embarrassing question for me 
is whether the circumscribed 
optimism I expressed in the U.S. 
about the British economy can 
withstand my return to London 
amidst news of rising budget 
deficits, accelerating monetary 
growth and falling sterling? 
The analysis I gave in the U.S. 
depended hearily on the 
immediately adverse impact of 
inflationary policies on the 
sterling rate. But this salutary 
brake only works if the British 
authorities are indeed alarmed 
by a fall in the pound on foreign 
exchanges. 

What really went wrong this 
year was that the British 
Government, with the support 
of all too many outside econo- 
mists. came to the conclusion 
that sterling had risen too high 
last winter when it reached 66.5 
per cent on a trade-weighted 
basis. If the authorities did not 
engineer the drop this spring 


to 61.5 per cent, they certainly 
welcomed it. Subsequently, 
they have pursued monetary 
and other policies to validate 
that fall. 

Thus it is neither straight 
electioneering, nor even tech- 
nical mis-management of the 
gilt-edged market, that is at the 
root of our difficulties. It is the 
obstinate determination of the 
U.K. economic establishment to 
impose its own pessimistic 
beliefs about the effects of wage 
movements on the exchange 
market. 

In the very restrained words 
of the Morgan Grenfell May 
Economic Review: “The danger 
with this policy is that it largely 
ignores the possibility that 
companies are influenced in 
their wage bargaining by 
expectations as to official 
exchange rate management. In 
practice most companies operat- 
ing in international markets, 
whose wage policies are crucial 
to their own competitiveness, 
pay just as much attention to 


■official exchange rate policy as 
the officials pay to wage 
bargaining trends." 

The dip in the British infla- 
tion rale to 7 per cent — or 
below ihe U.S. level — will turn 
out to be temporary, although 
with wiser policies it need not 
have been so. Medium-term 
policy is now geared to stabilis- 
ing the inflation rale at say 10 
to 12 per cent. Any stable rate 
of inflation is better than an 
accelerating nr wildly uncertain 
one: and ihe sensitivity of 
governments downward as 
well as upward movements in 
sterling outride the planned 
tramlines should ensure that 
inflation does not take off again 
to 20 or 30 per cent levels. 
Blit what ihe British economic 
establishment has thrown away 
has been the chance to move 
down permanently and rela- 
tively painlessly to an inflation 
rate well into single figures. 
Plus ca change. . . . 

Samuel Brittan 


: ■ ■ s3©£-fc. v ’ - 


k ; 




; : ^Letters to the Editor 

new courses is tt-aerem '-- blow flow basis when interest rates are productivity bas grown at an 
and denigration o.f those who as volatile as they have been ? average rate of 2.14 per cent for 

have worked to develop : the As a result of this, those involved the period 1955-76. but has in- 

existing engineering jeourses in must approach the problem creased from 1.98 per cent, in 
all universities and tqdbofle who defensively which, in itself, is 1955-65 to 2.17 per cent in the 
have graduated- freoi": ; tiiem. bouDd to limit the degree of latter sub-period. At 3.09 per 
usnrcsng OJ fJT-oaioTO. There.is a Clear infetiHKfr that competitiveness since there are cent, the overall growth rate of 

Srfr— tearing the last year; con- th e Government believer them to no prizes for being wrong. productivity in the manufacture 

aideratWe attention has been be of lower calibre that the new Perhaps, having recognised the ing sector is higher than for the 
drawn to the importance for the ventures, which have' yet to need for stability in one aspect total economy, with sub-period 

future prosperity of the country enro i ^ students— of industry the authorities growth rising from 2.73 per cent 

ofra iitrong -engineering pro- while any developmentiof im- might consider a similar to 3.24 per cent in 1966-76. A 

feJMpn-aad,- in -consequence, of prove d engineerinecourees is to approach to the exchange rate faster growth in the latter period 

an- effective system, of engineer- ^ welcomed. It is vital that this and by doing so. try to eliminate ^ ajso evident i?_^ e distributive 

ino'JirliJ/'sHnn -- _ i - »■<- - vst onnlh^r mai 



__ -be..- revised 
■ students are encot 


a _ _ 

ie 'best direct Input". of financial hjsti- -The results of further work I 

- . gmnonTi am enL-uuraxwx to take tntkms\nd in -order .to verify carried out tend to sup port the 

5 Wrt. .IfW^;«lrt«ge4 WJtSf “SSSST One in this oneTis rinply mpdrta to T 1 ™ 

. UGC that these courses would evEn temnted to ask Whether this examine \a wide* variety of is not the primary factor m “®* 

, „ involve a component of £ve xJecT any statistics \ranging - from the termini ng labour productivi^ al- 

i Sent education in addition toSancf on the part of bylmme of-Vayments to the level *£^*po^™*Ux*rom 

■' K l "‘ l! - ini*a avnariMlM IP. f^giStpr OD centage of growth in productivity 

attributable only to increased 
investment is approximately 40 

per cent for the total economy, 

— - -nrercapoB - pay* we providing finance tor xne _ " ' j e 35 per cent for -the manufactur- 

unities ^ uxcludmg my ^-Natioqrf , Engineering Scholar- I hp rCWSr AS 01 ing sector and 5S per cent for 
^ an embarrassing ^ ships were in agreement with the f . . the distributive 

apparently ignoring the four-year d^oion to .restrict them for the 


-.Is, cr.i» . " — r* students j to register on xne 

• C:: also -Include some experience in — special^ 1 courses in preference H? _ rf c 1r nrm 

. „ industry, HJ. consequence.. bmng established proven ones, and Ringsteaa. Hoad, fiutton, 

v lour years in total duration. This whether the companies who swirey. 

!s ’ ' -invitation - placed .some uni- ^ pI 2vidiiig finance for the ' t - , 

--- versrties. . including my own, in Matinnai Tr.ncHrvoorino Scholar- I n 



the distributive and services 
sector. Higher productivity will 
therefore have to rely on factors 
such as improved efficiency and 
June 1 increasing labour mobility and 
P ro * training as well as higher invest- 


Tnany years- id, ms was -surpnsme tinae to ignore established entitled “The rewards of pro- training as well as 
._ in view of Their success ai Judged co^h-ses and that It will seek to ductivity” discusses the impor- menr per worker. 

• • by -the ; readiness of industry to develop a national policy on taot and interesting work jl Kosmin. 

■ ; reerhit the graduates, coupled engineering education embracing emanating -from the Department L 0nt jon Business School. 

. with -the^- jefeadiness -. of . the fe ting strengths. The country of Employment on output, em- Sussex Place NW1. 

graduatesr Si enter industry. tsjwat afford the luxury of ployment and productivity trends 

.- -StatisticsPwye^hpwn a. new facilities at the over the period 1950-1973. It may 

1 hi^^bBa^n .oCtfie gradu-^eQse of those which have be of interest to supplement rt pfl x anPAiinf 
ates-irqm-.&vei^tiesiqO^rating^^j^dy; been -created or of these findings with some of the V^UlTcIll dCLUllIll 
integrated sandwich -. cOtirses; a premium on inventing results of my doctoral tcsearch 

enterih^J-' tmahufacturing - .in- J ew COU rses in preference to being earned out at the London 
dustryithande. the- graduate of improving existing ones. . Business School. . ... .. _ .. _ , 

otiier wdlveiismes. Mo®*’^ Carl Hanson, .' 
proven • ca cases ' included .sus- university of BradfortL 
stiffllia icnmpenents ;df -manage- West Yorkshire. 

meht - education' and - some 

appeared to meet -precisely , the : . ... 

rniiygrslty therefore- Splitting up 

the rates 



Business School. . 

In addition to considering the From Mr. T. G. Hatrorui 
Total Economy. 1 have created Sir.— The conclusion by 

a disaggregated sectoral break- Barclays Bank that there is no 
down based on the 1968 Standard satisfactory way of overcoming 
Industrial Classification, which the administrative difficulties 
consists of the manufacturing, created for tbeir customers if 
the distributive and services and they paid interest on current 
the public sectors. The statistics accounts comes as a great relief, 
which, follow seem broadly in i had lain awake at nights worry- 
tine with the more disaggregated mg about these difficulties, and 
Department of Employment in trying to find means of over- 


depreciation ** inflation " would 
have us believe that all the 
goods in our economic universe 
have suddenly decided to rise 
for reasons peculiar to them- 
selves, while one item — money — ■ 
is stable. This is an attempt 
to take our attention away from 
the main cause of currency 
depreciation — the issuing of too 
much money. No wonder politi- 
cians and bureaucrats hate gold 
so much. Unlike fiat paper 
money and bookkeeping entries, 
gold cannot be printed or 
expanded at the stroke of a 
pen. 

Officials who sell tbeir coun- 
try’s gtild are afraid of gold. The 
fact that gold ia under attack, 
says that gold ix.a winner. It 
is only a matter -of time. The 
Americans protest tno much 
against gold. Why did the U.S. 
close the gold window in 1971? 
That was an excellent opportu- 
nity to get rid of the entire U.S. 
gold hoard down to the last 
glittering bar. The U.S. Treasury 
and Pentagon don't want to face 
the prospect of only being left 
with paper and bookkeeping 
entries as so-called “ assets." 
Gold is not an IOU. Gold cannot 
he created at will and at low 
rosL Paper or gold; in the end 
which will there be more of? 

In ancient China 3 law was 
passed prohibiting paper money 
forever and for all time, long 
before paper money was dis- 
covered in Europe. * Of course 
it failed. The highways of his- 
tory are littered with countless 
paper currencies that became 
worthless whereas only gold 
travels from one century .to the 
next. Platinum, silver and 
diamonds are not money in any 
shape or form, but that is 
another story. 

Carlos Gandiaga. 

Vibingapatan 42. 

216 18 Mai mo, Sweden. 



:--The:derislofl was .* wh0 then wui senu uu* xn&.suivpenoa lswtw were -£.<© against his will, while prevem- 

^abine^^bBeerti since charges to us, will eliminate p et cent. 2.98 .per cent and 3.04 j ng him either moving or spend- 

;.sapticaiinO ’ : 'that . : . engineering ^ - ates as such: (vote catcher) per cent respectively,, while the ing iL 
r -couSes v-’-ndt t -designated-. as.rJJ • ^crease the charges coir- later sub-period 1966-76 exhibited T G Haworth, 
i *•: -iMStoaa® Of ’JW»er call >? r ,^ siderably which will net oe a , dramatic fall with sectoral out- RydaI House. Friczley Lane, 

1 ^aSgS^SSrSS 

i J - -M? More diligence 

z . ess£ 22 ^j? 2S3 


then. adds on his.- ^ approximately 56 -per cent of From Mr, Leslie Beams. 

• ^ trat SSntaae- charge against the the total employed labour force. Sir.— I enclose a suggestion 

v -be 5!^ 0 f S ?voM^0Bse (his esti- btrt its share dropped steadtiy to which as an ex-banker has always 

£Efbn Yon know It approximately 43 per cent in been my opinion that the public 
which would now have 1976; a drop to share of 13 per are rather on the lazy side. 
.SS toy-tociwea «nt m &**,?** Now wtth . n oa est limit of 
■■■ ■ '• rtictrihutiup and services sector 


w^^&fleer- ^noTercent ; : ^ . distributive and services sector £50 (always in credit) set by 

- WaS-- no • fear, the Water gained, a 7 per cent share, com- mo st banks for a free account 
^ e fiddleiis only'the start- roencing with S3 per cent in from charge there is nothing to 
fSr - 4 ' - 1955 and representing 40 per stop a customer opening a 


„ K - T r staittfr-A 7 - GreenBonte- Wilmthgm 

■ ^ Saencey '^ Kent. • . 


1955 and representing -- rr* siU|J a kuaivuici v^cuiiig a 
cent of the total employed labour deposit account for any balance 
force in 1976, While The public over £50- He would earn interest 
sector share, also rose by 6 per at t h e going rate but would have 
cent from 11 per cent in 1955 to to work Tor his interest by way 
17 per cent in 1976- of calculating his current 

■ The' average, annual Srowtn accoun t needs in advance and 
.‘rates- of Gross Domestic fixed giving the requisite withdrawal 
Capital Formation (investment) noticc £rom deposit to current 


: Search for 

'.stabmty. — - 

ijreverti"* per'cept, 1 ^ per cent and 4.70 55S?B«uiie. 
of SSLR as the percent for the total economy. i3 Mi5Jcin crescent. Miskin, 
^ ^ . wk- rate th& Bank of the .maoufartaruifi sector and Foniyc i ull Glamorgan. 

^Sh^SogSre'd the fact the 'distributive and services ^ 

***. The true va j ue 

of gold 


^ia8ltt.ggsg jf ' I ■ xa a.V V »?g ' «S 



Taxation on 
redundancy 

Ftoiu Mr. B. J. P. Edwards 

Sir. — The recent announcement 
that the tax threshold on redun- 
dancy payments is to be in- 
creased rrom £5.000 to £10.000 
raises the question of the date 
from which such change should 
be effective. 

Tbuse employees made redun- 
dant during the tax year 1977-7S 
have, or course, had any pay- 
ment in excess of £5.000 taxed 
through the PAYE system, unless 
entitled if a higher tax-free 
payment under the rules govern- 
ing the standard capital superan- 
nuation benefit However, many 
of those who had tax deducted 
through the PAYE system will 
nevertheless be entitled to 
reclaim pari or all of the tax 

paid as a result of the "top 
slicing " provisions applicable to 
lump sum redundancy payments. 

These somewhat complicated 
and time-consuming “top slicing* 
calculations are done subsequent 
to the tax year in which pay- 
men is are made,* i.e., for pay- 
ments made in the tax year 
1977-78 the work will Fall in this 
tax year. As the Inland Revenue 
are " already overworked and 
understaffed, and as it is 
admitted that the yield is 
insignificant in revenue terms, 
it seems >ensible that this work 
should be eliminated and the tax- 
threshold tff £10,000 applied to 
redundancy payments made in 
the 1977-7S las year. 

This would have the additional 
advantage uf eliminating anoma- 
lies r*s between individuals — 
often in ihe same company — who 
were made redundant either 
shortly before April 6. 1978, or 
shortly after that dale, and who 
find themselves suddenly racing 
very different tax liabilities on 
tbeir redundancy payments. 

B. J. P. Edwards. 

33. Taylor .*• Ride, 

Plantation Road. 

Leighton Suzzurd, Beds. 


GENERAL 

U.S.-Soviet talks on banning 
hunter killer satellites. Helsinki. 

Mr. Malcolm Fraser, Prime 
Minister of Australia, continues 
visit to UK. 

Mr. Huang Hua. China's Foreign 
Minister, begins three-day official 
visit to The Hague. 

Austrian Foreign Minister and 
Agriculture Minister in Brussels 
for talks on exports to EEC. 

President Valery Glscard 
d'Estaing of France on visit to 
Corsica. 

Last day of UK visit by Mr. 
Morarji Desai, Indian Prime 
Minister. 

Sir Keith Joseph, MP, speaks on 
"Equality and Inequality" at 


Today’s Events 

London School of Economics. 
Houghton Street, WC2. 5 pm. 

Lord Mayor of London presides 
at Court of Common Council, 
Guildhall. 

PARUMENTARY BUSINESS 
House of Commons: Foreign 
affairs debate. 

House of Lords: Scotland Bill, 
report stage. Co-operative Deve- 
lopment Agency Bill, committee 
stage. 

OFFICIAL STATISTICS 
Vehicle production (May— pro- 
visional). 

COMPANY RESULTS 
Grand Metropolitan {half-year/. 
Guthrie Corporation (full year). 
600 Group (full year). 


COMPANY MEETINGS 
Bowthorpe. Crawley, 12. British 
Vending Industries. Tdorden, 
10.30. A. F. Bulqin. Parking. 3. 
Ellis and Goldstein, Barrington 
House, EC. 12. Feb International, 
Manchester. Gievcs, Brown's 
Hold IV, J2. Glynn eri. Birming- 
ham. 3. Hovoringham Group. 
Nottingham. 12. LK Industrial 
Investments. 123. Kennington 
Road. SE. 12. Leslie and Godwin, 
Great Eastern Hotel. EC. 12. 
Lnndrtn and Provincial Poster, 
Mavfaip Hotel. W. 12. George 
Wimpey. Royal Garden Hotel, W, 
12. 

SPORT 

Cricket: Ireland v Pakistan, 
Dublin. Boxing: European Junior 
Championships. Dublin. 



WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


"Wherever wc can help your overseas mule! ll vou come straight to us, we 
can handle vour overseas banking without anv indirect delays. 

] n Hong Kong, for instance, we are bv far tile largest British bank, with 
uver SC full branches and 2, COO staff, all ready to transact your business quickly and 
efficiently and give you the benefit of their local knowledge. \VV have a fully on-line 
computerised system linking all branches, with immediate accos to the Asian 
currency marker. 

Wherever you have overseas business, you need a bank that’s really part of 
the local scene. Ask Keith Skinner on 0l-b23 7500 lo pr< >ve that point i or you today 
and also ask about Standard Chartered’s international merchant banking 
capabilities. 


Standard Ch 

Bank Limited 

helps yon throughout the world 




Head Office 10 CJcmmis Lam-, Lundon EC4N 7Afi 


.Vst Li diced Jl7,*jUU million 


: -y/ 



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22 


Financial . Times Thursday June 8 1978 - 


COMPANY NEWS + COMMENT 


Harrisons and Crosfield steady at £23m 


DIVIDENDS ANNOUNCED 


AFTER A DROP in the second 
half from £l±B3m to £10.79m. 
pre-la x profit of Harrisons and 

Crosfield ended 1977 little 
changed at Ei3J5ra against 
£23.l7m previously. 

Turnover Tor the year was well 
ahead from £52fim lo £579 m, and 
the slowdown in the final half 
was forecast at midway. 


£21. 72m with the logging, timber, 
glass etc., contribution down from 
JES.SSm to £7. 04m. However, 
investment Income rose £lm to 
£1.95m and associate company 


to £1.15m. 

The investment income covers 
dividend payments from 

Malayalam Plantations (Hold- 

ings). Harcros Investment Trust . 

and Harrisons Malaysian Estates. a i, _ . 

which since the year-end have Harnsons^ -Maiaysron Estates so 
become subsidiaries of H and G. ,h ere no real surprise jn the 


INDEX TO COMPANY HIGHLIGHTS 



Company ... 

Page 

Col. Company 

Page 

Col. 

Andercon's Rubber - 

25 

3 "- Henderson (P. C.) 

25 

7 

Banker’s Inv. 

24 

8 Henderson (j. & W.) 

24 

6 

Burgess (Fredk.) 

22 

8 Lloyds Life 

25 - 

2 

Compco 

25 

5 McCorquodale 

22 

3 

Eva Industries 

22 

5 Orion Insurance ' 

25 

4 

Feedex 

22 

5 RKT Group 

22 

3 

Grind leys Stoke . 

22 

2 Sumrie Clothes 

22 

5 

Hambros Life 

24 

5 Times Yeneer 

25 

3 

Hanson Trust 

25 

1 United Spring 

22 

4 

Harrisons & Crosfield 

22 

7 Westbrick Products 

25 

2 


After a minority loss of £5,472 Griqualand Exploration 
(profit £872} the attributable^ 
plus came out at £25 i 
(£243,324). 


P ' .. _ - . 


- Date . 

Corre- . 

Total 

Total 


-'Current 

ot spending 

for 

• last- 


.payment ‘ 

payment' 

diy. 

year 

.year 

And Arsons Robber .... 

.935- 

*■-. 

0,9 . 


IA 

Archimedes ' Tmet 

.int 2i 

Aug. 14- 

ISO. 

— 

-525 

Bankers' Investment . 

..... LOS 

Aug. 31 

-0.S • 

2.55 - 

23 - 

Buffeisfontem . Gold . 

..... : 1101 

. -Aug. 4 

90 

170 .' 

.130- 

Oydesdale Collieries . 

..... -9* 

Aug. Vi. 

‘ 7i 

la 

' 12' 

Eva tods. 

..... 2L9 - 


■2 2 

4^ 

3-84 


First-half 
progress by 
Utd. Spring 


Hanson- Trust 

inL 

247 

-Aug. 25 

24 


52 

■ bit. 

3.03 

July 20 

2.75 

— 

6.29 

Harrisons -& Crosfleld 

17.4t 


7.46* 

21.787 

1151* 

J. & W. Henderson 


427 

_ 

138 

SJ27 

9_m 

McCorquodale : 


5.75 

' July 31 


— 

14.24 

McMullen & Sons 

.hit.. 

.0.75 



— 

— 

Oceana Devpt. 


0.42 : 

July 19 . 

0.42 

0.42 

0.42 

Standard Fireworks 


a- 

. Oct-2.. 

4.5 

-5 

45 

Sterling Trust 

.int 

2.2 


1.7 

_ • 

5.3 

Stilfentmn Gold 

.tot. 

16f- . 

Aug.'4 

11 

. — 

22- 

Sumrie do tires • • _ 


1.5 ■■' ' 


M5 

L5 

123 

“ Times ". Veneer ... 


02 - 

. Jury 20 

0.19 : 

.0.41 

0J3S 

Trans-Natal Coal ... 


lOiff - 

Aug. -25 . 

10 

18^ 

17 

United Spring 

.inL 

0.55 

July 21 

0.5 


1.45 

Westbrick Products 


1 

* ‘ 

lir 

1-5 . 

S2J32 

West Rand - Coosd. .. 

.int. 

71? 

Aug. 1 4 1 

3 -• 


13 


* Equivalent, after allowing for 'scrip Issue; tOn capital 
increased by rights and/or acquisition issues, t Increase to . reduce 
disparity. 5 For 15 months. 8- South African cents. 


RKT group 
climbs at 
six months 


against £10. 12m, taxable profit of Dividends 'shown pence per share net except where otherwise stated 
United Spring and Steel Group 
expanded from £278,000 to. 

£676.000 for the half year to. 

March 31, 1978. 

Mr. D. Westwood, the chair- 
man, says first-half results are 
most encouraging and lie K. 
confident that this trend win con- 
tinue and culminate in a satisfac- 
tory final result 

For all the previous year, a tax-- 
able profit of £765.000 was 

a *Tlfe e spring division continued DESPITE 1 A much lower 
to -Improve on its performance expected . contribution 
notwithstanding the 


Eva well up despite stock 
discrepancies at Stockfis 


Profir is before tax of £1 0.39m 

<£9.6Sm j based on ED 19, and „ ° veif ^hlh b rwir hnl 

minority interest down from °, n * ^ 

£2 Jim to fl.BTm. There were n d f n w 

£0 S 39m “ per cent and^th^UKbufldinl OIV TilAflfllC "'The’ 'Spring division continued lower than as- the .other subsidiaries;- of 

nrS exchange foies J on n?t recession has hit demand here! SIX fflOIllJlS to Improve on its performance ^P^ed- c contribution from StockHsare fuLmimg expeOabons. 
cuirent “of «04m (£l"m However, the shortfall was made . ** . notwithstanding the reduced Robert R. Stockfis (Manchester), TTie directors pom t out that due 

Dro^l ind 3 in film #10 7-im? up by a £lm increase in invest- REPORTING taxable earnings contributed by the group’s, due to mocl* discrepancies m a to the temporary increase in the 

J™," on DMeS s-lu income (principally the 1“P“B Jrom £116346 to Such companies while the subsidiary. Eva ^ Industries has value of sterling asjigatost the 

surplus on property sales. special dIvidend * a „ £581.337 for the half year to of the policy adopted managed . to push up group pre- dollar, profit maxgains of group. 

Earnings per £1 share are £im from the chemical side MaTch 31 - 19 ' 8 . ,he directors ot 12 months b y the steel 135 Profits from £2 .42m to £3.01 m exports were eroded in the find 

shown ahead from 493p to 50 Jp %Z ro mz ia do^ p^SdS-ly Robert Kitchen Taylor and Co. iS rcSed “ the in the year ended March 31. 1978, quarter of 1977-7S. JThis situation 

A final dividend or 17.4p litis ^ eM) and a £0^n rise in mer- *** 11131 overa ll satisfactory pro- -^±7* articularlv after being ahead from.£037m to has subsequently been reversed, 

thetotal loQLTBp net compared £ gresscontinucs to he madewith J” *-13m * halftime. But for. Regarding 197*79 the directors 

fun bc ^f fit being received from Se^CMUkiuiS^pniblems in the abnormal events the profit report that the group total of 

««| n. nt , und i n «*r mrumst adds . ^W. have been appreciably individual company budgets is 

stated haff-vnar earn-lnas are ^ u Kh er . the directors state. . not unacceptable to the Eva Board 

Earnings per 25p share before 
1Q7 o -j - v ■ ^traordinary items and exchange 

1978, Stockfis contributed only losses came through at 2L6p 
rectors point, out aRainst ao.4p. The dividend Is 
er the acquisition bein „ increased from 3-64p to 
b per cent; owned tSp netf w -, th * final of 2.9p. 


with 11.5076 last time, which 
includes an additional 0.1148P 


is an upturn in world trade and J 


following the reduction in ACT charges. 

The increase has Treasury +2^^ i™ P ? Sh ^ . P™*!* 3 to 1976-77 the company 

consent. ASSES'. 1 * e recovered from two years of loss 

'to a profit of £800,000 with its 


increased rents and lower interest 



1977 

1976 


rooa 

HUB 

Turnover 

57V.OOO 

528.000 

Operaimg surplus . 

71.719 

22.692 

McrchBiuioc. srinwsi 

7.4OT 

'6.71-2 

Manufacture. praivsKlnK 

6.6.1] 

5,367 

Timber, buildinx m*«1s. 

7.0€3 

9. MS 

Flnamnal transactions 

347 

ras 

Invesonem Income 

l.«n 

931 

Associates 

1.113 

68S 

interest rujrahfe 

1.467 

1.162 

Profit before tax 

23J47 

S.U9 

Tax 

IHJ94 

9J79 

Net profit 

12.93.1 

13.490 

To minorities 

1.868 


Pref. dividends 

]» 

120 

PstraordioarT loss 

.ISO 

+2.141 

Exebance drfldt; 

1.041 

*1.412 

Surplus an prop, sales .... 

631 


Attributable Ord 

10.773 

1.1.216 

Orrt. rjlcldends . .. 

4.866 

2.532 

Retained 

5.909 

10.BK4 

‘ Profit. * Surplus, t On 

net current 


higher in the current year bur the recovered 'from Z.47p (1.28p) per lOp share; while d *f, e Earnings pe 

acquisition of HME will transform - tn a JroBtoT Soo.OO^wirti ” the hiterkn dividend is raised 1Q7H extraordinary 


The company is now replacing 


Grindley 
of Stoke 
recovers 


a -£2m ■ medium-term loan from ot an ddivtoeruis. rotamea serious discrepancies concerning 

Barclays Merchant Bank repay- r S e ~5. e » nod emerged “ stock and other items in a ® Comment 

aW ® ® ve f len i y ?, a i?-- ol £a42 ’ w>0 (£61,000 )- principal subsidiary came to Light, in spite of the Stockfis shortfall 

After (ax of £160,324 (£153,642) They 1 say that these dis- and lower export margins, - Eva 

e r e u W i? s » Pf, 1 -?,™* for 1 “S •Comment crepancies not only cast .doubt ‘industries has managed to turn in 

.5ft. " i i T7 1 ?- 13, 5 0l 32S- a -5lfP Given what are aril! extremely on ^ accuracy of the Stockfis a creditable performance. Full 

with a loss last time of £36, <96, , „ conditions in the steel sroup' accounts of earlier years year profits are almost a quarter 
stated a St U lOJ6p! r 10P Share stockholding^ 1 Sidustry. L'nltcd ^ ut aJso mean that its profits Jor higher, thanks mainly, to beitei 



A balance-sheet summary shows 

vorl ,ciar« -» C-in (in — / ro - n, , LO^Il 


£S ^ 6 ? ) n ' - nmnamr „u;^.Wha I” 1 more* Sort"' 'of “the of Profit in the subsidiary con- mainly ‘ to Africa and Indonesia; 

TURNOVER ■ up from ^SaS ^ S& 

asMciaied' 5 companies 1 aPf^Tm sKkTtcSwSi) MhSSdJtura- ^f^ropertf a ?^est^SS bU hai ^marte^a Smarted” born ^estig^g^Ts^opIS^ten c^Sed J&£t 

(S»n) trad? to v^hSents «in round from a S 378 ’ 023 >^S in the “ d . *£**2* 5“ T WSJ aeo a^which tovolvJd te this *“tter. . . brake units from .British Bail’s 

eludin'* Harems IS' - 11 months to December 31. 1976 6 ,“ h °5l e _ I Ll 0 L plpr^fLli— selfine off S the Briterlev Hill plant ^ the lime oI th * acquisition Advanced . Passenger Ttains. The 

*Li»rp»M« pnat.b ur. KKar" psiHfMiSj? 5 &&T 3 JL 

acquisition forecast, -at ■ - least 
£(L22m profits might have, been 


net current assets 
£3 7.4 9m to £33 .3m. 

A 

profit 

cent (46). Asia 26 per cent'(31). 

V<ipih e ,o> £24,861 


tn.t/rnj ana ... uiac ii aoes not aireaay own. ™ lnnkinn tn ni-nsir r nF »qt« rr in 

ahead from The company, formerly Alfred At RKT Textiles taxable profit wl over half the six-month Aotal, a£ aehtewd to 

Clough, is a subsidiary of Newman -was higher than expected when agamst not much- more than a ;;ErS- 1 e acwCTea in 


ceo n ranhicflI analv^i^ of lndus,rie ?- The result was after the offer was made in May, ar quarter 
sK fhe UK SSS« pS. “M!. £579.400, against £397.83S ; for the Margins 


for the whole of last year. 


,^ r (£114.381),' ' interest down to -half ^ year. As a result 


1975-76. 

are enneirforahtv better Members are told that -a expected, but stock discrepancies 
ivin«r imnrnrert effirienev detailed review of the operation of around £0.35m reduced this to 


North America 6 per cent (8), 
others 6 per cent (R), investment 
income S per cent (4) and 
associates 5 per cent (3). 


and imnlvine imnrm-ed efficiency review oi me operauon oi around AU.aom rctrucea LOIS to 

?%255 Sin STuSSSSid Of °j *<» subsidiary concerned and £49JKH). However, connive action 

a special RJven me nacKgrouna oi lower th e Slockfls companies h?s should enable a recovery in ^tbe 

been completed and several current year, when about 10.3m 


u-i.ooi from £297,164, a £1,762 tors plan to make a special bjvcii u«= uatugmuiiu u. iv«« .. u--. ;u;7,iT 

( , £18S ' il1 ' sh0 , rtf . aU on a . cla ^I?5 Interim payment of 4.4776p gross, steel production. Demand remams 


• comment 

Harrisons and 


damage to a factory and a £21,290 Members accepting the parent poor but the* company is well . ■ -. . . „ . 

(nil) rates adjustmenL company’s bid will be entitled to placed for any pick-up. Mean- rii^r?nra n S ’SSSh 

Tav takes ni4 400 moOag) and retain this dividend. Last year a while spring division profits have “J*;*™™* 1 ?” , are l10 ^ growth will come- from.BrMll 

iax takes £i44.wo (£30.oa9) and ? . pnn t#hued to move ahead thouch confident that with the impact of where Eva has won a il.Sra order 

“ ed,t of from reonrd^Trri fi l H) 96m i ” ^S?.*wL ” * “i Eva managament dlsciplln^ and from the state railway system. At 

£1208 (£1,888 debit). Eammgs per iSli&all to tei^Sur the backing^ of the total 90p, the, shares- are on ^ of 


narriMins ana Crosfield had share are shown at Tip against a me viiwuii* «*i »me n*-‘ I"V «V«»» .«» r - Mtirp -, of the Eva errann the 4 nn a lriw lav charm »hib th a 

srs fo ;^ p c r o« "s ,,a,d,, there “ n ° s«“ruV bo "■ proCTcssu,E S"‘, n ^ xtwb a d ^'V'ffi-’Sttas 

■ — — — : gales for the first half were Taking a line through the interim addition to the group, particularly cover is 4.5 t-mes. 

p £3.ISm at £9 27m and after tax tax charge the shares at 28p 

r £324J)79 (£153.642) earnings per stand on a prospective p/e of 6 ^ . w 1*1 

rSi P ",;“* 10 7 ” p ^ 5 ,i,fd n ^n\ , “ cl, “ 8e) Sumrie Clothes higher 

A1 

McCorquodale up £ 0 . 5 m 
to £ 2 . 3 m at halfway 

IcCnrqnodaie extraordinary losses of £239,000 £114,000 more stable conditions. 


This ad vertiaement appears as a nutter of record only. 



CITY OF EDINBURGH 
DISTRICT COUNCIL 
ISSUE OF 

£25,000,000r City of Edinburgh ^ 
District Council 

Variable Rate Redeemable Stock 1983 

Price of Issue £100 per cent. 

Subscribers for the Stock have been procured by 

R. Nivison & Co. 

25 Austin Friars 

London, EC2N 2JB * - 

June 8, 1978 


AFTER AN 1X2,000 tumround to in sales of grain handling and 
a £53.000 profit at halfway, storage systems. 

Sumrie Clothes ended the. April Future prospects for pie pro 
1, 1S7S year with taxable profit duction and marketing arc 
ahead from £93,000 to £203,000. “more encouraging." and Mr. 
Turnover rose from £3i)m to William* believes that a more 
X4 v; !n l!: ■, , ' ■ ... sympathetic' understanding of pig 

Profit was struck after ■ bank producers* problems by Govern 


WITH MOST sections 
□ess showing steady 

pre-tax profit of HcCnrqnDilile cxuauiuium/ wmw mi **wiww (£32 000) 

and Co. jumped from £1.73m to (056,000). K Directors say the forward order For 1877 as a vbo,e KrouP 

E227m in the March SI,- 1978. pe extraordinary items prind- poStiin to date showTa StbSc- P™ fits fel1 from £9Z7 - 595 t0 

r*« y ^unlu’^d ™h°n?it* "uWb. : CCA l,roflt 11 * h “'™ 11 

Turnover for the period was up ?' imprudent to be over-optimistic, 

am £23 .2 6m to £27.l9m before ^ va luing ; . overseas usets and th believe the steps they are 


share of foreign currency liabilities at 
* l,are ° f March 31 ; exchange rotes. 


from 

a £1.86m (£U3m) 
associate sales. 

Mr. A. McCorquodale, 

chairman, says that as uie «<g n (34 r 7 ni 
benefits or the recent manage Kerim 

ment actions begin to work theh from 4 e_ =-- _. t „ fiT 

way through to profits, the Board share ’ A p 97p finafwas paid last 
{_faces the future with wnfidence. from record! “rofiS of 

After tax. less investment £3.03ra. 
grants of £603,000 (£465,000) net 


in 


£680. 72L 
The chairman says that group 


re-organisation trill policy continues to be to expand 
productive within the agricultural industry, 


Earnings per store before 1x1 ^ 3 “ group’s productive wiuim the agricultural indPBtiy. 

the extraoiSmrvTtmes ^a%^ shiwnat ca P acit y- T™ 8 is expected to f nd . this will be achieved by deve- 

the 1 M " ■ develop hand-to-hand with l ?P In S and utilising the full poten- 

divldenri i* un increasing demand for Its f ,a . ! t . oC existing investments, 

aivioena is up n , erc |, ajld j se . together with a vigorous pursuit 

The dividend is lifted from of -any possible acquisition which 

155p to. L5p net per 20p share, would strengthen and consolidate 

Treasury approval has been 11,6 K rou P structure. 


profit of the 
stationery croup 


obtained for the 20 per cent rise. 


printing 
was up 


and 

from 


Continental 
Union Trust 
Company Limited 


Total Assets at 31st March 1978: £29.4 million. 


Cjpl.llftnn'i', 

13. • 


Can iirii'-r 
0u» 

10.- . 


'..wrjUnKr 

ROnOiii.,M-s 

iW- 


Fiwci-4; 


OltKlIl 


m 

ja.0 ; 


Ft»«i 

Ort'w.lintMPit 

0-*> 



UX twS’i 


Nartb AntrrT. 3 

3\ 

-3 a- 

■c 


a» 


I 


a 

Eiirot-e 

£5'» 

\ 

Ea.! A:a 
7.4'. 


OUlO Countlifl 







- • N X 

Distribution of inve s t m ent s by sector. 

X X X 



l\f 


Retail Price Index 


300 


275 


?36 


141 


100 


1968 


1973 


. 1976 


I • 


1977 


1978 


Gross Dividends per 
Ordinary Share (Indexed) 


303 


243 


202 


100 

120 

2J0p 

. L75p 

1963 

1973 


1 3.54p. 


1976 


4A4p 


1977 


53Qp 


197S 


Financial Times Actuaries 
AIEShare index 


136 



1973 


US 


127 P 


147 


1976 


1977 


197S 


Net Assets per 
Ordinary Share pndexed) 


100 


87) rp - 


1968 


147 

150 

159 

■139p' 

[128*5* 

i 

131p 

1973 

1976” 

1977 


174 


152^: 


1978 


^ '% A member of the Touche, Remnant Management Group. 

>/ Total funds under Group Management exceed £700 million. 

Copies of the Report and Accounts can be obtained from Continental Union Trust 
Company Limited, Winchester House, 77 London Wall, London EC2N IB EL 


• comment 

McCo rquod ale’s first-half perfor- 
mance is (be result of a combina- 
tion of domestic and overseas 
improvements. At home higher 
productivity was achieved from 
new equipment, the benefits of 
previous rationalisations worked 
their way through to profits and 
there was a slight increase in 


Further 
expansion 
by Feedex 


The year-end balance sheet is 
stronger — overdrafts have been 
cut from £0.72m to £02 5m. 


ISSUE NEWS 


Hunting floating oil 
and gas interests 



THE -OIL and gas Interests of source are basically related to the 
three companies within the Hunt- Canadian domestic marKet. 

Ing Group, are being put together Crude oil is purchased, mainly 
and partly sold to the public at the well-head, 
through an offer lor sale of 2.7m throughout Canada. 


For resale 

Since 1975. 

shares at~85p each nest month, the Alberta Petroleum Marke ung 
The energy interests of • Hunt- Commission has stepped tn as 


ing Association Industries (HAIL), the sole marketing authority for 


uoted most crude oil' in the province. 

cement 

trading 


Hunting Gibson— two — — — — — . - 

companies— and Hunting Holdings. To date this new arrangement 


Brooke Tool 
rights 


(HH) — a private company-rare has hot affected the 
being "channelled Into a new com; results of the cptroilon. 
oany called Hunting Petroleum - Profits from drilling and other 
Services! - . -. oilfield services amounted to 

Hunting. Petroleum has condi-. £360.000 to 1977, oil and gas 
tionallyggreed to acquire the exploration chroped in £3*2.000. 
relevant subsidiaries of Had Gib- heating -oil distribution £82,000 
son and HH In exchange for and oij broking dropped into the 
7275,000 ordinary 23p shares and red by £11.000 after a lossonsalc 
125m deferred shares in the new of a vessel and additional 
company. depreciation of £243.000. . 

Of the 2.7m shares to be offered The offer for sale is being 
to the public, lm will be sold by handled by Robert Fleming— the 
Gibson, which- has come, under same house that handled, the 
considerable strains due -to prob- highly successful Euro therm issue 
lems In its shipping business. Last —and brokers are de Zoele and 
May Gibson reported a loss of Bcvan. , , . , 

£32m tor 1377 compared with a Dealers m the market last 
profit of £32m the year before. night were talking in terms of a 
The balance of 1.7m shares are pood response to the offer and a 
new and will raise £1 2m for the premium or ^perhaps 10p when 
company. This will be used- to dealings rtart, though with the 
finance expansion in the areas of actual offer date some weeks 
drilling and oilfield services and away they were only making 
heating oil distribution, tentative predictions. . 

The chairman, Mr. TJnfi « y Subject to shareholders meet- 
Giive Hunting, said yesterday togs on June 30, approving . the 
that the intention to float off the sale, the prospectus will be 
oil and gas industries as a separate published on July 3. 
identity had been planned at least - See Lex 

two years ago- and was not a. 
direct consequence of the -finan- 
cial problems facing Gibson. 

However, the disposal is obviously 
timely and if this had not gone 
through some other asset would 
most likely have bad to be sold. 

Brooke Tool Engineering (Hold- 
fanitfll enlit .. togs) has made arrangements to 

l^apuai bjmt raise £570,000 by way of a rights 

Under the terms of the deal issue. 

HAIL will receive 2.62m ordinary stockbrokers E. B. Savory Mil In 
shares giving it 242 per cent of announced yesterday afternoon 
the equity In Hunting Petroleum, that it bad completed the sub- 
Ttac net assets it will be disposing underwriting for the proposed 
of amount to £658,000 from issue. Full -details win be pub- 
which pre-tax profits of £391,000 1 ished today along with Brooke's 
were earned in 1277. interim figures to the end of 

Gibson will hold 30 per cent . March, 
of the equity in the new company Brooke's record has been Tar 
after its lm share disposal— 2.5m from impressive. In the last ten 
ordinary shares and 750,00fi de- years it has produced pre-tax 
ferred. In terms of assets Gibson' profits only three times, to the 
will be handing over £224m while year ended September 1977. pre- 
profits were £1.1 m pre-tax In -1977. tax profits amounted to £161.700 
The private company. Hunting (£54200) and the company paid 
Holdings, will end up with 20.8 its first dividend— amounting to 
per cent or Hunting Petroleum in- ip per share— since 1908. 
eluding L75m ordinary shares and The rights issue will include a 

0.5m de Ferred. - ; dividend forecast -of 3.73p per 

. .The offer will put .242 per cent share for the current- year. The 
of the capital , in the hands of new shares will not rank for the 
outside holders. _ interim payment. 

Hail, Gibson and HH have all See Lex - 

indicated that they regard the 
holdings as long-term investments 
and will not -be disposing of any 
shares within The next 12 months. 

Hunting. Petroleum will be 
treated as an associate by HAIL 
and Gibson in the future. 

The pro forma profit-record for 
the companies that are coming 
together to make up the new 
company is erratic. The five-year 


Fredk. H. 
Burgess 


FOR 1977 Fredk. H. Burgess 

, ■ . ,. - reports an advance in pre-tax 

Sf re n'M™ n in Sh ?n«^„ d \ n ^ P ?H r -v f™ 1 £*21m to £3.4m. 

IStJbS This Includes a full eontribu- 

were inflated by the effects of lion frog, Bam fords, which 


All divisions 'of Feedex — animal 
engineering. 


market share in most of the f e l d ; “'airricultoral 

piE Production, and farm supplies 
showed increased market pene- 
'iZLSLTZ ,ration to 1377 - with group turn- 
over up by 35 per cenL 


the associate 

Brazil continued to Improve. But . . .. B . .. . 

the group as a whole is facin R Most J th « profit on this in- 
fiat trading conditions in - The 5!:“ s * 1 d jF f rnov . er , came ,n the 
second half and the size of the r om,s ou * Mr - 

order book is virtually unchanged williams, chairman, who sees thp 
from six months ago Still In late t V u ' ts as . a positive Indication 
March Falconer began to increase n \ continuing improvement in 
the volume of work -and this Pto returns. Second half-year 
increase has continued. While ?I?. n ^L. befDr e tax were a record 
losses arc still being sustained Li04.606. 

the future outlook there is look- Despite difficult market enndi- 
tog brighter. The market reacted tions in the first half, feed tonnage 
Favourably to the 302 per cent rose by 7 per cent and restored 
lump in nre-tax earnings and the margins produced a “ satisfactory 
share price dosed 17p higher at contribution." 

29 Op. Assuminc a maximum dlvi- Engineering sales and profits 
dond the yield is 83 per cent. were a new record, particularly 


THE ENGINEERING, SHIPREPAIRING 
AND STOCKHOLDING GROUP 


RICHARDSONS 

WESTGARTH 


a solid base for the future 


■3fc Group profit achieved for 1977 was £2m (1976 — £2.37m). 
But for nationalisation of marine engine business, 1977 
results would have been a new record. 

Compensation negotiations barely started, meanwhile 
. minor payment on account — £650,000 — received. 

# Notwithstanding this, capital expenditure exceeded £lm, 
much ofit relating to North Sea and other energy 
industry activities. 

■Sfc Dividends totalling 4.5344p per share are maximum 
permitted. 

■3fc For 1978 most subsidiaries have encouraging forecasts 
but much depends on improvement of performance at 
the shiprepairiog and steel processing companies. 

Copies of the fun Report and Accounts can be obtained 
from The Secretary, Richardsons , Westgarth & Co. Ltd., 

P.O. Box 2, fVallsend, Tyne & Wear. 


inflated by the effects of 

the oil crisis and leapt lo £2.6Sm, ‘^ih-ddiarv' rtorin^ "ihr 

only to drop back to £l.83m the ' it is? SEIE i« 

following year. In 1976. profits niimb^'31 1077 1 h 

. town to £i2dm. partly as a U ^SJ?*V 
result of a £585.000 provision 

against Gibson’s interest in the ®L,^J lc iV ? n 0 :' 

Waicana companies in Canada. Uled 

Mi is was the result of restrictive . at _™ e beginning of the > ear 
policies on crude oil exports to The trading profit or £o.»lni 
the UB. • compares with £3.07m, with 

depreciation requiring £n.S3m 

£2.4m forecast iSSK. ana manst nMm 

Last year, profits bounced back Since the year end, the group 
to £2m and the group is forecast- has raised £2.5tn by an issue of 
ing £2.4m pre-tax for the current Participating Preference Shares to 
year. After a : 43-per cent tax certain institutions, 
charge and minority interests of| 

£300,000 earnings per share of 
9-Sp are indicated. 

The directors are forecasting 
total dividends of 4.65p net per 
share, which would be covered 
nearly 2.4 times. The fully 
diluted p/e ■ is 8.68p on the 
placing price. 

In 1977, around 60 per cent of 
profits originated in Canada, 
where the group is active in the: 
marketing and distributing of 
crude olL -.Profits from this. 


Klng&Shaxson 

Limited 

52 CetnMIl EC3 3RD 
Gilt Edged Portfolio Mmimcnt 
Service Index 7.C.7S 
Portfolio I Income Offer 12.11 

ftld S2.87 

Portfolio 11 Capital Offer 129.21 

- Bid 129.20 


Atlas Electric 
and General Trust 
Limited. 


Tbtal assets at 31st March 1978-£98.5 million 


Capitol Goods 
J3J\ 


Consumer 

DuraUes 

6.4% 


Consumer 

r+ofi-Ouratoes 

174V 


Fiwociab 

276% 


Chemir^b Oik 
5 a OS 


Uh 716V 



OttK-Coun&m 

W 



i.im«Ts Fiwdkirre-.t 
113* 0?*, 



ibuticfn of 'ihyestments by sector 

'K 



RTJL All Share Index 




136 

• HR 

127 

147 

100 

1394 

1 m 

ittl 

MM 


1968 

EP 


IB1 



Net Assets per Ordinary Share 



D 


m 

182 


HM 



100 

m 

MM 


43}t3p. 




i968' 

.1973 . 

B76 

1977 

1978 


RTA All Share Dividend Index 
187 


216 


164 


100 


130 


1968- . 


■ 1973. 


1976 


1977 


1978 


Gross Dividend per Share 

247 




209 

2.3Sp 



371 

ZU p 


100 

120 

2.QEJP-. 


L40p 




L17p 




1968 

1973 

1976 

1377 

1978 


l I 

H 

P ! 


Retail Price index 

275 

300 

-.BUI 



236 

.17^8. 


141 

1506 

■ ■ 

100 

■9 04' 



• - i 

63.9 

■- 1, 


- ' } 


1968' 

V1973" 

.1976. 

1977 '; 

. 397.8 


Price per Share at 3 1st March 



120 


123 

147 

100 

107 

559p 

4&flp 

;<&pp 

'37JSp; 

40.0P 


'm s. 

1973 : 

. 1975 ; 

1977 

1978 


A member of the Touche, Remnant Management Group. 

|| Total funds under Group management exceed £700 million. 

✓ Tte Accounts can beabtained from The Secretarv". Atlas Electric and General Trust I 
^ _!ii Wincheater House,-77 London Wall, London EC2N 1BH. - 















y -June 8 1973.. 
















0$k": 


#1® 

' %.-* J 


^8 


i4»{R 


ms®. 










Kswr-=.'.*j*2» 




::mM 


^ i 


fxa&vj. 


.•V;.';,^.:;: .w-wya 
./■. . ■••*..' ;X3?S 

•• \C'v/W?fe-r6^SHH 




EH 





HI 




IH m 


yc '-V^r 


mW 








illillll 


.' ' T 

a 


’ . v* _, \Ti v 


*'. .Wv i> r '---,^ - .• *. 

\ ••.^'.•.^i.,/<' >••>- 

• •• * v • ' 

' -*■-?'.• v£§> ' 

■ u ; r-: -.r^.V 

• •■- 5 T. 

;.’ \a : 'Vi - * 


? : =:;-Tn"ir'^-^--^-£'-';-‘ •' 

,V-V^>%'=K :> 

■ ;•: -■-' » -r-- • ■ft. :’. : . ■ 


f>V;V>T ■ Sii&JS-'ti* • S-?.^-- - 1 «■ . r ' : -. 

; • t.j \,^:";<I , ~ -T7 ' .',• T "• '- 

.' ’ • /••>.•' ' ' J - •■'■ 

•. Vl-'L'Xf.'-ll 1 ''-- j , ’ : r-V ■-<-.. -. .-. • 

'iV-':-’"' r_; • . 

I^S^Cv'S-i v^~» ?“<£> • ""’• s *■. '-' ’ .’■ ; . 
,.VrT ;• ’ \. • • ■ . ’. 

..• .. -.. ■• 

'_ - ~ ■.'. ■ _ ■ 

!>V.'.; y j fr ?*-• ^ ’; it'.; • -N ■■ ‘ : V.' 

^. ,r * .*•. r ■ -a- ' ! 


l.^i . : : 


;.; v •- . - : 

i? .’;''. " 




1 If you make products that involve metal, and if 

1 that metal fails under the conditions it is subjected to, the 
I answer may be nearer than you thinlc^atch your wife 
i using a stainless steel saucepan and let your mind go 

A to work 

i That pan has to cope with fierce heat and sudden 

j ■ temperature changes. It gets scraped and scratched by 

j spoons, forks and knives. It gets a thorough scouring 
I every time it’s washed up. 

I And it stands up to the lotThats why Prestige make 

I their handsome saucepans from BSC stainless steel. 

Partly for its gleaming good looks . . . but 
^HHH^^^mainly for its longlife of absolute 
1 I IJJHj^^hygiene where food 

' . preparation is con- 

I cemed (Prestige also 

1 guarantee every piece 

I for ten years!) 

s So if you are involved in designing with steel or 

|g aluminium, brass, or copper, think again about stainless. 

I Of course, it can cost more initially And by 

I increasing the materials content, you push up your price. 
But don’t dismiss stainless until you’ve done your sums 
right through, because often you 11 find two things. 

The longer life of the product makes the added cost 

worthwhile. 

f ; ! And you gain the two extra selling points of higher 

J quality and cheap er maintenance. 

Yes, think again about stainless. Find out the current 

1 facts about our range of thirty different types. And 
remember; our back-up service is always at your service, 
particularly in matching the performance of our steels to 
your exact needs. 

'SXfate to Mike Whitecross, BSC Stainless Marketing, 
PO Box 150, Sheffield S9 lTQ. 


The cost of corrosion The Hoar Report* 
estimates Britain’s losses from corrosion as costing us a 
horrifying three-and-a-half thousand million pounds. 

Much of this loss is preventable. Stainless steel is the 
supreme example of an existing material that 
must be used more fully for its superb 

resistance to corrosion. 

And British Steel has already invested 

£130 million in plant to double our capacity to 
supply it. 

*"A Survey of Corrosion and Protection in the UK," j 

published by the D.T. I. in 1971 (figures adjusted for inflation). 


" t 

The material 
youve been looking for 

coaid be right 
at your fingertips. 


stainless 


mm 

Vf ■ 






frJfi'.’ -:-r l ^ + *■’ ':r'” F ‘.-l , 





MINING NEWS 


BIDS AND DEALS 


V Financial TimeaThiiraia, jimF-8i07a [V 

i— — - ... .if !’ 

ioiL Mffl 6AS HEWS . . ... .. J «* 


High copper values at 
Victorian prospect 


OFT decision on Monk 
stake expected shortly 






paper, paper tubes and gpmmed 
tape. * . .. 


THE Office of Fair Trading, and proposed merger sections of cases and corrugated paper from 

which is currently considering the Fair Trading Act, has an obli- factories at Desbo'rougb, > North- 

KY PAUL a-K&ERlGHT whether to recommend referral gallon to investigate and recoin- amptonsbire and Crudwell, Wiit- 

of the 29.05 per cent Saint Plran mend whether or not the proposal shire, while Rostron makes!' these 

-rmin mines on > monthlv basis reserves were being found only stake in A. Monk to the Mono- should be referred to the products in its Selby. 'Ybtfcshire 

RP MINERALS and JJJ. p 7 at roughly the same rate as polies Commission, will not be Monopolies Commission for a full factory and additionally produce* 

' May Apt» March extraction. bound by its decision on the stake investigation. paper, paper tubes and gpimned 

If nJir^ihit^ex- u,nncs W .-S M The provincial Government's if it comes to a full bid. The tape. * • - 

nlnrarfnn' venture^ ivfar^Benambra 1* 2« plans will provide Tor direct inter- OFT could decide n"t io recom- A g yy TJX'ION TO 

in the Australian state of Victoria nfr« .. i* m Ir vention in exploration, the grant- mend referral of the stake but SFFIv \fOI\OPfH 1FS NO PROBES - 

The Safest drill holes results: . . ..... si ri m Rig of low interest loans to then change its mind >r gJJ MONOPOLIES The secretary of State-- for 

announced yesterday, confirm the develop private reserves and the Piran attempted to establish REFERENCE Prices and Consumer Protection 

original impression, received last CqIiSiIi rloYYIQnHc s^nbiS of long-term greater or complete coni ro . Union representative from has decided not to refer the fol- 

month, that the joint venturers jdUdll U^UldllU^ ments with The OFT has been examining Albright and Wilson and full-time lovvmg mergers to Ihe MonopoRea 

have discovered a potentially . • m the hope of staohism,, prices, the case since March and is ex- chemical industry union officials ar ?d Mer gers Co mm ission: .New- 

significant base metals deposit POIHDCIlSHtlOn. pected to release it* verdict Bre to seek TUC involvement in 

Over a width of 1611 metres at xr . within the next two weeks. their fight to prevent the takeover minority bolding in Avdei Ihter- 

diamond drill hole No. 18. *be nnllllh 071 KlliTPIS D2IYS The Saint Piran stake in Monk a f the company by Tenneco, the national : Cap ital for Indtetiy and- 

assay results of the sulphide 1U1 pUUUUUU “ J fell within the scope of the OFT u.s. conglomerate. Cray Electronics; Aurora Holdings 

mineralisation were 9.9 per cent m iVTCRiUMFNrp of the East UmU f: nn l because it constitutes a "material The union delegation held talks and Samuel Osborn. ' \ ■ - 

copper. 4.S per cent zinc. 0.3 per TOE GOVERNMENT of the East tl|a|l influence" in a company whose yesterday with the Office of Fair ; . . ' 


gas reserves 


at roughly the same rate as polies Commission, will not be Monopolies C 
May April March extraction. bound by its decision on the stake investigation, 

tonnes tonnes wnoes Th e provincial Government's if it comes to a full bid. The 

list insi ins plans will provide Tor direct inter- OFT could decide not io recom- ^ yy_ 

i3 |4 Ir vention in exploration, the grant- mend referral of the stake out cent' vi 

91 7* 171 hig of low interest loans to then change its mind if S-iint 

develop private reserves and the Piran attempted to establish REFERE 

signing of long-term supply agree- greater or complete control. Tinion t-p 


Sabah demands 
compensation 
for pollution 


A & VV— UNION TO PDfiRrc 

SEEK MONOPOLIES ™ ^OBES^ ^ ^ 

KtrtKtlWt Prices and Consumer Proteptipn 

Union representative from has decided not to refer the fol- 


r " e "‘ s Tbc OFT has been examining Albright and Wilson and full-time lowing mergers to Ihe MOHopbRea 

in the hope of stabilising prices, since March and is ex- chemical industry union officials an£ f Mer gers Co mm ission: - New- 

pected to release its verdict Bre to seek TUC involvement in and substantial 

n ££ 1 within the next two weeks. their fight to prevent the takeover minority bolding in Avaer Inter- 

Bunels MVS The Saint Piran stake in Monk a f the company by Tenneco, the national; Cap ital for Industry and 

r J ^ foil u-ithin tho nf the OFT If >3 onnoinmorato Cray Electronics; Aurora Holdings 


high final 


assay results of the sulphide 1U1 pUliUUUU “ J fell within the scope of the OFT u.s. conglomerate. Cray Electro nits; Aurora Holdings 

mineralisation were 9.9 per cent m iVTCRiUMFNrp of the East L;«U f* n l because it constitutes a "material The union delegation held talks and Samuel Osborn. ' \ 

copper. 45 per cent zinc. 0.3 per THE GUVEWMEm' oF the East (l|a|| filial influence” in a company whose yesterday with the Office of Fair 

cent lead and 38 grammes of Malaysian mate of ^anan O assets exceed £5m. While there Trading to urge that Tenneco’s CORNFRCRQFT 

silver per tonne. ?£L f uS^jLniSse Overact BLTFFELSFONTEIN, the Klerks- is no formal definition -r material £97m Sid should be referred to VHJSjS&SMienA’iholl*' 

This hole is 50 metres away a^st the J^miese O erseas dorp go]d and uraimira producer influence. OFT sources indicate the Monopolies Commission. Wil^ ArnSSj 

from drill hole No. 17 where the tl ^ r ™5 ai S7e °Su”d m the General Mining Rroup. yes- that a stake between Jr, per cent Mr. Roger Lyons, national 

companies first found minerali- Corporation ror damage causeo terday dec lared a final dividend an d 30 per cent e\en without chemicals officer of the Associa- sS 

sation. thus suggesting the 1% ”“ f ?*i° S its a " d Dn i2 V m7 n e m for the year to the end of June of Board representation, is con- tion of Scientific Technical and 

presence of at least a small ore- !S ue s "J’ e ,r °™ jjj, ^Wong Antoni n0 « nts <69.6p). bringing total sidered as such because the share- Managerial Staffs, said after the S^^e^ofafhoffinS^Si 

body. _ S Kuii * iS „ r W0 6 * * payments for the year to liO cents holder would be in a position to meeting that with the exception j 

The main difference between from Kuafa Lumpnr. against 130 cents in 19.6-1 1. block special resolution- at share- or ICI there would be little of SJJTA to 

the two holes ts the sharp The Chief Minister Datuk The interim at StUrontein. the holders' meeHn«*s U tlieUh"-ownedcheniicalsindustry??^ t 160oniinaryshare3l ^? 5 J ,er 

increase in the copper grade. At Harris salleh. who met °-'} R D partner of Eulfeis at a new if Saint Piran c-n mn vince left ir Albright was to be sold to c® 111 !- 

hole No. 17 it was 4.0 per cent, officials yesterday, said that since urn nium development is 16 cents t h e OFT rtm the holdin® is the US 

The lead. grade is little changed W73 i* hen the ” pp ?f O0-lp». breaking a string of 11 purely an ' and' no “ There is little reason for PERTWEE EXPANDS 

huf the zinc values in hole No. IS mines he^an production in C a n t« payments. The total dis- .nemm i» ,,<,1 tho foreign enmnanies to cive nrioritv Pprtapp Hnldines ih«i ‘nrivstaTv 


»:f : r PP fn r breaking a string of 11 purely an j nw , stincn[ and no "There is little reason for PERTWEE EXPANDS 

_r Mui _ s . _ i cents payments. The Jofal dis- ar t em pt will be made rn use the foreign companies to give priority Pertwee Holdings, the privateTy. 


grammes a tonne. for drinking and bathing, have Rand Consolidated is paying an ™« P „ d th5i 

It is likely to be some months, been polluted. interim of 7.5 cents l4.7p) for the £l?,V\h!rt rh- i,7„n ^ in m ‘he 

however, before it is possible to OMRD has so far paid out year to December. During 1977 SiJ r d i 5iare 
see u-hAiher this earlv oromisc is Msann.000 in cornoensation to » n t*i n.umnni. u»» 13 wnic next category in wnicn a snare 


see whether this early promise is MSGOO.OOO in compensation to total payments were 13 cents, 
translated into tangible hopes farms and another MS140.000 is 
that a commercial orebody has expected to be paid next month. 

been discovered. Datuk Harris said that ir the TananDCA rnnlr 

“Drilling is continuing but the company is disputing the cJaim, J4Uuliv5C oCCA 

completion or the next hole on could engage Its own con- 

the prospect may be delayed due .sultants to aisess the damage. TnrllQn paqI 
in the difficulty of access during O^rRD has been given a con- A11U.I«11 tUnl 
the winter.” EP Minerals and cession to exploit the copper , 


tion is sought and received this industry. rural chemical specialist* The 

could Shirt the norition into the The unions are to meet the combined group wOJ have an 
next category in which a share- Department of Industry on June annual turnover of over £22m. 
holder h^ the ab lirv to control » tor talks about the takeover. According to Perhvee, the acti- 
the policies of the conipanv. Jf .reference is made to the vines and geographical spread of 
This category is not rigidlv Commission it will urge inter- operations of the two companies 
defined but it generally involves venlJ0n b >' ^ DoL coraplementair. 


a single shareholder holding _ _ ■ , - 

between 23 per ccm and 30 per RIGID CONTAINERS ALBERT FISHER 
cent of the shares while the rest RIGID CONTAINERS has acquired Albert Fisbcr Group haa - dia- 
ls widely distributed John Rostron (Holdings) and its posed of tbe property, goodwill 


THE gas field discovered 
months at Sadot, near Safab,,.ta 
northern Sinai, has reserves. Of 
uvex Kbn cubic feeti axxttrqaug to, 
the findings oS an .Apierwaa: 
expert, reports L. Damet lrom. 

Tel Aviv. .1. . 

■Hie field was prospetSea -a«d 
irilied by a partaiorsbip of Israel 
CM prospecting ua**g**-l«P 
aH oiJ/gas drilling actavtoes ^ 
£raefl>. Pat 04. .- Western .- Vesext 
and an nintdentafied ^Aa^moan 

i °AScSrding to 1 unnrpfirinea' 
reports. « te ^emied -^Jay ,a- 
pLpetene irom the fietd to 
Beershova and Arad, In , Israels 
Negev Desert, to supply «utab*e. 
plants with the gas. ■ , • - • 

However, « B&r. Beta's pro-' 
posal for the Teturn of wx whole 
of Sinai to Egyptian sovereignty 
should result tot 'a peace, treaty, 
the gas fields would riearfy ; revert 
to Egyptian hands, and a «p«a»l 
commercial agreement . ..would 
have to be negotiated? 

Petro-Canada and -Mobil OD 
Canada have announced- a gas and 
condensate find below the 12.000 
foot level at an offshore, drilling 
site east of Nova. Scotia, v. . 

An appraisal well. Thibaud 
1-94, yielded gas at a test rate of 
nearly 14m cubic feet a day and 
condensate at 400 barrels, a day. 

The well was drilled. in about 
00 feet of water to' appraise the 
extent of a 1972 gas find about 
six miles southwest of Sable 
Island made by Mobil Oil and 
Texas Eastern Transmission Cor- 
poration. 

Additional drdbng will be 
required to determinO tbe. extent 


of reserves before- the _ Sf»sft , 
of commerdai -devfibpmefi 
ascertained.'. : . 

• .-3*- .. *- ... . 

Marafbon ~Oif ha? annpu 

-that. recent- dr illing .* ,dn* .’T ■ 
IslandnSSk. A-5fflLbv thar.Ga 
Mexico- abant-UQ ■ m lt a soutt , 
of Galvestim ' feand natural' 
* .Multiple ■ -pay. -zones were 
countered iit- depths ranging, i 
.4^00, to5.100 feet - 

Marathon V OIL: t Amerada v£ 
.-.Corporation- -and Texas- ..^Eas 
each h&vee 'J25 : per' cent- intx 
sit'. bloCk - A-568,^ wbil e Xoiiis 
Land ‘ Offshore ExploraJiqtf-^ ‘ 
Lon isiazia. .Land ' Explocatiim-'i ' 
\have.Kt5' pereent^V • 

- The 5.7B0 acre, tract was le 
from the .Federal .Government • 
-May 1974 for about jlii^nv ■ 


IoyestmeDi 

REVENUE- OF Banhns^ Jn\ 
meat Trust for then year TSk'4-'-' 
-30, 1978; - improved .'to avrei ■ 
£1;04S,421,- against \E97ffj829 j" 
tax. marginally up from £611 
to. £634,056. ■ - J- i/ 

, "Gross revenue r each ed: •££ 
(£L73m) and total assets’* - 

current liabilities Increased 
£SZ.4m- (£2&7om) for arnetr.a. 
value of 74p, compared wftfrd 
per- - 25p- share, -incIiBEngr 
investment premium.- again 
5.1P- .• -• • '; V% 

Stated earnings per share* v 
better at 2.594p [2.4Hp) r an 
final dividend- -M l.05p- takes 
-total to 2JS 5p (2.3p) net.cofl: 
£987,360 (£880^80). ' ^ :-U 


the winter.” EP Minerals and cession to exploit the cooper ..p.^pep rnMPiisnvc v * vvidcl >' distributed John Rostron (Holdings) and its posed of the property, goodwill 

Western Mining said. deposits at Mam ut. believed to be • 'J , , |L . The finaJ category i* where a subsidiaries. Combined annual and certain vehicles of its Peter- 

The real significance of the two nmonp the richest in Asia, and ‘ndieatea to ey w a n i a ion„-terrn shareholder has. or atieinots to turnover of the new gToup will be borough branch, trading as 
holes will not be apparent until has so far exported MSIGOni import arrangement . iot Indian C( , L f u( j [e!! . a [ contro | „f a cam- in the region of £lSra. George Meadows, fruit and veget- 

a drilling programme lasting worth of concentrates to Japan coa1 -. im : s . part OI , p,ai ! pany. The OFT, undor the merger Rigid manufactures corrugated able merchants for £76,000 cash, 

ahout two years has been com- for refining. 10 .°. f ,. < ' oaI 

pie led. Should the programme The company recently disclosed annual liy m the few years _ 

be successful in turning up the that it would spend M*34m on ,n . " *, nd . ,a SHARE STAKES 

same sort of mineral grades, then anti-pollution equipment, includ- s^tches from Oil to coal in _ 

a very rich deposit will have ins the building of several dams aomestic power station... wntes Laporte Industries t Holdings) — and J. B. Backes. as executors of Stenhouse family interests, his 
been round, placed handily and poods. K ‘ a or/Jti Kuwait Investment Office has sold the estate of the late C. A Mobbs non-beneficial interest - as a 

near lines of communication. * 150.000 ordinary shares leaving sold on May 31 150,000 ordinary trustee in the ordinary shares has 

is about 95 mi " s QUEBEC TO HELP S ^ g -r. a. 

LOCAL INDUSTRY jSSyS^S WSTSSk <fc£ESS 


aornesuc ^wer siartion. . writes Laporte Industries tHuldings) — and J. B. Backes. as executors of Stenhouse family Interests, his 
K, i nunftal'ii™ (■«». Kuwait Investment Office has sold the estate of the late C. A Mobbs non-beneficial interest as a 

T,„, " IP“ o hiirf 1 tailfc “trffh thL 150.000 ordinary shares leaving sold on May 31 150,000 ordinary trustee in the ordinary shares has 

Indian fllSnt in „«! total interest of 2.725.000 i5.89 per shares. been reduced from 1LB89.106 

J weeks an have shown <*"'•)■ West Bromwich Spriog-F. A. shares to 1550,488 shares. The 

interest irf importing superto? John Foster and Son-Interest SmM- ifiE? 2SCT5SS.- A&JB4Z22 


away. . QUEBEC TO HELP Bromwich Spriog-F. A. sh^esto U^^^Tbe 

were announced last month! after LOCAL INDUSTRY of" cob! ^IMo" (^mrnibn^nN of Bsnk of Scotland Wo^t End per "cent cucn illative prefer— family interests did not -involve | 

& S tSfli wJi^TSu™ of n De h la "' d - P,a " ; ‘S' " m Nom'n"« hi toS redu«d .S b ° ld . . “! \ * 

'"•™t l'» Western Mining 2“,'^’ ""g* The^prjvin cl^l m studying U,e ,,ossibili ' S' .^"‘dSUl?' of n^ 

d h .r ! ;nd Th, .t,r ,i ! p!Tc p e ,,, dS,Jd ,t ^ ass-s; ssss. 1 * 0 #nanm ' shares (9 09 ■*' ssl. -Sosss 


London Sp higher at 135p. 

STEADY OUTPUT 
AT GOPENG 


Berube, the Minister for Natural immediate long-term contracts is ^_ ni 4 0 i t -> n n>iriM 

Resources, said in Montreal due to the small quantity avail- 

yesterday ab l e for export, lack of transport harSP 

Over the next three years the facilities to ports and handling he,d ord ^ ar > j; 1,ar ® 3 ; 

Government will spend CS17.5m facilities at ports. For the next UDS Group— H. I. Con nick has 

<£S.5m) on exploration and four or five years estimates are purchased 5.000 ordinary shares 

CS2B.fim on development. that exports cannot exceed L5m as a Lru-stee with no beneficial 


holds lm ordinary shares (9.09 per owned subsidiaty Central 
centl. Province Ceylon Tea Holdings — 

“W” Ribbons Holdings— BSG has acquired further 33^00 shares 


_. i v CSSBJim on development. that exports cannot exceed L5m as a trustee with no beneficial Cbaddesley Investments— Sunev works retirement benefit scheme 

Tin concentrate output at The provincial Government’s tonnes annually. interest, and B. Lyons has pur- Finance Company has disposed of 1974 has acquired 50,060 shares. 

Gopeng Consolidated. the anxiety to help the mining Long-term contracts with Japan chased 50,000 beneficially. holding amounting to 350.000 R. X. C. Hall and D. R. Tudor 

Malaysian producer, continued industry became apparent last will depend mainly on the price Beatson Clark and Cu.— Mr. D. shares. directors,- are trustees of the 

steadily in May, the latest stalls- September and a Ministerial com- offered and on whether a price Beatson Clark, director, has sold Brown and Tawsc — C. Walker pension scheme. 

tics reveal. But the cumulative mittee was established to ponder protection clause is included to 5.000 ordinary shares. His bone- and Sons sold 200.000 shares on General Accident' Fire' an! Life 
total after eight months of the ways of giving tax incentives to raise prices when necessary. This ficial holding is now 227,093 May 31. — Kuwait Investment office has 

financial year at 1,1-2 tonnes is investors in mining securities. will also have to be high enough shares (5.34 per centi and his Following this sale. Mr. J. increased its holding hv atLOOD 

14i tonnes behind that of the pre- Civil service studies had shown to finance the cost of the infra- non-beneficial holdings is 50,000 Walker is interested in 1.06L000 shares to 12.21m (74 Dercetfti 
yea r- . r .u L ha 5 exptoration for base metals structure created for transport of shares held as trustee. shares 110.49 per cent) of which Ellis and Gold^cin TnidcrV 

comparative outputs for the had declmed and that new coal. Slough Estates-G. N. Mobbs H01. 000 1 8.91 per cent) benefici- WGolStein. ■dlrecmr.htf lold 


COMPANY NOTICES 


COMPAGNIE FRANCA15E DES PETROLE5 

SA. Capital Stock of F 1 068 690 200 
Head Office: 5 rue MichetiAnge. 75016 Paris 
R.C. PARIS B 542 051 180 
NOTICE FOR SHAREHOLDERS' MEETING 
NOTICE 15 HEREBY GIVEN to the Shareholder! that they an to convene on 
thuriday. June 2v. 1978. at the Company i Head Office. 5 rue Michcl-Anae, 
Paris 73016. 

(I; lor in ORDINARY GENERAL MEETING, at 10.30 a.rn.. ro dlfcuii the 
following poinci on the agenda: 

AGENDA 

1— -Report of (he Board of Director! on operation! and accounei for the 
year 1977: Audriora' Report. 

2— Approval of laid reporu. accounts and Balance Sheac. 

3 — Income allocation and determination of dividend. 

4— Appomoneni of one Director. 

5— Approval of transaction! covered by Article 101 of the Law Decree of 
July 24 . 1966 . 

4— Setting of a redemption price for Clan “A” shares until the next Annual 
General Meeting pursuant to Article 1 1 of the Statutes. 

(2) For an EXTRAORDINARY GENERAL MEETING after the Ordinary Share- 
holders' Meeting is ended, ro discuss the following points on the Agenda: 
AGENDA 

1— -Authorization for the Board of Directors to issue convertible bonds into 
shires up to a maximum of F500.000.000 or an equivalent exchange value 
in any other currency, it being understood that preferential subscription 
rights will be waived. 

2 — Authorization and dnlegaxion of power ro the Board of Directors to carry 
out capital increases as generated from the conversion of bonds into shares. 

AH shareholders who own one or more ''A'* or “B'' share! are entitled to 
attend diese Meetings or be represented therefor by a proxy shareholder or 
by their spouse. 

However, in order to be able to attend these Meetings or be represented 
tharefor. die sturchal-fers who own registered charts should be listed on the 
Company registers five full calendar days before the Meetings are to convene. 
The shareholder! who own bearer sharesfs) should, within the tame D met par. 
deposit their share certificate! or certificates issued by the bank, the financial 
establishment!!) or broker with whom the said shares are deposited, in one 
of (he following establishments: 

— Banque de Paris et dcs Pays-Bas. 3 rue d'Antin. 75002 Paris. 

—Credit du Nonf. 6 & B boulevard Hauismann.' 75009 Paris. 

The Annual Report may be obtained together with the proxy statements at 
rh» London nf P-mu. de Paris et des Pays-Bas. Moor House, 119 London 

Wall. London EC2Y RDR. 

BOARD OF DIRECTORS 


LEGAL NOTICES 


Sp Odl 770 «r 137H 


No. 091WT of 1978 No OUlTTi 

In Ihc HIGH COURT OF JUSTICE J" *1 nSn™ 
Hiancvry Division Companies Court. In Jr LIM&F 

i he Mailer of nvERMARK SMITH lmITCD and fn 
WARDEN LIMITED and in the Miner comiariies vci V 
of The Companies Act. 194*. xn-rirfc n rfre 


ally owned by C. Walker and Sons, iob.000 shares at Mn 
Dorada Holdings — Bu^aii^t Laporte Industries' (Hldgs) — 

ii- d .'n 8 jif'^n a h intre ^v» h ° d ‘ Ku "' ait Investment office sold on 
ins to 414.-300 shares 1 10.02 per May 25 100,000 shares leaving hoid- 
cc , „ _ , . ing at 2,623,000 (3.6 per cent), 

i *" te M U ™ PC ^ n Property Hold- j amcs S eUl Holdings — M J. 


Jusnr-F ,n «•» HIGH COURT OF JUSTICE : IP «VTu, T < *> eiU Holdings - M J. 

Chancery Division Comnanies Court, in m , s.S^*ir. L. P. M^rnh. Mr. J. h. Maliett, director On May 26 sold 
’ 0U 5vrrH lh '- Ma, « r ° r limekorst transport Korins and Mr. J. H. Corre bought g.ooo shares at 93b and on June 5 
e limited and .n .he Manor of The jointly 25,000 shares. sold 10.000 at 97 d 


or TUC companies am. iim» NOTICE is" HEREBY CfVEN. ih-t a . . ORmpauiy — Mr. n. Josepa SftaKespeare — Britannic 

notice is HEREBY GIVEN, that a Peiioon for me Wind in a np or ihe above- uunann, director, bought 100,000 Assurance has bought 10.000 

Petition for ihc Winding up of the above- named Company by the High Coun of ordinary .shiu-es. shares making interest 695 000 t9 

named Company by the High Conn of Justice was on ihc ind day of June Ciive Discount Holdintrs — Mr oer cent) & 

Justice was on the 34th day of May 1978. presented ro ;he said Conn by M f - _ 

1P78. presenied lo the said Coun by REED EMPLOYMENT LIMITED of 13 Jf 1 1 M d D j? 8 ■ ^nglneenng Group — 

overmark smith warden LIMITED Sheet Street. Windsor. Berks.. Si.4 1AY. ordinary snares. Bn tannic Assurance has increased 

whose reirieiered office is situate at Emplorairtit Ag-n.-y. and that the said McNeill Group— Hall id ay. Simp- its holding to 375,000 shares (813 
chile House. 20. Ropemaker Street. Pennon is dir..- -ted :o be beard before son and Co. has purchased 2 500 oer cent)" 

London EC2A 9BA. and that the said the Coun sitting „i the Royal Couri* ord j narv shfl JZ[ nn tuif nf P - n A r« r- v ck 

Peritimi Is directed to be heard before of Justice. Si rand. London WC2A -LL. r ' ° n ® ■ ,**?,? °S h^half of Whilhread and Cn. — C. A. Sher- 

the Coun sttting at the Royal Courts on the 3rd day of July 1978. and any interests ol Mr. G. Ferguson- man has acquired SI .000 **B” 
of justice, sirand. London wcsA 2 LL. creditor or contributory of ih. said Lacey and Mr. R. C. McBride, ordinary shares making total 

suKr"S ‘S’- ss srssjrir^’nssn, vrs 7 n his , h p “ ri ' h „ a ^ *'“', b %, resi ^ c<1 9 iK“ ', s „ 6 mu'i- 

company desirous io support or oppas-: Petition mar appear ai ihc nme or JTf ?he name of Manchester relates to a change of trustee, 
the making of an Order on ihc said hearing, in person or by his counsel. Nominees. Mr. Ferguson-Lacey F. O. A. G. Bennett has taken up 
Petition may appear at the time of for dial purpose: and a copy of the and Mr. McBride now hold option on 29.000 “A” ordinary and 
hearing, m person or by bis counsel. Petition win be rum^ned by the undci^ 524,000 ordinary sharps (19 94 ner has sold them, 
for that purpose: and a copy of the a.gned to any creditor or comrlburory orumary snares U»-4 per aas som loem. 

Petition will be furnished by the under- of the said Company requiring such copy i ~ e j £ l *■ . Alexanders Holdings — Henry 

signed to any creditor or contributory on payment of ihe regulated charge /or I ebbitt Group — -Tiger Securities Clayton, director, and family in- 

of the said Company requiring writ the »me holds 1.067,040 ordinary shares terests on May 23 bought 2.000 9! 

SFthe SamT Dt * Uw reini,au;d charefl l ainmnm Uoad C °" ,14 :? 2 P er cenU - Mr - R- J - Knight, per cent preference shares at 71p, 

Dtcccp- Surbiton. Sumy, ' a director, holds 132,960, Dr. H. on May 25 50,000 ordinary shares 

durrant PrEssE, KT# 4RA. Fletcher, a director, holds 200,000 at 18Jp and 20,000 at 18ip. 

see and Mr. M. F. Briggs, a director, Thomas Bortfawick \nd Sons — ' 

KF w?S.“ ■» ,0 . . , , Sir John T. Borthwick- director, 

2. , „ appear on the beanna of the said Peution Scottish Ontario Investment sold on June 3 50,000 shares. 

tar rti'e Petitioner mMt Berv * J on - or »nd by post w. the Company — Steel ley Company has Pressac Holdings — Directors, 

wticiwn, ror roe 1-etHroar . above-named ooi.ee i B writitw of his an interest in . 30, 000 o per cent their wives and trusts sold 10.5 

NOTE.— Any person who uxeDda to intention so Io do. The notice must si a ic preference shares 15 9 nir renil ner rent nreferonna £ 

appear on the hearing of the said Petition the name and address of the person, or. H ® n “ es ‘*- 8 ee ?°- P e ^ PWierencB ahareg as 

must serve on. or send by post to. ibe If a firm the name and address of the . penning Motor Group— Pruden- follows between May 30 and June 
above-named notice in writing of bis firm and mint b» -ngned by the person tial Assurance as a result Of 2 — J. B. Wagstaff 40,00(1; J. B. Wac- 

imetulon so to do. TTie notice mwt Stale orj Srm «r his or ^ sollatoriif any, recent Increase in capita) now staff Trust 21.200: G. Wasstaff 

the name and address of Ibe Person, or. and must be s-:rved. or. If posted, must h 0 |rl s | B o S than i npr pphi nnnn- r. W^PstalY Tp,i C i o orav 

If a firm the name' and address of the be sent by post m sufficient time to “L an 0 - lo.WJO. U. Wagstaff Trust 3.800. 

firm and must be signed by the person reach tin- abov^-named not later than Lope Sportswear— H. M. Ross Mrs. A. M. Wagstaff 2,624; E. A. 

or firm, or bis or thrir soiiriior Uf anyi four o'clock in ihe afternoon M the now owns 355,424 shares (7,69 Greasley 2,315; Mrs. J. Greasley 

MB! day of June 197 8. j per cent). 99; F. C. Murdock 1,000. 

„ _^P„ 0yi " i4 *** „ Stenhouse floldlngs — A direc- Dawson Internafional — Wood- 


sold 10,000 at 97p. 

H. Joseph Shakespeare — Britannic 


; signed to any creditor or contrlbuiory on payment of Ihe regniaied charge lor 
of iho said Company requiring such the same. 


copy on payment of the regulated charge 
for the same. 

DURRANT PVESSE. 

73. Cheaptfde. 

London ECV fiER. 

Ref: RJF.TISB'O. 3110. 

Tel: .01-236 6513. 

Solicitors for the Petitioner. 


C A. M A DOIN’ Sr CO., 

6 Ciaremnni Road, 

Surbiton. Surrey, 

KT# 4R.t. 

Ref: JP MK. Tel: 01-3M OIMH. 
Solicitors Tor the Petitioner. 

NOTE. — Any person wbo Intend? to 
appear on the beanna of the said Petition 


I the name and address of Ihe person, or. and musi be served, or. If pasrwL must 

If a firm the name’ and address of the be ami by post in sufficient lime io 

firm and must be signed by the person reach rtie above-named not later than 

or firm, or bis or their soiiritor Uf any ■ four o'clock in iho afternoon M ihe 

and must be . served, or. if posted, must 
be sent by post in sufficient time lo 
reach ihc above-named noi later titan 


No. 001 734 of IS7S 


“ £c i MraVfc \JLS DN&» C rl iSrite !2 r - Mr - Gavin Boyd, h as notified bourne Nominees has soid SUM 

23rd du- of June 1073. S oi alco^Sreuousirg !he company that, as a result of shares reducing holding lo 

1 limited and in t hc Matter of Tbe re-arrangement of certain of 2,664^37 (15.44 per cent*. 



General Mining Group 

DIVIDEND DECLARATIONS 


NOTICE IS HEREBY GIVEN that dividends have been declared by die undermentioned companies, payable lo 
shareholders registered at Ihe dose of business on 23rd June. 107& Hie registers of members or Uk companies 
will be closed from 24th June. 1978, to <th July. 197a. both days lndusive. 

No Instructions involving a change of the office of payment will be accepted after the last day to register. 

Thc dividends arc declared In ihc currency of the Republic of South Africa. Payments from tbe Untied 
Kingdom office will be made in United Kingdom currency at the rale or exchange ruling on the tmdertnrnijoncd 
currency conversion dales or the first day thereafter on which a rare of exchange is obtainable. 

Non-resident shareholders’ tax of 15% wlH be deducted from dividends payable to shareholders whose registered 
addresses are outside thc Republic of South Africa. 

Payment wiH be made by the transfer secretaries mentioned below. 

The Ml conditions of payment may be inspected at or obtained from the London office of the companies 
or the offices of the transfer secretaries. 

All companies mentioned are incorporated In the Republic of South Africa. 

Dividends on shares included In share warrants to bearer of West Rand Consolidated Mines Limited, will ba 
paid in terns of a notice to be published as soou as possible after the currency conversion date. 

DIVIDENDS 


Name of Company 


Roffelsfontein Cold Mining Company Limited 
Stilfonieln Odd Muting Company Limited .. 
West Rand Consolidated Mines Limited 

—Ordinary Shares - - 

— Deferred Shares ■■ 

The Clydesdale iTvIi Collieries Limited 

—Ordinary Stock ■ • 

Traiu-Naial Coat Corporation Limited 

The Griqualand Exploration A Finance 
Company Limned 


By Order of the Boards 

GENERAL MINING AND F CHANCE CORPORATION LIMITED 


Companies Act. ISMS. 

NOTICE IS HEPERV GIVEN, dial a 
Petition Tor rfie Winding lip Of the abov-> 
named Company hy ibe High Coun of 
Justice was on tbe 2nd day of June 
1978. presenied io ibe said Coun by 
REED EMPLOYMENT LIMITED of 15 
Sheer Street. Windsor, Baits.. SL4 1AY, 
Employment Agency, and that ihe said 


Hambros Life Assce. 



Petition is directed ,0 be heard before }n SH?“ E in aU fun ?s, both Tho value ol the Pension 

rhe court sunns at me Royal Courts invebijnent and peruions, for Ifli# Property Fund stood .at £26m at 

of Justice, strand. London WC2A 2LL. is reported by Hambro Life the end of 1977 with 11 new 

on rhe 3rd day of July 19DI. and any Assurance. Total assets of the properties being acquired for 

SmX ofomS. " [ a X™™“ na f^ 0 ,f","?V„ th /,S'™ n r i his fund "S* als0 b «" 

iho maldns of an order on ihc uid ... J ear amounted to £19Jm active this year and now stands 
Pennon may appear at tiw him of divided between equities 72 per at £35m. 

hearing, in person « r by hte counsel, cent, property 22 per cent and , ... „ _ , 

for that purpose: and a copy or the = _ er . . ij OU j d ji v w i t h nnlv . . LooK,n ff ™ the future. Mr. Kyd 

Pciirioo will be rurmshed by ihe under- . P h iui in r.' vn ,i in ,o° r net LiPWOrtb, deputy manaftin^ direc- 

stgned to -any rreduor or comrlhuiory l per Cent heJd in fixed interest . d 

or ihc said Company requiring such copy and gilt securities. During the -*hnf d aLrect0 . r ' slatcc * 

on pa.vmem of Lbe rcguiaird charge for year the managers took advantage }■ 1 U1B Property market con- 
““ “ Of the favourable conditions in reflecOn- a 

thc equity market to increase thc demand for 

equity holdings. The price of [^!^’L,P:^ 0 „ perty , and an *“■ 
accumulation units rose by 31 per P rovin 8 letting market. 

Solicitors for ihe Petitioner cent during tiie year. 

note.— Any person who imendv i to The property fund at the end 
SSE ar0 JL lfcc heanns •* 5* or 1977 stood at £iu4m. of which 

writing or & *5™ '***£' dc 0° s “ and ° ther »®t £853.000 

imenilon so lo do. The notice musl stale assets. During the year the <*<w«/yvvv 

ibe name and address of tbe person, or. managers continued their invest- T n ITT 

^ a *JJJL na,nc and , ment programme in a selective tor .1 & W 

firm and must be naned by me person _ nr i , nron - P tiow • UL TT . 

or firm, or his or rheir BoUdtnr »rf anyi manner and 13 new propertiei t> 

and must be served, or. «f posted, must were acquired for £7.6m, while TT-. J 

be Bern by pow m soffirienj time to Beagle House. 3 large office build- 8~l C II fl P TSO fl 


the same. 

C. A. MADDIN Sc 00- 
6 Claremoni Road. 

Surbiton. Surrey. 

KT8 4R_\. 

Rel: JP'JIF. Tel: Bl-399 dfiSI. 
Solicitors for ihe Petitioner 
NOTE. — Any person who Iniendi to 


vi ivii SLUvu uiniii, ui niiivu __ __ _ . A 

£25m was in deposit and other net 4- I In II I 

assets. During tho year thc wtfJJjVVW 
managers continued their invest- p TO \xt 
ment programme in a selective lOl* al <V VV 
manner and 13 new properties • ▼ v • 

were acquired for 17.6m, while XT* JM 
Beagle House, a large office build- XxCIlClCrSOll 


S? he fringe : of the City was 


30fh day of June 197?. 


sold for nearly £5m net. 


Taxable earnings of J. and W. 


PUBLIC NOTICES 


London Secretaries. 
P«r: V. G. W. DAYNES- 
















r rnrr 






K 


Loadoi Office: 
Princes House, 

95 Gresham Street, 
London EC2V TEN. 

7th June, 1978. 


Transfer Secretaries: 

Charter Consolidated Limned, 
P.O. Btwc lot. 
Charier Hmm, 
Par* Si ret r, 
• Aahford, KENT. TN24 8EQ. 


Since the end of last year, the Henderson (Holdings), builders 
fund has made considerable pro- tii^rcnant.s. for the year to March 
gress with new purchases and £*■ ,, we [, c £8S2JloW on sales of 
developments and now stands at *-H.14ni. bor the previous 15 
over £120m. The offer price of nionths with sales at £34 46ni. 
units in this fund shows an aver- P™"* reached £l^m following 
age annual growth of 7.8 per cent ?n a record 12 months at £1.06m 
per annum net of taxes and In 3971i - 

management charges. Tn the first six months the sur- 

On the Pensions Managed Fund, P* 11 * w?s ahead from £425,000 to 
the managers also favoured the j51«.npo. Earnings per 25p share 
equity market last year and com- “ 1, 1 “ e y ea £. came out at 25.1p, 
mined substantial amounts of an extraordinary credit of 

new money. The gilt component t’'®® 1 ™ f , net dividend 
of the fund also rose substantially 2 i®?? 1 , to 

in 1977 as a result both of active (9JZS5p for 15 months). 

trading und subatafftiai rises in The group has written back a 
the prices of gilts. At the end of deferred tax provision of about 
the year, the fund stood at £S7J5m, £450,000 and a revaluation of pro- 
split 53 per cent equities. 31 per periles has increased .share- 
rent fixed-interest and 1G per cent holders* funds with a surplus of 
property, £1,133,806. 


joint Companp Announcement - •’ ■' 

HUDSON BAY MINING & SMELTINC 
CO. UMTTED > / 

(Incoporated m Canada ) • 

MINERALS AND RESOURCES 
CORPORATION LIMITED ' 

(incorporated in Bermuda) ■ r - -- 

Proposed cash tender for any and aU shares ’ 7 jy 

of Inspiration Consolidated Copper Company - j\ 
The following, is the text of an announcement issued by th 
above two companies on 6th June in North America. ' 

“Hudson Bay Mining and Smelting Co, Limited, Toroiitt.- 
Canada. and Minerals, and Resources Corporation Limita 
(Minorco). Hamilton,. Bermuda*, have announced they are film 
today with the appropriate authorities in Maim* and' Ns? 
Jersev certain information relating to a pro posed .tender offe 
for ail of the shares .of Inspiration Consolidated Coqper Cou 
pany not presently owned by-ihem. Hudson Bay -Mining an 
Minorco presently own approximately 40% of the .outsiandin 
shares of Inspiration through a jointly owned, recently orgar 
ised VS. company farmed for the purpose of jhe;offer. • 
The offer is proposed to be made’ at a price of UJS. $33 pe 
share in cash net to the seller, following clearance of th-. 
tender offer materials by the appropriate state officials, wbic! 
is expected to require at least 20 days. The filed material 
disclose that. discussions have been held with Anaconda: Com 
pany. a subsidiary of Atlantic. Richfield Company (Arco). witl 
respect- to 1 the purchase ofr.its current, holdings .of approxi 
□lately 20% of Inspiration's ’.outstanding' shares. Hudson Bay 
Mining offered to pay Anaconda $30 a share but indicated that 
Jtwjs prepared to consider paying a slightly higher price. Arco 
indicated it was not prepared to sell at that time and would 
review its options if a tender offer were made. Inspiration - ! 
board of directors has not yet had the opportunity to considei 
whether they will recommend acceptance of the offer to tht 
company's shareholders. 

The First Boston Corporation will be the dealer manager of the 
proposed offer. Under the proposed offer, soliciting c’ealers wil 
be paid a fee of S0.25 per share tendered, up to a maximum 0: 
$1,000 per beneficial bolder or group of holders.” 

Issued from: 7th June 1971 

40 Holborn Viaduct . 

London EC1P1AJ 


Jackson Group 

Limited 


aider 


ANNUAL RESULTS ; 

Year to 3t December * 1977 - : T9?6 

£000 • “£0t)0 ; ' 

..Revenue 3,312 ; : 

Pretax profits ’ •* 504 ; - 

Earnings per share 18.7p . 15.4p 

Dividends per share— Gross . 5.0p ' — ? 

Net • v 3.3p — * 

- ‘£5. 500 net distribution as private company. • 

Points from the statement by the 

Chairman, Frank Jackson : , M 

0 Another record year. Profits exceed forecast ^ual 
made at time of group going public. 

• Ail trading companies contributed to in- 
creased profits. 

• Current outlook is for another record year. 

The Company's shares are traded on The Over-the-counter 



Telephone 0473 - 622701 . 


Clement Clarke 
(Holdings) Ltd. 


Manufacturing and Dispensing Opticians 
M anuf acuirors o f Su rgical. Medical. Ophthalmia 

and Aircraft Instruments and equipment 

Mr. J. H. Clarke, ChtdnBaiiand Mnnagj rig 

Director, reports on 1977 1 

• Group Sales £7,477.264 

(1976: £6.298.170). 

• Group Profit before tax £879,196 
(1976: £957,719). 

• Group Profit after tax £408,606 
<1976: £380,541). 

• Final Dividend 4.9% making 8.65% 
(1976 : 7.75%) for the year. 

• Earnings per share 8.47p (1976: 9.7Jp). 

• Export sales £975,390 (1976: £822,204). 

• The year ahead : The retail sector of the 
market appears to bamore buoyant 
than at this time last year, and already 
our sales are showing a worthwhile 
increase. We are extremely hopeful 
that our drive for greater exports wDI 
continue to be successful. If the present 
trend of business continues, I expect a 
satisfactory result at the end of theyear. 














t , r ^^ 35as ^. T^es Thursday June 8 1978 


\ 



' i23Sni > compared 

^ ^ft^ Taiable profi t S 

-SSRSK 1 ,^??* 4 31163(1 from 

> ^ «. 
SM. O^mes ' Hanson, the 


£0.2m 
at midway 


GRE starts on 
dull note 


at £8L4m after six months and 
fixed assets up from £56.6m to 
*71 -4m. 


Ball-war 
135T-T8 1S76-77 
On la i 


payment of lp net. 

The company operates as a 
building component manufac- 
turer. 


-j- kV< » T"»“: - < csuj L 5 were 

: ut. a penod of generally 

•A ' d36cu2t .tntdki? oKi>at«*^= *■__ 


M6.0 ±34.1 


. ®1 
*hf? 


; ^CU?t tradHij conditions in the 
; U £. Results were 

s '<§ : ir ‘^Sfe^iSi5' 5p ipr ^ ucta side, 

*g f SS 

i3^ > ' • y^ j^to ast finished Ms year slightly 

if . ^ ^Kr thaa Predicted ovSgm 

ersrf. •■ - '■seaigent cost controls during the 

At^nPonths; Trading has been 


ljo.fi 

14-S 


147.3 

lO.i 


S6.0 

29.6 


1X4 


35.3 

29.S 

11.2 

UJ 


:! * 3 K 

&ni ^ 


601 


J*fe" 


-’•"grSr.Vgi-.T-Tx- r uas oeen 

.^S^gSWJir Efrwade as a 
• ^W»ek shortages 

, - '■fe'SSSfS’S’ffi? 11 ' Dver capaeity ~md 
,f a& '■ ' - o ? ri ? es ' « the 

l w.': .the- profit rise 

ifl£W ._ : ’management's efforts 

m 2* • - **J^ ntial in vest- 

-2J 1 " " W^ifip thB Scottish agricultural 

* .: -i r 4na^ttjr. itt,the past two years, 
j" “vtth "the .UJ3 . Industrial services 

3 'V.caC^3a^^-,.-...CarishEook was 

.. ;.: :; »&»urage4-^y good early sales 
lA :. - Aa^» r newywaiting to see how 
IPm develop. The new 

v mi ••• Interstate ■ United 

^EteKWratSw contfihnted to results. 


Tataorcr „„ 

AgriprodBos 

BA 

UK 

lnd. services 

U.S 

UK J mm 

Bunnrasu sola . 

Profit before tax 

AsrliiradDcu 
U.S. 

UK - 

lnd. serrJres 

■ U.S. 

UK 

Businesses sold 

Property end otter Inc.t 

Tsut 

N« profit 

Minorities 

IrfsrlojP _ t 

? Less interest and parent company 
expenses. 

See Lex 


is 

1.1 


4.4 

05 


£158,742 

by Times 
Veneer 


3J 

3.4 


0.1 

AA 

6.£ 

0.3 

4.3 


km 


■'^loT the construction 

'■’> =. C ' v r jwjmpment- companies performed 

Ti^ — J •Jf - A«rl 


Westbrick 

profits 

recover 


ALTHOUGH SECOND half profit- 
ability was improved, •‘The 
Times ” Veneer finished 1Q77 with 
pre-tax profit down from £170,167 
to £158.742. aTler a lower midway 
figure of £35,080 against £QS.121. 

Sales for the year advanced 
from £3.89pi to £4.62m. After a tax 
credit of £3,240 t £03,512 debitl 
staled earnings rose from LOSp to 
2-3p per 5p share. 

A final dividend of D.2p makes 
the iota! payment 0.4lp (0.376p> 
net — the joint managing direclors 
and ihcir families have waived 
dividends totalling £5,670 (£5,880). 

The group's business involves 
the manufacturing and merchant- 
Ing of limber, veneers and pro- 
cessed wood products. 


. ^ tumiJHiuea penormeu 

• v ->.£ 2»T ■ justifying the group's 

• ! . :;4neseaauJg ■ investment in * ' 


chairman” says “At the 
fclifid h, r ^i^ame. ..time it is glimpsing an 

a-'seu 


^ v^uIpp^retpftTit 7 


«■•*> ; . = — t 111 1116 bousing 

'"u^asa- -i tx ffftrik eg • • •_ .• 

r a bb,:-’- “ for the full year are 
vd to he in line with the 

‘Cluiijw . achieved last year, 

m. says the group is 

bfitojv capacity in many locations 

-J .-JS_ . «V> ^ iff 4V.nihH. H ,1. j 


h-,. ;is therefore well placed to 

" ' ’ ^W- l ^ va PtbE e -«f any economic 


-v.v-OTWpyem«nt- - 
i net subject -to tax of «.6m 

•V< ; ^sfiEE7in) and minority interests of 
; ' . . £KSm_ ' (£0.4m). Earnings per 
— — snare are unchanged at 9p, whfle 
— — , ^ the .divldfend is llfted from 2.75p 

-25p share to 3.025p. 

’ ;; .7 ry~ jr’...! dividend restrictions are 
■ — wed^ . directors intend 

_ •: Shareholders’ income 

•w-v-- morB In - line with the company^ 

. ^achievements. '< Last year a 
£ }‘ .-8^297 p . final . was paid. 

vifet .taDgjbte assets are shoivr 
;i ; at .l®p (loop at September 30) 
iJ . .per. share. A balance sheet shows 
- current assets £30 Am higher 


&m-£ 


CES 

D 


RECO\TRING FROM what the 
directors described as a dis- 
appointing result at midway, pre- 
tax profits of Westbrick Products 
finished the year to March 31, 
1978 ahead £125.000 at £331,000. 
And this was after exceptional 
losses of £194,000. 

At halfway when reporting a 
decline from £225,000 to £92.000 
(after associate company losses of 
£43,000} the directors said it was 
too early to make a full year's 
forecast. 

They now say that the group js 
currently in a much healthier 
state with the management able 
to concentrate on the ongoing 
activities which will benefit from 
actions taken. 

The exceptional loss and an 
extraordinary deficit of £208.000 
(£61,000) were necessarily incur- 
red as a result of cleaning up 
actions undertaken, they add. 

Before extraordinary items, 
earnings per 25p. share are shown 
at 3-3p (54)p) and after .such 
items at a loss of lfip (earnings 
4.5p). The dividend total Is cut 
from 2.924p to 3.5p with a final 


Andersons 
Rubber over 
£106,000 


Recovery in second-half taxable 
earnings from £1.086 to £49,126 
by Andersons Rubber Company 
look profit from iho year to 
March 31. 197S. from 172.192 to a 
record £106.426. Sales by the 
group, which makes and distri- 
bules protective clothing, indus- 
trial rubber products and allied 
pow-cr transmission equipment, 
were up £0.3 1 m at £3.12m. 

In December the directors said 
that the problems which arose 
during Lhe second six months of 
the previous year had been 
largely overcome and they hoped 
for a satisfactory full year. 

After tax of £59,831 (£38.984) 
net profit came out at £46,595 
(£33,208) for earnings per 20p 
share of 5.S2p f4.fop). The net 
total dividend is lifted to 1.552p 
(1.403p) with a final of D.952p 
(04)D3p). 


REFLECTING the effect of the 
firemen's strike and weather- 
related losses in a bad winter. 
!he first month of the current year 
for Guardian Royal Exchange 
Assurnnre did not produce satis 
factory results. 

At the annual meeting Mr. John 
Collins, chairman, said that on 
llto motor side some improvement 
was expected in 1073 but the full 
effect or increased rates would 
nor be felt until nest year. 

Overseas results were mixed 
and although there was an 
improvement in many operations 
Australia was likely to show a 
lower profit. However, he was 
still hoping that 1978 underwr(rn» 
would be better than lost year. 

At other annual meetings 
yesterday, chairmen reported os 
follows: — 

Bra sway — Mr. It -A. Swaby 
reported that the group had 

exceeded its forecast of £200.000 

in the year just ended. Restruc- 
turing of the group was still 
continuing and the chairman was 
in little doubt that current year 
prollLs would be well ahead. 

Cam rex (Holdings) — Mr. . Alex 
Cameron warned that first-halt 
profits would be down. The 
continued recession in shipping 
and bad weather early in the year 
resulted In profits being well 
below expectations. He expected 
the full year’s result to be satis- 
factory. Mr. Cameron announced 
his resignation as joint managing 
director but remained as non- 
executive chairman. Mr. J. A 
Witter becomes chief executive. 

T. C. Harrison— Mr. T. C 
Harrison announced a big in- 
crease in profits for the first four 
months of the current year and 
he expected a record result for 
the full term. Commenting on 
the Inland Revcnu'e resistance to 
a claim by anoLhor motor dis- 
tributor for 100 per cent first 
year capital allowances in respect 
of vehicle leasing contracts Mr. 
Harrison said that It was difficult 
to see on what grounds the 
Revenue was resisting since there 


BOARD meetings 


Tl* follovfJW Wiiij*ar,i*s l,acc notified 
Halts of. board inetnnKJ the stoeh 
Esdianse. Sweh meetuus are isitnliy 
held for Uw nun-o^c uoosu'erini:. divi- 
dends. Otflaul IndnMiions ore not uvall- 
flUe whether dividends concerned arc 
interims or Snori 3tri the juU-iLvisioac 
•shown below are tMhcd mainly on last 
year's timetable. 

TODAY 

imeriiM:— ^ Bunco Dean, Hr? I id Metro- 
politan. _ 

Finals:— Aiffluw Si res, ml uses. Armita^e 
Shanks. Bankets Invmiment Tmat. 
Brown srurtev, tncfelf. Erewery. 
avssierfieW Propcnies. Culicn'-i Stores. 
Djrtmouih lnvcouucnu.. Ounddman. 
eiectntatc ReniaiT. ! Ktnuoi nnd M<sro*i. 
«: inline. Hirkson jd| W-loh. leluh 
Interests. WO Crocp. Tnetus. t'KO 
tuternaooaal. 

FUTURE DATES 
InlcrlA*®-'— 

Com Esctoncc 

Irish DtsUllM* 

Plesser 

SfutcHi AH’! Soaictii Compton 

Westland Airu-ali 

Flats >- 

Allied Reisilers June 14 

Artel 7ndosirte.» . . ...... June C7 

Brownlee June L*. 

Coaniry Sr New Tutrii HrouerlieS June 14 

Dawson Internal iunal ..Jure 19 

l-airtlale Tesnitfs June & 

PoweU Dufffyn Jure 20 


June u 
June 20 
June 20 
June ts 
June It 


have been ti\o provious test cases 
where claims of a similar nature 
have been allowed. Even if the 
Revenue succeeded he pointed 
out that the repercussions on the 
group would not affect earnings. 

James Neill Hording* — Mr. J. H. 
Neill told members not to expect 
the same rale of profit improve- 
ment in 297 S as in the previous 
year. However he was reasonably 
confident that the group would 
reach a level of profit which 
would justify the higher dividend 
forecast at the time of the rights 
issue. 

Ward White Group — Mr. George 
McWatters reported that profits 
in the first half of the current 
year had been running substan- 
tially ahead of those achieved in 
the comparable months of 1977. 


Orion hit by motor 
and fire claims 


i!- 


X - 


-if '.W 


P. Henderson poised for upturn 


. ^ J hjr. Pat G ayn or, chairman, of 

Henderson Group says Is giving much attention to the 




In. the current year the group 


f VVlh?t,fhe group .is well on the way control 'of worktc 
^ ’.to overcoming soro 




; tbe groirp-li^ an. excellent 
'5 . J- ‘ braportunfty '• to move ' ahead 


_ and 

some . of its prob- in particular to impraved ays terns 
and greater effectiveness in the 


steadily over the coming years, 
i- - ■The- group has rationalised 
-i’ .- ' production at the ■ door - closer 
' factory in Birmingham; , trans- 
■ ■‘‘l - i’erred roller shutter manufacture 
5 io Enfield; and cut hack opera- 
, - tipns in the Industrial- door mar 
ket- hi France. 

v Tbis has called for 'provisions 


management of physical stocks. 
The need for this fe-of "para- 


for 

mount concern " in the light of 
the group's exp a n sio npli ns over 
the next two years. 

Meeting. Hornchurch June 30 
at 18.15 pm. - 


New'servif^j- 


!..:C 2 

..i . 


> --.or 1316,000. which fhe"<*ainnan T l m rii 5 c ^ 

» : Respects- io, £<i.Ver ;aU; anticipated.. ' ITOHl UOVfl, 5 “ i; ' 


ticse V'uhsatiSf actor 


■r 


I- part^;'o£ the' . Hei Is ’ cor^- Lloyd’s tfffc fhe li|6 company 


dent bring controlleit by Lloyd'y of Xondon 

substantial benefits to ' future ' Corpora tiSn ‘ and Stockbrokers 
■ -•group profits. • TCemp-Gqfe, ' have .Combined to 

- ;■ In toe year ended March 4, Introduce a hatv investment 
1978, . group pre-tax profit service fot small' investors. This 
^ V^anmunted to £L3Sm to H^tn. On is tended “Stockbroker Funds 
.T’ t ^an - inflation adjusted: basis tbe aBd ccaisists of an internal fund 
V.-figUMfl are- shown at £912.000 operated by Lloyd’s Tlf “ 


gilt-edged investment. 

Therefore Kemp-Gee has linked 
up with Lloyd's Life to operate an 
in-house fund which will invest 
primarily in the gilt-edged market 
and handle the investment 
management of toe fund. The 
stockbrokers can thus put his 
smaller clients seeking gilt-edged 
investment into this fund. The 
bond is already available for 
lump sum investments and it is 
hoped that a regular savings 
30-year high investment plan will 
shortly receive approval from the 
Inland Revenue as qualifying for 
tax relief. 

The -use of this method lor gilt- 
<d&ed Investment means that the 
efieik also recehres tax advantages 
In tov the fund is taxed as a life 
fund \with • special tax rates. 
insieadV of : having Investments 
taxed o\j an Individual basis. 



JP 


_ Life but 

(SflTiOOOj, after, .additional depre- wheres the Investment manage- 
biatiQn -£155,000 (£313;000), cost of ment| is handled by the 
• ‘ sales £354,000 (£817,000), plus stockbroker. 

gearing . adjustment £124,000 TBe primB purpose of this move 
» - '££149.000). Is tt» enable the stockbrokers to 

.“Group turnover topped £20m degl directly with the client's 
^und ' -this - -nhCQ?sl tated higher In- mmiey without incurring the high 
diSbtoTS ■wttich are c«ts ■ of - handling it on an 
financed . partly from retentions individual basis. Many stock- 
g'-'- T biit?-^lso iy-fBe -greater use of lookers already operate in-h Ouse 
fepkeriT ' feeffities. ■ At . the, year , unit trusts to deal with * 

~^ bnd jftodm__ were up froin £4.62m. ..investment 


South of 
England 
Bldg. Society 


to deal with equity 

ener jnocKS.were. hp worn ».n«iii. .in*wuir™i for small clients— 
Wj ta. £5^tH whfle overdrafts were Hemp-Gee has two funds. But 
'highei at £2J5m against £1.3m. ■Jtius solution is not avaiJabJe for 



The pre-tax surplus of South of 
^England . . Building . Society 
increased' from £l.3m' to £2.tm 
in the April 4, 1978 year, and 
assets jumped from £1 75.39m to 
£2lS.91m. From October the 
. society merged with the Brighton 
and 'Shoreham Building Society. 

For the period there was a net 
increase in investors' balances of 
£36. 52m, and a £22_8fmi <£24.04m) 
net increase in mortgages, with 
£4 1.71m advance d on a total of 
4^547 new mortgages. 

At the yearnend the liquidity 
ratio was 212 per cent and the 
reserve ratio 4.48 per cent. 

Mr. G. G. Rogers, the chairman, 
says the society is currently 
enjoying a good inflow of funds 
but-- in order to comply with 
Government policy mortgage 
lending is being curtailed. 

Proposals are in hand to change 
the rules of the society to allow 
it-to pay pensions to any retiring 
directors, particularly in 
Connection -with mergers. 


Orion Insurance Company, a 
subsidiary of the Dutch insurance 
conglomerate Nationale-Neder- 
Janden, experienced an under- 
writing loss of £I.46m in 1977 on 
its home lire and accident 
account, which more than offset 
favourable results on the marine 
and aviation accounts. 

.Sir Antony Part, in his chair- 
man's statement, points out that 
this account was significantly 
affected by the administrative 
problems experienced in handling 
a substantially larger motor port- 
folio together with a continued 
high incidence of motor claims. 
He also points out that the under- 
writing trend for household in- 
surance continued to be adversely 
affected by the weather losses 
towards the end or the year. All 
possible steps had been taken to 
secure adequate sums insured and 
premium rates. 

His' statement also discussed the 
problems facing marine and 
aviation insurers at the present 
time. A considerable volume of 
“bread and butter" hull business 
was being lost by the London 
market to overseas markets will- 
ing to offer significant reductions 
in premiums. On the aviation 
account, over-capacity in the 
world market was leading to un- 
realistic underwriting and rate 
reductions. Nevertheless. the 
marine account recorded an 
underwriting profit of £890,000 for 
1977 together with a profit ot 
£450,000 in respect of prior years, 
while the aviation account had a 
profit of £250,000. 

Investment income amounted 
to £4j39m, a real rise or 13 per 
cent over 1976 when adjusted for 
exchange rale fluctuations. The 


effect of the decline in UK 
interest , rate* wa< more than 
offset by investing a higher pro 
portion of funds in British 
Government securities and U.S. 
dollar bonds. Pre-tax profits Iasi 
year - rose marginally to £3.B4m 
from £3.62m and the amount paid 
in dividends remained unchanged 
at £650,000. 

.Sir Antony. in reviewing 
future prospects, deals with the 
measures taken io strengthen the 
management, particularly in the 
home fire and accident department 
where trading results have been 
unsatisfactory for a number of 
years. An experienced under- 
writer had been recruited to be 
manager of the motor account 
and other appointments were 
currently being negotiated. He 
warns that the changes in hand 
would not have more than a 
marginal effect this year but that 
prospects' for improved results 
thereafter were; much brighter. 


Compco ahead 
at midway 


Subject to tax of £30.749 com- 
pared with £21.586. profit Of 
Compco Holdings improved from 
£23,846 to £39.495 in the 
September 25, 1977 half year. 

Directors say that subject to 
the satisfactory outcome of cur- 
rent rent review negotiations, 
second half profit should be 
higher than that earned in. the 
first six months. 

Profit for all last year totalled 

£49.S3fi. Dividends were last paid 
in 1972-73. 



25 


Harrisons 



7. 


for the year 'ended 31st December 1977 


1977 

£’000 


.1976 

£’000 


GROUP PROFIT BEFORE INTEREST AND TAXATION. 


24,814 24,332 


GROUP PROFIT BEFORE TAXATION- 


23,347 23,169 


GROUP PROFIT AFTER TAXATION 
(before Extraordinary Items) — ! 


EARNINGS FOR ORDINARY SHAREHOLDERS 
(before Extraordinary Items)...*. ,-— . — — — 


12,953 13,490 

11,165 11,075 


ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 
(.after Extraordinary Items)— — — 

Ordinary Dividends : — — — 


10,775 

4*866 


• 13,216 

2^32 


RETAINED IN THE BUSINESS. 


5,909 10,684 


NOTES: 

1. The above profits indude dividend^ received from Maliyalam plantations (Holdings) Ltd., Harcros Inv e s tm e n t 
Tru-.t Lid. and Harrisons Malaysian Estates Ltd. in which the Company held trade investments. Since 31st December 
i 5*77 all three Companies hat e been the subject of successful offere referred to below. 

2. The ordinary dividends have been based on the issued Ordinary Capital of £22,227, 12b at 3 1st December 1977. 
j. E\ u-aord maiyl terns mdudeexetange losses on net current assets £1,041,000; 1976 gains £1,412,000. 


Principal Activities and Division of Profit 


. Prnfii before Interest and Taxaftot 

1977 1976 

£’000 £*000 


General Merchantlng and Services, Shipping and Insurance. 


Manufacture and processing of .Chemicals,’ Industrials Raw Materials, 
Rubber, Textiles and Engineering Products — L 


Production of Logs and distribution, of Timber, Glass and other 
building materials - ... — . — .. — 


Financial Transactions- 


Opera ting Surplus- 


Investment Income. 


Associated Companies. 


Geographical Division of Profit 


United Kingdom. 
Asia - 


North America- 


Other (mainly Australia, New Zealand and Papua New Gniriea)_ 
Investment Income and Associated Companies ; — - 


7,499 

6,782 

6,631 

5,567 

7,042 

9,645 

547 

- 698 

21,719 

22,692 

1,950 

: '951 

1,145 

689 

24^14 

24,332 

1977. 

1976 

'O 

% 

49 

46 

26 

31 

6 

S 

6 . 

8 

13 

7 

100% • 

100% 


Ordinary Dividend 

Final dividend 17.4p per share makins.-wiih the interim of 4.38p per share, 2l.78p per 
share for 1977 (33p per sharc iaduding tax credit at 34/66th&). This represents aa increase 
of 88 % compared with the adjusted total ordinary dividend for 1976. 

Events in 1978 - 

Since the end of last year the G roup has been enlarged and strengthened by "the acquisition 
of Malayalam Plantations (Holdings) Ltd'. "and Harcros Investment Trust Ltd. More 
significantly, as announced ortr 6th June 1978, the Company’s offer for Harrisons 
Malaysian Estates Ltd; has become unconditional in all respects and will result in the 
merger of the two Groups.of Companies. 

A final dividend of 17.4p per share will be payable on all new Ordinary Shares to be 
allotted pursuant to the offers for these three. Companies. • -• 


The Report and Accounts, and the Chairmans Statement, vill be issued on or about the 21st June . 1 


r- 'r ■y i l 1 ‘ 

% • .. . 

Report and Statement 

^v^fcGiiairman, Mr. E - D. D- -Ryder 



bythe maxrmum 

jssiieuf 1 0rdinary Share 



rise 

; I^^P^ s %^!r^esteverfigure, 

3*784,0 


1977 
£ 

1.685.000 

5.784.000 
3.000,000 
1,080,90.1. 


H19 9,549.201 




,433.759,890 403.337.484 

41,4 422 

1,731.918 • L329.S28 

797.700 ’ 713.721 



7AU 

tefepl>on'8::0’' ff23207D 




wastes 


BALLAM’S LOSSES 
EXCEED RESERVES 

'-■As losses continue to exceed 
available reserves at Hai la ni 
Group ot Nottingham, the direc- 
tors say the preference dividend 
for the half-year to June 30, 1978, 
doe on that date, cannot be paid. 

Preference dividends have been 
in arrears since July* 1, 1976- . ■ 


IN BRIEF 


. ARCHIMEDES INVESTMENT TRUST— 

Interim dividend on ininme snares or 2 d 
iLfiO) — increase in reduce disparity nnd 
board expects at least id maintain ratal 
dividends for yew of 3.i£p. fici income 
haSyew to April S3. 1973. £33.717 (£28^4 . 
after tax £17 34 (£13^271. Net asset ralw 
capital share after provision for tu 
on unrealised jrolns 30 Jp iG9^p>. 

CLSN MURRAY INVESTMENT TRUST . 
— Pre-iax revenue ball-year io April M.- 
197S. fsrmp ir73AS9.'. Tax . Wl-2® 7 
, 1 £ 3 ?, 100 >. Net asset valne per snare 
UL3p iIC. Ip, October St. 197T1. EarnldfiS 
pcc "share for year 1977-78 estimated ai 
I.BP (t.77pl. lniertm O.TSp i.0.<d) already 

arni mnwl 

G. B. JACKSON ASSOCIATES lc«n- 
mter gerview)— Tumwwr for 1K7. 
Ma^l5 «20L669). pre-tax Draflt £S.«E 
i after ftaaK Interest n.otO iJSUt. 

Ltax -• £13.10® • £13.1*3 j, extraordinary 

teNis' ILS44' f £52391, retolned croGt 
£3,07B (0.398 toss'!. RcSflJa to date Ind*- 
wimmar b on tarpci 10- exceed 
target ot mO.OOO hiinover In 1B73. Fixed 
assets £27 -&R (£25.7491. net ctmem assets 
£3SJS7 - iQ-iaMt— bank overdraft 123.924 
IttSSP. Meetinc. Leythorne. Cftlcbcsier, 
Abril' 27. 430 pm. 

-JACKSON GROUP I Civil and roechonl- 
cail ■ - cagf neertos - sod consirotltoni— 
.Basalts' for 19T7 already known. Croup 
Axed assets n.sm is.um) net cnrreni 
osbMS £561,198 (JS77.S9J1. Net liquidity 
down J39L0W fap ass.00IH. The direc- 
tors expect another record year in 197B 

K1LUNGHALL TIN— Ourwn lor Max 
fU ntcub MlkML iSlL 4T “2^^. 

OCEANA DEVELOPMENT INVEST- 
MENT TRUST— Dividend 6.12p camel 
scar » March n. ibts. flevemn n.032 
, ifi.efii after to* £1.43 'fl.6191. Eam- 
i lass nor- S5» shore 83Sp ifl.espt. Wet 
awcl vahu pw vl»re -js.sp iJT.Ip'. 

- PETAL I KG TIN— May output 130 lontna 
(April m tonnes). ^ ^ 

STANDARD FIREWORKS — TTidiDR 
.profit for year to March n, 197S. DM,626 
(B5K091I, pre-tax' profit £203372 (£201. «2). 
DWdrnd » «,5p). »l. 

FRANCIS SUMNER ENGINEERING— 
For 1977 turaover £2.tKm i£L07ai. pre-tax 
profit- £78,858 iniGJKt. Tax 06.51* 
/SS&Z7i>. EaraiDBS per share r.flSp 
ISflJpi; • Dtridend takes U4AA- f£4LSKi. 
Die company te a sttosuftary at Francis 
Sumner UtoMhua)* 



Financial HigWigMs 1977 

Sales 

Total group up 27; i% to £42.14 million. 


U.K. companies up 3314% to £34.9 million 
including 40% export. 


PreTax Profits 

Up 80% to £3.74 million. 

Earnings pershare 

Up 95% to 21. 3p. 

Dividends 

Up 20% to 5.8p. 


Top DesignCounci Award 

In addition to winning one of the 197S Design. Council 
Awards, the Micro 2000jained for its designerthe.--' 
coveted Duke of Edinburgh's Designer’s Prize-the top 
Design Council Award of the year. The world's most 
advanced hand held electronic digital micrometer is 
manufactured by Moore & Wright (Sheffield) Ltd. 

The Micro 2000 is the latest addition to a range of 

technical innovations from the James Neill Group. 



mm 


f Design Council 


L 


Up 16% to £27.2 million. 


Fora detailed financial report, writs to: The Company £eC2iary, 
James Neill Holdings Ltd.. Napier Street, Sheffield, SI 1 8KB. 
or Telephone 0742 71 22 L 



S» 5 ' 
t\|0! 



: «... 
ifefJ A y 


*’ T."‘: ■ 









26 


NOTICE OF HEDEMPTTQN - 
To the Holders of 

SCOTT PAPER OVERSEAS FINANCE N.V. 

( now Scott taper Company) 

8%% Guaranteed Debentures Due July 1, 1986 

Issued under Indenture dated as of July 1, 1971, as supplemented 

NOTICE IS HEREBY GIVEN that pu reliant to the provisions of the- above-mentioned Indenture, 
SI, <500.000 principal amount of the above de-cribed Debentures has been selected by lot for redemption 
on July 1, 19 7ft, f $300,000 principal anim'iit through operation of the mandatory Sinking Fund and 
$800,000 principal amount through operational the optional Sinking Fund), at die principal amount 
thereof, together with accrued interest to said date, as follows: 

DEBENTURES OF $1,000 EACH 

v.i 2250 2522 3852 5035 6285 7409 8783 10115 1U26 120S6 13273 14503 16010 17488 18 862 

* 7 1251 2530 38U 3036 6304 7418 8791 10132 11130 J2QS3 13291 14319 16015 17490 186 72 

SB 1267 2532 3865 5M2 6334 7419 3808 10244 11139 12067 X32S8 14528 26026 1 7509 28673 

49 1289 2840 3881 5031 6335 7442 6809 10151 11154 12072 13306 14535 16049 173Z7 18674 

59 S 2541 3867 5060 6363 7445 8811 10157 11164 12076 13306 14540 16064 17531 1 687 6 

B3 1298 2563 3800 5068 6364 7454 f840 IQ 162 11166 13077 13339 14544 16074 17541 18694 

88 1302 M7B 3899 5098 8385 7479 «JW 10163 111B4 12130 13362 14547 1 6 000 17561 18729 

152 1314 2582 3904 5U6 8400 7480 8876 10164 11202 12146 1336S 14577 16099 17564 18754 

384 1327 2002 3910 5118 6401 7511 80S) 10171 11209 12147 13388 14081 18117 17586 18759 

2Q4 1254 2609 3837 5127 6414 7532 9323 10180 11232 12157 133% 14096 16128 17588 18762 

log 13*8 2617 3940 5141 6425 7552 6936 10196 11239 12160 13395 14611 10134 17600 18705 

SOB 13BB mi WO 3141 — • £362 10200 11249 12173 13396 14614 10159 17601 18803 

8963 10201 11253 12175 13414 14829 16166 17602 32612 


2 IB 1402 2619 3949 5157 6433 7554 ' * * 

U1S 2832 39M 51A8 6435 7561 ****** iubu iuu 121(0 iwi mom ioxqo x i»ia 

=23 1423 2OT2 3957 5175 6450 7597 8988 1^04 11256 12176 13£g 14847 16161 17632 


281 1424 2670 3980 5185 0404 7611 

283 1435 2680 3978 5211 6405 7613 

287 1451 2700 4004 5230 6499 7615 


8989 10206 11203 13191 13426 14682 1B2B6 17649 18861 

8972 10214 11276 12192 13428 14683 16305 17050 18875 

8989 1Q218 11290 12206 13SS4 14684 18809 17673 18868 


312 1475 2701 4005 5236 6513 7618 8993 10227 11291 12225 13543 14685 16334 17888 

111 1496 2711 4006 5242' 0526 76Z1 M38 10239 11311 12242 13551 14688 16339 17TTJ4 18905 

225 1503 2713 4034 5248 6544 7636 90g 10245 11323 12206 13572 14701 18349 17707 18908 

332 1510 2739 4044 3262 6570 7640 90S) 10349 11325 12292 13603 14706 16370 17721 18910 

339 ilio 2750 4074 5284 6072 7715 9077 10264 31330 12289 13g0 14732 1«74 1 7727 18938 

342 1544 2759 4079 5277 6586 7717 9083 10276 11335 12300 13630 14744 16376 17730 ISO 11 

358 1545 3773 4081 3309 6«3 7737 9090 10277 11338 12311 18637 14746 16391 17750 19018 

404 1577 2783 4115 6313 6614 7752 9099 10286 11338 12321 Z3642 14747 16430 17753 19034 

436 1M2 2790 4137 £328 6010 7760 9116 10302 11341 12339 136% 14748 15456 17759 19043 

438 2793 4128 5352 6622 7789 9118 10325 11343 12355 13075 14786 16504 17761 39048 

439 1013 2795 4132 3356 663a 7792 9128 10326 11351 12383 13076 14787 16508 17811 19049 

441 1618 2798 4141 5308 6045 7 802 9169 30331 31353 12416 13683 14793 1B311 17513 19054 

443 1621 2847 4181 3384 6052 7811 9170 10361 11356 12420 13700 14795 16512 17819 19081 


1479 S 16512 17819 19081 


497 1830 2858 4191 5401 0654 7827 9177 10304 11336 12429 13748 14797 16317 17853 lSQgJ 


328 1631 2873 4219 5440 3056 7043 

531 1032 2891 4221 5442 886T 7849 


9182 10387 11363 12442 13752 14814 16319 17861 19102 

9204 10368 11378 12443 13763 15195 16591 17873 13105 


641 1038 2900 4222 5450 6668 7853 9205 10377 11389 12461 13785 15214 10601 17878 39108 

351 1649 2002 4233 5455 6680 7863 9206 10382 11419 12512 13770 15230 16638 17908 19111 

561 I6S6 3910 4248 5485 6«tt 7873 9237 10384 11427 12518 1377B 15233 16641 17911 19131 

567 1663 2928 4272 5498 6687 7930 9273 10388 11439 12318 13782 15201 10630 17920 19144 

wa lS?7 2947 4234 SMI 0092 7939 9289 10406 11440 12524 13730 15262 16658 17937 19147 

568 1681 2953 4280 6648 6898 7955 9397 1D414 11430 12534 13820 15271 16070 17935 1914 B 

590 1095 2976 42M 3550 0705 7059 9302 10420 11474 12542 13882 15282 16M8 17987 19149 

801 1715 2981 4305 5559 6714 7965 MOB 10429 11463 12554 13870 15286 16697 17991 13188 

646 173? 2987 4311 5565 6715 7968 9313 10430 11484 12572 13878 15339 16700 17998 1S17Q 

649 1730 3008 4343 5577 8733 8023 9321 10433 11489 12576 13879 15341 16718 18011 19172 

650 1757 3012 4344 5580 6741 8030 9337 10438 11492 32577 13891 15358 16728 1B018 19195 

656 1771 3014 4364 5595 6768 8040 9359 10471 11502 125BO 13805 16367 16733 1B036 19251 

ral 1799 3023 4366 5629 6782 8048 9373 10496 11503 12586 13900 153T2 16742 1B048 19237 

HOT 1813 3051 4400 5636 6787 8061 9404 10501 11508 12609 1S92T 15398 16758 180% 19258 

700 1820 3052 4416 5054 6794 8070 3409 10512 11519 12617 13334 15404 167T1 18074 ID 259 

710 1838 3079 4419 5663 6806 8077 9429 10517 11530 12624 13935 15409 16782 18078 19281 

713 1840 3111 4442 5668 6834 8084 9443 10524 11531 12827 138% 15420 16799 18094 19271 

721 1859 3112 4465 5673 6836 8090 9444 10525 US32 12631 13980 15452 16812 18103 19273 

745 1S70 am 4495 568S 8843 8096 9452 10543 11557 12657 13989 15454 16818 18112 19317 

753 1878 3124 4497 3705 685Q 8122 »*54 10550 11504 12060 13P93 15400 10829 18113 19318 


753 1878 3124 4497 3705 68S0 8122 9434 

736 1887 3127 4499 5713 6833 8256 9463 

756 1094 3147 4503 3735 6900 B357 M73 


10578 11388 12690 13999 15469 
10561 11803 12703 14014 15473 


3 18119 19335 
5 16132 19367 


782 1905 3152 4517 5746 6933 8201 9480 10593 11006 12708 14017 13476 16849 18135 19390 


792 1315 3156 4518 3764 6942 8281 

807 1923 3180 4520 5773 6355 8282 

810 1925 3334 4528 5774 6960 8297 


9481 10598 11611 12710 14036 15507 18851 18159 19399 

9302 10602 11617 12713 14031 15517 16881 18165 19416 

9504 10617 11624 13730 14044 15521 18888 18168 19490 


833 1934 3336 4S31 5790 0979 8298 9334 10622 11P28 12778 14055 15928 16908 18182 19511 

845 1936 3349 4536 5795 6905 8300 9538 10626 11658 12785 14068 13540 16337 18189 19322 

351 1947 3350 4538 5802 0990 8309 9542 10027 11007 12799 14098 15501 18947 18193 19527 

864 1964 3352 4549 5822 6931 8323 9568 10045 11686 12806 14099 15583 16954 18199 19531 

869 1976 3373 4559 5833 6992 8346 9578 10070 11087 12810 14111 155S8 16966 18213 19536 

875 2027 3404 4573 5835 7001 8332 9603 10689 11890 12821 14122 15599 10967 18215 19543 

88 1 2038 3411 4577 5840 7020 8375 9619 10689 11703 12825 14135 15617 17012 18216 19545 

923 2045 3420 4604 5858 7029 8389 9631 10702 11730 12835 14152 13622 17035 18228 19593 

928 2057 3422 4G09 5914 7058 8393 9038 10708 11737 12858 14166 15628 17043 18235 19596 

941 2061 3442 4810 5927 7080 8407 9648 10715 11741 12893 14171 13631 17053 18242 1S603 

942 2081 3443 4628 5947 7063 8410 9657 10718 11754 12895 14174 15636 17060 18260 19614 

943 2093 3446 4849 3970 7073 8419 9638 10725 11708 12909 14178 15648 17061 18269 19633 

947 2128 3501 . 4679 5971 7081 8424 9660 10762 11781 12911 14137 15690 17067 18297 19637 

950 2126 3512 4693 5976 7107 8426 9882 10764 11789 12937 14190 15692 17073 18343 19639 

974 2146 3517 4697 5988 7U3 8431 9873 10773 13806 12940 14196 15716 17076 18344 19641 

977 2153 3524 4701 6004 7129 8448 9883 10774 11307 12957 14204 15 722 17113 18350 19649 

990 2157 3534 4704 0011 7131 8484 9729 10800 11810 12960 14239 15724 17129 18351 19052 

997 2162 3536 4729 8015 7146 8490 9730 10802 11812 12963 14241 15731 17139 18380 19676 

998 2195 3553 4748 6016 7156 8508 9739 10817 11819 12976 14247 15753 17175 18386 19678 

1017 2198 3563 47S5 6017 7158 8510 9743 10823 11840 13035 14253 15708 17180 18386 19679 

2001 2225 3581 4759 6048 7159 8511 9808 10850 11049 13031 24264 15771 27184 18425 29688 

1037 2238 3590 4764 6053 7178 8520 9879 10857 11864 13041 14277 15789 17188 18435 19705 

1058 2271 3591 4769 6095 7196 8535 9896 10874 11886 13053 14278 13803 17242 18437 19712 

1062 2278 3594 4774 6099 7301 8548 9901 10881 11888 13057 14281 15809 17365 18443 19781 

1006 2304 3006 4806 0121 7223 8577 9917 10883 11895 13073 14287 15817 17300 18444 19789 

1080 2311 3612 4825 6133 7227 8580 9942 10901 11908 13074 14313 15829 17310 18458 39800 

1083 2332 3 Cl 3 4834 6139 7228 8586 9944 10903 11908 13078 14342 15830 17313 18476 19811 

1084 2340 3629 4842 6151 7229 8531 9948 10914 11012 13086 14346 15887 17317 18483 19821 

1124 2352 3650 4857 6158 7240 8592 0957 10920 11921 12104 14350 15880 17347 18496 19831 

1125 2358 3060 4874 6172 7252 8615 9978 10923 11923 13108 14382 15895 17353 18G37 19850 

1134 2371 3686 4901 6189 7250 8817 

1152 2390 3703 4911 6190 * 

1170 2406 3718 4914 6191 

1178 2400 3727 4929 0234 

1179 2426 3750 4959 6236 

1180 2427 3759 4964 8241 

1195 2435 3763 49BB 6243 

1302 2450 3777 4988 6Z53 in 

1213 2454 3788 4990 6256 736 


1017 2198 3563 47S5 6017 7158 8510 

2091 2215 3581 4759 6048 7159 8511 

1037 2236 3590 4764 6053 7178 8520 

1058 2Z71 3591 4709 6095 7190 8535 


1084 2340 3629 4842 6151 7229 8591 9948 10914 11912 13088 14348 15867 17317 18483 19821 

1124 2352 3650 4857 6158 7240 8592 0957 10920 11921 13104 14350 15880 17347 18496 19831 

1125 2358 3060 4874 6172 7252 8015 9978 10923 11923 13108 14382 15395 17353 18527 19850 

1134 2371 3686 4901 6189 7259 8617 9981 10932 11944 13128 14375 13902 17356 1852S 19863 

1 8823 10010 10939 11951 13139 14370 15823 17385 18330 19806 

— 7 8628 10017 11010 11951 13164 14381 15HZ7 17374 18550 19875 

7325 8650 10027 11045 11957 13171 14420 15933 17394 18561 19878 

7328 8682 10049 11056 11988 13189 14427 15536 17404 18573 19890 

7336 8091 10034 11065 U997 13194 14430 15939 17423 18574 19900 

7340 8096 10081 11068 12005 13221 14435 15968 17430 18588 19823 

7358 8725 10032 11070 12012 13225 14443 15987 17431 18598 19924 

1213 2454 3788 4990 6256 7383 8731 10094 11078 12014 13235 14401 15988 17445 18603 19970 

1223 2499 3791 5004 6270 7398 8749 10098 11083 12028 13287 14469 10993 17471 18629 19981 

1231 2904 3806 5025 6275 7402 8772 10104 11104 12033 13289 14500 13995 17475 18857 19988 

On July 1, 1978, the Debentures designated above will become due and payable in such coin or cur- 
rency of the United States of America os at the time of payment shall be legal tender for the pay- 
ment of public and private debts. Said Debentures will be paid, upon presentation and surrender 
thereof with all coupons appertaining thereto maturing after the redemption date, at the option of the 
holder either (a) at the corporate trust office of Morgan Guaranty Trust Company of New York, 
15 Broad Street, New York, New York 10015, or (b) at tbe main offices of Morgan Guaranty- 
Trust Company of. New York in Brussels, Frankfurt am Main, London and Paris, Banca Nazionale 
del Lavoro in Milan and Rome, Swiss Bank Corporation in Basle, Geneva and Zurich, Bank Mees & 
Hope NV in Amsterdam, Credit Lyonnais in Paris. Societe Generate de Banque SA. in Brussels and 
Banque Generate du Luxembourg S-A- in Luxembourg. Payments at the offices referred to in (b) 
above will be made by check drawn on a dollar account, or by transfer to a dollar account maintained 
by the payee, with a New York City bank. 

Coupons due July I, 1978 should be detached and collected in the usual manner. 

On and at’ler July 1, 1978, interest shall cease to accrue on the Debentures herein designated for 
payment. 

SCOTT PAPER COMPANY 
By MORGAN GUARANTY TRUST COMPANY 
of new york. Trustee 

Dated: May 25,1978 

NOTICE 

The following Debentures previously called for redemption have not as yet been presented for 

payment: 

DEBENTURES OF SI.000 EACH 

M- 637 2677 3803 3883 4916 8823 9720 9744 10608 11073 14377 17434 17483 

130S 3601 3880 4910 5946 9197 9724 9748 11009 13554 17033 17477 17488 





AND COM PANY 


AMERICAN NEWS 

Beatrice 
sees peak 


‘ xW; . C. . • *1 £>'. ’ ‘ 


' ft 2* ■* ‘a-*- ■ 


quarter in SCM-Xerox case 


BY DIANA SMITH 

BRAZIL'S Federal Appeals Court 
has upheld a District Court 
ruling, barring a Brazilian 
laminates company from using 
the word Formica ” in descrip- 
tion of its products. 

This is the final outcome of a 
case brought earlier this year by 
the Formica Corporation of the 
U.S. and Cyanamid Quimica do 
Brasil, against the Companhia 
Quimica National de Laminados 
(the National Chemical Lami- 
nates Company I which, when 
registering its product with the 
National Industrial Property 
Department used the term 
“ known as Formica laminates.” 

Formica Corporation and 
Cyanamid of Brazil went to 
court, asking for the registration 
to be annulled that the Com- 


IC INDUSTRIES, the railroad 
holding company, through its 
subsidiary Iconic Lnc.. is to make 
a cash tender offer as sood as 
practicable for all outstanding 
shares of Pet. the food company 
at $54 a share. 

1C Industries says the pro- 
posed offer would not be condi- 
tional upon the tender of any 
minimum number of shares. 
However it will be conditional 
upon the previously announced 
proposed merger of Pet and 
Hardee's Food Systems not be- 
ing approved by the shareholders 


New Issue 
June A 1978 


Dansk Eksportfinansieiingsfond 

Copenhagen 

DM 100,000,000 
5%% Bonds due 1983 

- Private Placement - 


AMSTERDAM-fiOTTERDAM BANK MV. 


DEUTSCHE BANK 
AktiengeseUschaft 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 

BANQUE POPULA1RE SUISSE S.A. 
LUXEMBOURG 

HAMBROS BANK 
Limited 


ORION BANK 
Limited 


PRIVATBANKEN AKT1ESELSKAB 


COPENHAGEN HANDELSBANK 


PKBANKEN 


DEN DANSKE BANK 
at 1871 Aktieselskab 

FAELLESBANKEN FOR DAN MARKS 
SPAREKASSER A/S 


Abu Dhabi Investment Company 
Algemenc Bonk Nederland II.1A 
Andelabanken A/S Danefaank 
Banca del Gottardo 

Bankers Trust International 
Limited 

Bank of Helsinki Ltd. 

Benk Mees & Hope N.V. 

Banque Nordeurope S. A. 

Baring Brothers & Co., 

Limned 

Bayeriscfie Laadmabank Girezontrofe 
Bayerisehe Vereinsbank 

Berliner Handels- 
und Frankfurter Bank 


Richard Oaus A Co. 

Bankiara 

Deutsche Girozentrala 
- Deutsche Kommunelbank- 

Deutsch-Skandinavische Bank AG 

Kidder. Peabody International 
Limited 

Landes bank Rheinland- Pfalz 
-Girozentrale- 

Landesbank Schleswig-Holstein 
Girozentrele 

Manufacturers Hanover 
Limited 

Merck, Rnck A Co. 

B. MeUler eceL Sohn A Co. 


DALLAS. June 7. 

SALES. NET earnings and earn- BY DAVID LA5CELLES 
ings per share for the first 

S2SSI M n r d w n ay V THE JURY iu the long-running 

Wallace N. office copier anti-trust case 

tile * nd ’vTnrt- the between SCM and Xerox gave a 

1 1 i^> E i Beatnc ? F opda ' ? partial verdict today which 
world s largest food roinpan^ appeared to reject part of SCftTs 
said in remarks prepared ior the damages claims against Xerox, 
annual meeting. but held open the possibility 

Earnings for the quarter would 0 f a ■wrongful conduct finding 
rise by about 8 per cent to 10 against Xerox, 
per cent over the $55.7 ro or 61 In a suit originally filed in 
cents a share of the previous 1973 , SCM, which manufactures 
first quarter on a sales gain of office equipment, is claiming 
about 10 per cent to 1- per cent damages of $1.47m for loss of 
from last year's Sl.Sbn. These profits resulting from Xerox’s 
projections are on a restated refusal in the early 1960s to grant 
basis, to include companies It a licence to make dry copiers- 

acquired in poolinss-of-imerest 

transactions up to May 31 and # — 

do not include the acquisition of IJi^n nfi Q 
Culligan International acquired B « 8 £S.JLii 1 

on June 2, be said. 

Mr. Rasmussen expects another RY n ,. u . cmitm 

record year in fiscal 1979 and BY D,ANA SsM,TH 

believes sales will e::ceed $7bn. BRAZIL’S Federal Appeals Court 
In fiscal 197S. Beatrice has upheld a District Court 
reported net earnings of 6222m ruling. barring a Brazilian 
or $2.41 a share on sales of laminates company from using 
S5.3bn. the word Formica ” in descrip- 

The company’s growth will cion of its products. 

flvf"™ “ unrzssrz This ,s *■“ ^ ° Mcoae ° f * 
&S- a - — s s-*as ssaraa 

seal law. U.S. and Cyanamid Quimica do 

Brasil, against the Companhia 
Pfirrhor l^cc Quimica Nacional de Laminados 

A ilgllCL lUad (the National Chemical Lami- 

, n p.. • nates Company 1 which, when 

ftl renn-Dme registering its product with the 

. \ _ National Industrial Property 

, , , YORK. -June Department used the term 

FURTHER SHARP looses are re- *• known as Formica laminates.” 

Pk rl ™i y P ! DD ' DiTie fndusm ,t s : Formica Corporation and 
the steel and cement group, the Cvanamid of Bravil Lt in 
figure for.the first quarter of 197S fnr 5? L-uEh™ 

amounting to $4. 82m on sales and t c Q 0U that Sp S 
revenue of $5l2»m. In the same t0 be annuile O * hat “e Com- 

period last year, there was a net 

loss of S2.4m. after a tax credit -g- 1 

of S2.4m on sales and revenue B B Inort 
of S53.19m. JLtliiS D 

For tbe whole of 197T. the net ^ 

operating loss amounted to 
Sl5.1Sm. against $4.47m. ;he 1977 

figure providing for tax credits IC INDUSTRIES, the railroad 
of $S.83m. Sales and revenue in holding company, through its 
19T7 totalled $281.51 1 11 . against subsidiary Iconic Inc., is to make 
S2$1.64m in 1976. a cash tender offer as soon as 

AF-HJ practicable for all outstanding 

shares of Pet. the food company 

f-% 1 • at S54 a share. 

rtonKamenca ic industries s ays the pro- 

posed offer would not be condi- 
rnne fnv /tqm tional upon the tender of any 
IdA $£43 111 minimum number of shares. 

ATLANTA June 7. However it will be conditional 
THE PASSAGE of Proposition u P° n the previously announced 
13 in California could add about Proposed merger of Pet and 
7 cents a share to annual earn- Hardee s Food Systems not be- 
ings of Bankamerica. Mr. mg approved by the shareholders 
Leland S. Prussia, vice-chairman 

and treasurer, said to-day. 1 1 

The effect of the proposed | SV Q11 1 T\ 
property tax rollback move on Y V'J. MM.C*. IU. fij 

Bankamerica would be about ^ 

$I3m in property taxes and By Our Own Correspondent 

mn^iin«or%Si f!SUi 5? MEMBERS of the House Com- 
.quivatent of State income tax. munications Subcommittee have 

This assumes, he said, that unveiled a proposed overhaul of 
there would not b e some kind Federal Communications laws 
offs rf , tax ’ Ir r°°;' ie t which could have a profound im- 
the State, which the bank hold- pact on American Telephone and 
in? company considers a possi- Telegraph and on other common 
bitity. carriers. 

„ also . explained that the The legislation would bar tele- 
1 cents estimate is based on last phone companies from the manu- 
years net before securities facture of telephone equipment, 
transactions of S395m or $2.71 Such a prohibition would force 
a share. The final net was S396m AT and T to get rid of its 

or $2.72 a share. Western Electric manufacturing 

AP-DJ arm and similarly for ce General 

EUROBONDS 

ASICS $15m convertible 

BY FRANCIS GHIU5 

A S15m convertible dollar indicated coupon for these 
denominated bond for a bonds, wbicb carry a 15 year 
Japanese borrower. ASICS Cor- maturity, is 6 $ per cent with an 
poration, is to be floated through expected conversion premium of 
a group of banks led by Yamai- approximately 10 per cent 

™« is the first Japanese 
Weld as co-lead manager. The dDUar in ^ Eurobond secto r 

convertible since the $50m con- 
vertible for Toshiba last Novem- 
ber and comes out at a time 
when the Yen and the Tokyo 
bond market are both putting in 
strong performances. 

Another dollar convertible was 
. . _ . . ... ’•§1 also announced yesterday: S30m 

S^ tt ^ot^moU nn0,TO 1 for 15 r eare with an Seated 

b a manwoT record omy ma COupon of gj per cenf ftr Baker 

International Corporation. Joint 
lead managers are Blytb East- 
raann Dillon, Goldman Sachs and 
SG Warburg. Tbe bonds will 
be convertible into shares of 
Baker International Corporation 
on or after January 15, 1979 at 
a conversion premium expected 
to be 12-15 per cent above the 
closing market price of the 
shares 00 June 19. on wbicb 
date the final terms will be set 

This corporation, which serves 
the oil and mining industries, 
generated 38 per cent of its 
■ — ■' revenues last year ($7C9m) 

abroad. Its senior debt is rated 
single A by the two leading US 
ageocies. 

The private placement of ' 
bonds for Algeria being 
MMERZBANK arranged by Credit Lyonnais 

engesellschaft amounts to $ 112 m, with $28m 

consisting of non-interest bear- 
S.A. LUXEMBOURG EOtSE log bonds which will be taken 

by the Italian state oil company 
ENL All the bonds carry a 
Banque Aigerienne de Develop- 
ment guarantee. 

The secondary market was firm 
yesterday with prices up by 
about one quarter of a point, 
mainly in professional dealing. 
IQKS Cannon Inc will float a 

SwFr 100m five year convertible 
through a group of banka led by 
Swiss Bank Corporation. 
*„,<*.*. nb- Indicated coupon is 3| per cent 

leLandasoank A new E uropean Unit Of 

Account denominated bond has 
■im jr. & Cle. been announced: UA22m for 

SrfngAPtoraonNAl Soci 6 t£s de Development 

Regional (guaranteed by 
nibutie France). 

nBa K The Yen denominated bond 

for Mexico which was due to be 
ISDS announced has been postponed 

^jrpofaUon (Overseas) due to disagreement between 

Nomura and the borrower. 
Wes thank Nomura argues that tbe coupon 

schaft should be higher than 6.4 per 

g-Brincknann, Wirtz & Co* Cent. The reasOn for tfaiS 

insistence is that the under- 
Girozentrala writers in Japan would like to 

BB ensure a greater differential in 
terms according to the quality 
J ag of borrower, particularly before 
the World Bank arranges a Yen 
denominated bond next month. 


Much of the case revolves 
around the question, whether 
there was a “relevant maricet" 
for plain and coated - paper 
copiers in the U.S. In ^ the 1960s,. 
and if so. whether Xerox was un- 
fairly keeping it to itseK.- ■' ; 

Today, the' Jury determined 
that such a market did not - exist ; 
in January 1964, but that it did 
exist in January 1969. Thisseems 
to rule out any bams for -SOM’s 
allegations that Xerox ■main- 
tained an unlawful monopoly 
between those years. . : . 


- ; NEW YORK, Jane .7^; 

However . the =. jury J only 
answered, four of the 76 questions 
which had been put to it by the 
Federal judge. Arid it is-stffl 
far from clear whether Xerox 
has been cleared for its conduct- 
in, those five years, or whether itr- 
must still answer anegatoons 
covering the period after 1969. 

Even if the case does go 
against Xerox, the jury will then 
have to consider the whole ques- 
tion of damages due to SCM, 
plus costs which bave_ already 
run into the tens of milli ons, of 
dollars 


Brazil court backs Formica 


panbla Quimica used 'phenol, 
melamine and polyester resins 
not formol in its laminates. 

Therefore, they argued^ die 
laminates could not be accu- 
rately described as "Formic" or 
“Formica" and the Companhia 
Quimica’s use ofthis descriptive 
phrase was a “malicious attempt 
to cat into their market." 

The American plaintiff^ sug- 
gested that the company corild 
use another phrase like “know as 
plastic laminates” for pub licit y 
and other purposes. 

The Federal Appeals Court 
determined that all the evidence 
presented left no room for donbt 
that the words “Formica 
laminates” were a neologism, 
derived from the Formica trade- 
mark. property of the Formica 


RIO DE JANEIRO; June r. * . 

Corporation. 'Kins,' the- icourt 
ruled, tbe term could not be- per- 
mitted general usage, and should' 
be protected against “vulgarisa- 
tion” which could lead to its- use 
by numerous manufacturers. - 

While the Appeals Court 
ordered that the registration of. 
the “ known as - Formita 
laminates ” be cancelled, it 
refused Formica and Cyanamid’s 
request for damages from . the 
Companhia Quimica, stating-thati 
it did not feel these enterprises 
had been damaged by . the 
registration. 

Under current Brasilian law. 
brand names can be registered 
locally if they consist of “ names 
or words without antecedence or 
conflict with other trade marks 
already registered, or those .that 
are not banned by law” 


IC Inds prepares bid for Pet 


of either Pet or Hardee’s. 

This follows the filing yester- 
day by Pet and Hardee’s of the 
preliminary proxy materials rbr 
rating to their merger, with the 
Securities and Exchange Com- 
mission. 

IC Industries said that if it 
acquired shares of Per under the 
offer it intends to vote them 
against approval of the merger 
of Pet and Hardee’s. 1C Industries 
currently owns 315,000 shares of 
Pet common stock. ' 

In connection with the’ pro- 


CHICAGO, June 7 . 
posed tender offer, -loan commit- 
ments have been received total- 
ling $3 90m. IC - Industries said. 
A group of domestic banka has 
committed to make loans of 
S200m and a .group of foreign 
banks will provide the rest . A 
definitive loan agreement has 
already been executed with the 
foreign banks. 

IC Industries said the required 
filings, including a proposed 
form of offer to purchase, was 
made today with the SEC. 
Agencies 


forPabst 

. ;By ]ohn Vfjrl«. - 

''NEWVOR^jrunff.t 

API, CORPOKATTON7S „>'■ 1 
. peseflL takeover trfPthe ; ■ 

/Brewing- ^Company :has - ; hee . 

r blocked by “ Wisconsin's Ocm ' 
missiorier ef Secimties on;^. 
grtnmtU thst APL worild l- - 
“gsreafly.-V UTB^eEterided"? 

T the SlH&ti : - 

The detisioB^was-Welcosai . 
by Kibs}, . which waarfighthi : ' 

.* APL’s attempt : toJbay,52 p< ■- . 
cent : of - its stock : through, a - 
exchange of _- $26 ; debenttdn 
7 phis ~$2 cash &ri«srehl' of - . 
'shares.’ ^: ;p >’. V^.V - 
.• Commissioner Joseph .'l 
BarteTl refused tb regteter " 
takewer offer becriu^ he sal - 
APL’s earnings would : 'ndt;jiq ' 
port- the- ’ additional del 
created by'issuingthedeb^ ~ 
tnres. ^. ' V; .• 

- . fie added that thft p repose 
. transaction would bft.“nafai 
and inequitable-”;'. tprAPaJ^ 
stockholders... . •' , . • it , . - . 

. . te a dedrioibybfdi'exiQide'. 
to 32 pages of print Mr. Barte 
argued that APL, a New Tor 
.paper manufacturer, warild b 
burderied with, an inordlnatel 
heavy, debt - structure:, ran » 

would,- he- .forced: to borror*^ ■ 
more funds and to divert ^abr' 
earnings arid assets to servit 
its debt. -1 

Ashland lobks' 
into sell-offs ■ : 

... NEW YOFK,Jnie7i 
ASHLAND .. OH. ... does . m 
expect to : recover^ the prol ' 
.shortfall of the first half of £b 
current year and may sell, .Sam 
operations to improye profi 
ability, Mr. Orin E- AtWns, th - 
r company, 'dudmuny v. ‘ toi . ' 

; investors. ; 

: Mr.. Atkins said the compm ■ • 
is examining its- dBrn Ho} , - - 
•C anadian, and foreigoLestploti 
tion and production activitifc 
Its Ashland-W arren constrni 

■ don :• division, and. -severj . • 

. divisions, of - - its Ashlnf 

Chemical concern. ’ . : ' 

He said the company 

■ analysing its Investment altm 

stives and the legal, tax,' an ... 
accounting considerations - , « * l- i. 
continuing to operate ?. w 

divest some -lines' of^lW Bay 

- He said directors hope t 
make changes that will Tesul, 
in Ashland’s stock price roor 
folly reflecting the underlybj- 
valne of Ms assets. Renter 


Overhaul proposed for communications laws 


By Our Own Correspondent 

MEMBERS of tbe House Com- 
munications Subcommittee have 
unveiled a proposed overhaul of 
Federal Communications laws 
which could have a profound im- 
pact on American Telephone and 
Telegraph and on other common 
carriers. 

The legislation would bar tele- 
phone companies from the manu- 
facture of telephone equipment. 
Such a prohibition would force 
AT and T to get rid of its 
Western Electric manufacturing 
arm and similarly force General 


Telephone and Electronics 
Corporation to sbed either Its 
telephone or equipment opera- 
tions. subcommittee staff mem- 
bers explained. 

Tbe proposals further would 
create a new Communications 
Regulatory Commission as a 
greatly streamlined replacement 
for the present Federal Com- 
munications Commission. 

Under legislation that would 
create a new Communications 
Regulatory Commission, the new 
commission, among- other things, 


would be directed to decide the 
extent to which one telephone 
service should subsidise another. 

Such cross-subsidy decisions, 
which, determine the rates of dif- 
ferent telephone services have 
mostly been left to negotiations 
between AT and T’s Sell system 
and State Utilities Commis- 
sioners. the subcommittee said. 

On the other hand, the pro- 
posal representing the . first 
attempt by Congress to rewrite 
the Communications Act of 1934 
would offer AT and T and other 


. WASHINGTON. .Tone 7. 
carriers opportunities to' com pet 
in markets now closed to them. 

By sweeping aside existin 
Government and court restrii 
tions, for example, the Bill woul 
enable phone companies to offe 
their customers computer se 
vices. 

. Overall the proposed Bi 
seeks the freer play of marki 
forces and a smaller role ft 
Federal regulators. It wool 
abandon most of the, regulatim 
adopted by . .the -FCC, ft 
instance. 


This announcement appears as a matter of record only. 


June 1978 


AX these bonds having been sold, this announce- 
ment appears as a matter of record only 


Government of Barbados 

U.S. $10,000,000 

Seven year Loan 


Provided by 


Orion Bank Limited 


The Royal Bank of Canada 

Morgan Guaranty Trust Company of New York 


Agent Bank 
Orion Bank Limited 


COMMERZBANK 

Aktiengesefischaft 

KREDHETBANK S.A. LUXEMBOURG EOtSE 


Norddeuteche Landesbanic 

Glroxantrale 

Ssi. Oppenhalm Jr. & Cle. 

Pierson, Held ring & Pierson N.V 
Poitlpsnkkl 

Scandinavian Bank 
Limited 

Spereksaaen SDS 

Swiss Bank Corporation (Overseas) 

Limited 

Veretois- und Wu thank 
Aktiengeaallschatt 

M. M. Warburg-Brinckmann, Wirtz & Co. 
Wurttemberglociia Ko mm unale 
Landesbank Girozentrala 


International 
Bank Credit Analyst 

We are offering an excellent opportunity to the properly 
qualified senior analyst with specific background in 
credit and liquidity of the world’s leading banks. This 
analysis will be utilized in conjunction with securities 
trading operations, where positioning of major blocks 
of bank money instruments is involved. If you qualify, 
write us in complete confidence at the address below. 

fjj Capital Markets' 

■*'" B Blyth Eastman billon Capital Markets Incorporated 

1221 Avenue of the Americas, New York, N. Y. 10020 
A subsidiary of Blyth Eastman Dillon & Co. Incorporated 

An Equal Opportunity Employer M/F . 


0 


t 





27 , 





J^-^l U? I J i-Sp J 


inancial 


VI IHStSM I KVimi MB 


lots 

TUKNd'm GROWTH of Hoff, 
ajaflff^^che was. stunted last 
foreign exchange fluctua- 
t&ife- Combined >ales of the 
-af&aatedl,.^ .corporate groups 

‘&It$£%L2!£ ■ a41 ® Parent com- 
^jfitf^Spffmahn-La Roche aud 
^CahaflteBrhased overseas hold- 

- zhg^kbsidfexy* Sapac Corpora- 
MoKjpge'mTSTF by 7.3 per cent 

- 5 - 48b P ($2j*7bn). 

JM^oSng. to : 13r. Adolf Jann. the 
odtBtOTg ^chairman of the Swiss 
P^sECma teoticals-' and- chemical 
x mj&sraldBg. the increase would 
fca*e%xpOeded 20 per cent had 
. ctprercies 'fern alned stable. 

■ - T he ^Sros^in parent-company 
^co>no3by almost SwFr -5m to 
:gwEf - 97.02m;;' which had been 
. psertOB^y-annottoeed, followed a 

fep-TnThe net iriedme of the two 
: ^da^s aom SwFr 475.ini in 1976 
^to ; SwFF^35L.9xn last year. This 
decHfie . was due - largely to 
foreign-exchange losses which 
rts» from SwFr 61m to SwFr 

205m cwer the year. 

. The tmprov'eroent of total sales 
flVor.1976 . figures was achieved 
pn%riiy ln the first half of 1977, 

■ wife; demand “generally static” 
\ Meottd half . Dr. Jann told 


On-La Roche sales 
by currency flows 


Hoffmann-La Roche faces 
damages of up to S50m for the 
contamination of the Italian 
town of Seveso three years 
ago. Chairman Adolf Jann 
told the press conference that 
the company’^ liabilities had 
yet to be settled hut a final 
decision was expected M in the 
foreseeable future.** Total 
damages would then be known 
but the figure would not 
exceed SwFr 100m ($S0m). 
Roche was not prepared to 
meet exaggerated demands by 
the Dalian authorities. “We 
should find it rather excessive, 
>f we were to put the whole of 
northern Italy on Its feet 
because o f Seveso.” 

a Press conference in Basle that 
the decelerated business of the 
latter part of last year had con- 
tinued into this year. While 
turnover in terms of local cur- 
rencies had developed quite well 
in the first four months of 1978. 
the Swiss franc value had 
dropped by some 10 per cent 
when compared . with an 
admittedly strong period in 


ZURICH, June 7. 

January-April, 1977. 

. Unless there is an alteration 
in_ the exchange-rate situation, 
this year’s results will "not be 
particularly gratifying," Dr. Jann 
commented. 

Capital expenditure of the 
Roche and Sapac companies rose 
by SwFr 49.4m to SwFr 606.1m 
last year, this includeing the cost 
of the Basle parent’s takeover of 
the Belgian citric acid producer 
Citrique Beige at a price Dr. 
Jann put atSwFr 100m. Invest- 
ments would be at about the 
same level in 197S, with the 
concern continuing its policy of 
self-financing. 

■One U.S. investment project in 
which Roche would have been 
involved has now been post- 
poned. This Is a plant it planned 
to build in Illinois together with 
a Finnish sugar company for tbe 
production of 10.000 annual tons 
of the sugar substitute xylitol 
from a corncob feedstock. This 
S70-80m plant, which would have 
bad the American chewing gum 
industry as a major customer, 
has been held up in connection 
with increased incidence of side 
effects in high-dose animal tests. 


, , capital outlay 

1 NUREMBERG, June 7, 

flffr : . WESTTGERMAN engineer MAN 
uus . wrU.gtep-up its' capital spending 
fcK. Jib,, by around .a. third next year to 
di*, ‘ .’ DM '205in. New investment in 
•r !fci J. tbfej mechanical engineering and 
half j.: ■ iftSisL" construction division will 
cuj »« ’ 'fl&irpBttbe DM 65m of 1977- 
i^ro\t ■' -1&78 to pM 80m. ; 

E uknvT ' VrSdN.’s . _ commercial vehicle 


increases i Orders upsurge at Lurgi 


; aiiS'- '"mechanicar engineering 
1 a divisions and rolling mills have 

• : v ( . ■ '-mi. order books, but in the steel 

■ centtrUttion sector short-time 

.... working cannot be ruled out. 

' ovetseaa Orders are 

.1' ' - . pjarimteeing a high level of pro- 
!;. h WJ *_Tducti«r in the pumps sector. The 
- ^' ."engine; division hr Nuremberg is 
-kftrktag at full capacity. 
-".Renter 

'"smb r ■ 

* -'’t-S 1 j*"' -it — 

[pAN-HOLDING 

:•■ C JL 


HOLDING 

S.A. 


LUXEMBOURG 


BY OUR OWN CORRESPONDENT FRANKFURT. Juoe 7. 
ORDERS of the Lurgi Group, the investment in the western indus- 
West German heavy engineering trialised world. About 65 per 
concern, which were heavily cent of bookings will come from 
| depressed at the end of 1976-77 OPEC aDd Couiecon countries, 
received a considerable shot in Dr. Natus said that Lurgi was 
the arm at the beginning of the able to conclude virtually all of 
current year following the its contracts on a Deutsche Mark 
i placing of two huge orders, one basis. However, the group wel- 
from the Soviet Union and the corned the recent strengthening 
other from Nigeria. of the dollar in that it made 

The Nigerian orders covers Lurgi's quotes even more corn- 
participation in a consortium petitive or allowed to slightly 
1 which trill build a direct reduc- improve its margins, 
tion steel plant together with, an Lurgi sees a future for itself 
iron ore pelletisation plant. The in assisting the industrialisation 
more important order, however, iu the People's Republic of 
i is for the Soviet Union’s Kursk China. The petro-chemicals 
steel complex, where Lurgi will sector was expected to be 
sunuly an iron ore pelletisation particularly promising as Lurgi 
| plant and, in partnership with was in a good position to help in 
| Korf-Stabl, a direct reduction the processing of the “ par- 
plant. ticularly difficult Chinese crude 

Thus during the first seven oil ” 
months of 1977-78. which started Dr. Nalus said that he believed 
on October 1. the inflow of that China was on the way to 
orders totalled DM TJ3bn. and giving up its traditional policy of 
already equals figure' for last paying cash for its exports. It 
year as a whole. ’ The-' group was gradually coming round to 
expects the current year's order the view that foreign help, in 
inflow to total about DM L5bn. the form of deferred payments. 
of which 85 per cent will be partnership in projects and. 
generated abroad. eventually compensation trade. 

Orders will also continue to would be necessary if it was to 
reflect the stagnation of capital industrialise as fast as planned. 




Bank to double capital 


%> BY MICHAEL BLANOEN> cr 
INTERNATIONAL R«ourc2s 
and Finance? Bank, se/ up. in 
Luxembourg^ last yea'r/with its 
Hidin' branch office fn London, is 
doubling fits paidmp share 
capital to J20ra. ' 

Tbe badk, .which was estab- 
lished ii May- last ><?«»?. 
announces yesterday that by this 
April - itt- total assets already 
exceeded S86m. Borrowing 
facilities, including stand by lines 
from the shareholders, amounted 

t0 Th<£ : bank is a wholly-owned 
subsidiary .of Arab International. 
Trusf incorporated in -Luxeui- 
boura. The largest shareholder 
is the Bank of. Montreal, which 
has? SO per cent of the equity 
Thfe other shares are held b>' 
leading- groups in the Minnie 
E^st and North America. 


‘ In tb\ first annual report for 
tbe "pe rad to the end of 1977, 
the directors say that the group’s 
objective Vs to assist in the de- 
velopment*^ the Middle East 
and' Africa; through viable pro- 
jects which will contribute to the 
economic and social well-being of 
the areas. 

The bank, they report, has 
already extended medium term 
credit to borrowers in a number 
of countries in the Middle East 
and Africa, and to borrowers in 
some . . European and South 
American countries. The bank 
handles trade related financing 
and-- is involved in project 
appraisal. It plans during the 
current year to establish "an 
effective representation .. in the 
Middle East.” 


Hermes Precisa upturn 

BY OUR OWN CORRESPONDENT ZURICH, Ju 


SWISS, office equipment manu- 
facturer Hermes Precisa Inter- 
national, of Yverdoo. returned 
to profit, last year. With group 
sales of SwFr 240m (S125m), 
little changed from 1976. group 
caih-flow reached SwFr 10m and 
that of the parent undertaking 
rose from SwFr 4.5m to 

SwFr S-5m, resulting m a net 
profit of _SwFr 2.4m ($1.3m> as 
compared with a loss of 

SV SvideS payment is JJ sai ° 
be omitted this year. However. 


NT ZURICH, June 7 

turnover Improved by as much 
as 30 per cent in the first four I 
months of 1978 and a resumption; 
of dividend distribution is 
expected in 1979. With a sub- 
stantial increase in sales fore- 
seen tor the year as a whole. 
Hermes Precisa considers a 
doubling of group cash-flow to 
SwFr 20m “quite possible” 

The Swiss company is to 
investigate tbe possibility of 
setting up production capacity in 
Singapore, and has already 
decided on new investments in 
Brazil. 


TOTAL OIL MARINE 

limited 

. » vi-i. rnmnnMU incorporated tia o Limited Company 
‘ A B r ^ the No 8U900 on 

m July 8. o/ Companies 

Head Office: Berkeley Square House 

Berkeley Square-LondonWtXflLT— United 

Kingdom .... .... 

Pn, rads sterling 25,000,000 9|% Sterling Foreign 
POaB C^reW Notes due Dumber 1, 1984 
guarantee? by Compagnie Frgnga ise des PStroles 

“ General Meeting of Nqidwiders 
. - . Second Notice Reeling 

^ Meeting of holdeiB of 91% 1977-1984 £1.000 

^ S^ MARI^LmiTED.^erlins. foreign currency 
TOTAL OIL M^ mber J977j wiach *ad been convened on 
notes, Issued jo ■ ig7g bv company, iad been dissolved 
Thursday May. 25, ■ c - nU ence* second General Meeting 


shall he heldon Fruw- & DES PaY sBAS— 33 Throgmorton 
of BANQUE SAtodiscti» .and approve the subjects 

Street, London EG2N ^ 

■ 0 f the same agenda. Agen *i 

—Appointment- of noteholders* -representatives; 

Determination of their powers and their remuneration. 
~~ ve n nf 1977-1984 notes may attend or be repre- 
AU holders Of 94% A their at ^ Meeting; never- 

seated by » n 3 rights, they are required j to deposit 

tbeless to prior to the scheduled dale of the 

their secanUes ii’ e “/ > xhe Financial Institutions having 
of these notea. 

participated ^ admission to the Meeting as well as 

invitation cards to ^ repres ented by ah alternate will 

OTOXies'for tiotehoia^^ and t]le financial Institutions to 

..Je issued by ^f^aest them. 

such noteholders as gOARD OF DIRECTORS 


Sharp risae 
in dividend 
at Phillipp 
Holzmann 


By Guy Hawtln 

FRANKFURT, June 7, 

A SHARPLY increas'ed divi- 
dend for 1977 Is annotinced by 
Phillipp Holzmann, one of the 
leading construction companies 
in West Germany. Overseas 
activity remains buoyant and 
profits overall this jjear should 
be satisfactory. 

The company is paying a 
dividend of DM7 per share 
for 1977, the same ats In 1976, 
but In the hands ofl domestic 
shareholders this amounts to 
an effective DM10.94 ffier share. 
Aetna! profit figures for 1977 
will probably be an welled later 
this month. Meanvvjhile. Hoiz- 
mann Is happy to confirm that 
Its earnings for 19717 have in- 
creased. 

The company Is still racing 
a lean time al Sbome but 
activity overseas continues to 
expand impressively- For the 
first five months Of £978 build- 
ing output is a fifph higher 
with the domestic (operations 
running marginally fallow their 
1977 level. 

Holzmann’s total overseas 
orders have now grown to 
DM5.6bn ($2.67ta) with 
DM2.3bn arising frepn a Saudi 
Arabian defence and aviation 
ministry housing contract. This 
involves the compatay in the 
construction of 2.000 bouses 
together with necessary infra- 
structure. Domestic; bookings 
daring the first five months of 
this year have improved by 6 
per cent to DjUUbu. 

Despite changing currency 
relationships, tbe development 
of the overseas construction 
business is positive. This, 
together with the small in- 
crease in domestic prices, 
means that curretf! forecasts 
for 1978 indicated that share- 
holders could expect “satis- 
factory overall profits.” 


JMEW ISSUE, 


LDC debt in the private sector 


BY MARY CAMPBELL, EUROMARKETS EDITOR 


ABOUT a quarter of tbe 
medium-tens debt of less deve- 
loped countries (LDCsj Is owed 
by private sector -institutions. 
According to new data released 
by tbe World Bank, a Likely 
figure for medium-term debt con- 
tracted hf the private sector in- 
stitutions in these countries by 
tie end of 1378 was S45.5bo. com- 
pared wife $l57ba-worth of debt 
contracted, by public sector 
entities, or under pubLic sector 
guarantee. 

The new World Bank figures 
are published ia a long article 
in the latest issue of tbe Inter- 
national -Monetary Fund’s fort- 
nightly journal Surveu. They 
are no more than preliminary 
estimates. However, they im- 
prove one’s capacity to evaluate 
the future debt servicing pro- 
blems Ctf LDCs. by giving some 
order of magnitude figures on an 
area where even these have 


hitherto been absent, since data 
tended to cover public sector 
debt only. 

It is indicative of the uncer- 
tainty of its estimates that 
although $45.5ba is given as a 
“likely figure” for the size of 
the private sector foreign cur- 
rency denominated debt of 85 
developing countries, tbe WorJd 
Bank in fact gives a range of 
between $39.9bn and S57.6bn for 
tbe total. The article does not 
list individual countries, but does 
break down figures for different 
types of LDC. 

Thus, for the high income and 
upper middle income countries 
(those with 'per capita incomes 
of $1,136 or more), private sector 
debt (excluding debt which is 
guaranteed by public sector en- 
tities) “seems to be” between 
two-thirds and three-quarters the 
sire of the public sector debt. 

Among the major contributors 
to tbe figures on S12bn worth of 


private sector debt estimated to 
be owed by high income coun- 
tries are Gabon. Greece, Israel, 
Singapore, Spain and Venexuela- 
The upper middle income group 
(owing S3 9m) includes Argen- 
tina, Brazil. Iran, Portugal. Uru- 
guay and Yugoslavia. In the 
intermediate to middle Income 
group, owing SS.Bbn. the main 
countries are Mexico, IvOTy 
Coast. Taiwan. Malaysia. Peru 
and Turkey, while the most sig- 
nificant countries in tbe lower 
middle income are the Philip- 
pines and Thailand, in the low 
income group tbe biggest country 
concerned is Indonesia. 

The World Bank is intending 
to publish data on the private 
sector debt of individual coun- 
tries where such data is available 
in the countries concerned. Tbe 
main countries where publica- 
tion will oot be possible are 
Mexico. Iran and Indonesia. 


Rosenthal sees successful year 


BY ADRIAN DICKS 

ROSENTHAL, the West German 
porcelain, indusiriai ceramics and 
glass manufacturer, is looking 
forward to a successful year in 
1978 on the basis of tbe first 
three months. Following what 
the Board describes as ibe best 
results during 1977 of any year 
since 1945. 

World turnover of the Rosen- 
thal group rose 9.5 per cent to 
DM 431m, with profits after tax 
up 12.5 per cent to DM 5.4m 
(S2.8mi. An unchanged dividend 
of DM 8 per share is being pro- 
posed by the Board, with share- 
holders resident in West Ger- 
many to receive a further 
DM 4.50 tax credit. Distributed 
profit on this basis would be 
DM 358m. 

In 1977, Rosenthal reports that 
Its exports of fine ceramics stood 
up well to the strain*? of a 
dearer Deutscbe-M3rk. although 
markets for technical and indus- 
trial ceramic products became 
more difficult and less profitable. 
However, the company acknow- 
ledges that the appreciation of 


the currency also helped it to 
enlarge its presence on important 
foreign markets. 

Last year, tbe company 
acquired a new technical 
ceramics operation in tbe U.S., 
Rosenthal Metceram, which 
accounted for the 9.6 per cent 
increase in sales id this area — 
more than offsetting the stag- 
nant trend of the home market 
Rosenthal says it intends to 
carry out farther expansion iu 
the U.S. and in other overseas 
markets. aDd hopes that this will 
compensate for the continuing 


BONN, June 7. 

appreciation of the German 
currency. Exports and overseas 
production accounted for nearly 
40 per cent of last year’s turn- 
over. 

Meanwhile, the Board states 
plainly that despite high rates 
of capacity use and long waiting 
times for delivery in Its house- 
hold ceramics divisions, it sees 
“no occasion for investing in 
expansion ” in Germany. Instead, 
it has been sub-contracting pro- 
duction of Rosenthal wares to 
other manufacturers, subject to 
tight quality control. 


Growth at Swiss travel agency 

BY OUR OWN CORRESPONDENT ZURICH. May 25. 


TRAVEL - AGENCY Reisebuero 
Kuoni. of Zurich, reports a gener- 
ally satisfactory year. World 
turnover rose by 15 per cent to 
SwFr 701m in 1977 from 
SwFr 6Ura. while oarent-com- 
pany net profits were 
SwFr 3.12m. compared to 
SwFr 2.44m. The Board recom- 
mends an increase in dividend 


from 30 to 12 per cent- so that 
hearer shareholders will receive 
SwFr 120 per share, against 
SwFr 100 in 1976. 

Union Reinsurance recom- 
mends an unchanged dividend of 
SwFr 120 per share for 1977. 
Gross premiums rose to 
SwFr 356m from SwFr 342m 
while net profit increased from 
SwFr 2.5m to SwFr 2Rm. 


In contrast the private sector 
debt of low-income countries is 
estimated at around one- 
twentieth of the public and pub- 
lic sector guaranteed debt. 

The World Bank is concen- 
trating its efforts to gather 
information on private sector 
debt on 40 -countries — until now 
it attempted to- gather informa- 
tion only on 16. A new 
questionnaire has been de- 
veloped and is being circulated 
to these countries, following dis- 
cussions at the IMF and World 
Bank annual meeting last 
September. 

The response is expected to 
vary greatly from country to 
country. Some countries — where 
private sector companies have 
to receive prior permission for 
or register foreign currency 
borrowings — will be in a much 
better position to supply the 
data than others where such re- 
quirements do not exist. 

Bundesbahn to 
set loan terms 

By Our Financial Staff 

A NEW issue on the domestic 
bond market in West Germany 
— the first since early April — 
could shortly emerge following 
a meeting of the Federal Loan 
Consortium tomorrow afternoon. 
The meeting is expected to dis- 
cuss the terms of an issue by 
the Federal Railways (Bundes- 
babn). 

First mooted some seven weeks 
ago but held in abeyance until 
market conditions were less 
strained by foreign exchange up- 
heavals. the Bundesbahn bond 
is expected to raise DM 700m 
and mark a return to coupons 
of 6 per cent. Dealers were less 
confident of forecasting maturity 
and price, but the loan could 
range from between eight and 
ten years. The most recent state- 
backed bond took coupons down 
to 5} per cent for long-term 
money. 

Last week's issue in Kassen- 
oblrgatinnen pulled in DM 2.7bn 
spread fairly evenly between the 
three- and four-year tranches. 
Prices were 99.9 in both cases. 


These nates having been sold, this announcement appears as a matter of record only. 


limited 

(Wholly-owned by the Government of Canada) 

US $70,000,000 
8|% Notes Due 1983 

Merrill Lynch Internationa] & Co. 

Banque de Paris et des Pays-Bas 

Credit Commercial de France Credit Suisse 1 

Deutsche Bank Aktiengeselischaft European Bani 

Greenshields Incorporated Nesbil 

S. G. Warburg & Co. Ltd Wood 


Algemene Bank Nederland N.V. 

Andresens Bank A.S 
Banca Nazkmale del Lavoro 


A. E. Ames & Co. 

Limited 

Bacfae Htlsey Stuart Shields Inc. 
Banco di Santo Spirito 

Bank of Helsinki Ltd. 


OBC Limited 

Credit Suisse White Weld Limited 
European Banking Company Limited 
Nesbitt, Thomson Limited 
Wood Gundy Limited 

Amex Bank Limited Amsterdam-Rotterdam Bank N.V. 


Banca Commerciale Italians 

Bank of America International 
Limited 

Bank Leu Internationa! Ltd. 


Banca del Gottardo 
Bank Julias Bar & Co. AG 

Bank Mees & Hope NV 


Banque Francaise du Commerce Exterieur 


Rank GntznOler, Kurz, Bungencr Bank of Helsmkt Ltd. Bank Leu international Ltd. Bank ftlees & Hope iNV 

(Overseas) Limited 

Bankers Trust International Banque Bruxelles Lambert S.A. Banque Francaise du Commerce Exterieur 

limited 

Banque de J’Indocbine et de Suez Banque Internationale a Luxembourg S.A. Banque Nationaie de Paris 

Banque de Neuflize, Schlumbcrger. Mallet Banque Rothschild Banque de I'Union Europeenne Banque Worms 

Baring Brothers & Co., Bayeriscbe Hypothekeo- und Wcchsel-Bank Bayeriscbe Vereinsbank Bergen Bank 

United 

Berliner Bandels- und Frankfurter Bank Blytfi Eastman Dillon & Co. Burns Fry Limited Caissc des Depots et Consignations 

International Limited 

Cazenove & Co. Charterhouse Japhet Limited Chase Manhattan Limited Chemical Bank International 

Limited 

Christiania Bank og Kreditkasse Citicorp Internationa! Group Commerzbank Compagnie de Banque et dlnvestissements (Underwriters) S.A. 

Ak tiengesellschafi 

Continental Illinois Limited County Bank Creditanstalt-Bankvcrein Credit Industriel d’AIsace et de Lorraine 

Limited 

Credit Industriel et Commercial Credit Lyoonais Credit du Nord Credito Italiano 

Dai-lchi Kangyo Bank Nederland N.V. Daiwa Europe N.V. Den Danske Bank Den norske Creditbank 

ar 1871 Aktieselskab 

Deutsche Girozentrale Dewaay & Associes International S.C.S. DG BANK Dillon. Read Overseas Corporation 


Continental Illinois Limited 


-Deutsche Kommunalbank- 
Dominion Securities Limited 


Deutsche Gcnossenschafisbank 
Drexel Burnham Lambert Eurogest S.p.A. 


Dominion Securities Limited Dresdner Bank Drexel Burnham Lambert Eurogest S.p.A. Euromobiliarc S.p.A. 

Aktiengeselischaft incorporated 

Finacor First Boston (Europe) First Chicago Limited Robert Fleming & Co. Genossenschaftliche Zentralbank AG 

Limited Limited Vienna 

Geoffrion, Robert & Getinas Ltd. Antony Gibbs Holdings Ltd. Girozentrale und Bank der osterreicblschen Sparkassen 

Aktiengeselischaft 

Goldman Sachs International Corp. Croupemenf des Banquiers Prives Genevois Hambros Bank Hessische Landesbank 


Kredietbank N.V. 


IBJ International Limited 


limited 

Istituto Bancario San Paolo di Torino 




limited -Girozentrale- 

Hiil Samuel & Co. IBJ International Limited Istituto Bancario San Paolo di Torino Jardine Fleming & Company 

TJwitwl Limited 

Kansallis-Osake-Pankki Kidder, Peabody International Kjobenhavns Handelsbank Kleinwort, Benson 

Limited Limited 

Kredietbank N.V. Kredietbank S.A. Luxembourgeoise Kuhn Locb Lehman Brothers International Lazard Brothers & Co., Limited 

Limited Limited 

Lazard Freres et Cie Levesque, Bcanbien Inc. Lloyds Bank International Manufacturers Hanover 

Limited Limited Limited 

McLeod, Young. Weir International Merck, Finck & Co. Merrill Lynch, Royal Securities Limited Midland Doherty 

Limited Limited 

Mitsui Finance Europe Samuel Montagu & Co. Morgan Grenfell & Co. Morgan Stanley International 

Limited Limited Limited Limited 

Nederiandsche Middenstandsbank N.V. Nederlandse Credietbank N.V. The Nikko Securities Co., (Europe) Ltd. 

Nomura Europe N.V. Norddeutsche Landesbank Sal. Oppenheim jr. & Cie. Orion Bank Osterreichische Landerbank 

Girozentrale Limited 

Pcterbroeck, Van Campeubout, Kerapen S.A. Pierson, Heldring & Pierson N.V. Pitfield Mackay Ross Limited PKbanken 

Limited 

Postipankki Privatbanken Aktieselskab Richardson Securities of Canada Rothschild Bank AG 

N.M. Ro thschil d & Sons Rowe & Pitman, Hurst-Brown Salomon Brothers International Sanwa Bank (Underwriters) Limited 

Limited 

J. Henry Schroder Wagg & Co. Skandinaviska Enskilda Banken Smith Barney, Harris Upfaam & Co. Societe Bancaire Barclays (Suisse) S.A. 

Limited Incorporated 

Societe Generale Societe Generale de Banque S.A. Sofias S.p.A. Strauss, Turnbull & Co. 

Sumitomo Finance International Svenska Handelsbanken Swiss Bank Corporation (Overseas) Trade Development Bank, 

Limited London Branch 

Trinkans & Burkhardt Union Bank of Finland Ltd. Union de Baqques Arabes et Franyaises - U.B.A.F. 

Vereins- und Westbank J- Yontobel & Co. M. M. Warburg-Brinckmann, Wirtz & Co. Wcstdcutsche Landesbank 

AktieagescBsdnft Girozentrale 

Dean Witter Reynolds International Vamaichi International (Europe) 

Limited 

June 7, J978 


\ ■ 



Wiandal-rTlineB 


I N IE RWI I Q N AL I I N A N C I AL A \ I) (OMR 


i h*,i 

j{ -\^ r ' 

fei* 




Stanbic returns to earnings growth 


BY RICHARD ROLFE 
STANDARD BANK I a vestment 
Corporation (Stanbic), in which 
Standard and Chartered at pre- 
sent bolds a stake of 67.4 per 
cent, has resumed its growth 
in operating profits, trimmed last 
year by the need for abnormal 
provisions against properly com- 
mitments. and has marked the 
occasion -by an increase in tbe 
dividend from 22.5 cents to 28 
cents. But tbe Board warns that 
“although fresh specific provi- 
sions against losses, in aggregate, 
were lower in 1978 and in 1977. 
the charge against profits is stiil 
unacceptably high.” 

For the year to March 31, 


Stanbic raised operating profit 
from R3S.4m to R54.5m (562.9m). 
but the figure for a year ago 
was struck after providing R12m 
against the bank's entire expo- 
sure to Glen Anil, the failed 
township property developer. 
This time, the comparable figure 
has not been revealed (with 
South African banks not yet on 
a full disclosure basis) and so 
the precise extent of Stanbic's 
recovery is unclear. But earn- 
ings per share are up from 41 
cents the year before (based on 
a weighted average figure) to 
59 cents on this year’s unchanged 
issued ordinary share capital of 


R52.Sm' and on the higher divi- 
dend. the shares, at 340 cents, 
yield 8 per cent. 

A year ago, Stanbic set itself 
a target return on shareholders’ 
funds of 16 per cent, and 
achieved 15.7 per cent, a sharp 
improvement over 11.5 per cent 
in the previous year. But tbe 
scope for further progress re- 
mains to be seen. The Board 
refers to “ the inherent risk " 
of lending in the current 
economic climate, although the 
bank is officially expecting an 
improvement in tbe economy 
this year. Against this, interest 
rates are falling, suggesting that 


JOHANNESBURG. June 7. 
the current level of overdraft 
rates will come under pressure. 

Stanbic is completing the 
acquisition of UDC Bank, the 
most flourishing part of the old 
UDT Group in South Africa, and 
some benefits should accrue in 
the current year. Of the 3.5m 
Stanbic shares to be issued in 
consideration, about 2.9m are 

now in the process of being 
placed with local institutions. 
These transactions will reduce 
Standard and Chartered’s stake 
to about 63 per cent, making 
further progress to tbe 50 per 
cent limit set for the overseas 
group's control by 1SS6. 


Half-year 

profit 


* **• * i 

.llfi* * 


| JAPANESE OILREFINERS 




recovery 
iit Japan 


Powfldjespite 




BY YOKQ SHBATA 


TOKYOi JiOfic 


By Douglas Ramsey 


TOKYO. June 7. 
JAPANTESE COMPANIES did 
better i n the half-year to March 
than in the previous six-month 
period. . to September, according 


to a survey of results at 500 
compare es compiled by Nihon 
Keizai, . the business daily. 
Another', finding of the survey is 
that the* relatively smaller com- 
panies -.listed on the second 
section , of the Tokyo Stock 
Exchange (TSE) did better at 
boosting sales and profits than 
those listed on the TSE first 
section. 

Accord'ins to Nihon Keizai. the 
126 secund section companies 
showed an average increase in 
pre-tax profits of 8 per cent for 
the Mancfh half-year (after a 13.9 
per ceat: fall in the previous 
term - ). 33v contrast, the 374 first- 
section sTocks showed an average 
rise of only 2.3 per cent Pre-tax 
(against, a 13 per cent decline 
in the JSenlember term). The 
pattern was similar on profits 
after tax where the smaller com- 
panies posted an S.6 per cent 
increase- (compared with a 16.3 
per cent drop the previous term) 
and ihe bettor-known companies 
on the TSE saw their profits 
switch Grom a decline of 5.3 per 
cent in the September period to 
a rise of 1.6 per cent in the 
?Jar<-h term. 

Taken , together, the 500 com- 
panies surveyed by Nihon Keizai 
posted average advances on three 
counts on; which there were falls 
in the pw’vious terra. Sales of the 
500 declared 1.S per cent, in the 
six months to September but 
picked up slightly in the half-year 
to March, (up 0.6 per cent.). Pre- 
tax profits showed an average de- 
cline of 15' per cent, in thg. earlier 
period. bS't rose 2.5 per rent in 
the halF Vear to March. Net in- 
come. which fell by 5.6 per cent 
in the Se ptember term, swung 
. hack in the most recent period, 
to show a, rise of 1.8 per cent 

As a result, the profit-to-sales 
ratio for the 500 companies aver- 
aged 1 per cent in the March 
term, coma ared with the previous 
0.9 per CPEit 


increase at i Farmers’ tactics vindicated 


BY JAMES FORTH 


SYDNEY. June 7. 


Weekly Times 


By Our Own Correspondent 


SYDNEY. June 7. 
THE Herald and Weekly Times, 
major newspaper, radio and tele- 
vision group, raised its profit 
almost 19 per cent, from ASfi.Ora 
to AS7.4m (U.S.$S.4m) in the 
March half-year. It achieved tills 
on a 15.5 per cent increase in 
group sales, from A5S2.9m to 
AS95.Sm i l'.S.S109m >. 

The interim dividend is held 
at 5 cents a share. Lust year 
directors declared a final of 10 
cents, to make a payment of 15 
cents for the year. 

The directors made no com- 
ment on operations for the 
period. They pointed out. how- 
ever. that no account was taken 
of the .tax deduction available 
for trading stock adjustment 
when arriving at the half-year 
results. The matter will be. con- 
sidered when the annual accounts 
arc finalised. ■ 


THE VICTORIAN supreme court 
today ruled that Westralian 
Farmers Co-operative {Wes- 
farmers) had acted entirely 
within the law in a market 
operation late last year in which 
it obtained just over 50 per cent 
of Cuming Smith. Tbe directors 
of Cuming Smith initiated the 
court action, claiming that 
W >? i- farmers had breached the 
Companies Act in the buying 
operation and seeking to have the 
on renames declared void. 

Mr. Justice Kaye said that 
Wesfarmers acted within the law. 
But he was critical of the Take- 
I over Code in the Companies Act 
and said it was inconsistent, 

1 easily capable of circuinven- 
I lion." 

We^fa rin'ers last year made a 
takemvr offer for Cuming Smith 
i which was designed to gain con- 
trol of Western Australia's only 
fertiliser manufacturer. CSBP 
and farmers. 


Cuming Smith owns one-third 
of CSBP. with British Petroleum 
of Australia and Westralian 
Farmers Superphosphate (WFS) 
each holding one-third. 


Wesfarmers originally offered 
AS60m for CSBP. WFS. which 
has close links with Wesfarmers, 
was prepared to accept on con- 
dition tbat Wesfarmers gained 
control of CSBP, but Cuming 
Smith and BP both turned it 
down. 

Another company. Howard 
Smith, then topped Wesfarmers' 
bid for Cuming Smith which 
prompted Wesfarmers to step 
into the market. 


Now that the court has ruled 
in favour of Wesfarmers, it 
remains to be seen whether the 
co-operative will extend an offer 
to remaining shareholders of 
Cuming Smith. Wesfarmers had 
been prepared to make an offer 


until Cuming Smith took legal 
action. 

Wesfarmers stilj wants control 
of CSBP and could achieve this 
if WFS was prepared to sell its 
stake. There have been questions 
raised as to whether Wesfarmers 
would control and or dominate 
the fertiliser market if it con- 
trolled CSBP. 

The farmers union of Western 
Australia claims this would be 
tbe case, and has started a legal 
action against Wesfarmers under 
the Trade Practices Act To 
decide the matter, Wesfarmers 
has now applied to the Trade 
Practices Commission for an 
authorisation allow it to 
■purchase control of CSBP- The 
TPC can take up -to four wombs 

to decide, and it is unlikely that 
Wesfarmers will mal e any bid 
for additional Cumin; Smilh 
shares until the .commission has 
given its ruling. 


Myer plans to 
raise U.S.$28m 


Expansion for Hassneh 


By Our Own Correspondent 


SYDNEY. June 7. 
MYER EMPORIUM Australia's 
largest department store retailer, 
will raise AS25m (U.S.$2Sra) 
through a debenture issue to 
existing shareholders and deben- 
ture holders. 

It is the first debenture raising 
since late 1970 and only the 
fourth in the group’s 53-ycar 
history. 

. Directors said that the funds 
raised by the issue would be used 
to assist in the general expansion 
of the group and to increase 
working capital. 

Myer last year started a five- 
year AS25flm expansion pro- 
gramme. designed to double sales 
and profit within that period. 

However, in April the Board 
reported a 23 per cent reverse 
in earnings for the first half of 
the current year and indicated 
that results for the full year were 
likely to he lower than in 1976-77. 


BY L DANIEL 

HASSNEH INSURANCE, which 
account? for 24 per cent ot total 
insurance business in Israel, 
report tbat its life-insurance 
portfolio increased last year by 
57 pur cent to LE20bn 
tU-S.91.lbm, as compared with 
an average growth of 46 per 
cent reported by the other in- 
surance companies. As a result, 
the company's share in total life 
insurance business in Israel rose 
from is to 20 per cenL 


TEL AVIV, June 7. 

Its overall premium Income 
grew by 50 per cent to l£l^lbn. 
Of this, I£9SGra represented 
premiums in respect of general 
insurance and i£220m life- 
insurance premiums. 

While Hassneh comes second 
in tile life-insurance field after 
the Migdal-Binyan Insurance 
Company, its total business is 
larger. Hassneh belongs to the 
dozens of companies owned or 
controlled by the Israel Labour 
Federation. 


Sharp rise in 
Tadiran profit 


By Our Own Correspondent 


TEL AVIV, June 7. 

TADIRAN Israel’s . largest 
electronics cotnpanv. raised its 
net profit in 1977 by 61.4 per 
cent to I£127.7m 1 57.3m i, from 
I£79.lm in 1976. 


Bank Leumi offer oversubscribed 


BY OOR OWN CORRESPONDENT TEL AVIV. June 7. 


BANK LEUMI's offer lo‘ the 
public of about l£2u0ra ($11.5in> 
of. shares was subscribed more 
that) tenfold, with applications 
received for I£2.12bn. The bank- 
will allocate to the public 12.5 
per cent of the shares applied 
for. while institutional investors 
will receive 50 per cent. 

The issue is the first stage of 
Bank Leumi’s latest capita! ex- 
pansion. which also includes a 
rights issue expected to raise 


I£500m, while a further I£50m 
issue is being made to the bank’s 
employees and pensioners. When 
all three stages have been com- 
pleted, the bank's capital position 
will stand at about IFThn. 

As usual, institutional inves- 
tors were prominent among the 
applicants for the 400.000 units 
offered in the first stage. 

The Bank Leumi issue is the 
largest ever on the Tel Aviv 
Slock Exchange. i 


The company, which is owned 
by General Telephone and 
Electronics Corporal inn. oF the 
U.S.. and Roor, the industrial, 
holding company of the Israel 
Labour Federation, experts sales 
for the current year to rise 65 
per cent to I£3.3bn. as a result, 
from i£2bn (U.S.SlHnn in J9n. 
among other things, of the 
development of its CTE-60 
electronic exchange, solar air- 
conditioning systems fur indus- 
trial buildings, ho-pitals and 
hotels, and its entry into the 
fields of electronic surveillance 
measures, avionics and electro- 
optics. 

■Exports in 1977 accounted for 
some 50 per cent of sa-les, and 
are expected to rise by some 
SlOOm (some I£1.75bn) this year. 


EXCHANGE RATE benefits to 
nine major Japanese oil refiners,, 
including Nippon, Maruzen, 
Mitsubishi, Koa, TOa, FujtKosah 
and General, and two nontisted 
giants, .Jdemitsu and Kyodo 
totalled Y556bn <$2.5*m>,ia-the 
year to. end-Marcfi. Of the. total 
exchange gains. Y164.7bn .-were 
stemmed from deferred, payment 
for crude oil Imports. - 
However, the exchange ^gains 
were more or less cancelled out 
by the sharp reduction in market 
prices of oil products, (dejwn. by 
an average Y1.500 .4>er'- : ;jdlo- 
gram) and. increasing -r - foat 
burdens such as rises in: ; ~&ude 
oU prices and tanker • freight 
rates: ‘ ' ? 

As a result, 

profit at the nine refiners 
declined by 4 per cent over the 
previous fiscal year.. Current 
profits of each refineri" were 
fully accounted for by fetfiaage 
gains, .which came to . tfiSC'Yier 
cent of current 'profits ibf the 
nine lh aggregate.' ■ ' r " 

Profit performances widened 
between refiners financed by 
foreign capital and , domestic 
capitaL Those affiliated with 
foreign capital as Nippon Oil, 
Mitsubishi and Koa showed 
record profits and- restored 


YEAR TO END-MARCH 1978 


-Curient: 


’. Sdat.ii 

(Ybfi). 

Nippon y*3.l 
Mxiizco 9TfA 
Mitsubishi 750J0 

Koa 311*. 

Toa . 3W3 

Fujikawa* 360J - 

General 4043 

Idomitsuj: .1,524.0 . 
Kyodof 1/013 
' • DaOdt eC-YUltv 


Rise: -profits 

% > <rb«y 

VO 28* 

r-w> xv 


m. 


(-A2)v-; .M 


=: 

• 283 .... 
- 473 -.-■ 


Met 
profits 
(Y hn>- 
-■ T4J 


03 ;(-T 

MS... . '%> 


( -5fl> ha* 


(-03) C-0-2) ' - na,? 4L7 • (-$ 

f-W>> ' 5J- T«* i- 7L4 | 

(-M> 163 <—12.1) . AS (r~t 

(-ZA> ; 44 .* :<-SM> .1 ,13 (-ig 

to pnrtioas period. f froBt of VtUfito pari » 

£Noa4bt«d uwiypiy. . . .., 


.(-W) 

<-w 




dividends, while domestic 
refiners such ns Toa, FnjiKosan, 
Idemitsu and -Kyowa performed 
poorly despite their exchange 
gains. 

jar the current fiscal year 
ending March .1979, all .Of . tfie 
refiners expect a sizeable, dip 


to incorporate tile -new oil' 
into prices- of oil. pro* 
shortly. 

JSven with a successful' s 
of> the oil -tax on to the . » 
sumer, the- refiners expeci 
steep fall in profits - for - 


in exchange gains a nd. a.- further, 
deterioration in market prices 
of oil products (down by . an 
average of Yl ,400). Tbe hew .oil 
tax effective from June X, ’ will 
be another negative influence on 
earnings. The nine. have agreed 


current fiscal year. Nippon ; 
Mitsubishi, aim General' '. 


expect their eurrent prints n 
slashed, to. half ' 4)f the preyi 
yeart-’ leveL Those refin 
financed by domestic -cap 
expect their profits -- 
deteriorate further. 


Aid for Chisso over Minamata 


BY OUR OWN CORRESPONDENT 


HE LP for Chisso Corpdratipu to 
meet the ' bill for the mercury 
poisoning by the company of 
thousands of people near the 
chemical company's ' Minamata 
plant in the 1960s, is being con- 
sidered by the Japanese Govern- 
ment and Kumamoto Prefecture. 
Under examination - are 1 Govern- 
ment loans to Chisso' at easy 
terms to keep the company from 
collapsing while compensating 
victims of what ' has become 
know'll as the u Minamata 
disease." 


*s Cement makers gain 


STRAIGHTS 

Alcan Australia flue IMS 

aiiev sue it*? 

Australia KIP'- 1992 
Australian M. Sc S. 9i£>e ‘91 
Barclays Bank Sit* 1992... 

Bowaier SJpc 1W2 

Can. N. Railway Cpc 1986 
Crwlu National Siiic 19W... 

Denmark Si pc 1884 

ECS 9pc 1993 

ECS S'pc 1997 

EIB 8JPC 1992 

EMI 91pc 1BS9 

Ericsson 81 pc 1989 

ESSO Spc I9S6 Nov 

fit. Lakes Paper 8>pc 1984 

Hamcrslcy 9ioc 1992 

Hydro Quebec »pc 1992 ... 

ICI 8JPC 1987 

ISE Canada 9|pc 1986 ... 
Macmillan Blood cl 9 pc 1992 
Maswr ForcuMn 9Jpc ’SI 
Mi'-h-lm 9|pc 1988 . . 

Midland lot. Fla. 81 pc "92 


SELECTED EURODOLLAR BOND PRSCES 
{VS 8 D-DAY INDICATIONS 


National Coal Bd. Jp? 19S7 

Bid 

Wl 

OtTer 

93i 

NOTES 

Bid 

Offer 

National WM limit r. 9r>e 'm! 

1D« 

IW4 

Australia 7Jpc 1994 

Bi-LI Canada ~lpc 1057 ... 

Mi 

93 

NcmduuDdJand 9Pt 19-9 . 

951 

99j 

9al 

Ml 

Nordic In«. R^. 'Ip-: loss 

87i 

95 

Fr. Colunihlj Hyd 7!pc S3 

»■« 

94 

Norses Kom. Bk. s:pc Wyi 

9o 

SHii 

Can. Pac. S!pc 1934 

974 

9>i 

Norpipc S!pc 19! B 

M 

9K3 

Dow Chemical ape 19*5 ... 

9M 

994 

Norsk Hydro 3} pc 1!»* ... 

Hoi 

Wi 

ECS 7*r*0 19S2 

93i 

96 

Oslo 9pc 198S 

Mi 

100! 

ECS Si pc 1999 

931 

95i 

Ports Autonomy 9pc 1»1 

9S 

95! 

EEC 7,pc 19S? 

BS* 

97 

Pwv Oui-bec 9nc llff.i .. 

94 

94 i 

EEC Tlpc 1034 

951 

96 

Prow. Saskatclmn. 8Ipc 'M 

!*1 

99 

Erw-J i.iwi'll 9,'pc 1984 .. 

9i1! 

974 

R.vd Internal tonal ape- 19S7 

93J 

9" 1 * 

Golacetken 71pc 19S.' 

9B> : 

■ 97 

RUM 9 pc 199.* 

U.li 

94 

Koe-Rpnis Spc 1853 

97i 

9S 

Selection Trust SIpc 19-9 .. 

.81 

9- 

Uichelio S’ pc 1983 

99? 

ion* 

Stand. Enskilda 3pc la»l . 

971 

9S 

Montreal Urban SJpc 1991 

99; 

1D0 

5KF Spc 1837 

92i 

931 

fiew Bnmswick Spc 1984 . 

Wi 

97J 

Sweden fK'riomi Sloe 1987 

931 

91 

New Bruns. Prov. 3; pc ’S3 

984 

1001 

United BlsctiiH 9 tv: IB59 ... 

9?l 

99j 

New Zealand S!pc !9sfi 

965 

37* 

Volwo SBC 19S7 March ... . 

99* 

94 

Nordic Inv. Bk. 7Jpc 1984 

931 

9fi 


Norsk Rrdro "■pc 19«2 

Norway 75 pc 15S.' . 

Ontario Hydro ype iss? ... 

flnt. r 81m: live 

S. or Scot. El-c. <*p.. 1981 
Sweden • RidCDl • 7 J pc 1952 
Swe dish Stiw Co. 7 :pl '82 

Tclmox 91pc HKi . . 

Tsnneco 7’p. 1977 May .. 
Volkswagen. 7tpc 1987 


STERLING BONDS 

Allied Breweries 10' pc 

Citicorp lOpc 19B2 

Cmirtaulds STpc 19S9 . 

■ecs pane I9W 

EIB BtPC 19SS 

EIB 9!pc 1992 

Finance for Tnd, p’ne 1 
Finance for fnrf. lOpc 1 
Flsons lOlpe 1W7 
rjcsiemer line »W 

Iff A fOpc 1988 

Fownrree lOipe ]?S9 ... 
Sears lOlpe 19S8 .. ., 

Total Oil SJpc 1984 ..... 


ONODA CJEMENT COMPANY, a 
major cer.tieot maker in Japan, 
raised its aiet profit for the year 
to March £.1 by 162 per cent to 
Y2bn iSScn) from Y763m the 
previous 5? ear. helped by brisk 
orders from Government 
agencies trelated with public 
work procysjnmes. AP-DJ reports 
from Tokyjo. 

Sales tos« to Y171.5bn (S776m) 
from Y148l0bn. 

The cement maker forecast 
that its net) profit for the current 
fiscal year would rise a further 
65 per cent to Y3.7bn on sales up 
10 per ceflt to YlS9bn. 

Another - major cement maker. 
Sumitomo fCement Company, an- 
nounced tSiat its net profit for 
the year to March rose to Yl^bn 
fS5.4m> firom Y150m a year 
earlier. 

Its sales, increased to Y102.7bn 
from YSfi.Vbn. 

Surnitoofo forecast tbat its net 
profit for tfhe current year would 
more than double, to Y2.6bn, on 
sales of £llS.8ba. 


The financial burden on Chisso 
is. indeed, great. So far the 
Government has designated 
1,348 victims to receive compen- 
sation. Fishermen in the area 
also get. compensation for joss of 
income from tbe poisoning of 
fish in Minamata waters from the 
mercury dumped by .Chisso. As 
of last March Chisso had paid 
out Y33.7bn (SI 50m) in compen- 
sation, but applications are pend- 
ing from another 5,400 apparent 
victims of the disease. 


further compensation. As it is, 
Chisso estimates 'that its cumu- 
lative deficit at March 31 was 
K27.6bn in excess of its assets. As 
a result, the company was forced 
to delist its stock from Japan’s 
seven stock exchanges in October 
— a painful move for the «omr. 
pany which boasted a quotation 
of about Y200 in 1969; compared 
with Y20 these days. 

Kumamoto prefecture officials, 
who have control over . the 
Minam ata area, insist that the 
company must survive to ensure 
jobs for the approximately 1,500 
people who work at Chisso. They 
maintain that despite the reces- 
sion. Chisso’s sales rose slightly 
(by 1.7 per cent) in fiscal 1977, 
and tbat with adequate manage- 
ment. the company can ulti- 
mately re-emerge as one of the 


strongest chemical companies in 
Jaoan. To that end. Kumamoto 


Without outside help; there is 
little doubt that Chisso -would 
collapse under the weight -of 


Japan. To that end, Kumamoto 
has volunteered to raise bonds 
under tbe prefecture’s auspices 
for Chisso on the condition that 
the central Government in Tokyo 
participates by underwriting the 
loan. No figure has been men- 
tioned for the total amount but 
it is likely that the loan will be 


highly concessionary (proba 
at ' between;. 1 30" and /50 ye - 
maturity with! the. entire pri 
pal repayable at the edd of: 
period). -The interest rate^it 
.believed, would-be set at just 
level at which Kumamoto pre: 
tore can normally borrow. Y 
Officials are wary or undlenr 
ing. the indirect loan to Chi 
□util- the full extent of Ch& 
obligations to Minamata victj 
is. known. In short -the. cob 
may rule that far more peri 
deserve . compensation thaai 
currently assumed — in wh 
case tbe present rescue operat 
might have to be , followed-: . 
another, - and perhaps ■» 
another. Already, one estiim 
of compensation . ever lire zu 
ten years is YlOObn. "(Cfih 
posted total sales in fiscal S 
of. Y85.8bn.) The political- 1 
pact of layoffs at Chisso arid - 
interruption of compensati 
payments, however, make ftv 
tremely unlikely ' that Tok 
would let the company go mid 
A final package of rescue m*: 
sures. however, will be discuss 
and probably adopted beft 
July. 


Jaxdine cash terms for minority dekl 


BY H. F. LEE 


SINGAPORE, June T. 


JARDtNE MATHESON has 
announced that the cash alter- 
native to its offer of loan stock 
for its acquisition of shares in 
subsidiary. Jardine Matheson 
(South East Asia), from minority 
shareholders will be S$970 for 
every SSL000 nominal of loan 
stock. This is equivalent to 
SS2.81 cash per Jardine Matheson 
(South East Asfa) share. 

Jardine which owns approxi- 
mately 59 per cent of Jardine 
Matheson (South East Asia) last 


month announced that it Intended 
to acquire the remaining shares 
in the Singapore-based subsidiary 
The acquisition is to be effected 
by the issue of 8i per cent 

g uaranteed unsecured loan stock 
y Jardine Matheson Investments 
(South East Asia) — another 
wholly-owned subsidiary within 


the Jardine Matheson (South Ea 
Asia) group— to minority shai 
holders on the basis nf S$2; 
nominal for each ordinary slm 
Jardine at that time al 
promised minority shareholders 
cash alternative at a " small d 
count” to the nominal value 1 
loan stock 


Associated Japanese Bank 
(International) Limited 



DM BONDS 

Asian Dat. Ban* 5|pc 1988 

BADE 83 PC 1998 

Canada CW 1933 ... . 

Deo Norsk* Id. Bk. fipc W 
DcuiKlw Bank 41 DC 1983... 

ECS S3 PC 1999 

EIB SJpc 1990 

Elf Aquitaine nJpr 19:ffl .- 

Eurnrom sape l?S7 

Finland SJpc 19Sfl 

Forsmarics 5 Jpc 1999 

Merim Apr 19?* 

Norccm srpe I3W9 

Nonvar 1993 

Ntirwnr 4*pc 1999 

PK BaDkoii 5 J .pc 

Prov. QuoDrc flpc i*9D 

RnmarmiMri 5?p~ io?; 

Spain Up*? 19^ 

TrondV-lm S’pr iw .. .. 

TVO Power CP. 8nr ]<W(I ... 
V*iM*japla Apr J99* ...... 

World Bank 5jpc 1999 


'jveekly net asset value 
can June 5, 1 978 

Tokyo Pacific Holdings W.V. 

lI'.S. $52.20 . 

ijokyo Pacific Holdings (Seaboard) N.V.j 

ift.S. $38.04 

(listed on the Amsterdam Stock Exchange 

Ii4 formation: Plmon, Hefdrfng & Ptenson N-.V., Hetwigrachl 214, Amslerdant 


Ibw advertisement is not aaofinr of aoctaitiQsior sale, a proportioB of '* 
the issue haring been m ad e available to the market, fit is published mj, 
co mp lia n ce with the reqaimneote of the Council of Tbe Stock Exchange - 
of The United Kingdom and the Republic of Ireland. 


IAC LIMITED 


VONTOBEL EUROBOND 1NDICE5 


100 

99 

gn: 

PRICE INEiEX 

30.578 

145.76 

6.4.78 

= 1C0% . 

AVERAGE YIELD 

30.5.78 

6.6.78 

97i 

DM Bondi 1 

105.72 

106.10 

DM Bondi 

6.61 1 

6.543 

93’ 

HFL Bonds & Notes 

104.47 

105.19 

HFL Bondi & Notes 

7.472 

7.397 

9fi! 

U^. S Strt. Bondi 

99.37 

99.12 

UJ. 1 Sere. Bonds 

8.811 

8.841 

97! 

Can - Dollar Bonds 

100.00 

90.91 

Can. -Dollar Bondi 

9.284 

9.312 


(Inoorponttadimda the laws of Canada) 

Can. $5,000,000 9f% Secured Notes 

To mature June 8, 1984 

Price 100% 

Subscribers far theNotee have been procured hy 

Wood Gandy Limited 

The Can. $5,000,000 Secured Notes (Registered) have been- '! 
admitted to the Offi c ial Lint of Tha Stock ^chang e. 

Particulars of the Notes are available from Extel Statisticd.f. 
Services Lim ited and comes may be obtained during usual", 
business hours up to and i nr farting Thursday June 22, 1978 
from:— 

Wood Gundy limited R. Nivison & Co. 

30 Finsbury Square 25 Austin Friars 

London, EC2A1SB London, EC2N2JB '• j 

June 8, 1978 


Extract from Audited Accounts 



28th Feb. 1978 
£000 

28th Feb. 1977 
£000 

Share Capital 

7,000 

7,000 

Retained Profit 

4,279 

3.195 

Subordinated Loans 
(£ equivalent) 

12,877 

14,588 

Deposits 

407,506 

399,086 

Loans 

238,780 

237,213 

Total Assets 

.439,423 

431,435 

Profit before Taxation 

3,172 

3,074 

Profit after Taxation 

-- 1.434 

1.392 


FLOATING RATE NOTES 

Bank of Tokyo 19S4 Sipc-- MS 
P.^CE 1994 Slpc 99i 

rvp tw si inpc iow 

BDE Worm!! 19«5 981 

ECF 1985 Slpr Ml 

CI7MF IBM Slllspu Ml 

CFdHiUBtall IVt] <?i pc 994 

or. Bank 1992 1M9 

fTZB 1981 SIMPC 1M* 

Ib’ 1. wpsrmlnsior 1994 Spc . Ml 

Lfovds 1943 8 Ok pc IMi 

LTCB 19S3 Spc . Mi 

Midland 19*7 SUmpr Ml 

Nar. Wf-ain Insier Bk. 1999 999 

OKB 16*1 7IDC 9K 

SNCF 1945 SJpc * 9M 

Stand, and cum. '94 sfpc Ml 
Wms. and Glsm's *S4 SM 4 PC ‘Ml 

Source: While Wold Securities. 


Cadbury Schweppes U.S.A. Inc. 


Associated Japanese Bank (International) Limited 


29-30 Cornhill, London EC3V 3QA 

Telephone : 01 -623' 5661 . Telex : 883661 

-Jointfy owned by 

The Sanwa Bank Ltd The Mitsui Bank Ltd 
The Dai-Ichi Kangyo Bank Ltd The Nomura Securities Co Ltd 

(Shareholders’ aggregate assets well exceeding U.S. $130,000 million) 


COHVERTiai.ES 

Ain-rienn K*pr>”i* 4ipr W 

Ashland 5pr 1M9 . . 

P.ahcock * Wllm, n-*i r - B7 
iVairlw Fond-J 4'nr im* .. 
Poalrlw Fo<jd« 4‘p,- 199;.. 
B/«»rham kTpr ipt? . 

Bordf-n 5pc 1*92 

Hrnnd'4-ay Halo i:k h»W... 

CirnoMon 4pc iv? - 

rb^vron 5pr 1939 

o.irr 4?pc 19S7 . 

Eirtm.-in Fodik 4‘p>: 1998 
Rromunlc l.abs. 41 dc 1987 
Flrwtnnp 5nr 19W 

Fort #pc 10H8 ] 

Genera! Ek-ctrlr. 4ip.> 

GIUeHr 4Hw 1987 ...' 

CpoM Spc 79S7 

nolf and Wenem spc' iow 

Harris Spc 

ITnnerHF^U fine !99fi 

ICI «Jpc ' 

tt«i» inn 

In-hcnnc H'w 199; ' "... 

ITT Vo e |twr ' _ ; . 

.TC--1711 line !?r 
Vomirsn 7’™? ”VV1 
A. M.-Dcmiou a-ii... W 
Vusnyhlia fi’-v- jpqp 
Mi--.ll* T'n-; 19 1 *|j ‘ 

J P. Marrjn J'p..- jot".. 

XlWsen r. ■ r».~ 19«. 

Ovens nilnnts 4* pe 19«7 ... 

J. C IVnik'F J-.n,; ;«7 ... 

Fevlnn 4 'oc injr 

Harolds Metals lass .. 

Ssiwlril- (HP'! lie*? 

finrrrv P.nnl »‘jy- 19^7 

R.iulhh 4lpc W7 

Tcsam 4'oc I9« 

■'iNhiba WDC 1992 

Ty Cn. Spc 1»4 

Union Carbide 4?pc 1983 ... 
Wirn°r Uamherr 39 <n 

Wnrncr Lamhert ifoc 19S8 
Xerox 5pc 1988 .... 

Source: Kidder. Peabody 


Securities. 


has acquired through a cash merger 


Peter Paul, Inc. 


We initiated this transaction and acted as financial 
advisor to Peter Paul, Inc. 


Goldman, Sachs & Co. 

New York Boston Chicago Dallas 
Detroit Houston Los Angeles Memphis 
Philadelphia St Louis San Francisco 

International subsidiaries: 

London Tokyo Zurich 



June 7 , 1978 


1 


4 




'Adamson, who 
joined, -the ^Boa rd : <rf ! ■ the ABBEY 
\KAT30NAL buiemng SOCIETY 
\tm: jfiaea:^ago;\Is to become 


- November 1 0Xl 
1 ^etS^ment of Lord HiU of 

* JLttte«-'-Sir j G^ipbeH was director- 

7 “'--? ge'ntHtd^'of; -tfiq - Confederation of 
I , SBritirfi.Ettdastry between 1969 and 
7 h issfc' ■■ ■ • 

* H H&&K& Timbedake wDl 
4 ^^ retlm; fia?ncc the posts ,of deputy 
9 . ‘chaJjrmaa '«nd - chief general 
} Jt managed. at the .end . of February 

. ~ ',-wifi remain a 

^ ^4trech«V r v5*r» Jeremy Rowe will 

™sticeeficbMk' 35mperlake as the 
deputy .chafitnan from March l 
^185S. ..JWSinS-:^as- s®. additional 
_ deputy ch a i r ma n from November 
1 Thornton at 


n tiipreaerit;, thief 'solicitor of the 
replace Mr. 
^Wsfn] .Umb^ke as chief general 
to tju l Dtteagat:.viroin -: March 1, 1979. 
"< cTj becoonotf- deputy ? chief general 

oh T^tnanager -Iff the-meantame. 

■Vw ■:'* - , r 

Geo^ : -.:'fc-iaic.--J!*WMv 8L chairman 
t prc*!: of ;;j5np§rt,-:.the- Midlands based 
iba ^indn^W*'. holdins company, was 
-jr„ ^ekctfei l&sterday president of the 
a.-,', ftffJSTETUTE^ .OF CHARTERED 
:r* t^ceOGSTANTS . in England and 
‘Waies r ft»rrthe coining, year. He is 
w 4 y:-:i&B!e.<s£cdnd ■'■ “ industrial " 
accomttant in nie -institute's 100 
yeary^Ii^* All the other presi- 
dents V have ' been practising 

i acccnfhtdHt&.-. - 

in|ji Mr. interest in the 

ICiyinduronaL .sh3e ; of accountancy led 
% *tjjiBrd^pebiaiim in management 
accounting and the. application of 
moderns ’ techniques to. business 

, ipanageftoent - 

■; i^’.-Ilr« i Da'rid' ; lUchiiirds, a partner 
_s5 ? fa Detoitto Haskins and Sells, was 


Dunn & Hargitt offer you a new 

■ — — way to invest by participating in 

p y Si ff a multimillion dollar group of 

" commodity investors. Proven 

^nlHntitk i record of success. 

All participants receive detailed account records 
monthly. Minimum investment $20,000. 

To investigate this profit opportunity, write for . 
the “Dunn & Hargitt Opportunity 
> \ 4 Brochure” or call Dunn & Hargitt 
Brussels 640.32.8Q. 

When writing: Dunn & Hargitt, 

"' f Research, Dept. 12a Bie 6 
IS rue J. Jordaens 
1050 Brussels. 


Should this cap happen to fit you. you would be well advised 
to fix your sights un real property, in which 90% of all existing 
millionaires achieved their fortunes. .All the signs indicate 
the Imminence of another property boom: rising house prices, 
falling investments yields. City institutions buying farmland. 
To keep ahead nf ilj e herd in this last-moving market you 
need to study the Properly Letter, which gets to the very 
heart of the property business u-jih down-io-carth. pungent 
articles providing you with information, ideas and unusual 
approaches that you won't get anywhere else. The Property 
Letter rtnld just possibly I/e a better investment for you 
than the properly market itself'. For details of a FREE TRIAL 
OFFER, write to: 

THE PROPERTY LETTER. Dept. 1LH 
13 Golden Square. London, W1 
or phone 01-597 7337 labour answering service) 


A SOLID SQUARE MILE 

(640 ACRES) of wooded fertile land 

$9950 

Santa Cruz. Bolivia, one of the world's last frontiers with 
outstanding potential for agricultural .development. Properties 
available for farming, homesteading, recreation and investment. 
Smaller properties available . . . 160-acre homestead for just 
J 2.950. For full information write ro: 

Anglo-Boiivian Land & Cattle Co.- 
5chipol Airport East, Dept. P-1. P.O. Box 776, Amsterdam. 
Residents of the UK for exchange control purposes require 
Bank of England permission ro purchase this land. 


Reside led m Bctoum and U.K. 


CWnpany, was elected vice- 

r. ' . \ 

■ -XTa**- 1 *" 

: os Richard Stuart Taylor has 

. •- - rJbeen ^ppinted managing director 
.*; ,/,-.rfrH)>FC®LS, a member of the 
^ rEbwpH . Doffryn Group. Mr. J. M. 
... ;Bfcf&eoh has- also joined the 
’ T .“ : -S^di’-iuoeeding -Sir Richard as 
; -dffectdr 'responsible for the 
j ' ^sfimhern amnties coal division. 

- — - f .. 

‘ H. Bartrnm, Mr. W. G. 

3. D. RHssell- 

- t^or, members of the general 
•* ^ntfBfcgfcsniein of Sun Alliance 

, " r ‘^laiurance Group, -.have been 
" • ^ppoiirtefd - directors : of SUN 

• :: _a AI3JA NCE AND -LONDON 

■ * ~ '. ^’SJSURANCE . and its principal 

- ,• ^sabsiiRaries. - •••»_• 

■ - : ijlr- Mi E. Thompson has joined 

iflie'Boafd Of ROTHMANS INTER- 

• - : J7AT30NAL with the executive 

- - - -- responabilities of finance direc- 
■ • T.d frry. ' -Mr. Thompson has been 

__ j . -Jd^:4Zte Rothmans Group for 20 

" ' ygfijs. Prior to his appointment 
to - the board, he was financial 

contibiler. 

r I: . 

1 1 r KLEBMAN. PLASTICS - GROUP. 

f!p*ll las made-HSe ;ibIlawmgHapptrfnt^ 
\1VJU meats: Bur. John. Beney - joins 
. ffokihgham Plastics as director 
v->r.. rf-'buj -general manager. . Be was 
„&e*iously • sales director of 
- - - -ttrow Plastics. Mr. Michael Jeffs, 
^d has been general manager of 
. ■! MJsteaoy Components, has been 

?: director of that company. 

f , ■ •r.V;" - t lp .i ' ’ “ * • - " 

) L 1 - • Brian - W. -Oakley has been. 

1 :. " "-:ippointcd , secretary , .of. the 
. _ . 'raESEENGE RESEARCH COUNCIL 

• -- "te succession to Mr. R. SL J. 

J Vkiker- .who .will retire on June 
Wk -Mr. ^ Oakley : is an. -Under 
— =ss s SSo 3 efeiT..Tit' the Department of 
. — .y-ssfidu^ry and has been- head : of 
: \V-V^‘ c: S»«aj^';Reiviiremebte TJivision 
Vmlj. its 1 incep tipiL Jn 1972. 

1 Richard , Webb : has. jbeen 

fre ippointed an.'-execntlve .-.local 

gj inectoT of the- London Eastern 

[^strict of BARCLAYS BANK. 

1 ; ■-• V r ; .. ■ . ... 

3 Votes *“vJSr. T. Y. Benyon has resigned 
1 “ ay.a main boird director of the 
R0SSM3NSTBR GROUP- to devote 
iracn'bme- to 'his other interests: 

' .. •::••. - ■ ■ : 
4b. perdi W nffma nn has jo ined 
Board 'of. kins applied 

member of -the. 


ii&SDON METAL 
B:..hna' appointed Mr., 
_ . Edwards.-' as executive 
tary-To-- tile, committee to 
r^% M/r v R:^'GjhsonJarvie who 
w " company. . Mr. 


wm* 


dafrnMn>'ol ^he* committee and 
C. vice- 

BEr- 4aaii£ B? Heaih. general 
^ftrtrv - ■ >f -.GENERAL 

«^DENTUjTTRE- and. - life 


tioial ^ respcmsSbility' of fioneral 
pjuuger." nf : ..Yorkshir e-Gen e ral 
SSre^ Assflraffl^_ '. foilpwing - the 


Sir Campbell Adamson 

death of Mr. C. E. Fisher. Mr. 
George Myers continues as assis- 
tant general manager actuary 
of Yorks hire -Genera I and Mr. 
Norman Graham-- as assis t ant 
general manager. 

★ 

BOWTHORPE HOLDINGS has 
made a number of Board appoint* 
ments to its main subsidiary, 
Bcwthorpe - Hefiermann. Mr. 
Walter Bourne, remains manag ing 
director of Hellermann Insuloid 
and joins the main Board with 
responsibility for group export 
3nd overseas development. Mr. 
Jack Britz, continues as group 
personnel manager ..and has 
become personnel director of 
Bowthorpe EMP and M r - Andrew 
Goodbnrn Ls now - commercial 
director of that concern. Blr. 
Stephen Salmon, group chief 
accountant also become]! financial 
director, Bowtb orp e-Hellermann 
Distributors. Mr. Malcolm Garrett 
has been appointed marketing 
director of Hellermann Electric 
and a director of Bowthorpe- 
Hellermann Distributors. 

* 

Mr. E. A. K. Patrick has been 
appointed director of WATSON 
HOUSE, the British Gas research 
station in Fulham. He succeeds 
Mr. Gifford Purkh, who retires 
at the end of June. 

★ 

Mr. P. A. Fowler ha s joined the 
Board of COALITE : AND 
CHEMICAL PRODUCTS, following 
his recent appointment .as - a 
divisional managing director. Mr. 
A. M. Roll, a non-executive 
director has retired from the 
Board on medical grounds. : “ 

* 

Mr. Ronald Sargcaunt has "been 
appointed managing director of 
GOLDERSTAT. a subsidiary of \ 
Arenson (Holdings). . 

★ * 

E. Darwfii has Been 
appointed managing director 
chief executive (designate), of 
RICHARDSONS'’ WESTGARTH 
AND CO. 

■; * . t 

Loird Brtmetow Js fo be 
chairman of the OCCUPATIONAL 
PENSIONS £OARI> from July 1. 
following the resignation of Lord 
Alien of Abbeydale at the end of 
this, motrfh. Lord Allen is 
resigning ■from the chairmanship 
in view of’hEs other commitments, 
which hfre included, since last 
.February appointment to the 
Tribunaf of Inquiry on the Crown 
Agents, f Lord Brtmclow was 
Permanent Under-Secretaxy of 
State, Foreign and Commonwealth 
Office; Sind Head of the Diolomatic 
ServiOB. from 1973. to 1975. 

. > + 

Ti^e MMCSTRV OF DEFENCE 
has -made the following appoint- 
ments. Lieutenant General Sir 
Robert Ford, to be Adjutant 
General Ministry of Defence, in 
September 1979, in the rank of 
General, In succession to General 
.Sir lack Harman. This appoint- 
ment carries with it membership 
of the Army Board of the Defence 
Council Malor General J.M-Gow 
is to be General Commanding 
‘Scotland in' January 3979 in the 
rank of Lieutenant General in 
prace of Lien ten ant General Sir 
David Scott-Rarrett, who is to 
retire. 

Mr. Eric Churchyard has been 
appointed managing director of 
reed engineering AND 
DEVELOPMENT SERVICES. From 
August 31, on the retirement of 
Mr. Arthur Western, chairman 
and chief executive,- Mr. Cyni 
Waraafngton. will become 
chairman and Mr. Jonathan Venn, 
deputy chairman. Mr. Warmington 
isi deputy chairman, Reed Group 
and Mr. Benn, chairman and chief 
executive of Reed Paper and 
Board. .(UJL)- - ' . 



^iPfEt SHIPYARD 

LIMITED 

1 ^ iw* Si«ffap<7re.' 

Notice of meeting 

ySd*?!! 

tJf&mAtlltm. • «f BuUdinS. 

^?tered ^>E^ce; iNeppci .-Shlpyaiti - rriday 30th Jwie 

- ■ 

'T"- z ; ..- . • • . ■ Tay Kim. Kah 

• Secretary 

mc.099; ; 

nf tie company. 
*« deposited at the 








LIE DETECTOR SEMINAR 
27lli JUNE, INN ON THE PARK, W.l ■ 
Communication Control Systems Inc. and 20th Century Security 
Education present the first seminar in Europe on the use of 
the unique Vcdce Stress Analyser Mark IX-P. The seminar will 
cover the entire subject of tie detection from theory and 
development to applications, by explaining the techniques of 
interrogation, practical use and legal considerations. 

If you feel ymi should be part of this important seminar please 
apply to Communication Control Systems Inc., 13 Wilton Mews. 
London, S.W.l. Telephone 01-235 9112. 


CAPITAL AVAILABLE 

Established successful magazine publishers wich capital and 
resources available wishes to purchase new or existing magazines 
in specialist growth areas. Preferably with classified advertising 
potential and minimum £40.000 profit. 

Write Box G.2079, Financial Times. 10, Cannon Street, EC4P 4BY. 


Associates seeking partnership prospects or 2/3 partner 
firms looking for a home might try us. 

Write Box G.2078, Financial Times, 10 Cannon St., EC4P 4BY 
All replies treated in strict confidence ot senior partner level. 


FOR SALE BY TENDER 

UNIQUE OPPORTUNITY TO ACQUIRE THIS 
FREEHOLD HOTEL INVESTMENT AND LEISURB 
CENTRE COMPLEX 

in prime position of Bournemouth as a whole 
n Hail .Hotel. Christchurch min; pool, symnuium. seuiifi 


1 ) Linden HaJI Hotel. Christchurch 

Road (as invcitmcnt. let at courts. gunes room (vacant 

£32.500 per annum; S yrs. remi n Possession). 

on full repairing and insuring 3) Forecourt petrol filKnj station, 

| ez ie). Riragc and workshops, Knyvcton 

Aa«d (vacant possession). 

2) Linden Sports Club, Knot? Poad. 4) Staff homes and flats (vacant 

comprising bar;, reitaurant. i» ( m- Possassionf. 

(deal as Icisur; eent-'e and/or potential redevelopment. 

Closing date for Ttndtrs. 12 neon Thursday- 20th ]ul«. 1*78. Sole Agents. 
Hotel Department. GOADSBY & HARDING, 

Borough Chambers, Fir Vale Road. 

-Bournemouth Tel. 0202 23491 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining the best prne for 
your low-mileage prestige mour-cu! 
We urgently require Rolls-Royce, 
Mercedes. Daimler. )a;uar. Vanden 
Plas. BMW. Porsche. Ferrari. Mxscrati, 
Lamborghini. Jensen Convertible, 
Rover. Triumph and Velvs cars. 

Open 7 days a week 
Collection anywhere m U.K. Cash or 
Rankers draft available. Teleohone us 
For a firm price or our buyer will nil. 

ROMAN OF WOKING LTD. 

- Brookwood (04867 ) 4567 


Bungalow type hotel 
development in choice 
area offering excellent 
economics, experienced 
operator/developer 
seeks medium to long 
term loan. Write Box 
F.1023, Financial Times, 
10, Cannon Street, 
EC4P 4BY. 


CHARTER YACHT 
FOR SALE 

Nicholson 38' 8 berth sailing 
yacht on charter unril mid 
August 1978 producing approx. 
£10.090 per annum gross charter 
revenue. Excellent investment 
for company seeking 100% 
capital allowances. Offers around 
£38.000. 

Write Bo* G.J059. Flnooe'ol Times. 
‘0. Cannon Street, EC*P 4 BY 



EXPORT U.S A. 
CALIFORNIA 
Director Export Marketing 
Agency visiting California. 
Can take assignments seeking 
Importers/Agerrts/Licensees 
Hertfordshire Traders, 
Box 81, Harpendea, Herts. 


SPECIALISED 
PROCESSED FOODS 

Established international com- 
pany wich excellent eoptaccs in 
Saudi Arabia, Gulf States, 
Nigeria. Ghana. Kenya and Tan- 
zania seeking additional special- 
ised processed foods for existing 
markets: allied lines also 

considered. 

Wr«e So* GT.2026. Financial Timet. 
10, Cannon Street. EC4P 4 BY. 


Pension/Funds etc. 

excellent opportunity to acquire lound 
investments yielding good appreciating 
returns. WiH consider dWiding/or 
grouping as required. 

Write Box C.ZOdf, Financial Times. 

1 0. Gannon Street. EC4P 4BY 


FABRICS I 

JOB LOTS, CLEARANCE LINS, 
REMNANTS AND SECONDS 
Job Ion, clearance lines, remnants 
and seconds reqi/ired by Urge 
Independent specialist Mail Order 
Company. 

Write with details to Bo* *G.70ZP. 
Financial T/mec t 10, Cntinoa Street, 
CC4 P 4BY 


BUILDING 

MATERIALS 

Private Group of Companies manufac- 
turing pftstic pipes wish to acquire or 
merge with manufacturer of other 
building products to maximise market- 
Ing-md- dfecnbufiofl potential. 

Writ*; Box~G.204SL Financial Time*, 
10, Cannon Street, £C4P 4BY. 


WANTED 
Tp PURCHASE 
Profirable/Unprbfiubic 
companies in the following 
industries: 

1. Ganges, petrol retailing oil or 
' related. ’. 

2. Muwf xcaring. 

CRITERIA T/O £250,000 
Write Box G.19U. Financial Times. 

10 r Cannon Stree t, E C4P 4ftT« 

START AN fMPORTVKXWWtT AOBWCY. 
no capital reaalred. Established over 


NEW PRODUCTS 
FROM U.aA. 

Consultant, resident U.S.A.; offers 
services in product search, licensing, 
commercial intelligence and market 
research; specialising in diversification, 
new business opportunities. 
Write Bo* G.2D66, Financial Times, 
10. Cannon Street, E C<P *BY. 


FLAT FOR SALE 

St. John’s Wood at Regents Park. 
Ultra modern 3rd floor flat- Lounge/ 
dining room. 2 beds., bath, kitchen, 
lift, central heating, entiy 'phone. 
To be sold complete with' contents. 
This flat is luxuriously appointed and 
is used at present as company direc- 
tor's London base. 

For Ponica>an of 1.25 yecra Leose 
Phone: 01-722 4432 


LEISURE AND 
BUSINESS SALES 
COMPANY 

Old E<nabIlGfaed wnh ik ou-n Lartte 
and experienced sali-s rnnx lis wn 
works and smtflos. T O r- nullipn 
p.a.. and cnnBtamly risins. Fscelk-m 
profits with a lam- anti pzpaudiufi 
captive nurtci Seeks loral sale or 
takeover of Mutual interest. 

Write Bos GJOTT. Km? new I Tim-.s. 
10, Camion Str.-L-t. liC-iP 4 BY. 


Participation offered in exchange for 
extra working capita I in young pub- 
lishing company specialising in 
quality non-fiction. Popular new scriea 
Just our. Up to £23.000 required. 

Write Box GJ062. Finontlof Times, 
10. Cannon Street. EC4P 4BY. 




■VsV.tt 

Pulbut Mazftv Ltd. oe bow 
oponizag Hue Cut full-lime Urlnphoaa 
oeUltiQ service operated totally 
la-boose by tail-tine people. 

40 Tottenham Lane, LondonNB. 
— Tel: 01-348 4294. 


LONDON ENGINEERING 
& METALS BASED 
PRIVATE COMPANY 

Seeks reversal into Public Com- 
pany with funds to expand 
present £IM Pre-Tax Profit to 
£2M. 

Write Box CJ035. Financial Times. 
10, Cannon Street, EC4F 4BY 


LARGE AMERICAN 
MANUFACTURER OF 
SKATEBOARDS. 

PARTS & ACCESSORIES 
desires exclusive distributor for 
the U.K, Excellent opportunity. 
Write Box G.2075. Financial Times, 
10. Cannon Street. EC4F 1BY. 



PLANT AND 

PS8ACHINERY 


CopYwrttlng.Transiation and 
Typesetting for Advertisements, 
Point of Sale, Brocnures, 
contact: David Mealing 
Pan-Arab publications Limited 

01-439 3303 


Companies required with 
substantial tax liabrl/t/es 
Very attractive price offered. 
Write in complete 
confidence 

Box G2053, Financial Times, 
10, Cannon Street, 

EC4P 4BY. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £73 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD., 
3D Gey Road. ECI. 

01 -f 28 5434/5/7341. 9436. 


OUR SURFACE COATINGS 
ARE S/MPLY SUPERIOR 

For rool repair,, floor and will 
protection or durable decoration 
there 'a nothing to match our unique 
range of liquid plutic coxing*. 

PLASTICS AND RESINS LTD. 
Cleveland Road, Wolverhampton 
WY2 1BU- 'Phonet 0902 5321 S 


IBM ELECTRIC 


A-j Aviriii itfsm 


Factory reconditioned and guaranteed 
by IBM. Buy. tave up to 40 p.c. 
Lease 3 years Irom £3.70 weekly. 
Renr from £29 per month. 

Phone: 01-441 2365 


1% DISCOUNT 

ON YOUR FIRST 
ANNUAL SUBSCRIPTION 

24 hour Telex lervir.e open 7 day* 
a week. Come to us lor speed, 
accuracy and reliability- We »!m to 
keep you' overheads low. Interested! 

WHY NriT PHONE US ON 

01-589 7648 


LARGE PUBLIC 

COMPANY 

is interested in acquiring or investing 
fn a small Engineering Work shop 
equipped with large size mrchinc 
cool*. Good access and loading 
facilities essential. 

Write Bo* G.IOtr?. Financial Times, 
ro. Cannon Street. E C4P 4 BY. 


WE WANT TO MErr a so ahead Ouaii- 
fi«ld Optician without existing practice 
tor exciting "e*v venture. Write Box 
G.2D73. Financial Times. 10. Cannon 
Street. EC4P a BY. j 

MORTGAGES ^-REMORTGAGES _ lor , 
Executives r-o.ODO-LSQ.OOO. NO FEES. 1 
Pelmer. Banks UssociaUn. 4Q2 665 J. , 
GROSS FUND rcauircs Income in larac | 
quantities. An* ideas welcomed. Write i 
Box G.Z016. Financial Times. 10. 
Cannon Street. FC<F ^BV. I 


GENERATING SETS 

Dorman I2QTCA 6Q0KVA generating 
sets ex stock delivery direct from 
manufacturers at £36,000.00. Ex 
works complete with silencer, batteries 
and control panels. Also economy 
models with brushless alternators. 
52 KVA £2.734.00. 65 KVA £3.M0. 
72 K.VA £3.410.00. 100 KVA 

£4.800.00. no KVA £4.940.00. 
140 KVA £5.800, ill ex stock. C.I.F. 
or F.O.B. on request. Other sizes on 
short delivery and competitive prices 
also available. 

OXFORD DIESELS LIMITED 
Lashford Lane. Dry Sandford. 
Abingdon. Oxon 

Tel: Oxford 730014 Telex: 8J7604 


Unique opportunity in 
PLASTIC INJECTION 
MOULDING 

N. London location ideal for 
manufacture /distribution 

(1) Lease on factory approx. 50.000 
sq. ft., full office accommodation, 
extension to 70.000 sq. It., 
adequate ear parking. 

(2) 20 injection moulding machines 
50-450 tons full operating ser- 
vices. some machines still located. 

(3) Rang* of housewares moulds 
capable of immediate production. 

Offers will be accepted for individual 
lots or collectively. 

Write for particulars to Box G.7072, 
Financial Times. 

10. Cannon Street. EC4P 49 Y 


GENERATORS 

Over 400 sets in stock 
TkVA-700kVA 

Buy wisely from the manufacturers 
with hill after tales service 

CLARKE GROUP 
01-986 8231 
Telex 897784 


1 1 


SAL£3 BY AUCTION 


Mil AN inirun i f lATWh . . . 

ca^cnuntricjT Send FOR SALE. Wimbledon debenture * 2 

UmlA.£!3&a0*”. UK CT&.*S5 ine> - “fc llrtets - tel - 09512 270 - 

Lariborouffh. WJJts. 


Business eiHiNestmenf 

Oppiftmife 

BuslnesseS'forlile/WiiSed 

Every Tuesday and Thursday 

Rate: £16 per single column centimetre. Minimum 
3 centimetres-j^rfurther^^ contact: 

Fraicis Phifiips, Financial Times, 10 Cannon Street 
EC4P48Y.TeleX: 685053. 

01*248 4782 & 01-248 5161 

FINANCIAL TIMES 

ElKJPESBUSiNESSNEWSfAPER . 


EDMURDSYMMONS 


56/62 WILTON RD.. VICTORIA. LONDON SWIV 1DH 
01-834 8454 England 

By order of the Joint Uqjidotors G. A. Auger Eiq. F-C-C.A- and 

R. Hocfcin* Ejq- F.C.C.A. 

fie: Elvin & Co. Ltd. in members liquidation. 




MACHINE TOOLS WELDING & SHEET METAL 

including British Clearing 225 Ton. Bliss 135*200 Ton, HME & EBU 
40*75 Ton. Rhode* 160 Ton. Wilkins & Mitchell 150-300 Ton. 
HME DCP6 150 Ton. Beaver Universal Mil!. Cincinnati Horizontal 
Mil!. Graficnstaden Horizontal Miff. Jakobscn & Jones Shipman 
Surface Grinders, Myford Cylindrical & Nova Internal Grinders. 
Alba & fnvicra Shapers, Colchester, Mitchell & Bole'/ lathes. Asquith 
& Town Bidial Drills. Keetonz Guillotines. Bronx, Rushworth & 
Safan Press Brakes. Norton & Sweeney Fly Presses. Sciaky Scam, 
Spot & Projection Welders. BOC MFgs. Hirsc Plastic Sheet Welder. 
Spray Booth. Hydrovane & Broom wade Compressors. Lansing 
Bagnail & Clark Fork Lift Trucks. Pallet Trucks. Avery Scales. Metal 
Skips. Heavy Duty Backing, Small Tools. Inspection Equipment. 
Drawing Boards. Desks, Chairs, Filing Cabinets, Typewriters, 
Calculators. 

FOR SALE BY AUCTION IN LOTS 

AT: 17 Willow Lane, Mitcham, Surrey 

ON: Tuesday June 27th. 1978 Commencing at II ajn. 

VIEW: Monday June 26th 10.30 34n.-4.30 p.m. & Morning of Sale 
Further porticufors ond catalogues from the Auctioneers ns above. 


IN FR1I1 

(Near Paris) 

Modern factory supply- 
ing sheet metal cabinets 
— panels and racks to 
electronics and telephone 
industries. 

100 em ployees — yearly 
turnover £1.500,000. 
Managers prepared to 
remain if required. 

Write to: 

Mr. G. Esculier, 

49. avenue F. Roosevelt, 
75008 — Paris — FRANCE 


CREDIT AID LTD. 

WHAT CAN WE DO 
FOB YOU? 

By reducing debtor days we 
increase your cash flow 
thereby improving your work- 
ing capital. 

THUS INCREASING YOUR 
PROFIT 

Contact in strictest confidence 
A. B. Badenoeh. 

A.C.A. 

va D. W. Clark. A.CjV. 
XJV Credit Aid Ltd.. 
s rTcv ; ’ 4, New Bridge Sired, 
vl- E.C.4. 01-353 773?. 


WEST COUNTRY 
DEPOT 

Ideal for Haulier. 

Metal Stockist. Etc. 

One to rationalisation 
National t.iroup has Tor 
disposal: 

Two acre freehold site, 
modern ofliccs. 
accommodation and 
warehousing 
Write Box G.^068. Financial 
Times. U3. Cannon Slrect, 
EC4P 4BY. 


Plant Hire Business 
For Sale 

(ESSEX/HERTS.) 

The well established business of J & J Dean 
(Plant) Limited is for sa le. In addition to its plant 
hire operations, the company enjoys the benefit of 
a number of valuable agencies and dealerships for 
the saleof plant and ancillary products. 

The business has an experienced work force 
of 30 people and operates from modern premises 
in Harlow comprising some 1.65 acres. These 
premises are held on a long lease which is 
available for purchase. There is also a depot in 
Central London. 

For further information phase apply to the company: 
(REF. TWARH) 

c/o 27 Chancery Lane, London WC2A INF. 

Tel: 01-242 9451. Telex: 261064 (TCHRSS G) 


BUSINESSES FOR SALE 


JOHN RHIND (FARMS) LIMITED 

SAND AND GRAYEL DIVISION 
BRICK AND BLOCK MANUFACTURERS 
THE LODGE, STRICHEN. 

Thu Business Is FOR SALE BT PRIVATE BARGAIN. The Briek ami Block 
Making Pljnr Is limned an Scrichen and die Sand and Gravel Division incor- 
porates three quarries in the Fraserburgh area and one in the Ellon area. All 
Plant Machinery and Transport arc modern and in fine class condition. Ample 
reserves. 

Enquiries should he mode In the first instance to. 1 — 

Messrs. A. C. MORRISON A RICHARDS. Advocates. 18 BonJVccord Crescent, 
Aberdeen AB9 I XL. Tel: Aberdeen 573321. 


EXPANDING AND LONG ESTABLISHED 
ENGINEERING COMPANY 

Activities include tuolmaking. injection moulding and 
presswork. Own brand product range anti trade work. The 
Company is Midlands based. Turnover £2fif. Tax losses 
X0.4M. 

Write Box 0.J2069. Financial Times, 

10, Cannon Street, EC4P 4 BY. 


WIDELY BASED 

INDUSTRIAL GROUP 

wishes to divest small division 
operating in the mechanical 
handling field, which is peri- 
pheral to its main activities. 
Division comprises manufactur- 
ing, marketing and distribution 
facilities. 

Write Box G.I9S7, Financial 
Times. 10. Cannon Street, 
EC4P 4BY. 


CONSTRUCTION AND 
HOUSEBUILDING GROUP 

Binninghim-bued, operating in Mid- 
landi and Wales. For Sale as a joins 
concern. £1.5 million curnovcr, ex- 
cellent return on capital involved, no 
borrowinss. useful land bank. Dynamic 
management. Efficient, self -me rivaled 
team at all levels. Good connctciom 
and track record. Ideal vehicle for 
expansion into Midlands by nationally- 
minded con tractor /developer. 
Enquiries naming principals to 
Box G.207O. Financial Times, 

TO. Cannon Street, EC4P 4b Y. 


£1,250,000+ PA 

5m*ll group of specialise Retail Shops 
( 7/. London area. Turnover cvccu 
of £1.250.000. Excel lent profits. 
£.135.000 ox losses & assets £450.000. 
Above average return on cap>ul. 
Principles only. Full Details to 
flor G.704 7, Financial Times, 

10. Cnnnoft Street, EC4P 4AY 


PRIVATE HOSPITAL 
FOR SALE 

ftrlly equipped & licensed for all 
Tonus nf surmcal. meUcal £ maitmil!' 
freaimrm. oir . 40- hods. 5ubt.timiul 
frvvhulil property. 20 m mules lr°n> 
Hyde Pars Corner, 

Write Hu* G.20il, financial Times. 
10. Cannon Sireet. EC4P 4EV. 


BUSINESS 
FOR SALE 

Controlling Director of private com- 
pany in expanding service industry is 
desi-ous of disposing of business with 
view to retirement. Attractive offices 
and directors' suites in West End 
Rcgeitcr House with valuable Lease. 
Would be suitable for amalgamation 
with Travel. Hotel or similar business. 
Capital required in excess of 
£100.000. Write; 

MORLEY AND SCOTT, 

(Ref. K.C.P.). M Marylcbone Rood, 
London N.W.1. 


FOR SALE 

JERSEY COMPANY 

With freehold factory and 
office space occupying 
approximately 10.500 square 
feet. Allied to electrical 
trade. Annual profits £53, 000. 
PRICE: £500.000. 
PRINCIPALS ONLY. 
Virile Box G.2060. Financial 
Times, 30. Cannon Street, 
EC4P 4BY. 


MOTOR ACCESSORY AND 
D.LY. TOOL 
WHOLESALERS 

with Cash and Carry Dept, and com- 
pact Manufacturing business attached, 
wish to sell due to Directors wishing 
to retire. Good connections and ex- 
cellent potential. Sale to include new 
Freehold Warehouse with offices and 
alto Factory Building. Position central 
London. 

Write Bor (7.20(54, Financial Time*. 
10. Cannon Street. EC4P 4B Y 


SMALL PRIVATE COMPANY for Mte. 
Ladm fashion shops ■" prestigious situs. 
1 London. 1 Provinces. Valuable leases 
(w,ih law rentals). Plus S.A.V, Owner 
retiring. Box G.3D76. FinaKial Times. 
10, Cannon Street. London EC4P 4EY. 


BUSINESSES WANTED 


ATTENTION STOCKTAKING COMPANIES 

JOHN CHURCHILL & CO. 

tbc U.K. 5tocktoker5, who have no connection wilh any other 
group, seek to acquire two or three medium to small sub- 
companies in the U.K. Existing owners/staff to remain or 
retire as preferred. Please communicate in first instance 
with Maurice Abrahams, Head Office. 56, Hayes Sireet, 
Bromley, Kent. BK2 7 NX. Trt. 01-462 6237. Correspondence 
“ Private— Confidential." 


JAMS, SAUCES, TOPPINGS 
OR FONDANTS 

Inter national Company t?eks to ?:qmrp s Company cnjagsd w* manufacturing 
one or m are of the above product*. Outr'Cnt purehaie or controlling interne 
‘till be comidcrtd. E'‘sr<«z m *t be retained, 
flepliei Created in atricteit confidence to Boir Q.206S, 

Financial Times, 10. Connen Street. ECfF.4flr. 

































The Financial Times 


SAVILLS and the 


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.“*•-; > 4 ■;. 


-mm/yy. 


When landlords or tenants talk to 
Savills about offices, we pay close attention 
to all the elements which make up total 
accommodation costs. 

Square-footage charges for rent and 
rates are only part of the story. We also 
take into account those costs which depend 
as much on the volume as on the area — air 
conditioning, heating, lighting, cleaning, 
maintenance, decorations and the rest. 

Whether you're a landlord or a tenant 
it’s important to bring all these into the 
right balance from the start. 


Wim 

nni 


^ " - "rW- 


y 


SAVILLS service to tenants 

Savills have office space available now in 
The City, The West End and in Victoria. 

We advise clients of suitable properties 
taking special account of total 
accommodation costs. 

Our service doesn’t end there. 


At rent review time, we advise again and 
handle any dealings with the Landlords. 

SAVILLS service to landlords 

We also, of course, act as agents for 
landlords, providing an experienced 
advisory service on lettings, rent reviews, 
lease renewals and general management 
strategy. 

For tenants and landlords alike, Savills 
have for many years helped to put things on 
a proper footing-cubic footing. The partners 
responsible are Peter Oswald and Robert Dean 


SAVILLS 


The complete property service. 

20 G-rosvenor Hill, Berkeley Square . London W 1 X OHQ. 

Ttel: 01-499 8644 

Banbury Becoles Chelmsford Colchester Croydon Fakenham Hereford Lincoln Norwich Salisbury Wimbome 

Paris & Amsterdam 

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fctoeVtST* 



BOOKS 



PMLCPLM THOMSON 



... An 

jt by James 
@.50. <524 pages 


WSS to.make a case 
y^eaat British Empire. 
• enlaijin g for 
r >?. broafemag for the 
: Sutwajd- - looking, 
geu e^ ^-^qa mpared -with the 
. nafjeapgngypich are its sequel, 
selfish, petty-minded 

- : It would be easy 
taeceasacy. 

': . The^p^spOaiafar itself. Is 
‘Cubans™ a cry 

•re heart .heat 

point in 

: maktog - a j - ' case ' for ' a corpse. 
-Certain)? ‘■James. Morris in the 
'third' - . of his . imperial 
trlloiy'i^ a defence, 

- hi a ■' : i;iSttitoile : ■' f is predictably 
’ smbivsdefifc-." The; Empire is to be 
, regrfiiie^d, deplored and admired. 
^Ihrofto^siutable' response to it 

te.pe^i ipsamaSBthent 

about the 

fcaL-itoppriaf; phase, a - difficult 
.vtafifc^'iit ri&i jiiwi to make an 
' “^v-’pdt^bf nh aati-elimax. 

t^etrd^of' ^be Empire was 
fall, instead, a 
“Either into the dust So 
sot to be blamed if this 
toft. -of a scrapbook, an 
■.mnseam with many 
-siamehow a lack of 


er -hand the author 
“porter's eye tor the 
_ . irrelevant detail. 

an advantage 
^thmgs' harum-scarum. 
-AaiMbrrts wrffes with the most 
ehgagfapS>3dvacity, at times mock- 
. times -moving, picturesque 
but asttWRent. . 

; ■ The obflequies are conducted 
^Srttfcout mndue solemnity. And, 
'■thant-gbodxiess, without the 
‘^DgHs! sense of guilt which was 
■''ene - : q£; the - more nauseating 
! ^symptoms of the recent Left. e.g. 
-Kingsley Martin V wail to Nehru, 
;/? WBlyWrever be able to forgive 
;.bs;. Jawabarlal ? ” 

•: One.- of: ITorris’s difficulties is 
Lthal 'Sera _wereneariy as many 
-^natives, good and had, for dis- 
l peeing of the Empire as there 


were for acquiring it Also, 
by that time almost all the 
^eatest personalities have left 
the stage. 

Even so. there are remarkable 
agures among them: those who 
cme. to late to build: Rhodes, 
Lugard, Delsmere.- There are 
eccentrics; Lawrence, 
Younghusband, St. John Phttby. 
There is the -occasional aesthete, 
-Hooaid Storrs. There were 
scholars galore, 

-^yonE who still thinks that 
tne imperialists were insensitive 
to the culture of the people they 
governed need only read Charles 
Beils Tibetan Dictionary, James 
Evans s Alphabet of the Cree 
language, and Elias Ney's trans- 
a j u 01 Tarikh-i-RaehidL 
Ada there are dozens more like 
them, learned, devoted servants 
of the Empire. 

It was one of the late im- 
perialists. Curzou, a viceroy with 
a reputation for pomposity, in 
fact a humorous, idiosyncratic 
naan, who framed a memorable 
re-statement of the Imperial 
theme: 

“ Remember that the Almighty 
has placed in your hands the 
greatest of His ploughs, in 
whose furrow the nations of 
the future are germinating and 
taking shape." 

Rhetoric? Of course. 

The twilight is the time for 
rhetoric, style and self-doubt; 
the time for Kipling, Elgar and 
Lutyens, architect of the only 
magnificent imperial buUding, 
the Viceroy's palace at New 
Delhi: bigger than Versailles; 
6,000 servants; 130 chairs in the 
state dining room; a porphyry 
floor in the Durbar room and 
columns of yellow jasper. As a 
palace, too late; as a mausoleum 
pretty grand. 

“Too late! The flare of the 
imperial confidence had been 
too brief, too iliusary perhaps, 
and the only real epic of 
Empire lay in the memory of 
the thing itself, the surprise 
and the effrontery of it.” 

Thus Morris, finding the right 
words for that late hour in the 
story. 



Fires still burning 


BY JOHN LLOYD 


Coal and Energy by Derek Ezra. 
Berm £5.95. IS‘2 pages 






This hiliman at Simla in 1866 was drawn by R. Clint. It is one of 
many nostalgic illustrations in “Simla: A Hill Station in British 
India” by Pat Barr and Ray Desmond (Scolar Press, £12-50, 108 
pages), a fascinating album of imperial glory 


Strangely enough it is a woman 
of the nineties who states best 
the original imperial idea. She 
is an astonishing late Victorian 
spinster, Mary Kingsley, who met 
the expenses of her fabulous 
African travels by trading in 
palm oil and rubber. The Colonial 


C. P. Snow is away 


Office, naturally, detested her; 
Africans loved her. 

She boasted that some of her 
ancestors had been slave traders; 
she bad nothing but contempt 
for “the windbag pretensions of 
the New Imperialism, and 
despised missionaries, and 
loathed Little Englanders." 

She thought trade to be the 
purpose of Empire and, against 


more high-falutin’ notions 
fashionable in her time, harked 
back to the hard-fisted philosophy 
on which the thing was founded. 
Was Mary wrong? The Empire 
has gone. The trade remains? 

Can one fix n date when the 
Empire finally shut down? Singa- 
pore? Suez? As Karl Marx said. 
“History does repeat itself, first 
as tragedy; the second time as 
farce.” 

But. Singapore or Suez, there 
were few who asked the question. 
Why did it die? Because it was 
inevitable that it should? But 
that is only an excuse for failure. 
An inability to adapt? A weaken- 
ing of the pristine romantic 
impulse in the British? 

Another question, more impor* 
tant: What comes after? Who 
succeeds? For wbo was Lutyens 
building his palace? An Indian 
viceroy? Or, perhaps a Chinese? 



man 


BY ISOBEL MURRAY 


!.Xfce lIittlMUHfs- Story by Norman Promised Land by Karel Schoe- Iso be 1 Quirk in Orbit by Tom 
CoUIna. - Collins, £5.50. 357 man. Julian Friedmanh,’ £350. Wakefield. Routledge and 

pages 201 pages Regan Paul, £3.95. 196 pages 


UK ECONOMIC INDICATORS 


-ECONOMIC ACTIVITY — Indices of industrial production, man* 
faeturffig autput, engineering orders, retail sales volume (1970= 
^ . retail "sales value 0971=100); registered unemployment 

.(exdudihg stfiioal leavers) and unfilled vacanewfi (000s). -au 


lir'-i--.- 

prod.’ 

:J86r 

Eng-. 

order 

Retail 
vol. ' 

•Retail 

value 

Unem- 
ployed /: 

Vacs. 

1977 r . 
Jstqtr. 

103.2 

105.2 

109 

103^ 

216.4 

1)330 

aa 

iii&qtr. 

ms 

•103.0 

106 

102J> 


4330 

163 

2rdqtr. 

102.7 • 

103.7 

J 106 

1043 

ms 

4418 

151 

’4th qtr. . 

101.9 

102:8 

107 

1044 

239.4 

4431 

157 

Dec: ’ ‘ 

102.5 

-103.6 

100 

106.9 

; 246.0 

1,428 

163 

,1978 - 
Tst fltt;.' 

HfX$ -■ 

103.9 


-106.3 

J 

t 246.0 

1,409 

188 

3aiL 

10X2 

103.4 

106 

104.9 

i 241.0 

1,419 

180 

■Feb. 

103.9 

103.9 

117 

106.8 

2465 

1,409 

187 

Jhith''V 

103.7 

1045 


107.9,- 

106.4 

249-8 

1.400 

136 

April "' ; 
Sfay :• 




. 250.3 

1,387 

1,366 

204 

210 


■ iDdiACi JVLLt/n w — , « 

. intermediate . goods (materials and ftfels); engineering output, 
' metal, manufacture, . textiles, leather Yand elothing ( 1970 — 10O > ; 
JwqsHSgv starts _(DOOs, ; monthly average) . 

' xCSmsnnaer Invst IntmcL Eng. 
rUv goeds. goods goods output 


Metal 

mnfg. 


Textile Housg 
etc. starts* 


. 9SA 


Iqur.v.jiiW- .: 


ardqtfc r’- m* 

mtfityk.m7.r ■ 97.2 

Dee, - . -{'v il&O r 97JD 
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Saturday City by Jan Webster. 


j Uly E 

Collins. £5.50. 350 pages 


The Four Horses by Chapman 
Pincher. Michael Joseph, 
£4.95. 269 pages 


! Stanley Pitts was deeply hurt 
at his treason trial when his 
Defence Council ridiculed com- 
parisons with Machiavelli and 
Houdini, 'and referred to him as 
“ a mere Charlie Chaplin of 
crime.” But this Is the essence 
of Norman Collins's new novel. 
Stanley Pitts is an archetypally 
dim little man,- a conscientious 
and unpromotable civil servant 
He has an aggressive and driving 
wife and no refuge from reality 
except his hobby — artistic photo- 
graphy of a romantic-sentimental 
nature with appropriate captions. 

Stanley and his wife Beryl are 
appallingly credible characters. 
Even Stanley understands his 
own ineffectuality, bis perpetual 
failure to please his wife, 
personally or financially, his 
combination of efficiency at his 
job as filing clerk with lack of 
initiative and drive to take him 
further up the ladder. If Stanley 
does hot understand. Beryl is 
always there to remind him, to 
outspend his salary, to reproach 
what she calls his meanness and 
lack of consideration , to despise 
his wormlike qualities and his 
Inability to resemble her first 
love; Cliff, whose dashing and 
morally dubious career she 
foQowc breathlessly and 
occasionally hopes at last to 
share. . - 

Beryl Is so horrible, provoking 
such a strong reaction, that she 
is eteariy a credible character. 
Stanley is tbe major character, 
and we see' him from within and 
without, understanding yet not 
endorsing his pathetic, stumbling 
descent into erirne. It is, natur- 
ally,' through Stanley’s pride in 
bis photographic /achievements 
that he is initially approached 
with an offer of commercial 
success, which develops into 
promise of even greater cash 
rewards from nude studies— and 
suddenly Stanley is in. a black- 
mail' situation. with demands for 
top- secret documents to be 
photographed — and the plot 
races on. 

Norm an Colins Is a very pro- 
fesstdnal writer, and tells his 
story with skill and attention to 
pace. This will be a very 
popular book, and will no doubt 
follow London Belongs To Me to 
the stnall screen, and be equally 
successful there. 

Promised Land is the first of 
Karel-- Schoeman’s Afrikaans 
novels -to be translated into 
English. Since its first publica- 
tion in 3972 -it has been very 
controversial and I suspect that 
people have chosen to interpret 
the -slightly. allegorical ''message" 
rather differently: I cannot see 
how ft could have won prizes in 
South. .Africa -with the message 
as I rood it 

The book is set in an un- 
specified future, in Afrikaaner 
country, when a young man of 
that descent, whose home is in 
Switzerland, ^returns briefly to 
look; -at . his inheritance. This 
turns- out to be a bare site which 
was' once ' a large farm, de- 
molished at the time of the 
tronbies * because used as ha* 
pital and arms base. Gradually 
George discovers how bis people 
now. live in a situation where 
tables have for a long -time been 
turned. 

We - gather that- some un- 
specified people or race are now 
in control, of the . country, and 
that, the once rich, prosperous 
and governing Afrikaners are 
permitted to live quietly and 



Norman Collins: trouble at Pitts* 


very frugally on near-derelict 
farms at some danger to their 
lives. We even see a few of 
the young men arrested for 
guerrilla attacks on whoever is 
In power. 

The effect of the book derives 
largely from its concreteness 
and careful refusal to dramatise 
or enlarge. Although tbe rural 
struggle for survival George per- 
ceives has a sbabbiness in 
common with the dry squalor 
of I98f the avoidance of apo- 
calypse and the low authorial 
profile are tbe chief factors that 
ensure the book’s success. 

Tom Wakefield's Isabel Quirk 
in Orbit also limits itself care- 
fully to its (less ambitious) sub- 
ject In a framework of the day 
Isobel presents herself for inter- 
view as a headmistress, we find 
in flashback the story of her 
emotional development and tbe 
reasons for her dedication to 
teaching. 

The main part of tbe novel is 
concerned .with her experiences 
at College, an influential female 
lecturer and the start of her 
relationship with Matthew 
Quirk, and with a summer spent 
in Morocco working at a charit- 
able welfare centre. . Disloyalty, 
real love and tragedy ensure 
Lsobel’s return to teaching, and 
her experiences implicitly make 
her a good teacher. Tbe book is 
quite well-written but seems a 
little under-ambitious. 

Jan Webster's Saturday City 
is the continuation of the family 
saga she began in Colliers Bow. 
This volume deals with the sur- 
prisingly varied personalities 
and careers of Kate Kilgour’s 
family from the ISSOs to the end 
of the Great War. We have close 
up views of Scottish miners' 
struggles, Glasgow in the era 
of teashops and Charles Rennie 
Mackintosh, the Suffragettes, 
the formation of the first Scottish 
Labour Party, strikes, unions and 
tbe first Labour MPs, coal 
owners, the beginning- of a car 
industry and a whole lot more. 

2q The Four Horses Chapman 
Pincher has taken a splendid 
idea and a simplistic thesis about 
the inevitability of each 
generation making similar mis- 
takes and having temptations to 
power, and yoked them all un- 
comfortably together. The 
horses are those bronze master- 
pieces on the front of San Marco 
in Venice: the idea is to recapi- 
tulate their history inside a con- 
temporary thriller, and the 
thesis is the let down. 

Traditionally the horses were 
made by Lysippus for Alexander 
tbe Great, obtained by Nero for 
bis self-ad vertiseraent, trans- 
ferred for similar reasons to Con- 
stantinople by its eponymous 
founder, fraudulently acquired 
by a Doge of Venice supposedly 
Intent on a Crusade, filched from 
Venice by Napoleon and returned 
there by Austrians who soon 
regretted it Pincher tells these 
spiended tales in the contest of 
a contemporary terrorist attack, 
bur spoils his book by unneces- 
sarily silly coincidences, and 
ponderous theorizing. 


If Lord Robens wilt go down 
in industrial history as ihe man 
who flamboyantly presided over 
the sharp contraction in the 
British coal industry. Sir Derek 
Ezra must be recorded as the 
man wbo canoUy supervised its 
expansion. 

To have had such greatness 
thrust upon him must have been 
a surprise. He succeeded Robens 
as Chairman oC the National 
Coal Board in 1971 when coal was 
a king long since dethroned, and 
a fHir way along the road to 
death by starvation. As Ezra 
reminds us in his hook. “ before 
1974. . - the amount n[ invest- 
ment on new major prospects 
was as low as £7rn a year." For 
an industry which depends upon 
new sources of supply being 
constantly worked up (and which 
now spends hundreds of millions 
of pounds a year in doing so) 
such levels of funding were slow 
murder. 

But 1974 was the year when 
the king was called back to his 
domain. Tbe OPEC countries 
were the kingmakers when, in 
1973. they began the series of 
oil price rises which quadrupled 
the cost of their commodity and 
forced western governments to 
concentrate their minds on 
energy policies which would 
lessen their reliance on oil. 

It was perhaps inevitable that 
Britain, whose first industrial 
revolution had been hased on 
coal and whose governing Labour 
Party had good reason to be 


grateful to tbe National Union 
of Mineworkers for their tenure 
of office, should turn to coal. It 
is alone among West European 
states— with the partial excep- 
tion of West Germany— in doing 
so. Yet the reasons for taking 
this decision are powerful ones, 
and Ezra’s argument is the most 
coherent gloss on the strategy 
so far. 

The strategy is embodied 
essentially in two tripartite 
Government / Unions / NCB 
documents. Plan lor Coal 
(which looks forward to 19S5) 
and Coal to the Year 2000, 
which completes the picture 
to the end of the millenium. 
These present tbe skeletal frame- 
work for an expansion of coal 
output from its present level of 
around 120m tons a year to 
135m tons by 19S5, then to 
around 170m tons by 2000. The 
justification for surb expansion 
is. first, that natural oil and gas 

will begin to be in short supply 
by .the 1990s and second, that- 
nuclear power cannot adequately 
fill the gap left by the with- 
drawal of these energy sources 
from the market. Coal is the 
filler of the energy gap. 

A simple enough thesis, as 
Ezra disarmingly claimed during 
his book's launching ceremony. 
There is, naturally enough, a 
complicating factor on which he 
does not dwell, but which 
deserves a brief rehearsal. It 
is that while it may make good 
sense greatly to expand produc- 
tion to fill the future gap, there 
remains a period up to 1985, 
and quite possibly for longer, 
when the markets for coal will 
not increase as its production 


does, largely because energy 
consumers do not possess the 
same conviction which Ezra 
has that coal is good for them. 

Electricity producers, includ- 
ing our own Central Electricity 
Generating Board and South of 
Scotland Electricity Board, want 
to take on nuclear capacity as 
fast as possible (faster than 
the UK Government presently 
thinks desirable i. Steel pro- 
ducers. coal's second biggest 
customer, are unlikely to want 
as much coke as they did two 
years ago — before the recession 
— for a very long time, if ever. 
Other industrial users are so far 
reluctant to convert, or convert 
hack, to coal. The home -fires 
keep burning, even slightly 
brighter than in the recent past, 
but they constitute a small 
market. 

Thus before Ezra can staunch 
the gap In the nation's energy 
needs, he must close that in his 
own marketing strategy, or at 
least suffer it for Ions enough 
to break through to health in ten. 
fifteen or twenty years time. 

In essence, the book concen- 
trates on that period, arguing 
forcefully that if growth is not 
sustained now. then in the long 
run. we arc all cold. When the 
oil and gas run out. coal must be 
there, with a new technology 
developed to turn it inro substi- 
tute natural gas. oil-from-coal 
and— as a by-product— chemicals 
and plastics. By that time, too. 
it will have perfected the 
fluidised bed combustion pro- 
cess. in which relatively small 
amounts of coal can be burned 
to power station boilers on a bed 
of ash and air to turn water into 






. .**■ 


■: 'mm 

|j§| 



Derek Ezra: renascence of coal 


sicam at much greater efficiency 
than is presently the ease iUore 
futuristic-ally still, it tuny rh--n 
be possible in gasify, liquefy or 
burn it undergru'.md without 
men risking ihrir lives to orin;^ 
it to the surface. 

It is not m he supposed that 
the chairman of the Coal Board 
would argue other than that his 
product has a magnificent future. 
But he does so carefully, and it 
will take careful refutation if it 
is to be challenged. One warn- 
ing: do not believe i)r- auihor’-s 
claim, made near the he jlnr.tr. y.. 
that “ I shall try to keep mv use 
of statistics to the minimum.” lie 
uses them to the maximum. Tlv 
work is thus a mine tnn pun 
intended) of in i uni;;! is; o. to 
which end ease of rc-adins has 
heen — inevitably and probably 

rightly — sacrificed. 


Raising a laugh or two 


BY RACHEL BILUNGTGN 


The New Oxford Book of Light 
Verse chosen and edited by 
Kingsley Amis. Oxford, £4.25. 
347 pages 


Kingsley Amis does not take 
lightly the task of selection for 
a new book of tight verse. He 
has written an aggressive intro- 
duction. He violently disagrees 
with W. H. Auden's principles of 
choice for tbe previous volume 
which he considers were based 
on his misguided left wing views. 
He explains that Auden's kind of 
tight verse poet, "unselfcon- 
sciously shares the common life 
and language of ordinary men 
and writes to the one to tbe 
other, in something close to the 
speaking voice.’’ This attitude. 
Peter Porter told Mr. Amis, 
produced " a revolutionary 
anthology." If this is the case, 
he replies sternly, then “ I will 
be satisfied if another genera- 
tion altogether sees in mine a 
reactionary anthology." 

His own principles seem 
fairly straightforward. The 
matter of the poem should be 
“ light " as opposed to ** weighty. 
(He is understandably upset by 
Audens inclusion of “Danny 
Deever" by Kipling.) And the 
manner of the poem should be of 
first importance. “A concert 
pianist." he says, “ is allowed a 
wrong note here and there; a 
juggler is not allowed to drop 
plate “ 


It would seem that despite his 
lties of 


emphasis on the difficu 

perfecting technique, Mr. Amis 
purist definition may te down- 
grading light verse. We are not 


even allowed Satire or Parody 
if it is too cruel or too obscure 
. . . light verse must not, cannot 
be difficult." To read, that is. 

Comedy, of course, is the back- 
bone of his definition. He 
quotes with approval Charles 
Dibdto's preface to bis Com ie 
Tales and Lyrical Fancies (1825). 
" To raise a good-natured smile 
was the major part of this work 
written." 

But he is hard on Nursery 
Rhymes and Nonsense Verse. 
"At times." he says of Edward 
Lear, "the threshold of pain is 
reached." And he only admits 
to including “a handful of his 
limericks with reluctance." 

“Vers de socift^,** we gather, 
produced an even larger crop of 
forgettable poems although Lord 
Byron and W. M. Praed (1897-30) 
are commended and Sir John 
Betjeman, Auden and Philip 
Larkin get a special mention for 
rising above their genre. 

Mr. Amis keeps his harshest 
words for the work of con- 
temporary writers from whom be 
could scarcely find a representa- 
tive to add to the volume.. He 
quotes* from one unnamed 
modern poet at length and then 
comments: — 

“It is no part of my com- 
mission to say that this is 
actually not verse at all in any 
sense that makes sense, though 
I will say so. What does con- 
cern me here is that when 
what is presumably aspiring to 
be high verse abandons form, 
a mortal blow Is dealt to light 
verse, to which form has 
always been of the essence." 
Such a bold introduction has 


the excellent effect of making 
one approach to the poetry with 
a sense of anticipation not 
usually felt when turning to the 
pages of a book of Light verse. 
Has Mr. Amis made a howler? 
Has he emasculated the “light” 
to such an extent that there is 
nothing left to excite? 

Of course this is not tbe case. 
English poetry through the ages 
could sustain any theories, any 
limits. Mr. Amis has given us a 
well-judged parade of verses 
which can be sure to amuse, pos- 
sibly interest and even surprise. 
His emphasis on the cleverly 
made poem gives me some of my 
favourites John Gay's “A- New 
Song of Similes", 

Brisk as a body-louse she trips. 

Clean as a penny dressed; 

Sweet as a rose her breath and 
tips. 

Round as the globe her breast. 

His admiration for Praed 
gives us the excellent “The 
Talented Man"; 

Last week, at the Duchess's 
ball. 

Dear Alice! you’ll laugh when 
you know it. — 

I danced with the clever new 
poet— 

You’ve heard of him,— 

Tully St Paul 

Beauty and romance are 
definitely not allowed to weigh 
down the pages with the result 
that there is a heavy f sorry, 
rich) diet of laughter. So much 
so that sometimes I felt I was 
reading the Oxford Booft of 
Comic Verse ■ Old friends such as 
Lewis CaroII's “Hiawatha’s 
Photographing," Noel Coward’s 
“ Mad Dogs and Englishmen." 


Betjeman s “ A Subaltern'? Love* 
Song” are as enjoyable as ever. 

But in the end I found my 
tastes had dropped lower ;.mi 
lower. The brilliance of G. K, 
Chesterton’s "After Browninu, 
Swinburne or Yeats" or T. S. 
Eliot on cats failed to raise a 
flicker of a smile. Bui 1 heaved 
with laughter c-ver some donnish 
anonymous limericks and a pnci.i 
by Gavin Ewart, entitled " Irtish 
Twye.” 

"Miss Twye was so;,picg her 
breasts in the bath 

When she heard behind her a 
meaning laugh 

And to her amazement site 
discovered 

A wicked man in the bathroom 
cupboard." 

In his introduction, tucked 
away anions h is fiery sfa tenter? Is 
of what light verse is vm:. 
Kingsley Amis mention? that 
"all light art is likely to deliver, 
now % and then, a joH to tin 
gentler emotions, the more tell- 
ing for its unexpectedness." I 
don’t know whether he v.-as 
thinking of "Miss Tv.-ye” and 
her like when be wrote this. Put 
it seems to ate it represents the 
peak of his soufflf. 

The only trouble is that his 
principles don’t make a good set- 
ting for a few poems of a very 
different sort For example. 
Philip Larkin’s “Toads Revisi- 
ted." or D. J. Enright's “An 
Underdeveloped Country” gives 
me the uncomfortable feeling 
that there's another colder world 
outside; where the laushs are nT 
a somewhat different nature. And 
that maybe I shouldn'r be wasting 
my time ... A thought like that 
gives a very serious jolt indeed. 


A gentlemanly exchange 


BY ROBIN LANE FOX 


The LytteJ ton /Hart-Da vis Letters 
edited and introduced by Sir 
Rupert Hart-Davis. John 
Murray. £6.95. 220 pages 


The Lytielton-Hart-Davis let- 
ters began late. In 1955 Sir Rupert 
Hari-Davis was 48 and still in 
command of his own publishing 
company. The Hon. George 
Lvnelion. who had once taught 
him at Eton, was 72. Slightly less 
fully employed than in his 
schoolmaster: ng days, be could 
still discern the good from the 
ordinary; Miller, not Trueman. 
Bunyan. not Rose Macaulay. As 
the elder partner, he sustains the 
letters’ tone, writing weekly over 
two years with hardly a reference 
to public events. This limit is 
conscious and duly noted. Only 
one catastrophe intrudes, the 
flooding-om of an old bed-ridden 
lady and her bouse in Wood- 
bridge "with no staff except a 
daily." 

The partnership is elderly and 
at times indulgent Reared on 
Extra Studies, the Lyttelton man- 
ner is naturally to hold forth. 

Hence there has “ never been 
such a reader of prose as the 
Greek Ambassador in 1916 
“Conybeare always maintained"; 
Crace was wise on teaching. 
Tuppy Headlam on the wav that 
Lady Violet Bonham-Carter 
would spit while she talked bril- 
liantly. Hnri-Davis lends to play 
back, bowl \ few half-volleys, 
drop a Duff Cooper or two and 
keep up the impetus by calling 
the letters splendid- 

A second volume, aired in the 
preface, would need to change 
pace. Bui this one, private, let- 
tered and well-produced, is worth 
reading. Either partner can be 
pleasantly skittish. As usual, the 
triumphs of publishers and 
schoolmasters are vicarious. Yet 
these two are strong in the 
strongest siri f of the more civi- 
lised old Etonians out of public 
office; an absolute Jack of pom- 
posity, because they do not need 
it. The style is not unrepresenU- 


tive. Quite unintentionally it 
bears on toe ideals of a wider 
group, one which already seems, 
importantly, to b e past history. 

I do not want to be too porten- 
tous about a deliberately slight 
and conversationalist book. But 
it remains true that many in the 
Government of the day must, at 
some time, have been taught by 
George Lyttelton and the ora) 
tradition which he bands on. 
These letters catch its nuances 
far better than many of its out- 
side critics. 

Cricket and belles-lettres bring 
out tbe best In them. True. Jim 
Laker took nineteen wickets in 
one Test, but tbe saddest thing, 
they agree, was that he was 
never much good. His TV com- 
mentary would have seemed a 
welcome long hop to men who 
preferred the early Neville 
Cardus to the late and replied 
to a peculiar knighthood with 
rbe just proposal that Frank 
Woolley should be given the 
OM. 

Admiration for the early 
Cardus bodes ill for the stock 
of F. R. Leavis. Hart-Davis 
endured Baltiol for two terms; 
Lyttelton left Cambridge with a 
third. Yet books, for them, are 
to be appreciated, not judged. 
While Leavis was claiming that 
literature enhanced life through 
tbe moral sense and at once dis- 
proved the claim by his own 
crabbed outbursts, these two 
amateurs were twining their 
lives with "the good stuff,” 
Conrad oq the return of the 
Narcissus. Carlyle on Robe- 
spierre’s end, John Fortescue on 
the Black Prince’s. 

As a public speaker, Lyttelton 
has not lost the conscious 
amateur’s excessive fondness for 
bons tuots. Hart-Davis remained 
genuinely devoted to a list now 
long unread, to coaxing and 
coercion of erratic and infre- 
quent authors. If these letters 
are more than the giving and 
polite receiving of elderly 
Etonian wisdom, it is because 


literature, loved and deeply 
respected, has enhanced its two 
correspondents. Leavis, to them, 
taught the young to sneer.’ 


though his persistent mentions 
bis 


are not ail black. Lyttelton, on 
the other hand, makes one rush 
to hunt down his admired John 
Galt, a tip passed on oraJly by 
M. R. James. 

Kerry Packer has broken up 
the Test teams; the TLS now 
kills wricked guesswork by sign- 
ing its reviews; nobody even 
apologises for the lack of indoor 
staff; the Old Testament in Eng- 
lish has faded from literary 
style. “0 snow and ice. Praise 
ye the Lord" still seems the most 
comic line in the psalter, but 
nobody uses it for wit in a letter. 
Of course it would be cosy to 
do a Leavis and jibe at it all. the 


Georgian taste, the round of Lit 
Sue and High Table evenings, the 
sense of old wisdom and 
Great Passages which sit heavily 
on lesser men. Since 1P55, 
courses on literature have spread 
like mares’ tails, yet the very 
thought that literary polish and 

the ruling class are natural allies 
has been uprooted. To know 
your Shakespeare is not to be- 
lieve that statistics prove a cause 
is just. But these letters are 
a witness to the power of litera- 
ture to form a common ground, 
to ease communication, keep 
ambitions down lo si?p and it-ava 
the men at the top with a hoalthr 
sense that they. loo. are all 
dwarfed together, faced witii 
Great Passages which simelv 
imply there is more to living 
than numbers and "demand.'' 


Ecirlv Shannon 


Death of a Busybody by Del? 
Shannon. Gollancz, £3.95. 287 
pages 


This Luis Mendoza novel was 
published to the U.S. in 1963. 
and for some reason had not 
appeared previously in Britain, 
though Dell Shannon's Los 
Angelos con is now a sreal 
favourite als° on this side of the 
Atlantic. Actually, this early 
Shannon is to many ways 
superior to some of the laier 


works. There is a tighter plot, 
less extraneous police opera- 
tional atmosphere. Mendoza, bis 
wife, and some others already 
speak more Spanish than is 
necessary ( usually with instant 
translation). The alert reader 
will be able to calculate Men- 
doza's age. which, while still far 
from Poirot’s century and more. 
is now remarkable for a man of 
his unrelenting activity, domestic 
and professional. 


WILLIAM WEAVER 


AP 



Edited by Denys Sutton 


The world’s ie; 


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9 

Willis Faber 


Willis. Faber D11111..1 Lid, 
Intcrthitiotul Imiutke miJ fti m w.nice Brokers 
Ti°n Trini ry Squire. Li-'inlmLOP 3 AX 

dttiiulLL'V>k 


London, Buckinghamshire, Berkshire 
and surrounding counties 


Chartered Surrcijvrs 


HAMNETT RAFFETY acted for 
CompAir Limited in the acquisition 
of its Group Headquarters Site at 
Brunei Way, Slough, and in the 
letting of accommodation 
surplus to its requirements. 


High Wycombe (0494) 21234 
London W.l and branches 



Bovis I 


Bovis Construction Limited 
Bovis House, Northolt Road, 
Harrow Middlesex HA2 oEE 
Telephone: 01-422 3488 




Engineering HQ 


in Slough 


By H. A. N. Brockman, Architecture Correspondent 



ALTHOUGH SLOUGH has been 
berated by the Poet Laureate, 
the fact remains that people 
and families are born and live 
there, work and enjoy them- 
selves there and die there. The 
place had its hey-day during 
Queen Victoria’s reign when 
she and her guests alighted at 
Slough station to be met by all 
the pomp and colourful panoply 
of Household Cavalry escorts 
and carriages with their out- 
riders, to be driven, to Royal 
Windsor. 

The station itself was. and 
still is. an interesting example 
of railway architecture, 
designer unknown, and erected 
in 1882. Pevsner writes of this 
one-storey red brick building: 
“with five oddly metropolitan- 
looking French pavilion roofs — 
a big middle pavilion and two 
end pavilions”: not exactly an 
appreciation, but at least a 
mention. 

Nearly opposite the station a 
□ew building of distinction has 
recently been completed as the 
headquarters of the CompAir 
engineering group. The clients 
stipulated that the design 
should reflect the engineering 
character of the company, 
although it is difficult to see 
how the *’ conventional rec- 
tangular shape." to quote the 
architectural description, can 
immediately teJl anyone that 
this is the office headquarters 
of an engineering concern. 


Nevertheless, with its clean 
cast-aluminium panels with 
their textured surface taking 
the weather without disfigure- 
ment. it does much to uplift 
its rather dreary neighbour- 
hood. 


Precision 



er 


m 11 « 


A major 

international supplier of 
compressed airand 
associated equipment with 
extensive applications in 
the manufacturing, 
processing and service 
industries and in construction, 
mining and quarrying 
operations. 


CompAir Limited, Brunei Way, Slough, Berkshire SL1 1XL. 


The precision achieved in the 
detailed finish at the base of 
the upper floors and in the 
cantilevered hood over the 
entrance gives the comfortable 
feeling that ft could not have 
been done any other way. The 
wall panels are a Swiss product, 
frequently used on the Conti- 
nent but apparently making 
their first appearance in the 
U.K. 

The four main storeys of the 
building, with their diagonally 
cut-off corners, are supported 
from ground level on slender 
rectangular columns rising 
from a brick podium which 
takes tip the slope of the fore- 
ground. The hood over the 
entrance stretches forward two- 

thirds of the way up the 
adjacent columns above a flight 
of steps in brickwork with a 
dark-glass wall deeply inset 
enclosing the entrance hail. 
Above the four main storeys is 
a bold set-back with the main 
roof oversailing to coincide with 
the outer walls of the storeys 
below. 

The internal plan is full of 


surprises. Fire, building and 
planning regulations have res- 
tricted the usable space and this 
has meant that circulation 
space around the service core 
in the centre of the plan has 
been saved in order that it can 
be wisely spent elsewhere. 

The principal office floor is 
in the fourth storey and here 
much has been done to present 
a rich environment by the use 
of wall panelling in figured 
rosewood. The directors' rooms 
are finished in colours and fur, 
niture which reflect individual 
taste. The lobby leading to 
these rooms is warmly carpeted 
and a well designed and de- 
railed circular stair leads up to 
the dining area above. 

The form of the building was 
largely determined by the plan- 
ning authority's imposition of 
a height restriction and the need 
to provide maximum usable 
floor space within the area 
allowed by the office develop- 
ment permit. This together with 
the dictates of the fire and 
escape provisions meant that 
there were severe restrictions 
on internal planning. A central 
structural service core F thus 





The 'entrance to the neio tnaJding. 


emerged, containing *■ .stairs; 
lavatories, lifts - and- servide 
ducts, with fire-break " -walls 
stretching out on each" sidd 
the perimeter of ihe/.flQprc, 
leaving minimum ■ cofridor 
widths for communication 
tween one half of the building 
and the' other.- 
This at least allowed the 
floors to be served by only'otie 
lift and one staircase. -As the 
service core is . load-bearing, 
providing a. strong cieUuiar 
column through the centre; 'the 
reinforced concrete, ‘.‘■’woffle” 
slab floors were able to -give a 
dear span to the peripheral 
columns without -intermediate 
support " 

The Western Region -railway," 
with its high speed trains, rahs 
very close to the' building; 


sound insulation was therefore 
of great importance. ^-Heat 
insulation was enothec'"j?U)sely 
related problem. .The.- outer 
wall of - cast aluminium 1 panels 
■is hacked up by an. inqer .c avity 
wall of insulating blockwork 
with a sandwiched polythene 
'vapour barrier/ External glaa- 
-ing comprises fixed sun-shield 
glass mounted into the.pkaelS; 
inner glazing can be opened for 
cleaning purposes. . 


able ajr. vohmte , system, .maift 
taimn^aktnetiem^ 
hnmldlty-. . camtroL^ - tresh oi 
intake; -and exhausted air bem; 
haneffed-atro a£ leveL • .CarpaiS 
ing ^pace, is: provided under 
ground ind on. the basemen 
roof. ” r . ' \ r 


' False ceilings throughout the. 
building provide ” horizontal 
space for overhead airducfihg; 
the building "being : air-condi- 
tioned throughout with a vari T 


. - There . afe i^ted'bpjpartepi 
ties 'for-, landscaping, : on/thi 
restricted sit?, but . pfevedyaxeis 
flower baxe&nud-a smaR grosser 
area .are.to be provided. - The 

.whole development -presents « 
; comely / and deftly;' pitpifi: 
tioned building which exerts i 

helpfful 1 rvfln PTif A y$ 

to" co roe In the axesi.. ’ " r T ‘ : f 


CompAir's 


DESIGN AND CONSTRUCTION 


Designers: The Chief Architect, Projects PracfkeM 

the PJE. Consulting Group in collabora- 
tion with the Group Services Engineer 
Main Contractor: Bovis Construction 


Magnificent Execptiye Offices 
and Reception Areas 
were fitted out and panelled 


hit ' ,l 


Leader in air 


in Rio Rosewood, Teak 
and GlR.P. by:— 


compressors 


PLUMB CONTRACTS LIMITED 

West Orchard House*, Bishop Street- 
Coventry CV1 1 HS. . 0203-21433 : 


By David Wright 


ir 


COMPAIR IS one of the few 
major success stories to come 
out of the now defuuct Indus- 
trial Reorganisation Corpora- 
tion. Since the group was born 
out of a marriage some 10 years 
ago between two British manu- 
facturers of air compressors. 
Broom and Wade and Holman 
Brothers, it has built up a sound 
growth image bolstered by a 
series of astute acquisitions. 

When the IRC sponsored the 
merger both companies 
appeared to be ex-growth and 
indeed Holman Brothers has 
just incurred a first half year 
loss. 

By 1968 both companies were 
suffering from fierce inter- 
national competition particu- 
larly from the American giants. 
From peak profits of £1.2m in 
1965 Holman steadily to its loss- 
making position while Broom 
and Wade had been fixed on 
an earnings plateau for the pre- 
vious three years. 

Holman had geared up for 
higher orders in the home mar- 
ket which did not materialise 
while its overseas activities 
(over 70 per cent of sales at 
that' time) were suffering from 
the U.S. onslaught. The net 
result was that stocks shot up 
and despite a funding arrange- 
ment that brought in just over 
£lm (through an issue of Con- 
vertible debenture stock) bor- 
rowings were uncomfortably 
high. 

The slury was more or less 
the same at Broom and Wade 
but while the impact on earn- 
ings was less severe it was 
noticeable that the overseas side 
had turned in a reduced 
contribution. 

Since both companies were 
competing for overseas orders 
against giants like Atlas Copco 
and Ingersoll Rand a merger 
between the two made industrial 
logic. It gave a group with a 
wider geographical and indus- 
trial spread while at the same 
lime significanily strengthening 
Britain's compressed air 
industry. 


longer than anticipated. 

Once over these teething 
problems the new group — re- 
titled International Compressed 
Air— set about consolidating its 
position worldwide. The first 
acquisition came in 1969 when 
Reavell was bought from James 
Howden fur £ljm. Reavell, 
based in Ipswich, manufactured 
industrial compressors, so 
besides improving ICA’s product 
base the acquisition brought in 
extra manufacturing capacity. 

But CompAir was still fairly 
weak in the major U.S. market 
which accounted for almost 50 
per cent, of world compressed 
air sales. After some ground- 
work, CompAir moved directly 
into the market through the 
purchase of Keliogg-American. 
an established supplier with 
some 300 distributors. The deal, 
involving around £3.75m, was 
financed by way of a dollar loan. 


frustrated, CompAir had' to 
reorganise its own operations in 
this area. 


SUSPENDED CEILING 


Competitor 


Headache 


BroorttlUade Holman HydrovaneiKejlogg-flmerican Luchard FTIaxam Reavell 


Fixing the terms of the 
merger must have caused the 
IRC some headache since both 
had sales of around £L2m. As 
it turned out Holman share- 
holders were offered seven 
B and W shares for every six 
shares held and this meant that 
that Holman ended up with 21 J 
per cent of the enlarged equity. 

Despite the basically comple- 
mentary range of products the 
integration of the two com- 
panies was not without its 
problems. Holman's strength 
lay in rock drills and other per- 
cussion tools for the mining 
industry while Broom and Wade 

was strong in portable and 
industrial compressors. More- 
over, Holman had started mak- 
ing rotary portable compressors 
which had a definite advantage 
over the sliding vane and reci- 
procating methods employ®** _^y 

B and W. If the rationalisation 

were to be pushed through too 
fast there was always the 
problem of labour unrest and 
the loss of market share. As a 
result the merger took far 


The next major deal took 
place in May 1972 when Hydro- 
vane was purchased for a con- 
sideration of £1.62m. satisfied by 
the issue of shares. Hydrovane 
was a subsidiary of Chloriade 
and was a direct competitor in 
both portable and industrial 
compressors, where it was 
apparently more advanced at the 
lighter end. 

Thereafter CompAir moved 
into France via a stake in Com- 
presseurs Bernard, in a deal 
which involved shares worth 
£283,000. 

After this sort of acquisitional 
growth CompAir needed time to 
digest. No attempts at further 
acquisitions were made aver 
the next three years. Over this 
period the overseas content of 
the group’s business grew con- 
siderably and even the three- 
day week in Britain in 1974 
failed to check the growth. 

But the expansion bad taken 
its toll on the group’6 finances 
and in July 1975 CompAir 
made a £3.7cn rights issue to 
reduce borrowings, which at 
that stage had grown to about 
65 per cent of shareholders’ 
funds. 

By now CompAir was the 
market leader in Britain in all 
but one area, hand-held tools. 
This area was dominated by 
Desoutter, which it was esti- 
mated took about half the mar- 
ket Since it was always Com- 
Air's policy to take a direct in- 
vestment in an area, a bid was 
made in 1976. 

Here CompAir was to meet 
its first major setback. Its 
opening bid put a value of 
£6.47m on Desoutter but since 
the latter's directors held over 
53 per cent of the equity the 
chances of success did seem 
limited. Then CompAir 
changed its tactics. _The bid 
was increased to £7.7m and 
minority shareholders were 
given two weeks in which to 
persuade the board to accept. 
Some 73 per cent of the 
minority holders gave their sup- 
port to the bid but eventually 
the Desoutter board won the 
day and CompAir had to with- 
draw its offer. 

With its plans to make a 
quick entry into hand-held tools 


Thereafter CompAir was 
anxious to broaden its- product 
base in the U.S. since this area 
offered relative safety .and stabi- 
lity for a sizeable capital in- 
vestment. To finance this in- 
tended move into the U.S., 
CompAir issued SlOm of con- 
vertible bonds in April 1977. 

Just under a year later the 
major investment was an- 
nounced. For a sum of Siam 
(£7.7m) CompAir purchased 
the Power Fluid Division of 
Watts Regulator, a private com- 
pany based in Massachusetts. 
This division was the second 
largest supplier of air filters, 
regulators, lubricators and asso- 
ciated equipment In the U.S.. 
handling about 20 per cent of 
the market 

This major development id 
the North American market 
should not only bolster the pro- 
duct range but also keep Comp- 
Air on the strong growth tack. 
Profits for the group last year 
jumped 30 per cent to £12.22m. 
The U.S. market appears to 
offer the best short-term growth 
potential. 

While the company seems to 
be faced with a difficult year — 
there has been little improve- 
ment in trading conditions in 
most of its important markets 
— the City remains confident 
that CompAir can continue to 
produce the goods. 


Installed by — 


T. & A, I. (Southern^ .LIMITED, 
industrial Estate, Radley Road. 
Abingdon, Qxoh 0X14 3RY. . 
Telephone: Abingdon. 24222J 


V.ARKI 


ELECTRICAL SERVICES 


Designed and Installed by . 


UNILEC LIMITED 


Wish. CompAir Limited every success' in their New Headquarten. 


Braid hurst Industrial Estate. MOTHERWELL MLT 


N1CEIC 


MARRY AT JACKSON 

■ Milk NORRIS' LIMITED . 

ill ! ■ F ill j Engineers & Contractors 

“Tbt Mechanical — Electrical — Plumbing 
Fire Protection. — Marine . _ 

An International company working in every part of the world - 
MARRY AT JACKSON NORRIS LIMITED V 

Mechanic^ — Electrical — Plumbing ' . • ; 

MJN House. 1 1 Dingwall. Road ’ ■ * 

Croydon CR9 3DR Tej: 01-686 5577 f, ’ ' ? 

A member of the Sirao "Darby Group - . • J.-.-v. 



Distinctive facade construction for the 
Compair Building at Slough 



option 


Cast aluminium fagade elements: 


thin-wailed and large sized, 
three-dimensional and structured surface, 
self-supporting and resistant to weathering, 
long-lasting and maintenance free 
Distinctive and economical 


In Europe only available through Aiusuisse 


ALUSUISSc 


Swiss Aluminium Ltd. 

Chippfe/Zurich 

Buckha users! rassa 11 
CH-8048 Zurich 

Dept. AHAT/Architectu re 


well-known for high quality aluminium 
products 


1 


/ 


1 







»-t- : -i'i «-■ 


Thursday June '8 1978 






RAW MATERIALS 


tM-S's^rv ►tt :- <>•'• 



MS® 






London 

prices 


*o 


Rooney 

■ 5rPO U 5 due t0 the recOTt frosts 
' Sioo BaK . S£$Z £ * e s0 ^h of me country, 
fc taken tbelr pSt ftS'Ll 111 .. ? ani * llttle more 

^si are ™ "an» B . f?ven “ es te 

feci' whirh foil me first hairs coffee 

r U f£E? rts wou,d not equal those of 
^M®SS£fSp5g 11 SK- 1977 and *°ta! exports for the 

* v u ar 1 * 0uW be “somewhat below " 
■I^SwVprS h l2 th * ®L7b« Brazil carped in 1977. 

mTce irri^f^sas ! L n tbe fir5t Bve months of I97S 

tonife^grfeg-tS& afternoon. Bv bags *1 fin* kn™ MPht'^aW 
■<4 «s£ 5. s«Qtemh»r cn<¥aa K-.ii kilos each) valued at 


resf: a "serious Brazil- 
area' frost have con- 


a ‘Wr»> 


six months of 1977 were 
■,,... . - ..- : - -— unusually profitable for coffee 
- outthe market exporters here because nf a jump 
renOTns- nenrous. The Federal in world prices, caused bv the 

Government weather office issued Julv 1975 frost, 

co » erif ?? s ‘ r - Salmon tfe S* said this 
h ’ wb B raxa. j-ear’s rrost*. which occurred in 
on- Tijesday; ntght, but local the State or Parana, which is 
Was Very UD_ cx P e c f ed lo produce 30 per cent 
Mrffe£-2ireas. of Ibis year’s harvest. were not 

r3£jK£j$orecast r for Parana, the serious. He said they would not 
State, is for fine affect this year's cron now being 
Jweatbc&’witji ligiit cloud, earlv harvested 
pustiSBfeUglltly higher tempera- Tbe official estimate bv the 
tin^r.-^e worst of the cold Brazilian Coffee Institute ilBC> 
WieaiVfi seems to- have passed for the current harvest will be 
f6r : tBe: moment- locals said. below the estimate of HLbn baas 
;-Tn - tBrdjiHia •'. .meanwhile. - Sr. made last month bv the U.S. 
AhSteln Cahnon de Sa, Industry Department of Agriculture, he 
and- Cammerce Minister, said said. The 1BC estimate is 
because /of a i> increase in coffee expected this weeJc. 


:es 


ed 


imports hit sugar 


1TED 


BY. OOR COMMODITIES STAFF 

V ikk- REGULAR £EC sugar 
. - -export- .- ten der . .'which restarted 
: yesterday - after last week’s 

- .iiapceHation depressed prices on 
pt£ [hoxldoa - futures market The 

::_Conimissien's/sug3r Tnanagement 
; edsmQitee cleared the export of 

- j4»JM)0v3onnes of whites with a 

tnairiraum-subsidy of 25.191 units 

, acewiarper lOB-kg. 
v ’ r iAhnoST 51,000 tonnes were 
cleared Jbst; time . with the same 

v-Wfife.’-’ 

A-rSwer. opening M New York 
?lso helped depress prices. 
October;-.. sugar - at: one time 
-sfi^peff'fo./aLibat £105 a tonne. 

' -.,VJS ; . irfased about £2 lower on 
mi day at £106.725 a tonne. 
Siariier. the London daily price 
. Jir raft's had been cut £2 to £102 
i-'toane. " , ; . . 

- * -Tiatfers reported that Greece 
8aui rejected first bids made in 

i ^selling, tender ror two cargoes 
' JJ whites. Rest bffer was $203-15 
;>||C8hBe,/ they said. , 


Reuter reports that Brazil's 
exports of sugar in the first five 
months of the year were 763,000 
tonnes, against S5S.OOO tonnes in 
the same period of 1977. 

The Brazilian Sugar, and 
Alcohol Institute has authorised 
production of 120m bags of sugar 
of 60 kg each for the 1978-79 
crop, compared with I35u>.bags 
authorised last season:' - 

The official Chinese news 
agency claims sugar output in 
the People's Republic last season 
rose 14.4 per cent to an all-time 
-high. — ■ 

ln London the British • Sugar 
Corporation said warm weather 
and rain were providing ideal 
growing conditions. Nearly all 
the record 209.000 hectares con- 
tracted this year, arc said to be 
sown with beet. 

The Belgian sugar industry 
also reports rapid growth in the 
beet fields following a slow staA 
in- the cold springtime 


Copper 

deliveries 

halted 

By Our Commodities Suff 
EUROPEAN CUSTOMERS of 
,Uarco, ihc big U.S. metal pro- 
ducer, will not he receiving 
deliveries of copper cathodes 
from the company's lio, Peru, 
operation during June. 

Asarcu confirmed yesterday 
that it declared f nrce inyjeiu’e 
on cathode ileHvrrim on May 1 
because it has- not been receiv- 
ing it.s usual supplies from 
Mim-ro Peru's Ho refinery. 

This news boosted prices 
nn the Luiulon Metal Exchange 
briefly. Copper rose by £10 a 
tonne at one stage hut as 
dealers digested the news 
aggressive nrofir-takrng 
developed, pushing the prim 
down again I11 tale trading. At 
the close rush wirehars were 
iMiulofl at ?757 a tonne, down 
£2 an the (Tav. 

In New York mean white 
A max confirmed trail** reports 
that it bad ilrrlarni a full 
fnrre 1 eaten re on lepil ship- 
ments from June l. following a 
strike at its Boss. Missouri, 
refinery. Nearly fiflfi workers 
at the Ross complex went 011 
strik" on Mnv 31. 

0 Sloths held hy U.S. conper 
fabricators rose in April as 
mnsunpiion fell, the American 
P.nreau of Metal Statistics, said. 
Total stocks at the rnd of 
April stood at 482.300 short 
tons against 4722200 at Ihc end 
of March. Consumption in 
Anril was ISfl.GOn short tons, 
42200 less 1 ban in March. 

In co Metals yesterdav said it 
was immediately raising Cana- 
dian copper prices by 2i cents 
a lb to 75.625 ccnls. 


Sale of prime land 
may yield £ 5 m 


;ger 
crop forecast 

By Our Commodities Staff 

WORLD ALMOND output this 
year js expected to reach a near- 
record level, according tn London 
merchants Gill and Duffus. 

The company's latest estimate 
puts the 1978 crop at 231.500 
tonnes, unly 3,500 tonnes below 
1976's all-time peak, and 10,000 
tonnes above 1977 production. 

Expected increases in Spain, 
Iran and Portugal are mainly 
responsible for the estimated 
increase. With new trees com- 
ing into production. Spain's 
potential crop has been raised 
to 70.000 tonnes. Cold weather, 
wind and rain have trimmed the 
estimate back to 55.000 tonnes 
but this would still be well above 
1977 s 32.000 Tonnes although 
below I976’s 60.000 tonne crop. 

Portugal's crop is expected to 
recover from last year’s extra- 
ordinarily low 1.000 tonnes to a 
.more normal 4,000 tonnes while 
Uhe Iranian crop is foavnsr tn 
rise/ by 5,000 tonnes to 12.000 
tonnes. 


BY CHRISTOPHER PARKES 

MORE THAN 2.500 acres of 
prime vacant possession farm 
land in Lincolnshire ca ne up for 
sale yesterday. Agent? Savills 
expect at least £5ni from ihc 
sale. 

Formerly farmed hy one' nf 
Britain's biggest private fanners. 
Mr. Frank Arden — whn is 
reputed tn have around 20.000 
acres in hand — the 3.544 acres 
•m the Lincolnshire - South 
Humberside border are t«i lie 
sold hy lender as a whole nr 
solii inu> ei.uhl lots. The si/e 
of the lots ranges from 130 to 
1.030 acres. 

Most nf the land, situated in 
the isle nf Axholmc. is rated 
grade two on the Minisiry <>[ 
Agriculture's scale. Most nf the 
soil is black peat well suited tn 
pnlaiii. suear heei. carrots and 
olher vegetable crops. 

The land is nnw owned by the 
UK Prnvident. one nf the f lily 
institutions whoso place in the 
agricultural laml market hus 
recently coine under tb** scrutiny 
of the Norihfictd r nmniiilee. 
The nuniii'tfee is expected tn 
vennrr u. iti.- Ministry *»f Agri- 
culture soon. 

UK Pn'ivtdrm Is .s^•llin■. , and 
not re-let: ing at the end of the 


.Arden tenancy heeauco it wants 
ip take advantage of ihc current 
high prices for vacant possession 
land. It Is prepared to invest 
the earnings frum the sale in 
more tenanted land. 

Takeover of other farms has 
already been arranged, a spokes- 
man said yesterday. 

Considerable imprest has 
already been shown by local 
farmers, although other City 
instiUitioDS arc hound in ho 
attracted. 

Cnmnetition for the kind will 
pmbablv be uniiMiaUv keen. 
Sales on such a mviI,. arc rare 
in 1 hat part *iT :h..- ■.-nun try. and 
there, arc plentv r.f kwal "land 
hungry “ -men wi'h funds from 
two recent m-ofi table growing 
seasons to spend. 

Farmers eager to extend their 
hold/ ties ar<? rr?niio,i i rt r»a\ un- 
economic prifi's. particularlv fur 

small Inis. At a recent sale m 

Lancashire. f«r •■'nriiple. ;en to 
L'O-ncrp plots M-e^n sold for 
around £4.0fM1 an acre. 

According t" 'b* 1 Vimsirv of 
Agriculture, the piv'enr average 
price for l.'tnii in England i.s 
H.163 an ace. 1” rn.^ mor 
than at Itm turn .-.f ih,. r an H 
J 2 per cent mure than j year 
ago. 


French may "steal’ grain 


BY OUR COMMODITIES STAFF 

BRITISH FARMERS were 
warned yesterday to beware of 
French salesmen who might steal 
UK gram markets from them. 
Mr. Richard Butler, deputy presi- 
dent of the National Farmers' 
Union .said he had been im- 
pressed hy the wav French far- 
mers worked together. 

"This is particularly Uue when 
it come* to marketing." ho told 
a fanners* conference in Nor- 
folk. "Even down tn little 
i group-; of three or four small 
farmers. 

"If there are parts of the grain 
market to he exploited vve musl 
not let them crantp our style." 
he added 

Mr. Butler said that while he 
could nut see any prospect "f a 
significant increase in demand 
for feed an in* in the UK. there 
was a chance of het'-er markets 
for malting barley and greater 
use of home-grown grains in 
place of maize in animal feed, 
and also in place of imported 
wheat in bread. 

He pointed out that the Home- 


Grown CptphIs Authority esti- 
mated demand for malting barley- 
in 1985 at 2.5tn lonne* out of a 
crop of 10m tonnes. This would 
be lm tonnes more than in 1975. 

There were sl%n prospects in 
expansion of the oilseed rope 
crop. At present UK farmers pro- 
vided only 40 per ceni of domes- 
tic needs. 

Mr. Butler said that once grain 
prii-es in Rriiain were higher 
than . the official suppori buying 
prices li K markets .Veumc com- 
mercially attractive 10 French 
.exporters. 

"The larae L'urtinental grain 
co-operatives. strongly sup- 
ported by thi'ir fanner* are in a 
post 1 inn to rob u< nf nur markets 
if we let them " he said. 

"They already have sophisti- 
cated • grain bundling fa'jhttes 
and they see the value or 
sampling, analysis and separate 
variety storage. 

• 4 \V> have got to dn the same 
iT we arc to beat them in our 
own market." 


U.S. AGRICULTURE 

Farm co- 
their 



BY DAVID RICHARDSON. RECENTLY IN THE U.S. 


THREE-QUARTERS of America's 
4m farmers are members of 
agricultural co-operatives, accord- 
ing to the National Council of 
Farmer Co-operatives m Wash- 
ing DC. 

The council claims that as per 
cent nf U.S. farm production ts 
<mld through co-ops and 19 per 
cent of farm supplies purchased 
from thorn. Added together, 
co-operatives' gross annual turn- 
over comes tn over $25 bo. nearly 
E14bn at present exchange rates. 
For comparison in Britain total 
farm co-up turnover has recently 
been estimated at about £lbn 

Main key to the successful 
marketing penetration of U.S. 
co-operalives is tbat American 
farmers have always had to live 
with a free market and the 
violent fluctuations of world 
trade. 

They have never enjoyed pro- 
tection that has insulated British 
farmers from ihe most serious 
effects of variation in supply and 
demand. 

American farmers have there- 
fore. felt ;• prudent to group 
mouther in search or marketing 
strength, it is highly significant 
ihai mure than cine third of U.S. 
grain — the majority of which is 
exported — is handled by co-ups. 
The <:ttiantiiies of grain bandied 
hy co-opera lives are growing as 
prices drop and markets become 
more difficult. 

Growth to present levels in 
the supply business has heen 
speeded up in recent years as the 
co-ops gained access 10 hasic raw 
materials. Between them the 
130 ur so regional co-operatives, 
to which nearly 8.000 local co- 
op* arc affiliated, now have a 


sizeable stake in The oil business. 

They own oil wells and re- 
fineries this side of jbe Atlantic 
as well as in America. Together 
with interests in potash and 
other mines this has enabled 
them to become Lmmi- manufac- 
turers of fertilisers and chemi- 
cals. C.o-operatives claim to own 
and operate 40 p>>i- cent, of 
fertiliser' manufacturing capa- 
city in the U.S. 

Finance for these mammoth 
organisations — the Kansas-based 
Farmland Co-op ha.; an annual 
turnover in exress nF S3bn — 
usually comes from three main 
sources. 

One-third of the capital re- 
quirement is burrowed frrnn 
hanks, yne-fh/rd ie raised hy 
selling non-voting shares at fied 
rates of interest to anyone wish- 
ing tn invest and a further one 
third consists of retained profits 
which arc the property of former 
members. 

American law stipulates that at 
least 20 per eenl .if any profit 
shall he returned to co-op mem- 
bers in cash each year. The 
remaining 80 per cent can. if the 
members through the board of 
directors agree, he left as loan 
capital to fund the co-op. The 
farmer member meanwhile pays 
tax yn the whole 100 per cent nf 
the profit attributed to hiui even 
though this may well he greater 
than the 20 per cent he has 
received in cash. 

This in effect aliows co-ops 
making ^izeahie profit' to reduce 
their taxable income to almost 
nothing and predictably, is said 
by the private trade to give 
co-ops an unfair nrituniage. 


Nevertheless it h:t< provided 
the financial springbojrd for U.S. 
co-ops to reach their present 
strong position. 

But tew di-up.; claim f> sell 
Fanti supplies at lower prices 
limn the ornate trade. Market 
prices, ruled they mitet be 
hy supply and demand, can in* 
only marginally affected g h.v co- 
operative activity, tin rh'e face 
nf it. therefore. U.S. farmer? are 
allowing a lot uf their cupiial ia 
he fucked up in co-ops fur lirtle 
commercial advantage. 

It is .1 ratted by su.ne co-op 
manager* Lnal since a member's 
luitn capital 1 which ir.cuteiualiy 
remains at face value and doe? 
not yarn interest,! . _t* 2] way* 

repaid i,n h;-. dea£t>. ii takes ihe 
place of life insurance. 

One co-op doe-, hov. ever. ?;-.y \t 
will try tu repay a member 
before his death" and :ii the 
moment 1* do'og *0 when he is 
$1 years old. Another •* attempt- 
ing lo develop a rtunh.'ug fund 
with the ultimate aun of re-pay- 
ing loan capital un a 1U «*< 12- 
year c> vie. 

H is also claimed that in !iiu;s 
of suppl> sh-iflage. a.- with 
fertilisers a feu years ago. cn-ups 
guarantee priority delivery t»* 
liteir farmer mem her* instead 
or selling to mure lui-rutivv ex- 
port markets — the policy often 
adopted by rhe private trade. 

But farm cu-upeniti in ii such 
big bustnev- in t.he U.S now Ur.it 
there is a distinel possibility that 
it will continue Lo c row and 
diversify of its turn momentum 
without necessarily benefiting the 
farmers for whom and by whom 
if was cre.it ed. 


Quality wool promotion plannee! 


BY OUR COMMODITIES STAFF 

A SPECIAL campaign to promote 
consumption of top quality wool 
is being launched by the inter- 
national Wool Secretariat. 

The campaign, winch is aimed 
at stimulating demand for wools 
uf 19.5 microns and finer, will be 
additional to existing secretariat 
promotion programmes, and will 
he financed by members of the 
Secretarial in proportion to their 
production of these types of 
wool 

There are excessive stocks of 
superfine and similar wools at 
present. Traditional markets 
have declined, and there has 
heen a big swing from bespoke 
tailoring to ready-to-wear. Also. 


dry conditions in Australia in the 
last few seasons have led to a 
substantia! increase in produc- 
tion nf these wools. 

U.S. consumption nf apparel 
wools rose to 84m kilns last year. 
65 per cent shove the 1974 Inw. 
according to Mr. Albert Evans, 
U.S. ARticulture Department 
economist. 

But consumption uf carpet 
wools has not recovered from th* 
1974-75 recession, he told ihe 
International Wool Textile 
Organisation Conference in 
Munich. 

The decline in this sector since 
1963 was due to the rapidly 
accelerating use- nh^rtian-made 
fibres, he added. 

Some progress has been 


achieved, however, on increasing 
pehetration of the hlc:i>1ed tex- 
tile ficlq or arras rfnni mated by 
100 per cent, man-made fibres. 

Improved pruli lability for 
domestic prodm-mm has raised 
hope* of stebili-atjr.n ui output 
in tbe next three to five years, 
Mr. Evans said. But this follows 
a long-term decline with sheen 
numbers falling from 40.5m in 
1940 lo around 124m last year, 
he added. 

Mr. 1 Van Wyck. marketing 
director of the Smith African 
Wind Board, told the conference 
confidence had been restored v? 
wool farming in South ■ Africa, 
with prices during ihe past three 
years remaining reasonably satis- 
factory. 


tipSASE -METALS 


MARKET REPORTS 


PRICES 


:es? 


6 '“'£coereiiLMarslfraHr easier w». tlu> 
SJ*ur Exvtaanfie. The-firinhess 
r'Vff'Cinncx overnight -esupled with labour 
•Lripaibics tn Peru .irompu-d * steady trend 
in -ihP ingrains widi forward merat rtsirts 
rib £ffi2.o. “ to. :Ut- afttrodoo. bowe*er. tiw 
jirite drifted -dowu'-n £VT? on lack of 
merest before it ' lifted sharply on ihe 
."fort to. touch ITS? owing to heavy, specu- 
lative : baying follomfic the full force 


OU 


+ rrp*. ' p.m. 

. — j I noDlallntr — - 


■r. '-C^kT^? 763 VU7" j 766^-7.5 
•'XiwmHM.., . lag .5 +7.6- 777-. 5 


vainoettg™ ■ • 1 

■*■6.751 -750-1 
3'n«jialii2. ; .?74-A 7701 

: T, 


.+6j: ' - 

i rsb.s 68 


f 

-2 

-?.2S 


-5.55 

-a.7o 


majeure tfcvlaraUon by mmxlv an shio- 
menlg or PcmviHti ea modes to Europe 
from June le - As ihe -market digested 
the ..news, however, jtgxrca site profi t- 
laldDg developed u-hkh forced the pnrt 
bach down .‘to E79 tut the late kerb. 
Turnover l JSH tonnes. 

Aroal Banjul ed McUt Tradma rrpnrred 
that. In fha'nronuui ca^fr wirrbsr* rraded 
at £iEA; three month'; I7S0. 8t. s:.S. 
S3, te.5. V Cathodes, cash Z<a4.5. three 
months SiTi>- T4.S. .74. Kerb: Wtrebaiw. 
three months HStA S*. VIA. *1. SI-5.K- 
AJlernoan: . -Wlrcbars. three iivnitr. toll- 
M.- 90. 5.^ SO. 79. 78. 77 2. T7. I!J. 

Kerb; .‘Wirctwr'^. three months £,.S. i». 
T8.5. 78, m. SI. 82. S3. M. So. M. *?. 
S6.S. 86. . 

T1 Bp- Lower. After opi-nins at W.S>« 
forward metal rose to IG.6*Jl on ihc Piv- 
rrrarL-i owing io ipounenial Imyresi. Thi-i 
rreM was. jeversrd In the rinca win 
nervous bolt Uqatdailon uusitib the prwa 
to i-ase back ro M.S50 by 'he afternoon. 
The backwardation narrowed in Ittn 
reflecting ihc easing in Ihe nearby supply 
sttoarion. .The sharp rise in oippcr ih--n 


lifted forward i standard meiul to ifi.aiW 
hot hy the tale bcrt> H had fallen ha.k 
to close at IC.SWi. Turnover 2.tHfl tonm-s.. 

I o.m. |+ ufi ii.iil '*-#■«< r 
OUieir i — .’ EnolMeia'i — 

High. Grade X ' C c • X 

OlBi j673t>-5 (-12.6 6680-700-70 

& ■ niuaii.K.16605- 15 30 6665-95 — J6 
SeUlent’l.l t»735 (—56' — ! 


COFFEE 


Standard] _ i 




-kou 01-551 34M: . : Jao-MarcH Rubber 62220 62.85 

‘ Tbiaii, : London SW10 AHS. _ 

i- c - trading on commodity fuloxcs- 

. . . . r- - The Vfarfmadity futures market for Ux& smaller investor. 

. . ■ •. v.y, y :T\r ^ -■:• • • • -■ 


Carii_ ! 670‘.- 5 1-62.5 6670-90 -70 

3 month*. 6585-90 '-37.5 6 5 65-75.-4S 
aeUienf i .' t?7-5 I— 1!6 — 

Straits K-.f ;al705 I - 

Sru Virk- - ! .. . >556.50 -f. 2 

Morning: Standard' ca-h (6.710, (R.int>. 
ihnee -raonlhs ts 600. M.W>. fti. 90. 

9». S5. High Gradv. cash (6.rj0. Kerb. 
Standard, rhree nianths Ii.aS*i. S3. Sn. Tj. 
Artemoon: Standard, three months r*. w*. 
65, 70. Kerb: Standard, three nmndis 
£6.570. «. 50. 

LEAD — Easier. Forward meial trad'd 
quietly' within narrow limns umii Un- 
laic .afternoon when news of the lore- 
majeure d.-clnraimn by Am at prdnie.'te 
fcpecnhhtve burtna which took the pnee 
up ta ISOT before Ii eaaed ba>+ to clow 
at £3CS on ihe late kerb. Turnover T.Jon 
loaner. 


fin a day of wild flnctuatiwis Robust a« 
opened ISO lower on carrrnwr soiling 
from Tuesday s weak elose. Or«iel 
Burnham Lambert reponi. Selling 

exhausted at the r.?0O tucel basis Sent. 
an<l renew «t touring pushed the mark*; 
higher. A! one pnini m a heetic afternoon 
w®nar values were rsn up «n the day but 
at the close ihe market willed at Clrt-fiii 
htRher. Dealers saw lortnVs aeiton as the 
cvmpietioti nt the ilnwosirte reaction in 
th.. r<-o*nt upu ard mow olid anil* Ipaied .i 
cnnsotidaiton 

iY«fteoU\". 

I LI +«’i I llii'ltlf, 

j — — | Ijiiiir 

I V |s-i 


RUBBER 

STEADIER opening on the l.onrinn 
phyw*l murk :i Little inwm ihrmuti- 
nut ihe .lav. i trisiiw on an .-aster tune. 
I.i-wis a tul fVal repqned ihai the 
Malaysia ti m.irkel was e.-ms a 

t.4 noniina: hoj-r June. 


ns. fKi. 367.V9W.S: TWA-mro: 10. Pec. 
-Hflu rtfii.u: -A9.5-:;t».0. iu. Toial sates. 
«2 tots. 


JUTE 


K.>.- el.i-e 


t.'I'i-e 


I'kimi'- 
• (• .ji»" 


LC'KKft 


July , 1097-1896^30.0 

*Hf|Uvnila>r.,. 1793- 1796 t 27.5 
,-rntwr... 173 J-I735 ^75.0 
laiiiia-s 1679 166Q t 10.3 

lUn-li.: 1599 1602 - U.S 

'■Uy 1570 1600 -18.U 

■tuts 1510 15BO-6S.O 


1925-1513 
1635-1701 
1770- teSO 
1710- IScB 
1630 1561 
1610 



- - ‘l 
LfcAJD 1 

a.m. "'+ i*rt |*.iu. :+tar 
um -ml • — - 1 1 : nr*ri i.rin i ! — 


i ti 

! i; ; k i: 

Candl j 

1 3I7-.5 

—5 t 3I7-.5 '-4.5 

i mtmtbs_ 

5Z6.0-7 

—5 1 327-8 --4.25 

Sea'Iin’m 

, 317.6 

— 5 ! 


! r_. 

1 31-83 ! 


Morning: Cash 1317. I time munths £KU. 
’as, 27.S, 27, 27 J. 2H.5. 24. « i *7 

L’d.i: Kerb: Three mnnih.-. (327. 2S.6. 
Afternoon: Cash X3K. thm- im-uths Q2S 5. 
23. W.fc .25. 2S.a. 13 3 30. 29. 2*. 

27. Kerb: Three in mu It. Ct'J, 2»>. 27. IMA. 
^ 29. 39.S; 23. 

ZINC— Dawn In sobdued tradins and 
I mainly reflecting the movements In Ion 
and rapper. Forward metal traded 
[ between (229 and CU2 prior to closing 
at 1340 on the laic kerb. Turnover 
5,175 lam es. 

I U.in, 1+ ,,ft p.m. |t+.ir 
itUk-laJ J — IL'iM'IUrlui; — 


isles- fi.74? 1 iotas. Ini* Ilf 3 tonnes. 
ICO Indicator pnc«s lor Iimp< 6 «t ; S. 

rent per poundt: rnlombtan MUd 
ArahiraN ?M.(W unwashed 

Arabicas IsMHi il«)IWi: other mild 
Ambicas I7S.K7 iM5f Rnhusias ltfi 3n 
isatnei. Daily averjg.- 1B9..P ii73.Wi 
ARA81CA5— The marki-i was ouiei with 
once a^ain j itcnernf lark of tnfere/rr in 
tbe nrarhr positions. Dri-set Burnham 
Lomhen repiirts. 

Prices 'in order, buyer, seller, ebanue. 
bUsito'.-ss • — Jum 2M ihmiU TO 1 —030. ml. 
Aumui 194 ill-ilj UU. -fti'i. III! r».;l . (S5.IIII- 
•Ki.no. +1 jii: ml Dec. ITS oa.$5 mi: — I .nn: 
ml Feb t7l.7"-74UU ill: l7J.5H ti lift 
April ;6h.nv-74.46; -mm: nil June lfiSilb- 
74.00: -4.M: uiL Seles o id* jnls Of 
17. 230 k5. 


■tills ha.3>jv.30 67.6D-3g.:.‘0 

.mu .. 59 hi- iS. fa ia.ZO M.'-O 
i9.to5-5J.75 53.50 58.:'. 

• -■I- I'm. cI.5'I-tI.o5 SC.20tu.Lj 
.■••ii- 'I t. t2.50'.2.55 tal.S5-bl.Ato 
\>.i .In, c3.»-7a.ba d2.40-62.Js 
•I: - “• |'i :4.4 'j-. 4U5 C.i.bto-oo.h.r. 
ii.-i i to.,- 65.7 -» 1 5.80 h<.65 D4 60 
■I.iii t|.,i_ r» 30 f o.j5 15.75-hE.OO 

Sal.-s: -I7U ' t 't • tuts of r> 

idiiM. at .losing prices i r.u> 

Spot .>{i J.', ■ : July s;p ,: 

.sr ip y. n> 

SOYABEAN MEAL 

Tli* mar(.< t 

Wj'irt- 
mi i.i ti< an oil 
near fnmr-- 
h„w i.'V.-r. 'i>-i 
llir- nurlvi 
Iw 


60.10 59.50 

e2.00bl.50 
dS.IO 61.50 
bs.cO ba.cU 
h<.60 64. 65 

56.10 15.00 
67.00 6b . 90 

tonnes. 

■ r*i here - 
Wei: Auc 


•eiencd t2 <l-n,n Itollewina 
Kruri! i»ta.' rtari i-.^mn j 
.|, i*rt regiMrjti..n- in ihi- 
!u i he altern<"in n , -«l"n 

!••• Chicatii nr ne- iielpLil 

regain >,ime nf itv- earlier 


■IeMuv +>': 

l.>,e — 


I'M, in,--- 
1 1, -lie 


GRAINS 


I24.3J-25.3 —1.53 I5S.Q0 

An- M i ir,. ji.2j. 7-- i;. M iij..>o-2:.ao 

ii i.,i .. . . U4.5J-2J.7 - l.iO U6 60-14.00 

If, l.-t ... I24.6 : J '.4.6— 2 60 l25.5fi.SJ.t0 

Fptiuwn I2J 70-9S.0— 2.75 125.00 

Apiri! l.s.uO-27.0 ^L'.5 125.59 

.1 uue 115.* • 29.9 — 1 .6 123. JO 

" Salei: lti,< •;*' • loii inn mnne,. 


.-.Tt'A:'--- 

a«bpEAN OPTIONS 


EXCHANGE 


' i C ■ '■ £ ! 

Cash |d 3-1.5-2.5|—l j 331-2 -2.5 

£ muuLwi 340.5- 1 -1.5 340-.5 !-2.75 

ympne.... 339.5 :— 7 J - 

Pcm'.Vhft.i^ - | • 29-31 • 

itonrinc* ' Three' months DOT. in. 4L 
Kerb: i Three mnnih* £340 5. Afternoon: 
Three: months £H2. 41. 40.5. «. 41. 40. 
Kerb:. Three tuunths £339. 40. 

* CeotF per • nnunn 'On onrvtous 
■itnctkl mosa t tu per picul. 


LONDON FUTURES •0.\FT , ,'i— The 

market npened 20 dun-n un irfieaf Mart 
iOp down bar l oi tn irry thin trad. ns 
curaditi'in-. The ivurket cjnl-J -shaht ly 
doe t<i -aiitie Mac wllmc. In ihc after- 
nonn •v'vWn the market rallied ^Iiuhily 
nn ifinrt-iMvcrina! to clme tit up on 
wheat and 5-tn higher nn barley, sell 
repmts. 

WHEAT ! BAR LEV 

!Vi-1* % pJh \ '-j + or Ve*fFh!itt + t*r 

M'nikr vUw»h 1 — — 


SUGAR 


86.00 

-to 0. ID: 

8U.30 

88.40 

•+o. ;o. 

82.95 

91.1'J 

.fO.io; 

85.75 

93.75 

■r 0.10 

68. as 

*6.30 

•+U.10, 

Bu.75 



: 1..^ - ■■-rf. .. J4d> , 

y-'-> p! i 



scs- a 

-rir.3- 


It 




j 1513 

I 91s 

1 ; .. 

=il L.V HR 

Builinu nr 

L..M.K. 4- nr 

43b 

7 - 

I»r 

fixing ! — 

dm* 1 — 

l M 

i. ai# 

:. ! 9461b 

troy.Vt 

lirtelim | 

1 


jJ* -i- 

l -to -I3- vl - - 

.. .•'ssao’f .raw-!-. 

■» ■ : ; v .y -iszi* ' ; '- A ' 


• ti “ 


§:55S5S;v;^*5?ft3Wi-.> 

♦- 

Amina y.*. . , V K7S j i-50 t . — 

_ ■y«Mfttoi.y. j tff 4 ■ *: t.oo - '. . ~ 

.... i iise* j».oo -- 6 
?• .. ..r.- riw 1-19.00 ! : - 

/>^j ] v£ ^ l;|,v8w0q. j' 92 

r . — - 

IfbitiDC ' 1. 

-«ftapk-V ’.flffliO 


B tx&W: ■} - 20 

w, jWngngMS ( ■ ■ 

otocCi’.- •- •• i.J^ao •• O.Ttt - • 
(t.'w<Ayas: 0.30; - • 


2J0 i 42 
-. Ofij i ®0.. 
i-fl.sa * 


SILVER 


suipr : 
l*r,.1 : V. 

'■turn. . 

l - i 'ini. ; 


Silver was fixed 2. fin an ounce higher 
for spot, delivery tn tbe London bullion 
marina yeaerdoy at 7P3-K5p. u JL cent 
emtivalcots or Ihc fixlnc b-veli, were: 
spot ■ Sas.Sc.i m> i.2c: Thrwmonth S4i.6f. 
up 34c; - Bis-mooUt aaa.Tc, up E.lc: and 
12-nwath 377.0c.' up 4.4e. The metal 
opeood 293.4-294.4p 1 534 j- 536c J and 
ClOSfifi. lL 2S3.faM.4p 1 3330361c 1 . 


dptit I S9«.8Sp )+ 2-S' 293.6f/ '*1.3 

i tantlba..! 30l.Sf, 4-2.75- aOl.Xp '1-2.05 

d mouths. rZlO.lp ‘+5.W; “ 

-Zirtmtiha. r&27.7p ;+2J&S: — | 

LME— Tnrna vor 199 (WJ lo/s Pf'lO.WO 
tos. Uonzinp: Tbive utomlts 302.1. 12. 
2.1 r 4L4, '13. . Kerbs: Throe months WJL 
Afternoon: Three month* 301 A. 1.7. 1.6. 
I.S, LO. Kerbs'. Three months 301.2, L4, 

a®. 

COCOA 

TTtceif . dpsed steady as vrodorerr 
backed away from the market reports 
GIU and Duflin. 

' + »«f ■ tiu»n»w 

(TWOA • Vlnw : - Llm* 


XthbtTciiCritr ' 

J uto 1 L_...:..t70?.O-1S.O +39.0.1710.0.1955 

sepl.^. '1e72.6-7s.o * + 3£.Q'it74.U-25.u 

Uev hi 40.0-42.0 i + 25.0. te45.L.D5.D 

Han* ..letfj.a.0 : + 15.0' HR6JLU8& 

May...:..,:... 1800.0.16TS ■ +17J I 16t4,0-1bM 
I6W + B?.0‘ 

;.... ! ft/S.0-J6OO -r 16.0 1565.0 

Seles: ITtuS .M.H 61 toTs - of i tofinesT 
ttntr natio n al Cacm Organ imtiyn ■ U.S. 
eras per- pound r— Daily price June *’ 
1 30 it 4G93Ri. Indlcaior prices June 7: 
liKlay average 13S6Q (IStUEtil 22-dar 
average J 3».7d (139^0). 


■■'ll'', j 

i«n." I 91. W .+O.IO: 85.75 *0.05 — — 

Mur. 
llir 

Bmiinesf pnno; Wheal— Srpi. .HSlOO-U 
Nr>V. S7J6-JH30. J:in. !rt.TO-»[| «). M-reh 
9J 33 unly. Hay ml. Sale*: :'■» Itus Barley 
—Sept. S0.U5-M.20. Nnv. «2 70..-:.' 95. -I jii. 

Si55- nnh' March sS.Uu nnh. Hay W,.V) 
only. Snlrs: a? fnfs. 

IMPORTED— Wheat: CWK& No. 1 I'.! 

Per rent .Tunc 9123 Tilbury. US. Dark 
Northern SpnnR Nn. 2 14 per o-nt June 
and July *T Bit. Aug. Si. 75 iranJnpin..ni 
East coast suiters. US. Hard Wui|«r 
ordinary umuoivd. w*t>! auki. fao un- 
quotiil. EEC whi-ut unquoted. 

Maize: L'.S./l-reiieh Juik- 111.1.25. Julv 
7t.l5.50 A«u. 101.50 traorinpmeitr Fj<:t 
const •elleia. South African WMl>. .Him*. 

Jub S1.RH Giasuuw. South African Y*i!nw 
Jum-July si.Sfi filasuiw sellers. Kenya 
grade ibrre unauoicd. 

Barley: Unnuoicd 

HCCA— Lncatlun es-farnt :>pnl prtci-s 
Other milting wheat: Hertford 99.40. Feed 
barley: Hertford S3.19. 

The UK mmieiart aierficluai fnr the 
week hemmnnu June 12 u tit remain 
unchanged 

EEC DAILY IMPORT LEVIES— EFC 

levies and premiums are t-tlecitve lur 
June 5 as tallows, in order current In y 
plus July. Aits, and Sept, premiums, in 
UD1I5 of occoun* per tonne iwttli • rev Jins 
m brackets 1. Common Whcai— eg m. ml. 
tiff ail tf . 3 iff. (>.17. ff.Ir. I. Ditrijm 
Wheat— ISO 40. nit. nil. ni 1 •i2r..*. ! i. •t.s.,. 

0 ft*. u.S*i. Rye — so 33. oil nil. ml iTS.t,". 
nit nil. mil Barley— 74 30. nit. ml t.ll 
< 72 56. nit. r.ll. 1.11 1 Dais— T9« ml ml. 
ml fTS.C^ ml. nit. ntlt. Maize loihr-r then 
hybrid tar seedinai 75 nn nil nil. nit 
172 Of-, ml. ml. ml>. Buckwheat— All mi 
tall m'l. MIIID4— KJ94 nil. dll. lid '51 >2. 

Oil. rtf, iui>. Crain sorghum— so. nit. 
nil nil isitsi. mi. nil nil* 

Floor LtviM — Wheat nr Mhnul Wheat 
and Rye Flour— l*, 1 . so «]£9.*4;<. Rye Flour 
— 1:4 07 tllM**. 

VEGETABLE OILS 


LONDON DAILY PRICE raw Mia-ir; 
Cltr.’.uu XltK im. j tnnne eif tar .lun— Julv 
sluprui-1,1 V I 11 ‘near dud: price tr»7 

Avert ,-,i nn 

bcaiicrit 1 C.-'touiisMMn-hnii-.p lone I ••juid-i - 
lien wa% we' 1 :itr.iirhe<1 hy --fniri-cuvcrinc 

and ilurmi :l<-. uairi' of ur> ■<< 

50 pnini-. ■.frr.- i • ■■urifeil a . Inner pri-i'cli 

in ibjn rr-mn- C. • L'urnik'W 

fjler. tellnwina tile Jrjnt "f 

re*i,i 111 u n e !■-: ia*oo 'en« b*. ihe EKC. 
smm: ^11 .-mot comvaloDt ri annul 
tab. pr|, . let I ',ni<- d. nltiieuch hall 

tf*’ i, rcef,»pr^,j hy ih<’ rhr-v 


• I el J ‘ 


roi.iii, — . 


LONDON PALM OIL. Ctaae; June 
wo u-io im: Julv :-.no.ntKio no: ,\uk. ti"iio- 
30 0: Srpi TW.0n.T4i.oa; Aet. 2M Ou-TJii.rKi; 
Nnv. 2«tt. 0U-315JJ0: Dec. ■J.iii.uO-Slu.OiP. 
Saits: Nil, 


L 1 11 'I tMlIlle 

Aii» lcJ.tO-c: 7v 10G.b5-uE.72 UiE.76-0J.7S 

«i*-t !i.6.7Uv: -a ItiS.OQ-Or. !'»■ Ifli. 10-55.75 

I lee 110.10 :a.2 .-112.00. IMG 111.50 DS-.25 

ilHn-li. II4.L5 1:. 2a! 120.55 20.5U 13l.4D-t7.5d 
A1 :i v .... IL't.toU-i 1. (l : 123. sil-ii. JuIlCa. 0.1 21.GU 
Alii.... 124.50 .-4.511 116.75- •. f.'Jt. 145.00 24.75 
tsi |27.a" 2: ^a.'Ud.SO ?0.25| 

Sales- ■ I -0k, lm, ,,f .'hi 1 .in re-. 

Tale and I." I- '‘S-rc-ilncr: priei f-*r 
pranniaied !m-. ^’hhe >ui.ar vj:- CM-’ 4" 
«»a;ne; a i»uin f‘T li.»ne trade :«»d 

llff-'Wl irilrl'"'' ti-r expert. 

International Susar Aqrccmnil: r*riw - ' 
fur June 6. ".S vviita per iiiuiiiil tub .iiid 
-.itiwed irjrihb-.i'i h**n — Dally 7.61 i«.r,ar'. 
15-day avt-r.i.-i 7.!^ <"JI5r. 

EEC IMPORT LEVIES— The lv[',iu-mc 
import u-ip-s tur wltol,.- unit raw suaur 
are effeeuv,- i«r >iii:c * in units m au.Miuu 
fnr I On kites ' :»:ih prennuc jn hr.-»'keivi 
AVhlic ■aiis.i r id-n:iinr..d and run- 
U,-nrilurr-d>— >7' 'samti. Raw suaur 

WOOL FLTliRES 

LONDON— Dull jnrt fi-alurclcSi, r purrs 
Bauhe Hal - a s, " an 

(J*.-.* >• per tllrti 

Ul-lriinn jti !' |,| V.+ Un- Hit 
Iiimh iii.tij * : — n..i,.. 

Julv !*2:.U ;C.d . .... — 

II-I..I,., . |25j ll J-t-D • 

li-.i..ii.e r ..5i: k S l>-U ... 

.Mhii-ii . .. b-v.i ia-u • 

.Hue ;;a^.g.4iJJ _ 

4 mi |i.Jc. - - '“-h •- 

ii-t- a..., .. (2 J..j5JJ.’J • _ 

LlC'C'iilx r h “2,® 

•Sale* Ml ■eiin<" l*ta nf 1.5IIII t.a. 
SYDNEY CREASY— In orfl.-r touyi-r, 
*j tier !iUM!»-'.- -tali'*!— Micron Conrad: 
.mi) a: u:::':"' '-tv n yu.ii. 7.7. m. 
n+f.. v.:4t> ui d-v. 

:j:i .i54..r ^ Mareh :>7 Sjfa u: 
r.'i‘J u-.75ri.tf-. <v '-t ;,v wn >jci '. -mb > 
;-->a 11: an. luh Jul 0- 404 0; uut u-ifi j- 


DUNDEE— Oulct. Pricey r and f I'K 
fnr Scpi -\n»- shjprneru: BtfR C267. BWG 
resi. mvn r:4s. Tn™ ktb pirt. rtt. 
tittlS. RTD r;.l« Calcuua goods tam. 
Onnratiuna c and ( ijK lor promnl -dup- 
rueni: lO-cumre 40-mt-h E9.S7. Ti-ottum 
t* M pet 104, var«l«: June C9 S1 and R.75 
.hily.Si-pr. rit :s and £.'.ki "B" iwtJIs 

sir 14 CT und tl'T R5 tar ihc respective 
M.iumciii pcriuds Yams and cloihs very 
(luiaL 

MEAT/ VEGETABS.ES 

SMITHFlELD if’rire.'. in pence p"r 

I — Cecf: SThiiivIi tilled 'ide-- "i4 U 

In .17 n. Kire him If, 11 in,-r- .iso l», T. - n. 
hirrotiitriiT. tin u lit 35.0. 

Lamh: Riuli 'fi niatl. new >e.isf,n hD 0 

1.. f.tn. iiiediuni "«4.0 in RJ.R Imi-i-eil 
fr- i7in: X'.' PI. ».S in 5?.*, PM M-U »>• 
51 ft 

Pork: Fnufi li. under ! nn ih T* n >'• 
iv n. Illb-lvfi Ito 3T.n 10 41 n. 120-lcn Ih 
42 n 

MEAT COMMISSION— A veraci- fnislnet 
prnvR si repri vmaitve martei* nn 

.Inn.. 7. CS t-allli- R0.-f.1O per k« ll- 
1-1 nil' : UK rheep 147 fin uer k s. «-«i. rtew 

■ — 111 4 •: CB piii" W*0 per l-R Iw • — 2 7*. 

Enaland and Wales — Cairir niimtoi-rs rtn-.-n 
■j-.-,.? per ceni. uveraue pnee fiBJtp 

,-lliUi: shiv*p numbers down 5.14 ner 
i.-ni. :ivor.i3e pnee 146 To ■ — 11 t >: pic 
numhere ,1nwn 10 S per eep|. averse.- 

brii-e 55. Tp i- ?Si. Scotland — rnii,. 

nn ni her* ihm-ti 44 5 per rent, aferace 

I'P,, ,* fi'i l-ip i-+*^a.- sh,-- |i nmr.hTr up 
to-.' 1 |n-r eem. nv-Tnce prir*- 145 Tp 

, -i. toi; ni= numhi-rs up IS 3 P' r cent 
M-iTOCC on,-" i*4 Ip *+0.2i. 

Ml *7 tareeatt rai*-fi of UK mnnetarv 
enuip,-nsalr,r\ amniinut fnr u-eefe enm- 

1.1. -nein;: June 12 iu'<lh urevlmif ire..f< 
Aunres in hrarteKi Fresr, or ■•hilled 

h. ef carra^-s: 14 rMp per '14.5101. 

dn-rn haenn sides £244 00 per I Wine 

■ £J4(Hi 

COVE NT CARDEN tprrces in sierllne 
per paL'k.lje ctrepi when? oihvrtiia*- 
f.i:iie,!,— Imported produce: Oranocs— 
rvpnu: VjIwu t»uie< t."> kilns :i Tin.sti: 
TIorne, an- 1 sn-4 .’i; Ohtami.,n- 1 fin-i .VI: 
s African- Mi'-Hs t45-4.a'i: Snania: 
V.llenei.-i l.aies 1 Ht-1 tU> Lemons — II hIijii: 
Tfifl'120-- n, w erw* 4 Sn-4 *4>; Sp.uu i invs 
;:. 5ns i in- 1 an : S. ifm-tm- ww* 5M- 

■ ?fi- Sp-mi.i- l^irct- hi-xes 1 HIM n 

Crapefnili— I'vpms is fcijns 2 .in-l nfi: 

•o tuns i vn-4 nn : s. African: 27 i.tn 
;n4 JalTj- .'ii kilns 4 lUM ’.ft Apples— 
Fr»-I3it> ' Inldeti P,-l»,-intis ?fl-Jb S4'< 150- 
70. 70s 7 Tit. '■ fill. lumMe hoses fl 13-0 |7: 

W Australian- Cranny Smith amt-0»n: 
T.isnijiuuii- .Touriihans 5 411. f.lr.innv 
5n,uh ;i ui*. Hulun- Ferre Rouiitv. per 
firimfil HIT. I'AMf-n CrAi-ttus f.H-" I',: 

S \rni-aii fir. mu V Smlih 1..HIJ1 White 

V.'inii-r Fe.-irnmin 7 “u-f-.ftfl Si ark ins 
D'-ln-ions 5 :a«t Tli Holden Delldnus 5 on. 
e..v>: i:Pi|.'!*u Ilrannv Smith #.20: 1,-u 
Zealand: stumer Pipntns ic: 5 mi, 175 
r *•«. 'iranm smiip #2#: nani«h- per 
pnimd snarmiN n t::-0.l5 Pears— s. 
.'.frum: r.ar«ns. Dackhaip’s Triumph 

i. iii Ifinp-r rtrln S.wt-s.20. Beician: Can- 

i..r..iur U I.wi 15. Pi*ar.hes-- , ''-ih , 5 > i' 

St.iiulard trays i.'iiM.Vi Apricou— 
Snsnish- 1 1 Ids 3 .ilKl III. 

.lmiiiie.n P.-r pound 11.15 Avocados— 
Ketiva: i-iiprrr. 14 -*J4a. .l.Jd-7 <n: s. African- 
l-ui-rie :: -1/1.: nn Strawberries — C: ,1 i- 
fornion: (t!H».i<W: [i:ili»n- n.311. Snnnjo- 
11 Cherries— l-'rcnrh: Per pound 

tirjl iutr,. Prpnis: 0 70 Onian—Chih-au: 
t“av-s .'..on-fl B0: CjiKirv .l.on^l .10; Duirh- 
? nu-j 611: Nraeli; 3.3d. Texas: 4 nil; 
r.U'Piiili; .1 Oil: .Spanish 3.20. Potatoes— 
Fi-fpiitin- 4 2ir.4in rvprns. S.4n. J-rsrv- 
S’l-Ib Valencia- J.50: Mainrean- 

4 mi- Italian* 4.211: Bntiany: 1 'Kt-4 70 
TomaiMS- Duich- 1 in.1 an Carrots— 
Fr,.*i/-h- Mam.*# ?fi.th hoses 2 cd-i tin: 
I'vmis- J .hV.’ nn Acparaaur— t'afttarnian- 
Per uiuinrt 11 90-1 nrt. Hnncanan: 0.70. 
Beetroot— i.’.vnnis- 2s tb 4 90 
English produce: Potatoes— Pe r SB-lh 
ti’hiie R..rf 2,-ai.r. ,-,n. n™ ernp per pnnmj 
«I Od II in Let luce — Per 12 1 ) 4U-0 in. rnj 

! Carrois— P.-r bau ltKO-1 411 Dnlgns— 
P-r Jfi-ih 2 .'u-'-’ .so Rhubarh— P* r pmind 
nicdnor U.Ofi Cucumbers— Her ir:iv 12 24s 

J Tm- 2 "fl Mushrooms — Per Ohttftrt (J-tfl. 

ft Ju Anples— Per luiuiui Rranilcv's n jo. 

11 .'ii Tom ai net— p.-r fj.lh English 7 .in. 
.iRU. Croons— Per i-r.iio. Ki-iii 1 nn. 1 -n 

Cauliflowers— p->r j; i.mcoiii iimm -jn k*-w 

].liU>7 2ll Celery— Per iris 3 50-4.30. 

■Ir 

CRJM5EY FISH— Supply good and 
demand fair. Prices per Sfpm' at ships 
sid. •uniimfi.'tK.vU; Shelf <> r ,i E2.S0-C1.J>1. 
sortlmad r.' fm-'-S «J: I,-. re- haddock £4.211; 
nivtitum h.i-lrf-xl. £.1 m.£4 2n : apiatl had- 
d«*. 1 R (hi 12 Mi: Inrje pi. nee r. fiitt4 :ii: 
m»(iuin> 1*1.1 it e rtfi-i-riwi. hesi vm.-ill 
pl-ii'-*, f;iar43* tfinned Ineiish flara-i 
m mi; fn.rimm non: l**mnn snit*s <larce> 
i5.Su: medium M..41: saitho Ll.40 il.so. 


PRICE CHANiGES 


prl.-es per lonne unless mherwis,. 
stated. 


Jum- 7 f - 11. *1*1 1 

1 147- 


Mftais i l 

A:iiiiiiiiiiiiii....„.....JC&8'1 ...... .. 

Five umlhel ||-I*||* ,u30-5 j .. 

Va,|ir»r<-M-li VV,Hur*- , *i'7S7 ’—2.0 

mi** ,l**..|,i |C777.Z*,—2.2i. 

■ Vlii Hih^- It-750.9 4.26 

»!»*. »J a. (i770.5 .— 2.75 

«;..i*l frev- '*1-3. 123- ].?% 

I«i.l in-li it'3 17.25 —4.4 

a ill*. £327.1 4.2 : * 

\i.-fc.-i C2.a66 

Kiel- INrkel i.-ll I • 1 .9<J ; 

I 2.0i , 

I , 'M>|||||<, II. -v C 122 i 

Fnr .U«ikei ; l' 143, 25 t3.C 

if i ,er ,7*n... >127 sai 

-*i'«’.-i 1 1 • •» 293. 05|. .+ 2.i 

301.6*. +£:.:5 

1 -6.69Q —70.1. 

* m* vii ta ' i'6. . 7 0 -45.0 

to*,ilnniu'. 4lii,4,|tt29-14 ... . 

/me »-h - 1 1 t' 53 1.5 -2 5 

a iil*»iili* 'C0-J0.J6 —2.7^ 

Ui*«li 1.-.-1- I *550-600 ■ 

Oils ; i 

• '■•■.iiiii (Uliiii ':670 I + I5.u 

4 1 r*.irii-inifi ,t; >44 

tjii-wi i Mi.lr ivi..;L - a8to .. . 
I'fll.n .1tai*ti«n ;>610<: +2.0 


C6SO 

••85-000 

Cild i'6 
-.664.7S 
-7ua.p 
•'•If:. 126 
-.£96.25 
iaU3./a 

-1.95 
-2. J5 

,li;0.5 
.J2D.9 
Ii7-s2 
. 78. Si* 
.■b6.ii. 
6.' +65 
.6.j52.» 
la5-:p 
. 50^.25 

.■311.15 

•550-dUI, 

-590 
1-744 
Cat 3 
-5S0 



Seyris I I 

'••I'tu PlnliH ■»449„, 1 410 | 

■*» "ililrji ii ll .■■».(.... | >2dl.5«- .-6.75 294.25 i 

Grains J ] * 

i*i tei KliL ' f 

H CB2.05 t -?9.8 

Mel. 

fl ll- li.W > V II I L 105. 25 i '.106.5 

IVluMI 

X”. I l.i*l tot"'iii C'97.25 1 + 0.25 C94.06 
\nj Hurl 1V,i.| r , - ........ '. 

E-lljl I'll .11 ill III;., i 104.6 " LlJj 

*.•*••.. ■*| l ||**n- *u.... f 1.770 +5B.0 si 962 

.■•told I' 1.672.5 -a5.5 '1.371.5 

* ■ ill ■■■- 1- min 

>"pi '-1.734.5 t 27.5 1 Hi.i 

• ■** In ivs .. •' -Sa. —...l 7..b5-* 

t.'1'H.f i j7.Z3| — -. 52;* 

■"'ju •II«»i -'1 2 — s.ii ls>- 

tii~.lr.iie >1**|l.*..l JQlp !. ;Sj;- 

* NomiMl. 7 L'millfllt-d. I: •n.n*' 

■ll .Time- August. 1C July. ; Jillh-july. 

I E>r lull. 


IIVDJCES 


FINANCIAL TIMES 

•lime 7: liilleri jll.M.lii 1 V' i . I 

250.61 051.77 i 243.22 i^6r:"i6 

fNa«e- tun i. i«f=uw, 

REUTER'S 

Jlltie 7 -I If lit- to , >) i»i|, vjij ._•• 


1525.2 3517.7:1462.7 1 1640.4 
IHa.te: ^enieiph^t'" is. ifttl = ml • 

DOW JONES 

it.*>\ ! -I Kill- lull,. | >l..||l|,. X .VI* 


■*»-i .... 35e.lO 359.25'357.23 417-' «7 

F.u un- i'.-S.SI 557.48:347.14 337.39 
fAyernu# 108i 

MOODY'S 


.11. ..Iv’. 


I I Mill- Jill.. 

i 7 


'ta- , 925.5' 910.3 ’ll 

I ntwomher ii mil "Pul. 


COTTON 


LIVERPOOL— Soul and shismir ni rak-s ! 
nmuuntcd in f.’t tannrs hrliuiiu 'In im.u j 
fur i lii week io fiufl taun-s. rcp*.n.. 
F W. T-ilt-rsali. Entail *nn:ra.-ta ••••re 
plnc'-d in Vitrinus Anii-rn-au.i-. u,. jivIi-n 
'A i.ft utt- iia«*n n*|iirum to .nerji, 
ftri'oly and on'.v minor r«-Dleni'2*iiii nr inir- 
•■hh.se.s ii-*ti l il. id,- in |.-iim Ain. riduti unit 
SlitldlL- Easlirn ^rcm ihs. 


and 
grains easy: 
cocoa up 

vfcti j ui.-K. tuner. 

P'l’I'EH O-l '(d l*i*l r .IP hi ll.el** 
hed™«! .'elliii: and ,iixr.--si\i ■^•.uliiii - - *■•;+. 

ll'.U-.l- IlMUld.ll l.-ll IK * -.1 .•.-Mil •. 

hM-opi-Jli f-irei 111,111 ur. It 

incldl • Cj-*.*I **n i.'.ilruul Ir-'.M||-.. 

ii'iuulaiM.ii feltai.i-.. -iiK-i v -*| |,rv -ur..- ..ii 

•lii.n.-Mu, o *iuiii. .(jin i*ri. *•. u..!i-.r.ii:.. 
i;**H'- tuii'h'-d ji .ir M’-.ir 1 Ui-iiuu , 

tin •/■ccuLtin— i.ipinuiiiih ,-iii/J hr-ii- r 

wv.i :her in rir jii) e- ,.;l ir ri.-ii'.ri. . 

Cocoa — ■ 1 1 J i 1 te .-Vi 1 1” : .i.i., s.j.i | :,■ 

• L'V.jUi. Dec. |-.'to March l.*J :i Ml-.- 

I--' ei- tut- in mi. Si-r-i . ' t **. mi fi-iu-.. 
m -n/-. : y.'i. 

Coiree — i” " '.-■■Hirin' .lid- TT” 7 »- 

17-ift" • 172 51'. Ni-pr j i.v.tiii ,17’. 1 1, ... 
1 i,u fin- 1 i-ii. 7.*. M j r , 1 1 iv, ;.n ., .r. ,i. * i j .. 
1.11.7*0 uk+iJ. Jul.1 '.',1 IT. ti.ll. 

II" j • V c I . toalu-,: -in 1*.| 

Copper — .lime ■*.: o'- ",4 au, July .:.;ui 

"K.Ml -. ,\Ua oil". Nipt. *4 li-l. I'lV. I'. 

.■•in *. sn. \tjr,|, i.7 -.il. Mj- i.; *li. Jui- 
r"i -il ."*■ fit „ *M ,tf l*.t J-','*'. ?-V to. 7_-.',i 
M ircli ;.l .0 v a l, , j-.iuil |n| . — 

Canon— Vi. lttl> ja.4i*-.V> ',n ■ . 

’’*••: *;j .7 v :u ■ i,i ill, Dec. , J'-hi 

M.ir- h i*4 75. May ••."■. 4S-*.S Atf. Jin;. ,.o 

mi Irfl IHI.I.l, i,ll S.lly- l.i'jli. 

■Cold — June l.*n.7i* < l.'J.Jii', J.il • i-;...ii 
• t>::-.’ii>. iu-4 iil.Tto. *.i,'l. If 4 in i*.i 
rfi* j" !■* I* i sti '-ii ai*tii ist.se j ii. M. 
IOu.9.1. .luu- 190. 1 1 ", mi. ■; «■ m. L'l c . inf. 'in. 
t-et>. _'ti*..f«i. .uirit ‘.'Li. fill -,fiitcim-n: 4 . 
S«1e.-; 7..1i‘-- iuta. 

tLard— M mm available ■ f-Y (irutie 
.‘•lea in iu rruded ■jinn iraitoli 
Maize — luta i.i> i. Sep: 
i lire. _‘t>-' - --to...-Uareli ."UP;. U,*t 
JU. .’M. •- 

-platinum — Jnli -j.:y -cn-^^ii -,.i • -,u , 

mi .'4u 1 1 1 1- _■ : 1 1 . . m i •: i 4*:>>, .i.m 

H. -.iai. .i*nl Jlt.iiii. JJuiy .■•*■, -u-217 

"el. Jii 'i>-.‘4.> tfii. t.ui -‘M.lnjjl u. Sail.: 

I -7J t-l-. 

• 5ii»cr— iiiri- r, :4 jii •v:;jiii. ini rm 

illni'li, *0J .li'J.itf Si-10 724 ill, [-.i. 

',4a. 7ll. .1 j 1. Vito Til .ir.-fl V.: f-n. Vi.- 
.',1.1.411 .In!} aTi id. v-;,l, 'e J 1)11. D-. C. 

'•Si. -ui. .l/n. ,.I*'I i'll Mill'll >11 111 s.ile.- 
HUH li.i K Ha iiov :.II{I Harm an 

■ ii.m 114^11 - 7. iii :;e i 

Soyabeans — IiH: i.,-i-i-1 a... 

'SO',, s-.-pi ,v„i. *-i4-*-42. 

I. ,li. 1.4,.- 147 'Ijreli u”i !■■:"-!. Jlj- .l.VT- 

i .-"j*» till: o55. 

.Soyabean Me.il — till- '72 "«-l7. V.l 
. 1 i«e. I7i iH-irj.w" f, t i-i 

i;,.:, n, ‘i.-i i;:'4i in-.- u.'iw. im it::* 

1 T.-..'|II. M.ireli 174 7 hi- 17', I'll. Mj-. :7„ .<■■ 
III!:- ITT ittf-ID pu 

Soyabean Oil — J ill". T" |V-j„ ‘27 s'u. 

All" .'i tin '2'i-77. i. *•, •!*!.. ji. 4ii-2 V!'*. "'I. 
; 4 Ji.V lm-. '. , t.llil 2::.!«J. Ja'i. 5..iu, 
M.ir>ti -J-, Vi Mi . Jl.2ii. Julv mi. 

Suoar — Nn. it -Till- 7.2ri-7.-:0 ‘r.".' 1 
-i-fu l.M 1 77,41. *‘»"i 7,i2J-7.,:V, J.*ti. 
7 97-» 1-1. itijr.-h 7 4 7-7 ”• M.n S.iiT. Jui" 
s.toi,. Seji I. * SvU.iM. Mil Will. SjIi... 
7.06-1 

Tin— 161 0 iuV.ii ill) -. led * 'is. ltd iiUil. 
Wheat— July *“_'«*». 5i.ui. l.r 

• :l: 1 ; .. l<-_u . Mar iv 5! *• v;u. 

.lull 02". 

ivr.'NirEn. jui..- : - p.ye— i.u- i»7 19 
»J07itf bid*, '"'ft J 11*:. jo • in» ludt, Nn*. 
1 *i.i 7(1 :mm . Div. itft.lA i-.kcil. 

f-Oats — lut} Mi (Hi -.'I.Cft.-. 1 Hi. 7'. 70 
.taked * 77.40 < D.-C. 7.i.2!l ll -l nl. M.ire(l 

73 in lud 

tTSarley— luti 77.50 bi'l ‘ ti th. < 

FT 7‘( 3*rV*1 ,7T.S(t-7.j.l"t-, £'*••• 77 .Vi .1 -I'i'iI 
Vlarili T7.0>> r*"in. 

pplazsccd — l*i’-- tale*'* ■•2 !>>',i"I hid. 
ii*. i li.i '.ft I Ju : .-HI a--l:ei|i, Nnv. 2i*J. , it' 
,1 .} arl. 1>.-.-, 'TV ]ll ,i>kcl! 

"Wheat-FlBRS Hi r _■ ;.-iil iriil'di 
l".. 111. .'lit t'lf 1 ..iMTelli", |,,j V, I l,ki 7:i-. 

.•.ll n.'ii:.- p-r imur.U -.-j-.v-.ir, ic.ii •• 
unless uthvrici'M iia'--ii ••!* lev If"" 
mill''- o—l fid mince Ini'- i"llli-.i;il Inn-*: 

Pi-r l'l" lh«— IJ,-pr iO -\- rn.i'. un- 
,imij U'jj. Prim.- %|,-,im inf*. lni*V 

latif’ car*- f«*n (s t»T '«< m hir.h l 

1" aP -Still* *■ 1 (Inn DU'.hei j,":. ‘ .... [■ f 

Irvv nun, -.■ tar. in nr mul.s ,r r 

■ ,.jjt liurp;-* deli-. er>-iJ S’i . r 

Uf,-.- rtllllfe •A-H.IP-llOIlM- ' I - 

• e;i!rjl'( 111 a -.linn Itin lur hlflii III!* 
,»f liitf "htiri tail's -lHl»,»r.-il I >• h r-iti 

• liu-ain. 1 •il-'l-i -Si l.iiins am 1 . A17int 

r, n:e p.-r II* tinoiud m -i* r«* 

. f-u'-T per_-.’_t It- Mi-ib-l •■.ii.iji ;.*, r 

4ri Ih hixfc.-l •.•%•« ? ri-hniis* :■ *'• n:-, ;i- - 
it. l'l * it ito.li* -1 ex-.'it. htiiiji. 1 • i'j -I luoii, ' 
latJ, V---’ P'-f 


i : 








St. modestly easier on profit-taking 


NEW YGRK-^«**s ^ 


' : - - ■r^'^v'viW' — "ffij ** 

^§§ 00 , 

-4; ’ 




INVESTMENT DOLLAR 
PREMIUM 

$S.6U In £—113% (112%) 

EfTcclivt SI. 8230 — tflj% (48;%) 
STUUKS ON Wall Street tended 
ro null back yesterday in whai 

analysis termed an expected cor- 
rection after the {rains of the 
prior six sessions. 

Tlie Dow Jones Industrial 
Average was above the day's 
worst at 861.32, down 4.5fl. after 
tcuichins 855.31. The NYSE Ail 
Common Index was finally 8 corns 
off at 836.11. after 555.38. while 
declines outnumbered sains by 
8CI1 to 726. Turnover was a sub- 
stantial 33.Uflm shares, although 
well below the previous day's 
extremely heavy loial nr 3t.97m. 

Prices “just went up too fast 
and had to come down," com- 
mented Michael Met* of Oppon- 


WEDNESDAY'S ACTIVE 5TOCKS 

I'hanuc 

Mfh-fcs Cln-onv on 
cr ir.’ii'-d rnf dav 

Kaufman A Dread l‘9L , .7l"i 4 -It 

r»»|j,. I’nw.T . ST»i.WI Iff •• i 


Kaufman A Dread 292.7P0 
[■itTk.- I'mi-T . ITif 300 

li "■*; Plijrrnar-Iinc l« C7'X"' 
p. r SSB.SOO 

■.‘-irolina pmrr .V l.l. 2U1.M0 
(tihrnlii-r Fn. Calif. ^WJOO 
Srer': Rnrbiut iwo 

.i—.-.-.-i i;f.mpani'’s . tSO.Tiw 

iljifl ir.iwn 

l.i'n-ral Mniur-i . 1.0 SW 


heimer and Co. He added, how- 
ever, that the marke was “holding 

liie sain s rather well ” in light 
of the pace of the rise. 

The market's ability to limit 
its losses made it more likely 
that the buyers would come back 
in before long, he added. 

Monte Gordon of Dreyfus and 
Co. said the amount of uncom- 
mitted cash still in the hands of 
portfolio managers made it likely 
that any market decline would be 

contained. 

Analysis said recent hints that 
somewhat circular problem one 
top Administration officials arc 
studying a possible further reduc- 
tion in President Carter's tax cut 
proposal to about SI5bn from the 
SIHbn t» S20bo range was encour- 
aging. 

Also contributing to underlying 
sentiment, they added, were com- 
ments by Presidential inflation 
counsellor Robert Strauss predict- 
ing that June inflation statistics 
would show improvement from 
recent levels, an da firm rejection 
of economic controls by Federal 
Reserve Board Chairman G. 
William Miller. 

Investors also viewed favourably 
the passage of proposition 13 in 


California to cut property taxes, 
regarding this as a further .sign 
of spreading fiscal conservatism- 

Kaufman and Broad, the volume 
leader, gained li to SS. The 
company cited a favourable re- 
search report by a major broker- 
age concern. 

Analysts said Californian hous- 
ing and savings and loan slocks 
might be benefiting from the 
approval of a near BO per coni 
rollback in property taxes state- 
wide. Financial Fcderalion 
climbed 2; to 534, Financial Corp. 
or Santa Barbara £ to 528 and 
First Charter Financial £ lo 317;. 

Pet gained ; Lo S34J in active 
trading. IC Industries is to pro- 
ceed with a tender offer for Pet 
shares at $54 each unless Pet and 
Hardee's Food System share- 
holders approve their proposed 
merger. IC was unchanged at S2C 
but Uardce’s lost 1 to S1GJ. 

Inspiration Consolidated jumped 
7i to 333 i — it is nnt opposing 
plans by Canada's Hudson Bay 
Mining and Bermuda's Minerals 
and Resuorces Corporation to buy 
rhe remaining Inspiration shares 
they da not already own at S33 
each. 

Xerox added £ lo S34 1 — the jury 
considering anti-trust charges by 
SCM against Xerox rejected part 


or SCM's market mun r, P°)>‘ con " 
lions. SCM lost 1? to 
THE AMERICAN SE Market Value 
index managed a freih r,s ' e 
U.44 tn 147.39 in heavy volume or 
4.33m shares I5.82nii. although 
losses on the exchange exceeded 
gains by 33U to 318. 


Canada 


Mied movements occurred m 
active trading as stocks failed In 
maintain the general 
momentum of recent sessions. The 
Toronto Composite index shed 
O.fi to 1.143.4. while .MctaS and 
Minerals retreated 13 7 tn U92.4 
and Utilities 0.51 to 173— $, but 
Banks rose 1.71 to 281.40 and 
Golds, after recent weakness on 
the lower Bullion price, rallied 
3.U lo 1359.6. 


cals and Electrical Machines, 
which advanced earlier this week, 

retreated on profit-taking. , 

Sanko Steamship rose Y10 to 
Y250. taking other Shippings up 
with it. Tolkoku Oil advanced 
afresh by V8 lo YI23. hut was well 
below the day's best of Y440. “The 
gamblers are playing with it." one 
broker commented. 

To.vo Kogyo rose Y9 to Y46G 
and Kyowa Fermentation Y8 to 
Y426. hut Snny came back Y40 to 
YI.7S0. TDK Electronic Y20 to 
Y2.010. Toyota Motor Y7 to Y9S8 
and Matsushita Electric Industrial 
Y4 to Y716. 

Some Constructions related to 
Government public works spend- 
ing also eased. 


absorbed light profit-taking at 
mid-session. Farther ligbV Over- 
seas buying of leading sham waff 
also noted. • • 

Among the leaders, Hong Ron* 
Baiut,.HK$l&20, Hong Kong 
HKSS-20, and . Jardine 
HKS134W, advanced 20 \ ©arts 
apiece, while Swire Pacific' rose Iff 
cents to HKS6.60. Hntefa&ou 
Whampoa 12^ cents to HKS4JT75 
and Wheel ock Manten. 2.5 ceatB ti 
BKSZAOl 

Elsewhere, Hong Kong --^arL 
the most active issue, moveri-ahead 
HKS1_ to. HK32L401 whil& Hone 
Kong Hotels improved 20 "cenK^tc 
HKS15J20 and Hong Kong Electric 
o cents to HK53.0Q. 


• TnJmh kl- 


- . ; 1 1 A ■ • • " i. ■ .Vf» : •• {3i ooecotn pU*f _ ^ 

,- J r. X6w ; / 

'■ ‘ i M- .tt* y 7.;~ 


ffmefln'ds* M »•«» Jjgl 

0X1- xnfzsi'ssl sag ah 22Aix}S8*SS^23:W| 231.2& 


Tnuipnrt— S#1.B0ja5t; 
I UtfHttei.— W6.B4 rtR 


KM IdfcW iraJgi W8JJ8 10533^8641 ■: 


aiba, :msi ;sbbj». ..tba 
-« f6tr- anv gam &a&- 
Tiosa 10244 - TK4? -KSi 

■ - am - (awifiuj aw* 


iM insw . ’• :_2- | ~ . 


i 1 1 .... — 1 1 — 

ct jl -r>~- 

■ ■ 1 . i Juae2 ] JBhjtSB ;• Marls’. Year »gd (kps«w.i 

Ind.«ltv.yietd X ,. ***. ' t 6A« f-: . .- ,4*1 / - • 


Paris 


AustraJia' 


; - lnd - ^ | 6J0 J~ ■ -B30 ; : T 6A«; r-: ■ JkSl / , 

STA2TD AR3> ABTD POOild - \ ^ t ' I ' ' 


Tokvo 


Share prices closed on a mixed 
note after moderate trading in 
the absence of any fresh stimu- 
lating news. The Nikkei- Dow 
Jones Average was a marginal 
0.113 up on the day ai 5.4U0.43. 
while vnlume came tn 300m 
shares (290m). 

While speculative issues were 
bought selectively. Pharmnceuli- 


Rourse prices were inclined to 
improve afresh in active trading, 
encouraged by the half-point fall 
in day-to-day money and the 
Cabinet's approval of a draft law 
widening the scope of investment 
funds. 


NEW YORK 


June June 
7 & 


AM- -ii Ltl- 

A'Uin--- ni{ro; , ii •• 
Awiih l.ii- V 

Air I'i-i-iiii-i- . . 

Ai-«. 

Al>'4ii Vtuniininni 

A|r>'« 

Alli-C- 1 Ji>l in'll... 
Atl-Ktienv P-«er 
AI’iaI UiPmiml.. 
.VI 11— -I 

A III-, i. li* Inter-... 

A\|\X 

Aim r*'lH He-.-- .... 


•.'•■riiniit liiA--. . 
U'l - I nl'n'l '■'■i" 

V'rane 

i-'mcker Nal • 

■ iimn ZelleHfli I- 
> *i imin m- Kns>» r 
•.‘nr»l»- llnjlil . 


Ami r. .\irlini»...‘ 
Amer. HninK... 
Am". Hr-4iiknj.i 

A nii-r. | .au 

Anier.L I'miamM. 
Amt-r. Kin-, fun • 
Airu-t. k»pre*»... 
A mer. Hi tine Hn-> 
Amer. Mi»Wmi...' 

A V.iliiri.... 

Ainer. Am. 

Amt-r. .'UntliiM. 

Anii-r. '-r.ine- 

Ani-r. Ti-i.A Tel. 
Aiueiek 

AM K 

A \ir 

Am~- 

An-I| t Hi--k:rij. 
Anli-iirn lliwli. 
AriiK-i-Kwl 

A. >.A 

A -eian-ra "li 

A— rit 

A-UiHii-t ■ HI 

Ati. i;i hueiii 

AhM Unit Cm.... 

A U 

Am 

A'l'ii Cp-Iui-i* .. 

Hntl I in* Ki>- l.... 
Bunk Aiiifri *.... 
Bunker- Ir. X.V. 
Utrle-r Dll 

fatMer r-mem-i.. 

H-Bin -c Fi—I.. . 

Bot.ii.n 1 1| -keiiMin 

Beil A H-weli 

i«rnni»- 

B-ni;iiel ‘.'mis ■!)' 
Bei!i‘e*itfni 
Ru.,-'- A Ue k*r.. 

Btiein-A 

K'-j- I** mle 

B. -rli-ll 

hiii M'»mer.. . 

Jarunli I ill 

JirovUli '.V 

Bri-r.ii Alyrr- .... 
Bin. Cei. .VIU! . 

U In-.. 

Jilllll-ll I -k 

Hm-ini- Krie 

h'lim-H MhI'.-Ii. . 
B.ir:iiifclt<u Mini 

)tiii-iitn»!ii- 

'.Nliipiteli .St.n|i... 

1 * iiit lie ii I'hcii 

i. a il4i li<inil»l|ill.. 

I.'ttiuilllnll 

i.4:rM Ai.ii-nei'Nl 
'.V.rler Hittucv... 
kmervinar I'nirl. 

CBi I 

r elan^M- L'< -nm .. 
C-liliMl V S.W.... 


114114 

limn I n.tii-ir 

Urrlf 

Del M< 4 t(e 

Uell.-nii 

UeniM'l.v liner... 
Met mil K'lwni .. 

I 'ii nil in-lriha nir I. 

I >icIat hone 

I 'IK lid t- -(li i|i. 

ilitiivv (Wain 

I biter l. in; n 

I Hm t. Iieuilml. . 

Iimr 

Lltmci 

Uii I*- mi 

I'l mi- lmlii-lri*T 

I'lohi r 

7jifI Airiiii-* 

hdftl man K,-'iik... 

Kai.ni 


K. O. A t: 

Kl CdHt A nr. Ii«- 

blin 

' k'nier-i'Hi kiwi ri» _ 
i.iiieiyAirKr'iclii' 

l-.iiiliHri 

t-.Al.l 

tn-ellMlil 

b'-iiuirli 

Blbvl 

Kxxnn 

I'tindiiM L Han-in 

F«l. QhhVt, 

Fircmi.me 'lin;....' 

f's. A HU tk mli ni. 

next V«n 

Clint Aoie ; 

Kiiiri>lii I'nner... 
Cluur • 


Sl.a-L 

Julie 

7 

Julie 

6 

I. -Un- Mam me.. 

30ia 

31U 

Jiilnl-.ini .Ji'hnywi 

alia 

81?a 

4itlinM>n i.onln-1. 

29 ij 

29 >, 

■li'>vMaiiiil>eLur'p 

34 U 

35 

K. Man L'mp 

2bi, 

29J, 

kit-i-r A ■tiiimii in 

333« 

33v a 

Kat-cr Inilnslnei- 

2ig 

2 

Kai-erdiwi 

231, 

S3J* 

ka v 

13i 2 

13*« 

hi-uni- i.tl 

23J* 

244a 

Kbit JM.iw 

48 is 

48t,; 

Ki>i<le Hauer.... 

341, 

341, 

KimU riv Clerk .. 

48 

47i» 

Kn|i[wr» 

24s, 

24 Sa 

Knm. 

49 U 

49Sg 

niiiaei LVi... 

34 

34 

Leas: i\ a v Tran... 

3413 

341, 

U-vi £)imni« 

35 

36 

UM-v Ok.IViI... 

271, 

27 l B 

l.ii'Cel 'Jrnu|i 

S3 Jr 

34 

Lilli iblii 

4Bl a 

47S, 

Lltli'll (ll.lll-L 

20-Ja 

20 T fl 

L-Cklieeil.Mi’ i'll 

241 2 

241, 

Ijiiii? star ln>l- . 

2iu 

21 

Lmt: 1- inn-1 Lhi. 

19 

IB i. 

Loui-iana Lan-i. 

24 

34i« 

lafjliritH»l 

42 

41l 2 

Liil-VV SL-rfc- 

15 

15 

L'ke 1 'uim-l '« 11 

7t 3 

7U 

1U- Mlllan 

12Ja 

12 

Uacv l(. H 

42ia 

42 

Mtii-. Hmii'iei ... 

38' a 

39 

Ml|-a- 

36i, 

36*ft 

llanl ■■••ii *.*i 

47 ■; 

471, 

Marine Mi-i'an-i. 

15-4 

15S 4 

Mai>t]all Fiekf..., 

211, 

21 s b 

Vlav Dept, sioiw 

25S, 

26 

MCA 

52 J, 

64i* 

ML-Uerii-nK.1 

29’, 

3012 

M,-L)uniieii Umu. 

33l a 

33J, 

U. Vi nm Uni 

23i„ 

23s, 

Aleniorex .......... 

47 .'a 

477a 


•I mu.- -Itiiie 
7 h 




H. i n. .I.l-i Ali-Liil? .- 

lieyllnltir li. J.....' 
liit-li'atin Menell. 
II'4-litrell Inlor. .. 
Ki.hm.t Hh&- 


I (Of Hi I >11 It'll 1 

IMK 

llllN. Itl- 

liynei e ia(ef ,,.... 
Sluiiiiy r>lnn--... 
Si. Jie Miiierali'J 
Si. I(eu>4 I1<i«r.. ; 

Iwnra Fe li* 1 * ' 

San' IniuM. 

Savhi lu.lt 

Uren ina... 

Snliinnilieiver. 

SUM 

Sum. I*d|*r. 1 

Wirll Air-. 

•Mle llun. lei 


» nni north 19 ■; 

UN-iv 

XenK 5J I.- 

Z»PM« 15 

/.ermli Ifrnlio 16 

l'.".Treii- 4% 1*' t94 . 

l[S.Trea*4 1 - 00 

L’.S. no [lee hill-. 6.65' c 


Banks and Electricals were 
mixed, but other sectors of the 
market were higher, with 
Rnuygues. Lafarge. Printeraps, Air 
Liquid. .IJlcbeiuu and Aquitaine 
showing the most conspicuous 
advances. 

However, Pernot-Ricard receded 
2.8 to FFr 26922 and Radio Tech- 
nique 8.8 to FFr 443.2. 


Germany 


CANADA 


\htlibi I'aper 

Aiidilm K*j;ie 

\ Inan.Mumimijiii 

Ml! •‘•ina Mw 

All e.iiw 

tftnkoi Monirea 
bnnk XornS.-)tiii 

UhhI..- Cevx/nva.. 

Beil Teiept tone... 
Hon- 1 niievlo.1... 


Sea L'unlaincr-.... 

Svnqmu 

5wne(u.l>.» 1 

9enr. Uneln>-k 

■?KUl.:" 

toitil UM... 

^hen Tin n»|wr .. . 
Siana 

?i^noilt- i..4|i 

Mmpih-ilv km.... 

"•inner 

MiitLItkiuip 

Suutiun 

■Mill rt. Inn II 

SiHiilii-m i.'ai. 8i< 
Si'Hitbcni C*»....... 

?llin. Am. He...... 

XMiiliern |"a-ifi . 

southern Kju Ixrar ' 


t<C UbqaiLv. ' 

b Tuscan _ 

Bnuco ' 

(.'aiKarr 1 

Ch inflow M'mca-.' 
Curuula {.«nieat..i 
VjiiuiIr X\V Lao..! 
k'anini^ UnbCnm- 
l.laiui'lB Irhlust.... 

•.‘mi HacilK;.. j 

i. hii. ha 111. lui-.. 
Can.'Stijier Oii M ... 
u'ariinf! O'Keele. 
L'aMMlr AneaUM...- 


Market plotted a firmer course 
yesterday. 

AEG led Electricals higher with 
a DM 2.90 rise, while Motors had 
Daimler DM 2.70 up and BMW 
DM 2.20 stronger. Kaufhof put 
on DM 1 in Stores, while else- 
where. Klockner added DM 2fi0 
and Meiallgeselscbaft DM 9. 

Bonds were weak, with Public 
Authority issues losing up to 
50 pfennigs despite DM 20.3m 
nominal purchases of stock by the 
Bundesbank. Mark Foreign Loans 
were mixed. 


Mining issues were subjected to 
fresh profit-tatdng-and lost more 
of the recently, gained ground, 
while Industrials, showing Jirtl© 
reaction to the .1.3 per cent quar- 
teriy wage increase awarded 
yesterday, again recorded irre- 
gular movements. ' 

ORA fen 20 cents tty AS2A0. 
MLM 6 cents to A$^23. Boqgalh. 
YiHe 3 cents to A$L30, Sznrgbs 
Exploration 5 cents to 28 ‘cents. 
Pancontinental 20 cents toAgl4£0 
Queensland Mines IS cents to 
AS2.40 and Northern Mining 20 
cents to ASUS. However, Coal and 
Allied put on S cents to A83.7D 
and Hamersley 3 cents to A$£38. 

In Retailers, David Jones closed ! 
3 cents up at ASL38, after AffL40, ! 
benefiting from a broker's' report ! 
that the market price was well 
below net asset backing. The com- 1 
pany has also been the sut^ecx 
of continuing take-over rumours, ! 

The Herald .and Weekiy Tnnfo 
publishing group hardened 2 cents] 
to AS2.32 in response to increased 1 
profits- 


June 3ona!-Jiine|if®™ 

-7* 6 I- b ' -I- 


. •'31;' ' "Rlifi.- ~ Rtgfa | ..liw 


I'H'H 53 n “" «*• « ' iSS cg&'" 


AUty 31- ■ Kay 17 | ■ MajrlO • ^ Year <g> j» 


tod. (Up. yla Ul jE 
tori. MB Kntio ^ - 

Jjobg Sort. Bo ttil yl«*l 


- ff.ia 
' 8.42 - ; 


K.Y.S.B. ALL COKMON 


■ 7 | 6 

66.11 B6-1I 



- I 

June 

June)- 

6 

2 ! 
1- 


and Falla -. 

and 7 1 June 6 ilnna^ , 


Imnqa bmlad™'. L9Z4 1,939 LSI4 - 


.tTn»!bmi*ed 


‘726- 1,003 1.1M' 

_801 ? 572 43B- 

397 7 364 sS- 


ae^ . :« 


IKORTKBAL 


Juno June 1 JuuaJ Turns 
7 6 1 &' I 2 


Itviiutrisl 

Combined 


186-6B] lALMl 182-B2 jAlJbB ^,783.84^® 7 282j8ff| 

^ .183-44; 132.56 iSLSa ^.195yW (1/6) . 17ILSS 1 


TORONTO • Composite) 1145^| TI44.oj 1187^.1^2-31; tl4fJ | <6/Q _'| agS^Oyh.-: 


Johannesburg 


JOHAMRESBURG 

U-iUi 

IndnBtrwII 


214.1 210.6 } -2n4-Ttl2A : ;. 

224.8 I 22 E.bI Z24JK 228.1: " Z28.Tr 


185.0 (sam 
TBfiifl" fl3/3lV " 


Hong Kong 


Market made further headway 
in very active trading, with Blue 
Chips encountering strong local 
demand again, in its seventh suc- 
cessive advance, the Hang seng 
index ended 5.50 points higher at 
494.22 after the market had 


Golds took a turn for the better, 
reflecting higher- than-expected 
Anglo Vaal group dividends and 
a stronger bullion market. Hatties 
rose R1.S0 to R23.50. 7 . .j 

Mining Financials, however, 1 
were little changed in quiet deal- 1 
ings. 

Asbestos issues gained ground 
ahead of dividends, .with Geco 
adding 5 cents at R3.65 and | 
Msaiili 17 cents at R2U2. • : 

The Copper market was mixed, 
reflecting varying reaction '-to the' 
Zairean and Peruvian supply 
situations. 


1 Juno Pro- tWB I 

| 7 vlMn High j Low 


«•-»**« S® "(V® 
Msi— *■“ »*■ S 

*■“ S 

*«»» "" "- 1 J 0 ' 1 <S| SS 

whu. mg 

HdtaDd «nj *-1 Jg 

Hong Kong 494 ^2 TO-78 4«^2 

Janan (jV 410.19 410.61 <16.11 Wi* 
japan 



3m& { Pro- f 1B78- MTE 
' ■■ •7 • -vtoiia High ; lira' 

Spain tf 

TOClB 10MB Haw STM 

Sweden . W 

367.98 XBJB ^6.74 

SwifizerlW 

282-1 232.7 ® §$& '. 


awii ewi 


' (M«l (17|6J 

mz kuv 


1 17/61 J}<4| 

njr 494.22 (488.72 494'^2 385A4 

ll'l 62.60 62.96 64^ 

' ' (ffl/6): (10/1} 
(at 410.19 410.61 <18.11 S64£X 


K.M.C 25S« 25i B 

KiicI Mi.4i» 49 >n | 497g 

N.i Jin.*.! U'-k.... BIJa • 22 

KmxUipi 3Bjj 3Bi| 

Kmnk in Mini.... 10s« IQ! 2 

\lin«*ui 22^4 22 >h 

t’rui-lvi'ii 31 ia 31 Hi 

i-'iujiia Jn>l' lllj . H J i 


Mi-n k 

Merrill Lna-h 

Mew I’elmipiim..! 

MUM : 

Minn Mmu.1 .11 1“. 

AliJ.-il Ci.rp 

yk>iimnti>. 

Mvn.«nJ.P.. 

MiirnmiH 

M ■■■-). Jiv 

AjiiiM.-^. 

.VHloi('li«ini..«ii... 
Aau'Mi«i Can 


rs.A.r _.... 

l.iHUlirtl 

iji-a. V111u1.ini. 
li.l/J.A 

(.,1-11. I Hi'"* 

lin. Lie imiiiIi- 9. 
■<■ui.blo.-lrm... 
liriienii K«»l*.. 
liVJII-ntl II 1 1 Ik... 
I.icllcm .MhIiiIk.. 

I'll!., till.. 

Uiyi. 

tjwi. IV . Ki* l. 

<ti;ll. I we 

I ieNO.M 

lits.rjiia IVclIic. 
*«5lll 


L <?l1HIIUC--il ' 

Cl? Vila \ir mil . 

» niwlInnliKlIan. 
CiiKini'-ai Ht. M 
Ole ■♦In Jill 
On-.MIf»V'Ull1...- 
■. Iiijui- 1 Urnls*:.. 1 

l.'hmulHlIov ! 

VtifV<Wr | 

«. ineiimi 

kirn-. MIIHl-IOU...' 
i'iuwi 

Lltl<S, f>BPVII.-e. 

Cir\-ln\«-liDK... 

C-»n Loll 

C'ni^ule I'hiui 1 

Liuliib Aik man..' 


fiillmi- • 

i.r-h i.-Ii B. K 

lim Hiymr Tire 

U.IUllI 

Urni- IV. |{ 1 

Lit, AUhiI I'a-Twj 
lin. Xxrlli Inm.J 

iire>li«*iii-l • 

■•■nil Jt WpMein.. 

■j! uii Hi • 

UalilmrLi m : 

lidiuiH Alinifiu : 

H«m»- htcvfr. ...j 

Hat n« Cvir(in 

Hmiiz H. J 

Hen 1 lie I u I 


Nat. Ui»llti«l'.... 
Mai. oervli^: luil. - 

AaiiMUiii ^icel... • 

A'ai'iiiiiu 1 

MUM , 

Nei*iiin? I iii|k. .... 
Ae* Knalanfl hi.. 
Mew hi i" la 1 hI Tel 
Miasma llnlwnk 
Miacyirii allure. ...- 
V. L. (ll'lliol rien .. 

.Nnno-kAll't-rii-iii 

\i-rtli Mai. tin ... 
Alim *UilCS t’ni' 
Mlnv»*l AirlliifKi 
AiIiwsm Ban mi-' 
Vint.in Sioum. ...' 
Us-iiem« HinroL 
Omlvv Mm her... 

I 'fain Hiltritl • 

Oim I 


?uuimann 

5 'w’i Nin-barer . 1 
■>t«rrv Hutch... 
?peir>- Ibum 

'mill 

?uukU(ril Braiiil-. 
Mbt.UiiCaillnrnm 
H*t.Mii 1 1nl1a.ua.. 1 
501. CM C»hm„... 
<tmiD Cliemu.n . 

’leriniK Linu- 

-luiicl wker 

sun In, | 

SijiM-tranii.„„..j 

•>vnie* ! 

i'cvnnicninr ' 

tVLIroDix • 

LVie.lv ne 

LViwl— , 

I'enwro ' 


Chiemin 

L<imlnun 

Coin Unburst....' 
L/omumer 
L'oseka Knounwi 
UucUin Ilk-h 
Uanu Jlevimi 
UeniHon Mineo...' 

Uom Mines- 

LVune Petrol eom 
Unuunmn HrslBi 

LVtmur...^ 

L>iipmii._ 

n'a'L-on'fre Mokie.l 
PoW Mianr Con. 


notes overseas oricus snawn nemw 
esrludr 5 premium. Belxiao tflvuleima 
Arc after wiihhnKJina ta«. 

♦ DM50 rionom. unless oiberwlse stated, 
fields based on net dividends plus tax 
9 Pras SOU itenum unless mherwise Stated. 
4k Rr.ino denom. unless 01 he raise nated. 
V Krg.500 denwn and Rearer stuns 
■inless otherwise srateri. r . Yen SO rtermro. 
■mless othenvige stared, s Price ar Mme 
ni susnension n Kknflns- h SdUlHuu 
Oms nivhleitH after oenriino rlahf« 


and/or sens issue, er hrr mum. r Ktnacs 
n Cross, div. %. h Assumed dividend after , 
scrip and/or rUdnn issue, k After local! 
taxes, m % rax tree, it PnmcK toriatina 
unilac dlv. v Nam. a Share split * Div 
ami yield exclarie special paraieaL t imti I 
caied div. 11 Unofficial tradlnu. n Ulqortrjr I 
holders only, v VI enter bending. ‘ Asked 
t Rid. f Traded, t Seller. ? AaRuned 
IT Ex rtzUta. vri Ex ' dividend. tcRx 
serin Issue xa Ex all. a tnlrrtm utM* 
Increased. . . 


jnpwu - (UW J4/MJ 

! KS. 


Uuuces and Dase datea (all base- valttea 
kki nscem NYSE . AO Common — SO 
Standards and Poore — IB and ' Toronto 
un.l.wm. the taar named haaeri on UW51.' 
• Bxdnrtfiw con® - *480 TaffidMalB. 
1 400 Inna.. 40 UtUMM. 40 maanoo and 
W Transnon. (4) Sydney AP Ora. 
>8) Reiiaac SE SUUm. («1 CmenWM 
KP 1/1/78 rrt] Part® fbnree . ibst. 


TUESDAY'S ACTIVE STOCKS - 

- - - — Ol imi i 

Stocks Cristo* on 
traded ..pdee dry 
Eranltt Airlines 448,790 i« ' 7-1* 
American Cyananrid 413LS08 - 3W H4- 

UAL 868.900 . 391 -**. 4+ 

Psn Amrr. Wld. Air. Z7Z.GH) 71+1 

Maori 35«JW llfi^.+o' 

WesUnghouK Elect. S4SA90 . 2S( +* 

ImernL TeL & TeL 341^00 531 4-L 

Amcr. Tel. * TeL ..SSfiJM m 
Digital Eqidtmienft : . L 3124100 Sll '"■■FI 

Sears Borindt SOL800 — 4- 


mi Cotaminbaitt DocuWa (HiAmsitt" 
dam. liit ngtr l a l 1978. fill dans s»na 
Book Si/7/64. IM> Milan trim. (olTOro 
Nq« SF 4/1/8S. rbv Strain Times INK 


(c> Qonl (d) Madrid SB rWWrf. 
(e> Stocftfmtm InamtrbJ mm. (D Swter 


Rang Core c«t niunlliNk. 


GERMANY • 


uneu> Curuina ..! 


I'eiuTn IVlp'lHim 
IVkAiiu 

Texai^uli 

IV*** InJM.ni 

I'exitf CHI X Uh*.. 
IVfcAH L'l lima....: 

L'liin* liiv. 

Liiuhs Mirbir 

Timken 

Vnnie 

rmm.ini>rii*..../..: 

I'milMn I 

fnuw I 

L'ren-uiiy Inlr'nl 
I’tniii U'i it M Au.j 

L'mvelleni ’ 

in Ckiunenialn.) 


IVlIaLu 

Li uul * el'wkoili 
■Jnl 1 Oil Canada. 
Hawker Mil. Can.' 

Hu-' inner 

Hume Oil -.v 

rlai-ixm Uhv l|ru 

rlu-lsiiii 

diiilwin 01' -t ('■»-■ 

I.A.Cl 

InMxn 

Inij*-nni on 

IlL-n 


Hen-ieil Paw1>arri.| 83 *a 
HiMnlay Inn...... -i 

Homeuake. 34Vg 

Hnooyw 58ij 

Hom**i • 11 ! t 

Hii p.Oorp.Amer. • 34ig 
Houil'in AHl.lj*: 27'4 
HuaKHb.AlL'iini 11*8 


■.•neii* llinvn*....; 
Hkeill lie* j 

I'H-ilic Li-jhnnc .] 

Ka . Piw.A U...» 
I'an AmU'iirln A11I 
fsrsti Han nin 11 .j 

l't!aiH>iy Ini 1 

I'l-ii. Pw.k Lt....i 

Penny 4. C i 

Herma’ii ■ 

He«*|4ei flnia j 

I'eoplM Gee : 

Pepaieo j 


r.iLiv 

JJUi L enliirv iirt! 

U.A.L. ! 

U A 1(00 

OU I 

lilt 1* ! 

uimerei r 

U in lever M .... I,, 
L'lHl’T lwil.-i.rp..' ( 
Uiinni lariieit,...' 
U 11I1H1 C*.uiimera J 
union Oi taiii . . 
Jmon KkciHi-..., 1 


lima* ; 

■Ulan.' Mm. On:.. I 
Inl'|..> l'«l« Liik 
h'alrer Resell >.+■. 1 
laun i'iii Lor[i,...; 
U'Mhu Coiii.-I-'.. 
.Mc'nilll'li Mihkii 
.‘Imm-v Ferenuii 

Melniyre 

Miairi- I.-imhi • 

MoUHtalndlaleli*j 
1 ih Mine-... 1 
Murcxn bnersrr...' 
■Vi lin. leini-ni... 
.MnnUU- Dll i. i.rn- 
■ •akanoil I'ei-'m • 
recite C'.ipperJI , 


Hutmn 17ij 


'.'uIiuiiNh fill* ] 

Ci il urn bln PM.... 1 
l.Mii. I n-a.'n.i.il Am 
CnniburtUin Eny. 
l'(>nii*iJ>tinn fej^i — , 
C'in'w'th H*1i*»ifl 
Coin's* 'Mi Oil Hd 
■.'tiinin.SMlelltu*.. 
C'nr<i| “ ilerdi.-ieni.i 
■..nni. I .ne I ii*.../ 

^<■llnll , j 

Cun. bliv«i N.l.j 

1. mi-vil K<»«is | 

i.,ii<*.il Mnl.Od.. 
I.'nn.uiiier I 1 . user 
C'.inl menial II rp. 
tViniiiienlnli.lil...| 
t'liiitmcnial Tflr.! 

Cniiti-1 l>ni« ' 

C'iW|>er iii'lii* 


I.C. Iniiu-me* —[ 
IMA 

■ UKCITOII IhUKl.^.l 

! Imanil dteei. ...... | 

1 IllailOt j 


1 lolercunl Knerut 


nil *.( 2655a 


t'erkin Klmer. 

fet 1 

Plirer I 

Plirtl* LAalsie — ; 
Kbllaileipbla Hlc. 1 

I'lnttpMcnrls ; 

PUilllpsPcUiil’m.l 

Pilihuiy 

fltne.v Hna-en. — : 

fithshm 

Ht-csev Lft« ADM, 


Inti. Klavnni* 

I Dll. Hnircitei... 
j Inn. M ?n a Client 
1 lull. .11 nil Use* la. J 

In o’ I 

lull. Paper | 

; 

Ini. Keen her...... I 


Ini. ’I el. & Tel.. -i 32 ■< 


Iniem — 

l.’M-a Heel | 

it Icleroaunnal.i 


.(iin Waiter ! 32 ij 


I'lian’i'i | 

I’oli’inae Lire ’ 

I'PIJ liuiu-tlie*..- 
Piiji-tei i.amme.J 
Pub erve h'lecl . 

Pullman 

Pure* 

i jnakei ■ mi - 

I(a|iji< American 

HatTkeot? 

IlCi A 

I lei "ill lie -ft eel 


uuiruyal 

Liailof Umivl*.... 

lid Uancun-. 

UdUtpeum 

udritiie 

u.-i Sire 

i*. lWinoMigle-. 
i'V IniiiiHiries.... 
>ir$>inla Hlect....j 

Walgreen j 

rt'm ner- Clomnin .) 
■I'amer-lamlasrl.l 

w late- Mail’mein 

tVViia-Fareji> I 

Western Unn.i’ipj 
iVeuteni M. Ami-ij 
tVeatem L>niiui... 
IV-niuchse Kib-i| 


Wevi'C | 

Wevei tw enter ....j 

Whir4*»ii j 

WbiteUon. In>1...| 
lVi .iamCV i 

Wlicnnsln Klpi t... 


L*aclhi-I'eiieitirn.' 
Pail. Can. Pel 'in 

' 

I'rnple* llepi...... | 

Place Lan * l.n< ! 
I'laccrOeieio) nn 1 
P> iWferC- irj«.rr.i ‘ul 

I'nee j 

ijuel.«L- stiirHei i'j 

ilani^i On { 

iteesl stun j 

KI0 Aljpim | 

itiiyal Uk.ni Lmi,' 

doy-ii Trnsl i 

j-rejitre H'esurei-- 

'VaRrene. _ 

slien LeitailH ’ 

iliemis Li. Minev 
jieiierk O. u 

■iiniauni ; 

steel oi CaimilH...; 
luep (Iivk imii . 

L'auui. CauiHilii ... 
liHiqiln Hulii.Bk.' 

I'lHllJ'-lUl 1*1 1 4> Lll' 
Iran- lliuml U|.»' 

I'nzec • 

Union tie* 

Ui-L ->(«,-. ■? tin,*.. 

WaiKei Hun ii [ 

»>l t '«• *t l m-.l 
Weeron den. | 


♦ Rid. T Allred 5 Traded I Ne* 

einrk 


A REMARKABLE WORK OF REFERENCE 

THE FINANCIAL TIMES BOOK 
OF MIDDLE EAST SURVEYS 


Published between November 1976 and August 1977 
in Europe’s leading business newspaper 


Twenty Financial Times Surveys on the Middle East 
have been reprinted and bound into a single 
volume containing over 200 separate articles. 
Written principally by Financial Times journalists, 
the surveys are factual, objective and topical. Maps 
and statistical tables complement the extensive 
editorial coverage. This remarkable reference book 
contains dala and detailed information 
. unobtainable in any other single publication. This 
book will be a great asset to anybody doing, or 
■considering doing, business with the Middle East. 
The titles of the surveys as published in (he 
Financial Times and contained in the Middle East 
Surveys book are: _ 

Bahrain Banking and Finance H Oman □ Syria □ 
Sharjah □ Turkey □ Tunisia Q Bahrain □ 

Abu Dhabi □ Kuwait Q Quatar □ Saudi Arabia 
(parts 1 & 2) □ Arab Shipping and Ports □ 

Dubai □ Jordan □ United Arab Emirales Q 


Algeria □ Middle East Eanking and Finance Q 
Iran Q Egypt □ Middle East Construction 0 


The surveys are reproduced in a reduced format 
measuring 42 cmfe by 26 cms. 


To: Financial Times, Business Publishing Division. 
.Minster House, Arthur Street, London EC4R 9 AX 


Pl“as* send copies et £20 or USS35 per cop / ;.-jrfaca mall 

ZZ Tick b-y* loi airmail (add C4 orU337 per copyl 

Name - Position — 


Addre? r, .. 


Signed - - — Dale -- — 

7fi“ Financial Tim« Ud.. Registered in England No. 227590. 
Registered Oflice: Bracken House, 10 Cannon Sfreei, London EC4. 
Bant, - Account; Midland Bank, 55 Thre3dneedle Sireel. London EC3. 
Acc.oi.ir: No. 10957275. FT 1 




Harmony 


5J9 

e.oa 


+UB . 
■HLUT X 


Hasten burg piaUmnn ltN1B 1,40 

Sl Helena ^ tisjo 

Southvari 7 jo 

Gold Fields SA aj5 

Umon Corporation 4.49 

De Beers Deferred £97 

Blyvoomkzlctu £69 . 

East Rand Ply 

Free Sstaie Geduld ... ?g up 

President -Brand 15.19 

PresWam Stem tll.BO 

SaJ/onteio •. 4.B9 

Weikom ........ W.49 • 

West Drlnfontein STJS 

Western Holdings SO. IB 

Western Deep *1£20 

INDUSTRIALS 

AECT f*ss 

AQKlo-Amerl. IndnstrlaJ ... t9.<9 

Barlow Rand -. 3.95 

CNA investments ......... ' tj.?s 

Currie Finance t9.66 

De Beers Industrial tfl.SV 

Edgars Consolidated Inv. non 

Edgars Stores ttMJW 

EverReady Sa tUH 

F ode rale VoBcebelegglnss L.SS 

Crearermans Stores - £28 

Guardian Assurance (SA) LSO 

Hnleiis , 1*5 . 

UTA lM 

McCarthy Rodway 

NedBank 

OK Bazaars 665 

Premier Milling 5.40 

Pretoria Cement • tiw- 

Protea Holdings " L26 

Rand Mines Properties 
Rembrandt Group ........ 



+ fLZT'A t 












































Times Thursday June 8 1978 


u rrencv ; Money and Gold Markets 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 


li®33. v Using Bank” of 

its trade 

drifted slightly 
©^^fevel.beld at ail three 

■’ - J -^s calculations, against 

ttsly. 


fcrfr-may have been' some sun- 
^tahocities but in the 
feX-i 4 Uiet*,»oniSiliona this was 
vaffictdfcfe^fetectv Forward sterl- 
' Slightly weaker ten- 

the three-month 
f the .dollar widen- 



st^F.n' J F m a m j 


tag- -tSt^Se from 1.47c while the 
IS-rDonfh* aliped to 6.35c against 

jJwEgttrGie fact that Tuesday's 
0 jtnt(bj&ement ^of a 1.4 per cent 
ttt’ellgtbfe' DabUities 'was less 
thao ihatf'be^ feared, there was 
□g that UK money 
due a week today 
:4a - 1 much clearer pic- 
monetary situation, 
there seems to be 
„ to alter positions 
Ift.the moment 
The -dollar remained steady 
to the way of fresh 
rnpnWrdo stimulate any movement. 
& £oa&' hi New York, Morgan 
dfai&#y*$ Calculation of the 
'dolia^s trade weighted average 
Reprobation' showed a slight nsr- 
rowibg.to 53 per cent from 5.4 per 
cent, on. To-day. The US cur- 


certainty in the market as to the 
direction of the dollar in the near 
futtire, notably against the 
stronger currencies such as the 
Swiss franc and the D-mark. 

Tokyo: Once again the U.S. 
dollar Improved slightly against 
tho Japanese yen despite growing 
concern that renewed pressure 
may appear on the dollar later 
this month. The U.S. currency 

opened at Y22D.1 and with Japan- 
ese hanks buying dollars to cover 
short positions, a high of Y221.B5 
was reached before closing at 
Y22iir> against Y 220.77$ on Tues- 
day. Uncertainty surrounding the 
Bonn summit meeting of major 
industrial nations and a pendlne 
OECD meeting left the market 
generally nervous. Market volume 
was again fairly heavy at ?502m 
in spot turnover and $626m in 
combined forward and swap 
trades. 

Frankfurt; The U.S. dollar 
fluctuated widely for the second 
day in moderate but nervous 
trading. The U.S. currency stood 
at DIU2.0803 near ihc close, below 
its fixing oT DM2 .0900 and its early 
New York level of DM2.0907. 

Paris; There seemed to be a 
slightly easier tendency in the 
U.S. dollar in relation to the 
French franc mainly owing to the 
former's renewed weakness 
against the Swiss franc. Some oC 
yesterday's dollar movement may 
have been attributable to an 
exaggerated appreciation earlier in 
the week. At the close the dollar 
bad eased to FFr 4.6075 from 
FFr 4.6107$ in the morning and 
FFr 4.6162$ on Tuesday. Against 
the French unit, the Swiss franc 
rose to FFr 2.4090 from FFr23940 
previously. 

Following recent Press and 
radio reports that the Moroccan 
dirham has been '-devalued, the 
Moroccan Embassy has made it 
clear that this information is 1 d- 
correct and that the dirham has 
not been devalued. 

A preferential rate for the 
dirham ’ has been established. 

■ placing it at par with the French 
franc solely for remittances from 

i Moroccan workers in France. This 
1 arrangement docs not apply to any 

■ other commercial -transaction or to 

■ foreign exchange rates for tourists 

■ visiting Morocco. 


forward AGAINST £ 


B-B7-fl.47c-{"ii 5.41 H.M-l.Mr.imi 5.65 
fl.BS-fl.45c.piii 2 .S3 1.70-1. BDc-.jim 3JS2 
fig -lb i-.iwi fi.W /«s-« 4 b p-P " 1 
S0-M r. pm 6.0S 90 80 c.pra 5.71 
2-4airdIa l— MB 7-fl — 4.10 

2*B-l 7 8P , P n ' ™ ■ 1 *- 7, R pfpm 8.26 

25-165 «-. cIjj — 15 J1 8(100-500 tulm — M.8T 
35-115 ill* -6.19 150 -SMimIU - 5.23 
l*r-5 ii w dls — 1.14 (2-6 llredu — fl.89 

|i]-ll(iindb— 1.U [4-5 pit ili» — 1.62 

ti-.pm-pir fl.SS fJU 2«4*.|*n» 7-3J 

l4nrpfmi-i«ls 0.71 h-flUnropiP *-01 

15-3 ifn » iiiii 3-30 42-22 crop"' S.M 
Sl*-fur. pm 9.48 |#lR-aii<-.('in 9.91 

Slx-monih forward dollar 3,ls-3^6c pin 
II'- mum h fi 3U-G.40? pm. 


THE DOLLAR-SPOT I FORWARD AGAINST $ 


Canadian } 
Ciiililvr 
Belgian Fr 
Danish Kr 
D-Mark 
Pori. Es 
Lira 

Nrwgn. Hr 
French Kr 
Swedish Kr 
Yei: 

aosiUk Sch 
Swiss hr 

•U.S. 


*9.2 MMi 

2J353-Z23M 

32J41-12.WJ 

5.8375-5.5RS 

2A8&-2JM0 

5J97S-S.417S 

4.US0-4.5100 

dJasM^m 

220.70-22130 



xiwxwvnn 

4S.7S-4530 

HLSM41.7S 

5.4J*M.ai75 

1505544070 

MSS6-4.637S 

220.70-22035 

14.44S-1S.0QS 

1.W27-LH37 


cents per Canadian s- 


CURRENCY RATES 

Spectil " . European 
| Drawing | Polio/ 

. Bight a i Account 

4 hi ii' 7 Jinn- 7 


Mr-rimy j 

1 -4*. •l.ilSar . .... 

(.jiUftillau 

An-lnst «•-!, . .i 
Bcl 2 '*n Irani-. | 
Iinnifrh IruiK?.; 
Oral i i-l i r in 'rL. i 
liuiihiiuiiihr.i 

ru-ni-l. 1 1 <uii' . 

lul'.an lim.. 
4a;aapsi' \en..‘ 
Norway lirnnr.i 
Sf * III 

Swi.il^likniita. 
aw it-, nail.- ...I 


0,671360 

1.22377 

1.37234 

18.3902 

39 9867 

6.B2470 

2.BS841 

2.73757 

5.64127 

1054.58 

270.453 

6.63406 

97.8013 

5.67621 

2.33716 


0.674710 

1.22997 

1.S7681 

18.4735 

40.1891 

6.95799 

2.57047 

2.75173 

5.66886 

1069.76 

271.732 

6.66100 

98.2679 

5.70301 

2.34756 


| CURRENCY MOVEMENTS 


Bonk of 

Mwjin 


Enslftnd Cu^rnniy 


Index 

changes . 

SietliflK 


-42.0 

U.S. dollar 

_ B9.M 

- 5J 

Canadian dollar 

ISJ4 

-12.3 

Ausirlan schilling 

.. m.33 

+ 19.4 


11LK 

+13.0 

Danish Krone 

. 115.92 

+ i.T 

Deutsche Mark .. 

.. m 

+J6.3 

Swiss franc 

.. U0.90 

+7J.7 

CuJldcr 

.. 12LU 

+1S.9 

Kn-lich franc .... 

98.56 

- 4.9 

Urn S6.S5 

-45.9 

| Yen 

.. m&s 

+JU 

Baser? on Irade weluhicd dune i»s from 

Washtiunon aKrwncnt December. 1871 

1 iBank of EorIsm 

lndex=!Ni. 


OTHER MARKETS 


£ 

.Vitim Hale 



^EXCHANGE CROSS-RATES 


» Dutch GiiiJrtwf Imlteu Lira |C»na.ln Dollar 1 Fran* 





> vrw* — t - • . • ■ w-ir* fired. Lons-tera toml autlwtuy mortal®* rate 

.. dayn- onttce, dH** 5 325-lil per cent. • Bank .HU rates to table are 

-sBditeapce: !*>«** £>*• I 2 J per ec«: Jg*. fonunodtii trade Mis 9»w^l per cent. 

HUll P£jK^2^erftwr-m.imh «M1# £hv*tS*ttU}a(b per cert: and three-menth 
paper. Mils -V«L and two-month 81 otr wrt: and ibree-momh 


ijlggSg8$g — 

. • . • . ■■ 


' "LZ 121 - 1 X 1 Per tm w oaas mi uj ubk «e 

: eon: fcnrttd«b hade Mis 9»w^l per cert. 

■ 5 ™ £hr nm-BUfOtb per. cert: and tmee-mnnih 

1 o^rJner cent- tww-imwith 8 ; per wrt: and ibree-nmaih 
a« alsotbree-roonUi B*«r cent, 
per em-tnm Jww >. Wi. ctaartm eaok 
cS55hS““ Ru * ftr lewUPS B per «rt. Ti-aowm 


Discount Rate 
Overnichf 
One month ... 
Three months 
Six wombs ... 

JAPAN 

DlacoIWI «a»e 
tireralfbf 
Three itwnUis 
Six mantbs 
Ooc Tear — 



QATAR STEEL COMPANY LIMITED 


As Borrower 


U.S. $100,000,000 

Long Term Credit Facility 



The State of Qatar 


As Guarantor 


MANAGED BY 


Gulf International Bank B.5.C. 

Abu Dhabi Investment Company 

Chase Manhattan Limited 

Qatar National Bank S.A.Q. . J§ 


CO-MANAGED BY 


The Arab investment Company, SAJL 
The Bank of Tokyo, Ltd. 

Hambros Bank Limited 


The Arab and Morgan Grenfell 
Finance Company Limited 
AL UBAF Group 


FUNDS PROVIDED BY 


Gulf International Bank B.S.C. 

The Chase Manhattan Bank. IMA. 

The Bank of Tokyo. Ltd. 

Nippon Credit International IHK> Ltd. 

The Daiwa Bank Limited 
The Mitsui Bank Ltd. 

Citibank. N.A. 

Banque Nationale de Paris 
Compagnie Financiere de ia Deutsche 
. Bank A.G. 

Union de Banques Arabes et Francaises- 

U.BAF. 

The Bank of Yokohama Limited 
Soci&te Generate 
UBAF Bank Limited 


Abu Dhabi Investment Company 
Qatar National Bank S.A.Q. 

Canadian Imperial Bank of Commerce 
The Arab Investment Company, S.A.A. 
Hambros Bank Limited 
The Tokai Bank, Limited 
Arab Jordan Investment Bank S.A. 
Barclays Bank international Limited 
□G Bank International 
Societe Anonyme 
Arab Bank Limited 
Morgan Grenfell [Jersey] Limited 
Kuwait Foreign Trading Contracting 
& investment Co. (SAX.) 


AGENT 

The Chase Manhattan Bank, N.A. 


6th JUNE. 197B 


These securities having been sold, this announcement appears as a matter of record only. 


NEW ISSUE 



June 197S 


Kuwaiti Dinars 10,000,000 

Banco Nacionai de Credito Rural, S.A. 

(incorporated in the United Mexican Slates ) • 

81 per cent. Notes due 1990 

(redeemable at the option of the holders in 19S5) 


Issue price 100 per cent. 


Kuwait Foreign Trading Contracting 
& Investment Co. (S.A.K.) 


Merrill Lynch 

International & Co. 


Abu Dhabi Investment Company 
Gulf International Bank B.S.C. 

Kuwait International Investment Co. s.a.k. 


AJabli Bank of Kuwait (K.S.C.) Al SaudiBanque • American Express Middle-East Development Company S.A.L. 
A rii b African Bank - Cairo The Arab and Morgan Grenfell Finance Company Limiied 
The Arab Company for Trading Securities S.A.K. Arab Financial Consultant* Company S.A.K. 

Arab Finance Corporation S.A.L. The Arab Investment Company S.A.A. (Ri} ^h> 

Arab Investments for Asia (Kuwait) K.S.C. Arab-Malaysian Development Bank Limited 
Arab Trust Company K.S.C. Banque Arubc cl Internationale d’lnveslisseinenr (B.A.I.l.) 

Bank’ of Bahrain and Kuwait Banque de Paris ct dcs Pays-Bas Bankers Trust International Limited 

Bayerischc Vcreinsbank Intematioual S.A. Burgan Bank S.A.K., Kuwait 
Byblos i\rab Finance Bank (Belgium) S.A. Citicorp International Group - Bah ram 
Dillon, Read Overseas Corporation. European Arab Bank Ltd - Bahrain European Banking Company Limited 
Euroseas Banking Co. [Qatar) Limited Financial Group of Kuwait K.S.C. ’First Boston A.G. 

Frab Bank International The Gulf Bank K.S.C. Hill Samuel ik Co. Limited 
The Industrial Bank or Kuwait K.S.C. J. Henry Schroder & Co. S. A.L. Kuwait Financial Centre S.A.K. 
Kuwait International Finance Co. S.A.K. '‘KIFCO” Kuwait Investment Company t S.A.K.; 
Manufacturers Hanover Limited National Bank of Abu Dhabi National Bank oi Bahrain. 

The National Bank of Kuwait S.A.K. Nederlandse Credietbank N. V. Ri> ad Bank Limned 

Salomon Brothers International Limited - Smith Barney, Harris Upham & Co. Incorporated 

Union de Banques Arabes et Europeenncs— U.BA.E. Union de Banques Arabes ct Frances U.B.A.F. 
















































- • - v,- w*-* P 


:S^' &0 



;ed up on hopes of Goven 


vm# 



FINANCIAL TIMES STOCK INDICES 


“Jhbb ( Joha F June l Jum .1 June i.% l A-je 


Fima . dim* |. .-May TA.ee. 

\ j-M-l ■*** ; 



AY 


2.8 off at 474.9 


(tonntowu - es-M " 6a ^t ' **? 9 28? ;. 

»W01 7i7DJ .-ncn BBqr 
[ndmtrtal OnODary-. 474-B 477,7 V474.S , 47S:Bf 478.2 .*78.8 .';486 : 

. tfoki Mi-f- ;. isaaf ;is3^ • i&o pagra. issa ^lsei -1S2-. 

OW, Dlv. lie Id 1..— S.&8 '■ , \SJ55 ."sWB - -6^6j" ‘ &.53f_ 7 . 6.62 L- >^r ; . 

bnua^runbiuK-) j0JW| ; i^ - ae^a ‘ leapt' i«&&| -.dmo •.*■*; , 
FfS-Kmfo ’ 8-Wfc, &29 CB.34 ’. -iffS 8.18 / .8.19 Afcf . . 

Dealing. Parted : A.. • 4>.B3^ ;;4 J ^M ?;4.&W 4.8Si| ;4.S42 >,« 

Equity turnover 2m... . • 4.. , 55.86 ■ .. fe.i:?4 . 68S3j ‘ WJB9 ! ;'4fcl ': 

Equity b&nsiij» sou*.. - >V isjaaTaLgasl 

— : AjoTnr'tfaTR. - u «a.-.Ji®.£TNoo»-n8J8 r .. l pm 4FB2; ’■.*. 

- 2 pdi:?473.7. 3.pitt:C5A £.> 1 - - . *.. .■ 

••"'••• '•*' » .- i »d«Mr .' najaa. -n p-jfr ' f •• \ . j; .j. 

» Based 'on 6£ jtr-'Hsini corparadoa. vf Nfl=?8.».’: . “- 

Basis MO Govt. Secs. ia/lQ/W.' Fixed TnLYI*8^ IadriftL 377736. Otf' 

■ Mines 1^3*55. -SE Aellvta JolpJJSc. . 19*2-. . : : Vj' - 


Accotmi Dealing Dales 
Option 

•First Declara- Last Account 
Dealings lions Dealings Day 
May 30 Jun. 8 Jim. 9 Jun. 20 
Juii. 12 Jun. 22 Jun. 23 July 4 
Jun. 26 July 6 July 7 July IS 

* ■■ New lime " dealings may lake place 
from gjo a.m. two business days earlier. 

Second ihoushts about the 
mid-May banking fieures coupled 
with crossing hnpes thiii the 
authorities will make early moves 
on the monetary front and Thus 
enable the Government funding 
programme to get under vay 
again gave a much needed boost 
lo sentiment in the Gilt-edged 
sector yesterday. Potential 
buyers, however, were again 
content to hold off, the day's rises, 
which extended to J, mainly 
reflectin': the absence of any 
selling pressure. The Government 
Securities index improved 0.37 to 
60.20. 

El«cv.here in stock markets, 
loading Industrials drifted lower 
in extremely quiet trading. 
However, apart from P & O. 
which Toll fi to M4p on the 
Chairman's gloomy report at ihe 
annual meeting, losses were 
limited fo a few ponce. The 
FT 30-share index cased 2.$ to 
474.M. 

Among secondary issues, 
the overseas-based companies 
continued to move ahead in line 
with a fresh Improvement in the 
dollar premium, while company 
trading statements- and a continua- 
tion of bid speculation provided 
the main points of interest. 
Overall, the underlying tone w as 
firm; ri<cs were in a inaionly over 
falls by 7-4 in F.T.-qunied 
Industrials and the F.T.-Actunries 
All-Share index closed only a 
shade lower at 216.43. The 
continuing low level of activity 
was reflected in official bargains 
of 4.332 compared with 4,644 on 
Tuesday. 


The investment currency market 
yaw a *--ontinuiiLion of the recent 
firm trend as Wall Street advices 
again helped the premium push 
forward to close a further point 
higher at 113 per cent, tor a gain 
of 71 over tbe past three days. 
Yesterday’s conversion factor was 
0.6694 10.6763). 


Gilts improve 

British Funds took on a more 
settled appearance at the open- 
ing of business following over- 
night consideration of the mid- 
May banking tigurcs. With hopes 
rising during the day that tbe 
authori lie.*: wilt make early moves 
on the money supply problems, 
there was a noteworthy improve- 
ment in prices by the end of the 
day. Short-dated issues finished 
with gains ranging to ! and some- 
times more, while gains in the 
later maturities ranged to ;. How- 
ever. the day’s advance owed 
more ro the absence of sellers, 
demand being only modest. 

The volume of business in 
Traded Options contracted quite 
rharply and yesterday’s total of 
205 contracts done was Ihe lowest 
since dealings began on April 21. 
This compares with the previous 
lowest or 250 recorded on Monday 
and the heaviest total so far of 
nsy transacted on May 5. Still on 
the results. Land Securities 
attracted moderate support with 
65 contracts followed by Consoli- 
dated Gold with 58 and IC1 31. 
Today sees the introduction of a 
new ICI 420 scries. 


Banks firm 

The major clearing Banks made 
modest progress in thin -trading: 
sentiment was helped by Press 
comment on the mid-May banking 
figures: NatWesl hardened 3 to 
275p and Barclays "unproved 2 to 
as did Lloyds, to 250p and 
Midland, to 360p. In Foreign 
issues. Hong Kong and Shanghai 
firmed 7 more to 2S7p on invest- 
ment currency influences. 

Firm the previous day following 
publicity given to a broker's 
bullish yearly review. Composite 
Insurances turned a .-hade easier. 
Anion-’ hrokers, C E. Heath 
dipped 7 to 263 p and Willis Faber 
gave ii.i 5 to 2li0p. 

Moicmcntx in Breweries worn 
l.'miied to a penny nr two in 
either direction following a slow 
trade Elsewhere. Macdonald 

.Marlin DiMiJIrric-s. a firm marker 
of laic on the distribution deal 
wirh Bass Cbarrington. reacted 5 
10 44. tp 

Leading Building issues closed 
a shade firmer for choice after 
another small trade. Secondary 
i*-’su«.-s displayed the occasional 
feature, notably Tunnel B which 
pul on S to 272p following a 
seminar to demonstrate the merits 
of n i*>xic waste process which 
is in be marketed in association 
with Leigh Interests. Leigh added 
a penn: to 175p. Renewed interest 
lifted Brown and Jackson 5 to 
100p and buying in a thin market 
prom pied a sain of 3 to 173p in 
IfeywiHiri Williams, while W. and 
J. Glos.-op firmed 4 for a tivo-day 
gain of 7 to 6Sp following the 
chairman's annual statement. 

Chemicals traded narrowly with 
a .-iishtly easier bias with ICI 2 
easier at 390p and Albright and 
Wilson 3 lower at 154p on lack of 
buyers and small selling. Hick- 
son and Welch shed 10 to 210p 
ahead of today's annual results, 
while Carless Cape! cheapened 3 
to 3 Ip in further response tn the 
diianeointing figures. In contrast. 
William Ransom. 195n. and 
Stewart Plasties, 151 p, both put 
on 5 in respective thin markets. 


Secondary issues provided the 
main focal points in Engineerings 
yesterday. Following the Board's 
strong rejection of Redman 
Heenan’s bid of 65p per share. 
Spuoner Industries came in for 
support on hopes of a higher, or 
counter, bid and, after touching 
a 1978 peak of 7!)p, closed 4 up on 
balance at 77p. Further considera- 
tion of the chairman's encourag- 
ing statement helped John 


take-over hopes promoted '<* n , f n ~ 
provcnicnt of :f fr.r :i two-day rise 
of 14 lo S3p in United Carriers. 
Demand of a similar nature in a 
thin market helped Grovcbell 
firm 2 more to 36 p. vhile BTR 
advanced 3 to 263p folio'.' ina news 
of the group's planned offer for 
Ihe U.S. WorcoMor Controls 
Corporation. LHiO edged forward 
a penny to ijjip in front nf 
today's preliminary iv-ulis. while 


300 - 




190 - 


F.T.- ACTUARIES INDEX 


SEP OCT NOV DEC JAM FEB MAR APR MAY JUN 


Stores quiet 

Store* remained quietly firm 
a Tier the latest retail sales 
figures. Sumrie Clothes hardened 
2 lo 2!ip on the preliminary state- 
ment. while Selincourt attracted 
buyers again and gained li 
further to 25Jp. A- G. Stanley 
continued firmly, advancing 4 
more to 130n. 

Noteworthy movements were 
few and far between in idle 
Electricals. Electronic Rentals 
hardened . 3 to 13lp on small 
buying in anticipation of to-day's 
preliminaiy figures, while further 
consideration of the interim 
statement lifted Comet Radio- 
vision a penny more to 133p. 


Folkes-IJcro improve 2 to 23 Ip. 
while United Spring and Steel 
closed a like amount dearer at 
2Sp, after 29p, following the 
sharply increased interim earn- 
ings. Brooke Tool hardened a 

penny to 40p on the rights issue 
announcement and a resurgence 
of speculative buying prompted a 
gain of 7 to 122p in IVI. L. Hold- 
ings. F. H. Lloyd found support 
at “tip. up 2], while similar 
improvements were seen in 
Burgess Products, 4 lip, and Ductile 
Steels, 120p. Of the quietly dull 
leaders. John Brown cheapened 4 
to 36Sp; the preliminary results 
are expected soon. 

Foods edged higher in light 
trading. Cullen's Stores improved 
4 to ISp on small buying in 
anticipation of today’s pre- 
liminary figures, while continuing 
bid speculation lifted Morgan 
Edwards 2 further to 50p. Asso- 
ciated British Foods, results next 
Monday, edged forward a penny 
to “Dp. Gains of 2 were recorded 
by Bcjam, 67p. and Northern 
Foods. 93 p. while Kraft reflected 
currency influences with a gain of 
li points to £40;. Of the few dull 
spots. Tale and Lyle cased 4 to 
170p and Highgale and Job 4t to 
5SIp. 

Publicity given to a batch of 
brokers’ favourable circulars 
drew buyers' attention to Reed 
International which pushed for- 
ward to close 5 up at 128p. Other 
miscellaneous Industrial leaders 
had little to offer and closed 
mixed after a thin trade. Unilever 
improved 4 to 524p but Rank 
Organisation softened that much 
to 25iip. ELsewhere. comment on 
the annual results helped De La 
Rue firm 9 more to 342 p and 
further speculative buying on 


support was forthcoming for 
Thunias Witter and Yt'uod and 
Sons which improved - apiece to 
93 p and 40p respect k ely. Leisure 
Caravan dosed a similar amount 
dearer at 130p and Ufrcx added 
3 at U7p. Investment currency 
influences helped Huti-hisnn. SSp. 
and Jardlne Matheson. J44p. to 
improve 4 more. Hanson Trust, 
on the other hand, gave up 3 to 
I3:4p in reaction to the disappoint- 
ing first-half profits and Camrcx 
softened a penny more to 63p on 
further consideraiion of the 
chairman's profits warning. 
J. Billam receded 4 to 40p and 
E. Fogarty 7 to 173p. 

Following Tuesday's laic jump 
of 16} on a Press succ-e^ion that 
the forthcoming result? will be 
good. Heron Motor improved 
afresh to I38p before meeting 
profit-taking and closin-j a net 3 
easier on the day at 127p. Reliant, 
a firm market of late, shaded 2 
to fip. Airflow Si ream lines held 
at 8Sn in front of today's pre- 
liminary figures, but buyers 
showed interest in Pcnnluc Motor. 
? harder 3t 7Jp, and Supra Group, 
2 better at 55p. 


Laud Securities ease 


Associated Book Publishers 
rose 15 to a 1976 peak of 220p 
on demand in a thin market, but 
Thomson, on further considera- 
tion of the chairman ? remarks, 
eased 3 to 252p. Elsewhere. Mills 
and Allen, at lBOp. regained 7 
of the previous day's fail of 10 
and McCnrqoodale closed 17 
higher at 290p, the latter in 
response to the increased interim 
profits and the accompanying 
statement. 

Land Securities eased 6 to 209p 


after Press comment on the 
results. Other leading Properties 
drifted lower, still on fears of 
higher interest rates. E nglis h 
eased a penny to 44p and MEPC 
2 to 124p. Church bury Estates 
stood out among secondary 
issues with a rise of 10 to 255p 
on small buying and 

Oils were neglected again and 
closed little changed with British 
Petroleum. 372p. and Shell, 560p, 
closing marginally lower. Bnrmah 
shed a penny to «6p ahead of 
tomorrow's AG 51. Tri control 
eased 3 to 178p and Siebens UK 
fl to 374p, tbe latter on profit- 
taking after tbe previous day's 
speculative advance of 25. In 
contrast, small buying interest 
developed for Ultramar, 3 higher 
at 275p, and Attock. 4 better at 
S0j>, while Oil Exploration con- 
tinued to attract speculative 
support and firmed 2 to 25Sp, 
after 26Dp. 

James Finlay figured promi- 
nently in Overseas Traders, rising 
17 to a 197S peak of 362p in be- 
lated response- to the record 
preliminary figures and capital 
proposals. Harrisons and Crns- 
fivld improved 13 to 475p on the 
sharply increased dividend, while 
f.onrho. at 01 p, recouped a peony 
of the recent sharp decline on 
the Tanzanian situation. 

New Throgmorton featured in- 
vestment Trusts following the 
announcement of the better-than- 
expected assets revaluation: the 
canitai shares moved up 18 to 
114p. after 119, and the new 
warrants hardened 2 to ISp. 
Jersey External preferred rose S 
to 164p. while Atlantic Assets 
coined 34 to 98p. Robert Kitchen 
Tavlor featured late in Financials, 
rising 4 to 77lp on the substantial 
first-half trading recovery. Dawnay 
Day moved up 21 to 43p on re- 
newed speculative interest, but 
small nrofit-taking clipped 5 from 
Majcdle Investments at 6Sp. 

A1 ready easier at D7.tp in front 
of the annual meeting. P and 0 
deferred eased afresh to 93p 
before closing 6 down on balance 
at 94p on the chairman's descrip- 
tion of the first four month's 
trading as poor. Ocean Transport 
were also active and 4 cheaper at 
719p. Other Shippings lost ground 
in sympathy. 

Among Tobaccos. Rothmans In- 
ternational closed a shade easier 
at 55 p fnlowin? news of the com- 
pany's proposed price increases. 
Shiloh Spinners. 3 better at 29p, 
provided the sole noteworthy 
movement in Textiles. 

South African industrials 
moved higher, helped by invest- 
ment dollar premium influences. 
Anglo American Industrial added 
50 to 5S0p. 

Plantations displayed no set 
trend after a thin trade. Castle- 
field gave up 5 to 230p but Angio- 
Indonesian ended 2 firmer at 96p. 
Guthrie held at 317p in front of 
today's preliminary results. 


auction enabled South " African 
Gold lo move ahead strongly; ';.. 

Sentiment was also.. helped by 
the higher dividend declarations 
from the Anglo- Vaal and General 
Mining group producers,^;,. 

A firmer opening for GoJdS* fol- 
lowed the modest recovery irt 
overnight transatlantic : madveL 
Thereafter, prices edged. higher in 
line with the metal price and 
closing quotations were" .usually 
at the day’s highest as, renewed 
American interest was reported 
The Gold Mines index added 
4.8 at 15&5. Among the 'heavy- 
weights. Randfontein J: adranchd 
£11 to £35 j, while Western Hold- 
ings put on £ to £131. West Drfe- 
fonteln rose { to a I97B high' 'of 
£221 and Hartebeest the same 
amount to a high o£.£igf:'.'the 
latter reflecting the higbeMhan- 
expected final dividend. * 1 

Buffets, also attracted a^good 
demand following tbe .Increased 
dividend and-dosed 40 better^ at 
a high of 9g0p. in the. cheaper- 
priced issues, .' improvements- of 
between 14 and 28 were regist e red 
m NJmr. 532p, Doomfcmteiiu 
31op. Ubanou, 586 and Zandpan 

p, • 

Financials all gained ground re- 
flecting the strength of Golds. 
South African stodcs-' .-Showed 
Anglo American 14 firmer at a 
1978 high of 314p on fortjKi ■con- 
sideration of the UEHnbhtbs* 
rMults- announced' onL' Monday, 
while, in the London-baaed issues. 
Charter improved 4 tD-;I40p, also 
on consideration of results and 
reflecting favourable Press men- 
tion. '. ' . • 5 ■ 

Rio Tinto-Zhic touched- a 1978 

high of 234p prior lo closing 5 up 
on balance at 233p and -Selection 
Tmst put on 4 to 44.4p. - > v - 

Western Mining featured -'in 
Australians; further encouraging 
drilling results from, the Ben- 
ambra copper/xinc/silver prospect 
in Victoria saw the shares -advance 
8 to a new high for the'yeaf of 
135p. 

Other Australians, however, 
tended to drift owing to the down- 
turn in overnight domestic mar- 
kets. Diminishing speculative 
interest caused Northmi-MBiilhg 
to drop 11 to.92p, while Tasmlnex 
fell 5 more to 65p. 

Base-metal miners- to' lose 
ground included Bougainville and 
MEM Holdings whieh gave tip 3 tor 
I2fip and 209p respectively. - 
Ou tbe other hand; Pefco-Walls- 
end were well supported ' -tmd 
hardened 5 more to' a year’s high 
of 5l3p reflecting the company’s 
considerable uranium- Interests. 


highs AND LO*fS“ 


-5B=E.^ACT»Vlt: ‘ 


1 iste y 

High 

low:- 

76.66 

(J'l) 

81.27 

W,l) 

497.3 

.B/li 

168.6 

tatii 

68.79- 

.Ifi/Wv 

70.73. 

- c&f6> ^ r 

433.4 

(8/*_ 

130.3 

«*... 


e Com pi httoni- - }'* ' fc •*. • ; . >f : .' . > 

A. ■ . -. '-►'4'JnBB-} Jzau . 


-Biga/.;) . Lon /-J | L , K f„ ' 

;- l iM- a ■ aa : A' - 


X5QJS Iso.; ■ 
rlB«a: -X»J 


May Av*r 




dpeoulaUve^.] ' 36.H U . 3&.t 
rUotafa, J.I07.?-j -106.1 ; 


ACTIVE STOC KS 


Barclays Bank 
Beech am 


Grand Met. 



Nfl.: - 

■/ ! -V • 



.U-- t • 

enomma- 

Ofc;.. 

Closing 

Change 

V-1978 • 

y&i *’ 

tion 

mares price (p) 

A bn)flfly v 

-;.^high.. 

. Wi 

.. . 25p 


-)• 2SS 


- 29&. .- 

,227^ 

£!■-- — 



2‘V ; 

/'tins : 'r" 

’ as *' 

£1. 

- -9 - 

.... 9* - 

. 

1- IIS' 

• 91 ; 

.. 25p . 

. 9 - 

. Sfiff ; 

£ ■ ' 

"■588 

- ■m : 

s' 8A0flda. 9. 

13a-.-'.. 


.-■■136- 

•• L-M ' 

.. £1" 

■ VS 

■ 873 : 

w'c : 

:: -aw--'.- 

y&o , 

~._25p ; 

8 

; 342 - 


343' 

.230 

.. 25p 

7 

" 260 ,' 

.1 ' 

- 278 - 

-iaa 

•' 25p 

7 

'■ 276 - " 

— ■ 

. 312- 

;2S6' 

.. £1 

... 8 

330. 


358 

295+" 

.. -25p - 

& 

•t 650: 

-. 3 . 

-■; 67S. . 

582 

n 25p - 

6 


: ‘2 ; ‘" 

159 

13 s-; 

.. 50p - 

. 6 

362.;' 


* 362 .- 

250 , 

.V 50t> 

6 

-114 

JfT'l 

117}'. 

87 

.. 25p 

' 6 

. 256 • 

T--4V 

. -268 . 

m: 


options ■>. >; -' 


DEALING DATES 
First Last Last .- For 

Deal- Deal- Dedara- SetUe- 

ings lugs tion ; ment . 

Jun. 7 Jun. 20 Aug- 31 Sep. 14; 
Jan. 20 July 4 Sep- 14 Sep,' 28 
July 14 July IS Sep. 28 Oct 12 
For rote indication*, see end qj 
S hare Information Service: 

Stocks favoured for the .call 
Included Lonrho, Bnrmah- Oil, 
Premier Consolidated Oil, 


Reardon Smith J A,' : -Pritirint 
Services^ William ETesSrSpEM f 
Endeavour Oil, Oxley- - 

Bath and Portland, :KCA fiat 
national. Energy Servlces, ini i 
Elan dsrand. Debeahams i • ^ •; 
English Property.' .v Juts ; 
done in BSR, Lonrho.^A. mp: . 
and Siehens OB, (UK), -wh' r 
doubles were arranged in Eh^tf 
Property, - Debemhains;. . xs 4 
Queen’s Moat Houses*-; - • 

•• • • “ • • • r 


NCW HIGHS AND LOWS FORM 97S 


The following securities a noted in the 
Share Intarmatlon Service yesterday 
attained new HWhs and Lows; tor 1970. 


RISES AND FALLS 
YESTERDAY 


U» Own Same 
67 1 > 


Rally in GoJds 


The 31.75 recovery in the 
bullion price to S1S3.125 per ounce 
in front uf the outcome of yester- 
day's International Monetary Fund 


British Funds 67 X a 

Conuife. Den. aid - 

Foreign Bonds ......... IS '.J.: 45 

Industrials . — 356 20B' .V85 

Financial and Prop. ... 127 . M 3Z4 

OHs M 12 

Plantation 4 t'.-.B. 

Mines U '05^ hB- 

Recent Issues ...... — 7 "7 IT 


658 315 l.«1 


NEW HIGHS (183) 

BRITISH FUNDS fe> 
AMIRI CANS (20) 

. CANADIANS (4) 

- BANKS (1) 
BE£RS.I5) 

. BUILDtNCS (SI 
- CHEMICAL (Tl 
ORAKaV A STORES <S> 
ELECTRICALS (3, 
ENGINEERING (81 
FOODS <5i 
HOTELS (1) 
INDUSTRIALS (36) 
INS URAN CE (1) 
MOTORS (21 
NEWSPAPERS (2) . 

. PAPER A PRINTING <S) 
‘ PROPERTY (21 ' 


' SHOtS CI I 

SOUTH AFRICANS (1J ' 

TEXTILES OD . -. VJ . 
TRUSTS 061 ..-'. 7 ..* 

r onsa> • v'-i 

OVERSEAS TRADERS <3) - 
. RUBBERS (1) . . 


TEAS ID- 
MINES (21) 


NEW LOWS (8) [ \ 

U.S.M.C. 9 DC ig82 AM fC^C ) 90S A W-S « 
without Warrants. "• 

FOREIGN BONDS 11) '. 

Ireland Bimc' ‘91-96- 

FOODS (1) . .: r 

Tavener Rutledge • - 

INDUSTRIALS (4) 

Bair row' Hepbum Camrot _ - 

Bodvcnte InterlMtL^Whlffley (B.S.&WX 

Bopd.SL Faarfa ■ - r 1 . 


LONDON TRADED OPTIONS 


FT-ACTU ARIES SHARE INDICES 


ing room 


and Cinema facilities 


The FT private dining rooms, at Bracken House, provide an ideal City 
venue for dinner parties and -buffet suppers. 


Anything from a simple cocktails-and-canapes function to the most 
elaborate dinner can be catered for in pleasantly sophisticated surroundings 
which comfortably accommodate fifty people for a buffet supper. Alterna- 
tively, it is possible to seat a maximum of twenty at dinner or, by use of 
panelled partitions, reduce the rooms to a size ideally suited to the smaller, 
private party. 


1 

,IM ™“ 1 

Jnit 


(,l.;|.| 

••-r 

•Inmuirv 

1 

| 

Ks'n- i 

elusion 1 


' Chnina 


L'liriitti! 


Equity 

(i|iii*»fi 


off or 

Vftl. 

••(Ter 

V..I 

• ■IflT 

V.d. 

el'«r 

HI* 

7toU 

135 


1 147 

_ 

167 

— 

B72p 

HP 

BOO 

84 . 

— 

i 107 

— 

131 

— 

.. 

HI’ 

850 

42 

— 

67 

— 

95 

2 

v. 

HI* 

900 

15( 2 : 

— 

; 40 

— 

66 

— 


Him. ITDlfn 

140 

1312 : 

— 

( 20 

— 

23 

— 

149p 

('••in. L'nu.ii 

lbO 

3 

1Z 

; 9 

— 

li‘S 

— 

.. 


160 

19 i 

2 

27 

— 

32 

— 

177p 

tnm. (!n(ii 

l&O 

Hi 

— 

16 

51 

21 

5 


«.>mri«iili1» 

100 

24(? : 


I 27 

— 

29 !j 

— 

123p 

l»UllBllld' 

no 

17 1 


! 20 

— 

21t? 

— 

i. | 

C* 'lift mu ' its 

120 

9 

7 

: 14 

-- 

16(j ' 

— 

1. 


130 

5 ! 

— 

91? 

— 

13 

— 


Ghri 

220 

49 1 

— 

• 52 

— 

58 

— 

261p 


240 

Z9J- ' 

— 

55 1 £ 

— 

44 

— 


GKi- 

260 

13 : 

3 

• 23 


31 

— 

.. 

ti EC 

280 

43^ , 

— 

14 


21 

— 

1 - 

■ * miiii Met. 

luo 

18 ' 

— 

1 21 

— 

231? 

— 

115p 

Grand Met. 

110 

9ts . 

• - 

13 

-- 

161} 

— 

.. 1 


120 

5 


• 9i2 

— 

121} 

— 


ICI 

330 

66 

2 

. 72 

— 

7 5 

5 

391p 

ICI 

360 

36 ; 

10 

42 

— 


5 


ni 

590 

13>a , 

16 

. 231- 

- ■ 

33 i s 

2 


Land Sws. 

180 

32 1 

14 

; 5 S 

5 

38 1 

— 

210p 

Laud -Secs. 

200 

life ! 

28- 

; 19 1 2 

4 

26lfi 

4 

.. 

iaihl 

220 

3 I 

10 

1 m-j 


IS ! 

— 

a. 

.Mark; -r s»|i.' 

120 

28 1 



30t« 

— 

32 

— 

145p 

MnrhN A B|*. 

140 

10 >1 ! 

— 

161? 

2 

19 1 

— 

an 

Marks X 9|i. 

160 

21? [ 

— 

6>2 


10 1 



tflR-ll 

500 

7B 

— 

! 95 

— 

102 ; 


5B0p 

Shell 

55 J 

26 

— 

1 54 

— 

65 

& 

«• 

■Sli^ll 

600 

B ! 

15 

j 24 

1 

38 ! 


,, 

■T..„u 



119 


63 

— 

23 



and the Faculty of Actuaries 


EQUITY GROUPS 


Wed., June 7, 1978 


GROUPS & SUB-SECTIONS Icre-l-w.’ 

Eorainei Dir. PT3 . 

Figures in parentheses show number of «g« cSSi TKff TEP BE' 
stocks per section % Coro at 34%) Carp. 

TmHN. T«S» 


RECENT ISSUES 


The dining rooms are available, weekdays, 5 p.m. to 11.30 p.m. and may be 
hired separately from, or in conjunction with, the Cinema. 


EQUITIES 


Buffet luncheons, buffet suppers, snacks and drinks can also be provided, 
in the Cinema auditorium, for guests attending presentations, previews, 
conferences or company meetings. 


Iv.in- ,£5" 4 

f*n«.- ■=- j. 
p: ; ' ■ 


H igb Lntr | 

92 S3 'Urn mull tl_ .U.i 


if : ! *! 


75 I F.I\ -• ' 92 S3 inranwH tL.U.i 
IOO I F.r. ■ . ItA 142 Ihiinttlicrni 


91 , i iA.5 i.17.5-4.9 

..149 1*1- iAa.04 4.0; 2.7114.2 


Ail enquiries relating to FT catering facilities and the FT Cinema should 
be made through the Press Officer of the Financial Times — telephone: 
01-248 8000, extension 7123. 


FIXED INTEREST STOCKS 






Hi.jfil Itf" 



7 S F* 


FINANCIALTIMES 


Bracken Honse, 10 Cannon Street, London GC4P 4BY 


1JJ K.P. . - • 

lJOj- K.K. -2,- t> | 
HOB ‘HID -22.9 1 
Ij.'p. r.i* ' - I 
tt£37.&5£tQ l 2B.-7 
fc-99 XSO <S3.-e ' 
« • \ K.P. '118 I 
1JU ( . - ;2d;6 1 

* ' K.P. I - ; 

■ • ! F.l*. | 7;7 . 
tlOO , F.P. '86.6 
tSBIj CIl. . 1 rS 

■* f.p. : le 61 


| .'HflilMnifr. h»|m«w fin Kin. Vnmh|e B2 

107*| I \nnllMtfv •»*.• IVtJt, -o.l t urn. Prei 

tl'«|Barucl M**l. l»7 


14'Barucl I.-JT, Ke»l. ll »7 

lOTu Jji-II.mii -n t «•»•*’. «. mm. W«*i. io-i IVI. . . 

I0t»i6«*-x W»u-r 7^ Hi\l. -Prrf. |1(i 

46H; ••(veiihi li -U»i. B-»n>. «•!» 

iLltwrtv A Cm. t'ri 

IlljVilUir'' +% * ‘*l|rt. Ft I 

103 iPiv-vu- 10* % Cum Frr( 

99 l^uHik 111 . A •(.. IO& l-rf 

96 ilw4.it lo?, Cot. Uii». Ln.ldCJ 

7J 4 TyueA 'V«r 1% ltr-1. Id»6 

I$0i«U»*r PMirfir 10$ tVel 


S99I4 

1 107*| 

»«a*M 

I 102m 

10 14 

J 46S« *t« 

J 991? 

,971*1, 

105 

. IOO . .. 

96 

8 * •« 
.'100 1—1 


1 CAPITAL GOODS 1 171) — 

2 Building Materials (28i- 

3 Contracting. Construction i26i 

4 Electricals 1 15) 

5 Engineering Contractors! I4i 

6 Mechanical Engineering (71 1. 

8 Metals and Metal Forming 1 17i 

CONSUMES GOODS 
It (DURABLE) 153) 

12 LL Electronics, Radio TV iloi 

13 Household Goods 112) 

14 Motors and Distributors i25f 

CONSUMER GOODS 

21 (NONDURABLE) (175) 

22 Breweries 1 141 

23 Wines and Spirits (ft 

24 Entertainment, Catering (I7» 

25 Food Manufacturing i22i...._ 

28 Food Retailing (15 l 

32 Newspapers, Publishing tl3) 

33 Packaging and Paper (15) 

34 Stores i38> 

35 Textiles (25) 

36 Tobaccos i3) 

37 Toys and Gaines [6) 

41 OTHER GROUPS (97) 

42 Chemicals (19) 

43 Pharmaceutical Products (7) 

44 Office Equipment (6j 

45 Shipping (10)-... 

46 Miscellaneoust55i 

49_ INDUS TRI AL GROUP (495 ) 

51 Oils (Si 

59 500 SHARE INDE3L 

61 FINANCIAL GROUP! 1M) 

62 Banksffi) a.._ 

63 Discount Houses UOi 

64 Hire Purchase (51 

65 Insurance iLifcHlOj 

66 Insurance (Composite i (7 1 

67 Insurance Brokers 1 101 

68 Merchant Banks (14 1 

69 Property (31) .... 

70 Miscellaneous (7) 

71 Investment Trusts 1 50) 

81 Mining Finance (4) 

9T_ Overseas Traders 1 19) 

99 ALL-SHAHE CNDEX(673) 


- 0.1 

17.49 

538 

+ 0 ^ 

18.02 

5.69 

+ 0.1 

1936 

3.88 

-03 

15:16 

3.93 

-04 

1836 

M 2 

- 0.1 

1831 

6.07 

+ 0.1 

1738 

' 835 

+03 

16.91 

4.84 

+0.4 

15.12 

3.73 

+0.4 

16. *19 

636 

— 

19.73 

6.14 

- 0.1 

15.83 

5.78 

- 0.6 

14.64 

5.81 

- 0.1 

15.63 

537 

~02 

13.44 

632 

+02. 

19.83 

5.65 

+05 

1433 

4.99 

-0.4 

1034 

331 

+L2 

19.97 

7.94 

-03 

11.70 

432 

— 

17.09 

7.62 

- 0.8 

21.99 

7.45 

+ 0.2 

19.71 

5.81 

-0.4 

1629 

5.74 

-03 

1731 

6.13 

-03 

1X45 

3.96 

-0.9 

17.64 

4.78 

-2.4 

1938 

7.29 

+02 

17.18 

635 

-02 

16.42 

5.65 

-03 

14.90 

3.99 

-03 


5.69 

+0.7 

24.83 

566 

+ 0.2 

— 

838 

+0.5 

13.84 

530 

-03 

— 

6.62 

-0.7 

— 

631 

-03 

14.18 

4.77 

-07 

— 

6.01 

-12 

2.93 

3.14 

+0.4 

2420 

7.44 

+03 

323 

4.73 

+ 1.8 

1639 

6.81 

+03 

16.02 

638 

- 0.1 

— 

5.47 



Tfaurs. 


June. 


. L 





Pa 

Index 

Index 

No. 

"No.-; 

20532 

jifiA 

19136 

15671 


ihj$: v. 


law :• 

1773% v 

2gp-: )[ 

2Bfk: 

jj5& : 5. 

XMl :■ 

2 m: 


S®.. • 

... 

MMfc, : 
Bttf\ . '* 

- iatz7r' -r; 


ttfgy- =• ■ 
Itf- XL' 

207 (g. 

13b£f\ 

ffi ^ 

SE-i Lt *DiN 


107.41". : 

.29425-,-. : 
&&■; 

».<!£•■ : 

I2LH1? .' - 

a»3l: • 


FIXED INTEREST PRICE INDICES 


"RIGHTS” OFFERS 


l—ue ; 
Pnwi = = 
t-I ! 


l*iv i 
Kvimii.-. 

IlHIU 


j L'lif.lnn + : 

Prii-ii — 
i»: 


The loliowlnfl table shows tbe poremnt channcsl which have taken place since December 30, 17TT. 
equity sections of the FT actuaries Share Indices, it also contains the Geld Mines Index. 


Colt) Mines . . 

Mining Finance 

Tobaccos 

Overseas Traders 

Office Equipment 

Chemicals - 

MrchanlcaJ Englnecrtoq 

Newspapers and Publishers 

Engineering Contractors 

Motors and Distributors 

Toys and Games 

Tt«l cs 

Oils . . 

Contracting and Construction 

Kiln-r Groups 

t'auiul GOO'K tiroup 

Wines and Spirits 

Metal and Metal Forming 

Breweries 

S(lO Share lnikw 

Consumer Goods •Durable) Croup 

Industrial Croon 

Packaging and Paper ... 


Ill-Share Index - 

Investment Trusts 

Entertainment and Catering 

Consumer Goods i Non-Durable • Croup 

Electronics. Radio an d TV 

Building Materials - 

Merchant Banks 

Pharmaceutical Products 

Electricals 

Insurance Brokers 

Insurance CUfr) 

Food Manufacturing ......... 

Proporly - 

House Hold Goods 

Banks 

Financial Group 

Shipping 

Sum 

Food Retailing 

Insurance (Composite} 

Discount Homes 

Hire Purchase 

• Percentage chance, based on Tuesday, 
indices. 


. + LK 
. O.M 
. + 0.43 
, - OA6 

. - 0.74 

, - 0.01 
. - 0.40 

. - 0.01 
. - LOS 
. — L56 
, - L68 
, - 2JD 

- 2.68 

- 3J» 

- 3M 

- 4JO 
, - 546 

- L88 
. - 7J1S 

- S AS 

— LL72 

— 1S_33 

6. 1978. 


dUi> | X ii 1 
jb I F.r.; 
f<24 I Xi. , 
SOp I Nil 


13 6 7,7 

ua.-D dd/ta 


9.'E 7/7 

16,6 21/7 


16 R|in>|U«|.iii|ltr»-ut t. lictitli'Hl- 

jfl iblllHI' ifl l.i'SL.. ... 

5l|>»ii ! 5)|-m •' Hitnilmn l«M(«..rM> (Ink. 
ASpni. j 2 |iniit.'eiitnt> MnnutHcturluc-- 


.j 16G,uii| 


»43 F.P. I 
dJ r.I'. ; 

iSi f.r. I 

20|. F.P. I 


2Z.6 MC 71 

,I):S d0,61 

IB, 6, S 1/7] 

alia dd/6i 
la,b| 9, to 
16‘b' ld/bl 
5.6, 17,7| 


21/7 ZS? 11 '] (JpnrlMUxiu Park 

_ 2C*|>nt- Jlpuj'KWimt-rHiid GuH At Inin;;.. 


13pm' lOi’iu'fUwliiJr 

US Mb |M.« ..•••• >l. . nn i 

14pm U|»»' Hovi.lrn iAk'.wnilr,i 

tjt ASuls'ln-wnttoc Ala ku»t«<oU..., 

P6 4s>« I siipn* 

jr 1*3 | tin nri A AVwdii 

25 (el 23*e I')' •'••• 


I 46j>m'4-2 
32 pin — la 
26tciuul— lj 
17, .».-2 

13i.ni- 

9B -I 
10 |.n> — 1 
414 +4 

56 +2 

. 176 ...... 

24 - it 


British Government 

wed. 

June 

nap** 

change 

■v» 

sd ad). 
To-day 

*il adj. 

1ST8 
to dale 

1 Under 5 years 

10428 

+0.12 

015 

410 

2 5-lajcaix... _ 

113.82 

1 +0.64 

— 

3.76 

3 Over 15 years 

118.83 

+0.75 

050 

5.47 

A Irredeemables 

122 81 

+0.75 

— 

630 

5 AH slocks 

11X67 

+047 

025 

459 


FIXED INTEREST 
YIELDS 

Br. Gort. Av. Gross Red. 

Wed. 

June 

7 

Tues. 

June 

0 

1 

n 

_3 

Low 5 years.". 

Coupons is years 

25 years .; 

8.99 

1119. 

1183 

9.05 

1128. 

1193 

4 

5 
8 

Medium 5 year* 

Coupons la years 

25 years 

1134 

12.39 

1256 

11.60 

1249 

12.65 

7 

8 
9 

High 5 years 

Coupons )5 years.. 

25 year; 

1181 ' 

1287 

13.22 

"1188- 

1298 

1339 

10 

Irredeemables 

1193 

1202 


Index ) Yield 
Niu I % 


Kenunciudun natr nsnnliv last dav lor dMlinu rree or Slump dunr. n Pucurea 
buseM u.i urasorerur. ^srtmate. ° assumed dividend und vtold. a KorecuW dividend, 
cover based nn previous sear's enmlnaa. r Dividend and yiold based an arusoecuts 
oi mhr-i iifficial rtnmatei »or I9i9 ' uG'ntsa < fiBurao ^ turned. I Govci iii-.v^ 
far convcrstoa of shares Db( now ranking tor fli indeed or ranking only for restricted 
niviiit-iiita. i Plui-tiiu wow W nnWc pi Pence unh^s uibvrvnst indicaiw). J issued 
by 'under. II W(l"n.i5tm DOldorB ot Ordinary shares as 3 " rlBhlA. Issued 
by way of capita lisa don. tt Minimum lender prten. §? Reintroduced. II Issued 


is 20-yr. Red. Deb & Loans (15) 67.ii tia.oo 

16 Investment Trust Prefs. (15) 62.33 13.55 

17 Coml. and Indl. Prefs. (20) 71.57 12.99 1 71-49 


13.551 52.23 


Mnmlsy 

: June 
& 

Friday 
June I 
2 | 

TIiuk. 

June 

1 

Wed. 

Jlay 

31 

Tuea. 

May 

30 

■ 67.23; 

; S7.27 j 

57.34 | 

. 57.34 

57.3B 

| 5<L23 j 

53.91 

B2J91 

52.91 

5X75 

! 71.52: 

! 71.52: 

i . 1 

71.56 

71.72 

71.79 


Dnj,' r ; 

.26 (Bpprus.)^ |. 1 


by way of eapRulisadon. tt Minimum lender prten. » RBlnrroduced. Iltmoeo t Redemption yield. Highs and tows record, base dales and valacs- and const its ant changes are published in Saturday { 

in connocuon with reorontEtmon merser or take-over Bll tnrrnduction. _ Q taaued Issues. A new Hot of the caasthuents b mmKaMe from the Publishers, the Financial Times, Bracken Hqihq, candwi *(*••*>'■ 
10 termer Prelerence rwlifrrs. ■ Aliorniem frn-ra (or mUs- paW/. • Provlaiaaal London. E«P 4BY. price Up. by post 22p. - . - i : '.: 

or parJy-Mid allouneat letters* ★ Witt warrants. ■ ■ ■ . . ~ , * r .' 


t 








CE, PROPERTY, 
BONDS 


AUTHORISED UNIT TRUSTS 


. MuSvAcc.-^~-^W; 4 'Mil Pwrfo lu Fund. .1 1363 j .. . I .. hS, -. hraP3HM 0l-«2J4»lit 

Penfuiio capiu>) . .|42.7 as | Fund J1499 i»u / _ 


Abbey (’nil Tst„ SIgrs. Ltd. fa) * .. ^ Jfjn .vu 
71A).i;j|rlmi!^Kil Vilohun irJKSMl r.,\ni> i nranT4. .1*0 5 
U'lwvi apiiol ... I3Z7 M 81 -Oil 404 Hnii'H IVl.'Aw • J5 B 
\Mn-t Inrumr ,139.2 417) I 511 , share . [157 5 




IV 

UU 

Rf, 

UU 1378 
dM-. laj 
i72j iH.a 


Cartmnrc Fund Managers V rang, Perpetual Unit Trust MsglPt.V (a) 

2 Si Man .tte.E'-^AWU'- tHJXl&Jl «<|{iii* I lento* mthaiw. utflZBW 

..-rXnw-ric-anT^. .||0 5 32 9*1 -0 6| 015 I'pviual.q.Gth |39 B 82 7’ ! 3 52| 


OFFSHORE AND 
OVERSEAS FUNDS' 


Gresham Lift- Ass. Soc. Ltd. 

2 t’nnr’- nt Wal«s Rd.. Rmouih. care 787855 
Fund — MU 10L4I +011 _ 

r J l!FS?V I>, ''J Bd ■ 32 s lSll -rial _ 

- J- J'llt r umj 103-5 114 2 —1 ll 

^ * bui. F- unn «?? +ia z 

^ J. Ppiy. Kund. . .J96J io ij . T _ 


Itu« jgne |. Nest deslirn: July 3. 

New Zealand Ins. Co. IU.K.1 Lid.* 


Allied Homhro Croup* lauci 
llsml<r» 1lv» llutton Hri-ninutul. haaec. 
Bril or Kmlauud ilCiTi 211458 


34 8-01( 4 04 Knii'hIM.'Vf ' « B 

, J 5 “ iiMfsaodih-ppare. £57 5 

T7 O *0 11 4 1b , par Frol. Trust. - 52 5 
404] -Oil 3.90 HiglilnrunwTtt .-|58 7 
l>n-ora<- Fund. .-—»»■ 

«Jtfil (ns .tcenrlrv. . -14 03 

nmI h aMTi toll l-irmpl m - ■ H 5 

tffJa ■/■tail T+i • Ati * - » 0 


0 15 I’pciual'.i'Ch 


’S3 *5 Piccadilly Fait T. Mgrs. Ltd* lanb) Artuthnoi Securities till limited 

” ? - 0 ll a 45 H*« ■ S*» « aj I ft-J oa<«n i p 4 , Ho* .jg^ ft Heller. Jene> . tAM 72177 

77 j! | l.\ln» Income.. .. 132 0 34 2; -03) 4 50 .- ap Trt iJ«>n4«*. 11150 139M I 4.20 

lanL-.J ?C ‘malirn.Fd - |41 4 44? -02, *62 '-' p ' NVudeiA D£ dale June ■« 


Mattlanff SjjuU^nil SSI 2JS 070253B&5 ( Fan* 


i- c . . tail - «LidR¥iir.rjW iuaHifl Z SUtSfiM 1 ’ 1 " Rui 

* H9H9**~St. 3S5 ::::. r aiMfc# s!l - BS5ja*J" : iSi 

■h }&2 ixj 7 . " Z Growth & Sec. Life Ass. Soc. Ltd.* Uk4 

' Co. Ltd. Gnardiaa Royal Exchange fSTtCFund"'' 

0l ^stm gan)g> gham W< E.C3. ouaaTifn 

.»SSSSrffi...W-t: = ST ir,Ba ?- - p4< »w j - BESSfis*. 


-on-Thames. Berio*. 0020341 

“ioo^oaJ -:| - 


Depv«it Kd 


141 

1072 *0 4 

nat . 
l»l *0 9 
1Z2 5 +3 7 
U51 +08 

INS 

ICQ 4 .. . 


Hnt IiiiLt Fund. .. 024 


Iin h i in.- . . . . 30.0 
Kkvi. 8 Ind iwpj2 
Alhi-dViiiuiu] 1715 


I Allii-d '.' m'UuJ 715 76! 

HumhruFund . .|lQ4 2 111.5 m 


tibbs (An ttm>' I I'nil Tsl. .Mgs. Ltd. 

543 23.BlumlieMSI,a- ; SM7S | . >U5R841II 

iu.A»;.lnremr*._. Jg2 .842' . | a 20 

545 .»..■»■; crouihr* • a \o.J 4n 

4 99 ih>A »..F*ria«*- roe 2*W .... 0 30 


' 'ayr.al F un.l [47 0 
mi Km' At Vi*el» 47 7 
I'n.'aieFjnrt . 37 2 
.Irrumlir Fun.) 63 J 
Tr.-hnoWi Fund 570 

FarKa-l Fd 27 4 

.Vncriran Fun.1 26 B 


King & Shaxson .Mgrs. 

I ('had nr Crti-v*. W. llrlier, Jerse* . ■CB3*! , ;j74jJ L '- 
Volley Hr. .M Peler Port <Jrnsy >OI*liS4TOB.- 


dealing dale Juur 30 1 Tlu>ma»Slrrrt. Pbuelj^ j « ■ w 

ilt» P».0 121 Q| J 3.10 illll Fund iJ*.-rsc> i . 19.-3 9. 


Kas« Alnti.Tai 'it* P».0 121 Q| J 3 

jj* S«t su>. June a. 

301 Australian Selection Fund NV 

}K Kirvn Opponumue* c.ti Iri+ti Vounc * 


I III! Fund iJc-no ■ . 19.23 9.361 . .11225- 

103 2 1058m .12 25 

illll Fm) ' :uomirj|C9 71 9731+0011 12 £5 


Ii3 J Z Norwich Lmbn Insurance Oraup 

4 1 ”.”1 _ ^'‘*o»4.Nor»| ( | 1 smaSG. Mq32£90Q 

„ g»n-sed Fund . 12000 U9a| +0.4I — 

nge Equity Fund . ... S403 35*3 -0^ - 

01-2837107 £"penyrund 127.3 134 3 . 1 - 

1*714 I __ H'rtllni Kurd.. „ 1467 154^ +0.d — 

4 IM--pojit F-und 105.4 UD.* +0 1 ^ 


n . ... • - »->KMiLruna 

_ Hamliro Lite Asannnce Limited * - w is ... 


15481 +0.91 _ 

um+oi - 


- .... «9»«I r^nl« inmit Co. Lid. 


Hnm6ra.-tcr.Fd. |ZUS 
mew Hindi 
I huh Yield Kd .... 169 7 74 6| +011 7 99 

nm: h Income . . £».4 691+0 2 6 6! 

Blplnt.. . . pa 9 416) .... I 6 97 

laimaUoaal Fuad* 

luternatlunal 1263 28 21+0 41 281 

Sec* of America 155 8 54 7u +0 71 1 92 

Purilic Fund p0 b 43 4|+0.4| 2 30 


8 99 ,a.A ...F-ria«;-j«8 2«0| 

4 43 Healmy 'Tuev tlAed. 

J jj Lovett (John IV 

77. 1 onrinn Wall. E-l 1 


3 BSJ . - fl. -mill I ft l rn . MI 4 44 3 l- 0 .l Nnl d»nnd dll. J u ,.. ■« 1 TI«nui«rM hi..,sl.. I..M 

91 <( Vfi‘ I ■•apisairund [47 0 50 -C if 3 

35 5! ’ 1U ,nl K.m» 4 .\**ct* 47 7 51 0) -0 si 2 ..... 

gs. Ltd. ' 63 3 ”1 -nl 3 u Australian Selection Fuad NV ^ 

Hi 1 fcWB’J'.IJ gsfiS* - BA £% 

I |g .Vmericsn Fun.1 26 B 2t«id-0 7| K L'lfll Slinrci | S1‘S151 | ...-J — rirw inn - . [183 03 184 74) 

”-”l Practical Invwt. Co. Ltd.V tyMcl . . W,< _^ ****. V f l **~ . , c , Kir in won Benson Ijmited 

44. Bloom* bur; Sq HVIA2KA ni ffTi Ssa?** 311 ^ ®* America international 31. hVnrhureii si_ Kl 3 
Practical June 7 IM95 158* +2 « 4 17 35 Boulevard Heyal. lJW«nhcrtir B HU. Funo*«M. Ijim. K.l 1.056 ] 

n'-5885C!0 AccilUi. tails . (2114 2245) -?.7j 417 Wldiavest lncoimj.,Riam5 III 31| | 651 liuenuey Inc ,|633 67S 

. I 202 PmeiRniai l tea !■■■ Fa i i* Price* «l June 1 \MI ml. rtaj June 7. Po Arrum. ...... . btZ . B3S 


J tn Oultawaite. 127. Kent SI . Stdmn 

i-N L-SSlSIuina | SUSIJI | _ 


InlL I'imt Sets. T«. 

First Kterllnc .. . IB 13 lk29| ._| +. . 
First Inil . . 1 183 83 18474] 1 — 


<-h!dr JuitrS - -1134 7 14+ ori i ? n+ tbmi.iri.nir. i... r*. i .j u Pnc» at June I Next suh rtav June .. Po Arrum.. ... 

12&- J » SSSS^.-”- are!* , 

... MMHrmrni fn im Hrotifir fniu 184 4 OS «■' -0 B| 3 SUtVOS, Queen ' IrtOnaM . lft.4 018302313 KBJaua'. huntl I 

Lrirvescn jnanagemem t o. UtL High Income . |U06 liajd-oi! 7 40|.ue*»«irrKund »■ s*« __ t .—4 — kb.iih i:«h hh 


-InBJHHJ'BFdAaeJf 


AMEV Life Assaraace Ltd9 


Fla«d lot. Den B2A4 

55"* 1 *.- nto 

ffwpwty (bib 

)}»n«rtcp.. . ..1394 

**+D*ged Acc . _ 1720 

Sf'erMM 122? 

*+ilt Edged. »?» 

Amenca-i acc . . 9B5 

Penf-LDep rap utj 

^f' ^f^eP-Acc .... mi 


.Specialist Fund* 

Smaller Co.‘> FA . |» • 3791+02 « at ■ iwna l - ++++]■ ■ /£ r. i.Au iwotaruunu v.+wi t ' »• »+«- •»..«.» «./< .ngi]. 

9ndSmlri.VkFrt ta5 46 5 +0 1 5 12 mow J uiw 6 -- g* J 7J9p JS Quiiter Management Co. Ud.¥ Bamlaj'S Unieorn tnt. tCh Is.l Ltd P>> Boa i9f>.M. Helinr. Jeraev 0SH27SBI 

Rmmi'dSiU. U4 9 90 Be +q.J $98 ■Arrum Lula..- «*9 197c lw TheSlk Ksehaaga KC2N1HP OlOrttC wre “” ‘ . , n- U+rtyuTf 1Kb aaul I j M 

sssts&igt .aid? waat^ii ai, »sasBiasB! Bf.ijanSSS^KTMHaf s-ff-iV" 

»«<»«. .d»> m«i so }Jia»WK.-fi! gJ:?S 1$ Rells&pe Lull Mgr*. Ild.V fegSBBSr. |gSl fii'Tl* LId.vds lntpmauonzl MgciRL S^. 

Anderson Unit Trust Managers Ltd. Guardian Royal Ex. toil Mgrs. Ltd. Reliance n« .TuntndseWcii.. ki 080222271 tsmueei 10 fee and «i*i»»iomim: ua«« ?Ruedu Kh.im-. t**«. Rot no. 1211 cemvaiU 
158 b’enehurrh SL KC3P1 BAA 823IK1I Hmal FsrhMde.EC3l > 3l<\ mcuflflon Opportunism 1661 7871 I 5 B2 Barclays Unicorn I DL ( I. O. Mini Ltd- ywjatnt.lSrwslh pmg »« ...I Lg 

AitdecH>n FT ... .|4I B 524) I 4« ,„;SwiWl»» KjgjdrT.WA 22 ;0 3 547 IT hM M i«.r«.s lw .,oj*. oeiaasfl™^ 0 n«5?..-|6«l 

Ansbacher Unit Mgmt. Co. Lid. Henderson AdminisiraiionV lailcHgt ^ B[ UA " JSSSS.'aSlf'^iSs 3 m3 -J 170 ^ & L Uroup 

ItobleSl KT2VTJA (11-623(2178. Premier IT AdimiU 5 Ku>k-ii;l) Ruad. Iluilon. ?: * -i*!* Do. Urtr. PactTic — Ibl 5 h23 +0.5I — Ttaw <pu>s. Tower Hill EC3R BN}. 01-885 4381 


E RywlSwAggftip .IS? 


= OTarrrP" T,7 m V 1J \ z 
z Rb-r p h STe. r:\n 1 77 7B.9I r.: J = 


(HcrsrairJirninp- 
[l-jtjtsmlr r 0 -« .9 


37 91 +D 
46 5 +0 
90fln +0 
434 *1) 
61 8 j! +0 
227 6 +0 


+ D 21 4 61 
-0 1 512 


+o.a 594 

+ll 21 527 
+0U 4 35 


241 .'fliJrevhaatSi ErtMl 1 *. 

ltamn*innJii«T |»4 5 
230 1 v cum Lnlt v ..2216 

Bine H Yd June 1 17*1 

4 bt ■ Avrum. L'ttJfS-r — - *02 J 
S 12 hn*>ar J uiw 6 MJ * 

5 94 -Accum L'nltai — 2*9 
527 LJmeh.ir.Ju"e2.~ 2 % 

4 35 lAceuRi t niiw — • — 5 « 

527 iJi-lBnU Junei-- 25 

i Arrum. L'nilBi -- ■ 73 4 


1.056 

633 67 

752 53 

SI.S10 62 
St SUJ2 
SLK31 24 
SI'SlL4b 
Si. £509 
IB 35 19 3 


01-0334009 
-11 3J1 
tJ7 

4 17 

.... 1.32 
2 03 
0.88 
0*4 075 

402 159' 

OJM 5X1 


JM4 . 
212 . . 
198P .... 
197 5 . 

102 s! 

"SH 


213 71 STS ** ru< H' Portfolio Mngrs. LuLV llMbMci ^ 1 n'nirondanini/'. ia^ 1 S5 ” 301^0^1 BQ 

231 fc -0 3 4 37 Molbom Bars. El'INSNH 01-4#iKa RatHlUe BlUXellf* Lambert "KB act .■& Umdun pu>-ing BEcnls onlj . 

1>4$ 7 55 Prudential 1125 0 132 5i I 4« i Rue De 1* Regent-*- X loti) Brusael* 

• 7 “ oX r„ |,r", ilinu Fund LF fLVN LNSf I TS7 Lloyds Bt tC.M l'/T Mgr*. 

197 5 iS Barclays Gnieorn Int. tCh. Is.) Ud. P»» Jh»* I9S.M. Heher. Jeraev csm 27386 


•; juwH^-*hwi5l&.'Reigate. ReifiateNloi. E? n -P°?- c «'P-- --- 





^n. Pro®. Ace.."!" 2WU 
Pen. Man. Cap . mk* 

Men. Acc 

£•" S|!i c -°p - unS 
Pen. a Hi &J K Aw 126.4 

Pea t-'ap 123.9 

^lt B S. Arc. . . _ 140 7 

Pen. D.A.F cap . . n 

P9lt. DAF. Acc. 1( 


Prop. Equity & Life Ass. Co.¥ 

IIP. Crawford .SUvn.WlHZAS. 01 -488 0STi7 

L 1 iSJSb“-.-| ®f |.. ( - 

Fie* Money Bd | 147 2. \ -Oi] - 


Hearts of Oak Benefit Society im«tment Fund' 1 

. 87.71 °T^° SS" 

■' ' ?2J'3 J Samuel Life Assnr. Ltd.* 

U4. N-2.1) — AddiacombeRtLCrey. Q 1-886 4355 

BPTnnbmi I lm( » Hm a *4« #1 1 * 1 >1* 1 e— . • 


Ltd. 

!®S3|3&a 




12501 .. 
127.2 -HJ.4 
•2144 +03 
1082 .... 
A34J +0.4 
JtOJ . ... 
100.6 .. .. 
984 


^o'y - 
+0.2 — 


102 . 5 ) 

^•fnnwjLimit value Jime 5. 


Beebiy e Life vASKur. Co. Ltd.V 


71.LduAardSt.-EC3. 01-6331288 

alF HoWeJuBrti/'.;12*.76 \ ..,.[ ~ 

Cb^ lifb^fltaniKe Co. 

. so HI* St, PoPer» 8ar. Herts P.BarSlizz 

■•fiaSftSaftlU-'IIB- I ::.:! = 


saass^i, 

Pna. Managed Cap 

fttgaasei 

ju- C'locd. Ace.. 

Pena- Equity Cap 

fs-isffiir 

PnsFxd.Iiu.Acc 
Pens. Prop. Cap 

Pens. Prop. Act „ |95.4 100.4) ...| - 
Imperial Life Ass. Co. of Canada 
Imperial Rmuk, Uuild/onl 71 

aj'-J: 

,, . _ Unit Linked Pcmlolio 

Manaced Fuad. . ,f93.e Mat J - 

Pitted int.Fd . (95.6 10o3 .. ..] - 

Secure Cap Fd »S.7 • IDO* .. ..J - 

Equity Fund ... [95.8 100S . ...1 - 


Property Growth Assur. Co. Ltd.y 
LeonHoufce. Croydon. CM ll.l’ ni-Bsuieos 

^tperty 6-Ufid . . TM + 

Pmpeny Fundi Ai. 1791 . _. _ 

AcnnJfural Ptiod 757.7 .... — 

Asnc. FMndiAi 751 s _ 

Abbey Nab Fund.. 1534 .... _ 

AbbeyNBt.Fil.iAi. -1532 .... _ 

Imesrment Fund 67 5 .... _ 

Investment Hd. 1 A1 673 .... _ 

Equity Fund. 17D.8 ... _ 

Eqmty Fund I A* . . 170.2 .... _ 

Money Fluid 1395 ... — 

Money FUnd-Ai _ 1388 ... — 

Actuarial Fund ... 112.2 — 

Cilt-Jdised Fund . . 1394 +0 ? - 

taUt-Bdecd Fd.iAi . 1194 +0 3 — 

Oneure Annuity . ibl 7 .. . _ 

♦Lmmed. Ann'ty.... 1435 . . — 


Rot ITU. 121 1 Geneva; tf 
BL» IBM . . .1 LU 


Aitderwn (' T 


Ansbacher Unit Mgmt. Co. Ltd. 

I Noble M.. EC2V 7J A. 01 -623 Cf78. 

!««• MonlMj Fund /145 0 375 8| . J 198 

Arbulhnot Securities Lid. laltci 

37. Queen Si. London EtNR IBY 01-226 5281 

Extra tncuine Fd .11049 11 9J -0 II U33 


sekiurde T. Inc |4ll 44 fij -I 

Henderson AdminfsirahonV laKcMgi R i . ... 

ITrmier IT Adrmn- 5 KuiU-icb K.ail, lluiion. 


Hicb Ine. Fiuui .. [41J 
OAccum. l.'plisi 155.7 
18VN Wdm L Vu. 1‘1 


— I (Reference Fund . 25 4 


1 +0.3J _ 

+oJ _ 


PTnaCmetb JVml*oi A Annul flea 

AUWlher Ac VJ-.S 1128.9 135*1 ... I . 


AU wiher Ac U is (128. 9 
9AJI Weather Cap.. 122.0 
9im Fd U11 . 

Pension Fd. Ur*. .. 

Com.. Pens. Fd . . 

». nv. Pns. rip lii 
Man Pen*. FtL Z. . 


(.\ccum I'ntui 
Capital Fund 
Commodlly Fund . 
lAmun. I'niis- 
iHn*W dru-1 IVi 
Fin.aProp.Fd ... 
'iiiaais Fund 
iiAecum. L'nits- 

I'.retFlh Fund 

liAccum t-niis- 

Snuiimw. Fd 

Eastern it lot! Kd. 
i9**Wdrwl L'tv 1 
ForeiRnFd .. 


_ IX. Amer. & <n( Fd 32 5 


599 +0 
59.9 +0 
27 4 . 

40 i ... 

20 5 

60.9a .. . 
87.tu . .. 
53 3c 
111 

431 +0, 
5D2 +0: 
35.1 . 
«J -0. 
296a .. 
25 9 . .. 
203 . 

91 !■ 

350a +0; 


1 a M Rrentw o«d. Eswl 

• * ** l JL Fuads 

altci ''up. Cro»lh Inc— P* J 
m+-«:r.iQi « ap i+ro»+h Ace.- 43 4 
01.d6.sJ8l income A Asset*. In* 

"n \ Hm ,H * h Inr""' 1 F«* . 

Si 2 22 Hlch IncnW g9 ! 

■*9 } 222 E ' lr> lnf - — -I 55 ’ 

*0 1 9.09 ■ ■_ 

UI2 Francis! 6 ITC—I2* J 
... . 12 L. „,| ftN , L ii Pf 127 6 

ail iBirraatlDoal 

5 62 t'ubot . IJ** 

5 62 Iniernsllonal .-3.0 
3 04 W'rbi WideJuneS- |75. 
i0! ? 79 (nmm Funds 


oerr 21738 ^A4W3M0.hcnnrd>.y..MancheMer Du. Inti. Income )3»5 4id .... J 840 Atlantic June 6 . -IK'SZSl 3M - 

r ^r} . „ Du-LeTMaitTst. . .fi.6 m 3 J B70 Aitft E« June? Kl'SJS iS(-81t - 

*5 2| -0 ll 355 S'iSSSS ^ nU 5 T 2 'EM- in£ L'o.Mana Mutual^ . ..S!l *4l] +0j| 1.40 Gold Ex. June 7. RltCU «l3-0?9 - 

45 7 - 0 1 3 55 Rideelield Imome (91 0 99 0^ \ 10 49 Conunnditv «4er lad. [U69 135S+0 5 9! 

34 ^ f 421 Rothschild Asset Management W ?^K?S?S.SS!!^? «£S»U '■“«■»* - — M « 

3 9'4+Dll 8 01 72-80. Gaiehoujc Rd . A. k«Dur> 03865941 aRMAI' v Mhv 3 — UVSDJD 29 lb) .... I — Sainncl Montagu Ltln. AgtS. 

89t3 *57 X ‘■.K^uity Fund U7 7 178 41-10 2 92 CANRHO— M»2 KLOOB L06d....| — 114 nirf Rn^rf o V- ^ ... 

^ ' XC Enc..HesT+l U62 12JS-14 ?-*A LT>|.-.VT-Ma > i... -)U3S7 24?3 .J 2J1 nK1 ul " JB 

5 6rd I 447 2- f. Iitcmr Fund 147 b 157 0c +0 1 6 60 Ortgumlly issued at -510 and -CUNL ^poUO Fd Ma> 111 . W-CTm 518a ' 

-oii 1% ^ }"'} ; Si l°o\\ :i L a } g Brid* e Management Ud. RS Si !. ” ] 

2 Ora 101 +73 SC.SmnrCot% Fdliab l*3S-0 3! 413 PO. Ik»* 5CW. Grand <.'«>man. s'linu la. J f4 'JSJUT'.TfiL'i* " 1 

iS Rothschild A Lowndes Mgmt. ... wL 1 1 ~ > n ‘ tt ’- 282 » ■ >“ 

»0 4| | 457 s,, swithin* une. Ldn.tx'4 oi 8=64356 Nippon F.t June” .[ sfsii is ibiq+oj4| 0.72 Murray. Johnstone 1 Inv. Advisert 

17 41 n 11 , Newer Exempt. JQ220 12101 f 3 61 Ex Stock Split ISLKopcKL. Gfa^ou. r.Q s+U 221 £ 

«l3:Sl 511 Pncc un Ma« 15 Next Heal ins June 15 Britannia TsL MngmL If 1 1 Ud. ‘HdpeSt F.L .1 M/S32 25 I - I - 
447 *aS 177 Bowaa loit Trust MngL LuLViat - 30 Hath st.. M. Heller. j«r>e>. <W347nii4 M 1 F ' 

SSri~° ] 235 City Cate H«c . Flnshurv huj . BH lit 806 106C SMrUnx Denwtmad Fda. . 

5A1J-10 129 ^Jnfnein Junr I 67 5 70 5] . . 0 97 Growth Invess — p3 2 >5 9j 4.0D Neysit S.A. 

h+k r /si Secunttes JjtneO Ml ®l • • *32 IntnLFd — Z2J- .JJa } K* B-iuleiard Royal. I.usemhfKirc 

ngrs.T f.i >l;*b \irfi1Juni-J 545 5741 .. 7 J8 Jersey Energy Tsl 1382 I49« ...... L5o i-j Iin _+ , «i <-ms7 i i 

01KI88011 lAcium I’nup.. 75» I0« 7 58 Cnls-sl. 5 TstTstt . £223 2.3a... 100 >At June j SIS1047 | ...| - 

12*4-0 71 530 Merlin June" 107 85.0] -+2 3 3 85 Hich IntStle-Tst*.. — loq 12.80 i . j 

41 oi -0 ll 31b '.«cum.LnU'. Nl 5 103 7| -2 « 3 JS . . - ^-VT- T. Negll Lid. 

47 6 -09 2 81 RnvaJ Tst. Can. Fd. Men. UrL UWvsLSTst. BCSS23 iSB J - Bermud* Fide'. H;unilr«n. Him. 


.v . NancueMer jx, l-L income ! 

34 5) I 6 21 RoihscblM Asset Management (gi p.o. po*C!.Do*ikIic.Lo 

bl 9.d .nil > 0 i 72-80. Gatehousr- Rd A* lt«our* 02065841 aRMAC 'May 3 Bl : H 

S89rd 8 57 X ‘‘.KRuity Fund |U7 7 178 41-101 2 92 CAKRHO*+Mn 3 KLD 

1 .VO. Eito- fie* T+l U*2 123 H - 1 4/ ?-M COlST~Xai -^2-3 


_ Ttinv Qujys. Tower llil) EC3R BBQ. 01 -8 
840 Atlantic Juneb . . IK'SZta 195) 

870 A ust E« JqneT Bl'fflJJ Z<4(-0 1* 

1.40 Gold Ex. JunrT. — Rl itM «k«-0.W 

1 Isluhd 0269 135S +0 5 

"... lArruin llnitsi ... ..P79.4 2909+08 


92 0*d - l 01 
34 i -03 
80 41 n 


Samael Montagu Ldn. .Vgts. 

114. Old Brvad Si EV2. Ul-^BSMSA 

Apollo Fd May 31. jSF4783 51851 361 

Japlest May 31 bflKU2* 1113 . .. 115 

1 tv »lrp May 3 1 Si™i5 UW| 2 01 

1 IT Jersey May 17. .l£5 12 5 bl] . ... 0.75 

1 17 JrayO'p MaviM fl2.18 12 82| — 


34sn. Pea* Cap. Vl 
Prop. Pen* Kd ’ _ 
Vrjip rVnv-i’ap Lu 
Bdcg Sot Pen U 
Bldg. Soc Cap. Ci. 


Archway Unit Tsl. Mgs. Ltd.V lartc) 
317 IJlirli lloll-iim. WL J Y 7VL 1)1 83! tC3J 
.Vrrhuoy Fund |BZ b 87 M \ 5 Bfl 
Price-, ai June I .\ext sub. day June fl 


J5S Hill Samuel Unit Tsi. SJgrs.f iai jjicb YirldJu 

J5 Beern SL. EC2PSLX 01K88011 t.teua I'mj 

He) ibi Bnli-hTru«l - 1150 7 1H2«*-0 7| 5 30 Merlin June . 

■clnl'ITrufi. . .. 


■ ci Doffjr Trust .. • 
tT.-i. 1 pi (9 1 Trust. 

■ hi Financial Trust, 
-hi Income Trust .. 
lb- Security iviisr.. 


Barciays I'nlcom Lid. Wigrflc/ 


•Hope St FcL 
'Murray Fund 


.1 SVS 

. .. si s: 

•\AV May 


ft j m . „ inirornrin ^kitonunn 

Provincial Life Assurance Co. Ltd. [t/aicorn Aiwnn Q5fc 


I'nicornHo SJIlomTnrdRd ET 01-XH5M4 •UllIiRh Yietri T*L- 


7123B 220- Blshopsgaie, tea 
I — Prov. Manured Fd. . |1132 

1 _ Pro*, cash Fd B04 5 

Gilt Fund no. ... hlSg 


0I-2476SU3 Do.AuU Arr 

I I» Aust. Itir ... 

■ | _ ilo Capital 


inn . . 1 — 
110.1) - 

119.2 +0 7 _ 


Caihide'^iixaneeLtd.f •w™" — **•* • 

1. 0lympic*K , Weinbley Hasctnb 01-9028878 “ ish Assurance Co. U<L 
"EfluiMl»BB-;i^in7.« _ 1+0.081 _ 11. FI nabury Square. BC2. 01- 

Rrliwn- UMJS__^Ea01 _ I -huh _ Blue Chp June I....I7L9 75.71..- 


* 3 SSB p 

:^jB£SgS&t 


13.9b +0DB _ . 
13 75 +0.05 — 

117.1 +t>.l _ 

— +1 — 

+4 -+0JC - 


1 1 . FI tubuiy Square. GC2. 
Blue Chp June 1.... 171.9 
Manajjed Fund _ -122a 6 
Prop. Mod. June I -.n7Tl 
Prop. Mod. Gth,. ...[193.1 
King 6 Sfaax8on Ltd. 
52, Com hill. EC? 




TT^jem-Fund ..... HS.4 200 J] ...' — 

Equity Fund »79 1«3 .. _ 

Fad. Iol Fund |95J loo!^ . . | — 

~ Prudential Pensions Limited^ 

Holbom Barm. EC1N2NH. 01-40182 

8253 EqulL Fd May IT... (£2507 25J5I ...J - 

430 Fad. InL May 17 ES.74 1B.99J J — 

— Prop. F. May IT (£25.45 2b!24j j _ 


Do. Excmpl Tat. 
Du Extra Income 
Do. Financial. .. 
no. 500 

Ou. General .. . 
In tVrv-xih Ate 
Do. ] ncciino T vi . . 


10| Intel. V laiig) 

lb* IS t'hnaopherSrreei.K' 

4 34 Intel In* Fund — IBB 2 


161 2<C 

-0 7 5 30 

41 0 


R7 6 

-0V 2 Si 



97 j 

-0 7 4 7« 

28 in 

770 

56 3 


314<d 

-0 1 102 


01-247 7V4J 


400 Negit S.A. 

*en l 10 Boulevard Royal, l.u-iemhriurc 


SAC Junes J 51S1Q47 J 


|lm. HlehLm TsL- 


sta : ::.{ 


Negil Ltd. 

Rank ol Bermuda Bide* 


9.00 VAV-May IB.._ 


Hamilrnn, Brmda. - 


Save & Prosper Group 


. St IVicr I'ort. i.uem+ev. 
ir kun-1 |S2J3 15i| I — 


98.3 +0.3 — 
109.7 -HLS — 
UttJ +03 — 
102.1 +4J1 _ 

93.0 -0.4 _ 


Rond K*L Exempt .1103.94 MB37«|-23« - 
Next dealing dale June 7. 
Cknd.Sec.Bd. IU9L62 125.9X1 J- — 


:. ::[ — Reliance Mutual 

Tl/nOndge Welts. Kent. let 

01-0231433 Bel- Prop. 6dx ...- | 19B1 I .. . 

j 2 -*) — Rothschild Asset Management 

* l-_ SC Swi thins Lane. London. BC4. 014 


! 01-401832 -Do Prf A n*. T«l |l37.2 144 2j . [ 5< 

■— 4 — 1 ’rices .-11 May 30 Vom sub dar June ju ... 

J - Du Rceoi en .. .42.5 4S.« | 55a 

J — Do. Trustee Fund 1130 1222+0.3 507 luelB1 

Do. Wldwidc Trust 51 0 55 1] +0 Si 1 S3 20. F+nc 

b'UUn.Fd Inc. . 63 0 65 bl .. fl 4 80 K.R On 

0B8Z2Z2T1 Go Accum . . (72 1 75 M .. . .} 4 B0 ,KB l" 

I - • -I — Karine Rmfhorc Sr fo I _«<< It lalKI 


5i| Key Fund Managers Ltd. iaugi Lvaim fi * m <n 3M bbsb «r mi szdTBi 
507 25. Milk St . EC2V8JK niao67a70 Save & Prosper Securities Ltd.* 

5 (4 He* Enerw- lo.Fd .. 78 9 83 9 -02 3 33 Interuulonal Funds 

6 05 Kw Eouny 1 ilen. 69+ 73 61+02 4 70 i-apita! D7 2 

417 ♦Kc»La«npiFd 1449 15411 640 f T |.“ ..BSl 

603 Key Income Fund.. 78 4 B34u|+0.1 825 Lot* Cn-wlb |bS3 

*- 02 HSM& L a%:B 5 M-oJ^S 


~ Baring Brothers St Co. Ltd.¥ lahxl 

88. Lcadcnhall Si.. C.GJ 01-588 2a 

43SB|Straiu.oTM 1167 B 175 01.. .1 42 

‘ P08 2 2I70| ] 4- 


K<-y Small Cu * Fd-|95 0 101 Q] -0 3] 623 

Kleinwort Benson l r nil Managers? 
20. Fonrharch SI- E ' J UI-B2380M 

KR DnKKd Inr ..|B4 9 92 11 .] 506 

•KB fntlFrfAc 106 0 US 3 .1 5. Ob 

K.B.Fd Inv.Trti - 55 2 59 bj . 4 47 


l . ntnLf ^ - Rm, >213 iSS 1«» BrtUleiard Royal. CuxenthOuix 

>l;*b VirMJum-I 1545 57m 7JB Jersey Energy Txl 1382 1494)..-.. L50 v*i-j lin ., 1 >> ««« , 1 

SOU lAecum I nns.. 76 8 80 * 7 5B C-ulvsl STstTstr. . £223 2.3S . .. 100 * AX Jun * » SIS1047 | ...| 

in Sffirsi. fel iHl^a is Fdu. 103 - J W Lw - 

28 H-sta *m 

7 70 MIN - IS | ll* -I 3« -inxu^r+^n^dX tTn.” desUntdaie Pboenlr lotenmtlonal 

In rwcs li Mxv Jl \«t J JS2L j UI i 15 32 11 po Bor 7T. St Pcicr i-nn. Guem^y. 

Pr.ee* aMHa* .1 Nest dealt** June Br|>wn Sb i ptcv TSL Co. (jeriCy) Ltd. lnl»M ta r2«wl |S2J3 15i| | 

T.-4J ; G,«7.™I^ Kt-JP 3KP Sit 1 ^^HW rW 99bi Ltd 

6M »7i i^uw Si Fd.nhurcK EH2 4NX Stert > nagond ^ H9W 9«>l • ■ j ^ 10 38 Irish Toian.RIbnllar .Gi 

Lvalingi In 111 554 ISM or 031 22« 7»l BuUCmeld Wanagenoenl To. Ltd. . f S. Doltur Fund I SVRBSBB I . | 

:070 Save & Prosper Securities Ltd.* PD Box jje.Hamilien. |m a-erjiiwKund .] £123 77 ) J 

3 33 Interuulonal Funds Buttress income.. S.ffi 1^1 ‘ J 7J8 Richmond Life Ass. Lid. 

4« R2? 22! ■'Sf} Wees at May 8 Next auh. da* June 12. 48. Athol Street. Dour las I M.M. IW2- 

tB 1 01* Civina ".. VlSj 7J«l+10| 197 Capital International S.A. '6,'TbcailjcrTrwt. ill 9 1M.5I +08( 

i23 Increaslnf Income Fuad « rue Ncrtre- Dune. Lusenibour.- IM FUtimunBd!| 7 ^ 126 1 U2 9 +?6 

" llifh Meld . . J53 2 572J+0.2) 7 27 Capital lot. Fund.. | SLS1722 | 1 — Do Gold Bd ..1057 LU -03 

High laceme Funds Charterhouse Japbet I'd Em.97 iCbd .164 8 1734| +1.7 


l bin 68-73 Queen Si Edin bu rgh EH2 %NX 


28 I rishTbwn. Gibraltar 

l" S. Dollar Fun.1 I 5L:SB5 E9 

S’erJim; Fund . I £123 77 


Increaslnf Income Fuad 
llifih Meld . . 153 2 
High locernr Fuads 


40 0 +051 

26 « +0l] 

73 41 +10 


im) ' r.i 7^ Richmond Life Ass. Ltd. 


iGihifilOS 

I :.~J - 


57 2) +0.2) 


(klThc Silver Tnw.|llL9 

114.5 

+0fl( 

rUv-niDOnd Bond 97.1179 6 

109] 

-0 4 

to Platinum Bd.. 

1262 

VU 1 



1057 

UL 

-0 j 

INi Em.Srt'tC bd 

1648 

173 4 

♦ 1.7 


«C4 23014 
■0« - 
q- 3 io« 


421, S fiSS?" 
J 1-55 


711] -0.31 815 1 . Patemcelrr Raw. EC4 
45S-0 3I 882 Adirooa IKIU 


langh an Life Assurance Co. litd. 
LanchamHs.HoImbrookDr.NW4. 01-2035=1 ( 
Langham-A'Plan-.|63.B 67U J — 


B79 93.0 -0.4 — Lancham Hs. Holmhroofc 

XT. . 91 9 - 109.4 +QJ — Lancham -A' Plan Itti 

■ cc. . 106.9- 113.1 +0.9 - IProp. Bond 

/Acc 98.7. lDLfl +0 3 _ Wisp iSPi Man Fdf785 

ACC 183 . 932 -05 _ Legal « General a 

3B0 405 .. . — Kingswood House. Ki 

- z*z*w*xr'.z-—- -V*3 m3 — Surrev KT2U 63£V 

• : ; - • ‘Pttrenf vaiuo June ft Cash Initial IWJ 

:Hajji6Rl,L3e.As*tirancet Enoity lutiai ui.a 

“T 28511 gii 

?S?i2 I—" - Do. Accum 115B 

+ l WJ4 “ Ind Initial 9BJ 

‘ ^ 5 llprni^rbmst n*g** Gp.* . {£*£3^327- Sfc 

-JU ESeqacrr. Sq- Uahridse UBS 1NE 32181 Do.AcCtun. U82 

08.4 40.4 - Propeny Initial — 97.4 

(2*4. .-330 — Do. Actum. .. 99J 

. - -ChnhXB. MahaCEd-ba2 402 .... _ Legal A General fOttU P 

tCtathsedEquity — p4-4 362 — Exempt Cash lnH. _I96 0 

JtmhaWd Soc -. f* 124.6 — Do Actua. .. 9TJ 

... -150.0 .... — Exempt Bate. lull... Xl85 


Prop. Mar 3l ,|U43 121iud I — 00 Accum. . - [3M 2 217 0| 

Next Sub Day JuneBO A *“ h day Jun* 8 


K-B.Fd Inv.TU. -|5S2 S9bj ,| 447 

I, Si L * C Unit Trust Management Ltd.* oESffWjim 


Adiropa ,IMt30J8 

Adi verba Wi4»J0 


46 91+031 4 75 iFondak. .IDU3160 

^ 1 Fondia - DMElB 


The Slock Echange. 63T.\* HIP Ul 588 2800 Eun.pe. . 


1 420 IdcFlnc Fd .. |136 5 140.81 | 7M 

* LiCInUi Gen Fd. i96 0 99o| .. I 2.2< 

ml Co* Lawson Secs. Ltd. *ia»tci 
m vnr-nn »G*oi»e8t_ Wtaburrh KIISSJG «1 X86WI 
IvgatePr** JhinrS JU8 5 192 3d .. ..] 4 04 ' l«8 «? xj 6 37 

B-fflnPM 173 7 ssa • iSS SsSSSSTw-SSI *: : ll ? *•& VS, 

" IS? b JOtS 1 i‘+J ‘‘Accnm I'nilsi— 602 6b2u 246 

' A . i - 4 sssassari m fin. u 

Bridge Fund Manngers¥MHc> r.^, v^d*! .* “ ? ll 5 5 i§ g 

King William St.. EC4R BAR i.'1-d^J -ilril -.Avcum l.'rilsi- . 66 2 72 8< 10 60 

American t Gen. t .124 4 262). . I l.M Deal riton. "Tucs nWed ;Thurs. ••Fn. 

K5!Si«-,---:El *51+7 IS t+oi * G.”"' ■;»"»>' f»»"* 

lio. Acc T . 139.8 «£4l+)0] 3 20 18L l an+nXe Road. Bri-iol (K.C2XE4I 


Lancham - a- pi»n [6v 67 w j _ Royal Insurance Group 

~ •ssi-EffiLJ IflU --J “ New Hall Place. Liverpool. 0512274422 

Wtsp ISP* Man Fd(785 826] J — Boj-al Shield Fd. ... (133.3 2422) ] — 

Legal & General (Unit Assiir.) Ltd. - . Prosm-r r™nn» 

***"££&!££%& *■ GLSLHelcnV^dn, 3ETP. 0i«4 8809 

Cash Initial... — .. .195.2 iota.... — Bal.lnv. Fd. [1272 134.71+12 — 

Do. Accum 96.9 IBM +0J — Property Fd.* 1523 1612 — 

Equity lot Uai 119.0 1253 — • GlIiFd. 116 a 1230+0.6 — 

Do. Accum 727 7 1271 7...- — Deposit Fdf 1218 X29J — 

Fixed Ini tial— U3.7 ' J19.7 -8.1 — Comp.PenS.Fd.t . . 1992 209.7 +02 — 

Do. Accum. 115B 121.9 - EqSwP*ns.FH . . 182.1 1922 +0.6 — 

Inti Initial 9BJ 1843+0.7 — PropRcns. Fd. 21B.0 2303 ... — 

Do Accum. 990 11)43 +0.7 — Gift Pen#. Fd. 910 <KA 4 LG — 

Managed Initial-- U62 1228 +03 - De pooJ’enS.Pd t— W-O 103^ .....J — 

Do. Accunt. - 1182 1243 +03 .— Price. Mi June 0 

Propeny Initial 97.4 102-6 — Weekly EieAliogs. 


*Bgg£2& 


' i ? i« iCtarie»iniifie Magna' Gp.f . . 

-J4 ESCqaerr Sq- Uxhridxe DBS IMS 32181 Do. Accum 

08.4 40.4 - Propeny Initial — 

. .-320 . — Do. Accum.. | 

402 .... __ Legal 4 General a 

342 — Exempt Cash lnK _ 

124.6 — Do. Arena . . ... ! 

-150.(7 . ...f — Exempt Bqty. lnlt... 

; £Tty 8f Westminster Assnr. Co. Ltd. Sema*Fbi'ed'iniL! 

•angrfead House, O Whitehorse Boad. Do Accum — 

CmydOROIO+JA. 01-6849664. Exempt Mngd. InlLl 

,... ffl-l : Sitsthns: 

. Eamty V*kmJ • 7_ S7.4 60.9 Do. Accum. _...f 

■ 1 - Leg* 1 * Genera 

----- aSSnSTirr-IM r«d iiu - ll.tJoMnVtetorl.* 

JDLAFUbtL^_ .. 1715.... - L&GPrpJ^d. JoneS | 

■r :■ 1+QX Mngd.Cap 1163 . l».< . — Next in 

* + - — Life Assnr. Co. 

W3- ^ ^ r_ ^ONowBottdaU 

' fSWbBinHyAS^ Ilovds Rk.T3rdi 


Btshopagale Progressive Mgmt. Co.* 

□5I++7412+ 9 Bi'hopsealo. Ei/2 01 538 6=80 

l _ BgatePr** JuncS 1108 5 1923d .. J 4 04 

‘ Ace.l u ■•June 8 215.0 229 W ....J 4 04 

B'galc I nt May 31 .. 173 7 184 ■ . ] 1.24 

i. Accum -Mav 31. |l91 b 203* . | 1 24 

01-554 sacs Next sub dey 'June 13. ••June -JU. 


*Rau-. Maicrlal* ■ l 
v .Accum Vnlui- .1 


U12 

123 oj +0.6 


— Bridge Fund Managers*uiK*i 


2900 Eurupc . . . . »52 9161 -131 

7 M Japan- fisj 10i5 +0.J 

2M ri- • • 78 8 84 7| +10^ 


Sector Funds 
I'ommodil*- ..... 
391 1 EourCy 
637 Financial Secs .. 
6.3? HIrk.W>inn.a F 


%'tu. High-30 uimam Funds 
+ J? Select Internal .1259 0 
7 J? .Select Income ..[53 4 


31.9:53 ffl*csr“;jsa d J £14 

84 51 +i o] o.8i Clive Investments ijerse>-i Ltd. 

PO. Box 3D). » Holier. Jersey 0534 3738!. 

■] J! *g J| 3 93 CU*e GUI Fd. iC.i i 19-88 9 90) -0 OU 11 00 

7S6J-0.H lg ai**GiUFd.iJ«i...|9S5 967j-Oo3 1L00 

^ Corah, ll Ids. iGnernsey) Lid. 


Rothschild Asset Management (C.I.) 

5j] POlSWxSH St. Julian.* 1 1. Guernsey. 0481 CtB3l 
+02C 400 lU- Eq.Fr May Ju. 552 58 7). 277 

-0 70 5 58 OC.lnc.F'n June 1 1471 155 9c 7 51 

. - OCJnUFd.i „ . . 5135 143 +009 323 

214 O.C.SmTorUMy3l . 1443 155. b ... 3 25 

... O.C. Commodity*- 132 8 140 7 . . 4.58 

LmL OC.Dtrl’umdqr.t 525 65 27.Wa(-0W — 

0534 3738/. 'Price- OR V.vi- J Scrt deal Inc June 14. 
-0011 1100 IPricni uu June 7. Next dealinc June 22. 


27331 +401 22b PO. Box 157. St. Peter Port. Guernsey 
563 +0.1 7.40 l nuil. Man. Fd.. .- [168.0 183.4 ._..] 


104d.--.j-- 


Schroder Life Group* 
Enterprise House. Portsmouth. 
Equity May Iff .. . . 2272 

Equity 2JuneO ...217.8 
Equlty3Jua0 _. 118.9 
Fixed InL Junes... HJi 
Fixed InL Juneff. 1434 

Int. UT June & 135.4 

K&SGUtJuneS.... 1417 
K6 S Sc. JuneC..,. 119.7 
Hngd Fix June fl — 130.5 


ExumptT 136 145 0 532 Dt* April IS 

InieratL Inc t- - 16.0 il T| — 0 sj 3 55 i.Aceum. L : nlut. _ 

Do Acc.t . . Il7 6 18 7| +0 6] 3 5S Xc<t tu 

Dealing -Tuex. ‘Wed JThury Prices June 8 


MB ScotbiU Securities Ltd.* G* 1 ** Group 

10 S Scot bits .. 1 391 4LM-0 3J J.BS PO. Box MUNuuu. Bal«mxx 

10 60 bcol yield „.... 50.0 S3 7] —Or! 693 Delta In*. May 30—151 75 LM — J 

Fn Scotsttam . — 156 6 UJSoj +0 1] Deutscber Investment+Trust 

sSfevSVB* "jKS ::i 

I’ncc* a I May 24 Neil sab. day June J4. {■JJ B SSUS2j«iiJr-"-|n!r2nw 


Royal Trust (CD Fd. MgL. I Ad. 

PG Bo-l HH. Ro*nl Tri llxc .li.-rse* 0^0427441 

RT. Infl. Fd ISV.6928 4 j9Cj . . I 300 

R.T int’l. iJfv iFd 1*1 95^ | 321 

TYiccs at May if Scat dealing June If. 


Scot. El. GUt** 12413 

Scot Ex.Yld-6. [1656 


Save & Prosper lotemalionaJ 

Dealinx lu 

37 Broad BL. St. I lelicr. Jersey of *S4-2CirOl 


t-stfacb 2086 Biebergame6-10fl(i00 Frankfurt. US. DaHar-dewmiinainl Fuads 

bo^ ^ - v ^**.1 z iKHfissr.7g ’sg- 057 i w 

.A€rojrta7u.7rpa Si .:... | fj? Schlesioger Trust Mngrs. Ud. lanzl Dreyfus miercontinental Inv. Fd. 4 4o3 “ = . 

Ned silk da* JLite 14 l0aofliaiK4| PD. Box 60712. Na^u. Bahama.-. S^ro**7 . . ' |l3S2 14^J’..l - * 

V~ nln ' "Sri?™ 1 : “ Ud - 24 41 +^5%' NAVJune. pt^D B* ..l~ - _. 


Britannia Trust Management (a) ig) a. Duke su London wimwi 


**' 13 London Wall Buildings London Wall LeoDtsL. . — -174 2 

— (London EC2M SOL DJ -838 0478 OTO LeoArcun* -(817 


London EC2M54L 

Axseis 1717 

Capital Ac* ....—>... 515 

Cooimlr Ind ...1565 

Co hi mod 1 1*-.... . 783 
Domestic. 1385 


b] -839 0478 047P 
77 11 +0a| 521 


... Am. Exempt.. 232 

Ul -488 5681 Am. Grouin .. .. 291 

7811 +03 507 Exempt High Yld 25.7 

»6 D| -D_3f 4 60 Exempt Mkt Ldr* 25 5 


:85l U\ UoydsBt Unit Tsl. Mngrs. Ud.*.., __g“ 

+03 43S Hegijirars DeW- Conitp-b* -Sea lm- lO%Wrin*l . _b9 0 


Worthing. West Sussex 


z Legal & General Prop. Fd. Mgr%. lid 


Z Exempt [112.9 1189 

(Extra income --... 1 39 3 42 




ll. Queen Victoria st. EC4N4TP 0145«89ff!8 Monc>3 JunoB. ’ 1173 

L&GPrp.Kd. Junes |95.9 1BL7) | ^ Deposit June 6 113.4 

Next wR day Jaly 1. - ProportJ- JuneB._ _ 1543 

Life Assnr. Co. of Pennsylvania ■: Ja4 

3042 New Bond St. VmoRQ. 01-4338380 JSnjjtTc-BJ uae B 130.7 

LACOPUnit*^-.— 19»- U5S] } - I’MuPnC^Wff. m.1 

Uoyds Bk-Xnit Tst. Mngrs. lid. .' RSSSS£^£§: Bn 

71.UWJbaniSt.JX3. ’ iy<23 138B PxtU mjhLAcc^ g_2 

sumaL.^z.:„.m Huai a. 4]^ '.7Ji Sf ■ 


Tttxttrulta _ IOH • ’ 128.41 1 — . 20. CUfunt St. Et3A 4MX 

5w!tiyL«itti.:.-g« 57-3 1 - MUM— -P 2 ** 

tc._- . « - Opt5Prop.Jp/ieJ. I23i 130 

•.•^Cipiniffrcaal -Union Group tjptUEdty.Jmici mi 138. 

, 0I f SSfikSia-l Si i£ 
fK5SS5S»SS^::j St2 . . I » J r tl ■*** • ® 


Am. Oi p^bl fK^io 

Money Pen. Acc. B1195J 


1002SI 

1013 +0.9 


Far East 20.1 

Financial Secs ... . 633 

Gold 6 General 84 9 

Growth.- _ .„ . 19 1 

Inc. 6 Growth .... 73 S 
Infl Growth . 60.7 
lnvestTsi.Sharcx 46.1 

M.-nvraJi.- 35.8 

N«_ High Inc 77 7 

New lame.. 15 4 

North American . . 30 6 

Professional 5090 

Prupeny Shares 13.3 

Shield 457 

SUtlizs Change 30.7 

Unlv Energy 323 


21.7 +0 
61 1st ... 


449 First (Balned.1. - I 

6 90 Do 1 Accum 1 

434 Set and /Cap I 

333 tm.i tecum. 1 

453 Thindrincomei 

3.14 Do. -Accum 1 __.. 
4 06 Fourth <KKlnct — 
6 96 Do -Accum ■ . ^ 


01823 1288 Inml urowth ™ 505 

5-tlhr -0 1 4 42 Im.TXL l-mls. . 25 5 

74 4 +01 4 42 Market Leaders ..289 

56 la -03 3 06 WilVicW. . 278 

70 5 -0 3 3.06 Prof. L Gill Trust.. 23 9 

■7 2 6 24 Property Share' 26 0 


33 Du +0 
534 B +0. 
143 ... 
492 . . 
33 3 +0 
341 +0 


+13 6 90 Do 1 Accum 1 69 2 74 4 +0 1 4 42 Market Leaders ..289 

*0 1 434 Second /Cap > 527 56 la -03 306 -.ViJVieW- . 278 

+01 333 Do. 1 tecum ■ 65 l 70 5 -0 3 306 Prof. * Gill Trust.. 239 

... 4 53 Third (Incomci Bl 1 «7 2 6 24 Propeny Sbare< 26 0 

-03 3.14 Do.. Accum 1 1110 1191 -0.1 6 24 Special SiL T« ..Z7 2 

+0 4 4 06 FourthiKclnci SB 7 63 lrt *01 7 9* l r K Orth. Accum. 12 6 

+0.4 6 96 Do -Accum - . -,|66 9 71 9]+D3j 7.94 l .h-Crth. D)*l ._ 19.1 

+0! 35b Uovd s Life Unit Tst. Mngrs. Ltd. J. Henry Schroder 1 

+0J 3.41 72«1. Gatchnusc Rd_ Ayletbur*’ 02965011 13t>.Cheap«lde. EC2. 

+ D8 8^0 Equity Accum . U57 5 165.8) -0b| 4 04 Capital June 6 _. _{l02.4 

To! in » * 6 Group* iyMCKU _ ‘lic^June's “'BSo 


313 +0 3 163 

27 W 823 
260* 4 29 

312>l 960 

41 bd -0 1 9 95 
315xw _ 

54.3 +0.2 230 

27.4* +0 2 4 26 


StcrlingL-dcnamiaaind Fund* 

Channel Capital^ 1234 1 24631 +2 Of 1 62 

Channel L+lan 1+0. . 146 7 154 3] +0 3 5.03 

Cummod June I ll2o.fi 133.4] . , J — 

St Fixed June 1 _ 11104 U&9I . . I 11.90 

Prices .-n -Juno 5 —Jun* 8. ‘—June 1. 

JA’c+ikly Iwahnib. 


6 24 Special SiL Til . . Z7 2 29.2] 2 58 

7 9* I’K. Grlh. Accum.ll26 2329+01 5 27 
7.94 l-.KCrth.Dlrt Il9.1 20 30) +0 lj 527 

d- J. Henry Schroder Wagg & Co. Ltd.* 


iAccuri 1. .. _ 

Incc/mc JuneB _. 


PI-2403434 

I ^28 


v»..vn« laconr Junes . 

Thrrc Qua**. Tower ilill L03S eBy 01828 4568 -Accum Unllrn. 


See atxa Slock Exchange t-eallnes. 


— Scottish Widows' Group 


The British Life Office Ltd.* (a) 


_ PO Box 902. Edinburgh EH 16 5BU 031-0556000 Rffi*nce H»e 7linhrtdecWc/la Kt ««227I 


442 .American- 

4 60 lAceum Vnlw... 
154 Mi-iralailur . .. 

-Ae+uir* L'hiMi . 

1 i.'ommodil} . 

27i ‘Accum l.'n !,«• 


•JWABBhyUw— r 17.91 . .. ) ...... 4 - 

n.Mtfm(nit Life Insurance Co. 

. McjwoCdry Lone. 5P£2A 1HE :01-SED 

* ; k.#!- S|r:.: 

Fd- 7Z-6 -. 763 _ - 

m* ztn . .... - 

1 Fd. 1%4 ..... - 

Fd _ - lp* - 

Fd-u- 13a6 - 

.Fot S74J3 ...-j -r 

CarnMU Insurance Co. Ltd. 
t^.eMbhiiiarj: - oj-«85 

iCej lTeSo-MaylS D220 - I - | 


lovRty^orlea L. 

Opt-SUan. Juue-1 -1747.4 155^ I — Inv. fij. Series 2 

Opt 5 Dnpf. June 2 . {1213 \ 227.7) . . J — lor. Cash June 2. 

London Indemnity & Gnl- Ins- Co. Ltd. gmS?S5o^ 
lBJO.TheFoebmy. Read in g 583811. Mgd. Peat. June i._ 


BLBnll+hUfe . .1497 5161 +011 5.67 

bl. Balanced’. . 45.9 491] . ifi 

BL Dividend* J«2 45 j) . | 940 

•Prices June 7. Neal dealing June 14. 


C-siti pound Growth 106 D 
C.-ji version Growl n 61.7 


r Deallnes. General June 7 . 83 8 

55 71 -0/ 161 lAKUm. l ; ntui 1033 

5fi sl +0 8 162 Europe June 1 ... . 30A 
51 3 -2.2 1 82 lArctim. I'niiai. .33 8 

5921+2.2 1B2 •FVn*CharPdAj>2S 16B0 

80+1-03 417 ‘Spec B* June? .. 2431 

063| -0 2 4 27 - Recovery June 7 289 5 


35.91 ... 

1732 . 
250.61 -7 1 


+14 3.47 

221 


163 Emsot) & Dudley T«.MgUr^Lld^ 

Sto P’J BoxTlSi HeJier.Jeroey 0534203/1 C;n, mod June 1 12o.fi 

,60 EDICT - -11172 124 6| . J 3.00 Sv Fixed June 1 _ |110 4 

9 95 F. & C. Mgmt. Ltd. Inv. Advisers f * nc “ "' l '{. 

+ in 1^. Laurence Pountney Hill. EC4HGB A. 

,26 01 ■ <E3 ' 16ao Srhlesinger Interna 

, 59 Cent Fd. Mays) . | 5US523 1 j - 1 1. La Moite St. NL ll-.-liei 

- FideDty Mgmt. * Res. tBd«-l Ltd. Sa i l (85 

229 p .^. D®* 5TD. Hamillon. Bermuda ?.AV 1’ ■ [S+5 

2 58 Fidelity Am.tii... Jl'S2S 12 | .1 - V', yi ‘ 

I27 SdSfSfeW: lii«4“ ■ j ~ • $ 0T 

Fidelity Wrld Fd.. . 5US14 71 l-0ld| - ^ Jb u a 

~T Fidelity MgoiLBcseareh 1 Jersey) Ltd. . _ 

^ Waterloo Hao. Don M..SI Holier. Jerse*. Iwhroder Lite GrOU' 

2 28 O® 4 37581 Enicrpri.se H01W. tPn.su 

693 Sena*A«lntnli_ ..[ £3 7J I .. } — InlenuUnuil FL-uda 

6.93 Senna B 1 Pacific - — I CIO* I .. ■ I — EFoultv 1127 1 

3.47 Sene, D /Am.Aaa.i| £2S29w |+03 b|- re3SlK: "V ...i 124 0 

\ *l First Viking Commodity Trusts Eiqxed ihieroa. 1343 


Srhlesinger Inlernalionel Kngt. Ltd. 
4 1. La Molle St. SL Helier. Jersey CS34 TW88. 

Sail (as «( . .. sot 

SA-Ul.. 0B8 0.93 . 4.04 

Gill F.I . . £22 22 4e +01 12 2E 

Inti K«1. Jersey HOT 113 . 325 

fnlni.Fd.LxKIbri; . RlQ.77 1134 +0 01 - 

’For East Fund . £3 W...1 303 

•Ne+t Mlb day June IA 


Schroder Lite Group 

Enterprise House, tx-rtsmouih. 


tnleroaltoaot Ftioda 

CEquIty .11273 


SBquity 124 0 

IKlxed luereyL 1343 

iWxed JaiereaL - 1050 

£Manaced 1214 

SMa tinned |U42 


■1 m kiw Co . Ltd, 5SSSS3 lu42 malli Jl Z 

+ 7 1 373 SiPaU Mall. London SW175JH 01 8307857 5M ^ tu,l » d |U * 2 1A ' 

-6 j) 4.97 Fgt.VlLLm.Tgt.. J37.8 39 B . J 230 

it) F*LVi£.Dbu.»p Tot . I7BO 83 0*4 -1 « 1.70 J. Hrnn Schroder Wagg & Co. Lu 

rx. LULV Fleming Japan Fund SA im.Llteapslde.ECJL oi .'-naati 

131-5560101 *7. rue Sotre-Dame. Lu x em bourg Cha p5Jut»e6 . . .1 MJS12W *0111 2 1 

- •f«j ctajii-fr- -1 i 1 - HfeWSSlK-U*' 'L "'••• « 

.1 510 Free World Fund Ltd. DorlmcFnd . . h'-.ia, 1 °7 .. 5+ 

Butterfield Bldtt. Kamiftou. Bennud.- Japan Fd. June , . |S»S**2 0.J 

^ A J M « r31 1 *“S17925 1 ...1 - Sentry Assurance International Lt, 

^2*2 G ‘ T ‘ M * na * eraem Ijd - P.i>. Box 326. Hamilton Bermuda 

+fl 1 H25 p * rk Hae. IB Finsbuo Flreua. Umd-n E-1. Mb paced Fund . ... plttlWR 19M0 ... I — 

1 Tel: 01028 8131. TLX. 886100 


1365 +0.3 

VUA +1.4 


ni wnm? 10+®> The Fortuity. Raading 583811. 

SS'SSTrf! = 

-■ -]■ ” Fixed latertat- — pil 360) ^ - 


Solar Life Assurance Limited 


Brown Shipley & Co. Ltd.* 

Mngre: Founders Cl. ECZ 

BSl'nlUJuneS ..1217 6 229U 


C<-n version in- 
Dividend 
(Actum. I'hlisi 

Koropvjn + 
-Accum t'hib-i 


063 -0 a 
1240 +0 7 
66.U -0 8 

67 3 -0.51 


For lax exempt fund* ool> 


Scottish EquiUble Fnd. Mgrx. Lld-V 


3981 | 230 

B3.M -J °l 1-7D J. Henry' Schroder Wagg & Co. Lid. 

S JL 1181. Fhv+pildr e ca. 01 :m -moo 


-0176 I252jS -031 77S 28 St. Andre* sSq. Edinburgh 


22-1^ -p! IIS Incorue l'nits .... . 150 0 532] .. 

52JH -M 129 Accum. Fail* . .|570 U7| 


Hie London Sc Manchester Asa. Gp.V solar Mana fedS 

The Leas. Folkestone, RouL 030S57333 |3“ 


- 10/ 12 Ely Pi ace London E.CJN ATT. 012422905 1 Do. -Acc. -June 5 . |2712 


Cap. Growth STUnd .. 
+)Top Exempt Fd- 

jgxessK: 

Flexible Fund 


— Solar Fwl InL S 

— Solar Catii S 

— Solar IntLS 

— Solar ItanagedP 


MCtuiAtURcj. . - w-dJSMio ^.ThKRpKiTJ J- 

/CmJreluMay'13 — .11220 — | .- J propertyFund 1 82 4 ) ... | — 

— - iudo ‘ ' 27701 IZ'.-l — M &. G Group* 

' : • 'TftuB \ •Jt-rti^.nww-ivu lacnmnrr - ' Threo ®wrs Tower Hill BOS BBQ OISX 45SB 

.awfit:* Ccrfnmerce iBsurance Ftr*. Fronton—... 227A - , .. — 

W IR 5FE. 01-4^97081 Conv.Depomt* U7A +0.1 - 

. .j - e^tSSo^z:: w? * .... - 

A»njtance Co; Ltd.* FomiiySUW'-?"- IBO .9 - - - 

/•JJ! iOtawiiUWSld, Woking, OU21 1XW 04B8250S3 f" n ^5?{SlT*u22iiS«'' Imil - 

-: 2 M s. 58 JaSSSftW-: ^ ^ - - 

- S 9 SHlSis-:& S-a: 

£Blm& R: H •••: E“ fsssas.'- if «j = 


SxrtarProperb' 

— Solar Equity P. 

— Solar Fxd_Urt.P 
Solar CaahP 
Solar InU. P 



Orem if Tnaia ia> 1 

Financial 

CnieraJ ._ 

Growth Accum 

CroHlh Income. 


01-enomoo E.lralleld 

U .J 4 80 1 4 .-rum. FhtL* 

Sl I 4 80 FarEa/iero . 


529 -04 
899 -0 1 
12flJ -0.1 


easSq . DJinburgh 031-5560101 

ilia .... . boo SJ.a .. ,.| 5.10 

»la . .|57 0 60 7] . | 520 

Dealing da> Wedntrhdu. 


I lU^h Income 129 1 

I T.l — 20.6 


1«3 +6ffi — 


Index 

Oversea* . . . _ 
Performance 


[Hecrtvefj- . . [216 

lEampt. April 10.. [si.4 


wtyfdrjlrit^ 


.1023 +0-7 
J»3 +0.7 
102.( +0.6 
902 +03 
-93 +04 


ExTYield Fd. Bd.*-|8L2 »4+0-5| - 

Recovery FA Bd SfrS t54| “ 

American Fd. Bd.*.J55J S'3 *nil ~~ 

Japan Fd. B<L* ..p2.Q 54.71+031 — 

■ . Prices on ‘June 7. "“June I. •••June — 
Herohnnt investors Assurance 
iTS.HirtiStreri-Crqvxion. 01^89171 


Sun. Alliance Fund MangmL Ltd. Canada Life Unit Tst. > 
Sun AlUance Boose. Horsham. 040364141 2 8HifihS,.. Potters Bar. Herts. 

Exp-FBJnL MAr JO.BM8.90 256301 1 - Can Gen Dist .. .. |38.4 t 

lot Bn. June 8 ..[ 03.97 | J — Do. (ton Accum [46 6 i 

_ _ .... . . ... - . . . Do. Inc. Dial - . BS2 34 

San Alliance Linked Life Ins. Ltd. no. inc. Accum {43.4 t 

SunAmwmeHtmmLHorotoun Capet I James l MngL LU 

1073 +0 3 — 100 Old Broad SL. BC2N 1B*J 


• Avcum fait*. 
gU Fund uf Inv. Ta* 

3 on t.Vvuin Uni ix- 

4 81 General 

482 lAicnm LniL*: 
fu Hlu-h In- --me 

3 87 -Accum Unit-- 

4 15 Japan Iru-o/n-- . ~ 
332 lAceum I’niL*. . 
439 Mac n ura 

etc lAcrura L oiu.-. .. 

• 40 Midland. 

i Accum. I ‘nil'- — 


2tu -o.i bjo Sebag Unit Tst. Managers Lid-* iai nav M ay 31. . _...l susi7925 | 
Ua *0 7 Js POBox5!l Bcklbn ||m.EC4 oi -=385000 GX Management Ltd. 

655rt +D3 4 52 s^ac Impnw Fd fjoJ 32 ?[+Ol( i§ piu ' k • ,B Finabuo L'lri-u*. U 

80 1 -0 4 4 52 *•**»* invomc Fd . |30J 3171+0.11 p>|; 01028 8131. TLX. 088 100 


1824 -0 9^ 
279 1 -J « 
1099 -Olf 
1780 -0.1 


ChanSJune# - . . 31 151201 +011) 241 

I Tratalcar April 30. 5US114 Ob ... — 

* ~ Asian ft) May 16. UMi« 15 W .... 3 20 . 

Dor I me Fnd .. 1 °7 .. 520 

ludi , Japan Fd. June. Js»S*42 *»]...) 0J5 


Sentry Assurance International Ltd. 

P.i i. Box 328. Hamilton A Bermuda 


. .. 11474 157 7>m -i.l| 


Canada Life Unit Tst. Mngrs. Ltd.* "ewerr 
2 SHiehSi.. Potters Bar. Herts. P Bar 81122 Swondue^ 
Can GenDist.. •- [3*-J jOjJj *0.1] 4^2 i,\ecum I niisr 
Po.t-en Accxira 466 _ 49 0] +0 1 4.J2 Special. 

Dp. Inc. hud - . [332 34M-0 T\ 7 77 , Accum l n*l>i 

Do. Inc. Accum |43.4 45 7| I 7 77 c~.: .ii^—a 


| Jf8 7 1591 +1 1 

pflLO 216 1 +1.1 

2519 2695 -1.4 

J67J 17*7al -0 2, 

277 8 293 9 -0-5 

80J Bfcl +01 

81 7 07 0 . 

171 2 185.8 -0.<W 

(254 0 2778 -1.4 

1160 9 171 C -0 3 

202 5 2157 + 0 5 


BqtdtrFttnd 

FtxetQtserod 


FtxetfltSeratFd. 
Property PUnd-. 
International FdJ 
DepoaiiFund-H 
Manajted Fund 


107J +02 — 
113.1 . — 

115.7 +1.1 — 

1014 - 

U3.b[ +05] — • 


^Jzz- JS? Mr|« assKfts* ??2 9KtiSWfS'?.lgf M 9H+>.tl » 

tc« on June .. -Nett dealing June 21. f> ns k< June ft 11344 14i.a| ... .] 5 77 Target Tst. Mngrs. LuL* la)(gt 


125.Righ Street, Croydon. 


Son Life of Canada <UJK.I Ltd. 

2. 3. 4. Codaxpor Sl_ SW1V 5BH O1-08O54OO 






»jf. — i - 

nd Ass: . 


r gSSgss;--: Si 

1* gSgsi--- SA 

“ :. jg| 

875 DcposiL;...- 1^2 

B 21 rwpeertFetw. 

- 5S-! 

Mouaeed Pens- 

- Inti Equity 103^ 

^5^ imLMananed.-. 1025 

__ KEL Pensions LUL 

• Milton Court, DorHjng. Surrey. 

,g.~ NelexBq.Cap- W3 W! 

«“ vmIpi- Eo. Accum - 0143 lm. 


Maple iLGrtit 

HapJcLLMangd- 



199.6 

J - 


232.1 


, it . . 

•uu 

1 

ro- 

1994 

. ...| — 


Target. Life Assurance Co. Ltd. 
Target Himse. Gatehouse fUL Aylesbury. 
BUCKS. Aylesbury 10296 J 5941 

Man. Fund Inc P0L3 1 


-■ MexBu-Chp. 1 

- - - JTTtatoAijtodTcJlLEfX ^ . ■: «-588 lSw Naiat Eq. Acfiua - 

. -53,7)'.. ,f 5*1 Ncl+x Money ‘.*v - 

7-t A as. Soc. Ud.* PtolexGth Inc Ace.. 

+ss , ^ r7? asasaassfc 

. ■' — NclMxd 


KiJth IncAce..MM . g-g i 

xGihiocrap-JWJ; +f “j -I 

Ird.FACup. -K7 8 “3 .. -J ■ 

trd Pd.A«..-pLI „ "" ’ ■ 

Neal Sub. Day May 25 
t or New Omrt Property roe und er 
Rothschild atom nbnaoeroeol 


Man. Fund Acc. 
Prop. Fd. Inc. 

■ Prop. Fd. Acc 

Prop- FtL Uni, 

ggij Firod-toL Fa. Joe. 

Dep. Fd; Acc. Inc 
■“ Ret. Plan Ac. Pec 


m--4 - 


137 . 4 ] + 0 A] — 

1302) +-G0? - 


ReLHanManjtcc. 

RecPlanHanCap.. 

Gilt Pea. Acc. 

Gill Pen. Chp. 

Transtuteniatiotial Life In& Co. Ltd. 

= Bream Bfaln.B041NV. 01-4036487 

Tulip tovetf. Ftf _Q426 249. 

Tulip Ma n ad. Fd 5l2B US. 

Man. Rond Fd ... [U6 3 


Cape I I J antes i MngL Lid.* 

100 Old Broad SL.EC2N1BI3 0I-M86010 

Capital 185 0 90 JJ .... I 470 

Income..-.. J791 , S43 . ( 733 

Prices on June >. .Veil dealing June 21. 

Carliol l-nit FA Mgrs. Ltd.* laHc) 
MtlburnHouae.Nevcaxilcupon-Tvne 21185 

Chrilol. — 168.0 70Ja| 1 4 a 

Do. Accum L'niU...|Sl 5 84 0] .. .J 422 

Do. High Yield ,_W1 43 btd 1 8 42 

Do. Accum. Lmla . 151 2 53 71 .. J 6.42 

Next dealing date Jun*- 14. 
Charities Official invest. Fd* 

77 London Wall. EC 2N 1DB. 01-5681015 

Income May 18 1135 2 - | . .1 6 60 

Accum. May ,8 (2565 — ] .. . } - 

♦L'nauUi. Only available to Heg Cbanliox. 

Charter boose Japhei* 

1. PBiernovler Rnx El '4. 01 248 3SB0 

C J Internal I 124 4 2601 +08 193 

Aceura. L'nits 28 4 30 4 - 0.8 1 93 

CJ. Income 34 0 362 . . 614 

CJ.Eurn.Fln 262 28 0 3.43 

Avcum. L'nits 30 4 32 4 3 43 

CJ.Fd.lnv.Tq. .. 277 29 0 +01 3 73 

Accum Ibid ... 31 2 J321 +04 3 73 


1 5rocLallsr4 Fund- 

TruMcx; . . ll; 

ni xmitflin '•'■'cum t niD- Bl 
OiaaBBOIp i.-hant>m-t June J | 

li.n.-B 


Security Selection Ltd. London Ascnu lor 

Is 41 

llSripthvStor '"610 n J Ancborlrt. Fd .. . SIS4BT IJ 

120 UmlGHlTst Inc -.121.0 22.4^-02) TSB ArKtkor ][L Js v Tp , a 0 2b. 

1% Stewart Unit ThL Managers Ltd. (a I *££££" 

3 80 45. Charlotte Sq- Edinburgh. 031-220 3=71 GXAMal^__ SretZ2 j5 

J Z| tSirwart Aiw-rtcmn Fund G.T Asia Sterling - £1269 13 6 

Si? Slandard I -nit* |64.b U« ...I 1.43 C.T. Bond F^nd .. . SUSUg 

i!i Arcura L’niD 69.6 7*3 _... - ' 5 -J Dollar Fd ««*» 

5?5 Withdrawal iiniL* !sib SS.ll ....J - u.T.Pacilicl-d SUB12.79 

5 ]9 ‘Steioart Britlxb lap I tal Fund (jartniorr Invest. Ltd. Ldx 

4.70 Sundard 1133 6 1451J ...I 4.M 2 . SL Mary Axe. London. EC3. 

4 20 Accum l mis |l53 1 ltoil J * JO Gtnmtrr foad , F „ 

Lkannv trn. wea IWI Hl , tphl „_ 


Ifi.T Asia Sterling - 
C.T Bond Fund .. . 

■I T Dollar Fd 

KJ.T.PacificFd 


1269 33t 

SCSU.47 
3US7.10 
SUS12.79 


Singer & Fried lander Ldn. Agents 

,4 ff a> Cannon SL BC4 OI.248 U848 

Dekalunds .. .|L'5C5 05 »«8|+fLlffl 6 42 • 

291 TnlQ-nTaL June 2.- I SUS36.0O | | 1.77 


ut Stronghold Management Limited 

1.73 p « I. Box 315. SL llclier. Jersey. 0EM-71UW 

Ct-mmodily Trust .[92.96 97.851 . — J — 

5^ Surinvest (Jersey! Ltd. Ixi 

Queens I Inc. Don Hrt Sl Heller. Jay 0S34 27 T40 
American Ind T*L.. f£ff 69 8 K[+0 Ul - 


-.....,1 ,1 .. 1 .j . j. . *(Lj«ni inc. won nnai.nriin.Jij 

.artmore Invest. Ud. Ldn. Agts. American ind t*l..K» 69 isfif+OiJI - 

. SL Mary Axe. London, EC3. 012B33531 Copper Trust Q1.B1 12.051+0 ii — 

iart m arr Fund BlnJW- -Far Eaatl Ltd. J*p Index Tsl |£U 43 ll.n|+a.0S — 


153 bj -0 
296 lUP 


-04 6*2 Son Alliance Fund MngL Ltd. 

-DS io 66 Sun Alliance llxe. Horsham tot 


V laHc) ManuLUe ftlanageraenl Lid. 
ne 21185 SC Geunr-V. lVa» . M*n enace. IU38 . 

1 4 22 Growth Vm1> 1514 5541 ] 

....4 422 Mayflower .Management to. Ud. 

''""I 22? 14 IBCru'JiamSi.hi 2V7AL’ 01 606 

..J B 42 i nc . 0ltlr Vj, +3 1105 3 UD 81 I 

7. General Ma- OI jWB 735] ] 

nTxaainia Mercury Fund Managers Ltd. 

I fc vn 30. Gn-ham S: .K-UP2RB. OI AKMMj J" Girl Inv _ 

1 t M Merc.i-en Jun-: II537 195 4 .. 4K Tarocl Pr June . 

Chart ilex ACC. IT- Jun- 7 238 6 253.8 45S If. {?Z. 

I nanUex. lnI Ju(k . : U 1 682 

Accm M> Junv . 168 8 7J.2 

0 .*». SSSiffe^®} §?H ;;;;;• 

InJ i« Midland Bark Group 
,T| Bi* Unit Trust Managers Ltd.* iai 

I 3-IJ Conn wo. id H«u-+- Mhcr Street. Head 

IS SheJIicld.Sl 3RD Tcl-rt-ttl 

+fld 379 Gotuaiodtiv* 'b n M 6 69 5/8-0.41 

t®. 4 . 3 73 Dn. Accum . 74 4 to ol +0 4/ 

ln,f 14 Growl h. . 378 4O5d+0jJ 


1503 Hntchisor. Hae. 10 Harcourt Rd. II Kom __ . . . _ .. 

HKftPac.L'.Txt . [Jf<insa . I 2J5 TSB Unit Trust Managers 1C.I.1 Ud. 

«««'« n%SScw¥*:::.|S* ^^T Jcr tSii 

. -J 52? InU. Bond Fund jiSS . J 580 IS ij i 47? 

§S&£SS8StfS?' ^ «»»■! Prices on June 7. Neal sub. day June 14. 


31 CrvfhamSl.ECS. 
m/ldorilo! Target Commodity 135.5 
1 3 68 Tarpet Financial . 59.7 


Pealing? 020650*1 


P.O. Box 32. DouglaaloM. HUZfill 

SSSS! SiShief a JS r 0! | “JS T »ic» r.oi»c Boldin N V. 

X, lu. . — ■ , . InUmiii MiinaRement O'. ■. ■■ . •'uraenn. 


Po Rein* I'nil-. 


234 T O-Fm? 


n> nv Growth Fd 


44 6 + 0 b 
216.4a 
2931 . . 
1205 
30* -02 
Jli +04 
34 5 -0 5 
332» +0.1 
169 2 . 
3J.3 *02 
153 . 

205 +01 


NAV per ihare June S. SL'6S2J9Ti. 

Tokyo Pacific Hldgs. (Seaboard! N.V.+ 
Intimia Management vu. S V.. 1 'macaw. 

NAV per sliare June 5 &US38M. 


3 68 Tareet Financial . 597 64 8 -0 2 *ji H.mhro Pacific Fund MgBU. Lid. NAV peTroaro JUU 

I Ln TnrRet E-iuiiy... . 37 8 *6 6 +0 b SU 2110. <lcmnau B hl Centre, Hong Kont: 

n«v* ItSTm iE«Vc |'£ FftrEbotMayai „ (tKOUB tL«*o22( - Tokyo Pacific Hldgs. 

T 6 828 Tbi-rvI Gill Fund 115 0 1205 '' 3 M Japan Fund , J , ' “ Inltmu Management* o. 

Ill Target Growl it . - 28 6 30 8 +0 2 441 Hambros iGoenueyl Lid./ NAV per share Jun 

. ’ Tarp.cr Infl 29* 316 +04 IJ7 H amfi m Fund Msrs, iff I lid . 

d. Do item* i nii* 321 3aJ -05 LS7 Tvndatl Group 

4»a Tarirllirr . 30 9 332a +0.1 3 51 Pf Box 86. v-uemoey 04814X1621 - IMt JL ul . n < 

Tarc.'l Pr JuneT 160 7 169 2 . 419 CLFUnd _ ... 142.4 15L7* ... 3 90 l - <l "" - 

5k Tel me 291 JU+fll «W lutDLBtwd JUS 104.92 lOBJR .... 840 ' 

Tcl.Prri .138 153 . 1150 Im. Equity SUS 10 93 11^7] .... 2.50 J | .^2 

?il 1.0* n- Growth Fd 19 1 205 +0 1 4 52 InL Si-gt ‘A 1 SUSLQ2 Lid .. B 50 -T-^b-V Int S4a> IB. |W S2JI 

sg Target Tst. Mgrx. (Scotland! (»«bi ‘^WuLTl, de& j u „e ,V* 

IP Alhol Creoeenl. Fxlm A 03 1 220 B62 1 *2 Henderson Banng Fund Mers. Ltd. • Aoum qhaiesi - £11.43 

tVZVi -n^K^'ISi 43 30 ii * 1 2 I 5.70 p 0 «“* , N4733 - 4SZK22R V- Si 
Extra Income Fd 59 0 63 3 -05 1033 „ - V. L — _ jcrse* Ft, May.li". (1946 


Tyndall Group 

I’.Vl Hoi 13M HamULon 5. Benuodo. 2-ZTM 
1 nvreeag May 3 1 . [1I>J IS 121) .. | 6 00 


1 nvrrr&A Miu'3) . J1l>J IS 1211 .. J 6 0 

•Aexum 1‘niLvi .ISt SL75 1851 ... I -- 

.3- Wav Int |«S2JI 2 71J ... | - 


TnKSLJunc I - . .(£740 



CO. Ltd. Pn ‘ ,e ian,! " dc * hr * : Junc ,4 Growth- . ' . 
D1-40564B7 Chieftain Trust Managers Ltd.*ia)tgi cjyuf™ — ' 

9M f — ITVewSf. EC2M4TP. 0/2833632 Do Accum. 7 . ' 

W — ■ 4 — American. -..112344 2621+021 153 Income .. 

- i — High Income . « 7 43 fl J 945 Do. Accum . 

International T»i..,ln245 26«+0 2{ 319 Internal i*.na I . 

baric Rearer Tst [26 7 78 7J +0 11 4J5 Do Accum 


Ltd « la I TK^I t - aK ' C |2! \ axt'5 * 1 2 | i+n P O Box N4733. Najuau. Bahanui 

Tir^ci TnlslK* 140 J 43 S a I 5.70 » i,- i Iuici7i7 t?m i 

reel. Hv+d _ „ Lxtra Income Fd (59 0 63 3 -<>M 1033 '£«urou v,^ ,, SSfdeto.n^aro JunT 

hw o‘« Trades Union Unit Tsl. Managers* Hiil-Samne) & Co. [Guernsey! Lid. 

to Of .04 556 700. Hoad Sired, fcrjt ul +08001 1 8 LeFebvre Jtt . refer Part Guernsey ■ • I 


• Ac-uin ''harrsi . 
Vm+rl'-anJcn- t . 
■ Aci-iunsfinrexi .. 


0634 07331/3 
i - i 4 00 


lapanFd. ... . [W’537J7 .1 — jcrse* Frt May.AI 

Pncea cn May 31 Next dealing date June .. ,s u r..j. ,\cc t Lx •. 


Gill Fund Mj* 3 1 

i Avcum Shares i 


y. +/H xif . ui-a 

.. . |ii«4 8 26 2] +0 21 

.*• .«7 43 8] J 

iai T»i...|in245 26«+0 2{ 

■ce Tst (26 7 78 7\ +0 ij 


Confederalion Funds MgL LuL* iai - Iiiw . ... --- . 

•^SSS. , **'Sg‘ ,He a« , T8» l -“.‘ Bd I is iffifjSS?-- 

ro nth Fund - — I*L4 "* 5) .. | 4J7 ■(’rices al Ma* ■•> Next druliug Junv JO iAicuklI'aIIm - 

^Cosmopolitan Fund Managers. Minster Fund Managers Ltd. 

la Pont Street. London SW1A9EJ. 01-2358525. Minster Hm 1 .. Arthur SI . EG 4 01 623 10 VI Marlboro June 8 

Cosmopoln.Glh Fd [17.9 192) 1 4 75 Minster Ma* 3U [357 37 71 ..I 5 47 ■ Accum. IhiW 

^ ... , Exempt Ma* ;t I !»! 4*71 | 5 46 V an Gw1H Jimvfl 

* vDll Tst, Mgrt- L t d {SHE,) Ul • I* ;. Mp^mnl I t«f l frlL*l 

H Melville Cm . Edinburgh 3. 031-^1 

Crescent Gnnrth ...127 0 29 D| . | 414 nS ^ nob at li 4M 'Sum ridt^T ' 

■res. Internal 7 . — (S0.7 63 3 +0 4 0 75 «IALmi+ l?9 6 416) J 4 33 iv.A . 'Ji.m 

pes.Huth.Dtxi - .fcl 662^+0 1 8 93 Mutual Unit Trust Managers* taiigi 'Vraum. "nit- 


J 9 45 Do. Accum . - 
+6 21 319 Iniemativnai . 

+ 0 ] 4 JS Do Accum 

, Ht-h Vivid. .. 

-td-V iai uo Ap-um 
OUVOaC avEum.Pl- 
- I aj7 'Prices ai Ma* 


40 5c +03 
435 -D4 
305 -0 2 
379 -0J 


552 -0 7 
62 8 +0 2 
53 Brt -04 
57.2 -0 9 
65.6 -0 1 
69 5 . . 
109 3 .... 

1095 


SIS Tl'LT June 1 . |50 1 53.4| . | 530 , luemxey Tst. '..11507 16U^+0 7l 3 50 2T"aJfSBf - M1 

j j3 Transatlantic and Gen. Secs. Co.* Hill Samuel Overseas Fund S.A. 

3 J3 Pl ur* :.co (y.ndon Pd Chelnibfurri 0245 51631 07. Hue Nrere-Daiae. Luxembourg l‘ld. Inlal. MagmnL I t'.I.J *Jd. 


} ?2 Barbican June I 

6 -9 i Ac-.-um I'hiLs > 


i 35 Barit. Ex PL May 3 1 . J85.B 
-38 Burton June 1 1796 


; 38 Buckm June I 
•« lAceum. I'uilr- 
•« *"*'lt-mo Juiit-2 . 

' VcrgTn I'nil''-. 
5 49 i/urrjd June 7 — 
J0 i-Xicum. I'nilM - 
■ ilen Junes. 

. 1. Avcum L‘nii5i- 


Wick rJune 1 
1 Arrum. I'niis- 


L 177 n MIM I 4 ia ’’•’ixfuerai .tiiwi. ui-fwi-i* > iq|i. 1 j 

ZJK.7 to a +0 4 0 75 «'Aln.i* 179 6 41 6) ) 4 33 

TxmRnieTMs. lo i III L: n'l Trust Managers* raHgi 

rot-Rtacncs. — 1402 43.11 +0.1] 4 35 tfi. CopthuU Avv . i' 1 3R IBL'. ul-Bt)C4ftl3 Mirk Ui Jur 

Discreilonarj- Vnit Fund .’Managers Muiuaj-jw pi«+ (51.1 5471 -& ;/ e.w d- actum 

p«nddSl,EOT»L oiraw Mutual BluA : lm> kfllllS 04S T > ndaH 5 

Disc Income [162.9 U)M| ....| 521 Muiuzil llmh Yhi |SS B 59 81 +Dl| 8 69 18 t'aiivngc 


815) 

1228 . 

88 4u ... 
■3 4* ... 
103 2 . 

133 0 . . 

1W.5 

548 +0 3 
601 +04 
55 bn . 
77 7 ... 

53 4 

60 9 .. 
57 4 
644 

755 .. 

471 -0! 
47 9 -01 


5 42 1*19-39 20171+0 2M — 14 Mu)cw4. 

5.47 Internationa] Pacific 1 nv. MngL. Lid. t I.B Fund 

457 ro Box R237. se. ton Sl. Sydney. Au-L .. }|Jk4| S| 

457 Javelin Equity TxL |52.09 720/ . | _ VUtteu SI 

J.E.T. Manager* ijerseyi Ud. «■ 1 f' 1 ; 

pri fku IM. ftoyn) m Use.. Jcneyt&H LWi 1 ' l ' 
Jcrvrt-Exuml.TsL [163.0 173.01 [ - 

525 As at May 31. Next sub. day Jun- Ni «{ G. Wat 
5 25 jardine Fleming & Co. Ltd. ii crexnum 

,-3? 4fflh floor. i Vmrwucht Centre. Hong Kunf fn».Kd Fd . 
>» Jardine Eatn.Tvi -I 6HK246.99 3 00 F nut. Int H. 

+ K JordlneJ-pn-Fd.* 1 5IIK31664 ... OH .IrSiSKdA 

au Jardine S. t-A SHK13.40 .. . 230 Mr.Kur May 

!« Jardine Klein Ini | SI1K946 - 

654 N.W May 28 'Equivalent lliSBB 0 Warburg 

5 34 •■**» su b May 31 . . 


I'ld. Ininl. MngmnL JC.l.J Ud. 
14 Mulcoa ter Mnri St lleli+r. Jersey 
l I.B Fund .. - IM'Sllli 1SL05J ) 


United Stales Tsl. Inti. Adv. Co. 

14. Rue it|.Jnni!cr. Luxeniliouit:. 

I S Trl. Inv Kml | 5L S10B8 | [ 0.92 

fttoi +*■», June 


S. G. Warburg 6t Co. Lid. 

V Gresham Strwl. K. - 


I n*. Pd Kd June 8 I SVN967 1+005] — 
FnKV-lm iun*-6 .1 Sl'St7.01 1+003 — 
Gr Si SK«1 Apr 31 • 1 SGS7 09 I _ 

Mr.Kur Mil* 31 - IU-35 10 47] | — 


u)-BUC4tt'2 UirkLU June 7 


554 Keyselex Mngl.. Jersey Ltd. 


W’arburg Invest. MiirL Jrsy. I Ad. 

1 thtnuurfir+.M Hviirt, j*.' i iwciirm 

c'MFLtil Mwsi tEVJaZSZ . .] -- 


E. F. Winchester Fund Mngt. Ltd. National and Commercial 


Id Jewry. EC2 
real Winchester 
CLWlocb'cr Coes 


Tyndall Managers I Jd.* 

18 I'aiivilCe KmJ Hn«U>l. 
Incucnc June” — .1942 104 

■ Avcum I'nil*.- 1814 M 


SS p, - ,Bo » 98 SL Heller. Jersey. (Eng. nt^GTirtu CXT Ud »S -Big 1=* 

hV-nNele* (FivLTfi tyitt . t 3 00 '- V ** lu ifi — 

F+,ndMlaa 1 f«»UU( 1x53' I TMTM-* U ■H.?!? • — 


01 8062I6T Andre'* Squun. 1 . Edinburgh 03! :i56fH5l spiral June? Z 


EmsoD Sc Dudley TsL Mngtnnt. Ud. 

Arfincton5l..S.K'1. 01-4807531 

naon Dudley T*L.]64.8 69 7] ... ,| 388 

Equitas Secs. Ltd. (a) (gi 

l Bishupsgaie.EC^ oi-58flatSi 

Progressive ..|67 4 7Llr^ -0 5| 4D1 


697] 388 ■W.Gracwhnn h sl K'TtPailVI ni423470( 

.. NPliAhlnTvt Iff J 47 9ul .....I 4M 

!• lAcrntn i.*nns-*. [f*9 58 Sj .] 4 0Q 

01-5862851 NPIO-eas. lnM P 1 3 f 60 

Lid —051 4 01 'Accum 1. nil--" [13*-? 140 71 . .. | 2 60 

1 01 -Pruvi on *!-• -•■ ricahng June Ifi. 

M.¥ (aKbMci 'Pnce. on Ma-' 'wt dealing Ma* Ji 


,,, ....... 1 Avcum I'nil'-. 1814 

Bl nftdOlftl Capital June 7 .... 127 2 

1 6 M 1 icciim. 1 nil*' 177 4 
£ d» K+emi* JuuvT 1114 
3.47 , Accunt I'nil- • . 157 2 

3 47 1 an* iu« Jun* 7 99 6 

m fid * 'Avcum I nil*' . 1236 

Ini. Earo Junr 7 ... 247 0 
"i -K3 JJOO . Accum l ml* . 27a 8 


i * Bondsetex FnllUS 125. 

1*^ ++XJ , Myieleelntl £6 28 7C 

T«a+ 1 Keyseles Eurttoe. £309 4J 

b SS2 Japan Gth. hund il’SBJ! 25. 

JJO.bj -1 804 Keyselex Japan £1112 122 

2S? Cent. AweUVap- U33 39 


_ TMTUii Mn> II [U037 10 64] . . | _ 

378 World Wide Growth ManagrmenWr 
I0u. H'lulevarrt l!"v;il. 1 jjxrritwure- 

Wurldxurte Glh t'i!| SI.N14 85 | + 014| — 


117 0 -a.D 
165.2 *5 6 
1946 +0 B 
229.8 -10 
2594 -JJ 
288 6 -2.6 
1482 +J 4 


NOTES 


uity & Law Un. Tr. M.V faKbMci . ‘ Pnr ^’ on $»•’ ' V jrahng Ma* 
icrshaia Rd„ lb«h Wveombe «B4 3.1377 National WesiminsterVla) 

pity it Law (67 1 70.61+04 4 07 «l. tTHai+idv. *t'l' «|.ft< OriO 

1 apltai 1 inmm [ob 8 7] 8s4 -0.5 

! ^anUington Unit MgL Ltd. <ai Rxiraim . . |*S7 7561 

Ireland VwtI. ET4U5DH. WOW 8971 rtJStrthfl' «5 ll i! In i 

sen gtm IJ90 SL4J...1 100 36 O «7p S 

apttal Tst — |Ha2 ,U5y | 3 07 iVrtrultolni FJ .M? 73o3-0] 


Income T«... 

InL Grovkih Fd. ... 
Aecura...-s . 


|J90 £L4) . .. 100 

I 1182 1256] 307 

t 1048 111.4d 50 

iFd 108.4 11523. 239 

1 ... U10 118.53 ... . 2.34 


H 5® I'nnxfMlFdid. I“1 66 7^ -0 9] 2 22 ."’ZZZ 

J NEL Trust Managers Ltd.* iaugi - l lh3 

MiUon C*m rt. l«.*rt:nC Sur+e; Soil il. TWB General 45 2 

TS-T NVL.inr ... [412 64 « -0 1' 4 0J hilt** AccUIU. ^ 57 3 

DMfiajK NeMurllifh Im 150 9 53 a| | 7 86 INbJncMM 596 

14 26 For Sew Court Fund Managers Ud. -h* I* JOT" - gg 

■J >2b «e SothfChiU A*m Managnneni .toKtoSL, „ n 


Vanbrugh Pensions Limited . . , ^ 

4(43 Maddox SL. Irfn.^ WlfiftLA 01 -Ce 403 (Fn ends' Prordt. Unit Tr. ftlgrv* 

Pi V ham End. Dentins DftOfi J 

riend* Pro*. I'ta .142 2 45 l>d .... I < 

nArrnm l54t 5 8.3} I / 


. Actum l niL* - 27a 8 288 6 -2.6 5 04 

4M Sul. Cap June 7 . 14L 0 1482 +1 4 5 21 

4 00 i Vi-rum. I'nil* • . 1680 176* -16 521 

• » Scot. Inc June 7 .. . 162.2 170 4| -02| B 70 

7,q laodan Wall Group 

.,7 ■ jpitjl Growl h _ 82 2 87 +0.1 6 27 

Jl Ho Accum 84.0 898 + 0.1 - 

Extra Inc.Unrrih . 37 5 40.3 10 00 

lb<. Accu/n. .43 2 46 5 +0 2 — 

718c1-0 5 4 18 Financial lYrtv 16 3 175 4 86 

7S6r 7 bl Du. Accum . 19 9 213 +0.1 - 

390 -62 502 lligb tnu. PrtbTlty .63 4 681 -02 7 89 

47 31+0 5 495 International .. 32 4 34 8 -0 1 2 14 

Ufl 6 49 SPeria' *!» . »8 32.91+0.1 5.01 

73 0dj-0 ] 544 tsb Unit Tnists |>| 

. 21. Chantry Wa*. Androer Him* 026462ISB 

Fwaling-. II* 0264 £1432 3 

5011 .t.TXB General [452 <841+911 379 


Im Prt«* do "ol Iml udi- S premium, except where indicnied + find arc i n pviwv untoxs oDieruve 
<22 indicated Yield* \> i shown In last vnlumn' nllKix- tor »H bunnc expjiWH. a P?' *'•' 


sS inrlude ell eapenac*. 6 Tteday-a pncc.s"c Yield towed on ot/cr pro-e d Euinviieti c Tofoy> 
a 7n opening price, h Dinirihutlon free pf l' K lJ<b ! Periodic premltim in«tiTt-nr*j pI.tl* . s hii'Ki'* 
premium insurance x Offered price include* /‘I I rvpenres except .ig.-nl » vi.inmih*i , >n. 


87 +0.1 
898 + 01 
40.3 

46 5 +01 
175 

213 +0.1 
681 -02 
34 8-0I 
319 +0.1 


premium insurance x Offered price include* rvpenres c*mn »»» » 

» Offered jirire Ineludro al] expense*, ,1 fluent lhr.ni.ti nunMcn. * ITunnu# Dri*' . 

^ 27 * Net of tax on realised ,-aptui Mjns unless ir»Ju jted li: ♦. 9 i.uemsey cr<r.*. * ML-pundof. 
_ b Yield lvfi.ro Ji*r*r\ rax * Lx -ulwfi'.isinn 

10 oo ■ 


G-T. Unit Managers Ltd.* 
10. Finsbun Cireu* EC2M TDD 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London ECjV 3LU. Ti-I: 0 1 -2SH 
Index Guide as at 7 June. J!i7S (Base 100 2t 14.1.77) 


■ |i> fNbJiicomc 596 

■ li> Im Vium . 62 2 

TSItScoHixh 83 8 
i1"bo Accum ...„ 89.8 


48 41 +9 1| 379 
.614+02 3 79 I 
633«y 7 29 


. . . ■ — .7 . T r- . II" DO ixccum ..._ m 

Norwu.blmt.tt iMMe Group (b» llsler BaD k* , a , 

I'll. B*'., 4. •—r*"-! - ■!H3M, Witnjzagl . , 


Clive Fixed Interest Capital 

Clive Fixed Interest income 


GT. Cap. inc ...... . S3 7 

Do Afic. - 1004 

.T ine Fd Ln .1404 

T. L\S *Gra Mil 

.T. Japan &Cen_ 278 7 

ZL ?en< Ex.Fd 134.1 

T lnt'l Fend .1141 
T. Four Yd*F 4™. S3. 4 


U323S3I 

40 31 .] 52b 


G. & A. Trust (a)igl 

V fill* Inch Rd . Bren, wood 
1-i.A. 1323 


’ D 890 L£up%'.Vd"'\»*t *362 9; -0^4 47 S « „ 

106 8 ... 3 30 Pearl Trust .Hanugers Ltd. faitBiUt . * 5i 1 ?' 

J|?6 2-S I’cHiphHidh-re ••'* r.'TEB OMOSftMI '■* l,t TniBt Acvount & Mgmt. Ltd. 

2933 " IM Pearl Grreclb Kd 24 8 4 92 Kmc IV-HumSt EC4R9\R 0I&34S 

140 7 +‘i ’ 400 Av.natl nil - * |;£ ■* 293 -B.l 4 92 hn.ir+H*c Fumi 11520 160 0] ...| 4.; 

m3 J 2M iVarllnr ,-}lb M0 -0 1 6 72 }' iHvri.nh. Fnd . 29.3 309 ... 4 

720 *«^i! SJ »£{ fjb wielrr Growth Rmd ^ ' * 

™ iCBn V * il * U6 - I*"**,.. k.'4HPMt 01.83 49 

>KL<.'30..f>0 ft! Fuutuoili ■'d .M.T" >.'“!er >«I3J8VK< Income I ml. |+«J 1 vj qi i a 

34.5 Gi I 4.81 f'cltvan I'uiL. ! fl> 6 89 81*0.31 506 Ari.um.l nil>_ 34 0 358 1 4J 


CORAL INDEX: Close 474-479 


295 - 6 1 4 92 Kn.ir*H»c Fund 1152 0 
34 0 -0 1 6 72 ft'ieleri'nh. Fnd . 29.3 
Iff 0i3 I 5 06 l*". L coin. 134 0 

,*?** , J 5 Bb VVieler Growth Fund 

Lla. 1 K )l X I KincW'ilL.iiiiM fc!'4HB\U 

I«t 2J6 dKi luciHiie I'nil- 1^3 

89 B[ +6.3| 5 06 Actum. I nu> ... ..... |34 0 



01 -aa -wot 

160 0] 

...| 4 M 

30 9 

... *36 

35 81 

| 436 


018-33 4051 

30 91 

] 436 

35 Sl 

1 4-36 


INSURANCE BASE RATES 

tProperty Grouib 

tVanbrugh Guaranteed 3S0 , Vi 

’ AddrcKi sbuH-n nnd'T inqirani *■ and f'rnp' rie P.'T.d 1 ai'i". 














luialk 


^probobly the 
: ir?est ‘short course 
ihjthe world” ' 


FT SHAKE INFOKMATION 


& RAILS— Cont 


BANKS & HP— Continued 


IMWMii 


liSK 

SFT?ti7 




itAJiO&i 


SS^fTHI PINAKCIAI-TOMS- 


but weVe working on it 


AppI , "-O '* be the Gtlober 711 Counr to; Libia PnnnFTl 
MBS Boe+ Sr Weir. Mondwjrw MI56PB let 061-277 8228 


Pnce 1+ or Mi . r - M- 

£ — U«/» IkW 


IKS 

Hifih lair 


M S 


Net CnlGts F*E 


tm 


i 


131 _ 

60b I AMFS“« Conv.W 
22 
21 ? 

11 
969 


18*j 

323a 

n± 

25>4 

44% 
2334 

48 

& 
52i 4 
17% 
976p 
28 
32 

__ 407 s 
12.B0 171; 
U-U 13% 
1300 20% 
13.05 Z7 
12.94 271; 
17*4 
22U 


Chase MwhS12j 





CINEMAS 


BE 


94 
35 

W 

AND TV I 1 !?. 

40 





22 

20 

40 

40 

681 

28 

236 


31 

71 1 62 
99 80 

73 65 


i 


.81 m 1 701 




FOREIGN 


Ltitj 


•I97S 

Rich J-ow Stock 

191; 37 >nli-ifji:atfjRly.-.. 

34 33 Di> an- Pref 

98 98 1 'hilean Mixed 

415 350 ■;iCnnanYns.4i 2 jK. 

54 4o Greek TpcAsr 

51 4o lirt'Jpf 

.44 40 Do 4pc Mixed As*. 

55 4 2 Hung 21 .4n 

77 67 Iceland tfjpcT&Se 

So S4 Ireland 7-*j>e'8l-83 

91 79 Oo9*pc Si-86 — . 


9?4 13.18 





«■ 

15 

W; 40'; 
30 221; 

157 120 
118 81 
326 244 
40 32 


§ 




FINANCIAL TIMES 


BRACKEN HOUSE, 10. CANNON STREET, LONDON EC4P 4BY 
Teles: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Jinan timo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmi n g h a m, 

Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: p.u. Box 1296, Amsterdam-C. 

Telex 1LI71 Tel: 240 555 
Birmingham. George House. George Road. 

Telex 1SXS6S0 Tel: 021-454 OB22 
Bonn: Presshau? 11/104 Heassallee 2-10. 

Telex S&B542 Tel: 210039 
Brussels 39 Rue Ducale. 

Telex 23283 Tel: 5120037 
Cairo: PO. Box 2040. 

Tel: 938510 

Dublin: 8 Fitmillism Square. 

Tele:: 5414 Tel: 785321 
Edinburgh' 37 George -Street 
Telex: 72484 Tel: 031-226 4130 
Frankfurt lm Sachaenlagcr 13. 

Telex: 416283 Tel: 553730 
Johannesburg; PO. Bnx 2128 
Telex 8-6257 Tel; 838-7545 
Lisbon: Praca da Alegria 58-1 D, Lisbon l 
Telex 12533 Tel: 362 508 
Madrid: Espronceda 32, Madrid 3. 

Tel: 441 6772 


ADVERTISEMENT OFFICES 

Birmincham: George House. George Road. 

Telex 358650 Tel: (Cl 454 0922 
Edinburgh: .77 George Street. 

Telex TJ4W Tel: 031-236 4130 
Frankfurt - 1m Sorhsenlager 13.. 

Telex 16C63 Tel: 554667 
Leeds: Permanent House.- The Hoadrow. 
Tel: DaKi 


Manchester Queens House. Queens Street 
Telex 088813 Tel: 061-834 9381 
Moscow: SadoTO-Samotechnaya 12-34, Apt. 15. 

Telex 7800 Tel: 294 3748 
New York: 75 Rockefeller Plaza. S.Y. 10019. 

Telex 66380 Tel: (312) 541 4625 
Paris: 38 Rue du Seotier. 75002. 

Telex 230044 Tel: 236^7.43 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 

Tel: 253 4848 

Rome: Via della Merced e 55. 

Telex 61032 Tel: 678 3314 

Stockholm: e/a Svens lea Dag blade t, Raalambsvagea 7. 

Telex 17603 Tel: SO 60 88 
Tehran: P.O. Box 11 -1879. 

Telex 312634 Tel: 682688 
Tokyo: 8th Floor, Nihon Keizai Shun butt 
Bu tiding. 1-95 OtemacbL Chiyoda-Jcu. 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor. 1325 E. Street. 
j\.W„ Washington D.C. 20004 
Telex 440225 Tel: (202) 347 8678 


Manchester: Queens House, Queens Street. 

Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. S.Y. 10019 
Telex 423025 Tel: tSX 2 , 489 8300 
Faria: 36 Rue du Sen tier. 75002. 

Telex 230044 Tel; 23886.01 
Tokyo: Kasahara Building. 1-6-10 Uchiksnda, 
Chiyoda-ku. Telex J 27104 Tel: 295 4050 



w 


Steinberg IQp 


UBS Group 


19 
146 
£96 
404 
26 

ec. Rentals Kip 1 131 

Jb 

276 

■na 

Teckadp-l 122 
260 


36 
253 
97 j 84 
90 61 

79 1 60 


SUBSCRIPTIONS 

Copies obtainable- from newsagents and bookstalls worldwide or on rr galas tiilacnpti ai’lWW 
Sabaci3pt*on' t B4»a«1*MMU..Pgwni|4nl -.TanM, London 


m 


i 


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3. 

L53 | 3. 
L53 1 3. 
±33 
hd057 
232 




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INmJSEEiaiS (SOscet) 








4* _ [163 161 

7.0 £159 £116 
6-9 65 55 
53 56 37 
63h37 108 


275 
161; 

& 

S 

14 

33 
84 

163 
12412 

43 

34 
105 

63 

34 
151 
107 

38 

35 
51 
464 

102 56 
(SSI 195 
6.9 165 
155 96 1 




HP 


I 


252 
174 
335 
342 
86 
£34 
20 
lTn 
157 
95 
79 

381; 

32 
132 
53 
1S>2 
216 
M 

291; 
63 
59 

265 
U 
42^2 
51 
20 
92 
2Ha 
£3H Z 

30 
81 
138 
1221? 

George lOp ( 34 
105*1 
57 


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260 
91 
13b 
73 | 
39 1 
362 
272 
£64V 
525 I 
88 i 
445 
30 
19 | 
78 

_ 49 i 

— 275 

- 107 | 
26.6 235 
25.0 225 
205 54 

8lV 

415 ' 
60 
£92 
73 I 
72 



v£s> 


39 * 


FINANCE, LAND-Onrtlmiea 


19T* ' ■ 

High 1 m 1 Stock | 

IS*!*} tt:-.*.! . 

JO 17 i.i.in:!i3»t'U9i - 
34 25 HanB.r»tm*i 

U 7U Ih.tMur.fA5j* 
33 25 IhwVar.'S!. . 

20 ib luufJireMtV - 

120 SO KaivURL'i- 

80 44 h!.Kr. T. !‘T 

22 18 KKakuldp. . 

19>« lii; L33k>x slid® Irtpv 
30 13 bin. uirii.iirv .. 

99 73 Ion .Merchinl .. 

126 104 M.Ji'5.Hlfc a ‘-it 
74 33 fii.-pitlB 1 .' :>'■?- 

74 4g ManmiKP.-Sp- 

n M - 920 Mih Mlt ± K liy 
14 XJUJm? tr-;k 
«. / 200 N ! piweFl>:i:<Y 
4 % Paraai*Mp — 

?. 2F 2 Part Place lw— 

167 IV-r.-n-. - iw- 

l-s £4 j >4 Hea L .rf Frltr 

11 10 M‘*uiy«.-wp- 

131 90 is - * 1 ! iSIero.-.V. 

£51 £48 S.E.i4i.peAim_ 
61 51 SEslhBrof. — 

9 V, Shf.hKHKaDc 
£49*8 £27 u A:e: Fin NTIW. 
fclOft 900 Trjr ..VhTA'.p. 
28 24 W<jr, Sc! en.-^ 

57 361; 'A'esn jinilaflc. 

87 68 lu!r Cano lift*. 


U or! Hi*. I JVMJ 
Price l - I Vi |rw(l.r ,1 P;F. 

13'.. - _ - - 

20 - - - - 

31 Tl64 43 80 4 5 

10 - - - - 

36 — — — - 

17 «0.94 3.1 8 4 5 4 

105 .. lAp* 30 7 7 5i 

771 . t 4-. 1 0 100 30 7 8 
19 “J ]o5 13 13 2 9 0! 




95 -2 
126 -3 
69 -5 
50 -1 
£ir4 -5; 

16 

315 

14 

30 

216 *4 
£60 

IDh 

103 

£50 

56 .... 

8W 

£46*1} -r\ 

£JO*4 

25 

57 -1 
71 -3 


*0.94 3.1 8 4 5 4 
Wilt 30 7 7 5J> 
1 0 100 20 7 8 
]o5 13 132 90 

03 4> 2 o ■!> 

05 4 7 2.5114 

tl.25 4 2 1.5 13 8 

,3 4h 3.7 4 2 91 

068 24 15 402 

$5 98 1.1 : 76 

g$i ib - 62 - 
13 ft7 12.3 17 2 


*1.0 3.6 5.0 67 
661 3.5 4.3 91 

©94°* - 4.4 - 
048 10 b 912L1 

3.02 1.7 45 200 

Q425 - 8.5 - 
14.91 2.113.3 5.9 
- - - 41 

Q22b - 61 — 

16 i X 
21 L21iJlQ3 
tlJS 3.7 37 1111 
U9 3.S 3.0 92! 




SECURITIES CO..LXD. 

London Branch: l'-v'r,y, B<ic: . "O f.!-r.r.ng 
Law. Lc-ncon EC ''R Jet t '_:■.* S hi Mel A, 9 
QVCA&&I' LOMTQK *0.: 6.j-ea14_ 7 


MINES— Continued 
CENTRAL AFRICAN 

| Sleek I Price l + -°1 NM 


OILS 


14fi 66 AHoeJcJOp 

162 134 EnL Borneo lto ! 
892 720 BntPea»l'm£l 
76l 2 70 DoftPUU. 

72 42 Bun&hEl 

£62 £51 ItoSLnSl £*. 
£11 >4 638 WTMk.'tii;. 

58 49 I'murvltfp 

3D 21 Chancrtuflap.. 
£24 £12*i He Fr. Mroles B - 

450 3bZ tlCiufiMSl — 
144 11b HClyte Petrol £I| 
I 23 9-a EodtarourSOc — 

36 25 KCA ■ 

190 134 LASMO ... . 

'am £200 h>w>kv:.w«i 

415 284 Ua&rOps’ICipJ 
2b 13 JbchttStuislic.! 
[30b 178 Oli&xpLIOp — .. 

I 19 12b Preauer t/nas Sd 

I £265* U4ia Ranker U-.I 

li* lh Reynolds ft» lc 
£49 £35H Ryf. Dutch F12D 


444 J2b rtV.eiietS'U :i • ; 
£64 £55 re\aco4*4 B aCm. 

386 130 Trirentrol 

294 194 £1 era mar 

161 120 Do.TpcCm.Cl- 
185 86 Weeks Nat litas 

185 8b Do I'M. Old 10c. 
77 57 Woodside AMc -| 


80 -4 
160 -2 
872 -4 . 

70 1 

66 -1 
£594* -*« 1 
850 , 

§ : l ? 

8 2? 

130 ......I 

S* :::::: 

158 

UOl'r -b i 

358 

22 -1 
258 >2 

18 -N 

£25» e H-lg | 

1 S 4 

£46*j -‘j 
600 +10 
560 -1 

61 

374 -9 

£59 -1 

178 -3 
275 t-3 

152 -rl 


_ _ _ _ ItfallO 

674 13 6.4 153 

2210 42 3B 94 
5.6% SIM 12.1 - . „ 


1 1878 

“i High Low Sleek 

1?3 7J0 155 FalifmBhaOo ... 
117 24 15 Khrtfm'orp IP® 

9 2 jq 52 Roan Lot*, hi — 
— 175 122 Tanganyika Sop... 
9Q 78 DaPrri «m.. .. 
41 32 Wanhei'ol «h.I _ 


190 +5 g50e 
17 -b 036 
n -i - 
162 Qiao 

90 .... 09% 

37 >1 tOT'ji- 


iC}ff5RD021. 


♦ 6.4 
16.4 SO 
1A 17.3 


Q&»% — ela D — 

2.63 * Fl * i 

59.1 

OMJir. 1.9 7 4 105 

LW 86 L2 124 
♦03 ♦ 06 * 

Q14% rKl - 


211 3 ffl 3.3366 


QSS'i 24 5.7 78 

1S.?~ 42 7.2 5.7 
4.9" 1 1102 12.4 - 

Q4b% - f82 “ 
3J2 58 11162 

_ O'! 

7% 24.5 6.6 - 
QlJtc - 52 - 


15 10 

132 64 

101 

245 1« 

72 2? 
138 $1 

215 225 
39 10 

6 1 ; li; 
ufi 79 

16 8b 

163 U7 
48 30 

£14 750 

38 12 

?I3 310 
136 §4 


AUSTRALIAN 


AefflMSe. 
BooMiijnlleMToea 
BHSeuihrft: 

CidLOTwR-aanioodr 

G35 KaleooriieSL 
Hamptn Areas ap 
MeuIsEs.50c... 
St WAS 50c 



15 - - - 

126 -3 Q8c 1.4 4.0 
98 _ 

230 -2 " QlOc 22 2 7 

132 Z" L45 Tl 17 

33 -2 - ~ - 

209 -3 Q9c 1.7 27 

39 - - - 

4 -lb - - - 

125-1 Q8c 15 4 0 
16-1 — - - 
163 +2 1Qllc 1.9 4.2 
46-1 - ~ - 

£13*4 - - - ' 

35b -b — — — 

513 -rS Q15c 4 0 1.8 
135 -8 retc L4 t 

S5 “5 — — **■ 


OVERSEAS TRADERS 


224 African Lakes 
60 AuSLAgrir.SOr 
96 Bensa»rd'5 6W 
52 torttroi iTte 5Cp 
25b Sot&eadilOp'. 
250 HnlayiJasiaop. 
190 GilltlmBus 
£49 GL NOulXID 
325 H’ris'ns.Cros.a. 
66 HoffnoBBiS; 

350 flnehcape£l 
21 
9 
60 
40>j 
220 
68 
175 
lb5 
27 
41* 

44 
350 

40 

£87 J Po.8pcCnT.Dl 

41 IL.CIO Uerc.l 
41 j Do.lOpcLn.] 


260tt ..... 
91 +2 ! 
133 -2 

52d -1 I 

36 

362 +17! 
270 _.... 

£63nJ , 

475 +13 
87 . 

420 -3 

28 

16 1 

61 -1 1 
42 — ; 

250 1 

102 1 

180 .... 
178 +3 i 

32 

7^ 

415 

60 +2 , 

£91 

67 1 

66 ! 


h332 19.01 2 0 2.6 
Q3.5c LI 2.4 387' 
64.13 4 7 4.7 45 
6.2 11 182 i72i 

150 « bJ 4. 

6.55 * 2.8 « 

8.71 3 2 4.9 83 

012% 2.4 1.9 22J 
♦21.78 « 12 1* 
42b 21 7.4 7.9 

tl5U 31 5 4103 
20.66 63 — 43 


30 24 

360 240 

60 45 
290 200 
145 111 

10 8b 

290 220 
165 130 
93 78 

11 10 

73 68 

480 450 
400 280 
70 40 

62 50 

210 165 

61 49 
bL 47 

205 140 
305 230 
208 134 
75 55 

100 85 

10O 74 

220 248 


TINS 

Aim! Nigeria — 25 

\\erHnamUil ... 350 

BeraJlTin 54 

BenuntaiSUI 280 

Geemr — 135 

told L Base U'jp- 10 

Gopens i.'uik. 290 

Hoogftong 165 

IdnstUp 88 

ianUrl2>2P- ... - 11 

KairaiMinsSWUO. 68 

SllincbaJf 480 

Milay Dredpns SMI *385 

APahanc 70 

PenckalenlOp 60 

ftsalingSMl 210 

Saint Pi ran 54 

South Crofn-liip.- 56 

South Kjnta5MO50 200 

SUinNIalayxnSHl. 300 

SunmBea'SMU- 208 

Supreme Carp. SMI 75 

Tanjmc 15p 92 

TangfcahHrbr.SMl 96 


-1 t251 1.615.2 

? re»t 09 t 
75 4.4 11 5 

-VS Usi 

"Z. 15.0 0.9 7.9 


. ... 12.0 1.6 21 8 
4 -Ix . — — — 

ZQI55e 0.7 4 9 

0125 * 26.0 

-HSfec ttS 53 

tQ3.75c 03 t 

65 1316.7 

reOOc 1.6 87 

d-9? 4.6 5.6 

M 13 1311.2 


tQ773r| 1.41 B.4 
BljiTl W 11 9 4 


"Z zQlOcl - 2.9 
6.5 0.8 10.7 


635 23l 

3.4 3-7] 

13.2 6 ! 

h2.5 3^ 

*7.7 7J 
*7.7 7J 
*4.43 13| 
B — — . 
hL75 3J 
13.0 4.« 

3.10 ♦ I 

192 102 
thD.75 11.0) 
0.4 3L3 


163 (3.1. 
123 (5.8i 
B3 4 

3.7 S3 
65-31 
66 3.1 

J 5.7 

341^9 

4.7 7.0 

7.8 4> 

18.8 - 
L7 8 21 

i £2-7 - 


COPPER 

100 [ 70 JJtessidaR0jO 1 98 | |tQ30c] 2-9| t 

MISCELLANEOUS 

17 9 Burma Mines ITbp 15 — — — 

300 220 Cons. Murrh. 10c 230 *Q30c 2.6 * 

440 245 NorihfateCSI 430 -10 — — — 

234 164 RTH..__ 233 -5 95 2J 6-2 


4&b 30 Sabin; 
£12 750 TaraE 
45 43 Fehidr 


RUBBERS AND SISALS 


a Eimn SL.'.L I £il^|+b — j — j — J 

udTHifflnililQpJ 43 I 133 1 *1 4.7 


172 120 Yukw Cbns. LSI— 1 172 


4J ..... 133 


1978 

ILgh Lew Sleek 


|+ eri Dir. 1 (TTd 
rice 1 - I Net ICirltfs 


16 lib 
51 31 

305 165 
43 26 

39 25k 

12b 8b 
322 2ll 
105 65 

105 56l 2 

68 4H; 

51 29 | 

152 69 

94 48 

54 30b, 

75 55 


nese 

CrmiPlanlsl 
Grand Central iOp 
Guthrie£l„__.. 
Eamseas Uy.Ekl lOp 
Highlands MSOc - 

I KualaKepongMSl 
riKufim 
Ldn. Sumatra lup. 

MalakoOMSl. 

.MuarHiierlOp. — 
jHacieuroHUfiiL Wp| 
[Sungei Knao 10pi_] 


96 +2 

90 

15 -1 

5<P 2 

230 -5 

42 *c 

37 

10 

317 

% 

102 

62 

49 -2 
150 *2 

92 

47b ~b 
70 ~b 
65 -2 


234 J 2.41 40 
35 131 5.9 


TEAS 

India and Bangladesh 


213 1175 Assam Dooms El. . 
385 280 AswmFiMitieril- 

120 104 .Xssamlnrs.il 

27 20t; Empire Plants 10p_ 

307 212 JokaiCI 

330 222 LungbourneO — 
245 180 McLeod Rnssel'I. 
420 385 Moran £1 — 

25 22 Single Hldas-IOp.. 

235 181 Warren FUnh... — 
172 138 Williamson £1 


210 . .. 4951 

385 W625 

120 7.0 

27 41.98 

307 412.00 

330 ♦10.00 

233 ..... 03.5 

385 15.08 

24b ... 4FL72 
235 +1 mo 
169 +1 90 


Sri Lanka 

210 1123 lUminall 1 180 ) I 5.5 J 13J 4J 

Africa 

550 1390 lBlantyretl | 550 J... 150.0 | * 113.1 

ISO 030 l&w&Mes 1 180 | |l 3.0 J * |lflL( 


MINES 

CENTRAL RAND 

385 1140 [Durban Deep Rl— I 246 -3 I — I— — 
416 244 feat Baud PrpiRjJ 307 +8 HMcJl64 t 

£36b £29bfaandtort-oEAE2. £35b +iyQ3&jc| 23 5.‘ 
178 [ 78b IWestRandRl I 327 +6 lTQ13c| t7| 6J 

EASTERN RAND 

93 571; [Bracken R1 — — 70b +»j re25c LS12LI 

33 18 East Pages RI 26 toSjc L2 _ 

ZB.0 366 235 ELRiStRCiO 365 +5 N25c - 4J 

188 152 76 Grtmtvfei30e 110 +4 Q19c L8I0J 

27.8 391 271 KinrosRl 360 -B 1<«4c L8 5* 

34 2 52b 35 LesIie6Sc 45 +3 tt»c L2 4.t 

45.7 1W 67 MfinwaleMSO.-. 93> 2 +3b Qftc 1-0 29. *1 

185 731; 37 S African Ld. 35c _ 51 +2b — - - 

60 37 VbJdonteinRl 55 -lb Q25c 0.4 712 

780 517 WinkeUiaakRO— 640 +1? re86c L7 8.C 
63 31 WiL Nigel Sc 49+2 — — — 


FAR WEST RAND 


♦45 [288 
960 764 
96 |71l 
315 





rwlcr* NOTES 

2.41 40 

15 5.9 l akn athenrlse indicated, prices nad net dividends are m 

— — pence and denomlaarious are ZSp. Bcrimned iwia^mrninits 
10 'll ratios and covets arc bawd an laicst annual repel** end neoMuMe 
in i R and. where poariMr. ant updated sn half-yearly fgcaroL P/Et are 
17 c'n calculated en the bnii tl nel rfi^trilujlion: hnideted flxnfee 
17 ijl Indicate Id per cent- or men dUerence U ealcnlaied en -nil* 

distribution. Cmn are tnoed m - masi mum" dutriboUan. 
Jo ViriWs ere b»*«l on midtir prices, are men. adjusted to ACT of 
A B *•. S4 par cent and allow ter value at declared rfutrl batons and 

— rLctouk. Seenritiee wilh denominations Other than aterilng ara 

— 4.4 qua let inclusive of the investment dollar premium. 

15 4.4 

if -52- f sterling denominated securities which include investment 
L 6 4.4 dollar premium. 

4 4.7 • "Top" Slock. 

31 ] • HiRhs and Lows marked thus have been adjusted to allow 

20 47 for nshlr issues tor cash. 

19 3 5 *■ interim since increased or resumed 

t Interim since reduced, passed or deferred, 
tt Taa-tree to non-residents on application. 

♦ Figures or report awaited, 
rf 1'nlisCed securitr- 
H Price at time of suspension- 

5 Indicated dividend alter pending scrip andfor rights issue; 
[•I id co, ci relates to previous dividend or forecast. 

27 — Krvc of Stamp Duty. 

!■' + Morcer hid i*r roontanisatfon in progress. 

;■/ i? ? 4 1io1 comparable. 

Lb 1L1 a Same ini eri m: reduced Coal and/or reduced eammxa 
35 5.9 imliealcd. 

6 J 4.6 t formant dividend: cover on earnings updated by laleat 
27 8 -Sj iiilenm siaicment. 

4.9 59 ¥ fmer allows for eonversion of shares not now ranking lop 
jj li l dividends or ranklnc only lor rtsncud drvidend. 

3 6 8 A It I’oi-er does not allow for shares which may also rank fop 

4 7 81 <ln air r»d at a future date. No P'E ratio usually provided. 

0.1 ^ Excluding a Ilnal dividend declaration, 
t* ftcgicnal price. 

II No par value. 

Tcr' j f a Tas free b Figure* twed cm prospectus or ocher offlcial 
* nlinuic. c Cents, d Dividend rale pant or payable on pare 
of capital, cover bused on dividend on full capital, 
e Redemption yield. I Flal yield, g Assumed dividend and 
A II 3 c yield, b Attainted dividend and yield after scrip issue. 
I in r j Payment iroip capital sources, k Ketiju. n Interim higher 
+ l(wn pwvimiH total, o Right* issue pending q Earntnlta 

based on prcliroinar) figure* r Australian currency, 
v Pivldcnd and yield exclude a special payment, t Indicated 
dividend, cover relnte*. to previous dJsidend. P/R ratio based 
on latest annual earnings, u Forecast dividend: rover based 
OTl previous year's earnings- * Tax tree up lo 30p in the C. 
w Yield allows for currency clause, y DidSend and yield, 
based cm merger terms, t Dividend and yield include a 
.T", — special payment: Cover does not apply lo special payment. 

i?n A Net dividend and yield. B Preference dividend passed nr 
2.5 5.9 dclr tied C Canadian. D Cover and P/E ratmexci tide profits 
0.7 63 at L h. aerospace subsidiaries. E Issue price, f Dividend 
and yield based on prospectus or other official estimates fop 
tEfTi-TTEl. *• .Aisiuined dividend and yield after pending scrip 
anrtr.r ricbU issue R Dividend and yield based on 
prospectus or other olllcial esumotea lor 1975-77. K Figures 
ISIJl 3 batcl on pcusipeeius or other official estimate*, for IW 8 . 
17 M Dividend and yield based on prospectus or other offtcud 
T, ea I muirs for I9?a N Dividend end yield based on prospectus 
t"b in a or «iier olliclal esUmates for 19T9. F Dividend and yield 
i*o basevj un prosper ru.<i or other official estimates for 1 BT?. 
^5 56 q umm. T Figures assumed. V No significant Corporation 
L2 4.0 Tar payable. Z Dividend total to date ff Yield based on 
3-0 29.4 assumption Troa&iuy BUI Rare stars unchanged untfl maturity 

— — ■ ol ilock. 

0.4 27J 

L7 80 Abbreviations- dev dividend: it ex scrip Issue: rez rightainex 
all: i* ev capital distribution. 

•• Re cent Issues ” and “ Bights ” Page 38 

# 83^ This service is available to every Company dealt in on 
L4 8J stock Exchanges throughout the L'nUed Kingdom for a 
Fj 28 ree of £ ^°° P” - annnta Ah* each security' 

L7| fc£ ' 

REGIONAL MARKETS 

10 5 7 The following is a selection of London quotations of shares 
77 t! previous!' - ItsLod only In regional market*. Prices of Irish 
,, ?■£ toues most of u-tneh are not officially listed in London, 

73 13 « flut,ud r\r, ,nsh . vannM-i- « 

L6 75 Albany Inv. 


221 +15 Q4L5c *> 11 



lelkomSOc 266 +7 

aValtlJislWiiflUiiii^SOc — 5J» Z + 7 s 


FINANCE 


540 
114 
tl7i< 
750 
140 
204 
25 

£16’* 
£13i s 
£13J+ 
186 
29': 
190 
122 I 

£11 V 

58 I 
414 ■ 
217 ] 

59 

.,,23? ] 
2/ 292 

M M I 


424 Am Coal 50c_ 
246 Vitfo.Mner.lOc.^. 
£14^4 .iqp Am.iMdRl_ 

621 Ang-Vaal aOc. 

119 Charierronfi. 

163 Cons. Gold Fields- 
17 1 4 hast Rand Cun. 10p 
E14 l>n Minmr R2 _ 
£10^4 (jnid Field? .\ \ ^bc ^ 
(£10 Jo'hurn CtHis R2... 
138 MjiMlcSi'ilSc... . 
22 Uincorp 13 * 

|126 MiDom:SBhl.40 

, 95 New Wi 50c.. 

860 PaunoXYFlx5— 
50 Rood landau 15c.. 
575 SeleriionTnbt.. .. 

161 Serunihl life 

29 bilu>miufc-2to— 
£11 riaal.''ons.lJRL 
182 li'jmcsi Rl-^.w 
238 LninnConMV.6j£c. 
40 Vtieelsffy-. 


535 1*5 
314 
U7i e 
750 
140 
176 

£lfr>4 

£33J S 
£133; 

185 
29 
190 
111 
£1U4 
53 
414 

217 
58 

£14L 

218 
260 

57 1-3 



DIAMOND AND PLATINUM 


137 k £30 AnclpAmlmJiOt. £37J 4 +k 

90 64 BitMrjKpiieflL 10c. 8 Ini .. 

356 265 [ 1 - heers M..V 355 -3 

£112; 925 nn.4fiprPf.R5 £Uh ... . 

74 W L\iienhurcWje_ . 6Z ' ... 

98 70 Riii Plat ifc 82 


OPTIONS 
3-month Call Rates 

Jmlpstriols I C.l - 20 Tubclnrest... M 

A kreu ~ I nips" - 6 Unilever. 35 

iKCL-mf-.il. M U'.L M IjgrJJPW- Vf 

Ksu 9 Invensak B \ ickcrs...._.._ ta , 

Bb£ek 11 KCA. .., 3 thohorm.. s 

p.m-i'ii'- ILuik 25 ladlmitc 1/ __ 

3| UpaltGcn... 14 Vn iwrt.v 

Boot? J triiit . 15 ff'X'SSJ?- Zj Brit Laud 3|* 

Byuater? .... . 16 IJojdsBaok... ZZ Cap. Counting 

BAT ■■ 24 “Leff u « E.P....._ S 

BniKhti'-Mien 6. London Bnck. 5 fnircuropean 4 

Breu-mJi .. JO Umrhd..... — 5 Und Secs..... 16 

Hurt. ii .V ... . 12 Uicaslnda — 25 MgpC .... U 

•Fadhurvi 5 UvoiiuJ.i 10 p e acht-v„ 8 . 

Coun.ni 10 ',?I aia 1 c in Samuel Preps.. 9 

DcbcnhnnJS— » 12 Town & City. _ V* 

Distil lera 15 Midland Bank 25 

IHinlnii 7 LE.I... ........ 12 Oils 

Earle Star . 11 SaL K C5f. Sank.. 22 . ., * 

Si:. . .'.. 14 Do.lVorranis 10 ^ iwtn - ' ' ? 

Hen. Arc idem 17 PftODW. 8 | 

qcn.Elcctne. M Mj««r - g | 8 . 

Grand met:;::: 9 g u,tramir — 28 

t;.K.X., .- . . 22 Tcico — . 4 Charter Coul.) 12- 

Hawk.-r^idd . 20 Thorn — 22 Cons. Cold 14 

House .’fFr*.<er 12 TniilBWises, 15 RlqT.Zinc.. ..4 16 

• A , oI* , ' ,, i nr * of '"‘Pilin' Iraricti i* given rm the 
" ivi.’iduD Bionic E.i«han*c Heport page 














































































































































40 


© THE £1,000 MILLION 
INVESTMENT EXPERIENCE 

Canlife units 

EXPERIENCE -WHERE EXPERIENCE COUNTS 

Onaoa Ufa 1 M Tniol Itngn Lkntad, Canada Ufa Hma.High StrMt. 
fwi Bw.Here.eNe6BA.Tn Patten Bar 5022. 




.Thursday June 8 1978 



~.,Jd for savers 

London Office: 81 Hfch Hoftocn 
Td:Ql-2428147 




6 

1 

1 


.0 

la 

of 

ai 


re 

se 


Japanese planners forecast 
record 1978 trade surplus 


BY DOUGLAS RAMSEY 


TOKYO, June 


JAPAN COULD achieve a $25 bn S23bn to $24 bn visible 
(£13.7 bn) trade surplus this year surplus, 
if its trading companies are - ntr ?*V 

correct about the country's grow- 
ing trade imbalance. 


trade that flie surplus may well be economic affairs minister, told 
over $10bn, and according to one the EEC that Japan hoped to 
. last year the trade official, as high as the 1977 cut the 1977 surplus by a third. 
Japanese sold 817.5bn (£9.6bn) leveL Consultations with the EEC 

more overseas than they Since Japan's balance on are scheduled for later this 

imported. invisible trade is almost coo- month to consider, among other 

That is the conclusion of The Government itself issues stantly in the red— to the tune matters, progress toward re- 

Japan's official Economic Plan- no official trade or payments of $4-7bn. the EPA survey’s during the overall surplus. 

ning Agency after a survey of estimates on a calendar year suggestion of a S23-24bn trade The most immediate concern 
top trading companies which basis, but the EPA survey con- surplus could actually result in in Tokyo is what reaction the 
may well be a sign to foreign tradicts other Government pre- a current surplus of more than EPA’s findings will prompt on 
trading partners that the Govern- dictions. $17bu for the calendar year exchange markets, 

merit's own estimates have been ^ fiscal 1977 t0 ^ Qffi arp BIiaprt ' h . Market dealers beUeve that 

too conservative. Japan posted a S14bn (£7.7bo) retiren^to Skit ttST^SSSy W fzesh rauacl specU reSi 

EPA officials to-day suggested surplus on current account after pledging in January to on ^ yen ^ force Tokyo 

that exports in 1978 could be as it has officially set a target the Americans to cut the t0 postpone plans to lift. short- 
high as $96bn (£58bn). for a S6bn (£3.3bn) surplus on current surplus by about half term currency flow restrictions 

Eased on International Mone- this account in fiscal 1978: in fiscal 1978. implemented . last March, 

tary Fund calculations, this In recent weeks. Government Late, in March, Mr. Nobulriko Trade terms “ harder for 
would leave Japan with a record officials have admitted privately Usbiba, Japan's external Japan," Page 5 


Linwood 
stewards 
to discuss 
warning 

By Ray Perm an, 

Scottish Correspondent 

SHOP STEWARDS at Chryslert 
Scottish factory at Linwood will 
meet next week to consider a 
warning from the company's 
American parent that falling 
production levels threaten the 
car plant's viability. 

Absenteeism is as high as 17 
per cent in some areas, and 
production has fallen from 
about 38 cars an hour to under 
30. 

The renewed problems at 
Linwood are causing concern 
within Whitehall. 

Mr. Eric Varley. Industry 
Secretary, whose Department 
monitors the company's per- 
formance. has stressed that the 
workforce must raise produc- 
tivity and not look to the Gov- 
ernment to Increase its financial 
commitment. 

Mr. John Carty, convenor at 
Linwood. said yesterday that 
shop stewards were taking the 
failure of the plant to meet 
agreed output targets seriously. 
The criticism from Detroit was 
entirely fair. 

“ I do not think this is a crisis, 
but we do have a responsibility 
to meet targets. Absenteeism is 
not just among the manual 
workers. A host of other people 
are involved. 

“ We cannot order people back 
to work, we do not have that 
power. But we will certainly 
advise them to do so because it 
is important to the future of this 
plant. Nobody’s going to bail 
us out again.” 

Mr. Eugene Cafiero, deputy 
managing director of Chrysler 
in Detroit, has said in a telegram 
to the Linwood management that 
he intends to visit the plant in 
July to monitor its performance. 

" I am most concerned with 
the inability of Linwood to 
achieve production and sales 
programmes since our last 
meeting," the telegram stated. 

“The consistent achievement 
of programme levels and produc- 
tion Is vital to the viability of 
Chrysler UK." 

A letter has been sent to every 
employee by Mr. Stan Deason, 
production manager at Linwood. 
in which be points to lateness 
and absenteeism as the cause of 
the problem, and gives details 
of the decline in productivity. 

Output was 89 per cent of :ts 
target for March but fell to 86 
per cent in April and S5 per 
cent in May. In the last two 
weeks — with a lot of good 
weather and the start of tele- 
vised World Cup football — it has 
fallen to 6S per cent. 

Ford foremen. Page 10 


Tokyo warning to EEC 
on steel price-cutting 


BY GUY D£ JONQUJERES - 


BRUSSELS, June 7. 


JAPANESE STEEL producers mlts -drscoimts of 4 per cent cm was being observed, 
have warned the EEC Commis- ordinary steels and 6 per cent on John Wjtes. writes from New 
sion that they may have difficulty special steels against internal York; Pressure on the Carter 
adhering to the recently con- EEC prices. ' Administration from the UB 

eluded agreement governing the The Japanese claim that this ■ industry to devise 
price and volume of their exports supposed advantage has been separate trigger price system 
to the Community unless Illegal substantially eroded by European aimed specifically at curbing 
price-cutting by European com-- undercutting, making it' difficult si® 61 imports from Europe has 
parties is halted. for them to compete. been rebuffed by Mr. Robert 

The warning, conveyed to Meanwhile, proposals by Strauss, the President's special 
Brussels by the Japanese Govern- Viscount Etienne DavFgnon, EEC trade negotiator. . 
meat is backed by substantial Industry Commissioner.- for a Both the American Iron and 
documentation purporting to sharp voluntary cut in crude Steel Institute and the United 
show that some European steel steel production in the third Steelworkers union had urged a 
producers have been selling quarter to about 29m tonnes, separate mec hani s m to -halt the 
certain products inside the Com- appear to have won -an Initially dumping of European 


Steel. 


ra unity at -as much as 1 £20 per favourable response . among __ , . ^ _ . 

tonne below the EEC's compal- European producers. - . They claimed that basing 

sory minimum prices. tV ,_ p nrm ,,, trigger prices on the production 

Their evidence is being investi- 0nIy . ^ ^ I er ^ n . companies costs of the_ most efficient 

gated by the Commission. F® 1 * ** pus ^‘ Japanese producers enabled 

S Japan has not yet sought to m §J iard for “ higher fipu®. higher cost manufacturers in 

invoke the consultation clause continue dumping, 

embodied in its am-epment which demand does not fan off as which is said to have cost the UB. 
pemiitsa review^o^Se"!^^" sharply during the third Quarter steel indusriy several billion 

as in other EEC countries, dollars in lost revenue last year, 
because staggered holidays Some four complaints have 
permit a sustained level of been lodged against a wide num- 
But the wanting is taken economic activity. ber of European producers, 

seriously in Brussels, as a sign This afternoon Viscount A Treasury Department spokes- 
that lack of discipline among Davignon said the Commission ™an said the Administration 
European companies is causing would not go ahead with plans believed that a separate trigger 
growing disquiet among third to raise minimum prices for hot- P nce system for European steel 
country suppliers. rolled colls and voluntary guide- was not- only impracticable but 

The agreement with Japan, line prices for other products by ' v0 “^ a< Jd to the heavy adminis- 
concluded last April, limits its an average 5 per cent on July 1, trattve burden 
steel exports to the EEC to about unless it was satisfied that the Editorial comment. Page 20 
1.2m tonnes this year, and per- third-quarter production target Shelton losses. Page 6 


prices set for its exports If 
internal EEC prices fall sig- 
nificantly below them. 



Continued from Page 1 

P&O 

time when there were seasonally 
adverse factors on. the terries 
and cruise sides. Last night, the 
shares closed tip down at 94p. 
compared with a ranae this year 
of 91 p and ilSp. 

P & O has been feeling the 
effects of tougher competition on 
its shipping business, against a 
background of surplus tonnage 
and shipbuilding capacity. Such 
sectors as the European and air 
transport division, ferries and 
road transport are still doing 
well, and cruising is producing 
sood results, while prospects for 
the Bovis building side, taken 
over in 1974. are better than for 
some years past 

But said Lord Inchcape, “ we 
are still largely a shipping com- 
pany and tne pressures on the 
shipping sector as such cannot be 
compensated for by our rela- 
tively new and still growing non- 
shipping activities." . 

The key problem in bulk ship- 
ping is tbe liquid petroleum gas 
carrier side, where the group has 
eight ships, with a book value of 
£150ra. and two more on order 
from West Germany. ■ This com- 
mitment is now considered out 
of balance with tbe rest of the 
business. 

Among remedial steps being 
considered are the sale of one 
gas carrier; if this was one of the 
earlier ones its disposal should 
yield a profit. Other possibilities 
being explored include arrange- 
ments with producers of. or 
customers for, tbe gas — for joint 
ventures or other agreements 
which might generate finance. 


Ashley Ailwood 

The first of British Rail’s three pre-production Advanced Passenger Trains, designed to ran 
at up to 150 mph on Britain’s inter-city network, Is nearing completion and will be ready to 
cany paying passengers In the autumn next year. The three trains are for an experimental 
passenger service on the electrified route between London and Glasgow. 

New 150mph train unveiled 

BY LYNTON MdJUN, 

BRITISH RAIL is planning a unique suspension and tilt unveiling ceremony. All the 
£150m, three-year investment pro- mechanism perfected by British advanced trains wig be restricted 
gramme for its latest 150 mph RaiL to 125 mph. the same as tbe high- 

advanced passenger train, shown The systems enable the train speed trains now in sendee, 
in public at Derby for the first to take curves on unmodified Travel at 150 mph is not- pos- 
time yesterday. track at up to 50 per cent greater sible on existing tracks.- “ We are 

Faying passengers on the proto- speed than conventional trains, not certain that the train would 
types will be carried on the The whole train tilts nine degrees stop within the braking distances 
London to Glasgow route by to reduce sideways motion governed by existingMgnalling." 
autumn next year. aronnd bends. The one-hour improvement in 

British Rail has already called The Japanese want to test the journey time from London to 
for a “commitment in principle" system on new narrow gauge Glasgow which the train would 
for tbe money from the Trans- track. Existing Japanese tilting bring over existing trains would 
port 'Department to implement systems are passive, and are not come largely from the better 
the full programme. based oo the advanced sensing performance over curves. 

Mr. Ian Campbell, BR Board and electro-hydraulic power of • Mr. William Rodgers. Trans- 
member for engineering and re- the advanced passenger train. port Secretary, yesterday ari- 
se arch. said he hoped for Initial The U.S. transport department nounced he has given approval 
approval for full scale production has also expressed interest in to British Rai4 to build 18 High 
by July next year, A decision had the technology of the train and Speed Trains for the North East/ 
to be taken by January, 1980. he has paid consultation fees to BR South West route joining Edin- 
said. , Engineering. burgh, Newcastle, Birmingham, 

A go-ahead would clear the British Rail said that train Exeter and South Wales. This 
way to order 60 to 70 complete travel at 150 mph was still 10 will bring the total number of 
11-car advanced passenger trains, years away despite yesterday's these trains to 91 
These would be built at a rate of 
20 a year from 1982 to 19S5. 

Each train would cost £2m, 
about tbe same as an existing 
high-speed train. They will be 
powered by Swedish electric 
motors. BR saw no prospect of 
reviving tbe use of gas turbine 
engines, as in the prototype 
advanced passenger train. 

Full commercial 'services 'with 
the first of three pre-production 
prototypes — already authorised at 
a total cost of £3 Qm— could start 
later next year. 

The -train was unveiled In ar| 
naming ceremony by Councillor 
Eric Reid, mayor of Derby. He 
was watched intently by a three- 
man Japanese television crew 
who said they were on a tour 
filming Europe's rail industries. 

There is strong Japanese Interest 
In the train, and the Japanese 
Government transport depart- 
ment is believed to be anxious 
to obtain design data on its 


Basnett’s 

‘economic 

contract’ 

backed 

By Pauline Clark, labour Staff 


MR. DAVID BASNETT, chair- 
man of the TUC and leader of 
the General and Municipal 
Workers’ Union, received a 
m a n date from his members 
yesterday to carry on mifcbig 
with the ' Labour Government 
on the understanding that 
volun tary pay restraint can 
survive after the end of the 
present wage round. 

His -terms for continuing 
co-operation on pay would, 
however, ' involve Government 
acceptance oE four principal 
social and economic priorities, 
with the introduction of a 35- 
hour working week at (he head 
of the Bst 

Mr. BasnetfS proposed 
“ economic contract” was 
accepted by a healthy majority 
at the poUcy-makhig annual 
conference of the General and 
Municipal Workers’ Union in 
Scarborough, which threw out 
a rival motion for a tougher 
stand on pay.. Tbe contract 
included a demand for a new 
“meaningful" low pay target, 
protection for public - sector 
workers and a wages structure 
to correct pay anomalies. 

The consent of conference to 
the economic contract gives 
Mr. Bassett the chance he 
obviously wants to bid for the 
position of chief trade union 
Innovator of the next economic 
strategy. He has taken on an 
Increasingly Influential role 
since the retirement of Mr. 
Jack Jones, who established 
the original social contract 

In his Introduction to yester- 
day’s pay debate. Hr. Basnett 
said: “ The level of unemploy- 
ment here and in the rest of 
Western Europe Is now such 
that a radical move towards 
work-sharing is needed. The 
best and most obvious way to 
this is to put at the top of the 
bargaining agenda, and not at 
the bottom, demands for a 
reduction of the standard 
working week to 35 hours.” 

There was no disguising that 
the ‘ parcel was intended to 
boost Labour's chances of win- 
ning the next General Elec- 
tion. 

Hr. Basnett said he preferred 
to continue talking to the Gov- 
ernment rather than shouting 
from a distance. “We mill talk 
to any elected Government but 
when It comes to co-operation, 
that is a very different matter. 

“We do not want confronta- 
tion with a Tory Government; 
we want co-operation with, a 
Labour Government” 

He rejected an alternative 
motion from the floor demand- 
ing a total end to wage re- 
straint to help reduce unem- 
ployment 


Weather 


UK TODAY 

SHOWERS, sunny Intervals. 
London, SJL, Cent &, 
Channel Is, S.W. 

Rain at first bright later. Max. j 
17C (63F). 

JE. Anglia, Midlands, East; North I 
Showers, sunny intervals. Max. 
16C (61F). 

Wales, N.W.- 

Showers, sunny intervals. Max] 
15C (59F) 

Lakes, Isle of Han, S.W. Scotland, 
N. Ireland 

Bright intervals, scattered! 
showers, heavy at times. Max. 
15C (59F). 

Borders, Edinburgh and 
Dundee areas 

Showers, sunny intervals. Max. I 
13C (55F);- 
Aberdeen, . C. Highlands, Moray j 
Firth,. N.W. Scotland, N.E. 
Scotland, Orkney, Shetland. 
Scattered showers, heavy at! 
times. Max.' 12C (54F). 


BUSINESS CENTRES 


Continued from Page 1 

Carter 


without restraint and without nition of fact" 
shared rales will escalate into The U.S. would prefer “co- 
graver tensions and our relation- operation through a detente that 
shi .P wh , ote will suffer." - increasingly involves- - similar. 

In particular, the persistent restraint for both sides, 
and increasing military involve- But echoing Dr Brzezrosld. the 
meat of the Soviet Union and President noted that if the Soviet 
Cuba in Africa” could threaten Union rejected this approach, the 
this relationship even if the U.S. was strong enough and will- 
Administration tned to prevent ing enough to respond in kind. 
^ doing so. To the Soviet Union, he added, 

“In a democratic society . . . detente' apparently meant “a 
where public opinion is an continuing aggressive struggle 
integral factor - a the shaping for political advantage andfin- 
and Implementation of foreign creased influence in a variety of 
policy . • - tensions. snarp dis- -ways. The Soviet Union ... sees 
putes and threats to peace will military power and military 
complicate the quest for an assistance as the bert means of 
agreement This is not a matter expanding their influence 
of our preference but a recog- abroad." 


THE LEX COLUMN 



& O sails deeper 



a recession 


The p and O share price bad 1 the North Sea to exploring for 

Me* fen 2* to 4744 


yesterday’s annual meeting but 
the news that Britain’s largest 
shipping company may. have 
been in the red in the first four 
months of the cuxretxt ; year 
knocked the shares 6p lower to 
94p. Admittedly, this is -the 
slackest season normally, but 
the chairman’s statement that- 
the “position had deteriorated 
further" since he wrote his 
annual report last month was 
not the sort of news that the.- 
stock market had been- wanting 
to hear. . ’ 

P and O is not alone: Virtually 
til of the world's major ship- 
ping groups are now feeling the:.. 
Impact of the industry’s worst 
recession since the 1930s.' Japan 
T.infts recently announced losses 
of close to SlOOra in its last 
financial year and both Ger- 


400f£® 

gilt-edged- 

kETSMESTD OVERSEAS 
3°°r resOEWTS (Other ttan y 
Overseas Monetary [ 

Authorities) 

200}- 


100h 





1975 1976 . 1977 78 J 


- This sounds the sort of " go-go 
-stock that the more adven- 
turous institutions might like 
to tuck away. In addition, a 
yield of 8B per cent at the 
offer price of 85 p, covered 2.4 
times, looks fairly healthy. 

The only possible obstacle is 
that the independant share- 
holders in Hunting Gibson, 
whose shipping side has run 
into serious financial difficul- 
ties, might think that they are 
selling off their assets too 
cheaply. The deal needs to be 
approved at an extraordinary 
general meeting on June 30. 


Brooke Tool 

Against the background oF 
Equity Capital for Industry’s 
attempt last week to define a 

™ Profits are more than doubled ^er rote for itself, the case of 
many’s Hapeg Lloyd and Hoi- J? C1 1m Brooke Tool provides an inter- 

land s Boyti NedHoyd have _ in rflistria ] product divi- esting example of how the small 

warned that their shipping pro- profits do not yet reflect listed company can still tap 

fits will be sharply lower this significant ' contribution ri** 18 lssue market. It so 
ye ?f; t . 1 ^ p aTKl n -i,' ^ from the $3Qm US. Interstate^ -happens that Savoiy Milln. the 
Until now P ancLQ has fared food ^ndee company acquisi- brokers who are sponsoring the 

better than most trf its fvter- though’ tiro months trad- Brook0, i&sue ' collaborated only 

Eg ^re^fbavTbeen induct * months ago with ECI In 
policy of securing long term h ^ division! the getting a £38m rights issue off 
charters for much of its: fleet St^Ssbrook busteess ha's ml ground for James Neill. But 

1 irr <!r :. as th . M f.5 harte f» ™- Whereas with Neill tbe bi B 

off, the group is having to take family shareholdings made a 

on less profitable business: and - ^ in 'tile UK profits normally underwritten offer 

its diversification into ^non- SwK ctaSeSfi impracticable, so that ECI came} 

shipping areas is nowhere ne« ^Xtte^STdSe *■> « underwriter. Savory have’ 


^Sy! 0 ^^ conventional issue for Broobe.r 

casting sharply lower. 1978 ““S™ ctl0n npe ^ which has no big family stake' 

profits. Against last year £34m " The issue is a heavy one, o? 

(after stripping out special At 139p the shares have a terms of three-for-five at 28r 

items), brokers are now pencil- prospective yield of just over ^ ^ £o. 57 m to be raise— 
ling in around £23m with some 71 per cent, while there is the represents over half the exi 
bears going still lower. added attraction of Hanson’s ^ capitalisation. 

‘ •' promise “ to bring shareholders’ 

Hanson Trust income more into line with the Gilt-edged buyers 

. After more than doubling s Last y^’ 8 heavy influx i 

profits and earnings per share in J*® p restrIctions ^ foreign money into the UK git 

the two years to 1977, Hanson easea ' 01 course - edged market tailed off sharpest 

Trust is now finding the going tr, in f^„ T PofenLnm the first quarter of 1978 btax 

tougher. Yesterday’s _ interim nunnn s reiroteura did not actua uy g0 lnt0 
figures show profits h&nlly Robert Fleming and. Cn., still reverse, according to the 
changed at £lL4m. on turnover flushed with tile success of balance of payments figures, 
which is 22 percent ahead 'at last month’s . Eurotherm Issue, Net investment by foreigners. 
£288m. And Hanson is maintain- has' popped bade again with a other than central banks, 
ing that profits will continue to £2.3m : offer for sale for Hunt- dropped to £5lm compared with 
move sideways, to give about ing Petroleum Services. How- a peak £3 46m in October-- 
£2 5m pretax for the full year, ever, on first inspection of its December 1977. There is. ho\*’ d 
The setback came on the U.S. cyclical profits record it does ever, a suspicion that a substai^ 
agriprodnets" business (account- not look like being, another tiaj amount of overseas dealing, h 
ing for 55 per cent of group runaway success. —especially for Americans— 

sales) where - the Hygrade meat It is I complicated deal are booked through UK 
processing subsidiary found its which involves -stripping .out accounts and do not find their 
margins severely checked as a the oil and gas related way into these figures. Mean- 
resuit of a shortage of livestock, interests of two. quoted coin- while the relative weakness of 
But results . from the Seacoast panies A n the Hunting stable War Loan, a favourite stock of 
fish oil company were apparently plus those of a private com- Continentals, is taken in the 
better than expected, leaving pany. Hunting Holdings Ltd., market as evidence that the 
profits for the division a fifth and injecting them into a new Swiss and Germans have re- 
lower at £3Jm. In the UK on minkul company which does cently been running down their 
the other hand, agricultural everything from turbo drilling In gilt-edged holdings. 



Vday 
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V 

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s 

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S 

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New York C 

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83 

Brussels 

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Oslo 

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Budapest 

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Paris 

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j Qjrapanies O Individuals/FaiuLLies O Click 
j Name gam todcrffiyurntJa g^ 

I .Company tlfappCcaidel 
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they need. 

— Partrnmtely there is an alternative. 

“J"" IndepeiKlentmedicrae arai JMvate'Pl^ieiits " 

Plan. ~ - 

MsatynowtamtoPPPbecmffle^hfiy 


■ ,T. Sn- , nr.ui.nii wau. wo - 

light fiir their needs. 

^^Ofindout howPPP pitta thpTiatinn ^ 
IthflijsL— the health of mdh Hffiialg and nf 

ij^esHke those featuiedabove:^ 

; Complete and pest the coupon today. 



PROTECTS 


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Istanbul S 24-TSl . • • ... 

p_ Hatn ■ ,c— CkMflyj. F — Fair. 5— Sanur. I 


* l .Om. Pon Office. - Printed by SL Press foe sad pa wished 

jb?C the Financial Times LaL, Bracken Horae* Cannon- -sirm.~ London, KC4P4BY. 

- O Tte Financial dmes Lid., 13T8