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No. 27,584 

Wednesday June 14 1978 

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Storeroom 7/8 Warwick StJton(IouTEL-V3AQ 

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Wferriberof ^^TTietinaDftEifepurGronii 















ICI gives warning 

Tin puts of plant closures 

in 18 -month dispute 

up 2.4 


Imperial Chemical Industries told union leaders yesterday that it wflE have 
Sn^aSnSSider^Se IS to start shutting down plants at its most important UK manuf«tunng site 
1 soviet police have arrested Mr. JoJ^ng the closure of the which is facing “ its most serious crisis since it started operations.'” 

F. Jay Crawford, an Alabama sme iter in Hull 

businessman, on smuggling 

Plant closures at Wilton, Tees- the closure threat seriously, say spread to. other downstream 
side — ICI's biggest petro- the training courses would make plants which, .-use ethylene as 
chemicals site — will start next no difference to the company's their raw m ate ri al, such as 
week because of an 18-month chronic shortage of artificers plastics, fibres, detergents and 
industrial dispute. which stems from high labour anti-freeze. 

ICT has written to 8,000 weekly turnover. Tbey claim that the id has invested more than 
staff employed at the site saying problem is rooted solely in lCFs £526m at the Wilton site, which 
that the dispute makes im- inability to compete with other jt started developing after the 
possible the commissioning of companies on pay. second world war. * it is one of 

new plants “ on which our j CI says tbat lt h-^ been losing the fastest . growing petro- 

| survival depends.” artificers at an alarming rate, chemica l s complexes in western 

The - company is engaged on Its in his letter to weekly staff, Europe and represents a large 
biggest investment programme Mr. Brian Jenkins, personnel and Part of iCI’s investment in the 
on the site Involving the con- Wilton site co-ordinating last 30 years, 
struct! on of plant worth £480m- director, says: “ Ideally we need The dispute revolves largely 
It the dispute is not resolved 350 instrument artificers to run around the way pay policy has 

quickly, the effects of Wilton the existing plants and another eroded cra ft differentials in 

plant closures will be felt soon 50 to commission new plants. We related industries where there 

by a wide range of ICI's cus- have only 230." are wide discrepancies in wages 

because of an industrial dispute, turners including the chemicals. He says the men are leaving for the same type of worker. 

Standard grade cash dosed £110 automotive, plastics processing, id to work in the construction ICI says it ^aw the shortage 

construction and textiles Indus- industry In the UK and the developing early last year when 

tries. Middle East, on North Sea oil it approached the Amalgamated 

The shutting down of major operations and, to a lesser Union of Engineering Workers 
chemical plants Is a complex extent, with other manufao and the Electrical and Plumbing 

nuu UIU ««. U and sometimes difficult opera- turers at home and abroad. Trades union, to resume conver- 

over control of the border zone timiing low level of trade. Gold tion and re-commissioning can Over the years, ICI says it has sion training, a practice agFeed 

to the local Christian militias. Mines put on 2.7 to 160.9. be time-consuming. trained 1,500 people for this with the unions in 1951. The 

But in tjhe north pf the country. m r-rr-rc The company is facing a grave work. ’ ___ unions ntnuod .to co-operate i until 

45 peorile including Mr Tony * taLTS faded with sentiment shortage of trained instrument Mr. Jenkins says that the first all artificers, .fitters and electn- 

FranjicMi the MP son of Former uncertain ahead oF the May artificers, the men who look after closure next week will be one cians received more money. 

President Sheiman JFranjieh, trade figures, and the Govern- control room instrumentation, of the company’s ethylene plants Further talks were held, but 

died in bitter fighting between meat Securities index closed The dispute is over a retraining at Wilton. This probably will union officials’, only concession 

Falaagist and Right-wing forces. 0.01 down at 70.78. programme, to which, the com- close on Monday. has been to allow training of two 

charges which could bring op to 
ten years in a labour camp. The 
UJS. Embassy said H had lodged 
a complaint about the treatment 
of Mr. Crawford, an Inter- 
national Harvester Company 
representative^ who was hauled 
from his car at traffic lights in 
Moscow. I 

The arrest Jcarne hours after 
the official newspaper Izvestia 
published spy charges against 
an American? woman diplomat 
barred from, the country last 
July. Last month two Soviet 
- United Natiuns officials were 
detained in tpe U.S. on spying 

Israeli troops . 
leave Lebanon 

Israeli trtiops withdrew from 
Southern , Lebanon and handed 

up at £6^110 a tonne. 

• EQUITIES recorded a 2.4 
gain on the FT ordinary share 
index to 4716 in spite of a coxa- 

and Page 3 

irds defeat on 

The Government suffered 

easing to. 61.4 (6L5). The yen 
closed at T216.75 against the 
dollar after reaching a record 
serious defeat in the Lords last level -in Tokyo. The dollar’s 
'night on Scottish devolution depreciation remained un- 
lesidation. Peers approved by changed at 5.8 per cent 
99-72 a Conservative amendment _ “ _ 

which reopens the controversy • GOLD dosed ?l{ op at 
over whether Scottish MPs at $1822 in London and in New 
Westminster should continue to York the Comex June settle- 
vote on Bills affecting England ment price was $2,60 up- at 
when devolution becomes Jaw. $183.70. \ * 

The amendment would hold up 
/a third reading of a Bill on . 

,■ English matters for 14 days if op 856 ‘ 98 * 

STRUT FI vr inot 4d nnintc tn **78, unions will not agree Ethylene plants are at the 
. . po . . , ™ until demands are met for more heart of a petrochemicals com- 
3L8340, its trade-weighted index money plex. When this 200,000-tonnes-a- 

Union officials, who are taking year plant closes the effect will 

Continued on Bade Page 

IC3 strategy attacked 
Page 8 

WALL STREET dosed 0.26 

Post Office pension tend 
In £85m three-way 


The Government will put 
forward, its pay proposals for . 
next year after the round of 
trade nfiiy n conferences -has 
ended . in July. Hr. ' James : 
Callaghan told, the Commons 
yesterday; “ We Wwli wait and . 
listen- to -what the -trade union 
conferences have to say.” 

No figures have yet been 
mentioned in the informal 
talks that have been going, on 
. between Ministers and 'onion, 
leaders- But Hr. Callaghan has 
Indicated that 'be would like 
to reach an understanding with : 
the TUC that would keep wage 
settlements well below this 
year’s 10 per cent levet 

Skirmishing . _ with Mrs. 
Margaret Thatcher, the Con- 
servative leader, in advance of 
today's censure debate on- Mr. 
Dads Healey, the Prime 

Minister reasserted Hie Govern- 
ment’s determination to carry 
through policies- . that : would 
keep inflation down. 

“ We Intend to ; -follow ' a 
sound "financial policy on -all 
these: matters,” Hr. Callaghan 

Liberals. . and- ; Scottish 
NationlLst- MPs meet today' to 
decide their tactics. ln tonight’s 
Commons, vote - a . -Tory- 
motion to cirt the'.ChaacellorV 
salary by- half-:-'." 

•Hie Liberals are expected tit 
abstain though Hr: David . Steel 
may And it- difficult to persuade 
one or two of his MPs into One. 
A fun Labour -muster,' with 
Liberal abstentions^ would 'give 
the Government a majority of 
four over the other Opposition 

Parliament, , page 8 















































not hit prices 5 



Scottish MPs were decisive in • U.S. Treasury bill rates were: , 

securing its majority. The Tories threes, 0.618 per cent (6.626); THE Post Office pension fund is acquire 
acted to get a debate on the sixes, 7.121 per u ~ ’“ J1 u 

issue, prevented earlierby the (7,095). ^ 

guillotine, when the Scotland 
Bill returns to the Commons. 

RUC inquiry 
details soon 

r _ a major portfolio of rather more than the net asset 

I to take over one^of the leading shares without the problems of value of the trust instead of 
1 investment trust groups in a making a contested bid. cash, and thus to enjoy the bene- 

, major three-way deal which will Th P scheme worked out by *** of 5 £®P i,al Sains tax roll- 
• GOVERNOR of the Bank of provide Barclays Bank with , an miSant bankers Samuri 0V «I rehef - 
England, Mr. Gordon Richardson, injection of some £85m of new Montagu as advisers to thepen- The 3Iinouncement was re " 

Details, Page 24 
Lex, Back Page 

with a gain of 3p at S35p. 

Investment Trust Corporation 
shares, which announced a bid 
approach at the end of last 
month, jumped by 23p to 278p. . 
The . bid involves Barclays! 

speaking at a foreign bankers* capital. ri^und~e£bf«°tee Mm « lve . d wellinthest^k market 

meeting in Berne, has warned Under the surprise deal an- av0 id the kind of battles which Barc^ shares sliced initially 
against the risks of a rekindling nounced yesterday, Barclays will followed recent bids by the t0 32811 but recovered t0 end 
“ Mr. Mason, the Ulster Sec- of inflation, and urged a * reason- offer its own shares, worth about National Coal Board and rail 
retary. is expected to announce able" rate of real growth. Back £92fim at market value, to buy 
the format of a judicial in- Page the Investment Trust Corpora- 

S uiry into methods used by the • PRICE COMMISSION is to tion. The offer values the trust 

oyal Ulster Constabulary at investigate the prices of car shares at nearly 295p each, with 

Castlereagh interrogation centre spare parts, and may make long- a cash alternative of 264p. 
in the next few days. Amnesty term recommendations about The banJfe has already agreed ways pension funds for major offering 88 of its own ordinary 

International reiterated that its prices. Back Page. The Office of that* -if the bid goes through, it trusts. stock units or £264 in cash for 

investigators found that the RUC Fair Trading is thought to be will then sell the investment j t au 0 ws Barclays to raise a every 100 of the ITC 25p shares, 
maltreated people detained under considering a third attempt to company to the Post Office staff large slice of new capital at a The bank; is also to offer 
emergency legislation during break the cement companies’ superannuation fund for £85m substantially lower discount from cash for wch of the Investment 
1975-77. common pricing agreement in cash, which it will use to support the market price of its shares *■**. per. cent cumulative 

_ , , the Restrictive Practices Court further expimsion of its own than would be possible in a Prtference shares 

Exams Stolen Page 6 business. rights issue. The cash offer is being under- 

Scboolchildren were unable to • ZAIRE, under pressure from nSt Sd^oTacqSms^f SKa atT'E^f 3Q0p fw 

SS 7 SPSS s« e o«m w 

Se pe ™T at f on a jfw js s“A°eTpof^ d ^ s-jsnar jss ^ 

package. Back Page 

of the Exchequer, denied yester- 
day that increased National 
Insurance charges on employers 
would have any significant effect 
on jobs, investment, or trade. 

Faced with 4 censure motion in 
the . Commons today after last 
week’s announcement of an extra 
2£ per cent surcharge on em- 
ployers, Mr. Healey also claimed 
that the move would scarcely 
affect prices at all this year, and 
would raise them by only } per 
cent by the end of next year. 

Mr. Healey was speaking at the 
annual conference of- the 
National and Local Government 
Officers Association, in Brighton. 

He emphasised the need for 
shared responsibility with trade 
uniony in keeping the economy 
healthy after the end of Phase 
Three of the Government’s pgy 
policy at the end of July. 

In an. attempt to gain the 
support of unions in the public 
sector, he said the .Tories' 
counter-demand for. ciits in 
public expenditure spelt a loss 
of fobs for public employees 
which would be ? shattering 

If the opposition had its way 
on increasing VAT to .pay" far 
the extra tax cuts it had forced 
Mm to accept in his latest 
budget, “ prices would have risen 
more this' very month than in 
one and a half years under the. 

“ The surcharge in itself will, 
of course, reduce company 
liquidity In the short run. 

“But the latest Government 
survey of. the 200 largest- com- 
panies shows that their liquidity 
increased by well over £lbn ra- 
the . six months before - the 
Budget in spite of the 2 per 
cent National Insurance sur- 
charge which we introduced -in 
April,' 1977, to exactly the same 
dire warnings of disaster we are 
getting now.” 

Since the surcharge was first 
started 15 mouths ago, inflation 
had fallen by more than half, 
while the balance of payments 
frad "been better by £700m. 

Unemployment had fallen 

steadily since last September 
and private manufacturing in- 
vestment rose- 13 per cent in 
volume last year, faster than in 
most competitor countries. 

Mr. Healey argued' that the 
effect on jobs of the National 
Insurance surcharge would be 
offset by the extra tax reliefs 
which forced him to introduce 

There was no di gg n is io g tha t 
the Government would be rely- 
ing heavily on trade union 
co-operation m the management 
of the economy after July. 

So far, Mr. Healey seemed 
well-satisfied with such a policy, 
which, he suggested, had been 
tried and tested since 1972. when 
the Government decided not to 
split the political and Industrial 
wings of the Labour movement 

Kenneth Gooding writes: The 
Confederation of British Indus- 
try yesterday Blood firm on its 
assertion that prices will go np 
at least -1} per cent and un- 
employment. rise by . about 
100,000 following the increase tn 
the employers’ National ' In- 
surance surcharge. - '■ 

The confedMatioit- also pointed 
out .that as recently as April 11 
in his budget speech, the Chan- 
cellor bad apparently turned his 
back on an incretifejn the sur- 
charge. . • 

At that time Mr. Healey said: 
*‘I have -been asked to consider 
an increase In the National In- 
surance surcharge. The share of 
employer social security- con- 
tributions and payroll taxes in 
total revenue is a good deal 
lower in Britain than -in most 
other countries of the- European 
Community. '• 

“But I do not believe it would 
be right to increase at so soon 
after it has been introduced, and 
at a time when unemployment 
is our mojor problem.:. 

“It would Increase industrial 
costs at a time whetrit is essen- 
tial to improve our' competitive- 
ness and it would ultimately be 
largely passed on in higher prices 
at a time when the fight against 
inflation is at a ctudal stage.” 

$ slips 
the yen 


THE DOLLAR slumped to new 
low levels against the Japanese 
yen yesterday, but improved 
against other leading currencies 
in European exchange markets. 

The pressure followed heavy 
selling of the dollar on the Tokyo 
exchange market, ' where at one 
point it dropped to Y216.2. The 
decline was reflected in London 
dealings where the dollar ended 
at Y21GL75 against Y217.7 on the 
previous day. 

The fall took the U.S. currency 
below the previous low point 
reached early in April, and 
means that the yen has now risen 
by over 40 per cent From Us 
Smithsonian parity or 308 to the 
dollar and by over 25 per cent 
In the past year. 

The dollar was helped in Euro- 
pean markets, however, by a 
statement in Zurich by Mr. G. 
William Miller, the chairman of 
the Federal Reserve Board. 

He affirmed the commitment of 
the U.S. to maintaining a sound 
and stable dollar, and argued 
that the exchange markets should 
take a positive view of the pros- 
pects of a declining trend in U.K. 
inflation and the current account 
deficit by the end of this year. 

Charles Smite writes from 
Tokyo: The rise in the yen is 
taken to reflect continuing con- 
cern about bhe U.S. payments 
deficit ahd Japan's surplus. 

It has also occurred aqainst a 
background of widespread 
speculation that the exchange 
rate could reaefa Yen 200 to the 
dollar in the not too distant 
future, without seriously strain- 
ing Japan’s capacity to compete 
in world markets. 

■ The Mitsubishi Research 
Institute forecast Japan’s visible 
trade surplus for the current 
fiscal year at S22.27bn (up on 
last year's level of $2G.42bn). 

This was linked to a projection 
of relatively small growth ro r 
tee economy itself— by 5.2 per 
cent during the year,, as against 
tee Government target of 7 per 

f In, Nto Vnrk 

Juiic 13 

ftci Unis 

Spot 1 SL8350-83M 
1 month 0.B2-0.74 ills 
3 months I L8&1.74 <Ub 
IS months I 6-TOAilO ilia 

0.75-O. F 7 rill» 

papers were also taken but 
substitutes were available in 

Sick men freed 

Building society receipts drop 


clay card customers will pay 
higher interest rates for thelr 
loans fallowing the announce- 
Two men, jailed for corruption in nient that the personal loan rate 
connection with British Steel and the credit card loan rates 
Corporation contracts, were freed are to be increased. Page 5 

^ CHRYSLER shop stewards at BUILDING society receipts in than a third of the monthly net reflecting the very high comrnit- 
' he krawood car plant have re- May Fell to their lowest point Inflow which was being achieved meats taken on daring the first 

■ Iect ? d management proposals to for more than a year as with- towards the end of 1977. The quarter of 1978 before lending 

Pf 1 ®?* °^Ly' n e n re e ^ c ° mbat absenteeism and lateness drawals reached record levels. June total will be even lower, restrictions were imposed, 

dl in prison hospitals and it 0 f the workforce, which have Tfae societles . experiences re- Yesterday’s figures show that Building societies also 

'fleet Government figures pub- tb e societies remain committed promised to lend another £730m 
lished yesterday which pointed t0 a mortgage lending pro- to borrowers in May, a figure] 
to a sharp rise in consumer gramme, despite the rapid fall- which includes £U3m for loans' 

1 spending and explain last week’s °“ 4x1 tlie inflow of new money, not connected with house pur- 

. decision by the movement to and that loans are being sub- chase- and not covered. by lend- 

Childreu. accompanied by adults, on the U.K. market Back Page increase interest rates for tee stantially financed from liquid ing - restrictions. Before the 

will be able to travel almost 9 BRITISH LEYLAND chair- first time in almost two years. 'unds. Government called for a brake 

anywhere by Awayday trains for M Michael Edwardes has T?i tmm the n.iiiriwio ■ Last weeks derision to raise on: lending, total commitments 
•S&JOP from Sunday in British p Ut toSmA Su ™ ■ new aJSST aSSSwiSS % tao^ti5! ^ terest £ te ? ^ on t ,d ’ howe 7 er ’ ^e. rising sharply and had 
Rail’s cut-price move. scbemTte « attempt tSS ? ”«™ * e level receipts reached £807m by March. 

P*8® 6 to raise the car d 

d jflflv levels. Back Page 

Brie™ ■ ■ ■ ^ • OCCIDENTAL OIL has made 

Amateur rugby player John a counter-bid for Husky OH of 
jBillihghurst was given a nine- Calgary, against a bid by 
month suspended prison sentence Canadian interests represented 
Newport Crown Court for by the Canadian national oil 

_ and __ 

would be “gratuitous cruelty" to been blamed for falling produc-| 
make them serve out their tivity. Page 8 
sentences. ^ THORN group has agreed with I 

Japan Victor to sell 20,000 of I 
its video tape recorders a year 

Easy rider 

to raise_ihe car divsion’s SSSS on f^'^S^SJSS 

mo^t? a e previoas now that the Government is because of Ministerial concern 

, “r" , , , allowing the temporary restrle- over rising house prices, societies 

Withdrawals for the first time tions on mortgage lending to be will, in the third quarter, be 
topped £lbn in a month, leaving phased out. raising commitment® for normal 

net receipts of only £2 12m. The Mortgage advances in May loans from the present monthly 
figure was the lowest since totalled £7S4m. the second aveifacne. nf around £6l0m to 

at Newport oy tfie Canadian national oil figure was the lowest since totalled £784m, the second average, of around 

inflicting -grievous bodily harm company, Petro-Canada. Page 26 1 March 1977, and is UtUe more highest monthly figure on record. £840m^ 
by breaking an opponents jaw pflU « - 6 ™ 

during a match. bUflflPANIES 

Guardsman was bucked off his • GEI INTERNATIONAL made! 
horse while escorting the Queen a 3 per cent jump in pre-tax 
and President Ceausescu of profit for the year to March 31 
World Trade News, on turnover up 26 per cent to 
£50.48m.« Page 23 



Page 4 ' 


rtt-tMta In Deuce unless otherwise News IntnL 265 +. 20 

; indicated) Pearson (S.) - 220 '+ 5 

Pilkington 487 + 7 

Property Partnerships 125 + 7 

Reed IntnL 188 + 6 

Sketch! ey 321 + 6 

Stylo Shoes 63 4- S 

+ 6 Tesco 45* + 2} 

+ 4 Vickers ‘179 + 5 

+ 11 Anglo-American Crp. 332 + 10 

+ 3 Anglo Utd. Devs. — 203 + 17 

+ 10 Charter Cons 150 + 7 

De Beers Dfd 366 + 8 

Harmony 382 + 13 

Marlcvale 316- + 6 

Northgale 450 + 15 

Sabina Inds 60 + 6 

European news 2 

American news 4 

Overseas news 3 

World trade news * A 

Home news — general 5-6 

—labour 8 

— Parliament ... 8 

Technical page a 

Management page 11 

Arts page 13 

Leader page 20 

UJL Companies 22-25 

Mining 24 

Tnfl. Companies 26-28 

Euromarkets 26-27 

Money and Exchanges 30 

World markets , 34 

Farming, raw materials ... 35 

UJL stock market — 36 

and Wilson 172 + 15 


Hambro ... U* 

Micro-computers: A threat 


ass&f'Bs^'- » 

Daily A ...... 280 + 6 

tttJS A - r —\ 176 + 4 

!”TS?TruSdSwp.'-'- 275 + 2* 

Invest. Ttuct 92 + 5 

Johnson Cleaners - n + 4 

SnSS'and'wmi^ « + » 

to jobs? 


Brazil: Headache after 




Restoring confidence 





Fishing equipment: 

Tackling tee Orient ...... 12 

French steel appeals fur a 
second resene 2 

Prospects at Philips: A host 
of' variables 27 


Heron Motor 

Johnson Matthey - 

McNeill Group 

Pegler-Hattersley .. 

344 -4 
42S - 7 
53 - S 
166 - 8 


Bids. see. Rates ... 


Entertafemom Cnlde 

European Opts. 

pt-aguhtUk Indices 



Latter* ■ 


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TV ana Radio ......... 


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Share Infarnmiien ... 

38-39 - 

Exchaq. Stfc. Upc ... 

- 27 

South African investment 
EreedoflL for institutions 28 

Energy for industry ...... 13-18 

Local Ah thy. finance 31-38 

Bradwall rF.M.S.3... 25 

J. Compton Sans -34 

Pino Art DevpL .. 25 

Camar Srariilair „ 34 

Lovoragod Cop. Hds, 24 

Orton Insarnea 25 

Ban Leodiaa Ratos 34 

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7 1 








Financial lines Wednesday June 14- it 


OECD Ministers Nine urged 

i , to act 

lay ground for together 

„ •j. • n overarms 

summit in Uonn 


PARIS, June 13. 

By Richard Evans 

“ “• »af-ssjtr> , sra sjs 5^-“*“ *55!»:2s? ar&? l"S5l « .-«> »3 

Free Democrats plan Hesse poll strategy 

- -■ BONN. 


BADLY-SHAKEN by recent elec- federal capital, Bono, may grind support below the 'S per rent Now there is the real threat ?ii5nr?ty w toe^SL? 

torai setbacks, the West German to a halt KSHLJF A^ t Sf a SS"m ^ “Other party urgizw ~2 f J» J^ ml> ^ federal uppor ^ 

Free T)pmnt~r*rt~ t>^v iVDV>\ i* Herr Genseber has brought Parliament -At: the last Hesse reform- allying itself to environ “rL h ^rnups representative, 
5, tJemoeratic Party (FDP) is Dressurc to bear 0Q the elections the FDP 'gained only men tail Sts for the Hesse election. »W™ * ^That would eShu 

RUSSg a provincial congress next Hesse par ty to came out firmly 7.4 per cent, the SPD . 43.2 per An FDP without a clear ‘dentifl- oM e CD u-CSU to block a » 
weekend whose outcome will ^ f avour 0 f continuing its eoali- cent and the CDtJ 4i .3 per cent, cation in the eyes of the voters the nmen t.»uiijated legislatti 
have important repercussions tion with the local Social Demo- The FDP has jnst been driven would be the main loser. l,D 'r 

if it wished. 

.. — ^ . ..~w , an me piuuucuuu u .wmw.cuu to plan stratepv fnv its camnaien tempted by a coalition oner burg, it has interpretea its -own “ BOO « , ifp 7- H „ se lt w m „jr 

THE FOREIGN and Finance The low growth rate will fiS^man ConS^ty^was urged g" jjate i/jjjEJE oenU °{CTU)°n aS^stiS mSS t? e pii SSeSl to? to e SPD-FDP coalition in an uphill jjtragRlfl -to 

arts? snssjps sssa s ssssassM zr 0 * t &&£££% sss s 40 ieave * e wfa0,e sssik 8 ^ t sn&« i affMsas see tar. s”&» j | 

their two-day annual meeting, is expected to rise by 500.000 to yesterday, in order to prevent October 52^ r «r5ff3l» Scher fears that any soSSled - "green parties” 0 * ately hard. environmental » n f * 

which, it is hoped, will lay the 175 m. in the area this year. Nor, Europe from becoming ] ea ^ er ’ Herr Hans Dietrich move against a renewed SPD-' environmentalists which have This Is because with a Herae ^ 0 n3r ijam(*ntarv 

groundwork for an agreement on with iwt fewexceptions such dominated technologically by the Qenscher.wm *. IndangerSi, FDP allSice at this stage would stolen support away from the victory the CDU and ta Bavarian fu**' 01 « ih^FESST m 3 »o 

in favours a and the estrange voters and reduce FDP main Political groups. . .. - ally. the Christian Social Union in Hesse will be touch and „o. 

the Western summit in Bonn made towards a better adjust- He argued in favour, of a 
next month ment of the member countries' report advocating a Community 

Though high officials from the balances of payments. . action programme for the 

member countries failed to According to the Secretariat's development and production of 
agree at the end of last month latest predictions, the U.S. cur- conventional weapons, so that 
on detailed proposals specifying rent account deficit is expected designs could be standardised 
the amount of stimulus to to grow by $6bn to $24bn in ov £T , a wide range, 
domestic demand required in 1978, a figure admittedly - dis- This would give the benefit of 
six leading Western economies, puted by the US Administration, large-scale production which tee 
the principle oF differentiated while Japan's surplus will rise Americans and Russians already 
action has been generally from $11 bn in 1977 to $15bn this possessed, and would allow 
approved. year, and West Germany’s from Eimjpe to develop its own tech- 

hoped. will lay the lMm. m the area this .year. Nor, Europe from becoming , eader ■ Hew Hans Dietrich move against a renewed SPD- environmentalists which have This Is because with a Hesse economy. , “ nariiamentaw ' 
for an agreement on with iibt ^exceptions such dominated technologically by the Genscher.Wm be IndangerSi, FDP alliance at this stage would stolen support away from- the victory the CDU audits Bavarian survival j " n.^rSS* and 
£ f/KTffiHdSSr. YaS in favour, of a *° d the Ig estrange voters and reduce FDP main potitical groups. , - ally. th e Christian Social Union injte^ej^heteuc^ 

ment of the member countries' report advocating a Community 

gh officials from the balances of payments. .action programme for the __ . .- . D^wfilfTol 5 C 

rsft ,2i to ing sss iM Holland s Agreement On new motorway, to “ortugai s 

proposals specifying rent account deficit is expected designs could be standardised ._ | fe . v _ 1*^. 

Thus, it is widely accepted $3.5bn to $5bn. 

nology, which was 

that the stronger 'economies. j t jc only in their fisht aaainst svyam Pfd. PY llPl't P/l 

■uch « West S Germany and Sr'inXrtriSSd gSJgffl CA l ICtl ' CU 

bfgger w ;sSu^ ve s srMEr st ■ aSS£ By Charitt BateMor 

economics than the so^alled for the area is expected this year S5SS? in the*cSSnnlb?S AMSTERDAM, June -13. 

tec “uiC^ce Tnd^IUly t0 betWCen 7 “ d P^SSffi! HOLLAND'S BUDGET deficit 

ordpr to achieve the OECD'/’new 8 v r * Ce ?i L ^», . - of his determination to avoid in 1978 will be higher than was 

S&jSk <t 5 ™'« n?by — a njssF*ss£& ?s?* “ ■v F — 

demand management policies, stet'es retaiSf thei?Sv^SS ^ d f iesfien .' 

worse than 

By Charles -Batchelor 

AMSTERDAM, June *13. 

connect Hamburg and W. Berlin approves 111 


EAST AND West Germany have bahn links between West. Behln Chancellor Helmut Schmidt iUflll IUUtC 

BERLIN. June 13. 

EAST AND West Germany have bahn links between^ West Behin Chancellor Helmut Schmidt 
agreed to the construction of a and West Germany and one would like to confer In person 
new autobahn link between West secondary road, all- date from but that they first waot the 
Berlin and West Germany, the before the last war, the new "climate” of their relations to 
first to be bail t since 1945. autobahn wbtzld .provide' the improve. 

I The road will connect West guifeest trip jietwe en. West The three Western; allies .in 

By Jimmy Bums 

LISBON, June 13. 

THE Assembly of the Republic, 
Portugal’s Parliament, has 

defence policyT partly because HOLLAND'S BUDGET deficit ttS ES* «d w5T 6^1' BeriS hare ra^’SbJeSkSto s feS biding to 

to 1978 will be higher than was SjSlted ISroSfSilhn! East city Hamburg. . •. any visit by Chancellor Schmidt gj* Government’s latest 

?S nd o ® origin * lly forecast, Mr. Frans Germanyimtil now has taken the . , Now the Journey is a tortuous to East BerUn, noting that it attempts 1© raise foreign loans 

Andriessen, the Finance position^ that it does not need °° German would mark a final acceptance by the Euro-market. 

So far, the West Germans and however S Ser retariafs C «- Minister, has reported. The the road and that therefore the t” 0 ® 1 road teat snakes through West Germany of East Berlin's 

Japanese have rejected any Srin^SaLif S “^epS^mSiU 5Ste“teday GovenuienS ™ WbstG^Sould pay for the g“»W ^ «» West 

STft ?S« n be m ^ 13 ^ en ^ p ^i “ “s 

The ' governmental alliance 
of Socialists and Christian 
Democrats <CDS) secured a 

Government in nartieuiar has *' ' T *» ll ? t "f? 1 " Commission to submit a pro- (SS-lbu) — FI ibn more than The decision to open up between West Berlin and Wbst of north-south *Europ^m motor- majority vote last night lor, a 

S™ ^noTdiMtiM if ?n3Twh« featherbedding^ Inefficient gramme f 0r the development of f««ast to. the Budget pro- negotiations on the details of the Germany is tee Ufrmfle streteh way jSSE the MeSSrSSSm decree tow which will allow 

ft is prepared to adopt expan- SS™^ P^ais announced last Septem- motorway to West-Berlin was to Helmatedt Workis nownear- aS S? Baltic waT officially JSW » J*"®* 

- . ■ ■ , - — — — — -- 11 “ mm mm — — - — m mu — WU VCIJ L^wUal CU LMClUIvU Lb VV 1 1 II I II 

it is prepared to adopt expan- the artificial creation or protec- the common industrial policy. her. 

ti0 " of j° bs ' m uncompetitive Mr. Rippon argued that oppo- «n 

tfbpt&znf ^zZZ a?v=£rSS 

JJl !"* g J e ,»f n ^l ns ai T ay the Ministers should for the future serfdom of Europe, expected. The "Government's 

advance of the Bonn summit, adopt an undertaking to apply but a vote in favour would lone-term tam>t I« m hrine It 
S* * h f °EC? secretariat. the “positive adjustment demonstrate an understanding ™ 

nevertheless, believes that this policies” proposed by the Secre- that military and economic _ per cent 

jjeek s ministerial meeting will tariat. as a quid pro quo for any security went hand in hand, and _ Part of the difficulty Is that 
bring some clarification of their expansionary action it might that arms production was an hn- ®* e .previous government, 
intentions. take. But Britain is understood portant means of fighting pnem- which drew up the 1978 

need f0r J® . actl0n by to be ODposed to the whole idea, ployment and increasing growth. Budget" took account in Its 
the western economies has been not only because it is too vaguely At present wealth reserves cawdations of plans to reduce 
underlined by the Secretariat’s formulated.- but because it were being wasted on a colossal expenditure which have not 
*«?« pessimistic forecasts, restricts the Government’s free- scale as the countries of the yet been Implemented. This 
which foresee that the area as a dom to adopt measures to hold Community duplicated each has meant that the new Govern- 
whole will grow by no more than down unemployment and to help other's efforts. ment has had less room to 

3.5 per cent at the most in 1978. industries in trouble. introduce new policies within 

- _ ~ “ . _ ; _ aw •* v«n u awn u&u- dUU LUU udiuw woo vmiuouj ’ tt ' t „ j 

token at a meeting between East ^ completion on the renewal of opened - here today by Queen S690m between now and the 

rit will Germany^ Communist Party Helmstedt-BerUn autobahn, which Margrethe of Denmark and West end of this >e> r - l,E ints 

SI per leader and President Ench is costing West Germany Germany's President Walter ?l50m has ^already been 

Income Honecker, and the West German DM400m. Scheeh Motorists can now drive negotiated wilh, a group 

ament’s £ e *"? 1 ?, ne ° t Representative in Herr Gaus said after his meet- L250 miles from Sicily to Apen- of international minks 

iring It East Berlin, Herr Gunter Gaus. Ing with the East German leader rade in Jutland on an unbroken cp- man aged by aiestdcmsche 

Although there are three auto- that both Herr HorwH-ker and mhtnnu,v Landesbank ' anti Commerz- 

K^SSSL SSSfrSS?™.™ , Herr Gaus said after his meet- L250 miles from Sicily to Apen- 
East Berlin, Herr Gunter Gaus. ing with the East German leader rade in Jutland on an unbroken 
Although there are three auto- that both Herr Honecker and motorway. 

Ships may be monitored from January 


Landesbank ■ anti Commerz- 
bank. . . - 

The remkinings amount is 
expected to be released as- a 
jumbo loan by a consortium of 
leading UA banks as a result 
of recent talks In New York 
with Dr. Yltor Constaucio, the 
Portuguese Minister of 

~ EEC is ‘getting 

Austria payments balance to grips’ with 
showssharp improvement 

VIENNA, June 13. 

T T ^ if y TVUIVIU By Our Own Correspondent as much as possible so as not ca^^dflS 

BY PAUL LENDVAI VIENNA,. June 13. STRASBOURG. June 13. undermine the impact of c i uc jed in thegeneral statement 

THE AUSTRIAN balance of Scb 10.5bn during the same ™ RECENT Common Market ™ "gf' ^hteTSJ^ oSSt SSSLSTS!, J?- SSSSmSI 

pai-ments showed a striking period this year. agreement limiting agricultural mfut hopes to announce later nf mrurSdnTdnl^v 

improvement in January-April . . . price rises to an average of 2 per »!,:« wpoic Mr iniiriuc«n uiii of world shipping by • state trad- 

7 m ki £3r*£s»ss 

(£217m) to SehTJbp. compared «ttt jgjj, problem of maricet XL a 9J 0 22 

The planned rednetinne were 5 ueciiLnl11011 irDn * ueciaiwu uu raoncauon Ot liner trade would nave to be ex- 

in the SSTof^«?f.nne1 EEC Transport Ministers is the United Nations code on liner eluded for the code to be aa *5ffi"j2 

social ^mritv P 2£Sdn!ir > r& implemented, as expected by conferences would have to be accepted in its present form. 

cJrii November. Mr. Stanley Qinton taken at the November meeting Britain wanted a code which had aIre ?? y fe.h 

SioLtJS?^ Md famI,y Davis. Trade Undersecretary, of . EEC Transport Minister little impact on trade between T? 11111 , 0 ? 

allowances. said in London yesterday. Agreement could have been the members of the Community *“* , !S!Sf llw SL ”®? e lrS y 

Spending has been held back The dip vision for monitoring reac ^ed this week, but Britain but- which would assist the 
as much as possible so as not cargos aQ d carriers was in- stjl1 refused to agree with the developing nations gain a greater 

to undermine the Impact of dudefto teeTeSS rtatment Provisions of the code. Britain share of world trade ' eoverumentto restrerfnre tee 4 

of world shipping by “ state trad- w-w 1^ 

& Renault stnke mediator 

to the same period last year. auiuau. unbalance, according to mt. 

The cru-iiipd K, c i~ u Dr. Helmut Klauhs, director Finn. Olav Gundelach, Commas- 
Diymen^ wL ^ h.l^T % * eMral of the doner for Agrieulture end 

11 tL 'SjSSSii ?« 5oard OI G^nossenschaftliche Fisheries. 
ih? ™ Zentralbank. the central insti- He told the European Parlia- 

Dr. Helmut Klauhs, director Finn Olav Gundelach, Commit «ro“ d JJ *)“*• turned down after protests from A. VERSAILLES Court, Ftins but the rest of the factory shadowed today by a'fiotann 

■ _ 1 . • .. _« _ . r a • ii a TOflTfi Wfll fuff . Wffn frrtm _ n ’ wAvtinn nnwmellt* this Ranfiidt 1 nmffMdnn thff CTlllnSi 

PARIS, June. 23. 

government to restructure the \ 
connlry’s short-term debt of r . 
S2.4bn, and to finance Porlu- ; 
gal’s balance of payments 
deficit of SL5bu. 

# Lisbon’s usually joyous 
annual holiday in commemora- 
tion of .SL Anthony, was over- 


years wfll take,- jgVect from France. " . ing .a mediator to th& Roaiuilt is working normally, the Renault] 

"■A ■“ Mr. Clinton Davis said be was factory at. FI ins this afternoon, to. spokesman said. 

The higher than expected moderately well satisfied with examine ways of opening At Renault's Cleon plant, which I 

procession throne h tee capital 
at the funeral of an 18-year- 
eld student killed In a demon- 

tho noniul l*at wuuaiuaun, uie teauai 1USI1- Ue [Ola me E,urupean rBIUU- uifiUH UMU “*-“'*. -“-'J oiiu wsuiiut naja ui u^cuiuy ni ucuiiuia wcuu |iiui, V--I. c . 

1 , . P tote of the Austrian farmers’ ment here that at a difficult time deficit has prompted the the outcome, which had gone negotiations to resolve the dis- resumed work yesterday after a atrailon bore last Saturday, 

excluding tee end-of-year co-operative, said that the 7 per for the economies of the Nine, Finance Minister to cut overall further than the Government ex- pute there, a spokesman for nine-day occupation and shut- Over 3.090 people walked 

swap transactions between the ce nt limit placed on expansion when inflation was combined with departmental spending by peeled. He regarded it as the Renault said, down, about 15 per cent of the silently with raised clenched 

- JJ-I* ■ Ban * ® . . “e credit 0 f foreign business this year recession, a clear signal had been FI 200m (390m). Both revenue Bret of a number of steps the The mediator has been workforce is still on strike but fists- 

foreign has had an adverse impact not sent to farmers that they were and spending are higher under *“*• w °uid take to counter the instructed to look into the causes again the rest of the factory was f Portuguese Prime Minister 

exchange reserves on a season- only on Ihe banks as such, but producing more than consumers the latest forecast but spend- So^et threat of under-cutting a nd development of the dispute working normally, the Renault Mario Soares on a visit to Bonn 
aHy-adjusted basis were up by ajs 0 on their contacts with the could buy. ' 1 *— v * - -- ' * ----- J 1 " 

Sch 7Jbn. international 

The improvement was due to m unity. 


could buy. ' Ing has- risen more '.quickly, "esiern snippers pnees and ex- at FHils and to suggest ways of spokesman said. . said yesterday -bis country 

Such a small price rise clearly . Spending is now estimated, at panding Soviet fleets. bringing unions and; manage- The CGT and - " CFDT unions would open formal negotiations 

indicated agriculture’s contribu- FI 97 Abu and revenues at Sanctions to be considered by toent togeteeT.He must submit have called for strikes of at least before the cud of this year on 

Such a small price rise clearly . Spending is now estimated, at Pending Soviet fleets. 

Western shippers’ prices and ex- at FHns and to suggest ways of spokesman said. 

panding Soviet fleets. bringing unions and; manage- The CGT and -7 CFDT unions 

two hours today in all 11 Renault admision to the European-Com- 

mon Market, Reuter reports 
from Bonn. 

China visit underlines role of Spanish King j^ a t ’j keiB 

_ Nazi Germany 

KTVC .TTI4N fART.nS Ic (fun tn etronu Vnmna lc pccontial tn TTn^a, p.a« a ml T„ « 

MADRID, June 13. 

MOSCOW, Jane 11 

a 13.5 per cent fall in the The. restrictions came into tion. to anti-inflationary policy FI 84.4bn. The Budget deficit I EEC Transport Ministers include bos report by Thursday. two hours today in all 11 Renault admisiontotheEuropean-Com- 

c 1S k to cw trad e deficit to force at the end of January tins and in real terms agriculture of FI 13.4bn produces’ a fund- the licensing of ship liner ser- Over 200 workers are still factories in France. mun Market, Reuter reports 

ocn lo.oDn. surplus on ser- yea r following an almost 40 per prices would decrease this year Ing requirement of FI JRfibn. ‘vices, tax on freight rates, and occupying the press shops at Reuter 1 Irum Bonn. 

account was up by cent expansion in the growth of nearly everywhere in the Com- — ; — • — 

Sen -.Son to Sch lO.lbn. foreign assets held by Austrian nranity. . 

with foreign exchange intake banks to 1977. Mr. Gundelach argued that tit ■ • _ 9 *J_ J !• 1 •! XT 9 l!) 

Cbina visit underlines role of Spanish King £ ra r da ^ns 


Thus the net intake from foreign assets to 20 per cent, ^ arm price policy that offered a 1 lVTil'FI tirPriTIflllV 

in Uni JanuSylAnril 0111 S^ S ' 7b t 5 0,6 exp t cted keS^into^bSaSce^Tft “Id KJNG JUAN CARLOS is due to strong Europe is essential to Under General Franco, Spain In. another instance. -Spain VTCI 111411 J 

P 87111 5 year 55 a base - a iso adopted a package ot de- j®**? tomorrow on ;a flveday face up to growing Soviet had a very limited concept of tr&diditionally has flattered itself MOSCOW, Jane 11 

•- velopment measures for ihe less - Qfficia I to China. Itee first expansiomsm. foreign affairs, -and foreign on lt£ good relations with Arab THE SOVIET UNION today 

well off regions. £7 ei \ by a Westem monarch to In this respect they are said policy, was essentially defensive countries,. But it was the King compared China’s goads with 

“We must now aim to con- People s Republic. This is to be interested in Spains atti- in nature— designed to insulate who readily accepted invitations those of Nazi Germany 

VjrTe6K-J>OViet llUKS 2rOW solidafe to push aheaa^n ^ ^ S a i a Sp ^ uab Si? e towwtis -joining NATO. Spain from the hostility of those to visit Jordan, Egypt and Saudi Tbe pantile! was drawn* by 

AAAAAA.CX gturr ^naaie ana TO PUSD aneaa on monarch ^ a Com- The Spanish Government has wbo opposed the dictotorahlp. Arahto In an .effort to promote qwSST riidSmnM 

BY OUR OWN CORRESPONDENT ATHENS, June 13. Svo ^togs from “S NA 1° Within tee course of two 'yeara Spanish business with the Middle ^ 

MR. GEORGE RALHS, the ing officials of the Soviet Foreign the negotiations. The search for rations Cbtoa in P March! armed forces tee' benefits of IctivS* aDoroada^altemotine^ ‘ • ■"J? whi< * *■*{ WJjff 

Greek Foreign Minister, is to Ministry on bilateral matters, as “ automatic system for the 1973, three years prior to open- joining the Atlantic alliance are JJJJv* 1 tSXSh ^ King has been equally ****<& to conquer tee world. 

pa> an official visit to the Soviet well as international issues. Mr. phasing out of monetary compen- j Qg offleuj ties with the Soviet viewed more critically and active : to his .endorsement of The commentary was pub- 

Union eariy in September. Gromyko is expected to return satory amounts (MCAs) had Untom cautiously. isolation of the dictatorship. - SpaJn * s membership of an en- lished over the name of L 

The visit, probably between tee visit failed and the Community must Although there already exists The King will be accompanied It has never been . publicly i arge d EEC. France and Italy. Alexandrov, believed to be a 

September - and 6, will be the A government official to-day tiy to confine decisions on green this earlier contact with tee by Queen Sofia. But despite the admitted, but it is thought that the tinrebuntries likely to cause pseudonym used only for 

Hrouter denied Greek Press reports rote changes to the annual price Chinese, the choice of Peking as official nature of the visit both the King feels he should £fey Spanish entry the most problems authoritative . statements of 

Since ine Second world Wflr and whir-h rlalmur? nfooro decision*! ^ ~L 1 -1. s. B nn n^tiYn'irt Mia .50 Sniin-o “ K - . , . S. r “ . ’ K.. ll n 

Greek-Soviet links grow 



rince the Second World War and which claimed Greece had decisions. teV tart Mr ‘SuT to sf&s have choren to Jve Tt a a very ictivist role as EK member KremHn thinking. 

k- s c r I ? f overtures accepted a Soviet proposal to He argued that if this was not be visited by King Juan- Carlos poUtical significance. The King chief ambassador, abroad. For stateSha visited. Unlike pastV 

maae nj ine boviet union to sign a friendship and co-opera- done, the fixing of common prices 13 believed to he significant His will be accompanied also by Sr. instance, it. was said to have been ■ . articles, whlctt 

Unlike past 
articles, whlc 

Alexandrov " 
have eon- 

^v, t,0 . n .agreement based on the would be preempted by national presence in Pelting is expected MareeUno Oreja, the Foreign in large part on his initiative On all these state occasions the eentrated morebn Slfto-Sovlet 

W hile in Moscow. Mr. Ralhs principles of tee Helsinki de- decisions as had almost happened to underline the concern shared Minister, and a senior Under- that last September ho made an King appears to Impress with a relations, there was no pledge 

s „^ n v 5°?f u i ar eu,lu ™i claranon. this year. by Spain with other Western Secretary from the' Commerce extensive toijr.. of South, and firm -mid' realistic appraisal of 0 f Kremlin readiness to^settle 

^ n r> c L.i e ronsular He said a joint communique The calculation of MCAs bad countries over the worldwide Ministry. Central America. This trip "was Spain m ite delicate transitional differences. 

C0DSU lf te » 11 , 1 ,. b , e ls ?M ed a t the end of Mr. also proved difficult this year role of the Soviet Union. The political nature of the subsequently considered to be an phase: If he Ip to be faulted, it. Instead, the commentary 

snuini nn» in^ioni^ ana a *“.? v “ , . t . . w «ich may also principally in the pig meat The Chinese for their part are visit, which will take in stops to. important -symbolic * .gesture is on his rather wooden .delivery ended With an assurance that 
Mr R,iiu ILiii h-lup „:,u f ouc “ ®n political aspects regard- sector and the Commissioner expected to use the opportupity Iran on the-way out and Iraq on designed to eliminate the rather of prepared text speeches, but he Moscow would do everything 

wr'St m Ing P° heies . of toe two thought it would be necessary to support Spanish entry into the return journey, serves to - disdainful and. paternalistic makes -up -for this in his readily ia its power to preserve and 

Ann™; S “v' cou . n . ur * es various bilateral to. reduce the level of price sup- tee European Community and to underline the significant role of image of' Spain that, had built discernible? pleasure in meeting: safeguard, world peace. 

Andrei Gromyko, and high-rank- and internati onal issues. port to this category. emphasise their teems teatt- a the King in foreign affairs. up there. .. people. Rented % 

France’s lame-duck steel industry appeals for second rescue 

is urgently seeking State aid less 
than IS months after tee Govern- 
ment put together an emergency 
rescue package to enable it to 
renew Its plant and scale down 
its workforce. 

When that rescue package was 
worked out, the industry had just 
struggled through a year 
which saw its medium- and long- 
term debt match turnover at 
FFr 31bn (about £3.7bn). The 
plan envisaged some FFr. S.Bbn 
in investment in new plant by 
1980 and the elimination of some 
16.500 jobs by April 1979. 

A year later, and 10.000 jobs 
fewer, bringing the workforce to 
143,000, the situation was worse# 
Turnover had struggled up to 
FFr. 33.5bn while debt had 
reached FFr. 38bn. 

With financial charges now 
crushing, the industry is seeking 
Government agreement to a new 
programme of fund-raising, 
coupled with a moratorium and 
rescheduling of debts. Around 
per cent of the debt is out- 
standing to the Government’s 
Social and Economic Develop- 
ment Fund. FDES. while the 
banking sector is estimated to 
have claims of some FFr 2Sbn. 
the bulk of it divided between 

tee two State-owned banks, BNP 
and Societe Generate. The pri- 
vate bank, Paribas, puts its own 
exposure at FFr 2b n. 

The only area which would 
remain untouched by a reschedul- 
ing of debts would be the money 
raised on the capital market via 
the industry’s financing arm. the 
GIS. Since the G1S would be 
called upon to raise new money 
from bote institutional and small 
investors its integrity cannot be 

The Government, in the per- 
sons in particular of M. Rene 
Monory, Economic Affairs 
Minister, and M. Andre Glraud, 
Industry Minister, is taking its 
time over the steel dossier. 

- The post-election industrial 
strategy of the Government 
decrees that lame ducks can only 
qualify for help If they present 
coherent recovery programmes 
and can prove competent man- 
agement It appears that the 
Government is not satisfied about 
the level of certain management 
and is debating whether the 1977 
plan can be improved and 

The unions think that a new 
round of Job-cutting is on the 
way. In fact, the 10,000 jobs so 
far lost have disappeared mainly 
through retiring workers at the 


Ulinor 8 

Sacilor 6 

Chiers-ChatiHon 1, 

Creusot-Loire 1 

CockerfU (France) 

Soc. Met, de Normandie 
Ugine Aden 

83m twines* 
6.4m tonnest 
1.18m tonnes 
1.14m tonnes 
897,0 00 
ie 645J00 

Pompey 4! 

* Including Its ttakc in Soimer and 
Afpa. pro mu. 

t Inducing It* stoke In Sofmer and 
Seftoc, pro rata. 

age of 56.4, some shifting around 
of labour and “ voluntary depar- 
ture.” Only 3,000 redundancies 
have been declared, about 1,000 
of these being of immigrant 
workers who were given 
FFr 10,000 to return home. 

The 'unions base their suspi- 
cions on remarks made by the 
former Director of the Treasury 
(and now of the IMF M. Jacques 
de Larosiere before the Senate. 
He mused aloud on the difficulty 
of shedding more than 10,000 
jobs a year In 1979 and 1980. 
If that were really in the Govenx- 


merit's mind it would imifiy a -reached 221m tonnes against a. 
total toss by 1980 of the Order capacity of some 31m tonnes, to 
of 35,000 jobs, rather than the 1976 plant capable of making- 
16,500 of the original propobaL ' 33.7m tonnes of. steel had 
These musiugs have not found actuallyturned out _232xn tonnes, 
any ministerial echo 'amt the T ^ e 19^7 plan envisaged no jn- 
industry has itself denied .cate- froase to capacity overall, and,, 
gorically that any new steekplatj^/vtoe pendency is for cap* 
is in prospect. About 2m. tonnes^y t0 , L ?fo hfly ' ^ My 
of capacity has been shut in the CTe 5 l toe industry cannot see 
past 18 months, while the. FDES production getting ^ anywhere^ 

has shelled out FFr l^bn to level 

loans to the leading companies .°ro toe mia-iusos, 

Usinor and Sacilor. - In the' first four months of the 

They needed it.. The Sacilor year production reached S.lm 
parent company repotted an tonnes, - around 3.5 per cent more 
operating loss in 1277 of toaa to January-April of last 
FFr 2.3bn against FFr l.lSbn year after-allowing for tee effect, 
before, and a loss before depre- toe strikes of April 1977. after 
ciation for the main- group prices have finned somewhat in 
operations (includine its stakes France, but are still below tne 

in Solldc and &jlmer) of level needed to make production - ■ 

FFr l.755bn. Ustaor Tlrotodud- Profitable. The 5. per cent price M. Bene. Monory . . taking: 

ing its stake In Soimer (owned rise arranged through the Euro- his time over steeL 
50:50 by Usinor and Sacilor) peap Co® 1 and Steel Community 

suffered a net loss or FFr 2bn, m January in fact translated into eome into force in July will 
and was almost as bad the a V* P er cent increase m France, probably put some 3 per cent bn 
previous year. Both Sacilor and This was so because the rebates the prices of the products 
Usinor will be deeply in tee red being given by French manufac- affected, though it will not touch 
in 1978. turers pushed their real prices minimum prices. 

Although the financial position a Jg”. 1 TS? Tbe domestic market is soggy, 

of the Industry is very difficult, f °r the Community The electoral defeat of. the Left 

the position in the market "shows P** 06 increase. might fiave. raised the spirits of 

soffie slight improvement, bnt The price rise in Ainril added industry, but it has done little 
production will remain well some 4 per cent to prices to to release its purse-strings. Few 
below capacity. Last year output France, while' the increase to investment forecasts envisage a 

pidc-np of roore than 3 per cent body — while some of theimmedi- 
Bxport' prices are better, and pressure could be taken off 
: tee Steil Federation reckons that deferring repayment of the 
' they -are some . 15-25 per cent--*? 011 ®* outstanding to the 
better than the . worst levels of «°7enunent or -even consoli- 
1977 for destination outside the ° atin S FDES -advances into 
.EEC. - But it is beginning to fret Tbe French will also 

seriously again because of ^otouue to. -press'- Brussels for 
Imports:-' average monthly im- financed : vigilance against 
ports last year were some MijOOO i“ ports « f° r . toe management of 
tonnes. In .Che first four month* priCM , aod f °r general “market 

of this year they were 735,000 or S an »ation." 
tonnes and to April the figure “ No divine ■decree lays .down 
was ^46,00(1 tonnes.- ■ that France- should. produce 30m 

The “mduslry saya that the tonnes" of steel a year if by 
recovery programme ig Producing a basic amount of. ray 
threatened by the remorseless 20,0 tonnes .and by buying the 
drain, of cash-flow into servicing f® st fr °m abroad it ran dflvelop 
debts. It needs the Government ff rtl . ul me ^ a .? iCa , 1 • . en Bino8ring 
■to Jean bb the banks to accept 
financial arrangements permit- 0 pp,me 

tin g the consnlldaUon of debt. Barre, complaimog of 

■ i toe fashion for subsidising loss- 

matting industries because they 
pressure tnc le&d l n g coiop&niGS sre fhnu^hr tn wmbnliv 
have restructured their holdings nation’svui/itv^lo ^hat it does 

r,hr’go°S^c“« , i5,^p s K 


unchanged. - ling industry to put its house in 

- It - seems certain that tee order be judged. 

industry will be called upon to ' 

make a significant - financial spmnctai. -amo, uMMed outr except sur 
effort- of its awn — probably Vw ana t^ktar*. ua rafagriwipn sup. 
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icecoyery proyiog 
hesitant and uneven 


LATEST INDICATORS of Indus- volume nearly S per cent lower! 
triai perfhrmanee in' S. Africa Motor industry Spokesmen I 

M^seatthat economic recovery. SS^nV^ be 1 a^reflec&n of the 
although- under way, ■ morale JStegSw economic trend. I 
mu^ more hesitant and uneven b £* r to some extent the result: 
than. Sem Owen. Horwood. the Lolacements. and : 

Kmteter FrnanM. would like. l»V ! 

. hast figures -so far have d UC ^ on a f new general j 

.come from the motor industry. ^ Qn T U iv 3 
showing real growth over its c e if/ a survey is based on 

sever 6 depression of last year. mccnber£ . retlirns for April and! 
•Motor sales in May were 38 per ^ ne c f the moM : 

np on M«r. 1977, and the re i; able indicators of economic 
for the first five months— !“£,£ j. repo ns that "the 

86 ^ car «U^~weK Jl -per £ 3 “* £ miufacturins out- 
■ 36 JV" r 64 - 493 o£ fl,0K 55TT1 number uf sectors . . . 
” enstaeerinj * S! s(^n° which eomtaued 

SSf g 5 *S| 5 " “fording* “?« pVTn” oS« ^tsie h inSudSd 

. Steel. and-En gin eenxve Industries * , JrlESLin* u^jt metal 

- Federation (SelEsa), hut onlv in general engineering, liSm. 

■ some' 50 per. cent.- of the sectors, manufacture and Je «ie 
' had . then only marginal. The communication mid 
. rather less up-to-date figures mdustrj. Slow but 
-from the Department of was reported by the.a^culri«^ 
Statistics on overall manufactur- equipment sector, automouv 
-iimi output show, moreover, that component xaanufatumann 
there was a real .decline between .producers of electrical eq p- 
JFebruary and March, leaving tneni. 

Kuwait will s n HERN LEBA " ON 
press for H0&Vy fi§ 



fighting during handover 


Japanese authorities yesterday claimed they had averted^ 
pollution disaster after stopping millions of gallons of heavy 
oil pouring into the Pacific Ocean from giant storageUnte 
cracked by an earthquake. The earthquake, which J®*tedjthe 
Pacific coastline; of Japan’s densely -populated main^lend^f 
Honshu, on Monday, killed 22 people and iAJ or ed 586^ It vras 
SieStwngest to hit Japan in M yeare. Me picture 

• . - y - shows Sbmfr of the damage causeu. 

j •*'r»'9-.’ ,i ;vV ,r •• :;- ■/■ • “ - • ' •- . :■ ' 

.• • i 

pnee rise ; 

By Ihsan Hijazi 11 

BEIRUT, Juue 13. | jj 

KUWAIT will press for higher j, 
oil prices at nest Saturday’s r 
meeting of the Ministerial ^ 
Council of the Organisaiion of fl 
Petroleum Exporting Countries ^ 
tOPEC), the country’s Oil a 
Minister, Sheikh All Khalifa j 
al Sabah, has announced. , 

In an interview published 
here today in the English- 
language newsletter, the , 
Middle East Reporter, he said J 
ihc OPEC conference will 
“ definitely discuss oil prices “ J 
hut he could not predict the 
outcome. Sheikh All predicted 
that the current world-wide oil 
glut will recede before the end J 
of this year- 

The Minister said there Ls a ’ 
good reason for an increase in I 
oil prices. “ Our income has > 
deteriorated as a result of the 
fall Iri the dollar and the 
reepnt strengthening has nol 
compensated us for past 
losses," he said, and he 
doubted that the dollar will 
I ever reach previous levels. 

I As such I feel we are enlliled 
to a compensation for the 
Falling dollar,” Ihc Minister 
pointed out. 

He said that Kuwait’s 
revenue from oil would ha\e 
been 10-15 per cent higher if 
It were not for the drop in the 
dollar rale. Sheikh Ali pointed 
ont that demand for oil on the 
world market is picking up, 
"though not as fast as we 
would love to see It.” He 
added: “ The willingness of 
various countries to over- 
produce or to over-supply is 
diminishing and 1 sec an 
approach towards a balance in 
the near future ” between 
supply and demand. In reply 
to a question, he said that this 
could possibly happen before 
the end of th is year. 

China cultural 
figure dies 

By Colina MacDougall 
KUO MO-JO, President of the 
Chinese Academy of Scientists, 
who died vesterday at the age 
of 86 , had been a leading 
fimire on the Chinese cultural 
scene for over 60 years, though 
since 1971 he bad withdrawn 
from public life owing to age 
and illness. His last major 
political move was probably 
his much publicised “self 
criticism” In April 19b6. the 
first evidence that the cultural 
revolution, then in its very 
early stages, was destined to 
affect even the highest party 
leadership. ______ 

AS ISRAEL yesterday handed v 
over control or the border strip J 
m south Lebanon to Christian 
militia under the command of t 
Mdjur Saad Haddad, heavy fight- j 
ins broke out yesterday between <; 
rival Christian militias in the . 
town of Ehden about 80 miles , 
north-east of Beirut. Among.. the i 
40 killed was Mr Tony Franjieu. i 
a deputy acid sun of ihc Tonncr | 
President Suleiman Franjieh. ms i 
wife and two children. 

A feeling of an impending i 
national crisis prevailed as 
President Elias Sarkis 
summoned the Cabinet to an 
emergency meeting. The otlicials 
were earlier preoccupied with 
Mil* progress of evacuating 
Israeli troops from southern 

The urea which the Christians 
will be patrolling on behalf of 
Israel is a atrip sis miles wide 
and 59 miles long stretching from 
the Mediterranean m Mount 
Hermon. Israel has made this 
juh easier by providing the 
Christians with military supplies 
and building a network or roads 
between the three enclaves, 
centred on the west round Alma 
el-Chaab. in ibe centre around 
Ait el-Chaab. and in the east 
around Marjayoun. At the same 
time, the four main crossing 
points into Israel al F.osh Haikra 
on ihc coast. Dovev and Rmeiche 
in the centre enclave, and near 
Metulla in the east will stay 

The Right-wing militia to 

whom the evacuated territory 
was handed over numbers 1.500 
men half of whom are soldiers 
and ’officers who belonged to the 
old Lebanese army which dis- 
integrated during the civil war. 
The regulars — like ?,Ijjor Haddad 
—an? still officially und*r the 
o p der ol the Ministry of Defence, 
which has instructed him to 
confine the troops to barracks at 
the towns of Marjayoun and 
Qlaia five and one miles from 
the Israeli border. All security 
duties are to be given to the UN 
troops pending the arrival of the 
Lebanese army. Yesterday, the 
Lebanese Government was 
reported to have prepared a 
brigade of 1.500 of Us own forces 
to go to the border area to fill 
the security vacuum. 

Unifil and the Syrian-domi- 
nated Arab deterrent force are 
! now facing a crisis if as is prot>- 
: able Major Haddad is deter- 

■ mined to stand hy bis mission 
1 of patrolling the border as cn- 
1 misled to him hy Israel. The 
5 forces on the left — in Lebanon 
: and radical Palestinian groups— 
s have threatened to atuck co!- 
s laborators with Israel. 1 ? Vaifll 
• does not assert it.,«-ir it will 
' appear to be laeit'y supporting 
i Major Haddad, jnrt this in turn 
t ultimately put «raln un its re- 
l* unions with the Palestine Lioera- 
^ tirm Organisation iPJ.Oi. whose 
a p-uder Mr. Yasser Arafat has 
c v--ced to restrain his forces, 
r So far he has :»■••■ n .successful 
y j n keeping mnderatv forces, par- 
ticularly those of his own or?:i- 
o msation Fatah, under control. 

- - - T \ Lebanon J 

GElwr/ :/ 

sik */ y DAMASCUS 
j 9 ^ 5* 9 

■ ; . Syria 

■SET fj / DiS 

4 /□ 

J ordan 

but at considerable cost to his 
own authority which is being 
rejected by the radical move- 

As the inevitable tension 
builds up. the Syrians can only 
become increasingly nervous, for 
on the one band they are being 
ured to advance as far as the 
Litani River and thereby to re- 
duce the area from whicc Pales- 
tinians could launch attacks 
against Israel. On the other, the 
Litani represents The ” red tme 
bevond which Israel claims that 
anv Syrian advance would neces- 
sitate retaliation. Yet u is tn 
this area of tension that a new 
and more severe crisis could 
develop — theoretically outside 

its control. At the same ume. 
Israel has made it quite plain 
that it will not hesitate to come 

to the support of the Christian 
enclaves if they look threatened, -r 

The clashes in the north s 
betwen rival Christian groups . 
have few direct connections with • 
the issues of southern Lebanon, . 
although there have been reports i 
of Christians in the north going 
south to help Major Haddad. 

Yesterday’s fighting began i 

when S00 members of the Right- 
wing Phalange Party mounted 
the attack on the town early »n 
the morning and clashed with fol- 
lowers of Mr. Franjieh. They had 
cut off all the roads and 
approebes to the town before tbe 

at A C communique by the com- 
mand of the mainly Syrian Arab 
deterent force said that rein- 
forcements from the force were 
rushed to the scene, that they had 
reopened the roads and were 

entering Ehden. 

Tension between tbe Phalange 
Party, which is The largest para* 

. military group on the ch J ,at ^f? 

. side and supporters of air. 

, Franjieh had been huildine up 
I since he broke away from the 
Right-wing coalition known as 
the “Lebanese Front" and n is 
j reconciliation with furmer Prime 
. Minister Rashid Karami. a 
*. prominent Moslem leader from 
t ihc Northern Town of Tripoli. 

, Mr. Franjieh's break with the 
l Lebanese Front was over his 
v strong objection lo she Phalange 
3 Party trying to extend its in- 
e fluence to the Christian north. 
■. especially the Franjieh houie- 
n town of Zghorta and the nearby 
e summer resort of Ehden. 

U.S. can 
on Israeli 


A STATE Department official 
said today it was hard to sec how 
Middle East peace talks could so 
ahead until Israel made clear its 
attitude on withdrawal from 
occupied territories. 

Mr. Harold Saunders. Assistant 
Secretary of State, told a Cun- 
eressional hearing that the 
United States hoped negotiations 
between Israel and Egypt would 
be resumed after the U.S. 
received Israeli answers to its 
questions about the future of 
two occupied territories, the 
West Bank and Gaza. 

The Israeli Cabinet today 
deferred its decision on how to 
reply to the questions. The 
Cabinet will meet again later this 

Mr. Menahom Begin, the Israeli 
1 Prime Minister, and his sup- 
porters axe reluctant to commit 
Israel to withdraw from the two 
territories, both for security 
reasons - and because they regard 
them as historically part o[ 

1 Israel. 

United Nations Resolution 24’_. 
s which is endorsed by the U.S.. 

; calls on Israel to withdraw from 
f occupied territories In exchange 
i for secure borders, 
i Asked if the U.S. would put 
forward its own proposals if the 
? Israeli Cabinet replied to the 
5 U.S. questions did not present a- 
i good possibility of a resumption 
l- of peace talks, he said the U.S. 
i. would consult Israel and Egypt 
y 4, and it is not inconceivable we 
y would put forward ideas of our 
own.” Reuter 

Syrian troops committed to policing role ‘for years’ 


of Israeli forces from southern 
Lebanon, the outbreak of fighting 
today between Right-wing 
Christian forces north of Beirut, 
and the suddent spate of warn- 
ings about the danger of another 
Middle East war. all serve to 
focus attention once more on the 
critical role played by the Syrian 

ar From President Hafez Assad 
downward there is no doubt m 
Damascus that Syrian troops will 
remain in Lebanon for 
rather than months to come. The 
Svrions now contribute more 
than 30.000 men. tne bulk of the 
Arab deterrent force, and the 
feeling is that this number will 
have to be stepped up before it 
begins to diminish. 

Senior Syrian officiate behew 
that it is inevitable that its 
troops have to move further 
south from their present posi- 
tions iE effective control is lobe 
achieved, thus paving the way 
for an eventual handover to 

Lebanese authority. To this i 
extent, a decision in principle ' 
has already been taken to i 
••accompany reconstituted ele- : 
meats of the nascent Lebanese . 
army down to the Litani River. 

Military cxneris »n Damascus 
state that having moved to the 
Litani River, the notional red 
line " drawn by the Israeli Gov- 
eminent, Syrian trops would m 
left in a very vulnerable position 
is they did not also occupy the 
hills a mile or so :o l he south. 
Mr. Assad’s determination to con- 
trol Palestinian guerrilla activity 
bv denying tneni any significant 
area of Lebanon in which they 
can operate freely may be the 
factor which will allow the 
Western powers to convince 
Israel of the necessity of the 
Syrian move. , 

The Syrian ideal would prob- 
ably he for the United Nations 
troops to form a buffer zone 
about six miles ceep from tne 
international border, and for 
Lebanese and Syrian units to 

control the rest of the area up 
to the Litani. Ali this poses i 
major longer-term political and 
military problems for President 

During a visit to an armoured 
brigade headquarters north of 
D'-mascus both these aspects 
rapidly became obvious. The pace 
and determination of the round- 
the-clock military training pro- 
gramme. coupled with daily 
political lectures for all troops, 
demonstrated the difficulties of 
th* Syrian role in Lebanon 
when combined with the neces- 
sity of offering a credible mili- 
tary option in the overall Middle 
East conflict. 

Flanked by artillery ranges 
and nestling between surround- 
ing hills, the brigade— which led 
the original Syrian push into 
Lebacon-is both absorbing a 
, number of new recruits while 
re-training and re-equipping 
' longer-serving troops. ib ree 
• Soviet-made T-62 tanks roared 
i repeatedly down three parallel 

tracks, with two minutes 20 ’ 
seconds allowed to knock out six 
moving targets and the four-man 
crew having to change roles 
after each run. 

“Our shooting is very good, 
and we learned a lot in Lebanon. ' 
said the colonel in charge cf 
training. He then turned to 
watch nearly 100 men pounding 
past the control bunker, their 
heads newly shorn and their 
throats probably raw from the 
incessant rhythmic chanting of 
“Haie 2 ,' Hafez. Hafez.” 

The Political Section in 
Damascus is charged both with 
the propaeanda war ..against 
Israel and the domestic explana- 
tions of such matters as why it 
Ls necessary sometimes to k;U 
Palestinians, of whose cause the 
regime is a devout supporter, 
and why men n*ed to serve in 
Lebanon for long periods 
separated from wives and fami- 
nes. It also emphasises at length 
[ the virtues of the ruling Ba alh 
I Party, in part to try and bolster 

CAIRO. June 13. 

what is a seriously nagging 

Mr. Assad is a deeply cautious 
man who. having agonised over 
moving into Lebanon in 1976. is 
now almost totally committed to 
remaining there at least for the 
foreseeable future. Equally, he 
is committed to a “ just " peace 
with Israel which means that he 
must be ready to send his armed 
forces into battle again at, from 
the Syrian point of view, a 
moment of his own choosing. 

This theme of “consistency” 
which he likes to promote is of 
course costly in military' terms 
and perhaps eventually in politi- 
cal terms It is not a burden that 
a nation of 7.75m people and 
total armed forces of about 
227.000 can visualise bearing for- 
ever without serious effects on 
economic growth and more 
; general well-being. Yet the effects 
■ of present Syrian policy mean 
. ihat the armed forces are having 
l to be increased in number and 
• the military budget is growing. 




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Consider for a moment how much that effectiveness 
^ ptft HmSthe wrong truck and chances are his real 

productivity will plummet. . , i 

V His truck will break down, gulp fuel and maybe spend 

four hours on what should be a three hour journey. 

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

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

hamm wiU spend less time off the road and more 

time making deliveries. . . 

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

Because your driver’s pay packet can be a direct 

reflection of your profitability. 

Speak to your transport manager now. Check out your 

operating costs for yourself? 

And in the meantime, ask y our , - — 

secretary to clip this 

ad to your letterhead 
andsendittous. > 


his time. You’re 


Castro blames Brzezinski 
for ‘total lie* over Zaire , 

Fed replies 
to Congress 


the Cuban leader, last night 
publicly denied for the first 
time that Cuban forces were 
involved in the Katangan 
invasion of Zaire and said that 
UA charges to the contrary were 
based on “lies manufactured by 
Dr. Zbigniew Brzezinski. Mr. 
Carter's National Security 

In an interview with U.S. 
correspondents in Havana, Dr. 
Castro said he had already 
explained privately at great 
length to the Carter Administra- 
tion that he had tried to stop 
the Katangan incursion into 
Shaba province. 

He conceded that, in the past, 
Cuba had worked with the 
Katangans who had participated 
in the final stage of the libera- 
tion of Angola in 1975. He 
added: "Since early 1976 we 
have tried to avoid relations 
with the Katangese. We felt 
that after the war Angola needed 
peace to reconstruct itself. It 
needed to improve its relations 
with its neighbours." 

The Cuban leader said that 
neither Angola nor Cuba bad had 
any moral or legal problems with 

helping the Katangese in their 
fight against the Government of 
President Mobutu . . . but both 
countries made a policy decision 
not to cuter into relations with 
the Katangese or to co-operate 
with them. 

President Castro said that the 
Katangese had on numerous 
occasions requested help but it 
had not been given. Asked why 
he had failed to stop the invasion 
as be said he tried to do. Dr. 
Castro said that President 
Agostinho Neto, the Angolan 
leader, had tried to halt the 
invasion but had been ill in 
Moscow just before It took place. 

Dr. Castro was careful not to 
blame President Carter directly 
for what he described as "not a 
half-lie but a total absolute and 
complete lie” about recent Cuban 
involvement in Zaire. Rather he 
laid the blame at the door of Dr. 
Brzezinski saying that be bad 
manufactured the accusation and 
deceived ihe President. There 
were people In Washington. Dr. 
Castro said, who wanted to create 
a ‘Tonkin Gulf” for Africa. 

The interview adds one further 
layer of confusion to the 
question of Caban involvement in 
Zaire. Officials are not dear why 


Dr. Castro, who has no love for 
the Mobutu regime, should be so 
keen tu convince the world that 
he had no pari in a plot Lhal 
might have overthrown it. There 
is speculation that he may be try- 
ing to drive a wedge into the 
Carter Administration by singling 
out Dr. Brzezinski for attack. 

The Administration is likely to 
be embarrassed by the fact that 
Dr. Castro produced a reply from 
Mr. Cyrus Vance, the Secretary of 
State, to a message to the White 
House sent via a senior U.S. 
diplomat in Havana that was dis- 
closed over the weekend. In this 
Dr. Castro said that he had had 
no hand in the Sbaba affair, tn 
his reply Mr. Vance thanked the 
Cuban leader for his message. 1 
He said that it was appreciated 
and that it bad been noted- Dr. 
Castro said that in contrast to ! 
what had been emanating from 
Dr. Brzezinski the reply was 
" kind and friendly." 

Dr. Castro said that he would 
be prepared to meet President 
Carter to discuss the subject if 
necessary and added that the 
President "is a decent and 
honourable man and I dun'l want 
to preclude the possibility that 
be has been misled." 

U.S. airlines may cut I AT A ties 


THE U.S. Civil Aeronautics 
Board l CAB) struck at the very 
heart of international airline 
fare and rate agreements yester- 
day by issuing a proposal to 
withdraw the United States from 
International Air Transport 
Association (IATA) agreements. 

The CAB indicated three weeks 
ago that it might end 32 years 
of U.S. participation in IATA. 
While acknowledging that the 
result might be greater Govern- 
ment involvement in the fixing 
of airline fares. the CAB has 
concluded that this would prob- 
ably be less anti-competitive than 
the status quo. 

During the past year the CAB 
has become the standard bearer 
of greater competition and 
cheaper air fares and has encour- 
aged the wave of discounts which 
have made cut-price air tickets 
available on almost all major 
U.S. domestic routes. In turning 
its attention to international air 
travel, the CAB has been 
impressed by the collapse of 
IATA fare agreements on north 

Atlantic services and the highly- 
competitive, lower fares which 
have resulted. 

The CAB has acknowledged the 
importance of its attempt to 
withdraw U.S. airlines from 
IATA by allowing 120 days for 
comments on its proposal rather 
than tbe 30 days normally 

In yesterday’s order the CAB 
argues that circumstances have 
changed radically since 1946 
when U.S. airlines were freed 
from the restraints of anti-trust 
laws and permitted to partici- 
pate in IATA. Tt was no longer 
safe to assume that U.S. carriers 
alone had the resources to engage 
in price competition. They had 
ceased to dominate international 
aviation “and the bargaining 
power of our allies is now much 
more equal to our own." 

Multilateral rate-making 
through IATA was not the sole 
mechanism through which 
"friendly and mutually beneficial 
aviation relationships" could be 
secured, the CAB said. 

Discussing the risk of greater 
government involvement in fix- 
ing airline fares, Mr. Alfred 

NEW YORK. June 13. 

Kabn. the CAB chairman, said 
last month that he was taking! 
some comfort from the bilateral! 
agreements which the' U.S. had| 
reached with Britain and Holland. J 
The U.S. had been able to 
persuade other countries 
trust the fortunes of their air- 
lines to a freer play of inter- 
national price competition." he 1 

One of the five CAB members 
dissented from yesterday's pro- 
posal. Mr. Richard O’Melia. 
argued that a decision of such 
importance warranted formal 
bearings, adding that he could 
not agree with the CAB's ten 
tative findings that the IATA 
resolutions were no longer in the 
public interest. 

Meanwhile. U.S. and British 
aviation officials are to have 
further talks on tile terms under 
which Boston could continue to 
be linked to London hv two U.S. 
airline services. Under the 
Bermuda Two agreement only | 
two U.S. cities were to be nomi , 
nated For service to London by 1 
two LIS. flag carriers and the 1 
CAB nominated Los Angeles and I 
New York. 

Land fear not backed by survey 


General Accounting Office 
f GAO), the congressional watch- 
dog agency, to gain some idea 
of the extent of foreign owner- 
ship of U.S. land suggests that 
foreigners may not be investing 
in land as much as had been 

But the study covers only 25 
counties in five states and may 
have failed to come to grips 
with the issue. In some states, 
notably in the south-east, foreign 
purchases of land are causing 
concern principally because U.S. 
land is cheap by European and 
Japanese standards and buyers 
are thus able to outbid prospec- 
tive American purchasers. 

The issue is complicated by 

Carey announces 
running mate 

By Our Own Correspondent 
NEW YORK, June 13. 
SHRUGGING OFF the defection 
of his deputy. Lieutenant Gover- 
nor Mary Anne Krupsak. 
Governor Hugh Carey today 
announced that bis long time 
friend Mr. Mario Cuomo would 
he his running mate in New 
York’s gubernatorial election in 

The formal launch of tbe 
Governor's re-election campaign 
yesterday was spectacularly 
undermined by Miss Krupsak's 
surprise announcement that Mr. 
Carey would have to do without 
her in November. Within hours, 
however, the Governor displayed 
the political skills which three 
years ago caused some to see 
him as a possible presidential 

While Miss Krupsak’s 
criticisms of him were still 
coursing along the newswires, 
Mr. Carey’s supporters were 
organising a campaign of tele- 
phone calls to Mr. Cuomo urging 
him to fill the number two slot. 

the fact that there are no state- 
wide or national land ownership 
records in Lite U.S. All land 
ownership details are kepi at the 
county level and finding out who 
actually owns land is thus a 
lengthy and extensive business. 
Records of ownership do not 
always identify the ultimate 

The accounting office's report 
was commissioned by Senator 
Herman Talmadge of Georgia, 
one of the stales where there 
has been much concern 'about 
purchases oF foreign land-buying 
by individuals and by institu- 
tions. Tbe office's check found 
that only three-tenths of 1 per 
cent of the land in the 25 coun- 


ties was foreign-owned and that 
the majority of the owners were 
European, often German, French 
or Swedish. 

Only two states. Iowa and' 
Minnesota, require non-resideni ' 
aliens to report the fact that they 
have bought land. Nine prrih'iii' 
foreigners from owning land or 
put sharp restrictions on the 
amount that they can own while 
five more put ceilings on total 
foreign-beld acreage. 

One lawyer who deals with 
land in Kansas told investigators 
that foreigners were paying as 
much as S200 an acre more for 
land than local farmers. In 
Georgia other farmers were 
quoted as saying that land was 
priced beyond their reach. 

USSR ‘may accept troop 
parity in Central Europe’ 


U.S. ARMS control negotiators 
expressed cautious optimism to- 
day about an apparent Soviet 
[concession in the long-running 
i talks In Vienna (MBFR) about a 
mutual reduction of troop 
strengths in Central Europe. 

According to reports here this 
morning, which could not be 
officially confirmed, the Soviet 
Union has agreed for tbe first 
time that NATO and the Warsaw 
Pact should agree to set equal 
celling on air and ground 
strengths in Central Europe fol- 
lowing the reduction of forces 
envisaged in the current talks. 

The West has always Insisted 
that any MBFR agreement should 
include common ceilings, but 
until now the Soviet Union has 
proved unwilling to give way 
Last month the Western 
negotiators made a fresh offer, 
which continued to insist in 
parity but allowed the Warsaw 
Pact much greater leeway In 

deciding which troops to puli 

. In wbat appears to be a reply 
td this- proposal, the Russians 
have proposed this week that 
both sides should adhere tu u 
ceiling of 700.000 ground forces 
and that the total ceiling for 
both air and ground personnel 
should be no more than 900,000.1 

This apparent concession 
leaves many other problems still ' 
to be resolved, since apart fromj 
anything else there is no agree 
ment on the number of troops 
actually now in place. The : 
Russian claim that their forces, 
are significantly fewer than 
Western estimates suggests still 
leaves room for endless argu- 
ment about respective levels. 

Nevertheless, there is some 
optimism here that the Russians 
may now have accepted, at least 
in principle, tbe concept of parity 
and this could, therefore, be a 
significant advance. 

Trudeau constitutional plan faces problems 


THE CANADIAN Prime Minis- 
ter, Mr Pierre-Elliotr Trudeau, 
has scored an initial success with 
his proposals for far-reaching 
changes to the Canadian con- 
stitution: they have been 

welcomed by Mr. Joe Clarke, the 
leader of the Progressive Con- 
servative Opposition. 

But -that does not portend an 
easy passage for the proposals 
once they are tabled in Septem- 
ber, after the Parliamentary 
recess in Ottawa. The issues 
raised are too controversial for 
that in all the parties. The pre- 
cise detail of Mr. Trudeau’s plan 
was not disclosed in a White 
Paper published on Monday, but 
it did say that the Trudeau 
Government wants to guarantee 
the right of both English and 
French Canadians to have their 
children educated in their own 
language, and to associate the 
Canadtan provinces more closely 
with the law-making process in 

The schooling proposal not 
only aits across the plans of the 
Quebec Government to make 
French predominant there, if 
necessary at the expense of free- 
dom of choice: it will also arouse 
the suspicions of many Anglo/ 

Canadians, especially in the 
West. ; 

Nor will there be an easy 
passage for the proposal, as yet 
vague, to substitute a House of 
Federation, for tbe existing 
Senate, a body nominated by the 
federal Government and origin- 
ally inspired by the model of the 
British House of Lords. The 
White Paper is tautalisingly 
vague about this proposal apart 
from saying that the provinces 
would play a role in selecting 
the members of the new house. 
The most far-reaching possibility 
that has been discussed would 
make members of tbe House the 
representatives of the provincial 

.Whereas the language proposal 

la a response to the age-old 
problem of accommodating both 
French and English populations, 
the idea of a House of Federa- 
tion has come forward recently 
to reply to the complaints of 
many provinces that Ottawa 
treats them as step children. 

The most obvious instance is 
tbe rise of the Parti Quebecois 
in Quebec with its separatist or 
nearseparatist ambitions. But 
the emerging western provinces, 
too. feel that Canada has been 
run for too long in the interests 
— above all — of Ontario. 

If Mr. Trudeau is sincere in 
his intention to bave these 
measures enacted in the present 
Parliament, as the first phase 
of a more thorough-going con- 
stitutional reform, it must follow 
that he has no intention of dis- 
solving Parliament this year. 
There had been widespread 
speculation that he wanted to 
go to the country in the autumn, 
which was dispelled when the 


Ceausescu likely to 

on interest 

By Our Own Correspondent 

man of the U.S. Federal 
Reserve Board, has r«*si*n ed the 
right tn begin paying interest 
on reserves depositori nitlt the 
Fed by member hanks hut has 
told Congress tiiai he has no 
desire to usurp its power. 

His statement came in a 
carefully-worded reply to a 
lutier from The chairmen of 
both the House and I lie Senate 
Banking Committees. They 
warned Mr. Miller that the 
Fed would need congressional 
approval to pay Interc-l on the 
reserves and that if it went 
ahead without such permission 
it would precipitate a major 
clash between the Central Bank 
and the Congress. 

Mr. Miller said that the 
Fed's right to pay interest was 
a legal matter and hinted I hat 
other members of both commit- 
tees might not agree with the 
chairmen. But he conceded 
that IT they did it would he 
unlikely for the Fed tu pay 
interest in the face or congres- 
sional opposition. 

The Fed has been loving 
with the Idea of paying interest 
on members' deposits as one 
way of halting the steady 
decline in membership of the. 
system. Since 1968 some 527 
banks have pulled out of the 
system saying that they could 
not afford to tie up their re- 
serves in non-interest hearing 
[ accounts. l*st year ."5 hunks 
: with total assets of S4bu left 
the system. 

I By the end or this month 
1 Mr. Miller Is expected to 
1 unveil a programme designed 
!■ to Mop the rail in membership, 
i He said in his letter that the 
plan ma> include soni>' red tic- 
: tton in reserve req til rent nits, 
the .spoeihe pricing uf >ert lees 
provided by the Fed cuiipleri 
u-illi pa>raent of interest on 
reserves, and a possible re- 
uuesi that Congress pass a law 
saving that all financial iiisli- 
| <m ions must keep their re- 
sort es with the Fcri. 

| by foreign 
banks urged 

•By David Lascelles 

NEW YORK. June 13. 
PRESSURE is mounting ou the 
New York branches of foreign 
bunks to insure the deposits 
they solicit [rum the public. 
Ai present these branches are 
exempt from federal law which 
in most cases compels U-S. 
baoks and the subsidiaries of 
foreign banks to insure 
deposits with the Federal 
Deposit Insurance Corporation 
<FI>!C>, a Government agency. 

Accordlog to Miss Muriel 
.SieberL the state superinten- 
dent of banks, there is growing 
concern about the speed with 
which some of these banks are 
acquiring deposits without in- 
suring them, and without the 
public being aware of this fact. 
She referred to one bank that 
was taking full-page advertise- 
ments and offering gifts as in- 
ducements to depositors, but 
she refused to name it. 

Speaking at a banking sym- 
posium yesterday. Miss Siebert 
said that her department had 
proposed legislation requiring 
branches of foreign banks to 
notify depositors that their 
money was not insured. This 
would be stop-gap legislation 
pending’ the passage of a 
federal Bill, known as the 
International Banking Act, 
which will require . these 
branches to Insure deposits in 
stales wbich have compulsory 
insurance laws. 

Nctv legislation would affect 
National Westminster. Bank, 
for example, since it operates a 
single branch where deposits 
are not insured. In common 
with many banks in a similar 
position. Nat West argues that 
Insurance is unnecessary since 
the branch does not solicit 
deposits, and only accepts 
large deposits from corporate 
customers which exceed the 
S40.000 insurance cover limit. 
By contrast. Barclays, which 
owns a subsidiary here, Bar- 
clays of New’ York, already 
falls under the obligation to 
Insure. ■ 

The timing of both the Bills 
is uncertain because opponents 
argue that their requirements 
could be discriminatory. 
European study. Page 26 

Occidental makes counter-offer 
for Husky Oil; Eaton boys into 
Cutler-Hammer; Bankers J in 
European study. Page 26 [ 


ROMANIAN trade officials are 
optimistic that the much delayed 
agreement for Romania to build 
the BAC One-Eleven short-haul 
airliner will be finalised during 
President Ceausescu’s four-day 
visit to Britain, which began 

Although final details of the 
deal under which Romania will 
build S2 of the aircraft— In con- 
junction with British Aerospace 
—have not been finalised, it is 
likely tftal some form or protocol 
will be signed when Mr. Ceaus- 
escu visits the company to- 

allocated to the fleet of ‘■Tartfsa, 
the Romanian airline, and .the; 
rest will be exported mainly 'to- 
other East European . countries^ 

This type of deal, blending tite 
transfer of technical skills, with- 
a long-term trading relationship, 
is particularly attractive - TO. 
Romania. The preference, indeed 
Romania's whole trade ptrilo-.. 
sophy derives from its vievrof 
itself as a developing., country, 
with a need for capital invest- 
ment and technology. 

As for all developing- couri-l 
tries, such needs- often' -pose'oa. 

-Romania has ; shKtdd 
rCoSsothe Wgt M 
.Britain of course, has Jiene«fctL 
- Indeed the RomaniraV_ever 
sensitive to the posstoyaj^pf 

Britain has benefited rator- ttw 
jnueb. President Ceausescu L wiU; 

certainly be * 

Callaghan during ■ auiar . 
imroSse British purchases cf; 
-Romanian goods. ..-iA 

• British, sales^to 

■-•■j— *" 

■ •nralA'KES' 1 Biitatit^pn^ ~ 

its trade 

m : add the’^wthiag^ r>. 

Briar./’ A k 

including chttid ' he* ■ ffigantfed; : eKcfa 


©irppeaiF: ceunOT^y Rdarania 1 ' 
i 'favours’.- fcaztef^ 

1 and- compfflisaticm'arrangemetfe: 
In 'ta&s? wltfi : °RonianiaB officials 


Renault in £475m par plant 
agreement with Roniania 


RENAULT, THE French State- 
controlled motor company, has 
signed a deal worth about £475m 
for expansion of tbe Romanian 
motor industry, the second big 
contract of its kind to have come 
to France in a week. 

Renault's FFr 4bn deal in- 
volves doubling the capacity of 
a car plant at Pilesti, where the 
Romanians make Renault 
models under licence, and con- 
structing a factory for pick-up 
trucks. Both are due to be com- 
pleted by 19S0. 

The contract conies only a 
few day safter tbe signing by 
Automobiles Citroen of a 
FFr 1.6bn (£200m) contract for 
a plant at Zwickau in East Ger- 
many (o build front wheel drive 

Citroen won the East German 
deal against the competition 
from the UK manufacturers. 
GKX. GKN had dropped out 
because of tbe East Germans’ 
insistence on a buy-back clause 
m the contract. 

Renault’s contract, tike Cit- 
roen's, including buying parts 

from the Eastern European- oper- 
ation. It will expand its current 
purchases of gearboxes and other 
parts used in Frenctomade 
Renault vans. ’ •- 

. Capacity at the Pitesti. plant 
wilt be doubled from 75,000 
vehicles a year to 150,000.— The 
Romanians will trim their: output 
of tbe Dacea 1300, a local version 
of the R12, to 60,000 a year and 
start producing RenaiilT's. new 
medium-size saloon, the R18. -With 
an installed capacity of 90.000 
cars a year in 1980. 

About 94 per cent, of the parts 
for the Dacea 1300 are locally 
produced in Romania. •. j"- . .- 

At the same time,’ a new 
assembly plant will be built to 
produce 35.000 pick-up vehicles a 
year, initially with engines Im- 
ported from Renault in France. 

Part of the Romanian, pact In- 
volves assistance in marketing 
the vehicles produced, through 
Renault networks in areas: such 
as Africa and Asia, where the 
Romanian vehicles are con- 
sidered well suited tolacaVcohdi- 
uons. . . 

Citroen also has an . agreement 

PARIS, June 13.. r , 

with the Romanians; signed 18 
months ago, under which? it - Is 
to co-operate in a FFr . iSbn 
investment to produce aJnew car 
for the Romanian market. 

Renault is meanwhile awaiting 
a long-delayed decision by 
Algeria on a car plant ; which 
was originally destined to pro- 
duce 100,000 vehicles a year and 
for which the French company 
is competing with Fiat of Italy. 
• Franco-Soviet trade grew by 
35 per cent in 1977 to FFr 13bn,. 
according to the Franco-Soviet 
Chamber of Commerce. 

Despite the sharp; increase, 
however, the value of new con- 
tracts signed between French 
and Russian companies last year 
fell sharply to only FFr 2bn 
from FFr 7bn in 1976." reports 
AP-DJ from Paris. 

The Chamber- of Commerce 
says it hopes to meet the. year's 
target of FFr lObn wortk-of new. 

France had a trade surplus 
with Russia last ■ .year . of' 
FFr 1.67bn. Exports to ..the 
USSR totalled FFr" 7R5ba and 
imports amounted to FFr 5.68bn. 

Poles build Soviet pipeline 



THE POLISH construction com- 
pany Energopol is to build a 
300 km section or a new pipeline 
in the Soviet Union which will 
link the Surgut oilfield in the 
east of the north Urals area ie» 
Polock in nnnh-e3siem Russia. 
The pipeline will be an exlensinn 
of ihe “ friendship ’’ pipeline 
system built in the 1960s. 

The contract is part of a 
Polish-Soviei Inter-governmental 
agreement signed earlier this 
year. Details released today by 
Energopol show that work is to 
start by the end of this year and 
it is expected that the Polish 
sector will take up to two and 
a-half years to complete Around 
L500 men are expecipd to be 
employed on the project. 

One complication is that 40 
per cent or the route runs 
through marshland This means 
thai Energopol will need special 
sofl ground transport machines 
and oquipmenl fnr which thuv 
expect to be placing orders with 

Western companies within the 
next six months. 

This will be the third pipeline 
that Energopol has . helped to 
build in the Soviet Union. It has 
laid a 584-knj section of the 
Orenburg gas pipeline, which 
•runs from the Orenburg gasflelds 
to the Soviet Union's western 
border, work on which will be 
completed in two years' time. 
The other contract is the 44’2-km 
pipeline running west of Polock 
which will be ready by the 
middle of 1979. 

As much as 90 per cent of 
Energopol’s transport equipment 
and 100 per cent of its welding 
equipment comes from Western 
companies like Caterpillar, JOB, 
Kockums or the Gretcber 
Recources Corporation. 

Tbe Surgut pipeline, as will 
the Orenburg and Polock pipe- 
lines, will be paid for with sup- 
plies of Soviet gas and oil. 
Projects of this kind which 
require Immediate heavy expen- 
diture of hard currency and are 

POZNAN. June 13. 

\ I 

effectively hafd currency credits 
extended by Poland to tbe Soviet 
union are seen as a way of gain- 
ing much needed future supplies 
of Soviet raw materials. But 
they also provider, experience 
which can be applied in other 
markets. ■ v .■ 

• Energopol. which employs 
20,000 workers and was set up 
in 1975 specifically for the Oren-. 
burg project is also active inside 
Poland, in East Germany, and 
AustriaL But Energopol execu-. 
lives say that they want to 
concentrate on projects in the 
petrodollar countries in coopera- 
tion with the large Western 

An example of such a contract 
is the IGAT 2 pipeline in Iran 
where Energopol is cooperating 
witb Spie Capag of France and 
IRA Capag of Iran. Another 
recently signed contract is for 
the construction of a 140 km fobs 
28 ins ..diameter gas pipeline 
from Mosanski Brod to Sisak in 

South Korean attention on New Zealand 

public opinion polls turned 
against his Liberal Party.' in 
April. In May that trend was 
reversed: the Liberals were 
back in the lead with 43 per 
cent against 39 per cent for the 
Tories. But the White Paper 
now makes it improbable that 
Mr. Trudeau will, after all, call 
an election this year. * 

It has always been considered 
Mr. Trudeau's main electoral 
asset that his name is ’closely 
associated with tbe cause of 
national (meaning Anglo-French) 
unity in Canada. The White 
Paper fits that image very well. 
But its impact upon tbe voters 
at large remains to be assessed; 
shrewd observers consider that 
for much of English Canafla^the 
economy is an issue more imme- 
diate than constitutional reform. 
The announcement in Ottawa 
yesterday that the unemployment 
ratio (seasonally adjusted)', stuck 
at 8.6 per cent during May 
explains why. 


SOUTH KOREA is making a 
major effort to win a bigger 
share. of the New Zealand Import 

The South Koreans are par- 
ticularly anxious to win orders 
for huuvy machinery, telecom- 
munication carrier equipment, 
electronic equipment, iron and 
steel products, automobiles and 
building materials — areas in 
which they wilt be in direct 
competition with tbe UK, Japan 
and Australia. 

A large trade mission of more 
than 40 government officials and 
businessmen, led by the South 
Korean Minister of Commerce 
and Industry, Mr. Gak Kyu Choi, 
has had extensive discussions 
and negotiations in Wellington. 

Korean businessmen are par- 
ticularly Interested in joint ven- 

Greek airline credits 

ATHENS. June 13. 
to supply credits to cover 90 per 
cent of the cost of tbe two 
Airbus A-300 B4 airliners pur- 
chased by Olympic Airways last 

Mr. Nicholas Farmakides, 
chairman of Olympic Airways, 
said yesterday that the loan, 
from West German and French 
hanks, would be repaid over ten 
years at an average interest rate 
of S-625 per cent. 

He said the two airliners 
would cost 356m and that the 
offer would be accepted unless 
more favourable credit terms 
were lOMid. 

Another proposal being con- 
sidered by Olympic Airways was 
the lease of the two Airbus air- 
liners for 15 years'. This would 
cost about $3m a year hut the 
two aircraft would then revert 
to the manufacturer after the 
15-year lease period. 

Reuter . 

tures. These could include off- 
shore fishing in New Zealand and 
food processing of New. Zealand 
agricultural exports in Korea. 

The two countries are already 
involved in New Zealand's paper 
pulp industry with a new thermo- 
mechamcai pulp mill, which 
is due to begin production eariy 
next year. At a special business- 
men's meeting, represen tativeA 
from both countries discussed 
the present economic situation 
and ihe outlook for their respec- 
tive countries. It was accepted 
that New Zealand’s ability to 
buy from overseas countries 
depended heavily on its ability 
to export meat, dairy products 
and wool on a stable long-term 

At present. New Zealand has 
a favourable trade balance with 


Korea, but both countries are 
anxious to increase two-way 
trade. Some New Zealand meat 
exports are already processed in 
Korea for further marketing in 

New Zealand believes it will 
' increase sales of timber, primary 
products and agricultural tech- 
nology to Korea. The New Zea- 
land Government has supported 
tlhc Korean initiative and has 
given Its blessing to the Korea- 
New Zealand Economic Co- 
operation Committee which will 
act as a vehicle to get business- 
men together and promote 
mutual interests. It will also 
help resolve problems including 
tender .and supply practices and 
financial methods governing 
imports and exports between 
the two countries. 

Aircraft leasing grows 

JAPAN'S PLAN to purchase 
foreign aircraft and lease them 
to lines in other . countries is 
developing, AP-DJ reports from 

Industry and Government 
sources in Tokyo say Philippine 
Airlines and British Airways are 
negotiating with Japanese leas- 
ing companies to arrange financ- 
ing to acquire new U.S. aircraft. 

Purchase of the aircraft by 
Japanese leasing companies 
would be financed by the Export- 
Import Bank of Japan. The com- 
panies then lease the aircraft to 
the airlines for periods of up to 
10 years, after which title would 
transfer to tbe airlines. 

Negotiations with British Air- 
ways and Philippines Airlines 
indicate that Japanese leasing 
companies have been promoting 
the financing scheme aggres- 
sively. They have also been 
negotiating with Korean Airlines 
and Thai Airways International, 
anq bave held exploratory talks 

with China Airlines and some 
South' American carters. 

The leasing plans offer air car- 
riers lower interest rates than 
are available through U.S. banks, 
with guarantees by the U.S. 
Export-Import Bank. 

They come at a time when Uj>. 
aircraft manufacturers are com- 

f ilaining about difficulty compet- 
ng with foreign manufacturers 
because of poor financing terms 
available in the U.S. British Air- 
ways is understood to he . con-1 
sidering the acquisition of onei 
Boeing 747, another 737 or a! 
Boeing 727. and a Lockheed 
L-10I, The total value could be 
about 8120m. 

The leases, wbich may include 
British Government repayment 
guarantees, would probably be 
for about 10 years, tbe maxi- 
mum permitted by Japan's Ex-Im 
Bank for this type of loan. 
Interest rates are expected to be 
set in tbe area of 8:25 per cent 
to S.5 per cent annually. 

osd" 1 gopds 
Go venue ent.-hut JfiiE 

ferrous. metetSU. - 
' ‘ The cuts.-.wiStMt 
• over a number of . 

.been .approved "Tby-the 
development Council-f. . 
will .shortly be /presented!® 
derft.GdseL- vr::^ ^ ^ . 

The measuries.-.Steia .From an 
expected “drop : yeaf in. : ra w 

material! 7 export^. /W^jarfmxd 
S5ff bn; from close ^taimajaat 
year, respiting frdm’ draught- tn 
the south. S',.". . • . :?■- ' i, v 
At the s^& th^:the-. Govern- 
ment is . hoping' f or, r 

cent rise in .eacpprtS.Tof JnaJOifac- 
t tired and sethi-’proces&M;- goods 
to around $6,lba-tius.year.: - 
The latest .figures from the 
Finance Mffrns trjp-show . Brazil 
had a S334m trade deficit, in the 
first four months-Uf this, year on 
exports of SS.YOhn fcnd ' imports 
of $4-03bn, against- a ".deficit of 
379m in the same 1977 1 period on 
exports of S3. 16 bn and imports 
of $3.84bc. ..... 


Increase in 
Finnish exports 

By Our Own.Coiropondent'' 
HELSINKI," June.' 13. 

FINNISH . contractors signed 
over 30 new projects, worth 
about SI .2 bn in 1977, exceeding 
the total value , of ell export pro- 
jects during the period 1960-76 
(expressed in 1977 prices). 

The biggest project -was 
Kostamus, a STOOm project to-, 
volving the planning and con- 
struction of a - mining industry 
combine, and a town, for lOfiOO. 
inhabitants in the Soviet Union. 

. In the Middle East new pro- 
jects were signed worth ; about 
S400m. Finnish contractors ■ are 
now operating in over- 20 
countries, - . ;■ 

. According to : the results of a 
survey by the Association bf 
General Contractors of.FtolaDd. 
the value oi- contracting -exports 
was almost S300m in 1977. This- 
represents an increase of S3 per 
cent, over 1976’s figure’ of • 
$150m. • 

Contracting exports have been 
concentrated in the Soviet Union. . 
in the Bliddle East and Africa. • 
Industrial projects near jfte 
Finnish-Soviet border repre- 
sented almost half of Finnish 
contracting exports in 1977. 
worth over SlOOm. The other 
half consisted of large projects : 
in various fields of ■ construction 
in the Middle East (8100m) and 
in Africa (S50qi). . ' 

Iq Saudi-Arabia Finnish cora- 
paqtes are involved in large pre- 
lects concerned - with water 
supply and residential areas. At 
present a S150m residential pro- 
i 601 under, way in. Iran,-- In ■ 
Iraq, Finns have sighed" a 8150m 
contract^ for building, a network 
or vocational schools. In Nigeria 

Ft apish contractors have carried 
out. mainly large reskUattiai 


' r *r 


m mm, 





dal Times Wednesday 


=3 *V2 

■':* .Hi* 


inflation will be held down to single figures this 
year were doggedly defended in Connis*ui< 
yesterday by the Prune Minister, when tic engaged 
in a verhai sparring match with Mr*. Margaret 
Thatcher. Opposition leader. 

But Mr. Callaghan took a far m»re cautious 
and qualified view of the possible level of prices 
next > ear. He emphasised that this would depend 
on the increases decided in the next round of 

wage bargaining. 

There was a strung whiff of the hustings 
throughout the Commons exchanges, which 
turned into a curtain raiser for today's Conserva- 
tive censure motion on Mr. Heins Healey, 

Mrs. Thatcher claimed that the Chancellor's 
latest economic measures put a lax on expansion 
and production, and would make Use United 
Kingdom more vulnerable to imports. 

According to Mrs. Thatcher, if lhe Prime 
Minister had no confidence in the decision of the 
Commons to cut income tax by Ip. then he knew 
what he cuuld do. It lay within his power to make 
arrangements to elect a new Parliament at any 

In a telling argument, she recalled that Mr. 
Healey had originally dismissed li' 1 ' Liberal 
suggestion for an increase in the national insurance 

contribution, on the grounds that it would threaten 
job*, add to unemployment, put up industrial costs 
ami would be passed on In higher prices. 

In view of this, she wondered why the Govern- 
ment had now changed its mind and introduced 
the increase in order to raise the £500ra to meet 
the cost of the income tax cut. 

Mr. Callaghan, very much in his cider states- 
man role, said he well understood the anxieties of 
the Tories about the possibility of a forthcoming 
election. Nobody had said that inflation would 
continue indefinitely into the future at single 
figures. What Mr. Hay Hattcrslcy, the Prices 
Secretary, had said was that it will continue this 
year at single figure rate*. 

“What happens next year will depend to a very 
large extent on the level of wage settlements that 
will begin again in the autumn of this year," Mr. 
Callaghan went on. “ As regards next year's 
income increases. I propose to listen to what the 
trade union conferences, now taking place, have 
to say. They will come to an end in July. After 
that, the Government will have to put forward its 
own proposals. 

“What is much more important than examin- 
ing the statistical entrails every day is that the 
Government has the will to carry through its 
policii-s to keep down inflation."* 

With loyal prompting from Labour hack 

benchers, the Prime .Minister said that the Govern* 
ment had considered a variety of ways of putting 
right the " recklessness " of tin* Opposition in 
making lhe tax cut. Having considered them all. 
It was clear that i filiation was the vital area «n 
which to concentrate. This meant that VAT could 
not he increased, and that the only choice was to 
raise the national insurance surcharge. 

“ We intend to follow a sound financial policy 
on ail or these matters.” Mr. Callaghan declared. 
Arguing that food prices had increased far less 
steeply" in the past year, he said : " It is the 
Government's policy and intention to try to keep 
inflation down. We arc succeeding at the moment 
and we hope to continue to do so.” 

At this- Mr. Terence Higgins tC. Worthing). a 
former Treasury Minister, tartly told him that 
the national insurance increase would put up food 
prices, whereas am increase in VAT would not 
have done so. 

Another Tory. Mr. William Clark (Croydon S) 
wanted to know why the amount raised by Hie 
surcharge increase would be £ IJWin in a Tull year. 

!n a 'final shot intended to keep the Opposition 
off balance over the date oT the next election. Mr. 
Callaghan replied : “There will he another Budget 
next April- and the matter can be reconsidered 

' • - i -S . tr- ir * 

• • . ! » * 
■ t v? 

/ v * ; flji 

i « t- •* * 


j-i : n fhe recognised .that Chtysietfa"^ 
SHOP STEWARDS at Chrysler’s duct ion of a e «en- had to be relevant to ch*& 

SHOP STEWARDS at Chrysler’s (taction ui » ” hp e*sen- had to be relevant to chasgg 

Limvood car plant in Scotland early 19S0s wnicn * ■“ c-gtrUh commercial circumstancta,^^. 

have rejected a management rial to safesi |aroin,a jj e &ad formally agreed', 'toi* 

proposal to take a toucher alii- jobs. _ . industry revised set of plans. "- .'V- y 

tudtf towards lateness and a been- • Mr. Eric V.trle>. r om ‘. •* Although 1 aW- unable 
teeisni. which have been blamed Secretary, eonfinne v _ ster£ j ay reveal the new plana. jj-fleigjf ^ 
for falling productivity. utons written rep y y ^ this vvould be against 

Output has fallen over the that Chrysler win nut ® pan^s commercial ■ interiesti » 

last three months from S8 per with the new smai » " lB " duc _ can say that they show contimjife 

cent of the target in March tq 6S originally sdjedu’eo ror y f production and 1 aaphmwft 

per cent, in the first two weeks H° n at Lin wood. 1 ■ a , a jj chrysieris factories, in .$4 

per cent, in the first two weeks li0n at Uinwooa. ji»i oew a , a n Chrysieris factories in fife 

of this month. A senior execu- company wilt Rvt0I , uK.” he said. 

tive from the company's bead- medium-size a car a . additional cost to '.pirfiiV 

five from the company's bead- medium-size a tai « additional cost to '.pu^u 

“ ‘•o'r.v’K C Mr"v^,,>- .aid lie had ato ys Fuod 5 « Chilled., ; .. 

S "iMs AUEW leaders, resist l;-|: 

failure to meet agreed targets, ■ ' • 

toolmakers pressure. ; . 

against a management suggestion * T 

that warning procedures should by ALAN PIKE. LABOUR CORRESPONDENT : 

■ -w-w uu u 4 ' veek period of good time-keep- fjf* r^iTi^riesoi^fheVr threat to io the union in the knowlefc* 

' till 11 firs !n '** 13 fo . llowe d up with a union subscriptions. that steps are being takeTfc 

X5mJ.iisJdC.C-i. written warning. failure to ‘ ‘ ...-mhers reacted satisfy their legi Mm ate demand 


written warning. ranure to ’ * „ 1( . m hcrs reacted satisfy tneir legitimate aemwOs? 

reinond tu the written warning ,^‘ J Mondavi decision by a Mr. Scanlon said negMiatioa* 
leads to dismissal. of toolmakers in were continuing on the proposed 

_ Tne company wanted to extend 5?/!.“: Tn «tr.n -avins their new five grade structure whiri, 




venor. said that it was felt each / 
diu y.r. j-h .... tv. entiai- 

toolmakers will be in the fcgj 

THE BIGGER they arc. the 
harder they fall, used to be the 
advice handed out to nervous 
underdogs in Hie prizefight busi- 
ness. a i id there will be some- 
thin” of that pugilistic atmos- 
phere in the Commons today 
when (lie target of the Opposi- 
tion censure motion could hardly . 
he bigger. No le-s than Denis i. 
Healey. Chancellor of The Ex- X 
chequer and second only to Mr. 5 
Callaghan himself in Labour’s 
boa vy.voi ghl divi.-inn. $ 

If ih*-rc i-. a whilT of A 

lion of o'uod around the place. % 
Thai is only to be expected. For * 
i he Liberals, mu raced at the 
cavalier iri'titnn-nt of their care- , 
fully reasoned Budget prnposals. 
are nm alone in dearly v. i^hina 
io eeo him cel his com e-up nance, r 
Whether he does get it. of 
eo'ir-c. rtenertde nr several erm- > 
plicated vari-Mdes in !'ne Parlm- & 
mentary aril h meric. But unli‘*-e 
a felled Goliath, we can be 
certain that Mr. Healey will be ' 
back in there fighting. 

Indeed, and inevitably, in view 
or Healey's burly, florid appear- 
ance. it is physical metaphors i 
i hat abound to describe him. 'i 
Formidable. dominating. in- ^ 
destructible, are the politest g 
adjectives in he he3rd. Terms j 
•hen range downwards through 
thug, bully, to Irish navvy made 
good Implicit in all r.f them is 
hi- comparative solitariness a* a . 

By Ivor Owen, Parliamentary Staff 

case should be dealt with on its The 'executive made it clear skilled workers' grade. 

J here that its position is the same now .. We are satisfied that; \j& 

Tkl r as in last year's Leyland toolroom unions an d the company Will 

- > • t 

. . v 


IS not one ‘in ihriH the’ parly devastating struggle o\er the | : . ,< J i e i rin r L f. r - E ^ M 

worker*, and. d.spi.e being ™F loan at the end r.f 197b. ih«o "S, 1 , ,nsUad 

Ghancellur. voted off the And for afl the misadventures ) honchc-rs accused 

National Execimve three wavs cn route, internationa! conn- , .J- r -’ f “ c ”' 'u.oMni ~ U ;J. 

avu. .v. .he height of the Left- denec. we arc told, would suffer J" 

f;.-i 0 -rirvouclv if he were to be B,1 ‘ through with unnecessary 

A "genuinely interna; out- forced out of No. II. Downing Tho - 0, ^J®cted 

look also tends to <»\ him .mart Street, js 3 result of ^might's 

from Labour's somewhat insular W A shadow Cabinet member jj‘« . f “ ^ “jj ^fixed 
mains! ream. T.. hear him talking makes much the same point; f v-qrh 

knn’.vledseabl-- un TV about the really rather admire mm. I * or todaj .ibjnnon.d i ilh 
collapse" of" d»inocracv in know he's presided over an awful general agreemcn. so as to avoid 
Ctechii.-Iovakia in the" hie bless mc-st of the time, but I a , ^ lash l V ILh , t . he m ^J° r ecrnonjiu 

Technicians 9 dispute 
hits Tyne Tees TV 

Strike by 11 
may disrupt 

cl '.'in oc racy 

in the 


A DISPUTE over extra pay- 
ments for handling “new 

19405 i.s a reminder or hi 5 seven b'ame Socialism, not Denis * n Vi* VVf TVNE TEES Television has been Chrysler officially withdrew it technology '* by 11' eleciricUuir 

years as International Secretary Healey, for that.' morrow 6 ~' DuU ^ 1 unabfe to broadcast any from the screens could affect many of Britain 


morrow na Ui Udutiut ,«UJ " t - w *'*»* — — V, — , 7 

That remark, of course, speaks ’ n,u ^jr. Enoch Powell tUU Down advertisements or locallv-trans- The company said yesterday major engineering industne^ 

iluiues about the Left’s reasons s> f e d nrote?s from the mined Droararames for over "4 that tue d,s P ute was about ,ts including car and machine tool 

r suspecting Healey; a nd also onnncirinn P Tenches that t w » icLfl* -Tv ^ ht tu ™ employee, manufacturing. . 

hy he was so genuinely, and 2uf?2fiT n c.TT h °n r s necause of a dispute with q„ Monday, the 6 pm news The electricians are members 

I hours because of a dispute with 


Tnaga^ine. Look Around, was not i of the Electrical and Plumb 

the committee. 

of the Electrical and Piumbina 
Trades . Union and employed at 
the • Huddersfield factory at 
Brook Motors. The company. 

Mr. Healey . . . target of 
censure motion 

P'lllticjl figure. nv I1I.»J>I r»;.w , , - . , , , • , - - - . W.a., nm.;ui II.OJ'-..,- ■■ 

r-5i».--( -nrl ofien '•ruri-in- abk ' of hein ^ ■' uL ' tl '’ ^ cnidc - ,,f has hven grateful fur hi 3 ability Oiliia?. the p<>sr ne has long 

admiral ion but rarch aff.-.-tir.n ' a l:,sl ran 8y nl * ,s ;•<•"* in grj;-p .Mi-sfU'- and explain the '-oveted and Tor which be is so jy :n 

Fur ;-H k<i vear=. \ip mlerna,,ona 1 ' ll ' :ll W Pliuto- nub oi ;■ cutniilink-d piublcm. VV *?R qualified, .\frer iwo nr J^llX DFODOSCS 
;hniM ; t r- f.’.v iH-a'lc vim/ ibl're - ra l lh - Uieatre an ', i i’isuv Ht*al.»y evident I." U Ves his mor- three years, the Prime Minister r ■ c* 

intelleclual distineiuon as 


the post he has Ion? 
and for which be is so 

the eight Scotland drew with nf the lost ac-ei'ts would norm- 
Iran and .IM hours before ally be broadcast at a later dale. 



reached because the payments 
would have created problems 
with craftsmen in other unions 
— notably the Amalgamated 
Union of Engineering Worker*. 

The electricians came out on 
strike in January. Other unions 
at the company have crossed 
their picket lines and it is 
alleged that management is now 
being allowed to do the elec- 

centred on the odd obscenity, above 

L .iT wJuZ ai orna -ri with horror a his ^ iernal P* r W P™s=ure to go tor improvements in MPs' pen- TTVO THOUSAND jobs in the laier that termination notices trieians'^ work 
SJh 1 *’ r-« !- r h « b»rr*ck-room turn c*F nhrasV f ?U n 3 *,? un f er sene B r n a .' sions to bring them into line with Michelm. ijtc factory at Malhisk were being prepared and would The electricians’ union execn- 

^ l ™uZ ]y r ‘ S 5 ^ * ° V P UQ H Chancellor is now 60) o(her public service schemes are outside Belfast were jeopardised bo .sent to the “50 men today. 1 five haf Z inZcttf iB 

workmanlike and The wt tribute to his stature will be strong; and his lack of a proposed in a GovernniCDi Bill yesterday by a continuing strike Those laid off because of the | members to “black " in 

an be downright as a departmental Minister i« real personal following among published yesterday. by 250 tyre finishers. strike were called back to work i motn« hi?nv ^ delivered bv 

But he is a particularly hard sometimes can be downright as a departmental Minister is real personal following among published yesterday. "by 250 tyre "finishers. ^ strike were called back to work } new motow beta e Vlivbred bv 

politician to fathom, of great plodding. the fact that m 10 years service MPs may tell. The Portia memory Pensions The men slopped work eight >«ler da y. The company reported ' Sreok“tbtSighiSt tSeSy 

B‘H provides notions for MPs weeks ago after the sacking of an “ j? , res P® nse - J*Rt| Machine tool companies are 
ttF JS^l fl 1J • J rhiloan anntnac ■ ^op .Ww.ix I »nc I the re,n,„n. ^ S%" ! H.M .«« be already feeling tH 

tiave caused, say 

■g Chilean engines 
s debate refused 

mons tn retire on full pension at der of the 2.000 work force were ? nde ^ . lb ^ fac,or y coul d be [ bile locally 

the ago of 62 and for early re- | u td off. * forced to close. ! ; 

ti remen t on health grounds, with ti., -, n i,.r< There was more bad news fori TT , « 

reckon ahie enhanced m r J U,ster industr >' w,;h ‘he an- HOSOltalS 1306 

certain circumstance*. consider the management warn- nm ,neemem that the Hnrianrii Alv ‘T uaw lflWt 


. . . . There was more bad news fori 

The strikers met jesterday to ui*ter industry with the an-! 
consider the management warn- nouneomeni that thy Harland I 

SCOTTISH TORIES backed by their victims ** thi- would the kind of power that the at jj,e Rolls-Kovcc plant at East an,s ’ including short-ierm linan- 

the Scottish National Party, introduce to in..-m ihe awful- ifniris will welcome.'' he declared cial assistance for ■»\itluws of 

yesterday urged that punish- ness of crime. For the Opposition Mr. M nr . I0ur - ea,J ' alter nein^ ViP? who du- in .service 

menL- in iho form of coinniunity IWr. Harry Ewing. .Seolti.-h Alexander Fletcher C.. Edin- se ^> tnere for overhaul was The changes, recnm mended hv 
sen-ice work should relate io Under-Seeretai' . .-am there was burgh N.i said - "We are seek- rejected by the Speaker, Mr. the Top Salaru-s Review Body in 

the nature of the offence. a “misconception” that the courts ing to gUe some rights to the George Thomas, in the Commons 19<6 but delavei! by the Gmern- 

Mr. Toddy Taylor tC.. t’ath- had no say or inlluente over court in deciding fin? nature of yesterday. monfs pay policy, will co-»l iho 

rarti suggcsied n would be- a ihe kind of work to be made the communii;. work to be done. ' .. ’ . ... _ rh „ je , Exchequer about £90.000 a year, 

useful form nf service for van- available to an offender. “It is in the miere-u of social -*r. Monert .vdiej (t. ^.nriot- MPs’ contributions t« the 

rials who had destroyed a gar- The proposal would merely work departments that the courts church and Lymiagtonj said that pension schc-iin.-. v.-hicli i-- inila- 

den to make one. or io re dec- confuse the pm-Mion of the should !ia\e the right Io do this, the Government's “international tion-pruofed. will hr- mcre.ioed ; 

orate a vt all if ;hey had defaced social worker m relation to the The Gor.fervanvc proposal was bandiir. ” would create doubt f rniH 5 per ccni i" fi P’T com uf 

one. courts. “The n-w clause h un- def-ai.-d w.thoui a -.nte. among our trading narlners and pensionable .salary under the 

Mr. Donald Dewar iLab.. Gars- necessary because the courts at Mr. cvin; proposed on behalf .,... r.'thoj. legislation. 

radden« said that the Ton pro- present hove powers to inakc of lie; Hovcrnmcni ihat only " -r nss. 

strike by 

to Ulus 

The iri i a n gc s." 'ri*cn m mended by ft A spnk^msin f.»r tbf men :, -mpnssibie for the company" to | h^altauT on “Mondav^ tjUUUW 

lie Tor Salaries Review Bodv in -'fl'Tw.irds they now r-.- <-i,nipete at a L-uinpctilive price. I -f-ho inaJ 1 " lon ® a Y-. , 

.976 but detail'd I ,v the Gmcrn- thorn selves u< havmv The order is i-,. go to a Dutch [ Ea ™| kfmj's^Northwiek^ °ParlL 

»»■' Pi'l.o-Vih coa ihe »«» <*”>"««■ «'« -v»rd. iFh, K,.^, n8 F™e s? Th.mS 

1 A STRIKE by electricians and 
i plumbers will hit 11 London 

poswl. di#cus'-ed un thy report recommendations when an ofTen- offender-: tiaoic for imprison- Mr. Ad ley argued that the OI m nnr , T7 V? 
siagc of the Coirummiiy Service der coines be.ure them.’ he men! should the 'ubjecr to com- Government had bowed to the atlUUill IlUli“lj£iL 
hy Offenders r .Scotland » Bill said. mupiiy £'?n-ice orders. threat nf union force over the . . 

could load tu friction. Mr. Ewing also said that an We are ar.xiom in make it four Rolls-Royce Avon jet S6Cliriti6S 

by Offenders c.Scotlaodi Bill said. muniiy service orders. threat »f union force over the . . 

could load tu friction. Mr. Ewing also said that an - We 3re ar.xiom in make it four Rolls-Royce Avon jet SCClirSlS^S 

It should be left to the social offender had t- - ' give his consent clear That the order* shuuid’Jiot engines. o la eked by union 

worker to say how the com- tu such an order being made be in preference ro a fine but members at East Kilbride as a niifoKncpc 

muniiv service was carried out. against •aim. The Tory proposal should bo used where imprison- protest against the Chilean jIlllLiltlbvb 

and wh'ch particular task was would stop a lut of offenders ment is envisaged." he said. regime. The Government, said n „ niNr VM ,_ 

appropriate. accepting such orders, albeit Tne propnsai was approved the Tory MP. appeared to have iq-g liV rn'itiui 

Mr. .Nicholas Fairhairu cC.. that the alternative might be without a vote and the Bill com- been concealing news of a court 

aim wii'l-ii particular iusk was wuuiu jh,*- *> ^ uc miicuu miu r,,, ni v,; onr ir.H v.,„h , a . , . ... „ " ■“V y - ....... .. 

appropriate. accepting such orders, albeit The proposal was approved the Tory MP. appeared to have .irtifn,' 0 r ,n staff surplus uu the Mersey Doi-k. ihe reduction. 

Mr. Nicholas Fairhairu cC.. that the alternative might be without a vole and the Bill com- been concealing news of a conrt ' ..rrh .-..' r.r 

Kinross and West Perthshire i imprisonment. pleicd its Report Ftage and was order that the Chilean*' property cn unfrm s’ sr -cuiiii.-s of 

said that offenders should meet “I don’t believe that this is given a third reading. should be returned. : figg,,] compared with a nt-l sale nr I . 

• of such securities of £2b3m in iress closure goes ahead 

Powell 'obsessed 9 by Commercial prospects 

- — ! Guy's. Charing Cross. London, 

i Hammersmith. University and 

Mersey Dock staff cuts 

-rue Mrnccv r \ l <? operate standby duties will 

rwEMERSE. iloi.k IjImhu fm-ci- Tho>e accepting voluntan- disorganise other hospitals, 
of i».jOO i i Io h«' reduced b> nunc redunrlaniry are likely be' The men want the same pay 
ihan .tun men a..Cf|jimg VMluni.-iry •tip ployed by ihe Mc-iiey Dock -rates as simitar workers in the 
severance pay ut up in ~ « ."-5i ' . t'umpany. which employs two-- contracting industry 

The National Dock Lal.uur Hurds of the I oral iaoour (uree I 

Riiard nf employers and union* other stevedoring firms do not' a» 

acrteii in Lncrpoui yesterday on appear Io have been troubled bv! UlSCODJIGCtlOnS 
ihe r<-.J net ion. M has io bt- rail- any Mirplu--. " , _ 

Ued at uaii"nal level, where u i.; A special meeting of the local- t f| TPSI fPIlPf! 
expected to l»c ruMier-stamr-ed duck labour Board will be held! v 

because nf the run li ruling Jiigh spun to discuss the mechanic;* of! ® ur Belfast Correspondent 

; THE Northern Ireland Electricity 
. Service, which is now owed £9m. 

i warned yesterday that it would 
j shortly begin to disconnect 
i supplies to about 16,000 house- 



-Eoiials for oil on mainland 

MR. DAVID EN'NALS. Sricial WolvcrhamptMU. Birmingham. RESULTS 'iF e.\ph>r«ii mn r,n ful assessment ran he made." he 1S7S amounted t«i Cllm VMinpar'.- 
Serviecs Secretary, hit >.ni! in Bradford. -Huddersfield, Leicester land i.i_ England indicate pros- said. . with purchases of t'Tin in ih 

the Common* jesierday ;it what and the boroughs •-riuch make ui' peels o.' finding r.ji and ga* in Dr. Mabon said disappointing preceding 12 immihs. 

was described by a Labour MP the inner London Education commercial mummies. Dr. Dick- results had been achieved from 

as Mr. Enoch Powell'* " uh>es- area. &on Mabon. Energj Mim*ier. tuld six exploration wells drilled -in VVofor 

sion about the birth® of coloured Mr. Ennui* .-aid that infonna- the Couiaumt in a written the CcJti«- Sea off the Welsh and ’* divl I 


Mi- Ennal* .-aid that infonna- th'- 1 Cosnamns :n a written the Celtic Sea off tin? Welsh and Yt I rtlW 

,n of births bv birthplac.* of answer. North Dev on coast*. Furtbej sur- |; £ L,. .L Q< 3 

c mother first became avail- He «a:d tne iwr t n was largely vey work and two stratigraphic Itllcl DdlRcO 

Mr. Ennals said: ” i think this the mother first became avail- 

nbsession has done great dam- able in 1B6 9 and was nublished concentrated ;n central boreholes recently drilled in an - PRfVATF menthorc Rill 

use io rave relations, to com- annually bv lhe Registrar- southern counties, tnc Midlands area further south in the Western ' * 1'^-. 


age Lo rave relations- to com- annually b> lhe Registrar- southern counties, the 
munity relations, in this coun- tleneral. Hv proposed to pul a UP 4 *, ■? 01 " rn . 3n “ 

try." table or figure* in the Official > 0 

Mr- Marlin Flannery (Lab, Record. 

Hillsborough) had said that Mr. Mr. Powell asked: “Do these camed oul dn - 

Poweli's obsession about births proportions of births—vovering 

to coloured people was not nearly ten years— not give a very C 1% « ni-ra -r2 ir» 

shared ‘‘by human beings in good indication, at any rate as 
general or the entire universe.” a minimum, of the eventual 

Shipyard position ‘still serious’ 

babies as Ion? as they were u 
men. It was about lime we w 
about improving the lot 
human beings instead of be 
obsessed, said Mr. Flannery. 

Mr. Andrew Bennett 

Stockport \.) said suany Mii 

did not like the way water dilurc in West Gcnnanv. io msue a categorical denial* woul^hefn^H*^? lh » 

authorities were run particnlarl.v Mr. David Warburton, the Hint the company ha* any plans The inri- J ° DS dere ' 

as they were nol accountable w union’s national industrial for ethylene manufavture in ha« n r as!r ^ _, re P° rts 

the public. officer, hr.5 specifically criticised Germany. ® stemmed from i 

un- ugui vi miuusiij u-|iuri> inn However, sir. warburton has their r “ ’ , 

nnclt (Lab., Ibc company is considering written to Mr. Maurice Hodgson would ^jestuieat plans 
many people | ^ajur addiiionul capital expem ICr chairman, calling art '"him UK »nd°MsS P ^ e iJ 0bS “- 
wav waier I dilurc in West Gcnnanv. in a categorical T,,o..i,i n I_?J e P.. sai .^ fbe projects 


‘-,1 ", summed from inquiries 
PKtni contractors have made to 

Constituents cnniplainod reports that ICI is planning to He ? aid yesterday: "For over IC * “ 
tat rlio W.rih-MVsr Water build an ..-ihyk-nc plant at Wi|. !WlJ years wu have he«- n told n , i len ® P ,an t wo “ ,d 6e 

* " . * a e«cai development in the 

Ih<n fin show is spimeihin? very stale for Northern Ireland, told be imported into the UK 

Mr. Powell (Ulster Unionist different from what you have the Comnmr,* la.-i r.ight. 
Down S> has asked for a cum- been suggesting. The figures in a •.vriiu»n an^wr 

led to Amhnriiy took ,,crions which Invlmshaven. its recent ly-acnm red J ha i 'thore is nver-cooacuv in inn* “^lopment in the 
and pushed up its spi-n-lina includ j.siip in nnrthvrn Germany. Europe and :t would be ur.fcoiu- ciiir-'’" -l? r - "'Ibelmshaven 

--- • • • - * • - ‘-onsidering the products 

there will also be export oppor- ing giving ilk rhai mien's or a 
Mr tunitif's." particular number plate. 

parisan bvl'A'von birth to nioisers show an avi.-rage figure of New Coney r. mm *3 id Harland and Mr. Con can non said the project Them v.:i. :i int nf -mnnon fr.r 

born in the New Commonwealth Commonwealth and Pakistani t Vo iff had recen:Iy concluded a should eventually safeguard sera ppm a itm -i.stom nf w.«irr 

and Pakistan and total births in births of 22 j.»-r rent, that is far cornmcrerji agreement with some 400 job.- :n the engine atuhnmics bill his Bill nu-r-'h 

ihe last lep. years in certain less than the hsure of one-third Masehir;'’n f - : i : ''r:k-Au;sbur>N'iirn- works, hm the pnsmon of *bv irirri m relieve iho wrrL hanj- 

Britu-h cities. He specified iuu have [iviu-.-nlly a-rviredTo." liure 'MAN.' '.o i»u: Id ,md market work? remained serious. ship. 

'■•••r.T uh-'l.ii.- ji -. i. t-nrreci. inv.iiis Britain & nhni i, . 

related produci-j. This is pari -f .Urgc-t chemical ffnu >•: io build IL....,!. i s € ^ n - , ke^ iy to be built for - 
.i ii.njll*i lnv.Mi.inni Hi-am-.i an eihvlvnt* cracker in Wilhelms- sjd alroaHv™.^ 1 . ,e ^ t i ^ rijJ'fcw 

fnr The UK -md rhv Cunlincnl at nn-« where !!:ey -.-.ill use \orfli that nobody m the \. 

:• present coal nf £340m. Sc. feedstocks. nlTni's f, r 18 W ?i fcin 8 crat?ker ' ¥ 

punis for norlhas* O»onany. 


BXTBAvWinfflB&MEITMntBISaKIEIBRV QJ & fogt-daSS flllish 




pudly into the cockpit inslru- 
mcnt panel. The total sy>lcm 
J.L ^ weighs only 15.5 lbs. 
i TlllflPSfc Tlltf* Weather Scout I. and its com- 

lUt pani(in Weather Scont II for light 
... if twin-engine or for singlc-unginu 

CrriQllPr aircraft using a wing-pod mourn 

i^UAMJJLVJL are part of a new family »f 

• — • _ weather radars for light aircraft, 

man Pic hAma The new radar has a range nr 
Uiullw llVrlliv SO nautical miles, with intc-i-- 
.'*L£- • ' ... mediate steps of 12. oO and 60 

RCA Avionics nas a new light* miles and scans weather ctmdi- 
weight weather radar for high- tions ahead of the aircraft in a 
performance single-engine air- Sfkdegree sector. It has RCA's 
. craft designed to fit inside the X-Y scan which permits the use 
leading- edge of the aircraft's of alpha numerics to display 
wing. . range and mode information 

. The system's transmitter, re- without interfering with the 
defter and antenna have been weather information being dis- 
integrated into a single unit fur played. 

the- jnsidc-wing mount. The in- ' RCA Avionics Systems. t>o00 
dicator. which displays weather Balboa Bivd., Van Nuys. Calil 
conditions for the pilot, fits com- 91409. 13.5. 


Sand cleans machines 

IT IS not simple i«» provide a 
L'nud finish r«ir du*il-y ourself 
swimming pools. But in the 
'■pinion of the National Research 
Development Corporation, the 
lit produced for this market hy 
Newhfiurnc Mouldings overcomes 
the problems. 

li consists of a onc-pieec 
moulding and the required 
water- treat men; plant which :s 
simply inserted min a prepared 
hole, the pool shell being manu- 
factured by vacuum- form ini; 

In this prove*;*., a sheet of 
tliermopiastic material is heated 

and forced into the shape «*f a 
mould by c vacua tin 3 'l' 1 * sp-uc 
lu-twcen them. Ideal for making 
product.s from sheet v. lieu high 
strength anti gmwl ap|icarafi«‘<* 
arc mandatory, the process re- 
sults in a poo! shell with no 
joints or scams, having mu-craity 
moulded steps at each corner, 
with a hand grip running amuntl 
the perimeter. Thu gives hoi it 
safety and rigidity. 

Kti-uvutinn has h.-di to 

a minimum nut !»• blunt the 
cnthtisiasiii of ihe 1*1 Y i lmiUe]" 
and ihe maximum sue »«f the hme 

wiitld not exceed Ifi • D v ?, fort. 

digging being'd !*■ rat*- 

ma'the ?'•“! s..m.- IS inches 
■i hove normal , -n i:re! i<*v.*! , : iul 
using S0»1 ivr.i.i •.<■■! fmci the 
cseavruiun for l.-.r.dn w 
:VRDC hK ui.'ii funds 
help in the I'Kul::. '»i.n the 
moulds , for vh,.» ;* »f toe 

lii'—est vacuum f<>-r:ii!ig.r a a ' «r 

manufactured in tie: IK. 

Deta:l« of 'hr- pri.<-i-v-.*£ ttfod 
arc available from > ’ i''::nie P«n»U 
...,d* laHsilH 0. r'i[-:’h r.'iid, 

Shccrwater !:-•»■: :r- ! Brian?. 

V/nkinC. S‘irr-.-: 'A -l a>l.. 
0486- 69BP1- 

Sun heat for the pool 

•h pr bti 

; he ; 33! 

. beir ‘E UW 

in U «2 

St ’ V ° PlTfc 

;? a »n uT 

•kber. ijrt . 

■ in l 1 


1- ' etunjjm , 
- ShtVk.. 
’’■'.'JP-K % 

f-isibw of. 
f - '-a* pbK 

■- li t ud!t- Jifj 

lf " ••• LiTK 

? by 11 

' • '• • ciiTi * 
’• / \\ 

-- i-JJu 


■ i. a7u PiX.: 
jr.. f-? v 

THERE IS no danger of pro- t 
ducts bein? marked, as can i 
happen with sandblasting, or I 
chemicals remaining on surfaces 
to - harm future handlers, says t 
Factory Cleaners of its special l 
machinery laundry service. I 
■’ Said to be the first hot 1 
fluidised sand bath service to be * 
used as an industrial cleaning ‘ 
process in the U.K., the method ' 
was originally developed for use 
in the product finishing indus- 
try. The process has now been 
developed for the cleaning and i 
stripping of electric motors, 
tools, cabling, electrical and 
electronic apparatus and various 
kinds of moulds, machinery and 

Basically, the principle in- 
volves a sandbath furnace filled 
with fine foundry sand; an elec- 
tric-fan pressurises -a system of 
manifolds, in the base of the 
furnace with air. heated • by 
several burners; -the hat air heats 
and fluidises the sand reaching 
a temperature of. 500 degrees C. 
The sand is circulated and 
heated through a gas burner and 
a second burner in the exhaust 
duct bums off any pollutants and 

Sand in such a fluidised state 
allows a gentle transfer of heat 
to metal objects and gently 
removes paint, .resins, epoxies, 
grease, etc., from, objects with- 
out-pitting or- burning the 
original surfaces. 

The capital cost to a firm of 
installing such equipment would 
not be economical unless it were 
being, used continuously and the 
installation, of the unit at one 
or the company’s premises in 
Clapham. South London, allows 
for the collection of products to 

he taken to the plant _f£» r clean- 
ing and their subsequent return 
to customers. 

Cost will be governed by the 
time taken to clean objects — at 
present, it works out at around 
£45 per hour but. says the com- 
pany. a relatively small number 
of ’ products from several 
customers could go together m 
one immersion. - 

More information from inc* 
company at 42 The Croft. Hari^- 
den. London NW10 4NR (0l-9tw 

Sieving i 



BECAUSE OF the .. stringent 
needs of the pharmaceutical and 
allied industries— especially with 
regard to drugs, baby foods, etc. 
— where standards of- product 
safety and cleanliness are P a ^3‘ 
mount. Russell Fines has made 
a special version of its Fines — 
vibratory sieving machine. 

Electro-polished stainless steel 
is used for all contact parts and, 
in keeping with the overall sani- 
tary design, the outer surfaces 
of the unit are also in easy-clean 
stainless steel. 

Features retained the new 
model include multi-decking, 
speedy demountable and easily 
remeshed sieve frames which, 
says the company, together with 
other accessories ensure the 
required production performance 
whether on liquid or powder 
; type applications. : 
i More on 01-930 9923. 

— - i 

r The 
I Worlds 
I largest range. 
/ of Electric j 
I Submersible f 
I Pumps £ I 

I Technical Manual from I 

Fixer rtTMvs wo | 
Colwick Nottingham NG4 2AN ■ 
Telephone 0602-241321 
Tele* 3731 6 

SOLAR HEATING industries in 
the UK arc going through o 
;>crind of consiilidutinn and 
more gradual expansion, while in 
.-'•vi-ra! European countries, 
there i» a virLual explosion of 
new installations, with the result 
that UK companies arc finding n 
ready market for solar panels 
outside Britain, according lo 
Robinsons Developments. 

This company. which 
eollaiiurjicd v.'iih 1T.I in the 
development uf solar panels 
based on :i special formulation 
»»f the latter’s polypropylene 
Plastics material, has produced 
panels and systems designed 
•specifically for relatively low 
temperature applications, such 
as swimming pool heating. 

With overseas orders account- 
ing for some 50 per cent 
tui'inc-sS. the company lias 
recently secured orders from 

Sweden and Switzerland for very 
targe systems for municipal 
pool'-. Ih r Swedish orders — fur 
two pouls— hems funded by the 
Swedish Building Research 
r.nimeil which has «-n trusted 
Linkaping University with the 
task of establishing detailed 
performance data. 

One nf the installation 1 ^, with 
some 300 sq metres nf snivel I 
panels supplied hy Robinson*. 
Will III- >i-» up a i sv.-r-lli-fl.--i in 
Northern' Sweden, wlmh !■» at 
a h.m l l he s.iiiie latitude as 
.soul hern Indaml. Bn’ 'h°. 
summer daylight hours will 
signilivani in providing exb niled 
healing periods and the panels 
n r<‘ expected to i-ave the ooui- 
valent or 150 MW hours p-r 

A comparable investigation is 
hcinu carried nut by Robinsons 
in the UK where 5H out door 

■ .oids nf varor.r i ■ -.tif with 
j,tdar healing iM :ta!r witr. no 
hiMting, art 11 ■'oepar.-d 
dosely in ivhi '■‘ralure per- 

fn nuance over m- n>-\i few 

months. -'!• bc.v<?d pnins 
have Suncell'i- 

The purpos** "i -ur\e;. is 

m nrovjde from a 
<i aiis neatly rc:-i>.- *-ni pi-.- num- 
ber nf solar I km! avuu* 

Britain and the i-.-ud*’. he 
published a* one ..f ihe pupers 
to he presen 1 1*. t ..i .. P-cb.-iitMl 
meeting of th- U! h-cn-m of 
the Interna; tor... I Sd..r Ereray 
Sonet v nn »* S-Mting for 
sw mulling P‘*»l' Til- .- TO be 
bf!d at the Ro; .:l fn-iitMison n 
London on tKiom-r is 

Further cicl:m- *-f it: Sonvii 
panels and in- '»••*:- ’iviin: 
s i steins in who-n i‘i- .>!■■' nitcd 
o.m lie obtained m i;..otns..n? 
iievelopmenn. I' ■•.■::»-■ -n House. 

Wmnall lndU'*tr:M F-int-. Wro- 
Chester S023 «i9H2 
The Royal 1 asiiiiut i. r. i' at -i 
Albemarle Sine: 


Units go 
over the 

fruit, and frozen fish from the 
ilanarv Islands !«s Brittin. is 
being' effected sn packaged 
refrigeration nr.its — originaUy 
designed for road transport— 
which have heen newly aoaptert 
for seasmng contiitncr duty oj 
Tnm'fris. Cranbourne RoaiL 
(io»pnri.'Hanu, 1*012 1R.T (9701< 

SSI 31 1 ■ 

Th** company’* standard 
DEI. W .series transport rofricer- 
3 ;mn unir is fitted with a oicsel 
engine driven compressor wntch 
also has a standby electric motor 
drim for emergency use and fur 
quiet overnight running at the 
denot. but fur the marine version 
the electric motor become' the 
principal drive and ii U rated for 

plugging into the ship’s electrical 

.-upply system. The diesel engine 
is then reserved for standby duty 
and for use when moving the 
| container by road. 

This >cli-ciintrtined refrigera- 
tion package is iiiiniuled through 
a hole cut in the (•mlaiQCt 1 from 
bulkhead which n reew^vd, ^ fl 
that the enuipm-nt dot's nut 
extend beyond I uveroll enn- 
a'ner frame, as required by ISti 
legislation. Tho condensor 
section is exterior to the box 
while the evaporator spetmn 
proirudcs Inin the rofrigeraloa 

Because t*f the hazards of sail 

water corrosion, .-pray, Vic.. 
exposed metal surfaces have been 
finished with marine quality 
paint, corrosion-re.-istaru S'* 1 ' 1 
condensing cmU lute been addi- 
tionally treated and the totally 
enclosed w.iU-rprm.f electric 
motors have hwn externally i ir °, 
tectod. Electric;;! v.inng auo 
control component- have been 
housed in supara watertight 
Compartments and the wiring 
looms also special), protected. 

Each of the containers "‘ill 
hold about 50b can.os. or about 
12 tonnes, of fish which is deep 
frozen to minu ; ’Jt' degrees l. 

■ before loading, ilm lemperaturc 
1 mainiained throughout the 
. voyage, and the un.i is fitted with 

automatic defrost using the 

■ Transfrig hot g:».- reverse cycle 


4* 5 r-n if* *7 



Fuse will not blow 

RELWS. seiiuci.nducMrs and 
electronic modules arc often 
prntecii-rl :iga:n*t overloads with 
win* fu ; f-. Where i.persling 
vi. Rages do n r <t exceed 33 \ 
,.nd currents around 400 in A. 
Sicmen-; is off >' ring PTC resis- 
■,nr-fu.*c>. which .if«umc such a 
high resistance when exposed lo 
..verload* or ovcrienipera lures 
mat nu damage can be done. 

»»n germination of the fault 
condition u is nu b.ngt-r n.-ces- 
*^ry i<i replace a blown fuse. 
The system is i in mediately ready 
for operation again. 

The new fuses, which require 
no special case, can be inserted 
rjircrtu in the circuit they are 
lu protect. The actual prntei- 
live element measures 7 mm x 
7 mm with a maximum thick- 

ness of 2.5 mm :nd has 25 mm 
long terminal lead;. The refer- 
ence temperature jt which the 
resistance sudden iv shoots up is 
120 degrees C. The continuous 
current" in the protection condi- 
tion remains below 100 in A. un 
termination of the overload con- 
dition the normal operating 
condition is automatically 

The new nveii’.ad protector 
P9390-F51 is already being used 
to protect remote control relays 
in slide projector*.. Such equip- 
ment is particularly prone if 
electrical and at the same lime 
thermal overload* and can thus 
be very easily damaged. 

Siemens, Postfach 103. D-SOQfi 
.Munich 1, Federal Republic Df 


cry is imw being :;*•-- 1 1 ' 
various v.aj*. ar.J ii*. "• * 
Ice ted m cuni;'*.ib:;v 
machine speed* i 
ments rise and the :■ 
higher efiiclenc*. ni.’iii- 
felt, i he piaciice is 

The Swiss uM.'i is* n; 
Zcllwoxer Usu-r » Flrit 
C. W. Thorn tun a i'd : 
Eden Place. «’.h.'.aH-.\ • ! 
] AU. Tel. util 42** -j'. 
fivveli.ped a simple 
stve system ,l5 nv 
spinning nuaenine*' "f 

What i* vailed :• 
ir.iv.'l., al.-ng m>- r;i.- 
i-egiM*-rs any '" i 1 ; 
oiicnunier \f'*r a:.: 

ir averse of the i «d •• 
shrill til the ll-Aeii.-r *:. 
fund mn mu the 
I be sli»] .page i" 

Tlnv sfircs i ho ii" ’'.' 
gue*. defail- 
each 'Minniug " 

with i his. new c. •- 

menial ion. 


Alarm for small users 

PEOPLE LIVING alone in flats, 
maisoneiies and other small 
dwellings are often afraid of 
burglary attempts 

Now. with the use or a small 
l.nx alarm fitted to the inner side 
of an external door, illegal entry 
is immediately signalled nv a 
magnetic switch triggering off an 
alarm which, says the maker, 
emits sufficient noise to alert 
neighbours in the average block 

of flats or, in the case or a small 
shopkeeper, informs passers-by 
of unauthorised entry. 

Designed for easy installation, 
the box (6? by 4J by 2i inches i 
can be attached with ordinary 
wood screws or double-sided tape 
supplied by the makers, and is 
powered by a mu a II battery. 

Further from Della Security. 
Castle Street. Axuiinster, Devon. 
0297 32033. • 


lesser load 

A LIGHT duty .•>v» «T"" ,d ci'.'tn 
conveyor which h: ,: 
designed t'- cope wub load* •• 
up in 15 kg> per b.ini/r^ n-- s 
h.-en introduced by 1 -.*-j".i 
F isher Engineering. I"* R««x 1-. 
Birmingham New R. T J.*n. 
Wes! Midlands L»Y4 HI! <^973 

Failed i he Flowmiix.’’. :: 
offered a> an a I torn alive t ■■ toe 
company’s Fiov link vvii'eb 
handles 45 kes loud.-. The n w 
addition t«- U.c ram*** is i-nj 
to have liie same r.d.iisi and 
durable qua lilies ns its lugger 
brother and .* ns 
’ fea Hires arc ’>* 6 I ‘’.ch 

chain fallowing the iiiilis u J:»n ... 

, small radius henrisi. tnv '"Lnly 
enclosed chain for prn;ec ! ii-n. 
and the versaulity when* a fn-J* 
■ her of applicaimn* is L-M:v'*rr.-j**. 
: The cin'cyr is dro-.-n 

U hp motors and a v. o'o i\: 

. nf diflerenl speeds i r ».flcred :r. 
. both single and nmlti-unt :• 

At this swtmmins pool, near- 
ing completion at a bouse in 
Hitdnn,\ Suneell Oasis sun 
heat collectors are being 
installed to provide free heat- 
ing to th^ water in the pool, 
which wifi be particularly 
acceptable Nif the present 
somewhat drilling weather 



Thousands of types and sizes insta^ immediate delivery 

LONDON 01-561 one ABEPDEENW24)32355/2 

■ MANCHESTER 061-872-4915 





of our achievements 

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§-£' ■: m?e Mi 



af^Et-saiess^rodeT ^sm&teDsivfi. ■ _ 

’ fadlities, hoi arc also avaHable f ctf 


' • 1 ] ,<rs ^S^ e ?e^rancntso£ the Energy , 

SSSSSS^^^:- z 

ER London^ W^QN, England. 

Greater Lond°^^ < ? as ?"’ 1^1? .Telex 263984. - 

... r. Telgphooe0tj88 .2--l-t ad companies throughout the world. 

environnicntaicoirtrol and include steam raising 
equipment for powei, process and marine 

auDlications ; nuclear coraponenti,heat 

exchangers, pressure ^ vwsels, cooling towers and 
incinerators for imimdpal and industrial waste 

^ , ^ > The woricTs iatgest works-asscmbl cd 
vastc-heatbmlcrwas -produced by us and shipped 
ahead of tiinci.thc world’s highest design pressure 

for any bi-drumriatpral circulation 

works-a isembledboiTec for a chemical plant in 
Bangladesh is pins. Six out of seven LNG liquid 
Natural Gas) earners have boilers of roster 
Wheeler design. 3he'QE2 has three of our 

ffl0S vJe^ea^6rid , Mde sales team directed 
from London. Contact pur Sales Director if you 
have a projecttnvolving energy engineering: we 
cm probably help, even to the extent of taking ' it 
river completely: Ask anyway, as there s a lot more 
we can tell you about ourselves. 

73 * 1 ^; 

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OH our Doddy is no down. He s !en S realised that when he’s 65 he'll vM more than laurels to rest on. 

H"' 11 ^ 3 nonurd t^t hc^d^c .tar^a^of l™.i°n 

a top comp.™ - s- -ndard Life, the ianrous British. Kdinhureh based olhcc that has specialised m the busrness lor 

N0V -' h0 So it you need alrandmth pension or life assurance, 

tec vour insurance itfl’ l<, ' rsonn - . f 0^3^ J§! J TT 

Aiidjoii counts top S 

The largest mutual life assurance company in the European Community 



rnir-d ■fert** *¥11 tf - ■-••:? 

IT IS THREE YEARS since we long than net***. unlff* you The * y 

BY ANTHONY HARRIS ‘ SAW f ? £ ft* 5 * 

NO APOLOGY is needed for a easier tbc fit *w bid* for the "“J "X 'Z^sS 

second column concerned with at least look pretty relaxed. s0 W j[j See them well established ‘ _ ® 0 j * 00 - . J l V _,* i* 

the Bank of England's ingenious However, even if the figures and growing away smoothly vou^c u t nuT ^ 17 ■ "rolve r- 
corset control ou the banks, the were ^or distorted at all—and hefore it hots up asain . _ 

n i^ i nnJtuti xciAKo since we ions than petunius unless you improueiu sutueueta.i. j.uc , Ti.i £1,7 Anerufft, you -! • 

have had such an amenable dead-head them Thoroughly after blues are quite pretty and will husy year. Perhaps ; yon; are. now-bright for thebig seeds, of 

season for moving the summer's their first flowering, ihcy arc dominate a batch of self-sown; looking at the~boxes on oJFer,.r^- like to MriaturtiUTK bde^o : • < 

bedding plants. Most of them, bright and a good hnv. too. for seedlings. Bui the dark Lobelia;-’ ing at the prices, which" BO up fuUy traSBoS ’“fPjJteJaly. yo«. 
petunias and marigolds a sunny window-box. blue Forget-me-Not is quite vertically the nearer yoa mow a.. PPU?.^J??Vhe old' stocks' 

ssaMsr.,: aasz ..sEr^i s s^&y&es 

tFLHLlSUPirg! StS 

squeeze a friendly embrace, they eertainly uere-B.e take-off ““V 1 ^^a few muck ,1 f ° m th 1 lb Pl ?he 

widelv^ 1 misunderstood: but'an enormoSs he^ Thf'sum “is £ ® ■SK? oon- fi* £}„■ £> S*n “ciw«tallj. 

TA ZalftS yesterday ££ A'U ^ MAX ^ 

^..sssa « sSurSi SS 

anolosy TST r S M^nSKT. ■& 

quarter of an inch deep and space Never fear, there 
him out after a fortnight above Sown now; netnesb 

, ; L ■. «n ^WUic Uiuic accu Ilf 1 if i 111 *! uu 111 JVMI 1 UI IU airiinfll 111 ' «■ 

taken an optimistic view of the growth is neaviiy penalised, so ear j y August. Seedsmen are dragons that nov/ is the urgent autumn. ' 
problems before ui>. so it is not that iLs £ rn _ c ® n h* taken as sla tj ns proudly on the packet moment to be sowing cheap seed a job whi 

••<-•-, - , pl ? ce i, 5 ,odle that, a&ybody why-do 

— ■■■■ ; ■*■ -. . sense of. them- • t • . tW thlngs-sO ‘ 


..ill the better, for a 1 .j ^ checked* tot-, Si&r r&tiuugZ::- * 

BY ROBIN LANE FOX ' rald-May or even progress.- Tt 

■ : -■ : • can -keep the®- moving fife*®* ■ ! 

l Atn especially fond of ^e ongm bo ^ : ; 

. orange time of year trap. " 

3 ace Never fear, there Is still at a ., heiS hiH° yellow- ■ 

)o\'e Sown now; nemesias will maSelt:£?ooL The taller big 

ight by late July; so too will the: Grange veaWMi*. hage ^se^ v 
the admirably deep blue jAagp^. wSe black ^ scs w S, ^ aW aT bS' ^ 

lips, one taller form of which, often and would be well aw ui a drought- .' 

inconsistent tn be optimisUc more or less fixed. The amount chat they have “ajmost e ]i m j n . of nett spring’s beddinu- plants this time oF year. For new gar- winner, as Ticb a blue as lobeUaresctolfcia. ie not the easiest tiling. pjosr«™i« 

when we return to Square Ooe. of bank lending permitted then ated - t h P mac-blues, whites and and cutting the bill f"r wall- deos. needing height and colour and a quarter the trouble: it i^ ta transplant and S^ D v • 

One may not agree, but it’s a depends nuite directly on the pa | Cr pin j^ f 0r which 1 used to flowers. Sweet William and the quickly, these biennials, the hardy, easily pricked out ani-rcserved i° r outdoor s 0 ''^f lgS * Ktar v edi Ymi • 

point nr view. success of funding. The more buv t n, e m. You can now have rcsl. Search, above all. for the Canterbury Bell, tall silver happy In dry weather, IVostar—site- In June; you an oesi ®. p wpatherasd-ybKr'ti^^^^SV^ 

i nr ..< turn our attention, inoney the Government extracts ‘' fiunS et hues" as never before, deep royal blue forgct-mc-n»t. as thistle, grey-leaved rerbascum. t turns are another good starter advised only to sUrt ol! those ^ . 

h^eve“ S f.-Lm "thegil^ market % but at a height of about, nine easy as cress from a se..f Packet -e a blessing. sowing if :ann U als S ISSW 

point of view. 

Let us turn our 
however, from the s 

izuths are anotner goon starter advised oniy ;“ h r m fived. rommonsens^ dead-t 

however ~ from the '•ills market tnrous" *««■«« seiunues. but at a height of about nine easy a s cress from a «cf packet area blessing. from an early June sowings If :annuais which can be mo^t 

to the "banks now* struggling more the banks can replace by inches they are not too awkward and yet less often sold as a What if you have missed the you want- to follow up a from box to pot and P°t to hSe '^ ■& : 5\!5<SS& 

ii'-rjfinbiv in " meet "the new new i ea( t |n S- Therefore a gilts t 0 place. Though they last less mature plant In the autumn to bedding-out “bus” completely? round of bedding-plants m your-so I should avoid anything with mar . 

nr,-.finhiv d in meet the new new |ead * n S- Therefore a gilts t„ place. Though they last less mature plant in the autumn to bedding-out 
p.uaianij . hnnm means Still more eOOd news __ 

promamj m boom niea „ s ^i,] more g60d newS 

requirements. The profit arises rof ih{j banks Thfi wbo|e system 

.rom the rjel ,hal *’ n ^ e l *?5 gives a new moaning to the words 
oanks positively want to get rid ." un p 3 rned income" 
of inierest -bearing liabilities. “H™ *?”" fnP 

Z'&gr? £S£ :~='g 7 -L-vs, % Willie Carson’s mmsnts give him Poor roads cost 

£S2 .®.t£^ g li SMI an edge on Pat Eddery ^“=L”T _ 

/f r ^oaTrt 8 -»!wc«fS/-vr« credit squecre, with stnny-faced ** £4S0m a year in accidents, Mr. 1976. 

'L-OSHDinailOn managers up and I down the coun- pAT EDDERY and Willie middle distance filtv in i be male- s tuart Mustow, West Midlands 

Tndeeil if vou consider the tr l ” f e'il n *'ir oaris ; _® ut 10 Carson, who are locked in the ins when she nearlv succeeded NEWBURY county surveyor, said at th& valley 

whole combination of bank ^ a SeaETowth Tirade c L 0SeSt - ba L t - ,e for - ^ jockeys' in beating the Queens Alma in 2.0— Deed 1 Do . Institute of -Municipal Engineers* eSded to cove 

margins, bull market, and a long credit™ so'lha? hTs^rhe^nr^oritv cbam P I 0 IL sbl P M s,n « Carson a competitive little handicap over ^j-Tamarico anoual conference itf Bourne-^ Britain, the ti 

tan for the pension funds on creait. so w -it it i» rne priority p, pped Tony Murray in 19*2. a mile at York. 3-0® — Robolln mouth vesterdav - ■■' ; nartial 

terms which are like a happy » ke ...» n . 2™ b} PA Any improvenient on that run- ?.TO-BolWe More lhan v W /5oor roads won 


BY LYNTON McLAIN . -J .. - .. ‘ ..y- 

POOR ROADS , cost Britaid Rood Rescsrch L.WtoiT. 

Indeed, if you consider the 
whole combination of bank 

te-ms which are like a happy >v.»*r «jhj l.j. take in bolb Newbury and Any improvement on Inal run- 

dream the whole-package is a Beverley today. Each has some ning should see Procella capable 

bit of an uncovenanted Citv ^ uhln quite substanual limits. of conceding 10 lb lo Pat 

benefit. The discount houses lhe nil ? s . t credit-worthy can hor- Eddery's mount the once-rared 

bit r.F an uncovenanted City ^ lhl " / t ,u 'l! ri f“S Ual 

mav c^rse haw'Sken a“bit row without perm issio/ against Martingale. a half-sister by 7 to— Buff'ooA soie _ cause oi 3 -d per cent .increasea i»i jr» 

o r .-; b..ol loss butt hev 3 can a ^ole wallet-full of credit RACING Luthier to that higfa-clns* race- 7‘Jfc?JwrLady« acddents survfey compared with 

\Lv forward to the profitable «^ds. It is really not so quick horse and ir Mount Hagen. 8 05^P?ocel“ Thames valley conducted^ by the P^vious jwr, fi 

descent nf Dike's Hill, as and easy as it sounds to limit BY DOMINIC WIGAN Whatever their fate with SjtElSdSton Governments Transport -r^and- 1975. Ro ad_main 

interest rates come down step landing in a regime in which 'Martingale in the Grandstand — — — - — - 1 -- 

\,-i step. Since this is the out- credit 1? kept relatively cheap. Sweepstakes. trainer Peter Crier filly, did enough at Good- ml wJIto ttT’WWk Wi 

conic uf What was called an Much easier to sell investments Walwyn and Eddery should have wood on her only previous run JEBHH B jW? 1 #! 

cyci>all-to-pyebali confrontation, from bank portfolios, or per- likely looking mounts with the at least one winner at the York- to suggest that she can follow 

ir’ is a bit like pelting your suude depositors of the superior balance apparently in favour o£ shire course's evening meeting, up in the feature race,, the . . . . -• 

enemies with roses. Beastly attractions of local authority Carson. Town Lady, a chestnut Town Hilary Needier Trophy. C u7iiI h E? MmV tSTSU S&! 

foreigners in she exchange deposits. The popular little Scotsman. . 

market nuy be caught in bear T . . who goes to scale at 7 $t 10 lb OPERA & BALLET . ... 

squeezes, but not the Bank’s IniDOSltlOn compared with Eddery's 8 st '2 lb, TT C 'E)m! 4-£ ^1. n^wlinAwn coliseum. cr«i it cams 01 - 2 * 0 ' sasa. 

friends m the City. t - 0U ld have three nr four win- I J .N "KrilBSll SlFlIIlCrS ^tONwr^vffiW'' 

Howev-r apart from what mav The conclusion which suggests ners. Salamis. Bolide and ^ t&AA AlllVi O Tonth toSS?! L^affhhia. 

be cal^J the Snearned incSnie ^ * me at leasl ls thal the Pr0 « lla are <*ely to form the , , , , . . , Bfft V"S. tS&JriW&Z 

aine-t of th« thing, what is the ‘"’K'®" °J . c * h * c0 « et , w *. 1 backbone of his success. 6 0 gOmPfH dHIDOFri] HI IV ' ta^o^SSTUrS 

effect on the economy? There r«o«ve the crisis if and only if Sjr Michael Sobell's so far ** gWIUCil utn. ■ . , • 

has been much talk of the ores- Jf^, h a 2 unsuccessful Salamis. among the cams 0 boom 

sure >»n the banks to cut down lhe m easure '" ,h jcb is being used runners f or t]j e Twyford Stakes. FINANCIAL TIMES REPORTER toi r^tal cwera - , 

I. he i‘„ r K ‘^hh“ mW«diM“"ni wu ,V f welNma^ cbm BRITISH AIRWAYS h aS .gain link with Boeing woold provide SSI? 

less it is surrounded by a^posi- »« * matter of uninvested ins.ti- filly bv Sun ‘prhi^out^f called for the nationalised British five times the work- for 'British 1 o"£m. 

live forest of ifs and buts. tu lion al money, it will now Eandarilla.'who has already pro- Aerospace to go^ead with a aircraft and- aeroengine com- jm f u „%„,■* *KS K f , SJ; 

Sonic of the reservations are yanish. If the apparent explosion duced that top-class miler. j° ,n * venture with Boeing to panics than would be likely to wot Jum f. ■ , ■ 

10 do with the distortions in the lending was largely got up by SaJInsL Salamis did not run too *>uiM ^ next generation of result from any co-operative glyndeeourme , fesjivalopbia. 

figures If you have been bold- the han ^ s m preparation. for the badly at Newmarket this spring civ »I airUners. European project, the memoran- tt«M.-|S maymarket- ™ wa: 

ing a deep breath while you are «««• '« £ i » v v " ls * t ™ r * U ' when sixth to Seraphima in the The call came in a memoran- ZSFVk SS ? *' ™ Vuul 5 co, 

measured Tor a corset— lending »f really- a- -surge or Ladbrokc Nell Gwynn Stakes, dum to the airline’s management • xv ? rk ™ u *t ■**« Si ESS? harrv anJ 

money to the discount market .u? L /. uruVr iw. ♦* ^ fwi- from the main board. “Tt said ^airports for the. 1990s., Lord] cle-nor 




2.0 — Deed 1 Do 

2.30 — Tam an co 

3.00 — Robolin 

3.30— Bolide 

4.00 — Dred Scott 

4.30 — Saiamis** w 

7.10 — Buffoon 

7.35 — Town Lady** 
8.05 — Procella M 

8.35 — Han ning ton 

CC — These theatres ' accept certain credit (GLOBE THEATRE 
cards uy telephone or at the .box offteeTP Eves. B.iS. „ Wj 

U.S.-British airliners 
‘a golden opportunity’ 


COLISEUM. Credit cants 01-2*0 625S. 
I Reservations 01-836 3161.- 

pi,? a i s Wed. 3.0. Sat. b.O. 8.0. 
PAUL E B ODjj iM , N VVHITROW ln^ - 

ALLAN Ar E CKBOU^-S A ^ r Con,-V 

- This most ee ,rtie }aWM» ■■»{* 
maker in London.' D. Tel. An Irreslst- 

mouth yesterday. . accidents partially caused by clear relationship .-‘be^teeii-niM & 

More than one ■ in bi .“ooriSidf would -be nearly, 
accidents had road condition AB-^SOOm. ^ . . • . 

a contributory factor. It was'the,. Accidents on Bri J sh rS?iiL^DenetoE^£ik?^*’^ f; ' .Tit J 

sole cause of 2-5 per cent .'of increased last y ear to ^ 34S,lg6, . cn tpnR sp ^ g\ 

accidents in a survfey 6f \the compared with 338473 ^ ^£SS!tS?S - 

Thames valley conducted by the previous year. and 3L4.950 ui restrictive a, 

Government's Transoort -r^aiirf - 1975 Road rnai ntepance costs . ance- in order to *ax* money, . 

07-437 1 592T RIVERSIDE' STUDlOSf74Bi"XK*L::',K.'^...^ ; 
-a i 13 June-Z July * 

A n« efav Ti& N^ r -W ? ^^ ; .. 

JSS& :* ' 


Grcenlna (new prodnj, SctwberuadF. ' . 

Sat. - 5 A V JO. Mon.. To«. 7.30 Can- GREENWICH THEATRE. BSB 7755- 
lervatolr*. Gls«dle. 16 baKoflV seats THE GOLOEN CRADLE 

aiawairs available Irom 10 ajfL -day of. Opens Ton-O"^ 7-0- Sub. WJ J-30. 
pert. ■ ■. . Mat. Sac 3- 30 - ei«* It Veats Smo« 

CO VENT _ GARD E N; , ^ CC _ 240 1066. a F ”r 2 wecfcsSSy?' 

ROYAL COURT. 73 D.T7* S, LAjtv.ftfeL . 
Prevs. Eves, at «. ■ OPW - 

7. subs, evw- B. Sats. 3 4 8-30.. f.:!..-''. 

ci yimc iu lien ■ ■ ■ - ' i:E. I 

by Bill Mcurfsvn.-. 

(Gardencnarse credit cards 636 BBSS] 


Tom or- at 7-30: ■ RI»oima XKram I UAYMARKET. 
replaces _Dvor3kvJ. Fri. 7.30: Fslstafl. I "*&,* «* VV 

IAYMARKET- , _ 930 9532. 

E». B. Wed. 2.30. Sat. 4-30. 8 



Must definitely dose July 1. 

ROYALTY. . " Credit Cards; 01^*05^100*^ ; 
Mondav-Thnrsday evenings -8.0Q. . F+iAt.. ■ -- - 
530 and 8.*5. Saturdays 3-00 and,8.(Kto - 
London oriuca me. :. «v .*?■=. 
BILLY DANIELS in -• \:.t - 


- • Best . Moilcal of . IH7 ■ ■ ■. - 

Bookings accepted. Major BHlt.cHt,, 
Special reduced rate -toe- taatHnSst - 

limited - period oniyj. 

9632. Box Office Non 
* 6 S at 8.0. Opens 

mone> to the discount market nvwum or a* prop in me = . , ^ main bo^d. , t said on airporis tor ine . lwus.. tiora ToiTs 

and hnrnwlni it bad-, buildin- «™S« -«a». J* '**»*« jj' 1 fc, le ! s J? Boring SSp““ for i , T57 Porcbester. chairman of .the mWo, waxs *^rr 

up your leasing subsidiaries merely cleared the statistical airi ^ the probability _of good to “* p™po ^ south-east economic planning Aie ' E ^ ■ , 

ahead of demand, and indulcina ground for the next crisis. JS UViLK:?-!. L“t “ gSworSiliy for S >*«S^ ' 

aneau oi aeinana. ana inauicms me wai viibib. m •• BD i den oDDOrtunitv for British ,c „ l , ,ua ', “ 

in all tiie other little tricks which one about the real economy and Salamis might get off the mark *' fj-f » m,y DrillSQ lelter t0 ju-. Edmund Dell, • 
arc easv to suspect and hard to the balance of payments. The at attractive odds. I take her to ^ .. Trade Secretary. ,- . ju™ 

prove— ' then il may be a positive one real problem which may win at the chief expense of Nest- Rolls-Royce would Without an immediate start 

relief to let that breath out have been solved i s the build-up »nS- another locally trained filly ® n £‘. n ®' s ;® r sucf1 a project ana on tbe j ong j ead jt e0is - fgj. new • , 

acaio. All this contrived lending of corporate funds: - that money- who ran well at that Craven British Airways sam yc-yieraay airports. traffic could well 

•••in bv replaced in due course will be hied off through national meeting. that the supply of entries atone exPee d airport capacity within adelt 

with genuine and profitable lend- insurance contri buttons, with no Procella. one of two William cou ! d prewde Jobs for iu.uoo- j£ years, he said. EwSi - 

inq. In other words, the mnre joy for anyone. But then in- Hastings-Bass trained fillies *°®lS. eer ?' f lt . coulfl a,so eam Lord Porchester was comment- 

i!io Satire were distorted before dustry does not enjoy the able partnered by the ex-champion at £4,000m in foreign currency. • j ng on tbe Government White. 

the corset was imposed, the advocacy 0 f the Bank of England, Beverley, struck me as a useful In total, a British Aerospace Paper on airport policy. 

- -Music arid dances Iran .Bain. : 
The experience not to be missed. Gdn. 



and IRENE HANDt in 

“ D.recled by CASPER WREDE 


TOM CONTI Id-- ■ . . ■< . 

urttn JANE ASHER I.. 

“A MOMENTOUS PLAY. I U] Ijtffe.' YllUfc . * ■ 


TO SEE rf Gd«r.--:, . f •: 

£«is-»t a. 00 . Frt.^gL Set. S^S.A ajCS-Vr i 

me rapenence no: io do missed. Gdn. ... rr a . n ecru; 

June. 19 tajulv .1. FIESTA DE ESPANA. 4 &il’ '“ go: 

SHAFfESBURY. CC,' ' ‘SSS tEfcl • 

' I8M& 1 •OLS^SS^SS^tf. V 

; JOHH IteSSr- lft -- -3S | 


7 Indicates programme in 
black and white. 

BBC 1 

Tournament. 3.33 Regional' News *' 
for. England (except Lontfonirf* 

. 3 JS Plot School. 4.20 Boss Cat." 
4.40-' Newsround 'Weekly. 5.10 

6.40-7.55 am Open University. Roobarb. 5.15 Regional News. 

S.'.!8 For Schools, Colleges. 10.43 5.20 News. 

You and Me. 11.00 For Schools. 5-30 World Cup Grandstand: 

Colleges. 1.30 -pm Bagpuss. 1.43 Italy v West Germany. 

New*. 2.01 For Schools, Colleges. 7.35, The Likely Lads. 

2.38 Tennis: The John Player 8JS0 Feature Film: ..“The .Hell-. 

ews * ' fighters ” starring John 12.35 Help! 1.00 Sounds of Britain. Amazing world of Kreskin. 330 The 

oni:(7 • Wayne. L30 Crown Court. 2.00 After £»«• ^ u ., Whats J<ew S ** C, * L 

Cat." 10J3 News Noon. 2.25 General HospltaL 3^0 ur *“ aj * ws - 

5.10 10.15 The Spinners. ■ • The Rolf Harris Show. 150 The HT\’ ' 

1050 World Cup Grandstand Electric Theatre Show. 4.20 * * 

r~ BRUCfTORSYtTr SHAW/t".eAnte a 


D.r,»^ , £v D rURT G SH H, EVELdvE. •' 

p<*r5P' alltv-- -fidVlMVr o«K?ra* ot , Bru-a- 
Forsyth.” &u\. tenress. '.'Tfie audience 
cheered. ’ Sundav Tele^aoh. . 

,v r -r5 : 

: . good -Seats, j 


Mon. to Thors. 9. - ' FM.. Sat. 7.30. 9.3 



LONDON PALLADIUM. CC. 01-437 7373 
Mon.. Toes.. Thura. 3 Frl. at 8. Wed. 

ST. MARTIN'S. CC -835 1*43. -Ev 

2Gth YEAH :■ 

and Sacs, at b.10 and B.50. 


In a Spectacular Corned* Revue. 
Sundays Jvne 25 and July 16 aUS 6 8. 
Special Booking 'Hotline 01-437 2055. 

ALOWYCH. B36 6404. Infa. 836 5132. , — ...„* rr 


repertoire. Tort. 7:30 Low price preview £*■ 8.0. Mat^jnurv. aj 

including “^coverage of Michael Ben tine's Potty Time. n 3^ u^; ! ! ‘S Dr I ll v 6St ?SJ d u ne5 ' *E** ll night tenmo ^ 741 * wfui°Shakc- 

DMriwrl « l.rii.U.? 4 45 Thp SappaI Pnnv *■« Hpusepartt. sneare s CORIALAMUS . Innt. oerf, 22 

Poland v Argentina. 

4.45 The Secret Pony 

YRIC THEATRE. CC. 01-437 3686. 
E*. 8.0. Mat. Tnum. 3.0. Sat S.O A 8.30. 

3-20 Survival. 4.45 The Bcndicotnbers. 5J5I June) R5C also at. .THE WAREHOUSE 

1^0-125 a JO. Weather /Regional 5.15 News. Betij Boop. ‘s.M Crossroads, bM Repon t»ee undel _ W1 and' at the /Iccadlri* [ MAY FAIR. 

News. 5-30 World Cup: Austria r Hoi- West, eus Repon Wales *40 We Pack parade." ft!rer Nlehols PRIVArES ON i gor’Son ch 

land. an ^ *•» Th« ®“»e . 

i tennis: The John Player jlzu reaiuce nim: .. ", ine .«en- All Regions as BBC 1 except at 7 . 4S Coronation Street ' ' Voman ' 

i? BQidow’car ,££ Jffif ^? : > a V SS?S^^f£SS! 

F.T. CROSSWORD PtiZZLE No. 3^92^'ij: 10 - 3 ^ ri w ^ e % h T ^ ^ ** 

;••••.- 5 .'J-. l^tews and Weather for Woles. 12,15 am CJofce: Music by Rodrigo, htv wm— a* rtv Rnum s»nHn< 

Oman. ALMOST FREE. 485 6224. "One on ■■ 

. _ __ . , By Bob WIImhi. Tues.-SaL ’.is p.m. 

HTV Cymru/Wales— As HTV General Sun. 3.00 6 S.OD pjh. No show Mons. 

AV FAIR. „ CC. 629 3036. 

EviK. 8.00. SaL 5.30 and 8.45. 

GORDON CHATER " Brilliant " E.N. 

bv Stove I. Soears. 

A compassionate tunny fiercely element vicforia PA l ACE. 
play." Gdn. LAST WEEK. n “»- „f2h 




io - 



Scotland — 5.15-520 pm Scottish 
News. 1.15 am News and Weather 
for Scotland. 

^Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5J54L20 

12,15 am Clo.Se: Music by Ro'drigo, 
painting by Velasquez. 

Ail 1BA Regions as London 
except at the following times: 

445 l.'n Tro. 6.00645 Y Dydd. 

AMBASSADORS 01-836 1711. 

Nlphtly at 8.00. Mai. Wed 2.45. 

PATRICK CARGILL and TONY AN HOLT MERMAID. 248 7656. Restaurant -24« 

HTV Wen— As HTV General Service 
except : lUO-un p.m. Report Wtst Head- 
lines. 645440 Report West. 


The Wortd-I amain Thriller 
Seeing the play again n n fact an 
utter and total Joy." Punch. Seat Prices- 

2835, Opens Tontghl 7 SO. 
sub*, evgs 7.30 * 9 is. 

A niece for actors and orchestra by TOM 

BMk ^str^FoS^Sh^ 1377 '/ 

E»g». 7 30. Mats. Wed. and, Sat. 2A6i<- 

ff) f.KB Pi 


Northern Ireland News. 5J5-4L20 ANGLIA _ 12 JD p.m. News and Road Reports 2.00 

Northern Ireland News. L15 am 1245 p.m. Annlia n-wv aAT ffouae- s^uard T^av 3 r* i ui? £• "i'L 

News and Weather for Northern ' F^ heiJme ius lm^gSP S 

,Sn p, "nh Ne " s A ml S 2^221 ^“' ^ ^. ^ 0 £O ViJiT:Si S:S5: 

remen OnlJ 1 , J JO Glad Day. MS I DONALD SINDEN 

£2 00 to £4.40, Dinner ana Top-Pnce STOPPARD 6 ANDRE PREVIN. Seats £4. 

Seat E7.50. U 3 U “A work ot true theatrical 

APOLLO. 01-437 2663. E*enmni 8.00. 0* n,us ■ , ■ Sum*** Times. 


BBC 2 

About AngHa. 1245 a.m. World ChOdmu s^^ oI San Fr^afico^ 

•• 6.40-7^5 am Open University. 
410JZ5 Gharbar. 

: lLOft Play School. 

-‘\3^5. Tennis: The John Player 
-■- -Tournament. 

4^3 Open University. 

7.00 News on 2 headlines. 

7.05 Bioscope Days. 

7.23 Newsday. 

8.05 'Landscapes of England. 

- 840 Call My Bluff. 


'94S Brefisham People, 
r 10.15 “The Out-of-Towners ” 


1240 mil Newsdirsl:. 340 .Mr. and Mrs. 1240 P.m. Southern Nows. 140 Crown 
340 Thu Sullivans. 4.45 ATV Today. Court. 2.00 Houst party. 340 Borwv 4 45 

Actor of the Year.” E* Standard. 

” Wickedly tunny.'' Times. 

1145 Rafferty. 


ARTS THEATRE. 01-836 212Z 


" Hilarious . . - see it.” Sunday Tim-s 

Oay by Day. 1245 a.m. Southern News I Monday to 'Thursday 8 30. Friday and theatres day of n-;rf. 

EN NATIONAL THEATRE. 928 22 S 2 WESrM,N 5£FT«M-i:r. 0ZBJ - 

r Standard. OLIVIER fopen stage): Today 245 fred. Bv M iKRFDir^ 1 .,2 > Tu!S».uiit 
ai.W. pr. mat.) Tou t. 7.3o MACBETH. Tonw. -t r t nch ant R m -PrP^flft^nh 

AND 740 The Country Wile. • 4 H Ar P I Y T n pVt a i° - R ‘ 

AND LYTTELTON fproicenium stage): Ton I -Premen^u* A |mni»rt^lSv* ta “' 

T 1 ™*- ^ r £™S- „14 S P «NTY, a new plav E . S 5 .l' 4.3b. 

01-836 2132. COTTE5LOE (small auditorium)- Ton't. i ' ^ 

O'S Tomor. 8 LOST WORLDS, by Wilson ^'jeHALL 01-930' 6692-7765. 

I John Halre. |»S* : 30. Frl and Sat 6.45 and 94KL 

emumv Tihim Many excellent c wak sit x Paul Raymond presents the SemiaUonal 

Many excellent o seats all 

Saturday at 7.00 and 9.15. 

Restaurant 928 2033 Credit card bkgs 
928 3052. Air conditioning. 

Paul Raymond presents the Sen 
5« Revue or the Century 

ASTORIA THEATRE. Charing X Rd 01-734 I 

4291. Mon.-Thurs. 8 p.m. Fri. A Sat. OLD VIC. „ 928 7616 


tllSO p.m. Border Nous. 2.M House- T^^NE TEES 4291. Mon.-Thurs. 8 p.m . Frt. A Sat. J OLO y| C g28 „ 16 

pany. 340 SurnraJ. 4AS L-Jokaround Wvd- q.25 a-m. The Good Word followed bp “'elvis; I » ... PROSPECT at the old vic 

riMday. tl24S a.m. Bort. r News Sum- North Fast News Headlines. 1240 p.m. " Intertlom. apiwaimg. rout-stomping and ToM^Thi^r 0^k JU Ja , c^ie^ l ?slS , Blair 
“ arT - North Easi News and Loota round. 2.09 hca^Sf '"So W! eSm 1 si “*" ^-“owS* in 'a 


Northern °U?c. &&3 S l£Sl&5£\ 

°~T "iuiL. ui pjn. Channel Lunchiime News and 

».«0- News. What's on Whi-n.-. 340 Friends of Man. 

'925 Bretisham People. AC Valley of the Dinosaurs. 648 Channel 

tfl IB. “'The Out-af-Tawnpru ” • Scws - ti- 28 Channel Laie Mews. 1249 a.m, 

- sSipg jSuSSZi sbs Weaibcr 13 Krtocb - r* b? 

1L50 Late NeJfr 0 ^ 2 . *' GRAMPIAN 

12.00-12.15 am Music at Night . ua a.m. First Tfamd. iiso p.m. Gran- 

on waive. 3jb Friends af Man. TJF STFR evening standard award i /•qs a v*'it''i'ii5 »'VnuaM wyndnam-s, oi-ass 302 a cmii car* 

ey Of the Dinosaur S. 648 Channel „ „ - . , Lunchtime Theatre daily al 1.15 P.m 11 "» e * UlQUK, nd years The Bkn. 836 1071 -2 ir5m V mjLVJtH 

L48 Channel Lair? ,\YwS. 1249 a.m, niH^S Jun * 12-23 ” A SL,GHT ACCIDENT." SUNDAY AT THE OLD Vic. JUNE lath f ?9 B - n ?- _Mqn-Tliurs. 8. Fri? Al Sat 

id Weather is French followed hs ? social. 404 Ulster news Bcadlincs. 4 AS 7 . 30 , THE OAY OF the de4d rV.^™ S - 1S ’Kl 8 30. • ■, 

■ f0Uw f a w Lets Look at Ulsier. 545 Reporta. 1245 CAMBRIDGE. B» 6058. Mem. to Thura Collar's Ja« comoosu.oe b«« ° n '«,« ,« D J' WORMOUSLV RICH ' 

. a.m. Bedtime. B.00. Friday. Saturday 5.45 rnd 8.30 writings ot Malcolm t-owrv. VERY funny." Evening News. 

a . . IPI TOMB I rwPirru uieirv ...... — . Man# O Malln.-, -... — L A — - - 

able seats £3.00. Mon.-Thurs. 4 Fn. , c.i c., nerck 

6 p.m. perl. only. liaBUir jiuifr! 


Lunchtime Theatre dally al J -15 p.m 1 s . -Jll 

frl- Sat. perefc Jacobi as B«ron -rtth 
lUa Blair Jirt'an Glover Harold Innocent 
• '"May It live a thousand years" The 

i WINDMILL THEATRE^ CC. 01-437 6312. 
Twice Nightly 8 00 and 10 . 00 - 
6.00 and 8 . 00 . 

PAUL orosents 

Tak f - tp unprecedented limits what H 
pernntslbra on pur stage. ~ Eve. News. 
3ici great Year 

- The Oifls are beautilul bare and 
bouncing *" 5- Mirror. 

□Inner and top-price scat £8.75 incl. 

Prospect 1 * TWELFTH NIGHT return? June 

1 9th i-an oolu ending revival- 7 hi* 

room. 1LI5 Police Woman. 1245 a-m. 

eflcctions. 1240 Grampian Late Hlftht tajUl ,or Ufc - 

1143 wesrvard Lore News. 1240 a*n. I Chichester. 02*3 eisiz 

Faith (or Life l Tonight and June 1 5 at 7.00. June 17 

at 2.00. THE INCONSTANT COUPLE I 3 J ? I 0 __" , SV . - „ L i?, 5 , K , A - IAIN I Pr^"r r '^g^g^ 1 0 / t **STHOLOIWI 

June IS at 2 00. June 16 and 17 at Ift'dSSIj EL K^ If™ J.57J-NSEN. DAVID tomor.. eves. 7A5. 


1Z5Q pjn. Calendar News. 3J20 Echo | c oMCDY. 

5Tf“ ( n (I ■zsil M 12.00*12.15 am Music at Night . « F ira , Th, D({ . iwo p.m. Gram- ^ f STVV ARD ■ The 

-L - J LJ LJ m LJ LJ hSK* Wales *»“ r&s -^fe A uns. 7 5 «. — —— — — ? 

^ K m «™ SMB tea tel ■ T niunniv M C ”p^ g if^ |, nit l S!! ^ wcsnrard°'ure Ncot.* ttiD P jSll Chichester. 02*3 bwz Ev « 7 5 Kd” T X “” A “ S1 

, ai BBM fpM Ma SaM I Iff ?; ffanun. 1245 LB. Failh tor Lire. Tonight and June is at 7.00. June 17 | w gS- 7.45. Maes .Wed . Thurjt & SaL 

A,q F P"! L.V/I 1 L»VJil eflcctions. 1240 Grampian Late Night at 2 . 00 . THE INCONSTANT couple 3* , -JIHiA 1A IN 

" 9 t III II 1 II ■ , 1 ^° a i? Scho , oIs . YORKSHIRE w^ T N. EL ^ti^^ s ^r^ 

. aSnm nnfcv 19 Sh**’ , GRANADA - 1240 . cJSSdS NeS. 3 J» Echo oT^ a o Ts T a — — 

ACROSS 8 Old-established supplier .of Dais y' Oatsy- JsJONews 1240 p.m. Thu Is Your Risht. 349 TIN 1 Of lhe wild. HAS Calendar. For a Lid. onoaoemefit June so to July ig phoenul Of -836 2294. Evenings a. is. 

1 Sovereigns once worth half a bows with many branches ST . A mark^gospu. "ttm ^ROOKE Ufd taylor ‘craeme 

crown 4 piece t * J. ■* > .. , , ! ~ Tues to s-t. at o.a. sun. at « 30. no the unvarnished truth 

in Scruffy race in Scots loch (51 9 Still, getting radio inter- • . - °!L - M 2ILJ£lillL£SilL£l g . a . - s . B -£19 -YSuSm whyi ?mo5cht e . IS, 

11 Unset bv batsman’s bonus t9l ferenee.lfi) - RADIO 1 247m *JB Voor Midweek Choice, part 2 ISI. 8 JW song from Camcrbury CaihtfdraL . 445 COMCoy. 01-930 2 S 7 B. have died." Sunday T,m« 1 ^shb-r 

12 Actor playing pan of swear- 15 Instrument taken by husband ' ^ <* SS US fire^taTB? ?or u sf«SVSc fiESL 

u,. Evemng News. 

M ^ rv ° Maliey-j mash. Mr. comedy 

Times). SAINT JOAN r»uirrj June 22nd "Supreme cpmepy on sex 1 IT(J religion.'' 
C*a great .portoraunce “ The Times i. - paltv Telegraph. .' " 


OPEN AIR. Repent s Park. Tel. <86 24S1 I LAUGHTER." Guardian. ^; ■ 


!\"S- 7 'i5h •SSB-^-.JSsw- ! -n'SS ^pn 9 a “«USi»o.Xrr-S ,, SBC 



01-930 2579. 

For a Lid. engaoemefit June 20 to July 16 PHOENIX. 01-836 2294. Evenings a IS . nueuu- , 

ALEC McCOWEN’S 1 and Saturday 6 00 and R^o CINEMAS; . • -J ." 


“An unparalleled tour de loree." S. Tmt GARDEN make ui lauan • D m.ii .1 aak, 1 Sh_AFTES8URY AVE. B36 


“An unparalleled tour de loree." S. Tmi GARDEN make ui lauan ■ D Mali ■ 
Tues. (0 Sat at 8.0. Sun. at 4 30. No THE UNVARNISHED TRUTH 

pfi. Mon. Seat* El .25. £2.25. £2.50 C3.Q _The Hit Cojjedy try ROYCE RYTOH 

THE JJ*NVARnJh 9 EO TRUTH-" " Ir^CilA Y^LADr" OWN gf*” 

LAUGH. WHY^ ?HOUGHT e , B WQu?D vi a 3E£2fef8ffl ^9 M 

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"VERY FUNNY.” S. Tel. 

13 Turner at Lords may be top 17 Dog for the co mm u n ist bone. Bumea ' inciudm* i 2 ji p.m. Newsbeai. ,s ’' u ,£? SSS L?i' amh 7_0 ^ Tb f^ rc f ,prs i 7J0 murder among FmtNDs 

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14 The best 100 sheets of paper 18 Conductor by choice went for ijoto?* Hadin' ?• rosi jSm ^Si D ,s* SPZfln* 9 ,n .C ch ,s> - fi® Thompson «jw science now^ 9 jo Kaieido. Jte-Mg-JSS: 

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abililv from beesar (9> No. 3,691 ... 4245 p.m- Wagoners* Walk. 1249 Pete da run a Tsi n rln n duke of YORK -s. ffi-836 5122 . 

MiUTay’s Open House (5) includlnR 145 RADIO 4 LOnClOn RrOadCaStlDg Evenings 8 . 00 . MiL. Wed N - -Set 3.oo 

Sporta Desk. 249 DavM HniUtOD iSj in- 434m. 330m. 285m and VHF / 261 m and 97.3 VHF * jSKbmm^ ' ' 

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Fiaantial Times, Wednesday June 14 1978 


u» i; 

TIIE .AUDITING profession in 
Brztaw is being subjected to 
increasing criticism. This has 
partly been occasioned by 
«pnon eats -from Department of 
Trade inspectors who have in- 
vestigated the collapse of pub- 
Jjcly-quoted companies, and by 
the public comment when com* 
panics have missed profit fore- 
casts made at the time of take* 
over bids. 

' In order to help restore pub- 
lic Confidence in the standards 
of auditing, the major account- 
ancy bodies have joined forces 
to set up an Auditing Practices 
Committee fAPC). One of the 
major objectives of the APC is 
to produce a scries of recoin* 
mended standards on auditing 
principles and practice. 

; But more fundamental criti- 
cism is being levelled at the 
whole idea of company audits. 
For example, doubts have been 
raised On whether there are any 
benefits to be derived from 
statutory audits and, if there 
arc. whether they outweish tlie 
costs involved. (A recenl e.sii* 
mate has put the cost of audit* 
ing the accounts of all stock ex- 
change quoted firms in 1975*76 
at over £109m). 

Among the questions being 
asked are: does the audit func- 
tion provide any safeguard 
against fraud by company direc- 
tors? Does the audit report 
contain valuable information to 
the users of accounts? Does 
having a qualified audit report 
— implying some doubt on the 
auditor’s pari— make it harder 
for a company to obtain addi- 
tional finance? 

Study data 

In order to provide some data 
on the question of the audit 
function's value, a study has 
recently been made into the 
impact of qualified audit reports 
on investment decisions. Speci- 
fically an examination was made 
to see if share prices were 
affected if a set of accounts 
were qualified. If share prices 
did not more at all then tins 
would - indicate that the stock 
market was not placing any im- 
portance on the auditors' 
report; this, in turn, might be 
taken to imply that the auditing 
function is of only limited use. 

The study showed that three 
types of qualified audit reports 
do contain information which 
investors consider as significant 
in their portfolio derision 

It was also made clear that 

■ ^ 1 RfpeitaMteMHcn 


investors do differentiate be- 
tween the various types of 
qualification. This is backed up 
by evidence from elsewhere, 
which has shown that bank offi- 
cers place considerable 
emphasis on some types of 
qualification when making lend- 
ing decisions. There is no doubt 
that certain types of audit 
qualification considerably 
impair companies' creditworthi- 
ness and will make future 
financing that much more diffi- 

Two suggestions for the audit- 
ing profession arose from the 
study. One is that some con- 
sideration should be given lo 
releasing qualified reports at an 
earlier date, possibly when the 
ea minus and dividend announce- 
ment is made t audit reports are 
attached to the accounts, which 
are usually published same 
weeks after the earnings 
announcement). At present, in- 
vestors react to an earnings and 
dividend announcement and 
then hare to revise their judg- 
ments when they learn, some 
weeks later, that this figure has 
been qualified in some sense 
by tlie company's auditors. 

Secondly, because investors 
do differentiate between the 
reasons for qualification, some 
consideration should be given 
to explaining these reasons 
more fully. This would enhance 
the information value of tlie 
audit report. 

Ideally, the reason for the 
qualification should be very 
specific and include estimates 
of the amounts of money in- 
volved i such as . probable 
degree oT underprovision for 
doubtful debts). 

This suggestion is strength- 
ened by the currently wide- 
spread criticism about the lack 
of information contained in a 

In recent years there has been 
a large increase in thq number 
of qualified audit reports in 
Great Britain. For example, a 
recent survey found a total of 
176. qualified audit reports in 
the year ending June 30. 1976. 
Other surveys based on recent 
periods have shown similar 

The battle to restore 
confidence in audi 


figures. There are three major 
reasons for this big upsurge in 
audit qualifications. 

First, the liquidity crisis that 
hit British industry in the mid- 
1970s left many firms with sig- 
nificant cash flow problems, so 
they lm-e required substantial 
banking support. This reliance 
nn banking support has often 
led to an audit qualification. 

Second, increased adverse 
publicity has been given to com- 
panies that have been made 
bankrupt even though they pos- 
sessed dean audit reports in 

their last published accounts. 

For example, many auditors 

times the auditor states little 
more than that he cannot say. 
in his opinion, that the accounts 
show a true and fair view. 

2. Going concern. The recent 
liquidity crisis in the U.K. has 
left many firms dependent on 
their bankers for continued sur- 
vival. This especially applies 
to property companies and 
fringe banks, who were badly 
caught out with the property 
and stock market slumps of the 
mid-1970s. The accounts are 
qualified on the basis that if the 
bankers withdrew their support 
the companies would be iorevd 
into bankruptcy. 

Impact of Audit Qualifications on Share Prices 

Type of audit Qualified reports Control group 




share price 


falls in 
share price 




share price 


falls in 
share price 



True and fair view 





Going concern 





Asset value 





Subsidiary's audit 










SSAP but concur 











have come under critical fire 
from Department of Trade in- 
spectors investigating the sud- 
den collapse of major stock 
market quoted companies. The 
adverse publicity, and the 
growing concern over possible 
legal actions, have led the 
auditing profession to be more 
cautious, and more qualified 
reports have resulted. 

Third, the issuance of State- 
ments of Standard Accounting 
Practice (SSAPs) — by the 
Accounting Standards Commit- 
tee — has increased substan- 
tially in the past few years, so 
that the chances of companies 
not complying with at least one 
of them — and thus receiving a 
qualification — have increased. 

In a recent study of the im- 
pact of qualified audit reports 
on investment decisions, seven 
major different types of audit 
qualifications were identified. 
These were : — 

1. Triuf and fair view. Some- 

3. Asset mines. Audit quali- 
fications of this type express 
doubts about the value placed 
on the company's assets in its 
balance-sheet. Typically, the 
assets which are involved in- 
clude land and buildings (where 
valuations have been fairly vola- 
tile in the recent past), loans 
(where the solvency of the bor- 
rower is in doubt), debtors (had 
debts provisions) and inven- 
tories (obsolescent stock). 

The above three types of 
qualification may be expected 
to have some Impact on invest- 
ment decisions and share prices. 
For example, if an auditor 
qualified a set of accounts be- 
cause of uncertainly over asset 
values, this might raise doubts 
in the minds of investors over 
the net worth of (he company, 
and share prices could well he 
marked down. Unfortunately, 
audit reports are rarely detailed 
enough to give much inform- 
ation about the degree of uncer- 

tainty: little 1 information is 
usually given on ili«- extent id 
which a compait;.’- assets and 
profits are ov.-rnnicd and its 
liabilities under.- This 
makes it impo-sif:!*.' lur inves- 
tors to adjust prices to 

I he correct e::(i-n* P »r tiic in- 
formation continued m a quali- 
fied audit report. a Mirny jq .-uinc 
form of adjiisiin ;?i! is likely. 

4 Subsidiary’.* mid: 1 . Published 
accounts are sent-.- times quali- 
fied if the awnnti »»f :i sub- 
sidiary have e.ih.-r nut hi-cn 
audited (usually !irn :h- .-iib- 
sidiary * s ba-v.i •ivcr-.*a«). nr 
have been audited b: .■? .■Mirror 
firm of acrounsan:- i*ln- la tier 
is only generally atijilit-d v-hen 
the subsidiary'* .iur|,i«irs arc of 
an unknown 

5. Statement :■ y •#(».. i ?-■./ 

Accounting (Vm !■.■■■ i.>». 

Auditors will nuaSu';.- ■u-i.uun’s 
if they arc mu draws up in 
compliance vhj, ? Ii. ; SSAPs in 
force at that i ■ m v (ipinions 
differ as to whether SSAP qi;:di- 
flcatiuns arc .v.camn *ful — :n 
that they haw ;"i impact mi a 
company's slia-c pr;i.\ r could 
he said that they «i;^ht (■« have 
no impact on *ii:u>- prices, as 
the qualification r ‘ .'•no* Jo jbe 
method of a>''-nunt;i:j and noi 
Jo whether iliv :<•■> imni.* >iiow a 
true and fair vie-.. Thi- :* Hi** 
view taken by many ’ncli-sinal 
and ronnwTiril companies, 
which do not .-.■.•.■m (c. hi- unduly 
worried ahmn having their 

accounts qua 1 1 Soil on ihi- s«-ore. 
But there is ilv .-r.imlrr argu- 
ment lhat. if SSAPs a iv ini 
being followed, u i* bevau-c the 
alternative .n i-riuntin? i , vai- 
tnent being u svd reports higher 
profits and higher net assets. 


6. “SSA P I nr r< incur." Tn a 
growing n timber r-f cases 
auditors arc qualifying accounts 
on the basii of non-compliance 
with SSArs. iuu at the same 
time stating ihat ihe,v enmur 
with the alivrnaiixi* aevunniiivj 
treatment besn-t used. Auditors 
r»rten acre: *.viih aliornativc 
treatments beiau-u SSAF’s .Tr»- 
produc’d viili sn "average” 
company :n n’.iul. ?ni! the 
specific firm In. mu audited may 
be subjc J i" sismfieanily 
different ir. ding cimimsuviccs. 

7. Cntifn.-fK.'i audit tfuaOfica- 
timif. Many •■ompanic.v receive 
the same qualifii.-uion every 

year. " Continuing qualifica- 
tions '* may, to some extent, be 
anticipated by the stock market 
and hence their impact on 
investment decisions may be 

Until now there has been 
no examination of the impact 
of qualified audit reports on 
>liare prices. Jn order to remedy 
this a study of the share price 
movements of 247 companies re- 
ceiving audit qualifications in 
the mid-1970s was made. The 
movement in the share price 
for 1 -aeJi day. after allowing for 
Us normal volatility and 
changes in the market index, 
was calculated. Tins was done 
for a period of 4U days sur- 
rounding the release of the 
audit qualification. The results 
were ih*Mt compared against the 
share price movements of a 
cuiitrol group, which consisted 
of companies that did not re- 
ceive an audit qualification- 

The control groups were 
built up by pairing each “ quali- 
fied' " company with a company 
with a "clean" audit report and 
winch was in the same industry 
and was of approximately the 
same sue in terms of market 
capitalisation. Jf any significant 
differences occurred between 
ihe "qualified'' group and the 
"non-quahtied" group, then this 
was ailnhuteil to the informa- 
tion content of the audit quali- 

M was found that the signifi- 
cant share price movements that 
duJ occur all appeared on the 
fir*t day aTter the release of 
the qualification. Thus there 
was no evidence of a qualified 
judiuirs' opinion being either 
leaked or anticipated by the 
dock market prior to tlie re- 
lease of the annual accounts. 

Equally the stock market 
reacted immediately to the in- 
formation contained ill a quali- 
fied report and. on average, no 
further share price revision was 
needed. Because of this, the 

ro-ulis for only one day. the day 
after ihe release of the annual 
accounts, are shown in the table. 

The table shows die percentage 
movement in share prices 
(column 1) and the percentage 
number of companies which suf- 
fered falls in their share prices 
(column 2). Columns 3 and 4 
arc equivalent to columns 1 and 
2 but relate to the “ unquali- 
fied " control group. As postu- 
lated earlier, we might expect i 
the various types of qualifica-i 
tion (o have different impacts on i 
share prices. i 

The table shows quite clearly; 
that “true and fair view," 
“ going concern '* and “ asset ; 
value" qualifications ail had sub-' 
slantiai share price falls asso-, 
ciated with them. For example, 
the share prices of “asset 
value " qualified companies fell, 
on average by 5 per cenf. This 
compares with a neutral share 
price performance of the control 
group. Tlie 5 per cent price 
decline can be fairly attributed 
to the audit qualification — this 
being the only difference be- 
tween the two croups. Column 
2 shows that over SO per ceni 
of the “asset value" qualified 
companies suffered price de- 
clines upon the release of the 
qualified audit report Clearly 
investors were u-ing the audit 
qualification to alter the values 
of these securities. 


In contrast, the other types of 
audit qualification suffered only 
very small reductions in share 
prices; these could be attributed 
partly to chance. It is interest- 
ing to note the difference hc- 
tween “ SSAP " and “ SSAP but 
concur “ qualifications — the 
results suggest thai investors do 
differentiate between these two 
types of qualified opinion and 
that auditors should always ex- 
press an opinion as to whether 
they concur with an “anti- 
SSAP " accounting treatment 
adopted by a company. 

From the results of the study 
it is suggested that audit re- 
ports should be released at an 
earlier date, and that much 
greater detail of the reason 
for the qualification should be 
given. Although there may be 
practical difficulties in imple- 
menting these suggestions, 
there are almost certainly some 
steps that could be taken im- 
mediately. especially relating to 
the expansion of the qualified 
audit report 

Dr. Michael Firth, a chartered 
accountant is lecturer in 
accountancy at Stirling Uniter, 

bow out 

NO SHRED nf doubt can remain 
about the impartiality 
staff who control the annual 
United Kingdom management 
championship. The administra- 
tors are mainly «n secondment 
from International Cmnpuicrs 
which sponsors the National 
Management ilamt* alnng with 
(he Financial Times and the 1°* 

{dilute of Chartered Accountants 
in England and Wales, m 
association with the Institute ot 
Directors and the Confederation 
of British Industry. 

So it can hardly he by the 
controllers' wi?h that. «»f the 
16 teams which on Mnnoay be- 
gan the HITS championship's 
semi-finals. noTewer than three 
come from IBM UK. And I 
gather lhat, alihmieli ii has not 
been disci os'.-ii who has been 
drawn againsi wlvnn in the four 
playing groups fur she semis. 

the administrators have 
shunned ihi? lempiairon »n si irk 
all the IBM ■ earns inti* a single 
cage m> liiiii only on** ar best 
could survive fur the £1.01® 
final in London mi July 

Another group wnh three 
teams surviving. out of 
January's initial entry of 
is ICI. One comes frmn the 
corporate laboratory in Dun- 
corn. Both the others arc from 
the subsidiary IMI Kiev Ammu- 
; nition. One of these finished 
(he quarter-finals uf the cnin- 
, puter-based contest .lust ahead 
of (he European management 
| chain piu ns, John Chappell and 
Paul Webb uf Rank Xerox, who 
have won the UK title f'T the 
pax two years. 

An oddity among the semi- 
! finalists is an evidently on^-man 
team from Lloyds Bank Inter- 
; national which, in the current 
as in the previous rounds. Ins 
been playing by air mail anrl 
telephone from Japan. Given 
another win. this team will fly 
to London for the " on-lhe->pot " 

The other surviving (cam<s 
mme from: Associated Nuclear 
[Services. Epsom: Centre-File: 
Chloride Europe; Commercial 
Union Assurance: DIG Capari- 
t a tors: Shell UK: Spillers 
Foods: the aecmmlaul* Thorn- 
I ton Baker; and Vauxhall Motors. 

Michael Dixon 

Five-star guests appreciate tlie 
el Westminster as one of the fewpla 
in Paris where time has stood still* 

BUSINESS problems 


Relations, Health and Safety and.Tr anting. It wtd appear 
quart erlywith articles, case histories, research findings, 
information on legislation, and reports plus other topical 
news. The first issue will be published later this year. 


Please enter my/our subscription for Employee Relations 
VolL^QBBS ;‘ 

NAME....... •**' 


OO mcb Publications 

■W ■ W.. ,AgnMtf.:.vv.s.aj WdcI V nrtrstiiri 

No kidding 

2 I X: 198/200 Keighly Road. Bradford, West Yorkshire, 
f I I ; England BD9 ^0 Telephone; 0214 43323/492583 

What, please, fit the age at which 
a child can become a director of 
a private company? 

Whilst there Is no prescribed 
minimum age under the Com- 
panies Acts, the legal position of 
minors (under the law of 
England and Wales) makes it 
prudent to consider carefully the 
potential consequences of 
appointing a minor to the board 
of a company. You would do 
well to study one of the standard 
works on company law in a 
public reference library, e.g. 
paragraph 20-5 of Gore-Brown on 

Companies (43rd edition, Boyle 
and Sykes i published by Jordan 
and Sons Ltd (ISBN 0 8530S 
043 7). 



. ; — F rifted: Plo>. , «»nlLlrut*.!t(iMnba»ifi.Ot!w PriC*l 

■ FI ARf.rftnr'MI $»iMPln0r> Li 

a....'.,.. F. I lru«istn«Cnekni<i,?-lMelnd*i 1 i\ [ 

- 1/ I i H i 

w— iTTr: — i 1 i 1 

,j i 

Some months ago a private 
company went into voluntary 
liquidation and duly appointed 
a liquidator who Sn the absence 
of a tax rl ea ranee certificate will 
not complete (he liquidation. The 
Revenue refuses to issue one 
on tbe grounds that one of 
the members (not a controlling 
on*) and residing abroad mux 
settle his outstanding lax affairs 
prior to the Issue or such a 
certificate. Hn\e the oilier 
members any legal means to 
compel liquidation ? 

We think that you rannot cnnipel 
the completion or the liquidation 
In the circumstances vnu out- 
line. It mav bp possible in pet 
the Revenue lo quantify its 
(maximum) claim sn as tn 
enable the release of some assess. 
But the members are hasirativ 
faced with having to persuade 
the absent member to regularise 
his affairs. If the Revenue 
do quantify their claim the 
liquidator could applv lo ’he 
Court for directions (eg as tn 
payment into court) tn en.-Me 
some payment out to be made. 

copies <*r the relevant documents. 
In practice (and l)ec:-u.-»- such a 
visit may h.i\e attendant 

disadvantages) your belter 
course is tn invite the 

Inspeci'-r lu agree >.» pay your 
reason a Site costa of olj taming the 

No lefal ret fionsit-fity con be 
accepted by Ibe Financial Times 
fc the answers gi/vn in ihsse 
columns. AH inquiries will be 

answered by post as soon as 



They appreciate that in most 
rooms, they’ll find a clock similar to the 
one below. It epitomises our traditional 
charm and elegance. The rooms 
themselves are spacious and 
classically furnished with full central 
heating and large private bathrooms. 

They also know' that whilst our 
com prehensi ve services have a quiet 
unruffled feel about them, they’re 
modem and streamlined. 

Situated right in the centre of 
Paris, on the fashionable rue de 
la Paix, the four-star Hotel 
Westminster is within easy 
walking distance of the main 
tourist sights, the major 
centres and the finest 





Lost tax 


-jNE** 5 -J: 

f.:: v .* 

>?■-. ’ i< ••'i-Afp. i 
. . Ft" ;. 5 

; ■. i 

■ ■ ■ UV.'h '* 

- ; ‘ .'fc ^ 7" 

■; .. ‘ 

•: j-'V. 

,;.-a c 

Forthe past 8 years Friends' Provident's investrneht team has 
■ achieved an outstanding performance for Friends' Provident Unit Trust, as 

showh:iii-thegraph-. : : \ / . ! '• . . . 

' ; 3 ---Qver a much tonger period, thesame expertise and know-how has . 

built up andmaihtained our. record and reputation of being a leading 
- 'wrfth^prafto^utuaA^BJPWc^. ‘ . . .. 

/Vpvvthe same wihnlng team is managing the investments tor the 
cUeritsofbur.neW Managed Pension Fund- '■ 

• ' ■■ With its choiceoffive tax-freeinvestment Tunas - Ordinary. Share, 
Fixed interest' Prpperty and Cash/ plus a Mixed Fund - a Friends' Provident 
Wlanag^FensidhFM can be tailored to: _ ' • : t _ ' 

meet the specificrequirements of your 
< PensiohScheirie. - ; , . . -- ■' v 

-l it alsdMe^y.PU^.ilexjble _ f A 

systemof admiriffiative service.: J ,-V ' , K 

if required! i f I 11 

So whether you'reJopking - 1 1 1 1 

fora Managedfund or more II Ady 

traditional arrangementsfora [i mmm 4J 

smaller scheme, contact Friends' IT -• m ^ H 7 

Provident first and see how easily ; V W # ^ M J 

. around the needs of your Pension . - 


’ ubfiKiNG, SURREY RH41QA. TELEPHONE: DORKING (0306) &055. 

Mine <s a one-man business and 
1 have been informed that my 
tax file has been mislaid. As (hr 
Inspector needs lo re-eonstruct 
the file from scratch, he has 
requested photocopies of docu- 
ments and other details Troni my 
aceonntant going bark several 
years. This is putting me to a 
lot of inconvenience which 
certainly involves accountancy 
fees for work which has already 
been done once. Can you inform 
me as to my legal position? 

We know of no clear authority, 
but suggest that you would lie 
entitled to refuse lo provide the 
copies sought so inng an you 
afforded the Inspector of Taxes 
an opportunity to attend at your 
premises to inspect and take 



As we are one ot the largest 
leasing companies, we can 
deliver many makes right 
away that you could wait 
months for elsewhere. 

who else has over j 


AH makes of cars and 1 
light commercials. j 


F-" c-c* S?vcnoar 5 K-jnL 

shops. (As a bonus, Cartiers is right 
next door). Staying anywhere jn 
Paris, you naturally expect the finest 
food and wines. Our restaurant at 
the Westminster is no exception, 
for ourquality of food is matched 
only by our service. And our centuries 
old wine cellars offer a 
superb collection of 
vintages. To become 
a five-star guest ring 
the hotel or the Rank 
Hotels Central 
4 L\ Office; 01-262 2895 
t Forourspecial, 
all-inclusive week- 
c * ends, iust ring us 
on 01-957 0088/ 9. 




■ ^ 

Hotel Westminster 

13 Rue de la Paix, Paris 75002 Tel: 01-261 5746 
Telex: 680035 Cables: Wesiniiotel, Paris 

Rank ^ I loteLs -the hotels for five-star guests. 


Looking at€ 

Modern office space can be rei'ted from as little 
as £t per square foot in Leicester — and you Ye 
at the centre of the U.K. communications 

4 4 4 Enquiries to: C,nn'>»i ) '/niih FRIC5 

BwBgrlar I ■ !>vlopm,. llt nir.cof 

7W." ' •<>; 0h33 M f J922 i/.'.rt/iW 

nr! v&r or j ‘• , nF Rim 

rr • •' fmfiirt|.„ n fujj. rr 

m -M .m 7i ■•■■■ • l*S2J S3JCJ 5 v; 




Rig tic/lteceriia 

'.'It Eil.nrj 0- ;l |., 
••■I' C‘!niio. 


. . i ■■ •£■?> "X-f ' 

r ■ • i ■ •; , i ;ii 

. .• ,s .'On 

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• ■ ir> .ij. - I'ert 2:ss.‘ 
j-.- .-.-rfiOlCiin*;* 

• r. .-o'l 
:ji. i. ;-■* 

1 x-i'-ur.t «- : 

Youll no longer waste time 
finding the problems. Flectplan 
. will show them at-a-glancc— 

and give you time to Ml vc them. 

I a:, iv a ;■ J^-wari* 1 ‘O 

■«. i‘ mj: •r-j' si'.aoc-n’j'io'- f ora 
• ‘ £7;nH c.i' rj- 

vsr.i Je pi t annum ■’ fre :‘i r s ■' e 
can l ey /cut 

Fi i’.:r f.' Co^.;.>jler Ccrvi ;« l Sm!- « d, 
^i.SCu.cnir. r-n»’i«i, 
'• . fciiri'iri^f,j,-n &li? "EA. 

■\ '■ ' T-;|' 02)-V4_. c-'-l. 

}**• ••• * 



.s June 16 for angling equipment makers. Peter Cartwright reports 


FOR A small but vital industry 
that during the war was singled 
out for protection to preserve 
its technology, fishing tackle 
makers seem to have been 
curiously indolent in defending 
themselves since against low- 
cost competition from the Far 
East. Only now is a survey 
being prepared with a view to 
lodging a formal complaint of 
dumping and it is being dis- 
covered that the industry is 
ignorant about even basic 
statistics like output, exports 
and imports, how many are em- 
ployed and so on. The full 
impact of the transition from a 
craft dominated, labour inten- 
sive industry to a market 
oriented one backed by high 
production equipment is only 
just beginning to be realised, 
perhaps just in time. 

With an estimated 3m fisher 
folk (for they are not all men: 
women and children are among 
them) angling used to be able 
to lay claim to being the big- 
gest participant sport. The 
value of the market is a matter 
of Tuwv’ork. Some projec- 
tions put it around a year, 
including exports, with tackle 
makers providing perhaps £30m- 
£40m of rods, reels, lines, keep 
nets, floats, flies and so on. 

Like most sports it is import- 
ant to catch ’em young before 
some other stimulates their 
interest. The most lively sec- 
tion of fishers are those between 
14 and 24. for after then family 
and other commitments come 
along. This year has been a 
poor one for new recruits, it 

Tackle makers complain that 
a disappointing season last year 
left a lot of shelves still full at 
the end of it. and they point to 
the competing claims among 
youngsters of the new craze of 
skateboarding and the inability 
nf many school leavers to find 
jobs. Gut this dors nor appear 
tn have had much effect in 
stopping the invasion of equip- 
ment from Japan. South Korea 
and Taiwan. Circumstances may 

even have been operating in 
their favour by causing most 
people to shop down market 
among the cheaper varieties of 

The expert anglers — the 
minority who compete in 
44 match " sport — continue to 
shop up-market They use the 
more expensive French and 
Swedish reels and top class 
British rods. Their custom is of 
great importance to British 
tackle makers because the match 
angler buys equipment through- 
out the year, whereas those in 
the mass market do not. 

The general plight of the 
industry, however, can be 
traced to its structure and to 
the technological change from 
split-cane rods made largely by 

craftsmen to largely mech- 
anically made glass fibre rods. 
Ten or so years ago. 6,000 or 
more were employed in the 
industry mainly making basic 
items like rods, rings, the lines 
th3t pass through them, and 
reels. There were a good many 
craftsmen working on their 
own or with a colleague, making 
custom built rods, and a very 
few major producers. Today 
their numbers have dwindled to 
perhaps a dozen or 15 rod 
makers of any significance, 
with Hardy Bros, at Alnwick, 
North umber land easily the 
biggest and employing in total 
200 even after recent redun- 
dancies. Not long ago there 
were four big producers of 
reels: now there is only one, an 
Edgar Sea ley factory in Corn- 
wall and. sadly, a lussmaker for 
its American parent. Gladding 
International. Market share has 
fallen from 75 per cent to 25 
per cent. Another American. 
Shakespeare, is a substantial 
maker of lines, and there is the 
Swedish Abu company on Clyde- 
side. a distributor as well as a 

Reddltch. 14 miles south west 
of Birmingham, is a traditional 
centre of fishing tackle manu- 
facture (as it is of the allied 

Ar.huti .ljiimiwl 

An angler with his tackle outside a London tackle shop. 

business of nee diemaking) and 
has felt the sharp thrust of 
technical changes and the 
developing challenge from the 
Orient the most 

This certainly seems to be 
borne out by the way in which 
imports have been moving 
ahead — from £lm in 1967 to 
£4m in 1975 and to almost twice 
that last year. On the other 
hand experts have not been 
standing still, having moved up 
from only £350,280 in 1967 to 
£1.5m in 1975 and to £2. 7m last 

But often it has been a case 
of “ If you can’t beat them, 
join them.” and because UK 
makers cannot compete with 
the prices being charged by 
South Korea and Taiwan, 
makers of reels and blanks — 
bare rods — have imported them 
from these sources and from 
Japan, cither selling them as 
completed tackle or assembling 
blanks for retailing by the 
angling shops. Even the biggest, 
like Hardy and Shakespeare, do 
this. So while cries of dumping 
are being raised, many in the 
industry are glad of the extra 
turnover this business repre- 

In the popular and lower end 
of the market it is virtually 
irnnossilve to match prices. The 
British equivalent of a Japanese 

rod priced at £4.07 (from Taiwan 
at £1.93 and from South Korea 
at £3221) is £21.50. A Japanese 
reel priced at £2.94 lone from 
Taiwan at 61p in 1976 — and 
from South Korea at £1.14} 
costs £3.50 for the equivalent 
British reel. On the other hand 
another comparison shows a 
very cheap South Korean reel 
at £1.99 as being only lip 
cheaper than the cheapest 
British, while a better fixed 
spool reel from Japan at £5.95 
ifi only £1 cheaper tiian its 
British equivalent. 

Fundamentally it is a question 
nf too many small units and 
not enough investment capital. 
The structural changes being 
made to make the industry more 
competitive are coming almost 
exclusively from the inter- 
national groupings like Glad- 
ding and Shakespeare, or manu- 
facturers who are pan of a 
more diversified group. 

What seems to have been re- 
sponsible for the outer}' Is a 
combination of slack trade and 
the opening of a new factory 
by Daiwa. of Tokyo, the largest 
tackle making group in the 
world, with several factories in 
Japan and others in South 
Korea. Taiwan and California. 
The factory is at Netherton. in 
Lanarkshire, and is a fifty-fifty 
project with Grampian Hold- 

ings. a subsidiary of which. 
Millards, has for many years 
bought nearly 10 per cent of its 
reels from Daiwa for distribu- 
tion and is also a substantial 
supplier of guide rings to the 
industry. What has deeply 
offended some other manufac- 
turers is that the venture has 
received Government aid (it is 
in an assisted area}— “ helping 
our trade enemies to set up in 
our home market," as one put 

And. indeed, Mr. Archie Mc- 
Cunn. managing director of the 
factory, makes no bones about 
the fact that he is aiming to 
get at least 6 per cent of the 
market in rods to justify the 
investment. On the other hand, 
he is quick to point out that 
the other objectives are to 
build up healthy exports to 
Europe and to make a contribu- 
tion to import substitution. The 
90 jobs already created are 90 
more in an industry that has 
been shedding labour in the 
past eight months. 

However, the British scene is 
far from being one of un- 
relieved gloom. Shakespeare, 
which went through a very bad 
patch eight or nine years ago 
and staggered on for three or 
four years until drastic re- 
organisation brought recovery, 
now employs 75, half as many 
again as 18 months ago. It Is 
also moving into a brand new 
factory on the Redditch indus- 
trial estate where £50.000 worth 
of the most modern equipment 
has been installed. And Hardy 
is maintaining its 45-50 per cent 
export achievement, far higher 
than most, and has Japan among 
its top three markets. 

These are the kind of per- 
formances others in the industry 
will need to emulate, for inter- 
national fishing competitions 
are bringing greater apprecia 
don of the advantages of the 
other fellow’s tackle and break- 
ing down the insularity of 
national industries by creating 
more unified designs. 

The real test ofa 

good scotch. 

Is to taste it, not knowing which brand 
it is, mixed 50-50 with water. 

And then compare it with some others, 
similarly unidentified. 

Recently eight experienced whisky 
drinkers were invited by Decanter Magazine* 
to a "blind tasting" of six well regarded 
blended whiskies and six highly priced 
deluxe blends. 

Five of the eight people drought 

^ Teadiers was a 
#;de luxe blend, 

Ldiers contains 

‘aril&ceptionally high 
proportion of expensive malt 
whiskies including The 
Glendronacft to give it its 
distinctive smooth taste 

So its not surprising that 
Teachers is Britain's favourite 

\ As one enthusiast 
remarked,“there's more 
to be said for a bottle of 
Teachers than a case of 
ordinary scotch". 


"Decanter Magazine February 1978. tNOP Jan.1978. 

'• V- 

; . . ■ 


' riiairrtaft, aiVWas The'’ - • . 

The following 

Directors report. The Shareholders’ General Meeting was ,• , \ 

■wars The. 'major problem, m- thistS^or- 

£ ' MM JSHW.-V. 

- Worldwide imreachwi .a dechmn.g *h« : 2; : 

ib the advantage-Of^er^exiMe^^Dg..,,;- . 

films, which iv?. also; Reduce.. ^ThWjMn^ , : 
tlon from " 

more rapid than we - 

adversely affect .the-' result* of_tbe,^£GtDr 

The re-organization made^Sst year, in.tif&y - .• 
Phpmiral Sector - has "begun- -to .bc&r 
Although: Ibe r 

yet been achieved, the. activities-, bf .the- 
Sector this .year ’wifi, _m : : the:ppi£u amoTvthfr v. 
Board, lead- to results more ^.enctmra^ig : 
than last;year.:.”" ■' • 

Several other measures jm>e - already; 
been taken or .will' be . taken in .w^.cqutse .: 

of the year,. Their objective t-a sfiatp^-^ 
reduction in general overhead-costs- at. all... 
levels -anff-.a- re-o rg&ni TatUrtW Ot-.raose pnh^. 
Auction centres m ost effected - by tsiSi 
They - cover not . : oqly..4ha 
currently', making • • 

pharmaceutical Sector, which ismaking^a. - 
profit, but where profits cap and puwt.. ho 
improved. - • . • ^ : v>’:~ 1 ?-> 

Thanks to the precautions ■ prevjpus^^ v, 
taken; the financial structure 
remains perfectly, soun d ■.and gives US; : toe, j- 
. necessary , base" for to&.reroveYyf'-wniGu.^?®.-' 

.. are- determined to achieve, 

The hopes, which ydscr Board had at the ■ 
aatne time last year,.; that- the- situation 
would progressively improve,, have unfor- . 
tunately not been fulfifledr' The-econoniiC 
situation again deteriorated ih arpty during . 
the second quarter of-. 19771'' Our Film 
Sector achieved a modest-increase in sales, 
but oar -Chemical Sector suffered the 
opposite. Both of them 1 ended £he year 
with a loss, as thedr. level of activity was 
too reduced for them to be -able to absorb 
the inevitable rises in costs-, of every kind. 

May I remind you that- these costs are 
particularly heavy 4n Belgium, which is 
the centre of our organizitKm, and are a 
apodal handicap for a groop; so dependent 
on exporting. . ] i ;'" 

Despite the profits made by the Pharma- 
ceutical Sector, the year 1977 finished with 
a loss of 397 million Belgian' francs for 
the Group and 67.8 minion for the parent 
company, UCB sji-. For toe first time since 
the merger of 1961, UCB' feels. obliged not 
to pay a dividend, /.- v. J 

The appropriate measures were speedily 
and energetically, taken list summer as 
soon as the magnitude of the recession and 
the continuance of its' unfavourable effects, 
on the Group were clearly seen. 

In the Film Sector.,, these ,'haVe led to 
reductions in numbers, employed which, 
though they have worsened toe results for 
1977, will Improve those' erf subsequent- 


Ih .mQlibo BF/£ 

Group net sales 

Cash flow 

Profit/loss after tax ... 
Investments during the ' 


BF £ 

15.306 191 J 

. 934 11.7 

—270 —3-4 

1977 V 



BF ■ 

x ■ 

BF - :. 

16JS94 • 




888 ‘ 

14.6 ' 

s '494 

- 7 J9 

184: - 




; .813. ;j£ - 

\ 129 

In BF and £ sterilngper UCB share' y 

Share of UCB in: 

Cash flow 

Pr o&t/loss after tax 

Dividend: gross 






. BF - .. 




—232 —2S 








£ ; 







—>5.3: ^ 

Cash flow includes: — 

— Depredation taken In the profit and loss account. Depredation on re^arch". 

expenditure amounting to 230 million francs in 1976 and 217 million francs m 
1977 has, however, hot been taken into account ■ '■ _ _ .- "... 

_ investment grants received to the extent that they are not included in the profit 
and loss account . . 

— Movements in provision for risks and losses in value taken in the profit and. loss, 

account. • J. v 

— Proflt/loss after tax. " • . ■ ... 

Rate of exchange used: — 1975 £1=BF80.02 . t ._ _■ - • 1 ’’ 

.... 1976 £1 = BF61.02 . - • • •- . 

• . 1977 £1 = BF62.S9 . . 

Copies of the 1977 Annual Report ( in English. Frendi or Dutqhj. cim be • I' 

obtained on request from: 

UCB sjl. Public Relations Dfrartment, Cbaussde de Charleroi, 4 .. 

B.1060 BRUSSELS— BELGIUM. TEL; (0101 322 537 12 20. TELEX:'21^S0. ; ; \ ~ 


. ; ■=: 


' Ml 

To the Holders of ■ 

Phillips Petroleuin International 
Investment Company - v 

6% Guaranteed Sinking Fund Debentures Due 1981 
Due January 15, 1981 

.NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as-of 
January 15, 1966 under which the above-described Debentures were issued, Morgan Guaranty Trust 
Company of New York, as Trustee, has selected for redemption on July' 15, 1978, .through operation 
of the Sinking Fund, at the principal amount thereof, together with accrued interest to qaid date, 

4 £98,000 principal amount of the above described Debentures. The serial numbers of said. Debentures, 
so selected are as follows; 


1C 103 3014 3687 5376 6946 7904 9756 UM0 13934 15161 1E488 17216 19008 20233 

118 2036 3697 5383 6934 7969 9613 11854 13963 15329 16302 17219 19013 30246 

150 2038 3706 5409 7013 7995 9830 11863 13994 15230 16503 17336 19018 30365 

173 2122 3717 5414 7103 7998 9848 11956 13998 15268 16528 17227 19146 20266 

192 2123 3772 5427 7131 7999 9843 11958 14001 16314 16533 17245 19151 20269 

369 2252 3784 5428 7133 8091 9871 11961 14020 15331 16S34 17261 19155 20281 

388 2281 3843 5443 7134 8093 10016 11978 14046 15419 16537 17261 19156 20310 

422 3292 3S55 5454 7146 6312 10064 11983 14056 15442 16539 17331 19160 30312 

584 2307 3889 5524 7150 8319 10036 11984 14063 15443 16579 17373 19165 20382 

585 3404 3903 5759 7167 8258 10061 12006 14069 15467 16589 173S1 19167 20384 

586 2422 3915 5783 7225 8266 10085 12022 14083 16503 16592 17388 19199 

598 2555 3917 5784 7302 8287 10093 12030 14087 15613 16595 17404 19201 

604 2556 3918 6786 7333 8364 10095 12035 14091 15623 16604 17505 19211 

605 2SS8 3965 5856 7334 8538 10039 12049 14120 15703 16638 17609 19234 

614 2607 3995 5871 7376 8549. 10113. 12146 14154 15728 16659 17816 19313 

615 2608 4011 5878 7392 8554 10124 12156 14190 15772 16665 17534 19213 

634 2614 4038 5883 7398 8557 10345 12217 14198 15773 16682 17619 19335 

649 2632 4107 6024 7399 8612 10384 12220 14212 15786 16686 17774 19341 

657 2638 4109 6032 7434 8619 10394 12265 14315 15935 16689 17776 19343 

677 2656 4157 6048 7443 8759 10424 12270 14243 15938 16696 17795 19345 

681 2682 4161 8103 7460 8810 10485 12305 14319 15997 16740 17830 19416 

72S 2741 4214 6104 7481 8815 10502 12312 14352 16044 16784 17880 19421 

728 2799 4215 6138 7497 8875 10509 12324 14368 16058 16807 17910 19439 

'739 2801 4399 6188 7501 8884 10510 12419 14377 16062 16809 17922 19483 

764 2857 4401 6234 7509 8920 10652 12421 14386 16077 16875 18082 19486 

787 2861 4414 6236 7513 8927 10726 12448 14394 16078 16887 18087 19523 

791 2864 4557 6347 7537 8930 10747 12637 14395 16093 16912 18088 19534 

792 2870 4596 6414 7640 8977 10749 12655 14397 16131 16917 18101 19563 20640 

807 2931 4614 6422 7544 9047 10752 12659 14399 1G13S 1G936 18102 13565 20643 

813 3000 4616 6463 7546 9071 10786 12791 14400 16171 16942 18289 19726 30669 

849 3009 4626 6473 7549 9138 10796 12792 14408 16174 16946 18294 19729 20673 

867 3019 4675 6511 7581 9237 10811 12857 14410 16180 16947 18367 19751 20728 

891 3024 4750 6552 7694 9238 10959 12873 14411 16181 169S8 18371 19757 20732 

916 3093 4789 6554 7607 9242 10989 12886 14428 16183 16992 18374 19769 20734 

973 3100 4807 6561 TGI 9 9301 11043 12937 14518 16187 1 7005 18463 19781 20743 

975 3104 4823 6567 7630 9305 11130 12979 14562 16188 17003 18470 19789 28787 

1049 3106 4825 6569 7635 9311 11132 12992 14667 16236 17046 18494 19800 20782 

1087 3110 4907 6573 7644 9331 11133 12993 14673 16259 17054 18503 19803 20790 

1083 3122 4931 6577 7646 9334 111 SI 13037 14678 16266 17063 18509 19805 20817 

1093 3177 4935 6597 7650 9338 11152 13352 14680 1S268 17077 1BS32 19807 20820 

1162 3181 5077 6614 7653 9349 11170 133E3 14692 16271 17086 18534 19820 20825 

U87 3182 5130 6625 7672 9361 11178 13393 14693 16279 17097 18556 19887 20829 

1194 3183 5141 6632 7690 9373 11184 13395 14895 16280 171X3 185S4 19949 20878 

1199 3229 6159 6670 7693 9412 11186 13470 14758 16224 17129 18507 19972 

1300 3232 5160 6679 770 3 9453 11279 13480 14759 16290 17143 18588 19974 

1402 3245 5169 6682 7750 9470 11282 13488 14761 16306 17147 18591' 200Q7 

1411 3259 5179 6684 7769 9383 11316 13559 14794 16349 17148 18683 20008 

1455 3267 5210 6685 7799 9590 11356 13621 14841 16412 17165 18694 20017 

1456 3429 5248 6694 7801 9594 11360 13623 15007 16414 17158 18699 20027 

1482 3436 5273 6722 7810 9716 11363 13637 13071 16425 17181 18802 20041 

3834 3668 5286 6842 7840 9735 UST5 136E0 15101 1S436 17186 18867 20044 

1993 3689 6297 6843 7847 9741 11564 13653 15102 16434 17190 18998 20110 21141 22495 33809 

1997 3673 5340 6850 7887 8746 11796 13920 15143 16442 17201 19005 20229 21X57 22630 239X4 








21172 22602 
21190 22843 
21199 22693 
21204 22730 
21206 22747 
21217 33795 
£1244 22371 
21292 22775 
21310 22783 
21406 22800 
21410 Z2S37 
21434 22847 
21437 22857 
21442 22887 
21511 22915 
21913 22926 
21515 23009 
21517 23016 
21569 23020 
21591 23051 
31802 23067 

21627 23117 

21628 23X43 
21122 23162 
21730 23193 
21894 23334 
21903 23336 
21909 23433 
21928 23434 
21945 23555 
21957 23711 
21963 23712 
22987 23716 
22015 23726 
22022 23729 
22118 23733 
22153 23782 
22201 23794 
22206 =37961 














22341 23836 
22361 23850 
22364 23866 
22380 23879 






22412 23895 24987 




On July 15, 1978. the Debentures designated above will become due and payable in such com 
or currency of the United States of America as at the rime of payment is legal tender for the payment 
of public and private debts. Said Debentures will be paid, upon presentation and surrender thereof 
with all coupons appertaining thereto maturing after the redemption date, at the option of die holder 
dither (a) at the corporate trust office of Morgan Guaranty Trust Company of New York, 
15 Broad Street, New York, New York 10015, or (b), subject to any laws or regulations applicable 
thereto in the country of any such offices, at the mam offices of Morgan Guaranty Trust Company of 
New York in Brussels, Frankfurt am Main, London or Paris, or Banca Couimorciale Italians in Milan 
or Bank Mees & Hope N V in Amsterdam or Bancftte Internationale a Luxembourg SJL- in Luxembourg. 
Coupons due July 15, 1978 shonid be detached and collected in the usual manner.. Payments at the 
offices referred to in (b) above will be made by check drawn on a bank in The City of ‘New York or 
by transfer to a dollar account maintained by the payee with a bank in such Gty. 

On and after July 15, 1978 interest shall cease to accrue an the Debentures herein- designated 
for redemption. 

Phillips Petroleum International Investment Company 

Dated: Jnne 14,1978 

The following 

presented for 

If 524 4789 
989 4824 
1918 4841 
2S87 4843 
2619 4844 
3056 6062 
4136 5345 
4688 5347 









Debentures previously called for redemption have not as yet been 


79SB 9856 1390B 14089 160T4 16186 16277 17080 17160 17200 19752 20419 20463 24S3S 
7966 10393 13990 14244 16075 16198 16373 17082 17161 17282 30811 20421 20465 

8295 10473 14010 14337 16082 16200 26413 27083 17163 17309 20012 30429 720471 

MOT 11®S 14043 15272 16141 18202 17050 17121 17173 17310- 20015 20432 20472 

8859 11893 14075 18035 16146 16205 17061 17126 17176 18474 20268 20434 20475 

9073 12112 14081 16047 16158 16234 17070 17130 17180 18668 20407 20441 20644 - 

9910 12980 14082 16061 16177 16225 17072 17157 17164 19602 20412 20463 21431 

9818 13474 14034 16073 16176 16228 17078 17169 17196 19610 20416 2Q460- 23894 . 


Financial Times Wednesday June 14 1978 


Wednesday, June .14 1978 

Oil glut 
only a 

By Ray Dafter 




Aid to industry and commerce worth £25m was announced by the Government yesterday to encourag 
conservation and the efficient use of energy. It comes at a time when it is vital that the temporary surplus 
crude oil does not disguise the potential problems surrounding future energy supplies. 

ing director, Christopher Laid- 
law recently ■warned that the 
potential problems of world 
energy supplies were being 
“dangerously disguised" by the 
general surplus of crude oil. 
The so-called giut of oil supplies 
bad been induced by the con- 
tinuing economic recession and 
yet even now, consumers were 
using oil at a faster rate than 
the level of new discoveries. 
The “hath" of proven aft re-, 
serves was slowly draining even 
though the taps were running, 
he .said;- 

- The warding might well have 
been applied to Britain’s energy 
position. For there is a real 
danger that consumers— pre- 
sented with abundant supplies 
of home-produced oil, gas, coal 
and electricity— may be lulled 
into a false sense of security. 

. Woree still is the prospect of 
British industry emerging from 
a comparatively short period of 
energy self-sufficiency in a . com- 

petitively weaker state than in 1 
recent years. Most of the other d 
industrial nations dependent on a 
large fuel imports will be forced c 
(and helped to- adopt more effi- l 
cient, energy-saving measures as z 
costs inevitably rise. Their trade j 
balance constraints will encour- t 
age such moves. s 

Although Britain will have 
substantial balance of payments i 
relief from its self-sufficiency 
state, its energy consumers will 

not be shielded from - rising 
prices. Oil prices are largely 
dictated by the main suppliers 
of free market crude, the 
Organisation of Petroleum 
Exporting Countries. North Sea 
oil and gas prices, and to a large 
extent the costs of coal and 
electricity, will continue to be 

■ influenced by OPEC's actions. 

■ And those actions, according to 
‘ the latest Department of Energy 
l forecasts, could lead to at least 
\ a doubling in oil prices in real 
s terms by the end of the century. 

* -in view of the large -potential 
» oil producing capacity that has 
‘ still to be absorbed .-it -.seems 

* unlikely that there will be any 
5 major movement in crude prices 
1 over the next couple of years. 

1 OPEC may achieve a- modest 

■ price rise in the next 12 months 
0 bv trimming its production 
!. levels. But its bargaining 
power will remain weakened so 
e long as the economic recession 
y continues. After all," world oil 
tl demand has not yet recovered 
i- to 1973 levels. ; 

•s paradoxically, the high-cost 
‘1 development of North'; Sea 
d crude, which owes so ?nhch to 
y- the big increases in oil-prices 
jf in 1973-74. is now a contributory 
m factor to the softeningjrgnde 
ft oil costs. ’The UK sector «The 
a- North Sea is now yielding about 

lm barrels a day — half way to 
domestic self-sufficiency. In 18 
months' to two years’ time the 
output should be around 2m 
barrels a day. The North Sea 
and other non-OPEC areas like 
Alaska and Mexico are already 
adding around 8m b/d to world 

British Gas Corporation is 
now getting virtually all the 
supplies it needs from the 
Xorih Sea. Indeed, the develop- 
ment of the Anglo-Norwegian 
Frigg Field by a Franco/ 
Norwegian consortium of com- 
panies is now providing the 
Corporation with an oppor- 
tunity to extend its range of 
customers in the domestic and 
premium industrial and com- 
mercial markets. This competi- 
tion is also putting pressure on 
the supplies, and price, of oil 


Gas prices, which in the 
industrial and commercial 
sectors are likely to rise in line 
with oil prices, have been 
repeatedly challenged as being 
loo low by the electricity and 
coal industries. So far Mr 
Anthony Wedgwood Benn, 
Energy Secretary, has refused 
to impose a requested " gas 
tax" although he has conceded 
that fuel pricing policies arc 
among the most difficult 
problems that have been 
tackled by his advisory Energy 

Sir Francis Tombs, chairman 
of the Electricity Council, 
pointed out to the Energy 
Commission earlier this month 
that the electricity indu^trjr was 

also facing increasing competi- 

tion from British Gas u 
marketers. However, there were w 
good reasons for believing that t< 
in The longer term price move- e 
mentis would be favourable to n 
electricity. t 

The National Coal Board, in a 
another submission to the Com- a 
mission, emphasised that the a 
major market for coal continued t 
to be power stations. Notwith- 1 
standing the increasing nuclear c 
contribution to elcclricity gener- $ 
alion the Coal Board's plans for * 
the next five years provided for < 
sales to power 'stations to in- 
crease from some 77m tonnes . 
in ■ the past financial year to j 
over 80m tonnes. It was recog- 
nised. however, that the main- 
tenance of such a market would I 
be heavily influenced by coal's \ 
competitive position relative to ! 
oil. (The NCB is assuming that 
oil prices will broadly be main- 
tained- in real terms over the 
next five years.) 

Cambridge Information and 
Research Services, in its latest 

* Energy for Industry and Com- 
l mercc report, states that indus- 
1 trial consumers can expect re- 
i newed efforts from Coal Board 
l salesmen in their attempts to 
l win back business previously 
r lost to oil as the time arises 
, for plant replacement 

* Coal had lost about 80 per 
? cent of its industrial market in 
1 the past 25 years and today the 
l industrial sector accounts for 
} only 9m tonnes a year of sales. 
v •• It remains to be seen whether 
7 ' new techniques such as fluidised 

bed combustion and innproye- 
I ments in mechanical handling 
’ pioneered by the Coal Board 
h can assist in winning back this 
^ -lost ground." the report adds. 
i_- There can be little doubt that 

in the long run the coal industry 
wrill have, an even more impor- 
tant ro*e to play in meeting 
energy demand. Increased 
nuclear-based electricity produc- 
tion and the development of 
alternative or renewable forms 
of energy will also be required 
once UK oil production begins 
to decline in lhe 1990s. or at 
least around the turn of the 
century. But jus-t as important 
as these dcvelupment pro- 
grammes will be the need for 
energy conservation. 


Sir Derek Ezra, chairman of 
the National Coal Board, spelled 
out the importance cf energy- 
saving last December: “ Failure 
to lake vigorous slops to ensure 
improved efficiency or energy- 
use in the years ahead, enabling 
the UK to achieve economic 
growth, with a lower growth in 
energy* consumption . might 
result ii» the longer term in the 
nation being forced to accept a 
reduction in the rate of eco- 
nomic growth.” British industry 
might also be left less competi- 
tive against overseas manufac- 
turers which had already taken 
conservation measures. 

The Energy Commission, in its 
discussions, have reckoned on 
UK energy consumption by the 

end of the century being some 
20 per cent below what It other- 
wise might have been without 
conservation effort. The lack of 
such a programme could add the 
equivalent of some Sfira tonnes 
of coal to Britain’s energy 
needs in the year 2000. Put 
another way. if that savins could 
be achieved overnight British 
: industrial and commercial users 

of energy could wipe over a 
£1.2bn off their annual fuel T 
bills. f ] 

Last year industry and com- £ 
merce spent £5.8 bn on energy as ~ 
against £5.02bn in 1976. . The b 
iron and steel industries 
accounted for about £lbn worth j: 
of the 1977 total. It is estimated i 
that there could be a IQ per n 
cent rise in the amount spent 7 
by industry and commerce this t 
year. * 

Bui that bill could have been s 
significantly higher but for the 
conservation measures taken so , 
far. It is indicative of the way ] 
that major fuel users are now ( 
beginning to view the efficient , 
use or energy and are seeking , 
ways of cutting out waste that , 
between 2.000 and 3.000 energy , 
managers have been appointed ; 
tor a I least designated! by UK 
companies. No less than 40 
energy managers' groups have 
been set up around the country. 

Any attempt to quantify 
their overall success to date is 
frustrated by numerous factors. 
No-one is quite sure how much 
lhe economic recession and 
, normal plant modernisation and 
replacement programmes have 
contributed, in an incidental 
manner, to past energy savings. 

1 But a reasonable guess would 
put the conservation achieve- 
’ nient since 1973 at over 5 per 
[ cent. 

i A preliminary analysis of ln- 
1 formation gathered through the 
t Department of Industry's Indus- 
f trial Energy Thrift Scheme 
j suggested that annual energy 
s savings which were open to 
y industry through the application 
t of short-term measures involv- 
j uig existing technology were the 
h equivalent to some 5.5ra. tonnes 
s of oil a year corresponding to 

an annual cost saving of £3t0m. V 
The capital investment required £ 
for such a saving, according to s 
the Department, would be about v 
£5 60m. giving an average pay- v 
back period of II years. E 

The survey was . basejl on * 
information gained from 700. of 
the 2.200 visited under the I 
Thrift Scheme in 197Q-77. The s 
700 indicated that they had \ 
undertaken projects that would \ 
result in £3.5m. worth of annual « 
savings. 1 

The scheme which, among i 
other aims, attempts to pro- 1 
mote the more efficient use of 
energy in manufacturing in- , 
dustry, is one of a number of | 
projects set up by the Govern- . 
ment. the fuel industries and 
private organisations in an 
attempt to stimulate conser ; 

1 The Government is now co- 
1 ordinating its own efforts 
1 through an inter-departmental 
’ committee responsible to a 
i ministerial committee ' under 
■ Mr. John Cunningham, Farlia- 
i ment arv Under Secretary for 
1 Energy’" The Energy Depart- 
1 ment. which operates its own 
? Energy Audits scheme, still 
1 acts as the lead department in 
i. the Government’s conservation 
3 drive. 

!- And there are signs that this 
r state initiative is taking on a 
new form. Up until the end of 
i- last year it seemed that Go vern- 
e ment was content to guide and 
advise fuel users but leave 
? them to take their own invest- 
y ment decision-?. In essence, the 
rj Government was saying that 
n economic benefits of conser- 
v . vation measures provided suffi- 
ie cient incentive for capital 
is projects. 

to Then on December IB, Mr. 

Wedgwood Benn launched a 
£320 m. programme which, he 
said, could lead to savings 
worth about £700m.-a-year 
within a decade. That Govern- 
ment investment was concen- 
trated in the public sector. 

In March, Chancellor Denis 
Healey announced in his Budget 
speech that the Government 
was extending its aid to conser- 
vation measures in th- private 
sector. The following day the 
Prime Minister unveiled a 
£240m. package of support for 
home insulation D.'oje*‘is. 

Since then the Departments 
of Industry and Energy haie 
been working on ways of push- 
ing along energy “save-it’ 
projects in industry and com- 

The results of part of this 
work were revealed yesterday 
with the announcement that the 
Government is making avail- 
able up to £25m over the next 
two vears to encourage more 
efficient use of energy in 
industry and commerce. 

The scheme is available to 
companies throughout the UK 
1 wishing to improve their heat- 
1 ina plant or the insulation of 
1 their premises. Grants of up to 
1 25 per cent will be available for 
work aimed at replacing or 
> moderinising boiler plant, and 
i insulating systems and at 
f installing or improving com- 
- bined heat an d power systems. 

1 These aid schemes may be 
i recognition that in the current 
:- economic climate energy users 
e may not be in a position to 
t carry out all of the conscrva- 
•- tion measures that are desirable, 
i- It might also suggest that 
d energy saving is still not 

receiving the degree of atten- 
r. tion it deserves. 


. .. “ 17--1 



iir.i y> 


Av -m. 



S^^ontop^mentsaBdcost savings 

researched technological resources behindjuni 
g^^^^^rersed iirthe production processes 

they axevsbi& i ' y 

So, who is he? He's the Industrial Sales 
Engineer at your Electricity Board. Trained to 
nive your enterprise all the help it needs in using 
electricity to the best advantage - and that 
means making wise use of our national energy 
resources and a profitable contribution to your 

Electricity isn't the answer to all of 


The Electricity Council, England and Wales. 

industry's problems but more and more 
manufacturers are finding that having their 
Electricity Industrial Sales Engineer working 
alongside' them is making a big difference to 

their futures. ... _ 

Getting to know your Electricity Board s 

Industrial Sales Engineer is one of the best ways 
of investing an hour of your time. 

ty 211 2 211 


Financial Tfines 

: • y' ~ -f- ^ Aliy /■.' -A 



versus gas 

r.' i ' ' I 

THE COAL and electricity in- panies with a good deal ot quarters and just £3.40 
d us tries are continuing to press refinery nver-capactty, particu- more jhan io the fourth ( 
for the imposition of some form larlv in ^ estern Europe, for of 1976. 
of gas tax to bring the prices of instance. In the event companies Taking the average p 

°8s supplies more in line with have taken steps to reduce over various fuels delivered 
Those of other energy resources. 80m tonnes a year of refining industrial customers. 

Sir Francis Tombs, chairman of capacity in the European of heavy fuel oil is seen to have 19S1 when it will add nt least difficult than it might have oeen, gas a ire^i, premium sector mOjce expensive;^ , ' 7 . 

th* Electricity Council, again Economic Community over the risen by 43 per cent in the three a further 500m cubic feet to marketing achievements are on eu&amttfodimneM £**[ u^Sd^conce&ahiy' step up gafi. Jndustriai A . " * ‘ 

made the point at a meeting, past 12 months or so, and still years from the beginning of UK resources. target But there is still a good rontraett " c 

earlier this month, of the there is about 35 per rent too 1975 to the end of 1977. In the Then there is the prospect of JV to >go. to ttj !P»t Se a v^T^lto ?ft5 : ^ 

Energy Commission — a body set much pumaiy distillation same period, gas oh prices rose new bei received the state updertatanghassold the ^average of •.SSJrSIt^Stot thcUPtoS rt&pusfcfegt 7 - " 

up to advise the Government capacity. by 49 per cent. But these in- from other fields in the central betW6en 800x11 to . lbn *“ 2«lt £SSj?. toSsatefc-But British sivc V 

on energy policies. Agaiot this background creases fell far short of the SSJS^StS 3 the 0 "FESS £&£ STSoSiS* S £& K £g pri**-. : ^ ' . • * 

The Government, he claimed OPEC, the arbiter of world rising trend m the other fuel North S ea. Gas produced in according to tang, fta Jab IB* ForBnt^-^?M#i 

in a paper submitted to the Com- crude oil prices, is becoming sectors, electricity prices rose 55 association with oil in the T qo^° a B That lower figure illustrates Corporation is renegotiating its^' the pn£e pf.^s- in9^^i^.^^_ 1 v . 

mission, had favoured the gas increasingly restless about per cent, coal prices rose il per Piner and Tartnn finl ,, s w m 1982. _ :J _ uS® #m*Ta* imnoUes contracts' to-the SdU^M ! 

i. is becoming sectors: electricity prices rose 55 association %1th * u in the Wioadnng those figures oy iream. . cSSSSm & iene®Ottotin* 

mission, had favoured the gas increa-ingly restless about per cent, coal prices rose /I per pi per and Tartan fields will 1 Undoubtedly this will provide the fact that many long-term owucontracts for gas supplies contracts' tp-,. It® . 

industry.- British Gas had esclu- the' combined effect of the world cent and gas price: s by a massive eventually be sent ashore via oil sector in particular with Contracts bad still to be rcmego-ifroin many of the .southern oil 

five access to North Sea gas and recession and oil glut on Us f'' Pft cent- a leap which the Frigg gas Une wh!le fields *“ LoV dS more remretition tirtedrt S ftiel mS Nor* Seal fields which, among UK; majors, ■ . 

this enabled the Corporation to own earning power. It is a indicates that even without a t0 j), e north-east of the Shet- 

rcniieapjDr^n^^m.. uii pnc« iuum rise. me ways of coUec ting relatively The premium market is seen 100 per cent • sector of tne wortnae*. « 

a I to sot ne r accepted by Hr. questions facing the oil The figures are merely a pQC kets of gas from other to encompass industrial and Indeed the increases .have return the undertaking has gas- tax quwt3omafiei.- r . 

Anthony Wedgwood Benn. industry, whole nations and guide; prices vary widely fie i ds . At one ^se it seemed commercial customers who need prompted a number of com- agreed to increase the price it - T- Riv.^ TWfoi. • 

energy Secretary — may be fuel buyers alike are when, around the averages and the m at a major £5bn gather . a Wgh fuel which un be panies. which had been recexv- is willing to pay for gas from y i; ****; .fffW-' ■ 

coming irora tlie coal and elec- and by how much? There statistics can be quite drama- j nCT pipeline network mi^ht be ••••,- '- V ■ 

Tricity industries, but there is have been many warnings in ticaily influenced by the b^jf but recent studie/ have " " ' 

another major energy industry recent months that we are renegotiation of a major con- suggested there is currently , ^ ^ ^ ?' ■ 

which would undoubtedly jiving in soraetting of a fool's tract Even so. they do show insufficient reserves to justify n y~V • ' A A-dz 

benent if a gas tax was to be paradise: that by the early or that oil product pnees have sllch „ investment (Tin* posi- f O I Tl C ■ f 1 ' llr 1 - . ; -d- - 

imposed: the oil sector. mid-1980s industrial nations been lagging, and the trend has ^ might change if oil % ,1 I ft I ' I I I | L ^ I, If. 

could again be relying on continued this year. In some companies make some impoi^ w ‘ - -■-.-'V: T %r??. 

OPEC to substantially increase cases prices have been falling. tant new diimvpripc or if - . . ;. 3 . 

•craSEllOiar output. The ball would be back (Petrol is now said to be ts fJo^Tn proSSSS a-ree to - - ’ ■" "" " a v /• '.•> ISP. rfs', : 

The glamour of North Sea in the exporters’ court. Many cheap in real terms as it was in s h ar e the UK facilities ). . ' - • - • ^ ... \ 0 

expioraiion and production has fear that they could use this 1073). s alternative meth of “as 4** I JT~ 1 I T 

tended to disguise the problems regained strength to impose Mr. John Greenborough, * d i lto!i ■ lx Il WP I I ill I X I \/ 

nif rnmnnniec aro now farinp very large increases in a bid to mananins director and denutv collection are being evaluated. I IX X J I 8 j I 111 l^8_C» 1 V - ' . ' _ 

Coal needs to 

oil companies are now facing v ery large 



ins 1 

Turners wel (Mme ‘ security; out- double in real terms over the reported ‘flirt ‘fierce compel- whi^h®’ SuTd tiien^be rTIS a measure of the dramatic- Gas is. of couree, even cheaper . its own is tie prospects which mil have to produce: 

Tii,* fr'.m tho I1W cortnr le nnw DeXt 20 VearS, hnn liv rftmnamps cepkincr to cieLU iviiy wiuui CUUIO Uifii uc . “ “ . .. .... i «.k a anil +Vw» ITIWn tftnnac • ‘mtr.wliiph 

put from the UK sector is now next 20 years. - tion by companies seeking to ™ Tncreas^ i^rtanre i than oS! BuTIt ta. 'an rte predTcteTfoV it « the end the 170m tonhes a yearly ;• - 

running at about lm barrels a How soon, and how fiercely maint ain market shares re- ^ {■■ asbore ^ u Sh sUDSea ^ ti a U “Suid^b^k m even ^ Sorter luTqi£(1&S of tto centurr- if they lake the is 

day — rouahly half domestic the price rises- will be. applied SU ited in a serious erosion of cab ^' ' M ’ u ^S ll i frjT r ISS in its^ase there tea e^r Siane they might, then there and then some. H- hag -Beeh :. .- r -- 4 T - - * - ■ 

consumption levels. By 1980 will again largely depend on the proceeds. The U.K. group's . The^proW«n_ facing the oil smously as jw eoer^ likel ^ 0 ^ ' 0 f substail ^™J Slflndeed be a revolution ; calculated that the bi«rom<oai; .. 

the North Sea production will 51316 °f economies, the pace annual report for 1977. when industry. Government and Bn- source for industry. Th® rtisrnvpripc in the -North Sea. Towards the end of -last market could take iaronmTSOm -t i 
make Britain one of the few with which non-OPEC oil it mad e a loss of £11.3m. on its tish Gas is to find a solution Rouble is-eo the National Cort ^XSSa^ethe Srtur^ monto tiie Govt?nmem an- • “f- ' : 

industrial nations totally self- sources are exploited and the operations, states that this which does not lead to a glut of Board would argue it ts not anfl tho orgnpg that Tq nrt h Tinunced that it would fund most So' the industry -must ' expand'' v --. 

suhicicut in oil (and. for that degree of energy conservation competition “held product sell- supplies m a relatively short yet being taken senously gd the argxeB that No^ J un a va t0 n ow-«ince lead^ Wes ‘fofSjv 7 " " ' ... 

matter, energy in generali measures applied by Govern- in? pri ces dowm below costs.” period. If this happens the Cor- enough. i hasted before ftemd off tte achieve the subStution of new- collieries, are .-tafetttaMs 

although oil refiners will con- ments and major consumers. There is plenty- of evidence poration could be forced into First, the good news. The oil oeiore me euu ui me d fue[ for natura j ^t;n„ a ny — in order ^to' t» . -Y-' 

tinue to import a proportion of The Department of Energy's t 0 suggest that it is not only setting gas too cheaply, to price rises of 1973-74 found a ' eac and oil by the end- of the prepared for the rush. ' A 

tion of Petroleum Exporting at £56.40 a ton.lower than in Corporation will have much North Sea gas will last well into «j^ e «. pj^ £oi . agreed ^ s^ort, it seems that the NCB 

Countries at a time of sluggish the previous two quarters and more North Sea gas to sett in the next century but. at the between government, unions and is bein 2 Presented with an em- 

economic growth worldwide, barely 2 per cent, higher than in the future. Indeed, its sup- same time, it must be careful N q b yj 1974 changed all chat barrassment. of riches, a a the, V/pilIIilSyUL' 

CoRseqiivntly the oil industry the last three months of 1973 plies could increase by 50 per in conveying the message that Greatly investment miDers > inspired by the produo- introdupirie this nnekfli 

bed composite gasification,' or indeed, oU from cotd tend; gamfi- .' ,7 ^: 
gas from coal: and super* cation, to say nothtog of ; tiie ■„ 7. 
-critical gas-sol vent extraction, even 7more esoteric, schema J- • 
or chemical feedstock from coaL only becomes .. feasible wh&f ’ '.7' 

. M m * costs for.; oiir pres^ con^. : v '.‘ 

' modities : like oil and -gai: gi> 

V/JllllUiolll. up- to-- at least- double &eir ■ 

. Introducing tins package of present-levels, Coa! is expert 

Healthy exports of 

colliery' and the Bed voir col- j~7:’ ® y ru>ul ei steam much -more efficiently—* hartiest'- jobs, or^’vefy 'costiy 

Lieries, both to cost around e s ' Mr. Alex Eadie;u junior Energy remote control' .equipment re- 

£500m. Coal was on the road Much °t this is now more or Minister, said that “King Coal places ‘ miners underground. 
for new markets. less Publicly discussed by the was back in its rightful place However, it does taean that 

rts old markets, however re- NCB ' aDd “ accepted with a again.” Mr. Eadie. an ex-miner, when the oil and gas run out, 
mained the most important rueful shrug. A senior NCB took an otmous'tieligbt in the as they -are bound- to dp -sooner 
Coal is still the major fuel for marketing man was told at a fact, that coal would— if the or later, there -is a substitute 
the electricity supply industry recent coherence on .coal that research proved successful— be fuel proven with reserves of. at 
which takes around 60 per cent he would need 411 sense of prime source of energy for least 300 years. Beyond, that 
— 70-75m tonnes— of its annual humour he evidently possessed, th UK in the 21st century, as point, speculation becomes not 
output of around I2Qm tonnes, f* 6 he did not d * mi ir- „ V ? ,at ir faad h^ 11 ta the I9th - ^ only heroic, but silly. - 
As the NCB likes to remind us kee Ps the faith of the NCB alive On his— and the NCB’s— ... ^ , 

we all burn coal— in the form of fuU y 001116 1)010 optimistic assumptions, the NCB JOnn lJoyd 

electricity, or “coal by wire.” • ■ ^ . 

The second largest customer .7. . .' : 7_ 

of the NCB is also industrial — . ••• 

the steel industry, which burns -w- ’ •’ £%: 

sr^iss Healthy exports d 

General industry and the ...... . .. 

domestic coal burning market ... ... 7.1 

are of roughly similar import- * 7 - f . 

E£«£3i standby equipment 

is the one where the Board - •/ JL J- 

believes growth can be found. * : 

The major problem — at least Aj'-. 

in the short and medium terms ’ 

—is that none of these markets ONE OF the more fortunate which supplies units for the pens that the majority of inte^ 

presently looks buoyant Steel after effects of the miners’ higher rated sets and lister and raminn* to thp'wiain* rtn 

is obviously in the doldrums, strikes and the three-day week Potter which- supplied smaller SSSSK $ 

and the 14m tonnes now being was the welcome boost which it units. Adapted engines from ^ ?^ y f ° * split sdcoafi,^ 
taken is a decrease of over 3m gave to the UK companies Ford, Leyland >and Cummins a ^ . needs to be fast .reacting . 

tonnes From two years ago — and making standby generating are also widely used. and highly reliable.- One snail 

£ d “" equipment Last* year, demand for UK ^«™™PPUed by Anton. pfller. 

tinue The electricity supply Mmy cora P aoies be S an to made generators outstripped the . Germaai uses au;alteiv 
industry’s take for England and £bink that P° wer culs woutd supply and Newage particularly ^ating current motor coupledto 
Wales has gone up in the become 10 annual feature of the suffered a long backlog because a wrect current generator which 
present year to 75m tonnes British industrial climate, and of a previous labour dispute. 51 upplies a battery.* As soon as a 
from last year’s figure of around 50 took steps to buy secondary Although delivery schedules ' f ® Uure oct j urs ‘ the two 

standby eq uipment 


i .. . > 

[iviq juai leu » iiKUfi; ui aiuumi .. r „ , - , 7— , — - . — . . _• 

romtannes-but that is unlikely generating sets. The market have been shortened, _the for- 

I to last Central Electricity tbus bro °^®ned quickly from ward orders for the industry battez 7 powers the direct cur-- 

LU laaL - yenirai eniecinciiy . t 1.1 rent wnpntnr 

Generating Board officials say ^o&e organisations like bospi- still look healthy, UK maun- JJjJJ* ■ generator- turned motor 

- ,v- : 

A source of energy 
that will last for 300 years. 

that much of this year’s take taJs an d offices with major com- facturere have been helped by wnicn drives the. altematmg 
will have to be stockpiled, mean* Puter centres to many com- low labour costs compared with ^ niov 

ins a reduced demand next P anies which previously had ^os® competitors in say, “ ^!“ ppJy cu ™rt to the corn- 
year. probably back down again regarded standby power as a Germany, and have been able ^ ter ' - , - 

to 70m tonnes. convenience rather than a to fc ee P a healthy volume of Most standby units currently 

ni . ‘ necessity. business at a time when orders soJ d are. -tolerated ^ by dieset 

Sluggish The substantial home market w° rldwide have been slacken- but injfte range ot 

It seems that the\ general thus created enabled the British 115 2? iamS -SSfSSJ 

industrial market stays sluggish manufacturers in the field to po ^ 

for two main reasons— a con- mount and sustain a very high p n m nfo creLinslybehieSSd^ 

tiouing supply of oil at a price level of export sales. The UK kvClUOlG ^ 

not much above— if at aU— that bas remained probably the in Germany the mam emphasis' 1 

of coal, and the capital costs major supplier of standby tormSSrs S^ ar SL : P ! 0 ? 1 , U .^ 10 the . lo Y ! ? r - 

=;* r. 



At the present rate of production. Britain 
has proved coal reserves which will last at least 
300 vears. 

"V^st modernisation programme. individual homes, can benefit from the ne 
17 • ensure that these huge reserves ore knowledge and equipment on coal burning. 
available when needed the N T CB, under its There’s an enormous amount of knov 

if not insuperable. While gas Many of these generators are anji Africa where the British pinthMe^for^SlSi 1 *?^ 11 ^ fr* 

l »• t u and 011 Iool 5 ott ? act,1?e - wh y S° exported, particularly to companies hav e an established the ririit J 013 ^. 6 

individual homes, can bench t from the n«v to coal, which is usually more Germany where they are made position. About 40 per cent, of cofn^fnd JjSffn W fTv 

knowledge and equipment on cc'al burning. troublesome to handle, dirtier int<J fun ^ ^ foreign sets now made, are supptied as completieiy. 

There s an enormous amount of know" and offers little or no_ price po W er units attached. However, main sources of power, for Te msiauation. - ^ 

■how concentrated in the MCB Technical advantage The only real argu- yj G total number of sets made example in remote locations like jf’ ^ or the unit &- 

Thb put«! Britain’s Coal Industry in a "Tlan fur Coal!’ is already investing heavily in 

nr-,." ■■ 

r - 

cncrgv supply, Kised on awl. British Industry Britain four times as fast as we arc using them, plant, information on new equipment and “ safeguarding his future. The three major UK manu- Most of tho larger raanufae “‘ W1C “‘sruy ratea man is neees* " X' ^ c*'*'- 

can plan ahead with confidence. Selby, the biggest new coal project, will pro- techniques, how much new equipment Costs ™ argent r^s like UUi facturers of generators split turers have for some time con- "S’’ !c ; r . . 'X 

m. . r rt _ ■ ,« nn/^u duct 10 million tons of coal a year This and and what savings it can give, ask the NCB. ]n nrire for some years vet but th® home -market about equally, centrated on m airiwg «t»ndarfl ^ *' pur ~ . -i."" 1 * 4 

< v\o no.itcn mo p . . oth*:r new mines are keeping British coal* Expert help is available whether yout business by P *T mW4 S Sl “u Sewage Engineers of Pete^ units which have to be flexible b^a^aVe^fdlm^t 7 

mining in the forefront of mining technology. islmgeorsmalL to get dearer as productioo is ^ugh claims to have slightly enough to aitapt to more than pe cted tote m3?n2S«2 , S '5 ^ 

cut back to prolong supplies. By the largest share followed by B0 per cent of all likely applies Ld J ntJSU 

more highly rated than is neees- 


Tne benefits of being the EEC^ 
biggest coal producer. 

Bri rain 'already has the biggest mining 
indusET\- in the Community, producing as 
much coal as the rest of the EEC put together; 
To replace Britain's present coal output with 
imported oil would worsen Britain's balance 
of payments by £5, 000m a year; This makes 
cual good for Britain as a whole. 

eui uaut iu uiuiuuk auupues. oy — ’ — . .7 -v ana thp ru>afr « 

Prablems-solving is our business theeQd of lhe cent V ry ’ suppIies ^ on ^ d ? awke r r t,ons - it shouid^ave eno^hbo^tf- 

uiems-^jiviligibUurLTUSiri^s. themselves will begin to run out Total production oF generator However, some Specialist cot , with the Sf 

Cvd benefits all sorts ot customers. With (assuming there are no more >n the UK is of the order systems are made for example other hand it 

Hbrnct Hearing, coal fired plant supplies very large discoveries of oil; £B0m a year. to supply power to computer in- generally be Tim at W tfian 

hc,irmg and hoc water to whole communities. they would have to be very Diesel engines to drive the stallations where a break of about 65 per oSat of SS- : 

Individual users, from the biggest power Doing Britain and British Industry iff! ? dB | d ’,* bi ?f r ? an th , e gene ^ C0 7 are supp ^ ed b l* even ?J 1 ™ dred 5 h ■ ^ « s ^°nd load. ThiTis becaieTdS 
, ht ; „ „ . „ . t . .? b , * , . j uj*4iii«auau.jr N ort j, Sea fields, to make much variety of sources including the cannot lie tolerated. As it han- en*in<» « nnrf J *• ‘ 

sum on to quite small industrial plants and apowerofgood. difference). General Electric Company CONTINUeD ON ^a PAGE ‘ ' 

1 lIC,^ 

^ t,;- 3 tj 

becom e . 

. j**, *•«.:> • > . 
* * • • \iS 

**. -~v> 

Financial Times Wednesday June 14 1978 




Power station policy 



edaly J 


: f °nn Jj 

THE: EVSSNT that has caught 
the '- public’s ‘ attention * in the 
unclear world recenfly has been 
flie-Windecaie inquiry into a 
proposed nuclear fuel reprocess- 
ing- 'plait and. th e subsequent 
Home of Commons vote to sane* 
Hon .the £600m scheme. That is a 
deHsibh which will start having 
air. impact upon power supplies 
hi -the 1980s, and thereafter as 
stocks of processable spent fuel 
build up from British and 
foreign power stations. 

J 'j£he ’WlndseaTe decision clears 
die way for future British 
nuclear power planning. Of 
much more immediate import- 
ance has been the recant Cabinet 
decision to launch a new power 
station building programme. 

The contentious Drax B coal- 
fired power station has been 
given the go-ahead. That deci- 
sion has been followed by a new 
policy towards the ordering of 
nuclear power stations. The 
South of Scotland Electricity 
Board is to have its next 

advanced gas cooled reactor 
(AGR> station at Thorness while 
the CEGB will shortly be clear- 
ing plamrins .permission for an- 
other English AGR- Tht 
Government has sanctioned 
both stations at a total cost of 
about £l-2bn. Meanwhile design, 
development, and safety studies 
are going ahead on the U.S. 
pressurised water reactor design 
so that it can again be con- OffhhlomC 
side red as a possibility in com- * 
petition with the AGR design 
before 1982. 

Clearly, nuclear electricity 
win be the cheapest form nf 
generation in the future pro- 
gramma. Even the most ellicicnt 
coal-fired stations or 2.000 
megawatts capacity, will only be 
able to achieve a middle ranking 
in the heirarchy of British 
power station efficiency from 
now on. 

The probability is that from 
now . on roughly one. power 

station order a year will be 
placed. And in each case it 
will either be coal-firedr-assunt- 
ing the NCB and the miners’ 
lobby keep up- their pressure 
for more coal outlets — or 
unclear. There is little pros- 
pect of further investment in 
oil-fired generating capacity— 
with the single exception of a 
projected station on the Tamar 
far and away from cosd supplies. 

e at iaj 

year 2* 
has b« 

The need for 

The AGRs got themselves a 
bad name because of the prob- 
lems over their detailed designs 
and the long delays experienced 
in their building programme. 
But now that the first two AGRs 
Hinckley Point B and Hunter- 
ston R— -are functioning some 
impressive efficiency figures are 
being obtained for power 
generation. They are producing 
-•Dim* of the cheapest clectrioty 
in Britain. Wnrries about 
eorrnsion problem*! involving 
chromium alloy steel inside the 
reactors compelled ibe opera- 
tors to limit the output of the 
stations from start-up nnwarrR 
But ihe latest news from the 
CEGB is that thns? problems 
are likely to be much less 
serious than at first feared, 
which means that the effic iency 
of the two AGRs can b** fu-ther 

siasm for the role of the AGRs 
than there has been on the 
British power scene for many a 
long year. When the three 
remaining AGRs now heing built 
come into use in 1PRO-81 they 
will play a significant role by 
sharply reducing the total elec- 
tricity generation costs. 

Of the three, Dungoncss B is 
now ten years late — but the 
engineers say they can see 
•* light at the end nf the runnel ' 
—and the stations at ITeysham 
and Hartlepool arc each six 
years Into. The total of some 
4,000 megawatts of cheap power 
that will he their eventual con- 
tribution is sorely needed now 
as a contribution «<> cheaper 
electricity costs. The CEGB 
estimated recently that while 
the stations are still under enn- 
struction beyond their planned 
completion dates the actual cost 
to the nation in terms of dearer 
clertricity amounts to £350m. a 

Tn short, the late completion 
of the three remaining AGRs 
is going to cost consumers at 
least a further £lhn in dearer 
electricity charges before they 
are ready. 

Energy marketing is an essen- 
tial part of the national energy 
conservation campaign. In the 
Ttoef if fit r thr> nrp.i electricity 

up to 30 per cent excels generat- 
ing capacity. The aim of the 
boards is to harmonise the usaae 
of electricity with available 
generating capaciry. a “wise 
use ” campaign has been run- 
ning with some success. 

The annual Electricity Coun- 
cil report commented: “All our 
marketing activities hsve been 
influenced by the need to ad- 
vise and help people to conserve 
energy and t0 wise u ‘‘ e of 

electricity — at home, in -hops 
and factories, and on the farms. 
The rieed persist beyond 
our generation. . . 

in industry- Special technical 
work has been dune for the 
foundries, for the steel industry, 
and for industrial processes 
involving the use of electricity 

for curing and drying. 

The energy forecasts which 
are now the subject of constant 
study by tire newly-formed 
Energy Commission split the 
future of energy and relevant 
conservation measures into 
three parts: short-term up to 
three years ahead: medium term 
up to 15 years ahead: and long- 
term into the next century. 



encrusted with carbon if it i s 
run at too low a load. 


The electricity authorities are 
emphasising how people can 
maintain and improve living 
standards while also conserving 
energy. Advertising by the 
Electricity Gmmi , *l has been 
stressing the importance of good 
insulation and the advanlases. 
in particular, of tagging hm 
water tanks. Another idea 
plugged in the energy saving 
campaign has been the instan- 
taneous hot shower which is 
said to use less energy than the 

conventional bain. 

The electricity authorities are 
cn-operating w\»h government 
departments, with the NEDO 

Certain factors are becoming 
obvious. The short-term energy 

planning now being developed 
in Britain is being heavily 
influenced by the needs of the 
coal industry for a market for 
its production. The medium 
term market is a balancing act 
berween the competing forms 
nf energy — coal. oil. natural gas. 
some renewable energy sources 
such as wave and water power, 
and nuclear power. In the long 
t.-rm — beyond the year 2000— 
the energy market will be 
dominated by nuclear pnwer. 
Current Whitehall projects show 
a dominance of nuclear in 
absolute terms well before 2010 
in spite of the conversion of 
coal by then into synthetic 
natural’ gas at a series of new 

Sometimes a compromise has 
to be reached and the customer 
has basically two choices. The 
first is to instal a unit designed 
to cope with the average load 
and arrange for the supply to 
some non-essential loads to be 
cut out automatically as total 
demand approaches the maxi- 
mum rating of the set. This can 
be satisfactory in some applica- 
tions but may cause incon- 
venience, particularly if the set 
is used for standby power. 

An alternative approach is to 
buy a bigger unit well able to 
cope with maximum demand but 
to arrange for a dummy load to 
be connected automatically if 
the unit starts to run lightly 
loaded. Clearly this second 
alternative is more expensive 
to instal and to run 

ordinary factory. However, a 
generating set can easily produce 
noise levels of well over 100 
decibels if it is not soundproofed. 
A variety of methods have been 
used to bring noise levels down 
to perhaps 70 decibels or the 
equivalent of an inexpensive car 
at about 30 miles per hour. 
Special suspension, a noise re- 
ducing cabinet and noise reduc- 
tion systems on the cooling fan 
can be combined, but the cost 
can be fairly high — an extra 
£800 or more. 

It is really a question of the 
user making a policy decision 
about which services must 
always be maintained and 
balancing the extra cost of 
maintaining non-essential ser- 
vices against the risk and pos- 
sible inconvenience of their 
being cut. 

Increasingly buyers and manu- 
facturers are having to consider 
the effeets on workers of noise 
from standby or auxiliary power 
units. It is now accepted that a 

But in some cases it may 
even be cheaper to fit noise 
reduction systems to the set in 
the first place than face the pos- 
sible extra expense of rebuild- 
ing to isolate the unit at a later 

Improvements to such peri- 
pheral aspects of secondary 
power units seem likely to be 
the main emphasis over the 
next few years. Electronic con- 
trol and the use of thyristors 
have probably yielded their 
main benefits on direct perform- 
ance for the time being, 
although marginal improve- 
ments to ratings will no doubt 
continue to be made. Otherwise 
the emphasis will no doubt con- 
tinue to be on rusgedness and 
reliability and easy access to 
servicing — all factors which 
fortunately favour the estab- 
lished UK suppliers. 

Max Wilkinson 

round !_ 
1st tm 
s for mu 

?r a > 

in— as js 
r -hai ecerr. 
the fnim 
""■? casUr 
! Mi ijs 
I’.n? •■»! it 
•; j'iEi* 1 
Kia' ' 

a?i pi ? 
viM? tic 
:: ij frp& 
ViP 5v> QH! 

or- denari ■ 

-pKt s, 

s 0IK3 flri - 

sa* nu ® 

3 jlibrUNE 


Bi-y-infl S* 
tv^nnif ri 

ihn LW 



— r® 

13 j!* • 

■.'<55 ' 

■ii t 

' |SF0£ 

- .-iii.’P' 

AN IMPORTANT stage in the eventually by about £100. _ And 
Government’s campaign to the cost of conversion ^nay oe 
encourage greater use of Insula- under £50. 
tion material in the U.K. is As well as drafting > mass of 
reaching a climax, as the Homes insulation measures.- and quan- 
‘ insulation Bill ia rushed tifying the future benefits, the 

through Parliament' Government has also^dl®^ 6 ^ 

The bill is ah integral part of manoeuvred industiyinto^ state 
the battery of measures taken of preparedness . 

Sfthe^Goremment in the last expected increase m demand- 
two years, which aim to cut sub- . Fibreglass, which belongs to 
stantially . Britain's annual fuel pilkington Brothers, ^Gape- ln- 
bill of Elton. sulatlon, part of Cape Indudnes, 

But industry, which has also 

beetf coaxed, Tfa^to in 

meet the higher, demand the insulation 

expected for insulation mateml, . . ^ t hree haveehanged 

* -not happy with, the profits 

tiehd in tile industry so far. recenfiy, 

Under the. Homes Insulation Tr ihTW ,] 8SS _ which dominates 
Bill, which should become law E£E insulationimkikeU 
'shortly. grants wiU be available . _ goent roughly ~i20m: in 

£t©m, local auttoontiea for toft years on a newjdant 

insulation and for . lagging hot flt - p on tyfeIin. in South, wafes. 
and roid ^ double its productive 

•Hie -grants; will he worth £6 per .. r ,^ 

cent: ofithfr total cost, of -the job, capacwy- • . 

->-V; ^ ’•... . ■- •' •/' • ..V : 

‘ ^ Th^'Gdvfermhent'isr prepared .EQlUpmCRv . 

Cape has alsff 

The whole programrne could on new_ eq^pmen^ 
takfe upto ten years to complete, also made a nmnlmr of 
Ssuming about 500,000. houses cant acquisitions. It bought tn 
fitted with tnsulation. contracting side of bewails to- 

■£SfiLm lotion Bin, «gg- .njrz sS 

whi(* deals with private homes, ^ the size of its insula- 
will become law about nine contracting ode. More 

months after. the Government ^ onilisation and acquisitions 
announced a major insulation foll0 ^g^- which led to Cape 
programmefor the public sector. a new insulation 

Mr- Anfcony Wedgwood Benn, s ^subsidiary. Formed 

Secretary for Ttoergy, said '"■ a merger between ICI 

Ve<***Pe*J**t toe ; GovernmraLt . ^ Iat i on service and Pattison 
was laondung a ten-year pith Tn5mla ^ on g i the new operation 
gramme to bring- public sector ^ largest company in the 
dwellings up .to. a_basic mini- “ t0 offer a comprehen- 

& Newalls tostiation b^ ^ 

fear .yeaiFwPuirbe just under centrated on Sr 

£SOm, anntudly.: Ahother £2m in 

Would be: ^pent^ 4a ^ : improvmg the antiapated expanse 

the insulatioa^of -Ministry of the market Bat it £gm 
Defence -buildipgs. . Hospitals budgeting to sjrend nreduSe 
other NaSonal Health bufl dings on 
WouW quatily fer capital invest- edacity for msulation. 
ment of/^Sn. by 1082, while One of the problems ft** 7 
schools ' would .come in for £7pm ^ Government is that demana 
by the same date . - : / i. for . insulation material has dot 

«»» timft- l. ihe : Department ' risen- smoothly to ^ 
jounced increases to 

BVaflaWe throughout , . 

new - non-domestic butidings. Mir. Ronald Dent, chairman of 
These stahdards:wfll come mto Industries, gives ^ 

operatitm on Jtme ^ 1^- flavour of. the . feeling 

iaSffihto totihdustiy . should be industrialists, in his 1977 annuai 

covered hy "a 'neW- Department feport,. “Thermal msulation m 
SrSdu^y scheme^ to., be ; fSct of whichjhe divlrig 

axmbunced fihdrtly: .; - has a sUbstantial shar^ So ltt 

’ dmnand has failed to grow 

: - i ' rate- expected by many 

-:V jjhgffetocreMcdcoatrfenei^. 

[■The Govemimit" has 'hlso tmt ^ . higher^ ^tand^n ^ 
ndantifiedlSSt&ted benefits; steadily -being Introduced. 
it& insulation ' programme, "- dl Wort term the 


houses a year couldsavelmtops acute, to- an effort 
nf ivtii i'Tear Twfajch : after ten demand from the -public, and. 
of oh. . a yew.- wng* , ^ . reouirementa 





^^ r Gnyemment meastn^ 

reffidtocy with which natural gas 

- isUsed ' 

Helping industry to save energy. 

oarila^ . - ■ British Gas leads the world m 

•!S58few^'^^:S» industrial energy conservation. 

already helped many British 
companies to cut costs and save fuel. 
And working closely with 
manufacturers, we are developing 
new types of even more efficient gas 
burning equipment. In addition, we 
have instituted an annual Gas 
Energy Management award. This is 
given to the organisation which, 
working with the Technical 
Consultancy Sendee of the local 
Gas Region, has made the most 
outstanding contribution to the 
ciiicient use of gas over the year. 
(Last year, the combined savings 
made by the finalists in this 
competition amounted to nearly 
seven milli on therms of gas - 

enough to supply a town the size of 
Dover for a year!) And this year, 
we're extending these awards to 
cover co mm ercial as well as 
industrial users of gas-offices, shops, 
hotels, schools, hospitals and so on- 
so even more fuel willbe saved for 
Britain's future. 

That's what we mean when we 
say "Gas gets on with it? And that's 
why we can honestly say "saving 
energy for Britain" 

A GOVERNMENT study of heat 
pumps released a few months 
aga came to the rather surpris- 
ing conclusion that no heat 
pump suitatit? for the biggest 
potential British market was 
available i.q the UK, nor could 
be experjted without the ex- 
penditure of considerable re- 
search. development and life- 
testing resources. The surprise 
stems from the facts that the 
heat pump is a British inven- 
tion*. over 15U years old, of a 
ki .id which would appear to be 
ideally suited to the engineer- 
ing skills of the country. Why 
has manufacturing industry 
neglected a machine with clear 
theoretical potential for con- 
serving fuel ? 

The dominant reason is that 
it is much simpler to do what 
a heat pump can dn merely by 
burning fuel. A heat pump is 

an ingenious but nevertheless 
rather complex way of beating 
the second law of thermo- 
dynamics. to drive heat “up- 
hill " from a cooler to a hotter 
source. It works rather like a 
refrigerator— and indeed its 
biggest market so far has 

proved to be space cooling in 
countries (such as the U.S.1 
which suffer from long hot 
summers. But the problems of 
translating the principles first 
enunciated by Lord Kelvin into 
robust machines at acceptable 
prices are more analogous to 
those of introducing new kinds 
of battery. 

Heat pumps have been tried, 
with varying degrees of 
success, in such situations as 
the Festival Hall in London 
and the sewage system ait 
Oxford. But the biggest poten- 
tial market for heat pumps 

would appear to be as an alter- 
native to conventional central 
heating boilers in the home. 
This was the conclusion 
reached by a workshop of 
Government. industry and 
acadethic experts, organised by 
the Energy Technology Sup- 
port Unit (ETSU) at Harwell*. 
The workshop arrived at an 
outline specification for two 
types of heat pump — neither 
of which exists at present — for 
the domestic sector when fuel 
costs bave reached a level that 
would offset the costs of an 
intrinsically more sophisticated 

In the sector of industrial 
process heating and cooling, 
three groups of applications 
for heat pumps were examined 
by the Harwell workshop. 
These were: 

sive heating and cooling- 
I — Refrigeration. The main 
advantage here is that under 
certain conditions the same 
heat pumps, can also provide 
space heating for little extra 
capital cost. A very short period 
of amortisation can sometimes 
be demonstrated. The workshop 
cites the Link 51 heat pump 
system installed in a Telford 
factory, where evaporator coils 
are keeping the dies in plastic 
injection moulding machines at 
a fixed temperature below the 
factory temperature. Heat from 
the dies is then rejected either 
through two outside condenser 
coils, or 14 inside condenser 
coils for space heating But the 
principal criterion is to main- 
tain a low die temperature 
regardless of the fluctuations in 
demand on the machines. 

At the Capenhurst labora- 
tories of the Electricity Council, 
a conventional reverse Rankine 
cycle system has been 
evaluated for drying at rela- 
tively low air temperatures, up 
to 110 degrees C. The mixture 
of air and fluorocarbon vapour 
working fluid for the heat pump 
is heated by condenser coil 
before jt enters the drier. On 
leaving, it passes over the 
evaporator coil to condense oat 
collected moisture. The system 
can be arranged with a closed 
air/vapour loop to prevent loss 
of heat The arrangement was 
found to offer good control of 
humidity, though drying time 
might be longer — 20-30 per 
cent longer in the case of a 
timber drying operation investi- 

1. Cases where refrigeration 
is the main requirement but 
space heating could be pro- 
vided from the condenser coils 
with minimum extra cost: 

2. Processes involving phase 
changes — drying, evaporation 
or boiling: 

3. Processes involving success- 

2— Drying, etc. Although a 
considerable amount of energy 
is used in these processes, most 
of the heat used to produce the 
phase change required is not 
recovered at present. From the 
standpoint or the heal pump, 
however, the processes differ 


The laboratories set out to 
develop a heat pump of higher 
efficiency with a condenser 
temperature of 90 deg. C, 
evaporation temperatures of 
40-50 deg. C, and low noise 
levels so that it could be run 
round-the-clock in residential 


There are more complex heat 
p ump cycles, in which the 
vapour “ effluent ” is 
recompressed to recover "the. 
latent heat of evaporation, ,Ih 
other words, this' vapour itself 
serves as the working fluid. For 
example, the Hi-Trec (bigh- 
temperatjire recompression) 
cycle uses superheated steam; 
and the MVR (medmnical 
vapour recompression) cyde 
transfers heat - directly by 
condensation; - ' • . 

With the novel Hi-Trec 
system, the effluent leaving the 
drier is split into two streams. 
One is compressed adlabaticafly 
so that its temperature and 
pressure increase, and at the 
higher pressure its latent beat 
of condensation can .be 
transferred by a heat exchanger 
to the second strea m. The 
second stream, heated and dried 
in this way, is returned to the 
drier— at temperatures np to 
several hundred degrees C. 
Provided it is tailored 
specifically for continuous 
processing, this system appears 
to be able to offer a high 
efficiency of heat recovery. ' 

... s 

The MVR cycle has been used t-More . effort on h*a* jyumpi, *y 

wim rising fuel prices, make penetrating .this .mg&y. 
toe cycle economically 3-More' researe^^v^^ 
SttactiveJ The idea is- ..that Hi-Trec 
mechanical compression ofritHft; to drying 

effluent vapour by the heat JTtie- countries: ;$u«>, 5ppearr; 
Quinn wfll raise its condensation to he jutting 3he .greatest effort r 

' t pnrneretnre- • * ’ ifffo ;heai „ ptunjr: . 

. empera. vaponr flow is p'reseiit arft-th^ ‘U^; :fii rW^" 


nassed inrousu -me... ^ - 

exchanger in the evaporation, world’s':, 

vessel Only a relatively small pumps sm has* major ‘fr 
pressure ratio across ; fire. effort at Porporaf^tes^^; ; 
compressor is needed, -.-wi high. . and. . .nevelo^uent;;^^^- 
beat pump efficiencies can. be. Schenectady, There 
attained. ‘ taken that .the^bage L c. 

’ The MVR priDciple has. been cycle has; - 
used la fairly large units, and improvement ■^tensw-. 2 - 

is also finding a large market a dvancedcycies - 

in small-scale desalination units deal An interes^hg^l^cMj/' 

g— MasceUaneous heating/ point Is that GE Ja'affi^ns^'S'-' 

~wJi« c The workshop identified establish the .heal 
some industrial processes— solar .energy - dwtge: 
such as the production of ^ it js ; sfeezi-Jn 
aluminium cans — in 'which serrt^— as. ju^anoth^-.cjficft^y ,, 

successive heating and cooling consuming device. It'.helievei^ 
operations might provide that the sOlaiMjoasted pm?fy8Bg*s 
opportunlties for ithe heat pump, ^the- most „ 

Its conclusion was that each cyde. devised. 

process must he ex a mi ned . '‘J — ~ l 

individually ^ * UK workshop on^eat^pump^Y - 

ties for a standard product ETSU ri. AvailabTe-fthjJ^h^ 

“dgjt weU . S thl §TSU Department 

irwr’tbW.® swi ' *%***?*■ 

industrial sector, there should David 

Good housekeeping 

*■■■'■■' -“l/v -V- 45 * 


manufactures Heat Recovery Systems and 
HEAT PUMPS ranging from - 30,000 BTUs 
per hour to 60 million BTUs per hour in 
Single Compressor Systems - 
Air to Air : Air to Water : Water to Water. 
High level co-efficients of performance 
approaching 5:1 at low ambient 
temperatures. Variable Speed compressor 
drives for maximum control and maximum 
energy conservation. 

DivriCH rjF i »*i*s d 

K 3 e' 

For full derails of YORK Air Conditioning and Refrigeration 

York Division of Borg Warner Ltd., 

North Circular Road, London NVV2 7AU - Tel: 01-452 5411 

Birmingham. Manchester and Glasgow 

DESPITE THE widespread 
publicity given to energy con- 
servation in recent years it still 
comes as a surprise to maoy 
managers that approximately 
ID per cent of fuel consumption 
and bills can be saved by appli- 
cation of relatively simple, 
" good housekeeping ” tech- 

Such techniques include using 
the right tariff — many com- 
panies are paying more than 
they need to because they use 
the wrong tariff — training staff 
in energy conservation, and 
making more use of lime- 
switches and thermostats to 
ensure energy is not being 
wasted when the office or fac- 
tory is empty. 

Establishing which good 
housekeeping techniques can be 
used can be achieved by carry- 
ing out an energy audit fn 
addition, it is important that 
there is a top-level commitment 
to energy saving within a com- 
pany and a full-time energy 
manager should be appointed- 

Checking tariff selection and 
use is a job which could be 
carried out by such an energy- 
manager. Energy supplied by 
the gas and electricity Boards 
is charged to customers at 
various tariff rates, each tariff 
being designed to provide 
energy at a cost appropriate to 
its use and to ensure an 
economic return to the Boards. 

Tariff selection is important 
at two points in the life of 
buildings. First when the build- 
ing is designed or put into use 
and, second, during its normal 
use. Initially, the designer will 
probably select tile tariff, but 

once the building has been in 
use for sume time circumstances 
may alter and the tariff selected 
originally may prove lo be 
uneconomical. If this is the 
case, the onus is on the custo- 
mer lo request a change and 
not the supplier to advise that a 
change may I«c beneficial. That 
is not to -ray that Boards never 
inform their customers of 
uneconomic tariff arrangements, 
but it is not one of their prime 

In order to investigate a 
possible tariff change, it is 
necessary Lo collect data an 
L-nevgy consumption, plant size 
and loadings, and other relevant 
details such as bullion? use, 
heatine method and fuel, and 
occupancy patterns. 


It is possible to use a com- 
puter to check energy tariffs. 
The Property Sen-ices- .-.ycncy, 
for example, ha« a t-.-mputer 
system in operation tor check- 
ing electricity aeeoums for alt 
the Government properties it 
maintains. The main reason for 
using a ennipuier is ’hat it can 
help rn identify in detail only 
where tariff change* might he 
mn^t advantageous rather than 
as a check on every individual 
property. And eviss when using 
a computer, the final decision 
on tariff chances requires the 
knowledge of qualified technical 
staff, experienced in assuring 
the many inter-related aspects 

of energy requirement and their 
effects on tariffs. 

When a tariff change is 
made, the results should be 
closely monitored to ensure that 
decision was correct and that 
the accounts are accurate. 

There are several factors 
which determine the amount of 
energy consumed in a company 
■>r organisation. These factors 
include design of buildings and 
service installations, standard 
nf maintenance, and the way 
that users operate the installa- 

Although it is difficult to 
change the main structure of 
an office or factory unce it has 
been built, there are minor 
structural changes that can be 
carried uut to save enei^y. A 
reduction in the total area of 
ghi >•>. for example, coupled with 
improved thermal insulation of 
the solid area, should reduce 
energy expenditure and add to 
the comfort of the occupants. 

Most car owners would agree 
that regular maintenance re- 
duces fuel consumption, im- 
proves performance and mini- 
mise* breakdowns. The same' is 
true uf energy-consuming in- 
stiill.tiiuns in buildings, such as 
healing, ventilation, air-cundi* 
Hulling, lighting and water 
supply systems. Regular servic- 
ing uf all components — burners, 
control equipment, refrigeration 
plant, fans, pumps, cooling 
towers, etc — should be arranged 
as pari of a planned mainten- 

ance programme. 

The quantity of energy- con- 
sumed by an installation de- 
pends not only on design and 
maintenance by professional 
and technical staff, but also -on 
the way that the user operates 
it . 

Where it is necessary, for 
example, to operate parts of a 
building outside normal hours, 
the areas used should be closely 
related so that only one part of 
the building needs to be in 
operation Quite often the pro- 
vision of additional doors to 
create lobbies, draught sealing 
to frames of doors and windows, 
and the fitting of door closers 
can show significant reductions 
in uncontrolled ventilation and 
appreciable reductions in heat- 
ing requirements. 

Light switching arrange- 
ments and groupings should 
provide enough flexibility, to 
-allow lights near windows to 
be switched off when only 
internal areas require lights. : 

. Strict control should also 
be maintained over the opera- 
tion of lighting installations to 
ensure that energy is not wasted 
when rooms are -empty or only 
partly occupied. For/example, 
when buildings are * being 
cleaned before or after the 
normal office hours, lights are 
frequently left on where clean- 
ing is not being carried out. 
Monitoring of .lights during 
cleaning activities will usually, 
therefore, result in. saving of 

To help bring these, and 
other, good housekeeping tech- 
niques together, companies 
need to carry out an energy 

An energy audit is basically a 
collection of consumption and 
building statistics embodied 
into a system to show clearly 
how and where each form of 
energy is being used. According 
to the Department of Energy's 
booklet on energy audits, the 
aim of such an audit is to 
quantify energy distribution 
and where possible relate it .to 
production or other activities. 
The booklet suggests that com- 
panies examine the areas of 
high energy consumption, 
discuss with those concerned 
possible courses of action and 
choose the best after examining 
the financial implications. “ Get 
the production manager. 
engineer, and cost accountant to 
work together as a team,'’ it 


It gives \ the following 

examples of energy audits: 

• Improving the standard of 
maintenance of thermal insula- 
tion. instrumentation. com- 
bustion equipment.' etc. 

• Checking automatic -control 
equipment and if necessary 
adjusting the settings. 

• Carrying out plant efficiency 

• Altering processing schedules 
to see if greater output can be 

gained with the" same amounfcof" 
energy; or -if the ;sam e_ ontpHt: 
can be gained with Jes&esTeegjp? 

The Department^ ^ 

also suggests i .that .YrtK^'^h 
paring - a campaign 
energy it should i.ihvQlye-^ix^i 
management,, trade .pnion. reja#- - . 
sentatives, and emplpye^ md 
keep them all infonaed^^t. 
progress. _•••.• ■ -i- *f j : - 

Moreover, ,lt . is essgng«l:wS^t . 
energy-saving m easures arq- Pfpr ' _ 
perly organised,* fulljr a^ceed. 
with the departments concerned •; 
in their implemehtartjqiCand ire ^ 

closely monitored and cbhttpff^ 
by ‘the manager re spqn si Metier ; 
energy saving. All staff involved 
in the running pf buildings t .Md, ; 
the engineering services ' hF. - 
volved with, this,.' shotiltf be 
aware of energy policy and the \ 
need to minimise ' energy con- 
sumption consistent with safety . 
and comforj levels. - For > 
example. It is vi tat 'that staff - - 
responsible for the day-to-day 
operation of boilers, yeqtH q jigy : 
plant . and other mecfenrc^l^^ ' 
vices, as . well. as . lighting and 
electricaT installations,' axe pro* 
perly trained in their operative ' 
There is • a • 'considerable - ' 
amount of help available Tfpnr 
the Department of Energy .and 
professional energy corrsultitfts 
to help Mmpanies achieve re- 
ductions in energy cohstimptipiL 
But a considerable ampfldt/ 0 * 
energy can be saved by a. rom- 
pionsense approach^ to its use j® 
office or factory. ' . ' ^ r '.‘= 

David OiuFcfalS 

-;Ct* - 

V>' £-■- -• 



ncouraging conservation 

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The plants of tomorrow for you today. ' 

Find out more by contacting David J. Coates, Marketing Director,, 
at Stanhope House, 47 Park Lane, London, W.l. Tel: 01-4997177, 

its energy const-nation cam- 
paign at thf beginning of 1975 
and since then it has allocated 
roughly ISW'm io it. Yesterday 
further funds were announced. 

The- current feeding among 
government official:, is that the 
campaign is pro- ing reasonably 
successful though no one can 
ever say dial the maximum 
possible energy savings have 
been made and the task is 
therefore coinpieu.-. What can 
be said is that industry seems to 
have responded to the conserva- 
tion campaign rather better 
than domestic consumers of 
energy. Perhaps predictably, it 
is those indusirtes I hat 'use most 
energy which have worked 
hardest at cutlin" down their 
use of fuel and u-leeir icily. In 
some cases lh«’ savings made 
have been drama: re. 

by an energy consultant. In 
addition lo this it provides 
advice and information on a 
more informal basis, often 
operating through regional 
nllieials of the Department of 
industry. Seminars have been 
held fur company managers and 
3 considerable amount of litera- 
ture on energy- conservation is 
now available. 

Ci nee a company has looked to 
it? housekeeping economies, the 
next stage is to examine ways 
of conserving energy by modify- 
ing plnm or buying in new 
equipment. This obviously in- 
volves capital investment, but it 
can lead to energy savings of 
15. ’2(>, or even 30 per cent. Yet 
the Department is finding that 
one of the difficulties here is 
to persuade finance directors to 
agree to the capital spending re- 

processes where cooling Is 
required and then use it to heat 
office or factory buildings. This 
can be done in the ease of 
plastic injection moulding where 
refrigeration is used to chill 
mould cooling water, and one 
plastics factory in Staffordshire 
claims to be saving over £15,000 
a year using a heat pump. 

As part of its campaign, the 
Department is financing a pro- 
gramme of demonstration pro- 
jects to show industrial concerns 
the potential for energy saving 
— initially in the field of waste 
heat recovery. It is also under- 
taking studies of 21 energy- 
intensive industries in order to 
provide details of energy savings 
problems and potential. Reports 

on these studies will be pub- 
lished where it is thought they 
will prove useful. 

In addition to this the 
Government is considering 
introducing building regulations 
requiring the provision of 
appropriate controls on heating 
systems. If regulations are in- 
troduced they will appjy to the 
installation or replacement of 
heating plant in industrial 

Industry accounts for roughly 
40 per cent of all the energy 
used in the UK and this means 
a total industrial fuel bill of 
about £6bn a year. Mr. Anthony 
Wedgwood Benn, the Energy 
Secretary-, has said there is 
strong evidence tu suggest that 

“a saving of 10' per centra* 
the very least is welt .wittiiis- 
the grasp of industry.”- He, esti- 
mated that this means' ..“■S.bpitt 
£500m- is there for the taking” 

■ The long, term aim... of She 
Government’s conservation ay»: 
paign is to save the equiyatestf 
of 10m tons of oil a yearly 
1988. This would . be : worth 
about £700m a year '.in: 1®S7 
prices. The £1.5te estimated* 
the total energy savings msdfi 
in the three years from 1974 
to 1976 seem promismg m this 
context and would saggestAhai 
officials are right in clainrinst 
some measure of. success for- the 
conservation campaign. - ■< I'i.:*' 

Sue Camejftm 

Mario Merlo, Managing Director, at Telford House, Houndmills, 
Basingstoke, Hants. Tel: 0256 61211. 


The Deparimem. nf Energy 
reckons that most industrial 
companies can reduce their 
consumption by about 10 per 
cent simply through improved 
housekeeping. Under this head- 
ins come such things us turning 
off lights when they are not 
needed, reducing healing where 
possible, improving the main- 
tenance of ma-hinery. re- 
scheduling production runs so 
as to avoid unnvcc.NSoril.v short 
ones. checking industrial 
furnaces and burners for heal 
loss and stopping steam leaks — 
eliminating a single steam leak 
Ui rough a 3 tnm hole, coin saw 
up to £700 a year. 

A number or methods are 
being used to encourage indus- 
try ro make simple energy 
savings of this type. The 
Department nf Energy has tried 
to persuade all companies to 
appoin'. an energy manager, 
responsible for all aspects of 
conservation. The idea Is that 
i he -should either be a senior 
manager or at least h3ve the 
support of top executives. Su 
far about 3.000 companies have 
appointed energy managers- 
The Deparimem has set up 
an energy “Quick Advice “ 
service, which is free of charge, 
and it also makes grants of up 
tn £60 towards the cost of a 
one-day visit to an organisation 


Where finance is made avail- 
able, the pay-off can be consider- 
able. British Petroleum, for 
example, is planning to spend 
£32m on energy- conservation at 
n% oil refineries over rhe next 
four years, hut it is hoping for 
a saving of some £33ni a year 
a< a result. The company has 
sci itself a target of saving 15 
per cent of its energy consump- 
tion — based ou 1973 levels — 
by 1980. 

BP's annual energy bill runs 
min hundreds nr millions of 
pounds and the advantage to 
the company of conservation is 
Therefore considerable. The 
Department says it is much 
hsnler to persuade a smallish 
concern, which is low on energy 
consumption — say, 5 per cent of 
total costs— to make a real effort 
on conservation. It has been 
found that this sector of 
industry is not always prepared 
ta make even basic housekeep- 
ing savings, let alone to put 
money into conservation. 

Capita] expenditure can be 
used to introduce new, energy- 
efficient plant to insulate or 
oihcrwise modify existing 
machinery and to finance energy 
recovery equipment. For 
example, it is now possible to 
recover beat from industrial 

Steelmakers join 
the search 


ijS** sr- 
: *-■•? .. .. 

N? 4 

K ; i- 


THE ENERGY put into each 
tonne d iron or steel made is 
the most important fact govern- 
ing the acceptability of that 
metal for industrial use. If 
energy costs become too high 
alternatives lo iron and stec-l 
will have to be found. If energy 
costs are relatively low in com- 
parison with other materials 
then the prospects automatically 
become good for the greater use 
of ferrous metals. 

Thus every steelmaker in the 
world has been stepping up the 
search for energy savings in the 
production process during the 
last few years as energy costs 
have soared. Energy saving bas 
become one of the most signifi- 
cant areas in which steelmakers 
have been able to improve 


But the simple equation of 
energy savings leading to 
cheaper steel has become com- 
plicated recently by the world 
recession in steel-making. 

For throe years the big inter- 
national industries have been in 
recession and producing at only 

a fraction of their normal out- to a proper temperature ."fitf 
puts.; The new factor that has work to he done upon it). Un- 
entered into all steelmakers’ to be kept alight although ffiW 
calculations is that efficiency are doing ‘far less work, 
falls— particularly efficiency in British Steel has beep toying 
energy usage— as pro ducliun to cut down its own energy hifls 

during recent months' by r . cob- 
As far as the British steel centrating available orders ‘for 
industry is concerned this steel upon a small numbfer of 
means that while scientists and the most efficient works, tfhlsr 
engineers are still straining has meant that for instance,, 
their inventiveness to save the Llanwern sheet -works' 1 -to 
energy in the iron and steel South Wales has been grten . 
processes the plants themselves more work so that it can rail 
are wasting energy at a prodigal at a rate of some 2.5m tonnes* 
rate because they are not work- year while older work? have 
ing at optimum capacity. As been put on to a semi^are'ahd ' 
the tonnage throughput of a maintenance basis" by^ ' dosing 
steelworks falls away from the blast furnaces and ^ steel . fur- 
designed capacity a great naces. ••• ... *. • 

number of the energy drains But for British Steel and 'fflS 
unfortunately remain constant, other world steel-mafterseaeSy 

cent of its norma] output And Th„ 
the re-heating furnaces used at British*^? 

Y&rions nf Ihp _ 31 ontl3n stee l IS now about V> 

Sin- Process per cent coal. 22 per cent'bfl,- 

(to MU* the metal bad, up 5 percent natural ga i,aS,Sj«r 


-jA'Ptu.’j T .- 

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Financial limes Wednesday June 14 1978 

l>* <3 




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to set an example 

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TKB PUBLIC sector is one of 
the ■ biggest; single users of 
energy in the country. It spends 
about £2bn a year on energy, 
accounting for some la per cent 
of total consumption. Of this 
total, about 9 per cent is con* 
sumed in local authority hous- 

• ; -The Government . and other 
_ public sector bodies, therefore, 
are. in a prime position to set a 
leading example to the rest nf 
industry in the efficient use of 

Local authorities, under pres- 
sure from, ratepayers to keep 
costs down during inflation, 
have been in the ■ forefront of 
energy saving campaigns. In 
central Government the Pro- 
perty Services Agency, which is 
responsible for the upkeep of all 
Government buildings, has also 
for Some time been implement- 
ing energy saving programmes. 

One oF ttfte earliest rormal 
recognitions of the need for 
■energy saving in the public 
sector came in 1955 when the 
former Ministry of Education 
issued a circular to all local 
authorities urging the appoint- 
ment of an officer for energy 

-A few progressive local autho- 
rities,. -such, .as Kent, West 
Sussex, ■ and Hertfordshire 
County Councils took. notice of 
Hhk circular and their success 
in 'fuel savings dates from that 

Local authority buildings en- 
compass a wide range of domes- 
tic,' commercial and industrial 
premises, such as schools, offices, 
workshops, depots, residential 
homes and housing. Thus the 
po te ntial area for savings is 
considerable. Am authority with 
a fuel bill of £5m, for example. 
cooM expect a recurring annual 
saving -in fuel costs of between 
£250,000 and £500.000. Savings 
accruing from 'energy- saving 
measures can form a “rolling 

programme" from which other 
measures can be financed. 

One local authority which 
achieved energy savings oF 
around 10 per cent was Walsall 
in. the West Midlnads. The 
council found: in the mid-1970s 
that its education department 
was accounting for an increasing 
proportion of its energy budget. 
The 1974 biH of £650,000 was 
expected to rise -to £L2m by 
1978 — about four-fifths of the 
total energy bill. 

The council,- therefore, 
decided to cany out a pilot 
study of energy saving measure;, 
in seven out nf the 180 build- 
ings for which the -education 
department was responsible. 


The pilot study revealed that 
healing was often left on un- 
necessarily ai night and at week- 
ends: thermostats were set al 
a level in excess of the statutory 
heating mini mum; and defects 
found m the design of heating 
systems and the controls. which 
manipulate them. The study 
came to the conclusion that 
there was ■* little -to be done in 
many cases without significant 
capita! expenditure but, on a 
cost-effective basis, there 
seemed little doubt that much 
expenditure would be justified." 

Action was taken, however, to 
extend w inter school holidays to 
save fuel. 

Early results of the pilot 
study showed that the average 
savings from such relatively 
cheap energy savings measures 
was in the region of. 20 per 
cent Other schools were told 
of savings that could be made 
on lighting and beating and 
the policy regarding use of 
premises, swimming- pools and 
the kitchens. 

Since then the average ' saving 
being achieved is 10.8 per cent. 

with the seven schools in the 
pilot study maintaining savings 
i»f 21 per cent. 

The Government has made 
financial help available to local 
authorities to carry out energy 

saving programmes. The main 
aim of last December’s energy 
saving .package was to raise the 
energy efficiency of a whole 
range of public sector buildings. 

One area of the programme of 

considerable interest lo local 
authorities is the Government's 
decision to bring a large num- 
ber nf public-sector dwellings 
up iu a basic minimum standard 
«>f thermal insulation. Standards 
of insulation in Iucal authority 
housing arc very low: over 2in 
council homes Tail to come up 
in even the basic minimum 
standard. The Government is 
■ lierefurc embarking on a 10- 
year programme of loft insula- 
mm, tank lagging and draught 
.-.eating for public-sector huus- 
inv. Over the next four years 
i his will involve an annual 
expenditure of over £I2Bm. 

In addition, there are lu be 
talks between the Government 
and local authorities on the sub- 
stantial savings to he made in 
the space-heating or buildings. 
Extra funds — up to £7m a year 
— are being made available for 
installation of heating controls 
and the appointment of staff 
specifically lo ensure efficient 
energy management. 

Within direct Government 
control, the Property Services 
Agency has undertaken to 
reduce its annual fuel consump- 
tion by some 30 per cent by 

The PSA campaign is con- 
trolled centrally from London 
headquarters but monitored 
throughout its eight separate 
regions, including Scotland and 
Wales, with each unit co- 
ordinating the work of the 
Agency's mechanical and elec- 

"Lei’s get to the bottom line 
nf your biuMitig's 
aving p 

irical engineers and putting 
their recommendations into 
effect. Continuing liaison with 
the Department or Energy is 
also maintained and y profitable 
cross-fertilisation or ideas and 
schemes has resulted from the 
Department's co-ordinating com- 
mittee, on which the PSA is 

Energy saving measures intro 
duci-d by tin? PSA include 

setting office temperatures in 

Government buildings ai 05 
degrees F as opposed to the 68 
degree*. K recommended. Such 
a relatively simple change can 
produce savings of many 
millions or pounds. 

Perhaps one of the PSA's 
greatest single achieve men is in 
dale has been the development, 
in conjunction with Honeywell, 
of an optimum start control 
mechanism, now being used 
in Government buildings 
throughout tin* UK. The system 
has been especially designed to 
match the particular heating 
requirements of the PSA's many 
buildings which a tv only 
intermit lenity occupied. A 
timing mechanism trips the 
heating system in advance of 
the employees’ arrival and 
shuts it down after their 
departure, ensuring that fuel 
consumption is strictly limited 
to that period when personnel 
are likely lo henefil. 

The PSA has also devised a 
tariff selection computer 
programme aimed at ensuring 
that its gas and electricity 
supplies are provided under the 
most beneficial tariffs available. 

With the savings being 
achieved by both the PSA and 
local authorities, the Depart- 
ment of Energy hopes that 
industry will take heed and 
follow suit. But it may take 
more than mere exhortation to 
emulate the public sector for 
private industry to implement 
such savings. 

E vcrvlm J*. ’> L ing .lbouc 
saving cnL-.'£\, but: with one 
very obvious embsion. How 
much your building -with all irs 
idiosyncrasy- -actually can save in 
hard cash- Although you may have 
already taken some energy-saving 
actions, you are probable nor aware 
iif v. Mir full oner',"- -saving 

humidities, equipment statu* and 
electric demand. Then it reacts 
automatically taking control of your 
Ians pumps, boilers and chillers in. 
the most encrgy-conscious fashion. 

Howto j^ct to the Bottom Line. 

The bottom i me of •» our energy* 
saving porcnrijl ri cite nr?t tiling 
vou should know before you invest 
in an energ*-' man jgvmenr s' srem. 
Your local Hi-iv.-.wil sales re p- 
resentative <; ir. »■.*. ■- .mi v our 
sayings potent i.;! ata.1 lie Call back- 
up the projecte.i -..vine* •..ilcu- 
ations unit !■ . ’ ^ .!• e ' >t»’ne- tor 
buildings .-in. ;■ ' ■ >\\ n. 

Honeywell central control 
systems already 
have proven 
themselves in 

thousands or 
buildings and 
when Delta . 
is applied to 

Not only do we give you state-of- 
the-art computers with proven 
application packages, but we also 
give you the people it takes to 
engineer the system exactly to your 
needs to get it installed on time 
-and working correctly. We manage 
your project the wav a 
good contractor 

manages a construc- 
tion job. 

David Churchill 



' "E S 

ft V- 
> *«j : 



- t :-G- 

- ■; ei : 

\ ’ 

‘ , P , \iuool. ?- therer'ld a* surplus reject heat special incentive for boosting 

bocomfaig fiercelycflmpetitive as ' ol is mechani- and a need for heat elsewhere, sales of gas to industry for pre- 

I^U^ectridpr cany ^Xssed into' bites 'to On a broader front it is possible mium uses over the next few 

dnstnes tey Si y T'SSnsS shying to recover heat from indastrial years, as it is faced with the 

growing 9* sales torto wye on Wjg procesBet5 -where cooling is re- task of finding markets for 

accruing -to. the gas mdnstxy. 2Jt?‘ }L Tlid^idual fleeces quired and use it to heat offices rapidly increasing supplies of 

This competition has been watt ^uck toSther by *elr and factory buildings. gas it is contracted to take from 

heightened by Sin Emeriti T^e bales have About three-fifths of the elec- the northern North Sea fields, 

^ Sdition^Sr been stored for tricity used in industry is for such as Fngg and Brent 

^oducts whurir . several days in a special room motive power - . — mainly for About 30 per cent of the total 

depreM pnees and ^ maintained at a heat well above driving production machine^, beat supplied in Britain conies 

diroount offersm so nornial indoor temperature Special care is needed in the from gas and it meets about IS 

This ' t * ds s0 ^ t j,e lanolin gradually selection of the type and size of pe r cent of the UK’s primary 

ene^ might te ra^er at od ^ ^ individual fleeces electric motors to minimise energy needs. The gas from 

m ■i*^S2w , Sdiuitries to cmldhe separated. The method energy costs throughout the life Frigg alone will add 30 per cent 
individual supply ind^pries - time space and money, of the plant and initial capital ln the gas industry s supplies 

industnal and domgbc ™ ™£j ae g tm of thc method costs can be reduced by select- by Ihe end of the decade. The 

sumers alike lo maice rgy frequenev drying meant ing motors properly sized for target rate the Gas corporation 

conservation a top pnomy ^ h - s0 ft e n in the load. The electricity supply h as set itself for expanding 

- AU four *e Jipply into tbrt of hours . industry is ready to make avail- ^es in the next four to five 

tries art ultimate^ ^ ^ involved was able te able its experience to the build- ye ars is some 7fl0m therms a 

the mission of explajnme about 13 000 gallons n f oil iug industry as well as the year> About three-quarters of 
energy coMerva^ to ujdustry. ^ D ^ nh mor | £4,000 manufacturing sector. For ^ growt h in the industrial 

But it is also true mat tn achieve other economies several years it has been pur- sec tor will be in special con- 

i»*e iff_ inextricab^ m Particularly in the saving of suing an approach of integrated sa i es rather than in the 

with their marketing strategies, paru y design in its own buildings with tariff market, and fewer sales 

and none, of tbem^miss EJ ity bolds uj e smallest special emphasis on the efficient wjn be made on the basis of 

opporWmlT. to pnsVtte v^aes on use of energy. interruptible eonmets. 

ot aeir y wn : psrti<g»rte^ S hetwuppUed basis with some But it is the ges mduary In gomroon with the other 

at ^ per cent. But industry stiff which has probably eone supply industrieSi the oil com- 

higWighting : .the - Vlrtu b urs^ some 78,000 GWh of elec- furthest in linking the Promo- ies which in 1976 had a 

— provided tri^y Trom the public supply.tionof its fuel ^th Uspoentia^ ^ inant 3S per cent off 

F- . .in nan Pont nf fhr K»Vin? fnsts in inuUStnai . Tnnrl-M ,,n 9 ho 

Tlie Basics of Savin". 

Once you know your one rev- 
saving voiill tind 
there are a variety ot wjvs 
Honeywell can help you achieve 
those energv saving-. 

The mo-jt b.i.-ic way \< by re- 
placing or '.uvrading your automatic 
temperature controls. For ,i 
minimum expense, Honeywell can 
apply advanced control techniques 
to help save a significant amount 

of energy. 

Your building may justify a central 
computer svstem that provides 
management disciplines according 
to your needs. Honeywell? Delta 
1000 is jii'-r such a system. It con- 
tinuously takes the pulse of your 
buildine, checkins such thini** as 

reduction-* are 
common. Man- 
power >.iv:n 2 s can 
K- ever, c rearer. 

F.erurn on investment. 
hxp.;-cr a ta»t 1 to 3 year 

■ \K'e can make your existing con- 
trols and electrical and mechanical 
s vstems more energy- eliicient 
through a programme ot regular 
preventive maintenance. 

Our application 
and site engineers 
bring years of 
Honeywell capability 
and experience to 
your job and we 
pass on our 
a tier-sale edu- 
cation programme* *o 
that you can get the mo>t 
out oi i- our svstem*. 

With a Honeywell preventive 
maintenance agreement you can 
plan on a fixed annual maintenance 

Back to thc Bottom. 

Bur now we’re getting a bit ahead 
of ourselves. Let’s get to the heart 
of the matter. Your own bottom 
line on energy savings. Send us your 
name and address and well send you 
more detailed information. 

Honeywell ‘Smartware*. 

Ir takes a lot more than hard- 
ware to solve your energy problems. 
It also takes software, control 
technology, and most importantly, 
human skills and experience. 

This rotal capability is what we 
label "Smartware”. It s what makes 
your investment in Honeywell a 

r Write : Energy Management CroupH 
I Honevweil Ltd, Charles Square, I 

[ Bracknell, Berks RG121EB. | 


Address — 


i i 

| Commercial Division. f 

| | t *s coo.1 Immiwss to ru n a tinc-t uned build iflg. | 

Provided trielty from the public supply, tion of its fuel with its poienuaj dl>minant 3S per cent of the 
^tk^WhrlndiLtr/ namely accounting for 40 per cent of for saving costs in industrial industr j a i market on a heat- 
hy each «un4r electricity sold and amounting processes, and it has even estab- Iied basiSt alJ maintain 

5S4- S5 yea? to a revenue f no «; ****** School for Fuel techmcal advisory atalf to offer 

and manage- last year to a revenue or — technical advisory staff to offer 

c * SS t SJ 1 rtSL^oeether offer than £1.3bn. The trend of sales Management. advice on fuel consumption and 

m ent S^dustry, though from a rela- .. The sofaool has made rapid efficieiU combustion t0 cust0 . 

both oash .and^energyjay^ smaU base, has shown progress since it was first estab- Esso, for instance, has 

and a ®trpn^ SStettSt growth since the Ifished at Solihull at the: research recently produced a special 

usinK a i >aTtlT ^w^articuIar can worst of the recession in the station of British Gas Midlan s pract j c ^ training programme 
t**f SiftSttlTSlS; £er M?«B. Sales 1975/78; Tiegton. In the |*« y«r of iu f P Q r r aC boiler ope „, 0 ' rs '[hrou^hou. 
prove- their worur m were expected to be about 5 per operations alone more than industry To aid safe and 

re^y to Mt higher than in the previous LO00 senior i execu- efficient use of automatic steam 

supply industries are tives, managers and other repre- 

Ssaw ? SS 3K33S5 

pr ^iEt3Hid.deyeWed by tiie SSm ^beat** recovery 'the -school itself or at sessions m the UK. .but ther ®‘ s m ^ p h 

S are being successfully tl^ughout the county. -pe 

instance,.: . -j- - ' :• • • studying a number of opport- 

unities for improving petrol 
consumption which have been 
identified by its fuel scientists 

Todav nuclear power comes of age. Calder Hal!, ihe 
world s first commercial nuclear power station ujw opened 
bv Her Majestv theQueen on 17th October. 19^6. bmue then 
over 32 thousand million units of electricity have been 
produced enough to meet the continuing needs oi a 

city of 1 50.000 people. . . , 

From Calder Hall came Britain s first nuclear power 
programme. Over 2 4®^ of ail Bri tain $ electricity. _ 
consumption is now nuclear and this proportion is 
increasing all ihe time. Lt is clean, safe, reliable . 
power. It is cheaper than coal or oil. And it comes trom 

B NFL. nuclear fuel. . . 

WHh 25 tears' experiestce. British Nuclear Fuels tjmiteu 
provides the nuclear fud and fuel cyde services for a« of 
Britain's nuclear power stations and for a number of 
overseas nuclear stations. 

Britain's ability in manufacturing and receding nuclear 
fuel is the envy of the world. BNFLis playing a^vita! part 
at tlie forefront of tliis technoiogj.’. 

British Nuclear Fuels Limited ; 

Risley. Warrington. England WA36AS. 

x'^iWJKD'^OM.^*^ 1005 WGE ■- 

t ; -• u fj-jr basic ’‘-Third BSC is improving: its at the Shell research centre at 

cent -SSiSrUrtTb ih» provin* coke-makiiig W*niW» 

tar more f PTier 2v wav is to ore-heat coal 

•■'^WSw!T3S£r-* : i 

before Heved that cars are petentiaU, 
SSS Mkidfto electric steel- to be a major area V ,E ted ,)« coke ovens capable of an improvement in 

mrirink A It-toW.' -?f “a tbA maior worries for in order to remove moisture, fuel economy of about 50 per 
British Steel industry iS w>£k- . • °° e S Vitain is the Preheating plants are being in- cent over the next ten years. 

t^es S,per cent Britain ^ e^ w BSC works. Thc coal industry has lost 

’x.SFSl aas> our.- 7 .vJ «« «<=r-c considerable ground m the mar- 


ruuns.-Huv? u * . r"“” . nur . , «»BcrvTOnsiderablcsroundanthemar- 

01 V SteeMy far the^ ' More energy savings on BSC s ^ ce j|5 Khare of lhe 

^TheTrinSpai-energy the ?^ ssiv ^ c ®* 1 iHdustria} market S° ,ns down 

■■- Ktfllf steel making' Bi recent per cent of- its needs -. f ^ T . i sen ^ oni ? m lbe from what in 1966 lo 

by.NeS.-But the. pnee^s men . . ft being caUed ; Supercoke. ^ , 3 p ^ r ffnt in 1976 . Any 

^ hS qaaUfif foreigaiwn from T^riS' J *22^- improvement in the short-term 

22fag ^afiieVihore iron -to £3& a: tonne-since 1970- Furl _o.te;coking coal ^ n on^km„ wi]J be denved fron , cual hc . 

'^nrn&^d'-'fU* v??? coming more _ competitive 

1 >1 

.. ■ ■*" ^ 

d' witb Jhst-developtoMt itaunng^^-*— bm ..uiurp e . - For lJie tong-term, however. 

Tr-rSce- technology his Faced with *. sa&m coat um many years— even if tfi e omen ^ industry is putting a lot 

S3 ‘"ubsmrVbe 

„ skw - ; i ks ms 

"7 , furnace .nems j BU“j, . t^.aig taken. A prog By hope of ali BnUsh stelemaKex* lop0d wiIJ make a cunS iderablc 

a _S y i.^ctPP7 on TeessWe. A use less coke is unde • - ecl _ j s that the market will continue contr ibution M energy saving 
— ^ cimiiaf furnace '■ was various denws, suqh as 113 ^ pick up fl fter the hopeful an(J throu „ h the elimination of 

^^f^rf f^PortTSbo^South ing Dil into bl^t f HT"^ e ^ D uid signs of recent weeks. V plants su|phur e mi«ions that it will 
scheduled fo _ *K™t Knirn' in<*s can be made. Th . — mn h«» worked hard they can ^ environmen tally beneficial. 

- . aehieve something ^ NtB a ) S0 developing 
cent energy saving ^^niques fur lhe conversion of 
iron or steel made coa , Jnt0 oi , and chemical feed- 

. 7 — r pro - sie«* -NTpict BSC P er t- u, *** c VL . . .. . . coal mid oil anu Liiciuiv-i JVV*.- 

'poratiqns 30 ^ood housekeeping. of compared with their perform- st0C jj S to replace the oil when h 

grate*”®- ' " . the s teelmaking is" blending ^ejection aac* 6t lower levels of working. b gins la ran out . 

■ - Roy Hodson Kevin Done 



F. Jaj 
ten ve.- 
a comi 
of AL 
from i 
the ol 
pubi is! 
an Ai 



over c 
to the 
But in 
43 pet 

died A 
Bast i 

vote i 
a thi 
Bill r 









in th 





1975- 1 ; 


sit t 
a Nc 
last ^ 
ti me. 


by tb 

ill i 












































In Clwyd today 
127,000 people 
went toworfe 
as usual 

Clwyd’s multi-skilled 127,000 strong workforce 
has preserved quire a number of old-fashioned virtues. 

Among them is the idea that a fair day's pay is a 
good return for a fair day's work. Which is why 
Clwyd can justly lay claim to one of the best labour 
relations records in Britain today. 

It's only one of tbq factors that convinced such 
diverse, internationally-known. organisations as B1CC, 

Dunlop. Kelloggs and Pflkingtbns that Clwyd was the 
right place to invest. 

Among other factors are Clwyd's excellent 
communications — easy access to road, rail and air 
networks and proximity to the north-western seaports, 
rcadily-a variable factory units or sites and extensive 
financial aid. 

And one more of Clwyd's quaint old- , 
fashioned virtues— it's an outstandingly.' 
pleasant place to live and work. 

Get the facts on Clwyd. Write to Wayne 1 
S. Morgan. County Industrial Officer, Shire 
Hall, Mold, (Tel: Mold 2121) for a free 
colour brochure* ■'owtoO-n 

V 2 

-at the peak 
of Welsh potential 


Hnancial'llfiies Wednesday JUne U'lfrT^ 


THE CHEMICALS industry is the amount of energy it uses oil .and gas it has been wasteful, the end of last year, f Or. in- .spending £57ra on energy saving years but the picture forits use 

one of the major industrial per unit of product Between According to figures produced stance, Du. Pont, the largest U.S, projects in Ms chemical pfoj fl g of other fuels has changed 

users of energy. But unlike 1965 and 1975 it cut Its energy by the Chemical industries chemical company had already and refineries over the next few dramatically. Gas has moved 

other big users, such as the needs by 28 per cent per unit Association, the British, French cut its energy use per of years. Of this, BP rshwwtoaig is from a negligible market share 

iron and steel industry, it also of product Energy conserva- and West German industries' product by 15.7 per cent The spending £2 5m on 40 separate in 1968 to controlling more than 

consumes' considerable amounts tion is now accepted practice consumption of energy per. unit company's energy savings from schemes. But the resulting half of the industry’s energy 

of oil and gas as feedstock for by the large and medium-sized of product. is only 60 per cent the beginning of 1974 to ahe end savings will more ***»” justify requirements. But there has 

a great range of different pro- companies, but there is con- of the. total consumed by the of 1977 totalled the equ^valehl iiOTeslmejst on tffls scale BP also been a broader move 

cesses .and products. Petroleum cem that smaller members of -US. industry. .- v of 17 4m barrels of da Chemicals has already cot towards premium fuel applica- 

feedstocks for chemicals repre- the industry have not yet rea- All this- is now changing of in ‘the UK chemical anerev consumption by mare tions, which has increased, too. 

sent about 8 per cent of crude Used the potential ..for savings course: and the U.S. Industry companies have made savings than 10 per cent compared with demand for the lighter oil frac- 

01I consumption in Western that exists. has also learned ftom the abode ^ v linwresslve. 1973 Now the BP eroua is aim- tions - Both these moves have 

Euny. and this is a share, .hit ^ the ^eofco,,. 

h«^en steady jncreasinB. ^ sources _ inthe short- has seen the, average amount of tion by 15 per cent over the J?? 

The chemical sector consumes gjg industry has improved v g1 ~i . resources ^ energy used per unit of product 1973-80 period. In the next four will evident with the avail- 

more than 14 per «nt_o£. th e ™ 


-mion of am V* Depemnlit of cut- nipping rteristtog ptott tte UK -, iargest prirete SSSS ofwids to 

cals compared 2«n2nnSon made ^ enw ' gy w 14 P er cent and partly from expenditure on generator of electricity. It uses their base petrochemical plants 

[with industry as a whole. This ™ imp priority For the ^ amount used existing about 9 per cent of the total more flexible, to allow the use 

has meant that there has been 4 . . . 

a continuing awareness of the term the industr y is 

benefits that sensible use of “jXS* new prt>cesses 

^ vmt of Product) by 1980 But the most significant savings electricity consumed in the UK of liquid petroleum gases (pro- 

and com P ared wit h 1972.- . can only come from radically and 22 per cent of that used by pane and butane) as well as gas 

9110 Host of the chemical majors new processes and plants. industry. It generates about oil 

Kevin Done 

Economical motoring 

Financial limes European 

T“1 TV -E 

Energy Report 

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answers to Europe’s 
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"Western Europe’s energy ‘mix* 
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Planning and decisions therefore call for constant access 
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This is what European Energy Report provides. 
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FTBusiness Newsletters, 

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London EC4P4BY. 

Please for a one year subscription at £140 in the 1 

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Nature of Business. 


_ I 


The Bmnsnl Times LcnitcARefrOlIiorBracfctn Howe, lOCjtmon Snccf, 
London EC4P 4BY.R.^naolh,£ngJandLNa223SWl. 

Mark Lambert Energy Audits 

Are you overpaying for your electricity, gas, oil or water 2 


J4o charge for report. No obligation to accept rccommendatloni. Solo 
remuneration a 50^ share in sanngi- secured for a period of 36 months, 
j0“ of fund* mured. 

M*r, Lambert has spent 10 yean with two of the three major firms 
specialising in this field. This Included two years at a General Manager 
for one and five yean as Director of Analytical Studies for another. 
After the fine seven month* trading he ha* over ISO diene. Including 
30 of the major international banks in the City, leading, accoenants. 
solicitor* and stockbrokers, governmental agendas as well as divan 
commercial and industrial consumer*. Largest client controls aver 

1 0,000 establishments. 

If you spend ever £1.500 a year on electricity, write or better still 
send invokes for the past 12 months to: — 


Tel: 01.746 8612 

Simitar service at identical t e rm s Is available for teleoomrannicationt. 
(Min. expenditure £10,000 per annum). ' 

. industry. It generates about oil and naphtha as the basic 

energy can bring. Energy u -S-i such as Du Pont or Energy conservation, efforts 30 per cent of the total itself, petrochemical feedstock, 

conservation is not a new ener 6y intensive products. Dow. w in c omfortably exceed are not always cheap. British its usage of electricity has been 

phenomenon in the chemicals But the easy gains have been the industry's general goal. By Petroleum, for example, is fairly stable over the last 10 
industry but the sector's effort made. Over the 10 years from 
to reduce consumption was cer- 1976 to 1986 the conservation 
tanly stepped up in the wake of targets are of necessity rather 
the OPEC oil embargo, which less ambitious. The Chemical 
brought a quadrupling of oil Industry Association, which is 
prices. Last year the industry active in preaching energy con-, 
spent more than £lbn on pur- servation to ail companies in the 

chases of energy as fuel and sector, forecasts that over the 

feedstock. next 10 years energy savings THE MOTOR industry has not, car is smaller in the first place, tax concessions — in Italy, diesel used. In -many engines, dee- 
per unit of product will amount as yet, had to face up to the Bnt similar design alterations sells at one-third of the price tronics is also expected to 

Pfnwfh to about 7 or 8 per cent Energy most serious implications of the are underway. Lighter mm- of petrol, and in France at about make a contribution. Petrol 

U1 U tt 111 consumption is expected to grow oil crisis. Petrol prices to-day poneuts are being developed, half. Second, in terms of mpg. injection methods, using elec- 

Chemicals have, of course at aboilt 1 cent Iess t 11311 the *** abou t same, in real more precise electronic controls diesel has been shown to give tronic means of determining the 
been at the forefront of the Bro wth of outpnt from 1976 to terms, as they were in 1973. being produced, and vehicles re- motorists about a 30 per cent moment of fuel injection, will 

UK’s industrial growth in recent 1981 and only about * P er rent ^ motorist, despite the steep styled to give less air resistance, better range than petrol gain wider currency because 

years, so it is not surprising le5S ^om 1982 to 1986. increases in 1974 and 1975, has Legislative fiat has given is st ui a great deal of 1,118 k . a more effiri ent way of 

that demand for energy has The UK chemicals industry no * forced to demand some guide to the way the argument in the industry, how- shPPly^hg fuel to the engine, 

been running ahead at a faster compares well with its major eco ?°®y at Price. Larger- industry. has to react in the U.& ever about real utility of becausc of ^ S™ • 
rate than that for industry in rivals in Europe and the UB. recovered By 1980, individual car manu- diesel fuel. Some economists burn - 

general. Between 1965 and for the way it has learned to from the dump in demand and facturers will have their annual argue that since it is a denser Electronics will also help 

1975 the industry’s demands on use energy more efficiently. important a part vehicle output tested against- f ue [ gian petrol (about 10 per economy in two other ways, 

the nation's energy resources Only France and West Germany of tbe “arket as they were five target fuel consumption rules cent) there is little advantage First, their increasing applica- 

grew by 12 per cent. But in the have comparable, records over years ®2°- and will face a fine on every car ^ using it in terms of saving tion will generally lighten the 

same period production grew the past 10 years, while the U.S. All the same, the long-term ^ ^7 fa* 1 t0 reach this. The on th e amount of oil being con- weight of a ear. Second, they 

by 56 per cent — chemicals grew has lagged far behind. The U.S. pressures towards better fuel benchmark is an average fuel aimw i; and the additional cost' called in to exercise 

by 5 per cent a year from 1966 has lacked the same economic economy are having their consumption per manufacturer 0 f heavier engineering to much more control over the 

to 1976 when the rest of manu- stimulus given to the European effects. These changes are seen at of 20 m P£ within the next two accommodate the stronger operation of the engine, thus 

facturing industry managed industry to cut energy use and their most dramatic in the U.S.. y ears * “d 27 mpg by 1985 — a engines which are needed maximising the use of fuel, 

only l.s per cent a year. has lived for many more years where every car range is being “6ure which few European pro* (diesels work by compressing air Electronic ignition, injection 
Given the much lower growth with access to cheap energy, totally remodelled to create ducers could achieve. By con- unt ji f ue i ^ hot enough to ex- Md even gearbox control Is 

rate for energy consumption The U.S. boasts one of the most lighter, and more efficient, trast, Britain’s only equivalent pfode) for the higher compres- now being developed fbr use in 

than for production, the cbemi- sophisticated chemical indus- vehicles. In Europe and the ? te P in for cin fi economy on the s i oa ratios of the engine, make *U ranges of cars: and M closed 

cals sector has made a fairly tries in the world, but with UK the change cannot be quite industry was the 1976 company diesels more expensive vehicles loop” systems of modifying 

spectacular saving already in plentiful supplies of low-cost so striking, since the average 041 definition, in which the t 0 manufacture. engine performance through 

Treasury decided to make N ___ rtheless is eleju . Iy checking the exhaust gases are 
personal tax higher on larger- N^erfhele^^^ is rieariy ^ gaining wWep application, 
eti^nned vehicle nmn'd^d nc a lot of Interest in uicscis • Et 

ngpir P a present which is not going to ?®w ranges of cars which 

Although there are manv evaporate overnight. One strong 816 being developed will also 
critics of thi ^American Point of the enfine is that it use more aluminium and plastic. 

KBti foT. S?T S ' CU£ &" 

lore*, to. change through the ge^les per gallon regulations 

petrol price mechanism) there in “ e u ^- hlfih content of s;eel in the 

is no doubt that it will speed up The desire to produce gener- m0 d e rn ear will craduallv be 
the application of new tech- ally smaller . capacity engines reduced, giving way in the 
nology. The problem all manu* has also revived interest in ma jn ^ aiumimura, plastic and 
facturers face in responding to turbocharging. The principle new alloy& Aluminium has. 'f 
the new challenge? is that they behind this technique is well* course, been used by some 

have vast - amounts of capital established: the engine exhaust manufacturers for engine con- 

TEXTILES IS not on the face which win come from the EEC tendency is to have an excessive tied up in existing plants. An gases are used to drive a com- struction for some time. But it 
nf .it an industry which might be Energy Research -and Develop- flow of hot air, but new instru- engine line, for instance, lasts pressor . which in turn pumps i s now moving into some arras 
expected either to have, an ment programme, with the. rest merits are now available which f° r 25 years, and the normal extra air into the engine to give of body panel manufacturing. In 
energy problem or to offer coming from the UK Govern- control the rate at which air is approach to improving perform- it a better performance. In the the U.S., a number of cars 
major opportunities for energy ment and industry. . drawn in and extracted so that ance ** related to this 25-year past, however, turbocharging has today have aluminium bonnets 

savings. In terms of total costs, jn both spinning and weaving aa optimum level of moisture cyde. The demands in the U.S., only been thought suitable for and boot lids. Plastic will simi- 

energy accounts for much less th e problem is the lack of atten- content in tb® atmosphere, however, are leading already to commercial vehicles partly be- lariy be used for both sma ll 

than wages and raw materials, ti on that has been paid in the consistent with evaporation, is a great deal of work on new cause of the higher fuel con* components and panels, 

and the processes which most pa st to efficient use of equip- toaintained, power units — General Motors sumption In this field, and^ partly Better aerodynamic design is 

frequently spring to mind— ment for keeping mills warm or Another instrument, also is . looking a t di esels, and the because tobochargers are dif- also contributing to more effl- 
spinning, weaving, knitting and cool— a finding borne i out, -it designed to prevent energy wtl0le . mdust ^ y 15 moving ficutt to refine. cient fuel usage. Research in 

" replacement of its At the same time, a lot of this field is the main reason for 

Textiles groups 
take notice 

Yet one of the industry’s big out of several hundred air' con- sible for undertaking, in con- ™ per j 06111 production, by doubt that the next generation ing nose, swept-back windscreen 
groups, Courtaulds, was. among ditio.ning plants barely a dozen function with Shirley, work on V6 s *nd ^even 4-cylinder engines, of engines -will have much and wedge-shaped rear end. 

the earliest in British industry were operating at their lowest energy saving in the woollen . 5615 have ® n comtiered improved economy over today’s This sort of design reduces air 

to go seriously into energy design cost, and in some cases and worsted industry under the 1 bie Si5 ge of lu f. ta ^ ldard nnits. They will use friction, and can improve fuel 

saving, arid has been able to heating end cooling plants were thrift scheme. The instrument, “ ur °P®- ™ asonsfor \Jf 11 s are lighter metals, new cylinder consumption by up to 5 per 

claim savings of £10fim over a working against each other. The a specially developed monitor, twot ° ld - f “ft. 50 “ l ® tiovem- bead desi^s, and the develop- cent over more conventional 

two-year period. The industry’s problem according to Dr. John measui^temperature at two “® nts * n <*ably m. Italy, France ment wfil be weighted towards shapes, 

research associations have also Roberts, who is in charge of -points along the path followed Spam ^ have decided to economy rather than perform- 

been studying ways of cutting Shirley’s BETS, work is that in gj ^ doth, enabling th,* encourage its use by favourable ance. Aluminium will be widely 

down consumption and, accord- tnsny plants louvres tend to be operator to adjust the speed ofj 
ing to figures produced by one opened m summer and then not: m pr-him > to ensure the 
of these, the Shirley Institute in closed again, making it neces- correct amount of drying is 
Manchester, the different sa ^V t0 Provide extra heat m app ij ed- Energy savings of as 

sectors of the industry could cut winter, yet in many spuming ^ 20 per cent are claimed 

their fuel bfil by between 15 P lants a ” 1 ° unt of heat ^ rom ^ m0 nitor, which 

and 19 per cent with the aid of generated by driving spinning ^ ^ automated, 
mostiy inexpensive measures, 


be With these various measures 
In savings of as much as £7m could 

representing in total value a 

spanning. Shirley calralte that be achieved io the finishing 
t,™ ^nrtnther savings of £2m could be made, sector, according to the Shirley 

^ sum comiQ « X^eaxch. In the w°olIen 

weaving. In both cases the key worsted sector, where the main 

long been prodigal in its use iff ^ more ^,5^^ USe ^ holler saving would again come at the 
energy for space heating, ana equipment better distribution finishing end, with a smaller 
this is one important area where ^ -heat, improved insolation contribution coming from spin- 
savings can be made. More im- ^ ot j, er housekeeping ning and weaving, the figure is 

po riant, there are some parts of measures. put at £5m, and in hosiery, 

textiles where energy consump- where finishing is again a major 

tkm is a major part of total \wr a • ■ element, a saving of £2.5m is 

costs, and substantially greater W a.Mllf| g calculated. 

than in many other manufac- _ ....... , .. .. 

hiring sectors. At some point in 0na Shirley exercise has 

the processing chain most tex- shown that savings of as much “ sc °P fl £or substan- 

tiles have to be bleached, 35 *60,000 were obtainable tial saving, but teere remains a 
scoured, dyed, washed or wet from changes in washing pro- major problem of isolating arres 

processed, and this involves the 0ne PjanL Therein- fS? 

heatine of water and the drvinn duded unproved agitation, re- industry itself is highly frag- 
of wrt Soth It SThS afthf ducing tte number of passes mented, consisting of very many 
Shirley Institute studies have ^ £abric makeB through the small' units, and within indivi- 
riSnWSi *?.♦ Vo? water and. perhaps most im- dual plants a wide range of 

Portent, reveraing Se flow. equipment is used for the 

textile energy usage are ^ con ^ le different precedes. In rarii 

The possibility of cutting of hot generated by the P 1 ^ 1 a co mprehensive audit is 

down anXfiT^bm is .can also be put to use uSg^Z* «££ 

Swte r l“ e b 1 5S^ I ^ < 1u^hS[ eJehSSra 8 for sub^uent Se ^ch of th* company’s S00 sites 

^ich“t n h“bad r to^rate fS 3 l53ff*S£ I ^£SS*n? r «P°nsible tor . eno^^vin| 
^me time^ui now ™PPUed as integral who reports to an overaU energy 

some dub oecause of competi- parts 0 f some pieces of co-ordinator. 

can ill-Sord^m 5 S-Stook^anv equipment ' snd m one case it is It Is this sort of approach 
™ If ^ claimed the cost can be saved In which is likely to be backed in 

UK m.n n n fa ^ , reduci ?| single shift working in one year, the next phase of the thrift 
^ 116 “fi “ a mu ch shorter period scheme when the emphasis will 
hao wlth more ^tensive use. be on helping companies to set 

has also attrarted the mter^t Elsewhere in finishing the up their own internal audits. If 
tne authorities, who main potential savings are in successful It could enable corn- 

nave selected textiles as one of the use of drying equipment panies in the industry to tuna 
four areas, together with brick- where for a number of reasons some of the estimates of 
making, steel and non-ferrous there has tended to be over- possible savings Into hard cash 
metals, for special research. The drying of fabrics. The main which can be reinvested to 
Shirley Institute has been piece of equipment used is the achieve higher profitability and 
selected to carry out research stenter, consisting of a hot air greater competitiveness, 
on certain finishing processes chamber through which - the ' 

under a £100,000 grant, half of fabric passes. In many min*; t|ie Kflys Dand 

Terry Dodsworth 

Before we sell you 
solid fuel we help 
you to study the 

- We don’t imagine that anyone buys solid fuel just to keep us in 
business. : . 

So we make'it our business to carry out competitive free 
studies as part of our technical service to industry. 

And we back this up with a whole range of other important 

Fuel sampling facilities far example. Specifications far new 
bouer plant. Advice on economic han dlin g. ancL distribution of bulk 
and split loads by road, rail and sea. 

Doing all we can to enstere that customers use solid fuel to the 
best advantage is one of the things which hag helped 
to make us one of Britain’s biggest distributors of 
solidfueL ■ 

The wide world of 

■ Ttrnes- Wednesday June 14 1978: 

Watford Palace 


Tote vision 


a (.0 l i 

The missionary, Davidson ' » n - v . ^bt that television was 

d *r j* 



not is feebly tempered with the pros*! 

£“&'«: L she exact, y 27. pert of a new life in Australia.! 

JJvLJ?*}) l other respects she the bones of ihc original remain! 
maxes a fairly accurate assault intact 

on ~ Somerset Maugham's unfor- The luwawua ., waiiunui| 

1,111 J*® Sadie Thompson. You (Brian OtiTlonjTis a zeaTouWoii >l i R ^ri n s from a bizarre nltiictiftn 
™ ay -,? D ^ 1 ? ber Miss Grahame as to the placatory central fi-sure . a,lei;lin j? the mental processes aC 
p^tl-hpped. . brunette who of Dr. McPhail (Michael L ts 5laf > had t0 be abandoned 
4 cup of coffee In the Burrell). In their dialogue is5" a,, - v on Monday last weet. 
Marvin in The Bio continued the crucial debate oi lTh:it ww dj >' wh * n ,he ftvi " 
50 ” J3 °3' Ho ^ywood flesh versus the spirit. It is a'£ u * er . eonfercuce on Zaire was 
■ das to the stage simple debate couched in popu- "v d lfi Paris. It was the dir. 

in rarer years on the strength of iar terms. Miss Thompson. i whcn fivo people were charged 
hcf. -screen reparation. And, in Pummelled by smug pieties complicity in the Morro 
her-r-Britash debut, the roputa- s<? enis set lo return to San 1 kiuiiappinK- ll was the day when 
tio?L .does ..not lit. A little Franciscu and the penitentiary.; ,ht ! fducatior i voucher report was 
wwwen she may be; but Miss She is a whore on the run. Published. In spurt it was the 
j^raiaine. malces. much n f Miss lately escaped from the Honolulu* . J ‘ V' he,n England be:tr P«ki«’m 
Thompson, as an ageing good- rod iisht district. i ,n *hc first Test and Willis 

fnp£ ^fijfT.stranded in the South Davidson is committed to ■'Uai'ked Qaslm with a bouncer. 

SeasTwith a- righteous mfssionarv cleaning up degeneracy among. , 6 l_ ,n Powers wnn ,l — *■” ’ ~ 

couple and -a more for”? vine the pagan* of the South Seas. ■ ‘ l " bl "ylrerwciKht 
medical: pa 
-The 1932 

Whatever happened to the news 



? sting 
is to J 


1 Sase * tfe 
« the h£ 
Stock. ^ 

v ‘m Dm 

the European 
title in Paris, 

air. ' “ But early morning private prayer :and lb ref competitors were 

.2 Broadwav adaptation release in him an: kl V e “ 10 ,hc Isle o£ Man IT 

by- John Colton and Clemencn an *inal lust that has remained t decar race. 

Randolph creaks like an old un ^PPfd throughout a dusty | _J>° ^’hal did the BBC and 1TV 
floorboardL but ir has all the and sanclimonlu* marriage, 
olo-rashioned virtues of well- Stephen Hollis's production 

news programmes decide u> lead 
on" The banmnu of some 

structured thrce-act’ metod rami moves swiftly along, despite iP a,lu ’i»c Scottish footballer whose 
The ship's travellers are holed somc crude over-playing in the* • ,,r ” ie contained rencamfamin. 
up^in trader Horn's store-cum- minor roles. The oppressively. Television has surely resu-hvd 
hotel as a result of a cholera rainy atmosphere is splendidly . a prci ly dpsperale cc milium 
scare. Maugham's brilliant bar- reinforced by an evocative sei ,A h pn ii require* the former 
rative is plundered for sta a e **y Huyh Durrant, where £diiur °f 3 mapazine as good a* 
purposes to good effect— and ch *nges of light and tempera-;™* Economist to open Ncicx \i 
an art ir u»— - , ... ture axe registered as a hack- 1 ^ with an iicm in which he 

m if Horn js. given an unlikely dr0p l0 a re atistic stage picture ! announces (in tone.* momentous 
Sadie s final of rope, bamboo and caocj° nouu h 10 marl' the suicide of 

native .wife 

■J. »■* 


vitriolic opinion, of the male sex furniture". 


engine* *. 
using ^ 

injection, «g 

'' tie ti|g^ 

aiw hi) 
«iwr via 
i asra? appijj 
'^len fi 

• Sevoefi. fa 

■<> m » 
'i’.r 1 over to 
enrine, % 
" : e of fit 
c-jiind i 

• Pr-a for ax t 
:■■■■ zv.i ,L d« 

-f -Tocijar' 

■ limp 
••>{ s tie? a 

• r /.ri-fiUn, 


■ 7 ‘ WL ! : 

. t ::c .vjffi 

■ .kJWE 

-> cigeer 

. *stl k 
- lii'4 
•: •■■os 1 - “ w 

•/' ?.-23»!i7» 
va>, :b ! i 

. *!-r.jJBati 
■j.jJ ry i'5 

■-». m'K Esz 

d * 

l r'.’Lus ' m ® 6 
plij::: Mil® 
: ;.-.r & 

■ - 1 ,Pe'i3. 

r: oi S? 

> -i ■ - 


' sis* 

a much loved sovereign): "These 
{arc the pills ..." and thr 
‘camera cuts to a huge closeup 
I of yellow tablets being poured 
j on! of a hmtle. The whole thine 
! i-o»!d hardly have been done 
; more portentously if the pill-: 
had been used to poison the 
entire Cabinet. If is diflii-ult to 
understand how Alustair Burnet 
jean look himself in Ihe fare 
j while .'-having in the morning 
! after delivering such rubbish. 

] Mure appalling still, the pro- 
! ducers of BBC'J's /.rue Xncs on 2 


I’m talking about 

bv B. A. YOUNG 

Francis TonTelty and Den Herdcrson in • Strangers * 

The Dolphin Theatre has done 
well to give us ihc whole of the 
Wesker Trilogy in sequence, for 
among other things it shows us 
that this last play of the three is 
a better piece than it has some- 
times seemed. I'm Talking about 
Jerusalem is Arnold Wesker's 
first shot at creating an ideal 
Socialist community, and here 
he keeps bis feel on the ground. 
When he tried sumething more 
ambitious in Their Very Own 
and Golden Oily, substituting an 
entire utwn f or a hand-made fur- 
niture workshop, he wrote non- 
sense. I'm Talking about Jeru- 
salem is very sound sense; and 
because it is practical and truth- 
ful. it ends in failure. 

Dave Simmonds. whom we 
met earlier as the man who 
fought in the Spanish civil war. 
has decided aficr s-erving in the 
RAF lo set up as a small crafts- 
man in a remote Norfolk cot- 
tage. (Mr. Wesker's characters 
have astonishing good luck at 
finding cottages: in The Four 
Seasons they find one empty and 
furnished.) The story is a 
simple one. It consists only of 
showing one by one the 
arguments against Dave's 

The famil;. . Jewish Fast 
Enders. believe vho country to be 
fatal in itself. Libby Dobson. 
Dave's mucker in the RAF. has 
deserted Socialism and. his 

cynical way. mocks Dave and his 
wiTe fur out going into business 
properly. (Mr. Wesker makes 
Dobson so bestially unchar nun g 
that it is clear that (his argument 
i.s peculiarly repellent to hn») 

Colonel Dewhursl. for whom 
Dave works as a carpenter, sacks 
hint when he takes some old 
lino without asking fur it. and 
reveals Dave's weakness for the 
loose morals of the city factory. 
Young Sammy, taken on as .in 
assistant in the workshop, leave* 
to make money faster in the air 
of dark-roomed towns ito quote 
Daves favourite song). And 

finally. Dave's brother-in-law that 
same" Ronnie Kahn who bolted 
from Bcatie Bryant in Roots-. 
burst* into a ch-jractct»*tic 
melancholy 3t the defeat of what 
he recognises belatedly as a 
splendid vision. 

It is nnj a very exciting plav. 
more of an evening's dehau-: mu 
there is a lot in it to think ahum. 
Anthony Cornish's production is 
so-so; I did not feel anything 
very Jewish about any of the 
Kahns except Momma Sarah 
t Barbara Young) and the turn 
aunts why make a fleeting 
appearance in the secmid act. 
Jonathan Blake and Adrienne 
Posta play Dave and hi.* wife 
Ada. There :s a useful by 
Bernard Culshaw -howins the 
inside and the uutside of a rustic 
cot (aeo in astonishingly sourj 

instead or tir*t. that newr bulle- 
tin Wo ii hi have been a Vcty 
different ketile «f fish. 

The trouble is that with the 

! also decided that the pill-popping summer break, then (judging h ,. jt ; , v . „ 

from the entrails) ihc run-un to M-n«oisi u i *t no. .o ne 
an election and then the dec- irriiaicd eventual:, o.. .he -hver 

Vile generation* 
and never 

’.inrking in»!'J'.* :• • 
huivever nH' ic.-t 
may be iwhicii i: 
taught hiftlm" 
fragmentary -i.« 

i-uiUet*. and 
^ ? Si*.- -tury 
-. f./r anyone 
ae i'ciiil:ar!y 
hi Engiisii 

St. John’s, Smith Square 

of the Scot was the most signifi- 
cant evpnt in the world. That was 

cant event in the world. That was "" ....t -- -- -- - 

[even more dispiriting because vie }. ,tm l J •-eem.-, highlv un- • . t • ( , " 

I have come to rely upon the BBC’s likely lhal attempts at any new ■ ■ outdoor’, 
cernnrt riunnci in nrovide a regular MCA programme* will be ou, ®° “ v . , . 

dun i>f cream for him u'ntghD 
v. hen Stonehenge w.i* new. Yes. 
itciore ihc KJizit Meo the 

D-wponil under Chanctonburv 
Kino." And 1 have ;* strong 
feeling that in putting a!! the 
part-: together. Peter Jones has 
produced a classic. 

Another established series and 
one thai continue* through thick 
and thin and World Cups is 
'.! A S.H. which still raises more 
laughs per minute than any other 
r-cries (including Rliocio i. How- 
ever it i< becoming dangerously 
sen it mental: not only is ihc once 
randy Radar being turned into 
a goody-gundy choirboy type, hut 

1 rt\ctin”n^H-.hJA W rronrRBr , 7'K hVit triviality and chauvinism quite television. I .oii-J ’V-ijics of there i? a tendency to leave 

■ nnwppful'^immir^has U lhat*aftcr indistinguishable from that nr hngfnnd end- i.,:!igl:i wah Pro- j.r.ker-v.ovk mottoes hanging in 

! Avi-sricw comes oft h^ir ^or Uw new# on both other channels. Tcssor W. «., looking at the jir. Thus a recent episode 

ts usinl f If mvsti “vine ) "summed However, we Have meandered Me places h-, he*?: h»* ended with Hawlreytr asking the 

break"^ on June will never rath ^ r r:ir rrom ,h ‘‘ Pariieular ho,1,e *^' n r ' r L ' ,,T * r ■ ,r,<1 .' 10 elderly C.«:>. wmch of the three 

reaooear JVfflrsdn'ti is he onlv disease afflicting lelcvhion with surrounding D.-v.o country side, wars ho served in was worst and 

d or oe r anuneon British ?ele- which this article started, ll \*. H,s hr ,c » l ^K'l'cciaiiun of the t he C.U. muttering “ All of them, 

daily programme^ ismtsn teie - al Barton is _ sr , n . all of them." War is still 

Alfred Brendel 


second channel to provide a . v 

reserve or rclalivc sanity what- po^le liefo re early November, 
ev’er absurd frenzies the other a pd equally unlikely that 
two channels may drive one l ,|ntt * nt ‘ w I’aDern 
another into. 

But there are some disturbing 
wind blowing 

an mninie/Y ^un 1 , 4 

- suffer* from .1 brand 

Even so. it than ont 

cum- hundredth :•< irritating a- a 0-0 
new pattern cmitd lie draw betive->n N'nrway and 
properly tried out and e*tab- Morocco pla> |, ,i r,ui there »«n the 
[isheU before next April. Mean- park that we iim learned to call 
I straws in the wind blowing whilt? ^srlnji marche* inwards Cordoba. _. 

ihroir-h this reserve Not nnlv is * ,n unllmely grave, and Afiia The beat ■•''u-' "t .my .* <rt 
i through reseiwc., wot nnty i^s fJn „ suffcrs from a i, ran ,i fl f currently ...i Briti-n 

BBC2 news virtually in 

“ Gloria Grahwne 

LcvnarC' Burt 

• ‘v‘V -*' r? 

Acfron Space 

■- V'-" 


- TtiS 

it * 



-ft 3 * 

ic^« cr- 

r i3 

Part-time Work 

:;-by’ B. A. Y 0 tj N G 

.^Db you do French ? " the Steyi’s bead as he sits quietly at 
anonymous .callers always ask the sUpper-table, his ill-sot 
the ,16-year-old . Steve on the tenner safely in his pocket, then 
telephone. -Steve, whose father veers, to the irrelevant question 
is. a- - £9,000-a-year businessman of whether or not .fane has ever 
and-. a" L conscientious Liberal suspected Philip of suppressed 
voter,' pn5 whose - mother is a . homosexuality. 
smaU-i^ liberal -child psycho- So the only important point 
iosist, does French and German, raised is whether “sex offenders" 
brn iibes not habitually do relief should, be understood or 
massage, which the callers punished, and as this is skated 
Want i -The' number -pn a little over in a couple of minutes there 
’ caid * outside' - a • Netting Hill isn't much to be extracted from 
stationers’ stibp has the tele- the play. If Steve were not such 
phone number' badly. ' written/ a pleasantly unambitious boy 
Most of the calls- are intercepted (when asked by the one chent 
by -Steve's . dim and boring we aie allowed to see if he 
parent&i&il one^day.Steye pIcks “does. French." . he whips out 
one up. - and ; having inquired Racine *■ Iphioeme and reads it 
what the fee is,: sets .out -lor his. to. him) we could be sure that 
part-time work- be would take up relief massage 
■Tfie morality of this venture'; in a big way, having found out 
is not what John -Bowen is that it causes him trouble, 
concerned with in this thin little , b^gs in quiclc profits, and is not 
Dlav' Tfihat -worries him is that. to be punished by. his pa renta, 
Phmp.^^Xr^eans; to but I doubt if thia is Mr. Bowen s 

go to tfte. Tollee. wl^e 3nd Jljc .hacl 

Steve's mother, thinks this would' browning play the parents, 
itself be immoral;. Their con- Adrian Hall plays Steve. The 
versation, . .’carried on -over director is AJaric Cotter. 

Old Vicr ^ 

The The 

. * *. .. f * ;Vr • 

Lover and the jPoet 


For someone as “mad, bad and imporunt aspects of his life—his 
dangerous . to- fcabw”' ••as-: 3uOPd. political views and bis relation- 
ByrDn this : eventne'ioMdji .'<om^ Bbips: with’' bis publishers and 
pany is. curiously- O lher poets— -were largely passed 

and revereniral moofi ls set from .. .. ?■- . 
the Stan as the- quartet of airtore ' 

troop on -stager. -with, their '.fi{^V...vne . 

tucked under tiifeif 'arms like -so jn fact the madness, badness and 

j.-.-- tj- the counterpoint waa strongly 

d«ade of bis life. His remmi- p 0inte ^ but the tempi were 

slow-demonstrably tuu slow in 
SSV./ fll F incJwJe the unique ^ MiTlue( and Allemandc. 
aewunt. of a Mass at Monserrat ycpes played lhtf icn-stnng 

during which a Haydn symphony g U j tar he claims as bis own 

S". «H2» invention. lbou e h he did in- 

the start as tne.quartet or= amors » D - C ii? «? clude a picce wr,lll?n fur such 

troop on -stages -wMJj... their scandal. _ the cootrave y, great detail by Brian Jeffrey in an j nstrun , cnt | JV Fcrdinandu 

1 _ . .. . i.n.A nn im f'ho mo/ln6ec Jim h is -flu » hrtfilr FmtnniLri So r. 

map y tiax. .to specters.- ; They- are. danger^ w er^ played very .« 
joined hy . a . sojpbre.'irid' bf. wc ^' And' tbe music and nu- r .. , 
musician^ and ^tbe-i«^on T^^;/jnent,:^e'rfortijea to dubious me/o-, ; 

Byron’s life is ,dies; should- have sparkled more;' 

with DercKJacow But for aiiyoae who wants a' 

title role- without of_ a ^Uised.vncpsy, ^'fining fio to the 

iLbW WVl^pn the rfeht evening^ ot we numa n spiru. rune ik 0 heavv wephi nf sonorous 

f/atUhe women iniliepbet’slile . an°ln terlainment he to ° DDS !^ V ® a . word harmonics which lingered afler 

while Julian trover : snd Harptd . The which to describe Sors com- every chord both combined^ to 


van is. pi— - - .. ,, 
have sparkles'. if- t^e <Itt 

Sad been. '««arper,-. thd -- 

action . between; speaker? ^ore 
ping-pong, ^the ^ . music, - • 
imaginative. - AS it was. it was 

Byron VdeaS at Mis-. 

■tissinasis s”fiBSS 

poeas'.'hnt there were.too tew 
fftSfm. and-tob much gwr jgj-- 
car: detail add tedious -MW™®®, 

lajry - ii .nbver became clear why. 
JByron Md .to leave England and 

•» .inn ip iipm ni-iv take ud most in non curnei- auicii na» 
ofilienrncramnie ?fiti P s .'on- remained uninfeuU-d by ihc con- 
sidered important enough, a* was ,!l ®! r J n i. -—..r ’P c *!,v c 
Michael Chariton's interview with pro^um m.-. »nd 

' The repeats nf r.nier Jeni ins's 

Michael Chariton's interview . nit . nnc 

Morarji Desai on Thursday, for few mw unCh - 

STarwss c-as. h? s,.£rS ! :r^ .use 

b. .y.«»r . -pbto ,«* SSimKi 

find all 12 of m- :;uk* (ihi: series >i livc needs In be seen of the 
and the pr< v:>, , i- o-.c > in the crime serie*— -Siroupera 

paperback ic-i n f:.!»-her| !»«• ihc rnmi (.'■•anada— being 

BBC. One Lmjl.nrl <urv. hut the fir*i episufie lonked 

But whii>- i»’- j? iu con- like G'tnnster.s running * lowly in 
lain pract | i.:i[|;. every word he reverse: start ins with the man- 
has said on screen, as we! I a.« datnry ear chase through a 
many good phutograph*, it is at multi-storey cur park (complete 
hc*i unly a reminder of the with scattered garbage i it 

_-_il.. E,ll»Wl lav MCVIS ill UU|<iuin ...r.v . -<■ uu>> a ■ iiu. i «i niv » 1 1 1| M-IUVIUU ■■ 

Goes Home — have used their gl-ries of the nrogrammes them- ended with the scent? in the gay 

.552* T %' Bn LZ r T^ rations of film to striking effect, selves. No book can becin to nieht club cum brothel cum 

witi, wild Elliot was credited as writer a* reproduce rhe marvellously gambling den. Don Henderson 

°i5 aS I^2 B W «« well as director which is imprer- rnunded experience provided by wore gloves throughout just as 
*SHSm ** Sive since the words had. a fee. Nat Crosby's magnificent film he did (surely?) in his last 

to ir L Act 6 cSn i n Tt of verisunilitude smacking of pariicularly thar shot from heii- crime series. 

„ “kSHLj real documentary. But it was the copter*, the music by Gerald He should be careful: soine- 
cutting from man and face to Frnzi. John Ireland md other*, rmt? might get the wrong rde3 

shi P and sea ;,nd dock - P ut1in 3 and aho'-e all of v-oiiru- the pro- an d send him nu; to keep goal 

iveinstuiy. toe answer i.inji lhe roan jn h | s context and bring- fe.’sor's uvn inimitable presence, in ihe ^eeihing South American 

rt nnn m J;i? inc lhat «°ni«u home to the i have a powerful feeling that cauldron that we have learned 

the BBL will nave nothin*, m vievv . er which was so telling. Husk in-' friends use.i ti»“.sel Ins to call Mendoza. 

Monday's EEC Lunchtime 
Recital was largely taken up by 
Schubert's expan-dve A major 
Sonata D 959, though the pieces 
Brendel chose to preface it and 
to make an encore were not 
negligible. The latter was a little 
Hungarian Melody of Schubert's, 
with a morosely insistent rhythm 
underpinning its plangent tune: 
Brendel characterised it with 
obvious affection. As for Ihe B 
minor Adagio by Mozart which 
began the recital, it breathed 
calm tragedy. The simplicity of 
the writing belies the depth and 
power of the piece, and pianists 
are orten templed into cver- 
dramatising it: Brendel kept it 
rock-steady, with only two nr 
three touches of deliberate point- 
ing. and the result was monu- 
mentally elegiac. 

One half expected the same 
stern tenderness in the Schubert 
Sonata, bui BrcnrH offered 
something quite different. The 
opening statement was flung out 
urgently and freely, and then the 
trickling quaver descent ushered 

the music iatu a realm of faery 
explorations, full of half-light* 
and unexpected turns: almost 
picaresque fantasy. After the 
disconsolate main tune of ihe its impassioned 
middle section had a matching 
unworldly intensity, several 
degrees ’ removed from mere 

There was no sting in the 
Scherzo, hut only playful ghiier 
and ingratiating humour. After 
that, fragile poignancy such as 
Walter Klien found in the Rondo 
a few weeks ago would not have 
been in place. Brendel invested 
it with broad warmth at a very 
relaxed Allegretto, an “ Ende 
vmn Lied " to conclude the 
imaginative excursions. The 
echo of the Allegro theme in the 
final bars was discreetly just 
that, not a firm official reminder. - 
Altogether this was a perform-, 
oner as rewarding and lyrical 
as the continuing Schubert cele- 
brations are likely in bring us. 
ll can he heard on Radio 3 (VHF 
only) this Saturday at 1.10 P-tn. 

51*457 bad an> " i " h " c " 11 ’- 1 ’ anal " f 

“iSa!y« 1 U nd.,“t,ni that fur ' ^"1., 

some time now Dick Francs. SJ™ *»n to,? 

clfrrenr 10 Vai^ ea (NCA )" nancy which videotape would be 
h2?T, wfrh !hn powerk-ss to convex ; a fact whi.-h 

i. HfnJrtipnl ?n« h ee™!5 * as Particularly striking on the- 
various departments concemeu d f watching Part 6 of 
the Idea of creating not greater * De ., a - ( - roin . on B rc'‘ 
similarity but a sharper contrast Ih * 
between. BBCl's news and cur- 4 T j! e atmosphere nf this all- 
rent affairs and BBC2's; possibly studio all-tape slnr.\ oF thv. 
the kind of contrast that one Plaotagenets is becoming very 
finds between news on Radio 2 close and sniffy: one longs for 
and on Radio 3. In other words the wonderful Jane Lapotaire 
the idea is to make NCA od and her brood to get out of the 
BBC2 more Serious. dark cramped cellars in which 

ft is acknowledged that the they seem lo mtr.uue. fight and 

difference in substance might not J} ave lhe ' r ?, nU J? JlTiUntii™„oS 
lie very great, but then a modi* fj>r a mad filmed gallop through 
fled style and approach could the rnuntryside if only for 30 
'make a huge difference : ir the seconds. 

item on the doped fooibal/er had However much one svmpn- 
been shortened, and placed last ibises with the difficulties of 

Festival Hall 

Narciso Yepes 


; 'Narciso Yepcs visited the recently been accused uf “ enni- 
. Festival Hall on Monday for his pu»ins by numbers'' — Si»r 
duly - recital this season in sounds as if he umnpnsrd wiib 
London . He devoted the second rA .n U | ar pcrmuiaiiotts of no more 

T f^rior:°£ e bi“m- ^ twumwnumbenk 

^dor?^erlin S W?rsaw Moscow hls reserved approuch subdued 
and - St. .Petersburg before Cil.ii.,.; Ufa!!.' C mMi.., Cni«n! 

Ans Council anthology of Short Stories 

The Arts Council's annua! lion with Hutchinson and with 
anthology of short stores, A w the Pea Club. Ovt of more than 
stories 3, is now available 60 ? f° nes submitted. 29 were 
(hardback: £4.95. paperback: SpSbl^hed. PreV, ° US ' y 

£3 - 25) - The anthology has been edited 

After the favourable recep- by Ronald Harwood, and Francis 
tion given to the two previous King. Among the more estab- 
short story anthologies the Arts iished authors represented are 
Council has published its third Robert FumivaL Giles Gordon 
volume of the s<w:es in conjunc- and Laurem-e Lerner. 

settling in Paris for the last 

Silvius WeiSa' E major Suite: 

his fine book Fenuirulo Sot. c>rullI 
. ww « Gdtopoaer and Guitanst (from fee , lha , ltw ^ xtrj resonance of 
move43^f Preachers Louit. four added strings increased 

rnelo-f^ ”, PP-' EC1M 6AS). effectiveness of his Bach 

: J, have to confess, however, arrangements or his 16ih-centurv 
in comparison with Sor s py v - a n s by Lui* Milan: the over- 

every chord both combined to 
„ technique; this year’s detract from the sprighilj 
other centenarian, Vivaldi, has ciarity of the music. 


Jane posing 

Philharmonia’s young soloists 

5!JSS bSVlaSSS Davis, whose Aimard, making his London Hall debut this will he. 

,£2. the orches-' debut. Also, included in the pro- The programme will he com- 

^fwa^H^hiiehted recentlv when gramme will be Schubert’s Sym- pletcd with the Berlioz uvei- 
? a 5S5 in at short notice fox phony No. 3, Messiaen's Oiseau* ture to Beatrix and Renafi i-i. 
5- e 1 %Sj!J a . • Sxatiques and Ravel's 2nd Daph- and the Philhannonia will end its 

are remarkable nia and Chloe Suite. first season under ii* regained 

r— . o her things, the Oh July 13 the soloists in name with an appropriate 
soloists. ' - Strauss’s Don Quixote will be flourish in Beethoven’s Bruin: 

y °Oa July ; * * K “ 

lists. ‘ ' - Strauss’s Don Quixote will be itounsn in 

the" soloist in C*ab» Ardelyi (lor the last lour Symphony. 

vii^ up to its reputation 

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Telegrams: Flnanlimo, London PS4. Telex; 88S341/2, 883S97 
Telephone: 01-248 S000 

Wednesday June 14 1978 

WHEN the first direct elections 
to the European Parliament are 
finally held 12 months from now. 
it is important that they should 
he a success. It would be unfor- 
tunate if the new Parliament's 
credentials were to be open to 
doubt as a result of public 
apathy reflected in a low turn- 
out at the polls. Candidates in 
the European elections will 
have a double task. In the first 
place, as in national elections, 
they will of course have to per- 
suade the voters to elect them 
in preference to their 
opponents. In the second, how- 
ever. they will also have to ex- 
plain what the European 
Parliament is and the reasons 
why it should be taken seriously 
— whether they are pro- or anti- 

recently been drawn by Mr. 
Frank Allaun, a left-wing mem- 
ber of the Labour Party's 
National Executive Committee 
He makes the perfectly reason- 
able point that the dual mandate 
would be unworkable “ since an 
MP cannot represent one con- 
stituency of BOO ,000 people for 
the European Parliament and 
another of about 70,000 for tbe 
British one." Whether or not 
they share Mr. Allaun' s views, 
the Conservatives are likely to 
adopt a similar position when 
they come to decide on the dual 
mandate in the near future. 


This makes it all the more 
necessary that the candidates 
should be of a high calibre. The 
tendency under the present sys- 
tem of “indirect election" has 
been for national parties and 
parliaments in most of the nine 
member countries to nominate 
iheir more easily dispensable 
MPs to Strasbourg. There are, 
of course, honourable excep- 
tions. Nevertheless, the intro- 
duction of direct elections will 
have failed in at least part of 
its purpose if it does not 
enhance the dyuamism of the 
Parliaments members. 

Thar may not be the main 
intention of the Labour Party 
sub-committec which this week 
voted to ban MPs from simul- 
taneous membership of West- 
minster and the European Par- 
liament under the so-called 
“ dual mandate “ system. It 
is. nevertheless, a welcome 
decision. If the European Par- 
liament is to be a proper 
Parliament, it must be able to 
command the full-time loyalty 
of its members. The dual 
mandate already hampers the 
activities of the present Parlia- 
ment, which meets no more 
than one week a month. The 
directly elected Parliament will 
almost certainly meet more 
often in full session, quite 
apart from the time-consuming 
business of committee meetings 
and travel between the Parlia- 
ment's three centres — Stras- 
bourg. Luxembourg and 

It would be almost physically 
impossible lor a directly elected 
MP to do a su°d joh in both the 
European and his national Par- 
liament. There is also a political 
problem to which attention has 

Concern for the effectiveness 
of the European Parliament is 
not. of course, the main motive 
behind such thinking. Both of 
the major parties' minds have 
been focused on the issue by 
the imminence of a general elec- 
tion in Britain and the possible 
consequences of the dual man- 
date for their post-electoral 
fortunes at Westminster. The 
thought of snap votes in the 
Commons with up to 81 MPs 
away in Strasbourg, particu- 
larly if the election produced a 
hung Parliament, is a Whip's 
nightmare. But the prospect of 
a string of by-elections next 
June as sitting MPs defected to 
Europe is of equal concern. 
That option would also be ruled 
out by the Labour Party sub- 
committee's decision, which is 
expected to be endorsed by the 
National Executive Committee 
later this month. 


If. however, there is to be no 
dual mandate, the issue of the 
European MPs' salaries becomes 
if anything even more delicate. 
There will be great resentment 
at Westminster if the Euro- 
pean members are paid the huge 
(in British terms) sums earned 
by some of their continents] 
colleagues. There will also be 
an outcry if they do not pay 
British income tax. The best 
answer is probably along the 
lines of the scheme currently 
under study in the Community 
which would provide the same 
basic salary for European MPs 
from all nine countries. There 
would then be additional, vari- 
able allowances to account for 
expenses and differences in 
national earnings rates. It is 
essential, however, that the pay 
should be high enough to attract 
talented politicians to the Euro- 
pean Parliament If that, in 
turn, led to pressure for an in- 
crease in British MPs' salaries, 
it would be no bad thing. 



New approach to 
London’s roads 

OF THE various factors that 
have contributed to the decline 
in industrial employment in 
London, the poor quality of the 
capital’s road system may not 
have been the most important 
but its influence has certainly 
nut been negligible. So it is 
welcome to find the Greater 
London Council fulfilling its 
role as strategic planning 
authority, saying that more 
must be done to remedy the 
most urgent deficiencies. 


It is a pity that the need was 
not recognised earlier, for 
urban road building pro- 
grammes have been the victims 
of particularly sharp swings in 
political fashion. In tbe first 
flush of enthusiasm for Pro- 
fessor Buchanan’s ideas about 
transport and land use planning 
in the 1960s, a Labour-con- 
trolled GLC proposed an im- 
proved Lundon road network 
based upon three concentric 
motorway rings. In principle, 
There was a lot to be said for 
the Buchanan concept of traffic 
corridors and environmental 
areas. But the economic cost 
was likely to be high, and the 
political and social reper- 
cussions were considerable. 

Public and private developers 
in Victorian times may have 
been able to get away with 
grandiose schemes for new 
roads and urban redevelop- 
ment. But, in an aye of popular 
demucraey, changes in public 
attitudes can encourage poli- 
ticians to believe that votes are 
to be won by building roads in 
one year and by coming out 
against road building in another 
year. As a result, not only have 
the plans Tor motorway boxes 
been killed off and the routes 
nn longer preserved, but Lon- 
don’s road building budget has 
been cut to the barest minimum. 

The scale of the cutbacks 
means that it will be some time 
before the new' programme can 
be moved into gear. The GLC 
envisages expenditure rising 
from £66m in the last five years 
to £15dm in the next five years 
and then reaching £280m and 
£420m in the two following 
quinqenjiia, with piecemeal 

improvement rather than new 
motorways being the keynote. 
Tbe national radial routes out- 
side London have been modern- 
ised but the M25 orbital route 
around the capital is still the 
best part of a decade a way from 
completion. So road freight 
traffic from the Channel ports 
and the rest of the country will 
still have to claw its way 
through Londons inadequate 
road systems for many years 
yet Nor is there yet any assur- 
ance that the GLC's new pro- 
gramme will be sustained. 

Nevertheless, the GLC's new 
programme is a start. Together 
with the other measures now 
being taken to arrest the decay 
of inner urban areas, it might 
help to slow down the further 
loss of Job opportunities. The 
chances of winning back jobs 
that have already been lost are 
mucb more doubtful, however. 
The office development permit 
system which, together with 
rising rate calls and above- 
average labour costs, has been 
one of the main causes of 
London's high office operating 
costs may eventually go. But the 
Government has resolutely set 
its face against disturbing the 
present pattern of inter- 
regional priorities for industrial 

cision to risk a major 
investment in micro- 
electronics stems partly from 
the fear of a new industrial 
revolution which could funda- 
mentally alter the relationship 
between capital and jobs. 

Few now doubt that the 
integrated circuits pouring off 
the production lines in Japan 
and the U.S. at the rate of $4ba 
worth a year will wreak a series 
of unpredictable changes 
throughout industry and society. 

The rate of change is argu- 
able. but it is already clear 
that the new integrated circuit 
technology will bring an 
enormous increase in automa- 
tion, industrial robots, and com- 
puter control. Even the slightly 
sinister phrase “artificial 
intelligence" is now beginning 
to have practical industrial 

In Japan, plans for a com- 
plete machine tool factory run 
entirely by robots and compu- 
ters are already well advanced. 
The only humans involved 
would be in supervisory jobs, 
because even routine mainten- 
ance would be carried out by 
machines. Such factories would 
eliminate the jobs not merely 
of manual workers but of the 
complete spectrum of skilled 

Because of the huge capital 
costs, such completely auto- 
mated factories may be slow to 
develop. However, the replace- 
ment of jobs by machines has 
already happened to a startling 
extent in some factories. In 
Southern Italy, for example, a 
computer system has been 
developed to run a refrigerated 
warehouse for 11,000 tonnes of 
ice cream. Only two operators 
are needed to work a system 
which can handle 100 pallets an 
hour for 15 hours a day and 
is capable of rotating the stock 
completely automatically. 

Even in the mechanical 
assembly of small machines the 
developments of so called artifi- 
cial intelligence are likely to 
have an increasing impact. 
Mechanical arms are being 
linked by computer to a tele- 
vision type of camera which can 
“see" the work being assembled. 
International Business Mach- 
ines, for example, has completed 
a four and a half year develop- 
ment of its “mechanical 
assembler project" which can 
put together eight parts of a 
typewriter in 45 seconds and is 
applicable to a wide range of 
similar industries. 

Such examples abound. In 
Japan for example, it is estim- 
ated that some 70.000 industrial 
robots are currently in service, 
about a third of them in the 
motor car industry. They under- 
take quite complicated tasks 
like welding, machining and in- 
creasingly the assembly of mech- 
anical parts. 

Even in the UK which is 
relatively a laggard in this type 
of Investment, computer control 

of metalworking machinery and 
the automatic insertion of elec- 
tronic components are becoming 
increasingly commonplace. 

The integrated circuit tech- 
nology which makes these 
developments possible un- 
doubtedly has an element of 
black magic about it Even en- 
gineers are often uncertain 
about how it works. Many 
people, including trade union 
leaders, are beginning to fear 
it and to the majority' of ordin- 
ary people the most factual 
descriptions sound incredible. 
At present circuits with up to 
100,000 transistors can be etched 
onto a single slice of silicon less 
than the size of a postage stamp. 
By the middle of the J9S0s it is 
expected that 5m to loin com- 
ponents will be etched on a 
single chip. 

This increase in complexity 
wilt moreover be accompanied 
by a continuing fall in unit 
costs and an improvement in 
almost all aspects of the circuits' 
performance. The lowering of 
costs and increase in perform- 
ance is, indeed, directly related 
to the reduction in sire. 

It is now commonplace to 
compare tbe influence of this 
new technology to that of the 
development of steam power in 
the late 19th century. Yet it is 

cells per chip is still at an early The Government's decision to. 
stage. back such a speculative project ^ 

It may not therefore be too must therefore owe a' great deal 
late for a European government to its anxiety about the general . 
to make a determined entry strategic implications of micro* ; 
into this new technology, electronics for the rest’. Of . 
although the risk is high and industry. If semi-conductors .are r ’- 
the amount of money required going to reduce employmentiin. 
could be measured in hundreds the UK, it is. argued? at least / 

of millions of pounds over a' tbe UK must have a stake in 

period of five years or so. The the technology which will, effect , 
British Government now appears the change. J.' T u 

ready to spend around £100m, j$ u t ffjg application . oL. 
partly through support to com- computers .and micro-electronics, 
panies already in the field and industrial automation neces- • 
partly by setting up a new semi- sari]y i ea( j to a y oss 0 f jobs? ;: 

conductor subsidiary of the ■n 1 j S a major uncertainty 

National Enterprise Board in facing most of the industrialised 
co-operation with a group of na tj 0nS| particularly in Europe; 
American and expatriate British gQjjjg economists argue that the 
technologists. electronics revolution will result 

The uncertainty of this ven- oniy ^ U p of the, 

ture can be judged from the process 0 f automation which has 
fact that the Enterprise Board keen with us for 100 years. Mr. 
is currently talking about an Sim0 n Petch| deputy sectary 
investment of £20m to £30m. ^ Engineers and Managers 

Some of its advisors talk about Association, for example, says 

£50m and competitore like ^ new developments cm -he 

Philips and ITT believe an ^ something qualita^ 

investment of £300m to £5 00m different in kind from 

is necessary. Moreover, the anything else that the economy 

jKXatn the Robert with Mr. Anthony Rdcbelt^ _ 
Quasar Industries, who is demonstrating its “ servant 
cap a bilities.' 

TDK However, the widely- 


prtmmiR«dQDBa 'htr iKferiMiaV:-.' r 

Enterprise Board has been talk- ^ Mto tealwlth butiSS dispersed relationship 
tension of some of the investment and eg 

ing to the Government about the ^ ^ extension 


a-. :about 30-percent of ^ , j. r *«i 

over some £ 20.000 in sales per '“I • ' tion. . ' --force cver.thb next; teu;y<Sar&;:i..jnP jiltl ■* 

employee, the Enterprise In a similar vein, a c onfide n- relationship must, inevit- In the- Mri " 

rial analysis by a senior former ^ complicated, for even in-dfAgapayeff,, cbainnan-of C^v A *r 
Treasury economist points out ^£ 5 ^ where investment puter Analysts;- afi£p 
thar historical evidence leads to ^reduce employment (tele- mens, one of thenwclffiis.leadffi^- 
the conclusion that investment communications is an example), micro-cbmput^. - 

in automation is linked to an create more jobs by panies,' believes : an: .requaMy^: : 



W. Germany 


overall increase in employment ^ninj'up new market sectors severe redaction;ln job, .opftro^;* 

even though jobs in some Indus-, br’bv '"cycling profits into other tunities is possible. 
tries decline. He says: “In the 0/ iJimotriv. : that perhaps; lm-- ; jtibar ttil^be 

nr iMd Jim .Ir parts of the economy. that perhaps; -no. no* ^ . 

UK between 1860 and 1960 the ^ one reason why .it is lost in manufactory indus^^ - ; 

total population rose by over desirable for the UK to have a. by 1981 and anbtheef^y^ifi" in- ; - 

four fifths and share in such a highly-. capital. .commerce. In: addition,- he snfcy ; : ~ 

population nearly doubled. But intensive field as the production gests that around 3m peophT. V 
the rise in employment fully of mjcj-o^iectronics. Even if a will be faced, with* ^significant ' 
kept pace and, so far as com- ^ compan y in this field made change in their 3dl&“ ,r •••'•’ 
parable estimates can be made, no p rofiti t he support given' to Mr. d’Agapayeff . in cqpmkra 

the computer, control and auto- with Professor ' Christopher ; 
fell slightly. This nse in em- nation and .even the. offlre Freeman of the Science Policy 

ployment was accompanied by a equipment industries could be Research Unit at Sussex, Univei^: 

massive investment which ^ ■ 

resulted in a quadrupling of 

the caDital stock of the country/ 

enormous. . sity, .believes. . the!-^iuu^. can:. ':. m!p riif 

• only .be averted: by : n 11,1 1 




if a new 

nk ,„„ c , m equilibrium is eventually hearted acceptanc&.of ther. feinse-: 

da^mSsfbk treated vrith grSt reached between capital spend- queuces of mim^prooessors.^ i ^ 

ing and the creation of jobs, it other miniature electronics.^; 
SPS S is likely that a period- of severe ‘ Mr. *Agapaye* 

ShnSlojtiSl 1 Toffif ? upheaval will precede it in the fortenately ftwBrWeb.deqignto ■: 

d us try which is now taking re . rz ®- . , . . . and even, iewer^ of. their, mgn-j 

pj aCfc The mam reason is that it is agers appear to- read up wiitt • - 

Tint rtw. nnint remsin-r ^ we difficult to see any major their American contemporaries;. - 

JSUt me pOlut re * . ' in msnnfaKtiiHno A Jitinir'. n« wtnfi > ' - 

important to remember that 
micro-electronics is still in its in- 
fancy. After the invention of the 
transistor in 1947, it was not 
until the 1960s that techniques 
for connecting more than one 
transistor on a wafer became 
important. Simple micro-pro- 
cessors on a wafer started to 
appear at the beginning of this 
decade, but it is only in tbe 
last two years that the true 
micro-computer has . been 
developed. Similarly the devel- 
opment of high capacity semi- 
conductor memories with 64,000 

cannot possibly foresee the mass •“ dusli y j? Jhe numnfecturlng are . dtting .or to consider wgat >f-_ 
markets of the future anvmore sertorwhicb will be immnne they might be going to do ■' 

SS ^conomfcte T’th^SSS from the tw* £or ^ number He. add*: “There is a peculiar.. .... 

could predictor exam pie, the of ^ obs t0 Contract. Moreover British deficiency. , or. a form of 
current sales of television sets, ^ °® ce secretarial jobs intellectual snobbery which coik. ; . . 
calculators or hideed ti^market which have shown a steady in- centrates attention on deven^ 
Board s proposed subsidiary for industrial robots. / customised circmte at the ex- : 

would have to achieve sales of Any attempt to achieve a gen- pense of mass-produced market:- "■ 

some £80m a year. This is a era] overview of the relation- ™ opporfuniDes. ®ra» je haVe l. 

truly formidable, though not ship between investment in com- some very sophisticated radam > 

impossible, objective. machinery (with or without “ but end up importing even ' 

A rapid penetration of the electronic control) and the crea- gjkr filesystems wili all have more washing madupes and- 

U.S. market with a narrow range tion of jobs is complicated by 


of products including high den- the almost complete lack of Jn Germany, which has the Mr. . d’Agapayeff’S- - view, is 
sity memories will be neces- correlation between such invest- largest office population in West echoed by that, of Dr. • Alfr&f^. ;; 
sary; and this must be achieved ment and changes in manufac- Europe and the highest degree Prommer a vice-president of- j:.- 
a gainst fierce competition from turing employment. The of automation, a study by Siemens, who- told, a zecenT - - ■’ 
established companies like Intel, diagram shows in general that Siemens estimates that by 1990 se min a r on the impact of nricrov,.-; • 
Fairchild, Mostek and the large investment in Japan has about 40 per cent of present electronics on employment^ > 
Japanese which are already well been associated with a big office work could be carried out “The changes Will be dtamatic ■- 
on the way to developing the increase in employment while automatically. and adjustments will', cause.:;, 

next generation of products. the reverse is the case in the Similarly in France a recent severe problems. ^ ; 


In any case it is not only the 
controls on industrial develop- 
ment and London's high costs 
which have persuaded industrial 
firms to move elsewhere but the 
lack of physical space in which 
to expand and th e shortages of 
skilled labour. T t i s bard to see 
how these problems can be 
made good for they reflect the 
desire by employers and em- 
ployees alike to seek a better 
quality of life elsewhere. More 
sensitive planning policies may 
mean fewer small firms dis- 
appearing: and local initiatives, 
such as can be seen at Green- 
wich, may attract new ones. But 
London’s employment prospects 
mainly lie in trying to slow 
down the loss, or industrial jobs 
and encouraging more office and 
service activities. For both, a 
better road system will be 

about such major CD dealers 
as Salomon Brothers, Merrill 
Lynch and First Boston? I asked 
him. “They are actively con- 
The International CD Market sidering joining us, " he replied. 
Association is not a name on — ■ 

New chairman 
for quiet market 

everybody’s lips, but seeing that 

the London market in certifi- neaVy JUIVG 
cates of deposit totals no less Two tons n f coins and 15,000 
than $22bn its new chairman has one- cruzeiro notes spell 

obviously a fair measure of reve nge t or did so in Brazil 
clout David Potter of Credit ^ week _ g r p u j 0 Francisco, 
Suisse- White Weld, who is aged a sc hool owner, became in- 
34, toJd me that he had "grown cense( f when a local car deaier 
up" with the market since it refused to accept his cheque 
was "very small, a mere billion for the equivalent of $4,446 for 
dollars or two" in 1968. repairs. 

q Sl ?ou 4h h t aS s"o2 setting out as if he were the 
ably But it is only in the past standard bearer of all Branlian 
two years that the Association cheque writers, he “f 

itself has a°ain beeun to be- next daj with the coins, 
come reprwentative of the o£ lbern * 

major factors in the market. ^i er i?"* 

, - j h a d managed to count The 

Before then. Potter explained, equivalent of S13.84 — and 
the vast majority of its f ace( ] the prospect of 41 24-hour 
members, had been London s ^ a y s before finishing wading 

by Sir 
" Think 

Officially, yes— -unofficially, 
no ! " 

We will be unable to deliver 
a single machine in the first 

v«i iti0 Si!,«^ CO ?hP ••pthntf-" throush ^ tiny '-' oins - " We quarter"; that un deliverj- 
Now, however, ihe ethnic accept it with good grace." the problems has a Jong dialogue 

oroauer, ripalprc now sav i.ic’hino rnlle.r- 41ia fnAn-vinn n f thn DlnnK* 

geographic mix" is ' dealers now say. sighing collet*- bn the freezing of "the Black 

w!te increasing participation of tj V ely. •* It is obviously a joke. Sea and ore-loading difficulties 

the investment banks and more 
commercially-oriented banks. 

potter toid me that at first Comradely chat 

at Murmansk. 

That all does not always run 
smooth even between the best 
of comrades comes clear from 

the Association had enforced 

tight rules on its members. Edmund Dell and his eager 
Such roles had worried U.S. colleagues at the Department of m r. 
banks who feared they might be Trade might learn a thing or T.nrnnvim^n * S nc eal 
impeded from dealing with two from the new German- J ' *• . 

whomever they liked in what- Russian foreign trade phrase . J h *. ® h ”' 

ever paper they chose. They book which has found its way s s for further 

were also fearful of anything to our hands. The 206-page ; 

which smacked of restrictive book, which js to help East . . J “f 
practice. Other sources say there German negotiators, has an „ n y „ . 

was also a dispute over the example or two which would ^ further 

margins then normal in Britain hardly please our Ministers who n „ .. . 

which were relatively high are trying to persuade us our 1 * * f * 5 
compared with those in New prices will stay stable. we ' 0r at east ends Wlth lbe 

York. Petrov: “ I gather that your 

Our figures do not agree 

last year’s report 
Kenneth Berrili's 

Until recently, Britain has 
taken only a modest interest in 
most of France's former 
colonies in West Africa, many 
of which are of limited 
economic and strategic signi- 
ficance and still accord a privi- 
leged position to their ties with 
Paris. Such relations as existed 
between the UK and Gabon 
have been handled through our 
embassy in neighbouring 
Cameroun. But Gabon's recent 
emergence as a newly rich oil 
exporter has prompted some 
rethinking in Whitehall. Poli- 
tically, too, the country has 
acquired extra significance 
through its seat on the United 
Nations Security Council. 

The new embassy will have 
only two diplomats and be 
modelled after the “mini-mis- 
sions" which a number of smal- 
ler European countries have 
overseas. One question is 
whether such a post will be able 
to offer the consular services to 
which itinerant Britons have be- 
come accustomed. If it is a suc- 
cess, more mini-missions will 

The man chosen to become 
British Ambassador is 
Christopher Macrae. An able 41- 
year-old, be wili be looking at 
Africa with a fresh eye. An 
expert on Arab affairs, he has 
spent the past two years 
seconded to the European Com- 
mission in Brussels, where he 
has worked on the Euro-Arab 



SINCE 1841 

They've got nothing like this in Peru. Punch humorists 
have trained hard for 1 37 years to faring you the best of 
midsummer madness, live from newsagents 

toast translated “To the endur- 

Porterhad been chairman of price has been raised 12 per 0 ir V WOpies -f nendShip 

the Association's sub-committee cent Based on the competitive * ,e ^ 

concerned with broadening the offers we received we can only 

Association and for the past two agree to a price increase of mini 

years h3s been dismantling any- 6-9 per cent." rvj 9 mmi 

thing which, he says, might have Kramer. “ We have sounded It is not every day that Britain 
been seen as limiting freedom out the main commodity mar- establishes a completely new 
of the market. kels. . . . We can also show embassy, so tbe decision by the 

Recently Bankers' Trust Inter- you an offer from an Englisb Foreign Office to appoint our 
national, Kuhn Loeb Lehman company.” first ever ambassador to Gabon 

Brothers and A. G. Becker have The section un delivery dates is something of a diplomatic 
joined the Association. What has such standard phrases as milestone— especially in view of 

Old times’ sake 

My colleague B. R. Ackenhouse 
was wending his way along 
Kensington High Street yester- 
day when be came upon four 
people cheering a woman hard 
at work in the midst of a 
window display of vacuum 
cleaners. Her weapons ? A 
dustpan and brush. 



Star names to watch for this week include 



T ™ srs Wednesday- Tube* K 1975* 

®f Brazil: headache after the miracle 

> 1 ;- 


di * , ector - 

3ed by theft. 
'* 7nol ion j., 

V the ‘lasas 
,d sugseS 

ra ooe vriDi, 
of iheitiaw 
*a lea 

- Mr. ^ 
ir ®an of L 
atld Props 

Orta’s fob 
software R 
= an ^ 

' job op^ 
He suge 
r ‘ jobs *j])> 
ur>.n? iij dtraa 

^■•.laru ^ j- 


-'•• p i a i:yiiEc 

A' s ^4^N6 : j oj9<aent of the 
sUj^^a^Twy difficult to 
“■ future in this 
-either a step 
sv^ftoat power or-a step away 

:**£&*& ^ linea up- toe feel- 

ing'^ : >f«>Mtical and economic 
uiaife(ttey which has invaded 
BtaraSjWtlthe first time since 
tfte^a^-^izevl power by a 
last With the 
of the Brazil an 
ecomjtoic. imracle the Govern' 
nMSW-w.Geherai Ernesto Geisel 
past few weeks 
so ffisfefe; ; sndi a series of. 
i ?v£/s®‘ that many Brazilians, 
commutators, pohttcians and 
bngwassraen alike. are 
prophesying that a big shake up 
In. $9 largest Latin A m e ri can 
eooiJgsy cannot be long delayed, 
vr-cff^ nearly * decade ■ the 
•unwary ruled Brazil with little 
effective challenge to their will-. 
After : the ' epap- the- armed 
forces ftnd police moved quickly 
to sfifle political opposition, the 
old^asties were wound up, and 
fcwoT new artificial creations, 
Arena, a supposedly pro- 
miUtary . grouping, and the 
Brazilian - Democratic Move- 
ment, or MD5 a. closely con- 
trolled .. “ opposition M group, 
were! created _to maintain a 
somewhat empty semblance of 
continuing democracy in a 
carefully circumscribed Con- 
gress in Brasilia. 

per annum. For .once in its 
republican history the country 
appeared to be living up to its 
national motto, “ order and. pro- 
gress.” Loans and investments 
poured into Brazil Jrom the 
U.S., Europe, and Japan in a 
Breaker atmosphere of euphoria 
tiian ever generated by any 
developing country. Beads were 
cut across the jungle, floods of 
care issued from, the factories 
of Sao Paulo, the world’s fastest 
growing city, toe military 

bought Quantities of arms, and 

Brazil Hexed the muscles of 
its diplomatic . influence from 
Moscow and Brussels to 

.Pretoria and Santo Domingo. 

. The higher echelons , of 
Brazilian society enjoyed an 
undreamed of prosperity though 
very little of it trickled down 
to poorer Brazilians. Bnt with 
the oil crisis of 1973 the 

economic picture was suddenly 
altered for a country which 
retied on imports for more than 
three-quarters of its petroleum. 
The increased oil bill placed 
a considerable strain on the 
balance of payments, which, was 
only relieved by immense 
efforts to increase exports and 

take over, the country seems 
suddenly plunged into a fit of 
uncertainty which has been 
deepened at a popular but none 
the less important level by 
Brazil's undistinguished show- 
ing so far in the World Cup. 

In the economic field, lasc 
month saw a massive but strictly 
orderly revolt by tens of 
thousands of metal workers in 
Sao Paulo against the continuing 
erosion of their living standards. 
Inflation is moving towards 45 
or 50 per cent a year and wages 
remain controlled by Govern- 
ment decree. Companies like 
Chrysler, Pirelli. Philips, Volks- 
wagen and Mercedes, unused to 
demands from the workforce, 
were caught nearly as unaware 
as was the Government. 

I , gjn * > 



Eroded wages 

attract yet more foreign capital. 
But now growth levels have 
fallen dramatically and popular 
discontent is increasingly being 

, In 1974 General Geisel took 
over the presidency for i flve- 
year term pledging to nudge 
Brazil back towards democracy. 
“ Disiensao ” or political and 
social detente was his watch- 
word. Since then however the 
tide of concern has been lapping 
ever more insistently around the 
Planalto, the remote presi- 
dential palace in Brasilia as 
President Geisel has tried to 
cany out a very delicate 
political task. i ;V 

Now with President Gefsel’s 
term nearly complete and as his 
chosen successor, General Joao 
Baptista Figueiredo, prepare to 

Faltering threat 

Strikes . were virtually 
banned and - trade unions 
stripped of effective power 
while a faltering guerrilla 
threat was finally- crushed by 
the end. of- the ,1960s. 

The early 1970s saw-Brazil in 
the midst of a “ miracle ” with 
growth rates for a number of 
years in excess of 10 per cent 

Neither employers nor 
officials could dismiss the affair 
as political agitation because the 
strike leader, Sr. Luis Inacio 
da Silva, universally known as 
“ Lula.” was careful to keep 
radical students or Sao Paulo's 
fringe of communists and 
Trotskyites away from the 
stoppage. It was clear to all that 
the factory workers were not 
stopping work to do honour to 
Marx, Lenin, or anyone else, but 
because they were no longer 
prepared to tolerate a system in 
which real wages were con- 
stantly eroded by comparison 
with management salaries and 
company profits. 

Although the Government 
eventually had the stoppage 
officially declared illegal it was 
shown to be powerless in the 
face of the determination of the 
Sao Paulo workers. One by one 
the individual managements are 
now coming to agreements with 
their workers and offering 
between 10 and 20 per cent 
above the Government 
authorised increments. It is 


t vC-£| 


A cordial handshake from President Geisel for his chosen successor. General Figueiredo, 
bat tbc successor remains controversial even among the military. 

difficult to see how Government 
labour legislation will ever have 
its old authority again. At the 
same time Lula and his sup- 
porters have shown that a strike 
does not necessarily mean red 
terror in the streets. 

The second and political blow 
to the Government was also 
delivered from Sao Paulo. Just 
over a week ago delegates from 
the branches of the normally 
docile Arena from all over the 
state of Sao Paulo came 
together in the city* to choose 
their candidate for State 
Governor. General Geisel had 

indicated that he wanted Sr. 
Luudo Natel. a it experienced 
and utterly safe wtiiiiuan, to be 
ratified by the delegates. 
Instead, they cliuv- a colourful 
and highly controversial figure 
of Lebanese extraction. Sr. 
Paulo Salim Maluf. whose 
previous forays into politics and 
the world of finance were part 
of local folklore. 

Though a fire mysieriuitely 
broke out as the delegates’ voles 
were being counted Sr. Maluf 
was declared the winner by a 
small but incontrovertible 
majority. Tins time the 

Government was faced not with 
a revolt of that sector of the 
population which might 
naturally be expected to oppose 
its policies but by a strong body 
of dissidents v.-ithin the govern- 
ing party' in the most powerful 
and important state in the 

Brasilia now finds itself in an 
acute dilemma. “ Given Sr. 
AlaluTs controversial back- 
ground it is impossible for 
General Geisel to allow him to 
take over the Sao Paulo 
governorship. It is equally un- 
thinkable for him to disqualify 

a duly elected candidate," one 
local editor commented to me. 
The revolt of the Arena dele- 
gates is widely seen in Brazil as 
the clearest manifestation yet of 
popular weariness with a mili- 
tary Government whose 
paternalism has become all the 
more unacceptable as it is 
shown to be faltering, fallible 
and distant. 

General Geisel s problems are 
now made worse by unmistak- 
able signs of unrest within the 
armed forces. He has rarely 
consulted senior officers about 
major decisions, including the 
selection of General Figueiredo 
as next president. A number of 
middle ranking officers have in 
recent months been disciplined 
because of their public com- 
plaints about Government deci- 
sions. but that has evidently noi 
stilled military discontent. Some 
dissidents claim that they are in 
touch with one another daily by 
military radio throughout the 

But at army headquarters in 
Brasilia, familiarly known as 
Fort Apache. General Hugo 
Abreu. a senior officer close to 
General Geisel. is known to be 
extremely unhappy about the 
choice of a rough hewn cavalry 
officer like General Figueiredo. 
General Figuei redo's own re- 
marks have appeared at times 
singularly ill-judged. In a recent 
Press interview for instance he 
referred to the inhabitants of 
the cattle lauds of southern 
Brazil as ‘ gigolos for cows.” To 
add to General G nisei's head- 
aches, the powerful Catholic 
Church is pressing for a better 
distribution of wealth. President 
Carter's insistent pressure for 
more respect for human rights 
together with his opposition to 
Brazil's nuclear deal with Ger- 
many (or any other facility 
which could help give the 
Brazilian military a nuclear 
weapon; also weigh heavily on 

His only respite has been the 
inability of die opposition to 
agree on a candidate to oppose 
General Figueiredo in the presi- 
dential election to be held by 
the electoral college in Brasilia 
in November. 

The 11 DB, itself as hetero- 
genous a body as Arena. Is 
toying with two prospective 
candidates - . General Euler 
Bentes Monteiro. a retired offi- 
cer reputedly of nationalist 
sympathies and hostile to ex- 
cessive foreign control of ihc 
economy, and Senator Jose d? 
Magalhaes Pinto, 3 n ased but 
astute politician, formerly a pil- 
lar of Arena, 

Small share 

In the last instance, however, 
the question of personalities is 

second a ry. General Geisel is 
faced with a country of 1 lnm 
people who are showing clear 
signs of being tired with the 
military, and who want 10 lilt 
the economic and political 
balance away from the minori- 
ties that have so for enjoyed a 
disproportionate share of the 
newly generated wealth and in 
favour of that majority that has 
been getting by on a relatively 
small share of the cake. 

Since Brazil is the developing 
country with the largest out- 
standing foreign debt, currently 
estimated at around S35hn and 
where many western bank-; are 
very deeply commuted indeed, 
any marked change at direction 
wiil be of more than local in- 
terest. In the coming month-- 
the eyes of many of the world's 
international bankers will b« on 
General Geisel as he tries fo 
steer a course between handrne 
over power to bis political 
opponents — a thing he does 
not want to do — and putting 
them in prison — a thing no 
military government in Brazil 
dares attempt any more. 

*2 : .n toss' 

!r •: iesce pj| 

Letters to the Editor 

jiaiera m „ • ■ J* _ the letter were designed to persons] relationships which 

'-- 3 ** Jt ax OH llllllflllfg deceive the reader. ' r.. need to be handled, and the 
■Zxtf&tOB . .. . The figures I -quoted ip my ambiance of individuals who 

iv-praceji’istt flip HaTlV letter (which Mr. • GiHiJaud constitute the social mix within 

; K.eiW'G, apparently accepts as correct) the company and its immediate 

>.1W * ****** SUSfiT 

Sir. — I have . been ■ most boroughs, lead to the conclusion In my experience as an erst- 

Br-.'.ih *si>K 
. r .> r nr 

organisers. No more— and prob- 
ably no less, but it ill behoves 
a managing director to assume 
guilt on behalf of his fellows, 
whether or not he accepts a share 
of the guilt for himself. 

B. A. Cole. 

•* Drake Wood," 

Devonshire A ve.. 

Amersham. Bucks. 


Balance of payments current 
account and oversea* trade 
figures (May). 

President Nicolas Ccausescu of 
Romania in Downing Street talks 
with Mr. James Collaghan. Prime 
Minister. This evening the Presi- 
dent is guest of honour at Cily 
of London (firmer, GuiidhalU 

Today’s Events 

rif? htalft t?ue .relief ©a the,, owy- v oider of 18 T»r cent for heMer- noticed ..that an awareness of rpi __ 

. atona ' -fitting .expense* ihe. nefeessanl 7; age \ services and 16 per- cent non-verbal cues and the inter- 1 . Uc nLHUUt-* 
..'.'l!/’, . M b ** fbe-cause-ef pucstiIng for, water supply:. ,Yet Mf- J33K- pretatiun \Qf the attitudes and 

•' tCT, ^er <^^.=r > :^' 4 ‘>rer)png wife laud quotes an- average increase motivation which they reveal. 

. .mbi arjjj mother, :. whb [■nocessarfty.^ yx per cent and ^ Thames both withiii the candidate and 

Bti' claim myself. 

laud quotes an- average increase motivation which they reveal. 

12 per cent and * Thames both withiii the candidate and 
Water ... publication ^.refers . to among tflbsfe with whom be will 
average increases oCtI per cent be most' closely involved, has a 
for sewerage services Mid 10 per marked^ effect on the proportion 
cent' ' for unmeasured water of successful placements. 

of unions 

Statement expectf-U at Euro- 
pean Parliament. Strasbourg, by 
Mr. Finn Olav Gundelach. EEC 
Agricultural and Fisheries Com- 
missioner. on outcome of fisheries 
policy lalks with Mr. John Silkin, 
UK Minister of Agricuhure. 

TUC economic committee 


Ray International. 
Burlington Street. WI. 

tax.and national insnraftce before produced could be explained, 
r.r. it reaches ^heir hands. .Were I to Incidentally; ' in (rise it is TTnarrl rrinm 

V* v '! 'n.. tfc give ; up m'y ; hard-won career, thought that many householders DUdl u 1 UU 1 U 

1 ‘ three more people would he will he paying less for their ,, ■■ 

' , '1^. added to .the . register of: on- Thames Water services in 1978-< B, nOlinP^ 

* •" employer to become a charge on nuiy. I point out that for only . 

; :- 2 :s:'“ :au toe state and the useful con- very few households indeed will prom Mr. b. A. Cole 

csr^ trihution whlcfc I believe I am the. total charges have, been «. „r WiUiAwm (June 

*;.•« to just making .to .society . would be red uced. For aample, in the ^WeW-Bowen ^ (June 

.. . i *' doubly Hwt- - Boroughs of Enfield and Camden .2 i ®?ffi%? r 2g a S P Sibnls: 

&■ doubly lost - 

From the Chnirmnn, 

Advisory, Conciliation and 
Arbitration Service 

Sir, — May 1 make one brief 
point on Mr. Lyons' letter in your 
issue of June 9? 

In dealing with trade union 
recognition claims a distinction 
has to be made between situa- 
tions where only one union is 
making a claim and no other 
union is affected, and situation!? 
where a claim is being made by 
a union to enter an existing 
framework of negotiation^ 
embracing other unions. Mr. 
Lyons fails to make this distinc- 
tion. This is the crux of the 

OECD Ministerial Council two- 
day session opens. Pari-. 

GLC to consider plan to revital- 
ise London dockyards with the 
creation uf a 300-acre free trade 
zone for manufacturing exports. 

Inter-Governmental Maritime 
Consultative Organisation confer- 
ence of some 60 nations meet in 

London to discuss seamen's train- 
ing and certification. 

Further meeting: between Fire 
Brigades Union and employers. 

Fourth of seven fortnightly 
Indian gold auctions. 

Publication of report of expen- 
diture committee of National 
Land Fund. 

Second day of international 
conference in Brussels to talk on 
economic aid to Zaire. 

Sir Keith Joseph. Opposition 
Spokesman on Industry, is guest 
speaker at American Chamber of 
Commerce luncheon. Savoy Hotel, 
W.C 2. 1 pm. 

Lord Thomson of Fleet at Press 
Association members' annual 
luncheon. Savoy Hotel, Ipm. 

XALGO conference continues. 

Annual report of Sir David 
McNee. Commissioner. Metropoli- 
tan Police. 

House of Commons: Debate on 
Opposition mouou on the 

House of Lords: Internationally 
Protected Persons Bill, third read- 
ins. Wales Bill, committee sta^e. 
Rating (Disabled Persons) Bill, 
second reading. Local Govern- 
ment (Amendment) Bill, second 

Select Committees: Expenditure. 
Trade and Industry sub-com- 
mittee. Subject: Measures to pre- 
vent collisions and slrandings of 
noxious cargo carriers in waters 
around the UK. Witnesses: Oil 
Companies International Marine 
Forum. International Chamber of 

Shipping (10.30 am Room 16). 
Nationalised ' Industries. Sub- 
committee ‘‘B.” Subject: Future 
of the electricity supply indus- 
try. Witness: Mr. David Penhali- 
gon. MP (10A5 am Room S). 
Unopposed Private Bill Committee 

on Tamar Bridge B»)l i4 pm Room 
9). Expenditure. Social Sendees 
and Employ mem Sub-committee. 
Subject: Employment and Train- 
ing. Witnesses: Treasury. Depart- 
ment of Employment. Manpower 
Services Commission (4 pm Room 
15). Public Accountants'. Subject: 
Appropriation Accounts 197tw 1 . 
Witnesses: Department or En- 
vironment. Stationery Office (4 pm 
Room liij. Joint Committee on 
Consolidation etc.. V-ills. Further 
consideration of Statute Law 
(Repeals) Bill (Lords! (4.30 pm 
Room 4). Parliamentary Commis- 
sioner for Administration t Om- 
budsman 1 . Subject: Parliamen- 
tary Commissioner for Adminis- 
tration 1 Review of Access and 
Administration!. Witness: Sir 
Alan Marre. Commissioner for 
Local Administration in England 
(5 pm Room 7). 

Com pair (half yearj, Robert- 
sons Foods (full year). Westland 
Mrcroli (half-year). 

See Page 23. 

The R-range from Redifon 

s^ssu-srissr^ aftjBma jgara a- ■* 

and 1 pay to" “women seems tively for a reduction in charges k-IUj^-u ctam Ha nffWc nn 

f a** He weM a* » 

J. E. Mortimer. 

Cleiond House, Page Street, W 1. 

^aovr open tp.tofentis 



A, 2 t might be expected that, as 
Managing Director of an Execu- 
tive Search organisation, he 
would he aware of toe large 
number of board appointments 
which are now made using out- 





‘-i. r -' ' 1 " : 1 Maaagtog Director of an Execu- 


■ iiaMfl io J-anCFflZf (TP number of board appointments 

lallgudgc: Which are now made using out- 


.W^a^ i# Sir,-May-l t^«OTts an Honest tttsmpl to 

nqiylsg [ he.^a _aUtwablp expanse, f J^ne ^ ^ 0 f vital managers from within com- 

Jacdoelme.^toy-.-:.-. . ... .fumfemeptaDPOiuts ot p^t^. Why does Mr. Wcbb- 

SfnSgO: ***** that toe latter 


iets new standards in data entry and 
istributed data processing systems” 



ImgtMfcC ^ ^ ‘ •.SS^ouS^e^lisbed by.:-Si|ore «d 

- = 1 1 - -pain Staking the em'Se shown to work. 

CtlKteu^^' F ?L instatl e^ n^n^erbal cues V for the Germanic' two-tier 

. ^ bbarff .- system-(not “ Couti- 

Fnmr3ftv. p au^s or Ees : nental ,, l toe Latin conntries do 

- in. communi- uotuse themJ-^hy is Mr. Webb- 

- « - tlllVS AJJu. PQptUTc/ RAVon on rmnnlncprl that this is 

- sfe-^Mf^Duncan JfeU.;Dewai?s ]n communi- opt'use theml-jwhy is Mr. Webb- 

. nssx. &js 2 s??s£*« ^ 

-.-t to cbeS ^example, is this better than 

: pl^ics to- stAnd -up and ^ .upon poWer- threugh hoard commit- 

rcotttflied.," - ; petfeetly -tfam. add fplfri.'tees^A. He claims that: “The 

riQQg ^ forward to toe speaker. How 0 £ t j Je rwo-tier board 

the Tole cf sfccopti “dnss speaker^, man y njj sunderstandings ^ D ~ • system^ that it allows the share- 
-'■ Jt .-bti^^RW 2 tt^^^ ^^ eveft 5trftes could be o,at- bg?« to ..drew upon a wide 
‘ , incapadBes • _ c gJg*^or erimnmgers made -sure “^T^etrua- of outside knowledge 

" ^11 • certaan - those ‘who were going to 00 ini ^vharlcnrA bv aoDointinc to 

^ The. two-tier board is, as he 
adapted to absorb 
directors.” hut he gives 
u§'iio reason to think that this 
fatheneSobl. As for his sugges- 
tion that “the two-tier board 
"system would in any case he im* 
•posed anon us by toe EEC soon 

p . . •■•iv .%■..> • - . .'••o ■ jvo.- ±a ■ j — - -puocu upou ua uy tue 

wbfdr •*= alar bfi horoe in: mind enough,’: since less than half the 

Mfglfcvl; : ’';iri«etlbn'ob:flrst appointment oc.-^ionberi of toe EEC use the 

V W ntir&eii v“ ~ eft promotion.' The perspicacious, ujduiing on ly one of the 

From. Mr. tc. w. jaw* . . wt-y , • consultant. ‘Mdsfour,” this seems unlikely. 

/Slrvrri- was possible cfaang^ rrhe danger of this sort of seir- 

Gilliland. if.SlS^ to the orgaalsaUon structuxe to cemdemuatory outburst on behalf 

i of ^Qie Thames makTsiire that company British directors js that pwple 

of ^Qie Thames make sure that company object.^ British directors is that people 

haff: written to you XJuaftW; W _ ^ a adeved without incur- may^ome to believe U- There 
lowtog 'my letter ^7. rnter-parsdnal- conflict ^ surely sufficient evidence to 


•lent; hit hfelpfuL 

tot rto?- tot^S^lv CoiLfllct JjHTKFs* 
twwn tompatibly P Iaced -sbowtbatou 
■WfEf S H0. 2 S.“ oivsick, not 3 
rater leaflet to - JZi-- +h a zt>lee- irntturf-, -e 

oqr society as a whole 
t just our economy or 

UL wnuuiei ^^L “?Io, 2 s.” ' / is syck. not just our economy or 

i Water leahcP.t® the'-tasl^-of the selec- industry. Furthermore, this is 

?A was unwatow. the per- mft iust a UK nbenoraenon: it 

referiwi was imtmhm ^ predict the per- ndt just a UK phenomenon: it 

•nSe V matter of individual affects virtuaily all toe developed 

ite&h certainly no doubt as to -™ I T^awDflc situation. . .The. frdg world. Onr industrial prob- 
^“•Twas nfl{ Jenai- reflect toe problems in 

mi's letter is also-mri- ^ or physical society; they are do more the 

t iea & incr for the reasons^ given JW* ; need to be P er - fault of managers than of edu- 

both - top .. v,-v. .■ 

From Mr. IV. F. Richardson 

Sir, — It may be true, as your 
correspondent. Mr. David C. 
Thomas, states (June 3) that toe 
comparative failure of mints 
issuing commemorative medals 
may be due to toe poor design. 
I do not toink that this is the 
sole reason, however. 

.In recent years, we have seen 
a spate of commemorative issues. 
And the same applies to stamps. 
The issuers have emphasised, 
only too often, toe value of these 
as investments. They have 
quoted examples of the sold 
medal issues of. a couple of 
decades ago as examples of 
appreciating items. What they 
have carefully ignored is the fact 
that these medals have appre- 
ciated in value, not because of 
their medallie interest, but be- 
cause the price of gold, and to a 
lesser extent, silver, has risen in 

It is true that a gold medal 
issued twenty years or «o ago 
is now worth several times its 
issue price. But these can be 
purchased virtually at the cost 
Of the gold content. Anyone 
wbo purchased gold articles at 
the same time will have done as 
well or better. 

Even so. another factor usually 
ignored is that there are two 
prices— a buying pnee and a 
selling price, a 50 per ceni 
difference is not unusual. Thus, 
to get his money back, a pur- 
chaser has to obtain a 50 per 
cent increase in nominal terms 
plus whatever depreciation re- 
duces the unit value of the cur- 
rency by. Prices have doubled 
in four years. A £100 purchase, 
therefore, made in 1074. sold to- 
day. would need to realise £300. 
And this ignores other expenses 
such as insurance. 

Finally, when the Royal Mint 
perpetrates a confidence trick on 
collectors by isuing a prool - 
silver jubilee crown, which could 
only be supplied after several 
months’ wait, a year ago. and k 
still issuing it a year after the 
jubilee, who is going to irust it 
again? When is the issue going 
to cease? This year, next year, 
sometime never? Is it surprising 
that the public is becoming 

W. F. Richardson. 

34 Queens Drive, Fuhcood, 
Preston . Lancs. 

R-range consists of six computer 
hardware families and seven systems 

_ j 

software products. Mix hardware with 
software and vou have a tailored 
solution to data entry and distributed 
data processing requirements. 

Asyour requirements change,you 
■ ■ can change the mix 

without conversion, 
problems. Hardware and 
software are compatible. 

R-range provides a logical, cost 
effective path from simple data 
entry to versatile distributed data 
processing. A range which is simple 
to understand and practical to use. 

The feature content of the 
R-range reads like a wish list. The 
last wish is always reliability. The 
hardware and software have been 
operationally tested tor 12 months 
with complete success. 

■To get the full story, complete 
the coupon. We will arrange 
demonstrations, send you 
literature or arrange for a 

representative to visit you, 
whichever you prefer. 

D\ fi-.ise vnd nu* tlu* R-un-y inrumi. irion ilk*. 
D PJcjsc jik your r.-prcH’iir.trivc to call me aiiJL 

arrange an jppuiunuenr. 

O Please arrange adi:iuuii s traiiuii. 



Address _ 


with you aSI the way 


’Redden Computers Limited- Kelvin Way, Crawley, SusscSi 

Telephone; (iCitf j 312 X 1 . Telex; S 773 G 9 . 

^jKHK& + T&eS: 

Pegler Hattersley slumps to £12.6m 

PRE-TAX profits of Pegler- 
Hattersley for the 52 weeks 10 
April 1, 1978. slumped lo £l2.3Sm 
compared with a peak of £1S-I6m 
for the previous 53 weeks.' after a 
second hair fall from £10.87 m to 
£7.16m. Sales for the full period 
finished ahead aL Jt8K.83m against 


under the employees' chare option 
j-cheme. the total issued Ordinary 
is now £1.753,933. 


P?ge Col. 
~23 4 


Page Col. 
_ 22 1 

At the halfway stage, directors 
said it was unlikely that the com- 
pany would he able to repeat the 
previous year’s record results. 
They now state that trading cond- 
di ■ ions ileierio rated in 1977. 
particularly regardin'; steel valves, 
and Lhal this market remains 
highly corapetiiive. 

At the beginning of the current 
year, order books are healthier 
"overall, they add. and ff the group 
can increa-se output, they say an 
improvement should result for 

Pre-tax profits were struck after 
metal stock depreciation of 
irilM.ilUU compared with 1930.000 
appreciation, and include lower 
associates’ profits of £6. 53m 
< £7.29*111). 

Before tax. on ED 19 basis, of 
1'4 film i£Kmi earnings are shown 
as 42.9p i itl.9p ) per 25p share and 
2»>. J p r415p) after the same. A 
final dividend payment or 4.535p 
nci lifts the total Trom G.SSlp to 

The croup manufactures 
rinmotic plumbing and heating 
fillings: industrial valves and 
general industrial products. 




Record Ridgway 



Cadbury Ireland 



Rugby Cement 



Credit Guarantee 



Save & Prosper 



Empire Store* 



Scott Robertson 



Fine Art 



Siemssen Hunter 



GEI international 






Johnson Matthey 



Stylo Shoes 



Lagan vale Estates 



Tomkinsons Carpets 



Minster Assets 



W. Coast & Texas 






Fine Art 
set for 

more growth 

T ru'linc prnhl . . 
«njn- of aMociaii-A 

tiiii-n-si n*id 

f.t.-ul srwl' rlppn.t. . 
ProlU before Ux .. .. 


Xi-r pri'Ri 


Ri lain- J 

• Rixvh-d .Incri.-vianoru 

Sec Lex 

Better start 
for Rugby 

The annual meeting of Rugby 
1'nrtland Cement Company was 
U'lU that so far in 1978 deliveries 
or cement in the UK were higher 
fnr the first time since 1973. 
These figures showed an increase 
nn the cor responding weeks of 
the previous year. 

IT the rale nf ACT is reduced, 
the directors intend to increase 
the interim dividend declared on 
April 17. Similarly if the scheme 
of reorganisation comes into 
effect the special participating 
tnon-voling) dividend would be 

In addition, in absence or un- 
foreseen circumstances, and sub- 
ject. if appropriate, to Treasury 
consent, the board would take 
account of the ACT rate reduc- 
tion by recommending a higher 
final divid'-nd in respect of 1978 
in place of the forecast final of 

With enhanced facilities at Fine 
Art Developments. Mr. F. R. 
Kerry, the chairman, says in his 
annual statement that he feels the 
group is well placed to take 
advantage of any upturn in 
consumer demand and is 
optimistic that targets for 
increased sale* and profits both 
at home and overseas will be met. 

As reported on May 24, pre-tax- 
profits climbed by 30 per cent to 
n record £4. 72m, on sales of 
£41.R7m against £33.3Sm. Earnings 
were -J.SSSp t4.415p; per 3p 
share, nr without provision for 
deferred tax. *J.043p lB.W3.1pl. The 
dividend total is 1.834Kp ( 1 20l2p i 

A statement of source and 
application of funds shows that 
short-term funds increased by 
£776,864 i £1 .i>3:»,374 decrease) at 
the year end. 

Tn the UK. the group's mail 
order companies and those 

supplying the wholesale and 
retail markets achieved similar 
sales grow ih during the year, w ith 
the mail order companies 
continuing to account for the 
major proportion of group 

Members are told that Raphael 
Tuck and Sons is now experienc- 
ing the full benefit of the move 
ti» Blackpool, while work com- 
menced in autumn. 1977. on the 
erection of a new factory adjoin- 
ing the existing Accrinsmn 
premises, which it is anticipated 
will be completed by the end of 

The cost of this development 
will be some £5m. hut after 
Government grants and tax relief, 
the net cost will be about £2. 3 m 
to be met from the proceeds of 
the recent rights issue and 
retained profits. 

An extension to the Preston 
premises, costing some £0.4m. is 
nearing completion and this again 
will contribute to the increased 
efficiency of the group, the chair- 
man states. 

During the year, overseas sub- 
sidiaries continued to expand 
businesses with sales increashins 

35 per cent to Et-im. Mr. Kerry 
explains that although they arc 
operating at a trading profit, it 
was not sufficient to cover the 
financial costs of properties pur- 
chased with local borrowings. 

However, the directors' con- 
fiedencc in these companies 
remains and they expect that in 
the current year overseas opera- 
tions will earn taxable profits. 

down to 

TUKNUVER FUR the year to 
March 25, 197S. of Brownlee and 
Co„ the Glasgow -based group of 
limber merchants, rose from 
118.17m in £19.«4in. but pre-tax 
prnlils fell from ll.JSm to 
£7ti5.000 with £318.000. against 
IS 10.000, coming in (he first 24 

Full-year earnings are shown at 
5.2 p i!).Sp) per 25p share. The 
linul dividend is l.TWiSlp nor Tor 
a maximum permitted 22H981p 
(2.05577P) total. 

The direclorx state that no 
appreciable improvement m the 
public sector oT the construction 
industry seems likely but the 
prospects for private house- 
builders are better and the de- 
mand for the requirements of 
home im prove menLs and moderni- 
sation will continue to increase. 

The company, with its distribu- 
tion network and extension of 
range of products, is well placed 
lo lake advantage of these growth 
areas, they add. 

from operations other ’han 
tobacco at Siemssen Hunter should 
for the first lime amount to more 
than 30 per cent of the group as 
a whole in 1975. savs Mr. Roy 
Siemssen. the chairman, in his 
annual statement. 

In January the group acquired 
Seymour Press Group, a publish- 
ing concern which also opera ies a 
number nf London hotel book- 
stalls under News Kiosks. Results 
of Seymour were not included in 
the group's 1977 figures hut the 
chairman says lhal turnover and 
profits are " running in line with 
expectations. ” 

The acquisition was a result of 
directors “actively considering 
further investment opjxu lunities 
outside the tobacco field." 

Pre-tax profits for 1977 rose 
from £614.531 to £814.082. as 
reported on April 2fi. Trading 
profits were ahead from £50.1.134 
to £703.026 

Mr. Siemssen says lhal all his 
forecasts for the year were 
achieved except in the case of 
A u to books where despite a good 
s)art to i he year, the final out- 
come was disappointing. Every 
effort is being made lo reverse 
the present trend, but he feels it 
is douhtful that this c.m be 
achieved (n one year. 

slips to « 


-T .-' 

mimnuaea i“ — - - 

there was an exchange -fifi 4 

final of 7.618SP. . 'V 

. _ MaA . ryfiCfflo- • f H.nt fTia i~TWrK -i* Tthiftit ■ in. - -^’| j 

nuuwiuim .. .j 

' Preference divldenas-- 
Add dividend for 

■.•Interim- Ordinary 

-Proposed final 

■ if : r ; : 2? mwtttirea 
jm v S4B nqw - stcadfijr 
3 *83 - Last , beconunfr 

4_fi8e ■' ‘-HI374. wall- 

FrctUtic UonsStid 

Lord Rohcns, chairman of Johnson Matthey and Company- 
final quarter profit fell from -£6.98m to £5 .5m for- a £18.87m 
(£2 1.02m) total. 

investments at 

base -stocks at £ ss-am iEusnat, i&Qm. — a r 

-and net current assets at om ^ 

:(£7&57m). . ... ' ■ , - - tkfnpff it8~sha're^ nfrlthg -cfi omK&ip ' j 

•The figures m dude the gg® wh3ch ' 


7 m. full, results of Johnson Matthey '.,b ur y_also mairttatnetLCrr^prote 
and Mallory, formerly an ass ^ - jj 3 position m'lSarfuaBy^ieVter 
date, acquired during the ?«r. . ^er market ltSpeme^1h;^::-TJ 
— > ; The directors have revalued, the _• . Expdrt 'saJes -reacted^ '4^ 

' precious metal stocks tn Johnson ream f^e 1977: and thectetfin^ 

9 comment 



The directors of Lonsdale Uni- 
versal announce that with the 
exception of £1.200 of 5? per cent 
convertible unsecured loan stock 
1982 repaid at par. all other loan 
stock has been converted into 
Ordinary shares in accordance 
with the terms of issue. 

As a result 95.558 Ordinary 
shares of 25p have been issued 
against conversion, representing 
£23.890 Ordinary share capital. 
Together with recent allotments 

Despire Siemssen’s effort' to 
reduce its dependence on the 
tobacco industry the full report 
reveals that tobacco was (he 
driving force last year. Trading 
profits from tobacco interests are 
higher by 33 per cent at £420.1)00 
against an advance of juM 12! 
per cent to £282,000 from publish- 
ing. Cigars continued lo show- 
volume gams and Sieni.xscn has 
been able to improve its profit 
margins Meantime publishing 
has been held hack by Auiobooks. 
Competition in the UK has hit 
profits and the U.S. venture 
(started in 1977) is not living up 
lo expectations. Fortunately EP 
Oroup has shown all-round 
growth, particularly from its 
microfilming, and Lombard 
Vending turned round mm the 
black, together making up for the 
setback at Autobooks. This year 
the Seymour acquisition (maga- 
zine distribution) will make an 
impact. After interest Seymour 
could chip in £330,000 pre-tax 
which will swing the balance in 
favour of non-tobacco inlcrcsls. 
Cigars are still registering growth 
and overall a pre-tax profit of 
over £IJlm this year looks likely 
Meantime the acquisition will 
leave net debt around £1.3m 
against tangible shareholders’ 
Tunds of £g 3m At tiOp the share* 
yield 7 per cent. 





of spending 






British Tar 


Aug. 10 



Brownlee and Co 





Corn Exchange 

int. 1.1 

July 28 





Aug. S 



East DriefonteinS 

int. 40 

Aug. 8 





July 20 



Johnson Alatlhey 

.. ... 7.62 






Aug. 8 





Aug. S 




Aug. 14 



Record Ridgway 

int. 2t 

Oct. 2 


Rowton Hotels 



3.41 . 




July 7 


469 . 



Aug. 8 



West DriefonteinS .... 


Aug. 8 



case varne useu accuum*.- fi./om ag&nist- a; : aevireic^o.. J <3r5^-:' . - 

Base stocks of -precious metals S2^2m.' - v- 

are valued at -base prices Pla* . 

£25 34m). 

LUVincnas &nu»n ijciilr- ijci he, . 

'Equivalent after allowing for scrip 
increased by rights and '‘or acquisition issues. 

issuel f On capital 
Z Increased to reduce 

im.’reaseu anu-vi — — 

disparity with final, j! Board amendment to previously announced 
'".South African cents throughout. 

Record Ridgway falls by 
19% at six months 

TnauUiaClUicia. IMCMU lauiiMivid i j duu u» uac iuoi twy .iuwuuia ani 

and producers of ceramic colours, of thtreurrent year at Slylo Shoes’. i -‘ {Hi I 
pigments and decorative transfers, has been dlsappqintipK but Mr.. 

See Lex Arnold the chairman. ‘%ayx'.' - 

he trusts that .the additional. /.. . 

x | ^ money going into circulation " i 

JLRSRDVRiC lowing the. Budget tax rednctjmfi,- v. 

• will cause an uplift »b- the TetttB-«k - 

Estates lOSS- ^Htf'says the recent increaafiia^ 

Lagan vale Estates of Dublin in-’ the bank lending rate /w&i/ 
curred a loss of £17.77 4 in the half adversely affect -profits of - ; j ‘ . 

year ended October SI. 1977. com- Barratt ‘ Properties..', although;. -' 
pared with an adjusted profit much of the capital used tS:OiLr 
figure of £46229 in the corres fixed interest and not subject td ' - 

ponding period last year. Loss per money market fluctuations. 
lOp share is shown as 2^4p (O.Olp A valuation of properties „ 
adjusted). - * : year threw up a SJ55m>«irplnffCv:v - 

Turnover for the "half "year on freehold and 'tong leasehold^ - 
amounted to £311,403 against properties which has .been fncoTfe,- 1 :- ’ 
£227.113. The lass was struck porated in accounts. • 


m Wacturin' con era fell bv 19 ie depressed economic conditions .... ^ ™ 

per c-ent from £1.07m ’ to £0.S6m and partly due to the disruptions creditor-£323A4I-hasv been before taXT for theydar^acr. 
fn the six months to April 2. 1978. and additional costs inciin-^ by > transferred to capital resgrve. and (£0.7nr);- - - - - - - / 

_ it kinhnr tho move of Inc small av rmev r . * ■ ■ - — — — - 

Turnover wa< 14 per cent "higher the more of the small Sydney 
I“S?|U against &75m. . operation to new premises, j 

With no tax charge this time ^ comment / 

compared with £213.000 net profits • COmmenu 
are little ..-hanged at £S60.DQ0 Like Spear and Jackson, 1 which 
(£853.000/ and alter exchange reported a month ago ' Record 
lov<es or £42.0U0 t£2R.000J earn- Ridgway has tripped up'badlyin 
ings are shown at 8.1 p (8.95p) the final quarter of 1977 with tha 

n-_ ..a..-— cirnnoar nr.nnrl and a (ipniRrant 

The amount written off by this As - pi 
■editor— £323 A4I— has' been before t 

ansferred to capital resgrve. and (£0.7 nr). 

Bets £lJ91m. 

As - previously xepbrted -^profite - . - ; 
•fore tasr for the ydarr«OTr^(mm . jr 

».7nr):>... - r. r 

This Advertisement is issued ih cOmptimcennOi the '- ^ 
requirements of the Council of. The Stock Exchange 

per 25p share. 

Mr. A. B. Hampton, the chair- fall in stock profits .largely to 
man. tells holders that the level blame. While the effect on Spear 
of finished slocks has been is buried in its annual figures. 

stronger pound and a significant ! 
fall in stock profits .largely to 


(91 ttiiniHTU Ui yuni-u ■ F I 

increased. This has improved Rldffway s interim results show jj 
availability and balance of pro- i» per cent earnings setback and; 

ducts enabling the group to give a fall of 3.5- points in trading 

better service to customers at margins to 12.4 per cent. The 
home and overseas. Strenuous f a u m ihe rate of UK inflation 

llUJIltr dliu MVUITCOO. |£ti tu IHV 18(4 ...Muwvi* 

efforts arc being made to stimu- has also led to a reduction of 

late overseas demand. 

Second half performance 

some 30 per cent in stock profits, 
is And although sterling has since 

DirLUnu nail fisiiui mauve y\UU 41(iiuu^n stciuiih uap omvt 

likely to reflect the difficult trad- declined, prospects for the current 
ing conditions and the full year half-year are not any brighter. 

vuiiuiLiwn J nail-year arc uui aujr uu^uici.i 

i profit is expected to be generally vv'ith second-half pre-tax prod's 
l in line with the interim results, expected to be in line with those 1 

Car I TftTti TT q ror-rvrH PMlm t I ' 

ill tuir •* i li > ihv tA|/CVlCU IU UC 111 lilic wiui Ui'JK 

For all 1976 -k a record £2.4 Im reported, full-year earnings could i 

iirflit -IKhim url M ■?— nirimrl CO .1—1 

Heavy- J u ty BTR belting 
stands up to tlunisanJsof-tons 
;t Jav ot" abrasive ore and rhe ure extremes ot the. 
desert. Worl duide sales ot ' 

belting haw added significantly I 
to BTR s <rn nvrli in recent yeam. I 
We suppl y thousa nds ot I 

other pn tJucts to rhe engineer- | 
in.e. Transportation, energy and 
mining industries worldwide. 
Viral components tor cars, 
trains and planes. Hoses ot all 
types. Heavy-duty conveyor 
beltinji. Oil platform steel-work 
assemblies. Rubber, plastic and 

We're c* mtident we ve sot 
rhe ri.ehr mix to cany onsrowinj*. 
S.ile.s ro key industries and : 

worldwide nu nufacture and 
distribution. Above all, ail 
opera rin” philosophy that 
actively encourages yrowcli. 

was achieved. 

In order to achieve 
equal distribution 

amount to £1.7m against £2. 4m 
a more j n 1979/77. At 73p yesterday, the 

»•" •.« - - iu iiid/m. ni iot> jraiciud/. me 

equal distribution between s hares give a prospective yield ol 
interim and final dividend, the J06 per cent ^ a pe 0 f gg 
interim dividend is to be on a full fax charge. 1 

Placing of £750.000 • - 

12 \ per cent Redeemable Debenture- Stod£, l986 • > ^ 

at £9S| per cent : .' ;•/ v . -\ V ; ' T ‘ ' 

Application has been made to the Council pf-The Stock- ^ j?-*:.-: 
Exchange for tbe above Stock to be admitted to ttife OffibUr ■ ' 

List. The Stock will rank for interest pari passo wife the. . ;. .. 
existing Debenture Stocks of the Company. . - v j; . . 

Particulars of the Stock have been circulated in ; tbe. Betel' 

Statistical Services Ltd^ and copies may. be obtained during ' 

usual business hours on any weekday (Saturdays excepted) ,fr - 

from and including 14th June. 1978 from: ^ ' 


Portland House, 72/73 BasinghalI5tr«rt .-i'-^ 

' _ London EC2V J 5DP' .;jV> v- 

increased from 1.5p net to 2p per 
share. Noiwithstandiny the results 
anticipated for the current year, 
the directors have every con- 
fidence in the future and intend 
La recommend an increase of 10 
per ern 1 in the dividend for the 

This announcement appears as a mailer of record only. 

year making 

total of 4.95p 

Six nwntlis Year 
IK7-7S 1P7R-77 1976-77 

1 000 moo row 

Ttfmnrvr 9 . 9 JI .V 74 .i I '. '94 

Tr.idmi! surplus ... 2 .-in 

IniervM • - JJ _ ®j{ 

Profit beroro tax ... «W 1.066 2.«£ 

Tax — -JJ ^-6 

\i-i prufii . ... S60 S..I l.yri 

E^chauw losses 4 - 26 60 

K.tir;iordinjry sain — "4 -4 

Minnruj lu^s . * ’ll •*» 

Alinbulnbl-- . . >~ S4#> I.C. 

[i mi 22 a IM 4 i» 

Kv-iainvd i99 7«G IJB 

•» Protiu 

At Record Ridgway Tools, con- 
tracts Tor ihe financing and con- 
-.iruction of the new roundry in 
Sheffield have been signed and 
construction is now under way. 

In other group companies there 
have been mixed results. The 
development programme at Platts 
Forgings is well under way, but 
the disruptions caused by the 
changeover to new plant have 
significantly reduced Its contribu- 
tion. The South African company 
has made an excellent recovery 
dexpiie the unsettled economic 
and political climate. 

In Canada Ihe volume of saiejs 

i •- ' 

• -• 

. ..*■ ! ,v : . 
• - . 

'~:s- ■•w’sK 

£ 7 , 500 , 000 . . . . 

Medium Term Loan,. 

J.' n \ Kltiiy lIliI 3 2fUtl«-' i/1 l/ld -Vil’ 'Hit ill- cTu 

BTR stands for growth 

BTR Linti tvil 5 Silver tow iilluuov, \ 'iuccut Si|iuirv, LunJun SWT P -PL 


SANK OF IRELAND— -Results lor 1977 
rcLK>rt>.-il in rull un-lnniuan suwinvm vn 
Mxy 10. Cwrv-ni ae^-ts Elusan iu.iMin. 
currvm llaliiliilis it.axtin . in.HUrn ■. 
Inc rose hi arti-Jine-s lo msium.-rs. uibc-r 
haiikmu js&.-is and tiahiliri.-j. u( aaC.I.'.ni 
■ SXtJami. Mi-ci liin, Dublin. July 3, noon. 

. e ..n moii-. 

TIES — ciruss tm-nini- lor sit inoiith-* lo 
March 41. 1BT4. UM.M: iriilJH., IVL. 
and loan inicivsi (l>.S3u>. Bank 
aud dollar loan inii-ri-6l Pti.TIl ifCD.ryi. 
Admin, r-sncttscs £I1.42tS «Q.tK!>. Dime- 
lors" fees 11.250 irt.CaO). Tm C44.059 
ics.jsii. Nut revenue IfiT.sTii if7l.790>. 
Valuation liirc-simcnls liiiriudinc 
deotnlLSi Li. 44 m ir4.4.tni\ Nut aMUts 
value- pur Coo ordinary 10h.9p iM.Iip*. 
,4s kiiun-D Inli-run dividend l.Jp pur 
StKUV U.ijpi. 

to Marvli ll. 197S. reported 61ay is. 
UK quo [I’d Ilivusmi-.UIIS 141)59111 i£3?.DEmn. 
uverseas £2 1 ..’Vini iflt.lSmi. Unquoted 
UK £4. Im i c; Mini, avc-rauas £124.044 
1 09.750 > . Nut turtvnl Itn bill Hus £5.:Cnt 
ilb.rjni abwtsi. Di-rmsc m liquidity 
fnr year Ell. 75m i£S.iCm inertia:*-. Mct-i- 
itu. Cuiinauchi Ruums. WC. July 5. at 


UBM CROUP — Results to Kt-Onwry 2. 
tSTV. n-pORi-d JllTli.- u-lth r-iintmnnls Ott 
nrwiiu'cr*. tm-d a<(!H't>i CO.tCm iClMmi, 
net current assets C?4.29m irm.iGim. At 
May 15 Equity Capital for Industry 
nn-m-d 1 1 .7 per cent or s-itare.i. Mertin6. 
Bnsiol, July 6, at noon. 

Managed by;. ■ \ ■ 

Klein wort, Benson limited 


and provided by. ' -1- V vs 

Banco de Vizcaya S.A. . The Daiwa BantlimJ 
Kleinwort, Benson Limited; ^ 

The Mitsubishi Trust and Banking Corporation 
Tbe Sanwa Bank Limited . ^ : ' v iiv- 


t r 1141 r 


Wednesday, June 14 1978 

£2.2m rights and record GEI jumps 34% 
results from Sketchley to £5.55m 

>o v V 



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l "e Silk 


ra * 

* «**■£ 
d ^crease < 


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" « Stylus 
Via * 

uiuin’iirt! 5, 
■- ' r l'Uj ilHiJ j[ 

■ 12\ r-nlury 

*1' in if; jig 

L '" r -- :rcrs»< 
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r,\ Spr 
'T- al'Jwc 
<■-: U.W •; p 
• ■'*■ .TSCjWC 

■ I '< .‘Mr- 
'. i ■■■'.•-■ i?*OT» 

' • •' IX I* ' IP? 
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r'.i -:*j s*e 
■ ra.-vaifttt 

*: ifcc 

fKfpS5 € board meetings £gsK£svr 

^ c.r 3 ? .share are an- The founds mmvsaira nave nouswi The UK 'textile Industry is still 

nouneed by Sketchily, the Indus- £?** *f ftwrf me*mg* w <te stuck, hnavllv^ VanSmtiniith- HMvinn 

trial workwear, dry cleaning and £*.?*?**■ Such p««ums are uMianj- .S?®??*? a *“ tnedlvunon 

textile finichine ^ anQ h,,|d , " p ,to w“t»»e «rf nmew remains poised to take advantage 

pre-t-w A4e dividend. Offlnai mdtcaufnb an- n-.t or anv Upturn. 

• fir r 3 * profits rose 62.5 per ivaiia&lc utoihcr awhtexij cosceravd Sains or nil divisions for ihe firs! 

cent, m the year to March 31. ar * or amis and the rub.*.... 

1378 from £2 ,2dm to SStt m on dlvls *'*'« sh-nro W<n» are taied mainly months *^ c correnl year 
xaleritLS up cent: Usher ar ,as1 waft ttownw*. are ahead of last year and in line 

n«H» C S.. -^__51!E ner ar todat with expectations. 

. Cdra jPgs^ per iaitw^tra — camp. nr. FbzeUo Cas ton The directors exoect to recom- 

fhwe Increased -/from 7.8p to ana wn«is. Notnmtam bucx. m l!s J 2ELS|2 f i,-. ^5! 

13.4p. - . Siatet and Osneral Trot Coruwauun. “ etK1 a r r,et , ! Ji“®$ nd 0t ^l^p^pcr 

• A final dividend of-aJ3983n uer • r « taml Aircraft. for 1P77-7S- on capital as 

ahare "wm^-musw* inatmeai. Allied increased by the rights Issue. The 

Jnakii wT^'ELr ^5 om f*S22S d *«*“«• A*"»e Close. Bitush cine- issue has been underwritten bv 
, a J otal Qf 4.88S83P nuiesranli ftieotm. Codcvedge. Con- ... iVZIZL, .Za J.2 

(4.i-271p) the maximum per- unBOus Stauriouv. Counry wd New uf!"? uc MoAt^tl ana Co. and 
mftted. Town Properie-'. CU- Coidrei Fnurard brokers to the Issue are L Messel 

Outlinmc the >eamm fr.. ,u. Karrnis lmem dot Trtr-x London am and Co. 

^rw^ w, l rR“f. “ e Oocrseas Frrtdnera. »£N«il humi 

ngnis issue, Mr. Gerald Wight- FoMt. Stavp'py indcrtnw. TrWant Gr ; *un A f'Ommpnt 

mw^the Chairman, says the in- PrW-ra. warrro Planuumo. Wf»w rf . • ^uiiuucm, 

dustnal services division .- bos -Waisw.. ^ Skelchley’s 82.5 per cent pre-tax 

maintained the growth of recent i«*pinis_ FUTURC D * Tes ' profit croxith is Jarcely due to 

years and now -accounts ror 54 e^utt^.n A^mey Jw.-t jump in margins achieved by 

per. cent, of profits.' - Frorh >Th.imaM 1 the industriaT services division. 

In the three years ended ^r ‘ ’.r:bari .iuunr.< During the 1977*73 year that divi- 

ttandh. WTO, the division has JulV ? ° sion,,! Kross mar R? n ^-ns 18.9 pot 

teyested over. JUIm in. workwear MinmT • &B ’ l0n . My cent compared with a normal 15 

top rental and;- in addition, the Western Dcm Lek-ls ■ : July 20 per cent. The increase was 

croup has invested nearly £6m in Fiomis- achieved by operating factories 

buildings, plant and machinery. “"T Jmr w hoyond normal capacity. Margins 

*S3 taSUw— r:™:.. iZ Is jn; in* back >n the current year 

.. . ®"2 Atnk-oad G arises June :o but higher. revenues should ensure 

wuBfai''MWS r " srrat v*&er 1 June j c continued growth In profits. Jn 

.CteHSr lixn U BO c «"' a “ wUb - swppw* June is 1977.7a it contributed 54 per cent 

gSa&i fis HS SSSfSSTSS, i.” **•» f" 

*Stts-bG : = •«» ?« sar ^2!^jr=-a:i S« r i» *..<« <««• 

Sketchley’# 82.5 per cent pre-tax 
prnfii oroteib is largely due to 
Mu. .'i i W jump in margins achieved by 
•tui-.e-j; the industrial services division, 
■funn 7! iiunqu the 1977*78 year that divi- 

JnduBiriai aers ic ra 

.Ctemies -.... 


PetrreclaUon .. 

tnwruS , 2rVii*i ■' ?«? fi»ra T.3...’.T.”T.7.->TT7.w Jrnie g Margins in the cleaning divi* 

: meaning .. “I Teoi ini 5*i ur »■«*■«* Trust June’. *j on rose from 7.9 per cent to 

TenUe a — er ■ '*52 v£££ cn ' Ke[Uon — Z 3 P er ceot refiecting the impact 

interI?*i rBt,taS ® P00 * - ■” in M ^ of new „f services. A 

Vraft™:.’~: siu 2^4 r 8 «*? ovc ” n Price increase 

Twt Referring to the increased { ° r dry cleaning business 

*^S - P«* fits ^ Wightman says that f^Apnl 1 should help rewUs 

K^wUnary cn«f'“. i« •» the UK overall service, which ba*f of the current 

xm<t)ut»w e . vssr *c forms the major part of the Indus- J*®*" but as naif of fry cleaning 

Praferenre OivUend ... . 8 C trigi unices division, has been S’cpcnses u. due to labour costs 

interim ordinary t«4 las its ,he increase in the National 

EES? find — M7 308 ««*yR « «“ at insurance contribution from 

iMdoed — .. <tn capacity but the new factory at rf pnt nk P 

'Lom. tlI-n>M wre adopted duree Basingstoke Ls now operational -. cr f 5 ' J! „ » 

wa«U fail to irn.wa ( and cam and , s forecast in the interim u s, i l d iv ‘««> n j ^ recorded a small 

tna would Lucre aac to 2?an <18 u>- r,aT»mlni h-lo «o..rncrf S'rofit compared with last year's 

t includes £5.8001 for o. 0 «S 4 p raPDtcnicma: statement margins have returned smr ,jj T^ e CTS h j rom »f, c 

dWMd for M7SJ7 to more normal levels. ri3 ht s issue has been earmarked 

The board believes there Is con- Last year's changeable weather r„ r t he medium term expansion 
tinulng scope -'for profitable coupled with Increasing consumer r>f jhe industrial services division, 
growth in this section and there- spending power was good for dry | T j s a hjgt, capital consumption 
fore. considers that the permanent cleaning and the cleaning division sector but directors see it as the 
capital base should be broadened achieved a satisfactory improve- major group growth area over 
In order to maintain a steady rate ment in .sales and margins. the next few years. The share 

of fixed capital investment and to The results for the' textile price dosed 6p up at J21 p giving 
support the increased working division are disappointing but a current yield of 8.0 per cent 
capital requirements., very much better than the; would and a p/e of S.8. 

Confidence at Minster Assets 

A JUMP of 34 per cent to 43J5m 
in pre-tax profits is reported by 
GEI International for the March 
31, 1978, year on turnover up by 
26 per cent to £50 -48m. 

At the interim stage directors 
reported profits ahead from 
flAn to £2.D7m and were con- 
fident that the full-years profit 
would exceed those Of the 1976*77 

Stated yearly earnings per 20p 
share are lO.fip - (Tfip) basic, and 
9.8p (7.4p) folly diluted. The 
dividend is stepped up to 4.1a2p 
f3.?15n) with a net final payment 
Of 2.694P. 

All divisions turned in higher 
profits and Mr. Thomas Kenny, 
chairman, points out that the im- 
provement came without the help 
of further acquisitions. He says 
(her the croup "always has plans 
for acquisitions,” bur there was 
•'nothing in the pipeline at the 

The iinancail condition of GEI 
continues strong, with net cash 
balances up £0.7m to £4.7m at the 
year end. 

Net assets advanced from 
£18.75rn to £229 lm and net 
current assets increased by £L44m 
to £L3m. 

Expenditure during the year on 
new machinery and buildings 
exceeded £3m, bringing the total 
spent in six years to £10m. Capital 
expenditure for the current year 
is expected to be n.7m. 

1977,73 197*77 

t l 

Tttrowr X.430.X < Jfi.S7N.aa3 

erwfl Mm UX 5,352,288 4JM.U8 

Tax 2.(03.757 2.129 414 

Net profit 2 . 71 X 529 CJNK.21B 

Ini^rlm <U«tdcod .... 3TS.13K Xlo 314 

Final dhrldrad fi«.6.77 eis-Sa-* 

Rnaliwd I .MS. 734 1.051 394 

Net profit came out at £2.72 m 
against £2.0lm after lax of £2 83m 
compared with £2 Mm. which was 
split as to the amount payable 
£l.63m (£0S3m) and FI 5m 
f£129mt attributable to stock 
relief and capital expenditure 

stood at XS.i9m <£i526nri; £il2iim 
l £6-53m ) at the beginning of (he 
year, plus retained profit fl.Cotn 
(£i.05ml; deferred Lax £i^lm 
(U29m) which is not now 
required In respect of year; £0Ji5m 
(nil) revaluation or properties: 
10.11m change of basis of s-ock 
valuation last time: less goodwill 

£0.S8m (£2.73m>. 

GEI is an international 
engineering group. 

• comment 

Capital spending at GEI Inter- 
national is really beginning to pay 
off now and increased profits have 
been achtewd in all the group's 
main activities. A further £3m 
was spent last year and this par- 
ticularly helped margins in the 
Midland Steel products division, 
which showed thv mo«;t dramatic 
improvement. Buoyant export 
markets for earth moving equip- 
ment more than made up for 
some slack in home demand for 
wheels and rims. Sales volume 
and profits were both ahead in 
the bright steel division and. 
given recessjon in ihe steel in- 
dustry, this i« probably the most 
impressive performance. The 
group has captured additional 
markets here i hanks to new 
equipment capable of producing 
specialised Steel bar*. There are 
signs, however, that srou-th in 
this division is tjiling off in the 
current year. Meanwhile Toben- 
oil. GKI’s packaging outfit, has 
doubled its profits to more than 
£lm two years after acquisition 
and only the special produris 
division failed to record more 
than a modest profits growth 
With cash in hand annroarhing 
f5m GEI could be looking aroi/n/J 
for further acnui.sitinns At S2p 
the shares, standing on a p e of 
71 and yielding iu^r under 8 per 
cent, are still a good buy. 

British Tar advances 
to peak £1.24m 


TV.. t 

. .'.-Vi 'it®: 

•U, prtf.1 

-4" ■ - c , 

■ , . _ ,,;. s it-a 

-a;. - 

I r V-' -'-i 

IN HIS annual statement Mr. A. R. 
McGibbon, : the. chainnan of 
Minster. Assets says he has little 
doubt that the group will continue 
to prosper. 

. An encouraging feature of the 
cttlrent year is that throughout 
the-advCrse winter period British 
Midland 1 Airways had no need 
of the normal seasonal -borrowing 
facility from, its parent. Given 
tolerably stable conditions Mr. 

S eGibbon expects BMA again to 
VfL ..a good account of itself, 
though it wpuld be optimistic to 
expect a repetition of the 19/4 
profit level 

At Minster Trust the finance 
department is very. busy and the 
chairman .-feels confident • that 
Bradvllle, the. .Bradford-based 
motor accessory, manufacturer 
has.a bright future. .. 

^^Siexgroup' has written; : down 
its North \Sea oQ .exploration- ex-:. 
penttfSh^vto/ .It .-aqmmi d. r^g u re; 
This- 'is-r because ; the rebasortinm-. 
of' vihlcb^e: group ia a pari; has' 
drilled ' the ^ obligatory, .number of 
wells under : the terms oLiis . vari- 
ous licences without makipg a. 
commercial- discovery-; However 
there are several potentially in- 
teresting structures in the-, re- 
tained acreage which may well be 
drilled in the future,; says, the 

■ Mr. Donald Pearce, the chainnan 
of the group's Insurance broking 
qnd underwriting subsidiary. 
Robert' Bradford (Holdings) says 
. in Jits ' statement that the . 80 per 
eeat -owned -.Minster Insurance 
Group (ofwhleh his- is also chair- 
man) is devoting much of its 
time and money tb‘ broaden the: 
base its . underwriting operations 

both- at home' and rpveraeflX. . He 
. bay every confidence that the 
development now - ItakUig place 
wlK have' considerable benefit to_ 

the group in future years. Brentford. 11. Office and Elec- 

The Lloyd’s underwriting ironic Machines, Tower Hotel, E„ 
agencies achieved a record profit 12. Shiloh Spinners, Roydon, 1130. 
of just over £lm in 1977: - The 
closed year brought into account 

was 1975 which was profitable in Cf 7 u PvtpnnC 
varying degrees for all .the nine CAICUU3 

Syndicates managed at- Lloyd's • 

and an equally good outcome for 501 V ICC 

the-- 1976 underwriting, year is 

expected. The Suvc and Prosper Group 

The current year has started has extended its investment 
well for the insurance broking mans cement services to self- 
companies and a broadly: sdmilar administered company pension 
res-uit to last year’s - satisfactory schemes by launching a Managed 
outcome is anticipated-.':- - Pension Fund Contract, linked to 

As reported on May 26. pre- its Company Pension Fund, 
tax profits of Minster Assets rose The group already offers invest- 
from £7.2201 to £7.Gfim with an ment management services to 

underwriting loss of £2 53m pension funds in the various 

against £90.118 being • offset by investment media through the 

BMA which contributed. £1.47m Equity Pensior Fund. the 

compared with £44.86-1. « . Property Pension Fund, the 

A t. the year -end: there. -wasiaw Gilt -Pension Fund, and the 
increase in net liquid fund&'bt Deposit Pension Fund. But this 

July 7 at noon. Jtobcflt' Bradford equities, property and flxed- 
"meeting. Arthur Slrefct, EC. on interest The group had discovered 
. July 7 at 10 am. that room clients wasted S and P 

- - . _^ v . to .advise op the mix— an experi- 

__ _ ' _ ' -3“ ence which all management 

iVlfiilv'f 1 groups, hare found — and there- 

. 4 ' •’ fore. it-is now offering a complete 

investment service. 

• PnVTlTtanV ‘ The underlying investment fund 

l ' vul | ,au J — tbe Company Pension Fund — is 

• .» - a managed fund Investing in units 

TFI PPTin PfS of the other four pension funds. 

- Tip to now investment in this 

Black and Edgington, 21, TothlU fund has been confined to Ihe 
Street, S.W.1. 12. Britannia group's own pension scheme for 
Arrow, Great Eastern Hotel, E.C., executives and the self-employed. 
12: Burrell,. Great Eastern Hotel, Now it is available to company 
. 1L Charge Wares. Great Eastern pension schemes. At the year-end 
Hotel. 12. Duport, Birmingham, on' March 5. 1978. this fund was 
32301 FRA Construction, Sheffield, invested 41 per cent gilts, 29 pvr 
121 Andrew R. Findlay. Glasgow, cent equities, 20 per cent property 
12. - : Hnwfin, Blackpool, 2.30. arid 9 per cent liquid. The value 
Jessel Toynbee, 30. Cornhill, of the fund at the year-end was 
.E.G, 3.30. John Mowlem, £2m.-'.‘ 

WITH A rise from £566.739 to 
£6654138 in the second half, pre- 
tax profits of British Tar Pro* 
ducts reached a record £1238240 
for the year to March 31, 1978, 
compared with £1,007.975 last time. 
A rights issue of 1.45m ordinary 
sbares to raise about £620,000 is 
also .announced. 

Tbe directors report conditions 
in those sectors of the chemical 
industry in which the company 
operates have not been good. How- 
ever. results reflect the steady 
progress of the company and. 
while they say it is too early to 
make a profit forecast for the 
current year, levels of activity 
for the group as a whole are en- 

Turnover advanced hy rl.J3m 
to £15 Asm and after tax of 
£631.332 f £525.112) and a minority 
loss or JES.227 fmli. at tribal able 
profit improved from £482.883 to 
£615.833. Staled earnings are S.Gp 
(4.6p) per lOp share and a final 
dividend of IJMMp raises the volal 
payment from 1.61 B03p to 1 804p 
net. costing £210.343 (£169.4861— 
for the current year the directors 
forecast a total of 3.075p net 
(3.1 43p gross) on increased capi- 
tal and should ACT be reduced 
then they intend to maintain the 
gross level. 

The rights issue is on the basis 
of one new share at 45p each for 
every 11 ordinary or tbe equiva- 
lent in convertible loan stock then , 
held. The issue has been under- 
written by S. G. Warburg and Co. 
and the brokers are Cazenove and 
Co. Details will be posted om 
June 18. 

In. the current year, the com- 
pany plans to invest a total of 
some £800,000 in new plant and 
machinery at its present sites and 
it is considered appropriate to 
finance this investment pro- 
gramme principally through an 
issue of ordinary share capital. 1 
The net proceeds of the issue will 
be applied in the first Instance in 
reducing short-term borrowings, 
facilities for which will remain 

The board considers thaL taking 
account of available loan and bank 
overdraft facilities, the group has 
sufficient working capital for its 
present requirements. 

Empire Stores 
sales growing 
in real terms 

Sales at Empire Stores (Brad- 
ford) are continuing to beat the 
rate of inflation by a few points 
and this pattern is likely to con- 
tinue In succeeding months, Mr. 
C. T. Wells, the chairman, told 
the AGM. 

Although constantly bearing of 
a consumer boom being just 
around the corner, there were 
few signs of this in retail business, 
he said. The directors believe 
there will be an upward trend in 
retail sales in the autumn and 
Christmas season but it was 
extremely difficult to project too 
far ahead. Even so tbe company 
is ready for such an uplift 

If the tax rate is reduced a small 
additional dividend will be paid. 
However, he added, that as a 
result of action taken about 
increasing payments as a result 
of rights issues in 1975 and 1977 
he did not think there was much 
leeway to be made up when divi- 
dend controls were relaxed but 
the company will continue to 
ensure that, subject to its finan- 
cial requirements. dividend 
growth keeps pace with increasing 


new system: The 1976 account 
w ill be closed at the end of 1978 
and Mr! Neavc expects a modest 
but satisfactory underwriting 

During last year, the company 
introduced a new form of 
protection, which indemnifies 
owners of commercial properties 
against financial loss in tbe event 
of tenants defaulting. This 
concept has been well received 
by the property market Mr. 
Neave also points out that the 
company pioneered the safe- 
guarding of British hotid?ymaker^ 
against 1©**- of money nnd 
repatriation cvrenres caused by 
the collapse of tour operators and 
is stiff activclv involved in the 
travel industry. 

The company is jointly owned 
by Mercantile and General 
Reinsurance Company. Domininn 
Insurance Company. N.V. 
National© Bore Maatschapnii 
of Amsterdam and Dansk 
Kautionforsiknngs-Aklieselskab of 

Edited by Denys Sutton 

Tli© world’s leading 

rgiagaiieie ©f 

Arts and Antiques 

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TO, Cannon Street, London EC4P 4BY. 
Tel: 01-248 8000. 


at CGI 

Premiums received for the 1977 
underwriting account of Credit 
and Guarantee Insurance Com- 
pany increased by two*thirds on 
the previous year, reports Sir. 
Julius Neave in his chairman's 
introduction' to Ihe report and 
accounts. The growth was 
equally spread between the two 
important sectors of the business 
of the company, credit under- 
writing and bonding. The under- 
writing fund on this account 
stood at £131,000 in respect of net 
premiums retained of £251,000. 
On the 1976 account, the fund 
Stands at £252,000. 

The company has adopted a 
three-year accounting period 
following its reorganisation, with 
1978 being the first year under the 

Complete 1 } ictiin \u-hrnchum 
v ; ; ■ describing all our property services, 
;S j write tn - . \./. \ !. I {mthyJ'.llLCS. 

'■ D -J J T 7 17 ? ^ r»rv Kill 




Write today 
for this 


The Stale of Maryland. “Home"* 
of me w«rid-seaporr of Baltimore, 
and Ba Illinois- Washington 
International Airport. Located 
within one day s rail delivery 
from Baltimore ate 37 p « ot all 
U S. manutaciureis. and of 
the nation's consumer 

Three major railroad lines, 

550 highway common carriers, 
and Maryland* e-cellent highway 
network provide quick, access 
to markets. 

Maryland has overnight buck 
access to 31 **., or the U $. 
population, and oJ". ot the 
nation s manutacti tiers. 

Maryland can 'arrange up lo 
100% Imancing o( land, buildings, 
machinery and equipment ai 
low jnleresl rates for long terms. 

Wiile or phone loday-for our 
brochure and lor our assistance. 

George Van Bushirk 
European Director 
Maryland Department of Economic 
and Community Development 
Shell Building 

60 Bue Ravenstem. Boile 10 
1000 Brussels. Belgium 

Phone: (0 2i 512.73.47 



E & G/County & Suburban 
announce new merger 


Drake & Scull 
chairman buys 


Mr. Michael Abbot r, chairman 
of Drake and Scull chose to 
announce yesterday that he has 
agreed 10 buy 250,000 shares in his 
company, because that was the 
day of Tarmac's AGM. 

THE Li 'MG and occasionally recommends a 20 per cent 1977 pre-tax profits of £193.000 and Mr. Abbott was concerned that 
accrimonious courtship of Mr. increase in 1977 dividends to 12p a considerably less heavily peared further statements could be made 
Peter Prowtlng’s private property a share net on the enlarged halance sheet. In 3977 E and G by Tarmac which would affect 
development group County and equity. reported pre-tax profits of Drake and Scull as statements at 

Suburban Holdings and the Mr. John Laurence. E and G's £332.000. the interim stage did last year. At 

publicly quoted Estates and chairman, said yesterday that. Mr. Laurence has had informal that time Tarmac said some losses 
General Investments may yet “ this is a natural marriage and discussions — with the Takeover might be recoverable from Drake 
have ahappy ending. E and G will give us tremendous advan- Panel's permission — with the an d Scull through general war. 
announced details of a new mer- tases in improving the portfolio founders of the Association of ranties relating to the purchase 
ger plan yesterday, which appears balance, enlarging the company, E and G Stockholders, the group 0 f Holland, Hannen and Cubitts 
to satisfy the criticisms that and making management that played the major part in from Drake and Scull in 1976. 
ktljcd the last merger scheme in economies." Mr Laurence and his rallying opposition to the earlier According to Mr Abbott, the 

tk* wo™™ ♦ ora Board adv !f ed by Lazard Br r fu 5 P r °P° sals - The chairman says that standing of Drake and ScuU feU 

The PP* V Merger terms are recommend acceptance of the as a result of these talks he does as , re |ult ot this statement and 
structured in the form of a re- merger terms which will be con- not expect organised opposition fhp recovery underway was 
ver^e takeover by E and G of side red at an EGAS at Winchester to the new plaSs Wnder^ 17 he too^lhj “m? 

County and Suburben. which is House. EC. on Thursday June 2». Gqc s]] ^ y ,^ icrou , aspCC| h, " de * ed ' fa0 he t0 °* *** 

business is that Mr. the purchase of further shares in 
and his management Drake and ScuU so that any fur- 

takeover by E oiiu u ui xiuerGu ai an c,isivi at mncnisier to tnc new plans hindered So 

S3 per cent owned by Mr. Prowl- For the “first time the Takeover th ? D * ££ hlly ludicrouf aspCCl of ™ution’-'of announcing yesterday 

ins and 14 per cent by Guardian Panel has insisted on a poll vote p rm »rin« 

Royal Exchange Assurance. It is -■ - • -•* 0 un " 

new 20p shares and a new 10 per shareholding r ar tlm ® of Wr - Prowling s Mr. Abbott also wanted to 

cent unsecured loan stock. 19S2 However the points that acq , uls . ,0 ? of a near 30 p, -‘ r c * nl acquire a substantia! stake in the 
This would give Mr. Prowtinc’s sparked fierce resistance to the s ? K ?J n ji he group. Ust December company which, he said, is “ mak- 

group 44.S per cent of the en- 1975 merger talks seem to have ? hdrehold ®r s Permuted him to in* an extremely effective 

larged group, and added to his been j ro n ed out in the current ,ncrease his holding to 3U.U per recovery." 

existing "f.fl per cent share of proposals. Opposition to Countv f ent . 10 reso,T f a three year old The shares were bought from 

E and (!< existing shares. Mr. and Suburban's approach In 1074 15°, .? n S ,e win former m P- Robert Potel, a former chair- 

Prow ting and his associates would focused on Mr. Prowl tag's plan Qirectors family trusts. man. at 271p per share. The price 

end up with 61.S per cent and to transfer £3.4m of his personal H fbe merger plan is agreed by was negotiated several weeks ago, 
Guardian Royal 6.3 per cent or the guarantees on bank Joans made shareholders. E and G's shares, since when it has weakened, 
larger company. 10 cover private property develop- suspended at 20p today, "ill be Also announced yesterday was 

A March valuation or both com- ments to E and G. This lime the requoted on July 3. ihe sale of 23.000 shares by Mr. 

names’ properties shows that County and Suburban subsidiary- But that may only he the Chevalier 4 \ A Maievez. a 

E and C. < portfolio is now worth to which these guarantees attach beginning of a new E and Cl saea. director, at 24p. This look place 
-4.2m supporting net assets or i s excluded from the proposals. Mr. Prowting said yesterday that on Aprii 28. Then on May 31. Mr. 
£3.lm. or 31 ip a share. County fn 1975 E and G shareholders if the merger works he will be Maievez transferred 100.000 shares 

from non-beneGcial to beneficial. 

Mr. Abbott said yesterday that 
there was no connection between 

and Suburban's properties are also looked askance at a County looking for anothpr quoted 

valued ai I8.7m and so the com- and Suburban trading loss of property company to further 

bined group would have pro- £29.8,000 in the first eight months expand the group: ■* It is not my 

Per tie* of just under £13m and a of 3974. and reasonably questioned final object to end up with (JO per reaction "anlTlboU" of ’ Mr’ 

net worth of £7.02m. 39.9p a whether Mr. Prowting had designs cent of E and G If we c an get it Kf ” 

share, and a 255 per cent increase on E and G's £Jm cash balances, moving I'd be hapnv with a Jldlcv,r£ - 

in net assets for existing E and G Now County and Suburban smaller share of a fjr larger 

shareholders. The board also comes to the proposals showing company." 

Saint Piran chief resigns 


MANAGING director of was unfortunate that a director 
Saint Piran. Mr. Peter Adie, has should resign from such a 
resigned from the board. He has recently floated company but 
also resigned from the subsidiary commented that Mr. Adie's ser- 


Alexander Howden. the inter- 
national insurance broker with 
interests in banking and shipping 
has bought a controlling stake in 
. .... Wellworths Stores and Bazaars, a 

to Mr. Glasgow s personal hold- South African quoted company, 
IPS* a ? d .of Scottish Ice for j^t ur ,der £700.000. 

Kink 11928), which he also con- Through ils Bermudan sub- 

trols. this brings his in tore <t in s jdiary — Alexander Howden Group 

and associated companies. vices to South Crofty were not Edinburgh Ice Wnk^to SS lV oer 

Saint Piran. the mining &i:d essential since he is not a mining cent. P I Bermuda J-How den has 


property development group, has 
recently attracted attention be- 
cause of its 29.85 per cent stake 
in A. Monk, the civil engineer 
and building contractor. Both the 
board and a unior. at A. Monk 
have been, hostile to this stake. 

The official statement from 
Saint Piran said yesterday that 
Mr. Adie had resigned “in order 
to pursue his private interests." 
Neither Mr. Adie nor any of his 
fellow directors were available at 
the company's offices to add any 
further explanation. 


OVER 50% OF 

„ chased 1.5m ordinary shares. 
^°!;- r «£™ up: ‘-\, Tan ' representing 80.6 per cent of the 
kard hds sold 4a, 000 shares. Major Well worth equity, for R0.95 per 

E .i «-2H! ey u“ d assoc,aies havc share and 76.000 6 per cent cum 
sold 60.OOO shares. 

Capital and National 

A consortium of companies 
which was instructed by the City 
Take-over Panel to make a full 
bid for London and Liverpool 
Trust has increased its holdings 
in the investment trust to just 
over 50 per cent. 

The consortium, which is 

preference -shares (60.8 per cent 
... , Trust: of tola ij f or R1.5 per share 

nmo A K ,fe C °' on trlving a total consideration oi 

June b bought 20,000 shares 01 11 m 

making total holding S91.000 

beaded by South African interests. 

Saint Piran's stockbroker, said yesterday that its offer had Gough-Cooper 
Sebag. said it had “no gone unconditional. shares. 


Howden has offered to purchase 
the remaining ordinary and 
preference shares at the same 

Well worths is effectively a 
“ shell “ company but has assets 
_ . _ , „ . of R1.55m which includes some 

Gough Cooper and C-o.: Miss J. Ri.4m of short-term cash deposits, 
has sp]c j 25,000 so Howden looks to be buying 
at a discount. 

shares 16 per centl. Shares regi- 
stered in name of Bank of Scot- 
land fStanUfe) London nominees. 

Tribune Investment Trust: Sir 
Rex Cohen, director, on .Tune 6 
disposed of 32,120 shares at 64p 

idea " about the background to The consortium was instructed Hestair: D. Hnrgreave?. direc- The move Is designed to provide 
the resignation. I11 September last to make a full bid for the invest- tor, has sold his rights lo «4,SS0 a holding company for the group's 

year .Sebag floated on the Stock ment trust after the Take-over new shares at 11 $p premium. R. recently established South African 
Exchange South Crofty, a tin Pan , el decided that certain com- Raworth has sold his rights to operations, which included the 
minin'*" associate company of f anles bad acted in concert with -o.OOO new shares at l!|jp pre- purchase last month of a 20 per 

mining associate company 
Saint Piran nr which Mr. Adie was 
a director. Sebag agreed that it 


Tanners & Leather Manufacturers 








Trading Profit 



Profit before Tax 



Profit after Tax 






Met Assets 



Highlights from the Statement by the 


Sir Kenneth Newton. Bt., O.BJE., T.D., for the 
year ended 31st January 1978 

Final dividend of 2J5p per share is recommended making 
a total of 4.50p for the year. 

£.\ ports rose to £1 1.2 million. 

The fact that we supply so many differing industries and 
e.\port such a high proportion of our products to many 
overseas markets assists us in overcoming the cyclical 
pattern of the leather industry. 

Acquisitions were made during the year in furtherance of 
our policy of ensuring that adequate supplies of raw 
material are available to the Group from sources. 
Our leather interests have been expanded by our acquisi- 
tion or Wilson & Tilt Limited. All the tanneries havc been 
busy throughout the year. 

There is increasing interest in our Chamois leathers of 
which we are the leading manufacturer. 

Future prospects are encouraging, even though profit 
margins may be more difficult to maintain, due to the 
instability of raw material prices, the fluctuations in rates 
of exchange and the general economic uncertainty. 

The Grange, 

Bermondsey, London SE1 3AQ. 


The annual report for the year 1977 

Leveraged Capital 
Holdings N.V. 

has been published and may be obtained from 

two subsidiaries of the South raium. cent stake in Marine and Trade 

African group W & A Investment Australian and International Insurance, a local short-term 
Corporation in achieving a joint Trust: United Kingdom Temper- insurer. Howden intends to 
stake of 47.6 per cent ance and General Provident In- change the name of WeUworths 

The bid price was 21p a share stitution holds 545,000 shares 19.08 to "Alexander Howden Group 
which yalued London and Liver- per centl. South Africa" and in due course 

pool at £525,000. The consortium yeoman Investment Trnst: The the new company will acquire the 
which consists of \V and A SA prudential .Assurance Co.'* hold- groups existing South African 
Zug, .Aschheim Securities, London j n „ 0 f 545000 chares now reore- interests, which are expected to 
Consolidated Properties, Stroller se ^ ts gg 9 ’ r cen . followin 0 - this contribute around £500,000 to pre- 

Securities and Virgo Corporation yea r^s con version o r lloer cent profits in the current year, 
pcpoivffri rvmnKPnHn" yea r s con version o 1 ,» per cenr ^ Howden 

loan stock 1993. For same reason * ne a / ai , "J ai ' a c . sl .1 aowaen 
Practical Investment Fund’s hold- a base for further South African 
ine of 572,000 shares represents acquisitions. 

9.43 per cent 

Reed International: Mr. G. S. G. R IVLIN SUSPENDED 

IVitherinKton. a director, has d is- shares of L D. and S. Rivlin 
posed of his interest in 30.000 were suspended yesterday as die 
snares for no consideration. His announced that the Midland i 

interest in these snares is non- g an j. h a( j appointed a receiver foi 

. all its North East retail interests 
—the largest of which is Sachs 

of BET— has acquired 51.300 L"* s> ' kulmi (Mala>sia> Berhad 

received acceptance representin 
322 per cent of the trust. 


De Vere Hotels and Restacrants: 
Mr. L. Muller and Mr. A. T. W. 
Harvey have sold 30,000 shares out 
of iheir joint holding. 

British Electric Traction. Mr. 

G. R. A. Metcalfe. 

Advance Laundries, a subsidiary . 


Amax recovers 

•• r t-, - 



AFTER a poor first quarter, when 
earnings were bit by the U.S: coal 
miners' strike, the diversified UJS. 
Amax minerals group looks for a 
good recovery this year, reports 
Paul Cbeeseright from Frankfurt 
Yesterday the group moved, ie 
sharpen its profile in Euro pe^by 
taking a listing on the Frankfet 
stock exchange. Trading in the 
shares opened at DM 72. A Vienna 
listing will be granted toinonw. 
bringing the number of Aznaa 
listings in Europe to seven. . 1 
Mr. Pierre GousseJand, the 
Amax chairman, said: “ The 
recovery will be based on an 
increase in coal production .above 
1977 levels, as well as continued 
strong markets for molybdenum, 
oil, and gas. We also expect 
reasonably improved markets in 
many of our other operations™ '■ 
This relative optimism was 
based on the. assessment .that 
growth in the US. economy in-the . 
last three-quarters of this year 
should be about 5 per cent 
Capital investment is starting to 
improve, said Mr. Gousseland. . 

At the same time, he reflected 
the pervasive- industry -gloom 1 
about rising costs. "Sarae metals, 
may become uneconomic to pro- 
duce, without corresponding 
equalisation in their market 
price/' he warned. 

In a survey of group activities, 
Mr. Gousseland disclosed that 
.Amax could make, within the 
next two months, a decision about 
the re-open tag of an open-pit 
molybdenum mine in .British 
Columbia. Production could be 
10m tons of molybdenum con- 
centrates annually. Proven and 
probable ore reserves so. far are 
105m tons grading 0.192 per cent. 

Reserves at ft© Mount Emmons 
nioly' find in Colorado are now 
indicated at 185m tpnsjgaamj? 
0.43 per cent, but the. extent m 
the mineralised zone has :not^t 
been f tills' defined. It is.'noLiikeiy 
to be ready for production for 
.■at least six or seven years.. - .---; 

Last year, Amax had a pre-tax 
loss of S29-8m on its nickel opera- 
tions. But this year the te-wfli 
be reduced to -under 
■ Gousseland saad. World copper 
consumption this year conta 
exceed production, he thongnl, 
and .the lead market continues 
to be strong. • • . • ' ‘ ‘ 

Amax coal production m the 
US this year should reach 3wn 
tons. This is 2m tons more than 
in 1977. indicating healthy growth 
in. view of the miners’ strike m 

the first quarter. Oil and- gas 
income should be a record m Iffre 
and exploration is continuing. 

At the Mount Newman iron 
ore operation in Western Aus- 
tralia, where Amax has a 25 per 
cent stake, total shipments this 
year are expected 295m 
tonnes, compared with ~S.5m 
tonnes in 1977. . - 

Mr. Gousseland sain- that tung- 
sten's contribution to " earnings 
would rise following . Amax s 
proposed increased interest m 
Canada Tungsten Mining. . He. 
added that production of Canada 
Tungsten would double in'197S. 

Aiuax, which Mr. Gousseland 
called “ if not the first,, the second 
largest producer of tungsten hi 
the free world," is very enthusi- 
astic about the future of tunf 
sten. he said. Amax > holds the 
largest known deposit of tung- 
sten in the Western world in the 
Polar Circle, but has not. deveb 
oped it because oL-large U.5. 

• r - .’-T' - :r f- 

. : . The' stockpiles 
-reditced -tod' 

Orciedepoa— ^ 
year br ‘SO.'?“^Itre'^ 
BK^ybdcnutat ■ the- -fri. 
jar -of ;.str^ttr 
tinues ft focrease.-lffr. 
saidti^t ksfyearj^~ 
tion rdsfe hyjte'.J. 

Amax production: 

75m Tbs 
said. ■■ 

He added tteit 

times would mod^tte-J 3 ^” ‘ — " 
next. few. years^ They vi. 

}n 1977, comparcd^ witfr ;^^ 

.1976 and *5S5m ;in TB^5..,c 
capital expend^xttCsS 
over- the next five 
should be about ^^J^w 

1>e less; Mr. .Goussrtandr^aid^ ’ 
pre-tax earnitfgk frorn ^- — - 
wBi . accelerate - after- 
provision '' forr~ ,d®5» 
depletion, charges.^ 


.. The - Toronto Stoc^r 
_has arm'pted the noticie 

of. the Tatter s. L » — 

up to . 800,000 “Canada - 

Mitring shares at a price. at qnn 
per share. - Amax -already' vtoa: ' 
2.43m' shares of Caxiada.Timgste&': 
or 48.6 ‘per. centofthe 

A further- Ira shares, ot'4w > L 
heid-hy Dome Mlw^.; ; - . 

West Drie beats the 
but East Drie lags 

per-cent, are — — 

The latter has - advised u>« sta*;-;: _ 
exchange that. It will hot^teodq? V 
any bf Its Canada Tungsten s&sito-;'- 
under the Amax offer. ■ 

. i - .) . 

■’ '■'? v. jV.V . 

-. . . 1 .. . ' : v-' *" - . 

SC.HPRISES. good and bad, .are 
thrown into the ring by the 
Consolidated Gold Fields group’s 
half-yearly gold-mining dividends. 
The best news comes from' the 
major mine. West Driefootein, 
which is declaring an above- 
expected final of 250 cents 
( I57.5pi to make a total for the 
current year to June 30 of 385 
cents against 280 cents for 

Disappointment, on the other 
hand, will be felt over the interim 
dividend of 40 cents declared by 
the relatively young and top class 
mine East Drietontein. Estimates 
had ranged up to 60 cents for this 

Lihanon's final or 60 cents is a 
min imum expectation and makes 
a year's total of 100 cents against 
45 cents. Venterspost, however, 
has beaten the pundits with a 
final of 20 cents to make 25 cents 
against only 5 cents for the year 
to last June. 

Losses climb 
at Sweden’s 
big iron mine 

currently popular producer which 
paid a total of 78 cents for- 1977. 

Among other payments, the 
final of 25 cents declared -by Kloof 
only just meets the minimum 
forecasts for a mine which has 
not fulfilled market expectations, 
but the latest payment makes a 
total of 40 cents for. 1977-78 
against 30 cents. 

The latest payments are 
summarised in the following table. 












Dnornfonteln » 





East Dnc. ... 













Veniersposi ... 





I1a£l<<nt£jn ... 





W. Drlcfomem 






Doomfonteln is declaring a 
below -expected 30 cents, to make 
50 cents against 15 cents, while 

SWEDEN'S state-owned LKAB 
which operates the north Swedish 
iron ore mines, made a pre-tax 
loss of SKr 218m (£25.7ml on a 
SKY 499m turnover during the 
first tour months of this year. It 
forecasts a total loss of around 
SKr 675m for 1978 as a whole, 
some SKr 32m higher than the 
1977 loss, reports William 
Dullforce from Stockholm. 

The losses are struck after 
planned depreciation. The four- 
month result would be SKr 55m 
greater and the forecast loss for 
1973 about SKr 165m bigger. If 
cost-calculated depreciation were 

Because of the continuing low 
level of activity among the Euro- 
pean steelmakers LKAB’s 
deliveries during the first four 
months were only 0.5m tonnes 
larger at 6.5m tonnes than during 

the corresponding: ' period 
yeaT: Stace May, however, '■'flip : - 
Canadian miners* '• strike haj 
increased demand' for - LKABy. - . 
supplies and deliveries are 1 mhr*VY 
estimated to 1 reach over.. 2hv'' " : 
tonnes - this year against ^ 392jh^ ; ' : _ 
tonnes in - 1977,-- the- lowest- levels : ..~ 
since 1963- V J ■ - ■ ■ 

Most of these extra. deE^enes 
will be made from stoidc vProdm*- : 
lion at the . mines is not erpectetb - - : 
to be more than 18.5m tonnes tWr~> ' 
year. The mines wiU 'close down > 
for eight or nine weeks -'in? the j?/ 
summer. At the same ' time; driiY.' 
prices have fallen 15 per.cehtoiL :' 
average from the 1977 l leveL j- 
the extra demand otcasioncct-J^. 7 
the Canadian strike is notimpro^ ; 
tag LKAB's finances as ntacbfw. 
might bt expecteC ' ^ ' 

The interim report ~notesypC' • 
“positive” redaction in proems * : 
tion casts durtns the four monfUr-. 
bat higher rail :, transport .and: — 
pension costs have - worked in tjnfj 
opposite', directioni. . The ®toor. 
evaluation in the 1977. account^ 
was also too optimistic and, to. - 
conform with actual price-, 
developments, LKAB anticipated, 
that it will need to write down: 
stocks by about SKr 113m this 

The production cuts and - the 
stock reduction are having a-, 
favourable effect on the coxa-/' 
pany*s liquidity, it Is', stated/-',' 
Together with a SKr 230m cut -jit; . 
Investments this win reduce the ! 
borrowing requirement for 197$. . 

71*1 < ha • 


a director of beneficial as a trustee, 
a direcror 01 Sliulhern consiruction 

deferred ordinary shares at 46p 

has sold 50.000 shares, reducing 

and Sherman. 
Problems in 

the North East 

UCIITIICU VIWIUUI > Clio 1 a L_ _ _ - Mftll „ ft _ r L III IftIC iWI UI LiOJi 

under BET share option scheme. V^Kenti The uusteesboSoht have been major cause of 
Gnome Photographic Products: 20 000 shares at 35'n for discrc- 2 rou P pre-tax losses of £66,000 
Mrs. H. J. Rees, director, between Tionary SS undef which Jlr. [ft -V^r and £118.000 in the firsl 

G. A. W. Jiggins's dependants are d 3 ™, 0 * the current year. 

beneficially interested. ^ roup If an , !J npor l er , a n? 

wholesaler and retailer of cloth- 

L NinTT itfir f ing and Its shares were 

Ki>Ul 1 1VLILL suspended at 18p down Jp yester- 

Knott Mill, the carpet retailers, day. 
announced yesterday that it was 
Edinburgh Ice Rink, Paisley Ice involved in discussions which ASSOCIATES DEAL 

Rink has acquired a further 2.070 might lead to a bid being made for Stand iffe Todd Hodgson pur- 

shares. In addition 1.000 shares the company. The shares were chased on behalf of Mr. Nicholas 
have been acquired by Glasgow suspended at the company's Horsley, chairman of Northern 
TulLis Enterprises of which J. request at 17p, valuing Knott Mill Foods. 5.000 shares, non-assented, 
Glasgow is chairman. When added at £586,500. in Pork Farms at 644 p yesterday. 

Barclays offer terms for ITC 

January 30 and May 15. sold 
30,000 shares. Mr. J. S. HalLsworth. 
director, between May 10 and 24 
bought 19,900 shares. Mr T. 
Brass, the husband of Mrs. K. M. 
Brass, a director on May 26 
bought 500 shares. 

Tenneco to see Albright union chiefs 

AN EXECUTIVE vice-president o» 
Tenneco, which is proposing to 
make an agreed bid for Albright 
and Wilson, will meet with union 
chiefs to discuss their objections. 
The heads of the five major 
unions involved are being invited 
to join him and Mr. David Living 

As well as meeting the union But the cash offer has been 
chiefs. Tenneco is to send a letter rejected by Cornercroft as in- 
to all employees, signed by Ten- adequate "in the light of current 
noco's chairman, with further in- trading levels." Cornercroft 
formation on the proposed bid. chairman. Mr. A. W. Hartwell, also 
Albrieht's managing director, said the board expects to be able 
Mr. David Livingstone will prop- to recommend a significant in- 
ably meet the Office of Fair crease in the level of dividends 

stone, managing director ot Trading and the Department oT Tor the current year to September. 

. .. i«. : 1 nrfzicf i-v aftAP iHa uninn 

Industry after the union meeting , „ „ 

on Frida v However. Mr. J. Horry Hooper, 

The OFT is expected to make Armstronc's chairman, said that 
its recommendation about refer- the company, which has already 
ring the bid in the middle of next acquired some 40 per cent of 
W eek. * Cornercroft, has made a fair and 

reasonable offer and has no inten- 
ARM STRONG OFFERS lion of revising it considering 
LTERIN ATI V"E Corncrcrofl's past performance. 

-TV. ■„ MKrinht ,„ii. Armstrong Equipment has no He also pointed out that Corner- 

hv' intention or rerising its offer for croft’s earnings last year provide 

besbren^thened takeo er C|nwB#fli which includes a a cover of I* times only andthLS 

X-Sh^S” ttMTfine from its share alternative of one 10p Arm- is hardly the time to be talking 
Nortfsea ofiinterests Temiera st™? share for each 20p Corner- about the significant increase tn 
S.1S. croft share. the dividends this year. Last year 

The share alternative revealed the company paid a total 01 

Albright. tomorrow evening. 
Union objections to the take-over 
are widely seen as important to 
the decision on whether or not 
it will be referred to the Mono- 
polies Commission. So the 
Tenneco representative will be 
seeking to convert the union 
representatives lo the bid. 

THE DEAL announced yesterday 
for the acquisition -of tbe Invest- 
ment Trust Corporation (ITC) by 
the Post Office Staff Superannua- 
tion Fund through Barclays Bank 
involves an agreed offer by Bar- 
clays for the whole of the issued 
share capital of ITC. 

The offer is being made on the 
basis of 88 ordinary £1 stock units 
in Barclays Bank or £264 casb 
for every 100 2Sp ITC ordinary-. 
Barclays is also offering lOOp cash 
for each 3.15 per cent cumulative 
preference share of £1 in ITC. 

A resolution will be put to 
holders oF the 5 per cent con- 
vertible unsecured loan stock 
2000-05 of ITC proposing the con- 
version at the current rate of all 
the loan stock into ITC ordinary 
lan effective conversion price of 
192Jp per ord inaryl. The resolu- 
tion will be subject to the 
ordinary offer becoming uncondi- 
tional and. if it is passed, stock- 
holders will be eligible to accept. 

To provide the cash considera- 
tion underwriting arrangements 
are in hand for Cazenove and Co. 
and Pembcr and Boyle to sub- 
scribe for new ordinary stock 
units of Barclays at 3U0p net casii 
per ordinary stock unit. The cash 
alternative under the offer will 
only be available until the first 
closing date. 

Barclays has entered into an 
option agreement with the 
trustees of the Post Office Staff 
Superannuation Fund. Under 

this, subject to the ordinary offer 
becoming unconditional, Barclays 
will have the right to sell for 
cash and POSSF will have the 
right to purchase for cash any 
ordinary and preference shares in 
ITC acquired by Barclays at 264p 
per ordinary and lOOp per prefer- 

If the option were exercised, 
Barclays would .receive cash pro- 
ceeds of some £35m which it 
intends to use in further expan- 
sion of its business. 

The Barclays Board intends to 
pay in October 1978 an interim 
ordinary dividend of 6.05p net 
for the year ending December 31, 
1978 f5.5pi. and in the absence 
of unforeseen circumstances to 
recommend a final dividend of 

not Jess than 7.2089p net (5.5491p) 
id at around the 

regards this as good for Tenneco 

and good for the UK. As for the .. c . . _ , „ , 

immediate interests of employees, for the first time in the formal 3-1944p. r 

a commitment to respect their «*for document sent to share- Besides the L 

existing rights has already been holders yesterday is worth 6ap crorts ordinary shares, which is 
made Tenneco argues that since per Cornerorort— based on conditional on acceptances ot 
the manauement will not be the middle market price on June more than 50 per cent. Armstrong 
changed, employees need not fear 9- As announced on May 30. Arm- has also offered__35p in cash lor 
any change nf policy which would strong Equipment is bidding 65p Cornercroft's 4.53 per cent aop 
adversely' affect them. cash for Cornercroft. cumulative preference snare. 

Brit. Land stake in Churchbury Estates 

FOR THE fourth lime ta just over 
a year British Land has taken a 
strategic slake in a smaller 
properly company through a 
share issue — on two of these 
occasions the group has resold Its 
holdings for cash, making a nice 
profit into the bargain. 

Mr. John Ritblat. chairman of 
British Land announced yester- 
day that the group had acquired 
a 15.6 per cent holding in 
Churchbury Estates in return for 
2 3 per cent stake in British Land. 

McLeod Russel, the tea com- 
pany. already holds a 19 per cent 
interest in Church bun' and the 

property company's share price 
rose Up to 26Sp yesterday on 
news of ibis second major hold- 

British Land's share price last 
night was 34p valuing its Cfaurch- 
bury holding at almost £640,000 
— 236p a share. La*t month the 
group acquired all the equity 
capital of WellingrovG Properly 
Investment by issuing -815.000 ot 
it* own shares in a deal valued at 

British Land is fast achieving 
the reputation of a shrewd 
operator by way of its property 
share deal*. Ju-'t over a year ago 
it acquired a 13 per coni holding 
in Bridgewater Estates in a deal 
worth 2l2p a share. Five months 
later it sold this stake for 250p 
cash a share. 

This was followed in January 
this year by the purchase for 
.shares of an 1S.3 per cent holding 
in Property Investment and 

Finance only to sell the holding 
for cash— and make a £50.000 
profit— lo Castlemere Properties 
which was planning to make a 
full-scale bid for PJF. 

Mr. Ritblat said yesterday that 
it was oot corporate policy to buy 
shares just with a view oF a 
potential resale value. "We 
are just as much concerned 
with income and make invest- 
ments in companies which we 
think are attractive and where 
there is a suitable discount to 
assets. However, if an offer is 
subsequently received we would 
naturally consider this on its 
merits," said Mr. Ritblat; 

The most interesting aspect of 
this latest deal will be McLeod 
Russel's reaction to a rival slake 
similar in si2e to ils own. 

expected to be pal 
end of April 1979. 

This represents an aggregate 
increase of 20 per cent over the 
dividends paid for 1977. If the 
applicable ACT rate is altered 
(as envisaged under the current 
Finance Biii) Barclays intends to 
adjust the final dividend accord- 

The ITC ordinary and prefer- 
ence shares will be acquired with 
all rights attaching, except that 
ordinary ITC holders on the 
register at June 12. 1978. who 
accept the ordinary offer will be 
entitled to -receive and retain the 
proposed final dividend of 4.7p 
net which the ITC directors have 
recommended, and except for the 
right of ordinary holders to 

receive new ordinary share* 
under the proposed capitalisation 
issue. .' 

The new Barclays ordinary wi! 
not rank for the interim dividend 
of Barclays in' respect of.ttie 
current financial year, but. will - 
rank for. the final. " • ' '' 

On the basis "of the: middle 
market prices for quoted' Invest* • 
ments, directors'- valuations for 
unquoted investments and ex- 
change rates ruling on "June 2, 
1978, the net asset value per TFC 
ordinary (fully diluted; after 
deducting . prior ' charges at 
redemption prices, mid. after pro- 
viding for all .contingent liabili- 
ties including capital gains tax. 
(amounting to Z4p per share) was 
26L2 per share. 

To reduce stamp duty expenses 
it is proposed that . ETC should 
make, a capitalisation issue to 
ordinary holders on the register 
at close of business on Monday, 
June 12, 1978. 

The directors of FTC and their. 
advisers Robert Fleming state 
~that they consider the offers and 
tbe loan stock proposals to be 
fair and reasonable. 

The directors (who hold- no 
preference shares or loan* stock), 
intend to accept the 'ordinary 
offer in respect of their own ben^ 
ncial holdings amoun ting . -fn SJ580 
ordinary shares. They ai«h -intend: 
to vote in favour of the capitalisa- : 
tion issue referred to above and' 
will recommend all holders of ITC 
ordinary to do likewise. 

! 'fir* ,r > 

1 • ‘C < ‘ i- 


1 - 

J. Compton, Sons & Webb 
(Holdings) Limited 

A powerful boost from exports 








Operating profit 



Profit after tax 



Dividends per 
ordinary share 



Earnings per ordinary share 



Not asset value per 
ordinary share 


42.35p ^ 

Points from the review by the Chairman, 
Lord Cheiwood: ’ 

vfi It has indeed been a challenging .year. 

* ^ sports which: 

trebled, using from £564,000 to £1,779,000/ " 

■$[5 The Marketing Company continues 

enerfleticady 10 make progress in the UK and 

Manufacturers of 

# Exports expected to double during 1978. . . .. 
Longer term prospects are very encouraging. 

uni, 0Hnclounngandhead3res£^ l, ^ —lB,,,,l|,l,lll * IBB ^ 

Copies cl the Report and Accounts may be obtained bamThe Secretary, ig Rferqi Square, Unde* Wffi5Hfl. ' 

•: We^ne^day June: 14 1978 

Exchange List 

coverage extended 



°ft u?A 

w ^e jL'i 

The Stock Exchange Official 
List now carries on its back pbec 
prices, of daily deali n gs in 
securities not listed on the Stock 
Exchange but traded under the 
Exchange’s rule 163 (2 j. This new 
service a part of a Stock 
Exchange move to increase 
general awareness of its members’ 
"y.-'W arrange transactions in 

lions, has noted a number at 
suggestions that an “ Ovcr-ihc- 
Counter” or “two-tier" market 
should be developed to cater for 
tiic needs of small companies and 
investors who want to buy or sell 
shares in them. 

lusted sacuiaties. 
The SJS. 

£Si ".SS 



2 nft 




j — « ■— ■ chairman, Mr. Nicholas 
Goousod,. yesterday presented a 
mmpbiet ywhicb spells out the 
features of the -Exchange’s 
muistea -securities market. The 
pamphlet, is .to be sent to 2,000 
■uaJwtted; .^companies and . to 
appropriate lawyers, accountants 
'and merchant" banks. ' li points 
out that - the- dealing, facility is 
not lie*, that tin* volume of daily 
-iMdgM under. 163 is now 
^ fflnaderaKlc^ and that some 800 
companies have -had their shares 
traded in this way in the past five 
years. . 

,; ®e &-£. is promoting the 
:ftewTy. .'partly,, because the 
Dtimber of -new listings on the 
Exchange his fallen away 
markedly since. 1974 ‘and partly, 
in -the words. of Mr. Goodison, 
because “the "Wilson Committee 
4W. provoked , us- into greater 
ru6hc exposure of this ' market." 
Hus committee, ‘.which is 
examining the financial instrtu- 

While the -S.E, provides a 
procedure under which its 
members may trade, unlisted 
securities. Mr. Goodison stressed 
:hat it was up to the member 
firms to provide competition for 
the so-called “OTC market" run 
by M. J. K. Nightingale, ihc 
investment bank. “ A member 
firm can do anything Xlghimcale 
does.” he explained. But U was 
not the Stock Exchange’s function 

to -force them to do it. 

In dealing under 163 f2> the 
quality of the transactions are 
maintained by SE regulations, but 
the quality of the securities 
traded are not. On the on* hand, 
the SE rules obi go :'o broker to 
obtain the best payable deal for 
bis client. Each deal Is moni- 
tored by the Exchange, and pro- 
tection agetnst the failure of an 
Exchange member is available 
under the Exchange's Compensa- 
tion Fund. On the other hand, 
there is no formal relationship 
between the Exchange and an 
unlisted company. It is really up 
to the broker to make sure tbai 

the company whose shares be 
decides to trade, or to promote, 
gives out sufficient information 
about ii«,eff. 

The essential features of deal- 
ing under 163 (2) are: 

1 — The broker, acting as an 
agent, will normally find both 
buyer and seller and negotiate 
the deal through a jobber, Alter- 
natively, the broker may notify 
a jobber of his interest and Ihc 
jobber may satisfy it himself or 
try to find a seller or buyer 

Through another broker. 

2— Provided normal registration 
procedure.-! are available, trans- 
actions can take place entirely 
independently of the company 
and without reference to it. 

3— A broker has to set permis- 
sion to carry out each transaction 

from the Stock Exchange. This 
does not cause delay and no 
action is required on the pari 
of ihe investor. 

4 — All contract notes for trans- 
actions in unlisted shares carry 
the ‘-tatement that they are not 
li'rccf on any stock exchange. 
Nevertheless contracts are sub- 
ject io the rules and regulations 
of the Stock Exchange. 

a — A stockbroker will charge 
normal commission but no charges 
arc levied on companies by the 


Stack W 

-*tUi4a TtoT 
1 a Prict 

* aiwrfj 

-“all TW 

’ W* ?» 
d °y tafttk 

t ’.mu 

Scott & Robertson to expand 

‘ will uar (5 
s offer. * 

. Period j 

**u>. bWF»TU;. 
’•crV nriij'i for 
Jrineres n«* 
reach over * 
car afaiut 5 
'■ :r.e loves !r 

: e ertrs dffa: 
r-'~: «nck Px 
'•«» :s nj; op 
2 * r>n r^iterr 

v.!i c!«i 
!.:x c •-•eefci or 
■"»' S2!T.2 

) wr. lj ;«:ce- 
!iu T'-CT Inf., 


’nance! ij aaa: 


,t r-'.n m 
c-iuc:.5: a proc 
; trtOTaC 
rgi! tnttPW i 

na\e hortaite 
ectm The ». 
* the an » 

. .T-itlTL'-lC S»' 

:1f.' 3 etui F 
.. LKAB irts? 
::&i : f t<r»? 
iJOJl Sfr 11 s * 

. APJkit A slow start, it is expected 
that -there .will be a progressively 
higher demand for tile textile pro- 
ducts of Scott' add Robertson, 
particularly in the home market. 
Btrl H, B. Jplrie, the chairman, says 
in 'hi$ annual statament.- 
The groups packaging Interests 
*Di also benefit from the antici- 
pated higher' level of economic 
activity. ' he' teRs members. 

- The nulls and factories are now 
Working, with few exceptions, at a 
good rate of ■' activity while 
generally, production efficiencies 
are satisfactory. - 
The board is actively pursuing 
plans to Widen the r&nge of the 
group's operations with the object 
of both raising the profit base and 
redwing the fluctuations is -profit 
which have been all too evident 
in the past, the chairman says. 

For the. year ended February 24, 
1978, pre-tax profits were down 
from £785,899 ito £522£Q&. The 
dividend is: 2J74p ti*829p)- 
■ Turnover for. the year was 
£lS*8m (£I6.04raY. The contribu- 
tion- -from: the UK was £13-37m 
r&2.79id77 Europe; SA2m, (£3.08m ) 
and" -Other .- overseas territories 
‘(£0,ISm>. . v. , .. - 
• Mr. Pirie says the year has been 
described, as one of the worst 
years -in .living memory for the 
carpet industry and as appro sri; 
maieiy 60- per cent of the group’s 
business -consists of the supply of 
products to the - floor-covering 
industry, it was inevitable that the 
profitability of the -group , would 
be affected:' - -■ 

, .Exports, "though: buoyant, suf- 
fered .intense • competition., with 
low - margins aud-.jcpuld not com- 
pensate for the depressed; condi- 

sion was experienced in the 
middle of the summer of 1977 
when, due to the poor demand, 
some works remained closed for 
an extended annual summer holi- 

In the third quarter there were 
welcome signs of a recovery m 
home demand and by October this 
improvement was definitely estab- 
lished and. through the remaining 
months of the year, better trading 
conditions were maintained. 

During the year prices of 
polymers declined. As a result 
of weaker prices some stock loss 
was inevitable and largely 
occurred in the first -half. Raw 
jute prices, which hitherto- had 
remained remarkably stable com- 
pared to other commodities, 
advanced sharply towards the end 
of 1977. 'T 

There has been a succession of 
small jute crops and ft was con. 
side red prudent to carry mean- 
time an above normal stock,' the 
chairman -states.- . 

The next jute crop has now- 
been sown and there is a. general 
expectation that, given,. normal 
weather conditions,, the outturn 
will be larger and should alleviate 
the current tight supply situation. 

Rfr. Pirie is retiring as chair- 
man and the present vice-chair- 
man, Mr. J. R. Scott wfll-succeed 
him. Mr. K. S. Husklnson took 
over from Mr. Pirie. as .chief 
executive in March this year, v 

Meeting, Dundee. July 1, at 

slock WS1 at Smith and Nepbcw 
Associated Companies have 
elected to convert their holdings 
into 3,227,122 or d shares on May 

well ahead 
so far 

^pr&M.tbr.hf>P?e majkgf- ; 

fewest: Pa mt-m this.rei 


’ SMITH & J.:;:: 


Holders, of £2,613^61 of .4he 8 
per -cent Iconv unsecured:' Iqwt 





'cdfisent to the derii ration by rf 
j com df ; ' dlyWeii ds - of. the total amounts sprtiSW 
ending on tha specified dace*: . tf . 

■ ;<5o.ral;l,eisure ; Grcrup Ltd.- -■ •. Uoqdon Wl . ■ 
^.■JbtBprQrty inyesttn.enpjGrbUp:Ltd,London El 
C. &-W. Walker Holdings Led,"' - Telford 
• -Th e* Doabn-FotshAW. G, London 5W 1 
: Cld'dntles 'Property 

' Gofcpahy-.Ltd,'^ . . " V:- ■ 

Peyser .tfj.lmann Hofdings Ltd, 

. ' BrifisfrSyphon Industries t,td. _ 

T FJnoT'Art De vefopinerrts .Ltd,' 

Dwek Group Led, 

^"Cbrh beh'JG roup ‘ Aa:d . 

The Sheffield Brick -Group Ltd, 

Berkeley Ha'mbro Rropeny 
Company Ltd; ■■ i 
Sumrie Clothe^ Ltd.. 

-CmaHttf AjiCbepTlcal - 
-■Products A«d,V Vt - 
Eva Industries- lad; 


28. 1.78 


London EC2 

£2 97329 

25. 3.78 
31. 3.78 

Bu rton-upon-Trent 

- ' £1J73^74 

London SEI0 
Bristol > 





31. 3.78 

' London 
•' Leeds 




1. 4J8 

... te adeHJus|f ( H oldrrfgs ) .Ltd . ■* 

' • £* " V t : - ty tb«;'-Tfipni 

. Nottingham 




31. 3.78 
31. 378 

r%d»ry-flx rvQBlrcd by. the «iovc Act 

Pre-tax profits of Tomkinsons 
Carpets advanced from £42,000 to 
£99.000 in the 26 weeks to April 
1, 1978 on turnover of £3.31m 
against with £5.83m for the 
comparative 23 weeks. 

After tax of £31.000 t£23.600) 
and an extraordinary credit Jasl 
time of £54,000. the attributable 
balance is £48,000 (£73.000). 

Tiie profits before lax which 
arc the best since 1975 have been 
achieved against the trend of de- 
clining profits shown by some of 
the recently published carpet 
manufacturers results, the direc- 
tors point out. 

In tufted the turn around has 
been accomplished and the 
division is now trading profitably. 
Steels Carpets and Mid-Wales 
Yams have also traded satisfac- 
torily. The Axminster dlvisioit. 
however, continues to find market 
conditions generally difficult, 
which has been illustrated by the 
recent closure of one substantial 

The directors say that the 
second half has started reasonably 
well and if the trend continues 
the company should show an 
improvement over last year’s 
results.' when pre-tax profits came 
to flTBj/OQ, 

The directors have been, and 
are continuing to be active in 
world-wide investigations into new 
soorees of profit for the group 
and “ no worthwhile possibility is 
allowed to pass without the most 
careful evaluation." 


Robinson Bros, 
pref placing 

W. Coast and 
Texas repays 
$1.25m loan 

, - : . v ■. i ~2L ■ j - 


Company Limited 

Tm J ' {m'-i t - 
-■ rr -‘ r •• 

1977: Profit maintained despite 
> adverse trading conditions 

• ; r • 

#/ ; pr^S6^a^iopO(1976:£3,624,000) ; 

av - : i-.' basis • 

faas,s 1 

m^ ftlaVid;awatiori und^rtyBQngaCcountg prpf 3 uc^d satisfactory 

'# Theexp2*sfe.n : ef t{ ' ei -O ndonn on' l T iarir!eacco:jrrtCp ‘ ;rtiilu ® dasplsnned 

•A Home fifeandacciclent business resulted in a loss -mainly Incurred in the 



1 .- “ /• .. r- 

' l-V L= jj*.- 

^:1$73 ; ;; 




-.7 976 . 

[ \toob 



■“ • .■ • • ._ : -C; :r.T - A- rt 

- Tntal nrejn+u/ttS - ' rf-'Vi v, 

m-3. yt -“ . 


■ . , 24,936 


: ; 15,284 - . 


.... 4,143-- 

4.393 - 

: Underwritins; Pfof&fp&* ■ 

•%^r=Swb; : 5: 

-7^ 86’ - 




fprofit Wgs^DCVif-'f- 



auC fVTjm 

. 15,745 

MFotal Assets* . Li l 

^54,7-0^ . . 

57,603 . 

. 69.001. i, 

et values wttch e* 

. -..90844' 

coed book values. 


-I ; v Ch.innBn^State.ra.Bt 


IN a\N UNUSUAL mow. a private 
company, Robinson Brothers 
(Ryders Green), b, coming to the 
market by way of a placing ol 
preference shares which will raise 
about £2m for existing share- 

The company, chemical manu- 
facturers of West Bromwich in 
the Midlands, is malting a scrip 
Issue of two preference shares for 
every one ordinary share. 
Arrangements have been made 
for 1.8m or the resulting 2m pre- 
ference shares of £1 each to be 
placed at HH)p per share. 

The slock carries a coupon rate 
of 1 1 per cent and yields 15.3 per 
cent gross compared with around 
13 per cent shown for commercial 
and industrial stocks in the FT- 
,-Vctuarles Indices. 

The placing will In no way 
affeci (he ultimate ownership of 
the company, which is controlled 
by Robinson family interests. 
Dealings arc expected to start on 
June 19. 

Robinsons, originally engaged in 
lar distillation, now manufactures 
specialised chemicals for the 
rubber, cosmetic, pharmaceutical, 
gas, plastic and general chemical 
industries. It has a labour force 
of 582. 

In 1977. pre-tax profits rose 
from £l.3Sin m £].48ra on sales 
of £9.43m (£6.7mS. For the cur- 
rent year the directors forecast 
profits of nor less than £l.4m. 

At end December. J977 the 
preference shares were covered 
2.5 times by net tangible assets. 
On the basis of the 1978 forecast 
and a tax rate of 15 per cent, 
’preference dividends would be 
covered 3.4 limes. 

According lo the prospectus, 
Air. W. A. Robinson. Mr. A. P. 

Robinson, Mr. J. H. Robinson and 
Mr. F. D. Robinson together hold 
0.62m beneficial and non-beneiiciul 
ordinary shares, out of a total of 

Yearlings fall 
to 9|% 

The coupon rate on this week's 
balch of local authority yearling 
bonds has dropped from 10; per 
cent to 9} per vent. Issued at 
par. they are due on June 20. 

The issues arc: Royal Borough 
of Kensington and Chelsea 

l£0.5m), Beaconsfield District 
Council (£025zn>. City of Norwich 
(£0 75m), Wiltshire County Coun- 
cil <Ilm). Cyngor Dosbartb 
Dwyfor (£0.5m). Dudley Metro- 
politan Borough Council i£0.75m). 
North Kesteven District Council 
c£0.75m), City of Coventry 
U0.5m>, Rhondda Boroush Coun- 
cil t£0.5m). London Borough of 
Tower Hamlets i£lm». Barnsley 
Metropolitan Borough Council 
(£0.5m). Borough of Cynon Valley 
IXO.-lm). Greater Manchester Pas- 
senger Transport Executive 
i£P.5ni>, Highland Regional Coun- 
cil (£lm). City of Dundee District 
Council (£0.5m). City of Glasgow 
District Council c£lni). City of 
Leeds (£lm>. City of Liverpool 
(£1.75m). Metropolitan Borough 
of Solihull lt0.5mi. Strathclyde 
Regional Council f£2m>. 

Banff and Buchan District Coun- 
cil is raising £0..>m by the issue 
of 12 per cent bends due on June 
9, 1D82, while Medway Borough 
Council and Luton Borough Coun- 
cil are each raising £0.5m by 'he 
issue of variable rate bonds due 
on June 8, 19£d. 

West Kent Water placing 

West Kent Water Company is 
placing £0.75m of 12.5 per cent 
Redeemable Debenture Slock, re- 
payable on December 31, 19SG. The 
issue is priced at £98J per cent, 
payable as to £25 per cent on June 
19 and the balance on September 

Dealings are expected to start 
on June 19. 

interest is payable half-yearly on 
January 2 and July 1. The first 
payment— on January 2— will be 

Brokers to the Issue are Laurie, 
Milbank and Co. 

12 J7 per cent and redemption 12.43 

f ier cent So West Kent looks as if 
1 could, start dealings with a 
premium of almost a point. 



The prospectus is published 
today in connection with the new 
short tap stock. The i.'sue is of 
£900m of 10 per cent Exchequer 
Stock 1983 at £95 per cent. Last 
Friday a £lbn long tap was 

This issue is payable as to £15 
per cent on application with calls 
of £30 per cent and £30 per cent 
on July 7 and July 2x respectively. 

Applications for up to £2.000 of 
Stock must be in multiples of 
£100; between £2.000 and £50.000 
in multiples or £500 and above 

£50.000 in multiples of 

ft has been three months since 
the last water company debenture 
issue. That was York Water with 
a similar dated stock which is 
showing in the market yields of 
11.7 3 per cent running and 11M 
per cent to redemption. So the . _ T 

West Kent issue, yielding 12.638 J, & J. MAN 
per cent and 12.745 per cent, seems 
generously priced. However, a 
better guide is perhaps the latest 
corporation issue from South 
Tyneside where the application 
list opens this morning. At the 
issue price of £99 per cent Tyne- 
side is offering a running yield of 

Dealings in the new shares M 
I. and J. H> man offered by way 
of rights la 'l month started 
yesterday. Tite shares were 
offered at '29p each and opened 
yesterday at a 9jp premium and 
closed ai an J 1 ip premium. 

£1.4m order for Ford 

FORD of Britain has concluded 
a £1.4m truck sales deal, under 
which 140 16-ton ebassis-rabs will 
be supplied to Turkey. The deal 
was negotiated by the Swiss 
body-building company Moser or 
Burgdorf, which will be fitting 
refuse collection tipper body- 
shells to the chassis units prior 
to their re-export to Turkey. 

The final buyer in this Inter- 

national deal is the Municipality 
of Istanbul which will operate 
the vehicles for hou>e-to-hoiisc.* 
refuse collection. The trucks 
will he delivered to Istanbul in 
an overland convoy. 

All 140 trucks are powered by 
170 bhp Ford VS diesels' and are 
fitted with heavy-duty power 
take-off equipment supplied by 
the Bradford company Drum 

West Coast and Texas Regional 
Investment Trust has repaid a 
loan of U-S-51-25m out of the pro- 
ceeds of the $L25m certificate of 
deposit which has matured. The 
company's total multicurrency 
loan facility of $3.32m has been 
re-negotiated in a reduced 
amount of S2.75m for a period 
of five years lo May 1983. 

China chemicals project 


A QUOTATION for the build- 
ing of a 200.000 tonnes a year 
ethanol plant at Taching Oil 
Fields petrochemical complex in 
north east China has been made 
by Japan Gasoline, using exclu- 
sively the down-stream techno- 
logy of Roy-*»l Duich Shell. 

A team from Shell spent two 
weeks in China last month 
discussing the proposed plant 
with representatives of Taching 
Oil Fields and with the Chinese 
National Technical Import Corp. 
Shell says that if Japan Gaso- 
line’s bid is accepted, it would 
license its technological exper- 
tise to the Chinese, it would 
not take any part in the manage- 
ment of the ethanol plant which, 
according to Chinese spokesmen, 
would produce solely for the 
home market. 

It is understood that a quota- 
tion for the construction of the 
plant has been made by Uhde, 
the West German contractor, 
working with Veba Cbemie. os 
well as by Japan Gasoline. The 

Chinese-, who are said to have 
comae loci a number ol contrac- 
tors. arc expected to make :i 
final docisiun on the bids later 
this month. 

English win 
business game 

FOR THE first time in ihe cichl- 
jrear history of The Scotsman 
'management game an English 
team, the Commercial Union 
Assuram-e Company. London 
have won. 

In a final at the Strathclyde 
Business School Commercial 
Union emerged at the tup front 
a record number of 2S2 teams 
who competed in this year's 

Commercial Union managed to 
amass a profit of X4SI.134. How- 
ever. there was only £1.763 
between first and second place 
which v.js taken by the Scottish 
Gas Eojrd, ieanj-wi oners ol the 
1976 game. 

Safety coat for motorcyclists 

AX INSURANCE company is lo 

provide its motorcycle policy- 
aolders with iluorescenl waist- 
coats free of charge because lack 
of conspicuous dolhing is u main 
cause of accidents involving 

The jackets will be sent out 
over the nest year with renewals 
and new applications by Devitt 

(DA Insurance) in cor. junction 
with HP Motor Policies at 
Lloyd’s. Shaw Taylor, the TV 
personality, will give them in ihe 

first applicants at Lloyd's today. 

More lhan 70,000 motorcycle 
accirit’DiN occur each year 
Devin hnpes that its initiative 
wilt reduce the casualty rale b> 
encouraging many more riders 
to wear luminous clothing. 


Record Profit 

The sixty-eighth Annual General Meeting of the Company 
was held in London on 13th June t97S. The Chairman 
T. B. Barlow said: — 

The record profit for 1977 was £624.000. which was 22% 
more than last year. 

The dividend of 1.70p (12i5p) per 10l> alwre cost £23J.0U0 


Both politically and economically Malaysia fj well placed 
and as the leading exporter of rubber and palm oil 
the country’s future is assured, in the absence of the 
unforeseen, the outlook is good. 

The report and accounts were unanimously adopted. 



Fine Art Developments 

-mail oirfer and greeting cards- 



F. /?. Kerry, Chairman 

", . . budgeting for increased 
sales and profits . . . 
optimistic of record results 
again next year" 

Year ended 31 st March 


% increase 



£41.9 million 

25 1 


PRO F IT before tax 

£4.7 million 


30 3 



£2.0 million 

67 1 


DIVIDENDS per share 

1 .835p 


53 i 

EARNINGS per share 


EARNINGS per share 

(without provision for 
deferred tax) . 



Fine Art Developments Limited 

The 1 978 Report and Accounts are available from 
the Secretary at Fine Art House. Queen Street, 
Burton upon Trent Staffordshire, DE143LP 




Jacques bore 
international' j 


The shareholders are invited to :he Annual General Meeting which will be held on Wednesday. 
2Bch June. 197S at II o'clock at the Hotel SofTteTTaris. 8 to 12 rue Louis Armand. Paris 15e. 
The agenda of the Meeting will be as follows: — 

Special report of the Commissaires aux Comptes concerning the agreements dealt with 
under Article 101 of the law of 24th July, 1966. 

Reports of the Board of Directors and the; Commissaires aux Comptes on the financial 
year 1 977. 

Approval of the 1977 accounts. 

Appropriation of the 1977 results. 

Renewal of the appoinrmenc or the Board of Directors. 

Renewal of the appointment of the Censors. 

Any other matters. 

In order ro participate or ro be represented at the Meeting, rhe owners of nominative 
shares must be inscribed on the register of -the Company at least five days before the Meeting. 

The owners of bearer shares must, within the same date limit, have deposited the shares 
or the certificate of deposit at one of the Following banks: 

— Banque d? I'Unien Eurcpeenne 
A Rue Gaillon. 75002 Paris 
— Banqje de Paris et des Pays-bas 
3 Rue d'Antin. 75002 Paris 
— Credit du Nord 

6/8 Boulevard Haussmann. 75009 Paris 
— Banque Generals du Pheni> 

33 bis. Ru? La Fayette. 75009 Paris 
— Societe Sequanaise de Eanque 
370 Rue Saint Honore. 75001 Paris 
— Sanque Nationzle de Paris 

IS Boulevard des I ta liens, 7500° Paris. 
— Basque de ITndaebine o: de Suez 

— Banque Louis Dreyfus 
6 Rue Rabelais. 75008 Paris 
■^Sociece Generale 

50 Boulevard Haussmann. 75008 Paris 
— Societe Lyonnaise de depots et de credit 


8 Rue de fa Repubfique, 69001 Lyon 
—Society Fran^aise de Banque 

119 Boulevard Haussmann. 75008 Paris 
-^Credit Commercial de France 

103 Avenue des Champs El/sees, 75008 Paris 
—Banque Ncufliae, Schlumberger, Mallet 
‘ 3 Avenue Hoche. 75008 Paris 

96 Boulevard Haussmann. 75008 Paris 

as well as in their offices and agencies in France. 

The Board of Directors 


Tfic ivtiaH.n? d.-.-JienK hare been declared in Sourh African tWMt*. payable to members refiis U.-rcd In the 
Ks ol the conoan.cs concerned at the close ol business on 30 June 1973- 



p«-r share 

Revue: : 0 ; Soucn Att.ea, 


Interim Dividend 

East Dricfonlem Gold Mining Company Limited 



Final Di, mends 

Doorniontem Gold Mining Company Limited 



Klool Gold M.ning Company Limited 



Libnnon Gold Min.n-a Company Llm.ied 


West Dnelontcm Gold Mining Company L.m.tea 



Oi.idena warrants null be posted on or about. 7 August 1976 

Standard conditions relating to the payment ol iJuldcnds are obtainable at the share transler olfices and the 
London obicc Ol the companies. - 

PvQucsts tor pavmen: ol the br.idcnds In South Air lean currency by members^ on the United Kingdom 

registers must be *f Celled b, the companies 

concerned on or bc'ore 30 June 1978 i" accordance with the 
abo«emcntior.oa conditions. — 

Vlahtontcin Gold Muting Company Limited. No dividend Ims been declared bv this company. In terms 
Ol A special resolution passed a: the adiourned annual general meeting ol mombQi-s on 20 April 1970. the 
aathonsed and issued csaiiai ol the company was reduced from HI <« r share to 90 cents per snare ano the 
directors wire iut-.a-iscd !o make a repayment o! capital of io cents per share to members registered in the 
tc-Ols ol the compan, a: the tlotu ot business on 30 June I97B. The reduction ol Caeitsi is Subject to con nr Inn 
hr the Supreme Csu-. dl South Atric* -Membe-s -writ be Informed tv circular in auc -course who-, the Court 
has confirmed the reduction ol capital, and o< the eapcctcd date and conditions ol the repayment ol capital. 

The registers o| mem Dc-rs ol all tnc a core companies win ot closed from 1 lo 7 Jul« 197S. inclusive. 

London Office: 

J9 Moorgate 
London EC2R bBO. 

United Kingdom Registrar! 
Close Registrars Lun,-cd. 
803 High Road. 

Lcvton. London E10 7AA. 
13 June 1978. 

Bv order ot the Boards. 

London Secretary. 


LOAN OF 3US20 OOO 000.00— 

6 75". 1967 1982 
We inform tne Bondholders that the’ 
lit August 1978 repayment instalment 
ol SUS2 000.000.00 nas been maoe 
by purchase on the marten. Amount 
Outstanding: SUS8.000 000. 0Q. 

The Principal Paving Agehl 

IS. Ay E. Reuter. 




HARRIS LIMITED Builders. Contractors Decorators, w.nding-uo Order made 
1? April. 1976 . . 

□aie ana dace o' 'ft metinps: 27 
tune. 1978. at Tnc Official Receivers 
Dfeee. 1st Floor. Oxford Houtc. 40. 
Clarendon Road. Watford. Hens. Credi- 
tors at 11 DO a.m. Con it i tw tones at 
1 1.30 a.m. 

F. L. SAGE. 

Deputy Official Receiver. 

is* Floor. 

Oatord House. 

40 Clarendon Road. 

Watford, Herts. 



Directors' Dining Room fe on gleaming 
.General Trading Company 

display at The . 

a hand-picked selection of all that Is 
best in modem design a$ well as the 
finest traditional suites. Write for our 
general catalogue to JKiG. The General 
Trading Company. 14a SSoanc Street. 
Sloan* Souare London SWTX SSL. 

OWN Aht ORIGINAL — Art cnutuslosf must 
soil his entire collection ol French 
Impressionists ai a fraction ol tnrTr real 
value. Oil paintings by one of the 
world’s top forgers — Signed. Tel: 01- 
485 4828. 


EVE. lag. Reoem St. 734 05S7. A la 
Cane or All-in Menu. Three Spectacular 
Floor Shows 10.45. and 1.45 ana 
music pi jenr>ny- Hawtegwang & Fric rov 

GARGOYLE. 69 Dean Street London W.t. 

Show at Midn-ghf a ( sa 1 s m 
Mon.-Fri. Closed Saturdays. 437 64S5. 


AGNEW GAtEERV. 43. Old Bond it- 
W.l. 01-629 6176. OLD MASTER 
PAINTINGS. Until 28 July. Mon.-FrI. 
9.30-5.30. Thurt. until 7. 



£2m. Bills offered 24t& June 
1978 due 13th September 1978. 

Total applications £14.5m. 
Outstanding Bills £2m. 

£250.600 Issued 15th June. 1978. duo 
15th September 1978. ai an average rate 
ot 9 -v-h p.a. Applications totalled 
£2.750.000. No further bills outstanding, 

£600.000 Bills issued on 14th June. 1978 
at 9 , « 0 V to mature on 13th September, 
1 975. Total applications £5.400.000. 
Toul ouEStanoinp £600.000. 


Park Lane. W.l. Today 5.00 p.m.-IO.OO 

Daily until 24 June 11.00 a.m. to 
Sunday - 


7.30 O.m. Closed Sunday- Admlsslan 
£7. SO IdcIihUpb Illustrated handbook. 

e qi> w 


v Eliiancial Tiines; 




asic Resources expects 
reak-through next year 

gain lifts 

Occidental in counter- 


, + • * ■ . - ^ * *'*7. * 1* '* 7^* * ^ 

. . . »'.• •>. . 'JV-Or' a*v »rr ' 


B, Our Ow, Corresponds pe[rolemn Beaded Oy ™ T T''-“ ; «& **»-«! 

MONTREAL, June 13- legendary Dr. Ann and Hammer. ^ management of. :Husky. sale of ;stpcfc :for : 
SEAGRAM COMPANY, the is making a counter-bid against owns about 20 per cent .of. the.libWeri • . . 

world's largest distiller and Petro-Canada for control of nearly 11m, Husky common shares . Both. cmappabb aad 
based in Monireal. earned Husky Oil of Calgary — itself con- outstanding. They say they wiU ploring ways of comnn 
US $22.3m or 64 cents a share trolled by U.S dtizens. accept the Occidental oRer-th cm- . resources “for stun 

in the fiscal third quarter. Occidental’s terras value the selves, and recommend it tooflwr Husky 

agajnsi US Sl8.6m or 3u cents offer at ^,5454^ shareholders. - ... ; ,V. reserves in Soutt/W^ 

Petroleum, headed 

AN INCREASED loss of S3.4m the loan insured by COFACE, an await completion of the Rubel- sttAUKAjH COMPAN > , me 
was reported for last year by agency of the French Govern- santo pipeline and rely upon the 5 , disuhcr aua 

Easic Resources International ment- cash then expected. Montreal, earneu 

SJL, the. parent company whose The Rubelsanto venture, a To heln resolve this Question, the 5S « or . 64 .u- ei i ls 
subsidiaries operate in oil and joint operation with Shenandoah Board P ngaged petroleum con- SaiS? ij^s/b R t ^ U ’ 1 f r 
metal exploration in Guatemala, Oil corporation of Texas, aims sujfanf- to carrv out an annraisal S18 ‘ 6 °f. , 

but the president, Mr. John D. at an initial output of S.500 2 1 *£&ES&r wosfecte of - year c f 1, * ?r ; 

Park, anticipates a “sizeable cash barrels a day. Proven petroleum remai?der of thS compSiy“s ffjR f0re,gD e ™H a ^ e 
flow - in .be second , of resets ore estimated or 10.3m 

Bv mid-wav through next year Mr. Park told shareholders in The report, which is available Nine month* earnings were 
the 'compands nine fine from its his annual report, published this for public Inspection, indicated * 1|S ?, c- h ^ 

Rube^anto” structure to the east week, that the company faced “a good possibility.- of further WM- or SI*. P« 

coast will he completed The “somewhat of a cross roads” in additional structures with simi- $1 fibm” An exchange 

ninpiine estimated to cost a total its Guatemala exploration pro* lar reserves to Rubelsanto. On r®? 1 . An txcna,1 f e 

Ef P S23ra'. will be d financed by a gramme, in that it had to decide this basis, the Board has decided * **** 

consortium of French banks led whether to enter into further to pursue an active exploration 15 included, 

by Societe Generate S.A. with exploration joint ventures or to programme. Kennemff HpJav 

at a proposkls : : 

diait -a^e- saibitrcx ’ 

4m snareuuiueia*. - . .. - xttatu/vea »*» w— . ------ ,y rT ■«»-«. ... 

„ ' Early on Monday, after several chewan. . Both companies cWm -’ 

Petro-Canada is the two-year-^ ' { rumours. PetatCariaili they are reaSy to gafcHead: with 
old Canadian national oil said lt would make an offer. for a CS500m development ’-prte 

company. all Husky shares, but without -gramme and ;ah y . , 

Last night Occidental dis- stating a price- Talks were held ' Occi d ental also -say S It . would - - 

closed plans to make a share on Saturday between Huskyand merge its existing -^Canadian- Foreign. 

exchange offer for 80 per cent Petro-Canada in Calgary. - r. subsidiary into Husto-lf ^^er ^OTcy.,|a ^ 

or more of the Husky OU stock However, Husky later revealed goes .through! allowing, further Mff-P' LJ A. : !■ : 

outstanding. Husky stockholders that the Petro-Canada’s offer Vas Canadian participatioiLr . ; toe 

would get new Occidental 0345 a share and the- Husky In Calgary,-. -PetrorCanada ^atji reginiptou .. . 

Preferred shares, cumulative directors were given 48 hours to would' say only that it. wjH 

U.S.S100 par and carrying a aceenL “review its position.? . WMintiMteq ^^^;WU»;i*he>-jSn|exife * 

dividend of U.S.S10 or U.S.S7.50. Husky directors say they prefer - Ear lier in. Ottawa, .Energy. Stotek. ^x c pmi ge^ ^. v 

About 90 per rent of tbe new the Occidental, offer '‘because Minister, Mr. Alastair Gillespie. 

stock would carry the higher shareholders would participate in said it was .in 

dividend, and 10 per cent the the equity of the combined -cwn-- interest and within _ the com-, ag* 1 ? 

lower rate; but the latter wonld panies and in- potential apprecia- fumy’s mandate for Pelfo-. von ^ of^new jpt: p » 

be convertible into Occidental tion from joint developments." Canada to take oyer Husky OU- 

common stock at a premium of The yield available' would be" But later a spokesman for Mr. The -A 

about 16 per cent. At present better under the Occidental offer Gillespie said, he wondered v 

market values, each Husky for technical reasons. Mor® this Occidental PetroJeum Jxad-.<on- Trading. jn-^Hfekji^lsraeirrail: 

stockholder would get 0.402 of 65 per cent of Husky shareholders side red the Federal Govermn ears' pnJune K 

a non-convertible • Preferred are U A residents. The Occidental Foreign Investment .^e^Aprertre^StDckKpaiala®" 

share of Occidental plus 0.045 offer would be ma'de ‘ by pro- system in bidding against Petre- indicated ^uwty’HbSky'.Cfiaj^oaM' .^ 
of a convertible Preferred for spectus and subject to Canadian Canad a for Husky. open, at*»40 

each share now held of Husky, and UE. Government approv als The FIRA Act requires a coco-^traded jince of 

- - • - -- •• * . 1 ‘ ' l: 

Eaton buys into Cutler-Hammer 


NEW YORK, June 13. 

EATON CORPORATION has “white knight" and eventually share for the Tyco holding and not yet been completed, D 

stepped into the intricate battle acquired 33.5 per cent of the two large blocks oF Cutler- Lascelles reports from 

r * 1 n r n„ n„ii,mm 0 r company after Tyco capitulated Hammer stock were traded on tbe York. 

for control of Cutler-Hammer by s ' elling its holdings. New York Stock Exchange at *“*• „ 

with a SllS.Sm purchase of the 355, apparently before Tyco’s Offer for Infpmool 

\filwHiikpp-h.q«pd plectronics com- As many analysts suspected, announrpmpnt hut 25 ppnte lnwpr . . .. P 

Kennecott delay 

Kennecott annoanceu that its 
annual meeting, which was 
adjourned to June 14 to allow 
for a vole count in the 
Curtiss- Wright proxy fight, had 
been further postponed to June 
28 because the vote tally had 
not yet been completed, David 
Lascelles reports from New 

with a Sll5.Sm purchase of the 

Milwaukee-based electronics com- As ma, ]y analysts suspected, 
pan Vs common stock. control of Leeds and Northrup 

‘ . ... .. . . still appears to be Tyco 5 

This holding, which amounts objective. Eaton has agreed tbat 

AS many anaiysu, suspect, announcement but 25 cents lower 
control of Leeds and Northrup a an the previous trade. This 
still appears to be Tyco s pr j ce va j ues tbe electronics com- 

------ oDjecnve. ciaron nas agreeu inai n __ u . ji,..., cooc m 

to a 32 per cent stake, has been jf it acqu ires a majority of tbe p at V, K , 

bought from Tyco Laboratories, 68 per cent of the Cutler-Hammer -,? ne possible .obstacle to 
a small New' Hamnshire manufac- th an **it “Bton assuming full control IS 

a small New Hampshire manufac- it does not own then “it “ BU “ 1 a I1 S 

luring company— which has been u s0 far ^ it is legally able the ui act . V3 at CuUer-Hammer 
a tenacious buyer of CuUer ‘ and subject to agreement between 
Hammer stock since last Cutler-Hammer and Leeds and 

November. Northrup. cause Cutler-Hammer ^ ver ^?! d ^ ner S^olS" 

Financed by large bank to sell ail of its holdings of pa w ^ a ^ J “A ^! r SSLiS ld Sf; 

borrowings and more recently by common stock of Leeds and Nor- Eaio^w^uld^ havens tepped^La 

a S25m Eurodollar issue. Tyco thrup to Tyco. 

without being ready to roount a 

appeared bent on a takeover of Tyco has spent more than determined bid for control. 

Interpool’s Board today 
unanimously approved and 
recommended acceptance of 
Tbyssen-Bornemisza's tender 
offer, reports AP-DJ from New 
York. The company said 
Tbyssen's present plans are to 
make a tender ofler for all 
In ter pool common shares at 
S40 cash per share. Under the 
terms of an agreement reached 
last March, Thyssen is obliged 
to make a tender offer no later 
than August 1, 1978. if the 

Bankers in European study 



NEW YORK, June 13. 

EIGHT OF the dozen largest U.S. which aspects of their perform- keen for more business, -bat V-. : 

hanks have commissioned a ances are criticised and .which want to develop it without having AMERICAN': Hoist and^etbiiV 

major study of corporate bank- appreciated. - • - to cut rates further. - . TB unrfy. a mrt in J 

to make a trader offer n ? ,a, ^ r ing in Western Europe in order it will try to identify the types Their main interest, therefore, ««, 25. Writs 
than Aagnst L 19-8* ,f Jbe to assess both their standing 0 f banking services for 'which lies in establishing where, the !?- ;' 

acquisition is not consummated there and ways of improving it demand is likely to grow, and strongest demand for . banking So-Sm to 55. enamor frqm ^L^rp^- 

in some other way prior to that The study is to be carried out by a is 0 to establish . which ' other services lies, and how these ser- share foUy dHnted' io-^T'sce^; 

date. tbe Louis Harris Organisation, major U.S. and International vices can best be offered, given Sales rose Jrom£189m i3:!3daBfcr.; • 

-n ■ u • j 311 d W *D involve interviews with banks are viewed by corporate that there is usually, little to For the- 15 .weeks- to Miy:2ZFnnfcf 

^nicago nnage oner 500 companies in 10 countries, as customers as proving tiie main choose between the services income was down 

Chicago Bridge and Iron Co. well as with several dozen U.S. competition. In this respect, the available ut different banks, .fit cents per^are:'tn-j$3J®Biittii:'^' 
Is to make a cash tender offer companies with European sub- u.S. banks are understood to be But while some banks are look- 48 cents, fuEy diltttedi on safe 

Cuiitr-Hammer after the larger S80m building up its holdings in The company has made no 
company stepped in to thwart Cutler-Hammer and it said today secret of its interest in making 
Tycr/s move to control Leeds and that its profits on rhe deal with a major acquisition since it was 

Nnrihrup, a precision instrument Eaton amounted to S5m " after beaten off by Kennecott for the Ot,; nQ<Irt n * v 
maker. Cutler-Hammer stepped provisions for recoverable profits takeover of Carborundum last k^nic«RO orluge uucr 
*" T and Northrup's and taxes." Eaton paid S55 ■* n,iM,n mH irnn 

Las Vegas casino owner 
in Atlantic City deal 

Bache buys 
own shares 

NEW YORK, June 13. 

BACHE GROUP would not com- 
BY OUR OWN CORRESPONDENT ment on published reports that 

NEW YORK, June 13. the company is a potential take- 

ONE OF the largest U.S. gam- long term lease with a purchase Bache/ the^parent of Bache 
hi ing concerns. Caesar's World, option on the Howard Johnson- Halsey Stuart Shields, said 
which operates the Caesar's Regency Hotel in Atlantic City, earlier it purchased 4S9J300 of its 
Palace Casino in Las Vegas, has $t h m an common shares in a private 

enlarged its stake in Atlantic Sm* SSbishin- ^ the tra “ s ® cti ° n at ? l0j25 eac ^ , . 

Citv. New Jersev the resort a 9Jum reiuroiSDi m g me A Bache spokesman said later 

which recently became the only P5? perl * M __ tr l Qsfoi 7 umg lt the shares were bought from a 

Chicago Bridge and Iron Co. 
is to make a cash tender offer 
through its subsidiary CB1 In- 
dustries for all outstanding 
common stock of Rowan Com- 
panies, at S26 per share. CBI 
Industries currently holds 4.9 
per cent of the 10.1m out- 
standing shares or Rowan. CBI 
Industries said that the pro- 
posed offer would be condi- 
tional upon favourable action 
by the Civil Aeronautics Board 
with respect to transfer of con- 
trol of Rowan's air taxi opera- 
tions, AP-DJ reports from 

sidiaries, and European com- particularly concerned about the ing for ways to expand their. ahead from. '-to $S6.9m: ’jtrtuj* L * ‘-i 

panies with U.S. subsidiaries. competition from West German activities in Europe, others are ■ . The 'cbmpanv: 1 said vffiiifr 1 * 
According to the Louis Hams and Japanese banks. . 'understood to be treating the | npR jj, the'nak M weefeTuat* 

Organisation, tbe survey has The survey will attempt to survey as a holding operation to ^ erselv affected 1 -hv^briSn^'"'' " 
several principal aims. establish where U.S. compimres help them preserve therrmarket develOTment expenses • 

First, it seeks to establish take decisions about their U.S. shares and standing for the time higher than nonhalTari^bF^^^ - ■ 
market shares. Although most subsidiaries, and where European being. favourable' o D era tine" ' " r«/i - 

banks have a fair idea of their companies take decisions about The Louis Harris Organisation »ho RraMKan- 
standing in the market based on their U.S. subsidiaries-' ■ would not identify the partid- “• . 

their own feedback, they are The survey is being nude at pa ting banks by name, but said Meanwhile, ^the textUesj^ect, : ‘ 
keen for an objective assessment a time when many U.S banks they included eight of the 12 .cera Colllns awt Ailanam j'epeii^;.- - 

their own feedback, they are The survey is being made at pating banks by name, but s; 
keen for an objective assessment a time when many U.S banks they included eight of the 
based on a wider sampling. are facing problems of decUn- largest in the UJ5. The bar 

Tbe survey also aims to assess iag foreign earnings due to the will be paying 825,000 each ; 
the participating banks’ image drop in interest rates in Enro- the survey, which will take 
and standing in Europe, to learn pean capital markets. They are least five months to 'complete. 

hawks they included eight of the 12 . cern Collins and Aikinaii j'epwtj 4 ;.- - 


which recently became the only £ t0 ‘ « MO M in„ lQe SI »ares w„e nought from a 

town outside Nevada to have 10 /? J s r' , s ^, ft l _ casmo ' ^ group of shareholders in Chicago 

leaal gambling « Caesar s already has an option that has had “a substantial 

* , , , , to develop a hotel casino on the policy difference with the com- 

Caesars World has taken a former Traymore Hotel site. pany." Reuter 



WfiirSpooI sales rising 


WHIRLPOOL CORPORATION'S tainly push second-quarter profit 

Investors still 

Reuter Alcan Amtralta 8;pc IMS 

AMEV 8pc 1W7 .. 

Australia Sipc 1992 .... 

U Australian M. & S. 9ipc 92 

Barclays Bank 9>pc B92... 
Bowaf.*r Wpc 1902 
Can. N. Railway 8lpc I3S5 
Credit National SHk 19 ib . 

Denmark 8} pc 13S4 

ECS 9 pc 1993 

ECS Sipc 1997 — 

Oslo 9 pc 19SS 

Pons Auionomcs 9pc 1991 

Wl Prov. Quebec Ape 1995 

vvniivuruujo luwuhai iuiv b tamiy pusn second-quarter profit By t-ranas Ghiifes ecs sipc 1997 

sales for the first five months of above the year-earlier level when A S30m floating rate note for '*£• 

1UTV uium .... SW”™ T O..I. .........J b&Il 81PC 1WD 

931 Prov. Saskaichwn. Sipc 'S6 
972 Hoed Intcrnailunal 9pc 1987 

9RJ RRTW 9 PC 1992 

981 Selection Trust Site 1999... 
981 Stand. EmsklUa 9pc 1991 .. 

9*S1 SKF Spc 1937 

99 Sweden iK'domi 8}pe 1987 
mil United Biscuits Spc 1939 ... 
95 Volvo Spc 1987 March 

Norway 7 Hjc 1082 93 

Oniano Hydro Spc 1987 ... 9< 

Singer 9!pc 1992 10ft 

983 S. or Scot. Elec, ft pc 19S1 
941 Sweden (K'dom) 7J pc- 1682 
94 Swedish State Co. 7iuc ‘82 
92 Tebnex Sipc 1984 
9Si Termeco 7Jpc 1987 May ... 
93* Volkswagen 7jpc 13S7 

1H7S were more than 17 per cent the company earned S27.7m or 76 Ljubljanska Bank was announced Ertoiwn upc i»m" Z‘..'7'Z m 

ahead of the year-earlier pace, cents a share on sales of S507.6ra. yesterday. Lead manager is Esso ape issff nov. ... xoo 

"but we don't think this level is But he declined to make specific Societe Generate: terms include a?^ r Twr‘' PC 1f54 ^ 

sustainable." Mr. John H. Platts, earnings forecasts for either the a ■ seven-year maturity and a Hydro qw^cBpc 'us:' gSj 

the chairman and chief executive second quarter or all of 1978. coupon set 1 per cent over Libor ici 8ipc is®? <h» 

told reporters. While a “significant slowdown” with a minimum rate of 71 per ^SwillSftiSSM'SE in wj 

He believes, however, that the is not expected, he said that ce “ L Massey Ferguson B : pc '9i os 

appliance maker will post a sales Whirlpool's analysis of consumer Over the past 48 hours the 
increase, "in excess of 8 per cent income and deht levels and other secondary market has been very S”, 
to 10 per cent” for all of 1978 economic factors indicates that quiet with no changes in prices. National wsinuistr. auv- ss »9i 
and said Whirlpool will continue some sales growth will taper off Investors are still cautious, Nal ?; w ”“ n * u 'i 900 ' B ' 991 

to outperform the industry for this year, both for the company preferring to keep their money Nort "iL nk C 8 

the balance of 1078. Whirlpool and the 
had 1977 sates of S1.94bn. industry. 

Tbe strong sales gains will cer- AP-DJ 


Nordic Ioy. Bank BJpc 1998 

appliance m term deposits so long as they Norses Kom. Bk sipc 1992 
fear interest rates might move Norpip* ft.iw »» ... ... 

up further. Norsk Hydro 8Jpc 189- ... 


90! Australia 7lpc 19S4 

ion; Bell Canada 7Jpc 13S7 

W Br. Columbia Hyd. 71pc ‘95 

100i Can. Pac. Sipc 1981 

951 Dow Cbenilrj] 8pc 1890 .. 

971 BCS 7‘pc 1982 

194* ECS Sipc 1989 

931 EEC 7ipc 1982 . 

99 EEC 7tpc 19*4 

101* Enso Cnizcil Sipc 1984 ... 

93J Goiavcrkcn 72pc 19S2 

1004 Kockums Spc 1983 

J00 Micbclin Sipc I9S3 

1001 Monnval Urban 91 dc 1981 
991 New Brunswick 8pc 19S4 
93 New Bruns. Prov. Sipc "83 
9*U New Zealand 8*pc 1986 ... 
9*1 Nordic Inv. Bk. 7Jpc 1984 
9fif Norsk Hydro 77pc 1982 ... 

Allied Breweries lftpc VD 

Citicorp lOpc 1993 

Courts ulds 91 pc 1988 

ECS 91 pc 1989 

EIB 91PC 1988 

EIB Blpc 1992 

Finance for tad. 9}pc 1987 
Finance for tad. IDpc 1989 

F Iso ns lOJpc 1B87 

Cesiemer Upc 1988 

IN A tape 1988 ...» 

Rowurrce lftpc 1988 — 

Sears lftpc 1988 

Total OU Sipc 1984 

This advertisement is issued in compliance with the requirements of the Council of The Stock 
Exchange. It does not constitute an invitation to any person to subscribe for or purchase any 

Preference Shares. 


(Incorporated in England under the Companies Act, 1948) 

Capitalisation Issue of 1,686,858 9 per cent. 
Cumulative Preference Shares of £1 each 



Aslan Dev. Bank ftpc 1988 981 

BNDE Sipc 1988 961 

Canada 4jpc 1983 98 

Den Nnrokp Id. Bk. Spc *90 991 

Deutsrt Bank ftpc 1983 .. 97] 

ECS Sipc 1990 95* 

Era Sipc 1990 951 

Kir AQirftalne 54 pc 1988 ... 95 

Enratom SJpc- 1937 - 98 

| Hnlind Sipc I OSS 97} 

1 Foramarks Sipc 1990 97} 

^ *I«1cd Spc 1985 9ft 

{ Voronin Sipc 19*9 100 

I Norway 4!w 1951 99* 

! Norway 4 1 pc 1983 97 

I P*K Bankcn S*DC 1959 96 

"rov Quebec ftpc 19W 98} 

«?amaninkkl sipc 1988 95 

Spain Spc 1958 96 

I'rorrfJielm 51 V 19S9 Mf 

■ TVO Power Co. op? 19S8 .. 97* 

VencTUi’la 6pe 1985 9T* 

World Bank 5Ipc 18M 98 

arf.’r . 7 ‘ 

'fi'S-r- ■ 

“My secretaiyis hiiDd. 
IU be lost without hen” 

U.S. $20,000,000 

The Council of The Stock Exchange has admitted the above-mentioned 
Preference Shares to the Official List. Particulars of the rights attaching to 
them are available in the Exiel Statistical Service and copies of the statistical 
card may be obtained during usual business hours on any weekday (Saturdays 
excepted) for the next fourteen days from: — 

DUE JUNE, 1981 

In accordance with the provisions of the Certificates, 
notice is hereby given that for the Interest Period 
from -June S to December 8. 1978. the Certificates will 
carry a rate of interest of 81% per annum. 

B«nk of Tokyo 1984 Sipc ... 99} 

BFCE I9S4 Sipc 991 

BNP 1983 81 16 pc JOB} 

BOE Worms 1885 89} 

PCF 19S5 8Ipc 991 

CGMF 1984 ailifipc 995 

Crnlitamtall 1984 ftpc 991 

nc Bonk 1982 713it pc 10ft 

ilTB 1931 31 16PC 100% 

inri Wvsimtns'cr 10ft Spc »l 

Mnrrt.- IW3 9 11(6 PC 1001 

LTTB I1UC1 9pr 

VKlIaml 1987 S»:6PC 99.1 

N»t. UVsimfnsli-r Bk. 1390 99 i 

I'm IIW 72pc 991 

SNCF 1985 9’pc 09) 

3tamf. nop Clurd. 'ft fllpc 99} 
Wais. nn4 Glyn’s - S4 Si i, pc 99: 

Source: Wblfc HTnU Securities. 

Sandy takes, down her bosses dictation 
accurately, then types it out from her braille . ■ 

shorthand. Good speeds, good page layout 
Sandy says there's nothing special about 
that- and she's right The faetthat she's blind 
makes very little difference to her efficiency. 

Sandy got her job on ability Andher 
ability won her promotion to personal secretary 
in an important Post Office department That's ■, 
the point The RNIB trained Sandy at its£ „ 

Commercial College, and any firm that, 
employs a qualrfieablind person will benefit 
from the demanding and professional tralniriq r -‘ 

. that we at the RNIB provida - . . ' • 

If you happen to be an employer, thinkit- 
ovec We II be pleased to hear from you. 

Over and above that, the RNIB needs 
your help, through legacies and donations, to 

enable us to train others like Sandy 

S. G. Warburg & Co. Ltd., 
30, Gresham Street, 
London, EC2P 2EB 

L. Messel & Co., 
Winchester House. 
100, Old Broad Street, 
London, EC2P 2HX. 



13th June, 1978 

June 14,1973. 

American Enpr-ss ftpc '87 
'chLinrJ jpi? 19S8 
n-ilv>]cfc V wil-roc Sip.- V7 
n.?.-*rr1cc Foods 4 J nc 1ST! . 
B'-airic*’ Foods J’rtc 1092... 
R-roham upc 1993 ... . 

Rordcn Spc 1992 ■ 

Broadway Rale ftpc 1837 nation 4pr 1997 

Ch'-vrnn 5 pc 1963 

nan 47nc 1987 

Eastman Kodak 4inc 1989 
Economic tabs. 4!pc 1987 
Sourer: Kidder. PcaOoily 


Under the France Act 1975. bequests to ctiariiioiup te atotai of 
£100.000 are exempt from Capital Vansler 'Bx: 
Registered m accordance with the National Assistance Act 1948 . 

- rv> ;**>*: 
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7 : • .'••• '.y 

■ : 

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wgsmggs 1 *vagEK& 

& your broker °r insurance advis«-S(^l * ^ ^ % 

. Prrn/irlort n, fill ■« ^ - V, 


V*m MfNC? SR, LT^'jDJR 





Times Wednesday June H 1978 

.S.V-J- 1 


‘SAL * 

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State releases part of 
Manufrance aid package 



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.h es . 

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«Usk, . 

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THE FRENCH Government has 
“ a temporary reprieve in 

-therfonn of loan funds for Manu- 
frauce. But. the future of the 
-company, whose losses have 
.soared over the last three years 
-to more than FFr 100m (S22m) 
in- 1977, is still far from guaran- 

-..-ILZeaeMimory, the Economy 
.Master; .agreed to release 
between .FFr 5m and FFr Sm of 
a. FFr 20m loafi conditionally ear- 
marked for the company from 
tht Government’s economic and 
Shoal Development Fund. 

£- decision was greeted with 
- satisfaction by M. Francois Gadot- 
C2fit :who took over in March as 
Matrmaa of Manufrance, despite 
the - restrictive, nature of the 
.Governments concession and the 
fact that no mention was made 
of a further FFr 20m he wants 
to borrow. . - 

The loan wil^ however, serve 
to' : alleviate ' Manufrance’s 

PARIS, June 13. 

immediate payments difficulties, 
while the authorities are to inter- 
vene with a pool of banks which 
have been blocking payments 
worth an estimated FFr 56ra. Zc 
is also taken as token endorse- 
ment of the company’s restruc- 
turing plan which includes mak- 
ing over a tenth of the workforce 

Out of a workforce which over 
the past three years has dropped 
by a quarter to just under 3,000. 
334 are to lose their jobs and 
another 30 retired early. 

The restructuring plan, 
approved by a majority of share- 
holders involves setting up a 

holding company and dividing 

the group’s operations into three 
separate parts — its shooting 
publication “ Le Chasseur 
Francais ” mail order and retail 
activities and manufacturing 
which is. mainly of small arms 
and bycycles. The company has 
also pledged to renegotiate some 

social benefits judged exorbitant 
by the Ministry. 

The success of the plan now 
depends on finding a private 
sector partner or partners ready 
to make a firm commitment to 
boosting Manufrance's finances. 

The re-organisation of the 
Group's activities has run into 
the formidable opposition of M. 
Joseph Sanguedolre Communist 
mayor of Saint-Elienne- The 
town is the biggest shareholder 
with a stake of around 30 per 
cent and two of the six scats on 
the board. The Communist led 
CGT union estimates that, in* 
eluding a large number of small- 
sub-con tractors Manufrance is 
responsible for 15.000 jobs in the 

, M. Sanguedolce was also hos- 
tile to the outcome of the chair 
man’s meeting with the economy 
Minister. The funds released, he 
said, would only serve to prevent 
the company dying straight away. 

' Jwiirfcfe 


Hda, ? 


% Storks 

$150m ‘club’ loan for Austria 


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IN A “club” deal with, nine 
hanks (Creditantsalt Bankverein, 
Girozentrale, Osterreichsche 
Landerhank and Genossenschaft- 
liebe' of Austria.- together with 
Credit Lyonnais, Deutsche 
Genossenschaftbank. Amsterdam 
Rotterdam Bank. Sumitomo and 
First Chicago) the Republic of 
Austria has raised SlSOm for 12 
years, with five years’ grace, on a 
split spread of £ per cent for the 
first 10 years, rising to J per 
cent. • ' • . ' r " ■ 

These very fine terms did not 
please all banks; some of which 
refused to participate, but 
.overall there was no problem — 
in iact, quite the reverse. - The 

amount raised by the Republic 
could have been increased with 

Spanish borrowers remain 
active: Enpcirol, the INI con- 
trolled oil company, is raising 
SfiOm for ten years with four 
years’ grace- on a spread of 
\ per cent throughout. No 
guarantee has been provided to 
the four bonks which are 
arranging this deal — Chase Man- 
hattan. Deutsche Bank," Manu- 
facturers Hanover and Bankers 
Trust International. 

Another Spanish borrower 
raising money is TostitutO de 
Credito Official. West Deutsche 
Landes bank has 1 been mandated 

America- Valor payment 


A14ERICA-VALGR, an . Invest- 
ment fund for U.S. securities 
administered by the Swiss Bank 
Corporation subsidiary Inter- 
foods,’, is to remain at BwFr .12 
for: -the year ended March 31. 
meaning a rise -in dollar terms 
from '54.72 to . S6.42. The fund, 
which also includes a small share 
of Canadian stock, booked profits 
of SwFr 0.91m for the year 
against SwFr O.SSnt. Its port- 
folio value dropped from SwFr 
31.Sm to SwFr 24m and certifi- 
cate circulation rose from 72.451 

to 77.5SS units " - “ 

Intervalor, an internatiozial- 
portfoilo fund administered by 
the same company, has. ’cut its 
Swiss franc dividend from SwFr 
2 to SwFr 1.90 for the year ended 
April 30. Nevertheless* -this 
means a rise ixi dollar distribu- 
tion from 79 to 98 cents -per cer- 
tificate. Net 1)70615 fen • from 
SwFr 2.3m to SwFr LSTm for the 
year, portfolio holdings- from 
5wFr 76.7m to SwFr 55.3m and 
certificate circulation from:L2lm 
to l.OSm units. 

to arrange a SJ50?n loan for 
ten years with four years 1 grace 
on a spread of J per cent, for the 
first four years rising to 2 per 
cent for the remainder. 

On the southern Mediter- 
ranean shores. Algeria continues 
to he a very active raiser of 
funds. Gulf International Bank 
has just been mandated lo raise 
SI 00m at leas! for seven years 
dh u split spread of li per cent 
for the first three years, rising 
to lj per ccnL 

Three features of this opera- 
tion are of interest. The majority 
of the banks in the management 
group are Arab institutions; the 
Arab Monetary Fund is present 
in a management group for the 
■first time; and the borrower has 
agreed to a penalty clause for 
prepayment. This is likely to 
prove popular with banks 
because so many countries are 
taking advantage of soft market 
conditions prevailing today to 
prepay loans contracted in the 
past few years early and re- 
finance them on cheaper terms. 

Algeria was noteworthy for 
resorting to this practice as far 
back as 1976. The Inclusion of 
this clause In ' the contract has 
enabled the lead manager to 
improve on the terms it is able 
to offer Algeria: a spread of 
11 per cent for part of the 

maturity is the best Algeria has 
d in the market in the 

» . 

present cycle. 

ASEA to 

Sao Paulo 

By William Dullforce 

STOCKHOLM. June 13. 

ASEA, the Swedish heavy 
electrical engineering and 
nuelear power group, is taking 
over the Sao Paulo Electric 
motor operations of the 
Brazilian company ARNO SA. 
The purchase forms pan of 
ASEA’s plan to reorganise its 
activities In Brazil, where it Is 
bidding for a Skr 2bn (S435m) 
contract for the high-tension 
transmission network linked to 
the giant Itaipn hydro-electric 

ASEA had a 36 per cent 
stake In ARNO, which it sold 
to Electrolux at the beginning 
of the year. ARNO was pro- 
ducing many products, such as 
electric household equipment, 
which were outside ASEAN 
interests but fitted much better 
Into the Electrolux range. 

Now ASEA has bought out, 

for an undisclosed price, that 
part nf ARNO which salts it 
and has the opportunity to 
develop elerlrlc mol or prurtur 
tion in a war it could not do 
as n minority shareholder in 
ARNO. The motor operations 
will he merged with ASEA In- 
dustrial SA. 

The capital stork > ur this 
rompntiy and ASEA’s other 
Brazilian Company ASEA 
Electrira SA, which makes 
transformers, will be owned by 
a new hold lug company, ASEA 

Swiss bond 
issues slow 

By Our Financial Staff 

THE BOND timetable for the 
domestic market in Switzerland 
for the third quarter of this year 
suggests that a significant slow- 
down in new issue activity U» 
about to take place. 

New borrowing in (he July- 
August period will raise just 
SwFr lbn (9530m) or very nearly 
40 per cent less than the calls 
made on the bond market during 
the third quarter of 1977. The 
current, second quarter is due 
to raise SwFr 1.2bn. 

Taking in the traditional 
summer lull, the third quarter 
is invariably a quieter period 
for the financial markets. Even 
so it is clear that the increasingly 
liquid Swiss investing institu- 
tions find local yield levels un- 
attractive. For eight and nine 
year paper, average yields are 
3{ per cent for blue-chip 

prospects at philips 

A host of golden variables 


BACK IN mid-April, the 1977 
annual report from Philips, the 
Dutch-based multinational elec- 
trical group, disclosed that the 
West German stake in its equity 
bad. risen ’fro“ 8.S per cent to 
14JJ per cent over the year. The 

question, lb®* 1 and now > waS 
whether this German initiative 
was clever money, patient 
money, or both. 

The Commerzbank, one of 
Germany's “BiC Three'’ com- 
mercial banks as well as one 
outlet for this slice of net dis- 
posable capital, had the impres- 
sion that the money was both 
clever and patient. An impres- 
sion. because the Deutsche Marks 
came from private investors 
primarily influenced by invest- 
ment letters: “ not tip-sheets, 
you understand.” said the Com- 
merzbank. “ they’re much more 
respectable than that.” 

Certainly, Philips as an in vest- 
mem looks like a pretty respect- 
able gamble. There are quite a 
number of variables in the equa- 
tion. and the enthusiast can take 
a favourable view of most of 
them. A -selection follows 

• Share price: see chart. The 
shore price line reflects extremes, 
highs and lows in particular 
years— which coincided neatly 
with the group's earnings per- 
formance m the late 1960s and 
early 1970s, and actually anti- 
cipated, it in 1974. Toe relative 
absence of volatility since 1975 
might be taken as a bad omen. 
This year, tbe price was FU25.50 
in April, Fls25.7G Id May and 
Fls26 60 last night. There may 
seem little joy for the enthusiast 
there but our enthusiast, remem- 
ber, is a patient man. 

•Currency swings: with only a 
quarter of gross deliveries in the 

Netherlands last year, tbe rela- 
tive strength of the guilder was 
one reason why sales rose by 
only 2.2 per cent to Fls31.16bn 
last year — and why margins were 
squeezed, leaving pre-tax profits 
7J per cent lower at Flsl.iS6bn. 
Apart from the squeeze on oper- 
ating margins. Philips had to 
providQ for the currency effect on 
overseas assets expressed in 
guilder terms. This boiled down 
to a provision of Fls303m pre-tax, 
and Fls240m net against the ulti- 
mate earnings figure of Fls634m. 

• Productivity: Philips presents 
itself as a benign multinational, 
and the reduction in its em- 
ployees from 391,500 to SS3.900 
in the year to last December 
reflects the difference between 
some 40,000 arrivals and 48.000 



Higher premium inflow 
for Austrian insurers 


leading Austrian .n.v.t.-ancc com- 
pany, reports a 14.4 per cent rise 
in premiums tu Sch d.2tibn 
(srtlSml in 1977. 

Direct business in Austria 
accounted for Sen 21'jbn. The 
company is involved in insurjnee 
business in Weft Germany. 
Holland and Sv.ii/L-riand and is 
also engaged in resnsu rante. An 
unchanged dividenJ of 10 per 
cent is ‘proposed. 

However, (he higher than 
average rise »n premiums wj* 
accompanied by a -«eep ri>e in 
damages, .pariicuurly m car in- 
surance. Total expenditure was 
Sch 3.5bo.. with the car se'.-tor 
accounting for Srh 1.51m. 

Fire insurance business 
improved on the re si: l is fur 1976 
but in West Germany, ihe com- 
pany experienced setbacks. 
House insurance premiums in 
Austria were up from Sen 349m 
to Sch 376m. The company 
decided to increase basic capita! 
by Sch 20in m Sch 270m 

Another Austrian insurance 
company, lm .-nsnfj!!. has an- 
munwii an unchanged dividend 
To i* 1977 of l f) per cenr on its 
Sch 100m capital. Net profit was 

VIENNA. June 13. 

Sch 13m. Premiums rose last 
year by 10.3 per cent to 
Sch 2. Tbn. with income in Aus- 
tria up by 11 .S per con: and in 
West Germans by 7.2 per cent. 
Operating revenues increased 
from Sch 137m to Sch 149m. 
Interim fall raised its total 
resources to Sch 251m by 
uliui-aiing Sch -'Om to invest- 
ment reserves and Sch 22m lo 
free reserves. The car sector 
occoumed for half oi the 
premium income. 

Anglu-Ek-meniar increased 
its premium income by 4.2 per 
cent to Sch l.-tbn last year. 
Domestic husincss expanded by 
6.1 per coot. Losses were regis- 
tered in car. industrial fire and 
hoiii'o.hold insurance business. 

} merest income was up by 19 
per cent, to Sen 185m. After the 
allocation of Sch 24m to the and Sch 27.5m lo 
investment, net profit was 
Sch 7.Sm. 

An unchanged dividend of 10 
per com and a 2 per cent bonus 
(same) is announced on the 
Sch 6t*ni basic capital. Tbe com 
pany is owned by West 
Germany's Allianz Versicherung. 
which took over 96 per ceni of 
the capital last year from Com 
mercial Union. 

departures. But tbe total bas 
fallen consistently from 412,000 
at the end of 1974. Philips needs 
a useful increase in volume sales 
to improve productivity effec- 
tively: but after a growth rate 
nf only 7 per cent compound in 
value terms over the past three 
years, there ought to be some 
upside potential. 

• Product growth areas: Philips 
sees relatively rapid growth in 
computer systems, car radios, 
VCRs /though video-cassette 
recorders start from a low base!, 
while, for the colour TV industry 

as a whole, it sees volume growth 
of 7 to 8 per cent this year. But 
with a lot of flat areas in the 
commercial and industrial sec- 
tors, the overall sales picture is 
not particularly inspiring. We 
must remember to be patient. 

• Financial management in 
1977, stocks as a percentage of 
sales were 29.6 per cent 
Philips is acntely aware that an 
improvement of five percentage 
points would wipe out its debt— 
and that net interest ebarges 
accounted for slightly more than 
one third of profits before tax 
and interest last year. It also 
acknowledges, however, that the 
quality of information from tbe 
centre outwards will bave to 
match tbat from the production 
lines inwards, before any such 
improvement is possible. 

The ultimate variable, how- 
ever. is the 1978 earnings fore- 
cast itself: “ . . it will be a great 
challenge . . .’’ said Philips “to 
achieve any substantial improve- 
ment in profitability." And tbat 
means at net level. However, it 
is the word “substantial” that 
leaves room for hope. In its 
benign multinational role. 
Philips bas rejected the 
maximisation of profit but 
neither is it keen on minimisa- 
tion. and it stays on record as 
aiming for a minimum 4 per 
cent return on sales against tbe 
2.2 per cent of 1977. There are 
new arrivals on the Board of 
management at top level. Out- 
side observers reckon that they 
have both tbe wj]] and tbe 
ability to achieve the 4 per cent 

‘ _• v'.-y 


indicators at-a-glance with the 

■ - r ' 

" v.‘i’\ • - • 

- t ■ t m -%•••;• 

indices wall-chart 


Iridustrial; ^ 

ordinary ” ’* v.j 

■ shard rodeab; 

HM\n \i I IMI s indices 

t •: ; -■ v* \ ‘ •„ ( 

.7 V. - ' 



- ai , - \~i 
\ ■* 


iD ... 

. Ml* 

^;7 Overall size: 51cm x 76cm approx 

■■ . •OTe 1978 inflated Financial Tifnre Indices Wall- 
Chart;iiasteen cbmpiledasaiiinesHving^ easy-to- 
iafcrprfct and cotx^pretysnsive portrait .of Britain s three 
rriaiorinarket indicators from 3 949. All three indices 
arc showii ia paraHel-whh the Government of the da y 

3 heir oeriormance.. 

ofi979, the chart has been extended so that you can 
mamram your own record. All the relevant monthly 
figures' are regularly published in the Financial Times 
and details of their extraction will be sent with each 
char t. To obtain your copy of this new wall-chart, 
Ttfrich has been of great interest to senior businessmen 
■and finaridal executives in past years, please complete 
atid return the coupon below. 

“ .. ' / V ';mby/ci>pfeofthe ’Financial Timesindi^sWall-Charf a t £5-00 each incl. VAT 

;DBhfche^*fth <• 

; Rfr/Mrs/Mfg (Bfocfe capitals^ • ••• ' 

liliS 1 *’ - unionization- li.. . . 1 — 


r Qrganization- 
- Address 

- Signed 


Business Pubtishing Division. Minster House, Arthur Street, London 

y , ^ Bf^tot'flouse, 10 Cannon Street. London EC4P 4BY. Roistered in England No 227590 

London EC3 — nt No 10957275 - Pnnted m ,he aK ' 

Italian Stale-owned engineering 
group, ri-corded net r.rotiis <*r 
Ll^’lm (Sl.Jmi for 1977. up from 
L976m the previous year. 

Turnover amounted m L442bn. 
a 44 per cent rise on 1976 The 
company will pay a LB2 divi- 
dend. L2 mure per share thun the 
previous year. 

The P'.iard has already 
announced plans for an increase 
ill eapi'Ui iO L24.5bn fruilr L7bn. 

Condone d'Acqua intends also 
to launch a convertible bond 
issue of LI4bn. 

Meanwhile. Compagnia di 
Navigazione Alta ftalia IN'AI). 
b/inoimced a balaaee sheet loss 

ROME. June 13. 

of L3§.9bn /S31.3bn) for 1977 
against a no profit-no loss balance 
the previous year. 

NAI bas decided lo cover 
LU.4 Iir or the shonfall by draw- 
ing Tunds from special reserves 
and lo put the remaining loss on 
the new balance sheet. 

It blamed ihe continuing world 
shipping crisis. depressed 
freights and heavy financial bur 
dens un borrowed money for the 
severe 1977 deficit. 

Tbs shipping concern said that 
l»> the end or 1977. its indebted- 
ness amounted to L194.2im of 
which Ll33.Sbn was medium- 
and longterm and the balance 



From IJuly 1978 the rates of interest payable lo 
existing and new investors will be increased to: 


Rata of 
Interest % 











{including 1.50% bonus) 




ft 8.62 

ft 12.87 


2 YEAR5 






Interest on all Discontinued Issues, increased by \2f:s.. 

Maximum holding for each investor is £15,000, 
(joint investors £30,000). 

•This represents the gross equivalent yield to an 
investor who pays income tax at the basic rate of 33V 


The rate of interest on all mortgages will be 
increased by 1.25% from 1st Aug. 19 73. Individual 
notices quoting revised monthly instalments will be 
sent to all borrowers as soon as possible. 


10 per cent EXCHEQUER V 

STOCK, 1983 A 

ISSUE OF £900,000,000 AT £95.00 PER CENT 


On application £15.00 per cent 

On Friday. 7rh July 1978 £30.00 per cent 

On Friday. 28th July 1978 £50.00 per cent 

£95.00 per cent 


Thin Slth k « an jjm i-slmcnl jnunn lelttim Part II at ihe First Schedule to the 
Trusirt- Ilil’CsIMdlla -let 7961. Applicoujow hmi bCCM niud^ 10 the Gouncii Ol The SlOcfc 
Laj-liii:: dl- tur Hie SIcvl : I u be orfmilterf !•' Hie nihciai List. 

'a nxcive aupUcaUins for rsnh.CQOMO ol the above Stock. The balance ol X7CO.OOO.OOO 
Sioch bas been reserved (or ibo National Debt Commissioners for public funds under 
their manajicmi-m. 

Th-j principal ol .mu interest on j*n- Stuck will tv- a oharec on rhe NaiKmal Loans 
Fund, wnh reronrse to Uie Consolidated Kune ol ihc United Kjnsdom. 

The S'Ock will b< repaid ai par on lJih December I5»i>. 

The Slock util be recistercd ai lh>. Bank of England ur ai ibe* Bank of Ireland. 
Belfast, amt u-iU be rransrerablr. in multiples o* on>- new penny, by instrument in 
v. rum;, in aceordance with this Stuck Transfer .\« 1063. Transfers will be free of 
stamp duty- 

Interest will bo p.ty able half-} curly on Wti June and IIiJj December. Income rax 
will be deducicd frotrr payments of more than £3 ner annum. Interest warrants wUI 
be transmuted br post. The firsi payment will be made on !3tb December M78 at 
tbe rate of I4.ll6t per Duo ol the Stock. 

Applications will ho retchred u Ihe Bank of England, New taroesfx), Watting 
street. London, ECSM 9AA. Appllcaiions ror amaoou up to E2JM0 Stock most be 
In multiples of UN; mlkatltH (or amounts between OMO and ESOJMO Stock must 
be in multiples of BOO: applications far morn than B 0 JW 0 stock most bo in multiples 
ol £LM3. A separate cheque representing a deposit of 05 per cent of tka itomfaal 
amount applied for must accompany each application. 

Loiters of allotment in respect of Stock allotted will be despatched by post at 
the risk of the apjtbcam. No allomu-ni will be made for a less amount than ft 00 
stock. In the event of partial allotment, ihe balance of the amount paid as deposit 
will be refunded by cheque despatched by post at the risk of the applicant: tf no 
aUQtnk-ni is made the amount paid as deposit will bo returned likewise. Payment tn 
full may be made at any time after allotment but no discount will be allowed on 
such paymenr. Default tn the payment of any instalment by its doe date wlD render 
ihe dr point and any instalment previously paid liable ro forfeiture and the allotment 
lo cancellation. 

Letters o / aflomtent may be split jom denominations ol multiples at 009 on 
1 tne 

writ Lett request received by the Bank of Enclaud. New Issues. Wailing Street. London. 
EClM 9AA. or by any of the branch'-- or the Bank of England, on any date nor 
lat-'r than 36th Jnly 197S. Such requests must be slutted and must he accompanied 
hr th; Icffere of aRotmenc torn letters cannot he split If any instalment payment is 


Letters or allotment most br surrendered Tor recfslration. accompanied by a 
cotupktcd registration form, when Uie ftnaJ nmalmem Is paid, unless payment In 
full has been made before the due date in which case they must he surrendered for ion not later than SSLb July 1976. 

A commission at the rate or 6^3p per D00 or the Slock wlD be paid to bankers 
or smek brokers on AUotxnrms made in respect ol applications bearing tbeir stamp. 
However, no payment wU be made where -he banker or stockbroker would receive 
by uay of commission a total of less than n. 

Ariplicatton forms and tuples of this prospectus mar be obtained at the Bank or 
England. New Issues tsi. Watflnc Street. Loudon. E CVM 9AA. or af any of Che 
lirandics of the Bank of EncU-nd: at the Bank or Ireland. P.O. Box 13 Donegal! 
Place*. Rclfast. BTx SBX; from Mullens A Co.. 13 Moorcate. London. EC2R &AN: or 
ai any office of The Stock Exchange in ihe United Kingdom. 

12: b June I97S. 



For use by Banker or Stockbroker claiming commission — 


VAT Regn. No. 

(if not registered put "NONE’*) 



10 per cent Exchequer Stock, 1983 

ISSUE OF £900,000.000 AT £95.00 PER CENT 

The applicant named below requests you in allot to him/her tn accordance with the 

terms of tbe prosveems dated ITUt June 1F78 a 

say - - - pounds 

ot the above-named Stock and hereby engages to pay the instatmenis as they shall 
become due on any allotment that may be made in respect of this application, as 
provided by the said prospectus. Tbe applicant requests that any letter or aUooncnt 
in respect of the Stock allotted be sent to him/her by post at his/her risk. 

The fnuu of b L being the amount if the required 

deposit f namely £15 (or every {IDO of the Stock applied (on. is enclosed, 
r l/We declare that the appheanf Is not resident outside the Scheduled Territories d 
and thal tbe security is not being acquired by Uie applicant as the nominee of any 
persom si resident outside those Territories. 

-June 1 97a 


of. or on hehair of. applicant. 



AnnRpfts tn ftjll ... 

a Application! for amounts up to £2,000 Stock must be to multiples of CUH: applica- 
tion' Tor amounts between g .mp and £58 AH stock must be In multiples Of E5N: 
applications for more than ES0JKU Stock must be in multiples of ELMS. Applications 
should be lodged at the bank of Engluori, Hew IssuasCx). Wailing Street London, 

(7 A separate cheque must accompany tw* application. Cheques should be made 
payable uj "Bank of Engl and" and cro.-sed " Exchequer Stock", 
c II this declaration caimo. be nod'-- il sltmilrt be dcMud and reference should be 
made to an Authorised Depositary or. It* ‘he Republic t»T Ireland, an Approved 
Agent, through whom lodgment sbou<d be effected Authorised Depositaries are 
listed in the Bank of England's Notice EC t and include mun banks aod stock- 
brokers and solicitors practising In ihe United Kingdom, the Channel Islands Or Ihe 
isje of Mao: Approved aucdis in the Republic of Ireland are defined la the Bank 
of England's Notice EC 10. 

d The Scheduled Territories at present comprise th-? United Kingdom, the Channel 
islands, the Uie of Mao. the Republic of Ireland and Gibraltar. 


•’B fhgmg laT' TiitRSS WednBSfsy Jims 14 1978 

nternational financial and company news 


freedom for the institutions 


THT5 SOUTH AFRICAN Minister during 1978 would be restored sources believe another blue 
or Finance, Mr. Owen Horwood, to a more normal 15 per cent, chip name could now raise Iong- 
nas supplied adidtional stimula- of cash flow, suggesting that term funds at under 12 per cent, 
lion to the convalescent domestic about R300m. would find its way This compares with the prime 
economy with a surprise move to into the stock market, or double rate for hank borrowings of 12.5 
increase the amount of discre- the 1977 level. But while the per cent and suggests that the 
tionary funds in the bands of industrial market has had a good pressure Is building up to lower 
"the financial institutions. The run over the past year, improv- the whole interest rate structure. 

prescribed asset requirements" ms from 176 to 226 on the key although the recent rising trend 
which the financial Institutions Rand Daily Mail 100 Index, of interest rates in the UK and 
nave to bold in Government and institutions have not bid U.S. will be an Important con- 
public corporation fixed interest aggressively for stock. strainL 

stocks have been reduced by 2 In t fa e gilt-edged markets. Even so. most fund managers 
per cent to 50 per cent and esU- however, conditions have been believe the decline in domestic 

?USS S 4Mmi 5 if' fundi’at 1 nrerent « ^ hect ‘ c „ ai,d interest rates has not yet run its 

flxed rnterest bull market in course and from this it follows 
invested in Public debt can now years has driven lodg-term rates that they will be reluctant sellers 
sector* 6 avai able tD **** pn tC down sharply. The July issue of of their gilt and semi-gilt port- 

This concession partly rolls 

hack the demands made on the “_T . 

financial institutions — primarily I ne cut in me prescribed asset requirements of the 
the long-term insurers and pen- South African financial institutions announced last 

L^eri^d J** ^ B*50m for switching 

the banks— In the Budgets_ of fr0 “ “e public sector to private at a time when the 

markets in both fixed interest stocks and industrial 
shares are strong. With turnover in equities running 
at about R15-20m a week, it can be argued that some 
SS^fSSS ^ 1 it vTenTup'by HSOOm of additional funds likely to be ploughed 
2 per cent in 1976 and 3 per cent primarily into equities this year will he absorbed only 
in 1977. but was not touched m against the background of rising share prices — so that 
the 197S Budget. the additional R350m now available for private sector 

The effect of the 1976 and 1977 investment not be switched rapidly out of gats. 

1976 and 1977. when in an effort 
to meet financing needs without 
resorting to higher taxation, the 
Minister raised the prescribed 

increases was felt most markedly 
in the industrial share market, 
where investment by the long- 
term insurers and pension funds long-term Government (RSA1 folios. The timing of the reduced 
became little more than a resi- st0 ^ will be at 10.5 per cent prescribed assets requirement 
dual i i«? 'it. In 1P76. only 10 per compared with the peak last year coincides with a period when 
cent, of these institutions cash of n per cent while the decline the financial institutions are 
flow was invested in equities and j n the widely-traded Electricity voluntary buyers of Government 
the level was down to S percent Supply Commission fEscora) stock- and are effectively forcing 
in 19# i as the institutions nought issues and municipal loan stocks interest rales down because of 
gilts to top up their holdings has been even more pronounced, the stock shortage 
to the prescribed level. the latter falling from 13 per The fall in yields has been 

Before the reduced require- cent to just over 11 per cent mirrored in the equity market 
m?nt announced late last week. Only a few weeks ago, the where the average dividend yield 
the general expectation among construction group Murray and has fallen from 11.9 per cent a 
fund managers was that institu- Roberts raised 14?year money at year ago to 8.S per cent this week 
tional investment in equities 12.5 per cent and capital markets with a number of leading in- 

dustrial stocks standing at 50 per 
cent or more above their 1977 
share price lows. 

With turnover in equities run- 
ning at about R15-20m per 
week, including trade io De 
Beers and gold shares as well as 
industrials. It is clear that even 
the R300ra of additional funds 
likely to be ploughed primarily 
into industrials this year will 
only be absorbed against the 
background of rising share 
prices. Hence the additional 
R350m now freed for private 
sector investment will not be 
switched rapidly out of gilts and 
seini-gllts. though its availability 
will probably underpin the in- 
dustrial share market. 

This leaves open the question 
of where ultimately the finance 
houses • will invest the discre- 
tionary portion of their cash 
flows, now rising at a compound 
rate of 15 per cent Property 
investment, whether directly into 
central business district projects 
or indirectly into leasebacks, is 
at a low ebb; there are few large 
loan stock issues in the pipeline; 
and there is no sign yet of an 
aggressive approach to equities. 
Direct investment in the next 
generation of mining projects, 
particularly where energy- 
related, may be one answer. 

The R350m concession on pres- 
cribed asset holdings brings to 
R1.5bn the total of stimulatory 
measures anounced in the past 
eight months, starting with 
R25Qm of public expenditure on 
hnusing projects late last year. 
Tax cuts in the budget added a 
further R300m, finance for the 
Budget deficit via the stabilisa- 
tion fund another R250m-R300m 
and the relaxation of bank, credit 
ceilings about the same. These 
moves have all provided a more 
confident climate. 

Haw Par sees 
profits in 1978 

SINGAPORE. June 13. 
Haw Par Brothers International, 
which reported a reduced group 
net loss of SS3.I3m (US$1.3int 
for 1977. against a loss of 
SS4S.20m in 1976, expects to be 
in profit this year. 

Although the first months of 
the year will be poor, as a result 
of marine division losses, there 
will be a pick-up later as such 
losses are reduced and other 
divisions improve, according to 
the company's annual report. 
Every division of the group 

Petra Bank starts operations 


AMMAN, June 13. 
would be branches 

THE THIRD new commercial investors. The Middle East opened would be branches oi 
bank licensed by the Central Banking Company — Mebco Bank Arab banks established here on 
Bank during the past year with .— hjF Beirut and Mehco's Swiss a reciprocal. basis with Jordanian 
a joint shareholding between subsidiary. Socofi, hold a 20 per banks opening new branches in 
Jordanian and Gulf interests has cent shareholding. th p concerned Arab country, 

opened its doors here. Petra Bank follows two other New branches of non-Arab 

The Petra Bank, with a sub- commercial banks, the Jordan- banks in Jordan are ruled out, 
scribed capital, of 3m Jordanian Kuwait Bank and the Jordan- though the Central Bank is in- 
Dinars (89m) and a paid-up Gulf Bank, both of which have terested in attracting re presen ta- 
capital or JDn Urn opened its a similar shareholding split with tive offices of international 
main branch in "the centre of 60 per cent equity in Jordanian banks. Five such offices have 
Amman. It aims to concentrate hands and both oF which started been licensed recently. Central 
on short-term trade financing for operations here during the past Bank sources say, though none 
the time being, according to its months. _ have indicated any urgency about 

produced general manager. Dr. 

Ahmad Petra Bank brings to 15' the starting operations, 
□umber of commercial banks 

profits last v#*ai\ Totaitins j ChYlabi. " number of commercial banks The emphasis of the central 

S3 13.6m, compared with a loss I Dr. Chalabi also said, however, now operating in Jordan, includ- banking authorities here now isi 
of S39.3m previously, but the ! that Petra Bank plans to reach ing eight branches of Arab and on encouraging the opening of j 
recovery in trading, textiles and ou I soon into investment banking, Western banks. The country's branches of existing banks : 
pharmaceuticals was offset by the trust management and project drst merchant banking mstitu- throughout the country, and; 
marine division's SS11.2ra loss financing as well, both in Jordan Hon. the Arab-Jordanian Invest- licensing more merchant banks 

and payout 

By Richard Ralfe 


. FURTHER strength in banking 
profits in South Africa in the 
year to March Is shown in the 
results from Volkskas, the 
third biggest South African 
bank, which has announced a 
rise In taxed profit from R3&2m 
to R16Jba (SIS. 4m) after undis- 
closed transfers to reserve- 
Eamings per share rose from. 
70 cents to 78 cents and with 
a 1 cent rise in the final divi- 
dend to 13LS cents, the dividend 
total for the year is up from 
20 cents to 22 cents. 

Last week Stanbic, the focal 
arm of Standard Chartered, 
reported a return to growth in 
operating profits — up 42 per 
cent to BSiSm — and raised 
its dividend from 22J5 cents to 
28 cents. Volkskas, which Is 
centred in the Transvaal and 
has strong links with govern- 
ment, the municipalities and 
the public corporations, is the 
main Afrikaner banking Insti- 
tution — with the Rembrandt 
Group since last year being 
the biggest shareholder, 
though lacking Board repre- 

Volkskas has acquired 
various industrial subsidiaries 
over the years, the recent per- 
formance of which has tended 
to offset strong profits growth 
by the banking interests. These 
Industrial interests consist 
chiefly of Transvaalse Suiker 
Korporasfe, a sugar producer, 
and TOTF, an ingot and die- 
casting business. To these has 
recently been added control of 
the troubled industrial bolding 
company Bonuskor. in which 
Volkskas has 62 per cent and 
the operating arms of which 
inelnde forestry, tea estates, 
and distribution of earthmor- 
ing equipment and motor 

Despite Boouskoris sub- 
sidiary status. Its results which 
showed a loss of R2.2m. have 
not been consolidated with the 
latest Volkskas accounts. The 
Volkskas Board, to cover the 
increasing diversity of its 
interests, has derided to estab- 
lish a new "controlling com- 
pany,** in which similar 
interests on the industrial side 
will be grouped together and 
which will also hold the bank- 
ing snb5idiarie& Total group 
assets it is disclosed, rose from 
R24ibn to R2J9bn last year. 

(against a $5.1 in loss in 197ii). 

A swing in extraordinary items 
from a loss of S$35.64m in 1976 , 
to a gain of S32.19m in iWiJbankin 
played a major part in the 
improvement in the net figure. 

The pre-tax loss was SS2.34in, 
compared with SS9.T7m. 

Haw Par said that steps have 
been taken to correct ihe marine 
division position, hut that it will 
not return to profit in the current 

The Board's policy is to 
continue the profitable build-up 
of main operating divisions, 
expand into new products and 
areas and improve the rate of 
return on assets. 


and throughout the Arab world. rnent Bank - also started opera- and investment companies deal- 
Petra Bank is also likely to 110113 in A P ril 11113 >’ ear - Its in B with long-term or medium- 
promote more efficient retail capital. of JUn 5m or about Siam term financing and underwriting 
banking throughout the tradi- is similarly held as to 60 per business. 

lional and conservative cent h >' Jordanians and 40 per There have been firm indica-J 
Jordanian hanking system, as It ce 2 l *?y Gulf interests • tions that aU three of the new 

is the first hank to introduce Senior officials of the Central commercial banks opened this 
on-line computerised retail bank- Bank of Jordan have told the year with minority Gulf share- 
in;: services in th.' country. Financial Times that Jordan holdings will set up their own 
is ustne a Bureoushs ? ow , i? as ' enou S h , commercial wholly-owned investment com- 
system which bank ? a " d ? he ool - v new c0 “- P^ies, although this has not hap- 
r s>sl - - - merctal banks that will be pened to date. 

The bank 
B1SOO computer 
is also being considered by 
other banks in Jordan, accord- 
ing to officials of the computer 

The Petra Bank's equity is 
held 60 per cent by Jordanians 
and 40 per cent by other Arab 
interests, notably Kuwaiti. Saudi 
Arabian and Abu Dhabian THE newly-formed 
““ — council of the Association 

ASEAN plans reinsurance venture 


NOTICE IS HEREBY GIVEN that ihe Annual Genera! Meeting 
of The Dreyfus Intercontinental Investment Fund N.V. ("The 
Fund") has been called by the Management and will take 
place at Handelskade 8, Willemstad, Curasao, Netherlands 
Antilles on June 26, 1978 at 1 1.00 a.m. 


1. Consideration of a dividend. 

2. Approval of Financial Statements for the fiscal year ended 
AugustSI, 1977. 

3. Reduction of the Fund's authorised capital from 3,000,000 
to 2.000,000 Shares. 

4. Related Business. 

The foregoing items may be approved by a majority of the 
shares cast on each item. Copies of the Annual Report of the 
Fund containing the Financial Statements for the fiscal year 
ended August 31, 1977 and form of proxy — available in English 
or German without cost to the Shareholder — may be obtained 
from the principal office of The Dreyfus intercontinental 
investment Fund N.V.. Post Office Box N3712, Nassau, N.P., 
Bahama Islands, from the offices of the banks listed below, or 

Dreyfus GmbH 

Maximilianstr. 24 
8 Munich 22, West Germany 
Tel. 089/220702, Telex 5/29392 

Holders of bearer shares will be admitted to the Meeting on 
presentation of their Certificates or presentation of a voucher 
which may be' obtained from any of the banks listed below. 

Holders of bearer shares may vote by proxy by mailing a 
form of proxy and a voucher obtained from one of the banks 
listed below to Messrs. C. D. Lind and C. G. Smeets, The 
Dreyfus Intercontinental Investment Fund N.V., c/o Curasao 
International Trust Company N.V., P.O. Box 8li Willemstad, 
Curasao, Netherlands Antilles. The form of proxy and voucher 
must be received by Messrs. Lind and Smeets by June 23, 
1978 to be voted at the meeting. 

Bowling Green Company Limited 
Managing Director 


Morgan Grenfell & Co. Limited 
23 Great Winchester Street, 
London EC2P 2AX, 


Banquo Internationale A 


2, Boulevard Royal 



Deutsche Bank AG 
Grosse Gallusstr. 10-14 
6 Frankfuit/Maln 
West Germany 

Montreal Trust Company 
15, King Street West, 
Toronto, Ontario, 


Insurance of 60ra ringgits in reinsurance 
of money was placed - overseas, 
Southeast Asian Nations principally in London, in 1975, 
(ASEAN) plans to set up an 75m ringgits in. 1976 and 
ASEAN reinsurance company to S7.5ra ringgits last year, repre- 
be financed jointly by insurance sen ting 21.5 per cent of gross 
companies in the ASEAN premium income, 
countries. Mr. Taib, who is a vice- 

The president of the Malaysian president of the ASEAN Insur- 
Insurance Association, Mr. Taib ance Council, said that a feasi- 
Razak, said that such a project bility study on the ASEAN 
would cut down the large reinsurance company was being 
amount of reinsurance that made, and member companies 
ASEAN insurance companies would review the proposal at its j 
placed outside the region. next meeting in Kuala Lumpur! 

In the case of Malaysia, a sum early next year. J 

Tooth raises 
its dividend 

By James Forth 

SYDNEY, June 13. 
TOOTH, the major New South 
Wales brewer, has raised its 
dividend after a 12 per cent 
increase in earnings for Che 
year to April 1. Profit rose 
from A$12.6m to AS14.1m 
(USSlfimj. The dividend is 
increased from 1 1 -5 cents a 
share to 12 cents. 

The higher profit was 
largely the result of an im- 
proved performance by its 
wine subsidiary, Penfolds, and 
the directors expect better 
results from this operation. 
Beer profits lagged but the 
Board is hopeful that the 
recently announced acquisition 
of Courage Breweries will 
enable the group to lift pro- 
duction to meet existing 
demand, and thus increase 

The profit increase lagged 
well behind the ' growth in 
sales, which rose 44 per cent 
to AX228m (US$25ftm). 




Bank founded in 1472 

financial highlights 

of our SOB 01 year 

as of december 31, 1977 

fSiakHi Ltrcl 

(UBOon ronndt) 



















• 1.583,9 








Total Deposits 

Capital and Reserve funds 





BOARD OF DIRECTORS : Chairman, Giovanni Coda Nunziaote; 
Deputy Chairman, Sergio SimoneDi; 

Members, Mario Bernini; Alberto Branduni; Giovanni Bucrianti; 
Marcello De Cecco; Guaitiero Della Lacilla; Fazio FabbrioL 

INTERNAL AUDITORS : Chairman, Reoato Lunghetti; 
Members, Marco Baglioni; Carlo Luigi Turchi; 

Alternates : Francesco Bisconti; Luigi CoiantonL 



Stalemate in Conoco talks 
with Petronas of Malaysia 


week by Continental Oil Com- 
pany (Conoco) that it is closing 
its office in Kuala Lumpur, con- 
firms recent speculation that its 
negotiations on a production 
sharing -agreement with, the 
Malaysian oil company, Petronas, 
has reached deadlock. 

After more than two years, of 
uupubiicised, but nevertheless 
tense negotiations, both sides 
show no sign of giving way. . 

Conoco says that it Is closing 
its office because the state of 
talks dees not warrant the main- 
tenance of such an office, but 
hastens to add it has not given 
up hope altogether of reaching., 
an acceptable agreement with 

The dispute is centred on 
whether the Conoco field in the 
South chin a Sea is & profitable 

Conoco, and its two junior 
partners, El Paso of Texas and 
Auatrafla's Broken HUl ' Pro- 
prietary (each with a 25 per 
cent interest in Conoco’s 
Malaysian operations) were 
given a 24,000 sq. mile conces- 
sion off the Pahang coast, 10 
years ago. 

In 1972 the consortium struck 
OIL and gas in an area 'known 
as Sotong, 120 miles from .the 
coast. The strike appeared to he 
a very promising one with the 
rate of Sow at 5,000 barrels a day. 
But after more thorough surveys, 
it was found that the field was 
rather small. 

With the formation of Pet- 
ronas in 1974, the concession 
system was abolished, and 
foreign oil companies were 

required to enter Into production 
sharing agreements with the 
Malaysian oil company. 

After protracted negotiations, 
and much acrimonious ' argu- 
ments, two foreign companies — 
Shell and. Exxon- — managed to 
sign a 20-year agreement with 
Petronas at the . end of 1976, 
which gave them about. 41 per 
cent of the oil produced. 

The two companies are now in 
full swing with their exploration 
and production work: and, in 
March. Shell and its partner 
Mitsubishi concluded another 
agreement with Petronas to build 
a U.S.Slbn liquid natural gas 
plant In Sarawak. 

But the situation is different 
with the Conoco-El Paso-BHP 
consortium. Having found what 
It claims to be a marginal field, 
it wants a more attractive deal 
than was given to the two other 
companies. This has been flatly 
rejected by Petronas; 

There are three main reasons 
for Petronas’ tough stand. First, 
it does not believe that the 
Conoco find is marginal. There 
are claims that the Sotong area 
has about 20m barrels of 
recoverable oil. Petronas thinks 
that it bas more than 50m 
barrels, as well as large deposits 
□f gas. 

It has told the consortium 
that if it is worried about losses, 
Petronas is prepared to -partici- 
pate in the venture so that if 
Sotong proves to be loss-making, 
Petronas would suffer as well. 

However, negotiations on this 
proposal failed, apparently 
because Petronas, among other 
things, demanded a 50 per cent 


share in the venture. 

The Malaysian oil company is 
also disputing the consortium's 
claim that it had spent USSlOOm 
on exploration work- — money 
-which it wants to recover from 
oil to be produced. 

The second reason is that 
Petronas is In no hurry to 
exploit the Sotong field. Between 
Shell and Exxon, Malaysia is 
producing more than 200.000 
barrels of oil daily, and output 
is expected to reach 400.000 
barrels or more by 19S3. 

Malaysia is finding it difficult 
to absorb the extra petrodollars 
into the local economy without 
fuelling inflation and pushing up 
the already very high liquidity 
among Malaysian banka. Oil 
revenue, therefore, is -being 
invested overseas to shield the 
local economy from these 
effects. - 

finally, there is a clause in 
the agreement with Exxon that 
there would be renegotiations 
should another company be 
granted a more favourable pro- 
duction sharing agreement. 

“We are in no hurry to get the 
oil out.” says a Petronas official. 
“Malaysia's oil reserves are not 
very large, and therefore we arc 
giving serious thought to the con- 
servation of this asset for as long 
as possible. Instead or pumping 
it quickly.” 

Within this context, even 
Conoco's argument that the long 
delay, coupled with the soaring 
cost of oil equipment, is under- 
cutting the profitability of the 
Sotong field fails to convince Pet- 
ronas of the need for an early 
settlement of the dispute. 

Tan Chong Motors optimistic 


Malaysian and Singapore assem- 
bler and distributor of Datsun 
cars, expresses optimism In its 
annual report that the strong 
profils of last year would be 
maintained in the current year 
as a result of the continued 
buoyancy of the Malaysian 

Datuk Tan Yuet Foh, the 
chairman, says that the- com- 
pany's assembly plant outside 
Kula Lumpur, is now working at 
full capacity and plans are 
under way to expand facilities to 
meet the increasing demand for 
Datsun cars. 

Last year’s pre-tax profits rose 
by 170 per cent to 20:2m ringgits 

(U-S.SS.4m), with sales rising 61 
per cent to 211m ringgits 
(U.S.SSSm). Car sales rose by 
42 per cent to 9,600 units in 
Malaysia, while in Singapore 
there was a rise of over 200 per 
cent to 4.000 units. 

The Singapore sales are ex- 
pected to slow* down, following 
the introduction of new car 
taxes, but The Malaysian side is 
seen as bright, with no Govern- 
ment action to dampen sales, 
although the rise in the yen 
could have some marginal 

Datuk Tan says that efforts are 
being made to diversify into 
distribution of machine tools, car 
spare parts and cosmetics, but 
future profitability is dominated 


by Datsun cars. The company is 
confident of maintaining the 
higher dividends it is paying this 

★ ★ * 

United Maiacca Estates Berfaad. 
the plantation group controlled 
by the family of Tun Tan Slew 
Sin, has sold 1.29m of its 5.15m 
shares in Consolidated Planta- 
tions for 2.1m ringgits 
(USS75.000), Wong S along 
writes from Kuala Lumpur. 

The sale will realise a profit 
of 1.5m ringgits, which will be 
shown in the results for thp 
current year to April 30. 

Tun Tan is the chairman of 
Simc Da toy holdings as well as 
of Sime’s subsidiary. Consoli- 
dated plantations. 

Insurance , 

Our Financial Staff 

AI-AIaraiya Insurance Company, 
the Saudi Arabia- company 
managed and partly owned by 
Sun Alliance and London, 
reports that it made good, pro- 
gress in its first year’s trading. 
Branch offices have been opened 
in Riyadh, Jeddah and Dammam. 

The chairman. Sheikh Wahib 
Said Binzagr, stresses that, white 
progress in ; 1977 was encourag- 
ing. selection of . business 
remains- a matter, for care if tfae 
necessary underwriting profits 
are to be obtained. 

Severe competition on rates, 
plus large claims which match 
the complex risks, have made it 
all the more important to main- 
tain realistic premium levels,, he' 
sdys. in Al-Alamiya's. .case, tfae 
fire, marine and accident result 
showed a good profit 

lor industiy and commerce 

Whether you're seekingfinance for expansion, 
for plant, equipment, property or a private mortgage, the 
directors of Garfield Marwin personally investigate 
.-A ' your proposal. 

A letter or phone call will 
receive immediate attention. 


GacfieM - 

For enquiries please ring 
Worthing (0903)814008. 

Specialist brokers in corporate finance 

VCliftonvIlle Hall, Hove, East Sussex, BN3 3RZ 

Off to a good start in 1977 

V\fe are the wholly-owned subsidiary of Badische KbmmunaJe Landesbank, 
one of Southwest Germany’s leading banks headquartered in Mannheim. 
Our Eurobanking activities in Luxembourg started in July 1977, and good 
results were posted for the partial accounting yeac 

Highlights *77 

(in DM million) 

Balance sheet total 


Due from banks 




Creditv^ume ' . 


Due to hanks 




A business volume of DM .531 mil- 
lion was achieved. 

The surplus for the partial account- 
ing year was transferredto reserves. 
As a result of this favorable develop- 
ment, the share capital was in- 
creased in January 1978 by DM 16 
million to DM 32 million. 

V\fe concentrate our activities on 
short and medium-term Eurocredits 
and syndicated Euroloans, money 
market and foreign exchange oper- 
ations, and security transactions. 
For more information about our Euro- 
banking services and a copy of our 
Annual Report, just contact: 



^ 25c Bd. Royal • RO.Box 626 • Luxembourg-Ville 
Tel: 475144, 475315 (dealers) -Telex: 1791, 1792 (dealers)* 1793 (credits) 













































!PU ^. 

a oi. ' 


*** 1 • 
an J 5 

J b M4 E 


1 * 

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lesigners and en^neas, &ft class matemlvaud the 

, nol advanced manufertunng technology A. ... 

1 hmbinC to produce this true thoroughbred, . . 

ightweight aluminiuih, and ha$ twin camshafts for 
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-• veight matdidis is reflected in the excefient^ri v*n 

Mioicall)- it’s ante he f *' Md "W“? 

5 dvanta^of the latest developments. I he bosch 

petrol consumption. The electronic ignition system 
ensures super smooth starting, and the 5 -speed 
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the specification of the 604 TI leaves little to be 
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power assisted steering, centralised pneumatic door 
locking system, rear fog lamps and a super deep 
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And the 604 thoroughbred won’t cost you a 
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Manual 5 speed gearbox 



Constant Constant Simulated 

56mph 75mph urban 


35^mpg 26.1 mpg l&Bmpg 

(8.5 1/100 km) (10.8 1/100 km) (16.8 1/1 00 km) 


Inc. VAT 

Delivery & No. 
Plates. Extra 

£ 7581 .«*» 

Lather Scats, 
air conditioning 

£ 8522.28 

Automatic gearbox 








27.4 mpg 22.4 mpg U'.Ttnpg 

(10.2 l/100km) (12.6 1/lOokm) (rifll/lODlcm) 

Lcitlicr sear* 

Leather sac, 





-In accordance with otTkial government testing procedures. 
Prices correct at time of going to press. 

Goches by Ted Lapidus. 

Racing stables C Dingwall 

Peugeot Automobiles (UK) Ltd., 

Peugeot House, 333 Western Avenue, 

London W3 0RS.TH: 01-993 2331 

Wbrld famous for strength 




All of these securities having been sold, this announcement appears as a matter of record only. 

New Issue / June, 1978 . 

U.S. $200,000,000 

Province of Ontario 


Thirty Year 9%% Debentures Due June 1, 2008 

Principal and interest payable in The City of New York in 
lawful money of the United States of America. 

Salomon Brothers Wood Gundy Incorporated 

McLeod Young Weir Incorporated . 

The First Boston Corporation 

Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fenner & Smith In corp orated 

A. E. Ames & Co. 


Bache Halsey Stuart Shields 


Burns Fry and Timmins inc. 
Goldman, Sachs & Co. 
Lazard Freres & Co. 

Dominion Securities Inc. 

Bell, Gouinlock & Company 


Dillon, Read & Co. Inc. 

E. F. Hutton & Company Inc. 

Lehman Brothers Kuhn Loeb 


Nesbitt Thomson Securities, inc. 

Atlantic Capital 


Blyth Eastman Dillon & Co. 


Drexel Burnham Lambert 


Kidder, Peabody & Co. 


Loeb Rhoades, Hornblower & Co. 

Richardson Securities, Inc. 

Paine, Webber, Jackson & Curtis 


Smith Barney, Harris Upham & Co. 


Union Bank of Switzerland (Securities) Warburg Paribas Becker Dean Witter Reynolds Inc. 

Limited Incorporated 

Greenshields & Co inc Midland Doherty Inc. Pitfield, Mackay & Co., Inc. 

This announcement appears as a matter of record only. 

New Issue in Canada 

Can. $75,000,000 


Province of Saskatchewan 

9Vz% Debentures 

(Semi-annual interest; 

To be dated Jan* 15, 1978 

To mature June 15, 2003 

Price: 99.00 and accrued interest to yield approximately 9.60% 

Doralnion Securities 


A. E. Ames 
&Co. Limited 

Wood Gundy 


McLeod Young Weir 


Bell, Gouinlock & Company, 


Borns Fry 


Richardson Securities 
or Canada 

Merrill Lynch, Royal Securities 


Midland Doherty 


Nesbitt Thomson Securities 

Houston Willoughby 




Pitfield Mackay Ross 


Waliyyn Stodgell Cochran Murray 


Equitable Securities 

Levesque;, Bcaubien 

Pemberton Securities 


Tasse & Associes, 

The Royal Bank of Canada 

Canadian Imperial Bank of Commerce 

Bank of Montreal 

The Batik of Not a Scotia 

The Toronto-Dommion Bank 

This adi'crtuemen t is issued in compliance with the requirements of the Council of The Stock Exchange 



Placing of 1,813,138 11 per cent Cumulative Preference Shares of £1 each 

at 109p per Share 








Ordinary Shares of £1 each 

11 per cent Cumulative Preference Shares of 
£1 each 

Unclassified Shares of £1 each 

Issued and Now Being 
Issued Fully Paid 




Application has been made to the Council of The Stock Exchange for the 
2.000.000 11 per cent cumulative preference shares of £1 each in the 
capita] of the company to be admitted to the Official List In accordance 
with the requirements of the Council of The Stock Exchange 181.319 
preference shares are available in the market on the date of publication 
of this advertisement. 

Particulars arc available in the Extel Statistical Service and copies may 
be obtained during usual business hours on any weekday (Saturdays 
excepted) up to and including 28th June 1978 from:- — 





Financial 'niaeS Wednesday June 14'T97g~ 

Currency, Money and Gold Markets 

$ firm in Europe 

Condition* in yesterday's 
foreign exchange remained very 
subdued throughout the day. The 
UJi. dollar showed a general im- 
provement against other major 
currencies . apart from the 
Japanese yen. The dollar may 
have received a boost from US. 
Federal Reserve Board chairman 
G. William Miller’s statement that 
the authorities were deeply com- 
mitted to maintaining a stable and 
strong dollar. Nevertheless trad- 
ing was extremely thin and the 

currency closed slightly off the 
top at DM2 .0840 rroro DM2.0795 
against the West German mark 
and FFr 43s; in terms of the 
French franc. This was unchanged 
from the previous close and 
represented the middle of the 
day’s spread after good commer- 
cial demand for the franc. ■ 

The Japanese yen showed a 
much stronger tendency against 
the dollar mainly on fears of a 
further large trade surplus for 
May in Japan and closed at 
Y216.75 from Y2VT.70. 

The Swiss franc also eased in 
dollar terms to KuFrs I-S850 
against Swl-'rs 1.8S90. Using 
Morgan Guaranty figures at noon 
in New York, the dollar’s trade 
weighted average depreciation 
was unchanged at 5.8 per cent. 

Sterling spent a quiet day and 
its trade weighted index eased 
slightly to 61.4 fVom 61.5 having 
spent the rest of the day at 61.5. 
In terms of the dollar, the pound 
opened at SI.S375-LS3JW and a f 
one point reached S1.S410-1.S420 

before easing back at the finish 10 
SLS3S3- 1.8345. a loss of 40 points 
on the previous close. 

Frankfurt: The Bundesbaftk'dld 
not intervene at yesterday’s fix- 
ing, although the dollar Fell to 
DM 3-0807 from DM 2.OS60 at the 
previous fixing. The opening 
European rate was around DM 
2.DS10. and trading was very quiet, 
with the dollar trading in narrow 
range. No new factors were 
influencing trading. 

Tokyo: in hectic trading, the 
dollar closed at Y217X5 against 
the yen having dipped to a post- 
war low of Y216.20 at one point. 
The previous dose was Y2L9.47$ 
and although there was a slight 
recovery in later trading, further 
pressure seemed likely with the 
opening of European centres. 
Intervention by the Bank of Japan 
was not apparent Volume rose 
heavily in spot turnover to S629m 
and $5S4m. in combined forward 
and swap trading. The authorities, 
announced that trade figures for 
May due today would now. be 
released on Friday. This gave rise 
to speculation that the authorities 
may be waiting a few days in the 
hope of calmer conditions in the 
foreign exchange market. 

Parts: The dollar fell to 
FFr 4.5870 at the close, from a 
high point of FFr 4^800 against 
the French franc in fairly calm 
trading. It was .also weaker 
asnlnvt Monday’s closing levil-of 
FFr 4.5950. The French Franc was 
fairly steady aaafnst other major 
currencies, although the Swiss 
Crane rose to FFr 2.4300 from 
FFr 2.42A0 m the morning, and 
FFr 2.4220 late on Monday. 
Sterling finished at FFr. 8.43.70. 
compared with FFr S.43S0 in the 
morning; and FFr S.4400 on 
Monday afternoon, while • the 
D-mark rose to FFr 2 .2050. from 
DM 220*75 in earlv trading, and 
FFr 2.2030 previously. 

Milan: The dollar remained 
weak. losing ground against the 
lira at the fixing. Dollars traded 
amounted to 12.6m. most sold bv 
the Bank of Italy. The IXS. 
•currency fell to 1.839.4, compared 
with Monday’s fixing of L86D4. 
but major European currencies 
fended to improve against the 
lira. The Swta franc rose to 
M54 84 from L453.51. while the 
D-mark improved to L412J5 from 

Amsterdam: At the fixing the 
dollar was FI 2.2303. compared 
with FI 22345 on Monday. 

Jnt 13 




Om fiwnUi 


June 13 irst 





One mnnih % 

Tbrrriuciith*, i !’•*• 

UjJ. 9 ! 

U&BftiUut S. 
Belgian FrJ 
D*»tali Kr. 
D- Merit . 
Port. &■-. > 
dpsn. rm. 

XrwgB. Kid 

Fi+neh Fr. ■ 

t*n !• 

Austria Schi 
dwl*» Ft. I. 

7 :i.aSU.1.fc«20 


4 t USj-4-13 
61j' &4-T5 SC. 10 
e t- I0.5&4-W.U 

5 I 4.1 4-4- 

IB j I8.6u-a4.25 

8 U5.7&- 148.75 
Ills' I.S7S- 14*88 

HeJ B.41H.4S 

7 ; 

Bl-j SW-462 
Sto' 27.i(W7_S0 

1 I 3.48-8.49 


2.0880-2. 05 75 

( 6iUfl-6i4J0 


I i5.55-t3.85 



sJWi a.*U 




i ii.Khi -76l-.|'Iii 

5U-JL *■- i-m 
} *7*1 v. !•»» 

1 .i-4i "re ’I" 
81- -its Ml l"rt : 
15-183 >Ji» i 

«- w» 

2 lircpnt I 4ti- 

Unrt|Kn >I*M 

a u Hat. i4ii 1 
BufCpm-por 1 
5 .SO- 5. My. pin 
iMjrm pm 
85*-2 A » c. pm 

Belgian for eohverUblie lraac£ 
Financial franca 59.SJ-40.85. 

5 2S l.M-l. TO «•.!•«* 

4.94 .I.9J t.l9.M4H. 

8.05 r. a-6to pni I 
9,42 105 i I 

- S./E .Bj-S. - I 

9.41 ;.■>«■.*« l ,n, l 

- 12 9I'/S-47j r.,ll» I 

-6S1 .US' 2IS : 

- 0.57 lire ilia 

0-H) ij2l;'iirl» 

2.48 S’.' • -i'll* 

1 42 4m Jl-i'n'fini - 

10.4 3.16 B.M7 fin 
5.68 47 47 _-n. i-i'i 
11.22 a»a-'=a '••l' 1 " ' 

~ StfSmnih forward’ dollar 3 .u:-3.'Ul i*m 

l*-moat6 5 jj-5 Ijc i*n* 


Canad'n S- M.B3-990M n^TS-MJJS 

Guilder' 202*2.200 2J3B5-2ZBS 

Belgian Fr 82.9fijP.M5 32J43ZM5 

Danish Kr Ji MWilW 

D-M»r* «nMM* UnO-ZJMU 

Port.Es — 4SJ3-45AJ 

Ura a»3«f.M tSUM»4S 

Nrwsn. Kr SJWSMM U99S-5JHS 

Krvnch t-r 4J93HI JI70 ajtixsm 

SvrtUah Kr 4.«ZS»4.«a 4.HSMJ0.9Q 

ym 218.7M1M5 atHNOklS 

AUSITla Set* — 14.WT-14.SS2 

Swiss Ft 1.997WLST0* UM-lm 

■us. cents ncr Canadian 1 


Three months 

04B-WHC dla 
0JW4.ISC pm 

Ufi«.Tlpf pm 


9.77-U7C fils 


U7-U2c pm 





- 4 .» 




UMJh ills — B-1T 
2062.91c pm 3.ST 
22521c pm - u 

2JS2J3pf pm *3* 
XAO-4.J5llredls -4.15 
2JS2JS0c dis -- 17 
2«fi2JHtV Pm 8-» 
228-Tsc pm *-74 


June 13 

Special Eprapfim 
Drawhtfl Unit at 
Rishta Accauat 


UJ.- dollar . ... 
Canadian donar 

Ansrrlan schllUim 

Belgian Trane ... 
tttntth tonne .... 
DtHnsohe Mark . 


trench tranc .. . 

LI, a 


Nortresian krone 


Swedish krona .. . 

vrtss franc 






























Jmu 13 

Bank aT Morgan 
EiroUml Guaranty 
Index chwwa*> 


U.S dollar 

Canadian dollar ... 

Aumrian srhiuins 

Bo Ulan (rmr 

DanHh krnnr 

Dcutscftv Mark' ... 

Swum (ranc UU6 

ISniidrr UUM 

Frrnch franc 1251 

Ura 5254 

Yen 117.94 









- S.l 
- 12.1 
+1 M 
+ 124 
+ 4.3 
+ 127 

- 4.4 

Basel on trade wiluhi.'d chaners Iron 
V/ashinCTon asreemem DereiuUor. 1971 
(Bank of Ensland Indes-lBtti. 



Smn Hue 

AwmiraaFoo — • 1.417-1,421 ,772.65774.80 
Australia Dollar. ...'1.6104-20266 ;Q.07a7 0.6e35 
KinlaiM Marita....; 7J591& -7^71* 4.6810-4.2850 

rraril Crureln*. 51.76-52.75 ( 17.8117^5 

ti reeve Ur».+Tn*. . . . 67.-477-0 »• 145: 56^0-57.70 
Huns Kune Uultarj 6-64-6^7 (4. 6t>60-4. 6580 

Iran Rwi 12&-152 '■ 6bS,-/2 

Kuwait Dinar 1 KD 1 0^02-0.512 ,0.2737-0^792 
laiaemUain: Franc- 5930-69.90 | 
Malavda Dollar.^.. 4.38-4.40 .2.5865-2.5876 
KewZeulauilDoilar- 1.7986-1.8167 0.9700419870 
tiatplt AraMa KUall 6^9 6^9 ! 3.45-3.48 

Stocapwe Dollar...] 4J27-4J-9 '2^268-2.5878 
dtanb African Ufcad; 1.9873-1.6128,0.8665-338793 

99-80 h 
10.23 10 38 
8,30 8.45 
3.70-3 85 
1630 1590 
9.B0- 10.00 
145 146 
3.40 3.55 
1.82 1.84 

Rite given tor Argantlna (a free rate. 


June 13 Pporni Merltuj;, I'i. Pnllar |Deut«eheM"ri'| Japanese VCp] French Ptanc I Swiss Franc j Dutch OuUdvrj Italian Lira | Catudn Dollar | llplewm Fran'- 

Fuutxi hreritnc 
L'.S. Ucllar 



















Q.ib* • 



0.8 OS 

I_u71 ! 



” - — 

2.516 . 


9.616 < 

luuu. ! 


6.742 1 

. 10.30 




FlvneS Fraiip 10 



4 .9*9 

472.0 i 


4.859 1 



Svi-> Front- 


0.528 ' 


114.4 , 


-. ** 


463 6 



Uul'Hi (nnliirr 







Umiaa Lin l.uC.- 


2JS05 , 

2.596 j 



Canadian Ih'llar 

0.486 • 


1.869 ; 

193.3 ’ 



1.990 j 



Utrtjiaii Franr 1 Ai 

— : 


~ ■ i 



June 13 




, — : 

I',S. Dollar ; DukHi GuHitei 1 ?wi*« Franc 

rabon let in 

i Harr, nijuv. 


filter tumuli-... 


line rear 

15»» 16 
12 lit -is 
11. s 121 1 

IZ.a 12,< 



2a*. i 
2 A 2>? 

7to 71# 
7J# 8 





4 1* -4ia 
51# 6J# 


IV, German 
Mirk ‘ 

French Franc , liantn Lua 

A-ian * Ja|«ne>e \eo 



3*4 -0*2 
31* 51- 
3*a -50a 
3rtf-3r B ' 




lov# nij 


10- 12 

11 - 12 
12la-15l 3 

13- 14 

14- 15 

8.; 8/* 
84 t,; 

5; 7 

1.. -3U 
2« 3 

21.. a.. 

4.. . 4.', 

The tulhnrtns ocmln*! rales were rnwted for London dollar certificates of depo Mt: One month T.iB-7 SO pa- «nL: three tnonrhs TJ6A99 per cent: su monliH 4.1 
per cent: one icar S.S9-S.n tier cent. 

Loos-term Gomdnnar dcpooiis. two yearn 8 »m-9>is per cent; Owed years 9i, p - 95u per cent; four years 91-91 n*r cteu; fire years #i-91 per crnl. * Raiei are 
nominal clowns rare^ 

Sh un-term rates are call tor sterling. U S. dollars and Canadian dollars; uro d ays* itfiDCO far cuUdurs and Sum fraoes. 

-Vsian rates are dining rates u> SJotapore. 


Belgian bond rate rise 

The Belgian four-month boncf 
rate rose to 6 per cent from - 5} 
per cent at yesterday’s auction. 
I his may be a mild measure tn 
assist the Belgian franc within 
Ihe European currency snake. 
Over the last few days It has 
tended to lose ground against the 
stronger currencies, particularly 
the D-mark. 

The bond fund rate is some- 
times used by the Belgian 
authorities as a signal for a 
change in the key Discount and 
Lombard rates, but this is not 
regarded as likely in the present 
circumstances. Both rales stand 
at a five-year low of 51 per cent 
at present. 

Call money continued to ease 
in Brussels, falling to 3.45 per cent 
from 355 per cent. 

New York: Bankers acceptance 
offered rales 7.45 per cent 1720) 
lor 30 days; 7 AO per cent (7.30) 
for 60 days: 7.55 per cent (7.40) 
for 90 days: 7.65 per cent 
17.50) for 120 days; 7.73 per cent 
(7.60) for 150 days: and 750 per 
cent (7.70) for ISO days. 

. Federal funds in the open 
market Here 7,V7J per cent. High 
grade commercial paper was 7.60 
per cent (7.50) for 30. days; 7.65 
per ceni (7.55) for 60 days: and 
7.70 per cent (7.60) for 90 days. 

Certificates of deposit were 7; 
per cent for one month; 7$ per 
cent for two-month; 76 per cent* 
for three-month; 7J per cent for 
six-month; and 8 per cent for 

Amsterdam: Call money eased 

10 4.0625 per rant From 4.23 per 
rant, but one-month money was 
unchanged at 4J25 per cenL The 
throe-month rate rose to 4.5 per 
cent from 4.375 per cent, while 
the six-month remained at 5.125 
per cent. 

Parts* ‘ Money .market rales 
showed little change, with day-to- 
day money commanding 7} per 

Frankfurt: Money market rates 
were unchanged, from call money 
at 3-5 per rant to aa-montb at 
3.75 per cent 

Bong .Kong: Conditions were 
tight m the money market, with 
call money traded at 51 per cent 
compared wilh 4} per ceni 
previously, and Overnight at 4i 
per cent, against 44 per cent 


Exceptional assistance 

Bank of. England Minimum 
Lending Rale 10 per cent 
(since Jane 8. 1873) 

Once again day-to-day credit 
remained m very short supply in 
yesterday’s London money 
market The authorities lent an 
exceptionally large amount to 10 
or 11 houses at MLR for repay- 
ment today. They also bought a 
moderate amount of Treasury 
bills direct from the discount 
houses as well as a small number 
of local authority hills. This was 
in addition to their buying a 
moderate amount of eligible bank 


bills- Part of this package of bills 
is for resale to the market at a 
fixed future dale. Banks brought 
forward balances in an extremely 
run-down state and houses also 
had to repa> Monday's very large 
market advances. Settlement of 
large gilt-edged sales again 
caused a drain on funds. 

Factors working in the market’s 
favour were small enough to have 
little significance and amounted to 
a slight maturing of Treasury bills 
outside official hands and a 
minimal excess of Government 
disbursements over " revenue 
transfers to the Exchequer. 

Discount houses paid up to 10 
per cent tor secured call loans and 
dosing balances were taken 
between 7 per cent and 10 per 
cebL "In the interbank market 
overnight loans opened at 121-13 
per cent and rose to 14-144 per 
cent before easing to 12-12) per 
cenL However, by early afternoon 
rates touched 13-20 per- cent 
before tailing off to dose at 4-5 
per cent thus underlining 
indications that the authorities' 
Intervention was more than 

Kates in the table below are 
nominal in some cases. 

| Sterling 1 [ L-jou 

June 13 \ Cevtifieoif ; FaiertanL [ Aulliurlty 

ld7S cl depn-ir, 1 ; rtepuatta 

Xocw JLutb. 
gecrv table 

Ft unco 



default • 

Bill. 4. 

Bll.» » 

Ftp of cade 


Prune Rale 

Fed. Fnurta 74515 

Treasury Rills <13-weeit< fiOl 

Treasury BlUa iS^-wectCi 705 


Otscouw Rate 3 

Overman* 3j 

One montb tw 

Three mrmtha .... 3.65 

Six months 3.7S 


nitsuirbi — 

. day • Th>iw-e..j — 

I.UtV-OT j — 

1 UV- 111 Alee.. — 

unc mpoili | 107 b lOto 

1 o-u nu'Ulh ...; 1 3v l Sa 
i Hroe mnnili-.j 1 ,+- 10 ,'„ 

ix paaitli | 10 . In 

.Iiii, nmiilh 10 91, 

tint, >** ( lO-9*i 

■ an i ar j — 

4-20 , 

r tlU- 12 . 

llts.12 i llJg-12ls 

1 7g Jll 2 1 11-12 

10 ., lOi, I - 

10 ,i 10 £ \ 101 t-lQlj 

lU-lOU lulg-lOlB 
10 10 .; ; 

lOi'n L I it-H-lOto 

1 11-1118 

io is - io Tg 
luto 11 . 6 a 
9^4- 10 u 

9 to- 101, 
968 9/g 



1 3.-1 lto 
10 to 





4-10' ' 


9 Si 

91a . 




1 Ola-11 

1 l«l 0 i| 


10 to 

ios« - 

Local anitinnry and finance Housk-s seven flay*' nonce, oiberii hovcd days' Hxed. Lona-term local authnriiy Riortgasa rate 
nnmmaUy three years t li-12 wr cent; ruur years 124-124 oe ceni: five, years 12 H 3 per coat. * Bar* but rates In table 
are buying rarrs fur prime uaper. Buying rates fur Four-month banh bilb 91-81 per cent: four-month trade bills ift* per cent. 
Approximate selling rale* iit mw-momh Treasury bills 99» Dor ceni: iwo-mnnih Wje-9' , »J per cent: and three-monih 
per ceni Auvmximair wiling rate Inr nnc-monih ban! bill* 10; pw rn»; and rwratmth to per cent: and Hire*, 
month per tens Ontr-tnomh rratte bllV* lflS per Win: iwo-raroih 10J per cent; and also thrte-monih Ite oer cent. 

Finance Hooica Base Rate* fpuhlnhed bv ihe htnann* House- vmocialloni hi per cent from June I. 195* Clearing Bank 
Depesn Rales <>nr small sums ai wn (tars’ nonce ■ «$-? per cbnL Ooarln* Suit Baas Rates for ii-nfiiny is per cCm. 
Treasury SlUs: Averase lender raids of discount 1.422 per cenL 




Th« price or gold in the London 
bullion market edged up in very 
quiet trading to $1S2J-1S3 an 
ounce, 31} firmer than Monday's 
close from an opening level or 
31314-182. The morning fixing of 
SIS1.60 showed a slight improve- 
ment which carried through to nn 
afternoon fixing of 5 182 .35 . With 

June 13 June 12 

Ifohl Bunion is rliie' 
ouo>-et i 

Open Inc 

Horning fixing 

Afternoon Hxine.... 

!*T61MB2 SIM# U2i 
'•->161.80 ,5181.40 

-298.87*1 '.ISS-IWi 

M 2.M ISlto.bS 
•1&J.21I) i£98J59i 


-Tew SoverriRti, 

Old Sovereigns 

i2ita;-W8i iLiu-uii 
SM-tB |S63:-K-.‘ 

ll£Jri-30*i iCSkj SWi 
Sfi6*-b7* (M Mlk 
rcui-eiji :iCMsn 

international ]>• 

51874-185; : -*ie6j. 188* 
-Si02;-10fii 102*) 


.HMr-29;) < i£5u^-2t3> 


S20 Kasiee 

■wei -oi:- i£*b 6l> 
»W6-;-2/8: -52f6i-S78i 

^10 Kaj;)e» 

+0 Ksule- - 

JUPi-lcS* '91*1-134 

* 9* -IMA -SlM-TOJi 

very little in the market to 
influence any movement, the 
slight strengthening in the metal 
was mainly due to the weakness 
of the U-S. dollar. Further 
encouragement of a possible 
firmer trend in the price of gold 
was claimed by analysis after the 
publication ■ of Bank of Inter- 
national - Settlement’s annual 


□bftuuiii Rale 


One month 

Three inonrha 

Six months 


Discount Rate 

Call il’nrondiOonal) 
Bills Discount Bale 









- ) 

.?o> v 
! 7» ■'»! . ' 

>•... ! £ 

W I* 

■ ir *i,;v 


S^^diflriSaies 'Wednesday 'June-’ 14- ' 1978' 

Wednesday June 14 1978 


J*>Jl O 9 * ; 



a '.»T V 



4 >», ‘ 
•**■■ ; 


itn— -J 

The days of sustained rapid growth in local authority expenditure may well have gone 
for good. But despite the restrictions of the last few years expenditure may still be running above 

the level allowed for in the last rate support grant settlement. 

IT; HAS often - been said that ticularly since the imposition of per cent ^ ^ . ,u .■ in^iocal expenditure m avowed to"thc level 3t of taction that well have marvel a major s-ea* 

altering the pace or direction cash limits on the government increased revenue contribution mtol may wel1 *° * l„ s!Lach. change in the cuumr of me 

of local . government .expendi- grant, that local authorities are betokens a reduction in borrow- have Kone for Z° oa - Moreover in thii o.umrv at world economy, 

ture is rather like trying to stop more likely to underspend than ins. all well and good. But if That may acciu a £“!*!!£?■, the bigger the -.hare »f Fur ali *mc ***»>**• r - ni r y 

or change the course of a large overspend. >l presages an even sharper prediction s ^ t GSP that loc al e-:nenditure be a mistake to auaiuni the 

supertanker at sea. Given At this stage, the Government revival in capital spending than trend of local spending tar ‘it im . j 5realer ,,\ u be 1h ._. ta reran! predictions u: spend- 

3KS* me land patience, is reserving judgment. There had been allowed for. Then that has been «n “^-ard path for J^wcnmrnl ,t <.r , he part »« levels contained in this 
something may eventually hap- is Httle point, as yet, in making hc a ver - v different matter : Therilare !?”h2e In central ^ernmem ycVs Public Expenditure Whitt 

»*.»**■ * 

pen. . After rising .in volume a hi? fuss. On the other hand, 
terms hy an annual average it is not yet persuaded that 
of almost 9 per. cent in 1973-74 underspending has become a 
and 1974-75, local government normal local government habit, 
current expenditure rose by Moreover. the DoE/CIPFA 
just over 4 per cent in 19T5-76. return also showed tnat local 
In the following . year, helped councils had provided about 
by some underspending on the £200m more than had been 
original estimates, local cur- assumed for inflation and a fur- 
rent spending actually fell back .ther £100m extra revenue con- 
— by about 1} per cent There tribution to capital spending, 
was some underspending again making in all an H ovfer-festjmite’ 
last year and a . drop in interest of some £500m or about 4 per 
rates: by the end of the day cent, on the figures on which 
the year-Qn-year change in this year’s rate support grant 
volume was an increase of not was based. • ^ 

quite-. 14- per cent which meant . It is. of course, appreciated 
that spending levels were in Whitehall that ".local 
virtually the same as in 1975--.-treasurers will prefer to take a 
76 . cautious view about ■ inflation 

prospects. The government 
grant is rash limited, treasurers 
estimates have to set a rate call Wjfijre 

considerations arc the years of peace. 

^he^share of those in central government year’s Public Expenditure White 

Trying to control 

Bv Colin Jones 

For the present year, the their councils are aisincuppoLu For lhoughls are already ernmem . 

auguries Mre fiot yet The levy suppiementary rates at Je J turued tQ ^ probleras ™sfer payments 

return of local ti on provirions whiebare not in that may lie ahead. Up to now betwee n the 1870s 

' effort5 have been conccntrat !5 from 5 per cent to 
by tfife Department of the En- yie e\eni requuru vub» ^ nn th _ tact of halting the growth „ anf hPtw^n thn 

a per ccni uivj wu» ... — ----- - -■ . 

and 1914 of crowth in local spending rent ^pending. plus some initial 
rat^.wW^ is rampiled jointly tiMprowsiMs^itm mrewi-u have b p en concentrated 5 Der ce tu to nearly 10 moderated to something like the recovery in capital spending, 

by tfife Department of the En- the event reqmred ougfit to go ^ growth ^en the S world rare of growth in the economy which the White Paper offered 

vironment and the Chartered In- to balances rather jjjni seep on thetas ^ d Inl EncoSiaged Tom gjf p« cent to generally. as the prospect up to the early 

stfrtte_pl.£ublic. finance Md Wg by national politicians, public flbou ' t 17 i 8 per ceSt between Moreo^r, given the prospects 19S05 could well be n««j 

Accptuifapcj^ revealed that 45? _ ^ pressure groups', and their own the lale 1940s and the mid- for the ^orld s economy he far from what any new go eni- 

qininaims ine to a pretty fast clip in tne cou id seem predictable, as in- coumn„ : , uu ■■■- wnicn nu\e 

— earlv l*»70s When the oil crisis fluence rises, so more is spent which anporr oil. and The llu , )r structure plans upon the 

1! per cent (roughly £200m) can occur. PWgf . Mf ^ b rek e and the world economy « mSi. and an increasing priority ^hich. the gnv-ernments relurn of a 5 per cent annual 

above the level allowed for in delayed- On i the iothw hand^ descended into recession, a proportion of these services of the industrial natiuns are grnvvtb pal h -omclime in the 

the November 1977 xate support .years public- expendi^^p^ aescena needed, and have been those that, in most giving to countering inflation at 19sr)s wi l! almost certainly have 

grant settlement, v The toe* were ipredicte « S has now been Sdvan^d nations, are provided the ff p»l to think again. 

sss <ss?s wt- s -zS-gtf; js £ jrjas. eats 

imp fppmfe-in auicklv. Tnat nas now oeew aavancea mubh*. „ nf 

^wli^SSd-nn..?; »«J “i 

growth palh sometime in the 
19S0s will almost certainly have 
to think again. 

This prospect has considcr- 

ment for. clearly, the aspirations d 
of voters, pressure groups, c 
officials, and politicians at all a 
levels are unlikely t«> a bate. 

For central government it J; 
will mean examining afresh the 
means by which it tries to = 
exercise an overriding influence , 
over tlu* totality of local spend- J 
ins. The changes introduced to 
enhance the influence of the 
rate support grant iiK-chanisin — j 
the introduction of cash limits, j 
the abolition of *’ trend extra- j 
polaiion.” and the setting up of 1 
the Consultative Council in . 
order 10 try to bring about a ; 
consensus — may hate worked 1 
in the emergency conditions of 
1975-78. but will they stand the 
strain of a lasting haul? 

Some observers >ee this as 
pointing inexorably to the 
unitary grant concept. White- 
hall ii unlikely to want to see 
local autonomy completely 
eroded. There is no desire to 
emulate the Irish, who this year 
abolished the domestic rate. 

But the unitary grunt could-well- 
be the weapon to give the 
centre an adequate leverage on 
i the totality of local spending 
t while offering a means of pro- 
■ viding full compensation for 
I local needs and full equalisation 
. of local resources. 

1 Most councils dislike the 
’ unitary grant because it would 
enable the government to set a 
‘ national standard rate poundage 
1 and thus expose both under- 
5 spenders and over-spenders to 
i public pressure. But what, in 
s effect. iMs means is that they 
1 are reluctant lu acknowledge 
e publicly their own particular 
* responsibilities. Moreover, the 
unitary grant would expose to 
r- public view the political judg- 
il rnent that lies behind the deei- 
1- sions on the total grant and ns 

distribution to individual coun- 
cils, a change from which local 
authuritie^ could only benefit 
— for u wuuld bring out inio 
clearer public focus l Tie -precise 
responsibilities of centra! 


At the same time, the piw 
pect of a lower trend rate in 
local government spending has 
implication.!-! ior local authori- 
ties. Public pres'-ure for more 
services and honor ,-iandarus 
are unlikely in dimmish just 
because the authorities’ ability 
to accommodate tiie.-e pressures 
ii growing less fast. 

But this may be no bad 
thing. It could put more 

impel us initi the drive in cet 
better value for money and a 
better use of the assets and 
manpower which local councils 
deploy. It could lead to a 
reconsideration of charging 
policies and a redeliiiimm of 
-services which ought -in be -self- 
supporting or even privatised. 
Il could lead to a reconsidera- 
tion of priorities in the light of 
changing perceptions of social 
need’ (a task for the new cor- 
porate management approach, if 
there was ever nne>. so. that 
resources can be switched. from 
services which are commanding 
a diminishing priority to newer 
and more compelling needs. 

In an age of expansion, the 
1 provision of services to the 
1 community might well have 
been looked upon as an ever 
■ growing empire. In an age of 
: continuing restraint, it will 
. more be a question of joggling 
» resources around a moving 

- kaleidoscope of services and nf 

- making sure that every penny 
s counts. 


' '' f'-v.'.' 

W U."V. 

• • 

. Y • 


. cC^‘ * 
■ . fj- 


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' • •’ ■ •. V';" ^ ' :*. v . ; v r : XV-V^'- S •.-!.* 

Kndi^alTim® 't: 



WITH THE Government 
announcing that it has 
instructed the Inland Revenue 
to start preparing a new list 
nf rateable -values fur proper- 
ties in England and Wales In 
come into Force on April 1. I9S2, 
and the Conservatives saying 
that, if they are elected ai ihr 
next election, they would prob- 
ably not be able to carry mu 
their pledge to abolish domestii- 
rates within the lifetime of one 
Parliament. the immediate 
future of the rating system 
seems a little dearer. 

An incoming Conservative 
administration might conceiv- 
ably tell the Inland Revenue 
to stop working on the new 
list. But. that proviso apart, it 
does now seem that another 
revaluation based upon the 
traditional rental value basis 
of assessment will take effect 
in four years' time — in England 
and Wales, that is. fnr Scotland 
had its revaluation two months 

Mr. Peter Shore's decision to 
postpone the adoption of capi- 
tal values and to retain rental 
values as the basis of assessing 
residential properties has come 
as a big disappointment to the 

very considerable lobby which 
had formed up in favour of Mich 
a chanuc- This lobby included 
fhs lnl*»d Revenue valuation 
office, the Lay field Committee, 
the R-ding and Valuation 
Ay-n-:ia:i ,, n. Mr. Shore's own 
Departii'-’bt. of the Environ- 
mrni. mid — as )a<t year's 
Miniaior’Al response to the Lay- 
iield r-T irt made clear — the 
Secretary him- 

-'Imre explained the 
■ ' on the grounds that 
■■■conic apparent that 
•old be no majority for 
Rlue legislation hi the 
Parliament. That may 
• The Conservative 


il liad 
i here - 
p re sen i 

Opprvsti T have declared ihem- 
s«?lre« being again - 1 the use 
of capital values. And the pros- 
pect of a major disturbance to 
esiahliih-ii rateable value 
relationships between different 
kind' of residential property, 
and heioonn properties in dif- 
ferent parts of i he country, 
could ’■•■•■*11 have aroused 
awkward n litical controversies. 

pani‘.uL:r!;- in (he run up in a 
genera! lection. 

Hnwevv disappointment 
over Mr. Shore's announcement 

should not be allowed to 
obscure one point. This is the 
fact that a revaluation is now 
suing ahead, albeit on the tradi- 
tional basis. The paucity of 
free market rental evidence 
will undoubtedly cause the 
Inland Revenue valuers very 
considerable difficulties. At the 
time of the last revaluation in 
1973 barely 2 per cent of resi- 
dential properties were let at 
freely negotiated rents laud 
hardly any post- 1045 property » 
as against the minimum of 10 
per cent market evidence which 
was considered essential at the 
time of the 1963 revaluation. 
The proportion is probably even 
tinier now. 

Even so, a respectable case 
can still be made for conduct- 
ing a revaluation on the tradi- 
tional basis, as against, not 
having one at all. The first 
reason is that regular revalua- 
tions are essential if the rating 
system is to function effectively. 
Property value relationships are 
changing all the time, both 
within the domestic and busi- 
ness sectors and between them. 
It makes of the idea 
of a local properly tax, if the 
values on which the tax is 

levied are allowed to become 
unrealistically out-of-date. In 
spile of the 1926 statutory re- 
quirement for revaluations 
every five years, only five re- 
valuations have in fact been 
held in the past 50 years and 
some uf those five "ere not 
full revaluations. 

tion has been running at record 
rates for peacetime. The effect 
upon rateable values— and thus 
upon ratepayers’ attitudes — will 
be considerable. 


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73 Brook Street. London W1 
Telephone 01-499 7191 

Secondly, there may be a 
desperate shortage oT rental 
evidence upon which to revalue 
residential property, but there 
is nu such problem for com- 
mercial and industrial property. 
Indeed, it is not too much to 
say that the non-domestic sector 
very much needs a revaluation, 
since property rents have 
changed a good deal since 1972- 
1973 and surae properties — 
u dices, for example — may be 
overvalued in relation in today’s 
market patterns. 

Thirdly, any kind of revalua- 
tion will involve some re- 
distribution of tax ii.c. rates) 
burdens, and this disturbance 
can in turn lead to a good deal 
nf public disaffection with the 
rating system. This was seen 
in England and Wale? in 1973, 
and also in Scotland last year 
when the new valuation lists 
were published and even more 
noticeably in April 1 when ihe 
first rate demands based upon 
the new rateable valui*> arrived 
through Scottish ratepayers’ 

By 1982 almost ten years will 
again have elapsed since the 
last revaluation in England and 
Wales, a period in which infla- 

It is true that, overall, pound- 
age rates will bo reduced but 
there will still be some re- 
distribution of rates burdens as 
between individual ratepayers. 
To add to that the additional 
disturbance to existing relation- 
ships which a switch to a capital 
value assessment basis would 
involve could be asking for 

In other words, the double 
effect of the nine-year delay 
since the last revaluation and 
the adoption of capital values 
could well have led to such 
an outcry that public tolerance 
of the rating system might 
have been stretched to snapping 

No doubt transitional arrange- 
ments would have been devised 
so as to spread the effects of 
the new valuation method over 
several years and thus soften 
the sharper edges. But no 
arrangements could make such 
a change-over totally painless. 
The precise effects of a revalua- 
tion based upon capital values 
will not really be known until 
one has been made. But pilot 
studies conducted by the Inland 
Revenue have given us some 

There would, for example, be 
some considerable re-distribu- 
tion of rates burdens against 
occupiers of residential pro- 
perty ar both the top and bot- 
tom end of the scale. Properties 
in the countryside would lose 

compared with urban ones. The 
Midlands and the North would 
gain at the expense of Wales 
and the South East. And fiats 
would benefit in relation to 

The effects of a revaluation 
based upon rental values can 
at this stage he only a matter 
of guesswork. The 1978 Scottish 
revaluation does not offer much 
of a guide. In aggregate rateable 
values increased by a factor 
of 3.4 but this was after a gap 
of seven years, and the 
domestic share of the total fell 
from 48 per cent to 39 per cent 
while in some areas the develop- 
ment of North Sea oil had par- 
ticularly sharp effects. 

Moreover, in Scotland there is 
still enough evidence of freely 
negotiated rents on which to 
mount a traditional revaluation. 
For the 1982 revaluation an Eng- 
land and Wales the Inland 
Revenue will probably have to 
apply a series of multipliers to 
most types of residential pro- 
perty because of the lack of 
adequate market evidence. 

This in turn could exacerbate 
another problem — the sharply 
increased number of appeais 
which have occurred after 
recent revaluation, particularly 
the 1973 revaluation. The Lay- 
field Committee suggested in its 
report that the period .for 
appealing against assessments 
should be restricted, as is 
already the case -in Scotland, to 
the first year of a new list 
except where some material 
change has occurred affecting 
the value of a property. The 

Government indicated last year ’ If the aniwer to that question . . 
that it intended to fegldate to is “yes,” then rt is hard tfr see 
that effect, . together v viatii any. alternative to -property as 
another LayfiefaL recMameh*. a tax bas'e, m^ shice oyet'; . 
dation tiwiining tfi© right ; of half of the houses, -in- Klglaud 

appeal to the Lands TriteunaL pwner * 

save on points of iaw and pre- occupied it is dUHratft to Tfetet •. - 

Triimnai or ***** *1*0*. JgSjSLHSBRtfS&S?:- 
MUM. ' tries. • - ' •; 

■ ~ _ v . No - other pos^^siIteEiia^^L . 

1 1 octti ‘tax^t^d:he^son^^T / 

v _ ag. Inexpensive ■ Ip adirtw^g^- 

Of fodtvKtags and tax . are :. either,’ vllte 


vl — — -- tax . are ' .exurer, ’mar rental ^ 

operation of i?2S"'Wifefc ^coining. jonwriaaEr r 

It rejected a <&irther Lay&ead mnrp iinwhrfeabta'iffilikft Annan',' . 

It rejected a further ji] ore. unwor^hleca* r - like - 

recommendation coroero^the metrcs 0 f “-surface; area, would > 

proportion of the uawrease in ^ more: regressive 

rates (presently 50 per cent) ■_ ... - x 

* 52 , 

“T. ' — nr— But the adoption- Of canitair- 

ing a revaluation, ifa pr( *^ values togethervSth'tiie^^-r . 
ant been altered arid the : 

has not been altered and the 

. tion of rate rebates, 

appeal is todged v-itnui. sis 

appeal is lodged ably inalre' 

months. On the other hand, the more nroeres&ive. Ann tf,, 

months. On the other hand, the more progressive. And tba& ' 
volume of appeal Yttotih. mi- fact ^ laj^e-a propoxtion ' 

lowed the 19»3. revaluatioii 0 f local gdvennnent speiMfing a l - 
placed so great a burden, on financ ed toy- government gra|ft.: : 
local valuation officers that, if of the proceeda of generaf- 
repeated in 1982, it coul d, aga in taxation - goes a - JUmg way : to)-: 
impair the chances of keeping meet the 1 other point of- equity 
to a rhythm of five yearly which -is levietf . against r thev, 
revaluations. If capital value rating : systemH-hainely^ ; 
rating is to be adhpted. then local residenZs who aze not ratB-jk' 
certainly the change ought -to -payers -fail to pay- ffieir'.ptopeti 
follow as soon as possible after share of the cost of Total^ser-- 
1982. . vices. '/ 

This, of course, assumes that In -point of 
it is right to adopt capita ^radays . conttibae^^mOTt^ 
values asthe basis feTasse^ing 
rateable values of resdeoOal 

property Despite the strength I 0C ®J government. T he m ore-: 
properly. /^ fundamental question. iioweve^:, - 

of the largely professvonal lobby. is wJiethcr ,. local ^venuxST - 

“ ■ . " * jg WHBmCT • 

in favour of the change^ the ^ & have a tax: base at ^; - 
question seems destined to - - - 

question seems destined to next question is, tf s^ theh^ 
remain one of considerable P^ _ . W | M t.s^u| < C oveivOn3y‘-.wfiBi'- ,: - 

"T — wnar soouki it caven. uniy wHen' 1 * 

ucal controversy. At heart, tt those two questions have! beeni > 
»■-»*•»"■ the even more funda* — — •- •* --- - 

raises the even more fuoda- answered, can one decide fUtr. ^ 
mental question of whether question of what that tmc'baSe^ ■,'! 
local government should con- should be*- T . _ 

tinne to have its own special - 

tax base. LOlill JOQfiS . . ' 

Value for money 

THE SHARP rate rises in the thnse of auditors of commercial feels that the Layfield inquiry for money as an u ongoing act!- puters both to reduce manpower r ‘ 

mid-197us and tbe apparent de- accounts. Under the guidance had been badly timed, coming vity ” and not as a series of one- and to improve inanagement.ia> l 

cline in some local authority for auditing local authority as it did after the 1974 local off projects. The most spectacu- formation and. therefore-' effir. 
services were, in retrospect, accounts, auditors should ensure government re-organisation and lar results came from the Man- ciency. One area where this is - ' _ 
almost certain to lead to a m3S- that “the accounts do not dis- before the new local authorities Chester metropolitan district, particularly important isinrel.e'-'^ 

sive public outcry against ihe in- dose any significant loss aris- bad settled down. which revealed annual savings tion. to income - collection jartfV ' 

efficiency of bureaucracy. This ing from waste, extravagance, “The Association considers from its work study schemes of payments. The effect, of speedier V 

duly took place with, at times, inefficient financial administra- that as a result of this the £865,000 plus increased produc- recovery, procedures and un- ’ 

almost a hysterical degree of tion, poor value for money, practice of local government tivity worth a further £l.45m proved payment systems qpicash 

criticism bring heaped on public mistake ur other cause.” finance was put under the per year. When these are added flow and . borrowing re qpir e- 

service workers. In addition to public audits, niicroscope at a time when to other savings as a result of meats r can produce raajoipMV- 

While it seemed that mnst such organisations as the most effort was, of necessity, these work study schemes, the ing? bn interest payments. ;Qne. 
local authorities were taking Chartered Institute of Public directed towards maintaining annual saving for this one disn metropolitan district estin^|ffl 
this criticism on the chin, it has Finance and Accountancy the provision of services to the trict was some £2. 75 m. a year, annual 4 interest .savings r;jof 
become clear that a major part (CIPFA) and the Local public with correspondingly Further schemes, which, were '£20,000 '.‘silnpljt 'as a resultvof 
of their defence has been to Authorities Management Ser- less attention than usual being estimated as having a savings mtroducihg' - a-, direct dfebit 
show just how local authorities ^ces and Computer Commit- paid to 

give value for money. This te * fLA.MS.AC). help maintain methods." 
week. For example, the Institu- pressure on local authorities 
(ion of Municipal Engineers operate efficiently. CIPFA Covirifyc 
Conference in Bournemouth has represents professional accoun- oarjuga 
taken value for money as its ^nts the public sen-ices and 

administrative potential of another £125,000 a system .for the payment!^ of - 
year liad to be deferred because salaries: 1 f ' • ' --a*!, - 

of problems it would have Some local authorities/ how- 

Sbme local authorities, how- 
created for pay policy,. . ever, have adopted a package 
One London borough, with a approach to cdst savings rMher 
population of only slightly more than any major - initiatives &ie 

theme. And tbe Association of L-A31SAC provides advice on iSSUff ^ b a ' t * an 260 ’ 000 ’ could P° int t0 London borough can pbrat to a 
Metropolitan Authorities re- management services. V” work study schemes in opera- number of smril initiatives 

ffiitiv nublished a survev show- Although there is little ? ,on 01 loc . a 1 ‘ authonties. mem- tl0n gnong an anuuai. savinr which taken titSefe-weauced 

cently published a survey show- Although there is little C7 uon a" annual saving: whirii tak'en t&ge&er producecl 

ing how its member authorities nuestion raised over the JfT ““ we ™ * ske ° ™ m excess of £500,000. savings of £320.000 in 1977-78, 

bad been giving value for integrity of local authorities in aei i ai ‘ 5 O’ jnere ^avings The most poplar 0 f rising to £600,000 in a full year, 

money. internal financial control the «J value for money schemes, ac- But while .local authorities 

The problem, however, is J^'. 6 Layfield Report on local camfi m lhe conc j UJ i on cording to the survey, were are apparently eager to share 
that while local authorities are thJfTh" 1 ru!- ewEST ’'local authorities are actively thos ® connected w ] th goods and their ideas with each other, the 

probably the biggest single ^ 3t , Chie .{, pursuing ways of obtainin’ services ; T ? e f^ 3500 fP T Q 2S AMA suggests that, there is a 

spenders in the economy — em- °.? p !. 0 ^ La tinn^nV., °ti ^ ^ better value "for money" In J eems . to be a “ thond ® s need for a central directory of 

ploying over 3m people-there Z particular, the s™ ey adds bav ®. C , h0Sen areas wh u CTe su ^ information about value for 

arc no objective standards of y ^ "they have concentrated in savings can be made money studies being carried out 

^ ssssss rrr; 

«-.<? ^ “ney"m a l me S V nfil !S » “ a d “c"er' K,™ 2^ « iSSSf-toSS' 

foTexarapl °J> nUrSefy faC, meS ’ trough the dissemination of energy conservation and ^ JtawSiSS SfoftS efflc,e ^.'5f Government has 

Moreover.' the physical, social ‘"formation on best practices jjjjjjs maintenance are con- tariffs Mancheste^ could point settingup 3 a^ew^rifo^CbS 
and economic characteristics of ^3?. — 10 The'' survey found that the Sm^-.'Sg J ^ SS Z' StfSSSgi 

fS this reason isffiffiTutt to The U ^ e]d Re P ort - an ^ the amounts saved by local authori- sures . with annual savi n gs 0 f Audit. This new am^ttee, 

m a k eval fd^'om par! sons of un\t su Sequent Government green ties in tbe last two to three £220.000. Other authorities re- however, wa^given afrosty w£- 

make ^«id ^"Smparative P a P er >" ^onse. which gave have been -substantial.” poned savinss in the range of J 0 ^. autffo ^ 

measurements of the perform- broad su PP° n t0 the Report, Most of the authorities which £10,000 to £200,000. aasoclatlons. who believe that 

an'-e nf different authorities harc beon Wrongly criticised replied to the AMA’s survey Other moves by local authori- ye external controls 

ExiSlS hj ,he »f Metro- drew attention tn the fact that ties to achieve better value for m 

extravagance and efficiency are P° litan Authorities. The AMA they saw the pursuit of value money include the use of com- l>avid Churchill 

hmadly split into external con- 
trols fmm lhe auditing system 
nr professional organisations 
and internal financial control 

The accounts nf all local 
authorities are subject to annual 
external audit, cither by civil 
servants — the ^-called district 
auditor— or auditors from pro- 
fessional practice. Auditors of 
local authority accounts have 
responsibilities additional to 

Grants arouse bitter 



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(Sterling Brokers) Ltd. 

67 Cfcjswelj Slroei. London EC1Y4XX 
Tolfiphonp : 01 -633 9354 Telex : 8S434T 

Scottish Office : Merchants House. 30 George Sq.. Glasgow C 1 
Tel : 041 -243 3741,gow ui. 

Associated with Gillett Brothers Discount Company Ltd. 

THE WAY in which govern- Is grant-financed. Fur the rice to levy broadly similar areas up ^ a riven national 
ment grants are distributed to greater the percentage of grant, rates poundages whatever the standard of rateable value per' 

local authorities has hpromr. th#> nreatnr ie thr no.ri t n viiirn.».m.. »k.;. >i t . f*i*auie •"“* r® 

authorities has become the greater is the need to make differences in their spending head, 
more and more a matter of the distribution fair as between needs and whatever the differ- Therefore if London's heeds 
reecnt individual authorities: ar the ences in the size of their tax are allowed’ for. in fall. -should. 

bitter contention in 

years. During the 1960s and same time, the greater will be bases. the °rant be adiiisted tn jinOTF' 

early 1970s it was widely recog- the “ gearing effect " of marked The difficulty lies not so much for London's e^rresourchs or- 

fused that the grant distribu- changes in t-rant payments in the first objective but in the given the murii favSr riffVrM-' 

tion system unduly favoured the upon local rates calls. second. For there is no really Sals in Jnwnw £er hHV 

shires at the expense uf the part of the trouble, ton. is sure way of assessing with pre- between London and elsewhere, 

larner Cities a n rinnnrttim Fv »i. n /a .A : i •_ • * *i «■ « . ' t 

to correct 
taken when 

local government sHcnu.«.g is using ai which iuuiww uinerent types ment which has been made 

,n „ 19 / 4 - ... . , a f air clip and ihus the total of need. But. at bottom, the about London in each of the' 

But i_ hc s .I l °*.f_ ran L*!?”! s . rant is a,so ^creasing. By decision must be a political last four rate support grant r. 

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away from the shire counties the same token, it is much judgment It is not possible to settiemenfs'witich^ hasbeen re?* 
and in favour of the metrnpoli- harder to do so when spending arrive at a completely fair dis- ponslble for mn«st 
tan .reu induding. especially. j s -rnwine at all. In the Whntioo. .to £>£?»■' 

Greater London has been more present climate of restraint on Furthermore, there is con- the shire countries. - 
or less continuous ever since local spending, changes in grant siderable room for debate about The next nnint mnwrin the' 

1974. The row between the distriliution mean actually both the significance and the methods which are used to ’ 

various local authority associa- reducing payments to some adequacy of the statistics that assess need. The present method’ - ' 

tions and between them and authorities in order to give are used. For a start, there is is to arrive at a formula twsedi 

the government broke out into more to others. ,L ' " ’ 

full public view during the last 

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the question of how to treat upon the use of a multiple' , 

At heart, however, the basic London, which has both heavier regression analysis of oast ex- V 
rate support prant nepotiatinns. problem lies in the nature and spending needs than most of the penditure designed to identify * : ‘ 
This was in spite nf the intro- purpose of the gi ant system, rest of the country and higher the factors' which aooear to be 

duclion nf two kinds of “safety Grants arc designed to do two rateable resources per head of associated with abov&avera e, e : 

net" provisions (one new. the things. The first is to finance the population than most (but spending and thus by implica-; 

other an improvement on a pre- the part of the cost or providing not all) places. If the grant sys- tion, with above-average need. : 

vious device) tn temper the local services which cannot be tem was designed to equalise The assumption of course ki ! 

impact upon grant-losing auth- financed out of the local rateable resources, the problem that spendme patterns rdfeCt ; V 

ontics. authorities own tax bases. The would be eased. But it does not. patterns of need and that^o.ther ; VV 

Part of the trouble 
the growing proportion 
government expenditure 



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THE ; LAST twelve .months has 
been- one of the.inpst significant 
periods - of- development is the 
history of local authority finance 
and Town .Hall treasurers will 
not -be short ^of things to talk 
about -at- ...their annual . gel- 
together ih Edinburgh this 
week. '‘-1 ~ - ' . 

Over the. past year the authori- 
ties have had- to digest the im- 
plementation ' of - the vol unta ry, 
code, of '.practice fpr long-term 
borrowing and the introduction 
of floating rate stock and bond 
issues. Interest . rates have 
fallen from around the 15 per 
cent level at the end of 1976, to 
under fi per cent, late last year. 
Now they are back in double 

A g ains t . this, background the 
authorities could be forgiven for 
wanting to keep their heads 
down; However, ' since they 
occupy such an important place 
in the financial system^-thetr 
dfebt of- around £30bn is not far 
short of the size of the National 
Debt — they cannot sit. on the 
sidelines. They are very im- 
portant forces la the short term 
money markets. Outsiders often 
do not realise that a medium 
sized; authority such as the City 
of Coventry turns over well in 
excess of. £lbn of debt annually 
which represents something like 
£5m per day. 

.Hie sums. are' large especially 
in the. temporary debt market, 
and, although they are often 
routine: : transactions, local 
authorities are not immune 
from the vagaries of the inter- 

est rate cycle. However, what 
has really been exercising the 
minds of local authority finance 
men over the past year is the 
new voluntary code of borrow- 
ing practice. 

Although this was nul intro- 
duced until August of last year 
It had been in the air for some 
time. It was well known that 
the Treasury had been worried 
about the shortening maturity 
of much local authority debL As 
interest rates rose, treasurers 
went shorter and shorter, so 
that they would not have to com- 
mit themselves at high rates for 
long periods. This was fair 
enough, but the Treasury was 
dearly worried that if there 
was ever any special crisis, such 
as another Mersey Docks and 
Harbour Board .incident (and 
the recent troubles of the Port 
of London authority show that 
this was no idle threat), then 
the authorities might have diffi- 
culty' raising finance. 

The Treasury’s concern was 
understandable. The latest re- 
turn of outstanding debt for the 
end of March 1977, shows th3t 
out of a total debt- of £3lbn. 
only £11 bn fell due after April 
19S0. By cuntrast. £14bn fell 
due technically within one year 
and another £6bu in the next 
two years. The Treasury’s 
initial reaction was to impose 
a strict restraint on longer-term 
borrowing by further use of the 
Control of Borrowing Order. 
The local authorities were not 
at all happy about the use of 
this rather blunt instrument 
and eventually persuaded the 

Treasury to accepi an offer from 
l he Association id Local Auth- 
orities in introduce their own 
code voluntarily. 

As the code was ro»l intro- 
rtuud until Iasi August its 
impact un 1977-78 was not very 
lough. A further two transi- 
tional years arc provided with 
increasing restraint until 1980. 
1981 when all new local auth- 
ority longer-term loans must 
have* a minimum seven year 
average maturity. The main 
elements uf the n»*w code have 
been summarised hy Bullet Till 
Lid. in their very" useful honk 
Mone'j Seniors fur Local 
.-l uthoritirx. 

They are as follows — la) longer 
term borrowing (including 
PVVLB loans) is tu be so 
organised that Ihe average 
permit in maturity shall he tour 
year.-, in ihc year to March. ]y7R. 
five years In March. 1979, six 
years in March, 1981 and seven 
year* thereafter. 

(hi Even though the average 
is achieved, loans with a 
maturity of one. iwn and ilirw 
years shall each not exceed 
15 per cent uf total longer-term 
borrowing (45 per cent in all). 
These allowances are not “lrans- 
terabit*.” IT less than 15 per 
cent one year money is 
burrowed, the shortfall cannot 
be made up with iwu nr three 
year money. 

(c) Amounts borrowed by 
negotiable bunds may he ex- 
cluded from the three la per 
cent calculations, bin in I hat 
event The relevant poret-mage 
for Ihc year is reduced hy per 
cent in iho years in which the 
bonds mature. 


(d) If in any year a single 
m.uuniy, or l lie sum i»J any lun 
maiurilics. exceed-- 13 p»-r o.-ni 
of ih<- loans in he raised ilupu; 
l he year, the at erage p»-r,wl [<>r 
that year may he reduced i»v 

one year, and lit-- percentages 
increased by 5 p- r • 

Although the mde is .simple 
in conceplion. it u- more com- 
plicated to operate since there 
are difficulties a.-^uciuted with 
applying it tu inv.jiment and 
option loans. I nr example*. 
However, it is already having a 
major effect on both the short- 
term money tharJiei-, ana the 
longer term deli, markets. 

Authorities have been relying 
heavily on the imiporary debt 
market. In 1975-76 oier a-third 
of the auihoriin-s’ nut borrow- 
ing was-funded from this source. 
Huwcver, in Mil- iir>: nine 
months' of 11*77-7* net tem- 
porary borrowing ha< been 
reduced by i’l itbn. The lower 
jnrerest rates ulu. luu-Jy explain 
pan uf the fall but die new code 
the real reason. Even Though 
overall net authority 
borrowing rose hy only ffi.Sbn. 
the authorities rlicir ;<cl 

Jons-rerro borrowing by 12. Jim. 
The code lu.- mu really 

affected the negotiable bond 
market. The regular weekly 
issue of fl'drn or so "yearling 
bonds ” lias not been increased, 
although the number of bonds 
with up to live-year maturities 
has been slowly growing. Thu 
authorities have also been in- 
creasing the proportion of their 
money they take from the 
Public Works and Loan Board. 

The real impact has been in 
the corporation stock market. 
When interest rales soared 
above 15 per cent in 1976 the 
local authorities stayed away 
from the market but as rales 
started heading down they 

moved hack in. The ice was 
broken by the Corporation of 
Londun in February of last 
year, ft issued £25m of 1983 
slock on a 13 J per cent coupon 

and a fortnight later the GLC 
announced a £50ro issue on ibe 
same coupon. For the next six 
months roughly two authorities 
a month came lo (he stock 
market and virtually all the 

issues were healthily over- 
subscribed. Coupons fell but 
apart from a small ten-year 
issue from Burnley the maturi- 
ties did not extend beyond 
eight years. 

In August new ground was 
broken when the City of Bristol 
announced the first-ever floating 
rate slock issue, in common 
with the Treasury's earlier 
issues of variable rate stock, the 
coupon on the Bristol issue was 
(inked to Treasury bill rate. 
The mechanism was slightly 
complicated with each interest 
payment at a rale equal to half 
the sum of an indic.iiur rate and 
a fixed margin of I;. Interest 
was payable half-yearly. 

The issue was not very well 
received and a fortnight later 
Morgan Grenfell and brokers. 
Grievesun Grant, announced the 
first-ever issues totalling £20 m 
linked to interbank rates, fur 
Dudley and Oldham. The 
interest rale fnrrm/la was sim- 
plified to a one point spread 

Where the money comes from 

Colin J<* 


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1,679 . 







Net Borrowing. 


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T When y6d .Heal in the Money Market 
yvith Udiscp on your side, the advantages 

.’ C > feur ownprof essionalism is reinforced 
by ptu^v^bnljenefit from-absolutely up-to- 
fce-minute information on the Market. And 
yon receive a service based on efficiency 

and personal attention. 

' Opr own professionalism covers every 

major aspect ofthe Market-Local authorities, 
conafi^rciai-and Inter Bank Markets. \Afe are 

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Bprds^HGerti&c^es of D eposit. : (Trans> 

: are . 

: especiallySkely tobenefitfrom our service). 

- yon have nbt yet profited from . . 

UdiscoVall-roundprofessionalism, Geoffrey 
Holt -will; be pleased to tell you more about it. 
A converi^tioxi \yith him could be the start of 
a very relationship- TJienumber 
to ring is:. ' 

01-626 3400 

been quick to lake advantage 
uf ihc Government Act which 
came miu operation in April 
last year permitting them ,u 
conduct local lotteries. At the 
last count some 260 local 
authorities had begun to raise 
muney in this way. which is 
just over half the total number 
in Britain. 

Most of them have been glad 
to off-load the administrative 
chores to the various privaic 
sector companies — such as 
Littlewoods. Vernons, Norton 
and Wright, Lad broker and 
many others — which are offer- 
ing to run lotteries for them. 
With about 40 per cent of the 
take coining back to the cnunril 
as the net contribution tu its 
funds, lotteries could well now 
be contributing iu the region of 
£50m a year to ihe councils 
taking part. 

This may seem very small 
beer when measured against the 
£20.000in-plus a year which local 
councils receive from all sources 
—rates, grants, trading in- 
come, rents, fees, charges, 
interest and dividends. But the 
I AM limits the size of local 
authority lotteries in terms both 
of turnover and prizes. The 
point/- however,, is that this 
£50m. \ihtch. could rise towards 
£80m or more a year when other 
councils .fain in, is a useful 
supplementary source of income. 
It comes i<n the margin, and 
this is what counts. 

Holding, a lottery is not the 
only Avay.'jn which .a .local 
authority can increase its in- 
come o_ther than from rate- 
payers, or in the form of 
government grants, from the 
taxpayer. . In all, local authori- 
ties- are collecting well over 
£2.000m a year in rents, fees 
and charges which is about 13 
per cent of their total income. 

'Almost, half -this sum comes 
from rents for housing and land, 
and rather more than a tenth 
comes, from trading services, 
such as municipal bus services. 

ports and airports, market s, 
slaughter, houses, civic halls, 
theatres and restaurants, and 
industrial estates. The 
remainder comes from services 
provided out of the general rate 
fund. Examples here are further 
education colleges, school meals, 
libraries, museums and art gal- 
leries, residential homes, car 
parks, private street works, 
sports centres, parks, swimming 
baths, public laundries, allot- 

ments. cemeteries and 

Over ihc post-war years rents 
and charges as a source <»f l*n.-a1 
income have tended lo decline 
in importance. Pari of this 
reflects. *f course, local autho- 
rity rent pohcn-5. In the past 
10 years the proportion nf local 
housing costs covered by renis 
has fallen from mure than 70 
per cent to less than 5H per 
cent. Part ai*u rcllei-is the fact 
that ihe biggest local services 
in terms nf cost, such as educa- 
tion and personal social ser- 
vices. have been growing faster 
than the services Tor which 
charges are traditionally made. 

But many services which are 
charged for arc also covering 
a shrinking proportion of their 
costs. Trading services a.% a 
whole covered about 83 per cent 
of their costs in 1975-76 as 
against 96 per cent for the same 
services in 1966-67. Local 
authority markets, which ten 
years ago were contributing a 
.final but useful surplus, were 
meeting only 91 per cent of 
their costs in 1975-76. The short- 
fall on harbour?, dock.;, and 
piers had risen from 2 per 
cent to 9-10 per cent, and no 
passenger transport service*, 
from 2 per cent to 741 per cem. 

A similar pattern is shown hy 
many of the rate fund service* 
which are not normally pro 
vidrd free. Gar parks covered 
78. per cent or costs in 1966-67 
and 60 per cent in 1975-76. The 
proportion for swimming bath* 
had fallen from 33 per cent to 
23 per cent, and for parks and 
open spaces from J5 per cent 
to 6-7 per cent. 

Some local authorities make 
a habit af reviewing their 
charges at regular intervals. 
Others have been encouraged 
to look into the matter nf 
charging policy as a result of 
inflation and other economic 

pressures. But the scope for 
rais/Tig extra revenue from 
charges is limited by the legal 
and social framework wiihm 
which local councils operate. 

The number or services for 
which local am Purities may at 
present make a charge is 
limited by Acts of Parliament. 
In . many instances, the actual 
charges are specified or limited 
by statute, while others are 
subject to central control or 
supervision. Significant changes 
in These si a iu lory restrictions 
and in local councils’ own 

approaches lu charging policy 
are inhibited by attitudes 

about the kind .ff :.. c .d services 
which should )»<• provided free 
or. at least, siih-lamially below 
cost. But even when* lhese 
res: mints do mu upcraie, and 
local councils have di>cretion. 
one finds a. wide ranee of 
approach to charging policy. 

It would be nice (o think that 
the.. whole qurouon nf local 
charging po licit.- jboui in be 
opened up. The f. av held Coin- 
mince on local government 
finance made a 1m iff sensible 
points, and in particular called 
for a thorough review on such 
matters as the di.-tinctlon be- 
tween charges that should con- 
tinue lo be fixed or regulated 
by ibe govi*rnnie»J and ibo-e 
w-hich Should be left m local 
discretion: ihe anomalies both 
between and within loco! ser- 
vices and beiwecfi local services 
and service.- pcn\irl L -d hy other 
public bodies: the levels of 
charges which ate set hy 
statute;, the service- which 
-hnuld norm at!;, he expected to 
cover their and the pro- 

cedures.. and criteria which 
councils should observe in 

determining boih charging 
policy and the levels of charges. 

A review is now being con- 
ducted on these lines by the 
government and the local auth- 
ority associations. Housing 
rents, transport fares, school 
meal charges, and public library- 
charges have been excluded 
from ihe review for one reason 
or another. Even so. the review 
covers activities yielding about 
film a year. 

New ideas need not neces- 
sarily affront social attitudes. 
For example, how often should 
charges be adjusted in the light 
uf rising costs? Could not more 
u.-e be made of expensive local 
assets, such as by hiring out 
school and college playing fields, 
lo outside clubs and organisa- 
tions or by offering further 
education establishments as con- 
ference venues? 

But sooner or later the ques- 
Jion of social attitudes, or what 
arc assumed to he social atti- 
tudes. will need to be tackled. 
The public perception of social 
needs is constantly changing. 
Sendees which were once pro- 
vided as a basic necessity can 

slip down the pecking order of 
public priorities. Relatively 
new services, such as car park- 
ing and the vast range of leisure 
and recreational services which 
are being opened up, may 
justifiably be provided at nr 
near to cost. Is it right 
nowadays for public cemeteries 
and crematoria to be so heavily 

The questions are legion. 
The point is nor so much the 
scope for attracting extra 
income, though that in itself 
is pertinent, but Ihe need to 
look upon local services as a 
constantly changing kaleido- 
scope of priorities . The propor- 
tion of the national income 
■which is devoted to the provi- 
sion of local services is never 
likely to be large enough to 
accommodate everyone’s aspira- 
tions. There could well be a 
case for charging for, or even 
privatising, services which arc 
commanding a steadily diminish- 
ing priority in order to Tree 
resources for the newer »r more 
urgent priorities which arise. 


over six-month inter-hank rate?. 
The issue went well, and paved 
the way Tor the others. After 
some initial hesitation the sclea 
caught »nt and the next is.-lic. 
fur Strathclyde, managed by 
Pcmhcf and Boyle, only earned 
a 1 of a point margin over inter- 
bank rates and went equally 
well. From then on the . point 
margin has been standard. 

At first it was though 1 , that 
issues had to have a merchant 
bank Jink so fliat lh.- stock 
broker could be assured uf a 
healthy demand frmu the hank- 
ing community. Inn the stock 
broking fraternity «>n..n realised 
that they could arrange the. 
deals just as ea>i!v i>n iheir own. 
The success of ihc early i.-sues 
was due iu the fact that ihe 
authorities could burrow money 
mure cheaply ihan direcr from 
the bank--:, Hmveier. the latter 
soon realised that the local 
authorities would make ideal 
customers fur iheir niediuiii- 
term loans, e- penally since they 
were fltt<h with funds and short 
of borrowers’. 

The problem wuh Homing 
rale stock issues at the moment 
is that lltoy are only of fit e-year 
maturity. Beyond that com- 
mission rates arc non-negoliable 
and slocks of o\er five, years 
must be quoted inclusive of 
accrued interest. This does nut 
appeal to the banks and the 
stock exchange will probably 
have to change its rules if 
floating raic stock issues of 
over five years are to become 
common place. There is under- 
stood lo be a seven-year issue, 
scheduled provisionally for 
July, waiting in the wings hut 
it is as yet unclear how the 
managers will circumvent the 
above problems. 

By contrast the syndicated 
bank loan is an attractive way 
of borrowing for the local 
authorities. There is no need 
lo queue up for permission at 
tiie Bank of England, as there is 
with conventional stock issues, 
and the maturities can extend 
to ten years and the authority 
has much more flexibility in 
terms of drawdown periods 
and early repayments. At the 
moment, the introduviion of the 
corset is squeezing the hanks 
liquidity and so niedtiSm-rerm 
bank Joans will be hastier to 
come by and more expensive. 

William Hall 



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to. cost levels, or differences in 1971 census. A third factor, with 
the- standards of service being a weighi of 6.8 per cent, was the 
provided, can. be ignored. number of persons living in 

'•Moreover,, there Ts now acute households lacking the basic 
shortage of up-to-date, data for amenities. This, too, was based 
most ..categories of heed, upon the 1971 census, which 
Because of the mid-term popula- meant that- almost 40 per cent 
Hon census which was due to of the formula used to govern 
take place in 1976 was cancelled tbe distribution of this year's 
(in’-one of the Government's grant was based upon statistical 
spending cuts), figures have to data which i s now seven years 
be drawg from the 1971 census, old. _ 

Because most of these are now ^ was not surprising that 
wdefulljf-. out-of-date, the data j|j ree main local authuruy 
triij<3i are used in the multiple a ssociatjnns each proposed a 
regression analysis have become ^ffereot grant formula to the 
fewer and fewer. grants working party, and that 

V some ^ the Department uf the Environ- 

r betng used. T inont should have come up with 

. the 

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. , iQ'-Q.rQ a (uurui. iu cum, uic 

/ r 1 .c k^h formula derived from the 

grant . distnbtiTion was based . _ 

Uctors, of which muUiplo roiiression analy„s - 

two^-5inele parent »•“<* had hr™ used “ Pr«'«>“5 
With dependent children, and y«« - relaincd and ihe 
the- nurnber of primarj- and other three methods were drop- 
secondary pupils of compulsory ped (for the moment, no 
school, age— received a com- doubt). 

bined weighting of 63.2 per More important still, how- 
cent- (It 1 sliould be explained ever, a special survey is now 
that each of tb.c seven factors under way with a view lu 
was used, not so much for its thickening up the volume of up- 
own sake, but because' the tu-date data available fur future 
analysis (tad shown that they grant .distributions’. The pru- 
wefe surrogates for a variety of vision of mure and beiicr 
factors that determined spend- indicators of need will be essen- 
ing need). ' lial whatever happens to the 

The school population figures o ran [ .system — whether ihc 
(30.3 per. cent weight) posed no p re5En j system js broad Jv 

problem'.' They were based upon retained or whether ihc pru- 
• January, 19k, figures. But the po Se( j system i»F umrary grams 
figures for one parent families is eventually adopted, 
with 'children (32.9 per cent p - 

weight) , were drawn Irom tlie 

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North Central 

Leasing Limited 

Lombard House. Curzon Street. London W1A 1EU 

Further details of all our credit and hire facilities are available 
without obligation, free of charge upon request. Credit or hira 
terms are not available lo persons under 18 years of age. 


l L TnzJ 



Wall St. dips and rallies to finish mixed 


S2.B0 lo £— 114]% <1131%) 
Effective 8I.834U 51»% <51j%) 
AFTER REACTING afresh in the 

sharp rally which beaan in mid- Atlantic Richfield 
April was an exception. rumours that is it 

Also helping later sentiment was ac jL“'7 ^nior fac 
the firmer lone of the dollar after Ilt 

Fed chiiirman Miller said that both ‘ J ° . er T h ™ 1 ? n * l f n r y R y 

til: in Al.tinn miiironl COfS. Shefl SI 10 MR. 

has denied forefront of the 

j? r.. etsvl, % srzs^sz .^^dssr^Bi ws sem .“.scss 

that JS It piunmn. to tosine *-u to I-.jU- T ola VA por cent prevail. Bail In- Composite index was 05 easier 

Motor, facing further Motor _Yo mYSM and Canon Y6 wtamt JW BP. CoteUe * UjIMjjy* Metals ^ 

of lLS * ma11 10 V4Sl - 1 ■ J A ^i- Oite and Gas, however, moved 

EMC \NSE Marker Vilue , Many ? luc ^ f’fifo Australia ahead 29.3 to 1.433.6. partly re- 

SSi if * m & - «K »■* pries continued to make £%£ 

,din« with the average Fujilsu Y7 lo * Y:JOll an d Kirin headway, with the Mining sector Stk PeSSm Wd 

r Shaw rising to cenf». Brewery Y4 to Y47ft. »iWin attracting strong demand. ““Si 1 ™*!! 1 ? Juntriimd 

June liiuw- Juno 
. 12 

«rtc.i\ hlau iii'n an can ■ >< ;nc - -- - in fl atinn 1ho _„ rrpn , cars. sneo si m s+n. Many Blue Chios ;ind Popular* 

morning session yesterday. Wall JWJ- '■ *£2". a THE AMERICAN SE Market Value also weakened with Fuji Photo 

Street showed some recovery to .‘ ccnul Index" advanced 1,1 Stn ISOM »n Fli™ Y370. 

industrial-"' 856.W; 

street snowed some recovery to . r - nt » hv th( . F tho ..„, r Index advanced 1,1 stn i-hum »n piim retreatin'- VI «o Stock prices conunued to make 

S^iLSSii^ x '.W- a.5;^ and KW0 tt&AZsasr 

& SrS .-S3 

0 2fi up on 1 he day at 836.98. The iWs!*lc. „ . . Okanmto Riken Cornu. Maruacn. >"-5 strength front its recent 

W’SE \11 Common Index General Dynamics, eontinumu Husky Oil bounded ahead 13] Crown and Kj|nlo E , cc(r}c . drew copper find in Victoria, 

recorded a net sain of 2 cents at to benefit from its settlement of to 342 J or turnover of mwetton b . 3ttenti0n . l[nn „ with oils. Prime Minister Frasers Euro- 

$55 »i after 835 5 Declines still cost overrun claims disputed by ha I f-a-mill ion shares. Occident al whieh expected m benefit pean trjp aroused fresh buying m 

held an ed-c ove r riTat the the U.S. Navy, soared Si to S73i Petroleum has agreed to mhMgc from lh „ ycn - s P s ^ rp ri , e . Uraniums, where Pancontinentoi 

close of 8S5*10 629 although this hi heavy trading. preferred stock for so per cent ^ moved ahead 50 cents to ASlo.50 

was much narrower than the five- Volume leader Caosars World of Husky's common shares, Poi-ic and Queensland Mines 8 cents to 

to-iwo ratio lead commanded at gained 4i to S24i-it has leased Husky has rejected an offer from- ASLffl. 

mid-spesinn Tradin'* volume and taken an option to buy an Petro-Canada, the Canadian Bourse prices til-played an Utah rose 10 cents to ASA la 

mid-session Tradin'* volume and taken an option to buy an p e tro-Canada, the Canadian Be 
amounted to 30.76m shares, com- Atlantic City hotel Tor a casino. Government nil company, to buy «am> 
pared with Monday's tolal of Leeds, and Northrup jumped 4! Husky shares at C$43 each. Brol 

pared with Monday's tolal of Leea> ana rwortnrup jumpea ■*; Husky snares at wm eacn 
29 44m to $33, hut Cutler-Hammer slipped Resorts International "A 

. . . . 11 to SSIi — Tyco Laboratories, in 3- lo $51 in active trading. 

Analysts said the subsequent iis Cut!er staWe l0 Eaton. * 

improvement came on specula ton arr311CBd t0 have Eaton se || Tnkvn 

that the weekly money supply .. s t ak .. in i Mds tll Tyco 1 OKyu 

fie u res. after the market close L . control of Culier Unsettled by a fresh slui 

on Thurad.Ty. n,i s h. show . V vt „ "4d *l “ S jnd E.lor, th e L-.S. dollor to o rocor 

decline, casing pressure on the ‘ ^ Ul eban'-ed •ii%Sl against the yen on the 

Federal Reserve to tighten forci-n exchange market 3 

buy easier bias in thin volume. a f ter announcing new export 

Brokers said investors remained agreements. ' while elsewhere in 

rose hesitant ahead or a Press con- Coals. Coal and Allied added 12 

Terence to be given by French cents at AS3.S2 and Thiess 7 cents 

President Valery Giscard d Estamg al A g 2 (57 

this evening. Also sopping semi- T ndl . strj!t , lea d er B HP iraDroved 

neauway, wun Uie uuum? y,iH 

again attracting strong demand. Most in Montreal were 

Western Mining advanced id easier utilities losing L23 to 
cents further to A51.69. still draw- j^gg' Ranhs 051 to 27655. and 
in« strength from its recent Pape re ^ l0 11552. , J? 

copper find in Victoria. 

Prime Minister Fraser's Euro- C nn ; n 
pean trip aroused fresh buying in Ljptuu - .. 

Uraniums, where PanconttnenCa/ . Market was io easier'- yetnu .with-, 
moved ahead 50 cents to AS1550 t he Madrid General Index recede 
and Queensland Mines 8 cents to q _53 to 10454. FEMSA- met 
AS2.48. _ heavy selling and retreated 6 

Utah rose 10 cents to AS4.15 po^ts to 122- 
after announcing new export 

agreements. ' while elsewhere in TT^ntr ‘ ' ' 

Coals. Coal and Allied added 12 XlOIlg IVOUg 
cents at AS3.S2 and Thiess 7 cents After renewed early strength on 
at AS2.67. . j London buying, share jmefes 


Unsettled by a fresh slump in Parliament on a draft rt'X bill 

, u ,. iu , ",i n t«tr. in Industrial leader BHP improved reacle( j on profit-taking to finish 

ment was the current debate in # cents niore l(t AS 7.22. whiie mwer on the day. the Hang Seng 
Parliament on a rlrafi r.i\ bill for JC1 ^UMfralla. on further con- recording a net decline of 

3Uy- J? ; -I 

tighten s ^ ver . d [ companies have settled foreign exchange market ye.sler- looses was a lowering "f die Call 11,6 d ' P active. _ 1 . 

■TiiS’^TUd « « el “ i “‘E r ^ s^'^ or s,,!is s '„vo r r ‘ e : as? s '°"!?, ra ':r™. s . r “i: ':z c :i **«!?«*» 

The market has been wonea Holly Su-ar added $2 10 firmness, declined over a fairly 

that the $45 bn rise in the money ^ an rjS,algwmLt^ 1 to StOL wide front in moderate trading. 

supply, reported last week, muht - - #-,insolIil»led Foods eased 1 However, net losses were mainly 
force the Fed to act before the but tonsoiidaied hoods eased « modest , he Nikke i-Dow Jones 

T»ino in flnon Marker Committee to . ... 

Hong Kong Bank shed 28 cents 
to HKS17.00. Hong Kong Lahd 15 

"moderate gradin'” ^ 4 SnS £ iS&5S%d 

losses were mainlv seclors -.. Bank- '"d £ lec- Waltons 5 cents to 94 cents, but >. A ■■ 5 cen ts to KK*7J0, whils 

Nikkei-Dow "jones ^low^ mlXCd ‘ "" David Jones reacted 5 t0 Janim e MaUteson reced’ed 50 

Amon^he notable declines , C11M _, IbIIv raeat nro . £«*« *o_ ^SI4.70 and Wheelock 

interest rates usually act as a alter tne suaaen aeain 01 1 
depressant on the stock market, chairman, a major shareholder. 

r'cTciS d ^ E N ^ d - CSN - Saunicr 

Suval NouveSrSer'ics Telcr favoured, along trtth Banks and 
nhnn«c VriruAn industries. Transports, but Finance srocks 

Export -orientated Electricals, phones Ericsson, CM Industries, 

AS1.28. cents to HKSI4.70 and Whfielock 

Food Issues, especially meat pro- 2 .5 cents to HKS2.725. 
cessors and exporters, were well 

favoured, along with Banks and TnhsnnRchlirP 
h,.t Fi nance sroeks J OHStAl4U»0 



Scoll Paper lost $1 to $17j — Motors and Cameras were to the and BIC. 

were in dull mood. 

Golds closed with an easier 

lari. RiB R*uf 

bom? Govt. Howl yield 

jg.y.S. K. ftT.T. COMMON 

June June I June June 
15 12.1 * . B - 

l^lf 65.88| 6 CJH 


i -I nne | June 
s..,-k • 15 ! 12 

June ' Umic 
Ij *12 

AiMrVa---il*|'li ' 245fl 241* 

Auliin l.ilv-X Ci-i 43ln 1 431* 

.Mr f'n-hn-l? 30 U , 295* 

Ainu 50 I 50 

^lism.MiiRiiiiiuiii 28 j 28J® 

Ali-ivt 44>* 1 441; 

Alien. LuUium.... 181* | 1BU 
Allegtieny I’.iner. 11 
.Wliei|(.liemi<-at., 403* 41 

Allied Su-tw • 24is ! 241; 

Alii* rhalmers .. 33!g j 343« 

A MAX 34 : 34i* 

An 'era. la tte»- .... 28 : 303* 

Ani-r. Airline*...* 121; 12»s 

.\nirr. JlnuHlt.... 511; 51*« 

A mer. bnoiilm-l 521* 521* 

Anier. Ceu 40 Ji • 403* 

Amer.l. 'unnnii.l 301; 3 1 ■« 

Aiiler. KlH'. f’.in EZi; 2ZSj 
A mer. Kx|.ip--...' 37^; 3Big 
Amer.Hi.'iiiel'npi 301* 1 30ii 

Anini. Mptlii-Hi... 261; t 251* 

Ain«*r. M. ilno .... 53| ' 5ia 

A Nat. tin.-.. 415* . 42 lg 

Aiiier. Stan.lunl. 471* 47U 

Aiuer.Sunft- 341* 34 ;b 

Amer. IVl. A 'I HI.. 1 61?e 

Anielek 34 34i< 

,1\IK 19*3 . 1834 

AMI* 34 . 341b 

Amjm 163* 16 

AiK-tiur HiH.-kiim. 283j ; 281; 
Anlioii-er Hn-cli. 25 la 25 U 

V nii.^i Mp.-1 30 U 30 

A.-s.A ■ 20 *« 20M 

A samp™ 'Ii> 13 la | 13*4 

(.tiriuiu! Gm-r... 
ftt: I ui'n'i i> uin • 

v lane ' 

fruikn Nal 

Cniwn /eieiiu l» 
( iinimiii- krliiiui 
*.'utii»- Wrii-iil.., 

l*«it InAu-iner.. 45 

I .>ee re 3W 

IM Mnale 26'« 

Uellnua 13 

Ueol'u|ily liner.. 23 
Ofllmil Erl i- m... lfi'4 
UiamonilSbanirk 27>a 

UU3a|.>iuii>i 163# 

lii4^Lal tui|inp.... 521- 

Ui-nev ilttlil 43H 

lAiter C'-rpn 43 "3 

Unw Cliemusl.... 26 >b 

Dram 26n 

Hresoei 453« 

Uu I'oiiL 120 

1'3'nlM Iii'IiihIi Hr oOU 

EauiH I 'teller 23 Jb 

K»lI Airline* 12 

KuMnniu Koiak.. 57 

17>4 ' 17b 

27-5 28ia 

45 44, 9 

3534 33Sg 
26U 25v. 

Aiwn..i 16 la 

Asliinu.1 uii 28 >4 

An. Uii.-Uliclil 52U 

Auto U»t* I’n-.... 53 la 

A VC 10 

Av-o 26 

Amiii l'n-lu -U ... 54 *b 

Whii t.iMa 25ia 2414 
Hunkers - fr. N.Y. 36 
B*rti«r Ull 27 3 

Wavier I'm 43'4 

He*ln T Knml.... 247 & 
HeetuulM -kern- ilt 37>n 

Bell 1 Huweii 211* 

Ben'li % 39*a 

Beiniiiei 1.1'H-. -U 4' a 
Hetbielieui Meei. 23ia 
Uiai-k A Ue> ker .. 19a* 

H-enia 5212 

Hi-i-eCab.»i« 1 29*a 

H>.rl*ii SO - .* 

HmiI! Winner 32 1* 

li-anui I ul 14 U 

-A* 15>a 

Hr i»i'ii 'Iven.. .. 37 <2 

Hril. l'rt. I5JJ 

Bn ick is ay 1 1 ins-.. 32lj 

Brun-uik 16 

Bui-yrir. hrie ' Walvti 1 

HiirilnKli'ii >*lm 40l fl 

Uumiuuli* 79Ja 

i.a in (j -e'l Siiiiji... 35Ja 
(.anailian Kw-ltte 17*4 
l-'aual Ha O' li ' 1 I'll.. 1 Ill* 

I. a rimliuli • 27 lg 

Cariiei a. G eiwiHi: 12U 
t aner Uniriui... 18i» 
Caterpillar Tnvcl* 573* 

CBS I 58 lg 

• euvne-e Corpn ..1 41Sj 

Cent mi A 16i® 


Cessna Ain-iaiL..| 35-g I 36*2 
C'lmaeMaiihattBal 313* i 32 
Uienik-ai BL.Mj 41l 4 ! 413fl 
Cli'sseF.rj'b IV.nil... 25 *g ; 25>4 
CiiesnieSy-ieni...' 32 1 a | 32 >4 
Cliivajin Briiliie.. 57 1 553* 

Chrysler ' 1 lag . ll"a 

Cinemini...^ 4*i , 43® 

I'iiic. MiiHi-ruii .. 3 jI* ; 30 

Cilicviri- 24 ig 243* 

C me* swviie 1 51ia 611- 

1 'ily inve-1'nis....l 163* ■ 16 

I'M CViUi ; 42U ; 42 J 8 

1. 1'UPvie I’atin 22 '4 , 225a 

C-'iliaa A ik man.. | J3>a 123^ 

I'flumi'ia r.a* 1 27 'a ■ 27^4 

Cnluml'iH I’ll! ....; 21*2 21*4 

L'.iiii.lUHi.\i.'.r.Vin! 19U 191* 

A'lfnijnaiiKn Him." 42*4 ■ 42 *a 

l.i.nlhnttlivl Jiq... 17 'a 1 17Jg 
C'm'w'lli Mlmn 273a • 27?a 
I'nni'tt'tli Oil Kel 2'a 21; 

Cunmi. Satellite.. 42^4 42*- 

CV.inpurervolence I2J« . ll'a 
'.■iiiif, (irn.rLlli .. 37iij 37'a 

«. ■■nm.,- 23 23 Ir 

C..n. K.I1—11 N.Y. 32*; 225a 

Ci'HKil Forf. 25 14 25 Ij 

l.'iinini .Vautiiu,; 39*2 39*4 

l -in-uniei IVuvei 221; 1 22U 
Ci'nlUiL'IllAi lir).., 30!* 31 

l.••^lll|l.■^(al^ll...■ 281- 1 29 

Coni ■ urn la Cl ejr. 163s 16 l 2 

•.■■lit rv.i Lena 35 <k 34,'b 

t"n|^r lii'liiv 581* ■ 60 

22i, 1 22*2 
35 >a I 36i| 
313* I 32 
41U I 413* 

b. <i. • 27 5« 27u 

Zl I'm. Nti. i.i«>. *61* lbl a 

Hum I 33 34.* 

Kmetsuii tlcxuu: 3Bi* 38u 

tuieiy AirRr'ichi j -^3*4 R4. - * 

hi n 1 uin 573* 37s* 

b.M.1 2^4 _i«4 

Rnceihanl ' 24 24 

Ksmark • 32l« 31*a 

Mnyl | i2ia * 83 >8 

hwuo i 47 | 46Sg 

RainrliiKI Camera 34*- 1 34l* 

Fe-i.Uepi.Siuie- 38U i 3BS* 

FireMone Tire... 15 I 15 

I'm. .\hi. Huat»n. 291* j 293* 

rlcsi Van : 214a 1 2ti4 

Rliutkiae '■ 27*i ' 27*- 

t'lurlda fViwer....; 30 29 J4 

r'luur. j o 8 sb ' 38 

i'.M.C 26>a I 26 1 0 MiAur 48 \ 4M 

FVvn!niie.i M,-k.... 2l5j 1 21s* 

FnvlKjru ' 39 ' 39&B 

R rank .in Min*... 10 • IQ>4 

t-'reei»iil Sllnem . 23'« • 23 

fruebam 32*4 32 

Fa<|ua I mi* ' 12 1 12 '* 

U.A.r ! 13*A I »2-a 

Caniietl J 43 ig 4Si- 

lien. Ainer. I lit...- 10 I 10 

li.A.l.A ; 287g ' 29 

Gnn. Cain* 17 <6 1 I7l- 

... . Geu. Ujnannw... 75ij [ 67i- 

J2 5 ® I '.leu. hleiTrlo* 63 . 5fiia 

JE jiteiiemi Ktenu.... 32 ( 3a 

a ' 1 * General Mill; 32 32 

liS» beuemi MuUi*... 607* ■ 6U 0 

' Gen. fnh. Ltil...J I8I4 : 181* 

10 i a bwi. S^uai 31 ; 3i: a 

207* Gun. lei. KUkT...! 29 29 

7 * Gim. 1} ie I 271, ; 2 7 

39;. Gel lew J • 6’a 7 

',*3* Gaorgia Ravi he... | 26-'4 i ZBJg 

35*j '«nOn | 161 14! 162 

J? 1 * i.l*l lei le 29 29 jb 

“ ...Oulneb B. V 227a 22.* 

Uianiyear Tins.... 171* _ 171, 

1:*'* UouM.._ 30 3QU 

Grate W. iL 27Tj . 27; a 

?of® Ut. Alton Kai-Tca 71* 7 j s 

5, . a Uru North Iroa.. 23 , 23 

,i? a Ureylioiiurt.^ 13*4 1 13*b 

s Gulf A Western.. 15*8 ' 15 ;b 

22 1 2 f 4 ; 24 

361. Ebdihurlon i 657g , 66 1; 

32 Hanna Minine.-. 33*2 ' 34 U 

413. Ha misch lexer. ... 17lg . 16ls 

25*7 Harris Corpn 59 59 Ag 

32 HeiD4 H. J. 375, • a7ij 

55*4 H*uh:ein 28'a Z8&3 

ll”a Ue«'ieti Rackatil.'. 83 • 83 Ja 

_^*6 Hi iii> toy in nr | 19'a . I9i* 

50 H-inieriake 1 35Jg . 34^4 

24*, Hnnevnei' 586 k 57 

61*; Huover ! H*e • 1 1 to 

*6 Ho i-.Con'-Viuei-! 34 >1 34 J* 

423* H.iU'li'ii .Val.'.ia-i 27to : 27u 

22Sa Huiilil'h.Ai«.liiu| 111- : Us g 

12*4 H11II1 m (k.K.) j 17 14 j l?j* 

91 -,. LC. Iiulii-ine- ... 25 to 261; 

L\A 421* 485* 

10 1 iHueison Hand.... 61'* bls a 

i? " I iimn. I sieei 39-V, 393* 

7? I? In-Jo 16*; 1 163* 

J-iJiii» Manvine.. 51 
4'ilmsrin Jnlinuni; 82 
Johnson Coni nn.| 29 
I»\v Alauuiai.4 iir'u' 35&g 

K. Uilt C--II-. | 243* 

Kn>ci.\ | uniinfiii 33ij 
Kairer lii-itistm-i' £ 

kai-erateni 26*, 

kay ' 13 >r 

kenuev-ei 23jy 

Ke»r ) 471* 

hi- Mr Mailer.... , 34 >* 
kiinhrriv Clerk ..I 47 to 

K. ippprr I 24*8 

Uiaii ! 485; 

nmjlcrC'-v 343* 

Iduv-nai' Trail'..) 34 

Leel Si must • 35 

UliCy 27 sji 

Li/iiel liroii|-.... 1 335n 

l.itlv 1 till 1 ' 471| 

Llll-'li luilll-l.... 22to 
Ua-klirriAirer'II 1 2a 
U -lie slat I ii-Ih...' 20 j* 
Li-ns Klaii-I Ll.1.1 19 
Isiiii-iana Lhiii'.., 23*4 

LuItiwi • 431, 

Luv-ky Slmes. ... 15 Ja 

L , kel"un-*i , ui- 6 

Mm. VI man 

Mac, If. H 

Mil*. Hanoi el .. 


-1 uni- • 

U 1 


Kei-nii , 



U-vn-l-ij. Metai'.! 


I.V,„..l-toJf. J 



Iltt-Ii'+Ki Moirr-n j 

2Sto • 


l.'nckneh lnl<-i... 

321- 1 


if. -ta ■■■ V Has* 

3&i:j ' 


Llutai Ihit+'li ,i 

57 to . 

57 U 



167 S 

12. 'a i 


K,-ner Svsiem.... 


23 to 

Tal+na v Slnr»+..J 

411; ' 


"si. Jw MlTnrr* it 4 
31. keuis ta|«r...l 

25!, 1 




Pnnla F-> In. to 

36 ; 


Saul loxcil 

6*4 - 


Saxnn ln-ls 

7 ; 


3-_'lilli t Hrcii me..' 

14 to ' 

14 Jfi 

■>:lil,initK>vaor ' 

621*' , 

83 to 

3«. M ' 

IBia ■ 


TH.TKI ra,*-|. ...... 

17 • 

18 to 

-V. VI- Ml- • 



■ScmMcr lll/i-i'H. 

a '4 


lilt 1. ■■IllMIllur- 

29 to 



2 d 


?em • 



3+ai- K>.«hii. k 



''Kill 1) 


37 -to 


*3 to 


“ItPl* l'i»II-|.-rl ... 




s6i- ■ 

■si-rnoiie L'ur|, 

67U . 


I Suieci 


73 f B 1 





Multniim n ' 



^sHiineni i.n-. F-l 



-3-jiuiiein C*i. 



■alhn. Nal. Ito ....' 



M»nherii I’.i.ifi . 




49*4 , 

49 to 

>Hicuiau>i ‘ 

29 to ' 

29 to 

j'w'i Unu-Uare-., 

27 1« 1 


apunv Hult-li—.- 

18!* ! 


jjieiiy IlHii' 1 ; 




U III jo... 

i.i«en« Cortiuiit. 
i.ivveua Illinois... 


faerie l.nihim- 
Ha-. Hvvi. i Li.. 
Hamer Hannitin 

Peal-ckiy lui 

I'en. Pw. y u... 

I’emiv J. C 


I'enjrtes L»rHK .... 
l'enple* Gas 

I'erk in hlmer 

W1.101 Worth 19-' : 

VVvlr 4 to 

\«n\ 56 1 4 

/-* r«i a in? 

Zenith I5\. 

lift' V-JJr 
t'S.Trear4;^>Z-i“ SO:, 
C.S.40 Dayl'iil . 6.61 9 


WHUUaper 1212 ‘ 12 5 * 

Aemvo Fnifli: 4.75 ' 4.75 

\ lean Aliimiaiu in 31 to . 31 to 

Viuonis Sieei JI59 21*4 

Asbestos 403, t38 

Hunk or Moat rv?t, 21%, 215* 

Hank Vivh Soil in -l*-t 21 to 

Hast : IfeMHiiriH 6 5 

Men Telephone.... 56*? 57*8 

tk-vv Valleclivl.. 30'- 51 

III* Canaila 14 v, 14*- 

brs—au 17 J lb#B 

Unui<i ;4.20 j H.20 

Caiuarv Power.... i8ij ' 5B 
t.'aniHt-w Mines.. W j; 14 to 
Cana. la Cement., 11 to I 11 
(.anaila MV lain..' lU-'t 10J* 
v Bill iu[i H11LC0111 1 2836 j 28*4 
iJamula Icitnsl....' ,20to 1 20 

Uui IViflc. ! 19 '4 | 19*8 

t.'mi. Hfli-iAu Inv..; 20f, • 20*4 
i^m. super i n 1... : £8?s • 58 
CarlLn*. O'kwjle..- 4.cD '. 4.35 
Casta i 1 Anestrn.. ; 10?a 1 10*2 

duel min J 9 19 

COitiinro 2t 1 1 . 28 

Cun* Hstlmrau. £7to 27*4 
Consumer Gas_. . l6*t - l** 1 * 
Ci Melts Itevancr-' On 5*, 

Cl Mia rrt 1 1 lull 12 to 1 llto 

txnu Ue«rnil_.. e?? t*8 

Uetusun Mine*.. 75 • 7£>, 

Hum .\lines._ to': 85 

Gome Peimieini- e3to 1 b2*» 
Lk'iiilniiii HriilKi . hal, . 2hlg 
IknilUtr 18 . 15*4 

12to 1 llto 
og tig 
75 • 76i, 

8a >i 85 

I 24 to 




2uig 1 20 Ir 

liuvreoni knenul "'1 . 7i, 

IBM 273.5 :267,87 

lull. Flasinira....! 25*S 26 

InU. Harveaier...! 38 is 37*, 

lull. MmA Chem 3SJ* 39 

InO. MullKiola..! 23 ZZu 

1 11 I 17 1, 17,, 

Inti, taper I 42i, 42*4 

IPG j 37 37 

Inc lieulifiui- 1 13 13s* 

Ini. Tel. A Tel.... | 32 to 32 

l nielil I to llg 

lima His-I J 36>* 361, 

1C IntenlBlional J Ills . lUs 

Jim Waller. } 32 to 32to 


Dill 11 l'L-1 A' V 



L-Ul- Kl lMn>i>rp.. ' 

4-1 III- HI l,arl+K... , 

24I fl 


UIIU-I) (. OniDheiii .' 


i- in-in Ui- L'h.ii . . 


1. mi'll f'acift--.... • 


4.iiiii<rai ; 


v-inicl Hmnrtr... 


4 > limica-ri' 

31 to 

LO(- v|murn 



1 . 1 ei'hntiiMKiv*. • 


lV IiiiImpI n«. 


* iqliiM Kiwi,.... 

14 to 

Mitorcen i 

25 to 

Vl iriwr- f-'niiiini,. 


*' mtl»r L»i DilKrit .' 


'V Hal e. Mali'nieni 


Fill, -erre Kin.-l . 









Close Vnl. 




Cn usurp 
I ltil-nr,i 
K. Kislnk 
H Kihlak 
K. K-slat 
K. K<*lak 











li I.M 
Nm N'nt 
Nat .V'e! 
Nat Ne.1 
I' lnlil* 

K. H. Shell 
H. ii. S'liell 
I!. II. Midi 
I'm lever 
l.'n llever 

I S55 I 

S60 ; 
! S20 
545 : 
; 350 
I 560 
1 MO 
i S45 
' 550 
1 KfiU 
I 56J 

; F330 26.00 
! b'340 ; 16.50 
: K350 I 10,00 
1 F36Q I 4.50 
' F70 j 5.80 
; K7B I 3.00 
I >BJ . 1.00 

: F 160 18.50 
F170 j 12.00 
: FT80 8.00 
F190 1 4,50 

K300 3.00 

F220 . — 

K100 12-00 

8.50 1 2 

2.00 . 6 

8.00 I 23 

4.50 I 30 

3.00 1 64 

FllO 11.00 
K1B0 ' 1.80 
F130. 0.40 

I 1*4 I - 
1 *1 ; - 

26.50 i - 

i 17.50 - 

11.00 j - 

5.50 I - 
6 80 ; - 
3.40 I — 

1.50 ' - 

34.00 ; - 
! 17.50 t 57 
I 14.00 ; is 

10.00 5 

6.80 | 14 
I 5.00 • 8 


' 8.00 ■ -- 
f 2.60 [ - 

• 4.S0 2 

' 2.80 ; 2 
> 1.30 

i 10.60 ; 10 

i 4.60 • ~ 

1 1.50 

11.50 - 

5-00 — 

! 1.50 ' 6 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmcc. 10 % 

Bank of Cyprus 10 “S, 

Bank of N.S.W 10 % 

Banque Belse Ltd lo % 

Banque du Rhone JQ^% 

Barclays Bank 10 % 

Barnett' Christie Ltd.... 9!% 
Bremar Holdings Ltd. 11 %. 
Brit. Bank of Mid. East 10 % 

I Brown Shipley JO % 

Canada. Penn’t. Trust 10 % 
Capitol C & C Fin. Ltd. 9 % 

Cayzer Ltd- 10 % 

Cedar Holdings 101% 

I Charterhouse Japhct... 10 % 

Chouiartons 10 % 

C. E. Coates 11 % 

Consolidated Credits ... 10 % 
Co-operative Bank' ...*10 % 
Corinthian Securities 10 ?T, 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 oj, 
Duncan Lawrie IT10 % 

Hill Samuel 510 **T, 

C. Hoare it Co tlO % 

.Julian S. Hod»c 11 % 

Hongkong & Shanghai 10 Pf, 
Industrial Bk. of Scot- 9 % 

Keyser UMman 10 % 

Knowsley & Co. Ltd. ... 1- % 

Lloyds Bank 10 % 

London Mercantile ... 70 % 
Edward Manson & Co. lli'V, 

Midland Bank 10 % 

Samuel Montagu 10 % 

Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 
Rossminster . Accept’cs 10 % 
Hoyai Bk. Canada Trust 9 ^ 
Schlesingcr Limited ... 10 

E. S. Schwab m% 

Security Trust Co. Ltd: 11 % 

Shenley Trust 11 ?o 

Standard Chartered — 10 % 

Trade Devi Bank 10 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laid law ... I0i% 

Williams St Glyn's 10 % 

Yorkshire Bank 10 % 

v^iLh^nncMnt in tr’ * Mcmben or U*c Accctrtliw TTonscs 

English Transcont. ... 10 % commiiico. 

First London Secs 10 °ii ■ 7-day deposits 7\. i-monU* deposits 

First Nat. Fin. Corpn. 11 % 7*%. 

First N’aL Sees. Ltd. ... 11 *V, f iR>iwnis on -aims or HOfiM 
Antony Gibbs 10 % a "i -SP ,D E3 - M0 7f; * 

r Gr Sir d R ?nT anty "t!S J ■rjrzzr^nmri. 

Grind! a>S Bank -JO n . Demand deposits 7:*1. 

Guinness Mahon 10 % Ba .,. _ lJen appiu-s i« su-nina ind. 

Hambros Bank 10 °o .Securities. 

Sugar stock CSR put on 6 cents inclination, reflecting a general 

to AS3.01 ex dividend. 
Southern Pacific 


lack of interest 
Mining Financials 


hardened 5 cents to AS2.65 and changed to higher In -vecy.-qulet 
Crusader Oil 4 cents to 34 cents, trade. Anglos gained IS cents' to 
_ R5.55 and Johnnies 40 cents .to 

Germany R23.25. Elsewhere, De. Beers 

... J _ moved ahead 10 cents to. RG.10. 

After easing at the outset, 
shares picked' up in moderate 
trading to close mainly littie 
changed on balance. 

BBC and Goldschmidt featured, 
however, with rises of DM 7 


Lower in slow trading, with 
operators exercising - caution 

nowever. lvitn rises oi um i of a Cabinet meeting* due 

apiece, but in contrast. Heidel- Site week ^ “to 3 'on 

«mcnt lost DM 2.30 and Hotanann ° 



TORONTO Compoai 




| Juno I Pro- 

In the foreign sector. Amex c *4_ n ,| onl J 
were listed for the first time, jWIlZclUinO 

lost un Njjrpwl, mixed in modem* 
chased DM llJm nominal 0 f chned gqshtlj 

ESsiS. SIark F ° reiSU !G 5 S ffcoSlpmt 

Loans were steady. American interests following the 

P'oraorlo news of the planned nationalisa- 

Udfidlld tion of itaio-Argentina de 

Mixed movements were re- Electricidad, of Buenos Aires. 

NOTES. : Overseas prices strou-n oelow and or scrip issue, c Per Shore, j Francs 
excludn s premium. Belmau dlvldcmla O Gross. (Uv. . h Assumed dividend after 
are a Tier wiihboldins tax. scrip and'or rights issue, te After local 

» DM50 jr-nom. unless orhenrise staled, taxes, in?, tax free, n Francs: IndmU&c 

yields based on oe* dividends plus tax. Umlac div. p Nam. o Share stfllt. s DIv 

fp p [as. 500 denoin. unless otherwise slated, and yield exclude special payment, t Inffl- 
% Kr. ion ntnom. unless otherwise stated, cated div. tt Unofficial trad hut. v Minority 
« Frs.500 denora. and Bearer shares holders only, u Moser pending. * Asked 
unless otherwise staled. V Yen Sfl denom. * Bid. S Traded. £ Seller. * Assumed 

unless otherwise staled, s Price ar time xr Ex rights, xd Ex dividend.. .scKx 

of suspension. a Florins, h Sc tunings scrip Issue, xa Ex an. a Interim since 
f iVnis d ntvidenri after peodinc rtchts Increased. 


i TOKYO 1 

Abto— i 83 .6 - t 0.8 — — 

l-iww I rnk.'li.. 1 471. & 3X.2 2.3 

BMW ! 241.5; 28.06 5.8 

tl.VsK 139.9 -0.1 ; 16.76 6.7 

timer 140. 5, -t- 0.3 18.TS 6.7 

Boxer. Hrim 276«d.~3 ; 2B.12; 6.1 

tUvei.Verelii-liU.: 311»;-1 1 18 ; 2.9 

L‘i>j,lnr..\e<l.wrt'i 165 — •— 

C<-'ti<i>Cr/t«nb 221.2.SI- 17 7.i 

f.'-'iil liiirmnt 75.8—0.2 — — 

Ihtmler hk-nr. 302.5 -1.0 ; 28.12 4.7 

b.-.'ii-Ni 260>d 1 17 3.3 

l*eiiias! 155 j— l 14 4.5 

I tom-eli* Bunk.... 29B.5 tdl-f-0.2 28.12 4.7 
Prv-*1nr I Itonk.... 238.2 id | — 0.8 ; 28.12 5.9 
Itoi.-k-.-rbof! Zenit. 170 - r 4 ! 9.38 2.7 

(ji.iL'In-rtnun- • , 197 .—2 12 1 3.1 

Mh|«- : l.-nv-l ! 117 +1 14.04 5.8 292 -2 *16.72' 5.7 

Hik-eli-r 131.8«d-0.1 IS.75! 7.1 

! 46.2-0.1 | 4 1 4.3 132 -1.7:9.36 3.5 

Kan un-1 dalr 137.8id —0.7 ' 9 I 3.2 316 -+0.5 23.441 3.7 

K«tiilT.ii 219.5 +0.5 ; 18-721 4'3 

Kt-vhuer Dll 100..' 93 —1.5, — — 

KHU 180.2+ 1 18.76 5.2 

K 1 1 1 1 -j_- } 95 +4 i — — 

Uu.le \ 241.51 + 0.5, 25 5.1 

Ltuenlirsu 100....(li450al. > : 25 0.8 

Luft?tau«n„ I 120 ,'-2 ,'9.36 4.2 

MAN 187 +1 12 13.2 

3 tonne, n—nn 107.5 17.18 5.4 

Meta line- 2 IB 1-2 10 2.3 

MunchencrKucIc. 337 18 1.7 

Aeckeniuuin 129 - + 0^ — — 

1‘miMu- DM 100. 116 '—3 — ' — 

KtaetuWest. Elect. 187.7—0.8 25 I 6.6 

icUcniiu 270 ' + 1.5.2B.12I 5.1 

•it'ineii. • 285.4. +0.9 i 16 ; 2.8 

-ii.i /.iichd 243 W.56; 5.B 

I'ny — «mi A.U 1 16.6,— 0.7 117.18; 7.3 

vana 172.3 1 14 4.1 

Y|>m • 107.8 + 1.3 12 1 5.5 

» i-rcin-sV Wts-t Hhj 289(9—1 18 . 3.1 

\'-nK*«n U i'ri.. i 210.5+0.4- 25 5.9 


I'nrc i +or ! Iliv.lVIif. 
Kn-. I - i I i 

A luil-1 (KiJXn 106.5—1.0 r21 3.4 

vna^ri'i.'-sji : 30.50—0.^0 - — 

Alftcm Itakil-'lluo; 355.0 \26.5 6.6 

VMKV tVi.ii.i, , 07.30, + 0.70, 50 7.8 

Xinitibaiii. iFi.SU)! 74.3,-0.30 23.5 6.0 

di/enlon 91.0 26 5.7 

Hi <ki ill'i&i i FIOi. I25.5&II + 3.5 , 80 6.4 
IMitlirm I'vl ler"il 73.5(d'— 0.5 1 26 7.1 
Kiy*v it-i \ tl-i.aji.' 2d5m +3 '27.5 2.0 
Knttta N.V.Ucan.-r' M1.00nli+ 1.10! 57.5 6.3 

■{iiraOinTai Fl.JO 65.0*d' '94.6 5.4 

Ul«Hna*le«tF10 35.70 -0.30: 23 6.1 
tlcinuL-inKIJlbi. .1 103.00 — 1.50 14 3.4 
tn.a.!t' 34.90 + 0.50: —I — 

»* .intei lt.fKi.10Oi Z6,k, — l.OOj IS , 4.6 
n.L.,11. iKi.IKH... 174.5J +6.30 1 8 I 4.8 

li.u M. liter ilisji..; 47.7m' : 26 : B.u 

Asa men tFi.10^...; 35.60 -0.40 12.51 3.5 
Aat.Nvt lu-. i Kiln 110.40— 0.40, 48 l 4.4 
Aerl'.'rert UhlKI.Str 53.4«l|+t..z 21 I 7.8 
AnlMirtHkiFIjA; 184.70; — 3.0 ! 22 | 8.9 

iivu il l. dJ, 157.50;— 0.50 36 4.6 

Van Uni ou-ieu.... ISS.Oi 18 5.3 

takh-«ii 40.80—1.30 — — 

I’lnlil*. i Fl. 10».... 26.60 +0.20 17 6.4 
Kind'll Vei,> 85.3+0.3 1 — — 

iMkatiFioO) 171.60 +O.60I.V2 58 7.4 

if «Fi. 131.0 •— — 

lf»ieiil»>Ki. dO,...l 122.2 a! +0.1 I 14 5.8 
fftiyaiDilteliiFUfll 127.7x9-0.1 ,5i.75 8.4 

j-m-cntoii-j 249.5id + 1 ; 19 7.6 

•ioiuGi(iiFi.«Di 1< Bid + 1 : 27^ 4.3 

litkyutav. H Hls.S-, 1 14.5xt + 2.5 30 0.7 

Untlcicr I PI. £},. 120.0 W 4Z.g ; 7.1 

t'lKlllEtteLtiilSl]] 41.8. +0.2 i 20 1.1 

1.200id ] — 16 |1U0 * 8.3 


K.Z. Inrtuotriun ........ 

Gert. Fri'perty Trust. 

tU mem ley 


IGI Auetnlia 


Jennln^B IndaMnet, 

Jonea (David) 

iKouni OiL_ 

Metals Exploration........... 

Mill Uobluipa.- 

M\w Emporium 

hews-.- ......... 

Kdiotu luienntmnai 

North Broken HMiues ({jCv- 

Oak bruise 

Oil 3»suri« 

Oner bixploraiuiii 

Finnewr l'rai-.rfia J 

llwkiu 1 O'lmau | 

H. l 1 . dfeiuli 

suathlanrl Mininu 

»parj{MS Lxf.l-jmti.jo_ 

ItoKb 01..... 


Wtsniera M hiiiiu ISO cents. 
Wrtiiuon in- 

securities Rand 

(Discount ^ef 365 %) 

>. 111I1IHIIMAIL 1 342 

taniuiKiMi [ 262 | 

+«e- u 598 

w*h|»bmi ‘ 9-J :-l 

'ifeyr Daimler....- 196 ,t4 
Wi Mmnic'ii. ...' 240 +4 

8s 4.1 
14 . 5.8 


June 13 




+ i 

Banco -Bilbao '. 

Banco AUamimj ii 

'235. - 

- 3- - 

Banco Central v 


? ' T 

Banco Exterior 

. 268 


Banco General 

2tt . 

~T~ ' 

Banco- Granada. (l.fMj 

155 . 

- — 

Banco Htepano 


—T . 


" "? T 

£. Ind. MedhemuKo _ 
Banco Popular .......... 



ftnnm Khntiuvior 

' 4U • . . 

' . 

Banco UrqaUo U-0001... 


+ 3 ' 

- ' ^ •' 

Banco Vizcaya ... 

2M- i. 

. ~ . : 

\ • 

Banco Zansozano .... 





■— 1 

Earns Andalada 


' ^ ' 

Babcod: WUcox 


. ■" • 

» • 1 Zz 


- 75. . 

7 ‘ 

2 w 

to 1 ■ I - . 


E. I. Arasonesaa 

. 57 

Espabbla ZJ«e 


T ~- 1 • 

ExdI. Rio Ttnw 


' ' 1. '• 

Fccsa 0.0001 ..... 


J i' 

Fenosa r L0e@> ...... 


. — .. 

Gat. Pnaodoft 

- M 

Grtsp® VcUudvcW f-IOOl 

■285 . 



Hfthnla. .. 


' ' „ 



* J . m /- I 

Glam .... ~ 


Papeleras. RcUOKU? 

- 79, r 

r - 4 ’ ' * . 





1 . -> « 

Sarrio Papalcra 


. ' ' 1 * ' ' . • - 


• 49. 

\r ' . 

Stfgcfiua ........ — 


- 6-5# 

V 'a. ■ * 


\ '' ’’ 

Terras Hostcnch 

. 17 ' 

^ 2 
+ B25 

Union Elec. — 

.7* . 

‘ ; 


. * , ta 

. - J ' 1 



■ F jpanfciar Times' WedneSday'June 14 1973 


acts OH Australian 

sheep flock 

cut again 



Ul : 





! -s^. 

s- 1 

fe: Si 


EXTRA Gammon Market levies 
-H-ill be chatfwd. on imports of 
pork and live pigs fro mEast 
Germany. Sweden 1 and Finland 
from next-, Monday, because e\- 
porters there - have been selling 
, inside the EEC at less than mini- 
mum imptirf'prices: 

The decision to charge the 
extra taxes was made by lie 
pittiteat management committee 
' giSrusseJs yesterday after Com- 
mission invosQgators confirmed 
charges that minimum 
..import prices were not being 
. respected. 

-. At the same time, subsidies 

- Community pork exported to 

non-member countries are to be 

-.increased.. Slaughterhouse 
owners are. also to be paid 

- JP? c,a i premiums foi siockpUinu 
roe meat ;m their cold stares 
•instead of selling n on the open 

. . market. 

■ These moves follow the Com- 
mission's rejection of 3 demand 
from France last week that ail 
imports of pigmeat from outside 
tnc Nine should be banned 10 
-• prevent over-supply undermin- 
ing market prices. 

The Community is stall payina 
-private storage premiums' on 
s°m p tonnes of piemeat 

■ which have been held by abattoir 
owners since last year. 

There is no full-scale sup- 
port-buying scheme for pork such 
as that applied to beef or dairy 

- products. Private storage pay- 
ments are the most i-ommon 
means of supporting the market 
- Apart from the French com- 
. plaints, the Commission was 
; prompted to act by evidence 

from the Nether hinds and West 
Germany that pigmeat produr- 
Uori. there! Wim Id rise 10 to li 
per cent towards the end of this 
year. . . 

Pork output in the UK is now 
at a cyclical low and health 

CANBERRA. June i.'i. 

Tin prices rise 
on supply fears 

regulations, which vir»qall> 
exclude imports from most of 
the rest of the EEC, mean that 
the British market cannot fc»? 
used to soak up excess produc- 
tion from the Continent. 

Export subsidies on live pig* 
go up from SO to 100 units of 
pceount a tonne. Subsidies on 
carcasses and shoulders rise 
30ua to I50u.a a tonne, but those 
on hams, sides and boned meat 
and bellirs remain unchanged. 

Levies on live pigs imported 
from East Cermany go up by 
3Dun a tonne and the charge on 
boned pork from Sweden bus 
been increased by 3D0ua per 

Imports boost 
butter mountain 

fnr almost 20,000 tonnes «»f 
home-produced butter to be put 
into cold .storage last month 
because there was such a glut id 
imports -n Bm 3 tn that the UK 
market v.-as unable to absorb ihe 

About S.nnd tonnes were added 
lo the British pact Of the EEC 
butter mountain, while more 
than 14.000 tonnes were locked 
away in private stores. 

This subsidiary mountain will 
earn its owners generous Grants 
from :he EEC farm fund until 
the autumn, when it is due to be 

There are now almost 24.000 
tonnes of British butter stored 
under Community market support 
schemes. This represents almost 
two months’ production. 

The 4.973 tonnes taken into 
intervention during May was Ihe 
hiegest quantity of UJL butler 
ever removed from the market 
in one month. 

population fell in 130.54m head 
on March 31. compared with 
lJS.’ftim a year earlier, according 
'hi esrimatfs from ihe Statis- 
j tics Bureau's 1Q77-7S agricultural 
i census. 

This is its invest level since 
1954 anti represents a fall of 2S 
per cent on the peak of lSO.OOru 
j head in 1970. 

! The estimate is about 2.5m 
1 head down on tha! made last 
j .v<-« k by Mr. Malcolm Vaivscr, ihe 
{Australian Wool Corporation’s 
i genera! manager, marketing, at 
[ (he International Wool Textile 
Organisation conference in 
1 Munich. 

| Wool exports fell to 3?6.5Sm 
(kilos, greasy equivalent, in the 
■ eight months to February 26. 
irom 574.24m in the first eight 
. men Ills of Ihe 1976-77 .season. 

There were also sharp drops in 
sales tu ail Ihe main markets. 

. Ex pons lo Japan felt lo 114.59m 
‘ kilos tram 37S-'5m. while those 
ty the Soviet Union fell to 49m 
from 73.03m. 

Western Europe aisu imported 
much less, 


Fish catch 
'could double by 
end of century’ 

By Our Commodities Staff 

Tapioca tax urged 

l’" 1 >a E 

•••'■.a?™ 5c r 
-T-s! * 

1 - wi :>«* 

■ Fsl 

’ ’ THE EEC should impose a tax 
... on imports of tapioca front 
Thailand, according to M. 
Philippe Neeser, chairman of die 
French wheat producers. 
l He told a Press conference 
here that imports- had grown to 
4.3m tonnes this year, compared 
. . with 800,000 tonnes five or six 
c'^^ears-ago; ■ 

That! tapioca" could he taxed at 
£ s >>jLpr6*ereatial - rate on entry and 
revenues sent to Thailand to 
devrfcip fann output, he 
*' ‘ sngge«e<L...'-., - 

-^-in Bangkok. meanwhile, the 
Thai Board of Trade said tapioca 
. product exports were expected 

PARIS, June 13 

to rise to 4.9m tonnes, valued 
at S437.5in this year, compared 
with 3.9m tonnes worth -S3S4.7 in 
last year. 

The Board's weekly bulletin 
noted that during the fiTSt five 
month s of this year exports of 
tapioca pellets — the roost 
important tapioca product — 
increased to 2.3ra tonnes front 
1.7m in the same period last 
year. ... 

Efforts by the Thai Govern- 
ment and the private sector to 
expand the market for tapioca 
products included . an .offer to 
sell 200.000 tonnes of tapioca 
flour to China. 

Reuter ■ : 

! THE WORLD fish catch cuuld 
• almost douhle by the end of this 
/century, a UN expert staled 

I yesterday. 

! Mr. W. P. Applcyard. chief of 
the UN Food and Agriculture 
Organisation's fishery industry 
I development service said that. 
[ because of growing demand for 
I food anti the new 200-mile 
1 economic zones. “ we could be 
> .seeing catches' of 220m*130in tons 
j by the year 2000. compared with 
{ Sum tu 70m at present.” 

[ The organisation estimates 
! that such an increase would 
require nearly S30nt in new in- 
’ test men t. 

Mr. Appleyard told an FAO 
■ bankers’ meeting that extended 
j coastal zones would, during the 
j next decade, stimulate invesl- 
I ment. diversify fish production 
! and give rise to a variety of 
“ business arrangements ” be- 
tween coastal countries, in- 
vestors and fish farms. 

He noted that 63 nations, in- 
cluding most big fishing powers, 
had already imposed 200-mile 
limits and predicted that similar 
action would be taken by the 
remaining 64 coastal slates. 
These would make each country 
rethink its fishing strategy. 

TIN PRICES jumped on the 
London Metal Exchange yester- 
day to the highest level since 
last December, after the closure 
nf the Capper Pass smelter 
because of an industrial dispute. 

Standard grade rash tin closed 
£110 higher at £G,S10 a tonne 
after moving up steadily all day. 

The declaration of force 
mnjeure by Capper Pass on its 
supply contracts, and the warn- 
ing that deliveries will be cut 
off for at least a month, are 
expected ro force consumers to 
come to the metal exchange for 

Although the quantity involved 
is not large in world terms, the 
move comes at a time when 
Europe in particular is suffering 
from a shortage of immcdtaidy 
available supplies. 

Storks held in the London 
Metal Exchange warehouses are 
at a low level, and the cj*h price 
has already moved to a sub- 
stantial premium over ihe three 
months quotation. Yesterday the 
gap widened still further, the 
three months price gaining 
£87.5 to £6.702.5. 

Meanwhile Reuter reported 
from Bangkok that tin-producing 
and consumer countries had re- 
sumed their tug-of-war over 
whether the International Tin 
Agreement's “floor" and “ceil- 
ing 1 * prices should be raised. 

Thailand set the tone for the 
five-day meeting of the Tin 
Council's economic and price 
review panel by calling for 
higher prices to encourage pro- 

Mr. Kasem Cbatikavanij, Thai 
Industry Minister, said that the 
present “floor” price was very 
discouraging for the tin indu- 
stry at a rime when production 
costs had Increased. 

So far consumers, led by the 
U.S.. have rejected pleas Tor a 
higher price range, claiming 
that output costs have not risen 
sufficiently to justify an increase. 

Since the la\i rise was in July 
lust year, however, it is ihoupht 
likely that the producers will 
succeed in obtaining an increase 
at the July meeting of the Tin 

U.S. seeks changes 
in cocoa pact 


present International Cocoa 
Agreement are propused by the 
U.S.. which is imt a member of 
the existing pact. 

At this week's talks in London, 
aimed at paving the way for a 
negotiating conference on a new 
agreement to replace the present 
one, which expires in September 
next year, the U.S. has come up 
with (he controversial idea that 
the market should be solely con- 
trolled by a buffer stock arrange- 

Under the existing cocoa pact, 
in common with other commodity 
agreements covering such 
products as coffee, sugar and tin. 
quotas to control supplies are 
considered an essential weapon 
lo back up a buffer stock 

It is argued that without 
attacking the root cause of any 
surplus, by controlling supplies 
coming onto the market, the 
buffer stock might be over- 

In the case of cocoa, however, 
the U.S. evidently feels there 
is little or no chance of an 
unmanageable surplus being 
created in view of the funda- 
mental failure of production to 

keep up with potential demand 
in recent years. 

The U.S. proposal is that the 
buffer slock should aim to 
stabilise prices within a 50 per 
cent range — 25 per cent above 
and 25 per cent below an agreed 
midpoint price. It suggests that 
the buffer stock should have a 
maximum size of 250.000 tonnes. 

It is proposed that the council 
should review the price range 
at least once every two years, 
but that any change in the 
price range would need a two- 
thirds distributed majority in 

Although export quotas are 
not normally favoured by pro- 
ducers, tbere could be divided 
loyalties in this case since a 
quota system — based on past 
performance — would effectively 
suit established producers, such 
as Ghana and Nigeria, rather 
than expanding suppliers like 
Brazil and Ivory Coast 

At the same time the U.S., as 
the world's biggest consumer of 
cocoa, could have a powerful 
influence in controlling price 
range movements if a two- thirds 
majority was required for any 


Use of hardwoods 

at post-war 


THE U.K.'s consumption of 
imported logs and lumber fell to 
its lowest point since the war last 
year and the treed is continuing 
this year, with the first quarter s 
figure about 3 per cent down on 
the corresponding quarter of last 

Apparent consumption last 
year was 811,000 cubic metres— 3 
per cent down on the previous 
year. Imports at S0S.00Q cubic 
metres were down 4 per cent. The 
value of imports last year was 

For about 20 years after the 
war. the national consumption of 
hardwood remained steady at 
Just over 1m cubic metres- In 
the exceptional year 1973 it bit 
a post-war high uf 1.4m cubic 
metres, but since then a decline 
has set in and ihcre are serious 
doubts in the trade whether the 
Im mark is now a thins of the 

Hardwoods arc Used in rela- 
tively small quantities in a host 
of industries, but the main out- 
lets are in construction and 
furniture. It is the decline in 
consumption here that has caused 
the setback and. until there is a 
revival in these industries, ibe 
hardwood importing trade is 
likely to have to live with ibe 
lower levels of consumption. The 
indications from the statistics arc 
that it is adapting fairly well. 

Although there was certainly 
an element or price-cutting last 
year aimed at maintaining cash 
flow, this was not such a feature 
of trading as it was in the 
previous two years. The trade's 
buying, and year-end stocks, have 
also kept in line with the lower 
levels of consumption. 

Since the trade draws supplies 
from about 30 countries there is 
seldom a year when importers 

do not have to cope with an 
interruption of supplies tb rough 
war. political upheavals, or 
changes in foreign Governments' 
commercial policies. 

Lasr year’s statistics showed 
that Ghana dropped from third 
10 tenth among countries supply- 
ing sawn lumber, sending 62 per 
cent less of this and 45 per cent 
less, in volume, of logs. Ghana 
was experiencing severe balance 
of payments problems last year 
and was unable to replace saw- 
mill and forest extraction 
machinery. thu> reducing 

The UK Irado is also con- 
vinced that the intervention of 
the staie-rua Ghana Timber 
Marketing Board in the com- 
mercial relation ships between 
producers in Ghana and im- 
porters over here bad a great 

deal to do with me decline. 

Among West Airiran species, 
the shortfall from Ghana led to 
increased purchases both of sawn 
lumber and from Liberia. 
Zaire, too, recorded an impres- 
sive increase- A well-known 
German timber company has 
established a sawmill near 
Kinshasa which may have been 
responsible for a proportion of 
the increase in supplies. 

With its min in 4 Industry now 
in trouhle. Zaire may turn more 
to timber t«* earn foreign 
currency. It ha.; good supplies 
of many of the prominent West 
African species ! ike afrormosia, 
mahogany, sapolc, iroko and 
agba. There arc problems of 
infrastructure, however, and it 
will not ho easy to attract 
foreign capital lo the country 
for tbe establishment of saw- 

Malaysia maintained :l> posi- 
tion as Britain's largest supplier 
nf sawn lumber. Indonesia 
improved its position, but Singa- 
pore fell away. There was a 
Significant increase m supplies 
of sawn lumber from Papua 
New Guinea, which is known to 
be keen to exploit further its 
hardwood resources. 

The Far East, however, was 
not without its problems for the 
trade. Last November the 
Government of Thailand — hoc of 
the three main sources of teak — 
banned exports of both logs and 
sawn wood. So far. ne cause of 
reduced world demand, supplier 
from Burma and Indonesia and 
through ihe trade from Hoiv-i 
Kong' have been sufficient to 
make good (he shortfall. 

In spile of the trend fur pro- 
ducing" countries lo undertake 
more of i he sawinidin^. the L : K 
import of logs continues iu 
account for a little mure than 20 
per cent nf Ihe total import by 
volume. The output from log* 
sawn in the UK is needed 
where colour match is important 
for high-class joinery' work and 
there is still a sizeable veneer- 
cuitjng industry in Britain. 

Perhaps The must surprising 
fact emerging from ihe statistics 
for anyone outside the timber 
iradc is that beech from Ger- 
many. France. Denmark. 
Romania and Yugoslavia is way 
ahead nf ail other species of 
sawn hardwood imported into 
Britain, accounting for more 
than 22 per cent, of the total 

The answer lies in the funda- 
mental factors of quality and 
price. The furniture industry 
seems tn prefer the quality of 
the imported wood and Britain's 
woodland owners place rather 
too high a value on their logs. 

Crisis talks on African locust piague 


A TEAM of UN Food and Agri- 
culture Organisation experts will 
visit Dar es Salaam this week to 
discuss how best to fi?hi the 
Horn of Africa locust plague. 

Mr. John Malecela, Tanzanian 
Agriculture Minister and chair- 
man of the Desert Locust Con- 
trol Organisation for east and 
central Africa, told Reuters that 
the talks would probably start 
tomorrow and cover the mobilsa- 
tion of international resources to 
counter the threat. 

Officials from the desert locust 
control headquarters at Addis 
Ababa would also attend. 

The- FAO is worried that the 
locusts could affect a wider area 

from Africa's Atlantic coast to 
the Himalayas, involving more 
than 50 countries, unless the out- 
breaks in Ethiopia and Somalia 
are brought under control im- 

The Incust threat was first 
identified in Saudi Arabia, the 
Yemen and Somalia in early 
January, when most swarms were 
quickly controlled. Those which 
have escaped control are ex- 
pected to remain in Ethiopia, 
Somalia and Sudan for the 
present, but their progeny, pro- 
duced from now until Septem- 
ber, could spread eastwards and 
westwards from October onwards. 
This could be the start of a new 

self-perpetuating plague, accord- 
ing to the FAO. 

After many locust-free years, 
control teams may need consider- 
able retraining. Equipment may 
also need to be replaced and 
pesticide slocks replenished. 

An internal ionai rescue cam- 
paign was begun last month, 
when the FAO's fast action tech- 
nical co-operation programme 
came into effect providing about 
$900,000 to help replenish pesti- 
cide stocks. 

With civil strife and war in the 
two countries worst affected, how- 
ever. control measures have not 
been given the priorily they 

- ,T 

or 2.1s 

5 5 

1 i 

— a 





:/• K* 




r w 

J v\; ;[ci»P 

dipped to snm owing vt pjwKfil-takins.lnu 
-7 .rallied akafn. m the atierne'u in line. with 
Ihe Comes U> tow* I73<J5 Jfclnrc easta* lo 
—■ Turtwasr 25.550 tonnes. 

T' z 

ir 1 





: ;-BASE w METALS, ' 

. . -■;CWpEH-TMariflnaitsr .Briber hn „„ 

sCondrin ^ Metal - Sxchawte. The 'weakness close - at £•■»«. 

V- . ^cnitsht C0CTra ywit|l«l yrlth a'hiKlwr AmalBWimriwJ MetaT Trading reported 
u ; jMribu. asabw ihe doltnr wiw forward that in the morning iKrce nu mh:, wtretmis 
,;.>eua own rower at- mi. But lllls trend tr4dtt i , t t!5K. & 5. Si. *ii. oS.5. 50. 
* --5w?s tt-Torerd as. *hort-mvrrtng and buy- Kerb: Wlrcbara. Ifcre* rnontlw. ITiS. 
•fits aRohtsi Continental iihyslcai demand s^.j. 54. 53. 54.5. AftrriP-m: Wire bars, 
jtatfhcd- Ihe price no Ju X75U. U then C3%t1 jr.7, i^rcr months £73« 5. 9. S.5. 95. 
'rviPDwn i «.>•»-■ '+ nr;’ l«.m. ft+nr . Kerb- Wirebar.s. thpr ninmlrs £T». 6 5. 
COPPER J j _ I 1-noOrt.i . _ b. SJ..9. R5. S. 7.5, 7. 

T i tt— Strong with Torwari! standard inrtal 
opening higher at OS.G5U and moving 
ahead throughout ute day. owing to the 
farther rise la the Penang price and na 
further consideration ot the force male we 
QecJarailoa by Capper Puss, tu dose at 
the day's lilgh or 15.720 mi the late herb. 
. The Cooper Pass news ai«* had the 
752.5:5 -+i -effect- of widening the backwardation to 
' — ; ...... tjso at one domu although It narrowed 

66.5-68 . ...... t 0 {Jose at £110. Turnover 2.150 tonnes. 


Mottling; Standard, cash £6.870. in. ns. 
tUrto 'jiiooUVfi 16.690, 03. 00. 8a, 90, 95. S. 
M, 85*. Utah tirade, cash £6.800. Kerb: 
SUndgnl. throe raaui Its £6,685. 00. 80. 
/. J iuiiiI ]+ t*! . p.m.” 114 -kt 
TIN’ i Onii-in* I — • « iiirfHc*.! — 

aiirnuon. but the offtake generally was 
light, F. W. Taiters&U reoorted. 


®.. C .?b rt 7 e 90 l 800^. B : £ 
& montht..!b69D 716, + 70 ;S 

■ e 

: : 

.Wireboni j 
CjmIi., 755^-5 4-5-25; 
3-jDwmtbB.j755.5-6 —4.6 
Settl’m’nti 733-5 >6.5 
Cathodes- ’ •' 

Cash. 726-8 I-4.B 
SmionthBiJ Mfl-60‘ HK7Sj 
■ iient'Sn’na 728 

DJ9.'tiim.J — t .^u-. 

c I »’ 
6805 25 9S 
o inonins.jooau i wi 1 1» ’6710 20 -t 85 
Seuiem’i.l c800 ; ^-66 

htaJid&rdl j 1 

' 6790-6 :+S7.6i 6805 15 + MD 

ROBUSTAS ru-i-overed quickly after 
early weakness. Drvxrt Burnham reported. 
Thereafter the market nm-mated nuirily 
in a narrow rang*-, with inU-rrst genrralljr 
Pour. At a siiMdv '-lose values were £3 
to Hi) higher on »h»- day. 

334.0. 3S4&3XJJ. tf: March 33 S3. 334.9, 
330.0-ajv.O. 30; May M2.9, 363.0- 

363.4, -’0: JUty 3C4J. 36.7.0. 363.0-364.3. 5«: 
uct . Ki.i. SO*. a69 MM» 0. s: Dec. 371.0. 
371.3. 57<r.Mf». «. 0- ToUd Kales: >33 lots. 


759 .5 


6680-6 >+70 
0795 +35 

;»1721 | + ID 

6700 5 -rfl/.B 

750.5-1.5 +5.6 



LG. Index Limit eff 01-351 34®S^ - Jan nary /March Rubber 62.4-63-1 

lament Road* London. f»WlO OHS. 

. i. Tax-free trading on commodity futures. 

L The . commodity futures market for the smaller investor. 

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^^PRoVSsSOHTTlKJtDERr - - ‘ 

: SENIOR -.iaeTORER/ - • . 

; LzarcRER- in ■ 

■MANAGEMKNT and accountan cv . 
.-. .'..IN THKCQU^E . 


laBgjaata ais . 

:aad AcWOBtfiOcx.«pecl.aajr 

tag aflrmniw -at dogree ■ a nd dyWa ■ 

Tcyan. • . Wiuum - cxnerfencia. lo w- 
horaifeas -snd/qr- pactaiaiBl 
‘ -JW ■»! 
stales uoaErrevk 1 *:-. 
lag -nsjmjag ; pa: -Leccurwr.; SSL680- 

^w^T,Vi»^=«w= - 

uierlinsi -tirritnirrwd- .stwiUiwe • «r 

.a pnoiBii^' ArtMeWed, - aandilL- . 

npmiaiir .free of ajU. w and Bnritti 
dtildrcn'i: rfneatwn allw»n«6. and- 
holiday visii omsok?. - F6 ifldr pm- 
cmjm; ' cartoo^' .afiwtaiM***. ..mtwc - . 
aJSuaifon adwmit^ooHiair o wrava s 

tadudlns curriculum 
3 referees sfaffi3 be seat by-.*tonaii 
: vw &-■ SegttM*- 

£&neridfc'lhifvBi*)tr P® 1 

St?' .-AflpUcants- ^ 'W* 
In' 1 UKf-’dfcMfldfi'JSIW ’Send OM cei pf 


from ^ttherrSpdiwByf . :■ . - 

the uifiviRSirrk*'' MAidcKOTW 


""Sl-ss? iwa-fsas 
: jaaa-s. 

-sss^^ ^ -s^ssva' 




- copthall rhyauROJ^BA/. 


Copihall- (TTihura) B.V. ii^ottcrlnfl ’to 
I puitbaK w cash in . UnHed Suw lun^ 
the xotnnNHi ■ share* ol Magnum Fund 
'■Limited . ej*. ■ - . urtce^ per 

common snare op juw ». " .7^1’ 

ol' the Oder is jvDilabic from the «n»; 
sanies fisted oclo«> 

j .To -asstei the iiiarehowers >» 
!-WSelMr“to ■ accept ,! he r i5S22 


JSiih'iea to contract, ‘up to 250.000 
M/T Presluog PZ 32S (*Rui*. BS-. 
.12758 Twised - 7t) Portland Grey 
. Cement. U.S.SJ7 f.o.b. Italy. 
Dellwr con. commence at once. 
Telephone 01 t* 29 3M1 or Telex; 

. 27543 during business hours.. 



aBSS’fiSSS. ^8 “TcSZ 

ot . Magnum have . mailed *• 
sharqPsUtn a dlrcoore tlrcu»afj^r««oo 
ol life ' 

of the Offer. Holders of j*** r ** cVpIS 

Ol^tis^dlrertotv - cirailar l«>m: 
mil Trim Compeny-, E'm‘»ef» i 

■ National Tnm camew*. fc'ni.ifit- - 
-2T Kf»B srrsci £*SJ, Toronto. Canada, 

Aii*Son: B5 S»cJt Tranflcr Dcpartmonl 
iTetephonr^ 446-.564-9141 > 


^The Nrtwrlands.. 


. (Telephone: 212-791-1^ W0> 

N-'-li'i. RqMwMM 4 Sox Limited ^ 

New fcwwrTgj. '.sSthta’s . Ciiw. 


Chairman of the Bonn). 
,jiiiie"t4» T 979-. - 


■ - 2-y. bathrooms. 

•room. wsh- tortffjMraB SVoSMSS 


i inoiitbb. 


Smuts K- 

Sev York _ 

Afternoon : Standard, cash' £6.815,' 10. 
three months £6.690, 95. 96. -55. 90. 95. 
£6.760. Kerb: Standard. Ui«v uipmte 
£6.7®.' 10. 15. 20. 

- LEAD — Moderately higher. Alter dip- 
ping lo XS16 ou the pre-market, reflecting 
ibe early fan in copper, forward mcial 
.recovered u SB2 In the rings, owing <» 
thnrt-cavarmg and was finally quoted 
ground £320 on the la 10 kerb. Turn- 
over 3.725 tonnes. 

— ~ " l a.m. 1+ ovj’ ’p."". i+l** 1 

LEAD OfflHaJ — Unoillrlftij — 


ieli'ivtaj V : 

t'*n*e |+‘* r 

tfu- mete 

I 'one 

£ pci IMIIIV 


SCn veil 1 r«r ... 

1775 1778 +2.0 
1689-1697 + 1D.0 
1634- 1636 +15.0 
1&&8-1571+ U.6 

1665 1616 

1535- IMS 

147S 149G+7.B 


145U-14B0 + *0-5 


EASIER opening an ih- London physu-al 
market. Fair interest at hlgh-.r level, 
ilosmis Headier. Lewis and Peat ri pened 
a MalarMun iradown prne or 230: 'samei 
cents a kilo ■ buyer. June. 

Xu. I Vesi'nUyli Preuoua I Bunne** 
K.S.S i.'loae «-le*e ! done 

a months. J 

£ ir 
510.5 1 .41.26! 


l- ; l 
a 10 .5 ,+1.5 
+2.WJ 320.5 ,+1.76 

I+IJ6 - , 

1 01-33 I 

Morning: Cash Oil. 10. 11. 10.5. three 
months £323, 21.5. 21. 2D. 21. Kerb: 
Three months £321. 20.5, 21. Afternoon: 
rareo mom ha £320. '-'0.5, 20.25. Kerb: 
Three iiiooths £320. U.S. 

. ZINC — Gained ground. Forward metal 
rallied sharply from £323 on the pre- 
mArkerin touch £333 In the ninrninK rings 
foBowlog fresh buying and chartist bo.v- 
ing. In the aUcrnuun praGt-taking pared 
ihe puce to £330 but it later moved ahead 
again in cloie at £332 on the late kerb. 
Turno ver 3.400 tonnes. 

| n.m. 1+ ori p.m. it+or 

751X1! • onirm* I — 1 UnufUcim ' — 

Sales: 3.239 i2.965> lots of S tonnes. 
ICO Indicator prices for June 12 >U.S. 
rents per pound,: Colombian Mild 
Arablcas 19S.0Q it97.0Di: unwashed 

Arabic as IS4.IM riss.Odc other mild 
Arablcas 169.33 f 173.67 ■: Kobustas 157.30 
1153.50). Dally average 163.42 (166.09'. 

arabicas were dull, with no trades, 
Dnexi'f Eurnftjni re ported. 

Prices 1 in ordtT buyer, seller, business 1 
—June 1ST. 06-2. M.on: Aug us I IBl.oo-ISJ.M: 
(let. 166. 00-174.00: Dt-C. 161.00-1BS.00: Frb. 
lAlOO-lM.du: April 132.09-1M.90: June 
145.00-158.60. Sales: nil t9> lots. 

Julv.._. 68.(0-66 Hi 57.60 -W. 00 58.25 
Aug.,... S .MLU.7D' 36J/S6.S0 — 

Jlv Sepi 59.bO-B9.70 1 50.85 -8-90 09 55 68.BD 
ik-t -U a- ol.50-sl.66. 60.76 cOJO el.81-LO.6J 
Jm- Mr. 1 02.74-13.9.., 61.80 b 1.05' tS.BBbl 65 
Apr* Joe: citi.90-cJJ5j t2.95-t3.iib; - 4.104520 
Jls-aejsi b5.l0-b5.15, t4.lJ-b4.40 66.25-64.60 
(let- Uce- bS.2b-eb.Sfl bB.JS-bbBj' 66.10-6fi.0B 
Jau-Mu 67 4B »7 55 bo.454b.0J! 67.25-67.15 

Salrs: 39T (284 ' lots of 15 tonnes and 
2 lots at j tonnes. 

Physical closing prices -buyerai were: 
Spt-l 57 Tap <37.51: July 57J5P <37.0»; 
5«g *57.4-. 



tnarkei opened .%5p lower on wheat and 
barky. Assrussive professional selling 
pushed the maMret down a further 2Jp. 
where stops wx-r*- hit. Adi reported. 
Uood buy log support was ilU’n seen, 
which rallied lht market 10 dose 15-30 
higher on wtu-Ai and unchanged to I0p 
on barlcj- in linn conditions. 

Tile marfiet opened steadv in ilun 
trading, but good trad* buMna in the 
October P'inIUoo helped rorwards tn 
harden. bNW Comtnodlile- reported. 
Priii- changes on the da.r were irregular, 
hnlihmp w i th gains of TDp lb 1120. 

, Veatentay +**e bii.ine-» 

1 Olow ' — ; Hone 







tr ■ e 1 

3Z1-.6 !+B.25b21.B-2-5'+B 75 
031.6 1 + 6 1 052-3 +B.Z5 

521.5 .+6.2SJ ~ j 

- t | 89-31 ' 

"Morning: Three months 1332. E4. 32. 
Kerb: Three mnnUis £331.5, 31. .\7ier- 

nmni; Three mo nths £399. I, 2. 2.6. Kerb: 
Three moniis £332, 14. 

'."ceilte uer ie»inn * On urevtow 
Tiffletai rinse t IU per OICUL 


Te^U'nlii> '« 


* + **r 

Ypel errbiy' 

»i + nr 



+ 0.50 

79.7 j 



' + 0.55 



Jiur. 1 


, + O.aS 





+ 0.15' 


+ O.C& 




9 .06 

+ 0.05 


BlWer was fixed Q3BP an ounce higher 
for spot delivery (n the London bullion 
market - yesterday- at 286.23p. U.S. cent 
equivalents of. (he fixing levels were: 
Spot 5264c, up LQc; ihree-mbnlh 635.5c. 
ub six-month up 2.1c: and 
12-month 567.9C. Up 1.6c. The metal 
opened at 2SS-288P i534i-526c) and closed 
•I SS7.9-23S.Bp l32at-52*lcL 

- Tper 
. troy or. 

Builhm L- or L.M.E. + « 
fixlnq — close — 


! 2B6.aS,i -+0.2B 88B.4S|. , S.B 

)nmuth«..i 293.8Sp'+fl.0fi 806. 1|* +7.85 
*Pumlin..>3 1.7j» .—0.1 

mmtiini.. 1 aiB.lp : — 0J 

LME— Turnover IW i21Ii lots or 10.UM 
ary." Moroiag: Three months 204.4. 4.:s. 
‘C2. Kerbs- Thn-c mamba 294 1. Afh-r- 
hom: Three months 203.6. 55. 5.5. 1.9. 
Sj', 6.2. Kerbs: Three months 296.1, 
S, 5.2f. nJii 5.t. 


^Yh® market remained steady In very 
•Bifet . traaiog conditions, gaining £La 
during Uw day. CiU and DuCus rvporutL 

Burtmas douc: Wheat— Sep 1. 95.40-04.60. 
Nov. S7.iSS7.IW. Jan. 90.40-90.0u. March 
03.10-93.10, May unquoted. Sales: f» lots. 
Barley— he pi. 79.«, Nuv. «S 30^.85. 
Jan. 85.00^4^0, March »7^5-87J5. May 
unovoieri. Sales: 12 7 lots. 

IMPORTED- Wheal: CWRS No. 1 135 
per cent June £95.50. TUbury: U.S. Dark 
Northern Spring No. 2. 14 per cent June 
and July £54.50, August £85.00, traDNUp- 
mcni East Coast sellers: U.S. Hard 
Wimer ordinary, Australian, Argentine, 
Soviet And EEC grades unquotod. 

Maize: U.S./ French June £104.06, July 
£104 JO. August £101.00 transhipment East 
Coast aetk-rs: South African While June- 
AusnEt £75.50. Glasgow: South African 
Yellow June-August £73.00. Glasgow 
sellers; Kenya grade three unquoted. 

Barley, Sorghum. Oats: nuqnoied. 

HCCA— Es-rann >P'<t pricex June 1;. 
Peed wheat: liluucntrr Feed 
barley: • Humberside £83.10. Glnuee^ier 

UK uiuneiar> in>-ftK-ii:in lur week irom 
Juiii- ID is rsort'li'd in lie uu changed. 

EEC LEVIES— In UiiIIn of acCnUPt 0 
Uiimt*. clli'citve Milas, m urdc-r currcm 
levy plu*. Julv. Aug. and Si-ut. ptemiuuih. 
u-IJh 1 iivvuhi* in hrartr;-.. Common 


June. 118.50-2 .1 ^-0.40 IS0.70-20.0D 

Auj.u-1 . ...I2LB0 i3.0 tD.80 1/5.70 22.50 

U W*r . . 1V4.0+24J - 1.05 1£< 8J-VJ.50 
ne+mt^i .... IM.Od-aO.2 —0.05 125.3 -25.00 
l-Vhnmri . . - I24.0i-ib.2 -^0.10 

A|-nl 124.6 J-75.2 tO.55 

Jnnr. 124.B -27 .B —0.25 

” Sal.-.-: I0 r . 'E» kiii nf 100 "lomics. 


199 jn >rtu!.00i a twine cil for June-July 
shipmem. White sugar daily price was 
tiled a- rtto.04 mu.OOi. 

Uum-'icr considerations sriraulafed 
long pquidailoa at the opening, when 
losses uf about 73 points' were recorded. 
Sellers ‘.-oniimied to press and further 
leasts of up to 100 points were recorded 
later. aiiMxjgh final prices were slightly 
a bo iv the low points. C. Czanukow 

Lares 15 *-ilos 3.3 0-5.00: Moroccan. 4.00- 
4.20: Californian: 4.<0-4.5v: S. Alncun: 
Navels a.lWM.33. Lemons— I ijIiuii: luu- 
150s new crop 4.HM.3u: spjnu Large 
boaes 3.00-4.00. Grapefruit— Cyprus; 13 
kilos 2.30-3.00; So kilns 3.2M.fti: S. 
African 27 72 3.W4.15; Jaffa: 20 kilos 

1.00- 4. OR. Apples— French Goldin 

Drill lulls I'll-lh >4$ r,..'4l-.1.V0. 7 IS 3 riO-7.IWi. 
jumtiie UOS.-S 0.13-0 57: v:. Ausrroluii 
Grannv Smith 9.00-9.30: Tasmanian, 
nranny Smiih 9310- 3. •'■0: Italian: Rome 
Beauij p-.r pound 0.17. Golden Delii-rous 
fi.134.17. Jona’bans 40 lbs 5i0: S. Afncan: 
Granny Smlih 9.T0-0.30. White Winter 
Pearmain 7.3D-S.CW. Starknu Dclleiuus 
5.20-6 40. Golden Delicious •v/U-s.W). York 
Imperial 173-291 SJ2O-S.G0: ChUeau: 
Granny Smith 9.30: New Zealand: 
Stunner Pippins ISJ BOO. 173-9.00. Graonr 
Smith 9.3Q: Danish; Per pound. Spamns 
D. 13-0. 1 5. Paarv- S. Alncan: Cartons. 
Pacfcham's Triumph 9.50. Winter Netir. 

8.00- 5-0. Poaches— Spanish: Standard 

trays 2-JO-3.M. Crape*— Israeli: Pcrleite 
7J0, Queen of the vineyard 10 u. 
Plums— Spanish : 5 kdos Japs 2-50-3.UJJ. 
Uethley 2h0-3.00. Santa Rosa 4.5fr-a.00. 
Apricots— Spanish: 5 kilos 3.00-3.40. 

Ininas — J jma lean: Per pound 0.1 a 
A vocados— Kenya: Fucru- 14 24s J.SO-J.SO; 
S. African Fuene 4.3O-4.S0. Sirawberries— 
Californian: 0.90: Italian: 0.20: Spanish: 
0,20. Cherries— French: Per pound 0.3U- 
n.40: Cyprus: 0.65: Italian: D 35-O.uO. 
Onions— Chilean: Cases 2.60-3.UO: Canary: 
5.00: Dutch: 1.544.00: Israeli: 3.00: 

Texas: 4.30: Egyptian: £.W: Spanish: r..0iL 
.1.20. Potatoes— Egyptian: Sail: Cyprus: 
3.40: Jersey: ■>5-lb 0.065; Valenaa 3 30; 
Majorcan: 3.60-3.60: Bn:tanr: 3.5W.20. 
Tomatoes— Du ich: 3.00-3 Jh). Carrots— 
V'rcnch: Names 26-lb buses 3MM.0U: 
Cyprus: Ij-O-T-OO. Asoarag us— Californian. 
Per pound 0.90-1.00: Hungarian; O.M. 
Beetroot— Cyprus: 2i-lb 4.4 *j. 

English produce: Potatoes— Per -w-w. 
White Red 2.60-3.::r». new crop per pound 
0.06. Lettuce — Per 12. 0.50-0.60. Cos J.0o. 
Webbs 0.90-1.00. Carrots— Per pound 1.60. 
Onions— Per 56- lb l.M-3.90. Rhubarb— 
F*. r pound, nuiddtir 0.05-ti.Ub. Cucumbers 
—Per I ray 12 24s. l .40-1 .60. Mushrooms— 
Pi-r puuad 0.40-U.30. Apples— P it puund 
Sramler s O.JO-d-29. Tomatoes— Per 12- lb 
Knnllsh 2JWVJ.U0. Grwns— Per crate. 
Ki-iit 1. Do-l. 20. irabhage 1-40. Celery— 
Per II li S.00-2.50. Asparagus— Per 
bundle approx. 2-lb I DO- 1.40. Straw- 
hcrrlcB— Per i-lh 0.15-0.1$. Cauliflowers— 
Per 12 Lincoln 2.40-2.50- Kent 3.5J-4 j0. 


Pn.-f-s per timne unless othenvise 

. - L . rlune 15 ft* Munm 

\j HI.. — syifi 

Metals . , 

Aiiiiiilmiint LbBQ 

Free- miirtet <{.020,3 

iimr-r<*sbW.HM*.t757.2B ,216 
3 mi'Hlb- it*., ike ic750.2S -• E.5 

Ci-fili t Rtbude., 1»:751 - 5.5 

5 mouth* do. do. 

Gold Troy ga 

Lead Cauh — ... 

i month) 


Free Merkel tcit ihi 

1752.75 -3.0 
MB2.6Z5' T 1.25 
,E310.25 - 1.5 

\tU. -66 ' 


| 2.00 | 

5985 0«f 
Itfi 1 6.7a 
* I '5.375 
1 504.25 



Platinum imv az..[lll33.0 - 

Free Market....... £132.95 + 1.46 

(Juick- deer ( : 180-25 . 

Mivw uw iv.. m ._U86.2S)j + 0.J6 

i nmnihi- |293.B5p +0.05 : 

Tin Ch-Ik 1 8.8 10 +1 IQ.O 1 

•* mouth* .] >8.702.6 +07.5 

(TnitninSt.04lb.cifi 130, '36 ... 

Aiue cuih jt'322 +6. 7B 

3 luantii- [£332.5 - 6.1:5 

Producer* I 560-600 

Oils l 

1Y..+WIHI f Phil)...... j;6SO 

(inuiqtinuL.... £739 

Ltufced rnci«iv>..[G385 

Pain/ ilaioivn fiSSaf 

'• I tY-ifi- 
< b.575 

--3 12.25 

: 610 

Sugar down; 

metals sain 


L..;m Philip. 1*440-- . ... S410 

suvktjwi «L.S.»....j 5282*1- h298 

:tua»r ’ 

fret. lYwierday'i 
Comm. 1 Cluse 
Conn. ) 

Previous | btiMneu 

tinea LWiie 
1 P 


DUNDEE JUTE— Easier. Friers c and 
f UK fur Sepl.-Nov. shipment: HWB G64. 
BWC £252. bVITO £240. Tos»a: BTE C+L 
BTC £233. BTD £246 Calcutta goods 
steady. Quotations c and f UK lor prejnpt 
shipment: 10-oz 40-inch £9.91. Ti-oz ir.$: 
June £9.91 and £7.79: Jnls'-SepL J9..9 
and £7.09. “ B” twills: £20*4. £2 j.IS 

and £27 J2 for the respective shipment 
periods. Yarn and doth eery quiet. 

Grains ! 

burtui KKf ; 

■ linin' Fulnie* £82.2 


Kr I, ell Nu. 3 .Sin C1Q4 


N*i. I K»l E95.S 

NnS Hui.i IVinteri 
tll<llell UlllKIf.. >:ld5 

U».--h >"i|Jviifi-ui | C 1.749 - 

tuliux-.'ii-iq <11.661.5 + 

L',*lfwF*ilnre i 

6*1* l-'EME - 

‘.-•it-m In-lcs... 73.25.- + 

Kuiiiicj. m ilia. ..... 57.75 \j + 

Mj*r 1 Kh v> 1. .. l£99.B - 

iv,- a et,.i w na, *iiu...; aa3 p ... 


1.0 L'loe.b 
0.75 i:94.8 

. .1 jiS 
S.*, 1 1.975 
10.0 .1.888 

10 1.471.5 

0.45 70-Bp, ‘ 
0.26 53, 

1.5 95.8 

■ Nominal. t Ifnqumcd. ft Auznst 
m June- August. 10 July. rJune-July 
r Per ion. 


X rie* Lonne 

Aur 1u1.9J-U1,6B'Il8.40* S.SO;Il3.50.i11.D0 

1H7 luS.lJ-t5.20- Lb. lj-fi b.2ji Ills. 10-uZ.hO 

Dee..... Hi. .30-l*.4a I0B.35-0B.5 j 10i.4fl.DB DO 
Jlnrch . "a-60 li.70'.n5.7u-15.7i'«lb.eD.13 00 
Mm ... HB 
Auk.... I- 0^-»U.7pilL2.0a22.i,. l KJ.50-/9jD . . . LJ.5/-24.a. , 1.5.?5 S7.0. 124-50 

hah- - • 4-u7t *3.1001 luti pf 30 lonnu-j. 
Tun- ami i-i'ic ex-refinu-r.” pnvc f**r 
uranui.iuJ W>is white suwr wa** £2 -lmu 
• .aim • j i**iine for home trade and £159.50* ;-r capon, 

Imernaiionel Susor Agreement: Prices 

wheat— H8.1S. 0 70. 0.U3. ml >87.32, ml, ' ‘ ' ' ‘* L ‘ J 

nil. nil 1: Durum wheal— 131.1a. nil. ml, 
nil 1 130 46. uil. nil. nil •: Rye— Sf.SJ. 1>fio 

nIL nil isl'.jj. nil. nil. n lit: Barley— ■< r 4 T* t~nr t nt rc 

ini. ml. ml ■samei: Oats-79.fi3. nil. ml. M t A * / V£Ufc 1 AULti 
nil isainii': Maize (other than hybrid for 

New Brazilian 
frost forecast 

By Our Commodities Staff 

Iniernaiionul Sonar Agreement: Prices 
for Juu- — 'U23. ccnis u pound fob and 
slowed •-■iribbtan poni— Daily 7.43 i7.4j«, 
13-day .r- crate 7.13 ir.4a>. 


(Yoaumta]:‘«{ ■+ »«■ 





July' 1BB8.D-W.8 ;+14.7B[1710.0-l6B7 

imt ;USfl.ff63.ff (+!«.«»;• fiS-t-B.i* 

Dfep ir24.0-li&.0 i+IBIM USB.- -10.0 

Uiu-ub ilBII-O-H.D I+15.7S.IBU 0-1595 

Ha V IIBM.fl 04.*. '+14J10flB04.HBBB 

Julv il .99. B7.0 +18.001688.0 80.0 

v-ir. .i*iB1.B-9!.D +9.W! 1B70.0 

sudlngl— m.00, ml. ml. ml 1 76.99. ml. 
uL ttllj: Millet— K.w. nil. nil. off 'same*: 
Graf# sorghum— S3Jq. u.13. 0.13. 0.13 
ISS93, nIL oil. nlli. Also lor Itanr: Wheat 
or Dlhtsd wheat and rye— 135.67 (134.73); 
Rye-130.26 iCMGi. 


LONDON— Doll and featureless. Battle 

(Pence per Rita) 

Sales: 2^73 1 sTlB5 ■ luis of 10 lotmes. 

. I irt creation at Cocoa Orson Isa tr»n tt/.S. 

pwuk prt miundi— Daily pnee June 12. 
131.70 (130.721. Indkatm 1 prtw* June IS' 

lS<lBy averasc 133.W 1 134.9617 —-day 
average Ui.W H36JI/. 


COTTON. LJvcrjuuJ — Spot and shipment 
gales m Liverpool amounted 10 32 lonncs 
again, bringing ibe lOiai for tbe week so 
far to 104 lonnos. There was Inn l led 
B mwi w rt in . various American types. 
m iriiiii. E 15 1 era growths aiiractwl some 

Aunt hall Mil I 

ti rertsy Wo>d| 

V«*fireni'.va + in 
Cl'iap 1 — 




U lrJ*t*r 

ss - «r.u 


40 -5.u < 




5lm | 

& »8.a . . 



1 B -8.0 ' ... ■ 


t ini* a vi • • 
deceiniin „! 

HI. 5D.J .. 
248.. 52.0 .. • 

Sale.-*: Nil *etini*-» l*»i ■- uf 1.500 ka 
SYDNEY CREASY » In order, buyer, 
seller, blinnO'S. --:tli*-- 1— Micron contract, 
.Tone I,*: July .MS.O. 24S.3. .74S..VH3 u. 21; 
Oci. 348.5. 349.0, 34P.0-.t49 0. h; Dee. 333.*. 

SMITH FIELD ipriCes 10 PCOM per 
puund 1— I Beef: Scotch kilted sides 34.00 to 
57.00; Cm hindquarters 70.M to 74.00. 
fnrequanert 52-00 to 36.00. 

Lamb: English small &.D0 to 83-00, 
medium K * M t0 &LM. Imported frozen: 
NZ PL 51 03 to B.M. PM 50.00 to 51.03. 
Pork: English, under 100 lbs 36.00 U 

43.00. 10M5B DM 56.09 to 42.00, 130-160 IbS 

33. Oil to fO.Ofl. 

Rabblu ishittaed}; English tame 63. M 
10 M 00; Chinese 41.00 to 43.00: AnswaLan 
M 00 n> M-M. 

MEAT CDNNISHOK— A v erase fitStoek 
prices ol rcurestniative marfceis nn 
June 13 CB cattle 7aJ21p t*cr kg. l.w. 
( +2.fifii. UK sheen 137.3 d m-r kp. et-l. 
d.w.K. ' ^ I. CB niu** 3s.6n Dt-r Hit. 
1.1,-. England mad Wales— 'tattle 

numbi-r.-* <Juwn 13.1 p«r cent, jvfrsue 
price 71.2M* ‘-*-2.6&*; dlavp duitii b.l* per 
t-en: . a't'r.iic IJ7.3rj 1 (*ik.- .■i**-.*-n 

15.. ' «ni. averas* JS U* *-5.l*. 

ScovUnd— C.'UlO up 1.7 mr w nt . n't-ra^e 
7.' Mp 1 Sheep <J«wn 12.6 per 

i-etit. a'vfaaw la4.lp ■*: PI=S up ■-’2-3 
per i-OPi noraae «£>p «-o.7i. 

C0VENT GARDEN (prices m srerlms 
n*r p+ckaie unless stat’Ui— imported 
produce: Oranges— Cyprps: Valenna 

FROST IS imely in Brazil's 
coffee growing reyion al ibe end 
of this month or early in July, 
according to Sr. Cnrlua Utrartli, 
j inotcurolugiat at the Sao Jci!>e 
dos Campos technical aerospace 

The frosts were only expected 
lo be “moderate" however. 
Heavier frosts might occur in the 
non-coffee state of Rio Grande 
do Su! though, he added. 

Sr. Girardi said the centre had 
correctly predicted the frost 
which slightly damaged the 
coffee crop late last month. Its 
forecasts are based on gravita- 
tional influences from the sun 
and tbe moon, wind oscillation 
in the stratosphere over the 
western Atlantic equatorial 
region and cloud cover over 
South America, monitored by 

Local coffee trade sources 
said they found the lung*lerm 
fnrecasis *' interesting.'’ but 
preferred to roly on (he Federal 
Weather Office's daily bulletins 
for assessments or weather 


Jwif 13 'Jumt 12' 

i ■■**' 

247. Z3 : 246.77 245. 19 I 252.81 
fKasf: fitly 1. iBvi-i'iOi 


Jiiiu- I?' ■ mu. lii, i, i... 

W 10.0 15 17.6 1465.8^. 

iHiiv Si-Dimitwr l» iuiii = IIhii 




June - 1 - *1 , ii 1,; 1 '■«* 
12 I v • -u- 



atau- — 356.36366.76 ! 
Future ‘34B. 1 3349 .OR a5C. 1 2 574.9 1 

DWenwr lOJk-KS-astMi 


1 June ( June |Al**iuU| 
.Unuly’a j 13 j 12 j - ■ 


-«m e * |B85,6!BB8.6; 91B.5 


ihNwnftM vi ipif-HH' 

NEW YORK. Jun * Iff 
PRECK'LIS METALS finishfd siren* <*n 
com mi 1 h ik jniblionar>' mu-’Ciacions. 

Ci'MPur riri.-d tuner **n trade hixl=*>vellin^ cnutintPAl -.pciuladi t tiqulduimn. 
Sueir fell r-harnly. r^iublishlnK new lire 
nf fi-niiirai.-i luw» ->n a«i,Ti«'ivi. Cnm- 
mi>^iun lloui.e mup-Ips: m-IIiiiu and 
churiiM bbUiu^. c i-fii-e eiwnd near un- 
changed nn mixed iradmj and a lack 
of dlr*-cnon. 

Cocoa— July 12.7.25 »I22.7(|i, Si*W. 129.10 
HSf.TSi. Dec 123 jo. 5larrti IZ3.03. Way 
iri .25. July I19.W. Sept. 113.115. SuIl'' - . 
■KN loii. 

ColTev— ■ C " C*in:r jci Julv lmt.uO- 
14«2.'3 ' lo 3.. i’n. Sent. f.rtW-l m.iiii ‘H6.US/. 
D*t. M arch Vff-.fiO-ISKai. May 
1V.5IMC1.UU. July 1JU.OU. Si-pi. I27.0U.L‘S.50. 
S-ilr.:" avN< Imi.-.. 

Copper — Jinn- hi 411 ">l.;Oi. Jule nl.Td 
1*72. IU*. Auk. l*sau. SfPI. «2.1*0. Dor. b4 .50. 
Jan. uj.'iJ. March i'ii.-OO. May *-7 oti. July 
10 Sen/. fiH.UO. Dec. Juu 71.00. 

Merrli 72 .hu. Sale-: 7—00 l»,i-. 

Cotton— N**. 2. July 59 59-3U.W) 1.79.77*. 
"•■i- <■•!.*» *n?10'. Cm- ua.-fe-oJS.*. March 
n-l.ijj. May A3-.:0-i*5.45. Julv UJ. 7/*-Ub.2fl. 
I'd. 0J.4P-ibl.iHi. .ijhr: L4.'*ii luks 
‘Gold— June 7*J *U1.10i. .lull 154.40 
1 1*2.20'. Auy. Isj.jfl. On. 1SS.1IU. Due. 
191. 10. H-b 194 10. April 197 lu. June 
2MIO. .\un. -.03. 1H, (m 2W. til. Dee. 200.10. 
tcb. .M2 20. April siaav. li.Wli Iwl-*. 

tLard — Chiuumi luo--i- r***i avjil able. 

NY prune sl.-aui .'42.'"* ■ imai allaOlc-i . 

tMaizC — fill; 2.1 Jr.’ *2.77,1. Sen/, 
-'ey ; .-J/W >23811 '• De*. 2U-20K. -March .’ES. 
Slay 271. July 271:. 

? platinum — July 2 49.HU-249. jo *242.70*. 
• ill. ’.'Ji.nKUS.ift '2J.7 7U*. Jan. 2.1.' OO- 
'.'.'►4 40. Aunt 2.V.7U-. '50.90. Julv 2*>g.2'L 
259.51*. Ufi-l. .’1*1 .i*IK!i'i 1 .SO. JJU. Jlri.'HI- 
264-M). Sales: 2.403 tuls. 

‘Silver — June J-’iU-'d r521.ii0* July 522 50 
■ 524 )0*. AUB. 33U.10, Scpf. AS.70. Dec. 
351.4U. Jan. 555.4U. March 5U3.7U. May 
.-•rj .V. . July 5cl 10. Se|il. 500.10, Dif. 
iHa.UI. Jail. 60S.W. .WuTCfi *17 SO. salc\: 
12.500 l*us. Handy and Herman ipr*i 
bulbun 527.90 <525.b0i. 

Soyabeans— JuU' bSU-bSJ 'hKJi, Aur. 

5ij-G 70 <6S3.'«. Scpl. 65I-65J. Nov. £25-622. 
Jjn. n'-’M27:. March 633-634 J. Mav SS7. 
July bx:-. 

j Soyabean Meal — July 17.3.00,] 74.30 
*176.10'. Acts- I7ri.50-27b.If) tlTT.UOi. Sepi. 
]7U.nn-I7B.50. Ud. I74.U0-I73.iU. Dec. 
171. 10-1 71. .in. Jun. in.5n. March 174 U0. 
BIa> 174.70, Julv 176.lHH7ii.5U. 

Soyabean Off — J11I1 25.5U-25.37 1 25.7.5.. 
Auk. 25. llj-Il Hi *25.27*. Sul*!. .’f.-N-IfJj. 
Oul 22 45. D*->. £j.'i>”.50. .tali. J-.-O- 

3123. Marilt 22. W. May 2I.5P-A.-.9B. July 
21.7U-I1 CO. 

Sugar — N.* II .'illy 7.M-T I • -729*. 
ft.'pl. 7.22-7 24 *7 4il*. 'ill. 7 .3U-7 IE. 1 . -f.**i. 
: 95. .Marcll •• :3 i.]4. Mai- S.JS. July S.5I. 
Si-Ill. > 71. I'*., 1. >44 Sail*.: S.0J5 tils. 

Tin — AK>:*;; a:’S:e’J ■UU , j* , U 1. 
‘•wtieai— -tub - Jlfranj; 'Jiu:*. Scpi. 
•:f.f:-jl.:;*. Dec. Mul-aio:. :f28«. 
Mav 31 i;. July Jll 

WINNIPEG. June 1J. Rye— July luo.W 
I mu CU* Otl ;03.40 'hw.iw blit*. Nov. 
1U5.10 a.-Uri Dee. 104 00 asKPd. 

■■■ Oats— July 79.IIH '0.7O1. Oct. T6.W 
asked i«3.90i. Due. 7j.2u. March 74^0. 

jTBaricy— JoJe 7T.-W f 77.60 bid'. Off. 
77.20 bid iTfi.W a*>hedi. Dew. 77.00 bid. 
March 77.10 bid. 

’A Flaxseed — July 25S.0U '259.011 bull. Oct. 
*S?.30 ash'd *230 W bid*. Nuv. 236,10 
juiced. Dec, 235.70. 

ISWbejt— SCWRS 13.3 prr Cent PmiCta 
centeoi ctl Si. Lawrence 16l.SH 1 161. SO/. 

311 no. J*::y aw utt-so.ou. Auyuv J;i 1 

30.00, Sept. iM.00.330.DI). ml. 290.00- 

320.00. Nov. 2SO.U0-S15.OO, Deg. SOI IIU-51U UU. | 
Jan. and hub. uuuunied. Sales.- ml. 


GRIMSBY FISH — Supply -Fitir, 'dcinand , 
good. Pri*...-; j 3lonv ai vnii*'-. tidi- un ■ 
11,-in.Ctyt/l. Shelf ctrii f4.Ufi-r4.itf 'udlU^i 
rtJhi-Ci lar/.*.* haditoefc I4.m* l7- 1>". 

DH'dimn hadiji>'ft r4.un.r4 V). .-uiall ; 
ti.ulducK £2 2ih£3 20; larce nl.u*. 1 ' i4 Sli- : 
li.w. mi-dium ski lee C4.un.r4.76. f)> 
-:ii.ill plaice 13.20 I4.UO: lure- NVjr.ii*-'i i 
dogfish £10 50: large lemon m*i- 4 f' ; |in 1 
in.-illum K-iiiun soles £5.00. sailtie £1*0-; 

All cents »cr pound ex-warehous* 
uuiess oincrwis*? staled. “ !s per troy 
ouncfi— 1«0 ounce ’ Chicago louse 

$*.- p* r ]UD IDs— Pvpi. or Ait. pnvvs pre- 
vious day. Prune Mt-ain folj. NY bulk 
lank ears. . lVius per jj !bi b’ishrl **%- 
w arebou-i-. 5.WIU fjtuJiel low. < y*T 
imy vuiki- for V5 v*z uiiim 01 Uil.9 u*-r 
v u( purity iI.;!ivi.t.-'J NY " Ti-nis 1*. r 
iru- *»unr*.- i-s-WjrvhuUe • N*-'* - " B ” 
inulrail 11: :* short iau l*ir l*utk luis 

ul )UU shun ions, delivered fob tars,*Ku. Toludft. si. Loui- and Alton. 
• r.nta v-r W lh bushel m siorr. 

i.eiim p. r 23 lb hurh.-l * r.i-nis nor 
45 la bushel w\-w ar*-hou*e v, O dis per 
55 lb bushel es-u arvhousfi 1,UUU bushel 
list .. ,r .*C pet tonne. 


~lV Yb . ;•?_ 

■*fi ^*TT -.J".;.. .. . 



Lull in demand for Gilts but equities remain firm 

Share index up 2.4 at 474.6-Golds make progress 

Account Dealing Dates 


•First Declara- Last Account 
Dealings lions Dealings Day 
May 30 June. 8 Jun. 9 Jun. 20 
Jun. 12 Jun. 22 Jun. 23 July 4 
Jun. 26 July 6 July 7 July 18 

* " Nn tine 11 dealings may take place 
from 9 JO ajn. two business days pan to. 

The recent upsurge in British 
Funds faded yesterday as buying 
enthusiasm began to wane against 
a background of fears that insti- 
tutional investors may find diffi- 
culty in digesting this week's two 
big tap issues. Equity stock 
markets. however, continued 
firmly with the Industrial leaders 
edging a little higher. Trading 
conditions in the Funds - were 
much quieter and. with sentiment 
becoming rather uncertain ahead 
of today's announcement of the 
May rrade figures, prices tended 
to fluctuate throughout the 
session. .Short-dated stocks 
opened firmly, but the profit- 
taking soon left its mark and final 
quotations ended with losses 
extending to J. Turnover in ihe 
longer-dated maturities was con- 
siderably smaller and there was 
a disposition to follow the shorts. 
However, final movements here 
were limited to a few changes of 
an 4 either way. 

Despite a continuing low level 
of trade, the Industrial leaders 
held on to an initial mark up of 
a few pence and the FT 30-share 
index recorded a fresh gain of 2.4 
at 474.6. 

Elsewhere in the equity market, 
Store shares were helped by. the 
rise in retail spending and credit 
sale.; last month, this being 
reflected in an above average 
gain of 1.3 per cent to 1S0.15 in 
the FT-Aetuaries index for the 
sub-sector. Many of the day's 
features resulted from company 
trading statements and bid situa- 
tions. but • the modest overall 
improvement was shown in the 

All-Share index which improved 
0.8 per cent to 217.01. 

Corporations failed to establish 
a positive trend and ended with 
changes of 1 in both directions, 
while recently-issued Fixed Inter- 
ests were notable only for Fair- 
view Estates I3.S5 per cent 
Debenture which reacted } to £2} 

The business volume expanded 
noticeahly in the investment cur- 
rency market and the premium 
rose to 116J per cent, mainly 
reflecting arbitrage operations in 
both Australian and Hong Kong 
securities, before reacting in 
lighter trading to close a net } 
higher at 1141 per cent. Bulgarian 
bonds continued to benefit from 
recent reports that the country 
was seeking to settle its pre-war 
debts with the West and the 44 
per cent 1909 gained 1) points 
more to JE7J. while the 7} per cent 
1928 improved a point to £9. Yes- 
terday's SE conversion factor was 
0.6566 (0.6655). 

Traded Options were generally 
quiet again, but the total con- 
tracts done were higher at 337 

enmpared with the previous day’s 
figure of 272p. Once again, 1C1 
became the most active with 98 
deals recorded, followed by 70 in 
GEC and 48 in Marks and Spencer. 

Barclays dip and rally 

The proposed share purchase of 
Investment Trust Corporation 
cum cash resale to the Post Office 
Pension Fund lowered Barclays 
Bank initially to 328p but a rally 
ensued and the shares eventually 
settled 3 higher on balance at 
335p after a large turnover. Other 
clearing Banks continued to make 
modest progress with Midland a 
further 5 to the good at 365p and 
Lloyds and Nat West both 3 dearer 
at 2S0p and 273p respectively. 
Elsewhere. Standard Chartered 
added 5 m 420p and Grindlays 
revived with a similar improve- 
ment to H’2p. With the excep- 
tion of Clive, which softened 2 to 
SOp. Discounts continued firmly. 
GiUett Cm-, rose 7 to 225p and 
Alexanders nut on 4 to 252p_ 

Quietly firm conditions pre- 
vailed in Insurances. Royals 
gained 5 m 368p. while Phoenix, 
2T)0p. and Sun Alliance, -5lSp. put 
on 4 apiece. C, E. Heath also 
improved 4 to 266p in response to 
the chairman's confident annual 

Breweries edged forward in 
light trading. Guinness were 
again bought ahead of Friday's 
interim results and advanced 4 
tn 17fip. Distilleries made pro- 
gress with Distillers finishing 3 
hirhor at lSlp. 

Building descriptions traded 
quietly with few significant price 
changes. Blue Circle, however, 
finned 3 more to 246p reflecting 
satisfaction with the Price Com- 
mission's recommendation that an 
increase in cement prices should 
be deferred until next year. Rugby 
Portland Cement moved 3 higher 
to 77p on the chairman's annual 
remarks, while Hevwood Williams 
continued firmly in a thin market 
to 122p. up n. for a two-day 
improvement of 10 in anticipation 
that dividend .payments would 
soon be resumed. Nottingham 
Brick finished 5 higher at 27ap 
ahead of today's interim state- 
ment. but McNeill Group shed 5 
to 53p awaiting its preliminary 

Albrigbt and Wilson resumed 
at I69p. against the suspension 
price of 157p, following the 
announcement that the Board bad 
agreed to the increased Oder of 
195p per share from Tenneco. 
However, because of a possible 
Monopolies Commission reference, 
Albright closed at 172n. 15 higher 
on balance, but still 23 below the 
value of the bid. IC1 traded 
quietly and ended a net penny 
better at 393 d. while British Tar 
Products added a like amount at 
6Qp on the higher profits and 
dividend-boosting rights issue. 

at !13p. up 4. while Gussies A" 
closed «i dearer at 2S0p. Still 
reflecting favourable commeni. 
Combined English hardened 2 
more to 99p ahead of tomorrow's 
annual meeting. Marks and 
Spencer added a similar amount 
to 143p as did W. H. Smith “A." at 
158p. Elsewhere. Samuel Sherman 
moved up a penny to 14p follow- 
ing reports of another fairly large 
share-placing, while MFI rose 3 
to Sop on renewed speculative 
support. A firm market of la'e. 
Allied Retailers reacted 2 to 2fiop 
on light profit-taking ahead or 
today's preliminary results. Knott 
Mill. 17p, were suspended at the 
company's request pending 
further details of a bid approach 
and trading in I. D. and S. Rlvlin's 
shares was also halted, at ISp. 

and 600 Group, at S5p. recorded 
a Press-inspired gain of 2J. West- 
land edged foiward 2 to 51 P in 
front or today's Irrst-hJf figures, 
while WGl improved 2 to 1Q6P 
following comment on the record 
profits. Matthew Hal] added b' to 
225n and Spirax Sarco were a 
like amount dearer at the 
Uitter reflecting renewed specula- 
tive demand. 

An evenly matched ;r.ide in 
Foods left values little dunged. 
Tescu. however, were executed at 
451 p, up 21, while lingering hid 
speculation lifted Morgan 
Edwards 3 to a 1978 peak of B3p. 
Tate and Lyle hardened 2 to 176p. 
after 17Sp. for a two-day sain 
of S in anticipation of tomorrow's 
interim statement. E hew here, 
rises of 4 were seen in both J. 

Stores firm 

■Responding further to the May 
retail sales figures, leading Stores 
moved higher in thin trading. 
Burton “A" came in for support 

pending clarification of the com- 
pany’s position. Buyers favoured 
selected Shoe concerns with 
Stylo particularly prominent at 
63 p. up 5. K Shoes closed 4 to the 
good at 7Ip, and Headlum Sims 
and Coggins hardened - 2 to 40p. 
the latter m response to Press 

Interest in Electricals remained 
selective. Philips' Lamp mirrored 
overseas advices with a rise cf 
18 to 9SSp. while buying in front 
of next week's results lifted Ratal 
Electronics 4 to 248p. Farnell 
Electronics improved 4 more to 
26Sp for a two-day sain of 10. 
Dubilier hardened 1{ to 20p, while 
Electrocnmponcnts. 415p. and 
BSR. 112p, put on 5 and 6 respec- 

Engineering leaders were mixed 
after' a thin trade. Vickers 
advanced 5 to 179p on re- 
lived nationalisation compensa- 
tion hopes. while Hawker 
hardened 2 more to 22Sp in con- 
tinuing response to an invest- 
ment recommendation. GKN, how- 
ever, cheapened 3 to 233p. Else- 
where. Pegler-Hatlprsiey were a 
late dull feature, falling 8 to 166p 
on news of the sharp contraction 
in annual earnings, but Corner- 
croft firmed 3 to 71p on hopes of 
an increased offer from Arm- 
strong Equipment GEI hardened 
2 to S2p in reply to the results 

Sains bury. 187p, and A»>ociated 
Dairies, 23'2p, while Robertson 
Foods edged forward a penny to 
152p in front of today's prelimi- 
nary figures. Associated British 
Foods improved similarly to 70p 
following Press comment on the 
results. Hotels and Caterers had 
an isolated linn spot in Queen's 
Moat Houses which moved up 1! 
to 3Sp with the aid of call-option 

Miscellaneous Industrial leaders 
pasBed another quietly firm 
session. Pilkington rose 7 m 4$7p 
ahead of Friday’s annual results 
and Reed International advanced 
6 more to I38p, with sentiment 
still impressed by publicity given 
recently to brokers' favourable 
circulars. Metal Bo\. 310p. 
Becchara. 647p. and Bo water. 197p. 
all improved 4, while Turner and 
Ncwall hardened 2 more to 180p. 
Elsewhere. Skelchiey stood out 
with a gain of 6 to a 1978 peak 
of L21p following the proposed 
dividend-boosting rights issue; 
Johnson Cleaners were 5 up at 
92 p in sympathy. Lindsay and 
Williams added 3 more to 49p on 
vague suggestions that RFD may 
sell its 24.4 per cent shareholding, 
while Bath and Portland gained 
a similar amount to 77p owing to 
speculative buying ahead of the 
forthcoming interim results. 
Avon Rubber hardened 3 to 189p 
in response to an investment 

recommendation and . improve- 
ments of around 4 were seen in 
Coral Leisure, at 115p. Relyon 
PBWS. SOp and Thomas Witter, 
54 p. By way of contrast, 
Johnson Matthey finished 7 lower 
at 42Sp reflecting disappointment 
with the annual profits. 

Noteworthy movements were 
few in Motors and Distributors. 
Flight Refuelling attracted de- 
mand and rose 5 to I38p, while 
Automotive Produets, 88p, and 
Armstrong Equipment. 70p, put 
on 4 apiece. Following recent 
Press suggestions of a sharp im- 
provement in profitability. Heron 
Motor turned reactionary and the 
ordinary fell 4 to 144p, while the 
30 per cent convertible reacted 
20 points to £215. Pennine Motor, 
at I3p, closed a shade easier after 
the previous day's late rise of 2} 
on news of the Fremwain Group's 
involvement in the company. 

Yield considerations attracted 
buyers to Newspapers and per- 
sistent demand in thin markets 
raised News International 20 to 
265p and Associated Newspapers 
7 to 163p. Daily Mail A firmed 
10 to 29Sp and United Newspapers 
6 to 360p. In Papers, Associated 
added 4{ to G3ip and the 6i per 
cent convertible rose 8 points to 
£118. Small buying lifted 4 to Top. 

English Property. recently 
buoyant on discussions with an 
unnamed Continental group, 
turned dull in the absence of new 
developments and touched 3Sp 
before recovering to 41 p, 2 lower 
on balance: the 61 per cent Con- 
vertible eased 6 points to £90. 
Other Properties were highlighted 
by Church bury Estates, which 
firmed 11 to 26$p following the 
announcement that British Land 
had acquired a 15 per cent stake; 
the latter closed fractionally 
higher at 34p. Berkeley Hamhro 
put on 6 to ll5p in further 
response to the disposal of its 
share stake in Swire Properties. 
But Swire eased 3 to 5Sp. Renewed 
demand in a thin market left 
Property Partnerships 7 higher at 
125p, while Imry, S to the good 
at 310p. and United Real, 4 better 
at 250 p, both attracted occasional 
buyers. Avenue Close finned 3 to 
73p ahead of today’s preliminary 
results, while Great Portland 
Estates held at 300p awaiting its 
full-year figures. Fresh considera- 
tion of the results left Property 
and Reversionary A a couple of 
pence easier at 29Sp, but Rush 
and Tompkins finned 2 to 119p 
following the annual meeting. 
Elsewhere. Estates and General 
Investments put on 2 to 22p before 
being suspended at the company’s 
request pending an announce- 
ment; the- proposed merger with 
County and Suburban Holdings, a 
private concern, was announced 
well after market hours. 

The volume of business in Oils 
still left much to be desired and 
British Petroleum edged slightly 
higher to 860p, while Shell held 
at 552p. Recent speculative favour- 
ites Siebens UK, 34Sp, Oil Explora- 
tion, 250p, and Attack, 96p, all 
passed quieter sessions and rarely 

moved from overnight levels, but 
rerived interest lifted Century 2j 
to 57p. i 

Ocean Wilsons, at 91p. recouped 
3 of the previous day’s loss of; 7- 
which followed the preliminary 
figures. Other Overseas Traders 
also moved higher including James 
Finlay, up 6 more at 367p, and. 
Harrisons and Crosfield, 12 to ‘the 
good at 487p. _ - 

The offer by Barclays Bank on 
behalf of the Post Office Pension 

Fund for Investment Trust Cor- 
poration lifted the last-named - 23 

to 278p, compared with last nights 
share-exchange element of the 
offer of 284p. Other Investment 
Trusts went better in symp athy 
and closing prices were the day's 
best levels. Caledonia Investments' 
moved up 4 to 254 p in front of' 
tomorrow's results, while similar 
gains were seen in Alliance Invest- 
ment, 224 p, and Alttfund Capita^ 
182p. New Throgmorton Capital 
were also firm at.IISp, up 6. -' - . 

Furness Withy made a better, 
showing in Shippings and touched 
252 p before closing 3 better on 
balance at 249p. but small selling 
in front of to-day’s results clipped 
a penny from Lots, at 34p. 

Textiles bad contrasting mover 
meats in Dawson International, 3 
better at 132p on revived- specula- 
tive interest, and TomJdnsons, 2 
cheaper at 56p despite T ihe, 
increased first- half profits.' 

Australians, active • . 

Although prices did not show 
the substantial gains of re<%n.t 
day's Australians nevertheless 
continued to attract a good deal 
of interest 

An overall firmer tendency in 
overnight Sydney and Melbourne 
markets saw prices open on a 
higher note and move fia-ther 
ahead throughout- the morning 
and early afternoon. In the late 
trade, however, profit-taking 
tended to pare earlier gains 
although In the majority of cases 
prices closed a shade above their 
overnight levels. 

Western Mining were again 
active with the shares touching 
a new high for the year of 162p- 
before easing back to close ..un- 
changed on the day at 158p; the 
initial flurry of buying continued 
to reflect optimism over the rich 
copper values encountered at the 
Benambra copper-zinc-silver pros? 

The strength of the bullion 
price, which was finally .81-25 
higher at S182.625 per ounce, 
enabled Golds to gain "ground 
initially, but the generally lower 
than expected June, dividend 
declarations from the Gold Fields- 
group mines caused a slight set- 
back in the late trade. 

Nevertheless the Gold Mines 
index managed a 2.7 improvement 
at 160.9. 

Among those declaring June 
dividends West Drlef ostein were 
notably weak in -the after' hours 
business with the shares ■ dipping 
from £22$ to dose $ harder on 
balance at £22$, while . - East 
Driefontein came back from 773p_ 

to close 2 cheaper .at 760p. ■ ■ 

The initial firmness of Golds 
coupled with a higher investment 
premium prompted modest gains 
in Financials. Anglo American 
pot -on another 10 to a high of 
322p, while De Beers eflimbed 8 
to a year’s peak of 366p, Charter- 

were prom i near among l/maopr 
based Financials; continued satis- 
faction with the I&77 results ief? 


theu shares'?; better: at a 
of • l50p. ' SdeeOOB •T tagggfa fc 
attracted* support -dosing^st-*^® 
at 426jp. • .-j; 

■ Elsewhere. - - Anglo 
Development, advanced 1?. sabtafoS 
203p — a -two-dayj'gawu 
following further pejsisteafc iKS* 
don And Canadian .Interest 5%fla££& 
ing the com pany'a: brsniush' pwfijfc - 
peering aeflvttietf in ' 


■ - No. 

Denomina- of 
Stock tion - marks 

BarcSays Bank ..i -£1 12 - 
Albright & WHson 25p : 11 

Shell Transport... ' 25p , . 10 :• 

Bowater •••' . ® 

De Beers Deld. R0.05- 2 

Western Mining..'. ASOfift" 9 . 

BP - £1 S 

Midland Bank ... £1 8 

NatWest - £1 S\ • 

Reed Inr» £1 " .:-S; 

TsL Houses Forte 2ap S 

BAT Imls 25p - 7 

English Property 50p # 

1CI £1 . 7 - 

Unilever 2op .» . 

price (py 

335., , 
- 172 
. 552 . . 
. 358 
'• 138 
335 ' 
41 ’ 


536 • ' 

Change .. 

. . -h.3 
. 413 . ; 

+ 2-i'- 
" '-f .4 . -ri 

+ s 

' - 1 1*^" 

jlDTR. ■ . jMa rii-i-V >• 

- i * 

586 . - 

.205 w. 35s 0’^-V ? 
366 »■*». 285^,.t •> 

r 886 r 

390 . , 


220 - i 

‘346 X 

:>31 "A'rawv 4 5* 


The following securities Quoted In the 
Share Information Service yesterday 
attained new Highs and Lows for 1978. - 

NEW HIGHS (213) 


BANKS «1» 

BEERS <11 

BUILDINGS (5) ' -. - 


FOODS <21 

HOTELS C1> . .r 


MOTORS (1) . 



SHOES f2) 



TRUSTS (72) 

OILS on ' 

TEAS an 
MINES (28) 



Trcas. Variable .'82 • - 


Iceland 6«y>c '83-88 *' •' ^ ^ 

BANKS (1£ - i v- ,.v»,vV • J * 

Hill Samuel Wmts. • • : ^ f ■' 

ENGINEERING <2> 1 <• T - 

Jacobs U. 10 7tA5 < „ ' ^>5 .>*•->- 




j- rr. :V» 

Brit&b Ponds 

torpnt, Don. -■ md * . j. \ 'i - 

- For o)sn Bonds — \S -r." * lsS5t*. ’ 

IndnstrloEs - — ' . 4S*‘..-^3frr JWSt. :z • 

Financial and Prop. 2U - 

oils . is - 

'■ r < ' ' Totals ~ . : tlf. 




Two additional deputy 
chairmen for Gallaher 

These infices are the joint co mpil a ti on of th e Tinancial Thaes, the Institute of AefV irfar^ 

and the Ihcnlty of AetsDles 

Toes., Jose 13, 1*7* h™ 

Mr. S. G. Cameron and Mr. R. T. 
Harris have been appointed addi- 
tional deputy chairmen of 
GALLAHER and both will act in 
an executive capacity. Mr. 
Cameron will continue as chief 
executive of ihe tobacco busi- 
nesses at home and overseas and 
Mr. Harris's primary responsibility 
will be for the non-tobacco 
interests of the group. 

Sir John Hogg, who joined the 
Board of the company in 1946 and 
became deputy chairman in 1964, 
is to retire at the end of this 


Mr. Douglas King, senior part- 
ner of King and Co., has been 
elected chairman of the council of 
King, who has been deputy chair- 
man of the council for the past 
two years, takes over from Sir 
Peter Tennant, the Chamber's 
new president. Mr. King is also 
chairman of Hearts of Oak and 
Enfield Building Society. Deputy 
chairman of the Council of the 
London Chamber is Mr. R. T. S. 
Macpberson. who is deputy chair- 
man and managing director of the 
Mallimon-Denny Group. 


Mr. E. Urquhart Broadhent. 
director responsible for industrial 
and personnel relations within the 
LAING GROUP, is to retire at the 
annua] meeting on June 22. 


Mr. G. N. F. Wyburd has been 
appointed general manager, man- 
aging director's office. DUNLOP 
LIMITED, with special responsi- 
bilities including secretariat of 
the central committee of the 
Dunlop Pirelli Union. 


Mr. John Armstrong has been 
appointed managing director of 
and he also joins the Board of 
Data Recording Instrument. 


Mr. Eric llrewery has been 
appointed director-general man- 
ager of the Rotating Machinery 
He was previously product direc- 
tor of that division. 


Mr. Jeffrey Townslcy, general 
has been appointed lo the new 
position of managing director. 
The company is a member of the 
Neil and Spencer group. 


Mr. David Brown has been 
appointed to the Board of 
director of M and E Development. 
He was formerly senior develop- 
ment engineer. 


Mr. J- H. Robensun has resigned 
as a non-executive director of 
bis business commitments. 


COMPANY has made the follow- 
ing appointments: Mr. John J. 
Doyle, deputy general manager 
and secretary: Mr. Paul G. 
Truijen 1 * - - at present financial con- 
troller and actuary aLo becomes 

Mr. S. G. Cameron 

assistant general manager; Mr. 
John K. Flowers, assistant general 
manager; and Mr. Gyles F. Taylor 
and Mr. Nigel A. Bowrey, 


air. Don Young has been ap- 
pointed joint managing director 
member of the S and U Stores 
group. Mr. R. O. Crouch, the 
other Swallow joint managing 
director, has also been made 
deputy chairman. 


Mr. Peter I,. As pi nail, manag- 
ing director of TAVENER RUT- 
LEDGE, has resigned to devote 
more time to family interests. Mr. 
Andrew Place has been elected 
managing director and continues 
as sales and marketing director. 


Mr. J. Antoine Zananirj has 
been named vice-president and 
head of Middle East and North 
Africa group or CROCKER 
NATIONAL BANK, based at the 
California bank's London regional 


Mr. Henri de Carmoy, at pre- 
sent general manager of Chase 
Manhattan Bank in France, has 
been appointed chief executive of 
the recently formed MIDLAND 
BANK FRANCE SA from July I. 
Mr. de Carmoy will also have re- 
sponsibilities in connection with 
new developments by Midland 
Bank In western Europe. 

Midland Bank France, which 
will have an initial capital of 
FFr 20m. will carry out whole- 

sale banking in France as a 
wholly owned subsidiary of (Mid- 
land Bank. The formation of the 
new company is in pursuance of 
Midland's policy of increasing its 
direct representation in the major 
financial centres of the world. 

Mr. R. D. Reader has been 
appointed chief co-ordinator, re- 
search and development, BRITISH 


Mr. S. Chance has been ap- 
pointed chief executive, Europe, 
•Middle East and .Urica, of PAND- 
AIR FREIGHT. Mr. C. Williams, 
has become group finance and 
services director. The company 
is a member of the P and O 


Mr. Colin Wiltshire has been 
appointed to the Board of FITCH 
AND CO. as marketing director. 

Mr. Nicholas J. Dalton has be- 
come assistant managing director 
of TepraJ -Building Products, 
Tegral Pipes, and Turners Build- 
ing Products (Northern Ireland). 
is the Irish-based subsidiary of 
Turner and New-all and Cement- 
Roadstonc Holdings. 


The board of SLIMMA GROUP 
HOLDINGS has been restructured 
and Mr. J. R. Hownrth. Mr. J. D. 
Mayoh. Mr. R. A. Board man and 
Mr. S. E. Harrisnn. all directors uf 

major subsidiary companies, have 
joined the board The parent con- 
cern is Tootal. 

5.56 . LOO 

5.73 7.87 

3.93 7 M 

3Jt6 9.46 

6J8 735 

6.03 .7.49 

8.60 7JH 16328 

4.81 839 197.44 

3J0 9.40 Z3L19 

626 L53 379:73 

631 '721 32636 



19856 { Z9666 

25661 J255.73 

432.20 I 43028 
20436 I 2BL95 

sioo V.V. I - 
100|« K.»\ 2u & 

• • . F.r. I — 

C9B £10 22(9 

lOOp' r.,\ - 

■ • | P.P. — 

• ■ | F.P. - 
£100 - - 

Sbi: 1028(7 

n : f.p. | - 

• • , F.r. — 
£99 £bl> '2b; 8 

• ■ F.P. 11>8 
IX. (•: — '23;b 

» • F.P. : 30i6 

• ■ . F.P. I 7/7 

■ 1 • F.P. - 
£100 ' F.P, 26/6 
t-saij £iu i 1/9 

*■ • F.P. I 16 6 

'-T i.i.tmer. Ki|iiv." Int Km, Iki-m'-ii' (!X 

I0(. 100p .Viniilnst; •*■.' Hu' «. uni. I'rei 

’I* i 95p rAutoiuotiTif Pnxls. 9^ Pref 

i . a Li liianuu Lit, Hf>. ISO. 

Vjjf. Itir /Ji n - i. win. i;i»J i»i>l Prei. .... 

il< 98 p I'CUra Dincnunt 9JJg Cum. Prer 

I|t i 97u iDwhirm ll.J.) 9i% Cum, Prvf 

Gig | io&tL KcUnhurjth (City nf) Vnr. Kale 1383 

0's I tul«)K— c\ Water I'S, Hmi. I‘ivf. 1M14 

l>ni! Zpailhlrdev K«f«. 13.85% Do(< 

>f- 99|i Groenfletri Millett, 10% Cum. Prct 

>!« 4t,l;'Gn.iii«ii-li (Lmi. Ui.n.. olj 11,'^ UtfiJ. LdMi— 

l . 99 'Liberty i C... 9.5“ Prf 

• 971 a .Pllt*nl Cum. Prl 

b • 10* -PreiuaiL 1 tOf, ^ Cum Prpf 

ii 99 Quick iMJ.i 10* Prl 

5S)p .SbiIUj Oi. Auliyu 9^ Cum. Pref 

I 9a Ten n ini. tn., Ui.USi 

O'; J3* - ryne * Wmr 12^ Knl. 

i'll 1 lOOi/.Wadc ISilTvrie* Prel 


. 96|K-2 
. Ills'— >a 

. 102W 

. 98 p| 

•i 97pi 

JIOOI4' — 1^- 

- airuul— 

•I 99p, 

.! 991jl 

.I97iaii: ..._. 

.104 —1 



.• 96 : 

.. IOI4-I4 

.100 .. . 

+0.9 — 555 — 16430 

+L0 24.73 5-63 632 189.51 

-MU — 8J» — 21332 

+1.6 1353 5.68 10.95 14216 

+0.9 — 6j64 — 135.78 

+12 — 6.68 — 32638 

+1.0 14.02 471 1021 329.88 

, +05 — 631 — 8035 

233351 +0.4 3.07 337. 5936 232A7 { 232J6 

U0-78I +1J» 2 3.70 729] 5.84 109.64 [ 108.40 

21258 +1.7 334 4.67 3131 20922 

10233 +13 16-92 631 734 18038 

31436 +0.7 1651 6.69 7.42 312J1 

ALLSHAKE INDEXiff73> j 21731 1 +03 | — | 5.46 


| • lain. 1 

i*'ue 5 “ ; Keiiuti. . 
I'nuvl 5^ j Uai>> 

!*C © I tt 


DEALING DATES Spillcrs, Britannia Arrow, 

First Last Last For Queen’s MoaL Houses UDT, 

Deal- Deal- Declare- Settle- Bunnah Oil, KCA (nternational, 

tags ings tion meni S. Sherman, MFI Furniture, 

Jun. » Jun. 20 Aug. 31 Sep. 14 Lonrho. Shell Transport, 
jun. 20 July 4 Sep. 14 Sep. 2$ Ransomc Hoffmann and English 
July 14 July IS Sep. 28 Ocl 12 Properly. A put was done in 
For rate iwdiroiio/m ■ nee end of BSR, while doubles were 
Share Inltmitnlion Serrice arranged in William Press-, 
Stocks favoured fur the call Coalite and Chemical. UDT. 
included Grand Metropolitan, MFI Warehouses and Spillcrs. 

13 6] 7'7’ 192 178 'Bwnl Ukiumi* ... 

2J3.3] 83 bl 59 4t tlli.Hlii KimiI 

— iSjuii It mnni:nii liii|»-ni»i link.. 

9)6 7.-7- sa 52 U'lnitni MmiiiiHi^nnnj;... 

16:6; 21/7. 2f[iiu 55|mt,Unl*»nii Park In. tn 

— . — . UOfim Ii/hii DhIi tilTui-l tlulil Milting 

— 115 1 11a F«ii\i>;rt lifj 

22.6 19.7. ]5|iin : lUpui.Ut^tau 

zb &| isa.6 |vj i 95 iHyri.^.i, lJiii.nn.i- 

16, 6i 21.7 ttpm M[ii»i'llnVfiii-ii i.Vli'Miu.lvri 

— ; — .1 i^|.m 9Vsi>m Hmhoii tJ.Sti,).. 

a 1/5; liS'6 *.14 . Bfl4m|itiiwnnw )m>-hiiilM-<li,... 

5>6i 1? 'i| ISisI 25i2i«'-i"-- 

U'.iMIl/ S m 

riii* — 


192 -+T" 
37 -1 

43 1 <iu — t 
5612 l + l 2 
j 25pm + i; 

] 20nui' 

113 • 


1 3 |>i.,j * iij 
lll 2 l>ni - .. . 

409 +2 
I ZZia I— He 

fienunciarton dam usually last day for deallna free al stamp duty, o K usurps 
Oaseri on ombL-rtua esumaic. a Assumed dividend and yield, u Forecast dividend- 
cover based on previnii& Avar's ranUnss. r Dividend and field baaed ou prospectus 
nr odlvi ofTictal esiimam tor 19/fl u Gross I Pi* urns assumed. (Cnver nuiws 
for '.gpvcrsion of sbures noi now rankins for dividend or ranking only lor restricred 
■iividviids. > Plaeniv uric.- io imblic. pi Pence unless uiberwise indicated. 1 Issued 
Os lewicr. |l Ofler»n lo holders ol ordinary shares us a -* natns ” *- issued 
by way ot capilalisalion. r- Minimum lender price. 13 Rolniroriucnt Sfl Issued 
m conm-v-tion wiih r^wrpamsauon merger or Take-over ||'[ InirnducUmi. □ Issued 
to io mi ■ r PrrfcrtMir.- holders. ■ Altai mem Inters tor fully-paid i, •Provisional 
or partly- pa id allotment letters, k With vtarraiils. 


20-yr. Red. Deb & Loans (15) 57.39 1 12.94 



Investment Trust Prefs. (15) 62.94 13.38 



Coml. and Indl. Prefs. (20) 71.72 12.92 


tSB.4sr -y 

t K qoerapunB xK'a. Hipn* and lows record, base dates rod values and censtHnant chaaoes « •aMMied*ia < 'Sitia»nr* r T' 

&* c s? - ruw * m - ■** fi “~“ 

A si i 'cl r/. ! i. i.s u «, ’ ty. V, ?, is i: 

{^RQSrfijnBfES* Weanesaat' JSrftFB“ 13 ' 1978" 

«>->£> :j 

Authorised unit trusts 


A^Q'.lJKe Antuasce Co. Ltd. 

•>3 St Fattl’x Qmrgfayard, ECU tn-MBplil 

■>3 St Pattl'n Qmrg fay ur d. ECU «-S 

ssalEjrftea! . .iki «-« 

j* - Jl 

PWPW/Vj . .. i.,,,. 147 Z 2b 3 „ : 
Pnyerty ^c. ■ mm SS3 Iflll - 

TOOBgEpBd^-^ m.9 ^W7S+flj{ — 


fimiiiKC.- So Wt3 i£<t 

Pens- Security 


t& • S3 ..._}- 
tCaav.Fd.Scr.i^.QltA: . UTjq vpJH- _ 
•MM»yW.Scr.4_iSw:i ' ulU _ 
Phetx ai June 13. ValuaOMiBonuUy TUeiday. 

s ee Co. Ud. 


General Portfolio Life Ins. C, Ltd* 

£0 Ben bckm^w-ri . VraJ > 'vim Cra I. WX3!fiC{ 

RwHWwFttiKi . _] 230 1 1 - 

Portion 0CapitaJ_|«_ 7 43 si ! — 

Gresham Life Ass. See. LtcL 
5 Pttae* or Wtfqf Ed. Emoulh 020Z 787655 
C.LrnhFMd„...ni3 101.41-. - 

LJ^EouitTFund^hllSJ. 1U41... — 

cj>g* Food hots mx ... - 

Ci. latl Fund ISTs 127.1}...- _ 

G 1. Ppfy.FtjDd 1 101 2| . ... _ 

Growth * Sec. Life Ass. Soc. Ltd.* 
WWf Bast Bray «j-Tb«nM.3«*s. WatSttSi 
Fleiible Finance . I 11,06* { . .. I — 

Land buns Son-... J KH J . - 

ItBObuk 5 k. accu 16* Ilfs ■ j - 
G.ars. super Ft ..] CT9S* j ...».| — 

Guardian Royal Exchange 

Royw Enrhanfe E.C3. 01-3837107 

Property Bosdt |17*1 USB] _ ..| - 

Bamhro Life Assurance Limited * 
wi oi-o* ora i 

ZiftfAssartnee Ltd* 

sc. SetotcMlOL 
ttUt t - 

uss : " . _ 

OH .... - 

mo __ _ 

277.* — 

126.7 - 

ini ...... - 

iSi = 

Arrow Life Awnruf* 

^nsjridgeRmidWjU. m-wmn 

iS -2 “- i - 

Barclays Life Araur. Co. Ltd. 
2SRon(u«iRiL,R7. 01-SMS1H 

Hearts of Oak Benefit Society 
13-17. Tavistock Place WC1H8SM 01-3879020 

Hearts otOak. [36 4 9S-5I — I — 

HU Samuel Life Aant Ltd* 

4,CW 01-886*353 

160*1.... -I - 

33 — 

4-1.4I — 
+291 — 

+2.71 _ 

line June 14. 
Beehive life Awur. Co. Ltd* 
71.l4UBbardSL.ECa. 814031288 

Bik.Hortr.JuDe -12876 | J _ 

Canada life Aasoranee Co. 

M Hki st. Batters Bar. Hera. P-Bar 31122 

^85 1 ::ij z 

Cannon Amonmee Ltd* 

LOirnqdc Wy_ Wembley HASQNB 01402 8870 
Equity Units _K17.M — Mail — 


2 M 8 »+ftJi — 

NPI Pensions Management Ltd. 

*8. lirarecftuirh St. fX'ar JHH 01-623*200 
Managed Fund . [1*79 15611 | _ 

Pncra Juu I. N**l dciLinc Juh 3. 

New Zealand Ins. Co. fU.K.1 Ltd.* 

■Uadiaort House. Soufhmd SSI 2/S 070262053 
kjuiKevinv pl».[U7 5 . — 

Small Cot M ..SB* *02 - 

TvchaoJufivr-d— .. 9*1 441 ^-0 4 — 

Extra I be. Pd. 912 %0^06 — 

Ami-rli-an Kd 10TS 113.7 -Lt — 

l^»r hjut Fa us j U04 .J.l — 

t»iu f.jigni Fa . . iojz ioah . _ 

foa. Drposli Fd - 196* IDLS) *0 1 — 
Norwich Co ion Insurance Group 

N» Rot 4 .Narunch SH 1 3NG. 0003 22200 
Mana^rd Fund . . BUS 2221 -.0 6 - 

Equity Fund. . . M0b 3585 -3Z — 

fjuprrtj Fund - 127 4 134 5 ... — 

Furdlm Fund 151* 1593-0.9 - 

Urpohl Fund 105.* 110,9 ...... — 

Nor Unit May 15.. T 2066 — 

Phoenix Assurance Co. Ltd. 

4-2. King William SI . KL4P4HR. 01-8280878 

Wraith Aft „llliB 118 9] ... ) 

Ebr Mi Aas. ...... L~ 777 [ | — 

Eb r. Pn Fq E. . .. [751 7191 .. j — 

Prop. Equity Sc Ufe An. Co.* 

11B. Crawford Street, W|U 3AS. 01-4880837 

R. Silk Prop 1784 [ ( — 

LHj Eq-iityW . ._ 73* 1 | — 

Fle&Manry Ed ] J 472 | J — 

Property Growth Assuf. Co. Ltd* 
Uod House, Croydon, cm ILU 01-880 08M 

Property Fpnd ... in 3 — 

Property Rmd (Al. 179.0 ... — 

Agricultural Fund. 757 7 .... — 

S nr. Fund f A) 7515 — 

nry -Nat. Fund... 153.4 — 

»kl r-J ... jjjj _ 

67 9 — 

677 — 

172 0 -1.5 - 

1714 -15 — 

138.6 .... ~ 

3389 ... — 

1122 . ... ~ 

. 1233 — 

1235 .... — 

1817 .... — 

1435 — 

Abbey Vnft T«, Mgra. Ltd. (a> 
TS-WMiatehuuH-Uil . \ylraburr iCHsOtt 
Abbey uouutl 1324 MV-fU-M 4 jD 

Ahtwy lnroiiM- .092 41.7] -UJj Ml 

Ahfae> lin.TM.Fd. jJ5 S SB l| -U * 413 

Abbey Gm-TW-—- .MS.6 -«M 3 hi 

Allied Hambro Croup* laKgt 
HambroIIae.. Hutton, lirrntv'ood. Kun. 

Ill -308 S831 «r Brentwood iUS77j CL143B 

BalaMbd nob 

Allied IK 1657 JOJJ-OTJ 340 

Bnt inda. Fuad - Uk 67M rtttJ 338 

i.rtb-blnr. B6.2 39 7} -« J1 3 42 

Etoft. 6 Iwi Drvfcj 36U-UJ] 497 

HiBb Iiuotne TO 

Incomr Kuna— 
I01. Ajycrwy, 


.XJlMNt Capita I — , pi * 7b« -0«J 4.31 

llambro Fund 1M9 II12J ,u.fl set 

HambroAer. FtL-_ |u95 127.7] -o9| 4ji 

laranr P utk h 

I Itch Yield Fd.-^imo 7*9| -Ml 3| 7 93 

Jlich Income M9 6**1 *U-jj *3> 

A H Eq lae- - B90 4l7]-0 3| 3*3 

lutnrnadonal Fu*4* 

Intn-naUonal t 

Som. at .mbhIci.... 1 
I’acilk Fund .. - -r 
Spar lal lit Ftindi 
Smaller Co ‘sFd. ... 
2nd Smlr. Go's Fd... 
Racot biySlia.. - 
MM.Min.&C'dty . 
(MWM Earninca 
Exsl Smlr. Co'« ■ ■ 4 

ail -mi j 2J7 
bu.2>4 -U 3 a 91 
+U 3 222 

Canmore Taad Managers * (aHat 
2 Si Mat?' 4*e.EC3.\LUI'. jh; 

.nAmerlranTK .— .190 8 Jlzrf ; 013 

BnuSSTM tacc 1 ■■ M3 59.4I ,<j J 33# 
f'oioin<idiiyS6* rr J606 ITliia -0 *( Zfcfl 

.nFarEaat’Jt?*- M3 *3-05 fltt 

73“ 7741-0^ b 40 

1409 15 05i -U 1 ll 320 

K5 W«*05l 594 

33 7 36 5j-0 2] 127 

GlbbS (Antony) Unit Tst. Mgs. Ltd. 
zx BlandioWSt-.K^ 1 cimau’i 

in ag loco®*--- 1^2 44 jj . , 830 

taiAC.Uf8**brt - Wfc 414«1 -04< 4H 

(AlAC WEur...&l 24d ..._4 CJfl 

Demi Inp Tun. f*Wrd. 

Govctt UfoboJ* 

77 London Wall, EUi 01-583500 

S'hldr June 2 1*3 0«J.... } 2 02 

Do AcritW Wii* 06*-0 /»8f . { 20? 

Next dealing -la- June ;fl 

Grieve SOB Management («. Lid. 

Perpetual Unit Trujc Magatl.* ia» 

48 Hurt m« . Krnle] or. Timwet M*!2*B«8 
CpetuaSipGlk. ..1998 *2.7} . | 352 

Piccadilly Unit T. Mgrs- Lid* UHbi 
Warc^ti! (Ur .jsa Londoc Wall Ed SSBOBBl 


F.vira I nr mar 129 6 

Small CO> Fd - 37 1 

CapK-i Fund . - *22 

!nl Eire A .Oatcts 45 J 

Pilule Fund 39.0 

Acrumitr f-und . 59.9 
Tn-hroloiB, Fund.. 5*6 

FartutFi* 271 

American Fund — .125 2 

31 5! 990 
39bl-G.'J 534 
45 SjU-0^ 39# 
*6 3| - . 300 

37«|-01 *09 

28 61-0! 

ae Gmliani Si, EC3P 21 ■«. luanstm 

“ **S 2137].. 4 37 

J* 2316 ..... 4J7 

»6 1890 . 781 

Ml 2127 781 

*08 199**83 191 

1 286. C -B.5 1*1 

. 1043a 2 63 

* 1082 , .. 263 

7*.« — 3 96 

76.71 .... 396 

GnardiaB Boyal Ex. Unit Sign. Lid. 

Tlorttl SU*4H»0, EC3P 3D.-: 01/5283011 

(a(UGaanU>01T(L..i90J 934|-io] 43L 

Henderson Administration* laHcNgl 
Premier PT Mmln, 5 Rayki^h Read. Huttun. 
Brentwood, Ewex. CS7T.2I7288 

c£cro^y~|£! *5 61 -OJI 352 

tap Growth Acc ..WJJ 46 S -0J 352 
Income aAaatBa— 1»4 34.U -flj] 614 

3I0J-0.1I 460 
46.7 -H2 5 09 

909 -1.0 594 

434 -OJ 927 
6IA1 -84 453 
2291 -1Q >23 

Aodrnnn Unit Trust Managers Ltd. 

198 frmchurch St. EX3M BAA 823 8231 

AodenoaU.T . — -!*»« 5 2*f I 44U 

lAccum UniW— 

• Ac rum. Unit*t. 

tArcwn. L 'ntt»l- 

(Ac com Umtl)_ 

1 n a.wT»ia. Jane 7 
1 Accum UeUsi™ 

97B — 0.*l — 

Brpp Gftwtk Praa/au A Anmol 
All Wttan Ar. Ut» 128.9 135. 

» AH Weather Cap C2.0 US. 
Vine. Fd (tit . 1370 

PnuviDn Fd UU 129.7 

Coni- Pew. Fd. - . 1*6.2 

Cm Pm Cap. Vi 

Man Peu* Fit 

Man Pena Cap Ul 
Prop Proa. Fd. . -. 
Prop PrnaCap.Uu. 

rare See Pen L't _ — , 

BUs See. Cap Ur._) J20 1 { ) ~ 

Provincial Life Assurance Co. Ltd 
222, Biafiopagatr, E.C2. 01-3*7 0533 

.0 US. 4 
145 8 

Ansbacber Unit aSgml. L'o. Ltd 
I Noble St- BC2VTJA. ll|J823637ff. 

Ur. Monthly Fund . (1650 TOM-. ..f 890 

Arbnthnot Securities ltd (atic) 

37, Queen SL London EC4R I BY UISMSSSI 
Kxtra I nromo Fd ... 11*4 1 112 8Ul -O.l 1133 

Utah Inc. Fuad (1.0 **X 919 

WArcua Uniut-^. 55 0 543 .... 4 19 

Wtkwl Uta.] 55.0 59J .... 9.19 

Pre ference Fund,. aJ 273 ... U27 

I Accum UnKxl >7.7 40.9 . .. 1227 

Capital Fund 19* 206 — 

Commodity Fund .. 543 bLOa .._. 960 

fAMUm UnlUl 813 879a . . 960 

llOWW’tfrelU.l 913 33.5c . . 960 

KlnJbt*ropJ r d. 174 181 3 04 

Giant a Fund Ub 433 -0 3 2.71 

(ACClun.UnlUl- ,.. 17.1 904 -0.4 2.78 

Growth Fund 332 J5 S -o I 296 

I Accum Unit! i 39.1 42.2 -0 ! 29b 

SanUeruriKd..... 273 2*60 -HI 4 36 

EaaternB llUL F<L . M7 265 647 

i6"fa MPdn*!.Uts.l — 19 4 201 . 147 

Foreign Fd- — Ml 91.1a LOO 

N. Alter Blau lujjz s 33.0a* -o a loo 

Cin^w5il0t-..|ffi8 4561 -OJI 352 

CaS Growth Act ■ ■ jn J 46B -0jl 332 

Income fcAaa**».— |32 B 34.*| -03} 6.14 

m.1. ipMBKJnmb 

HtfblitMune 16?1 643d (Ml 7.98 

Com Extra Inc. — (5w * 5* *3 *0.*| 830 

Financial 6.rTV — p®3 

UiiaNaLRa (210 

258rf-02| 444 
295 -0J| 189 

Cabo* — (*J| 93 5-06/ 269 

ictnnaueiwl— _g!9 35 « -Ojl 132 

Wrtn Widai June 0_.|75 l HJ| .... ] 4 98 

Oicrfleu FUMh 

Australian 38 7] -081 175 

F-uroifan - ■ ■■ J9-? 42.1-01 S.DO 

FXrEut 7711 ~0S 351 

North Amor Cl 45 M » a I 136 

K AmJSrsaJunefi. . 127 7 U3hrf 222 

CaboUunerSm.Ce [53 5 5*X .. . 129 

Hill Samuel Unit Tst. Mgrs.t tat 



Far Lu: Eli Wl 28 6' -Ofl 

.AmericanFunrt... .jH2 27 tel ... | 2^0 

Practical Jpv«l C«. Ltd* uhci 
4«. BltMntttMirrS-q.iVf iazp.a oi-esiwsa 

nacucal June 1149 5 151 C j 417 

AccilffL Uiuta .. _ |211 4 22*3]. j *17 

Provincial life luv. Co. Ltd* 

222. P.iEit ops sale. E.C Z UI-2I76S32 

Prolific Units. _|8S 2 9L» -aH 3 02 

Hinh Incomr [ill.6 1195] -0« 733 

Pradi. Portfolio Mngra. Ltd.* (aWbitel 
Ho Ibom Bars, DCLS 2X11 OI-MOB223 

Prudential .1*455 1X1 0? -I.DJ 4 45 

Qnilier Management Co. Ltd.* 

TheSlk Eachanjw. E'!2NTHT D140041T7 

Ouadranl Gen. Fd. .(U7.0 U04] — I 461 

Quadrant income ,.fc&2 230i{ ..... ( 8.00 

Reliance Unit Mgra. Ltd* 

Reliance Use .Tunbodge Wells. Kt 083222271 

SSBSSPAi&rrfi • 5 133 IB 

SektotrkT. inc . ,.]41Z **U -0J| 5.67 

Ridgefield Management Ltd. 
FOBM4I0. 3840. Kennedy ifc. SUncfcwier 
00 290 8521 * 

Ridccneld lot UT. 196.0 1« M J J 2 

Rtdgrbeitl] Beane P»0 91 M 4 18.49 

Rothschild Asset Management (gl 

-TCnO.GMehcnue ltd.. Aylesbury- O2SCS041 
N.C Equity Fuod..P?Z* ISJ -Uf 263 

N.U. Ee£y R mlTsI 015 2 122J -02 2*1 ' 

N C Income Fund 5*71 156. Ac -U 662 

N.C. Ina. Fd. line. Mb o 1021 *0J3 1 65 

N C. Inti- Fd. I Ace )M 0 1021 -Cl 1.65 

N.C. Smllr Coys FdhS3.7 163 b| -U] 4.U 

Rothschild & Lowndes Mgmt. la) 

Si. Sartlblb* Lane. Lda.. EC*. otoaQoae 

Newer Exempt.. \UZU 12* 0( I 361 

Price on May 15. Next dealing June 13 

Rowan Unit Trust 3fngL IM-VUl 

City Cate Mae. Ftnibury Sq. EC£. 01-000 1(08 

Arbuthnot Securities ir.I.I Limited 

P ft Boxau.SL tidier Jer-e,. 0534721T7 

(iip.TK-'JerMyi (1250 U*M -l 4 -2® 
Nrai dealirc dale Juno 30 . |UB0 1SI^ | 3 00 

Noi aub Jure -■-■ 

Australian Selection Fund N*V 
Market ripportumtio.. r e. VOIUS & 
uuthwaile. I2T. Kent X . v drier. 

U SSI Shares. -I St-Sl 53 ] .—I — 

Nd ,Vj-ot Value — 

Rank of America International SA. 

35 Bon in ard f^nruiNuri! C.O. 
Wldimrat Income .ISl^lUr IUrX I 649 
Prices at Jum* g nri iui> iJhj June 14, 

Bnk. of Lndn. & S. America Ltd 

4068 (Jueenliitonaa'i.El 4. 6133/2313 

Almnuder Fund 111. <1 io _ I _«.J — 
Net -.-.sol >aliie June A 

Banque Bruxelles Lambert 

2. Rue lb- la /Wrirr B JAtii unuakls 
Renta Fund LF ...|1A52 1WH +2] 7S7 

Barclays Unicorn inL tCh. is.) Ltd 

l.Cliaiuljon SI Hrlirr.Jru 0534 737-tl 

Overseas Income .. W85 5L0f •] ll-® 1 
Uridolltu- Trust. _ [KdUl UM .. 1 
U nibond Trust . - - ISWUO 1. *00S 8.00 

■Subject to fee and uiUtholdliu: hues; 

Barclays Unicorn InL il. 0.3Uni Ud 

1 Thomas St. DoucLw. I o M. U6C448S8 

Unicorn AusLExt. [53 3 57 4 -, J J-50 

Do-AustUla. In 7 3b 31* * 1M in 

DO.Grtr.ParillC US bha — , 

Do. Inti. Income... (305 41 M «« 

Do I ofManTsl.. K63 * 49R fw 

Do. aiaiu Muiuai. _p6.1 sail - *0 

Bishops Kate Commodity Ser. Ltd. 

P.O. Bo< 42. Douciac. I o M 0824-23811 

AHMaC-Mbj 3 ISVS2733 MBS] | — 

CANRHO*-Jun*5 KX15S 122& -- 

COl'.\T"JuneS.. ICZSIZ ztSSI -„| W 

Oriel no) ly issued at '5io and **£Loo. 
Bridge Management Ltd. 

P0. Bax MB. Grand Caynijn. Ciyasi) Is. 

NTuKblJunc'J | VUJ38 1 J — 

UPtl Box AW. ilonC Konj: , 

Nippon Kd. June 7. BLSneS 1UJ 1 0.72 

Li'SlKk Spin. 

Britannia Tst. Mngmi. (Cl) Ltd. 

30 Bath SL.SL Holier. Jersry. 0934*3114 

King A Shaxson Mrts. 

I uhonnci ‘ iom.PI- lielief, JW}'. iDSli . 7374! 
V4ljpj.-llyp M P«cr J'on »irn»y. •«**!» 2SW8 
1 Thonta.*. Strew. Doui-las. Ia> M tnOl-Wro 

UiH KuwIJiTsr ■ . 1? 27 S 33i-C JE KW 

liill Tra-lil 0 M 1 (183 2 lOSBd.. 1T25 
till! Fnd iiin.-miejlL9.71 973] ... .] 1L25 

Inti. limt. !Imk. Ti» 

fVM<acr(ir.i; |»32 X£5W-5^( - 

FiolIii-.I J1WJ54 MSJSI-95H — 

Klein won Benson limited 

IV. Fcniliurch St- EC3 
EurinirvL Lux. K, ( 1 0b! { 

ilik-mu-ylne.. ]b33 67 3' 

Ho 178 5 S3 0] 

....I 553 

67 3i . .. 4 17. 

5301 .... 317 

KB Far Els! Fd .. 3L-S10 6Z 1 1 132 

KBInll. Fund 11 Ml 75 19a 

KRJapan Fluid . Si. S3'. 02 ] .... ] 079 

KK.l.'iiiilli H tl 1. .1 075 

riigiwt Bermuda. . - l-'-Si] 1-83 

■L'iuhuidi:.l>M>. . 18*0 19431 I B 76 

*Ktt an as London pa.wiu. JicaL w- 

Lloyds Bk. iC.I.i ITT Mgrs. 

P O. Box 105. SL Helirr. Jersey. OSBS 275G1 

Lloyds Tsi ’ ' vus- . |S5 5 S34] . ... [ 520 

Nc»l dealing date Juiw !5. 

Lloyds International .VgmnL S.A. 

7 Suriiu Rbrnc, P.U Bos 179 UU tTcrevn il 

UoydsInLilrouth Is'-ma JSSf'J | I JO 

Lloyds InL liu... _ :k.«t | 630 

.HAG Group 

Three l/urns. Timer Hill &3*1 6»J o:«2S -L-.73 
Atlantic June !3.. S' f7 B 313*0 0? — 

,Au4 Kl. Juru-7 JV.iTlb 1441 . ... — 

■JaidFU- June? .... JVrJM 9iSl . . — 

Island 127 Q 1353; *07 3*3 

iVcum UinUi ..(179.7 lSL2j-13 3*3 

Samuel Montagu Ldn. Acts. 

! I4. Old Rroad » .Ef'i (j-.-.Vte 6+5-t 

AtMlloKd NLu 3! - SFS75D 51 851 .. .. I 3 bl 
Jajrfes* atn> Ji ..— EflJU* iii!{ .....I 1 if 

HTGrp Slay 31. _ tt'SOn L?*[ 201 

HTJer-ei May IT.. £5X5 5 6H I 0 75 

1 17 Jr-yO 5 May £12.18 12 5Jf .... I — . 

Murray, Johnstone rtnv. Adviser) 

183, Ho|— -SL, illa&fiow. C2. (41-^215321 

-HopeSt.Frl ._ .. I SLS3225 I.,|- 

- Murray Fund.. SIS10B3 | — 

■NAV Ma> 31. 

Arrbnay Unit Tst. Mgs, Ltd.* taKcl 
317. lUgh Holboru, WC1V7N1- DUOICT3. 
Archway Fund. - (82.9 882W J 587 

Prices at June 8 Next aub. day June ia 

Imperial Life Asa. Co. of Canada 

Imperial Home. Guildford. 71255 

Growth F<LJ line 0-171.9 — _. — , 

PeaaFU.J0neP._UC2 7L9t__J — 

• Unit linked Portfolio 

Managed Fund 1944. Rn — 

KUcdln t Fd . _ |95 6 Mia J — 

Secure Cap. Fd. Ml 1S&9I ... J — 

Equity Fund |93 9 M0.M —-4 — 

Irish Life Assurance Co. Ltd. 

ILFinabnry Square. Ed, 61-S288SS3 

Blue Chp. June 0—|7U 7&M | *40 

Managed Fund 1222.0 239H J — 

ProttWod.Jueel.G771 13M ^.3 — 

Mod. gui—. pwx acui—J - 
King & Shazson Ltd. 

52.OonilixU.BCa. 014285433 

Bond Fd. Exempt ..{IMA 10566] — 

c«.s-^“biS“jSssi%i - 

LgPjgh— Ufe Assurance C0. LUL 
Lxnfiham H»,Holxubrook Dr.NW*. B140352U 

#”( = 
Wfnp fSPl Kan Fdf78L5 SZ4 — 

Legal & General (Unit Amur.) Ltd. 
Klamwood Home, lasgavood, Tadwonh, 
Surrey KT708EU. . Bureh. Heath 53*58 

Prop. BondJOtec _ 

Equity Ac cum. 

PjP wr t yAc-cu m.^. 

§£S£ SS=t 

a = 

^adKq. Penal Are.. M.7 1MJ 4 o.I - 

m%c m.r 9 lS« +0J — 

«.= .= • 

LAESXF . S3 *05 — 

LAESXF.2-. blS 70S — 

Ctnrent value June li 

Capital Ufe A ssur a n ce* 

Gauiatop Bouaet Chap*! Alfa Wton 0002285U 

K*y Invent. Fd. ,| 10872 ] _. J — 

PUMiutMtoM . | 10AM | -1 — 

Q ia rter ho ase Magna CSpif ' . 

. 18, ChcQuenSq.. Uxbridge UB81NE 52181 

~ - 

chrtSeMan5«i: me aaSwi'jz — 

Qtt55fenraUjr_-.3SA 57.a-L2 - 

Magna BlrL Soc. . ..IMA | _ 

MagM Managed— 3580 | - 

Cttar of Weatariaater Assar. Co. Ltd. 

tehoeae Road 

. 01-6948004. 

Prm. Man M«d Fd . 1132 119j, . ... — 

Pw.Caih Pd. IMS 1ULU. . - 

■ ■iltFttndZO-. 117 6 125 W -07 _ 

Property Fund .... 95.4 100 J9 .. . — 

Equity f-und W 9 1033 . ... 

Fid. Ini Fund 955 ISM — 

Barclays Unicorn Ltd. faMgHNO 
Unicorn Ho 202 Romford Rd E7 01-S* nw 
Unicom America . . [35 6 38 W! -U 21 105 

Do. A uit Acc 74 7 901 -1 9 15* 

Do. Aurt. Inc 58 9 637a -li 158 

Do.CapiUd . ,.6bS 723 -06 4J4 

Do. Exempt Tit . 104.4 U2.9u bl7 

Do. Extra income .287 305 -0 3 829 

ALII ~1« 534 

41 31 -G 2 315 
87 Si ~Q 1 293 

31*1 . 471 

9? « 4 7b 

9J« 4 7b 

aid-dll 7 75 
5b3 -0 E 5 J9 
3!Jq \ IK 

Prudential Pensions Limited* 

Holbors Ban. EC1N2NH 

m e 

Reliance Mutual 

Tuohndge Well*. KcuL 008222271 

RoL Prop Bdi 1 198.1 | | — 

Rothschild Asset Management 

SI. Swltiilxw Lane, London. EC*. ' OJ-CO0 ISM 

N.C. Prop. Mar. SI -111* J 12L6M |. — 

Next Sub. Day June 30 

Do. Capital . ,.6bS 723 -06 434 

Do. Exempt T»t . 1044 I12ro -0A bl7 

Do. Extra Income .287 UU -0 3 829 

Do. Financial U.o 64 ro -0 7 5U3 

Do. fittJ.. 728 78 7 -0 4 5 83 

Do. (lenerai — 313 33.B +®.J 605 

Do. Growth Arc. .. . IU 443 -03 418 

Do. Income TU. K2 9Z1 -07 600 

■DaPrt. A 1 ™. Tst. .1572 1442) . 5 02 

Prices at May so Next aub day June 30 
Do. Recovery .1426 48.11-0 41 533 

Do. Troatee blind _ 1138 123.3-11 5 04 

Do. Wldwtde Truat Hi S5.H -03 1 51 

Statin. FdJne- _ 124 655x1-0 5 

Do. Accum ... 720 75 0] -0.7 4 81 


94S(-08| 615 

Next Sun. Day June A 
Royal Insurance Group 

New Hall Place. Liverpool, 0512274422: 

Royal Shield Fd..-IU4X l*L8f +06( — 1 
Save & Prosper Group* j 

4. GLSLHelen'i, Lndn.. EC3P 3EP. 01-554 88M 

Baring Brothers St Co. Ltd.* (aKx) 

88.LeadenhallSL.EC3. U1-S882830 

Stratton T*L pTO.D J772J — 1 427 

DO. Accum. BU S 219 a 1 427 

Next sub. day June 2i. 

Bifihopsgate Progressive Mgmt Co.* 
0.BiaImpigal«.E.C2. 01-8888290 

45BeerbSt-.BC2F2L.\ Ui«Sb01! 

(hi BnUah Tnut — 1506 16L7I-14 534 

(g.liulTnm »5 *1 21 — G 2 315 

tei Dollar Truat >18 8751-0 1 2.81 

ib 1 Capital Tniax — 29 8 31*1. 471 

1 hi Financial Tnut »a 47b 

<bi Income 7TOa» _ »C F 7 7S 
IbiSeeuntyTnrtl. BS 5bi _o E 5J9 

ibiHigbViddTsL 29 2 313^1 (8 04 

Intel.* (*Kg> 

IG.ChnrtophrrSlnM E.’3 01247 7343 

Intel lav fund IBS 0 94 81-0 8] 615 

Key Fund Manaeerg Ltd. (attgl 
a.Mkikm_BCEVue d 16007000 

Key Energy InFd . (78 7 83 3+02] 332 

Kev Equity Alien.. Ml 73 3 -04 468 

OKeyfWptRf . W) 154 1 648 

Key Income Fund. 78 6 93 b -0 5 B23 

Kn Rxed InL Fd... M> 6 844-02 U 97 

Key Small Co 1 ! Fd-|96 6 1027]-0^ 328 

Kielnwort Benson Unit Managers* 
30. FeadrurebSL. BO O'4B3W00 

K_B.UnHFd.loc. . * 923] I 509 

♦K.B UnitFdAr. .-hObO U52 . . 5 0* 

kS. Fd.lnv.Tgu._p5 2 5*3 ..J 447 

LAC Unit Trust Management LtcL* 

The Stock Ecfaange. E'.tlV (HP OI^BS 3800 

LAC Inc Fd .1136 3 149 ■ . . I 7.86 

L&Clml*GeaFd (96 0 99.5] .... J 224 

Lawson Sees. Lid. Vtaxr) 

«9GeorgeSL. Edinburgh EH2UC. 03! 2263SI1 

Amerlrao Junes .. 715 74 

teunbuJiuc D 187 0 376. 

HizhYieldJunoB . 531 ss 

1 Accum. Cuts) 76 0 K 

Moira June 7 _ - 80 7 85 

1 Accum L’nilai 198 5 103 

£3 in 

UD . . 

+02] 332 
!-04 468 

-05 S23 
-0 2 11 97 
-07 328 

-TjS : Legal A General Prop. Fd. I^grs. Ltd 

« 7l -O' — n. Queen Victoria SL.EC4N4TP 01-2480076 
m'Q ..!□ — : LAGRpJd. JnneS Wi.9 lflL7J __| _ 
m3 3 — . Next aub day July 1. 

— 1 — ’ life Aasnr. Co. of Pennayfeania 
. S3 I 3043 Neir Bond SL.WJ70Jlft '01-4808806 

SU4fl — LAOOPUnita |M V05\ 

glM ^ggar -TEh** Bt Unit!*, Mngnt.Xht 57 ^ 
Si/ 71, Lombard St, EC3. fil4/OVm 

■ jB-ijn j* " ffliir ''-T+a . ...|9SJ. 19321— .---l 7.J9 

IiaydB life Ahanrance f- 
iV-i-iMr.. tVr-M ffmtm ni'gak act ■_* 

1274( +Z2( - 


Property Fd - 



Comp-Pens Fd t 

Equity Pena Fd- ...... 

13521 -0.4] - 

Next nd. day 'June 27. "June 30 

Equity Pena Fd- 

Prop FeniLFd.* 

G ill Pens. Fd. , 

Deptw. PetuLFd-t — ; 

pO.I 1265 -02 - 

H22.9 129.4 -HU — 

It U992 299.7 .... — 

d ...h83.* 193.6 -2.0 — 

• bu# 23o J, ... — 

tej 90J -0.2 -- 

d-t rW.2 103^ .....J — 

Prices on June 6. 

(Weekly dealings. 

Schroder Life Group* 

Bridge Fond KanagersffaKcl 

King William St, E9C4H0AR 01-4234051 

American AGedS- 1265 27*4 . L35 

Income* 50.4 54 Ac -01 853 

Capital lnc.r 06.0 3S3 320 

Do. Acc. f OTB *24 .... 320 

Exemptr M6 149 0 5.52 

Interntl. lnc.( 16.0 171 J55 

Do. Acc.( [17.6 18.7| 1 355 

Dealing Tues. Wed tThur*. Price* June «7/U. 

tRaw. Material i 
21 Ac com. Unltat 
*GrowUi Fund- 
rt Accum. L’uitrt 
ttCllt and WarranL 
(Amertcan FtL. 
tl Accum Uni tut 
n High Yield— 
■•(Accum Ualiai 

422 . . . 635 

*75 . .. 635 

61.4 -2.40 

673 . 240 

413 -LI 1 82 
27 6 .. . 0.48 

28.7 . . 0.46 

518 .. 1LW 
72b 1100 

Royal Tst. Coil FA Hgrs. Ltd. 
M.JcntWB street, SW1. 014SO823 

Capital Fa I6t5 7ZV I 3*1 

Income Fd 1729 7b*( 1 73: 

Price* at M«> 31 Next deAlicg June !3. 

Save & Prosper Group 
4. Great St Helens. London EC3P JEP 
BJt-TS Queer St. Edinburgh EK2 (NT 
Dcalinga to 01 554 W0 or 031=30 7351 
Save & Prosper Securities Ltd.* 
Interna Lineal Funda 

Capital..-. - 137 5 4031 *0 5| 306 

; ru 05 j 272 -o.fl 4 og 

L'nii Growth-. .-(ML 74^ -0.7| 194 

Increasing Uicumt" Fund 

Hi ub- Yield -.153.7 572I-D61 727 

nigh Incenw Fonda 

High Return — — . -(665 7LB -0W 

Income 1424 45 S. -0.51 H* 

L _K_ Fonda 

L’K Equity. — 1441 47.4] +05( 4.71 

Oierseaa Fuabbl 

Europe (06 7 93.3 *0.61 3 T 

Japan-- W7.9 1053 -0.3 OBI 

Ul (79 4 85^ Lit 

Sector Finds 

rommpditj R7 0 82.71-0 6] 38! 

Etua-C- pO 7 76«+03 1.7! 

Financial Sees.. (741 . 79bx4-0.7| 291 

Blgb-SCnimom Funds 

Select Internal 1263.4 277*1-2 51 2.2 

Select Income [S3 3 5bij -0.4] 7.41 

Snlbilt Securities Ltd.* 

t__. -[645 7LS*aU 8 11 
k-4 455* -04] 854 FondlaJ 

47.4] -05] 4.70 

9321 *0.6 
105a -0.3 
85 3 -02 

■2.71 -06] 
76.« +03 
19 bid -0.7 

277*1-2 5] 
5b ij -0.4] 

C5ty, of WestndMfor, Asstri;. SocSlML 
Taieduna -t. Z •• - u *7“ 


Caangwar e lij Unkm C^oup 
-St. lUen'A L UndcrahaA, EU3. 

I BriiauBU Trust Management /a> (g> 

3 LMdaa Wall Buildlnga, London WalL 

London EC2M 5QL 


Capita) Acc. — 

Conun A Ind 


Domestic. — 

01 -438047870479 

60.* -0 ( 
83.M -01 

Extra Wodk—.- 

Far East 

Pi PH prill SCCI— — 

Cokt& General 


Inc. A Growth 

Intfl Growth 

I niXBt-TW-Shxres _ . 


Nat-High Inc 

New Issue — 

North American— 


| Status Camngei 1 

Uni v Energy 1 

79.1a -0.4 6 *6 

663 -0? 237 

512 -0.9 3.41 

. 38.7 +02 33b 

863 +1.0 7.96 
372 -OJ 458 
3Ufl -Hl.l 1.79 
529.0 +*3 <08 
143 -0J 262 
49/ -0 5 440 

3S.4 -05 436 

35 J +0J 232 

DeaL (Mas "Tuirt rrWed. TTburs. “Fri 
Legal A General Tyndall Fund* 

18, Canynge Road. Bnsu.L 027=32241 

Dm April 12 H6.8 6021 J 5.17 

1 Accum UfttUi- -P2-2 764] .( 5.17 

Next suh day June !L 

Leonine Administration LML 

2. Duke SL, London WIMGJP. (I I -486 5991 

Leo Dim |75 0 78.* -04] 502 

Leo Accum 1 826 86.4+0.5] 436 

Lloyds Bk. Unit Tst. Mngrs. Ltd.* fab 

Registrar's Dept. Conog-by-Sea. 
Worthinc.WaatSiu&et 1288 

First iBalncd.1 |50J 54 0«d -03] 4.43 

Do. (Accum)- " 

Second lCsp.1 
Do. 1 Accum.). 

Third (Incosort 

Do. (Accum).. 

Fourth {ExlBc-i- .{99 0 634id *0,^ 7 87 

Do. Accum.)— .... |672 733-0.5] 737 

Lloyd's Ufe Unit Tst Mngrs. Ltd- 
72-80. Gatehouse Rd Aylesburt*. 02983841 
Equity Accost x.. (1575 165.8] .... 4 9.04 

M & G Group* ITXCN2) 

Throe Quays. Touar Hdl. BCSR B8Q. 01836 4588 
See also Stock Exchange DeaJiMS. 

Scoibita |39.7 42.6] -04] 378 

Scotyleld Sa.l S3 9 -OH 6 92 

Svouharos [57.4 61 7ai -0.7] 436 

Scot Ex. Gin-* — 1241.3 11666 

Prices at Slay 24. Next sob. day June 14 

Schlesinger Trust Mngrs. Ltd. tatfxl 
1 Incorporating Tndenl Truntai 

140. South fiirmt, Dorklsc. 

Ara. Exempt. 
Am. Growth 

74 6l -0.8 
56 3 id +0.4 

Am. Growth _ 
Exempt High Yld 
Exempt Uhl Ldra. 
Extra Inc. TsL 
Income Dist 
ine IO%Wdrwl 
In Ltd Growth. 
Inv.Tst. Uni 
Mnrfce* Leaders 
■Mi Yield 
Pnd. fc Gilt Trust 
Property Share* 
Special Sit. Trt 

24 J9 -0.S 

HjI -0 1 

iXOW) 88441 
-0.SI 1 97 . 

-01 L64 

*03 BJJ 

42.0C -P.4 
JLSxvr -0J 
54.9 -at 

27.4c -OJ 
312o +0J 

*02 225 

+0* 255 

*02 527 

-0.1 527 

Vr AnAcUU one 10. | .94.98 
Do. Anjraity UlS— 17.96 

Ol-vSBS 730ft 

C— fefeCTtton Ufa: IttroraapeCo. — 

50. Chancqry Lane. WC2A 1HE. _ 01-attMBZ sr^— - Manaetw B»3 353] +0Ji — 

Eqal^ Pea-FPnd . + BIS' 1 

'CsrnMII tosnrance Cn. lid; 

E' ■JSaa&Bi ■ ' = 

— The Laxxdon & Manchester Ass- Gp-* 

— ■ * “ — + -- — ■«' Kart. 0008 373S3 

Z23a - 

1321 — 

■9.7 ...... - 

148.6 — 

111* — 

J347 — 

825 — 

Reottish Widows’ Group 

POBaxS02,‘B1inbiirghEHM8BU. 981-863 8000 

liiv Jhiariae l |lfl5J 105JJ — 

Inv. IV- SerteB 2-_ 99 2 1045 — 

Dxv.CailtJtmeB — 97i_ 1021 — 

ExULAreJana7. — 138.7 14*5 — 

ExUUncJunc.? 135A M0.9 — 

Mgd. Pea. June 8— (262.7 262.7| — 

Solar Ufe AMonnce Limited 

CJNOTT. 013*22005 

The British Ufe Office Ltd.* (a) 

aeUaaceHae-TunbridgeWellaKL 0682 22271 

BLHrrttah Life. M95 SZ3| +0.3 554 

BL Balanced* 1*65 So3| +0.*| 534 

BL Dividend-- ]*2.6 455| -0.5] 906 

-Prims June jt Next dealing June ZL 

a^CtmtMftJECA^.' 014B8MMI 

- 177 J cj — * * 5* **”°^ ^ 

■ -»y r *g"r , S, 1 

Wq ^a hf Sfc. Leawton BTjgaFC. gMBPWM. Gonv. PcpoaU* |£| — 

C*eifa£tf.Fd._~JIZ2« J_ mu A r -..| -. a? Z 

Crvni Ufe AntttiBCe’Ca. U4.9 ' PbmnJai^O"-^ m.7 — ' - 

Crown Ufea».Wdi±«6Gtm 1IW &M2KB3. U31 1 ft ""i - ’ 

-tSa - “ . . on *Jqno 2 -June* ^-June 8 

Kt'*'*SSS : - - • StarehMit Inwston Assurance 

Ctpwp Rrt fav.-AVpi, - - . jg^dPSSZZl 

Crusader Insnxmee O. Ltd. . ■ 

E*dlF fc. IdiW Ufig.^S. Sue, jtif. Ketox^lncAcc- K.1 g.6 1... — 

Ml ®: : IP = 

Si S 3 ” SwIES S-sEfi* „ »■? , — J - . 

■ - . Next Snh- Day May 

,»*a-!|a. — par NewCoort Prop+rty aec mndac 

Brown Shipley A Co. Ltd.* 

Mngrx; Founders CL, E<3 010008630 

BSUnltx June 5 — 12149 232tf ..._J 472 
DOlCAcc.) J unes— 067.9 287.*] — j 4.72 

Oceanic Tnmta la) < 
General - 
Growth Accum. 

Growth Income 
Hjyh Income g»J 


271 3 -0 6 — 
ififl +0.1 — 
109* -0J - 

36 B| -0JI 415 
19J +02 3 . 90 

495 +05 4JH 
385 +0.4 4.81 
321 +03 9 67 
22JJ +OJ 3.97 
Z7.1 +03 435 
21.1 -0.1 334 

it 9a *02 430 

ana -qj 557 
WJa 459 

Soil Alliance PHnd MangmL Ltd. 

SonAHiastoeHoase. Hnrxhast. 04039(14 1 1 

Sun Alliance f )"6"i Ufe In*, ltd. 

SuoABlaztce How. Hcraham 040364141 j 


Canada Ufe Unit Tat. Mngro. Ltd.* 
35 High St- Potter* Bar. Herts. P Bar 51 122 

Can. Gen Dial. 003 409+0.4] 431 

Do. GetL Accum — N6.7 4*3] -0.4] 431 

Do.lne.DM. fej 

Do. Ine. Accum. — -H3.7 

Anmian — -| 

1 Accum. Unlui 


(Accum. Units) 

Co mm od i ty - 

(Accum. Units! 

Compound Growth.' 
Cnttveraion v.rc-rth 

Conversion I nr 

Dividend — 

• Accum. UnlUl—- 


(Accum. UmiM. — 1 

Extra Yield — 

lAccum Unit>>.-_ 


1 Accum Unllai 

Fund ol lav. Txu..... 

(Accum. Units) 

General „ 

1 Accum. Uni tsi 

High Income 

(Accum. Unilsi— 
Japan Incomr.—. 

I Accum. UxutiJ 


(Accom. Units > 

Midland — 

I AC rum. Uiutsi.. _... 

r. 3 l 

V X. Grth. Accum. 

U »C Grth. DM ...... 

J. Henry Schroder Wagg * Co. Ltd.* 1 
120. Chen pside. ECd 01-340 M3* 1 

Capital June Uf. MS4 lOTJai +2® 232 

■Accum ' 125 J 1295 +13 232 

Income June 13 1M.4 19L0a +14 6.99 

lAccum. Units 283.9 +1-9 6 99 I 

General June 7 139 872 347 1 

• Accum Unitsi - 1033 M7* 347 

Europe June 1 306 S25a ZZ1 

(Accum. Units) 05 ,35 * 221 

•Pen5CharFdAp25 168.0 173jJ —4 424 

•SpecJSx. June < ..- M 
•Becm-ery June 7 - |U 

Sterling Den wn lna frd Fds. , , „ 

Growth Invest 32.9 35.61 — — | 4 00 

Irtlnl. Fd — 766 824 —• \ 1-08 

JcTiey Energy T*L 138 0 1493 - . l^g 

Vnnnd JTal- SIS, u225 2jm 100 

High lm.StiC.IM. pi!»n Utj ..-.J 1200 
I'A Dollar DeQulBcicd Fd*. __ 

L'mraLSTst KM8 S«J — ■ — 

InL Mi Rh 1 nt . Tst . . RVS* !M Ufl.-l 900 

Value June 2 Next dealing June 12 
Brown Shipley Tst. Co. (Jersey) Ltd. 

PO Boy ES3. St Heller. Jr ney. 0W4747T?. 
Sterling Bond Fd. . |£J5 15 J029| 1 1U4 

Butterfield UanLgssseut Co. Lid. 

P.U. Box 196. Hoinllfm. Bcruuaia. 

BdCreas Equity CJ3 2LS5J t L78 

BsttreulKinw ..|UJ L9H I 7 38 

Prices at May B. Vest 'ub. day June 12. 
Capital International SLA- 
37 rue Notie-Dame. Luxembourg. 

Cap! til InL Fund... [ 5VS17.6L I — J — 
Charterhouse Japbet 

1. Paternoster Row. D- * OI-MB3WS 

Adiropa ri’QOW 3ZJ8J-0 Ul 554 

L-.t-.l«53 sta-OJO S.1B 

FUntUk MOI4S JJ4M .. . 5.99 

Fan dla . I12I10 SJBl 558 

Emper o r Fund — JfSJ*! 151| - . 

Hiipxno. IWMa Otf 2J4 

Clive Investments (Jersey) Ltd. 

P O. Box 320. SL Hell er. Jersey. 0SM 37381. 

Clive GUI Fd lCJ.-i.l9 88 4« J U-gO 

Clive GUI Fd (Jay. l P86 *h| .lmn 

Comhili Ins. iGnernseyi Ltd. 

P.O. Box 197. SL PWcr Port. Guernsey 

I oral. Man Fd.. 1168.0 1EL0| — j — 

Delta Greap 

P.O. Box 3012. Nassau. n»i— « m. 

Delta lnr. June e...]tL93 l.*2j ....4 — 

Dentscher laTeshLrct-TnujI 

reatiach 2086 Rlebenras^ C-10 8CW PrarJdurt 
Concern in. _.|D53*« J — 

Ira. JRenlealonds .|DLt*J8 71-.'. — 

Dreyfus lote.'n.Hiotatai In?. I'd. 
P.O. Box N3712 Nluiu. Bahamas. 

NAV Junefl .iJi.(SKJ» B«J1 .] - 

Emson & Dedley TsLMgUrsy.Ltd. 

P.O. 3c.T3.W- Holier. Jersey. 088430501 

EJJJ.C.T. 11194 126.M+23] 3.00 

F. & C Kssnt. Ltd. lav. Advisers 
1-2. Lnurcnce Pounlncy Hill, E3C4R DBA. 

01023 4690 

Cent Fd. June 7 J SLS5.46 | .....J — 

Fidelity Mgmt. & Res. (8daj Ltd. 
P.O. Boa 870. Hamilloo. Banmida. 

Fidelity Am. Ass.. ..I S(S25J2 I I — 

Fidelity InL Fund..] 5US2L97 f .... — 

Fidelity Pttf.Fd.— SUS4497 | J — 

Fidelity Wrld Fd ... | 5US14 8L — 

Fidelity Mgmt. Research (Jersey) Ltd. 

Waterloo Use , Don St- St HcIier. Jersey. 

05M =7361 

len«w b (ftSiicC j “tpS- ■ j :::::( — 

Senes D (AiblAs*.* 0424* ] 1 — 

First Viking ConuMiOty Trusts 

Negit S.X 

10a Boulevard Roi-aL Ixvnto: 

NAV JuoeB 1 SCS1D.60 I ] — 

Negit Ltd. 

Rank of Bermuda BfdPs . Xanuiior. SmU. 
NAV Juno 2 ISS01 — l ....l — 

Phoenix International 

TO Box 77. Sl_ Frier Port. Cuerrsey. 

Inter- Do) far Fund )SS 2Sl; . — . 

Property Growth Overseas Ltd. 

28 Icwii Town. Gibraltar I'.ibiCiftS 

UJS Dollar Pttnd ] Sl'Sa5S9 ] .... ' — 

Sterling Fund ( £!2J77 { | — ■ 

Richmond Life Ass. Ltd. 

4(3. Athol Street. Dougla.,. 1 U V 

txiTheSiNcrTniit DM 8 llLb] . . .1 — 
Richmond Botbl 97 085 S «5 b +l.e* 2C W 
Do. Platiiu.*qi BtL. 123 7 13CJ . . ( — 

Do. Cold Bd ._ 1W4 707 < 

Do, Em. OTlfc Bd —|l7LS ITU ‘ 

05 — 

I A 11.26 

Rothschild Asset Kacagcment iC.Z.) 

POJBox 5B. St JuilBRf CLCuera&ev.04Sl=i931 
OCJbq Fr May 30 ..J555 iZ7\ ...... ITT 

aCJcc.Fd June 1.(1471 1S5.W 7.51 

OCJnUrdt- [SI 35 14T 121 

O.CSraCoFilMyai.- 11463 2354] 3 25 

O C. Commodity* -11128 l-.37i 456 

O.C. PU.Comdty T -ISSStSS 27.^4 ... — 

•Price cm May 31. Next dealing June 14. 
t Prices on June 7. Nc.xt dcallag June 22. 

Royal Trust cCIl Fd. Xgt. Lid. 

P.O. Box IM. Royal Tst Kse., Jersey. 053427441 
R.T.1U1T.FU,-. -laSUB 15W .— I 300 
Jt-T.inn.UK- 1 Fd. hi 95ra ••• ■ 1 3-H 

Prices at M*y IS. Next dealing June 15. 

Save & Prosper lolenulional 
Deaiinc to: 

37 Broad SL, SL Holier, Jersey 0534-20591 
UjS. DolUr-deBOStlaaled Fm£s 
LhrFxdDifJuoe 8 1917 9.73id .. . .] 7-t'l 

Inlernal. Gr.rt 17 (S 759 |h071| — 

Far Eastern-* B669 42.9fl-l.SM — 

North .ttarrl can't .DCa 4 24+QJJf — 

Sc pro* 1 |i3E4 15J3] ..—I — 

gtetilng-dac— lna^d Fttnflt . _ . 

Channel tapia»le...P33.9 24631 +L« 152 

Channel Islands*.. (1471 154S+L0] 5 01 

Commod June I ._(l27“ 1*3 7( J — 

SL Fixed June I |l09.9 116 4 k« 111.94. 

Prices on ‘June Us ■ ‘June 7 *"111111! 8. 
tWeekjy Deal me*. 

283.* +L9 

Schlesinger International filngt. Lid. 

41. La Mode SL.5L Hr tier. Jersey 053473588. 

SJU! [84 W) -1] £15 

SJLOJ 0 83 093] ....1 4.84 

GUI Fd _ HI . 27 2Z5S -0.11 12.31 

Inti. Fd. Jersey.. — W .lid ...J 322 

JnttLFd-LxiDbni; . 31&28 ll45j+3tE} — 

•Far East Fund — W5 Wq +2] 3.00 

•Next sub. day June 14. 

Schroder Life Group 

Enterprise House. Portsmouth. K35 ZmJ3 

09U .... I 4.84 

72.43. 12.31 

M A 

ufl -a 3.00 

8. 3L George's SL, Douflaa, LO.M. v 

fflAffiSwin, 4 •"SsiSfcwr 
Ftvalbbfovfei^'B 33o3 S 

Fleming Japan Fund SA. 

37, rue Vetro-Dame. Luxembourg 

F“ln«.June6 [ SUS46.79 | ] — 

Free World Fond Ltd- 
BuRertield Bide, Hamlltou. Bermuda- 

NAV May 31 J SCSI 7925 J ...„J — 

G.T. Management Ltd. 

Park Use.. 16 Finsbury Circus, Loudon ECU. 
Tel- 01-628 8132. TLX: 888100 
London Agenis for 

Anchor'*' Unit* SDSUt 1*1 .. . L84 

.\hcbcr Gilt Edge- 69.W 9 94-0 01 12.71 

Anchor Ini Fd i (DSU7 02 L86 

Anchor In. Jsy. TK ■ 2S5 . 273 . ... 286 

Berry Par Fd. SUS4251 0 « 

Berry Pac Strlg 254 « 26624 .... J02 

G.T. Asia Fd PUCUt ( T. .... 172 

G.T. Asia Storllng— £12.95 13.W 1.44 

G.T. Bond FUnd — SUS1249 5.05 

G.T Dollar PH SUS71S .... 0.70 

G.TjrariUcFd. JUS1281 U7 

Gartmore Inveat. Ltd. Ldn. Agts. 

SL Mary Axe. London, M3. 01 2833531 

■naan Fond Must- (Far arai Ltd. 

1500 HutchUon Ha e. IQ Uarcourt Rd. RKont 

HKfaPac U.Tst -BHRLW 325AL I 258 

Japan Fd. 

N. American Tsl 
lutL Bond Fund. 

279.9J +25 
106.7m +0.6 

L9 1625 

I m 

jo mom 

1.9 298.1 

J B6.6 

405 +8*1 431 
495 +0.fl 431 
352 m +i* 7.71 
460| +0JU 7.71 

Deposit Fund _ 
Matured FUnd . 

UOJS-O.fl - 

iiii+2.71 — ■ 

Capel (James) Hngt Ltd.* 

100 Old Brood St, EC2N 1BQ Oi^OSSOlO 

Caudal MB 8 90J9 | 4 JO 

Incrano — {793 842| ..-..] 733 

Prtoec op June 1 Next deauinc June 2L 

Suit Ufa of Canada (U.KJ Ltd. 

2,3,<C6ck»pur8t,SWlY3BH 01-9805400 

e»nt=r I li lrii = 

Target Life Autaniee Co. Ltd. i 

Cxrlial Unit Fd. Mgrs. Ltd.* UNO 
MUburn House, NevcasUenipoD-Tyne 21165 

CsrUol KAO 703M J 422 

Do. Accum. Units _|E5 M0( ....J 422 

Do. High yioid mj. 4Md / &42 

Da Accum. UnUs. pl 2 S3.7] ...TTj 8.4Z 

Next dmilins date June 14. 

BS! ^ 

_ MttLFkmdlnc f 

Prop. IM Inc. ^ 
Prop. Fd. Arc.. 

n*n Ac. rtwL-l 

gttPttLAcc. 1305 

GUtJteu.CajL. ,[1233 

Cbirities Official Invest. Fd* 

77 Condon Wall, BC2N U>B. 01-588 1818 

Income Mer 76 g»2 — j J 660 

^fun^thTonly ’avail ahJc to Bee- Chari tie*. 

TMubtondhaal Ufa bt Co. Ud. 

2BrramBWga,EC4lNV. 01-4058 «7 

ftlliunth. Only available to Beg. Chmidea 

Charterhouse Japhet* 

1. Patmrxwtex Bov. EC4. 0144S3BBO 

CJ. Internal 1 B4.4 260] — 1.95 

Accum. Units — 28 4 30.4 I'M 

CJ. Income 34.0 36J 824 

C-I.Euro.Fln 762 285 MJ 

Accum. Units 30A S2.4 3.93 

CJ.Fd.Inv.TXt 27.7 29J .... 3.73 

Accum. Units ILZ JU ... 3.73 

Price June 7. Next dealing; June 6 

Hecoreiy SL3 B6.t +OJi 441 

i Accum Units) 822 87.5 +0.4 4.41 

Second lien MJ.4 l«27n +08 53S 

lAccum. Units' 1552 2773 -a* 535 

Special . . 1609 17L4 -0.1 4J4 

lAccum. UiuGi |nu 215.71 *34 

Special lard Foods 

Trustee [>457 153.71 +0* 646 

lAccum. Unit*' 2012 296 7+22 6 46 

Chari bond J u ac 7 — IMA 10.6* 

Charifd June 13 — 1462 14&4 -O 4 7.83 

(Accum. Units) ULl 1B3.S —Ob 7 82 

PensJEx. June L2 . (1342 lXLt) . . .J 529 

Manulife Management lid. 

SL George's Way. Stevenage. 0438 56101 

Growth Units. . - ]5U 5*50] I 4JS 

Mayflower Management Ce. Ltd. 

I4/T8 Graham SL. EQV7AU. OlAOeaUeO 

In come June T W6. 4 J1LM | C26 

GencralJuneT 1735 742] j 5.16 

Mercury Fund Managers Ltd. 

30. Graham Sf, EC2P2E3. OI4KH<65S 

Merc. Gen. June 14.(177.6 189 91— 65] 4 71 
Acc. Uta. June 14., *SL4 2*62] -7 J 4.71 
Merc. InL June 14- B2 W® -12 230 

Accm.Uls.Jute 14. W.0 74.S+1J 230 

Merc£xLM»y25 - 2143 223.01 4.42 

Accum.L'U. Apr 2T. (2S55 Z66.ll 4AZ 

•For tax e i em p t funds Only 
Scottish Equitable Pad. Mgrs. Ltd.* 

28 SL Andrews Sq, EdinfaurCh tai-OSOBIOl 

Income Units [502 5341 +0.2] 521 

Accum. Uolls J572 60.* +0Jj 521 

DeaUng day Wednesday. 

Sebog Unit Tst. Managers Ltd.* (a) 

pit Box 311. Bck)br>. Hxe, E.C.4 01-238 5000 
SebagCapItal Fd. -B3.4 55 +0.31 330 

Sebag Income Fd. -P0A 320 1+031 810 

Security Selection Ltd. 

IS- IS, Lincoln's Inn Fields, WC2. 01-83168860 
Ural Gth DA Acc — 124 1 25.7] I 2JB 

UnvlGthTatlnc — |2TO 22AM ■■ I 253 

Stewart Unit Tat. Managers Ltd. (a) 

46. Charlotte Sq.. Edinburgh. 03132O 3271 
TStewan American Fuad 

Standard Units 1672 71.7] .....J 155 

Accum. Units _ — .J7Z4 773) — .4 — ■ 

Withdrawal L'nLs..]53 6 57 j] .._.J — 

■I Hra t Brlctah Cmiul Fond 

Standard Q516 1452] j 456 

Accum. Unit* J1531 16*3 1 430 

Dealing tPtt. "Wed. 

Sun Alliance Fnnd Magt. Ltd. 

Sun Alliance Hae. Horsham. 04036*14! 


Target TSt. Mngrs. Ltd.* faXg) 

Enlerpnae House. Portsmoutli. K35ZTKB 

Intc rn attofial Fund* 

£ Equity — 1273 124.7] — 

SEqtut> 124 0. Ulfll — 

£Kixed DiLaresL... . 1345 1-2.8] •— 

SFlxcd lnt«resL_ 1050 1117 ..... — 

Wanatxd 1204 2565^ — 

SManajjcd. — 1K.2 122.4J — 

J. Henry Schroder Wagg & Co. Ltd. " 
120. Cheapo de.ECJL .013834300 

ChaoS June 12 SUULW -0JD| ZOO 

TndalrarMay31— 3USUS.41 ...J — 
Asian Fd. June 12- 10211* D1* +L2S 251 

Darling FraL SA1A5 2 96 _....] 520 

Japan Kd. June 1 — H'S6*2 6W] | 005 

Sentry Assurance Internationa! Ltd. 
P.O. Box 336, Hamilton 5. Bermuda 
Managed Fund I51317W lttSS] . — I — 

Anchor In. Jsy. TK. 
Bern Par Fd- 

G.T. Bond Fund 

G.T Dollar PH 


Ganmora Investment Sift Ud. 
P.U Box X2. Doug] asJoKL 
GHtanrrlnll Inc. 015 22 *i 

Gartmore lull Urthlte.l 89. 

, 22*nl . . J 10 .“® 

Gartmore lirtl iJithMSO . .4 4.0 

Hamfaro Pacific Fond Mgmt. Ltd. 

2110 Connaught Centre, Bong 

Far East Hay 31 ffilKlla liM I — 

Japan Fund |8!S6>B 7^ . ....| — 

Bajnhrofi iGnernxey) LtdJ 
Hamhro Fund Mgrs. (C.Ll Ltd. 

P.O Box 08, Guernsey 0481-26521 

CJ Fund -042.4 151.74 | 590 

Intnl.Bond MJS004.76 lOa-Mj-OUl 350 

lot. Equity SUSOBJI UjjJ-ROfJ 2.50 

InL Svoa. ’A' SUM L09 .771 850 

DO. Syjss. 'O' SUSP^IO 153] .. .1 250 

Prices on June 14. Next de aline June 21. 
Henderson Baring Fund Mgrs. Ltd. 
P.O. Box N472S. Nassau. Bahama* 

Japan Fd BUSD3I U29| .... ] - 

Prices on June 7. Next deahne dole June 14- 
RUt-Samuel & Co. (Guernsey) Ltd. 

8 LeFebvre SL, Peter Port Guernsey. CJ. 
GuenneyTsL J150 6 36UJ -L4] 353 

Hill Samuel Overseas Fnnd S-A. 

37. Rue Notre- Daroc. LUxemhoure 

HM59 28371-008] - 

International Pacific In. MngL. Ltd. 

PO Box RZ37. 56. Pitt Sl Sydney. AufL 

Javelin Equity TM..IS220 2211 1 — 

J.E.T. Managers (Jersey) Ltd. 

PO Box 104. Royal TsL Use, JeroeyOSSJ 27441 
Jersey ExtmL TaL.. P63.0 17301 ....J — 

As at May 3L Next sub. day June 30. 
Jardine Fleming & Co. Ltd. 

■Win Floor. Con n aug h t Centre, Hong Kong 

J2rdH>eErtn.Ts(.,.l SHK2VU6 | .] 2. B0 

JardiaeJ-po-Fd.*-. SiK3!9.C4 / I 0 90 

JardlneStA.. 5USDL22 | ... J 220 

JarthneFlenLlnL-l IHKS.70 ] .. . | — 

Singer & Friedlander Ldn. Agents 

30.ConnonSL.BC4. 01-2489046 

Defcafonds IDW5J8 2£H|-0JD| j.41 

Tokyo Tst. June i_. | 5US35.00 | [ 0.77 

Stroaghnld Management Limited 

P.O. Boa. 3U. SL Holler. Jersey . 0594.71400 

Commodity Trust .-(92.96 97.851 J — 

Surmvest (Jersey) Lid. lx) 

Queens Hm. Don. Bd SLUelier. Jsy. 053427343 

American DutTsL.(£866 _f83( — 

Copper Tnui__—tjl56 life) -0-3] — 
Jap. Index TaL.__.Bl74 ll.Wj-OJ*] — 

TSB Unit Trust Managers (C.l.) Ltd. 

BMJrtcUe Rd.,SLBarlour, Jersey. 0534 7904 

Jersey Fuad — 1*7.6 MJ| I 

Guernsey Fund —147.6 535] . . [ 4.79 

Prices oa June 16 Next sub. day June 21. 

31. Graham Si.ECZ. 
Target Commod iiy . B 
Target Financial ... N 

Target Equity J, 

TreolEaJunoi 4 — Z 

«Do. Ace. Units 8 

Target GUt Fund — L 
Target Growth * 

Target IntL — 

Do. Helirv. Units — 

Target In-. 

Trge Pr. June 16 — 

TgL 'nc F 

TgLProL - 

Dealings: 02SG 54)41 

U mof ...j JEl , 
15 65.7 +08 *28 

’2 40.0a ... 599 

iS 2295a +il 5 78 , 

7 7 29S1 +42 578 

Sl 120.7 -02 3M , 

L6 30.1 +0.4 4.K 

IA 31.1 ... 156 

!3 34.7 .. 156 

19 332a +01 3.66 

fl.O 187.* -LI 427 I 

15 3L7 -0 4 829 

12 152 ■■ - U54 

12 205 -OJ] 452 

BRSFimiBMr - ^ : : : . . ..108998 60LBHAWK 

[Trident Ufe Asamnneb Co. Ltd.* 

| JUpalsiirHoas*. COoorester D48230SU 

Chieftain Tnut Managerg Ltd-*(aKg) 

llNawSLEC3U4TP. 01^839082 

American 8xfl42 26W -021 154 

High Income M.1 442] +0.41 *54 

lntenwtkraal 1hL_|(Z|KI2 27« +0jj J.U 
Basic Rearce. TWnJ 2>.7| | 435 

Acetun.UiLApr2T.JI555 266.1] ] 4 jC 

Midland Bank Group 

Unit Trust Managers Ltd.* (a) 

Courrwttod Kr.uxe. Silver Strata, Head. 

Sheffield. SI SSti* Tel 0742 79R42 

CommodlD &(.lcn.. |6 S3 703rf -0 oj 552 

Do. Accum. J53 010) -0.7 552 

Growth — M3 4Lft3 +0.« 3^ 

Do. Accum. £3 44 a +0.5 3 32 

Capital 28 S 30 3 -0 4 3 JO 

G roeowUSuSElO ^NL-. . ' = r: \ . : + r _- 

' 15/17, Chww'ick Hich Koad, 
Lwuloa-Wfl SSG. 



^*^ttTsi»rBs 1273. Tehn Shara.'S yrs. '.-- 7 - ./ t - 

1% BhftpB rit#re , 1 i rai®*:3(¥fe. i*a..2tM3te .... ... .. 

share -.rati ■ - Ucposii .Rate; 523: as re' Accotnns S.7^ 

Growth cap — ___mA 
wwtHijjri r*n. 1X5.0 
PHU.ftfilep.Cap,. U1.9 

- 1+871 

;.WWH lor DM premium. 

Tyndall ABsnnutce/Penaiun** 
l&CaaynjeltaBd. BrlstnL 0&1 

Oe OOattJnabS..-.- 





Do. Prep. Ray Z — | ** 1 --—I ■“ 

Trahrogh Ufe Asnrrtnce { 

tMHbddoxSULdn.WiaDLA. 014804823] 

is i!ll 2 

Confederation Funds MgL Lid.* (a) 
50 Chancery Lane. WC3A LHE 01-34SO282 

Growth FumL. |42A 442i +0A) 431 

CMBoptlltui Fond -Managers. 

3a Pont Stroel, London SW IX BEJ. 012338325. 
Cosmopuln.CthFd.p79 »H J 4.75 

Crescent Unit Tst. Mgrs. Ltd. (a Kg) 

4 HelriDeCrn H Edinburgh 3, 0012264031 

Crescent Crowth_B7.1 2931+02] 422 

Crea.IniBrnatT.__ BOA 64J* +OA] 0.7S 

CTOS. High. WO 4^3+05^ 8ML 

Cns-Kesorics WM _5«] +05] *33 

Ctes. Tokyo _..j — 2M0| ] oso 

Discretionary Unit Fnnd Managers 

22. BkuaSchJ St. SOU 7AJ- 01-6384483 

Dlsctocome ]U25 1733d] J 533 

EL F. Winchester Fond MngL Lid. 
Old Jewry. BC2 016062167 

Groat Winchester^. B8.0 39M.....I 624 

GVWInch'er O'seuPOft 2U) | 450 

Emson Sc Dudley Tst. NngBuL Ltd. 

30, Arlington SL, K.W.L 01-488 73S1 

Ett»»nud)<0'Trt..!645 69.7] J 330 

Eqnibu Sees. Ltd. (a) (g) 

41 Blshepsgste, EC2 016882851 

Pregresmre |6M 715a] +05] 3.98 

Equity & Law Utt- Tr. RL* feXhMe) 
AinstshamadL, High Wycombe. OM433377 
Equity Sc law \U2 78.7] +fl.7| 403 

Fruttlinffen Unit Mgt Ud. (a) 

5-7. Ireland Yard. EC4B3DK. 01-3480071 

American HL6 5*R +3.41 LOO 

Capital Tst E72 . ..J 3.90 

4 BaiiK \of ^ &ioaa announce tot, for 
; >i)alances,in tiieir books ‘on and after 13th 
Junb, 1978* and until'-further' notice their 
- Base Bate for lending-^ 10% per annum, 
r "The" deposit rate bn aU mohies subject to 
^rseven days^ ^nottee of wthtowal: is 6$% 
v per . annum * 

Viahrngh Pensions limited 
4143itsddor8L.ldn.WUt9LA 01-4fl84823 

xwwt', -• - pn unil +5-3 — 

BtaadV 1 11 "1 = 

Property— -■ - P* 4 1 — 

ftwroateod see 'Ins- Base Hates' table. 

Whn.bwtince Co. Ltd.* 
TbeLras.PoUcnttme.KoiL 03(857333 

please r^rtel^e Uadon k 
• Mnebesier Groan. 

Windsor Life Anuxr. Co. Ud. 
l-TthftBwwrf WlnAao- WUubOrOOU* 

» Sw Haas...— 7231 — | - 
FhttrsAmd-GtWai.l • »0| J — 

^tnreAari -MXbl.j^ ^fe^^ J ■■■■■j — . 

Ira. Growth Fd. — I 
Do. Aram f. 

Friends’ PnmtL Unit Tr. Mgrs.* 

Flxtutm End, Dorkras- 0306S0SS 

Friends Pw. Uia..M3 455*1 46 « 

Da. Accum. — — p49 587f+D.7| 422 

G.T. Unit Managers LULV 

16. Finsbury firras EC2S4 TDD 016388131 

GT.Ctp.Jne B5 88.8}.. 330 

Do.AceZ— 1*2 106.6 *0.4 330 

GT.lnc. Pd. Un. — 1619 1723 +21 7 80 

G.T. U.S. A Gen ..... 149 5 159 (1 -0.8 2 90 

G.T.3ap8B mien-- 292.9 3003 +117 130 

*GL ForslEe.FiL.- 134.1 1407 .. 4JW 

G.T. loi'l. PVhd 1218 1296 +8 6 2 00 

G.T, Four YdsFd— 3.4 56.8a].— 7.20 

G. * A. Trust (MgJ 

5. RaylrichRtL, Brentwood >02771 227300 
ti a a p2A 3Uri +M 479 

Da A«um. -- KL* B.l+6 3 350 

Income .... ... OJ SI* —0 4 627 

ruAccunt. - — W.9 63 Q —0.4 6 27 

International 502 S*J* +0 7 2J6 

Do. Accum.. 53.4 57.8 +0 7 256 

Hieh Yield... — M6 662 +08 826 

Do. Accom. . - BJ 702 +08 826 

EquityEwropi'-- }®6 109J 5.44 

Do. Accum.-. .-1035 10951.. 5 49 

•pricer j! May 3 . Next deal! ns June 30. 
Minster Fuad Managers Ltd. 

Minora - Hue. Arthur Sl, E.C.4. 016231050 

Minster June 12 — (355 J73f 1 S57 

Exempt Ma> Si . —190.7 94.7] J 5.48 

MLA U&U Trust Mgemnt Ltd. 

Old Queen Street. SWlHOJC. 016307333. 

MLAUnilx tS9A <L6) J 453 

Mutual Unii Trust Managers* (a)(g) 

15, Copthal! Arc.. £C2R 7BU. 01606 4803 
Mutual See. FI us -151.9 555} +04] 651 

Mutual Inc. T£ — |6U. 73.0] +0.9] 7 26 

Mutuaf Blue Cwp 47.61 +6 « *50 
Mutual Hish ^d -1563 fcOjj +0.7} 8.62 
National and Commercial 
3L St. Andrew .4quare. Edinburith 031-5560151 
in ^ mm May 31 . - • B j? Z 157 B| . .. J 6.00 

lAccwn. Unilsi 216® .. .J 6 00 

Copt May 31 -- 12fl3 J 3.47 

(ACCUBL Unilr- |15L2 1868) ... | 3 47 

National Provident Inv. Mngrs. Ltd.* 

60-GraccchurchSL.EC3P3HH 0I-6Z342D0 
N.PL Gtb linTtf— 1452 48UJ+02] 405 

(Acciun. Unit---’ ■ P5J 5«fl +03^ 4 05 

Trust — 1124.6 13LS . ..J 260 

lAccum Units 1*9.7] 1 2-W 

--Pnces cn ««>' fS Next deab'iia June 2a. 
■Prices nn June 14 Next deoline June 3B. 

National Kestmlnster*(a| 

181. Cheapudr. E<5V 8EU. 01606 6080. 
Capital lAccum •- 66.7 7L7ai +0.7 4.19 

Extra Inc. g-J 70i +0 7 7 66 

noaoeiai- 352+05 500 

Growth Inv Mi 97* +0.9 4.9* 

Income - . . — 1 3JJ +0.4 6 48 

Portfolio In' P«l 68-5 732« -07 543 

Univewal Fd -d- - .1618 67Stt(+0 7] Jl4 

NEL Trust Managers Ltd.* ia)ig> 
Milton Court .! ‘c-’ w "4. Surrey . 5011 

Nelxtar . "HH- 65.0] +08] *01 
NelsiarHutliiHc -IS0.7 53J| +031 7 90 

For Ven Co u rt Fnnd M stagers Ltd. 
see RolhwniW Asset Management 
Norwich Union Insurance Group (hi 
P ft Box 4 Norwich. NR 1 3SJC. 0903 SSOM 

GroupT-a FJ P*S l 363 3. -3.4| 5 02 

Pearl Trusl Managers Lid. (aKglfzl 
25£Hich ilnll' 1 ^- W C1VH£B 014058441 

Pearl lirnu*hF*l_ [3.0 24H +0JH 4.92 

Aeeutn L'ml' — ■ 8J* 2*5|-OJ 4 92 

Peiillnc . 316 JM.flj-02 672 

mriUa»T4 - 354 382.3+04 5 05 

(Areum.1 ml:> -H5 7 _ 492] +04 5.05 

Pelican Units Admin. Ltd. (gnx) 

8) Fountain -4i Mantheuer o6]-U36M8? 

Pdicafl L'uiU— — JCJ M.0] t0.6] 5.05 

Coy nr Growth FtL..|19J 70S, +0J] 452 

Target Tst. Mgrs. iScotland) (a Kb) 

19. Athol Crescent, Edin. 3. 031-228 BtSZUZ 

Tnrget Amer£aRlel2&J »a .... J LM 

Target Thlrti* P02 *3id +D^| 5 75 

Extra 1 Bcomf Kd. . 1593 6JI( +0.4] 10J» 

Trades Union Unit Tst. Managers* 

10C. Wood Street. ECJt 01 638 B0 II 

TUIT June 1 1503 53.4] | 5 JO 

Transatlantic and Gen. Secs. Co.* 

PI-90 New Loudon Rd. Che lmxHwid 0245516SI 

Barhicau June 8 ..t7h0_ 80.6] 548 

I /tecum. Units U45 12L4 5.«8 

Bart-£xpLMay31... BS 88.4a 453 

Burton. June a 80 6 84.4a 452 

lAccum. Unitai 998 1B4J *|2 

Colcraci JuneP. 1242 1515 .... 5.79 

iAccudl l-’niU) 144.9 158.7 . — 5.79 

Cutnld June? 514 548 ...... 6 95 

(Accum. Unit* 1 569 60 1 6.95 

Cllcn. June U 5JJ 56 6 5 20 

(Accum. Unitsi — 685 717 ..... 520 

Marlboro June 13_ K3 54J +1-1 8.74 

lAccum. Goltai 59 7 623 +jL2 Z.74 i 

Vau.GwthJnel3 — 501 528 +0.4 3.43 

Burton. June B 80 6 

(Accum. Unitai 998 

Colcmu June 9. — _ 1242 

lAccum. Units J H9.9 

Cumld June? 51" 

(Accum Unlui — ... 569 

(-lien. June U 53J 

(Accum. Unlt*.i — 685 

Marlboro June 13_ 523 

lAccum. [TnlUf 597 

Van.GvethJnoU— 501 
(Accom. Unitai- - il-6 
Van'HyJune 13.-.- 7L9 
Vang. Tee June 7... 44 7 

(Accum. Units.) 455 

WlGkTJunc& 605 

(AcrtUL Unitai — 718 
Wick Dl. June 9. .. 645 
Do. Accum. [73.9 

158.7 — 5.79 

54.8 . — 6 95 

60 1 6.95 

566 . — 520 

72.7 520 

5*i +u 8.74 
6£2 +12 2.74 

528 +0.4 3.43 

tit.5 +05 5.48 

757 +0J 889 

*7.1 654 

47* 654 

64.4 5.2= 

75.9 52B 

680 85* 

78. a] 8J* 

Tokyo Pacific Holdings N.V. 
lucImiK ManM+mcnt fa N.V. Curacao. 

NAV per share June 5. SUSA2 ttl. 

Tokyo Pacific EOdgs. (SeaboArd) N.V. 
Intiinis Management Co, N.V. Curacao. 

NAV per share June 5. SUSSSjM. 

Tyndall Group 

P.O. Box 135* Hamlltou 5, Brnaada. 2-77S9 

Overmens June 7 — |R'S1 17 121] I 600 

(Accum Knitji .pl'SL79 iffl .... J — 

3-Way InL May 18 _pl>SU3 171] . --.[ — 

2 NewSL.SL Seller. Jersey 

Tried inn. o 


(Accum. Shares' — 
American Junes _ 
(Accum siuincs'- . 

CS34 STSti.'S 
I 6.C3 

Jersey Fd. JuneT_{193.B 



iNon-J. Acc. l>ts.) — Cn8 733 X I — 

tiUH-'andJuneT— DJK.4 10h.4ri 1 U2S 

(Accum. Shares) — 1134.8 1372x4 - -J — 

Victory House. Doualas. Isle oi Man. 0811 
Mnnaficd May 18 |£&.0 1358] ..... | — 

Utd. Inlal. MngiBDt. lCJ.1 Ltd. 
li MuJ easier Sired. SL Helier. Jersey. 
UA Fund tU'SIf Jt 2£UH | S.16 

United States Tst. IntL Adv. Co. 

M. Rue .AJdnnjcer. Luxcmboan; 
U5.Ttt.lnv.Fnd . .| 5US16.94 |-0 03] 0.91 

Net asset June 12. 

S. G. Warburg & Co. Ltd. 

30. Gresham ShreeL BC2 
Cnv Bd-FdJune 12..I SU59.64 I .... | — 

Enw-lnUune 12.._ SUS1736 +02^ — 

Gr.SLlFd. Apr-31— ■( f US7.69 I . . J •£. 
MrJEur. June 7 flu 35 10.47] I — 

Warborg Invest. Magt. Jrsy. Ud. 

1. Chart nc Cross. SL Helirr. Jn - . Cl 053473741 

NAV May 28. "Equivalent 5US88.46. 
Next sub. June IS. 

Eeyselex MngL. Jersey Ltd. 

F0 Box 88. SL Hei ter. Jersey. . (Eng C I -006 7070) 

Ftmsele* [FaU35 UBS . SLW 

Bondselex 7(54* V5* -02S - 

Keysel ex l nt 1 £6.61 7J29 +0-v — 

Keyselex Europe.. £3 89 438 3.77 

Japan Clh. Fund M-’SBTT 957 . — 

Keyxelex Japan 01.58 12.H — 

Cent. Aasela Cap. tUUl +003| 

ria-0J 4 92 
34.3-02 672 
+8 2« + 0* 5 05 

4921+04 5.05 

Tindall Managers Ltd.* 

IS, Canytue Rwd. BriHoJ. 02723SMI 

income June 7 M2 IMld 8-09 

(Aeenw. Unit*) 1B1.4 H WJ 

Capital June 7 1272 133-4 4 03 

lAccntn Unit*)...... 177.4 186.41 .. ... 4.0 

ExempL June 7 .... 111.4 U7.cj 7.7 

lAccum Units* — 157-2 • 1 £3 

Can>-nceJune7..._ 99 6 104.61 VW 

lAccum. Unitsi 121.6 1295] 580 

InL Earn June 7 — 2*7 0 259.4] 504 

(Accum. U niU'— . 274 8 Z3a.M ... . a.m 
SeOL Cap JuneT-.. 141.0 14f2j ...... 5.21 

iAccuBL Units). .... 168.0 3764] 521 

Scot. Ine. Juno 7. — 162.2 170.4] .—j 8.70 
Lendan Wall Greap „„ __ 

Capi’-hl Growth B2.* OBJ +SI 5 ® 

Do Accum. M+ 900 +g-8 — , 

Extra Ine Growth-. 37 6 40.4 +82 9.9* 

Do Acciun. ..... *3.5 *6.8 +03 — 

Financial PFitV-. ■ 16.0 J72 -0J 4 94| 

Do. Accum . .. 19 6 2L8| -OJ — : 

jjieh lot. Priority . 63 5 U 2 +0 J 7.J7 

tetentauraal. __ 327 351 *02 225 1 

Special Sits — ...... 012 333] +03] 4.91 1 

TSB Unit Trusts iyi 

21. 'Thanirv Way. Ando'er, Hama 028482188 

Dealiajw lo OOM S3«M ; 

i biTSB General *5* 48 61 *03 3.7B 

ib'r>o Accum.. . „ 575 6151 +06 3.78] 

tin TSB Income,. .. 59.6 635ra +0.6 7»; 

ihi Do Accum- 62 2 66.2+06 729 

TSBJWGsh 8*5 89M-05 278 

(hi Du Accum. 905 963] +0.B| 2.73 1 

Lister Bask* (at 

war i ns 5 tree L Hellaxt 02323S331 

thiUhlcrGroa-d). 07 3 UD|-0.1| 53Q 

Unit Trust Account & MgmL. Ltd. | 

Kins KiIIibm Sl EC4R PAH 01-02348^1 

Knarr H*e. Fund _ 1152.0 160JH ... . | 424' 

Wiplurfirth Fnd ...B93 309] ,. U .J 436 

J*. Accum )34,0 J5.B] J 436 

Wirier Growth Fnnd 

Kme william SLEC4R9AE 01^234051' 

Income 3L11 | *33- 

Actum. UiUla— 36 .o] 1 433. 

CWLtd. M*y25..._(R-S32JC E4( 

CVTLUl.Maj=»... 02.5* 12.9C 

Metals Tst. May IB. OLB3 1217 
TMT Junes. . ... S1SM57 IS S3 
TMT Ltd. June |UB 68 10.96] 

World Wide Growth fljanttgwccat^ 
10a. Boulevard Royal. Luiembours;. 

Worldwide Glh Fd| *Uil5 14 |+004| — 


Prices do not mcl ude S premium, except where indicated 4. and are in pence -j ales! othervnre 
indicated. Yields ■*> ishtram in lax: column i allow For ell buvinR ernture. a iTHweii pncia 
include nil rapcjura. b Today's price; c Yield ba*»d on offer prlw d Eatimaled. f. TWiys 
opemag pries, h CisJrihutioa bw of L .K t+ys p Periodic premium lusuninre plans s Single 
premium insurance a Ottered pnee iiwludcs all eypenses. except Jtfcnts rnimran.ion. 

j Offered price includes all experts d bosicrit thrwi-h mmuwera x Ptmoui 
9 Ne( of Lax an realised Capital gain.-, uuliw indicated ft f Guernsey AT0S+ f Suspended. 
4 Yield 'belore Jersey ta* X Ex-yubdi'i'ibn. 


+05] 3.7B 
+0.M 3.7B 

V>LUI£4 11A 1 I46 1 JM'**- 1 ' 

1 Royal Exchange Avc.. London EC3V 3LU. Tei.: 01-2S3 1101 
Index Guide as at 7lh June. 1978 (Base 100 at 14.1.771 

Clive Fixed Interest Capitol 1-6.93 

Clive Fixed Interest Income ll'J.Bl 

40 D| +0.1] 530 

CORAL INDEX: Close 473-178 




| 433 

— 03. 

f Proper tv y ’ f " 

tVunhru«h Guaranlecd 

.\ddriv, ahoKn under HiSuraiM* and rnifi* rtv r.unrt Table. 


77 64 





1211 4 

6.7 tZ 
9.0 33 
7J8 65 
U 4.9 
55 53 
14.4 * 
62 4.7 


■frad«s.i~ ua 1+2 | H2_17f fi.4 

('aruinoi lid 

'haul 1;., 

’iEri'.'oin Inc. I 291 - 

- - *■ 109 




43 34* 
r 44k I 35* 

49 ! 40 

131 84 

44 29* 

45 35 

95 74 

81 68 
51*. 39 
59 50* 

38 30 

46 21 

126 92 

104 72 








?o|305 1252 
6 . 


12.0 41* 

133 39 

4.9 145 
♦ 255 

47.7 aij 
13.9 85 

8.9 138 

16.8 118 1 91 

5l2 240 67 

©5) 46 34 

U 125 87 

S3 22 Mb 

24 4 65 ST 

2 7 67 57 

7.8 104 93 

4.0 40 29 

W 98 64 

73 47 

42 36 

501* 38 
50 40 

56 46* 


37 [F.l’.G.LT'ROCi 
35* IFuDdinvet liu 



h269 7. 
1.65 4. 

♦0.62 8. 

Inv. Inc. lOp 

347 . 

95 67 

92 85 





In 68 

4 * 1 # 

*1 g. 

U ** 

MJ | 
« » 







89 79 


55 45 

64 53 

56 40 

34 27 

40 28 

53 42 

8 9 

181* 33 

48 34 

64 55 

45 § 

97 73 

49 36 

60 46 

128. m 

50 24 

82 58 

15* 12 


51 41 

91 69 

«3 36 

25 19 

63 48 

46 25 

30 18 

35 20 

29 20 

99 84 

73 50 

31 * a 
705 271* 

47 19* 

48 40 

31 a 

34 23 

29 18 

62 46 

54 44* 
|5 33* 

^ 3 

2 a- 

5? " 

16 I 

46 L_ 

35 1 

5 * 






n 3 

L33p. 31 

Do/A'Sto 30 

IngranimjWp^ 37 



3.67 ♦ 

288 4> 

SI f: 
26 2.1 
242 4 

IS £ 




Jltf-lOP-l 23 




Lon. Prudential 

fc G Duel lot. 10p| 




* 75 

9.7 W* 

n iS , 

? Sh s 


Investment Trusts 

£12 !+ V 

|gp -l 

; J^nherz^ii^na^lh^U id tic ter 

if--. - • 


MINES— Uontumed 


1 1+ Div. 

J Price j — I Set 

I 190 1-5 iOSOe 



Nigerian Elec. 

SOIL both. lOp 



200 -IBenunJaiSMt 


Malar ptm*hwS21J 






35 0, 




3.0 I 3J| 4.5130.9 
3.2 | 10 

Toi T 7 I 2 T 1 


233 +10 Q4L5c 4 


L’nieM. Aknriv tndicaivd. pricm had act OHidutfa are la 
pence and nr nominations are SSp. Estimated pricn/w r nl n im 
ratio* end oners am base*! an latent moral reports and account* 
and. when: (mcsfbfe. arr updated on fcalf-reartr figure* P!Em *TO 
r=!cnlateH »n the basin of net distribution; bracketed flfim 
indicate If) per real, or more difference it calculated on ■mil* 
distribution, revent ire based an '■ntaam" fUsnUnftkm. 
VIchF. are based oa middle prices, are pre s. WttM ted to ACT n* 
SI per cent, and allow lor -nine of declared dutritaUona end 
rights. SecTjritlct. with dnunntaaUoni other than Berlin* m 
quoted inclusive of the InvesUaent tMIar premium. 

A Sterling denominated secantim which include iawdama* 

dollar premium. ■ 

O "Tap'* Slock. 

- Highs and Lowt marked thus have been adjusted to nUmr 
tor right*, issue-- tor cash, 
t Interim since increased or resumed, 
t Inlcnui since reduced, passed or defemtL 
ft Tax-lree to non-residents an application. 

0 Figures or re pan. awaited, 
rr Unlisted security 

9 Frico at lime of suspension. 

? Indicated dltddend otter pending scrip and for rights issues 
cover relates to previous dividend or foracMt. 

*■ Free of Stamp Duty. 

* Merger bid or reorganisation ill progress. 

4 Not comparable. 

» Same interim: reduced Bnal and/or reduced earnings, 

* Forecast dividend: comer on earnings updated by latest 
interim uatciacoL. 

; Cot er allosrs lor conversion of shares not now ranking ler 
dividends or ranfcinc only for restricted dividend- • 

ft Cover docs not allow lor shares which may alto rank for. 

dividend at a future date; No P/E ratio usually provided. 

V Excluding a final dividend declaration. 

* Regional prlcc- 
II No par value 

a Tat free; b Figures based on prospects* or other offl rial 
csiuscie. c Cents, d Dividend rate paid or payable on part 

01 capital: cover based on dividend on full capital, 
c Redemption yield, f Flat yield, g Assumed dividend and 
yield, b .Assumed dividend and Held after scrip issue, 
j Paym ent from capital sources, k Kenya, m Interim higher 
thun previous total n Rights issue pending q Earnings 
hioed on preliminary ligures r Australian currency, 
s Wiidend and yield exclude a special payment. 1 indicated 
dividend- cover relatos to previous dividend. P/E ratio based 
or. latest annuol earning!!, u Forecast dividend: cover based* 
oc previous Tour's earnings, v Tea Iree up to 30p in the £. 
w Yield allows for currency clause > Dividend and yield 
based or merger terms, z Dividend and yield include a. 
special payment: Cover does not apply U> special paymenl- 
.1 Set dividend and yield. B Preference dividend passed or 
deterred. C Canadian. D Cover and P/E ratio exclude profits 
uf U.K aerospace subsidiaries. E Issue price F Dividend 
and yield based on prospectus or other official estimates for 
1ST7-7& C Assumed dividend and yield alter pending scrip 
and for rights issue H Dividend and yield baaed on 
prospectus or other official estimates for 1875.77. B Figures 
based on prospectus or other official estimates for 1378. 
M [litidend and yield based on prospectus or other official 
estimates for 1K3. N Dividend and yield based on prospectus 
or other official estimates lor 1B78. P Dividend and yield , 
based on prospectus or other official estimates for 1S77. 

Q Grim. T Figures usumod U No idgniTieant Corp ora tion. 
Taa payable. Z Dividend total to dale. Sf Yield based cm 
jfuucipdon Treasury Bill Rale stays unchanged until maturity 
of stock. m 

■•hbre* lationr • Verdi lidend: tt ex scrip issue; rex rights ; » ex. 
all: « im capital distribnlion. 

*• Recent issues " and “Rights ” Page 36 

This service Is available to every Company dealt is on 
Slock Exchanges throughout the United Kingdom lor a 
fee of £400 per annum for each security 


The following is a selection of London quotations or shares 
previously listed only in regional markets. Prices of Irish 
jAsues. most of which are not officially listed in London, 
aW as quoted on the Irish ^ 

Albany. Iny.JSip 23 J SindaUiWm.)_l 87 1. ] 

Ash Spinning — S I 1 

Fw Plain. 2 1 1 

P.dc‘wtr.Est-50p 270 

Kjfiwtr.tsLaup IRISH Civil.-.. 24 ihish 

.rreiP&Rose£l 44Std . — Cottv. 9* *80/82.1 £91*! | 

li -- Alliance Gas.„. 73 

El!:siMcHdy_ 62 Araott J 345ul]+* ] 

Elf-st McHdy_ 

Eye red 18 Carroll IPJ.| .„ Wd 

P«fe Force.— 50 Clondalkui 95 -1 

Firiloy.PS'J.Sp- Concrete Prods.. 335 254 HcitonfHJdgs.1 48 

Mv'f’fisr.rew,. 80 jns.Corp. 148 

L« i M nun.£I„ 150 Irish Ropes. 135 -i-3 

Hol: :Jr>s i2Sp ,. 265 Jacob 65 -3 

:m-n noMscrtn g Sunbeam 33 

rVjn.vri.Hi. 165 ... T.M G 173 +3 Mills- • - 29 — ■ Uwdare 90 

Sheffield Bncfc 45 

Orgic5ftiP-£l- 254 
Hu'onsCrew_. 80 
L« i r.t Atm. £1 .. 150 

Sunbeam I 33 

TJd G 173 

Uwdare J 90 

2.0 7.5120.9 

Finance, Land, etc 



4 0 

TSt\ Cen. .imiicBi 

Hen ElL-ctrre | 


•>[£30 hn*|.vAm)n\i0c.J £38*U* JQWJOcJ 111 
' 64 fiL-hupiDilrJ'J! WcJ 84 -1 Ifillv 1.M 

285 DtBwr'DI fs- — 366 t 8 UJ25f 33| 

£30 \n*|ii-Ainlri\i0c.. 
9D ' 64 BLdwpiLilfll! Ik- 
36b 285 [ip Been- IH Sc — 
£11* 025 Du.40pcT9 R3 ~~ 
79 54 lyijenburc , 

98 70 Uui-IlaLlik—H. 

366 tB UHif 33 

£11* Q200r Mfi 

64 -1 ID 

64 -rj L4 



CARDIFF 33622k 


Wednesday June 14 1978 

economic recovery 


c.3.; r-Ji/- 

A STERN warning about the appropriately financed, while at exchange rale volatibillty as 
risks of a rekindling of inflation, the same time maintaining a Ann causes of concern. BY GUY DE jONQUIEKsS. COMMON MARKET CORRESPONDENT 

even jn countries where present monetary posture.” He said it was difficult not to BRUSSELS, June 13. ,„,i iri •'iii 

rates oF price increase are low. He was convinced that high feel that the present scale of our ZAIRE to-dav lin(J , rn «s. mid w* wilt have wide ™ 

was given yesterday by Hr. marginal rates of tax and levels waste of resources implies con- fram its Mtoclnn Vcsiern SiOiori^ove^the operation of ^^^^stswere taken over,]- 
Cordon Richardson. Governor nf of government expenditure had siderable risks for the medium- creditor^ ti inJEJ J ii net new the count's Credit rnd pstf- b * V*™ 10 ? ***** late last year & 

the Bank of England. “dulled incentives and loaded terra, notably languishing of import ice n S %v 5 ien and m^nts mSchaJisms was broken yesterday wherry 

In a major speech on the heavy burdens son the prod uctive produeUve investment. pIa P ce *1. ur5E? Zaire has consented to Barclays Bank emerged as^e? 

international economic prospect*, machine m many countries. The Governor also gave strong the supervision of outside exnerts the appointment of another out- intermediary m an ingenious, r; 

Mr. Richardson identified infla- The main emphasis in the backing to the operations of the as a first step toward? re-order- side official as principal corap- scheme for the Post Office Staff; 
tion as a “lion in the path” of speech was on inflation and the International Monetary Fund as | Qg its troubled econonv-. troller of its finance ministry. Superannuation Fund to acquire & 

economic recovery. fear of its resu rgence. which re- the most appropriate multilateral Th pndnrwd with special responsibility for t h e Investment Trust Corpora-^ ! 

He rejected the over-simple mains a “powerful constraint on channel for provision of official cnrtrxa b „ ^ &Deadia „ budgetary L„ Rarnlav* whtoh 4 

BRUSSELS, June 13. The lull since two major; 

ust. He will have wide vestment trusts were taken over:V---.-' _ 9 A i n A’7/j ^ ■ 

' ° v ? r ^JPSSr* by pension funds late last year J^dex rose 2A. 

SZZiJS** d was broken yesterday r 



economic recovery. fear of its resurgence. which re- tne most appropriate muiuiaiera Th me «n.lnrwd with special responsibility for t h e Investment Trust Corpora-- 

He rejected the over-simple mains a “powerful constraint on channel for provision of official 0D [ L ft^dL nf ? J-da v Public spending, budgetary Hon BarclSS whSunlflEBSS- 4 * 

view that expansion and price both public and private confi- finance and application of judi- “ rst “ d - v of , oda i r ecaint> . rh p runnin® of ? Dn ; Barclays, wmen . 

stability were alternatives P nnd dence and expansiveness. “ cious economic policy conditions. XuSt 0 •. h ^in™ etWe t e t , n Za , ir ', ^ public sector enterprises ** fund can roe paper, is Mkag. - ; 

areued'in favour of policies cun- The Governor said that appre- This should be in parallel with ““J* 4 •* dozen other ,li , P ir fc not vp^ lmnin 6 whether an ag^ed share exchange offer-, w 
irihuting to “ some reasonable hennon about inflation was not flouring arranged by the banks. ZlunUal dSyt SSK* be will be sopited by the IMF «■ basis o f 88 Barclays tniite; * 
raLe of real growth.” as su ?- misplaced. The prospects in be said. external^ deht at or From one of the creditor for M» ITC, terms whieb'w- \Y. 

sested in Mondays annual report ? number of countries seem to He urged a cha nge of ' enti- L? “'JSgL* debt - «tim..«ed at ™ 0 worth 295p per ITC share. Tile - ** 

from the Bank for International be for some increase in inflation ment to encourage a greater use 
settlement* rates. of the fund s conditional factli- 

j enn -„ He also highlighted the change ties by deficit countries. 

about S2-3bn. 

The talks sponsored Bel- 
gium also include official? from 

Governments. worth 295p per ITC share. The - 

The import licensing scheme, overall value . placed on l^e ■ 
which is expected to- take effect trust,, with Barclays at 335p,;.fc 


lights toe adrice Q w S hfc P hthe Bank in jinking" about floating ex- “ Not only is it in many cases, the International Monetary Fund. « soon as possible, is considered around £S3m. When the deal. yg. - 
'? D h® ™ h c „ tl,e f a " k . ebanse- rates. in the direct interest of a eoun- the World Bank and th- EEC 3 Vltal sce P towards staunching goes through the bank will .pass * 

dt . . . “' a 5 Deen 3* vin = “ wbereos we once thought try to accept a sound ecnoomic Commission. the heavy drain on toe country’s on the trust to the Post Office^ 

uiuun tne u. . that exchange rate changes had programe worked out with the . . depleted Foreign. exchange fund f or some £85m in cash, dr I _L 

Expansionary monetary policies important contribution to assistance of the IMF. but also __ .. ^ Proposal ro im- reserves ant j ensuring that 264o a share— renr«entme"V ,:: ■ ® 1973 "34 1 

,nd large mereases m pubha make t P 0 tke ( balanre of pay . the a a opUon of such a pr0 . SSl i Ji gh 0 l .' r tI S m JS“ 1 * °" r „ future imports ere economically 5 SL “ oTTST™, St - 
expenditure were both described m ents> adjustment process, we gramme can unlock further L heine justified. * S pe ce t . ... - ~ 

as iikeiy to be mappropnate. are now not so sure.” amounts of banking and other of Ppc^rtint Zaire's creditors consider it The advantages of- ' this half the discoi 

On toe other hand, judicious H e noted that substantial commercial finance which other- B t n t hpr enually important that manage- arrangement are, first; that the rights issue, 

tax reductions may foster sus- changes in exchange rates now wise might prudently be with- made U ctoa? tott toev tn menl of country's internal trust gets an offer which, : even_- At this poi 
tamable expansion while, at tne fed through to coate and prices held” SilUng \o Se Sv nS financial affairs should ensure on the basis of the 2Wp a share sets 

same time, through toe increases more quickly than before. Mr. Richardson said the - s u> give any jurLier am . — . .. _ . . Teasomng geis 

RATIO - . 

. ce^ .pdant: 

/ edincideil 

tfae; te r 

•- boom ia" ; coujieuqf jeai%ag ‘ V 
OtKiri pafta v fifr tffe; vias^snsi^ . = . : 
• : ness ihaver not . Jftufljr - 

-Effected;. a$.- ^Bkaisb^; fii^ ; : 
: -ih^—wi Grits ptore - 

l sgecMjked^ ghwep^ggaeratioii 
\prtJdUcts'-r-- has' : .wwrit:v>:-?But 
v Peglwr; has- b&erV^irries^^tmt 
/.Tathoir ’m tire 

■have vknp^ed --'SsidB ^lC' Jate* 


is S 

r* ■ 

same Ume. through toe increases more quickly than before. Mr. Richardson said the unl ““ 6 thov 

in real income produced, be Lping “it is perhaps not too much fund's supplementary finance assurances* e ?hnf rc ?* lv,? 
to moderate the pressure for to say that exchange rate move- facility fthe Witteveen facility! _ ® V 331 

higher wage settlements.” meats in recent years have con- could provide an important Zaire i* in rho 
Mr. Richardson, who was speak- tributed to a polarisation of com olement hero. 1 016 

ing in Berne yesterday at the economies— tending 10 make the There is still scope for 
annual meeting of toe Associa- strong stronger and to weaken increases in bilateral capital 
tion of Foreign Banks, claimed the weak." flows — both of official capital and 1 _: d Da _i.. 0 

that the UK was attempting to Mr. Richardson identified private direct investment — parti- 1 - *<* e - 

follow a policy involving “some inflation, the recession, and con- cularly from some major surplus 
expansion through tax cuts, but tinuing maladjustment of countries to the developing 
an no greater scale than can be balance of payments and countries. 

ouuh; m Loan, u*y • n | l — ■ » ■ ■ ^ r. - r - w : ■ v " ‘•eO ’^T 

share — representing jl '■ u 1973 '74 *75 '76'77 Tff ; from - to etdfl . stock . 

nf mi nor non* los&eSi liaS'. taken : ‘ Diit. -ahotit ‘ : 

L r It.- . ■ : ■ > £tfm. Apd Rougher cumpeSfimL 

advantages of this . half the discount involved in- a-^ . Tnarket'for oilbArelJhead . 

tAflt OTO frYCf* th at . 'fha ** m ■ * / 7 . • r .. 0. • ■? - ■« . c' - • • 

. • valves hag - left- a ‘ mark ;on _the. 

point however, ^Lim^ortaiit' - associate,- : - M^voy 

Ctta fl lTI U A. rttQWVTint ArioTt w il” V. ■ " ‘ ■••• 

umz 11 Mill ue r-r-— com*boutBEMgauyaooveme-im outsiders is not at. all ID oe hat ^ briehteri 

Mug a‘new SSdttSS^JcSSSrt «» «»*l. the past 2ES_^ " JSSESSJSS ?. S* 7 "*’* 

C °There is ° still aoepe for ^"fh’e If Cseatad its ^deS^'SluGSJ ST MU'™ T ™ W* S™ 

mb»«« “ d to K s o.h in o t „»ioiSS Jss n J’th a p f r «, i4p 1 y** i L.w5*Sir! 

r. Richardson identified private direct investment — oarti- . <— . . .. _ - - - . . . 1 . .A., a a - - * 1 eiiei-o Affap I, ,Ti ■ _ a — a a £. - at. i proving. The-^hares yi^lA *7^3* 


. i?> ; w 7 

S13P'* 1 

Thorn to market Japanese 
video tape recorders 


TOKYO, June 13. 

as well as substantial new Shaba^ W«in WeieTihTt tol ^iblS S VSf ° f ^ > • 

°lc , hSs“ s V k e ed t fo?new lone-term SStnSV I973 d levris Et rest0nng Secondly, the pension fond Barclays is also blurring over -/ A& the rerord; results: oI_ 
investment from external sources T h«. nih»r avoids all the publicity and on- the purpose of the deal, said 197fi-77 Johnson Toattfiey-. ended 

of about Slbn f£544m). naif of semed at tD^s mwTin/K pleasantness of a contested offer to be to raise funds , to -use in the- year to March >1878 -with 
,u. senied at todays were which m endured by the . the “fu rther expansion of the pre-tax profits 10_percent .]<wr 

culture energy' ^education ~ele Germany. Italy. tl»e -Netherlands, British ^ and 0031 Bo ^ bnalness." In the past.four yean at ;At 

communicating and Sn- Ja P= n - Canada and Iran. Saudi f ™ds “ buy ing Edinburgh and group deposits have declined by seemed tot. f air far e good year 

It has been agreed tiiat ?n Arabia has been invited to the Dundee and British Investment 5 per cent after adjustment- for when jt reported '17- phrr-cent 

TMF nominee. assSted hv staff meetin E but oof send a Trust respectively. It pays inflation. Shareholders - should growth'- >b J .4ifJt: quarter iispfits, ■ = 
of about sLx outside expens will representative today. hardly more than those institur note the recent evidence. of the though that was- the latest in a •. 

take over as principal director Castro blames Braezinski, dons, and avoids the risk of London Clearing Bankers to 4he- series .of five quarters of fdeeUri? . 

of the Zaire Central Bank from Page 4 being stuck with an awkward Wilson Committee. V. They- ing profit growth Tates. The - 

minority as the Coal Board fund observed: ** There is- ample murmally: quiet toeqaid^ Quarter - 
has been. Moreover zt has -been- evidence . . . that the banks have turned iQ unchahgedhgures.'hut 
able to pore over the portfolio - had to turn, to the 7 , capital the third- -resulted m h. 32 per 
in advance, a privilege not ivatt- markets merely _ to .'maizitam cent decline. At least tiie 
able in a contested situation; their position in real term& M ' quarter ns, better than ttris, with ; 
Finally, Barclays has been - ‘ profits only 21 per pent foww. 

able to raise a useful su^- Pe^IefrHattersley . . ..JSiSS^SSSfM ' S 
enough to improve its capital HSffSrStSi? ££££ 

profit shortfall can be .traced to 


South Lebanon. June 13. 

to deposit ratios by around 0.4 Serck fold the sitory Ihst refining ^and chemical activities 
of a percentage pomt— without month, and now Pegler-Hatters: wijare.OYeredpacity . has knocked 
launching a conventional rights le * confirms If the UK- valve margins i severely. Elsewhere, 
issue; the move is equivalent industry is having a very rough the contributions from banking, 
to a one-for-seven at around time - Pcgler’s profits for the and colours and transfers are 

of about six outside expens will representative today. 

-- - , .take over as principal director Castro blames Brzezinski, 

of the Zaire Central Bank from Page 4 

JAPAN VICTOR has reached the Thorn video taperecorders Both groups had to adapt their 
agreement with the Thorn group will be sold in Britain, but says sets to receive the PAL system 

to suppiv 20,000 video tape- that its own sets are being sold of colour broadcasting used in 

recorders a year to be marketed at about £750 each. the UK and West Germany 

by Thorn in the UK under its Victor is aiming for direct before they could enter the 
own brand name. export to the British market of European market. 

The agreement includes a Japan Victor sa y s that its 

clause on the supply of informa- 10 -°' 00 ®_J} nits which wdl be arrangements for entering the 

lion which will enable Thorn to supplied to Thorn. It expects its European markets are complete 

start assembling recorders after rotal . E ^. ropeaB sa,es t0 with the signature of the Thorn 

two years and. at a la;er stage, re ‘}*-b M Qlts a '" ear -„ . agreement 

to embark on full-scale manu- 1136 . industry generally is Mmv Wilkinson writes- The 

facture. expecting prices to fall by per- so“aadSe Vktor^S^s will 

The agreement is similar to “ .JELJUJ “ lhe volume be in competition with a third to a’ one^or-seven“ at’ around' Pegleris profits for the and colours and transfers are 

arrangements made by Victor *««««■ system beiQ g marketed by ISRAEL TODAY withdrew the the UN concernin'* the move- 290p. Apparently the scheme year to April are down from slightly up, while profits, from 

with European electronics manu- § e f s adapted Philips of Holland. The Philips last of its troops from Southern ment of UNIFIL troops in the was devised by Samuel Montagu £18.2m to £12. 0m pre-tax. and the fabrication of -precious 

Thom?nn'v 1 ro'im d S 1 ie Frcnch Taoan Victor wo- the ninnppr Iff 111- ' Y hlch was ■” !E e Lebanon, three mom hs after they area under bis control. He would and offered to Barclays t&e main reason is that the metals are only, -maintained 
It Ttie Zst oha- of the of toe video hmne sysfem of ^o?tS the area in cn attempt not give any details of the several months ago as the fiS? world market in steel valves- because thhr division bcqrpor- 

marketing tie-up between a video taperecording, which is in competitors, but is claimed by rilla? 1 * 5 1 * J esaQ att faUcr ' ogn it m T' of^toe lawimfanS on a Ust of polential ra P ital whit* takes nearly a fifth o£ ates .Johnson .Matth^; and 

Japanese videorecorder manu- competition with toe Beta Philips to produce a better As ihe army left. Israel warned ment role of ^Ihe ^ cSfitian raifiers - Barclays accepted, firoup sales— has nosedived. Mallory (previously an astoci- 

faclurer and the British com- Format system developed by quality of picture. that it would continue to militia. f “ C Chnstian reasoning that although the , Two years ago, PegJeris trad- ate ). as a sUbsidiary.for. the first 

pany, although Japanese elec- Sony. Members of the Beta Tapes recorded on any of toe “monitor the situation” and to . ' scheme was more hit-or-miss * n S profits amounted to £10.5m, time. - 

tronics companies — including Format group, including Sony three systems cannot be played protect the Christian minority M cpennott adds: than a rights issue the need for of which ’something like a third At 428p the shares'.trade on 

Victor — are staking direct itself, are also exporting to back on rival equipment against Palestinian attacks. aiSSSfL. 1 aas . som ® new capital was not- urgent and might have come from steel a p.e. 8.2 whUe_tiae yie!d is 

exports of videorecorders to the Europe, but appear to have made Philips Is believed to be The Israeli positions within the meantime the trust route could valves. Now. trading profits are lower than the market average 

Uh- , ■ la^r start than Victor and. so talking with Sony and Matsushita 10-kiiometre-deep belt along the ??“*. nnlitta or not. nrndl .. p panita? at on i v about down to £C-7m, and the returns at -LS percent 

Victor was not willing today to far, to be shipping smaller about toe possibility of length of toe Israel-Lebanese Iatter s f° r ces acting as a sur- Produce capital at omy aoour auwu w ui C «iu iU!l mxoperwoL 

speculate on the price at which quantities of sets. standardising designs. border were handed aver to the r°p te protectors of Israel's . . ■ ■ ■ 

Right-wing, mainly Christian, J oterests means that tension in 
mtiitia- Israel refused to give its south is bound to continue, 
positions over to toe UN peace- w- T . 
keeping troops, with whom re- Unnappy 

^t^ r SiXS^ ■««» ™ today .. 

money was staged at the Shia i®. k ^ n “-w ,th the agreement of MOSTLY dry, but showers in the 
Moslem village of Mis el JebeL President Assad of Syria, whose E. 

close to the Israeli border-town of ‘i? f1 all r , b n ^ t , a T /f ac n tl ° n London S, N England, Midlands, & • 

Kiryat Shmoneh and midway ?L l . h *^ b D ® te K 7 e ? 1 Fo J C0 . 1 r V Wales, Cbahn el - 

1 MI1? *1 ti^ U (^n^i 0 Dn^rarnM^ 0 rtirniiiyh Dry, sunny Intervals. Max. 17- 

r «f.ght5 be 

ffisi Cft-n \er 

Leyland pins hopes 
on incentives plan 

standardising designs. 


PLANS FOR a new productivity day-work system, but wilt 
incentive scheme at British Ley- reflect Mr. Edwardes's belief in 
land are being pushed ahead by the power of incentives. 

Mr. Michael Edwardes. the chair- Mr Ed Wart ies warned that a 

to study 
prices of 
car spares 



Kiryat Shmoneh and midway 

between the two main Christian Lebanon to establish control of ^ sunny interval 
enclaves in Southern Lebanon. central government through /g3^gF). 

According to toe Security 5If * ma - 1 11 * Bd new, y r °* F P 

r- ;i . ■t.v.ii.v;... formed arrav m the area. E- Ajaglia, N.EL 

E. Anglia, EL, N.E. England 1 
Cloudy, scattered showers, i 
Max. 15C (59F). 

CdJL SUdiCd Council resolution establishing £ormed arnj y “ the E “* Iaa ^ 

the UN Interim Force in The Palestinians and Lett-wing Max°l^c’ tSSF )**™ . 6 ° GFS 

o„ Lebanon, all the area occupied forces continue to be unhappy at ma *‘ 1 

Aifc:™ r nmunnn ri ar .t b - v Israel in March should have the role Major Haddad is play- N. Wales, N.W. England, Lakes, 

Consuniei Affairs Correspondent beeQ tJjken over hv LW inQ As a resuit all the e i ements L of Man 

tot pttirr roiniiccinv will lQ earlier stages of the with- for another outburst of clashes Dry, sunny. Max. 17-19C (63- 
IS.,™' C £' C SSi SS „f 0I ;„Tri drawal. Israel gave up its posi- remain. 66F). 

mtS* for caref S reference t ! ons . t0 . the ^ m»ps: but this e In heavy fighting between Borders, Edinburgh, Dundee. 
ms one oftbree announced ume 11 l " s,s ^_ d 0T1 banding them rival Christian militias in the Aberdeen, Glasgow, Argyll, 

- uwTeo 
, iNCCWf. 


man in an urgent attempt to ^ , confront tion with thi THE PRICE COMMISSION will d^-allsraergfv, units P o7- remaTn 

Sufout levels 1 " d,VlS,0DS RaSSmg V a h ion \ at t S e J re f eD VT C ° Uld Sfftar' refere^S tions l ° the ^ but lhis ® In heavy 

output levels. “break the back of the com- P a ^.L or reference ^ u insisted on handing them rival Christ! 

heavy fighting between 
Christian militias in the 

over to the Christians, who have northern Lebanese town of Moray Firth. CenL Highlands, 

been backed by Israel during its Eh den about 40 people were 
two-year bartfe aaainst the killed. Among them were Mr. 

He told shareholders at the pany.** was one of three announced 

annual meeting in London yester- a by Hattersley, the 

day that an incentive scheme Appalling Prices ****??*- cwo-year oame aaainst xne K.neu. Among mem were Mr. 

could transform Leyland s pre- L aS t year had been the worst ,* “Yiff Palestinion and Moslem forces. Tony Franjich, a deputy and the 

carious position. it is crucial f or m an-hour and production ?H. Major Saad Haddad, the com- son of the former Lebanese 

to the survival of the company losses since records began. The i* 1 mandcr of the Christian militia. President Suleiman Frarijieh, 

that a productivity incentive' ^ company lost 3.7m man-hours P™' " ™mmm™daHnns said that bis force * vas str °ng and his family. The fighting 

that a productivity incentive' ^ company lost 3.7m man-hours P~* e ”~ lt said that bis force was strong and b 

scheme is agreed very quickly d Ue lo internal strike action, recommendatiaiis enou^ to control the entire reflect 

for cars as it has been for SP which led to Ilm man-hours of ,« v,,.. border area. membi 

Industries (Leyland s engineer- production losses through other c f He said that an agreement tinn , 

i“B.. , mt f, r ^ sts, . J and Leyland workers being laid off, while Hw? had been reached last night with Front. 

Vehicles, he said. another 3.3m man-houre were ? n b r °?J^S — 

Mr. Edwardes* warning comes lost through disputes at *€,55° ifS 

after a five-month period in suppliers. between the praw paid by p j p Pacro 1 

which Leyland met its sales and nositlon wa « ** m , nn ,i Yf 1 ^ de .! n f ,lfac ^« “ d continued troin Page X 

nrnfltK fareeu Rut hp ctroecpri Tile P 0s,tJ0n " a S SO appal- those paid by motorists. 

Sat the 8 CTOUP managed to line " 5 a l , e K ver >’ one raust be Margins are traditionally 
achieve thi^ nirfoSiance only aware that Lhe company could high on spares despite toe 

because of the Ma^to SupetoeS "« survive zno ^ ei ^ ear llke Increasing competition bo- 1 w 

sales promotion. iw/i. tween motor m a n n l actnrers dozen people starting in Janu- guideli 

enough to control the entire reflects tensions between former Outlook: Su 
border area. members of a Right-wing coali- dery showers. 

He said that an agreement tinn known as the Lebanese 

W_ N. Scotland. Orkney, 

Dry, sunny intervals. Max. 13- 
I6C (55-61F). 

Pollen count: 25, iow. 

Outlook: Sunny periods, thun- 


- - r > 



ICI warning 

tween motor ^ m a n u f acturers dozen people starting in Janu- guidelines. 

“If we could ’reneat March in . Ye ? terda £S meeting, attended and toe specialist component ary this year. By that time, says All the company’s manually 

terms of sales and Drofits we . shareholders, was mantifaettirers. Leyland S com- the company, it had lost far more workers have been made a 10 ® rts,ol l _ „ . __ , 

terms 01 saies ana proncs we mar kedly less acrimonious than ponent division is one of toe artificers. ner cent offer tnirerher with 1 c 12 54 Oslo 

would be out Of the woods finan- ‘ : ho c t PPI * far mmnanv’e Hivisinnc whirh per cent oner, logetner W1Q1 a Budapest C Id H Paris 

daily. But the fact is that our ■ ™ | l Th^ SnsSTffl^mSefmonev Thc company says that union continuation of toe existing pro- b aj«s s 13 a Perth 

production levels do oot enable Sn up in anj ftnre ias tte “US "T also , for ^ for U,ese ?„ ucn sch ^ e in h a . <,e ?' du ' ™ 

us to approach the March _, p f _ P hinni°thf been asked to look at the S^des of normal workers cannot r p. re n f ™m the beginning of chwara 

volumes.” group to EL°Ltd. which one Prices of portable power tools, {j| n ™ et f Q r eCa “? e e _J}?. y are’ "ciTac offered job restruetur SSK 

Although Leyland would give shareholder said belittled toe of the kind made by such com- * ° as '?{ "eekl.. staff are iLi has offered job iresmietui> oubim 

no official figures yesterday, Mr. name of Britain. But the motion Panies as Black and Decker, ** y nationa t agreements 













































Moo Ire al 


















. 'fitiy 

consistently makes money. ine company says mai union 

S comSon hM also demand for higher pay for. these ductmty scheme in a deal due 
b Jh asked to look at toe Shades of normal workers cannot ^ 016 beginning of ch,«« 

prices of portable power tools, !* W ™L con A l : ^ 

CHS New York C 10 « 
C 12 54 Oslo V 19 66 

C 16 fft Paris C u 55 

S 13 35 Perth S 18 64 

S 36 98 Praauo C 12 54 

S 36 98 Pramio C 12 54 

C 11 K ReyhJvk. Dr 8 46 

S 14 57 RJodGJ’o S H 78 

C 15 59 Rome C 25 7? 

of the Sind madT by such com- tions for weekly staff are . ICI has offered job restruetur- ^ \! S & £ ?? £ 

no official figures yesterday, Mr. name of Britain. But the motion panies as Black and Decker, governed by national agreements ia * , some r 

Edwardes went on tu admit that ^ eventually caStod and toe distribution of jeans. “ P f 5SS?" F w S ffiS s £ 

the chances of meeting its pro- a Production of Rover saloons, unions and it has made the and artificers but the unions niasiinw - f is n t«iaviv s 23 77 

Auction target of 81*000 cars Range Rovers and S Rogers _ , , . maximum wage offer within pay rejected this. h« c m s? Tonyo s 26 79 

tins year looked slim. It is was halted at the Solihull, (^onifol 00 me ~ ^ in-bur« 

believed that output is runoine Birmingham, plant yesterday. to aiuj ushon 

at about 75 per cent of what the following a strike by 80 external . j._n _ Continued from Page 1 n 

company is aiming for. following drivers. ISA IttlKS 

some Improvement at the begin- The men walked out after a A££* A 1 

ning of this year. shop steward was sacked. Half By Ivor Owen, Pariramentary Staff f^l|J2r 8 15fiTlSSfSH sllllfl 

Leyland's first attempt at a the 6,000 a^embly workers have mr. j 0 EL BARNETT. Chief HtV pVAlOIUJU 1UUU 

productivity scheme for the cars hL° y Secretary to the Treasury, is to under pressure to raise new toe market level before the Ajarei® 

division was thrown out after a A* Hj® -,h S ^ ion plax, ‘' have consultations with Tory capital but the approach by the issue was announced. 

Capital gains 
tax talks 

Continued from Page 1 

Post Office pension fund 


Tl. Knnn 

C 14 57 Tnftyo 
S 31 SB TcroniQ 
S 21 70 Vhima 
C 18 64 Watsaw 
C 11 54 Zurich 

C 14 5T 
S 29 84i 
S 23 77 1 
S 28 79 
C Id 30 
C T3 53 
R « 54 
C 14 57 




D C 

P 28 73 Istanbul 
S 29 84 Jenwy 

^"day I 
midday I 
•C *F 
P 39 88 
C 13 56 

Thinking about doing business 'Down Under’? 

Contact us at the Commonwealth Trading Bahk.ot 

We’re part of Australia's largest banking group and 
our London branch provides toe 'vital link.’ between 
you and ail aspects of Australian finance, 
commerce, Industry, rural production and 
developments of all kinds. . 

Phone our Manager International to forge that link! 

Commonwealth Trading 
Jmt?/ Bankof Australia 

*INU C° 

fi? ne The U effect ,e Ute. tfe S£1£. STiW SS t a S S l S S WJ ® an k Australia K,v 

“to “ nt t0 ST 1 1 1 & I » i , * London ■ 3ED v : ■ :•* : ■ 

The company is expected to ^ d y ,h e wor^commitfJ^tnT^ki t U M be , r deb . a . re on the Finance cent from their current market At the same time, Barclays Funchal c M ea Tinuc? c il r! _ ^ 3ED ' — < 

put forward proposals for its Bl11 - ln 3 Hou se of Commons value. announced that it plans to raise r U S ■Si‘ n , ,n,e E J£ £1 Telephone. tH-600 8431 Telex: 833364 Dealers; 8512353* = - 

revised scheme next week. This V « standing committee. He empha- When Midland Bank made its Its dividend in total by 20 P S SSS c » I? ? I? g ' ' \ V ,v- 

is also likely lo retain a large P™""P ‘ vv,u st °P S i 5 ed that he was not making any £96ra rights issue earlier this cent this year with an interim I Inverness f i 3 nlvt-nice 3 R 17 « j - 1 ^ ‘ ■■ . — 

standard element of pajment Too i room « advance commitment to amend year, the shares were issued at payment of fi.05p a share and a kfJw* nrJLniLn w . Resisured at Uk Post Office, primed by sl c.iemeaFs Pr^ r n r an * 

related to the present measured Xooiroom dispute, Page 8 u, e Bill. a price nearly 17 per cent below Anal of not less than 7J0S9p. 61 ^ ^ «»»». SSS 

* ' j © The Financial 


V fp ‘!CE 

*<i. K . 

%!'•' L. 
(iZfJfr \ • • • 

k?-. • . 

41. ■'If. 


1^1 (■•••-. . . .