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"fi^lor 4>_ 

No. 27,580 

Friday June 9 1978 

u 9 1 J 




-taking a constructive 
approach to every 
size of project 



MLR up a point . ‘Corset’ back • National Insurance r.s 

7T k Ministers act to save Healey ^ cc 

upsurge iTiuuoiw o ** v censure by 

Budget Strategy angry Toriet 

angry Tories 



. . * The foreign exchange* m 

e GILTS went ahead strongly, 
encouraged by the announce- 

merit of measures to curb the 

•. - - v. • 

251 ,:i Swo British ‘.wipe n Salvation 
" have been killed 

^ ^hhidr JiwIJpn^jst guerrillas 
Jt]j#cie6ia- .Sharon .Swindells, 
c ftojB,, Bangor, . Northern 

bail'd; Diana Thompson, 
^frra05WBdon, died when the 
^■^aeiTnlaffiattacied iheir mission 
vr ffth of JSiriawayo. 

hgjejjwAiwMid- a-womaa were also 
■ 7 . & jS&0n' Ttge. attack, the second 
•• B'-^WgncHT-kt the area wilhiua 
.r,v -.feSSr* -is thought that the 
- r believed to be from 

,!* •'iaraa'-Nfebmo's ZAPU -army, 
antfifeafter rounding up the 
" Sqjjehefs -ahd opened fire. Two 
::rijT7,i ^vft^ri fes-died in the previous 
• and land laws, 

; ■ .= i >■ • :• 

oy rKifci* 

THE roVERNMENT was forced almost certainly affect mortgage a n packa' j e'"at to the mam alternative of a rise 


ai“r “ ssss 

package or restrictive monetary tmyiwv - - point at 815250; the trade-weightea October election. 

-l^”u .0 o 7 o, * , 

strate the G ° v ®^ n “ ex J} s s Budget drafls 10 between 11 “ d 1 ^ K The original ^mention ke ?p ‘the public sector borrowing 

-i e reimposition of the corset -n^u*-* S !»^£V.5^^ J 

SSd ll Slcfn e eTsupply°ta?|eL e “ ^lendreg Vo^lhVp^soSaKseStor. fiscal action was ^change of onginal Budget 

The package comprises: The M 5| , ^j£ m S t ired e f£S ^But Ministers hav« decided to *‘ Th % ise } n the surcharge will : 

0 A one-point rise in Minimum measures had the desir d produce a wide-rangi ns package T ' D sed to the Commons 

Lending Rate to 10 per cent, the m the ^ e r i . r ra D e iJ Sow before domestic monetary ^ P rop ^ ed ^ ™e Me ans 

first change since the market- government broker s as aDie no ^ l0 further pressure Jhor flyj* * new c!au se 

related Formula was abandonded to sel both e^Un, nj^ ^ QQ sterling . Jo the Finance Bill. It will 

a fortnight ago; ™ a ^f in current finan- The measures merely offset the revenue lost on 

O The reactivation or the so- "JJf JJJJf n provide as Juli a: P**role t the additional income tax rebels 

called corset controls on the cl ^ h 5 g niarlset estimated that reassurance to the. ark. t ^ ^ ^ comiQg financial year, 
expansion of the banks interest £400qi wa s sold yesterday ‘S^b^non-monr.arisis, in- Thc impact is ranch greater 

bearing deposits in order to aQd brokers would not be sur- crihcisea ny . v.'hiteball. as in a fu u financial year when the 
squeeze lending; and prised if the lon g tap was ex- by riskin _. over Due effec t would be. about 

m a 21 per centage point nse hausted today. Prices rose oy Deywu a sharp - br . l!;e on the n.obn. implying a major tigbten- 
* in the national insurance sur- j a t the ionger end. m economic recovery. A ing 0 f fiscal polity unless other 

, charge from October, reducing in contrast, equity sharepnccs pace o ral „ now cnu id laxes are cut. . 

public sector borrowing by were depressed and the 30-bnare nse for # re i axat iun later The increase is likely to mean 

£500m in the current financial index closed M d ®JL t at f gg *„ the summer. . a loss of jobs and an addition of 

. year. This exacUy offsets the after a decline at : wora 1 uj A rise in ihc national m- belween i and li per centage 

. revenue lost as a result of the This reflected ““jje*. c .? ni iBr “ SU r ance surcharge been mls l0 the retail price index 
J income tax reliefs approved a about the jjfjf*' 1 ' 1 * 'jj-jf® and considered from ihe Budget on- J ver the next year or so It will 
[ month ago during the Finance fusion of dividend contro^^d ^ , po „ ible response to eat 5nt0 industry’s financial 

\ n c z™““ e «!K ,s S5Si“i ® wf- n “ Honai ssjrts. °“ B f p p : ge 

The further rise in MLR will insurance sure s . - 0 ^ Editorial comment. Page 18 • Lex, Back Page 

' F.T. Government. ~ j 
" Securities Index - 
c j I I ILL -M 


growth in money supply- The 
FT-.- 'Government Securities 
Index rose 0.48 to 69.68. 

:^«fC inquiry ™ cx 19 / * 

■ -L “Government ie to hold en a . EQUITIES, in 

into - possible. - ill-treat, trast, continued to faU Alter 
":^^ofr terrorists by the Royal-the ; u»noiiiieenient but raided 
'•'&ter Constabulary, Northern to dose above the worst _Tbe 
Secretary Roy Mason has px 30-Share Index closed at 
-I '• Mounted. Amnesty I»te r ' 469.3, "off 5.6. 

’ ;idtmal is being asked to give . , 

• ' ‘S '*.••• © STERLING gained ?0 points 

• ' to ^1-8250, althongh 16 trade- 

: |aomi returris weighted index was unchanged 

" 1 * nie la a tumnltuous welcome to 5^ (5.3> per cent. - 

• : GOU> fell SOe. to ^8M25. 
; J-* av^off^ thl “l^e Sir 'Prancis The New Yoric Come^: Jane 
- -hi Chester’s record for fhe trip, settlement rate was E. .f < - I8w 
7T “VV ’ ($180.70)., IMF gold a^toons, 

Itn^ry sentence pag& e ' • g-v 

. .-jonaer FlyiiiS^Sqnad . ehlef 0 WALL STREET rose feto 

3vernini?ni s wiauca. - - Finance bui. _ . _ 

The further rise in MLR will insurance sure S ■ Editorial comment. Page 18 • Lex, Back Page 

• Why the corset was reintroduced, Page 7 • Parliament, Page 10 ^ 

Mortgage rate expected CBI pi 


to rise by li% today £ r-sts? 

lng the increase in the 

\ POLITICAL storm blew up si 
immediately at a 

when the package was presented 

v-ith both Conservatives and 

Liberals accusing Mr Denis 0 
Healev the Chantellor, of t 
economic misraanuuement and a 
with many Labour W a 
bewildered and womed at the f 
lilcelv effects the national 1 
insurance surcharge will have on c 
unemployment. ( 

Ministers presented JJ® 
measures as a , 

attempt to restore confidence s in 1 
the Budget strategy and recoup . 
the revenue lost in the Finance , 
Bill defeats on income tax. 

But Mr. Healey will face a per- 
; sonal censure in the Commons 
next week, following ■ Tory 
. decision to change the subject ol 
, their debate on Wednesday, in 
; an attempt to attract the crucial 
1 support of the 13 Liberal MPs 

" Conservative leaders will move a 
r motion cutting Mr. Healeys 
. salary. They realise that an 
1 attack on the surcharge >tself 
; would not be backed by the 
I Liberals. 

il In spite of Mr. Callaghan s 
il relaxed confidence in the Com- 
mons the announcement, 
approved at a two-hour Cabinet 
meeting, has bad a distinctly un- 

settling effect on Labour MPs. 
and much of the euphoria uf a 
few weeks ago has evaporated 

Conversely. Mrs. Thatcher and 
other leading Tories see the 
Government’s defensive tactics 
as confirmation that economic 
and political dangers lie ahead 
for Ministers. They believe hat 
inflationary trends which will n. 
discernible in the autumn could 
have a fatal effect on the 
Government's electoral prospect- . 

Ministers sought lo lay the 
blame for the 25 per cent 
National Insurance surcharge 
squarely at the door of W 
Tories, "because of the i'oOOnt cuts 
in standard rates of income tax 
‘ they forced through the Luin- 
\ mons. 

E But “ shadow " Minister's 
, pointed out that although ihe 
1 surcharge will recoup la uu.n 
5 this financial year, the total in 
i a full year would be a niassius 
s £1.5bn— the equivalent or -*p r.n 
n the standard rate of tax. Toe 
f only expiation in their view 
e is the late realisattion by Mi. 

Healey that his Budget judgment 

was badly wrong. 

8 It seems probable that thc new 
i" clause to the Finance Bi 
f: implementing the surcharge will 

' a . Continued on Back Paae 

price rise 


•.•.’’w^^mWto'gfit.dtinkjiig ex^* YT C Klfll If) CllFb 
• U ^ 010 CU1 
: . -e ^baL^stomers- riiuld waTcn- . .. . . 

■fe^ w ’o? cwr oa State handouts 


tf c. V.r-TlTGAGE BATE is er- 
pectefi 'to rise today by li- per 
cent to Id- per cent. 

Building society investors are 
likely, to receive an extra H 
cent the Or^nary share rate, 
giving them a.ft^S per cent net 
return bn their .pavings. 

The Council ofi the Buildirig 
Societies’ Associ atibn meets this 
morning to agree ’on the new 
rate structure. The increases 
will be the first sine® October, 


eas down - . ^ * tfrTut price ol«u.. to curb State *id to 

■^baa tiy 1 np -to 3flp, ifi a industries hit by foreign comp 


1 300 platfunn staff wiu on - this at tne se nest £ 
„mtri^aGentinental- ecOTonnc stmonutm Bo fi 

mtiform which could replace month. Back Page t 

fce^presentri3 -year- old ^design. committee may be set r 

-.■garejSS ; 

nine, re fuse problems. Back Page. »r 

l ^S.^ r p¥qbe- .. ^ Kruppr Page ^ . . 

1 citboRN has signed a con- 

BSsliiki ott.cqn? 2a C i;; t(> {tuRfr a factory in East 

SMM» ?sssasg-A- o^w-*g«-« I a l s5 

a^ploa™'? 1 ’ ernment to t0 its 

,•••• .gJ^ISSaiSr.fcr.-wi 

)g g | ^H ^eprieYe Mbrseys^^tory sho^ ce 

■rtK#*'"** otor 

Almost certain 

An increase in the mortgage 
rate looked almost certain before 
yesterday's increase in Minimum 
Lending Rate, a- move winch 
finally- convinced building society 
leaders that their own Interest 
[rates must be pushed up. 

respite some early concern 
that the Government nnghi inter- 
vene to prevent more expensive 
home loans In what seems 
increasingly likely to be an elec- 
tion year, no attempt was made to 
influence the societies’ decismiL 
The Prime Minister told tne 
Commons yesterday that the 
societies* rates were now out 
of ime" and the Government 
did not intend to “massage 
the mortgage rate to achieve a 
misleading result. 

Today's Interest rate recom- 
mendations, discussed yesterday 
at a meeting of the Association s 
home policy committee, will 
! nevertheless be notified to the 
! Government before a public 
t announcement at noon. 

‘ . The building societies will 
[ hope that the higher interest 
rates decided on today will 

prove good jb to last for 
the rest ot we year. They 
accept that further action m 
the coming months would in 
any case be politically impos- 

Recent months 

The move comes in the wake 
of rapidly falling net receipts 
for the societies, which have 
become less competitive in 
recent months. In June the 
movement is expected to take 
in as little as £150m.. against 
£335m in April and nearly 
£600m last October. 

As a result the societies have 
dipped heavily into their liquid 
funds to maintain high lending 
levels The higher mortgage 
rate will mean that a £10.000 
: loan over 25 years will cost just 
i over £10 a month more. 

PRICES will go up at least U 
uer cent and unemployment 

rise bv about 100.000 follow- 
ing the increase in the em- 
ployers' national insurance 
surcharge, the Confederation or 
British Industry claimed last 

From thc other side of in- 
dustry. Mr. Moss Evans, general 
secretary of the Transport and 
General Workers Union, lar- 
gest of the unions, maintained 
ihat the increase in the sur- 
charge was “the ^ Hoe to 
take because it wiil make jobs 
more expensive. Our main pri- 
ority at the moment is 10 
reduce unemployment and we 
cannot support measures which 
will add lo the problem." 

Mr. James Milne. Scottish 
TUC general secretary .said the 
increase in the lending rate 
would cause concern. “In the 
past, and no doubt in the 
future, it has certainly been 
a deterrent to investment. 

Thc Government's measures 
would make it more difficult 
for the labour-intensive retail- 
ing industry to a bsorb school- 

le avers in the months'* ahead, 
according to the Retail Consor- 
tium. Thc Engineering Em- 
ployers Federation insisted 
that the package would have its 
biggest impact on small and 
medium-sized companies, pusfi- 
ine some out of business. 

As a "tax on jobs ^lbe in- 
crease would cut Uifc wtnpe 1- 
tiveness in world markets anti 
against imports and worsen the 
balance of payments by more 
than £I50m. 

The Chancellor should nave 
cut public expenditure first 
and, as a second option, in- 
creased value added tax tn 
order to keep the public sector 
borrowing requirement at the 
level set by the International 
Monelary Fund, said Sir John 
Mcthven, the director-general. 

“The increase in the national 
insurance surcharge is the 
worst possible method- It will 
reduce profitability at oucc, 
impair confidence and so 
damage future investment. 

“If the Government had been 
willing or able to cut out waste 
in their expenditure P™* 
grammes, which total £o«bn 

this vear, to save as little ®* 
three" quarters of one per cent, 
the required £500m wouid haic 
heeu found.” 

Mr. John GrocnborougU. 
president or the CBI. wrote to 

the Prime Minister yesterday 
afternoon asking for an urgent 
meeting to discuss the pack- 

aee ' 

Among the points he wi.l 
make at the meeting is the fact 
that employers’ contributions 
already account for 14 per cent 
of total labour costs compared 
with less than 9 per cent ten 

years ago. . 

Mr. Joseph GodlK-r. chairman 
of the retail consortium, said 
retailers faced a substantial 
increase in costs which. _ in 
turn, would show up In prices 
in the shops. 

£ in New York 

_ j June 8 t rn?n..ns 

ZZ J ! Sl.bZJO-i-’S 

t i/worta . O M0.4b 
Jm.mthi 1.9*l.S5.ll* • 

12 HKTitli* 1 6.B0KW I.S I t. li- 

BP to invest further £ 120 m 
in Forties Field 


vest a further FL2Dm. m its 
North Sea . Forties Field, w^ch 
supplies well over a Quarter ot 
UK oil needs- It wiTl go on an 
emergency support and 
ance. vessel (£60m>; acrommo^a- 
tion <£40m); helicopter dedts 
(£l2mj; and underwater main- 
teoance (£6m). 

In recent months Forties has 
produced up to 570,000 barrels a 
have- no difficulty in maintaining 
the permitted plateau. 

Under thc production agree- 
ment with the Government BP 
is allowed to maintain the aver- 
day, indicating that BP should 

mtmkRS’ union na& 

^ *** 1 

=■ v encourage mdustry- 

Gto ZOO s. capital into the 

»«* *° iTas * 2Z * 

bad C0MPAIH|S nnp0L iT iN | 

- 9 sECUWCOR and ^ 

- ^ ^ sidiary Sle rights 

* raising ® _ 

Original cost 

Other oil news. Page 8 
Energy review, Page 27 

ihe further capital wOl. bring 
total- spending in the fieldto 
than £lbn. 

times' the original cost esttm^e. 

.There are 4ngns that the flow 
from forties : could be morepro- 
llflc.'tbaxi previously forecast, at 
least in the next few years. 

Thp - average flow 4 s 500,000 
fcSS* " Sr about half the pre- 
sent production rate of the Nm^ 

Sea, and the masamurn allowed 
by the Department of Energy, 

age 500.000 b/d for three years 
until mid-l9S0. . 

But later this year it may ask 
for authority to extend this maxi- 
mum rate for about a year, pro- 
viding 70,000 b/d more Produc- 
tion worth nearly £190m in 1981. 

Thin would mean altering the 
production profile for the field. 
BP says it has no reason to 
change its estimate of ultimate 
recoverable reserves of 1-Sbn 

If an application is made the 
Government may be influenced 
bv the pare of development _ in 
other fields. For conservation 
reasons Ministers may want to 
prevent North Sea production 
rising much beyond the 
ciency level expected by 1950. 

Come ashore 

Development of Texaco s 
Tartan Field might be a factor. 
It is expected that oil from these 
will come ashore in tbe Forties 
pipeline at about 75.000 barrels 

! a day. 

The pipeline can carry 650,000 
■ b/d If Forties and Tartan 
. produce at peak capacities simtU- 
> taneously. there will be little 
, spare capacity left in tne hue. 
i BP is now boosting the Forties 
• throughput by up tn 2a. 000 b/d 
l with natural gas liquids from 
the big reservoir. 

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[Peuhless otherwise 


fea .1 : 


YistERbav i 9 , . j 

Greotvlei —rZ’ZM** + LV 

HartebcesL — 1P 3 + »4 * 

-Marievrte wr — 86 -J- 4 - 

Riistenburg .- 245 + =' 

' V enterspost l4 i + 6 ■ 

: • Western Mini n g • 

FALLS _ g •' 

AlbHfibV^d^y^on aj® ^ 4 ■ 

Asscd. Fisheries ... 67 - 4 . 

Benit B^res * I 1 ® “ n : 

• CuIlen’s.Stores - ito - ® 

-Electronic Bw®* ; . 275 - - 
Lloyds WJ* 270 - 20 . 

: McCoril uodaiP 478 - 

Bfirppean news 2& ® 

r AmericaiL news J 

-Overseas hews J 

-’j'Wertdiflrade news ® 

^Bhme news-general ...... 7 -J 

--.■is ■-■ —labour ......... ro 

v-parDament ... i® 


2&3 Technical page Inll. t 

6 Man agement page 15 Euron 

•.•'./lo VK companies 2*33 mm*l 

10 Mining 23 S 

Inll. companies 24-26 

Euromarkets 24,26 

Farming- raw materials ... 29 

World markets 30 

Money a nd exchanges 31 

UK stock market 32 

r . • in coin crtible currencies - . tW / - V^] 

foruationa! andniteniational >|lf 
industrial and comipetcral ■ yft -:r 

investment?;; ; X . : fm 

.&y - - mm 

■ ;- -0 .V- : 

:^Sdnnidt's g rand d esign for 

L‘'- - ;eeesojime summit 

TSoHtics Today: reforming 
the. Official Secrets Act ... 

•> Around Britain. why 
. - Scottish traders are look- 
TW north 16 


Energy review: financing 

North Sea oil - 

Israel: making the most of 

few resources 

Zambian economy: the real 

test to come 

Collapse of Europe s steel 


The U.S. Medical Service: 

suitable for treatment ... 

p^sjdent Assad's views on 

U, t . Middle East 

Putting new life into 

Scottish industry 

UK banking: battle over off- 
shore tax 


124 + 2 
'’TO ^ 4 .. 


••• • ^kppiidiitineiuS-Juht*. “ 

!“J Vatk Return » 

Lr' aCressword — “ 

r.-.r.^wfc onttees g 

•7-~ pr^AcrimriaB iBfllt— az 

. „ » Tito'S Evtau ” 

LcHfirt TV «i*il Radio 

Lax - — - I? Unit Trwti 

Lombard — . w Weather ■* 

KatK« -. JJ ^ ^ 33 


M-M E,e r Ca - - — 

^ latest Share Index 'phorw- 01-246 8026 

Furaesi Withy 


Chos. Hill of Bristol 
Jardine Mathcson ... 
Parkland Textiles ... 


Queens Moat Houses 
Union Mlnlere ...... 

CeOrao Wlmpcy . ■ 


Currency options emerge for EE 


Strike hits 
hotels in 

appear to lie emerging in dis- 
cussions between EEC officials 
charged with drawing up con- 
crete proposals for technical 
arrangements which could be 
used in a new Community initia- 
tive to stabilise currencies. 

AU three schemes assume that 
the currency snake, whose EEC 
members are Germany, Denmark 
and the Benelux countries, 
would remain intact and form 
the effective nucleus of a 
broader new system. But they 
would impose varying degrees of 
discipline on other participants. 

The ideas were outlined in a 
SD'iech yesterday evening by M. 
j.-cquos van Ypersele. a senior 
Belgian Finance Ministry official 
who chairs the EEC Monetary 
Com mi; fee, composed of 
Treasury and central hank 

experts from the nine Common 
Market countries. 

While he emphssised that he 
was speaking in a purely per- 
sonal capacity, M. van Ypersele's 
remarks undoubtedly reflect cur- 
rent thinking on the committee. 
It has been instructed to draw up 
recommendations for currency 
arangements before the next EEC 
Finance Ministers' Council on 
June 19. at which preparations 
will be made for the EEC heads 
of government summit in Bre- 
men next month. 

The options listed by M. van 
Ypersele are: 

Q A broader snake or “boa," in 
which participants would observe 
the same rigorous disciplines as 
snake members. But non-snake 
countries would be allowed a 
broader fluctuation margin of 4.5 
per cent instead of 2-25 per cenL 

• A much looser arrangement 
in which EEC countries would 
aim to rstrict currency move- 
ments within “target zones. 1 ’ 
Initially, non-snake members 
would be required only to avoid 
competitive depreciations and to 
bold consultations with the rest 
of the EEC when their currencies 
were forced out of their allotted 

• A hybrid scheme, which M. 
van Ypersele liked best This 
would involve setting target 
zones denominated in terms of a 
weighted index of EEC curren- 
cies. such as the European unit 
of account. Countries would be 
obliged to intervene to defend 
their exchange rates. 

Such an arrangement, he said, 
would call for a substantial 
increase in the European 
Monetary Co-operation Fund 

(FECOM). The EEC should also 
consider the possibility of eatab* 
listing a currency of ns o’-in for 
intervention on forei?” exchange 
markets, instead of reiving prin- 
cipally on the dollar < 

M. van Ypersele backed 
the creation of a new form of 
European monetary uii'f- similar 
to the unit of account, to be 
used as a means of settlement 
between EEC centra! banks. It 
would be issued bv the FECOM 
in return for dollars or gold, 
and carry an interest rate deter- 
mined by a basket of European 
interest rates. 

He stressed, however, that any 
move towards neu currency 
arrangements could not be made 
in isolation and must be accom- 
panied by progress towards the 
restoration of sustained economic 


Move to control killer satellite deployment 


CONTROLS ON THE deployment 
of killer satellites are the sub- 
ject of arms limitation talks be- 
tween the U.S. and the USSR 
which began in Helsinki yester- 

The Russians have been ex- 
perimenting with killer satellites 
since 196S, but their technology 
could be overtaken by th eU.S. 
Space Shuttle, which may have 
the capability of plucking satel- 
lites out of orbit and bringing 
them back to earth. 

Some indication of the import- 
ance the U.S. attaches to the 
Helsinki Milks can be gauged 

from the fact that its team is 
led by Mr. Paul Warlike, head 
of the Arms Control and Dis- 
armament Agency in Washington. 

A totai ban on the military use 
of satellites appears to lie 
beyond reach, because satellites 
ostensibly designed for many 
civil roles — research, weather, 
and earth resources satellites, 
for example — will also yield in- 
formation of direct military 

Bui since 196 Tthe two nations 
have observed their Outer Space 
Treaty forbidding “nuclear wea- 
pons and or any other kinds of 

weapons of mass destruction in 
earth orbit." 

Discussion for the next week 
will centre on whether a more 
comprehensive treaty should now 
be drafted, to take account of 
spectacular advances in satellite 
and space- weapon technology, 
and to what etxent observance of 
such a treaty might be verified. 

The Russians are known to 
have tested satellites which 
could be used to tessk out and 
destroy another satellite. In two 
series of experiments — the first 
from 1698-71 and the second 
since 1976— they have demon- 

strated four different ways of 
bringing a satellite close to or 
into collision with one already in 
orbit. During 1977, seven of the 
82 Soviet military stellites 
launched are believed Lo have 
been part of these experiments. 

Late last year the U.S. National 
Aeronautics and Space Admini- 
stration authorised the develop- 
ment of a tele-operator retrieval 
system designed to give its Space 
Shuttle the ability io retrieve 
satellites from earth orbit. The 1 
Defence Department is contribut- 
ing S1.5bn-$2bn towards the cost 
Sky lab salvage. Page G ' 

By David Gardner 

BARCELONA. June 8. '• 
HOTEL AND restaurant workers 
today began a 72-hour strike in 
the province of Barcelona follow- 
ing the breakdown early this 
morning of yearly ' wage 

Eleven pickets were arrested 
this morning but quickly released 
following representations from 
the main trade unions involved, 
which claim SO per cent 
observance of the stoppage. 

The strike is acquiring a 
notoriety beyond its immediate 
economic importance for two 
reasons: It seriously affects 
foreign visitors to Barcelona’s 
international trade fair — which 
runs until Sunday, when the 
strike Is due to end, and It has 
become a test of the present state 
of industrial relations in 

An influential minority of 
Catalan employers are trying, to 
ensure that each day lost through 
industrial action will be 
answered by a 24-hour lock-out. 
There is so far no evidence that 
their attempts to ensure that 
hotel owners begin a lock-out 
from Monday has prospered 
though a recent survey of cater- 
ing employers in Catalonia 
reveals a majority in favour of 
a tough response. 

The unions are holding oat far 
a Pla 25,000 a month minimum 
wage throughout the industry, 
against an offer from employers 
of Pta 23,000, made early this 
morning in an attempt to head off , 
industrial action. 

policie&ini Afiica S 


M. JACQUES _• CHIRAC^, the -sidered that neither .^he US. tiQr 
leader of the. Gaullist Party, wfcu -the Soviet Union :. -baaU any • 
has adopted an on typically low 'business to intervene in "Africa; 
profile since the March, general 'which should not become a inw-' 
election, today. reverted -'to ject of rivalry between .the, 
favourite role of snflajiw atsuper powers, ■ 

President Giseaxd r VESi&iixgS/ ' The attempt to Involve . 

polmres. . ■ ■ i^-har of leadingA^eatern countries 

The GauIIists. though officially in a peacekeeping role m Africa 
members of the ruling coafitiSq, 'could lead to a “Vietnajaisatton"! . 
i are determined to malnt|fff fee? of conflicts in the region. . 

■jy-Pswd tfcndyaJ 

.are oeiermineo io maintMft jbeir of conflicts in the region. • . 
independence and have jnhaS&it Meanwhile, the row haswors- 
ciear that they wiU-'^Meaff^ed. between M. Chirac/ if his- 

the nnvAmmanfa nnl i (Ho*: ' W -nf rUnno 

-T — v?* . — ~ M Prion . oetwccu .»■ 

the Government's policy- to capacity as -Mayor of : Pam, and 
critical examination. M*. '-Qlirafc the Governmenti' .' over'; .Who 
did so today in charttt&iitec should pay for the ^apital’S 
style, concentrating parudolajciy l3*3QQ-stroog- police force. - • , 
on the Governments '^African - a* ' the beginhing oMast montti, 
po ij® y ; . tie City Council voted'. unani- 

CntJCTsmg President QSstardSs inously. with si* abstentions' in. 
proposal at the recent-AfriCan favour of Mil Chirac’s "proposal 
summit. in farts, for the to make a- cat of FFr. 142m. 

of a pan-African jrfiTm) in its cohtnfiutioa . OF 

force with- Western si!®«3^,the 5Tr 292m to the 1 costflfthe 
Gaullist leader said there -jms police force. : The .Interior Min- 
little prospect that such ^scheme. istry later overruled 'this 1 . deCi- 
would ever see tbe.- light jof day. sion^ claiming that the lawrs'pecz-. 
France should take careraot to ficaiiv laid down that municipal!- 

taklfl T> wmornl r f<in 44 ' ' . . ■ i J OBTv 

. to t$e-\:MBFR- ^arm^’ talks -<Sg5.- . - 
Vienna, - Ambassador -NlkofcJ : ' , 

- Tarasov^ todayjpnfe&euted^ neWL- 

- tfqaerapted-fty t h e f j W c dt ^ c«B^ : ; 4 ~ 

. pr6dOi±'%'bre^ktIiiraii^ ki''Q^ v 
talks/ ike' :rtaUne*L; However^ •*" 
NATO-officials cautioned .th sr-?* 
the . Eastern ' "initiative .*• 

based on manpo Wer -fightoe 
which tfteWesfc -^refnsed^^ 
accept* They added -the' latest' ’ 
Warsaw ‘Pact movd wiil g*v# : 
to -be' studied in, mure detalL, 

■ The. Eastern proposals 'wtaat v ‘ 
formally- *sMbmitted '-today ./Stfi' - 
the 172hd -’pflenaxy - - 

ae ; 15ti»;. round oE the stall^; . 
-negotiations. Tlur tsilks^ beebi}; 
herein October ,1973, - $c^arit£ *. 
lug to .a snunuHry , • 

-Press' by' a’ -Soviet ' ’ 
the . 'jjispsijials ' "'Sy ; ' the; 

table proposals .(as It m^r4aaei ties should subscribe SSr per Cent : 
is the North-South conference^ 0 f the cost of thair-j>olice.v M/ ■’ 
and atfheUN . nn nthAi* r-'ftariiL: 

the . proposals hy/ the; k ' M 

Un 3a, PolamL CzechoslOv ald^ x ;*}? 4 ‘ 
and- - East: Germany:' -are- V 1 

and at the UN General Assembly Chirac, - on the other : - hand, 
meeting on. disarmament) - y. :■ icb argued that the 25 per cent .rule 
stood no chance of beingrput into was applied by the authorities , 
practice. - y. only in the case of Paris. ■ “ i 

M. Chirac was scaifiiiig: Almdt The -Prefect of P^rls, the. Gov- 
President Giscard’s atfemirts' to eminent's cblef representative' 
associate the U.3. more cldsfely for the city, has now ordered the - 
with African' affairs, -^tSbaritihg money to be drawn out of the 
that this appeared ■tot, foe; ^an- city’s treasury reserves, a move •- 
attempt to give NATO-a’-rol^ ia which cooI3 provoke a_ serious '. 
the continent. Thp Gaifliists cai^ financial crisis. ' ' 

and . - East Genhany. -are ■ v ‘ • 

!KM),WM> men, lavljiding^?w,9oo < »”f > ^ V 

groimd -forces; -fjtot each .^de,-.* t f? ' ‘ * 
-stationed In. the central xegftjnfts*’ 

At . the same- time^ tfac - \ ?- n: 

Pact counttleS ja^q. expressed, y 

wfUlngness -:to -.'cany :-:e5t-7jtT .-. ' .. 
selected redarijon- god “ 

^on of -armament and an equitt - 
proportional cuts^ih-the Sov lff^ • . 

and- :TLS..- forces: ' 

Central Epxope- .-. , 


The new GatwicfcHeathro# 

n © 




THE GRAND plan for. protecting minimum prices' for coils and' 
European steelmaWng : hap this guidance prices at the_ start. 
week blown . up in the face of its July. -But the spread' of prrca»j 
inventor, the 46-year-old Viscount cutting which accompanied; tite 
Etienne Davignbn. throwing the -rise also suggests that a goBfc 
Industry into renewed. ' disarray many European . producers - affi 
and giving the Belgian statesman illegally takliig advantage- of 4^ 
the nastiest shock of his meteoric “base* 1 price - system -applied tp a 
career. . _ _ third country ^Imports. to mopti^ 

' Nobody in. the Community has orders from European customers,; 
climbed so .high so fast as There is. growing concern^; 


That’s all it takes now to get from 
Gatwick to Heathrow. a 

On the new helicopter link raraR 
service starting 9th June. 

Wliich virtually makes 
Heathrow and Gatwick one great 
international airport. 

With all the facilities of two. 

It’s goingtomakeyourflight con- 
nections a whole lot simpler. 

There are ten flights a day in each 


• • '-X&Z 

zr- ■. — _v, — =»— . v, iocic u,. kluwuik cwureia 

XT- SSS: YJSHPdSt' **t ****.•*& 

trial ^Fairs has mado^him .a undermine the third country: -l.- 
m—t ^'d^ure dunng ins terrn ^ agreements. In an ironiijxevarSl: 

of roles, the Japanese 'indus try' 


v M 

1-: ’ T-\ 

k, . . *• 

The Daily Times. 

(Valid tin 28 0 c± 1978 ) 

The journey costs only £12. Or £6 
for children. 



Arrival . 

Departure Arrival 
Flight No. ex-Heathrow Gatwick 






































. BR094 













Free fares are available to 
passengers connecting with certain 
arriving and departing international 
flights - check with your travel agent 
or airline; 

At both airports, there are special 
check-in facilities. 

That’s every day Throughout the 


Timed to coincide with peak 
international arrivals and departures 
at both airports. 

Check the timetable for details. 

Look for the helicopter sign* 

The Gatwick-Heathr ow Airlinkis 
a new service provided by British 
Airports in conjunction with British 
Caledonian Airways. 

. British 




known ’in international business nrice flKu^r^makinv: •: 

previous c ° m - 

m ffiX r Silikel y background 

h L lh s P ecial Keel at 6 per cent and : c~ 

a?s , , . 

S P w“«-a b ,e ,0 "if i'iiV 

None of his' innovations has £ e ' 
been bolder or more imaginative t“ e are limited ana "i** !?<,•. f T { 

than Davigoon Plan forstee^ Jl!,lU U * 

which . has been steadily de- P. nce f Tby . disadvant age Is ^ . 

velopedwith the co-operation of ^ flmwinf 

European steel companies to pro- ' - 

tect the indnstry from profitless ^nitinents by producers to cut ont - . , 

sellTng and cheap imports and to 

allow it limited time to regroup " 

into a more efficient business. a ™re. minimum ... 

Now, with the suddenness of 

a summer storm, the system so . ^lscoimt Davigmm’B 

painstakingly set up at couatless X«Ti>ps week that r ... 

patient meeting between keel- -jj 1 * planned price increases . 
mem EEC officials and member not go into effect on July 1 unless r. .... 
governments has begun to °u tpu l i f, restrained has a some- ' 
unravel .within the space of a hollow^nng. . . 

few days. Even the officials . Viscount- Davignon is relying.:- ■ 
responsible for monitoring it on: j^avily on EEC governments to.,; - 
a day-today basis have been sur- ,— ~ ^ . 

S*. at tte ^“ d 01 016 The cheating practised ; : 

chiiy. a few weeks ago, vis- by steel companies has 
count Davignon appeared satis- 

fiedthat after an initial running- BCipCMl C3.QS6 VlSCOUHt . - 
in period his plan was starting Davignon’s bold and \ 
to have a real Impact on the ; n , 01 J„ n «„ n 
steel market. Prices appeared to M^SBiativ.e plan to -. ---- 

be firming in response to disintegrate within days, 
increases in the compulsory . •..•••! . 

minimum prices for reinforcing • • 1/ • 

bars, merchant bars and coils lean. on steel producers to accept ; v - 
and the voluntary guidelines for and adhere to a sharply-reduced 
other commonly used products, production total of 29m .tonnes 
Bilateral agreements negotiated in the third quarter. The Com- 
with major third country sup- mission has no powers to impose - 

pliers earlier in the year had this target on companies unless : . 
stabilised the volume and prices the Council of Ministers decides "V '• 
of cheap imports, and there were unanimously to declare a “ mani- 
encouraging signs that com- fest crisis” under Article 58 of 
parties were beginning to give the Paris Coal and Steel Treaty, ' 

■ serious thought to restructuring which provides for mandatory 
programmes. production quotas. The French . 

But it is now clear that cheat- industry has been pressing for 
Irrg has been practised by some such a step for some time, but O 

member companies of Eurofer Germany and some of the Bene- 

— the European steelmakers 1 lux countries remain adamantly (h* 

“club^-i-on a sufficient scale to opposed to it. r ..uH 

undermine the whole structure After Viscount Davighon- ’-'j HlTo • 
of the plan. announced these measures at a 14 

Within the past two months Council of Ministers meeting (feu, *'• 

EEC steel production has soared earlier this week, Mr. Edmund " 

Far ahead of demand as more the British Trade Secre ‘k rUi^F 
and more companies have flouted tary, described them as the ** last •' a 

the outpnt targets laid down by chance” for the EEC's ante.. ^ . 

the Brussels Commission. Illegal crisis Pte Q - If they failed, he 
undercutting of the Com- warned, the UJL and a number . 

m unity’s compulsory minimum °f other couotri«« would have ' • 
price regime baa become wide- to consider resorting to uhi- 
spread. There are strong lndica- lateral action to protect their 
tions that the rules are being ste*»i industries, 
transgressed not only by the partitioning of the Cofa- 

habitually independent pro- mon Market in steel would have 
ducers of northern Italy but also Incalculable consequences and 
by hitherto co-operative com- would be certain to increase the 
panles in countries like France existing pressures io the Nine • : - 
and West Germany. for national restrictions on Com- 

A. current story in the steel nronity trade in other products 
trade, now that companies are 38 well. 

openly acknowledging that the . As Viseount Davignon con- V T • 
plan Is in difficulties, concerns eiders his various ventures for 
recent importations of cold helping European industry be 
rolled coll into West Germany may wonder whether his “ magic '** 
allegedly from Switzerland, touch” has deserted him. His 
Switzerland does not make that shipbuilding plan is In tatters, • 
sort of steel. His synthetic fibres cartel still * • • 

Commission officials are still has to run the gaunlet of con- > • '• 
somewhat puzzled by the exact sideration by the member nations T - - 
reasons for the sudden bulge in of the Community. His overall - ?'T~ \ 
oatpnt- Part of it Is attributed strategy for a positive approach -T 
to the filling pf contracts hastily to the regeneration of European >v • ; : 
concluded with American cue- industry, bv the identlfi cation of 
tamers Just before the UB. intro- growth sectors at the expense of ' 
dueed Its “trigger’ price system older industry, has not received : *■ 
for imports, in February. the support be expected. . ' * ’ • s .. . . 

-Some of it. is being stocked, ■ — - .'v : ; 

apparently In anticipation of the K ? 

planned 5 per cent Increase in SSS^£rSS , B SSS? , p ^ ,r a - .... 


Ner p, 

L>* * J 

Wilay Jane?# 1878 

middle east news 

WEST- XflslfM&NYj irad ■ a • pre- 


'April deficit 

7* i**«- — - — \T\~ ~ *“ c_ The long-tejsn capital account 

2 % 7 liuuMiy overall balance of pay- showed * "" " 

8^. AmeiM defied of- DMLfiffbn in DM 1514b: 

pf plus of D— — «— 

! V 1 a defidt of to April 

WJ* « April* 1-977, the 1977. -Sr 

^Bs^hM^id today; This va, daji largely to "a turn* 

-? 1 'w a four-months of this around in portfolio investment. 

H?Ui£!’ recorded a While foreigners In March 

preliminary overall 

tta ^i bank' said; 

payments accounted for a net DMSOOm in 

and. for 

. April buying 

selling was. about equal, the 
Bundesbank said. 


>1 m VtM 

♦ Tfce'earreat account produced On the short-term capital 


Ib^' .DBf4-9S7hn , in. the. first 

snrtlus of account. West Germany recorded 
rv _ - r ?rst four a DM1. 721 bn surplus, compared 

*5®* ..up, from ^ , DM3.376bn in to a DM1 .770baT deficit in March 

*«« * thesaaK* period, a year ago. and a DM677m?surplas in April 
current account— com pris- 1B77. f 

r% Vi‘ > iu^trade, services and transfers The overall surplus on capital 
, . —snowed u preliminary surplus account was BfoJSOTm, compared 
oJ of 7>M^718bn in April, compared to a deficit of DII598m in March 
- Sr wi tte; P M !L 882 bn in _Marcb and and an April 11977 deficit of 

DMl,663bn. AP-DJ 

BM970m in April 1877. 

D f *r? 

Krupp chief warns over 
dangers of steel subsidy 

fl>r n <£. 

. **ny*- 

ioa aa$£ 

^ a «lia, txdiTINUBD heavy government Mintrop also criticised France, 
' ln St «dbSdJdation v of the steel indus- while other countries subsidising 
s trj'iipr Britain, Italy and France their steel industries were 
is ir danger to the attempt to Austria and Sweden. 


BOCHUM, June 8. 


■rationalise the- industry through- West Germany, the FKH 
out Europe and to put It back chairman said, baa steel capacity 
on -to a profitable basis, a leading that for the most pail was com- 
We$t .'.'German steel executive petitive in cost terms with any 
said here today. in the world, and had therefore 

1'Eefif Robert Mintrop; the out- good prospects for -the future, 
going chairm an orFrled. Krupp « The precondition for this, 
Huetteuwerke f FKH) - , the steel- however, is equal -starting posi- 
cnaktng. ann of. thjf Krupp group, ttoos, among which must he 
described; the increase In State counted the elimination of- dis- 
jntervention as a “negative" tortious of competition through 
fact or w eighing on the whole current subsidies designed to 
industry. encourage sales. ; : - 

'/ "The danger exists from this “We hope that present meas- 
that a real restoration of. the ures of the European Comma s- 
kidustry’s health- win not be sion will lead finally 1 to the 
carried right through but that struggle in the steel market 
' hcdsm i josseswill be covered by the tax- being brought back to conditions 
■'payer, . leading to permanent of fair competition, and hence 
subvention. that ample profits will dnce again 

... « «W« -will be affected by this he attainable for the competitive 

‘ ... .. .^bhcadse of the "hidden risk that producers." >r' 

-'/.“ /thet -covering of- -costs will no Presenting his compass 1977 
...p^Oager be the decisive criterion results, Herr Mintrop “iron ceded 
pricing policy, and that' deter- that 'the past few 'months had 
‘ l amination of prices will be in- seen a healthier trendy. 

. . . '. '• •■ereasingly removed from the Herr Wilhelm Scheiber, - the 
. -'influence of companies them- deputy chairman, said. -he was 

. . '.".I .selves” • hopeful that the wvignon 

.‘While Here Mintrop said the scheme could endure, provided 
", T r British Steel Corporation, with that price discipline could, be 
losses of £520m in 1977, was the restored. FKH bad reported 

1 ~ largest loswhaker, the deficit renewed heavy discounting-to the 

' ' **■“ - which' Italy would have to meet commission, not all of li^oa 
.1 mm Jtalsider was likely Jo be the. .independent Brescia '™ 
■’ ..:JwK;DM1.5bj6L ° - * UBM 



. Within the 'Community, Herr ' FKH results. Page 25 


Portugal business plans 
only limited investment 

- ; ; BY JJMMT BURN5 ... 
THE '. ANNUAL. !. .report 

LISBON, June 8 

_ of • often made py the Confederation 


Bank- fBatico -Nacional Do nated ag^nst by the Govern- 
Fomento), the' Institution with selective credit policies 

the gxeatest-responsibilityfor 1977, investment 

granting investment and f*I»ort to private com- 

etjefit in the -industeW .«jd ^ignificantiy came very 

-aSS ■ near to the total ■ credit invest- 

' meut grapted. to the public sec-; 

: duiujg '-lastly e a r.was.resto^d tor” thereport states. 

uLLtms tor, the report states. 

MWIM-Wgpaales alre^y estab-. ifoyextheless, the reports lists 
liShed.itt Portugal intentions to - . . , .<tu.rn.ttm 

vi&eni feeling of 

-bus&essmqm .- : -^mortia among many companies. 

^ ^Tne^report* - S - particularly privately-owned. 

illg ?‘ r3 . Vccfc sbows that ; .in' addition to general criticism 

t ‘,iutiie>"P bknK received requests iroBa,»b4. of economic climate parti cUr 
applicants. ■.’ .{ > , larly with regards inflation and 

jsi- \ 1>L . It. granted -investment credit ^ balance of payments defimt, 
c hfild & to' 479 at-a value ot Es 9.6on. This the report mentions 3 > °orly d^ 
s 0 , ‘ w .'represented; a -marked increase fined labour legigation regulating 
\ ? ’ an . . .^SSuSbe -credit , cqmpwed T to industrial relations, 

; . within s ' .{est -yeac -when 885 ^ppheants production costs, and an absence 

(1C : l’ *—J . tre-.V fifRri . . 

■ , were^grahted ES 7.8&ru -of ready capital. 

that Generally, the lion’s share of 

. - n otK^howeye r. thrt 

inVwtment credit Vwrot to the 

involving Es 

" .. Stin? ' companies^ and that 'Major export credit went to 

> ■'* wifflinff for- .-tha trin«nnrt sectot. The report 

IBM attacks Europeau 

^ dt That 6 is * 

•r = . ' a •;••• ? r Rt^jghSoryard situation 

™hiph - becomes complicW^ 






SUEZ, June 8. 

in his second tough -peech in 
two days, has said Egypt will go 
to war to liberate occupied 
territory unless Israel softens its 
stand on his proposed terms for 
a Middle East peace settlement 

“We will liberate our lands if 
Israel continues its attitude and 
its misunderstanding of the spirH 
of the peace initiative,’’ Mr. Sadat 
told units of the Third Army in 
this canal city yesterday. 

He disclosed that he had 
turned down an Israeli offer last 
March for a separate peace pact 
with Egypt 

Mr. Sadat touring the Canal 
Zone on the third anniversary of 
the reopening of the waterway, 
had already told officers and men 
of the Second Army on Tuesday 
that they would have to “com- 
plete the battle of liberation if 
it becomes imperative as a result 
of Israel’s failure to understand 
the spirit behind the initiative.’’ 

He said: “ We are prepared to 
give Israel peace and security but 
not a single inch of our land or 

He would be prepared to re- 
sume peace talks with Israel if 
they produced any worthwhile 
new ideas. Direct Egyptian- 
Israeli peace negotiations have 
been suspended since January 
because of what Cairo considers 
to be Israeli intransigence. 

The semi-official daily news- 
paper Al-Ahram to-day described 
as, “a new fallacy" Israel's 
view that Mr. Sadat's remarks 
constituted another obstacle in 
the path of peace. “The Israeli 
Government and the entire world 
fully realise that President Sadat 
meant exactly what he said that 
the October (19731 War should 
be the last of wars, provided 
Israel responded to the peace 
initiative.'’ Al-Ahram said. 

'But until today, Israel has 
put all obstacles in the path of 
peace, imagining that Egypt 
would remain indifferent to- 
wards Israeli intransigence 
Meanwhile in . Tel . Aviv Mr. 
Men ahem Begin, the Israeli 
Prime Minister, was quoted to- 
day as saying that President 
Sadat had broken an uncondi- 
tional promise when he referred 
to a war option still open in 
the Middle East 
Israel Radio today quoted 
Mr. Begin as telling a U.S. 
journalist that during his visit 
to Jerusalem, last November 
“ President Sadat said there will 
be no more war. It is not a 
qualified statement, it was com- 
pletely unconditional." 

Tbg ; yeport added that Mr. 
£egw saia: ** To speak about the 
possibility of war now, when we 
are-, discussing, peace, is very 

Tt^ timing df President Sadat’s 
statement yesterday that Egypt 
might ’.go to war to liberate 
occupied territory was possibly 
due to internal problems inside 
Egypt and rivalries within the 
Arab 'world, a leading Israeli 
newspaper said today. 

The Jerusalem Port said it was 
the; first time since \his visit to 
Jerusalem' last November that 
the President had so ; openly 
threatened the war option. 


Ruthless but reserv 


PRESIDENT HAFEZ ASSAD the circumstances are completely 
tackles an interview in much the different historically, politically 
same way as he governs. He and in all other aspects, 
sits very still, rarely gesturing, announced our attitude 

the even tone of replies waning towards this initiative when it 
across the thickly carpeted floor. was discussed. The stand 
broken only by the occasional we have taken was the result of 
cracking of his finger joints. ^ objective analysis of its 
His statements, like his motives and its objectives. The 
policies, are Invariably qualified, passing days and the deteriora- 
Nq path is explored without all tion of events have proved us 
the side-turnings being carefully right. We find nothing to justify 
sign-posted. The questions he is a change m our stand, 
not prepared to answer, like tbc Just as he is careful to avoid 
policies he prefers to carry out personal a buse, so President 
by stealth, are carefully wrapped Assad avoids drawing conclusions 
in a web of distracting phrases in public which may be Ployed 

-«jr d back at 1)16 inter - &rs a df t e * 

... . . separate peace treaty with IsraeL 

It is a skill developed over Tl f at waa ^ way of saying it. But 
eight years of holding on to he has BO t survived eight years 
power in a country that, before at ^ head of the most politic- 
his bloodless coup of 1970. had a jj v complex country in the ' 

the unenviable reputation of Middle East by making wild pre- 
having more coups or attempted dictions. You will not catch Presi- 
coups— 22 In as many years— dent Assad saying “This is the 
than virtually any other country year of peace," as Sadat has. 
in the world. “Taking power is ... ,u„ 

»«.« » -B •** all UK. r..o.u- 

officers. * 

quite another Israeli intransigence. His reply 


them do not like— at a cost to most agonised decision 
the Syrian exchequer of S3m a former air force pilot has taken 
riny. since hi s decision to assume 

Shortly, after the scheduled ultimate power. Not least 
departure of Israel's troops on because, as one of his senior 
June 13 Presidem Assad and his ministers told us: “ Peace in 
advisers will have to decide Lebanon means peace in Syria, 
when, or rather how since the War in Lebanon could mean war 
decision has almost certainly in Syria." 
been taken, to move part of the Despite its remarkable stability 
Syrian-dominated Arab deterrent s j ncc 1 97 q > Syria remains a 
force down to and even south of potentially explosive mix of 
the Litani River. This v.ould seal religious and political rivalries. 
Syrian hegemony over Lebanon re cent months at least IS 
and more effectively faring Ibe niembers of the minority Aland 
Palestinian guerrillas under the Moslem sect, of which President 
control of Damascus. Assad is a member, have been 

The move south would, at best, assassinated. By whom is not 
be a complicated juggling act. clear for the finger is pointed 
On the one hand Syria needs a accusingly as often at the 
Palestinian movement which, majority Sunni sect, which has 
while beiog independent enough seen its traditional dominance 
to worry Israel, is obedient eroded, as it is ai Syria's sister 

enough not to draw Syria iato a Ba’ath regime in Iraq. 

conflict with the Jewish state at 

President Hafez Assad 

— — . t -j s. *„,jv The decision to send troops to 

a time not o( P^^dent Assads Lc . ban ken in the cla5fsic 

SSSftofr. Assad manner. Moving forward 

S ivvl» strike wilh great stealth he ensured 

ripht of the Palestinians to str e j,j S decision was seen to be 

at Israel. endorsed by all the major ruling 

“Could anybody ia Ihe world elements which essentially 

1 nn "se takes for granted namely that tions — including those which con- expect us to act as guardians of means the Ba'aih party, the army 

urisSw* U 15 the Sadat initiative has revealed tain the broad outlines for a Israel and to protect it against and key popular organisations, 
er matter. Israeli intransigence. His reply is solution under which a just peace raids?" he asks. “ It remains our Hig ma j or eKmom j C decisions 

Perhaps as a reaction to Syria s ^ surprisingly partisan. “ 1 do can be achieved." Not how Sir. view that the Palestinians snouia bear same 5tamp The move 

to open Syria's northeast oil 

hiritS ■■ ■. — - - — '■ - ■ — •• - — 1 . — - — bearing region to western oil 

biljty this reserved and rather companies— widely regarded as a 

“s' "b^SunM". XfiTSSS. Outwardly. Assad and Sadat are opposites. Mr. Sadat is the flamboyant media jw n( j tiLu/ 1 ’ “r? 
le ° cy ; ^ ^ , conscious extrovert who gives more interviews in a week than his counter- cessed, two companies, Roy-ai 

Outwardly at least he and . ® . , , . Dutch Shell's Houston affiliate 

President Sadat of Egypt are part does in a year. Assad is more withdrawn, perhaps more cunning dux and a smaller u.s. company, 
opposites. Mr. Sadat who gives ~ , j 11 

more interviews in a week than certainly more ruthless. He scrupulously avoids personal abuse ana equau> 
year Sy is 3 th e ° fl a ^0^3^ m ecu □ - avoids making public statements which may be proved wrong later. He has 

not survived for eight years in a politically turbulent country by making 

wild predictions. 

conscious extrovert while Presi- 
dent Assad is more withdrawn, 
perhaps more cunning, certainly 
more ruthless. 

He smiles when questioned 
about the peace efforts of his 
Egyptian counterpart “Would 

have s-igned production sharing 
agreements this year. “The 
decision was only reached after 
full debate. It is clear that the 
masses of our people support 
this policy because they 3rc 
fully convinced that it is in the 
interests of our country." 

— - . .. - — — - — — - 1 , - — -- But what of the tendency of 

Syrian governments in the past 

SSS5SS 1 SSSETk. SSl pot think there « any need for Menahen. Begin it. but ton •*•£££»!* of W * 'SSf 

=L -wlss SES 

Britain had he gone during the slonist spirit prevailing in Israel Just now. President Assad deftly, “the J* ^ 

Second World^War ^ to^Bertin^o Israel has forced our people out needs all his skills. His major selves have said they are no world.” he says. " Foreign in- 

re*rh a reconciliation with of their lands, occupies the terri- problem remains Syria’s pro- longer carrying out actions vestment represents no threat to 
Su7r?The!dSSStemted“tories " independent Arab found involvement in the against Israel from Lebanese sovereignty. . We J-ouid be 
he added sensitive to the dos- countries and refuses to with- Lebanon where 30.000 troops are territory- dealm* our own interests j i blow 

sible interpretation of his draw. It refuses to implement carrying out an uncomfortable The decision to go into if we reversed our policy. There 

remarks, “despite the fact that United Nations resolutions — I policing role— a role many of Lebanon was probably the single sbuuld be no fear of that. 

Israel to 
keep ties 
in Lebanon 


By David Lennon 

*.\ . TEL AVIV, June 8. 

ISRAEL WILL continue 
protect the Christian villages of 
southern Lebanon even after the 
withdrawal of its forces from 
the area next Tuesday, a Defence 
Ministry spokesman said today. 
The U.N. peace-keeping troops 
taking over the area will have 
no ".objection to Israel’s main- 
taining its relations with the 
Christian villages, as long as the 
Lebanese Government approves 
tiffs. -a U.N. spokesman said in 
r But he stressed that the U.N. 
would prevent the entry into 
south Lebanon of armed per- 
sonnel, . “ whether they come 
from the north or the south. 
This ; was a clear indication 
that the UJJ. would hot approve 
of- Syrian troons moving south 
of. the Litani River. Israel has 
said that it “would not look 
with favour " on any move south 
by . the Syrians from their 
current positions,' about 17 kilo- 
metres north of Ihe Litani River. 
-This is a softening of the 
former declarations that Israel 
would oppose any more south 
by. tte Syrian forces. It may 
indicate a tacit Israeli accept 
ance of .a move south, to the 
litani, by a limited number of 
Syrian troops. This may he 
the .quid pre quo of the agree- 
ment which -appears to have 
been reached to allow Israel to 
continue its protection which it 
gave the Christian villages 
before Israel invaded the region 
three months ago. 

King Hussein 

s? tuSxs, *a<& sapport etamld tafce 
fererfee- ^ form of subsidies for 
- fferfiector- research and' development ratner 

Sn':gnaraoteed contracts. 


--- fistiursg*. r& 

, u - ?- - ; technical : resource, 1 a* &xiSrme& Prince Hassan. 31, in 

"‘.r% ®fcr??tesat5sfac- devoted ^ “?“ to 5^ooo ranged his present post of Crown Prince. 

~’ m ■ ■ .t~- .Phte.fs .^fe.- a' n 3 opment of ICL a - In deciding oa bis youngest 

^ , ^:%gg 2 & 2 S$E 22 $£- A"- -v*5S *" sTiSStaS L •*** * % 

“U .vone, King « 

Were -not- neee$ssnly other aPi 

■teenrs Ifcnn.™ Caches tofbypassed his two other sons, 
saut with of^ e ^ £ a ^U, nlo8V inlAhdalifib and Faisal, by his 

Reread British-bom wife, Princes 


Authentic passenger statement 

T 7 ‘- 

• ' t'JC 

To Bremen: Every day departs 12.05 
To London: Every day departs 09.20 

To Hamburg: Every day departs 14.55, 20.50 
To London: Every day departs 08.20, 17.20 

, -- ' • 


To Frankfurt: Every day departs 11.05, 

To London: Every day departs 08.40, 

To Cologne/Bonn: Every day departs • 

To London: Every day departs 0S.20, 12.25 

To Hanover Every day departs 10.20 
To London: Every day departs 12.10 

ToMunich: Every day departs 11. 30, 18.30 > 
To London; Every day departs 09.25. 18.05 

To Nuremberg: Every day departs 19.30 
To London: Every day departs 07.00 

To Dusseidorf: Every day departs 09.50, 14.25 
To London: Everyday departs 07.40, 16.30 

ToStuttgart: Every day departs 09.45, y 
Weekdays 14.15 

To London : Every day departs 07.«.5, ! 
Weekdays 11. 50 

German Airlines 


Fiiianeial£rai^ K 


PAKISTAN'S five-year plan for 
1978 to 19S3 to be published soon 
envisages a growth rate oF 7 per 
cent a year and a total invest- 
ment of S21bn, 

The previous rates oC growth 
were l.'d per cent in 1976-77 and 
4.3 per cent in 197S-7S. 

A summary of the draft plan 
says it was necessary because 
since 197U t'che period of the 
Bhutto regime) investment com- 
mitments were made without 
reference to a plan. 

These commitments, it goes on. 
arc now clearly perceived as 
having been in excess of the 
non-in flat ion ary resources which 
couid be mobilised. It blames 
thr.« inHatinn. which is believed 
tu have reached 30 per cent, on 


the ton heavy concentration in 
long-term projects, capital inten- 
sive projects and mentions the 
new Karachi steel mill, fertiliser 
and cement factories. 

The draFt plan, which was also 
made available to the Western 
nations and Japan before the 
recent Aid To Pakistan Consor- 
tium meeting in Paris, is to be 
amended and formallv apprnved 
here or. .tune 12 io time for the 
next year s budget. 

Observers describe the plan as 
inevitably over-optimistic in its 
forecast- particularly in relation 
la industry and agriculture but 
welcome the moves it recom- 
mends in rural development. 

Cm agriculture, the plan 
envisaci'S self-sufficiency in fond 

to be reached by 1983 by the 
admittedly ambitious target 
growth rate of 6 per cent. 

The plan expresses determina- 
tion to delay costly new projects. 
It is known the Karachi steel 
mill, being constructed with 
Russian assistance, has been 

The industrial growth rate of 
10 per cent is to be partly 
reached by the establishment or 
a more favourable climate for 
private investment. 

The plan says there is a con- 
tinuing need for debt reschedul- 
ing. Unless rescheduling is 
achieved commercial borrowing 
will be necessary which will 
worsen balance of payments 


Real test 




talks soon 


AT THE prompting of the 
British Government, ihe Sultan 
of Brunei is expected io London 
soon for negotiations to end 
Britain’s responsibilities for 
defence and foreem affairs in the 
wealthy oi! state and leave 
Brunei fully ind'i‘vndr-nt. 

This is a miive that has inn: 


been rot-iated by S* 

ill an. 


is anxious fur C'SHuRim 

j n- 

iii th 

protection and :n pa: - ; 



lhe continupd jrii.iJii:, 

in Rr 

• mei 

of a hailalion of ‘.hi:- 

:ia ir 

under a British comma 

In recent exchatj^i*: 



Sultan, hou-«vcr. Bn 



made clear ihal a firm 


tin .• 

O'N Brunei 

*iuelc l!-™- q 

ir. k L A V s x-SJ? 

\Jsi , . 5 AP 0 RE/*'V/s‘- ? ■’ 

/ v-”' ' 

has to be set for indepcnflenc-. 
This won id be accompan-ed i.iv 
a new ireaiy^iif friendship to 
replace Britain’s existing respon- 
sibilities under an aqreement of 

_ As uitti the oil states r.f the 
Gulf ievvral years- ago. Britain 
feels that Lhe jnachrenisin of a 

N ” C O N E S I A 

ci iv i! i i' relationship with 
Ki ci .-i iiore likely lu exaeer- 
b j 1 v i.j<.al unrest than create 


Pr-’-Mi'. on Britain lo push 
Bnu.-i ards full indepen- 

dence has been growing, wiihj 
yearly resolutions in the United) 
Nations urging independence ) 
and pressure towards the saim.*f 
goal from the neighbouring] 
South East Asian states uf 
Malaysia and Indonesia. 

Brunei has a revenue from oil 
and natural gas developed by a 
Shell subsidiary of about £450 m 
a year. 

The Sultan's fears of inde- 
pendence stem most from Ihe 
belief that his state would be ! 
taken over by Malaysia ■•.•liivli in | 
the past has given support iu hi.- ) 
political opponent*. ! 

In a major step intended as a j 
prelude to the London meeting. I 
Malaysia and Indonesia recent!} j 
attempted to allay the fears "ff 
the Sultan by assuring him that! 
they would recognise the inde- 
pendence of Brunei and prevent | 
guerrillas using their countries ' 
as a base io n pc rate agaigst bis 

'By Our Own Correspondent 

REACTING TO mounting criti- 
cism of the transitional Gov- 
ernment* poor record in re- 
pealing racial discrimination, 
the Rer. Ndabauinci Bithole, 
current chairman of the execu- 
tive Council and leader of the 
domestic ZANU party has pre- 
sented a memorandum W the 
Council calling for ilie repeal 
of the Land Tenure Act. 

In hi* memorandum. Mr. 
Slthole says the an - under- 
mines the credibility" of the 
Salisbury internal set Moment 
and makes it difficult to secure 
international recognition. 

Re claims repeal of ihe Act 
will ■■ cause Britain to bestow 
legality ** on Rhodesia and 
change the attitude of the 
frontline states for the heller. 

Mr. Si thole says in his paper 
it was desirable to repeal the 
art during the transitional 
period— and not afti 
venl of majority rul 
end of the vear. 


5 HE J ,L ?? G f b v- Dr *« Ke ?l“ Ul ™* u 1 } tei in a 22 Per cent ^tcr^&^with the -West Has 
Kaunda. the Zambian President, in the price of maize- ma at/ S fr i K Hn ■with" - Western aid‘.4d. ' the-.- 
last December that 1978 would staple diet "of Zambia's 53m economy- 'Yet oWy last BwetaK 
see an '“economic take-off after people. It also cut reicnrtentluid ier Dr Kaunda withdrew -from.' 
two depressed years gave rise tu capital expenditure," froze- s&e Anelo-Am eric an' efforts to settler 
a popular, sceptical joke. Since level of Government the Bhodesiah problem and. in - 

the country had neither the fuel meat, increased taxes on several enpiv March senior officials were; 
nor an adequate runway, it items including beer, cigarettes' wirnioe of the likelihood -of 

went, a crash-landing was more and petrol, and reduced GubM° S involvement Today V 
likely. budget deficit * " 


~ f 64m ; from- Zambia is once again supporting 

The fuel has since been found: iS70s fl02m. ’ • • the Western efforts. 

fn the past six months a massive The budget cleared . the- waV- - On- the surface .thereto little' ; 

Western rescue operation, likely for the International Monetary «feh that the economy has passed; . _ , 

to total S800m. has got under Fund {IMF) credit of r-riria. Sporadic shortages- of^- .-.-.--fr 

way. It will culminate when announced Jn March. It"-tas essential goods- such- as tea; : 

about 20 countries and organisa- accompanied by a 10 per ; cent’ coffee suBar. -maize, meal- -and'.. .. .-’ •' ’ : >• - -V r'. V -V- 

tions meet in Paris from June 27 devaluation of the kwacZfa'afcd cooking oil continue. A range of • 

io 29 under the auspices of the commitments to reduce Govern- other items from bicycle tyres to 70.Q0Q 

I World Bank. ment domestic borrowing and spare parts for agricultural LiS5 o C , 

Certainly the position was central bank lending to- the ■equipment is hard to 

! bleak at the time of the Presi- mines. 

. V- : But behind the scenes there is 

dent's optimistic forecast. Dr. Kaunda returned froht ’Big movement. The drawing ,^oE r ,“ - ■: =. 

Arrears in payments for imports visit to London and Washington. SDR 50in under the IMF stand- In spite' of Efforts to attract 
and remittances of profits were last month with a further tlSm" by program me, SDR 49m under new foreign investment; thereis 


[about 8400m and rising. Foreign from Britain (in addition to -toe 1 ' the compensatory finance facility, little evidence' of success. There 

I i _ i m*— Vno -, o - i-Z *, _;x u'~ ■.bt.-iin,'.; i 

1 - 1 * . t , ownea copper mines — responsioie japan wui oe among me coins- of about SbOvm.- 
misjtional | f ar 95 per ccnl 0 f t be country's tries attending the Paris meeting - The import pi 
•i- tire au- j export earnings — -were running and is likely, according to sources shortened by three 
ili.« at me ; at a | 0SS an( j consuming two- here, ro provide a substantial- now goes hack to 

exchange reserves were almost existing £17m programme ~ and~ a further SDR 16m trust must, also be questions ais to how ^ 

exhausted. Government domestic 1978-791 and SlOOm over three fund facility due later, this effectively aid: wiH-he-used. : The -r'" -- . 

borrowing was over 30 per cent years from the U.S. ■ Mire- is' month, has led to a reductrou of. overall. .<»llhre- or tlre. civil - v 

of revenue. And the State- likely to be raised in Paris, arrears — which reached a. peak service and parastatals is :poor ' .. ' 

owned copper mines — responsible Japan will be among the coua- of about S550m.- • . arid iheiria ..remains-, en : -acute- ■. 

— «*< — * pipeline . has shortage nf- agricultural- exiteiy - 

months and sion officers, who are vital if the 
suhstantiil. now goes hack to April; 1977^ declared: aim of reductog depen-"- ' . 

thirds of the foreign exchange contribution. r The intention, it seems, is to rfr 4ence ’.oh /'copper 6ff : . increasing., 7 ’ 

Sources said that the call Tor j they earned. There is also talk in laiaaka duce this to between 10. and 12- agricultural production; is to Be ; i ; - 

the repeal or the Land Act is [ international willingness to of considerable aid from.-' Arab .months by the end of. 1978, and met. 

supported by t ------ - • """" J — - — J — — 

black members 
tive council. 

and C.hief Chirau. ;>lr. Ian i approaoli to the severity of the banks, and Dr. Kaunda^' has local” banks— following ah. over* appea rs -. confident ’ cJv.'atayjng';’.^, * 

problem and the stress on the mentioned the possibility . of a issue of letters of CTedit-^-feare wiihiu 'the lMF guidelines until .'”; ' 


VIETNAM ii to receive S500.000 
from the United Nations High 
Commission for Refugees 
(UNHCR i to supply food, medi- 
cine and oilier essential needs 
for some 132.000 Khmer and 
15,800 Chinese refugees who have 
fied from Cambodia because of 
the border conflict. 

On top of the assistance, 
which marks ihe UNHCR’s first 
involvement with Communist 

refugees in a Communist 
country. Hanoi has separately 
requested help For displaced 
Vietnamese on its own ‘■id? of the 
Cambodian border estimated by 
the UNHCR to number 750,000. 

The unexpected request from 
Vietnam comes at a time when 
there has been widespread 
criticism of the regime's internal 
policies ihal have resulted in tue 
mas? esndus of both Vietnamese 

and Chinese from the country. 

The UNHCR has been assist- 
ing refugees from Indo-Cbina 
since the end of the Vietnam war 
in 1975. Neither JVking nor 
Hanoi has requested help fur the 
departing Chinese who so far 
number about 100.0^0 out of a 
potential total of some l‘m. 

Final details of the assistance! 
for the refugees from Cambodia I 
have yet to he worked out. ! 

Smith's attitude is unclear. He 
is in South Africa on holiday 
and dne back at the week-end. 

The Sithole memorandum 
warns the whites that it will 
not be in their Interests if ihe 
repeal of this legislation is left 
until after a black goi eminent 
ha* taken power, 
be oo 

Tenure Act will go 
Uahur become* independent, 
hul if ii went during l he in- 
ter! * period R would 'strength- 
en racial co-operation anti har- 

Mr. Sithole's paper is well- 
timed since the Government is 
currently working on the legis- 
latiie programme that will be 

need for harsh measures was $200 m Citibank loan— though jio. been cleared. At the same time, the ehcL “of , June', '.-.:ihe aext^V 
led by Dr. Kaunda himself, who details are available. •’ government domestic borrowing ^quarter fending September) .of-.f 

’--- - - - 1 -- By contrast, and noted- with is being strictly controlled, and the two-year IMF. programme - 

— tj — ... . *■>- - introduced " — — -t* 

in November warned of the . . 

dancers of economic collapse, considerable- satisfaction : by the tntoes have introduced a may pose -problems. -3t is jt thw ■ 

This was followed by a demon- Western diplomats, a delegation series of cost-cutting measures time that Government will need''.' 

ftration that, in spile of forth- from the Soviet Union -which in air effort to meet the IMF limit rigidly ' to enforce its austerity 

- coming genera! and Presi den- visited Zambia last month 'of KI20m on their borrowing programme in . the _ -face of : . 

r ” P®wer. “There can (l j a j e | ecr j on ^ X h 0 Government brought ho more than fratejugt: from the Bank of Zambia.. demands from ministries starting 

oouht ihal ihe Lanu i was prepared to apply the rteeesr- greetings.- *, . .jV-- r ; ^Formidable problems never- to feel the panch. . It -is also at : ^. / 

Act will go aficr j.iDi- j sary measures. The January Zambian officials angrily>rejpct- ttieless remain. The Tanzanrah this time t bat general and presi- u • 
-budget drastically reduced suggestions that -the marked: port of Dar es Salaam), which . dentlail .elections rang- - likely * 
j Government subsidies, which change in the country’s relations handles 90 per cent of Zambia's come. 

Record yen loan for IBRD 


TOKYO; June -r 

Parliameui lalcr this month. ROBERT McNAMARA, tween what Japan puts Into 

The official opening of Pa rlla- President of the World Bank, multilateral aid. agencies, anA: its 
men! is on June 20 ami in his ' today gave the green light for the voting rights in those Jotykotta? 
final speech from the throne. EWorld Bank's biggest ever bar- tions. . . .. 

the Rhodesian Presidcni. Mr. tV, “ ” ’ : - ’ 

Malaysia poll speculati 


John Wraihall, will outline the 
Government's legis'ali'-e pro- 
gramme for what is likely to he 
Ihe second last ses-ion of 
Rhodesian Parliament as pro- 
sen (ly constituted. 

In a separate development, 
security force headquarters 
announced the murder hv 
ZIPRA guerrillas, loyal in Mr. 
Joshpa Nkomo of one English 
an>' an-' Irish m 5 — ion ary 
workers in south-west Rhodesia 
near »hc Botswana border. 

rowing in the Tokyo capital Although he did not ;tod<& ,-dfl 
. market. plans to expand the World BazdOs 

He told a Tokyo press luncheon capital base over the next ten- 
thru a Yen75bn issue will be years, sources say that' a 
raised “in the next few weeks.’’ resource-doubling scheme— -and 
Mr. McNamara is making bis Japan's contribution to it— were 
! first visit to Japan in five years, at the heart of discussions 
■ Addressing the press luncheon between Mr. McNamara ' and 
j after two days of talks with Japanese officials. 

(Japanese ministers, he called on The American administration 
Japan to greatly increase its. is known to be rather cool outhe- 

official development assistance idea of increasing its oontribd- 

i(ODA) to developing countries, tions to the multilateral' agency 
! He promised in return to work every year. Japan is ready Ito 
I towards greater “harmony" be- expand its aid programme- 


A 1 CONFERENCE of Asia n cron- .• Meanwhi le, repe-^sentaiiyei:^ 
-munications maniffters, scheduled the nine, component , pafctie4 iT' 

to be held in Kuala Lumpur make . >p_ W 

, . . .■ -FrontwrU meet tinff-SitifiSlaj 

later this month has been postr out tiieir differences 

poned .indefinitely, reinforcing ^ avocation of sea^ln' toe^- 
the already intense speculation SLng^Sons. ^ 4n 
in Malaysia that the Government 

'may bold general elections early This is '-the main problem 
next month. , fading- the coaitition partners as 

‘ The conference, sponsored by IS® 

UNESCO, was scheduled to be ?J l ^J-* , ^SS p 2S252»w" 
held from June 19 to 24, but the 
Malaysian government has in- K 

formed the UNESCO head- ^ n?t - seats. 
Quarters in Paris ithat it is The Front partiea : control 132 
unable to host the conference, out of the’ 154 seats 'in lhe 
The reasons for this were not federal parliament, as well as the 
[disclosed. governments iin all itbe-lS states. 

. m 

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.■•t— '▼ J r« -4 v. r 


^ " '"The new Lkncia Gamma Gran Turismo isn’t 
quite the fastest thing on four wheels. 

A handful df very expensive cars will, we con 
fess, comfortably exceed its maximum speed. 

Nor does the new Gamma have the most 
astounding acceleration money can buy. Cer- 
tain Ferraris, Porsches and such would, we 
admit, beat it from a standing start. 

It’s just that pre-launch demand for the 
new Lancia flagship has been so greatthat,for 
the time being, itjwill be a rarer bird than a 

canary in a cats’ home 


■ .:.. w * ' ‘ 

m 'i 


OaikH ■ . *:*:* V'-^visKsi^. 

*A- » * ■ * 

'r. •ti'afe*'- C •*'. ' V*' ‘.'i' i« "• -C ■ 
• "*'S ' : " x ' ' Vi 

?r : A • '''-v? 
}' v- 


Lancia Gamma Berlina £7435-83 



III fact, no morijhan 400 Gran Turismos will 

* . .'titer ■ -m I , • Jt > 


1' ” •* V'-.^i.’** 

y : V3 

f, *J3 

appear on Jtsrrasn ruaas u vci me ucal y^ai. vj ammu 
Berlinas will be a little more plentiful. As many as 
800 may be in this country by the end of the year. 
But apart from % .rarity value, what sort of 

car wil you get if youmove smartly down to 

your Lancia dealer jfr intoempt 
come one of the first of the few ?\ ^ 

In the first place, the new 


■PrT;-. ■ •• &%%*: .,-1 
■ * • •»< . **,•*; , 

expect. It has thickly padded, cloth covered seats, 
the driver’s being adjustable to give you the perfect 
driving position, whatever your shape or size. 
There is also an adjustable steering 
column.Thick carpets you’d be happy to lay 
at home. A heavily padded roof .Built-in ad- 
justable head rests. Electric windows with 
central and individual controls. Even a re- 
mote controlled, electrically adjustable overtaking 
mirror to keep your right hand dry. 

But if you’d like to find out for yourself ail the 
reasons v/hy the Lancia Gamma is about to be in 

Z&i?- ■ ' 

: ».3S 

Lancia Gamma Gran Turismo £9485-67.* 

V £:> Its iiew 2^2 litre boxer ! engine provides you with 
efKtfes speeds in excess pf 120 mph. Even more 
importmit in these days ofspeedrestnctions,thefive 
<jparhox enables you. to reach more permiss- 

such short supply, call your 
Lancia dealer and ask for a test drive. 

If you’re lucky g Bfffffl 
enough to catch one, you’ll RImIBI 

probably be caught, Italian can 

Lancia (England) Ltd.. Alperton.Middx.Tel: 01-998 5355 (24-hour sales enquiry service). 

mm HBW 

rmrr OO 

gpplaiig^oul^lleas^ you too. It 

W&Mm^ via) that helps it take cor- 

■ - -- • 

SSpsc braking that is more than a 

•' ." ,r: cV "to 

: :ss«: 


file- -■ .i.r^jA-v 

•vv;' y i ^ :l; V-; :i : 

sfc - Siffigaffiia^ ^ asdimirious as you’d 

;^V :,•••;■ .^^^W te '»^^(UKn H dhUnd),b-tcxcUK te „^ 

^ : . ^prices ineju^e'^- 80 V-/ . ; 

U.S. steel 
make new j 

price rises i 

By David Lascelles | 

NEW YORK. -June 8. ! 

U.S. METALS producers are; 
continuing io edye up prices on , 
selected products, blaming both I 

stresses need for 
id budget by 1982 

: N. Seatoil boosts 

jets for hire eaniillgS 

By Yoke Sbibata BY GUY HAWTIN V ‘ ' ' ;• 

TOKYO, June 8. ' 

THE. Japanese Government has » "H-* SJ* P&512* *»* 


Washington. June 8. 



’ -r. j /rPg^fKEXJRT, Jxm'e 8 . .. 

»•' " ~ J ~ j 'ffia'AAifriM puiiW • — — ~ ’ 

to number of bousing starts should I embarrassing trade surplus. 

ol tbeWest manufactured .. goods - 

rery iLSS January increased, by -an _above quarter 

i o- wnt cmm. . imnarts .increased hv A *. _ner 

steel, increased its prices on 

between the Fed and the White Hiller said, would be to cut 

exports was also going 

STiEr ?i SSi WHS «=« Tssasss ***** *« 

approached the Ministry of Inter- £** lisli* 

852 DeH stresses expoi^} 

who MiTi devised the plan for a FINANCIAL TfMSS HSPQKTO- * W*^V.o 

it ure basing company to buy aircraft £*?*“ ?5£ 2L ; WM.vSiii 

fomerc ’that it Will be increasing , ' nn roduc « th ? dcBcu Such '*• reduction would mean are roncemed about the future j* * ■ "8 <-om| SSj..* A3oo ao?Se “‘’“tbs of 1977 the UBSrihareof BRITAIN DEPENDS" more ■ on monwealth markelg..had faltei 
iiamlesi "eel sheet and strip • »be coming J9T9 fiscal year lhat hy 1982-83 the Government rou«e of the economy. Mr. such as the EEC s A300 and tte u, e market amounted td^nhTl” JSSSfaS goods and services rapidly In recenL yfear^-litfsaui. - 
X,. rrom iiilv lhv an iver-, 5,111 farther tn helnw MObn. would he spending between Miller himself, of .-nurse, came percent. . . • V -JSSmv of her chief com- but that wasJpartyOf 

Ue 4.6 per cent. Yesterday. Colt .Jh^re are already nans that ?»hn and STShn a year less ; than Jo the Fed from Textron Cor- 0 JS t KLL*^J! the Middta .Figures, researched- b/.BriW Setitnrsf^ MfconBl* ; tO i*Lr^ geograpt^I; ; ^h in; A tfK 

products from duly 1 by an aver-, 
aae 4.6 per cent. Yesterday. Colt ; 

Figures, researched- by. British petitors, 

Put ^he Conceded that ihe rnm-' ,cd "^ *bat areaier discipline price stability with full employ, a Miller-type programme artrac- the cabinet on March 11 adopted ~ . . • -*-it is ' id . Europe ■ above all 

ssSss.s&wa - ..... ... s-srs: *?ta s ysr-assawss l<£2&tt&h- vNSSf€S fcasrweasaS# 

S?s r ti’ff.;v sa saw arsars SSSS ” sS 9 sa,m# s 1£PStW£ turitanriS* ' 

Stainless Steel of Chicago that it ! P 0,,i * finrness and understated should be given new incentives paign. and it wiil be surprising 

was imposin'* a surcharge of 3-6 1 warn in as on the dancers of inlla- to invest, perhaps by liberalis- if they do not find a receptive 

per cent depending on *the tvpe I tion have had some influence on ins depreciation terms. In the ear now that he is in the White 

nf product, to cover the increased \ President. Analysts are thus future. Mr. Miller said, there House. 

cost of molyhdenum. an import- _____ 

ant component nf stainless steel. 

The Administration is trying to Y\ 1 • a • 

cei the >;teel industry to keep 
this year's price rises down to 
the average of the past two years 
— nr 8.5 per cent. However, the 
stainless steel industry has man- 
aord in keen its prices fairly 
stable over the part 12 months. 

and the latest increases are THE International Monetary price for successful bidders of 
unlikely to draw strong Fund i IMF > iasi nishl announced ’SIS3.09. 

criiiidsm. the result of the first ,.f n new The auction yielded allogelher 

The aluminium industry »s series nf gold auctions, a I wo- some S19tiin 
aNr. pushing up its prices, stage sale that resulted in the Th . ,. nill hidrtere u.-ho 

though with less boldness than disposal of some 1.39m ounces of . J S in b .hf f lli5 

steel. Alcoa, the lawt maker cold. wcr . n . SUCLW5flJ l T ,n 4 * he regular 

of the licht metal, oid this week ° Under i hp nimTv new ariie|n» " nrkr Bank L?u lZu?i C h? : 

maJn r /d dUC, i n nSreLV 3 SS oi M^nl certa,,. % ^^A^SSlSll 

Fin stock to 5 s per cent nall0ns > ,rcn p v ctpbleto make Cumpagnie Luxembourgeoise de 
this month in line With -Tn non-conipcUltve bids for tibld h Dresdner Bank AG-Dresdner 
this month, in line witn an which they nijv purchase ai the p. an t. International tl iixpoi- 
increas® announced hv Alcan, average nrice nWre-t fr.i- iueL'-«a- , nK ^mrnauonai iLuxem 
and torlnv Rcvnnlris Mel a Is ?mSrri/fn,l?cr^ , D<? r ussa 'Frank urif; 

a nnr.uni'prl t s«milar innroasc in fU ' C ' V. J. 1 ° 1 ' inon ‘*‘ ,J DcUlM'hebank (Frankfurt); 

h i ,n ,V in thc auto and auction of 4.0.000 mi nces. Ihe n , c , dn e r Bank (Frankfurt): 

beverage cSn jJdustn- d Ul ** v ms * purchase is nresdner (South-East Asia) 

nei.ra^ecan industry. Unked to their (junta pohttion in (Singapore); Eastern Trade 

the fund. Some .W countries are corporation i Dubai i: Samuel 
eiieiblc lu bid fur a total ot .Urmtaauo and Co. (London); 
ounces nf gold under i his suheme. Philip Bro.s.. division of Engel- 
In the regular auction, the hard Minerals and Chemical 
Fund said it received hid:, fm- (New York); N. M. Rothschild 
1.07m ounces and sold the and Son* (London): Swiss Bank 
470.0UO ounce* on offer at prices Corporation: Swiss Credit Bank: 
ranging from SIS2.S1 l<< f.lS'J.PU and Union Bank. u( Switzerland 
an ounce making an average (Zurich). 


.Government about the move. 

have a sood effect on 

Developing countries gold nasa salvage 
purchases in IMF auction ^c^Skviab 

JUUUL W1.1UU I auu l»u — r “uuuUiCU to UtEZ-'/O-nn rauuuiss uil w« , ,VJV v 

used Boeing 747s. for Orient (£718-2m) compared '-witb the trade io goods and services bad 

Leasing for Yl5.4bn (S70m ). DM2 Jbn of the first three months grown steadily. -reflecting - 

The two leasing companies of 1877. reductions in trade barriers and 

asked the Export-Import Bank of Non-oil exports in- the-- first Increased international .specialise ® JL 

.Tananfnfin^n^lhA u/hnl. Cl?nn. ^ “f 5 ? atlnn •■DOrMn-' jnSOIt/ -pmedK.-- . 

Japan to finance the whole S120m I quarter of the year totalled ation - °? ■' 

and the Bank of Tokyo to issue i DM2 4«hn imw twi .. tr_ that :+*, a rA _ That .reptes eiits a recovery ’...m 


thi* month, in line with an 

and the Bank of Tokyo to issue DM2.48bn against DMil4bn in He added that there was a 

"fdit for the Extmbimk loans, the comparable period of- 1977. strong link between British- ex- 

The jets will be leased to KAL At. the same time; -Britain’s port performance and domestic half of 1977- and the first half 

?, n J°,'- vear , co H! rac „ ts - MIT J- fbe share of the total West German competitive performance. M in. 

Ministry of Finance, and the import market amounted to 4:7 terms of th© proportion of ■ ^ Britain's * fnrmriire 'n-ninr ii? 

By David Fish lock. Science Editor Extmbank are working on details per cent in the first resources devoted to manofactur- re a ?h^£^rj7m)nvSucSS' 

EMERGENCY action to pre- ?L^TpreK S?S &2* A ' 'ZsF** ™ 

wnt the premature re-entry nu3 l rate b ? e twee 0^6 and 6 5 oer 118 £ h ? re n ° n * S^? eDc t 80 increase of 22 per cent over 

of ihe Skviah nrhiiine snace n . Sat b ^, ana . e ' a P er oil import market was 4.6 per different from its competitors. *h e sam6 nerinil in 1877- Thk 

FiUdTS ner^enffoi^be rentaL ^ compared with - The main difference has been 

hy the U3. National Aero- 

nautics and Space Adminis- I Japanese Government For cutting 
t ration (NASA). | its surplus, include an advance 

A 15-man salvage team led 

by Flight Controller Bill {richuient, and imports of Alaskan 
Peters will attempt to re- crude oil. However, there is no 

per cent. r - v 

The detailed figures for the 

SE"? 4 Jess rapidly than. else,. 'yUffvrt tiffR '■ 

w “ ere * year much higher; than ^ 4ist ? ' 

»nd l SS^& first two months ot the^^show The UK export share of dmn- Ws 

orient Ihe big satellite lo 
reduce its friction with the 
thin air of the upper atmo- 

prospect that the proposals will 
materialise. The Government is 
thus inclined to accept the two 

beverage can industry. 

Brown to 
cuts plans 


CALIFORNIA today took emer- 
gency steps tn offset the S7bn 
properly tax cuts for which its 
citizens voted on Tuesday, buf 
Stale legislators predicted as 
many as 75.000 government 
employees may soon be out of 

sphere which Is gradual) y leasing companies’ application 
causing it to spiral towards for foreign currency lending. 

off Scotch baa 

the ground. The team hopes 

to fire small lb rosier rockets Tr» vocfmonf IF EXPORTS of bulk:, malt port on the fhtare of the Scotch looking at possibilities in looff- 

tfaai will roll the S5-ion 111 VChUllLlll whisky, from Scotland , '. r Were w bisky industry..'" ' '* and beverages in the U.S. and' •••■ 

, nrii«^M«- ni0rC stre,in ‘ fmir ennn banned. Suntory. the leading Mr. Saji said Snntory in the Latin America, particularly " 1 

lined orientation. tOUr SOOH Japanese whisky pom, Zg Paa two yeare has doubled malt Meric®. 

Even if it succeeds, this . , B _* replace the Inst ^•r„^ +t D 1 ^ h 5k - v Production capacity to In Japan, Snntory’s expectations 

manoeuvre will be no more Financial Times Reporter ^ about 14.5m gallons after a of a 15 per cent -annual growth 

(ban an interim measure. But THE DEPARTMENT of Industry 0Hn resources. Mr. Reizo jSaji, £10.5 m expansion of - the in' the whisky market, which it- 1 

NASA bas plans for a penna- is sponsoring a mission by president, said during a visit to Kakushu distillery. dominates, was not fulfilled last j. 

neut solution late next year. Japanese businessmen from June London. ••••.. He denied that Japanese year—expandon was between 'i 

when it hopes to test a novel 12-23 organised by the Japan There has been consudimr w - ^ ^uld ever provide a and 14 per cent— rand the group - 

way of boosting Sky lab into a Industrial Location Centre and oftBn vne _, n r™„ r . n...,. * er,ous to Scotch .outside expects only a 10 per cent im- '. 

new orbit. the Invest ip Britain Bureau. Scottish interest nartirnSi^ Japan ’ ^though Suntory brands provement In 1878 after a 24. 

NASA’s hie Drohfi-m how- 11 « to famUiarise the Indus- trade5n^,nicfc P f^ Produced locally in Mexico per. cent lift in the liquor tax' 

ever L whc faer ? Coi ^« S wn trialists with the climate for “mJSrSSSff *• i nd “ a i e f 1 ' ai,able ^ from Mgy 1. ' ' 

authorise* the^de vclonmen^of io^stment in the UK. The mainly to jri^ Bulgana and Suntory sells about 240m- 

“Sta %2Je ™?k« T“u»e They S “tSsh^Sft ^ YZPi tL*“, *“*r e «» W* 

to prevent rrentn* Its ca leu- assisted areas in the North and goes to improve th e taste -and » b. • , . and Is the Japanese agent for 

latinos ZSSr^rJSS ^? c of Holland and 5 uaiity of -SStJSS ev r With our Haig,, winch increased its share 

Skviah re-ehter the almos- ^ a l es - and some Japanese- Japanese whiskies- and- thnsto -best efforts so far we have of a static market 'for imported 

sphere, l ?£5 le^c a SS as NSK and SBK mStprovidecompS t&SFLIS ,n Sc £ h last year ‘ . 

of wreckage along a 3.0<HHni 1c ^aiwa Spom Uon for Scotch iS world marketa. U?1 'tl**?*^ 

noth in n;.r« wniirhincr ->c • The Departments eighth T — : . uu. icon t expect we will oe. dustry 14 years ago but has taken r - 


tour soon 

Financial Timas Reporter 

Bulgarian debt agreement 


NEW YORK. June 8. 

work. i BULGARIA HAS j'lined the !ivt settlement later in 1979. on a 

Governor Jerry Brown has! of Soviet blue c«iuniri«-- seeking Jet to he negotiated. lations sueeesi ihat chnuid •*«» -* re- 
called a joint session r.r the slate > to settle their pre-war debts with The Foreign Bondholders ihr a(m«- Wales: and 

legislature for later today In out- 1 the West. Protective Council, which is con- * ^ K h y ‘ a " a owned concern 

line his plans to cope with the j Bulgarian nectialnn have poling the negotiations with th# 1 "j” 1 V Simile Dsiiwa s P° rl « 

# . just reached preliminary a,iee- patI 5n pl«“ weSu^« • Jhe De 

Mr. Brown signed an executive rnent with bondholders hero r,n ac ,fr an , ce °f this ffer. which muc i, „ * wo or three tons Inward mvesti 

order, which came into effect se tt] enie m of iwn dollar- Wl11 ^ inrmally published .some “ »° or tttrte lons ; year is to be 

today. Freezing stale jobs at (heir denominated bond issue? made til !J« bef ° r f September. : : This coolingency was auUci- on June 13. to 

present levels. in the 1820s when Bui-aria v;.s T 11 '? Bn'ganan ntovo comes paled and planned for in Belgian inves 

NASA’s recoverable rocket 
system, scheduled for its first 
trials next year. Late in 1977 

Mr. Brown, who opposed the ct ill a monarch v and nui> in 1967 Hu ngary's recent settlement 

lav reform measure, said he g n( i iQflg of its outstanding obligations in NASA’s rccoverablo rocket 

would act immediately lo imple- the U.S. capital market, a system, scheduled for its first 

ment if. The People's Republic will development which freed it from trials next year. Late in 1977 

About 29.000 school teachers j initially pay 2; per cent of the restrictions on capital borrowing NASA ordered a $35m system 
and other education department i Principal amount due to bond- here. Similar considerations called tele-operator retrieval- 
workers in the stale have holders, between next Sepiember may lie behind this move by a remote manipulator by whicb 
already been warned they will and August. IS79. Bondholders Bulgaria, whose Western debts the Space Shuttle will be able 
lose iheir jobs. whn accept this settlement will are relatively the largest of any to inspect, work on, even 

Reuter then be eligible Tor a permanent East European country. retrieve an orbiting satellite. 

Department's eighth 

tion for Scotch in world marl 

>ap entered the beer in-' 
years ago but has taken 

in ward in vestmen t seminar this ^ *?' g ^ ,0Q * of sales equivalent to more SESST „ biild 5 

year is to be held in Brussels l 11 ® 11 worth £15m were ex- than S2bn, Suntory is among the market share now 6-5 per cent 
on June 13. to encourage further f™? 1 Scotland to Japan, world stop five drinks businesses. It wants 10 per cent at least 

Belgian investment in British “j) side ^ at i2 n Jf 1 £ regains privately owned. Mr. Saji said Suntory has just 

manufacturing. fetiSli p ^ rly at lhe Mr ‘ S ^ 1 suggested that future bought a site for its thW « 

_ : » alional Etonpnuc Development expansion outside Japan would brewery which should be readv 

LMT in £Ilm ,s PrcPar, ” E a be by acqimiti011 The « r0ttp ™ iu — 

overseas orders EEC urges action o/i chemicals 

to inspect, work on, even 
retrieve an orbiting satellite. 

By John Uoyd 

nearly £lim have been won by 




A suitable case for treatment 

Le Materel Telephone (LMT). a al.uun must be taken quickly The Commission hones to have -j .v . I: 

subsidiary of the French telecom- to solve the problems of Europe’s the results of a study oh the and ofSeial^ mnet J- 

munications company Thomson chemical industry Viscount extent of buy-back deals with ip^hIa s - ee l ^ e - , ^ es 
CSF. since its formation this year. Etienne Davignon. EEC Cornmis- Comecon countries before the ^Pn e ^m^atn eVe tl? p1 ^ COn — W j 
LMT takes io the export W siouer for Industry, told the «dof Sis moSS i 
ness of SociCtd Franchise des annua! assembly of the Dutch plans for petrochemical uroduc- direct eveats. J. 

Telephones Ericsson, another Chemical Industry Federation tion appear to considerable nnb G°™nussion sees itself .as 4 
Thomson-CSF subsidiary. Most today. But he warned that • 0I ^ * ; 1 

w- . 

f ' 


WHILE OTHER western indus- 
trialised countries are wrestling 
with the rising cost of their 
government health programmes, 
the Carter administration is 
inching towards a public 
announcement of principles for 
extending national medical in- 
surance for all Americans. The 
proposals are expected to go to 
Congress in late summer, but 
few legislators expect it lo pass 
before 1980 — if then. 

Although the administration 
is moving cautiously and work- 
ing with the labour-backed 
groups which have long favoured 
a government health care 
scheme, the ultimate package 

j. . Tt] . iMc ♦ »o-« «i- i t ditioning and extending the lems will only be made worse. tja B B (j 0 not appear to be aware S UTTe ? t time-consuming and- ■. 
*7*?? From 1866 to 19.6 the supply of Beirut telephone network, involv- Within the next few weeks the Sfi e Share ded££ of ih«SS dam P^Precedures In the Com- . 
doctors increased -J4 per ccnL m g a further 18.000 lines. EEC Commission will meet the market “ e E monxty, Mr. Eppie Ter Horst, the 

Some health economists con- The Thomson companies have chairman of the European ^ , Federation’s chairman, said. . . ! 

tend that doctors’ Fees are high wpn several small contracts in Council of Chemical Industry h- 1 J?' 15 ' ®v 0 Dutch would like to see ‘ 

even where supply is the highest. French -speaking Africa, includ- Federations (CEFIC) and the SLoin^anf n f H 1 ® a system of “normal values.". -• 

notably in New York and Los log Cameroun. Chad, Guinea and Association of European Plastics :.~T. e *?, P i~ ne 7.. “ iejr . cnemical based on the cost of the most - t 
Angeles. Prof. E. Reinhardt, a the Ivory Coast. Manufacturers (APME). Corape- “l® ®®P ac ^ the efficient European producer. If* j 

health economist at Princeton tition from the UJS., Eastern ]T 0Cifl w,™?' 011 r^®“S r -4 products were offered below v 

University, contends that each l ananpcp rn „l m : n : n(y Europe pd in the longer tenn, JrS lI _ t rJ I '? l JI nt these Pricey the Commission 

additional doctor creates from Japanese COal mining the Arab countries will be the couW act more quickly on a ; : 

SI 50, 000 to 8350,000 Jo health m j«ion to China main areas for discussion. «J®®®PP^ l “ i nes to stabilise complaint He also called for a 

carespendiog. He says Ihe tradi- ™“p°™ p nF on , U will consider not only the retations with the Arab world. register of buy-back deals .with i * 

tional laws controUina supply A JAPANESE mi.Hlonj af -0 iower u.S. prices for raw The Community’s industry has Comecon countries and for L- 

Universily, contends that each i Q „ npcp rn „i m : n : na Europe and in the longer terra, these prices, the Commission • 

additional doctor creates from Japanese COal milling the Arab countries will be the SHL 1 ? 8 ® could act more quickly on a 

SI 50, 000 to 8350,000 Jo health mission to China main areas for discussion. ties to stabilise complaint He also called for a 

carespendiog. He says lhe tradi- ^ta pamp qp mildnn «r on , U will consider not only the retations with the Arab world. register of buy-back deals .with i 

tional laws controlling supply ^ JAPANESE mission of -0 lower U.S. prices for raw pe Community’s mdustry has Comecon countries and for 

and demand fail in Lhe area of ®‘? , ;£ nia ii n ?i5 „|JS materials and energy, but also left tiie initiative for setting up minimum import- prices W com- 

medicine because consumers sovernenint officials and ImimnK concentration of companies gased-based chemical plants in pensate for the low production V. 

... . i. qnpptn imtq will visit i.nina troni mu. amW a >. « _ . ( 

The cost of treatment is soaring but most of the expense is 
covered by insurance. 

proach to over- 
considered and 

!iJlL fhai beyond their fnimders' wildest cost tire country about $2bn a expensive treatments. 

show tha! Americans, in general. 

A V cTddel? D 5urve%^tas! n ^rtn n her aid ~ are "expected to cost S5bn ' An uncertain factor in the cost was seen early by Sen. Edward 1 possibility of^ ~”a~ fTllT'ffedged 
fa lin'd fit n P r ornt »(jiirZm more lKis - vcar ,h «n la*L u total picture is the lack of incentives Kennedy, who as chairman of Japanese shipment of coal min- 
dents willing to pay higher of inor ® than ->4Ubn. Costs have for doctors to keep costs down, the subcommittee ^>n j in c technology and safety 

taxes to get a broader pro- 

I’unccru awuui neeppis tPrhnolnirw tn Phinn AP-D.T V IZ a v T“ . T 1 , . . ~ vc cu u siq erea aziu 

down and because expectations “If. SL * of *** Europeans with regard the chemical industry but re- unco-ordinated support by indivi- .1 

have risen and patients are r ^pJawnese t«m headed bv c05ls “S”® 1 advantMB oF sponnbihties must not be con- dual countries must be opposed. >•; 
demanding more and ®ore M r Shlnm^RSl iffldaatS ^ *o™“* abolition of the fused. Davignon i said The Improved statistical in foraation : 
expensive treatments. MUsSi^ 'jSSninf! will tftt?Ch5we * y ? teni ° f • Amer,caQ selling managers must take the decw would allow a better analysis of k 

Hnasinings. Medicare and Medic- year. 

The problem of run-away costs j coa [ mines, and discuss the 

sions to solve the problem of the problems, Mr. Ter Horst said. 

Nigeria cargo service 

M 5 0£ ,7 _ gone up, as new patients were An average of 67 per cent of all Scientific Research, has become measures. JL v lwV'J. V'd.J. fiLvr r iVv 

Erarnnip ind 7 S dp, wni .rf added to the rolls, from initial doctor and hospital bills are paid the Senate’s leading figure on ° ° 

■■ vnrv pnni'rmpfi -u.,,. . h expenditures of -S3.2bn fnr Medi- by government or private in- health matters. In 1973 he got « * f * i ^ »Y nijR INDUSTRIAL STAFF 

cns7 nf health Lp R , Ep care and SI.5bn r«r Medicaid surance companies. Because Congress to approve a limited Cut pnee air freight BY OUR INDUSTRIAL STAFF 

existence of nowpi-fni when the pro cram mes were begun many patients often have as much Bill providing federal funds to As a result of a recent agree- THE FIRST container service direct reduction steelworks is 

financed lobbies opposed ‘to such in 196 .T‘ „ _ as 90 per cent of their expenses encourage^ the development ^of meat with British Airw ays and f rom Britain into th port of under ^ construction two miles 

legislation makes its passage 


While Congress and HEW have covered by insurance, they accept Health Maintenance organtsa- Air Canada, Emery Air Freight Warri Ntaeria starts next month from the port 
iSE^in" us lightened government control «»f each test prescribed and see each tions (lIMO'si. which offer com- has introduced an economy *"?*?*. ■ WHELAN, &*>.: 

" , , , , the two programmes and added specialist recommended although prehensive health services at freight service to Canada which, "tra sailings trom caraiu ana — — Canadian Agriculture Minister. , ■ 

To buy lime before a health more fraud inspectors to the pay- on average. 10 percent of their fixed monthly or annual rates. j n sorae cases, is less than half Antwerp. Belgium every 35 days, x- i mnr A H n ' ' 

programme could be devised, the rolls, the unregulated costs of all incomes are now going to health Since then, the number of HMO’s jj, e cost of norina i airline rates. The move is a result of agree- Abiaei mure xuramer, uiat Canada is anxious 

admimstralirin last year intro- medical expenses have continued care. has grown to 170 serving 63 per It is available on direct flights ment between the London-based Despite fears over the exchange ronaritn-, J! 1 *®® 8 f0 I ] > ' ■ 

hosoftaf cosit C3 iiMeh h° a ve 0n h^n to lU S n t‘ie economy. Health The President’s Council on cent, of tiie population but from U K t0 Moa treat and Walford Maritime Group and rate of -the Israeli pound and the jjSSS whttt to BritSSfSIriS? r - 
5SS‘ l! *,2!2 *’ Jl ? f b ®u ««. 11,6 third largest industry Wage and Price Stability in accounting for only 3 per cenL Toronto< and by connecting Alhaii Arainu Dantata of Kano abolition of subsidies, Israel’s q wheat to British markets, jr^., 

® r fW n the in 4he country after food and March maintained that doctors’ of the health expenditures- Most t0 Calfiar J Edmonton, Th „ J n „ w MnP hph „„ n Ifi exports increased by more than “Traditionally. Britain has V' • 

general price level. But strong construction, now accounts for 10 incomes were rising faster than studies have come to the con- Vancouver and Winnipeg. ^ he n f w between the two ^ cent in the first five a strong market, tor si* . 

efforts by lobbyists representing per ce nt of Lhe total production the incomes of any other elusion that the organisations countries will be known as Sea of this year to SL6bn Canadian ' wheat, tobacco, r ».V ■ 

5* 10 ,- 0Splt ? l A Assoc ' 8 ' of goods and services — twice as occupational group. On average, off** efficient health care of a ... - r t c Da ntainer Lines. Walford Lines, r Daniel writes from Jerusalem! vegetables and fish. What is 

ff ? tl ?^ 0f A™f” can muoh as i0 ll,e 1960s The f ota l their fees'were unjustifiably high quality as good or better than YlCtOf for the UJ. part of Walford Martime, will industrial exports, exciudinp more * we have shared many a * }■ •. 
a {«« a M7, e fc Ca ,H nati onal expe adit ure for health hy established economic start- i® lhe . fee-for-service sector and Victor of Japan has signed a act as general manaeine natiahed diamonds at S74Rnf traditional forms of production ‘‘H 

Canada keen to 
sell more to UK 

By Our Own Correspondent 
OTTAWA. June 8. 

Canadian Agriculture Minister, f •’ 
bas told Mr. John Silkln, the UK > . 
Minister, that Canada is anxious 

Bin- , i J. . ““ vaksiipu 4’-wun im- fKtii, iciiuncu. (iujsiuauo icrvs i uae — — — — • T u.a. to supply porapie uuiour inp 

1 fl0 ° r J" Several factors — some avoid- 9.3 per cent or 50 per cent more o“ , preventive medicine end cameras for sale in the _ 

riiiFr„n abIe> some n0t — have turned Ihe than other consumer prices. In early treatment U.S. under the Magnavox brand 

Education and Welfare ihtwi price spiral: tlie increasing cost 1976 the median income of HMO’s are expected to play an name, Reuter reports from vlc< 

U S under the Magnavox brand Conventional mixed cargo ser- of gem diamonds rose by 39 Britain last yei 
n»L Und £ r J SJ “322^ S vices _ are _ likely to start in per cent to S560«n. neariy S31Sm worth 

wwc W pci wi WItlVdJCU AS.. Qra F, 1AI ? . J 

with tile period in 1977. Exports UeE are deep. Mr. Whelan said 
of gem diamonds rose by 39 Britain last year imported 

r imported ; f h, 
of food and ; V>}»; 

Mt Silfcin “l 

Education and Welfare finiW). Q f premiums, doctors must pay doctors was S63.0QO — “substan- important role in President Tokyo. parallel with th container ser- from Canada. Mr. Silkin ; *H 

lnhL n th p for maI P racticp insurance, the tially above what is required to Carter’s health proposals. Victor will ship 5.000 video . , , , fne d h ^h S J m : *** 

lobbyists crowding the bails of resulting rise in the number of elicit an adequate supply of Sources close to the Admintatra- cameras by next December. be tatroduced within six Yugoslav rubber plan m§itsiere h hr l w a ^? ,8 iik-« Ca f >l ^? t Titv ^L. 

Congress to ’’.keep the tests nDW prescr.bed to avoid physicians.” The council also tion negotiations with pro- months. iogwia *«««« tToSf HnkJ Sm, ffiL.Sj' S j 

-• 3 lo the Treasury and to er rors and ina-lpractice suits, attacked the AM A for viewing national health groups say the xr ctfl™ All the services are designed Badger, a Raytheon company, “‘“'"unKswiin Canada might be • fh v . 

protect tneir towering profits, higher pay for underpaid hospital as unethical advertising, under- President will produce a plan lv. 3ea JIUIu ueRI to take advantage of the rapid has received a letter of intent preserved and ;i... • 

The lobbyists’ case has been personnel, and lhe use of highly bidding, charging less than pre- which will give all Americans Dominion Bridge's Imodco unit development of Warri by the for a synthetic rubber (SBR) es aea - ; V : , . 

abetted by the troubles which sophisticated expensive equip- vailing fees and other com- the option of having federally of Los Angeles, in partnership Nigerian Government. When plant for Ina-Industrija Nafte. While the UK imported a V 1 - 

have plagued the federal govern- ment. petilive practices. regulated insurance provided by with William Press Production completed by the end of next Zagreb, at tbc Iua Refinery at large. volume of agricultural pro- W~ 

niont s more limited Medicare Hospitals, which account for Whether or not organised a private insurance company or Systems, oF Britain, has an order year. . the P° rl wiu rank as Sisak, Yugoslavia, _ a Financial duce from Canada last year and ^ • 

i for the elderly) and Medicaid 40 per cent, of all medical costs, medicine ever attempted to con- membership of an HMO. Costs worth more than SIQni from BP Nigenas thied port, serving a Times reporter writes. Badger also exported, a considerable V : -«. •- 

(for the poor) programmes; have been severely criticised fnr trol doctors’ fees by limiting would be paid 75 per cent by for a single-point mooring system growing industrial hinterland, will handle design, engineering volume of such goods, it was . ' 

Charges of inefficiency, waste and waste, inefficiency and over- supply, the number of' doctors as employers and 25 per cent, by for the Buchan Field in the The Warri oil refinery is and supply of major equipment worth investigating bow trade ; Ir, W‘" '■ 

fraud have made headlines for building. Mr. Califano says that a proportion of the population at employees — or by the govern- North Sea, AP-DJ reports from scheduled to come on stream for the. W.QOO-tonne-a-year plant, expanded in both direc- ; v, 

years, and the costs have rocketed the 100,000 excess hospital beds large has con tin ued to grow, .ment for the unemployed. . Montreal. later this year and a £400 m to be built by Ina Engineering- lions, he said. 

gfoanrial Tiroes FUdaj June 9-^978 

home news 

lj 9 * 

sued for £3. 5m 


H4 * 
a 5 


° r -- j 

A SUBSIDIARY jjf Rsoas. tile 

U K cehmlcals axwj pharmaceuti- 

cais company, is being sued for 
£3.5m in souti;Afric» by a group 
of farmers^ "y - 

The fanperg. claim' extensive 
oamage was caused to a large 
area of vineyards during spray 1 
Jjgn* operations on adjoining 

Fisona said, yesterday it was 
fuliy covered, -by' insurance for 
such incidents. Blit -on the stock 
market its share price fell .8p 
during the day to close at 350p. 

The company involved in the 
court action is Union Weedkiller 

5?2““5: * of Fisons 

Industries (Pty>, south Africa. 

It carries out ocntract spraying 

operations for the South. African 
Railways and' Harbours Adminis- 
tration. > 

Fisons said ysterday that its 
subsidiary was involved in spray- 
ing a herbicide, Tand ex, -on to- a 
railway traek as. part of Uus con- 

“It appears li&ttbe chemical 
leaked from the railway track on 
to adjoining farmland due to a 
unique combination of soil and 
weather conditions, resulting in 
damage to vinesl* 

.. Flsons said Ifasrt the total dam- 
ages had been'-' estimated at 
£3.5m. but this had not been sub- 

The writs claiming the 
damages were issued last week- 
end. The Fisons Subsidiary has 

on London 


■v${ * THE councils, o£ the * two 
v-r institutes of chartered accoun- 
r-C, tants are publishing nO restilts of 

• -i'- ■ ' their joint inquiry into the audit- 

• ,. J :’ ia»s of fhe affairs- of London and 
- • ‘ V County Securities, the secondary 

’ ” bank . ..which. : ' collansed in 
r . • .. December 1973. Th«f councils 
said yesterday^. this yTas due to 
civil and criminal-Jproceediiigs 
.j ’ pending. . '-.Y 

: In a statement jSle Institute of 

Chartered' Acco untan ts In 
f cv England and W^les said that the 
committee of-Mquiry established 
jointly, with tt£e Scottish institute 
: presented y.s report to the 

-i: council onyffune 7.- it had been; 
■- intended ia the report’ to suggest 
an appropriate public statement, | 
but their institute deemed both; 
'Statemqfot and .publication! 
*10 fl - J pawfc»rapriate” in vievy of thei 
Kf (ill legaLfproceedmgs- £ :S : i 

TfcJe Scottish institute' cbuldTnbt I 
evefe receive the committee's 
report, “for ■ constitutional! 
' treasons." l \ 

::r - Vouchers Sraste* • | 

. .. A scheme backed by the Tories 
- to give parents vouchers to 
“ cash ” at schools they pre- 
. ‘ ferred, thus giving greater! 
1 choice, would cost £3D0m-£400na 
_ and be “a waste of taxpayers’ 
*. _* and ratepayers’" money, adminis- 
; tratively inefficient and educa- 
• tionally foolisbi” Mrs. Shirley) 
Williams, the Education Secre- 
, . tary, told a NUT .conference' in 
;; Iioridptf, 

. Kent Corintir :• * 

big Tory majonty.'^cpnshlers'.a 
recommen^tfenX/'-Tfor ^.vpUdf 
• ■— voucher experiments an: Monday.: 

! : Taxmen dcaH up , 

Duty paid : by. pff^onrse book- 
- makers rose in April ;by\£4mlo 
, just over,^15m. Which is £2fS5m 
;. k more than ip: Aptib ; last . year, 

. said Excise -.provisional st atis-. 

tics. Total general duty, ^includ- 
ing on-course, bookmakers 'and 
' ’ totalis ators, .was / £lfL27m in 
April. £A27m . more -than : in 
, March and .J5k71m above^ April 

micai l97T ’ : i 

illltfl from EoropS 

... BICC, the electrical cable manu- 

; facturer, has. been ‘leaf £5m for 
• • -I ten years' .. by -. 'the -European 
v ■ investment Bank ; tu' -cover .half 
the cost of modernising, and .ex- 

i- pandtng its copper Tefinery on 

, •: Merseyside. It. Is. said that this 

. ; will save 350 'jobs m r afc area 

where uxie©tjl<iyment -is about 

-- twice ihfr n^on^v'ayer^e^ 4 _; 


Government and ■’ Consolidated 
Gold Fields on a formula which 
would keep open the Wheal Jane 
tin mine near Truro, in Cornwall, 
have broken down, '-Gold Fields 
said yesterday. •*.- 

Hopes of keeping ;tbe mine in 
operation now rest on talks 
which the Department of In- 
dustry is having with an un- 
named mining group- A state- 
ment is expected today. 

The impending closure of 
Wheal Jane was announced on 
April 2d and production stopped 
on May 8. The company beheves 
that an economic return from the 
mine is unlikely, although, this 
view has been contested locally. 

The Gold Fields talks bulged 
on the composition of a package, 
including Government , -aid, 
which would allow the company 
to proceed with development 
work at the mine in the -hope 
of reaching ore to provide^ the. 

basis of an ultimately profitable 
operation. But. there would have 
been no production for up to two 

This would have meant a 
Government investment without 
guarantee of return. Gold Fields 
was prepared to make only 
limited funds available. Neither 
side has been prepared to make 
a financial commitment suitable 
to the other. 

The Government, from yester- 
day morning, took over the 
responsibility of paying for the 
mine’s pumps to be kept work- 
ing. It is also paying for the 
pumps at the. neighbouring 
Mount Wellington mine, owned 
by Cornwall Tin and Mining, 
which has ceased production. 

The two mines gave work to 
about 800 people in an area 
where the unemployment rate is 
double the national average, thus 
prompting vigorous Parliamen- 
tary and union action to keepi. 
the mines opea. ( 

Verdicts expected today 
in dollar premium case 


VERDICTS are expected fit the 1976 to obtain money dishonestly 
Old -Bailey today in the case of from authorised dealers in 
Mr. John Martin Waletttthe investment currency. The case is 
suspended Bank of ' Engfahd that he became involved in a 
official, who is accused of invo&e- plot to get dollar premium, 
meat -in a cplot wi4h five 'qflfe -rebates . on securities which had 
people to get'flm. by wrohgfS^Uiot.behn.held for the requisite 

use of ^he doRax-premlum. y "^.leng^i of-. time. 

■ He was. allowed baU Tasdhighr ■: Earlier ihik week the jurj 
while the jury, which haf been fouAd\LeonarA-Basil Ash, 39, 
frying ^bam -for. more: ti$n two .panel Beater, guilty of conspiring 
months went to an hotejr for the to obtain, money dishonestly from 
night. ' ' . ’> ' authorised dealer^, and of forg- 

The jury, had • bea| out for jog mo ^ci^enA with Intent 
nearly two hours ^ter Judge to defraud, and fV“ nd Adrian 
Buzzard. QC. had opnpleted his James, solicitor, guil\y of making 
su mnU ng^up in this section of the a faise stafeinent Van a er toe 
trial, which already has resulted Exchange Control Act, 
in guilty .verdict? against two ; Thc judge discharged the jury 
other defendants? from 'giving a verdict against 

- Judge Suzzartf'had advised the Mr. James on a charge of con- 
jury to treat eadi case separately, spiring to evade the dollar 
gave a warning to them not premium rules which will He 
to be : influenced in their con- on the. file. 

-sideration of/bc caseagainst Mr. Verdicts . against the two 
Wales bv -*iecisiorrs on other- remaining defendants. John 
defendant ' Robson, 57, and Reginald Atkins. 

Mr Wales; 42, of Chislehurst 50, company director, are ex- 
Kent,' denies two charges of peeled. later this week or early 
conspiring - between 1975 and next . week. 

British Airways challenge 
to IATA on fares 

kef® 1 

-t- io 1 

Lucas rase cadiing 

Committal ’^wceedi'ngs- agahiM 
Lucas Service Overseas ana CAy^ 
two companies In .th® ^.Lucas 
Industries T- inptqr;, components 
group accused ol bFehKng-.'tii> 
Rhodesian vsaffctkws, .' :;ire 'ex- 
pected to finish 1 ■ tpdayj at Ayies- 
bury: The- Tcompanies; ^wltb tSs.0. 
individuals, .face charges Involv- 
ing £154,403,' brought; under the 
Customs, and- Excise Act 1952 
and alleging . ' breach / 6T the 
Bbodesia United Naiions. .Sanc- 
tions Order,' -_>»■ >' 

Green :Paj^:;prtAe. > \j 
The n ew iy-formed. rf^mmissipn^ 
on Eh ergy..and .frift En.yij^uinent I 
has decided, toli6sit?5f;the WO^ 
environmental , is^es, raised :.pyi 

the GoveriimratVU^en iTaper^ 

on enef^^lK^J'tWiHfCOnsiderj 
long-term' poRution’risk -pt coD-- 
verting cpaL-’into,;gas^aa. 
fuels, amf^e 

impact of v sdlar and4idfit energy-: 
hot win only *M?eep abreast; :cfj 
the trarieqe.' pdwer^ debate. . . , 

£1.000 ^^^' 
NEAKLYl’^LW of iucome-tg ; 
u.iii h- -cbliedtea: f*>r- housenolnr 

Sheldon, Finatudal: I 

the TresiUiy^A’j?-? 

Fiiance-Bift diuahglte: cogumttep 
stage wer^coufirnied^^/a^o^ 

raf*^ per h 6'u®hoDi r v?as_^ 39 j'^® 

Norfolk: S)« . ; ; ' y ^ 


ably^ nil but of *be‘ International 
Afr- Transport Association unless 
the -association.. accepts radical 
changes wits structure to deal 
■with the Challenge of cheap air 
fares.' These' changes., if imple- 
mented; ^wbfild bring wider 
choice and less uniformity of ser- 
.vice for airline passengers. 

Mr. Ross Stainton, chief execu- 
tive of British Airways writing 
hr -the latest issue of the com- 
pany magazine . published today 
lays -IATA. must- change _or go 
the road :of the dinosaur. 

. He is a member of the five- 
jhad working party set up at the 
association's annual: meeting in 
Madrid ‘last November to study 
ways ot bringing the a»°cmtion 
raore into- line, with the_ chaug 
3ng ; moods - of . governments ana 
.air travellers. • 

That taskforce has now . pr _ 
pired a report ta go before a 
special general meeting of 
lATA’s 113 members j n Montreal 
■bfrJuner30. Among the reeom- 
mei?datfons\ made by- 
rag pariV, m ■ endorsed by the 
Sodation’s- executive commit- 
tee, axe- two which Mr. S rain ton 

/Wribes “fundamental. 

-These • are -the introducti on of 
a tiiv^er membership. s ^^- 
Irsj/tBe. right of W to 
^ae'.to decide the fares it 
Chafes 'oh'jts- “bread aod b ot 
rer^ ; . routes ihto and out of us 
;jts^iiyrn; county. Togefter the* 
proposal' , -accepted wu 
•revolutionise fares-making pro-. 

cedures. Other proposals, are 
thought -to affect rating rights 
vdtfiln'IATA, with the old unifor- 
mity rule giving way to the 
simple majority. . 

.Mx. Stainton says the pressure 
fori low fares is the “most 
important challenge of this 
decide"' -and is “ absolutely rilal 
to our future success.” He says 
low. fares are here to stay and 
that the present IATA frame- 
work does not allow 2irlincs to 
remain . competitive and profit- 
able in this climate. 

•The - second major proposal 
'put forward by the working party 
would . enable national carriers — 
like -British Airways— to charge 

the .lowest lares they could afford 
on- direct services to and from 
their own country rather than 
having to charge a higher fare 
to J sult an airline' not primarily 
tfependent on . those routes for 

its baric revenue. 

Mr. - Stainton says u wc are 
. hot';: prepared -to be forced by 
other carriers who do not depend 
-;On-:jhe route for a living into 
charging higher lares than we 
'need, simply because they can't 
meet our cost level” 

-- He says if the proposals are 
^agreed, IATA would be freed 
from ’. the '‘carte! " label and 
coirid have a useful and con-' 
stroctive. future.” British Air- 
«wayi. would then have to decide 
whether it wished to be an 
IA^A member at both levels or 
simply jinn the “trade associa- 
tion - 1 

chairman' and chief 63 

f Ireland’s JeSeTscm^SmuT- 

3U n was -paid :£3SpJJd0^ast; 

the: previous, year. y:. 

el Sirrurfit - receded vtb$- 

Ueot of the figgregat* «► ; 

Jnilever. GKN, BAT\~finu 
tme. of Ireiatid’s- 
(^uing agreem^nt with the 

group - whereby ; hp je»vns -i 
percent ofT^axprofits. sabjeer 

to'Sc «Klnsioa o! P ro& ^ m0 

-around .£750,000 relating to some 
oTthe-Older parts of the srouP- 

> Jefferson' Smurtt mcreased ic. 
overdr pre-tax profits fut JJJ 
year to January, J978 R by n 

-tban 50 Per ceut to flSm- The. 
group’s activities extend from 
t and packaging to pajgr- and 
hoard manufacture and 50 P 

cent of iX76mturnov^ relates 

tor&6 H-K* 

’Mr:' Smurfifs brother. Jeffer- 
son;' group deputy chairman was 
also entitled to £380.000 for bis 
services last year. However in 
'what -a fellow Smurfit director 
yesterday described as “a very 
.in^aoiagful gesture on his part.” 
Mr. Jefferson Smurfit is waiving 
/SHKyjOO of this. 

,-T<rfaf directors’ remuneration 
at^efferson SnmrSt increased 
from £470,000 to £S63.000. accord- 
ing - 3b. the company’s annual re- 
port yesterday. 

Inflation A KEV FEATURE OF THE qovernments package 

rate ‘not Whv the corset has 

a contract to keep parts of the 
South African railway network 
free of weeds. In this instance 
it was using a herbicide. Taadex. 
This is manufactured by FMC 
the U.S. chemical company, and 
is marketed in South Africa by 

The pesticide is not used in 
lbe UK but was approved for 
use in South Africa in 1888. The 
land adjoining the railway track 
has coarse, sandy topsoil cover- 
ing a layer of impervious clay. 
The weedkiller was apparently 
washed over the clay by heavy 
winter rainfall and on to the 
vines growing on the side of, 
a valley. It allegedly caused the 
vines to wither and shed their 
leaves, ruining the harvest 

Talks to save Wheal 
Jane break down 

moving up 
again 9 

By Our Consumer Affairs 


yesterday rejected suggestions 
that the underlying rale or in- 
flation is picking up again. 

The rate of increase In the 
commission’s index of price 
rises notified to It bad fallen 
fractionally in May, said Mr. 
Charles Williams, the commis- 
sion's chairman. 

Mr. Williams has been at 
pains In the past to keep the 
commission outside the politi- 
cal arena, bat his remarks 
yesterday appeared to be aimed 
at Conservative politicians who 
have claimed that the April fall 
in the Retail Prices Index was 
nothing but a mirage and the 
underlying rate of inflation is 
moving upwards again. 

Mr. Williams said that the 
trend in the commission's 
figures, which usually take 
about three months to work 
through to the shops, was still 
“pretty flat” and that, if any- 
thing, It might be heading 

• The Price Commission yes- 
terday gave the Thames Water 
Authority a clean bill of health. 
The Authority had originally 
Intended to raise its charges by 
9.5 per cent in the spring but 
this was cut back to 7 2 per 
cent while the commission car- 
ried out its three month inves- 

Io its report on the authority, 
published yesterday, the com- 
mission did not recommend 
any restriction in water prices 
so the authority Is now techni- 
cally free to raise its charges 
by a further 2.3 per cent. 
Thames Water has decided, 
however, to wait until next 
April before raising its prices 

Why the corset ha; 
been reintroduced 


A KEY feature of ihe Govern- 
ment's monetary and fiscal pack- 
age is tbe reluiroduciiou of tbe 
so-called corset controls io 
squeeze tbe growth of tbe bunk’s 

The corset is the popular name 
for the supplementary special 
deposits schemer-first introdued 
in December 1973 and tast used 
between November 1976 and last 

The scheme involves broadly 
the same mechanism as when last 
applied, though the limits arc 
tighter. It means that bunks are 
penalised if their expansion is 
more than laid down in a de- 
tailed notice published yesterday 
by the Baltic of England. 

The corse has been reactivated 
and Minimum Lending Rate in- 
creased in response to City con- 
cern about the acceleration in 
the rate of growth of the money 
stock in the early months of 
Ibis year and the low level of 
sales of gilt-edged stock in tbe 
last couple of momhs. 

The Bank of England pointed 
out that short-term interest rates 
had been raised recently, but. 
i in conjunction with the fiscal 
measures , announced yesterday, 
.further monetary action was 
required to ensure that the 
growth of the money stock will 
be well within the targei set at 
the time of tbe budget — an 
annual rise in sterling M3 of S 
to 12 per cent 

The corset scheme is intended 
to help towards meeting ibis aiiu 
by operating directly on the 
interest-bearing eligible liabili- 
ties of the banks, which have 
increased rapidly since around 
the beginning of the year. 

It does not affect tbe non- 
interest bearing current account 
deposits ol tbe banks but con- 
cerns money acquired through 
the wholesale money markets 
and deposits taken at branches 
on which the banks pay interest. 

By squeezing the deposits of 
the banks, the corset effectively 
limits the room for expansion in 
their lending. 

Consequently if the growth of 
the interest bearing eligible 
liabilities of all banks (except 
those »n Northern Ireland) and 
deposit-taking finance houses 
exceeds the specified limits, then 
penalties will have to be paid. 

This will involve the placing 
with the Bank of Eugland of non- 
interest bearing special deposits. 
These deposits would be placed 

a sliding scale: so if a bank's 
interest eligible liabilties are well 
over the limit then the bank 
would suffer a large loss of 
interest oo its deposits. 

The scheme is stricter than 
when applied in 1976-1 < because 
the base period is longer and 
covers six rather than three 
three mouths. 

There have beeD repeated 
warnings from the Government 
that this method might be 
adpoted if the corset was reintro- 
duced. This is in order fo deal 
with window-dressing by the 
banks under which they have 
increased their interest hearing 
eligible liabilties in anticipation 
of the reactivation of the corset. 

Tbe result of the banks* 
window-dressing activities is that 
their interest bearing liabilities 
on the last banking make-up day 
in mid-May were about 3i per 
cent above the limit. 

The banks will have to reduce 
their relevant deposits within 
the next couple of months if 
they are not to incur penalties. 

This may lead to a fait in the 
money supply, as in the early 
months of 1977, as these adjust- 
ments are made. So tbe reactiva- 
tion of tbe corset may have a 
partly cosmetic impact on the 
banking and money statistics. 

Special deposits will not have 
to be lodged with the Bank of 

England until November. This 
will only happen if the average 
of a bank's interest-bearing 
resources for the three months 
of August to October exceed by 
more than 4 per cent the average 
amount outstanding on the bank- 
i ng m aJce-u p days i n the six 
months of November, 1977 to 
April, 1978. 

The rate of deposits required 
will rise depending on the excess 
rate of increase of a bank's 
in terest be ar in g resources. 

Thus if the excess is 3 per 
cent or less the rale will be 5 
per cent. But if the margin over 
the limit is more than 3 per 
cent but not more than 5 per 

cent then the rate will be 25 
per cent. Thereafter the rate will 
be 50 per cent of the excess 
growth in interest-bearing liabili- 

Institutions with average 
interest-bearing liabilities of less 
than £10m will not be liable to 
pay supplementary special 
deposits. Any bank attaining an 
average of £10ra or more will 
become subject to the scheme. 

The Bank of England pointed 
out that in order to conform 
with tbe limitation of the growth 
of their interest-bearing 

resources banks and finance 
houses will need to restrain the 
growth of their lending. 

National Insurance 
surcharge up 2.5% 

THE GOVERNMENT will table 
a Ways and Means Resolution 
and Finance Bill New Clause 
providing for an increase of 2.5 
per cent in tbe National Insur- 
ance Surcharge, to take effect 
from October 2. 

It will reduce the public sec- 
tor borrowing requirement this 
financial year by £500ra. The 
full year revenue effect is esti- 
mated to be £l.5bn. 

The surcharge came into effect 
on April 6. 1977; the relevant 
legislation is contained in tbe 
National Insurance Surcharge 
Act 1976. 

It is levied as a percentage 
surcharge on employers’ National 
Insurance contributions; it does 
not apply to employees' contribu- 
tions or the self-employed. 
Churches and charities arc ex- 
empt. The rate of surcharge 
since April 1577 has been 2 per 

The surcharge is collected, at 

virtually no administrative cost 
either to Government or to 
employers, b.v Inland Revenue 
on behalf of tbe Department of 
Health and Social Security as 
an integral part of the National 
Insurance system. 

Employers calculate, from con- 
tribution tables distributed 
before the beginning of each tax 
year, the inclusive amount of 
National Insurance contribution 
and surcharge payable in respect 
of each employee, and remit the 
total National Insurance payment 
each month, together with pay- 
as-you-earn income tax, to the 
Collector of Taxes. 

The mid-year change in the 
rate of the surcharge will 
necessitate the preparation and 
printing of new contribution 
tables. It is intended to distri- 
bute these tables in August, 
which will leave employers time 
to make their preparations 
before tbe new rate comes into 

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- ' < 


Sell crude Genetic researchers Chrysler 
•i face £1,000 fines drops 

-r. i- 

iTilwulc W11 under safety laws 



THE BRITISH National Oil Cor- merit, if BP exercises its buy- Occidental group’s Piper and 

poration may sell significant back rights it must supply BNOC Claymore Fields. But it will also FAILURE to notifv the Health experiments are " not the sort 
amounts ol crude oil From the with ^fiddle East oil of equiva- include BNOC's equity share an d Safety Executive of an of thing you can do in the 
Middle East next year, as well as lent value. from the Ninian. Thistle and experiment in “generic naanipu- garage." 

oil from the North Sea. According to Petroleum Intel- Dunlin Fields, expected to run | at i on » win msi g e g researcher He has recruited his own 

The Middle East oil would he licence Weekly the State oil cor- at some 50,000 barrels a day. liable to a £1 000 fine, under specialist in the field to advise, 
supplied under the participation poration could buy 266.475 bar- BNOC may expect to break safety reeulat-innc tn be intro- but the executive also nlans to 





BY RAY PERMAN^SCOT^S^^^^i^^":’: V 

. r — . . safety regulations to be intro- but the executive also plans to CHRYSLER yesterday i 

agreement between the Depart- rels a daj from BP next year of even on its present oil trading. d UC ed on August 1. continue to consult the Genetic i celled the last £20 (JOT sw 

ment of Energy and British Pet- which it could retain 62. <00 bar- according to a report from Wood Tfae scie^ or his employers Manipulation Advisory Group, a-l ac£ertisEfa 

vnipnm rels a day. This would include Mackenzie. the stockbrokers w.. - ‘*^ *?***“« 

roleum. rels 

This gives BNOC the nption to oil f 
buy up to 51 per cent of BP's Fiel 
North Sea output, which If 
accounts for more than half total cun 
UK production. it w 

BNOC can retain 12 per cent of with 

Rp' WOU Ju ’"? iude Mackenzie. the stockbrokers WO uld be charged under *the committee of experts set up by I Scotland^ WnrMTwp f^rr vrfth 
d from BP s share in the Ninian s p e c j a U s i n in^ the ^ol 1^ t ndu s t ty.^ Health and Safety at Work Act. the Department of Science. So) the company’s Avenger'' far 

~ PROPOSALS by lUe Act 

and ^laSs^I>eeelopment. Boag i ’mj> nM.:iidtKiuafe to enable us 
to increase its powers oyer land ■£*-' ^sdlutiDn to the 

- useareSVe put to the arise." 

meat later this month. : . r year in the 

Th e Board has long covered in 

that productive use of land .■ ^ 't »»«• 

thttav to successful. redevelQp- J ^^§ 0 K.' 41 esi 8 nder v said .the 
■V‘ Sent Of Ihe Highlands 

■ i+o ability to compulsorys, pur*: : ^^l«P^K*S;ipC P^. cent 

iiMnprtv whieh is cant tariff^ had 

chase property, _r“ . .. • ■ 4 >»mtee’m«^.rii<stTn'hirje'feature 

according to Wood Macken- 

BNUC can retain l_ per cent Ol witn oarreis. a ga; -s to oc <u musi. ana n m#v uc i ntrQ d uced an vwhpn> in the Questioned about the level of ”■*** F r «™Pie<* °Y acouamrs 

BP's Forties Field production in Middle East oil. valued a an aver- less, according to Wood Macken- ywhe V b in courte d Mr Dimster' £* awa S 3 ™* against Iran on- 

1979— the field should produce age of ;>ll..50 a barrel. zie. * "student nr pntreoreneur arknowledeed that one of the! " ednesda y evening. ..The 

more than 500.000 barrels a day The report says that by the “It appears that BNOC has not W Q r fcj n g i n vj. own t : me W ould problems was that "we don’t! ChrysIer^ campaign, due.ta.enti- 
next year-hut BP can buy back end or this year BNOC expects to made a loss on its Flotta partici- feallv Tnow ^ In his view- it had on would haVe h^Q 

the other 39 percent available sell 175.000 barrels a day of pation crude" the oil coming und2 than ia salaried really know^^^ in his \ lew it had reviewed after the team’s S 

to BNOC. North Sea oil. Much of this will from the Piper and Claymore s £* n ™’ under an extension of 3 ^gued persuasively that e Qa s ^ 

Unde, this complex be pertimpetim. oil from the fields, U s ny 5 . Ge«"ic manipulation-defined taw. ^ 

as attempts to make new forms The kind of speculation which “Bat wtth the results dfropi 

of heritable material — is attract- has taken place, however, hypo- last night, we saw no point dn 
' ing widespread scientific interest thestses that a micro-organtsm going ahead/? Chrysler' said. : 

New calls to cut ns men’s tax ‘ 1 ^°“ ■. % 

X TV Vf %/M.AJi.vJ IyVf UBVU kJ of improving the performance of a voracious destroyer of ml m successful -and 

crops, and conceivably of modify- the sea could have profound Chrysler ’cars in showrooms 
RY day r, APT PD pmpdty rnn respondent ing human characteristics. consequences if it found its way risen. 

BY RAY DAFTER, ENERGY CORRESPON PENT But according tQ Mr . JohQ int0 a voinm ercial oilfield. r>, , . j - VlV.'. 

New calls to cut rig men’s tax 


had risen. 

Chrysler ' denied: - that .its 

. . ^ . . , _ .. . Dunster. deputy director or the Health and .Safety at U'orfc.-j vMysier' denied - that ..its, 

THE GOVERNMENT may soon say that domestic pay restraint they are canying Britain. If Health and Executive, the Genetic Manipulation; SO. TOp. decision wa& Jinked witlf the 

face new pressure to cut the tax means they are falling nehmd they can use this lever they will. | drug Imbroglio ‘ -.involving-. 

fare new pressure to cut the tax means they are falling behind they can use this lever they will.” “ CLUll,c ’ ^ drug imbroglio involving 

of oil-men working in the UK operators working offshore in He stressed that there was no — player Willie Johnston, wTUea 

sector of the North Sea. other oil-producing countries, in- threat of industrial action. -m jrm • * , led to the winger befi& sent' 

Men working on the produc- cludinc i he Norwegian sector of Mr. Basil Butler, general man- ^/1 ll'llci'Al* ! , AlAr % Ti2 r* il £! I'll CF#* home from Argentina. 1-'.. 

tion platfonns of British Petro- the North Sea. ager of BP Petroleum Develop- 1 v J.aI.UoI.Cx 1CICL13 CUullkC Cancellations at this-vtw^ 

leums Forties Field, the most The Government has already ment. said that UK pay restraint would not affeet the'*Iw2^ 

important lo the economy, have relented under pressure from the meant that BP also found it diffi- “ „ yAlv , A «? r nnnoiAVl Pool of advance royaMisf and 

called on British Petroleum and oil indusiry and made divers a cult to match salary levels of III WQI110U S IJCnSlOfl riII0S fees from va^is proSSiJS 

the UK Offshore Operators’ special tax case. They continue some of the “newcomers" to the wazavz* ^ Jr jir. 

Association to brinq their tax to be treated as self-employed North Sea. among them the State- ry fdic chodt executive with 

position more into line with that men. Those working on ;he plat- owned British National Oil Cor- ! Consultants, a Glasgow cam ■ 

of merchant seamen. forms swy they too should be poration. So BP was losing a few THE GOVERNMENT has Thus there are disabled i pany wiilch has beeD omnk.' 

Through the staff consultative treated a special case. men a month to these companies, rejected the plea from the married women, not eligible fori w the Scottish team’s nrom# 

committees of Forties the men For 2.1 weeks in the year they Mr. Butler said that BP was Disability Alliance that disabled either the invalidity pension orj tion campaign. About £157,000 

married women over 60 should the retirement pension and the | had been paid into llie-pbdL- 
be eligible for, the non-contribu- Disability Alliance has been from such adrance& • 

Minister rejects change 
in women’s pension rules 


demand that they, and workers arc away from the U.K. and its reserving its position about its married women over 60 should the retirement pension and the 

in other sea oil fields, be made facilities, they say. “ W’c are a investment in the sixth round of p e eligible for the non-contrihu- Disability Alliance has been 

exempt on the first 25 per cent faciory 110 miles front nowhere.” offshore licences. tor H. invalidity pension pressing the Government to 

of taxable income said one Forties worker. Mr. Quentin Morns, a director Thi ^ Tension which he*an in extend its scheme to cover these 

The production workers, who A senior employee on the of BP Trading, said that the com- m nJlm her 1 977 knairi m anv women. 

on Fn ^ p,a L fn / n o ,s «J arn be ‘ F 2IL tics Rr * v o P'atform said: pany pro posed to i spend £1.25bn ^ “ P. ai ? ‘ J ' b ,J Mr. Alfred Morris. Minister for 

tween £6,000 and £12,000 a year, "The men on ForUes know that on its Magnus Field. ?i‘ the Disabled, in a letter to the 

; ■ .ssays^Ba . « 

.. m Vtebeen dfecuwln • J»i* 

i :2^ ta »ir2f 

agreement from landowners ^ tfaa effects of 

‘ farmers. Nevertheless, the Pror- tKai^rt^ receBSlqp- " . . . . 

■ phsals, -when they are -announced, .tee Job. Creation 

. are bound to he controversial and - s Hw»i'p. thie year would 

.*■ politically sensitive. . . . .. atoMhaYfe a ; serious leffect " on 

Professor Kenneth Alepnderv-^mploWent particndarly in the 
^ chairman of the Board, sa id • .Tyestam isles, has been 
r yesterday thaL the proposals' "eife^i^ejy used; : ‘;- 

would contain some -novel encouraging, sfgn -was the 

- 'features. - -45 cent v increase ;Jn-^ '-the 

“ The Board has no aspirations nui&S&' - of -new, rapplicatihns; to 
to become a subs tan tiaJ Jand-_tffeBbard fOE.-aujSjort'for com- 
: owner. Our objective is to ensure merefaJ projects. This tieroon- 
/ that land is used in ways which strated that " thero were .finns 
. provide employment and incomes .with.' confidence, in tee region's 
- and sustain family life; partial.- -futu^.^riwbp ^ to 

. lariy in .the more remote areas, invest. 

‘‘There have been-cases where.;, '.oriff .-■ mauds 

the policy or attitude - of a Developmeniy BoariTs Twelfth 
' particular landowner has f rus- Annual ivlteport -.Bridge House; 

. trated this objectivu.'and it has 27. Baidh^eet;. Irroerness, IVI 
been clear that the powers prfr 1 QR. £l^^r 

Call to remove tas^on 
company healthschteines 

■over these The P«>1 value could Mop 
.over these { OOO.TOO^ eventuaJJy,^ sjnee; 

m arried woman’ who *is incap able M ^- A1 f r , e 5 ^ orris - Minister for JJJJJ pSjmMts bSSi on.'ap^ 

of performing normal household ***« Disabled , in d letter lo the centage of profits. - 

duties and of doing paid work. Alliance, reaffirmed the Govern- ** , 

meets view that once a person About 40 companies , Are. In- . 
Under the ensting rules only had reac h e d retirement age voiced in aU Including: Esso 
/Ov „ yi_ A/te women under toe official retire- tiUe to ilvcQme maintain ance CaelUng World Cup beer nutgs 

Osli dresser fetCSieS £2«600 Sfbenlflu although o^reachte^ emftfemen? 01 " 1 ^ dCP redreS I ( be?r^ts^ T^’ec SriJS 

7 this age they can opt to con- pension. ! Bank (official World Cup book); 

AN EARLY Georgian oak dresser Dodge sale in New Jersey in tures for £81,355 yesterday. “A {hri? rtfiSai^DS? i£ r Mr * Morri * said . th *! .^j Slf^terl- fwSld ’ 

66* inches wide, at £2,600 was the 3975. About S309.367 (£170,920) German Hunting Party.” by No accmmt is taken of Gov f™ ent does not think it ! Cu p Poo^O. 

top lot in yesterday’s sale of of the total was contributed dur- Magnus Prascta. sold for £4,800; the husbMd’s ^Sitei'>s W0Uld b V'l hl t0 S , lve m ^ ried e ^ - 

English and Continental ouk. ing Wednesday’s sale. and “Roba di Roma.’’ by Keeley 1 f usoano searnin t ,i s. women who become incapable of bhanatem (T^nirts) . . ^ ^ 

pewter and metalwork at A life-size model ofa fox with HalswelLe. for £3,200 to Ledburv. “ ut , women over 60 who can- performing their household bmirnoff has_changea \the 
Christie’s. It was bought anony- prey, the sculpture signed Row- »r-hp «Jnthehv’e ipwpIs cafe claun retirement pension in duties after 60 exceptional j <arloon in Its “They said any- 
mously in a sale which made .„A5Li a 1 ” fn«““ ^ eir n & h ± because they treatment. ! toing could Juippen” ompalgn 

£47.194. diamond^ rin'rtold for IifoM ' have J ot a sufficient contribution The Alliance yesterday to Scotland for this Saturday 

In other lots Sorgeloose. the ... nnd a diamond braeelet fnr reco [ d ’. “ nn u ot g 1 *® a P easi on expressed disappointment with! e«Indc any reference, la the 

Belgian dealer, paid £2,000 for a SALEROOM £6 600 4 nemerald^ ? n t ^ cir husb « n ^ s record unless the Minister’s answer and has) ^VorldC^p. Space bookjed.ioiL 

Louis XV oak cabinet from the Ibmo' AroEn o?lmre!ipro he has reached 65 a °d has asked him to re-examine its | 19 has been cancelled. .. 

an ?i SS^L th ! " ANTONY THORNCROFT so j d by _ Elsie and Doril WattS reUred fr0m ^ pr ° P0Sal!S ’ R fS22 

mously in a sale which made 

In other lots Sorgeloose. the 
Belgian dealer, paid £2,000 for a 
Louis XV oak cahmet from the 
ISth century, and Russe.I. the 
Dutch dealer. £3.600 for a 
Flemish oak writing table from 
the mid-lTih century. 

Cup football kit); and' M.TL 
Shanahan (T-shirts). ... i l 
Smirnoff has changed - the 
cartoon in Its "They said any- 
thing could happen” campaign' 
In Scotland for this Saturday 




realised £8.085. 

the mid-ITth century. A minor auction of English 1\/T !• a lx a 1 

With results from the final day land Ward. London. HW3. was drawings and water colours y|Op|||V|p Ippiuran SffcCJV 

nf Christie m sale of the contents the third day’s top lot at 819.500 brought in £l«.ibfi. with a best Ivl.aV'lUllV KAJU1 IvV-IiUUiUiaY 

at Ravcnseliff, St. Davids Penn- of £1.000 for an album of 53 ■ 

svlvania. still to r-nme a n*-w Among the silver on offer, a French military uniforms, by nr* Art *f at iichai*d 

record for house sales in the U.S. large feather-edged Old English Orlando None. ullVitti UJL U iJvFij 

ha-= already been established. pattern composite table service At Sotheby’s Belgravia, silver . ' 

At the close of business r.n by assorted makers with dates brought in £53.026. A Martin BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 

Wednesday the total fur the sale running from 1775 «m 1935 made Hatl and Co. four-piece tea set _ 

stood at Sl.5M.5fiS ( £883.739 1 . -S13J200 (£7,292). It was bought of 1863 sold for £1,250. and an MACHINE TOOL technology it Mr. Bill Vaughan, chairman 
substantially higher lhan the by Colket. the Maryland dealer. Elkington Mason oval tea-tray has probably outstripped users' of the Council of the Machine 
51 ^.ni set at the Rockefeller Bonham's sold European pic- of 1S53 for £1.200. capabilities to take advantage of Tool Industry Research Associa-; 

With results from the final dav land Ward. London. 3.903. was drawings and water colours 
or Christie's sale of the contents the third day’s top lot at 819.500 brought in £l«.<b6. with a best 
at Ravcnseliff, St. Davids Penn- f£10.9S9i.. of £3.000 for an album of 53 

svlvynia. still to ennie a m-wr Aniuny the silver on offer, a French military uniforms, by 
record for house sales in the U.S. large feather-edged Old English Orlando Norie. 
ha« already been established. pattern composite table service At Sotheby’s Belgravia, silver 
At the close of business r.n by assorted makers with dates brought in £53.026. A Martin 
Wednesday the total fur the sale ranging from 1775 tu 1935 made Hatl and Co. four-piece tea set 

June 19 has been cancelled. j 
Scottish and Newcastle 
Breweries, which has been runr 
nlng a press and poster earn-;,' 
paign for about eight weeks on* 
the slogan “Scotland, we!re:i 
right behind you,” said it had 
no. plans to cancel, the cam- 
paign before Sunday. 


A CALL to the Government hot 
.to tax individuals on health- 
insurance benefits provided by. 
their employers was made yester- 
day by Sir Michael Milne-Watson. 
chairman of British - United 
Provider) t Association the ' big- 
gest medical insurance agency in. 
the United Kingdom. 

Speaking at the annual meting, 
he painted out that every private 
patient relieved toe National 
Health Service of considerable 
cost since the independent sector' 
of medicine provided!', excellent 
hospital facilities at no extra cost 
to the Exchequer. In addition, the 
private individual covered - by 
medical insurance also paid bis 
taxes and national insurance con- 

In such circumstances, with 
independent medicine making, a. 
growing contribution to the hos- 
pital services in the UK, it was 
debatable whether a company, 
jvftich voluntarily covered its 
staff for health insurance, should 
bg regarded as providing a 

“fringe benefit” '■S^ESmaS^^ 
viheed that such 
whose employers 
insure, should . not be 0Tl ; J 

the. cost 'of- that insuranceli\^-i‘ " 

Where a ■ com pany , "pro 1 

group health insurance sdJt-vS?. - . 
covering private hospital cc«*.- ‘ 

and surgeon’s fees- with btfavH?. . 
benefits, the Inland Revenue taitLV 
the employers’, contribution in p- 
respect of the eniployees-CDvered t 
as a benefit in kind. ... 

Sir Michael also referred: to 
the progress of the association in 
running its mm. hospitals, as dis- . 
tinct from, those "operated- by 
Nuffield Nursing Homes Trust, 
the largest private hospital chain ' . 
in toe. UK. This is run as a - 
charity sponsored by- the asso- 
ciation: Under this new develop- 
ment, toe association- acquired a 
hospital in Manchester to be 
known as BUPA Hospital Man- 
chester which, while open to the 
public, will offer preferential 
admission and charges to sub- 
scribers to the- association^ 

fit to.: 


Tool Industry Research Associa-; 

1“ m“ 5 ' rate' '““"KchSScal i BY M,CHAEL LftFFERTY 

advance in. the last few years j 

has probably been greater than I ONLY 170 accountants from the 
at any previous time in the: 65.000 membership of toe 
industry s history, he maintains. (institute of Chartered Accoun- 

facturers in toe t-Tv have failed j tanls are -turning up at the 
to keep pace with the parallel anflU *i conference in Brighton 
advances in such fields as tri- starting today, 
bology and terotechnology. This is only slightly more than 

Mr. Vaughan suggests this was half the expected attendance, 

K, r i^ S ,!, e h. m 3 S , t ,J,n P f 0 ™m CI T »»<l that the institute will 
elusion ta be drawn from meet- ... „ 

ings during the past yearJ faU substantially short on the 
arranged by the association, contribution from what 

which machine tool users dis- is meant to be the top event 
cussed problems with manufac- of the body’s professional year, 
turers. Mr. Eric Hunt, director of post- 

The meetings with users also qualifying training at the insti- 
showed the importance of sound tute, said yesterday he was very 
basic design. disappointed at the attendance 

Poor turn-out by accountants 

figures. AU possible measures 
would be taken to avoid a repe- 
tition, he said. 

One finance director who will 
be at Brighton criticised the pro- 
fession for producing such a poor 
response. It indicated ’’frighten- 
ing apathy,” he said. Some 
senior accountants are highly 
crtical of the content of the con- 
ference, which is largely devoted 
to special interest sessions on 
subjects like the “green pound,”, 
“family- finance” and “deferred’ 

Another possible reason men- 
tioned. for the poor turnout may 
be a fear that if a company or 
firm -paid for a wife to attend 

this would simply be assessed as 
a taxable fringe benefit by the 
Inland Revenue. 

. Among toe main, speakers at 
the three-day conference, which 
wives and busbands also attend, 
are Sir Monty Finniston, speak- 
ing on British management in 
the public and private sectors, 
and Mr. John Davis, the Shadow 
foreign secretary -whose subject 
Is Britain and Europe. 

Attendance at Brighton, at a 
cost of £3£0 per person, would 
count towards the 120 hours of 
POSt-quaUfying education which 
chartered accountants ' are 
supposed to receive every three 

- V- 

■ns t a , 

I «£***, • 


re capital 


A thoroughbred for the future 


Tf there's oue of you or a 
group of you. 

J f y« uir project involves 
product manufacture. 

II you're deeply experienced 
in the relevant branch of industry. 

If your ideas and projections 
make long term commercial sense, 

If yt m re brimful of know-how 
and all you need is money- we ’ll 
consider providing the venture 
capital to get your project off the 
ground and into profit. 

And if equity is part of the 
deal, we'll happily write in a buy- 
back option on. terms to be agreed 
at tJbe outset. 

At the same time, you could 
qualify for basic assistance within 


a Government incentives package 
■which has been described as the 
best in Europe. 

And provision can be made 
for help with feasibility studies, 
market surveys and management 

But please remember were 
not interested in projects that 
could be fizz today and failures 
tomorrow. . 

We are concerned solely with 
expanding the already broad 
industrial base of Northern 
Ireland, adding to the 300 new 
projects set up here in recent 

This could be your 
opportunity to get your project off 
the ground. 

Write to us soon. 

Post t o Industrial 
Development Organisation for 
Northern Ireland, Ulster Office, 

21 Berkeley Street, 

London W1X6BU. 

. (2hZ9) v 

LIVERPOOL 2h 01 f\ 

(1h 31) 

' (3h33) 

LEEDS 2h 11 
(Eh 31) 

it will pay you to take a longer look 

BRITISH RAIL Engineering is engine economics since toe indus- ■ ■ — i— 

justifiably proud of its latest trial revolution. 1 COMPARISON OF HST/lPT AAD 

Ad“ rcd p a sTeLer T "I h r m 1^ COltVEKTIOIVAL JOURNEY TIMES 

tST-wjrr-J 4 from lomdort <mL m 

service into toe - 1 st century. main lines linking London. Bir- GLASGOW 4 h 05 EDINBURGH 
AJso understandable is the mingham, Manchester. Liverpool (5h00) \ (5H30J W/~ /A 

claim by BR that the APT is and Glasgow. This gave travel at TO T® \ Mm — 9 ’ «58 

the ** biggest single step in 10 ?. mil “ pe , r h ”“ r ',„ ,« „ \ W" ' II 

Improved performance yet Stage two. leading to 1-5 miles f i 

attempted by any railway.” It ff'JjgSrJJ Vth toe high-speed" . > i 

is the envy of the Japanese for d j Me i trains 0 n services from \\ 2h55 

its ability to take bends on exist- London to Bristol, south Wales. - \V V 3h33 I 

ing track at speeds 50 per cent toe West Country, Edinburgh WA ^(Zh 2 l] t,< 7 \ ” W \ > 

higher than conventional trains. an £, oorth-easL \ \\ \ , ccnc 

This gives passengers a bonus The APT is at the heart of LIVERPOOL 2 h 01 f\ iWr (Sail 

of constant high speed travel. stage three, with the promise of (2h3l) \L ffivnlcjA 
Yet APT may be the last major near-constant speeds of 125 miles \\\l\ \ 

advance in rolling stock in P er hour over the longest UK /r~r v \ Vk\\ \ 

Britain until toe year 2010. By Journeys. \ \ »\l >* 

then the last of the 70 APT At the moment 21 per cent or BIRMINGHAM 1h0» \\m%| 
units BR hopes to build will British Rail routes are electrified - OJ^ 31 / ' \ 

have completed its design life and 40 per cent of train mileage ^orvcFi h ah / 

of 25 years. The new era which Is electncaily operated. Half the / 

started this week will be over, electrification was completed in ' ^ ^ *S 

British Rail is convinced that the past 20 years, wtth much of 
the APT will provide gradually the earlier schemes concentrated • M 

more and more of the backbone m the Southern Region, para- • J h 25 

of Inter-City rail services in dorically toe_ areas which are *** 

Britain. More trains may be likely to change to advanced roll- f v' ~ 

ordered Is more routes become Ing stock last, if at all. £ fr.' HST" ■■ 

electrified, and it is possible that In fuel costs alone, a pro- . Brackets denote conventional jour ney times 

the gas turbine technology’ which gramme of mass electrification, ^ 

powered the first experimental covering almost toe whole • . 

APT in 1972 may eventually be country, could save annually r( , VM ne. With mass electrifiea. Thi= ^ ^ 

vlable , 700 ' 000 tonnes of fuel. The plan ff Qn tiie im eni in dr^ 

But that is the full extent of most likely to be adapted by BR, joumev time wS™d ^p to tee l&nk o™ SLA*? the B l ld - 

further radical change in engine If the Government gives its ind^7 the century ’erne from i? ^ ni,n 5 

and rolling stock technology approval, would involve electri- Se A^spreadlne i ^ToveroS SuSSa^En h3za { ds “ d 

envisaged by BR. The APT , s fleation of 2.400 miles of Inter- Sfo^toi West cSuntry SoSth dffances WtUn *** bKUuDR 

Sra of modernisation on BriUia’s SpWom SSJ ? $£££ Sw&S?* ^ n ° rth •"* “ d would' S? tee d 7 leMr 

of further innovative engine These figures arise from the noSv fades 7wav"int? the Sw ^ 

design go back to before the APT belief that in BR that for every cent^ tofre £ '«r?a?n to be a distant ^° n P W ‘ th i n *»*»* 
was a designer's dream. Steam 1 per cent, improvement to traSfe? of fund? *? y £° n ™ n ‘ 

gave wy to diesel In the lfiMs journey time, there is a 1 to 2 to computer-based-signalling and speed will be~ 1 imffadhi d 

in toe first radical reappraisal of per cent me in passenger driver aids. • pw hour imui ul e ^fe JSSfcT 


i 2h16 ^\ 

BRISTOL 1h 25 

(1h 47) 


Brackets denote conventional iournev times I 

The reasons 

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|/i/"|Ainn Unrcp The printed page is helped by Albright & 

Jr! KlCKina nOlit Wilson to carry its story more brightly in 

PonoHa 9Q in manv otiisr countnes. 

Canada, as in many other countries. 

Albright & Wilson is a major manufacturer 

of sodium chlorate for bleaching P U *P^? 
paper whiten and reading easier in books and 

. I TU« AAmnonx/C npw 

V ' • ! '■ : . 

v^^|> 0’S'; •• ^ ;! 

•-• ■■’,•■• V-. ■ ' • li ,V- W-.-' %.'- * ■• 

notorious effluent problems of the massive 
pulp making industry. 

Aibriqht & Wilson have manufacturing 
plants in 1 5 countries In 1 977 alone, overseas 
production resources were increased in 
Australia, Canada, France, Malays 13 ’ 
Singapore, Sweden and the USA- 

Worldwide, sales last year were £338m, 
of which £194m were earned overseas, 
including £92m exports from the UK. 

‘A ' t '.r“ ■>'. ■ 

Albright & Wilson Ltd 1 Knightsbridge Green, London SW1 X 7QD. Telephone 01 -589 6393 

.... ■ .ml rin m ovtrarts . nhafttlS®®'^ 



''"vjv’.- _ - . fine chemicals -flavours- food additives -fruit juices- natural dng ertracte’ & xam 

IXSSses . organic intermediate chemicals • pasties chemicals ■ flame retadame 

%-f v 

V ■':/ 





Political credit squeeze 




cial measures caused an Instant 
political credit squeeze in Hie 
Commons yesterday. 

Conservatives cried “ Crisis " 
— and charged the Govern- 
ment with incompetence. 

Air. James Callaghan, assert- 
ing confidence and control, sur- 
charged the Conservatives with 
the price of their ** irrespon- 
sible " tax-culting votes. 

While in the ntjVsl of the 
stood the bewildered 
figure of Left-winger Mr. 
Norman Atkinson, urging the 
Government not to yield to 
Tory pressures for the in- 
creased interest rale which had 
already been conceded. 

Conservative chagrin over 

the £500 m. Impost on em- 
ployers was extreme. 

Airs. Margaret Thatcher 
angrily calculated that it would 
ainnuur to £l-5bu in a full year, 
equivalent to 4p on income tax, 
whereas the Opposition had 
enforced a cut of only lp. 

But this “ economic crisis" 
had bccn_ caused by the com- 
placent increases in public 
expenditure and the Govern- 
ment's loss of control over 
money supply, &he claimed. 

Air. Callaghan replied that 
the Government's measures 
were intended to ensure that 
inflation remained under 


He regretted the employers' 
surcharge, but the £500 m. 

M represented the degree of the 
Opposition's recklessness." 

The Prime Minister indicated 
that the Government would cot 
visit the sins of the Tories on 
industry Tor a full year. "There 
will be another Budget next 
April, I can promise you," be 
told the Tory leader. 

As for this talk of crisis, Alf- 
Callagban turned to join in 
with Labour's derisive laughter. 

Interest rales were still well 
below the level when Hit* Con- 
servatives left office, he 

Sir Geoffrey Howe, Tory 
Shadow Chancellor, persisted. 
These “crisis measures " were 
final proof of the incompetence 
of the Chancellor, he snapped. 
They would increase unemploy- 

ment and the cost of living:. 

Mr. Callaghan suggested 
mildly that what seemed to he 
irritating the Conservatives 
was the fact that there was no 
crisis, except perhaps In their 
own political tactics. 

The Government was restor- 
ing the balance of its Budget 
strategy “after the Conserva- 
tives had undermined it." 

The net effect on employ- 
mem w’ould be verv small, the 
Prim* Minister said. As some 
Labour concern rose over the 
likely increase in the mortgage 
rate, he added finniy that that 
issue must he left to the build- 
ing societies. 

IVlth the Liberals remaining 
noticeably quiet, the Conserva- 

tive attack switched from the 
Government's measures to the 
procedures under which they 

ha M^ I Th^i^ Ced ;„ Plained THE GOVERNMENT has offered right of appeal — ™-g»gSKS 
bitteriv To Mr BIlchae^Fool ^e Nati °nal Union of Mine- secretary- 
?i« r !ier V”Ld Com- Te “ ttTer Most o! tie 

rejected- ' aWment ^ b “ n ™ SL h^SpsrenUy be« 

Mr Foot insisted that no made without the knowledge of Pht the ja,i«jons on closures doesi^'Mvn^ 
precedent 0 * required such a National Coal Board, which unwelcome -gS®® 

statement — and he patiently SmSfXJLn - f0r State °division between ;.: the 

SSS^of* fiJSLJSS TV offS wS mafe by .Mr. Sfcutive and the union's areas, 

choras of Conservative pro- Amhony Wedgwood Beni the Bean is waiting for a res-: 

- sdigi 

S?Hr h Fo^^ey e m'gMh th ,ve ««"““* %?£ Pay ^al ’ mSSI, 

chown to debate the cmis neart ferred yesterday bv the NUM The Union's executive Tester; 

5SW Secret SSSZ W SLtf&JZ 'SSL"!SS&A , S*“ 4 far*“S 


E GOVERNMENT has offered rigM of *° the ;iS 3 Si 

National Union of Mine- Secretary- . 

rkers a form of veto :aver n( the. executive appear 





tMtciuiike. uiauy ui wuwu are day accepted a V a -„ TUV’ fifcT- 

suspicious of the offer’s implica- «on& regrading offer for the ■ 

H"" s - • . comtry-s pit re«ue workers. . 

The proposal would mean 

adjustments to existing; ;proce- ’ ^ i^L]?ba(i“ed b'y to ^ 
dures. which wonld in effect give ou ? a move, main > seek -it?-.- 

the NUM the right to stop^the ™*«“« Yorkshire tp h 4hjprmremei 

Xrr? from dosing a colliery • improvements 

He p^sent preeedu^for arrangements for f 

dosing a pit involves extensive The 36 rescue men Yoiy- Claras JTom 
consultation between the Board shire who have been on strike m. workers c . - eh«, we/..?epenSi^dxaV ' 
and the NUM at district, area rapport of higher bonus pay- wou^ ^^fipu^le^the. * 

and, if necessary, national IeveL men ts— -they are paid at 40 per c ontro l . . of-tflap; B n{q^sad,-:Mr" 
The procedure has no automatic cent of the face workers rate - Gonntey-< •• t;yr 

j. wtirtitJ 
, they ' voted rescue 






The Prime Minister retorted Mrs. Thatcher told him that 

THE GOVERNMENT’S latest fore the Tories had forced Therefore, the Prime Minister The Prime Minister retorted Mrs. Thatcher told him that 
ccomnic measures were a move through their amendment to the should retract bis statement of that the Opposition seemed to be she bad specifically approached 
necessitated by the "economic Finance Bill reducing standard last Tuesday when he said that disappointed because they had the Prime Minister's Office 
crisis” resulting from the Govern- rate of tax by lp. Government policies should not got a crisis on their hands, earlier in the day to ask for a 

crisis” resulting from the Govern- rate of tax by lp. 

ment’s decision to increase public Mr. Callaghan told her that ensure 


earlier in the day to ask for a 

He estimated that the net effect statement in the Commons. 

£4m steel imports 
because of strike 

expenditure by £4bn this year, the House would have a chance never return to double figures, on employment would probably 

Airs. Margaret Thatcher. Opposi- to debate the matter when a new 
lion Leader, said in the Commons, clause is introduced to the 
Clashing with the Prime Finance Bill increasing the 
Minister. Mrs. Thatcher was National Insurance surcharge. 

lew Mr. Callaghan replied that far be very little. Chingfordi saw the m 

the from retracting his staiement. He pointed out that the Opposi- a complete turn-about 
the he wanted to emphasise it. tion's lp tax cut would have had men , economic policy 
“ It is necessary to maintain the effect of increasing employ- 

bitterly critical of the f3Ct that He recalled that when the conditions under which a sinele me.n by a small amount. iu« — - — - — - — i — — *-. 0 : v ;n: 

the increase of 2.5 per cent in Government was defeated ot'er figure inflation rate can be increase in the National Insur- , e -Y could be part of a strategy | week to make up lost production exhausted by the weekendand FOREMEN" IN theshop-flbor.vio 1 *' " 

Mr. Norman Tebbit (Cons. BY ROY HODSON 
Chingfordi saw the measures as 

111 Govem “ ITP TO £4m worth of steel hi to'told the Llanwern unions that ■ 
ment economic policy. b e imported by the British Steel working stocks of steel for the 

He could not conceive how Corporation during the next finishing end of the works will be . 

foremieii; ^ 
back today 



By- Philip Bawct^Uftour Staff . 

■ Viw^rLi? 


the National Insurance surcharge, t- nc j p t a;i reduction, the Chan- mantained," he told the House- anee surcharge would offset this. 

the ris* in Nlninium Lending ceiior had warned that he would 

"Rate to 10 per cent and the jjavc to introduce measures to Government had wanted 

ihe So the two cancelled ouL 

return of special hank deposits make up lhe l05t revenue, 
had not been announced to the 

Sir Geoffrey Howe. Conserv- Surcharge 

alive Shadow Chancellor, saw the 13 

mea-Pires as final proof of the But the Opposition had shown 

creases kept down to 10 per cent 
during the present phase, but it 
now looked as though it would 
work out above that. 


for industrial regeneration, or job caused by the strike of blast- that, in the absence ft a return i en ce dispute at Eordi Dagenham. - 

creation. furnaceraen at the Llahwem to work, the laying-off of at could end their strike today: 

Thev certainly did nothina to works, South Wales. least 4.900 other steelworkers at resentatives from all 23 of Ford^ 

During business questions 
which followed questions to the 

They certainly did nothing to works - South Wales. least 4.900 resentatives from aU 23 of FordV 

inspire confidence in the Chan- Imports are expected to eon- pl ant w‘“ &av® J® British plants tieclded -yesterday 

cellor's handling of affairs, he tinue at a level of up to 20,000 flirting with the bunaay zugnt* to recommend voScU. 

maintained. tonnes a week while the strike Monday morning shift. The total ^ soon as posable..*. . ' ' v,J 

«r*. I~ G.W (Eastbourne) !S?- ""TteAatdOOT “SSS. • & “J ' 

mea*;iires as final proof of the But the Opposition had shown ‘“e C0 . ra ‘ n S -}, ea ^ he Minister, Mr. Alicbacl saw the proposals as a “massive S r Sne nS la? loss in overall U 

incomntence of Air. Denis Healey, its irresponsibility by rejecting h°P*d f or ■ substantially lower Foot, Leader of the House, was indictment of the policy an- a s t m ?he “SS* duction of some 11 

rihuni-niiorof the Ev'henuer. who the Chancellor’s- advice and figure. People would benefit constantly bombarded with Con- nounced m the Budget two „ ' ai fL p •• Llanwern has recentl; 

was i-iiting boride Mr. Callaghan pressing ahed with the lp reduc- fro “this rather than by having servative complaints about the monihs ago. ' . during steel at the ra 

on i he Front Bench. lion regardless. ^ 0l, 2l® “Buro wage increases. ^ absence of a full statement on The exchanges ended with Sir. AH tro n aQ d steel production tonnes a week. Will 

During the exchanges, several The increase in the surcharge, "That is what 1 am going for, the measures. David Price {Cons. Eastleigh) has been at a standstill for-more of steel scrap, wee 

yesterday decid^ W <f<mtinue «f 0 f s h “i“^ 5 S te ^ visors, ‘wta £SS T 
their strike, making mass lay- '? SO m?u iS ~nt AssodaU, » »f Srientiflc. Tech- 

P,lnt 1 ^K^lafr^enUySSn ^ “'S‘ ^“owsial^ -ffl 

cenainry. . .s no -tnpi at »hp ratp nf 4 nnon today and are expected, to 

AH iron and steel production tonnes a week. With the Input ac ®® pt the recP m taenia 1 »od. 
has been at a standstill for.more n r steel scrao weeklv outnut -™ .recommendation for a,’. 

on :he Front Bench. lion regardless. d0l, 2' e fi f ure wa p ’^creases. absence of a full statement on The exchanges ended with Ail mm and steel production tonnes a week. With the input ioe recomutenaatran. 

During the exchanges, several The increase in the surcharge. " That is what 1 am going for, the measures. David Price {Cons. Eastleigh) has been at a standstill for-more of steel scrap, weekly "output -£“ e recommenaanmi for. a,.. 

To'*y backbenchers declared that now being proposed, would bring he commented. But he. too, maintained that demanding that this “broken a weelw The 500 members from the works bas been running return to work is wnainonai on- 

t?i° "rime had now come for the in £500m tin’s year and £1.500m Mr. David Stoddart {Lab. MPs would have to wait for the backed and lame Government" °* National Union of Blast- at around 50.000 tonnes. . - ^ uL s * nin £, .J/fflL”™-’’" 

X-JUIV ■ MI lilt. J VO a Miiu WEI. I/dYIU DtUUKHU ~ -- **« - v can uavncu ai|u iflUIC VJUvci UlUCli l ~ . — m 7" ■al> divuuu vv.vvv 

P>-ime Minister to sack the next, he told Mrs. Thatcher. Swindon) maintained that if the amendment to the Finance Bill should dissolve Parliament and furnacemen involved win not Overall UK steel production involving management, foremen 
Chancellor. “There will be another budget mortgage rate went up by 1 ner b efor e the matter could be call a General Election as soon meet as 2 * 11 until next Thursday, averaged 438,800 tonnes a week ma nual workers representa- 

, , . ?«« April. I c.n promi,. you «nt"opl« would Snow rL ok possible. _ ^HUSrSiJSSS 


next _ April, I can promise you cent, people w^u-ld know that 
h JSns ^ . they were worse off as a result of 

On the borrowing require- the tactics of the Opposition in 
Mrs. Thatcher told Mr. ra e?L “ e «"*d *at this year's reducing income tax by one 
Callaghan that he might convince ®f® pareii penny. 

himself with his own compla- W1 ,rl t a !? 0 ;l *®° n ? ear ' . Mr. Callaghan replied that 
cwncy but he would not convince j?« od ?l. can mortgage interest rates must 

anyone rise. J“ e d l “ cu * ties ot estimating the re fiect the capacity of the build- 

She described the package as b 2T5°^ vir ?p r fQ u Ii*ement, to what j n g societies to attract savings, 
the "14th Budget ” of the pre- e ^- ot 11 will be correct this if nates were out of line, 
sent Government and the first ye 2 r - _ CCK- . _ .. then the Government did not 

Big police pay rise 
soon, says Rees 

k «ieb, J? j: szi ded Muim Muid * ^ •s ’^rs^wiss 

™ io '™ e Inflation . «■ ow™,™ < roM 1ST he did not regard as ,00 | 

Yet inis important announce- “ I regret very much the In- Shadow ChanceHor^wanted^ noHcenien anl^womin C Ea5n’» Wi>hM Ste ^5 en ?° SS <L ' IsI ^ of ^ 

ri ? r , _ h “ d . l>e ^ in ?. detolh ?? ress crease in the National Insurance know why if these - crisis Sremahfrelv i ! 



Tory peers 
win Scottish 
Bill battle 

night to order steel from Holland The Llanwern dispute began between foremen and hourly-paid, 
and West Germany as -soon -as with a management shutdown of workers If the recommendation 
the furnacemen decided to con- the 5,000-tonnes-a-day No. 3 accepted today., then talks are 
tinue the dispute. furnace, because of a work-to- begin immediately. 

Earlier in the week, TSir. ruie by its 100 blastfurnacemen. ”“ e strike at Dagenham re- 
Charles Villiers, chairman ^of Another 400 union members suited From an incident in the 
British Steel, opened the hew walked out in sympathy," halting body; plant last- week when- a 
tinplate plant at Ebbw Vale: to all iron and steel production. foreman claimed he was struck . 

order to keen that plant running. The No. 3 furnacemen &Y ao hourly-paid employee. The 
up to 14,000 tonnes of sheet. originally claimed to have been employee alleged to have been 
steel from Llanwern is needed.*" locked out" but the dispute is Involved was sacked but rein- 
' each week. Most of the imports now interpreted as a straight £S stated after an appeal, 
will be sent to Ebbw Vale. and a week pay claim for accepting Computer staff at Warley 
further imports of sheet steel iagw work schedules. staged, a 24-hour strike In sup- 

will be used to fulfil customer British Steel has not been ore- pon of the foremen, which ended 
orders. pared to offer more than II a yesterday. Only 500 of the 

British Steel management has week extra. . normal 1,000 Cortina and Fiesta 

cars produced daily at Dagenham 
a i a were turned 0111 on Wednesday 

Basnett to uress i&nsKwsassri* 

ILV I* 1 « A meeting yesterday of 400 

^ # craftsmen at Leyland’s car 

for unity on pay 

been recommended by the newly- 
BY PAULINE CLARK, LABOUR STAFF- formed Leyland Craft Organisa- 

THE GENERAL and Municipal Mr. Charles Bonnet, national f^am^yl/nd^^he vrice 
Workers’ Union's difficulties in officer, told delegates on the last 0 f the company's skilled manual 
selling its idea for a public jj ay 0 f the GMWU conference workers. 

services committee to other y,at it was “imperative" for the 

□moos was highlighted yester- mjjQns to unite to overcome the Ap A O 
day when the umo n called for special problems facing public ALAo SWayefl 
an end to slogans and sector workers. But the unions i , » ’ . 

chaUe^ed critics of the plan still h ^ e t0 be conv i QC ed and hV threat S. 

to produce prachcal alternatives. « the indications are that this will J 
Mr. David Basnett TtiC chair- no t he easy. “We all face the llTtinn f*1sHTTlG 

man and general secretary of problems, but we don't all U 1 UUA 1 uaiilia 

ii iv 






ISTSSTZ i t0 , e£ i lJat t. Conserv ' a ' M 1 ®* ?? era was no disruption of duce the arrangements proposed The views expressed by Presi- TORY PEERS defeared the the GMWU. will be pressing agree qd the same solutions, 
ii.e profiosdls for a bigger role individual countries which under- by Mr. Davies this would be deni Finpr in bis cnMei. niarifv Government by 104 votes to 53 hard over the coniine weeks to H _ , . 

for the EEC in promoting mined their economies. _ •_ * ' er n his speech clarify- ( maioritv asainsr the Govern- hrina nuhlic sector uninns So our proposal may yet be 

ACAS swayed 
by threats, 
union claims 

fee Ear ,' 1 


S Grim 

’or the lul in promoting mined their economies, 
political stability in Africa with a Tory MPs rallied to the shadow 
desire to return to some form of Foreign Secretary's support when 
" neo colonialism ” were angrily Mr. Luard accused him of 
denounced by Mr. John Da\les. adopting a "patronising 
shadow Foreign Secretary, in the approach" to African countries 
Commons last night. and contended (hat they would 

He clashed with Mr. Evan regard It as an attempt to 

(majority against the Govern- brine public sector unions . ? w , w “ •« «»«»■* 

ent, 49) in a battle over together to protect workers ? h ° t K d r« d ^■ fc 2. ow « t f£ de mw ? f * I 

irapire-building " powers which from a pay backslide once free Ssts before it gets off the ground, ^ 

ey said were included in the collective bargalnina is restored. i n wh * ch j® 8 *® we ha t ve * ^bt 

■otland Bill. The plan was approved by the “*F . lts opponents to stop tion. it vras claimed in the High 

Continuing the Bill’s Lords union conference in Scar- slogan ising and propose practical Court yesterday. 

THREATS OF Industrial strife by 
unions forced the Advisory, Con- 

FJJSffiS tTcular African countr i es. 


pale bv 

and contended that they would He asserted that Britain now He suggested that action report stage. Lord Campbell of borough on Wednosdav. and will themselves.’’ ACAS had allowed itself to be 

Mr. Evan regard it as an attempt to stood in higher regard in the should be taken in the United Croy, Tory spokesman, warned form part of an “economic Mr. Donnet asked: “Will the dictated to and had abdicated its 

Luard, Foreign Under-Secretary, reimpose a 

who claimed that the views colonialism." because the Government was pre- of the Soviet Union in Africa the Scottis 

expressed by Mr. Davies on The Minister maintained that P3 rfi d to approach African coun- btrs of tht 

Wednesday at the start oF the there was a vait difference tries on the basis of equality and _ # — lo nppe 

two-day debate on foreign affairs between an individual country with the pose of patronising I jlefor lnriiilrV couid be 

had been interpreted as a call for calling for assistance from a superiority inherent in many of AAiijuuj setting up 

collective action by the EEC and particular country, as had hap- the proposals made by Conscrva- THE GOVERNMENT is to hold in Scotland 

neo- world than for some time past Nations to condemn the activities that powers in the Bill enabling I contract " proposal to be nut to Government guarantee to j n . responsibility, said Mr. Bernard 

the Scottish Secretaries — mem- [the TUG at its conference in crease the cash limits for next Marder, QC, for the United King 

bers of the proposed Executive I September this year. 


year, specially to meet their for-! dora . Association of Professional 

— to appoint civil servants Although some union quarters ward. -commitments to doctors. Engineers, 

couid be the trigger for the 5e p the idea as divisive rather police, university dons, and UKAPE is seeking a court 

setting up of a mini- Whitehall than unifving, it is llkelv that it otbers, or will savings have to Invalidation of an ACAS recom- 

m Scotland. will receive symoathetic con- be made elsewhere? If they ex- mendation that it be denied 

the countries associated wilh the pened in the ca«se of Zaire and Live MPs during the debate. an inquiry into allegations of ill- . “Under the Bill, each Scot- 1 s i derat ion at the annual confer- pect the school cleaner or lhe bargaining rights at APE-Ailen, 

made it specifically clear that .whole. 

Washington meeting not to over- Secretary, announced. 

there was oo question of defend- As for the suggestion that the react to Russian intervention in The report of the inquiry, jr Qp . hp fi 0TP riimpnt Lord! W ' j i 

^ ICa, r bUt . prOV,d,ng r enegotiatron of ' tiie Lome con- Africa amounted to advocacy of which will sit in private, will Rirkhlll had warned that the! HI OtCTTBlFl* 

adequate safeguards to ensure vention should be used to intro- 1930's style appeasement be published. proposals wouid™ad tf cot iXUVClCidlli UldjIlllC ClUld 

curb would be financial. “It is 
a formula for empire-building.” 
For the Government. Lord 

fusion and conflict between 
Westminster and Edinburgh. 

The Association want to bar- 
gain on behalf of 156 engineers, 
At present all company bargain- 
ing is conducted by the Con- 
federation of Shipbuilding and 
Engineering Unions, of which 
UKAPE — a non-TUC union — is 
not a part. 

Confederation uni bos 


SNP ‘should 
act now’ 

THE British Rail hovercraft as a date for arbitration proceed- . . 

pilots' dispute, which threatened ings is set tfcw2SS2rf a ^SII,M- it tfstaot 

to restrict cross-Channel services ® Engineers working for British ragnM M ** UKAPE 

and prevent introduction of the Rai1 hovercraft at Dover said were recogmsea. 
new giant hovercraft Princess yesterday they had removed It cannot be right that the 
Anne is over sanctions use of such a tn reat can compel 

vs-,’ ‘ The shore-based engineers are ACAS to de’clde in. a way. which 

th» demanding pay parity with has the effect , of offering men 

rr?nTn a Sv aS fo ee ictnro British Rail ferry engineers. the choice -between a union 

hovercrart The engineers said they had which they don't wish to'jofn, 

Scottish Correspondent ?i?« n ? r ! ,itr ?Q 7 e/ 1 decided to remove sanctions so nn<* no union at all." said Mr. 

thom . ln and to rerer the pay negotiations with British Wftrder. ACAS had allowed Itself 
TN AN attempt to fight back after question of a productivity pay. r* a jj CO uid proceed. But. if the to be dictated to. 

no union at all," said Mr. 

•grass they An ACAS survey at APE- Allen 
re-imposing shows -that 79 per cent of the 

^ B r°}ha si R i,! "^ ft 7,w ? cal1 a “^,” n ' a "d Oie Euro- and the question of financ'al aid meeting at the end or ebb month By Rvf p ermani hovercraft company to restore The engineer? said they had which they don't wish to jofn, 

Pu an ^reatens to from Brussels to help Transport of the various Socialist leaders, Scottish Correspondent ?h 0n ? r ? ,tr iq 7 e' 5 “t? d «ided to remove sanctions so nod no union at all," said Mr. 

,? wkw2rt ? ques- House fight the European at which the Labour team will be them in 19/5 and to refer the that pay negotiations with British Border. ACAS had allowed itself 

Assembly for which polling is tions, which will be examined by elections. led by the Prime Minister.. TN AN attempt to fight back after question of a productivity pay- Ka j, cou ]d proceed. But if the to be dictated to. 

due aj take Place next June. Jr. next Mondays meeting of the Meanwhile, hopes are growing Some MPs are privately begin- its recent set-backs in by- ™ent for operating lhe giant taIk _ ma( j e progress they An ACAS survey at APE- Allen 
Run Oayivard, party s general National Executive's key Organ- that the European Socialist ning to doubt whether next Juoe elections, the Scottish National hovercraft to arbitration. would consider re-imposing shows -that 79 per cent of the 

secretary, warned. isation Sub-Lommittec. parties will be able to settle on will in fuel prove a feasible date Party will be urged tomorrow to They have agreed also that sanctions during the busy holiday engineers want UKAPE to re- 

Mr. Hayward made his These include the possibility if not a fulLblooded 'manifesto after all for ibe first poll. start campaigning now for the training on the jumbo hover- months and cause disruption to present them. The hearing con- 

TemorKs to a mvenns laumoon of the “dual mandate '* whereby at least a joint declaration or Britain has no problems, hut expected Genera) Election in craft can be undertaken as soon the services from Dover. timies. 

c • , ♦ 7 . oropean Parliaments mp s sit both at Westminster and statement in readiness for next there are some fears that Italy. October. ^ 

socialist tiroup, many of whose in Strasbourg, whether unions June. or posibly Germany, might find Tomorrow's meeting of the . 

no means should sponsor Labour European Evidence of what progress has itself embroiled in a domestic policy-making national council 4 -_m.11 „ 1 A , _ • % 

™ .houji. “ uicy d ° in b ““ - ade sh »" id e “ er2e at a eiecti ° n u,en - J of) crisis will iuel extr enusiu 

Z7 it m ?Ur e Ai b ? tT or ? c w— vi a Hamilton to re-examine its stra- 

il'i'W ^ " UNLESS a solution was found The fact that the State had unemploj-ment must be met 

The main argument advanced v Y 11VU vUUlllllJ tjW'fc/U.CJ Y JL C3.aLBfl.a, V j 0 unem pioyment more DeoDle cushioned unemployment to the “We have to struggle and 

by Mr. Hayward was the likely -»■ rv^pvf WPPK S would turn to political extremes extent it did bad prevented a give priority to the question of 

collapse of the Liberal vote, BY RUPERT CORNWELL „ ‘ of both right and left. Mr. Hugh revolt at the completely un- how we can reduce the total 

which could hand several of the _ . , , . . ^ _ B^iacirsACC Scanlon said yesterday. acceptable unemployment level number of hours worked in any 

supposedly safe Labour Euro- PURSUIT OF economic equality limits of the responsibilities of society, continually erodes Hie OUSSlJcaa Mr ScanIon president of of one and a half million. one year— whether a shorter 

Constituencies in tbc North to f or ev ery citizen would do the State. ^ rule of law. even in societies C oMMONS Amain mated Unfan of “I. don't think the generation working week, longer holidays. 

When equality spells tyranny 

Job crisis 6 will fuel extremism 


Next week’s 
the business 

UNLESS a solution was found The .fact that the State had unemployment must be met 
to unemployment more DeoDle cushioned unemployment to the “We have to struggle and 
would turn to political extremes extent it did had prevented a give priority to the question of 
of both right and left. Mr. Hugh revolt at the completely un- how we can reduce- the total 
Scanlon said yesterday. acceptable unemployment level number of hours worked in any 

Scanlon said yesterday. 

,b 5j”Slorljing m which Poverty, while 

Economic equality, that isto which are supposed to be demo- Monday: Debate on Expendi-j Engineering Workers 

Mr. Scanlon, president of the of one and a half million. one year— whether a shorter 
Amalgamated Union of “I. don't think the generation ^_°_™ n S i? D Ser holidays. 

he apparently did no.- openly > e * d r i°“ *°»" d ? Si ~ V- membjr of ^e TUC Jfml 

rVfer p r»‘& poa SSSL «• V™L. Sir SSS ofTua^ Keith disniiaaed theses- Ke SE 

lion of usual Labour supporters Joseph warned last nighL . saorific ® tion that a simole re-distribution T..e«iavr Si 

from the European vote a direct Speaking at lhe London School opportunity. 

of the split within of Economics, Sir Keith, who is Iq the pr 


sw the ssrs 

council, sounded bis warning at 30s.. 
(he biennial conference of the « An 

of today will accept the priva- early retirement, more : 
tions of the generations of the working, work-sharing or a 

process, disparities of problem, 

of income would solve the (Lords) and Community Service Union of Construction, Allied we do find a solution to it they hac tomatoiM 
— .w— by offenders (Scotland) Bill, re- Trades TAnhnini a n C ...... — ^ «..•< — nas 10 raaKe > 

bination of these. 

the party on whether it should in charge of Conservative policy power would spring up which If all net income over £100 maining 

Bin Dunoon, ArgylL 


contest direct elections at all. research and the ideological would eclipse those which now per week were confiscated; Hum (Lords); Export Guarantees andj me union movement would real oitra-ieii ana toe aisasrrous w bo represent 300,000 \vorke re 

Transport House is devoting mainspring of the radical Right, arise from people’s differing spread out among th e whole Overseas Investaent Bill (Lords),! struggle to reduce hours worked quas; almost fascist outlook of \ n the construction industrv— 

its energies to preparing for emphasised that this stand wag wealth. population, each individual would and the Oaths Bill (Lords) I to combat jobless. There was a the -ultra-right. voted to oppose anv fnrai of 

the General Election that Mr. not a defence of a free-for-all. “Inequality of power, such as only receive a onee-for-all (Consolidation Measures); motioni «r .. — - =- A * - y ™ 

Callaghan, will almost certainly but an attempt to define the must exist in an egalitarian Increase of £2 a week, he claimed, on EEC documents. 

at will find t^ir solutions in the lbe eoming challenge, 
extremes of politics— J mean the a ur =rH*»r »ho nan . 

its priority in 

extremes oi pouucs— j mean me a Earlier the 

The union movement would real ultra-left and the disastrous w h n renresem nnn 

voted to oppose any form 

the General Election that Mr. not a defence of a free-for-all. “Inequality of power, such as only receive a ortee-fOr-aH (Consolidation Measures); motion crisis of western capitalism “That is the challenge that wage restraint beyond the ore- 
Callaghan will almost certainly but an attempt to define the must exist in an egalitarian Increase of £2 a week, he claimed, on EEC documents. almost equal to that of the 1930a faces ns— and the challenge of sent Phase Three. - 

LS 9 t 

ill ip!!ni!!!Si!li! p 


jli jli'i 

!! i^.1 :-M ! 


liili!" jli ! ! thi 

|i|i p>!!; 

- I “ M l ;i| I I 



Spring Road, Ettlngshall 

extensive freehold singl£>otorey 


!i! ii”( l!? 

pl ffliBK 3 Bfi 5 S n ' 

8 acres of DEVELOPMENT t» ND 

and ancillary buildings. 


. Ref. FDP/RFM y 


Bewdlay Road (M5 Motorway - « milw) 


FLOOR AREA: 1 32^)00 *q- ft* 

SITE AREA: 1055 acre* 

including approx- 
4.4 acres of EXPANSION LAND 

•Planning Permission for accesS 

and two -storey Office 

•Good access and parking around buildings. 

for sale 

V Ref. FDP/JAC ^ 

A self contained Office building in the heart 
of the banking area of the City of I nt ^ n , 
recOTtb^reftiSjisht to the highest standard 

OAir conditioned oNewlifts Ofcdly carpeted 

Banking Hall&Offices 
19, 500 sq ft approx 

Pull details avaflabfe from the Joint 


£22, Green & Smith 

24 Austin Friars London EC2N 2EN 

01-638 9011 



Caldwell Road |M6 Motorway -‘•ml les) 


FLOOR AREA: 118,811 sq. ft. 

SITE AREA: 456 acres 

Consideration will be given to dividing as 

FLOOR AREA: 77,085 sq. io^cS 

SITE AREA: 2 J56 acres/SITE AREA. 2.1 U acres 

•Superb Rear Workshop erected only in 1973. 

•All main services. 


V Ref. FDD/RHS j 

Chartered Surveyors 

Vintry House. Queen Street Place 

London EC4R 1ES /. 

01-236 4040 X* 

Anthony Xdpton& Co 

. 38 Curzon Street, London W1 Y 8AL 
' Telephone: 01-491 2700 

01-623 6685 

-UUl_JI_-Jl It ii ii— — - _ - — ‘ 

123-12“ Ciinnmi Sim - !. Lumlmi liCiT’’- jAN. 

r J:vV> S- 


Leases to be 
assigned either 
together or 

v- ' ..W-' 

9th Floor 3600 sq. ft. 

ISth Floor 4070 sq. ft. rent P Er ^ fL 

(Prenion require^ 



West Sussex ... 

For sale by tender _ 

uvith vacant possession except for tirst- 

BATTfl Kemsley 
*»*“ Whiteley 
& Ferris 

Joint agents: 

•| e y Debenham Tewson 
alov & ChSnnocks 

'■ ■;*. v. . '■'< C.;'. . 

Ohaitcre.1 Survcyora 

& rerns Bancroft lloiiic 

ViU.m'r.1. i Square 

20/M R0P«n>ter Street London ECSV 9AJ ^ndo^LC^ET 8837 * 9 

01-658 2873 u ' “ 


losing datel2th JUiy 1978 (12 noon) 

.. 7.-.; ' .. - •.".'i v 7 \fendorsre«ain«J surveyors ^ ’ 

5 Walker Son & Packman 

,1 . o^don R&id^rSvVest Sussex RH19 UQ-fel (0342) 24622 


from ' WMM 
2,233 sq.ft. 

To Let 

at £6.50 p.s.E 


.01-606 16WaH 

Modern Self-Contained 

Adjacent to Heathrow Airport. 
15 miles HL4.— Junction 3. 

Phase 1-80,000 sq. ft. 
Industrial Warehouse Units. 
From SOOO sq. ft. upwards. 

Superb Specification 
a Eavce height 22' 

« Service doer widths 17' 
f. Clear space -no columns 

* Security- manned gate house 

# Doubts glazed cilices 

Far do'6 ,l 6 ol units currenUy' avatoSlc 
Qt-aic ccniiciiomilotung ageniii 

Phoenix Beard 

16 Hawwr Street. Ltmdon WlR 9 HO 
01493 -213 

RSIHillier Parker] 

Ka l •*- « 

7 : Greitdiur Uaiw ^ 1 V !IT 01-C* i 1 ** 



I m l f4u itt -Sunrw U h m 


6,503 S 53 . ft. 

Good Car Parking 
ONLY £3 per sq. ft. 
To Let 



SeK-contained Office Floor 
To Let 
2,580 sq. ft. 

Self-contained Offices 
Covent Garden 
30,000-40,000 sq. ft. 

Where canyou find London offices at £782 per sq.ft. 

inclusive of rates, - 

rom the Bank of England and Lloyds? 





n fY" '7Xy2 v ' • ■,-p* 

Chartered: Survievors 

»;:^. -. ,w£;.i • **• 

Fully Refurbished • Opposite Station 
Entire Self Contained Floor 

1 Buckingham Palace Road, 
London SW1WOOD 

u , 

% Wood "Street. Clreapside. EC2V 7AR. 01-6ft6 31*55. Telex ^127^.8 


Newcastle upon Tyne 

Magnificent - 
renovated City 
Centre office 
premises with 
car parking. 

Unique opportunity to acquire a 
freehold property in the commercial 
centre of Newcastle upon Tyne. 
14,000 sq. ft. net in 
Renaissance style building with 
basement car parking. Also 
available on lease. 

Write or telephone: 

F. J. Hutchins. F.R.I.C.S., Managing Director. 
Wingrove House. Ponteland Road, 

Newcastle upon Tyne NE5 3DP. 

Telephone: (0622) 866S 1 1 . 



Ground Floor 


Rsfurbished Units 

2,500/5,000/! 3,003 sq. ft. 

Heatinz. Parking. Close Tube 

Tef.01-834 8454 

I ' ■■£ -■■■■• ' • <•> b -I '•■ f _ 

1 I aii fa cp o it g* n G2?-30p J.136-;\4| 

•1pdt-s‘ ! v. . P,x fr-iN^n Cifhver •••'• 

, infwrnationsofvicB . - 

56/62 Wilton Road London SW1V 1DH * 

County Hall. 
Lancaster Circus. 
Birmingham B4 7DJ 




■1.11 7 

• .'1 -■ 

,.n. ti 

HE 0 01 


ten times more 

1 Tlf amct SlflO ^ 

Enquiries about industrial 
and commercial expansion in 
Ciwyd have increased 10 fold 
over the last f.vo years. Why'.’ 
Because with its full Develop- 
ment Area status, its large, 
multi-skilled workforce. pro\- 
imity to major markets and 
national/imorn jtii.MUil comm- 
unications networks, this pro- 
gressive Welsh county dom- 
inates the regional develop- 
ment scene. The news in 
Chvyd is about sales, nut 
strikes — and iiN a gii-ul place 
to live" too. 

Talk to us about the low- 
cost sites, the factories and the 
extensive finamiai aid aiaii- 
able to incoming industries— 
well make you a deal you 
can't refuse. 

Contact S. Morgan. 
County Industrial Officer. 
Clwyd County Council, Shire 
Hall, Mold f;cl. Mold 2121) 

. for lice colour brochure. i 


Jwci N : - 

Modern Offices 
To Let N N - 

yk-M ! : ■ -••. ■ •; J 

%-;.'Parking x ^; 'fgr . -N' ' 

jg Ce ntra Lff&atihg . - : 

16.467sq. ft. 

. ■ :^oq Weamera I! ' 
Green ■& Smith 

i§I,.Oi5%ii6944 vlv 




Freehold with full 
Vacant Possession 

Brochure available from 

37, SL Albans Road, Watford. 

Tel. Watford (0923) 24235 



S.E.27 — Moscin Single storey lac:orv a 
oil ICO 20.000 sq. It. Let to expanding 
motor accessories Co. Directors Guaran- 
tees. 25 Kiri F.R.I. lease with 5 year 
rent reviews. Current Income £25.000 
p.i. Price £250.000. Aoglv Joint Sole 
Agents: Hwir/ Butcher a Co.. 59 62 

High Holborn. London WC1 V SEC. Tel. 

at -4 05 8411 . or Davis & Cotter 1 
Albemarle 51.. London W1X SHF. Tel: 
01-493 5611. 

Modern Office Suites 
Worthing, Sussex 
500/5,000 sq. ft. approx. 


4 Car Parking l Automatic life 
* Fit-.crfl Car pern * Central Heating 
* Win?d for TcJeononcs * Light fittings 

Stiles Hcjpfdn Ledger j 

2b Chapel fiMd Worthing ami IBJ 
Tel: i0903) 37992/3 


Let at £4,710 p.a. Additional income 
in excess of £2,000 for upper floors 
anticipated. The recently refurbished 
premises are situated in one of the 
main shopping areas in one of the 
largest North East Coast resorts. 

Write Box T.4903, Financial Timex. 

TO. Cannon Street. EC4P 4 BY. 

FARNHAM. SURREY. Town centre locj- 
i’2?- M , uar * feet, or showroom 

and . storage in prominent trading 
J-Tc'nrvn lMS « available It 

F?rnhSS , "z2r™ t - F * rnham ' Te *- : 

■^s.. ssstss £*V JfcnMS? 

•bmr. 00 ^2° ramlUm - ,mm - 

E.C4. SIC office building. 6.400 sq. ft. 

Lease e«p. 7 613'flO. Rent 
£11.500 pa. t»d. Premium £20.000 
or sub-lcj'-c at £50.000 pa. excl. 
01-629 2473. 

100,000 SQ. FT. OFFICES. North Of 
S uperb, 'crcentlv constructed 
headquarters builoino to let on attrac- 
tlwi terms. Mav divide. Car park- 
Ihg. Excellent communications. Good 
residential awilabiiitv. First daS5 
shopping labilities. Principals gnd 
retained su-V'-Ors Write Box T.4902. 

Eclp ei 4BY r,mK ‘ 10 ’ Cin,, * n 
APPROX. 250 1 SO. FT. #Fi(c accgmmoda- 
0?l403 V 0»02'? Ctesc Lon,,on Bridge. 


Prominent shopping site approxi- 
mately 24,000 sq. ft. ac ground 
level on busy secondary posi- 
tion 500 yards from Central 
Station and proposed major 
multi-storey car park/shopping 

Existing shops 3,500 sq. ft. with 
!25ft. frontage — 4.500 sq. ft. on 
two upper floors. Adjoining 
warehouse — 13,250 sq. ft. on 
three floors. Garage 5.250 sq. ft. 
on two floors. Freehold. Suitable 
For redevelopment or major 

and large retail development. 
Direct link to busy High Street 

Write Box T.4990, Flnantiot Tima*. 
10. Cannon Street. EC4P 4BY 


Modern Six Storey Office Block 

76,500 sq. ft. 

H Floors ol 3,214 sq. ft. each 

* Air conditioning 

* Car Parking for up to 40 can 

* Immediate occupation 
Full details: — 

121, Princess Street, Manchester, 1. 
Tef: 061-228 6561 


52,500 SQ. FT. 

(sncl. Offices — 7,750 sq. ft.) 


Warehouse — 40,000 sq. It. 
Offices — 15,000 sq. ft. 
Yard — - 76,000 sq. ft. 

|. f^ARR '■ BEQF G^f-D | 

<1. The Broadway. WJ5. 
Telephone: 01-579 9212 

56.000 SQ. FT. WAREHOUSE/ 
£100,000 INDUSTRIAL 

Impovinq hillv spnnkiered premises 
(Built 19361 on North Circular Hoad. 
N.W.10. near A4Q M43 M1IA4 i'M 4. 
Two floors ol office-,: showroom: large 
wa rehouse/ la ctorv: cameen: container 
loading bay: iws lilts: oil C.h. and 
emergency generaior. Asking price Ol 
£390.000 Ire-ihold reflects need for 
minor rclurbishlng. 

More details from 01-96S 8787 

NOTTINGHAM. Promised factory swee 
12.000 sq. h. in Arnold, 4 miles 
north. Junction 26 Ml. 4 miles. 
BeJdy September. October Rent details 
from sole agents. Harding A Co- 4D. 
Wdbeck Street. London W1M 8LN. 
01-486 8276. 



Town gate House 

Superb New Office Building 


19,112 sq ft 

• Central Heating ' 

• Car parking ^ 

• Passenger Lift 

• Carpets Throughout 

& Chin nocks 

Chartered Surveyors 

44-46_Brook Street 
London W1YTYB 

01.-408 1161 Telex 22 


eoswetsiea’stia steeds. 


. ws a 


37/43 St. Peter's Roc 

BH1 2JR. 


1 ‘ 






>}) 1 1 (‘-1^ r « *T^4I ‘<1 

h ‘ -»y i 


1/7 Great Piilteney Street, 4, 5 and 6 Laura Place 
and 3S/37 Henrietta Street 

Important Georgian Property 

Suitable for offraresacteotiaLcrbotelixsac, 
Offers invited for the freehold with vacant possession 
r~i • 



Ralph Allen’s Town House and 64 Queen's Road, ' 

York Street Chambers, Bath BA11NCJ Bristol BS81RH. 
Telephone: 0225-20331/5 Telephone: 0272-290731 





21 JUNE 78 




At the end of 1977. the "com- 
pany submitted a fresh applies-: 
tion for outline planning permis- 
sion and in April this year it 
fell into the very active path of 
the Land Authority for Wales/ 
The authority used its .Com- 
munity Land Acts powers and 
announced its intention . to. 
acquire the land. 

That might have been the end 
of a bright idea. But the com- 
pany has managed to persuade 
the Land Authority to revise its 
Notice of Intention to Acquire., 
TWs will lapse on condition 
that the development is com- 
menced within eighteen months 
. and completed within three, and 
a half years. Chepstow is now 
commissioning detailed' planning 
designs on the scheme, which 
will include a 'five star hotel a 
full scale golf- course and (dub 
house as well as additional sports 
facilities linked to the race- 
course itself. Negotiations for 
finance are also, in hand. 

Another race track, this time 
the former Lewes racecourse, in 
East Sussex; has come onto the 
market Strutt and Parker -is 
offering the 550-acre Southdown 
Estate, which includes a 213- 
acre let farm, as well as the race-- 
course, which closed in the mid? 
-1960s, Tor around £350,000:' .. 

. Tiie land, which lies atop the 
Sussex downs and which 

untn iBSa, when the currentfnee,. 
holder. Abbey Life Property: 
Fund; gets - its first only rent 

review.: McDermott, advised <&£& 
Richard Saiinders ana p" 1 *' - - ^ ^ 
is likeljrtohave pai d -arc 

forifie Tease to jfidgcliy 

subletting " of- just, under 10,680 
sq ft in the buHdtiig ;baekt.‘W'" 
Dexhm-Cooadno at £450 a 
: Knight Frahk and Rutley 
for Dexioh throughout the 

TOWNSEND Thoreseh' PropM^ 
ties has been . active this, weefc^j 
Healey: and Baker has sold th^i ! 
"group the freehold of the 23,1/8(4:8 
square feet Burwood House,^ 
14/24, Caxton Street, Victoria;^ 
SW1, for nearly £2m and Towns- -i 
end has raised more than 
from the ' sale to the ImperiaCS 
Group Pension Funds of ' 
1L350 sqiiare feet freehold WoCfe-Vs 
at 157/165; Church- Street, Wdfe^ 
ing, Surrey. • . • V.^—S 

In Victoria, ; Townsend get*;^ 
18,000 square - feet of vacant.^; 
spaee which it. plans to refurhis^r;^ 
for .letting in 18 tnonths time; .* i 
In Surrey, 1 th c bull dm« has 
been let to Hogg Robinson Travel^ 
for: £62,500 a year. Richard BUIS'.?, 
acted -for the . fund. and Hampton' 4 = 
and: Sons; and Vann and Cam- ^ 
pahy4et the block i: . - 

: - Ar ; : ' 




EmimMli niuiili for suMivIswi 
Into separate anils. 

Factory has lBSOD sq. ft. 

Office 2,750 sq. ft. 

Slniaui] in Braivlou which is located 
on 1 he Kurfolk. SufTolfc. CamtirWKrshirc 
borders. On-:- hour's road 10 Kings 
Lynn. Norwich. Peterborough, Ipswich 
and Cambridge. Cheap Residential 
housing ar-.-n and main rati line 10 
London. Gik- is oaii partly deveioped 
and further expansion will be aflaved. 
t*ur clienu must &-H— cacam posses- 
sion upon completion. 

Furthpr deiaiis from ihc ludusinai 
Deparuncni. aueniion John Deans, 
Messrs. David Bedford, 

Mark-: l FUMv. TheTfom 
TdephiMii: 35M ■ Tun Norfolk Offlwsi 

ROMSEY. HAMPSHIRE. Eslsting two-vear. 
old factory premises on new Industrial 
estate Approximately 12,000 Miuarc 
loci including prestige ofliccs. Lease lor 
sale at low rental, nominal premium. 
All enquiries Weller Eggar. Commercial 
Department. 74. Castle Street. Farnham. 
Surrey. Tel: Farnham E221. 



■ Adjoining' Station 
with O.P.P. for 54.250 *q. ft. 

' Detailed permission For first 
1,500 sq. ft. 


The Square, Bocmaeniouth 
Tab (0202) 22044 OR 


Newbury House, GflKnghsm 
Tefc (07476) 2244 

FELIX5TOWZ, SUFFOLK— Superb seaside 
building sue with extensive sea views 
and southern aspect. Existing planning 
consent for seventeen flats with garages. 
Close to town centre. All mala services. 
Existing roads. Freehold. PRICE: £00.000 
subject to contract Details: Applv 
Diamond. Mill* & Co- 117. Hamilton 
Poao Felixstowe. Tel: Fel. 2291:2. 
sional Offices and Flats. Lancaster Gate. 
Apply John O. Wood. 23 Berkeley 
Sauare, London WVX BAL. Tel. 01 B2S 
9050. (Ref. MH/AJflW). Lurot Brand 

^ Tell^OI B ^ Pl 6°221 RMd - L ° nd0n 




6,670 SQ. FT. 

Central heating, lift, car parking, : 
prerrige entrance. 
01-492 1607 Ref. NJF 

ITT FRINGE. 3.bOD sq. ft. modern 
Office building. For aulck sale. £19,000. 
freehold- Write Box TAB01. Financial 
Times, 10. Cannon Street. EC4P 4 BY. 





(Adjacent to Heathrow Airport) 
Total irea 32.800 iq. It. approv. 
(2 buiidmzil. Let to first dx»« 
covenanc. FRI lean 2| years from 
December 1961 at £56.764' p*. 
excl. Fixed rent review 1933 so 
£66.225 p.a. excl. 

FREEHOLD £720.080 



Teh 01-834 6890 Ref KAB 

FOR SALE. Mid-term Lease, two Plats on 
Ground Floor and Basement In 
ol refurbishment. Belgravia. Gruat 

potent lei. wrhe Box T4904. FTroncjal 
Times. 10 Cannon Street. EC4P 4BY. 




A substantial property on c. 1.7 acres beside the canal comprising 5 .shiglo 
Storey warehouse building*. large 2 and 3 storey milling factory premises, 
silo ind yard. These buildings may be purchased m separate lots and vW 
be ideal subject to planning requirements for a wide variety of industrial 
and related agricultural uses e.g. — 

* Milling/Trmsport Depot 

* Warehousing and Light Engineering 

* Leisurc/S ports Centre 

Title: Long Leasehold R.V.: £241.30 approx. 

Full particulars from so I* agents. Viewing bt Appointment 


18,500 acres 

Exceptional investment 
in stable economy 

This majonflwnr family owned, fully deeded property centrally located lb 
.few Sooth Wales, baa one of Australia's lamest irrigation H erases. 

6.000 acres arc developed with 7.M0 aerca suitable for development, u m iie 
prirato 300 ous« rapariiy chaimcd: coourieie grartr flow: no ptunns- 
nouilnal water char*.? [rain govt. dam. 

Area Is noted for its prodnethmy and stable environment and achieved 
-T-bale ewroa this season. Located close u cotun ems. min terminal 
ollsi-efl miU. rail, air and all other support services, ft is Weal for cation' 
soyabean, sorsum. corn, wheat and barely. 

Excellent folly staffed facilities include homestead, stall quarters, jrraln 
sheds, airsinp cic. 

Price i cash f *325 per acre or cqmv.. plant and machinery extra, 

if requested, owner Is pn-nared la aasisi during cfaanccover. 

Please wnit triih full address and nhonc number lo; 

c/o Bull Holmes Bartlett, 

45 Albemarle Street, London W1X 3FEL 

' Otuner m visiting U.K. in late June, early July. 



Well situated in centre of Copenhagen — 2,700-4,500 
sq. ft on ground floor — plus office — and warehouse 
space. Large cash payment necessary. Available 
immediately or by agreement Contact: 


Carls bergvej 34, DK 3400 Hillerod, Denmark 


APTS. So/So West U.S.A. 

$14,000 average per unit. Realistic Terms. 
Good Return. Also Sale Net Lease Backs $%. 

R- B. TURK, Esq- 154 So. Livingston Avenue, li vines ton. 

New Jersey 0703ft— U.SA. ^ 

• 11 1 |J 1 

JULY 3, 1978 

The Financial Times is planning to publish * 
a Survey on Property. The main headings 
of the provisional editorial synopsis are set - 
out below: 

EMTKODUCTION The property - market . . 
entered 1978 on the crest of rising property .: 
values and a rise in property share prices. 7 - 
Early enthusiasm has ebbed as doubts about 7 
the long-term strength of the country’s' • 
economic recovery and the effects of higher ; ' 
-interest rates are absorbed. But the 
industry’s recovery from the 1973-74 crash.-, 
is now too well founded to be upset by a 
temporary loss of nerve. 




For further information and details of 
advertising rates please contact 

Teny Drnce 
Financial Times 
Bracken House 
10 Camion Street 
London EC4P 4BY 
Tel: 01-248 8000 Ext. 7196 



TBe content and ' publication dales of Surveys in iho • 

t® Oange at the S«?eb^; 


3 4; oyer two years, the 

JWtiJ Scottish „ J?ev^Iopinent ;. Agency 
made* peximainent place for 
s. *«Mf«Nl for its own style of 
public intervention into" private 

-E ^ Industry. • -. 

ft ® a - v . sound a strange 

^aS 4 ® 1 ! 1 amx t0 ^afce at a 

s t,. ^'ben -the agency is facing 
;^*trong criticism over the failure 
l {CP* three of its investments in 
■Sp^jrspid succession,.and-when it is 
**teri renewed attack from the 

ic <l ^^Conservative •'• Party. But con- 
a d pj^sider itiie change. " ; : 

^ Eighteen-; sbaotbs .ago ithe 
critics wetfi calling, -i f not for 

execution of (Che SDA by 
*v?r fthe nest Tory Government, at 
^astfor the drawing of its teeth 
2 i&{ ^: b y * ban • on investment in 
rt{| industry. Now ihere 

1 H cj’^are ;<no' donger calls for it to be 
-lJr<oi/Jdo(ne- away wdib altogether, and 
.V ^ fth e. . restraints being demanded 

n-p a .^p Q its investment powers have 
COTriderabiy softened. 

*t4 3 lt j? : tempting to . describe the 
sr 'Xts^ DA - ^ a scaled-down version 
“4 Hav3L f - the National Enterprise 
**Board, bat in fact they are very 
different' animals. Besides its 
‘^n^ntervenfion function. . the 
agency has wide responsibflities 
pz* J| s®s controversial fields 

1*3?? * which have enabled it to win 
up* £} Aspect, from all ' shades of 
ra -aD^‘ opiruon - Zt is undertaking, for 
}f I-, jjttexample, the removal of pit 
usner^Po** heaps which have been 
-■t. ^^sores for years, and . it is 
*■«» fJ committed in the pro- 
ject to -raise and rebuild the 

vetted -c -jislums of Glasgow's east end, 


Scrutiny-'.'-: . 

Lif.. j.^ There are other differences 
;too.' As grant-aided body, the 
r - :ji. ; ^;SDA is subject to the scrutiny 
•‘J 1 - the Comptroller and Auditor 
;■; ^"'-ac' General, who has already 
: passed comment pn the failure 
-^ r of one agency investment. 
Vy. ;'■} Although he would not like 
<• “'members of the Commons 
■. - Public Accounts Committee 
"going in detail through his 
books,- it is likely that when Mr. 
r P .^ Lewis Robertson, the SDA chief 

r executive, appears before them 
■•« later this month he will be a 
- • M? ."-'-lot. 4ess -reticent in giving inf or - 
- ■ . iv {nation than was Sir Leslie 
. - Murphy, afee NEB head. 

Since it started actively look- 
ing at potential investments in 
mid-1976, the SDA has put a 
:• 'total of £17ra in to about 30 
. companies. It is a relatively 
modest start compared with the 
; sums that the NEB deals in, or 
. . even with the £39m w-lrich the 
.. agency is contributing to the 
- Glasgow programme. Individual 
- . - investments . have been in a 
. L variety of different packages, 

‘ sometimes, equity, sometimes 
- ' ’ convertihld; ’ rioan,; . Tspmetimes- 

combinatitras oFfthe ; two.' ‘Often: 
5 the- amount put into a single 
company is £100,00iff,or less. 

Lewis Robertson-chief executive Hugh jack-industrial director 

Dr. George Weir — a member of 
the Board- 

Angus Gross*** — a member of 
die. Board 

Alan Devereux — a member of the 

The fight to breathe new life into Scottish 
industry without proving a soft touch 

Ray Perman reports on the Scottish Development Agency 

The agency’s biggest single result Df energetic and experi- is that it is a soft touch, that, consent of the Score lary or State 
industrial investment to date is enced management and a revo- iri the words or Mr. David fur Scotland, the agency went 
only £3m., for a stake jji SIodc- luiionary manning and flexi- Mitchell, vice-president of the ahead, believing ibat it would 
field Vehicles, a company maou- bilily agreement wtlh the trade Scottish Conservative and he satisfying its ubjoctive of 
factoring four-wheel.- drive unions, the company has been Unionist Association, its record creating employment in a new 
trucks, the first of which rolled highly -successful and quickly is unimpressive and many of high technology industry, 
off the production line tiwo became self-supporting, thus its Investments “seem to nwc A new _ consultant was ap- 
weeks ago. / removing the agency's reason more to employment protection pointed with a brief lu improve 

In nniv nno r pcn is ih»» «?DA fnr continuing Vo be associated than to dynamic investment for the management and nrpanisa- 
the outright owner of a com- wilh ll - Last summer Clydedntk the future?*' It is a view held tion of the company, hut within 
oanv in which it has invested. a PP ll ccl to the SDA to buy back by imnv than just members of six months losses had doubled 
Lothian Electric -Machines a lbc 25 9 P er L ’ ent - share the the Tory Party: virtually weekly from £5. CKO to a month, 
comoanv makinfe' industrial a S enc >' held, a deal was agreed the agency receives an inquiry- A further loan of £45.0U0 failed 
elective motors formerly called 311(1 thc a sency made a (so far from an employer whose com- to torn rhi; company round and. 

Ranco Motors, wag bought as a 

profitable concern from an 

moved in other directions and 6 ^There is no question that we will have more tailures because 

was no longer interested in , . . 

building up the subsidiary. we are filling a gap — there is no-one else willing to put 

Elsewhere the agency has 4| i| 

been content to rake a smaller up venture capital in the same way. 7 7 

stake. In only a ananority of r 

cases does it have a-oootroil- 
ing interest. In StoinefieSd, for 

example, one of Ihe more undisclosed) profit on its pany is on the verge nf collapse on legal advice, ihe agency put 
promising ventures, the initial £joo,000 outlay. who wants, and often feels he it into liquidation. 

SDA shareholding was 49.i>er i^e present Conservative has smite right to get. an im- The seccnd loss was also in a 

cent, and lt_was only raised to proposal is that the act estab- mediate handout of cash to see . technology company, 

the present 76 per cent after the lining ^ SDA s y, QU id be him through the present crisis. Triadynamies t Machines and 
death df tihe man who started amended to require it to sell And there are the MPs of all patents) had a good record of 

the company, and held a large eac i! equity investment within parties who expect the agency technical innovation, but 

block of the shares. ' fi ve years. It is too soon to to step in with money to prevent se emed to he poorly managed. 

One of the criticisms levelled tell what sort of restraint this imminent closure in lbcir own j n particular, the company also 
at the agency is that’ despite would be, since the agency has constituency. carried out sub-contract work 

its fine ideals of trying ' to not yet held any investment for This criticism has been more which it was felt could have 
“regenerate Scottish industry" more than two years and it is intense sinre the agenry’s three provided the bread-and-butter 
and to improve the efficiency of difficult to say how many of failures came to light The first *0 support the more advanced 
management, it is- nuaely a them would be attractive sale- was i nsco Electronics, in which operations. Agency financial and 
backdoor to nationalisation. But able propositions in another y, e agency lost £105,000. The industrial staff spent time try- 
on the evidence of the agency’s three years’ time. But the company, tinder its original in 3 *? change the company's 
record so far it does tiot seem agency’s senior staff seem un- name of Greater Oriental De- organisation, but - the manage- 
to have much concern . for perturbed, pointing out that if velopmcnt. approached the ntent did not respond. Earlier 
either owning or controlling a company is strong enough to agency in May 1976 with a pro- y ear E , ank of f Scotland, 
companies. be interesting to a private position that the agency should wbicb 

More than that, it has already buyer, then the SDA's job is t a k e a majority equity holding ca “ ed J“ “ e 
voluntarily sold back a share- probably already finished and for £60,u00. A consultant s re- not yet known now much of the 
holding In one of ite ihyesst-.if it is not. the market will port had already highlighted agency s £13o,u0C will be recov 
ments. This was ClydeUock .-make its own judgment If no severe cash flow problems and ered - 

EDgineering, a company whaSi -buyer comes forward, there is the agency’s own assessment The final failure is the 
took over the ship, repair way the. Government of the was that there could be no largest and the most politically 

ness ;oS the Glisgow.'firm Alexp day can forcejthe agency to sell, guarantee that a substantial in- sensitive. Scofisco was born out 
adder - Stephen, then^ lit , However, a\ more 'damning jection of cash would save the of the ashes of a collapsed 
receivership. Iaigedy/ as a accusation against the agency company. However, with the shellfish processing firm which 

adder - Stephen, then^ lit , However, a\ more 'demiting jection of cash would save the of the ashes of a collapsed 
receivership. largeiys' as a iccusa^on against the agency company. However, with the shellfish processing fi rm whic h 

had become entangled in a web 
ur financial commitments it was 
unable to meet. The agency 
believed that, freed from this 
financial mess, a new enterprise 
taking over the business could 
have a chance of survival, 
saving jobs in -the processing 
factory in Glasgow and the out- 
stations »n two Hebridean 
islands. Altogether £825,000 was 
invested, but id no avail. Land- 
ings of shrimps and other fish 
were only a third of the level 
that experts predicted they 
mgiht be. and the outlook for 
the future looked no brighter. 
Faced with mounting losses and 
the prospect that they would 
get worse, t«he agency called in 
the receiver. 

The Scofisco loss caused great 
bitterness among the women 
who worked in the Glasgow 
factory and who felt that by 
saving them once, the SDA had 
merely raised their spirits in 
order io dash them again. 

Mr. Hugh -Tack, the agency's 
industrial director, is unre- 
pentant about the decisions to 
invest in all three of the failed 
companies. “ There is no 
question that we will have 
more failures because we are 
filling a gap — there is no-one 
else willing to put up venture 
capital in the same way. We 
are in the risk business.” 

The Conservative proposal to 
reduce this risk is that the 
agency should have to obtain a 
commercial endorsement of its 
judgment on each prospective 
investment, by finding a private 
institution willing to put up an 
amount equal to at least half 
the agency’s commitment. This 
is not as much of an innoration 
as it sounds, since it is already 
the case in a number of exist- 
ing agency investments. 

In nearly every instance a 
bank, usually one of the three 
Scottish clearers, has advanced 

or is advancing money to the 
applicant firm, and jn two in- 
stances other bodies dCFC and 
Lithgow Holdings) have taken 
equity stakes as well. Private 
capital has been ln>t alongside 
public funds in al least two Of 
the three SDA failure*. 

The commercial judgment of 
the SDA is not something made 
only by its full-time staff. 
Ultimate responsibility lies 
with the pan-time Board, which 
includes, as well as trade union 
and local authority representa- 
tives, Mr. Angus Gro^att, man- 
aging director of Noble 
Gross art, one of the most 

successful merchant banks in 
Scotland, Mr. Alan Devereux. 
Chairman of Sco terns, j success- 
ful industrial group and pre- 
sently chairman of ihe CBl in 
Scotland, and Dr. George Weir, 
director nf corporal? planning 
for the Weir Group, one of 
Scotland's largest and mos 1 
profitable industrial mmpanies. 

Mr. Devereux confirmed that 
the Board is given full informa- 
tion before any investment 
decision is taken. “I would nor 
be involved in any ■•jvration in 
which I did not have full access j 
to every bit of .information.” j 


This information comes from 
the company applying fnr help, 
from investigations by the 
agency’s staff and by outside 
technical and marketing 
specialists. It is an absolute 
condition of agency help that 
each company receiving assis- 
tance must prepare a financial 
plan and must supply the 
financial information each 
month to enable the agency to 
monitor how closely the plan 
is being followed, and to 
administer the necessary 
encouragement or goading. 
Often this means persuading a 
company for the first time of 
the value of having regular 
financial information on its 
progress. Many small firms are 
still without regular accurate 
information on sales, cash flows 
and costs. 

It is too soon to make a final 
judgment on the SDA’s com- 
mercial success or failure. The 
“financial duty” of the agency, 
the return on capital employed, 
has yet to be decided. But it 
would be surprising if it was 
widely different from the 15-20 
per cent figure by 1981 laid 
down as a target for the NEB. 
On the basts of the agency's 
1977 annual report it's rate nf 
return was 8 per cent before 
tax. or 7.6 after tax. We will 
get a better idea of how the 
agency's Investments have fared 
since — and how they have been 
affected by the failures last 
year — in the 1978 report, due 
out in a few months. 

£500 boost 
for young 

INDUSTRY AND government 
this week put the finishing 
touches to a scheme which is 
aimed, in -the tong term, at 
boosting the status of the engi- 
neer in the eyes of Britiish 
society to the levels of reverence 
accorded to them in Germany 
and Sweden. 

The greater *he status nf the 
engineer the more attractive 
profession it will be for .the 
most talented members of 
society. And the more talented 
the engineers, the belter it is 
for Britain's wealth -creating 
manufacturing industry, so the 
argument goes. 

But the difficulty lues in 
attracting the belter quality 
people info industry tn make it 
more attractive in the first 

place. To break out of this 
somewhat circular problem Hill 
National Engineering Scholar- 
ships worth £50l) a year tax free 
are being offered to bright 
young engineering sin denis who 
intend -to go into manufacturing 

Forty individual companies 
have put up £90.000 which has 
been matched pound for pound 
by the Government. 

Oscar Hahn, of GKJY and 
chairman of the Action Com- 
mittee which is administering 
the scheme. this week 
lamented the fact that less than 
half of Britain's engineering 
graduates ever went into 
i industry. 

For the first year the scliolar- 
I ships will be open only to 
students taking the new 
"enriched” engineering courses 
run at selected universities such 
as Imperial College and Brunei. 
The enriched courses last four 
years and include some manage- 
ment topics as well as 

But as from next year the 
scholarships will be open to 
students attending any 
engineering course at British 
universities and the number of 
awards to be increased. 

Applicants will be inter- 
viewed at five centres around 
the country and the selection 
committees will not only be 
looking for high marks in A 
levels. As one member of the 
Action Committee pointed out 
academic brilliance does not 
necessarily make for a good 
manager. Other areas to be 
examined are school records — 
for any sign of leadership, and 
practical interests such as 
hobbies winch involve making 

Jason Crisp 


s y rfcyraor moves into radio-phone network 


New tube may kelp 

i ■ . y \ m " . .• ... 

to cut costs 

" ' MAIN -AIM- of TT Tube Products 
in producing . its new Tru-Coat 
"Z” -zinc-coated' steel tube is to 
. provide: tube.-: .'users ‘With '.a':' pro- 
duqt which will' enable .them to 
• • cut one or- two - further handling 
stages during manufacture of 
' many types ''of equipment. These 
■ - can include both ; consumer dur- 
ables and. engineering' .products. 

- ; A new £Hm galvanising plant 
has been set -up itt TI Steel 
" Tubes' '• -Oldbury L: .complex with 
'? ability to make' over. 10m metres ; 

of tube a year to consistent high 
■■■* quality tevelS; Tfce-.proeeas being 
i used was developed/by Daiwa. 
Step! Tube Industries of . Osaka, 

Japan. •• . T r ;T " ■; - 

Tru-Coat ?Z” . . has Tru-Wel 
welded sleet “tube 'as. im base 
material, the zinc coating being 
applied' to-'the - outside: of the 
longitudinally jarelded: baae tube 
in two thlcknesses^-one -called 

sday •isySjjw .1978a^- W : \ 

^GB.rtntre, ' f 
Upyr'Hotws' ;» ■ 
gate Stiniet i! i- '•% /-.Hr -' * J 

5 France. 

: the ^_.v| 

Organising Secretary* -• - • j 

-.Degassing SynrpbHUin, “ j ^ J 
BHRA Rui J ^ 1 j 

Ct^eidrB^^^f?; 0 ^: V| 
Tel: DB4 7S ^ 422 

decorative -and the other com- 
mercial. Both types of tube come 
with a special water-repellent lac- 
quer on the biller surface and for 
added protection from corrosion 
all the hew tubes arc offered 
with an internal coat of zinc or 
aluminium-based paint as stan- 
dard. ' - 

Typical galvanising figures are 
120 grams.6f -zinc per sq metre, 
which means in au average en- 
vironment a product made of the 
new tubing should last some four 
years without a bleraisb. 

The. synthetic polymer lacquer 
prevents' what .is. known as “white 
rust™, a’ form of storage corro- 
sion. It is also a tough protec- 
tive layer. 

Sizes Of tube available are 
t in fo 2i ins outside diameter 
(15.88 to' 63.5 mm) in wall thick- 
nesses from JO to 22 gauge (3.2 
mm to“0.7 mm). Tbe tube will be 
: offered in sets of cut length in 
various sizes to match manufac- 
turers; needs for the efficient pro* 
ductioa;.of . tubular products. 

Ekteusfve trials have demon- 
strated. that the zinc coating pro- 
cess \tiSed : gives a strong bond 
between coated and welded steel 
base that is hot destroyed by 
bending* flaring, etc. 

The .company believes manu* 
facturera will welcome a pro- 
chict tdvVbJch_they do not have 
to ap'ply. ahy 'further, coating or 
fteattneot. before - the finished, 
goods go ' Out to a market- A- 
6$SLfp reduction in manu/actur- 
jgfg';idste;t? : foreseen. 


M offering through 

baifl ; . r cf Jteadihg a one inch LED 
display module which on _a cost 

-Jjagis ii saidrto compare favour- 
ably with large gas plasma units. 
Mfwfe hn 0734864411. 

♦'feieiias^two new high density 
-readonly hiempries, the. 2332 and 
2364!T Both have, 300 nanosecond 
mjtxlDotusf-aecess time an® run 
from-ji > single.-, five volt suppjy- 
They; ri:ore"32k and 64k hits 

Tosp^ctively'. - •• - 

MAINLY known to date for 
the significant mark it ha$ made 
in the radiotelephone hardware 
market, Dymar Electronics of 
Watford will on Monday launch 
itself into radio message hand- 
ling on a country-wide basis 
with Network' Communications 

Tbe new company consists of 
a consortium of seven firms, 
already in tbe market, in which 
Dymar has taken a minority 
interest. They include Selec- 
tive Audio Messages in London. 
Airtalk in Manchester and 
Answer Link in Brighton. The 
other centres are in Birming- 
ham, '• Grimsby, Middlesbrough, 
Nottingham, Peterborough and 
York.. . With plans well ahead 
for a transmitter in Bristol the 
company believes it will cover 
75.:per.-cenL of the country on 
a population basis.. On a count 
of the member companies’ exist- 

ing customers NCS already has 
about 1,000 mobiles on the road 
and is expected to add another 
1,000 in the coming year. 

Network Communications may 
also turn out to be one of the 
first companies to be able to 
offer “ interconnect ’’—a direct 
connection of a subscriber to any 
phone on the public switched 

At the moment the private 
message handlers have to relay 
a message from a public phone 
to a mobile using an operator at 
the control centre. Only on the 
Post Office's own Radiophone 
service is it possible for the two 
parties to speak directly. 

However, the Post Office is at 
the moment in consultation with 
the private message companies 
on the question of the technical 
and operational conditions that 
would have to be met to allow 
safe connection of the public net- 

work to private operators' base 

Dymar joint managing director 
Julian RzymowsVi believes that 
the problems will be ironed out 
in a matter t.r weeks and says 
tha-t ihe has’ what amounts to a 
letter of intent from the Post 
Office. The equipment for the 
new ueLwork certainly has a 
built-in abHity to connect 
directly with the public network. 

It also has a number of other 
attractive facilities including a 
pocket Alerter which the driver 
takes wilh him when he leaves 
the vehicle and which will 
“ bleep “ if his car receiver js 
called. In addition, he can set 
an eight position status switch 
on the car unit so that when 
ra-lfed his equipment will res- 
pond and illuminate a status 
display at base. 

Status numbers one to eisht 
can moan rtnythiag from “1 will 

ring back in ten minutes” to ”1 
have gone home.” 

When contact is made with 
base, the user then has a skilled 
24 hour message handling/ 
secretarial service available: the 
girls will undertake tasks rang- 
ing from booking airline tickets 
to summoning assistance to 

A)1 the centres, which are 
linked by telex to give hard copy 
of messages between regions, 
will be offering the same service 
nationwide at a cost of £40 a 
month, plus an additional £12 
per month for the Alerter. No 
price has yet been fixed for the 
interconnect service when it 
becomes available, but a likely 
figure is about £15 per month. 

More from Colonial Way. 
Radlett Road. Watford. Hert- 
fordshire WD2 4LA. Watford 



* CONSTRUCTION I f(H* UldllSiiy 

Fixes firmly 
in the 

f>frA- if r 



Scicon work for Lloyds 

TWO. NEW turnkey computer 
systems are to be installed by 
Scicbn Consultancy at Lloyds 
Bank. They will be used by the 
branches’ stock office of the bank, 
and ihe securities section of the 
overseas department. 

-Branches' stock office bolds 
-foreign securities ou behalf of 
customers of Lloyds Bank, it 
collects dividends on these 
securities, and . remits tbe pro- 
ceeds (normally in sterling) to 
the.' customers’ accounts. It also 
handles rights -issues, stock divi- 
dends and bonuses. The certifi- 
cates are held in London and the 
Ghatinei Islands,' and the office is 
responsible for their receipt and 

■ ■Securities section provides a 
similar service, except that the 
certificates '-me -deposited with 
agents abroad instead of at 
Lloyds. Bank. 

JThs systems will maintain 
records of holdings and eertifi- 
. eaten, and. process receipts, 

■ deliveries and dividends. They 
t^ill ' provide on-line inquiry 
facilities -and they will be able 
to produce a variety of reports 
at short notice. 

Each system is based on a 
PDP 11/34 computer, from 
Digital Equipment Corporation. 
Each has two 13.3 Megabyte disc 
storage units, two VDU 
terminals for data entry 
and inquiries, two fast 
printers for report and docu- 
ment production, and a slow 
printer to provide hard copy of 
the results of inquiries, when 
required. The first of thp two 
machines will be installed this 
month with the other following 
later this year. 

More front 01-5S0 5599. 

Aids engine 

national Group) will use the new 
TOBVAP torsional vibration 
program developed by the Com- 
puter Aided Design Centre, 
Cambridge. in its engine 
development work- 
This advanced program is the 
outcome of specific requirements 

defined by a committee of 
engineerins- based companies, 
including Perkins, with interests 
in internal combusion engines. 
The committee has been estab- 
lished to identify and recom- 
mend specific computer pro- 
grams to aid engine research 
and development. 

Written in Fortran IV, the pro- 
gram analyses the torsional 
stresses in all the drive-line com- 
ponents of interna! combustion 
engines. R is suitable for 
advanced Tesearch into multi- 
junction. multi-branched designs, 
with damping and excitation 
torques anplied at many points 
in Jbr individual branches. 

Perkins will operate ihe new 
CADC program at ail slaves of 
protniyp' 1 engine design since 
it can he used to stimulate all 
likely variations in torsional 
vibration that a diesel engine 
■will encounter in actual opera- 

Tnn'up oses the 2 .v 2 matrix 
system, developed hy the British 
Internal Combustion Engine 
Research institute, for branched 
systems. This method represents 
■a major advance on other vibra- 
tion on a lysis methods, may be 
implem« nte d v ery quickly, and 
is relatively low cost on repeated 

To nap can analyse forces 

applied to a crankshaft and to 
a gearbox through to the axle 
cor propeller in the case of 
marine applications). When 
fully implemented it will enable 
a company to provide OEM 
customers with detailed infor- 
mation on installed performance. 

More on 0223 63125. 

Faster disc 

head disc drive. Hewlett-Packard 
7925. provides 120 Megabytes of 
data storage. Designed for com- 
patibility with HP-3000 computer 
systems, it is readily adapted to 
the equipment of other mrtnu- 

Newest mem her of the HP 
family of controller-compatible 
disc memories, it is among the 
fastest disc memories of its type. 
Average random seek time, the 
vommunest measure of disc 
memory speed, is 25 milliseconds. 
Data Transfer rate is 7.500,000 
bits or 937.500 bytes, per second. 

Hewlett-Packard. King Street 
Lane, Winnersh, Wokingham, 
Berks. RG11 5AR. Wokingham 

WHERE SECURE survey stations I 
have had to be established during I 

a land survey, the usual practice l 
for many years has been to 
excavate a deep hole, pour in 
concrete, then drive a steel rod 
through the still wet concrete and 
leave to set. 

Designed to do the joh with- 
out disturbance to soil and effect- 
ing complete installation within 
20 minutes is an earth anchor 
from Earth Anchors of Thornton 
Heath. Surrey. 

Called the Rootfast Survey 
Anchor it comprises a sti-el or 
aluminium tube 2 ins outside 
diameter into which a pointed 
east driving head is fitted. During 
driving, four steel bars are 
housed in the bead and when the 
full depth has been reached a 
ramrod is used to operate the 
internal mechanism which forces 
the bars outward on a semi- 
circular path to form tbe flukes 
of the anchor. 

Standard anchors are nne metre 

long, ready for installation by 
manual or power driving and 
supplied with necessary tools. 
Extension connectors and spare I 
tubes for deeper setting in soft 
ground, and cast bronze plates, 
are also available. 

Head assemblies can he sup- 
plied separately for assembly 
into locally obtained tube und a 
dimpling tool is provided for this 
purpose. This is also used for 
supporting the anchor while the 
flukes are being extended. 

Further on 01-684 9601. 


Easier fit 
when it is 



Overcomes a knotty problem 

BOC ENGINEERS have used 
liquid nitrogen recently if com- 
plete an assembiy too" large to 
fit by the normal method 
employed at F. wigatestvonb 
and Co.. Shipley, Yorks. 

Wigglesworlhs had been fon- 
Iracted by Davy Loewy tn ‘■■in- 
struct a limited endfloai. Ellole, 
gear coupling assembly capable 
of transmitting 32.500 hp at 
200 rpm. It was destined fur the 
Erymbo heavy bar and billet 



Rt'Oe Icy St a ffs-Er gl _iccf - 5 j 

steel mill. South Wales. 

Two one-ton geared hubs had 
to be fitted to opposite ends of 
a three-ton shaft, seven ft long 
and 19 ins diameter. Normally. 
Wigglesworths use beat expan- 
sion to fit the hubs, but did not 
have sufficiently large heating 
equipment for this job. 

BOC experts were called in to 
shrink-fit the components using 
liquid nitrogen. With an evapo- 
ration temperature of minus 190 
degrees C.. nitrogen i s an 
extremely fast cooling agent It 
was used to fit the eomponents 
together by immersing and 
shrinking the inner one. mstrad 
of heating and expanding the 
outer component. 

Among the advantages offered 
by shrink-fitting over heating are 
elimination of risk of distortion 
and it is a quicker and safer 
method of fitting components. 

BOC. Hammersmith House, 
London W6 9DX. 01 7 4S 2020. 

Two day Conference 
Thursday, Friday 22, 23 June, 


in Business 

Emphasising the importance of 
computers for the small busi- 

Presented as part of 
The Do-it-yourself 
Computer Show 

22/24 June, West Centre 
Hotel, London 
Three Day Exhibition 
Two Day Business Conference 
One Day Conference, 

Computing in the Home 
For full details contact 

Online Conferences 

Cleveland Road, Uxbridge, 
Telephone (0895) 392d2 

electrical wire&cable? 

lA ' . n£{\ 



Ashford. Kerit.Tei 023^3 25.9,11 

MOST YARNS are produced on 
Vc&all packages and then 
rewound. At this stage they are 
“.'cleared ” and faults such as 
weak^rts or slubs are removed, 
iby sensing the yarn and cutting 
I| ; ; when a fault is detected. 
Normally the yarn Is simply cut 
and ftipTi the two ends knotted 
together alter the fault has been 


For the carpet trade a knot 
represents a serious fault, as ti 
will not pass easily through the 
eye of a needle in. say. a tufting 
machine. Now being introduced 
is a unit which wifi splice the 
two ends of a spun carpet yarn 
without any knotting. This is 
an air-entanglement splice that 

will uniie the two ends without 
a knot and with only a very small 
iDi-rea#v in yarn dinmelcr. 
The new system is in be 
applied :,K an optional extra on 
the Autoeoner of W. Sohlarhor.-t 
and Co.. Germany (British apenr 
B L Engineering. 5 Acres Lane, 
SI al; bridge. Cheshire SK15 SLY. 
Tel. 061 303 83Sl). 

In future it will be possible to 
purchase the automatic cone 
winder with either conventional 
knotting or with a splicer which 
m-jIJ be somewhat more expen- 
sive than the knntlcr but which 
trill have very obvious appeal to 
carpet manufacturers who wish 
to avoid knois in their supply 
packages of pile yarn. 



Tliousand& of types and sizes in stock for immediate delivery 

LONDON 01 - 561 8 t 18 ABENDEEN(/m) 323 S 5/2 

MANCHESTER 0Gt-872-49t5 

transfer callch arges gladly accept ED 

LM Hr. E MERGEf'iCV t UMBER 01 £37 3567 E-t 409 



Regions across 


IT IS now 12 years since the too. now have problems of indus- 
p resent pattern of assisted areas trial renewal in the Saar, Alsace. 

Lorraine ana North East France, 
was established and si.. > ea ^® And t heir assisted areas embrace 
since the present range oF a j ra0s t as large a proportion of 
regional investment incentives national population as here, 
was introduced. Yet, apart from Yet neither tiie extensiveness 
some pioneering studies by of the assisted areas nor. ... 
Messrs Moore and Rhodes of Germany, the federal structure of 

Tiflnn _* ~ _ i r,f ftn nii*H government inhibits either coun- 

Department of Applied frnm pursQf0ff 3Q extremely 

Economics at Cambridge, there se \ectv»e and either wholly fin 
has been precious little attempt France) or largely (Germany) 
during this period, either within discretionary approach to 
Whitehall or elsewhere, to assess regional incentives. Even the 
the effectiveness 0 r policy. various tax concessions, such as 
, .... accelerated depreciation and the 

•The main focus of criticism, temporary exemption from local 
now that the regional employ- rates, which are available in 
ment premium has been certain parts of Prance are not 
abolished. is the regional dc- granted automatically. Tax 
velopnient granL These are reliefs, like the regional develop- 
being paid out at the rate of more ment zrant and the various other 
than £400m a year, and account loans or grants on offer in dif- 
for two-thirds of the Govern- ferenr areas, will be granted only 
nieot's outlay In direct regional if a project 8ts in with official 
aids. The grant system has been regional development priorities 
attacked both by the Public Nor is this alJ. For regional 
Accounts Committee — which had policy purposes. France 
a lot nf fun not so long ago divided into four 7nnes. The 
criticising the fact that so much priority zone (Zone A) is further 
was being paid to ml terminals sub-divided into three and. addi 
in Scotland which would employ tionally. certain areas are classi- 
relatively few people and which fie d as predominantly ruraL 
wouid have gone there anyway — mountain economy, or large pro- 
and more recently, and more dis- jeer areas. The range nf 
erectly: by the- European Com- incentives and their amount vary 
mission in Brussels. by zone and area. To qualify 

for r.e^ional development grant. 
o i A • « j available only in Zone A. and to 

selectivity obtain tax reliefs, a project must 

J create a certain minimum num- 

Tbe point that principally wor- her of jobs (which vary by area 

ries both the PAC and the Com- and according to whether the 
mission is rhe automaticitv of project is a new venture or an 
grant payments. There is no exnansioni. In addition, the 
systematic assessment of the regional development grant 
benefits that aided investments fnaid at the rate of 12 per cent, 
might be expected to bring. There 17 per cent or 25 ner cent) mn«t 
is no minimum threshold in not exceed a certain rate (FF 
terms of the number of new jobs 12.000 to FF 25.000) per tob 
which projects must create. And created. One could add, too, that 
there is no “cost per job” limit it is taxable, 
similar to that applied to selec- 
tive regional assistance granted 
under s.7 of the 1972 Industry 
Act. The official line is that the 

grant scheme must be simple, o 

assured and predictable if it is to But what is instructive 3 there ~is 
succeed. Selectivity would raise the concentration upon a senes 
awkward problems of equity and of key locations (or growth 
it might reduce the relative centres) and the svstematic wav 
attractiveness of regional aids to j n which these are selected on 
footloose foreign investors. It is the basis of a weighted formula 
true that a selective approach using Three factors— entplnv. 
would he more labour-intensive ment rieflr'.t. avtrace income's 
and thus costlier, but these argu- and i ev el of infrastructure. This 
nients seem to smack more of heaviiv srafist’caj approach to 
administrative convenience than the de sic nation of Vey location' 
concern for public economy. mav he onen to criticism. But it 
tt is interesting in this context makes it ea« : er to a«se«< the 
to see how France and West results of pnl’er and to rte- 
Germany, our two most compar- schedule successful erowth 
able EEC neighbours, approach centres. Durnq the past 12 year? 
these issues. Their regional Britain’s assisted and non- 
problems may he somewhat dif- assisted areas have experienced 
ferent in origin and nature. We varv'n* fortunes. "But the down- 
are largely trying to promote the grpdinir to in»ermodiafe area 
renewal of older, declining status of ibo Aberdeen area and 
industrial areas, while they are parte nf Nnr»h v n ^k«hire last 
trying to promote industrial Aori« wr»rp the first such chances 
employment in predominantly in desis-nat*/™ to have taken 
rural or border areas. But they. p!ac<* ^nce IPtw. 


The Germans do not go as far. 

Why Scottish traders are 

F ilial Times griday 3FaTO:;9i.;l978 ^ 


FIFTY ENTERPRISING Scot- islands to deliver imported 
tish businessmen and women, goods. 

many from small companies In the 16-week season some 
which have never before £3ra of goods were sold to the 
exported, are taking part this Faroes from Britain. But there 
week in a trade mission to is still a long way to go to 
forge stronger links with one make up the imbalance in 
of Britain's closest neighbours, trade. Last year. Britain 
In a hotel in Torsbavn. flight m °re than £9m vorth 
capital of the Faroe Islands— — Faroe se fish and fish pro- 

midway between the Scottish ducts- 



fish processing and l»at*ttfli£ 4fcat of similar ' communities 
ing, so with a population: of. arodnd Scotland and goes a long. 
40,000 the annual import- ten ^w ay to explaining why their 
amounts. to some £400m. ; -.population, is rising while tMt 

But the demand goes fartfrg£ of man y' other groups in .the 
than manufactured goods. 'north is falling- /;? • - 

consortium of British hnil dfpg - Housing in the 
companies was also in-Torsfi^iai villages is of a high standartr 
this week talking to lhe FaroeSe and new homes—wbich '- 
Government about harbour work -cost between £30,000 and £60.000 • 
and other civil engineering con-- —are large and comfortable^ by 

■ ■ New carsc 

coast and Iceland— they are Yet the islanders seem lo be d ^ * ith tracts which could eventually ’British standards. TW^Cftxs^ , 

persuading Sera to buy '^t**** to British g£«5r gdng to *«worth£30m bflU . some British 

more from the UK In an attempt products. The fall in the irilue A „ llf . in { nmmB tne- Expanding British trad© with dlnavisn or Jap 

mure 1 rum rue ui\. iu an aucuipi * - — .- •— » **• fishermen. A cut in income tax .. — i, — r. — . . ■ 

to offset the large trade deficit of sterling over recoin years . . ^ semi- ^ Faroes would almost cer-- everywhere and, althoughpnces 

the group- 

meant that reS dlspdsaWe Present purchases able to afford the wide nafe 

and other Scandinavian coun- “*“ l “ at ^ Denmark, but Mr. Axel Morten-' of luxury goods in the Tor^avn 

• -t?*- ! en r e SLSSE ** and * e Faroese economy bv° aS m?ch i 20^3 sen, British- Consul In Torahavi; shpps. - . 

^~the isIands reduced . 

freTgS JowSS w5S £ a e £ JJ* deficit with Den- ha f t^ed^s aSival weU.^ir. ^ a^th^ • 

began a d-ial roll-on roll-off ser- £ 16m £4^“" 



A tl anti c '* 

whlCh m * rk b - v three-quarters, from ^ smSlI.*' mraaing^Srector FTS* 1 * “ well port ' is modern and 7 weU. y 

£1fim +ft r.i m - 1 . wonont — _ ^ ® ItShcd ^nfl th® Tiiiotina 'V*«« - > * a<lhnm. at® nlcfi nMir 

a recent 

a-srr ass. a a-sag sawaw&K = 

Ae fern- newspaperEerliagske Tidende. increase[i t0 J or £6 m. His “ *° “» °' ra 

UUT n rvril liinntjii g nnN ,.^_ n i.. .-.n rho . Dno avamnU nf 

toe archipelago 

operated weSdy by the Faroese conJffiented ■P.provlngly on the company has invest ed £60,000 . 0ne “ample of tois wa^ihe bridge spans ^ ^ Norway with Scot-/* 

clfj IfrV® improvement in Faroese pros- jn t r. i enUl „ decision not: to- join the EEC between the two largest^ 

ieeb ’‘'Tomparad dlU ir The f ^ ^ Ey^Soy mSTstre^oy.-TT 

skip Lands ms. deterioration in the pa.'-ments , The first ferry from Scrabster very strict and careful cdn&eb-* - SRS gains from the trade both- * remit ^ s?r-'r.' Vv 

Three 40 feet refrigerated position of the mother Stale. thl ^. season earned four va tj on policies, within its own by making profits on its- opera- The ScottiA firms hope -tp*' 

vans were transported to and A 7 in fish vehicles and later trips will 200-raHe fishing limit Denmark tion in the Faroes and by in- sell, a wide range of pn^iucts }to^v. 

from the islands each week prices, coupled with a good carry five or six. contributes some suhsufies^ ^ creasing toe freight carried by the islanders, hot -.tfiera : ■’ 

carrying fresh vegetables, other season which produced catches The market is large, notably half the cost of ednCal toe rest of its haulage network, scope .for direct -sales ^hf, Scoter, 
foodstuffs, machinery and elec- 18 per cent up on 1976. pushed Although the damp Faroese tion and- social services, but' fjte Mr. Small hopes that the service lan d’s'; most famous I'eypqrt--^-- .-'' 

trical goods on the outward up the value of Faroese ex- climare makes the islands lush LogtLng is responsible ^for can be extended beyond "the whidty. Faroese imisf pay. theh 1 ^:' 

journeys, and fish and fishmeal ports by 34 per cent. Imports, and they can produce some raising aH taxes and customs summer season, although tWs taxes iiefore-they. areperiniOSld:;- 

— virtually the Faroes’ only on the other hand, rose by vegetables and mutton for duties and for most of the would mean finding another ‘to bpy spirits aud^TevMijheai?; 

export — on the return trips. only 14 per cent. home consumption, most food public expenditure. ferry, since toe present Vessel- is they marimi onp-. ■ 

Drivers from SRS took two- Wages and salaries in the has to be imported. There is The islands' obvious proa- for inter-island- work 36. Bottles- i yeaiv^ ‘-which 

week tours of duty in the islands went up by between 16 also little industry apart from perity contrasts st a rkly with during the winter. ‘ be ordered.froth Den mar k. ‘ 

Fool’s Mate can complete a 
double for Cecil-Mercer team 

A YEAR AGO Henry Cecil and to be a reasonably fast surface. 
Joe Mercer took the Sanyo Fool’s Mate may well have the 
Handicap (now the Northern class to account for Sailcloth. 
Dancer Stakes) with Amboise who looked as though he would 
and il will be interesting to see benefit from the outing when 
f Fool’s Mate can do the trick fading to finish fourth in Kemp- 
for them this time. ton’s Ultramar Jubilee Handicap. 

There are good grounds for There was a great deal to like 
expecting a bold showing from about the performance pur up 

by Shirley Heights’ juvenile 

2.00— Easymede 
2. Jo — Chad's Gamble*** 
3.10— Fool’s Mate** 

3.40 — Song of Songs 
4.15 — Cannon King* 

4.50 — Mecarillo 



It was on the corresponding 
stable companion, w Cannon King, day last year that Chad's Gamble 
on his debut at Goodwood justified some substantial bets 
recently. There the Owen in the Maple Leaf, then the 
Anthony bay was not given an Caterham Maiden Stakes. 

unnecessarily hard introduction 

when it became dear that be Fiarwin’c trin 
.. . . ... could not catch Tribal Warrior 1/dl YrUI IllU 

this seven-year-old gelding. The iQ a newcomers race , 1 

five-length ninner-up to Llassic S nre to be all the' better for Te-enaCted 
Example in Newmarket’s Jockey that experience. Willie Carson s . P ™ M “ , ... 

Club Stakes on his second m0 unt could be the one to beat * REPLICA of the sailing ship 
appearance this season. Fool's i n the Edmonton Games Auction P? Beagle returns to England 
Mate has since run well over a Stakes. today after a voyage which re- 
distance beyond his optimum in „ tl> . , ilr . . . ®" art , ed ^ fae i° ura ey mad e by 

the Yorkshire Cup. r- —1° ot £ er U ^f!? w l nners f ? Charles Darwin during which he 

rn» th«. htt Foil a Carson, who K frying to wrestle evolved many of his theories of 

But for the fact that he failed the jockey’s championship from evolution 
to last out the final two furlongs Pat Eddery, are CannoD King's BBC television chartered the 
on the Knavesmire, he would stablemate, Easymede, among ship for the voyage, around 
have given Smuggler a difficult the runners for tho opener, the Brazil. Patagonia, Tierra del 
race ' Maple Leaf Stakes, and Chard's Fuego and the Galapagos Islands 

Over today's one-and-a-half- Gamble, who goes for the Sun for a series they are making 
mile distance on what seems sure Life of Canada Stakes. about Darwin. 

t Indicates programme in 
black and white. 

BBC 1 

6.40-7.55 am Open University. 
10.45 You and Me. 11.05 For 
Schools. Colleges. 1.30 pm How 
Do You Do? 1.45 News. 2.05 For 
Schools. Colleges. 3.20 THriii’r 
Tir. 3.53 Regional News for Eng- 
land (except London). 3.55 Play 
School las BBC 2 11.00 am). 4.20 

Scooby Doo. 4.40 Ph chouse. 5.05 
Horses Galore. 5.33 Roobarb. 
5.40 News. 

5.55 Nationwide (London and 

6.20 Nationwide. 

6.50 World Cup Report. 

7.25 The Wonderful World of 

8.10 Elvis in Concert recorded 
in 1977. 

9.00 News. 

9.25 Kojaki 


9.00 M. H. & 5p: Fivepenny 
Piece with Mike Harding. 
9-10 Inside Story. 

10.15 The Devil’s Crown. 

11.10 Late News on 2. 

11-380 The Sky at Night. 

11.40 Music at Night with Mabel 
Mercer, part 2 


9.2J am Kir-.i 73.22 12J5S pm Gram- 

pl.ri N. -v- :i-;.j|ln-.S. 6.M Grampian 

Tortr.v, isa Th..-- hni-.-nainerj- R.iip*] 
NUT. II. 12.20 akn RoflcCUons. I2ZS 
lirumpiai] LjIi. x.clu Headllxies. 


lisa pm This is Your Risbl. IJfl The 
nor- t Am Wurld of KnsWn. 5 JO Whal s 

BBC 2 Wales only — T.Oo-7.30 pm v. ,*. 5JS c-Oisroad* *J0 Granada 
lhe r.cpon>. 6J0 Ur. and Mrs. 102 . 2S am 
Judy Slogs (Jud? Garland). 



1 Youth has to skin fish (9) 

6 Stop in thoroughfare to get 
everything (5) 

9 It could be nice having gas 

5 Mutilated fish lost blood (7j 

6 False leg from tbe south (4) 

7 Simmering with a sore spot 

8 Untimely timekeeper on night 
shift? (4, 5) 

installed inside a recess t5> 13 Food ‘ consumed round head 

10 Bird and sailor out to frolic of river could depress (10) 

(4, 5) 14 Lion comes to make the point 

11 Rodent gelling cold in China (9) 

(10 » 16 Doing nothing but losing one's 

12 Caugbt by police in scrape (4) Srip (7, 2) 

14 Gratuity in post or it may be J® tha ?, a note < 7 ‘ 

salary (7) utilise a smaller amount 

15 Doctor, I wager about a pound, 91 £? u ^ be ineffectual (7) 

needs a drop (7) Figure to approve of collo- 

« r _ quia [ .V (a) 

That’s a 

quiaily (5) 

23 Shoots up a line in a letter 

19 A French knot to loosen (7j -- j 

20 Hoax Oriental in cipher (4) 24 “ m P ,oy .f" you . and “e on 

17 Reclaim mixture? 
wonder! <71 

20 Hoax Oriental in cipher (4) 

22 Photographs a young lady and 
is offended i5. 5) 

25 Member is tardy lo make laws 

26 Fierce beast to touch and 
hesitate (5> 

27 Heeded memorandum to 
deputy-leader (5) 

28 MLxture of fine gas is becom- 
ing less in lease (6. 3) 


1 Child in charge of sound (5) 

2 One who adjusts apparatus to 
change current (9) 

3 Foresight caught one in im- 
pressive bearing (10) 

4 Shortly I will turn from bad 
• influence (3. 4) 

short edition (4) 

No. 3.687 

ci n .0 


Eh : n n 

■S ' E 

s m m 
ee n 


n 0 

6 m 


10.15 Tonight (London 

10.45 Regional News. 

10.46 The Laic Film: “Run A 
Crooked DDle ” starring 
Louis Jourdan and Mary 
Tyler Moore. 

All Regions as BBC 1 except at 
the following times: — 

Wales — UJO-1.45 pm O Dan Y “eddlw. llio-tl.45 That’s 
Mor. 555-6 JW) Wales Today. 10JL5 W ^„ the Mo „ n ® y Goes - , _ 

Kane on Friday. 10.45-10.46 News “> Schools Programmes. HTV 

for Wales. ,Z -0° A Handful of Songs. 12.10 pm li50 pm Repan Worn Headlines. 17 w 

e « j secern _ n . Stepping Stones. 12.30 News plus wri u’jiej HeadUnes. L30 Andys 

Scotla nd -5554 30 pm Report- -pr index 12 55 Hein’ 1 M) The Pa ? y - 1JW Wqbmo OrIS- 5J4 The 
ing Scotland. 10.15 The Beech- bImw ImS von Adjennma of Captain Nemo, 

grove Garden. 1045-10 46 News ner S eX « fcieryl s Lot Z.00 5 .ZD Crossroads. 6.03 Report West. (05 

News Money-Go-Round. 2J5 Racing Report Wales. b30 Enunerdale Farm. 
forScofland from Epsom ^ Go , den ^ — - - 

Northern Ireland — 3.53-3.55 pm 4^0 Magpie. 5.15 Emmerdale 
Northern Ireland News. 5.55- Farm. 

620 Scene Around Six. 10.15 , 


5.45 News. 

6.00 Thames at 6. 

6.35 Crossroads. 

7.00 Winner Takes All. 

720 The Pink Medicine Show. 

8.00 The Liberace Show. 

9.06 People Like Us. 

10.00 News. 

News for 

Gallery. 10.45-10.46 
Northern Ireland. 

England — 5.55-6.20 pm Look 
East (Norwich); Look North 
(Leeds, Manchester. Newcastle); 

Midlands Today (Birmingham); 

Points West (Bristol); South 
Today (Southampton); Spotlight 
South West (Plymouth). 10.15- 
10.45 East (Norwich) On Camera; 

Midlands (Birmingham) Look, 

Hear!; North (Leeds Lifelines; 

North East (Newcastle) Friday 
North; North West (Manchester) 

The Gregs of Quarry Bank; South 

(Southampton) Cusden on Loca- except at the follow ing~times>- 
tion; South West (Plymouth) 

Peninsula; West (Bristol) The 
Showbiz Major. 

HTV Cymru /Wales— As HTV General 
Sorvlee except: 12JG-32JS5 pm Penawdau 
Wwyddlon y Dydd. 4.MHU0 Cunau 
Cantamil. LD04A5 Y Dydd. 

HTV West— As HTV General Service 
except: 1239-1.D0 pm Report West Head- 
lines. *J5A33 Report West. 


12JS9 pm News and Road Report. U0 
Obi of Town. U0 Mr. and Mrs. 505 
Mini Musical. 5-2) Crossroads. Aoo 
Scotland Today. 6.30 Emmerdale Farm. 
1ZJ5 am Laic Call. 



CC — Theu- theatres accept certain '■ erndit 
cards fay telephone or at the box once.' 


COLISEUM. Credit cards. 01-240 '5Z58. 
Reservations m-UI 31 SI. Last Peris. 

Toni. 7.30. Tomor. 3 & 7 JO Ebb-Tide, 
Carmen. 9b balcony seats always avattMrie 
from 10 am dav or peri. Jime 13 t» 24: 
Lea Svipsxes. Greemuo (new enxhu: 

iGardciKharee credit cards S36 6903]. 

Tonigh: 7.30: RigoMs [Kraus -replaces 
Dorn rgo}. Tomor. 7.3o: Madam BuLter- 
nv. Man. next 6.00? Tristan and Isolde. 
Tuts, i- ext 7 JO: Fabtaff. 65 Amohl' 
seats avail, ter all peris, from 10 aJn. 
tn cay ot pert. 

Nc:i: Personal) Tel. bkps. for July. Ballet 
teens July 1 and not Jisim 1. 



Eyes B.1S. Wed. 3.0. Sat. 6._. 


ArCKBUURN'^, New Comedy 

-437 1592. 
6.0. OAO 


Itoly enjovaOle evetilnfls-'* Sunday TUnea. 

Evenings 7.30. Mats. Sab. 2J0 
A play by Don Taylor 
- Sura Kesrelman is superb as AcfiurCIa 
. . . Julian Curry Is a splendid Shaw." FT. 
prom June 1 3 THE GOLDEN CRADLE. 
Plays by Yean Synge and Lady Gregory 

Unrl Aug. 7 adds me London Puff- 
harmonic Orchestra. Tonight. Sun. i 
Thur. next at 5.30: Die Zaubertk... 
Tomor. and Wed. next at 5.30: Don 
GiovaonL possible returns only. Box office 
GJriKMxxirnc Lewes. E. Sutler (0273 

A vc. EC1. 837 1671. OntH 17 June.- 

Music and dances from BAIL Eves 7.30. 
Sal. Mats. 2J0. "The experience not 
to be mused." Guardian. June IS to 


Evfls. 7.30. Malfc^nn^s- 3 . 0 . Sets. 4.0. 

OF 1976. ,197^41X1 1978 



ALBERT. 836 3878. Party Rates. Credit 
card bfcfli- 836 I971.'2 from 8.30 a.m.- 
8.S0 n.m. Mor.., Tubs.. Wed. ana Fn. 
7 AS p.m. Thurs. and Sat 4.30 and 8.00 




ALDWYCH. 836 6404. Info. 836 5332. 
Theatre rully air condition. ROYAL 
TonT. 7.3 D COIUOLANUS. “The 
strongest clearest and most consistent 
Shakespeare I hare seen anywhere lor 
years.” S. Times. With: From 13 June 
Strindberg's THE DANCE OF DEATH. 
R5C also at THE WAREHOUSE Isn 
under Wi and at The PIccadHIv Theatre 
Peter Nichols's PRIVATES ON 

HAYMARKET. 930 9832. 

Evs- 8- Wed. 2.30. Set. 4-30. 8. 



Must dehnirelv dose July 1. Box office 
now ope** for our new production. Pv& 
July 4 and 5 at SJ>. Odens July 6 at 7.0. 




HER MAJESTY’S: CC. 01-930 6606. 
Evenings 8. CO. Mats. Wed. & Sat- 3.00. 
with Derek Grlfftiis 
t“ 1C Is packed to bursting point -wttfi 
the personality and sheer -energy or Bruce 
Forsyth.” Sun. Express. •"The audience 
• cheered." Sunday Telegraph. - 

Mon. to Th. 's. 9.0. Fri. Sat. # JO. 9.30- 

LONDON PALLADIUM. CC. 01-437 7373. 
Mon.. Tues.. -Thurs. and Frl. at 8. Wetf. 

as iHoMMUU" 0 

In a Spectacular Comedy Revue 
Sundays June 25 and July 16 at 5 6 8. 
Special Booking Heillne 01-437 2055. 

LYRIC THEATRE. CC. 01-437 3686, 
E*. 8.0- Mat. Thurs. 3.0. Sat. 9.0 A a -30 


ALMOST FREE. 485 6224. "One Off” 
by Bob WHson. Tues.-5aL 1.15 pm.. 
Sunt. 3.00 6 5.00 p.m. No show Mons. 

AMBASSADORS. 01-836 1711. 

Nightly at 8.00. Mat. Wed. 2 . 45 . 

The world-famous Thriller 
Seeing the May again is In raci an 
utter and total Joy." Punch. Seat Prices 
S2.00 to £4.40. Dinner and Top-Price 

MAY FAIR. CC. 629 3036 

Evgs- 8-00. SaL 5.30 and 8.45 Lit. 2 
WkS. GORDON CHATER ' Brilliant," E.N. 
by Steve J. Spear*. 

“compassionate fanny, fiercely eloquent 
play," Gdn. "Hilarious,” E. Std. “Wickedly 
amusing,” E. News “Spellbinding." Obs. 


10^0 “Heiter Skelter." (part 2). E ,^c Th.-, S ° U "' crn “ “ a 

aire Shaw. 2_oo Women Only 
5J8 tVVokend. SJQ Crossroads. 6-00 Day 

12-20 am George Hamilton IV. , 

12.50 Close — Music by Beethoven b> Dj t- fc-M scene souii East, bjo 
and a paintin 0 by Bem- Su,-vlv * 1 - am SouUiero News Extra 

aii ” T . TYNE TEES 

au USA Regions as London ejs am Thi- Good word lollowed bv 

North Easi News Headlines. 12S9 pm 
. »i r , Nona Eas> News and Look around. US 

AltuLIA Oul of Town. 5.15 Hr. and Mrs. 6JU 

1255 pm Ana II a News. 5 OS Chatterbox. Northern LUe. 12.15 am EpllOiOic. 

Mfl^About AtuEha. 12.95 am Your Hu^lc ULSTER 

A TV LL50 pm Lunch 1 1 me. 505 Flinuuanes 

nai B m. *-00 nopuns. 625 Police SB. 1205 am 

Today Dnnnr „ WESTWARD 

oUKUhR 12J7 pm Cus Honcyhuo's Birthdays 

tl2J50 pm Border %vwx 505 The 12^0 Westward News Headlines. 6.00 
Partridge Family, loo Lnok&round Frl- Westward Diary and Sports Desk. 1028 
day. +1200 am Border News Summary. Westward Late News. 2225 am Faith lor 

CHANNEL Ll " v „ D .. c „ roc 

...» F™ Channel Lunch 1 1 me News and lORK.SrlLRfc 

farmland owned by Institu- H^oorr at SIX- 12JD pm Calendar News. 1J0 Houm- 

, “ r: 1 1*28 Channel Laic News. 12.15 am News pariy. 5-15 Oul uf Town. 6J» Calendar 

uons - xoH Weather In French. lEmley Moor and Belmont editions i. 

BBC 2 

6.40-7.55 am Or>"n University. 
11.00 Play School. 

4J5 Open University. 

7.00 News on 2 headlines. 

7.05 That's the Way the Money 

7.30 Newsday. 

8JL5 The Money Programme: 
The New {Squirearchy. 


247m Concert 1S1. 9JW New*. S.B This WeeR's with Mother. 3.00 News. 3J5 Alu-moon 

Tony Blackburn. 421 Rid Jensen includ- 
ing 5-30 Newsbeat. 7-38 The 
Follies Orchestra 
U-B2 John Peel 
Radio 2. 

B SiTimE 8lty - ? sai * 0 ™*r 'S>. lbo News, lk 
«S i ijoim Radio 2i. ni?^ 1 *?«■, L ^ J 5 all £ 2: 

ISi. 12JEMJG am As "”*2. 

(SI Stereo pfaoulc broadcast Compafier: Schumann «S*. 9J0 Orcbestni Theatre *S«. 4.00 News. 4.05 The Manic 

jn u, a. Radio * 7 B? Dave Lee PJWpB^OBlQne do Daiiio France iS'. KJnsdom. US Siory Time. 5.00 PM 

Trayu.^ MB sSSb Bn*. UJA PwI S’* Y ?- lia8 “{f "wnal <S>. U-40 Reports. 5.40 Enquire Within. 5JS5 

Burnell Jodudine i> *» nm NewsheaL 2.80 X i v °J ” lc 5 ,cr - T '-' Deam iS»- Wcaihcr: programme nows. 6.08 News. 

TMiaShT T? EA P™ a»He Orctesira. Dan ]: siravln- 620 Goiog Places. 728 Hows. 7JJ5 The 

sky. Chaikovsky iSi. LW News. X.B5 Archers. 720 Pick of lhe Week iSi. 

8J9 The Colourful History ol lhe Balkan 

Thrones. 8 JO Any Questions? 925 

Music _t>y Chaikovsky (Si. 445 Tbe Letter from America. 9 JO Kaleidoscope. 
Young Idea <S>. SS45 Horn. -ward Bound. 4J9 Weather. 10.00 The World Tonight. 

VHF Radios 1 _ ««d 2—540 am With J6.B New s. 1620 Homeward Bound icon- BJO Week Ending - - . 'Si. UL55 My 
Radio 2 Including S-S5 pm Good Uatenlng. dnnedi. 16J0 Lifelines: Leisure and Delight. 11.00 a Book at Bedtime. 11.15 
1S.00 With Radio 1. 12-00-242 am With Recreation. 7J8 BBC Scottish Symphony The Financial World Tonight. 1U0 Today 
Radio 2. Orchestra, pari l: Wagner. Mendetaonn lu ParllamcnL 12-00 Nows. 

RADIO 2 1,500m and VHP monr by Chekhov' ilf. apl j js" S wit BBC Radio London 

3S am Ne« Smnmsnr. S.B2 Ray ££ JS./'fi.HSS 206m and 949 VHF 

Moore (Si with The Early Show Including poemsT <)JG Mualc of the c?IS: 546 am Aa Radio 2. 6J0 Rush Hour. 

6J5 Pause for TtwughL 7J2 Terry Wogan ^tky, HWmBi “s. u a oiwa London Livu - LZ43 pm Call lo. 

iS) Including 827 Racing BnUeUn and Francalse- The sones of ion 2 - ttJ 266 Showcase. 4. S3 Home Run. 6Jfl 

B.45 Pause for Though L ULS2 Jimmy uu Music Now. ti m v-_ h London Sports Desk. 635 Good Fishing. 
Young Live trom Cairo «Si. 1230 pm w me Tonight's Schubert smir 7 00 Loofc- Slop ^1^0 . ?^jj Black Lon- 

Poto Murray's Open House JSI Including Sl doners, 830 Truck Record. ULM Late 

LIB Motor Cycling mow of the Isle of Kama 3 vhf oaly— 4U)0-74a wn. S4S- Night London. U-00-ctose: As Radio *. 

Man TT Races* and IAS Sport* Desk. 7-6 pa Open University. . 

236 David Hamilton 1 Si Including Racing __ _ _ LOnflOD rSroau CaStlCS 

from Epsom and 2 AS and 330 Sports RADIO 4 261m and 97.3 VHF 

K 434m, and VHF AM- 

5AS Sports Desk and 642 CrosfrChaancJ 105 im Jew. 627 Honrnng Today- Sn^revlcw lOjn ^rian H^vS ' 
Motoring Information. 633 World Cap 635 Up to lhe Hour including Ni-wb head- un pn, LBC Hfwr1Si 3jn Gcomc Oale's 
Sport* Desk 742 The MidnJtc FoDies «n*fB. wealbcr. pauers. sport and Pra«cr Jn-ctocfc “'oil 448 IJ1C Reoorta tcon- 
Orchi-stra and Sweet Sutetliutc In Baud for the Day. 740 New*. 720 Today. T|nu« 840 AHeTEteht wffT Im Gl" 
Parade iSi Inriudlng 730 Sports Desk. 73S Up 10 the Hour tconilouedl Includ- Sffi. NtehUinc itlh A)a“ Nm. 

8.02 John (■ rcnory conducts the BBC Ing Though! for the Day. s.oo News, i an arTI Nlsbt*Eztra with Hitch WlUlaius 
Radio Orchestra <S>. 8.45 Friday Night »20 Today. *JS Yesterday in Partlamenl. fU * 61 *‘ Ul Hu5fl 

la Music Night ISi. 935 Sports Desk. 448 News. 9.05 Local Turn.-. 93* A CaDltal Radio 
M42 Free Spin. MJB _Lefs Go Utfn with Bar for Noihing 1848 News, 1MM ** ** fln ,t o= n vm? 

Dick AhelL 1L42 Brian Matthew intro- Checkpoint U38 Dally Service. MjUS ltMm and vni' 

duces Round Midnight Including 1248 Morning Story. U40 News. 11.05 640 am Graham Dene's Breakfast Show 

News. 240-242 mu News Summary. Analysis. XL5S Letters Tram Everywhere. fS>. 9.00 Michael Aspcl iSi. 1240 Dave 

12M News. U.SZ pm You and yours. Cash (S>. 340 pm Roger Scott fS>. 740 
RADIO 1 494m, Stereo & VHF VLB Qtwie . . . Unquote IS), 1235 London Today «St. 736 Adrian Lore's 

Weather; programme news. 140 The Open Lme iS i. 940 Nicky Horne's Your 

t Medium ware omy World at On«. UO The Archers. LOS Mother wouMu't Like ll (S’. 11-00 Mlku 

7*35 am Weather. 740 News. 745 Woman's Hour from Northern Ireland Allen's Late show «S«. 2.80 Ian 
Overture tSl. *40 News. *46 UORUhg indndtiJ* 240442 News. 245 Listen Davidson's London Link International (Si. 

APOLLO. 01-437 26E3. Evenings 8.00 
Mats. Thurs. 3.00. Sat. S.00 and 8.00. 
Actor *t t.ic vttr." E». Standard. 

■■ IS SUVERa." N.o.Vt . 

•• wickedly lynny." Timet. 


Hilarious . . . seo It.” Sunday Times. 
Monday tn Thursday 8.30. Friday and 
Saturday ai_L.Qp.arnl 9-15.__ 

ASTORIA THEATRE. Charing X Rd 'with 
fully licensed Reitaurantl. 01-734 429T 
Nearest ,ube Tottenham Court Rd. Mon.- 
Thurs. 8.00 p.m Frl. & Sat. 6.00 & 8.45 
Instant credit card booking. 

" Infectious, appealing, toot-stomping and 
heart-thumping.^ Observer. 

Seat prices £150-fc5-50. Dinner- top-price 
Seat £B 50. Han-tiour belore show ary 
available too-orlce llckrts £2 50. Mor- 
Thurs. and Frl. 6.00 o.m. perform, only. 

:AMBRIDGE. 836 6056. Mon. to Thvrs. 
8.00. Friday, Saturday. 5.45 and 8.30. 

Exciting Black African Musical. 

The girls are Mautlfuf. bare and 
bouncing." S. Mirror. 


Dinner and tog-nrice seat £8.75 jjjj 

OH I CHESTER. 0243 81 31 2. 

Tonight. June 10. 12 and 14 at 7.00. 

June 10 at 2.00. June 13 at 7.00 


For a ltd. engagement June 20 to July 16 
" An unparalleled 1 our tie force." S.Tni. 
Tues. to Saf. At J.Oa. Sup. at 
JSQ. nit, Mondivs Tiricets. El 25 tn r.s 

COMEDY. 01-930 2S78. Evenings 8 0. 
sat. Thurs. 3.0. Sat. 5. so and *.M 

Margaret COURTENEY. Dermot WALSH 

" Blackman, armed robbery, double bluff 
and. murder." Times. A good deal tn 
fun. Evening News. 

CRITERION. Credit Carts. 930 3216. 
EvenlnM 8.0. Sats. 5.30. 8.30. Thurs. 3.0 

- VERY FUNNY" Sun Tel. 

DRURY LANE. 01 -MB 8108. Every 
night 8.00. Matinee Wed. and Sat. 3.00 

A rare devastating. Joyous astonishing 
— stumi'w.” Sunday — Times, 

836 8243. Mon. lo Thurs. 

8.0C* Frl.. Sat f IS and S.DO 


Thr N,>d<tv Is sninnlnb '" Dally Tel. 
mu Sensational Year. 

MERMAID. 248 7656. Restaurant 248 
283S. Wed. to Sac. 8.30. Mats. Wed. 
Fri. and Sat, at S.4S. Last week. 
Transfer to Savoy June 13 
Alec McCowen's 
(Sun. at 7.30 p.m. all miu soldi 
P ner. June 1 3. Opens June 14 
. _ Subs. 7.30 and 9.15 
A Piece lor Actors and Orchestra 
Seats £4. £3. £2 


- V Jj 

ROYALTY. Credit Cards. 01 -4 OS 8004: 
Monday-Thursoav crenines 8.00. Friday 
5.50 and 4.45. Saturdays 3.00 and. B.0tL-‘: 
London critics vote •. 

BILLY DANIELS -tn ■ ' 1 V-*'. 

Best Musical of 7977 ‘ 

Bookings accepted. Major Credit carta ^ 
Special reduced rate for mat) rices' for - a 
■ l milted period umY. - • — • ~ - • 

ROYAL COURT. 730 1745. Last 4 Deris. 
Tonight 0, Tomer.' at 7 4- B,3fl - 
Lucinda Childs. Robert Wilson In ' ' 


Previews trom. 14; June ' Fttrtng. BBn 
by BHI Morrison. " ' ' 


SAVOY THEATRE. 01-836 808*. 

Opening June 13. TOM CONTI In 
with JANE ASHER • 

. • • TO SEE .IT." Gdn. 

Ere, at 0.0. Fri, and SaL S-45_and 8A3. 

SHAFTESBURY. CC. *36 6596. 
Shaftesbury Are WC2 (High Holoorn eadi 
E*s. at B.DO. Mac Tim. and Sat. 3.0Q. 


CREDIT^ r*ARD , *BObKHi|M lr 8M 6597 

SHAW THEATRE. '01-388 1394. 

Provs. Tonight * Tomorrow 7.30. ALL, 
SEATS £1. Open Mon. at 7.00. Suta.- 
Evas- 730, . . - ‘ 

- try A4WOLO WESKER. - ■ 

STRAND. . 01-835 2660. Evening* TfeOO. 
Mat. Thurs- 3.0. Saturday^ 5.30 and 8-30. 


: ■ WE’RE BRITISH ’ V " 


GOOD SEATS E4.0Q.E1-.aO. • • ; 

ST. MARTIN'S. CC 836 1443, E*S. 8-00. 
Matinee Turn. 2-4S Saturdays 5 and 8. 
26th YEAR - . ■ 

TALK OF THE TOWN.- CC 734 5051, 
8.00. Dining. Dancing (Bars open 7.1 Si. 
930 Super Revu« 

and at 11 p.m. _ 


VAUDEVILLE. 836 9988. CC Evs. 8.00. 
Mat. Toes. .2-45. SaL 5 and 8. 

Dinah SHERIDAN. Oulcle GRAY 
“Re-enter Agatha vyftti. another who-- 
dunmt hit. Agatha t Chrtstlo Is stalkhig the - 
w«st End yet again with another of her - 
Mndlshlv ingenious murder mysteries." < 
Felix Barker. Evening News. 


OLIVIER {open stage): Toni and Tomor. 
7.00 (note eirfy sterti brand by Ibsen 
In s verrion by Geoffrey Hill. 
LYTTELTON (proscenium stage I: Tpn't 
7 AS. Tomor. 3.00 and 7A5 PLENTY 
a new pNy by David Hare, 
corresiot (small tu«taromi: Toni 
B.OO. Tomor. 2.4S and 8.00. Last Per«. 
THE WAR by Horvath. wans, by 
Christopher Hampton. 

Many excellent cheap seats all 3 theatres 
day of Pert. Car park. Restaurant 928 
2033. CrMK card tkos. 928 3052. 
Air Conditioning. 


Book now. 828 4735-6. 634 1317.. 


Evsn. 7.30. Mats. We o. and 5»t. L45. . 

WAREHOUSE. Domriar Theatre. Covent . 
Garden. .836 6806. Royal Shakespeare" . 
.^wny. TWO- 7-3 Q David HudWn'a • . 
THE S ON3L or LIGHT. "Sheer poetic J 
energy. ' Guardian, All seats ET.BO.-.- - 
Atfy. bkps. Aldvrvi h Student standby fri . ; 
WESTMINSTER. 01-014 0283 


..rS£ 3"^ THORNHILL . . 

■■T5ioS i ^X.f. 1 i , ^P UR -" D- Telegraph..'. 
SHArpLy TOPICAL." Financial Times,' ; . 
_ "Tremendous Impact " . NoW 

7 AS- Mat,, Wens, 3.30. sat: 4.3 0 t 

^Hl 7 *"**** ' J 01-930 B692-7765: ■ 
!«-, 8 ' 30 -frt. and Sat. 6.45 and 9-00.,: 
Paul Ravmojd presents th* Se-satlonal, 
Sex Rovue of the Century " 

. _ DEEP THROAT . . 

Hue to overwhelming dVdVic demand 


928 7616. 


The international Turkish Players In 
The Turkish Clogs BV Ncutl Cum. II 
musical comedy In English based on _ 
Turkish riessk. Toda* ai 2.30 & 7.30 
A Week Ol Sundays June 11-17. 

Isla Blair. Julian Glover. Harold Innot . 

D r-k Jacobi Jrir Snw(. P-i<n:-1la S— I-*. 

Timotty West Timothy West as Sydney 
Smith in Smith of Smiths. 

The Grand Tour 
D*rek JreotH --S Bvron In 
The Lunatic. The Lover & The Port. 

OPEN AIR. Reoent's Park. Tel 4 86 2431 
Eng. 7.4S. Mata. wtd.. Thurs A Sat. 

PHOENIX 01-836 2294. Evenings 8.15. 
Friday a»d_ SayrtUv 500 and 0.40 
GARDEN makes us lauoh." D. Mall. In 
The HK Comedv by ROYCE RYTON 
HAVE DIED." Sunday Times. "SHEER 

DELIGHT." Standard. " Gi ORldus 


PICCArvrjj-V- <17 *516- C raff U Care bkgs 
&3G J971-3. B.M a.m.-B-30 Am. 
Ergs. 7 30. SB. «JO A 8. Wed. mats.. 3J3 
Royal Stekesneare Company in 

- bv Pet er Nichols 

. •• ninroarlire s - Erorrea. 

Z*. Std. Award and S.W.E.T. Award. 

PRINCE EDWARD. CC. 01-437 6877. 

Red. price p revs. June 12 . 13 and 20 at 
8.0. -June 17 5.30 and 8.30. Opens 

DUKE OF YORK'S. 01-836 5122. 

Evenings 8.00. Mat Wed.. SaL 3.00 
■n Julian MjjrheH's 

Brilliant , wiirv ... no one should 
"!« It Harold Hopson (Drama), Instan, 

credit card reservations. Dinner and 
loo- or lr n seat £7.00. 

FORTUNE. B 36 223B, Evs. B OO. Thurs. 3 . 

„ , , Sat. 5.00 and B.OO. 

Muriel P'wlow as _MrSS MARPLE In 



timothy^weIt: SftjSk «a* 
.^lt C A H R ^ L 0 K ^^ 

"BmLLIA^-JSfni^'ffgp EXCEL- 
Gdn. NOT TO BE MISSED." times. 

PRINCE OF' WALES. CC. 01-930 8881.' 
Monday *® Friday »* B o.m Saturdays 
at 5.30 and B.4S. 

Dally Express. 


QUEEN'S THEATRE- CC. 01-734 1166. 
Ergs. 8.09.: Wed. 3.00. Sat. 5.00. 8.30; 

In Alan Bennett's . 

Plays and Players London Critics Award. 

RAYMOND- REVUEBAR. CC. 01.734-1593. 

At 7 p.ra.r 9 ■p.m.. 71 p.m. <ooea Suns.). 

• • • EROTICA : 
pujh^^recdru SItioned,^^ 

REGENT THEATRE. 637 '9663. 

Evas. BJO. Frl. BM Sat 7.0 and -9.0- 

"Hegant. gopd^hiunojod engaging." Gdn. 

A Nevr Musical; . ■ 

•‘CiortUr and -Comic," Times. - 
"Show scores. In songs" D. Tef. 

" Linda. Thorsen_. remlabou." Times. 

Twice Nightly B.OO and 10.00 : ’ 

Sunday* B.OO and 8.00. - 


■■Tafcwt w. - jj ODe ^ N era 

""Precedenteo Umte what H 
E «- 

V H^f M i ■?c' S B , S 6 -_m 2 8 ' c '« , « Cart 
S’S?' “ G .I 071 ^ fr » T l 8.30 B.IH, » . 
8.30 p.m. Mnn.-Thure. 8. Fri. and Sat. - 
5.15 and 8.30 

"supreme comedy nn isx and retlgton.*' ' 

■-tsw/w wnH 

LAUGHTER. _ Guardian 

T" l,v 9 “»C '-“-r pie vvi 

from I alette 1 C FwteC 7 £C " fl an ! 


A8C si S pU HA S E L S8 ^A y T5 AV B Si^ M6 - r -‘ • 
2:eg R 1 V 20 LA S Y 20 D ?,^ ‘ 

imzafflaaia^ ,ai - 

C riI3S E 4Bs P j2?^ B 10 . 8 ®- Camden Town" 

5? 3 pM!fD F 'S2,."' s ®^ 

?b”uN° 8 ' flNAL WEElC - MUST END : 

WBSL ■ .. 


fc|g^irete"aj . 

' < H8&e Ca S t S s &ft I^esI'I: 

Fli.ny mr cond.rtoned *..■ r~ 

i hSi5c 5Sut B «7 H ? Artl s “ 

Late snow Frl. a, sac. 

orog Mon^SS*** ‘"it •*»*"“ ’ 

, t9? o .xn thzrrt}^ . j 

m i'szrTSo.' 

aV* the it— ' .9.00. ' - <MS ' 


. . third KtiSr.AiTi “...v;;" 

SfB’ sSSK : 

l?.-?s.:p-»h. All ^ ii mty . 

- ... 

„ -Junes Friday June & 1978 

Cinciina g 


Elizabeth Hall 

The rewards of Paris 


London Sinfonietta 

1« Sheriff ~<AA> '/dala Royal 

Vnknorwn Masters at ■ ■ National 
fte Japanese . Film 

Qneaza Theatre 

I. Pieire RJvlere - Arnolfinj 
• - . . Cinema, Bristol 

Oxford Fite festival 

r * Qutsu 

* r ‘°Pi t 

nru %,tv 

vf ^ 

6 P c n% 

’•: en Sr 

^ Elat-'.- 

- t h 

: : * ‘-v 


; v >' w* 
C ! ‘"fc.iT. 

This betag the era of the jet 
plane iitd-the Common Market, I 
"can^givB ' blo* . better counsel to 
teatfenr .ahd 'film-lovers, rn a- 
starretf-TnoiTie veek iij London, 
*y to , Haris. The city is 
at tts-niost-- Tespten den t in May 
and June, and the- cinemas— in 
the- -heady aftermath al Cannes 
—are at their most regarding. 
Most of the best French films 
seen at that festival are already 
playing in .Paris, and many of 
the 'foreign ones have only 
waited for the 7 publicity impetus 

? iven by Cannes to .open in the 
'rench .'capital. There are an 
awesome number of cinemas to 
choose from, but once yon have 
winnowed -away the familiar 
American-- movies masquerading 
under -a foreign title-— Guerre 
des Etoiles'. La Fieore du Samedi 
Sotr, Rencontre* du Troisieme 
Type— the .selection is manage- 
able. • 

The best film fo catch— it was 
not shown- at Cannes and has no 
definite .opening date in London 
—is La Chxrmbre Verte. This is 
Francois Truffaut’s latest work, 
and it is a gem. Truffaut has 
based his film: on a story (or 
stories) by Henry Tames, and tbe 
film has a Jamesian air of majes- 
tic . sadness., laqed with wry 
comedy; • ■ > - ' 

The hew, played toy Truffaut' 
himself* .'is' a middle-aged 
widower, and journalist by trade, 
who cannot reconcile -himself to 
the'*, death of his wife. ' He 
neglects the Jiving in order to 
worship and commemorate the 
dead. The “green room" of the 
title is the room in his boose 
where ^he keeps his wife’s pic- 
tures and mementoes, and sits 
before them for hours at a time 
in' silent, candlelit contemplation. 

One day be meets a girl 
(Nathalie Hsye) who has lately 

suffered a similar bereavement 
(her lover, a former colleague of 
Truffaut's, has- died) and is 
adopting the same single-minded 
devotion to his memory. The 
sentimental option now open to 
the film is obvious: these two 
worsiuppers-of-the-dead can be 
transformed by their feelings for 
each other into loverwrf-tife. But 
Truffaut eschews the sentimental, 
and the film : glides -on in its 
eerie, e»ba lined-looking manner 
to an ending of. resonant 
mystery and sadness. 

. It seems ages since a Truffaut 
film elicited wholehearted super- 
latives from critics. (Perhaps 
the last was Day jor Night). But 
La Chambre Verte is a marvel- 
lous return to form. Taking his 
cue from the- title. Truffaut has 
shot the whole film through what 
seems to be a subtle green filter: 
the images are sickly, sub- 
aqueous. Yet . the film never 
allows itself to toe submerged in 
its own melancholy. Truffaut’s 
performance radiates childlike 
simplicity and single-mindedness 
rather than adults disenchant- 
ment (innoeeoce-was tbe quality 
Steven Spielberg' says he saw in 
Truffaut when he cast him for 
Close Encounters)', and the film 
plays a fascinating double game 
with the ftimgoer’s emotions, at 
once endearing him to and 
repelling him from tbe. charac- 
ters’ love affair. with death. I 
do not know when the film will 
come to London, hut if youwant 
to spare yourseLf. weeks or 
months of suspense, go -and see 
it now in Paris. 

Also playing in Paris, is. the 
mew Joseph Lqsey 'film.- Les 
Routes du Sud.- This; is not 
such good news. Respect- for tbe 
memory of Losey's . vintage 
period as a director in Britain — 
The Servant , Accident. King arid 
Country — tempts me to mollify 
my remarks about his latest 
work. But this Freneb-made film 
about an aging revolutionary 
(Yves Montand) and his inability 
to adapt to new causes seems on 
first viewing to be an ^unmiti- 
gated failure. - - 

Montand wanders through 
Jorge Semprun's script,. in. which 

Patrick Dewaere and Aurore Clement in ‘ Le Sheriff ’ 

he plays a veteran of the Spanish 
Civil War who has lost touch 
with the new political genera- 
tion i represented by his son), 
looking not only deeply tired, 
which he should he. but deeply 
bored, which he should not. 
Mailers arc not helped by the 
fact that Montand has already 
played this role, it seems, .several' 
times before— most notably in 
Resnais’s La Guerre Est Finie, 
also scripted by Semprun. Losey's 
direction is so solemn and 
circumspect that one feels one 
is attending a church service, 
in which the new god is Marxism 
and the new liturgy the exchange 
of po-faced and elliptical movie 
dialogue. Perhaps the film wilt 
improve on a second. English- 
sub-iitled viewing. But L have 
my doubts. 

In the time available to you 
if you spare yourself a visit to 

that film, go to the Musre du 

Cintina at the Palais de Chailint. 
This is part of the Paris 
Cinematheque, the film centre 
founded and run, until his recent 
death. by that magisterial 
Frenchman. Henri Langlois. The 
contents of the museum were 
amassed virtually single-handed 
by Langlois. and they range 
front relics of the prehistory 
of cinema (peepshows. zoelrupes. 
praxinoscopesj lo such modern- 
day marvels as tbe hologram. 

The museum is comprehensive 
but compact, and does not leave 
one exhausted after a single visit. 
The piftre de resistance is the 
room containing the recon- 
structed sets from the 1919 
Gorman horror classic The 
Cabinet of Dr. Caliymi. Legend 
has it that Langlois looked up 
from his desk one day and en- 
quired of his friend and fellow- 

rinephile . Lotto Ei«no r if the 
film’s designer. Hermann Warm, 
was still alive. When Miss 
Eisner replied in the affirmative. 
Langlois reached for the tele- 
phone. called Herr Warm, and 
asked him to rruno and rebuild 
the sets for the museum. He did 
so. and there they stand today: 
the spooky, distorted houses, the 
false-perspective streets. the 
windows like maddened eyes. 
Treat yourself lo 3 frisson of 
recognition, and in in see them. 

London, as intimated earlier, 
has an off week this week. 
Opening at the Gala Royal is a 
.streamlined but undistinguished 
French thriller called Lc Sheriff. 
Though deftly made, by writer- 
director Yves Boisset. i’t smacks 
of deja vu in ns \inry of n French 
magistrate < Patrick Dewaere ) 
who battles his v.ay through 
police corruption and political 

Intrigue in order to find, arrest 
and convict a notorious gang- 
leader. Allowing for substitu- 
tions — Dewaere Tor Jean-Louis 
TrintingnanT, French political 
misdoings for Greek— the result 
seems to often like Son of Z. and 
only the shock ending startles 
one briefly to tbe edge of one’s 

The National Film Theatre 
mounts a season of Japanese 
cinema this month : introducing 
us to 21 of the lcsser-knov:n 
directors who worked in that 
country between 1934 3nd 1964. 
and whose names hare since 

been overshadowed in critical 
evtoeem by the Kurosawas, the 
Ozus and the Mizoguchis. It 
looks to be an excellent and 
enterprising season, and it lasts 
until June 29. 

To end as I began on a non- 
London note. I urge anyone 

living West Of ihe capital, or 

travelling in that direction, to 
pay a visit next week to Bristol 
and/or Oxford. Bristol's Arnol- 
fini Cinema is showing Rene 
AM in's influential and fascinating 
/. Pierre Riviere. Based on the 
true story’ of a Normandy 
peasant who in 1SS5 murdered 
his mother, brother and sister, 
the film takes a melodramatic 
subject and handies it with 
almost scientific precision and 
detachment. There is no appeal 
whatever to the film goer's more 
bloodthirsty instincts. Instead, it 
is a persuasive and enthralling 
account of the social and his- 
torical conditions in which the 
hoy grew up. 3nd which may or 
may not be held partly guiltv for 
his crime. Tbe film has bad a ■ 
great influence on current 
critical debates about the; 
relationship between History and : 
the Cinema. I 

On Saturday the Oxford Film 
Festival gets under way : giving , 
British premieres to films such j 
as Minnelli’s A Matter of Time. 
Jack Gold’s Die .Medusa Touch. I 
Lina Wertm tiller's A Kightfu.1 of' 
Rain and Paul Mazursky's An I 
Unmarried Woman (which won: 
its star Jill Clayburgh the Bestj 
Actress award at Cannes this I 
year). Also to he savoured ini 
ihe two-week event are a Satyajit 1 
Ray retrospective and a survey | 
of films from the Hitler era. 

A Sinfonietta convert, at best, 
can send one out into the night 
(even a rainy night j walking on 
air, and Wednesday's concert, 
conducted by Elgar Howard), was 
not a great distance from that 
best. Jnimiiahle programme — 
Birtwistle's Nilbun/ Air la 
! second London hearing of this 
1977 Sinfonietta uommission), 
! Stravinsky's Pulriuella Suite, 
Tippett’s Concerto for Orchestra 
— played with the orchestra's 
inimitable blend of virtuosity 
land verve. 

| The Birtwistle and the Tippett 
1 scores, both exciting reactions of 
sheer physical exhilaration in 
the listener all the way from 
tingling scalp to ticklish toes, 
tempt the impressionable re- 
viewer lo comparisons in 
defiance of their obvious differ- 
ences. Both composers command 
the art — so often ignored or 
intentionally neglected these 
da vs— of musical movement. 
Birtwistle in the elaborate and 
subtle system of pulse-movement 
that underlies his score, Tippett 
in his brilliantly jagged appro- 
priation oE baroque concerto 
techniques. Both composers 
divide their orchestras into in- 
strumental groupings intended 
to contrast and conflict rather 

than to blend and unify theifi 
materials. r 

And both composers encourage 
in the listener an awareness of 
what can only be called organic 
musical activity, an awareness a* 
difficult la put into words as it is 
enthralling and heartening to 
experience, a perception of- 
musical fertility, of seething and • 
flourishing inner life. The sound’ 
worlds of the two scores set each’ 
other off in the most favourable 
way possible — Silburri Air with 
its cycles of grunting, shimmer-, 
in?, suddenly frenzied sounds, 
emerged from and re-directed, 
towards a single unison E: Tip^ 
pelt's Concerto with its "mosaic" 
instrumental combinations that' 
seen more fitting and masterly" 
with every hearing. Having both- 
works in the same concert was- 
good fortune indeed. 

In the middle. Pulcinello. diver- 
sion and landmark at the same 
time. The playing of it veered- 
at times towards riotousness, ■ 
with moments of perilous, 
ensemble; likewise Ihe perfor- 
mance of the Tippett first move- 
ment. to a lesser extent. But if - 
it was riotousness, it stemmed, 
from musical high spirits, and,, 
so could be relished. 


Logan Hall, WC 1 


^ Hayward Gallery 

> ’ 7 f.' ’ 

- S* 

The Chelsea Opera Group has 
provided many exciting perform- 
ances over the years; few have 
managed to screw up quite such 
tension as Jenufa. sung on Wed- 
nesday at the Logan HalL Lon- 
don has long rejoiced in a group 
of fine Janacek conductors, 
headed, of course, by Charles 
Mackerras. Now another can be 
aded to the list — Murk Elder. He 
coaxed — no. Iba! is far too gentle 
a word — he bullied the COG 
orchestra into playing of’ a stan- 
dard that no full-time profes- 
sional orchestra would be 
ashamed of attaining. At the 
same time be saw to it that the 
singers were always able to pene- 
trate the sometimes tremendous 
tissue of sound. Every single 
word of the translation by 
Otakar Kraus and Edward 
Downes of Janacek's text was 

The most finished and assured 
vocal performance came from 
Elizabeth Connell, who has of 
con rse su ng the role of the 
Kostelnicka on stage. In opulent 
voice, she composed a powerful 
portrait of a woman whose down- 
fall is caused by pride; there 

was no softening and no repent- 
ance even when the corpse of 
Jenufa's baby is discovered. In 
telling contrast, Marie Slorach 
made a youthful, vulnerable 
Jenufa. a girl whose superior 
education has not armed her_ 
against the misfortunes that an ~ 
unlucky love affair can bring.” 
She sung her little prayer for 
her baby most movingly, and. 
brought radiance to the final . 
duet with Laca. 

Kenneth Woollam, though 
apparently suffering from' 
tracheitis, sang strongly as.. 
Lava, his firm, ringing tones, 
and incisive phrasing adding 
conviction to his performance 
of a role that requires a heroic’, 
tenor tn do it full justice. As’. 
Steva. Graeme Matheson-Bruce 
started very promisingly, hut in 
the second act over-compensated ' 
for the lack of stage movement." 
by exaggerating the characters.', 
emotion. Patricia Conti was.; 
excellent as Grandmother Burja; , 
Dinah Harris did well as Janos; ’ 
Anthony Shelley, doubling as the.’’ 
Foreman of the mill and as the!. 
Mayor, was better in the latter.,, 



. ’ :i-lUA 
it = 

.... ?: r.S' 


U-I.l- B . 
i. fi, 1 ; 

■-••• i 

Too few of our best’ artists sometimes' for our insights and problems, literal obtrusiveness no 
enjoy a wide reputation at home, rewards. r ■ adequate response to awkward 

Informed approbation, too often The rewards are there to be won sculptural discipline. But in the 
met if not by actual, incompre- in Auerbach’s work: jifcbere years since then Auerbach has 
hensten aflSurtby ' the eyebrow,: I must take care not Ulster reduced the work physically, 
raised, significantly. -And : yet, the impression that it is.!aJ?'$ar?l pressing the work back on to the 
whHe oi^ll^S^ghts are stog^for.; though, it is/.st^^ ^rface, scraping and. wiping it 
' -no dord)t taph? to- J staad‘ Thr'Tor reveai itsel* as such, theire ;is down apd working back into it. 

-’ .. ..•At.T_ .V.- VnuWi».|r Vnnrl HrawinP tiaVP 

. -• 

drawing have 
Ives, the state- 
’ speeded up, 
nd -expansive. 

arUsS practising beJe/^across earliest work sbownydates From There Is a bravura in the hand- 
aruM*-. „ ^,; ntiT ,p of the nude. liOH now that Was markedly 

» •- *’«F 
. *. - • 

ST entte ot - vSZ » i Mnm ¥ ^ marked, - v , 

nSde ,P and l the ^pptiSd Xrbare| rejects the lahe^for 

BmhTrtrTn £rSn«s' inventintL landscapes too.a^nd again the -it : pejoratively as a cneap ana 
V? b Jhl 0 a^ ■ r work indicates /the almost ob- limiting epithet: and yet expres- 

or sheer accoiW>hshmenL = i-r SSffil ty of the artiifs slonism is hard to avoid in 

Franks Auerbach, is One of that p o mip at i nT1 / the earliest a . considering his work. The idea 
mdtul i>f printer, mort . ^ulwineT.e the of stapdash. tho U -Mk M . 

handful study of a -building site, the ot a - siapaasn. mougnuess, 

by his -peers, which, places him j at g^ a near the Camden immediate self-indulgence, that 

. s : 7 t 

ms 1 r - — i - n «rr& near tne uamaen untucuiatc 

at once among_ti3e _very' he8t -^1^. pnjWose niu is his only you bang it all down and what- 
the world-. British -onlJ! remotely bucolic subject, the eyer you get is what you want, 
adoption,, bat of ■ long bar£ tr8eSiagaills t the sky provid- is of course objectionable: but to 

starrfin& he ha^made his 3i/es ^ ^ a more natural suggest as. much of bun would 

worlc here, and he m now, M&iitecture than girders and he- to travesty not only his own 

King’s Head 

The Featherstone Flyer 

The company presenting this 
nonsense calls itself Dr. Hack’s 
Infamous Freak Show, so no 
one can complain of not being 
warned. Their play, thrown 
together ( tbei r own phrase 

again) in tbe style of an end- 
of-term rag at college with an 

of-term rag at college with an 
eye on the Edinburgh Festival, 
follows the adventures of 12- 
yea r-o Id Cliff Hanger, who has 
lost his favourite pigeon. With 
Ihe aid of a narrator, doubling 
as Cliff s father Aircraft { Air- 
craft Hanger— get It'.’i we see 
him involved with a bloodthirsty 
buicher. a queer parson, an 
escaped convict in a graveyard, 

a local radio station, his two: - ; 
long-lost triplets and a medium. " 

Most of the jokes would seem 
a bit thin in a children's comir, ' ‘ 
and the performance does' ' 
nothing to lighten them up. Why- 
Cliff's bearded mother should be— 
called Borris. or his sister, named" 
in the programme as Cheryl,^ 
should be addressed as Brian,*?' 
are mysteries not worth the in- 
vestigation. There is incidental 
music by a pianist and a violinist 
dressed as policemen. The 
violinist is by far the most 
talented player of the evening. 


Festival Hall 

Renata Scotto and Vcriano Luchetti 

>• : 

without quesGoiv one of us. Tbe “ 

major retrospective now at the 


Berman & Tennstedt 

From the first the paint was great arti sts preceding him in 

• . Vf 

heaped 1 ontothe^with Untune tradition J * * *1 “ * 

least - toe deserves, *: dense, insistence, the final We 'can say of it that his work H 1/pCtin I 1 Q li 1 

w^libty -and accretion of most certainly is possessed of X V Ck) Ul JL MvillCllll 

phant demonstration .matter, seemingly inches deep most authoritative in m 
at its most /concentrated and. deeper, the imago sioninn in the sense that each 

profound; ^Q: one .can claim to _J?r “T, ,, ^ in D jmjj en L single, final, expressive mark, a One of the outstanding events occasional trouble with loud, villain? Rug; 

^ seriOiKiJy'iDteresfed tn.'tte art - an t he inescap- mark that might have been re- of the 14tb Maggio musicale high notes. As Guido. Renato his entrance 

of- our own time, ard^ yr& noZ able Dhvsicality of^ work, this phrased many times before it fiorentino. in 1951. was a gala Bruson proved once aqain that dignity (and is.jdxi, arid wisto to - 5ft r ,z f |_ aee with Process and wa?;- Achieved at last embodies revival of Verdi's 1 I’espri he is Italy's ouisundme Verdi pouring of 

^te atways'u dense accretion of most certainly is possessed of 
phant demonstration .matter, seemingly inches deep ®nqst authoritative an ex pres- 
at its nmst -concentrated and. . deeper, the imago siontCTi in the sense that each 

Tuot^j^o: mt-on ,g>alg _to Hten g T in piement ring*, tail, ppressive mark, a 

One Of the outstanding events occasional trouble with loud, villain ? Ruggero Raimondi sang 
the 14tb Maggio musicale high notes. As Guido. Renato his entrance aria with such 
irentino. in 1951. was a gala Bruson proved once aqain that dignity (and with such an out- 
vival of Verdi's 1 1 ’espri he is Italy's ouisundme Verdi pouring of great, beautiful 

on< r unmixedr and 

‘"'7.. of' affaire is r 

rrtbe-art&ts'njce if unintentional com pie- Aaerbacb’s process 

the Opera 

performances, carries ihe rest of the drama rich bass of Graziano Folidori 
inportant pro- forward. iBethune) was worthy of special 

:ala. the Met, The pari of Procida iv always praise And the chorus, prepared 
remained a difficult dramatically; is he a by Roberto Gabbianf. was more 

* i-- 1 

Auerbactfs^worK.^s heasy snm, scoured , away, again ™ - 

often;' superficially . un»ttractive, au thority and authenticity are tite. contemplation of our own 41st. 

demandinff\'tun«- 'aEHl- .effort %ftor. at- last Imposed, the paper rubbed -Mmazuty. Such has aJways been Riccardo Muti conducted. His 
its-- . 1 . neT e . r through. «id. patched as may be. ^ e . achievement, to say notmng yj 0 j^ e5t decision was to give the 

easy even -to iJiefezrttonnUJt*; But - Bat even the best of artists oi^tne ^ocial usefulness, ot me pieceabsolutely uncut, including 
lhen w 4 i^shoiti(the-do aiwUlit? gets carried away at times as artisfc to provide a focus for >g ven lhe j 0Qg ballet. The per- 
Shaujd. he qnmpratnise, inakiDg tbe work takes charge of them;, pup -.pwn thoughts - about our- f 0rwaTlce — m ihe usual JlaJian 

Phoenix, Leicester 

Like bis Liszt sonata tbe pre- 
vious evening, Lazar Berman’s 
Liszt A major piano concerto 
witb tbe London Symphony 
Orchestra under Klaus Tennstedt 
on Tuesday was, in three words, 
capable but dull. A well- 
schooled and solid, (though by 
do means unshakable) Russian 
technique kept the Dotes yener- 
aljy in band; but the perform- 
ance was unfocused, without 
broadness or sparkle — even at 
its most weighty, the charge of 
the music was not so much elec- 
tric as bovine: double-octaves 
spun out fast and unswerving, 
head down in earnest; each 
climax a thunderous impetus, its 
rhythms uneasy, insecure; much 
careless detail of colouring and 
emphasis. <n the quieter music 

especially, weakening its sense 
and dramatic force. 

It was left to the orchestra to 
generate tbe evening’s electricity 
and to Tennstedt, of all our occa- 
sional visiting conductors the. 
one we should hope to hear more* 
of in London. Together they 
made satisfyingly high voltage of' 
Prokofiev’s fifth symphony, not- 
ably in the inner movements, the’ 
urgent skittishness of scherzo, 
beautifully controlled and fn the- 
adagio, grandly mourning. There! 
wax vivid colour too in the; 
giocoso. right up to a blazing' 
coda, a finale which easily flags; _ 
and at the start of the 
programme in a radiant account t 
of Brahms’ Academic Festival • 
Overture, bright and pungenti 
splendidly alive. 


Dragon Rock 

sf M- 5 

^ Ihin^nS fi u nds h, 7 ,jneal Justification in Zero. The dragon is dismissed in ft 

•• .-V-"' ^ V- '• _ does not always shift smoothly the runner pronouncements of a cloud of smoke bv someone r lilll 

■ * * - — — - h ? attanno^ r om Bred,,™, ihe aa anter- unfurling a banner .bat raads 1* MM 

nf 0I A /rS ' Rr . cchl ? n V. “ the airo as enter- unfurlins a banner 'that reads 

drama of Arng?- Elend, and tammeni. It j 5 . of course, com- “T onv Bonn. Edward Healh. 

innlS «ir W r! d hJ ihaPwLrV plet f-- " , ' ,r * Wc,#g * and deeply Mivbuel Foot. Nationalisation." 
^cilys oppression by French. i nsui t lQ ^. Tremendous stuff! It makes WiL 

Without imposing extraneous The d'etre of Low - uonunun ii!Jm Dn « 8 ia 5 Home look like 
ideas on the score. Muti still Denominators mvanablv siaris von Horvath 
gave It an impressive coherence: with beer Mowing on the stage. . , ., nlt =. 

and anguished arias and duets a bunch of spuriou.s yokels sjhg- . 'V.i°hl n J? I, 51 r ' * 
became one with the great soar- ins a folk song and tbe audience phased from the si3 3 e muttering: 
ing ensembles (the finale terzo wearing their programmes on .kV. 

.“0 patria adorata” was partieu- their heads. It is the theatre of The^H-e. I m in the Gap 

Jarly powerful, noble and heart- ** Anythin? Goes,” and most of r i'-k Club; 1 nt a personal friend 
rending at once). The Florence it doe* in this trii? iiule musical W‘» r,us Goring. Good Lord, 
orchestra — often raw and ragged by .Jet Storm at the Leicester there s someone worth hounding 
under others — finds surprising Phoenix- The scene is a Folk ,^ n , ca .!^ y e 7 3 y£' J , W D«f er ’ 
warmth of tone and precision of Fair yiganiscd by the Lurties incidentally whether Jet Storm 
attack for Muti. who clearly Circle i*f Costly Muxloe; a >‘nd hjs set have clapped eyes on 
Inspires tbe players. ' punkish _ rock group, led by a lrvin £ Wardle s recent biography 

A ^ . satanic f^Ivis finur?% interrupts uf ^.icorgc D^vjnc — who. — 

C ®J le - ? en f a K d the “joHUy -1 uf r»-jwd«poon and learned somethin? o£ Mr. 

Scrao s voice is not idea! for the racCS ,ir;.t-fall s and clog danc- Gnrine’s fascinating early days 

part ofEJena. when ti is loud, Jnfi tu ma - Ke otT witb lhe with Michel Saint-Denis?) 

it t s c often shrill and unsteady; Mavorc ^\ s daughter. A little The inane jollity of it all is 
but Scotto is, by now. a shrewd We ish mt-cateber is despatched depressing beyond belief and 

veteran She occasionally t<J re5L . L | 0 the girl. He has no should on no account be con- 

managed to tuim her very c h 0 j cc really, as his cowardly fused with ihe efforts of others 
defects into dramatic points, and re i U cj : mce to do so is met with in the British theatre such as 
her soft singing — as lovely as a thred or a Season-ticket to Ken Campbell and Snoo Wilson 
ever— -made you her l <} e Joseph t Joseph and the Amazing who bring genuine intelligence, 

rough moments. The Andante m fi-ch ufroMr Dreomcoo; is about lalent and a relish for languaee 
i the prison scene. Arrigo. ah j„. r tv ived for the uinoteenth 1" hear on the whole vexed and 

jparli a un core, was lender. i.y the Leicester Hay- thoroughly debased question of 

impassioned, melancholy: j nurkcii. ■■popular" theatre. 1 do not care 

i haunting page of music g n r( ,me in his heroic encoun- a jui iT the Phoenix is packed for 

unerringly sung. icr. the rat-catcher meets up with the entire run and people laueh. 

i Verianu Luehetti is an engau- a mid!*- class university student cheer and drink themselves silly, 
.ins artist: his frank, manly who r> him with a sung They deserve, even if they do nol 

tenor and his youthful bearing a bon l 1 be disad vantages of being admii it. a much better reason 

make him. at once, a convincing born in Guildford: neo-Nazi for doing so. 

Arrigo, even though he, too. has member of the Album Awake MICHAEL COVENEY 

at the Institute of 


on 4th, 5th, ^ 6th July 78 

For 3 days wc arc presenting Swindon's advantages as a 
growth centre for liidustrv and Commerce at the new 
Institute of Direct ur.-.' headquarters, 1 16 Pall MaU,LandonSWL 
Presentation open from 10 . 0 Qa.m- to 7.00 p.m. 
Refreshments and buffet- 

11 you would like an itivitiition please clip the coupOE or 
telephone Mrs Ann) Hull, Swindon (07^3) 2616 L 

To:- Mrs Ann Hull, Industrial Adviser's Qfbce, 
Thamesdown Boroujji Council. Civic Offices, Swindon. 

1 would like to jiudJ your present a tiem on July 4th, 5th or 

6th (delete as applicable}. 






Telegrams: Flnantlmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Friday June 9 1978 j 

Luddites in the 
Cabinet . . . 

THE GOVERNMENT has at Indeed, it would be an insult 
length yielded to the pressures to Mr. HeaJey’s formidable in- 
or reality-, and taken steps to tel licence to suppose that the 
enforce its awn monetary policy, new measures are anything 
This has now involved a rise of other titan cynical. He must cer- 
4 per cent in minimum lending tainly understand that when 
rate since Budget day. which investment is financed entirely 
will impose heavy temporary by retained earnings — partly 
costs on borrowers, and of some because excessive Government 
3 per cent in the yield on long borrowing has driven companies 
government stocks, which will out of the market — a charge 
add some hundreds of millions that will take JEljbn out of cor- 
to public spending for many porate cash flow will reduce 
years to come. It involves a investment. Indeed, unless most 
new tax on labour, which will of the charge is passed on to 
reduce employment and invest- consumers — reducing consumer 
ment, and will tend to drive up incomes in real terms — the pre- 
prices. It will certainly slow sent revival of investment will 
down The healthy recovery of be reversed. He must also be 
the private sector which has at aware that there is something 
last begun. It is. to say the ludicrous in the spectacle of 
least hardly the result that a Government which subsidises 
wa« intended when the Chan- employment in uncompetitive 
cellor planned what he saw as industries by imposing a tax on 
a modest fiscal stimulus. It employment in productive ones, 
will result in less growth and He certainly knows that the 

rand design 

economic summit 

By JONATHAN CARR, Bonn Correspondent 

more inflation than could have real value of excise duties on 
been achieved by greater such thinks as drink, tobacco 
restraint in April. " and petrol has fallen, because he 

has said so. However, the pre- 
. , judices of his supporters are 

Amendment sacred, and the short-term man- 

rr..., . . „ r agement of the retail price 

... . ° t sorts ■ myth p.v ae j nt jex in an election year is more 

import..* than the long-term 

pnwn cnsiis. The Labour Left raana „ ement of the economy. 

I",™,?.,™ Hen* a Budget which means 
another bankers ramp and constrictin . t he private sector 

?■" ' is completed by a charge which 

vanon then- permanent cuts investment to keep harmful 

belief that every pint Dot con- j ndu i eijrices cheaD | 

tains a quart, and that the ® ' 

sinne heart of private capital Second myth 


will yield unlimited blond they said , it must be added 

are ten.nenmenfa lv unable to b the measures, though 

," d .w. ri n ‘" S delayed and wrongly structured, 
obstructed the Chancellor s d - t0 be flnancilllv 

, ," Te adequate. The borrowing re- 

t e lost real value oE the q U | r{ . n ieiu has been brought 

h.sher tar hands, and pushed £ ack und( . r , mnlrol ^ ^ 

throush a raid on the confine- reaction in tbe m marke , 
ency reserve for ertra spending y este rday gives ground to hope 
hey left a Budget which both h h im funding 

imposed an ereessive borrowing „ baeQ ended for the tjme 
remiirement. and eri-d out for bei Indaedi ^ „ f Govern . 
further and erpenstve amend- mem stock pontmed with 

k ?LT,„' S „ W c, „ ' V ,ntT0duce[i banking restrictions which 
by he Opnnsiti n. actually call for a considerable 

The Chancellor, who has cut in interest bearing liabili- 
lf'arncd in four traumatic years ties will probably reduce the 
that two and Two cannot be per- mnney supply in the coming 
suadnd tn make five, was aware months. On past exerienee, 
iiF rhos<“ rfanser*. The initial interest • rates, having been 
rise in MLR on Budaet day was pushed to a peak, will trend 
an admission that if the Gov- downward again as the Grand 
ernmenf is aning to hog most Old Duke of York starts on his 
of rhp available credit in the return journey. The whole 
economy, its price to the private outcome will help to propagate 
sector must rise. He had been a second myth, to be embraced 
warned "f the further tax cuts by the Prime Minister, the 
which the Liberals would help Chancellor and the financial 
to force through, and has authorities: that at least the 
adopted the Liberal prnpnsal present episode demonstrates 

far financing them, in what their firmness. Unfortunately 

looks vpry like a cynical poli- it also demonstrates pig- 
tieal calculation. headedness. 

. . . and Bourbons 

in the Bank 

THIS IS, after all, the third the ingenuity of a genius: but 
successive crisis of an almost technical conservatism seems to 
identical pattern which has have been com pounded by mis- 
upset monetary management judgement. Tbe , authorities 
The one welcome novelty is appear to have believed that the 
that the authorities have imposition of a reasonably tight 
decided to react early ip June monetary target in the Budget 
rather than waiting until July vvould of itself inspire such 
or even September, and tbe confidence in the inflation pros- 

E ™*?' * n l meas f u r s ) n &e Pect that a bull market in 

fi * ld ?I C t l eref0 ^ a Government stock would 
m . ht hll *1°™ i',* they spontaneously restart after a 

Eg? h J n V L after a . l0D ^ er minor adjustment of rates, 
delay. However, the basic pat- 
tern of a bull market in Govern- course if the Government 
nient stock, followed by a pause had t^en its own monetary tar- 
in which the authorities appear Sets as a serious constraint on 
to ditber, followed by a own fiscal freedom, such a 
reluctant crescendo of measures result would very probably have 
to raise interest rates and followed, and the next funding 
restart the whole futile cycle, crisis would have occurred at a 
has changed remarkably little, much lower level of interest 
The authorities appear to forget rates. However, in the context 
nothing and to learn nothing, of the Budget the monetary 
c . targets simply underlined the 

Strong inflow very ambitious funding target 

The present monetary crisis wftich Government had set 
has been in preparation for ltself ' *** investors naturally 
some months, and the fact has w o°' dered at w hat Price such a 
been evident to many cotnmen- volume of funds would be forth- 
tators, and visible in the exces- coming, 
sive rate of monetary growth _ 
in the second half of financial tMUCOtWtt 

JiE 7 "? 8 ' . T ^ S ^- lirae . , rou ? d « The cost to the economy of 

h^pn US Jtrlno f if ndl r!Ifnf C>C ^ the P reseQt measures has cer- 
“5 v f reinforced by tajnly bee n increased both by 

L « ° f recovery the the conservatism of official 

^vphfTno*. oa aCr °Ti, th * management methods and by 

exchanges last year. The pri- ^is misjudgmenl: and it is 

su -? lus r * tapped therefore to be hoped that the ■ 
^ ba ,H n r ® xchange present episode will strengthen 
controls (another public monu- tfae arguments of those who ; 

n \* nt . *?. kab°ur Prejudices) bave been urging some overdue 
added strongly to the potential inQOVat ions i n monetary man- 
growth of the money supply. agernent The case against 1 1 
A system of monetary man- existing methods has never been i 
agement which relies almost that they cannot be made to j 
entirely on sales of government work at all, but that they work | 
stock to the savings institutions sporadically, and can only be , 
is inherently prone to strong activated in a crisis at exces- ’ 
tidal reverses as bull markets sive cost j 

run their course, as we have 0oe can only hope ^ wfaeT1 . 
frequently argued, and such _ a financial calm has been restored 1 
system is particularly unsuit- some of ^ necessary measures I 
able for dealing with the situa- Jo widen the armoury of the a 
lion which arose as a result of raon etary authorities to tap a s 
the inflow. Some direct method smoother flow of funds from a t 
of tapping corporate liquidity w j der range of sources will at t 
has clearly been required ]€ngth be introduced. If in e 
T hese funds cannot be tapped addition the Government has t 
through sales to the institutions, leaded that monetary policy is I 
To have maintained stable a constraint on its own spend- 1: 
financial conditions in such ing in good times as well as t 
circumstances, and through pre- bad, the present crisis could be ti 
sent methods, might have tested counted as cheap education. s 

T HE OUTLINE of a pack- 
age deal is emerging for 
the western economic 
summit conference in Bonn next 
month. West Germany would be 
ready to promise further steps 
to try to boost economic growth 
in return for an agreement from 
its major partners on other 
issues. It would include a 
pledge by President Carter to 
act to reduce U.S. oil imports, 
a promise by all participants 
to resist protectionist pressures, 
and an agreement actively to 
pursue the goal of greater cur- 
rency stability. An agreement 

on all of these, in the German 
view inter-related, issues, so it 
is said in Bonn, would be a 
highly respectable contribution 
to western economic recovery. 
But the failure of any one 
element to merge could destroy 
the whole package and produce 
a summit of little help to the 
economy or, politically, to its 

Some of Bonn’s partners — 
notably the U.S. and Britain — 
may wonder why tbey should 
have to make concessions in 
order to obtain more German 
growth. In spite of the slightly 
more encouraging statistics of 
the last few weeks. West Ger- 
many still seems very likely to 
fall behind its aim for growth 
this year. 

The trade and current 
account surpluses for the first 
four months are actually higher 
than a year earlier — and the 
inflation rate has fallen below 
3 per cent. One recent American 
visitor to Bonn looked at the 

figures and asked with exaspera- 
tion: ** Don’t the Germans like 
growth— or don't they know 
there are deficit countries out 

The answer is that if the 
Germans did not want more 
growth they would not have 
passed 'a dozen programmes 
since the outbreak of the oil 
crisis to try to boost the 
economy. They culminaied last 
year in a big, medium-term pub- 
lic investment programme and 
a series of tax concessions 
which, in sum, will mean a 
shortfall of revenue this year 
oF roughly DMlsbn labout 

The Germans had hoped that 
after a disappointing -.4 per 
cent real growth of Gross 
National Product last year, the 
cumulative effect of all the 
measures taken would bring 3.5 
per cent growth this year. Few 
remain so optimistic. But it is 
fair to ask what good a 13th 
pump-priming programme would 
be if the upshot of the previous 
12 seems likely to be real 
growth in 1978 of 3 per cent or 

One suggestion is that the 
Germans should have resorted 
earlier and more massively to 
deficit spending — and that, had 
they done so, the economy 
would long since have " taken 
off.” But then the national debt 
has doubled in five years to 
DM 323bn at the end of 1977. 
By the end of this year the 
public sector deficit is likely to 
amount to almost 5 per cent of 
GNP — compared with. for 
example, a public sector deficit 
of I per cent of GNP in the 
U.S. True, tbe figures and the 
economies are not wholly com- 

parable. That is an important with doing, it is unclear who 
lesson which seems to have been would win. . * 

learned by both sides since tbe West Germany's position as an 
high point earlier this year of export champion has for -long 

West Gennan-American differ- been so much emphasised that ■ ... - renvSas 

ences on tbe growth issue. its position as the world's ! .'-v. , 

For example, there now second biggest importer- . has. ~ Schmldri hag he got the AmeriCaJL, message £ .• 

appears to be more understand- been overshadowed. Between 

ing for the extreme German 1974 and 1977 the volume .of 4 k . -VaWv 7 ‘ - 

sensitiveness to inflation. It is German imports rose by 26 per help its foreign custoincrs^ith .r/V . 

almost impossible to find anyone cent in real terms,- more: than credit Further, Wej Ge^anj 

responsible in the German double the- averse worla. Un- was actually a deficit «w^-.aaS3jSjg g«3S : 5W^ - 
Government. Opposition, indus- port growth rate, more - than ■ try last year to the^ ; -extem. ^ are pj^^aHy^ 
try. or in the banks who feels three times the rate of increase, of DM2.9bn if its performance far fn>m^one Ju semng pxa^j 
that more economic growth can of German exports, and roughly is measured by “*•.* • , bas J^ ticgi qimem ia^. ., ^ r 
be bought with a little bit more four times the growth . rate of balance, that is the current ■ Britan orrajrvah^^. 
inflation. There are obvious West German GNP. account less the ^Jon&term focus^ m* 

historical reasons, but the That has not, -of- course, capital account. latter the . U.S. . - nugttt e.-s nch,- 

attitude is far from confined removed the trade stirplus^-lrat includes German direct Etoopean jecapn^^ 
to those who lived through the then the structure of German ment abroad which in 1977 was against the dollar^ l^te G eraHuis.: 
h>"per- inflation of the Weimar trade is worth examining: Last almost twice as large as foreign age the. idea - jus directed -parti $?.:■ 
era. Growth to the Germans year Germany had a surplUsrwftb investment in Germany, The against ihe rise -of- the : BrMaric 
□leans real growth. Therefore the OPEC countries, but deficit basic balance has ^ . a ; reco'nd wdrifl Tteaerwe? . .. 

inflation is its enemy. A change with the non-oil-prwiucing surplus again this year, but -rae jairreucyl.Thls rsra bmdeiTtfi^S)]- 
jn this attitude would appear to developing world — presumably Bundesbank argues ' that .tb^i £ 0 '.not 'wi$h^ '''tb /assume - apin'/ 
require a change not of Govern- the countries which themselves longer-term trend is downward, raises “ the bastion ^.'of.^vAaVt 
mem hut nf national osvcholnev_ need a trade surDlus- tnbst. West Germany s export depen- mieht be done, to inerea^’ tki* 

might be done to increase ihe 1 

There is no sign of that Further, the proportion of maau|- dence also underlines the prob- ^ the European unit of- - . 

Less deep-seated — but crucial factured goods in Genfia tti im- lem for a governmentseeKing' to account-as a ;resepre. asset '*• '• 
to the problem of deficit spend- ports has steadily mcreased stimulate the economy from . Jn ^ ; interview this we^' ' ■ 

ing— is the restriction imposed while that of raw materials has within. And it provides the link jierr Schmidt indicated. that jie ’ 
nn the Government by the declined — a trend hard for sbm6 to the Bonn summit eonference. Amerimri .^imrert- ' 

Constitution. Article 115 says sectors of German industry, but If the economy is to hoimsn t f or scheme. ,He aJsso -said:: 
that the Government may not good for the creation of more as West Germany s pmpiera say ^iie "he did pht expert ; 
borrow more in any one year jobs outside Germany. \ ; . they desi ™'™** h agreement oh it at theTSuropean : 

than the sum of its investment Once the traditional German P orts mas } CouncU meeting of. EEC ifeatfe 

expenditure and that “excep- deficit on services and transfer J fJS « ^rld5 of -State in Bremen 10 days 

tions shaU be permissible only payments (such as migrant reiative a n ^ Sin> before the Bonn suimurt, : he^Sd ’ 

to avert a disturbance of overall workers' remittances to their leadmg reserve ana . tr^aiug * .certain “ basted 

economic equilibriunL” This home countries) has been aib- c t ^l enc Z] S' rat' ^ in*' thi tendency" Would : - become ; 

year for the third time since tracted from the trade surplus, nl! i ^nrtuced trade evident there. In essence this:'; 

19 id the Government is likely a current account 'surplus a firm a ttat?bv means tiaat the" Gennads would J 

to overshoot the mark. It can renmins which last year totalled £ e 5 cl hXritiL upon inflatioZ like the British , 
r Jth ± 00 ?, con f ien ^ P? ,at t0 DM8.7bn or 0.7 per cent of GftP au "°™ J^gnise that sufficiently to allow a job*? 

low growth and nearly lm un- (against 1 per cent in 1975). It 

*'*•'"“* «*“** ““““i *“* “T » a 6““» i * +f *«/• *!- cnppHv results cannot be basically favourable, European . 

employed as proof that there is is doubtful whether tber* is . on e tiier f?Mt-just on currency stability to 

no “ economic equilibrium. " Yet much scope left for a further expecrea on irom juai before President Carter 

the Constitution speate of “ei- reduction, given that West •» *>'>' Z5ZS' Si “ ' 

ceptions." If the Opposition were Germany makes its way in the now understand that there is . this will be mlirh 

to take the Government to the world as an exporter of expen- unUkely to be a quick sohition * on « ^ --s 

Constitutional Court, as it toys sive capital goods and. has to ^f^™*™**^*^ protectionism gro^. ^While^ •? 

an mi — ^ .J Si“ 7^1 > 

IfuRPtusEs “ ta J| ^ei h 5L^ rrsi SSaSSffiS-' :■ 

■- surpluses « Q “ CB r ny jrss gJaragyA-- : 

i Percentage change on previous year 










—would make more impact It- 

German Government needs a 

GNP : Growth ^ 
& Contraction! f Reajl 

IFO Test of Business Opinion 

(Bailed on poll of entrepreneurs In manufacturing', 
construction, wholesale & retail trade) 

. E=sa Balance 

— wou.u quick result from- tbe current 

“ noted CATT talks — or a decisive • ‘ 

has powers of his own, inclu^- im petus from the Bonn summit . . 
ing the ability to lmposean — jf GATT ^ not succeeded : 

( import levy on oil, if Congress bv tbeiL 

-fails to act on his energy^ving ^ ^^liaii^gahiaet oh 

B L°?K? i,c L Ge ™ DS Wednesday held the first of two ; 

would like to see him use them (jj^ussjous 0IL the economy and 
-or unaertake to use -them by on the budg e t for W7 0. The 

a target date. second round will be held after 

From their European part- ^ Bonn summit— cm July 2B. - 

ners, the Germans would like That will provide the oppor- _ 
to see agreement to move ahead tmuty. in the light of what has ■ 
wth-tiie ideas for a wider zone emerged, for a decision on new 
of currency staolhty put forward s umulatory measures. Steps 
by Herr Hlmui Sch mi dt, the both in the ; tax and investment . 
Chancellor. They point to the - gelds are possible. The Ameri- 
trading benefits the currency cans have been hoping for a ?" 
“snake" countries (West boost of 1 per cent of German 
Germany, Benelux, Denmark GNP— that is roughtly DM 12bn 
and Norway) have derived from —which does not mean tbev 

the existence of a largely stable will havp their wish wholly, - ", 
currency relationship. They granted. But the readiness for 
suggest that if other European a deal is there — provided others • 
countries can be drawn into, or are prepared to play their part '..-.’- . 
close to, the snake, then all will on the day. 


of our time 

The scene yesterday lunchtime 
around the Albert Memorial in 
Kensington would even have 
made Queen Victoria smile. The 
steps of the memorial, and the 
grass all around, were com- 
pletely smothered in the finest 
Sowers of our rational woman- 
hood, eating sandwiches and 
drinking coffee from vacuum 
flasks. These were the delegates 
to the annual general meeting 
of the National Federation of 
Women's Institutes, taking a 
breather from the day’s debates 
across the road in the Royal 
Albert Hall. 

Do not imagine, however, that 
these spokeswomen of the 
400,000 WT members around the 
land were all of the traditional 
full-b05somed, chutney-making 
sort. As I was eyeing the scene, 
someone who quite resembled 
one of the younger lady 
reporters on the Daily Express 
came up and demanded: “Quick, 
where's the nearest pub?" Point- 
ing to the badge on her jaunty, 
box-pleated dress, she explained: 
“I’m a delegate from Somerset 
— don’t know this part of 

In short, it would be wrong 
these days to type-cast all WI 
women. One resolution passed 
yesterday strongly attacked pol- 
lution of the sea and the “over- 
exploitation ” of marine life. 
There was a demand that the 
government should think again 
about the plan to close the 
Elizabeth Garrett Anderson 
Hospital, some tough speaking 
about child pornography, and 
anger over citizens living below 
the poverty line. The federa- 
tion is also on a fitness kick: 
many delegates were wearing 
tee-shirts emblazoned Good 
Health is Fun!" This conviction 
has in no way been dimmed by 
the fate of a national commit- 
tee member fber name a close 
secret) who snapped her 

“What's is for — the Mini. 
Budget, Guy the gorilla or 
Scottish football ? ** 

achilles tendun while out 

In the crowded Albert Hall 
the handful of men— mostly 
representing various ministries 
— tended to hide behind self- 
conscious smirks. But they 
undoubtedly went away feeling 
that this hnge regiment of 
women is a force to reckon, 
with. "We could be tbe sixth 
biggest trade union in the 
country,” a Welsh delegate told 
me meaningfully. Yet the WI 
makes a point of ambracing all 
political viewpoints and per- 
sonal styles. One lady eating 
an ice cream outside tbe hail 
was wearing carpet slippers and 
had her hair in rollers. 

Hope at last 

I had expected to find the six 
Chilean hunger strikers at SL 
Aloys jus’ Church in Euston look- 
ing at death's door. But though 
thin and wan they were in good 
spirits. In part this was because, 
in common with other relatives 
of some of the estimated 1.500 

opponents of Pinochet who have that both were among 119 
“disappeared" since the 1973 people “ killed abroad." accord- 
coup, they were temporarily on ing to Amnesty International 
food again after 14 days of con- Had there not been an amnesty 
sumirvg nothing but mineral in Chile one month ago? I 1 
water. But it also reflected the asked. “ Oh yes," Van Yurick 
visits they have had from MPs, told me, “ but few prisoners 
unionists and Church figures, were released and tbe amnesty 
and the way that in Santiago has completely blocked all 
the Catholic Church at last may attempts to use the courts to 
be making progress in ascertain- trace prisoners. It also amnes- 
ing the fate of some 400 of the tied all torturers." 1 
better-documented “disappear- 

In Parliament yesterday there Penalty spots 
was an Early Day Motion put „ „ _ . , 

forward by various Labour MPs; Football fever may have left you 

it caiied on the Government to 0014 but D0 , w t 5 at f ie ra2 ^tazz 
“make representations to Chile a ^ ou t Scotland s Tartan Army 
in support of the hunger has . been replaced by an 
strikers." This is mild wording embarrassed silence. North of 
compared to how a number of * s . Positively 

Labour MPs refer in private to ti;eezmg. The patriotic window 
the low-profile efforts made by displays urging Ally MacLeod's 
tbe British Government to trace ™ en *o victory have vanished, 
prisoners. But the hunger Argentina 78 tee shirts are 
strikers have just written to Dr reduced for clearance. And 
David Qwen, thanking him for Chrysler have dropped their 
allowing relatives of the disap- advertising campaign that the 

peared people to fast in the *L C *FfL er Aven S« 

British Embassy, as they did f . run „ nriKS round tiie competi- 
tor 48 hours. They say they wish ^ 

to visit him u ^ sounds gloomy stuff, 

Diana Beksire, whose own spare a thought For the football- 
brother was seized by Pino- “ ad B . r j£ h “ s ' ^eir Wednes- 
chet’s men at Buenos Aires air- S ^ a 

port in 1974 while he was tra- Wnrtd r?n S iSnSSX 

veiling with his British pass- d Gup are practically 

s autfws 

Chilean junta for it to be pres bl "^,el H e I^ on the wa^ M 

Ctarth repre “ nU " hospital. In another ber a*fan 

rhr-i^irin known ^ Big Head put two 
Sitting _ beside her, Christian ^ ^ bead £ 

?™' UT \ Ck * eS X bed - neighbour when the player 

had been tortured for six months Z j C0 was taken off. 
before being sizbsequentiy Zico and a second j 
reieased. He then showed me coughino. were buried in 
* letter from the Chilean ia a f 0ur 4, our ceremony in Rio 
Ministry of Foreign Affairs of de Jaoeiro the matchj 

August 18. 19/4 saying his Rj 0 ’s main avenue was deserted 
brother Edwin and slster-in- ajQd the banks dosed . . 
law were ’* at present under doors . u BraziI were t0 lose a 
preventive detention for the niatch| Scotland’s gloom would 
due investigation of _ their be gi n t0 seem j-^ e a Highland 
cases, and that they are m per- yiing 
fectly normal health." 

In 1975 the Chilean regime 

said the letter was an error and xsuoizt tAiP 

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N Friday June 9 jm 


the 1911 Official Secrets Act 

■ *n 


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r,} w 
ee V 

- -ernjjj 


>Um e 5J , 
lCr *a:* r t 



"A.; v.^' 


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1 ;, j -3i. 

SOMETHING may. be about to 
happfen ^xoncerniog t&e last ua* 
fulfilled pledge : jn the Labour 

Farty ; Manifesto- ' ,g£. October, 
I97-4.- "‘Labour believes,” 
document- s^^ ' 1 that "the pro, 
cess ol ' government ' ‘should be 
moreopeato -thi public,” And, 
to that'- eaif.^jtvpromised to 
“ repTm: Ji&j. GffidaT Secrets 
Act . by ; a‘vmeasure to put the 
burde'o:onthe public authorities 
to justify withholding informa- 
tion.” V. J ■' 

Mr.' .Merlyn Bees, the Home 

Secretary, confirmed : in a 

written - Parliamentary Answer 
This week, that toe pledge has not 
been forgotten, - . In all prob- 
ability, the . Government will 
produce: a White -Paper before 
the summer recess setting forth 
various proposals for the reform 
of Section 2 of the Official 
Secrets Act, Mil. There will 
be nothing dramatic, and indeed 
some. Labour back-benchers 
have already told Mr: Rees that 
if that is all he has to. offer, the 
White Paper might just as well 
not be printed. .Nevertheless, 
the Govennent is likely to go 
ahead with the intention of. 
awaiting "comments after its 
publication before proceeding 
to legislation. 

More radical 

The question is whether the 
campaign for more radical re- 
form' has now achieved such a 
head -of steam that the Govern- 
ment’s proposals are going to 
look- distinctly feeble. There 
are at least three groups work- 
ing"; on ideas of their own 
which ready for pub- 
lication at about the same time 
as .the; White Paper.. Those 
groups are tbe Liberal Party, 

a ginger group for constitu- 
tional reform known as the 
Outer Circle Policy Unit, and 
a sub-co mi ttee of. Labour’s 
National Executive Committee. 
They may compete among 
themselves in radicalism, but 
ail of them more than outdo 
anything that is likely to come 
from the. Government. 

What has really happened is 
that a long-running debate 
about the reform of the Secrets 
Act has turned . into a debate 
about the public's light of 
access to official information. 
The Government is still talking 
about the former; the others 
are talking about, and calling 
for, the latter. But to explain 
this requires a bit of" back- 
ground, and there can be few 
better sources for that than 
tbe report of the Franks Com- 
mittee published in 1972. 

The Committee was set up 
to review the operation of 
Section 2 of the 1911 Act and 
to make recommendations. Its 

report recounts that through- 
out much of the nineteenth 
century there was a. good deal 
of concern both 'about 
espionage and the leakage of 
official information, but there 
was no legislation covering 
official secrets. The first Official 
Secrets Act was introduced in 
1889, yet was quickly thought 
to be inadequate. All sorts of 
leaks continued tp take, place. 
In 2900, for example, the 
Establishment was shocked by 
the leak to the Press of the 
Home Secretary’s decision to 
authorise an increase ut the 
pay of the Metropolitan Police. 

By 1908 the ' Government 
decided to act It introduced a 
Bill designed not only to 
strengthen the law on spying, 
but also to prohibit 

unauthorised publication of 
certain official information, if 
publication was not in the 
interests of the State. The Bill 
was abandoned owing to a 
mixture uf opposition from tbe 
Press and lack of Parliamentary 

Agadir crisis 

The summer of 1911 was a 
difficult one. There was the 
constitutions] crisis over the 
Parliament Bill, and there was 
the Agadir crisis. There was 
also much concern about 
German espionage. The Official 
Secrets Bill was thus introduced 
in July and quickly passed. 
Section 1 was about spying; 
Section 2 was designed to limit 
the unauthorised disclosure of 
official information of any kind, 
and it broke new ground in 
that it made not only those who 
disclosed, but also those who 
received, the information — even 
if they did not use it — liable to 

The Franks report notes that 
Section 2 was not once 
mentioned in the Parliamentary 
debates and adds in an appendix 
that, contrary to the reaction to 
the Bill of 1908, the Press was 
too preoccupied with other 
matters lo take any notice of 
the new and even more restric- 
tive proposals. That, briefly, is 
how we came to be lumbered 
with Section 2 of the Official 
Secrets Act. 1911. In the words 
of the Franks Committee, it is 
a * ! catch-all." **AU information 
which a Crown servant learns in 
the course o[ his duty is 
” official,” for the purposes of 
Section 2. whatever its nature, 
whatever its importance, 
whatever its original source.” 
One might add that its only 
saving grace is that the section 

is so absurd that it is now 
rarely invoked. 

Yet Hie Franks Committee 
too had its limitations. If only 
because of its terms of refer- 
ence. The call for more open 
government, as distinct from 
simply reform of the 1911 Act. 
came from the Fulton Commit- 
tee on the Civil Service in lOtiS, 
and it was the Conservative 
Party Manifesto in 1970 (the 
year the Tories won) that 
promised to eliminate unneces- 
sary secrecy in government 
workings. The fact that the 
Conservative Government then 
confined the Franks Committee 
to reviewing the operation of 
Section 2 indicated sume back- 
tracking, just as tbe Labour 
Government has since back- 
tracked on the Labour Party 
Manifesto of October, 1974. 

Mr. Rees, who was himself a 
member of the Franks Com- 
niittee. told the House of 
Commons oo Norember 22, 
1976, that the Government had 
concluded that Section 2 should 
be replaced by an *’ Official 
Information Act ” on the broad 
lines that Franks had recom- 
mended, and went slightly 
further. According to Franks, 
the new Act restricting the 
availability of official informa- 
tion should apply only to classi- 
fied information relating to 
defence or internal security, or 
to foreign relations, or to the 
curency or to the reserves, the 
unauthorised disclosure of 
which would cause serious 
injury to the interests of the 
nation. There were one or two 
mher categories, such as Cabinet 
documents, but that was the 
gist of it. Mr. Rees told the 
House that the Government was 
prepared to be somewhat more 
lenient than Franks on matters 

of economic policy and differed 
from Franks again in ihat it 
was disinclined to accept that 
there should be criminal sanc- 
tions against the disclosure of 
Cabinet documents, "irrespec- 
tive Of their convent and 
security classification." 

Mr. Rees and Franks, how- 
ever, were ialkiny the same 
language. They put the emphasis 
on government's rights to with- 
hold information and w prose- 
cute if information were io be 
disclosed in an unauthorised 
manner, rather than on the 
public's right to know. Since 
that statement of November, 
1976. there has been very little 
Government commeni on rhe 
subject until the Parliamentary 
answer this week. There is still 
no reason to believe that the 
emphasis bos much changed. At 
the most, the Government thinks 
ihat more information should 
be released on a discretionary 
basis; it does not believe that 
disclosure should become the 


Those campaigning for more 
radical reform start the other 
way round. The purpose of an 
Official Information Act. they 
say. should be to lay (Jovvjj the 
basic priuciple that official 
information is available to the 
public. The Act would also 
outline wbat son of information 
might be exempt and it would 
establish machinery to put the 
principle of access to informa- 
tion into effect; 

The Liberals. Labours NEC 
sub-committee and the Outer 
Circle Policy Unit all broadly 
agree with the above; where 
they disagree is about the scope 
of the Bill and. to some extent, 
about sanction*. The Policy 

Unit, a body financed by the 
Rowntree Social Service Trust , 
has already drawn up its own 
draft. It is radical enough in 
a number of ways, especially 
in its proposal that Cabinet 
papers should remain confi- 
dential for only five years 
instead of the present 30. But, 
in general, it confines its atten- 
tion to central government and 
it is not strong on penalties for 
officials who still try to keep 
things secret. 

As might be expected, the 
NEC subcommittee goes 
further. It would like the Act 
to apply to all public bodies in- 
cluding. for instance, local 
authorities, nationalised indus- 
tries aud the universities, and 

it would insist that any official 
caught classifying information 
that could be made public 
should be punished. 

Tbe Policy Unit's draft is 
currently being revised follow- 
ing exposure to a group of 
politicians, academics, social 
reformers and journalists at a 
conference last week-end. It 
should be published around the 
same time as the Government's 
White Paper: so should the 
Liberals' proposals. What will 
happen to the NEC sub- 
committee document, however, 
is less cettain. In theory, the 
aim is to make it part of the 
next Labour election manifesto, 
though that seems unlikely to 
be achieved since Mr. 
Callaghan has yet to be fully 
converted to the idea of open 

It is a subject of which we 
shall hear more and it cuts 
across conventional left and 
right wing divisions. For in- 
stance. it is perfectly possible 
to make a right wing case for 
reform on <he grounds that 
government now demands so 


GUARANTEE OF PEACE!'' M. FolHeres. President of France: 

A contemporary Punch cartoon on the Agadir crisis or 1911, 
when Germany tried to challenge French rights in Morocco 
by sending a warship to the port— one of the events which 
distracted the attention of the Press from the 1911 Official 
Secrets Bill. 

much information from tbe pub- 
lic that it ought to give some- 
thing in return. The Employment 
Protection Act is just one ex- 
ample of government having 
established the right to know 
more and more. Planning agree- 
ments between companies and 
government would be another. 

At the same time, the case 
for reform by analogy with what 
happens in other countries is 
strong. Sweden has been stead- 
ily extending the public's right 
to know since the Freedom of 
the Press Act was incorporated 
in the constitution. The 

U.S. now has a Freedom of In- 
formation Act and France has 
been moving in a similar direc- 
tion. It would be hard to argue 
that any of those countries are 
conspicuously less well-run than 
ours as a result. 

And yet i.t is also a subject 
that ought not to be left to the 
pressure groups. After all. if 
Parliament and the Press had 
had their wits about them in the 
summer of 1911. we should not 
be in our present unsatisfactory 

Malcolm Rutherford 

Letters to the Editor 



From -the Director , 

environment is positively alien 
to understanding and (^opera- 

Get the ecology of manage- 
FVrtm tt, nww ment to a healthy 'state: .and 

Society., g-ft 

h ««■«• a^toere w™ be no need 

to make the adjustments sug- 

- seduced by the West German gested by Mr Coke-WaIlis.Let 
system- ^should take warning there be a concerted action to 

• frem the provincial election on creating new vfealth 
results just announced. • j aste ad .of organising - more 

Tbe Ecologists have polled i ayers Q f non-people comra'anica- 
— s well- for a new party. They have . 

~ achieved valuable . publicity; j ohn Ba] ] 

- they seem to Jbave impressed Kent House. 

the established parties with a S7, Regent Street. Wt. -Vl 

need to pay .some attention -to- .. . . , 7*. 

their • views'.; =B jit is tffiSTeflected . - rtr«r = . p - 

v. in seats vron?; Dii^>»ntrary. . XtlG JtLlir0p6 n 
-The Ecologists^ appear, to have - ., 

: taken vdtS : .?fflafmj^Trom the - ; SH2KC"’ ; * • 

tg&r® MhoSss- 

1/ ■£*] SE-. btoed . with greater currency 

— the c DP <*• toe"Seaiy« .vTT stability Germany s (as under 
:• by. reducing, its votes bdow the by' your ^Bonn’s price for 

5 per cent threshold. - . • a nackaee” leader of June 7) 

— ' ** lfa e -Lower S^^ny _ in concerted action for greater 

Hamburg -voters hadbeen currency stability combined with 

tbe single • transferable vote, f as ^ej. growth — a distinction, one 
which- aims at. givwg expression . xajgbt argusi without much of a 
' to the voters'; hpmionSjjWbaleyer difference.;' ' 

they may be, instead of treatittg . be readily reconciled, 

party, as _ the. -one-' .thing tnat xnoreov&r', by one small step 
matters,; :then fa)~ geologists W bich has already been overlong 
would have, had no - need to j n the * making — a decision by 
stand as a separate party, since Britain - to rejoin the European 
thcr could* Yfite adnetcd TBOtt mimmnr snake. Besides being 

conveyancing on bebalf of the 
public, why do they not demon- 
strate that they are fit and 
proper persons to do so by quali- 
fying as solicitors? There would 
not then be any problem for 
them and they, along with all 
other solicitors, would then find 
that they were subject to the 
strict controls which are there 
in the public interest. They 
would then incidentally find that 
they would also be involved in 
the substantial additional over- 
heads affecting solicitors (and 
which is a reason why solicitors’ 
charges are higher! of having 
■to maintain out of the fees the 
vejtfvbigb premiums of -the rom 

British companies unfor- 
tunately suffer too much from 
the Jack of fresh thinking and 
new ideas injected into them at 
board level. Generally, by the 
time a man hus made his way 
on to the board of a large British 
corporation, be has become con- 
ditioned not to rock the boat hy 
introducing new ideas. In that 
lies tbe essential weakness of 
British industry. 

M. I. Webb-Bowen. 

35-39. Maddox Street, Wl. 

professional indemnity 
and. subscriptions to 

they could' ’Bate actoeved Tnore. currency snake. Besides being 
by giving preference to_ ecology- ^ tbe German interest which 
minded candidates within any or bas provided the snake's baefc- 
alJ of established , parties, all along, this would above 

and (b) if . they ; bad formed a all be in Britain’s own. Entail- 
separate party it would .oof have j n g rights and responsibilities in 
deprived their nearest . allies,- of equal measure. It would provide 
representatum, ‘ since Its 'sup- that very stiffening of Britain’s 
porters.' if fsiting-to W3n' ; a seat • .hajd-won resolve to refrain from 
themselves, could ; ha ve traas- self-indulgence ' .which h£ r 
ferred their votes "to FPD .caadi- gradual release, from tbe IMFs 
dates or other sympathisers, and.- fleading strings and her new 
vice versa. : found (and. potentially embarras- 

, sing.) .North Sea oil riches both 

Enid Lakenian. 

6, Chancel Street, SE1. 


require. . , ^ , , 

..-Apart from advertising tbe fact 
' that Britain now, ’at " long 1 ast. 
means . business, such a move 
would also demonstrate, perhaps 
more effectively than anything 
... else, that she and ber European 
partners, (wfio, - it . seems, are 
quite happy to shoulder their 



v-'i u* 


From the: Managing Dire 

Sir.— Mr; Goke-V/aUis in bus extra share-of the burden 1 aye 
letter (Miy -BO)' 5 Consultihg in finsdly resolved, with toe help 
Companies^ has drCT* >.tfention of the added impetos 
tb thopresshig aeed th-develop -converge nee. (and hence .um 

means" •6f r 'cppsaltatxdn' .and mately faster andmore uniform 

Si i^edmts-for- the? growth) which 

-.carrencles m line with each other 
;*Mieratft. to make a real go 

^orSiscSl « m£, 

— compa’tibilHy .yrito;- euatmir - 

to* -iwtoc 

better communications, it iS..not . . Ij-4rtWA C f 

likely to • produces -new.- oppor- _ . UllCi CdL 

tunlties ior jaanaWisfanfi map ; prom, Mr, Alan Q. Roper. . 

aged- to. . • gji j -have: jailWcfed that m 


holds)" who*, has attempted . to 


-It iSvUbout tiVie that, people 
woke Up to the! fact that the 
so-called' monopoly is in the 
public interest and', affords them 
the-' fuH protection' which they 
both; deserve and need in matters 
which; afe of major importance 
to them and involve many legal 

Further, the implication that 
solicitors make too much money 
froth-conveyancing is not borne 
out. by the facts as the recently 
published: survey has quite 
clearly revealed that tbe median 
professional income of solicitors 
is -substantially below that of 
doctors and dentists in private 
practice. ( even before t h eiT 
recent announced increases) and 
also -below that of various other 

Alan I>. Roper. 

Court Chambers, 

3, Victoria Street, 

St. Albans, Herts. 

Tbe missing 

From the Chairman. 

G, N. Burgesj Holdings 
. 5ir,*-Receni news on the now 
reported shortage of skilled staff 
fa'c business, must ring rather 
hollow, in the ears of the 

engineering industry based in 

the Southern Counties. 

•We have had no skilled 
workers available to add to our 
ovm home raised staff for 10 to 
15 years. We tried a develop- 
. ment area subsidiary factory, at 
Ministry suggestion, which I am 
afraid, ran us very close to 

failure.. then set out to rebuild 

our.fortunes here. 

I-; find the present situation 
beyond m.v understanding, we 
: jead of plant closures up and 
ddwa. the country: We have 
many vacancies, but one wbich 
ids 'been 'widely circulated for a 
machine . shop foreman/setter, 
carries a company bouse plus too 
salary. No- interviewees have 
tierirprouduced 1 
G.' N. Burgess. 

Bauuxirffi Trading Estate. 
FeWiarru Middlesex. 

Design in 

From Mr. Riciwrd Lewis 

Sir, — With an occupational 
interest in • tbe subject stimu- 
lated by your recent survey of 
Design in Industry (May 31) I 
am awed by the promptness with 
which Leyland Vehicles has 
provided us with a prime 
example of design insensitive- 

I refer to tbe agricultural 
tractor hugely pictured in Ley- 
land's advertisement on Page 8 
of your issue today (June. 7) 
From snorkel exhaust pipe 
(surely in a position detrimental 
to both a driver's vision and 
!ungs?> to art nouveau bonnet 
married to a cabin which 
appears to have escaped from 
a biscuit box factory, not to 
mention tatty foot-atep and 
equally tatty tool-bos with 
(loseable?) padlock, this British 
engineering product is an urgent 
case for treatment. 

It was a relief to learn from 
the copy that Leyland Vehicles 
are now planning to invest "over 
£130m. in new research, develop- 
ment. and manufacturing facili- 
ties." It would have been a 
greater relief to have seen tbe 
word “design" included in tbe 

Richard Lewis. 

11. Priory Crescent, 

L ewes. Sussex. 

operative .virioofi- Press reports reference 

ship. ^^becomeslargeiJ^tajB ^ ma de to Mr. Whatsis- . : JlAnvH rnOHl 
bv the nature pfAts stnctur^'On faiwe .-nr*- uvancis Rey- • AH/wt M A wnMe 

What- iS -ffl ' , niinni- 

legitimate,; and .dreumveitt- ’the so-called .soiici- 

that new d?partutfi5 ;; m^ in conveyancing. 



manag^ent’V^S;# tuaateJy' reports of. the proceed^ 

progress- ‘.'pgwgr^ts being gu b-, sn^-ctmtained implications that 
stantially wrested Tram; Jl? gm solicitors,, through the 
Many ^ are solely concerned 

come ^ wia.-'pretedlni . Uielr own 

reality of "this OTadIWft,;. , .4 ^-interests; - 
topmost manager to. - ^ ;DoeSr ; it ; ^ : opC u r . to people 

pursuit of new tbat the Xaw- Society; in hru^- 

toe management won- ^ ^e- prosetutiDns. is duefer 

pany resources to ; be.tlsed ,pro ^ cerD ^ with protecting the 
ductively. Vu^ ^rnhW of public interestr.The Law Society 

The answer to S >is nbf- Just the sotiators lxade 

consul! ation : toay . Sflta but it is a controlUng 


tildes sew* ^-^S^ ThB' tosurai^ and . expels 
throughout the " far '" professiDBal misconduct. 

. general nature ^ Here dies the protection ftjr ^ the 

P rac?iU S 

aUpw cORS^tot^, against whom -the Pl^ecu 11 ^: 


From the Managing Director, 
Ores International. ■ 

-.Sir, — Your correspondent 
Bryan. Cassidy made a good point 
Wbezz he pointed out that too 
many British . board appoint- 
ments are made not on merit 
bqt as a reward for playing board 
room political games (May 31). 

! He might also have made tbe 
point that because the boards of 
British companies have bees so 
slow * to; adapt themselves to 
changing conditions, they are 
'how about to be forced to do so 
by legislation. The Continental 
.qxample of tbe two-tier board 
.system would in any case be im- 
posed upon us by the EEC soon 

The advantage of the two-tier 
board system is that it allows the 
, shareholders to draw upon a 
wide spectrum of outside know- 
ledge and experience by appoint- 
. ingrto the supervisory board non- 
executive directors from outside. 
It. 'is also a mechanism well 
adapted to absorb “worker direc- 
tors." . ■ 

Numbers of 

From the General Secretary, 
Engineers' and Managers' 

Sir, — I realise that the cor- 
respondence between Mr. 
Mortimer and myself cannot go 
on indefinitely in your columns, 
but may I reply to his letter of 
June 1 ? 

Whatever the ACAS definition 
may be of a representation 
agreement there is a crucial 
distinction between an agree- 
ment under wbich a union can 
only represent its members, and 
one in which it can represent all 
tbe staff in a bargaining unit. 
British Shipbuilders certainly 
understood the distinction when 
•they made it in their agreements 
with the CSEU. Mr. Mortimer 
chooses to continue not to do so. 
Your readers will draw their 
own conclusions. 

Mr. Mortimer says I favour 
“further fragmentation of tr».de 
union representation." Mr. 
Mortimer is quite unable to sub- 
stantiate that allegation. In 
industry at large professional 
and managerial staff in tbe main 
neither belong to unions nor are 
they covered by recognition 
agreements. If they choose tbe 
EMA to represent them, only a 
Humpxy Dumpty can call this 
“ fragmentation of trade union 
representation" with a straight 
face. (Mr. Mortimer should 
remember what happened to 
Humpty Dumpty.) 

Tbe attitude of AC. AS as repre- 
sented in Mr. Mortimer’s letter 
will be profoundly worrying to 
many people. Not the least cause 
of concern is that although ACAS 
has a semi-judicial function it 
seems to me that Mr. Mortimer 
has effectively prejudged several 
Section II references which 
ACAS is currently meant to be 
considering objectively. 

J. Lyons. 

Station House. 

For Lane North. 

Chertsey, Surrey. 


Building Societies meet to 
discuss investors' and borrowers' 
interest rates. 

Mr. Malcolm Fraser. Prime 
Minister of Australia, in talks w ith 
Mr. James Callaghan. Downing 

Mass meeting of workers at 
Bank of Enskmd note-making 
factory, Louzhion, Essex, on 
failure of peace talks between 
print union and Bank officials. 

Talks resume between employers 
and fire service union officials on 
proposals for shorter working 

Burmah Shareholders Action 
Group meeting in Glasgow — pro- 
posal to call fur disclosure of 
documents hy Burniuh Oil Board. 

Dr. David Owen. Foreign Secre- 
tary. speaks at public meeting. Si. 
Peter's Civic Hall. Carmarthen. 
10.30 a.nj. • 

Today’s Events 

Mr. Morarji Desai, Indian Prime 
Minister, addresses United 
Nations special session on dis- 
armament. New York. 

Mr. Huang Hua. China’s Foreign 
Minister, in talks with Dutch 
Government, The Hague. 

Mr. Victor Garland, Australian 
Minister for Special Trade Repre- 
sentation. continues talks on EEC 
trade. Brussels. 

Dr. Willibald Pahr, Austrian 
Foreign Minister, and Mr. Guenter 
Haiden, Agriculture Minister, end 
talks in Brussels on exports to 

L3st day of visit by French 
President Valery Gisgard d'Estaing 
to Corsica. 

Sir John Melhven, director 
genera). Confederation of British 

Industry, at CBf South Regional 
Council luncheon. Phyllis Court 
Club. Henley-on-Thames. 

Conservative Party in Wales 
conference. Pier Pavilion, Llan- 

Government to simulate major 
oil tanker accident at Milford 
Haven, By fed. 

Prince Charles officially opens 
£100m Gatwick Airport develop- 

Lord Mayor of London presides 
at Mansion House Justice Room, 
10 30 am. 


House or Commons: Remaining 
stages of Suppression of Terrorism 
Bill (Lords). Remaining stages nf 
Judicature (Northern Ireland) 
Bill (Lords). Motion on EEC 

documents on liner conferences. 
Motion on Church of England 
(Miscellaneous Provisions) Mea- 

House of Lords: Home Purchase 
Assistance and Housing Corpora- 
tion Guarantee Bill, second read- 
ing. Transport Bill, second read- 
ing. Domestic Proceedings and 
Magistrates Court Bill. 


Central Government financial 
transactions (including borrowing 
requirement) (May). 

■ Coates Bros.. Stationer's Hall 
Courl. EC. 2.30. 1. J. Dewhirst 

Holdings. York. 12. Electrical and 
Industrial Securities. Brewers 
Hall. EC. 12. Higgs and Hill. 
Waldorf Hotel. 12.15. Leyland 
Paint and Wallpaper. Leyland. 
2.30. Northern Engineering Indus- 
tries. Newcastle upon Tyne, 12. 
Sanderson Kayser. Sheffield. 12. 

xport success 

The rewards: The Company’s position The facts: Exports from the U.K. continue 
as a major exporter has been acknowledged by to rise, and show a 27.7 % increase in value over 
the presentation of the Queen’s Award for last year. From £41 ,9m in 3 977 to £53 .5m in 1978. 

Export achievement, reflecting the efficiency of Active technological research and 
the company and the quality' of our products, development coupled with substantial new 
Increasing penetration of world markets capital programmes continue to improve 
encourages expectation of even greater quality and widen the product range in well over 

improvements next year. 

100 markets overseas. 

■Chairman: Mr Lawrence W. Orchard 


19 7 N 




Net sales lo third parties 

194.0 33 


Group Profit before taxation 



from Domestic sales 



from Overseas sales 



from Associated Companies 

1,158 1 


Profit uiribuiaMc to parent company's shareholders 


J 6.398* 

Earnings per share 



Dividend per share 




Ever Ready Company (Holdings) Limited 

Ever Ready House, London N2Q 

Battery Manufacturers and Engineers 


finan(^ Titaes:FM^2JuhO I?tS ’ . * - " 


Static last half holds back 600 group 

Airflow Streamlines 

A ns In-Indonesian 

Anglo-Trans. Cons. 


nay meat 
.* 3.66 
.. 2.73 
.. 00 

Date Corre- 

af spending 

payment dhr. 

July 19 
Aug. 30 








115 . 




4A5 : 

the second six months, the 600 
Group ended the year lo March 31. 
J97S, at £1 1.21m pre-tax, compared 
Viith £10. Kim last time. External 
sales Tell from £180.42m to 
£ 175.22 m. 

At half-time, when reporting 
higher profit of £5.44m against 
£4. film, the directors said they 
expected tn at least maintain the 
overall level of results for the 
yea r. 

A divisional anlysis of full-year 
turnover and trading profit shows 
«in £OOOs l : iron and steel products 
and services £85.840 (f!02.17ni 
and £813 cSi.lSK). machine tools 
£61.096 l £51 ,350 1 and £6.911 
(£4,566) and other engineering 
products and services £28.184 
(£26.804) and £2.588 (£2.K2A) 

Extraordinary debits came in 
£! 54.000 (£116,080 credits) and 

mainly comprise the net adjust- 
ment arising from re-alignments 
in current values attributable- to 
fixed assets and nn inter-company 
loan accounts amounting to a 
£299.000 loss I £ 1 1)2.000 gain). 

Earnings befnre extraordinary' 
items are shown as (lO.Mp) 
per 25p .sham. A final dividend 
nr 2.2-lp liru the total pavmcnt 
from :t.6845p rn 4.08p net although 
an 0.834Kp is to be paid 
should ACT he reduced. 


industry has continu'd 1,1 m " 
crease, the profir nf %uh*couent 
periods will benefit. (he directors 

Lex concentrates on the economic package from the 
Chancellor and its implications for gilts and interest rales. 
On the company news front Grand Metropolitan's figures are a 
mixture of swings and roundabouts with pre-interest profits up 
by a tenth, though at lhe pre-tax level the gain is a far more 
impressive 59 per cent. Finally Lex takes a look at the rignts 
issues from Sccuricor and its subsidiary Security Services. 
Elsewhere, record full year figures from Guthrie disguise a 
weak fourth quarter. Electronic Rentals' figures look reason- 
able enough though the market appeared to be going for 
mure, while a depressed second half at UKO International took 
its toll on the shares. Hickson and Welch’s figures were well 
down and the advance by the 6l)0 Group is only 5} per cent. 
Armilage Shanks is in line with market expectations with profits 
up S per cent. 

Shanks fall 

in earnings 

rises to 

Erlrrnal juli-n 
nwrjtiite nniHi 
Jn«ro«T . haraes 
Tradmr pmfli 
AWKiatr |ns* 

Prallt before tax . 

Nn Drum 


F.xiraorrt <!**htis 

Proforcncr dm-l-nds 
•iMinarr dividends . 


* Profit. * Crvd/rs. 

19” -7 s 1971 ” 
<ij-xi ftmn 

i«i; 04 

IS Iff! H.4II 


1 44*: 
n fi:i 




ahead from £352.797 to £399.287 
Triufu* and Co. reached a peak 
HW0.6S5 pre-tax for 1977. com- 
pared nil £500.303 in 

Tax takes £351.834 (£271.3211 
iTf and attributable profit emerged 
up from 1191.313 to £244.947. The 
no i dividend is effectively raised 
i0.ifls to 2.2252n (2.0229p) per 23p share, 
s t.’? A ont-for-five scrip issue is aUo 

dends costing £127,749 till 3.309) 
(he retained profit is £520,847 
I £*30,387). 

On prospects the directors say 
that a satisfactory result is 
expected for the current year. 

.An independent professional 
valuation of freehold and long 
leasehold land and buildings was 

p ii p nrnflfs Carried out as at February 28. 
HA£1- proms UJ _ S Thjj . lhrvw up ., £j j ^ : ; i43 ,; 

surplus over book value which 
has been transferred tn reserves. 




3. us 






earns and 
pays more 




DUE LARGELY to the profit 
growth oT ii.s credit finance 
business in the UK. where lower 
interest rates had a significant 
Influence. Lombard North Central, 
a subsidiary or National West- 
minster Bank, trebled pre-tax 
profits in £9 .87m in the six months 
to March 31. 1978. 

However, higher interest rates 
now prevailing will bait* some 
adverse effect on .second-half 
profits, the directors warn Profit 
year totalled 

• comment 

Profits at the 600 Group are only 
5.5 per rent ahead but the 
impressive contributions from 
machine tools and ene-ineerinc 

products have more than made GROWTH AT Airflow Streamlines 
up for rhe vastly reduced return s | 0 wed in the second-half of lhe 
from iron and sieel product*, vear to February 28. 1978. and. 

Profits from i-hc latter slumped after a £240,000 advance to 
from £3.19m to f0.91.rn due largely £436.000 a: half-way, the full year ‘ or * ast ‘ u “ 

to widespread kick of demand and il ni-lierl £274.003’ higher at 111.7:5 m. 

a severe drop in ihe price of £910.455. Turnover for the 12 Overseas. particularly in 

scrap. The general picture here i< months improved from £7.69m to Australia, difficult economic con- 
bleak but ihe group > steel stock- £1 0.91m diiinn.s and continuing high 

holders are trying lo concentrale The directors report that in the interest rates- together created 

on higher margin product-, manufacturing division the high circumstance* in which Lombard 
Profits from .i-hc expanding level nf demand experienced in Australia produced lower first-half 
machine tools side ro-e 51 per ihe first-half did noi continue profits, 
cent and new developments are ihrough In the year end. How- 
planned in rhi- divrsion which * v *r- * satisfactory result was 

should boost earnings in 1979 SO. achieved The motor division PnR Mmi |n 

" -ogress through- Xax ; 

Xi-I profii . 

Earnings per 25p share are Minomu-s 

shown tn have risen from I72!4p £ r(,f d ‘ vs - ■ •••■■ 

«o 23.19,, ; ,nd the final dividend is S?;"fcS5!K^ d ft , .“ 

J.nnp n*t for a 4.91 p (4.4.iUipi -35^1 Of £Kj <XM) artelna on dKrmjl 
total. In addition holders are to of nnjprnr.-s and a provision of cioo.iutn 

receive, by way of scrip, one 10 f° r the dlminwton m value nf one freehold 

per cenr cum. pref. share of £1 ww-rii- m Australia. tCrodits. 
markets are important to ihe f or every five ordinary shares Some benefit from the subsfan- 

group with exports taking abnu-t held. A one-fnr-one ordinary rial volume of new business trans- 

per cent, of manuiaeUiring scrip is also proposed. acted last year was derived and 

company sale*. A r S0p_ nhe chares After lax or JE2R1JS5D (£192,4941 as all sections of the business have 

stand on a P E of fi., and yield the net ■ balance emerges nr coniinucd to be buoyant, and 

just under S per cent. £K4$.59fi i£443.S9fii, and with divi- turnover particularly finance for 

EXCEPTIONAL n«n -recurring 
costs and substantia I b heavier 
tax have hit the 'Timing* of 
Armitagc Shanks. F«>r ihe year 
ended April i. 197s. they are 
down from 7 .31 p -to H37p per 25p 
share, before taking into account 
exchange differences. 

Termination and reorganisalion 
of certain uneconomic aciiviiics 
have given rise to exceptional 
nnn-reeurring costs **f some 
£389.900. Despite this, the profit 
before tax shows a iJT.s.oniJ rise 
to £2.4Sm. 

But after tax of £1 iKSni. com- 
pared with £719.008. ilv net profit 
is £133.000 lower at i'l 45m. The 
higher tax follows the arrest in 
the increase in slock holdings in 
the UK and the corresponding 
reduction in the relief 


Following disappointin'-’ results 
for the first quarter, :r..<l'* in the 
UK improved, although in com- 
petitive conditions \> I'.icli kept 
margins under pressure, the 
directors explain. 

They say that th:-. together 
with a sharp decline in profits nf 
the group's Australian subsidiary, 
limited profits growth. 

Exports increased by 44 per 
cent to over £7m during the year. 

The final dividend i- 2 -Tip for 
a lot al of 4 3p 1 4. 2348 p i . 

The company make- sanitary 
poitcry. metal fittings ami plastic 

Anglu-Tran* Inds. 


Aug. 3 


19 ■-.? 

Aromas*' Shank.* ... 


Oct. 2 



. 433 

Brown Shipley 


— • 




Buckley’s Brew 


July 7 




Burco Doan .. 



Aug. 9 




Chc«.tcrfld. Props. 2nd 




Aug. n 


— . 


Cullen’* Store* 


Aug. 11 

3 2 


43 - 

Tturwnoulh Jnvs. 


July 29 


0^1 . 

0.73 - 


+ 1.13 





Etrctra tnvs 


July 31 

2 S 


43 . 

Flectronic Rentals 





239 • 

Klsburp .. . 

Aug. 4 




Grand .Metropolitan .. 


I.* j 

Oct. 23 






July 21 . 


15 -. 

10 : 

Hickson ami Welch 


1 33 

Aug. 31- 


— - 


?.eiplt Jnfrresls .... 


July 27 




Middle Wits 


Aug. 3 












Aug. 25 



28 .. 

600 Group 

July 28 






July 18 




L'ko IntnJ. 





' 8 

Dividends shown pence per share net except where otherwise .stated. 

* Equivalent after allowing lor scrip issue, t On. capital 
increased bv rights and or acquisition issues. J4p if dividend 
restraint lifted. If not 2245p at current tax or 227903p: at- 33 per 
cer.i ACT. ? Intend to pay dividend 0.0346p on reduction of .'.ACT 
making 4.ll4fip total. 5 Treasurj- approved, ii South African- cents 
throughout. . • 

Midway fall 
by Hickson 
& Welch 


Six months 
1877-74 197n-77 

Meanwhile engineering products, ^ 
which cofXribuied 16 per cent of 0U B.. 1 ™^«« ar 
total group *ale-. were bol.-'iered 
by impressive growth in crane 
manufacturing and plant hire 
service.!. The contribution of 
oversea.* companies is included in 
divisional figure* but foreign 


4 Ml)'S 







Prex-iax profits up R per cm l at 
Armitage Shanks were ru-t about 
in line with market expert a (ions 
and reflect a steady second half 
improvement after 'the poor first 
quarter. Overall, margin- have 
been under extreme pressure 
given the stiff compel ii ion and 
.-'en.-itivity to volume, although in 
the main ceramics and -aniiary- 
ware side, they are -till ju*r 
ahead of the prevmu.- year. 
Profits, meanwhile, ha* e been 
depressed by the £388.080 
re-o rsanisa lion costs. The com- 
pany's timber and architectural 
joinery interests have been 
stripped out and exisnng facili- 
ties will be used to manufacture 
balhrnom furniture The oversea' 
companies, which tneeiher with 
exports contribute £14m \u sales, 
have been hit by a sizeable turn- 
round to lO'ses in the Australian 
-ubsidiary. But the current year 
has started well in the main mar- 
kets and given the boom in home 
improvements — more importani 
to the company than housing 
starts— Armitage will N- aiming 
ror at least £3m thi* .ime. At 
65 !p the shares stand on a p e 
of jusi under 10 and yield 10.2 
per cent. 

better at £*4 63m agdinst £32515m. 
taxable 'profit of Hickson and 
Welch (Holdings! dropped from 
£4 S9m to £3.74m Tor the half year 
to March 31. 197S. For the whole 
of the previous year, a record 
£18. 14m was achieved. 

After ijx of £1.07m (£1.37m) 
and minorities of £2.000 last time, 
available ordinary earnings 
emerged as £2.67m (£3.52m). 

Stated earning* per 5 8p share 
arc down from an adjusted 18.17p 
to 13.79p and the interim dividend 
is effectively rai'ed in IJfSp — -last year’s final was 
2.24RRH7 d adjusted for a iwo-for- 
one scrip issue. 

The group's business is in 
chemicals, timber products and 
building materials. 

certainly slow down, with -conse- 
quential effects on employment 
levels and its performance. 1 

In. 1977 pre-tax profit of the 
rubber, plastics 'and '* cables 
machinery maker dipped '.from 
£432,360 to £377.062. At year end 
net current assets were tip from 
£2.01m to £2 74m. and group fixed 
assets were £ 1.05m t£0.9Ud). 

Shipley ■ 



Securicbr con^Jaies 

x- « double rights - .Issue Secuvicor'fpr. the 
e 1* . *L its mbslSsry be 12:4m' (gm "-I , _ 

seidees ' are ^isibj dettdir oC^.787ap- m^bt 



Security Services the operaong . cazeuove has -\md©rwriten-ih- 
area of the group : ls .P5°P°^f ^ issue* and' dealings a«^csp6ea ( ». 
issue to raise £4.j3tn Wlt ^ a .TOslart un June 27-i - 

. - ' • Stee/Lex- ; • y.^-, _. 

issue of one ortfinaiT 

one “A" noo-votlng share for . _ . , 
every six ordinary or* v A shares. . , t:' .. [ . , 

Securicor’s rights issue is less, ©rhrt] 
demanding. The terms of .that- Dl-V.UJ 
offer are one ordinary share and as '^foreshadowed 
one “ A " sb^re for eydir ^ Bwwite Tbol- 

ordinary or M A bekL hi») •• is - jajSlfef - 

There is al ?° 1 ■? a *,^ r r h 7 <1 l , 5 ngbts - iS3UO -q< 
ordinary or A shareyfpr every ggp eabh. - - *■: . 

10 cumulative oartlf ipathig nrefer- Along With- 

shout 52 per cent of Security at- £120.800- compared with 

Servires haslndicated that if will The - directors . ate - pajtDa* ^ . 

fVw „ n its f u u entitlement under interim, dividend of l.Jp.per ,haife-' 
Se rights Issue. • " 

TThe Erskinc family and. direc- the -year- 'df^iTop. . 

tors of Securieor which ,have a Since cobapany 

eo fit rolling interest in the parent achieved^ mpiOfarnttunj-TObj: 
company are cxoected to take xip mto^ profits;- £rora- 


■ 'P-rsiinc prow 
I nr<-r<: *1 purable 
iii'vvmini. inconv. 
Aw* |.H>-s pr«ii!' . . 
Profii before lex . 


Mr.*rity inicrofli 
rr-- f«-r- »•...• divid-nd .. .. 
F.irnmJF nrrfinan - 

> 'T.JinsTv iliwl'-nil 
To n-MTV<-« 

04 <7:4 
.1 714 






FOR THE year to March 31. 1978, 
banking group profits of Brown 
Shipley Holdings advanced -from 
£ 1.06m to £1.31m, after tax and 
transfer to Inner reserve. .... . 

Net trading profit of £1.69m' 
(£t.4Sm) includes parent company, 
profit of £39£H)0 (£2.000 loss) and 
profit of insurance group JE796JD00 
ifSSO.OQO) after £452.000 (£464,000) 
tax thereon. The retained balance 
was £l.lSm (£1.03m). 

Service"* rights issue. =' The' directors' state- that 

The reasons given- for the .level of . orders jdaced - 

issues are- based unon the expand^ group, has, continued' W. 
inc parcel security service and and" ,provided';ihat^3iidret£iF^^ 
fairlv heftv capital .expenditure -worsen tag.or the eednomic - 
this 'roar Without the' rights 1 there- tlietf^ ^ aTe eoafident tfautr&dthg’tif' * 
would be a shortfall between cash Septfemher ,197ff .wflf. eontmife (d 
flow and capital commitments. ' hnvrvve.- ^ -V^. hN'v 

Security Services announces ■ -. Further: to Uie. rfehts- issocf ^ : 
estimates for pre-tax profits for directors .comment ihar^ the-^ '.gam'' ■■ 
the half year to March SI, 1978, has shown a signffieahf 
of £2im f£1.74m) and the direc- Ui the level of detoL 'Biott^-theb I> 
tors indicate (hat profits are con- are confident that they ar^.-Sy* 
Unuinc at satisfactory levels. . - to finance the anticipated- increase' 

In the absence of -unforeseen m trading. from exist ihgAdiajte' 
circumstances they uilfind. to pay it is the intention to devetyp fie* l 
total dividends of 3fip.per share product' areas which wiU reqifit* ' 
or 5.383 p gross — an Increase of addition^ finance.. , 
about 75 per cent. The issuh -is nPderwritten. % 

Meantime the directors e.sti- E. B. -Savory MfUn. An. JEGtf-Ha 
mate that pre-tax profits for called for Jnne ; 27-r.,. u - 

European recovery likely 
to be slow at Ever Ready 

.... . THE PORTABLE* energy business secure the group’s ^-xnarKet poski 

The net final dhidend'is%264p is likely to continue as a growth Tlon began last.^ yeaCj and ^a sa tesr; 

for a 9^64p (SJ675p) totaL-tf tax industry, although Ever Ready company— Kot , nndenfciy 




rate is reduced the directors Company (Holdings) wOl expert- Holland. ' Other countries will re- 

i — Ik. 1_ " —* . . l*. RAM. . OOnill ■ J * jC ITTI il lh ~ - krnnHnAMk I' -4LI. ? 

treatment’ 'thls.v*“' 

r **s 




® comment 



Hicksun's result? — profits 23 
cent lower — was in line 



He says that La the UK export 

„ . orders for batteries remain buoy- 

The City of Edinbncgn District an t, coupled with increasing 

Council s issue of £2am of variable demand for torches and other 

market and internal expectations, stock closed yesterday morning portable lighting equipment.. .’ 

In the first half ir has felt the full oversubscribed. Additional canacitv aL Chemical 

impact of the chemical industry Applications for up to and In- Additional capaci^ at ^^iral 

recession and the upward move- <*«<*"« , *30.000 of stock are SnSuS in lS? tS 

ment in the pound Indications allotted in full. Applications for lo come on stream m later tms . . . 

from the ihenS liamsinroS to £100.000 receive £50,000 S?°rate oWtuS'S '*i 

weeks that trading conditions a nd_there a fter applicants rece|ve_ ^ improve tn a rate of reUnm atjeaoy 

JLW computon 


Accurate Efficient Economical 

Property Valuation is aided by JLW COMPUTON. 
A brochure outlining all jlw COMPUTON services 
is available on request from: 

33 King street London EC2V SEE Ref:J.D.W 


Chartered Surveyors 

ntend to maintain the gross-total, ence short term problems in some -cerve 

payable with the interim in Tea- markets and the" recovery of year. . v 

pect of the current year. - profitability in Europe is likely to In Nigeria a good start has been , 

be slow. Mr. Lawrence W. made 'ur the current year. Mr. 
Orchard, the chairman, says in. . Orchard says - the- Government" 
his annual review. under Its indigettLsa&oii scheme 

has -yet to accept arrangements 
put forward, by the company ra- 
“ properly preserve' flie essence 
of the eompany." ,.>r- 
Ever Ready . proposes to change - 
its name to '■ Berec"*Group> and 
intends promoting"' the Berec • 
trade mark to the eventual 
all .others. Ever" 
use the Ever 

ueeKs mat traatng connmons " ,,u icuavt « n-adv tSneeiat RntterieO " Readv trade Mark En Eim-imm 

a^sli-’ht * weake n^ns *** W ^° f rfffilTfer, -'SSnf ' 

sholiFd help second half' z£ire* Brokers to the issue s*^re P ecled t0 show a, meaningful. countries/ Berec has, been used 

USl R ~ V while C- 1C 

S beelf &TS* lonrho • .. >■; /; 

rumours and bv the strong divi- Lonhro's joint auditors yester- At Electro Formers, directors 
denri cover, and" these two factors c,a - v rejected the suggestion in anticipate some difficulties owing 
are likek to he th** main influence Ronic quarters that the treatment to battery component changes 
on (ho shares in ihe shnri-term House of Fraser as an associate that will emerge later this year. 

Taking a line fenm ihe interim ta^c in fhr? ha,f year results was ques- While rep'aeement business with 
rate rile i> t- is fi 8 and rhe yield tinnable. other products it manufactures is 

Peat Marwick Mitchell and being vigorously promoted the 
Mann Judd said that in their future seems “ a little uncertain,” 
opinion, ihe treatment " is in Mr. Orchard .says. 

accordance with established In Europe the sales investment liquid funds Iftading to net funds 
accounting, practice." ' programme designed to further of £10.4m f£6.4m net borrowings!. 

improvement^ in profitability this ioternitiowaiiy for' some years. 

. As - imported, profit for the 
February 25 year feU from 
£29 ,04m -to. 325,39m, and during 
the year -goodwill of £7.41m was 

is 2.S nor cent, 
eiehi times by 

i-o vc red Mmn?t 
estimated net 

written off aga-fust reserves. 

At yea rend fixed assets were 
£49.8m (£47, 95m) and net current 
assets £80J27m (£60^6m), with 
short term ' deposits up from 
£11.75m to £29.48nL There Was a 
£l5.7m (£lJSm) increase in net 

K.J! c i. 

Problems to 

continue at 
Francis Shaw 

ft is inevitable that the prob 
lems at Francis Shaw and Co, 
Will continue in 1978. Mr. L. .1. 
Tolley the chairman, says in his 
statement with' accounts. 

He says the company is operat 
in? in a thoroughly depressed 
capital investment climate in its 
traditional western world mar 
keis. and although business con 
tinues to be available from 
eastern Europe, it is highly com 
petifive because of low activity 
in all manufacturing nations- and 
its profitability is somewhat 

But he is sure opportunities 
will be taken to maintain the 
factory work flow and to achieve 
imnrnved profits. 

The group ended 1977 on a low 
note with order balances reduced 
and new orders difficult to find. 

Factories will in the main he 
busy until late in the year, but 
with new contracts not yet forth- 
coming the group shall almost 



la March U. 197S. rcjniricd May V. 
l-'urthtr prouross forecast lor 1975-79, 
Lfsn.-d Uu-csiRiL-nu;: UK Cl. 15m iro.Km 
ovorwjs riSi».l£ iC!0.ri7S». unquoiud £2^U4 
£ 2 . 10 * 1 . ficl L-urri.-m avxi-is CS9.737 
1114. 1ST). Mi-eUn*:. ADcrdovn, Jane ZT, 
■n nnon. 

BLOCK LEYS ibrick mamirakiiircri— 
Rt-sulis tor 1977 reported May IS. Nor 
cum-m assois Ii.iMm Uj).72mi. fin-d 
asjwia fi 4lm <ci4.mii. Mwiuik, Telford. 
Juni- 29. at noon. 

JOHN FOLKES HEFO — Results n-porlcd 
Mny IS. Fixed assvis Xia.IJm iC8S9m 
nci currcni assets I7.T2ni <£7,ft4m) 
RomumlDn rO.Kim ol Goodwill written on 
Mt-viing. Birmtnjehim Junu 29 at noon. 

w»-ar> — Results for y«*ar lo January 71. 

197.-*. rvponvd Mar M. >7roun hs«i asR>-is 
'70S KT IH4K.D29). nnf ClIITc-m aswfts 
fSC.OH <£jR 0 .lt:ti. Nvl liquid funds 
dvvrvasi'd by £24 163 iVH.ISIIt. c.ompany 
cxpl-cIs to make lurlher Rains This vear 

u-iih rclatnd Improvemcm In dWidt-rv) ir 

leRtsIailun pi-rmils. Mi.-runR. J, AlbL-marU.- 
Slrcel. h". Junv W. at n am. 

TRUST— Rv.sull* (o March 71. 197M orr- renorft-d. Listed irrvwmenis I'K 
Li. Uni ifj.ftlm'. ovtr.wa-5 Cl.TGm ■ E).4Rm > 
uoltSTud 10 27m i [0.27m *. Nil cuircnr 
awiti M.Slm ' lO.tTni i . Fraawv for 
lndu.sirs’ rhi- uIMmafi- holdrrjp rampanv 
iins:. Wau-rloo Road. SE. <unc 29 hi 
’ 2-Hi pm. 


(cnniraclMK. hou9.'bulIdlnK and property 
tnvosmi.-Di i— Results Tor 1977 rvpori-d 
April 25. <7rour> flsed assets U. I7m 
Cl.nnia. nuf curruiit assets II.44n 
(l.Knn. Set liquidity dawn £1. jSm ■ up 
MTN.iWfli. Dirociors Intend to souk funher 

invotvvmi-nt in areas of poi'.-nnat sroH-ih 

olh'.T Iban runsmiLilon. Meeting, (j las- 
so w. June 30, noon. 

OUEENS MOAT HOUSES— Ri -suits prr- 
riuusly reponed. Fixed assi-H EO.Tm 
£3.7.-.m>, eurront assuis 10.9am i EO.Bflm i. 

current liahllllies £ 2 .D 6 m i£ 2 jrmi Dlrre- 

lors confident tor too fuiure. Mol-Iior. 
Albans. July 4 at noon. 
INVESTMENTS— Results for year ended 

limit 31. 197K aln.H'iy known. Jnvusi- 

■it>-ill -> L! Mri i fl /jm t . net currvm asxi-ls 

iw.jnn i£i9jR4t:,. Bank hulniicrs and 
short-u-rm deposits nS7.331 tI2S0.3lOi. 
bank ovi-rdraM ml i£ 1H.4<3>. Meeting. 
Thri-c Quays. EC. .Tunr 59. ft 2. 17 run. 

COMPANY — Results altvady kuuu-n. UK 
Invt—Tmpnis C12 22m i£lfi I9nt. ov L -i«h.-a.-.'ni i El 1 asm i unquote! _£u.:tn 
afiri I'urn-ni 'jsso'is i*«.&il iCISi.wioi. 
curri’m Ii.iIjiIiUi-v tl ?m in.ilwut. Mow- 
ing, Edinburgh, Juuu SO 12.30 pm. 

George Wimpey 

Points from Chairman’s Speech to A G.M. 

Record turnover and profits. 

15% rise in turnover . . . 3196 uplift in * 
net profit aftertax . . . Turnover overseas 
up from £210m to £292iil 

Good start to 197R 

Private house sales at high level ... base 
of activities broadened with agreement 
to buy Beat-Waste and Industrial 
Services divisions of Powell Duffryn. 


Nationalisation proposals damaging. 
Labour's plan tq acquire one or more 
construction companies is first step of 
public ownership aimed at swallowing 
up the whole industry. . . we will end up 
with vast bureaucratic organisation with 
inevitable loss of efficiency. . . ultimately 
losses will be borne by taxpayer 

Essential to spread knowledge. 

Most people unaware of nationalisation 
threat . . . dangers clear to everyone not 
blinkered bypolitical dogma . . . doing 
utmost to spread knowledge . . . hope 
shareholders will do the same through ■ 
MFs and the press. 

R. B. Smith, Chairman, 
George Wimpey & Co. Ltd. 
3th. June, 1978. 

Contractors to the world. 

i — 


•. -i 

second Electrode Rentals ends 


half standstill year £3.3m in front 

ar,« eW 

IN SPITE of special Influences. Swiss franc borowings are being carrv Ajax Magnetiiormic through 

< ittadix® ' profit of-Grend Metro- baa dr ucrTIlirC refinanced in other currencies and WITH ALL < 11 JJ* ^^“ruSrta a dUfiSJt trading period. 

pottbul improved by J2 per cent BOARD MEETINGS sterling on June 15. 197S. earned in the Jwt Jialf* Guui i a un Ajax subsidiaries in 

^Th^-^.nlerMichTi: . , sm>wlM , ."fed The interim dividend is beinc p> r I»" , “““ £ “ 6S m thcuL Canada and I'K dll 

* IS78;:.and after greatly reduced # ^awi awcaws w siotu raised from 1.6p to l.-«Sp net taxable profits „» ■- on turn . m3 de progress, 

interest profit before tax iSm* sw* racennw are ««»Hy aOp share; this will cost 17.73m compared with on iu Mlndustnal Corporation, of 

expanded : P from .,12716m to 5?T- 4?— Jl— ISM- JW J5? *£ J5S 2T tE^ ?£? which Gudtne has a 71 per cent 

- -M3.-&SDL - dividends. Official »™‘“T 5 «oowrn«l 

Mr. Maxwell Joseph, chairman, *«““• **'J2 P «*■ 

* -reports tMt-there have been, signs wtow «re .M«d “ aJaf5 ' 

- of- Increased consumer spending m un year’s umeubie. today 

in the. main tfadlni:' areas' since ' . nJt**riax thooim 

,Chrismtas f \ r .'aJthbngb . the bad <*«"* BMteertK. 

weather; during February and khwir a««r. cmana. Fair- 

March had ?ik adverse effect. The dJ^^xtiKsTFini wed^£iMM*«nd 

relative strength ‘of . sterling industrial Trust, .^b Tnoni 

reduced- botir the.rate of profit on Btrevwa of Gc ^^Sirc dates 

,’ exports of whisky and the sterling IIIlpHm _ 

r-figniw.ibr overseas' profits. Liters - 

; The bote), social dub, brewing Finals: . UIW .. 

.and wines and spirits operations Al'-.anre Inyr rai ret • jnn e n 

ht-J^e UK did particularly weflL jg£*g*g* ■ ;• — — « tf 

..The improved, results for milk and cw NichoUon — - — -' began hi the second half of Fenmwn imiutriai — : — }* 

Jast year and arise to a laree .%*** fC -L F S? rt SSe Is 

.-extent-.. from .factors outside the. SiSS-owIi 1 tmow' " “‘.'.'ZZ'. . June is 

..-trade in liquid milk and milk SSS5355SST bSm ... ~ *»** 

-based commodities. •' wp* Bromwttii swim ” 

- '. Interest charges, were reduced^ 

. w by flOm to £I7a5m by the conver- 

: non of over 94 pen cent bf the 10 maintained during the remainder 

See Lex 

ahead from tt iJiK? « earnings. before exchange gain-i, 

turnover up from £133. am to C$1.05 to S0.&S per !»n,are: 

£144.7m. y.“ pvjn says this was a reason- 

UKO faU 
in second 

„ „ s K ssn ? «saB ,*&► jr’sai'asst™ »&* wx-* 

!hrouBh SS. ES? rS* 5 S ACT « dW of 

is b . comment ^ SLiSSMi^^S 

SJde progress. ^osf S struck after an oxcep- Pre . lax profits growth from Eie£ l0 ztve effect to a change in the 

Mindustnal Corporation, of uona ] j :em 0 f £306,000 aga-nst ^gnic Rentals of 23 per cent was basjs of ac . L-0U - r ‘ una „-i.«,pntT tS 

which° Guthrie has a 71 per cent r^ii noO; beins intetiration costa not en0 uEh for the markc J n > f®! v f er financed by leasing agreements, 

stake, reported a reducuon m ~ rental acquisition*'- . day. and i he shares were op i°J« d 

Sarnbigs. before nehanee gains, \ c inlcrim stage, when tile ^ 5p> where the p/e is 7.6 vi 

from C31.0a U80AI per snare; adv ance reported w?< from iWm ^ yield , s 0J5 per.cenL The UK -nrpll 

Sir Eric says this was a reason- l0 p 8 o m . the directors said lbe> rental side has DUltU Vt CU 

able performance in view of the V ere optimistic about the full benefit 0 f ^me small acquisitions 

a “ ,v tr. onnnnm... Ii.itmn . - — ~ u:.k hnMarori nAt rfpnSlty PCV -H 1 J 

ment exchange differences, and in sale's, at lower u'iieooed up from 2.3945P to op acC nur>?d f° r a thir d of addJ^ tionai 

S (1J.6P) after the same The mcrease with a final parent of 3p net. ®en tal Volume. Electronic RenUls 

dividend is Increased from 10p to ^ rtfl America had a jluggish Treasury permission has been ^3^5 j t has been gaining some 
15p net With a 9p final payment. fir5t quarrer. but substantial received for this increase in the market s hare; the last PJJ* 

Operating profit expanded from Jj * re|y has taken place in the j* ht of the defence against the of 7 t0 8 per ^ 

120.23m to £25.3lm and was split ^° r i fit3ke. b' d rrpm Philips Industries la^ geptemher was fairly ntodeg- 

nn /,ainnhii>9 V HS tO. SOUtn LS»1 n.n...^no- A rniipiL- nf the l... n.,orrQ9E thp eXD3nSian U iCnial 

Burco well 
ahead at 
six months 

Operating profit expanaeo irom ery has taken place in the , hl of lh? defence against me of 7 t0 a per TURNOVER ahead from 

E0.23m to £25.3lm and was split ™; e ^take. b^d from Philips Industries last September was fairly modest ON mwtK aneau ^ 

eeo graphically as to. South Ea»i Following a renew of the nerember Overseas the expansion in rental n2.3im ^ h £215 000 

Asia £17.4m (£103lm); Europe J/SrSanvo-Cmhric Australia DccemDLr * ,9 jS2? “Sm tacoS is mainly due to an acqui- of Bum D«t> f rose, hj 

cn 37m i£2.19m loss); Australia . rh( , prouo's Pacific jce ivi- ct ste cltinn in Germany. Elsewhere both to £720.000_for the six mon 

June 16 „ 

Jmin 14 SECOND HALF pre-tax profits — 
Jane !3 UKO international, manufacturer 
12 of ophthalmJc lenses and spectacle 
jtmc ii frames, fell from £2.3flrri to £J -44m. 

01 opnuuiiiiuL- ibumts ~ — air iuib : -. ka enm m uk .»u>u u.uuh- 

frames, fell from 12.30m to £1. 44m. chairman, says that results tor ^ To wo II performed well 

and the group finished the full lbe g re t half of 1978 will snow a (he -hairman says and is the sub- 
year to March 31. 197S. down from | 0WCr level of profitability com- . , a major investment pro- 

a peak of £4.17m to £3.34m. Turn- pared with the 1977 first half, and 1 Bt In line with fte group s 

Cjnip'n; and lrlsure 


Trad'-i, surpius 

: . . U77-TB 1B7S-77 expenditure on projects « were lower both in the nome Kumoulan Gutnne ana uuuiric 

mao tooo type will increase substantially m markel and especially overseas. Kooel In South East Asia. 

tL-Bamt J5M«? «?-«? the next tw'O or three years. _ add And they say the returned exceptionally ko°« croop^mrw" •• 

gjdfcjjomtaliiinua ... aiT^ TMJK Tbe tax charge, has been «tM; ^pected seasonal upturn in the results, the chairman states crop l | , n ^;^ ns 

SSrtteito"" mm mated on the haste that UK gecond half did not take place. lcve is were high for the flrstnmc J, n ( ^ s, bef#re .... 

' • wines, spirits 1IBJ848 163.059 corporation tax will be at S- per w u b jj, e resu | t that production months, though they dropped Taxar ion ■ 

• Setting, garotag.,.- 98,7« T5.E1 cent and includes overseas tax or exceeded demand throughout the awa y i n the last quarter ana have prow d . 

.i -tgwmK worn 5B.T13 000 (£988,080). If the basis been below average for the first ci-,1.1* 

SBftPSfmj: 1:!S IS *rJ2msi J£3 JSTWJ? <!"■«" J?I5-.-, Tl i™?"" n n d, !X SSSjnsr 

- BrewtaE. - dtai|bmloii ... 

- - Brewtos. ■ dtartbotlon :.. 10.922 15337 adopted 

•- Wines. Bpirlts _.. 11.740 11 .532 have *" 

• BettbK. BamtOK 4.K6 ‘.4J31 /ca = 

Bertbw. gamins 

Associates profits ............ 

Profit - before Uuerest ...... 

Jnterear. paid — ' : 

1.000 (£988,000). If the basis year . been below average for the first Bnrtw cn.-«.i » 

... ouai . ^._,.jsed by ED19 had been The g roup has fared better m quarter of 1978. The commodity interest 

n’,922 15327 adopted the charge for_tax current conditions and the dircc- dealing companies. Symington in dws. .. 

Li,74o ii^S2 have been reduced by shout £7 £m lors say t h e group's manu- the UK and Guthrie Industries in A|ir ii)tiTabJe ord - 
(£6.5m). - ' faciurlng base is strong. the U.S.. made a satisfactory con- ordi^rr d«s. 

nmo raoit fr is' estimated that net extra- Between the end of 1977 and tribution during 19u. he adds. -Debit: 

Zr5£ KN i«,n. •H,p<ni ii rni> tht hslf-yesr ik» «r ir,n<h nne factory was a further substantial virlte- 

±r-:'"r*" m'S?? It is estimated that net extra- Between the end of 1977 and tribution during wu. ne . 

JZ: itj« ®A5i ordinary eharges'for the half^ear lhe cnd of March, one factory was A further substantial wriie- 

’ ®O5S,zrj40 amount to about £S.9m. These closed; productivity Improved in down has been made against siow- 

"™ are mainly exchange differences all olher punts, partly as a result moving stock and doubtful debts 

arising from the weakness of the of reductions in manning and 0 f Guthrie Engineering (Malaysia) 

Canadian dollar and the 1 ‘strength partly as a result of new equip- andi t o a lesser «ienL Guthrie 

•, Tiraiion -~T 22.1^0 14.135 are mainly exchange differences all other plants, partly as a result moving stock and d . OUID . , JJ l ‘ t • COITimeii i 

y a ? T ^ ri-;ii-.:-" ^ ^ arising from the weaknessof the of reductions in manning and 0 f Guthrie agineermg (MaleysiB) record nre-tax profits 

20.406 I25ffl Canadian dollar and tbe/trerath partly as a result of new equip- and . t o a lesser exienU Guthrie ^ wafc fnurlh quar ter 

^fc^JosSh is confident that of the Swiss franc et March 31. m ent coming on stream, they add. Trading (Malaria). *IJe chair dUBcul ti M ar e continuing 

proeress in recent years wH) be 1978. Approximate ly £33m of They say a substantial recovery man feels that these provision. affect on eraiion< in the first 
. ' . ■ ■■ ■ — 1 1 In profits may be anticipated from are now adequate. . . . . three months of VJ7S. In the 

. " V any sustained increase in sales Thus. Guthrie Berhaa which imoortan t plantation ooeration-5 

' ^ Tf T.i'i volume. J 74 per cent owned by the tor- jmp v - a lhe finaI 

■M- v ■ flj B I The dividend is stepped up to po rati on reported a u® 1 J®* 5 °. oUar + er has seen >malicr crons. 

'.'.'9 ■ / — ^ 4 8-1 s fin ifini npt ner 25 d share with cufim before tax recovery and ;-,,inr Ail and a de- 


, 'Pnferon divs.. .. — 
- AltvftutaUs orl, .... 

Z*. 20.406 12.78! 

Debits. * Cam. 

I'jrdpma and leisure los* Ql | 

1077 l*;fi Kruy TU- • •• 

MB tow MiwIianeMR ■ •• ™ ,.- 3 

-s_- .?o 25<> i-sT Hol'iin- -.AnlBanr ■■ 754 ' u 

■Jo :u> J0-? E":. - ' puona! • • 10.002 

5.*>J7 G«W. Front before l« W-™ 

14.6S1 13.264 TJX .:■?£ A 

!> 4 n 7 v.««r: Sv; r.r-jtii .. " * l Z ^ \ 

in IM 4 ^54 Minority lt>s-4 - , , {■# 

1 K4 *;.9u7 Ex:rjjr.linary debits s-m 

i*,-n -j.oir, Avj.iibi-- t m ; 

677 l«l Dividends Sjaj fi.®9 

*-£. ?.-?> Rt - c'SSJiMH oixtuv of «*\ n j5 r, 1 ^L 0 t 

* "^7* lcsves by overseas subsidiaries prior 10 

4 JM ”"467 ie!i-iri-i*iii si~ral itjp iniii,ita and foreian 
n ' e XCb j Side adjuiimellli. , h .. 

Comparative lieu res hate been of 

ustr,ftS ““ 

Z€ % S 

IS dteappo n iStiS? aroas^tUllgh ^ ^ S Profit ’for the fulll ^ 7 J 
#.oa 5i^ are showing more encouraging year recovered from a ^presMd 
=4.752 21. eg fi mores ° now. Overall Electronic £ 0 .52m to £l.lm and the directors 
-«« 2W Slmals offers investors a chance xh6n said ,he current grow lb, m 
4. :£ M.246 r o Ret into the TV rental sector the short term, would be 
jaiKS 20.S53 . ? ne o{ ihe more pore rental maintained. , . .. 

2 ST5 -■» companies. Long term the opening They now say that durnit- the 
i4.«a nS provided by TV games and video , ha lf-year the markets »" wh ‘ ch 
1J.IM 9.TH devices could lead to a whote new lhe group operates have not 
1 n\ l.JTfl raar }{et and meantime the shares become an y easier, yet profits dnd 
J-A sin look reasonable value, though an- ^ urnov er continue to - ri " 
lli other Price Commission *nv««- steadily. . . . - 

”ie 2 gallon highlights the pohucal The interim dividend os 
2“i 2*".3 vulnerability of this sector. increased from 1.5p to l.biap net 

lOril.: S.461 

,;.(7k 1 ns 

6935 6.CS9 

Cullen’s down 
and cuts 


The interim dividend os 
increased from 1.5p to 1.8 tap net 
per 25p share and the directors 
propose to pay the maximum per- 
mitted final— last year's final was 

<9 OlOQnn 

""Net profit was £428, 0W) 
« £240,000) after tax £292,000 

The group manufactures 
rfnmouic electric and -gas 


les-ri by overseas subsidiaries prior » l jitiuvm*. - dnmestic electric and ^as 

Irfv »--»"*■ s, r ra .! n i r £*“ , * ,,a and iorcun Following lower midway profits oome k ,. chen f urn iture and 


volume. . it ijvi _* , n soutn-easi .vmu. me 

The dividend is stepped up to poration reported a net J®* 5 Quarter has seen >maHcr crops. 

8.8p (8p) net per 25p share with gjs.flm before tax recovery and 0 -,i pr) im and a de ___ w 

a final of 5.87p. . ^ extraordinary items, but it nas k DaJm o5 , |Jrjce fron] lts —■ althouch the sur- 

wuUfSeeroop mwSlMMwiSn KS^nd toreSSt a profitable JJJJJ 'North IN LINE with “ s A t p h r J n i oSt SimmisSedllt Sdridge gjf [™ m f n oOtT^f ?o m^floSSv 

ssss" t s-ssta - “ ~ jbs p^t ? n c \“ e sls 
uafe, 1 ? flu - - ,M g?r re « y o p’rSf s ^ wjtb sis p ’“ l - sr 

SaTM a Jft Sr ;s“",j-as !1 T :sr r5il « Difficult year SSSS! SASEX& 

Leigh interests on target with 
record £ 0 . 86 m— sees more 

OI u.nm ixi.iom.i. jviima itiu. -- r- - . rfitlnns in *-anaaa. uiccuu ..i iu j - 

There was an extraordinary The continuing problems In the a _ ,^ ev ision sales in 31. 10«S,-year. 

debit for the period of £998.000 carpet industry tended to o\er- boom^ ^ 1hrown its joint Turnover expanded from 

(£138.000). which comprised shadow good perfonnances in the ^ s-invo Electric into £i2.89m to £14.3lm. and after th 

£500.000 cost of closure of Strath- group's other activities 'n the LK. ^ Ntceria has been fi rs i three months of the current 

leven plant, in Scotland, and The plastics, textiles, ^onfinnine. ffpctpd rP dueed government year Mrs. Joan Agar, the eh a _ 
£498.000 cost of termination of trading and food businesses all w hile the recovery in man , reports a higher volume of 

Bausch and Lomb agreement produced very satI?rfl%.ory ronults. . p has hPen checked by the activity in all divisions, ^nd says 

W77-78 IWW Sir Eric says. . . coc car net industrv. Thnuch directors look forward to satis- 

“£! J5S He adds that group businesses depr^ea c ^ North l3clory results . 

Sale* — “-fjj related to the earner I Viustry can the & p ‘ 0 «i t ions have shown The record for the year came 

Ouhibalmtc — — —'Si i.. .w, « m.iinr imnnovement American \>> . nM ci doubled to 

Changing structure of the Group 

- In his annual statem’entto shareholders, 

Vi M l Richard Hill, Chairman, says : ' f : \ ; 

mt in Yorkshire mte under way. WI1 [ t ‘ Q £53 ,4m— 84 per cent 

of subscription income, while 

Difficult year gjjjSfSi 

for Advance on' h tiir 5I year y of £5.em against 

LauDdries M S d SS 

IP his annual^ statement Mr. to 

' "Due to the extraordinary items, the 1 QTJ.^L 

y. " - ‘ v . Recounts show another satisfactory sum, "'vf 

" '£506^876 attributable to ordina ry shareholders 

this provides another useful accretion to our ^ 

financial strength. These itemserise from the 

.. disposals of stock, plant, land a nd bu i Idrngs f 
V . . . . the Albion Dockyard in Bristol. In addition thesey v 

. dispositions enabled the'last residue of . 

+<-. Pharlpc: Hill & Sons Ltd- tO 




Prum before tax 

OpTb&bnlc — — 

Caierina ... — 


nm profit 

Minority interest* 

Extract'd, debit* — 


t Adjusted fOr EDlfl. 

9.711 7.783 

530 AIK 
2.491 3.332 

S Sl Headds that group businesses of was increased to 

**» only^how ' ^ major 1 improvement American p^itinn^^e^shown ^The record yearjame W.^ Laundrt ^ £****£ “sT MchaeVSnts out that full 

SS ££U h m% r^mpleTed^^ «nw was 

1979. . . . JS Nicerix have dimmed £0.39m (£0.2Sm) and earnings per for the moriitions are a jl succeeding financial yem^. 

• comment 

7 was reqinreario 

" ; ' i Suririg t^rundb^periddetthe Albion .. :/ 

Dockyard ;-fnost of Vyhat remained after payment 

to the employees of statutory redundancy, J 
. ssveraftcearid exgratia sums, has been j 
.- -v f. reinvested in shiprepairing and transport 
' " /^onmouth, 't ■ . i 

■ -'3^resuIisofthe year wouid haveiieen even 
- - better butforsome unexpected btow^which we 

- hayesuffered.' J 

UKO’s depressing second half 
results— profits almost 40 per cent 

lower-knocked Sp o& 

price, to a year’s low of 150p. on 
top of labour problems and ex- 
change losses on overseas earn- 
fogsT- demand, for spectacle frames 
ond\ ophthalmic lenses, a low 
tn* thp con- 

A1K when the groups renm-v.-sm . ,. : the first pall £227.000 at nail way. -- - although provision nas uccu 

s « pro^amme is completed early in h'ionMnulne clnnm in Net profit of the group was fidence to the futiire anno estimate d payments of benefits for 

B 19 2 North America, activity in g!g» "SS S2? a«m' S. M eToomic — ns - 

““ SSSfWU. ^ ■ " '« ” f S - 8 - °«r? vrmjns Affl S2U« ,h “«-™' 

„ iLSaftp 1 ? &p - ‘ v S 3 SuS W uf wsr- >?« 

£ Cnestenieia rroph. — — ««• RTTPA f inanC es 

On' . rt-d JHffh The capacity benefit achieved |5 Ua/». illldllL. Oie characteristic growl h pati*^ 

ex-- innwaaPAC 4* I /MlTI hy decanting will continue until of the past. This had terminated 

a£5. increases lil ^ c \o^ ot the site in novem- healtny - the negative phase resulting fiwn 

.«». 1UV , ber. when the balance of the . ^„i nne itinn fop the uncerlamues arising from the 

Attributable capital profits of decanting cost of £180.000 will be 
tnv were earned -mvvwl and charged to the 

RECORD pre-tax profit of 

rt BiiM MwAiMflll C I tf 

°S P orl° say P the profit was prifite for 1977 fe» AomMm ^ prves 'J. ere ampie to meet 

iLsaftp? iw ».05sip> s « h v‘Sd m ^Tir w. 

diiure incurred at iLi Mitco .site ne t per lOp share. T had been a steady in- 

on decanting liquid waste into crease in the total number of 

“wripp** b e De a. M BUPA finances 

healthy - g.*Sa& gUL'M^ 

ber. when the balance of the . w «nandal nosition for the uncertainties arising from the 
decanting cost of f 180 -®® 0 n T itis!i\jiiUed ll K^deiit Assoeia- heavy poUticaJ attack o^ mdepen- 

recovered and charged to the British un tea Michael dent medicine. However, this 

profit and loss account on a pro tjon Is r^ort f . - nnar) . s improvement did not offset the 

rata basis. After allowing for tins JJ! 1 /I^St^reompanying ^ thtfl977 loss in membership over the first 
the «ite will continue to return a statemem aecompanyuig year— membership at 

Sfwfaeiorv profit until closure. «nort and account^ na» ^ - 197 - t9talled S18i ooo 

- n ,h vear the 50 per cent Subscription income rose^ oy ute , 824.000 at the 

year, flropping uy profit aavanceu . Kofnr . n r sun faetorv profit umu closure. ‘ — r_--_ roge bv the end of 19 ii totaiiea oie.wo 

Zr.«M evg sSas 

markets. Also, domestiepnees ™ per 25p share second to S-^ — * 

had to be lowered and this re- inte f, m dlv idend in August. If 1 — 

duced margins by A5 points m ^ restrictions continue thev will 1 « m f ■ ■ *_ mm**. ■ ■ 

C npr rent. Margins norenrttaH npf OB _ « n M _ .L IS V a I B wm 

' -in general. 1978 has noftstarterfweli as most 

v • .oftMrf^B^.^ WQr&hard by tfctevery.w^t and 
7 '• ,*-sfOL jf thfi first diiartenThe second 

. co«LWeainerat u . rri 

1 quarter looks like being a good deal better but we- 

’ -have a fot of . running to do if we are to stay in the 

.same place. ; - 

>^j|j^^eethestructure of the Group gradually 
laklng'-on a fimiepshape as we allow the most 

profitablesiubstdiaries to grow and reduce or 

'elHTuqate the laggards. Over the past ten ye^s j 0 
■ u-a nf the mmoanv 

duced margins by A5 P«>lnts to the continue thev will 

just over 8 per cent pav a maximum permitted net 

were also under pressure m uie di ; idend 0 f 25450 at current tax 
Still kitchen equipment division ratps and 2 .27903p if the rate is 
(one quarter of sales) where reduced t o 33 per cent 
profite sh^ed only ^ ar dividends totalling 

MP, ?- «-5kS — 3.621 0625p net were paid. 

Sdy from new products. More- For the year turnover was 
SSFJi • outlook remains bleak. £3.73m (£3.49m) and income from 
UKO has just completed a heavy completed properties and other 
re-equipment programme (£3m activities was JS-jlm ' 
was snent last year, mainly on before interest ahead from £0.i9m 

ZflRSdat 11 ? 

S^S^ e te° P ^Sg 5, | {HToTe^ttoe 1485,000 

around three quarters capacity (£383,000 net> last I 

i..., huilelincr un and 1577 197B 

Furness Withy Group 

: . : i-sharehpioers nayenaa ie<»i.v.Mi«. 

. . - helptbem kegp ^ece with inflation. For plenty 
of reasons wevjouid .like to ;seethr& injustice 
i'- • rectified butit cannot be untU our profits are 
. ’ r ' adequata ahd divkfehd restraint lifted: 

<UUUUU “ ■ % 

but stocks are building up ana 
this 'must be a worrying factor. 

The shares, on a p/e of ii and pn>pen 
yieJding.-9J per cent, have litue wnemi 
speculative appeal oilier 

■» ■ • • Tin iimp 

Sound performance in 
precedented shipping slump 



- 5 .2?,“ Propcrw brscsttnent 

3 litue HnEnM.. gaanmiee fees 

Other activities 



__ Outsoings on aererrea 

PF. Sewtopmem* 

Assoc, oroflis 

wagon b * f0 " “ 

Points from the statement of the FumessWithy Group chairman. 
Sir James Steel. 

3.714 2.B34 

961 794 

129. Cum 

_ A new subsidiary, Wagon “ "-“I'” 

Leasing. - has been formed by uk - 

Wagon Finance Corporation. oreniw . - 

- .'It "has authorised capital of £100 

in. shares of £1 each Two of ffigg * 1 ..r “ 

these have been issued ana are Retained 

x.. 1 1.. a t Losses. * Based on 4p 

— 135 

33 tl72 

1.7BS 1JSO 

923 881 

812 729 

U0 132 

3 9 

880 673 

•VS 316 

295 817 


Pre-tax profit of £20'718m hasbeen achieved in ayear of exceptional 

Many of bur ships are in liner trades and are not so exposed -to 
cut-throat competition 

■ r il_ - ^1. Af i n f nrmP 

■ jraid- 

Lprainm m 

t Losses. • Based on 4p second interim 

Manchester Liners 

cui-u liuoi W 1 ■ . 

Our fleet is designed to cover a broad spread of the market in terms 
of risk and types of marine business 


i ioi\ ai w. ^ ^ 

We are making the best-use of our non-shipping activities 
and assets 

1977 1976 

Prince Line 

of results' for Year Ended 3rd March 1978 


-r c % - ' ; ' ■ 1978 1977 % 

- food’s £000 s Incr« 

29.194 ■ 23,972 +22 


Profil before tax and extraordinary items 
Earnings per £1 ordinary stock 
Dividends per &l ordinary slock 

£184-6m £16S'4m 

£20‘7m £22 - 6m 

46'76p 55 - 67p 

8’171p 7 - 382p 

The annual general meeting will be held on' W^nesd J uly 197 B 
at 12 noon in the Queen s Room at the Baltic Exchange 

: '“-'i- ' ■ 1978 - 1977 % 

7 . : t £00(Fs. /v £000 s Increase 

? V ; :v. 4 .- ' • 29194 - 23,972 +22 

1814 +27 

* jiaiojngs per ^)3fe... 7^-0? 


v>i' .; . n/L •• 6.1 +21 


4 " . troHitional business with menswear multiple 

tbtA . 

. an3 expected to continue at about thi 





\.i Shew Savill Line 

■ - 

© Furness Withy Group 

One of the big names in British Shipping 

Pacific Line 

about that 

FumsssWilhy&Co. Ud.105 Fenchurch Street, London 1 

If you would like to receive a copy of the 1 977 Report and Acc 
please filt in and post the coupon below. 

IFto; The Company Secretary, Furness Withy Group, ^ 

| 105 Fenchurch Street, London EC3M 5HH. ■ 

I Please, send me a copy of the 1977 Report and Accounts. I 

:• : .t . wobfcifextileB and plans to remain so in spite 
: ^ dWd and ^ te 

.Royal Mail Lines 



■??. ■ .* T y- 



freight forwarding 

for a British group having successfully expanded its interests 
throughout the UK in the international movement of freight. 

* RESPONSIBILITY ’will he for the direction irom London of all 
UK subsidiary companies concerned "with the forwarding of 
large volumes of international freight. Emphasis will be upon 
increasing profitability and organising to meet future growth and 

• success in the general management of international freight 
operations by road, rail, sea and air Is the prune requirement. 

• salary is negotiable, around -£ 15,000 plus profit participation 
and car. Preferred age under 50 . 

Write in complete confidence 
to J. B. Tonkinson as adviser to rhe company. 





Managing Director 


for the transport division of a vigorous tjk group with diverse 
international trading interest. The division is small but resources are 
available to support substantial growth. 

• the task is to develop and implement a programme of business 
development. Emphasis is on identifying and initiating action to 
expand and diversify the business by internal growth or acquisition. 

• the requirement is for a record of achievement in a similar role, 
ideally associated with road transportation. Success will have 
stemmed from a good business or academic qualification, backed by 
top-flight general management or marketing experience in a 
demanding commercial environment. 

• remuneration: -£ 15,000 plus. Age: circa 35 . Location is 

Write in complete confidence 
to P. Craigie as adviser to the company. 




Company Secretary 

for a successful tjk group of public companies ■with a turnover 
in excess of £]iooni producing and marketing a well known 
range of consumer products. 

• THE appointment is based at the head office in ‘Scotland. 
Responsibility encompasses all legal and. secretarial matters 
at group and subsidiary leveL In addition there is a broad 
business involvement and some international exposure. 

• achievement in a similar role is the prime requirement 
Success is likely to stem from a legal qualification backed by 
shrewd commercial insight and sound experience of company 
law and secretarial practice. 

remuneration: beyond ;£ 15 , 000 . Age: 35-45. 

Write in complete confidence 
to P. Craigie as adviser to the group. 




A leading French Shipping company with extensive interest 
in West Africa requires a 

Chief Accountant 
in Nigeria 

Ttii* is an unusual career opportunity for an ambitious top flight accountant. 
French though advantageous is not essential. 

A financial qualification is required since be will have full responsibility for 
a substantial staff and for the financial management iu this widely spread 
division covering all ports in West Africa. Some experience :n a Shipping, 
Forwarding and Sea and Road Transport environment is preferred. 

The remuneration package is generous not less than £20,000 after tax. This 
includes free married accommodation, medical, pension and insurance 
schemes, with 2 months leave every 10 months. 

Lagos Age 35 - 45 Salary £20,000 + 

Out clients wish to make an eariji appointment. Applicants contact me as soon 
as possible with a view to attending final interviews in London by 16th June. 

| X | Martin C Gwinner 


r-p-i f EiCruth'e Rn-nuiiuent Ciiisullniih-i j Trfcphw: 01-6296867.8 

|L*| Ciilih T 1 . Jint'-r Strvft, Lo'iJ’tn W l\ 3P-J. I GiWr: lutrnippl. Luntlon It'J. 

Licensed in the United Kingdom tn accordance with the Employment 
Agencies Act 1973 No. SF.(A i 1416 

legal notices 

, Xo. 001 TOO 5«I* _ _ 

In i ho NIGH Cui RT "r -IOSTI'-l. 
.na perry 01 vision Coma-jin'S ‘ Jf 
Ihr Manor of DX.'.NV iJGASTEL 
»«'?* The Compaiu. .• ,\.i iWe 
\OTlCE is HEREBY i::«EV that a 
fViP'un for the win-Wi- ar '■< 
nani'Mi Company by vr t . liuh Court of 
Juiiiw was on Lh- iVn il.i« of 
I97\ prirsi'nitd ,1.,. .,,;u i.imri Oi »he 
I. Sourhampion Ron- Lor..!»l. W.C.I.. and 
inai ill..- s.iid p,- unnn rti.-.'tiod 10 
o-ard befyrv ihc Co nr: -■•Inti a' »l« 
RojjI Coons of Ju,nu. vr-md. London. 
1 Vc;a JLL on rhe -‘fiih da: - o< June I9*S. 
aivi any credPor ar . i.n r - wnorf of tlw 
I «id Company dvsirnu-. jupporf or 
oppose ih.* m ah i nil t-i a" '-Tder wi lh>. 
«ld Pelulon mav „pp. jr .«■ ihu linn? oi 
hi-anns. in p, rson or fa? n.e counsel. 
f'*r (hat poruoso: and J >.'OR v of tile 
Petition wlu be furmsh.-l b.- ilw under- 
sitned [a any creditor or contnhutory of 
ihc said Company r-*0U.rin- juvh copy 
on payment of the rvsuuicd chaise for 
the same. 


Royi^ Bouse. 

Aldermanburi' Square. 

L°ndon. ECJV 7LP 

Solicitors for tb-. peritioni-r. 
NOTE.— Any person who mends 10 
appear on the beanos of me «Jid Fetilion 
must serve on. or send b, p»iS! to. ttto 
above-named notice in urtiinp or bis 
mienflon so to do. m- no: ■«.'•: must state 
liie name and address of ih-.- person, or. 
iT a firm, cbe name and jddress of the 
firm, and must be siun* <1 by 'he person 
or firm, or his or their ?nin.i:nr nf any 
and musi be served or. if posied. musi 
be smi by posi ) n sufliiieni :iaw 10 
reach the above-named n«n laler than 
four o'clock In ihe afier.wan ol the 
-3rd day of June istx. 

, NO. 091.29 Of IKS 

I Chancery Division Companies Court. !a 
I COMPANY LIMITED and in the UlCcr 
I of The Companies Art. iSte- 
Petition for ;hc Windinc up of the above- 
named Company by the Uish Court of 
Justice tea? on ih- S9th day of May 1015. 
presented ro Ih*' said Coun trj" BROOK 
LIMITED wt.os-.- rcaisicrcd office u 
situate at 47 Danes Sir. ei. London. If. I.. 
and that the siud Petition is directed lo 
be heard before the Court sntisi at the 
1 Royal Courts of Justice. Strand. London. 
UC,t 2LL on ihe nrH day of July !97S. 
and anr ert-dnor or eomnbuiory of Us? 
said Company desirous to support or 
"PPOsc 'he mafciiw of an Order on the 
said P.-i i ilon may appear a! ihe lime of 
hi-annc m person or by his oounseJ. for 
U«ai purr-i*' : and a copy of the Petirjoo 
will be furnished by iho undersigned ;o 
any creditor or coninhuiory of too said 
Company reqninnp such copy oo payment 
of the regulated ebarse For ibe same. 




OFFERING A significant boost *o A group of 

the mining industry, the Austra- companies objected to - The prp-73; agma Xeeqta 


3. Verulam Buddinss. 

Gray's Inn. London, WC1R 5LP. 
Rc-f: AM JACD '\T>. 

Tel: PIJ42 78S3. 

Agents for: 

21 Hampshire Terrace. 

Solicitors for the Peutioncr. 

i Vo. 65TK99 or If. ■ 

CJianivry Division Compan- -s Coun In 
i'bw .Manor or BF.TARF.T i.lMiTED and 
in ih-- Matter of The Cornu"" 4 Act. 1M>- 
Pontion Tor ihe Winding up of in abot.-- 
n timed Company by ihe I'-.h Court of 
j. lustin' was on ihc C.i:b djy ■>! May IPT5. 
msonW to the u-d c>.«n by me 
17 Siiiithampion Roe.- L"v!mi. '.v'.C.I . 
jnd that the said IV; ■ non • >!ir>-ci<-d <o 
i be heard before the Cour' -it the 

j Royal Cmsris of Jnstiw. Si*..nJ. London. 
WC2A -LL on the 2fiJi day "f Jan - IVT 1 . 
and any creditor or u-ontr-butorv of ihv 
said Company dislrnus to ynppnrt or 
oppose ihe makitm of an i'nLr un the 
said Petition may appear it IS-' time of 
hc-arinu. in person or by his counsel, for 
lhai purpose: aud a >-opy oi iIn- P-riilon 
will be furnished by ihe undersitm-d m 
any crvdlior or contributory of the said 
Company requiring such copy on payment 
of the regulated charge for the same. 

Reyes House. 

.Mdermanbnry Sonar.-. 

London. EC2V 7LD 
Sollrtiors for the peirtfoncr. 

NOTE. — Any person who miciirts to 
app>?ar nn the heanne or the said Pcuiion 
musi serve on. or send by poit :■■. ihe 
above-named notice in 'inline ul his 
intention so to do. The none-' musi style 
rhe name and address of ih-- person, or. 
if a firm, the name and addr->s of thi 
firm, and must he signed hy ;h- person 
or firm, or his or ibeir solicitor uf an?i 
and musi he served or. if ported idum 
be sept by post in surtic;- n: nmo to 
reach the above-named no' laur than 
four o'clock la the af'cmuon of the 
23rd day Of June 1979. 

XOTEj — A ny person who 1 mends to 
appear on ibe bearing or the said Petition 
must serve on. or send by post to. ibe 
above-named noilce in wnting of bis 
■mention so to do. The notice most sum 
ihe name and address of Ibe person, or. 
ir a firm, ihc name and address ol the 
firm, and must be si a nod by the person 
or hrm. or his or their solicitor »if any» 
and must be served or. if posted, must 
be seni by post la snffieieot lime to 
reach the above-named not later than 
four o'clock in tbt afternoon of the 
tuth day of June 1973. 




Loan USS25, 000^)00 1977/82 
Payable on che 7th June and 
7th December of each year 

freed foreign exchange controls 
which inhibit capital ittfloufs. 

The major change is that' com- 
panies which have an Australian 
equity of at least 51 .per jeent, or 
a public commitment to achieve 
that percentage, will be classed as 

Under the present ruies.'H com- 
pany is classified as foreign if aa 
individual overseas, shareholder 
holds 15 per cent or more of 'the 
capital or if the aggregate" over- 
seas shareholding is 40 per cent 
or more. 

There will, however; be - no 
relaxation of the existing- rules 
governing . company .- takeovers. 
Companies which already -have a 
local equity of at least -51 per 
cent, but would at . present he 
classed as foreign, and companies 
which commit themselves io 'thts 
target, will still have-.’ to- seek 
approval of the Foreign ' Invest- 
ment Review Board of any take- 
over proposals. 

There will be no < the 
existing requirement th at any 
uranium developments must have 
at least a a per cent Australian 

Companies which agree to 
“ Austraiianise ” must- Starve at 
least 25 per cent local equity and 
ensure that the majority of Board 

have been granted an important 

concession. Compares 
Australian status wl be pre- 
cluded from undertaking a projej* 
as a joint venture with a wholly 
overseas owned company; * 

They wiH be able to proceed 
with new projects in their own 
right, and to join in partnership 
with an Australian company, with 
the local concern holdings well 
below 50 per cent of the equity. 

The foreign investment changes 
will benefit groups such at Consdoe 
Rio tin to of Australia — the local 
offshoot of Rio Ttato-Zipc and 
Consolidated Gold Fields Austra- 
lia-— the offshoot of Consolidated 
Gold Fields of London -Both have 
sizeable Australian public Share- 
holdings. '■ 

Mr. John Howard, -the Treasurer^ 
said the Government remain ed -of 
the View that the objective' of 50: 
per cent Australian equity in new 
mineral projects was. reasonable,, 
but would administer .its policy 
flexibly to ensure that new Invest- 
ment was not prevented- where 
Australian equity- was -not avail- 
able. - • i 

Companies committed to Austra- 
lianisation would be expected to - 
achieve it primarily by way of new 
share issues to Australians ‘to 
fund new projects and expansion. 

Proposals for foreign investment 

bad buffered not ofiy 
depressed . state^oC ifee- 
marked bat also' from the 
Ocbtion ^ of ; aanctioiQ 
Rhodesia and . '-the 
rntnatiomr ‘ - — 


pays more 

of increased - gold dfridends 
latest - batch, i itbose \a£; 
Johannesburg. Consolidated 
vestment : group, ail 
increase, oyer.'' Urn; 
payments JsBt June. 

However, the' det 

Jovver-_ tfia n market; - * 
Randfohteln azihcnihced-y 
an. interim of . 20Q i J ;cenXs ? 
compared . with-.I5ff. JdsLj 
against forecasts oC.'heti 
and 300 cents^; while' - . 
Western Areas is S .cents- 
against 6 Cents last "7un*3 
casts of around 5 cents.' 

-Elstrnrg-is tie daring -an 
of-5J2 cents (3^p) ^compared 
3.9 cenis. last June and /weft 
market, forecasts 


Consolidated has 

Bondholder! of above loan arc hereby 
informed that rhe rare of interest 
applicable for the six month period 
ending 6th December. 1978 ha been 
filed at 

Coupon No. 2 will be payable as 
from 7th December. 1978 at the rare 
af U.S, 544.797 equivalent to a 
B''i»*a interest worked out on a 
basis of 183/360ths covennz the 
period stirtin; June 7th, 1978 to 
December 6th, 1978 inclusive. 

The Fiscal Agent 

understandings are not adhered 
to the honorary status would be 
withdrawn. y 

The fact that the Goverotneni 
was considering changes 7 to its 
foreign investment policy had 
been widely reported over the 
past fortnight 


Rhodesian Nickel Corporation, 
the Anglo American - producer, 
suffered a 37 per cent decline in 
net profits during the year to 
March, writes Tony Hawkins- from 

is mafemg a &ia|:0Y 

cents (Mp), bringing , the y« 
total' to; 23 - cent* sgafiefcia 
cents the previou? -year.^RirTi 
- 12. months to June estimates 5 
profits are R36na (J£2L3ntY agai 
.an actual R2.0m in the preedd 

lip i*- 1 


\ unat 


Dartmouth expands to £0.5m 

■. y.-u$r:. 

8% 1973/1988 FF 100,000,000 

Notice is hereby given to bondholders of che above loan that 
the amount redeemable on July 16. 1978, i.e. FF 2,000,000 was 
bought in the market 

Amount outstanding: FF 90,000,000. 

Luxembourg, June 9, 1978. 

S. A. Luxembourgeoise 

DESPITE THE confused and ED19. This change has been Mr. Richard Hill, the rchairmaiv^;' . 
depressed nature of its motor dealt with as a prior year adjust- his annual statement . 
industry activities, Dartmontb merit to reserves and a re-state- The second quarter, idofo’-ufe^'- . . 
Investments expanded pre-tax raent of 1976-77 comparative be4ng a good deal better, but -h&': 
profit from £255,643 to a record figures says, “we have a lot 

£505,318 for the year to March 31, A change of accounting policy to do if we Are - to stay to" " . 
197S. on sales up by 86 per cent has been made relating to good- nanw place." - - ." r •y.'t'-r ■ 

to £S.18m. will arising upon consolidation. . . , : 

Mr. D. C. Hathaway, tiie chair- While no diminution of value has "* 'SSS'’ 
man, believes that the outlook for occurred, it is felt that this should j£ e s I oa ^. 
this small but expanding -com- be set against reserves so that no secand . 

pany is favourable. The directors intangible asset is now shown on ^ la “ ce „ 01 •r* 0 , ** B * ' 

hare budgeted for sales of around the consolidated balance-sheet • sporr or ez^jeciatioiB, , aua^ro. • 
£10m in the current year and are In accordance with SSAP.12, figures for the . axil. x97 7^ wgw> r 
concentrating on a consolidation provision has been made this year down from £170,169 to £E7,5S^. j 

concentrating on a consolidation provision nas oeen made uus year wwi irwu w 

of the company’s finanep-s and an for depreciation on' freehold The dividend Is stepped up frotn, - 

• x zm .a : _ « f ■ f f*n den O Cn # n «i mni*(i*u«fii 7 Ofln. tuif 

buildings amounting to £9,260. 

Chas. Hill 


increase in its net income. - buildings amounting to £9,260. C-5p. to a maximum 7^6j^net par--. 

In February. 1977. budgets jvmt ■ • ■ -shjire-,- - V 7 iv . 

prepared for 1977-78 on the basis pLq e TJ|H Asr-aX April 30. 1978 Manchester 

of anticipated sales of £7^m witii 11111 Liners held 125 per cent of tow’; 

a net income of some £0-5 m. This general, 1978 has not started equity. Lloyd’s Register of Ship--, 
goal was achieved but not by the weU fn ; r Charles Hill of Bristol, ping Superannuation Fund Asso-: ' 
route which had been planned, tne ^ moel Q f ^ activities were hard ciation 7.1 per cent and Cabot 
chairman points out. hit by the very wet and cokf Extra Income Unit Trust 5.1 per 

Combat gSlnSSTW Dart' vreaU,er *“ “ w ws “ aL , 

Following the DIVIDEND DECLARATION by the Company 
on 13 April 197S NOTICE is now given that the following 
DISTRIBUTION will become payable to Authorised Deposit- 
aries on or after 12 June 197S against presentation to the 
Depositary (us below) of Claim Forms 1 obtainable from the 
Depositary) listing Bearer Depositary’ Receipts. 

mouth Manufacturing companies 
were ahead of last year’s per- 
formance. but the pressings divi- 
sion was very disappointing. 

principally due to well-publicised 

lengthy industrial disputes at The outlook for 1978-79 is "very begua well with sales ; both in the 
client companies, resulting in a promising" with order intake up. UK and abroad ahead iof the .same • 
shortfall on budgeted sales of Mr. P. M. Tapscott. the chairman period in 1977. .And. Mr. ,C. P.. i_, 
some £0.4m. of Lesney Products and Co. says Andrews, the chairman, says 

The effort which had gone into in tos annual statement directors are confident of a con- - 

the revival of the former MiHer Production will have to be tinuing Improvement' in -profit r. • 

subsidiaries produced a healthy accelerated to meet the level o£ He says the company's policy of - 
profit contribution, Mr. Hathaway demand. Steps are well in hand further diversification has ted -to ■ 

adds. The skateboard phenomenon to resolve this shortfall. the introduction' of a disposable 

generated unbudgeted sales He says directors were encour- lighter, where sales are ahead of 
income on the Miller side of about aged by the reception given to its target in tiie first month of 'its: 
10-am. . products at the various interna- introduction. 

However, low margins, high tional toy fairs, and “delighted” This year the company intends. 
outside sales commissions and by the response to its new slot- introducing more new product 
distribution costs meant tiiat in car racing track. This product lines, and packaging and point Of-- : 
group terms the net profit input will be launched in Europe and sale material for its traditional? - 
was no sufficient to offset the other markets outside the US. in writing instruments have beeffV. 
pressings sbortfalL !979. totally revised. A 

refS n fton a to a 4 88? J^share* ? **** J “ uary “ 9 - j 9 , 78 year r ^P ort sales are running ahead--: 

< i^St ^etaniuj wherr pre-tax profit fell from of last year, and indications ara'v^ - 

SJ to th tot maS?mum permitted a 52iP t0 f802m ' • n * w that there will be a return to the-.' .' 

SSoTMn (O-raST^Set ™tlV a su ^ ary wa - s ,n J apa". PaWern of growth of previous'-;. 

fi^infoinwMn 3 ^ ' and its progress has been encour- years. 

final of 0.40709P. ^ aging. Plastics - division sales an^f 

t j bumiar sales subsidiaries have growing and this area is expected 

Tunwrcr ».i79 s«i 4-N4 7its recently been opened in Norway, to be an important contributor to 

TradinK proBi Ila,y and Singapore. Mr. Tap- group earnings. • ; 

MfcMrira tw';;:;:;: W8 5*»tt P° int | out that the estab- The group is particularly well- - ; 

Taxation n.soii «.tw llsnownt of new oulets initially placed to take advantage of aof - 

nci profit 47.1.962 212A4S increases investment in stock and increases in consumer spending nr- ' 

JJS! “'2" and this is evident in the Ibe latter half of the current, Mr. - r 

tkiii'wd 1-w - 459 S.'hn decrease in group liquidity Andrews says. .... - 

■ The company has changed its ,n the year. Previously there was L A current costs statement shows ; ... . 
accounting policy relating to a uioreare. % 31, 1978 yeaFs 

deferred tax, in accordance with At fixed assets pre-tax profit : 

were £I5B9m (£13.43m) and net to £028ra f£0J22m loss).,;-- 

current assets £23.2m (£22.97m) by additional depreciation of 
’■ £0.3 7m f£0.l3m) and a cost -of : . • 

company Mentmore 55g s >T q SSr t »,.* f , 


Lesney prospects good 

Gross Distribution per Unit 
Less 15% US Withholding Tax 

4.500 cents 
0.675 cents 

Converted at S1.S4 

3.825 cents per Unit 
= £0.020788 


National Westminster Bank Limited 
Stock Office Services 
5th Floor 
PO Box 297 
Drapers Gardens 
12 Throgmorton Avenue 
London EC2P 2ES 
6 June 1978 

(incorporated in the RcpuOIK ol Soatti Africa) 


The lolfowlng dividends have been declared payable >n the currency of 
the Rcpuollc ol South Africa, to members registered in the books of Utc 
companies concerned at the Close of business on Friday, 23rd June. 1978. and. 
where applicable in the case ol The Randlonteln Estates Gold Mining Company. 
WitwatersraiJd Limned to persons Bresenttng to the London Bearer RecepUon 
Office Coupon No. 85 detached from share warrants to dearer in terms of a 
notice to be issued or the London Secretaries and published fn July. I97B. 

Name of Company 



Per share-unit 
ol stock 

(each of which is Incorporated 

In the Republic ol South Africa) 

EIMsutb Gold Mining Company Ud 



The Randlonteln Estates Gold Mining 
company. Wltwatersrand Ltd. 



Was tarn Areas Gold Mining Company Ltd. 


Ini treat . . . . 

Profit before tax 

deferred tax, in accordance with 



Manufacturing Company 

The dividends are declared subject to conditions which can be inspected 
at or obtained tram ihe companies' Johannesburg office or from the office 
Of the London Secretaries (Sarnato Brothers Limited Of 99, Blshopsoate, 
London EC2M 3XEL 

Subject to Ihe said conditions, payment by the London Secretaries and 
the London Bearer Reception Office will be made In United Kingdom currency 
at the rate of exchannc Quoted try the company's bankers on 24 tn July. 1978. 
provided that In the event of the company's bankers being unable lo Quote 
such a rate of exchange on that day. then the currency of the Republic shall 
he converted at the rate of exchange quoted by the company's bankers on 
the next succeeding day on which such a rate Is quoted: 

Dividend warrants will be posted from either the Johannesburg office or 
the office of the London Secretaries, as appropriate, on 3rd August, 1978. 

South Alrlcan Non- Rest tent Shareholders' Tax at the rare of IS?, and 
United Kingdom Income Tax will he deducted from the dividends where 

The Share Transfer Books and Registers ol Members will be dosed from 
24th to 30th June. 1978. both days Inclusive. 

By Order of the Boards. 



.. - «... _ _ Per; R. B. APPLETON. 

Head Offices and Registered OttKes: 

Consolidated Building. 

Ol Fox ,nd Harrison Streets, 

P.O. Sox sso. 


8th June. T978. 


Commercial and Industrial Property 
Residential Property- 

Business & Investment Opportunities, 
Corporation Loans, production Capacity, 
Businesses for Sale/Wanted 
Education. Motors. Contracts & Tenders, 
Personal. Gardening 
Hotels and Travel 

Book Publishers 






















Premium positions available 

(Minunum size 40 column cms.) 

£1.50 per single column cm. extra 
For further details write to: 

Classified Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


f Incorporated In the Republic of 
South Africa ) 


final dividend No. 24 of 18 cents 
per share has been declared payable 
to ordinary shareholder* registered in 
the boohs of the company at the 
close of business an 23rd June. (978. 

No instructions involving a change 
of the office of payment wifi fa- 
accepted after 23rd June. I97B. 

The register of members of the 
company will be closed from 24rh 
June to 7 eh July. 1978 both days 

The dividend is declared in the 
currency of the Republic oi South 
Africa. Payments from the United 
Kingdom office will be made in 
United Kingdom currency at the rate 

of exchange ruling on l£rli Augur i. 
1978 or on the first day thereafter 
on which a rate of exchange is 

Non-resident shareholders' tax of 
tS% will be deducted from dividends 
payable to shareholders whoso regis- 
tered ' addresses ere oucsldc the 
Republic of South Africa. 

transfer secretaries mentioned 
on or about 25 ch August. 1978. 

The full conditions of payment may 
be Inspected at or obtained from the 
head office or the offices of the 
transfe- secretaries of the company. 
By Order of the Board, 
London Secretaries 
Par: L. VV. Humphries 

London Office i 
Princes House, 

95, Gresham Street. 

London. EC2V 7EN. 

Transfer Secretaries: 

Charter Consolidated Limited. 

P.O. Box 102. 

Charter House. 

Park Street. 

_ . . . Aihlord, Kent TN24 8EQ 

Bth June. 1978. 



Following the recent press comment 
about the treatment of the House of 
Fraser as an associate in Lonrho’s half 
year resuits, the company’s joint audi- 
tors Messrs Peat Marwick Mitchell & 
Co. and Messrs Mann Judd have 
confirmed that, in their opinion, the 
treatment by Lonrho Is irr accordance 
with established accounting practice. 

Lonrho Limited, 138 Cheapside, London EC2V 6BL 



An interim dividend for tile year to 30tfc November 
1978, of 5p per share has been declared. Payment 
will be made on 25th July, 1978, to shareholders 
registered on 6 th June. 


iJiPjJl UP * :jj 




9^ Times Friday June 9 1878 

up now comini 
through at Smurfit 


Furnas stronger than most 

Dundonian upsurge 

. , *T*h» two OU 1 C 1 J 11 UUU 11 I > I 1 CU 3 IU j. uiv — 

ONLY A dramatic revival of world Tne rwo - n ]974 arKj W(;ro , 0 ^Id , he ACM ; 
trade will qaiekly end the deprcs- mc into .service *hen instead of July 14 

Sinn in shipping or a sensible * expected the industry to announced. That np 

The two Other product jankers Treasury. the board, has deddi ed L from ln view * be 10 and 

nniukmian slen mining area. 

nmAoa 10 In view at tne long Ter “; 

contribution to the UK economy 

TTffi^GOtatENT 'year-. started., are difficult to read,. they say. A deGned as Class 1 
quietly’ '-..for Jefferson Smurfit flerible packaging- company vFlucn transactions under 
Gr«iui>;5ij<t directors are-now see- tasl year made -a significant loss chance rules. A 

* • - . ' m. U AA —1.1 ra .-«Ara^ to nrAflVr- chorr.hnUofj n-ic 

and Hass 4 w* in n,i> are not crude oil 

Stock Ex- He says that many shipowner tankers hut carriers of refined 
circular to arc suffering more seriously than duCts , and .are ‘in a less exposed 

‘ Wiihv. and many more Jr ■ Directors see employ- 

Group, hut directors are-now. see- last year made a siCTffieant loss cnancc rules. A circular to ^ rn s B 7^ b 7‘ a „r ma ny more P™}™* Erectors see employ- 
ing-vfiMoe Stronger trends, Mr. has now been restored to break- shareholders was therefore re- repeal the ’dfro or Tlic ^V from the outset Tor them. 

Midjaed Smurfit. the chairman, even. . _ . ‘Uiired. 1 his circular has also not will rfiicai tne u months as P ®" 1 

says in iiis ajkmal statement. .hi Nigeria business ' e \ hecn published. - Charter*: fixed in the favourable he n !f 15 per cent share of 

jiis&ssj&srj s: ^ sr* #[ 1973 ™ l 18,4 t *° “ sxss »«s 

baa year ^“““ewnerTpthV to 40 sa |' d gtESKtoOW . tartTS »«* ■* 18,4 * *° “ Oversea Ooo.^ he w^ha. 

at tafter. cmsolMon of base per only loo keen to publish the 1977 end. witi L. able ^“^wtion from i£ ™or 

busiD&ses. Mki, directors look ^ Australia. where SmarSt acroums as well as ihc 1976 ™ (JSf,. J“m r «han *' “fi? „ inereiSl contribu- 

ter SOM elecaomBS and wne oede rts initial invertment last accounts and the circular. The “ '’o '^tuo'ovmera for three ?° n T Pa a%>n:w‘i'trii fra|11 Q CI 

VrvmrftL. IwUc^on^arethatAe yMr tj, ere are plans to spend problem was that the auditors had ns TbSeaS: aHhonrti SSwUl not come in 

.major. « onpmms One bash based am in ^, e next few years. „ not yet decided how to treat cer- rt?3SOns - inese ‘ . J™** 11 

T»«taaMf-.Rism annalffi m wdl *« aront <->in u. .eU *hot amnmHA m it-s involvement m uie uner lbf o. ... 



at £0.84m 

! U- • uie Ttbuutip, - j. wc-ll tMiuxM anvanceu uvm uju ukuiv-i so umi uk noi>u„ n flm down at a 

£' ' fiaamaid9y: ta'.mdwe. forward and £l558m baTore' tsx. A current could he restored. , “f®, -'V * “?_• HTrpa dv etoeriencinR Xt balance c 

^ oapkal -“apiidtog of £10m. as cost statement dfcows- . ■ *« He could not forecast when the • fhat It Is alre y ^en ^ WC re £155«3D“ V 

^ jSsmOS^T • reduced to £13.3m aftsr additional audited figures might be forth- the worst of the market wixn its 

'•g .-. B g aifeairt torpround is depreciastion of £3.7nn and a a im coming, it could bo a maltor of NJJW ^Jrthe^ fall in revenue at as.SSm to £15. 

eaqpented Jn the UJ5. where last cost o£ sales adjostmenc, offset by several months or more, possibly law 1 - , ‘ minati0II Q f charters as year there was 

» year profits dared from £L7m to a £L3m gearing adjustmmt so late that the preliminary re- jne ‘ were noI generally in net Cttuld 

* fD^to. - a&.^-iwo, ijoa-packaglng- At balance date, Bxed assets suits for 19TS might also be ready ” *J” W charters; I2.62m increase, 

allegations. • particular were £37.02m (£84.6Bm) ; and net by then. The spokesman said °'Reet is designed to ' 

OlCdonor Dlt«--fl«n.nHo losses, current assets £29.5«w (SldWin). that the Board still had no idea JJ broad spread of the fiFORGE 

, OX>^r?« difficulties' stemmed inciudms £17J&4m due frgn ■ its why GH-ate is bemg investigated ^ a r ket . , -Tll Jirtf 

01 1 feom Sie use of liquid protein in arrangemente with th c DoT. The group has also made use of The ^« rd M ' >f i , 

a taandw' of -tts major products; CeEulosa. This amount has »nce iu non-shippInK activities and S£ n , nf jts inl 

of ' Tie use <rf liquid protein became paid. _ . QpnBicli A- assets in the shipping 5, “™P- . . Hidden 

a jN i sMpect'-tertng the year, with the Utrfer obe SCA arrangements oCOlIISIl OC In the coming 12 months the mend ■ 

sho»' rSultlbatr te ^.iiwentories became Smurfit will receive a £100,000 _ _ group will take d *|. ,v ? r ? ' °£j£ t i Present V* 

'ittpfc effectffrely irort3«c»r and accounts mamgemeat fee for nuBUpethe CjOlltlllGIltBl ships. Four are ne ® d ®i. fo I_ e ?i?' « a tutory restra 

^ IS nncXS^-fhc^ iodnUy owned Mjrnsalcd P>^; V-OUUUCUUU . ng trade, and will m rota “•fj^^'ala 

p arry -was disposed of « March mg interests, althoo&b * Pf° ni A date. August S. has now been service lmmeaiaiei y . 
f Wfc l 'w^ vear. incemave plan could jawd a nur on the extraordinary meeting i — 

tors reported an advance Net profit emerged as £170.116 

£38335 to £60,542 and said that (£68.735) after tax £25.370 

they anticipated a substantial (£ 33474 ). 
increase for the full year. Apart from its mining interests. 

The current year has started ttie group's activities include 
satisfactorily, they now say, and a public services and energy 

farther advance in trading P® - conservation, 
formance is expected, while the 
company continues to mirsue an 
active programme of capital ||!AAf|»n 
investment for future long term JLlCkll 4X 

^‘‘-capital Increased from j 

■ ’ .V, ***** Initial mvestmeoi acco unis and the circular. The £ 1 shinow mere for three ,“‘7 ^ 'espected from OCL. . Ro , k u-v growth, 

ywwfe, IndAertgons m that the y ^ ar , there are 7 *tens to spend problem was that the auditors had ns TheseaS: aHhonrti tiUS will not come in THE DIRE 9J : ° 1 ^ rZLrS ^Sle ^On capital Increased from 

; major. ««mpm»s the bash; baaed £Hn . te ate next few years. not yet decided how to treat cer- n?3SOns -. , * Jn th(> Uner Brewery report i a : recordt^abie ^ & e rignta issue 

packaeag ^msp operates m w* reported previously, profit tain items. Ho said that everyone • its involvement in the uner 19,8 ^ reported pre-tax profit of earnings per 20p share are *oy? 

. for the JamiaS. ». VM year concerned should hurry to bring trades where 1 « As Prert^J h J 1977 » Apnl i. co fi ‘S^5 ^rise SsSlP (SSiP) »"<* the final dm- 

Tfie-; «***&. * wea placed advanced from 0058m to out the figures so that the listing subjec t© the same cutthroat profit f^'^S to JSls TS dend is l.l2S6p lifting the total to 

ftnamawBy: to-', move, forward and fl358m baTore- tax. A. current could he restored. “P; aI readv etneriencinR Xt balance date fixed assets SarwS ateswl at 2 ^ 296 p (L 936 p). absorbing ia^toa 

. capital -Tspaxttocf of £10m. is cow saaiement dMWs.-* 1 * He could not forecast when the • th J ** jj a ,il with its were £!55JB3m (£132.fl3mJ and net W« Jf® m Ssttime. (£28,674), which hasTreasury 

. reduced to £ 135 m after additional aud i red figures might be forth- ‘ hc worst of the market w.m , w«eKaj« B were down f ombi lagamrt , £6Jm »«■ nme. ^ ^ proposed is a one-for- 

mmsm ^ 

ssss 2K. - mm 

earns and 

pays more 


xiany was mspoaea 01 to aiaron oair, nugusi nja ■ 

*as year. . incemave plan could 33«« a pur on the extraordinary meeting r 

AnoOter. ' contract rpackagrog further £2.5m Tin the first tour -wliich the directors or Scottish 

«b^dSaty. made losses but this years of the agreement. . and Continental Investment p>m- 

oOWtancy is beSievBd to be viable, -- - pany are to ask their sharc- 

axjd^dkv&tDrs say tide initial r'Hrrn+ct oC W holders to agree propo^Ja for 

Inwsamw* made in the U^. is txUgat6 BSKS unitisat.on of the ™ m pany. 

L*jO w nn,.njl rung TVm TT C- Ann ° ' The lHOVe, WhtCll W 8 R IiTSl 

f or suspension 

fS ro P blS S Shares of Gilgate Holdings, the shares ^r^heTompany 

properly company,, were sus- bave lra dcd. relative to their 

pi? pended at 7p yesterday at the underlying net asset value. 

company's request' because ■ the warrant holders in the com- 

wS 5 ?fo?its Moer^i^ to sic- audited informatioii available to paT1 y arc to be asked, at a 

lnS™^raScitv S5 shareholders has become so out separate meeting on the some 

xdfi$antly . increase capacity, ana of da tfi. The company is currently day, to agree to cancellation of 

has. dissolved and trends for 1978 many deals some of which were per snare. , 

ibis year. ' incentive plan count 

AortW ‘ contract rpackagrog further £2.5m >in the 
ixuute losses- but this of che agrwffl^t 

ttfpKxan? is beSievBd to be viable, 

and .directors say tiia initial p ilnnfo ncl 
inv«sixneof made in the . UA is \jUgalc 
stiH a' sound one. Tbe US con- 

^r1a^Sf to,e ^ est ^ forsuspens 

year .now the improving trend In 7 i, v«*?iXrd: 

.currency relationships has sided. " ‘ p ol ? P trS 

.■ "Substantial - investment is 

Qr»nff5cll Sr assets in the shipping th ° dividend For the year to bank £100.657 

Scottish & FliaTOi W X 

Continental Sg& &SSi£!?«* a gg! 

A date. August S. has now been sen'ice immediately. ’ 

of an. important new tin and tung- group. 

The Guthrie Corporation Q 

Sir Eric Grifflth-Jones, kbe cmg, reports “A Record Year ” 

KCA unable to assess approach 

Newman ofief 

Wood & Sons 

jaer oft Aigteri 1 

1 ; approach, that it ® Part P °ttangc ’ Tam^R. Crane. 

. wisa-estt*""* - ®5*SSs«w 


: SHSjwS Wood & Sons : **£} iSjsS 

£F£T^ Sms 

agreed to take on..*22m of KCA.S earthenware and packing im&rjal Non-beneficiai anterests total 

-V debts xelatltigr tb .'fom- 'rigs manufacturers. Wood andvSons 28.000 shares. director 

viperia. -In' return he was to /Holdings). . . Marley—J. E. Aisner, director, 

rertira-thc^i d& an* 84 i>er cent V %SSSa has formally advfced has acquired HMH» shares 

-rr _ f KCA through ttffi Issue of- new t ^ e Wood Board of its intenbtog,. beneficial - and . 10.000 non- 

: r& shireS? ESt- fbe-deal only, became ^ gays - it anticipafes, the value benetolM; . ; ; • - 4 . ■ 

operative wheft the figa^ailBd^mr D f such an offer-. to be abouL^Tjp _r,rrro rnt) 

]-sr . o ft Algiers.' r ^Tb ey- u rr eritly _ p e r .Wood share^yalurpg '^ lt f coln - ST- VPIRAN TRIES FOR 

-*0 wasting ^thdrC - for..£he''^ece^i7 p fln y. at just. under; ilm..,/ prpfeFSFNTATlON 

S^tms-^dVarship. - 7KGA formal discussions ha# taken Ka , KE2>tI>( 

.'• t S t# i»y: abotit .£2tn of out- place for some months ^enveen ON MONK BOARD 
'or standing. fiabiUtiei in- t he T .chairmen of the ® om : Saint wan, despite opposition 

before the rigs can. Ward panics over , the po^Bbihty of fron] . the board and. unions, con- 

' • has again -agreed in principle to mtegrating their fine earthenware tinues to Woo A Monk, the civil 
• help by lending the money.. activities. . engineer and building contractor. 

Mr. Paul BmtdU'KCA S; chair- while the Board ^of Stoke-on- saint Plran, which holds 29.9a 

man, said yesterday; that ; he hoped T^nt based Wood has confirmed cent of Monk, has required 

[ - the rlgs WouljTJje oP .th«r way by ^ preference U T remaining a resolution he submitted at 

the end of montht'- M$anwhff a. ■ Jndependent, Newian considers yj e annual meeting of Monk for 
- Mr. Ward continues-, fb haeet tne n would nqfr he "mutuajjy ^ a pp 0 intment to the board of 
insurance 4 ndvnrterfeSt - costs due beneficial" to -$he shareholders jj. Smith, a director of Saint 
:..V in-ualatloWto Alg«-ia. . - . • .and employees', of both com- pb^m. . ' . 

.. ' He has. agreed -tO"wait for tlte. panics “for suefcr an integration to With requisition. Saint 

' uncertaintiesJa be .' resolvedi- and ta fe e place.. JVewman suggested pj^j, served a statement for 
4 talks have been* suspewled witu i- s t nfaht that its bid could stem anjniition to shareholders 
• the -salerof the Tigris completed, ‘-antifcipated-'and now published explaining their reasons for the 
: -7"- . V. ;* interitions of overseas companiM pro posaJ. , ' 

* K '; LONGAI VALtEV ‘ , to acquire ceramic manufachirtiig board of Monk has con- 

In-*ilfiIment, : of:.a condition of companies in Stoke-on-Trent. Con- g^ered the proposal and the 
u--- t be pur^ases. r that ; . prompted tlnued fragmentalwn of «ie reason 5 given ami has decided to 
^ Walter^^OT: floedrJdteV hid patteir industry wifi increase 11 s Te commend shareholders to 
for LongaJ 'VaDey Tea, WBG -pro- '^erafiaity to “™ an oppose the appointment, which tt 

.; DcJes tonffer ns’ addittenal con- vaston,^, according to Newman, does not consider would be in the 
=: =5 ^^t^n-Paymen^is-lien-of-The ' . 1 : interests of the company or of the 

F- arrears of .'-diviideiids^ on- -the -•• coi'Dp ’STAKES other- shareholders. The boa d 

■-e- fr0 K m “ pWo,nK 115 ^ 

•'-V JfctHq-Jto^seWW^gjrg 1 : xtufictore and their families, only ««v - - 

- ; ’ br 33. ‘1977 .Mgomtjr S hD ids more than 5 per cent : mNQ 

- ' 24o on each qi- the A -- .-«♦■. mntM board . states. BS«ts Lfc Ab UIll> v* 

t preference ; glares .-rcapectit^.^j^ shares <9.8 per STAKE TN 

to the^ ^ gross amoifltt of the ordi- , -> ^ e . 6 pf 350,000 shares to to purchase WHUMO oro'?®^ 

— tt & 3JlUCjp3t6“. - - - — ■ . 5]l3r6& a St a5p.- - A Tll _ a a qtuk • -nnrrhasc COHSld.Gr3.DOD 

-• ‘aF T/rnffaB ' wffl 'be ' des- - ^ssarsEs . £&« 

PreUminary results for year to 31 December 1977 


Operating Profit: — 

South East Asia 
North America 


Profit before taxation 

Profit attributable to ordinary shareholders . 

Earnings per ordinary share before extraordinary 
items and restatement exchange difference 




£000 _ 












; 374 - 












31.9p ; 

icuiwiu^iiu T_ . , .. 

oppose the appointment, wnicn u 
does not consider would be in the 
interests of the company or of the 
other- shareholders. The board 

ThC Cuhm.MR S^t Group Jjas -Cycles. . _■ Zilkha, S3.5p per United Carriers 

itc - -imitMliiianrf John Martrn , - Math ereare— Ezra k. fURna. 

The Guhm.wsPeat. Group Jtas rCycie^ , . Zilkha, S3.5p per United Carriers 

; sold: .its .-.Mpthereare E?ra_ B' 637.040 ordinary share. 

./Foods, 1 , to -Catz International ,BV dffector. solJ Qn J^e B ~ Tbe purchase is condiboi^ 

x of aie^ Wtfieflands-y • n i : shares »t.3«p. nggr *■"*»? offiy^upon listing being panted 

- rjphn. .gg? of the by tbe Stock Exchange for the 
it concerted : holdings S ’are un- new Lew Glares being issued. Lex 

: .dirtrJbaw.'^n3ied fo^ and i wui . chairman 3 20,000 ordinary of 

Smie vto' -wdric,- : tdosely. :wrfh aIterfed ^ .amount to some ™ Carriers and these. 

afab.'^bnids M ,000 ordinary of 

^.^W-:-to' -wdrk-/t 3 -altered and 5011,6 * MfJ" r^rri^rs and these. 

^ -v/viHBitiPiS? ^^ ent ■ - 

i he J TS 1 ilt fS^ 4 - 50 ° 56 ton- Vhose interests Include motor 

I shares <* 2 ^ C^H- TL _ nnlions S^aSsfl, Receiver of Dura- 

r rffnnilCTiON of (Northern) certain of the 

H PRPWvwOT ;r bl S!%Jn25f t M 39^0 each. Ssof this manufacturer and 
■ ■ v- 300.000 -shares . 39 P. „ M0 ereC *ftr of fencing. The assets 

moat?** ^dSrtor pSLcd include 0 thc roanufac. 
'• - - ~ * r , shares to D. I. ■late'-* d EJ^g. Sam in Northwich and 

L. TA^ ARNETT apd J 25 , 0 (».diares to G, B. Manchester, and 

: i ^^ h ;ji d0 Smpany will be 

it CALgARyaaBytA^ G faadwn' as Baldwfn-Dura fencing. 1 

’V L- 7a; ARNg TT ^ 7 • 

' 3»i '-J . ; 


V 7 - ijighlighis from' the Interim R w 1 : 

MgXSt!£8£? m ~ 

‘ Gennaoy- Oi^interests. ^ percentagelioiding kept 

■ 1 7 -'iX. constant. 

*"• £ _1 jncreases. also in Breiidx ; ^-’Strong position - 11% of 

- f aesri’ - '® 

1977 proved to be a record year for the Corporation. 
Profit before taxation increased from £13 .j million 
in 1976 to £19.7 million jn 1977, and earnings per 
share (before extraordinary items and exchange 
difference) improved to ii.9p (I3.5p in 1976). 


The total dividend recommended for the yearn -i5p 
per share, compared with tOp in 1976 and b.5p in 
7975. An interim- dividend of 6p per share was 
paid on 3 April 1978, and the final dividend would 
therefore be 9p per share. 

Taxation _ 

In spite of some increase in unrelieved Advance 
Corporation Tax which reflects the higner recom- 
mended dividend, the total lax charge has fallen to 
below 50 °o- The elimination of losses which were 
not available for tax relief against ether group 
profits is the primary reason for thc reduced overall 
rate of taxation. 

Operating Policy 

In the eleven years from 1966 to 1976, the Corpora- 
tion grew rapidly - turnover increased irom ±,i~ 
million to £290 million. • 

After such growth, it was inevitable that a period ol 
consolidation should follow. In 19/b there! ore, the 
Board concluded that the policy of the corporation 
should be to support only -those operations with 
long-term prospects of viability where contmued 
investment in the most efficient and up-to-date 
facilities could be justified. 

This policy has resulted in disposal or closure ot 
certain^ operations, particularly small businesses 
unconnected with thc main activities in the same 
Region, and the adoption of major investment 

programmes in others. 

The costs of implementing the policy orconsohdaiion 
were largely borne in 1976. The effects - particularly 
in lower inierest costs and a reduced rate d taxation 
- are reflected in the results for 1977. 

Exchange Rates 

For a company based in the United Kingdom, but 
operating substantially overseas, the eitect ol 
fluctuating exchange rates is considerable. 

Operating results for the full year are translated at 
the rates of exchange ruling at 31 De ^ n ; ber ai ?^ 
for the hair year, at 30 June. The cBclj oj the 
improvement in sterling during the second half ol 
1977 can be seen from a restatement of proms oeiorc 
tax for the period to 30 June 1977. 

In the interim statement, based- on exchange rates at 

30 June 1977. profit before tax was Mated at 
£11.14] ,000. Translated at ihe rates i jJj 

31 December, the equivalent figure is LIU.M3.UUU. 
This variation is important if consistent comparisons 

of half-year data arc to be made. 

Exchange Differences 

Following ihe decline of sterling in '///' 1 '™; 
the restatement of net current assets held tv ?'® rse ^ s 
subsidiary companies resulted in an aa union to 
reported profits. 

Conversely, 1977 was a year of significant sterling 
appreciation consequence, a loss ol i 
on restatement of net current assets is included m me 
profit and loss account. 

Inflation Accounting 

Although detailed studies are continuing, the Board 
takes the view that there is still such uncertainty on 
inflation accounting, particularly for a ‘jjjnpjny 
with the breadth of interests ot the Corporation, as to 
render presentation of inflation accounts- unpro : 
ductive at this tirite. 

Staff . # 

The improvement in results in 1977. aUer two or 
three difficult years, is a credit to c*cr> ' VY 1 
thirty thousand employees of thc Group ha e no 
doubt that you would wish me to extend our grati- 
tude for their excellent performance. 

South East Asia 


•Kumnulan Guthrie and Guthrie Ropel returned ■ 
exceptionally good results. Operating profits from 
plantation interests increased from til-- milhon jo .' 

1976 to £19.1 million in 197/. Guthrie Ropel, 41 „ 
of which is held by local Malawian investors, 
reported profit before tax up from MS8.3 million in 
1976to MSI 3.1 million in 1977. . 

Crop levels w ere high for the first nine months or the 
year, though they dropped away m the last quaneiv 
The market for rubber remained remarkably stable 
throughout thc year, and although palm oil prices 
fell in the second half, they proved Jess vplatile 
titan had been expected. Worldwide co-ordination of 
commodity-marketing in. Kuala Lumpur, cicely 
associated with all other parts or the operational 
management of Kumpulan Guthrie, bwame fully 
effective in 1977, and prices realised were generally 

higherthan average market levels. 

The commodity-dealing companies in the UK. 
(Svmington). and the USA tGuthrie Industries Inc), 

made a satisfactory contribution to this result. 

Last year X reported the major reorganisation of 
plantation interests. As part of this reorganisation 
wc have agreed with the Malaysian Government th 
progressive transfer of estates to Guthrie Ropel over 
the period to 1990.’ while maintainingjocal investor 
interest in Guthrie Ropel at around 40 . u . 

The first transfer is now in the course of detailed 

Guthrie Berhad 

It became apparent during 1977 that the provisions 
made aga inst slow -moving stock and doubtiul debts 
of Guthrie Engineering (Malaysia) and, to a leser 
extent, Guthrie Trading (Malaysia) at thc end ol 
1976 were insufficient to reflect continuing problems 
in the market place. 

A further substantial write-down has Iherelore naa 
to be made, and J am satisfied that the provisions 
arc now adequate. . 

In consequence. Guthrie Berhad, which is 74 o 
owned bv the Corporation, reported a net Joss ol 
9 million before tax recovery and extraordinary 
items. The Singapore operations traded profitably, 
and Guthrie Kimia in Malaysia, which had a poor 
1976. returned io profit in 1977. 

Sir Amhonv Havward. formerly Chairman and 

Managing Dtaror of .he Shaw Wallace group .of 
companies in India, was appointed Managing 
Di reel or of Gulhric Berhad in April J 97 S. Tbeart- 
nounccmcnt of his knighthood in the Bwtiiday 
■Honours List for services to Bntish commercial 
interests and the British community m India, gave 

great pleasure to all his colleagues. 

I must record our gratitude io Mr R. F. Jenkins 
who returned to Singapore to manage the company 
until a permanent appointment could be made. Mr 
Jenkins has now retired from an executive role in the 
Corporal ion, -but will continue his association as a 
non -executive director of.Guthrie Berhad. 

North America 

Ajax Magnethennic 

‘Activity in the capital goods sector in the United 
Slates was relatively low in 1977, and it became 
particularly weak in the last quarter of the year. 
Once again, therefore, exports helped to carry Ajax 
Magnethermic through an otherwise difficult trading 

period. _ , 

The other Ajax subsidiaries in the United States, 

Canada and the UK ail made progress. 

A facility to manufacture induction heating and 
melting equipment has been established in Brazil. 

Mindustrial Corporation 

Mindustrial Corporation. 71% owned by Guthne, 
has reported a reduction in net tarn mgs before 
exchange gains -from C$1.05 per share in 1976 to 
CS0.98 per share in 1977. 

In the circumstances of a poor Canadian economic 
situation in' the year, this was a reasonable perfor- 
mance. thoueh it was achieved only by a substantial 

• increase, in sales at lower margins. 

’ Reference should be made to three particular aspects 
of thc operations of Mindustrial:-— 
th Since weight reduction of cars in North Amen» 
has become a major lactor, the development 
by Butler of plastic components for the auto 
industry is now paying off; 

(If i Sales of commercial and industrial water 
treatment equipment in North America are 
growing rapid ry; ... 

fiii) the growth of Trench Electric, operating m the 
1 1 capital goods sector, continues with high levels 
of export business. 


Sanyo-Guthrie Australia 

It was reported in the interim statement that, 
following ihe end of the boom in colour television 
sales in Australia, we were reviewing thc future ot 

Together with our partners. Sanyo Electric, wc have 
now completed a detailed examination of the 

position. This has revealed deep 
and we have agreed n would be- in ihe. best. interests 
of both' partners to end ihe co-operative enterprise. 
Consequenth. an agreemcni m principle has been 
reached for the Guthrie shares— of Sanyo- 
Guthrie— to be sold io the Sanyo group. 

In these circumstance*. Guthrie's 74 % equny 
holding in Sanyo Office Machines, selling San v-o- 
produced office and electronic equipment, has also 
been sold. , 

The period of co-operation with Sanyo has becna 
rewarding investment in spite of recent setbacks. 

The continuing problems of the carpet industry 
tended to overshadow good performances in our 

other activities in the UK The plastics, text.te, 
confirming, trading and food businesses all produced 
very satisfactory results. 

Carpets remained in the doldrums throughout thc 
yearTand a major improvement in results from our 
businesses related to that industry can only take 
place when the reinvestment programme is completed 
early in 1979. . 

With the closure of Texac operations in France, the 
Group’s remaining manufacturing interest on the 
Continent is Linlafoam Europe. B.V., the commis- 
sion carpet backing and compounding operation in 
Holland. There has been some ‘movement m 
trading in this company which operated profitably in 

l q 77. — 

The Annual Report and Accounts will be 
prsted to shareholders on 26 June. The 
Annual General Meeting will be held in 
London un 19 July 1978. 

Subsidiary Companies 

S A Towel .main performed well. It is the subject of 
a major inv esune n t programme with ihe ^eaivc of 
extending the range ot products and updating plant 
and machinery. . 

Although .he carpel Muslry in Auslralia romained 
depressed. Tascot Templeion achieved record sal« 
in the last quarter and ended the year with a reason- 
able profit. , 

In line wilh the Group's operating policy, certain 
small subsidiaries have been sold or closed. 


Guthrie (Niccria) again performed well in 1977. 
Proposals for ihe safe of a further 20% of ihe equity 
of the 1 company, io comply with the Nigerian 
Enterprises Promouon Decree, have now been made 
to the authorities. 

Future Prospects 

There has been a slow start to the present year in 
several key companies in the Group. 

Jn the plantation sector, the 

cron which affected the final quarter of 1977 con 
Sdfmo Iheflnt three months of 1978 though 


i SSa g griffs ^Xed 5 .ui^ 

However there are signs of an improvement m mewt 
«S^f the business. Rubber and oil-palm crops 
to nonnai, with good price levels continuirig. 
Guthrie Berhad has overcome the worst of ns i prob- 
forecasting a profitable out-turn for the 
year.' Substantial recovery has taken place in North 

America order intake. . 

While profits for 1978 as a whole may not quite 
match the record levels of 1977, present indications 
are lhatthey will be satisfactory. 

V iji, fkMay 1378 . *nd an explanatory booklet. 


luui. iu; « _ 

The Guthrie Corporation Limited, 120 Fenchurch St., London EC3M 5AA 







THE SHARE prices of the 11 launched the present wave of in the western world, has in- 
leadin° US Domestic interna- discount fares last spring, 22.7 creased its passenger load factor 
tional airlines have strongly out- per cent growth at Continental —average aircraft occupancy- 
performed the stock market dur- and 25.7 per cent at National. from 57.5 per cent to 60.9 per 
inc the current rally following Traffic increases have con- cent . 

reports of substantial gains in tinued. with several airlines Virtually all of the airlines, 
tyaflie reporting in May the highest with the encouragement of the 

Although the widespread avail- traffic levels ever for that month. Civil Aeronautics Board, have 
ability of discount fares initially National Sew 36 per cent more slashed fares on their domestic 
raised fears among investors revenue passenger miles last and international routes. Most 
about lower profit yields, con- month than in last May, with have tried to hedge the new 
fidence is growing that the surge only 3 modest 6 per cent increase fares with restrictions so as not 
in passenger traffic coupled in capacity. Braniff Inter- Jo reduce revenue from business 

with the continued strength of national, helped by the start of b “£ Sf_ ‘SSS^SSttinlJ*? 

business travel could take the a new service to London, flew m demand has been putting a 
industry to record profits this more revenue passenger miles 

year. Since April 12 the market than ever in the airline's history. d *™“S complaints of declining 
equity of the 11 major airlines TWA had its best May since 
stocks has risen by an aggregate 1960 and says that in the first 
of 30.2 per cent, compared with five months of this year revenue 
12.4 per cent increase in the passenger miles are 12 per cent 
Dow Jones industrial average. higher than last year on a 

In the first quarter of this marginal decrease in capacity. ^ o _ ^ ^ 

year airline traffic growth ran Many airlines are fitting more fnanaeement^ ability and Mr. Bob 
ahead of most expectations. As seats in their widebodied aircraft Joedicke, an analyst with Leh- 
a group, the 11 airlines recorded to accommodate passenger de- man Brothers Kuhn Loeb warned 
a 13.8 per cent increase in mand and maintain profitability, recently that “ incompetent man- 
revenue passenger miles includ- United Airlines, for example, is agements or those facing insur- 
ing a 15.1 per cent, rise at adding 1.970 seats to 1,145 air- mountable obstacles can be ex- 
American Airlines, which craft. The airline, the largest pected to suffer." 


However, many analysts expect 
airline profits to exceed last 
year's aggregate 5610m. 

However, the increased com- 
petitiveness in the industry is 
putting a greater premium on 

for advance 
in full year 

Federal-Mogul SKF ruling 


NEW YORK. June 8. 

FEDERAL-MOGUL and SKF, for its part withdrew from the would appeal the ruling, which 
ihe latter being tbe U.S. subsi- distribution business. can be reviewed by the Federal 

diary of the Swedish company According to the FTC official. Trade Commission and the 
of the same name, have been this was “a conspiratorial Federal courts. According to 
found guilty of violating anti- scheme to allocate markets." the law, the companies have one 
trust law by an official of the though both companies argued year to carry out the FTC's order 
Federal Trade Commission that rational business reasons lay once all appeal channels have 
because of ibeir mutual supply behind the agreement. SKF been exhausted. It Is therefore 
agreement. showed that its distribution likely to be several years before 

In 1971. the two companies division has sustained heavy they actually have to end their 

came to an arrangement whereby losses, and Federal-Mogul pro- agreement, if ever. 

Federal-Mogul stopped raanu- duced a report from a consulting In another part of the FTC's 

factoring bearings for the firm, recommending that it stop ruling, the official declared legal 
automobile parts market, and producing certain types of SKF's acquisition of two ball- 
instead became a distributor of tapered bearings. bearing companies in Kentucky' 

bearings made by SKF, which Both companies said that they and Pennsylvania. 

expect strong upturn 

range in the latter part of the 

CARTER HAWLEY HALE store chain, is not currently 

Stores expects net earnings for negotiations for any other acqui- year, with a continuation of 
fiscal 1979 "substantially ahead " sitions. moderate growth in 1979. 

SosSl ® 5 °vw t, a g o 2 Mr a piiMp paS'",™ 'ft,™,™: , Ab °“‘ * ^ 

S Me r W PreSideDt - ^ ~ botr?^ 1 aad r S9 n w?u,d 1 come 

Both sales and profits should & laSt year ' added from inflation, giving real growth 
reach record levels for the year. . of about 4 per cent this year and 

He also expects a strong Meanwhile, in Kansas City, the 3 per cent next year, predicted 
second quarter based on a strong President of J. C. Penney. Mr. Mr. Neppl. 
sales trend in May. Sales rose Walter J. Neppl told analysts He expects apP arel sales to 
14 per cent in May compared to £?5 n h ^P®* ts * a, *f Lj y h l . h ti}"?; grow in 197S at about the same 
a year ago. The company, which £ e *ail industry to rise b> about as general merchandise as 
recently completed a S60m acqui- 9 P er cent t,us >' ear - a whole, but to rise in 1979 to 

sition of John Wanamaker, a However, he said the gains will about a 9 per cent rate. 
Philadelphia-based department taper off to the 7 to 8 per cent Agencies 

raVLVE. June 8. 
process plant and construction 
company, still expects earn- 
ings in the year ending 
October 31 to surpass the S4.48 
a share reported in 1977. 
despite a drop iu its second 
quarter net. 

Fluor said a surge of new 
orders in the second quarter 
Increased the company’s back- 
log to a record $13bn. 

Second quarter net Income 
fell to 77 cents a share from 
51.07 a share last year and 
the six months net" declined 
to S1.87 a share from $2-12 a 
year ago. 

Fluor blamed Ihe lower net 
on losses from Peabody Hold- 
ing Company during the coal 

Fluor has a 10 per cent 
Interest in Peabody. It said 
the Peabody losses reduced 
the second quarter net hy 39 
cents a share and six month 
net by 47 cents a share. 

The company also noted that 
last year’s results did not in- 
clude operations of Daniel 
International Corporation. 


APL ponders ruling 

Mr. Harold L. Schwartz Jr- 
chairman of APL Corporation 
said, after reviewing the 
opinion of Wisconsin Securities 
Commissioner who is opposed 
to APL's offer for Pabst Brew- 
ing, that APL would consider 
various altematice reports 
AP-DJ from Great Neck. 

These alternatives Include 
an appeal from the Commis- 
sioner's decision and also 
litigation to test the constitu- 
tionality of Wisconsin's take- 
over siatute Insofar as it was 
sought to be applied outside or 
that State. APL’s proposed 
exchange offer was for 52 per 
cent of the common or Pabst. 


. jN^ a . 

GULF Sc WESTERN Industries $1.82 against SLS2. Sales mbit The financial senrfbes^groiifi ./PjwSgj'jSg^g^ 
reports higher net earnings for compared with $2.7bn. \ ' f' ' '' also was up BBfagtagtigpy ■ ■& jC 

the third quarter of S43.5m or ' 

S4 cents a share up from S3S.lzn a _ 

or 73 cents a year ago. It also share i mm afv aua'-iv cbois muv :iuKaer uuwwi -- — -rx - , 

announced an increase in the diluted from the earfy «stm- short-term indebtedness. ; ' ' ^5*55®^ a ^^iali-^opetatin g-lo ^. 

quarterly cash dividend on its guishment of debt and fsoin.'<thfe ' The manufacturing .. _• group - ' 

common stock to 17J rents a sale of Interest in > posted a modest gain ;in 

share. The previous quarterly Diamond Oil Corporation netfrrf-.Ss income reversing- a-, 
rate was 16i cents a share. losses from the sale of aecurt quarterly. woaparKonK 

__ ^ I aw |L |>it , |y_- WUHIftWylV I H * ~ ■ ■ J ■ . 

Fully diluted share net earn- Ue l *7 insurance subsidiaries, ": beg^i over a year sate 

ra uy uuuiuivr suuaKUEKies. fiocmn over a -ret 

During the third quarter; seven of florida citrus and: cattle 

- 1 — — ----- - — - -- - ■ — — For-'-ttre-. • iHBfe .mo ntnev S^u, 

*- *■!■«£■•< — — ~*~ 

ings were 63 cents against 56 , , — — «+ • Wni-ffiD.-. 

cents. Sales increased to Sl.lbiL of company's eight operating lions was the reason **_**¥»** 
from $95Sm. groups showed improvement^ operating income 1 

The third quarter net includes JKSg 1 * 2S“ C ^ ** OT: sumer and agricultural, prqdiicte *^**1^- 

sba S re iD on f a^rima^- buiM&itt The Ie ^ re time grohp^tiirned ^Snger demand for iggs repldre^fl^pa^gmips-^* 
share on a pnmarj basis— eight ^ a increase fta.lte: the domestic market contributed increased^ r^tifcs: ov^' - - 

quarter, bolstered byl Motten to^the higher resuits t^-^omo- ^go Yrtiite -the. ’ -matte 

cents folly diluted — from the 

tioSsIn^Ftoridf^of a P o^ .riffiSJ- Itive^re^remenV ttatotrei 

Ji^iifn foMosses in cerrain reaT and bv ““ inclusion this --year The paper and building products^ and ^cultur^ w*i«B ^ 

-.^ b iSsr - I ;sssssBa?? 

For the nine months to date. Paramount Pictures “ Sahirday efficiency at Brown’s paper a nd: Western warbtoehf- the. a. 
net earnings total Sl22.9m or Night Fever” now ranks as the operations and \ continued' 'Ketiye ■y.-ltijazs..'? itSbyrtng:. -,^ 
S2.39 a share compared with company's second most su cces sful strength in tbe markets served announcement ot results . for ® 
SI 27.2m or S2.47. film ever, surpassed only by “nie by the building products ’ opera- third quartet ■ 

<r” tion. The apparel products AP-DJ - 

Fully diluted share net is Godfather.” 

Mattel returns to dividends 

Georgia Bank 

National Bank of Georgia 
(NBG) expects a profit in its 
second quarter ending June 30, 
Mr. Robert P. Guyton, the 
president, said following the 
shareholders meeting. He 
declined to be more specific, 
reports AP-DJ from Atlanta. 
During the meeting Mr. Gnyton 
said that it will likely be 
several quarters before the 
Bank can resume payment or 
its dividend or to follow 
through with plans to form a 
holding company. National 
Bank of Georgia, which expects 
to show a second quarter profit, 
lost $1.4m after securities gains 
of $9,000 In the 1977 second 
quarter. Tbe Bank suspended 
payment of its 20 renis-a-share 
quarterly dividend Iasi August. 

By Our Own Correspondent HAWTHORNE (Calif.), Jime-8 

MATTEL, the leading toymaking Mattel's overall conditiatv^said seasonal working capital credit 
group, has declared a 7§ cent the company. ' lines and long-term .debt -has 

dividend — which is the first pay- Mattel said that . significant been completed. On. May 31, 
out declaration since the 2J cent seasonal variations exist ' far its individual letter lines of credit 
a share quarterly paid in Decern- major business. Accor dingly , totalling 5130m have been, made 
ber, 1972 and also a record results for interim periods "are available by the company's 
quarterly dividend payment. not necessarily a basis ; from domestic banks. . . 

Tbe resumption of regular which to project results ter the The new letter lines, of credit, 

quarterly cash dividends reflects full fiscal year. . ; which are for the outeyear period 

tbe continued improvement in Restrocturing of -domestic through May 31, 1979, are at the 

_ _2TTT2T^ prime interest rate. 

EUROBONDS Also with effect on May 31 last 

Ringling Bros, and Barntxm and 
POAfIDtl Bailey Circus World,- a wholly 

1 CUlivJU owned subsidiary, dosed a $30m 

RY Poiwnx ruiiec A . 94 per cent five-year term loan 

by FRANCIS ghiLeS • • . agreement with a domestic bank.. 

THE new issue market for as in May, the terms of any The loan is guaranteed by Mattel 

Deutscbe-Mork denominated individual issue have . to . be and secured by the capital stock 

bonds will be reopened on June approved by members of the and certain personal property of 

20. the Capital Markets Sub- Sub-Committee the day before Circus World. . _ . . y_. 

Committee has decided. The the issue is brought- 
volume of new bonds to be The secondary market .reacted 
floated between June 20 and favourably to the news, and 
July 1. will amount to DM330m. prices were marked -up -across 
a figure which represents less the board by an eighth to a 
than a third of the monthly quarter of a point. This advance 
average volume of new issues in might not holcL however, if a 
the year before the market was DM 700m loan on the -domestic 
closed in May. market is confirmed at the'meet- 

An average monthly total of ing of the Capital. Markets 
about DM 900m of new bonds had Committee due today. ‘ 1 
been floated in this sector of the In ^ doUar sector. ■ a 350m 

Sa]omidnclii@E : 
to step dowh ^ 

8y Odr Own 

NEW YORK, Juried 
step . down., as. managing ^ 
of.' Salomon Brofbers.Tthe; 
largest -US. securities . firing af 
45' years - with .the compa ‘ 

.He will Ke' succeeded 

October I,-- by.TMS J13. 

Guftrednd, aged 4$, -%ho^Ts:i 
sently a senior partner 
member of: the firitfs ___ 
comml ttee. Mr. Gatfreundt:-; 
spent 'his entire i business' . 
with Salomon Brothers. • 
During, the IflfitOB-years/rM- 
company has developed ' ; mt&r® 
leading; investment banter'; an# ' 
market maker ip securlEesr'i^' 
public underwritings and privasK* 1 
financings’ ' ^ " J 


PS 1 5-year issue with an Indicated 

June 20. the City of Kobe will COIinon of o* ner cent was 

S“ced for Hyto"Qqe££ 

fln^n\nnni!, ne t'“ 6 ' ^, U n na * ^ 1 Joint lea4 managers lor the 
float DM 100m tnrough Deutscne jeeue «in be S G Warimre-and 

Rf“h SS ro Sh ^n bank k : ° n mlbfvi' Credit Suisse White Weldfwho 
Ricoh Co. will make a DM30m ro tate for top position. There 

f/S wm ^ a purSi^e fS b^en 

vertible through Commerzbank, ^ first eighth year to 

DMIOOm for Norges Kommnnal- o D J2tionar 
hant -n,- Cni./' n n<T n jft aA nperanonai. 

The secondary market in. 'this 

71st amitisl general meeting of shareholders 25th May, 1978 

Extracts fromtheDirectors’Reportand fromthe Chairmans Statement 

by MPaul-Emile CORBIAU 


■ Continued decline in the price of 
copper and zinc. 

■ Adoption ot a reduced production 
programme at the Thierry mine in 

■ Monnal progress for the Jersey JVGn- 
iere Zinc Investments in Tennessee. 

* Start of work to bring the Oracle 
Ridge copper deposit in Arizona into 

■ Ocean Mining Associates conducts 
recovery and processing trials on 
ocean nodules. 

■ Joint venture with Siheka to take over 
control of two Brazilian companies 
specialising respectively in alluvial 
diamond mining and sand and graved 
mining for construction. 

■ Fall in profits and dividend. 


■ Profits for the financial yean 
G0iJ.f70.0l 4BF (against 819,783,401 BF 
in 197ti) (.total appropriated, with.- 
holding taxincluded: 593,002455 BF). 

■ Net dividend: 500 BF per whole share 
(50 BF per 1/lOth of a. share") (against 
respectively GOOBFand 60 BFinl976). 

■ Increase of the financial assets 
( t L7 million BF) and decrease nearly 
equivalent of the realizable assets 

(—1,5 million BF). 

■ Restriction on prospection expenses: 

amortisation of 267 million BF against 
525 million for the financial year 

* Shareholding In Umican (Thierry 

mine in Canada): amortisation of 
306 million BE ; . . 

Canada IJmex 

Decision to keep up the Thierry Mine 
(mine and concentrator) activity but at 
a rate limited to about half its nominal 
capacity. Encouraging results for the 
future of the underground operation. 
U.S. A. (Union Mines) 

Union Copper — Oracle Ridge project: 
in Arizona (copper deposit— mine qnd 

Normal continuation of the work which" 
will extend over a two year period. - 
Union Zinc— Jersey Mi rue re Zinc In 

Serious problems due particularly to 
the present state of the- zinc mar ket. 
A possible temporary slowing down of 
the mining development (Elmwood and 
Gordonsville mines) is under consider- 

ation with the supply of the Clarksville 
works— due to start production at the' 
end of the year— to come partly from 
concentrates that it seems possible to 
purchase elsewhere under conditions 
that are. for the moment, more favour* 
able. When the zinc market recovers its 
normal dynamism, the J.M.Z. complex, 
as an autonomous operation, should 
give a very good return. 

Union Seas— Ocean Mining Associates 
—Polymetallic nodules 
Decrease of the financial expense borne 
by Union Miners as a result of the entty 
ot' a third partner in the syndicate in 
April 1977. Mining trials at the oceanic 
site are going on. The planned pro- 
gramme Vill have probably to be. 
stretched over a longer period of time. 


Continuation of various programmes of 
geological exploration particularly in 
Canaria, United States, Brazil and Spain. 

Mexico Astmnex— Vdardena project 
With the agreement of our present 
partners postponement of the fin an ce- 
ment of the investment provided for 
the working of a zinc-bearing deposit 
(mine and concentrator). 

In the meantime, certain research and 
study works are being continued to 
determine optimal operating and ore 
concentration characteristics. 

Brazil Unimeta 

Diversification of activities in the 
mining sector through the participation, 
jointly with a local subsidiary of Sibekn, 
in a working of alluvial diamonds of 
which prospects look interesting 
(Minera^ao Tejncana). 

As shareholder in the Rrraibuna de 
Metals company, participation in the 
construction of a zinc electrolytic works 
ac Juiz de Fora that will have an annual 
production capacity of 30.000 nit of 
zinc metal and is all the more interesting 
in that it is completely centered on a 
local consumer market. 

Mine engineering 

In Iraq continuation of the project for 
the mining development of the Akasbat 
phosphate deposit entrusted to Sybetra. 
Study, in co-operation with Tractionel, 
for the development of three uranium 
deposits in the Hpsgar mountains on 
behalf of Sonarem, an Algerian stale 

Tenders in BraJal-joiDtlywithUnienge. 
Tenders for the working of phospate 
deposits in Egypt and Columbia, non-- 
ferrous metal deposits in Algeria and 
iron ores inTurkey. 

Replying to several questions pat to him 
by shareholders on the recent events 
in Shaba, and their repercussions on the 
Company, Mn E-E. Cordiau. Chairman 
of the Board and also Governor of the 
Sodet6 Generalede Belgique, declared, 
after paying tribute to "the - vititims of 
both Zaire and foreign origins: 

“It seems obvious that the massacres 
perpetrated at Kolwezi were not the 
result of a sudden outburst on the part 
of drunken invaders but, indeed, the 
implementation of a premeditated 
policy aimed at striking down the 
Gecamines company; the mainstay 
of the Zaire economy, and thus 
attempting to overthrow the present 
government of the country. 

We have the duty to devote aQ our 
efforts to limiting, as best we can, the 
consequences of the Kolwezi disaster 
and to contributing to the recovery 
of the Gecamines situation winch is, 
I repeat, the mainstay for the survival 
of the Zaire population. This is why 
the companies in our Group are 
determined to intensify their co- 
operation with Gecamines and with 
Zaire to the fullest extent of their 
possibilities and as a function of what 
they will be asked to do. 

This action, called upon hi the first 
place by solidarity considerations at 
human level, is also dictated by the 
• complementarity of Belgian and 
Zaire industries, in particular; as 
regards the non-ferrous metals' field? 

copies, in English, French 
Dutch, Spanish cuid Portuguese, 
of the 1977 annual report and of 
the Statement of the Chairman of 
the Board to the Annual General 
Meeting of May 25th l‘US can be 
obtained, on request, fixtm: 

Public Relations Service 
v Rue de la ChunceUerie, 1 
B—1000 Brussels 
Ph. 51J.60.90 
Telex: 2L 551 Umb 

bank. The Sub-Committee meets 

Sft&waaft vrjBtvaari 

All these borrowers are well T be u P, i , t . of Account 22m isyue 
accepted in the market unlike for Socidtes de Developement 

some of those which have raised Regional (guaranteed by France) 
aths. How- will mature in 1993 and havean 

money in recent months. 

ever, the m;--ket will await with average life of 1W yean. The 
some interest the terms offered, indicated coupon for this issue. 

was _ — ... — 

weakening of the market in cent. w , , 

April and Mar. In the yen sector, the World 

Another factor should con- Bank is expected to complete a 
tribute to a more orderly market: Y75bn bond nest month. 

e interest the terms offered, maicatea coupon xur «... 
mispricing of various issues which Banque de Pans et des 
a major factor in the P a >’ s ® as 15 ganging, is 7 per 

ancings have risen Irditt 
1988 to' , 'gi7.76a;iayt;.gia i . j ;;Jgi 



: i 

Manufacturers and suppliers of equipment ta * 

petrochemical, process and water industries . 4 > 

i fri : 




i 97fr 


Profit before tax 

Earnings per share 

. *Ynnualised 







(18 months) 

13,718 . 9,547 
1,501 ~ y1^84rp 

*i1.23p 1Z9fp; 

: 5JS99p ' t 




Atcin Australia S}pc 1385 W} 

AMEV 6pc 1987 9fl 

Australia 81 pc 1992 93 

Australian M. £ S. 9ipc ’92 97 

Barclays Bank Si pc 1992... 951 

Bovaicr 9ipc 1992 9S 

Can. Bailiray Sipc ISM 96 

Credit National Sipc 1986 .. 96* 

Denmark S>pc 1984 98* 

ECS 9pc 1993 99i 

£CS ?:pc UW7 95* 

ECB Slpc 1992 97J 

EMI D*pc 10S9 SSi 

Encsson Sjpc 19S9 96 

Es» Spc 19S6 Nov Mai 

Ct. Lakes Paper S*pc 1934 97} 

Ha morel ey 9*pc 1992 

Hydro Quebec Spc 1892 ... 

IC1 81 pc 1K7 

1SE Canada 9}pc 1986 ... . 
Macmillan Blovdel 9 pc ]992 
Massey Ferguson 9tpc *91 

Michrlin 9*pc 19S3 

Midland InL Fin. S?pc ■« 
National Coal Bd. Spc 3987 







100 * 



National Wstmnstr. Ope '86 100 







Trondheim 5Jpc 1988 97 

97» TVO Power Co. 6 pc 1388 ... 97} 

853 Venezuela Spc 1988 97} 

83] World Bank atpc 1990 98 

floating rate notes 
og~ Bank of Tokyo 1984 Sipc ... 99t 

8«t BFCE 1934 3IPC 99} 

07 BVP 1983 8116PC 10M 

OQ BQE Worms 1885 981 

100} C CF 3985 5ipc 99* 

8« CGMF 19W Sni6PC B9J 

8Si Creditanstalt 1994 8ta>c . — . 99} 

gv DC Bank 1933 7L3 kpc 100 

863 P ZB 1981 Slupc 100} 

mit Inti. Westminster 1984 Spc 99* 

oy Lloyds 19S3 8 13a pc 1M» 

iMi LTCB 1983 8pc 99} 

96 Midland 1987 89|spc 903 

971 Hat. Westminster Bk. 1980 99} 

1641 OKB 1933 7Jpc — W* 

83} 5NCF 199S 8}pc W} 

88} .Stand, and Cktnt '84 8Jpc 992 
101} Wms. and Clyn’s "84 8l|6PO 993 
86 Source: White Weld Securities. 








100 } 





100 } 


100 } 





100 } 




100 } 

100 * 

Newfoundland Spc 1989 
Nordic Inv. Bank Slpc 19SS 
Nomas Kom. Bk. SiPC 1992 

Nnrplpc 8J pc 1989 

Norsk Hydro Sipc 1992 ... 

Oslo 9 pc 1988 99} 

Ports Auionomes 9pc 1B91 W 
Prov. Quebec Spc 1995 
Prov. Saskatchwn. Sipc ’8fi 
Reed Internanonal Spc 1987 

RHM 9PC 1992 

Selection Treat Sipc 1989... 
Skand. Enskllda 9pc 1991 .. 

SKF 5p..- I9S7 

Sweden tK'domt 8tpc 1987 
United Biscuits 9pc 1999 ... 

Volvo Bpc 1937 March 












Australia 7}pr 1984 

Bell Canada 7Jpe 1057 

Rr ColuroWa Hyd. 71 pc "85 
Can. Pac. Stpc 1984 
now Chemical Spc 198t> ... 

ECS 7iflC 1982 

ECS Sipc 1989 

EEC 7}pc 1982 

EEC 7Jpc 1984 

Enso Qutzelt Sipc 1084 ... 
Coiavcrkep 7!pc 1982 












Kocktmui Spc 1983 97} 

MicheUn Sipc 1983 
Montreal Urban SJpc 1981 
>fow Brunswick Spc 1994 
New Bruns. Pros. s:uc '83 
Npw Zealand **pc 1986 ... 
Nordic Inv. Bk. 7*oc !BS4 
Norsk Hydra 7}pc 19S2 . ... 

Norway 7.+pc 1982 

Onfario Hydro Spc 1937 .. 

Singer 8 :dc 19S2 

S. of Scot. EIcc. Sipc 1901 
Sweden iK'donii 7!pc 1982 
Swedish Slate r-o. 73pc 'S2 
To Imei 9»pc 1984 . 

Tenneco 71pc 1987 May 
















American Express 4*pc ’87 



Ashland 5pc 1988 



Babcock A Wilcox SJpc '97 


Beatrice Foods 4ipc 1992 .. 



Beatrice Foods 4* pc 1092... 



Beccham «pc 1993 .. 



Borden Spc 7002 



Rnpadway Hale 4lpc 1987 .. 



Cnrmiflon *!K 1987 



Chevron 5,Nk 1988 



But 4JPC 1037 



Eastman Kodak 4} pc 198S 



Economic Labs. 4*pc 1087 



Firestone Spc 1988 


Ford 3pc 1033 



General Electric 4*pc 1087 



Gillette 4lpc 1987 

Goold Spc 1087 


Gull and WcRiera 5pe 1088 



Harris 5pc 1B92 



Honeywell Bpc 1986 



1C1 SJpc 1992 



m A 8 pc 1007 



lochcape fiipc 1992 



ITT 4]pc 1987 



Jusco 6pc 1902 



Komatsu 73 pc 1990 



J. Ray McDermott 4]pc H7 



Matsushita 6Inc 1990 


Mlirral 71pc 1900 



J. P. Morgan 4* pc 1087 



Nabisco sme 198S 



Owens Illinois 4 Jdc 1087 ... 


07} J. C. Penney 4}pc 1067 .. 


Volkswagen 7Jpc 1987 94 









Source: Kidder, Peabody Securities. 



































“Direct exports were up for the sixth .: 
successive year and now represent 
some 30% of turnover.” 

“Some recovery is looked for this year. . » 
although the benefits are not likely to be 
seen before the second half/* 




Refer Hodgson, Chairman — 

Refrocon Group 




• Tim Secretary Petmcon Group Limited, Petrocon Moose, RasemmtAvemte, 
West Byf hot Surrey. KH4 6LB. ’ 


r,- .IT,- 

• -v 

Queens Moat 
Houses liimited 


Pre-tax profits almost doubled 

Chairman John Bairstow reports results for tire 
year to 31st December 1977. 

* Pre-tax profits £263,473 (1976 £136,034)- 

dp Turnover £7.7rn(£6.6m)- up 16% 

^ Driklends for tbe year 6J% (2 

* FcttirmajorhotdsaddeatotfieGroup 

AD units are currently trading excellently, 
including those recently acquired- The Group 

wifl continue to progress in the present year and 
trading in toe first four months is ahead of last 


Cffwsofthf 1977 Report & Accounts may be obtained firm Ihe 
Company SecrKtary. QueemAttt Houses UmitaL 1 Brucmt 
Avenue, Romford, Essex, ffiV13 OPR 





AJIiod Breweries tOtpc TK1 87* 

Clilmrp tope 1990 SO 

Cotmaulds 9*pc 1089 871 

ECS 9! pc 1989 WJ 

RIB 91pc 1!W8 93} 

EIB Bloc 1992 . 92* 

Finance for iitd. 9fpc 1W7 90 

Finance for Inti. lOpc IBS0 

Flsons 10}pc 1997 

'Iwuoinor Hue 1988 

'NA lOpc 1988 

Rownfrec JOine 1388 

Scars llttpc 198ft 

Toral Oil Sipc 1984 

















DM BONDS Dec. Bank ajpc 1939 BRJ- 
8 .ND.E Blpr IRIfi Qfl) 

Fjnadn 4tpc IMS 
Ocn Norst-c Id. Rk. One '90 
P-’W'-Jw Ennfc 4Jpc 1SS3 . 

=v<; stnc 

F.IR 3{jv 1*M0 

Fir Aquitaine Wrw 19RS ... 

Furarum 5Ipc 1SN7 

■tlntand 3?pc 19S8 ....... 

Fontmjrfc* Mnc 1990 

Morten A nr* 1995 

Nnrecm sipc i«9 — 

NnrwBV 4? pi- 1983 

Nnruray 42pc 1#A3 97| 

PK Bankcn 5 !pc 1W*9 90 

Prov, Quebec Bpc 1990- 98} 

Pnmnniukki ajpc 1098 ..... 95. 

Spain Ope 1989 Ml 




















S3 1 











United Spring & Steel Group 






Year to 

£ r OOO 



Group External Sales 




Trading Profit 


- 278 






Profit after Tax 




Extraordinary items 








Profit Retained 




'The results for the 
first half of the current 
financial year are most 
encouraging. I am 
confident this trend will 
continue, culminating 
m a satisfactory final 

David Westwood 

United Spring & Steel Group Ltd., Hawthorn Works, Smethwick, West Midlands, 






p steel sees 

in first four months 





BOCHUM, June 8 . 

By Charles Batchelor 

• .Mo j 

**r aj 

f tattt- 
: r?iam c 
! ?«i tto 

v*i unr 

vsrPrjf E 

s «riV 

■* atfpBt 



HIEEDK KBUPP Huetteawerke, 
,me steel-maWng-^ffancfL oL the 
Krspp‘ igirnip - in -which the 
Irgniari J government '• holds a 
direct share. of -over 25 per cent, 
has :ftetect eg| ^ slight improve- 
nttnt .'&■ profitability daring the 
first rfpnr reohtes of lS7S, hut 
doeygot yet believe the steel 
indastry- can look with any <sra- 
fideoee towards an end to its 
conUnmag crisis. 

Presenting jPKH’s 1977 results 
here? ? the outgoing chairman^ 
Huf 'Kotert Ululiop, - said the 
company., was “ doing ... all we 
can to., try to maintain the 
more; . positive tread that had 
made itself- felt in March and 
April -.'after .-two - 1 farther Joss- 
making months, in January and 
February;.': . 

But he warned that “all in 
all. We believe that the gener- 
ally encouraging signs in -the 
steel market in the first quarter 
of.- 1978 ,-tire -not tp be. traced to 
any enduring revival in the 
economy. ; They are far more 
a. reaction . . to the clear 

rajtaptiqn of pressure from cheap 
steer imports - from third ' ooun- 
toies, as a result of the external 
protection' of. the Community's 
flank, and to the .fact that con- 
sumers have run down their 
stocks and are/ having to meet 
their. current needs on the 
domestic and European Commu- 
nity ■ market because of these 
changed conditions.*' 

Herr -Mintrop said the steel 
industry^ con Id never .expect to 
regain the rapid rates of growth 
of. the post-wax era,, hot could 
the present level of 
(Hflart frem its main customers 
spdras the'niDtor. steel fabricat- 
ing, •’ electrical " and mechanical 
engineering industries as having 

returned to "normal" after the 
trough of 1077. . 

Herr Guenter Fleck eastern, 
the finance director, said that the 
last quarter . of 1977 had 
accounted for a large part of 
the DM 16 0m ( gSOm) operating 
loss which FKH suffered during i 
the year — an. .increase of same 
60 per cent from 1976’s DM 98m 
operating loss. After allowing 
for special factors, including 
consolidation of - Stahlwerke! 
Suedwestfalcn (SSW) .and the! 
sale of land not needed- for 
steel-making, FKH was able to 
reduce its overall loss to 
DM 40m. roughly the same as 
the DM 38m of 1976. 

; Aa had already been repotted, 
FKH suffered a 6 per cent drop 
in turnover to DM 4.52bn last 
year. Steel production was down 
from 3.2m tons to 3m tons, 
though special steels, the -most 
profitable area of FKH’-s produc- 
tion, retained their dominant 
place with 51 per cent of the 
total sales of all rolled products. 

Herr Wilhelm Scheider, who 
takes over next month as- chair- 
man, said he expected Improved 
profitability from steel exports 
this year, despite the fact that 
the European Commission’s 
minimum price scheme had in 
fact given little relief to German 
exporters, because ' of the re- 
adjustment of European Units 
of Account to reflect the appre- 
. ciation of the D mark. 

Large orders received from 
Tran during the first quarter had j 
helped to boost the order book, I 
but Herr Scheider emphasised 
that this business had been 
received on normal commercial 
terms and was not the result of 
Iran's position as a shareholder. 
Barter was not involved. . 

ffl $2O0m loan lor Kockums 

r ' •i ll j _ 

oih&flil, • tobuild gas tankers 

>triGS ■ ■ 



: AMSTERDAM, Jane 8. 

I ROBECO, the Dutch invest- 
ment group, maintained a 
strong liquid position in the 
first four months of 1978 be- 
cause of the unbalanced state 
of the world economy. 
Liquidity amounted to 11 per 
cent of loial assets of around 
FI 4bn t$1.8bn) on May 1. 

Hie unbalance is caused by 
expectations that West Ger- 
many and Japan will again 
show large balance of pay- 
ments surpluses this year, 
while the UA balance of trade 
is certain to show another 
large deficit, it said in Us first 
interim report. 

In view of the uncertainties 
in the U.S. economy. Robeco 
hedged about half of its dollar 
risk. It reduced Us holdings in 
A T and T. IBM and Du Pout 
and sold Us entire holding in 
General Motors, ft took a new 
interest in American Cynamid 
and slightly raised its holdings 
in Occidental Petroleum, Texas 
Utilities, Cities Service and 
Beneficial Corporation among 

In Its Japanese portfolio, it 
took profits in Tokyo Electric 
Power and Tokyo Gas. It also 
made sales of Hitachi, Kajima 
and Kirin Brewery. Despite 
these and other sales. Its 
Japanese interests remained 
round K5 per cent, of total 

in Germany, it raised its 
interest In Siemens, Commerz- 
bank and the two large 
Bavarian banks. The recovery 
in French share prices and pur- 
chases led to an increase in 
its small portfolio to that 
country. In Holland it took an 
interest or raised its bolding 
in a number of property com- 

The value of Roheco's shares 
rose to FI 169 tS75l from FI 166 
at the end of 1977 allowing for 
the stock dividend distributed 
in April. However, the price 
development was a great deal 
less smooth than these figures 
Suggest, it pointed out. 




s'- 1 

KOCKUMS, the Swedish ship- 
building group, has 'obtained a 
J200jtt -^credit .facility .until the 
end of 1079 to finance the can- 
straotiaa-of- two gas- carriers, it 
Is ftuilding on its own account at 
ttS-'Maftnoe shipyard. The loan 
hr "guaranteed by the Swedish 
State, and has been managed by 
Sk^mdinaviska EnskU'da Banken 
and its affiliates, Scandinavian 

Bank % pf London, - Dentsch: 
Skihdic^vische Bank "m Frakfurt 
and Banque Scandinaye in 
Geheyfer-r-' ■ • ?v 
largest j 

evbt musedNbyv^r Swedish 
Vrif'-lSPfi -firterest jrate. w ‘not 
hemg disclosed, TTOf*' 'Kodnxmsf ' 
finance dirartpri.-Mr; . Christian 
ChristiansSon * described- it as 
“a new type-; of .Jaap- developed 
in negotiations between u&.and 
Skandmaviska • Enskilda."' ■ It 
carried an attractive price, and 
met - aU '.KoiAnhisNrequirementa. 
regarding '-flexibility , and the. 
possibility tt^ 'ctinveriing. later 
into a longer xerin /fonn of 
finance, he said- " -- ‘ 

The two LNG carriers axe. the 
largest so far built anywhere In 
tile world, each with a capacity 
of 133,000 cubic metres. , ■ The 
.first will be leaving the. building 
dock at the end’ of June for com- 
pletion. and should be ready ior 
delivery by the middle of next 
year. The second vessel should 
be completed by the end of 
1979. Kockums hopes tt> find a 
buyer for the two ships before 
then. . • :-■#• 

Last week, the Swedish parlia- 
ment approved a SKr 
Pt874ml State loan to, Jvockwnsi 
The'- fate of, the ' shipyards, 
depends - on; .the' shipbui^filng 
'-industry hill which the govern- 
ment is due to submit toipartia- 
ment-at the end oSTthiy month 
or early in July. ■ 

The Stockholm dati/Svenska 
DagbJadet reported today that 
Kockums -'.and the - Uddev alia 
yard of -the State-owiSed Sven ska 
Vary company would be the only 
two major yards jfcft in opera- 
tion under they; government’s 
proposals. ' / 

Interfood pays more 

I INTERFOOD, the parent com- 
pany of the Suchard aud 
: Tobler chocolate concerns, is 
raising its dividend to SwFrs 
105 from SwFrslCO on bearer 
shares and to SwFr21 from 
SwFr20 on registered shares, 
Reuter reports from Lausanne. 

Parent company net profits, 
as expected, showed U t tie 
change at SwFr7 ,9m 
for the year to March 31 com- 
pared with SwFr7.7m the pre- 
I -vious year. 

V Consolidated net profit 
-WalleiF ! SwFrl0.5m fSwFrlDn) 
for calendar year 1977. 

, CnsW 


Estei link with Cockerill 

, v 7 5 ' -‘:i T: =-•' . ■ S LIEGE. June 8 . 

Lanrfeen profits rise 

indnstf^I T group declared 
group c profits of Kr258ro 
($45m) for. 1977. compared 
•with Kt.l36m > n 1976 after 
allowing , for depreciation of 
KrJ80nz« virtually unchanged 
from 1976. Hilary Barnes 
..writes from Copenhagen. 

.. The main contribntion to the 
profits increase came from the 
■DFDS shipping company and 
from Aalborg and Elsinore 
shipyards. Group free equity 
capital increased over the year 
from Kr.642m to Kr.8I5m. 

ESTE L NV of the Netherlands 
will acquire 8% tatejekt -ln a 
wire-rod T plan ty that: ^ ^ockerill of 
Belgium ktarti^'H^uildhl 1075 
but an which- construction, .was 
. halted the :feibwing yearbecause 
of. the Belgian: comi»ny r ® *#gbt 
financia3f>.atuatimx. '. Estel,. the 
management i company for-, Hoo^ 
go vena nf - die Nefb eriands .^tnd 
Hoesch t of - -West -Germanyv haS' 
agreed to ---cchopdjmte . .in : : an. 
exchange of ihfot1aqtioJp*;with 
.the Bel^an company. - . - . 

EstelS ' ac«uiisition : - of "- - a 
“limited .interest" ip" .the wire- 
rod plant, for : which, .ai separate 

company -js to be formed, will 
he a first' step under the new 
accord, Cockerill said. 

When it interrupted work on 
the wire»rod facility at Val Saint- 
Lambert, near Liege, Cockerill 
had spent "some BFr2bn on the 
project^ Another BFr2bn is 
understood to be needed to cora- 

f lete the project which is to 
ave ' an annual capacity of 
about 370,000 tons, 

. - CockeriQ. has been losing 
ioney for the past three years 
arid its accumulated losses 
amounted. to; Little, "over BFrlCbn 
sit the end of 'Iff??,' - - 
AP-DJ ... 

Paris turnover surges 

Dealing activity on the Pails 
Bourse is showing a dramatic 
increase after the first five 
months : - of 1978, Agencies 
report from Paris. At 
FtilffAbo. turnover is 62.4 per 
cent ahead of the January- 
Aprtt period a year ago. The 
upsurge Is dearly the result of 
tfie- stock market boom that 
gripped Prance following the 
March general election. Dnring 
.the- three months from 
February to tike end of April, 
tee equity market rose by a full 
Sff-per cent 

Arbed to go ahead with Saarland move 


THE . European - Co rimtissiozi. has 1 
given" tfcehso ahead "for . rite -trike- 
over by- A^bed rof part 

of the .iteeL, industry . wifiun ^be 
Wrist Gcaanan state of tite' Saar 

land. Rut tee Comnussion has 
inject ed A UTtnshar ^C^prov^iana. 
into its aute< 9 ^i|b£-: ' : 

Tte iRost iragipFteu^ t *<jf ithes ®^ Ss 
Hist Ajhe^-fWhidi^is' .nj^ed. in 
Luxembourg,- ■ mtJB^r'Jfedocn: -ats 
atorah nadflrirry . . Saariand 

- Arbed ra'due to 'acquire teas 
blocking ’minority in Dillinger 
through 'tee purchase of two 
other Saarland . steel groups, 
-NeunMreher Eiseuiwerke and 
•Stsddwerko ' Rocheiing-Burback. 
TS»' - rGommassion, clearly feels 

- that- Arbed ’s iioid on the Saar- 

steel - industry should be 
limited to RocheJing and Neun- 
:ifctpeher. --r!. - 

l^ ArpeiLalso has to withdraw— 

regions of West Germany. At tee 
same time members of Arbed's 
management must not belong to 
management bodies of outside 
companies or holding companies 
of the same type. Under certain 
conditions,, exemptions from this 
role ."may be considered. : 

On. the basis of current produc- 
tion^ patterns, the Arbed group 
inducting Its Saarland holdings 
would produce about 10.5m 
metric tons of crude steel, or 

verke^ inmi Sfcfowr S&rto p m Sdaffi RaiidMltofloii Eroop, production, This would leave 
nef flant; -Tbaffiiris to be anodes basically .a sales office for steel Arbed ranking fifth among 
Seen by V- mrinufacturetL in the southern Commum^- steel makers. 

gl ? tSdmmiercial Bank Ltd. 

- - „ . ; . : ; V ^ -W;'i wt Hong Kong ) 

: : ” openkig today 

^ r at 

x ‘ ^3&BgStree1; London, EC2V BBS, 

-1“-' ^ Hong Kong 

v; .■ ■/ v ;" - ' and overseas. ■ - 

itoiai&i C-'Chan 

J. EL Frazer 


Margins remain depressed at Total 


PARIS, June S. 

Petroled, the Total oil group, 
improved its profits last year. 
But the results were still very 
sluggish in relation to turnover. 
Pre-distribution profits as a 
percentage of sales rose from 
0.3 per cent to 0.5 per cent in 
1977 but fell dramatically short 
of the 6 per cent achieved in 

This year the build up of new 
sources of supply, particularly 
from the Frigg Field, will 
gradually increase cash flow but 
the overall result will remain 
hostage to events in the 
depressed European refining and 
marketing sectors. 

At the moment the group is 
avine the worst of all worlds 

having the worst of all worlds 
with refined products suffering 
heavy losses and margins being 
squeezed on crude production 
from the Middle East. The 
French Government’s response 
to the oil companies' pleas for 
a higher return on refined pro- 

ducts will influence strongly the 
evolution of profits in 197s. 

Where it counts, the Total 
results are little changed from 
1976. Cash flo w was virtually 
identical, and the net profits 
move from FFr 166m to 
FFr 260m has to be seen in 
perspective. Attributable net 
profits improved from a FFr 8m 
loss in 1876 to a modest 
FFr 134m surplus. 

The group owns about a 
quarter of the Frigg gasfield and 
it reckons that when the field 
reaches its optimum outpur of 
some 15 to I6bn cubic metres 
a year in the beginning of the 
19B0s it should be worth some 
FFr 750m a year to the group 
in cash Sow 

A notable feature of the 
results for 1977 was the contri- 
bution of the group's North 
American operation. Total 
Petrole um North America, of 
which CFP owns 50 per cent. 
had a turnover of $349m in 1977. 

and it shou Id rise to 8550m 
this year. Its contribution to net 
profit was 37 per cent. Group 
indebtedness increased slightly 
over the year and the debt; 
capital ratio is likely to stick 
at around 45 per cent for the 
next lew years. 

Investments were sharply 

The higher turnover was due 
very largely to price increases. 
The group sold 59m tonnes of 
refined products and 21m tonnes 
of erode in the year. 

The lower provisions mainly 
reflect the fact that the cash 
flow generated in France was in- 
sufficient to make provisions tor 

refinery in Italy last year but 
denied at the time that it 
planned a pull out entirely. It 
reckons that two centimes on a 
litre of petrol at the pump 
would see the Freuds operation 
out of the wood. 

Consolidated results 

in Frs millions 






Depreciation and provisions 



Net profits 



Cash flow 



Medium and long term debt 



Its refining subsidiaries closed 
the account with neither profit 
nor loss for the second year in 

Exchange rate fluctuations 
caused a FFr 16Sm loss on 
monetary assets but the net 
situation gained by FFr 57m. 

down from FFr 5.17bn to FFr 
3.72bn t! wo thirds of it in the 
exploration and production 
sectors; reflecting the comple- 
tion of the bulk of the spending 
programme in Indonesia and for 

currency fluctuations of the same 
order as in the previous year. 

The black spot is refined 
products, of which some 27m 
tonnes are marketed in France 
and 23m tonnes elsewhere in 
Europe. The group sold a 

Meanwhile. France's other 
major oil group in which the 
state has a 70 per cent stake, 
raised net consolidated profits 
by 23 per cent last year to FFr 
1.76bn from FFr l.43bn. Reuter 
reports. Consolidated sales rose 
by just over 13 per cent to FFr 
38.1 bn. 

The group earnings figures are 
struck after taking out d on- 
attributable losses of FFr 22m 

Extracts from the 19 77 Statement to Stoekh-' ry Mr D.J-2. 
fvewbisging. Chairman and Senior Manayini: Diuci-T. JarJmc. 
Mat he son A O., LiJ. IheAtutual General Me. ting >vus held cti 
t<lh June, 1 « 7 S. 

Improved Results 

Jardines’ consolidated net earnings for ti;e ;. ear ended 31 st 
December. ] "77 after tax and minority interests, but before 
extraordinary items, were HKS5 14.2 million. 4.2'7 more than the 
1976 earnings of HK.S3D1.5 million. Earnings per block unit were 
EKS1.51, compared with HKS1.47 in the previous > ear. an 
increase of 2.70'. fc’xtraonlinaty items amounted to a net 
deduction of HKSiS.O million. 

A final dividend equivalent toIIKSO.4 > per stock unit makes 
a total of ft K $0.6 7 per stock unit /or the jejr, a o.S 7 increase ua 
the I "76 total of Hk$0.h3. 

The 1V77 results were achieved in an uncertain worldwide 
political and economic environment, and retlect a general 
improvement in our overall business despite disappointing results 
from three subsidiaries: Jardine Industries Ltd in Hong Kong. 
Jardiqe Davies Inc. in the Philippines and Rennies Consolidated 
Holdings Ltd in South Africa. Howevbr,- we believe that these 
companies will all show an improvement in 1M78. 

Hong Kong, our head office and main operating base, si) owed 
a useful increase over 1976 and contributed 57 Cc of our overall 
earnings. Our Middle East investment continued to develop welL 
and in its first full year coni rihu ted (V ' of our I "77 earnings. 
There was also an increased contribution from Property in both, 
renial income and developments Jur sale, and from Natural 
Resources due primarily 10 our sugar growing operations. 

’ _ 

I l, 7f> 






Earnings after lax 


3 14m 


Earnings per stock unit 




Dividends per stock unit 




Stockholders' funds 

2,088m • 



The Group has retained a satisfactory level of liquidity 3nd 
overall term borrowings were slightly reduced. One major financing 
was undertaken during the year when the equivalent of HKS200 
milli on was raised and HKS240 million of existing term debt W3S 

Review of Operations 

It is encouraging that relationships between Hong Kong. China 
and Britain remain exceDent. Despite an increasing in ter national 
trend towards protectionism, Hong Kong's economy continued to 
grow in 1977. Export, re-export and tourism earnings ail increased 
and are again expected to grow in 1 978. 

Our Hong Kong Trading and Services activities performed welL 
Both Zung Fu Company Ltd with record vehicle sales, and 
Gammon (Hong Kong) Ltd with a high level of civil engineering 
and construction work, as well as its property’ interests, h3d a good 
year. Shipowning produced satisfactory results but Financial 
Services operated on a reduced scale, reflecting lower aetivily in. 
this sector of Hong Kong's business. Our manufacturing ami 
exporting subsidiary, Jardine Industries Ltd, reported an operating 
loss but action has been taken to remedy this situation. 

In North East Asia, our China trade again operated satis- 
factorily. Our consumer oriented trading operations in Japan had 
another good year and we expect further growth in 197 S in this 
strong market. 

In Singapore and Malaysia, where our operations are cent red 
on the quoted subsidiary, Jardine Mai he son & Co. iSoutli East 
Asia) Ltd, higher profits were earned and this trend is expected to 
continue in 197S. The Promet group’s, shipbuilding, steel 
fabricating and marine contracting activities achieved good results 
and carried forward into 1978 order-, of over SS50 million. There 
was also an improvement in our oil servicing activities. The 
expansion of our trading business continued, while the shipping 
agency has also developed satisfactorily. In Malaysia the majority 
of our trading and shipping agency interests were merged with. 
Antali Holdings Sdn Bhd, resulting in the Group now holding a 
46% interest in this joint-venture which is consistent with 
Malaysian national objectives. We believe the prospects for the 
Antah group are excellent. Agreement was also reached to sell our 
Malaysian rubber and palm oil plantation subsidiary for MS23.3 
million, payable over six years. 

The quoted subsidiary. Jardine Davies Inc., had a disappointing 
year. Its problems stemmed from low sugar prices and a period of 
reconstruction following a substantial loss in one of its subsidiaries. 
A new management team is now in place. 1978 is expected to 
produce a better result and it is hop^d to resume dividend 
payments in respect of the current year. 

in Indonesia we continued our local joint-ventures jn 
commercial property, timher and the Jakarta Mandarin Hotel, 
which is due- to open in 1978. 

Our interests in Australia had a satisfactory; year, with a 3oTc> 
increase in earnings from the quoted subsidiary. Fleet ways 
(Holdings.) Ltd. Several properties were sold and the letting of Ihe 
36-storey commercial building in North Sydney, Northpoint. is or 
schedule. Following our 1976 acquisition of Wdiis & Sons Lld£ 

this company acquired additional agencies and has good prospects. 
Our quoted sugar equipment manufacturer. Tcdt Bios, industries 
ltd, had j disappointing year. 

Although our quoted subsidiary in Southern Africa, Rennies 
Consolidated Holdings Lid. reported lower earning, the results in, 
the second half year improved and this upward trend is expected 
to continue during IV78. . 

In Hawaii, Theo. H. Davies & Co.. Ltd received an improved 
contribution from its sugar plantations. The efficient /ironing of 
•these plantations and the United Stales Federal Government 
support programme, enabled Davies to earn some profit from 
sugar in 1977. Since ibe ejid of 1977 Davies has sold ils 23-storey 
commercial building, Davies Pacific Center, thus reducing debt 
and making cate available lor other activities in Hawaii and 

Uur associates in the Middle East had a successful year. 
Following our initial investment of USS35 million iix T ransporting 
ami Trading < 'ompany Inc. < 1TJ I in J 976, we made a further 
payment of USS10 million in 1977, in accordance with the 
agreement under which we acquired 25*,7 of TIT. We received 
payment in 1977 of the guaranteed dividend in respect of TTl's 
1^76 profits, which were in excess of the earnings forecast at the 
time of our original investment. Jardine Fleming & Company Ltd 
was lead manager of a USS40 miltion medium term international 
loan on behalf of our Middle East associates during 1 y7 7- 
The prospects for the TT1 group are good. 

In the United Kingdom. Matheson &Co., Ltd had a good year. 
Income from banking and related services inparticular was higher 
and the earnings from Reunion Properties Company Ltd also 
improved. As part of our policy to strengthen our worldwide 
insurance activities, Malliesom acquired the Lloyd's insurance 
brokers. Thompson, Graham & Company Ltd. The terms of the 
offer involved the issue of £5.5 miffibn of Mathesons Investments 
Ltd 7 V.i- Unsecured Loan Stock 1987/92 guaranteed by Jardines 
and convertible in«o Jardine. Matheson &. Co., Ltd stock units. 

Lins Joan slock is listed on the Hong Kong Stock. Exchange Ltd. 

Stockholders’ funds % 

Earnings % 





Hong Kong 





>lorth East Asia 





South East Asia 





Australasia and Oceania 



! 7 


North America 










Southern Africa. 





Middle East 










Trading and light industry 





Service activities 





Financial services 










Natural resources 











Future Prospects 

1977 was not an easy year for Jardines, with business being 
conducted in an international environment of political, economy? 
and monetary uncertainty. Nevertheless, the Group produced 
higher profits than ever before, with both earnings and dividend*: 
per stock unit at record levels. 

In the year ahead, we believe that the Hong Kong economy 
will have another satisfactory year and we anticipate that oar 
profits and dividends will again increase in respect of 1978 unless 
unforeseen circumstances emerge. 

P.K. Newbigging 


Hong Kong, 1 1th April, 1978 

Since 1 1th April, 1 978, Jardines have made offers to acqrfire all 
the outstanding shares of Jardine Industries Ltd and Jard roe 
Matheson & Co. (South East Asia) Ltd, not already held by them-. 

Currency converted from HK$ at middle market closing rates 
on 31 st Decern ber , 1977, ‘ 


Jardine, Matheson & Co, Ltd, Connaught Cenlre, Bong Kong 


1 N T KK.NAiK) N A L I I NAN C 1A1. 



e over 


to cast the corporate tax net 
wider here, to catch offshore 
earnings of the banks, are meet- 
ing determined opposition frum 
the banking and legal com- 

Opposition from members of 
the Legislative Council — includ- 
ing bankers and lawyers— to the 
Inland Revenue f Amendment! 
Bill 1978 in its present form 
has proved stiff 1 enough to get 
the second reading postponed 

It cannot now expect a second 
reading before mid-July when 
the prime mover behind it. Hong 
Kong Financial Secretary. Mr. 
Philip Haddon-Cave, returns 
from leave, and even then tbere 
are douhts over whether it will 
become law in its present form. 

The proposed legislation has 
engendered a fierce debate. 
While not so eloquent as the 
lawyers in their opposition to 
the Bill, bankers argue heatedly 
that both the proposed measures 
and the delay and uncertainty 
over implementing them could 
damage Hong Kong's inter- 
national reputaton as a banking 

The controversy centres not 
only upon rhe difficulties of 
defining wbat is or is not an 
“ offshore " banking transaction, 
for purposes of deciding whether 
it is taxable or not. but also 
upon allegations that the govern- 
ment is discriminating against 
baaks, as compared with other 
commercial enterprises in the 

A large proportion of total 
hanking activity here takes the 
form of offshore transactions of 
one kind or another where hanks 
either barrow or lend funds 
overseas, and often combine both 
sorts, of transaction simul- 
taneously. They also route some 
lendings to Hong Kong 
borrowers offshore when these 
take the form of foreign- 
currency loans and all this, 
according to Haddon-Cave and 
other tax • reform advocates, 
means that the banks here are 
paying tax on something much 
less than their total profitable 

Hong Kong requires compan- 
ies. including banks, to declare 
interest as part of their business 
profits although these profits are 
exempt from interest tax as such. 
Instead, such payments are 
chargeable to profits tax where 

the source of interest is Hong 
Kong and where the interest is 
derived from trade or business 
carried on in Hong Kong. 

However, banks and other 
types of business here do not pay 
tax oo profits and dividends re- 
mitted by their overseas sub- 
sidiaries, nor do they pay tax on 
the interest received from ihe 
holding of foreign currency 

While exemptions in the for- 
mer category may benefit banks 
and other types of business 
equally, it is argued in official 
quarters here that banks gain far 
more than, say, trading concerns 
from concessions in the second 

Proposed Hong Kong legisla- 
tion to tax the offshore 
earnings of banks has led to a 
fierce debate. Opposition Is 
coming from lawyers, and 
from bankers who argue that 
the proposed measures and 
the delay and uncertainly 
over implementing them 
could damage Hong Kong’s 
international reputation as a 
financial centre. 

category, as the banks hold a very- 
large proportion of their lotal 
assets in the form of foreign 

Recent statistics show that 
more than 50 per cent of ail 
Hong Kong banks' total assets 
take the form of time, demand 
and short-term deposits with 
banks abroad, as well as of loans 
and advances made abroad. The 
proportion of assets held abroad 
does not, of course, necessarily 
correspond exactly to the propor- 
tion of total profits they contri- 
bute. but it is a rough guide. 

The Government argues that 
the banks, while paying the 
nominal 17 per cent of profits 
tax on that part of their earnings 
which is assessable to tax. are in 
fact paying an effective rate well 
below 17 per cent on their overall 
profits, unlike other forms of 
Hong Kong-based enterprises. 

The banks do not see it this 
way at ail. They argue that, 
owing rn the lack of suitable 
domestic money market instru- 
ments here — the Government has 
virtually no public debt and does 
not issue official securities — they 
are forced to invest a good pro- 
portion of their liquid assets in 

overseas securities or inter-bank 
loans outside the Colony. 

This issue Is probably most 
important for Hong Kong's 
domestic banks which, unlike the 
multitude of foreign banks repre- 
sented here through full 
branches, representative offices 
or through “deposit-taking com- 
panies." do not have to pay tax 

What concerns these foreign 
banks, along with local banks 
too. is the Government proposal 
to charge to profits tax Interest 
from business “actively carried 
on in Hong Kong without the 
substantial intervention of any 
branch elsewhere." This will 
apply to banks and financial 
institutions engaged in deposit 
taking and related business. 

However, the draft legislation 
also says it will “tax interest 
received by a bank or other 
financial institution which arises 
directly or indirectly from the 
carrying on of a business in Hong 
Kong.” This seemingly catch-all 
phrase has bankers worried and 
not least the international banks 
who route a large volume of their 
syndicated offshore Inans. run- 
ning into billions of U.S. dollars 
through Hong Kong. 

Many of them are not reassured 
by Haddon-f.ave’s recent state- 
ment that he was not seeking 
lo net offshore loans simply 
“hooked " or “ garaged " in 
Hong Kong. His statement 
followed suggestions that U.S. 
and other international banks 
might switch offshore loan port- 
folios wholesale out of here to, 
say. Singapore where tax on them 
is 10 per cent. 

Bankers argue that when funds 
are raised and lent outside the 
Colony, through the Intermedia- 
tion of a bank here, those funds 
have to be debited and credited 
to the bank's account here, thus 
creating a taxable liability. In 
very few cases does the Hong 
Kong bank simply act as a 
broker match iog borrowers' and 
lenders' needs in return for a 

The controversy looks like 
being a long one. and one which 
some observers suggest is hardly 
worth arousing, given that the 
estimated additional annual yield 
From the extended lax will be 
only around HKS80m — or 
scarcely more than 1 per cent 
of the government's current 
total revenues. 

Genera! Oriental back in the black 

ccot-owned by Sir James 
Goldsmith, related company 
and family intesuests, moved ont 
of the red into the black last 

Net profits were HK$2.53m 
(U5INU00) in l»77, against 
attributable Vosses of 
HKS2.08m in 197.6, However, 

no dividend Is being paid for 

General Oriental was set up 
as Oriental Financial Consul- 
tants and Promoters In the 
slock mark el boom of 1972 
here, but was renamed after 
Sir James bought Into the 
company a) HKS9I cents a 
share. The shares were 
suspended in May on the 
Kowloon Slock Exchange at 
HKS1.70 each, pending pro- 

HONG KONG. June 8 

posals related to an acquisi- 

General Oriental currently 
derives income from Its port- 
folio of Hong Kong and over- 
seas- securities and had net 
assets of under BK87m when 
acquired by Sir James. It is 
believed that he plans to 
expand General Oriental along 
the lines of hts Paris-hased 
bolding company. Generate 

State plan 
to rescue 
Sasebo HI 

TOKYO. June 8. 

THE Japanese Finance and 
Transport Mlnlstrie.-. have com- 
pleted a plan to sate Sasebo 
Heavy Industries Company 
from going bankrupt, ii'iu? un- 
guaranteed syndic:! tod bank 
loans and assistance from 
major shareholders. 

The plan, described as 
“final” for the shipbuilder, 
tails on a syndicate of 15 
banks, led by bai-lchi Kangyo 
Bank to advance unmortgaged 
and unguaranteed loans to 
help finance about 4b per cent 
of the Y8.3bn tS37.5m> lo be 
paid to retiring workers as 
severance allowances. 

The remaining part will be 
guaranteed by the major 

Banks will also be expected 
to provide a loan of about 
Y20bn, or half tbe operating 
funds needed to keep Sasebo 
in business, without collateral 
or guarantee. 

Nippon Kokan. Nippon Steel, 
Nissho-Iwal and other major 
shareholders will he required 
to delay reeeipt of credits for 
steel and other claims from the 

The plan is undt , r<lii , i(i to 
have hinged on the agreement 
by Mr. Hisao Tsuboiiehi. presi- 
dent of Kurushima Dock Com- 
pany. Sasebo's third largest 
shareholder, to take o\cr the 
presidency at Sasebo. 

Mr. Tsubouchi indicated to- 
day that he would accept the 
Transport Minister Kenji 
Kukunaga’s request to become 


In a separate development, 
Maenaku Valve Works, a 
maker of special valves Tor 
ships and thermal power 
generation, has applied to 
Tokyo District Court for 
liquidation, with debts of 
about Y&bn (89m), according 
to Teikoku. Koshinsho, a 
private credit Inquiry agency. 

The company capitalised at 
Y120m was owned 50 per 
cent by the defunct Alaka and 
Company which was merged 
with C. Itofa and Co. It was 
founded in 1920. 

The company suffered 
foreign exchange losses of 
Y45m in dollar-bascd exports 
to the Soviet Union, adding to 
accumulated deficits. 

Hitachi in Singapore 

Hitachi is to establish a new'com- 
pany in Singapore. Hitachi Elec- 
tronics Devices (Singapore) 
jointly with die Singapore 
Government to produce . colour 
television tubes- It will have 
capital nF SineS 30m with 70 per 
cent of this coming from Hitachi 
and the rest from the Singapore 
Government. Reuter reports from 
Tokyo. Production of. an initial 
an iwo tubes a month will slart in 

Kubota profitsijat by 


Kuhota. the leading Japanese 
manufacturer of cast iron pipes 
and agricultural machinery suf- 
fered an IS per cent setback, in 
current profits to Y33Jbn 
(8150m) as a result of the de- 
pression in the agricultural 
machinery sector in the year to 
April 15. 

Sales, however, rose 9 per cent 
to Y463.5hn fS2.1ba) helped by 
favourable sales of sectors re- 
lated to public works, such as 
cast iron pipes and environmen- 
tal machinery, both up by 7 per 
cent over a year ago. However, 
sales of'the company's main line. 

agricultural machinery; - and 
housing equipment- .' performed 
poorly, marking the contrast be- 
tween public ana private sector 
of demands.- -- - : - > ; v-. 

Net profits fell by .14 per, cent 
to Y18.7bn (S8£m>, - ■. -per- 

share profits were reduced to 
Y 15.13 from Y17.67 a year ago. 1 .. 

For the current year 'tbe cosi- 
pany expects sales mezpases in : 
pipes and environmental ‘'equip- 
ment, such as for water-treat- 
ment, given the active public 
investment, undertaken; as. a'pax$ 
of Government's economic . ‘re- 

- 'flati Unary measures.^ln. particu- 
lar, pipes (accounting IHST 

cent of the total- sales J 
pected fo provide * impetus, -to 

profit recovery. ... -2-. 

As a result of intensifletfKtfe? 
competition '• among ; ■-■.ifarnung; 
machinery- m anu f acturers; 'sales 
of fanning machi 
-having slim chances -pf. recover^ 
ing. The company is seeking^ : to 

compensate . for. 'the. slum p - to . 
domestic deman ds^, fo g ..-ffi tfra. 

machinery by boosting ..exports, 
centred on the U&- Exports are 
Expected To grow Vftg&tiemA- 
in the current yean. w ' ; • • : > • 

in : 


mzsgmmm psp 


S: j I * 

7TT' v-rfy; s 

Margins squeezedat Makita 


Japan's largest manufacturer of 
portable power tools, has an- 
nounced a fall of 5.8 per cent in 
consolidated net income for the 
year to February 20. to Y4.19bn 
(SI 9m). from Y4.45bn in the 
previous year. 

The company attributes the 
fail to the rise in the yen in the 
foreign exchanges, higher raw 
material prices, and start-up 
expense; at foreign sales offices 
and additional transport ex- 
penses for exports. 

Although oet sales rose 16.8 
per cent to Y44.75bn <S199ra). 
from Y3S.3bo, the cost of sales 
rose to Y2Sbn, from Y23bn, and 

se llin g, general aito administra- 
tive expenses increased . to 
YS.38bn. from Y6-22bn_ .1 Operat- 
ing income, as a resuIt/Tert by 
8-2 per cent to YR35ba,-- from 
YSJLObn. -. V - . ; . . . 

After allowing '-for. aT'rJse*.' in 
interest income to Yl.fifibn, from 
Y91Sm, foreign exchange Josses 
of Y319m (against yi38i»>; and 
other net losses! ofT222m 

(Y284ra), pre-tax fncpmefr ; was 
Y9.46bn, .compared .with arngfo. 

Domestic sales in creased ibjr 
only 4.2 per cent — as a result 
the company, says, of relatively 
low economic activity.', particu- 
larly in the housing and hpfldmg 

industries, and weak "eamnrinet 
spending. But sales outside 
Japan rose 4L5 per cent .to 
Y18.39bn. to reach. 41'dt' per tent 
of overall net sales, -against .>339' 
per cent the previous yeari-. '- " 

The major -exports markets,- it 
order of growth rate; were North 
and South America, Asa -ahd 
Europe, though Europe remained 
at the top in terins^ of sales 
amount, followed by North and: 
South America. •' : •" • 

Earnings per edmindn share of 
. Continental Depositary .‘Receipt 
were Y83.9. against YI0G.S, and 
per American Depositary Shane 
(equivalent to -five—, common 
shares) Y419.3, against- Y502L&. 

■ ■ i -. I 

Vltti 1 ifr ! ' ' 

Rise forecast in Algerian debt 

This advertisement appears as a matter ot record only 


MORE accurate figures than 
have been obtainable previously 
on Algeria's external public 
debt are now available. Esti- 
mated disbursed debt outstand- 
ing at the end of 1977 amounted 
to S7.6bn. a figure which is likely 
to increase to S12bn at the end 
of 1979 and reach $19.Sbn by 
December 1988. 

Meanwhile, the country's debt 
service ratio will have risen 
from 11.7 per cent in 1973 to 
an estimated 17.1 per cent last 
year, in 19SI its debt service 
ratio will rise to a peak of 22.6 
per cent, and thereafter decline. 

Algeria's reserves amounted to 
S1.9bn in December last year, 
the gold content of which, valued 
at $4222 an ounce, amounted to 

Sonatrach, the Algerian state 
oil and gas company, has 
recently signed fo.r credits and- 
bonds worth 3358m. Two medium' 
term credits, one being cp* 
ordinated by Credit Lyonnais 
and amounting to 8210m, the 
other being arranged by 
Toronto Dominion Bank, are 
currently being negotiated. A 
further privately placed S150m 
should he s£ned soon, while a 
new commercial credit of SlOOm 
is also expected. 

The S250ni being arranged by 

Toronto Dominion is part" of , a 
S730m package for the develop- 
ment of the Rhourde NdusS gas" 
field, which will be dev&loped 
by Canadian BechteL Apart from 
the commercial credit, $275m in 
the form of a fixed interest rate 

credit will be provided by 
Canada's Export Development 
-Corporation, which - is -. also 
arranging a 8142m .floating -rate 
loan. Sonatrach still has to. find 
$63m to complete the-- financial 

7 (millions of $) 

• ‘ /"• ...yy-.- 1975. 

Disbursed, debt outstanding at year end 4,518- 

Interest and amottlsitien*.. 586 

Exports of goods and sendees — 4,790 

Debt service ratio 12.2% 

i Pay meatus % of goods *Hd services) 

5,853 7,634 

8 98 1135 

5,672f 6,650 

15i8% . 17 A%'- 

- * PrttUnuf. t Estimated-* 

Source: Banque Exterieore d'Alglrfe., ;• World Bant. ■ Ministry of Finance. 

... .. _. . SE LECtt^ YEARS*- „„ 

' (miliiotjs ofei) -" 

End of period 





Disburaed debt 





Debt service 

-LSI 5 

% of projected. 
Exports - 

22 . 6 % 
22.4% ■ 

I PrsvistanaL 

Source: World Bank: February. 197S 

The company, a subsidiary ^- 
. the" Metal -Box of lie UK, ba* ; 
declared -a final gross, djvidea^ 
of . 12 .per cent which, togefbta? 
with .the interim.: dividend 
6 per : cent makes -a total 
18 per" cent for the year— 1 
cenfage point higher than 
previous year's 'totaL • ” J . 

However,- as a Result of insufiw 
dent tax credit provided under!, 
-Section M .of the-, fflngapor^i 
Income Tax Act, the group has* 
decided to pay the proposed final* 
dividend on January 3 neXt yea^' 
The group attributed , the’ 
improved performance to higher^ 
sales achieved by the parenf , 
company. Its subsidiary. Metal; 
Box Thailand, posted a modest* 
improvement in profit despite'^ 

because of lower costs and .il 
'* more favourable sales mix." . 

This announcement appears as a matter of record only. 

Mass Transit Railway 


Medium Term Loan 

managed by 

Schroders & Chartered Limited 

funds provided by 

The Chartered Bank 

arranged by 

Lazard Brothers & Co., Limited 

with the payment guarantee of 

Export Credits Guarantee Department of The United Kingdom 

; to provide finance for a contract between 
' Mass Transit Railway Corporation and Metro-Cammell Limited 
tor the supply of rail "cars • 


Schroders & Chartered Limited 

In connection with the above financing 
a bridging facility of 


has been provided by 

Standard Chartered Bank Limited 



-U.S. $60,000,000 

Ten Year Floating Sate Loan 

managed by 

Hambros Bank limited 

Canadian Imperial Bank of Commerce Mitsui Finance Asia Limited 

Banque Nordenrope S. A, 

Nippon Credit International (HK) Ltd. 

Taiyo Kobe Finance Hongkong Limited 

to be provided by 

Banque ContinentaJe du Luxembourg S A. Banque Nordeurope S. A Canadian Imperial Bank of Commerce 
Fuji Kwong On Financial Limited Hambros Bank limited . ^ International Enei^r Bank Limited 

Mitsubishi Bank (Europe) S.A. Mitsui Finance Asia Limited The Mitsui Trust and Banking Company Limited 
Nippon Credit International (HK) Ltd. Taiyo Kobe Finance Hongkong Limited 

The Royal Bank of Scotland Limited 

24th May 1978 

Agent Bank 

Hambros Bank Limited 

lose, 1978 



".‘f&ncbl .,T5mes Friday June 9 1978 

_ P i 


| znttQH azvi&Y/i north sea finance 


Ttf* m T °le of finance men in banks were only prepared to 
the oil industry ig- akin to that lend on the full strength of a 
oj cavalry in modern war- company's balance sheet. With 
j. /® r ® — to lend some tone to v>hat the BP loan they went a step 

otherwise be merely a further and agreed to accept the 
brawL" Quentin Morris, risk that there might not be 
finance director. enough oil in place to pay off the 

b U ..SvflSE crrrs financial establish- Ioan th0u S b there is still con* 
■mentbas certainly won its spurs snterable disagreement about 
sqj* W when It comes to financing the wbe ther the BP loan was proper 
H development of the North ~Sea. pro ^ ect financing. As the UK 
ae (jj^If-^ever'tiiere was any doubt G^enunent had. a large stake 
Per £ this .week’s research report from in ae company bankers found 
ij; the Wilson Committee quickly ** difficult to imagine how it 
? s {K iDTt dispels it/--' ■ ■ . would ever allow BP .to defitult 

fiA* T&e ; Report, prepared by a on a Joan - 

• h team lei by Professor Bain of ~ , _ 

b Sjg. Stratbdyde Univereity, showers (irPafPr rKKS 
.Shift praise-. on the financial com- tA 

j* n ' i?ju rnunity . Although the sheer size In the Piper and Claymore 
p'fir^of some borrowers’ needs was geld financings for Thomson 
u a ni . “daunting - both absolutely and Scottish Associates the banks 
; relative to' their resources.’’ and were prepared to take even 
m Jr. h theT 'inherent risks and novelty greater risks. Thomson's initial 
"Jfi North. Sea oil financing gave net worth at the time of the first 
wt rise .to many, additional prob- loan was £l4.7m but it was able 
cfutg^Iems^ -Professor. Bain and his to raise two $l00m project loans 
y* oi^ men reckon that the financial plus a S40m cost overrun loan. 

^system “proved equal to the like BP's Forties loan the banks 
.!**]!* p, challenge." Everyone gets a pat took the oil in place risk but in 
" on the back — not just the banks, addition they also, took the 
j ai ^ $ Stockbrokers, merchant banks recovery rate risk, the market 
aad mstitutionaf investors are price risk and tile technical 
inu H , all singled out for their “con- risk up to completion of the 
’ ioj-Tsiderable ingenuity and innova* project To all intents and 
entity lotion”- purposes this was- effectively 

'JiliJias^ On the face of it such fulsome a non ' re c°urse loan, since if it 
“ e .'iine - praise seems well deserved- For had S° ae wong Thomson would 
". J n? **vthd batiks, at least, the sums ^“ost certainly not have been 
■4 .*% involved and the scale of the 845,6 t0 ^Pay the loan from its 
frisks encountered led to a r&vo- own resources. Because of the 
Wrow,; lution- in lending techniques, greater risks involved the banks 
%' 'iZ When BP came along in 1972 for were a royalty and it is 

ia prw'J it massive Forties field financ- generally understood that at .the 
■ ing, a number of eyebrows were end °* da y. earn 

raised. One prestigious clearing more from their royalty than 
r,r> it bank -flatly turned down an they will from the interest re- 
* er ! «R* invitation to join in the lending venue on the loan. 

syndicate because it felt that The oil companies have ex- 
~ it was being asked to risk Its perimented with a number of 
depositors’ money unnecessarily, other permutations for raising 
If it had not been for the eager- North Sea finance. Tricentrol 
ness of the ■ American banks, managed to persuade the De- 
witha track record of this type P*rt of Energy to guarantee ft® 
of financing, .the BP deal could baa k loan for the Thistle fin- 
b&ve been a flop. -However, the ancing but had to concede a 
British -banks soon, jumped on minimum royalty of 5 per cent 



Margin o*cr 

Term UBORf 

Borrower Lender* Amount (yrs.) « Royalty 





Lazards S468m 

Morgan Guaranty £lS0m 



Limited recourse 









Full recourse; option to 
convert to production payment 










Limited recourse 









Full recourse with 
optional conversion 










Limited recourse 










FuH recourse to third 
party guarantor (UK Govt.) 
with optional conversion 




Bank of America 



■ if-i-i 


Full recourse to Chevron 
for gross royalty of 8% 









Full recourse 


Dunlin, etc 






Fuli recourse 



Norwegian Oil 

Royal Bank 
of Canada 

Den Norslce 
Credit Bank 





Full recourse 

* Lead manageri of eradicate of banks, 
t London Imtr-bonk ottered rote. 

RNBD— AepuMlf National Bant of 


IEB — (ntnf national Energy 




r!i' rrj- 

• . <SL- 

file bandwagon. 


while Ranger Oil was only able 
to secure finance by getting 
Chevron to stand behind its 
loan in return for a gross 
royalty of 8 per cent over the 
I'.***. Looking back now it is hard life of the field. Unlike the 
to see what all the fuss was earlier deals involving royalties, 
• about Most of the big UK banks Ranger seems to be paying a 
•' '"- .have subsequently hired them- fairly high price for its loan 
' V :i~ selves /ah. oil engineer, set up guarantee. 

. . .'*■ their. own oil and energy depart- Fortunately for the banks 
: A ments and are now prepared to nothing has gone sufficiently 
. . :j, take on board risks which would wrong so far to jeopardise their 
■ - . "; ; 7‘ Save.-' sefmed unimaginable a i oans despite the risks .they 
decade, ago. Competition for have in some cases accepted, 
v? project financing business is There have been cases, suet£as 

* x-e 3-higlfiy -competitive, and whereas the Argyll field, where reserves 
lie was ._tbe_so!e preserve of lower than anticipated!, 

use rxniew 'specialised shanks- nr tibe~Th«rii Save also been substarv- 

There have also been substarv- 


i The revolution in lending SlOOm. was sunk in tl 
-• ; . : 'Techniques is best, underlined place.. However, the hS 
>■- by ftie increasing sophistication so structured their io 
- '-'of the individuals project financ- they have protected ,4h< 

•‘jacket” costing some 570- 
lending SlOOm. was sunk in the wrong 

' inks have 
loans that 

- '-^Qf the individuals project finams they have protected dhemselves. 

- Things seen the. North Sea from Whether this wifi always be 
: : r: ' 1972 onwards. Initially. British the Case anothe&matter. Some 

of the old hands in the oil 
financing business privately 
hope that there will be some 
disaster, such as another Eko- 
fisfc blow-out, which will show 
up the very real dangers that 
do exist. The success of the 
project financings to date has 
lulled bankers into a feeling of 
false security. At the moment 
competition for business is so 
acute that there are signs that 
banks are lowering their credit 
standards and taking risks that 
they might regret at some later 
date. It is often easy to lose 
sight of the fact that banks are 
basically short term deposit 
taking institutions and not 
equity investors although they 
are being increasingly pressed 
to provide finance when equity 
finance is not available. 

This dilemma is best high- 
lighted by the banks’ involve- 
ment in financing the offshore 
supplies industry where the dis- 
tinction between debt and 
equity finance has become 
blurred over the last few years. 
The banks may consider them- 
selves as merely providers of 
debt financing but in some cases 
they have effectively become 
equity investors. Occasionally 
they have accepted this fact of 
life as in the case of Royal Bank 
of Scotland, which has taken an 
equity stake in Ben Line Off- 
short contractors via its develop- 
itanr -company, for instance. 
jBut. generally, they still cling 
to the'Xdea that equity finance 
is not tflfeir province. 

In practice, however, they 
have accepted far higher risks 
than traditionaHv required of 
them. The Wilson research 
report notes that they have 
** tolerated unduly high gearing 
ratios to help companies 
through a difficult period,” and 


Railway executive changes 

the fascinating clutch of case 
studies tucked away in the 
appendicies to the report empha- 
sise that their involvement has 
not been without its problems. 
The saga of the $125m Viking 
Piper barge is a good case in 

This sophisticated project 
has had what is politely termed 
a “chequered career." The 
Initial cost was split roughly 
half and half between the banks 
and a group of French. Nor- 
wegian and Scottish partners. 
Its first contract — to lay a 110- 
mile pipeline from the Ninian 
oil field to the Shetland Islands 
— was a tremendous success. It 
was completed much faster than 
expected and at a cost very 
substantially below budget. 
Since then, however, the barge 
has had nothing to do and has 
had to be employed as a con- 
struction support vessel on 
terms which are insufficient to 
cover the cost of interest and 
capital repayments. With luck 
there should be an upturn in 
Hie market by 1980 hut in the 
meantime the Norwegian 

member of the consortium has 
failed and one or the banks has 
called in its loan which has 
forced tbc remaining partners 
To arrange a painful financial 

A number of other projects 
have run into similar financial 
difficulties. In the case nT Soa- 
forlb Maritime, the failure of 
a shipbuilder const ructing its 
ships was beyond its control, but 
in other cases the ready avail- 
ability of cheap loan funds left 
some companies, particularly in 
the supply boat business, too 
highly geared and dangerously 
exposed when (he initial 
euphoria died away. 

Risk capital 

Against this background it is 
unfortunate that the Wilson 
Committee research report does 
not devote more space to 
analysing the role of equity 
risk capita) in the development 
of the North Sea. It rightly 
acknowledges that the initial 
exploration expenditures are 
equity risks, and of the £600m 

or so provided by British com- 
panies. two-thirds has come out 
of the retained earnings of the 
oil majors such as BP and Shell. 
Apart from this, however, it 
glosses over the very real lack 
of equity finance for the down- 
stream ventures. In fact, it 
states more than once that that 
it could find "no shortage of 
risk capital for commercially 
viable projects." 

Admittedly, special vehicles 
were set up to channel equity 
funds into North Sea projects 
of which Lasmo/Scot is far and 
away the mn*t successful. Others 
such as North Sea Assets, where 
a number of its investments 
have gone into liquidation, have 
been considerably less lucky 
and had it not been for the 
banking community which filled 
the equity gap on a number of 
occasions other projects might 
never have seen the light of 

It is sometimes argued that 
provided the finance is avail- 
able for a project it does not 
particularly matter whether it is 
debt or equity. If a bank can 

identify the risks involved and 
eliminate them as far as pos- 
sible. then it should be safe 
enough, so the argument runs. 
This, in fact, is what has been 
happening in the North Sea. 
The banks have tried to transfer 
the risks associated with some 
of the smaller and weaker com- 
panies onto the balance sheet 
of the larger companies but. as 
in the case of Chevron and 
Ranger, the price is sometimes 
high. If this is not possible the 
banks have resigned themselves 
to raking more of the risks onto 
their own balance sheets; but 
there is a limit to how far they 
can go and it is most unlikely 
that the banks will go beyond 
the Piper and Claymore financ- 
ings in terras of risk precedents. 

They were the closest thing to 
true non-recourse financing yet 
seen in the North Sea. 

At some stage there has to 
be 3n injection of equity money. 
In the North Sea the problem 
has been disguised by the fact 
that, in the national interest, 
the banks have been prepared to 
be flexible and in fact the large 
oil companies, which do not 
present a financing problem, 
have dominated the develop- 
ment stage to date. The banks 
are prepared to accept an occa- 
sional Thomson or Tricentrol 
financing, perhaps with an 
equity sweetener, but iF such 
financings became standard, 
they would very soon run out 
of funds. It is often Forgotten 
that most of the major invest- 
ment projects around the world 
over the last century have been 
financed principally by equity 
money. The major mining 
finance houses of South Africa 
and Britain were set up with 
the sole purpose of channelling 
investors’ funds into risk pro- 
jects. Similarly, the investment 
trusts in their early days were 
established to finance risky situ- 
ations such as the building of 
railways in Latin America. Over 
the last 20 years, however, the 
importance of equity capital has 
been declining and the banks 
have been called on to fill the 

While the absence of equity 
finance can be accepted for a 
certain period, there is a limit 
to how much longer the banks 
can continue to support the 

escalating capital spending of 
the world oil industry. The 
sums invoJved in the North Sea 
may be mind-boggling — roughly 
$10bn has been spent so far and 
another $10bn will probably 
have to be spent— but compared 
■with the financial demands of 
the world oil industry they are 
not very remarkable. 

There arc all sorts of estU 
mates. Chase Manhattan reckons 
that $5HWhn will have to 
be invested jn the period 1975- 
1985 while Standard Oil 
find.) pitches its estimates 
even higher. Some of the 
individual projects under dis- 
cussion are equivalent to the 
whole North Sea programme so 
far. The 4.S0t)-mile Alaska gas 
pipeline, for example, which 
will bring Alaskan ga* down to 
the U.S.. will cost over SlObn 
and some estimates suasest that 
it might be as high as S20bn. 

Other clients 

Consequently, there is a limit 
to the amount of additional oj] 
financing that the banks are pre- 
pared to take on if they are not 
to starve their other clients. The 
recent growth in so-called "pro- 
ject financing” has disguised the 
underlying absence af sizeable 
sums of new equity capital but it 
cannot continue to do so much 
longer. The myth that project 
finance is “off-balance sheet" 
has been proven false- Sooner, 
or later a project financing starts 
to have an impact on some com- 
pany’s balance sheet, be it a 
producer or consumer, and as 
the debt equity ratios deterior- 
ate the banks will become in- 
creasingly reluctant to lend 
more money for the ■‘euper-pro- 
jeets " now on the drawing 

The fact that the North Sea 
oil fields have been financed 
with such little fuss should not 
be taken as a guide to the future. 
The major battles arc still to 
come but when they do they may 
be mistaken for vulgar brawls 
between the owners of capital 
and the consumers of oil. 

* Committee to RericiP the 
Vuitciiouing of Finaucial Insti- 
tutions Research Report No. 2, 
the Financing of Notlh Sea Oil. 
J/WSO. £T.5f>. 

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The BRITISH • RAILWAYS Division of InternationaJ Har- 
BOARD has re-arranged the re- ve ff er - , '-SjJjS!? i! il4 and 

jrao risibilities 0 f smie individual national .Harvester in wa* Mu 
££53! .4,. Wdmel Bdswbrth, has held various management 
deputy -chair man. wlU exercise PorttoM « to compiny * mmk 
general oversight of the future manufacturing plants in North 
development along , coinmePdai America. ■ 

lines of the individual subsiwary * 

businesses, es' yFeff as the whole Sfe : Monty Ftanlston has^ been 


■ MW - - — 

billtv is being strengthened .by in succession to Lord QueeiKberry. 
ntechur the strategic; development -3* Monty is a director of Sears 
of aU the boartfs acttvitres,- in Holtfings and executive j^airman 
particular, "the railway business, of Sears Engineering. From 19 « 3 
orT Mr. DavW Bowk* who will be to 1976 he. waS chairman of toe 
designated vice-chairman (rail). British' Steel Corporation. 

Mr. Ian M- CampheU has been * . . . 

appointed chief executive - (ran-. Mr. T..W. Fleming has been 
waysl to control the -executive- appointed director of manageraent 
management of the. railways ana division and engineer- 

he. continues to -handle engineer- iB g services on' -the board of 
Ing and research. BOVIS CONSTRUCTION, a mem- 

* . . . her of the P and O Group. He was 

Mr. Peter ValgncourtStrallen previously director, of man ape - 
has been. appointed a director of. meat fee contracting with John 


GROUP. He joins the group frtmb . - Mr< g. Pack? has been 
Kemp-Gee and Co, -gtOCkbrt>K«B. appointed finance director of 
where he was partner responsible W aRREN PLANTATION HOLD- 
for international operations. jpfGs. Mr. T. K. Fans, formerly 
Carter . Breed and . ‘Warburg , arc finance director, is now an execu- 
international ' ravestmenf ywuat- ti7C director, 
gers specialising ui perSonw juA. .... ^ 

corporate financial consultancy. • Martin Evans, of the WeJl- 

^eome' ' Foundation, has b«n 
CONTINENTAL. ILLINOIS has elected president of i]» BRETtort 


over S r6Sponsib»5l ties of adirect or 

fSrn^onff syndications;: of the European Coirfederation of 

ML 52S^CL^pSiem mo* Post Control Actions. 

S Sdm T .£- Mr. Frank Wamer has 

ThnmS'h^b^' iiade manager, SOCIETY, wldch provides homes 

the elderiy,^ . 

“Sd 8 - ^- :^ Snnfl . , Mr- K. N. JenJdns, wbo recentiy 

assistant, manageri became a. managing . .da Betwr jm 
'^ parent ' the London-based Mitchell Cotts 
SS ? OMrt&eiSf Cor- Group, has been appointed eaecu- 


Bell^Lawne -j- jg- to croup iaSooth 'Africa since l?a7. 

Mr. HiriM .g 

-if h«a Sftw groap of Oo® South- 

' - SsySSKfc- 

• Mr. G»«tw *oS&aJE£nZ. 

.. ■ SEDDON (m.). 


Harvester Company. Th - JJ Qll Manufacturers' Association, and 
managing director Of. . "West ..Yorkshire 

Atkinson wiD ^ Jb^rice- Lancashire ; Wool and lt _ aS SS 
former* l maiS Textile ‘ Federatiom^ jjs tot 

Mr. Derek HL F. Smith is senior 
vice-president, Mr. Anthony B. 
Taylor, junior vice-president, and 
Mr. ’ John T. Barradougb. 
honorary treasurer. Mr. Donald 

E. -Rhodes is secretary and 
commercial director and Mr. 
John ML L a mbert, industrial 
relations director. 


Mr. Terry G- Everatt and Mr. 

F. John Rogers, directors of 
PANY, have been appointed joint 
managing directors and Mr 
Everatt _ also becomes vice- 


Mr. Brian Thornton bas been 
appointed a director of WALTER 

' ★ - 

Dr. David Andrews and Mr. 
Boris Sackville have been 
appointed assistant directors of 
PANY. 'Both have been members 
of the: management of Abbey Life 
for many years. 


Mr. P. R Dngdale has succeeded 
Mr. E. F. Bi^land as managing 
director of GUARDIAN ROYAL 
Mr. Bigland is now a deputy 



Mr. £ A. Franklin bas become 
a director of Morgan Grenfell 
Finance and Mr. J. B- Rawlings 
has- been made a director of 
Morgan Grenfell International. 
Mr. fit H. Livingston and Mr. 
J. SL S. Syrett have been appointed 
assistant directors of Morgan 
Grenfell and Co. On June SO, 
afr. A. E. Weigh UI retires and 
Mr. R. M. J. Taylor will become 
the. group company secretary in 
his place. , ^ 

The Secretary for Education 
lias appointed Lord Porch ester as 
chairman of the AGRICULTURAL 
for «vb years. He will succeed 
Sir John Astor, who relinquishes 
the- chairmanship of the Council 
at The end of this month after 10 
years’, service. 

V ' ■* 

Mr- Bernard Cotton has been 
elected a non-executive director 
Mr.. Cotton is Chairman and chief 
executive of Samuel Osborn and 
Co. He bas been chairman of the 
Yorkshire and Humberride 

Economic Hanning Council since 
1970, and Is also a member of 
British- Railways Eastern Advisory 
Board, deputy chairman of the 
Governors- of the Sheffield City 
Polytechnic and a member of the 
coundl of the British Institute of 
Management Mr. Cotton joined 
Samuel Osborn in 1957 and went 
to Canada to take charge of its 
Canadian operations, retuntm«? to 
the Parent company In Sheffield 
in. 1963. 

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*.-• ?3- H,;' V-.’I u .'i .-.t; 

'y- :i : : ^ ; ,-f V 

WhenKen Cfodd is 65, Standard Lif 
will give Him a star performance. 

Off stage, our Uoddy is no clouD. He s long realised that when he s ZD he li want more than laurels to resi on 

He’ll want a pension that's as plumptious as possible. . . 

Being at the top of his own profession, it's normal that he should make a large part of his pension arrangements wdh 
a top company — Standard Life, the famous British. Edinburgh based office that bas specialised in the busings for over 1 50 yea 
Now he knows that when pension day looms large, so will his pension. 

What Standard Life can do for Ken Dodd, we can do for you. So if you need a Iiand with pension or life assurance, 

sec your insurance adviser soon. 

And join ihc country's top performers. 


The largest mutual life assurance company in the European Community. 

And no wonder 

To show you we mean business, we offer more 
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naturally put the businessman's needs first 
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FIRST to see you through airport formalities. 
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The Businessman's 707 

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We are completely 
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So if you've statistics to study 
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The Businessman's 

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We know you won't want to 
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We show films or you can tune 
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The Businessman's 

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Naturally, the national airline 
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A Great Year Ahead for 

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We’re bringing into service 
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Our record for punctuality is 
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! MONDAY 12 15 VIA PARIS 22 05 1 

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2 THURSDAY 12 15 V1APAR1S 22-05 1 

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Kuwait Airways, 52-55 Piccadilly, London Wl.Tel: 01-491 4280 ■ Birmingham : 5th Floor; The Rotunda, 
New Street, Birmingham B2 4 PA. Tel: 021-843 5811 ■ Glasgow: 124 Vincent Street, Glasgow. Tel: 041-248 3588 
Manchester: 218 Royal Exchange Building, Manchester 27DD.Teb 061-834 4161 

V- ' X; V' 1 v= 

L. Daniel examines the prospects for Israel' 

'ISRAEL IS a country 
notorious';.’ short of natural 
resource.'. In fact they may be 
I; mi led in ;hc Dead Sea. w ith 
ils wealth uf potash. bromine 
and magnesium, and the phos- 
phate deposit of the N'e?ev. 
(The small copper mines near 
Eilat were shut down when 
world topper prices began to 
ir abound 

mines and prbee 

tions were, opened at SfebM 

of few resource 

i.) As for oil. although stream towards the end of this pect to complete their - hew tional . to those , from .the- oil- 
nds elsewhere in the year, it will have an initial $30m. polyethylene plant.-. The' Oron works (350,000 tonnes 
East, prospecting in production capacity of 130,000 prospective output o£ 60,000 calcinated phosphates, 106 j)or : - 

. four months ago.. The: pew'jaajji 

has a capacity of d * 

. chlorine-free,; . washed ■' ph^ 
phates per annum, all intended !/?! 
for export It, is expected ttatv 
about half of this capacity .. ?1 “ 
be- readied in fiscal : 195®,^ 

These supplies will be -adfc ' 

Middle East, prospecting in production capacity of 130,000 prospective output of. 60,000 calcinated phospbatesr, lOOJfjjy 
Israel itself (as distinct from tonnes per annum and a built-in tonnes per annum is earmarked, tonnes of -this for the local. 

Sinai > has not uncovered any capacity or 200.000 tonnes per for export and is expected to ket) and - the .500,000 tonnes 
?ignifieani reserves of either oil annum. It will supply raw bring in 930m. once full produc- available for export from 
nr ca-%. Israel therefore has to material to two major concerns: tion is reached. / Mahtesb mines. 

import its Mil requirements. Israel Petrochemicals Enter- Similarly, Electrochemical' In- Both the' De.adh Sea comnleJ 
which it does in the form of prises, located nearby* which dnstries of Acre are nearing th6 and the Negev phosphate mini 
crude which is processed will use the ethylene to almost end of a $60m. expansion which [ .belong to a Government 

treh,e 0U tP** oF polyethylene, will raise PVC output from controlled Organisation, IsrSV 
The basis for the chemical and Electrochemical Industries 30,000 to 100,000 tonnes ■&*:■ ^einicals* which aisb" bpertS: 
industries was laid in pre-State iFrutarom) of Acre, which will, and that of vinyl chloride from a .fertiliser complex in Haifer 
rimes when the Haifa Refineries increase its output of PVC more 18,000 to 100.000 tonnes a year. inclndfng plants for the prenfcj^ 

we:-.' built by British interests, than threefold. Between them. At the Dead Sea. following a -fjon - of "-sulphuric and*^nha®£ 

While pot'"" r.i-ftdiii'rinn <i-ic thaw tu-n nuctAmaw- ..~ 1 ) ;_j .( .,»i,natiAn in uinfM- _. i. ■ * " KlWJr 

-farted a 
1 P20s. Both 

otash production was these two customers will take period of stagnation in world phone ac j d> superphosnST 
if the Dead Sea m the up the whole of the output, of market demand, potash sales urea and' ammonia which 

D.i-I, tVin fi», , .. ; in mill lOW . ■- " ‘Wjf 

sectors were the first stase. By-products of began to improve in mid-3977. nvfr ^ needs 0 f Israeli amf '. 
expanded in the new ethylene plant (for Thanks to the conclusion of a cu iture. An additional Sr 
the accent in example, propylene* may be long-term agreement with an phoric acid plant is to be estatt'. 
nomy shifted used by plants still in the blue- American company, s ties to the ij Shed at Arad in the 
five enterprise print stase. while the high aro- U.S. will increase from 100,000 H20.000 tonnes per jmSS r 
low of irami- mane stream is to goto another to 400,000 tonnes p.a. A special p^, con tentr together with ; 
-intensive in- Haifa firm. Cadot Petro- compacting plant is being set sqq QOO-tonne ' sulphuric 

■i\s which started its up to meet the requirements of plant . ^ Aim6 Min p ies ' 

in the 1960s by engaging the American customers who. joint venture of Israel Chem? 
i the earlier one ai in the bulk carnage of liquid however, are meanwhile taking ca j s (33 per ^ht j -arid at 
supplied by the nil chemicals worldwide. The com- standard potash. As a result Deutsche EntwickfungsaeseJ ? ' 

the ir*60* t 
the Israeli econom 
from lahuur-intens 
m absorb the inflow 
.2 rants to capital 

The second oil refinery 
Afhdod and 
Haifa are 

pipeline running north from pany recently started the run- potash sales in 1977 came to sc ~hafL These~pla'nts wiirn^h^' s 
Israel’s southern port of Eilat, ning in of a new S20m. plant for 1.1m. tonnes worth S50m. (as operational before earlv ‘ 

on the Gulf of Aqaba, where the production of 180.000 tonnes against 650.000 tonnes and 935m. These are thi» oinri^ Ja * 

’.inkers coming from the Gulf of aromatic materials annually. In 1976). -* — * or ttt- 

are unlonded. As both are Full capacity is to be reached 
loeaied on the .Mediterranean. 

the two refineries can also take 
i-.ircue' of crude coming 
through Gibraltar 1st present 
mainly Mexican oili. Between 
them, the two Gnvernmcnt- 
■‘nn trolled refineries are more 
in meet Israel's 
needs of 7.5-Sm. 

than able 




Bi)i 'n 

the 1 

and lha 

; Ua 

•«f the 






6 It is no wonder that chemicals, with 
plastics and rubber, are expected to become 
the second largest industry by 1985 with an 
output of nearly $3 bn. 9 

I Sea and of the 
now in the last 
a second, massive 
investment programme which. 

, _ ... chemical industry, but there ai> 

At the turn of the year, the other brancties - which are 

rapidly making a major contick. 

■■ 1 1 button. to the counter’s balance 

oF payments. Foremost among- 
them is Mahteshim-Agao. a firm 
belonging to tbe Koor group of 1 
companies owned by the Labour-. 
Federation. Drawing on tha 
experience, of Israel’s high)* 
sophisticated agriculture, it 
developed a large range of crop 
protection materials,, which net: 
ted it $50m. in export edrnings:' 
last year. 

Also based on local 


in 1979-80. with the bulk of the Dead Sea Works put into pro- 45 a J ar ? e 

incidentallv. involved purchase^ prospective output earmarked duction a new chlorine facility - 

oi wmen is concentrated in.' 

f.™ F. r i tain amnuntioa .0 for qM . which win not only ^permit 

±25ni. for rhe petrochemical The Haifa refineries are also extraction of bromine 
industry alone. As a result of building a new crude oil crack- cost, but also yield as a 

need for lightweight but sturdy' 
•bis programme, as well as of ing unit at a cost of 955m. to be product, caustic soda, to be P *™** 7 .“hJ/L 1 

^ in plan ‘ «■* b >' raid ' 19 ' 9 - in at £ D P ™ d dU ^°J er ^ kSSSmir .toSrfSP A 

this sector to the economy to expand overseas sales signi- mine compounds of Beersheba, onflratl - on with^ indiMtiw hT* 
«* 3 "bole can be gauged by ficamly. Petrochemical Enter- and partly as fuel to the boilers. ctf iTwhot 

rhe Tact that it accounted for prises, founded by South Ameri- Production of bromine from new ran^e* 0 f plant-based 
nearly 20 per cent, of Israel s can investors, is now producing the Dead Sea brine is to be chemicals ** which suDDlement 
•’nm e industrial production in 35.000 tonnes per annum of low- expanded by 50 per cent to ' ^ 

115 output going 


the conventional line of phar-' 
13,000 60.000 tonnes p.a. by end 1978 maceuticais. • -• 

export, tonnes of carbon black and. in nr early 1979. Part of this is jt is no wo 

1977 with over 10 per cent, of density polyethylene. 

'Ihis proportion is to rise to a subsidiary jointly owned with sold direct as bromine on over- chemicals ^oge^er^wiUi^pla^ics 
-TR per (rni. by 19R5. the U.S. company Monsanto, seas markets, and part goes to and rubher are expected to be" ' 

me main projects now polystyrene. Nearly all of this Dead Sea Bromine Compounds the country's second lar^d< 
nearing compleiiun in the is taken up by the iocai market, at Beersheha — a partnership industry bv 1985 with an out- 
petrochemical secior include a with the carbon black going to with •• Mahteshim '* (rhe coun- pU f f a t 7977 prices and to-day’s'- 
new ethylene plant heina built the country's two large tyre try’s leading pesticide prndu- exchange rate) of nearly $3bn 

^ a cos ' ? c,ori ! s - . But by mid-197S. cerl. of which close to a quarter is to* 

of Scheduled 10 ao on Petrochemical Enterprises ex- In the Negev new phosphate be ex ported. _ ^ 

-»• « 



Now to be puhSished 
in two parts 

August 29 & 30 1978 

The Financial Times Survey on Nigeria will now be published in two 
parts on Tuesday August 29 and Wednesday August 30, 1978. 

Tho editorial content will be topical, factual and present a completely 
unbiased vievv of the country’s political, economic and business life. 
Theie will also be articles on Industry, Agriculture and Foreign trade. 
For further information on the editorial content and details of 
advertising rates please contact: 

*3 *• 1 
: n I 

Helen Lees 
Overseas Department 
Financial Times 
Bracken House 
10 Cannon Street 
London EC4P 4BY 
Tel: 01-248 8000 Ext 238 



The content and publication dales or Surveys in the Financial Times are subject to change 

at the discretion of the Editor. 

i-S^Wa^V- ■■ - '• 

r Jime 9 197,8 


!i ^ 

, s > 
: u> 
mil* , 


rejects call 
pigmeat import ban 


FINN GUNib^AQB,'''ttie' > :Com- levies might be needed to ensure Holland. They say that because 
mon “Market Agriculture Com- that minimum import prices some Dutch farmers use feuds 
mmiaiiw m'suimi « Vnonoh were respected, and these would based on cheap, un taxed laptuca 
missioner. has rejected a French a meetins oelleLs from the Far East while 

lifts price 
of platinum 


By John Edwards, 
Commodities Editor 


fj '-C 

* °D* 

lh *Pr* 
*nd * 

missioner. ha* rejected a French Sitoto f«ST tfi ftT&i 

appeal for a .ban -on imports wto Q j -^ e pjg management com- French faticners use home- 

♦Ka TTirr ft f niamont . fwtwi" nnn. _ ■ n « _ ~ n^nrln ... . .. i n iinil 4nmnv*t£i/l 

* ni «hfc 

f *nai ■ 

ihe £ 


>uric ; 

*1 qj 


"■in s 


ur >, 
"hut . 

la lor q.; 

«ri- — - — ; — — ■ — r-r qj me pig management ™n- nnim ratteners use home- 

the EEC:W pigmeat -from 7 non- mittee in Brussels on’ Monday, produced grain and imported 
member.- countries.; The committee is also effpected soya., producers in Hulland have 

-_But tfl-has investi- 10 approve new subsidies for an unfair advamase. . 
gation -into suspicions -that some Private storage of PUJficat and They aecusuthe Conimwsir.n 
East European, shippers have W1 » consider raising the current of condoning this distortion 
been sen dine oork and canned export subsidy on pork and of competition. 
S r ^to M F?^w at ^fees Pressed meat to help off-load For all Frances legendary 
KS -the Official threshold some of the EEC's surpluses on efficiency in farming, its w; 
iS> threshold.^ world niarket _ farmers consistently Tail to pru- 

7 Tv .. . -France wants the export duc c enough pork lo meet 

In/ ^a . letter to' .M, Pierre rebate to be raised from 12 units domestic needs. Last year 
Menaignerie, the French Mini- of account per 100- kg to 15 units imports of pigineat cost an 
ster ol- .AgricttHttre, Gun- 0 f account. estimated FFr 2bn. 

delach' -said -that -while he The French requests were In the first three months of 

sympathised with the “local” prompted by complaints from the year the Common Market 

difficulties : experienced in pig farmers who - have been imported an estimated 20.000 

France, now- was not the - time growing Increasingly restless tonnes of pigmeat from East 
for a Joan on imports. about rising imports from all Germany. More than ihree- 

_ Somp .' supplementary, import sources, including Belgium and quarters of it was sold in France. 

Coffee^ down 
as frost 
fears ease 

. By Our Commodities staff 

Lamb prices slump 


nee 5 


^an. 3t 

5 Lfe 
- m 

A SLUMP in prices’ for new sea- because of allegations that ani- 
«r i son's lamb at British livestock maJs shipped from Bnlain wort* 

r-nETTEir pp.frc -fiTi Thp -i markets appears to have halted diseased. 

COFFEE PRICES- fell on the j lfac stea dv rise in recent weeks Most other retail meat pi 

London futures inarke. yesterday ( ^ retail* prices of chops and are unchanged this •week, 
as fears -of. -frost 'damage to next) roastin™ joints * - though steaks have gone up a 

year’s Brazilian crop - receded [ Farmers are earning about 65p further a pound. New Zealand 
further. . .j a pound deadweight for their lamb is also Ip a pound dearer 

The F ^ era \. " J^crmnent lai ^ compared with 7 6p 10 on average, 

weather, office lifted .its frost i * .w nn nri.o nf SutviIihs 

: V 

nr c - 
ftitj : 
r ' «!& 

n -«! a? 

1 -t 

i r.i* 
i lie:: i 

warning for soatlierh Brazil on 
Wednesday- evening and' over- 
night temperatures • were' 
reported at about 15 - degrees 
Centigrade. But the weather 
office - warned that a new cold 
front -was looming over the 
Uruguay /Brazil border. This 
front was moving fairly quickly 
into- Brazil . and., was already 
affecting the non-coffee state of 
Kid '-Grande do Sul, the weather 
c^tce-said. • 

. “The'. office”s short-term forecast 
foe Parana, - the country’s main 
coffige.' growing istate, is for cloudy 
weather, becoming -. unsettled 
later 'With- falling, temperatures: 

Futures prices rose! marginally. 

days ago. Average shop price of Supplies nf home-grown new 
leg this week is unchanged at potatoes are starting lo reach 
about £1.27 a pound. the shops and M old" potaloc* 

The main cause of the "drop is from last season s main crop are 
the increase in supplies at home growing scarce, 
and consumer resistance to high Prices of the few earliest on 
prices The fall has been accei- sale arc high and general har- 
erated hy the collapse of boom- vestings in the main growing 
ins exports to the hifjh-pricfcd areas are n<it expected Lo stjrt 
French market. f ° r anniher five days or so. 

French farmers are increasing Some growers say because of 
markeUngs and so therd iS.lftss the recent dry mgier crops 
room -in France for imports. The have not bulked up ds much -s 
export of live sheep to Belgium hoped for and yields may fall 
and Holland has been hindered, short of expectations. 

A RISE in the producer price 
of platinum, from $220 to 
$2J0 an ounce, was announced 
yesterday by Rustenburg 
Mines or South Africa. 

The increase is the fifth rise 
in the producer price or plafi- 
nutn since November, when it 
was 5162. It reflect', the strong 
upward rise In Tree market 
values, which broke through 
$250 last month for the first 
time since 1974. 

But there was an uncertain 
reaction on tile free market 
yesterday to the Rustenburg 
move The London afternoon 
“ fixing - price was quoted 
$1.50 up at S244.50 (£133.95). 
but In later trading prices 
eased to S242. If was pointed 
uul that the increase In the 
Rustenburg price could be 
slewed as rather ambitious 
since only on Monday the Tree 
market was trading at $235. 

There is said to be consider- 
able nervousness at the higher 
price levels. It »s difficult to 
see from the speculators' point 
of lieu- any more “bullish 
developments on the horizon 

Lurking In fhe background is 
the possibility fhat the Soviet 
Union, which has not been sell- 
ing Tor a lung lime now. 
might decide lo resume sales. 

In these cireu instances it is 
thought Impala Platinum, the 
other leading South African 
producer, might not follow the 
Rustenburg lead ultimately — 
as happened in February. 

Although i! is believed pro- 
ducers consider $250 lo be the 
minimum level at which ex- 
pansion of output migtiL be 
economically worthwhile. 

shuuld be treated with reserve, i-^axcd attitude comes from the have been sown in narrow 1 ■ 

s^u r » irr mv ™j».. 

BiiiW- in"lhe""west and normally from July 10 September. ^nJed^rreSn'f.ll'IhK 
then to Shanghai 1 saw little evi- only if ih»e j “ 1 ; a h t t here is insufficient time in 

lU Ihc areas concerned for the 

Drought fears o verst 

,n rtf maize rice ana SOjawcaua. mv n>™ .. “““ * 

k ?ould there be a problem. That succeeding crops to mature > *f 0 r ve^ta - -- 

But this is subject m pro- cou'a mere f w « c h. their planting is letL until after w: , s nCl apparent shortage or 
-esent is * oUIQ De luc ^ ,,u tKa wheat is normally harvested, sovabean 

No other feuds are rationed, 
and there were ample supplies 
of vegetable everywhere. There 

oul lllia le nro- couiu nine u « ■ 7i,Iir ninni«n« is left unlil after w:i< 'no jdd: 

vimi. The problem at pixv.. . 
restricted to winter wheat, sown 

]%l Suiumn and due m be bar- SoeCUlatlOn 
vested from now on. r 

In areas where irngaiiun bus 
been available crops luuk well droilf 

■jnH should have n»innal yields, reports -- . t-l-u- in fsrt rice num »ui|o»» — - -• a • --5 r- ■ n 

inlv where there ha, been no watered by hand. This in fact 0 f ihe country L-0^ CE11 

,rri“uUon and in marginal 3 itua- is what it looks like from the ^ 

tsm^m kmm sm ==:§:■ s 

size (if the average Chinese. 

their planting is ic«. umu was nu ■ 

the wheat is normally harvested, soyabean products and other 
I raised the question uf wheat pulses, ihe mam source or 
imports with officials m Peking protein. The only other farm 
. _ . u 4t.., iic .....irtrtrtA js cutton 

etres 3 year. 

impui IS wuu - - hiuicwi. 4 ..V . 

r ^ ...rt- ahni „ and was told Ibat China always product rationed is 

A lot of the speculation a do imported a certain tonnage. This material, about >ix suetr 
rough! has been due to receni t0 replate exports of 

pporls of wheat cr°P s . De ; «• ri „ fmm Niirnlus areas, and also _ a . • . 

ore easily 
than hv 



The present level of food cm- 



- - « “El ESS 

early in the. day with tbe^Se^^m- 

ber position . reaching £1,807 a 
by the - close Septem- 
ber coffee • was - down £11- 'on 

U.S. wants more beef 



balance at £l,783^5 a tonne, £170- 
below the peak reached at the 

be^iimlng of this weesk. 


-1 f r 


In-WaHhiagton the U.S, Agn- 
cnljiire ^Department forecast a 
sharp rise Tn world coffee pro- 
duction iit the coming year. It 
ptft the 1978/79 crop at 74.6m 
bags- (80 kilos- each). 9 per’ cent 
njnre= thaii in- 1977/7S and the 
highest level since the 1975 
Brazilian- frost disaster. Brazilian 
production, fe. expected to rise to 

20m hagsrfrbm about l7.5ra this 
seasqn, assuming there is no 
seridfis^frost- : Ji ^ 

NEW ZEALAND and Australia Other suppliers are Canada and 
are expected to gain most from Latin American exporters. 
President Cartels decision .to. President Carter, who 
allow a 90,000-tonne inereaseJn increased the import quol us 
imnnrts of beef this year.: 'The against the advice of Mr. Bob 
rS™n Market wtnch--T£ms a Be rg I a n d . Agriculture Secretary. 

surplus in store of 350,000 tonnes. was told U.S. ^Ule fannert werc 

l*a* Uke,y “ Win 

Cmlv beef ■ from Itelandbe mostly frozen meat from 

“SaStrSl? 1 hS- about half.iSheprice inflation in the U.S. Beer 
U S market for imported heeF prices are 20 per cent higher than- 
and . New .. Zeajand . 25 Pf r. can^^.v ear ago 

Tungsten talks 
by Bolivia 

GENEVA. -Tune 7. 
BOLIVIA is boycotting a UN! 

ie case, it ini v.min-sv - ■ 

6 Close watch 5 on tapioca trade 

BRUSSELS. June 8. 

price rise 

By Richard Mooney 


THE EEC c«num«mn today b raam d C 5S“S SSSSSm that J fued^sts 

clarified Us polu;. -n anmial ^ els ' ‘‘ d LJ h p said should be increased temporarily 
feeds which is likely t" cut the its use was s pp j, - t0 rest rain over-production in 

Community’s reliance on s»>a Statistics mdli ate that p c livestock sectors, specifically in 
beau imports but leaves open., non in Thailand 11 01 uld rise mi , k produi . t ion. 
the quesiion. of action against much as >5 per 1 cut oy We remain committed to. 

rising imports ..f cheap subsli- Mr Wiliiamson said EEC recont . Uin p two difficult tasks— | retail butter prices which came 
tutes for conventional cereals. •• «« . . 

i yet been affected by the £16 a 
to i tonne cut in the subsidy on 

S hc£ onkowV^stabtnse j tThich W .( .^'. 

the world market Tor tungsten 
because of reservations about, the 
aims of the talks, reports Reuter. 

The five-da v meeting, convened 
hv Unclad, is trying lo resolve 
conflicting views on whether to 
start negotiations on an inter- 
national stabilisation agreement, 
or to set up an independent con- 
sultative body of producers and 

Sr. Xavier Caballero Tamayo. 
Bolivian ambassador to the 
Unclad secretariat, said: '* Bolivia 

the "market for reed -grains. poraled in the recent Mediter 

Mr. David Williamson, the ranean package. 

Commission's deputy director- 
general f°r agriculture, told 

Lower world 
cotton crop 

lb net) prnduced 

Ishafnlv in the n-vi year or so. imam ne mauu«. “7^- Reason, the U.S. Agriculture ; 7t 
Sf, rKw«n 1974-5 and 1975" !■?'''**“ [ prebJbfJ Department, 

rdSiiSd" Itai' Si’™* tn tapl« : en J eien Sier subsidies for The Deportment . 

fnllnw. if the already protracted ■ tonnes to 3.4iu bmue.- anu an ««.*. ihe 

international negotia lions, arc- to 

by five Kuropean units nf 
account nominally worth about 
£30 .it current levels but the 
reduction coincided with the 
devaluation' of ihe Green pound, 
which reduced the effect of the 
cut b> about half. 

The 1*16 subsidy cm will add 
. end 

oi me rear wm uuu another 
lhL.-j.7n a lb. In the meantime the 
17’. per ceil l Creen Pound 
1 devaluation and the - per cent 
Foreign! rise in Hu- intervention price 

be really successful, is to aim at 
the rapid conclusion or an inter- 
national agreement. 

7|«ASE l :SfiETAi.S- 


•HOWM^Kw-fc 1 


‘■s;. 0 ™ 'Tim mnoiTnd meet.' even brgsr subsidies for h as fereesd will hsve .tided u further 7p a 

read ’ rt :> ' 95m C— lor' ^"™mmitud to a IJIg 5I "" ; 

^ «.assra — 


Ted M«.l lwam rreeued n ™ IBft G5“r^,!!haSl 

I COI*f*ER-E»*r in quiet rra^nft on | £ ] * ' / ■ £ “kerbT' ’wirebare.^ ~tluw mond» IjilA «••«- 

v London MeUt Eichantf. firebars I .jf. _ , JS. "--Si. Alu-rnoon: Wj rebars., ihr«. . 

^tvUj m ITB3 in lau- traduw Jv^j, J^JgtQ-tZ^ VP-^^'^-"-'jaTOnlhS'Trra,- US. 69 -. 8S ^ lL, n f?‘ 

• WednestUy evening '• forff anf ^ % m. »0 -j® ^erb: jwjrcfcars, ttw monilis XT?-.. *>. ^ ^;.QCU.A 

^ :■ ' ■’ ’ Forward^inciat p r ki-c« rose m 

."^SSSe'SS: *■«* 

=6 n~7ah}^SSffS'rM^A mm Sl£v Yar.. aad Cite very a„d Sou.h African ,-r^ihs. 

Kerb: Wircbars. ihree monUw ItTl.5. quleu 


per tonne unless oitacrwiae 


.. „ , , ■^ r^ Sw-viaha,. Forwant^mciat ’ Prices m iMlallP w-ih shortrovwnc 

unees T »t repnacmaiivo markets on 
Junr S C.B.— Cattle TD.alp a k#.l«. 

^ -f« -IT UK— SM-HP I-W3P a k« «-», - 

,-6 4.. Cit— PlBh .*» * ka - , - w -..T l " ; 

E inland and Walei-CaUI*: dou-n HS - P^r 

.vnt aw-rac.- prim .O.My 



by a dtiwirarra (here arxl tm^rsrd rocrai 3nmnll ^_ 76+.S :-1- 
aliPWl- io KW* , prior j “iS HeUTm’nti. 7A4.S 

' touchtOB' Z«32-' Tinrowr 


neuimiu. a-r-w— — J — I - _ ftR 

U.s.$mu.{ - S6-5-6B 

Htt.>ai criCC" ra* I 1 U 1 IBU.- - - 

ooened on» alihlly easier at I6.M0 until renewed uroducrr A-IUm: sicimm.-d 
dSSne the sha^ rail m Uw Pkviaim u,e rally, reports Uill .nd DulTus. 

price and ■oboumientlj' lifted 10 is-ww — %«-n*nla\ - - + *.r- Humie— » 

foDowiRg KOOd pbraknl demand ^and llnj* , , ; — ! Umio 

buying. Tlfe u&siru: in the nearby sjipi'b UJlUA 1 ^ 

situation widened tiw back to £50 ai tins 

ta index Limited 01-3513^^ 

29 Lamonfc Road, London SW10 0H ^-, r^tur^k. 

f - Tax-free trading on commodity futures. , (nr 

V: tnnket for . the staler. Investor. 

[situation widened uw oacK io iw as - ... . ... 

ik Si= l : * ^s&si 

I l+w; , 1+1 li7fi «96.0 _32.» Icl .la-IBSO 

- i - : — — •' ' IbfD.-'HO.O —22.5 


ATT V.-. 





K. Kodak* 

K. Kxtak 






l^M . 

option. I ■ v \ \ } 

StHf" . -V 






4mn . 


_\iurt» :: 
Ki.ii . 

KLM . 

hLM -try, 
KUM . . . - 

IJiatXed . : > 

PmJtpi -- ' 

■ Philip* 
PhJ»l* .7 
Ki-Ji. shell 
K_ U. SMI 

-K76 T 
.raij .r i-°®- 


i 5 r,tv. 

[ -JJ 1 *' T - . 

sea i f 

360 1 
g40 ' 71* 

S4S | -5*8 
830 1 

SSO -IV* . 

860 5 3U + * 

&7U . ; 4 

8240 28 

S*60« U* 

S280 . „ 2Tb 
e.sajr-f :-r- — , 
sab j l — 

L'sso >' J- — 

FZ40 >18.00 ! - — 

F5Si> I H-DO - 
F360. 1 6^0 ; ..r.-iStfl.- 
P7Q • b-TJ |- “ e.H- ( 1^ I 

t — 1.40 | \ 

. . af J1.60 

48 27.50 

‘ t 19^0 
- 1 14.30 


ala I - l 
Jig — ■- 

- j 55a_-^- * * 


_ ! S47aa 


atsafe UJ -67' , 5*25 -25 _ Sales. ? SS iXTBS* lols" of 3 tonnes. _ jpiy 1 ';7 •'■tn'lx U*. '\ur 

imiiniiBJfifiOaZS l-(-fi- J 66Z0 30 4 55 • " inienulional Cocoa Orsanlsoiion iU.S. Sput ji >_.;P ' - ,u * ** — 

-irtiWra’t J--.b750 ' !+'15 — cents per pound— Daily price -Iiirc -'P 

5 t _ TW j OT jJ- i.- ' i ■ I ■ •• • • rii.-M 1 1.10 27 >. Imlieaior prin-s June S. 

aL U i p i m aci . . — , - r. » ! tens oc. i in .. J-.. ... i“-. n ■ iia fjt, i : S3jlav . » mT wn I 

KK. JUHe R. 
il on tradi-s 
fol low in*. 
::hlv IMM Kelt! 
her on trade 
i.ri ,-•»% * rtn*:. 
•-•in trade price 

UII cuulinoed 
Mint m r reports 
I he R-arziliaii 









i agoo 

f-,^2 >- ]f: 179.00 

10AB fjSl. 

. gu'd--. — .-■• J+.oO | : -4 


jy2iT -' ? j 6BB >6685-95 + 10 liday averom- 

4 u.onibw? 6583 90 1—1 ' 660a-10-*-47.5 avcTOBO 

SoXUem't.l t68S ” , The ni.n-i-i 

-UmlldCK.^ :Sl6?I p-S4 i COFFEE 

- mjlT.'imh Jtianrtnrd' cash K.fiSn, - !1U. ■ Robnstas had a K»s active day and ' |( ^. inn uuud supp»ri 
! Ian &. Jtn. M. hO. . valtk-s held firm after s'lflernui early hiltll -.i ihe decline and 

trwTSJ^ Standard, three declines. Preset rtnrnham Lambert t'U-f. ab»‘>: Ihe lev*-:- ol th- da>. 

ISwSf^-MjSr w>. M. Aiiwnoon: reports In tit- dfiuniuin a «rtf nnunai _ . - - 


„. ni.irl . i ....tiled «1*-a> lo.'-r l»«ow- .V'mM.SU: Californian: "•*»; 

ruse. I T-e. snipped lur.h. r ... ih. A(rBMn : Nawls. :i.fliw iV Spa mo. a 

.■ Ion? liquidation and smp- . i a us 3.:iO-:iW Lcmoiio— Iiolwn. j* n ,i 

kj Unit. 1.111 good snpr'Tl on^^otwer '\ JU . ; „ vr up 4.5n-S.sfl: Spama. irayo 


SSt,' tffim mSTSSZ prompi ed hy \t aWn.-ss ln ijj. York wini 

« io. ». 15. 10. B3. short lived as «*«’ i rad.- biivUic armed 

Mw'.-of Kirtf’siandam. tbre-O months Valu« were riO-PO lower on balance a* 

ns'.MO. 05.. to. 20. 15. 10. tjli riose^ 

. ■ ii-n-nii*> r - 1 

.IJIAO-rSllshthr . nuier in .subdual, Cn— + ..r \ H.imii.v- 

liidlntti: 'Aficr eaMnu to EVJnim tip- _prp - y.*»V E 

- 1 vnlut 

Llfl.j 6C5 

l v*7A4 


I — 10.0 :5BU 

,iT ja- ne 

nU|M :■ urilccllnu. the. sharp rvverisal In 
copper on Wednesday evening lonraro 
met S bsTdened to 1327.5 tn the rnnHc 
rtna ronowJnft modwi short coyeruu: 

However, values eased afresh in ine . .. ... 

So.- ■ forward : metal My Aa»JnJ. ! 1640 165 j -54.5 .1670 ll5d 

quota -K £333 on itw loir h«b. Tunjovi-r 158S 1595 -iO.S , 16^5 -70 

-- >: - i isRll i 5 dli - 50 . D : 1580- 1550 

*258/ tonnbBi 

t iii> 

■j- 110.50 

;3!eo i ioi 

- (P 27'-30 


— | iKiiie 

Julie... ■ 

Xli.Jtlel .. 

I » 

.Inis- 1565 1870-10.0 ; 1903 IMO 

1780.1784-11.0 1807 l>B0 
Anw««iwr...= 17W 1715-18.5 1745-ltSO 

IVTlI'i*' 1 ■ 
V ; r >, riirii”v . • 

A il 


SJl.S; !. 

J.;*> l jMXIIll' 

.10.2 1--.2.2 —3 a 122-0' 19-00 

1^2.2 1-12.3 —1.5 UJ 4t * l.-fJ 
! l.s.fej -iS.f -O. a 1.1 5* -2 50 

i_3.7j -.-4. 1-0 65 U4.5* iS.DU 
. i:-4.5l-kb.u -0.10 

1.4 5> -.6.1. — 1.2. 

I 4.5 2b.Q -0.90 
i .i.iu> lois of 10>' i«nm-s. 

»rl ' f- m - 
! — 1 1 1 


."nuftielnl 1 — 

Ma« i lS5u- 15 ol» -SO.O : 1580 1550 

julv-. 1520-155J - 15.0 ; 1550 




"sales: '1.9.55 (6.7421 lots of 5 lonoes 

LONDON DAILY PRICE T.1W =-“*4jr .... 

£10/ ou i ►•> !*>■•■ a 'O' 1 "' 17,1 r . nr n mi. winter N.-lts 

shipment. ••• •••lute 5u»ar daily pnee «as s wl| _ Standard i rays l «M- 

Mirrfftnn- Cash £317. 17.5. 17. three ro.wHtf.tio. Aug. WD.rD-S3.tiu Ou. un- fina | pr i 
mSmi. M? 26.- u 27.3. Kerb: quoted - VM. ^r.HTXu nnu^nd ^ ^ 

monihs 1327.5. 27. Afternoon: F eb. 170.l»-.5.a0. April .“ J( ^. un . a 5 “ ims 
Ttoet months 025 . 23.3. Kerb: Three j UHl . tfit.oo-nr.quuied. Saks, nil u* ims u .,. 

iTnoa^.fMB. ii.S. ■ ol ,^£r prices lor June 7 >V.S l j ' 

ZINC— Lower til line with the frond in A -m nor -JI— I— 

%nsj? * UIC kcrb - flssssr ss asst jsstsjst 

' if+'-’r 

in Itu 

o4u r 

-ails, oen- Wiped Dili slid 
about ihe lows uf ih 

.. I'laliniiiii inn *n..lC122 

Park- k-w than 1011 lb 3..0 to (-'ive .Morkri 1-133.95^0 7 

44 u' lb 36.D 10 42.0. lhH-lSO In J8.0 IJuu k L.e, ,/4il,.i tlr7-»4 . - 

“’COVENT CARDEN .Hwd '«> 4 »■■■»"' Z ®®| 5 , ' j,’,' p 7 00 

-.•ssa “SSnsN-r^ lz\zz=:$$i* :is.6:»» 

v iTb Linus 13 RHW 3.7<M.1»: U. -1411.., H.-l> 8/33 — 1 .0 1^4® 

\ ali-iii is Ul, ^ | 2u . Californian: /i-.e-w.ii .IC395.25 - 6.25 ;30J 

suMHiin- :ua35.7j| — 4 

liM-ei-> : -Sau-wW 

pauia. ne-- ... 

•ir.w : s t.'io-l-W: s - «""«■ * *“f5‘ r.o'iuii -Hhilj 1-660 

r. -Ji»: Spama: l^ra*- “V'V: i’ 3 n.«'nn- tin -C /-44- 

Cr*Pof*-n«'-' v ' ,rus; . a?” v™ a" -III. lj.r^-1* indp.hi.. C383 

"UStSm 'w- j* 60 " 

jv’iK-li i :oUH-n Delirious 2Mb M s ^ 

- Ill V-s ■: 7U.3.M). jumhle biKes 

n.t7 : . .Misiralian: , ;J' a "" y 8 ^ lll | -ranrir «'*»l<™ l* hill P !'?440w ,... , 

r.^>.ll.! ; ^:ri:n;;>mib^ enu™ : , j . 

r i-ioldi-ir'D^^wr -s'w. "“lUm..- Kni.i'^":: C83.2 ;'o'.25 1.79.6 

hahd ,ll X^; a, !^- h ^ 9 R. 7> 'TXTZZ o Am ..flu ; + 0.25 t’ IU6.5 

"-IUe.,4, 1-0.5 493.66 

Cocoa— . lull' I ; - .«il -1:4 «ii. Si-pi 1-' v >" 
il.!il..V.i. D. ■ li;..«U. JI an h l—.i-n. May 

I/ii -ii July lllji. S.-pl. IIJ.WJ. Sales. 

«i;;i ]•■■.« 



I'rn, i. -u« 

|4il-llir— - 

1 1. •in- 

ZINC - 1 Onw-jal j f n^nlmai f- r . GRAINS 

£ irr 11.1111 


li f .-.Zl'0 .D >q 10IM.10 I0.2a. iSsoK Cipnn' I M-'IHO. Aspansu 

i. \trr unlil'* 

114 faO.-ttt Il4.h0 u4.76 1l 5.60 05.76 
K6 j.-, i 9i lH.7D-fb.73 lrt.85 n5-7> 

A w e ^“Xf t rienn“' Kiierie *0- Straw 
h Cr ^i e s— '‘'lnmian- 0.90- 

Spa n w 0.23-1130, Cherr-M-Frenrb_ 
h", r pound 

— i3uV.-i.n- .Jjse.s 

.. null ir - fc 1 ! 1 - i ~ ' 

1-,l Poial««s — Kpj-plial*. ,il 

, , „rus: 5.20; Jersey 5j-in u-03. Aak-ncta. 
a in- ".Majurean: 4.00-t.4i>: Italian: 4. . 
Bril' any- 3.3W 4". Tomalt^-Purt-h: 

Carrots— l-T-mh: J. antes - lb 

. '■ JTee Enl ill I — i 

sr|4 1C1.7S5.5-11-0 j 1 "? 3 . ' 

i..iU.-1-V In-lev... .f--9 t -31 f - - 6J 

llm ilwr k 1 1< * | A7.7 3|- ' - .25 » i; 

"«ii 4 ai iUihi iv'lb 2 I 1 ' 0 

W.aill.'t- e4- kiln. ..! HB3>. 1+2.0 JoOv 

Coffee — ' I.' ' i .'iirrj. i- Ju'j- 173..VI 

IT :.!>•• S. |d lnSWVli.'. n| . InO.iiII.. Dt i. 

|'.i. J-.rui ill. March U» ’!• anted. May 

•ll..d. lull- He. 17 Jid'.-d. Sepl. 
HII.Li usSed. MI.->- -I'M lull. 

Copper — lune 4n «d : nn-. Jnlj- A-i.'+) 

.if: 'In iu r '. ir4. 40. Seri!. 64 HU. Pee. «.f>U. 

1 1 a. r.7 lil March il» IU May 10 July 
70 It) Sepl*. L'lf. 7-' Mi. l-'eh. 7e.HU. 
March T4.'bl. iijl-'s I -U» l+iv 
Coilon — Sv. J. .Iiii;' ?!* “.1 > jl tJ.. Uci. 
i d! ftp -1.2 2!i- D- - a... 4."+. I.iift. March U4.53. 

1 Mji n.I ,'O-ie 4H. .lull i.o 
j «v: i'. Sales 4 jvo io:s. 

'Cold— Jim.- 1>J fl'i > 1 '11.7*1 1. July lrf.'.WI 
• |itiSl>. .\ii." I >4 Oil. "el. 1>C 70. Pit. 
t-'i'-O. V'.Ij lf>_ :n April I'JS.VII. June 
!'•• TU \u-4. ?i>] .'ii iJki "_'U 4 2l> D.-e. 3»7 3il. 
l-.b. 2 1 H.20. A hi. I .■13.10. Sjl-v 7 144 lots. 

tLanl — ' hie.uu l*»w 22. eu i>am>.-i. NY 
prill).- -MrjMl 24. I* ■J.'lalli. 

IMaicc — July -'.’.T: -.'A- i ii< 1 1 . Si pi 2 "9 1 - 
.'VJ , 2 .".'I . ■ . Dec. : , C‘- , '2UI I. Mar.-h 26d,'-3dKi. 
May 27'2 Jul> "27 1 \ . 

SPIaunum— .I'll'- 24“ .*41-246 hil i24*> 2".. 

■ ill. 244.7ii-J4i.. "at ■24 , i3o>. fan. -/ImiO. 
tuni ■-■Jii , 'n-2ju.lo. July 2.U 7V-2SC.50. Oel. 
.■ i4..iii 2a4 To. Jau f.ak-5: 

* Nominal. 
in JunH-AuRii&L 
a Per ion. 

t Urumoied. 
u; July. 

i: \neiiM 
z .tui"— July 


I 327-5 U.W 3 25 -.5 -6 26 Biart" D o5;rrti “:0p luva-r .m vhiwl and i.7 i5 » 50 ii7.*ii.2t. 2? 

flfjA w _ . lie ^ A ,._A k a.—.— r.vmnu ft-ifll MlVmf! Sll0pOrt 

^ nmmii's. 


Mat? 1. 1 16. la I8.S J 1 lsiuh 16.2a' 1 19 75 17 2a 

M»e ‘ VIS .1 Sittl.tD-SUKUa.lS - ' 75 
L4..0 5 -U 124.50-25 5t ; 125-60 

J„;.uiid D. 90-1 .00: Hun- 

56- lb. 

= 1 . 


^iCHELLC-S Cabare^l^- 

p&^dgnondv Verde SiW.J- 

Sr Ultima 

337 .5 i-S.d ' 335.0 6 —4^ barky' ' Comnn reial iwrine ' u#p " r * 

^m.iii 1 r.5 I — ; ■' steadied wheal, vchleti rlov.-d un< lians d 

JSpd •- A 3 , .*..1 29-31 IU very tbin trading. BajJvf «"«' » 

- s-w w r; 22 :i 

.- Morulmi: -Three monihs 13 rp 
M 5j3k 37. Kerb: Thr« monies fW*-;. ' 

3C “ » tWriritm:' Tlirce 1 months £336. 3 oj, WHEAT < 

35 ^5.' Kerb: ThrtC months EM.ii. + f.r ' Vr-i •+>!«. I -• + «< r 

' 31 'ol Ii! el 



930 2 BA 2-3. 

; partners-; 


l-ewivjknii rf the fixiia tevert were, spot M|IV 

®^aoWn 4.6c: ' Baluevs 'done: Wbeat-S-mi Mum 

dowalkjtt-' »x-mOBlk atixe. down Sc«-. S3 JM6.13. Jan 9l.ib4U.uu. March 
SSTi&h to nil. tfrirt: « 

metal' (HKnrd at 291 ■4-^.'^ 5330 Barley— Seal. SO.aO-M.IO. Nov. &.W-92S3. 

i^-tjosed at 2S5-8-290-SP t &SMci. "^T^aa u»h nil Mav 90.75- 


: T ss»'?aa^ >ss , 'i« l j:5: 

.oer.1978. - 

LBWlMKjl n *gy - *5^; 1 Tndart applicatlCHn 
rate -«1 OOfl.OdO 

?T?SSSK»”8im c5SS»«»- 

, fen*- .nrWsh; , .awtff 


-jamev »• ^=A«n«GS -AND-i 

. St;, -W’J AWTNGS 

.ftutFTUia- 7 J • ' - 

tun v— - - ' - * — r> 


_ 'Refiners 

. - Basic MetS Co; Ltd _ 

1r T Viheya«lWa«R.'' London but 

01-2786311 Teley:-27^-59. 

cj a .,, s : >a>i -:;.7S6. lois ..f 3" main's. 
Tali ll»l I'li cl-rclil»rj line* r « r t-j-io while au™ar EJ44.4ii 

isanui :i '"‘i' 1 -' ,or hunie iridi -'"d 
n- r im , . ■ i:i. • for i yp jrl. 
iwernatidnal .Suaar RsravMMU 

- i s c.-iiis m r pound mu aim 

l ZJ.7r: JI. wr.-D4.l3 7-1 

iviijj h\. r ;| -'- •** l, - ls ' 

SiWer ves Wed 3^0 an ounce lower 
fbr'-fiSt delivery on the London bulhoft 4„„. 

* SMSP- o* M«. 

B'7.5 i : i O.M 
BS.zO .-f 0.25 


95 7 j ! BB.3a |tO-IO p-pans B-n-* 1 

Ub"25 | So. is ' 

Business done: Wheat—! 5**01 S3.93-S5.75. 


LONDON— f !l " market wa» unchanged 
in >"jhlU ■ I " rcr ,n » " u "' 1 wsr,,Mn - 

■ Tjliiurinan: Per 

" a Ennllsh 0, ** ^rodu ce— Polaloes— Pc r 
.... h b m St). '. r.n new eri'P PM P 011 "? 
\1 Iilti- K* n -» ... „ jn „ jo 1.20. 

cISroJ^STr^ir-i; <>.»•- 14U.fl On Ion v- Per 

Rhubarb— Per lb nu; 

ili.ur II.H.V. Cueumhers— P«-r ,ra l 1-’-^* 
fS-ii. Muvhraom*— F’yr pound ■.» 

•r«s^» l »sinr 

3,nS^' r >i r u^ 4“s 

>2ii.:: no. Celery— P> r l- ,s 
Uoaraoua— h-r bundle uppro* 2-lh 1.00- 
^ “^berrics-Ker t-lh 0.1B-U.M. 

Hjhc-y Smart, 
i- nee per Him 

An-i ii i»" 


1 ,-l-.r.ty 
l liwe 

dlLV-BR. Bulllmi 
.-j*r. - | Mata* , 

I j I 90.75. S 

j. ,?H L.M.K. W- oe IHPO 
i_ ri.»e ! — twr cet 
! -I Norther 


+ "l. 



Sal. 0-55.0 +3.0 
■-’.ir u 4 j.|| 

- ! *SSi ::: :: 

2ti. U-5O.0 > 



NAIROBI. June 8. 

The British Government has 
niven grants worth £--5m to 
assist Kenya in a major soil con- 
oervaliun programme. 

Equipment including **3 crawl- 
er tractors, bulldozers and rip- 
pers five 130 hp motor graders, 
17 Land-Rovers, and diesel water 


J mu P June 7 Jlbniili «■■ 

, \-i 

I ' 

24B.B0 I 9SU.61. 242.71 | 257 46 
I Haim: Inly 1- 'BSW= tout 


June 3 -June 7 .llumli ■u*, ! 


1522.8-1525.2 _ 1455.7 | 1625.0 
i Ham*: inoinmbe* is. imslNB 

’ Ihitt , June 
June- i 8 


June i Mmiil' 

.ninw .... 55B.66'459.10 357.77415.30 
Fnmre .352.46^55.3d'341 .42435.82 

"f Avenue IP74-25-'M= mil 


MiAly * 

June Jiiih- 
8 7 

S|hh 1 •■n nnin 92 1 .4' — - 9C8-6 9®*- ' 

i Peeemlv-i It >«ni- l-i> 

FISH -Supply gaud and 

. Prie«.-i p,T 4ton.- ‘Ji "• i, ::> ' 

over this week to the Kenyan m dv "mproeeHodi: sheir v nd 

Jail nil. "May M.73 

1.75. Sales: li lois. 


cent June 96.75 Tilbury: US Dark 
Northern Spnna No. 2 H P |-r Jul11 ' 

.. E6 56. July *6. T 5. An*;. H7.S5 irjnOTipmi'iii . 

I East Coan suHrn: U.S. Hard w ”“ l ' r . ... 

^ ' ood'^ 1 ' OTs uSu Lfi.i5 qocucS7 EEC UO v^-ai unniuM«4 1,, ^‘ , 1 " (1 J" i'-.,,,, m. 17 Land-Rovers, ana oiesei wdici cnlMSBY FISH - 

lin -lik - V ‘ - - M “*“ : ,n Vnrf ^ 1^ .mmi' '!u IycnE^ GREASY orJ-.r buy r. tankers and lorries, was handed dcmaBd aeW i. Pru-.,i 

ninimllni- ' 5-7.1SR *•» _ ]fl6M auk. 101 nn traiisllipm.'ni east SYCNE. _ SJ |^,_Hicron comract: ' — * e 

t mnottu-.. i jSfi.Op +2 - ? ™ . Coast sriii-r-:: Souih Alr.i an Whitt Ju:u- si-' I- r ylj wji" t’. iV-t 34*--. 

“iMMamver 735 UnT. Inis of W.0W July 81.50 Ulascow: Snuih African Yrilw Jiiiy w ■ ,j'- c, , rcj ' ai.o. 
i affi le modths 9U M. JmMnly »I*» CImbow svlU-rs. h«-n, 3 m* -V- Vjn h ..- Ai jai 

S5f : «2S ^ShSr&nKr- . 

SS>! ! ^ ,i -, , arrt nr “ £-’**. J r». ». 

327.8, 7." > •«. • shirs £97, ul>- Feed bf i C y: S Lnaulnsmrc - 1T ^l,-.'op 0 RD-S- i-tKl |..',m.V-rs m 

ITlTC fiK.90, Wiltshire Jl-0. , . -m.;, i 1 i*ric*.-s fnr mnst giioliH'^ 

. jJJTJb • •• - T ^- L'K miwivtarv iwflidriH fnr thy m-J-'-l Iniul Jam . 5 11|P 

” and f UK wc<* from June ls vJtP'-'-kd 'o in. u* 1 ^ 1 ,, a || k .„ ,, , 'onunuim-- lirnii'f 

rs> us nurk>. iv a hi r>. ih<- 

'it- 5< ason an- lm in., h-.-ld. 

vi nr % m».iH »i* "“H «>r here ha:' 

Ateuhv at forw-.rd h-.ip—l 

j ili'ii. i- 
I . . I >L- 

•Silver — lull,- -..'7 70 >.*'j4.'. , iii. July iUIA 
j - j.'* -in • . .-'.IU. 511.0(1. S--MI S'i7 : -0. |W. 

|54'I-'II. Jni. -O Mjfi-n Ail. 40. .'lav 
1 -,,.'1 :mi. luiy "s” -'u. S' pi. D- c. 

1 •■lll.Jl* Jill U>-../n M'Jrt-h I'l 5.JII. Saks. 

i, nr.P luif. II. indy and i-l.irinar spot bullion 
.-..■a i.hi '5:4 - 1»*. 

Soyabean 4 — Jill* - rt»'-ii-fi ilisv; i. Aiu. 

I m-'O- S. M. KuC-ohf N'rt. W71- 

6J-J. Jan c.huv'.ii: Marsh fc37.4A7. May 
w.-'-i.r.-':. July r-t;. 

: Soyabean Meal — .lulv I7.:.(in-I7r.i0 
1 173 :ui Aim. 17:.5 ili“.iiiJ *17-1 10-. Sepl. 
175 5ii i" i ir:.i>iM7:su Oi-- in 50-172 no. 

j. n 'Ijrdi 174 5n- ITS nn. May 

I7'|.''I!. July Kh "ill. 

Soyabean Oil — July 16 'id- Jit 15 iJh "JO*. 
Ann. J'i 75 J.T i‘ i-J."' 5'T'I ii.45-2i.SI. 

■ Ill J4-.VJ4 p' l. 21 1U-J4 Ml Ian. 21. so 
M.icli -- : *-«• I-: ■ 4n July J:.2P. 

Sugar — :,»■ li- July 7.43J 44_ 1 7.44 . . 
S- cl 7.II-; ■-'■.iliii-' >li'. 7. >7.ii. Jrtlt. 

-■ 24-v .-■• M.ipn v.IU-r.&i. Mar .4.75. July 
"«r.> ii:u. s.itvy io. mi. 9.ib-»2ii. 

Sal.-i: J.s.'hI lull 

! Tin — .”.>1 .i-.Vrt li 1 5.7 ! uU-.Vai 0<1 asti-fcd *. 
i "Wheat — Jui; :j4:-:j 4: > JJ : 1 Sent 
■I2i>:-.rji.: 1 :.7 ■. rt,-... V.f..-.,-J. M area 331 J- 
:'™ir. .’.Jay 7J!i,-Tj , i. July Z!2:. 

Wt,\;!ll-Kti Jilir v Rye— July IU7.M 

bid > IIIT !MI i hi. iUb.SS hid liUn.^fli, SuV. 
IP 1 7(1 avk.-d tvi-. ini. m bid. 

fOats — July TH till bid iWLOOi. 1 'cl. 76.50 
bid lift III jAdi Die. 74.90. Alaith ig.30 

Ij Barley — July 77 W in 50 bidi. IM. 

I 77.50-77 fill 1 77. 7u asi-i'di. Die. i».w hid. 
, j.-i.h 77 9u 3sf.-d 

{ §5Fiarsocd — Julv Jnl Ml Lid iJAUliUi. 
; uci JiTi ju. \u\. 259 uO bid. D-c. 25S.nO 
I a<t.i <3 

1 "Wbcai-'iiiwits i:» ii>-r •••in protein 
!..iin:>-ii! uf SI. 164 71 ‘Ifi.iiki 

over lh(s* riL'ulturu bv Mr *-0d‘linR«s 12 :ut-cs.00: larm- hailrt«--k 

MiniStrj Of - lUrL ?' Ci'.n! medium Cl.3s-I4.on. --null — 

Ti‘d Rowlands. Minister ol otare large juatcc r-tvo-tijm Hi’’* 11 "if '• 

r-i : Piininmn. n ju.riTn h..e> cwi^ll m.ui mu' ■Jiull' ’: 


SSSS s irsJs ms izrs.z 

T»*U IIDWIAUU*. lais- moiw itu .. 

m thi’ Foreign and Common- r-1.06-14.7n. best smau ni.«-i4.i»*: 

. , " .-irt; ... ',.-hn ie nn J lour di'sfish- turuv fk-.w. m, rfium P- l,l|; 
wealth Office, wno IS un j tour ^ ^ £SOO mc4lum ewr n u»«:-u 

nf Kenva. ii.K0-rg.-ju: nn* al..vt-£2.ou: miih,- 71 

We" are going all out to reach u do. 
the small-scale farmers and assist * 

. ‘ . flrtht ap'iinst SQll PALM OIL. London. Closing. Jmic •* 11 ■ 

l hem in llH. again. . i ani1 %|IB ,-uw.w-4U.uo. s«*bi. sw iuf.e:u."“. 
iT'ision.’ said Air. .lercmj 0i ., Nov -iso on.ji5.iu'. P- 
Nva n av, Kenyan Minister or Agn- jan. aim Kcti. uihhmu'-J- 
culture. SbI,k: 

| ,\lt t,-iiis |»-r fwiuni i-x-irarcJir.ii*» 
1111!. .'•* oliii-r.O«v siau-J. -<K P'.'f troy 

suit uuikv Ini*. ‘I'lia-ayo foosi* 

I., r iliii |h.»— Ivi't. i>r pri'-.-j. pn- 
( :U || . d.i-. Prim, .Cvilil l»h •' V IiiiIP 
l.ili! -C-iii- j:— r Mi buvht'l .'\- 
rf.iT' huU'i . i.'iiiu t.iwh.-l l»l - 7 Ss p.-r 

J-,,.- nun.' r«r .in jZ 'mu. uf 09.9 p.-r 
puri-.v ddnir.-d VV. ■ 1 ’niis p.-r 
iriM '.llm i- iT.'\vnr> nmi-'- • N- w ” V 
• ..nir.- ' m ss 0 sh-.ri ion for bulk Inis 
„<•" iiiir short l-ns tl.'livr-rl i>l>. i-.irs. 
i-iinajM Tnii-ii*. St. I.*mis ->«■! Mum 

- I Kills |.--r n'J !!■ ou-h 1 in mum 

4 Jv r 21 it* budii-l f.-iiis n--r 

y. ]h hnsh-1 'i-Wdri Iwiim . * fi'i'iv b'T 

ji, M:-h. t ,> IlilUhV. hUlheJ 

•■. »C P> r luii-tip. 




Money supply fears cut Wall St. rise 




IN VESTMENT DOLLAR t<i WO at the dose. Trading based M-2 med sure jumped 45.7bn. holders have sold a blech of about li-tf.s. The Oil and Gas index, I o SO pfennigs. The BundesbaBk 

PREMIUM volume increased to 30.38m shares Also after the New York stock 370.000 shares and dropped a spurred by news of a discovery bought DM lim (DHt 2ft3nj> 

52 go t« I— iii}"l (H3*Vil from Wednesday's total or exchange close. President Carter planned proxy fish t. in ^ 1B West I ? ei 5? , «? a ar ? a nominal of paper. Mark Pofrefen 

Effective S1.8S50— 482% (43J%1 33 . 0 Km. vowed to hold the line on the L. EL Myers gained H to S12J Alberta, lumped 31.9 to 13923, Loans, however, were steadv;' . 

AFTER WEDNESDAY’S modest Some 0 f the late soilin'* was E cdcral Bud « ct . c " 1Icd 0n °n a favourable research report, 

reaction on profit-taking. Wall attributed to a continuin'*- decline Con t' ress 10 awi,sl bis efforts. while active Gulf and Western 

Street resumed sis upward path j n ;he dollar against* major California savings and loan added * f o S152 on raising its 

yesterday in very active iradine. foreign currencies. However, they companies continued to benefit dividend and repnrnng better 

However, most of the day’s add ed that many prices were ripe from passage of a tax rollback third-quarter earning.-, 

advance was tost near the close. f or further profit-taking after the measure on Tuesday. Great _ Telcdync jumped ei t o Sllw,. 

as investors began vasiing a wary reL - e nt sharp gains. Western Financial added SI to Du Pont 1J to Sl-1’- t0 towards the Federal Reserve Analysts said the market was sas * 1 - Financial Federation, which 52«8 and Burroughs U t0 

Some of the late 

Jane i 


tadastrial 8B2-08, 

index finished a net'9 «»» ‘ frjm 

q win oe looKtng tor a signal trom '**'*“'“ ‘ *" T'*' Researeh-CotirelL bn" e\vr. came t East Germany having little imdaet 

nn at twin aftnr rpirhm" lhe * ,ay rel! ”l sales figures. due Pacific Telephone slipped , to under heavy selling pressure when lOKyO on trading. . . i ■ „ 

25. n i5 htd I mTd~ today, to see whether recent *l®i after it said it may owe the , he U S. Occupation:.! Safety and Stock sht>wed a firmin* MJchelln “B" receded ,23 tolsTAHTJAED AITD EOOSS 

reports of a h«i 7 load or von- U S. internal revenue service Health Administration cued the tendency n another mStl *** MW and • . KWw’ftaiw ' 
sumcr debt nil) translate into a more than slbn in back taxes. comuanv fnr •. inlaiions in > ; r _ j i weakened-— rhn nihhur-. tminssn 

to 2 Sn.o$ and Metals and Minerals reaction yesterday- following the 
10.0 to 982.4. recent rising- trend- • • 

Pacific Petroleam. which re- ,M°st t sectors were - -lower; 
ported the West Pembina oil find, altnougn Banks, • Foods-' and 
rose 2 to 8351. Husky OU were Chemicals_ recorded taegular 
up 4J to $33; before being movements. _ -. 7 --.: . 

halted shortly after the opening, Faigeot^ Citroen retreated jag 
pending contact with the com- 10 FFr .3643, wi th newB Of the 
pany sig ning of, a FFr L 6 bn. contract 

to build a transmission plant ~ In 
Tnlrvn East Germany having little Impact 

1 UK j U on trading. • - . 

session lead over losses of h\ e-tn- mer deht will translate into a more than 
two red uced to a respective S«, ra „. ofr1n con3limer buying. KLM Roj 

„ „ U.S. April consumer credit despite rej: 
THURSDAY’S ACTIVE STOCKS called 8222.7bn. up 17.4 per cent «n annual 
S'.<n.k» cuwiiw-of . 0 from a year ago. the Fed reported Twentiet 

ir^drd prww dar on 

T> TI Pharmaceutical* hi* wo jj 

H'lri-Olnd.- Tir- 45-'. Mil 111 

Kaufman and r.rnad "71.3)0 

w. &iiiixtioiii><- .-ss.fiiHi -j* 

F^nnii; M J>.- . -7I..91KI ill 

HiluJli Toni . S72..10n ,V.I 

I-.-rro . ItiO.IMO .!'li 

<;u.f and UVsiom . 2>.0iM 
Pl.-uiiuiii: h(.v:arth . •«#. 2 on T| 

S 3 mho s R-nijiirjnls 2l9..1mt JHl 


|.lj..n Loin, 35ij 

A' I- 1 ^raf ill . . 24 1 s 

.A'.'ln, Life* t"” 42 ■; 

.\sr l a r*Hliii.-In 30 ^ 

Alrt-i 50 

A A In hi in ■< mi, 28' a 

Al.’«. 45 

Ml-". I ji.lioni... 18>i 

AllcalitnV 18 

A ill— 1 1. nciiii'iil... 417 a 

Mi it. I Sii.ri~ 25 

AIIm i 'l»lnirr<... 34 

.HI VX • 34 

Aiu-iwIn Hw> .. , 31. Vi 

Aim. r. A irl I nm,, . 1 Z ‘-4 

Ai:--r. HrW'l-. .. 51>r 

A'lii-r. |,r.«ikii-l 52)| 

Am-'. 1 . aii 41 

Ann'' . '.vomin]iil 3 1 
Kir", hm 22>j 
Aim-r. k\(inv*... 37i; 

Aniw.HimlOl'Dnl 31*2 
Ani'T. 11 "•■Knit... 2 5 A*. 

Am. r.*. .. 5 ij 

A Not. 42 Si 

A in— r. >wii.ln/'l.‘ 47 
A m-r. -'Info... . 35 

Ainw. T..-I.A l*‘i. 61 <a 

A m-l-k 35 U 

AUK 19 ; 5 

A IIP' 33 

A l|i|H'\.... lljlv 

Ail, -ii- r Hi'-t'IMj. 28>« 
Anli-ii-t.i ll'i-i-li. 24l( 

A'liii- ■mn’l 30 1< 

a.-.\ I 9 ; j 

A -nin,r« i.i 1 1 > 131; 

from d year ago. the Fed reported Twentieth Ccniury-Fox jumped lives The nock tumbled 31 to “L h« Uitno™! „ ^ 

on Tuesday. In the absence oF j to 838-it has asked i he Federal S2 ^. via i r i'S,? Hong KOD£ .. . 

-it stron-d capital spending by busi- Communications Commission lo which gamed \ 39 to x iOa. reflect- . - “S * iUU S . • , -- 

“ ' nesses, analysts stated, consumers order Chris-Craft Industries to p anQ J. 11 ? increased domestic demand Market rose sharply "for- the 

have been the mainstay of the say whether it is seek me control ^ dndaa r ° 1 ' electronic parti. AJps Electric eighth consecutive session- in 

economy to date. of Fox. Chris-Cran were un- share prices were inclined to jL^n^v-nV, 0 acuve trading, pushing the;Hang 

After the market close, the Fed chanced at SJCt}. move higher in the easiest trad- fe" S SS S2«‘ t^S^3E*£*** 

reported that U.J>. money supply ICN Pharmaceuticals lost 12 to mg in more than n month, the E . °., Y ren S “ ore ,ts ] ^*‘ est Jevel 

M-L rose S43bn in the latest S3! in very heavy trading-lhe Toronto Composiie Index rising r„' h U £ a "^L en ^ 19 ?- 

reporting week and the broader- company said dissident share- 2.1 to a new hich for the year of lho ^U>b ™at«is|iita Electric hard- Aaross-the-board gamr included 

. ^ ' en *d *4 to i <15. Jardine lUatheson. up 20 cents ’at 

~ I . i i " " " , Firm Breweries had Sapporo HKS14.I0. Hiitchtson "Whampoa , 

p, ‘^ 1 Brewery up Y4 at Y275, while ^ cents higher at HK$5J0, and 

— : Textiles and Chemicals improved Ho ? ^,^ ? ng SO cents stronger 

i.n.--. . si ; 59i : J-iiia MMiit 305 a ; 305 S ifw-.m 50 49 i 3 w. w , Wl . nh ig: ; ig; a on the recovery in domestic co m- at HKS&5Q. . ■ :-J 

■ii’ii-iw biss . 513 b -JoiinMifi j.i)in%.m 82U BUi Mtus. d 2 i* 32i; W'vit. 4i 4 +ij moditv markets Chiba Light put On 2&-i*enh; to 

30U ■ 301* Minsmi Uunri... 287^1 29l : K-vih.I.i. M.J.. .. 575. 58'a 55 54U hriXh, c nf ., nro innlnHcH while 

1 «| 27SB ' Z7is J.iiJUniihuiuiK 3&i«i 34i, Ki.ii’^n Unihi. 25 i fl . 2sia it is' Other bright sectors included _ jJe py . Kong, i 

f.rrta.'. 33 33u k. M*» c.«t 24^, ' 25i e K»«*eii mi**.. 32n i 33 AnNfa'ii£iL" 16 * 1614 E hol ° F,lins ’ ^on-fen-ous Metals, ana Jardme^Secqrities, 

. kmi:<ii- 4 17b 42 i« kai-v! A uiniiii'.ii 33 » 33* Ki.iiiii a H*»- 36 j 35:, « i;.~.i iV :94 ?94 . Real Estates and Heavy Electri- HfeS7^0, moved ahead -IS 1 -. cents 

vrij.- 1 -i . 17U . i7ii K»iwr imhiMiiw 2 , 2 i« iXl>wirti¥Z?fT 00* cals, with Kooisfairoku advancing ap*®ce- Hong Kong : • ‘Wharf 

26-8 28 * 23 ,-23* U-rai Hindi ■ 57:, • 87 u u.s.w i* rb .i.. *.vi% 6.63^ Yl3 to Y667 and Takeda Y16 to advanced 40 cents to BKIEL*) in 

44* : 45 i5«i if ; Kfr;;: \t, IS'? Y&S. large I-Olume, whUe Hong Koog 

!!?» ktn -w* 435 ® ».v-im svm riii!.;.. 23 Ih 22 * Teikoku Oil. however, came Electnc and Hong Koug^Hotels 

ir *¥* Tnl? hum*,.... 34* 34 * N.i.-t„ y 41* 411, CANADA back Y IS to Y405 after the recent Samed^lO cents each to HRJSJO 

"iL'.-r 22 ). 221 ? kimisriiOm.. 47* i 48 Si. J. v iiiiiinii". 26* 27 i h speculative advance, other Petro- and HKS1SJ0 respectively.'- ■ 

XV, : 16 * ■ 16 * t'«r p ‘ 22!? !2f? 2-.. ■ SI? , 2 .: , la feums also declined, while ^ 

■J j • "111 HI" f| |H“‘- . bl 1 5912 

* 1 I I'l. Ini'n’ii-HM ! 513* 

1ST'} 1 -nil* 30* • 301; 

I n. krrMi 27* ' Z7it 

- ■? . | L'rxnn Z»;*«>- , > 33 33* 

aa u j 1 '■iniuun« Kui:'ii»- 417 b 42* 

i.nrii— Wni-l-i . 17* . 17* 

29* | Ihiiiii 28* 28* 

445, limit i— . 44)j : 45 

18* I lin'ii- 3294 31 13 

18* I Imi M-nir 25-73 25* 

41* IMihi, 12 12* 

25 j 1 'tui ar*l> Ini-r . 22k t 221" 

34 ig | 1 Ji-f Vn . 16* ' 16* 

34* j Ilinniun-'i.^liKiiii k 275 b - 28* 

31* 1 Mii-lsr.l-'Xt 16* - 16 

' Miv'l* 52 51>« 

i„.’ Omit-* 441, 44l fl 

50i« lk.u.ri.>,||iii.., 45 46* 

I 20 * 20:9 

31‘i • 4b* 46 <b 

**’« ; U.I f..m ... 121* 1191; 

59 >2 J-ltiib Mnitti 

51* NulinMm J.ilm-in 82 'n 

SO* J 30$b Ifcv-i «i 

I l>4inknii (_.uitn H . 28 7^ I 291; 

[ Jmi XIm nn tins ui‘« 35* l 341, 

K. Mait c>>n- 24^, 1 25 Iq 

I kal-viA-uinilil'ni 33 ' 33* 

KftiM-r ln.liiMii(T Z , 2lq 

! K«im;r5lwi 23 1 a • 23* 

0Z>8 817r Mem:-. 32* 

207,1 I 291; If-Vimliin ]{. .1.. .. 575, 

35* I 341, lil.-fi'wtn .\lnrt-il. 25ig 

2+i, i 2518 lft»*k»eli lrii«-.. 32: a 

33 1 33* KiOiiii A Hm* - 36 

Kay 13m j 131 * 

K«ntm->4i 23ij 237 

k*p )lri^ 48 1 a • 404 

I Kl.MO W 11 1 1 v r„ .. 34* 344 

(*iuiIktI\ iVrk .. 47* 1 48 

I h."JV er ' 24* ] 24 i 

Kmxi 49* 491 

*n»Kvr <A> 34 J 34 

23* Ui*.v«i IHiich • 57:« 

I3i» «JK 16 

23 7g Hus- ti'j‘ ‘ 1258 

48* Wj-'Ih Svklein 23 >h 

34* tnli-tny *»,~... 411, 

4913 W.«ii H i.nh.. 19 : -- 

32i: MVif,..,. 4>, 

58'« trmi 55 

25* i^fwiB Id 

33 /amtii,. 16* 

35* |j>- " 94 . 

fs.trwi«J¥7?f7 ", B0 5. 

57 r U.9.90 l*f bin- 6.61 

19:; 19: a 

4i, +!■, 

55 54* 

16 15 

16* 16>, 
94 . r94, a 

B0 5: 00* 

6.61\ 6.63^ 

0 Bigb 

55.971 SS.H1 

Issnei inujlc4».rt.V 1.9~12 .;,'l^Z4^ 

_ warn 

Si. lliiunil- 26: 
ti. IW|*.|.. 29 

^aiun >V In-fa ■ 36 ' 

! Lm-enavTianr.. 341j I 341; | 6 ax.tu IimIi 

I mtv 1 Dlraii-i 


35* ' 35 
27* i 271 

Liitcti fi't'iii'..... 33-', 1 33J, 

Lim tKin 48 >r i 48* 

(.((ton (mlit-l... • 20 <g : 201, 

Wn.i. SOU SOU 1 lyx-VhfmiAir.T'ti 2b', 

Kmiui- 1 * 1 . 11 -f ,, . 25U 

z r' i-j*' Atcuimr ll'*» 

«X. r*»lii.sM K...»k, 565, 


34>a K. 1 1 . A 271; 

613, i-.i iSii. * 1 . iu* ltl; 

35U Kim 34. a 

20 U Kiniriv.ii Kltvlrn- 38* 

33U l.iiii-rvAnFi'laln 261* 

16 J s bfnlMti ............. 37* 

28-'. fc.M.I 

24 ie bii-ciliHni 24 

30* K-nuirk 31* 

20 Kshti 23* 

12"i Kwiui 47* 

Ksinlui.l Lit in. -in 34* 

K^l. Ut-'I*. 3b* 

KiiVk|„nt Jii-. . 13 <8 

l/.IKi l-IBII.I 1 .1-1.1 18>, 

L> nn-ia nn l*tn>-..; 23. j 

I j ,1 11 j 42 3, 

Ijli.-Lt Mu.,-... . lS's 

L'k^’Y'uiis.l'wn! 7* 

1 la Milian 12 S* 

11am If. H • 42 1 1 

llu». Hsn- t-i ...’ 381; 

>1 w-i. * 36* 

] llanUtvti Ui» > 47i* 

Marlin- Miiian.l. 16 
llai-tlKlI KlCM.... 21 * 

Mr} L'rfil. Dime- 25in 

I"* . !’«*-. A ti 20 : e I 20* 

35 Mivuiiij.. 15 

27 U -N.-liliiinrfr-Hi- 64 * 

Si M 18* 

4gil '/ ‘v Mi- 21 

203* '* ue U "° ,,tr 

2 j)* -Hfn 1 . ..iiinin-i ■ 32', 

19 4 Seaqi*i, Zai, 

2 * ’Mr.p' 15i, 

a9 -vai 24', 

7| ; 37:t 

ij ln DH*riiL':l 1 55 

12* ? " e ‘ Tiitfi-i-.ri .. 4 l1I 2 

42* sun" 46 -a 

aai" ’‘b ii.pitfL.ii', 1 36 

3 bU ISi.... Ij'r 

47 ,; ■S'l'isw 2 s 3 , 

15 * wm I' h -me, 743, 

211 a 3 

8 viiiui.ii .« i, 34* 

^Ii.tlirru I.R.. K-. Zelj 

255b Smiluciii «... It* 

521, Mini. Nai.Ue .... 37 U 

29 j * -s.iniiri,, I* ni 35 U 

33 lj Suuclieniltaiinst 50 U 


47 -'a 5u>lUi«ni.i 28* 

fjjv y’lt'l Uaii'lMir .• Z'/ag 

20 * -siaiirv Uuii;<,.... 19 

34* Kmii.i.. . 4a* 

3 51* 33 

56 s l -lAiMmit Him ,. 1 . 16>* 

7l>l.'.ii.L*.ii.<rnia l 4a* 

5a , B -i.i, i n. | „. 1 50'. E 

50 U 'til. 'An 1 ■] 11 67 

491- -IRiilf L'liiriiii.i. 43* 

40 * .ler-us L'nij.... 1SU 

251* 69 ■* 

201 * sun 41 * 

I 0 *iin.t Urii.i • 491 , 

2S l™** 30’a 

jo'fl lekirouit 45 

34‘a i w .i, llP 103* 

*}» l>ie* tU 

lit 32,4 

fif* U»a 

wL 'r w '” 24 : 

ini; •■■wthaii" as 

,o - I’.-sut- ' 83 

is. h-xa- LUi A «m-. 31 i-„ , 

Sou I-Xfc- I mill,-.. 20 1 , 

® limm. 3US.1 ' 

L'niikt-ii 52 

?9,J ft*'* 3/ , 

j?,/ I ntiiMtim (in • 161- : 

intnvM ibt,* 

,X. 57U I 

f L " 1 iRii-tta v Inn I a’r : ■ 

10 * I '«»ip Ai- 21* 

n*">lW, 371- 

“•'a i l'n (.'ui-iwniv,, . 20 i 

1-M-W 40 l s 

MlllLtfllKIT !■•.* 38 

U-A.U ; 30~g 

IAWi'i 24 1 j 

to 1 ; 20 


UniiOilSt^i 12.= 1 13 

Vjnii'o Kauir 4.7J 1 4.80 

Ui.»ii liunuiiiini 52i;. 32^- 

A'snma aipf- ... . 21 21 

A-lprpliia {] 8 <: 585e 

Uaiiknl Mirtilf-R 21 ?, 21 -'.} 

Hnilk Nnr* Si,,„ 211 ’ 21 'g 

Ka*i Km-.’.iir+r, 5U t5i_- 

1 Uw Ipieplion!.'... 56* 5833 

I 6 *.\v \ri>o. In. .... 307; 3G 

I 1 If UatMiiR,., 14's 13^i 

Machine Tools were lower on 
, profit-taking. Vehicles and . . . . .. 

21 Cameras were mixed in limited Gold shares improved- afresh in 
trading. fairly light trading, helped "By the 

2 J;’ Anglo Vaal and Gexmun . groups’ 

7s 1 . German V dividends and the firmetlTbiililon 

58* J mai'ket. Buffers rose 70 cents to 

30 Shares continued to gain R 1650, and Vaal Reels gained 

is* ground. 30 cents to R 22.30. r; . ■ * ' 

I6i 0 .\mong Motors. BMW moved 
*4.i?u ahead DM 4.50 more and Yolks- AiKkfrsiHsa 
38 1 ; wagen added DM 2.10, while in r *'* a ' x ** ua 
jsu Electricals. AEG put orr SO Minings remained easier- 
pfennigs more. inclined, although a na table 

29 2 Banks were led higher by exception was Western! Miwiiig ll 

* 19* Commerzbank. which gained which advanced 7 cents to A£L4>3 
19<« DM 1.30. Karstadt hardened after announcing a vety • rich 
|o «2 dm 1.50 in Stores, while else- copper field at Benambra; -in Vic- 
| b , 0 where Degussa advanced DM 2.80. tons. BongalnviDe Copper' picked 
id* Public Authority Bonds sus- up 3 cents to A5L33. but MIM 
tained further losses extending came back a cents more to AS2.18. 



Bni»i»ii. 1 d?» 1 6 j 0 

i'i mu. ti.2u *4.8U 

,7 ; 'J«.K-,n Kmwff... 38 38 

Otniriiii, «]iu,... 14 L-, 

d 1 l' a LrIiriIu LeMi-lll.. ’I 11 

r , 4 >_RIIR.Ia N W |*t„. 10.; IO'i 

»?,* CRnluifi UnkOni. 28 -; 29 

r? 1 * VRIW.IB I/Iilu-I.... -IV?, 1 19* 

5“ l. RllHMCIht- 19* 19 '« 

“2 4 V.RU. Ya Ur. 1m.. .‘0:- 201; 

* Hit. . 1 <u l VI L»l ... DO'-. 5b 

34 .. '-"r'lUU'Kw- 4.iU 4.30 

-.tskRir Ai 10?; ; lOit 

lb* ; 1 1 i«i i it in • 181- 18i> 

37 'h '. Dtninin 2b* 

3aii tlniliur-i... 76 28* 

50 ^.iHMIHiei linn.. . It': 18 

■. t-tflm Kestm"-^- 5-’ 5.12 

29* L -rnlai i, Kwh li 131: 

27'« IrtiKi lift- nil Irj; . 8 l; 

lhat Hfiuvu Uinra . 77*, 7B 

43sj Umii .11 ine- 651, 8 b 

3zfg U, •me RiHroieiui ci 611, 

26Vg LAiimiiirid lir»tu' £5': ’24?i 

4aij tv-inur.., Icj; ■ lbiij 

51ao 15* l&ij 

67* r R'oiirijf .Nil-kip 24., 2b 

44 \1<woc Cru. 7b<. 7&>x 


69 i.ifii.liu 29* 28i, 

40* .lutui lt-l'wkiiiii ;ii>, 121, 

47', ‘.iiiti Uu LaiM-ia 2 fc* 26* 

30* rinwhi-rDi-l.tiin. &U 8 

ll5A Hu. I,i a i-r 33 1 ; 33 1{ 

44* M'-meun -A .... :s:, 36* 

[OUi, 'Hi ••cm l«\- U n- 1 . * 17* 

57 3 i I ii.i— mi bn, 20l» 20 U 

381, rin.itun i.'ii % (.«• 411- 42 

'•V.c:. l&li 19t, 

1 U, 3 d 341, 

251, "*' 1 * 11 x 1 1 »»• 191, 18* 

21?. " 4 '- 19'3 I9»t 

'''•■* « 15'» 

* utliMM Nit'.i.- 10 -s 10 *i 

44 "'ll .'I'll- Mi-. 147* 15 

Altl-L-r lltr*..inr.f • lo . 14 ij 

S"| a U'biiFiuL- 11 .... 9 9 

„ * !#*-«« •!■ . 4 20 4.25 

f il* *• 'hii.i'i, i.i.-.-i, 19* , 19U 

ibH! ,Z5 « ' 

k4l j 1 25 1« 

fi'mnutin-ftnfi:- 3.75 3.75 

?«-•* K",i ... I5i. I la* 

*’ 8 .'IImi. Iciw m.... 32i; 32* 

' 11 , 1 m-; LUi A lj,. 36',' 35* 

39-a -Jttkwpi.i p t i-',i, 4.15 • 4.15 

•'m.-iiiL-L-i.t-i M 1.93 ! 1.95 

NO res "iirrvas unvn snow,, rv-kn, Rud'Oi senp mue. e Her jfutra. • mna 
-t-iihi- j Dr*mmm Rplidan mmriMiiu* nfiross rtrv ft Assumed aWflow «fr« 
,ri> utier wnhruiiitine »z serin aad'or rtdirs issue. ■ .fcAfwr (oca 1 

» n Ma" 1 -rwn nnl-ss nrhsnrnw stairo. [axes m % tax lr«- n Ptiuicv iodti4lRv 
•i-Uis bas-o nn.ner dnrkb-mif. Dins rax I'nitac rtlv. v Nmn. O Sham nplii: r-Div 
' r*i B s sne n-nnm unions aih-rwij^ «•*«!. and vWrl exdmtr soedal aaynwn Mi* 
*, Kt lim ftonnm un!RR« nrfwrwiR* srarwt caiprt niv t UnnArlal trndiitu oifftnnrtn 
r h rs a"f ft-nnm and Rearer cnanv hiilrt.TS only » M enter Dmriine. w 4Mn-d 
■ni>«k urfionk-iw «a»>n. Y»-n Sfl fir-nn-n » Rio. STnrieA.- 1 Srl*r. -Assumed 
i»Ma mlwru-is^ srared 3 Prlr*- ar tim* tt Ex rletifs rrl P?» r]lvM«Td - tc R* 
■> iiKDrnamn n Ktopiiw I* Srhiihnits irrio *ssur_ xa Ex alL a Interim Mnoe 
fi»:i*« niewierwi ifter o»nrllrio riahi* mmasnri 




• ?• . 


tyf.... 21 

oT? 37* 

XRI L-Iii-Wd 53 

4“ 8 L * 11-11 uaintrv.. i 14* 

L-nn-ii I 401- 

aii uiii-wi t •iiiiiiien-, #7j 

2® 4 kiii.m'ii «_ R.ii : 50 

a4 ' 4 ij-ih-h IVu-'h,-.... | 40* 

251, ■•“'"•'"1 1 7* 

54 i ( i.iiiImi ltiRi|,|, ., gi, 

34 lo L. 5 lutmi.ri, ; 32 

oat. t? I -mil Zb* 

17? : 27s * 

70* ^ ' Mw 28 v 3 

33 ?; •-. Iw.-Iiiii.irji.., | 4 b* 

38?i '■* •'•-•‘I'inee... ' 21* 

24i p . injmiR K«i .. 14 1, 

22* lVnere-n 85* 

171 , «1 arat-i- •■nil >ii i 45 

u-tmei-ljHiiiwn ' 31*'nieiii 1 24* 

40* ,v*..R.|W ! 27* 

14/a We-lt-Mi Uniiin, 35* 

fO'a IVe*leni iN. linn 26?, 

" ,[1 « wimi linbin...; 16* 

22 J, W.-MingliM. K -iJ 23 

tv'Tii-IVle-i.-iiiii 351; 

I 'hi. i.'ru I'-i'm.. 32 1, 

'•aim- ‘ 1 .* 

i'e-i|-w "e|-i.~. 4.60 

I •-lac->lnn \ in . 1.01 

l'lH.'irlli|..0|ii|iiii 24 

i'-i«di ■ >(••>•« - It* 

i'> , io«- 14., 

VinH-fv -i ill-- 1.30 

■id net. i ui 3b* 

'•ml ■'Irii 10 * 

1 Kim Aic- o3 

R-ivrI M. -i .;.i.. oa* 

•(••t R-'Irn.i lfl * 

351; ■ 34 * 
32', • 32 
1.* i 15* 

4.60 4.6d 

1.U1 ' 1.00 

24 24 U 

It* i 16* 
14-, I 14* 
1.30 | 1.57 
351, I 35* 
10 * , 10 * 
a3 32* 

5i* ! 34 
19* | 19U 

'.v|i|rr lionnn- - 


me' >.4iiii'l.i .... 
•iieinn '.i.Miii- 

•I— lien- 

■ ■lain-ill.' I 

-le**i ■< t riir-Ir . 1 
IK.-J- IIIR.-I. I nu- 1 
teXlLM Vnim.ln .. 
ll-IIIIIIO Ikini.llk ; 
limuA/anrifii. |,i 
I’omi? di-uni ■ a, — 

I r ie.v • 

Ulllvrti I ir. ' 

L'l*L - l-4-i •- III in ■! 
llR-kPI HiiHIII... 

"■' A'lk-kd 

I'll, • -*n ». 


tis^i i riei-j 

11* ; HU 

! 27* I 27* IVaikei 

Weterluu.RWd .... 247 s . 241, Wmi i_,« n , i^..- i]l, 

11 Ini -jor.i .! 23* | 23* WRti<ni„, 

While i.i-n. I ml.. ' 22* . 23 

W. i 19 * . 19* j Hm t a.hrn, 

Wi-i-nn-rln K'M..' 38 i 27* «--vii 

lb* I 16* 

j Hin 1 4.i,<d , mum ' '»•“ \i nn ,,i,L iF .MO»| 




LOPPtA MINES LIMITED (liKorporarcd in rhe Republic 

tlncornarated in the Republic ol South Africa) 


NO "« T s° p H E S L ?IS S T ? F ED S EEMABl“' ,,T ft" sST IffTfi! 

cAssl£t^s ^^ T E n H E E 5c E i M sftSi L R E E S TArsr&ssAngate 

Preference DiviUentl No. 17 lor six <?4 wt 10 registered in the books 

months ending 30H* June. 197B or lhe dose ol business 

on June 23. 1978. and to persons p re- 
The dirKlon ot Nchanga Consol 'dated coupon No. 61 detached from 

Copper Mines Limited announce the J2SLlliW «i A notice 

declaration ol a dividend on the S', per 55?“^?® 0 l_2'»l4ends on coupon 

cent and 5 Per cent redeemable ciimu- " lr T anU 

lathe preference shares In respect ol £ I 5S 1 r *Lo«a , nn l “LSJi!Si P * 41 '? J5 e ,rfM 
the SIX months ending 30th June. 1978. Sl„„ ,h 5 n „ r ^SI,..t e<: n e i ar, St tom- 

al the rate o» S's per cent per annum M The 1 J “ n L e , 16 - 4978 . 

and S per cent per annum, respective*. t t ra . nsler r M<sten 

less Zambian withholding ta» at the rale ?i’S*d ,e Som r *i..iS! -. ? i DC ^°? eri wl11 b* 
o' 20 per cent, eoulvalent to a net VSStf E5? J""* 7 - 

aividend ot 4.4 per cent per annum and !?■? 8 * .^^flusive. and warrants 
4 per cent per annum, respectively. The ivlii niSt»5 Johannesburg 

divieend is payable to prclerence share. JIjEJKlSHr m "l 8 ? 1 ol »e transfer 
holders registered In the books ol the iSSSSSS nreinrSS? f t978- 

comeanv ar the close of -I Registered prelercncc stockholders paid 



Notice of Annual General 
Meeting of Shareholder 

Notice is hereby given that an 
Annual General Meeting of 
Shareholders of Viking Re- 
sources International N.V. has 
been called by the Manager, 
Caribbean Management Com- 

The Meeting will take place at 

Vlu'uKbiJM 108.0. + Q.3 *21, 3.3 

tkx.MKi.Alj 31.81 -0.3 : — 

\ieem BtihiFlluCB 356.01 + 3 .126.5' 6.6 I r - , e -Ui4iei 

•\MhV ,F .lo,— ..I 87.5—0.2 .Vr 44 5.0 | Knnngue \rI. 
\inrm*nk iF .&Jl] 74.6+0.2 ; 23. Si 6.0 1 'J-U. Innra-Kni 

-ijCJlk.irl 92 +1 : 26 5.7 

UnL-iWM'inll-ikhllS.Sal + l 80 0.7 

ifurhiTii t'eiieiuK-j 73.5a + 1 . 26 7.0 

' ANGLO AMERICAN INVESTMENT bi nevier J iF-.dJt. 1 279.5a + 2.5 27.5 1 2.0 

TRUST LIMITED ^imln N.1 .WWiei'140.7a — 0.3 37J 5.4 

(IncorporaiM .n tnc Rbpoouc r.urot -mi I M Ki.ICi 55.0a 94.8 5.4 

PREFERENCE oVvmEND li»i U.,.»hmFK| 36.7-1.3:23,6.0 

Divide-vd No. *7 ol throe Bta csttl lor lWiif4«uF..dil.j 106.0 1 14 . 3.3 

■'* - " % 9 nt . h l ending June 30. 1978. lew;,. ven ih .JJi' 36.1 —0.4 1 — i _ 

5?®* declared payable to holders ol lunler L» iV iiVf . 1 07 o' .n 3 . 10 ; « , 

the Six per cent cumulative preference , „ Tl' ,,.. ! -SZ'f! + 2 ' a 12 1 * A 

shares who are registered Hi the booKs .i.l—U. rr 175.5-2 ' — j — 

ol the company at the cose ol business liu. Alii.lei iUV)..i 47.5a +0.5 j 26-1 B.O 

OI, Tiie ''preference ^sliare tranrfer rog.Stora **«*■« Vl ‘ 36.0; + 0.S 1SL5 3.5 

and registers at members will be dosed ■'mt..\f.viln-.iFilL 1 10 .&-+ l.a | 48 4.4 

from Juno 24. 1978. to Ju* 7. 1978. .'*|L rwl BkiK.JJL'! 63.0x6— 0.1 I 21 7.9 

both days inclusive, and warrants will >e.| Ah.l Bit <K .oLI 1B5.5I+0.5 22 5.9 

be posted from the Johanpesourg and 1 1 T I 3 

United Kingdom olhees of the_6aivttcr «.l w |1.. M I 157.5a +1.0 36,4.6. 


tram the United Kingdom will rcooiee 'Jhlfwd !F. JJ.i.i 42. 8— 0.2 — — 

the United Kingdom currency equivalent f Innjw t F i_ 1U)....I 27.4+0.4 17 7.2 

on August 8 1978. of the rand value ifjii -su-Ji \ err K._ lOOj 88.5—0.5 — — 

pi iheir dividends iless appropriate tavesi. itui—inKi pOt.. 171 l+l.l ! 12 fifi bh 
A ny such prelenence shareholders mar. 1 "I fiA „ + i n 1 ' 0,3 

however, elect to be paid In South i-v'-muv* ir i. aUr...j 130.8 + 0.81— — 

African currency provided that anv such Utet-Ml» |H. Wi.. ' 121.94—0.1 : 14 5.8 

request is received at C he 0 B 1 CCS or the ii.Hn )J,jmilK .d. 128.7a + j 55.7S 8.3 

before" June on " .*.« 246.ia^4.5 19 7.B 

The onective rate ol non-resident snare- li-vm '■rpiF-.cjfj 187.Baa’— 1 27* 4.3 

holders' lax is 14 8815 per cent. liwt nKite. H ila.-' 112. Da 30 0.7 

I’rirc I + »r , Dir. Ylii. 
I'ft- i - : % ) % 

+ 5 i 177 
+ 60 143^ 

+ 25 

131a I 6.9 

+ 30 IVdll. 8.3 

“■SH 1 - ' 6 6 

+ 6 ' 

— iu 

ESSZ 20th j'une^ l i978. 0 ' bus - nKS STSt' The Meeting will take place at *rgS£slB S Tt '>’• « \ iuMU"’ fit 7J 

-The transfer registers wll be closed on Augut? 8 1978 ol'TS?' "I J oh " B. Gorsiraweg 6. Willem- headland U»nd5no^es“f^T compauv • - >hineHn.lnf«l 41.8-0.2 20 1.1 

I l r °T t 1978. both of tneir dividends ii«. «.r»d r„ nnn MerKerland*. also a * l h « olhees ol the company's WevlMiii .lii.liqns; 405.0!— 1.8 33 3.9 

jaT-.a® Eh. STW j^SrS jSEa^' ' 

‘K’ SK ^ 10 00 a.m . r Urj&^ W Rt C U: 

shareholders whose registered addresses Ysn** s * cr * tari<rt on or before June 23. The agenda includes inter alia, 
ence'" shareholders K wli d 0 , ha^ r maSdawd hol^^uS'TI non : r «'^ n ‘ *hare- » proposal to Amend the Articles 

8 ESSS. “ore add w^^ i n « u ^ JJSSa subject to of Incorporation of the Com- 

Kingdom income lax at the basic rate h^2S , *anJ? „ ^ Irapected at the pany. The agenda and the 

from the lrtspe«or or Foreign Dividends SaSd IJm»ted Ch?.¥- Ch f. r ** r ConMIf- offices of the Company at John 

£ |gk.fessa: ,ani. M "7a. b. Go n -,^ g s/wn^iud. 

Companies Secretary 

will be deducted. imue™. 

The payment ol preference dividends Is ANGLO AMERICAN rnol™ «* ^5F«,5P^£S 
subject to the Zambian eschanqc controT ««ei^tAN CORPORATION OF 

regulations. The terms ol the present WU,M AFRICA LIMITED 

regulations arc such that the remission __ jorrejurtes 

ol dividends IS permitted only at the end rSSTnSfi N1COL. 

ol the. rmancial year ol the Zambian Head 0«ce: '-ompanies Secretary 

companies declaring such dividends and 44 Main Street. 

IS sublcct to me amount being remitted Johannesburg. 2001. 
not exceeding 30 per cent of thr proper- , _ ____ 

tion of the net profit attributable to the June a. 1970. 
external shareholders or to per cent ol 
the topical of the company attributable 
to (hose shareholder,, whichever Is the 
lesser . 

The company's financial year ended 

STst March. 1978. and application will 
soon be madd to the exchange control 
authorities lor permission to remit to 
-harcholders resident outside Zambia 
nrrlrrcnce eividond Nos. 16 ana 17 in 
-'poet ol the sir month, period ended 
'I - ' December 1977. and SOth June. 

1978. respectively. 

By Order or me Board. 
Director of Administration 
and Company Secretary. 
74 Independence Avenue. 

t-usafi*. Zambia. 

3Ui June. 1978. 

B. Gorsiraweg 6, Willemstad. 
Curasao or may be obtained 
from the Paying Agent men- 
tioned hereunder. 

Shareholders will - be admitted 
to the Meeting on presentation 
of their certificates or of 
vouchers. which may be 
obtained from the Paying Agent 
against delivery of certificates 
on or before 23rd June, 1978. 

Willemstad. Curacao, 

9th June, 1978. 



Paying Agent: 

Pierson, Heldring & Pierson N.V. 
Herengrachc 214. Amsterdam 

paled Limited, Charter House. Pm* SWCM. 
Ashford. Kent. TN24 PEQ. 

By Order ol the_Board 
.. _ M Companies Secretary 

Head Office: 

44 Main Street 
Johannesburg 2001. 

June 9. 197B. 



The managers ol the trust announce 
a first distribution of HK13 cents per 
Income unit In respect ol the account- 
ing Period from 26 th May. 1978. to 
28U> June. 1979. which will be paid on 
15th September. 197a. to holders ef 
Income units on the register on 29th 
June. 1970. The amount of -the distri- 
bution reflects income accrued M Inter- 
national Pacific Securities - Company. 

Limited In the period Iron, 1st July. 1977. 
to 2ath May. 197B. . , _ 

In accordance with me nravbioits ot 
the trust deed. HK13 cents per uniti 
will be attributed to the holders ol I 
accumulation units as at 29th June- 1“ 7 ®; I 

The register ol hauler* Of units will I uicuNA 
be closed iron. 29th June. 1978. to Blh I ' 'tl»ri« 
July 197B. Mth cjivr inclusive. 

In order to auaiilv lor the above flls- 

tiieuiion. trnnsier, for both accumula- 
tion and Income units, accompanied by 
tnc relevant unit certihcaies. must be 
lodged with the rruit j registrars. Central , 

Registration Hong Kong Limited. Gammon 
House. Hong. Kong. i 0 r registration not 
later than 4.00 o.m. on 28th June. 1978. 


Hong Kong representative or the .managers. • 

Jardine Fleming International Limited 

0*4 +4 

34-0 0! to.i d.6 
3 I 1. 
i' ib; i 
7.a. 8.2 

a 64.‘4 — in 

. a - 7 

40 8.2 

?y 4.® 


do. o — io 

103.7fii + 3.6 

AHA Ah(Kr.AIf„ 
AltatAvnl tSfKrOC 
ABBA (Kr.aOl.... 

Alias Uopcn<Kr!fi 
•illlern u - 

137 -1 
83.5 « +0.5 


to _i 

L'ar.Lo.. — . 




hriisBuu -l-’rKrtl 

13 j*d 

tl-eiie -B" 

. 1 rnrtgen (Irve>,„. 

dami r-twnkeii.., 


Uofcti Dnui-ti-.. 
-Mihivib A.u....... 

O'JC.K.'H’ Kra„..^ 

10 j*b 




-5 j 

3 ■! 

^kim'l Kn-Liiriit... 
ftiKULlfc *B’ krts 


Volvo (Kr. iiOj — -h 





— 4 

— 1.5 


Jiines Friday June 9 1978 

Currency, Money and Gold Markets 

ins and the 

dollar quiet 

re&iaJjned generally 
T subdued .m. yesterday’s foreign 
; market shut sterling's 
trade weighted Index, which is 
cafada&d- T>y— the. Bank or 
England, remained . unchanged 
throughout at 6 L 2 . The pound 
o pen£d 'at 4l_82i0- 1£220 in tenns 
d°Uar and rose to 
. S1B24^L5250 . arotuici mid-moni- 
njgi : .The. Bank of England’s 
de cagon to increase MLR and 
rantrodnw corset restrictions 
already been half expected 
,hy r the market;: Nevertheless, 
stolmg- improved to SL8270-L8280 
- after. - ' .the announcement before 
off the. top at 

£1-8245-1.8255, a rise of 20 points 
on, Wednesday’s dose. 

Forward ’sterling was corres- 
pondingly wider, reflecting the l 


JorA — . 




- t »VE 5 TOtt 


t9TT~ - '•■jl978 

LjU- 1 i t LLt LJL-LXJ 

’AS 0 N P -J ,F M A M J 

per cent increase in MLR. The 
three-month discount against the 
.. dollar .finished at 1.S2 cents 
. against 1.63 cents and the six- 
- Txrontlr S^o cents from 323 cents. 

j ' r Tbe U.S. dollar appeared to be 
._ much, steadier than earlier this 
' >• -.week, closing V. more or less 
; , 'unchanged bn balance but show- 

4hg a. weaker tendency against the 
. West German mark at DM 2 j 0855 
ftbn* DMSL0885. ^ The Swiss franc 


TJJ3 , Dollar |HauUch«3 


also improved In dollar tenns 
to SwFrs 1.8960 against SwFrs . 
1.9073 having seen SwFrs 1 . 8882 } i 
at one point. On Morgan 
Guaranty' figures at noon In New 
York, the dollar's trade weighted 
average depreciation , widened to 
5.5 per cent from 5.S per-eem and 
using Bank of England figures, the 
dollar’s index fell to 89-3 against 
89.4 on Wednesday. - 

TOKYO — Trading was generally 
dull was the dollar dosing at 
Y22Q.95 compared with Y22J.25 
on Wednesday. The U S, currency 
opened at Y221.1 and drifted to 
a low of Y220.6, With little 
interest being shown, indications 
point towards a continuation for 
the rest of the week of yester- 
day's quiet conditions. Market 
volume was a moderate $397m in 
spot turnover and $715m in com- 
bined forward and swap, trading. 

PARIS— The dollar lost ground 
in terms of the French ftWic in 
light trading, without any signifi- 
cant news to affect the two cur- 
rencies. At the end of trading 
the dollar had fallen to 
FFr 4.5960, from FFr 4,00 earlier 
in the day, and FFr 46137} late 
on Wednesday. The announce- 
ment of ' measures to curb the 
growth in UK - money supply 
pushed the pound up to FFr 8.4, 
from an early level of FFr 8.3875, 
and FFr 8.3950 previously. The 
Swiss franc was firm, rising to 
FFr 2.4230 from FFr 2.4150 early, 
and FFr 2.4087} on. Wednesday. 
The D-mark finished at FFr 22040. 
against FFr 2.2055 -in the morn- 
ing, and FFr 2.2037} previously, 

FRANKFURT? ‘ -- The * US. 
currency showed mixed .changes 
compared with its fixing and early , 
New York levels, against other 
major currencies. -It was quoted 
. at DM2.0811, compared with' the 
New York opening 4rate of 
DM 2.0827, and a .fixing. level of; 
DM ^2.0857. Sterling eased slightly 
to DM 3.0845 from a fixing; level 
of DM 3.8070, despite the rise in 
UK interest rates, wtule-thd Swiss 
franc continued to -improve, 1 
finishing at DMUUJ03, .compared 
with DM1.0941 on Wednesday. 

Iliank ■ 

Jiint* S !rato« U»y‘« J 

J % -Sjimil l Llinx* 

'/«■* j 7 il.B205-1.BMD JUsIfi. 1.8255 
(aiuuliaii 51 S'; 24080 2.0480 .2.0400-2X410 
| 4 j 4.08 4.00 I 4.07i-4JH4 
Kr. fci r ) 59.JSM.8fl I 69.ta-i9.tb 
{'-iHkh Kr. S j HL2BI0.S4 1D4I1 1D.S2I 

ti-Mirl. i I 5-7H4-S.02* S.H4-5.hU 

kV. ! 18 ; 68. 10-84-90 88.1548.85 

*l«n. fVa.1 8 l4b.M-145.66 14b.HJ-145.60 

i;'i» i Ilia 1.687-1.674 Wl.liB 

£nven. Kt.i T 9.864^.804 0.06^6.074 

FrforU Fr. ' 9l s 8.874-8-40* 8.80,4.40 

fcwnllBbKr.1 7 8.43- B- 47 MMr-8.441 

ten Sl a 400-418 40S*Ufi4* I 

Aui.tri.Scti BJ S 27.27-27.42 Z7J0.27.40 

&»iis Fr. 1 4.45-0.48* 6.485-3.40} 

UBe DK'DIb % P-». 

5<*i*s Fr. 


jThrw is-jntbij 

D-7DD.8fc.iHii 4.27 |lA2 1.77 n^ni! *.93 

0. 70 O.Ur.jeii 6.62 |1.9& I.SS.-.j.ut 4.72 

8 2 t. ,-m 7.04 [S 7 r.iiui ! 7.6b 

49-iO r. jmt 7.08 j<M-H I’.pot ( 6.48 
Si* 6ia i.redii — 4.afi J-i «i»J» [—4.10 

51* 2l« irf [mi B.28 9V7 4 * |J pm] b.BS 
a ■ 155 r. ill. -IS. 10 1DU-5W *-«w I- »-» 
*6-1 1b >11 b '-*.18 1BD-260i-.i11» '—5.22 

] IJmun J ill* — 0.12 ip.r-8 [ire dir ]—0.b9 
l-inmla -2.42 ai*-4lfi oredfc — 1.42 
2U-H* 2.50 pU-J)* r.pra 2.02 
14oreinn-4«36 0.71 jai-SUnrcpm 2.01 

1. B-8.85y.Di&J 9.52 [8.25-B-SSv.pni 8.02 

18-4 fini 6-00 a2-£inn>pm 0.45 

3 Bb- 24 b 0. PM 8-H J0ir*59 I'.pm 1B.M 
Sta-monuT' forward dollar 3X0-f.5Oe D®- 

Bclglan rale is for convertible Irancs Sta-montb forward dollar 3*8-3~.50c MU- 
Flnanriaj franco 39,80^9.58. 1 12-m<Mth &«M.SDe pm. 


■*»«* Pay’s % ?• 

aproad Cl mb One manta P.a. Three monlhs p.a. 

Canad'nr MJM4J7 t MU OffiHUUcdls -«* UHA A -0^4 

Guilder UN»jNt aancs-aais a.u-«*4c s.u x.n-ia*cpin 3.» 

Belsinj] FT 32Jwaaii S£^i2.m this pm iSO 2t-lL5c pn» 2J* 

Danish Kr 5^475-0^510 5-b5lV5^S2S — — 

D-Marh 2X128-2X172 2X82WXW» B.TT-Q.72pf pm 4X5 2X*2XXpf pm IS* 

Pon. Efi — 45X8-45X9 - — — 

Ura U0XM8U5 888.4546U5 UMXOIIrettls -8X0 ISdOXSUredis -4JJ 

Nnrcn. Kr Sj«7B-SXU5 5-4070-5X880 — — 

Frcin-h Fr «J92WL4«0 «J«A4-5M0 Q.&5-0.7SC d>* -3.69 2Jfri2Sc 4i» -3X7 

Swedish KT 4X220-4. M65 4X[20-4-i>Z» — — 

Yt n 220JP220.7D 22BXB-220.10 9X4Xy prrt 4.40 2aX>ZTXy pm 5X1 

Austria Sch — 34.907-14.992 — — 

itrus Kr 1*055-1. 9045 1 M9S-Z.M35 3X8-3X3C pm 6X5 5.220.17c pm 43i 

* U S. cents per Canadian S- 


i Spdriai European 
I Drawing Unit of 
1 Bight 8 Accoo nt 

I June 7 | June 7 

Bank of Mirsn 
England Guaranty 
Index changes % 

EIH '-KLt 

I SMl-rlint; 

1 I'.S. ‘tailor. _. 


Auhlrua «.-h .... 
'Belgian frui.-. 
Dsiiuli brune. 

I’uivli gulkler. 
rmrii frnni- . 

Italian lira 

Japanese y«i.. 
K unsay Lnme. 

H|«ui im«ta... 
StrlvB Irani-..,. 
















UJf. dollar 59 JJ - 5-5 

Canadian dollar 86X5 -12X 

Austrian w-ftHitw: ... 241X8 +19.4 

Belilau franc 111X6 +U-1 

Danish (crone 115. 83 + 6-5 

Deuischc Alarit 141X2 +36.3 

Swiss franc - 1BL91 +74X 

Guilder 121X5 +U.9 

Fn-nch franc WX9 — 4.9 

Lira 56X2 -46X 

Yen 154.74 +33i 

Based on trade welxbied changes from 
WashuiKtan aga-L-mcai December. 1D<1 
iBank of England Indez^lOOi. 


A rural ioa Peso 1.423-1,427 7 79 J, -782 

Australia [>■ .liar.... 1.6011-1.6173 0.a7B6^}.B865 
FluLmd Markka.... 7.82-7.83 4.2860-4B8B0 Cmreir.. SI. 7 1-32.71 17.31-17.92 

Greece nrwtjnm....l67.I30-68.790 36.78-37.70 
U>4lg Knox JJoUnrJa .4800-8.5030 4.656O-4.65B0 
Tran Itial _.T 125-131 681* 71^ 

Tranltial 125-131 68l(-715 4 

Kuwait Dinar tKD) 0.4990.509 0.2734-0.2790 
Luxemhoorv Franri 59.45-59.65 32.60-32 62 

klabivxia Dollar..... 4X505-4^640 2.3680-2.3900 
Aew i£ea land Dollar 1.7893-1.8074 0.9818-0.9905 
fkwli A ran ib Kiyal 6X3-6.33 3.41-3.47 

SincaiiorclkdUr... 4^415-4^550 2.3285-2.3295 
Sonili African Band 1.5749-1.5997 0B630-OB765 





Guimmv ~. 


Ii|aa ... 

Netbertand .... 




4wjtre rlond... , 
Unite.' 6t»te»., 


Noin> Bate 

10.23 10.38 

Bate glaen for Ais«ntloB Is free rate. 

^-JapKiMB Tte | Preach Float) I Swiea Front! .{Dutch (rttlh 

I toll on Lira {Canada Dollar > Belgian Franc . 




J, ' • -^.x 

1 *■ t1«nnfHan ~ 

: ' DtSar^ •: 

' 7-8 , - " 

7-8 . . 

- 78*-8 ■ • 
818-812 - 
858-878 - 

'tT^DUIalr lDiSohJ 

7 Ib- 73» 

■ Z 1 *-’** 

- f 8-Bt4‘. 



lljM - ; 


W. German 


-- 3,V3,H. - 

• 3«B-3»2 

, 332-512 


Trench Franc Italian Lira 

{ Japanese Ten 

93s- 10 

0 . 1041.44 
0 . 33 -O.S 6 
0 . 4 J- 1 .DU 
0 - 80 - 3.00 
; 7:11 

. 27-37 

532-532 t- 'ttf-aA ' 1 1 1 Q 3<-11 I - 87-37 | 8 T*- 8 ti 1 3 if- 4 ^ 

tifleates of deposit: One month r. 80-7.70 per cent: three months 7.90-7X0 per cent: six ntonihs 9-20-S.32 per 

-* rate* were aaoced for" London dollar perttftcatia of deposit: One month 7.80-7.70 per cent; dace months 7.80-7X0 per cent: six monihs 8-20-S.39 per 
si cent. " . :• 

deposttB, two rears aS]*«XSu per «nt: three years 8W per rant.' ft wr years SUu;-8Jt6 per oeni; Are rraus Ml per cent. * Rates are bobUbmI 

all for htedins. UJ5. -Bollaro an^'Canadlan doQara; two- tost notice tar gufiders and Swiss francs. '*>. 

rahqe in Singapore. .{ -. V. "» 

Progress Report 1977 

Hessisc&e Landesbanfc - Girozentrale - 

solid achievement 

In 1977, Helaba Frankfurt 
continued on its steady course of 
consolidation and restructuring 
of its service facUitics.The Bank 
increased its balance sheet total 
loneailyDM43 billion-agrowth 
of about 9 per cent- and reported 
aprofit alter substantially 
strengthening the reserves. 

In line with its commitment to 
a consistent pattern of measured 
growth. Helaba introduced a 
series of specific marketing strat- 
egies to improve service quality 
aHd efficiency and to meet the 
growing needs of its traditional 
and new clientele. 

Significant gains werejnadeitt 
the previously difficult real estate 
market A concentrated effort 
on property disposals produced 
results well ahead of expectations, 
leaving the Bank in a stronger 
position to accelerate activity on 
its lODger-terra objectives. 

Contributing to the results 
achieved in 1977 was a healthy 
growth in international business. 
Foreign lending was expanded at 
much the same pace as in 1976. 
and Helaba continued to strength- 
en its position in international 
syndicate business - participating 
in 84 Euro-DM issues as well as 
177 publicly offered foreign 
currency issues. Moreover, the 
Bank was active in 17 private 
placements, including one as 
lead manager lor an important 
international borrower. 

r , 

Headquartered in Frankfurt, 
Helaba ranks among West Ger- 
many's top ten banking insti- 
tutions. Concentrating on whole- 
sale banking, it offers a broad 
range of domestic and inter- 
national services such as trade 
financing, foreign exchange 
dealing, leasing and factoring. 

Financial Highlights 

as well as comprehensive invest- 
ment banking facilities including 
security dealing and underwriting. 
Refinancing is facilitated through 
issuing own bearer bonds. 

Helabais a government-backed 
regional bank acting as banker to 
theStale of Hesse andperlbrming 
clearing functions for the savings 
banks organization (.local univer- 
sal banks.) in. Hesse. 

The results ofl977 markedly 
improved Helaba's overall balance 
structure. Backed by considerable 
resources and Jed by a strong 
team of banking professionals, 
Helaba will continue to base its 
strategy on cautious and selective 
growth and to build on the pro- 
gress achieved thus far. 

Hessische Landesbank 
- Girozentrale ~ 

Junghofstrasse 18-26 
D-6000 Frankfiut/Mam 
Telephone: (0611)132-1 
Telex: 0411333 

December 31 ■ 


DM million 

Business volume 



Balance sheet total 



Total credit volume 



Short-term assets 



Due from banks 



Due from customers 



Long-term lending 



Lending to banks 



Lending to customers 



Trustee business. 



Short-term liabilities 

7,80 L 


Long-term labilities 



Bonds issued 



Capital and reserves 



Profits allocated to published reserves 





. . Int«^tr,iates-\-\vera generally FFr SSZm 'to FFr 26.16lbn in the' todays 7.5 per cent; iso days 
steadv 4n?fEierPart8- xnoneY- wrket .'week: ended June 1. The resen,’es. /-80 per cent; and 180 days 7.70 
yesterday.^vnte 'day-tO'Cfey rruBCiSiiiave risen by FF 2.Sbn in the past percentj - . . 

} per four weete, and FFr 4.8bn since commercial . P a P®^ 

efinr previously, the beginning of the year. Foreign sold, through dealers rose to j .45 
* between liabilities increased, however,’ by per -^ent^Irom 7^5 per cent for 
it for thb FFr -247m to FFr 1.080bn -during -^0 days; to 7^5 per cent from 7.4o 
lowest level' the - .’week ended June J. while per cent for 60 days, and io 7.65 
' hilt tMs^hasfdeposhs by foreign banks declined 'P®* 1 from 7.6o. per cent for 
;reductk»mJ» by'TFr 25m to FFr l4SBbn. wro 7l ¥Mir 

a base rates- Frankfurtr „ German interbank 

at-ft3'per oepf jmoney, mhrket rates were uu- 7i P 

r r :.«Itftpagir a_chahgecf. from - caJl money at S "unnpv market 

• '• ' V-' ’ ^ , -r ' ^ money falling to Si per cent from 

~^ene . Manors Brussels: ^deposit rates i for com-, sj-.per cent, and. overnight trading 
said a' cut ,50 toerdal francs were: call 4-5 per easing to 5 per cent from 58 per 
pent- onfrinbnti>. 5f per cent; she- cent. 

... . month 'SIS* -par- cent, and j 2 - : ’MAAtiri- All • rates unchanged, 

ffcrat^Hbxs^&bhtfcy^pec cent with SO-day maturities at- 8*12} 



z . — . -I *<lo -T— — - nWHIMli AU ■ uuumiftPU, 

Kerated'-tHI&-tnoh tJr 7}- per, cent • with SO-day maturities at- 8-12} 

- the New Yiwfc. Bankers acceptance per «totr 60-day 9}-12} per cent 

• „Y<- ' .offered Tates aB- imdianged at 30 "90-day and 120-day 10-12 per cent. 

‘ resorves days 7.20 per cent; 60 days 730. Ehffipplhe Treasuhr bills , (90-day 
’ : tos 8 by per oent 80 -days 7.40 per cent discount) 11 per cent- . 

■rase by per ^cent 80 -days 7.40 per cent 



i :vlI % n m ;i Tpj m ' B'l'jTJ 



>»T < P7- v 1 

BiH i 

sr^ 1 1 in 



General reaction to the LUF 
auction proved favourable at 
which the average price per 
ounce was S183.09 with a range 
of S182-86-1S3.92. Gold was fixed 
during the morning at S183.40 but 
eased at the afternoon fixing to 
$ 182.60 which tended to reflect 
conditions in New York and 
possible over reaction prior to the 
auction. The metal opened at 
$183-1831 but by the close had 
eased in moderately active trading 
to $lS2i-183, a loss of $}. Never- 
theless sentiment received 
another boost from a report by 
bullion dealers Sharps Pixley that 
the price of gold would even- 
tually break through 1974 tevels 
and reach over $200 an ounce. 

Qnld Btillinu (a tine] 


Close — _.Jsi«i-7W 

Opening — - *Slf 3- l*3i 

Mommp flatus 15165.40 


Afternoon rising... .'5165.6D 

Gold Coins — ' 


Krngwrami ...» 'S1881-10OJ 


New Sovereigns— ..i 95fii- »- i 

OW Sotarei ma iSB5$-674 


OoH Coin* — ..! 

. Internationally l 
KrugraraiKi IB7j -186) 

New Sovereigns 8624-5 4^ 


OU Sovereigns [3504-675 


520 Bsgie* ! 52754-2764 

510 SoKtes 15181,134 

56E*glea _.l 5974-1004 



Piffle Rate 

FBd. Funds .... 

Treaany BUh f 13-week i 
Treasury Bills i26-wcck) 


Disco MU Bate 

Ovenwftt - 

One fflomii 

Three months 

31a rntmUis 


Discount Rale 

Overt) igh? 

One month 

Three monihs 

Sir numbs — 


DUeeunt Rate — . 

Can i DncusdJhunaD . — 
BlUs Discount Rate 

S 1827-1636 
,S 182.06 

. (£182-104) 










5152- 157 



Every Saturday 

Financial Times 
publishes a table 
giving details ot 
on offer to 
the public 

For further details 
please ring 

01 -248 8000 
Extn. 459 

Hessische Landesbank -Girozentrale- 

Anglovaal Group 

Declaration of ordinary and participating preference dividends 
year ending 30 June 1978 — Industrial and Investment companies 

Dividends have been declared payable to holders of ordinary and participating preference shares 
registered in the books of the under mentioned. -companies at the dose of business on 23 June 1978. 
The dividends are declared in the currency of the Republic of South Africa. Payments from 
London win be made in United Kingdom currency and the dace for determining the race of 
exchange at which the currency of the Republic will be converted into United Kingdom currency 
will be 26 June 1978, or such other date as set out tn the conditions subject to which the dividends 
are paid. These conditions can be inspected at the registered office or office of the London 
Secretaries of the companies. Warrants in payment of the dividends will be posted on or about 
2 August 1978. The transfer books and registers of members of the companies will be closed 
from 24 June to 30 June 1978, both days inclusive. All companies mentioned are incorporated 
in the Republic of Souch Africa. 


■ nr'JInarr -Jiare«. 
unless in'lii-aivd 

oUhrnrlv 1 

Anglo-Tranrvaal Con- 
sottdotcil investment 
Coma any. Limited 

i I'jrtu Ipjilnt 

■ ■■rJinary and "A" 

Middle WitwatcrsraiHj 
{Western Areas) 

Limited 45 



; O-nw 

■ Ta:al lor 





C , inSi>l’dai< , d profit 
btiiniiiicd' Actual" 

.Vmouui absorbed 
ny dividends 
tars i 1077 


^■uSEf ‘'“’“'I Tt I -J I M 3*4 I0S? 7 I S«B I TOW I 

‘Where applicable Uie profit Bcures shown take into account losses, bat not P 1 ^'-* *" extraordinary 

ite ms All profit fievres are after taxation and outside aureholtL'TS 1 Interests wnere aopucame. 

|. The results of the Company's mining subsidiary. Prieska Copper Mines (Pty) Ltd. have not 
been included in the estimated consolidated results and members are referred to the quarterly 
report of that company which will be published on or about 19 July 1978. The Company s interest 
in Prieska Copper Mines (Pcy) Ltd. will be published in a separate statement m the annual 
financial statements. 

2. This declaration represents S cents for the half-year ending 30 |une 1978 in respect of the 
fixed race of per annum and 45 cents, being 50 p o participation in the final dividend or 
90 cents declared on the ordinary and " A " ordinary shares. 

3. Amount absorbed by dividends includes preference dividends. 

4. Includes the results of Tristel Holdings (Pty) Lid. from 1 October 1977. 

&y order of the boards 

Anglo-Transvaal Consolidated Investment Company. Limned 


per: B. G. D. Gordon 

London Secretaries: Registered office: 

Anglo-Transvaal Trustees Limited Anglovaal House 

295 Regent Street 56 Main Street 

LONDON WIR 8ST Johannesburg 

8 June 1978 


Gilt-edged advance after credit 
—but shares down with index 5. 

ueeze measures 
iff at 469.3 

Account Dealing Dates Government broker to raise the lower. Elsewhere, Distillers rallied to close unaltered nl 2'20p, helped Securlcor Group put on 3 ins and speculative. bitetfesL 

Option price twice to 92, T « and 92 i before finished 5 easier at l~Hp. alter after 2lfip. Else« hc-e. KW> Group to 12Sp. after 126p. with the ** A “ AIKPC eased 2 to 122p as. did 

• npetara- Last Account ' l 'iihdrj wing. Reactivated at its 175p, in sympathy with the other cheapened 3 to Sim m'lor T!ip. in up 0 at ll’2p. and left us sub- Property and Reversionary A, 

»WlnU lions Dealing' Dav last operative price, the long tap. equity leaders. reaction to the d Lap worn ring pre- sidiary Security Services 5 higher 293p, the latter ahead of nest 

wi aungs lions ueaim^ mm. E chequer 12 per cent 1998. was Buildings drifted lower in sub- Uminary results at l24 P* Higher annual protits week's figures. On the other hand, 

mayju *un. b subsequently raised to Mi and at dued trading and remained at Foods had the <ictf.i*wnal dull helped Dundiraum harden a i penny Chesterfield finished a coupfe of Jiin. a- •““-.r* , the dose of business supplies of depressed levels despite the par- spot. Associated Fisheries wore to 54 p. after aap. and further pence higher at 305p following 

-"'u 6 » L ■■ ' i stock were thought to be nearing Hal rally elsewhere in the market, on offer at 49p duwn 4. white speculative buying in a thin mar- the results. 

M"jii.stion. Contracting and Construction Associated Dairies. 3f"p. and ket prompted a fresh gam of 4 _ . x t.; 

Th rr ,„ Mlir «mi>ni or Business in Traded Options issues notably lower included Rowntrec Mackintosh. 40Sp, shed to 4 °P m Grovebell. Mill reflect- BumiHll UP late . 

The Treasury s announcement or p5ckt;rf up Frora lh# previoua Marehwiel and Taylor Woodrow 5 and fi respective*. Cullen's '»S comment on the preJuninary Bunnah traded actively between 

day's lowest total so far of 205 which eased 4 to :J06p and :«0p Stores were also dull late, the “£'*22S»„ ? extremes of 64p and 71pI«Sre 

from 9.30 a.m. two business 

... uu.i i ■■■ midi w idr oi ao nmui iijaeu s iu -»uuh aiiu .>oup 

moneysuppfy a.e the contracts. yesterday's number respectively. Elsewhere. Armilagc 

market a belated but welcome 
hnnst to confidence and enabled 
th* 1 Government broker to resume 
sales of both the short and Iona 

improved to 543. 1CI claimed Sbanks shed 2 to ti3Jp despite “ A " 
most oF the attention with 142 higher profits and A. Monk 

contracts: 82 of these were trans- cheapened a like amount to 9Sp Bishop's Stores fell 

I-ortt ‘""moved lower for the first time on (he Governments measures to 

. . i hi# °ek when, in thin trading, curb credit, but dosed above the 
Alihoush most or the davs h tlrifu-d down to close li points worst. 1C1 eased 3 to 3R7p after 
activity in the Funds was con- off at 111? per cent. Yesterday's 3S5p. Fisons Failed to rally and 
rnnirated on the ivo tans, a coed conversion factor was 0.6722 ended S down at 350p: the 
demand developed Tor otlvr (QiaW4i. announcement that South African 

s'n'ks. particularly in the later Kunilhemi attracted renewed farmers intend to sue Fisons Tor 
maturities " here 'tains ranged demand and gained 4 to I53p. £3 im in connection with damages 
to : and occasionallv more, rhe after 1-up. arisino from »ho of 

nmres were also dull uie. ‘h a r extremes of 64p and 71p before 

Ordinary losing 6 to lldp and the “Ore to «a0p. ana. A- R- Findlay ^ . t1iT , p Top op 4 on. balance ; 

“A" 4 >» **•« di-appolntmcnt j-P™*l * “ fJ* SgB 5SS« ttSWAHC *Smfe 


small selling in nU: of today's 1«P foUowing the disappointing ancTSt^Ktlr a^fe 
results, but cm„rf> luirlr, w*« “ wffi &Ku 

raised 3 to 49p. ‘ ne < * a - •** lmip. offerin* r s left Shell a count**. -'nF 

Grand .Metropolitan figured Motor distributors had a maxed pence easier at 538p trim 

prominently in iietels and appearance following the buoyant u^Uy is lower at 142p, rSied 

r i to close 4 cheaper on balance at 

120 — Pence — I54p, while speculative favourites. 

— , — Siebens UK and OH Exploration 

m L both succumbed to profit-taking, 

H Ft- the Farmer easing S to 250p and 
N W 1 i the latter 16 to 358p, after 350p. 

I HO— i - 1 ,n cintrast, Attock responded to 

K. • . . d / - i - further speculative support and auc V on ' 

120 — Pfence- 

110 - 

shnre*: recorded rises to and 
yho FT Gnrornmenr Socuritios 
iindo\ ro*;e 9 J R Tor a two-day gain 
or n.S5 to 69-fiS. 

L^ndm™ Indu^friai*: nief «st- 
t^rpri scliine in an unce r r-i*n 

alter i- <p. arising Trom the use of pesticides 

TV can,e “FFar marker hours. Fears 
HOIllC UailkS lower that the I65p per share offer from 

The reimposition of corset re- J™ 1 *™ ^ bQ referred to the 
strict ions on bank lending came 9°,?,!? i ss l ° n unsettled 

as no real surprise to the major an J* Wilson which shed 

100 - 

!f*rpri sclline in an unce*-r;i*n c j ear j n j. tj an |i and pr i ces were ? to . 14,3 P* a Fter 144 p. while lower 
atmosnhere d..rm= the momin- initial |... unm0 ved. However, the mtenm profits left Hickson and 
and the FT fifi-shnre index wjs frefch 1 per cenl increase in th e Welch 2 easier at 20Sp. 
show ins a ln« of '■ 1 /•* n *' 1 n - minimum lending rate led to un- * T1 - j v> * •» » 

7 !!" r To T o d l fu h r £ e : i" r ,2 certaint:- concerning base lending Allied Retailers bought 
fall of 8.0 hv 2 n.m.. hur n J'.rle . | evi ,i s and ouotaiinns of all ° 

genuine btiving in»"rpst was <ppn . . - ended 5 down An,e d Retailers provided an 

at this level and the indev rallied p-oreiun' iraSes, however, con- isolated firm spot at 263 p. up S, 

«a Alncn 17 rinirn n n h r i 2 nrf » ... ’ _ in ooetne kfo ro <- u*hioh knrl IIabIpc 

fler llOp 

P r,^ r the end of next month. A Benson declined 4 to 9Sp among and Gussies “A." 6 cheaper at which failed to conn* up to the fore, rising S to 135p on new-time SJJ?5 ie S» l 

fair number nr hnght «>wts jj erc jjjmt Banks where Brown 270p. market a best estimate'. Savoy buying in a restricted market- 1 an °: B ° U| 

rievnlnnnd. mainly in the m^e j. hiplev werc U n m0V cd at 230p Electronic RentaLs stood out in Hn,cl “*A". a recent .-peculalivc Pennine Motor were active and 3 f pe 7?f J - v ; 

sneriiJanv? issues, hi, r fills in FT- f ol ,; w .j nc re .vults. The fresh Electricals at 125p, down 6. on dis- Divounie. reacted 4 t*» awp. while harder at Sp. while T. C Harrison, 

nuoied enn.tins ant numbered rises credil contro!s h3fJ n , tlc immc . appointment with the preliminarv T^"* 1 Houses Fur Fc cased »> lo imp. and Appleyard, 94p. put on rfSi, Vt' 

hv r.-o-fo-one. An improvement dj effect on Hire Purchases figures. Campbell and Isherwond - i(, P- 2 and 3 respectively. Lex Service, 

in the level of .-"I'niv was «■- irnT n tn iu n ..-hit. however, shed 2 to SDo late on rhe > 10US . Qa y 

a. * . J - i further" speculative *»p^rt “and auM 1 ion ' resuhed in a v further Charter .arere . . — 

K t%A ■ added 4 to 84p for /.SS caark up of - So " lb African GoTd.s. and touched a. new hteb o£.Hg& 

II / J V \ Hw\ I f advance of S -. Also continuing to anfluence before easpag iractimialJstto'6^^ 

^ ij / I M \f j 1 Harrisons and CrosfieH con- sentiment ^ antrther .4 up on Jj^tence 

A AM 11 fi hi I iJ ' » ! tinued firmly in Overseas Traders *hatch of enepuragihg dividend const deratibn--__b£- -^eT^iesufirfsii 

— IW fl I \ A /\l VA r i i — rising 12 to 47Sp for a rwo-dav declarations, this time, from the. announced Tm-^itfsday. ' 

“JW™W— la\ F ■ lA f ! — sal nof 25 on the prelimina^ ° J ° hnn i e V.' £™ up a Wa- . 

— f H* I i 1 — statement. James Finlay coh- The Gold Mmes index added a iH .the after-hours tride b 

7 i» — S 1 fl J i — trusted with a reaction of fl to' ,further 2 5 10 highest the.- pnjdiicoE .prloef jtsse to 

f ! *'i H F J — 353p following the previoos day’s lavel . March lo and a two- atr ounce annoimced 

I 1 : 1 — jump of 17 which stemmed from day improvement of 7J, . berg. ; .^•R^*mhors,r i nhanseIVefr^ 

r ! -- — ! t — Press comment on the revolts and reflecting the recently gained # to SSpovhfle BShaD^afn'i,-- 

1 i capital proposals. S. and W. Beris- -announced dividend increases put oii; ; .6'-to-S6p' -and .■ItfdSdtew'#- 1 *' **‘ 

: ! ford.^ ^ which report interim' figures Hartebeest advanced ahaif-pomt ■ 2 to J'-' * 

1 : 1 — - ! — next Thursday, eased 3 to 130p. more to a of white- Western-Mining contihuedtb bolipT - f'-- 

■la 7 7J ! I I 197B I 1 J ! — Overseas-orientated and foreign Boffels climbed 31 ton year’s high -the- BmeHgbt in' Aifsti afla'hirbi^'v' ", • 

SEP ACT NOV DEC JAN FEB MAR APR MAY JUN . issues continued firmly in .lack- of 99ip. Other issues to register*. .jistent sizeable bn3fihff4tao^^§'-.’ ' 

■ ■ ■ ■ + lustre Investment Trusts. Janllne substantial improvements . m- the- day lifted. the shares • J 

i. closin'’ * off at 112p. May car sales figures Heron Securities rose 4 to a 2978 peak eluded Bracken, lS higher at ^*P high- off l42p;befbr(? they: eased ^f 1 "" ' 
Op. on the "ini*. -rim litres Motor were again* weU lo the ^ C1> ASStatal '* 

1 1 97 8j i I I i 


mpire stores, o on at *m*.*i nop. on me nm-run u_urt-> .uoior were again weu 10 uie — 7 — r \ — 

Gussies “A." 6 cheaper at which failed to conu* up to the fore, rising S to 135p on new-time jestment, 4a0p, and_ U& Tnist ^P- and Mmricvate a j— ^ : the 

market's best estimau-. Savoy buying in a restricted markeL Fon i 880p. put on la and 10 re- ' v . er ®. ® 7® 

lo imp. and Appleyard, 94p. put on 

penny eased 3 to 134p, while Thorn « , 

Electrical, 324p, and 11. Wigrali. Uath and PortlaDQ Up 

in n;.^;«^2V/."'alilKiii!h UDT closed a penny eased 3 to 134p. while Thorn „ , however, shed 2 to Mp late on the 

cheaper at 35p. Electrical, 324 p, and II. Wigrali. Bath and Portland Up announcement that the company }?'' ed jT FlMiSal?R t WiSln" 

” Insurances comrlhutcd to the 212p lost 4 spiccc Acainst the Althoujth s late rallv helped 5 f ada ^ d .« n“IXb»« .block T ° jlor h JSjf'toa?,?" 

r.ilt ed-ed securities were dull trend. .Sun AUiance, S lower trend. Highland Electronics rose prices close usefully :*boie the r^ h 7rT i.,i«. two-day gain of 6J on the first-half 

fca ureil bv sales ' nf substantial at 514p. after 510p. led the re- 4 to a 1978 peak of 34p on small lowest | »n p ^ the rntwelkmeous trading recovery/ ™ 

amounts of hoih the shon and ireat in Composites where buying in a restricted market. Industrial eauers endeu with falls jjjw cjosed 3 cheaper at 312p. gj TCn t0 the Chair- 

Inn” tans Followin'’ a favourable Phoenix declined 6 to 244p and John Brown, a further b down ranging to 9 following the mans gloomy statement at the 

rerc'ntion lo "he Tr’easur/s llnsn Gucrdiun Roysl Exchange at 362p.. lad the retreat in the Governmenls cr edH squeeze Reined MyesUnent demand in ^ eetiEK brought pressure 

cial ' package. The short tao. cheanened 4 more to 216p. Engineering leaders. Tubes measures. Pilkiiigton rioted that - th, „n innVh^^ C |VS t0 bear on P and O deferred 

Exchequer !i; per cenl. 19S2 A. Although staging a modest relinquished 5 to 372p and GkN much off at 4«Sp and Rank «»* PuoHshers up arower lo at which fell to 91p in active trading 

was re-established at 92? and a recovery in the late trade, 3 to a 1978 low of 254p. Hawker cheapened 6 10 -oOp but Be^cham. -3ap. Be nn Brothers eased 4 lo befej-g rallyinfi to close . only a 

strong demand enabled the Brewer.cs still cloned n f eh- pence displayed late resilience and ClnS Press raeS ^SSSpSuiS 


5 and 3 re^oec t i vel v ' capital, at 109p, lost 5 of the pro- - Financials improved jn sym- some* of its 

however shed '» to silDSe 8 ^^ '' ious day ' s rise oE 18 which ^ol- pathy with Golds. Anglo American with thesharesraH^ng Sto?^£ 

announcement *”that the ramoanv lowed De " s of the asset rovalua- continued to respond to renewed Other Australians:; ltd igo^aKpt 

had a"reed to nSrehase^ bl^k tion - In Financials, R. - Kitchen k-S. and Cape buying which left were Peko-Waltsend. 

of around ShSs Si rK Taylor hardened 24 to 80p for 'a the shares another 8 better at hi-* of 520jf and-T^prth 

^rrieT EfsTwhere LuSs ^^-day gain of 61 on the fim-half 322p. after a year s high of 324p. Hill, 3 firmer at 

re**eption to the Treasury’s finan- Guardian Royal Exc 

Exchequer 3 *!!* per* 1 ' cen1 h °19S2 ld A. ° Although staging 0 a Modest reimquished 5 to 372p and GK.\ much off at 47Sp jnti Rank Btuik “P la a ^ which fell to 91p i □'active 0 trading 

was re-established at 92? and a recovery in the late trade, 3 to a 1978 low of 254p. Hawker cheapened 6 lo *4>0p but Be^cham. -3ap. Bean Brothers eased 4 lo befej-g rallyinfi to close . only a 
strong demand enabled the Breweries still closed a few pen ce_d is played late resilience and Press meS. ^pecubtive f£S SSSEJ? STllLSt 

Tra on Publicity given to ttae'-iSulr-- 

Jr2.jS!?ilS; ' ** ^ff2 c HF?7 ^ hear on P and O deferred 


LOWS FOR 1978 

Hield Bros. Iooksfor 1 

business upturn . W " 

The current order book at export orientated- ^ Be' sas^wS^V' , 

Ipld Rruthcrq will nroviHp » <atis. nDvorfhetocr i» y -■* 

June 8 


Danish A.1 per ton 1.090 

British A. I per ton 1.075 

Irish Special per ton 3.065 

Ulster A.1 per ton'd 1,065 


NZ per 20 lbs 12.51 ' 

English per cwtf 69.61 7I.S 

Danish salted per cwrf ... 72.1rt,*75.£ 

\'Z per tonne 1.161.50 

English Cheddar trade per 

tonne 1,202.10 


Home produce: 

Size 4 2.50 3.40 

Size 2 3.60 4.50 

June 8 


Scottish killed sides ex- 

KKCF 53.0 '57.0 

Eire forequarters 30.0/32.0 


English 54.0 62.0 

NZ PLs-PMs 50.0/52.0 

MUTTON— English ewes ... — 

PORK fall weights) . ... 36.0/44.0 

Week ago 

Month ago 

12.51/12.62 11.41/11.52 11.41 11.52 
69.61 71.83 69.61 67.37 

72.10,* 75.88 71.50/7588 69.50,-72.40 

54.0 62.0 


1 , 202.10 

Week ago 

54.0 57.0 

64.0 .*70.0 

36.0 45.0 

PORK fall weights) . ... 36.0/44.0 38.0/45.0 

POULTRY— Broiler chickens 35.5/37.5 35.5, 37.u 

* London Egg Exchange price per 120 eggs. 
t Unavailable, li For delivery June 10-17. 



Month ago 




t Delivered. 

Tlie lo l Jo wing securities Quoted in the I m 0re to 13UJ 
Share Information Service yesterday [ and Portland 
attained new Highs and Lows lor 1978- 1 -« * — - *-»-« 

NEW U1GUS (134) 

BANKS (3i 
BEERS 11) 



FOODS 131 



SHOES (1) 




OILS til 


RUBBER 5 ( 1 > 

TEAS 111 
MINES 1181 

NEW LOWS (16) 


Treas. 11*-pe 1979 Tpms. Soc 1980 

Glasgow 9 -ibc ‘80-82 


Franca iG. R.) Whn/ lings 

British Northrap GKN 


P ho tax Mon.* UKO mu. 

Sunlight Services 




Bond Street Fabric*. 

TRUSTS ( 1 ) 

Danae Cap. 

OILS 121 



Borthwlck »T.l 

i-incoH 'i ^rf r f^Mrit* HUki aarf AHan fimlrf Other Shippings were generally The current order book at export orientated : . ; 

# doWr l*l t 3 «' up ^ °*°' s easier, but price movements were Hield Brothers will provide a satis- nevertheless it needs, a^^isfaQ.^' ' 

I ^l^ ,e r ,atlOD L a1 ' i. S1 drawing a more to 16op on demand ma small with Furness Withy shed- factory - level of activity for tor y domestic trade.- ~ C - 

?rrcn?th from brokprs fuvour* tnin market 2nd Geers Gross? Hint? 7 tn 250n several months Mr A G PjifIc „ ■ .*•■-•. ..." •*. ~ .* *■ 

able circulars, moved forward 2 added a penny (o 43p awaiting Guthrie fell awav shartriv and the chairman, says in his annuri Thus- the impact of Ibw'-chJt^f- ^ 

m H rC o l 2*i 13 a P Elsewhere. Bath today s results. After Wednesday’s closed 22 down at 295p, after statement, but he says it is too “>to ■ te- UK.^^^?** 

and Portland touched I ,3p before rise of 1. on the interim results 2 90 P , following the disappoint^: early to express a firm view for “ 0 £ concern.-' 1 . • 

closing 4 higher at ,2p following McCorquodale reacted 20 to 2, Op annaa | profits and accomMnytag the full year. Mr. Park feefa I'ttat the recentiyj*^. . „ A: . 

speculative buying ahead of the on the dull prospect for second- bearish r emar ks about current- As reported on May 36 after concluded Multi-Fibrft •*- ‘- 

loterun resmlts due early next half trading. year tra din g a tumround' from a loss to a men! is. welcomed -as a Step*?m' f*.- 1 

month, while J. F. Nash Sccuri- Leading Properties eased init- • profit in the first half the ctoup l^e - right direction -of ^ai 

ties, at 125p, recordvu a Press- ialiy on the prospect of higher r.Mn G mi pr avain - finbthed the year to April 2 1978 market conditions. V* -■'•I* r*2$ li*" ; - • 

inspired improvement of 5. interest rates but a firmer bias with a pre-tax surplus of £650,000 While the group’s view. season* =r_ \ 

Already a further 3 higher at S6p developed in lale dealings and A good performance by • the against £68,000. The dividend is fabrics and designs are; being. r-' r ' 

on continuing bid hopes. United prices closed little changed on bal- bullion price, which was finally held at 0.745p net per share received* he says the lor^o^ ± - - 

pimers were unmoved by the ance. Land Securities, recently only 50 cents easier at 3182.625 Mr. .Park states that trade suggests a period-. of extrSnei^ ' T > 

late afternoon ^ closure that Lex dull on the results, eased to 207p per ounce, after falling to 3180.70 throughout the world continues keen prices until business overaH^ ZS*- : *;" ' 
Service Group had acquired a before regaining its overnight in overnight U.S. markets foDow- in recession and textiles in moves into an uptyrn. * 

lb.4S per cent stake. Details of level of 209p and English Property ing the outcome of the Inter- general are depressed with com pe- Meeting, Bradford. -Jeldc^SO, BVhcr--~ ' i 

the dividond-bnosting rights issues firmed 2 to 46p on new-time buy- national Monetary Fund gold*. tition keen. Hield is substantially noon. : _ r:* ‘ !. 

ties, at 125p, recordvu a Press- ialiy on the prospect of higher 
inspired improvement of 5. interest rates but a firmer bias 
Already a further 3 higher at S6p developed in lale dealings and 

on continuing bid hopes. United prices closed little changed on bal- bullion price, which was finally held at 0.745p net per share received* be says the id 

Gamers were unmoved by the ance. Land Securities, recently only 50 cents easier at 3182.625 Mr. .Park states that trade suggests a period -bf-ex 



Denomina- of 

A chance to explore 
the best source of news 
from the I North Sea 

Stock lion i 

ia £1 

Shell Transport... 25p 

Grand Mel 50p 

BATs Derd 23p 

Distillers 30p 

Beecha.n 25p 

Western Mining ... 3A0.50 
Commercial Union 25p 
Imperial Group... 25p 

Roots 25p 

HP £1 

Cfiirtaulds 23p 

GEC 25p 

Hawker Siddeley 25p 
Marks & Spencer 25p 


marks price <pj 

on day 
- 3 


These indices are the joint aanpilatifiE of the Financial Times, the Institute d Actuaries 

and the Faculty of Actuaries 


Figures In parentheses show number of 
stocks per section 

Thnrs^ June 8, 1978 

Esl Gross Es*. 
Cirnlogi Div P/E 
Day's Yieid% Ylold% Ratio 
Change (Max.) (ACT (Net) 
% Corp. at 34%) Corn. 
TuB% Tat 2% 

Fri. year/J 
June l '-ago 
2 IfawnaJ^ 

Index. l.MoCJi 
Na I Na 


DEALING DATES were arranged in UDT, Queen's 

First Last Last For Moat Houses, P & O, deferred 

Deal- Deal- Declara- Settle- and Euglish Property. 

ings ings tion ment 

Jun. 7 Jun. 20 Aug. 31 Sep. 14 

Juu. 20 July 4 Sep. 14 Sep. 28 mere A NT II FAT IS 
July 14 July 18 Sep. 28 Oct. 12 ■IviaiU A13IL/ IALL3 

For rate indications see end of VF^TFRITAY 
Share Informa Hon Service • uT n«m c™ 

Money was given for the call Brtd5h Fnnd( m 5 t 

in Lonrho, Spi Uers. UDT, Csrpiu. Dam. and 

Premier Consolidated OiL Pauls , BBnds - 

and Whites, Coral Leisure, Bath Finauciai'and Prop."' ”i S4I7S286 

and Portland. Caravans Int^ oils a is u 

Burmafa Ott. P. & O. Deferred, WnhbiIot j s « 

Tarmac. Status Discount. CCP SSSt 1 ^ ":":::::::.' 5 « n 

and Savoy Hotel A. Doubles Totau 4» tab u«» 

than seven years the " 

Morth Sea oil industry has - 

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It is an industry that lives with fast-moving 
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This is what the North Sea LeLter & 
European Offshore News { NSL) provides. 

Produced by the Financial Times Limited, 
NSL is an exclusive weekly review of oil and gas 



CT li p -activities on all sectors ofNorth- 
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Every week NSL gathers all the 
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16 Ml 

4 71 

37 35155 I 351.09 | 346.25 

26 452.07 

27 3X7.87 319.04 318.10 J 3WJ 

174.94 17502 17458 J IM* 

16405 163J1 16353 

19737 196.89 19508 

231.49 230.60 229J1 

177.78 17706 177.75 

12552 12551 124.86 



To: .Subscriptions Dept ( NSL), j ,© C'r^'&T'tr 

Financial Times Limited, / ** 

Bracken l inusc. 10 Cannon Street, £- 

London EC4P2BY. 

Please enrol me for a four-month trial subscription J /- ^ 

to the weekly North Sea Letter at 4*50 in the UK f£ti‘2 _ 
overseas including airmail postage). The overseas rate is payable _ 

a L current exchange rates in any currency freely convertible into sterling. 

| J Cheque enclosed (Cheque payable toFinancialTiraesLimited (NSL)) ■ 
j | Please invoice me 

Nanir* ■ — ’P'-Mlion 

tirgani-wirt n 

Nal uri* of Kumhc •>: 

• lUw [ K.r. ■ — | 9.-141,1 ; ni,l tuiei. hX|*mr lilt Km. VariitbU; 82 

I AJi '. K.P, SJ i-r, 1 1 107* | J Iruotsjtr «u.» lutrt '*"•• 1 u**«. f*rw 

L*98 1X10 Za.-S | (*••?■ SUlBurm-l I2ii H^*l. 19117 

I ».*i i **.K. ' - | Iw. 1 lOOt* iai.Mfi* ^ o**«**. • u**i. K«i. Jn«l l*»vi. .. 

tt£37.bS CIO 28*7 [ I*,., lOWlKoc'c Witter '•% lt*-L 19D5 

C9S XaU 43.8 **«i| 46>s|**nK*Mwi I* il**u. U**».*- i*i. 11;$ Ke». ItfM* 

• • > F.P. '11.8 lot : *t jUbrrty & C... Hr* 

IJUim — Bi/G I i**wu (llj i’iIUi • **4 **•"•'• *'r* 

• * 1 k .H. I — , lev i 104 ;Pre»rai* l(*» % Pref 

• • • P . H . ■ 7*7 | 102 >09 B < uu*k * H . X . l.i IV i 

UlOO F.P. 126,6 • 101 1 96 |lt*<**« liri Cu*. tu*>. Ln.lttei 

L-9H1 a Liu 1(9. It* Wwr IC^ l£«1. 18«6 

•* F.l*. * 16*6 i *>l lo | J Ji»,|rt**ir P*wirru- K>& Pivl 


St ) . 

= lieu i in, . , 197t I 

titue ! Stuck 

« ’ ; Htgi* j u*w j 

I3;6i 7*7 ISSpin loepniiBmii L'lisnaLala .... 

&oto 26-0' tfl I *9 H»n*wu Kwut 
— — 51 wn 1 35mu [Csnsdisu limicrui Buk 

80y i Ml 1 9-6' 7/7 68 1 b2 Cent ml Maiiulftriiirini; 

70)> [ Ml j 16/6' 21/7 : 2b pm! 2apra U.4n*u Park lu*i»....i.,... 

_ j •’ lipiu KMniUnunl Gol>1 Mlnlnja. 

22.6 19,7 13|*m lOpm Hotslr 

to o ea.6 llfi: I *> *!*•' 

16iG 21(7 14[nnf 9piu Hwilvn IAIe.\snrlcri 

3ln 33.6 *14 i 48ti2,JI*“vi«trw M** Miitut>li 

16(5' li,c. 1- i Jo"* I nrntH S. Nt-wnll 

5*6 17.7 25>2* ZSlgWmi.*.. 

162.44 -12 
187.68 -15 
199.13 +02 


. 107 aJ 

..i *10ls'+ I 
..I I04|« 

..; ioi«: . .. 

.. 48 Ln« 

.. 99'2 . . 

. 971*,, ... 

.. 10B 

..',100 I 

... 9U'+I'« 
.100 I 

Investment Trusts (50) 

Mining Finance (4) 

Overseas Traders (19)_ 

6.75 _ 

6.90 — 

4.84 9.95 

3.15 5953 

7.46 5.70 

4.76 30.79 

6.82 753 

6.64 7.49 


16436 344.79. 143.91 
190.62 18929 18856 
198.72 19835 19850 
14154 14040 14040 

137.49 137.89 13738 j 33748 

12538 126.08 124.70 124.48' 
328.77 33054 329.92 329.01 
8109 82.63 8363 

23552 238.15 236.43 


209.91 20929 287.49 20750 I 17023 

10212 10056 10050 190.77 

31356 312.91 31079 313.99 



. I Thurs. I Day’s I xd adj. 
British Government June change l Ttwlay 


Br. Govt Av. Gross Red. 

45pm 1 

62 i 

261» pmj 

as | 


408 !• 
174 ! 


891 899 

11.06 1139 

1L71 H83 

U59 1154 

3225 2259 

12.41 1256 

U58 2241 

12.75 2247 

23.20 1322- 

13-87 i 1193 | 1252J 

Thun.. Jinn.- a J Wrrl. | Ti.m, M.-a.Iny Fri.Jsy 1 Tlmn 

'i^n j t i J, r J r ! j -“ 

J TV ti-.phon*» ^ ^ a ***.— 

J^Rtci<ci».tl in T^ondnn. No. 227WO 

Kcnuiicuiijiin nan. iKimiiy ia« n»* lor nutlinu free oi siamn rtuiy. 6 Futures 
ods**f* a.* DnHpni IK. esiirn^i*^. u A*>nniifd divvkiMi and yield, a knm'aBI nivulHid* 
L*ovi*r Ojiicrt un plvvimn vesr's ea minus. » Dlvuienri ann yield Oased on anuttwclos 
IJI oihci • itfl vis l ...miiiium-s lor 1W9 ulSn«n I figure* assiimrtl 1 IWvki >■■••<«— 
lor conversion oi shares, not miw ranking (or dividend or ranking OTlJ for refitrtcled 
ilividt-iiil* i Ptueinu prnv 10 uutltu: Hence unless olherwise indicated, U Issued 

by lender. |l OHenwt 10 holders ol Ordinary shams as a " n*WR ” "* >wu«.*d 
by iray of csD»alL*unon f Uinlmum render price. It Retnlrorioeed. 11 Iwniert 

is 20-yr. Red, Deb St Loans (15) B6.72jri3.O8 37.11 37.14 B7.22 . 57.27 : 57.34 

16 Investment Trusl Prefs. (15) 5242 j 13.50 5243 52.23 52.23 S 52.S1 ! 52.91 

17 Cyml. and Indl. Prefs. (20) 71.34I .13.00 71.57 71.49 71.52 1 71.52 ; 7156 

57.34 j 57.34 5745 I • : 

52.91152.91 51:75 Bllsii- 

71.72! 71.791. .70.18:/i 

by u*ay or cspiialeunon f Minimum render price. 0 S Rain ! i-ejrtniNert. M 5 **®“*^ f Rcdcwpllan aleld. n.q i__. ^-i. . ' * * ~~ 

in connection with rrurcanisailon merger or iske^vcr. n IMmMain. n IBM hnuc*. A new Hu of the consUtwinia^ .* rm • , “5'Ww4 »*> SatardsK.,' I 

in lortih-r PKRrmnue hnirfa-ra ■ Alltumeni idlers (Or luUy-oahti. • Provisional LtadOA. EC4P 4 BY. bJm Ur to a ’ Times. Bracken Hum., cuum SBwts 

or partly-paid allouneni IctieiB. ★ With warrants. " 


?■* ■ •: - I’i'v 

^ :>;■■ 

^ v-^ng^arTimes Friday June 9 1978 ifc 



a 5 1 


[Abbey Unit T«- Wgr^- LUL <» 

rartmorv Fund Mon»*«« * 'a«K' Perpetual Unit 

f, art more un« m anasai 48 liar* w . Hmley on Thame* ***, 7 


~ Ibbe? life. Assurance Co. Ltd. General Portfolio Life Ins. C. Lid* NPI Pensions Management Lid, 

■'*USLrinf» Oam Wwit-BCi' - Oi 2480111' «0 Bartholomew Ct. Waltham Cron. WX3IB71 «.CrapeehurchSuEC3P3HII ni«fl<a» 

^Ngto.n.odri-JgF. i - pm «!*£!«!!.. = ““wsr*?- • 

Ahhi'J I jpitol ®2 

4hbr> Inriimt....... 3»| 

Iawitj inv.T«t m J}* 

Abiwyuen T*t — r» 0 

-04| 409 m AH 
-u-u sn pn:i 

... I 4. It. v'lrfr.! 

-0.5j J.9* «r.F! 

DM FpetiiblGp'hn . 11*8 

3 38 T 

IM012MSR 1 

1 352 Arbnlbnot Securities IC.I.I Limited 

King & Shwuon Mgn. 

*— *< Kufcy Pond:- 

— ' PortfalioFued — ! „ U63 J I — 

— • Portfolio CepHal.-.M&J 43.81 .....J — 

iscwiiuren m, PA-»rdmi — — t 

■fliHl Kund . IW9 15611 1— Allied Hambro Group* la*** 

tV.rt-i June I Neat dealing July 3. Hiimhni llw . Il'ffl« 1 . 8 re ' l, **J > 

„ rw , . . - ... _ . QK-S88 2851 or Bren Wood iOZTTi 

New Zealand Ins. Co. IL.K.) Lid* Ul 

toultyAee.' -.-.I. .138* 321 . .- — • Portfolio capital— +J.OI ... — I — ir.rr.jnnr I e— » —> 

SggftX“^ gif '--Jffi Z - Grethwn Life A». Soc. Ltd. New Zealand Ins. Co. (VJLt Ltd* 

S«SwFlnKf-t^ 88.4 *■ . 931 — ^ prince of Woks Rd.. B’nOttth 0303 7®7»5 MaiUend House. SvUIhrtidSSl 2JS n7U2«zs55 ” 

Togvcrtilile Fund- 1MJ : ~ ' AL Ciuh Fund — B6J MLft - — KimKevInv Plan. 07.5 3 S5 i-„J — HriLliuts Fund. 

’BtAuey'Fund. 300.9. 1273 . — iji Eauity FURd 005.5 UU .. ■■ — Small Co x Fd . . 101.4 1067 -OS — PUk Eli* 

£i 7 ^ - ' cifflid -i-ps lid - ncMK. . uif 5S-2 -?‘5 — SS.-Ated* 

**C33-SckelSvew_ g*. ,88-J . - — OJLlnsL Fund . — UU J2?3 “ EUlralnc Pd 100 S J0 Sf-'° — Tilled “.pi, B I 

f w Security, . 13SA 142J — GJLPDW. Fund ml UD.ll — American Fii . 11*6 OSi -1? — iVJSn.V.iwi 

SStKff^z HI iwl - cnmth & sec. Life am. soc. ud* SSBBw.".''. i»i ml ?.:.. - “"J**" 

’■prOpTra. Set 4— gf2 ! .1M.9 — WBir Bank. Bnyma-Tbaaes. Berk*. Con. Iwpoiii FH. )96S Ml* •• ■ — 1 ww 6uwb 

^EauiwFi^rT ' J3.V ^353 TZ ’ F!?.’S?It.riK ce !""3 — Norwich Union Insurance Group I Hlehlni’omr 

*Prop.FiSec 4 LJ 
t '<EaulIyFtLSet<J 
'■iVConv. Pd. Set. 4 _. 
t-iKdnvy Fd. Scr. 4 .^ 
Jtiw .L. . _ 

«Jtd = 

KinKrvInv Flan. U7.5 
Small Lon Fd . .101-4 

TechnoUiKiFf!.. . 104* 

Extra Inc 10DS 

AJoenranFil . 114b 

Far Eft« Fd .... U01 
Gill Bdxnl Fit. . .. 1831 

Allied W --Uf! 
BnLlnHs Fuiut... Uo 
Orth * Inr . • • MA 
EWi. & I nd iw> SS 
Allied •.‘•pi ill • 70 S 

llamliniFumi ..... J»3I 
HambroAcc Id — 117.7_ 
Iww Funds 

64 4 -D.t 
66.1m -0 7 
381 -0.4 
353 -03 
75' -0 5 
llo *0 -1 1 
•26.01 — 1-Z| 

sn iwnkW'w; 5 j 4 imio -12 2 76 1'iceaamy I 

11b vW.flb^iiyWw'*" ga 553 , 0 1 on Wardctc lire.. »» London »all EC3 . m 

IM ir.KarKaml ITU* 1 - SJ b3o-0 1 84b Frtr.lmnmc . Pl.7 »! 

IllRhlncOBieTtt .- 76 8 -0 * 617 sSlIlVsKd.. -412 .“2 'Si 

|nr.«w6und. 1407-001 3M Cxplii Fuad 4*-7 »“■ "2^ 

liu-Awnclr'.-- “j£* 73 7 -C 7 6 03 |m & AtMlH *7 fe 2? "21 

WmVrWrf.rpS ”41-0 1 L32 J »$ ^ 

Ib6 BJ 443 .. I 8 20 liSLSSi Fund .&4 28 . 8 ^ -oil 

ISi ISIah S'li SS Practical InwsL Co. LMLT W« 

. 1 «38 

5.P5 lawgtti -g* V 

4i7 Govett (John* ^ 

_ 77. la-ndon Wall. E C- 

iSi sm Australian Selection Fund VV 
-0 4 JOS M.ytet tipporuinlues. ciu W«n '*u«»e * 
-01 4W Sijte.'ir. K«t St. S|oe». _ 

.0 2 100 isilShart* I Sl ,?i 1 » 

-04 U» ’■ Net AMCt Value— 

j BO C.l'l FVnd ■ Jerjey «. WjjJ 

3 GillTnisinnH: . 1052 
U1I1 Fad GuvniB*>k9 71 

lull Gmi. Srrm. T«. „ . 

JB8tfSn.BSS» JWd - 

Kleinwort Benson limitea 

4X. Blt^nubiUyMl al " . , 

l*r«ciiral June7 -g*S» MS9 ‘ ' I ■ 
01 3M8M20 Atetun-CnlU . faXA 22451 I 

l«M . . I 102 provincial Life lnv. Co. Ltd.O 

170 H . | 2 02 232 .Blahwcale.Ef 3 - 

"i-t —■ ’ FleidbleFiMnire.- 8L84J__j •■■■■^ ” 

■Wpnv. Pd. Scr. A-. 5H2 -"-i LaodboniSc^.Vee. I"A4 liw! . ..■) — PO Box 4 Norvieh NR1 3NG. 00032320 

^Ihany life Anst^nce Co. L^ 01.2837107 ml || S J - 

-LOWBndihgtoaSt.lfJ.' .- - 8W37SSC mi m 182.01 .... I - DapotltFund ... 105.4 .110* - 

High Meld Fit — 

HI eh Imiimr 

^T]i n. rHxed I.Pen. PZLQ. 

‘'VlTCid.MoiLPBaJWre.. 12K*- 
utUloJ’oPdAee L- UjBJ 
Prop Pen -Arc 1KLX 

. Ifplh larJmActlUU. 

•fiqntir Fd. Acc. 

PFrsralnt. Arc.. ISSlT 
KStdKmievIMJVr.. 1148 
ifihtlJtoJuPtLAcni. 104.2. 
^FPrpp.Fd^ec™^.. Mai 
Sqiub PenPiLAcc. fflt 

'ZT Property Bonds. — B34.B M-«l ■ l - 
— Hambro Life AsbuWUM* Limited V 

AMEV LUe Asgu«&ce LttL¥ _ Cm 

AJoa Hse. AlnM SdUDalgaie. SdgntetOUl: • pea. Prop. Acc 

7 CM Park Lane, LenOon. W1 

Flsad lnt. Dep 0^.8 

. Equity.. 

Managed Cap 

G1U Edged 
American Acc. 

Pen. Prop. cap. 

| Not I'nllNay IS....I 28b b I- 

01 am Q 031 Phoenix Assurance Co. Ltd. 

+fll| — 4-5. King William St. EC4P4HR- < 

+23 — Wealth asx .-. 1115.0 H90 ■■ - 

— EhT.Ph Aw I, 177 _J - \ ~ 

+2-3 — Eb'r.Ph-EqE. |75.1 78 SI | — 

131.61 +01] - 

18IU0* — 

170.3*52 — 

1BU9 +0.7 — 
72S3-2D - 
12S.«+0.1 — 
18731 + JA — 

-0.51 — latoiMM Iub 4* 

-»b — imrnmtiimBi 

• 0 b — Seci-.nt Amencu . I 

>1J — Paclfie Rind . - -I 

~ Special l»i KWda 

SmallcrO.'* Fd- 

2nd Smlr t o's Kd. 1 

... I — Ovcrami Earn mgs 

IS'S z2 y htt S'hlilr .luueS ■ JiS 
SSl^l 7M 

„| 2*0 CftevMrt *J«j5 

u/d I 1 S3 5»ijW.hnniW 

43.7| *0.51 227 Etumn^ouJiinc < -H? 

Bank ol America lnteniailon-1 ^SST^rSm l& 

»*“^jWbUsr , s u ^ 6.51 ft-saas-; -ki .si 

day Jam- K. ' JQ $ | 

mem Co. I Ad. Hiah Income .. .|10SS U77M O 8 ! 

rri«»*ea MaotfnM 111 Co. Ud. H.*hlnc«»e ...lioss 

172 St .fc-^rws. p^^,. Portfolio Mni 

227 Bum nytmi June g* fi gj3 4 J7 I lolborn Bar*. 1 ’* 

•iucum I niW'. 1863-0 5 7 81 Prudential 1 U4B 

{ft !JSSm iftiS..*:gi fgi’ 0 * 1 IS «uUter Monagemen 

l « EwleB> JiineB. 177 51 ' 1 BO The Stk. E*chane». EC!N 

:: .i ss TsSffi is 

d* Bnk. of Lndn. A S. America Ud. ffiSiaFawL ' |i;s3LM »■» 

0! M7 8533 wjja. Queen Vlctoni SUB 4 IILW02S13 K.B b .vi^ih.Fd- Sl hU* •• 

M ?s — - sSUtlritf 

01423 BOCO 
-41 3J1 
. ... 4J7 


. . 132 

wxxaa pry,!!, portfolio Mogrs. L«L» la *?A£! Biuielles 

4 3! fZZrnltaro.KeiSSNH . 2. Rue De I. B-MJ"? "J* 

?E BSSK— !*• ^- 01i « ■— 

Prop. Equity & Life Ass. Co* 

A-VEVlfaiuvted — B5.5 
iv.amev ugd. B' — ns* J2ZJ) 

JS’aMEU ftoneyTO.- 108.7 J18J 

S'ASSEV Equip Fd..- 1075 115.' 

AaMEV Fixed lnt-— B.4 

^AMEVTiaffin Fd. 2-7 . lg-1 

Ij-.A-MEV jagtLPen- B 78.1 

1 Fieri plain;.. —■■■ - — 1^7-^- MBJ 

lii Arrow. LUe Asnuince 




Pen. Man. Arr 
Pen. Gilt Eds- Cap 
Pan. GUt Ed e- A cc. 

Fen, AS- Ace 

Pen. DAP. Cap. 
Pen. OAF. Acc. 

2748 — 

mo - 

277' ...- — 

126.7 — 

1331 — 

130.1 — 

147.1 ..— — 

1016 —.■ - 
1B2.S . — 

Hearts of Oak Benefit Society fiESSSKLiAK 

15-17. ■rarirtc^k PUre. WC1B9SM 01J875020 gQUgFJjnd.. -- 

Hearts of Oak p6 * ■ -J - gSErKSg'.^: 

HiU S-p^+l Life Anar. LU.V ■ - Money Fund lAi. . 

’ 323.| ~ NLATwr- Addiscombe Rd- 9jW- 01-«6«» 

-Fl.fli0.7 ‘ 1X4* .—J eproperty Units — A52.7 Ug* • — ■! Gill-Edged Fd.iA). 

if. Anar Ce. LM. A -Rff? ml TJ - ORetii* Anauity- ■ 

X1B.C rawtord Street, W1H 2 AS.- 01-48B0BC7 

R Silk Prop. Bd.....J 178.8 -■•■} - 

Do. Equity Bd ( 73.® | 1 — 

Flex Money Bd..— . 1 M72 1 •• •■ I 

Property Growth Assnr. Co. Ltd.? 
Loon House, Croydon, CWMLU 01*500806 

Property Fund 18L3 .... — 

Properly Fund iAi_ 1778 — 

ABncuJl uni Fund. 757.7 — 

Aailc FuodiAi ... 7515 — 

Abbey Nat Fund ... 153 4 . . — 

Abbey Nat Fd.iAi M3 2 — 

lnrestmenLFund .. »7.5 .... — 

. Intestmenl Fd. lAi . W3 ■ — 

: 4 - 

Anderson Unit Trust Huugm Ud. 

iu> tnueai juneu- ■■-ri-q 
1 3? lArcum I'wbl ■ *®y 

5 il GmchJitr June 2 
5 S I 4 c«ibl i:nU>i „••• " . 

Ln fcHrsla. June . UH» 

176 Reliance Unit Mg«. LuLP 

Bue d,. |q Regeace ® SQ0 ° Brusiela Lloyds Bk. (C.I.) VfT Mgrs. 
SeSTfSdLF.--- |L8« LUt»i . ...| ■ P0 . Box UC.SL Heller Jerwy 

S^IaysUnieorn lnL lCh.I^Ud. x*«-.T “ 

1 ChariM Crow. 5t Hcher, Jn> 0334 Win 

Overwaalnroo*. W-S ■ 1 ifts- Lloydt International MgmnL SJL 

SSSSdfiS?" '“pSfll 4* »» 7 Rue du Rhone. VX] Bo * KR Mil »«»»■» ■ 

^uqJaci ioleeaud vrtlhlH.ld.^e* LJovd.InLCro^.W ^ 

Z Ansbacher Unit Mgmt. Co. Ltd 

tMi UUM’diuilT^—18* 8 S2W-101 437 s. Uw | B T.lne KUO ■*»«- 

Henderson AdministratiouP laKchg) Ridgefield Management Ltd. 

Inc. Monthly Fund ,|U9.B 

0J5S3837B. p rf . inier L7r Admin- 5 ' e ‘« h POBo*41» 3W0. Kennedy St. Mawhe.*ar 

175 <4 4 8.S0 rrenimmJ.Esw*. 

. .j j.u.. C.K. Funds 

DO. Anst,Mm -. . —137 | 
Do Grtr. Pacific—. .|il.g 
. Do. IdL'. Income . I»3 
Do. I.oIII*nT« . .»S 
2 72 Do. Manx Mutual l» 1 

a rhnthnot Securities Ltd. UKCI ■ «p ■ Iriyxth Inr— ' 

i£2sri , srtSf?^"T« 

txe»Jn<«*™. li?7. 2xil -md 9 17 m.h inwr M 

M = 

uf Barclays Llf e Assnz. Co. Ltd. i-.nitu 

"VJ 1 n^MRomfordRd-S’ - . -U4M88M Manag rtf S^, e. A 

ji fc = ewes 

£.j “ Pas-Managed Cap 

J3 ;t-,K<raqy— |M3. . MOM — 

‘I" 6.-» nan-Pen9AibeiipL- K5 MB5I .... j — 

.. . Initial 1 i W.4 J8.4 — 

•I •• ,fl tffji EdgPBnsJIet^ — 

1 tiv u. Bk imuoi ,.. . 95.4 ...» — 

i^-fiSneyPenaAce.- XOM — 

r. piT^fc II" Initial ..... Zff13 l«fl --4 — 

*Cuira&i-ivut vahw June 5- 


Monaaed Serves C 
Hooey Unite 
Mon er Series A— 

Pas. Managed Cap. 
Pus. Managed Acc. 
Pns. Gteed. Cap_- 
PM.G'ceed. Act 
Pens. Equity Cap 
Pens. Equity Ac* 

Pna.Fxd.Inll Cap 
Pen. Prop. Cap 
pens. Prop. Act . 

Claimed Ann'ty . .| JO 5 \ I 

— PronGrowth FHdMb Anilides Ud. 

— All Vlher Ac. Un IMS 1M.6 

— PAD Weather Cap.. 1225., 12B.4 . ... 

— Olnv.Fd. Uls._ ... 137B 

— Pension Fd- l ls — 1277 

— Conv. Pens. Fd. 146-2 

— Cnv. Pni. Cap. UU 1322 

— Man. Pens- Fd- . 143.7 

— Man. Pen*. Cap. UL 13|5 

— Prop Pena Fd 1?+ 

Prop Pens Fd 

Bdsg. Soc. Pen. Cl 

HlEhlnc F>n4 
ftiAnrUOL UnLUj #1 
SSaT 1 WdrwLlha i 55 1 
Preference Fund... 23 4 

lAccum. Cnttei 7 

Capital Fund- •■ W 

I'orninodUy Fund .. SbS 

lAccum Inltei UJ 

,icn>Wdn>l.l).i — ®js 

FIn.fcProp5d »■* 

Clams Fund WJ 

lAccum. UmlSi ^ 

Growth Futul 

lAccum- unite} — 
Smaller Co‘« FiJ-- - 
Eastern & Inll hd . 248 
MPtW-drwi.UU-i. ■ g* 
ForelRn Fd. ... - gj 
N. Amer. klnu KdU*5 

1133 Income k Assrl* —V 

1 >7 Hlah lnc«— e F“«te 

7 17 HiKhliKonw E 

7.17 I'ntwt Extra Inc. — P 

JJH mhw Fonda , „ 

12 12 Financial & ITl- — p 

— Oil&Nui Ro 1‘ 

5U l.»ten uutoB- H 

fSS iniemnlU»nal 5.— I 

sSS wrldWideJunei— i 

2 7q Oitnrax Funds . 

sn Australian 



$1 UK)::il 

J« ESSSBIS 2 .I 8 : -■wl'.Tr 

rtg M6C Group _ 

1-70 Tgree ijnajs. Tower Hill E'.^R 6W.' 01SA 4363 

— — Atlantic June 8 ._ St'OII JJg ~ 

•8 SSi ■£&:. P58 j|., l7x 
, 1M assSii.-^..-- Bit fflai-US 

TSaO.CTnieht-weRd -Ayleabuiy. CASkHO**June S..BXMS 1-9 

» sTl is r-sjrsrsyriw-.w 

aa-Xll <» SbJKI&rwJ.Syn I ....1 - 

tbh a 

-; e w cl Exempt ..{Uzzo _ 129 1' •••I 2hl Britannia Tst. Mngnit. tCIl 
’T W -0 II 1C ‘ pntton May 15 7.e»t dcaimc June « St. Heller. Jersey. 

2 77 fhcrwaJ Funds 

-0J 2 90 

-0 1 2 78 European 

‘ IS Fm-EfcJ 

M24-2MH1 sagoae] Montagu Ldn. Agfe- 

- 114. Old Broad Si . E < i 01563 51^ 

pLr 1^ I 

i- 117Jen« tuyl..- ai2 5“ _ 

. «.a>iaan Is. H7JnyO»Uay=4. E12.1B UBS 

B 1 ....1 Murray. Johnstone (lnv. Adviser) 

439 Fatu.*! — •— •"■In l 44 5t -Ob) 

231 North Amr - - - j U3 0oj + 7 3 

SK^s^uute..: :|m* -| iii Kr&pu x.= a 3ai*j = 

BTSSfSiduwta Sa ..'I HiU Samoe! Unit TsL gf -*3 j 

Archway Unit Tst. Mgs. Ltd.¥(aKcl ***£&££ ~Wg JSSSSi'^ps ' 

3i7,HiEhUolborn.wciV7Ni. ^ 'R'IKh^t^S — S v 8^6 • -83 Royal Tst. Can. Fd. Mgrs. Ltd. 

iEiS^ss zrs\ sgaL-j^K SS ”T 

UntwrolloCMRcwrfonilldEI 0I -M .5M lblH ,ghYreldT S t-.lnJ 13 21 Pro* per Group 

g^SSS.«T!^- ”i tJS =S| 16* lufei* »•» 01.2477743 Sl HeSc. London EOF 3EP 

Saaafr=:K : j| :S E£fiZSS£9Z'~ "*-8 81 
KBSKr-K ...^SSSiSTEa . 

East- K 8 5 : « II :a sgsr^H 133 

SSSStEr-BI, 53 SS dS SSSTSsi'Si- ' 

no. Recovery- — . ~|425 .43.M D3I |*o ft*nw»D Unit ManagersV Mich inaat 1‘unda ... 

3 57 Rowan Unit Ttusi .Mngt. Lid*(») 

i2 City time Ha*. . lYnabur> Sq 
jS American Junes ...1715 
- 1146 0 

jime 15 Britannia Tst. Mngmt. 

30 Bath SL, St. Heller. Jenwy. 

!£•.. gssftjsnrur- 

j+eitlve Life Assar. Cq. IA4¥ ' imperial Life Asa. Co. o* C»*i*4* _ a*5.Bi»hopM»t«.EC2. 

i Lombnnl SL.BC3. "T 0l-«231288 XmperUl HooS£. GuUdf Ofd. 71255 Prov. Managed Fd.. 013-2 117.3 

lie. Horse Jane 1_| . 128.76 .1 ......1 . - browth Fd. June 2 -{725 1*M ■ ■ J ~ ^ E 1 

Lads Life A«nx»ce Ca Pon^J-oex-l^ -4 

JsBigh St-Fouers Bar, Hens. P3*r 51122 Managed l^ind — g* . *H| — 

teffla F«. ;l=di 1 U 

fannon Ascnrance Ud.V - Irish Life Asaorance Co. Ltd. 

[niympicWy^WambteyHABONB M 502 8818 u, Finsbury Square, EC2. __ 01 ‘ 

Bdpg. Soc. Pea. U » I I — 

Bide. Soc. Cap Ui~. I 120-1 1 -1 — 

Provincial Life Assurance Co. Ltd 

Archway Unit Tst. Mgs. Lid* (aKcl lblBl1tl4 hTni*i-... 

W l ™ ■« °+5»t fa SESBajaRfarr 

B^e.i «K day June .5 .b.rag.ta.TroM^ 
ii.iM.ra 1(W faNeWfCl ,b. Income^ Trud- 

L ' - . . Unicom Ho 7SS ^ M El 

c°- Ltd. unirom America... W * 381 
01-247 BUS Do. AunL acc pLj 77 

Prov. Managed Fd. jjj-z 

Prov. CaohFd 10*5 

Gilt Fund 20- UU 

Property Fund . — »■* 

Equliy Fund 97.7 

Sd rnLFund |75J 

1—4 — prudential Pensions Limited* 

Id. Holbam Ban. EC1N 2NH. — 01-405 P322 

01-828 B2S3 Bquiu Fd. Mar J7-..|g5B7 25.Q “ 

t r ■■1 


Ljnity Unite — — 

Mwihdik.ra. anm - 

Efef:a«* S' 

gasasEfiia 1 & 


£nd PropartTr !R 7 -HS 

01518 BSS3 EquiLFd. MarJ7— {OSB7 

Siafflffi’-M fl=i" «4=i - glaSisLMf 

.SStBEiJb B -■-] = ss-ssL ■ Bsse». 

King * Shnanon Ltd- ni -B5«8 R*l P rop. Bd» 1 19«J I 1 - Raring Brothers & 

iux.n ibsjM-whI - Rothschild Asset Management ■ «uodMi»ii»-E.«. 

Nexfefeiiling dale June 1- , ' st Swlthiiu Lane. Undon. ECJ. 01^126 «3« stearton Tst 1^- 

7451 +4.DJ 0 g lySlFd »B- 

sl =s: ws- 1 ®®'® 

M C -Ob 7b» UiahTntSlIr.Tlt*. — 

.....1 8-72 163. Hope SU Glasgow. C2. OU-=U5Ml 

Ltd. : Mum> l ^-V| v 1--1 “ 


m Neglt S.A 

J 4“ ion Boulevard Royal. Luxembourg 

£8 NAV June 2 —I JL SIB 47 1 1 - 

1250 Neglt Ltd. 

Bonk of Bermuda Bldgs.. Hamilton, Bnada. 
I — VAV MavlS IE4.71 — 1 1 

rS AvSiu^.”~ -®6* S-2 "81 iw 15. Clu-isopber Street E 

oS cMteL - «*» ..ffi ^6 Intel lnv. Fund- 187.2 

BV “«S ^0.2 8 40 Kev Fnnd Managei 

aSSHT-Si 6370-95 |U B.BIMLECMW 

DO. aw ■ - -■ J 2 * 2 i Io3 2.10 Keg Eneray IivFd.- [2 7 73 01-01 

aSSSSfc-BI «3 IS 

7 g High IntStlE- Tit*. I - BJlnk q| Bermuda Bldgs.. Hamilton. Brada. 

3 85 554) ....I - NAV May IS IE4.71 - 1 1 — 

1*834 Value June 2- Ne* 1 dealing June pn Box T7 Si Peter Pori. Guerisev. 

J w Brown Shipley Tat. Co. ,Jer *^J4!i Inter- Dollar Fund .132J7 r.5fit+0.07) 

^ -.J ““ Property Growth Overseas Ltd. 

Butterfield Management Co. IHL amah Them, tiibniiw ,w . b 1 

^^ Hannuon. Beriya. *££$ 2 ? j Wlf I - I - 

B1 .Hro«.d Life Ass. LUL 

28 Irish Town. Gibraltar 
U.S Dollar Fund .{ *tsa587 


Blshopsgate Pro] 

12274422 p BiAa pvrMr. E.CJL 


§35 VSS^rLmz 

Do. Accum. lvb.7 

Equity Initial 
Da Accum. — 

ft . ' m «3 - r ,p 

Irjid Dtm.PehsiAcc W-f ' Legal & Genera. 

l»iid Gist Pem/Acc-SW — Klagawood Houaa. 

S- tE iFS-i Sn SI — - si?wicnt08Eu 

itraoital Life Assurance* - 

KohUrtw BoflW. Chapel AabiPt* W*®?® 11 -^ed InltsaL 
F'nflmirtLPl I' 100.72 ' I — A — Do Aceum 

ps&i ^ ■* — ^ 

Bf>n7tertiniiBe;MiagPa Gp* - - Managed Initial 

KRCheqberit^UrtridgoUWINB • ™ 

EThritsa^esWr-H-J .. ' — — Do. Accum. 

fe.tthse.atonw^.^g-j... .SS.TT _• logai * General 
Ipbr^ta. Manage d. j»2 - — __ Exempt Cash InU- 

K<.(rn Managed— I 150.8 I. ■ goAccuni-- 

& Of W«tmln«fer Assnr. Co. Ud. EWmai^ 

" = GovLSec.^L-pSSUa WSt- J - N-C-'n.P-l*«?« r 3Sa-- J "• "SSiRlil 

i 42 - T«rawiMHii Life Assurance Co. TM. Next Suh. Day June JO 

— “ umghamHs. HolmbrookDr.NWA 01J8352U R^y^j Jn iu ranee Group Btehopsgale Wwgresslve 

+6'j» Lndua'A'Plu-lUJ vS'il ■'■''I — Mew Hall Place. Liverpool. 0S18744O >.BldiapacUt.E.C^. — . 404 

403 r Wfirisnlfr SI - RoyalihUddFd. .P» J** 4 - H "" J.S 

- Legal U General (Unit AsaarJ Ud. save & Prosper Group* K^uiteSf WA ^ 

— " 5 S gwsaLv Ea * 2 S 2 hH 2 S^ 1 Gt 3 U,elena ' ” 1 ? w ^ 5^rtSbl aft - j«« »■ ■‘ Ju “ 20 

sSwKTaOSEU. B , n ,Sa H J 5 -^ BaLlnv Fd- +° J | - ^ 

. casta Initial Sffl 1 — Property Fd.- B52.| T22 71 -O — Bridge Fund ManjigerstftaMC) 

h». aSs^l 13= B&sKsrjuSTH 

1 — Do. Recovery- - jS'S In ql ill Kleinwort Benson Unit Managers^ High iumom 

■- 1 ' teSSSSh-uK* 

[ _ L 1.JMI.UV1 K.B Fd lnv. Tsul... 1552 59 M •' m UK Equity- 

Boring Brothers & Co. LuL4 V l ^£L , * c Unit Trust Management Ltd-V onroero Fa 

mt 88.LoadonhallSL.ECJ. Q1 ‘ 5 f 8 ^ ^,fsiork Kchange. ECi.N IliP. 01-368 3W0 Eoropir— - 

01-8284336 straitonTst. |Wj ^•a •• •) *» i4o'n i is irr*— ■ 

12L31 -0.7 
bd.74 -0.7 
74 B -0.8 





UK Equity K* * 

xotbers & Co. LMLP uhxi ij^gt Management L«L¥ omww Fandauj 0901+0 41 

Next sub. day June 8. LAC Toil i Gen Fd.p65 " • ’ swurFurii — - .it 

Sector Fundi 

t u— r«m Lawson Secs. Ltd. MiaKci commodity — 

■l* PrtHP^lve MffnL Co* «L ^Edinburgh eh= a.. tuM »» ESSkSAZ 

Next sub. day 

ftai, S3 George St -Edinburgh 
4 04 *Raw. Materials — go 

Jh Jtl Accum. Uni tn — 1«25 

i a* "Growth Puna— 
i'm "lAccum I’niui 
^ tlGlli and WorranL 
^American Fd.. 
hAcriim Unlui 
.. —HI gh Yield... 

Mil feSSST-7rr”:ho.o 75. 

h37 Financial Secs R2.7 7B.D 

8-37 wigh-MIntemm Fonda 

H gisK^-ia 7 ^3^ 

0 48 Scetbits Securities LtdLV 

0.48 ...CW.O 41 

iSadis — 
S3 -o ’3 

•iteWUl v . 

ttH-tt 4 - 

CompFMM.Fd.t — 1W- 2 

EquityPeni-Fd 180-3 

Prop-Pims-Fd-' gB.O 

GUfSms/d-,-— W-5 

DeptM.FonaFdT— -W j. 


ties Ltd-T toy 8- N-st sub. day JuM I*- 

Capitol International SA 
M.a-0 31 IK 3T rue NonwDiw. Luiemboun! 

SjUl I* OtpMrilnLFuad- 1 S^1732 1 j - 

CharterhonBe Japhet 

” a=rs|| uST is 
s« [S- 

Emperor Fund SS5 AS ' 2J4 

46 61 -^03| 4.7B Uiapaiio— — — ■ ^ 

«3 + °3 CJa SsaitBiSrtllS »:bt| uj» 

m HUI 3.93 Comhill In*. (Gnernseyl LlA 

£ jrBa^"“*r 3 - 

«« « sSSssar*** - 

g«il « sssssSmy-s^ 1 

SKSSt»--:ISfflS wfl: 

Richmond Life Am. I— d. 
4H. Athol Street. Douglas. LU M. 
ixlThe SIlverTrest 1W4 1J- 

Richmond Bond FI 1M9 
Do. Platinum B«L... 125 6 J* 

Lk> Gold Bd lf|4 11 

Do. Em. 87102 Bd — |lA5.9 17 

M. 0624 23914 

mil+l’l 1^* 

132.2 -O j — 
Hi a -021 — 
174.7 +l3j 11-65 

a = awBa ■ «-« Hsgssau+fflSl^ JS?! Is 5S«jm^a = 

^ nwS f^[nct~ 38-3 3-20 BrtstoL ^PricMllVi'sd d. JuDC 1V IpcTbiW Kama. Nmmu. B^ianias. 

$ z SJ 1 :::::: 11 S^.“nf MH B schte.i.x.r Trust mna i+>- w« 

si si ...1 is u "fe=R» -■■ ■ »KSsir" 

SSu WedTrTb urs. Prices June 8^7(8- Leonine Administration LUL Am Exempt IM1 ? H , " 75 m M 1 3l 

07052773S Britannia Trust Management (a) tg> r-” 1 !? Sl,U ” l ’ im m? &l P ’ 77 81 ^0.3} 5.06 EimnipJH'ghiTd 

I - ZSSs**^'***^ -tt!S6s=fc. „ “5-0 3 4.63 g-p-y-m 

i'C: 90S MB* +0* - 
Prices oa June * 
tWeckly dealings. 

aCrojtwn CRU2JA- 


■F^ab. 2flt»£a Acc.— .[• 
EFesx.b&mey Cup. - J 
p>en>- atonesr Aec..-i 

Do. Accum. — 

Exempt Prop, hut 
Do. Accum r»‘J 

Legal Bit General Prop. 

§lE = 

Schroder Life Group? 
Enterprise House. PortemoodL 

Equity May 10... 

Equity 2 June 8 . Z17* g 

EqulB-S June 8 1W.9 

F&otflnLJuneO-.. U1S 
Fixed lnt Juno B — Jfi-J « 

InLUTJuneB-- — 135« 
K&SGUUuneB-... 14L7 i* 

K4eSSc.June8- - IW.7 U 

OJOt 55* RothEChlld Asset Management cC.I.I 
599 .PO.BoxM.SL Juhana CL Guernsey. 04Bi2«B3t 

H i 58 M- u g 

J « S.S' s ®te^| ji i 

oa3 i 3 5S- 

ilS tPnces on June 7. f-exi dealing June 22. 

d- Royal Trust iCtl Fd. MgL 

P O. Box 184. Royal TO .Hm.. 

—4 — RT.lnVl.Fd .... S'S ,a ” "I »" 

i^rNexl dejS dual 13. 
♦0.081 — gave & Prosper International 

* SfSte&S « Stolmr.j™ . OSWrtSMBl 

- 1 London ECSJJ 5ftL 

WfuA SfSSfd“i.SLH.U«.i m « . «»S«“ 

IJ01 - VS- Dollar- densn^ noted Fuu8. 

...I — DirFxdlnl"Juncfl.j9.n 9 7^ _ 

..w- BBSsa.".Hr «= = 

„ a - sssir^'-pi* - 

gv.LXd. S«rllBg^smlnW*dFa B * 1 ...«_ 06 , lt3 
ChSSSdwSndrol MS:* g«|-M l 04 

*- M Commod. June 1 ....11266 itS 3 _oJu .94 

riser* ^£l^ J “ ne .5;.V.W-Ju«7!'--Ju5c 8. 

U23‘ -4 - ~ - mm 3, ni June 8.-1305 
Managed Jone6.— lS.6 

Fd-MfCtUf Money June 6 JK-! 

Mobey3 June® Hit 


: — . 14IC iWiis- v jmuUs - 

Z: 8MaN«.B«»dSLwnoHa ot4M^ -25.; 

XJ4C0P Pal l . a i. w— |86h .• • V? • 

-Y - Llayds Bk. Unit Tst- Mngm- 

•r*- - v . >»raMMfKi_ECX ox-ina^m 

oB June B. 130-7 


p5a.Cap.B- W.0 . 

B yofWestaffiMrtH- 

't£S 9 acdf& 


ConmenW Valmlto* . . . 8EK^fiiw8-*-.BS* 

SLBeleaSi.^tiudemitaaft.reii 01-2B3750O o^sfcan. JnneB-fi«J 

vfiSMMfaJL lad. z: oSkTOtiuraB-PJ 4 

mo. AoftadtyWa^l * B, ®' i LondoQ Indemnity & 

Confederation life Insurance Co^^ ib-ot. The Fortranr.Hcadi 

M.ta^cdwlSi^WSAlHE 010420382 Money Manogar. — S4 

Llajihi Life Aad^MMse 

20. Clifton St- SC2A4MX j 

BitGtta Jmto6_-rs-L^. trm ? 

rsiei! i! 

Haney ^n- Cafe 

- Scottish WIfl 

OapUalAcc. KL3 »+ 4 

Coaiin6Incl..« KOd ^.vn 4 

Commodity q 

S2 S tztt. a% uw s 

ExteB^ncom* — — 3 

5S2SSsssrr;«S 67^ -S:| ; 

cSd^MJeieral 869 gje +-1 3 

gsa5=S H m i 

S3S&z=S5 s^s 

Mortta Aamicnn— M5 »»« I§i < 
Professional 5»3 sxto 

Property Shares ._ ^3 wj — - 

Shield—-—- g-J loll ‘ 

Staws Change . S | _a 2 ; 

VI niv Energy P 2 - 1 

„ The British life Office LhLfitai 

573 Lloyds Bk. Unit Tst- Mngrs. LttLV 1*1 income Dtet. 

tSo ^ Idrirar'* ° t-b> ' Wl 0142312*0 iSuU Growth.. 

iS Worthing. WestSuaaro 448 lnv.TsLUniU- 

4.45 First 'Rained, i g j Io9 4.3 Market Le ader* 

i.n 7 Do. lAeCUItLi— _nt igg ‘Nil Yield— — — 

Second (Cap.) ■ “mi Ip.4 3M FreLACWTro*- 

no DaiAceumJ- • IVi _i i t tt property Shares 

S3 Third ftneonmi »60 bJJ ^'^lsu.T.U 

3 n? Do. lAccum. » W95 d.k. Grin Accum. 

iS fe V.1L Grtb. Dm..-. 

+6ii f!97 014523 4880 I 1 _ 

.... - Cent Fd. May 31 — .1 SUSS 23 I . ...-1 

Jdi In FldeUty M*mt. * R«- «Bda) Ltd. 

^■4 4M PO. BOX 870. Hamilton, f^nnu da. _ 

-0-= Fidelity Am. ASa^-.J ] j _ 

^ g M8«afcl 

Ini iio Fidelity MgmL Research (Jersey! Ltd. 

IS SSSruSoE TSL Mnira. Ltd. J. Henry Sctogr . 

1% TSdW.G.tehte.rolULAyJesbMF ««3gS^Z-Bg; 

■ 28 Equity -\ccum. H57J 165*1 —I lARun .i US2 

828 EfluityAccum 1 »» J 

4J*6 m & G GroupV (yHcH*» 

.DUL— .WJ 2B*m-v 1 WBlerloo to, Don SL.SLHcUer, Jersey. 

ZtVSS' ** g-s \"~\z 

sfr—tas '■ssa . it tasiw&J «sa. i i - 

Income June* 


IB- 30. The Forbury , BeadlHtt 

SS3HJSSSL-=ii . 

Scotusn niapwa TM onus* axaae fAoanh. Unite 307, ■ 

POBwflOkEdialmroh^BW^ 10 *-® 3 ^ 00 Radiance Hoe. Tmt^geWeU^^aOT Compound* .rrnnh 1 *»3 U 

R«*SSfc:» M'- E is 

1= = ' L 5?a artsTE 1 *!.— Sfjisrix mSEubw si B 

a gayjis--Bs 

762 See abo S* 01 i J 5 c 1 uu, * 5 S L61 • Accum. Umtej I». 

448 American... — - g-4 Sfl loi tu Europe June!- - - g-6 

4J59 (Accum. Units' g.4 5691 +0 J Jjj tAccmnUwtel--. 3M 

156 jgsfftez-li 11 Si IS *^S2SS2^| 

» Sffl!!!S5iteC-.8?. .Sits-? S« -^oveiyJuneT..^ 


t.S First Viking Commodity Trust. 

Schleslnger International Mngt Ltd. 

41. La Unite SL. St Heller. Jersey 05M7 ?S‘ 

S A-U.t - “ 1 *s 224,3 ; 1228 

•* 44 

• Far East Fun^ June 16 

Schroder Lite Group _, w __ 

Enterprise Houite. Portsmouth. €905=7733 

International Foods . 

497 Fleming Japan Fond ^A. 

Z Solar Life Assurance Limited 

I Magrr. Foandors CX. EC2 

■ =a. - -/ffi 

s 3 bBs= ; I; 

SfiSf BSwSnrwAI — MT & G Gronpv 

Jlha.® - — t Oom. Ttonec. Hill ECSB 


CopGrowthFund- . g-* _ SSISmiS 

%ggi£t:Jr 'SX - - ISeSSS?' 

Solar IntL-P. 

^n^roLoadohECJNm;. R VJ&«V. 

U9l+0fl - 

D0.1ACCJ June 5 — JZ7X2 

Oceanic Trusts tst fg 



Growth Accum — 

Growth Income PJ-* 



overseas IS , 

performance Pf ^ 

Recovery-- — 
ExmpL April 10 — 150.4 

01UM8520 Extra Yield -WJ 

III I 4 SB (Accjun. Unite' JP- 11 

^ —4-400 Far Eaatern... g-| 

(ff ffinSSSs: Si 

laisa is ass™-."--^ 

2-g SSSSIudiu._-.feH2 

311 -0. 

au - 

266 -0 
212 -0 
6L7n — 0. 

qT 5 High Iccumc 

3.07 'Accum. L nils'. - JJ79 

« X& Japan Income .— 14|3 

335 lAccum Umtri— . «9-* 

i-£ Magnum . - mi 

7vV fAu-cum VmlM 252» 

561 -0.3 
623 -01 
65 9a +0.4 

866 +0i 
1831 +04 
7796 +0.5 
jovd . .. 

Is Scottish anuuhlc rod. «P.™ ™f ^-xU’ET" ' 4 ffiHSKH/. £'¥3 II 

;.s 5S^sr---IP j is t.'j - 3wi«i-Sw 

IS A ™“ U "DSiW& vvcdoSw' GTawanl Ltd. Sentry Assurance Interaattaal Lte 

if EBJEMSEST-spIff BWEMM"** -T ;-±Z 

ea=w ma= 

1. aeo^ Se hrader w«l a CriJL . 

laO.Oieaps'de.E.L* |__noil ZC 

^VjwaySi:. S«jai9flj^3j • 

AS *ff "tiff * 15 ' ■ SAL85 29S-0.01I 520 

Sentry Assurance Interoatitmal Ltd. 

I £SE&- ■«« - jgejsagc a 
Is STSSJB2 S^~l ««».,«?« 

I Anchorin'- Pd ^— ! 

^ 490 »KSr.==«l 

216W +01 
270^ +11 

Is WH^dM a 

127 c.„»rart linit TBl- Manager* Ltd. <ai G T-AaiaSteriins.. QMS l »9B+ 02*1 5 D7 

3.| ^CharlotteSq^Edta^ 03.-a.327I PS| UJ 

67? ^-3 tf l Gortmore Invest. LUL Un. 

5 « ^& l wTuv.snit Si ^ J*" 

I” -Stewart British Ojplml Food JsSXtehKn SJjO torcourt Rd. HJwgg 

Sin Siandard. — ... g§6 JJM -j JJS AS ‘V. - ™ 

6 4B Son Alliance Fund Mngt. Ud. in. Bond Fund. 

*« SunAllinnecHo- HmjihanL ^"JJ 41 ^9^32 dS^Sio^ KV3j,> 

577 Target TsL Mngrs. Ud-V laXRJ Hambro Pacific Fund Mgmt. Ltd. 

^ Masr^^jgs- 
S -2 SSfflffissa-.f'WBW • J 7-77 

Credit: ft- r i ..«niim»j pe Imturance . 


ThroeQnoyi. ^ “ Son Allianee Fnnd MangnU. txd Cjmada ^ u n |t Tst Mngrs. LuLV » 

^ ~ SSSPZs? sssii J ” • 

. 3: 3 
U ‘ -vrf 
^ * T- 1; 
- J 

.- > _ 
-.Tt :S : 





lateral E«LAec^- 
Money FJ 

CrBBSdeT liyy— 


Fai B j|y7fr«>+» 

GUtBo adn-Jg 


57.91 J “ 

•June *■ 

i.mtag Assurance San life- of C a nad a (U.K.) Ltd- 

Merchant oiJWM 7i xx AOocfcapurSt-SWiYsaH oi-® 

vJBRHfeh.Stget i I - Ma^lX-Crth--.! 1M.0 M»A 

M = 

- 100 OW Broad St. BC2N1BQ 

.Lnilsi — £790 

'.Bar 5112. SeconrfGen. . - 
-0.9 4 43- lAccum L'nitei . 

-aSI 4© Special fijji-l 

-03l 784 1 Accum Unite' . ..12027 
-0.5) 7.B4 SDerUdL-ted Funds 

See,.-. • K6J 

015888010 assJw?«7 r. 

+£9 235 Gortmore Invest. Ltd. ldn. Agts- Queen* H*e. two. Rd sti 

tlS - !fc*uMa»TAaa.Itoadon.BC5. 01-3B8SB81 Amcricaulnd Tht - 1£3 68 

1859 +0.1 
2779 +01 
170.6 +02 
215 4 +0.2 

4.W Charrld! Ju"e* — 1905 
73ft i AcCTUXL VnU* 1 - -■■ 

ln pricSs"on"jnne~ 7. yevt deJmB 3*v* »■ Peas. fix. June 5- 

MannLiie Management Ltd 

6.94 Tokyo T*L JuneE .| sua»«m l + - 

l§ Stronghold Management Limited 
\ *5 p i\ Box 315. SL Heller, Jersey 0534-.14® 
1% Commodity Trosl_|9Z.% 97.851 1 - 

lG?SSttcWr"| 5US12.78 1-0 DU U7 Snr , nvest ,Je«eyl Ltd. (X) 

Gortmore Invest. Ltd. Ldn. Agte. queens Hw.Dm.iM aH»ti*r.jy.Bg«273« 

S.SL Mary Aae. London. EC3. 01-383353 Jtenericiin Ind TM -|J 68 i*| 3 -omJ — 

SS^fpS S^Sa^Kd. HJ^ j*°P.^^-:i::laL55 uffl+o-oj! - 

*«*»«■* — IrofuifS u« '... ..| 700 TSB Unit Trust Managers iC-L) LJd- 

iffiSSSs-ifai-B ““i 7 ^ 

UUL Bond Fund 1*^1®* Je roey Fund - fflA Iro 

roun nii. 

^ • I 1 *® 


■t Mngt- Ltd. 

Hambro Pacific Fund Mgmt. Ud. 

3,. Gresham St- BC2 ^?^T^M^0,Con^t Hrog^g _ 

ao- Carliol Unit Fd. WjWWWJ,, BSSSSa?*! 

01-830 M00 MUborT.H«m*e.Newro»le.upoivTyo« aim Growth Unite- . - ^ "A TarSS Bnoll^— . - |7B 

■+9 =■ RlSSHEBmilKI :d « M.yno.e- «»»««“■• c « ■ r^.— S! 

1 — i« y d* fxd J 8.42 i */ ip Oneinain S l MU. 01 TatiemGiU Rjud..^ U5 IB 

3831 -oa 1 


SS£teix:ttSiir“| SIS -• gS'Jfc-ussr^ ; 

gssssjsSjSr^ "fi« 

3KttaS5£=:BSI Sl-5| = "SKffiS: ^ : I. 

••—I “ km-TtaMhe 

Gita . pro P-" J *■■.•. ■MUioB'tMurt. prito Surrey. 

InU. EQnJty— 1 

IntX. Managed- - 1 . 


. prop. Ftt toe.; 

Prop. Fd. Acc--, 1 

Ptfin.Ia.lnv.__ iB/.u 
« u Fbsfe JffiL Fd- Inc. W62 

— SS'riMx'fvc.’jSor" «i 

— SeLPtenMTO-^C— Sl9 

— BeLFI anM a n G a p .- 

— .tat Poo. Acc. 1»A 

UnLCatL—- ICM 

ai^ +t« — 

“■Jy-BK J 7a2 -0 2 - CJ.toeernwT P*.* “-3 ' " JS Midland *»“ u**»n 

SiS^wi 21-09 - Accum. unite »* ^ "l" 1™ Visil Trust Onager 

M- = gSFZii II = IS 8 arsjsr“ 

E=® S 5 i- = gEssStrSi ssd » SaBfi*-^gi 

iu iT=" rasa ■ p 

sir:: - ' SES^-r-r « 

IU? — Hlchlnromo-rr- L* 6 4 ^ J -oil 320 toternauc-ual... . g-J 

Life Assurance Co. Ud.f Funds Mgt. 1ALP tSlSSSLnSe- ~ «3 6 

77 London WnU. BC2N 1 DB. 01-988 1815 30 Grot. ham SL. EC-JJ 2 ™’ « 01 

Inc^eiSwlB [J3J 2 — ]""j Merc. Ger- June . lSi.1 ^3 

"^SSiJKy ■» W Chit rides. jj£Sa.S V;. JO ■■;;• 

«... aaaiafe® « : 

SSJS®S=:K || :■ 'J S:B SSmSSra! m* »; 

«= = 

lVlfi Gresham S6 EC2\ 7AU. Target Ci It Fund— 

SSS«rj.W WH S3SfflfiC=:|| 

Merc ttry Fund Vanagera Lid. |b 

30.Gre».lu.mSt..EC“-Pira- Tars,^ JuneV. gUJ 

Merc. Gee- JunrT 1 0.1 JW.^ ”.g 

4&K-VV a* «| ' : g 3W&an*-B« 


jlSEKidH M=J 

13 Hambro Fund Mgrs. (C.M us „ 

~fl« 4.46 p.O. Bo* B8, Guernsey _ 048 Tyndall Grenp 

Hi +03 C.LFUnd 3 nrsfil B 40 P.O. Bo* W* »« 

341 +8J intnl. EUrnd SUS10M2 *’ 250 Overseas Jane 7„ 

33J» - 0 - 1 toL&|Utly il§Ld? 1 lS 890 I Accum. Units) -■- 

IMJ .. .. 8.19 Ibl Svgo. A M S LK 250 3-Way InL Mny IB... 

UJ 7°. . llio JuS^Ncact dtaihS June U. ONew »_». .Bell« 

SS Bagatelle M.. SL Saviour. J mg. «34 73W 

Jersey Fund -..-.. g7-6 |g^j | g.79 

G lS«S^ r «Jwrs«t »ub. dty June 16 
Tokvo Pacific Holdings N.V. 

InU mis Management Co. KJ'-Crn™. 

UAV per share June 5. SbSsi-30- 
Totyo Pacific Bldgs. (Seaboard) N.V.- 

tou roil MwiaRemenl Co. 

UAV per share June S. JUS38IH. 

L55 r L Fund 

Li5 intnl. Bond SUS 
352 i_i Equity SUS 
4.19 Sl 5vga 1 A' SI’S 
iH ISu sv*t -b; SUB 


LBqutty .. BjCV ^ 1 IS f535R®!=:BS2 

5- S'P- £ Su^u iS“"| WwhL Mny IB....PUS298 

PrlMM Ju» 7^C*1 deling June n. Z New St- SE. Beiler^Jtemry 

ffln rarartmo 5. Eermnda. 2-278* 

S3 ^ 4JM Henderson B«1ng Pond Mgr*. Ltd. jbFSL M 


4 42 Target Tst. Mgrs. (Scotland) (a)fl» P.O.BogN4723.NasM^Bahwa« __ 

iB.AihulCroecent.I^n.3. IflSSgM jS^Y' ^eSdLauS^le June rlt 

HfU-Ssunnel & C«- (Gnernscyl Ltd. 
8 LeFebvre SL. Petw Port Gjawm}-. , VJ 

Jersey Fd. June 
INon-J. Acc. 1'te.i 
Gilt Fund June 7. 
lAccum. Snare*! . 

L24(+O.D?| 6.00 
lWUOfH - 


B.05)+0a0 6 0S 

1250 1-020 — 

800 +2 X 2-00 

7056 -0.E ^66 

llftt -i:o U28 

1372m -I* — 

e of Man. 0324 2D11 

334 Transatlantic and 

32 .B 1 —O il 33* Bl-»NewLomtenRd; 

US -0.4 63* Barbican JuneS -. 760 

62,5 -flA 63* lAccum. UniUi--.. JMI 
536 k -02 2^ BarbE*pLM»v31 - g* 

57 0 -0.2 139 Buckm. June8 K S 

65 J -0.3 857 1 Aceum. Uniui- — 

H3 -02 a 37 Cctemo June *S-5 

2 «l n 12 i^sfi«:zr.^ 8 

cbriiwford 0245 sissi international Pacific lnv. Mngt. Ltd. 11l r Fund IsnswA ui#H I 8- 16 

s £839 ** A “T - United States TbC. Inti. Adv. Co. 

M*« +10 ja j£.T. Managers (Jersey) Ltd- J.7 g tsl to^Fnd ...| si'SUM 1—4 03 2 

1»3( +1J PC B«< 1SL. Royal TiL Hae- Jen*i«M -■+U L ~ Net asset June 5. 

8 TfSI 6.95 at l toy^L'JjM?si i b. 1 d«y!lunis W- s . G. Warburg Se Co. Lid. 

Mil 6.95 JardinP Fleming & Co. Ltd. M.Gn-'hKroStrocLECi ^^ 

! “a ::: - s (a^WaSsa 1 ?^ SS® M = 

J1H ■ Basic Rcsrce. TStja.4 High Yield— S3 -oil 817 coleaD June 2. 

Confederation F^ds Mgt. U« J- gi.^W fo^b ; "| iS 

gg y p esi j «? b«aX“’"" 

^D 2 — Cosmopolitan Fnnd Managers-^ m^Jh^atiimSr^ oijobioso k^StoJuS'b'-.i 

-LI — LomlotiSWlXBEJ. 0I 23SBS25. Minster Hre-^r.njrau. C.I. s«7 .Accum. Unite'- - E 

— feFomStweLMTO iojj I 4 75 MlimerMsyjii — P5.7 37-a I £4g Van Gwth. June 

— coBmopoln.Glh.Fa.|17.9 Exempt May3i -.90' wn .... + i Accum. Unilsi — ■[ 

Coamopoto-GUt-ra. \u.t E*eniptM*y3l ...tu' T*n--i , Accum. Uiulsi — • 

Credent Unit Tst. Mgrs. !£;»£> MLA Unit Tros. MgemnL L«L 

— A MaMlle Cres- Edinburgh 1 
z Crescent Growth — P68 

Cres. Intermix — J»-9 

“ Crtte.Hl6h-Dtet._- »7 * 

— cres. Reserves P9* 

4 $ a s-«sr» «®®r6 

ULA Unite — 

£3+1 Mutnal Unit 

439 n^Aic PaiW. L^ Accum. 


56 6U 

72.7 .... 
51.4 - 

60.9 .— 

52A - 

664 .... 
75 a 
64.0 -0. 

75.9 -0, 

69 W ■■ 

79 6 .... 

136 ijardine Emil Tst -I 

S. G. Warburg 8t Co. Lid. 

w nrechnm Street. BC2. 

16 CuvRdJU. Jsi** 2 • j ZuSllti B3 - 

U# EnO .laLJuite? .... SU5J7W l+-u.iwi _ 

DTO "J’-"-! - 

a HEfiasi-i WV ffl sa »«»■ 

jSdtoeStA-.-.. : 

392 J online Flem. lnL_| 5HK97B Jj^L 
856 NAV May 28 •Equlmleat $0SM «■ 
634 Next sub. June 15. 

Warburg Invest. Mngt. Jit)'- Ltd. 

^“oroniMJn.Ja.n as*™ 

TwentiAW Centwy’ Bk- ^ 

Discretionary Unit Fund | n[ ' T 

te. Blomfirid St, EC2M7AL «-«» ?•" Mutual Blue ' 

MK Income _P8M 173 tod J Mutual lluh 

tisr Iwi 

swfe sU 

SJSSSl wi -• n IU Tjndall Managers Ltd* 

A 70 ifl.L'anyngeftoad.Brt.uii. 

i nHimr June 7 — raJLi 

X) premium. 


Bristol. 027 

|]ja .9 *02 

e8 __I 1 MJ 44 

S. 1 704 -U 

5=r“" 1M8 +Bi 

mra.*— I JZ32 +0i 

,Br. s i| I “ 

KaV 2 m! M 4 

l^ 2 * 22 " 
+Da — 

+b 4 — 
+dj 1 — 

n«i»» — 5StaSr.«4 C«— mu ,'ssr.w«/-.:'|g‘ 

iSJEr* 1 * 4 S 5 ff®? r : ej 

Gre*tWto<d»«*^Jg-} J j® lAccum. timU'i — 367 Ianw Unite'-. - M 72 

awmch^^M-ity * gasjw&s -vffl ,.vi Mssra??-"^ 

&34 Nc^t *uh. June SSu 1 Channg CrO'fi St- Hwtirr. • - 2 

OJ IS Keysele* Mngt- Jersey Ud. cStad’ 'SKsi" afs* — 

OJ 528 POB D xPRSLHrUer^«u^ r^Ol8067L; ) CWTU Jay ]B rum llj ... I — 

:..1 bs eafev^-BB a L wiafc.-s87 JaJ - 

SaSKEiS-'o* «g . 3 78 World wld ^ Growth Managemcobfr - 

0272 32241 Japan Clh, Fund... UYOH Sg+O^l - lOa. Bi.ute‘a«i P.roul. Luye«^aun{ 

■ H SS r UIS14B8 


n.l | nT-.-.j«0 47« ... 4 00 * 

Sgff.HS 2 |S 

■ Tl ■ liwiuuw w" ••■l 

521 , ^.[np artce. H UiSCnmxtMJn ixre cm l oil pv:pCQ»«? erori* 

5 " Sbb'Kf s “ & 

Jertey"^ t kS-suMiyisjim. 

DO. Prop Ma/ 2 — -i to A t .■—■■' 

Vanhmgb Lite Amm»« 

_ +o J{ - 

— lev™!*-* gees Ltd. fa) (Jl) lAccum. Unite;, ■ ™a I 2.60 Scot IneJune". .|i6u 

~ ksSBESMt s&’ar? SI 

&r,:n s 

Equity fc Law— ^-lfifc.4 69.R -0.G 4AJ Cap i t j(A C eum.i - “ J 70AM l.W f 10 - A f euI lL, 1 „.,ra" U5 MS 

jUu«u.n Unit Kxt. LUI u) sss- ,, ■ | ffl :« JRSSEr 7 ?tr g «, 

£S““fe imia :l!| 70S BSSi'Ru* fc" “Ji -";,, 13 

ZS'ji 7.M 

Fmd _..,.|naA • 

Vonhw igh "Pcialons limited 

American wa 

<w?25- d 

U. Growth Fd. — MM g 

Do Accum. (U« “ 

♦1A| 2 36 NEL Trest Managers Ud-¥ laKg) 

* 1- ** ^ M.linn Court. r^rktoC. Surrey \ 

SSU toTSB General. _ 
4JB ibiDo Accum. 

Dealing* to tuM ®^ 3 , 

«41J^Sfc.Mto^%. i ,2J 9 f K3 F rtendg’ PWdt «nitTr. SSSSh^i* ^o* MSI ‘ 5:gKSC:"B 

13 i 


see Un. Bmb R«^ taDle ‘ 

Welfare Insurance Cto Ltd.^ 
Ttw fe*a>olkMU»e.Kwt e , ° 30 ? 5 !: 

— ptsthamEmbDoridiiK. 

.1 - 

■ “° lfc g.T. Unit Managers Ltd.^ 

1 l6.riusbi«yClMitt)K2U7nD 

030357333 g.T. C ap. Inc 1® 7 . JS\ 

Wrs LUL awssaarr:* »| ^ y 

^05 4M see Whwhild .to Mtougemenl .n do. A ccum.. -I"* 

Norwich Union Insurance Group (b) ulster Bank* (a) 

- POIkrt4 M-rw'-ii SRI3NG OttBS=a« Wa ntusSireeLHell«t. MQi 
“^■S 5£Sil-'! 1341:1 "W-W 5« .bHOnerGrouth 137.1 JS- 

:.: 33? Pearl Trust Mj-jK" Ud. feiUU» Un it Trust Account * Mgml._Ui 

■n»LeM*toUt»U»*-“Oi_ , I _ no M»4 

MuteraaterFd. -- 1 i£t&r to ThoLtmdon A GT. Inc Fd On toj* 

fm Win* Junto. '««« L iPe o.ttiAi»n J46.1 

- Maschrotto n t Jaoan atlen... *78.7 


39 91 -0.41 531 

Wilder life Assur. Cn. Ltd. 
1 High Struct, Wtod»f. Wind 

Ltd. +Gt P«te. Ex .Fd-- gj-l 

__ gT. Four YdjFd— 153-4 

- G. & A. Trust (aHg) 

— S. Rayleigh M- Brenr*«Ml 

*- tit a fra-o 

31 7 - LI 5 aS£S“ m B f" ” iSJliTli T 

ii “ a MStyr- 1; SS EflSSS »■ 

Sd 7 S U 2 *8 71 -oil 510 vvicler Growth Fund 

Pelican Unis s Adaan. Ltd. igMa) KincWiili*m. , ’t&-'4R8AR 

iSSiiSS— K* » 

j4 r 2tf| -0J[ 4A5 Pelican LmV». — ev.ui 

89.0( “0-81 5 JO .Accvm. I 

01JE3 4951 




014234051 1 

I 436 

..-.J 436 , 


Royal Exchange Ave.. ^%7g (BaseVtH* at 14.1.77) 
Index Guide as at / June, is* i 126.93 

Clive Fixed Interest Capital 112.91 

Clive Fixed lnterc si income " — .. 



tProperty Growth g ‘ 50 ,” 

tVanbrush G», ra »teri t ; ° 

vAddrivs shown under lwi r ‘ ni ■■-■- • 






High Lot 

!b5 Japan 4pc' 10 Asr^. 34flnJ 

70 DoSpcBMfi 71 

A 5 teu.XyJpc 155 

75p S.ij.I.Pjjcloao . 75p 

94k TunnBpciSSI — 594k 

81 Tunnlikpc l«H__ DM9lp 

94 L'rucuayJjjc. 95 

— | Cross | Vivid 

"!!! _ 6 1L20 
3 2 95 


6k 10.70 

3*; 4 00 

High low | 

235 1172 } 
31 U 

BANKS & HP— Continued 

tow I Sod | Prt« |\_° r | \rt IcitIgi 

nrlGr'&l P/E High Low 

U.S. $ & DM prices exclude inv. S premium 

T9T8 I 

High Low I Stock 

}7h 13*;lASA 

60*2 60*; AMF3%Coir..-87„ 

31 22 Amax S I 

32 21k .American Express. 

33*; 11 .Maer Medic. IdC_ 

ISh W9p Asarcolnc 

291, 13-', Baker Intel Cora Si 

19*« 11', Barnes Grp. S& 

325, 22 B«idixCwTj.S5— 
231; 13 Beih Steel W. . . 
11 s , 625p Brawn'* Fer.cK?;. 


Stock 1 £ ] + -1 Gnss I C»r| 

Nai Rk.Aim.SA 1. 230 d -4 & '3 9 * 3% 328 linp.C'n«i£l 

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13 s , 11> 4 Fust Chicago 

327* 20t Fluor CorpSh 

41?, 265j Ford Motor 52 

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28 Honeywell SliO „ 

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12.79 195, Singer. SlOi 

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12.29 40 22’, Time Inc 

1195 865 p rransamencaSl 

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1236 17 111’ Woolur.rtib S3*;.... 

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1195 135 
13.05 38 

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28*»m 5175 — 

31'; 51 40 — 

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23l,«c +** 64c — 

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13*s -k 70c - 

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92 Boddin^tons L. 109a: 

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100 Brown (Matthew) 118 

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140 Runonwond 153 

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213 Greene Kmc 267 ^2' 

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109 Irish Distillers— 152 -1 
270 Macallan. Glen.. 310 

360 Morland £1 470st ' 

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_ _ £171 037 Do. 10pcConv._ £170 Q10% - £6.0 — 

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170 lbO Bk.leuim'L'K£l 160 736 L5 7.0143 

5»0 380 BiNS.W.SAS™ 570 +8 tQ30c — 33 - 

315 255 Bank Scotland £ I 292 10.89 3.6 5.7 75 

... ...» 02k CZl’a Bankers N.Y310. £30 +k QS3.00 - 5.7 - 

, 358 2% Barelas £1 325 -5 1113 5 3 5 2 55 

59m | | 8.43 ILK 230 200 Brown Shipley £l_ 230 927 - 6.3 — 

296 I 13.40 312 265 Cater RjderD- 290ul 1933 - 10.1 — 

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415 350 German Ynt 4*mc. 405m 

54 4b GrM!k7pe As. 54m . . 

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copies obtainable from ^ wondwide or nn regular eubecripiion from 

Subscription Department Financial Times, London 

Hi 6.91 11.40 83 58 F.C. Finance 58 

75 ...» M0 If. W 3*4 lk FilWNat lOp,: 2k 

90k +1 1223 1350 1 i, t'o.Wms.Wm. S 

90*; 12.81 13-Sffl 12*; 1(P 4 Fraser An&iftu Ilk 

92 +k 1355 M.00 1%‘ 157^ GetnrtjftiC: 173 

66 1L01 1240 50 37 Gibbs lA.* 47 

SK? H-S 13-?9 255 195 GiUettBnw.a„ 200 

19 Goode [Tl Mr>'.5p 
% Gnndlajs 

185 Guinness Real — 240 TlO.O _ 63 — „ii 

217 158 Hambras 187 1952 — 7.7 — -ij 

100 81 Hi 11 Samuel 87 -2 1452 — 7.5 - ig 

MO 425 Da Warrants. „ 462 ...... _ _ _ _ S 

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Manchester: Queens House. Queens Street 
Telex 668812 Tel: 061-834 8381 
Muscow: Sadovo-Sanrotechnaxa 12 - 24 . ApL 19 . 

Telex 7 SOO Tel: 2 S 4 374 B 
■New York: 75 RoekefeUer Plaza. N.Y. 10019 . 

Tele* 88390 Tel: 12181 541 4625 
P-Tris 38 Rue du Sender. 75002 . 

Telex 220044 Tel: 23657.43 
Bio de Janeiro: Avenlda Pros. Vargas 418 - 10 . 

Tel. 253 4848 

Rome; Via della Merced? 55 . 

Telex 61032 Tel: 678 3314 

Stockholm- c'o Svenaka Dagbladet, Raalambsvagen 7 . 

Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11 - 1879 . 

Telex 212834 Tel: 682898 
Tokyo: 8 th Floor. Nihon KeizaL Shim ban 
Building, 1 - 0-5 enema chi. Cluv oda ■ ku. 

Telex J 27104 Tel: 241 2920 
Washington: 2 nd Floor. 1325 E. Street, 

N' W_ Washington D.C. 20004 
Telex 440225 Tel: 1202 ) 347 8676 

Manchester: Queens Rouse. Queens Street 
Telex 686813 Teh 061-834 9381 
Mow York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423025 Tel: C 12 i 488 8300 
Paris: 36 Rue du Sen tier. 75002 . 

Telex 220044 Tel: 238 . 86.01 
T'jjTp: KMhara Building. 1 - 6-10 1 'chi Panda, 
Chiyoda-ku. Telex J 27104 Tel: 295 4 U 50