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SSnT. Ivl VI . 

livn ■klrAI 

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'Ws, telex 053457 


stwwu PRICfiS; AUSTRIA 5^,5 . beLGIuh 

Tuesday June 13 19*78 


King 8* Co. W' 

Industrial and 
Commercial Property 
Tel: 01-236 3000 Telex: 885485 




Raw material costs 

di e Sterling 
inc jumps; 

rise by 51% as 

;^io n 

•• .-T w'-.Hxr-.r*'/' 



sterling declines 



pnc* J-i 

1 '■enou** ;:‘ 


v ; ,; >aWy 
K! S' 

• STERLING improved 
strongly. closing 112 points np 
ai 51,8380. Tbe pound’s trade- 
weighted index rose - to B1.3 
1GI.3) mu! the dollar's deprecia- 
tion widened (n 5.8 (».•>) per, 
cent. 1 

##R»i r; 

® GOLD closed ${ down at 

• h ill street lias up o.ts 

at near -the close; • 

Industry’s raw material costs have jumped by nearly 
51 per cent in the last three months, mainly as a 
result of the recent decline in sterling. But this 
increase is likely to take several months to work 
through fully to prices in the shops. 

Output prices charged by in- uncertainty about wiiai will 
du'-irj- at the factory gate arc happen to seasonal food prices 
sf iil going up at a moderate raie, during the summer. 

Manufacturing ' i 
Wholesale Prices " 

Ifo rodeo 

' ■ ■ - 


• j-hars * ~ 

© GILTS dominated markets, 
iiuoinrs encouraged . hy the 
Government’s tightening of 
credit controls. The Govern- 

•*- MijTJi • » - cun Kuiuniui, me viuvem- 

mly 1‘ ^ - T j»ople died and three ment Securities Index closed 

"ittean; Tmssing following a (1.53 up at 70.79. 

•'mnanv .yL' ::: *oRii&ih between an American _ _ 1>W 

r:.^ u.* vind^^rier; and. an Algerian • EQUITIES improved as the 

rypean wi vessel ia thick fog near DPW Account go! under way. The 

■:T-rd 1 " : !®wSi*^- T V:/ ’ ■ • - 

:■ v.-;‘h Navy -ships mounted a 500 | rm 

„ ^ jescue operation. First I “■ I.IIKlUSlriai 

oi/tfe^scene/was the submarine ago A OrHinarv - — 

,, .nniilthalit followed by the. missile i 

H\dc - -eroiser - Norfolk, the frigate gft Index 1 

- . Anr^L-.tjte RFA vessel Olria and 480 ~Tn - ill a* — 

• iV’. «v ; ,jtwo;Wfis;-- It VjflK 

1 :7We$5ex helicopters were also 47Q *11 j. £4 u — 
i.- and a’ boarding parti M J|| / - » 

aboard the American VI " § 

; ’ - ■ '<ebi p ; . Ye llowstone f 11,000 tonsl. 460 rL Ar if 

T ^dead and missing so far n p V 

r from lie Yellow- 450 J L J ; 

collision happened 14 vj 

. . i:i-. -^mies. south-east pf Gibraltar and 440 1 

-.ffie; Navy ’ reported the ships I ' 

... tnopthor ”• • ' im i L — 1 ' 1973 

ihjip*}i prices L-haififd by in- 
dii'-iry at the factory gato arc 
-till going up at a moderate rale, 
rjiiny Iji less than 'J per cent in 
the last throe months, and by 45 
per cent m the last six months. 

Tin? Department uf Industry 
w-hnlesale price indices, pub- 
ti.-hod yesterday, support hopes 
that the 12-month rale of retail 
price inflation — 7.9 per cent in 
| ihp year to mid- April— should 
remain in single figures until at 
least lair amumn. The May 
indev will be published on 

But. there is not yet sufficient 
evidence either to confirm or to 
refute the claim by Mr. Roy 
Hattersley. Prices Secretary, that 
the li’-monih rate will remain 
at or about the present rale for 
the rest of this year. 

In a speech on Sunday he 
said this was a fact not a pre- 
diction and he stuck to this 
view yesterday during lively 
exchanges at question time in 
the Commons. 

Some economists outside 
Whitehall questioned the degree 
of assurance claimed by Mr. 
Haltersley in view of the usual 

The view of the National 
Institute and London Business 
School is that the 12-utomh rate 
of retail price inflation is likely 
to level out at slightly below the 
current figure in the next month 
or two and then rise to about 10 
per cent by the end of 197S. TTu.s 
reflects the recent fall in (be 
exchange rate and acceleration in 
labour costs in the last 12 

The official view is that a 
single-figure, 12-momh rate will 
continue until early next year at 
least and what happens then will 
depend on wage increases after 
the end of phase three nexl 

While political discussinn con- 
centrates on the 12-month rate, 
the better underlying guide is 
provided by the six-mcmih rate, 
the tales) wholesale prti-e figures 
suggest that this trend may start 
climbing within a low months as 
the favourable efforts of last 

Parliament Page 13 
Continued on Bark Page 



!w— . 5<ii iM«u lr .,|. 


- ii .j r 
[JRawM.«l?'i.iU. “ 

MdllL I ■ IC : U t r-r V : 

« a 1 1 i MTHT jYmVv 
_ 1377 197a 

1977 1st 
1973 Tit 






: a „ j : C er .” • • 

' - 1 

..'y^^uake kills 

7 5 ^ 

JAN FEB MAfl .' AMr-M3Y. JUflf 

FT Industrial Ordinary '^.nd ex 
dosed 5.3 up ai 472^2." v, 

''VI - , . 7 VIVJtU Vt'T MK All K .± \ 

. ’ i; .Ja^Q^-.ywMst eartitiupk^ for 15 9 LEYLAND toolmakers. cilied 
‘ -ypais>.>feHled . 21 people ■ and out more than 2.000 workers for 

lAort- 1VI fPk a -'■fttnl'A in 1 1 iltioi-i I nnn.r)ii> ntnnA*jno 

- W,-'> 4 vn IGU . kx ui'if vm u/'/i t 1/101; m.i/'/v IV' 

' least 350. The quake, an unoffictal one-day aiopiage 

:r - -the- densely-populated' and urged colleagues to Ttfthfooid 

Honshu, caused sky- union subscriptions. iq : a^ovp 

. ’ Ki.tnr in Tnt t'"n an ri fnfAnrlor] • n n n’l K rr- ■ c* • 

Retail spending up— and 
credit sales increase 

•-Kjft-'bAVtD. FREUD 

'^1*7— a» 
M J 

vwaH^ ; space’ t& Stay oil Mereeyside.and- 
•tMdim. tihe ' c^nd .-dwiwbp - of move new Hujian, Livet^ 
^^dbrokfie. h^Sr issued a £4S4^75 poof plant. 'This will save 500 
ipSfeh Court- writ for the settle- jobs. Back Page 
r.fiieat of a. gaming JeW against - . . . 

m_i.t . T>: n ALJuUniv A » I IB. /V /x4-/\«<in 

.... f.mea r oi a.sarai ... 1 • 

” ■ ^Prince. Talal.. Bin Abdulaza ^ Qpviprol JVlotOrS 

• -* .^.rSaud of Saudi Arabia. . lrtuiuto 

^ man jailed tb expand 

-- ''- ■SBamu5 Twomey, Teputed former f GENERAL MOTORS, the 
' . ^Scad,of-4Ke Provisional IRA, was biggest automotive manufacturer 

- •’ '• for five years in Dublin for in North America, plans a new, 

‘ 1 - ’ ' . .''escftping from the citj r ’s Mountjoy- f iSm scat belt unit at Dundonald. 

- •> ■■• r bv helicopter in 1073.'.' Not ’near .Belfast,, and an £ll-£17m; 

■ please were enterod on plaat for. aulomahc gearbox 

. ‘:'- !; '-\5^mpy , s behalf after herefusoa retarders— possibly in the U.Kj 
-, r- •’ recognise the court. -Back Page ■ • 

v:r v.'^. -LITTIiEWOODS, Britain’s 

Soccer bRIT- . largest privately-owned retailer. 

- - - - _ announced a £20m expansion 

^ -Willjgj Johns top.-. programme for next year, which 

— „ Cnp^elay er who ^ will result in 1,600 new jobs. 

— - a ^-djfiig. has basn = banned. -fTOjn pa e 

)N S;|aaw *Ws..£SfaS*3 

• ® f ^ QC ?.- ... •: 7 V • conference. Page 14 

S •• AmfiCO D«>test' • PUVN -to revitalise London 

f,W? w : ■ docklands .with the creation of a 

.'Connsel-fer fhe-S^nish -30CNacre free -trade zone for 

of' the Amoco Cauiz- tsmtcM, manufacturing exports will be 
"'wrecked ■ ' • off • '• Bnttany j .^siraed gt ac jj e( j by - ■ - the GLC on 

. ; : - ’ the LHwnaa J* ^ h^uS'the Wednesday. Page 6 

Sen TffSed, not • LICENSING .of professional 
was ensBeers. should, be eome statu- 
- ^ ' orui -- just 10^ hut remain the rospo^i- 

w«fred transects, of early ■ biJity of the pounefl of Engineer- 

ae * CEI . ^ 

■ 5 Briefly -- V;^ . : enMPASiCS ■ 

GROUP net 

devolution in :t&e :Lordswhea by priiflt for the; year endedMarc 
tf .2S ^74M>/peett^l- was-^Mm. compared wth 
Jp^^5"Gbnserv^lve .tene&^ jf7.53Hi;the previous year. Page. 
m«jt - stoppiift'" .•■-V../ . _ . 

• : Scottt^i Ass«n^|y inakitis gT^nts--#.:ASSOCfATED. British Foods 

jirofil. dropped 3-« per 
An artendatd Who - was :£&Mm in the year to 

h.y a. tiger at : LAmgleat8afari'pa^.j^ r if i,3Pag : e'37 
' ' ' : was said to he "'contfortabie . .in. ^ V ALOR- g 6 «^pany’. heating 

hospital.'.- : : f nid dad" co'oking appliance maker, 

Baby.:. vuith tiirnover'up from £30.^m 
r was’ m hp spi tai^after befog to £S7.53m,' saw taxable profit nse 

in Held:- neaj ; ChosterfieW, fron j-fl.arhi 4o U.BSm in the year 
-- SerbSfihire., v -, ^ ; a j,i to March 3i: - ; . r . 

Maji M^o raped a .lv year-oia ^Ti - A rR i Cl ,c(yr,T athe, the heavy 
t m tow- ?J2£m Empain 

from. pns^ ^- as, ^l-^ ni S t e • ISider. has ^mounced a net 

^fx'-bs £*etn . Co f^ nlf X^SSidlted group ' :0f 

hta» m-Ltyerpool took eonsoi laai .par. a 

SPENDING IN the shops acceler- 
ated^laBt-jnontii, confirming that 
thelca^awaited consumer spend- 
ing" boom was at last under way; 

The • J &idex of the volume of 
sales fdr'Msy rose to 109 from 
106.7 In April (1970= 100, season- 
ally adjusted), according to pro- 
vision ai estimates hy the Depart- 
ment of Trade. 

The 2 per cent jump in spend- 
ing underlines the official con- 
cern. over the increase in bank 
lending to consume re demon- 
strated by bank statistics. 

These showed that lending to 
the personal sector increased by 
JSlSro-T^well ahead of the normal 

' This suggests that consumers 
ire hot only spending the extra 
disposable income they have 
received since the beginning of 
the .year but are also increasing 
their hire-purchase and credit 

.-.'Such an interpretation is sup- 
ported by the trends already in 
evidence in April, which showed 
strong, rises in sales of durable 
goOds—usually a reliable indica- 
tor of consumer confidence — and 
sales on credit. 

The strength of consumer 
spending is one of the factors 
that underlies last week's credit 
control package. 

Mr. Healey said on Thursday; 
•'There’s some evidence^that the 
banks have been lending too 
much, not to manufacturers but 
to service industries and indivi- 
duals, and 1 think that could 
have been damaging . to the 
money supply.” 

The clearing banks have alt 
said that the effect of the newly- 
imposed “ corset " controls would 
be likely to be felt in the 
persona] sector — as well as in 
services and property. 

The new controls could have 
the effect of dampening the boom 
prematurely, and retailers are 
now more cautious over fore- 
casts that the volume of sales 
in 1978 will be 5 per cent higher 
than in 1977. 

They are concerned that last 
week’s package could bave'undcr- 
mined confidence, as well as 
adding to the number of unem- 
ployed and increasing the 
resources devoted to mortgage 
repayments at the expense of 
retail spending. 



mi = too 



1977 1st 

1978 1st 

1978 Feb. 106.8 

Mar. 107.0 
April 106.7 
May 109.0' 

Post Office given back £9m 


FOUR MAJOR British companies 
are : to repay £9m to the Post 
Office- to compensate for prices 
charged between 1963 and 1974, 
when they were operating un- 
registered and secret agreements 
to . set minimum levels for 

‘ The rebate, described by the 
Office of Fair Trading last night 
as ' a “ salutary warning ** to 
Others,’ was agreed following an 
investigation of the 1 companies' 
financial records by the Post 
with the assistance of 
Coopers . . and Lybrand, the 
I accountants. 

i ftyail -negotiations were con- 
/ducted between Sir William 
Barlow, chairman of the Post 
Office, and the chairmen and 
'chief executives of the four com- 
.paijiefr^-BlCC, Pirelli General. 
Standard 'Telephones and Cables 
^aartf Telephone Cables. All four 

companies are suppliers of tele- 
phone cables to the corporation. 

During the II years between 
1063 and 1974. the Post Office 
spent around £450ni with the four 

No details of the amount to 
he paid by each company were 
given yesterday, but it is under- 
stood that BTCC accounts for 
£5.5m and Telephone Cables 
around I3n». The remaining 
£2.5m is divided between Pirelli 
General and Standard Tele- 

Standard Telephones is a sub- 
sidiary of TTT, the U.S. company, 
and Telephone Cables' majority 
shareholder is GEC. Pirelli 
General is jointly owned by Dun- 
lop and Pirelli. 

The companies refused tn com- 
ment in detail nn the affair. 

BrCC said; "Full provision for 
the settlement will he made in 


Rbroppan news 2*3 Technical page 14 

Ameritan- hews 6 

^yerseis news"; * 

World' trade hews 6 

Hopae news— general 7*8*1 n 

! • — labour 14 

-^Parliament ... 13 

Management page 1 5 

Arts page ...-• 17 

Leader page 18 

ILK. Companies 32-35 

Mining •• 34 

inti Companies 36-38 

Euromarkets 29 

Money and Exchanges 33 

World markets 40 

Farminf. raw materials ... 41 

ILK. si^ck market 42 


Tyre .industry <w 

• Import-export roundabont 18 

Society To-day; 

Experiment in. parent 
. ■ power •-- 31 

Film and Video: 

Producers who refuse to 

play safe 1 

Romania’s independent line 


The South African motor 
car Industry • • 4 

French company's success 

against the odds 15 


nriiE hnpsts ins? thrir • 
priori!} S8 


France 19.70 

. AwrtrtmoBt* .... . 

ApBOtoTOiratt Advts. X2-g 

c Sh$Ibc£S Oppb. W 

' : CraitW8ni if 

‘ VtOarulamenL GvUt . “ 

. : ;: ; tnrt>-BpUiiTM ® 

. /;FT-Acuurta ImHcn 42 

. .. --Lffun Ml 

LU « TV ,nd Radi* U 

LMnlmrd , U Onif Twctt ... V 

Lomoaru Wcither tf 

Men and Matter* — IB w#rlj| V# | UB ^ e j« 

,^JIC I |,,I ** Excben. Stark J2»c J* 

ItoirShMTnatlpn' . *■* annual Statemeht? 
TiMlay't Evehiji 51 C*H«* Cnoel 17 

For .latest Shorn? fader 'phrme Of 2 Af > cr, ? < ’ 


Fewiir Brathcrs 

c. E. Heuh 


WK (nv«tm cr| t 
P^eo. wid Revtc. 
aaws Lending rhm 

Hope of early 

F.T. Government j 

Securities Index 1 

I I ! I 119781 

pact fades 



BASLE. June 12. 



tap stock 


(’970= 100) 

Output Raw 

(heme sales) Materials 

it 243.0 341.5 

id 259.2 347.7 

rd 257.7 340.5 

Ih 272.1 330.6 

it 279.0 326.7 

* provisional 

Source: Ocoertmen: a/ Industry 

dun ec 
with « year 
earlier (not 
ad Jolted) 

THE BANK uf England look 
advantage of strong demand 
for gift-edged stock yesterday 
to announce another issue of 
rOdOxn of stock 10 fund the 
Government’s borrowing re- 

This move means (hat a total 
of £1.8bu of new Government 
stock will be made available 
for public investment in two 
issues this week. 

The issues arc intended to 
capitalise on the sharp 

improvement in the mood of 
the gilt-edged market which 
has followed last week's credit 
control and budgetary 
measures. With payments 

spread over the next three 
banking months, the new 
stocks should make an 
Important contribution to 

keeping money supply under 

Strong buying of gjlt-edgpd 
securities exhausted supplies 
or the previous short-dated lap 
stork, of which £8fr0m wan 
issued in mld-Slay, early yes- 
terday morning. The new 
stock, which is technically at 
the short end of the medium- 
term range, is designed as a 
replacement For that. 

The market remained 
buoyant yesterday. While 
news of the issue brought a 
setback in late dealings, pricr* 
soil) rnded with gains nf up to 
a full point. The Financial 
Times Government securities 
index rose O.o3 to 70.79. 

The new stock is £90ftm of 
ten per cent Exchequer 1983, 
of which £800m is available to 
the public with the rest ear- 
marked for public sector 

It is being sold at a price 
nf ESS per cent, with £15 
pa.vahle on application. £30 nn 
July 7 and the rest on July 28. 
At the issue price U gives a 
flat yield of 10.53 per cent and 
a return of 1126 per cent to 

Lex Back Fagr 

{THE PROSPECT of reaching 
{early agreement cm plans for 
| stabilisation of European cur- 
. reneies looks remote following 
i talks between Central Bank gov- 
■ ernors attending the annual 
; meeting in Basle of the Bank for 
International St-llk-menis- 

They appeared pessimistic 
about the chances of agreeing on 
! a concerted EEC. stance in the 
senes of international meetings 
’due in the month before the 
seven-nation world economic 
summit is held in Bonn, in mid 
< July. 

Both the reporl of the BIS. 
published today, and the annual 
• meeting reflect differing altitudes 
.about how to deal with imerna- 
. tional payments problems, cur- 
•rency uncertainties and difficui- 
1 ties in reviving world economic 
i activity. 

; Dr. Jelie Zijlstra. president of 
l the BIS and Governor of the 
I Dutch Centra! Bank, concen- 
trated in his speech on the risk 
j of emergence of increasing pro- 
tectionism because of slow 
economic growth. 

He warned that underlying 
Imbalances persisted in spite of 
the recovery in the dollar in 
foreign exchange markets since 

Mr. William Miller, chairman 
of the U.S. Federal Reserve 
Board, managed to reassure his 
fellow-hankers to some degree 
about U.S. concern to defend 
the dollar and Gght inflation. 

But there was no sign that the 
U.S. would respond to Dr. 
Zijlstra's call for it to borrow 
money to be able to intervene 
more forcefully tn support of its 

West Germany and Japan, the 
two main surplus countries, 
continued to come under 
j pressure to reactivate domestic 
! demand. But the BIS report 
{warns ihai "neither of these two 
‘countries is likely to be very 

successful in strengthening 
world demand unless a number 
of other countries take action as 

Among tiie so-called “ con- 
valescent countries ” the UK has 
made “ perhaps the most remark- 
able turnaround " in the last 
year, according to the report. 

Derails have emerged from 
EEC representatives of four 
alternative schemes for currency 
harmonisation being studied at 
committee level and due lo he 
put to Common Market Finance 
Ministers at their monthly meet- 
m Luxembourg next week. 

The first involves the " ex- 
tended snake " or ’* boa.’ - under 

Details Page 35 
Heavy shirt from dollars 
Back Page 

wbicb countries outside the 
present EEC "snake" arrange- 
ment. such as sterling and the 
French franc, would not only be 
given a wider band within 
which their currencies could 
fluctuate (a 5 per cent variation 
instead of 2J per cent), but would 
also have a less rigid obliga- 
tion to intervene. 

An alternative to this would 
be to ask countries to maintain 
their effective exchange rates in 
relation to a basket of curren- 
cies, which would probably mean 
a combination of the dollar and 
the D-mark. 

A third plan, of French 
inspiration, would involve kill- 
ing tbe snake and replacing it 
with a much narrower animal, 
restricting fluctuations to plus 
of minus 1 per cent with refer- 
ence to a basket of all the 
European currencies. 

The fourth scheme being con- 
sidered is the plan for a Euro- 
pean special drawing ri^ht 
facility on the lines of the IMF 

Tenneco bid agreed 


f In \>w York 

provisional estimate 

lour re: DrMrtmrrw at Trooe 

Sp-4 • SI.€28M3*i «1. b S«aeS50 

I -nrnib 0.T5.0.M -I:* 0.70 '.? 

5 mnnl h» ; l.FM.*0.I|. ' 

irm«pfb-,' fi.aO-tvJO rttf 

THE BOARD of Albright and 
Wilson has agreed to an in- 
creased offer of 195p a share for 
the Takeover of the company hy 
Tenneco. 19th largest industrial 
group in the U.S. 

Albright's shares "‘ere sus- 
pended yesterday at 152p pend- 
ing the announcement. 

Tenneco made its first move 
last month for the 50.2 per cent 
of Albright which it does not 
nwn. Tbe offer of lfiop per 
'ordinary share valued ihc com- 
pany at 10.0 times earnings in 
1977. It placed a value of £972 m 
on the outstanding ordinary- 

The bid was turned d«wvn b.v 
the Albright Board 3nd its 
adviser Hill Samuel, which 

called it inadequate, said it fell 
substantially short of the level at 
which an offer coutd be recom- 
mended to stockholders. 

TenDeco's revised bid values 
the ordinary stock at about 

Hill Samuel said last night 
that the bid would be recoro- 
meoded by all parties. It was 
felt to be fair and reasonable. 

Tenneco repeated that it in- 
tends that Albright and Wilson, 
the K's second largest chemicals 
company, should remain a separ- 
ate and autonomous operation. 
The present management team 
would continue to run the com- 

Lex Back Page 

However, the Treasury said 
that the Opposition Finance Bill 
amendments were likely to put 

large amounts of extra cash mto 
autumn pay packets, and this 
factor could sustain consumer 

BTCC 1078 group accounts and 
it is considered that it will not 
have ni.iteriaJ effect on the total 
operating profit for the year.' 1 

The pricing cartel between the 
cable e.inipanies came to tight 
in PeL-mber. 1974. during an 
invest! -‘'lion by the Monopolies 
Commit* ion into the supply of 
caolcs the Post Office. 

The investigation showed that 
three separate agreements 
exii-led between a number of 
companies., and that none or 
them were registered, as the: 

were required to he. under the 
J95« Restrictive Trade Practices 

The Post Office was unaware 
nf fh»- cartel because of I be 
steep rises in the price of copper 
—which forms around TO ppr 
cen : nf rattles' s. alfic — Through- 
out i Ik- 1960s. 

f... / ’’ 


The quickest way 

Concorde flies you directly to Washington 
Monday, Thursday and Saturday, in just 

Monday, ihiusday and Saturday, in jusr 
3 hours 50 minutes. Or New York in 3+ hours. 

Or Bahrain in 4 hours. Thrift ell 

Concorde takes you to XiiillSii 

the heart of things - at twice flirWflVS 
the speed of sound. gonCOlde 

. * 




'A i t r.Tc'j ei 


Schmidt’s currency Poll backs |Bomi rsleas 

zone backed by security i <mts 

A J m T3 pi • * j WEST GER3IANY ha* ao’-' aade The bor 

Austrians and Swiss measures 

Ullill kJ T JLk>kJ It had agreed to contribute to with a four 

By Paul Betts I the S750m Western aid :>.ickace U.S. bank 

BY JONATHAN CARR „ ' T „ _ ROME. June 12. 1 10 Portugal arranged in Paris tiating wi 

BONN. June 12. ITALY'S MAIN political forces last September. The maturity Of authorities 
CHANCELLOR Helmut Schmidt they be represented at the from the ruling Christian thls loan— 95 per cent i<f which Joan of at 
has received encouragement economic summit. Democrats to the Communists, « guaranteed by tn* rederal lead manaf 

from Switzerland and Austria for Herr Schmidt now appears to appeared tonight to have beatr Government— is ten year? nut - vet known, 
hi 3 idr-a of a wider zone of cur- have gained widespread support en back an attempt to water ‘0* interest rate, which is nxea. Jimmy 
rency stability In Europe, accord- for at (east the broad lines of down existing law and order « undisclosed. Lisbon: 

inc to Government sources here his currency ideas, outlined to provisions and remove size- Other Western countries, such loans fre 
today. the European Council session in ab ? e state subsidies to polltl- as Switzerland and th-* United being ne 

onn releases $200m Portugal lo 




j "WEST GERMANY ha s ao’»' made The borrower will pay a Government from resorting^ ^Government that they Wtudd 
available to the Porttruese cen- spread of 1 per cent over the selling already diminished gold receive either compensation or 
1 tral bank the DM 420ni i^nOmi interbank rate For seven years stocks, always regarded here- as. restitution. A total ot^v*** 
it had agreed to contribute to with a four-year grace period- the country ' s last line of defBie» hectares was occupied or.expn> 
! the S750m Western aid j.ickage U.S. banks are currently nego- against total bankruptcy. . %riated under the- gfcise^_ai :a 
to Portugal arranged :n Paris tiating with the Portuguese Last year, for example. ' the Taxtical land reform. : ' - < 

last September. The maturity of authorities for a medium-term Bank of Portugal was forced-to “1 - know of a numoer vjr 
thus loan — 95 per cenl of which loan of at least S300m. Neither sell 46.2 tons of gold in settle- foreign fanners who would, like 
is guaranteed by tb^ rederal lead managers, nor terms, are ment of a SSOOm short-term to invest in land inPortugai, 
Government— is ten -.ear? but yet known. credit conceded by the CT-S- and Who are prepared to make 

the interest rate, which is fixed. Jimmy Burns adds from Stabilisation Fund. - -J - a. positive contribution towards- 

js undisclosed. Lisbon: The latest package of • The Association of FortigS reviving - , 

Other Western countries, such loans from international banks Farmers and Smallholder* . a « untry. . hu t tnej_ 



; » * v :1 1 K'JB * v ; r- * 

As a result it is felt that Herr Copenhagen in April. ca LP® l ]J| l ®!i-___ tnirrn nf 

Schmidt will be able to enter the P ,an 15 “ ot to water down ‘ 55*1 

European Council meeting and the existing discipline of the 
the western economic summit snake, but to draw other Euro- 
conference. both in West pean currencies closer to it 
Germany next month, with his Part nf the West German {> *J e 

pomou further stn-n-ttened. r«erv« vouldbe usedrtr idler- “SX eii" 

Support for the currency idea ^ “ e scbeme were in g j aw ani | order legislation 

^Herr Schmidt believes he has 

referenda— vot- butions available to Portugal. of payments deficit of S1.5ba. It roumst-backed onslaught on the - in April a personal letter was 

fisJUSS In 2ddi «°n to this package. ^ ^ help restructure the Aleatejo region in southern rent tiTthe Prime JfanlBteg-Sr- 

and the S 70 ™ the International country s short-term debt, cur- Portugal in 1975. has urged the Mario Soares. The 1 letter was 

f}l fund is prepared to rently es a mated at S-.4bn ( total Government to clarify once, ahd answered within days -by a eterfc 

.“"L WT/’LfST lc ' nd - inte matioaal banks have foreign debt is now estimated at for all its policy on mdezrinifica- at- the Prime Ministers office, 

ad* »rto legislation raise *"«■ for ! V Who simply^^ttet 

tS£j*g£* QnanCiT,S 01 l^unKttTS^rreStiy SSSS'&Si in W«hhigt,n 1^ ^ 0 . of 

^nan?r er Mtei S ter St anJ en hS were not SSf StSurt. «nd S^tJSSS 

4p^Lay:' v -na»et5{3; 

A first 

In its letter of intent to the Speaking at the weekend, tiie. bad been referred! to-the Minister 
medium-rerr:: ican International Monetary Fund. Secretary of the Association m nf Agriculture. .' ■ 

e devetopmenfe 

Finance Minister, and his „ f ‘ n 'r F.nrn^,^ The actual issues were not j " 

Austrian and Swiss counterperts. gLst^w-Bgarasl s".** l?s 

closely linked to the European ISouch Bora^thidS^Tt^has ‘ he essentia " y u " iSed U t *®2 i Britis 
currency snake. aithough P not SoS a somewhat wanSe? ^ ^S^SSSSt ticipa 

members of it formally. The British attitude to the idea in a ® ain that group 

Swiss say they are ready to recent weeS. »n*que governing alliance, .n- 

co-operate in a widened currency Ita j y j 5 understood to f**el It I 0,T n8 m^iujy the Christian 
zone, while stressing the import- ^Have ^remain £tS£ a SySTfadShf. ."SSSK -r„ 

ance of economic discipline if more disciplined currency S?e hridrote MtlairTro far TU 
such a zone is to he maintained. ar aneement forth* nr*v*n» Thil “*i. e " cia sui»tan«any so rar. 

arangemeni tor toe present. This However, although the prtn- 

Neither Switzerland nor is likely to be a key topic in dis- dpal parties supporting ihe 
Austna will be taking part in cussions in Hamburg on Satur- minority Christian Democrat r 1 
the European Council since day between Herr Schmidt and government represent on the i 
neither 15 a member of the Sr. Giulio Andreotti, the Italian hosu 0 f the last general elec- I JL 
European Community, nor will Prime Minister. tion. about 90 per cent of the ! 

th* psventiallv unified if low- -V- L l . rrenen. e » — > o-'u s,;ueruis issuing . inscrucnons British amWUSSaaor m roreugiii, 

kev mSlCT demonstrated 1 Br - tlsh banks «s expected to par- Borrowing from the Euro- regulating the Indemnity law. Lord Moran, have made direct 1 

SSr&tTTSSSt m toe management market is expected to ease pres- foreign farmers here have Approaches to the authorities, cm: 

sure on reserves and prevent the received no assurances from the 

broaches 1 
1 subject. 


German employers and 
unions reopen dialogue 

tion. about 90 per cent of the O 

electorate, and these parties 
campaigned la unison, it Is 
already evident that many of 

their supporters went against THE TURKISH Cypriots find 
oartv recommendations to vote themselves in a nur^m-i^l and 

Trailing behind the Papadopouloses 



BONN, June 12. 

financing of political parties. 
Final results will not be 

‘ ■ known until tomorrow morn- those thev Hr. nnt 

VEST GERMANY'S trade union BDA is challenging the Act on j ng , but provisional results in- Th ‘ L ... . 

tnovemen 1 . and employers’ federa- the grounds that it interferes dicated that the Radical Party f rh P ir 

ton have begun a cautious with the ultimate right of share- proposals would be defeated, TO J?I T 1 

atremot to ease the mistrust holders to dispose of their own — imports, at least, and some aub- 

between them that has placed a property. -*-« 1 stantia* foreign aid as well. What 

1 tnera inai nas piacea a properly. \-r* -1 “r 

strain on this countn-’s Herr Vetter, in turn, said that £ r^IlCll IHOVG Oil fh«Y l?ver ; - 15 

unofficial social contract for there could be no question of 
more than a year. the DGB's return to the con- 

Herr Hein?-0«:kar Vetter, presi- certed action conference with 
dent of the Deutsche Gewerk- the employers and the Govern- 
--chaftshnnd fDGBl. the counter- ment unless the suit were 
part to the British TOC. met Herr dropped. It is also unlikely that 
OMn E*ser nf the Bundesvereini- the BDA will do so before the 

gunr der Deu^chen Arbeitgeber- Constitutional Court has given block EEC attempts to estab- from a garrison of about 1S.OOO 

verhaende 1 BDA), in Duessel- its ruling, which is expected in lish a system 
dorf today, rt was the first time the autumn. ping moven 

the two mr-n had met since Herr A statement at the end of undercutting 
E^er f'jcreeded ihe murdered today’s meeting committed the in EEC ports. 
Dr. Ha rn i-Martin Scbleyer two sides to seek jointly accept- Britain, sni 
several months ago. able ways of tackling the un- Germany, the 

Relation* between the two employment problem and com- Denmark, arg 

tneir snpporirr* agAiux I nc. lUHJVLMi Cypnots nna * •> ■ — W— hanRHnv nkillfl An 

party recommendations to vote themselves in a parado.vical 2nd CYPRUS mousp*so*r4& visitors from the mainland. In 

against ibe repeal of the public uncomfortable situation: they are . 1975 thev ROt about 68J100 main- 

financing of political parties. receiving too little of the kinds t •«£!! toJrSs te me fS 

Fmal results will not be of money they need, too much of 1^7 ^mre- tlSS 

known until tomorrow morn- those they ^ not u ’ 

5£*f £T2?5 »»"W Uke sufficient TmsU foreign investoent 

d r ooomI s w o ol d be defeated! forei £P currency to pay f*r their ] / . •• f _ >c~Y M this sector they have opened 

^ P®sai imports, at least, and some sub- i mm / S- • J . a npie of casinos is Famagusta 

_ 1 stantial foreign aid as well. What ^ ^ * “I - . and on in Kyrenia and are nego- 

rrenen move on ? ey , ^ however, is /V> ^rzr mGOSiATmai^P^ -dating with leisure industry 

LI '“ S largely Turkish lire in grauts-in- ™ groups in the U.S. to take a 

cfimnimr aid from the mainland and money 1 l ^ urausu K & — • 'share. From the point of view 

tLJLzV^ alUUUillg spent by Turkish - snapping \ \ SA ; of potential investors in the 

. MaroarBt _n Hattem tourists who come over to lead U J /; unstable eastern Mediterranean, 

By Margaret van Hattem up with imported goods tint are s . // ~, Tl tTch - . - the rambling industry has tho 

LUXEMBOURG, June 12. restricted in Turkey itself. pifhc^, V 1 j SHL, : . attraction that one does not need 

FRANCE TONIGHT tried to Together with the expenditure ^^^/fmkssu lj rcueraus aun*... tQ invest in fixed property- 

block EEC attempts to estab- from a garrison of about 1S.OOO 1 managerial know-how and 

lish a system to monitor ship- Turkish troops (among 2 total I— ■ ■ ■ ■ ■ . ■ ■■■■■ — QP orati»na1 finance. . 

ping movements and the estimated population of 120.0001 1 T^e Turkish Cyoriots are also 

undercutting of freight rates the inflow is currently causing in- . working on a package of in ce la- 
in EEC ports. flation of 25 lo 30 per cent. 1977. but nearly half of it came people are no longer in fear of trees for foreign investors in 

Britain, supported by West The budget is expected [ ro m Turkey — in Turkish tire, their lives and they can relax and industry, offering depreci at ion 

Germany, the Netherlands and to be (UJ>.)$88.Hn with a deficit Tourism brought in an estimated quarrel abont thing s like pay." - allowances and import conces- 

Dcninark, argued al the EEC of about S17m. The Government sSm-agaio nearly all in Turkish ^ aew ™ verament _ slons as weU as the possibility of 

fYmnrll nf Transport Itfinlstprs nf fhe Turkish <u>otnr ts manmne 1;™ <>„i4 mu/, 1Q “ * lcw guvenuiieni, eiecteu ... _ 

EEC shipping 

By Margaret van Hattem 

largely Turkish lire in 2 ran is- in- 
aid from the mainland and money 
spent by Turkish “shopping 
tourists " who come over to load 
up with imported goods that are 
restricted in Turkey itseif. 

Together with the expenditure 

nww'^, / 

K '-ijfr i7«4 

yf J 

"TKT?T- ■ * :4 

in^ jfcVr ! WJt'W 

ji) 1 h ^ " ntftrfcrfl !frv.* 

■I'-ii'ti'i'a 1 M 

lish a system to monitor ship- Turkish troops (among 2 total 
ping movements and Ihe estimated population of 120.000) 
undercutting of freight rates the inflow is currently causing in- 
in EEC ports. fiation of 25 lo 30 per cent. 

side.- r-f industry have been poor mined Ihem to continue their Council of Transport Ministers of the Turkish sector is planning lire, and muc hof it applied to - operating irom a free entrepot 

ever since the employers brought dialogue. miM>rtiMr here for immediate !to take a seritMc of aii«teritv in, r\ Art i re nr onneuvnoe nnntlr * ^ WOUMi 11KB. *UI A - • 

•». »«•«..! I meeting here for immediate to take a series of austerity importing consumer goods. „ nrieet trade zone in ramagnra. 

a lawsuit in the Federal Const!- While this may be le»s than action to counter the growing ! measures in order to increase T . a . ^r eat e a Prices and wages po^y, Tojl - m d foreisn aid have 

tuiionai Court a year ago against Count Otto Lambsdorff. the threat of Soviet dominance in State revenues and ease the p^u. a °1 bu * u ’ lth - nfl f t ? on , “ *? a i wa vs been the invisible 

the hard-fought workers’ co- Economics Minister, would like world shipping. Mr. Stanley severe strains on the budget. The ^. bbc E !' er ?il^’ ^Tansel well^rgamsed frade umons con- fifai 

determination (Mitbestunmungl after his repeated appeals to Clinton Davis, the UK Under- budget deficit has grown from \ de ™3nd wage increases. exports running 

Art. which comes into full force both sides to rejoin the concerted Secretary of State Tor Trade, SS.fim in 1975 to$10m in 1976 and have some U*. ^d 

on July 1. Herr Esser announced action group, it was hailed today said failure to act now would S23.5m in 1977 and is still tending rale 15 ^ lkes — eVen teacliers * aaysl&v ^ 

v.rn» tn^Vc mAAiinr ih-r. « , * bearable because of the momen- Fikn. fl20m. before fibe island was 

trade zone in Famagusta. 

bearable because of the momen- Fikri. 

before today’s meeting that there as a first step towards the better merely substantiate Soviet to rise. oMrame oereuse ot uje momen- r1Kri- . .. sj^nn^ o««re non isunu was 

mu!d be no question of with- relationship that has prevailed suggestions that the EEC was The main expor earner, agri- fTf f iff. C 0 : r , T ? ie “Ration; therefore^ is. ^ ^ ..j, !a 

in which the for « of the post-war ptrid.l ■mpoto.t culftr., i» J? b.C'T ^ goTe^S' 

is less than the Turkish main- an d before the new governflt«e' eamrS^ave ^remained oil the 
•land rate, though depressing can get near applying anv sort Greek side, particularly foreign 
compared with the 7 per cent of wages and prices pol'icv it aid- The Prime Minister of the 
rate on the Greek side of the has to try and overcome the lack Turkish section, Mr. Osman Orek 
island, which is enjoying a 5 per of basic machinery for control- says: ** Political instability is the 
cent growth rate. line money supply. < greatest economic asset of the 

Peeping over the military line Pending the anival-of Western Greek Cypriots. While there is 
at how the neighbouring Greek- tourists with their Audi-needed no solution they get all the worid 
Cypriots are getting on is a foreign currency, rthe Turkish aid and all the world sympathy— 
permanent pastime in the Cypriots are getting plenty of why should they hurry to reach 
Turkish sector of Cyprus. Keep- opportunities to, practise their an agreement” 
ing up with the Papadopouloses. 1 . — 

♦. Rjiufoe BruXtUcS Lambert Hc'ZhuJrttys. Br:t:4cls. . 

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m. « ft f - - • % • ♦ v * k 4 

When you want to do business/ 
we don't keep banker's hours. 

Our ears don't dose when the doors shut. 

After all, our officers care about your business 
Lilniost as much as you do/Xbey care enough to .learn 
it thoroughly. They care enough to learn your 
business language - instead of forcing you to talk 

So naturally they also care enough to work 
late when you have problems to work out. 

We take the time to tailor each solution. 

Because we try to understand your business 
better, we can offer you better financial solutions. A 
solution that is custom-made to fit vour specific pro- 
blem. Rather than the standard, off-the-rack solution 
that any bank can give. 

Our international network is always open 
to yon too. 

VVehave more than just 1060 retail branches 
in Belgium. We also have a worldwide network 

through subsidiaries, representative offices, affiliat- 
ed and associated banks, correspondents and through 
memberships in banking communities like SFE and 
Associated Banks of Europe (ABECOR). 

This international network can offer you Tong 
distance relief for your international business pro- 
blems. As well as provide you with the same range of 
sendees as any major international bank. 

But what makes us different from these other 
banks is our individual attention to each client's 
individual needs; our reluctance to stick to the same 
■old answer, and our willingness to do a little extra for 
our clients. 

Like occasionally missing the last train home. 

Banque Bruxelles Lambert 

banking, a matter of people 

We are the ABECOR bank in Belgium. MambdumJi, 1050 Brussel. Tel 02/5U.81.8I. Telex 26392 BBUN 

one might call it. The latest 
Turkish Cypriot assessment of 
their own economy states 
bluntly: “ The economic rift 
between the two regions is 
widening.” This, it says, means 
that the potential For integration 
between the two communities is 
being reduced. 

The Turks point enviously to 
the foreign aid and credits, 
which now all go to the inter- 
nationally - recognised official 
Government of the island — the 
Greek one. They say the Greeks 
have had S600m of foreign aid in 
the past three years, which works 
out at about S12.000 a head. On 
top of this, ail United Nations 
technical aid is available only to 
the recognised Government. 

The Turkish Cypriots must 
shift for themselves in .trying to 
cope, for example, with their 
problem of excess money supply 
without benefit of a central 
bank. UN monetary experts are 
'available to advise the Greeks. 

By way of foreign aid the 
Turkish Cypriots receive a grant- 
in-aid from Turkey worth about 
S12.5ra a year, which is similar 
to what the Turkish community 
used to receive during the years 
when it lived in segregated 
enclaves in an island that was 
in practice controlled by Greeks, 
though theoretically by the two 
communities. In its enclaves, the 
Turkish Cypriot community 
lived, says Mr. Fikri, “as a con- 
sumer society." for a period of 
some 11 years, which did nothing 
to enhance its entrepreneurial 
and other skills. 

Now that they have to apply 
the same S12ro to their develop- 
ment projects, the Turkish 
Cypriots find themselves very 
short of qualified managers to 
use what little money they have. 
Their unemployment is estimated 
at about 7 per cent, but it is 
mainly structural. They are short 
of people to handle their tourist 
industry, such as it is. even 
though at this stage the tourists 
are almost entirely mainland 
Turks. The international airlines 
may not fly into the Turkish 
Cypriot airport at Ercan, near 
Nicosia. because of the 
unresolved political dispute. 
(“They stole our airport,” say the 
Greeks. "We built our -own," say 
the Turks.) 

They would like to shift man- 
power from an overpopulated 
civil service to the money-earning 
part of the economy. They have 
to import seasonal migrant 
labour from mainland Turkey to 
harvest the citrus and other 

The high rate of inflation gets 
ahead of wage increases, and 
there are frequent strikes. 

“ When we were fighting together 
we paid all civil servants £30 a 
month and nobody complained 
about their pay." says Mr: Fikri 
ruefully, •' But now of course 

*vs *=n »■ «*i3 ms^s 

awuen iaa nira l[m nfltWS nuiS'^o ji=i 

~aa$ item 4n*p psa*fw>* 'n*ux 




A financial bridge between narima 


B With our 
nee as a 1 
ter, and 
r has . 

1 you make 
ial decisions.. 
Idwide netwoi 
Zurich, -Paris, 
g. is staff*’ ^ 

rve your 
[ financial and 
as a two-waj 
hbors, contact 

Ah integrated •pproach » investment and finanen 

Head Otto; 3-7. Minin aarftf 3-chomg. CMvods-lcw, 7o t y0) j WH n ToJiOHKEBI Tetaj|SM» 
vrenera Represwtetir - -- 

Hang Kong 

Times Tuesday -June 13 1978 

jaPjJl Cx> a 

El RQElAN M AYS ; ^ 

: ' »■»' • - Jv*-& -. <? ’ 

5 raised in 
y oyer 

Ceausescu visit affirms Romania’s independent line 

“ 0| i: ®|way over . 
^Jivo agreement 

. wock holm , June la. i 

“ r . and federation of Industries. a ! 

^ ^ ?k VC i been Iead,T1 S‘ article in the latest issue ' 

^Lio St tW0 of itB masazinc states: - Tb*re ! 
0; s «4 seem * ** to* moment to be no 1 

! l ®. take reasonable relationship between' 

. } n Volvo - the real advantages obtained on . 
o-dav I m ? nu ‘ the Swedish side and the oppor-i 

v»or>w IN: -y fflfegfefi-J Labour hmities expected to arise on the ! 



' -S^t^matWjriEWty Would vote undertaking. Was Norway “the 
itKk” !Vo1yq .agreement but ® 05t suitable place for rhoi 

nen, . 5C P%’ the Conser- development, not to speak or the I 

- q..' 0 ofe leader. Production, of passenger cars \ 

" 0 -'° o^^v^W^-W^ainentary leader. Production, of passenger cars I 
n t ^*' Or fteif'icj^^<winpMtt0i" about the in- for the 1980s and 1990s?” 
i‘r v -Viiv'^aSQii^^SC-tbe information so . *“« leading article also raises ; 
" V^. , ’ 1 '; '^i'V3^T:.^?3»ble*snd queried Volvo's the question of the future finan-j 
‘ : .' W .rflascjItf ^B'ndlTlg. : . Prime Mini- cial commitments the Volvo, 
“ u - *iij v '^sj»f ^Odvar ,NordE last week agreement could entail for the 
■---.UiMJet&ofc 'to' keep the opposi- Norwegian state. It concludes 
- t03i R . v - v kIott' Conned of the detailed “? ai “ ^-operation with Volvo"' 
rwo ec»-»? ; --?aiBgofiatioriBl wltb Volvo, which should not he rejected but a| 
C0 l Wr^ * ^bafefKf^' cvncIuded -by October nL,mber of decisive questions and i 
^nru^g ^ assumptions bad to be clarified- 

« «* mb jmbsjwB' 

idf , ' ■ >ifs?^cniniifr ^from the Norwegian meat. 

3 ~ ni . • — — ; 

1 T\ 1 1 P>\ 

sri^HMalta attacks Dahrendorf ! 

A GR,M * VAtLETTA, June 12. j 

33 <r 3 froQ*V THE /.MALTESE . Government Government of “destroying thei 
oc .^tc^y'^nMbted sharply to an last remnants of equality in ! 
vi'm "' a D ?« t rSfaacjt :; *‘l>y ' Professor Ralph higher education ” with its direct ‘ 
h t , .=“>« .*S5i£&Ntek on its projected ^olvement in the running of. 
rr-Vit in tertiary educa- e umversttics. j 

./'I L " u* \fiSSgijjSi ?'' *° me im ° eKeet latef Cassar. Maite^Depuly Premier. | 
", *— '*■ "ear. • *' claimed Professor Dahrendorf 's I 

ririaa^V.'; : BcofeEsor' Dahrendorf, head of criticism was “ Imprudent " I 

v ■ ■ before-resigning on June 6. this evening. Dr. Cassar said the ■ 
i - r letter otf.rerignation and Draft Bill differed substantially I 

— up -zi a series’ of newspaper, inter- from the final legislation and the 
«’--i & ^jw-'-TOejvs over the weekend Pro* White Paper published this 
:■ :'s;s.r ? ^^jf&^br' Dahrendorf accused the morning. 

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I HE Romanian Prerideni, 
.\irolae Cc^uspscu, flies In 
London today on the first 
State visit ui Britain by a head 
of state from a Warsaw Pad 
Country. He will he the guest nf 
the Queen and will hold talk-’ 
tomorrow willi Mr. Jauu-.> 
Callaghan, the Prime Minister, 
which are expected to span 
Middle East, African and East- 
West affairs, as well as Anglo- 
Komanian relations. 

The four-day visit is part nf 
Romania’s drive to demonstrate 
that its fnreign policy is quite 
independent from the rest of 
the Warsaw Pact. President 
Ceausescu has in the nasi two 
months visited both the U S. and 
China and has won a reputation 
as a go-between in conflicts in 
the Middle East and the Far East. 

“ Ceausescu.” said one Western 
diplomat in Bucharest, “ is on a 
tightrope and he needs the West 
lu give him a safely net.” 

A principal weave in this 
safety net is the strengl honing 
of trade with countries outside 
the Comecon bloc, especially with 
the West and the third world. 
Trade in hict will rank high 
during President Ccausescu's 
talks and several deals are 
expected to be signed either 
during or shortly after the visit. 

The largest of the deals under 
negotiation >* with British Aero- 
space — to he visited by the 

! Banks in 
| Ankara 
debt talks 

ANKARA. June 12. 

TALKS ON rescheduling some 
S2^>ho which Turkey owes to 
| private foreign banks start 
here today between the 
[ Finance Ministry and repre- 
sentatives of an international 
[ hanking consortium. Turkey is 
[ understood to be .seeking In 
consolidate its .short-term 
debts so that It can pay them 
back in seven years with a 
three-year grace period. 

It is also hoping to secure 
$350m of fresh credit from the 
consortium , which includes 
major European and U.S. 

The organisation for 
Economic Co-operation and 
Development recently agreed 
in principle to . postpone 
Turkish debts to its govern- 
mental members of Sl.abn 
while a number of bilateral 
agreements with creditor 
stales .have also been 

A two-year, S450ra loan 
1 agreement with the inter- 
national . Monetary - Fund 
jr\*biclt took effect on May l 
: *sas seen here as a -signal for 
private banks to make Uteir 
own jpioves to accommodate 
Tnrkeyts problems. 

•Hie Turks have also reached 
a., separate agreement in 
principle with Citibank, one of 
the U.S. members of the con- 
.sortimn, for a SlOOm loan 
spread over the same seven- 
year -period with three years’ 
grace, for paying off debts to 
foreign private companies. 

.Other members' of the con- 
sortium whose representatives 
start talks with the Finance 
-Ministry today are: Chase Man- 
hattan. Morgan Guaranty- Bar- 
.'-elays Bank, Deutsche Bank. 
' Dresdner Bank, the Swiss Bank 
iCorp. and Union Bank of 


•. Chinese Foreign Minister 
.-Huang Hua held talks here 
today ' -with Prime Minister 
Bn lent Ecevit and die Turkish 
Foreign Minister, Mr. Gnndna 
. Okcun, at the start of a four- 
day official visit 
'■’'The Chinese Minister, who 
■ arrived here from Amsterdam 
last night, travels to Istanbul 
.'on Wednesday and leaves 
Turkey on the following day. . 

President nn ThurMl.iv— for the 
construction or S2 BAT 1-11 
short-haul airliners. According 
in the terms of the preliminary 

agreement. parts nf the 
BAG 1-1 Is will be manufaciurcd 
in both countries with a 
simultaneous gradual expansion 
uf Romanian technical capacity 
until a full-scale production line 
can go into operation in the 
TSSOs. Although the final details 
nf i lie deal, worth some CJOOin 
hove yet to be settlnd. Romanian 
foreign trade officials said they 
were opimisiic that the agree- 
ments would bo signed this week. 
A separate- deal with Rolls-Royce 
for the production of aircraft 
engines is also, expected to go 

The BAC Ml deal illustrates 
Rumania’s irodc strategy with 
the Weal, dictated as it is by 
thv need to reinforce Romanian 
i‘conom(c independence. Com- 
pensation. barter and counter- 
trade deals are favoured and 
jmnt production schemes, pass- 
ing on expertise and stabilising 
long-term trade, are particularly 

Romania will certainly use the 
President's visit to urge Britain 
not only to make more use of 
economic cn-operalion projects — 
there arc at present no British 
joint ventures on Romanian soil 
—hill also to increase its 
imports from Romania. British 
exports to Romania last year 

totalled compared with 

£4SMm . in 107H. Romanian 
exports to Britain amounted only 
ro £52. 4m compared to £4&.5m 
w 1976 

The unbalance nT trade is- in 
the Romanian view, the only 
outstanding problem in relations 
between London and Bucharest, 
which are regarded as stable and 
friendly- For Britain, the visit 
represents Something of a water- 
shed for its links "ith the 
Warsaw Pact. Indeed. Anglo- 
Romanian relations often seem 
to counterpoint the ups and 
dou*ns of relations between 

Britain and the Soviet Union. 
Under normal e ire um stances, the 
head of stale of 4 Soviet bloc 
country would not have been 
invited to London until after a 
visit by the Russian leader. But 
since the expulsion or over 100 
suspected Soviet s-pies Irom 

London in 197:>. there have only 
been distant prospects of a visit 
by President Leonid Brezhnev. 
Even Mr. Harold Wilvm's visit to 
Moscow in 1975 'jvas followed 
shortly afterwards hv a trip tr» 
Bucharest in which lie assured 
President Ceausescu of British 
support for the- country's 
independent policies. The 
gesture is still appreciated in 

In a sense, hotli the Rriii-'h 
and Romanian leaders will m- 
looking d\er each other's 

•*" .J . « 

• .* 

' ' W ;. : 4 

President Nicolae Ceausescu 

si io u lders this week. Mr. 
Callaghan will be looking for 
insights — valuable even from 
such h wayward member of the 
Warsaw Pact — into Soviet policy 
moves in the Middle East and 
Africa. Mr. Ceausescu will, in 
lurn. be searching for a guide to 
future U.S. behaviour towards 
Bucharest. Romanian officials 
marie it clear that they believe 

Mr. Callaghan has the most 
leverage of ail the Western aJiies 
with Washington. 

Romania is concerned that its 
relationship with the U.S^ <mc e 
clearly- defined under presidents 
Nixon and Ford, has become 
somewhat blurred under the 
Carter administration, partly 
because of criticism of 
Bucharest’s record on human 
rights. Mr. Ccausescu's recent 
visit to Washington appeaYs to 
have done little to calm his fears 
over U.S. policy. 

Mr. Ceausescu' s immense net- 
work of diplomatic contacts pro- 
vides the West with some 
interesting — indeed, otherwise 
unobtainable — perceptions of 
international events. Romania, 
for instance, is the only Ea^t 
European country to maintain 
diplomatic relations with Israel 
as well as the Arab countries. Mr. 
Menacbem Begin. Prime Minister 
of Israel. Mr. Moshe Dayan, the 
Israeli Foreign Minister and 
President Anwar Sadat of Egypt 
have visited Romania recently 
and. according in an Arab Diplo- 
mat here. ” seen the problems of 
the Middle East in a fresher per 

It is difficult in judsc whether 
Romania's usually active inter- 
national role adds up to anything 
more than “ a fre^h perspective." 
whether indeed it has any 
relevance outside intra- Warsaw 

Part relations. One school of 
though I. subscribed m hy many 
Western diplomats, :s that Mr. 
Ceausescu is carving himself a 
role as hiinesr broker in the 
vacuum between the two super- 
powers. No-one. the argument 
goes, attacks the broker provid- 
ing he is demonstrably honest. 
But the Romanians deny such 
ambitions, claiming that any 

form of median on would h«> 
interference in the affairs of 
other countries and thli? 
anathema to a state which has 
tried ro enshrine the principles 
of independence. 

Yet Romania's rule in toe Far 
East — President Ceausescu has 
travelled recently to Cambodia. 
Vietnam. Laos. Nonh Korea and 
China— seems to suggest ihat .it 
is acting as more than a trans- 
mission belt between states that 
are no on speaking terms. 'A 
Romanian Foreign Ministry ofli- 
cial made clear last week that 
any conflict — such as the border 
dispute between Cambodia and 
Vietnam — which could embroil 
the USSR. China or the U.S. was 
a matter of cone»*rn for Buch- 
arest. “We believe.” he said. 
“ not only in territorial sover- 
eignty and integrity, but also in 
equal rights for small nations »-n 
act in the international arena, 
alongside the superpowers.” Mr. 
Ceausescu will doubtless find n 
sympathetic response in *urh a 
policy from Britain this week. 

Dutch likely to buy French reconnaissance aircraft 


HOLLAND LOOKS increasingly 
likely to replace its marine 
reconnaissance fleet of 13 Nep- 
tunes with the French Breguet 
AtlanUqup. instead of the British 
Nimrod or the U.S. Orion. This 
follows a request by the French 
for the Dutch aircraft manufac- 
turer Fokker-VFW to make an 
offer for the delivery of 12 F-27 
aircraft for use as trainers by the 
French Navy. 

The French have said the order 
will definitely go through if ihe 
Dutch navy replaces its obso- 
lescent Neptunes with the 
Breguet Atlantique. Fokker said. 

The value r-f the F-27 order will 
depend on the detailed specifica- 

France h.< ; a|jf. i.'vjire.-seil 
great intere-i in the maritime 
version nf i hi* F-27 and is con- 
sidering nrdr-ring up to 20 while 
the F-28 jr-t is al-u a possible 
replacement for >he a seine licet 
of Cara veil in n>e with Air 
France and Air Inter. " It w 
clear that prospect.* for the F-27 
maritime and the F-2R orders are 
increased ir we replace the Xcp- 
tunes with French aircraft.'* 
Fokker saul 

If the order is placed with 

France. Fokker would get com- 
pensation orders worth Fll22ru 
(*55m i io build part of the wings 
and engine casings of the 13 
planes Tor the Dutch navy and 
also for the 42 to be built for the 
French navy. 

Fokker is hoping that the 
possible return orders and the 
compensation work which would 
help employment in Holland will 
weigh more heavily than the price 
when the Dutch Cabinet con- 
siders the question later this 
week. The estimated cost of the 
Atlantiques is F!1.2bn fS535m) 
while the Orion, which now 

appears the only serious alter- 
native. has been costed at 

Fokker believes the actual 
price of the Atlantique would be 
lower than this. In terms of fuel 
economy the Atlantique does 
better than the Orion, costing 
F13.2m a year 3gainst Fi5m. 
Repair costs over - 6.500 ^fly- 
ing hours are higher at F117.3m 
against Fill. 2m. 

The French have also offered 
to provide fuur Atlantiques of a 
previous version to bridge the 
gap between the phasing out of 
the Neptunes and the delivery of 

AMSTERDAM. June 12. 

the new Atlantiques. The new air- 
craft would he delivered in 
19S5-S4 but the already over- 
worked Neptune fleet will be 
phased mu front next year. 

The Cabinet will consider the 
problem of Neptune replacement 
at ns meeting on Friday although 
it is not certain that a decision 
will be taken. 

British Aerospace. manu- 
facturer of the Nimrod, com- 
plained recently about incorrect 
anti misleading details released 
by the Dutch Government about 
the aircraft's price, performance 
and delivery dates. 



' ' F 

:* >.;o 

i M 

j ’ <w,v “• •• * ' 

‘ -:Y ' - ? 

•• .-^5 V 

H- ' c-“ ‘J: 




Israel ready for hand-over deadline Trying to fit a quart into 

will bodst 


ISRAEL yesterday began its 
'•vithdrawai from south Lebanon, 
which it invaded in March. Bet 
it. has turned over most of its 
positions to right wing Christian 

militiamen. according to 
Western military sources in 
Beirut. Israel's main units were 
withdrawn on Sunday, and the 
rest are expected to lie removed 
in time to meet the deadline for 
withdrawal today. 

The handed-over positions will 
he under the command of Major 
Saad Haddad and the border 
strip in which they are situated 
L-, the last area under Israeii 
occupation. About 300 square 
miles, it forms what the Israelis 
call a security belt. 

Both before the invasion and 
after, Israel built up close con- 
nections with the Christian en- 
claves and have established 
strong infrastructure links 
between the communities which 
not only bring ihem more 
strongly together in protection 
against possible Moslem and 
Palestinian attacks, but would 
facilitate an Israeli return to the 
area- Israel has said that it 
remains committed, even after 
withdrawal, to the defence of the 
Christian community in south 

Toe Israelis are reported to 
have asked the United Nations 
interim force in Lebanon to 
negotiate with Major Haddad 
after first handir.c over the 
■sector to me:i under hi> com- 
mand. Report? from Israel indi- 
eale that, havinc agreed tr» hand 
over its posttjnn- to the I'N 




By Our Own Correspondent 

MANILA. June 12. . 1 

shed its old Amcrican-style. 
Presidential form of government 
roday when President Ferdinand! 
Marcos convened the country’s 
first legislature after more than, 
five years of one-man rule. 

But Mr. Marcos, who is now, 
both President and Prinm' 
Minister, said he will continue j 
martial law until the new Parha^ 
ment C3n “show to the world that 
it is as effective if not better than . 
the crisis Government. j 

The .Assembly of which Mr. | 
Marcos is also a speaker has the 
?;» =k of ensuring an orderly! 
i.ansition from the presidential 
form of government and its 
bicameral Congress. which 
martial law abolished, to a 
Parliamentary system, under 
constitution amendments. Mr. 
Marco?, however, h3< the power 
to i-ue decrees if he is not 
satisfied with the .Assembly's 

Fourteen of the Assembly’s 
254 delegates won their seats as 
opposition candidates and today' 
they received the loudest 2nd 
longest applause from about 
1.(100 people in the galleries. 

fnro- :n she t ’ m earlier stages 
of withdrawal. Israel has this 
time refused io surrender to the 
UN its positions near the Chris- 
tian villazr* 

In -pit'*, of complaints 
h> ?.laj'ir-'"!cneral Emmanuel 
Erskinc. th** UN commander, 
a bou t ■ he recent lack cif co- 
operation. Israel insists that it 
never .occupied the Christian 
villas?'. I c rr-?l had long aided 
the*e villages m withstand Pales- 
tinian attacks and is believed :n 
have helped build up their forces 
before The cv:«*uation. 

According a report in the 
Beirut rlail;. al-Safir. a left- 
wine newspaper. Israel left 
hphind 5rt military vehicles, 
including .i number of ranks and 
field artillery to boost the 
strcnclh rt f tbe ripht-winp 
militia To' - ' • chicles were re- 
painted and the Star of David 
removed i !<*:•■■ re the equipment 
v-as handed over to Mainr 
Haddad. ti was also reported 
that the “ good fence '* will 
remain oper. for continued co- 
operation and dealings with 

Ihsan Hiiail reports from 
Beirut: Fatah, the main guerrilla 
organisation, has claimed respon- 
sibility for X'sterday’s raid on 
the Israeli kibbutz of Mekhola in 
the Jordan valley. .A com- 
munique -lid that three 
cii?mll3' who survived the 
attack had returned to base 
safely after hoisting the Pales- 
tinian Pag over the kibbutz A 
fourth cuernlla was killed in a 

battle with guards at the settle- 

Ibis i* the firs! guerrilla attack 
hn an Israeli target from the 
.Jordan valley since the raid on 
Beit Shean almost four pear? 
asm. Analysts believe the attack 
was in retaliation for the Israeli 
assault on a guerrilla sea-base on 
the Lebanese coast on Friday. 

. The analyst? said the action 
demonstrated the ability oF Hip 
guerrillas to strike from arpas 
outside Lebanon and showed 
ihat they had managed to go 
through the Jordanian security 
barriers which were established 
after the Beit Shean raid. 

Rami G. Khouri reports from 
Amman: The .Jordanian Govern- 
ment and army declined com- 
ment about the guerrilla attack 
on Mekhola. Reports from Israel 
have assumed that tbe guerrillas 
infiltrated into tbp occupied 
West Bank from Jordan and 
thrn returned across the Jordan 
River. Observers doubt whether 
the attack did. in fact, originate 
from Jordanian territory. 

“ We saw nothing and heard 
nothing." was the remark of une 
senior official when asked about 
reports of the guerrillas escap- 
ing into Jordan. 

The prospect of guerrilla 
activity being resumed from the 
East Bank is rather frightening 
io the Jordanians, not least 
because of the economic damage 
it i-uuld do io an agricultural 
area in which Slbn is being 
inve-ted. The i«sue is one of the 
key factors holding up a resump- 

tion of serious poliU' i ai rt .5-ru =• 
cion? between Jordan and tbe 
Palestine Liberation Orgsni**- 

Commando raids again;; ! be 
occupied West Bank stopped 
being launched from Jordan 
after the fighting heveen 
Jordanian and Palestinian forces 
in 1970 and 1971. which resulted 
in ihe expulsion of the Pales- 
tinian resistance's mi litar: i':'-iv-- 
ties from Jordan. 

The protracted guerilla 
and Israeli counter-raids 
positions in the Jordan •-aiiey 
between 1967 and 1971 ■•■.ere 

devastating to Jordan's a<m- of 
making the fertile region * 
centrepiece of fhe country .- eco- 
nomic development. 

The protracted guerrilla a-jrsiy 
dwindled to 5,000 after the 
internal fighting of 1971. but ha? 
grown again to nearly 90.000. The 
Government's investment Pro- 
gramme will make the East Bank 
pari of the Jardan vaJJe; tbe 
lynchpio of Jordan's agricul- 
tural sector, with a projected 
valley population of 150.000 
peopie by 39S3. 

In Cairo: it has been rec f, rt<*d 
in tbe weekly magazine Eos? ei- 
Youfscf that President Carter 
and President Sadat were pee- 
led to meet before July 27-. the 
anniversary of the ovenhru •• of 
the monarchy, to discus 1 'he 
latest developments in T hc 
Middle East. The While 
said yesterday that such * meet- 
ing was likely but not necessarily 
before that date 

a shrinking pint pot 


MOTOR CAS manufacturers are - ... «' 'TT “ The «rowlh tm- 

currently enjoying a degree of AUtOKOBlLE SAl^ 4N. -the^aext'jp-M years is going to 

' -3SM)AS. June;-f* • 

OIL prions should be Joft-rd he 
detenpme d^ ^y .^^AtA^Sfines. 

aWYanriinu-was <tiKrted jja?- 

public attention in South Africa s - Arum*. IY// 

which they find slightly un- FORD 
comfortable. As an industry with VOLKSWAGEN 

n high degree of foreign owner- 

ship- since only three of the 12 DATSUN-NISSAN 

companies have majority South SIGMA (Chrysler. Mazda. 
African holdings, it has inevit- Colt) 
ably become a prime target for Rcun .. msyi-abc 
the general reassessment of CEWaW. MOTORS 

AUTOMOBILE SALES H*. JQ-2&' years is going- to J . . ■ • - . : ■ . . ; 

S. AFRICA. 1977 . . . -bg -enormous. ~ J ' -Speaking-' $n .an interview poh- 

D 27.73V . .Wfiot tvas- nrobablv been more i ifghcct here 'one week Before . the 

_ .. oe gnornmus. speastnj? in .an inrenpw ptMv 

27 , 73 » . .Wnot-tvaiviirohabiv been more i if^ed here 'one week Before, the 
otlv - Immediately* impo rtan t i a k eep- } scheduled opening ; in .Geney^ oC 
J**** 1 j B - ^ manufacturers m the, an OPEC price-Sxmg ctmTerance, 

19^9? ■ mariiet has been the 34 per cent- 'v Mr. Yamam €aid ^audi Arat«a's 
— -imported content which parent j price freeze mHcJm-wv T neetf 

Afncan holdings. it has went- Colt) can a "V , nrnfiti the oil market JUnLOn'its vdsfa 

tSS5 * S%Z53S GE WBAf MOTORS ZT£" Ar* \ <°, !>'<“*« *>* ^ . 

foreign investment 'in South TOYOTA (indudlng Renault) 14.154, «ftbrts South ■ A| j 

Africa. PEUGEOT-CITROEN Fven^rf^iC^^ihswSjff ’ "^a " 1 

beS'eTndir.Sen'fram va'Sre U W' T «° CMTCte) i5vl«in g money it may 

officK LEYLAND 7M -Pr^ts So r the parent ■ ; :cconomy frmn > reverse:; ■ ' TWf ’ 

Hroon! and tile anti- Sat 5 ijer ^ imponderable element ^fwoold be , very TrarsnfuT^'UJv 

o ynoLoinn. a in pride: national pride, company, since we. invest vast -amounts of- 

^rtheid ^ organisations in 6^18 P Hde. -or simply the managing i money in Western. -marketer- j,p 

Europe ana uie u.s». ALFA ROMEO : “tom director’s pride “People don t' trrfd the JedBab.-n^-spaprarOka^; : 

The most immediate reason ■ — like puIUnc out." Mr. Ptit. says. |. a pnee iocreaserwouM also have 

for being in the limelight, how- other (asscmtHed) 1Z? In the imase-conscious motor : political rep'w:a«8ion^ .“pad we 

ever, i* that the industr*' is " "— ■■■■ ■ ■ industry that seems more have %-ery dear peliticstl interests- 

widely expected to undergo some TOTAL SALES U6J64 important than elsewhere. More- .-in the- Weet.*’ Mr.'Vamatfi added. 

drastic reoraanisation over th* Source: NAAMSA over, those manufacturers who, .. ;/•* .* 

next tun >eat>. although tbe are talking about mergers seem Japan Oil View 

desire of parent companies to .-determined to keep their own Jf 1- * . 

reduce their direct exposure io k f h ri « ib models on the road. There arc THE- global otf ' ■ 

s politically sensitive area may gJJtand Sid Mercedes 1 eorrently 37 different models on $ 

•have some effect on the outcome. jn market. according to 

■t-n*. mn«i B i-r,ifip=nt mnsirtpra- sp«? of aU the talk, many , n pated recovery^ ; or ..-tbe - worid 

West takes hard line 
over Pakistan’s debts 


j MEMBER countries uf - the 

■ Western Aid to Pakistan ran- 
‘ sortium 3rc faking a hard line 

towards the ri -quest by General 
Zia-ul Han'? government for 
; reschedulinv: of its external debt. 
Discussion of the topic was 
I deferred at tire meeting in Pari-' 
on June 1 and 2 of tbe con- 
sortium and a settlement is not 
now expected until at least the 
! autumn. 

j In Paris Pakistan asked for 
nearly S900m nest year and 
I received pledges of S850m. The 
rescheduling request was for 
jS300m a year for five years as 'a 
continuation of a previous' agree- 
'menl of relief of S650m for the 
i four-year period ending this 
• month. 

I The tough stance of the con- 
sortium countries is based on 
;t‘ne opinion that Pakistan is not 
, doing enough to sort out its 
economic problems and. with the 
'continuing high infiow of foreign 
! remittances is not short of 
foreign exchange anyway. It is 
1 officially admitted that more 

■ than Sinn is now remitted home 
,each year from Pakistanis work- 
ling in the Middle East and 
i Europe. 

The consortium countries also 

ISLAMABAD. .Tune 12. 

warns of 

LUSAKA. Jun* \2 

want to sec details of next year's * * 

■midget due to be announced B Mithae , Holmafl 
within a matter of weeks and • 

ho-.v internal inconsistencies m LUSAKA Jun* 

the draft of a Five Year Plan . v Proc(Honl 

for 1979-83 are to be resolved. .ZAMBIAN Presldenl Di- 

The U.S. and West Germany , Kenneth Kaunda today varied 
are lakiag the toughest attitude. ' that central and southern Africa 
Sweden. Switzerland and the ; passing through the - uol 
Netherlands, all with smaller ■ cns,s 10 lls history, 
loans, are believed to have made ; •• Africa is on fire." he t^ild 

or are about to convert their j-deiegales to the opening re*Mun 
loans into grants or into softer [ 0 f the national council of the 
terms. ' ruling Untied National lndepen- 

Bri tain’s attitude is believed to! dence Party (UNIP). "Africa 

he somewhere in the middle. All L must quench that fire, the forces. 
British aid to Pakistan is now £at work could permanently divide 
in grant form. What is being • free Africa." 
discussed is tbe legacy of pre-i Polnting t0 ^ - w , rs 0 f 
vious commitments .which «ere} liberat , ori s » 1D Namibia and 
given on very soft terms. Bntain , Rhodesla> - 3 de3< ii, time bomb " 
promised £35m in Paris. i in Sputh AfriC3| confiicl 

The Pakistani case for re- [in Zaire’s Shaba province. Dr. 
scheduling is based on the fear- Kaunda spoke of a. threat to 
that remittances from abroad are" international peace: “For ih? 
not a dependable source of- first lime Africa Is becoming 
income. The country has now visibly a battlefield inter* 
contracted about 57bn worth of 1 national forces. • The^-toi/i' ict in 
aid. This year interest and lour region is increasing iy pro- 
amortisation charges will reach ; during an atmosphere reminls- 
about SSOOm. This is almost 50 i eent of the cold war between the 
per rent of its total export earn- west and the east." whose 
ings although It is approximately weapons “ are starting to play a 
at the safe proportion of 20 per key role in determining inter- 
cent when remittances are national security in central and 
included. • southern Africa." 

content programme will have js laeravi*. »*■««« risnersy agency, saia jzi-.a sarvey : 

industp-. and to direct Govern- aQV -reater^effect than earQer models.- but of fewer and larger | report- Reuter reportS ^Erom 
ment intervention in increasing ph' aw - n sha king manufacturers caf companies. , ... [Tokyo 7. ; ' • ; V\''- 

th? local ra a nu Fa ctu n ng content Qn . of t}jc m>rfcet -* r honestly Against such a background tt | : Currently,' the iiioh^onhrrimist *■ 
or bouin African vehicles. . dfm - t jjj ere seems likely that if the Govern- 1 nations .are liaviTig an oif i ^ut 

Levland South Africa, the great degree of rationalisation. 5, ment really -dues want a more I reflecting- a low gtohdj.eqotipinic 
wbollv-owned subsidiary of says Ml Brian Pitt, managing efficiently organised Industry. It j rtcovecy as well as inarmed -oil 
British Levland. has confirmed director of Ford in South Africa, will have io intervene supply Erom _^ne^*Vo^^-S«L 

that it is holding talks on the current market leader. ^1 - forcefully, not less. Sn far there 

rationalisation of production go through each of -the 12 mahu- has been little sign ot serious J 0 __y a “onpoiniar.- 

•■■■■ith three other manufacturers, facturers one by one. Who is' strategic thinking. For example, i ■ . .. r*: m - 

;Tlie front runner for some sort going ta-move out? You come the local content programme is j f 

:of merper -.vith Levland is to i he conclusion.— nobody.” .' based on weight, not on. .the .xvcu ariUJ rinua. . . . : . 

• Srzraa. one of th? few groups Several reasons are advanced needs of economic strategy: most i j a p aiM >£e police agen^- have 

■with a notable South African for the apparent masochism of of the equipment still beine ^ goj^ to MldtUe ES^, countries to 

Make. Anglo American Corpora- manufacturers hanging on to a imported _ is mgn in value 3 n ° wateh out for Japanese Bed Army ' 

tion. own 73 per cent.- of Sigma, loss-making market share. . In technologicn! content. guerrillas..^htrt^ P^Wtai 

and Cnnsler 25 per cent. Tovota. tbe lone term there is ^beT-^flrategic requirements could 13 htiacte -Japmepc 

iht- only car manufacturer market potential. According' ^ force greater Govemmcnf inter-, yes tcrciay.2ieUtia’.peBp^t^ 1 -.^®v 

• '•uoled on the Johannesburg Srures produced by Leyiaai^' vention. .The necessary loggia- 1 They-\^cfaied to ^ytbp yj i ^ iqr - 

instead, the latest report would declining to 2.5S by 2000. By con-- Act. All the' major /fflanufac-i violent /-grtiip'. 

link Peuseof with the Dropo^ed WS* ^ er e -were 6JJS7 'black, turers still insist that they have ofroft§^y todical JagBResr.m 

. ■ : men aak • -C n.i'llinrr 1 rMwn- " TBfrm t rww PlWiwr 

out any fim 
nam? of virt 
the 12 mam; 
' linked with 

jinked" "«Trh ' ‘“my" other““ln »;™J5 »«" white owoerehip companies from supplying | TraTeIler ^ ^mvac' in Kinshasa 
recent months in a merry-go- «j?and from ,1 .4m to 2.7m vehicles tn the a rmy and Police. , ^poned 'that a ^ng squad had 

round of negotiations — as one cars : . lvn ^ e black ownership If sanctions were tightened to , gxpcuied Zaire government 

newspaper described it -5? 00 10 J the supply of spare TOldicrs f0T looting in theShSa 

■ . Tra; between 18. 0 and 200(L *!». We parts- the Government ought - province miniiig town- of Kbln*ezi 

Agreement is unanimoas cm- have a non-Euroaean oopufifio'n: well, be. - f'irr?ci to step in and J reports Reuter. Abbot four or five' 

the industry's problem: too ’■yhieh is fast moving, into ' the di^anise Inca I production. It j soldiers were shot for the offence 

many manufacturers are chasing ear Purchasing area.^ says -Mr. could reorganise the industry at following last month's rebel in- 

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Product Line 

City Country 

Don Moyer, Governor's Office, State Capitol, Charleston, W.Va. U.S.A. 25305 

loo smail a market. At its peak Peter Mu rrouch. Levland ro?na«- the same time. 

'—in 1973— Just short of 230.000 P" ■ ■■ r " 

.cars were sold In South Africa, p— 

1 In the last two years the market 
: has slumped disastrously: to 
185.0flf> cars in 1976. and down 
to 167.000 last year. Tbe 
; National Association of Automo- 
bile Manufacturers (NAAM5A) 
estimates that the industry col- ' - 
llectlrely fost some ' R20m 
i (£12. 5m) in 1976. and R50m 
iff31J5m) in 137T. Clearly the 
! industry has had to ride out the 
effects of the most prolonged 
! economic depression in South 
j Africa sine e the last war. on 
top of the effects of continuing 
petrol restrictions in the wake 
of the oil crisis. 

While the economic depression 
has no doubt concentrated the 
parent companies' minds on their 
losses, the worst would appear 
to be over. The market seemed 
to bottom out six months ago. 
and has picked up steadily since 
the start of tbe year. Sales In 
January were 15 per cent higher 
than in January. 1977. while by 
April they were running 43 per 
cent above figures of a year 
earlier. There is still little sign 
of real growth: most of tbe 
purchases are of replacements 
made ahead of this year's ex- 
pected price increases and ahead ■ — 

of the Introduction of a new ^ - - 

general sales tax in July. But 111 9 

most manufacturers have raised aJH A1 ?T 1 

their predictions for the total B 1 wlf ' 
market this year from around Jfc V v 9 

170.000 cars to nearer 180.000. 

Even then thpre Is hardly W* OWf ulliiri llttw 
room for 12 manufacturers. Mr. llOfft pfMBCtlYlty. 

Chris Griffiths, chairman of 
Sigma, believes it could support ,,, „ . „ . t 

a maximum six. more prob- We all know tbe feeling - 
ably four or five. Mr. Colin lYsstufty-the atmosphere 
Adcock, managing director of is breathless -irritability 
Toyota, believes South Africa sets in-production goes 
already has the capacity and riown 
facilities for all its needs “up 

to the year 2000." Too many big But production is closely 
u ,rc stan ding under- itnked with working 
utilised, he says. He estimates ° 

current surplus capacity at «HKhtrons. So, why 
rather more than 80.000 units a haven't you considered 
yea r. ait conditioning to 

it was to tackle precisely that increase efficiency? 

situation, where one industry The remarkable SIM AIR 
might tie up too much of South -s. 

Africa's scarce capital resources, ranseof a tr conditioners 
that the Government first intro- otters die utmost flexibility, 
duccd its local content pro- The units can be wall, 
gramme in the early 1960s. The window, celling mounted - 
thinking behind ii was that free standing or even 

number “""or ^c.b£. * 
allowed to open plants in the continuous flow of cool, 
country, it would step up local filtered aw. And they look 
investment requirements until attractive too! 
the weaker ones were forced to _ .... 

quit, leaving the market to an Designed to grve an 
appropriate number. The latest airflow at any angle 
merger talk is largely a pre- through 360 degrees and 
liminary to the next major phase to overcome the problems 
of the local content programme, Q f limited SDace 
which comes into effect on OIMrnn sp ' 

January t, 1980. . ' , . . 

The two ranges consist of 
Full details of the programme the sc units designed tor 
have yet to be published, much _y nxtnM , . 

to the irritation of the industry. ( ex t> ^ ,. wa ' w,nd °' v >_ 

But the broad outlines are tree standing or mobile, 
known. Light commercial and the SN sptitsystem for 
vehicles win have to be brought a neat radiator type instaff- 
up to the same level of 68 per afion.Baih'otter diverse 
cent local content as pawenger nansrJtjoxtn vaur :■ 
cars. Moreover, the- current dis- capacme^tg sort.yo^ . .. 
pensation under which manufae- part tau/sr requirements, 
turers may “average” the local ****•• »■«***«»«»«« i™. 

content of their models is to be 

scrapped. Two results are in- il gll i ■" BB B aU| 

evitable : the programme will ■lilFPWIWlllW 

require substantial new invest- MIIBiftngfl InlVI 

meat, and it will largely erode Aio rrwini 

the price differentia) between . AIK wUlMUl 

passeneer cars and light commer- 
cial vehicles. Manufacturers who Rfanthe coupon or telephone: 
have previouslv relied on the 

latter for a substantial part of GREEN HAM HUMIDITY CONTROL 

their profits will be forced to _ . „ _ . „ _ . ,.^ ear ,, 

increase their volume In the car 

market. There is no local con- Telephone. 01-575 4108 Teiex 935567 
tent programme for heavy lorries *«««* 

>nd bum. which consequently “£5 g SSESSSS* ' 

are a much more profitable a*s»* ttietzasBaw a.Mm«a<aat9i» T*iwosr}70M3 

' vasion oF the Kolwezi area. 

When you use MAfs Combined Transport 
Service to the Middle East A combination of - 
conventional steamer and overland transport 
via the Black Sea serving Iran. !raq,Syria and 
Turkey. It offers shippers both the economies 
of sea transport and the convenience of road 
transport for door delivery 
, With through-CTO bills of I admg and total 
transit times of 14 to 25 (fays, many big 
shippers have found it a highly attractive 
service, MAT-chartered vessels depart twice 
monthly from East and South coast ports. 

So, .vhy not have the best of both-when 
its so easy? ' 

Just contact MATTransport 
(Middle East) Limited, Jameson House, 
146/148. Clerkenwell Road. London. ECL 
Telephone: 01-2 78 4353, Telex: 263478. - 

' * .* ^ i5 ■ 3 


Lefs detrthv air a little 
ahast predwtivity. 

sets in -production goes 

air conditioning to 
increase efficiency? 

* sa wautt* ortn>c«n»n Irro. 



fismoKwQUe.Miti*- &Mtek qjtKB. U*a 

!4ilR|ibl'a OnsalnliMi ttwwiWt 

awSMiwaMM v.Mmmwagu» i«.tsflgsn70*« 

| IbBrnfliunManMAyCMnl PMiMimifiitwwtigWHMumfe | 

June 13 1978 


*‘rvr ms 



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*ij. \VlfJ ’ \ ' ■■' - • ;••■ * ' • "■% 

; ."'4* v- 


Unfortunately our first settlers 
had a mean streakand took 
more out of the community 
than they ploughedback, so 
we offered them money to go 

away. Today we offer so much 
to come here that weVe 
attracted settlers from as far 
away as the New World. 

Whether you come from 
Mercia, Wessex, Gaul or 
wherever, you'll find a very 

warm welcome in a very 

practical form. 

To daim your Danegeld for 
your new commerdal or 

industrial development, 

simply drop us aline. 


The experienced one 

Skelmersdale Development Corporatio 
Pennylands, Skelmersdale 
Lancashire WN8 8AR 
Telephone: Skelmersdale 24242 
STD Code (0695) Telex: 628259 


'■wsfr TC sw*; 


Pentagon reconsiders case China s 
for land-based missile ?n Xif 

London considers free 

clothing Z 0 I 16 2 .F 6 H 111 



DEFENCE planners are begin* to the whole concept from few weeks, cannot but confuse 

ninz tn have second thoughts environmentalists who are the picture. If the Adminisira- 

about the new land-based mobile expected to argue that it is un- tion Is indeed no longer happy 

missile which is currently acceptable tor a senes of with the weapon, there should _ - - -* — — . — . -« . . _ _ ^.p. 

planned to bp the key element trenches to be dug across wilder- be much less objection to meet ; considered by the Greater talks with the Port of London oaiy London couia oner, 

of the US nuclear deterrent new areas of the south and mid- tag the Soviet requesL On the Bv John Hoffman London Council on Wednesday. Authority and HM Customs. Committee hoped we Sti**-™: 

from the middle of ihe 1980s. west. other hand, opponents of SALT j Tfa h is likelv to be uf Full Government and customs raent would give tts wpppri. 

For some years the Pentagon However it appears that the axe likely to argue that the new PEKING. June I- * interest to British and foreign approval would be needed, but With .Industrial development 

has been working on a new Administration has no immediate found scepticism about the M-X CHINA'S Mao-suited companies maSn/oMdVts with «LC said yesterday it did: Wit«c»tes. . a - v 

missile known as missile expen- alternative in mind for the M-X. >s designed to please the have made an industry ->u* of ! £ h d mvSn?eM There DOt , roIe out ***** Gowumumt^VQ* report prop* sesA phased 

mental or M-X which would This will not please many Russians and advance the treat i | 0 w fashion. Almost ever; i^n . | ,_ b ,- nrortuets food lavolvemenl programme expanding in so 

replace the ageing M.nuteman Senators wh£B current rererva- and should be treated with great and woman wears identical ' ^d driok Siol tel^.rio^ The plan- was prepared, by' acre stages to 300 acres by fee 
missiles which are scattered t ions about the wisdom of a new suspicion baggy trousers and a riiu; ■«»«* | ani IlISiS fee controller for planning and mid-1980s. . „• 


A PLAN lo revitalise London PoUcf Committee on Wednesday prfncirwlly fdr int^natio^l. 
docklands with the creation of would mark fee start of .formal- companies seeking a European 
a 300-acre free trade rone for consideration of the plan. There base or those which PW“ 

n ^ was « ^ live uau? juu-; iui luumu^uiiivu ui me wuov wi ~ . 

manufacturing exports will be had already been exploratory specialist support services vnas 

A u.. . . ll-„ .....v. .Via a( T aa#Ia« mW TamIim rnuln otter. IQS 

By John Hoffman 

missiles which are scattered lions about me wisdom of a new suspicion. baggy trousers and a *h»: -ew»* . ’ a “ “ s “v emieals ; a „d electrical fee controller for planning and mid-1980s. . . 

across the ^reat olains in fixed strategic arms agreement have One ingenious alternative to jacket buttoned to its narrow c 1 ° electrical in the GUI It ; r Miss Roberts wdl 

silos. The " M-X. by contrast. ^f s ” e ^™ofthe M^^it^wsbeen some* ^ uarterf^^is ^for 5 ^ 1 '" co,lar - 3,1 made from the _«?ark , * ^ , a asks the Committee to continue . idea in New York 

would be movable and could t r ..m th. e *!! a h;„ r 

tin Z Zn Umik accepted from the start that no Administration to dig many 

trench n?ripr in evade incoro- SALT tre3i >' £' 0 4. ld stand mueh of more silos for its Minutemen j metres from the 
, . ^ d 3 chance in fee Senate if the M-X weapons, but not to tell the mills. 

Bul accordfeg to evidence werc jnfllld V d in iL - - . Soviet Union which silos contain | clothes make 

— — . - tin uiauc 1 1 uni in-. asKs me t»nunjtiee to continue *aea ia -■ — - ifet ■ ■ ~ O ■ ' 

. is for the blue, grey or jungle green fabric | Companies would be en- tbe j nit j a tive taken so far and of fee month when she attends ooycPK m>V-' ... .>< 

to dig many ^traded by the ntiHior" ^ l couraged to process f 0r ihe O.C to provide the stiff a joint meeting of the worm - , 7i v 

its Mimitemen metres from the country's c*>i too j materials which would be tin- am j funds needed for further Trade' Centres of London ana ■' 

were included in it. 

cul according ioeviaence Two week* ago. Mr. Andrei rockets and which do not. This i ess repetition 
i\en in secret to the Senate Q rorn yko. fee Soviet Foreign would be technically easy to differences ir 


* i o? exported or be subject to port said. committee sbouia await 4-wa- 

' - normal customs duty. Jijss Sbelagh Roberts, the sion on the company's poraioie 

* ! The GLC said the meeting of the Committee leader, said last night involvement in the free txaae 
] Planning and Communications feat fee GLC would be looking rone plan- 

subject to port said. 

flight seijfce^ 

Cr ’C-- '':' ? v:s t ‘.ri-.-J f 

By Rami / 

are now increasingly worried pmmpted President Carter to tell In practice, the Pentagon The sartorial sameness of this 
that a carefully planned Soviet the an s that the U.S. was argues that the debate about the civilian uniform has it? advan- 

atiacK- might cripple the missiles nflt prepared to make any more land-hased missiles is less t a n CS The Mao suit adapt? 

mobility hy knocking out the conceS sinns and that the Soviet urgent for ihe United States l0 ' : ' rbe rice paddy the sfeop 

trenches or fee tunnels from i_; n ion rnuld " take it or leave it." than it is for the Soviet Union. coun ter. the office desk -r the 

which the M X would emerge. Mr. Carter later angrily denied About 25 per cent of the U.S. banquet table. What to •••.oar ia 

Daihatsu enters Dutch market 

The Pentagon is also worried that this amounted to a " freeze " nuclear deterrent is land-based. ncv er a problem much le?:- g 00 i 

by ihe hi=h cost of the M-X on fee SALT talks. The rest is at sea or in the air. susnoc r s. a consideration. 1 

c AMa£AN.':Ja»^. : 
EFFORTS ' '«sta oa&h :^ore 
direct flights various 

Arab : capita Is- Yortc 

City are"Bpw. r bdSig. directed at 
receiving,- AihetficaSLipei^SBsioa 
for' fee Lebahese- ^itf ^Kuwaitl 
national . dirflnes- fee 
Jordanian' atuFSyiSfifli carriers in 
expanding ;„fhe^ jexis - nine 

banquet ^f eni ^ a J c ^ lc Vronc | BY CHARLES BATCHELOR - AMSTERDAM, Jane 12. ; 

npn(ir , mma . .. . -- . . w.~- "uiinert*. a consideration. . 1 THE JAPANESE car mana- the Taft, will be introduced -NedlJoyd Shipping and Transport Amman^Ne^ ■Yo^'tw^-weriily, 

programme, now estimated to be These new doubts about the The Sovie t Union has about «o However, in fee first Tew ? of fa ctur er Daihatsu has begun later. : Group. „ -- service, r sc ■ [. y--, 

in the region of some SBQbn and M-X. which hav c been heard per cent of its nuclear forces on jdentifiably summer w.-j ther. . expanding to Holland and hopes Daihatsu, one of fee smaller • Philips has received a Skr 55m Senior officials fRM", 

it anticipates strong abjections privately in some quarters for a land. the streets of Peking ‘navej t0 atlain sales of a year or Japanese motor manufacturers (S12m) order from a consortium 

undergone a transformation- l pcr cent of ^ Dutch market which is loosely linked with the of general and farmers co^qpera- fee^EtnancjaL the 

The people have begun lJ ? ed ; within two-three years. It Tovota group is now expantfing five banks in Sweden for its 

their Man jackets and display i estimate? sales this year at 1,500. rapidly in Europe. It began by Bankoroat system of terminals 

shirts of various colour?. Daihatsu becomes the seventh expanding to Switzerland and and cash dispensers. The order delegation .to ^Vuslungmr^next 

Chinese men do not venture. tar- becomes fee^-venfe « B ■ * distribution 0 f for 35(MOO tennir mj/c«h 

from the traditional i Holland. Japanese care held 19 its crur countri' vehicle fa dispensers of Philips ^ Wg fg*™* 

shirt, wife the ta I oui ;; .1 cent Qf tfae mar ke t witli Britain.- Daihatsu now anas to be terminal system. InstaJJaUo? »? 

sleeves ha f rolled b- combined sales of 30.558 in the selline throughout Europe by the will.begm A! ia 

womens clothes susc-.-. tnai mon ths of 197S. end of the year. - - pleted in 19“ . The .«y«te« _Sd sJriSa 

their wearers indeed n.* 3 TflV(ltj . u , he lanv? ?t rin^le Daihatsu Nederland, which has allows account holders to - *¥“ •■K? wSsBSSs*?? 

sense of fashion. It ' Japanesp'^mpnrter wlline 64 driers in Holland, is a fully- draw cash and check the* 

\TmZ° Ji diJ m ; 7 M P<r <Snt of tho market. M bsidiar>- of die Rojal balaooe 24 hours a day, 

Japan’s plant exports dte- ; 

floral patterns have material- 1 a fnur door saloon and a five door tiap«U VA r vl ~ . tuNewjmk." 

assessed by 

California tax cuts will 
increase federal revenue 



TIONS contribute modestly to 
international monetary 

\S GOVERNOR Jerry Brown and cover a variety of social, medical, 
thp Californian state legislature law enforcement, and highway 
continue in grapple with the programmes. In addition, the 
budgetary problems brought on federal government is liable for 
hy last week's State-wide vote some of the unemployment insur- 

srahility, promote economic cutting property _ taxes, increasing ance claims for Government 

development through the 
in.1rcticn or new resources into 
the developing world and in 
general support a responsible 
foreign policy, a study pub- 
lished by Brookings Institution 

But (he study round that 
foreign investment appears to 
increase the companies' mar- 
ket power within tbe U.S. 
The study, prepared by Air. 
C. Fred Bcrgstcn, Mr. Thomas 

attention is being focussed on workers laid off work because of 
the impact it may have on the lack of State revenues. 

Federal Government in Washing- If local authorities cannot 
ton. match federal aid. then the 

On fee surface the U.S. choice lies between reducing 
Treasury appears to have re- fee assorted programmes or 
I ceived a windfall. State property Washington taking a greater 
I Taxes may be deducted against ? harc of the load. This may well 
federal income tax and the sharp have the effect of cancelling out 
reduction m state levies wifi fee original addition to the 
therefore mean a commensurate Treasury's revenues as a result : 
rise in fep Federal Government’s of the reduction in local pro- 
revenues. perty taxes. 

Airways find. l£uwaSt. v Always- 
touting fedrowifla^^ 

Anwnan before ' 

to^ ■ NewYork-'i- ; '. y • 

sDrin- k b . , introduced Charmant 1-no model. THE JAPANESE Construction appreciation and a ,/^ li !J 

vfifJJS' pcnpriaitv <?tand ovi in 1 The drivo-awav prices are Ministry says construction ardors plant exports from Japan vfeich _ _ 'secrefeMea^ral 

re " T 3.34 1 f.«.fW51 and FI I3.S32 received from overseaxy .by-'usually involved S L Arab 

dressed usuailv wife " -real * respectively, inclusive of tax. Japanese construction comjwmes works, according to the ^Ministry. •.“.• . V > 

JJrp in hrieht* vellow? reds' The range will he extended during fiscal W77 fell 23.1 per Orders from the MiddhrEast it Is hoped featthi^feEpan^QX 

and -reens Department ‘store i m include the Cun re mini-car. cent to YSMflbn from Y^4.6bn fell 4 ‘ . n _f J ^'hilp^hnse frmn of the Jo rdanian-S jTlah . cohsor 

feSv^rbk^n! %th a ‘canshj fee ,hree-flv P d.vor Charade and a in the preceding year. Reuter SuT into a 

selection of miniature r pirts. Mcht van before the end of this reports from Tokyo • ■ South Ea t e W per operat4oli will be . frttowed. -hj. 


Uorst and Air. Theodore Moran Nobody is quite sure how much J" h fil th- d SlifornSn vole 
while they were at Brookings, will accrue. Governor Brown gjjjj JJ clrter hi lo 

herorc entering the Carter U**\ week put a figure of 82 hn fmeVvi " relea^d over fee week- 
administration, was aimed at a year on the additional Treasury hp hnned the ? a ?cm 5 

providing a basis for us income. But informed sources 

before entering the Carter 
administration, was aimed at 
providing a basts for U.S. 
policy towards tbe multi- 

trousers and caps — an unex- 
pected revelation of •'•hat 
China's textile industry can 

Gone is the inescapable cold 
weather impression that the 
Chinese people might actually 
enjnv the unrc.liv.-d 

China in Hong 

(here, while acknowledging that por^h ta wuttfn e° and uniformity of their drah -*ari>. 
no precise cnlculations hav? been IfJL But despite this .arnng 


HONG KONG, June 12. 

farther expansion -briflgixig tue- 
Saudi Arabian airHne ahtf Gulf 
Air into fee scheme, Alia officials 

They add ; - that-.- p. ( 
arrangement “inay .be attempted 
with Alla's recently, acquired 
rights to fly into' Sou® America 
vja West Africa* a route which is 

itionals. nn precise calculations hav ? been J ' d . limjtatinn oronntals But despite this ann? \ Pekine-controlled banks, take into account Peking has by fee MTR. but fee value of now receivihg/top. . priority- since 

The Brookings study said I S2” e .-v, , 21 J i |,C H. But he reflected the P under l ring evidence that the Cn ; r ';^ j ^ Bank of China and Nanvang made a number of substantial these guarantees has not been Alia's requests to. abfem rights 
■tmr.i,- -..u ihP three or four times this ■■ : - s * enjoy a little frivolity :n .ly'Jcommereial Bank .have agreed investments in Hong Kong revealed. 

extradite companies' with or four times this at The fed^alleveib? 

equity imesi moots in natural .anmuni. addjn „ that whjje tfae VQtp .^ vas 

resources find it difficult to [ However, though this appears a rer ^ gond thing for property 
support the national Interest a useful boost towards the owners who are economically 

or the U.S. as an importing goal of reducing the federal a bie to take care of their own 
country difficult to maximise budget deficit, it has to be set needs” less fortunate members 
output and difficult to diversify against the Fact that hard-up 0 f 5oeicty more dependent on 
geographically. local authorities may in- government services could well 

The study said multinationals jcn'jsinqly turn to the federal suffer. He said he would have 
confer world economic benefits government for help. been “concerned” had a similar 

to extend its Hew York service 

wardrobe the country still id financiaI guarantees property in the past, however. In a separate development, the to San Francisco have • been 

regards the supp y of su^ewnt o previa^ nnnno^s * is seen here as a tacit Vietnamese'; Government has turned down.. . 

clothing material as a *■ nous dGvelopmenl ^ h i c h involves the acceptance of the continuation, mad^ iwhai :1s being desenbed as - — — — . - r-- _■ 

problem. Lotion , ar ® Transit Railwav Corporation of the status quo beyond 1997.' the- first -Vietnamese long-term ^ . .‘'it - ■ 

strictly rationed and c.iomi cal . - . In the latest such gesture. The investment' in the Colony, in a Stjtfi OJCK1I12 

a beyond 1997. fee nrsi Vietnamese long-term « ■ •- , i’ «'■' -■• 

ch gesture. The investment' in the ■ Colony in a Ntate OaCMlfi 
join two Hong Wanchai office block on Hong 

Sun Company Kong Island. . .. ■ •• 

Investments, in Tne HKS 15m. 21-storey lUF X^AlllMI. 

confer world economic benefits government for help. been "concerned” had a similar recently officials stressed uai j observers view the development a raa j or commercial and Golden Star building is owned - . ■ j j 

hy shifting (hr location or pro- For example, the federal initiative passed while he had although people’s basic clotn- « another si ?n of China’s I 'Jng- residential development to be by fee Vietnam Finance Com- SlllBVflrU.. OrflCrS- 
ductffin to romparatiio advan- government currently supplies been Governor of Georgia. in^ needs were guaranteed, fee term attitude towards the future j, Q ;jf over .UTR deont on the pany, incorporated in Hong Kong »rJ 

tase. But it found tax revenues ! feu State of Carfernia with over Of some consolation to the .amount of textiles available of t his British colony. underground railway’s Tsun Wan this year. Recently, Vietnam’s By Hilary Barnes 

are lost to Ihe U.S. because i$-*bn in the form nF grants-in- federal government is the fact per head was sf.ll small and] i eases on the Hon- Kong New extension. official trade liaison office in COPENHAGEN, June 12..-. 

the acreage available for nev '’ j Territories are due fo exoire in To be completed by the end Hong Kong was told to vacate its THE DANISH Government has 
cotton crops limited Charged, and although Peking’s of 1983. the HKS ll.Tbn Tsun existing offices in fee Bank of agreed to provide a state 

with finding answers /n China s, ai . t ’ ide 1§ that these have n0 Waa cocip i e x will provide 4.000 China building. Bank of china guarantee worth DKr 185m 

clothing problem, fee con-i having been signed wife flats for 20.000 people and will subsequently declared that fee (£18m) to cover an order from 

ference decided on a vast] . • Ql *j imperial government, include a large commercial move was to make room for a the Sudan for two ships from 

expansion in the chemical j lheif ‘ irv in ]ess than 2 o years shopping area. The Peking- news computer system and did fee Bunneister and Wain .ship- 

fibre industry-. a factor which potential controlled banks are providing not reflect fee rift between China yard in •: Copenhagen. “ THf 

The growth plan is?uea oy tne . j nveslor _ in Hons K ong have to fee financial guarantees required and Vietnam. Government will also provide 

conference says that there will j DKr20m in fee form of a grant 

be a concentration on 1 - -* - -■ 

arc lost to the U.S. because i$4bn in fee form nF grants-in- federal government is the fact 
companies, within limits, can .a.d which require the State to feat so far no other state appears 
arbitrarily allncale cowls he- put up matching funds. These to follow California’s example. 

tween home anil host countries. _ 

The study staid U.S. policy 

shouid be neutral towards the u a • 

ssisssr 1 ^ Gastro statement on Zaire 

them, although this neutrality 1 _ m 9 

ti" not m ' an non " v °' ve weakens Carter s position 

The authors said Ihe U.S. 

must provide the proper BY OUR OWN CORRESPONDENT WASHINGTON, June 12. 

economic and political environ- .. .. . . „ „ 

ment for the multinationals THE CARTER Administrations Further, a briefing for 
and Drotcct US national vase feat Cuban forces actively members of the Senate Foreign 




interests from the adverse assisted the Katanga n troops who Relations Committee on Friday 

impact of other countries' invaded c 
policies. been hel 

The study suggested there fe’ s 
should be policy initiatives in Fidel Cas 
taxation or foreign income, ,r, ld fe^ 
compensation for works, firms Hay that 
or communities hit by foreign th p .invas 
investment, antitrust, insur-' His mes 
ance and guarantess hy the President 
overseas private investment chief U.S 

chemical fabrics so that the 
value of output will be doubled 
by 1985. Meanwhile there will 
he a big increase in textile 
products for export and the 
average consumption of textile 
products per capita will grow 
by a fairly large margin. 

invaded Zaire last month has not by Admiral Stansfield Turner. 

been helped by the disclosure the director of the CIA. failed to by a fairly large margin, 

this weekend that President convince many of them of the The Chinese Minister of the 

Fidel Castro, the Cuban leader, extent of Cuban involvement Textile industry. Chien Chih 

told the White House early in alleged by fee Administration. Kuang, said recently feat he 

May that he had tried to stop Even Sen. John Sprakroan, the hoped that chemical fibres 

the invasion. conservative chairman, said after would account for 40 per cent 

His message was relayed to the the briefing feat ” the weight of of textile output hy 1985. 




JAKARTA, June 12. 

' lo the Sudan 'tu cover part 

__ , . • the price of the vessels. • Tans 

Ruhrgas signs supply 

agreements with Sweden MffS? 

BY ADRIAN DICKS BONN. June 12. ground because fee credit 

guarantee was given after - the , 
RUHRGAS, West Germany’s grid of natural gas pipelines. Export Credit Guarantee Depart- 
biggest natural gas distributor, and feus to fee growing West ment. had refused a guarantee, 
has completed a series of agree- European network. The Danish Government has not 

ments with the Swedish utility. Deliveries to Swedega* are to previously provided, .this -kind, of 


BONN. June 12. 

Corp. (OPIC), host-country on ™ a y tne moan leaaer Dy no means conclusive. including tne Liaoyang general $27.3rn with Deminex and Malmoe region. Ruhrgas is unwilling to set a smpyards came to'-fee Goyern- 

fxprnpriation and investment ^ r - ^ a i} e ^ ad V*® d ^ en " Leorge McGovern, the petrochemical works. the Teikoku oil of Japan, Reuter figure on the value of the con- ment with similar' requests' ■’thesfi" 

in the Soviet Union. to reach President Agostinno man who has taken fee most Szechuan vinylon plant and the reports from Jakarta. Deminex . *“® supply agreement was since it will be determined would be duly considered. '' ■ 

Neto. the Angolan leader, to ask sceptical view of the " Cuban Tietsin chemical fahrics plant W ili develop a 4285 sq km area signed last month and the com- . ^ natU ral gas price — — - ' 

TT ._ . him to halt the invasion, but that menace.’' said on Saturday feat and more factories are in east Kalimantan, and Teikoku P anies . have now set when deliveries begin. ' V 

UAfc surplus he had not succeeded perhaps the whole question of Cuban planned. Oil will deal with block A in operating company called Nord- Accor d lag to fee West German Germans TO Clear buez 

OIL EXPORTS from the United because Mr. Neio had been ill in involvement had been overblown However natural fibres will not Jambi, central Sumatra. Hjj, c", A yf-nlSIlIi rompany. the natural gas snp- THE HAMBURG Salvage -Com- 

Arab Emirates last vear were Moscow and out of Angola just and feat, m any case, Afnca is be neglected, said Mr. Chien. ' s ® 3 ^? ast „. ten ® ,nal al pii e d to Swedegas will be de- Pany Neotun Bertninewesell- 

worth more than twice as much bef A or « the attack not fundamental to American China will build more cotton Both ° f “JJJJ Dwtilh' borde?® * German ‘ rived from several different *chlft has been contrSted^thU 

4 u,oot aftpr President interacts and . . . we can t dn textile mills and dyeing and operation typfr. wnerem Danish border. sources.. Ruhrgas has for several Egyptian Government to clear 

worth more than twice as much before the attack 
as imports, even thought imports „ \ week alter 

increased hy 28 per cent to ^oid^a^nfw* 

S4.3bn on the year. Carter told a news 

A week after President interests and ... we can’t do 
Castro's message. President much about it anyway.” 

Carter told a news conference The Administration argues that 

textile mi Is and dyeing and fbrJrarmtlon iwlo? , t purees Ruhrgas has for severel Egyptian Government to clear 

printing plants, although the «*sls fer exploration de e o^ The pipeline whose final route years been diversifying its the two Suez Canal’ entrances of 
emphasis will be on increasing and producuon. xp wei' as has yet to be fixed, is expected sources of supply, and these now all remainins wrecks. renhrt AP- 

Oii proarts were worth «Sbn t hat “ we bcliev? fe at Cuba bad 4t d‘<* no * oieotion President 
OH exports were worth ».Sbn. knQwn q{ ^ Katangan plan to Castro's warning because it did 

s .uK U , 3;a n... .„wwu. 6 _ * -hared eouallv by sources of supply, and these now all remaining wrecks, report' AP- 

produetton from existing output are shared equauy ny to bc about 350 kms ong and include long-term contracts for D.I from Hamburg." / 

Pl^ts. Srti^ S sOMistsnlit Standard Si 1 co f l i c ? n “ rt,u "l deliveries of natural gas from A spokesman for. Neptim. a 

le-Mlnister also promised help oi„5f ir a ti ^' 50 Sfriife ^ ijnSS J °l n Scandmavia (ran. fee Soviet Union. Aleeria subsidiary of thp Swed^ Bros- 

to local authorities in develop- ^“fndo^a an for tbe first tUDe t0 the Ruh *»» abd tte Norwegian North Sea. trora group, said the . contract, 

ingthetrsi'k. jute and woollen /S'-hare - - ’ • ” hlch lt shares wife Bugsier 

textile industries. Special 55 P er cent snare - Reederei of Hamburg was worth 

’ J ■“ * Under the Teikoku agreement, p , . L ,i „ K* 1_ • l ' . more than 81Sm. mi involved 

the contractor will invest a total XSOOlDaV lll2fl DIDG 000301616 clearing all sunken wrecks -left 

nf SISm in exoloration costs * O r r r* over Frfim th- n-iak-r urn 

Fairey Surveys has been them from crossing fee border.” where it had publicly of semi- 
awarded a mapping contract As far as it went, this state* publicly to call him a liar, 
worth £1.23m from Saudi Arabia ment was correct, but a number Officials argue that it establishes 
for fee production of 150 0 f Senators, already sceptical beyond doubt that the Cuban 
different map sheets in 1:50.000 about the Administration's Government did know that the 
scale covering an area of about evidence for Cuban involvement raid was going to take place and 
110.000 sq km of the south tn Shaba, took strong exception there is at least prima facie 
Shammar region, for the Ministry to tbe fact that they had not evidence for the case that Cuban 
of . Petroleum and Mineral been told of Mr. Castro’s advisers were involved wife fee 
Resources. message. Katangan rebels. 

known of the Katangan plan to Castro's warning because it did plants. Iso”.?. stsn lit standatti co f l deliveries of natural gas from A spokesman for. Ngptim. a 

Saudi maonin? work iovade , J rovwce * Dd D0 \ bell f v t e a ” ord 0 f. ,l but . d,d The- Minister also promised help or ‘riurti^’ 5 fearing ’ Voa S3 « r' - Joi " Scandmavia (ran. fee Soviet Union. Aleeria subsidiary of the Swedish Bros- 

oduui mapping wuik obviously did nothing to restrain not want to get into fee position tn innat aivthnHtioo in rfauatnn- production snaring -coniraci f or t b e Mn, P t n thp Ruhrvns anw tho lUnnoooion iu n -»h tmm ~~lj - t _ 

textile industries. Special P er cen ^ sbare - 
attention would be given to Under the Teikoku agreement, 
silk fabrics, always a good the contractor wiU invest a total 
seller at home and abroad, of Sl8m in exploration costs 
Mr. Chien hinted that a touch during fee first four years, while 
more gaiety could be expected Deminex will make an expiora- 


NEW DELHI, June 12. 

which it shares wife Bugsier 
Reederei of Hamburg was worth 
more than SISm. avid involved 
clearing all sunken wrecks left 
over from the October 1973 
Middle East War in fee -Suez 
and Port Said approaches to th® 

Shadow on Carey’s campaign 

in the streets in future tion investment of $9.5m in its THE 203 kilometre dual pipeline power generation projects in the Canal. ■ ■ • •. 

summers. “We will also first three years of operation. ‘C?! 17 fe e Bombay High offshore Middle East and Malaysia. It is t. »" • • 

increase fee production of The signing marked the third 7?“!S orT u Crud S oil ® nd one . of * e ; “ain suppliers of tt°h Wins contract 

and fourfe 1 contracts of this kind com^L^niS ‘"fi?,* J"!** Japan Radiohavewon 


NEW YORK, June 12. 

Swiss drug exports up 

THE start of Governor Hugh Miss Krupsak's defection cast Albany, # fee state capital, fol- ’ ’ K . r 

Carey of New York's campaign something of a shadow over the lowed by speeches in Buffalo, P ba f ma ' 

for re-election in November was governor's formal announcement Syracuse and New York. £®“P. C1 a JjLJ! 0 ^ , “ |2 er . cer ’L t ^ 

badly and unexpectedly tarnished of his candidacy this morning. His campaign starts wife his f m « .c- cXi 

this morning by an announce- He is expected to be nominated administration standing in low fe's year irnra aw* r 654m tn tne 
meat by his deputy. Lieutenant by the Democratic state conven- public regard according ro recent same porroa a year ago. AF-VJ 
Governor Mary Anne Krupsak tion on Wednesday where he will opinion polls’. But most observers T t p *:„,. rr ° r be P° al 2 ,ia r 
feat she would not run for office face a challenge from State believe that the governor’s skill • rt 5„ p °-' ,ea £n ine .“Pi 

wife the 59 year old Brooklyn Senator Jeremiah Bloom of as a campaigner coupled wife ®. r e re . presenl „£' 6 

politician. Brooklyn whose chances, bow- the tactics of his media 'con- P®? cent of total Swiss exports. 

Indoaesie for work in Irian Jaya ^ a«tat.n« orfee WorM Rank nt uwumnw proouciion. two coastal radio station systems, 
last vear tne assistance or tne world Bank, The expansion and modemisa- reports AP-DJ from Tokvn v One 

Router 15? a f loan of S^m-. was tion programme is being of the ^systems £ made wUd 12 

”f P X- b (l5e f ° r conslructlon of '«««*>«* -In collaboration wife long-distance commarirations 

m a- v - . . _ KWU Germany, a Seimans sub- stations, 30 substations. M 

®° mba >' H, J b •* producing 5m sidiary. Investment for the pro- mobile offshore stations ^mdr 83 

Pnlpc WIFI tonnes of crude oil annually. This gramme is estimated at just mobile land stations and should 

i (IlCS Will is expected to reach 6m. tonnes Rs2.5bn which means that he complete by April 1979. The 

_ — p i by the end this year and 10m. turnover will double this amount other is composed oF nin£ np- 

Nigerian order TTSKS: 

b, Cbri ^ Bob-,„ sW j^ kct “ „ ei 4£T~3S SS w y ar SUSSES „ coast by °. ctobM 1979 - 

WARSAW, June 12. asb £ re m smaller tankers. was established with Soviet Hovc rmar inp nnjpr- 

Tin? nnrreu.r™!™ rnn ,. Tbs mam S3 vine will he in I.. - , . -"JVWIUUUIC UlUCl 

Poles win 

Nigerian order 

By Christopher Bobinski 

WARSAW. June l2. 

politician. Brooklyn whore chances, bow- the tactics of his media ’con- ... _ B „ — _ 7 - . . wius auuianni wim soviet Muveriuunne nmer 

Miss Krupsak's decision, which ever, of snatching the nomloa- sultanL Mr. David Garth, will b 6,5 per a THE POLISH foreign trade com- pie main saving will be in assistance nearly a decade aen TTn? r-iTv- »*« W ™ . 

she foreshadowed some months tion are nil ultimately make him a hard man year p any Poltmex Cekbp says it will ? as j5Jl ch J 9 « to M i ,e «* ed with a rated capacity of sevfn ™ £11? r Ss 

ago could make the governor's Significantly, in view of the to beat. His republican opponent suddIv machinery and equip- [ or ltl P°wer stations and as t 0 eight turbosets of 200 mw ordered 

personality an important election Californian property tax vote Mr. Perry Duryea, minority Iran fruit DrnressinP training f ^ eds ! oc f'' fo f fertiliser and petro- each. side-skirt tW °w 

issue alongside his support for last week. Governor Carey sought leader in the state assembly. processing ment, assembly and training chemicals plants in fee Bombay Equipment in fee plant is nnw Hovomtarin. «? V e rC *S ft ' : 

legalised abortion and his to establish his cut in taxation as looks set to run a classically con- Technip has been awarded * services worth $5.5m for a wood- area. % nhanlpta and needs tn ho mnH.™ ho „t!5 anDf Sonfeampton, to 

hostility to the re-introduction of ooe of bis primary achievements, servative campaign whose FFr 12m turnkey contract to set working plant at Ekole in Ondo • The Government-owned Bharat ised to enable BHET u, nnorltlT 45 “Jtiti-pnrpore harbour 

capital punishment. His campaign statement dwelt at emphasis will be on restoring up a fruit^onditioning unit in State. Nigeria. Heavy Electricals Company competitively both abroad and a?re ^ •'■«!!! 

Mr. Carey’s preference for length on how 16 years of fee death penalty for various for fee Moghan agro- contract is wife a new <BHEL) has launched an expan- in Lidia where a number of rirSr 

isolated decision making and his Republican rule culminating in categories of murder, and the Industrial and livestock company. 1 ne contract is who a new s - on programme whic h aims at generation nroiects q Pm « * e ?i^5h 

sometimes abrasive treatment of bis 1974 victory bad featured a failure of Governor Carey’s AP-DJ reports from Paris. Initial company. Nigerian Wood, made doubling its turnover to Rsllbn being financed by P fee World »h over . Which 

colleagues had drawn increasing 603 per cent increase in state administration to achieve true capacity of fee plant has been up of Polimex Cekop, fee Polish (about £650m) within five years. Bank and hence are ooentn S... 

criticism from friends and taxes which he had subsequently economic regeneration for the set at 10,000 tons a year and trading company Dal and a group This will make the company one global tenders nsc* * S export OTfierff over .jne 

enemies alike. sliced by a bill ion dollars in just state whose economic problems constitutes a test bed for the of Nigerian businessmen. Con- of the largest electrical equip- The -company is negotiating 10 ? or ® t t an Jkl: 

Mias Krupsak has complained two years. are still dominated by an un- processing, sorting, calibrating J* “J UpTiitantwm stert ment ™ a "“ r «tiirere fe fee other technical cohSKSuS Pi ri TwSSSLJhJ 1 *&£ 

feat she and fee governor Jack The governor is scheduled to employment rate well above the and cold storage of a production ™ ™ c 1 7 0n of ** "• W . ' world. BHEL has already estab- aereements with Seimens fnr *?- 1 ^ ovei ? na f ine 

a “shared commitment” and tbat announce his candidacy in a national average and by the well of more than 200.000 tons * n fee near future and it will [j S ij e( j 3n international reputa- electrical equipment and with H?iL for Jr 15 Particular -requlre- 
Mr. Carey has not spent enough flying tour of four cities today, publicised financial problems of expected to be reached in fee handle 44,000. cu m of wood tion for itself by winning a Combustion Engineering nf twl J nent ’ need a creW of- only 
time listening to the .people. starting wife a declaration . at New York City. region by 1985. * annually, number of turnkey contracts for US ftr boilere Bineer,Dg of e Jwo wth al fire-fighang ; equip, . 

1 ’ nieiiL coDtrolied . rcmotel?^ 

-J* 'r.i 



Do you need to i ncrease you overd rsrt 
or should you look for an increase in capita;? 

How are you planning for the future ? 

GRESHAM TRUST can help. Solving 
problems like this is our business. 

We are a long established merchant bank 
who specialise in financing private companies. 

That's w h y v/e'l I always 1 1 s ten - whateve r 
your requirements. So don't be a; “aid to write 
or ring one of our Directors. 

Why don't you do so tod a. ? 


Who wants to he a 

Should ;his cap happen to fit you, you would be well advised 
to fix your sights on real property, in which 90% of all existing 
miliionairps achieved their fortunes. -All !he signs indicate 
the imminence of another property boom: rising house prices, 
falling investments yields. City institution-? buying farmland. 
To keep ahead of the herd in this fast-moving market you 
need to study the Property Letter, which gets to the very 
heart of the property business with down-to-earth, pungent 
articles providing you with information, ideas and unusual 
approaches that you won't get anywhere else. The Property 
Letter could just possibly be a better investment for j\r.i 
than the properly market itself! For details of a FREE TRIAL 
OFFER, write to: 

IS Golden Square. London. W'l 
or phone 01-397 7337 (24-hour answering service 1 




Bars, family lounge, cabaret room, restaurant, etc. In ail 
16.420 sq. ft. Turnover 1977-78 196.000. Full detail-', contact 
Box G.2091, Financial Times. 10. Cannon Street. EC4P 4 BY. 


Above average price paid where 
purchase Is appropriate. 

Write In rompl. :« .nnhil.ri.-® ( 0 
Box 'J.2W4. I- uiancisl T.mes. 
III. Cannon Sir--.:. F.C4P 4BY. 


Specialising in Middle Hast Market 
particularly the G«i?f area, with per- 
manent representation in Dubai, it 
available for further business assign- 
ments on behalf of principals lor 
e*porc of goods and project develop- 
ments in the long and short term. 
Write Box G.2090, Financial Times, 
10. Cannon Street. EC4P <BY. 

Executive with unrivalled 
experience of Nigeria Travelling 
regularly to tha: country seeks 
Consultancy/ Liaison /Sales work 
On retainer/commission basts. 

Ring 01-310 0120 



FOR SALE — £250,000 

Selling to major multiples. Substantial profits + benefits. 

Net msecs approx. £100,000. 

Ideal for family wishing to enter thriving trade through m old established 
business capable of substantial expansion. Sale due solely to retirement, but 
vendors would remain for about 1 year to ensure continuity. Enquinet only 
from principals capable of supplying bank references in due course. 

Write Bor G.I92I. Financial Times, fO. Cannon Street. EC4P 4B7 


For sale, very successful company engaged in leasing of equipment 
to major oil companies and rig contractors. Management will stay 
on. Market share estimated ar 65%. High cash flow. Frice £4m. 
Write Box G2Q33. Financial Times. 10 Cannon Screec. EC4P 4BY 


Sales of approx. £750.000 per annum, large proportion exported into Eurooo 
at realistic prices. Brand leader in its priee range. Would suit ether aluminium 
tilt-casting company ar plaitit moulding company. At present all work sub- 
contracted therefore profits never being maximised. 

Please reply to: 

Jackson Yayro & Co„ 9. Alma Square, Scarborough. Yorks. 

F.T.A.O. Mr. 8. Leesing 


Activities include toolmaking, injection innuld'ng and 
pressworfc. Own brand product range and trad? work. Thu 
Company is Midlands based. Turnover I2m. Tax losses 
£0.4 m. 

Write Bu\- G.2069. Financial Times. 

10. Cannon StreeL EG4P 4 BY. 



An internationally famous 3-star Cocswold Hotel Tn 3 acres with 
31 bedrooms (16 with pb.) and superb public rooms. Turnover 
exceeding £254,000. Freehold and fully furnished £270.000. Sole 
Selling Agents. 


Near prosperous population centres — 3-STAR COUNTRY HOUSE 
HOTEL/RESTAURANT taking £400.000 p.a. Bedrooms to sleep 34. 
magnificent public rooms. £400.000 asked freehold complete. Sole 
Selling Agents. 


National Spcci*litt Hotel Agenrc. Cattnswold Hein*. Cirenrester. Gloi. 

Tel: Cir*nc»st»r 22 3 B 

This cash voucher 

ent'ties vour company 
to an immediate 

75?; CASH 

Cash flow preblems?lhen cash this! 

Need Cash Now? You've got it right there on your 
books! Confidential Invoice Discounting Ltd gives you 
75% cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware o: its 
existence. For the full tacts post this voucher now or 
phone us direct. 

Confidential Invoice Discounting Ltd. 

C.tcus House, New England Read, Brighton. Sussex BX 1 4G'C 
Telephone: Brighton |0-: 3l GOC^OD. Telex: 87382. 

Also Birmtngham. i'atdih Leeds. London. Manchester. 

A suhaidiarv of Intc-rnahondl Factors Limited. 



Where the successful private 
company feels at home. 

Gresham THst Ltd, Birringtor House. Oeshir,-." Ed /7Ht 


Bimip-ham 0rfi:e: EcmunG House. f i-. ■■■ " 2 !: Sveei. S.-nnnaha.T. &:• i£»V 
0 Tel: 1^77 

Our business is 
merging your business 

36 CHESHAM PLACE. LONDON SW1. 01-235 4551 


land trom ocher sources 1 
Exceptional quality office furniture, 
teak desks, hide chairs, swivel chairs 
in r*ced, filing cabinet* md riling 
cupboards. Adler and Olympia type- 
writers. 100s o} other bargains. 
Phone for details; 

Brian North or Bill Ray.nor a; 
■’Commercial." 329. Grays Inn Road. 

London. WCI. CM -837 9*63 

Independent well established 

With Headquarters in Sydney, are looking for further develop- 
ment in Australia by way of Association with Financial a mi /or 
Lloyds Broking House. 

Director will be in London from nud June. 1978, for about 
two months. 

Write Box G1941. Financial Times. 

10, Cannon Street. EC4P 4BY. 


to the experts. Complete and efficient team at your discc-al 
at very short notice. Our very competitive rates will delifht 
you. Send for full descriptive brochure, giving all details to 
the company's safes representatives or phone. 

130a Burnt Oak Broadway, Edgware, Middlesex. 

Tel: 01-952 6626 - Telex: 923593 


Do you buy pressed steel parts? 
Capacity available for U K. and export 

Effingham Road. Sheffield S9 SQF. 
Telephone:’ 0742 449367. Telex: 54424. 

The Advertiser is retained by a substantial & reputable foreign 
company to procure all types of defence transport and supplies 
Ul\ manufacturers of all types of defence supplies and transport 
normally required by a military Logistics Command such as. 
portable bridges and' roads, communication equipment, tank 
transporters, alloy tentage and mobile catering equipment, are 
invited in the first instance to send up-io-dalc brochures and 
specifications to: ^ „r,,. 

Box C.20S7. Financial Times. 10 Cannon Street, EL4P 4B\ 


Cellulose Primer Surfacer £3QJ00 per drum, approx J50 Its. per drum. 
Assorted various cellulose colours £30.00 per drum. 

Plus carnage. Material In perfect condition. 

Brilliant White Gloss £330 per 5 Its. Brilliant White Vinyl Silk 
£3.00 per 5 Us. Brilliant White Masonry Paint £3.00 per 5 Us. 
P/us carriage. D/rect from manufacturer, discount far la’ge orders. 

Phone 051-523 4022 Telex 627608 


Agents required in the U.K. & 
Europe to introduce a unique 


to Industry and Cargo handling 
companies. High renumeration 
and all closing sales done by 

Details : — 

D. J. Cotterili Import-Export, 
143 Speakman Road. 

St. Helens. Merseyside, 

Tel: (0744) 23189. 


Seeks reversal into Public 
Company with funds to expand 
present £IM Pre-Tax Profit 
to £2M 

Write B or C ,205ft. F.njtciol Timet. 
10. Cannon Street. £C4P 4BY. 





your company to roar very osit advan- 
tage, rou need the professional exper- 
tise of the National Association of 
Merger & Acquisition Consultants with 
40 member firms in the USA and in 
Europe. NAMAC has had particular 
success with firms selling for 
SI. 000.000 or more. For a member 
firm near you who cm arrange a 
discreet, confidential contact with a 
qualified buyer, write NAMAC. 4,55 
LB/ Freeway. Suite 782 T, Dallas. 

Texas 15234. USA. 

wishes to dispose ol manufacturing 

rights to unique portable generator. 
' Contract with Nationalised Industry 
pending. Pfinctoli only please to: 
Roger Oaten & Partners. Chartered 
Accountants. S. Priory Road. Clifton. 
8ristol B5B 1TZ. 


Retired industrial M.D. has 
substantial financial backing 
■o help small entrepreneurs 
with new ventures, recoveries, 

Full particulars to Box G.2083. 
Financial Times. 10, Cannon 
Street. EC4P 4BY. 



Papcrbound over 450 pages and 30.000 
entries. Marked soiling price £1-20 
per copy. 60.0QQ a»»»lable 
packed >n thirties. Clearance price J4p 
per copy. F.O.B. London. 

Write Bor G.I7J3. Financial Times. 
10. Con non Street. EC4P 4BY . 


Manufacturer of entirely new,, 
scented, quality-gift product, 
which has proven housewife/ 
family appeal and no competition 
anywhere in world- . - 
Seeks ihe involvement of national 
or multi-national organisation 
with preparedness and capacity 
tc promote the complete selling- 
marketing-packing operation. 
Considerable sales interest 
already gained from leading com- 
panies at heme and abroad. 
Write, in first instance, to: 


Chartered Accountants. 
Barton House. Folkestone. Kent. 

,^:L- V 

. f .\ il ' •* 
« %_ ,» i % 

fT« T 



Ideal lor Haulier. 
Metal Stockist, etc. 

Due to rationalisation 
National Group has for 

Two-acre freehold site 
modern offices, 
accommodation and 

Write Box G.208S. Financial. 
Times. 10. Cannon Street. 
EC4P 4 BY. 

Unlewoods, Britain’s ldrjest->*-.-i little woods. 
pr irately-owned retailer, yes-. ; Operates 106 stores A”® rh _i_ 
lerday took Use unusual stept i turnover through 
of aonouneiog its Investment,, stores of £219*n m * • 

ui auDuuiiciu, ua miooucuv • siureh ui — , -* 

plans for tAe year. been opening new Pt»bc^s» 

It i* to spend more than the rate of about toor a ) 

mure open, which’ hegan tspo 
years aeb ^rhen JUttiMrooils 

• '.results- : w •}. *i » • • ' dfrees • 

£20m next year on building-- since 1970. . , th _. thp . 

Four new stones and expanding.;-' - Wharfs unusual is 
five others. The development- = company, iraditionwiy w 

me viners. me octciuynico*. * nnusMu;, --- - orfiate ' 

programme will prodncerahoift- -i Britain's most pnvaie P . ; 
IjSOO new jobs. - aniu»nnced.its plans. 

In real terms, the budget is-' - .to outsiders- 
about the same as in ; '.^Tliis'-iinrks a ‘ 

few years. company s polio of being 

Man&ester.: '--Tla: 

Manchester, - V -V fi -> \\.i ■. % 

SW&.A extend^ 

-it". ■■■ -tr ■" " T V ■. • •T- S.irrr; s Vy • ■ 


Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone and 
u-lex services. 

• Translations and secre- 
tr;al services. 

• Formation, domiciliation, 
^nd administration of 
S\» is> and foreign com- 

Full ci»nfidence and discretion 

3 rue Picrrc-FaUo, 13W Crncv, 
Tel: M BS 40. Tete*: 2XM2 


>ubttani:a! group inspired a wrfe 
fi»:i ol a:;ivir:f imi eittb'mhetf in 
luPerb prctci£:sci office in North 
London have surplus olfi-e accc-fmoda- 
cion, staff, iundt and coqi.-nerqial 
MMr?ir available to chose unab't ra 
:,p:oit tlwir potent' al/busnsna ey 

scund ideas -n the absence of such 
'acilintl. Write In rtricten confiderce 
Managing Directs'- 1.5. H.. B-itann'a 
House. ?59- q fc4. High Road. Finchley. 
London. HI 2. 


Ejrduii-e quefltr range ef 


Established U 1 ’. S Overseas, with vast 
Potent-al for further expansion! 

Capita! required for outnght Purchase 
in region of £35.000. 
Principals only— please write for taU 
deteilt in strict confidence. Box 
G.2089. Financial Times. 10. Cannoer 
Street. EC^P 4BY. 

Details to 

Freebrook Limited. 
12/13 St. N'ichobs Cliff, 
Scarborough. X. Yorks. 


Small Com? in r erport biaa. higf 
tethnolosr dectrcn.c product, washes 
to find a senior executive /director !o- 
bandjing toniratts. finance and general 
management. The company h bated 
in the List Midlands and is e>pand>ng 

rapidly. Minority investment required 
of £5.000 to £10.000. Condition* of 

employment fully negotiable. 

Write 3c r G.20B5. Flynclal Tines. 
10. Cannon Street, c C4F 49 T. 

: ; i 

■»w ■* ‘ 

Electricity ; j 
industry 3^ 

. v- • ' vV 1 -!: ■ • 

: seeks to 

Dig price 

By R ay Hodson 

licensing ; y 


Or nOr'nDuavif . . -f. t » • ... 

Jlj’rricvcTVfi OF croFessional qualiflcationS "’ alone art •' 

T ?* 5/ renSS the res- enough to mak^a ^ • 

ann? Board has identified ,al However, the Goveaument ggo gained fninr exp®^ -,> i . t- 
senes of reasons why electricity I could monitor such a system Dy eoce Qn si«>p^OOT.* , ' > ^ ’ . 

will become dearer bctween_BOF appointing one or two lay mern- • for ’ 

and the mid 1980s. -They incite bers to indils^ vWfiTSBSK ” 

• Government roterventioir>in ® oa ^ 11 f e ^S2S?«d ° places ior «mbryo^igineejs - 

rhe choice or Fuel for ^efec- board, the counct - . airf, at the' same -fime. itah *ndvr^ 

tricity generation; ‘ v-:> The council's suggestion con- monitot practit^ -'b^ialns - ., • 

• The rapidly' rising coSt'i^if trasta sharply with the enaence -^experie nee rbdagr ga&edr - ’ 

power stations. . - - r&F - of one of its main member msti- .-...TT*: . . j. 

tridty generation; '• • ' i-. The council's .suggestion con-' the pr^^z-iraiaihs - ' ., ' - --. 

• The rapidly' rising' coSt Nifftrasts sharply with the evidence ^ -^experience rbdagrgB&ed.- v ^ : 

power stations....- - .£W..|of-one of its main member msti- : •.•..Tv . 

• Problems being experienced i tutions the institution . o f hle^ UnafV^e . fv-r . 

by contractors on large con- mcal Engi neera, ^hi eh . . "•' ^ i v 

structina sites in Britoiiu statutory registration admin- ] n the past an “crverabuh&ms:-- . 

• Soaring fossil fuel costs. 7 ’"" i3leretl bv a P“ bll ^- V accountable of graduate- - engmeftta^;^; has- : • 

ThTvLvSr txrty created by Parliament. . in them, heiM.ustd iB- .: \\ 

h e “piSfralp But. it says in its evidence, effectively, leading t^ttfeillusioa-' ■ \\ 

^ that statutory registration m e nton t&e part ofi^F^; ^ 

be published shortly.. . .. -7/ divorced from ffie council would employee. = . • 

The Board is concerned that become costly and bureaucratic Manufacturing, ,;r,4hdjtKiyfr r ' - vWJkV ^ 
Government inteeventionr in; the while providing little advantage» general unav , areness i .bfvthe . 
day-today running of the^ppwer Recognition' of the registration grades of engineera-available- ita . . 

supply industry will deny the: board -would be “likely to lead it. and the 1 e vei n f TffirforUlaiice"^ . '' ~ : ^ ; 

electricity, authorities the -cbm-Eta raised standards and addi- which could- reasonably .. be, r '^i- - ■ " 
mercial freedom they have't^dl-i tional qualifications among expected of each grade hM afeo^ , 
tjonaliy enjoyed to choose the j engineers " and “would also go been a contributory factor -to-dis - ■ 

cheapest fuels and systems' fori some way to clarifying in the appointment and bad^Twjrfcnu- - . -• ^ . 

power generation. V. ■■■ Tmind of t be public the distinction anco” ‘ '■ — .*• “ 

The proposed Bill for -'the 're- 1 between qualified professional industry should set its -own-' V ' * s. 

organisation of the power in- engineers and technicians and targets for the supply ;of grain- . . -*• 11 

dustry, put forward recently -by non-qualified manual- workers.*’. ate enginefirsJja.cohiuctibnjkith:. 

Mr. Anthony Wedgwood Benn, The council says that academic universities and polytedmics. - . . • 

the Energy Secretary, and'.with- 
drawn from the Parliamentaiy 
calendar because the Liberals 
refused to support it. fncludes 
powers for the llinister to direct 
the industry- as he thinks fit,.. 

The issue is at present hijing 
hotly debated at a series of hear- 
ings of the ull-Parfy Commons 
Select Committee- on 'National- 
ised Industries which is/ inquir- 
ing into the • electricity* supply 
industry . • ■ - / 

BAT now to laundi 

• t-» * i**- ■ 

VvV.i • * ‘ '*• 


MM E?:aMi?h--3 wb .is ow:i Larne 
and vji:- h-qo.-I s»k*s force. I'-* O'-.n 
viortc* and srudio*. T O fl mdljon 
p a., jud •.-ontuniljr rising- E*«lleni 
pr-Xj.’s wiiti a lar=>' and tapaodKW 
cppiicf mark-i. gwM toial sale or 
tiRmvrr of .Uu:ual witcfwrf. 

Kni ■ Bn* i;.:H77. Financial Time*. 

10. Cannon SlTrtL EC-sP 1BY. 


with tremendous growth potential 
require! additional capital. Excellent 
inreiunent proipeei with the pom- 
Pflity of a Board Appointment. 

Write Boa C.20B4. Financial Times. 

10. Cannon Street. EC4P 4BY. 



30 Gijr Road. ECl. 

01-628 S434/5/7361. 9936. 


24 hour Tel<« nrviee open 7 dajr* 
a week. Come ra u* ior tpe-d. 
aciurat/ and reliability. Wt aim to 
keep your overheads low. Interested! 


Interest costs/ ! . 

Power station bundin- Msts 1 BAT INDUSTRIES, which in the The share of the cigarettf r*. •• 

hare risen so rabidly that the spring shook the British cigarette market taken hy plain brimfe — : . 

board foresees tire interest costs 1 market with launch of the cur- has fallen steeply since the war. 

on partiaUv-compleied stations , P rice - h>ng-size brand State Today, it accounts for about -f - . 

becoming ' a much more ; Express 555. is now io use the per cent of total sales. 

sianificaat portion of the average State Express name on a new BAT Industries said ’yeSteiday ' ‘—’■i.V '• 

consumers electricity bills. [plain cigarette. 555 selected Virginia was 

• The power station ordering! The new brand, 555 Selected being introduced into a -static . , 

programme will now include at [Virginia, will sell at 5Sp fur 20. but stiU large sector - of - tire ,. . { j 

least one major new power: This Ts about the same price as market-'* ' • - 

station each year. Many trill be ; other plain cigarettes with a Manv smokers would : be 
nuclear stations, cosun? £600m . middle-tar content - i . * , 0K ^ v * °“ ia ---i 

each at present-day prices. • . ‘ reluctant Ij switch _t» a fiftwr l.; ; • > 

In the long-run the board Because, the brand has a nrand although they might-wish . * - 

V- v - . , 

sia uons wun coat or on fuel. * men jiciu. neuvilv in trade promotions for . 

But delays in building . the This .will mean that in the new brands, EAT Industries wiir 

nuclear stations are having a . autumn U will have a price be offering the trade - profit in*- ■ 

disastrous effect upon the • advantage over some of the estab- cen lives in addition To normal' 

board's finances whicb is heina ! lished leading brands. margins, 

reflected in rising electricity > . 

charges. • — 'V- - 

The generating Board's cor-' ' ; .‘.' r 

porale plan is also sharply criii-1 /~V j • ■ 1 ' 

^anr,ss Opencast immng scheme:,-; 

plan which is backed by ihv . 

Government. 1 1 

The electricity leaders believe! f*HT*riP l fl flV nFfTIrOCtDrC 
that the National Coal Board will} V/U.1 K/V'U fJ J JLI1 ULCoLCi ij 
fall short of target by as much I 

as bOni tonnes of coal a year by sy oiir owm rnunFcanMneuT' 
the year 2000 because the mine^. OUR OWN CORRESPONDENT 

will fail to meet productivity tar- ; . - - ‘ 

Se Tk i -pi,„ onnn-’ n C . 0 J C5EIIV ^ T1 J^" ISTS " on » Farmers' Union, which— -com-, , 

The coal Plan to 2000 calls, victory -yesterday in their cam- plained that ihe- programme 

for output to be expanded to, paign against the National Coal would spoil land needed for - 

some 170m tonnes a year. Board's recently announced 10- agriculture 

The generating authorities , year opencast raining programme r . 

would be required to absnrh f or Northumberland. n ‘- J,ra s 'nati. the committee 

much of that additional output— : n,. .Mimv i.r,„noii' e ni,^ • chairman, said: “The decisiM 

nearly 70m tonnes a year more Thu enunty counctl s planning has been very much influenced 

than’ present levels of British 1 3 s * 5 * e b > r Public opinion and' we jmiit. . . 

coal usage. Board to restrict coal extraction stand firm. 

Thn 'innpratim? Ttnsrd vipw* 20in tons, 3uiii tuns Itss Lhsn «• ii- • .. , in • - 

me generating mara view . nlanned - . believe that 20m tons « 

mat coal and oil prices m , Planned. 3 verv fair sh.-,^ tr.»=rri B - the 

! x 




nearly 70m tonnes a year more i planning nas been very much influeoeed 1 t 

than 'present levels of British i committee apcided to ask tbe by public opinion andwepiuit. . hf^ 1 , • 
coal usage. . Board to restrict coal extraction stand firm. ^U(k liTit 

Thp seneratinc Rnard view U', Ul 20m tons - 10,11 tc,ns less Ihan ..... , - ^‘ViL, I 

me generating eoarn \iew _im . nnp( | . . believe that 20m tons IS v *■ 

mat coal and oil prices , n . planned. . a V erv fair share towards- the 

Britain will become steadily ie« The decision came after widp- national econontv while at the *•' \ 

competitive compared with spread protests from conserva- same time safeeuardlne til* 1 ' 

nuclear power. • lion groups and the National interests of N'orthumberUUTd^ r - ' V. 

— - . ; 

£30m. South Wales coal loss ', 


01 n 



FROM £69 - 

Comoan, London Area. Selling for 

i healrn reasons. Commissions last rear in 

cj-os-, of £40.000. Clients intlutte manv 
iifernJUonaf companies. Write Bo* 

i G208B. financial Times. 10. Cannon 

! Street. EC4P 4BY. 

CIS. 000 PROPERTY LOAN rcauirea 8“;» 
altered orivalc Investor Amolc 

security. Write Bo* G.20S7. Financial 
• Times, t Q. Cannon Street. ECOP 4B Y. 
Small Medium Siaed U K. comnanv. 
it Please contact, in conndence. Chairman. 

Chief Executive Assignments Ltd.. 9. 
Manchester Souare. VY.1 . 

Formation in Britain and all maior 
countries and off-shore art as including 


Efficient personal service. Contort: 
CCM Ltd.. 3. Prospect Hill. Douilu. 



Isle of Man. Tel: Doaalas (04241 
23733. Tele*: 627900 3AL10M G. 

Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 P«. 
Lease 3 years horn £3 70 ■■weekly. 
Ren: from £2 9 Per month. 

Phono: 01-641 2365 


Singapore, South East Asia 
and Fiji 

Experienced negotiator 
making his next regular visit 
July- August will accept 1 or 2 
additional commissions. 

Write ft** TSh* r ma iu-ia I Tim-:s. 
ta I'nnr.'tn S-rr. - F'.tf 4BV 


Write Box G2085 
Financial Times 
10 Cannon Street. EC4P 4&Y 

ADVERTISER interested purchase pt smajl 
Plea«e n*o:v Bo> G2074. 
, Financial Timrt. 10, Cannon Street, 
i ECJP dBY. 

THE NATIONAL Coal Board's 
South Wales area is expected to 
make a further loss of more (ban 
£30m m the present financial 
year. This news comes after last 
month’s report that the deficit 
for the past year was also about 
£30in. more than twice the 1976- 
1977 figure. 

Last year’s loss has meant that 
the £100 m plan to develop a 
colliery at Slargam. near Port 
Talbot, has been postponed. The 
projections for this year mean 
that the postponement will be 
lengthy, possibly several years. 

Mr. Philip Weekes. South 
Wales Coal Board director, said 
last week that be hoped tbe area 
would break even in about five 
years. However, he could not go 
*‘cap in hand" to London to ask 
for a nODm investment white the 
figures were so bad. . 

His' decision hats brought a 

strong protest from Mr. Emlyn 
Williams, president of the South 
Wales National Union of Mine- 
workers, «ho said Margara would 

have provided jobs for up to S50 

Mr. Weekes said that the pro- 
ductivity scheme negotiated 
between the Coal Board and the 
miners at -the end of last year 
was not yet self-financing, and 
it had made only a marginal 
improvement on the area's pro- 
ductivity, which was the lowest 
in the country. The Welsh 
miners had been extremely 
dubious about its merits before 
it was introduced, and many 


The area has also - -suffered 
from two ' labour disputes In 
recent nioiiths. Industrial action 
by clerical workers delayed, pay- 
ments of the bonus money, and 
meant that the scheme's financial 
rewards were, kept from ihc 
miners for some time. 

At the new Betwys anihra- 
cite drift mine, near Amman- 

ford, an overtime ban hy .tpfn-- 
prs has meant that production'-' 
is less than hai f . the amount-, 
forecast. Talks this week Ibf 
tween the miners union and -' 
the Coal Board may result- in 
an agreement to work the first, 
race at Betwys this month: r 

Extensive cuts in the capital 
equipment orders have been- 
made by the Coal Board in an 
effort lo reduce the losses.. -Tba, 
problem remains, however, 
that there are a large number - 
of 19th century pits'. with .dfffr, 
cult, faulted se am s and a ^o'f- 

productivity rate. -. - -- -4= ;. • . 

. Mr - Weeks said the main -Cask 
was to agree a programme 3>f 
closures, and to continue - to 
raise productivity in. the leihain- 
ti»8 pits. .... . 

."There are some pftjsYwfiieh 
will, never make g profit^Ut 
w-hich we will not close: because 

of the quality of coal- tiiey' pro*' 
duce. w e cannot siniply take 
into consideration . profits; pro- 
duced by the individual pHs.-*; - 

sir 4v 


•? e ttic 

' . .. . . ■ -a 

■JTY gjsffi. 








/;:. ,, ** > 
;.i v >r * 

: . ,n - in, 
Tuvtka! }£ 

" t ; 


•*ii ■ . 


;?■ *** 
•' cnr*'. 

f; VI-.: - 

i’.i: ; 

• • *r : -ja,, 

’•- ' ■ VU . 

>: Uj-- 




, ••'Financial Times Tuesday June 13 1978 |fl . -ji. 

The 1979 Financial T 

a number of improvements over the 1978 Financial 
Times diary. 

- Firstly, design. 

; " commissioned James Shurmei; 
who has produced work for the National Gallery to 
completely revise the interior styling. 

- -•••- , He provided us with a nicely understated 
thin-line treatment of the main diary together with 

Secondly it 

, occurred to us that there umm SfVN fe 1 1 ra 
were insufficient months HH BLV I ■ i ■ L ™ 
in the year. 

Hence the 1979 FT 
diary starts on November 
27th, 1978, and finishes 
, on February 3rd, 1980. 

So you can , 
slip into 1979 whenever 
it suits you. 

We’ve also 

extended the business 
information section. 

It gives a comprehensive 
list of useful information 
sources in thirty 
countries of the world., 

v You can trace ; 
an^hmg fo a Belgian 

Consumers’ association 
to a Polish translation 

On the $ubject of translation, the diary also 
contains a French and German business 
vocabulary covering everything from ‘cash to 

‘collateral’ - 

V It could help make letters from abroad a lot 
easier to understand. 

. : Next, we thought wed put an end to writers 

^ To save you having to copy out hundreds of 
addresses and telephone numbers at the end of 
eaph year, we’ve incorporated a detachable address 

booklet . £ . 

Now, bn the assumption that you do a fair 

bit of travelling, we’ve listed the passport, visa 
and vaccination requirements of all major countnes, 
aloha with world time-zones and Q 

air-ixayel distances. There is also a superb 48-page 


diary you’ll find an 18 

naee section containing analysis charts, monthly 
pxnense sheets weights and measures, 
mettic conversion tables, both metric and imperial 
phs, and international clothing sizes. 

Finally, we decided that no-one wants 
a marker-ribbon that falls to bits, so we ve attached 
a non-fraying marker ribbon. 

In addition to the desk diary, there's a 
slim pocket diary and wallet, in black leathei; with 
strengthened comers and real gold lettering. 

It contains a colour map of the City 
of London, tube and inter-city maps, a list of recom- 
mended hotels and restaurants, information on 
road, rail and air travel in Europe, calendars, world , 

time zones and metric conversion tables. _ . 

We’ve also designed an attractive matching’ 
address book. 

If required, the desk diary pocket 
diary and address book can all be gold-blocked with ? 
either your initials or company name and logo. 

So you can give either yourself, your staff or 
your best clients a personalised gift. 

Which will add a very nice perspective to any 
desk top. 


To- Geoffrey Phillips. The Diary Manager, . 

Business Publishing Division. Financial TiniesUmited 
Minster House, Arthur St., London EC4R 9AX.Tel: 01-62o 1-11. 

Please send me vour brochure and order form. 








Code of recruitment practic 




AI-CiNGSIDL. at last. the final 
form oi ine •.■out* of good recruit- 
ment practice which was 
seated, by the -lob- Column i4 
months agu. ami is now as good 
as officially adopted by the In- 
stitute of Personnel Manage- 
' ment. It is u proud day. i* this 
bin. Id"? not proera-unaie. 
.j;.j and read the code, please. 
th**n come hack here and I'll he 
ua;t:tig for you. 

i. .Vow. no doubt a number of 
: regular readers uill he t*sa<p*‘r- 
: Hied to find that the code doe* 
" not include points ‘.illicit they 
sent m as possible addition*. 
Please he assured that all -ug- 
go^tions were carefully con- 
"side red. but that most had in the 
end to he omitf-d in the mien- 
fi»U either of keeping I lie code 
brief, or of makin-j it funclampn- 
: .la! cnou-jh 10 govern the pecu- 
liar need: pubbc-scrvtce as 

■ well a= bu-inc--. orgarii-atinn*. 

Fur inslamo. several readers 
indignantly called for a ban on 
orjanisatii'ii*- - advr-rti.-uny e\- 
tern ally when they already 
.know full w.-u that the job con- 
cerned will lie fi 1 1 n d by one '*f 
their existing staff. 

The institute i- aware that 
this furtive. eamrmfiaged 
feather-bedding wastes a l«i "f 
job-hunters’ time and a lot of 
mioney. often at the taxpayers' 
expense. And sn do 1. rince 
A applied fur the manager'* inb 
"at Ihe local Cn-up store. Whpn. 
after vainlv waitin',' weeks for 

THE CODE sets nut what the Institute believes represents 
current £u"id practice. Organisations who observe the cade 
will tin m» lo promote good relations btfucen themselves and 
the people who apply for jobs they offer. 


I — Job advertisements will slate clearly llic form of reply 
desired <for example, curriculum vitae, completed application 
form! and any preference for haud-writtvn applications. 

'J — An acknowledge me ill or reply will be made prumplli 
in each applicant, "‘here consultants arc acting mainly as 
forwarding agents for companies, the parties will agree who 
will acknowledge applications. 

:: — Candidates will be informed or the progress of the 
selection procedure, what this will he. the time likely lo be 
imoheil. a nd the policy regarding expenses. 

■1 — Detailed personal information (for example. religion. history, place of birth, family background, etc.) will 

not be called for unless ,uid until it is relevant to the selection 

5— Recruiters will nm lake up any reference without the 
candidate's specific approval. 

0 — Applications will be treated as confidential. 

1 — Advertisement- will be answered in the way requested 
< for example, telephone for application form, provide brief 
relevant details, send curriculum vitae, otc.l. 

3 — Appointment-: and other arrangements will be kept, or 
the recruiter he informed promptly if the candidate discovers 
an agreed meeting cannot take place. 

a — The recruiter will he informed as soon as a candidate 
decides not to proceed with the application. 

A — Only accurate information will he given In applications 
and in reply to recruiter?.' questions. 

-» — Information given h> a prospective employer will be 
treated as confidential, if »«' requested. 

a i-.-pi;. I -ailed round m ask 
what had happened, the staff 
Inuked j' me as though I was 
mad K’.'-rybody knew, they 
-aid. ib.-ii -neh jobs were adver- 
tised pilin':- ly only because the 
i.jt-np'. m-rifogging rules insis- 
ted 'i.i i:- 

But w.i.!-' til* I hunch: id That 

kin.* m me: n-mindedne« makes 
our ’ip- ci.rl. wc decided Ihe'.-'- purpose i- not <«« much 
in :rv ban deliberate 

ijr-i-: oii-n*' --. a«: in clarify ba<ic 
diu-eo. which are often 
nec!c'*:<v! :hrouah either ignor- 

nn?e or harassment. Besides, sn 
Inn-.- a: .-m-rnal advertisements 

poplar such circumstances. 

th»>rc w ; i remain a slieht 
chance t r. ’ Ihe johs-nnly-for- 
th e-boy 4 clubs will be penetra- 

ted by Mjme really i.apahic 


Our emitempt fur the 
eanrnun aging practice — and al-u 
fur v.-nuld-bi* consultants who 
advertise fictitious jobs in the 
liupe uf -cliin.” the applicants 
■n genuine employers — will 
nonetheless ho expressed in the 
“ Guide tn Observance " which 
the institute plans tu publish 
with the code. Sn. no douM. 
will be our hone that fair-minded 
employers will take steps to 
mike dear that the job* they 
advertise are open to applica- 
tions from inside, as well as 
from outside their organisation. 

The matter which probably 
produced must comment whife 
the code was being formulated 
was the requesting of detailed 

personal mturniation -.t.-n as 
medical histories t Recru/tt-sV 
ubliyatiun. No. 4). 

Originally I felt t-.c this 
in forma ti mi should no; b<- asked 
for unless the recruiter could 
first make clear, either by print 
in the advertisement »»r by 
c-hai in an interview. the 
in format ion was relevant the 
real needs of the job. 

But examination revealed 
that the issue of respecting an 
applicant's privacy js k ->:'tp!ex. 
and sometimes so because of 
legislation intended lo protect 
us. The Commission on Racial 
Equality, {nr instance. advis- 
ing employers to colic:’ da'a 
on the racial origin uf all 
applicants so that, in me of 

complaint. recruiters might 
refute- charges of prejudice. 

To be realistic, therefore, we 
had to settle for a pledge to 
refrain from prying into private 
details “ unless and until it is 
relevant to the selection pro- 
cess.” (.Again feeling that it 
was our duty to regulate prac- 
tice and not prescribe perfec- 
tion. we decided nor to add after 
•'selection process” the clause 
which should have at least 
some relevance to the job.”) 

We had to settle for less than 
the ideal, too. in dealing with 
references t Recruiters’ obliga- 
tion Xo. 5i. 

Like myself, the institute 
seems to believe that recruiters 
ought to have the professional 
guts to form a judgment, and 

only then seek external' refer-, 
ences as a check. But A seems i 
that this confidence is ladang'fe* 
many organisations, especially ', 
in the public services, which i 
pus ill ammo us Ey demand refer?; 

ences for study- before inter*} 
viewing the candidate concerned-; 

Ideally- of course, recruiters) 
who doubt their ability to make! 
up their own minds should • 
transfer to oilier work in which; 
they might feel competent. Bnr j 
in these days of high un employ-) 
men;, it may be hard for even - 
public-service officials . to. find l 
another, less challenging trade, j 

In the circumstances it seems ; 
best to allow such people what-! 
ever external opinions they feel j 
necessary to make up their j 
minds for them. So the clause] 
on references guards -merely; 
against blatant abuse. ' 

But the locaL authority which.; 

refuses to interview any .‘.can-1 
didate who withholds permis-; 
sion to seek a reference at than 
stage, should realise that this! 
rule is the sort' of gratuitous,, 
dogmatic prodnoser? which has i 
brought bureaucracy into 'dis-i 
repute. * 

Which leaves me room-only 
to pay my thanks and respects 
to the lovely Ann Redfeam. Bob 
Fleeman, and Bernard. Dixon tno i 
relation) of the Institute of Per- \ 
sonnel Management. '■ who have | 
been mainly responsible fort 
making the code of recruitment-i 
practice a reality. ” : } 

recruit ah. add! 

■ The new ^ilesiifcn ^ 
territory in the feed rih XondoD. ; 

it is likely that he tbrsfte) will be grven acMrfKmaj, 
European responsi 

. 'The. job 'itself 
370 and the new; 

As SGL is ar.subsi 
Bank group, the a 

•' V' The. . 
would need a 
of IBM 

: - . ' , exceiient- 
very high 
benefits ?and 

If you are: it 
contact:”-. - \*jf- 

■ John Burke •’ 
r - ; . Standard' _ 

- - 79 New Cavea 
‘ London,- WIflC 
Tel. No.: 4 ) 1-58 

Managing Director 


• in develop further the European operations of a substantial 
American electronics corporation alrcadv established in marketing: 
capacitors throughout Western Europe. A new factory is under 
construction in die United Kingdom. 

• the ta 4 : h t« work with the present Managing Director with a 
view to early ? accession. 

• the prime requirement is for senior marketing management 
experience in micro electronics preferably against a communications, 
data processing or aerospace background. An appropriate degree or 
engineering qualification is mandatory. 


i.j\.ooo tesetn 

age around 40. Terms are for negotiation above 

ether with international company benefits. Location — 

k * 

Write in complete confidence 
to C. A. Riley as adviser to the company. 


MANAGEMENT ‘.-yvi: 1 1 T\NT> 





V.> arc seeking tn appoint 


tr. assist in ihe expansion of. our Marketing Pnrgrvmmc. 

The succe^ful applicanL- will be respunsiljle for promoting a comprehensive 
r.tnui' of finjneriti and banking «rv}iv- in r vnuuerce. Industry an ^ other 
Banks, and we wish tn fill positions in I.wndon. Birmingham. Manchester arid 

The <ipi-mng> nffrr exc-fllent opporluniiies. for advancement both within ihe 
F K and i.ivi»rsea.«. 

\ PI 1 lii-«* ills will ideally be in their .Hr> and have had .11 least ten years' 
bankin-.- experienee. preferably demesne and international tn include 
Document a r;.- Credits. Foreign Exchange. Lending and Marketing. 

Salary will be commensurate with experience to which will be added 
excellent, fringe benefits. 

Please apply in writing, giving brief details of career to dale to: 

Mr. E. .1. Ralphs. Manager — Personnel. 

American Express innal Rankin? Corporation, 

52/60 Cannon Street. Loud on EC4P 4EY. 

Leading international maritime transportation company in Rotterdam 
is currently expanding its administrative staff and seeks qoaJified 
applicants for the following positions: 


Reporting to the Manager European Financial Analysis and Reporting, he 
will be responsible for the review, approval, assembly and input of account- 
ing entries, analysis of financial accounts and cost reports, providing a 
continuing analysis of financial account activity, the review and assembly of 
cost and revenue reports, and assist in budget preparation and variance 
explanation: ■ 

* Nationality EEC national, preferably British 

* Languages: fluent spoken and written English, another language would” 
be desirable 

* Age around 35 

* A recognised accounting qualification, or a university graduate with, 

financial management experience ‘ - ’ - 

* Two to' five years* analytical/accounting experience preferably in an 
international environment 

* Moderate travel and willing to consider later relocation 

* Proven management skills and problem-solving ability 



Reporting to the Manager European Financial Analysis and Reporting; 
working under the direction of a Senior Financial Analyst; performing 
essentially the same function as listed in position A, in less complex areas. 

The profile is similar to position A. except that age should be arbund 30 
and only one to three years’ relevant experience. / 

In addition to technical competence, candidates should be dynamic, but 
diplomatic, ambitious and willing to play an active "hands-on” role! There 
are excellent prospects for advancement. 

The salary will match experience and achievement. 

If you are interested in either of these posts, please send your 
resume with salary requirements to: 

Ref. FT 01 

William Green way. Partner 
Avenue Louise 523 Bte 30 
B-1Q50 Brussels. Belgian! 


Apoln-Jlior* ar :m.: i Mr * 
rr-imiiir- fruit* 1 %: Januin 19TS li 1* 
hop<s| to apoalnt -omcon- srldi .in 
inicrrji; m M ans j- m-n: .y.-i^uni'n^ 
it'Wtrql but O'-r-S'int -nth oilier main 
in>rv«:* >i-ill h.- « Anv.dc riw{. \ oro- 
MMianai auallfl.'^tiori is not pwn'iil.> in !:i- rjn;.- iVi.mi-rTSiK' 
Farther nartinlan ami agplu-u: iin 
forms may h* .Jnaia-’-l from rh- 
P^rsonn<?l ulti«i-r Cniri-r*l|y i>l Faih. 
Bath P.\d TAY. quotltu it reran Ct; 
!b. 119FT. 

CIomPs il-i*-’ lor npn: ; caflons 

-rit .*u:t nr-. 





Circa £10,000 + Car 

We are seeking additional Institutional 
Fixed Interest Salesmen/Women with 
proven and established records to expand 
this side of our business. 

Remuneration and incentives are open for 

Replies in confidence to: 

R. B. S. Wood, 

Smith Keen Cutler, 

52 Cornhill. ' 

London EC3V SNR. 

FTNTEL, a newly formed company, owned jointly by Financial 
Times and Lxlcl is seeking a dynamic manager to develop 
and market business information services on an international 

Initially, the company is concentrating its efforts upon 
developing a data-base for distribution via Presiel. the Post 
Office viewdata system. However, the longer term aim is to 
establish a range of data-base products lo service a variety of 
business needs. Experience therefore in at least three of the 
following fields is essential: 

— electron lea lly distributed information services 

— specialist business publishing 

— European and U.S. markets 

— data-base services 

— compmer/coQimunications 

— consultancy in a marketing role 

The successful candidate, who would report directly 'to the 
Managing Direciur. i a likely tu be in his or her thirties with 
a degree from a British or foreign university ur business 
school. There are good prospects for later selection to a 
board appointment. 

Please apply in writing Stvins full details of your career to 
dale, lu: 

Mr. B. Bolteu, Managing Director, 


1, Pudding Lane. London. EC3R 

£ 7 jM? 

£ 10 , 000 ? 

£ 14 , 000 ? 

Setymrmontarget - 

A sales career with Hfll Samuel Life gives you unlimited 
earnings potential. 

The contracts you would be offering are among the most 
attractive in the industry and you would receive a 
thorough initial and on-going training to give you every 
opportunity to succeed. 

Opportunities riow exist for 3 people at a new West 
End office. 

If you are aged between 22 and 54. are sales orientated 
and have a proven record of success in your previous 
career, telephone Tony Boys on 01-734 465S or write to 
him at Hill Samuel Unit Life Services Ltd., 35 Soho 
Square, London W1V5DG. 


Required by a U.K. based Knitwear Company with overseas 
operations, (or position as Assistant to the Company's Group 
Accountant. Will be required to assume varied responsibilities 
within the Accounts Department based at Sanderstead. Surrey, 
reporting to both the Group Accountant and the Board of 
Directors. A salary in the region of £6.000 p.a. will be 
offered to the successful applicant. Please apply confidentially 
in writing to the Financial Director of: 


at Westgate House. 

Cha>k Lane. 


Surrey. K718 7AJ 


requires for i cs a ctlvjL and_. 3.-. ■ ■“-V -* ^ ■ 

expanding business operations. an ; . 

netrt on ! 


Bank OrigianiisbttQn 

Applicants should be iathrar Tnfif2fis a«Lfan^i7 
a sound British Banking backgrcAmd rogedifr "; ^ 
with a good knowledge of computerised ' . 
data processing partfetdarfy ra refatfon to the 1 ' -r.-“ '"^1 

introduction. 'or -new syswm*. 

Salary and benefits will be commensurate - ;j*.; 

with the successful candidate’s experience;. ^ 

Please apply, in writuqf giving full -details "? : 

of career and salary to date; which wUT be -' " '--1 ; f - 
t reated. In. strict confidence^ to: : ' -■■■■ ■. ;! 

Deutsf^re Bank AG;LOTdori 
IQ Mcxxgate, London EQ2P < 

T&Q1-6Q64422 W - . • 


A well .established International ^rcup.'m ciVil erigfite^riiig: 
requires a qualified company secretary. ‘Hie appointment Will 
-be in (he-Mi'CHands.- AppHcants~of either sex shonliFiw in-tbe- 
age range 30-40.- Experience- in- comtrttfeiB -datoM* 

but not essential. . The successful . applicant . would do 
responsible for the normal duties of company secretary, legal 
advice and 'participation in commercial negotiations. The; 
salary is negotiable and includes generous fringe benefits.' i.-j 

Please write in confidence with full personal and career detail 
to Box A.63S3. Financial 'rimes, 10, Cannon Street, BOff 


To Join S.E. -based private group operating .in ESCport/goYernmenti 
packaging and freight forwarding. Animal turnover approaching 
Cm. Nett profits in excess pf £1004X30. Salary £9^X30 per-aqnM^ 
plus car. Profit participation. EquTcy avaUaWe. Successful ondidat^ 
should be able to Introduce business from day one aAd samulatfc 
those with whom he/she woricfc. v •/ j 

Write Box Aj 6377, Financial Times, 10, Cannon Street, EC4P 4BY * 

JUME 2919 T 8 

The Financial Times is proposing to p-ublish " i 
. a Survey on Accountancy on Thursday" June r ■ 
291978. : o, j 

The main headings of the ji^yisipnal ^ l 
editorial synopsis are set out below. : A*!* * ‘ -r f 







For further information on the editorial 
content and details of- advertising rates please"""' 
contact • : ~ 

Mike Hills, Financial Times; Bracken House,, . 

10. Cannon Street, London EC4P 4B Y 
Tel: 01*248 4864 of 01-2*8 8000^ ,v 



The content and publication dates' of Surveys In 
Fioancial Times are subject to change at the discretion^ 
of the Editor. - 

f:~pmndHL Ttanes Tuesday' Jane 13 1978 

t> \^£> \ 

kin 2 , 
* lo 




n f6 % 


Merchant Bank 


lTici cuani »anK private clients 

Our client, an accepting house, of the major toicc% in the investment 
•• 1 regard private clients as a growth area and are euriently seeking to 

- S^Pgthen their growing department by appointing an oddinonal manager. 

You will be aged 26/34. possibly be a graduate. but more important be 
•->- someone who combines an analytical training with flair tor purtlobo management. 

- Mmimum experience level with a stockbrokcr/investment house/bank - four years. 

• Your responsibility will cover all types of investment and you will be 
’ ■' .supported by sophisticated computer and other systems. Considerable personal 
• : responsibility and client contact is involved and further pronioi ion prospects are good. 
An exceptionally generous remuneration package will include an above 
■v ;fiY**hgP salary, a bonu&4e vel in line with Stock. Exchange practice, assisted mortgage, 

•iKjncantributQry pension etc. 

’ . ■; Full details please to Colin Barry at Overton Shirley and Barry (Management 
Consultants), 3 7 Holywell Row, London EC 2 A 4JB. Tel: 0 1 -247 S274. 

Overton Shirley 
, and Barry 


Hattersley resists assault 
on inflation rate forecast 

Peer sees 
risk of 




• • - . S’.' 

P» •*'i 

;'.*3 ‘JC UWI* 
lt r.T wti k 
. 1*6 

. ' .. •' ii 

■ a • • • 

: y'.itZ ■ 
r C v. EC4PJI 


/;V! 5 r I** 

. : '•? ft 


r 1 . 

■ 1 * l • r 1 ..IV 

f! S i'c 


$lM' ... r : 

■ * r 

■ **' 

% f*'" 1 ' 


A Professional Service 

-Lloyd C hapman Associates are pleased to announce the formation 
- of a Banking Recruitment Division. 

■ The Division,unde rtbe management of Yvonne Emmerson-Fish, 
is structured to provide a professional recruitment consultancy service 
to the Banking world. 

Enquiries are invited from Banking organisations with current or 
future recruitment needs, and from candidates seeking advice on 
career opportunities. 

l In the first instance please telephone or write to 

\TvorineEmme'rson-Fisb. ' / 


DESPITE A sustained Tory 
onslaught in the Commons yester- 
day during which he was accused 
Of making “fraudulent" fore- 
casts. Mr. Roy Hattersley. Prices 
Secretary, doggedly stood by his 
prediction that inflation will 
remain at or about its present 
level for ihe rest of this >ear. 

Mrs. Sally Oppenhcira, shadow 
Prices Secretary, led the Opposi- 
tion attack by main t;ii nine that 

the Tall in the pound since last 
January, nsinu raw material 
prices and interest riles and 
higher National Insurance contri- 
butions were bound in have an 
effect on inflation by the end of 
this year. , , 

“We arc poms to be back in 
double figure intbtinn by the 
second hair of nest year." she 

With a roar of support trcmi 
the Torv benches. Mrs. Oppen- 
heim asked: “Who do you and 
the Prime Minister tlunk you are 
kiddinp when you repeat your 
fraudulent intlatiun forecasts? 

“Do you think the people of 
this country have forgotten this 
Government's lies about the rale 

Challenged to repeat 
“ incredible prediction." 

I'**' AVA A TORY PEEK warned in the 

Lords yesterday of a possible 
“English backlash ’’ after devo- 
lution over the extra cash Scots 
receive from central Govern- 

Eariier Mr Hattersley accused increases." had been very good mpnl funds. 

Turv MPs of hoping for an and confirmed his prognosis. The During the report stage of the 
increase in the inflation rate, rise of 1.5 per rent in the RP1 Scotland Bill. Conservative 

*• Thrv want to obtain narrow was the largest since April, spokesman Lord Strathcona and 

oartv advantage out of national bur the smallest April nse for Moun , Royal proposed— but later 

deterioration. The Government six years. withdrew— an amendment which 

does not propose to allow that to Mr. Hattersley stressed that would have forced the 
happen." the most important consideration ment to spell out the public 

Mr. ^ David H u„, ,C. Win.11 

F?^hcr e ^enera •'* tecre ta r v r "of" the would remain at about the Lord ^rrathcona said That until 
v t n,i 7 of Public present level from now and now & ha(1 k t je , about 

EmSees. thuT Mr. HalteSe^ trough into 1*7*. ,he fact ,ha. .nor ? e Government 

inflation forecast were no more The Government wanted to money was spent on them than 
than “kite Hying" before the build on ihe achievement* that on the average Englishman, 
general election. had heen made *o that tne They knew they had been 

f«e d ^. r s Sd Visas ESUo'SSn of our 

( nm C ih« Mini -ter to face UP lo industrial com pc mors. iny of the Assembly, it isn't going 

the riai'itv of continuing price Mr. Hattersley reminded Tory to be so easily accepted by Enc- 
increases exemplified by last MPs who blamed the Governmem i and as it has been in the past, 
week's li per cent increase in for the fact that inc _ /l. - „„ Lord Strathcona said that when 
the mortgage rale, later esti- increased by S1.3 Pf r 5 the Government handed over 

mated to add about l/3rd of February. 1974. that intorme mone y t(l th e Assembly it should 
1 per cent to the retail price observers were in agreement iuai saJf how mucb WaS being spent 
index fur as long as it remains inflation began with tne earmri per cap , t:i on devolved matters 
in operation priming boom." in Scotland compared with the 

: d En ! land “! 

Lord Lealhrrland (Lab.) said 

tioo n ancl°thaf f ti.c s^me 'people “ ^had^alJeaVTen of'^flation. 

made hv two bodies— the London two or three months or some ScQts wen , CUIT emly getting 
Business School and the National small improvement W the rate - in eXCess of a fair dea i;- They 

Mrs'. Oppen het in elmUenged ;vl,etiicr"' tbov He asserted that even the 

tbeMinisterinrepeatbe. n- British P-- ; * t . ullod fi re for April, always a month 

credible prediction that ini.J- wanicu a c 0 f “uncharacteristic price 

tion would he even lower next next year, 
year. , >r 

Amid Labour cheers. Mr. • 

British people were unlikely » Hint of tax concessions 

be impressed by Mrs. Oppen- 

-vulgfir clridmcv" UVef v. : - nf roaSDD- 

■jervative Party cuiilil make a W ™J!“ j - 
contribution by tilling tlie published. 

received more money per head 
in education, health and social 

wrong even' before it was n> • f nnl I services, roads and transport, 

published. 111 III"** The total figure for spending 

He asserted that even the • j on these and other services was 

fi-ure fur April, alwavs a month UlOCV SkOWS £946 per head for the Scots and 

or “uncharacteristic f rice mr ROBERT MACLEN N AN. *754 for the English, he claimed. 

Prices Under-Secretary, stated Lord Kirkhill, Scottish Office 
that the retail Food index had Minister of State, said per capita 
increased bv 99.S per cent since comparisons could he misleading. 
llilL.CSSlUiIiJ February 1974. But food prices They took no account of the 

V had increased bv ontv 6.3 per numbers of schoolchildren or «ld 

,.r onnci.iortitinn reason- cent between April 1977. and people. the_sparsity of population 

Hint of tax concessions 

Uqyd Chapman 

123, New Bond Street, londonWIY OHR 01-4997761 

Qualified Accountant 

For a civil engineering company in the Midlands ^with 
international work. Applicants should be Jn the age range 
. 30-40 and would be responsible for all financial mattered the 
fompany. He or she should be able to demonstrate" aprbven 
record of achievement in financial control and; .auditing 
preferably in an international environpaenL The. salary, 
which is negotiable, will include generous fringe 'benefits. 

. .Please write in confidence with full personal and careerjptgls 
ftojfee FinEmdai.Tamep, 1<L. Xhmnon Street, ECffiffiy., 

; Colaiste Tia hOllscoile ^ Corcaigli r 

>■? . ’ University college/^ork 


' Applications are Invited for a post as Temporary Full-time 
Assistant -Lecturer/College Lecturer in Economics for the 
fi Obfa..,, 3978: Sulsry de^eut upau 
cmalifications and experience within radge ^ 4 ’ 755 ' £ ®- b11 ,^'^' 
it would be . .an -..advantage Jf- .caadldatKS could t ®^ch 
Econometrics at least at undergraduate level though this need 
-not'.bb their main, field of specialisation. 

Written application and the names 'of two referees shou d be 
forwarded tothe Professor. of EcMiomics, Umvers.ty College, 
Cork, by" Thursday, 29th. June, 1S78. 


Preference will be given to those applicants with export experience. 
----- A tplf- In jsrfcta ft confidence for application form:— 


.. -Madket-BuiUings, Minctns *«»» 

' v=: . : London EC3R 7DA. 01-426 9W0 



. | ‘ [Tncorpcmini In tfm Republic of Sooth Africa) 
MrnnScr of tfao totow Rand «mor 



Does your Board need an 





Write in confidence to an 
experienced director. 
... Write Box AA380, 

■ Rnahcral Times, 

10, Carinon Street, EC4P 4 &Y. 


Unique opportunity in 

N. London location ideal ‘or 
manufacture/ distribution 

(1) Lauc on neion 1 appr*»«- ou.GOO 
sq. ft., fall office accommodation, 
extension re 70.000 sq. 
.adequate car parkins- 

<2) 20. injection moulding machines 
' 50-450 cons fall operating ser- 
. vice*, some machines still located. 

(3) Range of houseware* moulds 
cap Ale of immediate production. 

' Offers will be accepted lor individual 
Iocs or collectively. 

Write for port/eutarj lo Bo». C.2C72, 
•' 'Financial Times, 

. 10. Cannon StraeC. EC4P 4BV . 


Over 400 sets in stock 

Bay wisely from the manufacturers 
with fuB after sales service 

01-986 8231 
Telex 897784 

Removal of Royal Warrant 

thing for ‘be ; British p^Dle added. ^ May. 197S. Lnrd Kirkhm saif] Scotland . s 

| themselves to decide. Given a Heaiey; ^ share flf pub , jc expenriiture was 

'n wv T A il 1 settled on an asessment of : its 

Removal of Royal Warrant would 

^ but larer withdrew an amend- 

m M menl giving ihe Assembly power 

. m HD |m /l to raise nr lower taxes in Scot- 

belli anti-smoking campaign iVlir 

ML Government was in principle, in 

ioliki UHMT PARLIAMENTARY' CORRESPONDENT favour of giving tax raising 

BY JOHN HUNT, FARUftncmnn ^ power to the Scottish and Welsh 

, . H Mr . rpfu^ai to consider a stronger as “ grotesque. Assemblies, hut had not been 

A CALX, for much w.n.1,8 on cjpnjue * b,e ^ 

measures to reduce - f or that to be dealt with." saying specifically that smoking u beginning smoking in D A1 . ABIIfl 

smoking was made m the Com- ior u ^ ^ other actuary Teachers KeVemie 

mons yesterday by Mrs. Renee Mr aement rre ^ diseases. rpailv had to set an example by . _ 


Gently reported oo preventive gen. to,, ™ - 3-3 on .oei.l'”,^ Power, ThU. M. con.rl8n.e3 

medicine. deterrent Mrs. Short aereed and British Rail and London Trans- w j, n intervened to say that tn some extent to the ever-erow- 

She said that she had tried to M^ ted Mlt thilt in fact, four port wou id now “eliminate srnr> hi„g among nurses in 3 |he wTJTn ^hi^h 

persuade the Prime Minister-- g. had di ed : , s a result of smf)ki ng areas altogether. _ hospitals was a matter of even the public at the wav m wh.ich 
so far unsuccessfully— person- 5 nioMng . re i ate d disease. she , a , d ^ to bacco com- greater con rim ^induced 

the possihiHly P or removing the Th* * ^ ^ ^° v ^sing Jarett ad verting! ” apart fe^a^a" nation that it is natural Lord Home or Ihe Hlrsel (Cl 

Mrs. Short made a renewed reduction in cigarette smok- ^ Tobacco Company had “It is Vnk^ smoSe s are Xer^nle ^ * 

call to the Government to bring inE and this ha d b^cn maintained. annr>um . ed that it intended to to. . } ...^SnwehtlesV ™ other people. 

«t« in « u ^ = -rss s sS re ^ - 

report on preventive medicine cou jd not have easy access. vn contradiction of Yecretarv-, is not one lift that, has a no- Conservative sookesman EaH 
from the Social Services and Even More surprising, she E ” nd ^ - jfL rihed soonscirship smoking sign on il. Ferrers said that giving the 

Employment sub-committee of saJd was tb e Governments who had described sp P Assemblv the power to spend 

the Commons Expenditure money hut not to raise it could 

mittee. The report recommended a __ | ^ /v |-> lead to confrontation with West- 

sa rcjii jw action on alconousm bp As s? 

a strict control of sponsorship JL^ur w ! «shed to do but could not 

through sport, a considerable in- „ ..... - . thsi . neoole with Cymru, Carmarthen) wecomea affnM 

crease in duty in order to reduce S1R BERNARD BR.MNE ( ^“ . ^ J$Z m l " t w Sr* have five the growing attention paid 10 Lnj . d Men us key. Solicitor- 

smoking. and a stronger health E<?se:i SE). firman of the drink pyblem. ^ ^ M sick . aQd nicotine abuse. But Genera' for Scotland, said there 

warning on cigarette packets. N - Bl i nn al Council on Alcohol sn, times tn generality of lhere were heallh dangers in were many orsamsat.ons and 

Mrs. Short said thal she had sa id That alcohol abuse played ««■ j^™ n ^erJdaTfoods, Including white that were not resnonstble 

asked Mr. Callaghan a non- major role in he genera w ^ er Beniard c;)lIed ror a code ^ead and white sugar which, he for ra.^ne their funjj i but still 

smoker, to raise the whole ques- Factor of battered wvesr practice in industry so that - d had been ca n e d “sweet spent them r ^ s hooRibl>. - 

lion nf cigarette advertising and cnieli;. death and mjurj oni the of prac would encourage nnison" » fn " ,m ! I ^at could be 

specifically the matter of the roads and accidents at viork onp o> rs sgcb treatxnent , wi1,te P° s ■ rmrerf i n Scotland through ln- 

Rmral Warrant on one of his S.irp isingly little attention workers »o c -From the point of view or d ir e C r taxation was *nnnuscule 

regular weekly meetings with the had been paid to alcohol- wf l.' Th ® t '«me has' come not to health, the most Important shop anf1 tjw , on1y way of raisins 


relaicil acident<« at work “The - - __ crime, but as a in the Hign street is u.r s-™-- s' corns w 

fan problem drinkers have treat thi sn ‘®"™ e * lhat cries S rocer's“ The value of fresh raUp i nC omc.tnx 
three limes as many accidents s,c !‘ n f ^ s ' '. .. hp ( . ajd Frmt and vegetables should be Lord McCluskey 

v work employers would white poison. i n Scotland through in- 
attention workers to “From the point of view of direct taxation was “minuscule'* 

alrnhol- wf l.'l 2 h * af hJs'' come not to health, the most important shop anr1 tbe only way of raising 
** The The time has come n _ ^ |s l|ie pPee n- SMh ^ r ^ n i ia i q„ ms WO uld be to 

BMW LIFT reucx sale. We nare a wrac “It wo^d be a grMt encourage- jc * many acci 

: Vaf SaW. Srio Us diiU if ?he Royal at— rk as the eeneralil 

'Tr*oo & export eiwulrie* welcomed. senOUS atsease n 11 ... , 3 _ i» tntallv ignored. 

LarS* reduction on bulk ourehasos vi/arranl could be withdrawn work'.rs is totally 1 - 

' ; Ddiverles Jrrjngatl ivorlawtde. Birmino- 

-1. - . •. DIVIDEND declaration 

-which f0W2n'..cnpxMT ' . .. t . , 5 o, • 

t^' ippnc^Us Soiid. Africa. nDn-re.Wenc jlarehoWon ux 

will h*'.do*WEd.- from-, the. dtirnloao. 

^jSSTfSaijifiSr* s&sisi r 

C. ■■'v. •> *s V fvSSS: 

: Ddlrerles jrrpngod worldHtde.. Birming- 
ham Fork Lilt Truck Ltd.. Hams Bd.. 
Salt ley. Blrmlnstiarn M 1DU. Tel: 
Mi-327 5944 or 021-328 1705. Telex- 
3370S2. ... 



- ■ -Directors-' Dining Roam an gleam ms 
V- dttplay it The General Tredliw Cbjlgw 
: ^eTand-pIcked selection ol all U^t » 

in modern Design ** *he , 

- '-6 nett traditional - Write tor our | 

general cats ogae to JKiG. The General 
. frS Company. 144 
: : ' Sioaiw 1 Sauare. London SW1X SSL- 
OWN AN ORIGIN AL—Art .wthwlas* 

• iMi -his entire collection ol French 
. ImpreSslonUB. at a fraction oUtheir real 

Bureaux de change 
complaints for stuc 

j,f y ]iZ T re6 {y ° f ° U Blr. 0r Gwynror ° S»i CPlaid vigorously promoted. 

ange Revenue accepts two 

, valuable paintings 

SillU^ TWO VALUABLE paintings. The decision t 

Id be Lord McCluskey said the 
Govcrnmcni considered the possi- 
bility nf Scotland having a 
different rate of income-tax tb 
the rest of the UK to be in- 
compatible with the concept of 
economic unity in the country. . 

The Government would like 
the Assembly to have the power 
to raise some money through 
which "limited supplementary taxa- 
vt-ntu- tion." But this matter should 


TWO valuable im uhh. 5 -; 'ni even tu- lion. ' But this matter snouip 

“Two Dancers in a Field by objects wil be made he considered after the Assembly 

Degas, and Turners “Thomsons ally gel me onjMts win fnr had hron r 0 rmori to give ti tune 

A ^"d hv H re", n l a nd Ve ^ve„7= «>vice lo come op with some ideas. . 

accepted _ * rmm th p ctrindina rnmvniSSlQQ OH 

hr lieu of capital transfer tax. front the standing commission on 
in neu ui wh Museums and Galleries. 

COMPLAINTS compiled. by Mr. had re.eived "<J. A Haida 0 i! bowl and ^ M Announcing tife accepianer of 

SEK rtf tredi?e nnclices of taSSoor. since mosily foreigners Erszilisnjeood earsms have also the vsi-ioos objects 5ir Denztl 

Cosmetics rules 


p- lSjteT-oii preimire®* by 0 * oi the ab0 ut the trading practices of bee n accepted. Davies' Min ister'of' ^State at the 

n * T *~ . foniMrded^to < the n price r Commit W *But he hoped that the Govern- The Degas is on loan to the Treasury, said in a written reply 

1 ^ Vi-rnmeoL ment Mould accept some re- Fltzwillun Museum, Cambridge. , ast nillht that the irtrnnly of 

He b told the Commons yester- sponsimlity for protecting and the Turner has been on loan owners was confidential. 

Authority was mSst^conrerald ® of ^Aher all wins for estate duty . 

Authority was m si . Slalc f-ir Prices and Consumer capilal transfer tax and capita Pripp 3arppH 

we% abusing foreign tourists by *5 S £ paid ?f SOUTH ALLS (eirminahaml have 

15tk::Flo6A ;s •'* ' 

&3i Fore- StrML ; ‘ : v ,5-^.r . 



P.O. 9m W2,.: - •- 

Oizrair/ House* . s. -.- . • ■; /. ■ 

40 Hoi born Yiidnat, 

. Lawton ECIP 1 AJ- 

f 2 th Jo"#. ,97 ? 

He me commons yeuiei- " f; a || prv 

*■ PUBLIC' NOTICES the BrerejS*} ^^ r ™Mini S .er of „ . 

■&.JZZ 2 L «- r rihfeh ireeM VtoZrZTl k,.M.S Price aereed 

UM " E lf D / >w P f n( ,Tn unreasonahlera^ eiT„rt, made by Mr. Rost io Fund has paid out a total of SOUTH ALLS (Birminshan 

nr JlmmissrioS and offerfng an puhlit i-’ abuses which he had E3 - i5 .RRI for Ihe items in order s iven the Government an 
ESjoyit. Cwtr^^ with thoaoarjwrrett ra tP nf exchange unmrt i -c<l. Any information Ihe t o make up the amount due to taking not to increase ih 

WSSS'lPeSSSr-mV^^ un :,rs„« Lid fi M Sur Terv MP w» .hk IO pmvide th! . inland Ke»en ue . of lamnons before Dreem 

aBa.** aSLSS TUX m - L R ”Lt ihe of LoW - r-r^ded L 0 the Price Of the total patd out by the 1R7S in accordance «,th 

pnoMs Road ww. ijj«w « la « r gS2 a, " s , riSS»SmS PmtpitiAn Gomnti-s on. fund. ER7.370 is artnhutable to cent recommendation l 

than WadneMav. 21 K Ju*w iWB. Prices and Lonsumer Proteoion uraim rexRfill in Ihp Price Cammi-ssinn Mr. 

propnisea soon 

NEW CONST.IMEB protection 
requlatinns nn cosmetics are tp 
introduced shortly. Mr. John 
Fraser. Minister of State for 
Cnnsumor Prelection, announced 
in the rvuiimons yesterday. 

He said lhc«e would have the 

Mr. kosi puna has paia oui a ww. u. wiuimlw mirminanam. _ f prf ,hibiiinp the sale in 

;hit-h he had a*UBI for Ihe items in order s iven the Government ^ u " der ' Britain nf P Jve cosmetics contain- 
formation ihe tn ro: ,ke up the amount due to taking not to increase ihe price |eajJ nn( j ils PO mpnunds. 
c io provide thr Inland Revenue. of lampons before December -J. »n m<.tu poaiiia- 

He 3 l«n hoped to make regula- 




hrir Une.--W.i- 14 June. S.00 0.m. to 
maoEm. 1 S-24 Jurre. 1 1 .00 «.m 
torjOpIm. CloMO SuiKUv. Admtolon 
£ 1^0 lacJiidlug Illustrated handbook. 

Chilean aero-eegines 
request considered 

forwarded io the Price Of the total paid out by the 1B7S in accordance with the re- dcaKnw with perambula- 
m. fund. £87.370 is artnhutable to cent recommendation by the ^ hch g iw and oll lamps 

the negas and EI3S.6I1 to the Price Commission. Mr. Rnbcri ■ . . of lhe r 

Turner the carving and the oil Maclennan, Under-Secretary lor 
r ' bowl. ’ Prices, said yesterday. . „ 

More cash for 

rpmipcf pnnsidered New air P ort ‘ a long-term option church repairs 

request luiimuci^u c , )NSTRUCT10r; 0F a „ 0 .her ^ ^ 

THE GOVERNMENT is still con- Chileans tad applied for an major airport for London M still W Swe™?-nl on the been made in the last 10 months 

, sidering a request from Chile fur e*P«rt ''Wn* for ^ the A\on amiing | 0 n g -term policy options, ^^r ^rm opb^'-' in air]iort Mr. Peter Shore. Environment 
i the return of Rolls-Royce aero- enum^ . Th n, jpplicjlion is, Lor{{ Winterbottom. for the _ nlic ^ p Secretary, said m a Commons 

engines sent to Britain for over- concerae^’^’ l he Government said in the Lords p Eve n ts since 1974 hud con- wiJm« renly vesterday 

haul. Mr. Leslie Huckficld dj!«J Knl! - concernud. he &dy _ filllje d that the decsion tu cancel The ra<ta. jjn^Me for such 

mdustry Under Secrelarj-. said 4. ^ ^ ^ ro|Iwch|!S Uf , replying to Lord the Uplift project was correct, r^toriS 

^ aSSTTEKS 1 *!? r Christ- Zn. 3 J^w g t kr>4r h § d y 


another Lord Winterbottom said that a 

zj£s^» . CPU. ■'wnfcggts. ^SgBgj st ptssARro 

1 SbSm 2J0-:-"_L^. — — ' 1 -L ; r MoafFri- 10-6.-. 


feyjna. industry Under Secretary, said 

aSS^ 0B V^ ! I .ML V^S S m'Sfc ' fru ™“ >e in a Commons written reply lo a «'“ rl 

\ ■8ft» iw yHg | r««ASi 1 r . .y qgg r s 

10-5.- : 

- I church and Lymington », 

If Jgjj'aftgg 1 Jg-M s. Minister confirmed that 

Mon^Fri. Clo m l 

. Fjuafldgly 

l.\H()l R M "s 

toolmakers Building 



r -. -sal* 

•V4 : i-» 


walk out in union 
differentials battle 



Brighter look for plastics 

IlJPPf OVSI"'!^ ax ATTACK on a plateable at least as good and frequently also rolled or . ;■ L L ■ ■' ._~j- 

lllVk/t ” ” ^■ fiL , plastics market now put at 70m better than the competition. . . • structural sections up to . TiV-r-v> ; ,?.* .t 


I M rtf Uldl ISC L JiUri ptii w*. • — . . ; — VT- . . Q 1 i fir 1|gc' i 

jib per year, the International At preS ent, the production “”** n kL built as jwurt 

Vidal haabari mrananc MPD .v_. »v.„ iren - Machines CaDW Utt “‘“*r- 

i Nickel* backed company. MPD Nation is that the MPD Tech- _ irKE? surface preparaaloiir ? 
; Technology, is launching noiogy associate in the U.S. has marine Diants including'prer 

i throughout Europe a material sel up a division called Ahoy ’S&bhSc painting and: ., 

1 called Caprez DPP. Onl.^y,n~- «a nannltMum finw» ul > mg , aULUlil i~_ uinvlr.-i 

••• i . ' 

'.. : ,i‘" • "■ 


Polymers to manufacture Caprez .Jgjjl’ conveying. !- vtorlr. 

o<irl r*r\m morf iol nPrufnMmn IC . ^ - « . ..ftvil • ■ • - 

LEYLAND TOOLMAKERS “ reaffirmed their determination 

underlined the threat they can to see *h3t justice would be 
pose to the St3te-owned corpora- done-" 

" tlpn by calling out more than The mass meeting granted the 
N : 2,000 workers for ao unofficial leadership of the unofficial 
; one-day stoppage vesterday. movement freedom to take what- 
However, the immediate sane- ever aciinn it considered neces- 
•’tions threatened by a mass meet- sary at the time of its choosing. 
'/• ing of 1.700 workers in Binning- All-out strike action seems un- 
■ ham were directed against their Jikelv in ihe changed climate at 
- own union, the Amalgamated Ley land. Workers are conscious 
Union of Engineering Workers, that Mr Michael Edwardes. the 
rather than the company. new chairman, is not bluffing 

The Toolmakers urged col- when he says the company faces 
leagues to wuhhnld union sub- a make-or-break year, 
scriniions until the unions while feelings among tool- 
national executive supports their makers run high about differen- 
aim*. Hals. the;, can at least see some 

The move is intended to em- attempt by the company to 
barrass the enii'neerins union improve ih? situation in the 
and is directed particularly curr , : ru negotiations on reform 
against Mr. Terry Duffy, prosi- « he j, a v structure 
d°nt-elect. who advised tool- Th makers voted jester- 
makers to ipnnre the unofficial djjv l0 pre .„ for anothcr meeting 

”«,* C rV;.. Fra«r*r the tool- w ' lh the company and their 
. r ‘ . union executive to discuss the 

By Nick Garnett, Labour Staff This name describes a directly and commercial production; and dust control 

! elecrropiateable. electrically con- starting. _.\Th« centrifugal 'Blast cleaning 

MEETING rif lav delegates riurtivp anil i-asiiv moulded form MPD will imoort the material i* i. .mninrpri for these"- — 

n*- -J • • 

'7 . ^ 

! - ‘ "J i ' - 

being recalled next w^k to re-: lncn in the U.S. These serve the is being considered. V-._ meat for cleaning tbe abrasive. ■: a M>lfG 

consider its rejection uf a pa:- , purpose of providing complete Caprez is suggested for the ' ■ . been 

offer, affecting SOO.OOO buildup ;<7id speedy coverage of the plas- praductl - on of ^ar parts and . v» . ' J" - : , : -AHsteel-' ' ■ ^esaipahy- 1 gf 

workers. ties surface during deposition accessories> household fixtures flttOllOr TOl* * ' C2iicdg , d;;.^V5f^^i%'6»Qu- 

Mr. (Jeorge Henderson, national . uf meta and uicy also promote an d appliancesc as well as plumb- v^XwA-llV-A - tUl - T^esdaig for tj%J^;oianu- 

secretary for constructor!, was . chemical bonding between metal j n g unj^ an( j toys. Trial nnis ■ . ,. Tacture ~^5 -Era?te &t'thfr ':^urSrB 

given sanction yesterday by Mr.jand plastic. on consU mer durables and ■ raiige of Veisftff 

Moss Evans, the union's general. Perhaps the most significant automotive parts ace already wlUl - - ' The American;. XQBzp *ny -;dg. 

si»rrP1.irv. tn cnnH nnr-.^.-. i.i ihe amrin- ;np srlvanpp? the formula- nroorew in itio TT C anil trar*' ' - ■ .. •. . cionit and ” manufactures ■-’aheeli.- 

; :. J- 



secretary, to send noticci i" the among the advances the formula- progress in the U^. and on! .- .. arv' back signs and ^manuf*tturea;V*heet-- 

regions reconvening the national linn has made possible is the fact with these parts should -be. A""RAM»B of metric iy . njetal-fotmlng.prMs^jaagifig^ 
trade committee on June if. The that there are only four steps to coining off the lines in a couple booths tor meuium v ^ sizes 

natmnal pay agreement f-r ihe metal coating using Caprez com- of years. . V' ^“°P^ . eonM ?, NnttinB-' 

industry runs out on Juno 25. ; pared with as tnanv as 14 with Further information "on‘ gtoeenng ot , b s j Zes of sheet - oueitfll;^j)ower ' 

! The Union of Con.-i ruction.! "’-^r plateable plastics At the Caprez from Product :Mana«er. ^ 

i Allied Trades and Techrfcians. j time, the | material does not Alloy Polymers, MPD Techno- m 2 p U , D lwf lam^and appUaiK^s.. tn- 

the lareesi uninn r.<- the demand complex and expensive logy. Wiggin Street. Birmingham modu . Ie Ien s T , r ?_ ~ duStries. - ' ' 

• # ^ I— . f 

Roy Fraser: determined to 
see justice. 

the largest union covered rhe 1 demand complex and expensive logy, Wiggw Street. Birmingham .uoDlied in lengths of <lu*Wes- : - r -k- •' 

agreement, has accept :d the pre -treat men t*. sometimes rnvo I t- B 16 OAJ. 021 454 0373 or.4»L . JJ® *£55! Jre widths of Both compaiiles ^eSev^ that 

offer, which is marginal!-, below. :n * dangerous chemicals, that are up to six en<^o^re wmtnso ^eeroent : wiH primarily 

10 per cent. At the sank- :mie. ! required at the moment. •/ '^VSS^Px* ySnL i'-SpS create substantial basiaess^the 

| the majority of the tr.-.n.-snnrt . a further boon is that Caprez K|QC|C 1*110' " ’ ‘ ^iThrmth has a -fully -open ILK. wftere'thetnotor 

union's regions has made i: clear can be handled on standard. UlttOlo -fr«nr n nd inward fume extraction expected to experienee n« .tbf& 

it is unwilling to take industrial i-rinimerciaMy available injection . ' . : _ winiosable filter. .“'Oa-MltieB' Jn r finding 

action. moulding equipment and it has PniTlPnTlPtlTSi tKn of the exha ust charabe r "suppli e rs. >fpr. much w 

The union’s m-gmiuior* h->n e been found during tests that kUill|lUllvmi> ' impellers which create a equlp]»eirt-.need^.f^:*»^enri- 

; the delegates who voted n .-rr-viv porter moulding are 

j aaainst the offer’s accepter - will achievable compared with ABS 

‘take ihe original advice -f ?n t ir °r other plateable plastics. 

b.. r v._ win iid* ■ i 11 ’ piaLuit; ui tuuiiuum i . , . . : 

y rhe union work abroad . ...... take ihe original advice •’!' tn t -i 

The toolmakers are demanding wnrK a ^ r • . being paid elsewhere in the i nat onal officials and arc- ot ih 

co P ar 3T p norotiatins rights with . Mr. Fn*r said this posed an motor industry. 'deal d ; 

Ley land, lo restore eroded dif- immediate •hreat to a contract 0 Production of Ley land's i 

ferontial--. with an lialian company for Rover saloon was disrupted at! 

The is-=uc va>: at the centrn of 1 5m man-nnurs' work on the prn. Solihull yesterday, following a AirA«*nn-\ s\ — *4- 
ihe monrh-lona strike that posed now small car to replace strike by So external drivers pro- y_TT Y £ I f jfg fc x!Z 1 a >• 
hroueht the company close to Ihe Mini testing about disciplinary action 

financial mllnpso last year. Th*> toolmakers are demanding against a colleague. About 1.500 V ^ J 1 

Mr. Fn«er in«tsied that the a wage increase of more than of the 4.000 assembly workers 2? If &££*/¥ 3"?!/’ 
tneirnokers did not seek another £20 a week to put them m line wore laid off and the company , ^ ** AAAikV>Vi. 6-r'^? 

confroniation hut had with rates which they claim are was trying lo resolve the dispute, j -r a -w *->• 



Sand inward fumeextr^tion *JSw**S^ 

threnmb a disposable filter*- On, _£ulties _in. findtos^fe^^npoa 
' the top of the" exhaust . chamber, supptiers. -fpr-inacb 
are impellers which create a equlpijaedt- needed f^r «a^enri- 
■-honstaut inward air velocity ,of sStion'^ and 
T about .75 metres to .9 metres per graounes.. . . , „ 

.second, ensuring, that the j." .-.-'I Ml ■ 

<* • ‘ . . r 
'I • - -,e V r * 

y.V ’ m% 

,nrfn-irv lsewhere In ^ ! nal ’ ona l officials and act-. pi the Article* from 1 oz to between first OF a new range of airless operator breathes . cleaner air ~ 

motor industry, , 3 and ■ 4 lo ha ye been produced. abras i YB blast cleaning macinnes^ «,n«hiiT.<r him to work for longer- # PACIvA^IIfi&, 

.3 and 4 Jo have been produced, abrasive blast cleaning machines enabling h/ru to work for longer ® 
• ‘-is should also contribute sub- developed by Beverley Sbotbtast npHndic without interruption.- 
slantially towards lower costs. Engineering is now availablei.fdr .. - The booths are suggested for / 

i Th" material can be plated demonstration runs at the com- ^ \ n hand snravins Turoiture 
: wiih copper / nickel / chromium paoy's Biliingshnret works^ ^ in. parts, motor ca* accessories, tovs, 
j costing systems similar to those Sussex (040-3S2 2091). "efectrical. office f^tiininent, 

■ used for other similar malt-rials This machine can handle Steel metal, pressings, fabrications,, 
land beat-resistance as well as plates up to 48 inches wide and castings, etc. _ o«oi 

{peel and corrosion resistance are 3 inches thick in any length and , Further on Nottingham 258291. 



Fresh recognition 
claim is filed 


By Our Labour Staff 


By Pauline Chirk, Labour Staff 

accuc'M yesterday of 
intcrferr-nce " in wase a-:ni<i- 

tinn*; for local 3o ,, '' , "’r”rn! 1 
'officers in a sharp rebtin*' on the; 


Cheap look down below 




**vc of thn annual confer* n-'o of) » 

DESltJNED TO tneetr the:: de-' 
• znands Of the international brew- 
ing and soft flnnkS ihdtiSfrieiS is , 
a high-speed can clbsh^g^mad&is ’ 
from FMC .Corporation, f-Dis), Of 
.Fakenham, Norfolk..^ ; 

.The all-stamless stecJ. upT% 
called: FMC 952. has iB aeamiag 
spindles and two cover feeds and 
closes? 1 twb-; eir three-piece^ cans 
with- conventional -alxnnbdum 
-■pull tab er .-ecelogyr^CdveWraL 
rates of up -to ^OOO^pef 'iHihtue. 

to’.her meeimc is expected. 
More than 500 examiners. 

the Advisory. Conciliation and this. 

j£ore on fi32^321L - :f - ‘ ■ 

• .-L- ry:vSd. 

, • > * «-■> y- .... - . 

i- r . * 

" v C' r ‘ 

drivers, binders and other groups : 

Arbitration Service 

j of the 450.000-memhcr local: 
The staff association claims | government officers’ group, ^aid* 


have hecn dismissed diirin" the By taking this action the assn- that while it enjoyed less support , -hat Mr. Peter Shore'. S^reiarv j 
dispute which has prevented , Nation believes that the arbitra- lhan rhe association in the arbl-. f or , he Environment. yhouM --ei 

dispute which has prevented , Hatton believes tnat me arbitra- man rne assoctaunn in me arei-i f nr jhf. Environment. 5hnu!*l ”ge» 

nc»e printing and distribution "on service will once again have tration service ballot, there is a j out” of the present wage neso- 

from the Lnushlon works in ; to interview employees and majority in favour of collective j na^ons. ! 

Ei.-ex since the middle of last ascertain rheir views on union bargaining among Legal and) Mr. Bradburn told a a‘! 

month. ; renresentation. Heneral staff only when suppor-] -.^tip drlecate meeting that 

The hank’s moral orium on £1 1 Earlier this year, the service *crs of both unions are counted there wn a negative ar* i * - :d f ' in 
and £U1 notes, when the clear- 1 circulated to parties involved a together. It belicvps that this the nn"o:«-»tions. Bn* t- • flor- 
ins banks would have hcen pre- : draft report after another claim justifies its claim for joint rep- ornmenr was now addin- m jt, 

vented in any case From circu- , For recogmrioD._r/ebts at Leeal resonfation. “ ron-ho cair<inc it' 

lating new notes that should: and fieneral"by rhe Association When the service was conduct- He add"d: " T tell von b^re and I 

have been printed during the . of Scientific. Technical and ing its inquiries on the initial now. ib"*-o j* gro«s in- A i , f*'-renee 

dispute, ended at the weekend. Managerial Staffs. This showed association recognition claim the ! o neco’ia M oo«: far. Th» thMp-I 
Tiie moratorium for £5 and £10 that in an 80 per cent poll staff association went to court lines a-“ thing, iniprference i 
notes finishes on June 30. 1.S54 employees wanted the asso- and successfully challenged a i« -lothcr ” . 

The bank 0 w ith stocks of new cialion to represent them com- decision n n t to include its name The rn«ot’*w xi« »eM tha 4 i"| 

% ‘i - ' 



noies have not been caused any ( pared with 773 for the staff on a questionnaire seeking em-[th" n«dv sta n "s n r 'he lncii ; 
re?l p rob ie ms by the dispute. ' association. More lhan l.lflfl plnvees* opinions. , '■Avnmmnnt n n '”>?i-»*inns t , ’‘»j 

The Bank of England says the o!h*'r staff did not want a union The staff association has com- 1 P|D’> , nvP'c , tn,.-r->lr J 

dispute, whirfi involves about at all. plained to th** arbitration service! -. e*»«h inrrease of n^-rnit 95 tier 

half the printing work-'’ l/'OO Since the production of the that it regard* the draft report c ,^i 1 

mm ~ 0 -, 


evamin'TS is over a dosed shop . draft ronort. th" ^taff association supnortine Ihe association’s 
demand. has been seeking joint repre- claim as incomplete and biased 

The dismissed examiners,] 

members of the Society or 

Strike hits beer supplies 

Mr. Pr„4hi«»n'< .li*’<’t (^rHond | 

‘hr’ rnnn'l rtf *hn rnr'-!,i> nu 1 - ron. I 
fr» ronro *?i T.ond**n 3 * t»iei bo»>ln.| 

r<:n« n F *Mc pnn't'. W*i«« pnr»n<!'-| 

1*0-1 wj« OTni-f>CC(->l tn Cnvam. I 

n»r , ‘* nnlif*"***: of »«in-* rnnh-nl i 

A SYSTEM offering and. 

exha^lt^air ventfliatiaa -from a 
single.' wait' twffia, 1 : by - Utilising 
clean “wild, heat*! hafr saved a 
Clydeside print factory, more 
than 30 per cent of heating costs 
has been introduced to industry 
by Noveaco of Blaydon, Tyne 
and Wear. Based 7 on the Insta- 
nt at - farm ■--veatilatmg'Vsysteln 
from the Danish- .company. Nor- 
disk, there are two models avail- 
able in the HD A range. ~'- 
By matching. input and^ ■ extract 
rates exactly, and- providing an 
automatically -batancfid mixtope 
of re-circulation .'and.. -"fresh" air. 
the design may he used io 5d*ari- 

has Spnji rt* plNcintj union bv rif /ach A SMALL, untnanned and highly complete inspection service to operator simply presses s tage in aJmost any industrial 

non-union members. ' , A WALK-OUT yesterday by 350 being advised tn buy elsewhere intpn*nnii„n in t>*r. n-Mjr .wtori coni ru liable submersible armed the offshore industry . "hold 41 button and the com- application hut dealest econo- 

A WALK-OUT yesterday by 350 being advised to b 
draymen at Mitchell’s and after consullation 
Butter's brewery. Smethwick, brewery. 

intpri'nniinn jn t "f» n*'i«!ir sprtpr jConirui:.toie_ suumersiuie armea me ousnore mauaLry. nota outtop ana tne com- application hut greatest econo-. 

3 c «rn-*n»»iir’ refill tnrv. | with television cameras has been Control of the craft is vested p U | er compensates for disturbing mies . should be. achisved In 

Mr RraHhu-m vectoMqv developed by Marine Unit Tech- in an in-house design of micro- F . bppnino tho vph,wi« in Plants aene rating . waste -<beat 

_ , Butter's brewery. Smethwick, brewery. • Mr BreHh..-n vkIoHm developed by Marine Unit Tech- in an in-house design of micro- keeoine the vehicle in plants' generating -waste -<heat 

Bonus disnilte Staffordshire, halted supplies eff The draymen fear that their »Hpt hi S mem^r,. t h, »«, rn,tor nology. of Richmond. Surrey, to computer, interpreting manual ^ uire H d B pos ition witiiout front- process .machiner>--lauH- 
v ^ * ***’ beer and soft drinks to 5,000 earnings— between £120 and £150 „r nilp t n ce»n- i:n*to r P^-'r provide undersea inspection in control signals from the console f nrt h-r nnerainr interveminn A dries bakeries, print worK. etc. 

mnl-pc T 0A0 public houses, clubs and off- a week with overtime— will be T^mp. s.irnrpn worep than the poor visibility and hostile on the surface. iar lechp'nuo is u-ied to Thn ..nit * 'tnuah 

JnftiU licences in the Midlands. hit by a deal under which the n*b«r« iq the local government ; operating conditions of the North Smartie is supplied with power ni _j nta ; n a s tPa d V courcp at^ ^ p-.Iu 1P r« UD l-i«? 0I ^ P v. 1 ^? S ■ 1.5 

jji The men are rmt due to meet company has handed over Mid- pa- arena. !sea. and control signals by an umbi- “ ; “ 1 " la,n a steady course at t0 e J ec h hg^eighrpoly- 

W ' OrHCr.S 1016 again until tomorrow and many land pubs to Courage in return Th* 4 '* would so»n<* r« r no»h*np nuth^ri 9M4RTIF fsubmarine lica 1 cable of only five railli- sp ® ea- 

pubs, with storks low because of for some in the Bristol area. f" 1 '. reaSrttteM!”" ««* diameter with video Later d«elopdtenO will In- pendrt Iwrtlc.lly fnmlh^njl 

TV*0 \ORKSrIlRE factnrtes of t he recent heatwave and a dis- They waftt a pledce that pay wil 1 hmti th<« <uinnir>nu>nr« and p ,ni sLn‘irm on, iinm»nii thp rraft signals sent over the same cable elude a lock-on mode, caus- of a ^ on&-itorey factory- or 
Associated Encincrrina i Turbine , pu t e at a rival brewery, will have not drop below £100 for a 40- per cent incrr»<e on consolidated I h(1 , h a n - P ri r _ ,u; c ir 0 c in the opposite direction, ing the crait to follow dosely f 113 ! ^ ^ 

Components Division t Ltd are, run dry by then. Tenants are hour week. I scales from July 1. I !hLrr,n P Tet!S diameterwitii Physical drag on the cable on a pipeline or other submerged supports. The low .pro^le - dp 

hepr and soft drinks to 5,000 earnings — between £120 and £150 r*r n ,i n tn «*»»•*• i:nrto r P h '»«p| provide undersea inspection in control signals 
public houses, clubs and off- a week with overtime — will he T^mp. ti a n unffprerf worse than! the poor visibility and hostile on the surface. 

ii. IV : J. I- Vi, v.. . ..At. ...J.. ih/. • , ■ , .... .t ,k. v_.lL p .... 

at .i standstill through a strike hy , 
1.300 employees over bonus 

It began at the farlnry at Ship- 
ley. near Bradford, when 45 wor- 
kers began a work-in-rule over 
alleged anomalies. They were 

ACAS ‘given a free hand’ 

about one metre diameter vrith and the and a sonar facilt^ charge. hood at ode 

ITaSaSS^ SW VS- ‘SL b ^. C V ful SMARTIE will be avatiable Tn Jgf SS£S 

driven bv directional water jets ? esi ? Q . a J th t e . electronics there one of two operating modes. In m ^lorated at the Id^r S 
from an electrically powered 15 00 interaction between video, ihe first the company win supply are *- a ' “ c l r 
pump and has no propellers control and power circuits. aT1 air transportable kit con- . The pnme featnre“of:t«Pua!t 
p p P P - For j ow visibility work the sisting of submersible, electrical is its “two in one’ 1 ' fan.- Inner 

at Yeadnn. 
io supnort. 

Mr r, v np-in.iv Amai-’amateri memoers, as people expenencea ni iuai w * nvuiumu va. 6 ai,i- juege mat, » ioe associaijon was «« ***- :, r\ . ‘ . designed to withsta 

IT n ion nf Engineerinc Wnri^rs in industrial relations, to decide ing rights for the association and recommended fur recognition, it the craft will not be available An Important facility is that ^ conditions, 

at Yearinn said a 8<, last-ditrh in a partieluiar case what was the higher grade staff it repre- would be encouraging the “exten- for sale; instead, MUT s associate of holding the craft in any pnsi- 

annrmrh" htrf herni made in the wisest solution, said Mr. sented would be inconsistent ?ion 0 f collective bargaining” company Marine Unit will offer tion. even in fast currents. The More on 01-940 3 

appn sen nan L iii^uc >v o...... rho with pxisfinsr hareaininn arranoe- nrnviHivi in thn rmninvmant 

management for V settlement Henry Brooke, counsel for the with existing bargaining arrange- provided in the Employment 

but Sut success Mr Ralph service. ^ents within the company and Protection Act. 

Bradbury, the personnel direc- He was defending the service’s the engineering i n(3 “ s ^y- But. he said, the service could 

tor said that if the companv decision not to recommend bar- It would lead to further frag- disregard Chat particular duty 

missed business now there could gaining status for a non-TLTC mentation of those arrangements, and have regard instead to its 

be harmful long-term effects on professional engineers union at which was something that the duty to “promote an lroproyc- 

rTorm » * l » a d ^ n adjustable supply 
;^™,£°" tract . nozz les on the. circular dlstribu- 
L u tioa head at the base of the' unit 

wlucb will hp a -therm os* atically controlled 
and very rough miring damper, in the partition 
“■ between the fresh air- and ex- 

3682. hausi air ducts controls the tem- 


* : • 

^ Lts, ' " : 1 


profitability and johs. 

AFE-Allen, of Bedford. 

Engineering Employers Federa- ment in industrial relations.' 

Scotland swings to ICL 

machinery produces . excessive 

SIX OF Scotland’s nine Regional, second largest region, will get allow them to share the costs b eal . the' damper wlH be held 
Councils have ordered 2900 the large-scale 2970 system and of developing new computer the . vertical position ■ admit- 
Series computers from Interna- a 2960 medium-sized computer, systems. Dumfries and Galloway y n ®, maximum amount of. . 

tional Computers (ICLl. Totat both of which will be Installed and . Highland are, for example, -. frosh air to . the outer..-“supptsr. 

value of the orders is over £6m. in Edinburgh; other 2960 systems to adopt police administration a . ucl of f ? n - ..Exhausted jpom 

Systems ordered range from systems will go to the Grampian, systems based on work initiated a l r -iK up from, the centre • 

1 C.L’s 2904 small computer to the Fife, and Tayside- Regional by Tayside. fan through the -unit to '. 

2970 machine and tome from: Councils. ICL 2904 computers A key 7 factor in the choice of “ 1 5?yi ar 2 e at. roof level. • ^ - - 
Lothian. Fife. Tayside Gram- will be installed in Inverness the 2900 Series computers 1 -was - hen the. thermostat indipates . 
pian. Highland, and Dumfries by High’and Regional Council. ICL’s Direct Machine Environ- a drop in. temper atuxe the'dam- 
and Calloway Regional Councils, and in Dumfries by Dumfries ment system. DME ; which P er is -automatically ad-_ 

These are in addition to the and Galloway Regional Council, enables customers to run pro- i U j tei * ^y a specially designed' 

order which Aberdeen District The simultaneous move to the grams from earlier ICL com- JJriWuIic control unit in, the - ex- 
Council placed a» » v *° same time 2900 Series will enable the puters on the 2900 range without haust duct. Tbe necessary 

for two ICL 2904 computers. councils to extend their eolabora- change of operating systems. amount of air is thus diverted to. : 

Lothian Region, Scotland's tion in computing and thus More from ICL on 01-788 7272. T* 1 ’* an identical volume of 
•_ ' incoming fresh air prior tn dis- . 

a CtUlDRIIII niMfi ties at eleven places throughout control procedures now developed tn ^° working arw. 

® SnlrDUlLumw the country. Raahe Iron and In industry, including those Desired room temperature Is 
tj-'* _ j Steel' Works, situated on the which make extensive use or com- a -. ,, T''*d hv_tl»« -retting" of '.the' 

Sumiirer job 

Base Rale Change 


Bank of Ireland 

announces that the 
following rate will apply 
from and including 

13th June, 1978 

.. 5z._ 

Bank of Baroda announce that, for 
balances in their books on and after 11th 
May, 1978, and until further notice their 
Base Rate for lending is 9% per annum. 
The deposit rate on all monies subject to 
seven days notice of withdrawal is 6% per 

Base Lending Rate 
10% per annum 


Finns 0 j t j, e p ro ductlon units with an must be of a high standard for pe found at- -any' convenient ppint 

■■ iron making plant a basic approval lo be given by Lloyd’s ,n the ventilated, .area, and;- toe 

O TlTFrfl V5I H oxygen steel melting shop, a Register and are subject to n /? zz * e -apertures oa the dis- 

^ continuous casting plant and regular and systematic technical c “ ar Rc bead can be adjusted to 

, plate and strip mills. Total audits by surveyors to ensure Rlwe 0 variety of air distriburioTi 

f'PriRlPflirP annual steel production is about that the approved procedures are pa t t ?r n . s, '. t '- J - 

Ctl lUlk/atV 1,600.000 tons and about 250.000 being maintained. Although its dual role, obviates 

RAAHE Iron and Steel Works of *•"■ Of this is shipbuilding The scheme ^ app!icable to 

Rautaruukki Oy is tbe first qu fJ lty P Iate - materials which are m.rnu- wfuld tSTth^inh^rw^fn 

Finnish steelworks to be The quality assurance scheme factured in quantity by aemi- Darahlcw^i^thl nna 
approved, under the Lloyd's Is a new procedure for tbe continuous or continuous ' pro- woSd h^?^;»^ ^^J^n! 
Register QoaUty Assurance Inspection and certification of cesses under closely controlled In wea? J*!5l£? d 455E l, 'SmSf 
Scheme Tor Materials, for the materials used In hull and conditions. Initially the scheme tLSS 
production of hull structural machinery construction which, has been restricted to closed -die owSSf’ 
steel plates and hot-rolled sheet subject to special approval, may st ecl forgings and to steel and chicks! 

Rautaruukki Oy was estab- £ « dn P'^ d ■* a , n alternative to aluminium alloy hot rolled j s offered to SSsi f^STftS^be 
lished by tbe Finnish Govern- the traditional direct inspection plates, strip, sections and hare worW? “ f?CP* e 

ment and the main Finnish ° f ,_ p ™iL ucts by X)K Socieys intended for hull construction. Further from the ramn*&~'at: 
metal industrial corporations in sur9e - ors - Lloyd's Register, 71, Fenchurch Tun dry Way Ghansbridg^Road 

i960. The company now has The scheme recognises the Street, London EC3M 4BS. 01-709 Blaydon Tyiie amd WW NE21 
production units and office facili- advanced production and quality 9166. "" SSN. (08 b 425 . • -■ 


Gulf of Bothnia, is the biggest puters. The control procedures temperature selector” whicb can 
of the production units with an must be of a high standard for . e f ^ un d at any eobvenieot ppint 




8® 81 

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David Gurry reports on how the Compugnie Generate d’Eiectricite (CGt) has fared under government sponsored re-organisation 

Bid CGE really 
lose out? 

C6E HAS been accused of 
“ losing out** in the re-organi- 
sanon of several of France’s 
Industrial sectors, notably in 
unclear power and telecora- 
muni cations, which the Gov- 
ernment has sponsored in the 
- Interests of bring ing essen- 
tial technology under French 
. control. Bat how true Is this 
conventional wisdom? 

Nuclear power: When the 
State-owned utility Electricite 
de France decided to build up 
France’s first generation of 
nuclear power stations around 
a single model it had to 
choose between the boiling 
water reactor licensed from 
the 'DA by CGE (and for 

- which, it had placed two 
orders and six options) and 
the pressurised water reactor 
licensed from 
by the Creusot-Loire group. It 
chose the Westinghoosc svs- 
tem and CGE’s orders were 
cancelled (with compensa- 

At the same time the state 
7 : decided to concentrate pro- 
' d action of turbine-generators 
around Aisthom. which had 
come into the CGE camp in 
1969. In earlv 197A Aisthom 
merged with the shipbuilding 
group Ch antlers de I'Atlan- 
tique leaving CGE with a 30.7 
per cent share in the resulting 
group Alsthom-AOantiqne. 

Chantiers de I’Atlantiqtte 
had experience in diesel 
motor construction and also 
had links with the state 
Atomic Energy Commission in 
the field of smaller nuclear 
power stations. 

Later in 1976 the turbine- 
generator division of another 
big engineering concern, 
Compagnie Electro -Mecanique 
(CEH) was made over to 
Alsthom-Atlantiqae, giving 
; the company an effective 
monopoly of turbine-generator 

- development. In its final con- 
figuration AMbom-Atlantfqne 

” bad a production capacity of 
fi,Opf MW putting it on a par 
as a producer of turbine- 
generators with Kxaftwerk 
Union and Brown-Boveri 
(whose licence it bolds) 
although behind DA General 
Electric and Westinghouse. 

Since CGE also has large 
civil contracting interests, it 
claims that it can handle some 
.V two-thirds Of the value of 
: nuclear- - power station 7- con- 
> tracts .without supplying the 
•1 \ nuelear core.- . . 

" But CGE retains its stake in 
. . the fast-breeder programme, 

. which will eventually give 
birth to France’s second gene- 
ration nuclear power stations. 

An important series of 
■ • a greem ents have been signed 
effectively setting out the 

• • frontiers between Alsthom- 

Atl antique and Creusot-Loire 
in the’fields of steam turbines. 

- hydraulic turbines and 
nuclear reactors. 

** The mistake-,” according to ' 
Roux, u was not getting out of 
nuclear: it was getting into it. 
But we wanted a Government 
decision that would give its 
the turbihe^jenerator mono- 
' poly in return for quitting 
. - nuclear. Turbine-generators 
. make much more money than 
“• nuclear _ reactors , and we 
. reckon there. 'will'. have to be 
reconversion power stations 
to coal and oil.” - • 

• Telecommunications: The 
charge Is that the state jilted 
CGE. when it decided, to con- 
centrate switching technology 
in French hands in favour of 
' ’ the Thomson group, which at 
i that time 'was not even a; 
competitor in the field. In 
consequence, ITT was obliged 

- to sell its Le Materiel Tele- 
' phonique <LM T) subsidiary 

■ and Ericsson was obliged to 
sell its JPrencfi ^operation to 
Thomson. . 

CGE argues/tbat when the. 
state was looking' for a foster 

• mother for the ./Metaeonta 
system developed by OTP and 

. the AXE systenGOf Eriesson, 
there iWas- never a practical 
chance that CGE would . be. 
: selected for the precise reason 
' that CGE was the master of 

its own technology — the Elfi. 
CGE ponds oat that the Elu 
is a fnUy-Freath system — a 
sentiment in 'line with its 
general preference for devi*- 
lopiog systems from scratch 
rather than adopting overseas 

CGE thinks privately that 
Thomson has precious little 
chance of exporting adopted 
technology when the original 
article can be bought direct 
from the parents. 

“I decided to pursue the 
temporal (digital) switching 
system 12 years ago and I am 
right,” says Roux. “Thomson's 
systems are space-switching 
(analoguey and they are 
short-lived. If anyone lost out 
In that business it was ITT 
and not us.” 

The position of CIT-Alcatct 
(the main CGE. telecommuni- 
cations concern) has not been 
much affected, claims Roux, 
remarking that when he 
he arrived at CGE the com- 
pany did FFr 69m a year in 
telecommunications and that 
it does FFr 5bn now. 

In the years up to 1977. 
ITT took around 42 per cent 
of the market for telephone 
exchanges via LMT and its 
other subsidiary CGCT, C1T 
aoout a third and Ericsson 
some 16 per cent. Now 
Thomson has walked into 
about 40 per cent and ITT has 
some 16 per eent leaving the 
CIT stake more or less intact. 

CIT- Alcatel has been reduc- 
ing its dependence on French 
Post Office orders because it 
expects that after the 
modernisation is over there 
will be problems of over- 
production. In ; the early 
1970s Post Office' business 
represented two-thirds of the 
company's turnover. Now it 
is down to half, with military 
work taking a further third. 

fa the transmission field 
the company claims to be 
second only to ITT: for the 
construction of submarine 
cable links: and ’ it ranks 
behind Western -Electric as 
the world's leading m ana fac- 
.turer of pulse-cod^ modula- 
tion equipment for digital 

Computers: The charge Is 
that CGE has bad to take a 
back seat in the 'develop- 
ment of France's computer 
industry'. -• 

The . story -^begins with 
General de Gaulle. He took 
it ill when Control Data 
Corporation' refused to let 
France hstte the big com- 
- paters needed for her nuclear 
-weapons • programme. His 
dvil servants worked out the 
PlaiiiCalcul to give France 
■her /‘own- industry. under 
which Tbomson-CSF and 
CfJE took, respectively. 52 per 
cent and 46 per cent of the 
holding company which con- 
trolled the new creation, QL 

In poor financial shape. CH 
was pushed off into partner- 
ship with Siemens of 
Germany and Philips of 
Holland to form Unidata. 

In July 1976 the Unidata 
marriage was annulled and 
CH and Honeywell Bull, 
: brought together. Thomson 
_got out altogether and CGE 
was left with 20 per cent of 
- ; the holding company, which 
has 53 per cent in CTt-Honey- 
. well Boll. The 47 per cent 
stake is Honeywell’s. _ 

” CH-Honeywell Ball was 
launched on a four-year. 
FFr , 1.21m programme of 
direct .government subsidies, 
after which it was supposed to 
' stand on its own two feet. In 
.its first calendar year It netted 
.FFr I44m, which was 60 per 
cent better than its con- 
stituent parts had done the 
year before, and Its turnover 
was FFr 3.79bn. 

CH-Honeywell Bull appears 
to be on target to meet its 
financial objectives and CGE 
appears content with progress 
though, as has already been 
emphasised, it is more excited 
about the prospects for its 
own information divisions in 

CET-Aieatel than it is about 
mainstream computers. 

The French giant that 
knows where it’s going’ 

"A CRISIS of identity'. 1 " 
Ambroise Roux rocked his 
rotund frame buck on his chair 
and allowed a carefully con- 
I trolled expression of perplexity 
j to flicker across bis face. " My 
I dear sir. 1 know exactly what 

■ we are ami where wo are 

! eOing." 

I He rocked hack against the 
j table, spread his fingers as if 
I to play the opening notes of a 
| concerto, and offered a slight 
! concession. “ OF course, there 
! have been sonic problems diffi- 
{cuit to explain psychologically. 
| such as when we got out af 
•nuclear. BuL after all. we got 
| exactly what we wanted.” 

■ It was a l>pii'al exchange with 
‘Roux, chairman of a far-flung 

empire ranging from turbine- 
! venerator:- to public works, and 
i from shipbuilding lo lclccoin- 
! munieations and computer 
peripherals — the empire (or 
; perhaps Roux would prefer 
! Commonwealth i of Co nr pop me 
Generate tl'EIcctnrite. 

Big league 

The CGE group is definitely 
in the big league. Its 1976 
'accounts consolidate 21 J com- 
| parlies, including 66 foreign 
| ones, while it controls more 
j than half the capital of 159 con- 
' cerns. At the end of 1977 the 
! group, subsidiaries and affili- 
ates. employed 170.000 people. 

• CGE identifies seven leading 
markets for its products: energy 
and power engineering equip- 
ment (about 30 per cent of turn- 
over t: industrial equipment 

■ 1 15-20 per centi: commumea- 
J lions and transport equipment 
! (15 per cent): telecomm unica- 
I lions and information systems, 

including cables (about 23 per 
I cent I : household electrical 

i equipment; budding and public 
j works: and defence. 

I Translated into products this 
; means four basic ranges: 

j mechanical construction in- 
| eluding shipbuilding: electrical 
construction and heavy elec- 
trical engineering: professional 
! electronics: and specialist 
I materials, of which insulation 
land sealing equipment are to 
j the fore. The three services of 
[construction and public works: 
j electrical contracting: and dis- 
tribution complete, the picture. 

I For four years now. through 
jthe thick of the recession. CGE 
I has pushed ahead with a 
[vigorous expansion programme 
which has seen it multiply the 


number uf it s affiliates. It has 
invested heavily to renew its 
industrial equipment and has 
impused a rigorous financial 
discipline on itself to be able t«* 
finance bolh expansion and 
rejuvenation wiihuui imposing 
disproportionate burden., on 1 Im- 
balance sheet. 

Roux is fond of comparing 
3973 with 1977 to illustrate the 
group's performance, “in 1973, 

when only majority-controlled 
operations were included in the 
group, our sales reached FFr 
12.85bn. Lust year sale* of 
controlled companies reached 
FFr IS.Shn CM7bui and if you 
include affiliates. turnover 
lopped FFr UX.tffm (f-i.Uon). 

“Assets have climbed from 
FFr 55Sm in 1973 to mure than 
FFr 1.1 nbn: we have deliberately 
set a bum rem forcing our po>i- 
iimq in our principal sectors of 

“Our overseas turnover lias 
risen from FFr Kt.3bn to FFr. 
12. 1 bn and we are the country's 
third largest exporter. Yet all 
this lime, and despite the 
immense investment and 
modernisation effort w«* have 
made, we are carrying FFr lbn 
less debt now in terms of con- 
stant francs than we were in 

Roux himself has climbed that 
typically French ladder of pro- 
motion out of the tjrmidcs ecolv 
(Eeole Polytechnique, diploma 
from the Pouts cl Chaussecs. 
and the Eciib* Superiourc 
d 'Electricite) and up the para- 
political ladder of the civil ser- 
vice and the ministerial cabinet. 
In the 1950s he made the 
classical side-step from govern- 
ment lo industry (rare, indeed, 
are movements in the opposite 
direction) to become by 1955 
the deputy' managing director 
of CGE. Eight years later he was 
managing director, and he will 
soon be embarking on his ninth 
year as chairman. 

lie combines this with being 
one of the barons of the 
employers' organisation, the 
PatrooaL And he has a reputa- 
tion for being a no-nonsense boss 

impaneir. uf rm; imh - i ihai -octal 
engineering -huidd conic before 
mechanical engineering as a 
corporate ■.■oneern. 

His pi-r-miii portfolio »*f 
director-hip, im Judes the Cred.t 
Commercial de France: the. 
holding connaiv.- <.if the Paribas 
industrial ;u:<l financial empire: 
Pecbiney Vn : :ic Kuhlmann; the 
Credit Nations!: 3:1 d the 
Soviet e Natimiai-: d' Invest i.-stf- 

Roux's MiiiJ presence ha- 
been a riruni aw: tor the 
group over t :ic pa-t few year-, 
during wnicn :::nc GGE's profil- 
has changed »ib.-;aniially. For 
in three im pi .riant areas — 
nuclear power. U'lccoJiunujnca- 
tions ainl. j Jes.M-r extent, 
eontputi'r, — t.GE ha- been 
affected : 1 y Goccrnmem- 

sponsored mdii.-tvial reorganisa- 

In each >■; tiic.-e areas CGE 
has been a.citsed of "iosing 
out”: to CreiiMit Loire and the 
Empain-Sehne'dr-r empire in 
nuclear: in Tn-iiiis.-.n-Krand: in 
telecoiiimiitt'-.-ati.iii-. ami Gener- 
ally in the euinputcr tielJ. 

Roux a 4 rev- t:iai any atvnuiU 
of these three restructurings 
shows that, far from having lost 
out, CGE iiu - emerged with it, 
position improved. 

Kev areas 

•‘There’* nothing in the 
group which v.e don't want.” 
Roux affirms. " Perhaps there 
are sotm* thing- we arc :n 
through force <»; habit, but hy 
and la rev vre arc now present 
in a mu n her key ar<-jj and 
convineii*i.iy present.” He also 
feels no nostalgia lor the activi- 
ties they have .-bed. 

Alstiio in-Ail antique, ami its 
shipbuilding opera lions which, 
like the enure French industry, 
has failed to book a single 
order for two years and is pre- 
paring to put its workforce on 
a 34 hour week. “ Its expansion 
may be iess rapid in years to 
come because the growth of 
sales in the heavy electrical 

sector will stow do*n. But we 
intend 10 develop ceramics and 
glass insulation — particularly m 
Brazil — and don't forget we 
already have a quarter of free 
world production.'' 

One or his priorities for de- 
velopment is clearly the tele- 
communications and data pro- 
cessing field. GIT- Alcatel i> 
Roux's particular baby, tilt* only 
subsidiary which he him -elf 
chair*', and it i< under the CIT- 
Alcatel banner that the group 
has placed two uT its most 
rapidly grow ing concerns. Sin- 
tra and Transac. The group 
stake in Sintra was raised from 
1.1 to 27 per cent in 1976 ami it 
has .signed " growl h contract " 
with the State, setting out non us 
for finaiuia! and market per- 
fonnance in ic-tum for subsidies 
— one of tiie r^vvernmentV tech- 
niques to encourage tiie devel- 
opment of | he French presence 
in crucial areas oi technology. 

With prufeA-itmal electronics 
and uiiliiary c-.ecironics a* well 

as “distributed process 1 11 
( **peri-tnfornialiqiu-'',» among its 
activities. CGE director^ refer 
to Simra-Transae mi-chievously 
as “a mini Tbomson-CSF” — a 
reference to the large elec- 
tronics group v. h’ch i? part of 
the Th oin >oii -Brandt /Tbomson- 
CSF tandem. Roux himself 
reckons that there will be “an 
enormous effort" in tiie field of 
automatism, peripherals, tele- 
communications and data- acqui- 

A further area for develop- 
nie«l is (bar of new sources for 
energy. The Laboratories de 
Marcuussis and five industrial 
concerns in trie group are be- 
tween them pursuing four lines 
of development. Tin- most im- 
portant is ili 1 - area of heating of 
buildings, where the group 
claims a leading portion in 
thermodynamic or thermo-elec- 
tric heat pumps, universal solar 
captors, high temperature con- 
vectors and energy storage. 

The second theme is the regu- 
lation and management of 
energy, covering areas like the 


Ambroise Roux- “There is nothing sillier than buying a bad company 

control of boiler tempera lures 
and lelevi-ed supervision and 
meter lire. Photovoltaic conver- 
sion forms tic.- third mam axis 
of development. 

Finally, she group r? aiming 
to develop huh per forma nee 
production tecnniques for hydro- 
gen. "Our group Ls incontestably 
one of tlio-e most committed in 
the field of ip- . t energy sources, 
geared by priority to the devel- 
opment ot the techniques them- 
selves. rather than to agreeing 
industrial alliances with over- 
seas companies *’ the annual 
general meeting was told. 

Roux explains the mode of 
growth: “We have never gone 
backwards. If this means that 
our increases in profits are- 
modest. it means equally that 
we have in :;i mained the pro- 
gression. We intend to keep 
growing by external acquisition 
and internal development. 

” Of course, the former is less 
simple now — there are not so 
many companies available. Bui 
v;e will continue to apply the criteria: we have never 
bought a enjiipany without 
being certain that it has what 
we call the industrial critical 
mass to justify the outlay. 
There's nothing sillier than buy- 
ing a bad company cheaply." 

CGE is a national flag-carrier 
in a number of sectors — and 
French industry by and large is 
more responsive to government 
guidance and more inclined lo 
recognise national interest in 
their calculations than some of 

their European eon temporaries. 
Dues this constraints on 
CGE ” 

“ When you have gul the place, 
we hold — in heavy electrical 
engineering, m telecommunica- 
tions. in cables, in hatieries. — 
it's hard 10 have a general 
policy which differs from official 
policy. Bui the Government 
listens to 11 s. We have never 
had a quarrel about overseas 
investment and now and again 
I am asked to put a factory 
so me wlu-re 10 sulre a regional 
or unemployment problem.'' 

Due* ln-7 "If I cun do" 

The group is easier to run 
than one (I links. Roux remarks. 
” It's very decentralised. It's 
easy 10 see if a group is decen- 
tralised or not. Go into ihe 
parent company headquarters 
and look at the names on the 
doors. If the names are those 
of the chairmen of subsidiaries 
you can forgot about decentrali- 

•' None of my subsidiary 
chairmen are here: they have 
intal autonomy and borrow 
money over their own signa- 
tures. They decide wages and 
social policy . 1 certainly don't 

get involved in solving strikes 
in factories.” 

•• Hut-, many letters do y»u 
think 1 sign each day”” be ^ks. 
“Un average less than oue a 
day.” fie answers himself. And 
to what sort uf people.* 

“Oh. the Prime Minister, lire 
President, perhaps the chairmen 
of the really big companies." 

*.. »•..• . •••> 
■/...•■i'C.' ■ • 




Promotional and technical 
literature for export 
sales to the 

Arahic-speakin g countries 
of die Middle £ast and Iran 
must be translated and tvpeset 
in the idiom and .style 
• the market demands, 
by specialists 


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THERE'S NONE so blind, says 
the„ad2ee. as those that will not 
see; and none so gullible. 1 some- 
times despairingly conclude, as 
those who wish to he deceived. 
Or perhaps, on second thoughts, 
those who arc talking their own 
book. If it is not dishonesty. It 
is still mightily profitable. 

The suhjert of these seemingly 
disjointed musings is the rap- 
turous reception which the gilts 
market has accorded to the latest 
package of measures to reduce 
the ‘growth of the money supply 
— and especially to the re-lmposi- 
tion of corset restrictions on the 
banks. It is only a week since 
my . desk was swamped with 
gloomy circulars describing in 
detail how we were sliding un- 
controllably to an inflationary 
dnnm. Now MLR is up one point 
— for a few days at any rate — 
and the growth of the monetary 
statistics has been determined 
by administrative fiat until about 
October and that tr. all of suh- 
ici? which has changed <1 
take it that dealers believed the 
Chancellor when he raid in the 
Letter of Intent that the horrow- 
irc_ requirement would not be 
p U nwed io rise beyond £3Jbn). 
Fur ?nmi? of The circulars now 

sin; a very different mnj. 


Tt**re. »n ink* a lyrical example, 
is Metsels: “The authorities had 
undpr-estiinaied the likely 
strength of loan demand: the rc- 
im-wi'ron of ih n 'corset was 
a locical and necessary correc- 
tive move. 

“ However, the increase in 
MLR ... and in employers' 
national insurance contributions 
were ouilc unexpected, and show 
that Mr. Healey wa* very serious 
indeed about the commitment to 
monetary restraint. Moreover, 
tough action h3s been taken in 
an election year— totally refuting 
suz=**t:nns that vote-caiching 
considerations would deier the 
iJivornmen* from doing fhp right 
thine . . . Gilts are a gond invest- 
ment. both short and long term.” 

T? I? on!;-’ 3 few days since I 
s'!?gp«ied Thar the market was 
childishly frightened by 

if? o>vn shadow. The present 
re’i^f «e*»ms if anything even 
more cVi'dhh. The sills half of 
th'*. ’“hriin se : f-iit«tifving system 
i« /on i liar. Last week it ran. 
" 1 am no* huvin* 1 gilts therefore 
nv' money i« piling un in the 
hon?r. fh^reforo ihe nio”ev sun- 
p'-.' is nut of control, therefore 
irOrtion I' coin'! through th® 
r'.of. thn-pfnre gilts are a had 
hue.’* This week it runs, with 
eyaegeration. “1 am buy- 
ing gilts, therefore my bank 
deposits ore falling, therefore 
the, ‘money supply is going down, 
therefore inflation is going to 
fa 1. for ever and ever, therefore 
gilts are a splendid buy." 

There is. of course, some logic! 
in this: if the authorities are 

reluctant to let interest rates 
rise to the point where funding 
begins, and remain reluctant, it 
can lead to nasty consequences: 
the market has *o be convinced, 
and now is. But the fact thaf 
the corset is part of the trick is 
another story. 

The first time the corset was 
imposed, it «as greeted as if the 
Bank of England had discovered 
how to square the circle, and 
make credit both tighter and 
cheaper at the same time. In 
fact jt had ihe quite modest aim 
of eliminating one distortion in 
the money supply figures, round 
tripping, and succeeded in this: 
hut the idea of laying down the 
future growth rate of the money 
supple, and lciting the system 
adapt! did rob the growth of the 
money supply of much of its 
value as an indicator. The corset 
has subsequently been used 
rather reluctantly, and with weH- 
jusiified embarrassment. Its 
really 3 bit blatant. 

However, the very existence of 
this officially-imposed distortion 
of the money figures (and a 
corset, after all. is by its nature 
a distorter nr figures) has bred 
its own problems. Because 
tight stays are uncomfortable, it 
has inspired the banks to deep 
breathing at. the mere murmur 
of corset resi notions — and com- 
petitive deep breathing at that* 

Deep analysis 

The result «.« that the exist- 
ence of this device now disLorts 
the money figures whenever 
monetary growth is anywhere 
near its’ top limit, whether the 
scheme is in force or not. While 
ihe hanks fear it, they inflate 
iheir own books: once it is im- 
posed, ihe figures are compressed. 
It is a matter oF deep financial 
analysis to discover whether ihe 
thing is tight or loose. It all 
illustrates Harris’ Uncertainty 
Principle: the more we try to 
control a given financial figure, 
the less it means. 

A decent puzzlement, then, 
seems to me the intelligent 
reaction to recent figures and 
events. We have the same fiscal 
challenge as on April 11; and 
with a bull market in gilts, we 
may soon have the same low 
interest rates, and the same 
risks. But meanwhile, we will 
have had a big rise in the market 
as the cycle, reinforced by manic- 
depressive comment, rolls pre- 
dictably on; and 1 find myself 
haunted by a City friend, an 
ardent monetary reformer, who 
usually ends a dissertation on 
desirable changes with the com- 
forting reflection: “Of course, 
they won’t listen; but it wouldn’t 
be nearly so easy « make money 
if they did.’’ * 

The producers who 
refuse to play safe 

account for Gif 

THAT FEUE sprinter Tumble- 
down wind, who might have 
lasted out the Rowley Mile and 
won the 2.000 Guineas had 
Newmarket not been riding 
softer than ever before,' looks to 
be the answer to this afternoon's 
Leisure Stakes at Lingfield. - - 

IT MAY be tempting Fate to run 
a film preview and invite ques- 
tions from the floor at the end 
of the show. But it is positively 
hazardous to solicit comment as 
well- This happened last week 
at the preview of a new Elec- 
tricity Council film. Ploy Safe. 
The production comes as part of 
the electricity industry’s con- 
tinuing educational and inform- 
ation scheme on understanding 

Play Safe is aimed at children, 
warning them of the dangers of 
electricity lines and sub- 
stations. Vandalism is not the 
only problem; nor the stray 
ball that goes over the railings 
marked “ Danger — High Volt- 
age.’’. There are unexpected 
hazards such as flying kites near 
power lines (this can be dan- 
gerous despite apparently non- 
conductive materials in the 
kite), or moving a sailing dinghy 
down to the river under a low- 
slung feeder line (the alu- 
minium mast could proride 
fatal contact). 

It seems perfectly reasonable 
to point out these dangers in a 
film, and an adequate job has 
been done by the producers — 
albeit in a style more appro- 
priate to the 1950s than 
the 1970s' era of juvenile power. 
But as the cosy questioning 
rolled on. one of at least three 
MPs sitting in the audience 
slipped in a comment about a 
more controversial sequence in 
the film showing vandalism — 
where a group of children throw 
a steel chain across an overhead 
power line, shorting out the en- 
tire district's power supply. 

From this point onwards, the 
hounds in the large audience 
were after the fox. Wouldn’t this 

attempt at reducing accidents 
actually increase them? Was 
there not a positive risk that the 
film would put ideas into the 
heads of potential vandals? 

Also sitting in the audience 
was Mr. John Shepherd, who 
heads The British Rail film unit 
— which was responsible for the 
much more controversial film. 
The Finishing Line. This film 
stages a bizarre sports day at 
a railway cutting — with “games" 
such as tossing bricks through 
the windows of passing trains, 
"last across," and tunnel trek- 
king. The score board is 
reckoned in deaths and injuries. 
It is an extraordinarily 
courageous film but obviously 
wide open to criticism from 

those who believe it will do 
more harm than good. 

Since The Finishing Line has 
been tn circulation for well over 
a year. Mr. Shepherd's experi- 
ence was eagerly sought. But- 
as expected, there has been a 
strong polarisation of views, 
with some teachers not only dis- 
liking the film but actually 
banning its use, and others 
claiming it to be outstandingly 

British Rail was careful to 

Could such 
films put 
ideas into 
the heads 
of vandals ? 

obtain views from psychologies 
and educationists before com- 
pleting the film, and also before 
releasing it. But regrettably the 
impact of the film has not been 
subjected to controlled research. 
It is back to old fashioned gut 
reaction, and a generally heW 
feeling thar the film is actually 
doing a good job. 

Surprisingly, the Health and 
Safety Executive has not re- 
searched the effectiveness of its 
own use of the media in health 
campaigns. Some years ago, how- 
ever, the Health Education 
Council did carry out controlled 
research into anti-smoking films 
and came to the conclusion that 
they were ineffective. 

Of course, no two circum- 
stances are the same and it is 

misleading to draw too many 
generalisations from specific 
cases. The Central Office of 
Information has carried out 
regional research into the 
effectiveness of its seat belt 
campaign — highlighted by the 
clunk-click TV films. It found 
that though the campaign was 
successful, the effect of any 
one campaign quickly faded and 
needed replenishing. 

The circumstances with .scat 
belts are quite different, how- 
ever, from thnse where risk- 
taking has potential excitement 
built into it — as in Plop Sure, 
and also a COI/Health snd 
Safety Executive film celled 

The latter is about accidents 
to children on farms. It takes! 
as its theme a game of cowboys 
and Indians (played with great, 
rchsb by the child actors). The: 
participants get killed, one by. 
one. in a variety oF accidents 
that typify the hazards always 
present on a farm. j 

The COI says that Apaches' 
has yielded the predictable 1 
polarisation of views. But some, 
schools have responded to it 
enthusiastically, one near Don-| 
caster even running a group pro- j 
jeet connected with it. Reactions 
such as “I always imagined a 
farm as a perfect place to visit 
hut after seeing the film I see 
it differently — as a death trap," 
show the kind of impact the 
film made. In another school,' 
a questionnaire showed that | 
children reacted favourably,: 
confirming one view that the 
kids accept the film as a warning 
whereas often adults merely, 
finish up feeling guilt about if.. 

Perhaps the crux of the 
matter is hidden in complex 
personal reactions. When people 
respond to a film, they may re- 
veal more truth about their own 
hang-ups than the probable 
effect of the film on other 
people. This is nor a researched 
fact, but a view of my own 
ba>ed on some experience in 
the psychology of film. 

The sad truth is that our 
knowledge of the effect of film i 
(and television) is still hope-, 
lessiy inconclusive though in 
1967, aided by six industrial 
sponsors, I ran a series of 
carefully controlled experi- 
ments which did tend to prove 
that film can change conscious 1 

Perhaps the last word should j 
go io another person in the 
audience at last week’s Elec- 
tricity Council show — Mr. Henry 
Geddes, Director of The CbiJ- ! 
dren's Film Foundation. His, 
organisation produces films for' 
the Saturday morning cinema 
clubs. It has’ a tradition of res- 
ponsibility towards children's, 
films — based on much research. 
And Mr. Geddes was clearly 
annoyed at the criticisms of 
Play Safe. The Foundation, 
would use it, he said, because | 
he saw no harm in it but plenty 1 
of good. The view prevailed that 
it was better to do something 
than nothing at all. At which 
the audience almost cheered and 
the hounds lowered their tails. 



Tumbledown wind, trained . by 
Bruce Hobbs and ridden by 
Geoff Lewis, both of whom have 
good records here, should be 
able to take advantage of the 
weight be receives from Lester 
Piggott’s mount Creetown. 

Although Creetown ran re*; 
spectably at Epsom a few days* 
ago, I shall be surprised if he 
can account for the Hobbs^ 
three-year-old on terms 7 lb 
worse than weight for age. 

It is not often that a mare; 

Technology aids 
coal output 

IMPROVED mining technology 
would play a crucial part in the 
effective development of the coal 
industry. Mr. Alex Eadie. Under- 
secretary for Energy, said yes- 

Mr. Eadie. speaking during a 
visit to the Gullick Dobson min- 
ing machinery plant in ‘Wigan, 
said that coal output achieved 
by mechanised means had in- 
creased from 2 per cent to 94 
per cent over the last 30 years. 
Over the same period, output per 
man shift had doubled from Z1.5 
cwt in 2047 to 43.6 cwt last year. 

is responsible for two winner®. 
Out. same .card; However, tl 
does— not seem a remote I 
sibiiity this afternoon * 
Cigarette Case Is 
Brancaster in tL_ ... 

Stakes and Ashcroft, who -go 
fter the Smugglers’ Stakes. ;. 
.1 expect Brancaster to win- 
possibly at the chief expanse 
«r" Peter CTSuRe van’s A-ttevo, 
but expect - Ashcroft to fl 

Ryan ~ . Price-trained 

fingers' jtist too good. . 

• Looking ahead to Royal 
bookmakers are slightly 
. ance over "the Royal Hunt . 
Ladbroke has Pica tin a -ai 
mate of William 
.Newmarket stable, as 
favourite . while the Tote—, 
-‘first to open- a book on th 
Otace^-makes Fair ■ — 
.stable companion 
market leader -at tl 
. Prince Gabriel. .Andy 
Blustery, Fear Naught, 
T en t, Digitalis and Casino 
are • • others close UP .to 

."^nSSform Charity Day tl 

Wildlife photo exilic 

A PHOTOGRAPHIC exhibition 
entitled The World .Wildlife 
Fund faj Action will be held in 
the Kodak gallery. High Holborn, 
London, from July 5 to August 4. 
It 2s sponsored by .Kodak: and 
the fund. 

The exhibition wSM depict the 
work of the fund in Britain and 
abroad. More than 200. photo? 
graphs will- be on display, nearly 
all in eolour. 

' It" Will cover examples of the 
fund’s activities including land 


mental * advice' and. .-lobbying',- ;, 
equipment and publicity ,tfc 
baric strategy^ . coniset^Jitmi r* t 

The exhibition: -j. • 

three- ■ sections: £ eonserFrilfl(n--4 r : 
what ft Is and Why 
saryL-Wbtt is. j 

fund? shd;ta®at can j 

raises mOTey- for the eonserva? ■ > 
tion ahd: : raribnal -:-nse. F .-o#;:j&e - ' 1 

Earth’B tesbureee-^hd w/partlcn-ii J 

lar, animals, r plants Wdd • habitats *'y 
threatened : ij ?. .f i- 


f Indicates programme in 
black and while. 

BBC l 

fi.4n-7.33 am Open University. 
HJS For Schools, Colleges. ].30 pm 
RacLime. 1-45 News. S.00 You 
and" Me. 3.20 Teitiil'r Tir. 3.53 
Regional News for England 
(except London). 3.35 Play 
School (as BBC 2 11.00 ami. t4.20 
Champion the Wonder Horse. 4.43 
Goober and the Ghost Chasers. 

3.03 Wildtrack. 335 Roobarb. 
5.40 News 

5.33 Nationwide (London and 
South East only). 

6.20 Nationwide. 

6.50 World Cup Report. 

7JZ0 The Feather and Father 

8.10 The Standard. 

9M News. 

9.25 Yellow- Cab: The BBC 1 
Documentary: the work of 
two plain clothes detectives 



1 Bet on record amount of 
business in reserve (7 1 

5 The name used for gas? (7) 

9 Hold forth about zero tax f5) 

10 Autograph notice at river (9) 

11 Extracts money from tipster 
for a drink (4, 5) 

12 One more involved in a com- 
plex transaction (5i 

13 Took food and nourishment 
initially hut died outside (5) 

15 Late month for sad music 
(4. 5) 

18 Unusual rate more certain to 
come from bursar (9) 

19 Undiluted gas in South-Wales 
town (5) 

21 Bird that is below par (5) 

23 Burning Frenchman in the 
making (9) 

25 Spoil fish in eastern fat (9) 

26 Extreme part of fateful 
tragedy (5) 

27 Thin telegraphist must gam a 
pound (7> 

28 Airman left in tree — in a 
sticky mesa? (7) 


1 Weaver in bed thrived (7) 

2 Left the French to change 

oubide for summons to a duel 
(9) , . . , 

3 Sediment around head of 
delta in Yorkshire city . (5) 

4 Cut more ancient fuel supplier 
(3*6 ) 

5 Power, or may have been (5) 

fl SboP kee P ec win,ls solder (9) 

7 Grown-up gave notice last 
month CSV 

8 Hook’s associate going to 
south-western city for optical 
cleanser (3-4) 

14 Pay no attention to Diana’s 
respect (9) 

16 Contract to change green team 

17 It's a relic that could be life- 
like <91 

18 Units accepting nothing in a 
flask (7) 

20 Bird goes to prohibit Oriental 
poisonous plant (7) 

22 Proceed with monarch to the 
south-east in furze (5) 

23 Credit that is right for old 
announcer (5) 

24 Type of accent for a copper 
to note <5> 

No- 3,690 

earsBEn. • ebshstj 

I b n__ n n n 


• m a e ra s a 


q n n 0 -e 
engaa hc:be0dhe 
e? s - m 

noEEssaa qe^bq 
n e -0 m a 
0RO0 gSgE3BERJB00 
E E J 3 '• R II ■ E3 I 

gkseeee racjBEnEcI 

ta ED 0 E Q 

in Harlem's 28th Precinct 
10.10 Cabaret Showtime with 
Lena Zavaroni. 

10.33 Tonight 
11JSS PI ay Golf. 

12.00 Weather /Regional News. 

All Regions as BBC 1 except at 

the following times: — 

Wales — 5.55-6.20 pm Wales To- 
day. 10.10-10.55 Wales. 7 Down 
Under. 12.00 News and 'Weather 
for Wales. 

Scotland — 5.55-620 pm Report- 
ing Scotland. 1240 News and 
Weather for Scotland. 

Northern Ireland— 343-3.55 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 12.00 News 
and Weather for Northern 

England — 5.55-&20 pm Look 
East (Norwich); Look North 
(Leeds, Manchester. Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol); South 
Today (Southampton): Spotlight 
South West (Plymouth). 

BBC 2 

6.40-7.55 am Open University. 
10J30 Worktalk. 

11.00 Play School. 

4.55 Open University. 

7.00 News on 2 headlines. 

7.05 A Woman's Place? What 
About the Kids? 

7 JO Newsday. 

8J0 Airport 

9.00 Rhoda. 

9.25 Our Mutual Friend by 
Charles Dickens, part 1. 
10.20 Living on the Land. 

10.45 Late News on 2. 

19.55 The Old Grey Whistle Test. 
11.35-1 i. 45 Music at Night 
BBC 2 Wales only— 7.05-7.30 pm 
Heddiw. 1L35-12.00 A Woman’s 


930 am Schools Programmes. 

RADIO 1 34710 

(SI S fr— Pt umlt braadcut. 

5JD0 am Aj Radio 3. 7JB Dn»s Lm 
T rivia. Simon Bates. UL-31 Pant 

Burnett. 12.38 pm Newslieat. 2JQ Tony 
Blackburn. Ul KU Jetuan. Utcindtns 
SM Newgbeat. 7. 3D Sports Desk tlolrrs 
Radio 3i. MJB John Peel 'St. 12.8*- 
2.82 am As Radio 2- 

VHF Radio* 1 and Z—S.M am With 
Radio 2. Including L55 am Good Llsten- 
mu. 10.88 With Radio 1. 12JW-2JB am 
With Radio 2. 

RADIO 2 1-50 Ora and VHP 

5.08 am News Summary- 5.02 Ray 
Moore tSi with The Early Show, Includ- 
ing 845 Pause (or Thought and 6A 
Sports Desk. 742 Terry Wogan (Si, 
mriadtas T.«n sports Desk. 8^7 Racing 
Bulletin. 8 j 4& Sport ■ Desk and 1.45 
Pause for Though. 18.82 Colin Berry (St. 
12.15 pm Waggoner*' Walk. UJa Pen? 
Murray's Open House i5i. including 1.45 
Sports Desk. 2JO David Hamilton tSE 
Including 2JB and 3.45 Sports Desk. 4-30 
Waggoners' Walk. 4.45 Sports Doak 
UD John Dunn >Si. Including 5.45 Sports 
Desk. ‘J3 World Crj S non ha Desk. 
T.82 Polk 78 tSi. 7 JO Sports Desk. 7JJ 
nn The Third Beat tS>. HL02 Nordrtng 
Rendezvous (S>. 4JB Among Your 
Souvenirs rsv 9-55 Sports Desk. UJ2 
Three In A Row. 18 JO The Slept oe Saga. 
U-02 Prior Clarion introduces Round 
Midnight, m eluding 1240 News. 100-2.02 
am New* Summary. 

RADIO 3 464m, Stereo & VHF 

t Medium Wave wily. 

• 14-53 am Weather. 748 News. 7.05 
Overture 'S'. 8.M News. 8-05 Mom I is 
Concert (Si. 9.00 Newa. 985 This Week's 
Composers: DTnrly and Dbmr iS'i. 
3.45 PlaJnsong and the Rise of European 

12.00 Issi Noho. 12.10 pm Daisy. 
Daisy. 12.30 News plus FT index. 
12.53 Help! LOO Parents’ Day. 

1.30 Crown Court 2.00 After 
Noon. 2J5 Red Letter Day. 3.20 
Once In A Lifetime. 4.03 Cartoon 
Time. 4.20 Paul. 4.43 Extraordi- 
nary. 5.15 Emmerdaie Farm. 

5.45 News. 

6.00 Thames at 6. 

6.35 Cro>sroads. 

7.00 Oh No, It's Selwvn Froggitt. 
7.30 Charlie's Angels. 

fl-30 Life Reel ns at Forty. 

9.00 Will Shakespeare. 

10.00 News. 

10.30 This Week Special. 

II JO Dan August. 

12.25 am Clo^e: A painting by 
Velasquez with music by 

AH IRA Regions as London 
except at the following times: — 


123$ pm Anella News. 7.80 Houar- 
nartv. 6-08 About Anglia 7.00 survival. 

11.30 Ban? It a. 12J5 un. Christians In 

li* pm A TV N**.iwlosk. 4.81 Pro- 
res* or Balthazar. 515 Lavcrns and 
Shirley. 8.00 ATV Today. 7.0o Eitntior- 
dale Farm. 13-38 Motor Cycle Racing 
Post TT from MaUory Park. 


flUS pm Border News. 2oo House- 
party. 5J5 The Rolf Harris Show. 8-00 
Looks round Tuesday. 7310 Emmerdaie 
Farm. UJO The Odd Couple. tttXO 
Border News Summary- 


1.H pm Channel Lunchtime News and 
What's On Where. 8.00 Report Al Sl*. 
7.00 Walking Westward. 10 Jg Channel 
Late News. U~30 Space 1999. 12J5 am 
Visages de France. 


9-23 am First Thine. 12-50 pm Gram- 
pian News Headlines. 8JM Grampian 
Today. 6JD Ont Of Town. UJO Reflec- 
tions 11,35 One Fool In Eden— Com- 
poaer Prior Marvell Davies look a 
holiday In Orkney eight years ago and 
stayed on as a resident, nto j»m 
Grampian Late Night Headlines. 

Music IS). If JO Violin and Plano redial 
*S>. 12-05 pm BBC Northern Symphony 

Orchestra— Pan: l Vaughan Williams, 
Strauss ■ Si. 1.00 News. 1.05 The Arts 
Worldwide. 1-25 BBC Northern Symphony 
Orchestra— Fart 2: Sibelius rsi. 215 
Schubert from Bristol iS.i 3.0s A Uttlo 
Light Music 1S>. 4.05 Schubert arid 

Schumann piano recital <S). 5.15 Jam 

Today iS). tS.4S Homewam Bound. 
tt.SS News. 1 6J0 Homeward Bound 
tcooUnucdi. 18J0 Lifelines: wort and 
Training. 7 JO Plano Recital— Pari 1: 
Schubert, Clementl iSi. 8-20 a Promen- 
ade of Resorts— Part 1: Eastbourne. 
8.40 Plano Redial— Part 1' Chopin. Lls« 
■S». 9JB “SOS". New work for toHT'ss 
by Barry Bermaugr <Si. 10 . do Berllox 
i Si. 10.40 Henry Cowell piano recital 
'S». lLDO Chanson Francaisc: The longs 
of Barbara <5i. UJ5 News. 1U0-J1.45 
Tonight's Schubert Song, 

Radio 3 VHF silly— 6.00-7.00 am and 
5.45-7 jo pm Open University. 


434m, 330m, 285m and VHF 

US am News. UT Fanning Today. 
<■•35 up To The Hour, 7.00 News. 728 
Today. 7JS Up To The Boar f con- 
tinued i. 8JW News. 8J0 Today. 835 
Yesterday In Parliament. 9.00 News. 
9J6 Tuesday Call. 10.00 News. ' M.M 
Elephants Can Tell Jokes. UU0 Dally 
Service. 1045 Morning Story. 11-08 
News, 1145 Thirty-Minute Theatre. U35 
ProWe. 1X40 News. 12.02 pm You 
and Yours. 1128 Desert Island Discs. 
XUS Weather; programme news. MO 
The World At One. 130 The Archer*. 
145 Woman'* Hour, Including 240-242 
New*. 2.45 L lilted With Mother. 3.W 
New*. 338 Questions To The Prime 
Minister ** Uve " from the House of 
Commons. 335 Money Box. 440 News. 


1230 pm This Is Your Right. 530 
Whoi'c New. 535 Crossroads. 8-#0 
Gr.inaJa Rraors. trJ8 Emmerdaie 
Farm. 1130 Police Surgeon. U35 

12.50 pm Report West Headlines. 1235 
Report Wales Headlines. 240 House- 
pariy 535 Fopeve. 528 Crossroads. 
8.00 Report West. 8.1 5 Report Wales. 
8.30 Emmerdaie Farm. 1130 The Out- 

HTV Cyrmu. Wales — As HTV General 
Service escopt: 123042 5 5 pm Penawdau 
Neyddion Y nyrtd 4.05 Cartoonnme. 
4JM.45 M.»ndait?i. 4484.15 Y Drdd. 
1830 Bywyd. U35 World In Action. 
LL 45-1230 am Celebrity Squares. 

HTV West— As HTV General Service 
except: 1230-140 pm Repon West Head- 
lines. 8354.30 Repon West. 


tl230 pm News and Road Repon. 
535 The Bubbles. 52B Crossroad*. 840 
Scotland Today. 830 What's Your 
Problem. 7.88 Emmerdaie Farm. 1138 
Late CalL 1135 Police Woman. 


1250 pm Sourbern News. 240 House- 
parry. 5-15 Betty Boop. 528 Cross- 
roads. 848 Day by Day Including 
SouUispon. 7.08 Emmerdaie Farm. U3o 
Southern News Extra. 1140 Drive-In. 


925 am The Good Word, followed by 
North Earn News Headlines. 1250 pm 
North East News and Look around. 535 
In Search Of . . . Jnca Treasure. 840 
Northern Life. 740 Emmerdaie Farm 
UJO Landscape. 12.00 Epilogue. 


1238 pm LnnuchtJme. 431 Ulster 
News Headlines. 535 Friends Of Man. 
&.X0 Woody Woodpecker. 140 Grnmcr 
dale Farm. 11.3d Old Bouse, New Home. 
U3S Bedtime. 


12Z7 pm Cus Honeyfaun'a Birthday*, 
1230 Westward News Headlines. 64b 
Westward Diary. 740 Walking Westward. 
1028 Westward Late News. 1130 Space 
1909. 1223 am Faith For Life. 


1231 pm Calendar News. 445 Lasting 
Beauty. J.15 The Mary Trier Moore 
Show. 640 Calendar • Emkj Moor and 
Belmont editions). 748 Emmerdaie 
Farm. 1130 The Protectors. 

445 Gardeners' Question Time Visits 
Avon. 4.35 The Roof of Wales. 540 PM 
Report b. 540 Se red I pi tv 5tgnlngs On. 545 
Weather: Programme News. 840 News. 
8J0 Many A Slip. 7.00 News. 745 The 
Archers. 72o Time For Verse. 730 
Plano Recital las Radio 31 CSV 930 
1 Oeu/otcope. 939 Weather. 3840 The 
World Tonight. UJO The News Quia fS). 
U40 A Book Ai Bedtime. 11.15 The 
Financial world Tonight. UJO Today 
In Pari am cut. 1240 News. 

BBC Radio London 

206m and S4J9 VHF 
5.00 am As Radio 2. 6jt> Rush Hour. 
9.00 London Live. 12.83 pm Call lu. 
Including 148 London News Desk. 243 
208 Showcase. 443 Rome Run. 838 
Look. Slop Listen. 738 Black Londoners. 
830 All Thai Jaaz 10.83 Late Night 
London. 12.80 As Radio Z. 1245 am Ques- 
tion Time from the House of Commons. 
145 Close. Aa Radio 2. 

London Broadcasting 

261m and 97 J VHF 
540 am Morning Music. 648 AM: non- 
stop news, informs Mon. travel, snort 
and review. 1840 Brian Bayes Show. 
140 pm LBC Reports. 340 George Gate'* 
3 O'clock CalL 440 LBC Reports. 8.80 
After Eight with Ian Gilchrist- 8 00 
NuthtHne with Bryn Jones. 140 am 
Night Extra wlh Adrian Scott. 

Capital Radio 

194m and 95.8 VHF 
640 am Graham Bone's Breakfist 
Show 'SV 940 Michael Agpe) tSi. 1200 
Dave Cash (S>. 340 mi Reger Scott 
■Si, 740 London Today fS> 730 Adrian 
Love's Open line (Si. 940 NtckT Rorne'i 
Your Mother wouldn't Like It fSi. 1140 
Tony Myall’s Late Show i'Sv 248 km 
Duncan Johnson's Night Flight (S). 

cc — These tneatre* sewoe certain credit 
cards or telephone or at the oox dHa. 


COLISEUM. Credit cams Dt-zan 5258. 

ReservaUonsOT-836 31ft.-. ' 
Ton't.. Tumor.. Thur. & Pr l. at 7 .50: 
Las Sviphiees. Greeting teew (mooucOpo), 
ScheHeraaoe- SaL at 5 A 730 * Mon. 
at 7.30: Conservatoire. Giselle. 96 
Balcony seats available from TO aoa. on 
da y ol pert. | 

COVC NT CAftMN. cc. 240 1&66- ' 
tGaraencharn credit car ds 836 60033 

TonlqlK A Fri. at 730i Fabtafl. Thur.. 
a: 7JO: Rlpoferio HCraiK reolaces Dror- 
sk«). Sat. it 730: Madams Bntterfhrj 
Mon. wwt at 73Sh Luisa Miller , (tt 
Ampin’ Mats avail, ter all pert*, from 
10 a m. on day ol pert. . . 

Note: Personal Tel. bkys. lor Jofy Ballet 
opens Juhr t & Not June 4. , • V ’I 

Auo 7 with the London PblHiarmonlc | 
Orcnestra. Tonw.. Fri. dr.San. at S.Mfc 
Do« GiovariM. Thur- Sat. -A Mon, oral 
at 3.30- Die Zauberfldte. PossUde return* 
only. Bra Office. Glyndeboume. Lewes. 1 
E. Sussex ;o271 8124 Mi. 

EC1. 837 1672. Lari Week. Evas.. ZJO. 

Sat. Mat. 230. •• I 


Music and dances from, Ball. • , 

*• the experience not to lie mlsaejL" <Sd«.: 
June 19 to July 1- FIESTA DE E5PANA. 


E»B*. 7 .30. Mats. Thuri. 3 O.. Sats. 4.0. 

IRENE _ * 


Of 7976. lH^^nd. , 97B. 

Sundav People. 


ALBERY.- 836 3E7B. Party Rates. Credit 
r art bkBSu 836 1971-2 Irani B.XO a.m.- 
8.30 p.m. Mon.. THUS.. Wed. »rd Frl. 
7.45 p.m. Thun, and Sal. 4.30 rod B.OO. 

ABLE TO SEE IT AGAIN." Dally Mirror 

ALDWYGH. 836 6404. lido. 836 5332. 
repertoire. Toot.. Tumor. 7.30 Low price 
me »iew 5trtndberg’s THE DANCE OF 
DEATH. With Shak«P*»re’» CORlOLANUS 
inert pert. 22 June) RSC also at THE 
WAREHOUSE tsee under or> and ai the 
Piccadilly Theatre in Peter Nichols 

ALMOST FREE. 4B5 6224. One OH 
bv Bob Wilson. Tuev-SJL 1.15 p.m. 
Suns. 3.00 A 5.00 pun. No show Mont. 

AMBASSADORS. 01-036 1711. 

Nightly it 8-00. Mat. Wed. 2 45. 

The World-famous Thriller 
■' Seemq me May again Is in fact an 
utter rod total lor." Punch. Seat Prices: 
£2.00 to SA-ZO. Dinner and Too- Price 
Seal £7.50. 

APOLLO. 01-137 2663. Evening* 5.00. 
Mats. Thurs. 3 OO. Sat. 5.00 and *.00- 
’’ Actor ol the vean" E*. Standard. 
-IS SUPtHB." N.q.W. 

*' wickedly ftanny," Time*. 

ARTS THEATRE. 01-836 2132 


’’ Hilarious . . - see It-’’ Sunday Times 
Monday » Thursday 0.3O. Friday and 
Saturday at 7.00 and 9.15. 

ASTORIA THEATRE, Charing X Rd. 01-7‘M 
4291. Mon.-Thurs. 8 p.m n Fri. & SJt. 
6.0 9 8.45. 


“ lidecdous. appe a ling, (oot-etomphig and 
heart- thumping. " Observer. Circle buffet 
open before and after show. Seats £2.00- 
£6.00. Half-hour before show best avail- 
able seats £3.00. Mon.-Thurs. 4 Frl. 
6 P.m. peri, only, Dinner and tep-nnee 
seat £9 00 Ind. 

Lunchtime Theatre dally at 1.1 S p.m. 
June 12-23: “A SLIGHT ACCIDENT.’ 

CAMBRIDGE. B3B 6066. Mon. to Thur*. 
B.OO. Friday. Saturday 5.4 5 and 8.30. 

Exciting Black African Musical 
"The pins are. .beautiful, bare and 
bouncing. S. Mirror. 

Dinner and ton-nrlce seat £0.75 tnci. 

chichcster' " 0243 81312. 

Tonight, Jung tl 3 17 it 740. June IS 
at 2.00: 


June 14 a is at 7.00. June 17 at 2.00: 

COMEDY THEATRE- -01-930 2570 

For a Ltd. encasement June 20 to July is 
"An unparalleled tour de toree.” S.Tma. 
Tubs, to Sat. at 8.0. Sun. at 4.30. No 
pH. Mondays. Seats El .25. £2-25. £240. 

T “ lon, »- T .c , S5a “ 

. thYhomecomi^* ■ _ 

. Gdn. “ NOT TO BE MISSEO. Times. 

GLOBE THEATRE. 01 -437 1 S92. 

Eves. 8.15. wed. 3.0. Sat. 6 . 0 . 0-0. 

paul , r tKNzjE 

'^ an -wwarwsr- 

“ This must be the haw* 1 *® 
maker m London." D Tel. An 
ibly enjoyable c»rr'-- " — 

“•“"■SBe 'gSmawg: 

Prev. Tonight 7.M. Opens Tom 
Sub. ergs. 7 JO. Mat. Sjk,-.-, 

Plays fay Yeats S*. — — * 

- For 2 

HAYMARKET. 930 --- 

Open. Pre»s. July 4 & S at .84.' 

Jrty 6. 7.0. pAlJL .. 


EL §&r . Peacock 

and WAi HANOL,n 

A New; Play by 
■ Directed - fay 1 

H Kam l W , *So^t»U^We^fc 'Sat. 


Evenings 0.0. Sats. S.30. 8.30. Thun. 3.0, 


Second hilarious year 

-VERY FUNNY."- S. Tl. 

DRURY LANE. 01-836 BIOS. Every 
mghi »«- A « S3g W- H rod Sat. 3.00. 

A rare, devastating, Itnrons. irioMUrlng 
stunner,’' Sunday Times. 
DUCHESS. 836 _B243. Mon. to Thurs. 
Evenings B.OO. PC- SM- 6.15 A g.oo. 

The Nucrtty is stWMdng.’’ Dally Tel. 
8th Senseponal Ynir. 

DUKE OF YORK’S. '01-836 5122. 

Evenings 6.00. Mat. Wed., Sat. i.oo. 
_ wi JuHan Mitch eti'S 

“ Brilliantly witty ... no pne should 
miss It, Harold Hobson (Drama]. Instant 
credit card reservations. Dinner - and 

Top- price seat £7.flP. 

FORTUNE. B36 233^ Eva. 0.00. Thun. 3. 

.. „ . Sat. 5.00 and 8.00. 

Muriel Pa. low as MIS5 MARPLE In 
Third Great Yiar 

CRITERION. 930 3215. ICC 83S 1071.31 1 FBINO! CPWARD. CC (Formerly Casino). 





. .Financial Times Tuesday June 13 1978 

Paris Theatre 

Louise Michel 
and Beckett 


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_ Louise Michel was a 19th- 
century working-class feminist, 
aestixteu sooner or later to 
surface, as she has at th» 
TfcStae Bniyfcre j n Dominique 
Houaarts eponymous play based 

??iA 4 er wri ? n ^ s - She is shown 
rigidly and unwaveringly fa. 
vincible, from her standing up 
to 4he decrepit symbols of the 
2nd. Empire, through the Franco. 
Frisian War, the Siege of Paris, 
and;.the days of the Commune 
■her asale to New Caledonia, to 
3»r~*etuxn home to further 
prison sentences (and a meeting 
wtb Ifarx s son-in-law). Like a 
Henry V. placed a whole even ins 
instead .of a single scene before 
tte wails of a capitalist, 
harems, Harfleur, she is frozen 
fo.r rever. on the same scaling 

Yet if the content of MUe. 
Houdart s ideas leaves much to 
.®*. ■>***. in execution she 

weaves with the means at her 
disposal a careful and fascinat- 
ing texture. A timber-framed 
proscenium within a proscenium 
has been built on the sta-e of 
the Theatre Bruyftre and here 
dozens - of puppets of differing 
s tow and condition, some on 
strings, some as gloves, some 
merely held, make their en- 
trances and exits, surrounded by 
Ibeir manipulators. w ho are 
visible. Louise Michel herself is 

S tayed by Jeanne Heuelin. who 
elivers songs and exhortations 
with panache, but the real value 
of this evening Ties in the illus- 
trative material, the "slides. 1 ' so 
to speak, in " this didactic 
“ lecture." 

These are the puppets them- 
selves, which give an authentic 
effect of 19th century caricatures 
and wood-cuttings, cavorting and 
gesticulating with eerie effec- 
tiveness'. while . the Chinese 
lantern effects of the days of the 
Commune., and the incidental 
music, are also good value. But 
with many Parisians complain- 
ing they would never be rash 
■enough to go to the theatre these 
days because the quality is so 
low, and with half a dozen Brecht 
plays, or Brechtian affiliates, 
running such as this (there were 
less than 20 in the audience) it 
is' hard .not to believe that Paris 
theatre, may be dying from a 
surfeit of working-class heroes, 
while - the authentic French 
heroes (at present) are the 
paratroops of the 2 KJE.P. 

-But the Th&ttre d'Orsay does 
have an ambitious Beckett triple 
Mil running, which is filling 
houses, as is Roger Blln's pro- 
duction of Wotting For Godot at 
the Gomddie-Francaise. In spite 
of siich establishment treatment, 
Beckett. 1 am glad to say, still 
provokes irritation bordering on 
violence in some of his audences: 
the performance I attended at 
tbe.Orsay w as marred by a series 
oi-Jnsolite spectators who 
intwight Madeleine Renaud . to a 
standstill,; and. Who .were finally 
ejected* in, a series of scuffles. 
Tb^Tdause fori provocation; was 
not Aladeletne Renaud but: a long 
and tedious mime previous to her 
appearance called Histoires. in- 
spired -by the works of Beckett 
and performed by the Theatre du 
Labyrintbe, a vague evocation of 
objects. people, and their 
“territories,” full of the Kind of 
piou& pretension to which 
Beckett's works sometimes -lend 

The substance of the evening, 
was, however, Pew Moi -unerringly 
well mouthed by Mme. Renaud, 

London Exhibitions 


Summer delights 


her stride regathered, her beat 
unbroken even by the interrup- 
tions. It was uncanny haw the 
mouth itself, which is all we sec 
or Mme Renaud, suddenly dis- 
burdening itself -of words after 
a lifetime of silen'ce, seemed lo 
Grow in size, almost to become a 
person, through the suggestive 
powers of her voice. 

Mme Renaud teamed up with 
the outstanding actress Delpbine 
Seyrig for the world premiere of 
Pas (literally “ steps ” but trans- 
lated as . Footfalls, echoing the 
evocative word used by Eliot in 
The Four Quartets).. The author 
directed this, as he had Pas Moi, 
and it is in three short parts: first 
May has a talk with tier mother 
whn is invisible (spoken by Mme 
Renaud): then the mother's voice 
addresses May while May 
marchcs backwards and forwards 
on the stage. Finally Mu', hedged 
all tbis time by darkness, faces 
the audience, delivering a snatch 
of narrative concerning. a parallel 
motherland-daughter relationship. 
Mile Seyrig's shuffling gait and 
poignant eyes, her soft, clipped, 
deliverj’. could not be improved 

Pas remains an enigma, ax 
least to this critic Martin Esslin. 
in a note in the programme, 
praises it for its perfect economy, 
writing That "economy is one of 
the hallmarks of supreme art." 
but I wonder if endless and 
colourful profusion would not 
sometimes serve better. 

This, at least, is what we have 
in Jerome Savary's J.001 Nvftx. 
just opened, also at the Theatre 
d’Orsay. in which Savary's free 
wheeling adaption of stories front 
the Arabian Nights is intermixed 
with street-corner caf£ encounters 
in a Paris suburb- The evening is 
noisy, unrelenting, and a little 
long, but even so Jt is full or 
some good visual jokes (they 
show mock dummies of men or 
the 2 REP descending, to rescue 
wives In distress, which won a 
resounding cheer), and the 
anarchic spirit is deeply refresh- 
ing, unified as it is, by the dis- 
arming quirkishness of Savary's 

Hamilton show 

Richard Hamilton, "the" British 
painter, is organising an exhibi- 
tion at the National Gallery 
called The Artist's Eye. It will 
open to the public on July 5 
and continue until August 3. 

It will include hirjp.a luting/ 
collage My Marilyn (1965) which 
features Marilyn Monroe, and a 
personal selection off pictures 
from the National Gallery Collec- 
tion. The Arts Council film 
Richard Hamilton will' bp shown 
at 4 p.m., Monday to .^Friday, 
throughout the exhibition^ 

This is the second in tte series 
v of The Artist's Eye exfilbJtihDS 
in ‘.which’ a modern^ .'artist* is 
invited to niake a>chotccr of 
Gallery paintings to tie displayed 
with one of ribe:' artist's -own 
works. The series was in- 
augurated by • the sculptor 
Anthony Caro in 1977. 

I ' 


Two of the perennials of Lon- 
don’s summer effulgence are the 
exhibitions put on by the two 
.-.emur dealers in old masters, at 
the Piccadilly end of New Bond 
Street, Agnew and Colnaghi. 
Dealers may complain of the 
scarcity of fine paintings, but this 

year these two shows are up to 
standard, even if the incidence 
of actual masterpieces is not so 
marked. At Agncw (till July 28: 
nul Saturdays, but open Thurs- 
days till 7 p.m. instead of 5.30 > 
a big Cuyp presides in the 
serene certainty of sheer quality 
wonderfully preserved. Not that 
ihe subject matter will astonish 
you— as so often, it is cows, 
estuary and a hosj or two: j *plr 
of earth, a hroken fence: water 

and sky. Bui above all light and 
air. The benign am) elegair 
magic that Cuyp at bis suhtlest 
could distil nut of these everyday 
elements inlo a peaep certainly 
beyond all understanding, i.s nnc 
of the miracles of European ideal 
landscape art — even Claude has 
to be at his best to surpass Cuyp 
ai his best. 

At CoJnaghi (till July 7. Jiyfi. 
Saturdays 10-1). the outstanding 
picture could not be more oppo- 
site in mood — by a Dutchman 
likewise, Dirck von Baburen. hut 
painted earlier in the century, 
about 1615. and in Rome — and 
exercising with brilliant ronlrol 
the language of Caravagcesque 
drama. It is The Capture of 
Christ: a subject, with its torch- 
light setting at night, its opening 
in violence or the story of The 
Passion, dear to the fiiie- 
brrui. The complex, seething 
composition is handled with 
astonishing assurance ((he 
painter died perhaps even before 
he was 30). It is resolved from 
two sources of light — the flaring 
torch, high above tbe head of 
Christ, bowed in submission, 
almost tenderly, into Judas' em- 
brace; a dark lantern below, 
opened to spill light on the fran- 
tic gesture of Malchus. Tending 
vainly at tbe knife that will lop 
his ear.- Dutch and Flemish 17th 
century painting is well repre- 
sented at Cninagbi: a little Bel- 
shazzar's Feast by Bramer, 
elegantly Italianate but fore- 
shadowing comparable effects by 
the young Rembrandt— and a 
Rubens study of two Emperors’ 
heads. Magnificently drawn, for- 
midably characterised, they pro- 
voke "the modern onlooker 
nevertheless to speculation as to 
what kind nf imperium they were 
the ideal embodiment of— Nero 
and Galba they are, true bully- 
boys. In vividness of character, 
they are matched by a little early 
Italo-Flemisb panel of a mer- 
chant attributed to Ambrosius 
Benson — a flat-headed low-brow 
bourgeois merchant, be-ringed 
with material prosperity, shrewd 
yet also somehow vulnerable — 
one wnnders indeed whither the 
missing pendant — that of his 
wife to whom be must be offering 
a ring— has strayed. Tbe por- 
traits at Colnaghi are indeed 
gbodr-a dour Philipp? de Cham- 
pagne (rare and underestimated 
in this- country); a sultry young 
man by Cario Dole!; and a mag- 
nificently fresh young English 
gTand tourist. William Fenner, 
painted by Mengs in Rome in 

Elizabeth Hali 




Detail from ‘Nero and Galva* by Rubens 

1757 —fbe bloom on the shoulder which being settled, the dignity 
of bis red velvet coat succulent and accomplishment of the per- 
as a fresh peach. are all tbe more impressive. 

Both Colnaghi and Agnew Two enterprises by national 
show staples of collector's de- museums are to be saluted. One 
light in the grand flower pieces permaIlent one-Uic Victoria 
the still-lifes. Boin have a ...... . . 

Rysdael. and both delightful Albert— oas reached up 

examples of those frailer, won- tiirough the Piranesian tangle of 
derfully decorative landscapes, its upper stories and dislodged 
less or'raore Italianate. spiritual its oil paintings from its aerial 
ancestors of Gainshorough in his attics where they resided. The 
arcadian lyric mood of about paintings are now installed 
1760 — lilting hackaert of a immediately to the right of the 
hawking party on horses, dappled front door: nut an ideal situation 
with woodland sun (Agnew); a (at basement level, and so, arti- 
big and airy Wynants of a river ficially lit — volleys of spot- 
valley (Colnaghi). lights) but overall a great 

Agnew has among three Bain, instantly accessible instead 
Guardis (two of that delightful ?f needing exploration. For here 
postcard size), a luminous hazy >s one of those strange anomalies 
vision nf San Giorgio Maggiore. that infuriate or delight the 
all awash with light and water as curious London perambulator, 
if held just this side of sinking Here is what was meant to be 
by sheer faith; there are a few the National Gallery of British 
portraits here, but among them Art (and was until the Tats 
the account of a young ladv in a bloomed on niillbank) based on 
classical garden' by Karel de the rich collection of mainly 
Moor takes a theme more Victorian paintings collected by 
generally associated with Sheepshanks, Here is the col- 
Netscher. but in terms of a girl lection of Greco-Mancunian 
aged every day of 12 posing with Innides (d. 1900). including per- 
deiieious insouciance as if fully haps the strangest pictorial con- 
adult. A saturnine wholelength frontation in all London: a 
of a very grand gowned Genoese shrine of family portraits by 
aristocrat last seen (somewhat c. F. Watts might sene as 
worryingly) at Brussels in 1965 ikonostasls. beyond which a 
as by Van Dyck, is here ascribed superb hallucinatory Louis le 
much more convincingly to a Nain confronts Degas's extra- 
Genoese follower. G. B. Carbone; ordinary medley of Parisian 

audience, the orchestra's musical 
instruments, the ghostly nuns on 
stage, at a performance of 
Meyerbeer's Roberto il Diavello; 
across them Delacroix's claustro- 
phobic study of the doomed 
shipwreck boat from Don Juan 
confronts a serenely nostalgic 
Poussin school-piece of an 
artist drawing among ruios. And 
beyond these (and not in the 
Tate as you might expect) is the 
finest display of Constable in tbe 
world: one case, that with his 
littie oil studies of Brighton 
Gdone on the lid of ray box on 
ray knees as usual’) shown un- 
framed. seems to catch the artist 
actually at work, and the 
immediacy and vividness of that 
delight alone should exhilarate 
anyone for a whole day or more. 

Finally, an admirable exer- 
cise by the National Gallery in 
aid of Birmingham’s dauntless 
campaign (deadline July 11) to 
salvage two of the Canalettos of 
Warwick Castle sold from the 
Castle. The two can now be 
seen in the National Gallery 
Boardroom. It is just about the 
first time that it has been- pos- 
sible for the public to study 
these crystalline masterpieces 
properly: unless £77,000 more Is 
found, it will also be the last 
time that one of them will be 
visible in this country’. A large 
collecting box is conveniently 
placed by the pictures. 

Mr. Eschenbach’s piano recital 
on Sunday began and ended with 
well-loved Beethoven sonatas, 
framing early Schumann and 
Berg. The Berg was of course 
his op. l Sonata (sadly, he 
wrote nothing else for snlo 
piano), to which Eschen bach's 
nervous sensitivity is ideally 
suited. He maintained a sense or 

shuddering development through 

all its fitful tempi and its 
exacerbated harmonies; his 
drained piani^simos were pecu- 
liarly Intense, and the power of 
the stabbing climaxes was judged 
to a nicely. The forma) silhouette 
of the piece is not often pro- 
jected so clearly, nor its fraught 
inner voices so delicately 

Where inner parts carry some 
rhythmic energy Eschenbach 
seems content to give a general 
effect: he flicks at them, or just 
skitters. The Schumann pieces 
lost something by that, though 
their confiding lyrical tone was 
confidently held. Schumann's 
op. 1. the ** Abegg " Variations, 
sounded wistful from start to 
finish, with gossamer flurries in 
the quick variations; but its 
sturdy passage-work was devita- 
lised. and some of its neat little 
jokes were too limply turned to 
click. The rarely heard Allegro 
in B minor, op 8. was given a 
firm overall shape — no easy 
matter, for despite Its origin in 
an intended sonata its design is 
odd and elusive: a welcome 
resurrection. All the same, one 
could not banish the thought that 
Schumann's piano writing was 
planned for tougber fingers. 

Elizabeth Hall 

Gerald Larncr's programme- 
notes have been a consistent 
pleasure in the current South 
Bank Piano Series, and this time 
he drew upon Rousseau for clari- 
fication of wbat Beethoven 
would have understood by 
Pathdtique when he applied it 
to his op. 13 Sonata: epically 
emotional, but not necessarily 
grfcf-laden or slow. (There's no 

reason to assume that it must 
have meant something different 
“to a Russian composer at the 
end of the 19th century." merely 
on account of Chaikovsky: when 
Skryabin wrote “ patetico.*’ as be 
often did. it was rhetorical pas- 
sion he had in mind. 1 ) Escbcn- 
haeh’s account of the 
“Pathetique"’ offered extremes of 
tempi, and an extreme rubato in 
the opening Grace; the Adagio 
cantahile was sweetly restrained, 
th«> Rondo wau and ambiguous. 

Finally. the “Waldstein” 
Sonata was less a business of 
relentless energy than of con- 
tinuous anxiety, less driving than 
driven: an interesting and con- 
sistent reading, with "the second 
subject skilfully managed so as 
lu emerge glowing from the 
nervous flow without breaking 
it. The preface to the Finale 
was explored in still suspense, 
and Eschenbach sustained the 
worried, provisional feeling far 
into the Rondo itself. Probably 
he aimed at scintillating confid- 
ence in the Prestissimo, but the 
uneven flicker of his semiquavers 
compromised any such effect. 
Not a misfire, exactly, but it made 
a strangely qualified conclusion, 
a tentative triumph. 

Beaux Arts Trio 


The Marowitz Hedda 


"- i; 

L’“ V* 


V'ijr* ., ■« *•* 

L- ' \ • - ^ 



" RvnON StMEtSWl TK.Cll-930 £578 


Tuesday JmSa.^eth ■» >»y 


Inttii^'pertQrmanbrfor - 

. *>■ 

tour deffirc&'ff 
simpbimtio m - 
missed bjfJuiybite 

^ailihreeT : 

futidav to Satytff&y at &0 


/Mfp upnn a r* Afaatto) ■ 

N Prices to £3.00; 

Charles Marowitz has struck, 
again. After Hamlet, and his 
other Shakespearean collages and 
"free adaptations," and a simp 
lar treatment accorded to 
Buchner's Wo«;ecfc. which be 
also staged in Norwegian in Ber- 
gen three years ago, it seemed 
logical that he would want to 
tackle Ibsen’s Hedda Gabler in; 
tike manner. Something peculiar 
to tbe Norse sense cf humour 
undoubtedly made the Bergen 
Festival pick on him to stage the' 
world, premiere of his latest col-, 
lage. called simply Hedda, during 
the 150th Ibsen, celebrations at 
the National, the very theatre 
.where Ibsen himself once worked . 
as ** dramaturg " and director. 

Norway warmed to Hedda. The 
Oslo reviews were rapturous. 
Only a couple of Bergen critics, 
demurred.' Hedda. unlike earlier 
■Marowitz/. .collages, introduces 
'characters,, and scenes _ that; 
Ibsen's play leaves to our imagi- 
nation'. -though, according to 
Marowitz and to Liv Schoyen, 
bis- -Norweglaji co-adaptor - and 
cO-director. every word - spoken 
4s "Ibsen’s' own.- . Hed da’s odd be- 
ijjayibiir. and motives are iu^. 
ieoiously linked by bringing. on 
oid. General Gabler. the ailing 
.Aunt Rina, and the “naoehty* 
[id is£ .'.Diana in her deraunondc 

Tesman's subservience to his 
.aunts: as boy and adult, is made 
[explicit by Unking them with 
a n umbiheaf cord which becomes 
a' skippinfiTope to which be has 
to dance. The General, in a 

A half game, with Lovborg's manuscript as the ball, in Charles Marowitz’* ‘Hedds’ 

silver uniform, returns from the 
grave .like Mozart's wronged, 
father in Don Gtoranni. not only 
to admonish his unruly daughter 
but.' also to receive her Oedipal 
caresses, which she also lavishes 
simultaneously on her husband 
and; on her lover. It is the 
General who fulfils his daughter's 

unconscious desires by firing the 
legendary pistols at all and 
sundry on her behalf. 

Most revealing of Hedda's 
thwarted nature is the recon- 
structed brothel-scene, seen, as 
all else, through Hedda's eyes. 
Here Hedda can change places 
with Miss Diana and cast her- 

sf If. ;i~ it were, in her rival’s set. a circular sloping white disc, 
roll.- «:■■! into Lov burg's arms, that shatters like an egg-shell at 
The ;r.:cas. onlj reported by the climax, makes it clear that 
Judge Brack in ibsen. here everything we see has been tak- 
acUi iH. takes place ;is in a comic inu place in Hedda's mind. The 
mi iv Ir -»r silent days, one or whole evening is as much a 
several extremely funny triumph fur its devisers - a s it is 
moment’* in the 75-min tile Ion? for the striking Janny Hoff 
show. John-Christian Alsakcr's Brekke in the title-role. 

The Beaux Arts Trio are not 
merely America's finest piano 
trio, but one of the great 
chamber ensembles of tbe world. 
It is no Inflated praise to com- 
pare them to tbe great ensembles 
of the past, to whom they are 
natural heirs— the trios of 
Thibaud-Casals-Cortot and Rubin- 
stein-Heifeu-Feuermano. The 
Beaux Arts' appearances in Lon- 
don these days are far loo rare 
—but their recital on Sunday 
was both confirmation and com- 
pensation of a kind: an evening 
of purs delight from start to 

They began their programme 
with the late Haydn C major trio 
(No. 27). striding out in the 
first movement with a fine, 
resitient spring, warming the 
andante with gentle contrapun- 
tal conversation, throwing off 
the finale as a sparkling tour de 
force, brilliantly led and sus- 
tained by the pianist Menahem 
Pressler. The Haydn C raaior 
has always been one of the 
Beaux Arts’ special party-pieces: 
and they have long been cham- 

pions too of- the Mendelssohn 
trios, still both much-oeglected. 
Their account of the D minor 
trio was a marvel of fire and. 
suppleness, of flexibility of 
phrasing and easy rubato: the 
andante touching above all for its 
simplicity and economy: tbe 
finale, taken very fast and light, 
an insistent, mesmerising play 
of light and shade. 

The Beaux Arts ended with 
Schubert's B flat trio: a miracu- 
lously whole and coherent per- 
formance. illuminated on every 
page by flashes of dark and lov- 
ing poetry. The andante and 
Rondo especially showed tbeir 
greatest quality: a freedom to 
indulge in quite extreme indivi- 
dual a* well as collective rubato 
— in this sense they are an "old- 
fashioned" ensemble — without 
any loss of clarity or the least 
hint of expressive strain. The 
Tour movements emerged as a 
single span, delivered without 
hesitation: gripping unanimous 
argument, fresh and buoyant, 
not one gesture hollow, nor one 
essential note false. 


Swiss Industries Fair Basel, from 10 a.m. to 8 p.m., 
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Telegrams: Finastimo, London PS4, Telex: 886341/2, 883837 
Telephone: 01-248 8000 

Tuesday June 13 l&TS 

Cuba’s African 


THE TRUTH about last month's 
invasion of Zaire’s Shaba pro- 
vince will probably not be 
known for a long time, if 
ever. It has now emerged that 
Mr. Fidel Castro, the Cuban 
President, told the U.S. some 
weeks ago that he had tried n 
prevent the rebels' incursion. 
'•'Washington, on the other 
hand, continues to maintain 
that the attack was mounted 
/with Cuban connivance, iF not 
active encouragement. How- 
' ever flimsy Washington's evi- 
dence. there is no doubt that 
the Cubans are effectively in 
control of Angola, whence the 
invasion was launched, and it 
' ran only be assumed they had 
some h3nd in training the 
rebel forces. Whether they 

• then positively encouraged the 
Katange^e to cross the border 
is nf only marginal relevance 

" to thpir longer term objec- 
tives in Africa. 

Long-term policy 
It would be wrong to see 
"Cuba'i African role simply as 
='-*-hat o F a Soviet cat’s paw. It is 
-true that President Castro has 

• drawn much closer to Moscow 

• over the past 10 years or so. 
Rut it i* equally free that 

■ Cuba ha* its own independent 
: reasons for adventurism. 

• Prys.dciu Ca.-tm has made i! 
-Mit,. clear that Cuban troops 
are in Africa as a result of 
long-term policy and ideological 
moderations and that they 
are no) jnjnr Jo he withdrawn 
.•n The foreseeable future. He 

.makes' no -iM-rel of their avail- 
chili ty for future operations in 

• Namibia. Rhodesia and ulti- 
ma' ely Smith Africa. 

' It is not hard to speculate on 

• the underlying reasons for this. 

• Cuba remains relatively isolated 
?in the Western hemisphere and 

President Castro's revolution 
has not ignited the widespread 
tiprisines throughout Latin 
America that he once so ennfi- 
-den»'v predicted. Domestically, 
Cuba still faces the familiar 
■social and economic problems of 
most developing countries. A 
ftireisn ad venture has long been 
one of the traditional methods 
of diverting attention from In- 
ternal difficulties, and quite 
sna r: front *.hnrtcr->rm con- 
siderations. President Castro 
•wants to be remembered as a 
historic revulutionary figure. It 
js Hearly attractive to him to 
pu‘C a* the hero nf the African 
liberation movement 

Cuban objectives thus dove- 
tail neatly with those of Moscow. 
Ir is unlikely that the Soviet 
Union has an overall grand 
design for Africa, it is quite 
obvious, however, that the Rus- 
sians prefer to sec Communist- 
leaning regimes installed where 
possible, anil that they regard 
changes in the existing power 
structure a-i generally to their 
advantage. Moscow apparently 
believes political disruption in 
almost any form to be in its 
lung-term interests — the more 
so when it occurs in an area 
vital to the West’s supplies of 
raw materials. 

That is no reason, however, 
for the West to be panicked into 
over-reactinc. Mr. Callaghan was 
right at the recent NATO 
summit to urge his colleagues to 
proceed with caution, even if he 
did su in an unnecessarily 
patronising manner. The history 
of Soviet-Cuban intervention in 
Africa is not a total success 
story. The Soviet Union has, at 
least for the time being, lost its 
foothold in Somalia, and there 
are reports - f growing divisions 
between Moscow and Havana 
over the Ethiopian campaign 
against the Eritrean separatists. 
It is unlikely that the Angolan 
Government could survive if 
Cuban forces were to withdraw, 
and the Cubans have so far 
avoided confrontation with 
white nr Western troops. If a 
mimher of American hard- 
liner* see an imminent threat to 
the West, the military assess- 
ment tn Washington is that the 
balance of forces has not so far 
been seriously altered. 


It is. in any case, hard for the 
West to try to deny independent 
Governments like that of 
Ethiopia the right to solicit out- 
side military aid to defend their 
frontiers. That was, after all, the 
mam justification for France's 
action aeainst the Zaire rebels. 
It is a card that the West will 
want to keep up its sleeve for 
pnssihle use again in the future. 
Whether or not the invasion of 
Shaba province was condoned 
by the Cubans, it provided a 
useful opportunity for the West 
to signal that it will not put up 
indefinitely with Soviet-Cuban 
mischief-making. It will not 
make the Cubans go home. But 
the vehemence of President 
Castro's denial of Cuban in- 
volvement at least shows some 
concern at Western reactions to 
his African activities. 

■ t 1 -- . m - 


i ,v: ■*-- X *—# J 


ATTEMPTS TO counter the 
growing resort by more and 
bin re countries to the use of 
Subsidies tn aid ailing indus- 
tries are being made both in 
the preparations for the Bonn 
iummit meeting of the seven 
leading industrial nations next 
nionrh and in the Tokyo round 
of GATT trade negotiations 
where it is hoped to reach a 
basic political agreement in 
time for the meeting at Bonn. 
At the latter meeting, the U.S. 
and West Germans will press 
the other governments present 
to agree to limit state aids as 
part of a wider package nf 
measures to boost the world 
economy, while in the GATT 
ialh« the question of industrial 
■subsidies is seen as an essen- 
tial part nf a new international 
.agreement covering both tariffs 
non-tariff trade harriers. 
Thn rniwnnri thread is the crow, 
ine concern at the extent to 
Wh ! **h world trMo is h« ; n" 
torted by subsidies and other 
forms of protection. 

Spread thinly 
For the British Government, 
$irhi'-h has becomp one of the 
injin sinners in This regard, the 
iSsuo i* of snrop considerable 
political sensitivity, -particularly 
with an election in the offing. 
As in other countries, there 
has a crowing: feeling that 

the costs of traditional com- 
mitment to a liberal trade onliev 
can he ton high in terms of 
line m Dio sn^ the d'*mn- 
tinn evneriprve-l hv industries 
particularly evinced fn import 
competition. Politically and 
socially, fh's reelin'* mav he- 
understandable for the advant- 
ages oF fr^de Iih^oPsation are 
spread widelv and thinly and 
hre not easv to pin down, while 
■the disruption caused by up- 
surge* in imports during the 
recent years of relatively slow 
‘Afcowth In world trade have been 
considerable. But the need for 
oulcker-aetine and more selec- 
tive safeguards against surges 
in imports whirti cause ecnnn- 
pdc damage has been well 
recognised in the current GATT 
round and is quite separate 
fpom the argument about the 
USe of state subsidies. 

.The dancer in resorting to 

state aids f ,1r industries facing 
irriport curapelltinn lies in the 
risk of confusing cause with 
effect — in believing that im- 
ports are sponsible for the 

weakness of a particular sector 
rather than, as may often be the 
case, the consequence of a 
deterioration in competitiveness. 
Unless aids are limited strictly 
to the promotion of structural 
improvement, a vicious circle 
may be established - 

The effects of protection can- 
not, moreover, be confined. Costs 
to othei industries and to the 
final consumer are increased. 
The saving- of jobs in uncom- 
petitive industries can thus 
make more difficult the creation 
of jobs in industries with a 
future. Other sectors facing im- 
port competition will clamour 
for similar treatment There 
will be the risk not only of 
retaliation but also of emula- 
tion in other countries, 

As the experience of the Euro- 
pean Community has demon- 
strated, it is not »t all easy to 
police international rules on the 
use of state aids. The U.S. and 
the West Germans do not expect 
Britain and other governments 
to cease granting subsidies 
altogether b.ut they want their 
use subjected to effective disci- 
pline. This inevitably raises the 
question of making state aids 
both specific and transparent, 
matters on which the European 
Commission in Brussels has 
been labouring hard, without 
very much success, for ' some 

years. It is not easy, for instance, 
to pin down the precise effects 
of tax concessions, guarantees, 
and cheap loans, while the 
financial arrangements that are 
often made between govern- 
ments and state-owned indus- 
tries and companies can be even 
more difficult tu unravel. 

The first requirement, how- 
ever. is for governments to 
recognise that in the end no 
one can win from international 
competition fn subsidisation. 
The process of adjusting to 
changing patterns of trade In 
the last few years of worid 
recession have been difficult. 
But adjustment is likely to be 
a long and continuing process 
as more countries in the 
third world seek outl?ts 
for their new industries in the 
markets of the developed 
nations. The forthcoming meet- 
ings will present an opportunity’ 
for securing a basic inter- 
national understanding on the 
use of subsidies which may not' 
rise again for a very long time. 

T HE FLOOD of imports 
of low priced East 
European tyres into this 
country has prompted the 
British Rubber Manufacturers 
Association to present the EEC 
with an anti-dumping plea 
later this month. Britain s lyre - 
rnakers say the imports are 
undermining their home market. 
Unquestionably, they are doing 
considerable harm, but the real 
causes of the tyre industry's 
lack of profitability lie deeper. 

In essence, the industry' has 
the installed capacity to manu- 
facture more tyres than its 
customers need. A ruthlessly 
competitive marketing system 
ensures that ii has great 
difficulty in selling them at 
realistic prices. 

The problems which have 
taken most of the profit out of 
tyre making began some years 
ago with the ending of resale 
price maintenance, which turned 
what had been a carefully con- 
trolled business into one with 
price-cutting as its main selling 
weapon. This coincided with the 
motoring boom of the 1960s. 
Most tyres were still of crossply 
construction and they wore out 
quickly enough to maintain re- 
placement demand at a high 

So, despite discounting, tyre 
manufacture and marketing 
remained profitable. The tyre 
safety regulations, introduced in 
1968, further fuelled the boom. 
Sales of imported tyres were 
still so small as to be irrelevant. 

In the early 1970s, the longer- 
lasting radial tyre began to 
affect the situation hut the con- 
tinuing growth of car ownership 
kept tyre sales buoyant. 

For the tyre industry, the oil 
crisis which began in late sum- 
mer of 1973 was a disaster. Car 
production fell, which reduced 
demand for originally fitted 
tyres. Speed limits and soaring 
fuel prices reduced vehicle 
mileage and lowered demand for 
replacement tyres. And the cost 
of oil-based materials from 
which tyres are largely made 
increased enormously. 

The nil crisis, and the econo- 
mic recession it sparked off, 
could hardly have come at a 
worse time for the industry 
because by then the effect of the 
radial tyre — and. specifically 
the steel belted type — was 
beginning to bite. The industry's 
favourite indicator, the tyre 
replacement factor, tells the 

Although the number of cars 
and vans in Britain grew front 
14.1m to 15.11m in the three- 
years period 1972-75. replace- 
ment tyre sales dropped from 
22.4m. to lP.4m. The tyre re- 
placement factor (the number 
of replacement tyres sold 
divided by the number of 
vehicles') fell from 1.59to 1.27. 

The number of vehicles has 
continued to rise • since the 
worst days of the : recession but 
the tyre replacement factor has 

Further declined. This year, it is 
likely to reach 1.26 < compared 
with 1.3 in 1977). As tyre tech- 
nology advances, there no 
hope that Ihe tarend will be 
reversed unless lyre safety legis- 
lation — and its standard of 
enforcement — is toughened. 

At present, the tyre manufac- 
turing and distributing 
industries (through their official 
bodies the British Rubber 
Manufacturers Association and 
the National Tyre Distributors 
Association) are campaigning 
for mure stringent tyre safety 
standards. In particular, they 
want to see the tyre with :t legal 
amount of more than 1 mm 
pattern across 75 per cent of its 
tread but with one- bald 
shoulder made illegal. 

Barring any spevtaettbr 
change in the tyre safei> laws, 
it looks as though the annual 
car/van tyre replacement 
market in Britain has .-•-•:tied 
down at around 20m units ?. year 
for some time to come. The num- 
ber of vehicles will undoubtedly 
increase but the Tyre replace- 
ment factor, due to con.-iantiy 
improving tyre technology, will 
maintain its slow decline. 

The steel-belted radial, which 
lasts up to 25 per cent lonuer 
than a textile-belted rarii2l and 
more than twice as ion-- as a 
crossply. is row alnu.-i the 
standard kind of car tyre, in 
1972. only one replacement 
radial in three was steel netted. 
This year, the replacement 
figure will be well over 50 per 
cent, and rising fast The steel- 
belted radial tyre will account 
for between 85 and 90 per cent 
of original equipment purchases 
by the car makers this year. It 
will probably take between ivo- 
and-a-half and three years 
before the majority of them are 
due for renewal — and their 

At one time they were primarily 
wholesalers but in the last 
decade they have entered the 
retail tyre business so success-' 
fully that they handle an 
estimated 70 per cent of sales 
compared witb the garage 
trade's 30 per cent. That is a 
complete reversal of the 
historic position. 

And the distributors, once 
sturdily independent, are now 

in the mam owned by the tyre 
manufacturers. This process of 
vertical integration was started 
in the late 1950s by Dunlop and 
every - other manufacturer 
followed suit. Dunlnp's National 
Tyre Service is now the biggest 
organisation of its kind in 
Europe, with about 450 ouilets. 
Some are of modest size with a 
turnover of perhaps £100,000- 
worth of lyres a year: others do 
that amount of business each 

Other large manufacturer- 
rwned retail chains are 
Associated Tyre Specialists 
(Michelim, Tyre Services 
(Goodyeari. All Tyres iFire- 
stnne). Central Tyres (Pirelli) 
and Motorway (Avon). 
Together, they outnumber the 
independent specialist retailers 
and handle an estimated 65-70 
per cent of replacement tyre 

In the U.S.. manufacturer- 
owned “equity" nutlets handle 
only company brands, but the 
British “equity" tyre specialist 
deals in all kinds of competitive 
tyres, though managers are 
expected to favour parent com- 
panv brands if they can. 

The specialist outlets — 
whether manufacturer-owned or 
independently run — and the 
garages have mare than 90 per 
cent of the replacement market 
However supermarkets and 
hypermarkets like Asda. 







indhstry; Jt has 

50- per^eeirt. ot \8 ^H^ . tgre -• 
replacement . ~.y raart»t : s^> to-, 
importers,. .BrfHsJi'. companies 

arrongtheTO.^;- ' 

, Bee ause? 'pfv- the define fef ' 
sterli ng,- 'wlnt - f&£ 

dustry : calls; . v 

haVe'heen" fl ocni^iingr'Iteai^s; ' 

stead o£ befog rsotfd^v^staB ;fo 

foe'-t . . ... ..... ...... . 

there - -at>6 tghly ^competitive 
prices. Jri 1976, rblarftieXftots? - 
of car tyres ilope^&inpfo^l, to 


t juToch • Jfoifs^ Last. \ 

■dipped ■' Wr'-XSfo'-T-:" 4st2ffi.«re: 

GOODYEAR 21% ...... . . . 

' Now the wheRJfos ttfffi&ffna 

circle. Because q^Bsfitgiqiporti-: 

- ' ' r 1 • - some . pc the -ra*m]ap&V£\j^ 

Last year they amounted to quality and increase the output pean '• lyr£. . ‘tantari^i' haro 
700,000 units worth £C82' of all-steel radial truck tyres. •• inflated -ta.ventpEtesjx^ffms-'has 


Can and vans 
in use 

Total replacement 
' tyre sales 
(new and remould) 
lor cars/vans 











15 .950.000 
* Estimate 











replacements- will be more steel 

If the prices realised fur 
advanced technology steel- 
belted radiai tyre* were related 
to their mileage potential— 
vastly greater than that of the 
old-fashioned crossply tyre— 
the industry would be happier. 
But unfettered competition in 
the marketplace has ensured 
that the '* steel " tyre is sold 
too cheaply. 

The reasons are complicated. 
Few industries can match the 
tyre industry's anarchic 
marketing arrangements. Tyres 
are sold through many different 
types of outlet. The main ones 
are specialist tyre distributors. 

Wool co and Carrefour are a 
rising force. To the chagrin of 
the distributive trade, the tyre 
manufacturers rushed to supply 
the hypermarkets direct, even 
though they are in direct com- 
petition with their own equity 
outlets and v.ilh the 

It is against this background 
of profit-eroding competition 
that the threat from cheap 
imports has to be seen. Their 
rise has been startling. Total 
imports from the Eastern bloc 
(and these are what the BRMA 
is complaining about) were only 
70,000 units each worth an 
average £2.19 landed in 1970. 

apiece. British tyre manutac- ‘At present, Russia can use all fod ; fo - 
turers say British ex-factory >-^6 radial truck tyres it can pro^ famous . 
prices are higher than the duce> and demand is likely w ^*{1^ 
landed prices of these East supply for many years, of- them > . 
European tyres and that British tyre ' industry sources, Many ; 

must therefore be dumped. ! . .however, point to the. analogy” specialists, for 

There h considerable Is^witti Soviet-mode Lada ms. ;. ■ 
dence to support this contention.' . There is a huge and unsatis- g3 m ^-mfonfeghirer^B^hiah 

.Although the Eastern bloc tyres .fied demand for .• .-LVfcf- j " 

do not match the quality '.o£ the Russian home maritet, but p e 
British tyres — the latter are as they are being exported in sub- 

good as any in the world— their stantial and growing numbers to « 

material and labour content is foe West for hard currency. . S2SSS^£*SSSSS2S • 
broadly similar. Even foongfe ' At present, it is estimated ’ 

the imnnrts* landed price bears that between 33 and 34 percent to ctmvert te.ra^^^yL^^no- . 
nesligiWe promotional , costs . of the tyres sold in Britain are- tioa # 
and considerably less research' imported. About half of these ^eosL/ ..tjW.. 
and development charges, foe are from Eastern European unable^ 

difference between their price sources. Japanese imports are demand 

and that nf an equivalent British minimal — a mere 37,000 units replacement fac ials.. xAt^urst. 
rvre Is nnt easily explained. 1 at last year, compared wifo 100 j000 they . were 1 U ??-- 

anv rate by western accounting in 1973. •. •' • ' raiaHer : 

techniques. Imports from EEC countries European masers^ - imatHy 

East Germany’s share of this have tailed off following the Michelin ^ ^ - . 

ten-fold increase in the "volume fall in sterling. Some manufac- stimulated aemand._ ; 
of imports has been bv far the turers. like Kleber-Colombes of tyres . • for > .. : sta?mTO5aed 
largest. Tmnnrtc of Pnenmant France and Continental of American cars. .r 
r>Tes from its state-owned fa* Germany, are now concentrat- Althou gh the U.S- fodu^rys 
torv rns*» from 18.000 in 1S70 fog on selUns higher-value and iimuid^ butpUtT oL- H0kS- :C*r 
to 503 non la«t vear.' A grnwine: specialist types of .tyre: in tyres is aow oO-p^-cart fodial,' 
prnnnrtinn of them, are all-steel Britain rather than trying to a - little orar*.- :X&m - 
radiai tvre< for heaw lorries compete head-on with popular virtually all.- .-Mdiafcrr4«erft . 
v.-' T h a reteU value in foe region sizes. imported lasr yeaL - ilfoe. m 

of yioo antece. ■ " In earthmoyer tyres/ a small European " suppliers . ; r r r were . 

Curiouslv. East European volume but very high vaIue France. Germany T anffItal? v bjit 
rires are beinrr produced with market segment . in which a Britain shipped 4l7,(?00 lyre* 
the aid of w»*9*rn te^hnolbar. single tyre may cost over for sale . on the tLS/irepIatf:- 
Fr.r pxamnle. Taurus tyres from £15,000. the British industry is meut market, Eufopema^JiTe 
Hunearv are made in a plant being seriously affected bv. im- makers are confident, they. will 
wh»cn depended h*»avilv nn teen- ports. These are frout Japan in retain and possibly increase 
nolosv- from Semperit of foe main but include some.from their sbare^ of ; Uiiis- huge aad 
.Aiistria. • Noarep to home is' a 'low-cast ptoducer countries like lucrative rharketmaicSy becatfie 
recent multi-mMlinn pound tyre South Korea. of higher product quiffty. 

making know-how Heal between The British manufacturers . H avi«v hareKr digested-' the- 
the USSR and Dunlop-Hrelli. complain these imports are tfungeoVej. frpj crote-pry to- 
In the past ten years the " tearing foe heart out " of their radia] construction, foe Btitisb 
group has supplied £W5zn worth earthmovmg easiness because industry is taking aii rader- 
ot plant machinery and tech- they are being left only stan <j a biy cautious tine^ on 
oology for rubber manufaclur- to supply the Ies> common and farther technological tfpmge. 
ma to the USSR, So far, most less profitable sizes to the con- Evei _ manufacturer «x*teri- 
of the resulting output has been structiDn industry. No British menia ^th radically new kinds 
used by the Soviet motor-vehicle maker now sees much hope of of tyre j nc ] U dine foose vrhich 
industo' and -only a- trickle of getting a reasonable return on h3VC no re-informng -pU^sr and 
Russian tyres have sold against the substantial capital invest- can be mou ided in k sfogie 
foe British product in Britain, ment necessary in comniission- operation. But radial-ply -coo- * 
But the latest five-year agree- fos nev? earth mover tyre plant sthiction is unlikely tobe’foper- 
ment between Dunlop-Pirelli T “ e fear Is that this specialised seded oh any scale iortil -the 
and the Russians is worrying part of -the industry may wither. x990s at the earliest. Ja, foe 
some sections of the British tyre The British problem pales tyre industry's view, onajevo- 
industry because it involves sell- into •insignificance compared lution every 25 years. i$. fctfto 
ing terimology to improve the with that of foe West German enough. .... ^ 





Guru works to 
woo the Weald 

Two months ago the Maharisbi 
movement had foe wonder- 
ing as they toid me how they 
were wooing foe captains of 
Brlttah industry and NATO’s 
armies. So, when they invited 
me to join 200 Transcendental 
Meditation teachers ■ at their 
ambitious "Capital of foe Age 
of Enlightenment for Great 
Britain,” curiosity drew me 
through the Weald to their 
headquarters la the spacious' 
Tudor mansion of Roydon Hall 
in Kent. 

1 had hardly walked through 
the door before one adept was 
telling me that he could no 
longer fly in the lotus position 
as he had dislocated his knee. 
This, I was to'd; was almost stan- 
dard for those studying the 
Sldhi techniques used by the 
movement but that for the time 
being there were only a few 
who could make themselves in- 
visible or walk through doors- 
Could I see this? I asked, only 
to be told that ,the movement's 
founder. His HoMness Maharish! 
Mahesh Yogi, did not like his 
followers to show off. 

At the previous meeting I had 
attended' three businessmen had 
turned up to hear reports of 
employers' claims that teaching 
TM “ was the .best investment 
I ever made*' and “reduced 
absenteeism.” ‘ But, this time, 
even more serious business was 
afoot The Maharishi movement 
believes that when more than 
1 per cent of the population of 
a city meditate accidents 
Hoftease. hospital admissions 
fall, unemployment may drop 
and divorce may become less 

If 1 per cent of a country is 
raeditatinc it helps. I was told, 
“the invincibility nf the nation." 
And reachine such figures was 
rhe aim of the one-month cam- 
paign they were beginning yes- 
terday in Kent 

TM teachers told me that the 
Maharishi is interested in 

$H 0 P 



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armed forces as they account 
for about 1 per rent of the 
population and that the, move- 
ment has a Supreme Military 

Last night, before the Mayor 
of Canterbury cut a ribbon and 
foe first eager teachers set off 
to convert Kent, there was to be 
Morris dancing and fireworks. 
Later in the week representa- 
tives of Mongolia and Taiwan 
are to speak at Roydon. One 
spokesman told me that the 
whole of one Latin American 
cabinet which recently took 
office meditates. He added: 1 "In 
Chile we have a lot of support 
at governmental level and as foe 
support has grown the regime 
has softened." I questioned this. 

The Maharishi bad been due 
to telephone us from his Swiss 
headquarters at mid-day. At i-45 
the telephone call came through 
but the line went dead so a 
guitarist played us Green- 
sleeves. We sat back in the 
marquee on the lawn and event- 
ually the call wa*r reconnected 
to the loudspeakers, i learnt it 
was the fourth year nf the Age 
or Enlightenment and the Year 
of Invincibility for Every 
Nation and that the Mahanshi's 
World Govern raeni was listen- 

ing. Then twenty nations parti- 
cipating in foe experiment. were 
listed with their population one 
by one. Next the voice started 
listing 82 countries involved. He 
began with the Pitcairn Islands, 
population 70 people, but then I 
had to leave. My taxi driver, a 
retired merchant seaman, told 
me whenever he had reached 
the islands sailors had never 
been allowed to land. 

Fiji apprehensive 

I have become so used to hear- 
ing of Eastern bloc diplomats 
walking out of Chinese^ banquets 
that I now merely imagine their 
indigestion. But last night’s 
walk out also cost them the 
speech of the skined and titled 
Prime Minister of Fiji. Right 
Hon. Ratu Sir Kamisese Mara. 
Turning to a visiting Fijian 
basketball team who were also 
at the banquet, he told the 
Chinese that when basketball 
began in Mexico in the 10th 
century BC “ if the solid rubber 
bail was put through the fixed 
stone ring, the player was 
entitled to have the clothing of 
all the spectators.” He then 
added: “ We, in all modesty. 
sincerely hope that this rule will 
not he applied in foe match we 
will be watching tomorrow 

tunately, FWS had a set so that 
play could go ahead. However, 
PWS showed that all had not 
been forgotten about the 
Savonita. They offered to sell 
foe stumps to WFD for £60,000, 
it did not take WFD long to 
r»alis*> that this was the amount 
that Pearson estimated that it 
lost in brokerage when SIAT, 
foe Italian insurance group, 
transferred its business 

This transfer happened after 
Pearson, concerned at the cir- 
cumstances surrounding the 
claim for damage to Fiat cars, 
refused to press the reinsurers 
for full settlement of the 
Savonita claim. 

The committee of Lloyd's has 
now received all written 
evidence in its inquiry into the 
affair. It will call for oral testi- 
mony before reporting, it. hopes, 
at the end of July. Meanwhile. 
PWS have said foat they are 
reserving their rights to pursue 
a possible libel action against 
WFD in connection with WFD's 
own report on the claim. I am 
told that PWS’s own feelings 
about the Savonita case in 
general have not been weakened 
by their defeat by WFD on the 
cricket field — by no less than 
eight wickets. But PWS’s chair- 
man, Malcolm Pearson, seemed 

“At least we managed to get 
two of them out,” he told me. 

Chinese officials said the joke 
translated well into Chinese. It 
certainly led to prolonged 
applause. I am waiting with Tall story 

interest for reports from the 
China-Fiji fixture. 


Willis Faber and Dumas and 
its bitter adversary in the 
S 50 0.000 row over foe Savonita 
claim, Pearson Webb Spring 1 
belt, have just met in more 
relaxed conflict in the second 
round of the Lloyd's Brokers 
Cricket CUP- 

There was an Initial hitch in 
that WFD were supposed to pro- 
vide the stumps, but forgot. For- 

From Whitehall comes this 
story of a conversation between 
two civil servants: “How did 
you get on at the doctor's ? ” 

“ I'd rather not tell you." 

" Why not ? ” 

" You wouldn't believe me.” 

“ Of course I would !” • 

"Alright then. Jfe told me 
that I had been working too 

“I don't believe you." 






. ... :■ . . . 

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CANA£ 12 fl 00 AYEAR 


We think he' can. . 

It's our experience that such a man, because he usually 
has to maintain certain standards in his personal and 
professional life, finds it difficult to save. 

The value of the capital he owns, meanwhile, seems A\ • 
to be disappearing fast. • 

. What is more he's lucky if that capital can increase his 
spendable income after tax. 

As one of Britain's oldest, unit trust groups, we bdieve 
It is our job to find answers to problems like these. ... . . * . 

That's why we have a comprehensive range of funds ° 
and schemes. ’ * 

• Currently we manage £320 million, and have over 9&XKH3 
unitholders. '■ . . - '■■■■>' 

While wed like you to join them, we’d ratheryou first ' 
■sought foe impartial and expert advice of your professional \ 
adviser. . ^“1 . 

If he flunks were the right unit trust group for you,t^n 
perhaps we can get together and help-you, and your savings,^, 
fight back against inflatioiLEven if you do earn £12.000* Srar 
or more. ‘ 






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Bi* ! 

. Fmancial Times Tuesday June .13 1978 


Tuesday, June 13 1978 

The re-election of the Centre-Right coalition in the March general election is likely to 
lead to a period of greater stability than in the recent past. Taking advantage of 
this a revolutionary experiment in industrial policy has just been set in motion. 

FOR THJE first time Jor two 
. yeara France as back to normal. 
; r ?nie general election in March 
f Bidf'air'ttid to % tong period of 
.tm cetaain ay about the. country’s 
/- p<riatkal and. economic future, 
which had restricted the Govern- 
meat’s freedom of action and 
created a depressed business 
cianate. -• Tlhe endless election 
" campaign, jranctua&ed by d rama- 
r'tici ^quarrels- between political 
affies in -both camps, had taken 
an obsessive bald of the French 
people. The news media, even 
.* a year before the e&eetion, could 
talk of little else than the 
domestic political situation. By 
the - time -the . election came 
round the whale country, -except 
perhaps the. tireless Gaullist 
leader, - Jacques Chirac, who is 
always asking for more, was in 
a state of utter exhaustion. 


that the fundamentally conser- 
vative French, who like to 
pretend that they bold radical 
left-wing ideas because it is 
fashionable to do so, vote with 
their hearts in the first round 
and with their wallets in the 
conclusive final ballot 
But that Is certainly an over- 
simplification which does not 
take account of the very great 
contribution made to their own 
defeat by the Socialist and Com- 
munist parties. . If they had 
maintained their unity and had 
given the impression that they 
could implement a coherent and 
reasonable pro gr amme, the 
result could , have been very 
different, forthepublic opinion 
polls showed that the French 
electorate was ready for change 
after 25 years of conservative 

attempting to force lie 
Socialists to spell out and 
extend what was still a reason- 
ably flexible common pro- 
gramme which could be adapted 
to changing economic circum- 
stances. it was courting disaster. 
The Socialists rightly argued 
that the original nationalisation 

a great risk that what would 
certainly have been a Socialist - 
dominated Government, with M- 
Francois Miuerand a>» Prime 
Minister, would soon have 
diluted the common programme. 
The Communists — at least their 
leaders — did not wain to he 
junior partners in an essentially 

the only representatives of the 

But the «ompoj.tion of the 
new National Assembly is by 
no means the >ame as that of 
the la*?* Parliament. On the 

Government in particular, 

the balance of power has been 
significantly modified. While the 

to support him through thick 
and thin ha» lessened his 

dependence on the Gaullisis. the 

much less reliable other member 
of the coalition. Although 
M. Chirac's party has made clear 
that iti support remains condi- 
tional — it will submit all the 
Government's policies to critical 

of the President. 

A new freedom 

Since then. M. Chirac has 
adopted a very low profile as a 
political leader and has reserved 
his very considerable energies 
to sniping at the Government in 
his capacity a, Mayor of Paris. 
No-one believes, of course, that 
M. Chirac's uncharacteristic 

restraint is anything but tem- 
porary. and it is generally 
expected that he will run for 
the presidency against M. Gis- 
card d’Estaing in 1981. 

of action 

While it can hardly be 
~ claimed that the. unexpectedly 
comfortable victory of (he 
:Ceaorb-Right ' coalition was 
greeted 1 ' with V jabiiaikra, the 
feeling of relief was widespread 
and was shored even by a sub- 
stantial number of those who 
had supported the Left For it 
; was dear many months before 
voting day that the rift between 
the SocaaJist and. Communist 
‘parties was so profound that, 
even if they won the election, 
the cotmticy would be faced with 
-a Aocg period of unstable 
government with dire con- 
sequences for the economy. 

'With hindsight, many obser- 
vers of the French scene main- 
tained that the outcome of the 
■ election was predictable. It 
merely confirmed the old maxam 

The major*^ of 80 seats won 
by -the Centre-Right coalili on of 
Gaullists and pro-Giscard cen- 
trists greatly distorted the 
magnitude of their victory, 
thanks -to outdated- constituency 
boundaries which favour the 
Right and would long ago have 
been redrawn in a more equit- 
able way in most other western 
European democracies. In per- 
centage terms, the Government 
parties polled less than 51 per 
cent even in tie second round, 
and the Left, In spite of its 
lamentable failure' to present a 
united front, more than 49 per 
cent •. 

By Robert Mauthner, Paris Correspondent 

The Communists must take 

most of the blame fOE4he defeat 
of tbe Left and. by: implication 
for the Ceutre-Rjgftt coalition's 
victory, for they prevented the 
Left from presenting the elec- 
torate with avL-epiab^terms . By 

programme was already as much 
as the electorate could swallow 
or the* economy could absorb at 
one go. ' And the Government 
had no difficulty in demonstrat- 
ing that .the cost of tbe Com- 
munists’ wages and social policy 
and public spending programme 
would dangerously undermine 
the national economy. 

Much ink has been spilt over 
the fundamental reasons for 
the Communists' suicidal tactics. 
But it is already clear that the 
Communist leadership was moti- 
vated more by concern for the 
party's long-term survival and 
standing in the country than by 
its participation in the Govern- 
ment. It feared that unless it 
could Dail the Socialists down 
to specific measures, there was 

social - democratic administra- 
tion because it would have 
alienated their own supporters 
and jeopardised their long-term 
survival as one of the country's 
major political parties. 

Whatever the reasons for 
their tactics, which arc currently 
hotly contested not only by lead- 
ing Communist intellectuals but 
by a growing number of the 
parly's rank and file, they 
opened the door to the re-elec- 
tion. of the incumbent coalition. 
The alternative was not viable, 
the voters decided, some of them 
reluctantly. The evidence is that 
many Socialist voters did not 
transfer their support to Com- 
munist candidates in the vital 
second round in constituencies 
where the latter remained as 

Gaullists. with 150 seats, still 
remain the biggest single group 
in spite of losing 23 seats, the 
new Union l*our la Democratic 
Frangaise tl'DFi group, made 
up of several pro-Giscard 
centrist panic* is running them 
very close with 139 seats. 

This development has given 
Presideui '/.is card d'Estaing, 
who was widely hailed as the 
only real victor of the general 
election, much more freedom of 
raanoeuvie than he had in the 
old parliament. He has not. it 
is true, managed to win over 
the Soca lists to his side, and his 
dream of a Centre-Left coalition 
js no n-'irer to fulfilment. But 
the fact that the President now 
has a strong and reasonably 
cohesive parliamentary group 

examination before giving its 
approval and Gaul list ministers 
have been debarred from hold- 
ing any office in the party’s 
ruling bodies — it has certainly 
had some of its teeth drawn. 

M. Chirac, who gave the Presi- 
dent so much trouble as Prime 
Minister, before resigning after 
a row in the summer of 1976 
over his own powers and the 
Government's election strategy, 
and subsequently as the Gaullist 
party leader, has already been 
obliged to draw in his horns. 
He suffered an early post-elec- 
tion setback when the Gaullist 
Party's official candidate for the 
presidency of the National 
Assembly. M. Edgar Faure. was 
defeated by M. Jacques Chaban- 
Delraas. who had the backing 

The Government, meanwhile, 
has started its new lease of life 
with a bang. Although M. Ray- 
mond Barre. reappointed by the 
President as Prime Minister. 
has pledged to pursue his 
economic stabilisation policies 
for another IS months, he has 
initiated a brand-new industrial 
policy, which is nothing short 
of revolutionary in French 
terms. Abandoning France’s 
traditional policy of price con- 
trols, which has been singularly 
unsuccessful in curbing long- 
term inflation, the Government 
will free industrial prices pro- 
gressively by the end of the 
year. The quid pro quo for this 
concession to industry is that 
it will be required to stand on 
its own feet and can no longer 
expect automatic Government 
hand-outs whenever it is in 
trouble. Lame ducks will be 
helped only if they can prove 
that they are capable of curing 
their infirmity, and, after the 
recent substantial price rises 
granted to the State-owned 
utilities and public transport 
boards, the Government intends 
to start phasing out Its massive 
subsidies to the public corpora- 

M. Barre. a liberal economist 
of the old school, has placed all 
the emphasis on industrial 

efficiency and international com- 
petitiveness. The fact that no 
major election is on the horizon 
until 1981 has given him enough 
time to watch his experiment 
bear fruit. But the risks are 
clearly great. The trade unions, 
initially stunned by the Left's 
election defeat, will not twiddle 
their thumbs for ever. Their 
resentment at having the pur- 
chasing power of workers frozen 
while industry is given free 
rein to set its own prices has 
already begun to boil over: wit- 
ness the current strikes at 
several Renault plants and the 
public utilities. 


Moreover, the latest official 
forecasts for the French 
economy show that there is no 
prospect of reducing unemploy- 
ment before the end of the 
year. Indeed, it is likely to 
increase substantially. Esti- 
mates for growth in 1978 have 
been revised downwards to 3.2 
per cent, whereas GNP must 
rise by about 4.5 per cent even 
to keep unemployment steady. 

In the Prime Minister’s view. 
France is still precluded by 
balance of payments and infla- 
tion constraints from adopting 
any major expansionary 
measures. Though orders have 
picked up and the investment 
climate has improved since the 
election, a substantial external 
stimulus is needed before the 
French economy starts ticking 
over satisfactorily again. To a 
large extent, therefore, the 
success of M. Barre’s economic 
policies depends on whether 
agreement on a concerted 
growth strategy can be reached 
at the western economic summit 
in Bonn next month. 



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Banque Nationale de Paris, 
France's leading commercial 
bank, has an international 
network extending over 
sixty-eight countries . 






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financial Times' Tuesday June 13 1978 

K„ ?: 
.1 X ... 


THE CRUSHING defeat of the 
Left at the general election last 
March- has allowed the new 
French .Government to take one 
of the biggest gambles In the 
coiin tiy's post-war economic 
history. Treed from 'any elec- 
toral constraints far the next 
three years, M. Raymond Barre. 
the Prime Minister, has. inter- 
preted the Centre-Right coali- 
tion's victory not only as a 
rejection of the Left's collec- 
tivist political philosophy, but 
as giving him the green light 
for breaking with France's 
long dirigiste economic tradi- 

By their choice at the polls, 
so . the official argument goes, 
the French people have opted 
for what President Giscard 
d’Estaing likes to describe as 
"the advanced liberal society.” 
which implies a free market 
economy. And that, in turn, 
calls for policies which not only 
reduces the State's intervention 
in the economy, as far as this 
is possible in a modem indus- 
trialised society, but allows 
industry to operate in a 

genuinely competitive climate. . 

The iron grip In which the 
State has held the. economy far 
much of the post-war -period 
cannot, of course, be completely 
loosened at one go. particularly 
given the pessimistic short-term 
outlook for the world and the 
French econo my.- But 31. Barre. 
and his new Economics Minister. 
M. Rene Monory, have already 
gone further than anyone ex- 
pected them td in such a short 
time. With their decision pro- 
gressively to- free industrial 
prices by the end of this year 
and to bale .out only those 
“lame ducks ? who stand a 
genuine chance of becoming 
financially viable, they are even 
considered by some commen- 
tators who axe. not hostile to 
their fundamental economic 
philosophy to have embarked 
on a dangerous course. ' 

Both the Government- and Its 
critics have produced a number 
of convincing arguments in de- 
fence of their views. M. Barre 
has put the main emphasis on 
industrial efficiency and ortho- 
dox budgeting. In justification 

of the freeing of industrial 
prices and tbe recent sharp in- 
creases in public sector .prices, 
he has underlined the serious 
financial difficulties faced by 
many companies as the result nf 
falling profit margins, and the 
unacceptably high level of 
Government subsidies to tbe 
nationalised utilities, currently 
running at an annual rate of 
FFr 30b n. 

years of price controls in France 
have done little to check infla- 
tion, countries like West Ger- 
many, where- industry 


has Area ' 212,742 sq. miles 

always been free to set its own Population 
prices, have one of the lowest 



The Government bas admitted 
that its pricing policies will lead 
tp a sharp jump in inflation over 
the next few months and that 
the result for 197B may be in 
the region of 11-12 per cent, 
compared with only . 9. per cent 
last year. This, however, is 
the price which must be paid 
for the necessary adjustment to 
a healthier industrial struenuv, 
and better competitive climate, 
according to the Prime Minister. 

In the longer run, the freeing 
of industrial prices will have 
a disinflationary effect; the 
argument goes on. While 30 

'rates., of inflation in the worid- GN? (1976) 
Moreover, the Government’s Per capita 
mnner ary and credit policies, as Trade (1976) 

well as its wages policy, will re-' 9 

main restrictive, and It will 
make sure that French industrial 
products will face sharp com- 
petition from abroad. All these 
measures will help to -keep infia- 
tion-'under control. 

M. Barre’s arguments are, no 



Frs 27,300 

Frs 308bn 

Experts,- . Frs273bo 

Imports from ' 

UK £L7bn 

Exports to 




doubt, persuasive, but the main Trade (1977) 
.trouble with his _ policies is 
that they are highly selective. 

Industry has been. given a hand- 
some hand-out, hut prices in' 
the services sector remain 
controlled for the moment. The 
banks: still have to live with a . 

22.5 3*r 'cw»fc ceiling for the 

Frs 331bn 

Frs 319bn 

Imports from ' 

-UK £2Jbn 

Exports to 


annu.l nt tbe mco«?. Carmi cy: franc £1 —Frs 8-39 

supply and the same credit «-■ ■ — ■ — — ■ 

growth ceilings as last year, 
which is . also a constraint on 

new industrial investments. The progressive rises in the 
Last, but by ; no means least, monthly cost of Using Index — 
the trade unions are being 0.5 per cent in January, 0.7 
asked to' accept a freeze in pur- per cent in February, 0.9 per 
chasing power for everyone cent in March and 1.1 per cent 
except the 700,000 to 1m. in April. — have incr easin gly 
workers on- the national mini- focused the unions' attention 
mum wage at a time of escalat* on- the Government’s wages 
ing prices. . policy, in spite of the fact that 

Workers, however, :have an wages are inflation-indexed. - 
unfortunate habit,. as far as em- Closely -.related, lit the eyes 

ployers and Government are of the muons, is the serious 
concerned, of concentrating on unemployment situation and 
their wage packets and are not what they consider' to be the 
likely to swallow for veiy much Government’s neglect of this 
longer an economic policy problem. Their criticism is 
which, on the surface at least, perhaps unfair, given the large' 
appears to demand substantial sums earmarked by theGovem- 
sacrifices from wage-earners ment and social security system 
while favouring their employers, in 1977 and this year td 

stimulate ' employment . 

FFr 4ba and 3bn respectively. 
.However, -it", is certainly, trti® 
that the" new employment: pact 
adopted by. the Cabinet, last 
month is less, generous than 
■ last year's version; ■ “ 

The main-difference between 
the two schemes is that tax 
concessions to .be- offered to 
companies employing - young 
workers this year willi* avail- 
able only to those - with ..a 
labour force of no more - than 
500 and with a 'turnover' net 
exceeding FFr 300nt And 
instead, of total exemption from 
social security charges, com- 
panies will obtain only 50 . : per 
-cent relief. 

• It is a moot point, in any. 
case, to what ■ extent - these 
schemes have -made a dent in 
unemployment which, in Aprili 
was still -- running ; at "1.1m. 
While the Patronat claims that, 
the 1977 pact provided jobs, for 
'550,000 people, tbe ' unions 
argue that this was achieved 
only, by 'replacing.. - older 
workers. Moreover, with 'tbe 
new' emphasis on profitability 
and the relatively poor pros- 
pects for growth in France, it 
is considered unlikely that in- 
dustry will be able to absorb 
a large enough number of new 
workers to bring down 
unemployment: . certainly not . • 
enough to offset the hundreds 
of thousands of new . job- 
seekers who will come on to 
the market in the autumn^/' 

Privately, officials concede 
that unemployment could well' 
rise to L 2 m by the end of the* 
year, ' if not more, but here 
again the argument, that this IS 
the inevitable consequence of 

industrial, regeneration policies 
.is unashamedly employed... by- 
lie authorities. 

V.lvishardly. surprising, there^ 
fore, that the„ unions ' axe begin- 
ning' to stir- out of their post 
electoral" coma and that indus- 
trial unrest , has increased 
noticeably over 'the. past two 

Cweeks. Two plants of .tbe States 

dwned Renault motor car com-, 
-pany .have recently, been occu- 
pied by their workers, who are 
claiming a substantial- increase 
Ip -their, min imam wage, shorter 
.atoritipg' hours. . a five-week 
&hhu*l .holiday and a lowering 
of tbe retirement age to 60. 
Electricity and Paris municipal 
transport workers have also 
staged short strikes, and there 
4re "serious rumblings in the 
Vosges region, where' thousands 
of iob& lD the textile industry 
.are -:tbrea toned because of the 
financial . difficulties of the 
BousSac group. The GFDT, the 
country’s second largest union, 
has now Issued a general call 
for the occupation of any: plant 
which,: because of its financial 
problems, has been placed under 
judicial management and is 
threatened by closure. ... 


: No doubt,. Industrial, unrest 
win .be kept down to! manage- 
able proportions before' and 
during the summer holidays; 
But' the chances of h “hot 
autumn!” are now much greater 
thari : they were : only a' few 
weeks ago. 

Official forecasts ..for the 
growth of GDP in 1978 Imve "had 
to be revised, downwards from 
4.5 per cent at the end of last 
year to no more than.3 to .3.5 per 
cent, mainly . because ' of the 
slack international economic 
climate. Some - private ' institu- 
tions' even consider" the latest 
official predictions - to be over- 

Nevertheless, there have been 
distinct signs of a pick-up in 
economic activity since the: 
beginning of the ' year: The 
industrial production* index rose 
to Z30 in April, its highest level 

■for more than a year, 'House- 
hold- consumption is ' currently 
rising at an annual rate of more 
UMttSjter cent and theimprove- 
tnenf ‘In the state of Industrial 
order books since the beginning 
of - the- year has- been consider- 
able, particularly as regards 
consumer goods. ; 

The steady Increase In house- 
hold:. demand should^.norm&lly 
speaking, b» accompanied by a 
revival of demand for Invest- 
ment goods, and private indus- 
trial. investment is expected to 
grow “by between 3 and 4 per 
cent- in volume In the current 
ytear, compared with only 2 per 
cent in 1977. 

Prospects for -the balance of 
payments- remain reasonably 
good, particularly' -given ' the 
new-found strength-, of the 
French franc in the foreign 
exchange markets, which is 
keeping down the - price of 
imports... The : trade 'defteit last 
year was halved to. FFr Ubn, 
compared -with i97fl,- and the 
balance of trade has been, in 
consistent surplus far the three 
months up to and including 
April. So far this year, it is 
ru n n i n g at - a small 'adjusted 
.surplus of FFr.-, 94m, compared 
with a deficit for the same -four- 
month period last year nf 

SC. Barre should thus see the 
fulfilment this -year of at least 
tvro df the; three main objec- 
tives which he set himself when 
he was first appointed as Prime 
Minister in August, 1976 — 
restoring trade balance equili- 
brium and stabilising the franc. 
That fs, unless bis new indus- 
trial prices policy gives such a 
sharp iwist to the inflationary 
spiral that the exchange 
markets lose confidence In the 
franc and the resulting higher 
price ol imports push the trade 
balance into deficit again. The 
Prime; Minister may ' have 
decreed that inflation is not the 
main enemy this year, but it 
could still be - a powerful 
guerrHJa force. • ' . 

Robert " Mautfaner 

If you could see our whole 
organisation, youH understand 
how we can be so helpful to 

you in France / 

The Bank of Credit and Commerce Group has 1 56 offices in 32 countries. 45 of them are 
in Britain. 6 in the rest of Europe, and 72 in the Middle East All your banking business 
can be processed at branch level, no matter how complex it may be. or how wide the 
international ramifications. And you will find that besides our knowledge and experience 
ot commercial banking, we have an extra commitment to personal service. Our on-line, 
real time computer system* is an adjunct to this, not a substitute for it, it puts our whole 
worldwide network instantly at your service. . 

Contact us at our Paris Regional Office: 125 Avenue dex Champs Etysees, 75008 Paris, 
ielcphone: 723 553 1. Telex: 61 1586, or at the address behm. 

Bank of Credit and Commerce 

I MTTJD WATTOKTA T 1 ^itkij kixgixim mun/im-k.-j- iw i.k-mu:mi-\li strict. 

-1.XV L LIUSAl IOI>l rV LMMXIM L(.. : \ _■ \J>. TKLH1 IO\K: i.|-3W k:M>. TF.LKX: SSieuti. 

Bmitjl.idfNh. Cavmun ls|:indf. DjiKuni. Egypt Fruhx*. Gabon Germany iWWt Ghana, 

Hong Kong. India. InUonusu. Inin. Urn CoaM. Japan. Jordan. KcmajCorca (South). 

EcKinitn. Luwinbourj:. Mauriliu-. Morocco. Nigeria, Oman. Pakistan. Seychelles Sudan, - 
Switzerland. United Arab hmiruies. United Kingdom. Venezuela. Yemen i Northj. * . 


Less aggressive approach 

WHEN HE was- elected as Presi- plunge headlong into unknown had ;built tip a fund of good- the; two West African Presidents 4,500 troops in the newly inde- 
dent of France four years ago pools. His policies are formu- win. in the Third WoritL The about the growing Soviet and pendent state of Djibouti in the 
President Giscard d’Estaing bad lated only after be has mastered dereloping cxnirrtries asa/whole Cuban influence in the conti- Horn of Africa, and the U300 
already had many years of ex- his briefs and after an Appro- appreciated its policy oft'uftfe-. nent that President Giscard ap- men in Senegal, are attached to 
perience as a Minister in charge priate period of reflection, and pendence from .the two super- .'peared to realise that there was permanent French bases under 
of tile country’s economic only partially on the -basis of powers^ The Arab. wbri& was an opportunity . for France to bilateral defence agreements, 
affairs, but his knowledge of an inherited set of principles, grateful : for it* Mwtetetif? $ap*,resuipe a leading role in Africa. 
foreign affairs afesk! strictly This process has taken. tbne but; port; foe a -Pfijestialto; lAm*',, w- ... f k, rtr r I , p nn * whirf. 
limited, s While be had the after four years the main ' lines. lindWwir. critiesfl'SlffiSe 
reputation of being “a good of Giscardian foreign- policy wards Israel, and most^f the 

European" and was generally have now begun to crystaHse. former French African felonies L premise fe*thatlSe S« 
expected to take an active role Though it is at odds with stilt regarded France: which, £ whS S 

In promoting European unfica- GauIIist thinking in some fields, furnished them with large' Africfln ,>« untrips hPAamo W*. 

ti'on, /his ideas about France’s it can hardly be argued that quantities^ of financial - and Sure torfer ?n 

its relationship with the. .two policy represents a Teal break The prestige ^enjoyed - by security ia threatened -by outside a more liberal regime is ruled 
shper^wera and its attitude to- with the past The main £ ^Third Worid eu- ttTriSt to ap^d Su? 

“I? ^ abled to ^ theieading part for hdp to its friends. rEnre Moreover, it is often very 

^ 111 ?ettins up the North-South is prepared to offer military aid difficult to establish, as It was 
hif conference betwecn thedevelop- in ^ich circumstances if it in the case of the latest invasion 

^ ing an industrialised countries, receives an official request to do of Shaba, whether Cubans and 
™ ^PP 0 ^ 1 ^ outcome of so by Tthe- legal government of Russians are in fact master- 

ISLTO d -“ „??.« “ 2 S SJ& -SSa * 5 SWS 55 S?-SSS 

whidTSe ^renchprtmdedfor ' to see the dahgeis of too 

the Moroccan. troops who went *‘“7 ? F ^f h n,1 “ aly 
to President Mobutu’s a^ment™ Afnca.His emphasis 

at the recent Franco- African 


AS OF 31st DECEMBER 1976 AND 1977 

(in thousands US S) 

election, had a field day, and that the solution to inter- blamed for It What- is periiaps 

accusing him or all sorts of national Tireblems riiould not equally important, however is 

political heresies, . - The -Presi- be left just to the UJS. and .the ^ ^ ^ recognise’tbe 

dent they, claimed, was. about Soviet Union- But he is much need' for a permanent North- 

to. sell out"* - * 5 ^ ’ 

He was preparing 

S^5m’®%diii5«Tw medlui-rUrf-pwert F^^mSSSwe’Sl assis, ““- W« » show 

safaris m the Afncan bush, had to influence events. „ . French paratroopers were sent th ^ t p raiir p does not wanr to 

no real interest in France’s .\r n4 .' . . ^ut whewaU Js^ald and done, to KqlweriJast month to rescue ™ tl^rofe oT“gendaS of 

traditional ties with and obli- VetOCS '■ a«bi-llifcd^JhWM powWqil AMca " for too lonl or aTleast 

nations towards Africa. - . . tious as. well, as mpst dangerous Mauretania and Chad, both tor too long, or atleast 

In short the French President . 111 Ssneral he considers fist- foreign pohcy.venture has been countries- - which are also no L° y *£*“■ _ n . nth „ 

had no intention nf giving “4. . vet0 ^ . to e ^ where France has engaged in seemingly interrain- EiSpea^aUMSDanicu^ 

Franpe the world role which counter-productive and does not become deeply embroiled over able wars against rebel forces. n ."“lions, particularly 

gSSi gSb? hrtVffS tike France to be isolated. Even the past year, it is not at all have also benefited from suhi * {“* 

much of his time and energies « «« of the recent mtii- certain whether this was the stantlal French military aid on n^ablv ^be weTraraed hv 

in hnil dine ud the GauUists tary intervention in Zaire, he original intention. During the this score- probably be welcomed by 

complained How wrong they *** ** n carefui to ensure that early period of his presidency. . Increasingly.- however, the SS/ou^On toe^on^Tand 

were — at least in the longer * Jfd support of a very he. did not appear, to-be par- question is being asked whether Sir fffSSch rSish the onnSr- 

run. M. Giscard d’Estaing is iarg ® “umbm- of African ocularly interested in fostering France has bitten off more than JJ* niav^the nf 

someone who does not like to countries, of the U.S. and, less France’s relations -with its for- it can chew.- Its military inter- Tun ?ty of ayi ?° t l ie k, , nd ? E 

someone wtio aoes not use outspokenJyi mer colonies. Indeed he was ac- vention Sparity ba7 been "W JETS * h0n f l ,J 0,e t0 

pean partners. This desire to ensed both by the Gaullists and extended . to its limits. The . w,hld L^ normally only the super- 
avoid diplomatic conflicts, if at EO me of the moderate African French now hive, a total of more Po we ^caii aspire^ On the other 

all possible, has led above all to leaders— such as President than lO.OOd" troops in Africa, tbe £ fear “ longer-term diplo- 

a great improvement in Senghor of Senegal and Presi- gome, of them, like the 1.700 maUc a0 A. "SP"*.. ®® ns . e ‘ 

France’s relations with the UA dent Houphouet-BOigny of the Foreign Lea^on'aires -and paras . J 11 ® U ' S :, d ®H acJ ® 

and a much greater willing- i Tory Coast— of benign neglect, in Chad, almost permanently in- ; n^Jvervhnrt 1 81111 fresh 

ness on the part of the Washing- it was only after the Angolan volved in fighting with Libyan- m evei y bod J * t* 1 ™’ 

ton Administration, and Presi- affair and repeated warnings by backed rebels. .Others, like the R.M. 

*■ Carter in particular. 


- 31.12^1977 



' ■= 38,853 

Net Results 



Total Consolidated Balance Sheet 




55/57, avenue Kleber Telex: 

75116 PARIS 


406, Shaikh Mubarak Building 
Government Road 



17, boulevard du Prince Henri Telex: 


505-13-00 (23 lines) 

FRAB 630 255 — General 
FRABANK 610 543 — -Foreign Exchange 

59921 Manager 
59S30 Dealers 

59S62 - 59863 - 59S64 General 

9024 - 9025 G J FRABAH— BAHRAIN 

1494 FRAB 

dent Carter in particular, to 
listen to and take account of 
French views. 

In European affairs Giscard 
has shown himself to be both 
an idealist and realist at the 
same thne.^ Though clearly 
anxious to "promote European 
unification, he has never 
espoused the federalist ideas of 
the founding fathers of the 
European Community. Indeed 
his most successful initiative 
has been the setting up of the 
European Council, which meets 
periodically at heads of 
government level and in prac ensures that no major de- 
cisions can be taken without 
the full agreement of ail mem- 
ber States. 

The dominant theme in bis 
foreign policy over t/.e last two 
years or so has been " France, 
the friend of the developing 
world.” There - was - a vacuum 
to be fiDed. The UA, after its 
traumatic experience in Viet- 
nam, was drawing in its bores 
and concentrating mainly on its 
relations with the Soviet Union 
and China. Britain's ambitions 
to piay a world rote had been 
eroded by its serious domestic 
economic problems and West 
Germany was basically in- 
terested only in spreading its 
economic tentacles. 

France, on the other hand. 

companyih France? 


Being the London merchant bankof one of the largest French banking groups, we are 

able to offer the combination of French and British expertise necessaryto British com- 
panies wishing to establish, develop or restructure their activities in France, including : 

■„ the identification and analysis ofsuheble acquisition possibilities. - 

■ assistance in negotiations and advice on tax; legal, financial and other aspects of 
both the French and British systems; including dealings with governmental bodies. 

■ experienceand understanding of business methodsand attitudes on both sides of 

■ fhebackmg of the servicesandposition of one of the largest banks in France (and 
the world, for that matter) . 

Why not write or call? 

(Merchant Banking SubwJiary of Soclftd Gftnfirale) 

Pirmars Hall, Austin Friars London EC2P2DM Tet:0S-62S 8661/01-6384805 ■ 


up I 

u 5 1 






... :v* s W!> 

■ s;aa:. 

:■■ -xv 

■■ . k * 



F-inaiicIal Times Tuesdav June 13 197S 



a of ? 
** foA 





ned as ft* 

"*■ ws . 

a!an W e* 
!n “ ths fr^ 

* aew in*. 
STvft saj, • 

* inflation 

^ essi® 
'“tenet at 

>u - h to is* 

•• a?aa. j- 
may ' & 
‘■■**n KTOfer'. 
1 yew, b®,- • 
a paW 


:.••• r''A.T e 


a:.-- '!:? ii 





■ibj b 



-i rf’w - 
*::*.. *« C 

; ,. - I.'ubis '- 

... •••i." IS? 

:,r 2 !. 0 =. .. 

2Tf — 

"...j jo* ^ 

1|' ..J...^* 

■- -■P'VI* 

- ■. •• nB-> 


ttj&Sbdiice topyi^ib^ • 


-■%.•■ ..:/• , an-exieiiMvc tcacai-vsxj r — p \ • r ., 

/• for ^etn day family 


' -’a « 

:.- - . : • ■■. - vTeau tc» V vex OUT* ->0* ■ o - - ... , 

• ■ • . ^ntteof gravity, balfficedloadiiig,lightsteeniig and 

: N; a transverse Position 

.1 • -iWs iayo^Tlie^ace saved under thebonnet is used 

• v :. ":r.'Io ^.vl^itt'more rodmin the passenger compartment. 
'■ "^i'.::'Q,^is^ryftigh onvourKst priorities so 
i . " o^y.&e- Ve^bestwspension wll do -tiie expensive 

:.-:■■■ ' : ■"•■ //tJ.vfepTniftenenae rit sus pensionhas been selected to 
Vr ' . e^^KS^entroadholcUngwh^^Verdie surface 
• conditibn.rpia'gh or smooth, combined with 2 anti roll 

predictable cornering. Sen r o-assisted dual circuit 
braking system for easy, sate braking. 

A tremendous amount of research and money 
has been expended in building an Experimental 
Safety Vehicle- Numerous active and passive features, 
thoroughly tested and proved on this Safety Vehicle 
have been " built-in” to the design ot the 305 - a rigid 
"cell" has been constructed around the passenger 
compartment -all possible angles of impact have 
been considered and attention given to every minute 

And then the body style -you told us that too 
often this was boring -humdrum. We remembered 
! wellyour comments, the result . . . what you see above. 

To enable you to choose according to your 
particular requirements, a 3-modej rangehas been 
developed, the 1300 cc GL and G R.and the 1500 cc SR, 
each with a high level of standard equipment and 
available in a range of beautiful colours. And there's a 
wide variety of options such as metal sunroof, electric 
front windows and tinted glass. 

• And finally economy - you have seen the prices, 
now take a look at the fuel consum ption chart, main 
service intervals are every l0,000niiks(or one year) 
with intermediate check and oi l change at 5,000 miles 

(or 6 months’) .In addition, the 305 is covered by a 
simple, straightforward 12 month unlimited mileage 

We are very proud of our 30 5, we think that our 
designers and engineers have done a fine job, and you 
can imagine our delight when we read that the Times 
motoring correspondent thought the 305 was 
" probably the best new car I have driven this year" 

( Nov. 1977) and "the 305 sets such a high all-round 
standard that it must rank as one of Europe's best 
middle-range models" (March 1978) . 

There's a lot more that we can tell you about our . 
305 has been designed for you, so why not 
find out more for yourself by visiting your local 
Peugeot Dealer today - or write to us. 



Engine Size 

•Fuel consumption 

Constant Constant Simulated 

56mph 75 moh urban driving 

305 GL 
305 GR 

305 SR 




1290 cc 
1290 cc 

1472 cc 

43.4 mpg 31.0 mpg 29.7 mpg 

(6.51/100 km) (9.1L/100 km) (9.5L/100 km) 

45.5 mpg 33.6 mpg 31.7 mpg 

(6.21/100 km) ( 8.417100 km) (8.9L/100 kmj 

Feugeot Automobiles (U.K.) Limited, 

“n IVflL-tam At’ia T mist fin W5 ORC TpT" 

World famous for strength 

On 30SCR:' CnSO-SR owi-'i-.v indlli!illgsunroof. e lmHcfn m i«.nd».!.Unirf^.lainlBairfKtad J ci«3iaiidliuPrwdingll*|lt-e» 

I : i==g«!±5d 

. .w,.-;;',.vv;. : 

• ; ' ■_ * ’t'.'/^-'.'-'- /f- j\ 

'-" 7_-;ri.vvL--.:/»S ! >•* r' . V": . 

IT IS ED to he said that France had deteriorated to 9.7 centimes country to satisfy more than ■ fF 

was a countrv which bad every- compared with 13.3 centimes for 20 per cent of itsjtotal T ^SS^:.;^^|2S2^S ' 

thins. More aenerou > -lv endowed electricity produced by an oit SKtuiperaents in 1985. by gggtes-, 
with agncSltural land than any fired poWer station U* .protofeetf. 

other Western European centimes tor that produced by anqlear origin. Set ,»me ^ 

country, which made it seif- coal. - * / ■-• ■.& rent pvnMtr .M**r 

.s;uffl C , e n, in food, and with . _ 

P. p - 555; 

Panlista SJk, 
U.S. $200,000,000 

MwBmn .Tani Load 

F il md i ■ u lli r nfrnJ 



Ml firT-TTr Tm mnimd b«(< &ut IV 

e**W»oi UHmD 

Qninocd fflhMQi 

IUUIU wc VUUel" ,w * I1CCUOCU A a&»UAadbU . - • •> n « . • _ • i ;-j y. rrv. 

Everybody. including the Reactors and the application st jpfitas' _ its refusaI to bo*Eto. , ..I-' 


/MAKS MJ115 MOapw IMfTfD 

a tiwi la hirtKiiiquareonoi 
uncMMe d»Mn»cMpettant 

1.100 maors da hn« 

ZZr- r : virq when the price of this essential originally planned. _ ... Reprocessing facilities. - . N Afri ca^ whereFrendhinierests _> 

Agefi is read regularly by 90% of 
French institutional investors and 
isthe leading non-English language 
business newspaper in Europe. 


92 Fleet Street, 
London EC4Y IDA 


Ruede Gevrayl 
1211 Geneva 



KStS ! ~— - SZj r^sSi bring home t>» the French the y, e first of the new series ' of; among the world's, leaders. '.The : At* /the ’ytodment ‘-toSadly 

i " "i SaS’ 1 "' seriousness of their economic new reactors, situated in Alsace, . EdF- has set itself a target Of ofl' fflir^pB'- Ttt Mto in 

■£«•«*• | T T 1 2 ■■ . ■“ | — predicamenL was plugged into the grid only, some 10,000 MW of fast breeder faciliaes,: partli*ii- 

i==T=l “lEr £§~ Dependent on imports for 75 last April, two years behind capacity by 199 0 a^ .Consgu& Iarftria u^FKtnee is also 

SSSA | “■ ““-j srr --££§§ per cent, of its energy needs schedule. - "£•’ ’ *i$? n ° f Jf? e ar^^rtto 

I “ ~l — §sa and. what is more, essentially on At the same time, SnaafsaQ^pv fif this kind. is a^pmW'bairtnw;- la 

ZlttS. 1 ■* — suppliers in the unstable Middle problems have beratne^ ?a^hper p be n, x ^as already begun- the Era^Hf wSortiph^ which 

■»VjS£ "^7— 3i East region. France was. and creasmgjy serious. Electncrte. Under present plans, the first ^ holding agaseonsdiffusiDn 

S~ §3*=sSSS3£ ==££ still is. in a particularly vulner- de France (EdF). the.^^x oL f^ h^der ^xwer 

asVJTT^rJtars =5==r * :ir ‘ — able position. A major military electricity utility, has peen stetions _ is _ expected _to_ be i - the - Khoj^^alley. With » 

— 1 -f »■"•»« » « — " ■ conflict in the Middle East, such obliged to mobilise enormous ordered by the state utility- m of io.Tm - separative 

^ a? the Arab-Israeli war in 1973, sums lo fund the nuclw- pro-two or three years time. . • >; £ 

could threaten its energy life- gramme. In 19/ « its need ’ - - 1 schooled to Stait-pr«iuctian in 

line and. at worst, bring the ^^en^ ^Cost • • 

French economy to a grinding >ear its requirements ^ w . -three ’years later; A prirfedt for 
hair. A quick look at the figures a r l Because of the high cost of a . ^nd^richmsti^S;.: is 

eloquently ilJustrales the fl l? : n the "urgent — Initial Investments. Q^ricnlly gilder xWsatferaSbh, 

masmtude of the problem. 22^*3^ ttdSSffi *>=>ud,n g U'Mto.;: 

-Oil products, which repre- h been j^pj i 0W n both by *** estimated at. some Fre5bn a r^; -. actively^ - pgrStiie -./'fhe 

sented only 30 per cent, of toe- CT - er . increasing construction' — 411(1 ** prospect of substa^r^ye^jngjjt of ^f^d ceding 

country s energy needs in 19a8. ^ Md delays jp the coin, ^ foreign ^ sales, the French .fadjaie* whldu’ ; apart 

made up in per cent nussioning of new power: have associated themsrives with meeting their . owi . dohiestie 

total :n 19/'. while the part of stalions s It faas ^ been ^e West Germans Md mjulrements, offer. a : ^ prize 

coal fell Trom 60 to 17 per cent. foreed t0 g0 t0 t h e international m t . a t cor ^P an> ^led NER SA ^ the form of foreign 1 cbitiracts. 

during the same period. More- market wbere jt - borrowed which will operate and Large . contracts..- h^b already 

over the sources of Frances oil Frs9bn in 1977 . aBd it will Super-Phemx. EdF, f been M«nbd.'with v Ai>aiw-Wtet 

supplies are dangerously con- require m additional Frsl3bn has the lions share in NERSA Germany and ' Austoli tor the 

cent rated on a small number of in ^ currenl year> ■ wift a stake of 51 .per cent reprocesang Unspent: nudrar 

countries. Saud, Arabia^ Iraq ^ financing the 

Iran and the Gulf Emirates mi - lMr nrnsramme and" the sreat advantage of PTOducv w . . r ..- >• -, ; - 

supply as much as *1 P er cenJ- d elav S in its implementation ™ s more p l ut ° I ^ um . t ^ aI1 The Freiidi are' 1 thus well and 

Sth^hT firmed* 1 co n u e o e £ g» -aitiWiSRS 

alone providing 36 per cent of ^ W 

1 The ‘prospects fur discover- ^^25, aSthSff^n indent on importwt supplies. 
mg new national sources of t MflStnu!t . number of eas but t he effects will be felt only 

traditional energy^ products are turbine stations **?■ in the very long terra. It is not loim€s Pj m. 1985. about •»> 

slim. Exploitable coal reserves In Itc of eveIJ thiog. how- “^1 the year 2.000 that the if 2«S tSTS 

are estimated at no more than er Franpp Hearlv eamot COuatrys • consumption of requirements or awhl tons 
about 550m. tonnes. 1,000 times a ff or 'a jo do too much' c fa e es5-'natufil _ u r amtiin will begin to oD ^ €qta f al f° t . 
smaller than those of the U.S. “S n V on ItT Sar decrease. ■ nudear will provide 

and only one-twentieth of West ^me. given the laS 9 f vifble » Ihe meantime, considerable to SSmtoe^tur^^s. 

German reserves. French coal. The targef for new efforts have been made to ^ S 

on the whole, is not competi- ca nacitv has been reduced to ensure that France will not be co “» fx. 6 ,*• [energies 
live with imported coal and is an annual rate of,?, 000 MW short of uranium. Under the ° nJy 2-3mtoe. lt will be a very 
likely to be even less so after which into.- account the Government’s " Plan uranium." J??® ^“ ! - “jf 

forthcoming price increases energy whch is expected to be adopted in 1977, public loans ° r SClf 

which have been authorised saved* over the next eight years are offered to companies, pros- , 5umcjen . re l cnea t . 
under a contract signed by or so would still enable the pecting for the scarce- mineral. •K,M» 

Charbor.nJue.s de France and 


108 ruede Richelieu 
75002 Paris 


Quai au Bois a Bruler5-7 
1000 Brussels 

v f 

• • v £ . ■ 


o t'jen ete 

V.'yJ:d » “r '.::e on Aver.v® Kc vh :n Pans’ 
Ti-.?n --cc rr.iclv as v.-eli live on ihe o-?.:- the nah: 
side a vo u go c.yxn.Tte sunnv side 7. re r-j.T.ber £0 
Sioe. . £ .|i 'r,e sireets of the r -:i have the r 

beat aide On Ave-.ue : ach. for a csr.ia:- /he rv.cst 
.‘ough*. after r,ar beer, ir.e ever, nirr.ier side. The 
£0 3-1e 

number 50. a new development <z being built, 
ore '.naf faiihfuiiv re Seels the spirit of Avenue Foch. 
With three, four and five :n me super- 
auu And v.-rtn Jour, six ana e;gh» rcoirt town 

nouses in the lower part, complete 7/;;r, c-atics. pi anted 
area. - ; ar.d hanging gardens- a toia! o; -4000 square 
meiers c-i outdocr i.vmg space cj'. 5690 square 

Apartments and town house. 7 Tfie ?*/ie being 
created by the a:-.h:lecl and Ihe interior designer :s 
"stone and brenze tins", in the trad: non c; this avenue 
that leads to the 3ots de Boulogne ii 13 . however a 
style m wh/th nothing is rigid, a sfle --.-rrh a free and 
flowing concept of space. The rooms are designed 
for entertaining but have that feeling for intimacy and 
warmth that is so much a part o: oui taste today. 


■Uabiter Avene® Foch. a Para? Autanr habiter 
le bon cot6. Cofe droit, quand on descend. C6td 
soleil. Cote cinquante. Toules les giandes 
avenues du monde ont un bon cote. Avenue 
Foch, depuis un sifecle, les plus recherches 
sont les numeros pans. 

Le cicquante. Au num^ro cinquante, s'edifie 
un ensemble nouveau et tfes Ddele a VAvenue 
Foch. Avec des apparteraents de 3, 4. 5 pieces 
dans les superstructures. Et avec des hdtels 
patticuliers de 4, 6. 8 pieces dans la partie basse 
ou se me lent patios, verdure, jardins sus- 
pendus :au total, 4000 m’ de verdure surlesS60tD. 

ApparteTnents et hotels particuliers. L'ar- 
cnitecte et le decora re ur ont vouju un style 
"pierre et ton bronze' qbi respecte la tradition 
de I'Avenue du Bois. raais qui n*arien de rigide, 
grace a une conception tres libre des es paces. 
Les pieces sont con^ues pour recevoic mats 
dans un esprit d'intiiiiit6 et de chaleui tout a fait 
dans le goCit actueL 

t!a:kehr.a compar.r SFGI fforrr.exlyBer-h*^ ret pg 9 de Lrjcaae, 7500 S Fans, t#L ^.55 4 L -i. 

Sod*t# de comner'-iatisaean ■ c r G! r«r Bemheim F •» O- 
2 o, rue de I'Aicade, I 5 l >36 Pans. TeL 265 412 L 


Viewing every day from u a .m. to G pjn n 
sxeept Sunday and public holidays. 
Saturdays from 10 a-m. to 5 p.m. 
In the reception and sates 
area or models, drawings 
and 'Tog book* 
published specially 

SO, Avenue Foch, 25116 Paris. T6L 500.44.65. 

Actuellement, tons les jours, de 11 
sauf dimanche et jours Krids. 
Samedis de 10 h a 12 h. 

Dans le hall d’accuell et de yente : 
magaettas, plana 
et “livret de bord" dditd 
d votze intention 


SfiBi mmmmommrnmm 

:he Government. 

Production from the natural 
gas field in Lacq. in the south- 
west of France, once con- 
sidered to be the answer to at 
least some of France’s energy- 
problems. will stan to declioe 
after 1982. By 1980, accoiriing 
in the latest predictions and 
plans. French-produced natural 
gas will meet only 25 per cent 
of the country’s requirements, 
with one-third coming from 
the Netherlands and the rest 
from Algeria, the Soviet Union 
and the North Sea fields. 

Hydroelectricity, with which 
France is -comparatively well 
endowed, has already been 
fully exploited, while the 
chances of finding significant 
quantities of oil in the Western 
Approaches are still considered 
lo be very small, in spite of 
ihe large investments which 
have been made by French oil 
companies on exploration of 
this offshore area. 

France, therefore, had little 
choice but to go nuclear in a 
big way. while at the same time 
stepping up • its efforts to 
diversify its sources of Im- 
ported energy, reduce its oil 
consumption and develop new 
sources of energy such as solar 

The first really big boost to 
Frances nuclear programme 
was given by M, Pierre Mess- 
mer's Government in 1974, only 
a few months after the 
western world had been faced 
with the bitter truth that the 
era of cheap energy was well 
and truly over. At the time. 
France had an installed nuclear 
capacity of no more than 3.000 
MW. The Messmer plan pro- 
vided for a sharp increase in 
this capacity to 45.000 MW by 
1985 at the rate of some 6,000 
MW per year and a totai invest- 
ment cost estimated in 1975 at 
some Fr lOObn. 

The programme has since 
been revised downwards for 
several reasons, although it 
remains one of the most sub- 
stantial in the western world. 
Because of rhe slack inter- 
national economic climate and. 
the -consequent slowdown in the 
rate of growth of the French 
economy, forecasts tor elec- 
tricity consumption fell sharply. 
The cost advantage which 
nuclear electricity had in 1973. 
thanks to the jump in oil 
prices, has also rapidly eroded 
since then, without, however, 
disappearing completely. 

Whereas, in 1974, the price of 

nuclear electricity was about 
half that of conventional elec- 
tricity — 4.5 centimes compared 
wirh more than in centimes per 
kWh — in 1077,. Ihe relationship 


New strategy 

THE French Government has 
proclaimed a new industrial 
strategy based on restoring to 
companies their right to fix 
thetr own prices, reinforcing 
competition, providing incen- 
tives and aid for the develop- 
ment of new technology, and 
insisting that sectors with 
structural problems will only 
qualify for aid if they can 
present plausible recovery pro-, 
grammes and managaments in 
which the Government has 
confidence. At the same time it 
is proposing measures to en- 
courage the flow of savings into 
industrial investment. 

But while these measures, if 
followed through, will bear fruit 
in the medium term, there are 
a number of sectors crying out 
for immediate assistance, and 
some of the companies in them 
are close to bankruptcy. These 
“ burning dossiers ” are await- 
ing action from the Govern- 
ment's ruling directorate com- 
posed of M. Rene Monory, 
Economics Minister: M. Andre 
Giraud, Industry- .Minister; and 
M. Robert Boulin. Labour 
Minister: ail under the direction 
of Prime Minister M. Raymond 
Barre. Here, then, is a very 
selective guided tour through 
tbe waiting room of the 
Industry Ministry. 

To deal with the steel in- 
dustry’s problems the Govern- 
ment was forced 15 months ago 
to put together an emergency 
package of closures of old 
installations and modernisation 
of plant. Tbe programme— 
which looks to the Government, 
the industry’s own collective 
fund-raising operations (via the 
GIS), and the European Coal 
and Steel Community for financ- 
ing — foresaw the elimination of 
16.000 jobs, heavily concentrated 
in Lorraine, in the east of the 
country. The situation which 
provoked the crisis' was an 
industry carrying Frs 31bn in 
long- and medium-term debt' 
which bad recorded sales of 

Frs 3Iba in 1976.. 

While the production situa- 
tion has improved slightly since 
the financial situation is little 
short of catastrophic. At the 
moment the industry is carrying 
Frs 38bn In debt for a turnover 
of Fra ;33.5bD— a cool 113 per 
cent of indebtedness to sales. 
UsihQr, the biggest . of French 
steelmakers, and a company 
..with- relatively modem installa- 
tions Including the 8m tonnes 
a year -capacity Dunkirk plant, 
had a net loss of Frs 2bn in 1977 
on top of very heavy losses the 
previous year, with more to 
come -this year. 

SaciJor, almost as big as 
Usinor , but with, much more of 
its” ' capacity out-dated and 
heavily concentrated in the east 
of France, recorded a parent 
Company net Soss of-FFr 2.38bn 
in 1877. three times as big as its 
1976 net loss. 


Last year the Government’s 
economic and social fund FOES 
advanced FFr l.Sbn ta Lhe two 
companies and they have had a 
further FFr 500m between them 
so far this year. Both groups 
have begun the re-organisation 
of their activities to meet event- 
ually the Government's desire to 
see their basic steel -making 
activities associated more 
closely vwth downstream opera- 
tions which are fcikely to be 
more profitable. 

The industry cl aims tiiat It 
cannot generate any momentum 
for recovery while it is carry- 
ing such .a burden of financial 
charges and that a rescheduling 
of -debt » essential. As it could 
hot afford to default in jany way 
on ..its borrowings from, 'small 
investors via the GIS which 
raises fixed interest rate money 
"n the Paris market, this means 
that the banks and the Govera- 

ment must be prepared- ta play 

■ ball — around 20 -per eeai of 
the debt is owed to the Govern- 
ment The industry wants a 
.consolidation ' of" debt accom- 
panied by some sort of morato- 
rium, and it is hoping to get the 
Government’s response before 

■ the holidays. 

r - On the- prices front the picture 
. « more encouraging. The 5 per 
t cen * January rise imposed by 
, Brussels in fact translated into 
- a 15 per cent rise in France 
> because it was calculated on a 
, price level weti above the level 
actually being practised in 
France at the end of last year, 
f The April rise, because of- the 
I recalculation of values in rsJa- 
tton to the unit of account, 

. added some " 4 per cent for 
1 France, leaving prices slightly 
i above their July 1974 level. 
TTiere is a- 10 per cent rise still 
to come, so the industry stands 
a reasonable chance of getting 
the overall 25 per cent, increase 
in the year that it thinks neces- 
sary to start moving back into 
profitability.. Prices for exjk>rt 
nave risen also from between 
15 and 25 per cent to non ECSC 
destinations. - 

Output in the first four 
months of thds year was 8.11m ' 
tonnes, 7.6 per cent higher than 
last year; but after adjusting 
for the strikes of April -1977 the 
real rise is closer. to 3-3} per 
cent Total 1977 output was 
22.1m tonnes against 23.2m in 
1976 and tile industry does not 
expect to get back toward® 33m 
rapacity before the -mid- 
1980s. Some 10,000 of the .plan- 
ned 16,000. jobs. have, already 
gone, including sozhe 3,000. out- 
right ’redundancies.-." . • • 

The remainder .’OCX the.. -jobs 
have gone through early retire- 
ment (at 56.4. years), voluntary 
departures -and the return of 
around .1,000 migrant workers 
with a Frs I0 r 00ff payoff apiece. 


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gets under way 

». :• 


SPRING IN .Paris this rear 
was not, only cold — \\ was 
painful. The Government, 
determined in the wake of its 
election victory to take French 
: industry by/ the scruff of its 
neck and shake it into com- 
petitiveness, had made a solid 
start by decreeing a sharp rise 
in a number o£ tariffs directly 
. under its control. Coal was to 
go up by nearly 8.7 per cent ; 
railway tickets by 15 per cent, 
with freight .to cost around 10 
per cent more : stamps 20 per 
cent more ; metro tickets up 
■from Frs 11 to Frs 12.25 for 
a 10-ticket book ; and IQ per 
cent on ^gas ' and electricity 
prices. - 

M. Raymond Barre admitted 
that thi«j would cause a few 
- months of bad cost of living 
figures, but he was unrepenient. 
-There was a clear difference, 
he said, between price rises 
occurring against a background 
of a wobbly currency, un- 
healthy trade balance, wages out 
. of control and excessive mone- 
tary expansion* and the rises 
which took place in a planned 
fashion against the background 
of ' wage controls, a stable 
currency, -a restored balance of 
payments and firm supervision 
of the money supply. These 
“curative" rises were essential 
if the inflationary budgetary 
deficit of the State was to be 

• M. Barre has never failed to 
cite- chapter and verse once 
given an opportunity. This 
year the State — that is, the 
taxpayer — was facing a hill 
for subsidies to the public sec- 
tor of Frs 30 bn (almost £4bn>. 
Without a price increase the 
StatMontrolled (51 per cenu 
.SNCF railways" would lose Frs 
5.7bn- this year, while the total 
State subsidy to the system 
■ /would approach Frs 14bn. 

V-‘ The increase in public sector 
tariffs to more ‘ realistic levels 
1 is one of the lines of -attack 
decided on by the Government 
hi. its campaign to tackle the 
whole business of the operating 
deficits in the public sector. The 
other elements are a severe look 
*t investment projects and the 
opportunities for economies, 
and.the drawing up between the 
-State and the enterprise con- 
cerned a sort of formal treaty 
setting out the rights and obli- 

gations an each side — a “know- 
wbere-wc-stimd" approach. 

The French Stale seeiur i a 
large. Depending on how you 
define it, it acounts fur ll per 
cent, of industrial employment 
and the same proportion of in- 
dustrial addfd-vafue. One M, 
Edouard Bonnefous. president 
of the Senate’s Finance Commis- 
sion, has made something of a 
hobby out of tracing the pro- 
cess of "creeping nationalisa- 
tion” of French industry via l la- 
diversifying activities of Slate- 
uwned companies. He claims 
that whereas in 20 years the 
□umber of State-owned holding 
comp ames has declined from 
170 to arouDd 130 their sub- 
sidiaries have multiplied from 
266 tu almost 650. 


Bui they cannot alt be lumped 
together. The financial Stale sec- 
tor is crowned by the three 
S Late-owned .big banks — ihe 
Banque Nationals de Paris. 
Credit Lyonnais and Suctetr 
Generate. If you add in the 
trustee and popular savings 
banks you find that the Slate 
accounts for 80 per cent of bank 
deposits, while on .the same 
definition collecting some 60 
per cent of insurance premiums. 

Then there is the industrial 
Slate sector, in which pride of 
place is invariably given tu 
Renault, the motor manufac- 
turer/ but which embraces the 
coal mining industry with a 
large chemicals and fertiliser 
offshoot ; the 70 per cent Slate- 
owned oil semi-roajur EIT- 
Aquitalne: and the. aerospace 
company Aerospatiale. 

Finally there is the - services 
sector, particularly- transport 
with the SNCF, Air JFrancc. Air 
Inter, the shipping . lines Tran- 
sat and Messagerfes maritimes 
(owned. by General Mart id me). 

In a category by themselves 
are the post and telecommunica- 
tions network,' currently under- 
taking a colossal investment pro- 
gramme to give France 20m 
telephone subscribers by 1982, 
and the gas and electricity 
utilities, which are^in charge 
of an ambitious programme of 
nuclear energy. , 

The electricity authority, the 
EDF, is tine of l&e . .most 
voracious consumers of capital. 

Last year it had a turnover of 
Frs 36.2bu giving a rise to an 
operating profit of Frs 2 bn 
i against a Frs 62Um loss) and 
a net profit or Frs 679m (loss 
of Frs G55ni ), 

Its total financing needs fur 
tbe year were Frs ir.3bit. in- 
cluding Frs. 1 - 1 . -bit in vest mem, 
but it was able to raise only 
13 per cent of this through self- 
financing. It raised Frs 9. 1 bn 
in new debt including Frs S.Shn 
in foreign currency (EDF haa 
developed a task* for the New 
York market i: Frs 2.5bn on 
the local capital market amt 
some Frs I.fibn from the Slate 
via loans or capital increases. 

Its debt ratio (all forms of 
debt divided by own capital i 
was 1U9 per cent in 1967. vir- 
tually the .same five years fa ter, 
and 15-3 per cent last year. 

Compared with the SNCF the 
electricity utility is healthy. 
The subsidy to the railways in- 
cJ tides compensation fur the 
i-nnirol of fares, subsidies Tor 
various concessionary fares and 
a very, hefty euntribulion to- 
wards a pension fund which is 
actually paying benefits to more 
people than the existing work- 
ing staff of the system. 

Virtually all the main con- 
cerns in the State-owned sector 
have seen their capacity for seif- 
iinancing (defined in France as 
cash-How divided by financial 
needs) diminish oyer recent 
years, particularly as they have 
had to suffer severe price i imi- 
tations while in some cases sus- 
taining ambitious investment 
programmes. In the case of the 
railways this decline has been 
calculated ar from 76 per cent 
in 1970 to 36 per cent last year. 

The Government has defined 
four areas of concern in the 
State sector : operating losses: 
cash needs ; the level of subsidy 
being demanded ; and their 
excessive cal] on savings at the 
expense of other enterprises 
also requiring capital — a 
reference to the dominance of 
the public sector on' the fixed 
interest market and the eclipse 
of equity capital. 

Its policy for tackling these 
problems is in a very early 
stage. The price rises mark a 
first step, and the Prime 
Minister has been at pains to 
emphasise that there is no 
question of the complete 

elimination of subsidies. How- 
ever. the State sector seems 
likely m least to tulluw the 
general cvululmn of prices in 
the econopiy generally. 

The review nf investment pro- 
grammes and the search for 
economic* is also jusi beginning, 
though the Government has 
already selected one ’'gulden 
oldie" — the reduction of uneco- 
nomic ntral services on Hie rail- 
way network — as an indication 
or its thinking. 

The interesting pari nf the 
strategy is the notion of 

negotiating "company contracts” 
with cn'erpri 'v.h:eh lay 
down specifically both the man- 
agement v»«al-. to b,. - achieved 
and Ihc ri'touri-e. m be made 
available. Two concerns have so 

far signed .u.-h ■■treaties'* — 

Air France and itic i-uat industry 
— while I'.m more arc in the 
course nf !!>-'.:■ ilia turns, the 
electricity authority and tne 


The von ira* -i. with Air Franc** 

illustrate? The aii.-mpi in pm 

the relation-nip between State 
and company .m a vicar foul- 

ing Tne company has suffered 
badly from State interference 
over the pa5t few years. Notably 
it had boon obliged to maintain 
in service a fleet of elderly 
Caravelles because there was no 
European replacement avail- 
able: to divide its operations 
between rhe two airports of 
Rfiisy and Or’v; and to 
operate Cunenrde. All these 
obligations were compensated, 
but the airline had no idea of 
the direction m which it could 

The contract settles each of 
fh^s-e problems. It permits the 
replacement of Cara voiles by 
American aircraft as a tem- 
porary measure on coudmon 
lhai Atr France becomes the 
lead airline fn.- the eventual 
new European JFT airliner, and 
il Jays down specific financial 
compensation fur each Caravelle 
maintained in service until they 
are phased nut. The airline aKo 
•/ot the so-ahead lu order 
further wide-bodied aircraft — 
Airbus and 747s — with the 

broad details of finance settled. 

‘ The contract also provides for 
tbe concern return of activity on 
Roissy-Charle-, tic Gaulle airport 
and again specifies compen- 
sation, while the entire Con- 
corde inv<*!> tin e m has been taken 
out of Hie airline's books, in- 
cluding tran>f..-r to the Stale of 
the responsibility fur 70 per 
cent of tiie njieralin£ losses of 

the supermini tv service. 

Further clauses deal with 
growth expectations and pro- 
ductivity — u i< a fairly emu* 
prehensive planning agreement. 
Any new obligations imposed by 
the Stale which do not make 
commercial ren-e will be speci- 
fically compensated. 

The coal-raining contract 
(with Charbu images de Franco 
which al-.o c» .vers 1978-80, pro- 
vides for the- restoration or 
price freedom, fixes the level nf 
Stale aid in relation to elec- 
trical energy produced and in- 
du?tnal srmvih. transfers lo the 
Slate rcrlam non-operating 
cuals, and iMi , iincs financing 


The (smiracts are not a mairlc 
formula for profitability but 
they have the merit of making it 
quite clear Tor the benefit Of 
management where lies the 
frontier between its freedoms 
and State imperatives. For the 
State, the burden of the enter- 
prise becomes at worst a pre- 
dictable rather than an unpre- 
dictable factor. 

The policy of purging the 
public sectur has just begun and 
will certainly cause grumhles 
— the employer*, who them- 
selves are having price free- 
dom restored to them, have been 
one of the fir>t to complain 
about the effect nf public sector 
price rises on their costs. It will 
be an interesting test of 51. 
Barre's political weight and of 
President Giscard d'Estaing's 
political nerve how Far and how 
quickly the Government goes in 

it* cum mir incur tn restore a 
libera! competitive economy. 

David Currv 


At the cod or 1976 the sloe! 
industry workforce numbered 
around 1-73.700. Twelve months 
later it was down tu 142.7QU and 
by April next it should be 

Aim! her nf l he <ccli>rs the 
Government is itching to 
restructure is machine tools. 
The problems are the tradition- 
ally weak trade position uf 
French machine tools ( this year 
for the first tune in a long while 
the industry managed a first 
quarter surplus): the depend- 
ence on a handful uf large value 
contracts for its exports: the 
relatively small sue of Hie com- 
panies and. uf course, very 
severe losses. 

There are twin lines uf at lack 
by the Govern men I: ihe attempt 
to promote the reorganisation 
of the industry round a smaller 
number of “poles” and the 
creation of looser groups of 
smaller companies lo undertake 
joint export marketing and 
overseas investment. In the 
attempt to improve the perform- 
ance of the smaller companies 
the semi-state InsUtut pour le 
Developpement Industrie! (IDI) 
plavs a leading role. 

The country’s leading 
machine tool maker is the 
Renault motor company. Its 
own division plus the seven sub- 
sidiaries it controls give it a 
group turnover of around Frr 
365m. of which around a half 
comes from sales to the com- 
pany’s motor divisions and a 
significant pan of the remainder 
from contracts with Easlern 

Europe. U’inio Renault is nor 
intendin'/ licai y im^-iincnt in 
this sector, who-fi i- scared 
towards 1 <«ivj pniiliu.uin run.* 
for motor ».i*nip«ui»'nlN. it is 
intent «m cmi-Ml'dalion and 
restorin'/ ih^ r]:\i.-ii>n'* financial 

The N". 2 uf ilu- industry. 
Ernauli-b'tinua iH.imhi workforce 
and lossy*. <n' l'r- 34m la>t year) 
is also backed up hy a powerful 
group, in id:-, caw the Einpain- 
Sehneitler empire But the 
GtivemnietUV uirr.'iu pre- 
occupation- i •■litre mu the No. :: 
of the indu-rry in term.- of group 
turnover < l-’r- 29rtni • Raficr- 
Forest-GSP. particularly the 
Forest pari nf ;he group wn'n 
its Frs 1 73m nf turnover and 
1.100 work in iv..- . The group s 
1977 (usm.-- v.vre anmud Fr.i 
21.5m. Tin- IDI holds more 
than a ihim nf the i-apnal of 
Ratier-Fore.-i-GSF hut despite 
this strategic ? ; akc at the 
Government's d.’.'pnsitiun foster- 
parents are in short supply. 

Renault has declined Ihe 
honour, saying it lias enough to 
do putting its own house in 
order and arguing that the 
sector has traditionally b*»en 
fairly small-scale ihroughouf the 
world and that it operates better 
via “ human-scale ” enterprises. 
Renault is also convent ran ns 
on developing industrial robot 
machines to replace repetitive 
work on motor production lines. 

This is In tic consolation to 
the Government, which sees in 
Forest one of the most advanced 
of the French machine tool 

makers and one whose order 
hunk is heavily geared lo 
Ea-tern Europe. 

According tu tn** Syndics- ties 
Gmistrucicurs Franca:* de 
Mach nies-0 util* uhc industry's 
trade federation > production in 
1977 fell from S5.454 tonne* to 
71.200 luiincs, of which just over 
half was lor export ;n a value 
of Frs 1.32bn. some 3.37 per 
cent down in volume but 1.7 per 
cent up in value over 1976. 

The body covering metal 
transformation and mechanical 
industries says that orders have 
picked up lately c4u per cent 
better in the first quarter than 
last year) but that the customers 
are still smaller companies 
ordering in handfuls. The big- 
ger clients, deterred hy the cost 
nf money (although the cost nf 
overnight funds on the market 
is below S per cent for the tir^t 
lime in two years) have not 
started in reach fur their 

At some stage, but perhaps 
not before 198U. orders are 
expected to lift sharply because 
of the aaemg uf the machines in 
use in France. It is reckoned 
that iwo-thirds nf installed 
capacity i> 10 years old against 
only 40 per cent in Japan. 

earning on to the oil in- 
dustry. this has complained for 
years that the prices it can 
cliaryc at l be pump are in- 
adequate. In fact a law of 192S 
giving the State power to con- 
trol the import, refinery, and 
distribution of petroleum pro- 
ducts make? this sector one of 

the most light i. - regimented in 
industry. In audition, the law 
prescribed ih.ti oil imported for 
the home market must be 
carried to the tune of two-thirds 
under the French flag, and this 
i> the rest mo singled out by 
the French mmpanies as their 
Single biggesi cost handicap. 

Elf-Aqui'ame. which accounts 
for slightly under a quarter of 
the refined products marketed 
in France, and is 70 per cent 
State-owned, has lost Frs 3bn 
in refining in the past three 
years, and tin- difficulties oF the 
3u per cent. Stale-owned CFP- 
Totai group hi refining hare 
also been pronounced. Both 
companies signed the memo- 
randum sent hy five European 
oil groups tn Brussels seeking 
regulation of ex-refinery prices 
and of investments and both 
would prefer the solution to 
come from Brussels. 

In shipbuilding. Government 
aid is running at about 
FFr I.obn a year and tbe 
Transport Ministry is refusing 
any more. The industry says 
that unless aid is stepped up 
considerably French yards will 
be completely unable tu com- 
pote in world markets and that 
many of the 30.000 direct jobs 
and 50,000 indirect jobs in the 
industry wifi he threatened in 
1979. It argues that Govern- 
ment aid amounts to up to 20 
per cent of sale price nf a ship 
which translates into 10-15 per 
cent of cost price compared 
with the 30 per cent, accorded 
tn some competitors by their 

guvcmmenis and the highly 
beneficial terms some gnvern- 
int-nis offer in Third "World 

According in the industry's 
central budy. deliveries in 1977 
were 73U.0U0 dwi: starts were 
13.5 per cent rinwn on the prr- 
\ imis year; and fur ihe third 
year in a row orders booked 
equalled mi mure than 4 per 
cent of deliveries. 

The *hipyards started 1975 
with an order book of 6.19m grt 
but at the start of this year it 
was down tu J.74m grt. Only 

19.000 grt uf new orders were 
placed m 1976 and 15.000 in 
1977. when French shipping 
cum panics ordered more than 

60.000 grr overseas. Fur three 
years France has failed l« 
register a single foreign order. 
The only orders in sight are for 
two FFr 20m each refrigerated 
container ships t<» carry 
ha nanas. but Chant jers de 
J’Atlaniique may have to build 
them fur its uwn account and 
lease them subsequently. 

Shipping companies them- 
selves face a crisis. Their asso- 
ciation says that debt has risen 
from FFr I0.7b» to FFr 12.2bn 
in a year and that charges are 
running ar FFr I.obn a year, 
with cash-flow continually 
declining. It estimates that 
operating profits in the dry 
cargo business have fallen some 
FFr 80m short of debt repay- 
ment charges and that the 
deficit would reach FFr 300iu in 
1078 and remain high. 

David Curry 



%rarydu Want ; toMaw^ from it all . ^ ngw._- 
in styfe iand comfort. Do it in a Renauft 30..TS. 

■'30 TS sJccessfuHy cojTifcMnes all the most refined 
-featesof firajaean [cars so that you can have . 
cdn^ecomnaand.dftHe road. The Renauft30 T 
is at-horne-^nal^g' effortlessly along an Alpine pa; 
as it is 'ntemetwring : sffifujfy through ; : ; 


Comfortable protection, Renault 
styte. But jusr as important as better 
performance is you. And that’s why 
the Renault 30 TS has a safety system 
that incorporates a unique 
safety cell passenger compartment, 
tt keeps you safe and sound under the 
most hazardous driving conditions so 
that you can relax at aft times. 

The pleasure principle is all around 
you in a Renault 30 TS... so you can 
escape in style. Seats can be specially 
geared to fhe "comfortable body 
anales”. so that they fit you... and you 
don't have to fit them. 

Tinted windows make visibility less of 
a strain And all inferior msfrumenlaiion 
is intelligently positioned... ready and 

Anywhere. Anytime. The Renault SOTS 
wouldn't have it any other way. 



banque de nndochine etde suez 


HEAD OFFICE - 96, facw!e*crd Houssnwnn - 75008 - PARIS - f el. (1) 266.20,20 

CENTRAL OFFfCE - 44, rue Cwmlln -75008 - PARIS - tel. (T) 766. 52. T 2 

telex 650409 Paris 

LONDON BRANCH -62-6 4 Blshopsgote, EC2N4AR - Tel. (441)5884941 


agencies and representative offices 













. MAN! LI A 





















SUBSIDIARIES AND affiliated banks 


Banque Franfaise CoTnmenizi^ 

Banque Fran^aise et pour I'Amerjque du Sud -SUDAMERIS 

Banque Monod La Hen in 

Banque Libano-Franjaise ^France)' 

Dupuy de Parseval & Cie 
Societe de Banque de I'Oriecr.ais 


Credit Fancier de Monaco 
Trinkaus & Burkhardt 
Banque du Benelux 
Banque de Suez Itclia S.p.A, 

Finanziaria Indosuez S.p.A. 

Banque de Suez Luxembourg S. A. 

Banque de Suez NederiGnd N.'»« 


French Bonk of Southern Awzo Ltd. 

Compagnie Maracarne de Credit et de Banque 
Nigerian Finance Services L?c. 

Banque de J’lndocbine et de Suez - Mer Rouge (Djibouti) - 

Suez American Corporation investment Bank) 

Blyth Eastman Dillon and Co 


Banque Antillaise 


Banque Francaise et ltalienne pour I'Amerique du Sud - SUDAMERIS ' 

A1 Bank Al Saudi Al Fransi 

Arab Financial Consultants Company (AFCC) - Kuwait - 

Banque Sabbag et Franchise pour le Moyen-Orient - FRANSABANK • 

Banque Lrbano-Francarse S.A.L. 

Uluslararasi Endustri Ve Ticoret Bankasi - UTEBANK - 

Indosuez Asia Ltd, Hong Kong 

Banque de IMndochine et de Suez - Nouvelles-Hebrides 




Jbuu* $zX\ aifl 9^ a 

a Franco Algerian Bank with capital of 80 million French Francs 

held by : 

Banque Nationale d’Algerie, Credit Populate d’Algerie, 
Banque Nationale de Paris, Credit Ijonnais, Socifte Generate, 
Banque de Paris et des Pays Bas, Credit Commercial de France, 
Credit Industriel et Commercial 




50, rue de Lisbonne RAWS 75008 
tel: 766. 52. 84 

B.P. N° 181-08 75363 PARIS CEDEX 08 - T6I«X : 860.213 

8 *> 

Looking for Industrial 
Properties in Frame ? 

Following the reorganisation of its manufacturing facilities, a large 
French industrial company has a number of quality plants to offer. 

plants to offer. 

These plants are located in various French regions, including the 
Paris area. 

They could be of interest to firms wishing to develop their activities 
in France and planning to employ 100 to 300 people. 

In addition, this French company U ready to study with any interested 
party its setting up of plant in France, including the training and 
transfer of the labour force required, aod other measures. 

For further details, please write to Box F.1013, Financial Times, 
10, Cannon Street, EC4P 4BY. 


. - 

- Si 4 

meals n litre the bi* 1-i-ueri 
bank- have their headquiri'-r-. 
with their hiyh ceiling- mcl 
carpeted cum dors, are 
my more and more the ■•-•at? 
nt empire*. The rapid expsii-’."!'- 
of French hanking over - ;n 
recent >vars exprc?.<e-. a 
dynamism that belies :.:eir 
august Facades. 

It is only in the Iasi d- .tde 
that the big three natmn.sii-ed 
deposit banks — Banque Na::-*nal 
de Paris iBXp). i.r-Mn 
Lyonnais and Societe Getv-raif 
—have made it into the w..rds 
top ten banks. As their -nier- 
national operations increa - si* 
do the banks come to re!:- * ■ a 
growing extent on foreign k* 
for thoir profit. 

The BN'p. for instance. it* 
1977 report, attributes " ::r -re 
than a quarter of the bank'- net 
earnings " to the operatin'..? "f 
its 21 main foreign nrlivcs. 
Among the leading pm 
seetor hanks. Credit Commercial 
de France last year made -:<• j'-r 
cent of its profits abroad. 

The proportion of oversea* 
earmngs is larger atnom: -•:ne 
nf the top U.S. banks, be '. In- 
is largely due to ihe -r-'.-ial 
role of the dollar; in Fr.:Kit 
banking terms, jt j« <jn- 
p recede n ted. 

Besides the general m. .ce- 
ment towards international:^- 
tion of banking, there are 
several reasons behind this 
trend. French banks have s-nce 
1972 been subject to Go- em- 
inent controls aimed at 
down the growth in money 
supply, in the form of v.rrci 
ceilings on each bank's per- 
centage increase in credit 

The two main exemption- to 
these controls, in the ob'.ious 
interests of helping to restore 
France’s trade balance, are 
loans for energy-saving projects 

and medium and shorl-iurm ex- 
port credits. Between them, 
these two categories' make up 
a. fifth uf all domestic lending, 
which meant r hat iasl year, for 
instance, when the* bis banks 
were pinned down to a 5 per 
cent growth in their normal 
credit operations, the totjl 
volume of loans actually in- 
creased by !4 per cent. 

The prospect* are that credit 
controls will stay in one form 
or other for some time, adding 
to banks’ interest in their ex- 
port credit activities. Most 
bankers seem resigned to this, 
even though the Government :s 
now freeing its controls on in- 
cfu>rria? prices; the Govern- 
ment’s policy is aimed at 
strengthening companies' own 
financial base and not at letting 
ao on the money supply. 
Bankers have proposed other 
means of control — such as a 
fixed ratio beiween banks' 
capital and the amount they are 
alluv.-ed to lend — and many stiii 
complain: M. Jean-Mas me 
I.weque. chairman of Credit 
Commercial de France, has 
called the controls “barbarous." 

But it is not just the controls 
that are forcing bankers' arms. 

The slowdown in the domestic 
economy has meant that in any 
case demand for credit is low. 
In the second half of last year 
:i did not even hit the ceiling. 
The banks were left with a good 
deal of wind in their lungs. 

The setting-up of new 
branches in France has also 
slowed down. The years after 
the so-called Debre reforms of 
1966-67. when the banking 
system was liberalised and the 
distinction between deposit 
banks and merchant banks 
virtually erased, saw a massive 

These were les r.r.nies iolie* 
of French banking, when large 
numbers of families who bad 
kept their money at home 

became clients and started po ur Te Commerce et Undus^ 
using bank services for the first trie, which at the time had tfre 
time. W.v the possibilities are biggest foreign network .arnong. 
virtually exhausted, •’ .with . the- French4»nks. Aggressive in its 
exception of the State-owned approach, and th®" most- active 1 
farm loan agency. -.the Credit French bank in export credits. 
Agricole, which continues to the- BNP 1$ also the parent of 
upen new branches and whoseohe-oflhe main merchant banks , 
activities have spread outside active in the Middle East,' the 
the purely farming area. The Banque Axabe el Internationale 
lax exemptions it gains from -dTnvestissement (BAIIJ.- 
ihe Government, are a source.'. The banks’ activities abroad 
oi 2Dger to other banks. “ It fall fhto .four main categories: 
is not surprising the canstuj. finance for French ■ exports, 
H. Lev^que of CCF comments, asa stance for French, com- 
“that its branches are pro= paiues setting up overseas, 
liferating like mushrooms." . .-management of foreign cur- 

Abroad, however, every body 'sTeney loans and the recycling, of 
branches seem- to !be pro- petrodollars. . -* : - 

liferatlnz. Credit Lyonnais’ list In their support for exports,, 
of overseas representations 44 French banks are absolutely 
cumbers about 400; Societe • in the front rank," according to-. 
Generals is directly or • ia- M.-. Maurice Laure, 
directiv active in 45 countries. . SooiSte. Generate. The bank 
-j-v • . ll'took on Frs40bn worth of risks 

DlSaDDOmtmg . -'“ this domain last year, equal 
^ to almosl half its total deposit? 

A) 1 , three of the bi£ State clients and some 60 times 
hanks belong' to - international its. net profit fur the year. Two- 
ban k : n g clubs — Society thrrds cf its medium and long- 
Genvralv alongside Midland ih.term export operations Were' 
Ebic, BNP alongside Barclays buyers’ crediis. nr §bout 20 per 
ic Abercnr, Credit Lyonnaise.^^ 0 f total fu reign trade risks.,, 
in Europartnars — while CCF :Tbe. great bulk of. these are 
joins WilUams and Glyn’s in the backed up bv ihe. CioverTunentV 
Ir.ter-Alpha group. But these, export guarantee - agency 
associations have proved dis-. Cuface. - 
appointing in their scope, and Other hanks are heavily la- 
the banks are now leaning vplved in overseas industry, 
much more towards setting up notably Banque de Paris et'des 
their own operations. * Pays-Bas (Paribas^, which has. 

In London, the French banks been international, since its 
are long-established. Credit, foundation in 1S72. Until the 
Lyonnais and Credit Industriel 1966-67 reforms Paribas was 
et Commercial arrived there In classed ■ as a merchant bank- 
Victorian days. The presence which meant it could not open 
o? BNP. which has just opened branches nr accept deposits. Its 
new offices in King William industrial holdings in France iifc. 
Street, dates beck to 1S67. when elude important minority 
the Comp loir National shares in ihe Thomson electri* 
d’Escompte de Paris became cal group. Compagnie Francaise 
on. 5 of the first foreign banks "des Petroles (the Total oil com-, 
lo opou z London branch. ; • panyi and Pechiney-Ugine- 

The BNP was formed JL2. Kdhlmann. the -metals and 
ye-rs ago through a merger chemicals combine, 
with Ban q’ae Nationale.. . Abroad. Paribas was active in 

founding opt pnly^ banks~»uch _ 
as . 5 udattneriff and/ r Banco 
, NacionaF/de 'lfleXico^bin^alsa . 
industrial ^companies^ sacb as -. .'i 
■J^qsskr Hyd^ the./N^CW^an - i 
energy' coueem. •; - 'AJter^lte-war 1 • 
it set up an •inwstTaant-^ anklb * >' 
the ^aribas. ’ Cdtp^—the . : 

first non-U^. hihk ?flr.dp;SQ, >fts % ; 
big U,S. "• operaftutt^-Parlbas { - ■ ; . j 
North . America, '; jv Beckfcp- -' ’ ■ 

Warburg-Parlbas&ndtffis. nronQi- .. V 

a new branch in New. Yorfc^- .v 
helped -estabUsblUie-teBk, j|r v.. 4 % 

EurodollaiT businegsl at. is^iuiw ; - 

one of -the ifibst.^ active 

ihe Eurocurrency market s. / . : 

• Also > becah» ; .bf,its Iadustriju; ; ;• cv 

interests oy.arseasi -Pari^s/was-;. . . ; 
- one of the ' leaders iR .the -p»wt- r " rff: 
. war. period in s^ttih^up export ’ V 
and import financc iueehanvatrs. . ,v 

^ pioneer hi : Vesoow; JParitias ... . 
his' al sq built in, recent ; . . 
years important ' interests- in,; .: : 
Asia.-_ In the .^fddlc East, .it;-.; 
has the largest networkrogany^; 
bank of cpntinental Eiir^pB^lte / i . 
more . recent 'venture 
Far East, - where ■' oihers, r aiyh' > 
'as . Banque de; i’ jet de • . * 
Su^ the main iwv of . " ; =i 

the Suez -group/ ^ha^ >been. /I ^ 
longer established,-: ipcludesia;. 
minority .stake .! alcen isfist isonth- ■ • 
in a’leading'-Hdng: Kopg .broker, 7 , 
Sim' Hting KaL ~ It i^° n^p'seek-’ 
ing a branch in Hong* Kd/ig -ia 
take advantage -of •tbe/authnri-;.. 
ties’ change af lhie Svith'regaid: -. : - 
to foreign' baBks. . ,. . ; , ; . . : " : 

Although its Trench; imerwfs 
have-’ also ’’expanded,,--. Paribas. ■. 
now .estimates That: ?balf,--£tff • 
profits- arc earnod.-abmafL and 
the proporflon is gein?:dp. . 

A look round the-main banks’ 
profit figures for last . year jnakfiS: _ 
it clear that despite ali jtheir 
complaints— about- credit curbs, - 
about State dominaripo,: about .. . 
the para-banking, institutions—* - 
they are generally not. doing- so.- . . 
badly. - 

David Write 




FRENCH MOTOR manufac- 
turers are set to achieve 
a record output of cars and 
small vans fur the third year iu 
a row. In 1977 the previous 
year's record was comfortably 
surpassed when uiuput in 
Francp reached 3.09m. If the 
460 .000-odd cars manufactured 
overseas with varying propor- 
tions of local components are 
counted, it means that last year 
well over 3.5ia cars bearing the 
marque of a French manufac- 
turer were prc/uced. Direct 
exports alone accounted- for 
more than 1.6m units. 

This year will not see a dra- 
matic increase, but the big 
three manufacturers are all 
forecasting that they will 
match last year's performance 
and may edge ahead of it. Al- 
though output over the first 
three months of the year at 
845.673 fell behind last year’s 
figures by 2.8 per cent (over- 
seas assembly was well ahead) 
and registrations were running 
9 per cent down, April brought 
much better news. Production 
was up by 3.6 per cent and 
though registrations were still 
below the level of April last 
year their pace was picking up. 
At four months the industry's 
production in France was top- 
ping 1.21m. 


Last year the industry was 
operating in a climate of severe 
economic restraint. In parti- 
cular it was restricted to a 6.5 
per cent price increase for the 
whole of the year which fell 
well behind the increase in 
labour costs (average industrial 
earnings were up by around 
11 per cent). - In fact motor 
manufacturers have had to 
make do with an overall price 
increase of 8-9 per cent In the 
period since M. Raymond Barre 
introduced his economic re- 
covery programme in October, 

The situation is now changing 
to some extent. The Govern- 
ment is continuing to hold down 
wage rises to the equivalent of 
cost of living increases (which 
could easily top 10 per cent this 
year) but it is committed to 
freeing most industrial prices 
in the third quarter of the year, 
with the motor industry 
scheduled to be “liberated’' in 
mid - June and commercial 
vehicles and tyres already freed 
on June 1. 

At the same time there are 
signs of some firming in the 
steel market, a fundamental 
source of supply, and the steel 
industry thinks that with a bit 
of luck its prices might manage 

a 25 per cent rise over the year. 

The genera] feeling is that 
there will be no dramatic price 
increases though there will be 

some move towards dosing the 
gap between French and other 
European prices, which sre 
generally higher except in 
Italy). In any event, ihe in- 
dustry ton politically aware 
to risk a .-sudden price increa-e. 

Each of the big three manu- 
facturer? j 3 going into battle 
with new models. Pcugcot- 
Uitroen unveiled its Peugeot 305 
at the end of last year. Output 
this year should reach 80.000 
and is fully bought up. By the 
end of the year output should 
reach around 1,000 a day. and 
the 30a is very much the car 
which will carry Peugeot's 
colours into its African and 
Middle East markets. The old 
battle-horse, the 504, is still 
running at 1.300 a day and is 
the biggest sold and exported 
car in the stable. The small car. 
the 104. is running at around 
700 a day while the up-market 
and expensive, 604 is being pro- 
duced to the' tune of around 
30.000-35,000 a year. 

Peugeot produced 780,000 ears 
last year and expects to do 
marginally better, and to hold 
its exports at about 52 per cent 
of output. There is the hint of 
new models to be unveiled at 
the October motor show — it is 
generally supposed that the 504 
is due for renewal but the com- 
pany is keeping its cards close 
to its chest 

Its stablemate Citroen ex- 
pects very much the same 
trend. About a year ago the 
Peugeot-Citroen tandem, which 
has always tended to act like 
brother and sister rather than 
husband and wife, got a new 
president in the shape of the 
40-year-old Jean-Paul Parayre, 
one of the particular breed of 
young and political whizz-kid 
civil servants familiar in 
France. He presides over a 
three-raan directorate including 
Pierre Peugeot and Gerard de 
Pins and it was stressed that 
the introduction of a relative 
newcomer as president (he 
joined the group in 1974) did 
not mark any radical departure 
in the policy of separate iden- 
tity for the two components in 
the group. Howev»>“, given M. 
Parayre’s experience as one of 
the State's watchdogs on the 
Renault board it is thought that 
he may be rather more 
ecumenical when it comes to 
joint ventures fn the industry. 

Last year the group’s profits 
rose marginally over 1976 to 
FFr 1.59bn net, whereas cash- 
flow was more than 21 per cent 
stronger at FFr 1.586bn and 
turnover close to FFr 42bn, of 
which 49 per cent represented 
exports and overseas activities. 

Chrysler is the relative baby 
of the big three, with a patchy 
profits record. Last year its net 
profit dropped from Frs 215m 
to Frs 47m but the company 

says much of this reflected the 
cos: of setting up the new line 
for the Horizon, Chrvsler’s 
champion in ihe battle of the 
new middle-range cars. The 
Cumpany expects to produce its 
maximum of 520.000 cars this 
year, of which around 210,000 
will be Horizons. 

Over Ihe past three months The 
company claims that it has im- 
proved iU market share by a 
couple of points to around 12 
per cent. ' 

Renault has followed an 
aggressive policy of multiplica- 
tion of models (Renault always 
denies that it is ever replacing 
anything) for some years. This 
has seen it move into the 
executive car range with the 
20s and 30s and add new blood 
to the medium car range with 
the inflated mini, the 14. A 
couple of months ago it unveiled 

newest compe itor in the 
shape of its " Euro-car ", the 
Renault IS. designed »n fit tnlo 
the market between Mnd with 
suite overlap) the* 12 .sod the 
16. Initial output was 220 a 
day and by November soiii ? 800 
a day is the target. Both Ibe 
RIS and Peugeot’s 3U5 st.-er 
clear of the familiar hatch-back 
formula to opt for a conven- 
tional boot. 

While Renault runs second to 
Peugeot-Citroen in Itonie output 
it leads- the field, in global pro- 
duction. around 1.7m last year, 
and it is the expansion of 
Renault's overseas presence 
which is one of the main pre- 
occupations of the car division. 
In particular, Bernard Hanon, 
Ihe head of this division, has 
been itching to have a new 

crack at the American market 
and tbe recent deal between 
American Motors and Renault 
most be seen in this context 
The company's current posi- 
tion in the UJ5. is based cm the 
mini R5 — le carMbut total 1977 
sales in the US. “were Still 
below 13.000. The main in- 
terest of the AMC deal— which 
is still being fleshed out — is the 
access to the AMC 2,100-strong 
dealer network < though some 

will presumably stick to the 
European manufacturers with 
which they are already asso-' 
dated). Tbe Renault network 
in the U.S. is only 333-strong;. 
There is also the prospect of 
production of the new Renault 
18 in 19S0 at the Kenosha AMC 
plant, which is at the moment 
producing only to a third of its 


■ A 

kla a 

Sm ssk 


’ .1 

« Le France* 4; rue Ancelle - 92521 Neuilly-sur-Seine Cedex 
Tel. : 747.11:45 - Telex : 610334 & 610640 


Kanoo-6ui/ding - P.O. Box 5595 
Manama - Bahrain 
Telephone : 57 393 / 57 387 
Telex : 8840 UBAF GJ (Genera))'. 
8823 UBAFEX.GJ (Foreign exchange) 
Cable : UBAFQBU 


fioom-208 - Mitsui Bekkan 
3-3-7 Muromaslii, Nihombasht 
Chuo-ku - Tokyo 103 - Japan 
Telephone ; 241 5945 / 245 0801 
Telex : J 25660/1/2 
Cable : UBAF.TYO 

General Representation of U.B.A.F. in the Middle East : 
Centre Gefinor- P.O. Box 9092.- Beirut 
Lebanon . - 

'4«w.<niu | u£. 


-financial .Times Tuesdav June 1£ 137S 



regains its lloyds bank international 

. ' |; ‘3 


' ■•'■sfe 

industrial role 

■ 4, > i>i 


. "US 
“■ '-••Ik 

" ,‘ r \ 1:1 idf 

l- a...: 

* ■■3'lk' 

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1 :,J - !»■-. 


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• •■•I * Ik: 



EVER. • SINCE the French 
Government decided in the 
wake of 4 s election victory that 
. oae.'of its priorities was? to ' be 
■‘-the reparation of the finances 

- of- the company sector, the 
whole question of the stock 

' exchange (Bourse) .as a vehicle 
-for llie raising of industrial 
capital has become r a central 
debating point. 

-The restoration to the Bourse 
of its role as an instrument for 
raising risk capital and the 

- parallel policy of encouraging 
the flow of savings into equity 
capital is the subject of a scries 
of legislative projects which will 
begin their career in the 
-National Assembly over the 

At the same time the Govern- 
ment has grasped the particu- 
larly prickly nettle of . the 
taxation of capital gains, and U 
linking together the passage of 
a new law on capital gains with 
the measures encouraging the 
flow of savings into investment. 
While encouraged by the 
" Government's awareness of its 
financial- problems, industry 
thinks that the reforms do not 
gq far enough, and in particular 
would -like to see more bene- 
ficial conditions for ihe raising 
of loan capital and better tax 
treatment of revenues from 


- 1 — 


. -rS 


■-Let us atari with capital gains. 
-In :1B7& the Government of M. 
Jacques Chirac pushed through 
the : National Assembly a 
measure’ introducing a capital 
gam&tax on shares. It was 
bitterly opposed 1>y‘ the Gaullist 
party, to which M. Chirac him- 
self belonged, and the Prime 
’ Minister led from behind, thus 
making it clear that his heart 
was not in the battle. In the 
course - of its passage the 
measure was scr amended that it 
emerged, in a virtually incom- 
prehensible form. 

; "The "underlying principle- of 
^Jhe^-tax was." the - addition of 
profits /from. =share - dealing to 
. inebihe, /thereby allowing a pro-' 
gressrvie taxation. ■ 

‘ With, the Gaullists fiercely 
opposing- their own emasculated 
baby^ the Bourse in a state of 
pre-election gloom... and with 
even the accountancy profes- 
sion; declaring the tax to be 
largely beyond comprehension. 
Prime Minister BL Raymond 
Barire postponed its application 
to January, 1979. and during the 
election campaign promised to 
review, the entire basis of. it so 
as to . make it more -.simple. 

The Government*® new pro- 
positions rest essentially on the 
imposition of' a. fixed ‘rate lax 
irrespective of. the length of 
time shares have' been held in 
portfolio, but there is ari excep- 
tion : made for _,j. so-called 
'■professionals”’ where ihe idea 
of addition 6f gains to income 
tax has been- retained. 

' The bosic-' propositions, are : 

• Habitual dealers -rr- defined 

in relation . loa the spegf with 

which "they tlirn over their port- 
folios.— 'will be taxed on sales 
above the level of Frs 50,000 

a year. .The form of taxation 

depends on 'whether they— get. 
' more-.- or less: than ;half their 
total income ; from. disposal, of 
shares ;Those ‘ Who «a'm 

than h^Will have their global- 
revenues . from vaU sources 
lumped! together and they will 
be subject to income .tax- which 
van go up to 60 per. cent. Those 
who get less tbito-halfcof their 

income from share disposal will 
be taxed instead at a flat 30 
per cent rate cm their profits. 

6 Fur those who are occasional 

traders but who noneiheless 
make significant profits the rate 
of taxation is lowered to 15 per 
cent and the threshold value »f 
SHile & at which the tax is applied 
is doubled to Ftp 100.000. One 
of the reasons for this is to 
avoid heavy taxation of one-ntf 
company restructuring 


• There is no tax on occasional 
revenues derived from sales or 
shares worth less than Frs 

It should he noted that the 
thresholds — Frs 50.000 and 
Frs 100.000 — in each ca^e 
apply to the value of the sales 
and not m rhe value of the in- 
come. Losses can be offset 
against gains uf the same nature 
over a maximum period of five 

The new capital gains la::, 
while attacked as contradictory 
to the Government’s intention 
of encouraging the investment 
of savings in industry, was a 
political necessity to fulfil the 
Government's promises of 
greater fiscal equality- In 
addition, it could not abandon 
the idea of a capital gains tax 
without appearing Ip cave in to 
the Gauilists — nor could it 
implement the existing measure 
without incurring ; their open 

lo.-.t revenue — a sum which is 
ton heavy in the light of the 
I-'r.s l5-2Ubn budgetary deficit 
the Government is facing this 
year and next 

The Bourse is looking lo these 
niL-a>urcs to help it tackle one 
of its leading problems — and 
one or industry's main problems 
—tin: pre-eminence of the fixed 
interest issue over the equity 
and ihe consequent increase in 
the indebtedness of industry at 
ihe expense of self-capital. Last 
year. lor example, of the Frs 
HI. 31m in new money raised un 
the Bnurse almost 84 per cent 
wa* by way of bond issues at 
fixed interest rates. 


The measures :tb- encourage 
the flow oE savings '.into in- 
dustry .should become, -law by 
the end of June. -The . main 
features are as follows; 

• Families will be .able to 
deduct from Ucir taxable in- 
come Frs 5.000 a year for the 
purchase of shares, plus Frs 
500 for each of the firet two 
children and Frs 1,000 foe each 
subsequent child. This, .conces- 
sion will last until the ej»d of 

6 The concession is extended 
to jp years for people aged 5Q 
so that they can build- dp. .a 
portfolio of ' shares _ for their, 

• For tax purpose* investors 
will have to choos* between the 
new facilities and i he 0, d sys- 
tem whereby th? first Frs 3.000 
of dividend inedme was exempt 
from taxation, . 

• Preference shares are to be 
introduced;; to France to 
encourage/ companies to raise 
capital without risking losing 
management control. In 
addition,' the exoneration of 
company tax liability on the in- 
come from new shares is 
extended from five to seven 
years and to 10 years for the 
hew Preference shares. 

9 It is being made easier to 
assimilate official loans to com- 
pany capital by subordinating 
them fo* ail repayment and divi- 
dend purposes. 

9 In order to recover some of 
the cost PT-. the measure the tux 
oh fixed interest revenue other 
than bonds is being lifted From 
334 Per cent to 40 per cent for 
people -who ' opt. to have such 
income taxed separately rather 
than- consolidated with global 
revenue for tax purposes. 

The Government reckons that 
these measures should direct 
: some Frs 5bn a year into in- 
dustry at- al . fiscal cost to the 
Treasury of some Frs lbn a 
year. 'It- has apparently ruled 
but the raising, of the tax credit 
from 59 to «W per cent despite 
the persistent pleas of industry 
and the Bourse because that 
would cost . some Frs 2bn in 

tin the secondary market 
equities have never recaptured 
the position they held in the 
IHBUs before the creation uf the 
fixed interest issue uf maturities 
of up to seven years. Whereas 
shares acuunted for 69 per cent 
of Lran.sacliuns in 1969 the pro- 
portion was only 45.5 per cent 
last year. 

This is a delicate problem 
because a substantial pari of the 
money raised via bond issues is 
raised by remi-Government in- 
stitutions, though much of this 
is re-lent to industry. Neither 
the Government nor industry' 
itself wants to see this access 
to capital made less attractive. 

Another Government project 
is lo legislate to improve the 
quality of company information 
made available to shareholders 
notably by compelling the pro- 
duction of consolidated 
accounts. The Bourse is cam- 
paigning for clearer and more 
competitive rules for take-over 
bids and the protection of in- 
vestors from misleading pros- 
pectuses promising fabulous 
riches quickly. 

The problem of company 
finance is a serious one, as a 

number of recent studies testify. 
The official statistics institute 
INSEE has calculated that 
between 1967 and 1076 the 
value-added by industry has 
multiplied 3.1 times: the for- 
mation of gross capital 2.6 
times > salaries and social 
charges 3.5 limes and interest 
charges 5.9 limes. 

INSEE reckons that the level 
of cash-flow has diminished by 
28 per cent and that the part 
or non-dislribuied profits in 
total earnings fell from 16 to 
10 per cent. It says interest 
charges represented 4_P*?r l ! cn * 
of value-added in 1967 against 
6.5 per cent in 1976. 

M. Francois Ceyrac. the head 
of the Patronal employers 
organisation, has added his 
voice to the picas for action. 
He says that in 1969 30 per cent 
uF net investment was financed 
by appeals to shareholders 
against half that now and that 
financial charges have doubled 
in 10 years while company in- 
debtedness lo banks has multi- 

The measures to benefit cor-j 
porate money-raising must be 
seen in the context of a general 
policy to restore company 
finances, notably the policy of 
restoring price freedom. But 
what is remarkable — at least 
to British eyes — is that this | 
deliberate policy of freeing 
prices and promoting what is 
after all (again in British i 
terms) unearned income is 
talcing place against a back- 
ground of continued sharp con- 
trol of wages. 

Although French industry 
thinks the policy could go 
further, it is difficult to see 
how any British Government 
could even tip-toe to the 
threshold oF such a policy with- 
out being accused of perpetrat- 
ing the most dastardly form of 
social differentiation. 



43, Boulevard des Capucines — 75002 PARIS 

Other branches and subsidiaries in France and Monaco 





Le Havre 






Are you trading overseas? 

Your experts are commercial, ours financial 

Do you have financial needs? 

Our advice is specific, our solutions effective 
let us be 


A member of the Lloyds Bank Group 
with branches and subsidiaries in: 

Argentina, Australia, Bahamas, Bahrain, Belgium, Brazil, Cayman Islands, 
Canada, Chile, Columbia, Costa Rica, Dubai, Ecuador, Egypt, Ei Salvador, 
France, Guatemala, Guernsey, Honduras, Hong Kong, Iran, Japan, Jersey, 
Korea, Malaysia, Mexico, Netherlands, New Zealand, Nicaragua, Panama, 
Paraguay, Peru, The Philippines, Portugal, Singapore, Spain, Switzerland, 
USSR, United Kingdom, U.S.A., Uruguay, Venezuela, West Germany. 

• « . 

■ ■ ‘ • \« • A 

- Maker , 

(private cars and small vans) 

French Overseas 

output output Exports 

1,259.000 325,163 634.794 

. 1 









- 'Citroen 










Source; Chambre Syndicale des Constructeurs d'Automobiles. 

Some sound reasons 
to talk to Commerzbank in Paris. 





450.0QQ-vehicles a year capacity. 

- "RjgpanJt has also been anxious 
to' develop its “ southern 
"strategy" based on increasing 
inter-dependence between its 
French. Spanish and Portuguese 
operations. At the end of last 
year - it concluded an agree- 
ment virtually entrusting it 
with Portuguese motor industry 
development, ■ for which an 
initial Frs I.3bn investment is 
planned with Portuguese in- 
terests. The number of 4s. 5s 
and- 12s assembled will rise 
from. 10,000 to 60,000 a year, 
with the local content also 
iiicreasing. An engine plant 
geared to exports and depend- 
ing: ‘-heavily on local com- 
ponents will be built, and a wide 
range of components will also 
be"- manufactured, . 

- ; ' Peugeot has also expanded its 
morel-limited overseas interests. 
Ifl^fQvember it signed an agree- 
ment with Iran National which 
foresees the eventual construc- 
tion o 1 100,000 units of a version 
Of. the 305 some five years after 
/production begins, around 1980. 
[ThBlocal content will be stepped 
up /progressively, but Peugeot 
reekons ; thatif it were to supply 
abouthalf the content of 100,000 
cars;* year ihis would repre- 
sent- exports of some FFr 600m 

The motor industry s real 
disaster area is commercial 
vehicles., where the Renault 
Vehicules Industrials subsidiary 
is> desperately trying to keep 
its'- head -above water. Un- 
official figures put the. Renault 
1877 loss at more than Frs 70m 
against Frs 125.5m profits ' in 
1976, while its .stable companion 
Berliet saw a Frs 380m profit 
slump to a reported loss of 
mote . than Frs 170m. However, 
a good' Frs 100m of joint losses 
will be due to provisions for 
early, retirement. Turnover is 
expected to be 3 per cent down 
in volume. 

. Ihe; problem, is the deep 
depression in the market 
coupled with a fierce price war 
launched by the importers, 
•inaugurated by Mercedes and 
taken up by Volvo. At the same 
' time, the Fiat-lvcco operation 
r has made serious Inroads on the 
market, " though more at the 
expense of other importers than 

of Renault's position. 

After a 6 per cent volume 
decline in 1977 the market for 
the first four months of the 
year was 15 per cent down on 
1977 in the 6 lonner-plus cate- 
gory, although R1V held its 
share at 48-49 per cent. May 
looks to have been marginally 
better but the stark fact is that 
there has been little change m 
the wait-and-see altitude or 
clients despite the safe negotia- 
tion of ihe general election. 
The problem is lhat hauliers 
themselves are suffering from 
contraction of margins and 
control of tariffs while facing 
sharp increases in fuel costs 
and the wages bill. The sector 
embraces lots of small enter- 
prises running out of cash-flow 
and poor prospects for Joan 

RIV is likely to impose a 
price rise despite market con- 
ditions, arguing that it is often 
rebates that count rather than 
prices and that French prices 
are around a quarter below 
those in the rest of Europe. 
Lust year Saviem had 32 days 
lay-offs and Berliet 19 while the 
group implemented a policy of 
retirement at 58 years. So far 
this year there have been Jo 
days lay-offs.. Stocks are down 
a little to just under 10,000 

RIV has a “ national mission ” 
to reconquer the domestic 
market and it has pressed on 
w-ith the renewal of its range 
via a Fra 6bn five-year invest- 
ment programme. It recently- 
lapped the international capital 
market to help finance the pro- 
gramme and to lengthen -the 
average debt earned by the 
group. The heavier end of the 
range has been rejuvenated and 
RIV reckons lhat the main chal- 
lenge now is in lighter vehicles 
which fill the sap between the 
small vans and the 5-6 tanners. 

The group will lose money 
also in 1978 since its cash-flow 
depends heavily on ihe local 
market, but while there may be 
some stretching out of invest- 
ments. priority projects like the 
new Lyons foundry' and the 
Lorraine plant for canuonctics 
wild not be held up. 


The Paris branch of Commerz- 
bank is backed by the resources and 
ov expertise of one of Germany’s “Big 
Three” rnmmemial banks with consolidated 
total assets of more than US $ 35 billion and 
a global network of branches, subsidiaries, 
representative offices, and affiliates. 

The first German bank to open a 
branch in Paris, Commerzbank offers the 

full range of commercial banking facilities 

to French firms and to international firms operat- 
ing in France. Finance for foreign trade, including 
export credits, loans in French francs, docume n ta r y 

credits, letters of credit, foreign exchange cover 

and money dealing in the Euromarket are among the many services provided 
by its experienced staff in Paris. 

ErGWtft of the Bank’s total assets 

{in DM bil) 

1S70 1971 : 1972 ; 1973 ! 1974 : 1975 : 1976 1 1977 ! 

For more than a century, 
Commerzbank has acted as financial ad- 

viser to major clients around the world. 

Our team of specialists can provide you with 
expert counsel on international fund-raising 
operations of all types, arrange contacts 

for joint ventures, mergers, and acquisitions, 

1 1 

or advise you on the advantages of a stock exchange quotation in Germany. 

For sound advice on any financial problem, have a talk with Commerz- 
bank in Paris. 


Paris Branch; 3, Plaee de rOpera, 75002 Paris.Tet: 74213 29 

LorJc-n • 





■A .- - y ■ 

■ ^ 





Registered Hcminiarlers : 4, rue de Presbmtry — 7 51 Id Paris. Tel. <2J.o4.Q4 

Thrniiph four main activity sectors: military, space, civil and automobile. MATRA is constant!.' 
Tpcar“l1ead?n'radvaMc‘es in the state-of-the-art. reiving on a sum-tolal ot and expertise that 

few firms can claim to equal. 


(in million Francs) 

(in Franc's) 


(excluding taxes > Net Profit 
1376 1.472 25.9 

1977 1,794 

The breakdown of the Parent Company's 1977 
untaxed turnover by sector is as follows (in 
million francs): 

Military activities 1JJ22-J 

Space activities 481. a 

Automobile activ ities 
Civil activities 17-1.3 

Taking into account the activity of the 
subsidiaries and eliminating the inter-group 
services, the untaxed turnover of I he MATRA 
Group for 1977 amounts to 2.104 million francs. 
nan-miJitary industrial activities account Tor 
half of (bis tctal. 

1978 Years 

Military Sector 

In addition i*» produunu i;o:".i.nlKjual ;«x rtuiauliiMl 
wrjpons icoriivlin^ eiscniij.i: of rocke'.-launclier 
systems i MATRA has de-isr.vd. d‘?-elo|*ed and manufac- 
tured self-q uided missile.-. j> -of'- prime contractor tor 
such systems, and associated itself ■'■ltb various national 
co-operators of high industrial reputation. 

MATRA has specialised in the omductinn «-f -.anon' 
types of missiles, aiv-lo-air <55n MAGIC Tor close-up 
aerial couihat i. surface-io-atr tCROTALE syrlcm 
developed by THO.MSUN/CSF for very 1 m» - level 
dcFene***. ai Mo-surface I MARTS*, anti-radar version 
developed with HSDi. anSl-ship. jiound-lo-sea. air-to-sea 
(OTOMAT anli-sh:p missile. Ion. and very loin: range i. 
MATRA has also produced afipili.-tsciilctl air-lo-fiirlacc 
weapon svsicins alien as BELlti.A close-up supporl, and 
DURANDAL for lhe desiruci mn "f airfield runvays. 
Finally. MATRA hits develop'd l he \ evy advanced :■ i *- 
io-a!r "inwreeption miSMle. ihe -SI' PER 516. with 
«najMJp. snap-down capability. lor vhich the French A'.r 
Force has ju?l plac'd a siandine order. 

When it enters service ihe SI PKR 510 vili icrl.iinl;- 1,p 
tlu- most sophist ica led, h;gh-p- rfurmance. au-lu-air 
missile in us class. 

launcher eqmpmoni case, and ihe on-board d.* 1 • 
processing <ysli'in of SPACE LAB. 

Finatlv MATRA i- m awarded Ihe cnmrael 
building the French Earth * •bsenalion Satellite — ST* * l. 

Automobile Sector 

After having caincd three consecutive victories in '-i'. 0 
LE MAX'S iMhuur race. MATRA withdrew from cm-s 
petition in 11*7-1. The Company mass-produces, in 
Romoranlin factory, iwu car models- 

—The MATRA S1MCA BAGHEERA, an original thue 
front seat coupe 

— The latest product, the MATRA SlMCA RANCH 1 ', 
a "Field Uiiiiiner ■" Uiat has achieved a great e"H.- 
mereial success since n v-as launched in June 1^77 

Civil Sector 

Space Sector 

Tn fifteen \ear. ; of space acti'-uy MATRA has gamed an 
enviable internal mnal rcpiiiali"n !l i-» engage.! m :*il 
ihe European programme;: mTS telecommunication 
satellite, its maritime version MAROTS. the radiometer 
of the METEUSAT meteorological >afeilite. the ARIANE 

The activity of this sector is essentially concenlraV' 
tn four fields: 

— Automatic lranspon sy stems I construction of '<• 
Lille Metro-France‘ and jirpnri development. 

— Optics, producing in particular equipment ::r 
systems in ihe Phoiograimneiry. aerial reconn a., 
sancc photography and terrestrial resuuri'.- 
k'ledeiection fields 

— Industry, regrouping the telesupervision (especial' 
for power carrier network-? ) and the Off-shore «•' 
drilling and extraction fields (Conlrol units >< 
submerged systems*. 

— Telecommunications: visiophone. telecopier for 
general public, aids to telephone operation, tci*. 
distribution and postal mechanisation. 



held bv 




1977 Fr>. 111. 



Making of automatic control s>?!ems for uriaa 





Professional electronics 




Data acquisition and processing 




Rail rolling slock 




Printed ciicuits 

,. s ,...' ... 

• 1 . 

Is there a secret drinker 

at the back? 

We’re talking about that third engine, which 
every medium-haul, wide-body jet seems to 
need to meet its performance specification. 

Every jet, that is, with the exception of the 
A300, which does the same job with two. 

And you don’t need an Einstein to tefl you 
that two engines are a lot less thirsty than three 

The A300. Its two turbofan engines can 
easily fly 250 people non-stop from New York 
to Los Angeles. Smoothly. Quietly. More 

That’s why airlines around the world are 
coming to call it the economic miracle. 


Airbus Industrie 


- m j; *5 -tty* ■? 

Time for deifelw St 

THE SHAPE of ihe French civil 
aviation industry to the end of 

the century will be largely 
determined by decisions to he 
taken this year — decisions 
which will also determine the 
degree of integration of the 
European industry as a whole. 

Almost certain is the gu-ahead 
for the construction of the new 
version of the Airbus — the BIO 
to carry some 200 passengers — 
to complement the now success- 
ful B2 and B-i versions of the 
basically Franco - German 
carrier. Overshadowing this is 
whether there will be a three- 
way co-operation, this time 
involving the I'K. on a Euro- 
pean competitor in the market 
for medium-distance aircraft to 
carry 130-160 passengers to 
replace types like the Caravelle. 
the Trident and the Boeing 727. 

Aerospatiale, the State-owned 
French manufacturer, puts the 
market for this aircraft at 1.200 
by lftflii. 

W hile Britain is participating 
in the advanced marketing of 
the European JET aircraft it 
ha? not yet decided between the 
American and the European 
option, its problems to a certain 
extent being that it has not 
merely the future of British 
Aerospace to consider as a 
builder of airframes but also 
that of Rolls-Royce as a motor 
manufacturer. The JET is 
already pre-empted for the 
General Electric SNECMA CFM- 
56 engine of 22.000 lbs thrust 

But while these decisions are 
pending the French industry 
has had a highly successful six 
months on the sales front. The 
Airbus itself won that famous 
order for 23 aircraft from 
Eastern in the U.S., w-hile Aero- 
spatiale. the French shareholder 
in Airbus. ha> signed a deal to 
manufacture its light-weight 
Ecuremi helicopter in Brazil. 
Finally, that old warhorse 
Dassault has recorded large- 
>vale order? for its Falcon series 
of business jots (including a 
sale of 41 Falcon 20s to the U.S. 
Coast Guard) while nn March 10 
the newest in the Mirage series 
of military aircrafi — the 2000 — 
reached Mach 1.3 at 40.000 ft 
on its maiden Bight. 

At the same time there 
remains a problem of maintain- 
ing skilled people at work in 
the aircraft factories— notably 
at the Aerospatiale planLs in 
Toulouse— and with ihe close- 
down of the Concorde line in 
mind 5 he Government is 
relaunching production of the 
military transport Transai! ta 
F r a neo-German twin-engined 
aircraft which hay gained a 
certain lame recently a? the 
transporter of French troops to 
Africa' and i' toying with the 
relaunch of the twin-engined 
Nurd 262 «. a busine's or mart- 
lime recnnaisance aircraft. 

On the corporate front the 
deci>u»n to take a one-third 
stake in Dassault, announced a 
year ago, has led to the 
appointment of Tour State 
representatives to the Dassault 
Board, hut the financial dis- 
positions to reorganise the 
shareholdings are still incom- 

Since the Airbus has been 
the most obvious success of the 
year it is as vvell to begin with 
it. At the time of writing 95 
orders and 38 options have been 
received from 14 airlines. The 
rate of production is at the 
moment dose to 1.5 per month 
but this will rise to two a month 
by the end- of the year and to 
three a month towards the end 
of 1979. The present production 
line could go as high as eight a 

The significant figures are 
less these orders and options 
than the estimates of the total 
requirements for Airbuses of 
existing clients. Excluding 
Eastern the consortium reckons 
that by 199(1 its existing cus- 
tomers will have taken delivery 
nf 270-2S0 aircraft, and if 
Eastern's needs are included the 
total comes to around 350 — a 
score which would make the 
Airbus a more successful 
machine than the Caravelle, 

The B-10 version is attracting 
interest. Eastern has options 
for it: Lufthansa has said it 
would switch some options from 
B4 to B-10 and Swissair is also 
likely to he a launching airline 
for the version. 

The B-10 will have a smaller 
redesigned wing than the B4. 
A re-entry of Britain into the 
Airbus consortium would vir- 
tually guarantee the continua- 
tion "nf construction of the wing 
by Hawker-Siddeley (British 
Aerospace). Otherwise the wing 
will go to France or Germany. 
Tlte development price-tag is 
thought to be around S600m and 
if a decision on the launch is 
taken this summer the B-10 
could enter into service in mid- 

The JET began its life as the 
A'jnn, the French contender in 
the European stakes to build a 
new medium-haul airliner. The 
British offered an improved but 
not radically redesigned version 
of the BAC1-11 but the con- 
figuration of the JET as a com- 
pletely new airliner with twin 
engines hung nn the wing is of 
mainly French conception. 

With the CFM-56 earmarked 
for the engines France cannot 
expect the linn's share of the 
airframe manufacture also, 
inough Dassault will no doubi 

• ~ T ' - vTy ' .' j^pa^recluMis 

_ ,_4t ■ - V • ^irr7the;iiird; this 

,TH& AIRBUS - - ' ft wfll- still- beraspund 20^e«::. 

(orders, options ami deliveries at Hay, ivtot 0UtsA month short of^ 

impany Firm orders Options .. that it shouW rea^ Jt&e levhlQf- 

i! - ...., .18 — *■ ;v siraglatfo .000 la^pcr?*- : .=. 

5 0 the i^art . 


Air France - _/ 

Air Inter - ' 

Deutsche Lufthansa ....... ^ f 

Bavaria Germ an air Hapag 

Iranair • 

Indian Airlines v 

Korean Airlines ....... — .... 

Thai International ....i.-—. 


TEA --rr. 

Eastern Airlines -; v : i...-, 

SAS - 




4 -- • • 'ouctioit'Iijie fbr. Cmjcptde^will l 

T*e refdat^ ^by: that : 

a. ^ _ j Tran^^dr t 

g- >. vldnis L somei2.(Xto-5obs^and 

‘ 3 ‘ Mirage 20Q0 ;wQct'Tor>E^sJUdti: 

* should replac^the^sdper^Moa'v 

hel iwipt^^rpduiMiott 

AA - 4 v 

hdisdosed 0 - * T i*. . proviite^ C.Tiwre wptfcjiuii; ? ’ 

Total .-VL . 95 _ „ ,_ 38 . omput of^e^Sie Mto^gb;. ' 

* Plus arr soptltm bn 25 B-lOs. .. fmm' sir 

■ " 1 .. v ■■ ■ . . " . . • • - T= Auriispatial^ missihs ac^yit^v 

id hard for the wjng .as- a The company^ receiyed.«dOT 

erivative of the wing- on its worth Frs l*.*5Sbn in ^ , *i ‘ the Franra^Gennah' eoHabpra-: ' 

«h apes. There is a strong poli- : the company s orders amounted the .. grduDd-ltHghbhtiir' J*liitb5 :: : 
iieal commtiment in France to to Frs 3l.9bn of ihissile. wl& a-hUc*»tu«r^e^: 

this aircraft and Air France, in Frs 23.6bn was export._ aiivDUt ag as' ^ ssies. of r -first , 

the ■' contract " it recently drew Frs S.9bD of it 1 mlll :^ I5 r4 w : ; genera tiph missfiesjand a range s 
up with the State, its owner. Switching me focus- to <jf target and;pilc«iaa .vrtlclei; - 
agreed to launch the JET with French industry as a whole ex- Tb e company; also 
nrders of around 50 aircraft in port orders received last t yf ar vxant state _ : 1it ^ "atBl-. 

three batches with deUyer excluding options. .French baliiktic .. . 

beginning in 1984. . Frs 23.8bn. Almost Fr^ Linn - : .j f ^ a maiter of fundamental.: 

The JET is planned IflYexfct of ™ “^rfrLn^niud^ 

initially in two versions seating.^ and Simula : 

136 and 163 passengers re^pec- f Fr areas :.o£ high techasiogy-iiot,- 

tivelv with a range of up to laboration with other countries. ^ tQ ^ : 'pwn-. 

4.500km. - Air France envis- The State intends to take a inaependence^ bi^present'- 
aaes them as replacements both one-third stake in - Dassault to on \tiie hiah^alu^: -export- niar- _ 
for the 727 and for the 737s. achieve doser coordination in' kets - crf tbe n6rt ’fieb’eratioii. 
which it is intending toi>uy as the national industry. Tne This meaiis : inV^artictdiu: . 

stop-gap replacements for its means by which this stake is ippjng th& capadly to’.arat 
Caraveiles. ’ ; Y . to be achieved, other than that with- the L*.S. or ad o ptin gfand 

On the civil front the other it will be a conversion of loans " naturalising !* American, tech- -, 
main succes? story has come into equily. have not been noiogy where necessary UsuAllyF 

from Dassault. It has sold more spelt out. The octogenarian ,-f meayjg. a combinatioll of tBese'- 

than 'TOO business jets all told Marcel Dassault appears -uncon- ani j aerospace is a -. ^ 
and last year orders f^were cerned: he has already been am pi a . The Airbas ' £s ' U.S.- 
received for 36 Falcon 10s: 64 nationalised once by • the powered tuid .the new - JET. 
Falcon 20s including the Coast Popular Front government be- which will be of ..European con- ' 
Guard order and for 7L of the fore the war and be is conn- reptjon, will be powered- tjy a’ 
Falcon 50 tri-jet which is still dent that Dassault, employing Franco-American • engine built 
undergoing trials. - only 15.000 of the 108,000 around tte.jjoweriunit.foir^the - 

Batch p,ay . TOle as lhe brain ° f At the same- time the Fr«idi 

the industry. industry recognises that it has 

The State provides in its 1977- Aerospatiale is. in edmpari- no choice but to play the JEii'ro- 
1982 military procurement plan son with Dassault something of pean card: the' ConcordeV Ithe 
to receive an initial batch of a poor country- cousin, though Airbus, the Jaguar, the >A?jijh^ 
127 Mirage 2000s — the -'aircraft this is rather unfair on it. "It jet and 'increashtidy the jieli- 
on which French hopes are has nF course the Concorde, copter and missiles, iectots are 
placed following the abandon- with some 2.400 johs draining being developed by joint ven-. 
ment of the ACF (Avion de away, and it had to bear- the ture. ’ Strategic missiles apart, 
Combat Futurl. EventuaHy tbe long early years of the Airbus only in its main coiybat air- 
French are likely to acquire development when sales came craft has France made -a purely 
some 400 of the Mirage 2000, in dribs and drabs. Its most national choiee^-the Dassault' 
which is being developed as a glamorous sector at ■ The 2000—whiie admitting that- an - 
single and twin-seat aircraft. . nioment is heiicowers. of which aircraft like ;the - ACF is no > 

people in the indusfry. /will nQW ab ail( jbned ^ bontber 

nlay the role as the brain of «... coma- tinui . rtia •’Pronr 

The company itself envisages -it has eight models in series longer within the capacities of 
developing a twin-engined \er- production. .... a single European country to 

sum christened tne Mirage 4000. -Its other relatively buoyant, develop . .. - 

The prototype 02 of the 2000 area has. been missiles. This Although it is bv nn mpans ex- 
should fly by the end uf summer division employs around 6,000 c i U d et i that the interest* of 
and the 03. fully equipped with and had a .1976 .turnover of national indeoendenre wHI mwi 
electronic gear , and weapons Frs l.Tbn. of Which a quarter ?inu e ?o dfctate tn exd^rv 
systems, in spring 1979. The was accounted Inr by the joint French d^eloDmentofmSn 

E'uon.issilB aiibsidixry with the bat[lp °L S 


1.17, uis u wi auuu.u iiiu.-xuii.iiry WHI 1 me hatMl* aircraft rh*. ^vonfiml 

fly in 19S0. The aircraft has the German MBB. At the end oF “So^eneraMM is 

Snecma-developed M53 motor. 1977 .Euromissile had orders SireaHv ^nrt'ir 
and the ability to go into series worth some Frs 5hn Tor its J/f madP ?ei?! 

production for the M53 and for Milan (light anti-tank): HOT 
the civil CFM-56 is very import- (heavy anti-tank): and Roland ^rh P ^ n "p an 
ant for Snecma’s financial health (ground-air) missiles and its pp r ^ ^ 
-the group employs 19.000. turnover is running at around 
Dassault-Breguet is the back- Frs Ibn a year, for which r ,l aS °S S -^ h u J 05 

bone of the French aerospace Germany and France account S the British Cabinet, has 
export effort. Of its 1977 turn- for about half. ' to take will be awaited so cnti- 

over of Frs 5.69bn around three- The real problem for Aero- ,n France. • - 

quarters was gained overseas, spatiale is in its aircraft divi- D.C. 



Lack of cohesion 

Government are now shaping 
up for a long and probably 
difficult series of pust-electinn 
pay negotiations. Since the 
Left's defeat in March, all the 
main union leaders have been 
in and out of the offices, first 
of President Valery Giscard 
d'Estaing, then of Prime 
Minister Raymond Barre. then 
of the employers' chieftain 
M. Francois Ceyrac. but there 
the inconclusive sparring ends. 

In the background of the talks 
wiU be the prospect of an in- 
crease in unemployment this 
year, especially if the Govern- 
ment sticks by its policy of not 
reviving “lame duck" industries, 
and a probable return to 
double-figure price inflation. 

Although there have re- 
cently been signs of stirring on 
the labour front after a period 
of relative freedom from strikes, 
the kind of protest strike 
movement some reared after the 
election has not materialised. 

Stoppages have been gaining 
momentum in the public sector 
l lhe railways, Paris buses, post 
offices, power stations. Renault) 
and in condemned ship repair 
and textile businesses, but there 

has so far been no concerted 

On the other hand, there can 
be little doubt that the elections, 
nr rather the campaigning 
before them, aroused expecta- 
tions, especially among lower- 
paid workers, of a big rise 
somewhere just around the 
corner. The impact nf these 
expectations has been delayed, 
what with the shock of election 
defeat and- the considerable dis- 
array among the unions them- 
selves, which despite their weak 
membership are heavyweights 
on (he French political scene. 

The testing time may well 
not come before the end of the 

summer, when unionists have 
bad time to assess the scope of 
the Government's commitment 
to' social measures.' 

In the meantime, the two big- 
gest union confederations, the 
Confederation Generale du 
Travail (CGT) and the Con- 
federation Frangaise Demo- 
cratique du Travail fCFDT), 
have a period of rethinking to 
go through. In the opinion oF 
M._ Edmond Maire, the CFDT 
leader, both made a gaffe by 
hitching themselves too closely 
to the political parties of the 


The anniversary of May 1068’S 
student and worker revolt has 
highlighted a marked contrast. 
Ten years ago. up to 10m 
workers were mobilised in 
strikes, subsequently forcing 
the Government's hand in jack- 
ing up the lowest wages by a 
third; but the political counter- 
part to the social movement was 
lacking. In 1978 everything 
went into the political move- 
ment; the social mobilisation 
was lacking. 

M. Maire's lra-strong union, 
Far less centralised than the 
bigger. Communist - oriented 
CGT, is now concentrating on 
reviving its bases, turning its 
attention towards specific local 
struggles rather than national 

It is M. Maire who has taken 
the. most surprising stance after 
the election — breaking prece- 
dent by requesting a presiden- 
tial audience, showing himself 
prepared to negotiate, even if 
results are partial. In the initial 

limbering-up talks it appeared 
that the Government might have 
a surprise trump in M. USairei 
although the CFDT ieader'was 
quick to deny a volte-face -or 
even a rapprochement with fbe 
moderate Force Ouvriftro of St 
Andre Bergeron, usually moire 
ready to play ball with l tbe 
Government. • - 

The preliminary , contacts 
have produced few noises of 
satisfaction from the unftns.- 
They have yet to assess pro- 
posals to update the minimum 
wage system through the con-, 
cept of basic family - incomes- . 
The minimum . SMIC fmixiunuin 
interprofessional growth salary, 
itself a new system brought h* 
in 1970 to replace the separate 
industrial and farming ' base- 
rates, which started "with Vthe 
return of free collective bargain- 
ing 20 years before) has Just, 
been raised by a less-than-hoped- 
lor 3.87 per cent to Fr L-811 
per - month, on -the basis df a 
40-hour week. In real terms; 
the increase was just, over 1 
per cent, well under par Jn 
terms of M. Barre's earlier 
pledge that by the next election 
in 1983 the minimum .would 
be the current equivalent bf 
Frs 2,400 — the wage the Left 
campaigned for in March. 

The minimum wage . applies' 
to about 700,000 workers, many 
of them Algerian imxrdgrahts.- 
But‘ the number earning- basic . 
wages between • that level :and 
Fr 2,400 is several times that 
figure. r 

The unions are also* less than 
enthusiastic with the proposals 
put forward by the. employers' 
irganisation. the Faironati ^Tha 
Patronat wants more flexible 

arrangements. case- by -case 

h r 



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■ ffpstemg was elected to the 
' . tfresitfetHT there has been a 
. great, deal of .talk about greater 

^social justice n and a fairer 
; ; ^distribution. of incomes and the 
/.".wadth of the country. But the 
Achievements on both these 
-.-iebupts have been- disappointing. 

. : Certainly, the national minimum 
forage has gone up faster during 
.-.ythe first four years of President 
discard's term of office than at 
yl?ny. time since the sharp rise 
/flowing the student-workers 1 
.’-‘Uprising- in 1968, and family 
.allowances and . other social 
V .benefits have also been substan- 
_^ally. raised. These measures, 
however, have hardly scratched 
the; paint off what has long been 
~ ione of the most serious problems 
1 facing French society and the 
‘ cause of . much social and politi- 
. cal tension — the very large gap 
0 .between the rich and the poor. 

-The promised fundamental 
• •fiscal reforms, which could mark 
. -.the beginning of a fairer distri- 
bution - of income and wealth, 
have failed to materialise, with 
the exception of a capital gains 
y. tax which is very mild by the 
^ standards of most other western 
countries. A wealth tax, though 
theoretically undei ennsidera- 
‘J.fioh by the Govern menu is 
" “unlikely to see the light of day 
A for some time yet. The - income 
'.tax system, though no longer the 
. ..-leaky . Instrument which was 
: '.bace .the source of so much 
“amusement, still gives the 
• ‘ wealthier section of society and 
.’'.members of ib'e liberal prpfes- 
. . stops' a -much better . deal than 
‘in -all the other Common Market 
' countries, with the. exception of 
..' Italy- -‘And the heavy emphasis 
,;'7in the fiscal system on indirect 
; iaifattoh" obviously hits the poor 
' proportionately' harder than it 
; does the’ well-off; 

■/_ FoJT-a long time, the authori- 
\tieS -Tefused to accept the fre- 
' ' tfheht. chifms' that, among the 
’ highly . developed countries. 

■ Stance was in the vanguard of 
_ those with the greatest social 
‘ Inequalities. 

v;- ait: while it was relatively 
■easy to reject the OECD’s com- 
r. paratlve study oh the subject 
"'-aWt 1 all. Governments con- 
stantly contest the international 

organisations figures — it was 
much more difficult to ignore 
the findings of two very reput- 
able French research institutes, 
one. of which had prepared a 
report at the request of the 
Government itself. Both the 
reports,' one by CERC (Centre 
d'etude dcs revenia ef dcs 
coutaj on incomes, and the 
other by CREP (Centre dv 
recherche economique stur 
l epargne) on the distribution 
of wealth, reach similar conclu- 
sions. While they do not. like 
the OECD, make international 
comparisons, . their findings 
show that income and wealth 
disparities are still unacceptably 
large in France. And. what i* 
even more striking, that much 
less progress has been made to 
bridge the gap between rich 
and poor than might have been 
expected From a country which, 
during the last two deeades. has 
become one of the most pros- 
perous in the world and whose 
average per capita national in- 
come has risen by more than 
4 Per cent per year since 1960. 

The figures quoted in the re- 
port on income distribution are 
not. it is true, entirely up to 
date. But they are recent 
enough to give a picture which 
still remains generally valid. In 
fairness, it should be said that 
there has been a marked 
improvement in the trend since 
1968, the great watershed in 
France's post-war history, 'when 
the explosion of student and 
worker anger finally forced the 
Government to take a more 
realistic view of the widespread 
social discontent in the country. 

ground they Inst in the preced- employees grew by only fi per 
ing ] 5-year penud. It is prob- rent. 

ably not until this year, thanks Several reason? are given by 
in the Government's decision to , he rcpun f »r the widening «r 

frpf'/p tim OVto-Illiv'f* UllariK. - L_ _ .IiL Da..nln u.'h„ 

repun |i>r (up wiuiiiiuh mi 
freeze top executive salaries, lhc vvtraUh Rap. People who 
while allowing the minimum a i re ady possessed a consider- 
wage to progress, that the Rap a)> | e an10unt 0 f wealth at the' 

will really begin to be closed, outset were at a great advan- 
Snme eloquent figures are tagc during this period of 
given in the incomes report to heavy Inflation. They were able 
illustrate the size of this gap. t0 benefit from the sharp and 
In 1H76, the average salaries of constant increase in property 
executives were still about four values and owners of capital 
times higher than the average t0 uld hedge against inflation by 
waaes of ordinary workers, judicious investments. 

Thus, while a senior executive 

Thus, while a senior executive Q n ^ nl h cr hand, the wages i 
(cadre superieur) earned an j- t j, e poorest groups barely 
,,r jr r Rinn a month. . 

average of Fr 8,400 a month. kep , up wilh Lh( . 4 . 0h , „f i, v inu 
eriuivalent in a net a o ni,a ’ index while iutcresi rail's for 
ini-ume or about hr ILO.OilO 5 ma jj saving have lagged behind 
tabiiul £14.0001. including the p r j cc risei and rents have in- 

tduoui price risei ana rents nave in-i 

universal payment of a 13th crca _ sct f bv mure than the rale, 
month, the average monthly pf inflation, 
wage nf a worker was nu more The fi n dm SS of the rcporl are 

than Fr 2^00. not entirely negative, however 

Perhaps even more Striking The faster increase in fh* 

• '-■■‘“KI ", --- 1 IIC IH3ICI IIILICdM’ III me 

was the report's finding that, in u-ages of the lowest income j 
197B. one wage-earner in three groups s i nce isfig has enahlcd 
still earned less than Fr ^.000 a muc h greater number of 
(about £235) and that as many people to purchase their own' 
as 5fi per eent earned between homes and thus to benefit front 

tint inb^nl minimum Wfl PP nf i a 

K'- 1 - IlUMlfb Qllu K111S W ULIIC 

lhc national minimum wage or long-iorm capital gains 
Fr 1.750 and Fr 2.500. Family Today nearlv one household 

allowances and other social j n tw0 own s its own home, com- 
benefits may push up this Iasi p ared W jth only one in three 
tlaurc to between Fr 3.0UU and b e f ore i9t(S. while as much as 

x mn - An, hn nilltp . . . 

mine . . .. ueiore uhiic as muen as 1 

3.500, which may not be qtnte jq p er 0 f families own| 

a "bread-line" income, but what the French describe as **j 

d iiinu-iink ■ nn«i me i i mui ucaiiiuv as j 

which is still very low for a secondary residence." The in- 
family with two nr three crease j n pro pert v owners has 

n! hi oh r-nst nf , .!. I 1.. I..J . 1_ _ 

Whereas, between 1955 and 
1967, the salaries of "^ecutives 
and middle management (the 
so-called "cadres") rose’ "by as 
much as 190 per cent compared 
with oily 71 per cent for tbose 
on the national minimum wage, 
thus sharply increasing income 
differentials between ihe highest 
and lowest paid, between 1970 
and 1976 the wages prthe lowest 
income group have risen by 144 
per cent as against only per 
cent for the “cadres." • . 1 
Nevertheless, the .faster 
growth of the lowest incomes 
between 1970 and 1976 did not 
entirely compensate (n -the 


One of the most Important industrial 
‘ ^ - Bench Groups, 

: 7 • turnover in 1 977 : 20,000 million FF- 

• .. . ' .. (excluding taxes) 

1 ib.000 employees 

fieW of activities 


WJi r i; Professional electronics 

1Q77. m-noi 

lamiiy ~ crease in property owners nas 

children, Riven the high cost of particularly marked in the 

living in France. younger age groups, an en- 

m couraging development as far as 

F Vldent the future l ren< 1 o f wealth dis- 

Lj tribution is concerned. 

What is true for salaries and There are. it should be said, 
wages is even more evident for some ggr^us shortcomings in 
the di«tribulion of the country s ^g statistical basis used in the 
wealth. The study by CREP, rep ort. It does nor. for instance, 
published by the Government- take j n t Q account the ownership 
controlled National. Institute oE of g 0 j d and jeweller^' or works 
Statistics lINSEE). show’s that. 0 f ar j reliable figures for which 
while the average wealth of are no t available, given the 
French households was multi- Frenchman's inborn reluctance 
plied by 13 in constjuil^f rants l0 re veal the value of the gold 
between 1949 and 1975. an which he has hoarded under his 
increase of more than 10 per ma tiress or, indeed, that of any 
cent per year, it was the 0 f j,is other treasures. Nor ii 
wealthiest section of society agricultural land included, since 
which benefited most from Uus statistics in this area are hard 
expansion. to come by and are often con- 

The ratio between the wealth tradictory. Most seriously of 
of ihe 10 per cent of richest a ji > perhaps, given the wide- 
househoids and the 10 per cent sprea d ownership of cars, which 
of poorest households has prac- nlust certainly be considered 3$ 
- ticglly doubled over Ihe lasl 2a a valuable, addition to the wealth 
years -in favour . of . the first 0 f families in the lower income 
group; . • groups, consumer durables are 

Tbe'.L per cent of richest a j so exc | U ded from the study, 
households have seen their Nevertheless, together with 
wealth grow, by ah average of u, e report on incomes distribu- 

something like 18 per cent, per y on ^ study provides a 

year over the period studied, valuable and revealing insight 
while that of the 10 per. cent j nt0 structure of French 
of poorest households grew by 80 ciety and the problems which 
no more than 7.5 per cent. still remain to be solved before 
As a result, about 10 per p res ident Giscard’s objective of 
of households currently S0C j a i justice is attained. A 
possess as much as 52 per cent wea ith tax. even if it is adopted, 
of the country's patrimony, wi |j ^diy do the trick. The 
while 50 per cent of others own answer can only be found in n 
oo .more than 5 per cent. fiscal system which gives 
Broken down by social cate- grea ter weight to direct taxa- 
gories. the wealth increase was tioQ a wages policy which 
greatest for industrialists, a y ows a much faster rare of 
businessmen, shopkeepers and for the lowest than the 

the liberal professions — nearly highest paid. 

12 per cent per year— while the 

-Turnover in 1977:10.000 million FF 

12 per cent per year— while the 
wealth ■ of workers and simple 


ar<-; general consumer products 

yjil • Household appliances, 
: “’ : 'R^o-T^electxo-acoustics 
: ' -»TBmoVer-in.1977:.4T)OO mil!ion FF 



Tj .Wires and cables.electrotechnique 

. Turnove r in 1977:1.400 million FF 

COR (Cie Gendrale de Radioiogie) 

Medical activities - 

-/ -- ; *Turn6ver in i977: 2,00P million FF. 

jySP^ - ; i'UmpS and Kghfing fixtures 

--[1^0^^1977: 900 million FF 


BB .GenersJ consulting engineenng 

rWZ ~ .■Tumoverin.1977:725 miltion FF 

PbONWFT _ v r -, 

f - » kidustrfetf CEteiing and re^igeration 

'equipment, - ^ 

% rnlllipn FF __ 



- : -ihoMSON^RANDT- Relations Kerieures 
-- : ■ -173 Boulevard Haussmann 

- 75360 Paris Cedsc 08 , - • 

. '.rd- PSSASiOO-Tefey-BitiU Pans650143__ 

agreements rather than nation- 
wide accords and the introduc- 
tion of an annual quota of 
' working hours. This would 
supersede the 40-hour basic 
maximum brought in in 1936. 
i The employers also want to 
redefine pay agreements in 

- terms of an employee’s total 
income, which would include 

!\ end-o£-year and holiday bonuses, 

' King service payments and 13th 
. and ‘14th monthly salaries: most 
employees receive some or all 
nf these perks, but by no means 
on a stmdardiited basis. 
f.yThe- white-collar unions 
grouped under the ConfMfera- 
lion Gtagrale des Cadres 
KCGC),. support the proposal. 

. Insurance workers got an agree- 
meat pf-this kind in 1974, cover- 
ing.- all extra payments except 

- for ; overtime. Chemical com- 
panies have also proposed a 

’ total-income, agreement to their 
tmions before. But the idea is 
still too" much of a new one to 
mort unionists for it not to be 
gffefeted with suspicion. 

■ :.rThe round of employer-union 
talks coincides with active 

1 debate within the union con- 
federations themselves. The 

- ‘CGT tn particular has some soul- 
. searching to do before its con- 
■■■ gress'.fn November. In factory- 

-Sttjr inter-union polls it has 
repeatedly lost ground, in most 
cases by between 4 and 8 per 
cent This tread was especially 
marked after the election— 
apparently displaying members’ 
■discontent with the union’s 
political involvement— although 
'more- recently the CGTs popu- 
larity appears to have picked up, 
. notably in the pew steelworks 
at. ifos -near Marseilles. 

The CGT votes have gone less 

■ to;, the CPDT than the Force 
Ouvriere, originally a splinter 

■ union of the CGT. The number 
of hoii-unionised — referred to 
:by ; -W. Maire as the unions' 

* ; parasites— has also risen. 

,,, , ... 
s4 MM, 

.<*L -Fi - 1 

'S' >• , -vt 

at Wa uw ' ,v i -» •' •: 











Q VRTF MR .■:•<■■] ..Jew 8 ??***' W. 


France, partly because of its 
rural base, is the least unionised 
country of western Europe (and 
also one of those to show the 
greatest spread in income 
levels). It has about 4.5in 
union members, almost half of 
them in the CGT, constituting 
20 to 25 per cent of workers, or 
arnund half the level in the 

The militant teachers' and re- 
searchers’ union FEN is the 
only exception to this rule: iU 
550,000 members represent 7u 
per cent of the profession, and 
response on strike days (there 
have been five in the last two 
years) is abnut four-fifths. 

The common ground between 
the different unions is shaky. 
Force Ouvriere. although its 
leader, M, Bergeron, is a 
Socialist, refuses to join hands 
with the Souialist-orientaled 
unions iCFDT and FEN) as 
long as these are in cabovta 
with the CGT. The CFDT. al- 
though an ally in many disputes. 
Is sharply critical of the CGT. 
Although the CGT is these days 
in favour of worker participa- 
tion in management, its idea of 
it (unionists in manaeemcntl 
differs from ihe CFDT'.s more 
open approarh. Force Ouvriere. 
unimpressed by the experiences 
of Yugoslavia and Algeria, is 
against it. It also opposes the 
series of one-day stoppages 
which are typical of French 
industrial action. While the 
CFDT preaches greater egali- 
tarianism, the narrowing nf 
differentials does not go down 
well with Force Ouvriere nr 
even with some sections of the 

The Jack of cohesion in the 
labour movement — ironically 
made worse by the. elections — 
may well ease the Government 's 
task in the coming months. 

i |-iftraoiviiooiv«r<( 

x \ 



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■FRANCES OIL” is h<w 
President GiStard d'Esla:ng. 
py-isilily after a v*ry yuod 
lunch, once depicted the import- 
ance of farm produce io the 
country’s economy. But i? 
France is a land of abundance, 
ihi* bizzzsi agricultural pro- 
ducer in Western Europe, and 
if it can continue to rely on its 
farmer* to provide the backbone 
uf its foreign trade, there is 
stil! a !u:ii» gap between flowing 
wsih milk and honey and flowing 
vviih nil. 

The idea, at least a few years 
ago. was that' France would 
iimld up enough ot a surplus on 
its food trade to pay for a good 
part of Us energy hill. But the 
target of a a Fry 20bn surplus in 
1 USD. equivalent to almost half 
France's annual agricultural 
sales, seems to have been wish- 
ful thinking. It was based on 
the halcyon day*> of 1974. when 
in its fourth surplus year run- 
ning France turned in a net 
profit approaching Fr$ lObn on 
us food trade. 

But since then the lucky 
numbers have not come up. 
There was the long drought of 
i wo year? ago. then late frosts 
m the spring of last year 
followed by violent storms and 
floods in the south-west. Pari- 
sian summers are inaugurated 
with the arrival of cherries from 
the Yonne; last year the 
cherries were wiped out and 
this year they are late and few 
—a poor augury. 

Prices of food imports such 
as coffee and farmers' feedstufts 
such as soya have soared in the 
meantime. France's agricultural 
account was Frs 3.7flbn in the 
red last year. Its exports rose 
12.6 per cent while it had to pay 
almost a third more for imports, 
its cattle herds and fruit crops 
having been reduced by the 
weather. This year's prospects 
are a bit better, but a big deficit 
of Frs 1.35b:t in January has to 
be recovered. 

France's position as the 
world's second food exporter, 
after the U.S.. now has other 
contender* in the shape of Hol- 
land. wi:h a much smaller home 
market, and Brazil, with almost 
unlimited land resources. 


There is a strong temptation 
for French farmers to blame 
their current straits on the 
workings of the EEC (even in 
its present iomi. without the 
competition of Spain, Portugal 
or Greece). Although the 
markets opened up by EEC 
membership provided a big im- 
petus to farm growth in the 
1960s — along with France’s 
first real agricultural policy, 
setting aims for modernisation, 
farmers' revenue, prices and 
subsidies — the Common Agri- 
cultural Policy has (o some ex- 
tern backfired on France. 

The system of green curren- 
cies and MCA payments began 
as a concession to France when 
it devalued in 1969 and did not 

want a sudden rise in its domes- by a slim 1.7 per cteoty. after 
tit food prices in line ^ several years of stagnation- 

Community conns. But. the this while the nurn^r. of offs to 

monetary compensation amounts farmers is steadily declining by tj) " 
now work in such a way that about 3 per cent a year: Out : 

French croons are taxed and put rose bv 4.3 per cent fast .soaks; up a .n&cnftr , 

imports SS&£%ShiSl *ar and is expected by the.;gomg-uHg F^h^- 
that French famers ■ lose' : knv Ministry to be higher this year, culture. Is. after slwf, thej^epi^: - 
bM-sVAwmf ™ Zinfromi wiS Sling prices rising faster most heavily 

dec»Si^ than costs. But farmers’ organ i- France. Farmer^tOUi d?btTast ; r 

ZoLr tad“ -Sons do not expect this year's 

nf r» P( 4 fnr‘ ,: cAF foori^fTifr- iiuorovp niiMit in income lo vfi Credit A^ncolc Pftt ■ Qi-. . . 

^ ST more than last . FroSLBbd. *r;wW«h;:Fro}n pU. ’ 

• Tfcc warn- of UMt^' -The slowdown in townf 

" u " rh , *“■ Imo X rnraf sector- tlHt :i*rtly ' b «&*' ' 

tna. of Juinyy — 43Mbn year, includms herilance si'Stcm. firTDers’ debt 

a. ie same time as it feeonre ■ ' idue 0 f the 1976 drought hr rising faster thatr-prodhetina.' 
farm development in strong--. .-FT . . The; increasixig. cost of-ie)rVicmg--. . 

cuirencv countries like 'Holland reI ‘“P ,an ' w inni n g of tlie- "is*. 

and West Germany. But MCAs . inutmit ha&.thar makes Diem less* edmneti- 

part of French produce, siidr. as farming is" more pro- mg for a-more active fobdi^i^- : .. 

w:ne. fans outside the system. no „nced Cereal production in cessing industry: Ahcut fiO^per . 

“It would be dangerous,” ,970.77 wen t up by over 40 per cent of what is’ 'grown ^r rafeed- .-.. 
say M. Pierre Mehaignerie. . pnL helped bv high prices; on French fatxnS:TS noyr-flro--. . 

Agriculture Minister, “to tell France's surplus of maize.. in cessea. The indu^j is : largfe— _ . 
uur farmers rhai evexHhin? part i C uIar. has risen apace. Beef over Frs 154bb .turnover ^ 'engage j - 
depended on ' Community g n(J production, on the ing 3.700 companies and mnpfejK-t-- 

decisions.” - . . other hand, are well behind ing 5 per' cent .of ^eVFnSWhi i.;- 

Despite all the efforts taken ne eds- France has to import industriaHaboiir fqroe-^t&tnam»'‘\ 

since the early 1960s and. deg-' about' Frs 2b n worth, of pig- activities tfeihg mil Ic,(u;ieaifin® v 

pile the generally impressive meat a vear. • export after cereaIs); inMt‘ind'^. 

record of farmers’ cdopera- " alcoholic drinks. , Die.coH)peTt. nt 

lives, there are sn-ongbolds OF ; ’ tives have beierruioi'ia^ intSSup." . 

inefficiency. France still counts G 6 rCflllS inpiy into indi^riEV-r^eratibn^-': . 

a lot of small fanners and a lot 
of oid farmers. Technically and 

.... farm trade » nd now aOTOunt-fdr .aboirf 1 x'::. 

IV hen Frances farm .trade v 

was in su 

rplus, «h„ n'te i' 

uicjbu ica were those categories it BUI * uaui* . 

orougnt m during the early ®‘ sco “ a«ncultural importer. ber of the big companietf-fUlte 
1970s to bring France's farm- ^ illhaSrie has pledged the Lesienr edible.?;*#*: gnmp 

ing image more up to date. The f i ]pn * x reforms to foster op-- Sir James V GoMsmtthY 

scope of the Credit Agrfrale, \ ° Agriculture Generale - Oecidentafe: ^.are 

tiie Covemment-owTied soft , privileged place in this caught up in- the throes' oF^ 

loan agency, was extended to - budget in which the organisation, and. apart from a ' 
embrace the whole rural sector. ji illjs ’ tn .- s allocation, not indud- few brilliant ' export .successes ' 
including activities such as . cre j its goes up by 22.5. per such as Perrier in the UiL the . 
tourism. The “SICA ” farm co- ce ^ t t0 tg.BTbn. Overall, industry • is wnsideretL-tiTbe 
operative groups were re- hat w i t |, credits and social underperforming , 'un forefen “ 
deSned so the r they could, have prog rainnie B m rural areas, markets. . '.-J ' ' 

up to a fifth of their members somc 47bn is due to be The Government would Ste - 
not actually working on the p i ous hed in—as much as the tn rely less on the export o£ raw 
land. Regional programmes world's - piuxhases of - French Farm produce, which make up • 

were introduced in the moun- produce last year. half of France's. sales. The^only 

famous areas of the Auverane. j n parallel with the Govern- hitch -is that client - countries' “ 

Limousin. Lot and the West, jnent's new industrial policy- -also prefer to do their own pitb ' 

and a dnve begun tn change helping companies to strengthen cessing; - 

prer from daily farming to their own resources while The most fundamental of-the " 

oeef and to increase the value i e ttmg lame ducks float to problems affecting both raw and - 
of farm output py processing damnation, the emphasis is. processed goods is'“where.''and -i 
more of it iocally. turning towards- weeding out how to sell. As the results of 

_ But modernisation has been the inefficient farm unit. At the forthcoming GATT .negntta- : 
slow, not least because the \assy in Normandy at the end tions are awaited. M. Mehaigr 
farmers, \rith one in 10 French- 0 f last year. President Giscard n erie has launched a crusade 
men livin’ on.lhe land, have told farmers: “The rule is f or an EEC export policy to 
been politically coddled that producers should not be third countries, including a new - 
because of their electoral assisted. They should draw stoc fc syslenL 
weight. Although there has their incomes from their pro- French farmers’ prospects de- 
been a concentration into bis- duction. That alone is com- pend to an increasing extent xia • 
eer farming units, the average patible with the value or their these oulside markets . F &&& - . 
French cattie herd for in- work.’ relies on the EEC to. buy two- 

stance. Iub only- 26 ^ ^ The Credit Agvicole which ftirds of iu {arm exp0 rts.:biit- ; 

compared mth the LK lays claim to being the third its market there has begimlo .- 
or 44.1 m the Netherlands, and largest banking instituUon . in i eV el niF Other M»iintrie«t have 
lower even than Ireland’s 2S the world^ is recommending SS* ^ SSSSSSE ■ 
(Cattie fanners have in fact giving fanners better margins wime ss the West Germans’, ixn- 
seen their income rising faster through price changes and Drovem . , r 

than most, because of price substituting the inheritance a^ buSer-^d mSre eS ^ 
trends.) law on land, a hangover from p TrptS 

Production fast year failed fo Napoleon. in ^ r m * 

get back to the 1974 level. Under the Code Napoleon A^HnmA ^nf 

entailing a loss of Frs 10-I2bn. inheritance system, the heirs „* 1 h ^; ^ uj ■2L, 7 . 

according to the Ministry, share the land equally. In prac- P «, n A 1L . it ■ 
Official figures show farmers’ tice this does not usually happen p Sff ' 

m income last yeor rising -if it aid tfose roiling hedge- fo “/eM^S - 

families. are spending a smaller 

proportion of their income on '• 


food and drink. 


On the way up 

A LYON city councillor received 
me for an interview. “Transfer 
me no more calls.” he told his 
secretary — “unless of course it’s 
the Ministry of Finance in 
Paris." I smiled. He smiled too: 
“ Sorry: that's France for you." 

The nation's second city (pop. 
with suburbs 1.2m) has been 
trying hard in the past years to 
escape from the old spider’s web 
of French centralism and create 
for itself a proper international 
role, equal to that. say. of Turin. 
Duiscldorf or Manchester. It 
still has a long way to go. 

At least it has laid the basis 
by investing massively in a 
modern infrastructure (with 
State help), and the results are 
impressive: there is to-day a 
touch of Chicago about this staid 
old town astride the Rhone and 
Saone. New motorways radiate; 
Satol3s. the big new airport has 
direct flights to 71 world cities: 
the office complex of La Part 
Oieu. with its 500 feet sky- 
scraper, includes what is said to 
be the largest commercial c_ntre 
in Europe. And the airy, com- 
fortable Metro, opened last 
month, has given, the provincial 
Lyonnais some hint of living in 
a metropolis. 

Yet these physical changes 
alone cannot turn Lyon into a 
irue European metropolis unless 
the city can also attract "an 
apparatus of decision-making.” 

as it i6 called. The Government, 
aware of the problem, proclaims 
its desire to decentralise and 
notably to build up Lyon as “an 
international centre of service 
industries,'’ a counterweigh! 10 
Paris. Many Lyonnais remain 
sceptical, knowing the tenacity 
of the Jacobiu tradition. 

Thics proud mercantile city has 
a long record of resentment 
against Paris, and in recent 
years has begun to take 3dion 
A few senior hankers and busi- 
nessmen have put pressure on 
Paris to help them read! vale 
the city's historic role as a 
centre of banking and finance: 
Paris has shown some response, 
and the first modest results arc 
encouraging. The Banque 
Nationaie de Paris, one of the 
three major State-controlled 
banks, has physically transferred 
from Paris its department deal- 
ing with the Lyon area, so that 
most decisions affecting the 
region are now taken locally. 
The director told me: “pre- 
viously, 96 per cent of local 
transactions were referred to 
Paris for approval, now it is 
only 30 per cent" This and 
other banks 'have also greatly 
increased their ceilings for 
transactions that can be decided 
locally (in the case uf BNP. 
from Frs Ira to Frs 10m, it is 
said 1, while the Banque de 
France has set up a special 

directorate in Lyon (its first 
outside Paris), with sizeable 
powers of funding. Official 
bodies dealing w r ith the 
insurance and subsidising of , 
exports have followed a similar 




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>. /. -Financial Times Tuesday Jane 13 197S 


WBfe&'-s :i-4 ■*. 

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-'<• Up 

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••- • ^ y 

' ‘ ^ ■•• life 

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» ' V •«.■*■ 

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President takes 
an interest 

■arrives in tiw^cwital' ?rc°- ! , , as / e i. t0 bc , P n:M;n,wJ :, Hv isolated from llu* zone of are paying thn price (cheaper 

• variably asks "lmn* h7 n officially to the various mini- low-income housing being built than in central Paris, it is true) 
AS naI advi “ r l commi5SIons ° f a distance to the nest in of having m Jive in apartments 
Za ?i S lhe - P ?T S Wh,Ch a " n0 . rrna),y ^nterre. in densely-buill-up urhan 

7nri ‘^WH^ 8 L able mar ' ^ k * d appr0Ve T . he Q r ,Rns Whether nr no1 il wH «ver aKs lnmerations that are the 
JfJL nlLJfS hfPP«nIng for major constructions before he possible lu bridge the obstacle result of experimentation by 
R«Sr Botho j « , «e a r b,l,ldl “B permit m awarded. »f the rins-ronrl suffieienily well architects, industrialised bu.ld- 

':-;.7 e M6a “?“ d as Prestigious. Just at the time of the recent m attract inhabitant lu tin their ina companies and developers. 

■ ■^'Showcase projects over the ejections a building by Mr. shopping in the Immense i-entre Tl ,„ , , 

-'.years, ^ and they remain un- oofill. whose participation had p injected and paid r«ir by the • , q 
.-^finished. A third question in- sinc * been limited to designing Male remain* u» be seen. For ZL 
•vevitahly arises, namely, - Is une * 25u-unit apartment buildm? ,hv moment, everyone , s unam- »„* t " 

•■^Justified ^in considering what next to Sl Eustache church. n „ llljS on a,,? necessity of enm- '" j , 

Ufjjappeps^in and around the rect?lve d a building permit, a 
^ terms of architecture win fl 


The question now being 
raised at the highest levels is 

much more money to 
ihc development of 

, . . new towns and how much 

for Giscard. one might for'rfunntn-Town^Sww^ he bc devn,pd pe [ haps 10 

-»* finuw- ru ii ni n, aown between the the progressive economic CN-pan- 

■*'£2LJff s repre ' U ™ ' »-- s - _ \T:': T ' wuh • s0,ncthm - mw Sion of existing middle-sized 

"-renewal, of housing construe- dpalities. The Government, act- kind of rogue's gallerv of the concrete results 

•>.Uon or particularly Ui the new jjf f *** and , worsl k,f co«nuien;ial- A significant shift in atti- 


m<mdin 0 Uiat the Ma. or s fervnees in scale between the «-han<*r> in build hefure 

»V . man in any outer office have the final. say on ail maa slant i in c nn iho „b,r..rm ° J .n nenue 

country. -..Rich in architectural urban planning matters, indud- .‘v,,. ...... ..w rt,-1, ' h 40 

much of 

* national strong! v 

concern in France, not just rival t’ 
-..culturally but economically and Jacque 
politically, . .and . perhaps demanding 


.aJJfoweyer, France is also well-, once again in doubt as to its 
.^.MMJvyn for its highiy centralised construction. . ... 

:^f8P?«7y?.ental apparatus. Recent ' . 

and arbiandL the capi- AfliaCPTlt 
ie extent to which J 

Running ronvurrently wiih 
has henn 

lure- — but nut ihe architevuire of professional architects in 
■ •I' ihc individual tower*, which France, -lust over a year ap«» 
was left to the owners — to lind legislation was passed' requir- 
the financial means and design inc that an architect be in- 

the extent to which * . ... „ ’p iC |. ap j talt-nc to transturm (if possible) volved in the desimi nf ail major 

inti- lh,5! “segment oi MaiinaiUto” projects, notably' public enm- 

i; .ji^ely ^linked to-4ho economic has al.o called for tpe co into a viable urban space; a cos- missions, with the one exception 

.. .^uipphtical goals of high-level * rhp Rnfiti nwi J» b wil * not suffice. h<?ine made for individual humr 

. decs. on. makers- . The irony is ?" ^ Jare 5U“ ' ® hn ,' There are a number „f eonslniclion. Neverrheless. a 

. .that these same events demons- g™ T r Ma | en p parallels between the situation system nf local and regional 

rtrate. great uncertainties on iV,iL Henr^f ^ITsEMAh' al lhe Deiense and that which architectural councils was 

pa rt about- precisely. which to the- oropos^i exists in a number of the created and given the powers 

- solutions to. ehoose now that the h a8 "f. a ™ French new towns of the Paris accept or rcrusc a given 

-..poises .of previous administra- mans Jl wunenML Region and elsewhere in the pnfet. Companies engaged in 

SOUS aife well on the way to Z *1 - tiHinirv. The central Govern- producing industrialised house- 

.-being achieved. ., , 11* A thp nirfenre com- menl established the Master n )ust engage an architect 

-Indicative of the' significant n , Z v on * 1 A,° f K ? J un- Plan creating the new towns in t‘» develop their model-types 

iss rce^t-iht'W 

President Giscarrt d’E^taing is 


' i - • 

■: "2 

:.f7 TS 

•: at 

■ « r 

his annriuncemenr. in a speech 
in th>* Acadeime d’Architei-ture 
last (ictiiher, uf Ihe creaimn of 
an intcrnnnivlerial commi->ion 

• .tr 

--.deciding the nature and quality pote ntial growth rate and and residents. As at 
. hf this .-final solution for the viability of this centre d’affaires, deiense. there has been a slow- 

• -Hailes, ■ the Defense business but the" architects and planners down in lhe growth rate of 

• and residential complex, and seem perplexed as to how best ^' me r °* these cities (e.g.. nvry 

even, the status of the profes- to go about making the inhuman a J“ “ m impnivc lhe qiialuy of puhlic 

.- aldnal architect himself. spaces more human. The vast inhabitants find themselves bui ,djn^s. This is ‘.till another 

, <it may! seem curious, but not central promenade serving the facing tne . p , , means hy which the President 

;Stti^Ebeside the point, to ask various office towers- ^ «s ^ over-endowed i^ra^cture 
. ;.5i?hfither--wc ri wfll.:see emerging formidable as it is-eut Off'Tedta. . «■'-«. ■••.» ••••«■»»•• .a * • 

. i^ofltoar attitude tbward.ffl the rest of the ' urbtnf . fabric Center mEvry reconPile all Frenchmen wiih 

•cteetbre that onevwillcategorise by a wide rfrig-roa^ -While the ^a^eficiofFFr Bjmin architeclure . t0 permit archi- 
ih^e-future .as. Giscardian. If whole complex is now efficiently mu teets t0 exclse ,heir P rofession 

"a- General' de : Gaulle and M. and comfortably served by a P. lan t ned fully and to favour the creation 

•'.Georges - Pompidou will be regional express railway (RER) «W»P J 0 ^ of a new French architecture, 

remembered - for having linking it to' eastern and houses less than a Hurd of that innovative 3nd comprehensible 
Marmcheri the Defense and the southern suburbs of Paris, the pumper. ... lo all Frenchmen. 

«W-^WX“^SSS Bria “ Tay«or 

?and. cultural map, it is perhaps 

• for his interventions in com- 
pleting the Halles that M. 

Giscard -will be evaluated. • 

•>- One of his acts' Upon becom* 

.-ing^ President of the Republic 
-jiniMay,. 1074^ was to modify the 

SI -^end ‘ And ' this year, with the other way." Lyon’s bid to now mainly of chemicals and 

eliminating the 90.000 square f F i nanC e support, become a “ a capital of decision- metal goods) is famous for its 

rmelxea -interaaripntf commercial jnnovafed^be creation making” has also been hard work and slightly stuffy 

JtJ «?d of a ' new independent body, obstructed hy the post-197.1 puritanfem (over most matters 
-western pOTtion--o£ the site,- and * - - whQSe priTnary role is economic slowdown. Several except la cutsmei and has never 

■by callrng for.moregreen space. r^e local finance for local firms. French and international, shown much interest in the otit- 

mediu^-Sflrms. A secondary- ^, had planned to put a side world. But recent decades 
-teeis was held,-. ana tne. con- . t0 rev i V e the highly headquarters in Lyon have now have brought change >. More 

moribund Bourse de Lyon. held - back because their own than 10 000 cadres have immi- 
lect Ricardo; Bofill,- 38 years old, •- expansion rate does not justifv grated from Pans and other 

-for surrounding -an- elaborate These and 11 , Q[ J it And this helps to explain places: the censuses of 1902 and 

-garden andfountains with build- iking a step tBe^oUapse of the local real 18"* -^ow lhai between those 

■ -S 85 - SSSS" reduSTg Lyon-s estate boom. The acres of new years the percentage of the 

Those on the Hue ; deJUyoti fbui dependence on Paris: offices at U Part Dmi. were ESSEX, 

a tim 

in rapid growth when the expan- 

On the way up 


hi gttiy-- imaginative tn .their 

decorative eiluaoos) 

bv to 48 per cenL So Lyon. 

oecurauv* ■ livelier^ each year, several banks British developers, at a time ..V f ' ke most other big French 

.rumoured, to. hqyie caught the ‘ !ri^heir first branches in nmi* prowth when th P exoan- towns, has become a more mixed 

that it_ seem^ pru^ept.. 8r ^ Government's regional Lyonoais tower are lying empty, work of ihe late Mayor, the 

; to Romlnate fftree- architects :to developmenl . board. DATAIl. is Even the Marks and Spencer ^eat Louis Pradel. whose vision 
study ihe^probleoa tone of whom jJsq nvirig. to persuade French store at La Part Dieu (one of w * s to shake L>on out of ite 
BofiUT- -..I com pahies. especially those who three in the EEC, along with provincialism info a new and 
■With the efimlnatipn Of, COD- in the Lyon area, p,-,, anri n„ iw . s » telr ih P Vlder role. No real successor 

..-■r .• 

f s. ' -i- 

d 7 ECTaomTe;mixte^o^;FAmen- ; usuall j prefer to keep 
a’gement -de HifleS’j7-,a6d .tire' Paris', near the Ministries TnmnnrQrV 
Goyeroment..;-Tbe : ' , hew'ma^er - W b 0 juust be lobbied so *-yxupv»aij 

that he has ambitions to he 
Mayor. If so. he could use his 

builtDn^s to 'close off Ihe eastern the chemicals giant ann issue— for Lyon 

end Of the sfte towards the n’ew firm by origin, recently metropolitan ambitions — is recover some oF the cosmopoli- 

Beaubourg" imltxrrtl'Cfeiltrc.-'This - transferred : the head, office of whether the State will ever tan nature that it knew durin 

1 | Its fertiliser .division tn Lyon decentralise its own civil the Renaissance and even later. 

,f where mtfst. pf its R ■and D and tb e Ministries, and Recent straws in the wind are 

pTint ’ src : ®tuated), io he especially the all-powerful setting-up °^, lke who- 
fi » flowed soon 'by lhe J Icvtiles have all their ^cked International CanccrRe- 

divisiou. ; And in. 1974 Pern me y .deoision-taidngstaff in Paris and search Agency, and the arrival 

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/moved, to Lyon its patents.^ ^ ; low .«rade offices in sm f e *»‘ 4 of f0ur international 
^iwylw; attracted by lhe , f3 ^. dtfe : su ch as Lj'on; and so it audit firms, among the very first 
that most/'leading countries have ig ^ p ^ s ^ most Lyon to take root ouside Pans. 
Euii; copulates there. businessmen must go cap-in- An ?* he f examp!e;the British 

., But puwerftil -economic pres- ^ lwice a ^ ^ resident colony of 300 or so has 

sii«s >re still J" -Govermnent’s a bit two-faced/’ been growing steadily, and some 

o&er.-rditectton too, towards .v. - banker “it’s companies — from 

id to Habitat are listed 

t-.-.-v- desire r to decentralise may be . 

Lypn flpny; manuf . ' .sincere, but it does not have the , . ... 

always' 1 prided itself on being CQQ . . ^ ^ j aco hin Strasbourg and Nice in their 

one- ’Of --the very, few large S Ss oSTci vi 1 se?v”nS “ ve ^ m ? r .* nt wa - vs are 
French /firms, to keep its h ^ d S^hall weever gwany where international cities, but if any 

I" h « pH, ^ defegates reS French t0WD ***** Pari ? 

pjbvineer. tittrnow chat Berliet ^ * hope to aspire _ to an inter- 

Has-been taken over by Renauli/ ” er ® e reg national economic role, it is 

■^aviem tiu's office is being '• ;Yet others believe that, even Lyon alone. It has made a little 
moved ‘to Renault's own Paris, within the -present structures, progress. But compared with 
HQ. It lS-a blow- to Lyon’s pride Lj'on . can nevertheless do a Stuttgart or Zurich, or maybe 
'-iiihd its coffers: Berliet repre- great deal to improve its own even Birmingham, it still looks 
sebted some 12 per cent of local status — so long as it can sum- insular and lacking in control 
banker-, turnover- • mon up the dynamism. Despite of its own fate. The Lyonnais 

■ M, Dominique Nouvellef, its central position end entre- suJJ trembles when the tefe- 
director of Sibarex, says: ‘'As .pteneurlal traditions, this has phone rings from the Ministry. 
yi>u ran see, it’s a race against for centuries been an enclosed The remedy is — partly at least 
time’ " this campaign to decen- society:. Its ultra-bourgeois — in his own hands. 

uiiiOT Tnridpra mergers milieu of bankers, merchant s. T , * j 

SSra’liailSatioas are driving manufactiuecs [formerly of silk, John Afdagh 

J *p j>\ up i 3 — 


midi-pyre nces 


to relocate or expand your 

to find an investment 
opportunity in a fast 
, developing region? 


already chosen ours (BOSCH, 
they have made a 

Between two seas, close to the mountains, around TOULOUSE (fourth largest city- 
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- abundant supplies of hydro-electric power and natural gas 

- industrial sites, offices, factories of any size and location ( some of them already equipped 
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large reserves of skilled and unskilled labour : young, stable, loyal and well trained in 
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- high level government cash grants and financial incentives 

- joint ventures and licensing arrangements with foreign partners welcome. 


housing, schools, public services, leisure activities well established in one of the most attrac- 
tive European settings. 


For further information, please contact: 

G. MONTAILLIER - Bureau Regional d’Industrialisation - me des 3 Banquets 
31000 TOULOUSE - Tel. (61) 53.11.22 Ext. 3065 - Telex 520051 

or P. GIRBAL. F.I.D.B., 12 Stanhope Gate LONDON W1Y 6JH 
Tel. 01 493 5021 - Telex 263 093. 



The Fichet-Baucbe group, one 
of the world leaders in 
security equipment, has fac- 
tories ar.d sales subsidiaries 
in France, United Kingdom, 

Ireland, Germany, Belgium, 

Luxembourg. Switzerland, 

Italy. Spain, Portugal, Tunisia. 

Iran, Malaysia. Brazil and 
Argentina. Altogether 4.000 
persons and exclusive distri- 
butors in 50 other countries. 

Fichet-Bauche are manufac- 
turing a wide range of 
Ernkers* and commercial 
safes, strong room doors, 
safe deposit lockers, night 
deposits, anti hold-up instant 
barriers, drive-in counters as 
well as. on the continent, a wide variety of 
alarm and surveillance systems for burglary 
and fire, original access control devices, high 
safety door locks and armoured doors fur flats 
and houses. 

They also produce tire doors, fire cabinets and 


/ tc/iei-buuctK head op ilc hi »c*.vrr, ueai runs 

files and computer data safes approved by the 
Technical Department of the French Insurance 
Association Ifire and drop teslt. 

For more than 150 years, the major French 
banks and many other banks around the world 
haye given their full confidence to this Company. 

Head Office : 15. Avenue Morane Saulnier 
78140 — VOlizy — France — Tel. 946 96.44. 

London : Fichet-Bauche (U.K.I Lid 
7 Trading Estate. Sand gate Street 
London SE15 1LE— Tel. 639 8421. 

Warrington ; Fichet-Bauche (U.K.) Ltd 
29 Tation Ct.. Kingsland Grange Woolston. 
Warrington WA1 4RR— Tel. Padgate 822 116 
Dublin : Fichet-Bauche (Ireland) Lid 
ISA Parfcmore Industrial Estate, 

Long Mile Road, Dublin 12 — Tel. 50 SO 16. 

n- ■ 

’•vr L._- *-v ;i.- r-: • ;.g in 'an jdeel straie- 

■orticn ter ?cr,cir jii::g inc maikels o[. -south-eastern 

and operating coste plus top rate services such es consultancy 
companies* universities, aiaduale schools, world renowned 

he Frer:n sculn-east. shrg \-Sh theborder 
:-:r:crd y.“l Italy, cor. dilutes a cipidly growing 
•i.hosi consunvtro. The .s a nii' oi considerable 
.-...iir«g will a n.-sr.g indicesjv 


h . 
ft - ■ 


;u; 1 



p ih-s highest Ti Fibres. 

“nanks :o an e'celient trans- 
: /i!c-fn — ^rr, ni'AorY.'a/s. rail 
ji$rv:av> - this market t« mahty 
itt. And '.vKhirt ir.'i '.nil- L-r-. 
from L'jCnbytru* : 

uine.-‘; Jc i~c.~r.-if ’/OUT 

Comnii=t:-;-r. of the Frejus 
• . v/iii ■jttii:i5‘eK- g.-. - ihe region ready ucccss 
t niili.jr. ntoi^ . .or?i;mei-: in '.he wealthy industrial 
. of north-eastern Hah*. 

■ j?'?*'- 

-'ur regi^r, aiirJGy '.hiiougiii/ ir.dustnaiizea ;:we ; 

-- *-.3 ta:ioriftj. s;. you ha-.-? the benefit ol a large and^-'' 
latourioi.;- r T . 2 d, and an the spot 

Comoui^j with cJ.he r ksiyc- European rrteliopolitsh centres, 
v til save money u. tne Lyon regon : i educed in&lafialion 

hand. They 

and Helping 

2,- ■ you to do business profitably under Ine be^l 
*- conditions. Living in Lyon is pleasant - Only 

■*;£?, a shell distance troin the ski sic&es and 
.. V - the l.lediterranean. while the uty ilselt 
' v;^V oi i i:i s a lively ana varied cuiiural life. 

•JJg ; . ,-^N There are other large melropolilan 
. '^ ''r --areas - where the emphasis is on ■‘large'’ 
!' ‘ , ; ‘and which ore becoming increasingly unli- 
f T-'vable. Aja .1 Ihere aie also vosl underdeveloped 
c' Vi * areas whi-h can otter sunsnme and subsidies. 
'•‘s.But the desert u perhaps the only place where 
rwjfUne. »m -shines all the lime - and subsidies can t guaianlee 
your cash flow!.*** 

We offer -you a profit making centre in the heart of 
industrial Europe. 

If you would like to knov/ more about hov/ we do business in 
Lyon, send us lhe attached coupon. 


L ... 


r ;•.! u -'-. z i 

J- L'.'.-rr 1 j.,-3 

-0. :-.:e cie !a Bc^iiM 
L--:m C-ne-- : - 
Tel Is i ~Ei jS.i0. ;, j 



f t-leme 

Pt-irtkn : 

| V*‘hc!e address 







GEORGES SEGUY is a tougher 
man than his cherubic looks 
suggest The chirpy, zealous, 
91-year-old Communist has 
needed a firm hand in his more 
than ten years as leader of the 
CGT, the biggest French trade 
union body. He took the union 
through the mass labour 
struggles of 1968, has 
strengthened his alignment with 
the Communist Party and main- 
tained the strong central organi- 
sation of a Communist union 
whose members are only half 

His enemies accuse him of 
being Stalinist in his approach, 
of lacking initiative, of turning 
the 2m -strong union into a 
political “drive-belt.” But it is 
not always dear which is the 
cart and which the horse: 

M. Seguy led the party in its 
late conversion to worker par- 
ticipation and has taken its 
Eura-Comnumist line further by 
hitting out at restrictions on 
union activity in the Soviet bloc. 

His curriculum vitae ae a 
Communist is impeccable- 
primary education, apprentice- 
ship at 1® as a typographer, 
resistance, party membership, 
arrest by the Gestapo in 
February. 1944, torture in 
Saint-Michel prison in his home 
town oF Toulouse, deportation 
to Mauthausen two months 
later. Released after IS months 
in concentration camp, M. 
Seguy was just turned 18. 
Physically weakened, he Fol- 
lowed his railwayman father's 
footsteps and joined the SNCF 
as an electricianfhis wife is also 
the orphan daughter of a rail- 
way worker. 

Active in the strikes of June 
and November, 1947, M. Seguy 
worked his way up to the top 
of the rail branch of the CGT. 


On this page Robert Mauthner, 
David Curry and David White 
profile six of France’s leading 
personalities in the trade 
unions and the Government. 


a5? * e S wftidi he considered : to .lowest ind^gou^it^^oand; ' 

a cause wlu^e touted :toV f .^%ensase 1 * 

5® ' future' of- the •-most: - 

* e 6n *one- ftunous *7 

country- n „ deznoiished Bam has; always said; that kee*.: 

^ttaudon 'ing doM prices ^ tweof ,r . . . 

icfcniwiedged '* r • 

cal cut andthrnsti the sbcwtfst But;thePrime^ &&'• 7 
l^der VL Francois JCUerand,.- s tubborn..maiiJ wtm.behev^^.;,' - • * 

arid he undoubtedly made an the' long-term ^ ^^efiFecf^flsis^Kw^-' r 

By then he had already been 
elected, still in his 20s, to the 
party's central committee and 
to its bureau politique. 

He is known now to be con- 
cerned about improving . the 
sense of unity within the union 
— but his own position is hardly 

in doubt. D.W. 

w 26 Avenue 
Georges Mandel” 
Paris 16 c 

In this magnificent 
early XXth century building, 
fully renovated, 
several luxurious apartments 
are still available. 

2 rooms, duplex comprising 
3 or 4 rooms. 

Sales office open every day 
2-7 p.m., except Wednesday. 
Tel. : 727.55.25 

S.RAI./29 rue du Pont 
92200 Neuilly-sur-Seine 
Tel. : 747.43.00 

It is not necessary to call Paris for reservations 
at your Paris hotel, PI L I M Saint- Jacques. 

Cost-free, immediate reservations can now be made for over 45 PLM hotels in France, 
French West Indies. French Guyana, Dominica, 

Egypt, Greece, Iran, Italy and Aloroceu by a simple phone call io; 



Over the past five years his 
main achievement at the 
Patronat has been to return 
much of industrial relations to 
the arena of direct industry- 
; union talks rather than 
| depend on Government-imposed 
J measures. He has brought four 
\ big areas under such “con* 

*. tractual ” agreements: improve- 

; merit of working conditions: 
unemployment indemnity paid 
largely out of jointly managed 

Dq ffp . 7 approach to the country^ pvobf his -** 

XjCXx. JL v :i’ : .:iems and ’bis. 

_ • - : ‘ ' tv EVnm the-ver® _ ■ ’ - 

df/^UUUCU 03 A AUUL UUUdVU.yi- . ■ " - ■ ' 

France by President . Gisc&rd about its econom c-jwghi 

mm ,• 

!*«.. o-w., . -- ■ 7’ . LMb SV - J < «LUJ. • IWBWfc . 'Will. r ■ 

w?thio th* nraanisation be ebu,Uent but fractious- y.JL largely because be nmaaged.50 lecture V 

•ffi B SSK£ *«!!=« “^saHaSSf 

T7„ - tactical manoeuvres on Vduch more difficult time with 'public. 

hran rn l S a '° ld ^ ems WIt S “r all genuine political animals , . . — 

1 lautuis particular school of thought on seem , 0 ftrive . His fundamental 

. prickly subjects like partieipa- atatude is ftilt ftey a 

/^i tl0n - .He has a regular liaison of preci01JS time. "Either. sou 

Ceyrac committee with the heads of the have a j ob t0 do> or yon jpjay 

J country^ 30 btgges,. concerns foot,” he said in a moment 

JUST BEFORE the general m? k « regular provincial of irritation . *1 ^ in-charge 
election and 11 niomh.* before expeditions. . 1 : - 

his term of office wa- due to M. Ceyrac's influence is un- 

expire, the French employers’ doubtedly helped by his per- Atyflvf* - 

association, the Patronat. elected S01 ? 31 friendship with the /xllvAAV/ ' 

M. Francois Ceyrac to ser\e an Prime Minister, M. Rajmond •„ 

unprecedented third >pell ns and with M. Jacques ( T 1 TOI lH 

presidenL The deeplv-lined Chirac, the Gauilist leader. XJ1XC4.W.V* 
face of M. Ceyrac. with its while his relations with M. THERE EXISTS in the Frrach 

angular features and stiiF fringe ^} scard d Es h*ing are cordiaL Government a particular' and 
of gTey hair, had already become Th e success of the return to powerful species of ' anjmal 
a familiar television sight as he price freedom may well depend which operates in . the^‘ -ili-r. 

.1 •• "- 1 -7.1 ^ 

waded Into battle with the Left 

defined area where bureaucracy; 

over its industrial and economic discipline the Patronat can and industry, overlajp.’ 

election platform and mar- ind uce in it* membership to Giraud comes froni this 

sh ailed the Patronat to deliver ^ nt ! o! t tb ® ine Ii ta ?* background— a man who ..has 

to the conservative Geo ernnient ^ consequences for price always worked for the State but 
the im or so johs for young ?**• . Mn y, a * held jobs which . extended tote 

people which would enable it Il M JS influence and ultimately • his 

• 5 !-" • ’ ‘ - 

to claim that its “employment 
pact ” was getting to grips wdth 
the jobless situation. 

Since the election the 65-year- 
old M. Ceyrac has been just as 

_ .. , . held jobs which extended tote 

tn Il M JS influence and ultimately ■ his 

to M. Ceyrac that he has , . . .-...t. . i. i - 

never managed a large orders deep .into industry. _ 

industrial coniru: in fact he JLSS^TSS' 552 
has spent his Ufe almost 

entirely in professional organ- 

technique, Andre Giraud col- 
lected additional qualifications 

vn,,.v um — icatinns Rut thp arivantapp ic ‘ ctlcu tfuuiuuu«u t 1 u«im.auuiu 

prominent, as the Government kn 0 u-f^ lntimltelv 8 the in ^ oiI and engineering field 

has freed industry from price „, a V^ before embarking on' a ciVil 

controls and as employers pre- eovernin ^ nl and in pvanS that service career Which made him 
pare to open a crucial round of f nriceless awt 1 a powerful voice in the forma- 

talks with the unions on pay p ■ — . ti on 0 f French energy policy, 

and conditions. JLI.C.. From beine director, of the 

;ct;s:n!o ! V 

Healey & Baker S.A. 

| Teleph one 720 05 85 


For your Parisian 

A prestigious address in one of the 
- most residential neighbourhoods in Paris 

Commission. whjfch runs 
• <f ! France’s- ambitio6s nuclear 

... A>; 

r-'V> ' v--.-.- 

SSs fell 

iu uhcu a uuuai iuu*.« • nr | rP iess n wt a powenui voice in me iutma- 

taiks with the unions on pay p ■ - _ ti 0 n of French energy policy, 

and conditions. U.C.. From being director, of the 

French energy institute -he 

T) Z. became the senior’ Industry 

IVAOilOl y Ministry official overseeing the 

•' carburant sector before, in 

RENE MONORY is reputed to \ il 1970. moving to ^ perhaps the 

be the rising star of the Govern- i y„ ; . , t T.WH* hottest spot in both the "civil 

ment. Last year he came out ■ * ■ „ senlce and industry as the 

of the comfortable obscurity of head of the Atomrc Enersv 

the French Senate to become 
Minister of Industry. After the 
election he moved up to become 
Economics Minister ttlie bigger 
half of the divided Finance 
Ministry) and it is Rene Monory 1 
who is the man in charge of 
the nuts and bolts of the Gov- 
ernments grand liberal strategy y£>5 
of freeing industry from price j 
controls and trying to push pri- ; - 
vate savings info industrial in- 

Bulky, bluff and amiable, with 
a rather heavy turn of phrase, 

Rene Monory left school at 16 
to become an apprentice mecha- 
nic in the family garage at 
Loudun in the Vienne, eventu- 
ally becoming mayor of the 

town and, through that, arriving attitude Js close to . revolu . 
in the Senate, election to which tionaTy, given the long tradition 
is indirect and weighted towards of thc omnipotent state, 
regional interests. At 55, M. Monory is the same 

__. H ? **® wn weU ..f t age as Raymond Barre and they 

Ministry Industry. After all, c i ear j y t hi n fc on the same wave- 
wnth the reputat'on For common ])?n th _ Jn fan they are ^th 
sense which France attributes simi to the same style of rather 

onnnspli »n ° rtiL”*- heavy, pedagogic, step-by-step energy programme. He took 

°h^K ed nit n c ♦L ei7 r»t'_ i explanations of economic policy over when the country laced 

winch d '- tj nciu-hcs the Pan * f„n 0 f appeals to commonsense difficult choices over nuclear 
sien) and with ins experience and common m an. technology and when a number 

as a small businessman ninn, "S .. ^ sha n sprea d tlie gospel of 0 f ambitious Gauilist pro- 

Ppm -!T t CU JnirriS? h u ’f bberty and competition.’ " he pro- grammes in the nuclear sphere 
Peugeot concessionaires busi- clajms announcing the trans- had ground to a halt. By the 

France’s Price timeTe left the Ac he" had 
heneh 1 1 ^ Commission into a sort of super transformed the organisation 

m iinnnn- i c ror.»tori nnr tn con, P c ^ tion commission. No one into a veritable industrial group, 
like' S io”sicrs° doubts fhat if indllstr > ^ t0 firmly established the PWR » 

he beliefs m th“ hread re- respond thc of laissez- the first-generation reactor for 
spanse Lettin" mdustrv^set its fa,r f* M - Monory will be quickly France, sponsored a broad re- 
own prices and lettina manager-? onthe phone tn set the offenders organisation of the industry to 

stylc of ,he se T/: s a "? 

spent by bureaucrats manipulal- ma> ^ r 0f Loudun - Pushed along development of 

ing details: in French terms this ix.L. a French fast-breeder pro- 


-j— i 1 Tl yiT " Until a few months ago his 

ramonfl lV!3.ir6 2 nly P° ,itical experience had 

i-^uiliuuu been as director of the cabinet 

A PROVINCIAL small-town tion among its members — in of the Minister for Education 
notary: that is as close a descrip- 1971. he took up the cause of for a year in 1969-70. But after 
tion as any to the image Edmond worker control which had come tlie election Andre Giraud, at, 
Main? projects in public. The alive during the "events” of 53 years nld. Was elevated to 
self-effacing, painstaking, ironi- May. 1968. succeed M. Rene Monory as i 

cal manner of the leader of the In the 1960s he had also Industry Minister and the trium- , 
CFDT union makes a sharp enn- favoured the reform of the virate Barre, Monory and Giraud j 
trast with that of his ally-cum- Christian Union body, the main- (perhaps with Robert Boulin, j 
rival Georges Se?uy. stream of which became the the Labour Minister) Is usually j 

The 47-year-oid CFDT sccre- CFDT, notwithstanding his own regarded as the strong men of 
tary-general is. unlike most strict Catholic background. the new industrial policy. 

French public figures, oblivious LiIie Georges S6guy. Edmond Up to now his main concern 
to snappy dressing. Under his Ma/re is the son of a railway has been defining tbe Govem- 
suit ho usually wears a soft worker: his father eventually ment's policy towards “lame 
shirt, either open-collared or became stationmaster at the ducks” or sectors in difficulty, 
done up to thc neck without a Gare du Nord. The sixth of No aid without a realistic 
tie. His nose would pass for a seven children—two of the recovery programme and a com- 
boxer's; its owner attributes its others took holy order?— he petent management, he has been 
shape, and the slight nasal tone trained as a chemist, worked proclaiming, and industrialists 

of his voice, to the whim of a for a .while for Pechiney and watching the Boussac debacle 
military surgeon. his union career among have been in no doubt that he 

Despite his modest presence, Pa ™ "S' 00 ^emiesl workers, means what he sajs. 

Edmond Maire is as outspoken He has Published books on Observers note that the new 
as any of his union colleagues, employee participation and on minister has an arid turn of 
including against them, against l J} e f om°us Ijp watch J factory phrase and suffers fools badly: 
the Government against the dispute of 1973-74, After the there are a lot of patients in the 
employers and currently against Luft ’ s disillusion in the March Industry Ministry waiting room 
all political parties including election this year, he has steered (steel, textiles, shipbuilding, 
the Socialists to whom he is as far 35 Possible away from machine tools, oiZ refining) and 
closest politics. His appraisal of the they are waiting to see whether 

Becoming leader nf the CFDT !!f„ ction . pe ™ d .,.r_ tai " s ; “SlSlJ? 1 " 

A name that^sTecogrnsed can mspireRwe^;- 
envy or, in this case, confidence. .. "Cl-V r : . 

It’s a name with a reputation for accept % •. 
only the best, and maintaining the highest ’ y : : 

. standards. An, assurance f or the v ; 

that his choice has been expertly selected and g* : . 

N carefully shipped. V-r ■ 

of the Atonuc Energy A very good wine reasonably priced. ' ~ ^ y 

ission. whjfch runs . j. » ,1 u : i- 

‘Distinguishing it from the ranks of all thexest . , ~. h . 

In other words, a name such as ouxs can : v .* - -■■■ y 
sometimes be all the guarantee you need; . ; . . ; >.• - . 

Because when it says Bouchard Aine on .; - y ■ 
the label, it says a lot for the wine. . f . ^ 

read the smaU print first 

Burgundy specialists and shippers of wine 


m Ame denotitig ths eldest son of the f amity . 

Edmond Maire 

International people . , . ; 

are discreetly choosing '• ■ v “f- : 


on the Riviera 

k unique villnge 
perfectly sited 

In 60 acres of fragrant pineHands and gardens : "^ 
on the sea’s edge looking out . . ■" r-~ 

over the Bav of Cannes . 
the property includes 2 club. houses, “ y: 

2 swimming pools, several beaches, . . : .V-.- 
a l80 -berth private harbour. , ..... '.^4 
Rshing, sailing, water skiing, diving 
and many other sports are available. . .. ,-f ii 

And with many other services for ^ 

a carefree arid leisurely irfe. 1 , 

A first class investment . - y.:' -- 
30 minutes by motorWay from . - ^ : 

Mice Enternetional Airptsd 

Houses in clusters with 3-6 rooms - N 5i5 


i n? 

• ; '-'I y 

ff4,Bd«AIJSSMANlV.BMWSS.. - ’ -v*.^?'v ^ -J 


On site: Theoule (Alpes-Maritimes) J U 1 7 
Tei. (93) 90.30.48 . . ' 


Vineyard properties 7 . ^ 

BORDEAUX— 75 hectares which iuc]nde 42 hectares of "red ’ ' 4 ^’ 

vines j well-known chateau: chartreuse — lar g e v Hi^-pv>ldgg _. ,'* 1| 0i:-. . 

plant m limited company. , . “ . •. . ■■■ _. ' . 

J? l ncIu ding 35 hectares of red vines, uf -Whlch !^a3^5. 

30 A.U.C. Margaux — Utrae wine-making plant— -bsanfifed - 'A . '- Cf : . 

chateau in limited comp an y- ' !- -5. ' ' 

COGNAC— -62 hectares: 20 hectares of vines— fine chhnfpacnsV v .. : ‘ 

large wine-making plant, distiUery^^elfi.-imne-^sj^ 1 .ij -/ 


PROMOTERRE — Domains du SeiUexr--~IA'iCtISSE : ^ .* 

17600 SAUJON ( France)— Tel: ( 4G ) 93^-^ J.7{> : 

• . * ■' •• 7 .'77'‘ .. ' ; 

< , . • ■ . . .-.r'iil.. 

. • iji .. • ■. 

—the second largest union and 

thc most innuvatmn-conscious, 

with a large extrome-Left fac- 

ally, a sprinkling of self- himself into a sympathetic if 
criticism. no-nonsense family doctor. 

d.w. D.C 

•^social Times Tuesday June 13 1978 


Oi „^5 . *'•-> ->-' -i-. ■■■ ■ •• 

r. i • a«if ■•*-•.■• ■'• -• 

A* '*&**-■- 

, S S »P,J. r ■• V . - 
■If '-.:..; ...• •,• . ' 


The case for an experiment 

in parent power 

..... , . 

t*J^2v^CASE for education day recommended that an the choice is so limited. Faced funding came to an end at the that such 

^ lii.V • not nmvpn hut thu i. (ha iiu nf with tinlr^hnnl H A" 

bQ pot proven, hut the experiment ’ in ’the use nf with sink-school M A” and just- close of the 19T6-.I school year. of Ihtf Jeac | ler . ^ 

i - «- ^ " "" " *■ * " ■■ In tho view of those Viiu >•» p° . . . , , , . ^ 

al r ’ a 

general impression" that the local authority can record far p .°^' “:; d 7 h ' e the - parents, while details 

choice of schools is seen as as “satisfactory. fessionals— the teaihirs and the in v w experience were 

that It is for this reason that the administrators— fur they con- their 'earn™* experience ere 

^th/.'Which; the entire educ-j 
3 ,th?»T T ' establishment is attacK- 

:-tetlie ; very, idea of a small vital by parents out mat it is for inis reason mai u» aaijiims.»«c« , ~ u . *•**•■ “ rfed as5 ^on.smct hv half 

yijMjerimiait- iii ■ parental choice vouchers would not necessarily theory of vouchers has sup- trolled the supply of edut at mna re« Mi»>: ducMr* law vers 

*_.*»r^r*r mv> n>uulJ.Li. i .I .a.1 >anA«nnU. nn hiil h allnmntivAG End paroilts OKI ** lcJ ■ , " , 

the new uppur- and areh. e«- v.,l: sladlv flannt 
expected de;ree. - Iheir qualifivaUniK while Ml, 
uther hand “the not impossible 10 di.scovei; how 
provided con- long any m-l. professionals 

JXizi- • * v .■••.• uui as 11 Mauu> n- »» •«-•»■«-• ;■* „...w «— e have been prafl>..i!n*. Whal arc 

?d - -l*. Wlmt . that ‘ something is is evidence in favour of large-scale into education, the idea was sub- uderable evidence on »il n ' * lcaL . hcr 

an« i^®! i!flls6"a.tpiite. ; clear. Most parents adoption of voucher schemes sequenily tried out, with the viability of alternative p u- sen tative u 

iaftild: like to .exercise the nor against a smaU controlled blessing of many on the Amen- grammes, since n iocrea=e« "J e!se vvher,— afraid of? 

'.‘^ree if ".-choice- over which experiment. The case for an can Left, as a means of enabling teachers opportunity tu choo. p |)rg mart. the aiiVA'er may he 

v ** * ; school V.ifieir ' child should experiment is to be found 1 he poor 10 cnoose belter and design their ‘■•urr'^la. ami 

to t attend" that, is enjoyed by the further back in the report, in schools for their children. thereby made a\ai v 

l * — parents a new range or choices _ - ^atcr 

These comments. tucked «f g * tlJ work w th 

away in an appendix to the Kent 
report, constitute one extremely *nere nmn 

on request 

Members of the 

itarhi Lilies 

Kent County Council Education Committee pictured yesterday. 

and. the powerful, includ- the small print. 

■wiqty we say. the present According to its own figures 

. J . 1 Secrfetary «>f State for Eduen- the Kent education department 

r 91 — *- ! -* 

‘ tte a* 

svstein, like any 


their col- 

nr lazy 

A voucher to 
iiher method desk.-. 

anri whu are expected ciples al stake. The real issue 
work hard at individual is: who shall deckle how best to there ha* been 

educate our children.’ ... ^^^uon. led by 

li* ’ ' t^K-i.liost-tea.chers, at- least in is highly successful at meeting Experiment 

^his countxy, seem to regard parents' wishes. In the years r powerful can find 

"flie' majority of parents .as 1074 m 1977 between 95 and 99 Thi.s was the thcor>- behind a proper expe V ' entrants 

dangerous idiots who should per cent nf children aged 11 the experiment at Alum Rock, the very menu - - - 

.oSt.'.be allowed anywhere near were transferred to the secon- m San Jose. California. Basie scheme sends s «- 

-fr-schooL Voucheps might con- dary schools their parents had vouchers, to cover tho school shock inrni^. 

Stifute a fundamental and indicated a preference for. fey. were provided by the local unions that u ^ 

irreversible shift in the Later transfers, at age 13, were authority while the Federal some of their mi nU'cr 

favour ..[ Then the 

;1 I 

Over the past couple of years 
a movement 
orst extremes 

. Ttu- rich are able to decide or this non-educ; 

There may be something .n Th* Lr thenmeh^ bv choosing tlte Callashan Governments 
i, belief, and ro: 1 ihe purposu , 1 , ey do in mlintion .1 «« Highly 

both the economy 
electorial pro>- 
ahiening-up in 

oro- thev do in the l .S. Tne power- some ^ teen assisted 

ful irfcm to make similar deci- by ihe fact of falling mils, even 
* 10 ns for their children in east under the present system some 
European countries But work- schools feel the need to become 
ini-class parents enjoy no such more attractive to parents. 
nar ., invurv Perhaps vouchers would carry 

** lU nenduh’ m of In this country many of their this process even further 

pendulum 01 . D robably been towards a higher standard or 

and^orU] 1 fairlv condemned to a less happy and education for all. Perhaps they 

, d rta 'e l wars successful life than they might would not. I do not know the 

and it- would be SSUSV t^saV otherwise have enjoyed by _the answer. But that vouchers are 

, . .. r a iiure or teacher-controlled worth a full-scale experiment. 

ie which that the -professionals were sUUe S(rh0 o ls lu equ ip them with and that the experiment would 

batance of power, in. favour nf challen 
>. -parents, and against teachers — handful 
; .1 Seirfore the National Union those 
si -^Teachers and the National parents. 

soflciation- -of Schoolmasters/ Yet tl.. 

fim of Women Teachers will vey associated with the feasi- The Aium rock jrxaii«i«v. rignt m ™' view of teacher - 

©t contemplate them. The biltty studv on vouchers' is not which stands as the mu. t hours for ever *. P * ‘ ^ seC nnd fear, and *>n . . 

: cdhistering authorities— the quite so ginwing. When asked extensive study of ““ f* tllls ^a^.-teHsalion L of haunts many teachers, is Ural _ if right ai aU times. ^ decenTabUi^ Rwise numbers, be worthwhile even if its only 

iartment of Education and if they had enough .say at >»f vouchers yet i undertaken, ful a . tlSSn oiie can ^parents were viven more choice Ii wan ihs point iJiato ad applications, or effect was to encourage the 

'%** •“» Any parent s -s r, fc sureLv bcyond doubL 

Vho variabUs- all of which are foolish not^ about child- 
l,iv secondary m ihe central pnn- centred education. 

edueatlnn committee met yester- present system precisely because basis was 


££b lh©y, : too, are nearly all a child who recently moved to of different ‘“ v ‘ nT^Tandard ised^tests parents are 

Hfoudhfer,...- - •: secondary school will- under- » vouchers could not be spent ihe res “*J fc pf? 0 wn children educational matter 

_fee famous exception is, as stand the reason for this m private schools: schools taken by their ®*" want ^ three R*s taught 

inlny- people! are aware, the answer: local councils get high could not raise their fees to only a further 51 per serried rank* of children who variable*. 

Kent County Council, whose rates of acqulesence under the meet higher ^demand)^ and^s yj Q l f !j he VesponHems allowed are discipline! when nail ' 

Joe Rogaly 

Letters to the Editor 



From Mr. Peter /. Franklin and 
Mus Caroline. "Woodhead 

■sms-. v — . sffla jf-saa - W — 

am a ctrohs believer in sand- boards. First-lass people are 

am a strong belie er available to fill the role; all that TnCCIltlVe tO 

■? . 1 , j I- ... nnT i linn hv mnrp * ’ 

■>?-- a ' : > 

•: :■ scccsa? 
-.c- buyer 

Sir!— The facts about life wich courses. For an 

ssirsr ILSTM'fflJaW is moonlighting 

City of London Sndontandln? of tbe hnnin. and «“•' “ Slr.-Cuy Hawtin'. article 

Polytec^Spv >yie .have been organisational problems la ta- lhe _ b ... ■„ . moonlighting m iJ 



•j'ii '.r.ers 

; /line ca 





moonlighting in Germany (June 
7i provides. a powerful areuuient 
for a shift of emphasis away 
from income tax and towards 
taxes on expenditure, such as 
□urchase tax or taxes ; on raw 
materials and energy.. White 
income tax remains, people will 
always try to minimise their 
contrJbntions by evasion or 
moonlighting, of which the worst 

ttLSSZ&STv Si*'** ■v5i^i™,ord«dVh.»{»i« gs»» f £ % SJ’Sr.t'ST 

investteatfea 'itfher measures of dustrv and this u rid prstapd I og_A . B..\'99dbe3d. . hneirm 

* . „ „ , .. the inchwtry. and- cae only be acquired by- aUbaliy ^ ^.arbprwe Road. Edgbaston, 

-lecteAd : ■ %fJr 

Se ’(assurance is : no longer of the Action Comariftee. but I A ; \ ; 

Life v assurance- is no touger ui .tue «;uuu v* ~ 
tbrmajor'fonri -of -contractual Can- assure;, Profep °r Ha nun -• (jpUCnStO 
savings^ the UK. “Measured hy that we are conscious of the ex- If 

1976 . cellent work whichhas been done 


net'- WVBWiiieiiv uui»u* — - -■ ... _ . __i„ 

insurance companies’ long-term m-many: universities and poly- 
fiinds acquired assets in. excess technics to dewse courses whi-h prom^r.'FpbeTl Hazckma 

Mr. Deni< Hvalcy. Chancellor 
of the Exchequer, -peaks at 
NA1.G0 conference. Brighton 
Mr Gordon Richardson, Bank 
of England Governor, addresses 
luncheon of \ssociaiion 
Forrign Bank*. Berne. 

. Witness: Dr. David Owen. Foreign 

Today s Events 6> - 

Wllll» M.ller. tS5S h ?. 1 ‘WSJiSIf ?Si 


Board erodings on the Tuvalu Bill 

(Lords). Export Guarantees and COMPANY RESULTS 

Mr.” Harold Lever. Chancellor p_ in ’ ' toinKter and Mr. Victor and Oath Bill (lx» 
of the Duchy «.f Lancaster «ut-M ? 3r Ta n d Min^er for Special EEC documents 
speaker at Lundon Chamber of - Kenresemation. in Paris. assurance. 


yf L'.S. Federal 

speaks in Ztinch .\ uatr #Jian Overseas InreVunent BUI (Lords i. “ Jo hnson Marthey and Co. (full 

Vtewr and Oath Bill (Lords). Motion on Pegler-Hattersley tfuil 

on non-Iue vear , 

or 1-unK: Films Bill COMPANY MEETINGS 
Third Reading. Scot- Avery s. Smethwick. Parley, 
l-md Bill report stage. Indepen- 12.15. Empire Stores (Bradford i, 
Internationa c*‘n- ^ nt l reudc 5in« Authority BUI. Bradford. U Garner Srothl^r. 
Brussel- to uu- d reswilms. The Grange. Bermondsey. SE. 


Room 4). 

Commerce « n .'j T Dc-SrlUne^ for’^comi'leie Israeli Douse 

luncheon. Guiluh^.l. — I— 4n .j lh{ j r;(M A \ f n . m South Lebanon. (Lords) 

Queen greet- Pre.>nkni Nicoluv Tv-.o-dny 
Ci'MUsescu. I’residenl of Romania, fcrence u peris in 
at «tart of hi- sine visit (u UK. cus* economic aid for Zaire. 

9 .® 

Hawn*. r-v — - — r . ■ . . . „i_v in. — iijlu tempt Tar tue low iuai it. vn- 

prl vatq sector pep =4on conmhme-in our complex m gjy^ pn "Leasing Plant^ renders. Taxation un expendi- 

investmeht amounted to. £2 .900m d us trial spjfoty. y oiir. -legal column on. June i, you ^ r0 WO uld -avoid this, while re- 

that year. • *^« nn rnmmittee may have misled your readers by tainitl? the fairness people ex- 

■Whereas the inprease m the Chairman. Action Committee, sayu^r that it was possible to take ^ f a tax sys tem. Those who 

fx>"«nnal secfnrts ihol^'nes of lire .National Engineering o^t a lease with an option t0 uve opulentlv would pay heavily 

assurance and - imperanmiaiiion Schntawhitis. purchase. Anythlne which con- ^ those with a modest life 

exceed"*! 21R per rnt «/ th*" R’m'teH Hfll tains an option to purchase te a ^yie— whatever their income— 

fioandal-swrotits fn .i?BS- m 19 1 6 We| ford^n-Avon. Wancurteshtre. Purchase Agreement, and if w ' uld pay ]ess . Taxes nn expen- 

the pnwiortion ■ had., : fallen to • 

^bn^tt?^»«o^V; have «■"- Technological 

tinned- to grow. St the ; expense - • . 

of life as^traueg- and other .fyiailtStay 
savings media.- r-New- d*oo 5 .'ts - ? 

with building' •ocletif 1 ^ «tceed»*d From Mr. D. C. hutting 

ftiROOm in 1976. or 47 ner cent Sir.— The Engineering „ 

of .the persona! sectors flnancia* fessors' Conference was ably s0me 95 . per cent of the selling j2 97. F ounex. 

■vraiSluZjina aWut M .P»#'*cent. reported upon by Michael Dixon pyjce’df an asset coming off lease voad, Stritorrlnna- 

of the Sertor*s iucreaged _his subsequent comment ciqn te remitted to the lessee by 

111 life " assurapee and super-' about A and B streams on June wjfj of a rebate of rentals « J „ 

nhnUatioh f«uds that. year. ■ Tn 7 recognise the .iraporrante of deposit on a new asset I would |)angpr<i Ol 

fr pq yiMr. lflgt.- .flow of Jniids- data .^engtomer reaction.” Both con- have nought he was In a strong 1/dUgCio v 

shows'-the- ij&icreasp51hv building Itrihutions appear to be construe- portion to argue for some rebate v L g pl; (look 

sociely-?-sliat^s^andV deposits to ; . t - ive toward the Rnniston Com- of ..: rental with but leasing OUV-DaCK UcdIN 

I^.mittee's aiffl -tb find a bealtby company. Your advice 1 that he ., oftn Dingle 

the p^ohal sector'g.holdtivcs m rationale for the engineering should try other leasing com- ™ N - haf , hcre seemii lo 

Rfrt assurance 4 md,svperanQdB%-prtfession -jw'the technological ponies as well is very sound. be ^w in g awareness of the 

tion. : *;* : ‘ r ^ - mainstay of the country. Robert Hawkins, not enS al dangers of buy-back 

-Premium -income- ^fo'r.. ordi- There U great merit in the Editor, Leasing Digest. notenua 

'nary longterm- flife) bigness proposals; of the Professors Con- 7 Qrvinr Sireei. 
amounted for mQte thaiilSS jor- f^rene'e. many separate aspects cogges/wlL Essex, 
cent of personal: savin as tn I96JI.. which already have a proven. 

Vicluria Slut i*-n. l.o ndon 12.30 pm. p \ni.l VMI NTAKY BUSINESS mince on Macuiory ubuwi imw *— r_' _ T,i' ' in^hn'm 11 *10 

Uw C ° mi - S ff’Tte lJ; Convention. Street. EC.J1 



would pay 

a lessee purchased an asset at d ( ture would encourage saving, 
the - end of a lease be would investment and enterprise and 
destroy the tax allowances which wouJ< j be en3> - to collect. They 
the lessor may have taken out on Hre raore j n hann any with man’s ! 
the asset when it was purchased na rure — and would make life 
new’. !- • much easier for all ol us. 

..Your correspondent may be j j. p 0 iu n g. 

Pro- interested to know that nowadays chdtaiflneriar. 

SXASXrlrJff suggest to ihe Pro- Sir.-Dwcribed by'John Lloyd an ai.ion.aiu: 

things.- itr :8Wwi5 : : .th'eV, .'htRbjj: , fessors' -Conference through the in his . excellent review of June u ,\ 

potential _ 
deals involving sales of Western 
iechnology to the Cuqiecon coun- 
tries. it is perhaps time »o con- 
sider whether some form of safe- 
guard is needed against the use 
of buy-back as a bargaining ploy 
in international competitive bfd- 

^For example, you report (June I 
9 j in connection with a bid Tor] 
1 : components factory 
ainst French compcti-l 
that “the British company 

f ew of the othe^r surprising in view of rae author’s oj . , )V concern for 

^eivier"ieo*«rec-»a Economics; _ -*s) : could proceed to a fnun enthusiastic advocacy over the p |-,k e lv long-tenu impact of 

caXe^Sdh'ea^';.:^ ' ‘ ,! to^wiljfy for > years on «.e ® the biy-back arrangement on the 

Kesearcb Assistant.^ ; ’y. degree^ . based j an^ UK economy, or a bit of both. 

Ci^of I^ndoir T^^ecb.nkr . , - th*»oretTcal study of a pertinciit at- .-a' (Press EieJwicIty WhaM* certain is that they had I 

SfeSoor of Business Stuaies, - - field of « d . J e t ^ l „.., 0 - d h r any already incurred very «w^ 

BA . Mr«wn«f*i:tECav r -\-/?' 2 s --J® - a ^ L ...r Council. Neither IS there an j 

..... , .... fSSto of”theniany dltrirt JJ 

' Jl ' »>* hem L23 w ^ S point of Withdrawal. 

fiiflW* 1 ; riliwidlfih ill- to-Vhe .FtnmstpnCommittee. • ^ the NGB and others powered ™ become a total loss 

gMTy ' Ti.C y Nutttngi - ,.„ to , f by icoal.. The most succe»fu ™“ c#use of any lechnologica 

-v- 'IPncr.Presi dent Instinn e rff •, conseraarfon s-chfJP ■* or commercial shortcomings, but 

' Nottingham,, jointly funded wittt v, MauS e the customer insists on a 
the’; City Council for us '"? ®°*J deal which includes an element 
and -incineration of ‘ “ 0 f real risk, not to the bidder 

emnpletely ignored. This ^ which may also 

incSdtoWJy. is now threaten future emnlovment and 

r -.*rRo 


'• T)!' v C^ N uttjng, 

, - '^Past-President Institute rff 

and ControL 


S^^^ie::Boariirooffl,&'t SSSTsss** *» - 

^uSorSin?tell? C tio a 7w know “JJ 1 ®* 111 Lhe 
^.tWsiactndtyj^fte JgJ yourread. ^."JS I 

- ** ' The omission of these techniques IX, 'Vac«d wi" tb this sort of 

^otniced - QQ douhtl&ss have, from Energy Commission dis- PJ obIem wit hnut exposing then, 

!rtiA«* was obviously .no. cr - : ^ r ^- - diKaereeinR cussons this week. seems to sug rharce nf unfair competition. 

Z would be to provide for reim- 

S^hone for M^.n’lf thatBrSh directors, energy industries to ifijore the bursement of their bid costs our 

im the -annotated-' have been -potential of what has ° Government fund^. in cases 

nitlnnAiHde-seliottdiE' ■‘We.on hetng a _ rt v *0 'rock the proved* elsewhere. The evidence w ^ ere jj. j g judged that aecep- 
Steruatlve ■ ^ ^Sf ^^^StfwhlcWnew to date snggests 1 that, at tent in ^ e ” of a bin-back arranwmoni 

1 07ft m- taking sr short boat by- mtrotfdcmg ^ which- the tTK energy decisions are far nreiudice future industrml 

Of. . 

n order to create - t _ possible nnprnach 

^.'controversy is perhaps remote f * ^j British com- 

- The omission of these techniques to sateeuaru 



The Rying Hotel 
The fastest way to South Afhfc| 

The minute you step aboard an SAA ;- * :. - 
■- Super B 747 Jumbo at Heathrow you’ll receive the 
sunshine treatment. ' 

We\c tried to give you more room>'for' ■ •' v ' 
instance, by reducing the number of scats. 

Youll also be pleased by the choice of . 
food and wines too. The wines actually are South- * 

African, which will give you a taste of the'sunshine 

eountrv in advance. j : ‘ ■ 

^ Naturally enough, after the meal, there’s a 
' . good film to watch or sixmo sic channels taenjoy*.. 

, j -4 * . , . And all the while vault be looked After by. '- ■ / v ' : - i ' 

. Jcabin staff whose aim is amongst the 

friendliest- most attentive you'll find anywhere. ; - 

\XTiich is why our senice has come to enjoy ;V : ;.V'v * - 

• the title ‘The Hying Hotel’ ■ - ’vv'/ V 

!• • • • An SAA Flying Hotel leaves Heathrow 
... every night, bound for Johannesburg. ^on^top ! pn '/:.^ :^ ; -. 
.- .Mondays - the fastest way to South Africa:) The r e s,.-.y.:j--^v.^ 
• ' ^s6 a riori-stop to GapeTowii on Saturdays./ 

• Youll get the same sunshine 
Oirr routes to tlie Americas, Far East, Australia and : ' . 

' the Indian ocean islands of Alauntius and .. : 

■' Seychelles. •' ' .' ‘ ' 

y • AndVhaving our own exclusive. 

■networkin' SouthAfrica, meansoitiySAAca%tatei'^; 

. ' ' •fmvmnon vM t>lijA(A *<MiuATh££$iiiiiuH chih&: • 

• ■ -- in 'u'i))h*)Ky tin '.v f"i « iiiphtVii.% •. . "• 

• Iwt* gr«il .. ti . tr;i'.vl 

AfW.'y Riai-!!ijii:<iiitl l'*rsl 1 l:i 
. (mid .Vu-J.iUmii i'i.»n ,, rcr i.l'i*-*- 

# ©v ^ Comfortal 

;v ....fw-sei«sstwg ^2SSSiPiit : "hv. , 'ti*r'.hhfaTd is 

disagree that s i tw* and ? and who JJ ffaramiW Hw**- 

Fariitc full riving Horci dciaUsj.conWs.1 yoiif.WA'ua^^nt 

... ;44fttt^R7AapS«K 1 : °t 7 £* 

' Orasgaw. Phone: 04T-221 2931 Peter htreef, StaHchcstctFhoricto^^ 

• t-X 

^STua^. must now - 

a* ...... 

SdfJ'tZ r : 

•- .i-w. .. -■! 

£2.7m downturn to f 77.6m at AB Foods 

WITH THE UJC bread Industry 
difficulties aod the high street 
price war cutting contributions 
from two major divisions and 
exchange differences reducing the 
overseas contribution, pre-tax 
profit of Associated British Foods 
dipped 3.4 per cent- from £S0^6m 
to £77.63m in the April I, 1978 

When reporting 'half-time profits 
£0.8m higher at £3 2m Mr. Garry 
Weston, the chairman, said the 
group expected to exceed the 
previous year’s record, although 
the increase was not expected to 
be significant 

He now says that margins in 
the UK and overseas came under 
pressure in file year with the 
home margin down, from 4.7 per 
cent to 4 per cent and the over- 
seas margin from 6.7 per cent to 
5.8 per cent 

Overall world sales increased 
from £1.49bn to £l.68bn, with the 
UK sales up 13 per cent, or £L2Sm. 
while overseas sales rose by IS 
per cent in local currencies. 

Mr. Weston says profit growth 
will be achieved in the current 
year, "although overall volume 
growth in the food industries in 
the countries m which we 
operate continues to remain 
almost static, and the combined 
effects of Government regulations 
and severe competition make the 
attainment of better trading 
margins difficult." 

The 1977-78 shortfall in trading 
profits in the UK — w here interests 
range ‘from Sunblest bread to 
Fine Fare supermarkets — was held 
to £2.2m. and the biscuit division 
produced " especially creditable " 

Overseas profits were reduced 
by £Q.5m. taking into account the 
adverse effect of £2,lm owing to 
the difference in exchange rates 
at the year ends. 

Sfr. Weston says that consider- 
ing the adverse factors, and the 
octremelv difficult year for the 
Food industry in the economies 
in which it operates, the results 
must be considered a satisfactory 

A second interim dividend up 
from 1.3A32p to 1.522tip increases 
rhp net total from 2.0754p to 
2.328 lp per 5p share. 

The profit after tax. minorities 
and extraordinary items was 
£38.4m and after providin'! for 
n^tinarv and DreTerence dividends 
£28.1 m is retained. 

Earnings per «diare are shown 
at 9.67 p compared with 9.S6» last 
year.- and ordinary shareholders' 
funds have increased during the 
yeor fVnm 65p to Tin per share. 

Capital snending in the year 


As expected pre-tax profits at Associated British Foods 
are slightly lower; at the trading level there was a £6m 
turnround to losses on the baking side, while retailing suffered 
from the price war and turned in £3m less, but the shortfall 
was more or Jess made up by the other manufacturing 
activities. Full year figures from Hill Samuel are rather dull 
with banking profits flat and a downturn in ship broking. Lex 
also takes a look at the market in light of the rather surprising 
issue of a new “ short tap " stock. Elsewhere, WCI has shown 
good recovery after the setback the previous year while Valor 
has performed well in a very depressed market. 

next year or so. It •.■.til ••oniinue 
to upgrade itf. mould m a machines 
and is committed i» a modest 
programme of exopn-ion in _ the 
live gallon /2a litre area. Tho direc- 
mrs believe the company has 
reached j point where /*rolils 
should start to reflect tin invest- 
ment of the last in months. 




WGI up 
to £1.2m 

of items to different periods for 
tax and accounting purposes and 
for stock appreciation relief. 


A TURNROUND from a loss of 
£31.7224 to 3 profit of £117.641 in 
its civil engineerins division 
helped WGI. engineering and 
construction group, to achieve 
taxable profits up by 56.9 per cent 
to a record £l.3m for the year 
ended March 31. 1978 compared 
with Xu.Tiim. on turnover ahead 
from £ 21 . 8m to £23.9m. 

At the interim staue pro fits 
were up from £261,082 to £496.870 
and directors anticipated con- 
tinued progress, and expected 
satisfactory results for the full 

The group has entered the 
latest year witli a high level of 
orders in hand. 

A divisional analysis of turn- 
over and pre-tax profits shows: 
civil engineering £7.W4m f£7.54m) 
and £117.641 {£315.224 loss); re- 
fractorv £4. 48 m (£3 53ml and 
£558.990 i £478.522): process en- 
gineering £7. 62m (£7 SO ml and 

£334.536 t £466,358) and mechani- 
cal and structural engineering 
£3 .83m t£2J84m) and 1185.642 

(£132 046 1 

Staled earnings per 25p share 
are 26. lp ilT.lp) before tax. 16p 
( 14p ) after tax and 12.5p (8.1|>) 
after tax at 52 per cent. The 
dividend is lifted to S.Sp C5.2pi. 
as forecasr. with a net final pay- 
ment of 3.8p. 

fsrr-re isrs-r? 

Taxable profits up by more 
than 50 per cent at WGI Group is 
an impressive recovery after the 
previous year's slump. A deter- 
mined cost cutting exercise has 
trimmed several regional offices 
from the civil engineering 
division while earnings I mm over- 
seas contracts, notably in Kali rain, 
have also helped the return to 
profits. Refractory products have 
done well against a dull market 
background and profits here have 
increased by 17 per cent; WGI 
concentrates on high quality 
markets, though growth here may 
be difficult to susiain in view 
of declining demand. The com- 
pany. however, is trying lo 
develop customers outside the 
steel industry while exports, 
which last year amounted to some 
70 per cent, of sales in this 
division, are playing an increas- 
ingly vital part. Meanwhile 
profits in process engineering 
have dipped 28 per cent but earn- 
ings from a number of long term 
contracts should show Lh rough in 
the current year. At lOflp the 
shares stand on a P/E of 6.4 and 
yield S.0 per cent. 

FROM HIGHER turnover of 
£6^3m against £6 . 1 in profits 
before tax or Ariel Industries, 

Lcice.srcr-based maker of indus- 
trial fasteners and light engineer- 
ing products, etc., re-'’ from 
£762.436 to £783,309 in She year 
ended March 31. 1978. 

First-half profils increased from 
£322.500 to £325.900. 

In their interim statement, the 
directors referred to negotiations 
Cor the sale of interests in South 
Africa. These have no-- been 
successfully concluded and pro- 
vision has been mad>- U>r the 
resulting loss of £i»."».Ni;y. the 
directors say. This iiguri- covers 
all contingencies and ihe South 
African situation Is no* totally 
clear, they add. 

Trading figures in 1:178 for the 
South African subsidiary have 
been excluded from both turnover 
and pre-tax profit. 

A final net dividend «f 1— liSp 
per 23p share is recommended, 
lifting the total to the expected 
2.124p compared with 1 .ill -Ip paid 
in the previous year. 

• \ ‘ -r t'. v: 


-of Valor Company, 

Man* 31, 1978 , yea r- . , . - ^ qyfticfc went : inlo liq u ldl fe o a; ? 

• At hatf-way profit was 

£& 2 «m to B>.52m and j fi*r 0Cto ^ orininai ' cost af^the^a^nfcsSsJ. 

belie ved the trend-won^oe the- -Tfendbr. even > 

finiiid ' 



year ... re&sonabjy bri^t-".;Sp.fer In. 

The result is subject industry’ figure jlieft 

»£D.S2nr C£0a39m) ^ . ^..^^ sales-aphy- 3ft r - 
there to a £0-58m extraordinary ^ h(^ag> ^r-^a^bet' ‘ 

.debit • • 

i cio n» a. — iha uwviua ■ butij - • 

sbit. . ■ 

Earnings per ^-p.etfflnn?fc V-’ 

,. 52 p (5^1p> ftt«y diluted. Onj * cookers . ,. this : autuxpu.v J6 f’-fiSi . «. . 
nil distribution basis no ffl exwctei io finprewe- 
Ehren at I0-54P (6.75p) and fcOSp 4 ^>vtbe ; iigfa« , j :/d 



. for higher margu - . _ 

■ year. Demand is good at present 
There has been a pick-op in the 
sales of cookers and that has gone- 
aknost exclusively to gas cookers. 

The Valor cooker 
tha n recovered its 
fn the second half -. 

and- is now working - at >foU 

ry w \ .. - 4 

: -S?56jfe. 


Mr. Garry Weston, chairman of Associated British Foods. 

“» T)N : ' ' TURNOVER.. ' zaheaiK . -trorai^: ■; . 

capacity and some rert . 

above last year. On heaters,, the of -p ■ eamiU. and r ; 

company still bas some 15 per cent dropped &om 52JS3m tb v £3£ni ia j, ^ 
capacity spare. . - : ffce March 31;. 2tf7S s|* v ' 

On the Belguua investment ha Early this . year '4irBCfear& ' 
said the company had written off porte d that profitability in ttgw; «- 


. L27 

falls to 

loss at 

Ariel Industries .... 

.Assoc- British Foods 

2nd int 1-52 

Blyvooruitzicht Gold 33 

P. J. Carroll int 2.15 

Comm. Bank of Near East 25 

DsdbeuLtie Finance 1.4 

W. Hcnsball 1 

exceeded £?Om (£62mi. 






I.S77 «;.i 


Trartfnff sxrpiiis . .. 

1 13.274 

I ] S A> 


24 021 

Ink-rest payable . . 

in nu 


p— m before tax .. . 


UK taz 



Oversea* us 

12 ITS 


Net profit 


47-08 1 




F.siraort Inary profits .. 



5fi 583 


Prof, iiivirtenils 



Ort. dividends 






. 23.872.557 21.7W.Mfi 

1.1%. SOT 762.602 



. 272.]rr. 


In. 71 7 




S.T03.019 3.^3.278 

See Lex 


Pre-tax profit 


\|.| profit 

CxiraorOuuiry urcdita. . 

A valla 06.- 



Front -.-apiial r^nerve... 

Brought fon--ar<t 

Carried forujrd .... — --- 

Tax for the year amounLed 
to £462.575 (£135.754) on ED 19 
basis, and was split as to UK 
£428.550 I £140.798 1, overseas 
£18.123 (£5.428) and prior year 
£15.902 ( £10.472 credit). 

Provision has been made for 
the liability to corporation tax 
which may arise in the foresee- 
ship fu«*iro from the allocation 

manufacturer of plastic containers 
and domestic wares, fell From a 
peak .of £811.000 to £750.000 for 
the year to March 31, 1978. after 
£456.000 at half time. Full-year 
turnover was ahead at £11.06m 
compared with £9.42m. 

Earnings per 10p share are 
shown us ll-Sp (13.&p) 3nd a final 
dividend payment of O.S407p 
(0.7525p) lifts the total to lJ!S36p 
t l.23S5p) net. 

The directors state that within 
the next few months the com- 
pany will have completed its fac- 
tory extensions which should give 
adequate production space for the 

A PRE-TAX loss ol £0.44 m 
against a 11.16m profit ii reported 
for the November 30. 1977. year 
by Dentsply, the U.S.-o« ned 
dcntai supply group. 

Turnover for the ye:-- was 
ahead from £17.75m to £31. 19m 
and the group trading profit was 
£2 ,43m compared with £2.02 m 

The result is before a £127.009 
tax credit (£L16m charge 1 arid 
extraordinary credit* from .-ur- 
pluses arising or. group recon- 
struction of Xl.OSm. The 1976 
figures include 11 months' results 
of AD international, a subsidiary 
acquired in the period. 

Turnover of this company was 
little changed at £15.1 5m in »he 
latest year against £lo£'m for 11 
months previously, and the pre- 
tax loss was £142,000 <£346.000 

The profit is before tax credit 
of £0.51 m (£68.000). There were 
revaluation surpluses in the year 
nf £7.04m <£0.5lm). 

Hill Samuel 

Ocean Wilsons 


Prop. & Reversionary 



Warwick Eng 

W. Bromwich Spring .. 










Co ire- 



of spending 







SepL 15 




SepL. 4 




Aug. 4 ' 



46 . 

July 7 



6-06 - 





July 4 








Aug. 2 



•" 427 

July 28 




July 28 




July 12 






2J4 ■ 




- 5LS . 

— • 



- 229- 




' 7 Lflfl 

current litigation In UJ a 

would result m this coming b^ck creases, 
to the company. 

• comment _ 

Despite depressed market condt- Las* 

cookers and heaters Intere^s of £13,000. .Atfranjtafel^fc 

ttaiw 4e chnum nhd lm it 

tlons for cuvaciii duu us®.-.- — 7 '-n J--"--— TT , ... 

throughout most of last year profit is-shown at-0JaM£L64m3^-:*. 
Valor has continued - along the Earnings per 25p • Snare yare-f 
recovery path with a 54 per cent given 

rise in pre-tax profits. Salea I nterim , dividend fs - lifted. .£r<at^_- 
value is up by 23 per cent- though L7875p det lo .' j . —'A:.- ^ 

In volume terms the position is Last year a 4-273S6p .finaLlrasv 
virtually unchanged: it was not paid from depressed pro&^ «„>> 
until the final quarter that £4-82fn. . •• 

Dividends shown pence per share net except where otherwise stated. 

*' Equivalent after allowing for scrip issue, f Oh - capital 
increased by rights and/or acquisition Issues, t South African. cents 

Second half 
recovery by 
Warwick Eng. 

Your place in 


“The success of our first assault gentlemen; is now 
overwhelmingly dear. 

“200.000 sq -ft of warehousing and light industrial 
premises in the superb, new Eurolink complex at 
Sittingbourne, Kent have now been occupied. 

"Heartiest congratulations! 

“Your next task is therefore obvious: immediately 
occupy the remaining limited number of units available from 
5,000 sqit up to 30.000 sqit Your orders are to capture the 
next 100.000 sqit. as it becomes available during the next 
12 months. 

“Once established, you can expand at will across 20 

acres of planned future development 

- “I need not remind you of the vital strategic position of 
file site. Eurolink is minutes froru the M2 motorway. 55 miles 
from London. 18 miles from Dover. and within easy striking 
distance of the roll-on /roll-off facilities at Shwmess. 

“Movement of transport and supplies is supremely easy 
due lo the site's size and parking facilities. Eaves ol all 
buildings arc 20 ft high. 

"And local transport services and amenities will suit 
your troops down to the ground. 

“Gentlemen. Eurolink and success is at your feet-” 
For further information contact HQ below 

To: Fuller Horsey Sons & Cassel 52 Bow Lane, 
London EC4M 9ET. 

Please send me full information on the 
Euroiink Industrial Centre. 





Fuller Horsey 


McDaniel & Daw 

Chartered Surveyors 

The Eurolink Industrial Centre is a joint operation by 
The London Life Association Limited, and The Blue Circle Group. 

After a £69.000 first half loss 
against a £211,000 profit. Warwick 
Engineering Investments recovered 
in the second six months to post 
a CU0.30U pre-tax profit in the 
March 31, 1978, year compared 
with £343.800 last time. Turnover 
was £18.87m. compared with 

The result is after exceptional 
costs of £104.000, which relate 
largely to redundancy payments 
associated with the reorganisation 
of metals and alloys. 

This points to a second half 
profit liefore exceptional costs of 
£383.000 against £132.800 last time. 

Directors say the expectation 
for the current year is that the 
group will do slightly better than 
the £0.55 m indicated by the 
second half. 

Tbc final dividend is 0.3p per 

Company, Gripcroft. Hardy "and 
Horne, Til den. Continental Decor 
t Products). Country Woodcraft, 
Quintain Builders, Cadsew, For 
Goodness Sake, J. Bassington 
(Builders and ContFactocs)/-D. C. 
Watts (Brokers). Cl a della. Lakes 
Construction Wholesale Supplies, 
J. Robinson (Grocers). 

A. F. Martin, Joint Carr 
fLondon). Maxberry, Socreco, D. 
C. Farquhar and Son. HJJ.P. 
Transport, Greevedaie, - Hague 
Seek J. A. and C. Building 
(London). John S. Booth (KJds- 
exovei, Miliar-Bourne Artistes, 
P. and D. Services (Builders), 
Sarlroy. Spenton Autoaids. Walsh 
Brothers (Highbury), Teakdale 
Double Glaring Co. 

Westdean Motors. Y.W. Motors. 
Top Hat Transport. Kebahtand, 
Hans. Peter*; and Company, 
Southwark Welding Company. 
Kenway Sports, .T. Dojfovnn and 


Lazard Property 
Unit Trust 

;.a .*«. 

_• - v - - Sr ■ 

i. .T. Doth 

Company, Fairfield /Pronerties 

20p share for a O.S25p total com- 
pared w ith 2J292p la<t year. 

1977-73 1976.77 


ProTtl before UX . . 


Sei prod! ... 
Extraordinary loss 
Vrom niinonu«t . 



t i 

I5.SST.tlM 13.967.200 

210.300 343.800 



fin non 





75 companies 
wound up 

Orders for Uie compulsory 
winding up of 73 companies were 
made in the High Court yesterday. 
They were: 

Premier Promotions and Mar- 
keting. A and L Trucking Com- 
pany.' Zurich Merchant Leasing 

Company (London ),/Guy Groves, 
Berry Warehousing-' and Haulage 
Company. Canterville Invest- 
ments. Ja.vant Holdings (RJS). 
R. and 31. (Import). RuiuJell 
Crescent Properties. 

Sferen Hawkins. Holmsdrew 
Heating and Plumbing. Taxi and 
Car Hire Agency (Merseyside), 
Step cant Conveyors, Ashtondex, 
Archer Motors. Fairham 
ductions. Chart Sutton Develop- 
ments. KHD Transport Services. 
MHls Discount Mini Markets 
(Plymouth). Duggan (Hauliers). 
Fletcher and Gray. 

J. and R. Ellam, Remark Afotors 
(Teddington). Anno. Trailer 
Systems. Dulwich Civil Engineer- 
ing. Royal British Legion Wallop 
Club, Lilywood. Eknbond, Pem- 
broke Construction. Larbmead, 
Maurice Henry Housing Associa- 
tion. Tallchotce. Integrated 
Reclamation and Dredging Com- 
pany, Angmoss, Safeclose, and 
W. F. BrownhiH. 

The next issue of units in The 
Lazar d Property Unit Trust is to 
be made on June 26, 1978 at a 
price of £1^95 per unit! This is 
£40 per unit higher than that of 
the previous offer made at the 
end of March. The Committee 
points out that It & difficult to 
estimate the expected yield on. the 
offer because of the -uneextainty 
over the return on the £202>m of 
the fund held In short-term 
deposits. But it would expect 
about 5} per cent on the- sub- 
scription price. 

The trust aims to provide direct 
property investment for approved 
pension funds and charities with- 
out endangering their favourable 
tax status. The accounts of the 
trust for the year ending March 
25. 1978 show that the fund grew 
ovet* the year to £94m from £64m, 
with £I8m of this cash flow coming 
from net new investment and £12m 
from the rise in property values. 
At the end of the year, there were 
177 superannuation funds and 23 
charities participating in the fund. 

The offer document for this 
latest issue shows that at May 4, 
1978, the property portfolio was 
valued at £76m and was producing 
annual rents of £4.05m net of 
ground rents. The current market 
rental values of these properties 
on the . same date, including 
vacant property totalled £7.08ra.— 
a figure that is expected to be 
realised in 1887. 

Recent acquisitions by the trust 
include a pre-let shop and office 
renovation project in Edinburgh, 
a modern office investment in Ash- 
ford, Middlesex and a warehouse 
development in Cambridge. 

by Centra] Manufacturing snitp-'- 
n-ading Group on the basis of two£ ' 
for five at 20p pec share. The 
balance Of 483;482 /new ordinary 1' 
shares (6-4- per centV~:hair beent-Y 
sold at 54{p and the- net psofni : 
ceeds will -be distributed Jura rasa.-_7 
• . '• ..'Yi-/ ' 

NEW sabkrk’h^r 

TAP-; • 

The " issue* for,! cask i*V 
announced of £900m of 1 IO/pM' • 
cent Exchequer .stock 1883 at. a;, 
price of £95 per £100 Domttral ~ 
payable as: to £25. on application- *'. ... 
£30 on July 7 and the balance ;i . . 
on July 33.. if--’ .’ - . 

Of : the ' stock to .fee Issued- '. 
£S00m will he offered' for salp*^?:.., . 
to the public! ; The balance Turf: ; 
been reserved for the National V . . 

Debt Commissioners for public.: 1 ;., 
funds under their management. ' . ~ . 

Interest on 10 'per cent *** 

Exchequer stock 1983 is payable 
half-yearly on June 12 and Decem- 
ber 12. The first interest payment 
will be made on December 12, 

1978, at the rate of £4JJ68 -per - .1, n.’.j. 
£100 of stock. The stock will he Hi Jr 
repaid at par on December 12, 


ESi' [Vi 

CMT— 93.6% 

Shareholders have taken, up 
93.6 per cent of the 7.553,623 lOp 
shares Issued by way of Rights 


The prospectus ■ is pubHsh«Jts" ; 
to-day in connection with the new^ ■ 
long tap— an issue of JElbn of Ja^.J 
per cent Exchequer. Stock 2015-" < c 
2017 priced at £96 per cent - *'v 

The issue is payable as to £15 
per -cent on application next 
Thursday with calls of £30 per 
cent on June 27 and the balance 
on July 14. : 

Interest Is payable' half-faarU 
on June 12 and December.12 %ttB 
the first' payment next December 
of £52881 per cent 

fcports t 

*- D.-t, 

The Nineteen Twenty-Eight 
InvestmentT rust Limited 

D. S. Allison 
J.S. K. Oram 

Directors : 

The Rt. Hon. Viscount Bearsted,T.D., D.L (Chairman) 

B, R. Basset C. A. Keeley, F.C.A. J. L King H. Ockford, F.C.I.S. 

A. F. Roger 

A. P. Simonian 

B. A. C. Whitmee, F.CA 

Perf ormance statistics 

Year ended 


Ten years 
ended 31.3.78 


Net asset value 

+ 4 

+ 54 

Middle market price 

(Stock Exchange Daily Official List) 

+ 3 

+ 39 

Rate of dividends (net) 



Retail Price index 

+ 9 


Distribution of investments at 31 st March 1 978 

Equities and convertibles 

(but including U.K. companies with substantial foreign interests and assets) 


(including U.K. companies operating mainly abroad) 

Fixed income 

Extracts from the Chairman's statement 

Capitalisation Issue. It is proposed that the Company should make a 2 for 1 capitalisation issue of 
ordinary stock units, partly to increase marketability of the stock and partly to bring the issued 
capital more into line with the resources employed in the business. 

Revenue. Our present revenue estimates are running at a higher level than last year and we expect 
to be able to recommend a further increase in the dividend for the current year. 

Copies of the Report and Accounts can be obtained from 
Philip HiH (Management) Limited , 5 Waterloo Place, London SW1 4AY. 

. . R^dal Times. Tuesday- June 13 1978 

k Ufl, . • 

lT - «is A 





l »aW « U 

ind pJ^ 

171 * ft ilv 

i,x raonj* 

1? n^jT 
the LtaJ? 

red uctjftn 

ln, tan%: 


’ c ' a ? Pim : 

p e--Jli i 5 * 

. ' M^bi » 
,7 -'m is* 
" ?r - magi. 


f. 1 3m isit 

:' n ‘hat ? 
r ” p ! oil t 

, :.' lifted t 


'^‘■P *, 

^i- j. - . _ 

FKWii OF,™ Samuel Group, 
after tax, ;4of • the year ended 
W£refr.'81,;::I&78 ( was up slightly 
f mfira&Sliir .-'to £ff.£5m but after* 
exfHAhge : differences and extra- 
oWflary' items the net fimire 
cdrttij out 'lower at £0 .61m com- 
p®^d i with£7.53m. 

35tafcwg profit, after minority 
hferfist- -■ and transfer to con- 
dflgeiaiM.'' contributed 14.03m 
ajjaSBA.. £4.<17m and investment 
profits 3D3xn. ( 10 . 10 m}.. 

.^Pfdfits of operating groups, into 
^dr - 'Hill - Samuel -, was re- 
stfift&ffed'towards the end of the 
yeaKtwerfe spilt as to: Broking 
aridSixonsulting services £2.77n* 
(flKttnO,* Hfe and investment 
managpmont 10.79m (£0.5m); 

olhfif; ‘^emftas: f034m (foaim i 
aiKi.-shlpowming: £0.3 lm loss la*?t 
tffiiei:--* Interest on loans took 
l&lfrp : 

jteSults" of insurance . sub- 
suSMfcsi are not included in the 
accounts. .. 

/tepee were exchange gains for 
the nar of l£l,73m, compared with 
£024m/3ast time which was. after 
£lZ5m '• surplus . transferred to 
banbmg contingency .reserve.- The 
gam -after tax relief of £l.TOm 
r£d.39m tax change),, including 
II .35m this time relating to prior 

There was an extraordinary loss 
o&?£l£7m. (f 0.59m gain) which 
arose' from the decision to with- 
draw from the rfirpowrring busi- 
ness- The amount includes operat- 
ing- losses- and other expenses 
associated with disposal of the 


The directors state that Whrie 
some-' 'pens -of the group per- 
formed, notably wen . and made 
substantial - ' increases in profit, 
others suffered from the adverse 
factors hi their particular markets. 

Corporate finance.' investment 
management - and - the. computer 
services ' company, Lowndes- Ajax, 
aH- fed Tecaiti years. ' However, 
interfest -'-rates. dropped sharply 
frpifi i the previous year and this 
substantially reduced the earnings 
oiT-the. group’s own funds. 

asset base of Hill Samuel 
LfftflAssurarice was strengthened 

Eastern Produce 
earnings balance 

jAJJ) ti 9 < 

The Property arid Reversionary 

Investment Corporation Limited 


Thu fotiowtn* r«Wnp»w»« bxve notified 
dates of Board meeting to the Suck 
Esebanw. Such njpvHnxs an usually 
held for ute porpoM of const dr rant 
dividends. Official indxauofla are not 
available wbetoer dividends concerned 
are in ic runs or Coals . and ibe sub- 
divisions shorn below are based mainly 
on last rear's lime table. 


Interim* — Corn Rechmwa. Eant brief on- 
teta GoK Mftdnx. Record Rldswar. 

Pinal*— Bd ash Tar Products. Brownlee. 
Doarjifonietn Gold .^lining. GE1 Inier- 
aarloral. Great Portland Estate*. Kloof 
Gold Min tux. Johnson K arrow. Llbanoo 
Gold Mining, j. T, Parrt*h. - Peirier- 

Kanenle?, stretchier. vwrtenpwt Gold 
lUnias. west Drieforaetn Gold Minins. 



Anido Amnrlrsm Gold Investment June 15 
Great Northern Investment Trwt June is 

Anderson Strathclyde June n 

Avenue dose - Jnne 14 

Befl and Sime •...;. J«w is 

Brlckbousr Dudley — Job 5 

Brown and Tawse — I- June St 

Etewlck-Hooper June 15 

- Harcroa Investment Trait Jane 14 

Lyons f J.i _ '. 'June K 

ttedlffaskm . t,,.......;.. June n 

Tckco Smm June 21 

Warren Plantations .... June H 

the produce of the UK chemical 

' This held down selling prices 
and prevented the full recovery 
of increased costs. Afto the 
relative strength of sterling during 
the period reduced -• export 
margins. Timber preservation 
profits, however, showed a slight 
improvement, he says. 

The immediate future remains 
-uncertain but there are signs that 
second-half profit will be higher 
than the first. 

As reported last week a 1_33p 
(1.2ip) interim dividend is to be 

L & G alters 

interest In Datamail was finalised 
on October 31 and Consummate 
Marketing Services (CMS) was in- 
corporated on November 9. Data- 
mail oilers a personalised direct 
mail service and CMS is Involved 
in the organisation of special 
events, exhibitions, seminars and 

Meeting. Hilton Hotel. W. on 
July 6 at 10 am. 




DESPITE turnover falling from 
£34.23m to £29.24m taxable profit 
of Ocean Wilsons (Holdings) 
finished the year to January 31, 
107S little chnnged at £2.7m com- 
pared with £2.Sm. 

UK tax took £152,9=4 (£298,8491 
and overseas tax £993.905 
(£915,950). The retained balance 
emerged at £1.15m <£1.25m). 

Stated earnings per 20p share 
are lI.5S9p (11.9R5p) and the 
dividend total is effectively raised 
from 2.5p to 2575p with a final 
payment of I.STSp net. 

efforts to improve the profit- 
ability of overseas investments, 
the aim of Eastern Produce 
(Holdings) is to reach a position 
whereby earnings in the UK arc 
sufficient to cover both expenses 
and a reasonable level of divi- 
dends, Mr. H. K. Fitzcerald. the 
chairman, tells members in his 
annual statement. 

In this way it Is intended to 
brine overall earnings Into 
balance -is between the UK and 
overseas, and at tho same time 
directors are actively considering 
ways in which to improve the 
spread of the political and com- 
modity risks to which such a 
large part of the total capital 
employed is exposed. 

As reported on May 25 P™;’ 0 * 
profits for 1977 rose from _ £2. 58m 
to a record JE7.18m find for the 
first time In four years the group 
is paying a dividend of 4.35p with 
a final of 3.03p. 

The chairman says that the pro- 
nounced rise In the price of lea 
was the major contributory factor 
to (he marked Improvement m 
group results. 

During the year the group in- 
creased its holding in East African 
Coffee Planiaiions to 30 per cent 
and more recently to 35 per cent 
and its results were included in 
the years accounts. Mr. Fitz- 
gerald looks forward to assisting 

future expansion of its activities 
in Australasia, 

ATier two preceding years' 
losses, the group’s rubber and 
copra estates in Papua New 
Guinea turned In a pre-tax profit 
of £61,000. And Eastern has 
begun a modernisation pro- 
gramme ft*? the factory on its 
principal rubber estate so as to 
cater for new plantings which will 
be coming into production over 
the next four years 

Largely due to buoyant coffee 
prices there were good results 
from Kakuzi. also. 

Balance sheet shows a reduc- 
tion in short-lerm borrowing 
from £3.8920 to I1.4Im and 
although at this time results foi 
1978 are not expecied to be as 

favourable as 1977, the chairman 

says that by the end or the cur- 
rent year the UK overdraft should 
hove been further reduced by 
revenue receipts from overseas 
operations. A statement of 
source and application of funds 
shows a reduction in overdraft of 
£2 79m (n02.M9» 

Meeting. 10°. Old Broad Street, 
EC, on July 3 at noon. 

associates deal 

Cswnov* and Company, on 
Friday, purchased 5.000 Corner- 
croft ordinary share? at 65ip on 
behalf of County Bank, an 
associate of CornerrrofL 


| Results to 31 March 


1977 I 

| Profit before tax 


£892,491 | 

i Earnings per share 


7.0p j 

1 Dividend per share ; 

| (maximum permitted) 

5.1 6p 

4.66p | 

| Undistributed profit. 


£174,153 | 


Points from the statement by the Chairman, Mr Alfred Rubens ; FRICS 

5 j$ Property revaluation' at 31 .March 1 978 shows increase of 
21 .4% over previous year. 

Dividend covered 1 .59 times. 

j}c Net assets 43Gp per share (up 25%). 

Copies of the report and accounts maybe obtained from the Secretary 
of the Company at Albany House, Patty France, London SWiH 9tt. 



itt'tftvng ; 
” : ■'■•usir'i 

’ ' 


; v. ; 
i ns 

r. S- 
•i •.* '.Vi ; l 
■ • l‘“l 5B& 

±i fct 

■ -1% *>? i& 

. .■■--*•3 lr> 


dividend -is being paid by HSLA. j 

In addition to the sh^Jowning 
losses, the shading services actirvi- , 
ties id Lambert Brothers Shipping : 
sustained a. reduction in profits : 
of over £0.6ncu . ... 

On the merchant banking side 
the lack of economic growth and 
of business confidence has meant ; 
limited lending demand from 
inTiinrfriai borrowers, so that there 
tufc inevitably been intense com- 
petition - among banks and cor- 
re£pBndlng~- pressure -dn rmarglns, 
dkedters- explain. • 

3Sbile the revenue side did not. 
therefore expand lb ' the capacity 
off- '•which . the group Is capable; 
inflation, though somewhat lower- 
thaa.arc the previous . two years, : 
continued to have its Inexorable 
effect cn costs, they say. . 

Against this background the 
material increase in profits from 
commercial banking activities 
oyer tfie previous-year is regarded 
as; a.hr6dttable achievement. 

StatieC darnings per 25p share, 
betfore; exchange "differences and 
extridrmhaTy Items are ll.«3p 
(ttffipi'. 'and ■"the' /dividend is 
-steptteiJ'.Up f6 4.^04p (42S55p>- net . 
wakas r'ftaal' paymfet of '322BP, 

1 ^Batence ^'eettotalsas ht Marra _ 
! SlJ.T^^^bn Jig^ t ;n.l5bn. . 
: exjan^ng -assets and;uabilrties ef 
“instiraiice subsidiaries. ' 

■ i ^v;v.;v;iSee.-leac. : 

Legal and General Assurance 
Society has completely redesigned 
its Personal Retirement Plan— the 
pension contract for the self- 
employed and other persansjh 
non-penslonable employment This 
has involved reassessing, the 
expenses charged to the plan and 
underlying annuity rates, with the 
result that the benefits under the 
scheme have been substantially 
improved especially under the 
longer term contracts. 

Existing policyholders . of . the 
plan will also benefit from these 
improvements, since the scheme 
is essentially a series of recurring 
single premium contracts sb that 
aU future premiums wiH purchase 
benefits on the new terms. . '.*• ' 

The new plan retains the. hum 
degree of flexibility inherent- in 
the old scheme, both in respect of 
contributions and lo the payment 
of pension and other benefits. 
Contributions can be easily varied 
from year to year to match 1 * the 
fluctuations in earnings of certain 
self-employed persons. Pensions 
payments can also be varied 'to 
meet the requirement of some 
self-employed who only want-jwt 
. of their pension at first- j I 

Pyramid keeps 
up expansion 

- Gheinica 

6hemicais hold 
vSf fefcklfickson 
- and Welch 

Explaining .the reduction- - iff 

0 pre-tax profit in" the- March ST. 

1 F lflt^ 4ialf-year - from _I4J?3m _ to 

S :* f £3.T4m;;. Mt . T.,.Haijingf(in,'..the 
■■ chairman .of HidkSdn. ‘and- Welch 
' v iir/fHWtogaJ.says the dropr jcaulted 
c--i "from 'h reduction lit. demand for 

IN HJS annual, statement Mr. 
' Paul . H. . Lewis’. ' chairman of 
pyramid Group ^Pnbllshcrs), tells 
members -tbit the directors 
1 efforts to furuier the group’s ex- 
pansion : by .developing internally 
anti examining new ventures will 
cohrinue. ... 

He says that 1977, which pro- 
duced • " profits of £237.49 1 
(£220:085). was uneventful. In 
July of that year the purchase 
of „ Redland Printing was com- 

buying of a controlling 

Reports to meetings 

simnii Enrineerink fcs on- the sowces for further acqupisitioiis 

SSS 72 s ? SSy ThtisL ?« done in- 

tTArrlvon.. - 

Interests, "'V Miv-Petcr SImnionds, chairman 

Mr. Harry C iHarrisoo, c^ 5 *?M^&land Paint- and Wallpaper 

Simon Engineering- to brlng- in^rovemehf jin.-turnover com- 

ju 4 juu_ -AnnleKinn-* rtu* same period 

< Bank oLNew; South . Wales 
ann ouniceg with ^efiect front 

its base rate for lending : 

will bfemcredse^-from' 

i 9 % tQ 10 ^ per 'dniifiin • 

j^oyifloii) EC2R 8BA. 

V/UUL M&m 

but our record of 


"Producing continued 
growth with profits 
diinbing by 38%" 

reports Frank Holland, the Chair- 
man, in his statement on the year to 
31 .'March. 1978. 

Dividend and Results 

-In spite of difficult economic con- 
ditions we recorded further very 
successful growth with the net profit 
available for appropriation showing 
an increase of 38% at £7.9 million . 

- A final dividend of 5.1 18p per 
share is recommended making the 
maximum- permissible u nd e r current 

Insurance Broking 

With sterling strengthening 
against the dollar' and a reduction in 
the rate of inflation there has been a 
slowing in the rate of growth of 
brokerage.. Nevertheless the -increase 
in ^brokerage income from £14.9 
million to £18.5 million — 24% — is an 
outstanding achievement by all our 
insurance broking companies. 

Overseas there has been good pro- 
gress from our Australian insurance 
broking operation despite strong 
competition and our combined opera- 
tions in the Far East are also making 
a contribution. Unfortunately our 
South African Company is still 
having problems but there are good 
prospects for an early return to 

karnkiBS per stare 

|hM dividends par 
HR share (grass]*ou 

acquisition and the purchase of 
additional freehold premises adjoin- 
ing Cuthbert Heath House will 
facilitate this expansion. 

A most significant development 
for our operations both in France 
and the Common Market goierally is 
the acquisition of an S0% interest in 
Groupe Sprinks, the Paris based 
underwriting agency. 

Future Prospects 

We have made a considerable 
advance in the recent past but cannot 
expea that future years will be easy. 
With stable exchange rates and 
world-wide control of inflation, insur- 
ance broking growth must come from 
new business, while expenses must 
be closely controlled to maintain 

In this context we are very for- 
tunate in the quality of our staff 1 . 
They have achieved much in the past 
and I am sure will achieve even 
greater things in the future. 

s&f?-,* a — -. ..,T ,sa 

m : 

for insurance to be arranged inter- 
nationally to cover the complex risks 
and huge investments at stake. 

In these circumstances more and 
more organisations are taking 
advantage of the international insur- 
ance and res insura nee broldng and 
underwriting services provided by 
the C. E. Heath Group. 

In almost every country in the 
world there are undertakings either 
under way or in operation simply 
because we have been instrumental 
in arranging the insurance or re- 
insurance so vital to progress world- 

Providing evidence of 
outstanding performance 

In the past five years the com- 
pany has grown from a market 
capitalisation of £10 million to over 
£75 million and it is appropriate that 
this fine performance should be 
marked this year with the accolade of 
the Queen's Award for Export 

The citation referred to the fart 
that over a three-year period the 
company's overseas earnings had 
more than doubled. 

Our Award comes from channel- 
ling insurance and reinsurance pre- 
miums through the London market 
from clients all over the world. The 
results are good for the C. E. Heath 
Group. More important they're good 

for Britain, And they’re good for 
Lloyd’s and the London insurance 
market. It is an achievement that 
makes us feel proud. 

Demonstrating liveliness 
of outlook 

One of the many reasons for our 
growth is that we are and always have 
been forward-looking. An obvious 
expression of this liveliness of 
outlook is the way in which we have 
made advertising work harder in pro- 
jecting a favourable group image. 

Evidence of our success is to be 
found- in the feet that we were 
awarded The Times Grand Prix for 
the best company results advertise- 
ment of 1977. 

As another part of our public 
relations, we sponsored the yacht 
Heath’s Condor, skippered by Robin 
Knox- Johnston and Leslie Williams, 
which arrived home first in the 
Whitbread Round-the-World Race. 






Co nfi dence at bids and deals 


Hnancial . Times Tuesday: , 

"1 “ _'. •■- ."," -i'-.-'V- • p^VV'^'' 

°-| .> • v .; r rv:.- • 

• . ..i,-. V\ • 

Mr. F. X- D. Holland, chairman 
of C. E. Heath and Co., says in 
his annual statement that he is 
confident the group's new 
organisational structure will 
enable it to meet all likely 
challenges from within Its own 
market and from abroad. 

However, he cannot predict that 
the next few years will be easy. 

On the underwriting side, .Mr. 
Holland is sure that the overhaul- 
ing of the syndicate account will 
prove beneficial and that a reason- 
able underwriting profit with its 
attendant commission will be 

On the insurance broking side, 
the group will have to face the 
fact that with greater control 
beine obtained world-wide over 
inflation and with more stable 
exchange rales, growth must come 
from new business and that to 
maintain profitability close atten- 
tion must be p3id to expense 

For the year ended March 31, 
197S. nrofits before tax rose from 
£ 11 . 2 7m to a record £14. 68m. The 
2 n?‘Ts dividend total is 7.31SP 
against G.OGTu previously, adiusted 
for a tvn-for-one .serin issue. 

.V-nilnlU*? net profit is ahead 
f r^m £5.rtim to FT. Mm and on a 
CCA basis is £7.31 m (£5.3 tti1. 

On insurance broking, the chair- 
man says the increase in broker- 
age income from E14.93m to 
£1S.5tm is an or.tstnndins achieve- 
ment. The rate of increase has 
varied to a certain extent from 
one one rating division to another, 
but all made substantial increases. 

Overseas there was good pro- 
gress from the Australian insur- 
ance broking operation despite 
strong competition and also there 
are now positive srenx that com- 
bined rperatrons in the Far East 
arc also making 3 contribution. 

South Africa *< still on ar^a 
he^et noth problems but *h*> 
chairman is hopeful that T*»e 
ope^tion is now on a better 
hnris anti that in this ciirreni yrar 
it will he achieving a reasonable 
level of profitability. 

to underwriting, the group's 
TP75 F.lovd's syndicates’ accounts 
have recentlv been closed with 
the non-marine syndicate suffer- 
ing a loss smaller than antiemated. 
w-Hle or'ner syndicates showed 
reasonable profits. 

It now looks as though the 
expected return to underwriting 
profitability for the main non- 
marine syndicate will commence 
with the 1976 account. Mr. Hol- 
land says. 

Meeting. Baltic Exchange. EG, 
July 3. at noon. 

Statement, Page 33 

Textiles' turnover rose from 
£i4.0:im to £rr.i 0 m and pre-tax 
profit lifted from £0.49m to £n.73ra. 
The result is subject to tax of 
£66.000 <£170,000), and ordinary 
dividends absorb £0.57m i£0.14ra). 

■ i' • j •ll ~ JL-c ? •• k- • 





Strong growth last year is 
reported for Western Provident 
Association' a leading medical 
insurance agency, with subscrip- 
tion income in 1977 on its main 
fund— the Private Treatment 
Scheme— up by 38 per cent to 

£l.?m and a 33 per cent increase 

in investment income. However, 
claims for the year were 36 per 
cent higher at £lJ5m— 75 per 
cent of subscription income — and 
expenses were 27 per cent higher, 
so that the operating surplus on 
the year amounted to £149.000 
E 23 in St £ fi S,000 in 1976. . At the 
end of the year, there was a 
surplus of £t.2Sm compared with 
the minimum requirement of 
£3.SO.OflU required under the In- 
surance Companies Act 1974. 

Mr. A. G. Wright in his chair- 
man's statement, points out that 
despite continued economic 
pressures the net number of sub- 
scribers to the association rose 
by over 20 per cent. He referred 
to the merger with Mid-Southern 
Hosnita! Contributory Association 
on December 1. 1977. which hart 
resulted in a doubling of both, 
membership and income. The 
accounts, however, only included 
Wd-Snuthem results for Decern-, 
her and no adjustments had been 
made to the 1976 figures. I 

Fluidrive. the Middlesex fluid 
couplings group, has rejected a 
JEStn offer from Thomas 'filling, 
whose interests range from 
engineering to tiles and pottery, 

Fluidrive yesterday decl ned to 
state its reasons for rejecting the 
offer but said the reasons would 
be given to shareholders follow- 
ing the- despatch of Tflllng’s offer 

In the meantime, Fluidrive 
added that it strongly advises 
shareholders to retain their 
shares. The shares rose another 
2p yesterday to 78p compared 
with the bid price of 73p. 

Tilling is offering five shares 
or 20p each for every eight 20p 
Fluidrive shares. 

The directors, who own 20.9 per 
cent of the equity. Intend to m-cept 
Fetford’s offer. But in vie 'a of the 
possibility that the offer may not 
become unconditional, and Hwt 
the Bovbourne offer may not be 
increased, the Board says, “you 
may wish to take advantage of 
Petford’s intention to continue 
buying shares in the market.'' 

The Board has “been civcn to 
understand that Bovboume has not 
ruled out the possibility of *n 
increase in its offer." 

lor: David J. Knott. Adrian J. 
Wilkinson. Alfred P. Sterling and 
Howard T. Burgess. 

The directors are sure that 
these arrangements will give addi- 
tional security to tho employees, 
of the group and will provide a. 
more secure basis for the share-' 

More details will be given in 
the chairman's address at the 
forthcoming AG.M. 


AMERICA'S Homestake OTmnjg. is politically impossible to riswrse 
best known on this side of the persistent inflationary 
Atlantic for Its veteran gold mine the public sector -and tne ^ pa^. 
mTaobSl GuW. in tie Black shn of governmental growth. and 
Hills of South Dakota. _ Reputedly Tegulat^n.” ...... 

? ' ^ * ’ jr 7r 5 >*”‘f" 

Severed in mS' a detach, . -Uranium eanrfpBS 'tSZZ&E. 


Berkeley Hambro Property 
Company has severed its remain- 
ing link with Swire Properties of 
Hong Hong. Berkeley Hambro's 
Hons Konq subsidiary yesterday 
placed its remaining 17.1m Swire 
shares with institutions. The IGm 
raised is £1.6m more than the 
shares' book value, and the cash 

will be used as part of the British 
croup's de-gearing programme to 

W. Bromwich 


up 80 % 

group's de-gearing programme to 
reduce overseas borrowings. 

Berkeley Hambro first acquired 
an interest in Swire in 1972. and 
at that time the companies 
entered into a management agree- 
ment earnins: BH between I5U.000 
and £ 100.000 a year for managing 
Swire. This contract is due to 
expire in July following Swire's 
public Rotation in Hong Kong 
last year. And last May Mr. John 
Spink. Bn's former deputy chair- 
man and managing director, 
joined Swire as its chief executive. 

The Hong Kong sale follows BH 
disposal earlier this year of its 
North American properties to 
Swire for £4.4ni. 



The proposed acquisition of 
Uninn Bancorp, by Standard 
Chartered Bank for s372in or $33 
a share is sure to get " very close 
regulatory scrutiny." 

This was stated by Mr. Harry 
Volk. Union’s chairman and chief 
executive officer, at n Fre.-s con- 
ference in Los Angeles yesterday, 
which was also a r tended by 
Standard Chartered’s « hairman. 
Lord Barber, and its managing 
director. Mr. Peter A. Graham. 

The proposed acqui-i t i | - , '>i will 
almost certainly add to ihe uncase 
already felt by regulaiors and 
some members of Coiure-s over 
foreign banks taking ov-.t U.S. 
operations. This will be tho third 
such pending acquisition. Pre- 
viously, National minster 

Bank agreed to acquire 77.1 per 
cent of National Bank nf North 
America for about jtfoom and 
Hongkong and Shanghai Banking 
Corp. of Hrmg Kong announced 
plans to buy a 51 per cent stake 
in Marine Midland Banks for as 
much as S260m over a period of 


Alcan Aluminum (UK) is going 
to compel the outstanding holders 
uf the !J per cent convertible loan 
stock to convert. This was fore- 
shadowed earlier this month when 
the company announced that S2 
per cent of the holders had now 
converted. The income advantage 
of conversion is now overwhelm- 
ing in view of the new dividend 

Most of the holders who have 
not converted are private inves- 
tors and the assistant managing 
director. Mr. Donald Main, has 
>aid that they mteht be compelled 
to convert "for their own 
interest." The effect will be to 
increase the UK interest in the 
equity nf .Mean from 15.W to 13.3 
per cenr. 

Formal notices will be issued to 
the remaining stockholders before 
.Tune 2S. They have the right to 
receive repayment at par plus 
accrued interest as an alternative 
to conversion. 

discovered in ior* uj « —t;. — r-— — -j* 

ment of General Custer's army, expected to showa moderate de- 
the ore deposit is still yielding chne after the 
gold and last year some 305,000 taken place injthe nast^o years 
Sunces were produced, equal to and Income fw^ the new- 
about 30 per cent of the total mme may not be significant until 
US output. - :• I860. Not much <*^ 

Homestake made an opening from lead w. 
profit from gold in 1977. of $3tt while, the anc OBtojajJ 
(XI. 6m) which together with the promising. So the trahnouai 
..f ,ha rhium citnap mM activities wfll. have to , take 

deposit^ accord ing tfr SreAIkt&ss 
of Primary Industriev 
Abdtfl Taib Mahmud. -'Avallabfe 
getrfogicai data Indicate; ticat ^r 1 

central parallel to>and £ast 

of the cbtmtry ' smakL rttoge^ cduJfl 
ctnrmui;- -copper, ■ lead - -and-.’Sna' 
deposit f ’ i -I’-' V;. ? 

1 J, I.OIII J nUCbU niUJ UAB F H, Afl 1 . 

contribution of the Bulldog silver gold activities wul- naye. i tO J 
mine accounted for 13 per cent the. strain, 
of the total. Of the remainder, -. 

lead and zinc contributed 37 per nT vt 7 Anu T TT7TC 
cent and uranium provided as 1)LI rl/l/A itiirio 
much as 50 per cent ' nrmTii- TA '*'i_ . 

Production and sales of uraxunni FlirAl-' J.vr 
from the U.S. properties Was ■ l increased final divii 
lower last, year and. a large _rt. 7onRnv is riocl 

the go-ahead 

An increased final dividend 

lower last year ana. a targe XT 27 17 on Rni is declared 

purchase of uranium concentrates £ r 3 Pw« ei »l 7 -^’ 8P WflTrf .eroaD’s 
for onward sale .was made -from, by 'the Bartow L 

an unnamed foreign supplier A gold-producin 0 , 
new partnership uranium mine in The paymCDt, which is much in 
New Msxico came into production line with eicpectations, maKes a 
late in 1977 and it is hoped' that total far the year to June 30 
mill construction at the Fitch of 63 cents compared with €6 
mine in Colorado will be ahte to cents for 1976-77. 
go ahead this year following the Once again, the group's strug- 
com pie tlon. of an environmental cling marginal gold . - -.mines, 
impact statement by the U.S. Duriian Deep and East Band 
Forest Service. . Pronrietary, are passing .their 

Meanwhile, Haraeslakc id in- *_*.£*-, dividends. ’ Blyvoor 

SST 1 JHJS 8 mSSST as closed unchansedat «27P^fter- 

suit_ against 29 domestic and ^ t0 the lates t dividend 

foreign uranium suppliers (which ..MUlmant 


at Dunlop 


Improved pre-tas profits were 
reported for 1977 yesterday by 
two Dunlop subsidiaries, Dunlop 
Plantations and Dunlop Textiles. 

Plantations’ prnGt jumped from 
£4m to £7.9m on turnover nf 
£23.nfim ffiT.39m). and before tax 
of £3.63 m i£l.$2ra’l. Dividends 
absorb £l.!7ra i£0.76mT. 

AN EIGHTS:' per cent jump in pre- 
tax profits from £331,20n to 
£595.473 is reported by West 
Bromwich Spring Company for 
1977. Turnover in the year rose 
from £2.b’»m to £3.44m. 

Mr. 1>. Cooper-Smith, the chief 
executive says the result was 
achieved in the face of dull 
trading in the automotive and 
engineering industries. 

The results reflect the concen- 
tration — nn specific markets, he 
says. The group has had con- 
siderable success recently in the 
agricultural machinery market. 

The increase in profits was 
coupled with a rise on cash and 
short term deposits from £226,000 
to £400.000. The company still 
has no borrowings. 

Earnings per lOp share are 
shown ahead from 3.96p to 7.06p 
and the final dividend or 0.709p 
net takes the total to l.C39p com- 
pared with l.09p last time. 
Shareholders received XalWHMl 
worth of bonus Preference shares 
in March which has effectively 
doubled the dividend. 


The Board of W. Henshall and 
Sons (Addles tone) has written 
to shareholder rejecting the 2ijp 
per share Bovbourne bid and re- 
commending the 30p per share 
counterbid by Petford. 

Henshall not only opposes the 
price of the Bovbourne bid but. 
also comments, “your directors 
do not consider tbeir intentions 
with regard to management, the 
development of the business or 
dividend policy have been ade- 
quately explained.” 

The pre-tax profit of Henshall 
for the year ended March 31, 
1978 is revealed as £244.563 
(£92,449), on turnover up from 
£2.1 m to £2.6m. 

The Treasury has given per- 
mission for the dividend to be 
increased to lp (0.325p) per 

The property assets have been 
revalued to show a surplus of 
£390.623 after providing for de- 
ferred taxation. The net asset 
value per share, after this re- 
valuation, is 47J!p. 


Neither transaction has yet 
been approved by regulatory 
agencies, and now I nion Bancorp, 
joins the waiting list, "it's like 
three guys waiting to go to trial." 
says Mr. George Salem, vice- 
president and senior analyst for 
Bache Halsey Stuart Inc. “ If the 
regniatory agencies show - a willing 
attitude toward these. I ran see a 
flood of such takeovers,” he 

PREMWAIN to help 

The directors of Pennine Motor 
Group announce that negotiations 
in stabilising the financial position 
of the company have now been 

Certain shareholders of Prem- 
wain Gronp have acquired Lm 
shares from directors and certain 
major shareholders of the com- 
pany. In consideration of this, 
Premwain have made arrange- 
ments to ensure the financial 
stability of the company. Frem- 
wain is a property investment and 
development company. 

As from June 6 the board will 
consist of: Geoffrey Tankard, 
chairman; Richard T. S. Kowns- 
brougb. managing director; 
Edwin H. Marley. executive direc- 

Tullet and Riley, the London 
money broker, has set up a joint 
venture international money, 
broking firm in Singapore. The I 
Singapore partner is Degani and 
Co., a local money broking firm 
established in 1974. The new 
company which has an issued 
capita! or S3100.000 is known as 
Decani, Tullet and Riley. I 

Of the issued capital GO per cent 
is held by the Singapore partners 
and the remainder by Tullet and 
Riley. Until the formation of the 
new company, the two firms had 
an agency agreement to represent 
each other in London and 

lUL Elgu U K OlUIUll OUHMUCl J ■ mill-11 - 

include Rio Tinio-Zinc) which has announcement, 
been baited pending disposition .. 
of a motion to disqualify Westing- - DnTTTVD-TfP 
house lawyers for conflict of iW/Uni/ 

interest. The Italian . state-owned ircm 

Homestake says that when the oocftni Italsider plans 

action proceeds' the company will tonnes of 

defend /itself rigornn^/^nn 

the charges, “which we believe ??“f5rr Th «» announcement was 
are attempts by Westinghouse to 10 J ear £- ™ e {J22ETS5iSS 
escape the consequents of its JSStS 

own commercial misjudgments." after a , 

Bmmaka-s move from tosses Australia « Utah Development, 
to profits on gold last year re- • * _ .J. 

fleeted an average price received Caitada s Sab xna 1 Industries says 
of 8147.47 per ounce and it is that production bas commenced 
pointed out that the rise in the at it? small aO jper cenHJwned 
price to S105 occurred in the finni Hewitt silver- lead-zinc mine.;, in. 
quarter and thus Vmrf -only a British Cohi mMfU Hie couvany s 
limited effect on the full year’s president, Mr BH1 Cummins; 
earnings. anticipates 'that revenue from 

Clearly the advance which has Hewitr should produce ■ an 

DCVFILOPMENT OF good- grade 
uranium 'deposits^ 'ih -ttortheni'.. 
Saskatchewan; will . be.p efnti^gdv 

subject to 

and. ■ worker safety f 
reports -■ ' our - <.Othnr& : . cocres= 
pondent . ^ 

. - The - province :• is -heiieVed. -ttt' . 
have: 30 ; - : per . cent:. ;• CatwOtfa 
known urajvfcm . xeeersies,- Aira . 

result of the < go-ahead: anpouaj^. 
meat' made ' by Mr. Alan B^e- 
.ney, ihajtate premiex r jroy^tiea: -- 
of between C$L5bn (£76£tea^aiHi 
€$3hn nr& projected ddriiigjthe, 
next 13 years; , . - .j.- •• . ,--v' 

Mr. . Blakeney’s-^nnouneemeat 
oil -the; weekend ; was 'greeted 
enthusiastically, hy- business' dad 
with - dismay- -enyfeen-. 
medalists: The fatter v; axt : ear* 
cetned that the public h&*aot 
had time to study' £ r^prt'whidi" 
preceded BlakeneJ’s- animunce-" 
meat' that develppment : wi&yje 
accQs^abied by social tqjhe^val 
and : , : that'. . ; the. radioactivit? 
dangers ate mtt .fiully' ap^ie- 
ciated. -r'-i 

Mr. Blakeney said that four.or 
five -.years , will pass - before the' 
province" sees any- substantial in- 
crease In royaity revenues . fritia 
uranium development, Iffia ' 
announcement ' foQowed , the - 
release of a L050 page jeport.'bf 
a public inquiry headed : by' K&. 
Justice E. D. Bayda. The rep^f 
recommended development . 

since taken place in gold— it was estimated CS100.000 (£48300) pre- 
S1813 yesterday — will make an tax profit towards group funds, 
impact an current year’s profits * 

of Homestake which believes that Malaysia’s government is under* 
“the value of gold will continue taking a geochemical and geo- 
to rise as long as most govern- logical survey of the country’s 
meets of the £ree world find it central belt to locate metal 


Geo. Bassett Holdings has 
purchased Paterson's Scottish 
Shortbread, the Livingston manu- 
facturer of shortbread and other 
biscuits, for £973,000 from Booker 

Geo. Bassett said yesterday that 
the acquisition continues its 
policy of diversifying into the 
manufacture and marketing of 
special food products. Bassett 
hopes that Paterson will streng- 
then Bassett's effectiveness in 
this area of operation, which 
already include Purdy cakes and 

Booker said its policy is to 
concentrate on food distribution 
rather than manufacturing— 
except in the specialist health 
food business. 

Mr. Justice Bayda specifically 
inquired into a proposed ($£30ai : 
mine and mill for -Gnfi Lake. in- ' 
northwestern Saskatchewan. Both 
the board of Inquiry and the. 
government' approved of the pro- 
ject proposed by. a French mini 
ing firm. Amok, . 

Xmetal predicts 1978 loss 

manufacturing group doubles 


The car distributor business of, 
Apple>ard (Aberdeen) appears 
likely lo be taken over by Aber- 
deen Motors as Leyland Cars sets 
about re-organising its franchises 
in that city. 

Discussions are taking place 
between Appleyard and Aberdeen 
Motors following Leyland ’s 
decision that it is over-represented 
in the Aberdeen area. 

A price for the takeover has 
still to be agreed but Appleyard 
said yesterday that if the proposed 
takeover succeeds it is not 
anticipated that there will be any 
redundancies arising from the 
rationalisation, with Aberdeen pro- 
posing to employ the majority of 
the Appleyard staff. 

EVIETAL, the French metals 
group, expects to make a consoli- 
dated net loss litis year, BL Guy 
de Rothschild, the president, 
warned shareholders- But the 
operating profit should be held at 
about the 1977 level of FFrs 36m 

But he was confident that the 
group was well -equipped both, lo 
maintain and develop its profits 
and dividends. 

The principal holdings of Imetal 
are 59.45 per cent in. Penarroya, 
the lead and zinc company, 50 per 
cent in Sodete Le Nickel, which 
has extensive interests in New 
Caledonia. 93.S per cent in Mokta. 
the uranium, iron and managese 
producer, 67.01 per cent, in 
Copperweld, a major UJ3. invest- 
ment, and 24-S9 per cent in Lead 
Industries Group of the UK. 

M. de RothstehTM conceded that 
the prospects for Sodete Le 
Nickel were best seen in the . 
medium term, but added that the 
other main elements of the group 
would find financial equilibrium 
next year and fifil health in the 
following years. 

Societe Le Nickel’s sales volume 
in. the. first haif of 197S was much 
the. same as in the 1977 second 
half and the loss would be 
FFr 56m against FFr SOra. The 
latter period was affected by the 
fail of the dollar and the increase 
In costs. 

Lead Industries is in good 
health, M, de Rothschild said, 
and Copperweld will trade as suc- 
cessfully in 1978 as it did in 1977, 
but the costs of closing .an 
Important plant will weigh 
heavily on the results. 

Mokta, a - - diversification for 
Imetal, produces profits at a 
Tegular rate and its results, this 
year are likely to ' be of . the same 
order as in 1977. 

For Its "part, Penarroya Is 
troubled by depressed zinc prices 
and its performance will depend 
on EEC steps taken to safeguard 
■the industry generally. — 
ip lSTiV Imetal -made net coin 
soiidated profits of FFr 82 m, less 
than half those of 1976 • 


GEEVOR TIN— Mar output? MJM 
tonnes treated produced W 0 tonnes -^taefc 
Tin <85 per cent Sn>, ladndhw 12 tonus 
lour grade concentrates. 

RAHMAN HYDRAUlltC TIH— Output fur 
ore for Mar. 24 tonnes, Amu, 28 tonnes*. 

ore for May, 24 tosses; April, 28 arausu 


V N.& 

Riusdle production could 
start in 1981 


The following key figures are extracted from the 1977 Annual Report of the 
Heuga Carpet Manufacturing Group of Companies based in the Netherlands: 





Net Sales 



Net Profit 



Sale THney, the food importer 
and specialist machinery manufac- 
turer, is to dispose of its 50.3 per 
cent slake in the U.S. company 
Amcam Corporation. Amram is to 
buy back the majority interest for 
SU.5m i £274.123 ». 

Sale Tilney acquired its stake 
for £177,366 in 3974. The British 
grouo said yesterday that Amcam’s 
nroducls were no longer suf- 
ficiently compatible with products 
of other companies in the group. 

It said that the cash raised 
would be used more profitably by 
purporting the development or 
business more closely associated 
with i he croup's existing range 
of activities. ’ 

PRODUCTION of oil from the 
Rundle shale deposit in Queens- 
land could start in 1981 Mr. Ian 
McFarlane told shareholders of 
Central Pacific Minerals at the 
annual meeting last Friday. 

Central Pacific and its associate 

company. Southern Pacific Pctro- 
I leum, have a 5Q-5Q joint ven- 
ture in tbe deposit. 

I Mr. McFartanc said that the 
partners want to build a test plant 
at Bundle but this depends on 
the outcome of feasibility studies 
and the willingness of a major oil 
company to participate. 

AIL feasibility studies should be 
completed by August and three 
oil companies had shown an in- 
terest in the venture, Mr. aic- 
Farlane added. 

Preliminary estimates based on 
Hie Lurgi Retort method show a 
three retort lest plant costing 
U.S.S21Um to U.S.&MQni could pro- 
duce 23.900 barrels of oil and "as 
a day. If this was successful, the 
plant could be expanded to pro- 
duce 250,000 barrels a day from 
40 retorts. 

Mr. McFarlane said that an ex- 
pansion of the plant to this level 
would involve an ultimate invest- 
ment or about U.S.Sl-Sbn to 
U.S.S2.0bn. He said that estimated 
Bundle reserves arc L3m barrels 
of oil. 

At the meeting it was estimated 
that production costs would be 
around 43.73 to 4450 a barrel for a 
40 retort operation. 

Both companies have performed 

spectacularly well in the recent 
“ boom ” on Australian stock 

In overnight .Sydney markets 
Central Pacific advanced 50 cents 
to AS7.50. while Southern Pacific 
climbed 5 cents to AS2.G0, after 

Cash Flow 




Total Employees: 





Net profit per share: 

Of the total 1977 turnover of van 
heugten b.v, (heuga) 79-5% was 
achieved abroad. This was repre- 
sented by 183 , 600,000 Guilders, and 
accounted for a major part of the total 
exports of Dutch carpet manufacturers. 

The company predicts that the 
improvement shown by the 1977 profits 
will continue through 1978. heuga has 
three carpet factories in the Netherlands 
and one in Picton, Australia. Apart from 
their world-famous range of needled, 
tufted and woven carpet tiles, the 
company also now manufactures 
broadloom carpets as well as area rugs. 

During 1977; the Millitron carpet 

dye injection installation was started 
in the Steenwijk factory, and heuga is 
very confident that this design 
method will prove very successful 
on the international market. 

Both broadloom carpet and area 
rugs produced on the Millitron machine, 
and marketed under the name “heuga 
design” have been very well received 
by the public. 

The international sales division of 
van heugten b.v. comprises 14 subsidi- 
aries and .44 agents in 57 countries 
throughout the world, heuga u.k. limited 
is located at heuga house, 

1 0xford Road, Aylesbury, Bucks. 

Copies of the 1977 Annual Report, including an English language summary, 
are obtainable from company headquarters: van heugten b,v . 5 P.O. Box 16, 
3925 ZG Scherpenzeel, the Netherlands. 

Schrofiers — Vincitas, a trustee 
of certain settlement* made by 
members of the Schroder family.. 
ha>; ceased to be interested in 
271.464 shares on retirement as a 
trustee of a settlement. Vincitas 
is now interested in 1,143504 
shores (14.7 per cent-i. 

The non beneficial interests of 
Bruno L. Schroder, director, has' 
increased as a result of a pur-j 
chase by trustees of S.OflO shares. 
Ho is now interested In 1.13G.453 
shares (14.55 per centi of which 
2^.153 are held beneficially and 
SS2.300 non beneficially. The non interests of G. W. 
Mallinrkrodt. director has de- 
creased as a result nf a sale by 
irnsipcs of :< 2 . 22 n shares. 

Montforf (Knitting; Mills!: 
Interest of Master Securities, to- 
ere t her with R. Djanosly and D. 
Djannsrly. in shares of com pun v 
has been increased to 470.300 
shnres (21 per i-ent-t. 

Pirn lid Qua Iras t; Kuwait Invest- 
ment Office sold ou June 1 00,000 
shares reducing holding lo 
3,S4.i.0fhi shares (5.83 per cenu. 

tin ski ns and Horton: G. W. 
Taylor, dirccinr. has sold 0.50(1 
shares reducing holding to 1,500 
shares. His family and other 
interests of 0.000 shares have also 
been sold. All on June 5. 

Hawkins and Tipson; Sun 
Alliance and London Insurance 
Group has raised holding by 

45.000 shares to 550,000 shares 
(7.00 per cent). 

Francis Industries: Temple Bar 
Investment Trust is interested In 

400.000 Shares (5.51 per cent). 

Office and Electronic Machines: 

E. Markus, chairman, lias sold two 
lots or 25,000 shares and J. C. 
Davies, director, has sold 5,000 

John Irwis and Go.: John Lewis 
Partnership on June 2 bought 
£20.(100 5 per cent first cumulative 
preference stock making total 

touching AS2.75 at one paint. 

Petrobra.% (he Brazilian state- 
owned oil company, announced 
last week that its L-RJS-56 well 
had produced constant shows of 
oil, reports Diana Smith from Rio 
de Janeiro. 

The well, to the north of tho 
Campos basin is in an area which 
until now have been little 

Unlike other wells in the 
Campos basin. L-RJS-50 is in 
waters only 3u metres deep (com- 
pared with lfiO metres for other 
wells) and only 60 km from the 
coast. Until now the major 
Campos probes have been loo km 

.Well lrlWS-33, another recent 
discovery in the Campos basin, is 
yielding I.-V10 barrels per day and 
thus. Petrobras says, can be con- 
sidered ” commercial." 

This well and another. L-RJS-49 
now being tested at 2,330 metres! 
are only 3 km from the Pampo 
field, which means that they can 
make an important contribution 
to the field's definitive production 

Pertolcos de Venezuela, the 
state oil monopoly, inaugurated 

last Wednesday a $30m project 
which company officials say could 
add 3bn barrels of recoverable oil 
to the nation's proven reserves of 
18bn barrels. 

The project, a continuous steam 
injection system derated on land 
at the eastern 'shore of ' take 
Maracaibo, is under the manage- 
ment of Maraven, one of the four 
operating subsidiaries of Petrolws 
de Venezuela, the holding com- 
pany that has run Venezuela's oil 
industry since its naiianaiisatiW 
on January 1. 1970. 

The system is intended to 
recover deposits of heavy .'add 
extra-heavy crude which cannot 
be brought to the surface through 
natural pressure.- Nelson Vasfjacz- 
head of production operations lw 
Maraven, said the estlmaTglL 
increase in recoverable reserves 
applies only to the areas assign*# 
to My raven along the east CMST 
of Lahe Maracaibo in westert* 
Venezuela. t ; 

Of even more importance 
the future of Venezuela's ..«» 
industry. Vasquez said, i»?tM 
possibility that a similar system 
can be put to use in the Orimicb- 
oil belt, an area of vast, ufr 
explored reserves of tar41ke.ou 
in south-eastern Venezuela. 

* * ' 

Oil from India's first offsooAE 
oilfield will come ashore this "week; 
through a 203 km pipeline built si' 
a cost of 875m, according 
India's Oil and Natural Gas Cms?.- 

interest £335.332 stock (22.3.1 per 

Grand Metropolitan: V. ,T. 
Baker has convened the whole «if 
hi*; holding of loan stock and has 
been granted right lo subscribe 
for 9. (WO shares. 

Tvhfdy Minerals: O. S. Straus, 
chairman, has bought 15,000 

Anglo Indonesian Corporation: 
6. C. Pryor, director, as a result 
of accepting the offer made for 
Walker Sons and Co. (UK) has 
acquired a beneficial Interest in 
a further 45,000 shares. 

David Dixon and Son Holdings. 
Mr. H. Turpin, a director, has 
acquired 23,000 ordinary shares, 
making a total of 100,500 (11.04 
per cent). In addition Mr. Turpin 
holds 41.99 per cent oF the pre- 
ference capital. 

Francis Industries. Imperial 
Croup Pension Funds has an 
interest in 447,500 ordinary shares 
(8.17 per cent). 

Lindsay and Williams. Mr. Peter 

Bennett of Security Growth has 
reduced his holding of 178,000 
shares to 149,500 U-L37 per cent;. 

Noya para Tea Holdings— The 
holdings of Mr. C. L. Nelson, a 
director, arc beneficial 7.623 
riiarcN ( 10.17 per cent) wid non- 
bencOciai U2l shares fl.23 per 

Willis Faber— .lfr. H. E. Gumbo!, 
a director, sold 1 0.0(H) shares at 
237p on May 23 and 20,000 at 231n 
on May so. 

Kelsey Industries— Sir. P. C. 
Arbib, a director, has sold 1,776 
10 per cent cumulative preference 
shares and now holds 25.752 shares 
fl.68 per cent) and has bousbt 
6.903 ordinary shares and now 
holds 558,320 shares (9.33 per 
cent). Mr. W. Arbib, a director, 
has sold 4,567 preference shares 
and now holdi 42.7S4 shares (2.78 
per cent) and has bought 4560 
ordinary shares and now’ holds 
332,942 Shares (fl.lfl per cent). 
Mr. G. F. Arbib. a director, has 
sold 5,931 preference shares and 
now holds 42,734 shares (2.78 per 
cent) and has bought G.47Z 
ordinary shares and now holds 
378.014 shares (9S4 per cent). 

Robert McBride. Confederation 
1Mb Insurance Company has 

acquired 50.000 10 per cen&‘ 
cumulative preference <sfe&n?5. - - l | 
Thomson T-Llne~ CaravM«: ; K* 
Kleinwart Henson owns 1 17,540. 1 
fharen (7.26 per cent). '." f 

Pennine Motor Group: GresfaaflV 
Hoti'-c Estate Company purchase ■ St 
490.000 (7.w per cenVaad Jfn. 1 V 
D. J. Knott ha-? purchased 490,00^': . 
shares (7.64 per cent). r 

S, Lyles: Trustees of Mr. Aubr^ ^ -"; 
S. Lyles, deceased-Mrs. It YouUJ: ; ' w 
C. G. L. Wooldridge have \ 

SOld ini ChnHiUi nn«4 ainiil hftlfl' • sr. U 

— 13 v,> h nwuuiugc jw;; , j 

iSifUS? 8,101 shares and now hoH.;^, ? 
100.000 shares (2.73 per cent). J f 

— -.—u aueuxas (jlio per ceuu. i 

Estates and Agency HoMInee-fife 
_\ng loped Investments, a coffit 
pany owned jointly by B. ^rchaP‘:Tlr|. i, 

pany owned jointly by u. BerdMPfrTr,,;, 
pour and ' F. A. Shasha, hoIdS; ^i: 1 " 
322,500 ordinary shares and 31,85$: Ptt 
preference shores. In addition 
Mr. Shasha bolds 23,000 ordinary It 
shares. St Elghanayan hoi© Mil C 
193,000 shares. ' ‘‘lO 

Lindsay and WITliains— Mr. P. K 
Giles, a director, holds 103,400 
shares (10.13 per cent). 

St. Andrew Trust: Stastdan* 

Lffe Assurance Company and 
Standard Life-pension Ftfflds-hol® 
W3464 shares (5^ per ceht)< v 

' — ’ — - 

«?8 ^ 

. Srancial Tiroes Tuesday fee 13 1978 


-way stimulus 


au >“* 


- by david freud 

INTERNATIONAL growth could 
be reactivated: by a. three-' 
•BWPRed /policy of reducing oil 
'^pport oliis, concerted expan- 
sionary action featuring tax cuts 
■-akd.a continuation: of the fight 
:*|alnst inffatlon, the Bank for 
JStfternational • Settlements said 





11 of S 


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v busonS; 

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Thfi bank’s annual report said 
that; rjflw.- weakening of , world 
..economic. jKtfvity last year Was 

largelS yUnexpected and there 
were 'still depressive influences 
at woric^.V . 

These Influences -were the same 
as those, whit* last year tilled 
thn..balaji(H^ outside the U.S. at 
JeasC towards ^slower growth, tlie 
•^hriOMng -but still sizeable oil 
■Surplus; the- payments imbalances 
among industrial countries and 
the’;*' ‘resulting' '■ currency unrest* 
persisting: cost/price inflation* 
:&dd"smic£nral problems in some 
of: the. highly.. developed, export- 

dtientM, industrial countries. 
i'-Ott a more optimistic note, 
the-. hank: said that the forces 
Which could contribute to 
ren ewed growth seemed to have 
•strengthened- ' Many countries, 
ih'oth-.ln west™ Europe and 
'Afebng developing nations, had 
gone far towards redressing their 
•titttiiiuU balances and their 
; fe$erye positions. The supply 
oT ftird? for balance-of-payments 
-financing showed . no signs of 
'becoming tighter. 

■ -Also, there was awareness in 
-3apan and . Germany that a 
Steady, healthy 'expansion of 
^domestic demand' was as impor- 
‘ta'nt, for these countries as for 
‘the' rest of the ' world. In the 
U.S ‘ the outlook Was. for enn- 
tibued expansion, although prob- 
'■aKly- at “a slower pace. 

'"i'On :ba lance, therefore, it 
.appears unlikely that depressive 
Ittfineircvs ' could prove strong 
■^wjgh to push the world further 
into Ticesslnn. But, It seems 
^uaHy: unlikely that economic 
.growth could resume a- satisfac- 
tory course in . the absence of 
further : stimulatory measures, 
'fakfan with due regard for rela- 
Use- payments imbalances and 
cthe 'Cdptinuing need to reduce 
.Inflation. ... 

.j£"The chances are that, with 
-no 'change, in policies, economic 
-.activity T and trade would con- 
tinue to. grow at a very slow 

While such a develnnment 
could hardly: he described as a 
world crisis, it would.- entail a 
number of potential W grave eon- 
sequences.- for industrial and 
‘developing countries alike. 

One obvious consequence 
would be the widespread persis- 
tence of high rates of unemploy- 
ment, particularly if rises in 
real wrnges continued to support 
The strong labour-saving bias of 
investment policies. In this 
event, the growth of labour 
productivity could tend to equal, 
or even exceed, that of output. 

The shifts 

There would also be an impact 
on the normal' and continuous 
process by which resources— 
entrepreneurship, labour and 
capital— were transferred from 
declining to expanding indus- 
tries. This process, tar from 

accelerating, could actually slow 

down for two reasons: 

THE FIRST was that in a 
slowly-growing economy it was 
hard to distinguish permanent 
shifts in comparative advantage 
from excess capacities which 
were simply the outcome ot near 
stagnation. Thus, declining indus- 
tries could be bolstered by 
Government assistance. 

THE SECOND reason was that 
many industrialists, inhibited by 
the general uncertainties of 
hesitant growth, would shy away 
from undertaking major Invest- 
ment in potentially promising 

Scmi-stagnating ' economies 
would not help - in efficiently 
fighting the cost/price spiral. 
After participating In several 
decades of fast and regular 
growth, competing pressure 
groups would be likely to try to 
appropriate ever-increasing 
sbarcs of a cake which had 
ceased to grow. The outcome 
could be continued' upward 
pressure of wages, costs and 
prices, the bank added, v* 

The stagnation of output would 
have a manifestly detrimental 
effect on developing countries. 
The success which the major 
debtor developing countries - had 
had so far in cutting' current- 
account deficits to manageable 
sire would be subject lo reversal, 
while other developing countries 
would find their chaneefc-Qf join- 
ing the development ' .process 
seriously reduced. • : 1 

The bank’s policy' ''recom- 
mendations stem -from ' its 
analysis of the depressive. factors 
unrl*»rly'ng the present slowdown. 

The_ first factor wsS 'the oil 
su r d! us. ; Recycling. although 
necessary, was no more? than a 
palliative.' One component' of 
real adjustment — the absorption 
of goods and services by the oil- 

producing countries— would have 
m be spread over a fairly long 
time span. 

The burden of further adjust- 
ment therefore would have io 
be borne by oil consumers, either 
by economising on overall energy 
consumption, substitution of 

other forms of energy or, in some 
countries, by expanding domestic 
oil nrndurtinn. 

The second major constraining 

factor was the balance-of-pay- 
ments disequilibrium among In- 
dustrial countries — more specific- 
ally between the US on the one 
hand and Japan, West Germany 
and Switzerland on The other. 
The reduction of the imbalances 
required adjustment measures bv 
these countries. 

However, it would be unreal- 
istic and potentially dangerous 
for the world economy to recom- 
mend strong overall domestic 
restriction in the US and con- 
versely, strong domestic expan- 
sion in West Germany and Japan. 

In practice, neither of the two 
surplus countries was likely to 
he very successful in strengthen- 
ing world demand unless a num- 
ber of other countries look 
action as well. 

In a sluggish world economy, 
the export-oriented structure of 
their industry precluded any 
satisfactory short-term revival of 
domestic demand through invest- 
ment and it would he unrealistic 
to expect a sufficiently quick 
adjustment through private con- 
sumDtion alone. 

“ Tt follows that, although more 
moderately than in these two 
countries, domestic expansion 
may have to he stimulated else- 
where as well — in countries 
where balanre-of payments con- 
straints have been reduced and 
where inflation rates have been 
brought down substantially.” 

ft was essentia] that the ex- 
pansion should not be initiated 
through easier monetary policy. 
Expansionary fiscal policies 
would be less likely to elicit 
countervailing market reactions 
and the risk would be even less 
if fiscal action were to rely on 
tax cuts rather than additional 
government spending. 

U fiscal expansion was pursued 
moderately, it would he unlikelv 
to trigger a revival of .demand- 
pull inflation. 

Furthermore, cuts in income 
tax Ahould be conducive to 
greater wage restraint since 
they provided a practical alter- 
native to pre-tax was** increases. 
This should help undermine the 
cost/price spiral- 

Exchange rate 

aids U.S. trade 


THE SHARP exchange rate 
movements in the past year have 
caused a further deterioration in 
the competitive position of Japan 
and Switzerland in international 
trade while enabling the U.S. to 
further improve ns position. 

The Bank for International 
Settlements reaches this conclu- 
sion in an analysis which has not 
hilhorlo been a feature or its 
annual reports, and in which it 
particularly compares trends in 
relative unit labour costs with 
trends in effective exchange 

Germany. Britain and Italy are 
quoted as the major examples 
of countries In which larger 
movements of effective exchange 
rates have been accompanied h> 
little change in competitive 

The analysis chronicles the 
changes in competitive positions 
since 1971. In the rasp -of the 
U.S.. the bank says, a spectacular 
into rove inent of the international 
competitive position occurred as 
a result of the 197-73 deprecia- 
tion uf the dollar, bin I he xiihse- 
quenr maintenance of the com- 
petitive advantage did nnt pre- 
vent the surplus from disappear- 
ing in 1976 and being replaced 
by a ?20hn deficit last year. This 
in turn led to a further riepre. i»- 
tion oF the dollar and slrengthrn- 
in? of the US. competitive posi- 
tion from late 1977 onwards. 

The exception 

In Japan, the deterioration in 
the competitive position in 1971- 
1973 was resumed last year, 
after the mrnrntind in the 
balance of garments from heavy 
deficit to surplus. 

In hoth the U.S. nnd Japan, 
the changes in competitive posi- 
tions were considerably less if 
measured by movements of in- 
dustrial wholesale prices and 
export unit values than in terms 
of unit labour costs. This meant 
that profit margins fared belter 

in the U.S. than elsewhere, while 
In Japan they fared worse. 

The main lesson ihe bank 
draws from this analysis is that 
if before .1971 lou little u-y* was 
made of The exchange rale as 
an instrument of adjustment, loo 
much has sometimes been ex- 
pected of it since then. 

"The effects of exchange r3te 
movements have been overlaid 
hy other factors: where no 
change in competitive positions 
has come about, by the absence 
of adequale domestic adjustment 
policies; where the competitive 
position has improved but t he 
balance of payment* remains in 
substantial disequilibrium, by . . . 
differences between countries in 
the levels or donu-shc demand: 
structural factors such us the 
degree of export orientation: and 
lagged responses to relative 
price changes— the so-called 

J -curve effects 

Capital movenu-nts ■* instead of 
stabilising the exchange markets 
have often added to the 
exchange market effects of 
current account imbalances.” 

The bank quotes as an excep- 
tion here those n:»:ubcn> of the 
European joint iln.ii who have 
“fairly rapidly turned the 
markets in their favour h> a 
combination of vigorous 
domestic measure* and exchange 
market intervention.*' 

The bank note* that there was 
a sharp increase in effective 
international liquidity lust year. 
This is attributed t«i the U.S. 
deficit's leading to an increase 
in reserve holdings by other 
central banks which was not 
matched by an increase in in- 
debtedness. “The effects on the 
international monetary system 
of last year's reserve creation 
were destabilising, either poten- 
tially or actually, while the 
question of tin? asset composi- 
tion of reserve creation has once 
more been raised. 

Noting that the change from 
the Bretton Woods system of par 
values has not cuL back coun- 





Twelve months ending 
Dec. June 


















% _ 
















7.8 ' 





























United Kingdom 

















































Nether! an d» 












10 j 








1 7.9 
























tries' demand for reserves as 
much as had been expected, the 
bank say s that last year’s ex- 
perience has reinforced earlier 
doubts as jo whether this increas- 
ing demand for reserves can. 
consistent with the maintenance 
of reasonable stability on the 
exchange markets, be met simply 
through additions to doliar 

With gold' no longer ao 

element in researve growth, the 
choice appears to lie between 
the special drawing right and 
Ihe use as reserves of curren- 
cies other lhan the dollar. 

The bank sees the future of 
the special drawing right as long- 
term rather than short-term and 
implies that a further increase 
in holdings of currencies other 
than the dollar is likely — an in- 
crease which already has been 
considerable in absolute terms, 
but small in proportion to overall 

The concern 

At the same time it notes 
several objections to the in- 
creased holdings of other cur- 
reneic.s. From this it therefore 
draws the conclusion that u since 
there is no alternative fo the 
dollar as the principal reserve 
asset, appropriate steps should 
be taken to restore full con- 
fidence in it by cutting the U.S. 
payment deficit and by building 
up reserve assets in the U.S. 

On the other hand, it notes 
that “ ;i strengthening of the 
dollar may nnj be enough to 
ensure that all future reserve 
need* will be adequately met. It 
may need In be supplemented in 
due course by the expansion of 
the reserve function of other 
assets if countries’ preferences 
as regards the composition of 
their reserves are lo be met 

In other word*, it may not be 
realistic to demand a strong 
doliar and. at die same time, 
pursue policies aimed at keep- 
ing the dollar as virtually the 
only element in reserve growth." 

In «=pite of the continuity of 
growth. 1977 was in some 
respects a year of transition and 
change, the bank notes in its 
regular annual commentary on 
the iniernalionrit credit and 
capita] markets. 

At the end of 1976 There had 
been concern, essentially of a 
prudent nature, about the banks' 
exposure in balance of payments 
financing and tn.> soundness of 
the financial puriiinn of the 
debtor countries. By the end «f 
1977 ihe focus of concern had 
shifted to macn i- economic ques- 
tions — notably rhi- role of the 
international financial markets in 
exchange rate \ o I utility and 
international liquidity creation. 

The report chronicles the con- 
version of the less developed 
countries las; year from net 
borrowers from the international 
banking system to net depositors 
with it — a develonmcnl which it 
had repnrted in ils earlier quar- 
terly analyses. 

The annual report also notes 
the improvement in the-current 
account position of many of the 
developed countries outside the 
group of ten — countries which 

have been heavy borrowers from 
the banks in the past year. 

A final factor it notes is a 
sharp slowdown in the lending 
by U.S. hanks and their replace- 
ment by banks from other 
countries as the major source 
of new international bank lend- 
ing last year. 

Ail these developments are 
closely connected with the sharp 
deterioration in the U.S. balance 
of payments and the declining 

surplus of OFEC countries. 

On the one hand, these 
developments - reduced the 
demand for balance of payments < 
finance and. on tlie other, they 
increased the supply of funds 
available for international 
lending. I 

While these two developments 
Increased the supply of funds, 
these were absorbed by 
increased demand because some 
countries remained in deficit, 
while others wanted to build up 
their reserves. In addition 
hedging operations and outright 
speculative activities connected 
with exchange rale uncertainties 
tended To boo^t the supply of 
and demand for Euro-currency 
funds, particularly in the second 
half of the year. 

F Arty-eighth annual report. 
Brink for fniemorionni Settle- 
ments, Basle. 

£10iu urban 

Urban aid has been approved 
on new schemes worth £10m in 
towns and cities with 'special 
social needs. The aid is port of 
the £28 m available under the 
urban programme for new pro- 
jects to start this year and is in 
addition to the Elfiin for schemes 
submitted by the seven inner city 
partnership areas. 



About £6m will go on capital 
projects. £2m on the running 
costs of capilal projects and £2m 
on non-capital projects. Volun- 
tary organisations will run ISO 
projects worth ahaut £3.Sm — 
their highest total yet in real 
terms under the urban pro- 


r_-r« r 1 

•.-« V Countries 

rv- . 

- Real increase in total expenditure*' 
1973 .1974 1975 197* 1977 

in percentages 


).• 'a: xde S 
..!> o: Yr: *3 
cfIVT5, . 


• rsC* 

■ VTV 

• -.-sirizc 


Net financial deficit f — ) 
1974 1975 1976 

as a percentage of 
gross national product . 





* 30 







63 ' 




— 1*4 





\ 95 


53 V' 







- 'XI . 









: 163 


4 S' - 

-6.3 , 





















. United King dom - - 73. 

-terfy - : . : - 3JT 

.Japan . .*.4 

•v.'vGariada: '2* 

-‘'"'•Xixrtwt ad capital expenditure pht transfer payments'- except in tha care of Japan (pofiltc enmumptton; am) 
■ InveMmtmt oo<r). Increase in namtnal . tarpis divided ir the CW price deflator, ~ T lndudet .public enterprises. 

'.-’•i ®v - • . I ■ . — ■ - 

.77^ *.«HsK, :i~ i.* -V . 

Prop. & Reversionary tops £lm 

REFLECTING ‘ the more healthy tecbhical - reasbns ■ the vendors made for tax which would arise 
state of the property market, tax- were unwilling to ^convey the if properties were sold. The 
able pro'fit of Property huij Hewer- freehold but hove stated that they amount of the contingent liability 
denary 1 -Investment CoijiOTJitfbn - will do so at -a future date. ■ has. not been quantified, 

rose 21 per cent to £L08m tor tie - part of 'the land at Faxnborouqh A statement of source and anpH- 
year to March r3 1,^1 978. . -- -- - ^ undeveloped" and plaits are °f Arad*, shows a £760,000 

At the. interim, stage, when re- being prepared for the construe- JJSSf «dSSl°° mcrease) in 

M P W T^AGM PI S the company will 

man, changed hJs earlier. forecast, As to the remainder of the port- House ’ SW 011 

that full jfeir. profits would, show folio a certain amount of re- noon - 

some HOOOOOi. improvement, and furbishment ..was carried out . . ■ 

, ^saai itiat they-WCTuW top the £2m during the year and several pm* win rex . — 

’ f- c ' bnark. . schemes for redevelopment which Tit ' . — 

roar should" finish 'some 10 Rbr- examined and -revised. ExtreonUnary itcrac 

■...<£(& The net. asset value at March Available 





X.S 81 .M 9 
57* *72 
368 SOB 









ufid e r-tevtcw were gross rents up s. v>^T ro» r . ~ dtoPOMl ot tavern ikoi 

Til" rr 27 inta,.£ 1 . 47 ni and -net cent. since last year. properties. Trewtfered to capital surplus, 

ttoiq. ” w nuT - The accounts carry the auditors • A • n __ 

; l :-v renja ahead from «-08mto^31in. no provision Js . r Statement Page 33 

* Earnings- . per . .snare are . . - - - 

•. r- vmr at vft2p.:.<7p) vaiid i thB v final. ; : . . - 


• The~«nnu*i .'.review of property. G .T- AstA (srEiUJNC) fum&— N et itabmtles £423.3111 txsss.ami, bub dia- 

a<5 at March SL .ISfS, 1 'discloses an ilncOTIW for sta mmUia w March SI. cwntad- B66.7m <£280. 7m I. COPs n33.6m 

Jhdrtise^value Oj?21,-4 per cent awns -£6^11.6=1. HcdmpUon ;«M. tfta u.lm tom*. leans 

.‘L _ 1 in Vniii war - An orice of parUclpatlns' redeumable prefer— MUilm <£380 9mi. Thepompaaybascon- 

'.-jsyqr.i the.preVTOUS_year. March.31 nui aod Ime tidied, to develop connections overseas 

amSyriS-by WM.ItoMndeod -su me.. anl.ojdsMe ihe banluog sector and has 

'-.'shows: Offices £14-74m. :f£l22Sm 1, . iBLACKMBATH) OSann- «net*dtii considerable success, it Is also 

VEfnSSJF aSS s Group RzcO SWtn.111- swot. 

sc, on Jutr 5 . at 12.30 pm. 

BAST— Dividend Z$p net per £5 share lor 
1977.’- Profit tor year after tax £33.186 


numuiu»(,w, \ .ti 

~ . vr.'Thg- in t g r c st ''ctihveyoo- '.- TO .. ,tne ones = 

[ id 1 ' . ■ 

.\ £f 

1 - -their >fdr : :lendipg : was.; increased 

Si * sx * m ' 

^ ^interest ijay^tle, BanU’s/I^inan^ 

'-^V-.pepdsits 7 i ^ r ■ 
*r~ per a rni ug*:-'- • N ; - 

■ . . • V* .lOO WooH Street 

CO— Results comribuboos £3J906 i £2.982 1 and otlwi 
known. ' emohments £38.702 (C6.971). lotm-si 

current chars'** 007.881 ilC95i42i. Depreciation 
of 'Axed . assets 069,423 ■ £73.752 1 . Probl 
SUt-MC' tor. 7361 before lax of m.«» 
U49J72. credit 1. Extraordinary Items cm 
(Sr,238£ . Unappropriated profits brouxht 
forward'" £306.702 1X132.8781. A va liable 
OSJOW US27.52S/. DivideDds £27.766 
tStUKOl;. ilroup. fixed assets C8S6.63S 
I £356.7175. Net current assets a 71m 
l£L®b). • The company- is " cta»." 
M.eetlw'Dalbeatle.oa July s at 6.M pm. 

auwfiotore and metal mere ban unci— 
ReshllBrior 1977 reported June 3. Group 
fixed .aacts .£863 JS1 i£789,MBi UM curreni 
URU fl.l9m tH.Blmh . net liquidliy up 
869^B:(down 9«2 1 fa»). Wtaltan adJURied 
profit ‘08,906. hixbcr with H15.M0 slock 
idtasraum and afte. £ 80,000 extra aepre- 
eiflUon 3SM\' igcarlitf- . Compensation to 
director for loss of office. J5.DU0.-' Meclinp, 
GlasAow. June 2 », noon. 

COMPANY — RbadciUtn fixed asacU 
IttLdUd ■.-.iltfiSm),- UK current assets 
£138,177' -(Q09.&9i. UK. current liabilities 
reftqgT UffijfSgi. RbndcHian net current 
assets 9629^15 (9732,4071. Phoenix Mtatas 
■ and' Piflaoce owns SI jS per «nt of diares. 
and- -African ■ Lakes Corporation owns 
iM-pet »B2. - Meeting, 1W. Old Broad 
Street, EC, joe 30. at ires am*. 

ESTATE— First inteitm of T per cent per 
share lea Malaysian Tax of 48 per cent 
■ml UK Tax of 34 per cun tor- Use year 
finding June M. 1978. Payable June M. 
to boldar*'. rcgiitered at u» .dose ot 
basin css .on June. S3. 1978. 

iiHwaBUM nnd found? rsl—Kcsi] Us for 
I9JT reported May 9- Croup fixed assets 
II .63m CILBrnl. net currenr assets M.lSui 
m.NinV Decrease in' eaaft and tank 
£8J3» fWfiqm,- miproveil rewlr for tsre 
predlrted. UreOngr Cardiff, July 4A at 

Re port No 2 








.A,, % * , . 

' ’?.*> •■ s *.{ •: • 

• • • 




Purchase of a brake parts business in the USA 

Curty, France’s leading automotive gasket 

producer, became a T&N associate 

Eight other acquisitions in the components field 


Providing what the future needs 

Our disc brake pads/ brake and clutch linings/ 
gaskets and filters, fan belts and heat shield materials, 
are manufactured by- 28 factories and 14 associates 
in 18 countries. 

We are the worlds largest exporter of friction 
materials and gaskets. 

And last -yea r-we expanded our world 
involvement even more. 

We are growing rapidly in automotive 
components/ plastics; specialty chemicals/ man- 
made-mineral fibres and construction materials. We 
are growing in the USA marked as well as 
continental Europe. In 1977 we invested; 
expanded and diversified at a more rapid rate than 
ever before. We are very much more than the 
asbestos giant. 

Why not take a fresh look at Turner & Newall? 

Write for our new corporate brochure today. 


To: Public Relations Dept, Turner & Newell Ltd, 

20 St Mays Personas?, Man-kster M3 2NL 

Please send me a copy of your corporate brochure and/or 
Report and Accounts. 



I Address 




^ _ 




per cent EXCHEQUER 
STOCK, 2013-2017 

ISSUE OF £1,000.000,000 AT C95.00 PER CENT 




Safeco tries 
of two Mah- 



On an ol. tail on C1S - M Mr tent 

On Tuesday, 37th June MTS D9.B8 pur cent 

On Friday. Mih July 1978 QUO wr cent 

c*JW per cent 


Tha Stoik is jii mtiiintcm lalliiw u-lidin P;*n II o' (be Firai Sirtn-diilc 10 fhi 
Trusic- luve«ni*Als Atl W1 .\i-plloal Inn Ha> li?iu made lo Uk Council of Tin* 
Md Gii-tunui* Tur th- S»ct w b- ;i.lniu (;-.1 lo ihL- nni'.-ial List 

THF. (HiVEWN'iK A>D ■ 'P THE £A.\r. UK EWl.LAND are auliiurisetl 

Md Rsduiwf Tur th' S»ct to b- M w the »nhwl List. 

THE OijVERXmK .WO nh THE 6A.\r. UK ENt.LAND are auliiurisetl 

;u BwHiv apiJln alums for lhi- abuu StutS 

Th... prtneios! in au>l >m . t- s: nu ffl- m«h> will rv •> rnsrgr- nn itw N annua l l jane 
1'utjil. wnb rtcunrw m rlu Ciin.-ulirtat-'H l - us*! uf :hs L" !,, 'd Klnv.lum 

II not (iiwi-iiieiy r. >l,eni.-l tin S!D-.J- „-iU M ail ai gar nn 12th Uw-tnh-r 
;i;iT. hut H-?r Tn\ivirv r--. -rs*.- in ih-.-m .-I'c* th, rljrh; in rrdeviu (he 

Siov-K In mhnle «r in ,un hv ,!ra--- in-> e-r .iiln.-n-.iM. a I par on nr at any I mu- after Dtoeinher .MlJ nn til ms not l--s Hull Hire* month*’ noli.e m Un- Loiul-m 

^ , ,Z Th-' Sto.’.'- .rill he rr.'i..|. r.'d a: l.‘iv ':.ia" <>l tli:*i:niij or she ttjnf: of Jri-lalnl 

FivHa'U. and mil Ij- i nu -, *i. rani. . m tniiluiil. - -ii new Penny. Hy msmini.-m ,u 
„ rilin'- In aivonijiu. uh lin- Siu-.fc lr.iii-ftr Ac ,|n ■■ Tran-.|..-ro will n.. Irw ui 

" r'V Yi!l .i • rarit'il" Sialf-i- arlv nn i;i1i Jur- :n«! DwimVr. In- uen- 

•••ill li-’d Juti .d irum" pj; nuMii- ol nmr ■ per ji’iiaa. mn-rains trill 

bi ir.insni.-t-.-iJ h> i»m.. Tin arm r»*:m- in ml! lit- iiudi- on ljih niomiwr IDT* ai 
lh- rat - ..r u-r un- *•: iV S'”- 1 - . . 

Applications will be rceoi«cd at Hie Bank or England. New ls»aes. WailMi Street. 
London. EC3M «AA. Apiillcation* far Amount 5 up lo B.80D 5lock must be in 
multiples ol EL30; ah pi lea lions Tor amounts between l 2.M3 and LSI. DU Stock must be 
in multiple' ol ES00: apnlicatinns for more than (53.100 Stock must be in muhiples 
ol £1.330. A separate cheque representing a deposit or CIS -85 per cent ol the i.-.nJuui 
amount applied let- must accompany each application- 

\a II. p. Pi allaunelil In r:-l'-C.I ,.l J l.-.- jIlnM. d ■ .11 'H" deaDUl.-Jir.-* l-\ pvi, a' th-.' 
riif- 4i ill'- applu am N<> alfuini-nl will h- m.i-l-. iur >i V-M .lrauuni Ut..n iliHJ ?to.i. 
rn ih, .-in ur | a!ibiiiiei:: tie I'alaih— mI :h-. .uununt irald u>. U-ihi- t v ill 
r- iuud.-d hi i-h-nu. il-siuKht-t uy p-i.-t .,i Ihi- risk of ih’ apolnam: H n-> jl!»:mt-iii l> 
in., ih ih? aniHiint [i,i id as ili.poriT will !>,• r^mm.'ii l.V:, -.'ve. raymenr tn full tna? tie 
nude at'rfU'’ tini-.- .ilier uUri:in>-iii hti! u« ilis, oni.: ’fill b. 1 alkt-vi-J nn tut-h payment. 

D. f.’.ult in I lie jiayn,.iit of any mvalniert h;- »*s will render the ilepiiSit.and 

any invi.i!nuul pis.i'iuueiy pahl I'lble m forli-imr.- I :li-- allolm-ui in . ;nii-..11aHi>n 
l...iii-rs ui ailqtiH-n- may li.’ spllr >-i.n • Ii-m. -■ mii.i r mns of muliiril.-y .if non un 
■jTitt.-n r.qu- st r.-, .Iie.i I.t tli>- I'-a::'.' „i I; ntlan.1. Isnius. Wailln- Sir,-- i. London 
KC ill PAA. nr liy jny uf 'h? ltr.:n> In— »f 'h- iMiib i-l Eiiulond. on any I:*:.* nm lat.-r 
rii, .1. rjih July !07-‘. Such rvflu.*sts nma In '-n il. .1 niid mis! aif.ifu.’wmert h>- ih,- 
l._ntr> ur .illiMin *i- •hut leii-Ts i..inno» h.’ >i .-nj i:i«talnti;ni payment i* m .-rdui-i 
L- it. r-i of .lMAini-iii miisi h.- mrri nil r •! tur n-^nurorlvn a'l-timpanieil by n 
■ iiiiipl. u-.-'.ir.iilnn tir:-' ill- hlia! pi-.tnli.. in is pai.|. unlr-<-i payni,*i.i 

Oil! has t-.< ii in.iJ.’ ivh,P' 'h-- rfn-- in -,-h:.-h uv iliey trow i<- -urr-.inli.r.'il Tor 

r..-.|>tra-inTi -ui l.v. r ihm t <ih July 1'*7' 

\ ■ ,illl>ll'si.|i> :.l i'm- file .ii l„"n [■>•? lliiii ut ■hi* v.'- will |i ■ paid in OanLi rs >ir 
s'lii.ihroln-rs on j-ii-iim-nts nia.!» in r,-f...-: of appb- lions hi.:intL! their siantfi 
• , r no nayr u» -.•-ill li.- mad- >• her • *i vw fchrokei- vtinlij rei olve 

by '-ay of li a Tu:^l u' !' 

\ ij'.'jeailrtil fomi-i mil evp! s «t thi» pruspr-.'iii r.'-.e l x- ohi.itn.-J al illy hint ol 
r-.j1n--<: Ww i*-u. . '.'.vhiit Sir.— i L*i'i<foi>. til -A! or »i air-- uf -|... hr:.ii'hyo 
of ih- K.'infc nf !•' mdanrl' ih,.- ESant* *u In- f 1 '* is. non-?.'.'! i*ia F’.-lfa*i’ 
PTI .'iBV. ai Mnlbtio A r"t Loudon EC.R *>AN: or a; any oHi..? of 

Th- t-o f Kx.’ivi-.- it. ihe IruK-tl K'iu < d:u. , i 
r.-.r-K .i- f 
i ’ivniv; 

Jib June "JlS 


i ur u.-- b;- LuuLer ur Sluefcuruk'.-r eijiirnna i.un.nubaiun — 

V\T Peso Nn 

uf nut rudiSK-r.'d put ” NONE "i 


12 per cent EXCHEQUER 
STOCK, 2013-2017 

ISSUE OF £1,000.000.000 AT £96.00 PER CENT 

Mt THK i.i.ii LSIVjK AM' C-jMI'V'.Y i.-r THE RA\K 

Th' l-elov ri.miita you in ip tain her tn. ai-tnrdmii' wi»b Hv 

t mi. of ih? uru t ^-,2U> djtuj hia June- /* 

WU . ■ a + 


IN" A WRANGLE that ?.yiuplo- 
mises the prohiems facing ih*' 
U.S. insurance industry, one uf 
the major properly and 1-3*1121! ly 
com panics. Safeco, is trying in 
puli fiui of underwriting; ear and 
home risks in the States of New 
Jersey and New York, because it 

says business is unprofitable. Bui 
the Stale auihorilies. who ewe ti^hi control over the insur- 
anre industry, nre ii-yiny m 
block the move on ihe ground i 
that it wi. ui Id viulaie |mlk-.\- 
holderP’ riqhis. 

New York has already rejected 
t'uiri^hi Sa Two's rwiuest to >,ur- 
render its nper;nin» liienii;. and 
the New Jersey Slaie aulliorilie* 
are due to hold hearings on the 
coal »or lal'T today. 

Safwo. the 'itlih largest U.S. 
insurance company, based in 
Seattle, s-aid in announcing ii? 
wtlh drawn! plan> that ii had Inst 
uver BlSm in the iwo Slates in 
the past nine years, and expected 

to l»e losing Siam a ye.u I9SS 
it vresen t trends euni!n | ( ,i - 
of these losses were .'i -''uiinivd 
[er by ear rune*’ 

The irony behind lh: .iMiiuunce- 
liieni is thal. after hutiI lean 
j ears, the U.S. insiu ance in- 
dustry as a v.iiuie finally broke 
back into profitahiii;;. !:■-£ year, 
(hanks tn a rise in lu’Ciiiiums 
sanciinned h> uj* inMtr- 

am-e authorities. Hu-,- *■-. i-r. Imlli 
New York and Ni-.v Jei'c:- are 
high-risk States mid ’.1 1- gener- 
ally accepted lhal insnr.ui.-e emu- 
(•ante-, find it bard lu in a: e tuueli 
of :i prniii there. Safeco's mm-e •.i.u.’S at a 
time nT iroving ;iuMti; e 
mvr whether or nm :-i-*i:*lo h-ive 
:: “right" tfi insurMH'- The 
emu pa Pies. i.>bviou-h . -ay 'bid 
nu such right- exist y. si ml they 
argUf 1 hat atremnls i> iTforcr 
anj suppled rights un<l , 'r- 
mine tin* insurance The 
ptihlic. on the other h-nd. jujnjs 
thi- backing «»f mu- 1 Stale 

NEW YORK. June 12. 

authorities in arguing; that every- 
one should have fair access lo 
insurant 1 ? coverage. 

It was on these grounds that 
New York rejected Safeco's 
»pplii*a:ion in ptiU out ^ An 
unnuimcement from the State 
Commissioner's office said that 
the action was “in violation of 
r.pplit-iihle .New York State 
insurance law. and viol tied both 
1 he- contractual and statutory 
rights of policyholders." 

Although New Jersey has yet 
to decide nn rite marter. the 
an "lines for Safeco are not good. 
Only last mo nth. the State won a 
t-inirl ruling barring, another 
in-ii r.-tnre company. Nationwide, 
fnmi pulling out of the car 
ijisii ra'H'e business 

Roth Safeco and Nationwide 
have announced their intention 
to appeal against State rulings, 
and the issue is therefore certain 
>0 get a full airing in the 
Federal courts. 

ITT discussing sale to Heinz 


International Telephone and 
Telegraph and H. J. Heinz con- 
firmed today thal they were hold- 
ing talks about the possible pur- 
chase by the food company of 
certain of ITTs European food- 
processing subsidiaries. Neither 
company would elaborate on the 
announcement, on the grounds 
lhai negotiations were still at an 
early stage. 

ITT currently- owns fond com- 
panies in the Benelux countries. 
\Ve«n Germany. France and 
Britain. H would noi say which 
companies wt-re involved, though 

it .stressed that food v: 
outside turn no wore d-. 
beyond the scope of the : 

The large internatn-n. 
glomerate's decision 1* 
vviiiefi comes at a tim»- .-f 
;iig li-:iriei''!ilp. 5ipiic;,r- lo 

a broad strategy aimed a' 
ing (he company's i.-n-.I 
in Europe, which ii 'i' 1 .' 
area of low giowth .« •. 
gi 1 ve r nm en t i n terfe re n c. 
decision anpeurs to be 
rtuenced by a desire tu i 
nf the- food industry a- « 
facl. ITT reported la 5 I -. 

NEW YORK. June 12. 

iioanic? its food pruducLs division had 
.rimtelA (urned profitable again after a 
atks. period of losses. 
ji L-'it- As far as Hein/, is concerned, 
ij sell, the news comes as something of 
cr.ang- a surprise. The la rue food com- 
fit mtn panv recently acquired two U.S. 
i re due- fund makers. Food ways National 
Ivemeni and Weis hfwa letters inier- 

. a- un national in vrhui was seen as a 
d high major muve to strengthen its 
The position in the L'.S. market. At 
111 - the lime. Heinz was also reported 
all out i» be taking a hard look ut its 
mch. Ir. European opera ficus in view of 
■uc lh3l the economic situation there. 

Peak third quarter at Gelco 

'a? iMiviJs, 

vi :}]■• a&>nr-P*a. :-rl S'ik* t ■>»(! h- retry o. x fV f M pay ih- rur.tln.-i>'* m 
(i-.-orn.- dii'r ■*« any aiI.»irT>-:n Um. may id rusiKcr 0: ihiv unMirna'jn .i» 
pri,Mrt..d l»y tli %*i'l pr^ii, -il T'i? aot:1..j|ii r,.quisis .my ur alloinicm 
111 r...ab%.*.-r vl ill, iii>..|. sl|rtii?d i,.. S..111 in HI jn h-r h> pi«i at :,i% h^r risS. 

th sun- ui h j h.-iri4 :h? aniuun; 01 ih- .*..<<iulr*d doposii 

• 113 m Ij f i.t .fin iur run £,.|" nf -li? Sluv/i siutlkd W. 13 isa:lu>*-!. 
t I w. d - Iur. ih^i Hi ji- il.. jin i> ii-;* i-. M.j.iir ouistdir 1 In; s. 'i-iui-'ij Vcn-Curt*. d ■ 
•hi l iti-« ; ht- = • urc> ■>. mi' li. i;.,- jumi'td by me il> ;h.> numinire uf ami 
p r.-uii j. uni vk Uiwr- Turn'orn-s, 

.... Jii.K- i&7.% rt;t:i 

•ji . u- u-i ii«-h jiif uf jpplrcair. 
f.'K’.SK 1 K I .’'TJ.' lfS 

.•»U;:%\A|K "I AFPLO '.-.T 
M:< aims MISS 1.1R TITLK 


that it achieved new highs in 
revenues and earnings for the 
third quarter and nine months 
ended April 30. 

Earnings before currency gain? 
or losses for the third quarter 
were 8S.2m or 76 cents per 
primary share, on revenues of 
S84 Snt. This, compares with 
earnings before currency gains 
or losses for the same period a 
year earlier of S3.9m or fi 7 cent* 
per share, on revenues of 233 Jim. 

None month earnings before 
currency gains or losses were 
$1. i.Sm or •'52.45 per share*, on 
revenues of S229 5m comuarcd 
with earnings heroic eurnney 
gains or lusses of s?U.lm or SLUG 
per share, un revenues of *53.$m. 

Nine month ea minus before 
of iWUO.nOO or 11 cent^ 

Nine month net earnings, after 
a currency loss of $2.5 m or 40 

cents, were ? 13.0m or .’ s 2.u5 com- 
pared with SH.4m. or "il 01. after 
a currency loss of dl.Ti.t. or 29 
cen's per share. 

Earnings for the tbiril uuarter 
after a foreign currency loss of 
$215,000 or 2 cents per share, 
were SS.Oni. or 74 ce:u«. This 
compare? with S3.3m i.t 50 cents 
per share, after a currency loss 
of $560.00. or 11 cen;>. 

Sir. N. Bud Gross; i an, the 
chairman and preside:. u said the 
market fur Geico's ulana'semenf 
seme's hnih in ‘uc IJ S. and 
abroad coritimtes tu expand. 

“ \\\. expect fhu jrnwth in 
<iciti;<iid to cOfti/r: :i" during (be 

iLANCH ESTER. June 12. 

Fourth u liar ter and beyond." Mr’.' 
Grossman said. 

Third quarler currency losses, 
realised. and unrealised, declined 
substantially from the previous 
quarter hecause of the dollar's 

Gdco’s European operations 
include the UK branch of Gelco 
lniernational Corporation and 
the Transport International Pool 
division with fourteen branches 
in the UK and nineteen on the 
i , i»n» nnnt Gelco lniernational 
provides leasins and transporta- 
tion services for car and truck 
Sects fur clients in Europe. T.I.P. 
which is the world's largest over- 
the-mafl trailer rental' company 
has a Hv-s of over S.000 trailers 
di*mici!' , d in litcir European 

FIM-'T K.\Mfc ■<. r: uu 


a AppiicaiiBns Tor amoum? up •<> C2J1U Stack mu*i tie In biiHi'iiHh of EUQ; apoiicn- TnOsider 
lisns lor amounu between C2.B3J and £50,083 Stock mud lie In multiples of £500; 1 ' 

applications lor marc than £53,303 Slock must be in muliinles of ELB3D. Applications 
should be lodged at the Bank of England. Nm Imms, Walling Street. London. 


o A separate etteque must accompany each application. Chemist should be made 
payable lo "Bank of England" and crossed “Exchequer Slock'*. 

c H Tins- tkvl ar* t luti cai". ui U-- aia.le It -Jioulil V*- dcUlvd 311J n-f.-r.iict- -.Kjiili he 
maJ- lu :m Auiliuris.Hj D.-?uii!iry ‘> r in th.- Rryuhii. ->f Ireland, .in- AojjrusiKi STRAIGHTS 
• nr ifcrmjicli '-hi ilir ;,ii1-ni..|i" (j-.' iB.tletl. .••uuiur-.-. d Ej« p-.isilarus art ai.i, r «i.j e.-o. 

:i?-.1 .11 lh- Bjii! 1 '.olict K‘.‘ 1 jnrl lni-lnd, n.nv: 'ianfc? 3'id cork- 1 

Uniroyal sells footwear fanit 

NEW YORK. June 12. 

UNI ROYAL has signed a letter Footwear. The nurchaser would East, nnd other products in 
of intent to sell i(s U.S. footwear also acquire Unim; al's f'.otwoar I niroial s leisure sport and 
business (o a newly. formed group plant In Dublin. «:*..r;la. uther business segment How- 

headod hv Otcalt-a Inlernalinnal Uniroyal said the movi* ever. Uniroyals spon and m- 
S2SSJ1. *15“ sci! ils US. [■ mi wear opera- d : w»rial clothing would be 
Enterm- ses. The put chase puce ti flI13 slemmcd frum ihe »:om- itn-lmied in the sale, 
w'as noi disclosed, but the pay- pan y' s decision in conc-.-nli'aic Its .. 

ment is tn be guaranteed oy rtrtlW ... sc-meLt of its Thf ' company will continue to 
major New York banks. business. ~ manufacture footwear at its 

The agreement gives the The sale of th* L'.S. footwear P ,aDl In Thomson. Georgia, for. 
purchasing group the worldwide business does noi involve gulf ~? e purchasing group, and has 
rights to Uniroyal's American and -iolf i-Mhinc orodiicts nr P ,aTlt ,n U 1 ? 

brand names, including Keds. footwear manufitciured nnd di>- lulnre lor the marujracturc o 4 
Pro-Keds. Grasshoppers. Sperry, trihuted by I'nireyal in Latin f 1 red nets other than footwear. 

j® S 4 ln “f dm: ***!;«- Tnnsider and Royal Red Ball America. Eurene. :md the Far AP-DJ 

[I L2.KU and £30,333 Stock must be In multiples of £509; - - - 

£53,303 Slock must be in mulilnics of ELB39. Appltcaitons 

Bank of Engluod. Nm Issues, WaUIng Street, London. SELECTED EURODOLLAR BOND PRICES 

X2SS22Z r tSSrT 6i,0U “ ta m4de MID-DAY INDICATIONS 

,n lb- Bjii}' *.*ia- K*.‘ I jnrt mi-lndi 'i.U'il 'ianfc? 3'id S'O'-W- ill liV " ?»>■ I9«7 " ... •.*•» 

I.r.iki-t. .in ij '•>l|,.||i>rii :>nilr-iiit in Hie UiilPil KiiU-i'uiii :!„• fhniinii K;jiiJs rtr \uj,uj||j J'ui- ip"*-. ' K. 

ifc I-:- ui Mur. \u.-i. » m ike ItcpuDIjc of Ir.umt an., d- llsi*-cf m Ha- Xrt.Vai'aii M *; s. a:u* -PS 

HjiiI- uf h'ir-la»i,r? Xiu.Cr- EC '3 Mar- -lays flank - « !<Kt." i't; 

d "Pi, M.Ji-iiul-.: |-rrl-rtrii , « :<i pr..M..m ,.nmiin<i. tin ViiH>M f ma duu*. Ok 1 (,'bainivl Kuwa'vf S'p^ "li 

lilanrf<. til- ..f M.m :lu R.-iuihlu- uf frelnurf and di' Can V floilis-A.r '.n-- ls^*-** fj. 

Oi-nii v.vmn-ii --u'. !!• ?f 
, l7 E'-S "DC !***, ; 

rt,:' FC<; :n<: !fe; 

fc'IK - I.- Mil' 

HT - FMI 9 ;w IO-;. 

■I,; Frir«t.»ii ,*;u- i' 1 ' '< 
ii, Essu Sp- \e... 

[i •«;?. Mk E:u*k tlpc IK3 
fri -• p.. 1^111 
cm Vi,..- i k>ii 
Klf AnUIlO’ll. i p- lShj 
^ nrjmm ji,- ikw 
‘ uiinirl "..ii, io?: . .... 

■*»r?niark« .1 'pc 1300 

Approval i 
for $1.5m 

NEW YORK, June 12. 

A FEDERAL judge approved 
• settlement of a $1.5in (date, 
action suit, twrought againsf.- 

Merrill Lynch Pierce Femser 

and Smith by holders "of; 
Scientific Control Corporation: 

stock. • ■■j’T' 

.Vs previously reported, the 
settlement Involving .the: 
nation's largest secartfles firm. . 
a unit of Merrill 'Lynch, tvas - 

proposed to the court last 
September. - 

The settlement fund is'to be' 
shared by persons who bought 
Scientific Control stock -front 
Merrill Lynch between March 
1. 1968. and November 2V 
1969. The fund- will, actually, 
amount to only 51m after dis- 
borsement of some $506,006 
legal fees to live law firtns^ 
Scientific Control, a UaJtas- 
based computer concern filed: 
for bankruptcy in 1969- 
iVP-DJ . ; "V 

S perry Rand optimism 

Sperry Rand Corporation KuS 
that large backlogs, and strong, 
order trends In its major hast- . 
nesses support optimism for 
fiscal 1979, despite the fact that 
major world . economies .rwilt 
not be rohust this year, 'reports:; 
Reuter from New York., The 
annual report also said Sperry 
Rand nil! continue its .special 
emphasis on computer business 
because of the computer in- 
dustry's ex traord in ? ry... poten- 
tial. . 

Continental Illui<)& 

Continental Illinois 'Corpora- 
tion. parent of Continental 
Illinois National Bank " and 
Trust of Chicago. * filed a 
registration statement with the 
Securities .and Exchange Com- 
mission covering the- proposed 
public offering of 3m shares of 
common stoek, reports Reuter. 
Proceeds will be added to 
general company funds. Merrill 
Lynch Pierce Fenner and 
Smith and Goldman Sadis will 
manage the underwriting 
group which will make the 
offering in late June or early 

Unturn at Akzona 

Afczona expects “substantial” 
increases in sales and earnings 
this year, said Mr. Claude - 
Ramsey, the chairman , and 
president reports AP-DJ. 

“ Barring unforeseen, .develop- 
ments " during the second 
half., year-end earnings for the 
diversified fibre producer may 
doable from Iasi year's net 
Income of S7.5m or 6 cents a 
share,. Sales may reach about 
S90flm. up from 9808m Iasi - 

Citation in t^Jks 

Citation Incorporated said it is 
engaged in separate discuv 
sions with two unrelated 
parlies concerning possible 
acquisition of Citation, reports 
AP-DJ from Grand Rapids. 
The company said it was not 
aware of any unfriendly take- 
over attempt Merger talks 
are continuing with both 
parlies, but “It is premature 
at this time to speculate 
whether a formal proposal 
might be made by either of 
the two parties.” 

Telephone merger 

Continental Telephone and 
Indiana Telephone have com- 
pleted the merger of Indiana 
Telephone into the Continental 
system, AP-DJ reports Trom 
Atlanta. The agreement in- 
| volved the exchange of 
3.4. >6. 115 shares of Continental 
common for all of Indiana** 
outstanding common. The 
value of Continental slock 
Involved is about $55 m. 

former fe,n 

division to 

■j f h jl." * 



strenuous attempts to pare-'do^' 
-ita debt burden has Tcsutted^n 
the sale to West German s Bayer 

AG of a division of Chemetron. 
Corporation which watf acffmroa- 
for S2I0Q1 six months ago. . 

The ’sale is the third divesti- 
ture which Allegheny Jias /made 
this year in Its bid to reduce a 
long-term debt burden whjch was 
more than doubled. tp^$377ip by 
the acquimtiou . of . ChemetrotL 
Ailegeney's decision _ to sell 
Chemetron's dye and.pigmeat-pro- 
duciug division fitted neatly with 
Bayer AG's ambitious expansion 
plans for the U.S. T^cnmpany. 
has spent more than 5550m in .the 
last -four years building . 
chemicals and phannaceutwals . 
business here as part of a 
-strategy aimed at reducing its 

vulnerability lo. Uhe high, costs 
of production in West Germany 
and the steady appreciation of. 
the West German marfc- • 

. Neither company -wouliL dis- 
close the price which 'Bayer had' 
agreed in principle to pay,-:but 
.Informed speculation points to a 
figure close lo' S50 ul Mr. John 
Buckley, Allegheny's chairman, 
has previously indicated that he 
had found mare than one bidder 
willing to pay “well over book 
value '■ for the business. > • *•.*■ 
Since he bought Chemetron. for ■ 

- w. s- O'. • •' * .. '£ 

4 ; ^r9^i4rch ‘ “ 

^£y. KisinfiSS : i^ - 

f d^: if oaethf ^ i ’ 
Liquid - 

&jjieric£ wlfitdF hss^enn^ri' 

ffddiHo^^-Bu^Fis^a . 
biiyer~fOT CfremeTK>ti*$ faclBBa” ■, 
producing ‘ phosge^a^irggff V s . 

in • pesticif^ -'T^e^ fri^iatsi ^' 
■price for that bpenftiima^'ajfi*^ . * 

Ij- ‘ r 1 

purchase ; of a: ' V - 

m ■~BriraiuV'WiflidawgMiaafa3 yfr t 
also sold off 

f tiring a . proffiiceir^t^traCtOTgaaJ 
lawn mowers."®' Te&tr dr a ' ■ ' ' - 
rumoured $50 cd: : - . 

' Under Mi?. rBo^Wey^-laftier. * ‘ * 
Ship, AUegfaeij^ ■ l^trommhfed jfl - 
reducing "its' - dependence T - 
special ' steels . prodn^6n^ wt»M - •• 
share of '.totai :;.earpnigs --^as . : ' . 
dropped f ro_m r 56 par ceiit m^Jfl^8 ■" 
to 44- per (mDt i Ja^r.'year. ^How- ; • ;... 
ever,i .some S -.analysts ^ ; ; 

questioned' the speed: , «fth.'3bhich- ;-:' : „ 
the eompajay is preying s-aSeal k ^ 
With diversification Jjecafise-Sbf - f ‘ . 
ithepresBuTO on its'h^uiw'stebL "■ 

Petro-Canada planoitig 
offer for Husky Oil t 

oner tor wusKy uu t ^ ; 


TOE CANADIAN National' Oil Directors > - -of ; - Hukky. A 
Company Peto-Canada is prqpnfr expected to meet lahti^ tod^- to - 
log to gain control of "Husky consider the ofEer.^.^.jj ^;'^- 

Oil of Calgary from its U.S. petro-Canada also^saifli^wnkld ;' 
owners. Petro-Canada - this m jk e a further ahneuncfiment r 
morning revevied that it plans before the opening ' .of. stock - 
to make an offer to buy- all .the nj^fbets'at 10 'a.m^ ,oa TtreSdiy; r ” 
outstanding common shares ot ln ottowa no 'immediate state* -• 
Husky, both pubUcly and pri- ment wag ava iiable” > -> 
vately held. It would not reveal ■ . ti: . , 

snv details of Drice. Husky is a - major »«iti»ra •* 

.any details oi price. Canadian oil- and gas. producer, 

wltb strong llnte . '&J, , tte -- 
we P ”e neart i H £&. shares northeru tier states . market^ 
outstanding, giving a ; "market The announcement -of .Fefrp. . 
valuation of the companv of Canada's intention . to - wd '> for 
nearlv C$4O0m.' The" stock was Husky comes at a -time 'Men 
halted on the Canadian Stock Husky’s assets are being ^assessed. . - _ 
Exchanges lart Thursday after by another, possible ! bidder.tcoai : 
rising 7 points in a short period sisting of a group or Ganadaa f- 
to S35J. • ~ companies. - - 

CIAE compensation terras r 


A guar of S93m is to be. pa id a«i 
compensation to shareholders of 
the Argentine Electricity Com- 
pany CfA Italo-Argentina de 
Electrlciditd (CIAEl on its 
nationalisation. The major single 
shareholder is Swiss company 
Motor CoIumbu«. -while several 
thousand smaller - shareholders 
are also based Ln Switzerland. 

The decision, which follows 
years of negotiation, is below 
Swiss expectations and the figure 

Which ‘ would have ’.arisen' fr&fr 
aij urlginalj though controversial, 
clause in. the concession -agree- 
ment The S93m will be pad. 
over an ll-year period, with, five 
years' grace l^r, the Argenihw 
Government ' . ‘ 

CIAE supplies electricity .to 
wide areas of Buenos Aires.and. 
the provinces. The Argentuie 
presidency said the nationali- 
sation. followed repeated CIAE 
warnings thart if aimed tQ ceasa 
operations." . '• . “1 : 

..... m . ,- d C-i 

esc group 

The leading 
- banking 
in France 

Credit liKfeistnef 
el Commercial 


74- London Wall EC2M5NE ' 
Telegraphic address: 
Canonicus Ldn EC2 
Phone 638 57 00 (20 Jioes) 
Tekx 886 725 Canonicus Ldn 
Foreign exchange 
•telex S88 959 CanpnexTdn v 

m--: .. 




(loll ilnj^ Company I J m ited 

Increased profits, continued expansion 
and a flying start to the current year. 

"We have got off to a flying start and, in the absence 
of circumstances quite unforeseeable, forecast that 
the increase in trading profit for the year ending 28th 
February, 1 979 wifi be the highest ever in the history 
of your business. You may be sure that all is well — 
very well.” H. G. High. (Chairman) 

Other salient points from the Chairman's circulated statement 

0 Profits have increased by some 25' o 
to 3 figure of £5. 1 32m. Dividend (he 
maximum permissible namely 
11.40G1°.u (1977 10.3048%!. 

0 Foster Menswear had a very 
satistactoryyearasdid the Dormie 
shops and hire centres, Adams 
Chila'rensweor. now operating 54 
shops with several more still to open, 
is now the second largest specialist 
chrldrenswear chain in the U.K. 

• Our forward planning provides for 
1 2 or more new shops each both for 
Adams Childrenswearand for Discount 
for Beauty in the present rrading year. 
About 20 will be opening under ihe 
Foster Menswear banner. 

• Our cash resources have improved 
over ihe year by some £2m.We 
continue to be expansionist minded 
and have more than adequate funds. 
On 1st June, 197S. we purchased Staff 
Facilities Limited which sells cosmetics 
and perfumery to people at their place 
of WQrk. 


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/ his aottoitnccmcnl appears far purposes of reconi. 

Year ended 

Sales line. YAT) 
Profit before tax 
Profit after tax 
Earnings per share 

28/2/78 2S/2/77 
£000's £000's 




11. 6p 

8 4p 

FOSTER :.Uri3V,tAR : OOBMIs MENSWSA^ ; iOft-lS ChJLO'tlN.s'.’.i AF. : Ol SCOU.\" FOB BEAUTY 

n-varu ;• r*-7 

sir .■ r - a • '' N '. 

S S-' 1 ’ * :i.- !•,<«' 

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t '>pi r : n-- i°-j 

V— ii 7'u,' ’f-’-T "Taj 
Vo’-fcvvic-r. 7,p.- 


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viri q nr !•«- 
v.»B “.nc 

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P'rinj-Jj .v.vurilies. 

U.S. $10,000,000 


Central American Bank 


Economic Integration 

(Banco Centro a meric an o de Integraden Eeondmiea) 

Term Loans Dne 1985 and 1988 

Tkiafijiautiy.y icrtsarroTtgcdb^ 

The Industrial Bank of Japan, Limited 

ineo-op^raiiuti vriih 

Dillon, Read & Co. lac. 


Tie Indaitml Bank of Japan TkeBank^Yokokma 


Tke Gnm Trust andBankmg ConqMny TULoug-Tenn&e&Banfcof Ja^aa 

The Mitsubishi Trust and Banking Corporation The Mitom Bank 

UM *. 

The Mitsui Trust and Banking Company The Yasuda Trust ^ Ranking 



bank for 

Higher profits needed to Accounting 

i • o , . change 

revive Swedish investment ! boost for 

a.! 6 * 





0 , company S5E&S&SS 

**iff I,d » Cat5liln a revival proHls is highlighted by a the budget deficit, which is ex- fon.wrUam hanks, reports net 

Creusot-Loire deficit up 
tenfold on steel losses 

the boards of' Th* n !. 1 n™E* ne ;i .• ■ coni >paoi*s still turned in net fast growth in the inonev supplv ■ from a rh 

r4&aWS»»*SA, which owns S0.5 i taJ Th D e f "turn on capj- profit., uf around SKr 2bn. Ad- from arccleraiins credit expan- account I dr 

the BCE equity. : ft* Sta&*£?SKS HOLS iW Vf 10 l97S P™ ,hia fi B ure *<"" and boosting prices. A Is a oof. 
Banco Industrial ; e v C i| J rf; ri „ , K?L t S . toc ^^ tc ^f"’'f: U£ u correspond (u almost (arse part of the increase in. closure, tt 



The &> 
Z* MU* . 


■ «SI VJ. 



■f' Vf 

^nslysn F 

*** wn; 
* lf "t 


(arse part of the increase in 
hank deposits will thus have to 

The profits hair benefited 

from a chanai* in lhe hank's 

accounting policy under uhlrh 

as a move lou arris full dis- 
closure. It has reduced llie 
proportion of profits trans- 

2?ff Wtest of^th* .Catalan family C nmh7nprt , Jflf , Y *. r,uarter lhe level To achieve this, the Riks’c-nk 

adWtt* ^aca Jover. afterlSeuS *SS “wtnwlned during the 1977 re- Is likely to raise rhe hanks* 

b^pproache^ -through a foreign ; faxes coo'd ?££!£**{!!* 53fff a SEB a J cues ' lf Slate liquidity ratios further in the 

SrifetiwdWi- The BCE pur-'SKr lbn ♦hi e t »*S^hM^ Lw!? 1 !!* * re d ® ducted - earnings near future and. pro\ided the 

A*®" closed at a; The imDrS,,n t 25 ih li' hUI S* 1 !.**?™ ln , krona remains stable nn Die cur- 

placed in Government securi- 1 ferred to reserves before 
!■ . . ' ' arriving at the published 


Nevertheless. jhr record 
results reflfci a real Increase 
in earnings in spii«> of (h<- 

sstfons-7-nbtftween Santander 
-■j® ^sident-r Sett. Emilio Botin 
f . -and - the . chairman of BUI 
Son- Maninez-Fortun. 

The! .'-sale was preceded by 
.-.£(HhpTirc i<jf- disagreement on 
e: thh f’BBI. -Board and reports! 

Astra optimistic as sales boom 

i" 11 h reP0 U S ! BY OUR N0RWC CPBRESPONO£NT STOCKHOLM, June 12. « it lis 

/ deal -had been S dmikSd I £j”! Tfa <* Swedish pharma- than expected. The Varta divi- IS-month period to March 31. i 

;= thrpagh reoresentatinns to lhe £?. at £ al cancern - Increased sales sion. which makes proteins, rust- 1977, during which Pa penis' ?L™?rtii5i tank Jhlrh Is 

Spain, which aUesed?^ ,P?r cent to SKr 644m preventive materials for the merged with koparfors. a, JSSSt K*m dMoln^iJd 
-;®h-prior existence of a firm 1 (S140rni !n J™* four months automobile businew. and medical showed earnings of SKr 158m on i transfers l« inner reserves 
*7ftMitract. thought to be with a ; compared wifh the corresponding care products, hoiistod sales by sales of SKr 1.5 bn. reflected this change in 

v-^ydencian savings bank , penod last year. No profit figure IS per cent to SKr 82nt with the The Board proposes to pay policy 6 

SMemnder thus continup« to tak» : ! s siven *“ the interim report, swiftest expansion coining in the shareholders a dividend of tu a, • 

v-al-wmtnce of the tendenev of.JK, mana ^ n S director, Mr. Ulf U.S. . SKr 2.9o a share on the 13-month a 

^.smaller commercial hanks iWiden^ren. reiterate* his pre- 1977-78 account. This is almost ^^32S^oStoISiirSrM :tbe present ecorntmicj v ! ous Precast of a 14-20 per cent exactly the same as the SKr 4 a ^ £ mJ 

elfnurte to merge into larger rise an safes to SKr 2-2Llbo for ITYfiSincinn at * hare pa ' d for lhe previous IS SL d t !™t k wf 

units at the same time as itl the >car M a whole and profits i-aA.p<IIIalOII d.L months. statemei at he wondered just 

fnrthst; reinforces «ts nreserrce! in the SKr 130-140m bracket T) The pre-tax figure of SKr 72m 5HvM f * r «i!rti^ arnP rt t « S" 

On .Catalonia. Catalonia is compared with _ last years lapVniS includes minority shares of JjJVL J??!’ 1 "* , a ? ^ 

Siam’s most imoortant Indus- SKr 1I6m - - _ - . SKr 46m, an extraordinary net j cmJr-ra ^ 

trteUrea and .tratBTtrmally the Exports are leading '-Astra's *7 °« r Nordic Correspondent income of SKr 7.6m and state catalvst emer 0 es to correct 
W«I- which generates the [growth. Sales abroad increased STOCKHOLM. June 12. stock support of SKr 7.7m. Slock “ e tr ® na ’ 

Lord Armstrong, shp chair- 
man, said that ihe results were 
xmlfyinR against ihc hack- 
ground of ihr *’ confirmin'; 
difficult circiim<.iancps In 
interna I Iona I banking.*’ Tbe 
i bank also slairii that it was 


; CREt/SOr-LOIFlE. the nuclear, 
heavy engineering 3nd steel- 
: making arm of the Empain 
. Schneider empire ba- c announced 
. a net consolidated group loss uf 
FFr 222m /§4&4m» in 1977. a 
: tenfold increase on the previous 
. year's shortfall of FTr 22.5n. 

■ After depreciation totalling 
TFr 255m and net provisions of 
FFr 2m, cash flow generated iasi 
year amounted to FFr 35m. Given 
the unsatisfactory financial posi- 
tion of the group, no dividend 
; will be distributed ihts year. 

The group made a loss in spite 
of nn encouragmc 23 per cent 
jump in sales to FFr 10.5fihn 
* from FFr S.fibn the previous 
. year. Most of this improvement 
! was aeeonnled for by the heavy 
; *-ngineer:ng and contracting 
; sector, whose turnover rose by 

42 per cent to FF- 5.$bn, while 
the sales of the ailing steel- 
making sector rose by no' more 
than 5 per cent to FFr 4.6Sbti. 

A company spokesman said 
that the group's heavy engineer- 
ing and contracting* activities 
were again expected to make a 
substamial profit in 197S. while 
steelmaking, which was rrspon- 
siMe lor tnis year's heavy loss, 
would probably break even this 

The improvement (n The. steel- 
making sector was expected to 
take place in the absence or a 
gneral economic recovery, thanks 
iu the effects of the EEC's 
Davignon plan and the radical 
rationalisation measures adopted 
by Creusot-Loire in 1976. Though 
the Davignon plan was currently 
in trouble, it had already led to 
an Increase in prices this year 

PARIS. June 12. 

of 10 to 15 per cent, tbe company 

pointed OUL 

The company's order books for 
heavy engineering and steel pro- 
ducts are considered to be “ rela- 
tively satisfactory " at the 
moment But Creusot-Loire is 
nevertheless cutting down its in- 
vestments to a minimum. Though 
declining to give any precise 
figures, tbe company said that in- 
vestments in 197S would be sub- 
stantially less than last year's 
FFr 300m, and that none of 
them would be devoted to in- 
creasing capacity. This year, as 
in 1977. a big proportion of new 
investment would be earmarked 
for energy-sa ving equipment. 

Creusot-Loire's parent com- 
pany also made a substantial loss 
of FFr 155ni, after depreciation 
of FFrSSm. 

BSN-Gervais Danone reverse 

--- M '""'w-ai w^anaiuu euiiiiiifc ju UIU PiJH CltUiUlTlb eft 'Jl YIUfNU Of TL* «K n lrmnti Ji.l . _ , 

but managing director. Mr. Llf L.S. . SKr 2.90 a share on the 13-month ^SSjSS2“ imSiS f 

Widengren. reiterates his pre- 1977-78 account. This is almost L ^ .7 

vious forecast of a 14-20 per cent exactly lhe same as the SKr 4 a 

rise in safes to SKr 2-2.Ibn for TTvnsincinn at * hare paid for lhe previous IS ^,*^5 ® i' , ’ 1 i *" bl ? 

the year as a whole and profits -*-»Xp<IUS10ll «L months. siatement be wondered just 

in the SKr 130-140m bracket The pre-tax figure of SKr 72m hr « l I«in 0rnP H ,i,l0n 

compared with _ last years i SOVniS includes minority shares of , d “ w "'* ard . s 

SKr 116m. SKr 46m, an extraordinary net' to he ,dcnU ‘ 

Exports are leading -Astra's ** 0ur Nordic Correspondent income of SKr 7.6m and state ?£* emerges to correct 

i*4- ww«w* «o* j growth. Sales abroad --increased STOCKHOLM, June 12. stock support of SKr 7.7m. Slock ' 

San ;! b y 26 per cant to SKr 40°m In PAPYRUS, the Swedish pulp. e5SJ? dB “ d ** result by Bank * 

V... tender's recent acqtxijntion oft the first four months compared paper and board concern, reports S ^t' 5ra ' . _ another London-based con^or- 

witb a 10 ncr m»nr ernwth. in nm-tav a-minne nt ci,- ?<>«, . operating income before tluin bank, reported pre-tax 

y4wn .Barcelona-based bank* is tb a 10 per cent growth in pretax earnines o) SKr 7Vm The operating income before tium bank, reported pre-tax 

^&nuht^liy the result of a Swedish 10 turnover - *?]S2rei ( m S a SK^ libn dppreciatinn SKr 240m. profits down from £423.000 to 

'valuation of the ’ future! markets aSIS' for thre^ /^397m* tnUnxlr for Depreciation totalled SKr 111m R09.000. Mr. Ben S. Barues. 

..profitability of having a; quarters of the exnaiisiop in months ending Aoril 30 These and ncl flnaDC ‘ al cosls ca ,n e out the chairman, said that the 

5;nata1an. -shoo - window for SbaSeuUcal^ d8B5\ nte Smmarv fi^re. are nS at SKr 66m ' a ma j° r inCrease hank ’ s P* rf °nnance improved 

; local wretbm*. in a I SSETS^SJilmL • ‘ 3S. Si ?'^.the previous account. The in relation in net interest 

■ s t»nhrafised.- 

Neadv ^0' per cent of the nrire 

.nn ii iur'-jiimTis. in h rlnrinp the nerind riirectlu rnmn'inKb nnv 7 • »uivi«-^i 

■ J T»ginnalIv-con^cious «tair likelv 0 8 P , , , i , C< SJ5S?“ ,aleRt account includes the Income and Tees from loans. 

Mime", increasingly de-: ‘.rowih was lower In'.tdtetnical JJ™ « Hyhe pulp mill. In which Bu. the overall perform an re 

s tWnfrafisb(L- * products; where sales of con- ^ y A“f« expans,0Q °' er lSe 0351 Papyrus increased its holdinc to was afferied by lower sterllne 

■ piuuuku, nud x P41XO vi ' ^v»r * 

sttmer goods in Finland . and tvo - ve2rs 

he ‘realised tbrnneh ar>i Suc{Ien ^ evelo P ed more pttofly The last account covered the period. 

.' ^prshhanei? 1 of ' Prohimsa for ■ - — ■ — ~ — ■ — — — — * — — . 

‘under ' shares; - making 

Probtmsa and therefore BiM. 'n't' 1£ a. O 1 

Slow first half at Solvay 

tgapdor with' the rlRhr.fn nanie BY A CORRESPONDENT BRUSSELS. June 12. 

ft ^a.-ffiepiber:. of the- Boards 

On ; the ^surface, thre resembles i SOLVAY. the Befgiunf "(HUCfli the company’s operations In 
i-tfie nr.oee?s bv which .local nr group, is not particularly Qptira- Belgium lost more than BFr ibn 

famiU-run banks have sold nnfistic about the profits outlook. for ? VPr J„ t . hrec - vears ,nclud ’ 

in exchange for *-ms»W hold- ; ig7S f slUEaish first V-u* l«e BFr 430in last year. 

rne in a national hank, and ^ , ' * f* •TV* The usual problems for Belgian 

55 per cent during tbe 13-iuonib interest rates and the weakness 

of the dollar. 


■ A BAD YEAR in the drinks 
sector and the continued burden 

>f the investment programme 

• in Bar glass were the two main 
factors behind a sharp reduction 

1 in the consolidated profits last 
year of RSX-Gervais Dan one. 
Attributable net profit was down 
. to FFrl4m (S3 nil from FFr4fim 
. bur rhe dividend is being lifted 
; Trom FFr25 20 to FFr27 which 
means a fins! pay-out after a 
itax bonus of FFr40 50 per share. 

! The company generates 

• slightly over taa'f its turnover — 

■ up by 9 6 per cent to FFr12 fiShn 

• last year— in the food and drink 
sector, with the remainder in 

I flat qla«s and. mamlv. glass 
[narkacific in f he ratio of about 

• two to one. The fond and drink 
j s«vtnr o lined only nor cent »n 

■ satos last year whereas pjufls- 
/ -.r-i'no ruan. , > nn d ne>* (•»«» ^nd 
j n-,» r»i3s s a 9.S per cent improve- 

The cnid. wet summer h*»ld 

back the groups drinks sales, 
particularly of beer, for which 
the group, via Kronenbourg and 
Kantehrau. controls half lhe 
French market. Tn addition, a 
strike of more than a month 
in July at the Evian table- 
water subsidiary (turnover some 
FFr 350ru)- made the situation 

The group is undertaking a 
FFr 550ra Investment programme 
between 1970 and 1980 to con- 
vert its flat Elass plants in the 
north of France tn float 'This 
has been weighing heavily on 
the group's finances. Investment 
last year topped FFr lbn, against 
FFr 927m for 1976. ■ 

The fiat glass market beld up 
reasonably well, with the rela- 
tive buoyancy of demand from 
the motor industry offsetting the 
continued depression in con- 

Finally, the imposition of 
Govern ill enl price controls in 
1977 prevented the group from 

PARIS, June 12. 

increasing its prices by enough 
to meet higher costs. As with 
so many French companies, the 
overseas operations were able to 
recover their costs and to report 
better profitability than the 
French operations, although in 
the case of BSN there are impor- 
tant minority interests in its 
overseas companies 
• Banque Bruxelles Lambert 
will take a majority stake in 
Bauque Louis Dreyfus SA, 
according to Louis Dreyfus et 
Cie. Reuter reports from Paris. 

The Belgian bank will first 
buy minority holdings in Banque 
Dreyfus, which will give it 
around 40 per cent of the capital, 
and it will then subscirbe to a 
capital increase that will take 
Banque Louis Dreyfus capital to 
FFr ROru from FFr 49.7m. 

After these two operations 
Bruxelles Lambert will hold 
200.026 of the 400.00 0 shares, 
while Louis Dreyfus et Cie will 
hold the balance. 


BRUSSELS, June 12. 

ha« led tp suggestions that I 
HI nr*F; soon merge 

lu ‘Ctfitif • S*rrt^hHei*: > pii^nntity- 
which BfM directors rule out. 


^%lahcbes': fnfpVits owir 6r«ra- 
v j n: tf(m§. wh He retafitfasr 'the T*CE 
f -• -Tlceficp for i possible sale to 
• - ^Vforeiqn bank. ' ■ - 

Tb*.. BCE had approximately 
r -- - Vtk : i»in ; in deposits at tb- 
xr '- of Its safe: -while the RTAT 

TS -.'?et .w - id. i972. ;: has around 

SOLVAY. 'the Belgium chemicals the company’s operations In 
group, is not particularly optini- Belgium lost more than BFr lbn 
istic about the profits outlook. for ?* er J£ e Tin! t . hJ ^ e ,,‘I earS inc,ud ' 

197S after a iMA M.W raeiJaTpraSmfer Bel ; lan 
and expects no marked increase exporters of high domestic wage 
jn business this year.. and energy costs are blamed. 

Chairman M. Jacques Srivay P ,u? ,he strength nf the Belgian 
told the annua) raeeting-thairtheif^^X^n^a^ot* !jr 

chemical, industry . stiff ' fares ^ SSnSlSLl 

future of lovir growth rates 

overcapacity, white, Solvay !n a "L 

not think -there .vrilK be any SnS.!i? /0 ;^ 

overall - economic . recovery in products .to its 

19 T 8 " , In: 1877; Soiray's group profits 

He said that he had a certain fell BFr 2-7bn from BFr 4.flbn. 
lack 6f enthusiasm for forecast : while sales rose to nearly 
ing. results' for the current year: BFY: 93hn from just under 
Backing up- the genera! picture BFr 8Sbti. Th# 1 dividend was 
of gloom, iL $olvay revealed that maintained at BFr 200. 



■ S*®*’- Valhe as of 

j . ’ 

: v V; f 'yjs‘«HkW 

Ust«e loiMaboira Stock 'Kxchitnsce 

1 " . : ; /Aseatr. ; . */■/. 

Banooo g toSnrfo ACWmanpoora 

turmuiwr BwiKe rs ’ -' 

Manfl* FKrlSc'.siecanHes S. A. **' 

Nestle still biggest Swiss group 


NESTLE LAST year remained engineering group. Brow 
far; and -away Switzerland’s big- Bovbri, with SwFr BJ2bn. Oth 
gext company, with turnover of top Industrial undertakings i 
SwFr 20.09bn (S10.6m) according eluded the Hoffmann -La Rod 
to a survey drawn up by the chemical company with grot 
Zurich weekly, Schweizcrische sales -of SwFr- 5.48 bn. Swiss A1 
Handels-Zeitung- JMext in the list minium; with SwFr 5.44 bn ar 
were the .Basle-based chemical the Bandog chemical group wit 
concern. Ci'oa-Geigy. with SwFy 4.71bn. 

SwFr 9B4bn. and the Baden Leading services concern wj 


% ■- 

- I 


Group tumover _ 

* United Wisdom' ■ -“v f 2 S, 58 p, 0 p 0 ;. v £ 23 , 147.000 
Overseas ■ * J ' * . •' ; . 6 , 383 , 000 -: - ; 8 , 397,000 

' -OL5 4AOOO 

: ;- £ 2 . 030 ^ 00 ; - r ' ^ 2 ; 946 ,D £)6 
freftt : ^ CWljJOO . t: 2 , 172,000 
Less-Exbedcduiiny itefiis. ; £ 30,000 - -£ 204.000. 

i^bihabie toWtarefroiders . --'£1^1.000 £ 1388,000 

JOhiaends {iri^uding . ; : . . • : ■ ■■ ; _ 

Eamtqgs-pa^Kare^ *; •. ; ;.-;3.6p - -.-a . . ; 5,5g 

— — rt^afad fdliovwhff fifoirigirin i aouPting 

b^ijj nattefot taC dritswl by raason of neck 

! ft^JS^pnahn»^erooTiiwru}*iir ritiSSng for yaw of 

4 pC midw curran* legtaJaiion. 

■fee .'-downturn'; br^KitBSnarecj^yity which ;1us; reduced margins.: 

toitnantalw- but position in the 

iuauuiavKUiili^ miu 

Vtfe are . have.ddaquaw cspaGity to lake 

occufs. We retain an 

interest in;Btock'2i j r2’Imifi&;U^C; North $ea^where oil and gas 
iiisMV«ni» hai«;4>^ definition well is 

tobe-tySled.&ns y&sr.lh ^e^^round'wewefegmTTted a 

licence for- block 13/i3#;b weU irated prospect whartfW have a 

75%intercst. We-am-triakmg^nopuraging progress on-sfiore in 
southern England .wh^p, ^e/expect to diiil fln expJuraiipn vjreli 
this year, in; our new oil and gas 

production ar*d fikplowtmj^Vsrturgs Tn the U SA; -are proving 
wy sads^ahtbiY- 1 JJwMn^p^&^VfurBier -expansion in this 

(8*«» w kr 

d engineering group. Brown 
g- Boveri, with SwFr B2bn. Other 
,f top industrial undertakings in- 
g eluded- the- Hoffmaan-La Roche 
i0 chemical company with group 
,e sales -of SwFr- 5.48bn. Swiss A lu- 
st rnmluof with SwFr 5.44bn and 
i] the Safidoz chemical group with 
h SwFjj 4.77bn. 

n Leading services concern was 
— the.Migros retail and service co- 
nperiitloh. with 1977 sales of 
SwFr 72$bu. ..followed by the 
Swiss Co-op- with SwFr 5.13bn 
and 'the forwarding agent and 
transport company Danzas. with 
■ SwFYaRbn. ... 

•* Top of the list in terms of last 
rear’s cash Row was Uoffmann-La 
Roche, with SwFr I.Slbn. fol- 
lowed" by Jostle with SwFr 1.4bn 
and Ciba-Geisy with SwFr 1.05bn. 

Recovery plan for 
French paper concern 

PARIS. June 12. 

A : -THREE- PART • programme 
designed to enable the French 
paper and pulp concern Groupe- 
ment Europeen de la Cellulose 
to recover lt$ financial balance 
has been unveiled. 

The group has been severely 
affected by the fall in inter- 
national paper pulp prices. 

Firstly. . It$ . capital will be 
raised, by FFr 70m (515 J2m) with 
thef 'French industrial develop- 
meat .institute (1D1). the 
Canadian group’ Macmillan 
Bloedel^ Credit Agricole and the 
Belgian Societe Nationale 
d'lmrestissement CSiVD ail con- 

' SefioiuUy, a deferment of loan 
repayments and financial charges 
.totalling FFr. 201m has-been 

Finally, the group has been 
granted new loans and subsidies 
totalling: -FFr242m of which 
FFr Mom are to come from tbe 
Freufch government’s economic 
sod social ‘.development fund. 

■ .Macpaiffan Btoedcl. with 40 per 
cenr.56r 'La ' Cellulose will be 
charged with managing the 


• Algetnece Bank Nederland 
(ABN) has. opened a new office 
in. Riyadh, the Saudi Arabian 
capital. It also said that it has 
plans for a string of new offices 
■in. .the ^country, - writes Charles 
Batchelor :in Amsterdam. 


-_ : Net Asset Value per 
Depositary Share as of 
31*1 May 1978 

The LQiujon ftorfc. 5xrit<nsr 




%S :; 


1- - 


For seventy- eight years we’ve traded as The 
Associated Portland Cement Manufacturers 
Limited and APCM is our familiar name in 
the City. 

But for many of those years we’ve been 
identified by our famous Blue Circle symbol, 
and Blue Circle is what we’ve come to be 
called by customers and the public at home 
and overseas. 

From now on its the only name to know. 

On June 1st, The APCM Limited became 
known as Blue Circle Industries 
Limited. Under our former name we 
grew to be one of the largest cement 

manufacturing organisations in the world, 
with turnover approaching £400 million, 
and with 12,000 employees in the UK alone. 

Over 50% of our profits come from our 
manufacturing interests and investments 
overseas, and we also have a substantial 
export business selling to over 
100 countries. 

We are cohsidered to be world leaders 
in cement technology and, with 
our new name, we expect many 

more years of successful 
growth both in this country 
and overseas.. 

Blue Circle 
Industries Limited 

1 9 7 S 

TME OHJfN S av***n roH 



‘ V i*. \\ - 



Drug houses lose their priority 



well up 


Sharp increase 

deficit at 



r, ( 


"FOREIGN pharmaceutical com- 
panies are classified separately 
from other foreign companies in 
India for purposes of the Foreign 
Exchange Regulation Act 
(FERA). Distinctions are also 
'drawn within the drug industry, 
which was previously extended 
the most-favoured treatment 
under the Act as an important 
industry, employing sophisti- 
cated technology. 

: The new policy put forward 
by Mr. H. N. Bahuguna. India's 
Minister for Petroleum and 
Chemicals, stipulates foreign 
equity retention of only 40 per 
cent (against 74 per cent allowed 
earlier) in companies producing 
formulations and bulk drugs not 
Involving “ high technology.” 
since they are considered less 

The process under which 
drugs ceased to be treated as a 
priority industry began two 
years ago on the recommenda- 
tion of a Government committee, 
beaded by Mr. J. L. Hathi. a 
Minister in the Indira Gandhi 
Cavern meat The panel, which 
was asked to recommend 
measures to ensure a u leader- 
ship” role to the public sector 
in the drug industry, had in 
fact suggested reduction of the 
foreign stake Id drug companies 
to 26 per cent 

The elimination of foreign in- 
fluence in general is an emotive 
issue and Parliament spends 
considerable time on the ques- 
tion of how to bring this about 
But in the pharmaceutical in- 
dustry it is of significance since 
45 foreign companies out of a 
total of 250 or so. account for 
-40 per cent, of drug production 
in the country. Of the 45. seven 
are branches of multinationals. 
In 14 others, the foreign stake 
Is more than 74 per cent. Taken 
by country, IS of the 45 are 

American. 13 British, six Swiss years, will be mainly In the first 
and Four West German. two sectors. 

Drug companies which will be Whether or not a particular 
affected by the new policy in- bulk drug involves high techno- 
elude Abbott Laboratories logy is to be decided by an 
(foreign equity 100 per cent), expert committee, comprising 
Burroughs Wellcome (100 per secretaries to three economic 
cent) Glaxo Laboratories (75 per ministries of the Government 
cent)! indian Sobering (88.7 per and four outside experts. Since 
cent)! May and Baker (100 per most drug companies are coin- 
pent)’ Parke-Davis (83-3 per post re units producing bulk 
cent)’ Pfizer (75 per cent), drugs and formula lions as well 
Roche (89 per cent). Smith Kline as other consumer products, the 

The Indian Government rejected earlier this year a 
recommendation that foreign drug companies operat- 
ing in the country should be nationalised. But it called 
on those companies making “ low ” technolog}' items 
to reduce their equity holdings to 40 per cent, in line 
with the Foreign Exchange Regulation Act which 
defines the framework for most foreign investments 

and French (100 per cent), and 
Johnson and Johnson (75 per 

A distinction for proposals of 
foreign disinvestments is made 
between pharmaceutical com- 
panies and other FERA com- 
panies. The reduction in foreign 
equity above 40 per cent, will 
have to be in favour of Govern- 
ment-owned drug undertakings 
and public financial institutions 
and the companies’ own em- 
ployees but not to the general 
public as stipulated for other 
FERA companies. A beginning 
has been made with Bayer India, 
which has been asked to allot 
additional capital, being raised 
to finance an expansion pro- 
gramme. to financial institutions 
and not to private shareholders, 
as was proposed earlier. Thus 
there will be the state sector, 
joint sector and Indian private 
sector in the pharmaceutical in- 
dustry. Henceforth drug produc- 
tion, which is to double in five 

minimum share of high tech- 
nology bulk drugs in its total 
production has to be fixed for 
purposes of foreign equity dilu- 
tion. The current thinking is to 
accord priority treatment (limit- 
ing the equity dilution to 74 per 
per cent) for companies the bulk- 
drug production of which 
accounts for 60 per cent, of total 
output The classification is a 
value judgment, despite guide- 
lines, and the committee will be 
subject to pressures from in- 
terested parties for most- 
favoured treatment 

The new policy also bars the 
entry of foreign companies Into 
the small-scale sector (defined in 
terms of a Bslm investment in 
plant and machinery). This is 
done with a view to plugging 
the loopholes in the law created 
by Abbott's entry into India 
without an industrial licence a 
decade ago. 

The government wants to 

provide drive to bulk drug P^o-l 
dueiion by setting a two-year! 
deadline for existing pharmaceu-j 
Ucal units to become self-; 
sufficient Henceforth, foreign; 
companies will bn given 
formulation licences only if they : 
are linked with the production 1 
of high technology bulk drugs; 
from the basic stage. 

A controversial aspect of the 
drug policy is pricing. While the 
new principle of allowing a 12' 
per cent return on no: worth: 
(equity and free reserves* helps' 
the industry to grow, the graded 
method of fixing the “mark-up** 

—the increase allowed over the 
cost of production to uVn care 
of marketing, sales promotion 
and profit— has come in for sharp | 
criticism. For the Sr*T and, 
second categories out of the I 
four into which all the formula- 1 
cions arc divided, the mark-up is j 
only 40 per cent and 55 per cent. 
For category three, comprising 
items like vitamins and cardio-l 
vascular drugs, the nurk-up is ( 
100 per cent j 

The new price formula will 
come into force a year hence, 
since the Government h.s- chosen 
to freeze drug prices at the exist-! 
ing level for" 12 month-. Mean-: 
while, major drug companies 
have been asked to prepare pro- 
fit profiles on the basis nf their 

1977 product-mix for the 
Governments' consideration. Mar- 
ginal adjustments may he made 
in pricing In cases where a unit 
is likely to be driven into the red. 

Industry circles foresee an era 
of vital drug shortage in India 
because drug companies are 
likely to move away from pro- 
ducts failing in categories one] 
and two. and go in for those with; 
high profitability. The question : 
is whether the public sector, onj 
which the Government pins Its 
hopes, will deliver the goods. 



TOKVOr JjQse 12. 

By fames Forth 

Profit setbacks for three ICI companies 

BY P. C. MAHAN 71 

CALCUTTA. June 12. 

THREE MAJOR manufacturing 
companies in the ICI group have 
published 1977 results — show- 
ing sales declines in two cases 
and a slight improvement in one. 
These companies are Indian 
Explosives. Chemicals and Fibres 
of India and Alkali and Chemical 
Corporation of India, which 
account for the best part of Id's 
activities in this country. 

The most serious decline has 
been reported by Indian 
Explosives, the company making 
fertilisers and commercial blast- 
ing explosives, because of 
reduced sales of urea fertiliser. 
The company's sales fell to 
Rs 9.4fibn lSll3bn) from the 

previous year’s Rs 13.28 bn. Pre- 
tax profits, however, rose to 
Rs 150m ($17.8m> from 

Rs 1 43.8m. 

According to the directors’ re- 
port the gain resulted mainly 
from savings following the switch 
to coal-fired boilers. A rise in 
income from the company's 
short-ierm investments also 
played a part. 

Chemicals and Fibres of 
India's sales have fallen to 
Rs 385.5m {845.8ml from 

Rs 425m, and the pre-tax profit 
to Rs 29.4m (83.5m) from 

Rs 43.4m. The company's activi- 
ties were bit by competition 
from “fibre imported at very 
low prices from major producers 

in Japan and the Far East who 
had large capacity and were will- 
ing tn export at very low prices.” 
say the directors. Offtake by 
domestic textile mills was also 
lower because of financial diffi- 

The Alkali and Chemical Cor- 
poration of India reports sales 
marginally higher, at Rs 538.3m 
<S64.1m) compared with 
Rs 523.2m in 1976. However, 
high interest charges and low 
production of more profitable 
items, such as polyethylene 
caustic liquor and liquid 
chlorine, brought the pre-tax 
profit down to Rs 25.2m ($3m) 
from Rs 36.4m. 

Despite these setbacks, the ICf 

group in India, which has 
pioneered products of vital im- 
ports oce to the economy like 
caustic soda/chlorine explosives,, 
rubber chemicals, reaclive dyes 
and polyethylene, has initiated a 
further phase of expan.-ion and 
diversification. New canacitv is 
being created for pharmaceuti- 
cals and rubber chemicals, nitro- 
cellulose, vat dyes and reactive 
dyes. A major expansion pro- 
gramme envisages an increase in 
the urea capacity by 50 per cent. 
The chairman. Krishna Mudaliar. 
says that these expansion and 
diversification projects are a 
measure of the ICI group's confi- 
dence in the economic future of 

SYDNEY, June 12. 
!CI AUSTRALIA, the chemi- 
call and fibres offshoot of 
Imperial Chemical Industries 
of the UK. has turned in a 
solid 35.7 per cent, gain In 
earning;, for the March half 
year, from AS 14.5 m lo 
ASl9.7m. The result puts the 
group well on the way to 
passing the record AS34m 
earned in 1976-77. 

The interim dividend is 
raised from 6 cents a share 
lo 7 cents on capital increased 
last year by a cash issue. New 
shares will receive 3.5 cents 
a share. Last year ICI paid a 
final dividend of 8 cents lo 
make • a total payout of 14 

A large part of the profit in- 
crease came from a rise in the 
group's non-trading income. 
A higher dividend from asso- 
ciated companies and higher 
interest from short term in- 
vestment of funds temporarily 
in surplus, following the 
share issue, helped boost non- 
trading income by almost 60 
per cent, from ASSm lo 

Total group sales rose by 
5.5 per rent, from A$359m to 
A$379ra (U.S.$430m). 

Trailing profits were high- 
er in most sectors of the 
group's business, with the 
exception of the punt com- 
pany, Dulux Australia, ICI 
New Zealand Ltd. and the 
rural division. 

Sales of agricultural 
chemicals were low because of 
very dry conditions over a 
large part of Australia. 
Demand for paint was subdued 
in some market sectors, includ- 
ing the automotive and build- 
ing industries. The low level 
of economic activity Ln New 
Zealand resulted in reduced 
sales and earnings from the 
New Zealand offshoot. 

The directors report that 
increased use of fertilisers for 
pasture improvement and strict 
control of operating costs, 
enabled Australian Fertilisers 
to increase its sales and profits. 
Benefit is now being derived 
from rationalisation of the 
synthetic fibres business and 
the fibremakei> division 
achieved a small trading profit 
in the half year compared witb 
a substantial loss of the first 
half of 1976-77. If fibremakers 
continues Its trend It will make 
its first profit in four years. 
Last year ibis division reduced 
its loss from SA3.9m to SA1.8m. 

The result was after a reduc- 
tion in the lax provision From 
$A9.3m to SA8.8m, reflecting 
a lift in investment allowances 
from SA500.060 to $Ai.65m. 

AH of these securities having been sold, this announcement appears as a matter of record only. 

New Issue/ June, 1978 

$ 125 , 000,000 

Kingdom of Sweden 

The Bonds are unconditional, direct and general obligations of Sweden for the payment 
and performance of which the fulf faith and credit of Sweden is pledged. 

9 Va% Bonds Due 1998 

Interest Payable June 1 and December 1 

Salomon Brothers 

Hie 'First Boston Corporation 

Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fencer & Smiflj Incorporated 

Scandinavian Securities Corporation 


Svenska Handelsbanken 

Goldman, Sachs & Co. Lehman Brothers Kuhn Loeb 


Atlantic Capital Bache Halsey Stuart Shields Blyth Eastman Dillon & Co. Credit Suisse White Weld 

Corporation Incorporated Incorporated Limited 

Dillon, Read & Co. Inc. Drexel Burnham Lambert EuroPartners Securities Corporation E. F. Hutton & Company Inc. 


Kidder, Peabody & Co. Lazard Freres & Co. Loeb Rhoades, Homblower & Co. 

Kidder, Peabody & Co. 


Paine, Webber, Jackson & Curtis 


Warburg Paribas Becker 


Smith Barney, Harris Upham & Co. 

Iiftotp orated 

Union Bank of Switzerland (Securities) 


Wertheim & Co., Inc. 

ABD Securities Corporation 

Nomura Securities International, Inc. L. F. Rothschild, Unterberg, Towbin 

Banque Nationale de Paris Basle Securities Corporation Daiwa Securi 
Hambros Bank Kteinwort, Benson Kredietbank S.A. Luxembourgeoise 

Dean Witter Reynolds Inc. 
Arnhoid and S. Bieichroeder, Inc. 
Shearson Hayden Stone Inc. 

Daiwa Securities America Inc. 

America Inc. Robert Fleming 


New Court Securities Corporation 

Hambros Bank Kteinwort, Benson Kredietbank S.A. Luxembourgeoise New Court Securities Corporation 

United Incorporated 

The Nikko Securities Co. Orion Bank J. Henry Schroder Wagg & Co. Sparbankernas Bank 

Intomalional, |nc. Limited Limittd 

Wesfdeutsche Landesbank Yamaichi International (America), fnc. Baer Securities Corporation The Bank of Bermuda 

Girozentrale UB " M 

Caisse des Depdts et Consignations County Bank Goiabanken Hill Samuel & Co. 

County Bank 



Hill Samuel & Co. 

Kuwait International Investment Co. s.a.k. 
Nippon Kangyo KaRumaru International, Inc. 

Samuel Montagu & Co. New Japan Securities International Inc. 


Sanyo Securities America Inc. Suez American Corporation 

Vereins- und Westbank 


; KEISEI RAILWAY, the troubled' the real estate boom, around 
1 private railway operator on tirt "Reconstruction ilteasures oecraqu- 
: new line linking. Tokyo T witlt on last summer - caNed fO£. w 
■ Karita International Airport suL company to cut its womorcB ,py 
ifered a current deficit of -480 by I9W, to 
: Y9.4bn ($42.5m) in the year to estate to Y50bn by 
j March, against Y2.3bn in the" improve revenue by 
previous year, with - k*sfe; from April this year adj l ** 
realised on railway operations* opening of uew-semces to .juapu 
1 and on the disposal of real estate. Airport However, Xelsei tares 
The loss, however, was reduce* increase has been postponeat^ui 
, to Y 690 in by the gain of YRSba after the autumn, .while tne open- 
! from sales of securities and ing -of Narita .Airport was 
[ buildings. • delayed by rwb utonths, . whicb 

The company has agreed to the will- -curtail the 
appointment as deputy president mated revenue by. Yz.eon. , inp 
of Mr. Kurao Murata, of the company has ‘been operaung me. 
Industrial Bank of Japan, which: new Narita line °h a toajL factor 
has led the reconstruction moves- bf 25 per cent,, well hetow -the 
at Keisei since last summer. 1 original target of 43 per cent. *. 

Keyset's financial troubles Keisei revenues for toe; 
emerged last year as a resutfoE.tO' March increased by YlOon to 
investment in real estate during Y63bn (5255m). strengthened by 

disposal ofc rfea&esfete.. * ^ . 

i' During- the . 

dneed-its -botTOWttgr^Sgbtfe^by J- 
YBOQCd to 1 ' Y153 6hn- : Acajntiiig 
to the' company, its'tfebtsjfifi b® • 

'fiscal, yearr“' ; 
r=^Howeww,* : th 

rem^nsN glootriyr - " - 

■ expects' another;' 

Mf aCtesiiit ' o^#ft-;1ncrwSg- 

.foresee s .aal ea' growths o&.lfrlfet- 
cent to-Y75bB;V 
; . 

pro&amme^iJfe'-^iapany^b^to- *'■ 
'SelI^nothefY3a3a uf-regteaafe ' 
over the *ext fotfryefiirg -te-l88lP 

agkuwt the- -^iLHsalies 

last year- i. . 

Huletts cuts its 



diversified sugar producer which 
also controls Huletts Aluminium, 
the former Alcan operation in 
South Africa, has followed up 
Us reduced interim dividend 
with a further cut in the final, 
so that ihe total payment: for 
the year is down from 31 cents 
to 28 cents, making a further 
reatreat from the 33 cents peak 
in the year to March 1976: The 
shares, unchanged at 195 cents 
on the news, yield 14.4 per cent 
and reflect the general -uncer- 
tainty over the outlook for sugar 
prices, both internationally and 
in the domestic context. 

The group’s South African 
income fell from R28.6m - to 
R27.7m (531.8m) with the bulk 
of the shortfall apparently com- 
ing from the 61 per cent owned 
Huletts Aluminium, pre-tax 
profits of which were down from 
R4.6m to R3.8m taxation was 
lower by Rl-3m at R?.6m, with 
the aluminium company again an 
important influence because of 
investment allowances, which 
reduced its tax bill from RQ.9m 
to a nominal level. Ignoring 
extraordinary Items. . Huletts’ 
consolidated net earnings were 

down from R 13.9m to RX3m 
($14.9m). making earnings per 
share down from 45.6. cents to 
42.8 cents. This figure. struck 
on a replacement cost basis.' 

The group initially prepares 
. Its'. . income statement on an 
historic cost basis and adjusts 
the figures by. deducting what it 
calls “additional depreciation 
arising from asset revaluations 
and LIFO adjustment after -tax," 
fhig charge falling fromR5.9m to 
R4.Sm last year. On the historic 
cost - basis, earnings per share 
would have been down from. 6L7 
cents to 56.4 cents. 

' Since the last annual report 
and accounts. Huletts has decon- 
solidated its Rhodesian interests, 
which at one time accounted for 
a third of profits, and ; now 
presents them as . income . after- 
tax from subsidiaries not con- 
solidated. This figure fell from 
R3.4m to R0.7m_ 

• The depressed state bf the 
international sugar market is re- 
flected in the results of one of 
Rhodesia's two major sugar- plan- 
tation groups, writes Tony -Haw-., 
kins from Salisbury. Triangle; 
which ^ owned by the Huletts 
group of South Africa, 1 has. 
announced that its profit after 

tax feti-to- / R8,684,<K)» 
in -'the - year to -Mainh, ^ froth 'the previous 
3rf0wer. EWorld- -~sugacl- prices'! 
t ogeiheir with'- inarketing'r ttiffip fq, - 
ties are; Warned fbiv the foam frtp 
downturn -to profi island-' Triangle 
says thaVth e^«a gar;4a dust jy ha s 
Theen: farcfed-:t» 
siderahle quautid^- jJL^msHd 
_productaoTC ^The v Kmdesiraji 
Government ’••!*> curirentiy-Ccpn. 
side ring "■ an application for.;an 
Tncreased-sugar price in the ideal 
inarkeL'-.-v • >-•. . 

■r Triangle ^ says-. j^iat J-iuitial 

punt,"- . (making ' .Esprit-:-. :S tbui , 
m'olassesX. have fafied ..hutarther j*hv 
avenues are - being! expired jpg * • 
Triangle. hopes to start; 8ie !prb- • £ 
■ ject “in the near, future?.-..-.^ ; - SJ Ui 
Trian g le ' warns “ifia t-TBe". dlflt 
cult- trading' conditions- -erper- 
ezrced last' rear are expected,. to 
continue in 1978-79 and sfigar •: 
production is being, .cht-tb.twoid V 
the bmhi-Bp of stockpiles. “Tri- v ' -■ 
angle warns that it wSD maW^a _ : 
very substantial Joss'' „ln 19® k .: 
as the only group companies 'ear;' 
rently showing a ■ profit! aw.^e . 
cotton ginning and. annual .feed - 
companies. . : '/>. v >-t *• 

$ w ,,v 


Malayan Breweries widens NZ interesf 


SINGAPORE. Jude 12! 

largest brewery group in Singa- 
pore and Malaysia, has acquired 
sizeable blocks bf shares in -two 
of New Zealand’s leading 
breweries through its recent 
activity on ihe New Zealand 
stock market. 

With the acquisition, Malayan 
Breweries is now /the ijiagesr 
single shareholder in the two 
breweries— Dominion Breweries 
of Auckland and Lion Breweries 
of Wellington. 

Malayan Breweries’ stake in 
Dominion amounts to only 3.6 
per cent of Dominion's issued 
capital while its Lion stake 
totals just under 10 per cent of 
Lion's issued capital. According 
to Wellington reports, however, 
Singapore interests have taken 
up a total of 13.07 per cent of 

Lion's issued 1 stock." Although the 
actual percentage of Singapore 
interest fn Lion cannot be con- 
firmed. ..the possibility . of other 
Singapore investors joining in 
the foray into the New Zealand 
market cannot be discounted. 

Lion has informed its share- 
holders that Malayan Breweries 
has given the~assurance that the 
acquisition has been solely for 
investment purposes. • 

Lion said that it is confident 
that the financial and trading 
expertise available through the 
Singapore shareholders will be 
beneficial to both companies. 

Malayan Breweries is believed 
to have attempted to acquire a 
larger stake in one of the two 
New Zealand breweries between 
late last year and early lhis 
year. But, according to New 
Zealand Press reports, Lion 

: directors' took defensive .action 
through a complex series *TJf 
moves. ■ i '->1 

. Lion’s . latest accounts, . for the 
year ended March showed, grouts 
tiftTroVer rising bf. 29 per ‘ceiit mu . 
to-_ NZ$252m (U-S^lOSm) _m H 
post-tax -profit Increasing by 34 
per cent The group made a- one- V 
for-eight scrip issue and declared - 
a dividend of 71. cents on its Tv r 
fifty cents shares. : ; ?:■- 

Malayan Breweries which ! - : 
already has, subsidiaries involved . 
in substantial brewery open- < r - , 
tions in Papua New Guinea and i — — 
Australia has. also. a stake in j, • 
another New Zealand. brewery— J:-... 
Leopard Brewery, ;• n :' joint Itl-. 
TCnture between the group and 
Lion. Malayan BreweriesTs also ; . 
associated with -Heineken,^. of i ^ „ •. 
Amsterdam, which acts as the 1 • • 
group's technical advisers. 


(Electrical & Industrial Securities Ltd} 

Process, Mechanical and Aircraft Engineers 

A t the Annual General Meeting on June 9th r the 
Chairman, Mr. Michael Walters, reported that: 

^ Turnover exceeded £1 1 .5 millions, profits before 
tax exceeded £1,4 millions, liquid assets exceeded 
£1 .8 millions, all new record levels. 

sfc The gross dividend increased to the maximum 
permitted, 1 8.1 5% 

Investment in new plant and equipment in 1 977 
was nearly £700,000. The programme of factory 
modernisation and re-equipment continues. 

9fS The integration of C. F. Taylor (Holdings) Ltd into 
EIS is proceeding satisfactorily. 

All the companies in the Group have better order 
books than a year ago. Trading results to date * 
support our expectations of continued 
improvement in Group performance; 

Copies of the Report and Accounts are available from the 
Secretary, EIS Ltd., 6 Sioane Square, London S.W.1 . 
Telephone: 01-730 9187 






cocoa price 

a U 




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ih * ^ 


J * Jin? £ 


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I!’’ S [ 4 : 

" ®fci4ta 

•.T r ^rS. 

- .atsos f Q ; 

nw «a*; 



;V' : ’ R »*£ i 

'• ' r "01e»r j|»w . 

, .. ,w > hi 

•-3 j.'! r-- , 

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• su'-t*- 

; ; "V art 

-■'aiiiir 1 ; 5/ 

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,; ;r,;-,- :.JI 



• ~ ’ ACCRA,- June 12. 

gHAWA AND the Ivory Coast 

tffiiSr* t0 a caustic 
grice for cocoa, teflecting market 

wfe c £.” ductl( ® ***** and the 

j£^|<£ DWCr ° tlhe ■«**■ 

[ A 'communique signed at the 

JJ* 10 Ghana 

-Deufe. Bra-Kanon “the 

Ivory Coast s Minister nt akViphi 

-Tonylso^d tK J ^^gJS 

.«aii/d ..collaborate with other 

■"gte?. °* the Cocoa Prod££r* 

AJ^ct ro ensure that thhshor? 

SSnlri? the 1875 international 
agreement were remedied. 

haS Start'S?’ mea owhile talks 
- n * v ■ ®H rte « on a possible re- 
--nego tiatipa of. the 1875 Inter 
TSffipnal Cocoa Agreement An 
-° u ^ ine t^S. proposal for a aew 

part is -bcHned to h»Je b““ 
initial topic at the 

St aif'wooi? 18 SChedu,fd 

'/'A. producer proposal is also 
epeered fo^fte put forward slat 
»g -the inadequacies of the cur- 

-iSL^ST*®*? 11 and su REesting 
alternatives based on either ex 
-port, quotas supported by a -buf. 

fer stock or a buffer stock alnn*> 

; « renegotiation of the current 
■*ocoa - pact ?jas agreed a full 
-conference would be held 
.Geneva early next year. 

Rates said. * 

• ■ In Accra the Ghana Cocoa 
Marketing Board said it had 
bouqht 2.540 tonnes Df the 1378 
mid-crop cocoa. 

— But it did- not give the pre- 
cise* date of the start of the 
season. - 

:Last year the mid-emp season 
-stoned -on June J7 hut the first 
J?*J!*nJt*°* n ° r ated the first two 
M’pplr«t of the season at L173 

-Beater. _.; ./ ^ _ 

: hit by new 
rice disease 

- . MANILA, June 12. 

mAJIEW rice disease is threaten- 
^iTTg. tJwf 'Philippines’ rich rice- 
..lands in the Cagayan Valley, 250 
.?nmes north of here. 

^Infectious gall- disea®, which 
.Tsihelieved to: be of viral -'origin, 
'll’ transmitted by the brown 
■ ’planthopper -to rice seedlings 
; ttiusi ng on tgro wths which result 
.ft a stuntirig, 7 empty. . grains,' 
abnormal -branching and -pbo- 
•TtWhced' localised- swelling on 
the leaf -sheaths. 

Government farm management 

Furnace closure halts tin 
sales from UK smelter 


conflmed^a^nSht that?* was B ^ cordi J*ff *•> *he World 5.000 tonnes in stocks, reducing 
unable to meet its 'contracted nSiiSJ UK ^ holdings in LHC *ar£ 

supply commitments because of and sw mrfar! refined primary houses to 524.600 tonnes, was in 
an industrial rfi D « cau -e at and secondary tin totalled more line with market expectations 


fall in 

-v SM'rr&M MW-ras 

JJS? "»??«*« of "St lear 10 

prices. But lack of demand, and 
slop-loss selling as well as specu- 

its fin Saids' cofifracts with h f Ic ’i s of . the . !° rc ? majeure lative profit-taking pushed cash 
helped steady tin prices in late wl.-e bars down by £14.75 to £735 



pur processes." 3 hj^'or^ban^xpeciei' 'riTe “7n 5$,m 7unno^';iod''zinc by 1 600 

up. declared force majeure 
aR its tin 'Sales contracts with 

immediate effect- and warned tart™. “ 1 J^ a3 Si.- ,n 'V* 1 * w, 1 reDar! 

that It was unlilcelv io he ahl. i. d . ng on lhc J-°ndon Metal a tonne, 
to restart 'reSS ffeliveries for ? x ^ hang ? y«t«day. The market Lead and zinc values 
the next four WMks " duTtn til Sf d J n, f ,al, r been depressed by ended lower. Lead stocks 
nature Of air " 1 “ decline tn copper prices and by t.125 tonnes to a tot 

It Mid piM. r. WWPWban-expeeted rise in 58,100 twin* ». ;,od ■ 
It « H! E ,i0 warehouse stocks, up hv in (M.425 tonnes. 

hab»r S!-!™ ws t0 a of Electrolytic _ Zinc 


happens there are considerable tonnes 
difficulties in '.restarting the fur- Capper Pass Is an 

subsidiary of 
important group, said it 

America, a 
the Australian 

nacev — — — “■hkk >«s «■» dii impunam uniup. >ain ii was raising its 

f,..., tj.„ - .. , 4,. .. Supplier of tin to the LME, with domi-snir u.S. price by *2 cents 

sreclime “^ltbm.oh S° L onnefi currently at Hull to 31 cents n pound. This is in 

company. although Warehouse. line with recent increases an. 

into m A ? a resu,t * the re is more nounced hy U.S. producers, hut 

is a ‘' 0, k , c y 10 bc pressure on the cash ignores the move by National 

som/iii d 5L,??, P Pi ^ * hleh yesterday lost £15 Zinc to rescind its price move 
Pass- h ?r ■ t - S f ^ vg ri^ ess ta pper to -b^iOO a tonne, hut moved to to 31 cents because it claims 

r i n K ull, proeesses an fR5 premium over the three- other companies are not charg- 

the bulk of tin. mined tn Corn- nmnihs quotation. ing the higher prices 

wall as well as imported epneen- Copper led a general decline LME silver holdings fell bv 
trates, primarily -from Boima. In other base metals. A fall of 50.000 to 17.600.000 ounces. 

Hen culling plan rejected 

executive nf the Eggs Authority, 
thought the removal of aflO.OOfl 
surplus old bens would restore 
balance io the market. 

Officials at the NFU also 
favoured the lower estimate hut 
said they were disappointed that 
the authority had not taken 
action. They warned that there 
to anyone in 

• .- r J. - 

1 tf. 

:.-. :rfr 

; : is * : 

u * 3 act 
, s 5 flflSal : . 



?:‘*r;es r - 

. . ; . - -J j 


• V 

_ SSI! 

workers in the area have been 
alerted to the possibility of a 
/general -outbreak. Other rice 
growing areas Of the country 
:hf»ve. also been warded - of the 


A T r. t T 


THE EGGS AUTHORITY has culling scheme would be pre- 
turned down formal pleas from mature." 

the National Farmers* --Union, It is willing to prepare, a 
egg packers and chick slaughter campaign " should the 
hatcheries to start killing sur- situation deteriorate in the 
plus laying hens.; A glut of eggs coming weeks," and has asked 
is threatening the market and for preparatory talks with rhr 
the industry wants 'to limit its Ministry of Agriculture and 
impact on prices by cutting industry organisations. 

supplies at -the source.-. - - One leading hatchery owner was no benefit 

The authority, the Industry’s said yesterday the British laying fflur of eggs, 
advisory organisation, had flock should be cut by five per Shop prices might come down, 

warned three times since last cent. This would involve the hut over-supply could load to 

November that expansion of lay- slaughter of 2.5m hens out of a delays in selling and the appear- 
ing flocks was being oyer-done, national total of 50m. ance of eggs two to three weeks 

Now it says introducing a hen Mr. Denis Cummings, chief old in the shops. 

.- ■ . Mr Cummings also warned that 

the introduction of hen culling 
now could hit the trade in meat 
for the soup and processed pro- 
ducts market. He suggested that 
fond manufacturers might con- 
sider buying more old hens and 
accelerating Die norma) removal 
of this meat from the market. 
Surplus Jayers were selling to 
5p to 8p a 

‘Bully’ Silkin attacked 


MR. JOHN SILKIN, the Minister Mr. Edwards accused the two — . - 

tL-rfftKi 1 ?"’ , aad *T;j. J ° hrl Ministers of “staggering insensi- the industry for . 

Morris, the Secretary of Stwe for uvity" bv threatening effectively P° und compared with I2p a 
Wales, have been denounced as “ y *Ir f g - U . pound six months ago and 17p 

“bullies- by . Omen-stive *° ^ si. 57 Mr 2e o. A^/ucI^ILks weie 

spokesman, over the issue of re- around the same table • for high there was a case for 

conciliation between the National Ministry consultations. freezing even more for future 

Farmere’ Union of England and -The NFU is. so far. continuing use. 

iachnojogjstsj. and- -.-exteitsionWates. .andjhe fanners, a boycott policy towards joint Surplus hens killed en ma«e 

Union of Wales (FUW)..- } . meetings with the FUW. which would probably go to the ferti- 

The denunciation came from began as an NFU break-away User or glue factories, earning 

Mr. Nicholas" "Edwards/?' the body 22 years ago. fanners about lp a pound, 

shadow Secretary of State for Mr. Silkin and Mr. Morris have Any decision on dealing with 

Wales, during the Welsh. '_Gon- warned they are not prepared to the egg surplus seeius likely to 

d on the behaviour of tbe 

J sery atives conference in,, 1 pan 

dudno at the weekend. 

. i 

put up with separate consulta- depen 
lions Indefinitely. market elsewhere in the EEC. I 

COFFEE PRICES fpl| again on 
lhc London futures market 
yesierday as fears of serious 

Brazilian frost damage re- 
ceded. September delirrrv 
coffee ended (he day £8(1.5 
lower »t £1.0X6 a innne after 
slipping to £1.670 a( one stage. 

The Brazilian weather office 
lifted Us frosi warning for 
southern Brazil on Sunday and 
forecast a period of milder 
weather Minimum overnight 
lemperalurrs in ihe north 
Parana coffee areas »erc well 
above freezing at about ten 
degrees centigrade. 

But the danger has still n«l 
entirely passed. Weather office 
sources said there was another 
cold from over southern 
Argentina mm inc rapidly 

towards Brazil. ij was not 

possible io say ir or when th«* 

cold air would reach the coffee 

The Sao Paulo Agriculture 
Federation mpanuhllc forecast 
that the stales 1578/79 coffee 
erop would be only 5.fim bags 
<60 kilos each), 30 per cent 
Mow a recent Brazilian Coffee 
Institute estimate. 

Our Nairobi correspondent 
reports: .Mr. Muai Kihaki. 
Kenya's finance and planning 
minister, said today that the 
Kenya coffee crop this year 
had been “ a total disaster." 

Very • hra\y rains had 
limited flowering and the ton- 
nage produced would he about 
30 per cent down on last year’s 
production, a record 97.066 

But the rahis had a very 
beneficial effect on other agri- 
cultural products, such as lea. 

Mr. Kibaki said; “ Coffee 
prices a rc likely to be dicey 
this year, hut if they maintain 
an average of £1,500 a ton we 
won't be terribly miserable.” 

In 1977 ihe earnings of 
coffee producers doubled and 
ihose of tea producers tripled, 
compared with 1976. Produ- 
cers of sugar, milk and maize 
also had a good year hnt wheat 
pyre thrum and sisal were 
disappointing. J 


Fresh bid to keep 
access to EEC 


THE SATURATION lobbying of have 

Common Market politicians’ o> fears with claims that only a 
antipodean ministers continues “light” regulation is suggested— 
this week with the star; of yet no intervention buying, not even 
another European tour by Mr. a lareei price. 

Brian Talbnys. right-hand man to That, he points out, was bow 
Mr. Robert Muldoon, the .New ihe Common Market’s cumber- 
Zealand Prime Minister. some and restrictive beef regime 

Mr. Talboys. who foliows on started. 

1 ho heels of the hapless "I see the regulation as pro- market prices for what they 
Australian negotiator Mr. Victor posed in the light of what view as a luxury meat can be 
Garland. Who was sent packing happened to beef. And that is tempered by subsidies or corn- 
last weekend by an un receptive why we are concerned. Once the pensalory amounts are wrong, at 

attempted to dispel his New Zealanders are right to be 
fearful. Any common policy 
attempting to merge the high- 
price market in France with the 
low-price trade in Britain will 
lead to rapid and heavy increases 
in retail prices in Britain. 

Those who argue that French 
farmers' insistence on tnp-whack 

Community, hopes to ensure that 
whatever the Nine do while 
sorting out their problems over 
free trade in sheep within their 
own frontiers, they offer no 
threat to his country's vital 
exports of lamb to Britain. 

He does not react well to any 
suggestion ihai now mizbt not 
be a good time to restart nego- 
tiations The cursory treatment 
afforded to Australian attempts 
10 ronai n access 10 Europe foi 
food exports docs not deter him. 

“The time to come and nego- 
tiate is when the Council of 
Ministers starts to talk." he 
said. The EEC Commission's 
latest proposals for Community 

AT A meeting yesterday 
afternoon .Mr. John SlUdn, 
the British Minister of Agri- 
culture, told Mr. Talboys that 
the UK was not seeking a 
common shcepmeat regime. 
But if it was derided that a 
regime was legally necessary 
the Commission’s new propo- 
sals might form a suitable 
basis for negotiation. 

Mr. Silkin also assured Mr. 
Talboys that New Zealand 
would retain its present access 
to the UK market 

best misguided. 

Mr. Talboys ha* already won 
the unconditional backing of the 
consumers' groups in Britain. 
Now he has to sway Mr. John 
Silkin. renowned at home more 
a-- the consumers' champion than 
Minister of Agriculture and in- 
cidentally as something of a hero 
among New Zealand farmers. . 

Mr. Silkin evidently has rrot 
yet made up his mind about 
tactics. His Ministry has already 
succeeded in putting off any sub- 
stantial talks on mutton for the 
past three years, and with meat 
price inflation in Britain already 
running well above overall rates 
this year. He may he counted 
on not to agree to anything 
which may damage counter-infla- 
tion policies hefore the election. 
The New Zealand Minister aljn 
0 f has a potentially fertile furrow 

taS»I!"S J‘5 Per *l ln l ^ rkc!ln 5 w°! regulation is there it will 
lamb are due to be discussed b; become a threat because it can 
tiw Agrlcutiure Ministers next be chan?Pd and amended by tbe 

_ .. „ „ Council of Ministers." 

Mr. Talboys, a portmanteau sheep indu>try is one of — - •- 

r"_ n .'lf r „ ‘1 -, r 5 5 £°_ ns ! h L e _ . f : r ihe mainstays of the New Zca- 10 Plough m Europe. 

land economy. j( S exports last Since only Britain and France 
year of meat wool, tallow, live- produce sheep on any scale, with 
slock and Hie resi were worth Ireland a lowly third. Mr. Tal- 
£720m, accounting for almost 40 boys might argue that some form 
per cent of the country’s exports, of trilateral pact could be worked 
and equivalent to 10 per cent out and consecrated hy the Coun- 
of the New Zealand gross ci! nf Ministers in tbe name bf 
national product. the Treaty of Rome. 

About £130m of the income Such a simple solution is 
he does not subscribe to the was earned on sales of lamb and unlikely. hut Mr. Talboys' 
notion that a full-scale regu- mutton to the EEC. which im- fundamental arcument that . a 
latinn is needed for a commodity ports 70 per cent of New Zea- regulation is unnecessary and 
which accounts for only 3 per land's lamb ex pom and 10 per could be costly to all concerned 
cent of EEC meat consumption, cent of its mutton exports. might find favour among the 

He is mistrustful of those who With so much at stake the pfennig-pinching Germans. 

foreign affairs and for overseas 
trade and who acts as deputy 
premier. seems intent on 
developin') the doubts about the 
proposed “common market" in 
lamb already present in the 
minds of EEC Ministers. 

While accepting that free trade 
inside Lho EEC is “inevitable." 


North Indian teas were a little 
cheaper at yesterday's London 
auction, reflecting the usual end- 
of-season decline in quality. 
South Indian prices were steady 
and quality teas from Sri Lanka 
were in good demand. 

The market was generally 
quieter than in recent weeks 
with the average price Tor 
qualify tea declining 4p to 135p 
a kilo and that of plain tea 2p 
to SOp. Medium quality tea was 
unchanged on average at I25p a 

Wheat pact settlement ‘urgent 5 

MEXICO CITY, June 12.-; 
THE SUCCESSFUL conclusion of pected to attend the meeting, UK Grain and Feed Trade Asso- 
negotiations for a new Inter- including Mr. Bob Bergland, the oialion, said, 
national Wheat Agreement is an U.S. Agriculture Secretary, and He told the meeting the 
urgent priority, according to a Mr. Paul Dabager the Danish immediate task was to see 
draft declaration to be con Agriculture Minister, represent- whether prospect** were gocid 
sidered at the World Food Coun- ing the EEC. enough to call a pJenarv meet- 

cil meeting starting her today. tn Rouen. France, a meeting ing of the International* Wheat 
The drati calls on the Govern- of the EEC feed and cereals Council in September. ; 

ments involved to ensure that a committee heard that the wheat Mr. Johnston said he saw no 
new agreement includes reserves agreement negotiations seemed reason why present mechanisms 
adequate to provide food likely to eod successfully. Exist used by some countries to bujld 
security and reasonable price ing differences were by no means stocks and stabilise the market 
stability. insoluble. Mr. Michael Jobnston, could not be continued under 

About 25 Ministers are ex- trade policy oo-ordinator of the the new agreement 

Commodity market repdR^ and prices 

'-•-.wycitiahe Ugidteloil. - Tlborl Ccreriat *.dOP«l:' , iuid .flits trend w further 
jnCXALO- i. Inr the- prfce- raUr *> OSS In- 55 : boosted a*-' news' of a force majeure 


... COPPER— L-c 

on the Loudon anemoon rings but fresh acQlui left dectajmioa . hr .Capper Pas* which 


Trading was thin 

'AdPtal 'Exchance. -Forward mrtal opened b«f75J oo the latrkerb The further prompted a' rise to tt.M prior lo a giraar ihmaehaat Tn Barley: Imuiored. £TU refleetiue the dowptnrn hvwarahouse *>«*» Hadden wWehr -close on the lair kerb of M.6W. Tbe day irSntxoS anTpuffta. 
oa;Comex an ’Friday' and then fefl bade e *££ ctetf b 3 ** Bftb «m market force majeure news also widened ibe !_ • 

July M.S0 Glasgow, Sotnh Afnran Yellow vtous In brackeu. White ; S8X1 i Kernel. 
JuiieJoljr m.M Glasgow sellers : Kenya Raw : 21.75 *21.63). 
and the market 8rade •"Wnd. 





• 'it “ 


- - . 

£ '. 

- . 


.Cirt;; — 758-9 = 




3 monthaU 760-.S 



SMCl'm'ntf. ja..*.- 
^CnthfidoaiJ* ’ .- 



ct»»h.."I7j vat.a 


727-fi 1 


3 monrhS-J VS-A 




Sflrri-'si'nt;--- 73B-- 


U.S. Szut.J — . 



srattmem. . Taraov?r 7SJ SSO tonnes. • -backwardation to aroand £t«0. Turnover 
- AnuUanuted Jtfetal Trading reported ,l ,B P tonnes. 

Gut in th^ yjoroing cash wtrebaza 
traded :ai £T39J. 3B. - three mooths C7SB, 

38. 68.5. 38. 50-5. B0, BOA Bl. «1.5. 61. 

SO- cathodes, three months £75X51 C7ZX 
Kerb:- Wirebars. cadi £736, three mooths 

C60. a.S, * SB. 58, 57.5, 57. 56. 56.5. 

Aflonooa: Wirebar*. cash £735.5. three 3 


yesterday f -i 

.711 8 Rad wtlr easier. The gresmre 8 Hurttbn.. 







fflgbi Or 

Sa. — 

ade e 
6730 S 







3 month*. 

6620 40 




Owh-. — 



— . 






3 montbtL, 


— 26 

6610 20 -2?. b 



— 2fl 


Strrita FL_ 
New Xoif 



+ 11 


July...- iiBW.Bis.0 I — 0.73 

Sep*- _|la£S. 0-58.0 —1.6 

tiec ;1b11. 0-12.0 Ug.6 

Mercb JJ597.I/S9.6 +7.23, 

>Uy ilbsB.0 9C.iJ +6.0 

July 11070.0-85.0 1 + 1.5 

**ei* J 1575.0 M.O ! +7.5 






1675. 0-70. D 

Price® per 

The rates Tor raws are for basis 92 stated, 
per cent. 

MARK LANE— Tbe market was slow, 
an is usual for ihis time of year, with 
little interest lo trade shown From con- 

sumi'Ts or merchants. Nomina) values: LONDON— The marker was dull ant) 

Mtlliru: wheat dehwed London area, featureless. Bache Raiser Smart re- 
June 105 00. July lOa.oo. new crop Sept, parted. 

9C.50. DNO wheat delivered E. AjicUa. 1 FVnee per kilo) 

June 99.25. July 181.50. Aumisl IM 50. 



HGCA — Ex-Farm spot pnees on June 
15- Olhar mlHiaa wheat; E Suffolk 

. the. -Penang market with forward Stan- Stmit* BJ 

10 tfro day's Iqj*. of- £TS? following the dart metal opening a shade easier - at Hew York 1 

opening of corner which attracted hoary £V.B30 and then falling to UfiSO. ax this ' r ~~- ■ * l&day average 111 06 

• srpfPlm' fr nl lln g . chartist selling amt level, however, some good buying dev- ‘ Mooting; Standard, cash fff.7lo. three average 134.52 tiji^di. 

] months' 18,590. 8S. — - 

_ Sales: I.0 SS i2JB5i lore of 3 tonne*. 

International Cocoa Organisation «U.S. 

twr ponnd>— Daily price Jtme 9: , r „ m 

1W.72 (133.35). indicator prices June 12: 

1U» avnrae. VU na (134.0; 2J-day 

The UK monel ary coeffiaent for tbe 
wees from June i8 is expected to be 

LG. Index Limited Olrdfil 3466. 

:. 29 Lranortt Boad, Loudou SWIG OHS; 

I. Tax-Ireetrading onCommodlty futures- 
JL. ~ t XTie comnaodity futurcs market for tbe smaller investor. 


. . . _ M. rc.600, I6.C50. 

Sifflil High Grade, cash £0.730. Kerb; 
„ J Standard, throe months is.aSO, 90. 

Three Month Tin 6590-6645 J Afternoon: Standard, cash £6.700. three 

Greasy Wro( 

Vratant'yai-f- nr, 

Clove j — | 


i totip 






+ l.b' 

— « 

(•(x+niber ... 

.45.0- 40. U 

— o.s; ...... 


+ 0.5*. 


248. (ME. 0 

+ 0.5 







Dm-ml+r .. 



Soles: nil 

tnlh lots 

of 1.500 




Free market (ciaj 
Gnprercaeh t7.Btn|L7R 
3 mnnt-hn do. do. 

Cash Cathode 

i months do. (in. 

Cofcl _.Trov uz 

Ltmtl Cwh 

3 months _| 


Freo lUrket (cif Ibl 

Viarinuni troy on,. 
Prvo Marker........ 

months JS.S19. 40. 30. 25. 20. Kerb: Stan- 
dard. three mooths £8.010. 15. 

HGCA — Rs-farm spot prln-t for Ihe 
week to June S. Other milling wheat: 
rnrrrr Eoou-rn MX E. Midlands £99.10. K. 

t-fjf'r' rr. £»•»»- OK OHM. Focd wheat: SVONCr GREASY— I rn Older, buyer. 

S. East £9V90. S. Wen £98.70. Eastern seller, business, sales* — Micron contract: Vuicksnvor (76tb.t 

,. R y ?. IM "cowed after earlier long £>4 70. E. Midlands £06.80. Y\ Midlands July 347.0. 348.5. nil: Ocl 3J8.0. 349.0. Silver f ro y ot — 

Htmldaltoo prompted a decline. Drexel i97»). K. East £98.90. N. West £99.10. nil: Dee. 333 0. 354.0. nil: March 3S7.2. 3 months. 

Bumbaro Lambert reports. Values UK £97 00 Feed barley: S. East Ct5.2a 33d 0. ml: May 381.5. 361.9. all: July 'ftn lfe*lL.._ ........ 

1£AD — Lower fa. anlct trading, for- meandcrod in a Ushr mute Vuvusbom S. West /Mid. Eastern act. to, e. Mid M4.0. S6S0. xH.o. 5; Ocl 3S7.0. 3S8.0. * mouth- i 

ward, metal fdl tn £315 on tbe ore the afternoon without I hreat coin* to break lands i«3.W W. Midlands £32.20. N. East ml: Dec. 370.0. 370.5. nil. Total sales: 5 ' v nifram2£jO*Uwsifl 
market -reflecting the weakness and a generally nervous day ended with XM.M. West £82.30. Scotland £84.00, lois /.ineouh 

cooper. This- level attracted short cos- ti» market I7a lower on balance, 
ering. however, and the price picked 
I dp lo tan Ut the tnomlog rings before 
MSlitg - haak Jn the : aftr tnoon to claso 
j at BITJ on tbs late kerb. Turnover 
XSU tonnes. 



j FLOATING BATE NQTES 1^0 25,000,000 

h The- ipfertst.raie applicable' to the abov». loan in respect of 
'" six; months’ pfexiod of 1S5 days obmmeachig.9th June 1978 
ieen rfixed at : • • ' "v 

.4 ; ■ ,^c •••• 

r> that aKsoraing^y^ the int^r^ pajrable in -respect of such 
jperiod Ccaleulated^ ^ofr'thafc-Jasis of a year of 360 days for the 
actual number of days elapsed) will be. made on 11th Decwnber 
■at 5US 44.9652 per coupon;;: • - - . ' : . 

' v ' v ■; ;• ;, r '-’.v- i”. . ' - The Fiscal Agent 

IV . VBairque de Parfe et des Pays-Bas' 

t pbiiifc' leVGrand-Duche de Luxembourg 

| 'XffiAD i 


Official | 





S months;. 

* 1 
3oa js-.ts 
309.76 | 

£ . 





1 £ 




Cto^ -f or 


£ per tonne j 

•veiavinMM .. 
November ... 

1685-1687 -88.6 
2558- J560,-66.U 

1570 1545 


UK £S?.60. BRADFORD— Dealers ssld despite some 3 mnnthii. 

UK forward brice*: August, feed wheat improvement io tops business last week, f'rmlucer*;... 

k. 2.045 innnivt £82.50, feed barley 2.934 and an increase il auoraUons (a an 

I — 2.2 484. 

— 15 lt:6.576 


EEC LEVIES — In units cr aciMuni 


»>ui.-r um» i Vi luvuiurn 

are not rull cnnnub to ensure activity 

very far ahead. Tbe market Is Brtn. , rwle( ’ r, --l 

mil. Durum Wheat— a % MEAT/VEGETABEES Lijpr* Phlllp.^..^..! 

leaniwi. Rye- SS.X. nil. nil. nil *A»JJ. mi. SMITHFIELO .prices lit pence a pound » w va»*»n lU.d.)...J 

n !! - ... y ’^' 7S — D,, ■ ni * ,74 - 5ft - —Betf: ScotiLsh killed sides 54.0 to 5T.0; 

, — hll. nil. Ill* Oats— 79 s.1. nil. nil. ml Em.- hindquarters 70.0 io 74.0. fore- Grains 

W lj1 _ . Sales: 2aJ6S (4.93a i lots of 5 tonnes. (sinn". Marro (other man hybrid for Quarters 33.0 lo 35.0. Veal: English fatf Harley KKC I 

'9 ° l " clic,u,r lor » <U.S. jwling >-Tr 2°- nil. nil .76.90. 0.33. 78.0 lo 76.0: Dutch hinds ana ends SS.O Umuc futures^.. 

*° r « Hn, ‘ s ’ ; CoJnmbian Mild Butbwhe.»-^D nil Millet- to 92 0. Lamb.- Encltsb small new M-trn.. 

5£m...ThES! ‘ ,6s - w,: unwashed KjW. III! ml. nil .same*. Crala Sorahnm season «t.O to 64.0. m.dtum 56.0 (o 66.0. Kr ndi No. o Am 

nmmWmS ^ “ rt ‘ Tbn * AraWcas IS8.00 • (same*: Ollier rultd — (U.wt. nil ml. nil tsamet. Fleur: Wheat Jmpon.d fron.-n: NZ PL 31.5 to 52.0. PM Wheat 

ja.3, ArtWcaB 173.67 (174.671; Robust as 158.30 w reheat an <f Rv*_ 134.73 (133.91*. 50 5 to 51.0. Pork: Encllsft. lewi than JFo. 1 Kel Spnnu 

awtc-silghtty (ewer owing * to the ‘ ie ®-00>: DaUy average 166.D9 tl«7.34». Rye— 127.46 I34.6TI. tomb MO to 43.0. lOO-irmb 36.B to 42.0. NoB Unnl WiiilwH 

fafla\ta- other base-awtafs-- Trading was AJIABICAS — Were attain oU<-r and. . __ 19M«Wh 3S.0 to 40 0. Knj-lub Aliitin,... 

snodtrei with forward metal losing v*I»e» depressed, Droicl Bumham SO 1 \ 11 r.AlV Mr Al MEAT COMMISSION— Average fatstoek Sbiinnnuu... 

"®5f*'.0P ihe pro-market to lonch *333 1-ionbert reports. w ‘ iv. g^rs s_ pr ti.cb at ruprewnuiive markets in tbe tenure .smt*. 

wwtro' reedvnrlng modestly to dote at Prices un order, buyer, seller, business* The market opened 70p down reffectlng wwk to June to. CB — Cattle C9.S4p a CoCreeKuuwe 

£3».:«|- tbo lata kerb. Turnover 1^75 —June 198.0M7.58. 2tn.00^9.5«: ^ug. overnight rm.-ago lercls. reports SKW kg.l.w. i-i.ta.. UK— Sheep it 7. tip a kg. .. *»P» 

tQQO^a,. .. lg4.0lV87.80, un traded: Oil 170.00-73^0. Commolin*"- Values gradually drilled in esi. d.v.w. CB — PJks 5C.3p a ~ n ***"i -A Imlea... 

Dec. 163J0+S.M. umraded: Ihln volume on light liquidation following pkJ.w. *-Ui. Eogland and Wales— KubUir kilo. 

-62.00. 163.00: April 00. sleadler si< rling Better than expected Cattle down 0.8 per cent, uwraue pnee 5*te«r (Ibtw) 



SJcifled technical 

waruMiwuin vwv~j _ i 

■contain ovae.TONEW ctiarts^ with fait technoalafta lyss: 

I covering U-S.-tnarketsaudaffLondon fature&Bdtti: I 
. Metala^i^$oftjC^nxiwfit^pottsX£55£»ui£72pa) J 
arapm>K ^ a1te cO ^Si iwmb Fric&yhia^. ■ .'v^ 
S^idfrjrd^sateandRREEfriai to; 1 - ? ■ .r^.lgjp 


2298Toteca8795» : 

. 2lJfCT 



+ or 



OnotBoiAl ; 






. ■£ 

514 J6 4.25 
■ 425 .5 1 

— 4-2fi 



3 26-. 5 


—2 25 

Sales 9 <18* lots. 

STEADY opening on tbe London physical 

lo rep.nn .loin.- of la earlier losses and average Price J4*i.9p t-10.6*. Pigs up 















+0.5 ,S2BB 






dose l So duvn. 

•'HI. average PflbV 56. Jp * —3.1 , 


- StornbiR: 

*rtt. JL- 
monaa i32« S, 6. Kerb: Three month* 

ZJS. 3*. 

■ ' per *»■»*. # 
offiaa^ dosa. t ui per «cuL 

l— U-Moy 4- nr ; ItiiKinivs 
— j I We 


land — call!'.- down 25.8 per cent, aver- m June-August, 
price 70.63 p i-ii^2». Sheep up 6JS x Per ton. 













— M.H 


— 1.0 





L fc Aosnst. 

to July. * June- July. 

Jotrtjw: . Cash JC05. three months iSi. P Z U K S r , pa l f^, Jnne 118.50 8.0 —2.0 21.00-80.40 

MU. Kerb: Three months 13235, *' 1*'!^ C, 1 <a3 ' 54.16s1.7S 

■tt.JUtemxm: Cub 013.3. three ^ J «ci. a-ttWr I2.-Se2a.i-I.4fi 



Yeri , r*1ar , i 









? r o* a ^ 


s«* • 



Lte.'omher .... I55 0 j-«8.J — 1.75 J5.0J 

Fehriai T 1-5.7 v<5.s —140 — 

April 114.(1 i-lB.0— 0.75 — 

Jtm“ I 4.B ?B.O — 0 !5 

’ Sales: S2 'Shi lots of loo tonnes. - 

SILVER Aug". — ; 5fl.SJbB.90j 

SBvw was fixed 2£p an trance lower J ly-Sept 58.85 tS.Sff B0. 18-60. Ibl 58 
for nnt ■ delivery In the London bullion Oct-lmo t*.7Bi0.8a oI.9j-i 2 . 00 ol. 
“araet'-TMtertay at ^ 289. Bp. U.S. cent J*n-Mr. tl.Nal.85 oUa-tl.l" 1 ** 
of the firing levels were: snot Apr-JoW tLSS-oi-o 
OL5er down - 1.6c: ihreMnomh S33JC. J»V-8epo t4.1j+>4 411 
mneiF J^c; alx^PdtftJi, down l sc: Ow-De« ts.8»-b es v ub.20-»b. 

BBfl &mosU) 886.0c. down Lft*. Tbs Jan- Mari Mi.48-8h.Sj 
metal- opened at 286,9-2S7,Pp i533j-537c) 
and.cUtrt at 2854-586*. I524i-526c). 

bl N bI.b 


IS.. i".*r 


Per tvnt. avi-rauc price 130.lp t-2.6i. ^ 

Pis down li.3 per cent, average price r «tu»v eieu „ ^ 

64.Rp mo rbaiici-i. . “ R *7 SBY . Suppfa fair and 

MEAT COMMISSION— Average fatslock a °. ma . S®?* J^ 11 ^ ,* *W** at ships 
prio.-s at reorvseniauvc markets on s)d,; unprocessed: Shelf eod D.60-£4.50. 
June 12. CB — Gallic 7l.«p a ke.Lw. 9! a J} aKS ®- l*rge haddock £4.50. 
' J -1.98< UK — Sheep I53.9p a kg.estd.c.w. t 4 -? 0 - pdmm haddock £3.S8.£4.«, small 
l-*-SJ». CB— PJes S&.Op a kc.Lw. t -r2.ii. haddock fl.0Wa.B0, large plaice 14.30- 
England and Wales— *2a tile down 20.6 per " s0 - mcd,um Warce EU&.M.W. besi small 
rent, average price 71A3p 1+2.14*. Sbeep fjatce a 08-£3.f*0, skinned dogfish t large* 
down 13.9 per cent, average pnee 152.5p (mediuro* £9 00, lemon soles large 

1+5.4*. 7-ics down 13.S per cent, average *6-0® tmedlum.i 15.90, sattbe £1.32-12 20. 

Z r i C L SS -*f!. Scill ^ l t5 BW f “ p COTTON, Liverpool— Spot and shipment 

* 6 per t-fni. average prii-e Tl.Odp It 1.47). gales in Liverpool amounted w 52 tonnes. 

NZ to attack j 
dairy trade j 
protectionism } 

By Dai Hayward 

WELLINGTON, June 12.*’ 
A STRONG call for tbe inter- 
national dairy industry io fight 
agriculrurai protectionism a ad 
excessive consumer prices will be 
njade by Mr. A. L. Friis, the 
chairman of the New Zealand 
Dairy Board, at the International 
Dairy Federation congress in 
Paris this mouth. 

Mr. Friis will ask for consider- 
ation of the long term hazards lo 
consumers of excessive agricul- 
tural protectionism. He will also 
call on delegates to support 
measures to expand the world’s 
dairy markets. 

His call is likely to be made 
at a session chaired by Mr. Finn 
Gundelach, tbe EEC Agricultural 

Cyprus potato 
exports lower 

Cyprus spring crop potato 
exports this year are expected 
to reach 117.500 tonnes com- 
pared with 173,000 tonnes last 
year, according to officials of the 
Cyprus Potato Marketing Board. 

With shipments nearing an 
end, the officials said most of 
tbe produce — more than 100.000 
tonnes— was going to the UJv, 
with smaller quantities to certain 
Arab countries and East 

Spring crop exports are 
expected to yield about £ClOm 
this year, compared with nearly 
£CI6.5m last year. 

The Marketing Board had 
restricted the acreage of potato 
plantatiorw this spring because 
the prospects of putting large 
quantities of Cyprus potatoes o$ 
the British market this year werfr 
rather poor. 

LOUDON DAILr PRICE (raw sunn “Vjf: 8 as ^1? 0o ? needs were 

£101.00 iliK.M* * I on no C IF For June- July ^ h !2jT OTt ’ uode ^ 1 araaiaer ‘ ll on, reports F. V. Tal- 

M^’iS 'lutSK sbljment. Witiie sugar dally price was * t cban«.. «r»U. Mori of the Jntemt centred on 

kSO&rtiS teXfi**' 10 at n,ic, ° ,sa “et. COVEHT CARDEN ‘prices In werfJog Soull, l American and 

“ op ^ a pactace unless suivd* - Imparted oaaUtka. 

Interest centred 
Middle Eastern 









+ or 




286 r* 



-8.8 w 



— Z.9 

67.HU7.4uJ 66.05 -tiPJB nlsht levels W4d» M nrc-dommateil lMHirPC 

issiM 1 - ■ ’zssr ^ : ? STS. 'rSTsssx. t jsr « as IND,CES 

M 9 vole s rn_i u 

Soaib A/ritan: 
Lemons— Italian; 100/ 

. jesc Gt0^oom0iSeslM 

ARc«ood ; Tb»e 
S.4., 3A 2,1, -3.7, 
[Inerts: Cvee moKbs 
28S.55, JWJS. 




Yotenfay '* 

+ w 






79.6 J 












Ms r. 








v .00 

— o.« 

5«3*l | 



ITH. ; 




1 Cl- 1 j 




Cpvrtimnv ■ 

■faff a: 20 kc -( OO-iM. Apples— French 
Coldnn Delicious 20 lb Sl'a 3. 40-3. CO. 72's 
3.6M.?*n. jumble boxes 0.1S-P.17: West 
Australian. Cranny Smith 9.00-9.30: Tas- 
manian- Cranny Smith 9.20-9.30; lipban: 
Kornu Scii illy per pound 0.17. Colder 
Delirious D.M-0.18: Jonathans 40 lb 5.S0; 

Lft'nn 4uu iU5 40 S 60 i.LliUBKikli Ml 03 =ti D, ’ ,l, ' 10u s » M-0.18: Jonathans 40 lb a.SO; 

rS’™ f I • a fa fc^TM J 2 6 2 Sou,h - ,,r,ran; Cranur Snwi 

h-0.55 1 S., «•■? «?•»• 8.S0 White Winter P.-amisln TSIUKJUi S.9rh*.t 

TTTTT .. Jan. J 95J845 10. Man^uLMay MltSoli Sales: 3,M, ';^ Jols J* M tonnes. Enaiisff produce: Psuipcs-Per 56 tb. 

JIJ It* Sales- IAS lota " Tare a ?'L !f^ < L t **’ rt ® nf O Price (nr White. 'Red '.SO.n.JO. new crop per pound 

I BUNOee jlfTE-flufct Prices c and f IMPORTED— Wheat: CWRS No. I 13i f^mnfa 1*mih lor ’S ££- 4 J, l , C ° S ^ 

OK tor’ StptOTber-Nuvember shipment per cent June 96.55 Tlllwnr: US. Dark Jf«nn, C -sport de and a4, -°° SfuTfiurS'In 0nla “^ Ptr 

| BWB 13B7. awe LS5J.BWD i24S. Toss a Nonbeni Sprln* tin. 5 4 per cwh Jane ^ ’ ,,Li a --- b r, 00 '-^ : Rh^avb Pe r pound, pm- 

- . _ . International sugar Agreement: Prlrps 1300 r Cucumbers — Per tray l£/24s 

_ _ k . ... t° r June B ‘ s - Cet| is a pound Fob and J 5 *- 1 - 35 - Mashnjontv-Per pound (MD- 

inr- pro mp t utimnenTlO « 40 ins BJ1-, ortbntry unqumed: Wesl AubuSI faq un- a ." ,Bl Canbfa**" borjHJailp 7.44 i7.45»: ? WU i- tf n Rr ? ml ^ y ? 2iS' 

!.7* oz *7.78. June £9 81. £7.70. July-Sept. Qumed: EEC wheal unquoted. ,Ai '?-«•. Tomaioes^-Fer 12 Ib Enriish 2.60- 

a.88,.£7 J fiL B.ftrtlfs; OT.I11. OT^S and Main: /French June MS.Ikl. July EEC LEVIES - Effective uMar r nr r'^bha -e TvT~rlTr« P ' Vff. i-JK'S’ 

E7^7 £orK» raapevtirp tiupmau periods. HBJO. Aumisi mj.M iranshipnient Bari denatured notmenitur^ suear *5 Mmur kSb 
Y^.addMfivm s-w. - Coast senem: South Atrian Wbae JllM . ud-15 of arcount ter m kti*. w/m'pre TTlT I £ ril 


I .Month iuhJ 

Jnnefl | June B 

246.33' 249.601 

(Base: July I. I as* =1601 


i’mr ■*«** 



June 12 [ June 9 1 

Mnnih sen 

1 Tear ac» 

1517.8 ( 1523.01 


• 16O6.0 







I357.B jjS5B.66 ’57.96411.78 
'MO. 14 352.46' 34 7.49*384 . S4 

(Avers Be 1674-25-MznoeT 







Hun Lb 



5 pie t.iimnin 





French land 
11% dearer 

THE PRICE of iarm land Jbl 
F rance increased ll per cent 
last year compared with a 13.5 
per cent rise in 1876, accord, 
ing to tbe Ministry of Agricul- 
ture in Paris. • 

The average price for thff 
country was FFr16 800 a hectare 
—12.000 at present exchange 
rates. The average price of !an$ 
sold in England in April was 
£2.873 a hectare. 

French arable land went upl* 
10.5 per cent on average ana 
pasture gained 11.7 per cent,’ 
The biggest rises were registered 
in the south of the country. 


NEW DELHI. June 12. : 
Swanns of locusts have been' 
sighted in some places in the- 
western-most parts or India, thei 
Press Trust of India reported. - 
The joint director of agricul- 
ture in Rajkot has set up a locust! 
control room and preventive- 
measures, such as spravine in- 
secticides, have been started. ■ 




Another big demand for Gilts— New short tap stock 

Equity leaders quietly firm with index up 5.3 at 472.2 


*■ ,» r 

fj : ' 


Account Dealing Dales 

•First Declare- Last Account 
Dealings lions Dealings Day 
May 30 June, ft Jun. 9 Jun. 20 
Jun. L2 Jun. 22 Jun.2:t July 4 
Jun. 26 July 6 July 7 Jnly lft 

" 11 New lime " dealings mas uke place 
front 9J3 a.m. two business days earlier. 

British Funds continued in 
dominate markets ye- te relay. Still 
enthused by the Government's 
recent ti-jlitenini: of conlrols on 
eredrt. institutional sources in- 
vested strongly again in buffi long- 
and sliorlsialed issues and this 
sonn exhausted I he authorities' 
e unply nf the short Ian. The 
3.fSl) pm announcement of a 
replacement stock. £nOflm nf 
Exchequer Hi per cent. 1HK3. at 
£M f£ln paid payable on applica- 
tion! came as nn surprise, hul 
quotations came back slightly in 
close i oFf the top ai the short end 
of ihe market and i at the Ion" 
end. Nevertheless, gains still 

ranged to a point and sometime', 
more which left the Government 
Securities index up *»33 at 70.70. 
There was very little .selling in 
ihe late business, the reaction 
from the best mainly reflecting 
the cautious attitude being taken 
hv jobbers in view of ihe sizeable 
amount of investment funds to be 
found for this week's two new 

Despite again being over- 
shadowed hy the Funds, equity 
markets took a turn for the belter 
as the new Account got under 
way. Scattered small selling of 
the Industrial leaders was more 
than matched by ihe occasional 
institutional buying order and 
rh/» FT no-share index gradually 
edged forward to clcwe at the 
H— ■ ■'< highest with a gain of 5.3 at 
472 2. 

The day's more noteworthy 
movements mainly resulted from 
v nek-end press mention and con- 
tinuing hursts of bid speculation. 
Among the sec Mrs, Di-munl 
issues were again good in 
srmmthy with the rise in Gill- 
rd-ied. Above average gains were 
reflected in the FT- Actuaries 
index for the subsection which 
recorded a rise of J2 per cent to 
j2 rnmnari'f) with an inrnmvp. 
m-'iti or O.S per cent to 215.29 in 
•he All-share index. 

Corporation' followed the main 
funds and closed with gains 
stretching to a point or so. while 
F : xcd Interest* were feaiurpd bv 
the debut of five new preference 
issues: all issued by way of 
'•Miitaiisnlion io ordinary holders 
•hey were Automotive Products. 
Clive nixenunt. I. J. Dcwhlrst. 
Greenfield .Tfl'lcils and Smith St. 
Auhyn. First -time dealings in 
Fairricw Estates 13.SS per cent 
debcnlure. issued by v ay of rights 
to ordinary hoiders. began at G 
premium and closed at £31 
premium, after a fair business. 

A good two-way trade in l- 
nient currency ended with buyers 
having the edge and the premium 

higher at 1)33 per cent. Much 
or the demand was for the pur pose 
uf investment in holh l\S. and 


Hong Kong securities. Among 
Foreign Bonds. Bulgarian issues 
attracted renewed attention after 
Fridays Hurry on news that 
Bu lit an a wns seeking to settle its 
pre-war debts with the West. 
Follow inc general rises of between 
■» and :! points on that day. the 
4! per cent 1907 and llKMl 
improved a point, more to £6, 
,vhrle some olher bonds were 
similarly higher. 

The volume nf business in 
Traded Options again left much 
tu be desired. Only a small m- 
loresi was shown throughout and 
luial contracts done were 272. a* 
again.?! l.i-t Friday's tolai oF 4SN. 
I Cl were ihe most active, with i::2 
deals with the new July -tgu series 
again popular, recording 1 52 con- 
iiacls done 

Kurt iter demand I i Tied Euro- 
therm i< in LtiOp. but Thames Ply- 
wood m.ule a relatively quiet re- 
introduction. trading between 
extremes n f 36p and 3Rp before 
.settling at -'»'*P compared with the 
placing price of 34p. 

Banks better 

The ptvwpeet of improved profit 
margins following Friday s round 
of base tending rare increases 
and ihe higher charges 
announced by Lloyds, attracted 
buyers m the major clearing 
banks which closed at. or near, 
tiie day " best. Midland closed 
III tn tlu- good at :t»iOp and 
Unvds iini-hed 7 higher at 277p 
as did Barclays, at SK2p. NatWest 
ended .1 harder at 270p. Discounts 
look last Friday's good gains a 
stage further with sentiment still 
buoyed by ihe renewed strength 
or gills. Union rose 15 to 325 p 
and (illicit Bros, gained S to 2Jftp. 
while Jcssel Toynbee improved ft 
to K5 p. Guinness Peat improved 
H to 253 p. after 260p. in response 
to Press comment but Hill Samuel 
cheanened a nenny to Rfin follow- 
ing the results. Hire Purchases 
made progress with UDT notable 
for a rise of S to 38p. 

Jnsuranccs closed with some 
useful gains. Royals put on 10 
rn :!«r.p. General Accident 
improved S at 21ftp and Guard inn 
Royal Exchange added R to 222p. 
Commercial Union and Engle Star 
both pm on 5 to 150p and I41p 

Although closing on a firm 
note. nriee movements in 
Breweries were usually restricted 
io a nrnnv nr two. fiiitiine««. 
interim results due on Frida v. 
hardened 3 to 172p. while Allied 
closed 2 better a? 87p and Scot- 
tish and Newcastle a penny firmer 
at fifilp. 

initially dull on the Price Com- 
mission's recommendation that 
the increase of 10 per cent in the 
rriep of remenl should fce 
deferred until early next year. 
Blue Circle recovered from 233p 
in finish 5 higher on balance at 
243 p. Elsewhere in Buildings. 

1 lev wood Williams firmed 5 to a 
HITS peak nf I17p on small buy- 
ing in a thin market and .simi- 
lar!. • Brown and Jackson added 

2 at lfW.» Francis Parker put on 
2 to l."r- a Her newspaper mention. 

white (he Board's optimistic state- 
ment left Ley land Paint ti to Ihe 
good at 71 ip. In cc,'Maenei 
and Southerns encountered small 
selling and closed 10 lower r»f 
mop. London Brick eased 2 <u 
fiSp. while Milluiry were lmvor-d 
R to Iflftp receding business late 
.VI bright and Wilson moved 7 
higher to 137p on hopes that file 
offer from Tenneco might forego 
n Monopolies (Jomrnission refer- 
ence until dealings were suspen- 
ded nt 1 r-m pending an announce- 
ment. Bcspecthe improvements oT 
5 and < were recorded in ICI. 
392 p, and Fisnns. 35Sp. hut Pljsit 

Board's rejection of Ariiiiiron;: 
Equipments offer helped *>nicr- 
croft improve 3 late lo v.h>le 
Fin Id rive hardened 2 
Following rejection of Tiiomas 
Tilling's hid. Simon i;Vl] ,,m 'ed •"> 
to flflflp in reply to th..- cii:"f man's 
encouraging siaiement ■'■! 
annual meeting, while WGI edet'd 
forward a peony to Itmp rcil* -cling 
the higher annual iv mines. 
Fun her consideration ■•( the 
interim figures brought a gain ° r 
3 in 7flp in Camford. 

Awaiting Thursday's interim 
statement. Tate and l.y l«* im- 
proved fi lo i74p Elxev here '» 


finished 2 lower at 72. following 
disappointment with the profits. 

In otherwise quiet Televisions. 
Ulster A rose S Ln a 1878 peak 
of fifip following Press comment. 

Late publication of the retail 
sales figure for May encouraged 
small after-hours' buying of the 
Store Leaders which settled at the 
best of the day. Elsewhere. 
Combined English, additionally 
helped by Press comment closed 
4 to the "nod at 97p and Mother- 
care closed a similar amount 
dearer at 16flp. Press comment 
ahead of tomorrow's results 
promoted a fresh improvement of 
4 to 2 flap in Allied Retailers, while 
Foster Bros, pur on 5 to llTp in 
reply to the chairman's annual 

Occasional firm spots in Elec- 
tricals included Ever Ready, up 4 
at 151 d. GEC. 6 higher at 2A6p, 
and Thorn Electrical, similarly 
dearer at 330 p. BICC closed a 
penny harder at U3p, sentiment 
being little affected by news that 
the company along with three 
other concerns is to repay a total 
of Plm to the GPO for past tele- 
phone cable sales. Speculative 
demand lifted Faraell Electronics 
fi to 282 n and Forward Technology 
7 to I33p. hut renewed selling 
left Pye Holdings ." cheaper at 
95 p 

An m-estmenf recommendation 
hclned Hawker improve 4 to a 
HITS high or 22Bp among quietlv 
firm Engineering leaders. Tubes 
a Ixo pul on 2 tn 374 p and CK\ 
firmed 3 to 25fip. Elsewhere, the 

Foods. Pre*s comment directed 
attention lo Ltnfuod. the ordinary 
rising 4 to 144p and tin- 12 per 
cent convertible ti pm:ii' tn 
£102!. Gains of 4 were «een in 
J. Sainsbury. lS3p \il. and 
J. Lynns. I08p. while p-newed 
speculative interest raised Rakii- 
sen .■? penny to 18jp. A-Miriated 
British Foods, however. el'Med u 
shade easier at ti3p. after RSp. 
afler the preliminary fictnei'. 

Hotels and Caterers nr- fea- 
tured by activity in Trust fliiusi-x 
Forte, which closed II beUer at :> 
1078 peak nf 2l9p on the Price 
Commission's decision to allow 
part of company’s pm:-osrd 
interim price increase;:. Prince 
of Wales were firm ai !H5p. up 7. 
reflecting small buying in a re- 
stricted market. . 

Miscellaneous Industrial leaders 
encountered a modest demand 
which was sufficient to lift 
Beech am 10 to 643p and raise 
Turner and Newall 5 to 17Kp. 
Reed International, a firm marker 
last week following publicity uiven 
to brokers' favourable circulars, 
moved up H more to 132 p xd. while 
Unilever closed a like amount 
higher at 532p. Elsewhere. New 
Equipment rose 5J to 20 ip after 
further speculative support in a 
thin market. Demand or a 
similar nature left Offirc and 
Electronic 3 better at llhp and 
Pauls and Whites 5 to ?h' good 
at 127p. Lindsay and M'illiams 
saw sooport at 4fip. 'up 3. and 
Whltccroff were Favoured at 20fip. 
up 6. In front of today's pre- 
iiminar>' results Johnson Matthey 

pur nn 3 at I'-'tfp. while Press 
mention prumpied a rise of to 
nttp in Lawtcx. The Price Com- 
mission's report on footwear dis- 
tribution helped Sears close up 

;it 71 ip. Rnckware finished 7 
higher at 143. reflecting renewed 
speculative support. 

Pennine Motor provided a good 
laie spot in Motors anti Distribu- 
tors. finishing ‘2J harder at 13 ip 
following news that a targe block 
nf shares had changed hands. 
Ho run Motor took the recent 
market re-rating » stage further, 
ihe ordinary advancing 12 to 14Sp 
in n restricted market and the 10 
per cent convertible 30 points tn 
£2x3. Apple' ard edged Forward 
2 (n !lnp on moves tn rationalise 
the Leyland Frani-hiv situation 
in Aberdeen, while Reliant, re- 
sults dire on' June 23. hardened 
a penny to 12p Buyers were also 
interested in Group Lotus. 3 up 
nr aSp. and Dowly, 5 higher at 
207 p. 

InituiMy 5 easier at 23ao. Asso- 
ciated Cook Pnhlishrni rebounded 
on tote demand tn close 3 higher 
nn balance at 2 J 3|>. Small buying 
lert Bonn Brothers 4 better at 
Tip. hut W. N. Sharpe reacted 5 
tn ift:;n after recent firmness on 
thp c.ioiial ren rail ni sat ion Plans. 

Prancrties oassed a quietly 
firm session with Land Securities, 
dull of late un trading news, 
recovering 4 n 205n xd and 
\nct*r- adding a cnunln nf nence 
at 12:’ o. Brrkelev Humbrn firmed 
S lo Hlkn xd on iho announcement 
that its wholly-owned subsirfiarc. 
Berkelec Hamhro (Hons Konzt 
had dLsnosed of its share stake in 
Swire Properties; Swire dosed 4 
higher at Rip. Properly and 
Rercrsfiinary A nut on 8 to 3PJ>p 
in response to the results, while 
Great Portland Estates improved 
2 to 3li0p awaiting today's pre- 
liminary .statement. Apex were 
marked 5 hiphe r i ■ 2U5p on small 
having in a thin market, but 
Country and N«-w Town shed 2 
to 23 Ip ahead nf tomorrow's full- 
vear figures. In like circumstances, 
Avenue Close eased n penny to 
7 On. 

t.iiLs remained neglected and 
closed little changed. British 
Petroleum cased marginally to 
Sntip and Shell finished unchanged 
on balance 3t 55i)p. after 554p. 
intramar, however, firmed 4 to 
270p as did Tri centre I to 186p. 
Recent speculative favourites 
S if be ns (L7R). 350p. and OH 
Exploration, 250p, managed 
modest improvements. while 
Attock added 2 more at 94p. 
Following the deferred bid 
approach from Mr. Travis Ward. 
KCA International rose S to 27p 
nn speculative demand. Elsewhere, 
a firmer trend in Sydney and 
Melbourne markets saw Magnet 
Metals firm 2 to 24p, after 25p. 

Oversea* Traders had an 
isolated dull feature in Ocean 
Wilsons which fell 7 to SSp in the 
late trade on disappointment with 
the preliminary figures. James 
Finlay, still reflecting trading 
news. m:-c 91 to Sfilp xd while 
Rniistead. 3Rp. and Australian 
Agricultural. tP2p. put on " and 
7 re-peciively. s. and W. Bcrisford 

improved 7 more to a 1978 peak 
of 139p in anticipation of Thurs- 
day's interim results'. 

Investment Trusts attracted- a 
better business and closed -firmly 
Caledonia Investments rose 4 lo 
25u p, while more modest gains 
were seen in Alliance Investment; 
93 p. and Australian and Inter 
national, 99p. Investment -'-Trust 
Corporation continued firmly, 
hardening .2 to 255p for. a two-day 
rise of S on continuing specuta- 
tion about the outcome of the 
recent bid approach. - Notable 
movements in Financials included 
London European, 2 up . at 29 p, 
and Kuahu. 4 to the good at:23jj. 

Rrlllsfa and Commonwealth, 
which is expected to report. pre-, 
lun inary figures soon, rose 4 to a 
197ft peak oF 303p in an otherwise 
neglected Shipping section. . : . 

Textiles adopted ho set pattern. 
Shaw Carpets closed 3] better, at 
35p. but small offerings .left 
Richards Bros. 3 off at 20 and 
Parkland Textile “ A,” 8 cheaper 
at 72p xd. . , : " 

Jokai Tea improved arresh and 
closed 13 to the good at S20p, 
while olher Plantations' were' 
quietly firm. 

Western Minin g rise 

Australians were the oniy. set-'- 
tion of mining markets to attract 
any sizeable demand. Favour- 
able Press comment inspired by 
tlie rich copper values recently 
encountered at the Benambra 
copper - zinc - silver prospect . 
prompted a persistent heavy de- 
mand for Western Mining which 
advanced strongly to close a fur- 
ther 10 better at a year's high 
of 158o — an improvement of Sip 
over the past four trading days; 

Other Australian issues also 
gained ground influenced by the: 
upsurge in Western Mining and 
the continuing strength of over-: 
night Sydney and' Melbourne 

Among base-metal miners 
North Broken Hill were actively . 
traded and finally 11 firmer at a' 
1978 high of 141p, while Conxfnr 
Riot into nut on 8 to 23Sp and 
MIM Holdings 6 to a . high of 21 R. 

Goal stocks were equally firm. 
Thiess Holdings put nn 12 to 24<Vp: 
Utah Mining Australia 10 ro 380n 
and Oak bridge 2 to a high, of 

Uraniums were - featured -by - 
Pancontinen‘_L a half-noint high- 
er at £14*. and EZ Industries.. 20 
up at 235p. Sneculative issues to 
register substantial gains ' ra- 
rinded Tasmiuex which rose S to 

The partners in the Rundle. oil 
shale deposits also made . head- 
way: following the meetings Jtpld 
nn Friday Central Pacific Petro- 
leum climbed 50 to 720p and 
Southern Pacific Petroleum 10. to 

In contrast with Australians 
South African Golds and. Finan- 
cials were subdued reflecting, the 
25 rents fall in the bullion price 
lo *181.375 per ounce. 

However modest “cheap" buy : 
ine in front of the dividend 

- '. r.-« • 

Hugo ~l low 

■ inu ■ 

1 168.6' 

1 (mi 

lan.s i-4483 


5jr : 




declarations from the GoIil'Fieltls 
and Anglo American gold mines 
enabled prices to show fractional 
■gains overall. , 

The Gofd alines Index hardened 
0.3 to 158-2. ' , - - 

-. in the London- registered Finan- 
cials Charter responded j to Press 
mention and improved 4.tO:14Sjp 

estdividgiKii : 'rbat i ;^pcofit4aianrf‘ ^ 

coupled . OTth^a-'cOoyroti^viia 7 
capper prices left 
'4 cheaper at 226p; ; :.-; ^ 

■ Elsewhere^: - '\tJjinddi 221 
London' : /buying^TUlffe^ 

United . Devcfo|wnettt:2?-;ta 

and Sabioa/Sr.te v*-*-*** 

' tbe'yeai Pf -5?ffc ” 


: uj' .,- 
j-..i ■ 

, ", 1 _• l 

& f\ uf 

' .y &*' 



- - Ttte loliowina. lecurltia. quote d la m e 
r Share . information Service -»jrte«uv 
attained new Hlgns and Lows tor 1870. - 

NEW HIGHS (144) ; 


BANKS •*> 

BmLDIN^5'>4> . -- 
CINEMAS tt* : ' 




FOODS m • 





SHIPPING f2> ••••" 

TRUSTS 117) 



TEAS rat 
MINES 117) 


L.C.C. SVpc '88-90 . 

,CPC A bT^a r V' 

Beniwr - - -. ; -• i . MP Wteip Ctn , . 

Curt Boulton , Orme TJUdb;.-;.^;. 


lo axn: :pw« 

Scottish TV A.-~-';± . 

' - ■ •• • rr . y * - - ■ 



: 'r- ■ - ' ' 

.BrkhthJFhnd* ' . - ; .7lXW • 

CdrpRS. Oort. ' . and \ '/Jr • 'f-c.;—; ; 

.BrkMi..Flmdi.‘ ‘ . . ‘,.71 V,— ■ ; 

Cdrpns. DonL * . and \ • • . t-c.;—; 

- Fqretan BoNte ■ J-. 1 . .a*:, \Ve^ . 

Industrials : :i*. -*t2'\7Zf7Jnj^r 
Fhunctef wd 7im;-.;.; lSfc * sc -.taBtei: 

Oils . ./..iiL-..-)...—' -J® /J. : 

PlairtatfM ■ 11 • , : ti : -H-r 7s - - - 

Mines- ~f: : 

Recent lanes ‘ ‘ ‘fv- T' 

n. - ' . : Att.® 

5tr 3 

al — ■ 
p -,e? ' l . ■ 

' r A 

f r ■ 

• Vi. z? ‘ 


VX v 

v v ..;.; TUh 3M U8 r - 

- No. - 
Denomlna- of 
Stock dnn 'marks 

Id £1 ' LI. - 

RATs Dfd 25p 10 

Howden (A.) ‘New? :I0p 0 

BP £1 ... • S 

Shell Transport...- . 25p ' B 

Tate & Lyle £1. . . S. 

Western Mining... |A0j0 8 

Barclays Bank... ^£1 ' 7 .. 

GEC 25p - -7 

Lloyds Bank £1 .. 7 

Sears Holdings ... 25p 7 

Albright & Wilson 25p 6 

Grand Met 50p .6 

Lucas Inds.- £1 6 

Tricentrol' ' 25p ' 6 

t Price at suspension. 


price (p) 
"' 2S5 
‘ 12pm 

. 550 ' 
158 . 
• 71 J 

186 ’ 

on day ■ 

.+ 5 - 
+ i ;. 

+;S- - j 

- — 2 

iS7fl >W78 :--{ 
high- - *lbw * 


286 ‘ 227 - Vi 

. Kaa j nKa 

-58ft ^ 


' 158 • 


- "'JUlA'i'.'''' ' 

. .Wi -.Jjf 


- 242 



Group executive changes at 
National and Commercial 

R.VNK1XG GROUP .-tales rhet Sir 
Mirhaei Herrin, at present group 
drputy rhaimian snd chairman 
nf the Royal Bank or Scotland, 
v ill become group chairman on 
October J when Sir James Blair- 
C.unynghamc mire*- from execu- 
te, e responsibilities. Sir James 
v : ll be succeeded as chairman of 
Williams and Glyn’s Bank by Sir 
Oeorge Kenyon, .if present a 
deputy chairman. Sir Michael is 
id continue as chairman of the 
Royal Bank of Scotland and will 
iiceume a deputy chairman or 
’■'.'illiams and Glyn's. Sir James 
viii remain a director of National 
pnd Commercial Banking Group 
and the t'\o member banks. 

Mr. J. W. T. Cooper, deputy 
head of information at the 
Ministry of Overseas Development, 
has been appointed director of the 
oversea.-; Press and Radio Division 
INFORMATION from July 3. 
Pefore joining ODM in 1966, Mr. 
Cooper worked on Ibe Times news- 
paper and was a regular broad- 
caster on both the overseas and 
domestic service- of the BBC. 


Mr. Angus M. Eraser, at present 
a Commissioner of Customs and 
Excise, is to be a deputy chairman 
July 1. He will succeed Mr. John 
M- Woolf, who is retiring from 
the public service. Deputy chair- 
men of Customs and Exciie are 
deputy secretary posts. 


Dr. H. J. Wincveeo who is to 
resign as managing director of 
TARY FUND on June 17, will be 
appointed as an advisor lo the 
Board of managing di recto rs of 
RANK (Amro Bank) from January 
1, 1079. 


Mr. Gerald Draper, director of 
commercial operations at British 
Airways, has accepted an invita- 
tion from ihe Minister of Slate, 
Civil Service DepartmenL to 
become chairman of the inde- 
mittee guides the COL the Scot- 
tish Office, the Department of 
National Savings and the. Civil 
Service Department on policies 

regarding ihe selection of adver- 
tising agencic.- to handle govern - 
njenl advertising campaigns, and 
on policies ensuring cost-effective- 
ness in all paid-for media activi- 

Mr. Draper succeeds Sir David 
Barra n as chairman following the 
policy of appointing new chair- 
men about ever 1 - three years. 


Mr. D. W. Bnlstrode and Mr. 
III. R. Turner have been appointed 
additional directors of MARLER 


'Mr. Arthur Walsh has been 
aopoinied managing director Of 
subsidiary company of Hunt and 
iioscrop (MiUdl^'in). 

TROL- previously a division of 
Cireenham Construction Equip- 


. h.|i.»l1 





•.-•m. tnhm, 
' urn. L'n*ill 

I ■■Ilk. tiiilil ■ 
« llll-. (■•till ■ 

■.'■mu m ulil- 
* KiirTHii -I- 
I '•mnni|iilk , 

I. Ki- 
el BO 

i.nii'l Uei. 

■ -I-U1-1 VI ,1. 

r,rsad Uei. 





IaihI SHs. 
Uui.1 .Sn». 

Mu-Ln Jr 2-p. 
VUri.k k "|i. 
U«its Jb 

:tq • - 

70 • - 

so . - 
K- 1 - 

15l S 

s - 

. IB 3 

6 ; — 
25 . - 

‘Ilj [ - 

qi* i — 
49 I 2 
29 ■ - 

12 • — 
4 : 5 

12 | - 
Sij j — 
2 J* ‘ 10 
64 I 23 
36 2 

lli = ! — 

3 62 

26>J ; 5 

9 . 2 

130 - 

, 69 

. 51 i - 

9i s , - 

: - 

141-5 - 

. 231* 

20 lj - 
. 14 - 

9 - 

54 - 

• a 7 

Z3'2 - 

1 131* _ 

• 16 J — 
10 ; 2 

6)4 I 7 
70 — 

41 'a } 7 

• 20'j 11 

• 9 15 

I 32 2 

161* _ 
6 — 
28 2 
13 25 

51; ■ ... 

I 7S 
: 40 

16 7 

1 14 

14i- , 


20 . 


I 11*2 | 


1 45 ' 

\ 32 
, 22 
• I9>; 

1 14 
•■10 • 
1 73 
I 52 
33‘a , 
! 19 ! 

I 22>a 

1 16 ' 

: idj? 

. 84 


These indices are the joint cwnpfla t ton el the FSmmcud limes, fee Institute ef Aetwnim 

and the Faculty of Actuaries 



i? *» 



,sS-' . . 

ktaK.. h.'l 

■fi t 

.r- * 

jk -it 

■ tlWi *1 *“• 

<■ N - 

»=-t 9; 

-. *■ ■ -■»- 

,%LU. 3*' 

Ti'sLaL- \z» .- 





Figures in parentheses show number of h***®* J?® 3 ’’® 

. . __ WO. . WltUUcO UU8X.I 

stocks per secoon % Com. 




Sir George Kenyon 

meat, has been formed into a 
wholly owned subsidiary or the 
Greeoham Group. Its Board con- 
sists of Mr. R. H. Cogswell t chair- 
man], Mr. T. M. S. Winfield l man- 
aging director;, sir. A. S. Potter 
and Mr. L IV. Boyd. 


Sir Mark Henig has accepted 
reappoinlmem ms chairman of the 
limited period of one year from 
Sepiember I. 


Bridon has appointed Mr. Philip 
Walker as general manager of 
BRIDON WIRE, a subsidiary, from 
July 1, responsible lo the manag- 
ing director. Mr. J. W. Naylor. 
Mr. Walker is at present managing 
director of Darlington Wire Mills. 


Mr. CUre Ridyard has been 
elected president of the LONDON 
CIATION. Mr. E. A. Crannls and 
31r. S. A. Henderson are vice- 
presidents and Mr. H. H. Caldwell, 
honorary treasurer. 


Mr. M. C J. Javkanutn lias been 
appointed a director or ALLIED 
BREIVERIES and marketing 
director or ihe beer division or 
Allied Breweries fUKl. Mr. P. N. 
Bonham-Carier. director of the 
comjiany. ha*, taken up a new 
position as director of marketing, 
licensed houses, in the beer 
division. Mr. Jaekaman has 

rviinqulshiHi his rchpon^ibiiities 

Sir Michael Henries 

as deputy chler executive of 
Harvey 5 of Bristol and John 
Harvey and Sons and has been 
succeeded by Mr. J. G. Squirrell. 
who is a director of those com- 
panies. Mr. J. J. Palmer has 
joined the Board* of the Haney 1 
companies to lake over Mr. , 
Squirrell's duties as the UK mar-' 
keting and sales director. 


Mr. Mike Knowles has been 
appointed managing director of 
OSMAN TEXTILES, a member oT 
the Tootal Group. He was previ- 
ously with the Vantona Group. 


Mr. Nicholas Hernys has been 
appointed a director of McCOR- 


Mr. R. C. de Wlart Walker has 
resigned as a non-executive direc- 
CO. because of his overseas com- 


Mr. Philip F. Banks b:ts 
been appointed managing direc- 
tor or A. T. KEA RjVEY. London. 
Recently elected a vice pre.sidem 
of the parent U.S. company. Mr. 
Banks is the first UJC person 
to be appointed ir> that position. 
He succeeds Mr. Waiter J. 
Schroeder who has been made 
chairman of the UK company. 
Air. Schroedcr will return to the 
U.S. and take charge of Kearney's 
U.S. West Coast operations in 
the New Year. 




!■ : 






- V- -St 

Unninll 1C.M.1 



-7 1-: is? 


... J 



- ft Vi 

Tlut mi*-- t’lj . 

. : - 5* TIinniL- rij«— .1 36 i;io | 2J 8^4' 73 


214.65 +0.6 1752 5.60 7.96 21326 213.49 

187 JH -01 1830 5.77 731 188.00 [ 188.41 

346.48 — , 19.85 3.94 732 346.63 

457.25 +3-6 15.02 3.88 9.42 449.94 

31739 +03 1835 6.43 730 316.04 

17525 +0.6 18.28 6.11 7.44 Z79J8 

16328 +0.4 17.47 839 732 162.60 

II lfl 'JR!? H EIHK3 WEE1 

K.I-. • - 
. r I- ij/b 

v.r. - 

JL'IO 22« 

r!i*. ! — 

K.r. - 

a c 102a '7 

F.P. - 
L'au Jb.B 

f.h. ii-e 
. - Hi 6 

*■.1' 30.6 

r.r* 77 
i\ p. 

K.P. ^6 6 
f Cl 19 
C.K. 16 6 

9- *• A«i«. I til Cm. Var'riuv C2 

I I0j. iuOji t' W'l* I ,, l*f >i 1 •rm t*rrt 

,J - u 9}o Alilini"l‘n* > Tn-H. Pw 

!i -l| hain. l IS, 4 !«*».. l»p< 

I'M|. tUOp '*• '1 • • 

«!• .Vp CM»V i'll 4;» (*mn. Cr»*« 

•<i|- i«»|( iltmllinl ilj.) MJt I him. 1'ivl 

I'ri>. ''.'Ilj Im. Ilntr ILI ... , 

W*s wi 4 > •••). M«|. 1 i» Ifcl |*rcl. Iv«w 

Ci (•■•• t'ni«i«*v K-i«. IA.CI+. He*- 

*T UiWHilritl Cri-I 

• t, M lv t- it* t* . *•)• »l.'i Irt- 

fi UU-d.t k Cm. I*r» 

I * 1 rflj Pillar A': *'11111 1*11 

I*«r 10; \ I 'll 'I* l*n*f. 

!•/: O y.iir k *H.\ !.• lot l*rt. . . . 

I >»)(, SI. .IhI'.ui 9l^ Cum. I*n1 

M l«- - II «>%<•>». In*. Ltfi.lrxs 

!•■•• )t-, ft lit* A Wkbi l?» h*i«l. I Sri- 

I I 10l*V» IA*»» «-i •«* Iri 1'ivl 



PEALING DATES of Bath and Portland. Bunuah 

F!«r Last last For on * En S Ibh Property, Western 

Dm! KC.V International,! 

Deal- Peal- Deciara- Settle- Barker and Dobson, Pentland, 

ings ms« tiou men! UDT. Britannia Arrow, William 

Jun, 7 Jun. 20 Aug. 31 Sep. 14 Press. Splllers, Premier Con- 

jun. 20 July 4 Sep. 14 Sep. 2ft validated Oil, Lonrho and Talbex. 

July 14 July lft Sep. 28 Oct 12 A put was done in Slaflex Inter- 

Fo t rote indications see end 0/ national, while doubles were 

.Shore iR/ormution Service jrran^ed in Barker and Dobson 
Money was given for the call and Slaflex International. 

■ I linn | ti'" 

7 7 I r-o|riii lob|ii" 
£60 rd ,_Ji 
- 61 uni :53iwn 

7 7 t* : « 
21.7 !k-pni. 8*|n. 
• - ' SOi'in 
113 115 

19 7 bpui' Ii'imi 

jfa 6 \i.ik ■ !la 
21;7 tipin 1 ^ini 
<SQ'6 Hi | 3£tiA* 
1 7 7 i*l! I Stfi 

LlnHil L'hvlilimls 

Urunii •,wn cal heul 

LmIUI>I>&I» Imp-TM llllk. 
CpdIp*' Mnimliiriiiriii".. 

llnliMm IVrk I it, l~ 

hw n< l-mn 1 1 Ini. I Mining 

Finn ie« Km-. 

HiifI hj r 

H— nui II* mu 

Hri Hili'ii cAii'Miuilcn. .. 

Ibmninr 11 a. mniimli .... 


. «-9». 

t00« -21* 

97 P 

12 - I 





. tUl, . . 

. ... 


491. *1 



105 ... . 

too .... 

99.. ' . . 
. 95 I 

101." 1 i* 
too . .. 

! -}■ ■ 
I’rire — 

16€hm ... 
60 -I 
44|im‘ ... 
66 ; ... 
24p|.m —I; 

SUnliV . , 

113 * .... 
13{'iii •* 1 
93 -2 

lEpin +2 


84 ] .... 

197.44 +L0 .16.89 
23039 +13 15^0 

179.73 +0.4 16.01 

12636 +U 1937 

201.06 +0.8 16.02 
228.93 +L1 14.90 

25434 +0.9 15.91 

22 +13 14.60 

27 +0.6 19.74 

.77 +03 14.62 

.66 — 10.75 

.08 +0.8 19.98 

34 +02 1L85 

.15 +12 1720 

25229 +0.4 2L91 

107.75 +03 18.87 

19836 +L0 1630 

+L4 17.46 

256.61 +03 1154 

134.14 +0.6 1736 

43220 +0.4 18.40 

20426 +1.1 1731 

436 833 195.48 

3.75 9.27 72J77 

630 838 179.00 

636 720 12504 


25335 J 25777 
196.02 194.77. 
19959 I 19732 
. 371.68 


28.65 25938 [ P-W. 1 
-13531 13721 
43L75 44223 

164.10 +L8 

18931 +22, 24.97 

21332 +42 — 

14226 +L4 13.76 


+L9 I 14.17 
+ 0.6 _ 

Investment Trusts (50) . 

Mining Finance (4). 

Overseas Traders (19, .. 

. 3.08 328 58.94 23236 

+12 1 23.95 I 736 5.78 108.40 

20922 +02 324 5.09 

10020 -02 17.15 6.90 ] 7.04 

31221 +0.7 16.60 632 I 738 

3pp iaaiag iaacs 


1 16120 


14024 14022 14134 
U3 J5 13437 137.49 

12257 12364 12528 
10.11 ] 32330 324.13 328.77 

1 8020 8020 8L09 

r J twl W >. r. '-IH-ri T I fl KTrt 



Br. Govt Av. Gross Red. 

British Government 

fra lay 




: Tlie*. j 





1 June 


! Jumt 1 

1 6 ! 

1 June 
! 6 


j Jll&ij* 

1 2 

Rcnum-iaiinp date iimisUs last day lor dralma (rw* nt siamp rtmy. bEmuro 20 -it. Red Deh St Loans f I5t STiiiii 2 B 6 sgm se 7 i>l nn, mia' -_. R 

basod un prowinis R,nnia:i-. o^ssumnl rtnnvnrf ami nelri. n korccair rtivnieufl- -vyr. *ieu. ueu « I 1 UJU 6 UP) 57.11 56 .B 4 56.72 j 57 . 11 , 57.14. 57.E2 , 57.27, 57.44 j 53.45 

16 mv«i">ait Trust p re t s . ild m |«.u .- u^ 

ajsTTpisr^sjr^ 17 Cnn "- and ,ndi - prers - «»» 7 ‘-«; «“• ’>■« »*^j »*•»-: »»! »u*j 

by "vMlW. I' 'Iiii'N ia boldvls nl urrtinary ■id-ires »»■ j " riishm '■ ** isriu-'d ■ 1 . .J 

5 ZtLH! T* Minim um lender nhuc. S5 RctnirodHced. Wlnsuert tR«temptton yield. Higds an* lows reconi, base Haws nd values and cwisiiimm {Hanna are poWishfif infUtmiar 

IS T h rf'^aniMUon nwrser or take-mrer lili Imrortucuon. H Ii«*^f1 tuiwi. a new IIh of Hie nnsihnents Is avaltabte from Uw Publishers, Uw Financial Times, Bracken Htimfl. fgmw areeL 

10 lomitr PM>.n>n<p hairjers. ■ Ailoininn lui.-rs tur lulli-oaidi. • Froriuoial London. ECOP OBY. oriee Up. bv poh 22p. ■ • 

or nanb-Oiid oUuuncni leuera. * With wnrrnDls. 

97 $ . 

FmandalTimes Tuesday June 13 1978 

* i 

' -w. 
















CT, Vh 



^LbiU SST 2 , FW<fOUo “* * U*¥ 

■- — mow*,*** 01-348 01 J1 fa Bartholomew CL. noKhsmCreu. maiBTl 

Gresham Life Ass. Soc. Ltd. 


U72 ....J 
Z23J -J" 

k 0j4 


iSSKSfe-g 3 .- 3 . 

. 172-7 
_ n j, 

— ^ 



94WC StJoneS. VUnsttoa naniiily Tuesday. 
ABMny Llffr Assurance Ca Ltd. 

f’Fd.Are-^.&fa* 290 

iSS :::; 

J awl I'."'. 

• H7j] 


— • a Prim OJ Tala RA. B'WUth. 0303 7STS3S 

_ GX_ Cask Fund 

54 :! 8 ?ifc 3 tf= 


G-L latL Ftied 

C-L Pjxy. pund. . 

Wl Peas logs Manwofat Ltd. 

48. Grocer kuroh SL, EC3P3HM. 01-833 COO 

Manured Fund 11<99 15411 . I - 

PncM Juno 1. Next dealing July 3. 

New Zealand Ins. Co. IUJL) Lift? 

Vmiland Jlouar. Soulhend SSI ZJS 07U2 02853 
Ki»i Kiev Ini-. Plan .[U7 5 MLM 

small oak fu. _ tea < 

TnrhnoftteppH. |«S 
nc.Fd .M4 

ty -On -Twines, Berea MGS-3CS 

^OMe] e 

A» v Life Ainmc« JUftf 

Growth 4 Sec. Ufa Ass. Soc. Ud-V 
Weir Bank. Bro? -on -TWines, Berta 0628- K2M 
Flexible Finance 

Landhank Sci .. 

G 4 S. Super Fd 

Guardian Royal Exchange 
01 -437 5DQ2 HeyalExcbmg«.E.C3. 01-283 71 D7 

Property Beads — 11748 1J2.0) .....! — 
Kamhro Ufa Atuuuce limited ¥ 
TOUnmHtUne.Undea.Wl 01-400 0031 

RS£f£=g £1 323 ' 

Prepftt y 

P-nra Inc. . „ ..... 

Amen can Fd WJ 

Far East Fd... ... 104 0 

Gill Edged Fd 1032 


911 -13 X 

98.7 -IlJf 
95.4 -MS 
1143 -4 3 
109.5 -O 


Norwich Union Ittianace Group 

FX) Bo« L N'Or*Hch NTH 3 VC 000323300 

Managed Pmd ... 


Equify Fkw«i-._1" 

Property Fund 

Fixed In L Fund 

P«p<ult Fund 

Nor. Unit May IS— 


U74 1344 

1522 U0,i 
105.4 110.9 

AmerirnfAcA-^. „«§3 

Gilt Edged. 


Pon.F LDcp^x. __ 

FBI Prop. Cap. 2024 





gen.^oj). Act 1403 

Pen. Man. Cap 7X1 

gen. Una. Acc. 2433 

Pen.GikEds.Cap. 1203 
Po.GillEdg.Aec.. 124.4 

Pen.Bii.Cnp 125.4 

Pen.B3.Acc 140.7 

Pen.DAF.Cap 10U 

Pan.D-A.F_ Arc JgZ§ 

Phoenix Awnruce Co. Ltd. 

*3. King William SL.BC4P4HH 01-0808878 

Wealth A« 11128 lit 

Ebr.Ph.Aa !_ 77.7 

£bV.FZiJSq£ [73.1 71 

Prop. Equity ft Life An Co.? 

1 IS. Crawford Street, W1H2AS. 01-4800857 

P- Silk Prop. Bd. .1 1788 

Dp. Equity Ed. 734 

FlraMoDcy Bd MU 

■ si-sawi 

aa e 

01-488 OR 

I E 

Property Growth Aswr. Co. Lift? 
L+oaHouae. Croydon. CHS I LU 01-88000 

Ayrow life Ammrtnce 

Ri "^ 

■■HM^Eoed. W32. 1 
S*U4k>tLCn.TJnL . K2.9 


FenJtt<LFd.--Jri_ jll0.9 

r d 'm w 
■’'“•I i* 
ni . ■*« 

-f. a. 

01-740 Bill 

r-J r 

::: “4 - 

Bod rafaps life Anar. Co. Ltd. 
asSBdnsfefid Bd- fc.7. 

Hearts of Oak Benefit Society 
10-17, Tavistock Place. WC1BS6M 81-3879030 
Hearts of Oak [34 4 383 { — \ — 

Hill Samuel Ufa Assnr. Ltd.¥ 

NLA Twr, AdiUacomhn Rd, Cng. 01-0884395 

♦Prepe ity Unto 052.9- 

Prtjperty Senes A -MO 9 


t fx 

• v * h 'eh w 

Managed Unto 1853 

01 4046044 Managed Sana A- 97.4 
Managed Series C - 903 
Money Unto 1203 

fssi sister 

Pna Managed Cap. !Ha7 

« falls 



a - i 

^^^(973 _ 

•Current unit value June IS. 

BmUto Ufa About. Co. liiy 
71. Lombard SC^SCl. 01-SZS12B8 

Bit Borne June I - I2S.74 | ( - 

C n a d n Ufa Assanuce Co. 

M High St. Patten Bor, Barts. PHar 91121 

SB 1=| = 


1. Olympic Wjr„ Wembley HA06NB 014028878 


— Pens. Eqnltr Cap_]57.7 

FencEdokr Acc_ht.& 
Passed lau Cap — V 


Property PUnd_..^ 
Property Pond (Al_ 
Agn cultural Fund. 

Acnc. Fund i AJ 

Abbey Nat Fund ... 
Ah toy SaL Fa. U>. 
Investment Fund.., 
InveaiDoalFd. (A). 

Equity Fund 

Equity Fund lA) — 

Money ftjnd 

Money PbnatAi-^- 
ArCunrle] Fund— - 

GiH -edged Fund 

♦Retire Annuity 
UnonL Aooty. 


9 All Weather Cap- 

- .nelon Fd. Ufa .„ 
Conv. IVm Fd. 

Cnv. Pns. Cap. UL| 

— Men. Pans. 1 



Property Acecm. 



SndEq.PeneiAca.. 9u| 
Indprj>_PeB»/Acc. .. 104.9 
2nd lfad. pena/Aca WAS 
2nd CjpJaaa/Aca 5M 


Pena. Prop. Cap H5.1 

Pena- Prop. Arc__f45-4 
I mper ial Life Ana. Co. of Cmds 
Imperial Bonae, GUDdtont 71298 

Growth Pd. Jane 0- 7L9 TjX 1 — 

Pens. Fd. June 9. IA2 719) — 4 — 

Unit fJnitad ~ 

Knsaaed Fnnd — 943 

FlrocffoLFd... 95.6 

Secure Cep. Fd_ 956 

Equity Tbnd |lS.9 TOO- 1 

Irish Ufa Assurance Cm. lid. 

11. Finahtuy Square. BC2. 014288153 

BfoaChp. Jmxi0 1723 1UI J t« 

Managed Fund — 

PropTMod. June 1-.|1773 

Prop. Mad. Gth. 

Sag A Shaxstm Ltd. 

SJ.Cornbm.ECa M ^23 5433 

Bond Fd. Exempt .. 093.92 MSJfcd .— J - 
Next aeajjmf dale Jane 27.- , 

Govt. See. BtL gftja m«t 1 — 

Laagbun Lite AmanMe-Og Lid. 
Langbnu Ha. Hobabrask Sr, 31W4.' 01-3090311 
lanrian 'A' Plan— 

- 14A; 

Man. Pena. Ca^L UL 


Prop-Pena-Copi U la. 








47 7 

IE. 7 

BC 9 

H 137 J3H 







* l".7| 
+ 17 


I. See. Cap. UL.. 

Provincial Life AManuace Co. U4. 
222. B!ahof*gate.E.C2. 01-2478U 

Prw. Managed Fd..[U32 11951 .... — 

Pro*. Cosh Fd. 1045 1185 — 

Gilt Fund 20 -.114.9 1235 — 

Property Fuad 9S.4 1005 — 

Srssazr® Hd = 

P r u d en tial Pension* 

Holborn Bora. EC1N 1NH. 01-408! 

0WE88JS3 EquiL TIL May 17—105.07 2SSS | _ 

..._J 4-40 Ftd. firt. May J7__(5g74 l&vS j -- 

_..J — Prop. F. May 17 PCB.45 2454^ .....^ — 

Prop. F. May 
Dellaace Mtrttaal 

Tunbridge Wells Kent 

Rci.fYop.8da J 2981 ( | — 

Rothschild Asset Management 
St Swi thins Lane. London. EC4. 01-828 4358 

NjC. Prop! l4er.«_Mi45 1ZLM I — 

" cf Sab. Day June 30 

♦Prop. Bond 

Wlap (SP) Mbs Fd| 

471 . — — 
148.7 — — 

■M --- — 


L<iB9LLP.! .... 

. Cnmit : w1m Jam 


0002 28111 

=1 = 

Ovltal Ufa Assamccf . 

Cooiatqn Hoose, Chapel AabW^on 

K£SS^ir,l ft S I 

Chntafaonae Mapa Gp.¥ 

H OMnner* Sq,t»tbeldga UB8 WE 

M.pv y»—i |i»l - 

City nf Westminster Aspnr. Co. Ltd. 

Legal & General ((fait Anar.) Ltd. 

KliKmod Huuae. lOnmaod. Xbdwnrth 
M^iai BarohHtom’Sffl 

Do. AcctjnL - 94.9 

Equity Initial UU4 

Do. Arcum. 170.7 

Plied Initial 114.9 121; 

Do.Accua. 118.9 125. — 

.' MLS m - 

latL InHtalE 
Dol Acctun. . 

Managod initial |UU 

30181 Do. Acctun 


Property Initial 975 

Do. Accum. . . 992 

legal 8 Gonnnl (Unit 7WM 
Exempt Cash Ink. _M6J 

Do. Acctnn. -M73 

Btempt Bqty. InlU_ 


S2SSS3 sssy 

Exempt Ftxod 

Do. Accnm .[IG8JL 

Exempt lined. InlLgl&5 
Do. Accimi — 1 11 8 2 

Exanipt Prop. Ink.. W-J 


Royal Innunce Group 
New Hail Piece. Liverpool. 0517*74422 

Royal Shield Fd._[l»5 J4L2f .-.„ | — 

Save A Proa per GroapV 
4. GLSLHelen'a, Lodau ECSP 3EP.-01-8M 8S8B 


an. in*, j 

Pr o perty 



85a i 

Gilt Pen*. Fd; __.-_| 
Depoa-PonVFd.t-.r-— — 
Prices on Jaat 8 
tWeekly dealings. 

Schroder Ufa Gzoepf 
Rnlerprlae Boom. PorUmooth. 
Equity Kay 18. L-W^j 


f^ied InL JuneS 

I go t 

UT June 8.„_5».4 

Do. Aecmn. 

Lefsl ft General Prop. Vi. IRtt Ltd 
1L Queen Victoria St-. EC4N4TP 0MB8087B 

life Assht- Gl of PoojaylvsHlg . I 

SB-42 Now Bond St, W170BQ- 024088388 

LAecgpnirx — . pm —! 

Ifayiis Bfc. Vhlt Tst Bfurs. Ltd. ... 
TUmnbaidSt,EC3... . UM/B 

-tita - mn — i tj» 

lie of A(W» 

■53 =J - 

Uoyds Ufa Assurance 
*0. CBftoa St, BCU fltr 

Hfl.Gtb JunoS ( L3 

DpL B Prop. JanaS .[U35 

ttfephono 01-401 «6MV- 
c— inerc fal Unlaw Gwp 

St Hejeo'a, 1, tJadarabaO. ECS. 

CenfedemitaL Ufa Inaneance 1M0 .‘nroFort»Wy.i»aadixig5Ba5ii. 

MotowMimag-r^m^ 3S9 - 

- EE 

Zl - TThe Landan ft Manchester Ass.- Gp.? 
~ The Lean, Folkintnua. Kent. 

KA S Gill June 8 H 
Mogd. Fix. JaneS.. 1385 
Macogad Juaa 3 — 1436 

Money Jane 8 1*7 J) 

Money 3 June 6 U75 

Deposit JaneS — — 113.4 
Property Jane 8— 1545 
Property 5 Jane 6— 1525 
BS PaCpBJnnaS- UU 
BSPnAceB June! 136-7 
Mn-fjjCp-B JttneB. 19SJ. 

I MnPdAecB Jape 8_ Z34.9 

FitUn t-ton-CxpB . HJ 


. 958 

nUMMi 16-1 

Monty Pm. Cbp. B . 9508 
llooey Pan. Ace. B-1955 








. 126J 


S 3 —.4 


18U ... 

Scottish Widow*' Group 
PO Bo* BOX BMnbutgh EH18 BBU. 081-868 8800 

Inv-Caah June A — W76 

80. ChtdewgrXenA WC2A1BE 

cd Fkwl 0770 

BaUtAec Jone7 — 038.7 

- — B54 

ExUtloc Jom7.. — _ 

Mgd. Pen. Juna B [26X7 

Solar Ufa Assaranee Undted 
ion* By pinca London tCJNBTI. OL2422BM 

Solar Managed S — 
SaUr Property SZ. 


Carhidtt; tonranee Gn.TUd. 

OLWBBUO kjv- Truid Fuad. — : 

P i onm t yFu nd — I 
M ft G Groapf 

5S < 
:>J j; ! > i - S ' 

Credit ft Comnntooe broMranee pora-iwoo-*— 

iao'. Regal St, Lcndon W1R6PE 01-E9 TOM Coot. DepowJ* 
CJKlMltgd. Fd.^-W26j; ' lK8|^^ - • 

Gram life Ammw O9..LUV 1 • '-Framm-aa^ 

Crown Ufa Hwv, Wnkl^OTJW IiWMWi flOaS 

A46 |SSSE?B£r— 





. rr I 1=9 ^ 


Fii.Tnon — 


if * -5* l 

\x a ' Jr-iji 



MU mlMOL ■; 
lnterT- Fd. Acc_—- . 
IntePi. Fd-loon-M 
1 Money Fd. Arcri 

ss sst 1 —* 

. lnon.; j- 


- J-Ml 

SSS +o ee e - 

American PH] 


■ Price* on tto* 







“T-- .We r e han t Xnveston Aasanmee 
Zn5 55j ; - Croydon.. : 01-8888171 



4Jg - Jinoey MjtttoU-_- 

MonevMkL Patna. - 


CrowB BrtlBF.'A’iPS* 4 < • 

Cb. XtA : 

9 ! 'caT • 

Cnz*hd«r lahnsct Co- Xtd. / . ... , .;wi 
^JtoSnBoiuiTtaiwrt; ECS. ,Cl-«»Basi 1 JJ- 

GthLFnp. Jtxto#— paz- N® 1 - roi s wiH LM. 


Sow AlHaAce Fuad HwiimL 16ft 
SnaAlIitomBauM. Bonham. 048384141 

sz «M^nsMn=i = 

8u AJUance Linked Ufa Ins. Lift 
&m ABtauceHooa*, Horsham 0483841E 
‘ ;Fknd .{1741 12X3| +Lg — 

HE 1885 Uu ..EJ — 115.5+0.91 — 

DeponUPond 94.4 IDJ ../..j — 

Meto g wt ytmd P0V2 UCtt +0-5 — 

Sam Ufa of Canada (ILK) Lift 

.ACodspnrSt.SWlYSBa 03-8305400 



m 1 1 ^ e 

— TirfetUf* Anarroce Co. Lift 

Btoto GWetoouto 

jos- : 

JJ 31 SS'? 

Star In*nr/?Bdl*B4l Ato. ■' •■.-i-IpWOrtBmiftaiam. 



Kan-Foedlnb 0015 1*7.4( 

Mro-FtarfAcc BU7 

PTOSkM-lnc. pBfS 

ySS^i^Fdl lDcJiroi 13X31 


M ghflmM WhZpt*' “ - V* 'Mstatr 
Equity ft lx* Ufa' A8s- Sac. U ft¥ : 



~o.d — 


-e- 1- 

iivtntilav s BaDk Xiialfed aanoiiace that 

^ttdtog will diange 

"f- :V^ 9 %^o' 3 jo% Vf.. : ;v': ;. ‘ 

> "... jrith effect ftom B Jf®e 

ibe intercstrates paid on deposits will be: — 

call deposits of $l, 0 OO and+iVCT 7 % 

>• •; ;■ (caH de^a^of £ 30 Q?£ 99 ?' 6 %) 

Rales olioteresteaxMsd dgrosSs of over £ 10,000 

wffl beqntdei onrequSt. . ; •- •• ■:*: . ' 



[ ; 01-636 0545 J 

*1 7_^ 1 

Li!*VrV’r -Ti~x ~~ • •- , ~ 4' . : 

Flto Ae.Pto. ,J72J ' 7M 

Bet.PUnCajj.Pen_ 481 *5j| 

HaUmiltuux.. 1235 13X1 

HatJMaMan Op , 1UJ Uf 

GOtPmt-Aee-— _ UU U7 

GUt^toCap. pS5 338 

fta^hhr— Uiad Ufa Ins. Ca Ltd. 

SBraaiBlilEwBCtlNV. 01-4868 4*7 

Toll p Invert. Fd 



XrWCTit Ufa Assurance Ce. Uft¥ 
Btodade Bonae, 045336841 



?tSr MHw«T |lK> 189.5 ... . 

Shrift Cap_E~~E mi Sm 
S srwffi AcZZZZZ 127*? 

Cto.UEp3J 119-3 _... 
a£._ 1U.4 Ui-B .— 

103.* 3f' _ 

sa=HJ &!- 

TWL-Boml 356 STM - 

-TrdVGa Send 972 .— 

lor £100 premium. 
TyndxD A»»manee(FBnsio*g¥ 

18. C a tQiig x goad . Bristol. 0Z7232341 


Prop+^ JaaeS 


3 * 


U4 2 




.Do. Prop. Hay *—■ 

Vanbnkgh Life Assaranee 

«-43 Maddox St, Ldn-WlRSLA. 01-004838 

¥ ^ S:W ~ ggi ffif® - 



Pfccad&iU trtrd — U6SJ 


Tuhrogh Pndanl limited 
41433InddaxSL.LdB.WlR SKA. 

ffl -094823 

rucu 14U 


Qu i ’ii m e d see Taa. Bftt4 Rata' Uhla. 
Welfare Insannee Co. Ltd. ¥ 

TtoLton. FOlfcwtcBe. Kent. 6JKIBI8S8 

rohr la fie Londog A 
■ Ksnctoater Group. 

Windsor life A«n-. Ca Ltd. 

1 1 High Street, Windsor, Wladaor881« 

LRv tny. Ttoax— — |ML5 7U 



Abbey Unit Tst„ Mrto. Left l» Gactmerr Fund Manager* ¥ faujci Perpetual Unit Ttust MnjTTui.* lai 

Ml. nalrhonxe ltd . A» lesburj 

Alihej rnirilDi [33 4 

Ahlvy Inriimi- J38.9 

Abbey lm Tu Kd. [33 4 

Abbey Ucu.Trt - r951 

028650(1 XSL»ioyAa*>X^4*IMF 

34.S4.PH 4 06 .' f ,Mneri«u> 
SliJ.OU S 73 EnlLsfi Td-I 
37 7f-0y 41» 1 -immodKy 3 
48d*oJ 3.94 i.-FarFjuB 

Allied Hambro GnmpV «8Mg) 

JJnmbrDJlM..HiiiJvjj. Brrn'«™«i, Hxu'jl 
01-ata 28S1 ur Brentwood tOZTTi 211450 

RibHri Fonda 

iiuJi Ttl Wf • . 

totodtty S*“ f T 

,. FarFtot TTu.'L 


Inrow Fuo° - 


Intl Exvnpt r«i 
tr.InTl Trt-lArc *... 




33 0 





33 9 

J3 2«| 4C|| 
590i -OS 
171 7.d 4.I8 
35 si -0 2 
42 91 -01 
77 lj .0 5 
94 3) -*02 
V>% '05 

01-2X1X531 4R Hanvt .Henley "bThamev 

0 BS 

WSU 1 * CfiCT 

l’*l*4uaJ(ip illh. IW 3 *a7I . ...! )K 
Piccadilly Unit T. Mgrs. Llft¥ (SUM 

Unrto ip IT'** %> 1air.dnnW.iil E> ~Z 

129 4 


Extra Inrnrnv . 

Snwli ■’!> ■ Frt 
’’apalnl Fluid. 

| ..I Em* A Afcaeti W5 3 

Allied lit . 

Hr it. into. Fund, 
i.’rth £ in* 

63 1 

Elect b Ind Dev 1330 

Allied Capital. 

■pi lai 

Hambro Fund 

In w Fund* 




494 .OK 
44 4* *0 5 
3*4 .02 
333 +01 
74 3 .OS 
111.3* .10} 
1268 .IQ 

High Yield Fd 


« hlnerxne 
Eq Inc. 

IWctroriaml Itsk 
Secs ni Ara-rtfi. 

1‘nctlic Fund 
NfvcUUrt Fund* 

■S ms live Co ■» Fd.....B5« 
2nd Snilc. Ce'a Fd. - 435 
Hectwciy Kill.. . 14 8 

MsL Min. A Uttty «03 
Ovecacu Eominc* 574 
E*pt Smir. Cog. . 4DJ67 


41 d +oi| 


471 *0.7| 

Gibbs (Anlonyi Unit Tst. Mbs. lid. 

23. Bntnlk H S 1 . *■> oiSSHtl! 

ia».V«i.liW«to- Ml 2 taa (g 30 

,a-A.<: ClWrtlitT. [382 41 H 680 

i«ia C. Far £."««■ Il31 MEl+OW 
Decline -Tukv. tilted 

** Gevett (JOhaW 
77. | torion Wall. E '■ i 


5 32 

Pm lie Fund 
.VcunUr Fund 
TrehneivS* Fun-1 
Fur Ea*-' Frt 
AiuenrttiFund - 

34 9 




313 -2 a 
39 5| -i 1! 
CS5«» -- h 

37 5 -2 21 
43 > -4 
58 Oej -3 

27o4 - 1 

5 35 
4 53 

1 st 




033 Practical Invest. Co. JUd-V (ykci 

4-j. RJomnvhurv >q V.L1A2K.V 01-GSHOC< 
Prjclicrfi June 7 [149 5 133 8! i » 17 

BU4 22451 . 

S'hldr June?.. |1347 WM 

Do Arrow- UoP Imxo 17D q 
Seal npjlin: >1.11 lunr TS 

01 ..vw .vch * ro * Caitx. 

C 17 








Grtewson Manage rue at Co. Led. 


37 9 
44.5 . 

89.9 +01 

228.1] +0^ 

4 56 

i.vrpum L'nltji 
1 vrnnn. Unto'- - 

Endeav.JuaeB. . 

I vrcuiri Unitai 
Cnwhttr Junes- . 

1 ArcunvUnilf-l . 
Ln gRraia. June . 

lAcrwA. Uiutsi -- 

201 I 
1B2 4 



183 « 

190 7] 

197 Si 

1<M 2d 
. imtlisaz' 

74 of 

J 81 

Provincial lile !nv. Co. Ltd.9 

V" Rubnpssate. F.' 'i nT WTBfiC 

iTi.lillpl nils . |54 8 90H^]M 303 

1M? .P’f 734 

Ltd.¥ lahbNc) 

t!-MC8XX r 

prudential.... (1245 1»« -J ® 448 

H:>:h Inmtne 

[no a 

213 71 W T21? Prud! - 

2JI6| * ' j 4 37 IWhErilWtR'IMMI 

Anderson Unit Trust Managers Lift _ „ . _ .. .. 

138 FarwhurrO St EXDMPAA 83 8331 Gnardian Et - I. nit Mbps. Ltd. 

Anderson UT. |48S 5l9| . ...] 440 

Ansbacher Unit MgmL Co. Ltd. 

Rovol Exehancr. E»7nt‘ ni 
lae'iCuardbUlTsi in 2 

1 m Quilter Management Co. Ltd-¥ 

1 60 The St W E+ctonse.LVi': 1HP ' CUttUtT: 
2 “ Qw*amiiec.Fd .1107 • l!Q4j ... I a 61 

^ - 4<3ilirsr.i In-rumc 2 130 2| . . . j 8 00 

3 96 Reliance Unit Mgrs. LkL¥ 

RplUneellte TunbndrrWeD: Kt. 0P9223371 

V 3 BiSSS?P:SSr..B 0 S 5 -J IS 

W4f+0 5[ 4J6 s.-v*,mip T 1 ni* lel-0 439i-02l 5*0 

lnr. Monthly Fund |16S.O 

17S.M .. 890 

Henderson Administration¥ raKcHg! „ i m 
rrondar XT Admit. MLnie, fi hR«d i.uium. R»«* S ef.eld Management Ltd. 





2061 +0 1 

Arhuthnot Securities Lid. (axel 

Xt. Quean SL ! Auden EC4R 1BV 01-23671281 

Halm Incomp Fd ... 1048 112 7 M -0 3] 1134 

High lnr. Fund ..... 41 0 
OtArrum Units! . . 55.0 
<B<j a <v WdrwI.Uu 550 
Pnimwt Mind... 25 J 
(Ac+unv Units) .. .. 17.7 

Capital Fund. 104 

Conutiudky F'und . MS 

i.Vmira. liniLu SI 3 

iliPv w'.irwt U.i ns 

Fln-bPropFd. 17.4 

Giants FYmd (0 6 

1 Actum. Units)-,... 46.9 

Growth Fund. Si 

(ActSBL 1'oitst 390 

Similar C o's Fd. ... 27.4 
Esam U Ind. FA 247 
t«% H-iiiwrULvi . 194 

Foreign Frt M.l 

N. Amur, b InL Fd J29 

Brtnlsnsl, Es*\ 
**.*. F«ad* 

Cnp. Growth lnr 




9L1 , 



49 9] +01 


421] *0 1\ 
1 -0 > 



('an Growth Act 
lacoaeb Asset* 

High lpcowr Ftad* 


Sestar Fund* 

6)9rt -Oil 
UM * 

(Er:.-17 2M Pj Bc\ -1 19. »4‘3 Kecnedi SL_ Msncoeslcr 
ucjl 236KS21 

. mdcetielu InL LT I96 0 103 Orf ... .f 3*2 

jjJ Ridrrficld itiromp.|93 0 99.C«A ] 1049 

619 Rothschild Asset Management igt 
724*). i.utfh'luM- HJ . A>lC!burt 0234 HU I 

0 4| 



N C Equity Fund .[171 6 

Financial b ITl' ... |M J 

r— Oil b Nst B» 

*g «:13 



115 0 





J7W+06I 179 
42d-03 501 
T7fl.l3 349 

Est> Rc'.T si. 

S lni-«*n» Fund 145 9 
S ■: (nil Frl. (lnr ' 95 3 
N C. InU. Kd CAr» . 953 
N C. Srnllr fujs Fd 15X7 

Archway Unit Tst. Mgs. Lift? (aMc) 

217, Rigti Holborn.WClV7NL 01-01803. 

Arebwny Fund 1*2.9 Rid 1 5 87 

Prices at Jam 8 Next sub. day June IS 


1( » Hill Simne) Unit T«. Xgrs.t tat 





Barclays Unicorn Ud. (aKgiffc) 

Unicorn Ho. 232 Rerrtard Rd. ET7. 01-934 5544 Cbl SaCurt tgj'rufa . 

(hi British Trust.. 
(yilnt'ITrnrt . . 
rgi Dollar TTOrt-— 
ibi Capital Tmrt 
1 hi FIn+nrial Trust. (90 b 


Unicorn America... 

Do. Aurt. Ace 


Do Capital 




Do EronwtTrt.. 

Do. Extra income - 

Do Financial 

Do.tOO... ^ 

Do Genenl — ..... 1)1.0 
Do. Growth Aec. —..(40 7 

Do. Income TsL B«5 

Do.Prt. Ans,Tst_pi372 
Price* at May SO Next sub. d 
3 45 * 







ihi Income Trust 
Tnu . 

ibi High Yield Tst... 


Rothschild ft I.owndes Mgmt. (a) 

St Swum ns Lane, Ldn . D-4. 01-G6 4756 

New CX Exempt . .1072.0 129 0] 1 3 61 

Price on May 15 Next deoling June IS 

Rowan Unit Trust Mngt- LuL«W 

City (Isle Hm . Finsbury Sq . B22. 0I-C06 llWS 

7 63 

encon Junes - |7lj 74 5} . 
unties June 8 .(166 0 175 V 

h Yield Juoc3. .K3 2 55 8).. 

mm C'r.ilsi (76 0 80.0j .. 

X037| ' 

DO. RecorefT. > 

Do. Trustee Fund 

Do. Wldwide*... , 

Btxi-in.PW.Dic. ] 


Baring Brothers ft Ca. Ltftif faMx) 

181 T rnrtrnholl ilt . r T* 9 

Strati on Tst. 1170.0 1773 — J 437 

DO. Acottn. fc 0.8 2183 J 457 

Nqrt suh day June 3. 

Blshopsgate Pro g ressive MgmL Co.V 
9. Blshopagate. KC2 

B'gatePr.** June «.. 11*0 J 19ZJW I 404 

Arr UU.-Junea-. B15 J 229.3 J 4.04 

B'gate Int May 31 ,. Sn.7 184 3....] 134 

(ACeumJ May 21 .—..{191.6 203.91 . ..] L24 

Next sub. day ~Junn 13. “June 20. 

4e<t. -6 2 

1330»4 ... H , 

A men con 
Sec ur liex June 

80lt lAeni . . . 

539 Merlin Juno 7 

I j J i Accum. Units' 

= “ Royal Tst. Can. Fft Mgrs. Ltd. 

476 M.Jcnnyn Street. SW I. Ol-fiSKSSS 

7 78 CapiUlFd ..168 5 7X3[ } 361 

5J4 Income Kd. J7X9 76? [ 732 

8 0» Pricey st Miy 31. r.ext deshrts June 15. 

t-g Intel p (ahg) Save ft Prosper Grocp . 

4»7 13. Christopher -Street. 8CJ. 01SC77343 4. Great SL Helens. London EC2P -tEn* 

620 Intel. Inv.FUnd.... |87 2 44 0| . . | 625 68-73 Qunen St. Edlnhurih EH2 «NX 

«» Key Food Managers Ltd. laiwi prunes to oi-sh moo or oai-ssa TO 
sS 23 MHkSuBCVBiE oiAooTtm Save ft Prosper Securities Ltd.? 

key Enentylc Fd-IJlS 83 51 .04) 334 lntcrnsttmuJ Foods 

Capital 137 1 

ITU... _ 25 0 

Uni) Growth — ]683 

Inrrraslqg Income Fund 

^toij i“ Kiel nwert Benson Unit Managers? 

65.0d+ai 4.84 20.FenchurriiSL.ECJl 01 -623 aril K^hRdurn 1660 

743 +03| 4*4 KB. Unit Fd. Inc. ..184 9 9X31 .... J 509 Income Uxo 

♦JL8 UaWdAc....(lOtO USJ....J 509 , • K. Fond. 

K-B. Fd. Itr» TsU. ._ |S52 S96| . ] 447 107 

01-ananp L ft C Unit Trust Management LtftV riSST 

The Stock . Echanpe, EC2N 1HP 01-588 2800 Europe g6 2 

LAC lac. Fd 11365 140 81 ....J 7 65 {*•' 

LACInll&GonFd F96J 99.B| J 2X4 LA. P12 

Lawson Sec*. Ltd. Via ho E 6.4 

01-3888280 (QGoorgnSt-, Edmburch EH22JI1 031-2203811 Energy- . (703 

al Sees. — |73 0 

717 *0 
1124a +0 
302 +D 
642 b *0 
29 J .0.1, 

33 5 .Oil 810 
44 4 +0 51 4^1 
91.4 +05 6.04 

144^ . ..J 5 02 
June 30 
+<1| 558 

C«y Small C»k Pd. .{95 9 

[73 5 







S3 li 

W 4 










73 6] .0^ 




56.6|+0 2| 7X8 



4691 +0X| 4 75 







) Raw Materials-... 

ft Accum. Units l 

•Growth Fund 

1 Accum Unto' — 
tp iut a nd WarninL 

Bridge Fund Managenfiagc) SJScmUrittiT — 

King William St- EC4R BAR 01-4234951 “High Yield 

American &Gen4- 


Capitol lnc.t 

Do. Arc. 7 


InJemtl. lnc.t 

Do. Acc.t . p7.i. _ 

DMBM •Tuen- IWed. gTbura. Prices June 6/7/8 

27 V 
54.7 a 



• 1 Accum. Unitsi . 













74 9 








RlRb-3Dnhnum Funds 


Deal ttMon. •Turn. rtWed. tThurs. **Fn. 

Legal ft Genera] Tyndall Fuad? 

18 Conyage Rend, PnxtoL 0272 32241 


2 !#o Selert j weraa t — |26L0 

Scothits Securities LtftV 

tTm Scot bits pox 

itm ScotyjeJd p96 


8311 *051 388 
75-9*0 y 1.76 
8.93 *0.^ X94 

175 J 33 








SrtXshans p6.B 

Scot. Ex. Cth-6 2413 

ScocEx.Yld.*8... 1165.6 

D lx April 12- [558 

• ^ - itsi [722 

(Accum. Units' ._ , 

Neit sue. day June 

Britannia Trust Management /a) lg] 

3 London Wall Buildings, London Wall. 

London BC2M SQL 

01 -S3* i>4 78 04 TV Leo Dirt— 
7671 *0.41 3X4 too Accum. 

Exits 1 

Far East. 

Financial Secs. .-] 

Gold A Generol L_._ 

Growth [789 

inc. it Growth 73J1 

Inn Growth 1616 

lnvnd-TU-Shares _ 47J 

Mi n er a l s *.8 

Not. High Inc 792 

Newlrow- — 35a 
N mthAxnwican — 

Property Stoics _ 13X 

Shields. g.4 

Sta tu s C h x n g n 305 

Unlv Energy ___. PM 


Leonine Administration Ltd. 



Prices at May 24. Next sub. day June 14. 

S 17 Schlesinger Tmst Mngrs. Ltd. (XiUI 

(licorpomllnc Tndent Trusts 
J-rfl, South Street, Dorking. 

Aid Ksemcit 

i Duke St. London WIM8JP. 01-488 SOB 1 Am Groulh 


* 0.8 



4-m Lloyds Bfc. Unit Tst. Mnsrs. Ltd? lai 

Registrar's Dept.. Gonng-by-Sea, 
Worthing. West Sussex. 

Exempt H:ghlTd.. 
Exempt MW. Ldn _ 

Extra inr.Tfl 

Income DuJL 

Inc. 104» WdrwL — 

First (Rained.) 

Dn IAccum.1 

Second i Cap.) — . — 

Do I Accum.) 

Third ilncemet 

Do. (Accum-) 

Fourth (Exlnc.) 

Do < Acctun.). 









Kiri *-0-21 
73.6 +0X 
55*« *0 4 
70J *0J 
86.9 +C.6 
119.1 +«i 
62.9n +02 
717 +03] 

01-823 1288 intnl. Growth... 









lev. Tst. Uni is 

Market Lenders. — . 
•Nil Yield' — 


Property Shares.... 

Special Sit. Tat 

tfK. Gi 

Gnh. Accum. 

U.K- Grth. DtsL 

2-g Lloyd’s Ufa Unit TsL KngiB. Ltd. 

72-80, GalebouseRiL. Aylesbury. 

i£ * ft G GroupV (yXcKki 




Thro* Quays. Tower HUL BOH 6BQ. 0108 4588 
k Ex 

02986941 120.Cheaprtde.EJ 
• Capital j' - 


450 Equity Accum. [1575 165.81 .....l 4.04 Catdui j u ne «1- 1 11 02.4 106 la( 


See also Stock Ksri ia n geJPealings. 

The British Life Office Lift? (■) 

Reliance Hso.. Tuabrldge Wella. KL 0882 23971 

BL British life [49.4 5RV +0.41 5 66 

BL Balanced* [45.9 49jl .... J 5.61 

BL Dividend* (42.2 .45j] J 9.40 

•Prices June 7. Nexl dealing June 16 

Brown Shipley ft Co. LtftV 
Mngnr. Founders Ct- EC2 
BS Units June 3 ___H14.4 
De. (Aec.) June 5 — PH.I 
Omsk Tt-asta la) _ 

Financial — — - — (34,4 

issr- 51 



23101 +L9) 

297.3 +1? 


I9.7| +OII 


Growth Ac 
GtowCh Income— .. t 

SMI • 

mat ron- 




R eco v e ry— P 

Krmpt- June 12— |! 



26.71 +8X] 




4 B3 


65 M -0.1 
60S -n.i 

Capri (Jazuesj MtzgL Lift? 
lDOOld Broad SUEC2J4 IBQ 
Capita) 1*5.0 90, 

income . 

253 (Accum Umlsi 535 

Australasian Ms 

fArdur. Unitsi — 555 

CrvTurrodlty — SI 

(. Accum. Uiut'.i 989 

Compound Growth. UU 
Conversion Growth 635 
Conversion] oc. — 6X2 

Dividend,. 117.0 

tAccum Unitsi 221- 9 

„ . - , European.. 491 

01-600 8SCO (Accum. Untoi «9-7 

4.72 Extra Yield. 142 

/Accum UpiLm ..... U26 

Far Eastern 54.6 

(Accum. Unlls* 59.8 

Fima of Inv Trts — f'lX 

(Accum. Units. 143 

General . — — 167 4 

(Accum. Unto*— 2556 

Rich Income 99 6 

(Accum Unitsi 167.6 

Japan Income 1500 

(Accum. Untoi 151X 

Magnum 205 T 

i Accum. Unto. 36.4 

Midland — 1639 

(Accum. Unto’ 2702 

Rcehcn . BOA 

I Accum. VniLn QJ 

Second i Jen 1678 

(Accum. UnlL'-i 254.9 

Special 1610 

l Accum. UnlL-i .. 12025 

Specialised Fund* 

01-9688010 Unitsi.’” 2271 

_ 4 8-79 Chari bomi June 7_ 1086 

JX j OWJ \ 7X3 Chan Id. Junv'l 1£8 148IH 

Next dealing June 2L (Accum. Unu-u _[l805 M3X] 

Pent Ex Jam- 12 — 








Canada life Unit Tat. Magrs. LtftV 
ze High SL. Potters Bar, Herts. P. Bar 51 122 

Can. Gen DU) P81 «XJ +021 4X5 

Da Gen. Accum -. — M6J JW +t>Xf 4^ 

Da Inc. Dirt. B32 34.9ri +0J] 7.77 

Dq. Inc. Accum jc.4 4S7] +05^ 7.77 

- 0.11 

106 a ri 
160 5 rt 

29fc j 
215 7| 




J. Henry Schroder Wagg ft Co. LtftV 

. . . 823 

123.9 128X ... 

0 1896a _ 

ZSZ0 .. 

87- ... 

107.6 .. 

325a .. 

359 . 

J73J ... 

250.6 ... 


neome June 8... 

(Accum. Unitsi—. 

General June 7 — 

Ut (Accum. Units) — 

Ut .Europe June 1 306 

1.79 lAccutc. Unitsi M l 

i;79 -FlenaOwrFdAtiB 1680 
4X7 *Spec £». June 7 — J43X 

4X7 ’Recovery June" ..[U95 

j.71 ’For >*t exempt funds only 

Scottish Eqaitohle Fnd. Mgrs. Ltd.? 










Prices on June 
Caiiiol Unit Fft Mgrs. LtftV (aHc) 

152.8 +0 2! 
7»S coil 

1342 242.6, 

kUlburn House. NewcBstle-upoivType 

Cor Hoi 168.0 

Da Accum. U nlta ... |BL5 

^ :d 





38 SL Andrews sq_ Edinburgh 031-5569101 

loc-ianc units 150.0 53% J 1M 

Unto 157 0 60.7J — 1 5-10 

Dealinc day Wednesday 

8X6 Sebag Unit TsL Managers LtftV .la) 

L22 PO Bo* 511. Bcldbry R«l, E.C4- 01-230WO 

IS Sel tag Capital Fd -PBl *7|-rt]l| 383 
Scbag l&cnme Fd. . POX 317] *02) 825 

Security Selertion 12ft 

1S-10. Lincoln's Hut Fields. WCS. 01-831 6SB6V 

Unvi GlbTsl Acc — Q4.1 25.7} I L» 

Unvl GthTslInc — pLO 22M - -I 2X0 

^ Stewart Unit TsL Managers Ltd. ta> 

3 99 45. QterloOeSq. Edinburgh. 031-2283271 

tStewatt American Fund 
SUndam Units 1672 7L7| | 135 

a'Ji Accum. Units 72.4 77. 

JS nUMnwal UnUa \536 57. 

-Stewart Bridah Capita) Fund 

4 28 Standard |1S3.6 145% — J 4^ 

4X8 Accum Units 1533 166^ — J 4X0 

Dealing IPtt ’Wed. 

(50 Sun Alliance Fund ittngL Ltd. 

Sun .Alliance Hae. Horahom. 0*0364141 

”» saflffias^ig ? 1 vt 

5.89 Target TsL Wngrs. Ltd.? (»Kgl 

Deal i ngsi 0296 SOU 

SeJ = 

at :'“”1 

Mann Life Ma nw g rro ent Lift 3L Gtrobsm st_ eca 

SL Gecirec'r Wav, Stevenage. 0*3856101 Targri Qwuawdlty KJ 

Growth Units 15L3 54.00] . ..J 425 gSgf ^ J ga 

• 42 Mayflower Management Co. Ltd. TwtExJneT'._“: ssu 
842 14/18 Gm.luini SL. EC2V7AU. 01-608MW S®aAec. Units... .233.5 

B 6 4 ^3 r.i 

Income Juno 7 
Ccnvrul June! 

ox-588 ibis Merrnry Fond Managers Ltd. iw rteYnv. Units 

- I -1 *•» aO.GrwhsmSL EC2P2EB. 01-6004585 1*^1 ig -gsr a- K. 7 w 

- JaiSlL- Merv Gen June 7. ..1183.7 1954} .1 4X5 TmijrtFr J D n*7_B60.7 


2X4 ‘ " 

Accum. Units— — .084 

CJ. Income ( 


CJ.Btro.Piii 282 280j 

Accum. Units SC .4 32_g 

CJ. Fd. Inv. Trt___ 27.7 29 «_... 

Arcum. U ults 31-2 33% .... 

Price June 7. Next dealing June 

Do. High Yield, 

Da Acc am Units.-. 

Next dealing dale June 14. 

Charities Official Invest. Fd? 

77 London Wall.ECSN 1DB. 

to Rag Oiaritiea J uw* 1“ S.6 »{ 

Charterhouse JapbetV “i 

T. Poteroosuo- Row, EC4. 01-248 3860 Blare EiLMa> 3S. -&4 1 223 0 

r.I, lnt*m»C1 [24.4 26J| J L9J AccumUL A|-rr7.PS3X 266 i] 

Midland Bank Group 
3.93 Unit Trust Managers Ltd.? (a) 
3.93 Courlupod Hnu.^, Silver Street. Head. 

3.73 Shetlield.Sl JHLL “ ’ 

•■i* Commodir i ■"••» -|648 
I». Accum — 7 *7 

Chieftain Trust Managers LUL¥<a>lgl . " «b 

1 1 New SL EC2M 4TP. 01-2832632 Capital »■* 

American |(U24 j 4 26^+0^ L53 Do. Accum . . . - [W.7 

High Income K»7 438+0^ 9.43 

Internaii anal Tst — 26% +0X1 3X5 Resrce. Tst-PKj 28.71 +02] 4X5 

Target Inti -132-6 


64.9 +05] 

216 4n 
127.7 +0*1 
J04 +cij 

jli -oa 

M.7 -03 
3XJ>= -OJJ 
31.3 +0j^ 
15 S . .... 
202 -OJ] 

5 99 

3 co 











_ - fa* 

ouivme Do Accum ^ 

01-3L.0282 Equity Eae»w |MM 

Do. Accum p ~ 

■Prices ai May 3: 

Income- ■ 
Do.Accum . 
bo Ao-iim 
High Yield . 

Ccyne Growth Fd. _{llx 

5-S Target TsL Mgrs. (Scotland) (a«bl 

18. Albol CrroceUL Edln. a 031 -S2> 8821 S 

Tarcel ^ner£ogle(aX 30^ J L25 

Target Thistle.—.. HO 0 43.0a *0Jl 578 
Ex^a Income Fd. „.j»0 634] +0Xj 10.06 

Tai:C7427»c Trades Union Unit TsL Managers? 


IS 100. Wood Street, E.C.2 01«J8601I 

3JS TLrt.T June I 150.1 534] . . \ 5X0 

TraoRgUantic and Gen. Secs. 0.0 
jjc PI -09 New London Rd. ChebnUordOWSSlKl 

Mlituer H*e . Arthur SL.E.C.4 

01 -623 1050 j] u4 boro JuneS 

Minster June IL — IB3 37X1 -0 41 557 .Accum. Unite 

- 31 . . fM.7 94J7J | 

Confederation Funds MgL Lift? (a) 

50 Chancery Lane, WC2A1HE 
Growth Fuad |4L4 43X] ..—4 4X7 

Itomr Mtem U* 

CoanopotiLGlh-Fd. |17.9 19^ . ..] 4.75 

Crescent Unit Tst Mgrs. Lift UVgl 

4 Melville Cres. . Ed) nburgh 3. 

Cruceol Growth— 127.0 3S _ 


Crr*. Hcscrre*. (481 43.0+0. 

Cm*. Tokyo. , . - -I — — 1 — 

Dis cre tio na ry Unit Fund Managers 

32. Blonrfl+ld SL. EC^d 7A1* 0I-63844S5 

IMKtarome |MZ5 173Ja| 4 


6JO lAcrora. Unite 1.— 
2X9 Barb Expt M^y 31 _ 
*39 PuryJTL June H .... _ 

lAcrcm. UfliLst ...... 

5-49 /Acctun L’ Altai- — 
5 49 CumJd. Jm>c7 

Next dealing June 30. .Accum, Unite. . — 

5.48 Van,Gwth.Junefl... 


















54 a 








53 4 


60. V 






75 5 




47 9^ 


64 0 




ea a 


78 q 

5JO Mutual 6 

Nailonai and Commercial 

Exempt Mar 3 1 

031-2304831 Ml .A Unit Trust MgemnL Lift 
*0-11 4.M pld Queer. Street. SW1H9JG. W-W0TO3 

S55 MLA Units- ■ • • Mi 4161 ....j 4X3 - 

4J6 Mutual Unit Tnurt Managers? nggi .ViSm. u «? T 

— 15. CoMhnl 1 A»w„ EC2R7BU. 01-0004603 V.lckDl. JulW 8 

Mutual Sec Plus- -BIX 551J+0IJ 6X6 Do.Accum. — 

Mutual Inc Trt -~|H3 TZ% . J 7XS Tyndall Managers Ltd.? 

^ 1 la.rauyTWeRcwd.Bri'do' 

E. F. Winchester FnnC Mngt. Ltd. ™*lon*; 1 „„„ !SSK' ittidB 

SS2S US ss-is*- . Si SlI - I f.S? SSSftS— Ki 

347 canyngeiuneT — K96 
ld^ (Accum L'nlts.1 

40. Grac+rhur- h SL. EC3P3HH 01-6234200 i^^uJitoZzTpi'i 

N.P.l.GthUnW- HSO 47 Jd J «.W ScPLCspJuneT „.n«.D 

(Accum L‘«ui*-* eJ9, 533 -| 4 DO (Accum. Un:Lo — 160.0 

KWCrwBte Tr.irt_.M4A 13ig .... J 260 ■— ■ " 

.Accum. I nto -*-lp29 14071 J 2.W 

Tncc' t>n May " Now dealing June 28. 

*Price*i or Mai 17. Next dealing May 31. 

National WetdminsfertHai 








6 95 












GL Winch'd 

!»*' KP 157 S --4 ‘S 

tAom. I oiLk- ~SM2 2J6M 6t 

Cap( May 61 . - 1^8 1284 ,._.J 3.4 

Fmmn ft Ondfer Tst MngmnL Ltd. lA ’ ruTn |ln,ll “- ir 51 ?. ^ • -4 3 *I t ? n ? T, P* 1 

S^cL^USSl ™01 -488 7551 NtM^» ; M.gRU« fflai 

E2moo Dudley TsL. ]64J 697J I 350 

Eqnitas Secs. Ltd. (a) (gi 
41 BiobopogKe. ECS 01-5882851 

Progressive .—..[672 7894+05] 402 

Equity ft Law Tin. Tr. M.V iaMhMc) 

AuenhM) Rd.. High Wycombe. 049433TT7 
BqdtyftUw 1665 TOO] +0.41 414 

Frxmlington Unit MgL Lift (a) F«r« inc .... - g j 

5-7. Ireland Yard. ET4R5DH. 0[-Ma«m ^rtbuU 



Capital Ttt. 1175 

Some Tst. 103.4 

InL Growth Fd. XD9S 

Do. Accum. [U3X 





Income — • -]S5 

rorrfol icin' S-d - |“' ? 
L'ni'-eroul rrt tn' 

ScoL I lie. June? |16L2 

londoe Wall Group 
CUp/cai Growth.. .. [g5 

Do. At-rura — ” ' 

Extra Inc. Growth 


Financial FFrty ._[ 

... CKJ Arcum. 

5M High Jw. mwiiy.-l 
4.99 Inlemnuonal-. 



117 C 
165 J! 







4 03 

7 74 

654 Special Sits.— ..... 130.9 

87 JJ -OJ 
89J -0J 
432 +01 

10 M 
96J| +0.21 - 

175 *0J 
21X +0.1, 
67 7 -0.1 
34.9 .... 
35 0 +4R 






70.1 +0-3 
389 +02 
96.5 +06 
38.4 +0.3 

52 TSB Unit Trusts LvI 

ZX6 VP T Triitl Manager? IXda tsHo\ 21.ChanliyWay Andw.-er. 0264 82188 

2X6 NEL Trust .'nanagers LULV UK [gl Dealings to Q3W ©45S3 


Arhuthnol Sernritirs iCX) Limited 
P.O pox 5M. St. Helier J.-rtc; 053472177 

Cap.Trt. iJ+roe* 1 11150 119 Oil ... | *ao 

Mrol dea-Mnr ilii'c June 20 . 

Eau&ImlTrt.,ni..|lU.O IXM 1 

.%'«! xuh June 22. 

King ft Phaxson Mgr*. 

1 ChnnncCroH. SL Hcllec. Joriey. (083*1 W4I 
Voile, ifi - ~ ~ ‘ ' 


- ..*e. SJ Peter Port. Gnus. (IHSli 24T0B 

1 Thomati Slree^ Douclns. 1.0 K. 10624)4*68 

GiU Fund ■ Jenry).. 
filllTni*! flo.M 
GUI Fnd. Guersac; 
loll. Cert. Sen. T«L 

Flirt SterliOE. 118 13 

First InU I IB) 83 

18291 J ~ 

lM.74j ... J - 

Klein wort Benson Limited 



Australian Selection Fund W 

Market Oppart-jnidev r o !n'h YounG 
'‘hiihsalic. 1ST. lirtii Sr. Sidney- , 

USSJ Shares. . I V.S153 | J - 

Net Asset Value- 

Bank of America International SA 

[35 Boulevard Royal Uii.Tr.bojrg C D 
Wldiarost Iqtonte JR 'll!;; L1Z53I - J “9® 

Pncet al June 8 Nrx: sub day June 14. 

Bek. of Lodn. ft S. .America Ltd. 

140-88 Que*= VirtorMSi .«■;< oi«a»i- 

AlcxioJcr Fend .,‘Jl , S7.‘i _ [ J — 

N« aisei o)u,- June 8 

Basque Bruxelles Lambert 

|8 ftuc De la Hegenee 3 :ooo Brussel* 

Rcuu Fund LF [1850 ].W7| I 787 

Barclays Unicorn tot iCh. Is-) Ltd. 

1. ChonnKCruxa. SL, Jr»>\ ttD4 73741 
Oiweat Income KB 5 52.0) ... J P,® 1 

I'aidoilorTrurt DM . -- 4 IS* 

Untbond Trust RIT.NCI UCJfl --I 8-00 

■Subject in fee one tn : I-. holding tues 
Barclays Unicorn lot. (Z. O. Mas) Lift 
1 Thomas SI. DoofUa I o.V. 0K44ft5« M ft G Group 

S Thrrc Quo;'a l Tower Hill FC3R 8BQ. 01-838 1588 

20. FenchurchSl, EC3 
eurtrreo; Luo. F. 
Guernsey Inc 

Do, Accum. . 

KcfinU Fund 

KRJapah Fund_ 

K.B. LLS.G«rth Fd.. 
Mxna Bermuda.... 
•Lnifoud* : D-W».._ 

633 W 67^ 
WZ 63M 


, 51-S1L96 

S54® - _ 

1845 19.40] 

01-823 8000 

0 75 

KB act as London paying ogenu only. 
Lloyds Bk. (C.I.I LTT Mgrs. 

r O Box its. SL Heller. Jersey ASM =75R 
Uoyds T«I O seas. |S5S 58 4| . ...] 2J» 

Next dealing dole June 15. 

Uoyds IateraaiiooBl Mgvmt S.A. 

7 Rue du Rhone. P Cl. Bov ITS. 1211 Geneva 11 . 
LlardaJpr Growth. |SFJCS0 JMRI . ..[ IR 
Liytuiptmc Israsa nuol lm 

Unicorn Aurt. Exv VS3 3 

Do Alia Min 

Do Grtr PnciBc _ 
Da Inlt Income— 
Do. I. of Si+iTiL.. 
Da Manx Kctiiol 

Btsbopsgafe Commodity Ser- Ltd. . . „ _ 

? o. Box -42. Douglas, i o v. 0824-23911 Samuel Montagu Ldn. Agt*. 

^ „ _ Jltlton Court. I *irkin4, Surrey. 3011 ibfTSB General lg* 

Pncnds’ ftwdt. Unit Tr. Mgre.V Nelrtar -Kjo 6421 +0A] «0? ibiDo.Ac«im. p69 

Plx/ura End, OorldnK C30SS0SS Ne/rtarHh-b In' --l“* 53j| -0.l| 7.96 £>HlncrnK>_ 

Friends Five. Uu._fa.ll 44.9ri +0Xj 4X8 For Ne» 'undtanagos Ltd. 1 - 

Da Accum.. (54J 58 oj *0.«[ 4j» RmbsrhiJd Aset Managrnienl 

G.T. Unit Manage™ Lift? Norwich l-ni-JJ Ulster Bank? (a) 

18, PI as bury OroU). EX^M 7DD 01-8288131 im?I' 3Nt L, „ ’ Warm# SBwl. FeU.L- L 

-ii oa 


12. M 

Ait VAC'. 1 


COUNT- -J . _ 

Ortglnaliy issued ai -S:o 

Bridge Maatgenmit Ltd. 

O. Bos MS. Grand Cavauu. Cayman Is. 

.Vbariu June 2 I YISXJ8 [ 4 — 

G PO Box SOO. Hone Knre „ , „* iCiti IL7M -—I °7Z 
Ex-btock Sp.iL 

Britannia Tst. Mh*»l (CD Ltd. 
MBalhSuSL Heller. Jersey . 0S»t73114 

Steritod Praam mated Fds. 

Growth Invust 132 9 35.1 

Inml Fd. [7b* 62.1 

Jersey EnentyTo. .C38.5 149) 

VaicM. 5 TsLfcg 225 23, 

High islsuc.hxl. Itvam 

U5. Dollar Dcoamlnatert Fids. 

V nival 1T« f. :s5B Mtt 4 * 

InL High InL TsL_ IlLSI l£( lltt ...-1 9.00 

Value June 2. Nest dealing June 1Z 
Brown Shipley Tst. Co. (Jersey) Lift 
P O Box 583. St. Heller. Jersey. 0534 74777. 

Sterling Bond Fd .. 100.15 1029|*023{ U34 

Butferiteirf SSnnBgesi+nt Co. Ltd. 

P.O. Box 186. H ami lion. Bermuda. 

Buttress Equity 1233 253 1 L76 

Buarru Income - J2JJ j 1.96] I 7X8 

Prices at May R Next sub. d^y June 12. 
Capital Ittfernational S.A. 

3? roe Not re- Dome. Lanectoars. 

Capiul InL Fuad— I SUS17.61 1+029] — 

CharicrfaouBa JapJui 
] . Pat cm oxter Row. EC 4. 


1 14. Old Bread SL. EC2 
Apollo Fd May 31 .1SF<7» 

Jnrfert May 31 &BE4S 

117 Grp May 31.. .... 

117 Jersey May 17 . £512 
1 17 JrayO-s May 24 . U2.18 

01 3888484' 


iHturay. Johnstone (Inv. Adviser) 

163. Hope Sl. Glasgow, C2. 041-2215321 

•Hope Si. Fd 1 SCS3Z2S I J - 

“ - - I 5US10.B8 — J - 

-NAV M«y 3L 

-Murray Fund 

Necil S-V. 

10a Boulerard Royal. Luxembourg 
NAV June 8 | 5US10M 1+003] — 

Vegit Ltd. 

Bank oi Bermuda Eldgo.. Hamilton. Brmda. 
N AV June 2 [£5.01 - ] ...._] - 

Phoenix International 

P0 Box 77. Sl peier Port. Gueraaey. 

Inter Dollar Fund. .JJ2X9 2J8J I - 

Property Growth Overseas Ltd. 

26 (rtsb Town, Gibraltar (GiWfllOfl 

fS. Dollar Fund.. 1 SUSSSM I | — 

Sterling Fund | £22377 | | — 

Richmond Life Ass. Lift 
48. Athol Street, Douglas, LOJC 0824 23814 

lx /The Sllrer Trait. 
Richmond Bond 87. 

Do. Platinum Bd 

Do. Gold Bd. 

Do. Em. #7/02 Bd _. 



F 03 dak — 

Emperor Find pt'Slli 

Hixpano. F’SttA 

Rothschild Asset Management (CJ.) 
P.03ox SB. Sl Julians Cl. Guenuey. 04B1 26331 

O C. (n cXM. Junel - JS ^ \ 


Clive Investments (Jersey) Ltd. 

P.O. Box 320, SL Helier. Jersey. 0634 37381- 

CUve Gilt Fd. (C.L . .[9 !* 9.9« .1 11-00 

CUre CUt Fd. (J*y.l |9.B6 9-87] . — | 1153 

CershiU Inn. (Guernsey) lift 
P.O. Box 1ST. SL Pater Port. Coernacy 

lntxd.Uma.Fd. 1263.0 IBM f — 

Delta Gmnp 

P.O. Box 3012, Nassau. Bahamas. 

Delu Inv. June &—I5L&3 152] ......[ — 

Destscher investraert-Thuit 
PosUcch 2885 Biebersaxse 6-100000 Frankfurt. 

O.C.InUj'd-t [33-35 





5R7] ..... 

O.C^ m CJ> M :::::: 

O.C. Commodify* — 182-8 140.7 

O.C. Dlr.Condty.t-. 152565 27 «o( 

•Pnce on Mqr 31. Next dealing June 14. 
t Prices on June 7. Next dealing Juno 22. 


Royal Trust (CD Fft Hgt. Ltd. 

F.O. Box 194. Royal TsL Raa. Jersey. 053427441 

H.T. InFL Fd. BUS5L29 Wd 1 3JM 

R.T. Inti « Jsy.) Fd. j91 9M I Ml 

Prims si May J5. Next dealing June IS, 

083*2080 1 

Cm centra 'D1C9J9 227H I — 

lnLitenten'uad*._|DHMa 71.4 J — 

InL Rentenlunds 
Dreyfus latemotSanttl Inv. FA. 

P.O. Sox N3712. Nosnu. Bahonua. 

NAV June 8 |RaM5< 15471 — \ - 

gmann ft Dudley Tst.KgLjrsy.Ltft 
P.O. Eax 73. SL Heiicr. Jrrsej. 093420591 

EJ0.LCT. 1 117 2 124.61 1 3-00 

FAC. Mgmt. Ltd. Inv. Advisers 
1-2. Inancnm Poancney Hill. EC4ROBA. 

01-823 «80 

CenL Fd. June 7 — J 5US5.46 |+023] — 

FideUty Mgcst. ft Res. DSda.) Ltd. 

P.O. Bax no. Hamilton, Bermuda. 

Fidelity Am Aaa_ ..J 5US25.12 
Fidelity InL Fund ..I 5US21W 

Fidelity P»e. Fd I SUS44.97 , 

Fidelity Wrld Fd._| SUS14-C j+OS! 

Fidelity BSgnft Research (Jersey) Ltd. 
Waterloo Ban.. Doo Su SL Keller. Jersey. 

0334 27381 

Series A ilntnl.i — | £388 I — 

Series 8 1'PacIIScto.J E7.6J I I — 

Sorias D (AmAnlj OS2M | I — 

Fimt Viking C o mmo dity Trusts 

Save ft Pros p er International 

Dealing to: 

37 Broad Su Sl Heller. Jersey 
US. Dallar-danomlnatal Fuwb 
DlrFx(llni-*Jime8.|9.17 9.7 

Intern oL Or. *t 6-32 7 

Far Easiera-t IJ827 

te&iBi 15J 

Chai:orilE)«XKlpF-.{l4fe2 153.9 

Cotmnod. June 1 127.8 .jjllj 

Sl Fixed June 1— 1109.9 116.4«j .....J 1L96 

Prices on -June 5. **June 7. *“71100 8, 
gWookV Dealings. 

Schlesinger Knternstional Mngt. Ltd. 
41, UUoiteSL.SLHeUer. Jersey. 05347358a 


+6'oiJ - 

SJL.0 1 

— GUI Pd. 

lntl.Fd. Jersey 

lnintFd laronrg-- 

-Fkr East Fund , 

•Next su 

day June 1 

Schroder Life Group 
Enterprise Rouse. Portsmouth. 

Interned ansi Fnnda _ 

LEqultg — ■ —,i.i . 11173 



3 JO 


^I-J?M»]1Uw 5^8W17 5JR.“ oi-tio 

ibar b Ob, 



£ FI x«f Interest UJ3 

SFixed Interest 1W.0 

EHonaged 128.4 

imaged [1142 


124.71 [ - 

““ r-» 






J. Henry Schroder Wagg ft Co. Ltd. 

13D. Chet pride, E.C2. 01-5884000 


FsLYk.DbLOp.lkt-PU 83 *2 ! | 

Fleming Japan Fnnd S^. 

37. rue Notre-Dso&e, Luxembourg 

FID*. Juno 6 1 SOS46J9 l _._.[ - 

Free World Fond Ltd. 

Butterfield Bldg- RomUloo. Bcrmadn. 

NAV Hoy 31 1 SUS1792S | J — 

G.T. Management Ltd. 

Fart Hse 16 Finsbury Circus, London EC3. 

Tet 01-SM 8131. TLX: 888103 

Loudon Agents lot: __ . stng«- ft FHedlander Ldn. Agents 

12-70 20. Cannon SL.BC4. 01 

Chap 5 Junes 1 SV^ZtO ..... 

DairiinR Fad pALKS 3-%! 

Jgpjm Fd. 



Junel-..)SUS642 6W| 

Sentry Aasnrance International Ltd. 
P.O. Box SSL Hamilton 5. Bermuda 
Managed Fund pUSUW i«?| 1 - 

Anchor •B'\inlts — 


Anchor 'JU( Edge-, 

Anchor InL Fd 5US487 432 

Anchor In. Jsy. Tst. J5J 77J3( 

BcrtyPneFd- WS42JS1 J 

Berry P*c StriS 25493 2662*1 

G T. An in Fd CT 3 L77 

G.T. Aria Sterling.' 02.95 U95 

G.T. Bond Fund. — 5USU09 +BJK3 

G.T Dollar Fd. SUS7.U .... 

G.TJ'SCiacFd SUS12-31 1*0JB| 

Gartanra Invest. Ltd. Ldn. Agts. 

2. SI. Mwy Axe, Loudon, DCS. C 1-233 3331 











Tokyo TsL Juaei 


Stronghold Management Limited 

PX>. Box 315, SL HeUer. Jersey. 0334-71400 

Commodity Trust- 192.96 9725] | — 

Csrunoce Fund Mu g t . (For Cacti B6 
:i,33 HutehjMm Use, lO Jia 


Japan Fd 

.V. Americas T*C,._ 

Inti Bond Fund — . 

Rorcourt Rd. F2Jto«*J 

— 1219 1 Z59 

U=S1 .....\ 708 

Surlnvest (Jersey) Ltd. (xl 

Queens Urr. Don. Rd- Sl Helier, Jsy. 0634273ft 

.American Iod.Trt~JO-fr* anj«45B — - 

Copper Trim @1.44 ll-^-J-lH — 

Jap. Index Tst falU ll.M|+010l — 


*, 1590 


GutiwK li mlwu l Resb lid. 

P 0. box 32. Douglaa loM. 

GartinoroInil.Ise.C15 22-% 

GamoonlilCrV)..^S2 69. 

Hasbro Pacific Fund Mgmt. Ltd. 

2110. C onn a ugh t Centre, Bong Edng 
Far East Hay 31 — D.W .. —I — 

Japan Fund |5DSM5 IVi I — 

Haichros (Guernsey) 14 AJ 
Hambro Fund B£gre. (C.U Ltd. 

PO. Box B8, Guernsey (KB1- 28521 Tyndall Group 

TSB Unit Trust Managers (CJ.) Lift 
BagaieDe Bd. 51. Saviour, Jersey. 0534734M 

S5S5Sh=B 3i| :::d IS 

Prices on June 7. Next sub. day Juno 14. 

Totyu Pacific Holdinga M.V. 
intimls Management Ca N.V. Curse aa 
NAV per sbero June 5. SUS5ZJO. 

Tokyo Pacific Bldgs. (Seaboard) N.V. 

iiwimia Xaaagetnrot Ca N.V. Cnrmcma. 

NAV per shore Jana 5. 5DS38JM. 


Intnl-Krad 5USI 
Int- Equity Sl.'SOB.'B 
InL Stffia. 'A' SUSjUj! 
InL S'-ti 'E' SUSJUB 
Price* on June 

» W 4 % 

L3H .. 950 

LlS I 2J0 

Nest dealing June 14. 

P.O. Box 1*50 Hamilton 5, Bmotb. 8-C980 

Overseas Jute 7 — [n.igJ7 

(Accum. Units) BVS17! 

3-Way InL Hey 18._|SVIS25» 
2 New SL.SL Helier. Jersey 
Henderson Baring Fund Kgre. LtA (Accum. storwTZIfaias 

American JuneS (853 

l Accum shoresi fail 

Jersey F(LJud 07 — (173 8 
(Noa-J. Ace. Uts,)_..i272.B 

P.0 Box N4723, Nassau. Bnhnmas 

Japan PH __ISliB1735 . VIM .... -I — 

Prices on June >. Next dealing date June 14. 
KUi-Sanroel ft Co, (Gaernsry) LtA 
8 SL, Peier Port Gueratcy. CJ. 

Guernsey Tst (14T3 159^4 ++-H 3-5* 

Bill Sansue) Overseas Fund SJ. 

S7, Rue Notxe-Dame, Luxembourg 

151947 23_2S(-0JU( - 

laternotional Pacific Inv. Usgt Ltd. 
PO Box R237. 56, Pin SL Sydney. AuaL 
Jarolic Equity Tst. [52.10 121| . ... [ — 

J.2LT. Manager* (Jersey) Ltd. 

PO Sox :D4. Royal TsL Hso, Jerar>dE34 37441 
Juney Extntl 175.81 . . ! — 

As at Kay 31 Next sub. day J Qac 30. 
Jardiw Firming ft Co. Ltd- 
4Sh Floor, Con naught Crotre, Hong Xoog 

Jaittine J’pe.Fd.* v 


Jord Inc FI cmJ n L 
WAV Hay 2a 

GIU Fund June? — 
iaccuul Shares) — 



Victory House. Dou^Ioj, Isle of Kan. 0624 \ 
Hannged Hay IB — (129.0 135J| ...»4 — 

Uift lattd. flfngftiat. (CX) L£ft 
14. Unicast er Street, SL HeUer. Jersey. 
U.LB. Fuad [WStWl H1J6I — 4 BJ6 

United Stales Tst. IntL Adv. Co. 

14. Rue Aldrtneer, Luxembourg. 

U3> TSL Inv. Fnd — 1 5US10.97 j-DJEJ 0.91 

Net asset June R 

SHK9.70 ■ 
Equivalent $fiSB9.4!L 

suli. Juno 15 
Keyoetez Mngt., Jersey Ltd. 




S. G. Warburg ft Co. Lift 
30. Gieshom Street, BC2 

a v.B(LFd. JuneP.I SUS9.S4 
p>. InL JuceB — J 5US17J2 
Cr.&SFtf- AprJtl_! SJ.IS7.09 
MrJSur. Soar 7 (UJ5 

01-090 4505 

+0JM — 

Warburg Invest. Kogt. Jrsy. Lift 
i. Charing Cross. Sl Helier, Jsy. Cl 053473741 

CMFUd.May=S_BrS1132 .126" 

PO Box RISC flcller Jersey., (Eflg. OJ -836 T07C< OfT LtdJ£^25^- [Oi5S 12.* 



Kejre’M lnt'J 

KBiarSex Europe—, 

J?pan fith. Puad — (ROTTf 
tteyselcx Japan — “ 



Shi t 




Ifii'a um 

£13253 +0.0<)| 



McinhTsL — . — 

TTVfT >U3«D — LVS1L57 

TSTT Ud. June 8 100.66 

World Wide Growth Managncent? 
IDs, Boulevard RoyoL Luxembourg. 
Worldwide Gib Fd] SUS15J8 l+0J2| — 


Prices do not include 5 premium, except uherc iirilmtcd "* ' 

indicated- Yields % yJiown in Ins col u mr ] . “J I°" 

Include oil expenses, h Tt+dsVs prices, c Yield based m attar pnee. d ratmutod f WWJ 
opening price h DistribuUm Inc of U S. p Pmwtic 

premium Insurance, x Offered price iacluoo sll txe«pl ofonro «™nlsslon. _ 

T Offered price includes all expenses ir t-oughl through ibmiw ot- » FKtioua dnar^pricc. 

! cnpulnisias unless jndleated by 3, Gucraecy gross. » Suspended. 

* Weld before Jersey tix. f Ex^obd/Wslao- 

t t,itiere<! price 
V Net of tax on readied 

G.T, Cap. Inc «.7 

Do. Aec 

G.T. Inc Fd Un._ 


G.T. Japan (i Gen — CELT 
«GL Pens. Ex. Fd — 

G.T. InFI Fund 

tXT. Four Yd*Fd — 







. - , 











, j/, neoupT-1 Fd - -P4L9 B9 9I+L8; 5.D5 
3 JO Pearl Trust Managers Ltd. (aHgKz) 

(biUlstcrGrowln_ 137 2 

37 91 +A 1| 531 

<02Hichll'4*"'™ , *^*'’7EB 
FroriGlJ-wthKI -®a 





Accum Unto 
Pearl Inc. 

J5 a 

GL ft A. Trust (■*£> 
5. Rayleigh Rd_ Brentwood 
G.&A ... ptl 

Unit Trust Account ft Mgmt Ltd. 

Pearl L : nitTtt --- 

(Arcum. Uni is* — • — , — , 

Pelican Units Admin, Lift 

((2 77 12 27300 Bl Fountain 

3A4^ +02| A82 Pdtean Unite— -WJ 

Kins William SL EC4 ROAR 
Frine. Hee Fuwt. [152 0 
WlrlnrGrth Fnd... 293 

1)0 .lecum. 1 34.0 

513 Wifrlcr Growth Fund 
Klnc William SL BC4R6AR 

001-230SSIS ]ncnmt Vnilfl ,,.,|!93 

+0.41 5 P6 Accum. Units J34 2 


A 24 



01^3 4051 
3L1] »02| 433 
36.0| +0-4 433 

1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101. 
Indtts Guide as at 7lh June, lyTS (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 126-93 

Clive Fixed Inlerest Income 


CORAL INDElt: Close 471-476 473-478 N/T 


f Property Growth 

■(Vanbrugh Guarani? 1 d 

t Address shown urnl-r loser and proporer BnntJ Table. 


• \ 

*™aciar Tiroes Tuesday June 


/p, , err.»r-o/’af Stru.V-K ittf 

i J-.JCl.'.'J 


The Nomura Securities Co., Ltd. 

Barber Siaffi Hi.'. MmHwii Sqiw*e. Londen Wj!!. 

Lcr.don EC: Y-. P.L “hen-: 'Cl r 606 -2-1 1. £253 

MINES— Continued 

IKS I I h Dir. 1TM 

Kgh lew | Stack | Pike ; — ! Net rrT|fcrt 

20 1155 fFri.-ffiiHb.'V--! IBS J 050c 131219 

24 35 RSo-JrCorp.lPip. IS +1 056 71l AJ 

80 52 RturA'OT- K4 — 70 — — , — 

75 122 Taim^ika 50? l&OoJ 44 Q100 6 j 6 2 

90 7B Ifc.'Prrf.ttP 9thfl >3 i59%16.« B.0 

41 32 R’ankkOoi.Rh.l- 38 *1 HQ71# 1W16.8 

16i 2 10 lZa.uCp-^BPftM- 154 1 — — | — 

90 I 75 J_I*c. P^f.80i> 

41 132 {WanKcOoi.Rii.i-. 
l£i; ] 10 IZuLlV-SBEttM- 

15 M 
132 6* 

202 63 

245 U8 
72 45 

1» 81 
40 ID 
216 125 
39 10 

Si ft 

lb S 2 : 
166 U? 
48 30 

£U!> 750 
38 12 

520 329 

158 »* 

70 35 

30 24 

360 240 

60 45 
290 200 
145 111 

10 54 
290 220 
165 130 

93 78 

11 10 

73 68 

490 450 
400 280 
70 40 

62 50 

210 165 

61 49 

61 «7 



100 74 

220 148 


:2V. - - I 15 -.] — [ — I — 

BallefflTwa I 126 .. ..I QBc I 14j 4 0 

ulhoOr— -.1 98 -if — I — J — 

Acne* Sr. . . 

Kf Stab ft 

H^npin \7f j- ip 
He:.TisF\ Vi> _ 
11 1 M Hide* 30c „ 
Vi'iur.i L'i'i* 25c . . 
Nfsiarfs: i.i . — 
SnnhB Hillrw — 
NUi Uigur !i — 
Pacific >..>pncr . 
Parronll tir. . .. 
Pants* If & Ei S? . 
HTuni'reci 20 c — . 

25S 1+8 QlOc f 22 26 

55 l-l . 

132 |-1 145 1 41-17 
34-2 - - - 

236 +6 Qfc 1.7 26 
36-3 — — — 

4 .. _ - - 

141 -11 QSc 15) 3 5 
16 ~ - - 
166 -2 tQllc 1.9 4.1 

46 — — — 

£14I 2 -I; — _ — 

520 Q35c AD 18 
158 *10 $Q6c 14 t 
50 -5 — - — 


Ama- Nigeria . 

A>er Hi'amiMJ 



0c»o.-. _ 

Gold i Bare I2 : :p . 




Janus llljp 
XaaanbngSMlsO . 
SilliociaU . . .. 


FaisbJenlOp — 


Saint Pints 

Soctb Cjojtr I0p.- 
Soiiib K'/tia SVJSC 
SrJu Malayan fill _ 
Snnm B*ti SMI . _ 
Supreme Corp.lMI 
ranjon^ J5p — 
Tnnrtab Hrtr.SMl 
TwaohSMl — 







88 .... 
10l.;-l : 


490 .... 

390 +5 

60 rd -1 
20B*jj +U 2 


56 ...... 




75 ..... 



210 ..... 

100 |.70 

17 J? 
300 220 
A AO 245 
234 1W 
54 30 

£12 750 

« 43 

173 120 


jMesaraitfuO | 93 } l±Q30c] 19} * 


Burma Minos 17^? 
Corf March 10c.. 



Sabina Inds CSl._ 

Tan & pin. SI 

Teiudv litomlr ] _ 

Yukon Cons. CS1 — 

15 ...._ - 

225 tQ30c 
435 ..... — 

226 -« 95 

54 +5 — 

aan - 

43 133 

173 Q7c 

Loins otherwise tadfeamd. prion bad net tflrMimdv an la 
pence ud denomination* are S5p. Estimated prlcafesrnhv 
ratted and rater* arr bcccd on lairst annul raportn end knuh 
and. where pea’lble. are updated on half-yearly flenm. ME* am 
nkalurd an the basis of net fttuributfoa; bncktfad Ufa m* 
indiente 10 per cent, or more difference If calculated on “nU“ 
tmutbollon. Oners are bared on 'nunlmnni- dbci Ibatlan. 
Meld* are based on middle price*, are pm. adjusted ta ACT af 
U per cni. aad a Don for value of declared dlstrfbnttana and 
titbit. brearlCfn sdib desasfnactmis other t{um tteritng m 
quoted Inclusive or the Investment dollar pruoinm. 

\ StrHinic deconmuicd tecantles »hlct istlnda bro mti aegt 
dollar premium. 

•Tap" sicck. 

> Hicbo .vnd Lm*i marked tins have bees adjusted to alfasv 
for nihis ifpues lor enrb 
» Interim since Increased or resumed. 

; Inienm since reduced, pas-ed "r deferred. 

U Tax-free to nnn-r-nden» na applies Hon. 

* Flpim or report awaited. 

*X I'nlirted security. 

a Pnrr at lime of wttpensloaL 

f Indicated dividend after pentfliqr scrip aod/arrWMatoanc 
cover relates to provimu dividend or forecast. 

— Free of Stomp Duly. 

+ Wrrper hid or reorgrniuatkm la procress. 

« Not comparable. 

4 Sams inienm: reduced final und er reduced wwhp 
jn Hi rated. 

f Forecast dividend: cow on eurnioa* apdnted by latent 
interim statement. 

“ rover allows for conversion of shares not new ranfclnf fcc 
dividend* or ran Wing only for resMcted dividend. 

* Cover doer not allow for shores which mar also rank tor 
dividend at a tulure date. No P E ratio oanaUy provided. 

[ » Evrludiup a finai dividend doclsrecsoa. 

* Regional pries. 
q Nn par value. 

a Tax (roc. b Figure* based on piwpecta* nr other offlrfal 
esUmute. c Cent*, d Dividend rato paid os- payable on part 
of capital- cover based on dividend on full capUal. 
r Redemption yield, f Fbl yield, g Assumed dividend said 
field, b Assumed dividend and yield after scrip hm*. 

) Parmcnt from capital sources, k Kenya, in Interim higber 
than prc-vfous total, n Rights issue pending 4 Eamiaga 
baved on preliminap" figures, r Amrraban cuiinney. 

■ Din bend sod yield esrlude a special payment, t ladlcafad * 
dividend, •,-o'cr relate* to previous dividend. PE ratio based 
on latest annual earnings u Foreran dividend: cover based 
on prewms year's earning*, v Tax free up to 30p ra the t. 
«r Yield allow' (or currency clause, y Dindend and yield 
nn*rd on mentcr tenns z Dividend asd yield mcLuds a 
-pccral partm-nL- cover dot?* oot apply to spocial psymeni. - 
A Net dmdend aad v i eld B Preference ilmdend passed nr 
rfvfrrrvd. C Canadinr D Cover stiH P-E ratio exclude profits 
oE 1‘ K. eernspsev suhr-idianes. E Issue price. F Dividend 
and yield based on pr.*sr— ctus or other official estimates tor, 
lPn -NI. o Assumed dividend and ntM alter pending scrip 
and or nghu. i**uc K Dnidend and yi^fd dosed on 
prospectus «r other official estimates for 19T6-TT. K Figures 
t>«trd on prespoctti* n ~ other ofricinl estimates for IFJR. 
M Dividend sod yic.d hi.jcri on pro spec tut nr other official 
estimate: lor ltr.b in Dividend and vicld based on prospectus 
or nitier official r.ittn-iiev. for lEKU p Dividend and yiald 
bs—i on prospectus nr mher official estlzoues for 1ST!, 
q ilio— T Figure* asiatned li No signl/icant Corporation 
Ta» payable l Dividend total to date. 44 Yield based on 
assumpi ior. Treasury Fill Rate vtays unchanged until mancritr 
of iiock. 

Ahbre-lan*rs <ee* dividend: mes scrip Issue: w ex righta: do* 
all. if rv capiu; msinhuunn. 

237 -8 — — 

303 -9 «5c 164 t 

£34J 2 tQ350c 23 6 2 

223 *4 1Q23 c U 6J 

_[ 1° - Recent Issues 

Rights" Page 42 

Thi* wnice is availahle to every Contpony dealt bl (Mi 
SUK’k Exchanges f breaebnac the United Kingdom for a 
23] 8.4 fee of £480 per annum (or each security 
6 lfl.4 


[olinwinr i« a ^election '-4 London cuutaUonaof ihare* 
inusf- li'fcd only «n regional markets. Pncoaof Irish 
s- mo'i ‘’f which are not ofncinlly huled in London. 
1 * qiirund nn the Irish “'Chance 

. . Shcff Refrvhmt ! 52 |....| 

n; Im L«P *? ... I Sindall .’ttm.i.... 87 ]-**. I 

Tbn (ol'no.-inc i« a >clcc 
pre •vousf- li'tcfl onlv i 
ivu^ mo'i .’f which 
are s* quoted nn the 

Alban; In'. 2*»P 23 

.\»hSn-.nmnc *5 

. ■ .£* 

BdC Air fcM .-Xrp *70 

norcrfpnfl 24 

rraifi* Rirrcl -MSifl 
PHSon-h A >A. 37 

rjlisAMell-'V. 62 

Ev emd 1* 

Flf ch’W . ■ 50 

Finlay Phg- of* g*2 
GraiT S”"P £l • 

HlcwnyBrew 80 

I o M Sim. ^1 |30 

Bolt'.'o* '25p 
N'lhn ftolrivnttlr. 5« 
PcarrriC. K 165 

*17 r-on- h°; ?®fc. 

Aliiivnre Tios... . 73 

.'.moil .... 31W 

••• I'limllit' J.i. ... 90nl 

■■■ ■ Oondalkin. . . 96 

- • Concrete PnuK 135 

lleiinniHldyvi 40 

Ins 0"rp 248 

•• • insh rtooes 132 .m... 

Jacob 6s 

_ Sunhrain- — 33 

■*■7 T.MO 170 

l/nldarc 90 

i»/Wi l —A: M4tm 

^8- - Id. fiJS. 3S 

• ■*• * V.-CVf- ' ! ■“* . 

5i If 

*a| a- 

1 8A ML. 
5 »' it 
r -7M 2W‘ ‘ 
3166 wt 


H sni i n era imA — 


17. .u.- 05D 
52 tZBI 
43 -h 2J0 
£Sfy .iim Ofe? 
.£89 +1 Q12% 
; 46 0.« 

2D U» 

;S 7 fid 

1138- -1 7668 
27 ? §36 

7U — 

573 +3 5.66 
24 (L66 - 

240 *2 T2.97 
156 +3 Q38c 

560 *10 
322 -2 
£27 -.... 
760 +U 

176 -1 
17J 2 ..... 
07 44* 

£1338 -lj 

JOB ■ — 
29 ..... 
190 — 
110 ..... 


412 *2 




220 .... 
260 +2 

3-month Call Sates 

Industrials I.C.I.. 20 Tube In res 

*_ Brew ... - "Iwjw". - 6 UnUrrer 

tp Cement- 18 If f. — 28 TJtri. Drupe 

B.S R. • 9 Inveresfc B Vickers...^ 

Ifhcock'-'- 11 KCA 3 Wool worth 

Barelars Bjnk. 25 17 ^ 

Reechnm || Pwp * rty 

Boots Drug- 15 - » BriLLand. 

Bomuers 16 iJovtLBank- 22 cap. Count 

V ,!2&jb=s- 2 EJ* — 


JPi tpO AsplD-AnlntMc 
90 64 d*1a5«ato? 

» 285 De3eersK.5c. 
;ill 2 925 I V MpcPf R£ 

74 54 iL-Ci=b.-rf v.'y 

98 7C iRaiRal.iOc 

£384 +Jf Q600tr U 94 

83 tOTlc L0 5J 

358 -2 Q52Jr 3 3 8j 
£114 - QTMIc. 3906 10 4 

63 -i tai7c m * 

83 -1 ;QZ4c lM ; 

Cndburys- — 5 WWW-' 1“ Peacber_-_ J | ' 

Courualds — 10 c ”"— ; Sarauci Pre^r,- j 9 I 

Mmnw- ?, M 17wn&Clty_|M.I 

DiBiller? ...— « Midi=ndB)ink » 

Icjtv 22 Tescf — 4 Charter Cofla.l 17 J 

Hawker Sidd. 20 Them — *2 Cons, Cold — [ 14 ( 
Bouse of Fiaitr 12 TnirlHouscf. 15 RioT See — 1 16 { 

* *nler-ioi of i^ptiens traded is gi'cfi nn the 
' r Lor.ti<a S:ock Enehuge he for p*ga 

fetmieoM-t « ] 

nab Oil — j 5 

t ci-hntiZb l 

unar — Z| 20 J 

I"..-. - ’ 3 ! 'tVr. i.'r' .>-»• >'•**••' . 


WimJand Eno'ineer* ltd 

..=0'B2x,\0.5;" \ 
v “ovii. Somoreat. 

.3A20 2YA 

f Tei -Yeovil-’.09?5r 52:*! 


Tuesday June 13 197S 

machinery valuers 


By Stuart Alexander and 

Terry Dodsworth 

GENERAL MOTORS, the biggest 
motor manufacturer m Uorth 
America, is to expand its 
presence in the European vehicle 
components industry with two 
substantial new manufacturing 

The group has eight component 
plants in the EEC. five io the 
U.K.. two id France and one in 
the Irish Republic. Their pro 
ducts, mainly under the A. C 
Delco trade name, range from 
sparking plugs and oil filters to 
diesel engines and automatic 
transmission s. 

The new plans are for a £15m 
seat belt unit at Dundonald. near 
Belfast, and an film to £17m 
plant to build retarders for auto- 
matic gearboxes. The company 
said yesterday that there was a 
good chance of the UK being 
chosen for the retarder site. 

The seat belt factory, which 
comes as a major fillip to the 
Government s efforts to secure 
new investment for Northern 
Ireland, is expected to be fully 
operational bv 19S0 and will em- 
ploy about 600 people. * 

It will consolidate Northern 
Ireland's position as an import 
ant and developing area for 
supply of components to the 
Continental motor industry. Ford 
already has a sizeable operation 
in the area making carburettors, 
along with Walker Tenneco 
(silencers). Wichelin and Good- 
year in the tyre and rubber field, 
and Kent Plastics in dashboards. 

The GM investment will also 
consolidate the UK's position in 
the European seat belt manufac- 
turing Industry. This market is 
beaded by Britax, tbe BSG sub- 
sidiary, which is also licensing 
General Motors for part of the 
new' products to be made in 

- The decision to manufacture 
retarders in Europe (a retarder 
provides engine braking on auto- 
matics) forms part of GM's five- 
year plan to increase both pene- 
tration and profitability in the 
European truck and components 

The plant, producing 10.000 to 
15.000 units a year, will be built 
by Detroit Diesel Allison, the 
engine and automatic gearbov 
division of GM. and will provide 
about 1.500 new jobs. 

GM. which owns Vauxhall and 
Bedford in the UK and Opel in 
West Germany, already has 
engine and gearbox assembly 
facilities in Britain. 

Mr. Jim Crowe, a director of 
international operations for 
DDA, said yesterday that that 
company was particularly inter- 
ested in sites in both Wales and 

“We have always had a good 
working relationship in Britain." 
he said. "I think Britain is over 
the worst of its Labour problems 
and is now coming round' to 
being more productive." 

• Detroit Diesel Allison is to 
make its first four-stroke diesel. 

It will build a SI90m plant in 
Michigan for the 8.2 litre engine. 
Production is expected by late 
3979. al Ihe rate of 72.000 a year. 
Though designed primarily to 
replace the V-8 petrol engines in 
medium-range lorries in the U.S. 
il will be marketed in Europe 
and tbe Middle East. 

This is the first four-stroke 
engine produced by Detroit 
Diesel, which previously and 
exclusively built two-strnke 
diesels and turbine engines. 

EEC ready to give Zaire 
fresh support for economy 



EEC GOVERNMENTS are pre- suggested he plans to do. entrusted to the Organisation of meat . initiative by the five 

pared, in principle, to consider Such a step, he said, would African Unity. Western powers on .the United 

giving fresh -economic aid to create the wrong political cli- European governments should- Nations Security Council. 

Zaire t out of its current mate in which to mount an eco- tailor their policies according to 

economic difficulties. But they nomic support operation. the specific issues and countries ^ * ° a K‘ At ™ 

sx ‘srjsjn •ssrz 

which it Is intended, we 'are to get our taxpayers to 
This emerged here today as put in money., we must ensure 
the consensus view among that it achieves the desired re- 
Foreign Ministers of the Nine suits." 

at a meeting on the eve of While the security aspects of 
Belgian-sponsored discussions in thfe sinia tion in Zaire had not 
Brussels between Zaire and occupied much of today's discus 

mal EEC position on Zaire had <SWAPO> 

emerged from today's talks, the 1X1 talks, he said. 

Nine were not far apart on the 
main issues. 

On Namibia. Dr. Owen said be 
was encouraged that the five 
(front-lme) states. Angola, 

Dr. Owen said he had no in- 
dications that South Africa was 
actively, attempting to counter, 
the economic pressures applied 
to it by EEC Governments, 

about a dozen of its principal s ioos. Dr. Owen made it clear Botswana, Mozambique. Tanzania notably the code of conduct for 
Western creditors. ii e believed that any moves to and Zambia, had unanimously European subsidies operating in 

favour of continuing Sooth Africa which was- approved 
implement the settle- last year. 

The creditors include the set up a force to ensure military argued In 
International Monetary Fund security in • Africa should be efforts to 
and the World Bank. 

Labour MPs may be barred 
from contesting Euro-seats 

The Foreign Ministers also 
decided to defer, for the moment, 
any further economic measures 
aimed at forcing South Africa 
to soften its apartheid regime, in 
the hope of enlisting Pretoria's 
assistance in a last-ditch attempt 
to reach a settlement which 
would give -independence to 

Namibia (South-West Africa). BY RUPERT CORNWELLt lobby STAFF 


Dr. David Owen, Foreign THE LABOUR PARTY last night it seems likely that the compli- face if it narrowly retained its 

Secretur}'. told journalists that virtually made np its mind that cations of the dual manadate — power at an autumn General 

a substantial amount of interna- its MPs will not be able to hold daily more apparent to party Election, only to contend with 

tional funds could be made tbe so-called “ dual mandate " of managers — will lead them to the a spate of awkward by-elections 

available to Zaire The Common simultaneous membership of same conclusion as Labour. early in the life of the next 
Market alone could supply more Westminster and of a directly Mr. Underhill had suggested -Parliament, as MPs defect to 
than 8100m from the European elected European Assembly. that MPs should be able to stand Europe. . 

Development und, its main aid The decision, which follows a for Europe next June. If they . As expected, the sub-committee 
agency. vigorous internal debate, was then held a seat in both Parlia- gave the go-ahead for trade 

He indicated that be and other taken at a meeting of Transport meats they would have until the. unions to sponsor candidates for 
EEC Ministers expected the IMF House's key organisation sub- nest General Election to decide Europe— as they now do for 
to take primary responsibility committee — against the recom- which they would give up. about 100 Labour MPs at West- 
for ensuring that new funis mendation of Mr Reg Underhill, But,. a six-three majority de- minster. .The financial assistance 
were spent properly by attach- the party's national Agent cided that il would Physically .might cover up to 80 per cent of 

ing the necessary conditions and The ban is expected to be impossible, and damaging for the election expenses, which have 

controls to the new credit line ratified by the National Executive party for one man to do both oMn^tentatively e&tunated at 
which it is negotiating with ■ Committee later this month. The jobs. Mr. Underhills only sup- £30,000 for each of the 81 
Zaire. consequence will be that no porters were said 'to be Left- European seats. 

Dr. Owen warned, however, victorious Labour candidate in a winger Mr. Enc Heffer, Mrs. Moves are. also under way at 
that Britain and other EEC gov- General Election this autumn Shirley Williams, the Education Transport House to ensure the 
ernments would look askance at would be allowed lo contest the Secretary, and Mr. John Cart- accountability of Labour’s con- 
any move by President Mobutu first directly elected Euro-seats wright, the moderate MP for tingent in Europe to the Party 
to recruit foreign mercenaries next June. Woolwich East at home a safeguard insisted 

to help maintain internal order The Conservatives have not yet The clinching argument last upon by anti-marketeers, who 

in Zaire, as recent reports have completed their own plans. But night was the risk Labour might are in a majority 'on the NEC. 

Lucas Aerospace to 
stay on Merseyside 


LUCAS AEROSPACE is not to industrial estate and cost up to are concerned to save the 2.000 
quit Merseyside after all. .The E3m„ including the provision of jobs which Lucas has declared 
offer, of Government grants special services. The factory will will be redundant within the 
worth about fSm'Kas persuaded be leased to Lucas for 40 years next two years. We will be con- 
the group to make major with an initial rent-free period tinuing our campaign to force 

changes to its restructuring pro- - of five years, 
ramme announced in March. 

The original intention was for 
the Lucas Victor works in Liver- 
pool to close after a gradual 
transfer of operations to the 
group’s Birmingham factories. 

Lucas to take the - necessary 
action to protect the other jobs 
which arc threatened." 

Lucas is one of the first com- 
panies to take advantage of this 
free-rental scheme introduced 
last year. 

The group will collect _up to it^new'plant in Bradford, again 

The Department of Industry 

ro_ new in ouuiviu, a^oui 

more in other grants depend- i nvn i v i nc the lease of the factorv 
Instead, Lucas is to move into iag on the exact amount spent JKS IV “ g twlyekr iSS 

purpose-built factory - at on equipping and funding the period 7 IOTI 

. Mr. Gerald Kaufman, Minister The new Bradford fartbry. 
for Industry, said last night: which will make , . electric 
“This financial assistance is not actuators and small motors, will 
extraordinary and is available to employ 400 compared.' with the 
any company wishing to. establish *t Lucas’s existing plant in 
itself io an assisted area." the town. 

Lucas met an angry reaction Mr. Blyth said: " Tbe Bradford 
space, said yesterday: “This is from the Lucas Aerospace shop scheme is a much more straight- 

not the ideal financial solution — ■*“’ *-- - — -■•*> — — *> — 

Far as the company is con- 
cerned. There is a cost penalty 
in operating at two plants and 
not just at Birmingham. ' 

“ But the objective was to 
find, together with the Depart- 

Huyton, Liverpool. This will 
cost £10.5m to build, equip and 
fund and will save 500 jobs for 
Merseyside, compared with the 
,450 to be lost with the Victor 

Mr. James Blyth, director and 
general manager of Lucas Aero- 

stewards’ combine when tbe re- forward commercial proposition, 
organisation was announced in Again, a big part of the attrac- 
March. Mr. Blyth said yester- tion. for both the Government 
day that tbe co-operation ‘of the and Lucas is that the skill of 
workforce at the Victor works— °ur existing work-force in West 
where production was 99 per Yorkshire will be retained, 
cent of target last month — con- He repeated that ail-the people 

Ti 0 L! n .J UStrr \i l solution tinued m be first-class. _He hoped affected"^' 
which would enable us to the decision to stay on Mersey- which includes closure of the 

TthS * ke u8 tr? the -? , 5 S l d< L W0U J d chanse the attitude Coventry found ry ^sfauWown 

of the workforce on Merseyside." of the shop stewards. of part oF the Hemel Hempstead 

Tfa e new factory, to provide However, Mr. Ken Gill, chair- works— would be Offered alterna- 
machtned parts for other sec- man of the aerospace committee tjve employment by Lucas and 
tw .“ °L.' b . c . Lucas Aerospace of the Confederation of Ship- generous re-Tocation abiSiziea. 

Engineering Mach of the shake-out: would be 


group, will take about two years building 
Department of Industry's Huyton ing the decision by Lucas 

build. It will 

we age over the two years. 

Heavy shift from dollars by oil producers 


OIL-PRODUCING countries 
shifted heavily out of dollars in 
the second half of last year, 
switching currencies lo a much 
greater extent than other de- 
positors with international hanks, currencies. 

This is the conclusion reached OPEC countries were net 

hy the Bank For International borrowers of dollars to the tune 
Settlements in its annua! of about $4bn. 
analysis of international banking After adjustment for the 

In the second half of the year “With gold no longer an 
S4.9bn of new deposits were element In reserve growth." it 
received hy International banks says. “Other sources may now 
from OPEC countries, virtually have to be looked to as a supple- 
all denominated iq other ment to the dollar in world 


The BIS dismisses Special 
Drawing Rights, the reserve 
assets created by the Inter- 
national Monetary Fund as a 

trends, published yesterday in effects of exchange rate changes, solution in anything but the long In it." 

rencies, notwithstanding . any 
objections by the central banks 

It says -that since there is for 
the foreseeable future no altern- 
ative to the dollar as the 
principle reserve asset, in the 
international monetary system, 
" appropriate steps should be 
taken to restore full confidence 

its annual report. 

The analysis shows that 
London's importance in the 
international financial markets 
fell back last year, largely as a 
result of the shift or business 
out of dollars and into otber 

Elsewhere in the report the 
BIS says that the dollar should 
he seen to be. backed by reserve 
assets in the U.S.. implicitly 
lending its voice to the argument 
that the U.S. should build up 
non-doliar foreign exchange 

Even assuming that the dollar 
strengthens, the BIS implies that 
non-dollar currencies may have 
to play a bigger international 
reserve roll in future. 

While 60 per cent of the 
S13.4ba of new deposits received 
by international banks from the 
Organisation of Petroleum 
Exporting Countries sources last 
year was denominated in dollars, 
virtually all these dollar 
deposits were made in the first 
half of the year. 

In those six months only 10 per 

term, and no more than mentions Above all this means reducing 
the possibility of developing the current account deficit. "In 
some other Internationally- addition confidence would be 
****** j strengthened if the dollar were 

Aithough it does not say so seen to be backed by reserve 
specifically, the implication is assets in the U.S. rather than 
that it foresees a more impor- simply by the present network of 
tant role for non-dollar cur- short-term swap facilities. 

in major 

By Michael Lafferty 

Chicago-based accountancy firm 
which ranks among the world’s 
eight largest, is breaking off its 
connections with Saba and Co„ 
the biggest accountancy business 
in the Middle East. In turn Saba 
is becoming a member of the 
Touche Ross International part- 
nership. another member of pie 
“big eight” and with head 
quarters in New York. 

The moves — one of the mast 
important professional account- 
ing shake-ups of recent times 
mean that Arthur Andersen will 
have to start from scratch in 
developing its practice in the 
lucrative Middle East accounting 
market. For Touche Ross, Saba 
provides a major foothold in a 
part of the world where it has 
hitherto been weak. 

Mr. Harvey Kaphick. chairman 
of Arthur Andersen, said that 
the firm would now establish its 
own offices in the Middle East 
and North Africa “ in accordance 
with its long-standing objective 
to operate in its own name under 
its one-firm concept' on a world- 
wide basis.” 

The announcements mark the 
end of a number of years' inten- 
sive efforts by Arthur Ander- 
sen to get Saba to agree to full 
integration within AA, well 
known . for if& . centralised 
management and quality control 
systems. Touche Ross is a looser 
federation of largely autonomous 
national accounting firms 
■operating together under the 
Touche Ross label and sharing 
certain quality control and 
training costs. 

Mr. Subail Saba, managing 
partner of Saba, said it was his 
firm's policy to ~ continue to 
practice as a national firm 
owned and controlled by its 

This is tbe latest in a ser 
of changes in the Middle East 
accounting world- Recently 
Deloifte Haskins and Sells, 
another of. the big eight, decided 
like Arthur Andersen, to go it 
alone while its former associates 
have since linked up with the 
Mclontock Main Latrentz organ! 
satioo, a smaller international 
accounting group which is still 
among the world's top 15. 

they were net suppliers of about 
S2bn -in strong currencies. 

Elsewhere tbe report shows 
that European financial centres, 
having been out-performed in 
recent years by New York and 
the offshore centres of the 
Caribbean und the Far East, 
recouped some of the lost ground 
last year. 

This was largely because of a 

SIS in dfe s 5,K ^ le other Continued from Page 1 


Given its dollar bias, London 
did not benefit as much as other 

centres. Its share of Europe’s 3*® 1 * rise m sterling work Crude oil accounted for half the per cent in May — the first single- 
international banking business through. rise. This index has risen by figure annual rise since November 

fell from 45 to 424 per. cent of_ The index for materials and ®= Per" cent in ,the past three 1973. 

the total. fuel bought by manufacturing months. Prices charged by the food 

Centres less dependent on industry rose by 1$ per cent last Some of the impact of the manufacturing sector have risen 
dollar-dcnominated business month to 341 .8 (1970 = 100), the' weakness of sterling in the late slightly more rapidly than in the 

third month running in which spring and, in particular, of the rest of industry in recent 
there has been a large jump. recent rise in world commodity months. In May the index rose 
However the aharn fan in pr A£® s wiH boost the June index, by i per cent— for an increase 
costs beSeen last summer and no p nal yardstick is that of per cent in the last three 

i i™?®5 .k". 11 take * between three and six months— mostly as a result of 

Raw materials 

grew foster. Most notably. 
D-mark deposits outstripped 
dollar deposits for the first time 
in Luxembourg, the German 
banks' back-door into the inter- 
national markets. 

The BIS’ account of develop- 
ments last year on the tnter- 

the latP winter still nunc that “'‘■ween mree ana six ihoulub— uumu? as a return or 

the indexes I s nt»r ranilnuer months ion, average for these costs higher prices for animal and 
' was a year LS! 1 JUS* lhro “6h to factdiy-gate foods and for bacon 

national monetary scene con- 

ce tit of 'the S8.5bo of new deposits Central _ . .... . -Wf „ „. w 

received from these countries strong demand for reserves can and tobacco sector rose by U spread across most sectors, 
was denominated in currencies *’ ’ 

otber than the dollar. 


curing, meat and -fish products- 
The cost of materials bought 

year ago. prices. 

The index for the raw The output price index 

by n d0 !."? tins v r het ? er £°i^ J of .^ ,a 5 uf 2 ct “ p i n S P er rent in May to by food manufacturing com- 

Banka continuing industry outside the food, drink 284.4 (1070=100) witfc increases panies rose by 3 per cent last 
. _ ® nd toba ®“ » et or ^se by I_* sprrad across most sectors. month, mainly as a result of 

? C rfrufar 1 add,ti0I “ Per cent last mon Ui. mainly The 12-month rate of increase higher prices for home-produced 

to dollar reserves. . because Of the fail in sterling, in this index feu from 10$ to 9i- cereals and coffee. P 




Associated British Foods’ prq- 

"' item, of nearly £2m. The group 

Index rose 53 to -472.2^“ *" *■* “ 5“?" 1 

some £2.7m lower than last 
time, .with most of the shortfall 
arising on the UK side. Yet the 
story behind the UK trading 
figures is a striking tale of 
swings and roundabouts. First 
the bad hews: there was a £6m 
{.turnaround on the baking aide 
which ended up with an operat- 
ing loss of £2m. Most- of this 
deficit was ■ accounted for by 
industrial troubles in the. first 
half of the year. The: other 
problem has been the Fine Fare 
retailing operation where "the 
price war has severely checked 
gross margins leaving operating 
profits £3m lower at £9im. But 
at least ABF has been able to 
hold on to its -estimated 4-H 

pSDQ— £M- 





1977 ‘ 1-1978-1 

last ship, but says that adequate 
provision has been made against 
likely losses oh the sale. 

..Unlike the competition, the 
banking side did not get fat in 
last year’s gilts boom. Whereas 
Hambros. for instance, reported 
substantially higher interim 
figures last autumn HiH Samuel 
was unchanged at the half-way 
stage. Its gilt-edged trading is 
apparently confined to the life 
Insurance side, which may have 
made a profit of about £2m nn 
giLts over -the year — but is not 
consolidated . -in the group 
figures, since iris still having 
So retain aH its surpluses tn 
- build up reserves.' 

With no cushion from gilt 
edged, banking profits were 

per cent market share. 

thi?w£y 'iSe >P m)up m titS n nrS Sil** market over the last few squeezed by sluggish demand 
ceede^to makeup CTm. of ? the monthii have not always been as for industrial loans, new eom- 

sh^ftlL The prizf^erfom- rabUe '« Teen Petition in export credit busi- 

ht >P ed - ^ lasl the.Gov- ness, and start up costs in areas 

nrrwiiintc ofl eminent Broker announced a like Korea and 'the Middle 

53UU£ crisps, aSd ryrita- Here ***& &ort tap on-a Mon- East Elsewhere shipbrofcins 
ooeretfn e nmfits^re^Der day U- was followed a couple of profits fell by about £600.000 
frame^EM?) betteTaf jStSS da J s Iater hy disastrous banking and with an unimpressive per- 
mm fibres and shortly after that by formance from .insurance brnk- 

sent49 per ^nt ot flSftk t$U terrible trade figures. ing that took profiteon broking 

35 ner cent in umL77 ' Not thills likely to hap- and consulting semces down by 
M^hfe, P milSS>nfir^ P^this ttoa rouhd.Thursday’s a fifth to £2.8m after tax. 

£im up at H7m. ' . money supply figures are pretty 

After losing- £2m on coaver-. 

meni nas inn - us iu«une nro- * 

reflecting the 

There is a little bit of good 
irrelevant now that the Govern- news, howe.ver. . The net .divl- 

13 per 

m “t bas Sttt its funding pro- dend has gone up by 

loww 7t ab^t £4lm fdfoiSS S'*™ 1 ™ 8°^ *** &** «**• reflecUB S 

by the reverse yield curve increase over the year. And 

Aus - in the money rackets, the although the outlook £or 

trail a and South Africa 
The current year should show, 
considerable recovery on the 
baking side. J wbere previous 
profits of £4m could be achieved. 
But with no let-up in “"Opera- 
tion Checkout” there can 
hardly be much change on the 
retailing side. Now £Um . js 
retailing side/' now £lim. Still 
analysts are optimistically fore- 
casting profits of about £90m. 
for 1978-79. r 

in the money markets, the attnough the ouuook tor mer- 
Lndi cations are that interest ch&nt_ banks generally is not 
rates can only go down' and bond especially buoyant. Hill Samuel 
prices up. But. there is always sorely capable ol doing a little 
a danger that the authorities' better after two decidedly dull 
rush to sell gilts might lead to y® 31 ^- At S6p. the yield nf P 
a bad attack of indigestion. rent is covered 21 limes, 

Prices of long-dated stock Tenneco / Albriffht 
back hy a , UMte r o£ a hurdle'- 




Short tap ' V 

The exhaustion of* the short 

point on news of the new tap only hu , r ? le , le n f * 

but they still finished the day n ffar £1 ^Anl-Sht' and 

” Wilson is unquestionably atttoc. 

tivc in financial terms: 195 p per. 
share cash compares with 

of sterling indicated that those 
foreigners could be . nibbling 

once again. Meanwhile, equities r . . 

seemed to be benefiting from sightl 2 g .fj 01 . of 105 P a,,d ; 

Up. Exchequer 3} per cent 1982 nSifSS before the fun started-a levt 

a - rata sgAft " sa. w* ^ 

winch the authonties rushed out 01 ™ °“ y- : • was always in a position to 

a replacement ruffled a .few C Qm „ Q i take effective voting control, j 

feathers. .Although people are ^amnei Albright’s management has? 

still talking about Thursday’s Hill Samuel's performance in done well to secure such terms a 
£15 paid long tap being over- the year to March looks very it may have been helped her* * 
subscribed it does not look quite pedestrian compared with most by growing signs of union oppo- :■ 
so attractive to the punters, now other accepting houses. Dis- s ion to the deal, which nude ’ 
that there is another partly paid dosed profits are only fraction- its support all the more impnr- ; 
issue the following day. Not- ally ahead at £<S.9m after tax. tant to the hidder. Since ' 
withstanding the build up in and the figures would have Tenneco has such a major and ■ 

investment m 

could reasonably: 

shipowriing business. As a result, fell aggrieved if the. bid was; 
three banking months. ' all shipowning losses have been now referred to the Monopolies; 

The authorities’ tactics in the treated as an extraordinary Commission. 



Londorii Cent S. England, 

E. and W. Midlands, Channel Is., 
N. Walesr 

N.W. and Cent. N. England, 
Lakes, Isle of Han, S.W. 
Scotland, Glasgow 
Dry, sun. Max. 20-21C 


SJE.. England, EL Anglia, 

EL and NJE. England 
Sun, showers. Max. 16-17C 
(61-03F). . 

S.W. England, S. Wales 
Dry, sun. Max. 20-21C 

(B8-70F).- . 

Borders. Edinburgh, Dundee, 
-Aberdeen, Cent Highlands, 
Moray Firth 
Dry. sun. Max 1445 C F57-59F). 
N£. Scotland; Orkney, Shetbnd 
Dry, sun. Max. 1041C (50-52F) 
Argyll, N.W. Scotland, N. Ireland 
Dry, sun. Max. 15-17C (59-63F). 
Outlook: Dry, suu. 






















Ba brain 


















































New York 

























P ’S M 

B. Aires 







1 B 













Rio ds J’o S 





2 i -77 













Dublin •• 








Edit burgh -C 











Sydiuir - 




C eatn 




Tehran . 




Glass orr 




Tel Aviv 












3. Kong 
























Ltccembre. C 

14 .57 














Cape Tn. 


DnbruvniJc C 
Faro c 
Florence S 
Gibraltar F 
Guernsey C 

*C °F 


S 33 77 
S 18-84 
S 31 78 
C 13 54 
c is a 
S 38 83 
28 82 
19 68 

st' sa 

SI 79 
ta .65 

Innsbruck S - CO 
Inverness F » 
Is. of Man 
c — Cloudy 


. . • *C *F 
Laa Pirns. V 22 73 
Locarno S . 34 75 

1 c M Sr 

C 55 
>. f-ratr. 

■x : '. 


LLux o r 

_ .TMto ' 
55 [Valencia 
“* [Venice 

S 38182 

r 85 77 
C - 21 T9 
S 27 81 

C 32 W 

F-..3B 77 
F 22 72 

-s sa si 
C IB 04 
S 29 84 
S- M 6S 
C Jl -32 
R 15 59 
F as 82. 
F 27 ' n 
C 22 W 

R— ^alnL S-LSub. 




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Telephone 01-638 9011 

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Chartered Surveyors-Auctioneers-Estate Agents 


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