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Full text of "Financial Times , 1978, UK, English"

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Foryourchfttfs 

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Comfy Rider 

A 6SG tnt an t Kiu nMC^ 



No. 27,585 


Thursday June 15 1978 



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NEWS SUMMARY 7 


GENERAL 


BUSINESS 




subdued: 



its grip 


• Comeeon, the East Europ ean 
economic aTUance, is considering 
a change ia its voting system 
which conld force the economic 
policies of smaller Communist 
stales into line with the Soviet 
Union and provoke - serious 
strains within the bloc. 

The nine countries' involved — 
the Warsaw Pact states, plus 
Mongolia and Cuba — are expected 
to disriiss the. plan at a summit 
in Bucharest later this . month. 
Comecon’s present unanimous 
voting- procedure would be 
replaced by a system making 
majority decisions binding on all 
member countries. Back Page 

Tax orTcompany 
scholarships 

Company scholarships awarded to 
directors or higher-paid em- 
ployees to assist in the cost of 
educating members of their 
families.are to be taxed as bene- 
fits in kind, the Inland Revenue 
has annouiteed. The move, which 
will affect- many long-established 
schemes; is a further stage in the 
clampdown on fringe benefits and 
is likely to be bitterly opposed. 
Back Page 

Olympic plan 

Greater London Council leader 
Mr. Horace Cutler suggested that 
an Olympic city could be built 
in London's derelict docklands 
;to= house the 1988 Olympic 
Games. The council may pay 
£50.000 for a feasibility study of 
the project. Page S 

Girl fights ban 


EQUITIES feD 2.7 to 471.9 
in subdued trading, with the 
dull tone extended into late 
dealings following' disappoint- 
ment over the - May trade 
figures. 

• GILTS came la for profit- 
taking at the short end, and 
falls of i to £ were -recorded 
in shorts and longs. The 
Government Securities index 
closed 0.15 down- at 70.63. 

• STERLING closed 13 points 
down at $L8327,.wltii its trade- 
weighted index slipping to 61.3 
(61.4). The yen rose to a post- 
war high against the dollar at 
Y2 15.25 ahead of Japan’s May 
trade figures. Page 4. The 
dollar’s deprtciatfon -widened to 
6.0 per cent (5.8).' ,' 

• GOLD rose $1J to $183* in 


ipetlncnaaa 


190: 


London 
Gold Price 



generally 

London. 






majority of 



BY PHILIP RAWSTORNE 


MR. JAMES CALLAGHAN last 
night staked the future of his 
Government in a gamble to win 
a vote of confidence in the 
Commons. 

The desperate last-minute 

move paid off — securing the 
abstention of the Liberals and 
Welsh Nationalists to give the 
Government a majority of five. 

Amid jubilant Labour cheers, 
a Tory censure motion on Mr. 
Denis Healey, the Chancellor of 
the Exchequer, was defeated by 
2S7 votes to 282. Thirty-eight 
MPs were paired, some at the 
European Parliament and others 
on h visit to the U.S. 

The vote again underlined the 
Government's increasingly pre- 
carious position as the end of 
the Lib-Lab pact approaches 
and shortens the odds in favour 
of an autumn general election. 

The victor}! boosted Labour 
morale and the Prime Minister 
was boisterously cheered from 
the Labour benches as he told 
his party: “Wlmn the time 
comes we can appeal to the 
country in confidence, proud of 
our record, knowing that facing 
us is a bankrupt Opposition." 

The Prime Minister said that 
he had treated last night’s vote 
as an issue of confidence because 
of the damaging repercussions 
that would have followed a Gov- 
ernment defeat in the money 
markets and on the exchange 
rate. 

The Government was determ- 


ined to carry through its battle 
against inflation and to secure 
its devolution legislation, he said. 
“If we cannot get support from 
the House, we believe we should 
get full support from the 
country." 

Though the vote was directed 
against the Chancellor, the Prime 

Labour and the Conservative!; 
arc running neck and neck 
according to two opinion polls 
published today. Gallop, in 
tbe Daily Telegraph, gives the 
parties 45i per cent each and 
MORI in the Daily Express 
gives the Tories 46 per cent 
and Labour 45 per cent. 

Minister said it was aimed in 
effect against the Government's 
whole financial and economic 
policies. 

Mr. CaUagban's tactical move 
to turn the vote into an issue of 
confidence was taken only two 
hours before the debate began. 
A Government defeat, it was an- 
nounced, would mean the dissolu- 
tion of Parliament and an im- 
mediate general election. 

The decision — ratified by a 
hastily summoned meeting of 
Cabinet Ministers at the Com- 
mons while Mr. Callaghan con- 
tinued his talks with President 
Ceausescu of Romania at Down- 
ing Street — was prompted by a 


ded to vote with the Conserva- Tories but the Government 
lives. insured itself against defeat by 

Mr. David Steel, the Lioeral persuading the three- Welsh 
leader, told the Prime Minister Nationalists MPs to abstain, 
that he could not restrain his The yJelsh Nationalists in > 
MPs from joining the censure on statement said that their action 
the Cnancdlur unless the j) a( j p een decided after assurances 
Government treated the vote as that any excess revenue from the 
an issue of confidence. employers’ surcharge would be 

Facing inevitable defeat if the distributed in tax reliefs in the 
Liberals ranged against next Budget, 

him, Mr. Caiiaahun acted rapidly Sir Geotlrev Howe, Shadow 
to save the «.,.ivemoienL Mims- Chancellor, launching the Com- 
ters agreed that there could be mons attack on the Chancellor, 
chaos > n ’he money markets if accused him oE "laying the foun- 
thc Government was defeated, dadoes for a stagnant economy 
And a separate confidence vote. aD( j ^ impoverished society." 
invoking Illy Lib-Lab pact to . ... 

uphold the Government, was 4 has presided over a stra- 

deiayed for a further day te 3y for tIlc demoralisation and 

„ n . . . . . . destruction of 1 British industry” 

Mr, Callaghan decided to inter- jj e declared, 
vene io the debate himself in Bolstered by the tactical moves 
defence of >he Government and in his supporL Mr> Healey 
the Chancel mi. The Liberals mounted a vigorous defence of 
responded hy acreemg to abstain bis policies that brought a pro- 
This gave the Government a longed roar of cheers from the 
paper majority of four— but with Labour benches, 
one Labour SIP. Mr. Tom The Chancellor lent support to 
Litterirk, aosent abroad and an- City expectations that the first of 
certainty about the attendance of a series of small cuts in the uiini- 
Mr. Frank Maguire, the Irish mum lending rate would begin 
Independent tin.- result of the in a few weeks at the most. Mort- 
divisooit sWI looked in doubt gage rates should follow, he said. 
The two did not arrive to vote. Mr. Healey claimed that his 
Tbe Ulster Unionists, who, package of measures bad already 
unknown to the Government, been a “ resounding success. The 
had earlier decided to abstain. Government had taken action to 
ironically switched to support break tbe deadlock in the gilts 
the Conservatives on the confi- market and to demonstrate its 
dence vote. The Scottish determination to keep the money 
Nationalise also voted with tbe supply under control" be said. 


SHARP VARIATION AGAIN IN 
MAY CURRENT ACCOUNT 



back into 
trade deficit 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


warning that the Liberals Inten 

Parliament, Page 10 (ft Editorial comment. Page 20 0 Econ omic Viewpoint, Page 21 9 Jobs claimed denied. Back Page 


BRITAIN'S CURRENT account 
moved back into deficit again 
last month after the record sur- 
plus in April 

This years pattern of sharp 
month-to-month fluctuations is 
continuing, and about half the 
£392m deterioration in May — 
for a deficit of £49m — is ex- 
plained by movements in the 
more erratic items, notably pre- 
cious stones, and by an industrial 
dispute at Southampton docks. 

Consequently the underlying 
tr-- ! remains obscure, though it 
is clear that rising North Sea oil 
production is offsetting a sluggish 
export performance and a steady 
growth in manufactured imports. 

In the last three months there 
has been a £I50m improvement 
in the current account compared 
with the Dfcember-to-February 
period for a surplus of £I05m. 
This is fully explained by a nar- 
rowing of £2S0m in the visible 
deficit on trade in oil. 

Tbe latest figures produced 
mild disappointment in the 
foreign exchange market yester. 
day. After an initial fail, 
sterling soon recovered and 
closed only 13 points lower at 
SI. 8327. The irade-weighted index 
slipped by 0.1 to 61.3. 

Prices of gilt-edged stock fell 
by between J and i and there 
were doubts in the market about 
whether the new £lbn ultra-long 
tap slock would be over-sub- 
scribed when offered this morn- 
ing. 


BALANCE OF PAYMENTS 

£m seasonally adjusted 


Visible 

trade 

Invisibles 

Current 

account 

1977 1st 

—947 

+454 

—493 

2nd 

-764 

+399 

-365 

3rd 

-r 54 

+433 

+537 

4th 

-f 45 

+441 

+486 

1978 1st 

-574 

+269 

-305 

Jan. 

—338 

+ 90 

— 24S 

Feb. 

4- 43 

+ 89 

+ 132 

Mar. 

-279 

+ 90 

— 189 

Apr. 

-r 223 

+120 

+343 

May 

— 169 

+ 720 

— 49 

Source: Deportment of Trade 


The reception is still seen as 
finely balanced, given that an 
£SOOm short lap is on offer cm 
Friday. However, a £7ni issue 
by South Tyneside Council was 
oversubscribed more than 100 
times yesterday. 

North Sea oil remains the 
main bright feature of the 
figures. The deficit on visible uii 
trade is less than three-fifths uF 
the figure a year ago, and less 
than half the gap of two years 
ago. 

Otherwise, the picture is not 
so encouraging even when the 
more erratic items, such as ships, 
aircraft and precious stones, arc 
excluded. 

On this basis, the volume of 
exports of manufactured goods 
Continued on Back Page 
Tables Page 8 
Lex Back Page 



Thcres? Bennett; a 12-year-old .... 

giTl who has. been- banned from • COPPER price fall wartinaed 
playing-' soccer? with boy*; in .the oa the LttE,. with cashjSxgbSrs 


•claims £2.^jvdamage^T- alleging KSfJTSC ffSJS 
that the Football Association -is *jf!*** °* 

in breach of"-the -Sex Liscrimina- back suaxp^r in response, to 
tion Act, 1975: If .she wins her the LME redaction. Page 31 


case, the association will: be 
unabie.tostop -girts playing in 
junior football' teams. 


• WALL STREET closed 2.42 
down at 854.56. 


;• •'SHELL CHEMICALS 

baited design work on a proposed 
Husbands and wives should norm- TSOflm petrochemicals plant at 
ally be equal owner* by law ot iStanlow on Merseyside, because 
their : ho mra-— whether freehold- ot.a fall in world demand and 
or leasehold J properiies or coqn- resulting overcapacity 
ciltenancies--~unless they, agree chemicals. IC3 has saidthatstrae 
otherwise, -the - ' Law Commission smaller p e tro che mical 

Fabian dies ; 7 «^; **-*»*» 

_ .■ '.vV- • • • TUC is to. launch a combined 

Ex-Detective. ^.Chief j 5upenn- trade union campaign against the 
ten dent : Robert v^abut^ farmer ^_j, onr working week, with a 
head, of -the Elying- &uad .who policy paper being prepared for 
retired-in- 1948 -after- .38 years ra De ^ month’s TUC economic coro- 
Ahe Metropolitan Police, died m jnittee meeting. Back Page. 
Epsom- Hospital, .aged -77 . ■..iA-'. 

'"'v = ■■.-•' • NALGO annual conference at 

Cjirfay accuses Brighton has approved con turned 
UtlTter ayuuaea dialogue with the Government on 

The TJ.S. has : firm proof that pay and the promotion of union 
Cuba helped. -train the Katangan moderation on future pay policy] 
farces that Invaded Zaire last- for its 710,000 members. Page 16 
month. . President Carter ’-said. 

The count^y' , *- cholera epidemic • BSC blaatfnrnacemen at the 
has claimed at .least 68 lives, but Uanwern works In South Wa^ 
seems to be past its peak, accord- will, -discuss _ today a peare 
ing ’ to the . Belgian Health, formula AjiMd at 
Hiiristiy: " African: News,- Page* twweeM. dispute which resulted 
2 3 4 and 5 V l n the shut-down of the plant and 

-* ! j. .• ' the laying off o£ 4.9U0 steel- 

SaudfS rapped y workers. Page 16 

The-Fareigb Office ha*^ protested nnupiiuicc 
to Saudi Arabia about the public 


floggings : - n£' two' ' Britidi • NEB'S controversial Kim 
engineers ' tor .■ -.breaking the investment in British Tanners 
Moslem ban- on alcohoL The Products has raised further que% 
mem : whi 3 ^hffve- been; .released; .tion* from a Tory MP onyfinan-. 
are The .cial' transactions connected wim 

British fembasss*; 'said at^ least the setting up of the company, 
nine Britons ; were-: still iin jail page 9. ’ 

for. drink or olb& oSaxss- # 1VESTL&ND AIKCRMT. 

Rrt^-ffv : whose. profits mayjie substahfr 

B r '^Gy lower on last year after 
World CnR sccond Touadi HdI- industrial -trouble at its YeoyJJ- 
land. 5; Austria' X.<ia Cordpba); ^helicopter plant has decided not ! 
Italy O/W.-Germahyt) (in Buenos, xo ngV: sn . .interim dividend. PRgei 
Aires) ; Brazil .3, . Peru 0 (m ^ 

rear » March 31 of 


5SrSe J iriSend^| 

:X' 

hej* wia;il)^'manageraenti ,= • y Robertson FOODS prates 
w iwwiwr >jft was jailed- ior; profits- rose .from £25Sm to -a 


CHiEF PPJCE GHMfiES YESTERDAY 

^ ^ Aust. 300 .+.Oa, 

MaptAMta- KtdIh. ... 465 +: *5-.‘ 



Heron-Motor 

' LOFS - — 

: McNeill Cfnmp - ■ 
Pauls' apd Whites 


135 - 9 
27J fli 
46 - 7-,. 
121 —.4. ' 
10 - S- 
215 “ 5.. 
3S2r ’ lft 

Swan " "“ slfi J & .BB& "-‘J 

.UwoifeilhscQuat.- w. ^ T 7 . VMkfonteln ** *“ 11 

-Vesper ' 


Hendereou ; (J.. W.) HJ J l 5 
HortwrUf ...-v— 

Lookers . -*73^. 7 . .Pennine .Motor 

Muirhead ^4. 7 -: Trust Houses Forte:., 

ftfBi-OvCft 25 SfqbenS.UK 


starel^f.to^' 
m Hunter 


52-10 



some 

BY LYNTON McLAIN 


SH AIRWAYS Is chal- 
the International Atr 
rt Association by tatro- 
fdjrther cheap fares. 

Redactions of 66 per cent 
Will be offered from October I 
.on all British Airways flights 
.'between '.the OX and Scandi- 
navia, bringing the price of 
flying from London to Stock- 
holm and back from £272 to 
£92. The only renditions will 
he 30 days advance booking 
and a minimum stay of seven 
days. The scheme, welcomed 
last night by Mr. Edmund Dell, 
Secretary of Trade, will apply 
to flights to the U.S. from next 
spring: 

Also from October, the air- 
line is to cut UK domestic 
lares by 45 per cent for week- 
end travel on stand-by tickets. 
Pensioners will be eligible for 
,-40 per cent fare cuts if they 
fly -on Wednesday, Thursday 
or Friday. 

- "Mr. Gerry Draper, director, 
commercial operations, said 
yesterday that British Airways 
could no longer be constrained 
by 1ATA in meeting growing 


customer demand for cheap 
fares. 

The airline was not advocat- 
ing complete de-regulation of 
international air fare pricing 
— it wanted to take the lead In 
setting new, cheap fare stan- 
dards. 

"The time has come when 
world airlines have 10 recog- 
nise that the traditional sche- 
duled fares have to go to meet 
cheap fare needs, the fastest 
growing area in air traveL” 

Mr. Draper is discussing 
British Airways' new low fare 
structure with ail other inter- 
national airlines and agree- 
ment has not been reached on 
the precise level of trans- 
atlantic fares in British Air- 
ways’ uew discount class. 

The airline has proposed 
the re-introduction of several 
distinct classes on all its flights. 
In place of first class and 
economy class British Airways 
aircraft from October would 
start flying with three classes: 
first, club aud discount. 

First would have ail the 
features of present first-clz>s 
seats. Club would be the staple 


form of travel for most busi- 
nessmen, combining executive 
needs with the present economy 
class. Business passengers 
using this service still would 
be- able to change tickets at 
will but would have a guaran- 
teed number of seats 

Af the moment, 23 per cent 
or British Airways tickets are 
standby or budget- Under the 
scheme proposed yesterday, 50 
per cent, of all seats would be 
at cheap rates. 

Provisional fares between 
New York and Lundcn from 
next year will be £748. first- 
ela>s return; 1240 club-class 
return; and £149 discount 
return. 

The j!CW Geat hrou-A border n 
standby ‘ single will be £22, 
compared with £39.90 now. 

© The best boy on British Rail 
for the journey between 
London and Aberdeen is tbe 
£ 26.68 weekend return, with 
£30.65 charged for the monthly 
return. 

British Caledonian plans seven 
U.S. routes Page S 

Editorial comment Page 20 


Britain warned against seekia; 

g 



BT MARGARET VAN HATTEM 

MR. OLAV GUNDELACH. the 
EEC Fisheries Commissioner, 
tonight spelled out a clear warn- 
ing to Britain: there will be no 
more major concessions od fish- 
ing policy, aud any attempt to 
bypass the Community and seek 
bilateral agreements with third 
countries will be taken up imme- 
diately in the European Court of 
Justice. 

In a major statement to the 
European Parliament in Stras- 
bourg, Mr. Gundelach said nego- 
tiations for an EEC common 
fisheries policy appear to have 
reached a stalemate. British 
demands for special treatment 
went “just a hit too fac," he 
said. 

His recent tour of EEC capitals 
had shown that the gap between 
Britain and the other eight mem- 
mer states had, if anything, 
widened since the informal 
meeting of fisheries ministers in 
Berlin last January when tbe 
other eieht concluded a 
gentleman’s agreement," ex- 


cluding Britain, to abide by 
Coutisi^sioQ proposals for 197S. 

Mr. Gitndei.ien said Britain 
had consistently delayed 
towards a common 
policy, despite the fact that both 
the Commission and the other 
member states had gone a long 
way to meet Its special require- 
ments. 

"The Commission feeis its 
latest proposals are fair and go 
as far as is possible under tbe 
Treaty of Rome," be said. “ l 
don’t say that modifications are 
not possible, but tbe Treaty must 
be respected." 

He warned that any member 
stare which tried to negotiate, 
formally or informally, for 
arrangements with third 
countries would be taken im- 
mediately to the European Court 
of Justice. 

This was an obvious reference 
to suggestions made by Mr. John 
Silkin. the UK Minister of Agri- 
culture and Fisheries, who said 
in London today that the possi- 


STRASBOCIiG, June 34. 

bility of a bilateral deal rcugbt be 
raised during his five day visit 
to Norway at the end of this 
month. 

However, despite the warning 
to Britain, Mr. Guudelaeh’s 
speech was moderately worded 
and he appears to have accepted 
that there will be no solution 
for the fishing problem until 
after the British General Elec- 
tion. 

There were strong indicalions 
in Strasbourg that both the Com- 
mission and the Danish presi- 
dency regard Mr. Siikin's posi- 
tion as pre-election manoeuvring 

• Continued on Back Page 
Silfdn's potato dilemma Page 31 


£ In New York 

June 14 


Tjtv linib 


Sl'.t 1 SI.IB*-S3\0 

1 Iir. uih' ! O.MuJ.Eft ,»■. 

ni'HiLhi I l.eO-1.65 ili- 
12 luunth* j56.9j-5.SCl din 


: Fl.65yj4M.-i 
i O.eS-O.74 .)#, 
I 1.K2-1.74 .ii> 
I 5.70-5.50 ill- 


Debts of IRI reach £11 bn 

BY PAUL BETTS ROME, June 14. 

THE ACCUMULATED debts of in mi’s capital endowmen: employment levels in a number 
Xatituto per la Ricos truzione In- fund to complete its L6,000bn of loss-making companies 
dostuale, the giant Italian state 1978 and 1979 investment pro- 
holding company employing gramme 


The group is considering 
fbrther longer-term package of 


some 500,000 people and Incor- The group needed a further " 1 ® nts . . . tola . , } i ° 3 - a . b “ l !f 


CS.oaObn which will brine IRI's 
overall investment target to 
abuiU Ll3.700bn. In the 
depressed south. IRI is investing 
Ll.raObn and planning further 
investments of L2,500bn. 

Sic. Petrilli emphasised the 


parating more than 180 concerns L3,500bn to cover the 
in Italy alone, have now reached accumulated losses of several of 
L18,000bn (JEIlbn), according to its companies — including Alfa 
Sig. Giuseppe Petrilli, the Romeo and the Italsider steel 
gronp’s chairman. ca ng lamer at e-~and reconstruct 

As a Jesuit, IRI. one of the their base capital, he added, 
pillars of the country’s industrial Previous delays in the alioca- 
Structure, is facing its worst lion of capital endowment funds *oc iai role UM played in the 
Crisis for more than 30 years, had forced IRI to seek further Italian economy. This often in- 
\ Addressing a special Pariia- short-term, high interest-bearing voived risks not normally faced 
mentary economic commission, credits from the banks. Of the by other Italian industrial 
Sig. Petrilli said IRI urgentJy group's total LlS,000bn debt, groups. Between 197D and 1976. 
needed a big, new injection of about L7,000bn was short-term, 1K1V contribution in creatin 
Jnotls for its current invest- Sig. Petrilli disclosed. new manufacturing sector jobs in 

linen t programme and to recapi- IRI investments this year were southern Italy represented as 
taifae many of its financially expected to create about 9.000 ; : lf„r,P er , c ? nl of ,£?. Iot * T 
troubled companies. new jobs. The figure would have r,v!L„ IP”"' 

He ask ed Parliament for an been higher, but the bolding corn- fT . ’ A - 8 ® 0 T)0 mure 

immediate increase of L2,000bn pany’s policy was to maintain wun H renL 


CONTENTS OF TODAY’S ISSUE 

European news 2-2 Technical page 16 JulL Companies 26-27 

American news 5 Marketing page 17 Euromarkets 26-27 

Overseas news - 4 Sidney and exchanges 23 

n” 1 ? Sfi? Sni 4 Leader p ase 20 Vorld markets 29 

—-labour 10 Companies 22-25 Farming, raw materials ... 31 

— Parliament ... 10 Mining 24 U-K. stock market 34 


Problems of London’s ifldtts- 

.. trial decay 20 

'Economic Viewpoint: 

. Healey's negative virtues 31 
Court of Human Rights:. 
Protection against state 18 


FEATURES 

Norway's shipbuilding sub- 
sidies trimmed 30 

The OECD ministerial meet- 
ing ?. 2 

High cost of cutting infla- 
tion to Spain 3 


Bmv.inski; a disharmonious 

tosce 5 

‘juttTio: Black movements, 
destroyed or underground 4 
Jordan's aim to be tech- 
nology centre G 


Appahumnis — - 
AppriattMts Advts. 

'Babies 

BusHGU Oppls. 

Crossword 

Economic Indicators 
'.Enta rtOim t wM Guido 
European Oft*- ~~ 

Jala cslflmn 

Urtten 


32 

12-15 

53 

32 
18 

33 
U 
29 
12 
a 


cox 

Lombard 

Men nnd Matters ... 

Boris* : 

Saleroom - 

Share Information ... 

To-day's Events 

TV and Radio 

link Trusts 

WcAiiur 


a 

18 

20 

U 

B 

35-37 

21 

IS 

35 

38 


Base Lending Rates W 

INTERIM STATEM£» : T 
MCCorquodalc Co. ... 

AMMUAL statements 

Black and Edginslon ti 

BriL Borneo PcL ... 30 

Ena. Scottish Inv. ... 22 


Guardian Invest. ... 

***■ Hodraolic 

Industrial Gen. tsl 
Scol Marine 
3. Electronics 
Pfrtchard Services ... 

Salic 

TanJong T}jj 

*■ *■ a W. White lies 


2a 

25 

Sd 

23 

2a 

2S 

M 

25 


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ISTER 2 A 5 - MEETING 



— l~i '5 


VT 'ViJ. 


Premise by 
West on 

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r niS€GOT<MffiB|B 

‘ • L i * r* : --'. C 



3Y ROBERT MAUTHNER 


PARIS, .lui. 


^:i:v r 


LIINiSTERS FROM the Organi- Western economic summit, due do not meet until tomorrow— have hecn taken ;;> ns. mi ! 
itiOn for Ecoooraic Cooperation io he held in Bonn nest month. little ^or no reference was luade countries to prop up j,i!:n - - mdtis-j 


sei 


BY DAVID CURRT 


i:n-- 


and Development (OECD) coun- Only the preamble of the trade t0 the specific expansionary tries and protect loro 

ii!-?s will tomorrow renew the pledge. which is considered to be measures wmen individual competitive sectors, 

trade pledge which they first an important element of the countrie s should adopt to speed Hr. Emile Van L-ei ■:• 'he 

odontHd four years ago and wbicn industrialised world's overall U P Strowtn in the industrial OECD Secretary-General -vl Hu 

councils those countries to economic strategy, has been modi- ... tone for ib e ‘ d'sciKcu ■.’-■< in- 

refrain from taking unilateral fled to take account of develop- While there was general agree- emphasising that ?\wn oo.i-.il 

measures which restrict the free merits since 1974. raent that. Kiven the gloomy bj£h unemployment tr-'-e v'ere 

.low of world trade. It emphasises in particular that by the OECD secretar- increasing oressures tr- .i-xlifv 

slightly modified version of the din.-caliies encountered by iat that growth in the area domestic 
*!:«.■ pi'- due "has been 

lop majority of the - - . ... — _ — __ , Pfirlpo ernwth «rr»i»*rv was V 7" ~“-“ 


..... • -.. c. ■ •/* • - v-.- ' 

m 1:’ 1. - 1-- * 1 j A wh J’-jW* 8 iwi Curigl Tl frr- ~ ^ ~ 1 . 


lified version of the di focal tie* encountered by “ l u ‘« domestic policies in that 

wn approved by several industrial sectors m many San S5 wr Mnt1n b l978 a^ioIT “ nder “ , .?ecl the role uf ii'.rl oi * 
the 24 member of the member countries are an *5 ££wth strSJ*re was f ® rces ,. ln *be dynamic cess! 



3/ David White 

PARIS, June 14. 
FOREIGN MINISTERS of the 
iirc Western countries in- 
\0lved in Namibian settle- 
ment initiatives today pledged 
to renew their conciliation 
efforts. 

Dr. David Owen, the British 
Foreign Secretary, made no 
comment after the honr-long 
meeting this morning, but U.S. 
sources said the talks “went 


i-asf- 




THE FRENCH President M._ French :i22E : S8n®SS!^£ 

Giscard d’Estaing. today strongly attack : or % 

defended both the economic the ADrwi 
policy of his Government and clear' lUega* daflen^e -.tor^gr- M 
the military intervention he had authority. - 

ordered in a number of African On economic policy; tfie.Pfesr- ^Be ^HTS ; . ; 

countries dent denied that there .was any-Jtere woog^K -R Spe^^afai^ e : * 

At his first press conference - ^ - 4 

for almost IS months be defined Fttinch mKinplbyMent iM i‘ggSJ^.2S&fiC®Si! *>.i 
the African policy as one . 

"stabilisation contributing to t 

n^umunaC tlUpoBiUlitT-- Aori i, a, e tajioor MSwOr 


bald communique issued 
afierwards said the ministers 
took uote ” uf ibe recent 
meeting in Luanda between the 


flWwy > n fflinMiri. the y£ eld>n 

Although he did! not directly- said yesterday, «e«i»r r reperte‘ T njady issoed.;^caiie;^. 
criticise Soviet and Cuban policy- from Paris, Job offers to'r 

in Africa be repeated bis familiar 94,600 on an tmadjnsteilitesis He^amnneg- t p g s g r 
paraphrase of such criticism— " m May from 6O.6O0 ig April, -.m 

tad * *• ** 


bisr ideas and the.'-'advartce'from 1 'Ocfeber-l’lo ,>.■ 


misert distortions to trade, 
meetin 


tariat calls “positive adjustment accompanied by national :• 


h'V;e tomorrow, or possibly in 

L-.nJun on Friday, devoted At today’s meeting of foreign policies," namely the abolition wmch encouraged econwi . to 
mainly to preparations for the ministers — [he finance ministers nf anti-cyclical measures which ad J ust to changing trade o-j'ienrs. 

Mr. vance said. 

‘ ” — Policies to assist indu- i ; -.-s I 

should not become pri-iiMi?'**! i 
protection. Government miI>- | 
sidies to specific secii' ,- < >«r! 
companies in trouhie shi.-.i.l ' 
reduced progressively and; 
should he linked '.vl*,:s ilv:j 
phasing out of obsolete can-city i 


French troops have been in. 

South West African People's ^^rhri-VfStprnm^te iftn^rf 0 Jgjpigter^aR .... 

tirsanisation (SJVAPO) and SelliViVcSced™^? ^ond Barre. ' 

front;! me black states. tivelv b _ Alg er j a and Libya while his commitment that France -Wfil; . FrA3,0Q& : g : ■} . 
a f pi ran loadors are “ ^ 4e final d«achment of seek a faster economic, growth ; On^the2iPQliBoal K fKmt, ; ; ( «ie. 

troops in Zaire began its pull-out rate ■ tharf the average jplMier Presldmrt spoke vflT three. 4^is- - 
. — . — ^ European partners. Ha> vwuld ■lRtiva— proposals; ineara'res 'ti> '•■•¥■ . 


CaMiaet tackles rail losses 


37 ADRIAN DICKS 


nas 

Till* 
i ml 
ji.O 


BONN. June 14. 

. and tbe promotion o r . 

WEST GERMAN Cabinet The programme of closures, in tbe ni3in new building pro- industries, Mr. Vance sa'id 
‘.oc:.y r.iadi- a determined effort involving up in 6,000 kilometres ject. that of a new trunk route Britain however cull 

!•» -it. to grips with the financial of passi-ngi-r-service track and from Hanover to Wurzburg, stron- reservations’ aho-i 

d:.";e:i::.!es of the Deutsche 2.000 kilo in el res of goods-service which is intended to ease the new emphasis on phasin’- 

Eundesbahn. the federal railways, track, is to be continued. But Rhine valley bottleneck on the Government subsidies am? 

It. authorised a serie& of cost- services are being substituted present principal nortb-souLb protection measures. Hr 
'3- ing anti rationalisation Tor uneconomic rural lines. mainlines- Judd. Minister oF St a;-" "fir | 

;.:*--.*sure«, and directed Herr Kurt The Transport Ministry is lo There is also to be a thorough Foreign and Common- li | 

il-chci die, the transport minister, bring railways and postal review of the cost structure of Affair’s said that the adjust t. sen l 

in work out a series of alterna- country buses inio a single, inte- commuter services, with an in- process must be can fully 

lives J»y which the railways grated network by tbe end of crease in local authorities' shares tailored to reduce hardship u» a ' 

-‘Uld ; .>e relieved of financial next year. i n jh e financing of uneconomic minimum. j 

r.--.-r-onsibi illy for the permanent The railways arc to receive routes . Our Foreign Staff adds: Mr.! 

v.j- . additional a i.,1 lu build up invest- Herr Gscheidle is hoping for Edmund Dell was expected !oi 

A: Mi.' ugh decisions taken today merits in inure profitable freight gavines of some DM600in a vear. announce that the trie u-.k 



first step tuwar is staius of the inland waterways, are running at DM 12-13bn 


There is likely to be a delay at the end of last year. 


economy could 
a improved tbe present 


no pledge. 


rte: 


Organisation 
ive 

Tbe African leaders 
apparently pressing to get a 
settlement along the lines of 
tbe Western proposals back on 
the rails. 

Michael Holman -writes from 
Lusaka: The South West 
Africa People’s Organisation 
(SWAPO) will accept the five- 
power settlement plan for 
Namibia, say informed sources 
here, providing tbe 1,306 Sooth 
African troops permitted dur- 
ing tbe transition to indepen- 
dence arc based south of TYlnd- 
fcock. and the Western powers 
declare that, despite its exclu- 
sion from tbe plan, they regard 
Walvis Bay as an integral part 
of Namibia. 

The SWAPO position, more 
Gexihiv than its public stance 
which insists that Walvis Bay 
be incorporated ln tbe Western 
plan, follows ibe meeting or 
Iho five frontline African 
slates in Anglos last weekend. 

The frontline leaders are 
prepared to formally endorse 
SWA PC’s acceptance provided 
conditions are met. 
believe tbe 
would be pre- 
the Walvis Bay 
redo ration, but are pessimi- 
itic about South Africa's 


to return to France. 


Tbe President defined three aipi at an extra O5A0 

policy: ^kid. and In 1977 and 1678 the. elBCti*e ' offices be.- f 
stabilisation: proof -that Franr- i»^i« k- w 


J- \ 
nrttlJ I 


results of the African 


jlicy: ^be aaid. and . ^ 

ice Frent* lead was likely to -beO^htldby one -peraon to'.tivo^pro-- . - 
had the capacity and the will to per cent . -. y. .posA le pn the npancing- of -jo lttir i ■■ 

fulfil her commi^nents; and: Blaming the recession n^*t^ 


reassuring French dtizens that high cost of energy add. the tech- " 
' " challenge from 


>ESfy of.^4br- 
. r^jmehtatiod; ■' 


thev would be prdtdcted. 

He 

in each 

been de . . _ . 

ated towards the search for a ing Imbalances in the economy, ^ ... . . 

political solution, and at the re*: was, such a policy -.was essentiai,. oit^e.Brlti^modQL.' ■ .??. 

quest of the African government if France were to return to fall - • •. These. r Aneastg^'-rospo ner- to : : - 
concerned- employment. ■-- some- -extent- to , criticism ^ormu- 

M. Giscard d’Esraiag examined M. Giscard d’Estaing said that fated- by -Ibe -imposition-, dmfcg.T ; . 
the cases of AiricaminterventloD France’s task was- to . catch . lip. the series joF pbgt-^Ketfd^- “:50m-- . 
in turn cl aiming that each had' with the leading handful .of. in- =11111" 

been the minimum necessary tb; dnstrial countries- and leave 7the President-: 'ap'd :t&e- ''nmarOpmud^. 
respect treaty obligations when' pack behind. Success would de- tion ■ J e a tel 


Tositive response’ to 



BY GUY DE JONQUIERES 


BRUSSELS, June' 14. 


THE ZAIRE Government claimed its current negotiations ona sew from <a speeding up- -.of pro- 
this evening to have received a Credit line with the International :granmies already 'in . opmation, 
“positive response? 1 from a Monetary Fund. rather than from, fresh-en utri bu- 

number of Western; nations to;/ m. Andre Ernemann, 7 the tiongi ’and will taKtfthe-IWm of 

„ _ ...., ,, , c ._ t its appeal for SllGsi In emer-’ Belgian chairman of a two-day floods' rather than ^financing.- 

r.;.V*"ng them ope rat ion ally prulis ihc main couipe-titor to the rail- year, on top of an accumulated national trading system -j.iuidl -itlc about South Africa's gency aid to help ^relieve -the.- meeting here between Zaire and Foodstuffs and. medical- supplies 

J..U- and rirlkin? a balance i.-uh wavs for hulk freight business. debt for the railways of DM SDbn continue to crumble. plec- c or uiliingness to position their hardships caused by its econo- io of its Western creditors, said are likely to account ^fpr the 

'■•‘her modes r»f transport. There is likely to be a delay at the end of last year. no pledRe. i trooas In the south. mic crisis and Ae retent fighting this evening that the IMF bulk of the shipments, and Ithas 

in the copper-rich province of negotiations would be “extremely apparently proved difficok - to 
Shaba. ' - : difficult and painful ” and would i0r ° eI 

But substantive discussions of take some time to complete. The “f ■ 

Zaire's demands for increased meeting was also . attended by n_ ■ 
Western assistance to finance representatives of the World' JthL* 

the longer-term pnnects con- Bank and the EEC Commission, 
tained-in President Mobutu’s as well as the IMF. 

SSy C to T ^‘Z^Ut^ ^S. aen i 

end of th£ vw P (S 2S££ ; JS5® 8 **? ^ tl J e *t .the- talks, Canada . end Belgium, .together 
end of this year at tne. earlies^ .Citizen Bokana, said that he *with the ■ EEC Commission, are 

Zaire has been seeking almost expected tbe relief aid to" ffow believed to have made precise 
Slbn for long-term inVestm*t-^n during the next three months offers today,^hough Britaut the 
las well as medium-term 7 bahic| r bat-: declined .-to put an exact U-S.and France are understood 
of payments support But manv_ flgme- on- the 'amount available, to have asked for- more time to 
of its creditors appear unwil rt^’O^rs toade sit- the talks will in consider the 'size of their contri- 
to meet these requests until they ad J case have to be officially con-, butions. 

can judge the progress which it firmed by national governments. It has been agreed that the 
f? a i! e ,-*J n . rest0 5? 8 economic is undeikoodYbat much of parUdpahts'-at today's^ Iks will 
stability, and se e tbe outcome of the planned relief a rd^ will come meet agaih in.the autnmn 



Callaghan hails role o 
Romania in Mideast 


BY OUR FOREIGN STAFF 

MR. JAMES CALLAGHAN, the 
UK Prime Minister, said yes- 
terday that the visit to Britain 
of Mr. Nicolae Ceadsesen, the 
Romanian President, set the 
seal on the steadily increasing 
scope of Anglo-Romanlan 
relations. 

At a lunch held in President 
Ceanseseu’s honour, Mr. 
Callaghan praised the Rom- 
anian leader’s statesmanship 
and the “ valuable role ” ifehich 
Bucharest has played in trying 
to bring about progress in the 
Middle East Both Mr. Mena- 
hem Begin, the Israeli Prime 
Minister, and Mr. Anwar Sadat, 
the Egyptian President, have 
visited Romania, which Is the 



only East European country tin 
bave relations with Israel. . ’ 

Mr. Ceaasescu’s talks with 
Mr. Callaghan yesterday 
apparently spanned the full 
gamut of world affairs, focus- 
ing on disarmament, East-West 
affairs, as well as the Middle 
East 

In his speech, Mr. Callaghan 
referred specifically to Anglo- 
Roman ian trade and described 
the 1977 joint trade turnover 
as encouraging. The Romanians 
are known however to be dis- 
satisfied with the amount of 
British purchases from their 
country which has resulted in 
a substantial imbalance in 
Britain’s favour. 



President Ceausescu 


Oil self-sufficiency ends 


BY ROGER BOYES. RECENTLY IN BUCHAREST 

MIL NICOLAE CEAUSESCU, the crude from the c n m«T , t_ ■ _ 

Romanian President, was under- the late X980s or radicallv^ut ^ lat ' reasB Romania’s 

standably pleased on Tuesday indusiisd iroSth Ste * * dependence on 1 1 

when the Queen praised bis The hfeh nriro of Miririi. v . S? a ksnriep-roiporis wmc 
country’s “ resolute stand " and oil hL Easl W ? 1J come from Comecoh. 


Next time you fly to L A.you can 
really arrive in style. 

On a Pan Am 747SP. Its been speci- 
ally built for non-stop long-distance 
flying. And it has more first class seats 
than the original 747. 

if you’re thinking of visiting Holly- 


wood, well get you in the mood with a 
choice of two great movies. 

Pius eight stereo channds to choose 
from. (A small charge has to be made 
for these to comply with international 
regulations.) 

Superb food. 


An exclusive First Class Dining Room. 
And Rm Am s people to see to it that you re 
pampered all the way. 

Fi ight PA12 1* 1 eaves Heath row at 
14.00. And arrives in L.A.at 17.05. 

Who better to get you to Hollywood 
than the world s most experienced airline? 



eir experience makes the dlfibxnce. 


•i-J jtu h'—lcZHr.c inn Jiae II*. 



^.^.^“nder- thn ,ate XS80sorredically cut ito depended o ■ 

-imports which 

t-uuuirys resolute siana ana oil has piusmi ““ii Comecoh. 

"heroic struggle" for indepen- cern tn RnSJnhn S 5S2? le eon ' „• lr 1* unclear, how deep, 
dence. Maintaining a relatively much so that ia Rnm^? a erS *^° T.K erBy .dependence 

[independent position within the relent and him tn°7h® m h may 11 ■ blte ‘ There “• a ' wide ‘ 
Warsaw Pact and Comecon is tbe Soviet imports™ 1 th ® cheaper 55S52SL* fen f r ® r saving pro- 
cornerstone of the President's ThLr — BTamme and energy planners 

foreign policy, and Indeed bis nroiect °^fS^pr e, VwSlfJit? nZa taIk » of the role of 

ititlcal fortunes rest on its f n f? P e cru de nuclear power. But the planners* 

aintenance. ~iii,?^ic for ^ ent ual export concern is evident Romania- 

Yet Romanian autonomy Bi«K52 ? nit £ n . cu1 ^ r^ not ^ ^.independent from 
depends on rather more than the Middle “w-S oU iS te f w,Ul lts forei «n policy 

international affirmation, deriving . Int ® nt °n dictates unless growth, rates are • 

in the first place from a degrel ^ ““Sf™* Jf° reIgn » nv olvement scaled down in the 1980s. • • " 

of self-sufficiency in energy ( B m \? economy, Romania is President Ceausescn, on his 
resources. As the only major oil Kuwaiti pro- f*' es 1 ent i onn - will be reluctant 

producer in Eastern Europe sh j r 5 . J" die to slow' down the pace of Indos- 

besldes the Soviet Union it has ^^ ner S s profits and holding out tnalisation, which, .he -has 
avoided having to tailor its ® ne< ® payments per ship- equated with ali-rotmd better 
economic policies in return for m ?f!5' > . . „ imng standards. Bat the price 

|Russian crude. Romania is understood to be ? f such growth may be high : an 

Times, however, are changing. ?? und .ips out Nigeria to replace “creasing dependence on Soviet 
As it pushes ahead with Its KuWalt “ project. But with *hd East European energy 
—v:.: — = — a new OPEC price rise in tiie J^sources and the full iueorpora- 

_ the potential of Soviet oil of , Romania into the 

importer of oil and looks set to Wl il mor ® attractive. __gomecoo fold, 

become a large one by the end -o J> * atara / Sas production — 
of the 1980s. Mr. Ceausescu is K0 . man J? s . energy strength is 
determined to industrialise p r,in arily in the hydrocarbons — 
rapidly, and one of the main is a similar problem. Natural 
growth sectors in this process is ga * out P u t has been sufficient to 
petrochemicals, which further mee * ^ omcs ^ c demand during 
increases the need for oil. P 35 * 1° t0 15 years and to 

Romania's oil reserves are $uf- Provide for a small export to 
fleient, according to Western Hun gary from tbe Transylvanian 
estimates to allow production at fleIds * But since 1970- output has 
the current rate of I4.5m-15.5m n0t Increased and is expected to 
tonnes per year to be main- P e ^ k at about 30m cubic metres, 
tuined for the next decade. But Tb* s is enough for present pro- 
unless new fields are discovered, duction but if, for instance, the 
a decline in production can be chemical industry is to grow as 
expected in the 1990s. rapidly as planned, gas will have 

During the 1960s, domestic oil to he imported-— almost certainly 
consumption was significantly from the Soviet Union, 
below production, thus faciiitat* Romanian planners expect to 
ing substantial exports of oil pro- electrify some 95 per cent of the 
, Now ' k° wever * because country by 19SQ and are planning 
of the Increased domestic de* to make more use of hydro- 
mand and the continued export electric generated power. They 
or petrochemicals. Romania is expect that such power could 
having to import about 6m provide about 11 per cent of the 
| tonnes of crude. country’s primary energy 

Romania is determined tq buy requirements by 1980 
this oil from non-Comecon But there is also a tendency 
sources, such as Iran and Libya, to switch to thermal power 
But. according to Western diplo* stations from natural gas and 
mats in Bucharest it may have oil to solid fuels and this will 
to buy— albeit in small measures call for substantial, investment 


NOTICE OF ADJUSTED 
CONVERSION PRICE 

To the Holders of 

Nabisco International 
finance Company 

5% % Guaran t eed. C mwtfli le 

Ucharturea Dce l988 v 

The shareholders of Nahiero, Tnc. 
(fonaoriy National Biscuit Cnn* 
pany). Guarantor of ffw above Dtn 

bentnrw, approved on li&y 1, 3978 i ■ - 

, for r 3 s ?, *P fi E *» Camion 
»ock of Nabisco, lac, effective u of 
the dose of horineas May 2,1978. 
Thc^tonw of the Jhdenone midair 
much the Debentorea wens jaaneije’ 
quire cl coiresponding adjustment of • 

tha price at ■which the Debcr. tores sn* - ’ 

conrertibfc inkt the Common Stock’ 
of Nabisco, Ihc. Therefore,' effeerfw* 
opening of lruslness May. 3.;., 
1978, the conversloit price w adjusted . 
downward, to reflect the tiro lor. daw. 
split, from $5(150 per sh.ire to - ■ 

perafaflre, . . 

NABISCO, T&C* 

Baled: June IS, 197B . r m / 


Lj 


or 


van 


a im 













■ **-l .'fcff ... 

■ ■ j j'r.. } •« 

‘--M 

‘ •v. 

. - 2& 

v 


J* i 


Piipi 

* jBrSMg-’ 



-**■ y- f 
JX -4 



*iill 



BY WILLIAM DULLFORCE 

SWEDEN'S Energy Commission 
has 'decided by a majority or ten 
to five that nuclear waste can be 
safely, treated and stored. The 
majority recommends that 
■nuclear power, continue to be an 
energy source but leaves open the 
question of how many reactors 
shall be built. Sweden currently 
has ten in operation or in vari-. 
ous stages of construction. 

. The Commission was set .up by 
the Government early lust year 
shortly after the three non- 
Socialist parties bad won power 
. in an election. during which the 
new Prime Minister, Mr. Tborb- 
joern Faelldin, had promised to 
do away with nuclear power. The 
Commission's final report, tabled 
yesterday, does nothing to re- 
solve the impasse within the coal- 
ition over nuclear policy and 
paves the way for a government 
crisis later this year. 


y body gives 
for nuclear power 


The question now is whether 
the national conference or Mr. 
Faelldin’s Centre Party at the 
end of this week can open the 
way for any compromise accept- 
able to the "moderates (Conserva- 
tives) and Liberals, who favour 
continuation of the nuclear pro- 
gramme. The minority oF five 
within the Commission which 
opposed nuclear power comprised 
the two Centre Party represen- 
tatives, a Communist and two 
outside experts. 

Its chairman, Mr. Ove Rainer, 
stated that the conclusions of 
the Commission . majority left 
room for political compromise 
but be pointed out that it was 
backed by * a large majority 
within parliament and the trade 
unions, which should make a 
political decision possible. 

Mr. Rainer also stated that he 
had never experienced such 


STOCKHOLM. June 14. 
intolerance and lack of respect 

For others' views as during the 

■Commission'^ work. The whole 
energy siluaion was in political ■ 
deadlock. ‘ 

The Minister of Energy. Mr. 
Olof Johansson (Centre Party! 
said yesterday that the final 

decision on qjuclear policy would 
be based on$he current investi- 
gation in in; the nuclear fuel 
safety project, which the indus- 
try affirms will meet the require- 
ments laid <|own in the nuclear 
safety act passed by the present 
parliament, and on current inter- 
national investigations into 
nuclear safety. 

He ha* - promised that a 
decision wilt be taken in August 
about the fuelling of the two 
reactors row nearing the com- 
missioning 'stage. In the final 
analysis this decision will! 
depend on the conscience of Mr. i 
Fariddin. 


Bomb hits Rome’s lighting U.S. citizens 

BY PAUL BETTS ROME, June 14. # 

rHE DAY-TO-DAY reality of interim basis by Prime Minister |»| jvl 0^100 W 

lOliticai violence in Italy has Giulio Andreotti, who during the AAA -L YT 

igain been forcefully brought to last few days had been com i cm “ 

he public’s attention when left- under increasing political pres- 

ring Red Brigades terrorists sure to nominate Sig- Lossigas W UH 1. 1CU 


BY PAUL BETTS 

THE DAY-TO-DAY reality of 
political violence in Italy has 
again been forcefully brought to 
the public’s attention when left- 
wing Red Brigades terrorists 
bomber and seriously damaged 
a Rome power station causing a 
major black-out in several dis- 
tricts of the capital. 

The attack came only hours 
before Sig. Virginio Rognoni. the 
new Interior Minister, was sworn 
in today by President Giovanni 
Leone. 

The surprise appointment of 
Sig Rognoni. a little-known 
Christian Democrat politician, up 
to now Vice-President ot the 
Chamber of Deputies, was an- 
nounced late last night. 

Following the resisnation ot 
Sis. Francesco Cossiga after the 
Moro affair, the sensitive Interior 
po it folio was taken over on an 


ROME, June 14. 

interim basis by Prime Minister 
Giulio Andreotti, who during the 
last few days had been coming 
under increasing political pres- 
sure to nominate Sig- Cossiga's 
successor. . . ■ 

The Prime Minister is now 
turning his attention to Italy’s 
economic problems: . This follows 
strong criticism ; from the Com- 
munists for the Admin i strati oo’s 
delays in enforcing the com- 
monly-agreed ’economic and 
social programme, to bring the 
country out of its current crisis. 

Economic Ministers, experts 
from the political parties and 
trade union leadfeps are due to 
meet tomorrow to ‘ discuss a 
further package of measures to 
reduce public ^expenditure and 
reconstruct financially-troubled 
companies. . 


by arrest 

MOSCOW, June 14. 
MISS VIRGINIA OLBRJSH. a I 
U.S. embassy secretary engaged 
to Mr. Fronds Jay Crawford, the 
businessman arrested by Russian 
police on Monday, visited him at 
a KGB security jail here today. 

Meanwhile members of the 
American business community, 
worried by the arrest, consulted 
U.S. diplomats at a working 
lunch. "There’s a great deal of 
concern about whether this is 
j the sign of things to come,” one 
of them told reporters after- 
I wards. 


Under the /■ 
provisions of the i 
GamingActl968 \ 
a licence has y 
been granted for ^ 

THERITZ ■ 
CASINO / 
atfheRitzHotd, 
Piccadilly/ 
Lon.don.Wl 


28th June, 1978. 
Members only. 


Miss Olbrish, who took cloth- 
ing and other personal effects to 
the jail today was with Mr. 
Crawford when police pulled him 
from his car in the heart of - 
Moscow on Monday evening. He 
faces smuggling charges for 
which he could be given up to 
10 years in a labour camp. 

US. officials are known to 
regard the police action as 
retaliation for the 1 arrest last 
month of- two Soviet employees 
at the United Nations. The two 
have been accused of stealing 
U.S. military secrets. 

Mr. prawford’s arrest is also 
i’.ecn as a symptom of the strains 
’in Soviet-American relations 
over such issues as human rights 
arid, .developments in Africa. 
There is speculation, that police 
were told to act as they did, 
rather than arresting Mr. Craw- 
ford\at home or at work, to 
causeVthe maximum shock to 
U.S. leaders and public. 

A few hours before Mr. CraW- 
ford was seized the Soviet 
Government neswpaper com- 
plained 'of anti-Soviet hysteria 
in the U.S. over recent spying 
allegations, and said: “ we’re not 
scared easily." 

Mr. Crawford, aged 34. who: 
has worked here for two years 
■for International Harvester, is 
understood to be denying the 
charges. Another U.S. business- 
man, who asked not to be named, 
said be and bis colleagues were 
told by their embassy to “keep 
our noses dean.’’ 

Reuter 


tt..- . .v, . , times, puhH*fcod djllv except Sun- 
Md IrtlSl. wMrrlfxioo S»U» 

i-Hond class poslaae paid ai *=» > “»*■ ’ 


Norwegian ! 
production 
costs ‘must 
be reduced’ | 

By Our Own Correspondent 
STOCKHOLM, June 14. 
STRONGER MEASURES, 
including a more severe reduc- 
tion in domestic consumption, 
must be taken to reduce Nor- ' 
weglan industry’s production 
cost to the level prevailing in 
competing countries, the 

Norwegian Federation of 

Industries urges in its latest 
economic survey. K expects 
industrial production (exclud- 
ing oil) to drop by 2 per cent 
In 1978, which will be the 
rourth successive year or eilher 
decline or only marginal 
growth. 

Last year Norway’s tradi- 
tional exports slumped by 4.5 
per cent in volume. The Fed- 
eration evaluates the loss in 
market shares to NKr 2bn 
(£200m) and warns that the 
| non-oil export industry will 
continue to lose market shares 
for several years to come- 

During the first four months 
of this year the value of 
exports dropped a further 2 
per cent and the Federation 
estimates that, even with an 
Improvement later in the year, 
there wilt be another fall in 
export volume of about I per 
cent in 1978. 

The reason for this poor per- 
formance. the Federation be- 
lieves, lies in the develop- 
ment of Norwegian labour 
unit costs which rose 25-30 per 
cent more than those of Nor- 
way’s main competing coun- 
tries in the 1974-77 period. 
Industry’s costs needed to be 
adjusted so heavily and so 
quickly that it was unrealistic 
to hope that the problem could 
be solved through an incomes 
policy alone, the Federation 
; slates in a shot aimed at the 
^ Labour Government. 

[ The Federation wants domes- 
i tic demand, including public 
5 consumption, lo be reduced 

■ ruriher. The Government has 

■ hesitated to act more strongly 
because of the effect on em- 
ployment but the Tcderation 
argues that there is no other 
course 

Shrinking shipyards. Page 30 


J-cUty u® C 


SPAIN’S UNEMPLOYMENT 






BY ROBERT GRAHAM IN MADRID 


SPANIARDS ARE paying for a al 
successful curl) on inflation by an pi 
increasingly high level of unem- in 
ployrpent. Doe or every 14 of cc 
Spain's active population has no ti: 
job. If the number of marginally 
employed is added, the propor- ci 
tjon is almost one in 10. g: 

The calculations arc based on 31 
figures provided by the National it 
Statistics Institute" for the first « 
quarter of the \uar. Although the * 
accuracy of the Official figures is _ 
open to challenge, no one will 
dispute ihur Spain is experienc- 
ing the biehnsi level of unem- 
ployment since the 1950s. 
Mini sters and senior officials are 
giving the matter the utmost 
priority while the opposition 
parties and th<- trade unions are 
increasingly vociferous in iheir - 
demands for remedial measures. . 

The official figure has yet to 
top the psychological harrier of ^ 
Xtn. According to the National | 
Statistics institute, at the end of | 
March 927.500 people were eilher , 
out of a job nr .seeking to find , 
employment for the first time. A 
further IStS.OOO. primarily in the 
agricultural sector, were con- 
sidered lo he marginally em- 
ployed. The total active popula- 
tion is I3--1H- . 

These axe the figures which tne 
Government works from and are 
accepted a- the most accurate by 
the Communist controlled trades 
union. Though the Socialist 
orientated trades union puts Ibo 
figure as hi ah a-. 1.2m. The M ini- 
stry of Labour, Using its own 
resources, sajs in its latest 
estimates, for February, that the 
anemplovineot total is 744.702. 

The National Siatistics Insti- 
tute uses a sample of 60,000 
households and while the model 
is considered good. there are 
understood to be certain defi- 
ciencies in its operation. 

The most disturbing global 
trend is the steady upward 
: movement uf unemployment in 
the past four years. Since 1974 
■ ihe number of unemployed as a 
; percentage of the total active 
I population has moved from 1.39 

• per cent, r.j over S per cent. 

' The structure of uncut pi oy- 
' ment has remained relatively 
1 constant with almost 40 per cent 

* comprising school leavers and 
graduates in search of their first 

I job. However, the picture has 


altered slightly with more 
people coming onto the labour 
market from industry and the- 
construcrion sector as a result of 
the recession. 

This trend resulted from a 
combination of tho_ slowdown of 
growth since 19 « 3 and I3*t 
autumn’s tough anti-inflationary 
measures designed to control 
money supply and hold _ down 
wages. The virtual halving of 


ment of both tile amounts of 
the benefits for the unemployed 
and the extent of cover. The. 
Socialists say that it would 
create cost of extra Ptall-bn 
(£ 7 fi€ru) a year to be met as to 
two thirds by increased contri- 
butions from employes and 
workers and one third trout the 

Treasury. The Ministry of Labour 
says the net enst would be nearer 
twice as much. • 


The virtual halving of inflation in Spain to an 
annual rate of around 17 per cent by April and 
the unprecedented level of foreign reserves of 
S7 3bn have been achieved at the expense of 
depressed demand and high unemployment. 


inflation lu an annual rate or 
around 17 per cent by April and : 
the unprecedented level of c 
foreign reserves of S7.3bn have j 
been achieved at the expense of i 
depressed demand and high un- < 
employment. . : 

The most immediate problem is i 
that of unemployment heneut. , 
By general consent an un- ] 
acceptably few unemployed are > 
receiving any form of social 1 
security payments. The state-run 
social security organisation says 
lhat in May un employ mem bene- 
fits were being paid 10 W.i-L 
people, which was less than halt 
the total number unemployed. 
An inadequate social security 
system makes it difficult, if not 
impossible, to extend unemploy- 
ment benefit across the board. In 
effect all those lookins for their 
first job are excluded, workers 
often find that they ore not 
covered hecause companies have 
fallen into arrears with their 
social security contributions. 
Moreover, the social security 
budget ha? until now had tn- 
I sufficient funds to provide com- 
L prehensive unemployment bene- 

[ As part of the Moncloa Pact— - 
1 the package uf political and 
» economic measures agreed by 
) Government and opposition last 
October— the system is being 
. radicallv overhauled. There is 
, also a draft law before parlia- 
t ment. drawn up by the Socialists 
i in co-operation with the UGT, to 
t cope with unemployment. It 
s envisages a substantial improve- 


The Socialist draft proposal f 
allows for payment of S>0 per < 
cent of basic wages for an initial < 
period of a year for those who 1 
lose their job after having paid j 
social security contributions fur j 
six months. Those looking for 1 
their first job will be entitled 1 
to benefit three months after ; 
registering af a labour exchange. 
The proposal offers the Erst full 1 
legal definition of unemployment 
that Spain has known. If , 
approved it will be an important 
step towards introducing the 
idea of a welfare state, and for 
this reason the proposal is 
likely to lie controversial within 
parliament. 

In tackling unemployment the 
authorities will have lo focus on 
four main issues — ■ the regional 
imbalance in Spain, the par- 
1 titular problems of individual 
sectors like shipbuilding ur agri- 
cultural labour in the South, the 
‘ ability of the labour market to 
; cater tn shool leavers, and finally 
the need to increase the pro- 
portion of women in the labour 
' force Regional imbalance is 
' arguably the most important, for 
unemployment is at its worst in 
i precisely' those areas where 
. economic development is least 
t advanced. For instance. Parts 
, Andalucia. like Cadbr. Malaga, 
c and Sevilie. have jobless unem- 
ployment ratios ranging between 
s 14 to almost 16 per cent— almost 
l double the national average, 
t These areas moreover, with- 
out the former safety valve of 


emigrant vork elsewhere in 
Europe, suffer lar more in a 
recession. Excess labour in the 
South has been the main 
dynamic behind internal migra- 
tion li« tin* more prosperous 
areas, supplying ihe bulk of 
cheap induaLnal labour, especi- 
ally in the construction sector. 
When, as now, construction 
activity falls in Barcelona and 
Madrid, immigrant labour is the 
first to be squeezed. There is 
a note of urgency about dealing 
with unemployment in the South 
since opinion could easily 
become radical there. 

The Governmcm appears to be 
in a dilemma. With the ques- 
tion oT regional autonomy still 
unresolved until the new con- 
stitution is approved, the grani- 
ing of special regional aid 
packages k not easy. The 
Government would also like lo 
devolve more responsibility for 
local employment 10 the muoiei- 
pali'.iL-s. Yet tin.? can only hap- 
' pen once the municipal elections 

' have been held, and they 
1 not due before the end uf the 
■ year. 

Added to this there are 
1 economic considerations attached 
t tn a mild rellatiun which cny 
F significant job creation iniua- 
t lives must entail. Unemploy- 
: ment. and the spectre of unem- 
r ploy ment has been the chief 
s weapon which the Government 

1 has used to impose its — per 
cent ceiling on wage rises lor 
? 197S. .Almost certainly lhat ceil- 
i ing wili have tu be substantially 
1 lower next year — probably halved 
■. if Soain is to continue to control 
1 inflation and prepare for 
i_ recovery. 

(1 in other words the Government 
c has to weigh the social a ml 
v political consequences of allow- 
h ing unemploymeni to follow 
, r market forces, as it does at the 
is moment, against the prospect of 
,r restarting the inflationary spiral, 
n There will be a temporary 
e respite during the coming 
st summer months ns seasonal 
if employment and the construction 
a, sector picks up. Bui in the 
n- autumn there will be a new crop 
■n nf school leavers and projections 
st of 1 p*-r cent economic growth 
do not allow much hope even fur 
h- a halt to the overall rise of 
of unemployment. 















iPBr 

m pp§ 


Overseas Containers Limited was formed by four 
famous British shipping lines to concentrate centuries of 
experience in maritime trading into a modern system ot 

cargo transporta a ft er operations started and well over 

a million container loads later. OCL has invested ever £500 
million in a fleet of purpose-built containerships con La.ne s, 
terminals, hardware and equipment and, moSLOf all, people. 

With a route network now linking four continents, uul 
has become Europe’s biggest container transport operator 


and a world leader in international trade, and in the process 
is helping to shape the patterns of world-wide distribution. 

Serving over 40 major ports, the 09 L .^ r ? up j , ! s + , 
subsidiaries and agents, provide rapid, efficient and tots 
transoortation of containerised export and import goods, 
door-to-door, between virtually any locations throughout 
Western Europe and Australia, New Zealand, the har bast, 
South East Asia and South Africa. 

And that is only the beginning. 


’ still the 


: i ilia 


finest name in menswear. 

. .Because our dothes are virtually made by 
iind; At Chester Barrie only . verjr small percem- 
age of the work on any garment js done by .sen- 
ing machine, the test is a matter.pLsossors rape 
measures, ' tailors chalk, needle and thread and 
traditional tailor’s gas irons. We baste we sew, we 
press, again and again (4+ times 9 all). As to the 
"Put/- of materials, 'all butto^are horn, all 

S is pure sillc, cloths are thejnesr purest and 

.therefore most costly British twe^s and 
> We-make no wpology for our pnjs; the, custom^ 
■gete rtybar he. pays- for. Style an^ce nerer 
• -.donic cheaply. . . . i ■ ■ •- 

. - available : at harrods, 

f SHOES TffltpUQHOUX THE COUNTRY. 

/ 0 f KaW* 






* ;»vV , ' 


•V r’<?: : :•;> f 




life 





■ 







- RO\P. CREWE, CHESHIRE, CWt ISA 

CHESTER. BARKff 


Liverpool 051 






*p .■ ■’ «.-- 


ovkrskas; n fvvs 




Financial Times Tmirs&y ^ 


Israelis to press 
UN over 
guerrilla pledge 


Yen rises 
further 
against 
the doilar 


THE SECOND ANNIVERSARY OF SOWETO 


lack movements: deslroyedor 


BY QUENTIN PEEL IN |OHANNESBURCc.: : 


TEL AVIV, June 14. 


• lns overseas. Those tire the the country— most simply for Soweto Students If presendtrve ^bout. fcpuses s™ .miJnnlovJ elrfrt’^rom-gi^boUvPpuflos:^ 

sed at words of a black church v<>rker "pass” offences, not carrying Council. Most harts children rents are incresstog, J^^P. •- 

on ihejwho lives in the black uiwrship their identity document. Security have returned to School after meat }8 rising, sates Port ~" 1 “ — ' 


• "■If "3 _ JB Fflv QQIiar i ** SOME of the whites arc living detained at roadblocks set up Students’ League, fhich is sup- 

<ncil Al *yi I 1 fl a Oil here in town a$ jf th ev men: liv- in major townships throughout posed to have ©placed the 

MIJC1 9 9 9 9 /■ Big lL/*J _ J1T , ,TP^P‘ Ju , ne in fi overseas." Those are the the country— most simply for Soweto Students If p resen tntrve 

THE DOLLAR today closed at words of a black church v<Tker "pass" offences, not carrying Council. Most b&tc children 

Y- 1 1 after active trading on the (who lives in the black lowrship their identity document. Security have returned to School after;; 

BY DAVID LENNON TEL AVIV, June 14. Tokyo foreign exchange market complex of Port Elizabeth. an police have also detained some two years of inte&nittent b6yr_ 

— down op points from y ester-, ugly industrial city on the Smith SO political activists, including colts. Dis turban ct^have largely-. 
ISRAEL intends to applv strong Knesset members drawing up days closing price. A Frican coast which IjoasH 1,1 ho black journalists and church died down. Ne\^ community: 

pressure on the UN to keep a balance sheet for the three- , However, lh*» U.S. unit w-js, the motor industry capital i»f toe workers, under the security councils, established by the . 
Palestinian auerrillas out of month operation Lilani said that trading well above the rock! country. Io the past xear 'he Jaws. The actions follow a state- government to. graj&t a strictly 
south Lebanon from where it on toe positive side was the de- bottmn level of Y-lti.-G it city, or to be exact ii< black raent by the new police controls- limited measure «rf political., 

finally withdrew its troops siruction of the Palestinian touched at one point here yesler- townships, has won the dubious sioner. General Mike Geldenhuys, responsibility to «tfcan blacks, 

yesterday after throe months of bases in the area, die inlroduc- “'■*>'■ Desfpde todays relative distinction of being the principal that security police are taking have been established in more 

occupation lion of the UN troops robbing recovery, dealers said they centre of urban black unrest, and the “ necessary steps ” to prevent than 90 locations. ‘ 

IhQ , the guerrillas of the freedom to eicpected the dollar to plunse security police activity in South any violence on June 16, the There are widespread hopes 

*>Mnc«.at« D iir^ wf operate openly, and the creation ? t * JI further af^er the fortheom- Africa. Yet the white* popuUvum Soweto anniversary. that this year’s coSiemoration 


hich is sup- forced -down our tr( ” lWe ' 

placed the engty promises. 225 SSwWT 

nresentatree about houses arid worit, vh v>**»**£o . ^ . . 


p 

Csij 
( b : 


Mg :; ! £ 


the guerrillas of the freedom to 1 expected the dullar to plunge security police aedvitv in South any violence on June 16. 
nin- ih a ^ D ii» operate openly, and the creation l^l further af.er the fortheom- Africa. Yet the white* ponukitum Soweto anniversary, 

oops had left Mr. Moshe Dajan, of 3 strip along the border Jj n 3 [publication of Japans May of Port Elizabeth, and of th:- rest A rash of police pronou 


lI ? e . t S&t ur ' Policed by the Israeli-backed trade figures, 

plained that the UN troops had Christian militia. I The figure 


permitted guerrillas to re-enter 


canon cu japans may of Port Elizabeth, and of t hr rest A rash of police pronounce- of the slaughter j of schodl- 

"**■ , , °f South Africa, scarceh know nieots has done little to clear children which oevrared in June 

any Hung of it. up the confusion. On the one 1976 will be peaceful. Only 


frC The r fTT Snh"bi. any HaureUracl' strike 

ttat*- h F Sds “7'5eS south Lebanon. \ 

were now in the areas formerly Meanwhile. Mr. Menahenij 
occupied by Israel. He criticised Becm. - toe . Israeli . Plllue 
the UN peace keeping troops for Munster, whu has been in poorj 
: — _ ll . rTi hd-jirh fill- ei^mr* hmp. h:i«i 


10 points up on its npenbi" u'rieei e uUlbrv ak of riots in Sv**l''- nlade weapons and explosives, police activity coidg spark off. 
uf Y*»I6 90 in Tukvn P hut todav^ 1,K ‘ while population of S«iulh The blanket nuiure of their cur- exactly the sort of Violence it is; 

nr S ' H J Si ll Africa knows less about wi-ai is rent operation would appear to supposed to defus^v-While they 
nnai pme oi is sum — »-• «- - — have promised to^allow , file- 



Zietsraaa, 

•' police;'-l^}0 ' iettple-;. 

brought, "-‘to - -court". . 
Elizabeth eh vged 
connected r 'Wfa*' 
between ' , 

tilts year. 1 That, 
half the nafiori&l' 

Perhaps the 

example of the^jridica ^ 
tie extent 

has .become -a- ^symbol, 
struggle, to the; 5ClK^ 

-It was iojy. after 
tie disturbances 

at-' Bead' - 

although the 'are^^^has* 
been a centre of: political: a* 
Now he has been wcfttsi&j 
prayer, . “ I believe In-$teve 


ili Primel inwesl ever closin' level on lhe|S o5r, y on those neigh bun rim; belie their confidence. . But on have pronused to^allow „ the- . : 

:en in poorlKt?! o«bans? ^ 'Sint\- Mundav blatk communities than n did the surface, at least, the massive church services ito S&head, they .WJv 
time. i PrfrlW*. ly response to urban unrest have warned that ^demoosCrav 


Soweto there are little 


permitting the Palet,iine Libera- health fur ?um e lime. has., he dollur’F bottom prices have i pr £Tjl„ ,b - . . , hlo 

lion Organisation (PLCn to send decided to "take a vaealiun ul f beon spiralling downwards a.? 1 .The past year has men would appeal lu havi. 
supplies to the ini'O who had home " for a fetv days, accord- ! foreign exchange markets open j cnaracicrised primarily b; the l,n _ l ,£ r crjn |. ■ 


The past verir his :»en would appear lu have or ought it lions will be allowed on thfi mf , rp ,,,,,,, 

characterised primarilv 1 -, \hc under control. creels. AIDwuglj | poljcs.in MW 1111 ,,! J p ort .only' son. He-was 

massive security clampdo^n «-n The question is to what extent Soweto have learnedgo use an#- .UStth^ New Brighton tdwh-_ ^ 


wiaori - '«S™ . 111311 14,000 j and tto South ■: Airfeah ^Stuaeff* 


inSllraied the UN area. He noted * n 3 *u his aides- | an( t close around the world 

that certain units of the UN Mr. Begin resumed public Kcutei* 

interim force in Lebanon activity 10 daj s ago after spend- 

(Unifilt even bad PLO li;vt>ion ^ng near!;, two weeks at home. , jpv • 

men attached to ihom. He was suffering from "a high |^/3rt6r”U0S31 

Israel believes that :ihmii 360 temperature and fatigue." 
guerrillas I -a vc entered i be areas according to Iho Cabinet Score- tojllrc flflSch 
whicii Israel ha m led over tu f lie lary. UlllDll 

UN during earlier Mages of the His doctors have denied the wacmiVT.TiiV i.m» i 


I massive security cfauniiduw n "n The question is to what extent Soweto have learne^jo use anti- . ^ e N " Brishton Town- spirit qf Wao^-'powrr^Ilfi, 

| black political activity . ..Iiivh rh<* banning or organised black rl0t .,' eautpmenL , thiMi not so in;- offirfa? £u£ X sayoSS^ 'was-bom Of a.«n»den^ 

reached a climax on October 19 political protest has destroyed most other parts of$be country. ' 3" 1 asSoo” xSiSSS. auffeiwl untter JjnOTW^^®^: 


reached a climax on Ociniwr 19 political protest has destroyed most other parts of^e suffered under 

I with the banning of |$ 'black Hie movement or just forced its- More fundamental^, however; p-iiin They are simply Ho anti Was buried,*"— 

I consciousness orpanisations and organisations underground. If the grievances of South Africa's -eoirfp underground." according five .mOTt^ he ^; follow T _ 


withdrawal. 


O VAs; 


,*■ r< \ 


Prime Minister is seriously ill. PRESIDENT 

Indian Prim 


BY IH5AN H1JAZ1 


_ Desai ended Iwn ria>s nf la.ksi in the past month, the po'ice sation iAZAPO^ — both have lost boasts that there istpeace law arp alrparfv exhausted - frac pn dlscrroripp Hoh 

liilStlisflS role lo ‘ da> resolving dillcr- have suddenly launched a further virtually their entire leadership and order. Our scImtL are open At^the time oMhe first annJ- the different nationW- because ; T 

U/IL vnee. over nuclear policy. jmassUf security operatmn. Jlorg in the latest detentions. Little but the abommableTsystem 0t Tie^ry of X Sowrto riots MR ^Uth Afrlca beSS^ w3t£ t ^ ' 

DEU5VT. June 14 Minister^S* snl^ refusins'^o Uun b> acks bate heew has been heard of the Soweto Bantu education i.s Tstm being ye^rt was not in Soweto itself Ppwcr & quts. w • .- L - i . ... 

iniorini fm'ccs in Lcltanon ■’ •u’cept safeguards .stipulated in • * -w- . -b-m • *-r* v > , • •• *• v;- 


LEBANON TODAY in rnn.nn! Ill- inicrim forces in Lebanon accept safeguards .stipulated in 
United Nations that Major Saad licnvra! Erskuie tultl reporters i a "cw American law Tor nuclear 
Haddad, commander of the at Nakrcira yesterday tlial hisiP° ,,tf r plants as a condition for 
right-wing Christian militia in 'inder Ending was that Major! ,htf ^ale of U.S. enriched uranium 


southern Lebanon, does nol tesi- ir.-rescnted thej' u cuuntries. 

tiniatelv represent the Lebanese I elmne-c utihurities in the i " Wc arc hopeful that in Hie I ay rHsm n smitu Ti1kv<» i, »« BRITISH AND American envoys exchange ' of views’ -With: the 

authorities. ;n - :; ••-|th Israel. Thelf" xl ^ months then- will ar c-marlss smith iuk\c». June 14.' fly out of here tomorrow empty- British and American Govem- 

But confusion remains and at s. ibiv rnmet has issued '■ bo a basis for India to accept | handed after nine days of inteh- ments, the soorees added 

th- Lb\ headquarters in New a s—eg d'-mai of this. i full-scope safeguards, one ofli- CHINA today apparcnil: -f the LDP which favours close most of the major issqfcs involved sive discussions aimed at per- One government official said- 

York. Dr. Kurt Waldheim, tit- UN withdrawing Israeli uw.*s ! , eia l ,, ,, accepted a Japanese proposal relations with Taiwan. have been settled in informal suading Rhodesia’s transitional “The British and -Americans 

Secretary -i .enural. said Major ve ^ L . rtJ;K iurn***i their nosition-i 1 „ A ^ } L Ho,l v ?' ,al * **"*2 for the start of final negntiaiiims Another problem centred on contacts between the two sides. Government to -attend, an aU- appear ur feePthey bavera dnty 
Haddad had been pm visional iy n.'.Mamr Haddad ami h:s ' ? l J- ^ , ,er j :ind , tn, ‘ R ^'- ^ r '! ,ld un SinoOar.ancse Peace and the rhinese proposal for an The Peace and jviendxhin party settlement con ference-with anti must make it look to -the 

recognised by the Ldwnesc 1 j j, n i rt I vo tle-i I with i 1 nd .wn leader discussed Soviet- Friendship Treaty. The .-■■anti-hegemony" clause which Tro ^. * na rF ri * D ™bW externally-based suerrilla outelde worW^ that ih(S? ttiJSl 

(.overnment m de facto h ini duol-Jlv WI,n ^ American negotiations for a 3 nce was conveyed to a Japan.-.. , s seen in some quarters as an 0 / bi-latera lLr£ neriTm 3525 leader* •• ■ SHKta wh5m la 

hi^rej Uf heU ’^ ne “ rUreMin Major Haddad declared that 1 S?' E.nbasjy official in Pekinc a item pi to align Japan on china and Japan yommittS Mr. John Graham, the British dSng^iS&inl at-S.’^ 

” The Lebanese Governments UN troops will he allowed in thei xlr- h?' t ^r V :’i’ n " dC af hC Sln °- Soviet t herns elves when noreuiisatira Foreign Office Undersecretary. Mr, Grabam and Mr.ipw.itave 

BE T h ; n Vv": t, . fur d XW d Chinese response ta i^? maUc r^totionsiooJtpiae 6 - 

2n t! L -h ief "T ' . d En ; S o° m ? ' C h ^h J Ff ^ St3nd J, ^ wa ^ s j ali ^’?nt J .' ,C > l said. at ° U ^ n ° D posjr "or ' ^^the * resumption ' ‘ *,f talks J J as MuS^mild^ooSrn The main purpose of the treaty 2£e°of thmr ^movements and: (ffs^asstons 

Sulasvuu. the chief go-° ! d ' na i ^ Major Haddad, ‘.enerai Khoiiry| A joint communique was to be treaty negotiations in to’» Mr- here early this week. appears to he to solve the diplo- ment . for the Anglo-American The envoys intend to mish 

Tr? e ^ Ce mis,slon 10 toe th“ commander »'f the army, has j levied i tomorrow. follrming several month-* of Japan appears to have been ™ a .^ c P roh lcm3 created, by the conf^enep p | ai , . ahead with their shuttle. travel- 

.MiddU. East. _ *? n t instructions to Major Earlier in a speech to the internal deliberations dnrin-j planning to recall its Ambassador of a previous peace Snarrpc clns^ tn thp tran«i- -tATrtnVa-Aw 


SIno- Japan talks in final stage No progress on Rhodesia 

** bw nun nuf.l rftBBCfortkincklT O A t IPDTTTiV - t.. ' ■- 


BY CHARLES SMITH 


TOKYO, June 14.' 


BY OUR OWN CORRESPONDENT SAUSgURY. Juae S*. -~ 
BRITISH AND American envoys exchange of views .'With^ Qie 
fly out of here tomorrow empty- British and American Govern- 
handed after nine days of inteh- ments, the sourees added. -- - -''- 


;A today apparcnil: - "f the LDP which favours close most of the major issqfes involved sive discussions aimed at per- One government official said: 
ilcd a Japanese proposal relations with Taiwan. have been settled in informal suading Rhodesia's transitional “Th e British and -Americans 

le start of final negotiation-! Another problem centred on contact^ between tlie ^wo sides. Government to -attend an Vail- appear to- feeHthev ^baviri-dutv- ■ 


■ rpari’S 


Middle East. 


-i-i — - evjsiAnee nf -j nmime cumerence piau, • ahead - With toeir- shnttle,-- travel- 

HTi planning to recall its Amtassidor PW. 0 M pew Sources close to the transi- ling to Mozambique tomoW 

; !n 7 'f P^kmg for consultations in on T^wan^ n ° a # Government said the night to meet Mr -Mugabe , and. 

had Tokyo if the Chinese reply had na ^onaJist Lhmese od Taiwan. - envgrjB had brought no new pro- then on, to Tanzz^a, Zambia— 
not been forthcoming. Japan was unwilling to abrowhosals and the Administration where- they ho» to' see Mr. 


General Siilasvuo arrived Haddad that he and his men national press dub. Mr. Desai which the leaders of rhe ruilia in Peking for consultations in lre aty between Japan tad the' ^ ’ 

here from Jerusalem at the should confine themselves Iff said the nuclear powers could Liberal Democratic Party had Tokyo if the Chinese reply had ^^malist Chinese on Taiwan. . \ 

rnrtiiPQT fur InP (,rwpmmanv bftat* knrr..nL-n .. *%«i i„# «u n itm • < ■ . . . . . r * . C r 


forthcoming. 


s had brought no new pro- then- on - to Tanzania, Zambia— 
; and the Administration where- they hop* to. see Mr. 


Ghanian Commander of UN armv. 


Reuter 


I objections from Jhc Riant :vin? to 








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Financial Times Thursday June 15 197S 


AMERICAN NKWS 



Filling station ban Carter discounts Castro denial of involvement in Zaire evasion 


on r efiner s upheld 

by Supreme Court 


BY jUREK MARTIN 


WASHINGTON, June 14. 


THE SUPREME COURT may well ing the majority opinion said: 
, have set in tram today a course “In the absence of a relevant 
. of events that could alter the congressional declaration of 
face of petrol retailing in the policy or a showing "of a specific 
United States, even to me point discrimination against or a 
of leading to the effective divesti- hardening of inter-state corn- 
lure of .the direct marketing merce, we 1 cannot conclude mat 
operations of the major oil pro- the states are without power to 


BY OUR OWN CORRESPONDENT 

PRESIDENT CARTER told a ■ Co 
news conference today that the ** 
US. has “firm proof” lhat Cuba Ql 

helped train the Katangan • p, 

forces, that invaded Zaire last y, 

month, but said he had no 0 | 

desire to get into a public c 

debate with President Fidel 
Castro of Cuba on the subject, p 
He said be planned no T 

-re talia tory action" against b 

Cuba nor did the UK. intend a 


to become further involved in 
Zaire or in any pan-African 
intervention force. He went 
out of his way to reassure 
President Julius Nyercre_ °» 
Tanzania who has been critical 
or the U.S. rraction to reported 
Cuban involvement. 

Mr. Carter was responding to 
President Casbro’s statement on 
Tuesday that Cuba had pot 
hern Involved in the invasion 
and that UJ5. statements to the 


contrary were lies “manufac- 
tured ” by Dr. Zbignew 
grzecinSki. the President's 

national security adtiser. and 
others. 

-The fact is that Mr. Caslro 
could ha v 'e done much more if 
he genuinely wanted to stop 
tlie invasion,’’ Mr. Carter said. 

The Washington air is cur- 
rently thick with information 
from sources who cannot be 
named but whose information. 


according to other informed 
sources inside the Admintetra- 
tion, proves that the u-S. “ 
telling the truth- Some or 
these officials provided more 
evidence to bolster their case 
at a White House briefing last 
night, but there Is no inde- 
pendent way to verify what was 

said. . . 

According to reports of their 
briefing last night, these 
officials said that in March last 


year the first invasion of Shaba 
Cab?"* and East Genoa®® were 
province in Zaire was planned 
and prepared in “ dose co- 
ordination" with Cuban and 
Angolan troops using arms 
from Cuban and Angolan stocK- 

^JLast summer, these officials 
continued. Cuban units were 
training Katangans in at least 

five locations and planning for 
the May incursion began as 


long ago as June, 1977. Bolb 
involved with some 5,500 
Katangans in Angola in August 
of last year. 

Further, these officials said 
U.S. intelligence suggests roar 
Cuban troops accompanied the 
Katangans as far as the Zam- 


bian border before the May 
invasion- The Katangans had 


invasion- The Katangans mm 
to cross through a small part 
of Zambia before entering 
Zaire. 


*uic g( .me uireci uuinveuus merce, we eauuui — — - * . 

operations of the major oil pro- the states are without power to ‘ 

during and refining companies, regulate." ,, i 

The court Today upheld a In Maryland, tte oj crapanies ; 
Maryland state law which specific- will be obliged to dives t tnem- , 
ally prohibits oil producers and selves of about °“ec‘ l - 

refiners from directly operating owned petrol Sta n ■ c 3 *p n “ ® • , 

their own retail filling stations according to the state, a nei 
in the state. worth of about $l3m- Altogether ! 

The Maryland law was enacted there are *«■*■$**» pemM 
after the 1973 Arab oil embargo stations in Magana- ^ 
when a state commission found Nationally, company n __ 
that company-operated service comprise less than :io P* . 
stations were getting all the of all service 
petrol they needed while inde- ing to the American Petroleum 
pendent dealers were being Institute there are about ib.qto 
denied suppties. such stations out of a national 

The major oil companies, led total of 184,000. _ thTMt ___ d 

by Exxon, Shell. Gulf, Ashland Congress has 
and Conoco, took legal action to sink its teeth divesti 

against the law but were question of oil “{£*{[{225- 
defeated in the State Court of ture but has T**® *“^ s ‘ a nd 
Appeals. After today’s action by tive action. Both u.ouse ana 
the Supreme Court, Exxon issued Senate have passed me 
a statement expressing . disap- leum Marketing ' 

pointment at the court's verdict but this is more designed t p 
and saying that ft .would lead to tect franchise operators in weir 
higher costs to the consumers, relations with the proaucing 
• Only the District of Columbia companies. . ' . nt 

has legislation similar to that in The most common form « 
Maryland. But both Delaware petrol station operjtum is that 
and Virginia has started moves owned b.v mdependent defers 
in the same direction and a who buy from one or many of 
number of other states have the oil companl« and seU petroh 
expressed interest in such a under the 
law. It will now be up to the brand n ^ e ^ w ^gSj n | P ha ve 
individual state legislatures i to ing .company*^ have 

take the necessary action, which sold petrol more chwpiy tna 
will inevitably be a ttme-cousum- their ^pendent g taw. 
ing and uneertain Drocess. In opposing the ***? arKUe d 

Nevertheless, the Supreme the oil be 

Court opinion made it dear that, that smaller ^^^pj^ould 
irr*»«:npetive of whether such most affected, since incy wuu 

SSSswwm SsSfiSKSS 

this area could not he doubted, j pa i ers 

Justice John Paul Stevens, writ- local independent d 


rzezinskK voice in disharmony 


Brzezinsta voici 

delivers Dr. Zbigniew Brzezinski. 

President Carter's national BY DAVID BELL IN WASHINGTON 

security adviser, to the White 

House. . _ . . r ,,tro of Cuba singled out Dr. suading the President to listen to 

And each morning his first job Castro ■of accused him of his views, 

of tbe day is to brief the Prcsi- Braezmski and jbpu t inevitably Dr. Brzezinski s 

dent on the events of the past -4 manuractu g recent prominence brings to 

hours with the aid of. a briefing CuJ" m h ° e ,v ^d heSvUy Qoali- mind his predecessor. Dr. Henry 
book prepared overnight by a contrast ne paia a r * Kissinger He. too. began his 
small team from the National secretary of public career as National 

Security Council over which he a nd P?csident Carler. Security adviser, working v.ilh 

presides. » rtniMi h*,* heen Mr William Rogers, a pleasant 

It is a task that Zbig. as he is The Soviet on b ° “J t m iid-msumered Secretary of 

often known for short, rarely attacking Zbig f eclin ’ sta te; IS monihs into the first 
cedes to anyone else. In a city charging him with r » jv^pn Administration the frie- 

where access to the President cold war L detente tion was clear between Rogers 

means power., these daily half- ale J>‘ . , ^ >in ^-l° T sa ,_, l .„ e i n the and Kissinger. Eventually, Mr. 
hour briefings are something of and the SAL T l • Rogers was pushed aside and 

a symbol of his close relationship past few weeks t *c att. acks on g h ,. c;ime secretary 

with Mr. Carter. So. incidentally, him have l,ec0I ® e m 7n ,?tors h!Ie of State. 

is the car-ail the Presidents a nd ^ Eighteen m.-nths into the 

other senior aides have to drive c anned in , h * s of the « Ad.mnisl ration it is 

themselves to work. all P “pp C hes tempting to draw the parallel. 

It is a relationship which, for President * P . st But it WO uld urubably be mis- 

thc moment at least, is pre- The a ^* aL > | i Jewish leading- At Hie start of his 

occupying much of Washington, come frooi thc • - ■ ‘ llie Administration. Mr. Carter said 

Zbig is credited with having lobby has ibeen arguing since we . d nerfB i - 

bent the President's oar over Admin^tration took office ^hat tu forei . n p0 licy- 

Africa and over .the link between its ne ^ n J >p its i ncre asLnE making. Out of this grew a sort 

Soviet and Cuban activities there ate Arabs and its increasing ^ Vancae. Dr. 

! id., rertection tTf'z’h/gJ success in S pei> „d Ur. 


Young. Ambassador to tbe UN. 

Since then this group has ex- 
panded to include Vice President 
Mondale, Dr. Harold Brown, the 
Defence Secretary, and Mr. 
Hamilton Jordan. Mr. Carters 
chief aide, who now has special 
responsibility for the domestic 
implications of foreign policy. 

Last week’s speech by Ur. 
Carter, which was supposed to 
clarify his policy, clearly bore 
the Imprint of each of these 
men. It was in turn tough mid 
conciliatory, reflecting the dis- 
agreements within tbe Adminis- 
tration about how to deal with 
the complex challenges pre- 
sented by the Soviet Union. 
Interestingly enough, the whole 
speech was written in longhand 
hv Mr. Carter himself, and it left 
the clear impression that tie 
President has still not really 
made up his mind about bow to 
respond to Soviet and Cuban 
activities in Africa and else- 
where. — 


Zbig's critics — and there are 
many of them in Washington 
charge that be has taken advan- 
tage of this Presidential in- 
decision — or vacuum — and nas 
pushed the Administrations 
centre of gravity to the Rigpt- 
They distrust the way he has 
flaunted his recent trip to puna 
in the face oF the Soviet Union, 
and were disturbed by his bint 
in an interview that he favoured 
sending a naval task force to 
the Horn of Africa. 

But more than anything else, 
they have been irritated by the 
interview that he gave on tele- 
vision soon after his return from 
Peking. In this he used strong 
language to denounce Soviet ana 
Cuban adventurism and seemed 
deliberately to be raising the 
! temperature of the relationship 
at a time when more subtlety 
t might have been more appro- 
i priate. 

, These same critics say that 
Zbig knows too little about the 


complexities of African affairs— 
and the differences between 
countries — to be allowed to play 
such a public role in Africa 
policy. They believe, in short, 
that be bas over-reacted to Soviet 
actions and driven tbe President 
into a corner where he has little 
alternative but to “ play it 
tough.’’ Zbig himself said in a 
recent interview that one of bis 
roles was “ to stiffen the back 
of the Administration." 

Yet in practice Zbig is not fill- 
ing the vacuum to anything like 
the extent that some of his 
critics charge, and it is highly 
probable that he would not want 
to He remains a close personal 
friend of Mr. Vance in spite oF 
. the clear policy differences 
: between .State Department and 

■ the National Security Council. 

i Zbig himself says that the 
? differences between him and the 
1 rest of the administration arc 
1 mostly a matter of degree. He 

■ strongly supports detente, and 
? wants a new arms control agree- 
r men!. But he also believes that 
t- the U.S., with the trauma oF 

Vietnam behind it, is now in a 
t strong position to challenge the 
e Soviet Union ideologically. 


Pnce^ a 



'40‘XSU 


Energy price-rise urged 


RY OUR OWN CORRESPONDENT WASHINGTON; June 14- 


THE WORLD'S major indos- oil prices In ‘ the US* 

ti-ialised countries should sharply federal 

sajiasr-SgrS 
ass s ° s i« sfm 

■JIJ3L which -seeks to promote greater co-operation sat; ® ner ^ 
closer ^operation between the technology and capi&^inv^t- 
U S-, -Europe^ nd Japan. It adds jnent. ' v^ir-thV 

thar eu-rreS known oil supplies The report says that, orer.tte 
are probably adequate- to meet. -p ext five years 
demand- for. several danger to oti dome . 

possibly Into' .the :eariy 1990s. from .war or 
■rpH_ rirnri mission^ report 'has the mid-fenn, the^ubsequent five 

the -Jgn. fieancial m,y eesee 
over the adequacy, or with many developing countries 

X^e of ensttag Iwll feel, being ua»b e Jt Pg ' *” * £*1 

/ The base mesnpcti*eT^mgbtbemorj s “ f ^ ^ obaI 

anoar en^'energy P sufflciency- economy could handle. . 

the j a .PP & itu re maiy-f urn”. “Decisive action now (on tM 

.of the mid-mi ^re^^g nricinTfront) would reduce^ge 

Of aHeroative enwgy wQuld increase... 

The report, wfcose princip^ maern of ma j or disrupt 

.utter, “[■ s Jo fc d f^ a Ener^ the world poUdcaJ and 

eMnomie gstem " ; 


"/ k 


















&SEH 



[ USSR 

, f \ 4iviP 4yfPfeffe 




Citibank warning of new 
credit crunch ahead 


want 






by STEWART FUMING 


new YORK. June 14. 


J^heciuee S-StaJ-tag- SSM 

Sa^'asSS.Sr S 

th^ba^ys would «*** up ^ d 

!Sa»ic PW5f»» on nbw. ^ : 


When you ask anyone whatthey wantfrom a copier, you'll get all soils of j” 


everyone 
ing from a 






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« 5SSKH -sSS 

S47b/ ^^® - st: -5?tS e ^Ibnin forecast vary from 
»ear, after iiaar*KJ^S_^r” . .this year to as late as lffil 

.v Wb that the longer ;the 


S° D th?N^f<^ tohli demand .»fll be. ■ 




different answers. r . , , .- 

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P Developing a better system also meant a more reliable system. ^ Ve ve 
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But, to make absolutely sure, we still cover all our models with a unique 

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There are seven Canon copiers at present. Includingtwo with i eduction 

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Singefy:MoW tfy l Sfrlke fails to 


NPS500 


To - Canon Business Machines (UK) Limited, Sunley House, Bedford Park, 
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Please send me details on the Canon copiers I've ticked. 


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tiros Yesterday remained, dead- 

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6 


Carter’s task force hopes 
broaden Exim range 



BY JUREIt MARTIN 


WASHINGTON, June 14. 


THE SPECIAL interagency task rise in imports, and has given equipment expenditure 
forre convened to devise ways strength lo the popular belief U.S. 

or .stimulating slusgish American that American competitivity in « New tax breaks and incentives I OUTLINE 

exporting companies with 

The last force is known to be a particular intention of 
a number of broad encouraging companies which 



Britain and Japan 
agree on computer 
software exchange 


BY MAX WILKINSON 


exports is expected to present its world markets has been sorely , 
report to President Carter weakened in 'recent years. ,or 

within the next week. 

The task force, headed by Mrs. considering 


The task force. h«aded tiy Mrs. cunsiue* buv* in d-ife fannreri the evnorl 
Juanita K reps, the Secretary of lines of action. Heading this list * ar e ket t(j em f r iL companies 

WJJS iTGUlPU luC . niftv it is SLK?CLllatO(l« IjC n "l VCD 

President earlier ibis year in the ® Expanding and liberalising the f Establishing foreign 

the growing U.S. trade activities »f the Export-Import ^dits for e tjonsnmg £ 

ver the first four months Bank. So far this year, under "“J! nit*t 


face of 
deficit, Ov 
r*f the year, the U.S. incurred 
a deficit or $l-.5bn, nearly $5bn 
up »n the record pace achieved 
in the same period of 1P77. 

While the key reasons fnr the 
shortfall am essentially macro- 
economic — the level of U.S. oil 


Hie more aggr^Tv/ lcad^hTp £g2£S£ °" ^ 
of Mr. Jubo Moore, an old ^vestments. 

Georgian associate of the Presi- The underlying feeling is that 
dent, export loans approved by the export trade is still too 
the Evimbank have quadrupled, dominated by the major niulu- 
a nd the Administration has national companies. At a special 
already asked Congress to seminar In Pennsylvania ycsler- 
i in ports and growth differentials increase tin* Agency’s lending day, one of a series being hejd 
between the U.S. and its major authorisation to S40bn from its across the eountiy, the acting 
t ratlins partners— a consistently current SJabn ceiling. president of the 

disturbing figure has been the It is thought possible that the JJrlWje [ av . es * ra ®"J 11 ( - u, {? r, ‘ a J > ^[’ 
extremely modest advance of task force will recommend that J££ IC 2 *® ld S' °mi2S5t 
exports. The 5 per cent increase The Exhnbank be empowered to Uves from small and minority 
achieved so Tar this year, com- finance not only foreign buyers Jn ^ e , 

pared with last year’s returns, is of U.S. yuuds. as at present, but 
less than hair ihe 1:2 per cent also export-oriented plant and . 


is 

Li 


too 

big 


AGREEMENT has The Japanese ambition to 
now been reached for the sale move Into European markets is 
of British computer prusram- indicated by the recent agree- 
ming expertise to Japanese ment by Siemens of Germany to 
manufacturers to help them market Fujitsu’s larger eom- 
expand their share of the U.S. puters. Fujitsu also has links' 

with Amdahl in the U S. 

The Computer Services Asso- 
ciation has distributed a detailed 


GOODS BB1TA 
West Germany 
93 per ' cent G 


New F raser attack on EEC 


BY DAVID WHITE 


PARIS, June 14. 


utond Barrc. 
Prime Minister. 


business 
to leave 
business alone." 

The Administration would si ill 
(ike to phase out the uw of I 
DISCS— the domestic inter- J 

national sales corporal uni? i 

device — on the grim nil. s that only 
Lhc major multinational com- 
panies avail themselves of the 
the opportunities provided and at a 


and European markets. 

I The Computer Services Asso- 
ciation. representing 15U .'•oft- . , . , ... 

ware companies in the ILK.. is account of its members speciali- 
expeeting to sign an agree men I p ps t0 Japanese computer manu- 
Tor exchange of programmes Jwtureri. and it has undertaken 
with the Japanese Software t0 act as a brok ? r be i* een a"? 
Institute by the end of next manufacturer and software corn- 
month pames in the U.K. Its efforts 

Th ‘uni, =_ i ,.. arl to market British software run 

hu T »h* nmJltm bB . ,D V i P h -I™ Parallel to those of the National 
•mri th the D ^ Enterprise Board which has set 
Tr^rJ h anH Ja inH ne; ^ M,nls,r - of up a up a subsidiary called Insac 
Tr , L dnd Indu stry. l0 se ii .software in the U.S. 

Mr. Aiun Benjamin, director The four companies which are 
of ihe Computer Service*: A»so- co-operating with Insac are all 
ciaiion ^aid last night that he members of the CSA, but as yet 
hoped the understanding-: now insac Itself has not joined, and 
being reached would lead to no formal co-opcration between 
sales of up to £50m v. m-th of the efforts nf the two bodies 
■••ri ft ware a year In the next few appears so Fur to have been con- 
years: sidered. 


the 


MR. MALCOLM ITJASfill. the with Si. 

Australian Prime Minister, said French „ „„ H . vwlwu „ 

in an interview here that the Australian leader emphasised the C0S ( l0 t h c government which is 
EEC’s response to Australian importance of the Multilateral nut justified by the returns in 
demands for freer access to Its Trade Negotiations in Geneva increased exports But it is also 
markets had been “totally in- and the forthcoming economic accepted that, in the light of the 
adequate." sum mil in Bonn. trade deficit and powerful lobby- 

Thc Australian case against dcrtadoiis taken in Bonn j n «, pressures being exerted on 

EEC prnlfi licmi.sm on farm pro- “I 1 ” Geneva, tic said in an inter- Congress, such action is unlikely 
»o^i. ... in view with the afternoon news- : n the near future 


Dutch dollar risk scheme 
attracts strong interest 


-bought Germaay- ^c_— 

t 3WF «•;» Fvras only 

__ an nutnufac-. is'-ao doubt that the -5EJ!L»\ ju. 

tnred, while projects exported ;tgre.wtil be Herar. 
there from j^nery ij * 

53 per cent Bn&h in - -Iagg st item gg^ m j ptus-.eouritry hi . .. „ 

according to fisfres pubUshadexpeodlture at DM p German- oapftaT^Y 

by the Federal R$ihlK. ;«^her DM >»»»•. ^ 

The resuTtin? ’Unbalance in ^fctonery- J® . « mu SWm. heart v ia> .jfc JX> 

added value termlwas therefore m XWBV and - 

*^«we TEOtn Hared with none III 



figures for. loca®jpde CD* olbmi. pr e. anfl uisnrance^t^MSElffl 

which showed ^hat Bn^sh- '-ftfi* ' we K„i 1I S!e OyntbeUc^ ^ 
imports last ;3&6ar . tot^ed-P^ucts, 


W including gytrtJiatic”. . . ... 

— r — .. — _ — . . — . — .. - . /niw 4 74 ml- and -jnuett' grektar.T^n 

r**. ngsu^ " 

iO^bn (up aDM' 3Q8mj. j 

' were 


BY CHARLES BATCHELOR 


AMSTERDAM. June 14. 


iUicta was pressed to-dav in talks r _ ,,, ... . . . . 

with various participants of the 5 ^ SSwS?„ Ul 'If PS'IIS 

annual ministerial meeting of .! . Ul !!S2! fre ^ r I ^ d ? e 

it»„ nirrn aQ d ii Jil-yenr retrogression into 


the UECD. 

M r. F rase 


mcl Mr. 


r protectionism. 

I * 0J ’ In the last year, 


• .Also iju tlu* probable task 
force agenda is an easing of 
regulatory obstacles to com- 
he said by panies wishing lo get into the 


way of exam pic. Australia’s wine export business, greater govern- attached to loans granted 
pean Commission, and Mi- Uliver sales lo Europe had fallen by m(,n ' mwiniimrp in wmii ni-ndiicT i rnreinn nura-h-iua. nr >,-■ 


THE DUTCH Credit insurance prevailing on the expiry date of 
Company (NCM1 has improved the insurance contract or on the 
the cover it gives on export eon- date of signing of the loan agree- 
tracts denominated in U.S. ment. 

[dollars, it has reported >tronq The NCM has thus taken over 
interest Tor the scheme, which the currency risks inherent in a 
ii introduced at the request of rise yf the dollar against the 
exporters and banks. guilder, it said. 

Banks can obtain cover fruin The Credit Insurance Company 
the NCM for the payment risks has 


1976) while sales 
Republic were 
22.5 per cent). 

Looking at 
between the two 
ever, the picture 
Germans bought 
goods valued at 
sold to Britain S 
DM 15.55 bn. 

The- imbalance 
facture reflects ri 
of goods originati 
mon wealth and 
the importance 
primarily London! 
national trade ce 
The Federal Re 
maintained . its 
Britain's second 

market (only the 

taking 7.6 per pen 

of British produc 
Britain ranks 
gest customer wi 

of German expo: 

to the Federal 
4.4 .per cant of. 
imports, making LB 
sixth main suppliei 
The. way in i 
exports to the Fed 
increased last year; 
me trade links b 


iSL:ta&l« T Weni l Repubiie-WOTta 

. 2.03bn. Machinejy 


ifem-.id Britain 





, s "5 kijp^r 

' t'/^atarials (DM S69m) and etoo^ir .* 

Hocal manu./caj ^ducts (DM 736 io). 


4 av« 'mmt-ji- tri&ehMes valued at.DBl uwn t j..-. 


(DM 322m)i 



| 6 l & iUd>ortaS‘ ;:’jpY‘ OUR OWN CpWB?PPWbENT 

If all *e£ports WITH THE signing of 
i .meat between Nepal and' India ject 

•seventh Jjfe.fdr.the construction of the $38m site • Af 
. 5*3 per 'Bevigbat hydropower • project^ 

; British sales Nepal has taken another step wQl 
ipabtic^jgae^tovards its aim of fully tapping 

-.flects grdw ^^L, m *! 

-S ^9^ryrinsm « 




Long ihe GATT director general, h-jjf h cca use of “ arbitrarv rules and resea 

Sr!' the h rench, bv , he EKC „ is 0n incq - uitab | e tion of 

Danish und -.S. Governments. ant j irryaponvible attitude." he markets t— 

Hr is also dm: to discuss the said. perhaps the creation of a global 

question __ tmiim-row with Mr. Mr. Fraser, who arrived here computerised network lining 

•Liniani Correa, secretary general after talks in London. Is due to U.S. government offices overseas 
nr UNCTAD. Following a “not on for a meeting with Chan- which would be made available 
unfruitful ’ meeting yesterday cellor Helmut Schmidt in Bonn, to exporting companies. 



foreign purchaser or 
on export orders. . Any 
dollar denominated order.* 

dullar/yuilder rate prevailing on Dutch exporters have been ! creased by the. hea^spendin^of^f? r ^p® l t, y t j^^ r |g7 j^^-'r*j i atodfliit^Wu 
Ihn dale the compensation is pressing for improved aid I German ‘tourists ih- the. BrftliBh: . 1 . •. ■ ■ - 

paid. Normal cover for other facilities to stimulate therl s,es - In IS77 tourerts fhim the VPreviously India, who over-th& lJtw.i ftW- :>j; 

currencies, and up to now of country’? sluggish foreign trade | Federal Republic s^nt DM54&rp; , J 3as t 25 years has been NepaTs now mSGo^^aw^y^XadiaiLi^ ' 

dollar risks, is given at the rate performance. i more here than Btytteb vfsltdrtf'liiggest aid dpqor. bullL .QH^-Ajo'a 


Jordan aims to he technology centre 


by 


Jordan's centre for science and technology technology Is very much the child coupled wilh recent labour short- tackle and often solve, given Its 
Prince Hassan last week serving the Eastern Mediter- of necessity and circumstaDce, ages, has led to an instinctive greater resources, and the lack 



with 


BY RAMI G. KHOURI !N AMMAN 

THE PROPOSAL 
Crown 

that a Euro-Arab centre for the renean and Arabian Peninsular and initiatives such as this are leaning towards capital-intensive uf any real research and 

transfer of technology be estab- countries.. Jordan’s attempt to forge a and technologically advanced development programmes among 

ti-hed in Amman may at first Prince Hassan. 31-year-old re 3 ion * 1 nich . e f°r itself instead industries that require relatively private or public institutions, 
appear to be the whimsical sug- younger brother of King Hussein, a,wa >’s being buffeted hy the less labour than would otherwise Jordan has woken up to the 
uestion nf a very Western- specificallv proposed the estab^ economIc forc es that blow all be needed. fact during the past three years 

oriented and technocratic- lishment of " a Euro-Arab centre af 2JJ" ( | “■ , . , The , centrepiece of the that its potential in the context 

thinking Arab— an assessment for appropriate technology " the ^ while it has no oil wealth, . Inr- country >■■ da^h into Us instltu- of the socio-economic develop- 

which would he unfair. function of which he outlined as da 5 doe ? «"*?» a well-educated tmnalised teconological aspira- ment of the Middle East 

and technically trained popula- nons i? Ihe "Royal Scientific significant It is the pote 

tion. This has led to a high Society," established in 1971 on that it is now setting ou: 

regional demand for Jordanian Prince Hass.di's initiative to translate into fact °and 

workerv to the point where provide a fr^6al point for the country's rol< as □ "techno 

as both 
Dr. Butros 
Jordan 

trained man 

something nf an indigen ous Arab whole question of the IransferTf workforce' 1 i^** welf 6 educated^ e' 6 ?n di^tr k^ ad ?h1^ it m can Jort”nV reles-^sT obvious? 

[fact, that the country has tried, 
so fa ^unsuccessfully, to receive 
financial compensation For the 
costs it incurs in providing this 
skilled^ labour. 

The -drive to use more sophisti 
rated 1 technology in manufac- 
turing industries geared to 
regional markets is the next step 
in Jordan’s efforts. The on 
going establishment of four new 
free zones throughout the 
country is the lynch pin to attract- 
ing - foreign investments for 
joint ventures Id manufacturing, 
though many wbolly-owned Jor- 
danian industries have already 
established themselves outside 
the free zones and are already 
seeing to markets next door. 

Transport is emerging as 
kCT pillar of Jordan’s regional 
rore. The slate airline Atia has 
successfully introduced non-stop 
flights using Boeing Jombo jets 
bitween Amman and New York, 
aod is attracting freight and pas- 
senger business which uses 
imon as the transit point Tor 
her Middle Eastern destina- 
ons. 

The expansion of Aqaba Port 
nd the new Amman Airport, 
olh of which will be completed 
ithin two years, will only 
ncrease Jordan’s capabilities in 
his area, and the construction 
of cold storage facilities at 
Aqaba — which the Australians 
are considering as a regional 
depot for their meat sales to the 
Arab world — will further prove 
the viability of the Jordanian 
planners’ ideas for their country. 

The more rapid movement of 
educated women into the work- 
force (fewer women emigrate 
than men) and the fact that over 
4C.000 Jordanians In universities 
abroad, should give the country 
the human raw material required 
to play its technology oriented 
role. 

The fact that the scientists and 
engineers are Arabs makes them 
that much more valuable in the 
regional context and the proposal 
by Crown Prince Hassan last 
week For the establishment of 
Euro-Arab centre far the trans- 
fer of technology thus takes on 
much broader und more 
realistic Pan-Arab colouring if 
the ’centre is established in 

Amman. 

The entry into service of some 
new free zones and the comple 
tion of some vital infrastructural 
schemes gives Jordan for the first 
time ever the facilities that any 
regional centre requires, be it 
centred on banking, manufactur- 
ing or anything else. The 
Jordanians are not used to being 
able to offer themselves as a 
functional entity of practical 
value to the international busi- 
ness community. They will 
probably be a bit clumsy in their 
nitlal self-promotion, hut the 
fact that they are now proposing 
themselves as a centre for the 
transfer of technology between 
Europe and the Arab world Is 
testament to a latent economle 
potential which is on the verge 
of being tested in a serious 
manner for the first time in the 
country's history. 



Tromlbkyo to Kuwait, the shrewd way is 
to ship our cameras via SchiphoT 



KuiiiL-hi Ohio Manager. Iraf- 
[i v opc> anon department, Canmi 
Amsterdam \' l'. Sehiphul-Ooii. 
Holland. 

"Distance is largely irrelevant 
these days. For cargo like ours, 
where one unit load device can 
hold tremendous value in 
cameras, we need fast, no-worry 
handling. And obviously. 1 need 
transportation via Schipho! 
Airport, where wc have our own"; 
bonded warehouse. 

KLM Cargo carries most of 
ourTokyo-Amstcrdam cargo, 
and a good deal of our many 
onward air deliveries from 
Schipho! to Africa, the Middle 

And we fly in more than 
copiers may be bulky for air 
demand that we need lots of 
enough, most of them Hy with 


A demanding 

customer. 

Wchave wot Led with Canon 
ulSchiphoI Tor nine years; 
ever since they moved from 
Geneva. Ihey are not "easy" 
customers- Mr. Ohtu Is u tup 
prolessional and he can make 
life very hard lor us- 
nshedid during a 
delay at Bangkok 
lust year. And he is j : ' .. 
no sentimentalist: 
i f he sees a better 
service than ou rs . he fx**'*^ load devices, t he right 
will buy it. I hui suits *!%V. computers, the right 
us Tine; we didn’t schedules and 

come into ihe airfreight contacts and charter 

business (57 years ago) possibilities- (We're 

looking for a ia /.y way ’ at ^° n,eal Sehip- 

hol. where our 


Cameras don't 
take pictures. 

People do- And just as the 
most magnificent Canon 
equipment is only as good as 
the person who uses it, 
so with all our modern 
airfreight machinery. 

We By in and out of 40 
places in Europe.and 70 
others worldwide. Our 2500 
cargo specialists have 
the latest wide-bodied 
ain.Taft.some 3500 unit 


300.000 sq ft cargo centre 
can handle virtually all 
Ireighi under one roof). 

Can reliability 
be exciting? 

Some people find reliability 
boring and unrewarding: 
they don’t work for us. May be 
it's because were Dutch. 

Wc get great satisfaction 
out or doing a difficult thing 
and getting it right time alter 
time. We’re proud ol this 
attitude- ant! proud to he 
working for people as success- 
ful -und as demanding -a;, 

Mr. Ohla. 


KLM 

CARGO 



T . I .. ... .... .... 

Now your legal duties jand personal responsibilities are: more far^reachingt ; 
than ever before, an informed awareness of the standsffdstbat tuust^' ~ 




compliance wyh tbj&law 



Whether you arc a Director, Safety Officer or line ma n ager, this new monthly journal win provide yo^ 

uilonnadoti necessary to tackle the many health, safety and associated problems irrindostry tods^, 

Act now! Complete the coupon today and be certain of yocr regular copy; 


Ibeanthontaiivc 


;26S. 

ir«- 


HlMMlWlohn 
iWTBMinUai 
Hralib JkSafttf amali 
... »Hbrof vatarta 

}M.M>vrs«*PWlrr 

itMjnrwwHiB 

be rrlndot Hi fall K 

jouBrtnalouWy 

«iMVd Sw 
juaraal ufirr I hr Tint 

iftrre nmlti) or >nir 

asbKitpOan. 


To MAiyDunmitl 

HEfflEH* 


^nptwh to Rem & Sqfetiat to*. . . at the amnni wa^rtO. 

naru^nTththcfiwwuepubJbtied ISeoteraberlW*. - - r 


and. 


PO Box 109 

DovnHonc 

69-77 HiflhSlrRT 
Croydoa CR 9 1 QH 

rr /7 


Naiae’ TUk 


■“T1 

• . I 

Company NawreoTBwbess 


1 

AlUlBS 





| 





Ptrase ante aOcbequcipayable to MadaitnPubfahen lasted Payment endowi 


ADVERTISEMENT 


Visit by top-level German industrialists to the Paris 
Machine-Tool Exhibition 



sr„s tors ts-.-KAssri*,*-:- 

Doutsehcr HandeUvcrtretqr- und Handelsmakier-Verbande Kairn^ nn? 8 ® 2 ''-.' 

(Fachverband dvs Deutschcn Maschioen- und WerSe B °RNATSCH ^ 

HANKE (Deutsche Babcock AG. oberbausea), BENKERT (Bosrh^f ^ C S ^ oaR ^* • 

Miinchcnl - VOLZ fMcsscrschmitt-Bblkow-Bl^ CmL ^ anSSBI ^ t0 \- 

SCHADE (Suddeutscbe-Bremsen AG. MQnchen). SCHMITZ (Doriil^r^Iu n/ H iineb ® a> ’ -i 
PHILDIUS (Diehl. Numbers,. HELLER (Motoren uoTSin^^ Q D M^ •. £ 

MQnchen, , Dr. RAUSCHENBACH (M.A.N. AG. Augsbure,^ SJ } 
Stuttsartl. MANGELS (Daimler Benz AG. Stuttgart) RAISER XGrtn r- 

Zuffenbauscn). Dr. SCHMITZ, BIENERT. MULLER (Magirus Deutz Ac StUtlgar£ ’ :^ 


■ * ■ a 

'—:'A 

. :A 







-wmm 


















it place, the pew 




The new Lancia Gamma Gran Turismo isn’t 
quite the fastest thing on four wheels. 

A handful of very expensive cars will, we con 
f ess, comfortably exceed its maximum speed. 

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

It’s just that pre-launch demand for the 
new Lancia flagship hasbeenso greatthat,for 
the time being, it will be a rarer bird than a 


Lancia GammaBerlina £7,135-83? 


In fact, no more than 400 Gran Turismos will 


BerJinas will be a little more plentiful. As many as 
800 maybe in thi| country by the end of the year. 

But apart frbm its rarity value, what sort of 
eatw&l ypugetiMUhti ave smartly down to 
ydur Lancia deafer in an attempt to be 
come one of thenrst of thcfew? 


expect. It has thickly padded, ctoth covered seats, 
the driver’s being adj ustable to give you the perfect 
driving position, whatever your shape or size. 
There is also ail adjustable steering 
. column.Thick carpetsyou’dbe happy to lay j 
athome.Aheavilypaddedroof.Built-inad-l 
justable head rests. Electric Windows with 
central and individual controls. Even a re- 
mote controlled, electrically adjustable overtaking 
mirror to keep your right hand dry. 

But if you’d like to find outfor yourself all the 
reasons why the Lancia Gamma is about to be in 


Lancia Gamma Gran Turismo £9485*67*, 


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

f If you’re lucky IB 

enough to catch one, you’ll i 
probably be caught Themost{ta li anC aK 

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


B J*J>I & U 

Pteanciat Times Thursday June 15 1978 


A 

CATCH ONE IF YOU CAN. 








U STV, rT> 


Huanc&I t 


Mp *4 

^L-.-.'rvt’-. ! : 



mmm&mrnm 



ritish 



British 

Rail 

puts iA, 


Edwardes dr 
Levland tru 



L-V- 3 * 


’a 


FINANCIAL TIMES REPORTER 

BRITISH CALEDONIAN' has of letters between President time directly link Britain and 
Indeed applications with the Carter and the Prime Minister. U.S. vines. 

Civil Aviation Authority Tor a President Carter asked Britain Since the introduction of the 
new network of services next to allow an American earner to three-cabin plan three months 

snrin- to seven U S cities operate from London to Boston, as«. with a wide range of fares 
spring seven ua ciue*. / hjcb WJW 110t part of lhe 19r ; on the Houston route, average 

The services. due to start on _ yreenient load factors had increased from 

April I. ‘A ill provide a direct Th] ... a ,% ee n^ i 'ontnin- the 55 P er cenl t0 80 P er l '* aL 

link between London's Gaiwiek \ n, £ ":?* AT,?” J? l . h * « 


BY TERRY DOD5WORTH, MOTOR INDUSTRY CORESPONDENT . - % 

A NEW DRIVE to improve the of the main Hues* bis reqrgmif ? This -will be fife 
performance of Ley land sation of BL’s dr division. -Be^maJor management ttwmwa m 
Vehicles, the former British has made It cleatm the last few tfie; coming months- 











into art 


~ . ,, pj . business as the? main profit -'the. -car division over tne - msi. w J.NPv tff.v'-. 

Talks . betweeo Mr. Edwardes genenitor ^ the [group. .few years, which baa shown- hat offmas.-tt* j- 

and senior managers at Leyiand - M- ■ 1 - — ? : v!ri*£-^6v*»t-share isr lost it IS fc>- 

Vl>hii>las h.MVii ;iln>9(tv SflirlPd Tn ngrtimlai- ar.iia'ctrM«Ml ir.®® SSiTlltW** - V 




BY eric Short | vemcies. nave already started in particular, we' stressed ar r^: regain • WM&s ■' " 

eric SHORT j „ lth a vJew ;o achieving substan- the annual meeftfe in . has already V ' 

: THE British Rail superannuation i tia I productivity improvements, this week, be beeves Iwri^/j^S^JK-tantially - reorganised Mr. Horac&S^^vGposerva^-V^ 

j fund invested a further £4 dm in ! The review is also expected to nvity has fallen sf. an iwaccepr-:--^^. e last is months- Since ■■ 

, I w’orks of art last year according i cover possible plant rationalisa- fble level, leaving. Leyiand far ^ aDDointment of Me JDesnKH^ Council-yesterday^T-^ ■" 

to the report and accounts. ! lions, the present model range too exposed to jjverseM com- .'pf^^er as managing director. = Within tiie'bSBit lloinrVeehi'&e -- 
J This brings the total invest-! and the declinim: market share petitors. - The company has been spUt into ^ : 


Vehicles, have already started In particular, as^e stressed at 


British Caledonian said yester- exchange of letters and had 
day that all the services would replied urging that Britain 
be’ rue on -the three-cabin low- should agree the UJS. request 


letters and had Boston mute replaces the -London “J, '-.ifue i L S 

g that Britain tu Boston mute and for four »* booK \ame. of Le> land s trucks. 


Plfcher as managing OixBa or. 
The. company has been spUt into 


.Within the 'hs^lour^eehsfi* 


Britain to Boston ruute and for four-.. * — 

request weeks the company is offering h u . 


Ley land's trucks. -The current Reduction' per-.gmaBsr entities, new invtetment f e jis 33 ^ty- ;i sta^ 50 ib^ ' - ■ 

Mr. Edwardes' singling out of form an ce in LeyUgid Vehicles in. projects got underway. aM wnductdi^by^^depBttdE^fcdi^:; :1 


f-fre^vsiem .nVoTS™ it on SS ‘Sen £k moreopSun, specia! Tntroducto.? Alt ^^en the fund has Vrttata ^ for special enUr^y unsa^f^ry in many^^ed fo7a 

e ciS £ Suir ties *g BritiS 0 i?SSS lit "until ‘31,™%”^ Boston, to Mention follows the completion _parts of the busing,," he-ssid.;^. ___ 


the Catwick to Houston route. In ties for British airlines in Until July 14. a Boston to 
.^onic cases, because of lhe the U.S- Amsterdam ticket will cost $99, 

shorter distances, prices could , about £54. and Amsterdam to 

he less than the £69 now charged Bigger loads £* t0 ° Wi » T ^1 S50. or about 

n , the Koustun rouip Full ser- wB £1 ‘- Fr< » m July 15. too rater, will 

Sr e settled Mr ‘ Thomson described the be S155. about £SS. Boston to 
MLC d. tain, nave to be setued. Br(tjsh ij H h-ilonian initiative as Amsterdam, and S124. about £6S, 

British Caledonian's applica- truly innovative because, instead in the other direction, 
lions to .the authority come less of increasing services io exist- All daily flights are non-stop, 
tii:.n o month after an exchange mg ports, it will for the first no-frills Mights on Boeing 707s. 


A ms ter da in t i cke't will cost S99 Sj ***** sketch, ofthe 
about £54. and Amsterdam to ISS® s _ 


ceiling, originally 


Boston will cost S50. or about V ?™* 1 d ' 1 J t } 74S - A nu ' ,lb ^ r 
r -’7 vr<.m i.iiv is <v>r, r-aiM uriii these works are on loan lo. 


£27. From July t5. too rates will 
the be $155, about £S5. Boston to 


museums. 

This type of inve-tment 
accounts for only 3 per cent of 
the main pension scheme- by 
valuation, a small proportion of 
the total funds. Nevertheless, 
there have been strong objec- 
tions to the principle of invest- 
ment in works of an by a! 


Hunt erston miclfear accident 
6 was caused by human error’ 


BY RAY PERMAN, SCOTTISH CORRESPONDENT '* 


pension fund, by outside AN INTERNAL inquiry into the the damage and eaira generating' was corroded, 
mentators and by some members |£itj m accident which has put the costs. v ■ 'iV.The report does 


of the fund. i HuntersLon B nuclear power Investigating ei 

A resolution has been sun* station out of action Tor IS that a temporary 
mittPrt at the fort'ncomins months has concluded that it was tion had been mai 
annual meeting by a member o* ' caused by human error. No disci- ing system withoi 


ecW ^.’r^i S conducted- by-lDdependEiK^^fcm^ ^ , 
revamped model into: ^ 

--\ r ; CHyntpi? ■ bW. i 

'-Two-' year*:' 

. . . • '•/::• airewumtm^Wo^^^Bgj^^y^L. 

r%T- . 1984' OJympfes feLbhdOxtbeewSe 

ill, of tiw cost^bw: »K-;Xaiafejr7aafli:.i . .. 

• - . -• - tliere was now-a grnwigg'.faeHiig -,, - : 

'■ ■■■ that past (Olympic)- : C ' 
- '-. -wards “iavishnteK and-'g^iij^ ■ 
If: • jsbmil^fie rev^rsed-;^ ^ . 

-TJje 'Olympics 

. Lop don in 190S?. andl'a^Stt^pSvVr' ' 
- -k • 

: v.-, be,’ ' “ apprpprtate: - T thetj^Qrp^>~ 

Joes not name ' .****> ' 


By Arthur Sandies I 

„ . . . BY JOHN ELLIOTT. INDUSTRIAL EDITOR 

INTASUN. one oF Britain 

largest package tour operators, is j PLANS to suspend parts of the trade unions had been consulted, 
to form a new independent air- : Employment Protection Act for There was no question of repeal- 

line — said to be the Erst jet : small businesses will be con- mg the Act. I l, ' , r ™y ur ‘ sn “* 5 inaI , V ,,r ; Scotland 

passenger charier airlinu since : sidered by C«nservaiive Party Nearly su per cent of S04| ^™”ioed fund^^wnich covev^^tne. Q| 

Sir Freddie Laker started his leaders. This follows reports companies submitting returns in ”* 

operation. It is biiving three i from small businessmen that the the survey said the Employment 

American Boeing 737 jets for [Act prevents them from inercas- Protection Act's measures 

delivery next spring at a cost of ling their work-forces. limited the number of workers 


the York branch, seeking to s .t°P ( plinary action is to be taken. bypass a faulty 


y and that it formal disciplinary action would Londort ^pcmtnjs. - ■ , - 

in position for sis. not be taken, hut Mr. Donald regents : Li. . v v - : 

- Comm&ntJnc on -the threatened r- . 


these investment A similar The FuJ , CQsy Qf th(J j ncjdcm had remained in pAa tion for sis not be taken, but Mr. Donald T-- 

resolution submitted twi. ;.eaisj and tho effect on tarjffs could be months. . Miller, director and generaT Commentiiigon<he ffijeatened L _ 

ago hj the same member ^as[ made public on Mondav when the Their report sa& that station manager, is to interview aU goaire of ^the -Upper poUn^Sr, - J a^AII 
d -Si ted « v, v, . annual report of the South of staff should have ^oreseem.The those involved in' the incident uxxj*f- mOjymiHe. 

lhe report shows that tne -Scotland Electricity Board, implications of maBng the mbdi-^ nnpratine orocedures at the city- fa^ \4oeUmtf t ->]eMq .- • 1 


The report shows 


Electricity Board, implications of making the modi-- '--.operating procedures at tiifi 


delivery next spring at a cost of ling their work-forces. limited the number of workers j 

£l p"!' „ l|v , u . np . Tri«,,r. One idea which has been pul the * ^"ployed. Ab out 40 per| 

Privately - owned Leisure!. j; n p r j rjr , h - r- n nspr\-a. ccnt sa,d ,r was a “ major i 

Securities, tho holding cunioany • . „i, deterrent ** in terms of inhs now 


mpioyment spokesman, is d ':^r re ^’' in terms j° bs now equities’ £33m 'fnr The share Tn 
arts of the Act might be ar \J h ? S.“£ le acquiring Edinbureh and 


owning lntasun. is financing the 


purchase from" American "* and | ! hat „^I 


icent increase in prices to pay for and thermal insulating Material 'sound. 


defecit- 


unfair dismissal Dundee “’investment Trust and 
ojT'ed most com- £ , 4ni in property. 


5/ per cenl citing 
having to pay com- 
up to £5,200 to a 


£l 4 m in property. 

The latest actuarial valuation 
reveals 3 . deficiency of £l40m 
for the part of the fund guaran- 


m news analysis — crisis in the chemical industry 


in the UK 


Such an idea goes further dismissed employee. The general tee( j hv the rail board and this 


process oj wage 




charier canacitv in the British t0 caocel an >^ ^employment legis- mdustriai tn buna Is worried a 
market -md lhe' Tact that ebari-r j Ia '">n for small businesses. similar proportion of the firms 
rates had reached u stage which: i ^ r - P rIf, r is concerned 1 hat in the survey, 
promised a reasonable return on since small businessmen Teel tho Nearly b0 per cent said the 
investment , legislation impedes their opera- Arts provisions on maternity 

lntasun'-; decision in acquire ' ,,on!i the > would expect a Con- rights and re-employment of 
Bocinq 737s— the deal will he ! servative Government to help. women were a significant factor 
a mix of hire-purchase and ! Yesterdav he said the Cun- in | ,mil ing the number of people 
leasing- — comes when airlines i servative Party would examine chipK'jcd. 
throughout the world are con- ; how the Employment Protection , r employment legislation 
sidering re-equipment. Many of • Act could be amended. It would sald to affect a considerable 
lhe aircraft now in service will! also consider how more employ, number of decisions about taking 
he banned from pubic airports I men t subsidies t-uuld be aimed on extra employees included the 
on env ironmental grounds by the ; at small businesses. Redundancy Payments Act. amJ 

mid-eighties unless they are 1 , Mr. Prior, who was speaking the Trade Union and Lahour 
heaviiv modified. on the publication :\ survev Relations Act. Legislation cover- 


Mr fio-wlman saitlihe decision ! than those ,.f the present Govern- “"fair dismissal procedures and h underwritten by the Govern- ^ W V-MW 

.go into which, raced with trade the o«« ip management rime and * ent . > ' W-- - ” 

.ifcen he'-Huse uf a shortage uf un!on opposition, is not prepared ROtiutois fees m attending A deficiency nf £26m was BY NICK GARNETT, LABOUR STAFF -v ' 

barter canacitv in the British t0 caQcel an >^ ' employment legis- mu us trial tn buna Is worried a revealed in respert of benefits ,. rDr . DtAT ?' J . ' ' ' " / .' 

narket md the Tact ihat chari-r ^lion for small businesses. similar proportion of the firms nn t guaranteed. This is heine IMPERIAL Chemical Industries the dispute is not solved rela- exodus of artificers from .the difBcul 

ates' had reached a sta-c which ! Mr. Prior is concerned that in the survey. carried forward to the next vahm- decision to start running down a lively quickly ICr® customers company— not only to oil-related come i 

immisud a r^-.snnnhtp rot urn no since small businessmen feel tho Nearly 60 per cent said the tion when the position will be v *hd ethylene plant at its oiggest and their employees could .also work and private contractorsrbut giifrieli 


Nearly 60 per cent said the tion when the position will be I Vlla l ethylene plant at its oiggest and their 'em 
Act's provisions on maternity re-examined in the light nf the ' petrochemicals site results from be affected. - 


‘ : also to ICI's competitors. 


difficult for. compazi3e& to over- 
come that problem -within 'pay 
guidelines. . ' ; •••••,•' -- . : 

The issue has be>en -compti- 


for Tenneco 
bid inquiry 


of artificers to service and main- safety of high pressure‘s he mical 
tain control-room instrumcnia- processes. ' v 


afid'wq&ld . . ___ 

safety of high pressure'Chenrical inferaft rates, he says. . . ^Fpr it& part.iCI isvworried 

processes. ffhe company admits ‘‘that that at least at local level the 

There is no dispute either artifices, which ICl. says ham unions have ' been using the 

7iKr.nl tile* n” . I e* nAn ■. . * 


The unions, who agree the about the 


Three month oil deficit cut by £280m 


inmiirv hi»frire thp American lv luc oui h saya max wixu\ine use txuiu* 

T®«n2n mfnnn is allowed to take ICI 10 P^' 11 »»Pro/ed vw Amalgamated Uniop of Engineer- of contractors enough artificers Transport and 

JnnS-n ? tT conic Sv ralos for fir5J ' m i"g Workers or the Electrical and would remain 'atrer traiSng to and the Genet 

M^hnn which mLk#« dPtcr. and above fhc- company a present Plumbing Trades Union. haul the company out df its are party to ] 


conversion training" about £5,000 a year with over- shortage of ; attificers as a 
id electricians to be timq and shi'ft payWnts are paid bargaining - ploy- to- try to 
This was .agreed 27 aniy-i marg!ihaity4~m^ than the improve craftsmens' rates across 
highest grade ' filters and the board,, outside easting wage, 
rs. electricians and electricians. \ arrangements, 

?long la* either the But it says that withVhe use Eight . unions. Itmluding the 
d Union of Engineer- of contractors enough attificers Transport and General Workers 
or lhe Electrical and would remain atrer train mg to and the General and municipal 


■- 

Hi 

for L( 


RISING North Sea oil production has more than 
nfT-set a deterioration in non-oil visible trade to 
produce a £I50m improvement in the current 
account in the past three months. 


The balance on irade in oil improved by 
£-S0ui and the monthly deficit is now only three- 
fifths as large as it was this time last year. 


The recent sharp fall in sterling has only 
just started tn affect the terms of trade index — 
lhe ratio of export to import prices — since there 
has been no change over the past three months 
as a whole. 

The index increased by l.l per cent last 
month, however, following a sharp rise in export 
prices. 


111 npntt ^nri totietr es k is d die 10 ?VT cpnt annU3 ' 3a - v n,Ter M " Gerr y Russell, the engin- present difficulties; \ 

hfo»e«t n?ant in the A I bright and The re ? uit w lnjt s ‘ ,!T:e -' ubs ce ring unions' executive member The stumbling bloek has ft 
sterling has only wiison noun Union? involved arc , undcr lhrcal long-term for chemicals, says ICI's prob- pay policy, which has cl 
s of trade index— ,„ f , " ‘ of employment jeopardised n an lemg stem solely from poor wage pressed differentials on the c 

>rices — since there hnih the British and’ American area of h '3 h unemployment. If rates, which have caused an hand and on the other made 
past three months C0IMn;vnies today . 

■ asM Not what it was cracked 

■■■ ■ ■ ■■ and Transport will cut the shore 

■5 tafi L of JP ocean fleets division BY KEVIN DONE, CHEMICALS CORRESPONDENT 

by 40. The redundancies will tn- 

tradc volve management and office SHELL'S decision to freeze In return Shell supplies ICI * ^ - ■ — ■ 

uted Oil balance personnel. The Liverpool staff design work on its proposed with ethylene on the Continent i5*j — 

100 £m. > will be trimmed by 30 and £20Ciin ethylene plant for Stan- from its large cracker at Moer- ; ‘‘..V' V. f\ 

— Tilburj- staff by 10. low. Merseyside, is a direct dijk for ICI's plants at Rozen- rV Uffi 

? ~ 3.973 Hygena, the kitchen furniture result of the crisis which has burg in Holland. \ ° 

7 —2,804 concern, will cut the workforce been developing in the petro- Shell's postponement of its 

B ' LLoj, at its Mersev-side factory on the chemicals industry io Western plans for a £2 00 m cracker for ^ A 

l — 9&8 Kirkby industrial estate by 200 Europe- in the last 12 months. Stantow illustrate the flexibility 10 : _ = :#• \ 

7 -1.058 I®. 1 !™- Last year it stood at The industry has been hit j? - ■ \ 


Mr. Gerry Russell, the engin- present difficulties’. 

;ring unions' executive member The stumbling bloek has 


is ca 
the o 


it was cracked up to ke 


BALANCE OF TRADE 



Exports Imports 

£m seasonally adjusted 

Exports Imports 

Volume seasonally adjusted 
1975 = 100 

Terms of trade 
*Unadjusred 
7975=100 

Oil balance 
£m. 

1976 

25,422 

28,932 

109.9 

105.5 

98.9 

-3,973 

1977 

32,176 

33.788 

118.9 

10743 

100.7 

-2,804 

1976 1st 

5.655 

A198 

106.2 

1003 

99.8 

-947 

2 nd 

6,171 

7,080 

109.9 

104.0 

97.9 

-968 

3rd 

6,499 

7,596 

710.0 

J08J 

98.7 

-7,058 

4tii 

7,097 

8,058 

113,5 

1073 

973 

-1,000 

1977 1st 

7,502 

8,449 

175.7 

109.7 

99.0 

-300 

2 nd 

7.930 

8,694 

118.0 

1093 

1003 

-745 

3rd 

8,540 

8.436 

• 124.1 

106.4 

101.0 

-602 

4th 

8,204 

8,159 

177.9 

102.6 

102.4 

-657 

1978 1st 

8,441 

9J1T5 

720J 

1743 

105.7 

-646 

1978 jan. 

2.623 

2,961 

7112 

11435 

T053 

-236 

Feb. 

2.989 

2.946 

127.4 

1113 

1043 

-202 

March 

2,829 

3,108 

721.4 

716.9 

704.8 

-208 

April 

3,000 

2,777 

126.1 

103.0 

1C4.0 

-175 

May 

2,877 

3,046 

720.1 

112-5 

TCS.2 

-109 

* The ratio of export 

pneci to import 

prices 



Source Deportment of Trade ! 


its are party . to ' ICTs manual wor- 
kers’ wage agreement. Company 
en officials -are anxious about the 
rn- repercussions of major structural 
he changes Mn differentials during a 
K period of stirc Xpay policy. 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 

In return Shell supplies ICI * ■ ■ — ■ — —■ - 


Organic Rase Chemicals 
Growth Rates 


to POO. 
1,500. 


Last year it stood at 


Europe- in the last 12 months. Stantow illustrate the flexibility 

The industry has been hit whlth is developing with the 

b "mSiil. low ' '"rice »«& f *» riS*" <» 

chatniv n.-nurth u nrt Western Europe, and _the_ de- 


WS8XBBN JHTBOPK 


Bank bulletin 
delayed 


f Miajss? X. 

taut sectors. 


It is perhaps not surprising 
that ICI ha* chosen its own. 


markets. 

Shell's latest estimates of the 
growth in demand for ethylene 


smaller ethylene plant al Will \* t0 „ thc i / ,dica A e that th r ,e 
• nn TnnrcFrfn ih.- firat ^ no need for new cracker 




► , 

\\ C \ t , - 


THE BANK of England ton. Teesside. as the' first 115 n ® "ew cracKer 

quarterly bulletin has been | cmualty in the series of progres- capacity in the uh until at least 
delayed for a few da vs because i eiv*» nl-mt whiph is inld-lUotlS. 


Sl 


delayed for a few days because sire plant closures which is 
the mam economic assessment is threatened by Id a.s a result of 


tne mam economic assessment is I threatened by Id a.s a result of According id the most recent | . ' t ~ * i T ' 3 T . r*. : 

being revised in the light of last I ah industrial dispute. The dis- survey by the Council of Euro- 1575 1980 198 5 f990 "- j - n-, . 

W ^rv S rt 50 " 0 ™ 111 Patkaac. . ! raitc is over the shortage of pvan Chemical Manufiu-turers’ 

The bulletin was due this {skilled workers to look after the Federations, petrochemical pro- in »he UK bv 1985 it h, e nn t -.n v - J . 

morning, but is likely io appear ] instrumentation j n plant control ducers are still building plants chanaed Its Dublin sVam-e nn t ?" ® xplo * ,Q “ bu t opened 140.00P »*,. ; 

early next week. I from*. faster than demand is grawtag. S hut it is SnHkelJ 2?5!» J? ° W capadty ' A smiil ’ 

\i Olpfinp 4 fhn l*thvlrnn nraclfpr .6L..U.* .. 50,000 tODIlGS a VCflr Dlairt* wav ^ .. 


I^noins. 


Io holders of 

National Savings Certificates 



Droochsloot painting 
sold for £19,000 i 


i Olefine 4. the ethylene cracker The overcapacity for ethylene more than one such cracker win Tn* 3 \ Car plant ‘ was - 

^•hich Id says it will have tn is expected to have worsened by S^bliUi fyTat^fe.^Th^e^e Thl AarTe^a 1 4m rnnn^ 

31. Ethylene is the most ,-vnn wn,.ht e ,hm» A ““f? ar au exlra 1At 9 tonnee 


shut next week, has been in use 1981. Ethylene is the most even doubts about the timinVof j s ‘comi nTn- 
for only a few months since important petrochemical build- that scheme is 

“prolonged maintenance" la»i ing block and is the raw material ‘ - contributing 4sn non -■ 

year. 


A Gathering of Soldiers in a 
Dutch Village, painted in 162S 
by Joost Cornelisz Droochsloot. 
sold for £19.000. plus the 10 per 
cent buyers' premium at 
Sotheby’s yesterday, ft was the 
highest price in an Old Master 


SALEROOM 

BY ANTONY THORNCROFT 


“ prolonged maintenance » lax! ing block and is the raw material ^drastic fall in the expected uSS, 000 .' t0Dnes ." * 

>' w - o range of products, includ- growtit of demand “ due to a Im MO SSS?*** ? - opening 

Cfnrmonf inR U ,as ti c s, fibres, detergents, combination of the general fiflnm ti°n^ -“i cl °smg dpwq._ 

Stagnant **<> i fsJSS- 

, „ . .. The Council of European marked slowing in the rate at 330.000 tonnes a vear^n^^tiSf ' 

ICI says the plant is working Chemical Manufacturers Federa- which chemical products are UK Id 
to full capacity of 200.000 tonnes tinns expects EEC consumption being substituted for existing brine ■ Sfint^ in ' 

a year. But many other com- of ethylene to grow bv 0 n!v 3.9 products. ve af o* “ - tonne& * 

paniG.y in Western Europe have per cent a year from 1977 to In the mid-1960s substitution other craelrer* »» 
prolonged maintenance shut- IPS], compared with an estimate »** contributing as much as 10 structiOB fo^ell f^ Sl ^ 
downs in an attempt to ran the of s per cent little more than 12 Per cent of the growth in organic RAW in “ Fran ce ahd. 

remaining piantsmoreefficently. morUhs aC0 . According to the chemicals in Western Europe. SciiofEilS^^r 
The closure of ICT * smaller ,. m ineii‘« fiourpe tho Tiro That is down to 2-3 n*r wmncu 0 t European Chetnical^- 


i.-iij. com pa rea wun an esumatc coniriuuunB as muen as 10 struction for 7 lr* LL * - 

an attempt tn nm the of s per cent little more than 12 Per cent of the growth in organic BABF w2 r.™ “ - 

plants more efficiently. months apo . According to the chemicals in Western Europe. Co^ncil of Enr^S^^T 
;ure of ICM smaller muncil's figures the UK had an ^ down to 2-3 per cent Mannfar-ro«.5^ ‘ u SES n Ch4ftmcal ; -.- 


New, improved extension terms have been 
aimoimcedforl4dilssueNationalSavings 
Certificaies maiuringfrom 17 thjune 1978 
onwards. Ibe value of each£l unitwill now grow 
from £134 aithefourihanniverw 
to £1.55 at the sixth anniversary. Thfc growth 
represents a compound interest equivalent to 
755 % ayear. Holders need only retain their 
certificates to obtain these terms. 

. The 17th Issue, previously announced, has 
^"^jstponed and the 14th Issue will continue 
inuLtpoii'. x>m 1st July the maximum permitted 
be increased to£3, 000. 

enough, nu 

our friends t|j; DERytTMEIVTFOftNATIONAl SAFEVGS 


and a wooded landscape, by Josef Muller of Solothuro. 
Adriaen Frans Boudewljns, for Switzerland, totalled £1511147. 
£4.S00. On Tuesday Christie's sold 

I At New York on Tuesday African and tribal art from the 


Shell Cheroirais UK has 
already discussed with ICI what 


The UK Government and the 


Sotheby 


sold same 


“““>“4 V.UUU1UOBS Wh),.. ~ *** 

mean there is hardly any growth agamsT a poo- : 

in pthvlon^ Hpm-inrf sumption of 12.6 qi tonnes- 


in Tuesd ay Christie's*”. sold effects' a 'nv"pianr ‘t!r,s U Tc w.ii trades unions have placed, great momcnT^It lV^roV^one^r 

ican and tribal art Trom the have on ethylene «ipn1v. sf \ irL ! nn f he ra P ,d expansion of two percentace points at the 

ie collection for £210420 — Under the so-called North Sea ethylene capacity in the UK, absohitp mom'" P thG 


12 . 6 m tonnes.’ 


210.420 


modern and contemporary palm- Yesterday's sale saw Fugenda swap arrangement Sb»*ll takes based chiefly on the exploitation , vnai nas „ unp wrnnp . . 

ins* for £16S.17fl. There was of Japan pay £4.200 for an EgyP* about 80.000 tonnes via the irans- uf North Sea feedstocks, petrochemicals nrodure^ h?v! .u *! “JWbwt such a backeround - 

good Japanese buying. The tian Umertone sopited Pcnntnes pmeline of ethylene a especially ethane. G ahoS three^e^ Vl 3 ' SheU Chemicals TO 

highest price was the £10,353 tor’s trial piece.*’ in the form of year from ICI on Teesside for In 19,b tho Government en- market growth, but the oliSto f* e ^P R work <» the design- of • 

for Route de Village- by the face and shoulders of a king. «*e in its chemicals plants on dorsed a plan which called for planned to meet the exnpnW ? erSGyaile lacker and .is v 
Vlaminck. Peasant Woman with 9} inches high, from the -Ptoff Merseyside. lhe building of four new crackers extra demand have neSKon tQ c o°centrate onthe 

Cow, by Jankel Adler, realised roaic period. been hultt Siieo vniumiL ^^blishment of key ethvJem* - 

H.630. a S'Y/|L 1 I ,,e ^" d , 0 " (* nSSTSS^- , 

a mIp nf nfiiMori hAnifc qf paid £4,000 for a Greek ■ **- g - — ■ ■ P ^ ^ in^t natHnn Kant 1*3.000 tonnes a .uop. 


absolute mosL" 

What has gone wrong is that 


Customers 


for Route de Village, by the face and shoulders of a Wng- 
Vlaminck. Peasant Woman with 9} inches high, from the Ptoie- 
Cow, by Jankei Adler, realised maic period. 

£4,620. a Svmes. the London dealer. 

A sale of printed books a t P aId £4,0tt) for a Greek geometric 
Christie's yesterday made £42,524. pronze figure of a horse, .3 J 
Bannerman, the London dealer, 'h^bes high, from the 7th-6th cen- 
paid £3,000 for a complete set lu ^ BC - . , 
of The Gentleman's Magazines, same dealer also paid 

or Trader’s Monthly Intel- S' 200 J? r r a “ ^ 

ligentsia. The set dated from d0 ? reiief fragment. Dynasty V. 
the magazine's inception in 1732 ? 
to IS70, and included indexes £ r h 2 t SjES l , n 
complete up lo ISIS. Dvnasty XII 1 ° f 

The sale also included Gibbon's At' Phillips. * a ceramips and 
History of the Decline and Fall glass sale totalled £51.900 with a 
of. the Roman Empire in six collection of Venetian glass, dis- 
volumes. Volume 1 was from covered in an attic, making 
the fourth edition, and notable £14.150. The top price was £6,00f 
for the numerous autograph from Zietz, the German dealer 
additions by the author, while for a late 18th-century Innsbruck 
Volumes 2-6 were from the first engraved goblet and cover. 


****** 


V 

f.WJ 


, Mfflkcm tonn«j 


Demand forecast in 1974 


UK Ethyiene 



lust getting back to levels estab- hi -her 11 . . 

Iished in 1974. But many plants tfE«„ atStanlon*.,-, 

are working at only 70-75 per decidmi td.: ' . 

cent or capacity’. P MS? * ^ l ts £250m tp.£380fiir.:.v ' 

Major additional ethvten* iniFS war cracRe^dnit T ' 




i, w* . 

-r 


. ia?a» 

T 5o S 81 


Sncb-SHRlCHmCAUIIK 


cent or capacity*. soniYhi f^ irs “Wn.ip.MflOflfc:/.. ' V.,' 

Major additional ethylene V'- 

plants are still coming into pro- couM be ^ 

duction. Last year 645.000 tonnes tomeU L^f of the, major «tfir :>*. 
a year canacity was added in ih?£JX ¥ ? SP - . Tt «droady- h« 7 • t' ; 
Western Europe, according to nf thTSSSEHJ 0 take4 ° par cant. 
figure, produced by Shell/ “ iTiff- P bSS!* t, * B froni C / 

In France n consortium of com- t 0 the u , f . ., . v 

panies. including Rhone Poulenc, there ^ ic e «i^?? nwh,Ie ^ coasSers4 . ’<i .’’I’,-,. r *‘ 

Aro and Solvay, opened $ 200.000- ahieS^rv™ en Ju of ethylene. avails rr> . 
tonnes-a-year plant at Pesln. as rrr r J£r S? er Producers 
Enpetrol brought on 325.000 tonnes' A . nd with 500.000 i ^ 
tonnes in Spain and Esso' added due on of , new capahftjr-: : '"■'I 

330.000 toanes In Wmt ***£. V 


In Italy Montedison closed a 
350.000 tonnes a year plant after 



co^pa assets * -. • 
° f “ y customers . M 'S: 


SteBtSsi Times ^ersSay tee la 1978 



^ 1 

s 

lies 

idoj 

>ed 

a *»^er 

-:j f. m 

J% '. ,i, . r ' .* ■ •»«“*-• *V»W 4U j/invil 

■■■*. r.T‘^ li^tional heritage were recom- 

■*■- ■•- “ffi. •-JiJ L.. .11 r, 





Independent national 
heritage fund urged 

BY PHH.1? RAWSTORNE 


•'•i? 

«:•.* '-r* j 
•• •• 

'i ;: a 




- r * *£•;: 
• 'i r' .. . ' - 


URGENT- CHANGES -io the 
management of the National 
Land Fund to enable it to play 
a wrier role in preserving the 
‘^fttionai heritage were recDm- 
2%iended by an all-party Commons 
scommittee yesterday. 

■ *t The committee wants the 
^Government • to • ' restore £50 m 
? taken from the. fund in 1957 and 
rfree . the fund from public 

expenditure control. - 
s it suggests that the fund's 
; resources be handed over to 
-■independent trustees to use for 
.contingency purchases of 
e property and works-of art for the 
.nation. 

. , With in datlon and taxation 
. -posing great threats to historic 
-houses and art treasures in 
'.private ownership, it says a more 
• -flexible policy of safeguards 
'should be adopted by the 
' - Government. 

' The recommendations come 
, Rafter an inquiry into Treasury 
r administration of the fund 
.. .prompted by its refusal last year 
'.to -acqu-ire Menlmore from Lord 
‘Rosebery. ... 

' J . Established in 1946 with £50m 
from the sale of war surplus 
I stores, the fund was intended by 

■ Br. Hugh Dfilton. Labour Cban- 
'■ • cellor at the time, as a war 

'memorial: • 


n 


■ . . i 

• 

(■ -- 


be 


heroic^ 

■th Rate> 



.nut 




It has been used to reimburse 
the Inland Revenue for property 
and works of art accepted in lieu 
of tax and to finance the pur- 
chase by Government depart- 
meats of historic buildings. 

The original'intehtion of using 
it to acquire land of special 
scenic or natural value has never 
been fully carried out, however. 

In the first 10 years, only 
£ 1 . 8 m was paid out . from the 
fund and by 1957 its capital hod 
increased to £59ru- The Gnvcjn- 
inent or the day reduced the 
fund to nom that year, since 
when about £9.6n> has been 
disbursed. Investments have 
increased the capital to about 
£18m. 

The committee agrees in its 
report with- most Ofthc organisa- 
tions involved in safeguarding 
the ''national heritage that the 
fund has been administered too 
restrictively. . 

Treasury management con- 
ventions are preventing the 
fulfilment of the fund's original 
purpose, the MPs say. 

The committee ' says thaf. 
reconstituted as a National Herit- 
age Fund under independent 
trustees, the resources should be 
used on a contingency basis in 
rescue property and works of art 
for the nation. 


New light on link 
between NEB 
and British Tanners 


A wider rule should he con- 
sidered for ihc fund in the 
acquisition nf historic gardens, 
nature reserves and other 
countryside areas and cash 
endowments provided for the 
maintenance of exceptional 
historic, buildings. 

Treasury procedures relating 
to lhe acceptance of property in 
lieu of taxes should be clarified 
and published, and the provisions 
extended lr> cover all forms of 
capital taxation. 

The question whether a work 
of art offered in lieu of taxes 
meets the statutory requirement 
uf being of "pre-eminent'’ merit 
should be determined by inde- 
pendent assessors, the report 
recommends. 

Until the fund is run by inde- 
pendent trustees, however, a 
council should be established to 
advi.se the Treasury on the alloca- 
tion oE its resources. 

The committee believes that, 
if given a more flexible role, 
the fund would soon be ex- 
hausted. It urges, therefore, that 
lhe Govern meat should, as a first 
step, make good Lhe £5Qm 
removed in 1957. 

L'jpenditurr Committee. Third 
Report 1 P77-7S: The National 
Land Fund, SO. £5.10. 


BY MARGARET REID 


Accountants attack 
Whitehall control 


BY DAVID CHURCHILL 

PUBLIC sector accountants yes- capital expenditure borrow- 

sition to excessive Whitehall jhhn E 

control 

affairs. .wcany i,v>™ »***•«.■ «». rnainuaii u 
the Chartered Institute of Pub- committee. •• 

lie Finance and Accountancy At the request w-Mr. Peter 
conference in Edinburgh made Shore. Environment Secretary, 
clear vesterday their anger at the local aulhortt^issociations 
increasing Government attempts are drawing up a Shopping list 
-to control „local authority acti- of the controls they;want eased. 
viEes. especially finance. But Mr. Shore&faccs stiff 


Fraser case 
verdict 
on July 14 

By Ray Perm an, 

Scottish Correspondent 


y naraa verdict 

ol of local government .westniiuste? City ueasimer and j Hugh l deputv cha 
s. Nearly 1.000 delegates to chairman of the institute s policy j nf Scottish h, 

-imT-fAT-nrl tncfitirte oF Puh- rnmmittee. i li. A- , ■ in 


FURTHER QUESTIONS about 
the National Enterprise Board's 
controversial £5ni investment in 
British Tanners Products, which 
it owns jointly with Barrow Hep- 
burn Group, have been raised by 
Mr. Michael Grylls, Conservative 
MP for North-West Surrey. 

Mr. Grylls has now received a 
copy of the NEE's “revised re- 
written statement” to the House 
of Commons Public Accounts 
Committee about financial trans- 
actions in connection with the 
setting up last year of British 
Tanners, formed from the loss- 
making tanning interest of 
Barrow Hepburn. 

Yesterday, he described this 
statement as a, great improvement 
on an earlier, sis yet unpublished, 
account of the matter to the com- 
mittee, Parliament's watchdog on 
public spending. 

He considers that the previous 
NEB statement was misleading, 
although not intentionally so. 

Sir Douglas Henley, the Comp- 
troller and Auditor General, at 
the request of Mr. Edward Du 
Cann MP, chairman of the com- 
mittee, has been looking into 
points already raised by Mr. 
Grylls on ibe NEB's curlier 
statement. 

The NEB'S revised statement 
to the committee throws new 
light on the exact financial trans- 
actions involved when British 
Tanners, which made losses of 
more than £2m last year, was 
set up. 

Of the £ 10.4m of debts which 
the tanning interests making up 
British Tanners owed lo their 
previous parent when the new 
concern was formed. £1.9m was 
settled through British Tanners 
assuming h loan of that amount 


Lib-Lab 
Bill row 
explained 

BY ROY HODSON 

MR. DAVID PENH ALltiOX. the 
Liberal energy spokesman, ves- 
ierdav gave a new account or uie 
dispute between the Liberals and 
Government Ministers which re- 
sulted in the Electricity Reorgan- 
isation Bill being killed. 

The Liberals refused to sup- 
port the Bill and details nf Mr. 

PenhaUgon's argument with the 
Bill's sponsor. Mr. Anthony 
Wedtfvvood E©nn. Energy Seen? - 
tarv, emerged when Mr. Penhali- 
"ori was questioned by both 
Labour and Conservative mem- 
— — . - _ , , . , hpri . 0 f lhe Select Committee on 

was to give financial support to \ ^"pnaliscd Industries, which is 

ra r y «!i»W;«- eiertr “ i,j 


Nuclear reactor 
inquiry proposal 

BY DAYID FI5HL.OCK, SCIENCE EDITOR 


owing to the Industry Depart- 
ment from Barrow Hepburn. 

The remaining E8.5m was paid 
in cash to Borrow Hepburn. OF 
this. £5in was met from the 
money channelled by the NEB 
and Barrow Hepburn into British 
Tanner* against loan slock, and 

by the NEB for its shares in 

British Tanners, while 13. 5 m was 
found through overdrafts. 

Mr. Grylls said lhe figures 
“made a nonsense of the claim 
by the NEB that the reason for 
their going inro British Tanners 
was to give financial support to 

m, _l. nA nl I mil in 


Hepburn.” 

Last night tin- Board com- 
mented: “We have nu comment 
to make on evidence submitted 
in writing to the Public Accounts 
Committee prior to its publica- 
tion by the committee.” 


i supply industry. 

The Liberal*, he explained, 
particularly took issue with Mr. 
Bcnn when he was seeking their 
support for the Bill because it 
called for the introduction of 
stron™ and organic industrial 
democracy” lo he fostered in lhe 


lion O.V me wininiim-. democracy" lo he fostered in ine 

It emerged la.-i night that Mr. • L .jectricily supply industry. "We 
Edward Buchan, funner manag- ■ n.uj him." said Mr. Penhaligon. 

ing director nf Rentoki I, has just j« we would only support it u 

aniiutni oil :ie an indenen- 1 ih-it- were Id mean explicitly 


lUe *•*■"■* 

been appuinicd as an indepen- 
dent chairman of British 
Tanners, hitherto headed hy Mr. 
Richard Odcy. chier executive of 
Barrow Hepburn. 

In a letter yesterday l'« Sir 
Leslie Murphy, chairman of the 
Enterprise Board, Mr. Grylls 
said he thought the Board's 
new statement would give the 
committee a better chance _ of 
understanding the full implica- 
tions of lhe NEB intervention 
in British Tanners. 

“As Parliament has the duty 
of monitoring the expenditure of 
tax-payers' money through the 
NEB, I certainly hope that great 
care will be taken in future that 
misleading statements are not 
made to seleci committees of the 
House of Commons.’’ 


we »..um jupporl 

that were to mean explicitly 
-one employee: one vote, 
whether or not lhe employee be- 
longed to a trade union. Mr. 
Ben refused." 

Mr. Penhaligon said he had 
been given just 48 hours notice 
bv lhe Government that Liberal 
support was requested under the 
Lih-Lab pact in order to see the 
Electricity Bill through. He had 
secured extra time and had 
consulted Sir Francis Tombs, 
chairman of the Electricity 
Council, union leaders, and 
many area electricity Board 
chairmen. 

The Liherals concluded that 
they would not want any 
nationalised industry to be given 
the wide-ranging new powers in- 
cluded in the Bill. 


the electricity supply in- 
dustry and the Atomic Energy 
Authority will be snbrijlttnB 
the Government later this month 
proposals which they believe 
could be used as the basis for a 

public inquiry into Britain s 
first big fast breeder, reactor. 

It is understood that recent 
discussiuns involving three gen- 
erating Boards, the Electricity 
Council and lhe Atomic Energy 
Authority have agreed upon a 
basic scheme fur managing and 
financing lhe £lhn project. 

The plan, now being drafted, 
also has the support of the 
nuclear construction inmjstry. 
which would build the 1.300 MW 

power station. 

Last year Sir John Hill, chair- 
man nr the Atomic Energy 
Authority told Mr. Anthony 
Wedgwood Benn, Energy Secre- 
tary, that he would not be pul- 
ting forward a firm proposal for 
the next stage of fast reactor 
development until the Govern- 
ment gave its verdict on the 
Windscalc inquiry into repro- 
cessing. 

The Government gave 'he * 0 - 
ahead for the Windscale project 
last month. 

Sir John sold yesterday that 
the industry was agreed that it 
should try m persuade Govern- 
ment to hold a single inquiry 
into its fast reactor plan, not 


two nr more as some opponents 
have proposed. 

From the indusm’s stand- 
poinL this meant putting for- 
ward its case as a complete pack- 
age — including an outline reac- 
lnr design, its associated fuel 
services, and the safely rase for 
a chosen site — as it had done 
for the new Windscale plant. 

The scheme still depends 
upon lhe willingness of thi- 
lieailh and Safely Executive l r > 
accept an outline proposal at 
itiis stage, as it had done for 
Windscale. 


A more detailed submission 
would require detailed design 
work by sub-contractors. It 
would involve the expense of 
perhaps £50m 3nd a delay nf 
perhaps two or three years. 

Sir John believes that if the 
Government accepts the indus- 
try's proposal, the inquiry could 
be held next year. 

The proposal would concern a 
commercial power stalinn — nnl 
an experimental project- — which 
lhe electricity supply industry 
would expect to produce power, 
ll would he a sea Img-up *if 
demonstrated UK fast reactor 
technology. 

Still unresolved is lho sue. 
Don nreay in nurih Scotland, site 
nf two previous fast reactor pro- 
jects. is an obvious contender. 


Move to speed cheques 


BY DAVID FREUD 

THE AREA in which large 
cheques can be paid in for 
same-day settlement will he ex- 
tended if proposals by lhe clear- 
ing banks and the Bank of 
England arc accepted. 

Under present arrangements 
cheques worth £5,000 and more 
can he cleared on the same day 
if prescnied at a “town clear- 
ing" bank in _ the City of 
London. 


The clearing banks and the 
Bank of England yesterday in- 
vited other banks lo discuss 
the automation of the system. 
This would allow sauie-day 
clearing oulside the City. 

The project, lhe Clearing 
House Automated Payment 
System, has been und*>r discus- 
sion for about IS months. ICL 
has been involved. 


I menu will be given on July 14, 
'Sheriff J. Irvine Smith said in 
Glasgow yesterday. 

Sir Hugh and five others who 
were directors. of SUITS in lfli5. 
have denied that they failed to 
give a true and fair view of the 
affairs of the company by mis- 


assass 


if State* for: classifying a £4.2m loan in the 

IMpSSK." u “ 

“ over '"local, ^pverninent I *.rHus.._ anc.,^ of the olher 
: . ....... .v.‘ ,.-h n i 0 fioirt of activity. s' -. 


over 



BY JAMES MCDONALD 


• • H- KAIL ABUS^ •’ nf 230 known 

POLICE in London should .he „ a „. Evidence 

paid more than those in- . • h includes instances of 

provinces. Sir David McNee. we have in&u* s have 

Metropolitan CommiKioner, said - for crimes as 

yesterday, sririSus asTrmed rubbery despite 

report to Sonk police objections and. 

corai^^ner Sir David wntesof ^ r | trial, being 

•• the gewn realities of <- lp® airested agiun for similar 
task of police wm b ® ,n r crimes ° If bail had been refused, 

unwarrantably difficult by cer serious crimes, including 

tain restraints of criminal jpro- SJ J* Jr firearms, would have 
tredure: 7 He calfe ; for-^syrtem of -Sentiwented." ; 

justie'e wfiicli is as effectwe m fr ^ud: This .was the only 
securing the conviction of r e , na j or category of reported crime 
guilty as rt is n securmff the JjJgJ SS«d in 1977- But this 
acquittal of the innocent.. ~ not reflected by any decline 

“An excess of liberty, which ***** of ^ Metres 

makes ordinary peopJ^ -f ear _lo jj^ liten and city police fraud 
leave^their houses, is^not free- - indeed about 40 p«. 

dom under the law. L^ertarians inquiries were started 

should. proce^wthjtauti^ in 1976 ^d, at the end 

Other points from air Davias ^ i . ear _ weTe m progress.: 

report:'.'..'..":” . 7 ‘ - ■ 

Two jailed over Anguilla 
bank diamonds fraud | 

- -BY'KiMfdAaEt RHD ; 

dMraud hy faisely claiimas that Jieracy Thomas KemiL 

tadSrtarBanWns »Wg| of the UnUed 

a small Referraed Church, was ele«ed:9t 

l^^anuaut , deals » 


accused are also charged with 
railing to notify the company of 
i heir dealings in its shares within 
the required period. 

Sir Hugh has admitted not 
notifying 61 transactions, but has 
denied the charges in relation to 
a further 18. The others have 
deniM all charges, 
t ThAm.se was completed last 
m6hth\ but it was adjourned 
while aVranscript of the evidence 
was produced. Sheriff Irvine 
Smith sa\d yesterday that be had 
now received the transcript and 
would be making a written \ 
judgment.' 


Warning 
on training 
of seamen 

By Paul Taylor 

DELEGATES to an international 
conference on the training of 
3 eamen were warned yesterday 
lw Mr. Stanley Clinton Davis. 
Under Secretary for Trade, that 
standards should not he set so 
high that some nations would 
hot accept or implement them. 
f. Mr. Clinton Davis was 
welcoming delegates to the lnte*"' 
Governmental Man tune Lon- 
snltative Organisation conference 

in London. , . . 

He reminded delegates of the 
importance of the conference 
because “the greatest single 
factor which leads directly to an 
accident, disaster or near rnisa at 
sea is human fallibility. out 
the conference should draw up 
minimum standard s. rules that 
are “strong and worthwhjle, but 
rules which are acceptable to ■U. 

Fiftv-seven nauons. including 
two observers, registered at the 
start of the conference which is 
open to all UN member states. 
Most of the work on the new con- 
vention will now be done in 
committees. 


P?ny , °f . t ) )& Mahon, accnsea to.uercw 

SScT. wortra sP 

Imprisonment quantities, of liamonds, PJ-^8: 

ggff»S^- w: 1,-t *>* 


New electronics 
paper planned 

MOSGAN-GRAMP1AN. tbe jjjjsi- 
hess and specialist PubUcations 
group, is launching a weekly 
tabloid newspaper. Electronic 

Times. The first ,ssue I . 1 
appear at the end of September. 



ibeers since Tosco stepped up 

the face it'aattonaDy at -a. single P . .. Since then. Tesco s market share 
independent^; • ^ ntral organisation ^ j,a S increased by 4 per cent and 

lo^ggotial.e wi^ the *<*311! has taken business 

oM0» on anaUonal basis hut fr J m a l! its compeWors 

a W U1 DC siveo to. with ^ Independent shops 

Str^ing;the : .rei3nn>l^ .tot**, , . suffertiis most. 

. thenre aa ' e vS.: a* .nr«i: — . .t._ I- 



Alfa Romeos offer exempla ry perfoim- 
ance both on the road and on the appointments 
pages. Because when you want to fill a position, 
nothing helps you fill i t faster than an Alfa Romeo. 

And no-one offers a range of cars that tit 

/jf asll d prices range from £5,000 to 

£ 4 , 100 .The Alfettas irom£5 ( 000 to £7.500. 

Small prices to pay for the style, comiort, 
kudos and above-all-else performa nee, that comes 
as standard features with 
every Alfa Romeo. 



And they’re covered by the AlfaPlus 
back-up programme, which includes unlimited 
mileage cover for the first year, 12,000 miles 
between the main services, free routine service 
parts for the first27, 000 miles (24,000 miles 
Alfasud) and an ‘all-in’ purchase price. 

With all this, the only reasonfor not 
being sold on the idea of buying Alfa Romeos for 
your company, is that the idea of leasing them has 
equal attractions. 

Either wav cet vour secretary to contac t 

us for full details. 



AlfaKomeo (Great Britain) Ltd, Edgware Road, London NW2 HX-Tel: 01-450 8641. 


/ 


V 









i) goes 





BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 

THE GOVERNMENT won its vote of foniidence 
Iasi night hv a slender majority of five (2SL -8/) 

In ilw Commons after h speech from the i jne 
Minister in which he threatened an immediate 
general election should the verdict go against >im- 
As the result was announced, jeering va»n- 
servatives rose in their seats to point accusing 
fingers at the Liberals whose last-minute 
abstentions saved the day for the Government. 

la a sure-footed wind-up to the debate. Mr. 
Callaghan warned or the stub repercussions Tor the 
market and the exchange rate should the House 
decide t» hack the Tory motion of censure against 
Kr. Denis Healey, Chancellor of the Exchequer. 

’3r. Callaghan then went in Tor some naked 
electioneering of his own. The Tories, he Mia. 
advocated a policy of sabre-rattling again*! tne 
Soviet Union, tub thumping on hanging, shiii.ling 
on immigration, confrontation with the workers, 
ami running away on devolution. 

lie i old his cheering supporters: “When the 
time comes, we can appeal to the country with 
confidence, proud of our record and knowing that 
faciim us is a bankrupt Opposition.” 

Lookinc at the laughing faces of Labour 
backbenchers in the debate, one would never have 
supposed that the Government was facing a cliff- 
hungisig vole of confidence. 

Their spirits had risen after listening to a 
swash-buckling electioneering-style speech from 


fc}:;n 


Mr. Healey in which he defended his economic 
record and claimed that last week's package of 
measures had already received the blessings of the 
market. 

He sat down to wave after wave of cheers from 
the Labour benches— probably the best reception 
that he has ever received for a speech In the 
House. • 

Government morale rose even more when Mr. 
David Steel, the Liberal leaders, announced that 
his party would not he hacking the censure 
motion. Indeed, Mr. Steel spent much of bis lime 
attacking the Tories and merely expressing 
” irritation " over the Chancellor's uncharitable 
behaviour towards the Liberals. 

The House had listened to a long litany of 
charges against Mr. Healey from Sir Geoffrey 
Howe, the Conservative Shadow Chancellor, who 
— with the possibility of an election in the offing 
— resorted to uncharacteristically tough language. 

Putting the Chancellor in the dock, he accused 
him of ignorance matched by incompetence and 
recklessness, and of arrogance and deceit. Accord- 
ing to Str Geoffrey. Mr. Healey bad promoted 
policies which had led to a stagnant economy, an 
impoverished society and the destruction of 
British industry . 

Nor did he spare the Liberals. He remarked 
caustically on their abrupt retreat from the cen- 
sure motion immediately they had heard of the 
Government's eleventh-hour decision to make it 


a vote of eoufidencc. 

The Government was, he said “now summon- 
ing the rats to return to the sinking ship.* 1 

Rising to reply* the Chancellor certainly did 
not look like a prisoner called to justice. As Mr. 
Steel remarked: “Re would not know a penitent's 
stool if he saw one.” 

With all iii> old pugnacity, Mr. Healey referred 
to Sir Geoffrey's indictment as “a tedious and 
tendentious forrago of motheaten press cuttings.'’ 
-Being attacked by Sir Geoffrey was. he said, “like 
being savaged by a dead sheep.” 

He delighted bis supporters by attacking the 
Tory decision to employ the advertising agency 
of Saatchi and Saatchi to present their policies, a 
firm which included among its clients Penguin 
Biscuits, Fairy Snow and “Schhh . . . you know 
who! ” 

Mr. Hcaiev jeered: ** You can’t win the confi- 
dence of the electorate by selling a party like a 
soap powder.” 

Goading the Opposition even further, he scat- 
tered his speech with references to the action he 
might take “in my next Budget” in the spring 
of 1979. 

At that time, he explained, he might find it 
possible to increase employment by making tax 
cuts or by using ether methods to offset the 
£1.5bn which will he brought in over a full year 
hy the 24 pi-r cent increase In social security 
surcharge announced last week. 


Equip rights 
to property 




BY RUPERT CORjm&L, LOBBY STAB 5 




recommended yesier^by. ' a, partnership, with equal cuuu»- aut j JO ntiea. yfqul<k^> ; C^^Ja|^.; 

The new. rules wotjid apply to btrtions from «d*. by tf, e District 

freehold and leasehold proper- . it was only f ajr 4*?* ® e - refused to giv*' v ; ^ 

ties and council tenancies. (of husband! should nave an ftrn ps submitted^ 

This is the most important sug- eqiial stake in the home, ana ^der tmt were ; 

gestion of a 400-pa geJeport from the' recommendation would apply —p-tv n ay poScy Wcwkjlls^. :,.‘j r. 


gestion of a 400-page report from the recommendation woma app'y mentis .pay poScy. bte® 

the Commission, obalijed by Mr. as much to properties ownea oy Howevet.“bq ..maafrara^^»> v r 

Justice Cooke. v- the Wife as by the husband. he c^ajji not gfve rat 

It also proposes Shat either -^e Cora mission stresses mac of imamni^ - .'lrc^L- • : ? 

marriage partner shgUd he able . co^wnership can be avoided if ^ aetion . - 

to seek the court *der giving both parties so agree. - Mp shore, was i; 

him or her the right Jfi use house- Nor do new propMats \orauui TebWt <C."^2iihB : n. ::-. 

hold goods owned b& tbe other, rover rights and • obligations ove r the' ' /■ 

The report is splitHnto three. - of ^common law wives or tneix. jgjg- j n issuing 'advice to' ioey. ''’. ;; 
sections, which de«$ with eo- v niale equivalents, an issue which - concembag-.': 

ownership, rights of. :jbccupatioiu raises problems going wei1 application of sanction* •- 
and enjoyment of^household bcyoud property law. which had breaebrf;Thase'l$^5V ; 

goods. -The report also backs the view j tjj e dm poli^r. > 

Each is followed -spy a .draft - >*** a deserted wife or husband £ ES-hif *£8 


ot aetaiiea legisia^n m iuc or her the enuuemeui r,ovemnient could isSueadvSc&ifv:^ 
Commons foot 



The five-person Coifamission is. fariiiiv'cjir 


was due Jo the^faCt^ 





k 



BY IVOR OWEN. PARLIAMENTARY STAFF 

BRITAIN'S ECONOMIC and there would hr repercussions in 
financi >1 policies would have the markets, for the exchange 
bff»n mu at risk had Mr. Denis rate, and for a great many 
Healey, rhe Chancellor of ihe financial and monetary affairs. 
Exchequer, been subjected u* a The Prime Minister said he 
personal censure, the Prime fc ad rejected the alternative 
Minister told the Commons last course of awaiting the outcome 
nicffii v.'litn his call for a vote the vote and. in the event of 
of 'confidence in ihe Government a re |> u ff for the Chancellor, seek- 
^eciired a live-vote majority. jng a vole of confidence ihe next 
A I'onservalive mol ion seeking day. He had reached the con- 
-o inive" ih.- Chancellor's salary clusinn that “ i' was not the 
v as cU-feateil by 2S7 t'» 282. After right way tn do it.” 

;h«.- result , - , f> announced Mr. Backed h> Labour cheers, he 
Callaghan arU Mr. Healey were ;isser t,,d that even if the Govern- 
congratulated hy jubilant Labour ment was denied a vote of con- 
Mi-’s and left ih.? chamber fil i ence hv the Commons, it 
ingelhrr amid a roar or exultant haVe no difficulty in secur- 

Guvernment cheers. onp f ro ,„ country in the 

Earlier, the Chancellor, in one general election which would 
of his most effective Farlia- certainlv follow, 
meniary speeches, claimed that when Tory MPs urged him. to 
Ihe package r.f restrictive monc- .. lry ir * Mr ‘ Callaghan said he 
tary and fisc £. 1 . measures not f ear the outcome oF a 
ann'Kinced Iasi Thursday naa genera i e i ec tj 0 n but there was a 
already achieved their objective. great deal 0 j UX ifinished Parlia- 
Wiih a buoyancy which belied , nentary business, including the 
the fact that he was fi^htin^ for n , ssaEP 0 r ,»,« devolution lesis- 


contvol with a package which n - .*d vote a matter of confidence, Sir 
restored the integrity of ihe Geoffrey said that “at this 
Budget judgment in both ihe eleventh hour, the Government 


The latest proposa!s:are bound finch goods in defiance of an. refusing 
to arouse some controversy otxier would he force ^ t0 W tender 5 
although the Gomndssion bas -lump sum compensation, the Go^rntneht 


the force of law w.atild t 
sureharged for thaJi:ejrpe*ffleiv^^'i'. 
.- Mr. • Shore ■ did - hot^iccept’Cera^-.^'-: 
pletely the 

said it wu ul d. be f or a . cput«pt:to^v . ^ 
decide, whether ita 'actf<^’«cftildo^ , - L 5 , 
be. justified ; ft 
challenged' by'; 

Auditor or in, the' 

. “ Since ihe 'Whole-' purpose.'hf: r • 


•• 


fiscal and monetary fields. 

These measures hso already 
been •• a rebounding success. " 

Mr. Healey quoted the leading 
article in last Saturdays 
Financial Times in supporting 
market expectations of the first 
of a probable series of small tuts 
in the minimum lending rate in 
a matter of days or at most a 
few weeks. 

The Chancellor stressed amid 
Labour cheers, that the mortgage 


has decided to invoke the 
tattered remains of what is left 
of the Lib-Lab pact” 


framed them only aitjfer exhaus- 'Commission says. 

Tax rflieTliiiit too 
limited for Tories 

BY IVOR OWEN. PARUAMENTARY STAFF 

SOME EXTENSION - : of ..the -ordinary loan. 


• very surprised if iojsal h'aflhorftiWr. ,.V 



BUI at the 


reDort staee ' who disposes of a business, with, eouiel Be^moofh^ r^biiaBy'attff^:V t ^- : 

The Chancellor stressed amid Sir Genffny said that those “/ . ' „ ' * corresponding proportipn for nationaUy. . . -••'.-• ' .. t Vv p- 

Labour cheers, that the mortgage who made the most valuable .. At . 1 . s ®“ e is ^l e 4ndrnduals aged between 60 and .. • j-v ■ r 

rate at 9J per cent was “still contribution to society were the 40 which provides tiiat IrreMve^ Qg. .■ ■ ' CnnAfinnP ^ - 

1J per cent below that in opera- most severely punished. alj le lo«es on loans ® Mr. Joel Barnett, Chief Secre- |j3nCOQIlS f 

tion when the last Conservative The Chancellor's disastrous ma de after April 1L, 1978, and-, tary to the Treasury. -^aid a 1 

Government left office. record was made worse bv Mr. guaranteed payments lb respect change to be introduced at report tirillS -- -' *?’&$’'■ 

.j. „ I of curb irons should be allow- &tt,aa uimilri rpfleEt the orincinle “ •* A ; . 


Sir Geoffrey Howe 


7y\Z t u7;:^ nt th -. Healev’s attitude of ** uareoent- of such loans, should be alkw^itTgT would ^flect the principle *** ■ : ..... 

Oealmgirit^the effects of thL nt ^. oga ^ p 1 able for capital gains tut -of a .Conservative proposal by A TOTAL of 24 firms are. npw;?-v ’ 

. t» , purposes. -ft allowing the reUef to be. applied being subjected; .-to -.ecoinwilcv^-’ if 

i bflnk lending, Mr. HBalt) He Quoted LHiersl statements i-iA PTnlnined sanctions- for ■ having neeiitiatod 

aintained that there would still attacking the Chancellor, includ- The prospect of a limited ® a nlSowS S rtemeoS^Sbire^ the ;V V. ’ 

room for sufficient lending m jng a headline in the latest issue cession, held oui by ’ Mr. Denzl|..^a . , rnaroinal Government’s 10 oer cent liiiffL' - -*•" 

-itish industry to keep expan- of Liberal News, stating "Healey Davies, Treasury Minuter urgent. on tne normal marginal QMnmMH , 

in on the path laid down in ihe must go” State yesterday, in the Common de , C’’ tfg. 

>ril Budget .. „ r „ , Wn T . ,., - n Standing Committee considering; t aim made it clear to rreMU^^d - 


.93/ Wn so-called “ corset” restrictions. a a g _ purposes. allowing the relief to be applied being . subjected \ -to - economic T*+- 

• ®x - on bank lending. Mr. Healtj He quoted Liberal statements v Jr* 1 . , S a«i p Hp explained sanctions for havme'jieebtia.ted ' -:- 

' m ' maintained that there would still attacking the Chancellor, includ- Th? prospect of a limited p^y ^ttlementT^S^e the V , 

’• x >WnS be room for sufficient lending to j n g a headline in the latest issue cession, held out by ' Mr. Denzil.Jha -?h normii mareinal Government’s- 10 ner cent'liniiL' • -•* 

British industry to keep expan- of Liberal News, stating "Healey Davies, Treasury Minister P^geMon tne normal marginal Gawmmnn W : per ^ 

With a buoyancy which belled ^entar7“buaaesr ‘including^ The Sir Geoffrey Howe AS?il°Bud% P L th ^ d0W ° ^ mUS * 1 S °f . _ . ... iSndin?Comramee th a>n3Snng - ’-.MV«srpett il^o made it clear to '* : ; 

tin- fact that ho was hghtina for pj ^ sa „ e D f devolution legis- Ap . ^ o- i -r- h a We h °P e the Liberals will , h Ril f -.m-j to sa tj s r v Torv that ihe talks which, -he is to mons, written. .answer lastr fljght,: .. - 

his political life, end with it „ , n , f wnplri rpi . p „ mn f A* the FJn.ncj.1 Times, had baV e the courage of their failing gg s BlU - t0 sa ^/Tory ^ To^MPs^d theirtax ^ ? 

:hat uf the Government He W(f cCjnc | uded before qoing lu batlJe S ' l . ^ d u ^fid^v^n^l iS^arTsTeriainiy tQOv|cUon " he S* [d - ' Thev forced a divisiorf on an legislafion adrisers bq various ment Ministef-df State, told. 3tPs 

msHtod thru the effecl «ff the [h _ Cfjuntr> When the right time came ihe ™i‘ d _ b f„dn!d Wins- that‘inS2 Sir Geoffrey /said the Chan- amendment — defeated by 15 aspects 'of the capital g^ins tax that since July 31, last year.-:, 

v.-.v,!* pacfca-4.- tl ur 'i lld . ^ ' ' ir the^o Bills did nn» reach Government would appeal to the ™n i jua^ea ag^ns* uiji q7a ce i| 0r had “presided over a votes to l&-which wohid have will include con =-ideratio\of the major settlements under ..the 

res'oi'e no ' ni i l-l .' ol ' ll .. 1 f ^ l the Statute Book in the present country and it would do so with ?“5 wouW have litt'e effect on strategy for the demoralisation opened the way for relief to be feasibility, of giving legislative current pay policy had ;.b«it;.:"- 
Sli* 1 Parliament, the Scnuish and confidence. n«2 iffinduswial invest- a ° d destruction of British Indus- J iven in cases where tne creditor form to existing extra-statutory reached covering • over . 

i.me of me April Fud,cr. Welsh people would b.-se their Mr. Healev based his spirited 17™, f *. hv hoih the He is alws either claiming company's loss aruies on ;.n concessions. \ wo.:er.;, “ the , overwhelming -; . 


Government. 


.>c« nr.:iiy in v.hai u ai Parlbinent lhe Scntnsh and confidence. th^sharo nseih indu^triai invest- and destruction of British indus- oiven in cases where tne creditor form to existing extra-statutory reached covering , over ; .. . f 

i.,ne or .ne April F.ud,cr. welsh people would lose their Mr. Healey based his spirited mem now Expected Lv both the W j He is a I ways either claiming company's loss arises on an concessions. \ wo.:er;, “4he , overwhelm 

Sir Geoffrey Howe, ihe C.»n- importunity t0 participate in the defence of bis handling of the rBL and the Department of cred,! for th# miracles lo come , \ maionty within the policy.- V'.;. ‘ i 

Shwd.iw Chancellor, devolution referenda, and the economy on the contention that industry. 0r b! a rain |? fais predecessors ■ # \ He said the Employment; ,- ’ i 

l ,J J ; hi* To,;, atiack with a legislative process ti* eslahlish ^ n eed to introduce last week s Thpr( . u . #r crornful laughter when they f ?‘* 10 anse - W? Isx-at/Vixyyi fl Department's comprehensive 1 ;;; 

riumand »'or a “guiUy verdict t .he Scottish- and Welsh package had arisen from the r The t r > ‘ tSU"i!rJ JhSfniSr B 1 8 i 091 W 1103 bA monitoring covered only major;** - 

•m Mr. Healey for the arrogance, assemblies, which only 3 Labour {SS^ibility of Uie Opposition {g^su^d thJt he mlSi T , UIU[iyUUVI^ %,A€*AAJLAM*i>A v ^ich related 

-nc.i.iiJCicnre. recki^nuss and Government would undertake, in forcint: trough additional in- IS Apr! r ? b^dlet TlHpralc -■'■ . \bout-hall ttie total labour ' 

doer u he had shown over the would have -to begin again come tax cuts to benefit the JitiMte Ih efu H effect* oftC JuIMCI dla V . . :v , 

11 rtwfs&S ^-sr« ‘instated’ tanker .conditions Eyrelectio^ii: f 


s-.T-aii-.e Shwo.iw ‘-.nance nor. devolution rererenaa. and tne eco nop]y on the contention that industry. 

l-J :h«* To, - ; atiack wiln a legislative process vsla b! lish u, c need to introduce last week's Th u .„ r -rornful laughter 

demand for a " xuiiiy verdict the Scottish • and Welsh pac ka?e had arisen from ihe f ™ e ™ ^ovv benches when Mr 

„n Mr. Healey for the arrogance, assemblies, which onlj a Labour irresponsibility of the Opposition {Klfe^suEoested IhJt he might 

.nempaenro. re-:k!ePsnes s and Government would undertake, in forcing trough additional in- f ak e?,tion next April’? budiet 
deceit he had Shown over the would have to begin again come tax cuts to benefit the {f® JSS S? “ effecis of the 

last four :vars. and for policies But lhe Prime Minister better off . .V? nircemrfsein theNational 

which had threalened in de- emphasised that the biggest task . nn . Rllflo _ t 7* This after 

moralise and destroy Bruish 0 f an which the Government A S a ' an “ d h S, et ’ t P r, S" J , hp ariSftionll ^m 

indusiry. . wished lo pursue was the battle "S vS!“ 


Department's ' comprehensive: ;; 
monitoring covered -only major ■> .- 
^settlements which related 
\bout-hal£ the total labour 


i ha t i?ie Chance 1 lur s positmn lr v-„,onth flucteation, in ihe un- hS ^ u , , -.. , in£? 

vat ventral lu the Future of the employment figures, he believed ^ n n^v pm rw ' u f 11 "' H ? al ® y i ,Sj' 

i lo-rnmem itself and its lha t the total number out of work s ^ ply J gu ^ hl ? y a s d p d ‘"? being reluctant to impose U e siu - - 

•*»«'«■ _ would coitlnu. ,0 full over tb. ‘Jt.JS?' « " ctor SSSS.k'K 1 


by; policy 

switch 


if the vote asainst lhe Clian- next 12 months, provided that it 
celi-jr were ca'Tied. he wareed. proved passible to succeed in the 


^S0„ MC, MM 


tter off. 2! per cent rise in the National ^ * ,, lailKer CUllUlUUllS 

A balanced Budget, primarily Insurance surcharge. This, after ‘irilltQrPn JjV ^6161^1101®;: j. 

• - ’ “ - ie family raising the additional t500m 1.1. Q- Zy*' _ 

1 effect in needed this year to offset the 1 j BY LYNTON McLAIN - I ffiT'Alvr ■**** ' - . ’’gZ&Z . ' 

e^apprtf’f- SSSd°JteW nBOOm^i^' a < f 2 ?l 0 }^- POllCy REPRESENTATIVES of British Di. Bray, who wanted to know IKCIj Oil; - 

hlrh hid vear J Lr - " shipowners are conducting an if officers of oil super tankers X I 't •- ' 

25! hial- u „ hddn<F investigation into the social con- were required to take a breath- .gBfSV 1 \ 

jv d /dd na M f t V nt1S i!ir«ui? SWllCll diUons aboard oil tankers, a olyser test before going on watch Dlllj J..J 

p y sector hh rL h.i/ rif.nPd ^h^ was ? House of Commons committee said it was very easy for stan- By Rupert Cornwell, Lobby Staff 1 ' - : 

preferable 1 ^ the allemaSve “ R d W ” *° ,d ^ s,erday - „ ■ f X’ ° n F1NAL ^ -teBonW-' 

v C r'oiem; leader. * d ’ ae ’“ 4 b> ' 0PP#- *” HckiU Mr - C^wLf. "3%*% SSSTl.^ "Sit - 

y J cellorj i 3 nd my colleagues 0 f vessels and what routes and se c re tety ^h- independent oil gojjf ^jg vacant seats of Pent- - ’ 

necessary The Chancellor reaffirmed the woui^have bad no hesitation in opJatine condiUons they are companies. International Marine ™ e ja«w« seaw ; of 

! ro d S SSTTnS? ^oi^u^S votln | a 5 3iDSt him SSS5- “ " fir’ W th?' ^cridente^o V 

present level for the rest of this Th| Government was ri^t to The survey is being carried tankers in the English Channel ar p f fn^ltnnp° 

here had ?ear t but stressed thai from conjjfcr that a vote ainutge out by the General Council of and Western approaches between -s^ f^ 

in hank December onwards, the rate of Chancellor would be a defeat for British Shipping and the Inter- ishjq amf the end oF last year, THhninl? 8 ® ^ 

! . inA.iinn urnniri Hpnpnri iiif-rpjiR- the (aiv^rniiiGnt ss a whols. nafinnni p.hamhp.r of Shlooinc. .. vwii „:i ti_ Tribunite . Mr. John MeadeisozL 


borrowing requirement. preferable to the alternative 

As a result the financial insti- courses advocated by Opposition 
tutions had failed to buy Govern- leaders. 

ment stock on the necessary The Chancellor reaffirmed the 
scale and this in itself had led Government's view that mHation 
to a further increase in the will remain at or about its 
money supply figures present level for the rest of this 


BY LYNTON McLAIN 

REPRESENTATIVES of British Dr. Bray, who wanted to know 
shipowners are conducting an if officers of oil super tankers 
investigation into the social con- were required to take a breath- 
ditions aboard oil tankers, a ulyser test before going on watch 
House of Commons committee said it was very easy for stan- 
was told yesterday. dards of behaviour to fall on 


m th alternative MR DAVID STEEL, the Liberal was told yesterday. dards of behaviour to fail on 

'»■ swss 


cellor 1 "I 


At the same time, there had JW but ******* chai 


At the same time, mere nan awards, the rate of Chancellor would be a defe 

been an acceleration in bank Dece . . Hpn - nri : n „ rMR . the dnvemment as a whole. 



“lr and retail sales had inflation would depend increas- 
S in ri S m"excepUona.ly fast, Inffi. «E» 


ireeuorwouia oe a aeieai lor British shipping and the Inter- i m an( r the end oF last year, Trih„„ir.^ 

ttjvemment as a whole. natioaal chamber of Shipping. only ten had spilled oil. * He Jota Meade^on-, 

t# would cause havoc in. the Mr. Ccorge King, the chamber's ihought none of the accidents q? 4^ IC l. 0l L,f alt at k? 1 

r|ets and Labour would be chairman, gave details of the was caused by alcohol. ““J: in ® ^ ae “nsttraency.-; 

te right to go to the country survey in reply to Dr. Jeremy Rear Admiral Peter Graham, W| “ “eciae on bun day who . 

ifc motion of censure on the Brav (Lab„ Motherwell and Seer l- tar v General of ihn W1 “ defend the somewhat more 


e «JL « P - settlement in the round begin- mar ets and Labour would be chairman, gave details of the was caused by alcohol. T . 

Government had decided to take nin £ in Au » ust - nuit right to go to the country survey in reply to Dr. Jeremy Rear Admiral Peter Graham. ^f. ty ” l 

action in °ood time to break For the Tories. Sir Geoffrey if U e nation of censure on the Bray (Lab. Motherwell and Secretary General of the 

? ... i. . •> j r I . . . rhfll Fpllrtr UIMC naCcaH UTirh^ur) 'J momhoF aF tfin nnm_ oViUhi K/it> do irl i rw nv-r. *r.-i«4 PrPCSflOi 


Prior attacks Labour 
employment record 


briig about the downfall of the 
Gofernment and destroy the pro- 
grTOime of legislation we have 
en/barked on and destroy all that 
has been achieved over the past 
ISfmonths.” 

Mr. Steel said that if these 


Wigg secures change 
in devolution Bill 


the order of 10 Downing Street/ ■ 
to ensure that the Prime Minis- : . 
tcr has *** option of a further . 

L wCS Vllullbv test of public opinion before 

b ' s °wo decision later iir = the’.. V ; 
rill I summer on whether to call ad.'/ .* 

■VrlA AJill. October general election. 

..... „ ■ . . .. „ ^ However, from Labour’s point " '- 

was gaining was- that they operated of view, the sooner in Jufy the 


PfilTIlG bVIsIPIII Fcdli ail d «P ate * wre going to be held THE GOVERNMENT was gaming was that they operated n f view the sooner ffi JuIv tUp' 
Cuipiuy ;,F ,^Ae eit Cta n t Sifor-“Hi Greenwich. 

spHis kfesTss “• s?ss™« sr ss?-5s ^saiaj 

at his most airogML at h|3 most wih Jav ebec ntre^ Commons to debate their own Scotland Bill earlier this week, law. 8 two pames. Perns tone, where- the- 

cynical and at bis most inexcus- The^ bave^een, treated shj*uy said he was supported by all the “Beltind and uamino arp Conservatives require a swing s 


Scotland Bill earlier this week, law. 

said he was supported by all the “ Belling and 


the existing , 0n «™ii farm between the/ : V 
*> two parties, Pemstone, where the - . 
gaming are Conservatives require a swing. * ^ X ; . 


ab i e 7-L .i ,- c enmanna oico Dy , * Inflation in the three i months statutory bodies connected with primarily' a matter *far social or o£ ^ usl over '15 'per cent from- 

There is always someone else ‘The Government offers con- before the Lib-Lab pact bad been racing, including the Horse Race recreational activity, for which Labour to win, looks inroreg-- 

toblame.il is ^batothercoun- f r on tat id n - con frontal, on with Z i 6 per cent. . Bettidg Levy Board and the Tote, it .* wholly appropriate tw an nable, 

tries are doing, or that business dote queue and higher . “ I have nc. hesitation in say- work of the Levy Board elet : ted ass J mb iC have dir^t But at Moss Side tbev need 

has not invested, or that wages prices. ing, although it may not have aa ji rbe Tote have been of sub- re^uonsihilitv *' " a awin'* of nniv **.- 

have gone up too quickly or that Mr. Prior said he had never done my party any good, that we s taiatial interest to the countrv The Government suffers take the w»at f er *, Ce ®i ttt ' 
the world economy has been thought he would hear u soefal- were absolutely right to stick JJJ, ghould DOt ® or l n up “ JK second drfwtTy 47 vntM^jo Mr FraJk^Hattnn-?-#^?- 

expanding too fast or too slowly, ist Chancellor cheered by his own through the programme of S[lil f a DQl j tica | c hi m o ra t h e on a Torv- nronnt'ti i? 1 *™! a ^. feat 

“ 1 must sav to Mr. Healey, on side in the House wilb unemploy- economic recovery which has result* of which art* ouite ih-n en5 “f® ' “ e ” n *tely within the - Tories? 1 

the 14th Budget that he has men t at 1.4m-and lhai figure brought inflation down to ^u re "he 7i£L “SS*. „ T k 

introduced, that there are some would rise with his latest roughly 8 per cent That should 0ne of the merils of the Acl deSinu ^Sth^ounw Sd ? Lab «? ur planner are. 

people for whom one cannot measure. not hghHy be set aside bodies connected with racing and volunuS schools • Itat ‘ttp;. 

truthfully say that practice makts Last weeks squ was Mr. Steel said that he under- ^mallish inner-city seat may not 

perfect. It certainly does not in panicky.- be i laimed— and stood the Government's objec- be . too reliable a guide 'to 


9 he s@mm 


rriHERE are limits to what the human mind can stand. For Major 

A C”*"*s. after years of braveiy m Bomb Disposal, ihe limit p erfect . ’ j, certainly does not in .. p Vnicky." he « laimed— and stood the Government's objec- 

comes each lime he sees a dock. Every alarm clock is a bomb. ^ caSf? ot the Chancellor." would cost the average British tion to the Liberals proposals, on jy^TDri 4-L. M Anr ^.,.4. 

each ticking watch a probable explosion. He remindedtheGovermnent industri m WO rker£KK). the grounds that they would put iVlX S IHFOW Oil l D FOB OSH I 

™ J A oil rtek rnentul breakdown cauallv in that it fought the October 1974 •* He (Mr. Healey 1 seems to up the Retail Price Index when 

Soldiers. Sailors and Airmen ail risk mental brea n equally in el0cUon saying that unempioy- spcnd most 0 f his life in the the Government was trying to j. 

war and in keeping the peace. There are bombs much nearer to US me nt was coming down, that infia- political gutter — and I am ntft counter inflation. 1 C3a,ri.L.|, OljTcCTl 

Aden or Malaya tion was under control. Mr. EO iag to follow hin, there." This was why the Liberals 

tnon kvprus. Auenc / w.-lf-m- nf these brave men and Healey had said there was no Amid loud jeers rrom the discussions with the Chancellor MR FRANK ALLAUN (Lah., tors of big building firms. 

Vve devote ourselves solely to the wtiiare 01 me* a c men ana. negd for unemploynient i 0 reach Government, Mr. Prior wound up- before the Budget bad. been on Salford E) accused the building Direct labour building, he 

women who have tried lo give so much more tnan they could. one m ifij 0 n. his speech by quo! ins wotxis employers’ national insurance industry of “remariuble inci- argued, brought important bene- 

w.. hiMn thi»n -ii home and in hospital. We run our ov^n “They have forgotten all that. f rom a person be simplv called contributions. dences of corruption” in the Com- fits io the community and saved 

. , p c nrnvil 4 c work in a sheltered' They tr>' and try again to pin » an American.” The Liberals had proposed a mo ns yesterday. for ihe tenants and ratepayers 

Convalescent rlome. For sonu., «c proMu«- ^ the mistakes that they have made The unnamed man made the H per cent increase. They were He was attacking a bid hy a the profit that would otherwibc- 

industry, so that they can live without chanty. For others, there is cons tant]y and consistently over following speech: ” if we told it was wrong because it was Tory WP to bring In a private yo to shareholders. By the com- 

„ tr v^,r'irts’ Home if wc are to a o on helping them, we must have the last four years on the money promise we must deliver: if we an employment tax and, even if It members Bill to restrict the use petition it provided, it helped to 

' , ‘ inn-iiinn nleasc sien a oovenani please supply problems of 197*2-73 and p ,. op0Se we must produce: if we was right, it could not be done of direct labour building depart- cut the prices tendered by 

Tunds. PJeasc wind a donation, pieascsign a v am, pirase it does not waslu - said Mr. Prior. a5k for sacrifice we must he. the this year. menu by local authorities. private builders, 

remember us with a legacy, perhaps. The need is really urgent; Mr prior said' that fear of a first to ^ive: if we make mistakes “Yet we find in June that it Is The Direct Labour (Restric- Mr. Morris had earlier said 


a ' feat%; : V' 

Tories .' : -- 


rougmy a per cenL inai snouia 0 f th merits nf fho a f i hJ4i ‘ ^ , v, “. J «iuia U5 n moour planners are - , ' 

not lishtly be set aside” bo S ies ^ with racln f a J d v 0llln J“! 1 ”- ho 'S‘ h COUM > r . ■«. «» empb aslM . that 

Mr. Steel said that he under- slhuuis. smallish inner-city seat mav not 


smallish inner-city seat may not - 
be too reliable a guide to - 
iwtionaJ voting Intentions, Mab- - 
wiester is a focal point of toe - - 
N orth-West region, which:-'': 

abounds in marginal viral ' 
toe Reneral election. .. . 


Managers to 

see Healey 

Reporter ; 




ynd the debt is owed by all of us. 


'They’ve given more than they could— 
jiicase give as natch as you can." 


37 Thurloe Street. London SW7 2LL.01-524£6-'33 


sterling crisis made the Chan- we must admit lo them. possible and acceptable at a uon or worKsi bul, proposed by 

cellor act. It was not the tax “ We must provide the people higher rate.” Mr - Michael Morris (Northamp- 

cuts. it was a far deeper and with a vision of the future that It was a different matter to ton S), was later rejected by MPs 
tar more serious crisis which is attainable" increase the surcharge combined by 212 votes to 198, a majority 

began long before there was any He blamed the country * i.4ra with cuts in the higher rates of against nf 14, 
question of tax cuts. unemployed ° n lhe bad manage- lax and to do it after a 31 per Mr AMaun described the Bill 

He said the Government had ment of the Chancellor. “He cent increase in the minimum as a reactionary attempt to stop 

become a had risk. It had to has misled the countrv and lending rate. councils from building their own 

borrow and pay over the odds remains in office against our Mr. Steel said that that was council houses,’ and went on lo 

for the money at high rales. The wishes. It is Ions overdo., that the cause of their irritation and refer to lhe “fear and hostility" 
public was not yet aware of the he should give up his job.” anger with the. Chancellor. towards direct labour by direc- 


ting Street on June. Si.-'- - -"; 7 -';'- 


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12 




Financial Times T^ijgy'JMe 


THE JOBS COLUMN 




and warning— for a would 


-be writer 


FINANCIAL 


BY MICHAEL DIXON 

“I COULDN'T stand working 
to deadlines,” is a frequent first 
comment from people who 
meet me and learn that I am a 
daily paper journalist. My 
reaction is to wonder why that 
particular working condition 
should bother people so. 

After all, virtually everybody 
has to work to time limits of 
some sort. What bothers the 
layman must therefore be the 
idea of finishing by 12 minutes 
past three this afternoon, as 
distinct from getting something 
done before you go home on 
Friday night. But given that in 
both instances the worker is ex- 
pected to do only the best he 
or she can in the time available. 
I cannot see that either is 
preferable. 

Once a person has become 
used to doing things quickly to 
fairly broad tolerances, it could 
well be harder to make the 
change to working more slowly 
To highly precise standards, 
Than to change the other way 
round. 

The reason is that by con- 
stantly working to short-run 
deadlines, journalists tend to 
develop a sort of self-handi- 
capping .sense of the minimum 
time it will take them to accom- 
plish a given task. As a result, 
if they have more than this 
minimum time available, they 
will use >the extra allowance in 
delaying .the start of the work. 

This is why the late Sir 
Desmund MacOarthy suggested, 
as a professional motto for 
journalists, the chilling phrase: 


There is ^way s another 
quarter of sn hour! 

I say this because Dave 
Watts, editor of the magazine 
Monev Which?, has come to the 
Jobs Column with a post which 
offers one of ttw increasingly 
rare opportunities to get into 
journalism. And since one of 
the conditions is an ability to 
'■stick to strict deadlines,” I 
suspect that the lav public’s 
unjustified worry about working 
to short-run time limits might 
otherwise deter perfectly ade- 
quate youngsters from applying 
for the job. 

Its title is financial re- 
searcher. But ihe tasks include 
writing as well as assembling 
the information for articles in 
Money Which?, whose main aim 
is to give the general public the 
know-how they need to run 
their financial affairs in a 
sensible way. 

The topics covered by the 
magazine include investment, 
mortgages, tax. insurance, and 
employment. In addition, it 
carries explanatory articles on 
broad economic issues of the 
day such as “Is Britain Over- 
Taxed ? “ Inflation ", and 

even the EEC's Common Agri- 
cultural Policy. 

Whoever is engaged for the 
job will be responsible for her 
or his own reports from their 
origination as ideas to their 
being printed in the magazine. 
The work includes deciding 
what needs to be covered in 


a report on a particular topic: 
doing original research and 
commissioning any extra sur- 
veys or statistical exercises re- 
quired from outside analysing 
the material and doing the 
writing. 


The pain 


At that point I would bet 
anyone without journalistic ex- 
perience who joins Money 
Which ? will find themselves 
wishing that they had done any- 
thing other thaD take the job. 

The reason why we hacks 
tend to delay starting, you see, 
is that writing is the kind of 
excruciating activity than no- 
body in his right mind would 
start before he absolutely has 
to. It was Bernard Levin. I 
think, who lately estimated that 
be must have eaten 200 tons 
of digestive biscuits in his 
working life so far. simply be- 
cause. at any given moment, 
there are always far better 
reasons for eating a digestive 
biscuit than there are for start- 
ing an article. 

So there, for the benefit of 
any reader who wants to be- 
come a writing journalist, is 
the secret The difficulty is not 
writing to deadlines. It is writ- 
ing at all. For the bulk of us, 
if we did not first take the 
relatively e.vy step of coramit- 
ing ourselves in advance to 


deadlines, we would never pro- 
duce anything. 

The only parallel in my ex- 
perience lies in my attempt* 
to become a high-grade judo- 
man, which involves fighting 
other people who for some 
reason always seem to be bigger 
and fiercer than you are. 

When kneeling to face one 
of them across the mat just 
before the start of a serious 
contest. I invariably found my- 
self thinking the same tfcin.z- 
It was “If only I had taken 
the precaution of not coni r. 2 
to this place today, I would 
not now be in this desperate 
situation.” But baring gone 
there, and with the contest un- 
avoidable, I muddled through 
somehow and sometimes won. 

No doubt whoever goes to 
Money Which? will fmd the 
same. If so. it may be a com- 
fort to the recruit to know 
that while the pain of writing 
never gets any less, you learn 
over time to bear it more cheer- 
fully. 

Given the initial foolhardi- 
ness, candidates for the job will 
also need the ability to solve 
complicated intellectual prob- 
lems, to cut through obscure 
detail, jargon and “ popular 
mythology" to the nub of the 
issue concerned, and to express 
complex concepts In terms 
which are readily understand- 
able to the lay reader. 

Mr. Watts thinks that this 
prescription implies the need 


for a good degree, but from my 
own experience of a good many 
honours graduates I would con- 
clude that the two things are 
necessarily connected. 

He also prescribes at least a 
year in the working world since 
graduating. While work of a fin- 
ancial nature during this period 
would certainly be no disadvant- 
age, familiarity with monetary 
matters is less important than 
the possession of “a lively, in- 
quiring mind and the ability to 
think clearly and concisely.” 

The newcomer will, by the 
way, be able to call on the aid 
of a panel of independent finan- 
cial experts retained by the 
magazine as consultants. 

There will be a starting salary 
of around -£5.450 for the initial 
12-month trial period which, 
successfully completed, would 
be followed by a three-year con- 
tract Working hours are 10 am. 
to 6 p.m. 

Applications outlining your 
experience should be sent to 
the personnel manager, Which?, 
The Consumers' Association. 14 
Buckingham Street, London 
WC2N 6DS. Dave Watts would 
probably be willing to answer 
relevant inquiries telephoned to 
01-839 1222 — deadlines per- 
mitting. of course. 

And haring dwelt earlier on 
the strains of being a journalist. 
I'd better say now that I would 
nnt change it for any of the 
other ways of earning a near- 
living that 1 know about. 


Austria f 

M 

INTERNATIONAL head-hunter 
Jo Jacobsthal is lodging for a 
marketing director Bor an un- 
named - client in Austoja. He will 
respect any applicants request 
not to be identified tcyhe client 
until specific permission is 
given. -V 

“I want,” he saysr^a senior 
marketing executives of about 
35-45 years, fami^ar with 
branded mass consumer goods, 
preferably in the food industry^ 
" He should also be a 
diplomat because £he will, 
eventually be designated to 
take over the total management 
of the company from the 
present chief .^executive, 
approaching retirement age. 

“ Absolutely fluent .German is 
a must: French igould be 
helpful. Preferably $je should 
be familiar with thev Austrian 
market structure and have 
lived or worked there^Salary is^ 
negotiable around £30,000.” ••• 
Outline applications to Ml 
Jacobsthal at European Market- 
ing Systems, 5 Avenue Beau- 
mont CH-1700. Tribourg, 
Switzerland. Telephone 037 24 
32 80. Telex 36152. 


Our client is a private 
controls the funds of low 

business concern. . A mann-e, tow_ 

th0r tit^mM r a°ge^ ! s n ^ < I uit y investments angan 
sought i nt nn5ageinent company- which 

“"Wt ^SFSased * in- jSoa,vthe 
IS- Shorty to beset ug^ be responsible *>r the 
successful of ^.accounting 

mSt ^S 0 ' nreMration of financial statements and 
.practices, preparanpno^ • de(Jliafe internal 

controls Sd he 'the custodian 

rampany funds and responsible for 

•arranging bank deposits. 

r ti , envisaged that the Individual will have had 
ir is envisages experience in the control- 

on accounting for 
• TrfPfliillv and fixed income securities 

g? the ffil SmtSrope and iheFar 
Fraarience as an accounting executive in 
^Tnift^partment of a major haul or financial 
familiarity with offshore, account- 
ttw would be considered desirable. . ■ , 
'Our'dient % offering a substantial competition 
paAageand woula be prepared to consider a 
contract of employment. . _ , ; ' 

PlPflSf* reolv with fun career details m strictest 
SStarn toBox A.B3S8, Financial Times. 10, 
Cannon Street, EC4E 4BY- 


STEEL TRADER 


TO BE BASED IN LONDON OFFICE v 

Preference will be given to' those applicants with export^experience. 
Apply m strictest eonMenco for application form:— 

. • M. C-Arimg. 

HENRY BATH & SON LTD, 

. Market BuBdings, Mincing-Lane, 

London EC3R 7DA. 01-426 9700 


Director-International 
Public Relations 

Switzerland 



A leading organisation, active world-wide 
and involved in the political, commercial, 
industrial and technical spheres, requires a 
top executive to head-up its public relations 
and information department at ils Swiss 
headquarters. The responsibility of this key 
appointment Is to determine and express 
the public relations needs and objectives of 
the organisation's members in relation to 
each other and, in particular, in relation to 
government authorities and the general 
public. As a line manager, Ihe person 
appointed will ensure the smooth 
organisation, efficient administration and 
effective operation of his department A 
reasonable degree of international travel is 
involved. 

The man required, between 35 and 50 
years, will preferably have a university 
education. With a sound knowledge of 
economics and industrial business, he is 
likely to have studied journalism, or have 
acquired practical experience in it 
Knowledge of industry orientated pubfic 
relations is essential. Particularly important 
is the ability to monitor analyse and 
evaluate the needs of organisation 


members and government authorities, as 
well as the general public, and to determine 
the most effective responses. The capacity 
to quickly grasp the essentials of a problem 
and put forward views with conviction is 
also necessary Much attention will be 
given to the ability to express complex 
ideas with clarity both verbally and in 
writing. Linguistic skills of a high level, at 
least in Engfish, Ranch and one other 
language are presupposed. The ability to 
manage and enthuse a small team should 
be balanced by his skills in relating with 
people such as professional cofleagues, 
organisation members, government 
authorities and the wider pubfic with whom 
he will be in contact A dose acquaintance 
with the various media channels is 
expected. This is a high level job which 
commands salary and other benefits of a 
corresponding level. 

The identity of candidates will not be 
revealed to our ciient without prior 
permission. Applications quoting 
fief. CH932/FT. or enquiries, should be 
addressed to Dr. J. de V. Mansfield,- 


PA Management Consultants AG 

Kreuzstrosse 26, 8008 Zurich, Switzerland Tel: Zurich 34 69 36 



A member of PA /nrernjfeos/ 


MANAGEMENT 

ACCOUNTANT 

(AC A ACCA. ACSIA or MBA l 

Thomson Publications Limited is a major publishing group at home and 
abroad and forms part of The Thomson Organisation. They are looking for 
two qualified accountants for their compact and highly effective central 
finance team. This team is responsible for the financial control of a wide 
range of publishing activities covering a market stretching from the UK to 
Europe and beyond to Australia. 

Under the Group Management Accountant, their duties range from the 
consolidation of management information from subsidiary companies and 
the constant review of exchange rate movements to monitoring accounting 
standards worldwide and assessing the performance and viability of other 
companies. The work will also involve a modicum of overseas travel. 

The successful applicants will have qualified experience in industry or 
commerce and will have developed a flair for identifying problems and 
reacting on their own initiative. Salary is negotiable around £7,500, and will 
be related to experience. 

Please apply for an application form to: 

Personnel Services Manager. 

Thomson Publications Limited, 

Elm House. Elm Street, London. WC1X OBP. 

Tel: 01-278 2345 ext. 31. 


Economists 

Industrial and Regional 
Development 

An effective Tax-free income of 
up to £18,000 plus allowances. 

Economists are needed to join a high-powered 
team of Consultants working on national 
planning in a major middle east country. The 
consulting firm is one of the largest and most 
prestigious international groups, who, for many 
years, has held large commitments in this 
region. 

The results of the work to daie are easily seen. 
As part of an on-going commitment, two extra 
Economists are neeced urgently so an early 
start is highly desirable, ihe successful 
candidates will probably have experience in 
developing countries, especially the Middle 
East. They will -enjoy working in a closely-knit 
multi-disciplined team, and have a proven 
ability to negotiate and work with local and 
international civil servants. 

Industrial Development 

A broadly based man able to prepare develop- 
ment plans for the hydro-carbon based and 
oiher industries. Experience in energy, petro- 
chemicals, or investment banking would be 
valuable. 

, Private Sector Development 

Particular attention is being paid to the 
development of the private productive and 
service sectors. In addition to industry, the 
development of banking, mining, agriculture 
and fisheries will be given special attention. 
Experience of public-private sector policy 
making in these fields would ?be especially 
relevant. < 

A basic salary of between £12,OCO and £18,000, 
■depending on experience, will be paid, plus 
overseas, hardship, housing; utilities, edu- 
cational allowances and extra” leave, effectively 
doubling inis base. r 

The contract is for a two yearfreriod. However 
a conversion to a permanent appointment 
would be intended after 18 mgnths. This would 
involve being based in London or the U.S.A. 
Applications will be forwarded to our client 
unopened and subsequently matters will be 
dealt with in the strictest ponfldence. Inter- 
views will be held In London as soon as practic- 
able. Please apply with full details, quoting 
Ref. 91 9 for all posts. j 

Charles Barker^Couithard 

30 Farringdon Street, Lcridon EC4A 4EA 


Senior Dealer 


Bahrain 


BANK OF AMERICA invites applications fora 
SENIOR DEALER position in its Manama Branch. 
The successhi candidate will be responsible (or 
high volume money dealing. 

Applicants should have a minimum of 5 years* 
market experience in Deposit and Foreign 


Exchange dealing. Knowledge of Arabic helpful; 
butnotessentiaL 

Basic salary win reflect qualifications and 
experience, and other terms of employment 
Including expatriate allowances and fringe 
benefits, are in line with best international banking 
practice. 


z, 



Applications containing fun career details and salary history, which will be 
treated in strict confidence, should be addressed to: Adminislraiion Officer. 
Middle East Area. Bankof America NT & SA, 70fd Park Lane, London WlY 301 

BANK OF AMERICA 


International Banking 

Amongst a comprehensive portfolio oC career 
opportunities, the following are particularly urgent: — 

Foreign Securities to £4,500 

Medium-sized Consortium; demands all-round experi- 
ence but with accent on valuations. 

Credit Analysis C. £4.250 

Small U.S. Bank; chance to build on introduction to 
analysis or extensive Loans admin, experience. 

Foreign Exchange (2) c. £3,500 

Both with small American Banks who offer genuine 
prospects in return for approx. I year’s experience. 

Please telephone either John Chiverton, AJ.B. or 
Trevor Williams on 405 77IL 

David White Associates Ltd. 

Hampden House, 84, Kings way, London, WCL2. 


TWO INSTITUTIONAL EQUITY DEALERS 

TWO INSTirUTrOK.il. EQUITY DEALERS required to 
supplement staff of leading Japanese investment bank in 
City of London. 

Jgc immaterial but previous experience in investment field, 
perhaps as securities analyst, essential 
Extremely competitive **»&.** &&■ 

salary for right person. FflST JIT Tfc 

Generous bonus and 

other fringe benefits, f LU ft 

. .. . . . 3 109-110 Bohorer Street, S 

Applications Jg J.OSDONIVJP7HF § 

detailed e.z'. lus S (01) 636 5205 J p 

Keith Clarke 



Private Investment Bank 


Central London c£!M)00 

Our client, a smal old established bank, seeks a qualified accountant probably aged 
28/35 to join the young management team at an important stage in the development 
of te business. ' 

Whilst responsible for the day today accounting, the major corfcfoutkxiwifl beflie provision 
of financial advice aid technical support to the balk's varied interests^ The successful 
candidate will most likely have experience in banking or related services since qualifying. 

This postion cals for someone with the pereonaKy and ability to accept further executive 
responsibilities as the group expands. 

Contact David K. L. Tod BScACA on 01-405340 
quoting reference DT/262/PBF. . 



A 25 High Holborq London WCW.SQA 

*- . * • v. * 


^ • - • V 


07-495 3-SS 




Marketing Manager 

Copiers and Copier Supplies 

NASHUA INTERNATIONAL 


Nashua Corporation has grown to a position 
of worldwide significance in the office copier 
and supplies maiket This is a new senior 
staff appointment wift Nashua International 
— the ctiviskriwito responsibility for 
distributor sates In Europe. Ihe Middle East, 
AfricaandLa&i America. Aggressive selfing 
has won valuable bridgeheads in the key 
markets wrthri these zones. Tq help 
consolidate and develop these stronghofds 
the division is to establish a formal marketing 
function at its H.Q.-in Bracknell. The task of 
creating and cfirecting this new staff function 
will laH to the International Marketing 
Manager wtto wiH report to the General * 
Manager. The person appointed will almost 
certainly come from a senior international 


marketing post with a major in the office 
copying field or skriar business madtins 
environment The salary envisaged will 
secure an outstanding man or woman in the 

3045 age range. A car isprovided with other 

benefits typical of a major organisation. ; 

PA Personnel Services Ref: SM54/6458/FT 

Initial interviews are conducted by PA - 
Consultants. No details are divulged fo 
clients without prior permission. Please 
send brief career details or write for an 
application form, quoting the reference 
number on both your letter and envelope, 
and advise us if you have recently made 
anyother applications to 
PA Personnel Services. 


PA Personnel Services 

Hyde Park House, 60a Knishlsbridge, London 5WIX 7LE. Tel: 01-235 6060 Telex: 27874 


A member at PA in'emadonal 


International 

Banking 


A major European based international bank is extending its 
U.K. activities by opening a new branch in Birmingham to 
service the West Midlands area. 

A manager is required fo establish and develop the branch which will 
concentrate on servicing industrial companies, particularly in con- 
nection with their overseas business. y m 

The new branch is regarded as a development of great importance. 
The finest administrative and technical support is being nmvided. 
including a full on-line linktotheU.K. head office computer in London. 

In accordance with international banking practice, a generous 
remuneration package will beoffered. 

Applicants, male or female, In their 30's or early 40's, with a good 
knowledge of the West Midlands area, and having a proven record of 
successful business development in a bank or financial institution 
should write in confidence quoting reference 2941/L. to- 
M. D.O'Mahony. ■ 

□ Peat, Marwick, Mitchell & Co., 

Executive Selection Division, 

I650ueen Victoria Street . 

Blackfriars. London, EC4V 3PD. 






^ - 



tj® o 




RECRUITMENT CONSULTANTS 

35 New Broad Street, London ECEM 1IMH 
Tel: t3 I BS B 35 S S or01*5SS 3S7B 
Telex:!Mo.SB7374 


This important new appointment reflects the growth of the Group’s manufacturing activities around the 
carry with it a Directorship of . a major Subsidiary Company with potential to advance to the Mam Boaro n 

(Sfc MANUFACTURING CONTROLLER 



Herts/Essex border c. £7,000 pa 


LONDON BASED £14,000-£18,500 

MAJOR INTERNATIONAL TRADING ORGANISATION T/O IN EXCESS OF £1,250 MILLION 

We invite applications from candidates aged 35-*8 who have an engineering degree or similar profeaion^^qualifiauon 
and who have recently had profit responsibility for a sizeable light engineering operation overseas. Th 
be responsible for co-ordinating the Group's very diverse manufacturing interests throughout the worm 
expected to monitor all existing activities, recommend development strategies for each area, identify ana dW -_. 

ventures and plan the implementation of agreed projects. As well as being technically competent the succes servants 

will be tactful, -articulate and numerate with an ability to communicate effectively with senior . .. redu _i nB 


lacnity. tree ramuy o.u.rx, assistance wire. expenses ■■ nvwwi,. ,. rl 

reference 1MC3868/FT, to the Managing Director: — 

CAMPBELL- JO HNSTO N ASSOCIATES (MANAGEMENT RECRUITMENT CONSULTANTS) UWTED, 

35 NEW BROAD STREET, LONDON EC2M 1NH • TEL: 01-588 3588 or 01-588 3576 » TELEX. 887370 

Opportunity to establish a reputation and make a distinctive marie— scope to introduce original ideas. 

GILT PORTFOLIO MANAGER 

ATTRACTIVE SALARY + INDEX 
LONDON LINKED PENSION 

ONE OF THE WORLD'S LARGEST MANAGERS OF INTERNATIONAL BOND PORTFOLIOS — TOTAL FUNDS 

UNDER MANAGEMENT EXCEED 12. BILUON 

Applications are invited from candidates aged 27-34. who are likely to be working in an ' n *JV ra "f e 
as an actuary and hold the position of number two to the Gilt Manager. The successful ^'date w.ll be 
through a small team, for the effective management of the sterling U.IC fixed-interest portfolio curr '£ of^ufficien? 
£500 million. He or she in addition to making the main contribution in the Gilt department J eau iriei and 

calibre to head up the technical committee responsible for reviewing technical practices m ■J®. S "J.= * ,_ q d nerous 
non-sterling fixed interests markets. An attractive salary is negotiable + non -5°"^ UtOI 7; f ^.nonened 8 to our 

lea-e Conditions. Applications in strict confidence under reference GPM 10349/FT. will **□««£«* L XSwi rf thl 
client, unless you list companies to which they should not be sent in a covering letter marked for the attention or 

-Security Manager: , MLI 

CAMPBELL-JOHNSTON RECRUITMENT ADVERTISING UMITED, 35 NEW BROAD STREET, LONDON 


We are searching for aprofessionalbanking 
manager for a substantial, profitable 
manufacturing for international markets. l'h e 
banking function is integrated with other 
accounting resources and provides i an increas- 
ingly important service to operating units in. 
negotiating and supervising bank accounts 
and foreign currency transactions. 

Responsibility is to theManagei; Treasury 
for review of cash forecasts and requirements, 
management of cashiering facilities, export 
documentary collections and control 
and reconciliation of bank accounts. 

The emphasis is on pl annin g and §|||gi 
controllingthe group’s cashflowneeds |pj|| 
as effectively as possible. . ||||! 

The man or woman appointed |||““ 
will be aged over 30, be possibly a la M a 


qualified banker and must have held a respon- 
sible treasury position in a large industrial 
company for about 3 years. A background in 
merchant banking is particularly appropriate 
and experience of financial ^ negotiations, 
export documentation, foreign exchange 
markets and exchange control regulations 
will be valued highly- 

Personal qualities we will be assessing 
include the ability to manage staff, precision 
in applying controls, and a style which is 
^ 'mature, polished and acceptable. 
BUS Prospects for the successful are 
excellent. 

maaaaw To apply, either send a c.v. or, 
preferably, please telephone for an 

Application Form, quoting reference 

IBfi MBHEB. 


Cambridge Recruitment Consultants 

9 Brunswick Walk, Cambridge CB5 SDELTelephone; Cambridge (0223) 311316. 


■■UtOCURRENCV DEALER i» roflulrtd tor 
rTt Bank. Experienced In C.D.5 and 
knowledge ol French an a *L‘* n 1 p 1 V* 1 
Salary £8.000 0J. LOANS ADMINIS- 
TRATION Ait i sunt and CREDIT 
ANALYST required tor E.C.1 BanV. 
Previous experience essential lor these 

■regressive posts. Aged 25-30. Salary 
£5,OO0-£A.Q00 o.a GRADUATES, we 
■re In a position to help pradujtos 
with an interest In Banking. LJ C 
Banking Appointments. 01-2B3 OT5B. 












Tmm 




Ini 1 1 I > b i| 1 M M 


,®01SSS3BO. 


«u 7 ri 

i-_- I k 1 ^ » | 

gftinWjWj 





■W 



RTOi i wi)ii' : 'l 


siLdsiaarirnKg 







fffKj 

3B*7n? 

lijww 

I'TtMArelV^Wf 




ntMoijr 


>B?TanWl3uI3»l 




I'MiiriwiBE 


fheSpeeialists in Executive a nd Management Selection 

Financial Director 

. y . . - • c £1 pjb'00 + car + benefits 

data processing.secrelari^an^ Company> Applicants should be qualified 
fcp^tdelft 1 ^^^'Iv^it^dSstn-al experience at a senior level- 
accountants >who cSd move more towards general management. 

good ar* relocabon ««!**■ am av^e. 

W - v, .:: ,, ^|l^abo» > vaic^licy^»epe^Uo^>e M>IIMa>^l ^P ll l ^ ^ c^ll< ** * ^^ 





P«, |. 


Internal 
Auditor 

circa £^000 
plus fringe benefits 

NPl is one of the leading and most 
procressh e companies in the life assurance 
industry. We wish to appoint an internal 
auditor and the ideal candidate w ill be a 
qualified accountant w ho has had good audit 
experience {either as an internal auditor or in me 
profession) in the financial sector, and preferably 
in insurance. A knowledge of computer systems 
would be a distinct advantage. Applicants will be 
mature, strongly motivated people with the 
ability 10 discuss at the most senior level. 

The appointment will be based at our mam 
centre of administration in'Tunbridge 'Veils 
w hich is situated 'in a pleasant part of Kent 
about 35 miles South of London. Some i ru* cl 
will be required to our office in the City of 
London but only very occasionally to other parts 
of the country. 

Reporting in this appointment will be d.ren. 
to the Company Secretary . 

Interviews will be arranged in London. 

The commencing salary will be negotiable at 
£7.000 per annum in addition to which we oner 
the following fringe benefits: — 

• Staff mortgage at concessionary rates ut' 
interest 

• Non-conlributory pension scheme 

• Free permanent disability insurance 

• Relocation expenses where applicable 

Please write or telephone 
W. Kingston, Personnel Manager, 
National Provident Institution, 

National Provident House, 

Tunbridge Wells, 

Kent. TNI 2LE. 

Telephone (0892) 261 SI 


IThe Life Assurance 


COMPUTER LEASING i 
SALESMAN 

Standard Chartered Leasing are seeking to 
recruit an additional leasing salesman. 

The new salesman will be given a marketing 
territory in the U.K. and will be based in London. 

It is likely that he (or she) will be given additional 
European responsibility as the job develops. 

The job itself is to market leases on IBM 360, 
370 and the new 3000 series computer equipment 
As SCL is a subsidiary of the Standard Chartered 
Bank group, the security of SCL is assured. 

The successful applicant (male or female) 
would need a successful sales record, a knowledge 
of IBM equipment and a knowledge of finance. 

An excellent salary with the potential to earn 
very high commission is offered with excellent fringe 
benefits and working conditions. 

If you are interested in this position, please 
contact; 

John Burke 

General Manager 

Standard Chartered Leasing Company Limited 

79 New Cavendish Street 

London, W1M 8AJ. 

Tel. No.: 01-580 0302 


STOCKBROKING 

Experienced Personal Assistant (age 25-35), nialeor 
female, required by Partners m medium sized 
London firm. Must be competent to control and 
review computerised private _ client 
prepare schemes without supervision and undertake 
some associated Investment research. S/E examina- 
tion standard essential. 

write With details of experience arx. remuneration required to: 
BOX A63S5. FI KAN '■".i AL TIMES 
10 CANNON STREET- *C4P 4BY 


Chief Financial Officer 

FinancialBireclorBesionate 

c£15P0O 

Kspe^v^rf<&! wertsmthe r annum. 

wmmm 

Board level at the appropriate time. 

thirties or early forties.. 

company cm- will be supplied and usual fringe benefits will apply. 


Please write in confidence for an application 
form to David Prosser, Executive Selection 
Division, Southwark Towers. 32 London Bndge 
Street, London SE1 9SY, quoting MCb/3697. 


nee 


Associates 



the City 


A major international bank invites applications 
lor the position of Head of Export Finance in 

its London Branch located in the City. Major 
responsibilities include the development and 
implementation of Government-backed 
export finance programmes for the United 
Kingdom, and the solicitation and structuring 
of ECGD backed loans. 

Qualified candidates, in their mid to late 
30s, will have experience with ECGD buyer 
and supplier credit programmes, a 
knowledge ol international credit and 
business development procedures and 
preferably some knowledge of project finance 
techniques. 


Salary will reflect the senior nature of this 
appointment Other benefits are in Bne with 
best banking practice and include a company 
car, favourable loan facilities and a 

non-contributory pension scheme. 

Ref: S3 / 01:FT 

REPLIES will be forwarded direct, 
unopened and in confidence fo the client 
unless addressed to our Security Manager 
listing companies to which they may not 

be sent. They should include 

comprehensive career details (including 
salary progression to date), not refer to 
previous correspondence with PA and 
quote the reference on the envelope. 


Hyd, P.„k HwM, 60. LonUnnSWlk TIE. Tel: 01-255 6060 Tele,: W 
A member ol PA fru^nsiionaf 


Jonathan Wren * Bariking Appoint 

Ira 1 "• : '• ."T -'‘ir I" 



m sssSsMsli 
;° ai a d - 

Sufdfent 1 is^STmerLionol 

office a mechanized accounting system which is shortly to be replaced oy 
mini-computer system utilizing visual display urn . background in 

and wi " ideal,Y be 

Thfapporntelwi'hnlualiy play a 

of the new system, an assignment which win develop «uu . « 

Accounting appointment. 

DOCU M ENTA RY C RED ITS . nne to continued growth of the 

Our client is an international bank in London, uueio con u 

■ bank-s substantial Documentary Credits , b» ; 

an additional person with in excess of .J“^” s of Documentary Credits 
candidates should have experience in all aspects 

work, including Guarantees of all types. , . benefit package, including 
5^iK a S g ™^»Tc a ^s cunentiy 

Kn'cuTndy^lsoX? Va' -theMess aPnior appointments in This 

field, with salaries in the approximate range M,uuu ^ * , telephone 
To discuss the above opportunities m confidence, p/ease leiepnone 

ROY WEBB or KEN ANDERSON. 














The Board of a prominent and successful civil engineering contractor, * 
active both in the U.K. and overseas, plans to appoint a new Managing 
Director, aged around 50, to lead the Company over the next decade. The 
remuneration package is unlikely to be a limiting factor and the successful 
candidate is expected to be currently holding a deputy chief executive or 
similar position in a middle sized U.K- contractor or one of equivalent 
responsibility in a large company. 


Please reply to us quoting reference MO/. 129 1/ FT on both envelope end 
letter, enclosing a full curriculum vitae- Letters will be forwarded, unopened, 
to our Client. If there are any companies to which you do not wish your 
application to be sent, please indicate this in a separate fetter addressed to 
the Security Officer. 


ijjfwick Group Advertising 


‘Bayiis’Wase/Stake. Pogcs Lane' 



r i -■ , 


K/ockner JNA 
plans, supplies, erects 
and finances 

turnkey industrial projects. 
We are an affiliated company 
of the Klockner Group of 
Duisburg, West Germany. 
We wish to engage a 


SALES 



The applicant's age will bein the range 
30 to 40 and the applicant will have a 
successful record in the industrial plants 
export business r either in a manufacturing, 
engineering, trading company or in a 
merchant bank. 

Basicknowledgeof German or French 
Would be desirable but not a pre-requisite. 
The applicant must have an ability to 
establish contacts and negotiate projects 


throughouttheworldandtoheadthe 
Sales Department of our Company. 

The position carries with itthe chance 
of a directorship in return for successful 
performance. The position is ideal fora 
first-class sales manager who is the 
number two in the present organisation 
but wants to acquire board level status 
within the foreseeable future. 


Applications should be submitted in writing to Mr. H.>J.Pretzell,Managing Director, 
and will be dealt with quickly. 

Klockner IMA Industrial Plants limited, 

Berkeley Square House, Berkeley Square, London W1X 5PA.Telephone: 01-492 0192. 




.v- - _■ ■■■?■> yy --r. >. 


DEALERS 


Two well established City banks have positions for foreign exchance dealers in 
their mul twenties with a minimum of two years dealing experience. A vacancy 
has also arisen for a sterling and gilt dealer .-jpain with at least tvm years 
experience. The Fairies for these positions will be up to £7,000 per annum with 
the usual fringe benefits. 


STERLING DEALERS 
ASSISTANT 

This position is open to people with 
in depth experience of :he sterling 
operations of a bank, to include know- 
Itidge of accounts, positions, settle- 
ments, sterling inter bank market, 
C.D.’s. etc. Age range preferred is 
between 24 and 32, salary: £5,500. 


SENIOR FOREX 


An international bank requires a 
per.«on in their mid twenties, with an 
extensive knowledge of all aspects of 
foreign exchange. This position affords 
excellent opportunities for advance- 
ment within the bank aad the salary 
will he up to £5,500. 


These positions ore open to male or female applicants 


BSB BankingAppointments 

115-U7 Gf mm Sired, LortdonECiN 5AX Telephone 01-623 7317 St 01-623 9161 


Recruitment Consultants 


FINANCIAL CONTROLLER 



MID/LATE 20’S 

Woking, Surrey. c. £8,000 + Car 


Providing specialist consultancy services in town planning, architecture and 
engineering, our client, the subsidiary ol & Caodian Group, is currently handling a major 
design contract tar a Middle Eastern development project. 

Reporting to the Managing Director, the Financial Controller will be responsible lor 
further systems development, t he preparation o: accounts, administration, and the 
provision ol financial and commercial advice concerning project development. 

Applicants, qualified accountants aged in their mid- late 20‘s, should have 
experience in a commerciafimdustria I environment. Whilst with the presence to 
effectively interpret performance io management oi varying disciplines and pesi lively 
connibuie to corporate development they should also be prepared to become involved in 
routine accounting t unctions. 

' For more detailed information and a personal history form, please contact 
Nigel V. Smith. A.C.A. or Peter Dawson quoting reference 2164. 

commercial/ rittismai Divraon 

. Douglas Ilcnnhics Associates Ltd. 

Accountancy & Ham- yun anl R*-:uiunt>i‘ Cuuuli.ih, 

4 1 0. Sliand. Loafed WC2h OHS Tut- 01 836 95U I 
12 1 . St . Vincent Slnwl. Gta*|ow ~,2 5HW Tel- 04 1 -226 3 101 
o, Cudlts Placv, Edinburgh EH ?. 7AA. !»!■ OIL-225 7744 




TWO SENIOR MANAGEMENT POSITIONS 
MIDDLE east 


Our client, a rapidly-crowing and highly-regarded, multi- 
national manufachirinaand trading company headquartered 
in the Middle East, seeks two outstanding senior executives. 


VICE PRESIDENT-CHIEF financial officer 

Reporting to the president, the Chief Financial Officer 
will have responsibility for developing and Implementing 
all corporate-wide policies, practices, and procedures with 
respect to treasury accounting and financial control ac- 
tivities. He will develop and maintain Internal reporting and 
control procedures, and serve as the principal catalyst in 
the financial planning process. Responsibilities will cover 
such areae as commercial and investment banking rela- 
tionships. corporate capital siruclure, external financing, 
liaison with external auditors, acquisition and venture anal- 
ysis, and review and analysis of subsidiary operating 
results. 

The position calls for an accomplished financial profes- 
sional having at least 10 years of broad-based, international 
financial expertise with solid grounding in treasury, control 
and financial planning. Experience in evaluating Invest- 
ments, joint ventures and acquisitions, as well a9 with 
external financing on an international scale is essential. 
The ideal candidate will be 3 self-starter who has worked 
effectively in «r relatively unstructured environment, has 
strong communications skills, a stable, mature personality, 
and appreciates' the chailenaes associated with a rapidly- 

growing organization. 


VICE PRESIDENT- 
CONSUMER FINANCE OPERATIONS 

The Vice President— Consumer Finance Operations will 
have profit and loss responsibility for the operation of the 
Consumer Finance Division. He will be responsible for all 
marketing, financial and administrative functions, and will 
initially supervise a staff numbering more than 160' people. 

The position calls for a strong entrepreneurial and 
imaginative leader who has had at least 10 years of broad 
operations and genera] management experience either In 
a consumer or commercial finance operation. Background 
should include in-depth credit and colfection experience 
and proven administrative abilities. It Is essential that he 
have demonstrated the ability to manage all aspects of a 
multiple location business and have an understanding of 
computer applications. Again, strong communications skills 
are necessary as well as a stable and mature personality 
and he must be self-confident, recognizing and appreciat- 
ing the challenges of building a new organization and 
developing subordinate talent. 


fn each position, a most attractive compensation package 
is offered consisting of a substantial base salary supple- 
mented by an outstanding incentive plan and other fringes 
Including automobile, and furnished housing. Future op- 
portunity in this growing company is limited only by the 
capability and performance of the successful candidate. 
It you are both interested in and qualified for either position; 
please write to us as the company's executive recruiting 
consultants: 


Write Box A. 6387, Financial Times, 
10. Cannon Street, EC4P 4BT. 


Stockbroking 


Insurance Specialist 


Our client is a medium sized firm with 
a first class reputation for specialist 
research. The Jinn wishes to expand 
its existing' team covering the in- 
surance industry by recruiting an 
additional person with experience in 
this sector. ; 


Applicants will ideally be Actuaries, 
Accountants or Graduates, aged 25- 


35, with a sound knowledge of the 
Composite and. life Assurance 


Composite 

companies 


Remuneration is negotiable and will 
certainly be commensurate with t-ba 
experience and ability of the suc- 
cessful candidate. The position offers 
excellent prospects for advancement 
including the possibility of a partner- 
ship in due course. 


Please contact F.J. Stephens who will 
treat all enquiries in the strictest 
confidence. *• 


Stephens Selection 

35 Dover Street, London WlX 3RA.-01-493 0617 

» Recruitment Consultants - 


LEASING OFFICER 


Manufacturers Hanover Leasing wish to recruit 
a Leasing Officer for its London-based operation. 
The successful applicant will be responsible for 
negotiating the lease/finance^ of major capital 
assets and will report direct to the Marketing 
Director. j 


Candidates will be in the a£e range 25-35 and 
possess a proven record of/ success within the 
specialised field of equipment finance. 


Salary will be commensurate with experience, a 
car is provided and there are fringe benefits 
consistent with those of major banking institutions. 


In the first instance, write in confidence giving 
details to: 

Mr. A. W. Dukes 

Manufacturers Hanover Leasing UK Ltd. 

22 Austin Friars, London EC2N 2EN 


J 


jj-inaneial Times Thgisd ay .Jpe 


Reporting to tfie finance Hirectojc tlje ■cORtrQij^-y^ r vai . tj aL ^ 
financial j|nd commercial' features of industrial development^, 
proposals^ inclnding.the financial capability of firms involved^ 
recomm&jd subsequent expendi- 
ture; profesioiials&ff^fiigiir. .• ■>:.?.*' • ■] 


considerable senior experience in j rrvvTJ 

tions an dr elated company investigations ■prrferabi^nt mg«r 
technology sectors. ' ; .Crr^ 


jic-iULauuft aaMatancqL - 

Please sepd letter, of application and career 
in confidence - to jjfe A . T)avies ref. B.40333.- ^ 

Tins appammtKtff open u wwa tntlrtyima. . ..* •- _r - v--I' 


1 H 5 L 


Management Consultants- . 


Management Selectforvbtmrted " 
1 7 Strattob Street London W1 X 6D & 


for the London branch of an dnternationar; bsik with an out- 
standing record of profits and good management. A successful 
performance in this post could lead to advancement after a few 


Aged 28 to 35, candidates must be chartered accountants with 
experience in the commercial field, preferably in banking- This 
must include multicurrency accounting.. Pensions experiaa.ee 
woidd be an advantage. / W:\’. 

Salary £7,500 to. f^GO. Nonrcontributmy - pension, Tow 
interest mortgage and ^ . 

Please send relevant details-^ m confidence - to P« Hook ief. 

b. 26403 . / . \’W ! . \ r .’ ""'VV- 


This appointment is -'pen to uicn and izoinat. 


X . ■■■ 


Management Consultants 

Management Selection Limited . , ’ 


17 Stratton Street London WTX6DB 


Charles Barker 

Confidential Reply Service 

Please send career details , listing separately employers to whom we should 
not forward your reply, to Charles Barked Reon^tmearttd.y: ■ r 
Floor. Kennedy Tower ^Sncrw Hill Queeqsway\^^^/g0 
Birmingham B4 636. . 


LCUilllOIUgy 5CCLUUS.. g v - ;'is^ 

Five-figure salary negotiable, comprehensive..; henefjts^._ 
re-locati<§ assistant . : ; • r > T - "■ : 



FINANC2M CONTROLLER 


c.£11,000 and car 

West Midlands 


Our client, a major company in the automotive engineering industry is now seeking to 
appoint a top flight financial specialist to join their senior management team. 


The duties of this interesting and highly responsible key post, which reports direct to tire 
Managing Director include the effective control of:- general accounting: cost accounting 
and analysis; budgets; investments; E.DJ 3 . and systems ; tracking the Plant's performance 
against set criteria; analysing variants to forecast and making recommendations to . 
consolidate and improve the Plant's profitability. 



Applicants mid 30s/40 years of age with a go&d educational background, and preferably 
a relevant degree, should have at least seven years' in-depth experience and a tHordugh 
practical understanding of financial control {preferably gained within an engineering' 
environment) as opposed to accountancy. The confidence and ability to manage staff jn 
a tactful and efficient manner is necessary. - - - - - - , 


A willingness to travel abroad, initially for about four weeks, is essential. 
Conditions of employment are first class and indude good fringe benefits. 
Relocation expenses will be paid. 


This post offers an excellent career opportunity for a self motivated professional 
male/female, within an expanding and tympany which is part OfJn ^ ^:' r v.'^ 

international group. . - . t.- _ " ’ - ' ' 7 - ■ - . v'-.: -v ; 




Phaser quat£tafeieniaM.248 




STOCKBROKING 


INVESTMENT ASSISTANT 

to c.£5000 


Our client, a progressive medium-size^ arm pf stockbrokers, 
is continuing a programme of expansion within the private 
client and banking department." A vacancy has been created 
for a person with previous experience to assist in the 
banking sector and suitably qualified personnel aged 2032 
are invited to contact us. The successful' applicant will 
receive a competitive salary, bonus and other benefits. ' 
Please telephone Mrs. LewU on 01.5SS 5752 or write in' 
confidence to Birch’s Employment Agency, 54 New Broad 
Street, E.C^. 


Accountancy/ 

Bookkeeping. 

■ Salaries £2.000-£8;0 qS. 

Just rma witeorcauforoneol our 

Firee lists . ^ ... 

Pwt-iruaWiwyExjjwiBnced =• . 

^tQf50£2.0tX^oS?!r • 

• The Profession fUKyOs**),:.. , - 
let PF100 Jt2/jci0-f8.000 
(Staff 

. fpxyl. 3 &Moors 3 tft EC 2 R 60 . 

Tel: 0^638-3833 








Procurement 

Over £8500 

^^sss^rsssz, ssr 

SS=S£=~ Jss 

ne S?^. and t^ude^^ffectwe 0 ^ 'cwS 


ement 


contracts in WORLD mzricas. 

_ 9 Ver ® 10m purchasing power, this presents 

a treme ndous challenge to an experienced 
professional, already in a similar position with a 
major electronics company. 

N at urtalfy, as Procurement Manager, you will 


have considerable support, with a staff of around 

25 people. 

You will have 10-15 years 1 experience in the 
function and be educated to degree level. Although 
. not essential, our d tent's preference Is for a 

Chartered Engineer who has some knowledge of 
computerised production control. You must, 
however, have practical experience of procurement 
In the U SA and Japan as well as Europe, not only in 
electronic components, but also in complete 
assemblies from OEM’s. 







BA Asia Limited, Hong Kong has two important positions to 
fill in its International Investment Management Service Unit. 

Portfolio Manager Marketing Specialist 

Applicants must have a degree', excellent professional 
qualifications and at least five years experience fntheir respective 
fields of investment/portfolio management or the marketing of 
investment products. Applicants must be willing to live and work 
in Hong Kong. A knowledge of foreign languages and work 
experience in South East Asia is desirable, but not essential. 

Attractive salaries will be offered, reflecting experience, and 
benefits are in line with normal banking practice. 

Only qualified candidates, male or female, should apply. 
Please send complete career details, in full confidence, to the 
Director of international Investment Management Service, at the 
address below, who will arrange for initial interviews in London. 

BANK^F AM ERI CA International Ltd., 

Att: 1IMS, St Helen's, One Undershaft, London EC3A 8HN. 


trade finance international ltd. 

s P ecia ^ s ® s *5 iinance of international trade. Although new to the 
et, nas experienced management and adequate resources via its Zurich based parent bank. 

matted MSii„ , ?S? er ^ Person- experienced in documentary procedure and E.C.G.D. 

matters, ideally, the candidate win have an Export Finance House or Confirming House background. 

be attractive to the right person and salary will not be a barrier in a 
ynaimc company, where there will be ample opportunity to grow in an expanding environment. 

Write with full c.v. and salary progression to: 

The Managing Director 
TRADE FINANCE INTERNATIONAL LTD. 

50 Gresham Street, London EC2V 7 AY 




■ — — —f - — - 



Midlands 


■Our diene is a major Public Group wbeijwfsb to appoint a Managing Director 
to one of their successful Engineering- Companies. The Company with a 
turnover in excess of £3 million has. an excellent history of growth and 
profit achievement and produces high quality precision engineering products, 
in demand both rn the UK and overseas. 

The- Managing Director wlU have total responsibility for the Company and 
the immediate objective will be to furtW develop the Company and to 
achieve a high return on the investment. y . 

For this demanding and challenging appointment it is* essential to have a 
proven record of success in general management of an engineering company 
with clear evidence of both cororaerciatfand financial involvement. Formal 
engineering qualifications could be advantageous. \ 

Rewards .will . include a basic salary between £ll.000-£l2,000 jLa.. plus bonus 
and normal fringe benefits, including,! company car. The abovfe appointment 
is open to both men and women. \ 

Please apply j/t confidence for application form to D. G. de Bolder. Knishr 
Wegenstein Limited, 75, Mosley Street, Manchester M2 3HR (Tel: 051-236 
0987), quoting Ref. No. 68 1 56 f \ 



^ .V'--- ■ . . \ 

■ Banque de la Societe F&nanciere Europeenne 
Multinational Coosorfiurn Bank 
Located in Paris 

' ; js looking - for 


espabdins Eurobond Department. 

Preferably stged between 26 and 32, the 
candidate should have a good knowledge and 
understanding of international financial and 
capital-Jnarkets as well as at least two years oe 
expenaice in the field. of international bonds. 

Fluency in English and working knowledge of 
fTehcb ire a znixst, any additional language like 
Gehnan or Dutch, would-be an asset. 


efftion^tad gcxxi_c^^ opportunities.. . 
AppBca&ns, gSring full details of qualifications 
and careerto date, will be held in the strictest 
confidence and should be sent to Me. F. Penewitz, 

» »_■■■■ ™ „ An in Qn,n4t 6 'Fin an M 


UNIVERSITY COLLEGE OF 
BOTSWANA 

/wapUeauona aro mviu-i (or ih-? [vuir of 
UEAU OP naPARTJENT Of 
AC«:OLNTlNO. 

SENIOR LECTl'RER PROPTSSOH. 
JlBSI have cxprnyn-.-c In Otnvr.iir 
leadline and research. The Depan- 
moDi of A'Tcoumirw Is In ihe Vacum- 
cf Eeonorutc and SolisI Studies and 
Uw sulijeci Is a 'major' in o-.-an.,., 
courses. TTiun; are also Uip.'iHn.i* 
Ccrufleai<-6 is .\rv.ounnna and Busi- 
ness Smd-'es. Two rear coniraer w 1 U 1 
possIhUIo Ul further voniraci. Salary 
scales lander rcvlw» Senior Lvciurer 
PkjSS-PTJ IB pa. ProfW.sor PTilvPT-'S 
ttt. (n = P1^0i. The P.riUFh Coivrn- 
nwm mar sirpsk-mem Hilaries in 
ranye Ci.7Sl-S3.M3 pa islerimei /or 
married appomiee sod i‘i 'JGG-Ei.iis ca 
fS-criiJMi for simile aji*)oin;c.' icur- 
reurly. under review and normally fretr 
of all las i and provide children"? 
eduraiion ail-i'.vafwes and Holiday «-<*u 
passages. Family passnscs: hocsias. 
UaggaRc. acd education allowaneeSi 
Mri lndncMueni allou-anro and 25'- - 
sr-atmty alter 2 years. Detailed 
applications iS ropiest leJlfi cmTrfuJwjj 
vitae and naming 3 ref rees to be 
sum to RejQElr&r. UmversiL- ColleBc 
of Botswana. PB002Z. Gaborone. 
Botswana. Alrlcu. by 24 July 1673. 
Applicants resident In Uk UR should 
send one copy 10 1UC 90 Si Tottenham 
Court Road. London W1F OPT. 
Farther details may be obtained from 
either addn-ss. 




The Britannia Group 

OK iN! VESTMENT COMPANIES ) ] 


r'-'.i r«qutres an . 

■ iNVESTMENT ANALYST 

Arlaanta 's«r*iw ^ ^ an' ilndopendenc; Investment 

and iraur»r<> computk*' ciUntt. 

rue INVESTMENT ANALYST; b expected to tpwdalha i« 

* - 

of otferx • ;• ' 

as 

. Tbe l uv a’iW MW Obtttat 
... ^ITAHNU NN^AL LTD. 

. ‘ /XToptoWiB •<«««*•» Ua*»SOM SQL 


, IfCaNOUlSY 
IViANAGEMEHT 
INFORMATION SYSTEMS 

Applications are invited lor llw post of 
■ .LE CTUR E R m MANAGEMENT INFOR- 
MATION SYSTEMS in the Department 
of Management Studies. Applicants should 
"possess a good first or higher decree and 
shoabT DrefenUr have relevant Industrial 
or comnierctal experience. 

Salary wldUn scale os»-rr3SS. It Is 
honed to make . «■ appaintmcnt on the 
lower half of rhe scale. Postcaat! reuuesrs 
tor application forms and funher parued- 
ixrs to pan] Johnson, fisishbshmuiu 
Offlcer. Ret TS ’JlMS. 

Loughborough Leicestershire 


GILT EDGED 
STOCKBROKER 

requires 

SPECIALIST 

SALESMAN/WOMAN 

Experienced and with 
;. good track record 
A Red 27-32 
Good salary 

Write Box A6389 
Financial Times 
16 Cannon Street 
EC4P4BY 


BARCLAYS BANK LIMITED 

wish to fill two senior positions in the 

CHIEF ACCOUNTANT'S DEPARTMENT 
POOLE, DORSET 

cinra £8, 250 -f- valuable hinge benefits 


QUALIFIED ACCOUNTANT 
The post of FIN ANC1AL ACCOUNTANT is concerned 
with the preparation of the Group's half-yearly and 
annual accounts and attendant financial planning and 
accounting development. 

Selection criteria include: an accounting qualification; 
experience of multi-national consolidation as auditor or 
accountant; aptitude for statutory matters - corporation 
Tax. Price Commission. EEC and SEC regulations; 
age 24-32. Ref. 928/ FT 


BUSINESS GRADUATE OR 
QUALIFIED ACCOUNTANT 
The post of COST ACCOUNTANT is concerned with 
development and management of the costing system for 
the U.K. branch banking network. 

Selection criteria include: business degree or 
accounting qualification; costing or management 
services experience; aptitude for numerical analysis and 
problem salving; age 24—32. 

Ret.- 929/FT 


APPOINTMENTS 
Rate £14 per single 
column centimetre 



Both positions offer opportunities! or career progression within the Depa.tniemandthe Group and many fringe benefits 
including a non-contributory pension, house purchase and profit sharing schemes. 

Please send a comprehensive career resume, including salary history, and quoting the appropriate reference number, to: 

W. L. Tait. 

Touche Ross fir Co.. Management Consultants, 

4 London Wall Buildings, 

London EC2M 5UJ. 

Tel: 01-588 6844 





Iv-T'.-i :■ Jf 

NiS 




Finance/ 

Administration 

Director 


Grindlay Brandts Insurance Brokers 
Limited is a medium-sized broking house, 
placing all types of business, except 
Aviation, atUoyd’sand elsewhere. 
Considerable scope exists for business 
expansion. 

The Director will have responsibility to 
the Managing Director for all financial 
matters and for system development and 
general administration. Several years’ 
experience of financial management in 
Insurance Broking is essential and some 
BDP knowledge will be necessary. 

The man or woman required should be 
a Chartered Accountant and must have the 
maturity and confidence to assist a highly 
professional team to develop their business. 

The compensation package will attract 
the most professional candidates, and 
future development will be in the context . 
of the - whole Bank Group. 

Please write with full career details to: 



Grindlay 

Brandts 


R.J.E. Barker, 

Grindlay Brandts Insurance Brokers Limited, 
36 Fenchurch Street. 

London EC3P 3AS. 


Group Financial' 

Accountant 

West London £9,000 + car 

Our dent is a major UK industrial holding Company with over 20 
subskferfes and a turnover of Cf 50 m. A small corporate 
department provides advice, service arrico^jfrfnafon across the 
whole range of financial and accountancy matters. 

This appointment reports to the Financial Director and 
respons a bifities will indude control of Groipluncfing and cash flow; 
preparation of consolidated financial statements and published 
accounts; advice on accounting prinaptes aid practice; review of 
interna! aucK and liaison with subsidiary Companies inducting 

special projects and investigations. 

Salary c. £9,000 -e car + excellent terms of employment aid 
career prospects. Candidates ideally aged 28 — 35 should be 
quafified accountants with successful experience in an industrial 
environment. Ret : AB643IFT 

REPLIES will be forwarded direct . unopened and m 
confidence to the client unless addressed to the Security 
Manager listing companies to which they may not be sent 
They should include comprehensive career details, not refer 
ftj previous correspondence vrit'n PA and quote the reference 
on trie envelope. 

PA Advertising 

Hyde Park Home, WU kniphtbridge, London SWIX rtf 
Tel: 01 .235 bObO Tele*: 27874 




A fr.«ft.l> , . i r c*l '~i- •’ -"’ Wibro! 


APPOINTMENTS WANTED 


H.B. (PHYSICS) and RLB.A. 

Fluent English. French, German, 
Sa?nl»h. 26 vr. old Angle-Soaniih 
descent Spanish national. Seeks 
position In International Corporation. 
Please write: Apartado dc Correos 
1333 . Barcelona. Spain. 


VQUR REGIONAL H.Q. IN 
SWITZERLAND 

uraua "Jahing to up e*pana their 
s ' (a proud: impulse lo 

,!l ® ' , ^5»'?nal operations tuuld need 

J , Eadcmwe scetino ,• new 

1^-'. • r«inenic SwiUerland. 

In -nt. sales Jwreiws, 
- noci 1 " airCra,: L admimstrailon, 
K”rn." ,nM ' write Box 

a.-63-<. Hnanciai rimes. 10. Cannon 
SlhSBl. EC4P 4BY. 


- 

. - 

J a 





r'« v ‘1 

L v& -V> ■ 



. -C ‘ 

. - • 

:. :■ - 


Management Ambitions 

o 

around £7000 City 

Williams & Glyn s Bank is the U.K.’s fifth largest clearing bank. 
An appointment is to be made in rhe ConT r Tm>Uer's_ Division which 
will give an Accountant opportunities to become involved in key 
areas of banking and finance. 

The successful applicant will be responsible for providing a financial 
and management accounting service to a number of subsidiary 
companies and will be involved in taxation Matters relating to 
the Bank Group. 

Candidates should be Chartered Accountants with two years' post- 
quaiification professional experience able to communicate effectively 
at all levels. Career prospects are excellent and' the successful 
applicant could have the opportunity to manage a ivnall specialist 
team within a relatively short time. 

Remuneration will be negotiable around £7.000, pfus generous 
benefits including subsidised mortgage facilities and a profit sharing 
scheme. 

P/ease write giving full career derails or Telephone for an application 
form, quoting reference B.8B7, to: M. T. Brookes, Williams & 
Glyn's Bank Limited. New London Bridge House. 25, London Bridge 
Street. London SEI 9SX. Tel: 01-407 3121. 


v-’:v 




On* V*uaii 


Located in Berks, this appointment 
reports to the Finance Director of a Major 
Division ol a ckverse. weB structured British 
Group. The Division comprises several 
subsidiaries, some with important overseas 
interests, and one ol which is the U.K. 
market leader in ite specialised ffcld. 
Besides providing centra Oy controlled, well 
disciplined financial and accounting 
services for the subsidiaries, the Financial 
Controller wiU be regularly Involved in 
providing financial guidance and advice to 

general management 

Candidates, mate or . ^ 

female, must be financial jj 

accountants IA.CA or fjf 

A.C.CA) with ai least five y~'T 

years’ accounting management / T 

experience in manufacturing I 7/ 

industry- ideally engineering A xv 

and/or contracting. They will _ 




ment be accustomed to monitoring perlormance 

fa Major against a full range crt modem control 

ured British s> , stems and wifi be weU versed in aU 
several aspects of company taxation. Some 
it overseas pnsviouseDq> 0 ri«iceofovBfseas company 

iU.K. operations is essentiaL 

ield. Starting salary around £8.500 with 

rolled, well substantial profit-related bonus, company 

Sng car and group pension scheme. The Grcxrp 

Financial is strongly expansionist in outlook aid a 
od in rewarefing and progressive future is 

I advice to envisaged for the successful encumbent. 

Please write in 

. -- confidence with brief 

f) / I r^evant career details to 

nUII H.C. Holmes. 

Bull. Holmes 

LLU nr (Management) Limited, 
fgf)l 11 IPS 45 Albemarle Street, 

J. JXJU f VLsU London W1X33Fa 

* quoting ret 745. 

IWONNFl M ’ISERS 


Age 30-40 - £10,000+ Bonus 

A prominent International Bank seeks to appoint a Senior and fully experienced Banker to 
control the day-to-day activities of the Branch. The successful applicant will probably have 
reached a managerial position within a Clearing Bank, and will be well used to dealing with 
both retail and corporate customers. This is a challenging and very progressive appointment. 
In the first instonce, pfeaxe telephone, in confidence, Rod Jordan 


DOC. CREDITS 

Age 25-30 £ 6,000 

European Bank with major expansion plans 
seeks a fully experienced Banker with good 
all-round knowledge of Credits area. Excel- 
lent opportunity for future promotion. 

Please telephone Brian Duriizm 


Age 23-27 £4,500 

Major Merchant Bank requires Banker with 
3 minimum of 2 years' experience in the 
administration of Eurocurrency syndicated 
loans. Ability to accept responsibility 
essential. 

Please telephone Mark Stevens 


If you are seeking to further your career in Bonking, our Consultants would be only too 
pleased to discuss your requirements. 


BA 

NK 

IMG 



41/42 London WalhLDndon EC2' Telephone: Q1-58B 0781 













hotter week 


BY ALAN PIKE. LABOUR CORRESPONDENT 

T^LKS ON introducing a shorter It appeared last week that pro- the Central Arbitration Com- 
workio" week For' firemen, gn ess was being made on the mittee under the agreed arbitra 
which have made slaw and dt£5- issue after employers, who had lion arrangements, 
cult progress since the ending of wanted to introduce the shorter The inevitable delay before 
the national strike in January, working week on a three-shift arbitration tabes place will add 

finally broke down yesterday. system, conceded that the exist- t 0 the frustration of firemen in 

Employers' representatives inn two-shift pattern could con- many par Is of the country, 
decided to take the issue to arbi- tinue- Last month the union warned 

tration after failing to reach But there was no argument lha , fi re X w 2 i ld feel thaT if 
agreement at a meeting with Fir e yesterday after some employers h (d n , lt w i n shorter 
Brigades Union officials. had taken a rtf*** line over ^'fVek bv ncgoUalU 

The further delay makes it in- their richt to decade how be.>t j would b*» " forced to take 
creasingly uncertain whether it to introduce new duty systems. ■ ves? 

will be possible to meet the At present trie employers nave .I' . , 

i\ovember P target date for reduc- to consult the unions and reach The union executive dwided 
ing the working week in the fire agreement on changes m work- last night that K will present 

service Troiii 4 & to 42 hours. ing practices ns ca^- to the arbiti jlico com- 

There is alreadv strong unrest The decision to seek arbitra- mittee and is also to .seek jii 
among firemen over the issue, tion was a unilateral one by the early meeting with Mr. Mer yn 
with some threatening to take employers. It means that ihe Rees. Home Secretary, to d.scu^ 
.'ui'ther industrial action if neces- entire shorter working week the shorter working week prub- 
Siir y. issue will now be considered by Jems. 


NATSOPA 


By Our Labour Correspondent 

THE NATIONAL Society of 
Operative Printers. Graphical 
and Media Persoanel, is to recall 
its conference later this year 
when a solicitors' inquiry into 
financial matters is complete. 

NATSOPA leaders have told 
delegates 10 their biennial con- 
ference now in progress at East- 
bourne that they will be recalled 
when the final report from the 
solicitors. Lawford and Co., is 
available. 

Last year Mr. Owen O'Brien, 
general secretary since May, 1975. 
asked the solicitors to undertake 
an inquiry into the sale of union 
properties in London. 


to siren 
Icii 




BY CHRISTIAN TYLER. LABOUR EDITOR 

TRADE UNION leaders y ester- Board on whteh unions are 
day decided to try to claw buck, represented sh-juld have c««mrot 
some of the ground they have °* ^Jl major decisions, not 

lost in the 'controversy over merel * » lnih *- 

Also attacked — us being a 

compromise pushed through <>;. 
the Rich l- wing majority of the 


worker participation in private 
companies. 


They are to urge the Govern- Cabinet — was the While Paper 
ment through the TUC-Labour suggestion that 'he first Ste! 
Party liaison committee l- after three or four years o. 

formal participation would be l» 
remove, in the drafting of Ihe anow unions tu claim u third 
Bill, what they see as the am hi- uf it . a ts on the hoard. Members 
valence and compromise from of thv committee jre -tticking t»» 
last month's White Paper. the TUC bid for parity, hut for 

ft., . . . the pre-sen l are unlikely io 

They wiil al.,o seek to have denian< j inorc than that the unit 
| their demands for unequivocal ing perjjd be shortened. 



EDFTEB BY ARTHUR BE-SSiTT AfJD TED SCHOETERS 


- Financial Times IMtfsday ^ ' ^ W 8 , 




z -'-i ; jar -jj25?s 
r l 

if i « 




* MACHINE: 


yri- •- 


© HEAT CONSERVATION 

if the cold Design |udy project 

the heat 




A STUDY carried- -Jat byaffnfflniaiul tats requested that 

; Com-" thft : Veflmndttee <*«uaii*s «U— ^ 

LBaich. steer the prograsune ^ N 6 

is . #V Uas j£. 

years in .consider- proposals for r esearcb _ 
s— cells- ■aad^dcvelopment w«ric_ 

Btrntteitfieidfe^:sii«i» 3 ted batch. £nas . 
by pwn- fafihitfi : . . -StagO 1 ,.. 



Department « ; 
mittee <w Automated 
Production {ASP) 
the (JK lags T 

AN IDEA which could nil tne The Thermoblmds should cut competitors by 
double glazing market ver* h.-rd 0,JI c°td (luv/ndraugbt and reduce installing flexible 
comes from a Huddersiv-ld coin- condensation very considerably, of jmatertc&fly 

pany and takes the funn of fold- tore thicknesses of 8 mm. 9mm. machine tools -ItaiW vr-r — - . - — 

ing internal shutters which can 13mm. 20 ram and 2 omm are to pyter & a .comput^conti^Jed witik the p^KUMAnC conyeying- equip. 

of wnrkoieee traflsnnrt te qn| ^nd. prpg rarhni a and which CQwlo- ov atusaxhnati \kw 


lit.- ^hd out across a window io provided for a great range of workpiece transport 
2 ive heat insulation three lines window sizes and the Dr\ that the current-sea' 
a? elf'. 1 '. live as duuble »L,;ir.j hul market will he catered for. A and development 
a: abniii une-ihird of thr cas> variety of surface finishes will be comparison with 

Tiluch of the secret of i!->- inrU- presented including _ plastic industrialised. count 


a cost- -itawt has -tieen developed. ‘by 



lalion performance iie> : r. she laminate, timber, fabric and a reStt u. 0 f 
materials used for th/- -luh of steel. 

I he shutters. Patents haw Althougli it is early days, a 


the Department .is.i 


apr-Mcrt for on the"id^;V^ch guide figure as to the cost of the 
w-ijuid us*- i-Jier polv;s„. •. ..:mr- shutters is in the region of £15 irlducl rv‘ it -has • 
ate fi.a:.i containing a heaw to E17 per square metre. nnn^mU tb» ASP' 


- .. Boaid.^ . ers, at a handling faU of.upio 

findings. Further io forma Lon from^wr. ^ ibjperhoar^- 
plsfie S ASP Project DaceF. s U j^bie . for : bjimfling 

Systems r “Pw».. flowing' materials .'id -pdwdered' 
liners In National Engineering granular forms^ it.bas applt 

lorsed. in .tow; ; -East Kilbride. cations in the 'plashes, chemical, 

dtteeVXS^.^U <East Kilbnde jxrsa.). agncultu.ral and general process r 

■industries. \ 

BatHCaiiy, <he new TbedcastTe - 
development has ,a : cehtrifiigaf. 
-fan, a cyclone, a suction rievica . 
and a two-way materiSl delivery' 
unit with baggiflg SJiigotSi.Thgse ; 

, . . . , — . i teais are supported hn a. castpr-. 

n . ?Jl «, . <«.«&« ■■■■ • S'ts .» .""i degree ^ ***** «P *? WV, 

to De rev. . - ^ - — --- r two-wire trans- dimensions of . only feet fcy 


or j polystyrene foam Because the shutter material is p ‘ ** ' 

Bcti performance front !hi ,s e so Impervious to heat flow, the 
.•ure liiaicrja.'s ik for the hr-’ i"d Thermo blinds can he used in A -COMPON 
n proi’ides a k value or 0.P17 To excessively hut weather to keep ^ ^ ■ 

pul this in perspective, n ru-'-jns rooms facing the sun very cool.. 
that whereas a single she of Apart from that, it provides total 
•-■lass of hmm thickness -iT!— » privacy 3 iid could he arranged to 


Aids prelise measurement 



He wrote in last month s issue : rights for trade unions incor- 


Hf the NATSOPA journal that 
the mailers arose from “en- 
deavours that were made by the 
former general secretary to pro- 
tect the society's funds from 
sequestration under the In- 
dustrial Relations Act. 1971." 

Mr. O'Brien said that as a 
result of actions he had taken 
cerlain moneys due to Natsopa 
had been transferred into the 
society’s account and a sum of 
£9,500 was still subject to 
inquiry, part of which was being 
claimed as expenses, hi addition 


porated in 
manifesto 


r Among other points, they ant 

the Labour Party solp un j nn control of v-iri:ers* 

. . , or 106 . . c ^ m '" 3 joint representation com unlives 

general ele chon-on which the J and snle rj?ht l() , )l>;ird s . als 

Bill s future depends. where the While Paper M»qg‘.*sU 

Meanwh/iic the TUC nation- there could be special arrange 
alised irvlustries committee has menu for large groups of nun 
invited ’Air Peter Parker, head of uni*>n workers. Put they agreed 
the group of State chairmen, to that an Industrial Dcniurno: 
meet zhem with the heads of the Commission be set up i\ithc 
big nationalised Indirsiries al the than /cave the monitoring work 
end t>f the month. The purpose to the Advisory. Concilia l ion un>J 
will be to urge State industry to Arbitration Service, 
move ahead facer on worker The cBl is expected to c!ab»r 
participation. All nationalised ate nn | rs first, hostile, reaction 


he had given instructions for the I 'J.dustrles have been asked by t0 the White Paper today, in the 
sale of gold sovereigns, Kruger- .Jne Government to declare plans wake of the Conservative Parly 
rands and gold medallions which, (tey August. 


NALG0 backs 
moderation talks 


bad been purchased as an invest 
ment. 

Mr. O'Brien, who was recently 
r»*-elected us Natsopa general 

secretary, referred at the con- i 

fere nee to attacks which had! representation were .• '.•■■•iimi-d 
been made on him duri.ig the ' 
election campaign. Delegate 1 
passed a resolution reaffirmirz 
rheir •'onfiiient*.* m Ihe aiiminis- 
tralian id the union's affairs by 
its officer* and executive 
council. They confirmed their 
Lust in Mr. O’Brien and 
expressed gratitude for his “ full 
and clear explanation giver* m 
answer to the many ji\i made 
upon him '" 

Miners urged 
to seek £135 

MR. Ml OK '.dk-GAHEY. president 
of the Seotiish miners, yesterday 
urged the union to press for 
£135 a wvuk for coalface workers. 

Spe.-.x-ng on the first day of 
the Scuuish area conference of 
the National Union of Mine- 
workeru, be also supported the 
Yorkshire miners’ call for pro- 
portirmal representation on the 
oatiunal executive, which he 
said had overturned conference 
decisions and did not truly 
reflect the membership. 


which on Tuesday announced 
At the TUC economic com- that it h 3 d reversed its initial 
mittee yesterday, the White approval of the document. 
Paper's general provision for Union leaders have been told 
statutory “Fall-baci- " rights oT by the Prime Minister tn: 
consultation anti B' tvd level legislation will have too priority 

in She ncxl session. Bui it is 
But the idea uf uvo-iier widely assumed that nothing 
Boards was strongly attacked, radical '-an materialise unless 
and the TUC is to Insist that ihe Labour wins ihe election. 


Tyne Tees TV 
strike goes on 

TECHNICIANS at Tyne Tees 
Television were sitll on strike 
yesterday predating the broad- 
casting of advertisements and 
locally-transniciited programmes 
from the Newcastle-based televi- 
sion station fur a third. day. 

The dispute began when a 
Iransmissirm controller refused 
to transmit a car ad ver lament 
last week. Management ssiuj yes- 
terday that it was prepared V* 
put the isjiie through fhp normal 
disputes procedure, provided the 
technicians returned tn work. 


BY PAULINE CLARK, LABOUR STAFF 

BRITAIN'S chances of avoiding public service employees suiter 
a rush of infiationary wage ine in an unlc-thwed return io 
demands this autumn were collective bargaining, and have 
boosted yesterday when the emerged as leading proponents 
710,000-strong National and of the case for an unwritten 
Local Government Officers Asso- understanding with the Govern 
ciaiion’s annual conference in ment on what should follow the 
Brighton approved continuing rigid pay policies of the past 
talks on pay with the Govern- three years, 
ment. Mr. Dram said the conference’s 

The decision enables Mr. approval of the union “While 
Geoffrey Drain. general secretary Paper” on pay meant that the 
of the union and one of the lead- notion of free collective bargain 
ing six trade union negotiators ing for public service employees 
with the Government, to nromote bad been recognised as unattain 
union moderation on Day policy a bJe. 

in the future, bin without ** We are now left wlih Lbe jot 
acceptance of a formal Pnaw 4 0 j projecting our idc-ab un a 
nav uni.™ after Julv system of tripartite determina- 

tion of wages between Govern 
ment employers and trade 


pay policy after July. 

The conference adopted a 
similar line to that of the 

<".l°ni. , and on . broad 
BasnetT, the general secretary u ndersta nUi vuib 

and chairman of the TUC. also Government, 
received a mandate to carry on 
talking about pay with the 
Government. 


Pay walkout 
at dockyard 

H.-YLF TIIE workforce of Ports- 
mouth naval dockyard walked 
out on strike yesterday in the 
fciggest protest so far in a mount- 
•ing wave of unrest ov«r pay. 

The rest of 'he 8,000 workers 
are banning overtime and refus- 
ing to work incentive bonus 
schemes. 

The dockyard's biggest union, 
the Transport and General 
Workers, stas*?d the latest ;n a 
series of 24-hour stoppages. 
Other groups of v urkers to hold 
one-day' strikes over the past 
week are the engme-.-rs, :i:e ship- 
wrights and the boiler makers. 



Improve your Profits with 
High Accuracy Industrial 
weighing machines St 
process control equipment . 
Write or phone for details of your 

Profit Improver 

flowe Richardson Scale Cc. Ud. 
AmadeBd gastwrasdbt.Notungiiam. 
W.6B8131. 


He emphasised that this would 
involved a joint “ broad assess- 
ment” of economic and wage 
In both cases, union leaders policies in the future, and noi a 
have spelt out the dangers of commitment to negotiation. 

News service disrupted 

BY NICK GARNETT. LABOUR STAFF 

•JOURNALISTS WORKING for working time next Wednesday, 
the Press Association national ^ 0 irici«f j of the union’s Press 
news service are threatening Association i: nape I (office 

industrial action unless man- branch) said yesterday that if 
agement makes .major improve- improvements in the offer were 
mcnls on its annual pay oner. nn j considered satisfactory, a 
A meeting of National 'Union %vork-to-rule would be instituted 
of Journalist, s’ members at the by ihe agency's 240 NUJ 
agency’s London o Bices yesterday members, 
disrupted the flow uf news to The chape! is claiming pay 
newspapers, radio and television parity with other Fleet Street 
stations for about three hours, journalists who. it claims, are 
The union intends convening paid an average of about ni.ono 
another mandate! y meeting of more tha:i Press Association 
iUi members during normal staff. 


move 

BY ROBIN REEVES, WELSH CORRESPONDENT 

A PEACE PLAN aimed at ending furaacemen. has now resulted in 
the fortnight-old dispute at 4,900 other steelworkers being 
British Steel Corporation's plant laid off at the plant from the 
in LJaawern. S. Wales, will he beginning of this week, and £4m 
discussed this morn in c at a mass worth r»f steel being imported bv 
meetins of blastfurnace men in- B5C to fill the gap in supplies of 
vulved in ita shutdown. steel cull for tinplating. 

The plan bus b-en drawn up dl ?? ule 100 

hv JoeaJ ufliciais of liie lYaLonuI blafrlluraatfennJD demanded an 

U n ion ■ of BLisLf urn acenicn a Fie r rit i - . ; } * eei ! fu f , 1 

suggestions pul toruard at a P® 7 ' working ai.angenients on 


9 GORSPUTaMG 

Per formaco ? 

5?EED I'F devclnpnien' n 
electron I** wmpGn-?nt techiv 
and particularly on lbe me.:'!, 
idc. has led 1CL to hrih: '-' i 
a lie a pte'cessor in the 
scale group ”f its machine.- ■ '• 
enhance the performance 
exiting unit. 

iuieic change is tliat the • •— 
pany 's introducing much :■* 
emu pad s'.o’-cs. built up »:-im 


rtf.r-.Hpld II m -'XP fi4S4 "TfiR*? weiRQinjj, iuw pre»utc JQJS acaurves ; n 

rtL^netd. I1DI _bP. IKS4 -*6So. ment ^ medjcal research. mwA.-HwesSs' ssd linearity ebarartens- means of a 

toripg electrical supp&r cable gas tics, the combined effects of these section, compete wra snctwn 
pressure. process ^ pressure pot pxeeedins ±0.1 per eent of noazlei wbtch ran be vnserted^ 
measurement in peimeherHieais' span. - .Pressure media can he a. collection hopper _ or simitar 




if gi ven l\V the fact that 3 two umwosu -‘ while <<hiT»ionwr 

Moca byte mam store in previous ranges from t».5 i&h water ^tellable. „ . , adjustment. . wh'te 

tech ri- low v lakes six cabinets gauge to 600 lb force per square ' Dajrenth Weighing Equipment^ of matenal dPJiygrir 
whii l:i? idk chip stores demand inch — absolute differential and Cray Avenue. Orpington. Kent filling is effected by hand er 
nnly tv o cabinets. Apart from barometric — with- output m BR5 3RJ- 06S9 7290L operation ^ w . _ ^ 

ihi,. i fere is an improvement £; — toSSSSwA jftSEflSs. 


:n c'-sl. 'per forma nee. 

Fr.i-'iing ‘2970 and 2976 
machine.- will be retrofitted if 
■.■•-■luir^d and maximum store 
cas ability on the larger machine 
h i ended to ei-^ht Megabytes. 

TovPiher with these moves on 


ahi;. over the past two ycart •■ml 
the very «- 4 insiderahle re. 1 ui- , '«n 
in mamiiaciiinng costs they ..• s * i 
cannot be ignored by the k> nv 
puic- iiuil'icrs. 

The i machines are 
2971 ;eu! Vi? L’976E which rj«.- ; - 


acuity which allows programs 
from earlier machines to be run 


O FARMING ' 

Cows get 
fed and 
milked 


/WlF programmed lot automatic Mwehesier M3© 8AW.- ©61 i 


feeding. 


fojgtT** » METALWORKING 

. Also on show will be the com- ^ J ■ * ' * 

paly’s Feedstor system which 
has been modified and uses the 

straight-up seam vitreous enamel 1 ■ 8 r 5 l lrti-o • ' 

silo and revolving, revolutionary KJ PPS |Jla.lC 
combined loader/ un loader which ^ Sr . 

will spread, compress, unload FACILITIES for the fabrication 

ihe 

Humberside 

Drmau tong 

rce Sroverneat'of" about ' ^25 JSS* «id‘t° be even' 'Tod without uvt now include a 5,000 tonne Hugh 
• • c-nt when applied to pro- S ^ rl^F n r ^ Bab tation because the loader physic-. Smith verncai plate bendtijg 

fn, toroi ham QiiUvino Parlour. a i lu jnnn H< rh.> forage and at machine. This machine, said to 

one of its kind for 


vide a ; i? i a ru-e lYspeci. l-r.uvh for 1900 machines. ' "" fl ^“^' r ?J. ra ^ f our _ hM , t ^ ally.epreads the forage and at machine. T 
Gansiructed Of sheet steet lhe same t j me compresses it be the only 


■i; tiiiK-p hetrer than the. 1W— 
now 
and 
F; 

V. 

Sum'- idea of the reduni- n 1'uriher from ICL on OfTfS 5S? JSfJUfSlS eomFort ..?*• new . machine can bend 

pin oiwl j-ize made possis.le 7272. ^i.« 2 a i«SISSfin «**ch. Incorporates an eieetric- thick plate by using a combina- 

operated, multipoint feed tion of three interchangeable 

^ ™ m'"* a by fuiiv n, n™" ro,ls of 675 " m - 950mm * n4 

nit. This pressed steel construe-, se^efer ^ or by a _ fully pro- 



m 


Watch oo a Jast process 


1.090mm diameter. A very wide 



njimn.ii It :*.T ,, cui' k -''U : . , T. 


wall thicknesses of 50mm. 


c sea oa 


very difficult problems of pro- hilily will be of value apart 
cos f>r to processor cnnicmnica- frni” advanced constant moni- 
liuits p'iserl by the maltiprores- to- ns of 5 uch hxspital patients 

sor '.'iinccni. :»• heart fiffferers. rhere is the T|J 

hi particular. TCU re-carchers ucmilorinq of a wide variety of 
hjvc ii.'ini'.;nc(| rigorous protec- tast industrial processes. . l _ 

linn n' Mifiware with the him Further data from Commum- 
siiecd of hart z a cp working un-'.*r cations Office. The City Univer- v ^ t 

direct memory access The sity. Sl John Street London, MAKING A major drive in the 

input-output processnr ..-ontrols ECl. 01-253 4399. UK and Europe For its MPC80 

micro-based industrial process 
control equipment, Negretti and 
Zambra has developed the ideas 
originally pursued at Oxford 
COMMISSIONED by the Anglian ing programs for entry of new University and the Warren 

Water Authority after a great data, enquiries on the data- Springs research centre- of the 

deal of controversy, leading to a l,as ® s - technical timesharing Do! to a stage where- three-term 
second round of tendering a work - P rn ~, raw development : and process control with up to 32 
..■rn,, Hon. M-I , .11 mefoiia cpi '\ ril f ^ c:a ! 3n< f scientific batch [oops, sequence control and <T 

dr ,,^ T hh / ,,l ‘ instaNa- work.- f.u^ica also built a special logging is available from 
'* 1 1,1 P r °c?S'-nrs nas f ri -iuinal >ii»uijtor which repre- single MPC SO dedicated fronl- 

or cvnchmarK iV >nu the Authority’s entire net- end controller. 

w...-UV.r si) terminals. These are Bui if Uie user so requires. 
Lu.-.'.-a .or columnar con- Inc term units Imilt by Honey- a series of these relatively low- 
siiltancy awarded lhe i yb of well's newly acquired sGhsidiar^. cort ftoSt-end^ .Sta SS be 
specifying, developing and run- Thp benchmark leried the applied to the plant to do the 
nine acceptance tests and its computer's throughput, response job or again this can be 
2 ! ni3fi/yearr' work in thv deve- lim?; on the terminafs and its ^ through eight or more 
Inpraenl of the bench nark in- ability to recover from a variety radially distriboted units 
eluded bill Id in- dataha-s con- of failures. The Honeywell Thfi H e velopers claim, apart 
taming 1.400 meea.v.i« to system completed and passed all ease of installation on 

...^ e Anihurity's the.. te^rsai the first attempt. pi^t tolrit oistomers’ require- 

ciistomer billinc amt water Loqica is at 64. Newman StreAi. L—.*. far better cosl/per- 

ntiahry databases, and struct- London. W1A 4SE. Ol^SO S361. Kance. compared with the 

/r- m r^apr 3 J?.: 5 f* -q yipue . U5e dedicated minis. 

L EOP33 : The lan-;u-age used with these 

get Hi? cost down tn about 7p control units. Scnztroi. allow.s 

per uiciro process engineers to carry oul 

The l j i ..-.si traffic signs in pro- parameter changes as they 

duv:i»ii at Leeds make use of a require, without any special 

bnncheij fir.re harness system knowledge uf prograoiming, 
in which one tungsten halogen Two oairs of wires carry 
laiip tef-d- the ends of a large il| l necessary interconnections 

bunch nf fibres which is divided between each front end con- 

to provide sepami? iiiumi nation troller and the central uaJt. 

of each spot element ufa legend. .Negretti is expanding produc 
Other lamps, nf other colours. tio . n 31 Aylesbury and strength 


turn 
pawU -i -vr 
ic-sta -in tuuv. 
tej-'ica 


Rank ready- 

V 

* Vi'rfii Vtej 
j! 

fibre kiusIi 

R 

vVJCCi.'d' 'fn’ , ?nrm| i rrci.'’ ul,K ‘ r lail, P s - ,,r oUj, ' r colours, non «y i«uuiy ;-..o sixeuym- 

^ ,he sjn,e and /° r other en mg its software and 
fltae field wTihT^-i airn«I *'£'**”* via tn - l ^ r ^S engineering teams i as well, as 


. . chambers so that inulti-colour. regrouping its sales effort into 

in- h , lu lint. If , mc, SS multi-lewnd displays can be home and export market teams. 
Ilte Culirf links Jo. I, .m outer f..*. I ^ • Vnrlhw inrnrmfiHnn nn tlw> 


at the vhorl haul m-«ri> T 


systems and aircrjfi. 


•mputer manufactured. 

Such displays 


Further information on the 
easily controllers from Negretti and 


, „ . Such displays are easily coniroiiers rrom negroui anu 

The yjinpany lu.- mvialled a r « tiptelv controlled over pfimie Zambra, StuckJake, Aylesbury, 
jarl/ rd'te- ‘'ni’ at its , in?s !ind nn so „ IP models Uic Bucks HP20 JDR. Aylesbury 

i*cd ? me - Jr: . lurajk- : i product comnany uses more fibre lines 5931. 


Llanwcm's No. 3 furnace, the 


suggestions pul 

ruijynvi meeung or ihe uni-jn's . _ . 

uatiimal «xee«tivc in Middles- ,n j . n , 

b io ugh earilei' this week. n BSC prep-aivd •«* off^r unU 

. El a week and a work-to-rul? Iqd 

Delaila of the proposal were the manacement to shut down 
not available, out union officials the furnace and lay off the men. 
were hopeful it would produce Another 400 hlasilurnacemen 
an." honourable return to work, then walked out in sympathy. 

The shutdown, which origin- halting all iron and sleel produc- 
aliy involved about 500 blast- tiuu at the plant 


nuari 

-■ ' ,roauci company uses more fibre lines 
■ I^tr" i.tj .lj'. 1 ! ”' 1 ,nns run ® to monitor the lamps aod register, 
n ‘LiKn.:,. 1 ;* 7' F a £ falll,s in control room. 

•u ?" & dB .w bii.Sm'rn r ^ Advantages include a marked 
Fo - ^cr len vlrs ite' nnm- reduction in the number uf 
.... .V.. ' e .°f7, tamps needed t-ninpared with the 

wn> ha- been d.a.Miu U-..-CS for ..kuik^w •-- mummi.** Mvn.^iiu 
use in jjlrai-h!f- 5 i .-..trd light 
guiding apidicalif'i’s low 

loss 


bulbed" equivalent f typically 
ten to unci, up io 50 per cent 


suicinc appiicaiif'Ps low j ;; r ‘ rz\- 

loss is not important — 'kit; dii/km of 110 ^p 1 " 

is fairly typical— a«ut I pro- f. a \“, d switehing. no sun- 

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How Joan Collins 

and The Stud 

made two and 



BY ANTONY THORNCROFT 


THE STUD, the shapely vehicle for Joan Collins 
devised by sister Jackie which scored as a film, 
a record and a book, has notched up sales of 

“ just two months. Not surprisingly, 
champagne corks were 'popping, but at Beuton 
“rather than in the Jermyn Street 
night chib Tramps, where most of the film was 
shot. . . 

Benton and Bowles was throwing the parly 
because it produced the advertising for what 
was very much a marketing exercise, indeed, 
the media budget of £350,000 equalled the cost 
tit the film. 

This was a rare case of synergy, or two and 
two equalling five. Brent Walker raised the 
finance for the film and wanted it promoted as 
intensively as Ronco promotes records Benton 
and Bowles produces advertising for the Ronco 
records and was quite happy to lake on a joint 
.exercise. One commercial sold film, record and 
book, with the result that the album is now 
platinum,” which means it has made £lm 
through the tills; the film and hook have 
contributed another £2m. 

At the Cannes Film Festival the rights fo 
Tne Stud have been sold virtually everywhere ■ 
except m the U.S., although three companies . 
are reported to be competing for that prize. 

. . The initial budget was £200,000 split between 



What 


Is there a crisis in branding? Have excessive cuts in advertising by the 
big manufacturers jeopardised the market position of 
their biggest brands? Michael Thompson-Nod reports 


Joan Collins: a £350,0(10 production budget 
plus a £350.000 ad spend turned The Stud 

into a £3xn property. 

Ronco and Brent Walker, but the success in 
pulling in paying customers encouraged the clients 
to add in another £150,000. and there are already 
plans fur a second burst after a decent interval. 


Schlitz returns to JWT 


BY DAVID LASCELUS, NEW YORK 


THE TURBULENT and fiercely 

competitive U-S. beer market has 
just - produced one of its big 
account changes. Jos. Schlitz, the 
Milwaukee brewer whose ads are 
based on a “Gusto” theme, said 
at the beginning of the year that 
it was unhappy with the way 
thin gs were going with the Leo 
Burnett agency which had 
handled its account since 196L 
It wanted a change. 

Eleven- agencies were invited 
to submit ideas. By March these 
had been whittled down to six, 
at which stage Leo Burnett, 

. which bad been included, 
.dropped out of the race. Finally, 
after what the Schlitz manage- 
ment described as a “tough 
decision between truly outstand- 
ing presentations," the account 
was. awarded not to one but three 
different agencies. 

.. J. Walter Thompson has been 
named as agency for Schlitz Beer, 

- and Benton and Bowles for 
' Schlitz Malt Liquor. Cunning- 
ham and Walsh continues as the 
agency for the brewer's two 
other major products, Schlitz 
Light Beer and Old Milwaukee. 

But though- these agencies 
stand to. share an account esti- 
mated by - advertising industry 
sources to be worth some S22m 
to (523m, they also face an uphill 
struggle. 

Schlitz, long the No. 2 brewer 
in the XJ.S. after Anheuser-Busch, 
' Is going . through 4 - sticky patch. 


It was recently edged out of the 
No. 2 slot by Miller Brewing, 
the aggressive-- susbidiary of 
Philip Morris, the tobacco com- 
pany, and it reported declining 
sales last year for the first time 
in several decades. 

Although part of these difficul- 
ties are due to had management 
decisions, including failure to 
recognise the fast-growing mar- 
ket for light or lager-type beers, 
the decline in -the company s 
once-excellent advertising is also 
to blame, say sources. 

Last year. in. what is ack- 
nowledged to have- beeii an ill- 
advised campaign, a senes of Tv 
ads showed supposed Schhtz 
drinkers reacting - fiercely to 
suggestions that they try another 
brew. The series: became dubbed 
as the "Drink SddJtz or I'U kill 
you " approach, -and probably 
frightened many ^.beer-tipplers 
off Since then,' ..Schlitz has 
reverted to the ? If you don't 
have Schlitz, yon. L don’t have 
gusto” theme, but damage had 
been done which little short of a 
complete rethink cduld mend. 

The big question now is 
whether the new-, campaigns, 
which will probably appear in 
August, will stick to.-. the gusto 
theme, even in a minor way. 
Gusto has been the Sebjitz catch- 
phrase for over ten years^ m an 
industry where brand RSplii ora- 
tion is enormous and any-, tag 


that identifies a brew in the 
public's mind is worth hanging 
on to. On the other hand, 
Schlitz may decide it's time for 
a complete ebange. 

In this regard, it’s worth not- 
ing that the two new agencies 
have quite different experiences 
in brewing advertising. To JWT, 
it is a familiar field. Apart 
from being Scblitz's agency 
before Leo Burnett, JWT has 
bandied other bears including 
Hamm's and Meister Brau. 
Benton and Bowles, on the other 
band, had never directly handled 
a brew before. 

A big figure in whatever does 
emerge is likely to be. Schlitz's 
new marketing manager, Allip 
Proudfoot, who. apart from 
being six feet six inches tall, 
has just joined the company from 
Coca-Cola where he was head 
of sales. The decision to change 
agencies was made before he 
appeared on the scene but it 
was Proudfoot who headed the 
agency selection process and who 
will be keeping a close eye on 
the Schlitz image from now on. 

9 In the first quarter this 
year. Schlitz sales fell 10.5 per 
cent on the same quarter last 
year to $231m. The company 
showed a net loss of S1.5m com- 
pared with net earnings of 
S7.4m the previous year. The 
1977 sales decline was 8.6 per 
ceutr 


QUESTION: When is a crisis not 
a crisis? Possible answer: when 
it has been dampened down by— 
or has attracted the attention of 

O'HerUby Associates, the 

Blackhealh marketing consul- 
tancy. Then again, perhaps noL 
Paul Baker, a director of 
O'Herlihy. has taken exception 
to the views of Stephen King, a 
director of J. Waller Thompson, 
who maintains that short-term 
pressures are forcing too many 
companies to cut back tbeir 
branding activities (this page. 
May 25). and that crisis is not 
too powerful a word with which 
to describe the situation. 

According to the JWT man. 
several very well established 
brands are visibly shrinking 
before their owners’ eyes and 
several complete markets are 
toppling into unnecessary de- 
cline. 

To illusirate his point, he 
examined the 1977 MEAL-type ex- 
penditure of the 35 grocery 
brands most heavily advertised 
in 1970. and showed how this ex- 
penditure. in real terms, had 
halved between 1970 and 1977. 
(Naturally enougb. lhese 35 in- 
clude some of the really great 
golden oldies of the grocery 
shelf: Oxo, Stork. Typhao Tea, 
Bisto, Horlicks. Hovis, Lucozade, 
Heinz Baked Beans, etc.). ‘There 
are of course, wide variations 
around the average," says Mr. 
King, “but detailed analysis of 
the expenditure for the 160 or 
so advertised brands of the top 
10 advertisers shows a very 
similar picture.” 

What was equally worrying, 
said Mr. King, was that branding 
activities that were measurable, 
such as advertising, may be 
symptomatic of those that are 
not. so that companies may be 
cutting back on other activities 
designed to foster the long-term 
health of a brand— R and D. 
process and product improve- 
ment. Investment in plant, pack 
improvements, new variants, con- 
sumer services and research, etc. 

Mr Baker is not at all happy 
with the basis of this analysis. 
According to him: “The figures 
quoted seem to have been 
selected with the specific Inten- 
tion of misleading the reader. 
Mr. King has selected the top 
brand spenders of 1970 and im- 
plies that the market place is 
totally static by examining the 
expenditure on the same brands 
in 1977 and concludes that real 
expenditure is down by 50 per 
cent. 

“I have repeated bis exercise, 
but taken the top 35 brands for 


1977 and compared their 1977 and 
1870 expenditures. (This is 
equally invalid). On this basis, 
expenditure for 1977 is, in real 
terms. 82 per cent of expenditure 
for 1970, and if ooe excludes 
washing powders then the figure 
becomes 87 per cent.'’ 

The goings-on in washing 
powders are certainly of interest, 
for the big manufacturers have 


Britain’s major brands has de- 
clined heavily over the past seven 
years. 

Mr. King lists four minor quali- 
fications to his theme: 

1 Some brands die, though in 

the case of the quoted 35. it 
only two. Radiant and Omo, both 
of which had virtually stopped 
advertising by 1977. 


HOW MUCH ON PRESS AND TV? 

At 1970 Prices 


Lever Bras, and Associates 

P 4 G 

Cadbury 

Beecham 

Rowntre* 

RHM 

Van den Berg 

Man 

Colgate 

Brook Bond Oxo 


1970 

£m 

6.2 

5.8 

5.7 

5.2 
43 
3 S 
3.4 

3.3 
2 5 
23 


1977 

£m 

2.9 

3.5 

53 

43 

3.7 

2.4 

2.7 

2.8 

1.4 
23 


-53 
-40 
- 6 
-18 

— 13 
-31 
-22 

— 17 
-42 
4- 1 


42.2 


313 


—26 


Source: MEAL 

The table shows the spending on Press and TV of the ten 
top-spending advertisers of 1970. In total Hey accounted 
for about 40 per cent of all advertising in the food and 
household stores categories. There are cert * ,n 4 . pTobl ^ 
of definition. This table regards Lever Brothers and 
Associates and Van den Bergh as separate compariw, 
Cadbury includes all confectionery, Typhoo and brands 
under the Cadhurv name but not other subsidiaries; Rowntree 
includes all Mackintosh; Mars excludes Petfoods, 


considerably trimmed their sails. 
Total MEAL expenditure in this 
sector in 1970 was just over 
£7.5m. Last year it was just over 
£6m.— a drastic slump in real 
terms. (Total MEAL spending on 
Lever Brothers' Omo in 1970 was 
£883,000; last year the figure was 
nil). 

But Mr. Baker’s main point is 
that nothing stays still in the 
market place — that because of 
ebbs and flows and a hundred 
and one factors affecting con- 
sumer buying decisions, it is 
fruitless to compare advertising 
expenditures for specific brands 
over a seven-year interval and 
draw broad conclusions. 

Mr. King agrees there are 
numerous difficulties involved. 
But be maintains that only minor 
qualifications are necessary to 
substantiate the claim that the 
advertising expenditure for 


3— Only five other brands were 
spending substantiate less in 
1977 than 1970 in current money 
terms . and for two of them there 
were special circumstances (Kel- 
log's Corn Flakes— supply prob- 
lems; Maxwell House — coffee 
price crisis). The other three 
(Ariel,- Daz and Palmolive 
Liquid) were all spending sub- 
stantially more in 1977 in real 
terms than in 1975. so were pre- 
sumably not thought to be dying. 

3— The list of each Individual 

year’s top-spending 35 brands 
changes, of course. The 1977 list 
contained 16 brands not in the 
1970 list, but its total expendi- 
ture was still 39 per cent below 
that of the 1970 list’s spending in 
1970. , „ 

4— New brands are introduced 
to lake the place of dying brands. 
But only seven brands in the 
1977 list were launched since 
1970. Only one of them spent 


enough in real terms in 1977 to 
have qualified it for the 1970 list 
at all — Whiskas. 

[There are, of course, eternal 
difficulties over defining a 
“brand.” For example, are Persil 
and Persil Automatic one brand 
or two? In Mr. King's case, he 
chose his 35 top-spending grocery 
brands from MEAL'S food, house- 
hold stores and toiletries cate- 
gories. leaving aside cigarettes, 
alcohol, razor blades and patent 
medicines. Quite naturally he 
turned a blind eye to Top Dog 
pet food, which spent heavily in 
1970 but did not advertise at all 
in subsequent years.] 

According to Mr. King: “I don’t 
think any impartial observer 
could look at the 35 brands and 
suggest thev were representative 
of the regular- manufacturing 
cycle of replacing the old with 
the new. Most of them seem to 
me the life-blood of their makers, 
and from that point of view it is 
worth concentrating on them No 
manufacturer to whom l vc 
shown the figures sn. far bas sug- 
gested that there isn't a very real 
problem. 

“To repeat a point that it 
seems necessary to go on making: 
the advertising figures aren’t par- 
ticularly important in them- 
selves. They only become impor- 
tant if they are symptomatic of 
a decline in all forms of brand- 
ing. If they nre symptomatic and 
if manufacturers are cutting 
raison ‘ d'etre of the raanufai." 
back on these things, that does 
seem to rne to be eroding the 
turer brand." 

That is not quite the end of 
their difference of opinion, how- 
ever. According to Mr. Baker: 
“Mr. King also appears to be 
upset that private label brands 
are improving in quality and are 
usually cheaper thaD the 
branded equivalents. (Surely 
this is good for the consumer). 
However, it is not true that the 
private label brands lack adver- 
tising support as in fact adver- 
tising expenditure on chain 
groceries is up by nearly 500 per 
cent in real terms from 1970 to 
1977. Maybe here lies part of 
Mr. King's unhappiness: the 
major leading agency not repre- 
sented in the chain grocery seg- 
ment is — you guessed it — JWT.” 

Mr. King disputes that figure- 
work. More to the point, be 
doesn’t care for the tone of the 
last sentence. “It's a pity some 
people can't take you and your 
arguments at face value with- 
out implying you re grubbing 
around for business.” be says. 

It’s a tough game, branding. 


TopB&B 
job goes 
to Miss 
Hallsmith 


BENTON AND BOWLES, 
Britain5s 14th biggest adver- 
tising agency with 1977 billings 
of £18.4ni, has set a hundred 
pulses racing by appointing 
Robin Hallsmith as creative 
director. Miss Hallsmith — 
vivacious, 44— becomes the first 
woman to occupy such a position 
in a top London agency. 

Benton and Bowles has been 
seking a creative director since 
Dennis Bareham joined Leo 
Burnett last November. 

Miss Hallsmith is currently a 
creative head and Board director 
at Ogilvy Benson and Mather. 
OEM is replacing her with Alan 
Rodford. Miss Hallsmith— not 
the best known but easily the 
best looking of London's creative 
luminaries — worked previously 
at Pritchard Wood. Garland 
Compton. LPE and Foote Cone 
and Belding. 

MT-N. 

Interteam 
McCann 
wins £^m 

LLOYDS BANK International 
has appointed Interteam McCann, 
the newest of the McCann 
satellites, to handle its £500,000 
advertising and promotional 
budget in Europe, the Middle 
and Far East, Africa and the 
Americas. 


• 'WHILE MANY advertisers 
were hastily scrambling for cover 
as a result of Scotland's World 
Cup demise, the TV buying 
group at Lintas has been happily 
following Italy’s progress with 
its Wall’s Cometto Ice-cream ad 
which has a distinctly Italian 
theme. According to Val Knott, 
head of the buying group: 
“We're rather pleased with 
Italy's success, and look forward 
to being in the final with Cor- 
netto and Italy." Wall's is spend- 
ing £lm on its ice cream brands 
this year. 

9 THORNTON MUSTARD, pre* 
viously with Cadbury Schweppes 
and Avon, has been appointed 
marketing director at Cussons. 
John Proctor is the new general 
sales manager. 



SILENCE IS GOLDEN 


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It’s not surprisingthatinthe engineering industnes more engineers 

pubKcation* Every week. 

THE WEEKLY FOR ENGINEERING^ AN AGEMENT. 


X*. imir/vl ifl C'jlrli , nViYldSlrCCt.LonilollSE18 GOH.Tt 






LOMBARD 



W- 

Ju. 

3Y PETER RIDDELL 

TKE 0 VE R WHELM LNG endorse- 
ment., oi proposition 13 in Cali- 
fornia — coiling property taxes 
und limiting the growth of 
revenue — should be seen as a 
warning about how not to take 
•r.ajar policy decisions. Instead 
the vote has become a hcacon, 
encouraging similar anti-public 
sector protest movements else- 
v. here in the U.S. and abroad, 
ii was perhaps inevitable that 
this bandwagon would not take 
]nr,£ to attract someone like Dr. 
Rhodes Boy son. He has said a 
< '.onsdrvativc Government should 
outsider building a referendum 
limiting personal taxation as well 
as one on capital punishment- 


TJ—1 

re 


This kind of populism must 
produce the occasional wine 
among **inte of Dr. Boyson's 
more thoughtful and less 
publicity - cunscioos colleagues, 
incJudjng those on the Shadow 
Treasury team. But it is the 
price we must presumably pay 
for the successful advocacy of a 
referendum on the EEC by Mr. 
Anthony Wedgwood Benn. 

This b not to underestimate 
the significance of the growing 
pun lie objection to the level of 
taxation on both .sides of tbe 
Atlantic, it is quite right that 
politicians should respond to 
ibis concern. The question 
really is bow ;he response should 
he chsnnclled and whether a rep- 
••e.seritatr.e method is belter than 
I he direct exercise of the popular 
will ill rough referenda. 

The problem is that the 
referendum route docs not allow 

lain need consideration of the 
■: r .n.?c*queae*s of u tax-cutting 
decision. ?«lv own view after 
UM.'ing California for several 
u;i;,s fairing the campaign is that 
a refr rondii in is i|j« worst pos- 
sible ivjv nf curbing the size of 
me public sector. 

Supporters of the tax-cutting 
proposal frequently suggested 
fn a i approval would not mean 
the loss or significant disruption 
>:f vital public services. They 
su"S>’ , u , d in effect that Cali- 
lornians could have it both ways: 
me loss of more than a fifth of 
local r>:\\nui % could be offset by 
li':c elimination of waste and. 
more crudely, by cutting back 
on welfare payments. The 
former view was given respecta- 
bility by Professor .Milton Fried- 
man. nmv a San Francisco resi- 
dent. who appeared in a series 
•>f television commercials in 
Mipoort of the proposal. 

The opponents nf the proposal, 
including both Governor Jerry 
Brown and the Bank of America, 
presented tbeir own alternative 
lax-cu i tiny scheme. And local 


authorities presented , .hypo- 
thetical budgets.; showing/ -t^e 
implications— for. eicample,' laTge 
cutbacks in the police, force. But 
this was not conrtqplng enough 
and a Los Angeles fines' poll 
just after the ballot showed that 
a half nf those who supported 
proposition . 13 believed' There 
.would not have U* be any reduc- 
tion in services. 

The immediate result of the 
vote is almost certain to be a 
smaller cuthaek than tbe oppo- 
nents warned, hut this is likely 
to be a misleading guide. After 
all, it is election year and Jerry 
Brown is looking for big re- 
election margin in November to 
sustain his prudential ambi- 
tions in IPSO. So he will clearly 
want to try and minimise the 
short-term disruption of ser- 
vices, a state budget surplus of 
over $5bn will allow him to offset 
a large part of the S7bn lost 
revenue in the first year at least. 


The InmwMcrin impact will 
presumably be more severe with 
cuts in spending under consider- 
ation on law and order, educa- 
tion and environment* i services. 
The effects are also likely to be 
more acute for the poor, while 
the benefits of the cut in taxes 
will go disproportionately to 
private landlords. 

AH these points were raised 
during the campaign but the fact 
that voters were only asked to 
respond to u one-sided question 
meant that the consequences 
could easily he dismissed. This 
response has been taken even 
further in a recent vote in Ohio 
which went against a rise in 
property taxes even though this 
could mean that the schools in 
Cleveland do not reopen this 
autumn. 

There are. of course, more 
sophisticated versions of the 
tax revolt such as the moves to 
impose fixed limits on the level 
and rate of growth of state 
spending and to require the 
federal government to have a 
balanced budget. Some of the 
wilder ideas are unlikely to be 
taken up seriously in the UK. 
But there is the danger that a 
desire to cut taxes almost at all 
costs will lead to unbalanced 
decisions. There is certainly a 
strong case for limiting the 
growth of the public sector, and 
in particular of certain kinds of 
transfer payments. However, to 
achieve this goal in a haphazard 
and sudden way. as seems likely 
in California, will only produce 
an inadequate standard of 
certain services as well as risk- 
ing increased social divisions and 
an eventual sharp counter- 
reaction. 


THE EUROPEAN COURT OF HUMAN 




A CONTRIBUTOR to the letters 
column -'of The Times recently 
asked ' rhetorically how an 
Itdliap judge presiding over the 
European Court of Human 
Rights,’ sitting with.. judicial 
colleagues from Denmark, fin- 
land, Malta l France and West 
Germany (omitting the seventh 
judge of the Court who came 
from the UK) could possibly 
understand the social and 
political conditions of- the Isle 
of Man in determining whether 
the birching of a 16-year-aid 
was a degrading punishment 

The correspondent's mis- 
understanding of this inter- 
national tribunal that sits in 
Strasbourg under tbe auspices 
of the Council Of Europe is a 
common reaction amoDg fhe 
British public. Each of the IS 
members appoints a judge to the 
Court. There is almost a sense 
of disbelief in Britain that the 
law and practice of these islands 
could ever be impinged upon by 
courts elsewhere. 

To understand this inter- 
national tribunal of growing 
importance to our civilised 
existence one has to go back to 
its origins. In the wake of the 
most traumatic onslaught in 
European history upon human 


dignity and rights— the ?is/i 
holocaust — the nations • - 
Western Europe established -n 
the late 1940s the Council 
Europe. One of its first si.*?? 5 
was to draft the Convention “f 
Human Rights and Funda- 
mental Freedom of November 4. 
1950. 

History had all too con- 
vincingly and devastating:-' 
shown how inadequate were ih-‘ 
traditional concepts of human 
rights at the level of national 
institutions. The creation of the 
Council of Europe and the adop- 
tion of a Human Bights Conven- 
tion were the first tentative 

acknowldgement that protection 
could no longer be left to the 
tender mercies of national 
governments and national Jau.-. 

The beginnings of this new 
venture in human rights within 
an international context were 
modest. Although the Conven- 
tion specifically envisaged indi- 
vidual citizens bringing their 
grievances to Strasbourg, that 
right had to be conferred by 
individual governments as a 
separate act of accession to the 
Convention. It was not until 
1966 that the right of indi vidua! 
petition was granted by the 
British Government, and invvii- 
ably prompted the growth of 
litigation that has been wit- 
nessed in the past few years. 


The right of individual peti- 
tion had long been resisted by 
Britain an the ground that it 
would be contrary to the 
accepted doctrine that states, 
not individuals, were the proper 
subjects of international law. 
That view did not prevail how- 
ever, 2 nd the right is now nrmJy 
established. 

The Convention is adminis- 
tered by two bodies — the 
European Commission of 
Human Rights and the European 
Court of Human Rights. 
Initially all applications go 
before the Commission. That 
body has three distinct 
functions. It first has to 
examine the admissibility of 
applications by individuals and 
states. The great majority of 
the applications never set past 
the first stage. The usual 
grounds for inadmissibility are 
that the applicant has failed to 
exhaust his remedies in the 
courts of his own country or 
that the complaint is manifestly 
ill-founded. 

Once the Commission finds 
an application is admissible, it 
proceeds to establish the facts 
of the case. At the same time 
it takes un the role of con- 
ciliator and places itself at the 
disposal of the parties with a 
view to securing a friendly 
settlement. It is only where a 
settlement cannot be achieved 


NTS Up a 
states 
ere has 
ConvflB 


that the Commission 
report an the facts 
il$ opinion whether 
been a breach of 
tion. 

The final derisrionlwhsther 
there has been a breagh of tKe 
Convention is then tabu by the 
Council of Ministers, Jr i* 
case is referred to & by thd 
European Court- Bef^aence c«j 
only he made eitfa^ by the 
Commission or the GttBnuqeht 
against wham the coqjgaint has 
been made. The iftfmdual. 
complainant has no lajjbt before 
the Court, although w^practiea 
he may be beard as of the. 
legal team for the Co^rmsaon. 
The judgment. of tbe^Court is. 
final and binding, ajtf its prth 
txounee meats on the pterprettK 
tion of the Ctonveot&n have 
much greater autbo&ty thin 
those of the CommJss&n. : THe 
Council of Ministers has 
the task of supervijfrig the 
execution of the Coqjtt’s judg- 
ment Whereas theSCommisr 
sion’s proceedings arekaAl held 
in private, and parties are not 
■permitted to rweal ^fcat Iras 
■happened (although Jeqks to the 
Press are a oommot*. occur, 
rence) those before tbe Court 
are conducted underlie spot- 
light of Press and public. . 

Not unnaturally tffe Court 


proceedings ’bear little, resaj- 

bteaw. to an 1 5 f*jLS?*£ 

-e^ses «« conducted mostly y 

written... submissions, and.;ffie 

oral hearings do not have 
significance that they do 
BriUub The advocates wjJ J® 
$ea£ prerared speeches wtgfflt 
igter^M, from the 
At- - the. : conclusion- judges 

sometimes ask questions wlu^ 

tt».wfies are normally given 
time to answer. The " 

tbrustof forensic debate is ai 
tanstjw&oHy absent jU 
SUeft ; and even strangle. tne 
-tower uspd to 
essential brality of 
courtroom. There are, however, 
6iOT»>tiwt English' habits are 
ha gfanln g to penneat^Mg£ 
cmUngs. 'This b partwgr® 

the QoggSgj. 
as Itt president Pro- 
fflf fio'r "James Fawcett, wno. » 

«i;EngUsh academic lawyer of 

international distinction. Under 
■hi^SbMice the Commissioners 

do-jjtteatton the Dwyers vo^out 
appro aching the state or 
gartiltity which is the oegg* 
disease of some Engusn 
judges, . , 

./The. outstanding character^- 
tfe of the Strasbourg Court, 
Which fs lost sight of by com- 
.teentatQra, is that it operates 
in'.-ttra ’Context of a single Cgte 
ventnia and outside any unitteu 
$oclal system. The Court.. Is 




purely 

witii lie'-hamaBr rtghis -enunci* . 
ated la the Can^mtion-' . Wwn 
. it xato* 

^uch as flogging or third de^ee 
methods of ' • - 

.tendTto jmrsaethe.ixdirf.Wiia ; 
hjgieal -concIu^loiL And 'it;does 

tooishod^vee ^-wlrioas-faetois; . 
su^i puHio ojuwoflHW-seeW 
policy,, that OTe fin<fe.,are the 
meat stid •*.?*•: wtiontt-' 
courts, which; . . 
human . rtghfe- 

- ■ A - hk& , 

cmera ■.wtihina'tiflifiedpo^ 
'tiwl indsdrial 

equipped fo' bring .aU ; 

thd fhetors thk^ wQm modify . 

-the strict asjlicatioa oi_a;jrart^ 


facr is . 

o£ the Omrt' 

both inteih^WeLv -and" under- 

standable. Whether guccesslTO - 

British Coverom^ntsi *ad this . 
Kind of .-jnternatidnat. Jtfibuo^; 

■ tolerable will large ly^detenmne 
whether- we ^hall ■ risorife have 
a modem 7 BiU of Rights, For. 
if ' the rourts at ifetee begtn to 
engage in the ^orcement -of. 
human ri^its^ there .ydU -nale^s 
peed, or indeed, opportunity* for 
dragging Our Govonirpent before 
-h court that ^ composed largely 
of judges reared axta_nurtijred 
in alieq; systems of law, 


Powerful Marakas looks pick 
of Newbury Cup six 


THIS AFTERNOON’S Newbury 
Summer Cup has the makings of 
an intriguing race. There are 
only six runners, but each bas 
a claim to consideration. 

The likely outcome is a victory 


RACING 

BY DOMINIC WIGAN 


for Ron Smyth's course winner. 
Marakas, is a son of tbe late 
Bernard van Cutsem's 'Washing- 
ton International winner, 
Karabas- 

This powerfully made bay 
showed bis best form on his most 
recent appearance. He comfort- 
ably accounted for the favorite, 
Nation Wide, in a four-runner 
handicap at Goodwood. 

That race was over 1} miles, 
but I have little doubt that 
Marakas will be equally effective 
over this return to 14 miles. It 
was over this trip and 11 fur- 
longs that the Epsom four-year- 


old showed his best form last 
year. 

Both Town and Country .in'! 
Bright Fire look strong pota- 
bilities for anyone brave enou-h 
to try for the forecast Tbe fi re- 
named. not harshly treated with 
9 st. has run well in bis three 
races this term Tbe veteran of 
the party, Bright Fire can 
usually be retied an to find his 
best form here. 

Several progressive middle- 
distance performers are due t«i 
clash in the Foxhill Stakes, in 
which Town and Country's stable 
companion, Latin Luck, will 
carrying tnn weight of 8 st 13 lb. 

It is difficult to gauge bn. 
good this Homeric colt is. He 
beat Calibrator by three lengths 
in a 15-runner maiden event over 
this course and distance on hi.- 
reappearance this spring. Subse- 
quently he went to Ascot Like 
several other runners here, he 
became bogged down behind 
Leonardo da Vinci in the White 
Rose Stakes. 

T expect Latin Luck to po-c 
the chief threat to the beauti- 
fully bred Stepbano, a chestnut 
colt by Royal Palace out of the 


Court Martial mare, Nerissa. 
Stepbano. who bas a six pound 
advantage over Latin Luck, for 
a bat-triL-k. which could be with- 
in his compass off his current 
mark. 

I do not intend opposing 
Saved by the Bell in the Child- 
rev Stakes, despite the claims of 
Captain Ryan " Price's Pretense 
colt. James Hunt Lester 
Pigeon's mount, a half-brother 
to the Ascot Gold Cup winner 
Erimo Hawk. C3iight my eye 
when going down narrowly to 
Wait and See at York last month 
He could be an extremely smart 
performer in the making. 


NEWBURY 
•_».no — Peaceful Valley 

2.00— Fine Tale 
3.IH1 — Marakas* 

0.30 — Hughes Next 
4-00 — Siephaiio** 

4..*;o — Saved hy the BeU*** 

5.00 — Locksley 
BEVERLEY 

2.45 — Abyssinia 
3.13 — Moving Star 

3.45— Ribcliaro 

4.45 — Manor Farm Boy 







t Indicates programme in 
black und wliite 

BBC 1 

£40-7.55 n.oi. Open Unhersitv. 
P.-l l For .Schools, Colleges. 11-20 
un ihe Mme. 11-30 Cricket. 
Second Test: The Corn hill Insur- 
ance Test Series: England v 
Pakistan. 1.30 p.m. Chigley. 1.45 
N'.-ws. 2.l)fl You and Me. 2.15 
Cricket. Second T«*sL England v 
Pakistan. 3.53 Regional News for 
Ena land » except London). 3.55 
P5.iv School. 420 Sinbad and the 
Tamed Demon tnld by Paul Jones. 
4.35 Heads and Tails. 4.50 Laff-a- 


Lympics. 5.10 Blue Peter. 5A5 
Roobarb. 

3.40 News. 

3.55 Nationwide (London and 
South-East only). 

620 Nationwide. 

6.45 World Cup Report. 

7.05 Tomorrow’s World. 

7.30 Top of tbe Pops. 

8.00 Rosie. 

8.3U Citizen Smith. 

9.00 Party Political Broadcast 
by the Labour Party. 

9.10 News. 

93S5 The Songwriters: Leslie 
Stuart 


F.T. CROSSWORD PUZZLE No. 3,693 


□ 


1 

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C 



1 ~J Hr J fj 1 

i 

•i^/5 


'M §fg m raS S 1 

12 




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ip 


SSfl 

r 

® jl Hr -f 1 

18 $ 




19 




rTTBrn n mH 


IK-.*? 

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bd m 

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H H ^ 

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ipfl n □ L 


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STT 1 

tea jUi teaT 

>a 

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ACROSS 

1 Direction by the way to com- 
plete letters after typing (S) 

5 Stops current composition of 
wine 

9 Halt bird in company seeking 
national assistance U, 4) 

10 odds on ceremony involving 
fairy (6 1 

12 Hiding place for third-class 
airman (male) 15) 

13 Obtain volume, say, according 
tn rules (2. S. 4> 

14 Maidenhead is place tu lose 
for the moment (6) 

16 Old boy returns flower to 
braggart <7> 

19 Giri determined to skip (4, 3) 

21 Another ten ring doctor in 
Bury (6) 

23 Mean birth to lead tu bare 
0355 i3. 6) 

25 Point to house of film star (5; 

25 Gunners in coffee-house hit 
the bottle i6) 

27 Play for time backing number 
one horse (S) 

2s Explanation of things happen- 
inti on the Circle Line . . . f6) 

29 . before Scuts leader grew 
old as forecast (.8) 

DOWN 

1 Like this fastener to offer \l 
comfort (61 

2 Potato dish lor willing carpen- 
ter (4, 5’ 

3 Stuff about the chaplain (5) 

4 In which treatment is given 
to injured horse (4, 3) 


6 Confusion when this fruit 
carrier is overturned (5, 4) 

7 Crafty sound to leave in Eire 
(5> 

8 Draughts threatening Kings? 
(8) 

II Attempt to upset runmakers 
(4) 

15 Tried to find what was ex- 
pected (6. 3) 

17 Check speed of person giving 
present (4, 5) 

18 Understood how to make a 
little mischief lawful (S) 

20 Rent paid to navy (4) 

21 Point parish priest makes to 
builder (7) 

22 Was inclined toward skinny 
newsman .(6) 

24 Inferior line-up's oriental (5) 

25 Red in the anus (5) 

SOLUTION TO PUZZLE 
No. 3.692 





10.25 l Claudius. 

11.15 Tonight 

11.55 Weather/Regional News. 

All Regions as BBC-1 except at 
the following times: — • 

Wales— 1.30-1.45 p.m. air. Benn. 
4.50-5.10 Y Llewod a Mistar 
Mostyn. 5.55-6.20 Wales Today. 
11.55 News and Weather for 
Wales- 

Scotland— 5-55-6.20 pjn. Report- 
ing Scotland. 11.55 News and 
Weather for Scotland. 

Northern Ireland — 3.53-3.55 p.m. 
Northern Ireland News. 5.55-6-20 
Scene Around Six. 21.55 News 
and Weather lor. Northern 
Ireland. 

England — 5 55-6.20 p.m. Look- 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle): 
Midlands Today (Birmingham i; 
Points West (Bristol): South 
Today (Southampton): Spotlight 
South West (Plymouth). 

BBC 2 

6.40-7.55 a-m. Onen University- 
11.00 Play School. 

2.00 u.m. Tennis: The John 
Player Tournament. 

4.30 Crtcbet. Second Test: 
England v Pakistan. 

6.35 Onen University. 

7.00 News nn 2 Headlines. 

7.05 The Engineers. 

73)0 Newsday. 

0.03 Oardeners’ World. 

8.30 Tn Deepest Britain. 

9.00 Party Political Broadcast 
(As BBC-1). 

9.10 Midweek Cinema: "The 
Madwoman nf CharPnr." 
s*arrina Katharine Hep- 
burn. Charles Boyer and 
Danny Kaye. 

1151 Late News on 2. 

11.30 Cricket: Second Test (high- 
lights). 

12.00-12.in a.m. Music at Night. 
BBC-2 Waleg onlv — 7.05-7.30 p.in. 
Hcddiw. 12.00-12.25 a.m. The En- 
gineers. 

LONDON 

930 a.m. Schools Programmes. 
11.39 Kimba. 12.00 Gammon and 


Spinach. 12.10 p.m. Ddsy. Daisy. 
12.30 News plus FT Index. 12 JB 
Help! t.Oft World Cup ‘7S. 2.00 
After Noon. 2.25 The Crezz. 3.20 
Quick On Lhe Draw. 3.5o The 
Sullivans. 4.20 Little House on 
the Prairie. 5.15 World Cup 78. 

5.45 News. 

6.00 Thames At 6. 

6.50 Crossroads. 

7.15 Mr. and Mrs. 

7.45 Best Sellers. 

9.5Q Mrs. Amworth. 

10.00 Party Political Broadcast 
by the. Labour Party. 

10.10 News. 

10.40 What About the Workers. 

11- .tO Whickers World: Palm 

Beach. Florida. 

12.10 a.m. What the Papers Say. 

12.25 Close: Music by Rodrico 

With a painting by 
/Velasquez. 

All IBA Regions as London 
except at the following times:— 

ANGLIA 

12- 55 pm ADKlia Nrwv 2.00 Women 
Only. 120 Rocket Rohm Hood 445 
Emmerdalc Farm fa.od .\boiii Anglia. 
5.35 Arena. 7.15 Enierprisc. U40 
Featun- Film: "See You in H-.ll. OnrUnn" 
st arr Inn Janet LciRh. Snurr v.Tilinian and 
Barry SuUJvan. 12 j 5 am Tbe Livm-; Word. 

ATV 

12-50 pm ATV Ni-wsdcsJ:. Jjo The 
Three MusfcekTTK. 6.M ATV Today. 
7.15 ErnmcrdJlu Karn». 1JJ0 ilarfcntns 
Today. 11^40 Dan A usual 

BORDER 

tl2.50 pm Border Xcw*. 4 JO Code R. 
6.03 Look a round Tbursda} 6jo The 
FUntBiones 7.15 Emmerdah Fnm- 
ll.IO Danger in ParadUv. T12.10 am 
Bonier News Summary. 

CHANNEL 

12.43 pm Channel Lumhunn' s and 
What's un Whom. 6.00 Channel 
10.00. Review. 10.38 Cliamu-I Lai- News- 
U.42 Thu Upon Air »nh C-m- Cunnell." 
11JO Play: "Ttu! Dlsirviiun of nomlitti)- 
Ayres.” 12.10 am Cuergi- Huui.Iioq IV, 
12J5 Actualities tl Pri>j.-ciion<. 

GRAMPIAN 

0.23 am First Thmg. 12.55 pm 
Grampian News Headlines. 6.00 iiranmiaa' 
Today 11-12 Ked'.miDns. ll.ls cover 
to COrtfr." LL« SI reels of San framasco. 
12.40 cm Cramnlan Late Mam H.-JdlHu». 

GRANADA 

U.M am Clue Club. 12J0 pm This Is 


Vdor Ri-h:. 5.10 Whal's X jw. 5.15 Cros»- 
roads. 6.00 Granada K-. n M ris. 6.45 World 
Cup. 7.15 Emmardale l- arm 1040 
What’s |S in. 11.10 What Thu Papers Say. 
tUJO The UmouetoMes. 

HTV 

12.50 pm Report’ Headlines. 12J5 
Report Wsies H.a-jl:nes 2JB Women 
Only. 350 B'-rTTs Lot. flJO Children in 
1944. 4.85 The l-Tinr*i ones. 520 Cross; 
roads. 6. 70 Rfnin West. 6-22 Rcpari 
Wales. 6.43 V/Orld Cup. 10.45 AmoureiiSe. 
til. 15 The bale Film: "The Unioen” 
siarruw Jo*.-! McCrca. 

TV C-mrirfWales— As HTV General 
Service exccitf: 12^U2JS5 pm Penawdau 
Ncwyddion J* Dkdd. 4J2B Mlrt HawT. 
4J5f4-45 Serai Wib. 6.00-6.22 T Dydd. 

‘ HTV vi-^ -.Vs yrr\' General Service 
exccp!: IZJOfi-C*) pm Report West Head- 
lines. 6-22-621? .Sn ort We st. 

SCOTTISH 

1150 pm News and road report. 2.00 
Women »‘mly 4.20 Six Million Dollar 
Man. 5JL571"' Bubblk-s. 5J0 Crossroads. 
6 00 Scoi|a»i Tnday. 645 Garnouk Way. 
6.45 Wiirh£, Cup. 7.15 Curnnallon Sirc-cL 
13.05 UTnp Ahum the Workers. UJ5 
■ World Worth Keeping. 14.45 Lale Call. 
1130 The “Prisoner. 

SOUTHERN 

1230 pm Soulhcrn News. 2-W Womc'i 
Only. 420 □ynomiii.t— the DiW- Wonder. 
<L45 TherLuil Islands. 545 Berry Hoop. 
540 Crossroads. 630 Day by Day. MS 
World €up. 7.15 Emmerdalo Farm. 
lnjM The Praellec. J1.10 Your West- 
minster: The Man from lhe Market. 
U-5S Squihi-rn N-.-ws Extra. 12^5 am 
What Dtf Papi-n Say. 

: Tl'NE TEES 

9JS iwi The Good Word followed h; 
North Earl News Headlines. 12.50 Pm 
North East News and Loot around 2.3a 
Womeq Only. 6JJ0 Northern Life. 7.13 
Emm-’rd.tl' 1 Farm. 1X40 Double Ton. 
1140 Jut Audience with Jasper Carrmt 
1230 The PraivMon. J2J0 am Epilogue 

ULSTER 

1230 pm Lunchtime. 4.18 Allster News 
. Headlines. 6.D0 Repnris. 6-20 Haw 
Days. 7.15 Kminerdale Farm. U.10 
Church Report U.40 Living nod Growing 
12-05 am lledilmc. 

WESTWARD 

1X37 am Slcnpy. 1X27 pm Gus Honey- 
bun's Hirthdava. 12-2 WusLiyard News 
Beadlinrs. 6JJ0 WeaCward Diary U.M 
WcStwiird Late News. U.O The Open Air 
vnlfi Clive tfnnnelf 1140 Play: "The 
Discretion of Dominic Ayres." £240 am 
George Hamilton IV. 1X35 Falih (or Lilu. 


YORKSHIRE 

12 Sn pm Caleodar News. 6-00 Calendar 
fEmley Moor and Bulmoiit. editions’. 
745 Emmerdalc Fans. 1140 Hanger m 
paradise. . . 


RADIO 1 « 7m 

CS) Stereophonic broadcast 
5.00 am As Radio 2. TJI2 Dave Lee 
Travis. 5.00 Simon Bates. 1131 Paul 
Burnett including 12.30 pm Ncwsbeai. 
2.00 Tony Blackburn. 441 Kid Jensen 
Including 5 . 30 Ncvdbca L 740 Country 
Club iSi i Joins Radio 3*. ID .02 John 
Peel (St. 12. 00-2.02 am .As Radio 2. 

VHP Radio 1 and 2—530 am With 
Radio 2 including 1.55 pm Good Listening. 
1330 With Radio 1. 12JB-2JJ2 am With 
Radio X 

RADIO 2 I.5Mm and VHP 

5-0II am News Summary. S.02 Ray 
Monro (St wiLh The Early Show. Includ- 
ing B.I5 Pause for Thought and 6.41 Sports 
Desk. 742 Terry Woe an i5) Including 
7.4) Sports Desk. S.27 Hiring DuOeiin, 
4.41 Snorts Desk and S.45 Pane for 
Thought. 10.Q2 Jimmy Young 'Si. 
12.15 p«n WaRgoncrs' Walk. 12 j S Pore 
Murray's Open House (S' Including 1.46 
Spurts Desk. 243 Da rid Hamilion (Si 
mdudlng 2.45 and X45 Spom Desk. 448 
Waggoners’ walk. 4jS $parts Desk. 
438 John Dunn iSt including 3.45 Spans 
Desk and 5.02 Cross-Channel Motoring 
Informal i nn. 643 world Cup S porta Desk. 
7.02 Country Club 'Si Including 7-38 
Sports Desk. 732 Foftvcive (Si. 9.B 
Sports Desk. UL02 Wit s End. U40 Star 
Sound Extra. LUH Golf: The U^. Open 
Championship i report ■. LL0J Peler 
Clayton introduces Round Midnight, 
Including 12.00 .Yews and Golf (further 
report i. 2.00-2.52 am News Summary. 

RADIO 3 -iWm, Stereo & V'HF 

bedlam Wave only 
635 URI Weather. 7.00 Nows. 7JB 
Overture >Si. 8.00 News. 0-05 Morning 
Concert (Si. 7.00 News. 43S Tlua Week's 
Composen: D'lndy and D up arc iSi. 9-45 
MomcTcrdi (o the Beatles, part 1 iSi. 
HUD An International Language? (talk 


hy Krug Spies)). 40-30 MQnh.-r-.rdi ui ih? 
Beaties, pan 2 iS>. U.15 i'ridten 
Secund Test. England v pjf iyjj,, inclnd- 
Ing 1.15 pm 1.40 Tlw Gn-ai Match 

19C i talk i and 'j.Ofl Lunthrlmc ^nn-lxiard. 
t6.40 Lifelines; The Wich-r V.'n r ],i_ 7 jQ 
Variations on a Tragic T)um-- aJ5 
Drama Nnw <S.. 5.55 Florcai V L - idriaita. 
pari 1 iS‘. 1045 A Labour i>f I.mi.. nalk 
by P. J. Kayaiiiign.. iojs riorcat 
Victortana. part 2 iS». 1145 Newi. jjjaO- 
1L45 Tonight 's ScJiubcn Horn. 

VHF— 6.00 am Open Unrversih 738 
With MW. U-15 Recurder n.fiul tSl. 
1L45 BBC Symphony Orchcsiru n parts 
»Si. 14> pm New 8 1.05 Priji u fi..v aod 
Gneg violin recital 'S>. 146 "Ti-riiiioclv" 
Opera aeria In ihr*.< acis. music by 
J. C. Bach. An l » S •- 3.15 Words . . . 
nalki. 340 "Tcmisiodi" Act > rS), 
445 Interval Reading. 4.30 ■ T-mismelo” 
Act 3. 545 Rno Brass Ensemiii.- (Si. 

5.45 Open UniVu rally. 7.30 With .jvir. ' 

RADfO 4 

434m, 330m, 2S5m and VHF 

6.15 am News. 6.17 Farrnmc Today. 
6. 3 Up to site Hour, r.oo ; fje 
Today, 745 Up la lh... Hour icuiitioucd) 
iDcIudlng Thought fur the Day 8JP 
News. 840 Today. 845 Yesterday Id 

Parliament. 9jo News. 4.os Tiu K You 
Have Loved- 18.00 News. lo.H from 
Our Own Gorrcspondeiu. iqjq pgj? 
Service. W.45 Morning Story 1U0 
News. 1UI5 Down Vour Wjj. UL45 
Anricou Or Lemons. HIM News 12.02 pm 
You and Vours. 1247 Many a slip w? 
Weather: programme news, i.do -The 
World ai One. L38 The Archer: L45 
Woman's Knur Includuis 2.nu-2 uj 'mbws. 
1C Listen With Moiher. 3LD0 News. 
310 Quesuons to the Prune Minister 
■•live" from ihe House 01 Comnwns. 
JJS Writdltfh, 4.W News. 4.05 .lack dc 
ManlO Precisely. 445 The Ruof 01 Wales. 
5.00 PM Reports. SJO Scrcndrpi-J.- 535 


Mfaaihcr: proKramirc duvs. ■ 640 New*. 
640 Rraln of Bniotn iDTS. 730 News 
7415 T)u- Archers 1J0 CbcchnoJnl. 7.45 
lasldc- Outside: Adjuftlnc la fruednm 
after prison 840 James Cameron wlili 
the BBC Sound Archnc*. BAS Nation to 
Nation The Question of Isrm-l. 440 
KakudOfiCepi.- 934 Weather. 18-00 Thi- 
World TnolRbL 1640 Ally A ns won," 
U40 A Book 'at Bed lime. U-15 The 
Financial World Tonighl. 1140 Today in 
Parlianivnr. 12.00 Nrws. 

BBC Badio London 

20fim and 94.9 VHF 

5JB) am As Radio 2. hJO Riub Dour 
9.00 London Live. 12415 pin Call In. 2.03 
■.Mb Showcase. 4.03 Home Ilun. Ud Loqh, 
Stop- Listen 740 Blach Londoners. 840 
Soul 78. 18.02 1 2iio Nlshl London. 1230 
As Radio 2 12.05 am Question Time 

from the Rouse of Commons. 1.05— Close. 
As Radio U. 

London Broadcasting 

261 maud 97.3 VHF 

5.(0 am Moruirr; Music. 6-00 AM: non- 
stop news, informauon. travel sport and 
review. 1033 Brian Hayes Show. JJM pm 
LEC Reports. 3.00 r.corgu Gale’ 

3 O'dodr CiilL 4.D0 LUC Reports twin. 
Unueui. &.QQ After Emht with Ian 
Gilchrist. 9.08 Nigtitlinc with Bryn Joaen, 
L80 am Night Esrra with Adrian Scott. 

Capital Kadio 

194m and 9SL8VHF 
6.88 am Graham Denes Krcalrfjai 
Show ■ Si. 9-DO Michael Aspel is«. 12.88 
Dove Osh iSi 103 pm Roger Scott (Si. 
730 Lord Georw-Erown's Cnpltal Com' 
men t ary iSi. 7.10 London Today f S« . 740 
Adrian Lnve's Open Line 'Si. 9.00 Nicky 
Horae's Your Mather Wouldn't Uko It 
(St. U.0C Tony (Wart? Late Show 'Si. 
ZOO am Du&can Johnson’s Hlgtrt Flight 
(St. 


ENTERTAINMENT GUIDE 


CC — These ehratm kcim certain credit 
cords by telephone or at the post oil Ice. 

OPERA & BALLET 

COLISEUM. Credit card. 01-140 5158. 

Reservations 01.836 .3161. j. 

LONDON FESTIVAL BALLET 
Toni a.M Tamar 7.2 o Let -Bytpfahtafe 
Greening (new procuO. SOmhermde. 
Sat j and 7.30. Mon. Tu* and-Wfed 730 
Conservatoire. Gbede. 96 boKcnv. seats 
always aiaiiabla from 10 am day of pert. 


COVENT CARDEN. CC. 240 . 1068 

(Gardmtctiaroe credit earns 836 esoyj 
THE ROYAL OPERA. 

Tonight at 730: RHiolatto (H rails ro- 
olaces DvorskYI. Tomer at 73Q: FatWaW. 
Sat 7-30: Madama Bottcnty. Mon 

and Wed nnt at 730: Luisa- Miner. 65 
Ampt-.r seats avail far all oorts from 
10 am on day ot pert. Not« Pertoml. 
Tel bskv tor July Ballet oMm July .1. 
and no: June 1. 


GLYNDE BOURNE .. FESTIVAL OPERA* 
Until Aug 7 with the London Ptrtdur. 
monic Orchestra. TonhjhL SaL Mon neat 
ar 5.30. Ofe Zaabertiotc. Toner., Sun. 
and Tue next at S.30: Don Gtowmnt. 
Wed neat at 6.15: La Bahenw. PossJwo 
returns only. Bax - olbce Glyndebotirne. 
Lewes. E. Sussex (0273 81241 1L 


SADLER'S WELLS THEATRE. Rosebery 
Ave.. EC1. 837 1672. Last Perft. 
Evgs. 730. Sat. Mat. 230. 

GONG SAW AN 

Music and dancers from Bali. “ The 
experience not to he miesod.'' CkartRan. 
From Man. new lo July 1 FIESTA. DE 
E5PANA. 


THEATRES 

A DELPHI THEATRE. CC. 01-B3B 7611. 
Evgs. 730. Mats. R Thu»*. 3.0- Sats. 4A 

THE BEST MUSICAL / 

Of J97S. 1S77 E «ld 1978 { - 

■ LONDON'S BEST NIGHT OUT." 

Sunday People. - 
ALREADY SEEN BY OVER 1 ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKINGS 836 7611. 


.un MAJESTY'S. CC. B1-93B 6606, 

- - ..lit LESLIE BRICUSSE and 

■» * 

. rifrected by BURT SHBVELOVE. 

*• It Is packed, to buratlna point with the 
personality and sheer enwroy of Bruce 
Foiiyth. . Sun. Exprese. ■ 1 “The audience 
eheered," Sunday Teteumph. 


ALBERY. 836 3878. Party Rates.. Credit 
card bkfls. 636 1971-2 tram 8.30 a.m.- 
e 30 p.m. Mon.. Tues.. Wed and Fri. 
7.45 a.m. Thurs. and SaL A 30 ml B.OO. 
- A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS MUSICAL.- Fin. Time*, 
with ROY HUDD and JOAN TURNER. 
" CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Dally Mirror. 


ALDWYCH. 836 6404. Into. 836 5332. 
ROYAL SHAKESPEARE COMPANY tn 
repertoire. Toni chi 7.00. Tomor. 7.30 
StnnJbero’S THE DANCE OF DEATH 
with Shakespeare's COR1ALANUS mew 
pert. 22 June' BSC alab at THE WARE- 
HOUSE Ism under Wi and at the 
Piccadilly Theatre In .'Wttr Nlciiim' 
PRIVATES ON PARADE, • • " 


ALMOST' FREE. 485 6224.. "One 09" 

tv Bob -Wilson. TIMS- -Sat. 1:15 ■ pan. 
Sun. 5.00 and 5.00 p.fn. No sbtm Maas. 


tflASSACORS. 


01-836 1711. 


Niahtiv at d.-OO. Mat. Wed. 235. 
PATRICK. CAR GILL and TONY ANHQLT 
in SLEUTH 

Tho World -lamous Thriller 
bv ANTHONY; SHAFFER 
Seeing tho. play again Vs Jn MCI an 
utter and total Joy,“ Ranch. Sort Prices 

. -- - *na Tl 


£2.00 to £4.40. Din nor 
Seat £7.50. 


Too- Price 


4°QLLO. 01-437 2563. -Evenings B.OO. 
Mats. Thurs- 3-00. Sat. 5 00 m] 8.DO. 
DONALD 5INDEN , 

■■ Actor of the Year." Ev. Standard. 

" IS SUPTBB." N.O.W. 

SHUT YOUR EYES AND ' 

THINK OF ENGLAND- r '• - 

*' Wickedly funny.' r TRncs. 


\?-7S THEATRE. - d)l^!36 2132. 

TOM' STOPPYLBCS 
DIRTY LINEN. 

■' Hilarious.- . . ice It," Sunday .Times. 
Monday to -Thursday a. 30. . fritter eqtf 
-Saturday at 7.00 and .9.15. . 


asrr*» JA THEATRE, "Charing x Rd. 
01-734 4291.. Mon. -Thurs. 8. pan- frt. 
and Sat. 6.0 ana fl.45. . - 

ELVIS 

" infectious, appealing. Toot-stomal na and 
hearl-thumoing .** Observer. Circle hulidl 
arvrn before end after show. SpaH LI 
£6.00. Hail -hour before show best avail- 
Jbl: seats £3.00. ' Mon.-ThOrs and Fri. 
. 6 ojn. pert. onlv. 

, BEST MUSICAL - OF THE YEAR '. 
rVBNINC -STANDARD AWARD- 
Lunctroinc Thoaire dally at 1.15 .p.m. 
Juno 12-Z J. “4 5CICHT ACCIDENT " 


CAMBRIDGE. -B 36 8056. Mon. tn Thurs. 
B.OO. Friday. Saturday 5.45 and 8.30. 
• • - 1PI TOMDI I 

Exdtins. Block Atrlcan Musical - 
•- 1 The Dirts are beautiful, bare and 
bound na- 1 ' S. Mirror. 

.third GREAT year 
D inner ana top- price seat £3.75- incl. 


CHICHSTSR. 0243 nil 7. 

Todav at 2. DO. June 15 5 17 at 7.00. 
A WOMAN: CF NO IMPORTANCES 
Ton.qtit at 7.00. June 17 at 2.00. . 
THE INCONSTANT COUPLE. 


COMEDY. 


01-930 3578. 


Far. a ltd: emjagwncm Jane 20 ^O jiTly *16 
ALEC MtCQWAN'S- 
ST. MARK'S-- gospel 

‘‘An unparalleled tour no. lorca. ” S. Tmc. 
T.ies to Sat. at A.o: Sun. .at 4.30. No 
pfs. Mge. Sent* El. 25. .13.25. £2-50. £3-0. 


COMROV'.' 


- Of -950 M78. 


Even inn, 8.0. Thurs. 3.0. SaL 5.30. 8 30. 

MOIRA LISTER. TONY BRITTON 
Marpiret COURTENAY. Dermort WAlsH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
" Bbcfcmail. armed robbery, do-iblo blult 
and murder." Times. •* A good deal of 
fun." Evening Newt. Last Wwk. 


c-’teridn. aao 3215 (cc bss 1071-3.1 

t»OV BO. Jar*. 5 30 B.SQ- Thurs. 3.0. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
in SIX OF ONE 

HALF-A-DOZEN LAUGHS A MINUTE. 
SECOND HILARIOUS YEAR. 

" VERY FUNNY ” 5. Tel, 


DRURY LANE. 01-836 81 08. Every 

M3ht BOO, Matinee Weil. A Sat. 3,00. 
A CHORUS LINE 

" A rare, devastating, loyous. astonishing 
stunner." Sunday Times. 


O'ICMSSS. 836 8243. Mon. to Thurs. 
Evenings 8.00 Fri.. 5*L 6.1 S & 9.00. 

_ OHI CALCUTTA! 

" The Nudity ts stunning •• Dally TeL 
At h Sensational Year. 


□'IKE CHF YORK'S. 01-838 S12J. 

Evenings 8.00. Mat. Wed.. Sat. 3.00. 
JOHN GIELGUD 
in Julian Mitchell's 

A NATIONAL THEAT D E PRODUCTION 
HALF-LIFE 

- Brilliantly witty ... no one should 
miss It " Harold Hobson (Dramal. Instant 
credit card rwryanom. Dinner gnd 
Top- price Soat £7-00; 


FORTUNE. FS6 72in. Eve 8-00. Thur*. 3. 
Sal. 5 00 and 8.00. 

Muriel Pav’ow as MiSF marple in 
AGATHA CHRISTIE'S 
MURhnSR AT THE VICARAGE 
Third Great Year 


GMtPr.K THEATRE. CC. 01-836 4601. 
Ek fl.O. Mat- Wed. 3.0. Sat. 5-30 B 30 
TIMOTHY WEST GEMMA JONES 
MICHAEL KITCHEN 
In HAROLD PINTER'S 
THE HOMECOMING 

“BRILLIANT— A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION.* O. Tel. 
• AN INEXHAUSTIBLY RICH WORK.' " 
Gdn. "NOT TO BE MISSED.” Times. 


THEATRES 

GLOBE' THETRE. __ f-VH 7 /, 1 fl 9 n ' 

ALtAN A^KIOUMl'S Nw CometW 

lUv. enjoyable ever l no. Sunday THwaa. 


GREENWICH THEATRE- 77S6 ' 


240. 

-- - INGRID BERGMAN 

WENDY HILLER - _ Aljrj -. 

Must definitely cioM J u| v 1 -. 


HAYMARKET. 930 BS32. BOJ 
Open. Prevs. July 4 4 5 a* B-O. opens 

Jufy 6. 7 -% aul scdPIELD 
HARRY ANDREWS 

^ IRENE HANOL t. 

‘A New Play by RONALD HARWOOD 
Direct by CASPER WRED6 


K’NGS ROAD THEATRE- 3S2 7488- 
Mon. to Thurs. 9.0- Fri.. S»L 7. 3D. 9-30. 
THE ROCK HORROR SHOW 

TS 5tb. ROCKING YEAR 

OCK ’N* ROLL MUSICAL. 

73. 
«d. 


NOW IN ITS Stb 
Tfie GREAT Ri _ 


."'it 


•JON PALLADIUM- CC. 01-437 
Mon.. Tues.. Thurs. A Fri. at 8- 
and Sats, at 6.J0 and 840 
THE TWO RONNIES 
fn a Spectacular Comedy Revue. 

LID SPEDAL SUNDAY 

Sunda 1 
Spec la 


ALSO SPECIAL SUNDAY PERF5. - 
days June 25 and. July 16 at S & 8> 
:ial Book in g Hot lin e 01 -437 20SS. 

oi- 

,m 

ELEY 


LYRIC THEATRE.. CC. 01-477 3686. 
Ev. b.o. Mat. Thors. I,o, ‘ " 


JOAN PLOWRl t 
COLIN BLAKE LEI 


FILUMENA 


MAY' FAIR.' 
GORDON "c 


•cc. 




>" ELOCuriorV of 

BENJAMIN FRANKLIN 


629.3036. 

'n. 


, . by -Steve j.' Soeani' 


MERMAID. 24B 7656. Restaurant 240 
26*5. Eronfnti 7:30 & 9.15. 
EWPY GOOD BOY 
DESERVES FAVOUR 

A£1 pc* for aoMrs and orchestra. by TOM 
STOPPARD 6 ANDRE PREVIN. Seats £4. 

.* .Pi “ A C?rtc of true theatrical 
Qeniub." Sunday T*nici. 


,fe 7 « WUNT,,Y w,ra ^ 

lvt ; 8LTON tmscenium stage): Ton't 
«2 d ^Tom°r u 748 PLENTY « now 

Tout gnd 

Halre' ” “"'."“"""a DT Wilson John 

sS^nflC V W- *" usa&s 

A-ir cVn&toSSS!* e,rt hkfl5 320 ' 3OS *' 


by David Hare, , 
vtjTiYSLOE . (small auditorium): 
Tomor B LO5TWDRL05 by V 


°t5 VIC. i. 929 7fi1fi. 

PROSPECT AT THE OLD VIC A Week 
of. Sunday a. Ji^ne . 1 1.17 at 740 pm. 
Today Derek Jfiwobl. Isla Blair. Julian 
Glover Harold InfloWnt in a Selection or 
Travellers' Tales THE GRAND TOun 
' ' lolly show” Guardian’. Fri.. sac 
perek Jacobi A Byron, with Isla Blair. 
Julian Glovor. Harold Innocent THE 
L .H5 IAT,C .LOVER AND THE POET 
' May it Hra a thousand years' The 
Wage >. SUNDAY AT THE OLD VIC 
J n U N8 1 6TH 7J0 WE DAY OF THE 
DEAD Graham Collier's |ui camaasition 
based on tho wrlUnoi of Malcolm Lowry. 
PriWBWlS TWELFTH NIGHT Ndur^d 
June I9fh f '>a it out ttantU ng revival'’ The 
times SAINT JOAN returns June 22rd 
' j aroat PcrtwmaiKe" The Timosi 


OPEN AIR. Raoent's Park. Tel. 486 2431. 
A MIDSUMMER NIGHTS DREAM 
7.4S. * Men. Wed. Thurs. 4 Sat. 
2.30 with. RULA LENSKA. IAIN 
TALBOT- ELIZABETH EST8NSEN. DAVID 

sharp N ’ ” rlen we,r ' anthqn? 


F • ■LNIX. 01-836 2294.‘"-‘E»Mlngs 8.1 S. 
Friday and .Saturday 6.00 and B.40 
" I'M aFtOqKE TAYLOR. GRAEME 

CO.\'TINUOU5 LAUafTEH.' 1 Timo. 


pfCCApacv. 4S7 4 £06. cSSiTcaS bkiZ 

THE* °OUT ^GEOIJS ^ADULT^ 1 COM*? DY 
by Peter Niehol» M 

.. n. privates on Parade 
R ioroaring tnumah " S. Express. 

, BEST COMEDY OF THE YEAR 
Ev SM. .Award and WET Award 
FULLY. AIR-CONDITIONED ***• 


p gJN« 'W’gi.CC IfFornSr'l^cSm^. 
Di-437 e877. Red. price Previews. Sat. 
5.30 & 6,30. June 20 at B-0. 
OowirtOune 21. 

JK T 1 *" Rfee ei*d Andrew Lloyd Webber, 
witn Davig Essex. Elaine Paine ana jni* 
Acidand. Directed bv Harold PrSum.*" 

OF WALKS. - CC. QI-gsiTTjaBI. 
Monday la Friday at B p.m. Saturdays 
ai 5.30 and B.45. 

LONDON AND BROADWAY'S ' 
COMEDY MUSICAL HIT 
I LOVE MY WIFE 
.. itarrlim ROBIN AS lew I TH 
ALL Jl/ST GOOD CLEAN FUN," 

CREDI T CABP*BOOKJNja . 930 0 847- 

"““N's THEATRE. CC. 0l^73d"'u Bfi". 
E*«5. B.OO. Wed. 3.00. SaL 5.00. a.M. 

_ AMTTKSNY QUAYLE 
CA| TH BROOK. MICHAEL ALDRtOGE 
ana RACHEL KBMPSON 
_ in Ala" Beiwns 

AwanL 

„ BEST PLAY OF THE veA«r^^ 
Dlro aed by CLIFFORD WILLIAMS 

*r. Y V DND neWraAR, cc. o 1-734 1393! 

* 7 wj&kXinxs *”■> 

wE E^ v t& Lw: . . 

ful hr alrwpr-dltlancd. 

21t t SENSATIONAL YEAR 

regent theatre. ■ eat sms. 

K*?' 8.30. Fri. and Stt, 7.0 4«d OJ). 
Eieflant oood-h'K" cured wigaalng.'* Gdn. 
THE CLUB 
A New Muslenf, 

“ CtaitK end Comic." Tim**. . . 

. *' Show scores Hi sonof D, TO. - 
Linda THonen ■ . » nsvetawon.- Times. 

" WELCOME TO THE CLUB.” EJt. 

RIVERSIDE STUDIOS 17*8 3354) 

13 Jdne-2 July 

A new pla y bv Nlch plai Wright 
TRECTOW 

Gillian Him. John Biuthal.- - 
Jemoke DcMyo. Judith Hartt, ' 
lIu Kaye. BUI Mm 
Dand SsSHtni. Jo* W(Td 


THEATRES 

ROYAL.' COURT- ' 730:1746. Air Co*. 

Pwv 7 . 3 ■ VSLVft T--** 

OTWSS. .: 


ROYALTY. Credit Car<». 01--4OS 8GW. 

BUBBLING BROWN SUGAR 
Beat. Mt»Mf 1977 ' a . - 
Booking! accented. Major c redit Cjrda. 
S*>ecial reduced rate, for matinees tor a 
limned period only.: • 


SAVOY THEATRE. 0F-B36 -888*. 

WHOSE T °ire lS IT aSYWAVF 1 i 
" A MOMENTOUS ^LAY. I \|RGE YOU 
Evg*. at B.oS. m- A.'SdL S?4S L 8.451 


IAPtzsBURY. CC- 836 *396. 

ttrw'trflf 

s° N,B , 

T^^nuirai ft a* everything." s. Mir. 


SHAFT 

.guru 

cm. 


CR 


CARD ft KX>Km , GS. ”636'’6SSI7' 


SHAW THEATRE,- 01.966 1334. 

'-^no^3^- 




01-893 2660. 


fvwtfnJNjlBjOg. 
and £-30 


. . - : .WE’RE QRrtUM . . 


GOOD 


ITS £4.00*51^50. 


ST. MAIEtlN's.-'CC B3S 1445. Evs. 8.00. 
Matinee Tom. 2ul5. Saturdays 5 ang o. 
AGATHA -CHRISTIS'S 
THE MOUSETRAP 
WORLD'S LONGEST RUN . 

26th YEAR 


TALK OF THE TOWN. CC. 734 5051. 
B.OO. Dining. Dancing (Bars open 7.15). 
9JO Super Reroe 
RAZZLE DAZZLE 
and at 11 p.m. -■ . 
LOS REALES DEL PARAGUAY 


VAUDEVILLE. 836 9988. CC. Eys. 8.00. 

Mat. Tuea. 2-43 sat. S and 8. 

Dinah SHERIDAN. Dulcte GRAY 
\ Eleanor SUMMER FI£LD. James CHOU I 
A MURDER'S ANNOUNCED 
THE NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
"Re-enter Agatha with another who- 
duentt hit. Agatha Christie Is stalking me 
Wait End yet again with another of her 
fiendishly ingenious murder mysteries." 
Fell* Barker.- Evening News. 

AIR CONDITIONED THEATRE . .. 


VICTORIA PALACE. 

Book now. 82a 4735-6. 834 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK, 

, "ANNIF • - 

E«t)A 7.30. Mats. Wed. and SaL 2.45. 


WAREHOUSE. Don mar Theatre. Covent 

Garden. 836 6808. Royal Shakespeare 
Company Tonight 8.00 premiere iwadctn. 
David Edgar's THE JAIL DIARY OR 
ALflfE SACHS. AK seals E1.B0. Adv. 
hkos. Atdwych. Student standby £1. 


WESTMINSTER. .01-836 0283. 

SENTENCED TO LIFE 
B* MUGG FRIDGE and. THORNHILL .. 
■•TRENCHANT HUMOUR." D. Telegraph 
"SHARPLY TOPICAL." Financial Times. 

Tremendotis imoatt." NoW. 

Evs. 7.45. -Mat- Weds. 3.(«). Sat 4.30. 


WHntlMlL 01-930 6692-7765. 

Evgs. 8.30. Fri. and Sat. 6.45 ind 9.00. 
Paul Raymond presents the Scnsethaaal 
Sex Ruvue of the Century 
. DSEP THROAT 


WINDMILL THEATRE. CC 01-437 6312. 
Twice Nightly a.oo and 10.00. . . 

_ Sundays 6.00 and a,00. 

PAUL RAYMOND - presents 

erot j- c o&VH^ e of ™ e 

_ Take?, to onprucedonteo limits what Is 
Permissible on our stage." Evg, News. 
3rd GREAT YEAR 

W flHL DH A , 3 TS vS.V a - 3 6 W2S. Credit Card 
5 1 ™- •« lOllg ..from 8 -SO ■ tin. to 
I'?? Man-Thors. B. Frt. and Sat. 

a, l & wlW B4D. 

" ENORMOUSLY RICH 
VERY . FUNNY," fcyenlng Haws. 
Marv O^danay's . smash .hit Comedy 
ONCE A CATHOLIC 
Supreme comedy on-sex and religion," 
...... DaiW TeteWmh. . 

MAKF5 VOU SHAKE WITH 
TEH.: Guardian. 


LAUGHTI 

orevs Item Ton't 7.45. 


CINEMAS’ 




ssk ^ 

l - 00 : 541 »• B.io -4^7. 

C Ta^ham’ ^urt Rd-?TnSe}. S &M t 0^^- 
(A n Bite* John- Hurt-.- THE SHOUT 

JSfe’shS^ 5 4 “' 8 «- 

w a 3 affi?R^?!B: | . , La , ssi 

'X-glciT^ xas chain saw massacre 
J ones WE^ COMEBACK OC>. 
^°g| J^ 05 - s - 35 . B-05. 8 35, L»ie show 

jsSJAVix?: F«. 

~r^ K * r .s- ^ 

4. prtolewl's tooo tart 1 (XI. Pgl. 

sii»i n rri . 5 '.»!L'L-. From Tomorrow. 
Berfolucel's 1900 Part 2 (XT. 


C (i^iff N Ai Curaon Street. WI. 499 3737. 
WZ A LP^ n i F 0n ^ jiomlorfl DfUtStf 
nrti. ,h rO mm " fEnollsh jBb- 

KUROSAWA 
’ffflihoreon" »"d "The Seven 
22. M,a l: FM i" dally at too. 5.00 A 
8 -00. Sean Bookable a t £2?5Q. 

'©SF** SQUARE THEATRE. 1930 
HOME (X). Sen. 
j!? 1 -^On-Sat. 1.30. 4 .as. 8.10. Sun. 

show Fn a sat IMS 
&r-o &* t LJ!! av m P c tpotett In advance 

Sf A ? Mon -Fri. A alt progs. 

5at. a Sun. No late show booking. 


OW0N |.2^’ci^?J U ^f T ' *830 273812771' 
J m I c&a Vinesu Mmisme 
in a Fred Zlnnemanh film ■ 

^p. Progs.. dMr!*2*a". g^js. a^5 

,9 1° 61 ui 

wSd a TmRR 

5 SS&F™ «■»« P ; m. 


Garble 'arch' 'itii 

J 5! *VT? *5»>¥S«d JSS 

Frt S A gl» 5 ' T^e 3 -“- 7.sn r -± 

(txrM^ 1 T ^S. DJtl. All Ml 
-g 1 !”?- 1 ' 50 (PIT- Mon -SaL ' 


PRINCE CHARLta-iHer-sjri 
BROOKS 

54 P ANXIETY I Al 





5S 

5"i fe, 


5 “ '“ “* 

V John Cage 

fay DOMINIC GILL 

W£ 5SS5 £*s.«,*i 


Holland Festival 


Der Kaiser von Atlantis 


by MAX LOPPERT 


£x>:v.: -toorld 


resonances 
b ass notes 


i (1 

“ ,r -C. 

?y «i f 

’• ' -i 


established a shimmering ghost 
_ underzcater record bv from a group of 

: ** merged w a sub- !! lently depressed and held down 

marine °t hlx own deston for n tfa L 0U S h each Etude. ^ 

J?5v*i? fc f J 3 " pe °P le m board. _ h T S e special character, and 
: ^ I3 ’ He Wtt not ^““2*. of the Etudes i s their 

m the practical impfi- t °^ nness - P» anis ts should 
*? e experiment The Si? , U fasc ? natin 2- and reward- 
yct itself, he moisted, teas its 51? la worfe out for themselves 
■aum justification. different schemes of perfor- 

>.m S t form shou)d 3 revifiW Qf JET^TStaKiS 


!i y i\\ : ^ 

•*■ 

^ ii!' r ; • 
nv. e '..I:.-.-- 

_ For ••• -j • . 

• '■— t - ••• ■ 

j ' 


"Ifthn n,' .rr ,v * r«?view pf consistent. incon- 

hnm, DP C ? ee ■ ldea!ly lake — the t 18 ?!?*- Miss Sultan gives them 

blMk^sDapp-? r °f ’ V * ° f a perfectJ y bai( 5 ,y ' VIrtuaJ( y without textural 
A i tPa, * 1 »t review. ? r . dynamic variation, and at a 
frfo pbs sbu ®ed accord- f{Urly constant basic tempo. like 

-S? Se Cfa r aZ ^- 0perati0QS dictated * of faded mono- 

by-.the f Clung? chrome snapshots. Other perfdr- 

*' For mf i -- UL. 1 - -*_• luors ‘will doubtless find more 

-*KJ «tf «w»h- interesting ways to present 

**ST choices, but asking qucs- them; two years ago. at the Euro- 
.•■■■• pean premiere in London of a 

Three works hv T n hn s ? le ,^ liD P from the second book 

came to London 'nn*Tiifcort?» *- a R e of Etudes. Richard Bern as gave 
taS One ol i more reading, more 

from Part 11 oMBnuty ff S gfIlt ; delicate and varied. 
Was performer! 12?* J? ort “- "hj' not, for example, a efoud 

himself in th? LnteUon TW?/ ll on $ ° r - a group * of the Elud « 
One the face of it thn utV *' pl ^ ed pm e Pn*lo pos- 
absurd: a mix of ’w?rds P ar“ difficult, but 


Book Reviews are on 
Page 33 



should guess an electrify ion 
effect. ‘ s 

Before studying Zen, men are 
men and mountains arc moun- 
tains. While studying Zen. 

“ — thinfls become confuted. After 

111(1 syllables obtained by studying Zen, men are men and 
i-nance operations from the mountains are mountains. After 
Journal of Cage’s beloved telling this. Dr. Suzuki icas 
l hoTeau— ‘ no greater American asked. “ What is the difference 
has lived; a jumble of half-sense bettceen before and after ? He 
and non-sense spoken aloud, the said- " h : o difference, only the 
oddest homage to a writer whose feet are a little bit off the 
own use of words is so pre- ground."' 
eminently uncluttered, keen and 

direct. But the quiet hvpnotic “““P Imitation was origin- 
magic of the performance ally written for piano sclo in 
accompanied {relevantly or ir- 1969 10 f ake the ^ace of Satie’s 
relevantly as you like) by much- Socrate as an accompaniment to 
magnified slides of Thoreau draw- Mer ce Cunniagbam’s dance 
ings, cast its own shadow; a quiet s . ec /- md Hand— the French copy- 
deliberate delivery, close to the ri Sht holder bad refused permis- 
micrbphone — was ’there once or sioa t0 arrange . the original for 
twice a flicker of laughter in this tw0 P ian os. Cage later arranged 


Money was again in short reasons, above nil by meditating. sia8 ers * , in which only Gabriel 
supply at the Holland Festival in the light of the work s history, Baequjcr’s Leporello {despite 
tb>s year. There had been hopes on the final apostrophe tn death reduced vocal means). Lillian 
hr the first time De — “ Konim. Tod. dn unser wertor iVatson s Zerlina and Ellen 
TTmi, a Till Eulenspiegd opera Gast./ in unsers Herzens Kam- Shade’s Elvira were able to sug- 
' 1930s by Jan van Gilsc oicr./Mitnm von uns Lcbens Leid gest any passing awareness of 
which had evidently und Last; fdhr uns zur Rast/ Mozartun felicity and grace in 
made a strong impression in I he nacb Schmerz nod Jammer " — ibeir music. Edda Moser, the 
1976 Amsterdam concert per- this seems to mp just as it should Anna, seems lo have developed 
formanir that was its belated be. The work is a document as » dreadfully blowzy, bard- 

premien*. in the event, ail that well as an opera. pressed method of vocal emis- 

, °^ ral J‘- a L |v i jffor ^ cd The producer, fihodu Ud ine, sion lecently— where is the 

p. , ■ i e production. Don an a her designer. Rnben Israel, sweet, full lone or only a couple 

Gioranm by Gotz Friedrich, and had devised tbc staging as a of years ago? Rudiger Wohlers’ 

l inr performance taking place inside Ottavio sang his words as if 
, Jy Zb ” U L ma l?r ( ^ rst Theresiensladi or Auschwitz, as reading them phonetically off a 
JEST K.' p 1 ® h ! Jy ,be 1 ^ eth i r i r - D were, with han»h. pitiful, and fast-moving lelccast. in the title 
a double Threadbare props and costumes, rde. ""'itgang Brendel strained 
Schoenbergs Pierrot JJJd a demeanour on the part every ner\e lo make himself 

r of the players implying over- the swaggering vulgarian Fried- 

*“5 °f Ullmann’s life and whelming physical and spiritual och has wished on the character. 
ar 7 briefly and painfully depradation. ’This was. 1 felt, a ia defiance 0 f every bar of his 
loitL A uzeeb Jew horn in 1898. serious error of judgment; for music: but though tall and / 
fle became a Schoenberg pupil in any dramatic colour inherent in presentable or face and figure, 
vjenna. and later conducted the work tended in be over- he signally lacks magnetism of 
operetta and taught music in balanced, while al the same time personality arid voice — the 
. Palif’r- > s impositions include the symbolism in the lexl was phrases, wore square-cut. and 
“ *'” r opera, a piano con- unnecessarily underlined. (Was choppily uiiored. The sets, the 

uTiiJJ v eh chamber music, anybody in the audience reatlu familiar Friedrich amalgam of 
in he was deported lo in danger of ignoring symbolic black, meial. and props on 

ineresicnstadt; there, with Peter overtones in the opera, nr of tracks, were this time by 
ivien, a laieated caricaturist, forgetting for a single moment Andreas Reinhardt. The efficient. 

a ? d ,nus i c *an as its background?) Coupled to uninspired conductor of the 
rrni «r- wrole Der (his outbreak of Producer’s Radio Philharmonic Orchestra 

d-i!*’ ‘■‘‘m. Gegende in vier Imcrferenco were insiances of was Hans Vonk. 

Kijdern. The piece was intended rather feeble sufo-Berkettism in Though not reflected in the 

tor performance by prisoners, the acting and some rather choice of opera, the theme of 

*l nder ' I’raJecied sinuing — ihe jhe 197$ festival is - folk-art and 

singers must have becn^consider- voTmT^J duu't^elVev^ this^ nl-o"- f wha^e v if s v Vi.**! What an extraordinary piece because of ihe rood'*). His cell- plucks the arpesgiaied ninth of 
J»MM h». >, j 1 j 00 ' 1 , .. .. 'A r “ (wBaWvei the latter may bei.) rtf musil . theatre this is! I did mate. Ivanov flan McDiarmid). tr.r.nnir c , n his vioJin 



Ian McDiarmid, John Carlisle, Frank Windsor and John Woodvine 


Loninid fiurt 


Mermaid 


Every Good Boy Deserves Favour 

by MICHAEL COVENEY 


S«f ) «St ,| i- WaS u baqned b 1 forp A ls duvtion does full justice in Der i n add'iUon. music theatre 'events 1 

U?l ma P nn Lnd ", 944 K ““ er ’ even lhoush ,h0 P la > h, S U<agel. Cage. Stockhausen! and 
Ullmann and Men were frans- of the J-f-man orchestra was an enjovabl-. hctero'’eneouc mix- 

KsSrS Wirfsss 

ii"ht IS London 0 U^^ted .J > ’ odl,lC, ' isin was ' m disp,av SteidlfDe Dwlei° l 5JS?h3* 

completed, by Kerry Woodward. Gfuctmai di^rt^urod l>v all the t celebrating us 60th 

conductor of the Amsterdam wors? ?eau^ of a ‘Fried rib J ^ ^ ".JJSSK 

5SnS ° f thCSe feSt,Val ? roduC,ion ’ and with very little J, der David Zin d man> ,J ho next 
perrorrajnies. t jjn way of redeeming theatn- reoJai-e^ Fd,» tie Wnrt -is 

The full title is The Emperor fal ^* ali »y- Thv Mist of_the ', h c‘ orchestra’s chief conductor 

in the Pastiiorn Serenade one 
could hear how much more 


before 

antler 

desks 


of Atlantis, or Death Abdicate*, diner’s revisions nf and 


„ year, at the request of the 

• am still really thoroughly violinist Paul Ztikofsky, for solo 
puzzled by this way of compos- violin — ‘* in order- .to do it. I 
M»fl bn obserring imperfections study under Zukofsky’s patient 
on paper. 7f is this, being tutelage, not 1 
thoroughly puzzled that makes violin, but how 

it possible for me to work. I more baffled by 

dm puzzled bu hearing music limited flexibility. • Cheap Imtta 
icell ployed, too. If I'm not tion for violin ih one of the 
puzzled, it wasn't tccll played . . ." results of this study. I wrote the 
■ r„ pi- ... „ ,, notes. The editing is Zukofsky’s. 

’qiiti.n * ni»i*rt be i l « H f a '.u 0re .So though he did it in my presence 
Sultan played 16 of the 32 and often asked ine of which of 


. . . assured the orchestra sounded on ' cuti on is glazed puzzlement and musical' termioolosy and the show only lasts 6S minutes but 

violence and war. in which he that makes no move; a ’ Aon mi home tcrriiorv than in its rather ithc start of a hunger strike State line on freedom of the il says more in that time than 
no longer has the 


surreal and gravelv beautiful Ghenp Imitation for an orchestra if 1 , f. rrot (tenon sings mourn- accretions to (he libretto is long: 
liturgy'’ of 24 to 95 players, and thisj fu,, y of a world now ruled hv notable among them a statue 

™ - »• 1 violence and war, Jn which hi? that makes no move: a “Non mi jj 0nie territorv than in its rather! the start of a h 

E"EE to ™£« J" ‘i? 1 }i ] b ” p L ac f I" iS hard-pressed Albert Hal! concerts (“We’ve only had 
n <lh^Vn ri-M 1,1 FI fn during l.i>l years Prom season, strike here before; 

bow. to play the l ™ tu ***- Overall, the Emperor her fathers nwnumcat. und is D) ’. ed hv Grove “ at "the 

v to. become even : tbantone l isolated from his citi- there discovered by Ottavio, this head "of P the Dutch school of com- 
>y n* .110051 un.|“»». ' ™i« *y iomho little sc-nc funded in j n m- 5SJ,” TL„ ' IT irEiEZ 


not see the only previous per- is a bona fide eccentric who despalc{lino th , (ad lt> want 
formance. at last year's John imagines himself to be a triangle . musicians’ de< 

Player FesUval in the Festival player in a large orchestra. They “Kna don’t be rf"id 

Hall, but with a new cast and are supervised by a dotty L be r, " ,d ’ 

an ad hex: small orchestra under Doctor (Frank Windsor! who 1,e br3 \t anil tell lies, 
the baton of Michael Lankester. actually does play in the Previn's score is a superb 
the happy collaboration of Tom orchestra and turns his clients’ amalgam of Soviet styles, but 
Stoppard and Andre Previn objections inside out by adopting especially good in the Prokofiev 
about two inmates of a Soviet a brilliantly funny lateral line pasdche department. Ralph 
psychiatric ward looks set to id Stoopardian chop logic. Koltai’s design contains a grimly 
win tbe wide audience it In the background there is a penitential ped-sit within the 
deserves. grim lady schoolteacher vainly plush red of a concert ball, and 

Alexander (John Woodvine) is trying in educate Alexander’s Trevor Nunn’s precise direction 
an insignificant writer on the young son in the preliminaries balances serious argument and 
fringe of a dissident group whose of geometry. The language linguistic conceit in appro- 
response to authoritarian perse- fuses geometric imagery with priately equal proportions. The 


one hunger individual. Tbe young hoy at a volume 
and that was one point visits the doctor, who evidence. 


of documentary 


. * „ , . . , — auu uiixru aazvcu uic ui wiuwm ut 

■■ri5H 8? ^ u *l5P? for s ? lD P‘ ano - several possibilities I preferred.’* 

OO I y tfl? pitches 3 nil 3 f ew Thp nippp ivnivfnd^ ROmptimp^ 

general distinctions of duration muted. P quieUy. coloured by thet^" 8 as hfs Mndifl ^ tf *af the 


of the Loudspeaker (harilone). harrassing m knee— how thought- rfil 

proclaims universal war as Ihe less nf Mozart in have left no h ' v!I » rHit 1 

duty of every citizen. Death music for Friedrich’s opera!,: a 

retaliates by withdrawing his final downfall without the R e e bufr . r om' i he pe formers for 

services from mankind; great descent u» Tell— luridly painted .LT Vm-k ntlmeil 

suffering and rebellion ensue, monsters doin* 1 ni-htcluh dance- w ‘ I0,n 1 1 . work waS P larmea 

Finally, the Emperor begs Death "iutincs finish Giovanni off «»*«<* hi, » ^emually to recast 

pMuium.^.Biciiru. i t0 relurn to wor i.. n eat h a «>res ^ .ticunni on }t for lenor men s chorus, and 

The piece unwinds, sometimes' as h f s S litSn rh l *Se ^ r , , organ: this concert marked the 

M . . , , . ...uted. quietly, coloured by the I Sr’ "J" UL,”™ 1 \SH .■ The 1,s ‘ ° r elaimralions to the first Der rormance of the original 

Case"prl?ared b?cb5.°« 'systems f ou « w * et | inab . r#i ° f T*" A Finale cJanfies lhe in,' ac V°I? is D0 ,ess ''fPS; Throu * b ' version as completed by Hendrik 

a-r-isS FS S ... £2*E “H-H ST»* 

ssmerssst "*i vaa»aa 8w SFSSHS | 

- is revealed as a competent and J, ra “vl. *“F5L movements— everything seems to 


to. choose. The music ** sounds ” “ Unless tec do .-these 
like a star map: a complex nothing changes.'-', 

Greenwich 


things. 


The Golden Cradle 


by B. A. YOUNG 


, 22 ? 

•* -S . 


COMPANY 


The fitle oovers a bill of five who knifes his soft lest he should 
Giort plays by some seminal grow up like Jus. the tinkers, 
writers oF Dublin's Abbey father; and Ihe Pot of Broth 
Theatre Thev are directed by tells jokily bj)W a tramp swindles 
Siobhah McKenna and. insofar a countrywoman into providing 
as I am qualified to judge, seem him with r meal by pretending 
to me absolutely authentic in to sell her a magic stone The 
style. The sets on tbe open stage final plajt Synges Riders to Vie 
are reduced to tbe necessary Sea. is probably the best-known 
minimum, and the excellent com- piece of the evening, even if only 
nany all -but one of them Irish -through Vaughan Williams, its 
and .‘she an experienced stage tale of the old woman who loses 
Irishwoman.. haTre the charac- the sixth of her six sons alter 
leristic- singing delivery of the a supernatural visitation a 
Jiniss. so different from most really the nearest to a soUd work 
speech in the. English theatre of art. and with Stobhan 
-today. This is a proper medium McKenna at its centre it pro- 
tor the demi-poetic treatment of vides a moving half-hour, 
the pretty Irish talk used by all But the trouble about all ttree 
three of the writers represented authors seems JJE lh ^i; 

Lady ' Gregorv. -Yeats and they wanted madly to write 

^ ' about tbe “fanners and potato 

. . , . diveers " they only wrote anas 

“ ..Lady Gregory though she evi- ' about t hem and their 

denlly- had a : sharp ear. « in* characters were museum recbm 
. .least interesung.. of the three, ^c^ona. Their plays are ; df 
Her- Rttle tale of »n Insh police- muclr aca deroic interest and; 
man "oijnned by a- wanted Teoej gome sen timentaJ inflprest Then, 
into Jetting hnp .past, the cordon. . ^ p of Go ^ 

sauitaire .is .-no more than a q.q^,, along and native 

puffed-ujF^^room- tale^and no Irish theatrc became a real thing 
dopbt. owed Its production to its Am ]}f e as seen.by 
tinge of nationalism and. to Us th potato-diggers, and . the 
author’s privileged position. Dublin workers, themselves; utt- 
Yeats is represented by three filtered throueh^an alien intellec 
pieces. The Cat and the Moon flltered through an alien intellect, 
is a typical. -p'e« about beggars , . ’j'-. 

.at-p holy well gryen the choice ,y. ‘ ' 

-of blessing br-.cure. There is an T 077 OH tnC&i’-'v 

odd forecast bf Beckett about it. .Ja/.A, UU 

Purgatory ^e als with a tinker TtlctTIlCS V j ’ 

A series of Friday evening 
jazz cruises on the River Thames 
is being launched- on Jane --".23 
with Jthe Mike Westbrook Bt^s 
Band. • A ’ 

The succeeding Fnoays';?wiU 
Feature the following groups;^ 
June 30 Big Chief, with te^nst 
Dick Heckstall-Sroith; 

Skid (Elton Dean. Alan Sad- 
ifiore,' Chris Laurence, toms 

Moholo); , 14 ’_ 1 xh n nT ^^- 
Miller Four; July 21. L01 £?“y- 
with Derek Bailey. Evan 
and Tony .Oxley; Juty -8, .the 
Mike Osborne quintet; end 
August 4, Elton Deans Nme 
sense., ’. ■ ... 

Embarkation is from .West- 
minster Bier promptly 
Pm; return at 11. Tickets, -MW 
only in advance, tost 
(sTudems, Jazz Centre Society 
and 100 Chib members, 

: Hie events are being organ- 
ised by/Qgun promotions, paj 
of Ggtm' J Records, to whom 
applications for tickets should 
bl made at 35 Eton Avenne, 
London, NW3 (7M -»90). ^ 

!.- Suzman* Scales and • 

Kohler at the Open 

, Space 

Janet Suzman. Prunella 

»Sr«rt- ateue 

nlay : ®e- -roles, of three tugbr 
S prostitutes Ji 
Maxdalany’s comedy Boa upq -to 
greeted by Charles ^ 
ai fte Open Space, Euston Road, 
NWI. ppening on July -a. . 

The plav concerns the mach- 
inations of three ladies of easy 
.Srthe who- work their .-way . ..up 
Sto the highest social eiries and 
reunite in Miami Anrmg m 
economici-summit conference. 



indutiing' ^ - . 

cortinas 


Aswe 

[1 leasing compand we cart. 
r I deliver many makes right 
- eWay .that you could wait : 
4- -fnonths for else/vhefe. 

• v-- puss ■: 

THE BE^T cbWTrtACT . 

hiressivice. ‘ 

whpeisehasover' 

30 YEARS EXPERfENCE 
NATIONWIDE.,;., 

- Ail rnakes of cars and , , ; 
light 

5^ 


marley 





fluent piece without special in- 5 ~b5!i ,n 5 ct ]f r f be in the same andunfe moderato. 

terest. The score is put together !r ^ \ n . ** J’! a -^ l ; d rjL ? ut and in the same 4/4 with triplets 
in number of Weill-like cut— bt?inre an j udience of drunken n^ely in the last two beats of 
song, recitative, nria. dance inter- . t ‘ n?r setic the bar. 

mezzo. “ Wahnsinnsterzett.’’ and ! UsSl,n? ? An 0 3 spend? much of | n h K day Diepenbrock was 
so on — whose Weill-like scoring h - r '^} }cn , ,n fi xcen v ‘((^ide-downi: reproached for excessive 
emphasises a comparable want J" , tbat ,, ’^ M, t ns a .?,? ul chroma licism. This is less 
of melodic flavour, of dramatic- ,5.. i»?.r Vi s , u t M ,. a iroeraierf mark' d than the finally cnervat- 
ally deployed musical irony or s,?xual,I > lhaf " as “iconic the i 0 q droop of the vocal lines, a 
during edge. Three times the r " l,sl weamomc of contemporary so f t 0I - cross between Horatio 
mhpic kindles a more distinctive c ! lcbc *- n was all. no p 4r k er aQ d Delius, and the 

resjmrse to tbe text: in the doubt, in the service of some orguv-lofi orchestration. The 
lyrical duet for the Soldier heavy-breathing. Teulomcally uerformance, by the orchestra, 
(tenor j and the Girl (soprano); earnest Interpretation (Holland tfop Groot Omrocpkoor NOS and 
in tfle announcements of the appears to have been spared the a male contingent from the BBC 
Drummer (a mezzo en irave&tiv. pages and pages of exegesis and rhorus (sounding magnificently 
and in 'the Finale, where, choral- self-explanation that usually frirlhright in this radiant 
like, the \ocal stanzas emerge accompany a Friedrich produc- amliiencci. and an interesting 
clear-cut out of the chugging tionj. Instead, ihe effect was >0 i 0 quartet headed by the 
Hindemithian accompaniment. coarse, clumsy, deeply unmusical. Canadian soprano Clarice Carson 
But normal standards should and infinitely tedious. seemed carefully prepared, and 

not. and in the event do not. This pretentious-provincial full of festive devotion. It is lo 
apply. If one is moved again Don Giovanni was peopled by a be broadcast by ihe BBC, at 
and again, for “extraneous" cast of no more than moderate date still to be decided. 


Festival Hall 


Arrau by DOMINIC GILL 

It is the received wisdom (and bright, pungent rhythms, and energy, proudly sustained, that 
not wholly without cause) that unusually urgent explosive brought the house cheering to its 

Claudio Arrau today is no longer l „ ade , DZa ' n ’° ^ feeL The orvheslra was the LSO. 

the great Beethoven interpreter 7 ^ J are hf venfured W3rm ’' 0T,ed - well-tuned, once or 

that he was 20 and more years below 3 robust mecio/cme— here twice inspired— in the adagio of 
ago. But it is. too, a wondrous too there were flames barely be- the Emperor one remembered 
fact — and one of the exhilarating i ow the surface, powerfully con- especially one ravishing sonorilv 
things about music and musi* tained: a springboard to the 0 f muted strings and wind The 
making— that as often as not finale, taken at a fast, easy conductor was Walter Sus'skind, 
the received wisdom is wrong, vivace. light and strong. n U j e k and attentive exemularv 

Las) night it was not proved In the Emperor, the tension of accompanist * 

v-rons merely, but brilliantly, the fourth concerto, a deep 
decisively refuted: two perfor- spring for a ll its force not yet 
mances by Arrau, of Beethoven’s entirely unwound, was released 
fourth and fifth piano concertos. a blaze of glory. And not in 
each a marvel of glittering bright primary colours only, but 

authority, poise and eloquence a glory of half-lights and half- 

—the playing or a pianist 1 ones— in cascades nf fealher- Riverside Studios. Wfi. will be 
unmistakably at the zenith of tight half-staccato; in the adagio. The Changeling by Thomas Mid- 
his powers. magically simple, unassuming, dleton and Willian Bewtev. 

In the fourth concerto, as well direct; fn much marvellous Written in 162*, thj? Jacobean 
as glitter, and in the lyrical pedalling, and in the inner voices tragedy was last *eeo tn London 
conversations a generous broad- of chords, subtle play of grade at the Royal Court Theatre in 
ness of line, there was fire; in and accent A fierce, noble per- 1961 and will open on August 29, 
the shining trills, and in the formance, driven with manic closing on October 1. 


‘ The Changeling ’ at 
Riverside Studios 

_ Peter Gill's next production at 



Der Kaiser von Atlantis 


Richmond Theatre 


; Theatre Ballet of London 

Tie “gems from the classics” penny numbers— and allowing punn quartet a work by a corn- 
view of touring ballet is not one audiences lo suppose that they j'uscr Unafraid of melody, whose 
with wltieh I have much sjm- m j,-h sense as examples hiu>:c — unfashionable perhaps 

patfty^ If the * re ., t ® f, e ® of classical ballet. With the best 111 ,u * h^Unsm and craftsmanship 

the ^standard repertory it must in lbe wor y j Cijnnol f e£ .| — u well Wurth getting to know. 

lha^ ei dMPmlv re danced- i S tha L lhijJ ^P^l' is of a Yt-slerday evening’s pro- 
'bStetiSf 1 znS d2»erli« S ^ndard as yet to sustain niurh ernmme also brought Belinda 
offcr sffifnkM?pSorimatS^ of the hard-work- Wright in a version of Giselle 

19th wotEl wiih ^er- jn “ d ?. nrtrs v ; ho bu ^ t,e aboul 10 A ‘‘ : reduced to its essentials: 

SSeawSSy stretched rec°ixiin SS of tried and true 1 he Wfli 1 Giselle and Albrecht la 
IrSStSSS too searching d.sunctiy meagre pay taken by Peter Mallek, 

for their abitities. The continued art,sUc lare ’ ^ ; h ” ii ro “,? n the herom . e f 

-d eman d -for the traditional 1° tii' 5 week’s programmes at ! " in ' ■. in a bizarre way. with 
favourites — and an infinity of Richmond several guest artists all from a production. 

Swan Lake and Coppclia would are appearing. Maria Guerrero n'-imua Wright’s imaginative 
keep many a provincial theatre and Peter Mallek bring a vcl- - ra ' 1, , or the role marie a sood 
permaneati)- Full — must only be corns lecimical sparkle lo Lc seDse - Muted though her 

met by presenting these sacred Corsairc. and better still. Mis* T’j 10 . . . il ha d ;i touching 
monsters at their very best. Guerrero dances with Rnlieri 'biicjcj nf style, and seemed 
So Norman McDowell and his North in the latter’-, ffeffvcrions-. Persuasive Ilian many 

new Theatre Ballet of London This is an enmiionai and well- aunt nr bolder opera-hnusb in- 
Seem to me to be beggin? several argued duet which has the added PTn' i-utioo. Odd. Poetic. Gncx- 
questions by offering fragments advantage of being set 10 tbc pccicu. Memorable. 

— -Napoli, Swan Like. Giselle in adagiu from Howard Blake's CLEMENT CRISP 



Directors: S. Borsoof (British) (Chairman and Managing Director] ; K. Gross; J. Mincer; L, Mincer; 
D. H. Shapiro: N. Werksman. ' 

Saker’s Finance and investment Corporation Limited 
Audited preliminary profit announcement 

The group's trading results have recovered 10 a reasonable level, considering the prevailing 
conditions in the motor industiy during the financial vear. As will be seen bom the figures below, 
sales in Rand terms were marginally lower than Iasi year, but the net operating profit before tav and 
interest improved bv R370 000 (10.7%), As was expected, there were material savings in interest 
paid amounting to R 1 S 66 OOO (27.0%).. Another important foe lor was the control of operating 
expenses excluding interest, which only increased by 0.5% over the prior financial year. Earnings for 
shareholders improved by R376 000 (92.4%), albeit from a relatively low base. 

The balance sheet reflects a significant improvement m the group's liquidity as a result of sound asset 
management and the decision of the board to divest from its investment in hire purchase finance 
and vehicle leasing. The decision to divest was taken because this investment was not producing an 
acceptable return on ihe assets employed and as a result was depressing the group's overall return 
on assets. The full benefits of this decision will be realised in the forthcoming year. The substantial 
improvement in the liquidity of the group provides a new and lower base from which the group 
can develop and improve its return on net assets m the future. 

Your board has declared a dividend of 4 J- cents per share in respect oi the year ending 31 March 1 378. 
Annua) repons will be mailed on or about 30 June t&7B. 

Consolidated group profits ~ year ended 31 March 1 978 



1978 

(R'000) 

1977 

(R‘000) 

Increase/ 

(Decrease) 

% 

Turnover 

116 490 

117 349 

(0.7) 

Net profit before tax and interest . 

3 802 

3 432 

10.7 

Less: T axaiiun 

1 674 

1 595 

4.8 


2128 

1 837 

15.8 

Attributable earnings 

176 

210 

(16.2) 


2 304 

2 047 

12.6 

Less: Interest after taxation 

1 007 

1 320 

(23.7) 

Interest 

1 799 

2 465 

127.0) 

Less: Taxation 

792 

1 145 

(30.8) 

— 

1 297 

727 

78,4 

Interest of outside shareholders and 




preference dividends 

514 

320 

60.6 

Normal earnings for ordinary shareholders 

783 

407 

92.4 

Per ordinary share 

Earned (cents) 

16.36 

8.50 



Paid (cents) 

Number of shares in issue 


4.50 

4787030 


4 787 030 


Declaration of ordinary dividend in respect of the financial year ended 31 March 1978 
Notice is hereby given that ordinary dividend No. 42 of 4 !■ cents per share was declared by ihe 
board of directors on 5 June 1978 in respect of tfo financial year ended 31 March 1978. This 
dividend is payable to shareholders registered at the close of business on 7 July 1978. The share 
transfer register and register of members will be closed from 8 July 1978 10 14 July 1978. both 
days inclusive. - 

Dividend warrants will be despatched on or about 3T July 197S. in terms cf the Republic of South 
Africa Income Tax Act of 1962. as amended, non-resident shareholders' tax of 15 per cent will be 
deducted from dividends payable to shareholders whose addresses are outside the Republic 
of South Africa. 


By order of the board 

Registered office Transfer secretaries 
Saker's Management Company 1 1 th Floor 
(Proprietary) Limited ' Cape Towers 

Secretaries Madaren Street 

Per: P. R. Glendining Johannesburg 

2001 


5 June 1978 


South Africa 
Security Registrars 
(Proprietary) Limited 
16ih Floor 
Nedfir. Place 
Corner Simmonds an.-f I - ndon SE1 OJA 
Kerf: Streets 
Johannesburg 
-2001 


England 

Granby Registration 
Services 
Granby House 
95 Southwark Street 









FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET. LONDON EC1P 4BY 
Telegrams; Finantlmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Thursday June 15 397S 


Sound and 



A FULL - DRESS confidence 
dc-haie un four years uf 
economic strategy might sug- 
gest that we had just reached 
some great turning-point in our 
economic affairs, rather than the 
resolution of a relatively minor 
crisis in the market Tor Govern- 
ment stock: hut a Chancellor's 
record must be judged on the 
performance of the economy, 
and the rhetoric in the House of 
Commons yesterday was built 
on far ion little evidence to 
carry much conviction on either 
side. The basic position has 
been clear for some months. 
The balance of payments and 
the value of sterling are now 
underpinned by North Sea oil, 
and thanks to this unpolitical 
contribution to the economy, a 
fairly rapid recovery - in real 
incomes has been possible — 
rather more rapid, in fact than 
cun be sustained or than the 
Government would have wislied. 
This rising income is support- 
ing a sharp recovery in retail 
sales. Everything else is 
doubtful. 

Competitiveness 

That exclusion unfortunately 
embraces nearly every useful 
indicator of our future economic 
performance. This depends 
crucially on the competitiveness 
of British industry, both at 
home and abroad. Production 
and i nvesi men t are sharing in 
ihe general recovery, but it is 
far too early to judge whether 
they arc sharing adequately. 
The trade figures are more than 
usually obscure, distorted not 
only by volatile items but by 
the effects of a docks dispute. 

The Chancellor did his bit 
more than three years ago to 
enable industry to finance its 
operations in an inflationary 
age through stock appreciation 
relief: he h3.s recently Followed 
Liberal advice and taken back 
some of that benefit through 
national insurance. However, 
many of the main determinants 
of performance — confidence, 
imagination, labour relations — 
are quite outside his sphere of 
influence. 

Indeed, one can say that while 
n« Chancellor can contrive a 
growth rate higher than indus- 
trial performance will deliver, 
he can place obstacles in the way 
of industry: in collecting the 
money to support the public 
sector, he is the administrator 
nf a necessary evil. In financial 
management — the funding of 
government debt, the dilemmas 
posed between monetary policy 
and exchange rate stability— he 
can only try to avoid unneces- 
sary lurches. 

Mr, Healey originally stood 
for high taxes and high expendi- 
ture, and the damage done to 
the private sector by the un- 
checked growth of public 
spending in the years up to and 


including Iff* 5 is severe. Mr. 
Healey, however, is one of the 
rare Chancellors who has 
remained in office long enough 
to reverse some of his own mis- 
takes. The growth of spending 
was checked very sharply, and 
even in th-? Present year of 
rebound, is unly rising in real 
terms roughiy in line with 
national output. 

The Chancellor can certainly 
not claim to have avoided finan- 
cial crises. The instability nf 
both interest rates and of the 
exchange rate has damaged 
confidence and made planning 
difficult. We have persistently 
criticised the technical means 
used to execute monetary policy, 
which have done much to pro- 
duce these results. Perhaps the 
most that can be said in the 
Chancellor’s defence is that the 
Opposition have so far contri- 
buted very little to the discus- 
sion of the essentially technical 
and non-political issues involved. 
The most recent crisis has been 
caused as much by distorted 
figures as by the market’s justi- 
fied worries about the size of 
the public sector borrowing 
requirement. 

We have criticised Mr. Healey 
for running risks through mis- 
timed fiscal stimulus, and some 
rise in interest rates is the price 
of that error— though the cur- 
rent level of rates is simply the 
peak nf a market cycle. What 
will only become clear with the 
passing months is the weight of 
private credit demand. If it 
proves heavy, the Chancellor's 
strategy — broadly endorsed In 
terms of fiscal balance by the 
Opposition — will lead to trouble: 
but if improved cash flow and 
real incomes limit credit 
demand, as was the case in the 
U.S. recovery, the problem will 
be manageable. 

Trivialities 

The really important ques- 
tions about Mr. Healey’s 
strategy cannot, then, be 
answered at this stage, so the 
debate necessarily centred on 
relative trivialities. It is absurd 
for the Chancellor to accuse the 
Opposition of gross Irresponsi- 
bility in cutting taxes further, 
and especially higher' rate 
taxes; were he as good as his 
private word, he would have 
done so of his own accord. We 
have commented sharply on the 
way he has chosen to recover 
the revenue, which was cer- 
tainly not the least damaging 
economically, though it may 
have been in electoral terms; 
but the issue is hardly one on 
which the fate of the Govern- 
ment should hang. Mr. Healey 
is not a lovable Chancellor, and 
his recent conduct has not been 
marked by tact or finesse; but 
it is results which count and 
cannot yet be counted. 


Competition in 

air fares 


THE U.S. Civil Aeronautics 
Board’s proposal to withdraw 
U.S. airlines from the Inter- 
national Air Transport Associa- 
tion's fares agreements would 
appear to he the final body blow 
in IATA's role as a price-fixing 
budy. It comes as IATA is 
itself about to discuss the 
report of an internal committee 
proposing a fundamental re- 
casting of its fares-fixing 
activities. What the CAB is in 
effect saying — particularly to 
airlines which may be averse 
to change — is that, radical 
though IATA's own ideas may 
be, they do not go far enough 
to satisfy the U.S. civil aviation 
authorities. 

The IATA reforms, which 
were drawn up by a five-man 
committee of airline chairmen 
and chief executives, would pro- 
vide considerable scope for 
competition in both price and 
service by making participation 
in the organisation’s fares con- 
ferences optional rather than 
compulsory and by abandoning 
most of the rules which now 
govern the kind of in-flight 
service members can offer 

The IATA meeting at Mon- 
treal at the end of this month 
to discuss these changes is 
likely tu be a contentious affair 
for the prospect of open com- 
petition is more than some air- 
lines— and governments— can 
stomach, while the committee's 
proposals arc the barest mini- 
mum some of the bigger carriers, 
such as Pan American and 
British Airways, are prepared 
to accept if they are to remain 
in the organisation. The chances 
of the proposals, or something 
like them, getting through have 
therefore been considerably im- 
proved by the CAB move. 

The threat to IATA’s cartel 
activities has been building up 
for some time and can be traced 
to the marked changes in the 
market For air travel. Airlines 
responded to the growth of 


tourist and student traffic — and 
of non-IATA charter airlines— 
by progressively adding to the 
multiplicity and complexity of 
fares structures designed origin 
ally to cater for business travel 
The final blows were the intro 
duction of the Laker Skytrain 
service last year, the growing 
awareness on the part of some 
governments of the “consumer 
interest,” and— perhaps most of 
ail — the determination of the 
U.S. authorities to bring about 
a more competitive climate. 

The attitude of the U.S. 
authorities has to be seen in 
the wider context of their 
changing views towards regula- 
tory policy in transport 
generally. Internal air services 
in the U.S. have already been 
substantially de-regulated and a 
similar approach is now being 
applied to the U.S. trucking, or 
road haulage, industry. Inter- 
national liner shipping confer- 
ences have of course long 
attracted the attention of the 
U.S. antitrust authorities but 
here the position is more com- 
plex. The U.S. merchant fleet is 
competitively far weaker than 
the U.S. airlines: it carries only 
5 per cent of U.S. seaborne 
trade and, as in many develop- 
ing nations, there is considerable 
U.S. support for a system of 
cargo preferences for defence 
as well as employment reasons. 
Moreover, the shipping confer- 
ences are being pressed hard 
by the rapid build-up of the 
Russian maritime fleet 

The end of the air fares cartel 
on the North Atlantic and else- 
where will not lead to totally 
free competition. Governments 
have national flag carriers, 
many of them State-owned, as 
well as the consumer to protect 
But the presence of effective 
competition in price and ser- 
vice is by far the best guaran- 
tee of the consumer interest and 
should reduce the need for 
regulatory intervention on at 
lease the busier routes. 



with pjroblemsi 





By JOHN BRENNAN and DAVID CHURCHILL 


A FURTHER stage in the 
now fashionable drive 
for inner city renewal 
was marked by Tuesday's 
polio - statements by the 
Greater London Counueil, out- 
lining plans for an £855m road 
improvement programme and 
rent and planning incentives to 
draw’ industrial jobs back to 
the capital. But already these 
plans have been criticised as 
being too little and too late to 
reverse the decline of London’s 
manufacturing base. 

In 1961 a fifth of the working 
population in England and 
Wales worked in Greater 
London. By 1975 the propor- 
tion had fallen to IS per cent, 
or 3.9ra people. And over that 
15-year period the proportion 
of manufacturing jobs in this 
declining workforce fell from 
32.6 to 22.2 per cent. Without 
a radical change of policy the 
GLC's Industry and Employ- 
ment Committee has given a 
warning that a further 300.000 
iobs will be lost to the capital 
by 1981. most of which are in 
the industrial sector. 

The GLC hopes to reverse this 
steady drain of industrial jobs 
by improving road communica- 
tions and by rivalling the incen- 
tives available to firms 
employing labour in the 
development areas. 

Its road plan is welcomed by 
the London motorist associa- 
tions, attacked by the Labour 
Group on the council as a pro- 
gramme that will sacrifice the 
capital’s public transport to the 
private car, and rather sadly Is 
dismissed by industrialists and 
road freight operators as only a 
small step towards a solution 
to the problems of traffic con- 
gestion. 

The Movement for London 
Committee, which represents 
the Confederation of British 
Industry, the motoring organis- 
ations and the major road 
freight federations, estimates 
that there will be between 
500,000 and 1.25m more motor 
vehicles fighting for space on 
London’s roads by 1990, in addi- 
tion to the l.Sm in London now. 
And the GLC’s new commitment 
to roads, with expenditure in- 
creased from tbe £66m of the 
past five years to f 153m 
between 1978 and 1983 rising 
to £280 rn and £42flm in the suc- 
ceeding quinquennia, can only 
hope to keep road improvements 
in line with this traffic growth. 


Linder the present system of 
road financing there is simply 
not enough cash to make a radi- 
cal improvement to the road 

network even if fun accept nee 
of the road lobby’s case u ere 
politically feasible. Ami the 
abandonment of the inner 
London motorway plans proves! 
that it is not. 

Lord Porchester, chairman of 
The South-East Economic Plan- 
ning Council, recently argued 
that industrial development in 
the capital was being stifled by 
the lack of adequate roads and 
that improvements in the sys- 
tem were blocked by the divi- 
sion of responsibility for roads 
between the Government and 
the GLC- Unlike Manchest'-r or 
Birmingham, where the inner 
trunk road Jinks were developed 
directly by Government finance, 
in London the North Circular 
Road falls under the win-, of 
the Transport Minister, bur the 
South Circular Road, and incited 
all roads within the old London 
County Council boundaries, are 
the responsibility of County 
Hall. This structural anomaly 
stands in the way of a co-ordin- 
ated road programme. But Mx-n 
the whole concept of road im- 
provements beg s a number of 
"chicken and egg” arguments 

Industrialists want better 
roads, but under the present 
system these necessarily involve 
a transfer of resources from 
public Transport. A further 
deterioration of London's public 
transport system would 

inevitably make it more difficult 
to keep. Jet aJone attract, 
skilled labour to London. 

At the same time local 
authorities are increasingly 
reluctant to permit road or in- 
dustrial schemes which 

encroach on residential areas. 
Although no one plans a new' 
wave of dark satanic mills 
throughout Surbiton, there has 
been a basic conflict between 
the needs of industry and the 
housing preoccupations of must 
London councils. 

The fact that without in- 
dustrial or office schemes these 
councils may eventually have 
neither the rate income nor the 
local working populations tn 
support ambitious housing 
schemes merely adds a further 
twist to the dilemma facing ihe 
capital’s planners. 

Tbe politically equivocal 
attitude towards roads in the 
capital leaves the GLC’s new 



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Urban decay and renewal in the shadow of London’s 'MiOWestway fly-over. 


INNER LONDON’S WORST HIT AREAS 

(Mate resident unemployment — by employment office areas) 
per cent 


Poplar 

ISA 

Hackney 

7.9 

Stepney 

13.9 

Wood Green 

7.8 

Deptford 

13.6 

Camberwell 

7.8 

Fulham 

9.9 

Brixton 

7,1 

Holloway 

9.9 

Shoreditch 

7.1 

Bermondsey 

9.0 

Barking 

5.8 

Canning Town 

8.7 



Source: Deportment of 

Employment figeres for GLC 



proposals for industrial deve- 
lopment incentives looking 
rather lame. 

Essentially, the plans in- 
volve a marketing drive to 
draw industrial developers and 
employers back to Central 
London with offers of rent-free 
periods of up to three years for 
new projects on council-owned 
land, concessionary rents on 
certain industrial schemes, and 
a far more flexible approach to 
planning controls. The GLC is 
also to renew its campaign for 
the ending, or Eurther relaxa- 
tion. of the Industrial Develop- 
ment Certificate system, a 
hangover from the days when 
governments actively blocked 
developments in the South East 
as part of their job relocation 
programmes. 

The GLC’s proposals iron out 
many of the planning con- 
straints faring firms willing to 
set up, or expand within Cen- 
tral London. But because of 
regional aid programmes, 
London's planners still have to 
compete for new employers 
against far more attractive in- 
dustrial incentives available 
elsewhere in the country. 

The London Chamber of 
Commerce recently underlined 
this problem in a special report 
on the capital’^ economic pro- 
blems. The t Chamber com- 
mented that f London is still 
viewed as a milchcow by the 
rest of the country,” in spite of 
local unemployment rates that 
rival any of Britain’s tradi- 
tional blackppots. 

London’s/fnjage as a basically 
wealthy cjty, not in need of 
special aid, appeared in last 
month's Commons debate over 
the GLC jl General Powers) Bill, 
when Parliament voted to cut 
the range of powers called for 


to deal with the problems of 
unemployment and ’•'population: 
drift. 7; 

These problems include a 
population declining'at the rate 
of 100,000 a year, while jobs in 
industry are being lost at an 
even greater rate — nearly 5 per 
cent a year. About one factory 
or warehouse in fivelies empty' 
and unemployment is over 15 
per cent in some London areas. 
On top of this much of the. 
capital’s housing stock was built 
before World War I, Math about. 
350,000 houses still officially 
classed as falling . below 
minimum acceptable standards 

It is little wonder, .therefore, 
that County Hall has a slightly 
jaundiced view of groups which 
claim that their regional' 
problems are greater than those 
of London. 

Yet to a certain extent, Lon-: 
don has only itself to blame!. 
Many of its present problems 
result directly from serious 
errors of judgment by both 
central and local government 
since 1945. Fears that London 
would become excessively 
urbanised and industrialised 
led, in 1945, to strict controls 
on new industry in London as 
well as attempts to steer ' com- 
panies out to the provinces. In 
addition, the Greater Loudon 
plan in the same year/created 
the “green-belt” anfl estab- 
lished the idea of encouraging 
large numbers of -people to 
move to “new towns” well 
away from London. Unfortu- 
nately these and other measures 
designed to prune the 
seemingly inevitable growth of 
London proved too successful 
as tbe decline in the working 
population shows. 

Between the early 1960s and 
mid 1970s, London lost about a 
third of its manufacturing jobs. 


This loss was seven, times tire 
; national average and meant -that 
-many skilled workers were 
forced away to find work,- thus 
creating skilled manpower prob- 
letos for companies left behind. 
’ But the jobs Joss failed to 
achieve the Government’s aims 
nf moving both work and 
workers to areas in need of new 
industry. Half of it was the 
result of companies closing down 
altogether and another quarter 
by i companies cutting back on 
staff: The result of this industrial 
decline was unemployment rates 
-well above the national average 
in certain areas and among 
certain groups — especially the 
young and coloured population. 

. The Department of Employ- 
ment does not publish a 
break-down of statistics for 
- London Boroughs. But 
unemployment in many of these 
is .well above the 5.4 per cent 
average for London as a whole. 
Poplar, for example, has an 
unemployment figure of almost 
45 per cent Many other areas, 
according to Job Centre figures 
provided to the GLC, also have 
figures much higher than the 
avenge — Stepney 13.9 per cent, 
Dejftford . 13.6 . per cent, 
Holloway'S.)} per cent, Fulham 
9 9 pA- cent; and Bermondsey 9 
per ce\jL And the figures fall 
in to perspec ti ve when it is 
considered that there are now 
more people unemployed in 
Inner London than in the whole 
of Wales. 

London’s problems, however, 
have not gone unrecognised. 
Since Mr. Peter Shore took over 
tbe job of Environment . 
Secretary just over two years 
ago. he has attempted to reverse 
the “ engines of exodus ” which 
have caused London such 
problems. Thus he has put the 
brakes on the highly successful 


•ship-”, ■ areas'-- :wv w W--«r 
ideutifyto# those £fe*rindstin- 

need of -ifelp, Tht&' tlie dock- 

lands c area ’ r hfv:Lfflwion.- the 
.adjacent -London - boroughs of 
Hacfcneyv, and;. Islington, ■ ; and 
flifeedftheieVeTi 
partnership:' . areas? designated 
by :the Government • These 
areas are- drawing up. a: tbree- 
vear programme for "action to 
start in' &&.. 3J&7&JJQ: financial 
year- Tbe existing urban ; pro- 
gramme’s allocation of £30m a 
year is to be iudreaaea --to 
£l25m a .year.-' The second 
means of help • is the . Inner 
Urban Areas BUI which is going 
through its final stages to the 
Commons. 

The Bill wQl empower local 
authorities to make. loahs at 
commercial rates Tor land 'pur- 
chase as wtil -as 'construction 
and modification of buildings 
and - 'installation of services,' of 
up to 90 per cent of the value 
of the land and buildings. In 
addition the Bill will establish 
Industrial Improvement Areas 
where local authorities can 
give' grants - or loans for 
environmental improvements 
or for' building complexes to 
provide new jobs. 

In specific partnership areas, 
local authorities .will be able to 
give grants . towards rents and 
to help companies taking on 
leases not owned by the local 
authority. And interest free 
loans for up to two years will 
be available- for bringing inner 
cities bade into use. 

The London Chamber of 
Commerce, however, • goes 
further and suggests that Inner 
London be designated as an 
assisted area . for a. limited 
period of ten years. 

In the: end, the problems of 
regenerating London are too 
vast to be dealt with by local 
government .alone. County Hall 
does npt: have the . powers, to 
reverse 7 ; the national planning 
policies that have accentuated 
London’s decline, nor does it 
have the cash resources fully 
to counter the effects of that 
policy. Although the -Inner 
Urban Areas Bill does recog- 
nise the problems of declining 
cities its benefits will be spread 
nationally. And it Is difficult to 
see bow London will be able to 
wield tbe political influence 
necessary to attract sufficient 
additional central government 
support to move beyond tbe 
stage of tinkering around the 
edge of the capital’s problems. 


MEN AND MATTERS 


Scooping francs 

in green fingers 

Locust clouds of financial 
journalists have descended upon 
Paris for the meeting of OECD 
ministers, but it was the really 
important happening which 
drew me to the French capital. 
I refer to the exhibition of 
gardening equipment behind 
the residence of Sir Nicholas 
Henderson, our ambassador. 
Although Britain may be having 
trouble in exporting motor cars 
and textiles, take comfort that 
we are doing great business 
with hedge trimmers, plastic- 
covered rose trellises and lawn 
mowers. 

France has become a prime 
market There was a sense of 
sylvan euphoria as I strolled 
with Sir Nicholas amid the 
astounding scene in bis back 
garden, hardly a flowerpot’s 
throw from the Elysee Palace. 
More than 40 British firms have 
set up shop on the ambas- 
sadorial lawn. His Excellency, 
himself a renowned gardener, 
never flinched as a man from 
Stanley Tools stabbed a forest 
of shears Into the grass. Else- 
where. final nails were being 
hammered into a summerhouse; 
formidable stacks of fertilisers, 
all labelled in French, awaited 
the hundreds of wholesalers 
and garden-centre owners 
invited to the show; and 73-year- 
old Harold Hiilier of Win- 
chester. doyen of British 
rmrserfmen, surveyed his glow- 
ing display of shrubs and plants. 

Hiilier handed me his price- 
list. starting (at two francs 70 
centimes) with Abutilon mega- 
potamicum “ Variegatum . " 
Definitely a show for the cogno- 
scenti— but one lawn-mower 
firm took £5Q0,00O-worth of 
orders after last year’s 
inaugural promotion. “The 
French have become a nation 
of gardeners," Sir Nicholas said. 
“A lot of them have second 
homes nowadays.” But why do 



“I’m going to complain to 
the Foreign Office! ” 

they buy garden equipment 
from the nation of shopkeepers? 
Aubrey Carroll, an exhibitor 
from Liphook in Hampshire, 
who specialises in garden 
arches, said cheerfully: •'The 
French manufacturers are 15 
years behind." 

In one corner was a ready- 
made pond, adorned with a 
plastic nymph and a frog that 
blew water out of its mouth. I 
thought Sir Nicholas viewed that 
exhibit with a gentle disdain. 
Perhaps he recalled an article 
by some wretched intellectual 
in Le Monde after the 1977 
show, mocking the English for 
exporting garden gnomes. We 
can take it. Yesterday the sun 
shone and the orders were 
blossoming. 

Minister’s choice 

Having emerged from the 
embassy shrubbery, i collected 
a titbit from the OECD. The 
man most likely to succeed to 


tbe job of president of the 24- 
natioq Council of Finance 
Ministers is 40-yearold Dr. 
Hanofes Androsch, Austrian 
Vice-Chancellor and Finance 
Minister. After almost certainly 
being elected in Paris today, be 
will fly to London for talks with 
Den^s Healey and Harold Lever. 
Androsch has held Austria’s 
purse-strings for more than 
eight years and wants a change 
of interest. 

The post he had half coveted 
of ? president of the Austrian 
National Bank went to the 
articulate Opposition spokesman 
on economic affairs, Stefan 
Koren. Androsch wrily said: 
“It’s like making Jove to Sophia 
Loren. If there’s no possibility, 
you don’t even think about it 
I knew my own Socialist Party 
had other plans for me.’’ 

Milord ffies out 

I strolled around to the rue du 
Colds ee, just off the Champs 
Elysee, in the hope of chatting 
to Lord Brooke. But the man 
whose name makes the British 
art establishment shudder 
apparently feels that Paris is 
too dose to home just now. 
While the NationaJ Gallery 
leads the last-ditch fight to save 
for Britain a £250,000 Canaletto 
of Warwick Castle, Brooke’s 
family home, he has flown off 
to Idaho. I am told he will not 
be returning to Europe until 
September. From Idaho he will 
go to Bermuda for the summer, 
well away from criticisms of the 
manner in which he has already 
sold off more than £2m-warth 
of art treasures from the castle, 
with more in the pipeline. 

Brooke has made it plain to 
friends in France that he 
intends to keep on disposing 
of the castle’s contents — includ- 
ing pictures by Van Dyck, 
Rubens and Kneiler— -when the 


market is right. He keeps in 
close touch with his Bond Street 
agent. There is also much silver 
armour and antique furniture to 
be auctioned or privately sold 
In all, Brooke may accumulate 
£5m. 

In Paris. Brooke— who is 44 
and divorced — leads a busy 
social life. But he keeps away 
from journalists. He is known 
to believe that Britain will soon 
be under an extreme left-wing 
regime, so that he must realise 
the family assets while be has 
tune. 

His father, the Earl of 
Warwick, has made over the 
castle an its contents to Lord 
Brooke. Tbe earl is also a tax 
exile; he lives in Rome. Asked 
on the telephone how he feels 
about the family home these 
days, he has said: “It stinks of 
old shoes, old socks and wet 
mackintoshes. It is up to tbe 
Government to decide whether 
It wants to preserve it or noL” 

Peter in Paris 

If an Ecology Party is formed 
in Britain, a likely leader will 
be Peter Ustinov. He is in Paris 
to address a "UN-sponsored 
“Round Table” on the theme: 
“What world shall we leave for 
our children?” Ustinov tells me 
he played a large part in pro- 
moting the gathering: among 
other speakers is Princess 
Caroline of Monaco. After 
enthusing about tbe ecologists' 
recent election success in north 
Germany, Ustinov in his droll 
way told me about a Swiss 
woman he had met lo Kenya. 
She had been sleeping beside 
a swimming pool and awoke to 
find a deadly green mamba 
entwined around the leg of her 
deck chair- As people rushed 
up to kill it, she cried: “Stop — 
you are destroying the ecology 
of Africa!” 


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in 


Financial Times Thursday June 15 1978 


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21 


ECONOMIC VIEWPOINT 


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.' w A lecture to a Chicago au rij. 
once earlier- this year I stuck 

EriwSf rL &Ut by Sayins lhat 
Brim .Governments had turned 

a 6ir J?? 1 ? Qn bud set deficits 
b * ex «e8S monetary 

fSr?T' bBcause of ae repeat/d 
^ at such Growth 
raerefy knocked sterling without 

Wi*??*® 0l f tput 0n o*hw 

hand, the real problems of s i ow 

2?\« hi0h ^employment 
• Vte 5 e . stl11 very “ueh with us 
f” d bad indeed been aggravated 
by recent policies. 

The readiness of the Cban- 
ceUor to tighten credit and raise 
taxes in the run-up to an elec- 
tion. at the first signs of run- 
away monetary growth, vindi- 
cates my optimism on the first 
point. But the particular .vay in 
which be has ebosen to close 
the fiscal gap alas vindicates iny 
pessimism on the second. 
Labour. Ministers righteously 
repudiate monetarism and em- 
brace policies for improving 
grass roots performance. Yet u: 
practice they have been oreity 
good monetarists but terrible 
microeconomists. 

' An example is the National 
Insurance surcharge on which 
Healey has been try- 
fas fa have it both ways. 
Either the surcharge will 
-be passed on in prices-— 
in which case it will be no 
different from an increase in 
VAT or other consumer taxes; 
or it will be absorbed by em- 
ployers. In the latter case It 
will act as a tax on labour and 

discourage employment. If — 

as is likely — it is partially 
passed on, there will- be some 
increase in prices and some in- 
duced unemployment. There 
is no miraculous way in which 
It can raise revenue without 
doing , one or the other or a 
mixture of both. 




The adverse effect on em- 
ployment is similar to that aris- 
ing from a successful bid by 
unions to increase real wa^s 
which prices their workers 
out of jobs. Interestingly 
enough, an abortive proposal 
for a surcharge on employers’ 
contributions first appeared in 
the late 'Mr. Selwyn-LIoyd’s 
1B61 Budget — when it was 
regarded as a remedy for 
labour shortage. 

There is also the effect on 
the Industrial Strategy. The 
latter seems to consist of paying 
out to companies through the 
Department of Industry back- 
door, cash which has been taken 
away via the Treasury front 
door. Policy becomes even more 
schizophrenic when taxes on 
employment are combined with 
employment premia under job 
creation- schemes. 

What would I have done? No 
hindsight is required. The* 
indexation of the personal tax 
allowances, of the starling point 
of the higher Tates and of the 
specific duties has been con- 
sistently urged in this column. 
Thanks to Parliamentary inti'tia- 
tive Treasu ry Ministers have 
been forced to accept the in- 
deration of the allowances: but 
Ministers have never even pro- 
posed the indexation of the 
specific duties as a quid pro 
quo. 

A Treaury Minister, Mr. Den- 
til Davies, told Parliament on 
February 21 that the non-indexa- 
tion of excise duties cost ihe 
revenue some £400m a year— or 
most of the cost of the Ip cut 
in the basic rate. forced through 
by the Opposition for 1978-79. 
And it would not have been 
beyond the wit of the Treasury 
to squeeze £1 00m. 'or so out of 
the extra public expenditure 
authorised by the. Chancellor for 
this year — indeed before an 



The Bank of England fears that a change to more direct 
methods of controlling the money supply would increase the 
volatility of short-term interest rates. 


flection au “estimating change" 
would probably have sufficed. 

* *■ ★ 
POLICY MISTAKES usually 
have mui-h deeper roots than 
technical errors in implementa- 
tion; and technical gimmicks arc 
too often welcomed by politi- 
cians in an attempt to avoid real 
choices. 

Yet the present method of 
controlling the money supply is 
one of tiier exceptional rases 
where technical failures really 
are to blame. 

Indeed periodic crises are part 
of the system. Draconian in 
creases in short term rates, and 
tough gestures in other spheres, 
axe required to convince the 
financial markets that a turning 
point has been passed. From 
then on the expectation is of 
falling interest rates and tbe 
Government is able to "fund" 


its borrowing requirement with 
some ease. 

But this benign process has 
limited life. For the farther that 
gilts rise and the more that MLR 
is dropped back, the less there 
is for the market to go for: and 
the more likely it is that the 
next shift in interest rates will 
be an upward one. So the mar- 
ket for gilts dries up; and to 
stimulate it. wc need another 
crisis with interest rates being 
jerked up yet again; and thus 
we commence the next cycle. A 
significant fraction of Mr. 
Healey's 14 budgets have been 
due to this bizarre technique. 

The main defects of the pre- 
sent system are succinctly set 
out, together with a suggestion 
for a new control mechanism 
by Nigel Duck and David Shep- 
pard in the March issue of the 
Economic Journal (published 


by the Cambridge University 

Press). 

Like must promising pro- 
posals, this, one is basically 
simple. A proportion of clearing 
bank deposits with the Bank of 
England would be reclassified as 
Reserve Deposits |RDs>. Other 
banking institutions would also 
be allotted RDs which they 
would acquire through sale of 
Government securities. 

The authorities would set a 
ratio of RDc to bank deposits 
and deviations from this ratio 
would be subject to financial 
penalties. The Bank of England 
would control the money supply 
by conventional open market 
operations. If for instance it 
wished to reduce the money 
supply, it would sell Govern- 
ment securities to people and 
institutions, who. when they 
wrote their cheques in payment, 
would be reducing the deposits 
of their banks with the Bank of 
England. The latter institution 
would immediately debit the 
banks' RD accounts by the 
amount of ihe security, thereby 
leading to a multiple contraction 
of deposits. 

This is basically a cash ratio 
system with modifications. One 
of these is that variations in 
public holdings of notes and 
coins would nor have a multiple 
effect on the money supply, as 
they would under a pure cash 
ratio system. The other is that 
the Bank of England would be 
able to make an extremely cloce 
estimate of the money supply 
on a week to week basis, simply 
by looking up the number of 
RDs outstanding in its own 
books, and multiplying them by 
the reciprocal of the proposed 
reserve ratio. 

Like any cash ratio control, 
the Duck-Sheppard scheme 
would divorce monetary from 
fiscal policy and make tbe Bank 
and Treasury Separately 


accountable. An excessive Gov- 
ernment deficit would still 
increase loan demand and push 
up interest rates, but the precise 
method of Government finance 
would no longer be crucial for 
monetary policy. In particular 
the issue of Treasury Bills 
would no longer be inflationary, 
as Bills would no longer count 
as reserve assets. 

The Bank of England's 
advisers are said to be hostile 
to such ideas because they 
would supposedly increase the 
volatility of short terra interest 
rates. Readers are referred to 
the chart for an illustration of 


hardly surprising that changes 
in exchange rales and in the 
price of manufactured goods 
have roughly offset each other. 
Internationally traded products 
are likely to he. sold at a com- 
mon price level if they are to 
attract any buyers. 

The main short to medium 
term effect of exchange rate 
changes is on the profitability 
of countries' international 
trading sectors. Contrary to the 
belief that exchange rates have 
not worked, the table shows a 
dramatic shift in relative profit- 
ability in the right direction. 
This is demonstrated in the 


EXCHANGE RATES AND COMPETITIVENESS 



1% chances March, 1973 to May IS. 1978) 



Nominal 

Real rate 

Real Rate 


effective 

adjusted for 

adjusted for 

Currency 

exchange rate 

manufet. prices 

labour costs 

Sterling 

-32.0 

+4.2 

-4-0.6 

US. Dollar 

-~).7 

-25 

— 16^ 

Yen 

— 16.0 

— 4.1 

H- 29.1 

Mark 

-i-30.0 

-1 2.4 

- 2.0 

Fr Franc 

- 8JJ 

—2.8 

- OJ 


Source: World Finonclal Market ,. May 197a. AlarpHt Guaranty. Ne# York 


the great stability of interest 
rates under existing methods. 
Maybe the Bank experts do not 
sufficiently distinguish between 
the loss of day-to-day control 
over short-term interest rates, 
which is one thing, and 
volatility in the movement of 
rates, which is another. 


“ LARGE CHANGES in 
nominal exchange rates have 
usually been associated with 
small changes in real rates and 
therefore with only small 
changes in competitiveness." 
These remarks of Mr. Gordon 
Richardson in Berne this week 
are illustrated in the table. 

Unfortunately, there is a 
danger of wrong conclusions be- 
ing drawn from such data. It is 


right hand column for the two 
countries with a major current 
account imbalance, the U.S. and 
Japan. CA negative sign means 
greater profitability in the 
trading sector./ Little change Is 
shown for the UK and Germany: 
but the UK is so far this year 
almost in current balance, the 
May trade figures notwithstand- 
ing, while the German surplus 
makes an extremely small con- 
tribution to world imbalances. 

Exchange rate changes do 
affect comparative inflation 
rates, and by far move than 
most economic forecasters 
would admit. But exchange rate 
changes do not just happen, but 
in turn reflect different national 
rates of monetary expansion in 
relation to the growth of pro- 
ductive capacity. 


Exchange rales cun for a time 
be shifted from their under- 
lying paths by events such as 
changes in portfolio preferences 
by reserve holders, nr hy North 
Sea developments or American 
oil imports. But such events 
fan have a lasting influence 
only if they in turn affect rela- 
tive rates ol monetary expan- 
sion in the countries concerned. 

This is important in relation 
to European monetary union for 
which I expressed some quali- 
fied sympathy a few months ago. 
What l had in mind was mainly 
the development of a Europa 
as a new international trading 
currency, an alternative to ex- 
isting national ones. There is 
also something to be said for the 
gradual harmonization of 
national monetary policies to re- 
duce differences in underlying 
inflationary rates, and thus re- 
ducing exchange rate divergen- 
ces by an indirect but sure road. 

If. however, monetary union is 
t» mean forcing exchange rates 
back into the snake — or into a 
constrictive new version known 
as a boa — by means of official 
intervention, then the result is 
likely to be capital and trade re- 
striction- - . followed by forced 
devaluations, as in past such 
attempts. 

ir i he newly disinterred 
central bankers' dislike for 
floating rales is 1 " mean pres- 
sure on the U.S. to " do some- 
thing" about the dollar, then 
the result emild be more painful 
still. Too many people have 
forgotten the U.S. import sur- 
charge imposed by the Secre- 
tary nf the Treasury. John 
Connallv, in 1971, which nearly 
resulted in a trade and 
currency war. it i.\ nut world 
currency problems which 
should alarm u>. but their pro- 
posed solutions. 

Samuel Brittan 


Letters to the Editor 


Education in 
engineering 


Once the MFA was' agreed those a char by-product from solvent 
Involved in the industry hoped extraction processes is an added 
that the industry would, through reason for choosing a carbon 
Improved productivity, etc., be water splitting route to obtain 
able to compete is the market of hydrogen. It is interesting that 
the I9S0s. and while this silua- present day German interest in 
tion was being brought about, gasification of coal using nuclear 
the Cummission would marshall heat considers direct beating of 

MCA .. i I ... . 


F ro.4 the Secretary, 

Vie Institution oj Mechanical 

Engineers. — „ — . ... . 

Sir— -Tha loi-tor Mmio Ri fmm llie MFA - . .. the coal gasifier as a specifically 

the Pro-VicSancellor S of f ^ We now find dufwjves in a better route than electrolysis. 
UniveSir nf Bradford on So position where the -Commission Even so. the economics of a 
introduction 0 ^ of B exiended decree has made a deal with Portugal nuclear process do not look 
courses in erSneenne^ tfrnelv Wlthaut consiUtatioq£fcr even specially favourable. unless 
• Th??nfrin«ri™ nf agreement of tbe meniifaer states, optimistic assumptions are made 
iSi? S?!v» !S£h & h«c Prlor t0 ^ the-: Commission, about healing performance in 

again m a R reeraen * the ** gasifier, with much higher 

^ ied .^ 0 -^ ep i ?_. c l 05 l manufacturers. reached^- an, coal cost than currently foreseen 


EZZiE&ZS. manufacturers. reached -, an, caul cost than currently foreseen 

rtS»°!SS'Tito understanding concraung -pro- in % UK. Problems of coup- 
yery concerned at the possible ductitm levels QF ' man-made UnfTtiuclear heat with the coal 


. . . wni.jyiiuh„ k<«- »u cut- win. riuurciiis m 

ductioo levels q|\ man-made ling\uclear heat with the coal 
implications -rf what Is now being fibres which will 1/ itself bring gasifier also tend to be mini- 
mtrodueea; . ■ 1. ok the word a 5 0jlt further /n employment mised bv protagonists of nuclear 


Distribution 

strategy 


" , „ - - «v»cs nuiv4J ‘w-'f gB&ia of suau icjiu iu uc juiua- 

... J about further /nemployraent mised by protagonists of nuclear 

tned deliberately .because Again, member /tates were not gasification, 
thrre has been very tittle con- involved in iba'discussions, and As Mr. WhalJey says, these 
sultation with the profession. were only advised of the outr programmer arc long term of 
.. .The Institution believes thax. come. t their nature, but a fair amount 

given good entry standards, three j, f the UK textile industry is of thought is being put in at 
years of academic study is sui- pressing the EEC Commission present and international views 
Relent to reach an Honours level ( or assistance for analysis in the of the past as well as the present 
in. Mechanical Engineering and individual sectors ot the iadus- are not being excluded, 
at the same time cover the basics perhaps we should accept A. Baker. 
of coo-engineering subjects like that go far aS the textile Indus- uns. Lower Groscenor Place . 
•accounting, economics and com- - m this country is concerned SWL 
mumca cions. The majority of there are three partners : the 
mechanical engineering courses employer, the employee, and the 
acceptable to this institution Government (who to d ate have 
already do this. Such a three- given considerable public funds 
•year degree, plus a further two to this industry), and if any one 
. years . of training, preferably party seeks with the Commission 
integrated, in the practice of a ptan, then l would suggest It 
engineeritig, is we believe, the is doomed to failure From the President, 

ideal fownula. We do not sup- Your quote concerning the new ^ British Transport Oflicers’ 
port the view that an extension Carrington Viyella spinning mill Guild. 

of the academic period is jus- at Atherton does highlight the ■ rif 

t led in order to include a larger growing problem of ^ade Sn^Sd 

nmnnrtion. of rthn^ngineeruia causing further unemployment IOUT railway iraae unions ana 

i' u « E-fcJBW- jjjjsj* 

- practical training at first degree P! oye ^ * a ' ii UI narties both tribution problems have not been 
level should be to produce an plan inv P degree an grven the serious consideration 

engineer who is broad based and on a accerted^ a^nX ^ey warrant. This has resulted 

sufficiently competent in. the EEG basis, is accepiea. uuv ]n a Wh „, J# . 0 s 0 |„ D n3 i^ 
basic skills' to make a .useful a Commission dictate, 
contribution in. tbq shortest pos- £nger Besom 
slble time It is neither desirable East -Road, 
nor indeed" possible to cram a .LonffSifitftt, Manchester. 

"complete education for lift Into . 

the first degree course. .WhBt is 


government to force out of the 
pockets of the rest of us, the 
revenues needed to pay the 
the bloated public sector wages 
and salaries. This legalised extor- 
tion also has to meet the cost of 
those services no longer being 
provided, that is the payment of 
index-linked pensions from the 
proceeds of other people's taxed 
income. 

Unless radical changes are 
made to the magnitude of the 
public sector expenditure, heavy 
taxation will continue, either by 
resort to tbe printing press, or 
by the continued plunder of 
private sector incomes to meet 
these open ended expenditure 
commitments. 

It is no argument in defence 
of the public sector to state that 
their members also pay taxes. A 
highwayman who robs you of a 
£100, returning to you £33 so that 
you might not starve (with some- 
thing left over for your return 
journey home) cannot be said 
to have behaved particularly 
generously in having deprived 
you of only some two-thirds of 
the contents of your wJUet. 

Tax cutting rhetoric may lie 
fun for competing politicians 
buying votes with the electors 
money. The problem is much 
more serious and fund-tmental: 
the public sector needs :• drastic 
pruning. When that ha* taken 
place, lower taxes will follow — as 
daylight follows the sunrise. 

N. A Bilitcb. 

6, Rusholme Road , SW1S. 


Rewards of 
productivity 


attitude ^ towards . . contio uing Producing oil ; 

from coal 

higher. status’ to the hew courses From th e Bead of Economic 
in. relation to its membership Assessment Service . NCB 
reqiurements ahd in its extensive ([nternational Energy Agency: to cost etc. 
contacts ^ ’ schools and s-rSces). aooraisal alons 

eareere advisers will continue to 

.. - -rtaOTM 


In a very high price being paid 
]□ economic and environmental 
terms for alleged convenience 
and the avoidance of having to 
think about a distribution 
Strategy. 

. It is to be hoped that company 
chairmen who have not already 
done so will take tbe example of 
Monsanto to heart. They should 
ascertain how their existing dis- 
tribution systems work, why they 
■are doing it that way, what they 
are costing, what they want them 
to cost *tc. An objective 
appraisal along these lines would 
a professional 


— - — r _ _ , . . . AISTI/iLEdJ, “* ■ _ 

eareers^advtsers will .continue to whaLIey (June-2)- Is- * ntrodu ?f . * - ... 

promote -• the ’ ithre£y®ar degree •• ti 5r or to 1930s *PJP«»acb into an area of Indus- 

Vti te right ^ -stith^exoerieace trial Jife That has bad more than 
comuuiBB ... ... , a „, - German and Bntisn^ex perience & touch of the enthusiastic am a- 


leading to sound developments . e wJt h .several 


nente .R^ych.Jjh have a coiiaoore. Cross Station. N.2. 

•SStoSrfSif education and programme jejtd 


leading 

jineering 

tratiuhg. but .feels .unable to 


support -th«& r la.test' hutiapye. 

Alex McKay* : w, 

1 Birdcage'Watk.SwL 


Tax cutting 
rhetoric 


over 


Live --- - . 

countries (including the u.a. ara 
Germany) which shores ■. 

and experience in the economte 
- analysis .and deveiopment^of . 

. new processes compared wHi 
. V old. Mr. WhalJey's figures alone 
" indicate that:the ratio of. coal . . 

east to synthetic gasohne cost jry^ ju r . K. A. B flitch 

; would be roughly, halved by hhbiv g ._j it as axiomatic 

rent development ana mos ^ a f us would wish to 

ignores the likely valuef rmnus? ^ before long, an era of 
‘ bf Tower grade by-products- from myG jj j ower taxes, with a good 
•./ - the "newer processes, -ine ra- existing taxes abolished 

- 1 -efc.w - - creased- sale envisaged -tee altogm ber. Vital is much less 

ttnaewriat-sw^:- newer processes is an aaoinonat ap p rec jated. is a proper regard as 
fe^^Att^ghvTOM.infe.nnea benefit' to ' their economies. .: t0 what aay substantial cutting 
a jtiqj^'tfUBe.ii2>;.m : the;3offlnraR > ; „t bvdrogen. is hank hn tax revenue implies. A 


From 

Aswwirtibn-^ T&hni&ti 0 ** 


arSefs (June. 12);. on JheJoomtoR : Manufacture of hydrogen is &ack bn tax revenue implies. A 
battle -EEC necessary concomitant considerable proportion of 

good reading.. them are ! behove ^ «»fined coal liquefaction taxation represents a complsory 


>»«» v 'tLTw— * . fnneea a nccessaij vw, — - — vuumuciuuis -- 

rood reading,. there, are ! believe refined coal liquefaction taxation represents a complsory 

a numbeL.c^Js^/to^ro mrt an{J a re cent report to i ev y by the pubtic sector on the 

known tofbe general.piWfc. lK Coal incomes and capital of the private 

^ SS SdrisO? iSted *M -ratae sector, wtereby the sUpends ot 

made known r by many of those ** m various th» former are kent at levels 


thi. EuB)peah‘ComiiUttM»-ffltt*in- ' a recent -UB. sector is now the most efliciently 

SSSSSr Visebnnfe: P*?**™' •SmtmSS with coal at organised oF coUective extor- 

StoSsh aooply S t K® « w0, * ld *» «” nra whose P""' 1 '?, 1 

recent Multi-Fibre Agraement: curre J 1 c ^.-pensive- to ^prevails in the councils of tbe 
5£ SSSeSogeli via electro-.. W Its members' jobs and 
Jwnt agreement of {g- f/^Van'to produce it from eo£ enhanced remuneration can only 

S f atUtnAs. .token -to to SSaon (510 e> B P^ 


extent that 
sector 
central 


From Mr. Michael G. Moon 

Sir, — With reference to Ruth 
Kosmin's letter (June S — The 
rewards of productivity), our 
experience seems to support 
much of her academic research. 
What Is not too clear from her 
letter and forecasts is the 
current trend in the distributive 
and services sector. 

Higher productivity Hill in- 
deed depend on increased effici- 
ency. but this is likely to co.ne 
through greater use of techno- 
logy. In the distributive and 
services sector the emphasis is 
on the white-collar worker — :in 
expensive investment rising .«t 
the rate of 6 per cent per annum. 
At the same time, the cost of 
Dew technology in this sector is 
falling. This must create the 
situation which has already 
occurred in the manufacturing 
industries, whereby jobs will be 
lost to automation. What the 
"white-collar" industries have 
to face is, in fact, a "techno- 
logy explosion," not unlike that 
which has occurred in manufac- 
turing. 

The problems are,- however, 
different. Manufacturing indus- 
try has a tradition Df training 
and re-training. The distributive 
and services sector, on the 
whole, do not Whether they 
will be able to reorganise them- 
selves physically and intellectu- 
ally to meet the changes is an 
interesting question. 

My organisation has become 
heavily involved in the study uf 
“ information processing and 
communications," with particular 
emphasis on the impact of 
technology on Ihe office environ- 
ment. Jt is clear that the 
majority of medium and larg>? 
companies in the UK have not 
yet looked closely enough ut the 
potential problems. It is clear 
that the acceleration o[ techno- 
logy in the now integrated areas 
of computing, telecommunica- 
tions, and administration is going 
to force a faster pace of change 
than most people arc prepared 
for. 

Michael G. Moon, 

Director. 

Hand ley- Walker Company. 

Essex House. £7, Temple Street. 
Birmingham. 


GENERAL 

Presidenr Ceausescu visits 
British Aerospace, with which a 
preliminary agreement has 
already been signed by Romania 
for S2 BAC 1-1 1 short-haul 
airliners, and later gives dinner 
In honour of the Queen and Duke 
of Edinburgh at Claridgos. W.l. 

Foreign and Finance Ministers 
of OECD end iwo-dny annual 
meeting in Paris. 

European Parliament in 
session. .Strasbourg. 

Kina Junn Carlos of Spain on 
official \i$ii to China. 

The Queen visits Lord’s during 
the first day's play in Second Test 
between England and Pakistan. 


Today’s Events 


Prince ol Wales visits Three 
Counties Agricultural Society 
Show. Malvern. 

NALGO conference continues, 
Brighton. 

Mr. K. Marks, Under-Secretary, 
Environment, inspects experi- 
mental pipeline for carrying 
waste from Horden Colliery, 
County Durham, out to sea. 

Lady Mayoress opens photo- 
graphic exhibition of “The City 
in the Blitz" at St. Botolph, 
AJdgate. E.C.3. 12.30 p.m. 
PARLIAMENTARY BUSINESS 

House of Commons: Debate on 


Fishing, followed by debate on 
Official Secrets Act. 

House ol Lords: Wales Bill, 
committee. Co-operative Develop- 
ment Agency Bill, report state. 
OFFICIAL STATISTICS 

Index of industrial production 
t April, pro-.isionsll. UK banks’ 
assets and liabilities and the 
money stock; and London dollar 
and sterling certificates oE deposit 
t mid-May i. 

COMPANY RESULTS 
Berisfnrd IS. »nd H'.> (half- 
year). Chloride Group (full-year). 


English China Cl?y« t half-year I. 
International Timber Corporation 
l full-year i . Tate and Lyle 
(half-yearly figures). 

COMPANY MEETINGS 
Alginate tnds.. Charing Cross 
Hotel, V..C, 12. BSG In till.. Savoy 
Hotel, W.C.. 12. Bunzl Pulp and 
Pnncr. Abereorn Rooms. E.C., 
11.30. Combined English Store*. 
Dorcbesier Hotel. IV.. li'. Oort* 
tiunl_ Connaught Rooms. W.C.. 
J2. Grampian Telei isiun, 
Aberdeen, 12.30. Lead Inds,.. 14, 
Gresham Street. E.C.. 12. 

Moorhouso and Brook, Hudders- 
field, 11.30. Porter Chadburn, 
Liverpool. 12.1 S. Usher-Walker. 
Connaushi Rooms. W.C., 12. 



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Lofs 9 — 


DIRECTORS OF Lundun siiid 
Owreras Freighters ?v>wnl»y 
announced an £8.32 in tumround 
to a Ll.ftltm aflributablc loss fur 
the Jlurt-h St. Mffi. year, and the 
pass i ns of dividend os part of 
stops lu conserve the cash 
resources of the eomponj. 

They *iy that although no cash 
crisis facts the group in the 
immediate future, ciirteiors are 
seeking the agreement of its 
bankers— and of the VK and 
Sv. edish G u •: ernmfius :»s 
guarantor* — to m deferment oT 
gome loan repayments' 

"The aim is to conserve our 
cash resources n> avoid running 
into liquidity problems before we 
achieve a positive cash How 
again." 

Last year a SJQOTlip net per 
23;« share dividend whs paid 
which including las cost IJ.Sm 

tn ihe latest year ihe trading 
lo>s was LT 72m compared with 
re ::m previously, while the ncl 
iricrcst charge was uj> from 
£■ 1 . 0 ! ini rn ro At half-way. 

Hit? ailrihuiabie lo&s was £i.4‘Jm 
li '1 4km profit;. 

Directors say ihe cash surplus 
generated by the fleet was 
ntsignilieant compared 'nth 
airribuLible outgoings m respect 
r*t loan hnere-l and repayments 
and pay men is Tor new ships 
brought imo service in the year. 

The result was that group cash 
resources tlropped £5.74 in 10 
£S.3Sm in the period, despite the 
inflow of dividends, interest ami 
the proceeds from the S3le of 
umi ships. 

These ca-h resources may. 
however, be augmented al the 
appropriate lime by ihe sale of 
the r.i«m ««f Government stock 
received as interim compensalion 
u n the naiionnlisatiun of Ausiin 
and Picker.sgill. 

Although the group has nu 
ships on order and therefore no 
capil d e\pendi>ure commitment 
this year, loan interest and repay, 
men is «t ill to: a I sonic film., and 
directors say it .should he im- 
prudent to rely on the fleet 
making any significant cash con- 
tribution. 

The Heel may even make a call 
mi file cash resources and they 
.-ay " it is rot difficult to see that 
the prospective rate of depletion 
of our reserves gives u.% cause for 
concern." 

They sav L« 'FS is on a survival 
coiir-c and l ha l directors arc 
(letcrmined io ^et- ji through the 
pro-sent sinnip in good .-hupe. 

They say mere will be inure 
conijK'iisalion coming for Austin 
and Pickcrseill sume time in the 
future. Tic- contribution from 
A iv P ihiv year \*a- limited to a 
£ii. .ini dividend for the dune .10 
f|u:Tler against £ I Hm last year 

The group has taken no account 
"f interest which will eventually 
be received on the balance of the 
compensation yet to be agreed. 

Ship sales in the year yielded 
El.TRni i £'.24 in > while realised 
b»s-«s on the repayment of 
foreign loans totalled £u.8iim. 
against EiiSDni The attributable 
fliss IS after JNkJ.WW from minori- 
ties ti’u.grim to minorities) and a 
£fl.7!ini ts.n.HSnii share of associate 
ccn-ipany looses. 

Directors say that or Ihe group's 
«.:l3 27m Eurodollar borrowings 
repayable between now and WST. 
the i-ost of repayment would 


INDEX TO COMPANY HIGHLIGHTS 



Westland Aircra; 
passes interim 


■'•V -r inapcial 

DIVIDENDS 




AttM- Retailers 
AiCancp inv- .. 


D'ate->: -‘Coa& ' 

of spebdiaSi' 

curr ^ naimfent’ vyeatr^. jfear .. ’ , 

payment Pgg^ 6>TO .*»*.■ - r - ; J ! 




Current 





Company 

Allred Jtetaiter*. 

Avenue Close _ 

CompAir _ 

Country & New Town 22 
Fidelity Radio 


Pag e Co t. 
~~2 4 7 

M 3 


23 


Company Page jCol. 

News Intn). 22 7 

Nichols (]. N.) (Vim to) 23 3 

Northern fng'fi - 25 6^ 

Nottm. Brick 23 7 


23 5 Parrish (f. T.) 


Gt- Portland F scs -__ 

Hartw ells Gr oup 

Lasmo _ . _ . _ 

London & Oversea^ 
McNeill Group 


8 Robertsons Foids 

3 Staveley Inds. 

3 Warren Plantations 

2 2 1 Westland_Aircraft_ 

23 7 Wheway Watson 


23_ 

~22_ 

22 


25 6 

~24 1 

p r 

23 6 

22 S' 

22 2 


Wink on the terminal .it Si: limn 
Vog i< continuing hut h ,s 
.■.ufficiuntly. advanced to rev*'*'' 
and load N'inian oil when prndsn - - 
timi suit is. 


Country & 
New Town 



made against its helicopter achieved, and likely tir 
operations fast year might be f n the Yeovil helico 


uyciauuns iasi jmr uusm- in me teovu neucupur lauiury. stavdcV 

substantially increased in ihe Tbat amount may be sg great as Smigiea-Besi !!!. 

currenl year. last year or even mores. V TrHoat' Printers L iS: 

Last year the group made pro- . Delivery of) relicop^. I Inelud* just * General Trust InL 
visions of fBIm against both mg the Lynx, has imposed in the Wartea Plantations .. 


10.05 ' 
0-53 




d.SS.vr-‘DJS^“|i 


Whewax lVatsoa * n . t prcept \vltere jrCbem36.5&tB* ' \ >} / . ■ 

- tfrtMfendti shown pence PJJ ftr 2p : 

, . volant after aUOWlpK . J.« . .. + , •- 


exceed the book value by IU.!i9in 
at " exchange ruling .11 

.Mnrcli "1 1U7S. They have, hovv- 
"ever, adopted ihe procedure of 
writing off cgchuiige ios-es in Ihe 
year in which rhey are incurred 
and no provision has been made 
o gainst the iioiontial increase in 
repayment cw-A - "- 


Wheway 
Watson 
up 23% 


»idiary should show increased 
probability in the coming year. 
Mr. Riggarr comments. 

The better trading results at 
Wheway Watson (MEi during the 
last six months of the year is 
enni inuintr and an increased c«n- 
tnbuiion is expected from this 
company. 

Felco Hoists had another good 
year and ihe year ahead is 
expected to be equally satis- 
factory. 

13.T 7S IP7t, TT 
t i 





f.rgi.jie 

lo.oM. r.f 

Ti-ddm^ iiriifti 


nvi.rss 


lili<?ri-.t . . 

... 

1W.4.-JI 

■-M5.U9II 

Pretax profit 


7G5.6BB 

U4.B01 


... 

lN|.:r.-.: 

2U.«9J 

‘iPl lirnhi . 

... 

5s 

Mfl.Tli’l 

• "III l.lc-iul-' . 


I’m.-HKI 

1 

Jlfl.-lll.l-J 





WITH TAXABI-K earnings of 
£4SJ.S72. against i -J 24.0K7. coming 
in the second half. Wheway 
Watson Holdings linished ihe year 
tu April I. IWW. with full-nme 
jirofil '!?. per vent ahead from 
r 024.801 10 £7ii3.iiWS. Sales by ihe 
chain-making, engineering and 
fnrging group rose lit per ■rent 
lu £l2.:t4m against flO.tilm. 

The year-end tola I of reserves 
ai X4.23S.727 was more than four 
itmes the i*t»ed cnpiiaL In order 
to bring Ihe isnrd share capital 
more into line wiih the eapiiul 
employed in the business, it is 
proposed 10 increase the com- 
pany’s authorised .-bare capital l.»> 
fl.ani to rim and to capitalise- 
n.ofH.4»2 of ilio reserves and 
applv this sum to increase the 
nominal value of the shares in 
issue from 3p per share lo lUp 
per share. 

The improvement in the 1 m 77 7S 
jirolit was forcca-t in December. 
Now Mr. W. Gibson BiKgart. the 
ehiilrman. says Jhil the outlook 
Tor ihe current year is reasonably 
encouraging. 

After tax of I IS 1.33:). against 
£30.0512 last lime restated in line 
with F.DYH in the treatment of 
deferred lux. earnings per Ip 
share emerged tower at S.CWp 
tl.’ijpi basic or 2.8s p tl.Olpl fully 
diluted. A net ,tinul dividend of 
0.3284 5p llTts the lolal to 0.S7S43p 
tO.TTHlKpt. If the rate of income 
lav is cut lo 33 per cent the liitul 
will be increased in 0.53ft45p. 

At Wheway Watson cCM> order 
levels indicate a rising trend and. 
given a further improvemem in 
operational efficiency and the 
brighter outlook in export 
markets now evident. lF»i«= sub- 


I-oudnn and Scottish Marine Oil 
Cum puny announced yesterday 
that us remaining bank facility 
for a further Cinni. will not nov^ 
be sufficient to lino nee the com- 
pletion of the Minion project. 

Air. t.I. F. E. Giant, Lasmo’? 
chairman, told the annual meeting 
ihai due to the delay in ihe start 
of Nmian production, which has 
increased its peak tinancial 
renuiremviit. the group requir-.-s 
additional funds before ihe end 
or the year. 

Lamm's present burrow in as 
cum arise £7Km unsecured loan 
slocks and £13m from ns bankers. 
Mr. Grant first disclosed in April 
this year that the company was 
holding discussions with its 
bankers aimed at increasing Jbe 
h mourn available under the 
syndicated unsecured term loan 
arranged Iasi year. 

Authorised spending on develop- 
ment of the Nitiian field at Decem- 
ber :: J. 1977 wjs Xti7.42m repre- 
sen ting Losmo’s U per cent 
interest. Of the total. JE25.ini was 
contracted for ai the balance date. 

Mr. Grant also reported that 
billow mg the insinuation of the 
iVinigp central filatform on Vuy 
IS thu Nmian held now’ has two 
production platforms in place. The 
third platform is expected to be 
towed out later this month. 


The directors of Countrv ami 
New Town Properties announce •' 
pre-tax profit for the war 10 
January 11 , lHiS 'of £458JJ4« com- 
pared with a toss of £SB.02:t '-i'’ 1 
lime. hui_ aTter tax £jx: i3!i‘». 
agam<t_ i. 9.034. and minurnii^ 
Hk.PMi i£l«5.176i losses canie 
mu at m;HS 1 £273.221 1 . 

At ihe interim stage after uv 
and minorities, loss emerged at 
£84.(100. against £173.000. and ‘he 

direclors .said that it wav hoped 
the group would recover this loss 
in 1 he second half. 

They now say that the fi gyre* 
have not fully realised ‘he 
expectations anticipated. In ihe 
event, the totality or the c*»vi« 
fur the second half were 
understated. 

TJjis was partly due t“ 
disruption caused by the Suar.tl 
store modernisation which prowd 
10 he greater than anticipated 

Although allowance has Iv.vii 
made fur directly attribute tile 
cos is. it i> not possible 
quantify full elTect of iln- 
disruption. However, not'-.uh- 
.vlamlrng the continuing uphea’- ;.l. 
sate? in the departments wbu.h 
haw been completed .ue 
enenuraying. they add. FuiVt-r. 
in the longer term, it is 
consulered that the value of the 
asset will be materially enhanced. 

Loss per top share is sho'dn as 
i' Hip il.iiip' and the dividend fur 
iJie year is unchanged front :i 
single n Hop net payment last time, 
wilh a linal of 0.43p. The comp.m;. 
paid an interim of W.2|i in April 

There was an extraordinary 
debit of X3H$.3ttl I £848.218 credit 1 . 
which wax entered by a transfer 
front itui capital reserve, cau-'-ii 
mainly by exchange differ cn 0 

Advance by 
Harcros 

Revenue of Harcros Invest mrnl 
Trust advanced Trom £328,111 10 
1824.8)2 in the year lo .March :'.L 
lflTR. before tax of £271. lu:?. 
against £170.5*51. 

Earnings are given as W!'7p 
lO.HIpl per Hip share and iiie 
dividend total is effectively rai.-eii 
from 0..il!d6p *«> 0.83p net v.nh 
a final of 0.83p. The retained 
balance is up from £13,918 to 
ffi&MV. 

The net asset value is shov 11 
at 2B.54p i20.32p). 

No dividend has been received 
from a subsidiary whose pre-t.v-: 
profit — not consolidated — v. 
BI.HW ( £5.092 >. Figures incltt.;.* 
the net assets nr the subsidiar... 
Harcros is a subsidiary ”f 
Harrisons and Crosfield which 
holds 513.8 per cent of the c* pi let. 


helicopter and hovercraft oon - Sf/nnlS^raTf^SMrM SSSt hal ^?WX-'Vatsoa 

Msas sag - 

with the Ministry of Defence o^d. Reduced levels •• ’ — — — - > - •- r- ’ ’ •' 

in 1973. It still has two years and net inventory ha 1 * resulted 
to run. in substantially lower 3iorrowii 

The prublems at Yeovil are which should concmue^fn norm 
due to the company’s inability o Deration for the rema«Mer of tha, 
w negotiate a Dew pay formula current year. $?■' - 

with some of its manual workers At. Westland Helicopters agree- 
whn are still paid under a piece- went witnthe Arab UHpirisation 
-vork svstem ' for Industrialisation -W form. a. 

Mr 'B D Blackwell Wed- company, Arab Bfttish Heli- . 

land's thief occcutlvf said T^ZS^Sa^^.^i^imnAYS annual raaet- prdsses tor; both '»« , dev^S ^ ... 

clauses in the long-standing copters for Arab countries was . wL ■ News International* Bfr.- mentS, j • 

Piecework arrangement had reached in February? Orders ^iSlurdScK chairman. t«W In -the U-S, the- grpup Aad v . 

.1 1 lowed some manual workers to Cove rwg tooling, n-s ’ 5, — - ^* J ' Mura - - *» 

gain increases ouiside the norm -supplies for an initial 
established hy the latest pay helicopters have been 
code. This had caused unrest A further additional 


S Malaysia 

:*r: -y-j : j! 

Mews Intuit lookiRg 
ftirther expansion ' 


Star - had ; actdewd- ; :% 


;i m ong k-ssfavoured workers and Lynx helicopters has been ordered" result 

pushed up the factory’s wa 3 e by tbe Royal Nether^ds Navy: /noVever News Group News- ; 

'tast years provision had been 'SPSSiSSr^ SuT^bo^ - 

Ti& group’s SoBKSfwtfh An'S "& %t* ^ ^000 behind in, j.ts made'Sobd progress . 

escalating pay rates and fixed received for c 

Frem h^ract to" sup^y^x ^^ont^MVT Mu^oeb 

I*'-™?'*"' » «!»<»; Ski 



1 cone several changes and was Baw. 
making excellent progress ; whSo>: i' 
ius’ New - West, - Which vras . launched::^ \ 

T T '*Tv Cn UK Ministry of Defence for s'lhe CToup was stiU 1" Califomia^t a.^st of US|4*r , : i, : ’ . . 

r, f other th** nmWt rfpRniiinn 'nf a riout injj rfiiauons, 'm short before the Rjwip boi^ht \ 

®“ wl Z. 1 in htwnnff; -.-p '■ 


IJiaxuiU calcuciil hi vfertM : wiura 

There ,U»« S Ne» - W«fc -VSich 

Whether «he group — which UK Ministrv of Drfanw. for UDWtUS en°ns to ^ ... , 



Hartwells £1.4m rights 



As one of Europe's great chemicals 
and plastics groups DSM knows how 
important it is to clean up after the 
job is done. 

For instance, in The Netherlands 
this year, DSM will have spent some 
£35 million to make the River Meuse 
cleaner. To do the job DSM pioneered 
techniques which take out nitrogen 
impurities as well as organic matter. 
Tlie plant that has been put to work 
on the Meuse will be big enough to 


iff. 


«r \ 
J* 


\ 



deal with the waste produced every- 
day by a city the size of Birmingham. 

Good news for Dutch farmers who 
will use the 130,000 tons of bacterial 
waste produced every year to improve 
their soil. 

So Meuse '7S will be a great, year. 
And the know-how that made it so 
will travel well. Soon there will be 
great years for the other rivers of the 
industrialised world. 

Water is a vital resource. DSM 
technology keeps it clean. 


. _.L_ 


■. •'*’ c 

... ..- ,.r-’ . -r 

\ . -f . ' ' • 


DSM 1®^ chemicals and plastics 

To find out how much more we do, write to Ihe Information Department, DSM PO Box 65, Heerlen, The Netherlands. 


report. «• that most 01 ns ouier the project definition of a new heavy ’Vs's^" in' 

imprest? are perfonmng satisfac- helicopter to replace the Sea nfnrimordeni. . . ^ 

inrily — will be able 10 pay a final Kin?/ \ ISthdLs be fS 3«t tbere ^ar. It was- now., jgotHL 

dividend for the year. Work on remotely piloted heii- was^murh 'tan c 'ibte evidence pr £I re f?.„ ' : 

hi hi? interim jtaiment Lord copters is increasing and a larger/ the company of improving The VjUage v r /- ‘ ' 
Aiding 1 on suys ihat despite exien- version is now in development for ■ ani?J!rfpiin wme sections an<L he SJekiy* ' c0 “V ni ? e ^ ll 1 ® ' 11 ?. - . 

,ive negotiations in the past few the UK Ministry of Defence. Si £ta- for a rao^ settled The New York Post- ha d made , ~ 

r ( ^S^SS. fc '.fiS2SS?rtS “w^SV Huris.ch Bjjjw kfli s ,i , 

xiMt the chairman stated. see many. -years of Jmportant. v. 

It Aras intended to begin print- growth lor the^gmup s Uk^nros- • - . 

- ing ib Scotland next year and. a papers, which we *{U- .£“5®“®: * 

- decision would be madeveiy soon aggress veto he -sard, limitations : _ 

- Whether this would be' achieved of legislation- relating ^-to jnono- 
• through contract printing or the polies, together i.w-ith -the* attitude . . 

erection of the group's own plant of the authorities towards- news- . ... . - 
llartucils Gmup. the motor per cent to redemption. • f D f some £ 2 m . . papers . investing : in television, - .. 

distributor, is raking £1.37m by Brokers to the issue, de Zoete Development of a major r.ew meant that the group was more 
way of a cash call from share- and Bcvan. said yesterday that production ceniT” in London -was likely to J)e purchasingror devdop- 

holders. in view of the exceptionally targe being investigated and tbe group ing new. properties: outside of the 

The company is proposing a number of applications, and io alreaky owned sufficient printing UJC, rather than within it. 
lights i.>sut> of one-for-three at order to ensure that dealings can . 

S2p each, which is underwritten commence today, it is regretted 
by de Zoete and Bcvan. In the that all applications for up to and 

market ihe shares closed ftp including £45,000 nf stock ’ will 

higher hi lOGp. . receive no allotment. 

. Hartwells directors siate that Applications for £30,000 and 
although the company has ;,b,jve will receive approximately 

adequate banking facilities for Q92U per cent, of the amount 

current requirements they con- applied for whh a maximum 

sidcr that permanent capital allotment of £62.100. 

/hould be raised now so that Letters of allotment will be to . . 

advantage can be taken of both despatched tomorrow and dealings Kexello Castors and Wheels rose years final was r.714p 

increased trading and the acqutsi- slarl todav -from £239,566 to X364.80S for the The directors state that overall 

lion of additional franchises. - six months ro March 31 1978. demand foi^ products remains 

Proceeds or the issue will be And The directors expect that- satisfactory and In the light of 

used to reduce bank borrowings. BRENT — 98.7% ’" "the current revels of business their . containing policy of raar- 

For the year to Februarj- 28. 1978, . ,: W iH be sustained for the rest of Ket development through product 

pre-tax profits rose from £lJ!3m Brent Chemicals biteroaiieoal the year, and that second half improvement and new products, 

to £2.im. The source* and applica- announces that 2.63&302 shares, profits wUJ exceed those of the they took forward to turtber-pro- 

I.ion Of funds statement shows an gg.ee per cent of the top shares- firsrNialft re^uIribg; tbey say, 3a- fitaBIe erpansWtf df-the 'group's - 

inflow of funds amounting to issued by way of rights on tbe a' a&efdj improvement for the business in r the "field -ottnaterials ’ 

£4.47m but because of pressures basis of two-ror-five at 20p each year jts. a whole. Profit tor the handling, both at home and over- 

came out at- £165^08 
after, tax of.£199,000 


Flexello forecasts over 
£0.72m for full year 

On turnover ahead from £3.52m fend to pay the maximum per- 
£4.l3m pre-tax profits of mitted total for. the year-^ast 



The director? fire foreca-rting a 
big jump in che dividend this 
year. The payout will be increased 
to U.7p per «liare net which com 
pare- with 4.3H2p per share for 
1977-78. 

Turning lo-tho current year the 
directors' st itv that the company 
made good progress in the first 
tun months/bui it i.v too early to 
make a Cirecasi although they 
vie.v the future with confidence. 

Vehicle : distribution is split 
fairly cvcdly between British Ley- 
land andiFord. In Oxford the 
Leyfand dealership will be the 
sole opt-miur from July 1 due 
to the British Ley land reorgani- 
sation. This is good news for the 
company as Leyland's market 
share in that area is above the 
national, average— the company 
puts it -al around 40 per cent. 

Also II ai l wells has bought out 
the Ley land dealer competition 
in Bath and Banbury. So the 
directors arc looking for a much 
larger market share this year. 

DeuMng- in the new shares start 
on June J!>. 

Tyneside well 
oversubscribed 

Snplh Tyneside's offer for sale 
or £7ni of stock has met with a 
tremendous response. The issue 
was ' .11 the very least 100 times 
oversubscribed when the applica- 
tion list closed one minute after 
opening yesterday morning. 

The issue was of 121 per cent 
Redeemable Stock 1986 in the 
Metropolitan Borough of South 
Tyneside. Priced at £99 per cent, 
payable as to £10 per cent on 
application, the stock yielded 
12,37 per cent running and 12-45 


&We are emerging frdm the period 
of reduced demand for your 
company’s products.* 

Highlights from the Statement by the Chairman, 

Mr. David H. Whiteley 

^ Turnover dropped to £5. 3m (1977 — £6.1 m}. A loss of £137,992 was 
recorded. 

The directors have recommended that no ordinary dividend should bB 
paid this year. 

^ We have withdrawn from ourtrading association in Japan, and our. 
other overseas associates have afi traded profitably. 

Orders in the first two months of 1978/79 are well ahead of the 
equivalent period last year. . 

There is no likelihood of further reductions in the work force. 


OXVIKWHITEtEr 

LIMITED 



ia 



Manufacturers of 'Elephantide' insulating pressboards 
and multiply pre&spapets. 


ELEPHANTHXE 


<0 


A copy of the full Report and Accounts may be obtained from the Secretary, 
Poo! Paper Mills. Pool -in -Wharf edale. Odey. West Yorkshire LS21 1RP. 


ENGLISH & SCOTTISH INVESTORS LIMITED 


Directors: ■_ , • 

The Rt. Hon. LordTryon (Chairman), T.L. Grimley, F.F.S., F.F.B., LT. Henderson, T.D., J.M.Hunt, P. L. Lamaison, F.CA, H. Turner, C.B.E., D^c. FC A. ^ 


A f.-.nacers and Secretaries: Garfmore Investment Limited 




Dividend record 



1969-1978 

E&S 

Dividend 








Dividend ol 
F.r. All 
Share 
Index 



Index 
ol Imt, 
Trusts 





-83%. 


.' .• • . 


Dividend of 
Dow Jones 
index 

■■ ■ " ' 


" 


—4S% 




X .-. . 





•• :. \ . 



• 

' 

. . . 

. 




Revenue and Dividends 

Net Dividend 

Net 

Year lo 

Gross 


Per 

3151 January 

Revenue 

Ordinary Share 

25p Share 

1974 

912.S9S 

P • 

1.40 

P 

78 

19fS 

1.027,724 

1.63 

60 

1976 

1,069.776 

1:88 

81 

1977 

1,477,133 

2.20 

81 

197B 

1,335,727 

2.45 

85 


Performance 

Nel A ss<9f Value per 2Sp share 
Financial Times Ordinary Inde* - 
Dov/ Jones Index /adjusied lor dollar premium 
and currency movements) 

Earnings per Ordinary share 
Dividend per Ordinary snare 

Geographical Distribution of Portfolio 

Equities: 

United Kingdom 
Nortn America 
Far East 
Other Countries 

Net Current Assets 
Fixed Interest 


Movement % 
31.1.77 to 31.1.78 
- - s.r 

" - -j-19.6 

-26.7 

-12.5 

-7-11*4- 


6 ( 3.0 

20.9 

S,7 

04 


93.0 

6.6 

0.4 


loo.o'ic 





%S- 




.1 




* Ur 
*, 4 

•••• ,i 

^ i 

' ?- L-.V, 

.. *•«».* 


’ ‘~ • rn* 

r V--‘ h 


■iod 




|g^eial OtaM* Thursday June 15 1978 fi L ^ > '~ '1 • 

| staveley rises to £15m CompAir £5.7ra 
see s more gr owth at midway 

fe r ^ 78 Weeks — _ ** 

lading lAtfiSL'? Staveley DffcADrv ureriiiAo of borrowings and of Rearing has AS INDICATED In February, a foil. ye»- Overall, howvcr, 
Srompared SK 0 *?^ 40 il3D2ra i MEETINGS keen deliberately redured over profits before tax of CompAir, at CMAP** no . 1 1 P lpr , <nL ‘ 



CompAir i 
at midway 


£5.7m Warren Plantations more 


than doubled at 



jsgSSS^y STCV 0 £13D2ra “ DUHRU wieetifigs been deliberately reduced over profits before tax of CompAir, af CMtiP** ^ not likely to improiu 
srJSreviauv 53 'JOS?* £ or following coapuuu haw noting last fcw 1L years to provide the £5.72m for the hBlf-year ended on 1** years £12A». At '.ia P 

^5^ngi ra ii S P rt °? ^ &*Sf iSo 5? s a****** w ifc stSS * ,bow 1X30111 for ^anc- April 12. 107S have fallen short the shares stand on a prospective 

was ££ JVTI S.ir*3T ss £X e '™ nd ‘" B Mrlod ' s p/e 01 s “ d iieu 0Ji pcr tcM - 

of the S? , ta£iJ5 ttfc " JWp#* ewiteiS S£S rSotirtM 8 ** groups The director? say that although # j ,, 

^5P.H&r b *** • comment HU5 « • -u— E rlOCilty 

855**38 -sra^&ja.-Er &-•«?.& sss n a din 

f ™ tke UK. Casd^TifnSS-' 2£E &: «Pe«atlons and the share rose and by generally adverse move- J\aUIiP 

S^gr. Aal product groung. Bwsnt tor Trust and Agency . Dundee and Loudon “w 10 272p- Another reason for merits in exchange rates. 


ProdQtt groups. ¥**???* * *.**« «*■ Dundee and London “ _*™P- Another reason for meats in exchange rates. 

as well placed 

IS£FsFi-~ d gS~* S^jsa i£» es-- 1 *— 

^SMELSSS ?saa:ffla , 3!SS • J’^’rars « s . 0 7’' 

S^aaiMi » oXtSl .annualised waunm Leech CBuiidcral. R. PaiersL' of 7 significant effect during the general economy and any upsurge 


rags "BiwtaWlirtii ««— ■"“ u ' 

,-and £1.488, foundry HH™ 1- Juvesimeut Treat — June is 

fi . abnatS £5^ B=ar.^ -i!” » 


tracts won bv' the electrical a^’d ,eBr “ ,a , u . tKBU "i» i ,,u,c » d ‘y ,/ * u ‘“ During a period in which retail 
mecfaanSctf ZrvStJ dfvSm It lhat , act Jw' ty wUl * r f ma ! TI *wl sal^ volumes declined in the in- 
1* ninn* m ij.. a around ttie present level, the ^ u qtTy. a determined effort has 




to hwm the North American directors say, 


Lonwjale Universal .. 


... July :i operabons around and it antkrf- 


-ound the present level, tne dustry. a determined effort has 
rectors say. been made in strengthening Lb*? 

Profits will benefit from the company's position in the market 


8iSfn-*XS»«Cy*fiSB oars: 


!* r "i ‘ wse irom YJS per cent KBS «ui Brouters iPadmagtoni ... JuneJB «;«««*« p/e m ■*.< ana 

to S- 9 p® 1 ^ cent for the 78 weeks. 7!““* „■ - - JuiieM y^eld us. around 5 j 0 per cent 

i i .. The directors reoon th.t ™ Vlclt>n,, Car ^ t - *"** 

S r’Sf-JSSKH 00 of Nortil America, -■ — — ■ T r . 

l » profit before ertn.ordio.ry item, VlllltO See! 
■ - ®f^ tricaI and mechanical ettj erged at £11. 58m for the 
, services performed excelientiv Period, against an - annualised V,.../ 

.® n ^_ m . a depressed market and a restated £5.97m for T1VI I |ipr 

• produced an increase in profits 016 Previous 5j weeks. AUt HAVA 

directors' Extraordinary debits took AvrM _ __ 

^ tbey are £1 '® 7 “ 0.47m credits for 1975- CXD3DS10H 

P™ 8 ** 66 ^ for 1976,, including a fl.llm charge v ^F WUkJ1UU 
ine- cuirent year. arising from currency rate move- * — — . 


SKd ind consequently the Board believes says Mr D.cfcman to pursue the 

allowScr t *t reasonable to look for a final policy of establishing and main- 

outcome in line with 1977. tainlnK.a prominent position ^ 

^SS V '^ *^ S> S a. The interim Mm errMe.hr 

webi u U Per rent "*1? tr ° UP 

exclusion does not significantly ne 8(10 ' , . 

. i affect the result for the period. Demand Tor consumer durables 

\f ■■Y^TfA the directors say. has been badly affected all over 

T JLUlltv iJvvij . , . ...... . . the world, lluwevcr. Fidelity's 

« 1 r r^ e i ?n^ m t B d “n d nrevimit overseas operai ions continued to 

further ---- A “P - 

expansion 


INCLUDING £2.1 Ira., against 
£0J7m., from associaies, pre-tax 
profits of Warren Plantation 
Holdings more than doubled from 
£447m to £104Jm in 1977 on turn- 
over ahead from £ls.9lm -to 
433.73m. 

In January, the directors fore- 
cast profits substantially higher 
than those for 1976. 

They now say the development 
of the diversification policy 
planned to achieve a greater 
geographical and commodity 
spread has progressed through 
the acquisition of Supara Inve.st- 
raenii*' rubber and oil palm 
estau-i in Indone^a. 

The u>3 and coffee prices in 
1D7S are lower than’ -tnoso pre- 
vaiJiog during 1977 and, there- 
fore. it -is unlikely that the profits 
for Che current year will be a* 
good as those for 1077. but in 
light of the diversification policy 
the level of maintainable profit 
is now higher than in previous 
years. 

Earnings are shown lo be up 
from 40.S8p to Sl.lKp per 25p 
share and the divideLnd total is 
stepped up from 9.1p to 14.67p 
net with a final of 10.05p. 


holders of the 7 per cent deben- 
ture stock 1986-91 proposals for 
its early repayment at *90 Per 
cent together with Interest up to 
and including the date of repay- 
ment. The nominal amount of the 
stock outstanding is £268,080. 


McNeill 

loss: no 
dividend 


Turnover ........ 

Opera tins profit ... 

Shur>- asHH* 

Profit before tax . 

Tas 

.Nl-i proflr 

To minnnlK-' ... . 
EMraord. dubils . 

AurthtiMblc 

Dividends 

neUim-d 


1977 197G 

i £ 

... S3.TT7.272 13.913,214 
. S.7S0.SSS -I.390JV2 
. 2.107.854 571.113 

.10.898,720 4.UBJS7 
. 7.410.634 3.066.498 
. 3.44S.0M 1.WL5W 
W.’fcl 90.202 
. 273,920 1CTJ62 

. 3.MJ.1FJ l.STS.Wa 
617.5H7 *3.f»5 

. 2,Sr>.9iG 1,183,564 


TURNOVER OF MdVelii Group, 
concrete and structural engineer- 
ing concern, was down from 
£13 -82m to £12.1ra for the whole 
of 2977 and the group incurred a 
pre-tax loss of £H29m for the 
period compared with a small 
profit of £3.494. after an extra- 
ordinary debit of £25.084 (flO.OOOi. 

The directors state that the 
group experienced extremely diffi- 
cult trading conditions through- 
our the year and that the second 
half was particularly disappoint- 
ing; losses far this period 
amounted to £1.15m against £0-3 m. 

The current year’s trading has 
continued to be difficult, although 
the benefit of recent orders 
obtained should help to improve 
the position of the group. 

There is no dividend payment 
for 2977 compared with 255P439p 
net last time. 


e. 


demand will continue and that 
full-year profit* will slmw a satis- 
factory increase over the record 
£5 09,0 UQ achieved in 1970-77. 

The new mechanised sorting 
and packaging plant will be in- 
stalled in August, Lira directors 
add. 

As staled at the Time of the 
rights issue in July la?t year, the 
directors have reviewed the ratio 
of interim to final dividends and 
have declared an interim dividend 
of 4.83p per ftOp share against 
3.8.1|i previously. The total last 
year was 13 -Up. 

The direciorK point out lhat it 
is policy to provide lax cm an 
actual basis and not to provide 
for deferred Lix. The to:; liability 
{krill be &ho\wi m the annual 
accounts. 


profits of £L2.2m. 


’ sales oversew.- Ji.ive increased iwo 

ye,r „ n Vp * r and a half lines in the last two 
moo ra cfvi 978 ‘r! H m years. This has been achieved 
ttsot 83.982 mi 763 mainly by sirengihening market- 
h .603 8.S07 ia.m ing strategy i» existing markets, 

t, 40 i i.oa 2 3.145 and new ni>irk£Ls haie also been 


' :r ’ 

- 


iSp-erirrent ww — r ” r iu ’ unauuing a Ai-J-i ui caarge Bxtomal MU'S -. 71.5R7 83.9S2 12H.7B2 maiiuy “J simisninimg uidinc-L- 

. . arising from currency rate move- fh e firat tw0 months of the Traciiw prom ... *.<sm s so? is.nm ing strategy m existing markets. 

abrasives ments resulting from the stronger 1078-79 year have shown a eon- Merest B“ai l,40i 1.003 3.145 and new nmrkeLs haio also been 

Its profit;, the sterling. The remaining items tSuInff tocreaS in ho^e tSfe \ *$£ tackled with success. The 

■ T"** * 1 5 ve ^ 66T1 b'ffher mainly cover closures and ration- sai,» s ^savs P Nichols the 5,e ^ 5& il? ^ directors hope to see the continu- 

market condi- alisation measures: . chairman of J " N Nfcfwfe Proft befue taii 5.7IT sxm iz,zu ibg benefits of these endeavours 

•^S&uS?* Sf* ■5* tt should Stated l earnings per.fj.d.are are ?vS)?the soft driSia o£ 5 SS S “ in^the years lo come. 

*- ■•■Sffi&nJE ti»w ^aS curTent SSL/a n mSS ytj? And £-*** nSUS a- - & ^ & -n* t * mnan ^ ** group 

tMffiksrfiSri** S£JFrjr» -■ — • comment dSi " B 

22L5S* if 5 € ood *s originally th2^ a further^ amSt not exceed- JSr^wJe l *lo S^ggash world demand for com- ■‘We have therefore consolidated 

. crocted but better than could ing 0B984p will be paid, say the £782.062 on ttumovor up from P«k»om and pneumatic tools has our position m the home markel 

hoped for, considering the de- directors. Dividends absorb £2 -2m £4.4m to I5 65ra hlt growth for the moment at and we h^ie tx ponded our ex- 

• 'pressed state of the market, say (£l.04m) leaving retained profit of The chainnati savs that again Cowpair. Taxable profits slipped ports. The rate of inflation ex- 

tlief dimtors. They expect higS? kaim jgSS own TaleTmcSd, r^aS 2 P** ^ flnd ^ continues 

f .'^profits m the current year. During the period. £8.9m was a record figmre taex^s of £2 ,8m the downward trend in the second slowing dojvn and lo be more con- 

. -The mineral products division invested in new nsnets f£5.9m f.li, that hntf la*t war wfam ore- tax profits trolled. There arc signs of a re* 


ty, 37a T1,e! chairman bays the group 

2.9 M b^sb has also made great strides in the 
«& — development field, with the intro- 

duction or new models using the 
latest techniques. 


! . the^directors. They expect higher £7J81in C£5J9m). 
, L . ' jwfits m the current year. During the p 


:/ bqr^so helped by improving per- continues at a high .level. the present high level. There Exchange rate movements have ^hfi 7 in return^ lc, 1 areater orofi^ 

v. Jwmanca in Staveley Lime, which After providing fop- the in- was an even bigger increase in dipped more -than £Jm off over* T 10 ® reater profit 

L- 'M now operating at breakeven, creased dividend, .. reserves the demand for canned “Vimto." seas earnings and hit exports “Wuiy. 


.. /Suffered from a further downturn UK cash balances tb'£2m (£0.53m its introduction to the market. , n Governmwn cotklrols on £I8.4m with a drop in UK sales 

.. compared with 2878, aggravated overdraft). This reflect* con- The new factory and offices at The oosftion here is fco® £13 .4m 10 £14.3m offset by 

; iff . ' costs aaeociated with ttnuing progress aqjTgood fin an- Chorley are now complete and ^Hkeiv” to im Drove but next a rise ,n exports from £2.4Sra to 

pleasures taken to improve the cial controls In theTJK, and the he feels sure that greater profit- ^0 opera tion will anyway £ 4 08 ®* 

-situation there. The group is ex- effects of further investment m ability will show itself in this y ^ t iZod 3te status when Net linuM funds were 141.000 

Ported to be back in profit in the manufacturing facilities and m year's figures. The old premises the Ni-rerian Government takes (£171.000 1 lower at the year end. 

current year. new product lines : m Canada, m Congress Street, Chorley. have /’tSTtT,. 'v nf J. ‘ r . ' ^ „ ... 

- The Salter Group produced re- Borrowing facilities available to been sold .along with half the f n M f e f ,n r*’ \ T ' onmar ‘ ‘ s ^ uarc - vv > 

. suits in line with expectations at the company exceed £80pL Bengal Street site. Si uu?.i tj°5rf i M Jul> 1 - 

the time of the acquisition. Total debt as a percentage of A statement of source and J?S*f* t ei I5JS?J c f n p K t.™ hm 

Following steps taken during the ordinary shareholder^ funds, application of funds shows a “?“* ET°?rL!!L' .rivi 1 

• ^period under review, a consider- after, netting off caSb... balances, decrease of £59,021 in net liquid S A, .. r ^? v * r this year. 

'. able increase in profits is ex- dropped from 30.8 percent last funds against an increase ot Meanwhile the watts acquisition 

pected. in the current year. year to 19 per cent. Inma this £13.432. As at March 3L net 

After tax of £L36m (£0.59m) was 121 per cent \v*‘ . current assets were down at poo.000 to profits ui the current 

■kf-adlasted for. ED19 and minorities, • The directors add. that the^eye) £321,468 against £390.303. half and some £I0m to sales in « 

■■■■■: — - — — '.rr^.rz ^ . — 7 


o comment 

Although tea and coffee prices 
have come off the boil, Warren 
Plantations' profits have more 
than doubted. Warren has 
adopted SSAP 9 and did not write 
in massive stock profits in 1976 
as most of the other tea and 
coffee companies did. So the 
profits have only appeared in the 
accounts after the produce has 
actually been sold. In nest year’s 
acrounts the tea and coffee profits 
will he lower but Supara, the 
Indnnpsian acquisition producing 
rubber and palm oil. will be 
consolidated for a full year 
Instead of only 11 months. The 
Supara deal has been made to 
look very good in the light of the 
hish value since put on London 
Sumatra's estates in the recent 
bid battle. Meanwhile official 
sanction for the " Indian isation " 
proposals are expected shortly. 
And when the proceeds come in, 
perhaps Warren can find a wav 
to solve its irrecoverable ACT 
problem. In view' of the diversi- 
fication both past and planned, 
the yield of 9.6 per cent, at 242p, 
looks attractive. 

CRANE FRUEH.4UF 
DEB. REPAYMENT 

The directors of Crane Frne- 
hauf intend to submit to share- 


2S77 3976 

I 1 

Turnover 13,101, WO 13.S1.UH1I) 

Exusonlinanr rttbu ... 13.084 lD.wu 

Pre-tax Ioh LZJ7.78S >1,494 

Tas credit 44S.4I# f7G.«t 

Lnwi a [lor lax 839 J*4 T.’.Wr 

Dividends — 77.B10 

Prior rear adjust, ... 34.594 SB. 32 R 

Drfl-'II forward .... 29.303 * 834.133 

* Profit, t Charge, f Addition. 


Advance by 
Alliance Inv. 

Pre-tax revenue of Affiance 
Investment Company advanced to 
£591.784 for the year to April 30. 
1978. compared with £480,812 for 
the previous 124 mouths. 

After tax of £222,658 (£177,14R> 
stated earnings rose from 2.49p to 
3.09p per 25p share. A final 
dividend of 2.05p makes the total 
3p (2.45p) net. 

Net asset value is shown as 139p 
fl20p) per share. 

Nottingham 
Brick ahead 

First half to March 31, 1978 
results of Nottingham Brick Com- 
pany, show higher turnover of 
£911,856 against £772,107 and pre- 
tax profits up from £215,8 72 to 
£251.742. . 

Full production has been main- 
tained in spite of difficult weather 
conditions. The directors believe 
the recent Improvement in 


WITH SECOND half retenue 
higher at £2. 24m again:>f £UJlm, 
Great Portland Estate* ended the 
year to March 31. 107S. u-itli a 
pre-tax ficure up by 54 per cent, 
from £2.«7m. (o a record £4.1m. 
Gross rental income rose by 12 
per cent to 

Alter l.’K l:i v nf Xl.Tfim 
(£2.17m). net reiencie front mm* 
pleted properties advanced (rom 
£I.34m to 12.35m. which included 
an amount , of £ll.liiiu I .'M 7,000) 
equal lo ihv out join jib for the 
year attributable to properties in 
course of development. 

The result was struck after 
exceptional items amounting to 
£904.859 ifl.OUraj. which com- 
prised £234.036 t £871,100) for 
repairs arising on the refurhish- 
ment of properties. £670,833 
(£332,947t for remedial work in 
connection with latent construc- 
tional defect, less a profit of 
£117.931 last lime on the sale of 
trading properties. 

Stated earnings are S.2p (5Ap» 
per 30p share and a final dividend 
of 3.8372p (2.9457p) steps up the 
total payment from 3.9457p to 
4. 3 572 P not costing £1.27m 
f£1.13m)— should ACT be reduced 
the directors say the final will be 
maintained at the maximum 
permissible. 

A one- for- two scrip issue is a I so 
proposed and in the event nf 
present dividend restrictions 
being removed, the directors 
intend to maintain the current 
dividend rate on the increased 
capital for the 1978-70 year. 

During the year the group 
realised a surplus on the sale of 
investment properties amounting 
to £1,017,087 (£742.852) after 

capital gains tax. This sum has 
been transferred to capital 
reserve. 

A professional valuation of the 
entire group portfolio is to be 
carried out as at March 31. 1979. 


I \ 





1 






: Extracts from the Statement by the Chairman, Mn G. F. B. Grant, at the Annual General Meeting 
" v held on 13th June, 1978 at which the accounts lorthe year ended 31st December, 1977 were 
adopted. . v 


UjeNinlanReW • . 

lam vetv pleased to be able to reportthatthe Ninon 

- . .Central Platform was safely installed at the location in tne , 

•' ‘ NtnfeaRefd on 18th May. This platform was recognised as. s 
: , ; tfcfc yvpr/d's largest man-made movable object, weighing . 


q^^ori, is aSiteld^ratrfe achievement both by the ^ 

constructor andmairrcontractor, Howard pons, and by 

me Field maRagers. Chevron, andall must now be very . 
ate^edthatithas gone so smoothly. . _ - rt 

Iteah Field now hastyyo production pJatfo™s in .. w 




'...Ranger Oil (UK) Limited. It is intended that all three 
companies will apply as a group in these areas with 
’ Conoco as operator. We have plans for partners in other 
"areas covered by the Sixth Round, but these are notyet 
finalised. 

. As previously announced, the exploration well . 

: *23/2 7-4 was abandoned after encountering shows 
-of hydrocarbons. While this result is a disappointment 
regarding the part of the geological structure tested by. 
; :the well, we consider lhat the prospects for this Block 
merit further work. Another seismic survey is being 
'conducted this summer and will be followed by 
additional drilling. 

. j . . .BP is continuing steadily with theirfarm-in well in 
BJobk 3/30. When completed, this well will be more than 
three miles deep and one of the deepest North Sea wells 
drilled to date. The targets are expected to be reached 
'within the nextf ourweeks. 




ihteif^s«(nd ^ 


delay itithe<xrarrieneemCTtQfpr^Mon.fromNiniari , r ... 


■ 1 ? 1IS year ‘ ' v - 

^ri^rirovSiwithe Sb^i Round blocks and the - 

SS^m'sfiaaftarmsareicnown. Ws'have recent!/ ... 

. .^roacheswii^ Conoco North.Sea, Irxxirporat®^ 00 


Rnandal Arrangements 

. As I mentioned in the Annual Report, the delay in the 
: start of Ninian production increases our peak financial 
- requirement. Our present borrowings are £76 million 
; 0hsaajred Loan Stocks and £15 million from our 
-bankers. The remaining bankfacility fora further £20 
million will not now be sufficient and we shall require 
^additional funds before the end of the year. Discussions 
With out bankers for additional funds are proceeding 
and we shall make an announcement when these have 
been completed. 

~ Trolly, you may have read with interest the recent 
report by Sir Harold Wilson's Committee on the City, 
'which was published this month. LSMO was taken as a 
; ease study and put forward as being one of the best and 
. most successful examples of British financial institutions' 
‘ readiness to take risks and provide money for 
Investment in the North Sea. The Board were 
f commended for their determination and our advisers for 
their ingenuity and effort in the financing of ourventure. 




t tired as Cfitfoman at the cone fusion of the Annual Genera! Meeting and has been 


trj-f&lAhdttKil 


r, London W1M9AG. 



(Tei:fih.0US37788lL 



No bank today can afford to stand 
still. At A P Bank we have taken this 
literally. We've changed our 
address. You will now find 
us at: 

2 1 Great Winchester Street, 
London, EC2N 2HH. 

(Our telephone and telex numbers 
remain unchanged.) 

In our new offices we will continue 
to provide all our customary services 
backed by the specialised expertise 
and high standards of personal 
attention which have been our 
trademark over the years. 

A P Bailie I. 

A member of the Norwich Union insurance Group 

(NORWICH 21 Great Winchester Street, 

UNION -BL London, tC2N 2HH. 

.wsuRM«Ga«»SSffiJ Telephone; 01-583 7575. Telex: 336218* 






24 

Robertson Foods below 
expectations at £2.7m 

FROM turnover of £72.33 m. ment for the increased breakfast £10,000 at a time when industry 
against 153.27m., profits before cereals producLon took longer to grocery sales, by volume, dropped 
tax of Robertson Foods rose from overcome than had been originally by around 4 per cent. The impor- 
-u.aSm. to a record £2.i3m. in the anticipated. . tant preserves division (half of 

year ended March 31, 197S. The poor summer, followed by a B™“P sales) struggled to main- 

However Mr. R. C. Robertson. mUd autumn and early -winter, availability 

the chairman, says the profit did affected the sales or the UK can- >»« 

not come up to expectation. At ning company. 

midway, when reporting pre-tax However, the directors consider fr V“* "*£ vegetable In 

profits up from £881.000 to that the Fall in the UK group pro- however. breakfast 

£969.000 t including £102.000 from fit in 1978 is only a temporary J 1 * oi . ■■**> 

Scotia Barry Foods), the directors seback. . r 10 **" ® _* olu ™ 8ain of about 

were of the oDininn that the full Peny SA, the French canni n g. * quarter but • unexpected 
year's profit would show a satis- subsidiary which is now wholly problems with the new 

factors increase ^ over the me- owned, had ao outstanding year Canadian equipment, which cost 
vious vei? P with a substantial* higher profit ££5“- reduced profits in this 

After the satisractorv profit and. assuming this year's crops division by 40 per cent. This 

growth in the first half followed are good, it should have another should recover in the current 
fn 2rtiSl2 S°o* Christ- excellent result, says the chair- 

SfddlnSf® ab n noS“ me difficult “So current production in the growth from cake mixes 

feCriMTli' ss sM’.simr-se 

were eJSeriSiced ^n the UK, says Sand exceeding supply; the * tenth of the cake mix market), 
the chai™Ln in the uiv, says Canadian doU ar has improved and But, overall, with the mam four 
The eSSS- price war among a reasonable summer could mean supermarttets accounting for 
food »1>n •nwun?7nd^V ceneral » sUw 'down m increases in soft around SO per cent of Robertson's 

fall i^ fl/id cor^umnUon e in Se ftuit P rices - ***• ^bertson adds, turnover, the outlook depends on 

tan in rood consumption jnuie ** un« nw-77 the duration of the pnce war 


period meant that most UK food 
manufacturers have suffered 
adversely. 

But with selling prices shortly 
taking place on most of the 
group’s products, margins should 
not be further eroded, says Mr. 
Robertson, and it is anticipated 
that the current year to March 
1979 should show a satisfactory 
improvement over 1977-73. 

The final dividend is 4.33tlp net 
lifting the total payment from 
n is.j9p to 3 maximum permitted 
5. 724. tip. 

Actual ear nines per 2.1p share 
are shown as 22.Sp (24.52p> and 
12.4 lp I12.33PJ after notional UK 
tax charge at 52 per cent. 

The group profit would have 




row 

BMP 

Kjtport 

Overseas 


4208 

8.703 

2.326 

6A82 





Deb. Interest 


200 

2« 





UK 


2.00T 

iiai 





PM profit ... .... 


2,371 

2.388 









Urd drvid-rtids . 


SS8 

477 

Fixed assets 

Current assets .. 
CurreDt liabilities 



24.881 

848S 

I.89S 

2.007 

8.422 

7.015’ 

19.484 

7.504 

1948 

uao 

4.132 

Lons-ierm leans — — 

Shart-temi loses & o'draftx 

Share capital and 

res. ... 

13^03 

10,848 


e^wks S3 wfcs and how soon margins can be 
restored. At 151p, the shares are 


Avenue Close 
earns and 
pays more 

Avenue dose, property invesl- 
lent and development concern. 


of L625p per 20p share com- 
pared with 1.477-p last time, on 
earnings of 2.7B3p (2iE23p) per 


sort fruits and dried fruits the 
costs of financing the stocks of A rnmment 

these materials were very high • commeni 

and the additional bank interest The slump In grocery sales since share. 

charges could not be fully re- Christmas has left Robertson’s Profits for the period rose from 
covered in selling price increases, full-year profits only 6 per cent £307,227 to £358^57 subject to a 
Canada, the group's major ex- higher, with margins — down a tax charge of £190,752 against 
port market, suffered from a weak point to 3.S per cent — coming £147,568 and an extraordinary 
dollar for a considerable part of under further pressure from the credit of en.iaa (£62^340). The 
the year which adversely affected continuing food price war and amount retained ramp oat at 
profitability on sales to that higher soft fruit prices. After £80,404 (£132,070). 
country. stripping out a disappointing con- Profit at halfway was ahead at 

The technical problems en- tribution of £143,000 from Scotia £172,263 (£140,880) and the 

countered following the delayed Barry (acquired in September, directors anticipated a further 
installation of imported equip- 1977). the ' profits rise is only improvement for the fall year. 


MINING NEWS 


Two alumina plants for 
Western Australia 

BY PAUL CHEESBUGHT 

THE Western Australian Govern- world alnmina production expected that approvals will -bo 

merit's strategy for the develop- from Western. Australia. granted by .the middle- of October 

ment of the gates bauxite re- Sir Charles yesterday made thus allowing for the target date 
sources will advance significantly clear that the state wanted to of Sanaa? constructton to be 
within the next six months as advance from the production of met 

plans for a start to construction alumina, the first <■*«« » in » i» _ ... , . • . 

at two alumina plants within the processing of bauxite, to the ®I er PW* 0 * the- obscurities 

next six months come to fruition, smelting of *in»n-^ir 1Tr the next “LP 1 * AJwes£ corporate structure 
Site preparation for the Ablest stage. He wanted ST hold wflJ have .some light shed upon 

- — -i — * « ■ — « — the next few weeks. 


them. During t 
Sir Charles ini 


cheated, the nature 
participation will be 


consortium's plant, led by Rey- with the companies about this, 
no Ids Metals, the U.S. group, **» - .. «» wwik 

using bauxite reserves held by * , see 115 " w ° rfc out the of RHP’s — — 

Broken Hffl Proprietary and Mr. SSEJWSEfBff “*» settled. This will ensure a strong 

Rupert Murdoch's News Limited, S™* 4 ™*®* said.- We believe Australian participation in the 
is scheduled to begin in January, changed energy project 

“instruction work at a pint “■ ££ ten 

to be run by Alcoa of Australia, ■ > ~ a a *°’. . layout are . being.’ met by 

in which Western Mining Cor- Alcoa’s plans for Wage nip arose Anaconda, the U.S. copper group, 
potation has a 20 per cent stake, as a direct consequence of its as to 25 per cent. Billiton, the 
should stan by October 1 if the withdrawal last year from the Shell group’s metals unit, as to 
existing target date is met. Alwest consortium. 20 per cent. Kobe Steel of Japan, 

Both plants are south of Perth Ttoe Wageobp project is con- to 7.5 per cent, 'with the 
in the south west 'corner of tingent upon state approval far balance being met by Reynolds. 
Western Australia. Ai west's plant an exntirontnectel review Meanwhile studies about the 

will be at Worsley and Alcoa's m a n a g ement programme which is feasibility of opening up the 
at Wagernp. y* 11 *h® "BBrd now open to public comment bauxite deposits of the Mitchell 
Alcoa alu min a plant in the state. After bus talks with Alcoa execu- Plateau in the Kimberley area. 
The target dates for a start to tives last month Sir Charles made which is in the north of Western 
construction emerged in talks Sir dear that there would be little Au str a li a, are continuing. 

Charles Court, tile Premier of Problem about the -approval. These deposits have been the 

Western AiwtraUa had In the “The environmental studies subject of lengthy investigation 

mtar^^e end^fhJ^oT,^ been done with great by Alumax, iUS. consortium In 

towards the end of last month. thoroughness and I am confident which Am ax holds 50 per cenL 
Both plants are priorities for the ‘all clear* will be given for Sir Charles said the deposits 
the state Government, which a start well before- che end of could be opened up with a $40m 
holds as a basic point of policy the year* he said. project to produce refractory 

the desirability of adding value The Alwest partners will submit grade bauxite, but he would 
to the mineral resources of tbe their environmental programme prefer to see an alumina plant 
state. Already one-eighth of the by the end of this month mid at is go in. 



£1.2m to £4.9- 


AFTER A lower transN^ to ordtagry shares for every Sr * 
uncalled gross pro shares. 

jsfn «i7 acainst £SOS.O;*8. pretax 

So' Sim • con ™ent 

and furniture prou p, J 1 n ,s n *LJ£® The upturn in consumer spading 
April I. 1978 year at a reewu fa the fin* quarter of calendar 
SLS7m compared with til ORI stow* through id AM** 

time. Turnover was ancaa Retafim’ fall year results. After 
£13m to £65.7m. _ ® r »e fa fine half pre-tax profits 

At the interim stag® profits per cent the second half 

ax in® u* _ u. fn £],eid) ofaKd home with a gain of 

the directors “ id thcy ««t But Allied is 

iSertS a satStactory increase *»< *»wd of the carpet 

sneu 1# , „ t s-jffs % 

They now state t * , ? t 1 wS S 2lint , nt 5^555®^ ’®- ^7} per cent, and 
te first 10 weeks of the despite cmm»ative pressures the 

sar are showing 3 com^ny has held its gross 

improvement over the comspona mar-pins though at the net level 
in/period last year «i pra« they rtfaped from 85 to 7.9 per 
consumer demand continue, tney Thu year Allied is going for 
expect a further jwkstonuai a big increase In sales area — 35 per 
increase in profits for the iuu cent— u no so start up costs may 
year. dent martpns Initially, particularly 

The group’s considerable in ,the MtWd hau when the 
exsansion programme is majority of the openings should 
proceeding, they add. and is start to com® through. However 
expected to add some 3S per cent Allied is btflWms far sates 
tottUing floor space during the growth of around 30 per cent this 
1978-79 year. They say the full year and proGts are expected to 
i benefit of increased turnover from climb above »jm. with the big 
Kttiis expansion will arise in the boost from PhsaiMi expansion 
■197940 year when total group coming in IPi-m®. Meantime the 

gniiM, are expected to exceed move into manufacturing is on 

£100m. interesting deyriopnKra^ but 

lan-.n 187S-T7 since it wal account far no more 

M £ i than 20 per cent of carpet sales 

Tureovert 6s.68B.sa2 ss.Tuuas the company is clearly keen to 

Transfer — Sl'SE maintain its retailing bias. 

Pr*~tax pront jmaw At 278p the shares have had a 

: very good rtac recently and thn 

«Sdk“: " - «iw p/c of 10.7 and. yield of 4 5 per 

Retained i,4M, 6CT 1,023.345 cent seems high enough for 

t Net <rf vat.-- present. 

Earnings per lOp share are * 

shown as 25.5p (20.9p) and a final ASSOCIATE DEAL 
dividend payment of 5B12p net 

lifts the total from 75023p to Robert Fleming and Company 
8.712p. Also proposed is a scrip bought for associates 
issue of one 9.73 per cent discretionary chents, la.000 Invest- 
preference share and 10 new meat Trust Corporation at ~<»p. 


The Industrial 

andGeneralThist 

Limited 


Total Assets at 31st Match, 1978 : £169 million. 


Consumer 
CaiiitJ G.mfc durables 
IjS's 4J J , 


Consume 

NonfoiiuWes 

I?:;: 


Commodities 

19S 

Fnncids Cbenicafs Ofe | Others fixed Merest 

3:S% 42% TOM I 10.05 5S% 


LfL 

65A:li£U'..j 


Fm' re 
41', OS! ;) 




Di 



ion of Investments by 



F.TA All Share Index 


156 


100 


139.4 

1968' 


147 


217.7 

113 

127 

■%&$;} 
:V - .'o 
l- 


1646 

17&5- 

1972 

• '1976' 

mr 

0978“ 


Net Assets per Ortfinary Share 



150 

143 

153 

100 

’•m 


..-«p «' 

, s 40jpjt^ 
Iff - 1 ' v 

5^- 

v ; >^- : 

• : ». '</■ 

-tif. 



170 


‘STS 


ETA Ail Share Dividend Index 





187 

216 



164 


s. 

100 

120 

•v 

• ■JT' 
- V 




• / 

■}. 


1963 

1972 

1976 ; v 

&n. 

1978 . 



Retail Price Index 

275 

1758 

• ' < 

' . Vr ” 

300 

100 

131 

236 

1505. 

.!9L8 

83.6 

■ 

./■ 


63.9 


/ ' , 


1968 

1972 

•1976' 

;»77. 

.1978 





H 

Rl 


R 

flU 






E&3S 




A member of theTonche^RemnantManageineiit Group. 

Total funds under Group management exceed £750 million. 

Tin ■ Report and Accounts can he obtained from The Industrial & General Trust LtcL, 
M incla-ster House, 77 London Wall, London £C2N 1BFL 


Spargoville’s 
limited life 


Uranium fever excites 
the Northgate camp 

IRISH URAiVTUM exploration started at the $200m (£109.4m) 
fever produced more excitement Oaky Creek coking coal project 
yesterday in the shares of in central Queensland, Houston 
Canada's Anglo United Develop- Oil and Minerals Australia stated 
ment which jumped 57p further in Brisbane, 
to 260p, making a. three-day Th_ pn mnnm , hn „ aM 

advance of 96p. Northgate '2S5 rr . *5®“ 

Exploration, which holds 24 per J sabsidiSv 
cent of Anglo United, rose 15p to AfSS? 

a high of 465ft while Westfield 523®^ 

Wn'rt*. whierf hu J UJt per 
cent stake in Northgate, gained svdnev v 

I3p to 110p. . . 

in Toronto Angjo United 
cautiously announced that t0 2m tonnes a year by opencart 
preliminary exploration work on mtning lm tonnes k y£r 
the four prospecting licences from underground, 
covering 72 square miles m ■ . 

County Donegal, recently issued Tn e engineers and constructors 
to its wholly owned Irish *® r the venture a re Bro wn and 
subsidiary, is progressing. Root, and Fluor Australia. 

Initial indications from detailed 
geological mapping and scintillo- 
meter surveys have substantiated 
the original indications and the 
zone has now been traced 
intermittently over a strike 
length in excess of six miles. 

Work is currently proceeding on THE AUSTRALIAN - Selcast Ex 
comprehensive shallow trench- 1 plo ration, in which London's 
ing and bedrock channel sampling Selection Trust has a beneficial 
programme across the zone of interest of approximately 84 per 
anomalous radiometric readings cent, sees no promise at this stage 
in the centre of the area. Analyses that the cash flow from its Spar- 
of these samples should enable a goville nickel mine in Western 
better understanding of the Australian will, last beyond the 
distribution, source and nature 'of end of next year or the beginning 
the anomaly for continuing of 1986. 

follow-up woXc, it is stated. . At the annual meeting in Syd- 
In view of the area involved, hey Mr. Peter Wreford, the 
Anglo United anticipates that a managing director, pointed out 
considerable amount of time will that it has now been decided that 
be required to thoroughly economic recovery of nickel from 
evaluate the economic significance Spargorille No. 2 deposit 
of the radioactive zones. not possible because of the high 

arsenic content and A$1.4m 
• (£0£7m) is to be written off. No 
Vll firm l PaiiiV _ extensions have been made 
kJUllgCl DcM o __ existing reserves at location 
T . . ' while the location 1 deposit is not 

Askant ' considered an economic proposl- 

HdLA ,‘tion at oirrent nickel prices. 

THANKS TO higher than forecast- the company moves 

tin concentrate production towards the end of its Spargovifle 
coupled with a good metal price, m i nin g operations— which made 
Malaysia’s Sungei Besi reports a a net loss of AI745.601 in the nine 
net profit for the year to March mont hs to December 31 — is still 
31 of M86.94m (£3.5Sm), equal to has - ^ the 20 per cent holding 
M32.03 per share. For the previous & Western Selcast, an interest in 
year there was a loss of Msi ss 0 r tb e Agnew nickel mine and the 
44 cents per share. Teutonic Bore co ppe r-zin c-silv er 

Dividends are to be resumed deposit, 
with a payment of 65 cents (I4Ap) The latter, which is jointly 
less Malaysian income tax at 40 owned by the Selection Trust 
PJ5T or 39 cents net. For gmup and tvttm Holdings, “should 

UK residents, standard rate UK 

income tax is deductable from the a Profitable open-pit mine 

net dividend payable. when metal prices recover 

The company adds that produc- Agnew, which has sold its produc- 
tion for the current year will not tion for 10 years forward 
Jess than that for 1977-7S. Tbe Amw is progr essing through 
were 208p yesterday. better ground conditions than 
those encountered in the access 
decline and which have put back 
the date of production from 
sloping to the first quarter 
1979. 


HOUSTON STARTS 
COAL PROJECT 

Initial development work has 


The Guardian 
Investment Trust 

Company Limited 

Mr M B Baring, Chairman, reports for year 
to 31st March 1 978- 

1 ncreases over last year 

• Gross Revenue up by 11% 

• Dividend Payment up by 15% 

• Net Asset Value up by 10% 


Year 

Gross 

Net 

Net 


Revenue 

Dividend 

Asset Value 


£000 

P- 

P- 

1868 

1,527 

1.10 

7Z0 

1976 

2,351 

1.96 

88.3 

1977 

2,704 

Z35 

93.0 

1978 

2,993 

Z70 

10Z6 


Total assets of £61 ,000,000 spread as follows : 

UK 70% N. America 11% FarEasttfOSS 
Europe 8% Other areas 1 % 

Individuals constitute 85% of Shareholders and 
hold 23% of all issued shares. 


Black 

\Edgington 


Camping, Outdoor 
Equipment and 
Leisurewear 
Caravans 
Retail Branches 
Travel Agencies 
Blinds and Awnings 


Protective CfoBiing 
and Workwear 
Rags 

Marquees and 
Exhibition Hire 
Tarpaulins and 
Canvas Products 


Turnover— £m 
Pre-Tax Trading 
Profits— £s 


1977 1976 '1975 1974 1973 
375 26.3 18.8 16£ 10.7 

2.666 1,756 1.350 1,082* 943 


*-anrcafeed 


Chairman, Mr. R g. Duthie, C.B.E., reports 
•Record figures: Turnover up 44 % ; Profits up 50% 
•Continued expansion in 1978 with agreementto 
acquire Gailey Group— UK's largest 

caravan distributor 

•Queen’s Award 1978 kl % 

for Export Achrewement won by the jp Qg fo 


Group’s campi^dfivi® 00 
Blacks of Greeno<^^ d ' 


an 


W\ Black & Edgington Limited 

TL. \ pext Glasgow, Scotland. 

Copies^ tha 1977 Annual Report may b B°htained from fits Secmtary. 


This announcement appears as a matter of record only. 


Juno 1978 


The Housing Corporation Finance 
Company Limited 


Guaranteed by 




The Housing Corporation 

Advance Facility 

£15,000,000 

Arranged by 

Morgan Grenfell & Co. Limited 

Provided by 

Allied Irish Investment Bank Limited 
Barclays Merchant Bank Limited 
Canadian Imperial Bank of Commerce 
Midland and International Banks Limited 
Morgan Grenfell & Co. Limited 
The Royal Bank of Canada 
The British Linen Bank Limited 
Lloyds Bank Limited 
Samuel Montagu & Co. Limited 




j 


M c CORC3UODALE 

World-wide specialist printers 


6 months 

6 months 

Year 

ended 

ended 

ended 

31.3.1978 

31.3.1977 

30A1977 

C'OOO 

£*000 

rooo 

29,055 

25JDQ0 

52/409 

2 2S5 

1,732 

3,032 

32v42p 

24.67p 

4331 p 


Unaudited interim figures 


Turnover 

Group profit before taxation • 
and extraordinary items 
Earnings per ordinary share 
before extraordinary items 

Mr. Afastarr NPCorquodale, Chatman, reports: 

A further significant advance bythe Group during the past six month&. 
4F Profits before tax increased by 31 % over the corresponding period. 

•5S* Steady improvements recorded by most sections of the business; 

*3F The Board feces the future with confidence. 


McCorquodate& Company U/nftedrP.O. Box Sff, 
McCorquodafe House, Telford Road, Basingstoke, 
Hampshire. RGZ1 2YA. 


Office and Electronic Machines 

Unrated 

United Kingdom Distributors of Adler, Imperial and triumph Typewriters, Calculators, and other 
Business Machines and Supplies. 


Continued increase in Profits and Dividends 


Resofts for 7977 

1977* 

1076 

■tors 

Tunover 

SM7, 603^82 

£Tf5^a635 

C12.875312 

Profit aftsrTax 

930,732 

842B01 

718,635 

ShaietKddemRmdsper Share 

87 .Op 

74.0p - 

63.8p 

Earnings perehare 

75J2p 

I3.8p 

11 . 7 b 

OvfdertdpershBie. 

4.1p 

3JBp 

- 3.3p 




QQ0 Imperial 


Prospects for 1978 
Turnover for the first 
few months of 1978 
has shown an 
encouraging increase 


Copfes of tha Repot and 

Accounts may bBobtabwd bom 

tboSeootaiyat 

140-1S4 BOWUflh UflbStTML 

LowtaaSEIUH. 















) ; Times Thursday June 15 197S 


?ry fiv * j^k 
i r 

“ • Vj 


**nflui. iy;S 

; :I 

iVVJw o3*' 
f Afi«r 
1 fraiii " i|- 

U'sVj; 
s-S :c 

r 4 ? 

?S?|W 

n ? : -i,, 15 * 

r HOwi «*» 

‘ 0r Kin 
;; ?**: t£ 

:: ‘ ttt $ 

a " JDe Qw 

jir.t* ,. ■ 

;. ,y K ®w i 5 

;::"* . «» 

>iao , 

^ * 

?:;rjl '"'n io: 


•>t\L 


;; ^f'Cain 

• •'^ llttf* 
:i>n it 27tj 




BIDS AND DEALS 



25 


Cement-Roadstone bids 




Cement-Roadstone Holdings. 
Ireland's largest industrial com- 
pany, yesterday launched a £-i.t'i.-,m 
agreed takeover bid for J. and W. 
Henderson, the Aberdeen based 
builders merchants. 

CRH is bidding £10p a stare for 
Henderson, which it claims is 
Scotland's largest builders 
merchants’ group. There is an 
alternative share offer oF 21 CRH 
shares for every eight Henderson, 
shares. 


have been earmarked for over- 
sea* developments. 

Meanwhile CRH says that Hen- 
derson vriJJ retain JLs separate 
identity. 

It can clearly support the deal 
with cash or £JL3.7m in its last 
balance sheet while net debt of 
£25m was compared with share- 
holders’ funds of £94 .6m. 


The bid already has the backing 
of the major shareholder London 
and Northern group which has a 
34.fi per cent stake in Henderson 
whose directors are also support- 
ing the terms. Henderson shares 
rose 55p yesterday to 210p while 
CRH shares closed a penny ip 
at 82 p. 

The bid price compares with 
Henderson’s net assets of £5.7 m 
based on unaudited accounts for 
the year ending March 31. JOTS. 
Pre-tax pro&ls hwt „sar were 
£853.000. 

A spokesman for CRH said last 
night that the group had been 
seeking to extend its builders' 
merchant interests following the 
successful acquisition of Van 
Neerbos in Holland around five 
years ago. 

More importantly, -the group, 
which earned pre-tax profits of 
ElA-Sm Last year, has also been 
seeking to extend its proffls base 
outside of Ireland. Currently the 
group earns only around 15 per 
cent of its profits overseas and 
has been known to have heen 
looking for an acquisition CJlhcr 
in die UK or the US. .. 

CRH has said that it intends 
to spend about £100m on expan- 
sion over rhe next five, years and 
same of this can b® expected to 


SWISS BID FOR 

BRIDGEWATER 

TRUST 

Bridgewater Investment Trust 
has been granted a re-listing of 
its shares on the London stock 
exchange following the announce- 
ment that Sagesl SA, a Swiss 
financial holding group is to mount 
a 396.01)0 bill for the trust. 

It had been hoped that Bridge- 
water would regain its quote today 
however this has been delayed 
because the offer document was 
not ready to be sent to share- 
holders Iasi night — The stock 
exchange has told Bridgewater 
that its shares wiJI be re-quoted 
as soon as ihe document is posted 
to shareholders. 

The Geneva based group has 
paid Clifton Investments £218,000 
to buy out it's, 55 per cent stake in 
the trust and under City Take-over 
Panel rules must now bid for the 
outstanding shares. It js offering 
ii.Cp a share hut says that any 
shares acquired through this 
latest offer will be placed with 
investment clients of Rowe Rudd 
— the brokers handling the deal. 

Bridgewater lost its quote at the 
end of April after the Law Deben- 
ture Corporation alleged breaches 
of trust deeds and demanded 
immediate repayment at par to 
holders of £143,000 of loan stock. 


A spokesman for Sagest said 
Iasi night that the group intended 
to seek an amicable settUanem 
with Law Debenture ae soot as 
possible. . 

In the interim Bridgewater has 
lodged £167,000 ill a joint account 
with Law Debenture to cover the 
cost of any possible repayment 
of loan stock. 

However the group believes that 
it has a strong case and has said 
that it does not expect to have 
to make the repayment demanded 
qy Law Debenture. 


to meetings 



sells more property 


UNITED SPRING 
BUYS GILLS AN 

United Spring and Steel Group 
has agreed to acquire the capital 
of the C.UIsm Company. The 
consideration is £428,700 of which 
£228.700 was satisfied today by 
issue of 903,350 United Souths 
ordinary shares which have been 
placed on behalf of the vendors 
under arrangements made with 
Kieinwort Benson. 

The outstanding £200.000 will 
be paid in cash by United Spring 
on September IS. Gillsan. which 
is based at Netherton in the West 
Midlands, is a mass-producer or 
specialist springs or a smaller 
type than presently manufactured 
by United Spring. 

For the year to September 30. 
1977. pre-tax profit or Lillian 
amounted to £104,748 aud under- 
lying net asset value at that dare 
was £3+4,029. Mr. A. Hems, 
presently chairman or Gillsan. 
agreed to remain on the Board 
and will be joined by Mr. H 
Hudson, a director of United 
Spring. 


Serck paying £3im for private 
foundry— warns on profit 



Our specialist loss 
-.assessors will take a look 
your present insurance 
cover on buildings, 
-plant, machinery, fixtures 
• -• and fittings and negotiate 
* " your claims - including 
" / any consequential loss. 

' -Can you afford ro take the 
. Usk of no? consulting us? 


Beecroft Sons 
.& Nicholson 

• ; • 71 S yuth Audiey Street, 
London W1Y 6HD 
Tel: 01-629 3333 Telex; 261988 



Established 1842 

Is v.2 UI z 6.11=5- 


IN A deal worth aim, Serck the 
industrial valve and engineering 
group, has agreedrto ^ctase 
Wilsons Foundry j£® 

rrivatelv-owned steel 
company based .’in Bishop 
Auckland. . 

The consideration, has been 
satisfied by the Jsspe of over 4m 
new 25p Serck shares, which will 
be Disced by Robert: Fleming in 
conjunction with L- Messel and 
Smith Keen Cutler.' ■ . ... 

Mr. John Pmekard, . Serck s 
chief executive said 1 .Sjj^ r 
that WiUon. Foundry, hjj 
a nroduction capacity :.o* 
tons, will provide about one-third 
of the casting requtowenl. of 
Serck's industrial vahrp-<h'»*i° n 

' 11 Currently- Serck- ;BWains its 
annual casting requirewnts of 
about 4.000 tons from 'three 
leadin" steel foundries inW^.J. 
The acquisition will thus 
Serck with a source df^its ofra 
and a new 

earnings In wT 

Wilsons roade P/l^ pro^ 

SWS * “ 


that pre-tax profits will not be 
higher than the interim's £2.B6in. 
This suggests that pre-tax profits 
for the ye»r to September 30. 
197S could be some 50 per cent 
down on £9.3m in 1976-77. 


xamong tin dredging limited 

rhe. Chairman, 


im. °- h -“ 

*= Mr. j. T. Cbuppri. 


•*>;- Mr J. Jr. tmappei. 

# Before dealing’ the accoun^ for 1^7 p_atuk 


CDFC INVESTS IN 
NEW BRAZILIAN 
JOINT VENTURE 

Common wealth Development 
Finance Company is to invest 
£666,000 io FNI-Howard SA, a 
new joint venture Brazilian com- 
pany manufacturing agricultural 
machinery. 

The investment will give uDFL 
:• 35J2 per cent holding._The other 
shareholders are UK Howara 
Machinery, which has a +3.0 per 
cent stake and Fabrics Nacional 
de Implentos of Brazil, which hax 
an. 18-2 per cent holding. 

The Investment is the wiro f °r 
CDFC, in Brazil, where the total 
book value of tlieir investments m 
about S?.5m. The others include 
investments in the Brazilian sub- 
sidiaries- of Eva Industries and 
Delta Metal. . . 

Mr. Dennis Pearl, managing 
director of CDFC, said the Invest- 
ment “ is in keeping with our new 
policy that the company s role 
should not be confined io 
Commonwealth countries m terms 
of. geography. 

“ We are now prepared to 
invest in most countries of the 
■world, but always in aul or a 
Commonwealth interest and 
therefore, usually alongside a 
Commonwealth partner.- Bui Uus 
does not ezdude the possibility of 
CDFC investing in a Brazilian 
controlled company,' he added. 


which is a wholly-owned 
subsidiary or Royco, has sold 
720.000 shares in Phoenix and as 
a result no longer holds shares 
in the company. 

The sale marks a quick turnover 
of holders for the Phoenix slake 
in the last eight months. Royco 
purchased the stake from Pentos 
at a price of ItiOp a share. That 
sale. according to Mr- A. 
Gourvilch. the Phoenix chairman, 
was conducied without the prior 
knowledge of his Board. 

Mr. Gourv ilch added at the time 
that the Board felt Phoenix would 
do better to- remain an indepen- 
dent company and that any 
takeover bid would not succeed. 


m 





.-429 


3.032 


iSZ^? 


Before dealing won Msaa y Sii ,. Daluk 

SSjSjf Abdul bin Rkja M0 

itho joined, us.'en IBtn March ' t bi?. yeaT. . jjq before tax 

profitability 

■feaiis’jysyf «»- ^ p,cu, ■ 

^ds'totalliBS^ -«SP Pg jf*2JJShS tE/ year consisted of 
.fyiThe Srpundtreate^^^g^^jjj, sonje oct urrencct> of 

ferr*r» th; total proiluction 

compared with the months of the current year 

^Tpreduction for the ^ .To - . picijls for p 1 ® 

^f^rfed'SH^alTTroa^rion ia expected 

mar ket rose 

^.^TJuriBS’ 7 Ihe year the ti° 095 uer picul. Since . 

. C y frnm the Ul 


DurinTl^r tin price 

Dunne ajMime record n 

•e hks faJtea back w«n ureted Slates'. 

S5,„io S no;doobt .frora tbe Uj^.ooa^m ? } from 


.J. 


Siting no doubt Win i^--.^- ejise of tin mtta trnrn 

g^opSked legislation to et*b* ™ g hoped that 
■Ore’ Strategic Stock -Pile- , „ mi* in full consultation 


a&s. if ttey wtob the United States 

■ ^ *. naarfcet ^ 




SPEAR & JACKSON 
PULLING OUT 
OF AUSTRALIA 

MMr and Jackson Inl«a-- 
naOonal, the tool manufacturer, 
has agreed to sell Us 60 per ; wot. 
owned Australian subsidiary, 
Bpear and Jackson Holdings, for 
£755,000. Brown and Dureau. a 

Melbourne-based importer, ex- 
porter and distributor, will P»i 
AS1.02 per share and offer U»e 
ynunp price to holders of the other 
800,860 shares. 

'I«Ir. Leonard Gre shard, manag- 
ing director of ihe UK P3; r ®'°^ 
BaidT yesterday that the Board had 
hee/boping to wn The 
operation for some time, it nas 
been increasingly unconnected 
with our main business, he said. 
S and J Holdings has expanded 
into the fields of importing and 
factoring, leaving the business 
relating to the UK parent at only 
SO jper cent of the whole. 

TTie proceeds will be remitted 
to the UK and used in the main 
b usiness Mr. Grosbard said that 
the funds could not be used for 
alternative overseas investment. 

- The book value of the 
'Australian subsidiary’ in the S arm 
J Internationa 1’s a f co “ ms •“ 
£S57j8&D. The proposed offer price 
I era pares srith^ the previous 

' closing price cen *f_.|?^ 

share. The company was floated 
ohthe Australian Stock Exchange 
ta mid-lS76- 1W7 it made r-re- 
of 5239,000 1533SJ>UD). 


GLOSSOP COMPARES 
ITS PERFORMANCE 
WITH WETTERN’S 

\\\ and J. Glossop. the public 
works contractor which is bidding 
for Wet tern Brothers compares 
its 75 per cent pre-tax profits 
Increase over the past five years 
with Wettem’s 92 per cent de- 
cline over the same period m an 
offer document sent to share- 
holders yesterday. 

Giossop. which already o«w 
25 per cent of Wetiern— manufac- 
turer and distributor of construc- 
tion materials— is bidding 95p a 
share for the outstanding ordinary 
and 85p for each We+tern 
preference share. The total cost 
of the deal would be £154m. 

However a major obstacle could, 
be the Wetiern family which 
owns around 45 per cent of the 
company. Mr. Digby Burnell 
chairman of Glossop said yester- 
day that the offer price v as at a 
discount to Wei tern's net tan- 
gible assets of lS2p a share — re- 
corded in the company's recent 
annual report and accounts for 
1977. 

He said, however, that this was 
appropriate riven the low level of 
profits generated from these 
assets. 


gxr?r.E THE beginning of this 
yuaCi Britannia Arrow Holdings. 

Ore former Slater Walker Secur:- 
t j eBj had disposed of further 
paoperty for a total of Il.Sm. Ihe 
o£ir chairman. Mr. Geoffrey 
Ctippon. MP. sajd ai yesterday's 
ajannaJ meeting. 

Mr- Rjppun also told share- 
holders that the company was to 
redeem its sterlinc-deuische murk 
£oad issue ai the end of June at 
a premium of 2; per cent. The 
effect this would be 10 red uvrv 
the group’s currency exposure by 
about JE2m and to eliminate an 
interest sboj-trai) or i25u,ooo a 
year at current rates. 

f?ijg repayment, louetlier with 
Die jtnandatory repayment in July 
of the 19iS tranche or the Dutdi 
gojBJ notes would reduce Lbe 
company's' loans by about ilium. 

gumma ri sir 7 Uie effe« • f 
recent transactions in 197S, Mr. 
RippOE said that the cash 
received from the sale of .Arrow 
i.ifp Assurance and the properties, 
and from the rrdenintion of ‘he 
bolding of Wig-ham Poland loan 
stock, together with a reduet on 
m debtors amounted to £lfim. of 
whkh £10m was committed to 
repaying loan*. 

As to pros |wc is. Mr. Rippon 
said'. “A* shareholders v ill 
reah'se, the performance of the 
group is large I;, dependent cri 
fluctuating ini crest rates and 
foreign currency movements, 
which mcan.s il'iat *t is not 
possdWe to make a precise fore- 
cast. However, the major trading 
activity of unit irusl and invest- 
ment management has enjoyed a 
fairly successful start to the year, 
whiris we hope will continue." 

Shareholders were also told of 
a change in the relationship with 
two City merchant banks. 
Hnm faros and ?»!. Rotfisuhild 
and Sons, which i»a\e heen par- 
ticularly elose to the company in 
recent years. 

Two directors of each had oeen 
on the Board until December 19i , 
fro 83 October 1!!77. when Mr. Jim 
Slater resigned a v chairman to be 
succeeded bj Sir James Gold- 
smith and v.hen the Bank of 
England stepped in wilh heavy 
support, eventually buying the 
Slater Walker bank and tuber 
assets for £lfc - .4ni cash last 
September. 

Air. Rippon who succeeded Sir 
James last December, said yester- 
day: . '* Ai she time of my 
appohitmenl as chairman, it was 
announced ilmt these merchanl 
banks would be in attendance at 
Board meet in js in order to assist 
during the '.r.nsiiinn period. 1 
am happ:- to report that this 
period i.* twv. over and tfu? 
arrangement hai been termin- 
ated.” . 

“Howe'er, the services of 
Haanbros and Rothschilds will 
continue to be available to the 
Botfd as joint financial advisers 
to the company.” he added. 

At other meetings held yester- 
day, the chairman reported as 
follows: „ 0 _ 

Britfsh-Bornco Petroleum byn- 
dieale: Mr. C. L. Nelson said the 
group expected to do well in the 


LEGAL NOTICES 


current year. When dividend re- 
strain Ls were relaxed or removed 
it was the intern of directors to 
recommend resumption of the 
traditional dividend policy of dis- 
tributing a large proportion of 
earnings. 

Burrell and C.: -Mr. M. C. Ash- 
worth said his forecast that 
growth in demand in 1978 was 
likely 10 be modest was still in 
line with sales in the current year. 

Everything pointed to the fact 
that the group was at l eKSt 
maintitinjDg and possibly even 
increasing slightly its share in 
the UK market. 

Change 'Wares: Mr. Geoffrey 
Rose, the dialrmun. said that ThP 
forecast of a return to profit- 
ability had been achieved dunng 
the first quarter of the current 
tinaociaJ year. Trading to date 
this year had been running at 
very’ satisfactory levels and ahead 
of budgeted expectations. “1 am 
therefore confident that the com- 
pany will in the current financial 
year surpass the forecast pre- 
viously made of profits of not 
lei’s titan £450.000.” 

First Castle Securities: Mr. 
Leslie Connor told shareholders 
that the situation remained saus- 

faviory- 

Tbc board intended to continue 
developing the Hunt Piano busi- 
ness while Uie increased liqaid 
recount"* or the group would be 
11 i.i lisvd 10 uhe bKt ailvantage m 
due ucuAve. 

Haw tin: Mr. Frank Hawiin said 
ihe accounts for tJw 
.-nentta or uhe current year would 
sJh>w further wnprovement. He 
ua =- not able, however, to annci- 
paw when Ordinary dividend pay- 
ments would be resumed. 

Office and Electronic Machines: 
So far this year turnover had 
continued to increase in excess 
of expectations, Mr. Erich 
Markus reported. Although some 
or rhis was due to replacements 
carried over from the cutback 
of liie preceding years, the 
general prospects seemed good. 

•sliUuh Spinners: Mr. Edmund 
GarKide told shareholders the 
group was "cautiously optimisUc 
about the future. “With the re- 
oreanisation and re-equipment 
that has taken place during the 
last three vears the group ts 
well placed to take advantage of 
anv improved trading conditions 
when Uiey materialise," said Mr. 

Gnrisidc. . . r- m n 

press Association: Mr. C. N. u. 
Coi'-. chairman, said the 
needed recovery in finances had 
continued in 1977. 

Although losses on the news 
service were substantial at 
£405000. continued development 
nf other revenues and attention 
to cost control had enabled the 
group to achieve a net surplus. 
The improved financial reserves 
helped tn provide greater stability. 

At a meeting of directors imme- 
diately after the AGM Mr. Ian 
Grahame Park, managing director 
and editor-in-chief of the Liver- 
pool Daily Post and .3cho. was 
elected chairman. 


\£>. 0U1T51 ut 19TS 

to Stic HIGH COURT Ol- JUSTKs. 
Chanevrv D 1 vn.m 11 i.-jnipBiii-^ Co"r*f 
Om aiauer of DfXSTARLB 
& STOPiC-B CUMI'INY tlSfilTLD amt 
in isc Maiivr uf The OBUPanit-s Avi. 
1S4? 

NOTICE IS HEltCr-V GIVES, ihai a 
Hem Ion lor the winjitu 
naaud Conwany h v iac B«* '-‘Wri of 
justice was uti iIil -jnd _ n ' Juni 
' 9 ?S. pri-SiinUii to ih>: sa‘d Cnuri b> 
BAIN AND 1WDGK LDIJTED. 1. 

P!aw. Eimjan. Losaoa. S.E.3, anfl mai 
tlu said Pcimon b directed to br hwirt 
before the Cown '.muff ft tht Bowl 
Courts of Juauui. Sirjid, Lo»l(m nCA 
2hL. on tiie 3rd -Jai of J«* ^ 

ary eri-dltor or uontnbUIDO' t" U 1 *- S -J*“ 
Cocnnany di-sirous iu wrpf»n 0 7 K op -"l^ 
ilw tuakiic ut a-» unU-r uii * tl ' . 
Pcfiuon may appear at ujr ; 

heaniK. In person or W 1)15 . 
for rhai purr-osi : a-.d a vow 01 -ne 
Pe'jliofi will be fcr:ii 5 bod bS" 1 h £■ “ lldL 'I " 
suuieil to »>.»• --r. l.ior or “nlr'huion 
o' the said Cvms-.r.:.,- rMUirxa -•»' h turn 
on paln» 7 U Of UK rtgulaivd lIium. lor 
the same 

TOWARD VILOJCE. 

Royer Hons- 

AWiJnia!ib-jr" Souare. 

Londwn EC-V TLD 

Bi-1: MND.*4U TlSG. 

Soli.: .tors lor -he Petition' r. 
vnTF — \iiv d *r c uii wilt 1 uii f, no& »o 
a ^ a T r n- unnV’ttf the said Pcnno.. 

must serve on. or r.:Pd »P«' £ 

abovc-DJixnt-d iiuiiL' iti %lTrtll Jr li ® .. ... 

fmeouon so lo do Ti* noUM 
me name aud addr-.-ss of 
H a Arm ilu- no :u- owl *ln Tl ■* ; 

firm and must he ky ih>- v> rsi>" 

or Gnu. or Das or ihetf soUtJtor' d an^ 
mfl nur. be unrf. or. d J*®* 1 ™- ,nu J“ 
be sent by non in , n 

n-ach tin abui-o-naniod not lattr Uinn 
muT o'eloct In -so afienioon uf the 
aetb day ol .tnn- l»Ti. 


in tb- Ma:u-r ol ALEXANDRA BOAT* 
HOLDINGS LIMITED and in lbe Mailer 
cf Tb. Cosioanit-s Act 
NOTICE IS HEREBY GIVEN ihal too 
eri.-diurs ol -.be niin-.-d Compaiur. 

whim is be. ns volnniar.ly UMind up. aro 
r>.- tint rid on ur b.Jorc the '# day of 
July. WiS. io serif! iu i.’i-ii full Clinstian 
.md siirnani-s ■.!»• r a jilrey... s aM des- 
eripiiuns. full particulars of their llcblS 
ur claims, -ir.d i!ic ;iaru.s ^nd .iddresdes 
of their Solicitors 'U a':.*’*, 't- the untJtr- 
Sipncd R1CUAPU E-’GLES'-TjLD FIX' YD, 
Chartered Accounrsn:. ol J ChUord's 
I in., be;:>-r L:«n>\ l.nndan EC4.+ LAH. 
the I.iquidKor uf rre P:*td Compuiir. 
am. if io r..amr,-d ay ntM.^' in vtiuiv 
iruni Uu: said Lmmicio-. pemraally 
or by Uie.tr So'-.e-tors. -.o coin,- m and 
mmw tli-;r di-bis or clJ.ni>. a. ju-b : uuo 
and p!.i.' os Ltiail b*- -.p.- iL.-d in such 
nrtiiiv. or '.n d i<jui real th--v will 

be eselude-j fn.ui liu b.-i-li: nf an7 
distribution made h..I»rc sacn debts are 
prutf. d. 

DATED this h.h day o-’ Jjr.C- JS-7V. 

II V. : L- L. L.TJ ‘1j:or. 
*:i»TE.— ' This :k-'. nc .- iiiiri-I.- formal 
All kiiuvt:. ervd.lers h^.- b .-r. or will 
bi- pujd i'i luii. 


.1 L STICK 
'Mir;. In 


No. 0MMJ9 Of 1*7? 

lo the HIGH COURT OF JUSTICE 

LlMTTSn and In lbe Man-.r of tul 

C N?-)TICE iV'nRREBY G1VLN. ttial a 
Pennon far ib. Wuidinj: up °j. '■ 

nami-O Company by rbe H'Bh Cnurr of 
Jnsute was I.n :'ie 6 th 4uy or Juii. 
15174 :. pr>?<fiir?rf Tn Uip saw* Court 

H>T^FRJ»*N T*L\NT LIMITED whose 

resislcnd olfiiv i< at 3! UHltiw Lane. 
Muehanc Surrey . aad (hoi *b.- s--id 
Ptmlon is dinned 10 be heard before 
ihe Conn si’uny ai lbe 
o r Justice. S' rand. Ltflidon Ui — \ -LL. 
on lbe 1 <M 1 > day of July l«b. and any 

crediior or oirribuiorv w tut 5 -' ,n 
Company desirous 10 sappori or ccpose 
tb- rual.in,- ot an Order on the said 
PenuoD may aroear at tne ™ 

beanne lo p-rron or by his CoupvvI 
for that puitm. ■: and a cop> ^ 
Petition will »>«.• 'nmished by Jic uwl-.r- 
sdin-.-d »0 any ■ rediior or roninbu-.on 
of ihe said Comp.ny wuurnv f JL ' h '■' c y\ 
■on parnK'tti of i s .t rcauhitil cliant: fur 
lbe sanu-. .. . . ..... 

ROBBINS 0L1VE\ * LAKE. 

2 !S Strand. 

Landau N'CSB IAV. 

Sidleiturs lor lbe Peiiuun- r. 
NOTE.— Any Person who inrrr.ds 10 
appear 011 [be kMi*u of *0 stud Feu’jo.i 
must serve on. <-r send by pom W. ihe 
abow-naincd nonce in wtiud^ vf mi 
jm-Dtion so 10 <!j. The nonce mus: sun.- 
Hie name and audrvss ot Ihe pTwn. er. 
ir a lino Uie name and addrees of tn- 
firm and nmvt be stoned by tin Person 
or firm, or fen or ilwir soPdior <l any 
and must bo served, or. if posted, must 
be sent by post In sufficient unnr in 
reach iht above-named nol later lha:i 
four o'clock In lbe afiernoon of the 
7th day of July 197* 


.-:•«! 


No. O.IlTT.j of !?7 C . 

In tb.- HV.H i.'.'.RT Ml 

CAanc-ry Dp won ii)-n:.-:i.i 

lhi- M.m.-r r.i SUPEk-U ItITL '.LRi l-.TS 
LIMITED and 1:1 :*1e Mjr -r 0 ! Die 

Compurji-i A-.:, itei.t 
NOTICE JS HEFEB" .1' : .vet a 

Pi'll U0!l for 'h- ViEdig- ill- O'" t'l. .-f'.ive- 
i.atii-d L'ui.-ipai:-. b.. tb'- 1 1 . . :i -.iHirr of 
justice wj* on to.' r-i.i -j (•: June 
lPJlt. pp'f anted -1 ih- i. 1 ! iTi-nr: by 

the i'.ci:.f':issi'r:r.7ij; ,1 r-i_-s-wij;s 

AND EXCISE of K.n» BcVn Hau+ 
.70-51. >l;rte Lire Lcii'ivi hAl'.rt THE. 
and ihji ihe s.-i-l f'--ii:i.n 13 directed 
10 be h'..irJ before ih. Lw- suuha at 
the Royal Coins uf JtL>lice. S' rand. 
Loudon if cv -.-LL 0:1 in>- :i-.:i <ij--- of 
July Iftrt. anil .»•■}• y- eiii.'.r '-u orr 

of tile- ssi-U Compute.- dc-i-raus sopparl 
or opcos.- l-l- r-uR'iia ef .-it 
1 hi said Pc: 1 1 lot i.:at a;.p. . 
nuic of h-jriic.- ir p-- 
Couiijct fur :li. : ptirpu^. 

I* 1 .- Petiim e-l'l b- s' 
under,! ir>ed i<> any cr . 
lore of the i.Vrniv 
copy on payment of 1 :.- 
fer lbe fsoui 

G K. GLTiAK 
F i-i'S Kevin it-ii.-.-.-. 

.W-4!. Mark L.'s. 
l.and.-..i E-:5K r-ii£ 

SoLiciior for the PeU-Jnncrs 
VOTE. — Any p-.rso.-i ’M'.-i-ds to 

appear au ;he hijr-v. ol :-i-. :^au Pc-Uiion 
muss s.-ft- on. or s-.nd by ,vn 10 . rhe 
aonvc •named n.irn-e in \rrrt ili.r of bis 
itoen ion so to do. Tie Police »:iu*.’ ytjlo 
tb- n. me and addr.-si of ;be p -rwn. or. 
if a Cnn the- ru-.i 1 1 - and a J dr if, uf the 
lint: and must b-.- s.-uiud by rhe person 
nr firm, or h.s or tlv.-ir nol; -tor , if any* 
and iimki be s rved or •• p>mnJ mue 
be s.-ii-. by r'-'St in cn!7i. 1 n ikm- ;o 
reach -Jr- abo' - -rtj n: iv. '.nor thin 

four e Vic ik in - ala rts-au-i uf ihe 
Tib day a? JtUy 13T.. 


1 ’irdt ; 

r :n Ibo 
or bv l«s 
ei-pv of 
■■ir--.il*-.- J-; the 
;!i' 0 * -r I j:i ir.hu- 
n.- r i.-j.-r. . such 
r . Ilia led JiuTCe 


CORSPAf'JY 

NOTICES 


J. T. Parrish 


drops to 
£51,770 


NEI forms 
mining tools 
offshoot 


Despite a rise in turnover from 
£3.1->m to £3.3Sm. pre-iax prohts 
cf J. T. Parrish, the department 
store and properly development 
concern, fell from £110,903 to 
£51.770 tor the year to January 
2S 1976 with nn.300. asamst 
£35.1)00. coming in ihe first hall. 

After tax of £24.:M2 l£B0.?371 
full vear earnings are thavrn ; at 
z m> 1 7.03p) per 25 p /hare. The 
dividend is held Jl 3.S3op net 
r? } ;ce*s coe is of £93.S71 over the 
estimated nut realisable value of 
properties of the subsidiary hove 
been ritten off to prolii and loss 
account. 


Northern Engineering In- 
dnstries is to form a new business 
to develop sales of mining and 
mineral processing equipment. 
This move follows the recent 
acquisition of Baldwin and 
Francis and continues the 
sirenslhenint’ of the group's in- 
leresr in the mining equipment 

sector. . 

To be named NEI Mining 
Equipment, this new unit will 
provide package deals involving 
ihe tupply of plant manufactured 
bi various NEI companies for 
riinin’ and mineral processing 
industries. 


Nn. 00175“ of 197* 

Ju Ih- HIGH COURT OF JUSTICE 
Chanc-rv Division Coroaanlcs Court. In 
Ui» Manor of JONES TRANSPORT 
SERVICES f LIVERPOOL* LIMITED 

and in rtw Manor of Thr Compamff 
]*!■> 

' NOTICE IS HERERY GIVEN. Ihal a 
Petition far tb- Wlndinc up of ih«- abovi*- 
nanic-d Company by ilu- Hlsh Court of 
Juiiico ms on lbe ind day of Jnrt* 
]PTR. prcwn:ed to lbe said Coun by 
RAJN AND I'f’DGE LIMITED. 1 PJ^-V 
Ptoco. Elttoim. London. S.E.9. aad that 
Iho tald Pel I 1 . Ion is dircriod io be hoard 
before ibn Court slttlnr. at ihe Row 
Coons of Just e-. Strand London VvCLV 
ILL. oa the 3rd day of July 1P7K and 
any creditor or eonirft'uwry of in- said 
Companr d.-strou* to support or oppose 
iba orialnna <H an Ord-r or* the saw 
Pension may atwar ai Uie *.nn< ol 
hvarns. ! y person or by h s counsel, 
for [bar purpo*-: and a cqpv of ihe 
P' Iiuot* vUI br f4imisb«d by ih<? wid^r- 
mined m any urednor or eomnbuiorr 
of the said Company n auinnn such copy 
om paymeot of the rejtulatt-d abarte lor 
:he same. 

COWARD CHANCE. 

RoyMt House. 

AW rrm anbury Sauarc, 

London BCSV 7LD. 

P-f: MND 54P.-MJC. 

Solleifors for ihe P-.-tmoner. 

NOTE.— Any person ‘"J™* 1 ..,” 

nop ar on tbe beariM ar the said Petition 
mun serre on. or send by post 10 . ine 
above-named notice in A-ritinit of Bis 
intention so lo do. The notice mum state 
the name and address ar the pi-rson. or. 
If i firm the me «d i« r « “I 
firm sod mnsl be ston-d by the person 
or firm or bis or ihetr solicitor <if any 
nnd must be served or if aosted. musi 
N st-m by post In suffifTOi lime lo 
reach ih-. abovc-nanv-d no: laier than 
four o’cloih In thr afternoon of Jiv 
WJl day ol Jnaw IPTs 


Notice of Redemption 
BANQUE EX7ER1EURE 
D'ALGERIE 

SJ% 1 972- 19M — SU 525,000 ,000 

Holders ol the above mentioned issue 
are hateoy informed this the annual 
redemption irucalmenc amsunung to 
SU.5.1 .875.000 has Keen satisfied 
partiaiiy by repurchase in She mark.es 
of SU.S. 1. 320.000 and parnaily by 
drawing by lot of the remaining 
amount of £11.5.555,000. 

The following bonds have been drawn 
on 31st May. 1«78 at the offices el 
Danque Inw-nasionaJe i LuxembouriS 
S.A. in chc presence ol a notary 
public: 

numbers 17960 co 18574 inclusive. 
The bonds so drawn will be redeem- 
able at par on and after 1st Afgute. 
l?78 and ha,e to be presented far 
payment with all unmatured coupons 
attached. ... 

After the redemption ol 1st August. 
1978 the amount of bond: outsand. 
ing will be 5U S.I7.5C0.Q00. 

aANQUE IMTES NATION A Lt 
■ a L'jreMPCv; 3 
So:ietB Anon -me 
Trustee 

Liwembourg, 
t2rh June. 1978. 


VAUX EXPANDS 
IN BELGIUM 

Yaux Breweries ha^ acqutred 
for BFr 4.61+2S1 I £76.000 1 the re- 
maining 25 per cenr in Lietoans 
Brewerv. Oudeuaaxde. Belguno. 
not already owned. This is the 
same price in Belgian Francs per 
stare as was paid for the original 
acquisition. 

Irtr. Paul Nicholson, the vans 
chairman, said tbal having Lic*r- 
jnans as a wholly owned subsi- 
diary made it easier to use it js 
a base from which io expand 
sales of the group's ow n beers in 
the EEC countries as well as io 
develop the sales of Urfman=. 
Beers in a wider market. 



limited 






I3i ? 


sar^ 


rf* 1 * 




5® 


P&S21 S,^ e ,S"wfA 

^ -sshSPE* s 

vmi auiouftte“ . __t i^} rtiflr. TSsnlte .. vcftr 

- 

pipping expend^®-: 


NEB RAISES 

brown boveri 

STAKE TO 20% . 
t- Tbe Rational Enterprise 
has now, in accordance wiih us 
■known iotention. raised its Merest 
in Brywn Boveri Kent, the procesa 
equipment and jnstnimenis con- 
£era controlled from Switzerland. 
Id 28 per cent Until recently., the 
had a stake of 1/.6 P«" J-enJ 
S^BBK (54i per cent of which is 
owned by Brown Boren of 
Switzerland) but it has 
SuMiMT both hy purchasing 
&rther shares and by subscribing 
In the recent rights ! f sae - 
A stalement yesterday from the 
prtate-ownod m 
}BBK now amounted to 
*ares acquired at an average cost 
of 303p a share. , 

The holding has beep 
after full consultauon wuh BBK 
so that the interestcoidd be w-j • 
solldated in the NEB, accountB. It 
& not tbe NEB’s inteotton to 
increase Its holding furiher. 


W. HENSH.ALL 

The unconditional offer by 
Buvbournc for \V. QcnbhsU and 
Sons (Addlcsloue) has bevo 

accepted- m fespevt of 20J50 
■shares (0B oer cent.J. Bovbourne 
now bo Ids 1.270.332 shares 
t50.S per ceou. The offer is 
extended until further native. 

jjjr. Heushali is opposing the 
take-over. A spokesman for its 
adviser, Barclays Merchanl Bank, 
said yesterday. “Tbe implication 
of this low level of acceptance 
is there for ail to sec."’ 


J. & J. HYMAN 


J. and J- Hyman announces that 
the’ purchase of those shares m 
Drata Foam nol already owned by 
Hyman has been completed and 
606,452 ordinary units in Hyman 
have been allotted and issued in 
part satisfaction of the considers 
tion. The Board ha? been in 
formed that Ihe 995,000 ordinary 
uniifi held by Draka Foam have 
been sold at 37 p ex rights. 


ROYCO SELLS STAKE 
IN PHOENIX TIMBER 

Boyce Group, the Buckingham- 
Sure property development and 
financial group, has sow tne -w 
ijer cent stake in Phoenix Timber, 
which it bought for about £L1 jih 
in September 1977. 

A brief announoement yesterday 
stated that QST indnslrial Trust, 


SHARE STAKES 

Evans and Owen: Mr. S. Waissel 
has acquired a further 9.666 
shares at 33 p per share making a 
toial holding of 13C.224 shares 
(28.3 per ceiU). 

Somportcx Holdings: 31 r. 
\Vaissel now holds 35.000 shares 
(5 per cent i . 

Thomas Bortiiw ick and Soits 
Sir John T. Bordiwick. a director 
bought on June 6 25.000 shares 
on June 7 50.000 shares and or. 
June 8 lS.OilO shares. 

ihtple International: \\ . 

Yeotes ha« acquired 200,000 shares 
making totitl holding 3.74B.C66 
stares (9.1 per cent). 

Airflow Streamlines; tlmsiur 
Assets and its subsidiaries' inlcres 
is 280.600 shares (10.87 per cent; 
previously 11.6 per cent. 


09 9 

Highlights from Chairman, Peter 
Pritchard’s 1977 Report: 

ft *‘£ 2 bo profit forecast exceeded 

ft Pre-tax profits rose by 30.4% 

ft Year of consolidation and profit growth was 
largely organic 


Mobilization pha<e of Saudi-Arabian City 
Cleansing Contract completed on ume and 
within budget 


Current results show satisfactory progress 


NO. tOlRU of I-7i 

III Ihr- HIGH C n "FT '.»!• -It STICK 
Chauo-ry Dirrsion Ciinii'ain-5 l -t |Url - 
the Maticr of EKADKN LIMITED and 
in tho Matter of Tj- i>aii>anws 
IMS. 

,M.«TrCE IS HEREBY GIVEN ihsi a 
Petition for lbe urindinu up of ine abov-- 
nam-'l Company by the Hi;h Court ol 
Jnsn<v was on rhe Tih day of June 
t?Ti. pr-feiiicd 10 ib- snid Conn by 
R. F. I. LI.YE LIMITED •rl:oc n-c Stored 
oDiuo is situate at 16 Bur: Sire- London. 
E.C.3. and rtiat th. <1 P- Mlion is 

d.ri-L-.-d to be beard b-iar- it- ‘-oar; 
MUintt at tbe Royal Ganr* o.' Jos'-'"". 
Si rand. London V'i71\ -'Ll- or ibo 
tOtli day or July 197-. and i nr cr-di * nr 
or contribuiory at ih. 'u.d Co-ttpany 
di 4 1 ran it to vopporl or uf'i".- •• >■•'* tnahinc 
uf an Order on the t.-:J P-.i:>:oo may 
dptH-ar at the time or ’ic^rm- 1 n person 
or by hi* Counsel Tor 1 * 1 . 1 1 purpon anfl 
a -oi-r of lbe Puiinon >,ll *>( furnlsbed 
by Ur- undersdened to any -red it or or 
eoninbuiorv of the said Comnnny reoulr- 
ins such L-opy on payment of tin- reB mated 
charge for the same. 

PEJKE L CO . 

a ‘7 Ri-dfOrd Run- 

London WCIR iDO. 

SoUciiots for ib- F'-i'iioner 
NOTE. — .Any perepn ""l-o inii'nds_ to 
•pour in lbe hearing uf :*i- ‘ J 1 ’* FetRlon 
ream serve on. or m-nd b> P* a lo r 'J* 1 
aliui-e-named noner in -rnuns of 1,1 ' 
inKPiion so 10 do Tin i ;<■!»■.■■ ,l,l,s: 5,3,l; 
:hi- non)'- and address .-l Pv-rwn. nr. 
if a firm th,.- name ajiJ j-ldo-si a. ine 
linn and must he siaiv-1 *•:' the r«TSon 
ur firm, or his or their si»li-' ,,nr “• 

^urf must le; served . or. '• d-'K'I m“*n 
br -s:n; by post in k:u ntu<- >u 
ryaeb Uie •above-namer: n- Lii.r ir..in 
four «v|«* 10 lbe of 1 1 mu-, n or in- - 
-Jl day 01 Jil'y TSSb. 


JAPANESE GOVERNMENT 
STERLING LOANS 


Profit 225-1 


before 

Tax 

£m 

2.00- 


1.75- 


1.50 


125 


1.00- 



1977 

1576 

Salas 

£45.3m 

£43 .6m 

Prof'l belore ta* 

2.2m 

1.7m 

Dividends 

1.4856p 

1.3302p 

Earnings per stare 

6.12p 

3.60P 


The Back ol Takvo. Limited, are 
instructed b» the japanase 
to announce that Coupon 1 No. 29 due 
30th June. 1976 irom Bonds ol the 

J ,^fe OV orrrJn 6 aSd L0 .^r 

3 0 Ttiei° s h'ou id' be Panted .or p ? r- 

listed on tnc forms 
thii hours of 10.03 a.irt. * o rrt 

TnermSt he left a: leas: n-e clear 
da >i lor «■ animation prior to earmen 
In accordance-. **it v ' ih* 

Control Act 1947 caupsn* eon only 
be acceoled Irom and paid to an 

catmot^bv' accepted n,roa 0 n 

, r C or P rofe BAIIIC OF tokvoumiteo 

Director and General Manaier, 
London Ot.ce. 

i£in .'nr.- 1573. 


In.i: -tion Ol U-. Sh. rvtoi ers ol the 
HiLLEKlC SHIP AMD AtRJtAF. 

1K5UBLANCE COMPANY S.A. 
to Lne Ordinary k,tnerji Asscmtiv 


72 


73 


74 


75 


77 


AGM will be held at Winchester House, London 
Wall, London EC2 on Friday, 23 rd June 1978 at U 
noon. Copies of the Annual Report may be obtained 
from The Secretary. 



No U0175S ut l->7- . 

In Ok* HIGH COURT <->' It STICK 
r.hanc ry Division Compotn ■ '• u,,r ; . *" 
ill.- Mailer of JONES I •! XNSPtifJT 
SERVICES [MIDLANDS- LIMITED ami 
hi ihe M3tier of the Cuimwnicj - Afi 
194>. 

MiTICR IS HEREBY Glv L:.' m il : 
Pi-lilion for ltv W nulinu up -if if 1- ai-o'.v 
r. ii mod Company by ih. Iii-.b C-uri of 
JuMjl-.- I'M on lbe jr.d -ta* _" f ,u {* 
197%. prrwuit.il to ihe vJ r,, '* rl bv 
LAIN AND HODGE Ll.MITL-D 1 I'aiWJ 
Plat - ,- Elihaui London S E - 1 . and ,h;, J 
Hi;- said Pciilion is dim ttd t" b -‘ "‘ ^cn 
livlvn- ih<- Court sliima ii f 
Cauris of Jubiiio, Sirainl. i.»n<li»'t w*-'-A 
ILL. on dm ::rd day o: m»"' i' 1 ;^ 10,1 
any creditor or cantnbiii<ir>' of '!•> 
i Company d-sirous 10 simW' ,,r 0|,r “ ,J '' 
the maViny of an Ord,r on 'l‘f 5J, “ 
pL-itlion may appear a; iLv im- >>f 
liL-ariiK. hi prrtgn or liv his eftinsH. 
fur rhat purDnv : and .1 vn-J‘ lh '' 

PvIiiphi «ill he furnished by i* 1 ’-' ul,< * r ‘ 
sliui.'i iu anv vrriUtor ar vo-nr-buiart 
of Up.- vnd Company rwiu ' u ‘ ,l) MP: ' 
on paymeiti of the rcKuL-ictl fBMrf *° r 
the same. 

coward c dance. 

Koyi-X House. 

AlJi-mianbury Fruun-. 

Ltvidnn CC2V 7I,D. 

T.'-f: MND.549'MJG. 

' Suliciiors for ih^ p. :.!ioin-r. 

NOTE.— Vii- person -.i'ic -ivi-i Js 10 
atp.-jr ou tb-. h'.Arttu; at tn- said Pv-wj" 1 
ntust .icrve oa. or send b: pf’ 1 l- ' l '"’ 
ubiui-tLim* d tui tee in ••• rimie f ,! nK 
I iuLnuu:i jo -a da. Th'- noire - mi's - f-to' 1 ’ 
! uh oam - and addr-.is el ih '![- 

I if a ilrnt lit - . - name and ailur-.t-'' 'b'- 

| Jinn and musi he stoned b: lh - ' P' r ' jn 
I or firm or ai.h ur ihetr sotn-'er - m ' | 
' and must to- ^ru.-d. ur f p»m,J. ntJ*-: 

b. - s.::l h;. nosi jn suiliti-nl 
_ r-ri.b iV .-ihuve-n.imed uni IttV r 
li-iir o' i It". 1 : hi the afKri">"t - l IUl ‘ 
ifil h ds' - ol June 797h 


HELLENIC SHIP AND AIRCRAFi 
iNSUPANCE COMP AN* S- r-, 

In accorda-tce araSb :V * Articles cl A~joc- 
tia:>on No. 27 and 50 the Sr-.irenolOers 
CJ -ho - HELLENIC SHIP AND AIP\.RAFT 
INSURANCE COMPANY S.A. are invited 
:© the Orr.iar, Gnjncral hltv.iiJ 
will be helo on Y.'eoncsaav June Z3tn 
197B ?t 12.00 hours a: the prcmisjn o. 
our HeaJ Gmce in 2J. Siadou Stree: 

1st Floor). . . 

Any Sriareholrcr wsnuig to anena r..e 

General ■Moelinfl must eeooSlt rit snirco 

at thi latest S dJ-5 Pr.or to the above 
meniionea cate O! Meeting as SOI. ears 
tn Greece, with the Company s .Cashier 
or with the Consignment Ceoosijs ann 
Loans Funo or with any Bank in Greece. 

an Abroad, with any one ol the rcM9H'SM 
foreign Banks. _ , .... 

The Agenda ol she General Mee.mg 
has been set larth as hercaHer: 

It Report of the Board di Oircctars on 

the Company's acti»l! ies during .he 
thirtOCOtli year Ol aceoon.s s®7. ani 
Bilance-Sheet as at the 31K December. 

1 977 ■ 

2) Auditors' report on the Balance-Sheet 
as at 11s; December. 1977. 

Jl Appro, al ol the '97Y ad minis. ni.^n 
as weft as a’- the Balancc-bhee. at at 
sist December. 1977 and ol the dis- 

< i Release 1 Iran? anv liability whatsoever 
for indemnity i« connection wi.h .he 

1977 administration and "fitn -he 

Bilance-Shcc: as at 3fst December. 

ii 9 oi 7 the Board cl Directors and the 
Minap,P7 Direcicr 
bt o! see Auditors. . _ _ 

appro. .-'I ol :rc- r-.-i>'iU"tr. ; t.on ol the 
Members ol the Bone ol p rec.ors lo. 
rhn .Mr oi account • ..... 

. Ratification ol the clc “’f n _, c;> .TlmI£r 
by me Bo.ird Ol D.rc:tMS w ”'12^ 
in replacement cl 5". r “ * 

7* Election arrt h.inp e .. r °£f^ 1 .'.f r , » r p 
year 1976 Ol Two regular AaCi.-' r< 
ol which musi be 'L —ell 

sute ol Cnar'.crcd Accountants w» .wen 
as ol an equal "‘'^r m.Mib-'.ily.^ - 
Bi Granting Ol pcrmJSiOn O Jh. nir.e OJ3 
and t k c Man-nement -o ?J e *i2S. 1 !7-Ve 

t^rs p: He Beard and Iv PjL.iy-a^ 

in the Management 

Sv" e orS? e Sr“lh? ,, K J 5« S'^V-e^rs. 

7r " m consV. cost ai - . is. 

Arhens. 

31s*. M?y_15_B_ _ .. 

_ MAKITA E LE CJP.^C .WORKS LTD. 

The under- toned jnnfirce, :f " ■ - ’, s 

laMOmpan-od rv on - | l.,ua,il. cl -™ C. 
m; l “ if^ric Work lw ' 111 pr? 

fff ZS? dT 

Jh's fdi» - per retard-date - - D 

7*3 0 aw Cd°r repr 10 1C '.he. VVithcet an 

viidavl* 20 per Jan :a« . « 

nils -.SO ter Cdr rear 50 - h> 

ro'iJO.- - Di's IO.- Per Cdr rcor 1C00 -h-5 

tnc ct.v -hi only * 
paid under deduction ol 20 ;'7t Jap. ; JX 
5itf» DUS 2.- net ccr Cd' .'epr SO ' 
and with D‘15 «- n-: pe' Cdr rw 1.W 
Slit in accordance wilh the J-r-aoe.e .»» 
j reguiarions. AMSTEpDAM D c P0 .TtTAP.Y 
COMPANY NV 

! Anitterdam 

June 0 197E 


PU3LBC ^OTSCES 


Specialists in building cleaning & maintenance, 
limber preservation, linen hire, city cleaning, 
security, hospiial heaiihcare, industrial catering, 
airport & transport cleaning services. 



SU-'iRS GLASS AND CRYSTAL 17' « 

Directors' Chnirg Room a 5h 
l • displa* a: Tht Seder#! 1 ' 

j » hand-p-ckcd sviecuon oi '■ 

1 h.-s: in modem design a, w' - 'i « 

i imts: tradiiionat suites wri: - . 1?‘ ’ 

! general cnt-VOBue to JK G Tf-t 
t Trrtfms Comoanv JC4 Storw > ,r » • 
. Sloan* Square. London sw;?. u* -1- - 


BURNLEY EOROUGK vM'rCll. 

• f 375 033 issued lith Jo n ^ ,? -f* ® n 
T ;th SoBfemher 1°7B -t or. 0rtr33t* r».e 
• cl a-, - -., pa Applita’iOiT * cla M 
Z 50 .Q 00 . Th, s« ar; ’.he -ii» d.iis 

: cuatanoir.g _ ___ . 

SUFFOLK” COUNTY COUNCIL 
'£2 000 000 i-SuW 15'.h J'Ji'C 1073 dt>e 
. I2:h StbtcmOe. 197S al 3-JTO 
la .» r.: 9*."„ O- 3 - SCbtl-tLIO"' lo a- M 
. h'f rj'g coo To:*' vutita.hd ,-’ i 

ss'ooo o oa.__ _ . . 

. The CITY Of EDIItf'l'FGK 

' DtOTftlCT COUNCI'. 

.- 535.500 rsi'rn 13.h J.,nc 15. B a - -'e 
:2V; Sep'cr-t.-r 1 37 £ i»5 a 

'9 ApliTftiOns tBI.lliLt! LSm io v! 

bills ciosi’i'MO r- 3j5m_ . 

' BIRMINGHAM CQ'JKCfL htLLS 

Th« Loin ninety cn> da. - Bill” were 
issued on ir.r- is;h June motur.by 

■ cn ihe Nth Seoteir.lier I07S Anahca- 
: non; retail*' CSS 5m. T ir.m. mum 
price accepted was £77 e9 Th - ; avc-aoo 
, rpie ci ctiytouat «vas 9 SOS^OS",. Th» 
- total S> Us oui; Landing is X20m, 


I 






l..prtr-*lP ' 


■r.r 








26 


t i:'-- ''^SnbDuiiciaK V £ 


International financial and 



n EVVS 




NORTH AMERICAN NEWS 



moves in 


pr 

VA 




BY ROBERT GJB8ENS 


MONTREAL, June 14. 

develop 



rose from $30.6m or $1.03 a 
share to S39m or $1 33. a share. 
Sales rose From $497m to 
$6!2m. 

For the nine months, net 
income 
or $: 


NEW YORK, June 14. ( AGTLi. the largest gas trans- men. PanCanadian is a large oil that the Occidental bid for Husky Sentiment in Alberta has been 

NFT INCOME of the U.S. mission firm In Alberta, and Pan- and gas producer and holds eaten- would not bring, “significant less strong but Mr Blair of 

automotive components raanu- Canadian Petroleum, the oil and sive exploration land in Western benefit - ’ to Canada under the A(jT ^ who was mainly mstro- 

facturer Dana Corporatloa Tor gas arm of the Canadian Pacific Canada. Mr. Taylor is known to rules of the Foreign Investment mental in getting the AL^ka 

froup. are taking an active part have been having talks with Review Act. *“ rnghway pipohne route cho«n 

® ** - in tbe tussle for control of Husky Federal officials in Ottawa in the The position now is that rather than the Mackenzie 

Oil. of Calgary. past two days, but no details have Petro-Canada, with the backing Valley route which was hacked 

Mr nr. he it Blair known as been disclosed. of Ottawa, could come back with by the big international ml 

••the* man who won' the Alaska ° Q Monday, Petro-Canada. the a higher offer for Husky shares companies is kj 0 *®. J° 
Highway pipeline - heads AGTL national oil company, bid C$45 or that a consortium of Canadian gradual steps towards greater 
fnri hnY confirmed his comnany a share for the outstanding Husky companies, possibly including Canadian control. 

Have bought about 4 pe“ rat of shares. Immediately. Occidental AGTL and Pan Canadian (with . There are two groups propos- 
al " »“"*■ »'» liB.ti-c outstanding 11m shares Petroleum Corporation of Los or without Petro-Canada) could mg to develop the heavy Oil 

$3.09 a share. Sales ror the HusM s oue nmgiim snares Anfieles M0 baek ^ a share make that higher offer. The reserves of Saskatchewan and 

period were bLfifibn against m the F exchange offer worth around atmosphere in Ottawa is against South East Alberta. One led by 

«-*»■. January. U^.S4S0m. which was accepted the Occidental bid. A number Husky plans an upgrading plant 

The iiuarterlv dividend has He said in Laigary that AGTL by th(? Husky management. of foreign bids for Canadian pro- with a price tag oF around 

been increased" from 32 cents is "considering several options About 65 per cent of Husky's duciog oil compaines have been CboQOm. But there nave “® ei1 

■a *;liare to 33 cents, payable on and a bid for Husky, together sbares are held in the U.S. Husky turned down nnder the F1RA Act long delays in getting either 

Scat ember 13 to shareholders with other Canadian petroleum is contr oUed by the Husky oil especially when Canadian-owned project on the road. 

v r record on August 29. companies. one o*. the possi- group of c 0 dy, Wyoming. bidders were on hand. One Pressure has been mounting to 

btUties. Later, Occidental played its Occidental bid was rejected get tbe reserves developed both 

But AGTL has not resumed its strongest card by proposing a earlier this year. for the Canadian market and for 

open market acquisition of Husky joint development project with The objective in Ottawa has export to Nortnern iier 
slock since trading resumed on Petro-Canada and the Govern- been to reduce the 90 per cent American refineries, the task 

Tuesday at around C$47 to C$48 ment’s of Alberta and Saskatche- foreign control of the Canadian would be simpler and less 

a share" The price todav slipped wan for development of the oil industry without appearing costly than embarking on ule 

hack slight! v to around" C$46. heavy oil deposits in the to be specifically anti-U.S. or to third Alberta Tar Sands mining 

The head of PanCanadian Lloydminster area of S.W. freeze out international funds operation at a cost of C$4bn. 


Renter 

General Tire reverse 

General Tire and Rubber Com* 
panv experienced a rise In 
demand for tyres and plastic 
products in the second quarter 
ended May 31, hut profits for 
the first half were lower than a 
year curlier, according to Mr. 
H. G. O’Neil, president, AP-DJ 
reports from Akron. 

Mr. O’Neil said that the com- 
pany, a subsidiary of RKO 
General Incorporated, con- 
tinues to show higher earnings 
than a year ago, but combined 
tyre, plastics and industrial 
products profits were down for 
the first half, as were earnings 
of Aerojet-Genera! Corpora- 
tion, another subsidiary. 

As previonsiy reported net 
for the February 28 first quar- 
ter fell 14 per cent to S18.7m 
or 82 cents a share from $21. 8m 
or 96 cunts a share 

Em hart forecasts rise 

The diversified holding com- 
pany. Em hart Corporation 
continues to record large earn- 
ings sains as a result of strong 
ioreign business and improv- 
ing domestic operations, ac- 
cording to Mr. T. Mitchell Ford, 
chairman and president, AP-DJ 
reports from Cieveiand. Tbe 
improvement in second quar- 
ter earnings is expected to 
approach the first quarter rate 
of 27 per cent. In 197rs second 
quarter, Emhart earned 


sees more price rises 


NEW YORK, June 14- 


New casino 
lifts Resorts 
International 


By David Las cell es 

NEW YORK. June 14. 


KAISER \LUMINIUM and share, against S5.53 for 1977. probably be smaller than those 
fhemi.-ti Cnrooration evnects Kaiser, the third largest U.S. made earlier this year. 

2 IIS n aluminium producer, has already Earlier this week the company 
continued strun, aluminium de- a 19 ~g quar t er net of $1.20 said it would raise prices on flat 

mand for the balance of the year. a g^are, compared with $1.1$ in rolled automotive bumper stock 
higher overall profits for 197$, 1977. by 4 to 6 cents a pound and RESORTS INTERNATIONAL, 

and sees further price increases Mr. William Hobbs, vice-presi- prices on auto body stock by 12 the Miami company which 
on fabricated products before dent and treasurer, said that to 13 cents, effective July 1. . opened tbe first U.S. casino out- 

th „ w>ar-*»nd accordin'* to Mr ba sed on April and May figures. The company also raised its side Nevada in Atlantic City, 
‘ Kaiser would probably record a aluminium ingot price by 4 cents New Jersey, last month, expects 

lorneu L- naier, tne president sil g b[ curre ncy translation gain a pound to 57 cents, effective “sharply higher net income” 
Mr. Maier said the company compared with a loss of $6.1m. June 1. Kaiser’s other com- this year because of it. 
will have higher 1978 second or 31 cents a share in the 1978 petitors, however, have not raised In " an interview with Dow 
quarter aluminium shipments first quarter. their ingot prices. Jones, Mr. James Crosby, the 

and that year shipments will ex- Mr. Maier believed there would Mr. Maier said he believes company’s chairman, said the 
ceed the "fi.67m tons of 1978. As be additional price increases on Kaiser's price increase is justified casino's “ net win ” was bolding 
a result, second quarter earnings most fabricated product lines and he is willing to hold ingot up at about $438,000 a day. This 
should exceed the $2.01 a share before the year-end. Although prices at that level “as long as represents the casino’s gains at 

the gambling tables and slot 
machines before operating costs 
and other expenses. 

According to Mr. Crosby, this 
came close to expectations, but 
he declined to calculate what 
the win would work out at on 
an annual basis because 
expected seasonal fluctuations. 


earned in 1977 and year earn- he would not estimate the size, the market stays strong." 
ings should be more than $6 a he did say the increases would Reuter 

Heinz expects peak $100m this year 


ceut to $316.3m from 5292m. 


PITTSBURGH, June 14. 

DESPITE " fierce ’’ and growing For the full year the food its food markets, especially frozen ^'^‘pr h^d“the“eonMmr’. 

competition in ils markets, H. J. processor expects earnings to foods, pickles. Tuna and ketchup, results this vear would exceed 

815.6m. or $1.31 a share folly Heinz expects to report that sales increase between 19 per cent and To combat competition. Heinz ^ vear - s net income of $3m 
diluted on revenues of $312.9m. , nrt ..ami,,™* j n >hp fiscal fourth 20 per cent from the Provi-VJS increased its marketing expendt- ar gi cent s a share 

The 197* first quarter net In- ;?„ P !" n SSLi i hC $83Sm ’ indicati “S final "et of ^r es during the year by 44 per A b™t half tKT net win is 

come was 515.6m. or $1.30 a IS mm betweeD S99.7m and SlOO.Sro. or cent to a record ?I20m. equal to ca ~{jy ° coating from slot 

share fully diluted, up from ® a rahle 7 period ^and that^also to $4.26 a share, about 10 per cent of sales. The ro3 chines, which* Mr. Crosby 

$ll.8m or $1.02 a share a year PJJJJj? result forihe lncluded *,? J 8 ,atest fu “ ye . ar sharply-increased outlay was sa ; d was unexpected, since the 

earlier. Revenue rose 8 per report record i resuBs for the are unrealised currency transla- used to introduce new products share was closer to 25 per cent 

tlon 8 aiQS in excess of >10m. and increase market share of at t h G comoanv’s other casinos 

Gookin, vice-chairman and chief The latest fourth quarter and existing product lines. In the Bahama’-? 

erecut/ve officer, told report.rs. full-year net .include a non- Despite widely-publicised Despite this ’higher income, 
Mr. Gookin estimated that recurring charge in excess of accounts of the ongoing market- thoneh Resorts does not nlan 
Heinz will report net income for S6m " for the closing and re I oca- ing battles with Campbell Soup, t0 „ tar * navlne cash dividends 
the fourth quarter ** in excess ’’ tion of certain domestic and however. Heinz stressed that its instead orofits will continue to 
of S35m, or between $1.54 and foreign facilities. marketing effort was not directed h^plou’ehed back into expansion 

81.57 a share, compared with Consolidated sales for fiscal against any single competitor. Mr Crosbv added that the com 

$31. 3m, or S1.34, a year earlier. 1978 rose about 15 per cent U Nonetheless, it is clear the com- p a ny Vs "not- considering an 
Sales should increase to around about $2.14bn from the year- petition with Campbell is inten- polity offering but mav “issue 
S614iu from 8526.5m. The latest earlier S1.87bn. sifying and some analysts believe s'vwim wnrtWnf bonds this vear 

fourth quarter net includes un- AP-DJ it could result in price discount- 0? early next to finance capital 

realised currency translation Mr. Gookin said Heinz was par- ing and eventually lower profit spending. J 

gains of between $8m and S9m tieularly pleased with its record margins for both companies in " Resorts plans to extend its 
compared with a year-earlier full year performance in the face the markets in which they casino floor spacp by 6b per 


APL pursues offer 

APL is to pursue its proposed 
exchange offer for 52 per cent 
of the common stock or Pabst 
Brewing by seeking a Federal 
Court declaration that the offer 
could proceed in states other 
than Wisconsin and Arkansas, 
AP-DJ reports from Great 
Neck. APL filed its action in 
the southern district of New 
York contesting the constitu- 
tionally or out-of-state applica- 
tion of the Wisconsin and 
Arkansas State takeover sta- 
tutes. In a recent decision the 
Securities Commissioner _of 
Wisconsin bad ordered APL 
not to proceed with Its pro- 
posed offer forPahsi in Wiscon- 
sin or elsewhere. 

Hughes Tool record 

Dir. James R. Lescb, president 


currency loss of about $500,000. of “substantial’’ competition in compete. 

Plan to consolidate control at Argus 


BY OUR OWN CORRESPONDENT 


MONTREAL. June 14. 


cent this Friday, provided it gets 
permission,' and Mr. Crosby 
believes that his company is so 
far ahead of the field that it 
will be autumn 1979 before any 
competition opens its doors. 


A consolidation of control of the led by Financier Mr. E. P. Taylor change in the aging and. some 
large Toronto-based holding com- in the fifties, rests in the hands of say. overly conservative manage- 
pany Argus Corporation — which Ravelston Corporation, a private ment that has ruled Argus since 
owns Massey-Ferguson. among company in turn controlled by it was formed, 
other large Canadian companies several prominent ^ Toronto « Argus has been run by old 


Atlantic City 
casino suit 


5‘mSS TooKsal'd "earnings -««-*> be aueed prbaarlly families iecludioe.^ Meijta™. peepie" " W ”taT Times^e ^ June «• 

to be reported Tor the second at fending off any further Mr Conrad Black and his changed and they’ve stood still,” THE Atlantic City investment 

* -- possible incursions by tbe family — he is an Argus director, sa j d one SOurcei T>, e c han«e group, ; Regency Hotel Corpora- 

Montreal-based Power Corpora- through his private company •• should make Aren.? a little tion. elaims that it paid almost 

tion of Canada Group. Western Dominion Investment — more aggressive, and there’s lots SL5m? in security deposits to 

A bi# by Power Corporation, 22- 4 £f r . Kavelston. of rooro tQ do j t - lbe source, who [ease? the Howard Johnson 

an equally large holding com- * e Meigben family trusts asked for anonymity, added. Regency Hotel in tbe city from 

pany controlling interests in ho ^ 26 ;® p ® r ce J 1 '- The Argus empire was con- its °* ner ’ JeTn j n Company. It 

traiisporation. pulp, paper and Now Mr - Black says he will use tr-olled almost sinsle-haodedly bv was J announced yesterday that 

financial services, led to the a compulsory .sale agreement .set Mr Johll A (Bud , one pf the largest gambling con- 
formation of the Royal Com- «P £y the principal. shareholdere unti , his deatb earMer M f* ee cenfi im the U .S., Caesar’s iWorW, 

mission of Corporate Coocentra- Ravelston. in 1968 to buy in ^ B , ack famiIy conipan V {s which operates the Caerar’s 

tion two years ago. The bid fell Ravelston shares of the j 0 a p 05 iUon to force the trans- f^* ce casino in Las Vegas, had 

short of getting voting control of Meighen group within six months, action because the estates of a long term lease on the 

Argus Corporation, but the under this agreement, shares of m - 0 f onn er Argus expeutives. ho i el - w,th ® purchase option. 

««. Power Corporation. Chairman any 0Q e of the Ra Y*lf. ton c0 " tT ® 1 ’ which together hold 47.2 per cent Regency Hotel I* suing Jemm 

quarter of 1978, payable July Mr. Paul Desmarais has about re po rte “*y be 0 f Ravelston. are supporting Mr. V )r . reinstatement of its lease. 

28. The quarterly dividend of 25 per cent of the Argus voting offered to the others for purchase Black’s interests. The estates are A New Jersey court last week 

62.5 cents per share on the pre- stock and a larger percentage of an “ n °t to outsiders. those of Mr. W. E. Phillips, who denied a motion for a prelimi- 

ferred shares series A has also the non-voting preferred. O AP-DJ adds from Toronto: died several years ago. and Mr. nary injunction seeking to block 

been declared for payment The voting control of Argus. Financial observers here say McDougald. No price has been the execution of the lease with 
July 15. * founded by a group of friends that the development portends a set on the transaction. Caesar’s. 

— — — 1 — - — — ■ — • The investment group also 

claims that it spent more than 


quarter ending Jane 30 will 
exceed the 89 cents a share 
reported a year ago, AP-DJ 
reports from Rochester. They 
will be record earnings, he 
added, but he declined to fore- 
cast a specific figure. 

Hudson's Bay Oil 

Hudson's Bay Oil and Gas Com- 
pany has declared a 40 per 
crct share dividend on com- 
mon sbares, for the second 


f 



This announcement appears as a matter ot record only 

ZAGREBACKA BANKA 2*3 

ZAGREB 

On behalf of 

OLT, Osijek 
U.S. $4,500,000 
Medium term project loan 

arranged by 

The Riggs National Bank of 

Washington, D.C. 

and provided by 

The Riggs National Bank of Washington, D.C. 
The National Bank of Washington, Washington, D.C. 
Nagrafin Bank Limited, Cayman islands 




V. 


June 1978 


J 


$800,000 in planning a casino 
project for the hotel. When it 
encountered problems in raising 
all the financing for the deal, 
Jernm terminated the lease and 
ordered the group off the hotel 
premises, it says. 

Agencies 

Medical group 
moves ahead 

NEW YORK. June 14. 

AMERICAN Medical Inter- 
national net income for the third 
quarter ended May 31 moved 
ahead from 83.5m or 56 cents a 

share to $5m or 74 cents a share, 
on sales higher at $109.8m 
against S90m. This result lifted 
nine months net income from 
$9fim or $1.52 a share to $13.6m 
or $2.04 a share. Sales for the 
nine months period advanced 
from S253.2m to 8310.7m. 

Meanwhile, Ampex Corporation 
today reported an advance in net 
operating income for the fourth 
quarter to April 29 from $3.26m 
or 30 cents a share to S4.18tn 
or 37 cents a share. Sales 
revenues moved ahead from 
$78.2m to SS7.8m. There was a 
tax credit this year of S814.000 
or 7 cents a share, making the 
final fourth quarter net income 
figure $ 1.99m or 44 cents a share. 
A tax credit of S2.6m or 24 cents 
a share lilted last year’s fourth 
quarter net income to $5.85m or 
54 cents a share. 

Scott Foresman and Co^ the 
textbooks concern, reported, an 
increase in per share earnings 
for the year ended April 30, 
from $3.01 to $3.99. while the 
linen, chemicals and lighting 
company National Service Indus- 
tries reported a modest increase 
in earnings for the third quarter 
to May 31. with earnings per 
share up from' 50 cents to 62 
cents. 

Agencies 





BY ROBERT GRAHAM ' ; -. . 

A DISPUTE. OTer&e past .six andiechnology- ®®22B n nrai 
months between tb§ French ilsqta significant cement f 1 . . 
grouD Pecbiney UfiSfie Kuhlman dncer..- , pttifs 

and a Spanish cheallcal concern, ^ Differences between . - r. yjvs 
Hidro Nitre Espanola, in which ^BdaM representatives and sup- 
PUK has a 40 per-cent shnre-jjKjrte* of Sr. VlUax M^ 
holding, is beconunglncreasfrig^'his>been running. Jw company; 
bitter as Spanish Siareholders Tor : some‘ ten years, 
seek to break the : FYenciL corn- apparent for some 
party’s control. • ;‘.:|®®flro Nitro e^aienced a 

Sr. Juan Miguel. ^Villar Sfrr. cht3»ek in net cash flow from 
re-elected on Aprils as Hidro to Pt a 1 27ixn . 

Nitro’s chairman against PUK’a hit part due to aepr^s^ 
wishes, is currently^ seeking to international ferro-manganese 
have the company i reclassified, dernsuids. These results acceii' 
He is pressing the 'Ministries of -tuated differences over maricet- 
Industry and Commerce to treat- ing - strategy, interpretation .of 
Hidro Nitro as a utility, and not agreements on third .country 
as a chemical-industrial group, 'sales and investment strategy. 
This would permit the anti-PUK.V' At the beginning of. March this 
shareholders to Lnvijke Articles year the company’s annual, meet- 
of the 1974 Jaw . on foreign:. jt® koed to agree on any of tne 
investment that Imtit " — ^ " — *--- ■ — * u “ timwi on 


fortega- fewes on the Agenda. Then on 


fc- - . j- *vfci**<y* LXJUCh UU in'* - • 

equity in utilities to 26 per cent. April 22 a second annual meei- 
Sr. Villar Mir is -afrguing tbat ing aided in uproar with PUK 
Hidro Nitro can be, accepted as’ r^uainR to approve the_1377 
a utility since it ialavotved to: accounts in protest at Sr. Vular 
hydro-electricity V generation. ;lfir/managing to be re-elected as 

However, in terms of sales the - chairman— -despite the fact that 
major area of activity is cheirli- T PDK together with its supporters, 
cals especially ferromanganese bad obtained 51 per cent 'Off "tne 

and manganese silicate. Prodno- vote. . • . . , 

tion of the former wits one of the v -‘Sr.: Villar Mir Invoked a pre- 
main reasons why Phk originally ' vioosly unused legal device 
came in providing: both, capital'.' governing relations .'between 


■ 'JSABKIB; j une . 14.; 




Spanish companies and; foreign 
^jaxtters-J AccdrfSnR to thixregu. 
iation. foreign ipaxtners rarL’be 
preventett itOTr interv enlhg tg 
nominate’ Hoard.. -inteiiolierB-.'r.ijf 

thelr^clute/V 1^'V- V: 

" Sn^then^ttaitacts -between 

-failed to resolvettherr. differences 

approval " fiM.; •' unresolved!. 
Krwoyer,' i 50’perrdent capital 
-increase' hasbeen-appxoveflaiid • 
tins- hasyserved &&&.. the man* 

agemcmt poWmr.-'play-^-. 

Sr. Vffiar iffir ls. attempting to 
prevent-PUKfroui.Slibscribbig.to. 

: the - capital frKroase.-.Today^PBK . 

published^ statement dn -all toe 
daily . "papers saying I "Be cause 
eertaixr hoard- membera.of- Hidro 
2Gtro Espaholsf are -illegally seek- 
ihg to prevgHt'PUK'from.exercis- 
tog its right iwa preferreOLShare- 
•holder, .PUK .wariy^Ttoha: flde 
third persons that tbey^may '' be 
offered 1 shares which • are"' the 
^iflustoe property -of PUKSi y'T . 
. The statement isoes • 4a' • to 
suggest that legal action had 
already been taken; to 1 ensure 
PUK.could-snhsraibe and warned 
. of action.-, against- anyone": who 
bought- to'ch : shares. - 


VAW suffers from DM advance 


BY ADRIAN DICKS i 

THE LEADING West German- 
based producer of aluminium, 
Vereioigte - Aluminium - Werke, 
expects 2 slow imjxovement In 
the world market for the metal 
by the early 19S0s, but has been 
operating so far this year at_"a 
heavy loss because of . the 
Deutscbemark’s appreciation 
against tiie dollar, chairman Herr 
RudoJf Escherich said here 
today. ’ . 

Each increase to the German 
currency’s dollar parity repre- 
sented a DM 4m a year loss ot 
VAW, Herr Escherich said. . In 
addition, tbe heavy overhang of 
stocks had pushed down prlces to 
the point that the company is 
losing abont DM 0.30 per kilo on 
aluminium, "at market prices 
averaging 20 per cent below the 
company's list prices. As a result 
of the currency pressure, he said 
that- West Germany had now 
become a “marginal producer” 
of aluminium,, with German 
refiners nnable fully to cover 
costs. 


- VAW is also bavinR to contend 
with a 50 per cent increase in 
'electricity tariffs, following tbe 
expiry of concessionary lOyear 
agreements at the end of 1977. 
Because of this and the fall in 
the dollar, the company is 
resigned to making ■ a toss in 
1978. following the DM 10m 
($4Bm) operating profit earned 
in 1977. 

.However, he emphasised that 
the aluminium industry’s situa- 
tion was by no means as bad as 
that of the rest of the non- 
ferrous metals sector or that of 
the steel industry. . Capacity in 
Germany was almost fully 
utilised, while by 1980 it would 
be virtually filled everywhere .In 
tile world. 

• For the future, VAW is . in- 
terested in expanding" its over- 
seas activities both as a fabrica- 
tor and as a producer of primary 
aluminium. The U.S. market 
remained the most attractive 
prospect for the former, with the 
added lure that an increasing 
nuniber of German companies 


DUESSELDORF, June 14. . 

with which- VAW does bu^iqess 
at home -.are notf moving there. < 
Herr Escherich confirmed that 
VAWs plans to. eater, a joint 
stoelter project to Norway, bad 
been -postponed^ but said.. it 
remained interested to: prospects 
to countries with longterm - 
cheap energy 'supplies such' as 
BrariL Yet at a capital cost of 
over DM ‘10,000 per ton of metal 
produced, the establishment of a 
new aluminium smelter "was a 
much more costly proposotion 
than that of a. steelworks, with a 
mnch more elaborate' infrastruc- 
tural requirement. ■■■:■ 
VAW’s results weighed 
heavily on those of its parent, 
the: Government-owned holding 
company Vereioigte Industrie 
Tin tom e h in ing en AG <VIAG), 
whose ' other interests include 
electrical utilities, coal mines 
and chemicals. However, VIAG 
earned a DM ’ 53m ($25. 5m) 
profit last year and is once again 
paying a DM 22m (5 per cent on 
capital) dividend to tbe Federal 
Government 


ESTEL to reduce loss 


BY GUY HAWTIN t. 

ESTEL, the steel concern which 
groups West Germany's Hoesch 
and Hoogovens of Hhiland, can 
look forward to a toarked im- 
provement in its /results this 
year. 

Expressing the brighter view 


v FRANKFURT, June 14. 
as the husiness situation permits 
it r 

In the first quarter of 1978, 
the Hoesch-Huetteuwerke subsid- 
iary reported a continued Joss, 
although in April figures were 
near break-even point. But it 


of steel industry prospects that was still too early to forecast 


has recently emerged. Herr Heinz 
Solbaeh, chairman of the German 
company, told the annual meet- 
ing he was optimistic about pro- 
gress in 1978. 

But the steelmaking and pro- 
cessing concern was unlikely to 
move all the way back into profit 
this year. “Our hopes rest on 
1979 " he said. 

There is still no sign of a 
resumption of the dividend and 
shareholders were told not to 
expect one for 1978. They were 
assured, however, that the annual 
payment would be made “as soon 


Spanish hank 
lifts deposits 

By David Gardner 

BARCELONA, June 14. 

BANCO ATLANT1CO, the largest 
Barcelona-based bank and ranked 
eleventh in the national banking 
league table, made a profit of 
PtaS54m ($10.7m) in 1977. 
against PtaS50m in 1976, and 
boosted its deposits by 17 per 
cent to Pta76.3bn, of which 
nearly 1 Oper cent was to foreign 
Currency. Capital and reserves 
now stand at Pta6.6bn while the 
bank has increased the number 
of its branches from 90 to 112, 
approximately a quarter of which 
are in Catalonia, with the rest 
covering most of Spain. 

Atlantico last year became the 
majority shareholder in the 
Banco Comercial de Catalunya, 
operating almost exclusively in 
Catalonia, with 35 branches and 
some Pta llbn in deposits. Ip 
addition, AUantico holds 50 per 
cent of the equity of the insur- 
ance company Fenix Peninsular, 
25 per cent of toterleasing SA, 
60 per cent of Bank AUantico 
Zurich, and 50 per cent of the 
Panama-based Banco de- Ebiro- 
america SA It has a 3.3 per 
cent holding in the Banco Arabe 
Espanol (Aresbank). 

The main owner of AUantico 

is the Madrid-based Rum as a 
roup whose chairman, Sr. Jose 
Maria Ruiz-Mateos. has recently 
been made vice-president of the 
bank’s Board 

Rumasa officially admits to 
holding 27 per cent of the 
Atlantico equity, but Is now 
believed to bold a comfortable 
majority, without yet incorpor- 
ating either Atlantico or 
comercial de Catalunya into its 
banking group. 

Continental Illinois owned 13 
per cent but has now reduced 
its holding 

Messerschmidt stake 

MESSERSCHMIDT - BOELKOW- 
BLOHM is to take a 35 per cent 
share in a new aerospace com- 
pany to be formed in Iran. AP- 
DJ reports from Munich. Total 
investment in the new concern is 
around DM 2m ($Im). Other 
participants are an Iranian group 
led by the State Energy Com- 
pany, tbe Iranian Industrial 
Development Organisation and 
the University of the Iranian 
Army. 


what the next few months would 
bring, said Herr Solbaeh." 

In any event, it looked as 
though there would be particular 
difficulties to the third quarter as 
a result of the summer holiday 
period Rolled steel production 
in the first four months of the 
year was 5 per cent up on the 
comparable period of 1977. 

There had been cutbacks to 
employment in individual areas 
of the steel processing sector at 
the end of last year, but the 
present business level was enabl- 
ing this to be built up again. In 
the trading sector, there had 
been a welcome upturn in sales. 


EUROBONDS, 

Optimism for 
Baker terms 

By Francis Ghil£s 

THE MARKET had another very 
quiet day with prices holding 
steady, essentially because there 
was nq turnover and most pro- 
fessionals are very short of 
stock. 

In view of the very good book 
for the Baker International 
Finance convertible, the terms 
are expected to be improved 
before the bond is priced. 

The Swiss Franc sector is also 
very dull - at present Oy Nokia 
has been priced at par with 
terms otherwise unchanged. Two 
bonds are expected soon: 
SwFrlOOm for Voest Alpine 
which will be managed by Credit 
Suisse and a SwFrSOm for Fin- 
land which will be managed by 
Swiss Bank Corporation. 



DGB4NK 

DG Bank Finance Company B.V. 
U.S. $50,000,000 Floating Rate 
Note Issue due 1 982 

For the six months 

>5tb June, 1978 to 15th December, 1978 
the Notes will carry an 
interest rate of 9% per annum. 

By; Morgan Guaranty Trust Company of New York, London 
Agent Bank 


CREDITANSTALT — BANKVEREIN 

U.S. $40,000,000 Floating Rate Notes, 1981 

Notice is given pursuant to condition 3 (d) of the terms and 
c°ndWOM of the above-mentioned Notes that the Stote^f 
Interest (as therein defined) for the Interest Period (as thereto 
defined), from 16th June, 197S to IStfa December. 1978 ii -J 
the annual rate of 0 per cent The U.S. Dollar amount to 
which the holders of Coupon No. 5 wiU be entitled on duly 
presenting the same for payment will be U.S. Dollars 46-250? 
subject to such amendments thereto (or appropriate alternative 
arrangements by way of adjustment) which we may make 
without further notice, in the event of an extenkon or 
shortening of the above-mentioned Interest Period. - 

European Banking Company Limited 

- EUROPEAN- AMERICAN BANK & tSuIt' COHPAt# 

■ (Principal Paying Agent) 


To the holders of 

The Long-Term .Credit Bank of Japan, Ltd. 

Negotiable Floating Rate US Dollar Certificates of 
Deposit — Maturity Date 15 December 19 80 

In accordance with the provisions of the Certificates 

of Dqwsit notice is hereby given that for the second 

six month interest period from 15 June 1978 
to 15 December 1978 the Certificates will any an 

Interest Rate of 9-0% (nine per cent) per annum. 
Reference Agent 

The Chase Manhattan Bank, NA, 

London 




•V.' 

\ 


27 


Iro 


iONAL FINANCH1 AND COMPANY NEWS 


-AQUITAINE 




BY DAVID CURRY 


Government protection 


***' « 






: ;rr v S^l 
is ,r d 


•<g l.l m „ 

I 7( L?J* r ceot state-owned oil 
- .1 ^° U P Elf-Aqnitaine managed to 

.... an.S V° 

,|fownance last year despite •, 

’SSSPliSi??” deterior atfnn i£ 

Ir a f t .. situation of its 

^operations. - . 1 ,ls refilun s 
“ t -M bin Chalandon 

ja|2® ai r Wftnl out his way vestcr- 

?FSnPh U ?' aerline B ^ess the 
• . Government reinforces 

Protection given m French 

g ?*SS2?» m ..® le refining sector 
f^ Wips ' 4 vocation " as one 
leadin ^ instru- 
»“> * 


PARIS, June 14. 


Chrysler 

Australia 

loan 


Bleak outlook for Sony 


forward with the acquisition of 
the fine chemical group Rousse- 
lQ t via the joint Ato-Chimie 
subsidiary with Total (Rousseloc 
chipped in FFr 1.44bn turnover 
and FFr 40.2m profits to the 
group in 1977) and the acquisi- 
tion of MT Chemicals in the U.S. 
from American Can. However] 


after half-year setback 


bution recorded a negative cash- 
flow of FFr 349m and a loss of 
FFr 941m. in each case signifi- 
cantly worse than the FFr 76m 
negative cash-flow and FFr 562m 
deficit of 1976. 

The group reckons that its 
losses here are about FFr 20 per 
tonne of refined products sold. It 


CONSOLIDATED RESULTS IN MILLIONS 
OF FRANCS 


l *iay fiS 
‘ ll « 

.‘VS ^ 
£;;*?** 

'} ® -ire. 
St 

' . Cjr a, 

7 p «.S'i 


.7.-’— «««;• piuaucttta I or 

- * significant 

i increase m its’ control of recover- 
I Stable. reserves" of oil and gas (it 
ft'OStimate& that recent discoveries 
j; at some. 16m. tonnes of crude and 
.£ f .8Qme. 29bn cubic metres of g a $ 

. gVWf recoverable in the short- 
. b'Wra), » fairly spectacular in- 
g • crease in -cash-flow, and a more 
S sluggish growth in profits 
^ -.because ,of the characteristics of 
a -financing oil operations 
a The ^group's stake Ln the North 
'-3: 2*3 ( lr controls 52 per cent of 
. 3 Frigg and 8.1 per cent of Eko- 
3 - * ** expected to be translated 

‘JO - "'* 1 * 0 FFr l!bQ in cash- 

l ^ Fpr 21311 “ l»7*aad 

% ;FFr 2.5bn in 19S0. 

H ;.i. Last year also saw the group’s 
ji diversification programme move 


i4 

. l r \ 

;: c 

- ■-■ -Vi i£j 


Turnover 

Financial charges " 

Operating cash-flow \\ 

Net profit 

Attributable profit ] 

Medium and long debt 

Capital spending 


1977 

38J07 

1,494 

5.095 

1,742 

1,764 

14,554 

8,666 


1976 

33.556 

1.258 

4.740 

1,538 

1.430 

11,903 

8,944 


this year will see the company 
pause for digestion. 

An examination of the cash- 
flow and profits per sector illus- 
trate painfully the problems of 
the refining and marketing sector. 
The group has not only substan- 
tial over-capacity id refining but 
is operating an. expensive and 
loss-making fleet. 

Exploration and production 
generated FFr 5.1bn of cash-flow 
in 1977 and almost FFr 2.4bn oF 
net profits. Refining and distri- 


has closed down one elderly 
refinery at Ambes saving some 
FFr 45m in costs and it is relying 
on its new catalyctic cracker at 
GrandpuiLs to transform some 
[m tonnes of crude annually into 
higher value products. 

The chemicals, health and 
hygiene divisions made a FFr 
155m contribution to cash-flow 
and FFr 29m to profits. 

Another black spot for the 
group is the plastics field. 
Atochinue closed its accounts at 


zero on a turnover of FFr 3.36bn. 
The group's sulphur activities— it 
accounts for an eighth of free 
world production, have been 
helped by some increase in 

prices. 

The group’s 50 per cent subsi- 
diary Le Nickel also had an un- 
happy year because of depressed 
world prices, the misfortune of 
incurring its costs in francs and 
income in dollars, and accumulat- 
ing stocks. 2t lost FFr 68m last, 
year. 

Last year the group produced 
lS.7m tonnes of crude of which 
more than two-thirds came from 
the Gulf of Guinea. Its output 
of commercial gas reached ll.Sbn 
cubic metres, 65 per cent of 
which was won in France. 

Investments in exploration 
represented some 17 per ceot of 
the total last year. With the 
development of installations and 
production taking nearly 48 per 
cent nr FFr 4.14bn. Refining and 
distribution was the other main 
claimant on investment taking 
FFr 1.32$bn or 15 per c£-nt. 

The exploratory budget is 
sharply up this year with Africa, 
including the Gulf of Guinea, and 
the Camerouns, claiming a sub- 
stantial commitment of funds. 
Development expenses arc likely 
to be lower than last year because 
of the completion of substantial 
projects tike Frigg. 


conversion BY CHARLES SMITH 


TOKYO, June 14. 


By James Forth 

SYDNEY, June 14. 
CHRYSLER AUSTRALIA is in- 
creasing its working capital by 
converting a U.SLS15m loan 
(about A$i3m) from its U.S. 
parent into equity capital. 

The Loan was arranged 
recently and it was stated at 
the time that it would be con- 
verted Into equity. The UJS. 
parent, which also pumped in 
another V.Sj9.lm, into equity 
last October, indicated that 
further subordinated loans will 
be made if considered neces- 
sary- The support from the 
parent company follows a 
A$25.7m loss by the Australian 
offshoot In 1977. 

The conversion will be 
achieved through a one-for- 
two issue or ordinary and A 
ordinary shares at AS1.60 each. 

It will involve the allotment of 
1124m ordinary shares and 
J.99m A ordinary shares. The 
U.S- parent owns 97.74 percent 
of Chrysler Australia's 
ordinary capital. 


Acme sold 


by TNT 


SONY CORPORATION'S consoli- 
dated net income fell 41.1 per 
cent to Y 12-1 bn ($55. 5m) in the 

six months ending April 30, 
compared with the same period 
a year earlier, the company 
announced today. 

The decline is put down to the 
impact of “negative forces 
arising .from the unstable 
dimate of the world economy.” 
The main blame seems to rest 
with the yen revaluation which 
affected the value of Sony’s over- 
seas sales while domestic costs 
continued to rise. 

Sony’s overall sales increased 
during the six months, reaching 
Y255.3bn (Sl.lSbn). up 3.8 per 
cent over the previous year's 
le.veL Overseas sales, in terms 
of yen, showed a fall of 0.4 per 
cent, which Sony stressed would 
not have occurred but for yen 
revaluation. If the yen had held 
steady against the dollar during 
the 12 months up to the end of 
April, the value of sales would 
have been substantially up in 
yen terms. Sony says. 

Sony points out that its results 
for the second quarter of the 
.six-month period under review 
are better than those for the 


first half. Profits in the three 
months to April 30 were down 
3LS per cent, from a year ago 
(to Y6.7bn; whereas- the profit 
figure for the October to January 
period bad shown a fall of 49 per 
cent, to Y5.4Sbn. The company 
warns, however, that lie “ nega- 
tive factors ” influencing profits 
will continue through 1973 and 
thereafter. 

The most positive part of 
Sony's half-year report deals 
with research and capital invest- 
ment both of which, the com- 
pany says, are being stepped up 
despite the deterioration in the 
short-term business prospects. 
Research spending is currently 
running at around 6 per cent oF 
sales revenue while capital 
investment is up 20 per cent on 
a year ago. The company is still 
putting money, into expanding 
its tape plant fn Alabama lan 
additional 522m, following 545m 
already invested in the plant). 

A breakdown of sains shows 
that sales of .television sets fell 
by 3-2 per cent during the six 
month period although -they still 
provide 30 per cent of Sony's 
turnover. Sales .of- video tape 
recorders which had been rising 


sharply up to. the turn of last 
year slowed sharply in early 
1978. 

Sony attributes this rather 
disappointing result to poor 
American demand and to a tem- 
porary interruption in European 
sales of its professional VTR 
models caused by a change of 
chassis (which led prospective 
purchasers to delay buying old 
models). Both of these situations 
are claimed ot be temporary and 
Sony maintains its faith in VTR 
as the key to the future growth 
of consumer electronics sales. 


Sony says that the group of 
companies producing the “ Beta- 
Format” video tape recorders oE 
which it was the original 
developer now account for about 
50 per cent of total sales of 
VTRS: the other 50 per cent is 
accounted for by sales of VHS 
recorders pioneered by Japan 
Victor company (but also made 
by Matsushita and Hitachi, 
among others). During 1977 the 
Beta-Format market share was 
nearly 60 per cent so that some 
deterioration in Sony's previously 
dominant position has apparently 
taken place. 


ance 


IMons reject 
Manufrance 


Conditions on Swedish pulp loan 


■•HuLri lrm y 


aid plan 


BY WILLIAM DLttJJFORCf 


STOCKHOLM, June 14. 


-- By David White 




... . i 

■■■ n 


1 — ' -"-i> 


' PARIS, June 14. 
LABOUR reduction and reorgani- 
. sation' pious Aimed at saving 
Manufrance,' the financially 
-.-'troubled retail and small, arms 
■group, have. been rejected by the 
.thain '.trade unions representing 
.the "iompany’5 3JOQO workers in 
'SaintEtienne. 

. ; Tjie biggest of them, the CGT, 
has called for a 24-hour strike 
demonstration tomorrow in 


NCB f the pulp and paper manu- 
facturing group belonging to the 
North Swedish . forest owners 
association, must reorganise its 
management before it receives 
the SKr 490m ($£1702) state loan 
recently approved by parliament. 
Its owners must .also commit 
themselves to NCR's continued 
existence. 


the past year, the company's 
cash holdings are very small, its 
equity has been eaten away and 
interest payments on its debts 
are in the SKr 175-lSOm a year 
bracket. 


protest against the plan, which 
involves makinn 334 workers 


m for 


erms 


involves making 334 workers 
- Tredttndant. 

_, - -,Tphe strike call follows the 
^ffpverament's decision to offer 
^ilafiiifrance an advance of op to 
.ilflfr Sin on a FFr 20m ($4.4m) 
rfoan conditionally earmarked for 
life^recovery plan. 

J Although the Gommunist-led 
'CGT is fighting the plan, which 
.ake means dividing the company 
into' three separate manufactur- 

• ing, retail and publishing divi- 
...sions, the Communist mayor of 
... Saint-Eiieaoe, M. Joseph Sangue- 
j . dolce, has changed his position 
i tanrf decided*-* t»~ supporrir.* The 

^municipality of Saint-Etienne. is: 
: -v ihe main . shareholder. 

•'.-. The .mayor - said it was a 
Question of accepting the propo- 
/jals drawn, up by M. Francois 
Gadot-Clet, the recently-installed 
Chairman, or facing bankruptcy. 

. . This .oceans that, a fresh set of 
. . b&ftle- lines has been drawn 

• between the unions on the one. 
hind and oh the. other, the share- 
hftd^jrs and the Government, 
whose' offer of financial respite 
gives implicit backing to the re- 
organisation plan. '- ■ 

/- 37ie ; other mam unions, the 
Je|tWing;CFDT and the usually 
moderate Force Ouvriere, also 
rejected the plan. Although the 
vnhiteicdllar union, the CGC, has 
v noi yet come out one way or the 
other, the .-white-collar branch of 

the 'CGT attacked what it termed 

.“an unacceptable ultimatum.** 
The authorities, it stated, were 
only- agreeing to release loan 
htt hy hit in - order to force 
the unions to accept their- condi- 
tWns. Tfi$se include the renego- 
tiatipn of social benefi ts offered 
to^erapipyees. 


These two coni^itnms were 
among iJbe recommeoflations sub- 
mitted to the Ministry of Indus- 
try yesterday by the government 
committee investigating the 
forest owners’ companies. It has 
hurried through Its report on 
NCB's finances, because the com- 
pany has to close its books by 
June 30. 


Foreign banks are understood 
to make up the majority of tbe 
company’s creditors and to have 
exercised considerable influence 
on the committee's report. The 
committee in fact states rbat both 
Swedish and foreign banks have 
underlined the need for a change 
in NCB's top management 


Part of the report is being 
kept secret, but statements from 
the management indicate that 
after the heavy loss, sustained in 


ln return for this, the com- 
mittee now seems to expect 
creditors to agree to a mora- 
torium in amortisation and 
interest payments. It under- 
lines this point by noting that 
the SKr 400m state loan would 
not in itself be enough to save 
tbe company. 


The committee specifically 
states that the combination of 
the posts of board chairman and 
chief executive must be 
abolished. Mr. Gunnar Hedlund, 
the former leader of the Centre 
Party, who has held both these 
posts, has already indicated his 
intention of resigning. The NCB 
board at its last meeting also 
decided that the share capital 
should be increased from 
Skr 72m to SKr 20flm through a 
new share issue and a bonus 
issue 

NCB's financial difficulties 
derive from the swift expansion 
it had undertaken just before 
the recession hit the Swedish 
forest industry and the collapse 
in the demand for pulp from 
western Europe, which was 
aggravated last year by the fail 
in pulp prices to a level below 
Swedish production casts. 


By Our Own Correspondent 

SYDNEY, June 14. 

Thomas Nationwide Trans- 
port, the international trans- 
port group, has sold Its 
troublesome U.S. freight for- 
warding subsidiary. Acme 
Fast Freight Inc. for U.S^lJ2m. 
subject to adjustment follow- 
ing the preparation of Acme's 
balance sheet, to an unnamed 
buyer. 

TNT has been Interested In 
disposing of Acme for some 
time. The U.S. company was 
acquired in 1973 and at the 
time was unprofitable and had 
run up heavy losses. TNT 
paid no consideration for Acme 
bat took over the losses. 

Acme reportedly earned a 
small trading profit in 1974-75 
followed by a profit of 
U.SA700.000 in 1976. 

However, last year it was 
discovered that profits In prior 
years had been overstated by 
A$2.2m (US$2.5m). 

Acme is om- ot the largest 
freight forwarders in the U.S. 
It holds operating rights over 
the mainland slates as wel] as 
Alaska and Hawaii. 


Receiver put into Cockpit Hotel 


BY H. F. LEE 


SINGAPORE, June I-L 


COCKPIT HOTEL— one of Singa- 
pore's oldest and established 
hotels— has been put into re- 
ceivership. Moscow Narodny 
Bank, which has issued a num- 
ber of loans to Cockpit Hotel 
Pte., the owner and operator of 
the 280-room hotel, has appointed 
Mr. D. Brown of Turquand 
Youngs and Company as receiver. 

The largest of tbe loans issued 
by the bank amounted to about 
SS50m (U.S£21.4ra). However, 
the company’s outstanding liabi- 
lities including interest as at the 
time of the appointment of the 
receiver are believed to be in 
the region of SS55m. 

. Tbe loans have been secured 
against several of the company's 
properties, including the hotel 
building and adjacent land, and 
properties in otber parts of 
Singapore. 

At the end of 1976, the com- 
pany has a paid-up capital of 
S$10.2?m and fixed assets, a* 


1973 valuation, of SS59.79m. 

The company incurred an 
operating loss of S5623.376 
(U.S. $266 .400) in 1976, bringing 
total accumulated losses to 
S$1.97m. 

Ironically, Cockpit Hotel has 
fallen into receivership at a time 
when Singapore's hotel industry 
is enjoying a boom. The hotel 
is believed to be currently 
enjoying a high occupancy rate. 

Cockpit hotel is the third 
major Singapore hotel company 
to have fallen into receivership 
in recent years. The other two 
were Far Eastern Hotels 
Development, which owned the 
Singapore Hilton, and Imperial 
Securities which owned the 
Oberor Imperial Hotel. 

* * * 
ROLLEI SINGAPORE has re- 
ported a 5 per cent increase in 
trading profit to S$15.3m 
(U.S.86.5m) for 1977. Post tax 
profit was approximately S§14m. 


Rollei Singapore’s pioneer 
status tax incentives expired in 
February last year, and profits 
from March 1977 onwards were 
subject to tax. 

The profit improvement was 
achieved in spite of a 2.6 per 
cent fall in turnover to S$114m 
(U.S349mj. Of this total, only 
1.2 per cent went to external 
customers while the remainder 
were accounted by inter-company 
transactions. 

Rollei Singapore is owned 75 
per cent by Norddeutsche 
Landes hank Girozentrale of 
Germany — the parent company of 
the Roileiwerke. Granke and 
Heidecke camera group — and the 
remainder is held mainly by tbe 
Development Bank of Singapore. 

The company last year paid a 
dividend of 23.28 per cent on its 
issued capital of SS5Sra, un- 
changed from the previous year's 
payment. 


Arab currency unit trust Dl »tch insurer m Japan 


Bankruptcies Board changes at North Borneo Timbers 


BY WONG SULONG 


KUALA LUMPUR, June 14. 


BY MARY CAMPBELL- 


A UNIT trust to speciatise in these markets range from 6 to, 
investment: ia fixed i»t per annum, 

securities • denominated " ttr Arab The managers said yesterday 

currencies has. beeaTtOnched in that the Kuwaiti dinar bas a p pre- 
Jersey. The fund, icaUed, First cialed '.by an average of 2 to 3| 
European Arab Fund, has been, per cent per annum against thei 
launched by European Arab, dollar in.-. recent years. Yields, 
Bank, which is / London-based are curernt approaching 2 per 
consortium hank owned mainly cent below yields on dollar Euro- 
by Arab shareholders. • ' bonds. 

This is b^Heved to be the A key question on how much 
first such trust, to specialise in. non-Gulf investors.are interested 


taps holders 


investments” in these currencies, in putting money Into purchas- 
The estbti&hment of open-ended ing the units will he the extent 
trusts is Impossible in the domes- to which they consider that the 
tic markets of most of the conn- Kuwaiti dinar's rate of apprecla- 
tries concerned because of laws tion against tbe dollar will 
requiring the majority of capital accelerate, 
tb-be owned by local residents. Subject to a minimum initial 
In practice, most of the invest- subscription of - 50 shares 
ments will, initialy at least, bg (KD 515 or about 51.850), shares 
made in "Kuwaiti dinar issues, may be purchased in multiples 
since issues in other Arab cur- of ten. European Arab Bank 
rencies have not been frequent- hopes that tbe launching of the 
This mainly means Kuwaiti fund win encourage the partici- 
dinar Eurobond issues and issues pation of smaller investors in a 
of certificates of deposit denp- market which hitherto has been 
minated in Kuwaiti dinars. The dominated by Middle East insti- 
yields currently available in tuffons. 


Latin American, $500m loans 


’ T * 

Volkswagen rights 


THE STATE of Lower Sa^ctoy, 
which holds a 20 per cent shorn 
otf*" Volkswagen wlli not 'sgh- 
seribe'to'VWs planned DM 900m 
(SfcSOm) rights issue, reports 


AP-PJ from HanoverJ The state 
g^eroment will l«t Jhe Yplks- 
w&gen Foundation sod sen be to 
its - rights -offer. :'A - study: has 
concluded that the state . can 
kefep' its voting rights in the com- 
pany by putting its rights parti- 
cipation into a trust- arrange- 
ment. ' . 


any »• 

g Rats 

2 


BY FRANCIS GHILeS 
TWO MAJOR loans for Latin 
American borrowers have been 
cp^fSrmed. Panama is lo raise 
.a -W-year $300 m loan through . a 
group of banks led by Bank of 
"America. Citicorp will run the. 
books and the management group 
is currently being formed. Other 
terms are not yet .known but. 
the maturity is "a sure sign 
Panama is getting much fine* 1 
terms than when It last ca me - 
to the market earlier this year 
(a spread of 15 per cent for seveq 
years). 


Meanwhile tbe Brazilian 
Federal Highways Authority 
DNER js arranging a $200m loan 
through a group of banks led 
-by Chemical Bank International. 
This loan comes in two tranches: 
$125m for ten years with five 
years’ grace which carries a 
spread of I j per cent and a S75m 
Jor 12 years with six years* grace 
-which carries a. spread of Is per 
■cent . This loan carries a 
sovereign guarantee. 

The SI 00m loan for Acesita 
Tias been increased to S120m with 
conditions otherwise unchanged. 


- By Charles Batchelor 

AMSTERDAM, June 14. 

A RIGHTS issue on a one for 
ten basis is proposed by Natiouale 
Nederlanden, the largest Insur- 
ance company in Holland. Recent 
precedent for Dutch rights issues 
suggest? that the company could 
be about to rais- more than 
$50ra. 

This strengthening nf its 
capital base is seen as desirable 
by Nederlanden which has been 
expanding rapidly in ” recent - 
years. Group gharelw/dors capital 
totalled FIs 1.76bn at i : ie end of 
1877 after a rise in net profits of 
! 15 per cent to FIs 2l)5.3r.i. 
Revenues during tie year 
increased by an ei^bth 
FIs 5.3Sbu. 

The proposed rights involves 
the issue or I.3m new shares at u 
price yet lo be set. Tb* recent 
rights offer from the '•mailer 
Dutch insurer Ainev was ( 'itched 
on an IS per cent discount tu 
market prices. A similar ;ort of 
discount f«*r Nederladen suggests 
that the fundiDg will raise around 
I FIs 117m. 

The warrants attached t- the 
recent bond issue which now- 
each give the riyfct lo 11.009 
certificates of shares will nave 
the right lo 10 certificates. For 
the remainder the option exercise 
. price will be applied. The new 
shares will rank for divid-nd 
from 1978. 


TOKYO, June 14. 
JAPANESE hankro prices in 
May rose to 1363 from 1342 
in April, but were down from 
1.652 in May last year, the 
Tokyo Commerce and Industry 
Research Company said. 

The company which pro- 
vides the figures used hy the 
Bank of Japan Tor its bank- 
rtipiey statistics said that 
deiils involved in May roll to 
Y194bn (5880m) from Y235hn 
in April and a record Y355bn 
in May last year. 


NORTH BORNEO TIMBERS has 
announced a major reorganisa- 
tion of its Board following a 
sharp setback in its profits 


Mr. Akbar Hydari will become 
NET'S non-executive chairman, 
in place of Mr. J. H. Glyn who 
will continue to be managing 
director. 


Mr. Hydari is chairman of 
Wimco. the Indian subsidiary of 
the Swedish Match Company and 
vice-chairman of the Bombay 
Burniah Trading Corporation. 


which is a major shareholder of 
NBT. 

Mr. John -Wilson, a former 
senior general manager of 
Standard Chartered Bank, will 
be alternate to Mr. Hydari. 

Two otber directors, Mr. J. B. 
Gibbons and Mr. J. A. W 
Torrance have resigned, and Mr. 
P. E. Isserlis. who is one Of the 
company's managing consultants, 
has joined the reconstituted 
seven-raember Board. 

NBT repons that its trading 
results for the year ending May 


were “ disappointing,” although 
it did not release any figures. 
For the first half, profits were 
a mere 455.000 ringgits 
(U.S.S190.000) compared with 
1234m ringgits 
For tbe future. NBT says au 
early return to the high profit 


levels of tbe previous years 
unlikely, and in view of this, it 
is cutting down its interim divi- 
dend from 8.5 per cent to 5 per 
cent. To improve its liquidity. 
NBT has sold off its entire hold- 
ing in Harper Giifillan and the 
Owens Group. 


This announcement appears as a mailer ol record cniy 



Japanese Yen 10,000.000.000 
Ten Year Loan 


Guaranteed by the 


State of Spain 


Slavenburg'a Bank will raise 
Fl 60m through the issue ui a 
10-year debenture. Coupon is "I 
per cent The Issue will he 
redeemed at par in 10 more or 
less equal parts. Lists close a 
week today. 




Stem 1 jil»ira)l» Sit* M» 

it 

ESrfeJF-— 'S- 

Can. ». . »» 

ict^ape i||- !££-«* — * |* 

Enr-Stoc ism .22 

BMi Mi* w 

8rsWjfcs:*Vi5: 

G». Utkea !£ 

BJUMorttvx-aw -is® (—v— *** 

«* A 8 ** fS 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


§ MW 

... 

981 ' Norpft* M 1989 — 

m* - Norsk Hydro Sipc l*« - 
-'sat :OalB.9pe I8S8 • 

M Ports ABtoaomes 9pc 1991 
10ft ,Pwv. QortBc 9pc J9S5 ..j. 
*2-' . Pro*, sasfcaidnm- Mpc V* 
..«a. ifiturn a Hnvtal Bnc IBS7 


-£n R«sd nuernaUopal »pc 193? MJ 

SOU Ono-lflM 


Id tope wn 
XSBXsaMbi Stoo MW 


ss^iss spsfs i; 
Efejs.S: 


National CoaJ B <C'»g jSOT" 

-is 




. S’ jyTM 9pc 1992 .. K. • • 

• S, sMseuao yraw-ifpciMA • ?’ 
,25? stand. EnrftlWa 9 pc 1991 .. 9-| 

Sweden OTdom> *■ 

‘Si Unit.* Btacumi 9pc M» ... g 

. Vntto toe 13&? Marcli 83 

10*4 NOTES q. 

9S AnstraUa 7U« 2?. 

^ ® BeD Canada 7Spc MM 

ion Br. Coiaaw* hs^,J 1pc ® £f 
■ 9SJ caa. PaC. 8IPC 398* ■••• • SI 

M| .Dew CbwnlM) Spe 19M ... g* 

"lOOS • BCS7t»c Ss 

m '■ EEC SI 

. om- EEC 74dc 1984 r.-.- -" 

' • 86* -'.BiiSB .Gntgrit’ MW ^ * — 22L 


Offc*- - 

9Q- Gotartrtea 7tpc.-19M 

96| Kocltuma 8pc t3S3 

1M ■ Mlchelln 81 PC 1983 . ; 

98<, Montreal Urban Sipc I9S1 
Mi JVeir Snmswtck Spc I9S4 .. 
* 9W-::N*w 'B(nns- Pro*. Slpc "83 
VNnr Zealand Slpc WSa ... 
9* Nordic In*. Bk. 7*pc 1984 

M 'Norsk Hydro 71 pc 1983 

Norway 7ipc 1982 

. Ontario Hydro Spc 1987 ... 


BNP 19S3 SI lari'- 

BQE Worms WSS 

CCF 1985 SSpl 

CGMF IBM 8 U is p? 

Crudlioti stall 1984 sjpc 

DG Banfc 19KJ 9pc 

UZB 1931 Slitpc 

InU. Wesomnsicr 1984 8 DC 
Lloyds WSS S1S|6Pc . ... 

LTCB !983 Spc 

Midland 1937 8«it,pc 

Nat. Westminsier BJb. JMn 

OKB imo 73w 

SNCF 19Kj SlDi 

Stand, and Ourf. •'« S.pc 
Wins, and Glm's Si hue 


This financing wa?. managed hy 

The Long-Term Credit Bank of Japan, Limited 

The Sanwa Bank, Limited 

The Mitsui Trust and Banking Company, Limited 


providecTby 


. udiuio Hyaro ape uw ... w 
"l ■ Singer 8fpc 1982 


-awrer nrc .... — 

of Eire. 8iDC MSI 
»* : .;S|iaBlen IFTOa^B) TiPC 1982 


Source: Wane Weld Sfcunu^. 


' _ Rf Sn eu IJV Wipi/ I1A IRIVi 

■ ? ;SwaJWi JtaUi CO. 73PC '82 « 


\ 


:V\- value ; - i9n 

.7^/'--. •>/-.- ' •= jRoWWfM HHBC 18S8 

S3 9U?m ~ 

Tokyo fic Hold ings hdc ms 

i, | c i AKQ?7-1 •— Canada *lpc 1988 - 

U-S. .563-/3 < ■ ; Dm Norake Id. Bk, €pc VO 

' |U v . awtsdw Bank 4jpc 1SS3 ■- 

Tok¥° Pacific Holdings (Seaboard) N.V. „ ^ a 

• • ?.. ••• mt Afluiudne Slpc 1988 — 

r v&m*? 

Listed : on Amstenjam Stock- Exchange iS^Sc 

ustco V»t . . . N v Oeranaracbt 214- AmrtfWan WorC8 nj 5 Jk 19M — 

- t-rfrtjtrtaiion : Pietson. S Piefao , Norway 4Joc 1983 

~ • . — i ■ Norway -4lpc 1993 — 

^ PR- Sunken Hpc 1988 — 


MiD»a< VVf w* 

iu :XAn« Bhw 1984 

Tenaue 71pe 1987 May ... 

*j|. Volkswagen TJnc 1987 

g- ■■■■ STERLING BONDS 
» Anted Braveries IHuc « 

•Jf,/ *CUcw» IBpo 1993 

sf. CovUtadB Stoe 1989 

W4. ECS, Mpc 1988 

SIB Mpc 1988 

^- ■hb mk i m 

"^TFtWMe lor Inrf. Kpc 1887 
Slnaaoe hjr tod. lBpc 1989 

. Fia^s mpc 1987 

Hoc 1988 

INA lDpe 1988 ..." 

Bwjjvrwj IMBC 1BS8 

Searo iMpe loss — 

. . Itotal oil 9tac IBM 

^'1 OM BONDS 
' "j Akin De*. Sank Stoc 1988 

8NDE 8|pc 1668 

- Cauda 4lpc 3983 - 

" ; Ben Nonke Id. Bk, VO 


VOKfOBEL EUROBOND . INDICES 


I Pnr». Quebec 8 pc 19» ■ 
fRaumroufcfci Sfpe i«88 .. 


MSgsiNOK ‘ 

DM :8o®d* • 




to* . 9«> r iQ. 

Bond* ; 400-)4 _ 


AVEAAGE . YIELD 
DM Bo«t* . S’i a 
■HPfc Bert* A (M* 2 m8 
. U S. S Strt. .. ! 

On.-IbHir "Bondi 7-2*1. 


Soda Spc 1S88 - - 

TroadheSm S4 pC 18SS 

TyO'Fwer Cd. Ope IMS . 

tlanembi X9S8 - 

World Bank 5hw 19M . ... 
FLOATING RATE NOTES 
Bank of Tokje TDK, fine ... 
B?CE 9M Mpc 


CONVERTIBLES 
American Express "S7 
.Ashland Soc IDAS . 

Babt-ock A- Wtu-ox sip-.- "97 
Eeainro Foods 4foc 19M .. 
B MatriCF FftSds 47 k 1992 
Beech am SJpc ]»« .. 

Barden Spc 1995 

Broadway Hale 4 tec 1987 "" 

Carnation 4pc ]0<n 

CHe*ron 5pc JSS8 

T>=r 4»pc 1M7 

Eastman Kodak 4*pc ?*ks 
E conomic Labs. 4|pc 19*7 
F/rMione Spc IMS . . 

Ford Spc 1988 

JjentTat Electric 1‘ pc iss? 
f«IIIctie 4Jpc is«7 
Ooau spc 1997 .. . ;;; 
nulf and Western 5pc jges 

Harris 5pc I9q; ’ _ 

Hont-rireU Coe 195s 

Id 1992 . . 

IKA Spc 1P97 .. 

Inrbcapo 8;pv 1982 . " 

ITT 4lpc 19R7 ' 

Jnsco ?pc 199; 

Komatsu 74pc 1999 

J. Ray McDermott i?pc "’97 
Matsushita 6;pc 1999 
Mitsui 7|po 1991) 

i ^ MW?™ ^IPC 19S7 

Nabisco jipc lass 

Ovens minols 4;pc 1987“" 
J. C. Penney jipe 1997 

Revlon 4ipc rw? ’ 

Reynolds Mein!-: Spc 1593 
Ssndviir fiipr mgs 
Sneny Rand 4ine 1VS7 

Stjir.bb 4' nc I9’»7 

Texaco 4toc ]!»« 

Toshiba *!oc 199; .... 

Tr C!o. 5lJe 19SJ 
Union Carbide 4>pc 1993 . 
Warner Lambert 4'oc 1W 
Warner Lambert 4}ne 
Xerox Spc 19S3 ... . 

Source: Kidder, Peabody 


Tiie Long-Term Credit Bank of Japan. Limited 
The Sanwa Bank. Limited 
The Mitsui Trust and Banking Company, Limited 
The Bank of Tokyo. Ltd. 

The Bank of Yokohama. Ltd. 

The Industrial Bank of Japan, Limited 
Tlii? Mitsubishi Trust and Banking Corporat or) 
The Nippon Credit Bank. Ltd. 

The Sumitomo Trust and Banking Company, Limited 
The Toyo Trust and Banking Company. Limited 
The Yasuda Trust and Banking Company. Limited 
Nippon Life Insurance Company 
Asaht Mutual Life Insurance Company 
The Chuo Trust and Banking Company? Limited 
The Dai-lchi Mutual Life Insurance Company 
The Daiwa Bank. Limited 
The Saitama Bank, Limited 
The SumitomoBank, Limited 
TheTaiyo Kobe Bank. Limited 
TheTokai Bank. Limited 
Sumitomo Mutual Insurance Company 


Agen r 


The Long-Term Credit Bank of Japan, Limited 


AUTOPIST^S DEL ATL^NTICO C.E.S A 

lias, t-eeri advised in tns negouaiions by _ 

banco ol bilisao. banco hispano americano and manufacturers hamo-s" limiIlo. pastor 

in cooperation w-ub iho ioHevving share-holders • 

Cajas de Ahoncs de Vigo. Pontevcw'a V Santiago ne Comp v.:..-: 

Baftca Mas Sarcta; F'nanocra: Pluniivur. 


March. 1 97 S 









Currency, Money and Gold Markets 



TRW Reports Record Quarter Results 


FIRST QUARTER FINANCIAL HIGHLIGHTS 

(OS. dollar amounts in millions except per share data) 


Sales * 

Pre-Tax Profit 69.6 

Met Earnings 3^.8 

Earnings Per Share 

Fully Diluted -?3 

Primary I-'O 

Dividends Per Common Share -40 

Outsta riding Com mo n S tock 1 “>.000 

Shares Used in Computing 
Per Share Amounts 

Fully Diluted 36.636.000 

Primary 28,662,000 


.86 

.96 

35 

27,665,000 


36.699.000 

28567.000 



TRW WON HIGH PRAISE from (J.S. military officials upon 
the successful deployment of the first in a series of Navy Fleet 
Satellite Communication Spacecraft shown here, undergoing 

E relaunch tests in one of the company's (J.S. spacecraft 
iboratories. 


TRW Inc. a major international 
supplier of high-technology, pro 
ducts and services, established 
new first quarter highs in sales, 
earnings and earnings per share. 

First quarter sales were US. 
$870.4 million, a 12% increase over 
1977 first quarter sales of ti.Su 
$776.9 million. 

Eamings after taxes reached 
CLS. $35.8 million, a 12.9% gain 
over 1977 first quarter eamings of 
(IS. $31.7 million. 

Fully diluted eamings per share 
were US. $.98 compared with (J.S. 
$.86 in the first quarter of 1977. 
Primary eamings per share were 
US. $1.10 versus U.S. $.96 in 1977. 

Each of TRW’s three business 
segments reported sales and 
operating profit gains over the 
year-ago period. TRW’s Car & Truck 
segment sales increased 12.6% 
and operating profits rose 9.6%. 

In Electronics & Space Systems, 
sales and operating profits were 
up 10.5% and 173% respectively. 
Industrial & Energy sales increased 
12.9% on a quarter-to-quarter basis, 
while operating profits were 
ahead 27.2%. 

Consistent with TRW’s policy of 
raising dividends as earnings 
increase, company directors 
increased the quarterly dividend 
on common shares from US. $.40 
per share to US. $.45 per share, 
payable 15 June 1978. This will be 
the 159th consecutive dividend 
declared on TRW common shares. 

For further information on 
TRW’s 1973 first quarter results, 
please write for a copy of our 
quarterly report: 

TRW Europe Inc., 

25 St. James's Street 
London SW1A-1HA. 

A COMPANY CALLED 




All of these bonds having been placed, this announcement appears as a matter of record only. 


Aktiebolaget 


Flux 250,000,000 1978-19S6 
PRIVATE PLACEMENT 


underwritten and placed by 

KREDIETBANK S. A. LUXEMBOURGEOISE 

in cooperation with 

PKBANKEN INTERNATIONAL (LUXEMBOURG) S.A. 
SKANDINAVISKA FN.SKJT.DA BANKEN (LUXEMBOURG) S.A. 
SVENSKA HANDELSBANKEN. STOCKHOLM 


Luxembourg, May 18, 1978 


All of these bonds having been placed, this announcement appears .is a matter of record only. 



MUNICIPAL TELEPHONE COMPANY 

OFFUNEN 

Flax 200,000,000 1978-198S 
PRIVATE PLACEMENT 


underwritten and placed by 

KREDIETBANK S.A. LUXEMBOURGEOISE 

in cooperation with 

PRTVATBANKEN AKTESELSKAB 


Luxembourg. May 24, 197S 


Pound eases on 
trade figures 7 


THE POUND-SPOT, 


against £ 


In generally quiet trading, the 
pound showed a slight fail against 
other leading currencies reflecting 
the mild disappointment shown 
in UK trade figures for May. 
Using Bank of England figures, 
sterling's trade weighted index 
fell from 61.4 to 61 A. The pound 
opened at S1.S350-1.S360 against 
the US. dollar and in very Thin 
conditions briefly touched 
Si. 8363-1 .8375 during the morning. 
However, after the trade figures 
were announced, the rate fell 
sharply to S1S300-1S310. There 
seemed little likelihood of any 
official intervention, and the 
pound soon recovered to close at 
* I $322-1.8332. a loss of IS points 
from the previous close. 

Forward sterling also showed a 
weaker tendency with the six- 



month discount against the dollar 
widening to 3.2#J cents from 3.04 
cent.* ami the 12-month 5S0 cents 
aiainst 3.30 cents. 

The Japanese yen rose to a 
record posi-war high against the 
dollar with renewed buying in 
nmst centres. After an opening 
level of V217.10. the yen improved 
to Y2H.S0 before easing back 
slightly ro Y215.25. Intense interest 
surrounds the publication 
tomorrow of Japan's trade figures 
for Way. which may well show a 
urcaier* surplus than previously 
anticipated. 

Elsewhere, the dollar showed 
little chang-2 against the West 
German mark at OM2.QS30 from 
0M2.US40 while the Swiss franc 
improved to SwFr 1.8875 from 
SwFr 1.8950. Using Morgan 
Guaranty figures at noon in New 
York, the dollar's trade weighted 


average depreciation widened to 
a.O per cent from 5.8 per cent 

Paris: The dollar recorded little 
change against the French franc 
in rather nervous trading. It 
finished at FFr 4-5S50j "compared 
with FFr 4.68824' in eariy trading, 
an d FFr 45870 late » ■ Tuesday. 
There was hardly any Reaction to 
publication of a first quarter 
current account payments deficit 
of FFr 429m, compared with a 
surplus of FFr 287m io ;the fourth 
quarter of 1977, 'and a .defidt of 
FFr 8.I2Sbn in the first, quarter of 
last year. Similarly, th e-announce- 
ment of a rise of 14 per cent to 
French industrial production to" 
April was passed over. 

Sterling fell to FFr 83066, from 
FFr S.42 in the morning, and 
FFr S.4350 previously, an news of 
the UK trade deficit The D-mark 
declined to FFr 2.1850, compared 
with FFr 2.2050 on Tuesday, while 
the Swiss franc finished ' at 
FFr 2.42784, against . FFr 2.4300 
previously. ■ r 

Frankfort: The fixizrewas very 
quiet, with no news affecting the 
rates. The dollar moved up to, a 
fixing level of DM2,0850 com- 
pared with DM2.0807 on Tuesday.' 
and against an opening rate of 
DM2.0835. and a mid-morning 
rate in Zurich of DM2 .0343. Turn- 
over remained smalTjand the 
Bundesbank did not intervene. 

The Bundesbank's trade- 
weighted D-mark revaluation 
index against 22 currencies was: 
145.8 11454)7. up 04* percent from 
the end of last year. 

Milam At the fixing the dollar; 
held firm against the lire. . after ,;a 
normal market volume of 39.8m. 
The U.S. currency finished the 
session at L859.35. compared with 
L859.40 the .previous day. The 
lira improved slightly against 
most major European currerfCTea, 
with the Swiss franc, tolling tO| 
L454 from L454454 on Tuesday. ' 

Tokyo*. In moderate- to active 1 
trading, the U.S. dollar came; 
under further selling pressure 
closing at Y216 974 against Y217.S5 
on Tuesday. There seemed to be 
a general feeling that Japan's 
trade surplus for May, due to be 
announced today, may be larger 
than expected compared with die 
surplus of the previous month apd 
this appeared to have a .weaken- 
ing effect on ' the dollar. After 
opening at“Y216-9. the. U.S. cur- 
rency rose to Y217.3 at one point 
but selling towards the end. of the 
day saw it back down to the Y216 
level against. ' 


.Jtma 14 . 


UJS.-f-' 
UndliAf 
Goiwai. ^ 

A%ba,Fr. 

Dbhm& ? KtJ 
D-Mark' ' 
ftrtLftc. 7 -, 
SmiuTeiL- 
i4»; 

ffrtaK'Kr. 

S wwiifcVi- 

year. 

Atatrte&h 


rat**. 

g Spread 

7 i.ssoo-r.tf7& 

" gi» 2.0600-2.0600 

4 4.08-4.11. 
Rip E8.7S-60.10 
H • 18^5*1®*® 

5 0.81-S-B4 

18 BiW-M-25 

8 M6.60-1«J»- 

1 U 2 un-un 

. 7 

7 6.4M.4W 


5iri 27.50-27.60 
\ 


I.UZM.3H2 
2.0650- 
4.034.U : 
69.B0-6tr.80. 

.ujH-? 

MUO-lffJS 

MH-UBr 

B.4M.4L 

8.46fM7S 

395*-Sffii 

27.5737.47 

5.46*3149* 


One month fsibn-' 


O.SHb*9=-fc«» &-&?- 
•MUJteOT*' tv; 

55a >5e^pm > e M. 
4040 e-t-m F. 74K 
il-4tOwdia h-*T7 

is-tffi c.aEJ^i2.sO 
bo-ota* •.j-dsr- 

2 Uregnk-J (Ua~ 0.56 
I4arepin"4aiW V.BI ] 
-2J6 

2 |-iorepm . KM 
7-W-8.OTc.pm.2fcH-- 
, ta^empta - -6JM: 

STa SZg Crpen 


[h9M~87v.p» 

ELM-JJOc,TnH 

IMS-zStUpm 
s^Moiedb - 
Hifi-W P* pm 
TWTS-ejfl* - 
445-SIS v.diB - 
flltre-pm-2 dJep 
Ijnwpm-th*-' . 

Saar . 

14.0-15.7 -cpm \ 

42-52?royxn 

W*-eifo 


asr? gj : 

"THE DOLLAR SPOT , FORWARp- AGAjjNgT .S J 


June' jin 


cameras* 

Guilder . 
Betgf&n-Fr 
Dantsfr Kr 
Drttrfc . 

. 

Lka 

ffrwct'Kr' 

French FT 
SWefltoKr 
Y«r ; -~- 
AteRria Scb 
SwfssFr 


R27-84l» 


.SgSL 

2JS2 5 2 JMT 

asMMWJg' 

SJS354JW5 

4JOS43SS 

2X&45-ZU.W 


Lsui-um 
cents per Canadian * 



One dwo> _ y-»- 

04SMJ03C4I* 

OjSMJSc pm 3M 
l-kSc pm . . - W 

0.1S4>.78pFpm'. jM*/ 

UiklSOc - — iS? 
M4 Sb, W J,.: - A® ■ 
LOUJdcpn - L» 


v * % 

TUvemathr -m. 

BJfrOJftrtflr. -038 
-.MS-L90ciHa ,. : 3J8 

2D3-19cpnr 235 

7 Z^Anavm: ■ Ai 58 
CB4SBOmCik<^U7 
Z&ZUCOs .-22 5 
ivZObr Pm. _ «-» 
H&uicjm MS 


•CURRENCY RATES _ jCURI^NCY. MOVEMENTS 




'SterliMt 

-Ui.* dollar 

Canadian dollar 
A mart»q : polling 

Btiafan. franc ... 
rUasUOi krone .... 
Oeutrclie Mark . 

-'•adder ..... 

franc .... 

JUmreglan krone 

Peseta 

Sweats]! krona .... 
Swiss franc 


Special European 
Drawtns Unfed* 
IU9t» - Accaont 


Bank tf Morgan . 
England Ouraiv 


SterUna " - _ • GL29 -M 

us. ddiiM a*7 s —m 

CMadlan doUir 8S38- -U3 

Austrian schttUns — Wt» . 4M* ... 

Belatan franc 

Danish krone .+ 

XKvrx** Mark — - 

Swiss franc W-® +75J. 

tfreneb franc ■■:.=.«- :■ 

Ura ■ ... '. i 5fc*0 . ■ ■ * ■ 5 

Yen - +3« 

Based on trade wet*a»t«J cha ng&o front 
WaBhinnton asreement December. : H71 
(Bank of BnaUitd . lndex=lM). 


OTHER MARKETS 


Arttentlua !’«. 

Australia Dollar. .. 
Ftnlaisl Ma.kWs- • 

BrasiLCruseiA. 

Greece Drarbuie.... 

Book Kihu: liullar. 

Irao-Rial 

Kuwait Dinar (K l’. 
U n i— i bow nt Frani 

AUioyda Uollav 

Hen ZeaiBUilriolUr 
SonitrAraliia lli.ini 
Wnaapor’e IVillar .. 
Sen Lb African Uao.l 



5 


B. 

Votes Uete - 

1.423 1.427 1776.45- 778. B5 Aurtrw ; ; — 

1.6070 1.6252 10.tJ768 0.oe36 Bebrium ; 

. : 27-28X« . 

3B-601? 

iaa»io.4o 

31.85-32.8S 

17.38-17:92 

PMUHRmiimmiii 

8.30-8.46 :■ 

• 3.703^5'-- 




1630-1890 - 

126-131 

683«-7ll* ll apart : — 

395-408 . 

4.00-4.16 




Bj8O-1O.0O . 



.77.-86 



143-146 

6.28-6.58 

4 .2880*4. E 700 
1.5829-1.6084 

3.43-3.48 

2.5270-2.3^80 

0.8637.08776 

5»il7i*r(9JTi~ 

ITniteii States^.-... 

YlTOBblTil 

3^40-3^8 - 
1.82-184 
34-37 . 


Rate «1*en for Arnmttn* ts free rate. 


EXCHANGE CROSS-RATES ; \ . 


June 14 ts.uni* Tlvrliud l‘.». b..Har ll>->its,-hcUajri| Jafne«e \*oa j Prcbcfc Ftane j Franc | Duhii Guikli 






Belaiira Praia* 


INkiikI Mvlllllfi 
L\i. I >.'!!* I 




tajanii-A- Yew LC<*> 


S>ii^ Kmiu- 



IhiiiHi •■uilik-e 
li iiian Lira 1 .00? 


.‘iup'iru f'l-llne 
iVlcisii Kraie* I.V 


EURO-CURRENCY INTEREST RATES* 


t-’h-n irnu r 

(list 1 K.-J 

Mintli 



•^is m* n( bf.— ,'.i 
On- .«ni.... 1...I 


IS IS 
15-17 
J2l< 12ij 
1 1: 4 * rail 
12 125a 
121« 181; 


Liuui-lum • 

IV4iar • L‘.S. Lmiiar Dutch tiuiMcrl ik» 1 ‘imil- 


. 4ie-4aa 
. -Jia 

• ,4Ja -4 04 
: 5-5 >4 
5*2-5^ 


,W. German I 




loU-lOis 

10i< iota 
10 A toft 
10ft- 10 ft 
lOSt-lOTf 
11- lli 4 


' ItuliHii Lira 

A-ml 8 

9-12 

lOic-llte 

1U12 

u^-iz 3 * 

13-14 

1334-143* 

?a:?3 

sw- 


Japanese Ten 



The f"II*w-in^ n'rnunal_rair^ were auuied for London dollar cenM'-aies nl deposu: >me montb 7.75*7 35 per cenn three month* 8.00*8.10 per cent; six months 8.40-830 
per iT'itt ®i' >’*ar 8.65-S./J oer cent. - 

Loox-iepn Enr«dnn*r depnvtis: two rears B-9i per cent: three years s'lt-SSu per ornt: /oar ream SSu-95 js per cent: fire years 85(6-fi 7 io per cent. ’ * Rales are 
nnniina' i.*l* 'iil: rmes. • • 

Shnri-remi rates are can lor sterling. U^. dollars and Canadian dollars; twu days' notice for Einlders and Swiss francs. 

A -km #.iic. are clusmg rales in Singapore. • ' * 


INTERNATIONAL MONEY MARKET 

New York rates steady 


GOLD 


New Vork interest rates showed 
little .« change. with 13-week 
Freasnry bills quoted at 6.62 per 
cent bid. compared with 6.61 per 
cent late oo Tuesday. The rate 
for 26-week bills was unchanged 
at 7J2 per cent, while one-year 
bills rn.se to 7.42 per cent from 
7.3a per cent. 

One-month certificates of 
deposit were: 7.58 per cent bid, 
unchanged from late Tuesday, 
two-month 7.68 per cent (7.67) 
and three-month 7.80 per cent 
17.78). 

Federal funds were quoted at 
7i£ per cent bid, compared with 
7} per cent in late trading on 
Puesday. The Federal Reserve 
made overnight matched sales. 

Bankers acceptance offered 
rates were: 7.45 per cent, 
unchanged, for 30 days; 7.50 per 
cent, unchanged, for 60 days; 7.60 
per cent (7.55) for 90 days; 7.65 
per cent, unchanged, for 120 days; 


7.75 per cent unchanged for 150 
days: 3nd 7.80 per cent unchanged 
for 180 days. 

Rates for high-grade commercial 
paper were all unchanged at: 7.60 
per cent for 30 days; 7.65 per 
cent for 60 days; and 7.70 per 
cent for 90 days. 

Paris: Money market rates were 
fairly steady at around 7} per 
cent for day-to-day funds; 7} per 
cent for one-month; 7 Vi per cent 
for three-month; 8ft per cent Tor 
six months: and 8 ,9 '» per cent for 
12-month money. 

Frankfurt: Interbank money 
market rates were unchanged at 
3.5 per cent for call money: 
3.55 per cent for one-month • 
3.63 per cent, for three-month: 
and 3.75 per cent For six-month. 

Brussels: The official Discount 
and Lombard rates were both 
unchanged at 5j per cent, follow- 
ing a Board meeting of the 
Banque Naliooale de Belgique. 


This was generally expected, since 
the rise io Treasury certificate 
rates last week, and an increase 
in the auction price of the four- 
month bond fund rate on Tuesday, 
were regarded as technical moves. 
Deposit rates for commercial 
francs were: 3|-4J per cent for 
call money; 5ft per cent for one- 
nrnnffi; 5j ’ per cent for three 
month; 6| per cent for six-month; 
and 74 per cent for 12-month. 

Amsterdam: Cali money rose 
to 4 * per. cent from 4ft per cent, 
while one-month increased to 
4* per cent from, 41 per cent; 
and three-month was unchanged 
at 4J per cent The six-month 
rate rose to 5i per cent from 
at per cent. 

Hong Kong: Conditions in the 
money market were tight, with 
call money dealt at 5i per cent, 
compared' with 51 per cent pre- 
viously, with overnight at 5| per 
cent, against 4J per cent 


UK MONEY MARKET 


Further exceptional help 


Bank of England Minimum 
Lending Rate 10 per cent 

(since June 8. 1978) 

The supply of day to day 
credit was slightly easier in the 
London money market yesterday 
compared with earlier in the 
week. However, the authorities 
were still -required to' intervene 
on an exceptional scale to 
alleviate the shortage. They lent 
an exceptionally large amount to 
six or seven houses at MLR. for 
repayment today. This was in 
addition ro a moderate number 
of Treasury bills bought directly 


from the discount bouses and a 
small amount of local authority 
bills. Total buying was on a 
moderate scale and Indications 
pointed towards the assistance 
being slightly overdone. 

The market was faced with a 
slight net take-up of Treasury 
bills and numbers of local 
authority bills maturing in official 
hands. There was also the repay- 
ment of Tuesday's exceptional 
loans. On the other hand, banks 
brought forward balances a long 
way up and Government disburse- 
ments were substantially larger 
than revenue transfers to the 


Exchequer in addition to which 
the note circulation showed a 
slight falL Discount houses paid 
between 9 per cent and 10 per 
cent for secured rail loans for 
most of the day. 

In the interbank market, over- 
night lows opened at llMlg per 
cent and rose to I2J-13 per cent 
on the prospect of a shortage. 
After easing back 'to ll-u i per 
cent the rate fluctuated between 
9! per cent and 12 per cem before 
closing balances were taken at 
8-8J per cent. 

Rates in fbe table below are 
nominal in some cases. 


LONDON MONEY RATES 



9UHIIU 
Cvrt Hii»U' 
•*l 


11 lose 

lv.J 4 U«* 
1 Vide 


1114-12>S 
1 .7 B lll< 

10'a tor e 
toft 10 ft 
toft 10U 
10ft -io* 

toft 1. ft 


UtrI 
Aiiilnit-ih 
• Il1aml> 


IX 114 

ll-lllg 

10 fa-10 la 
lu-lUU 

l"ie 10ij 

lOde-toiz 


|L*nl Auth 
iirsutalmr 

l»m' la 


Ftnanre 

Hran- 

IVw-ila 


Cl!RI|W)V 


11 V 13*4 
10ia.lti7 8 use il's 
Iu4g Use 1 VI lie 
9*1 IO14 io,i- tov 


Sts ZOU 
96s 97a 
950-9J4 


Z0i« 

lose 

lJJe-lQiz 



IH-flont 

market 

ilcfki* ll 

Tnastirv 

9 10 

- 

9** 10 

— 

SBg.gi* 

956-9S- 

! 9is-9i« 


; 9U-9* 

9X-9% 

- 

— 


Eligible 

Hank FlncTmlr 
Blii» 4* Blll~4 



Local authority and finance houses «*en days' notice, others seven days’ ftxi*]. Lons -term local authority nrortagag? rate 
itoimnully three years J»-ll u «* oer coot! four years ISj per com: fire yean U1 per cent. ® Bant bill rales to table ora 
biu iiw raic# tor prime paper. Burins rate* tor Four-morn n bant bills per cem : four-awn ih trade bills 101 per coot. 

Approximate soiling raics for Cfle-mooui Tivamry bills »5« trr cent : nro-montb B°n-9 r -n per eenc and t&ree-momb 
puf wnt Approximate Benin* rate for nne-monih bank bills 10 1 per cent; and iwpsnomb 101 £ par- . cent: .and tbrofrononUi 


Finance Houses Base Rates (published by the Finance House Association) SI per cent from Jane L 1878. Clearing Bank 
□epos it Rales (Tor small sums at seven days nobcei 61-7 per ccaL Clearing Bank Boh Rato* for tending 10 per cat. 
Trensvry silts: Arerwa tender rates of discount 8.42 S3 per cem. 


Trading 

dull 


Gold improved SI} an ounce in 
generally dull conditions to finish 
at S183J-IS4}. After opening at 
51831-184, the metal eased slightly 
to trade in a range of S183J-183} 
with the morning fixing at 5183.65: 
Activity increased during the 

f Juno 14- | JulM U. 


| if dune io. 

Gi>lil bullion laliuej 
min< e) 1 

Uk**:..., [$1tSi-U4i S 1821-18! .. 

f)(ieiiln" 1¥ 1-35-1*4 $18(1-182 

llirt-nlnu H.viutr. yiPB.ffi <181.60 

I U; 100. 000) (£90.874) 

Arternooq firing....! S 115.70 $1 2.d6 

(£100.191) (£38.21 1) 

GoM LV)iiu< 

flomeutv-mliy 

Kruceirao,) 31E8*-10O4 SlB7i-1B8i . 

„ „ (C1WJ-1WJ (£1021-1630 

X«w boverel^ns - 

Old boveraiym S5bl-571 S664^7i 

i taoWHl (£*11-2141 

Oolil Lnirtn 

iniarnatiunally 

Kiuuerwui SlfiBi-lBOi $1874-1194 . 

.. t£HSS*1i.Si ii- 11)24- rofii# 

New iscvweiffn* $52* .:4* $5iA-0*t 

Okl buveraigiii, SSai-671 $654-674 

, iCini 0141 (juaut-am 

■V 0 JwcIoh S270-27& *27H-2/H . 

.•lu te-Ju, — SIcOi-KM <U0 6 -1156 f 

**•■*■ '*• 8»3 10 3 .<^4 1024^ 

afternoon with the opening of 
Ne w Y?rk and the metal improved 
to S183}-184}. The afternoon Ei- J 
mg showed little change from the 
morning at 5183.70 and with very 
little to influence trading, gold 
failed to maintain its higher 
levels However, sentiment "re- 
mained good and -sources sug- 
gested that an upward movement 
towards the 5200 mark seemed the 
most likely. 

MONEY RATES 

MEW YORK 

Prime Raie •* 

K«t. Ponds r«!7S 

Treasury Bills n.T-*reet> a as - 

irvasmy Bills (te-wcek) ’ 7 1? 

GERMANY 

Discount Bars 3 . 

Overtngiit — — — . 

One montb 

Three montbs fS*'. 

Six months . jjj, 

FRANCE 

Discount Bata »c . 

Overnlsbi 5V* ' 

One month tIS 

Three montbs ... ..." 7051s 

Six montbs ' 

JAPAN ^V.rav.,** 

Disconm Rate - - .«« 

Cat! tUncandlHonali ^ "T" aiic 
310s Discwmt Rale “ a. ipo *.’ 






























































u 9 1 


WORLD STOC K MARKITS 



KSIlWl 

m 


• 

all St. moves erratically in heavy trade 


Indices 


NEW YOKK-now lonES 


■ INVES ™e«T.i^ )IXA,< J“PP'y General Motors, however, eased jumped 75 cents to 03.63 on an Y1M to Y4.100. K aren Che mical JVesI {m “^"j rt ^ ( , b r a ^ n ‘ l , 7 iy 1= 

Effective wn k, feiSal a.*?.* sm as ° n ' ils i 

■Wi iaura s aevar*flE re -tusaSs. ■■ » «. . - #^»'%SBr SkSb — «-M-r w ^sa*« 

ifs«s ssas-ss b?&bki « q= 3 § g;g € 

down^k dav Sff ™f ,Xr fell to now lows shed I U. $«i - ihc Unde led Engineerings hufer ^ ln t ^din g . wUh 4 cents to 50 cents 




; -3 tine [June J«S e J“« j Ju » e : Ju 7 ne 
14 15 12 » i B : 7 


— “"lwls" | 3inaCCsnwF lllat '° 

je.June. j < Hlcb 1 

.DSi BG1J2 888.&1 I 74112 j 1>U^ iHL 


rtS taw» iiiiW** *' i » 42 » 

90.BG ■ B7.H j — — 

i4{h i ,,«« 


IS *!? 

B.n NJ 
-■5 


■" a 4* 
-is 
-225 
46, 


ins 


j tfa-Z vauw «C9 UL 503JH < * -- . — 7 

ana 85057 before finishing 2.42 brought under control. 


! J7,Z3o! 50.760- 39,4>U)j 32,475 i3.S8& M.OGD — 


down on the day at 8M 3B thT The dollar fell to new lows „JT ined » » v ifl “ "S ■ L S Iiac '? u W 3 vailed in quiet trading, with * wo» ■» .» 

rs^rfesFafJl SE-w-mK sa^a.'WK isirssshss »» 

g^swsa^d msw e k »~ ors “ rSaLrs ja d Wd«^ X s-Kaytt* 

an edge over losses at the close ever > Republic Steel matched un c TJ 15L Sld >.' . . and Vulkswasen DM 1.30. while 5“_ 3 Lr 1, 1 V 1 * ' Vl.*®., ___ r moderately active. 

£ of 7W to 6S5 following an earlv Bethlehem Steel’s recently an- .Service Corporation In tenia- *?f_J u, *^rJ ,Be Sr n ™V»H. DM 3 1^90. Carrefour la loFFrl.j.o. Diamon d issues advanced, .with 

— thn>a.h<jtwo ~r , . T -rf™ n r „„l. 


•Bmmb -1 hide* i-liairxvd ft«« AufliibtB* 


I nil. tin. j i(iij " 


¥iv rmo tj» pp>Q*-l 
A . 01 


^e^nradvanS^-SnSv”? ‘ri^’of only {’?» SVSSer. DeateS^k improved 1 K l 9 ^ r J?’ ^cenls t^KG.17 gTAJIBABD A3fD BOOBS 

expanded tD 37_20m shun,, r. 3 nc>r which was considered for * company to be formed by ,, n Peugewi Lllroeii —a to _FFr 36a, and Ana mint Rl.aO to k*oju. 


S 1.090. 


moderately active. 

Diamond issues advanced, witn 


expanded to 37 Jam shares from 3 per cent, which was considered for * company to be formed by 3 j Q ' 
| Tuesday’s 30.78m. a helpful factor in the fight l° m * °J. u . s of{ _^ ers d,r . eL \ t, £ a EJsewi 


Brokers skid the market was inflation- ■“* b * American General Life 

?“£_ between some window President Jimmy Carter, at his KUEJn ibSndJSd 1 ™ Senlce 
th^*^ by t prior to news conference yesterday urged sonv nained 4 m tst in heavy 

the end of the second quarter Congress to aot responsibly in , * lo ln ” €d 'y 

Analysts _ continue to expect irm whirh hit a new peak for 


E5 Sr'* 1 to e ’iS ta of b tlS "cas! Ivor- up* A”at ^FFr S^and ParlbaS repor^of a "soutli "African troop j.me] 

JS“?L? vut “t?m° 2 1.5 Harder at FFr 1«L3. Sup on the Zambian border, ! w • » 

S. offer fr0,u Veba ’ D Hong Kong ===^=SI=i[ 

Tnkvo S After Tuesday's easier trend on industrials recorded further 

_ n _ m hia5 in profit-takiii”. market resumed its widespread gains. AMiC adduu 
Stocks displayed a Hr ill bias in : n P ,i 1 i tli .orl hilt still qn.. n ». no and Premier Mill 


unaffected 


: June j Jnoe I *l«°« j Ju «e i Ju “ 0 


i^SS^aSrV shortterm J?**** % ™ AMERICAN SE Market Value r uSher SEES acUrilyT with ^^Vadin-.^fiSish^shariS 7° 

rates and the Prime “t" SS %LT5 Sm^Sto’MlS Is Ind “ managed a fresh rise of 0.87 bu ^ g interest concentrated in gg* l ,.^ n £ index U, « 7 ” nlS V R5 i 0, 

gome are forecasting a new ex- h? s T Is Si at. onc ^int vo3uiDe of speculative issues. The Nikkei- JJgJ,- ^ri^f ^ Switzerland 


U4.b« 1 6-&8 

ii.i //A il aojbjsai 
125 .B& | 4 -« 
ll.-lrtA tlASZi 


Your dCf. MpproX. 


lii- 1 . lire. vkM ' 


WEDNESDAY’S ACTIVE STOCKS 

Chance 


Rarnada loos 
Cily investing ... 
CanarE world ... 
American Motors 

Ford Motor 

Del E. Webb 

Exxon 

Bally 

Sears Roebuck 


Slocks Closing on 
traded price da> 


KB yesterday. , 

Rams da Inns jumped S2 lo $7? ■ nnar Pq *” 'r'riVW* 1»<0* "'“-'n u vioseu ill jw.™. moueraie uamu*, u<ni. lt.nu in.-M i 

oo on volume of nearly lm shares, ^oDRua. amounted to —Om shares (JlOm). hoover on lhe four ex- the Swiss Commission for — 

day While City Investing, another A strong performance occurred However, the yen s renew changejj totalled HKSW3J:3m Economic -Affairs favourable re- 
+2 heavily traded issue, picked up i yesterday in very busy trading, appreciation against the ooiiar (HK siR2.7:.m*. port on the outlook for tlie 

li to SI 7. Th «f Toronto Compohite Index continued to unsettle export- j an n ne .iiailiesoo rose 7U cents et-nnomy. , 

Motors issues were also in the ended 3.U higher at a 1978 peak orientated issues, Hitojdub Ucc- Jf} hkj 15.40. (lung Kong Bank Sn Trading in Cla lUlo-Argenllna de w.Y.B.t ALL COMMON 
-H spotlight. American Motors of 1146.4, while Oils and Gas fur- trie shedding Y4 to YvYILPioneir tfJ HKS17.30, Hutchison Elertricidad SA resumed after its j j ; — 


5.65m shares (4.70m). 

Canada 


speculative issues voided n rUc of 14.49 at 528^1. 3WIL 

Dow Jones At erage improved S. ^ bBSl j eve , s j nce November 2tt. Prices 

“ ... WPi 1 -— "K" 1973. 't closed at 348.80. moderal 


Prices moved slightly ahead in in.i. PiK Him- 

moderal e trading, underpinned by Ul||R UlWU ltl<ul t , |lhl 


£ixns and Falls , 

• JuiUr -I line l-“ Jun^ 13 


— 11 Spotlight. niuoiMH ..‘w«iid " “'IV Miia biiu \1«3 ini- Uiv a..*— — - . — , — ~ » , rn j- CK11L3 iu nneu .dv, iibuuuuu [.lEruiLiuini ji» ■«».»»■ 

+ it gained to $64 In heavy trading, ther advanced by 20.5 to 1454.1. Electronic 14D to Yi,/iU. iwr Whampoa and Swire Paciiic 40 suspension on Monday 


American Motors of 1146 


Hutchison Elertricidad SA resumed after its 


Playboy Enterprises 279.800 


"* including blocks of 100,000 and Golds added 0.1 at 1,382.5 and Electronic Y10 to Y2.0LU 
_ 70.000 iihares — it reported a 1 per Banks 1.30 at 37824. Toyota Motor Y3 to YOSi. 

+ il cent rise in early June car sales. Anglo United Development Koknsai Denshin Denwa 


cctronlc Y10 to Y2.0LU ana cer jt s paeli to HKS5.S0 and followed news of the planned 
tyola Motor Y3 to YOSi. HKS7.5Q respectively. Hong Kong nationalisation by the Argentine 

Koknsai Denshin Denwa rose . J5 centv t0 HK8.95, and Government. The stock opened a! 

— — i Wbeelock 10 cents to HKS 3 .S 25 . swFr 142 and closed at SwFr 1 *S. 


j i • WiK 

one 1 June ; J hik . June t • — — 

in > 13 ' U i 9i h'a»' i i 


l-.Miet traded 1,912' 1,906 


ae.asJ 6B.au u.B9l saobJ m.m 
' , ' . i l 8 -* 1 * 


1,'iiM :.. 

Km 1 1c. 



Aeir Hlcho 

Ni-w Lu«« 


906 j 1.912 
629 620 

055 85& 

4S3 437 

72 ' 127 

33 l 36 


NEW YORK 


M 0 HTBEAL 


Abbot i LjmIk) ...... 

Aititreasaumpb ... 
Aeun UfeiCaep 

Air Kmluclb. 

Airoo - 

AIcmiA lutntol uot 
Alma. 

A I leg. Luillum... 
AUegiieny Power 
Allied Ubenuiail- 

Allied Siokk 

AIHm Chalmem... 

AM.\ 3 £ 

AtnenuU Hew ... 


Amer. .Virllnee... 12 sa i 12 h 

A hi or. UniDili..... 51 'a | 5 Ha 

Ararr. BrmJua-l 511 i 52 ig 

Amor. <Ju 41 | 40S« 

Amer. Uj-ana mill SlU i AOTg 
Amer. KHx--. Vo* 22*4 I 22 ^ 
Amer, K-xprer-... 33 tg ; 375a 
Amer.HnmePn«l 30 k 30 U 

Amur. £6U | 261* 

Amcr. UiKun...., 6I3 ' 5*4 

Affier. Mnt.Oi!..' 417j | 41ij 
Amer. hundanl.j 47 5a • 47 U 

Amer. btunr* 1 34 341 4 

6i*4 ; 61*4 

34 7 g ! 54 


Amer, hxprw-... 331$ 
Amer-B'imePn*! 30 1* 
Amer. Molmi... £ 61 * 
Amcr. Uutun...., 61] 
Amer. Me. Ot !.. 1 417 $ 
Amer. eiundanl I ll 33 

Amer.bbnw- 1 3*, 

Amer. Tel. A Tn.i 61*4 

Auitlek I 34 7 8 

AUK 1312 

AMP.. i 34 1 5 

Amprx... ~...| la ! 6 

Aoebor Uwrfuui;.| 23ia 
Aboetwn Uuwb.l 25<4 
Anuro Steel . . ~ 30 1 g 

*3. A ! 20*8 

AMflirni. Oi. ] 14 


*— "1 '1X1 11144 liliiv,,., 6OI4 
CPC lnt*ii'tn>aB< b2 

Cmne 30 14 

Crueller Nat 28l< 

Cmvrn Zrlierl.«cta 327g 
Cummin- knciiii- 41 

Cum-, Wni'M 17Ij 

Liana 261 b 

llarl liutuHinev.. 435* 

iMw 34 

Del Uwie 26&a 

Deliuua 117a 

Urntaiily luter... 229* 

Del mil iL'tih-in... 15&a 
Uinmoiiilirhainrk 27 

LliiiMi-bane I6I4 

Ulaiial Kquip 52U 

Oi'nej (Wall) 425* 

Uww t'orpn 44 

I low Chemical.... 261* 

l*ra\i. 27 1« 

iltueaer. 45lg 

Liu 1*UUI UBS* 

Uyiuo lii'liietne* 30U 

bU^iL> I’li-ber 247a 

h*ki Aintnefe 12 

AHKlniM!) K'^-Ink 56s* 

ffB'i 


labile .Unlit Mt... 

lutUIMin JxllllM.ll 

I Jabnaon Cinii tin. 
Joi'llnaulaiiur'K 
K.Mnit C«r|,. 


KinwA inniiii'iiiJ 33 Ag 


gather liHtueine, 2 

KalMd-aleel 26 

Ihy lai« 

Kenoecuii Z 31 b 

gerr Mi.<iei‘ 45 ?a 

kiUUb Watler 33 ’* 

KiiuheUyCti-rk .. 48 fg 

Kurntfr*-- 24 

Kim. 46 la 

niugftr Co.. 349 * 

Lee«caayTivii».J 33 is 

Let I .S'mubB 34 lg 

Xibby Ow.F«»l...| 27 I 4 


Krvvu.... 

itevnnlili Uettii. 
Keynol-ia K. J..... 
Kli-h'mn Merreli. 
KncBweli Inter... 
Mrihm A Hut,,.,. 


Uxyti Duicb ] 5 ?i* 


MTK | It is 

Kuna l ‘ £ *B 

lli'icr Sytiem.... £ 4 la 
OHlewmy Sliver... 4 lSj 
St. Jnc . Miners ih. 26 
Si. tlnili I'aiei... 29 Sg 
lEnia Fh 1 ml-.. ao 

Suit lnvai 6 Sg 

3 axi 4 i ln>l» 7 l,j 

3 cCHii 7 liieHitu;.. 14 


lVixi>Hnnli 19 >a 

Wvir - _ 4, i 

vertex atlg 

Uy«\n 17 

Aenlih lUdiu l&ls 

ll.-.lww- 4 Sl 9 ri t 94 Jg 
LS.Tto.k4 13,16 let 1805s 
U.S. AJ Dur bill 6.61 


19 >g 195 * 

41 , 4 1 * 

a 6 lg 56 ’s 

17 lnlv 

151s 15*fi 

94 Jg 944 e 
BOSs B0 s B 
6.61% 6.61* 


Markets Inst their upward 
momentum yesterday and closed 
mixed, dealers noting profil- 


ln-lii'irial 

(■inibnirtl 


CANADA 


. . s . compared with last Friday’s close 

Austratia of swFr 132. 

Markets lost their upward Brussels 
momentum ycaicrduy and closed i P i Pm( , r .i nr ii ne d in moderate 

mixed, dealers . notiiig r profit- Mntlment helped 

taking and a failing -off of buying Central Bank’s decision lo 

interest, particularly from over- key lending rates. T0R0RT0 

SC Coal shares, however, further discount and Lombard, un-f 
smngthened Coat and Alhcd Ranged Non . rerrolls Metals. 

r d mS 10 re-IIS at AS5?d thSi VIeiUe Montague rose 45 to 

4 SfltiSSl BFr 1.595 and Union Mlntere ID to 


i i 

I JtiiH 1 ! June < JnDP Juue 

• U ! 13 ! Vi ; 9 


! 184 . 8 b 1 185.81 189 - 91 , W 5 .BV 


Ifl 5 .& 4 j 192 . 77 ; 195-25 193 . 05 , 1 x«.uuicai 
’| 14 b 74 ! U 42 A* 1145.0 1145 . 1 , 1146.4 i 14 i 6 t 


lbZ.dl llbiSl 
170.63 laO'ti 


-96.2 i^Jj i I 


214.71 2 15.5 I 215.8 ‘ 2 IJ.& 
23 D.fr 227.9 1 226.0 22 b -b 


71 .1 i», 2 i 
250.9 tl 4 ilSi 


? -E S Iff J 0atbridge BFr 748° In 


\hltlbl IS|«I | 


Alim 1 ' h*L-i« I 4.75 i 4-/5 


5 cents ar A$1^7. Drr „ i np, iV diile 


xHiiiiinben.'vr & 15 g 


264 * uacct tiiuuv I 33 1 * I 335 b 

451 b Uliy <Klii 40 ls [ 47 i* 

[20 Uttnn Id<Iii-i i 225 b 

401 ^ UickhM'iAii'i’ui 24 ?c 
235 a Lone 3 tir Inrti...; 205 * 

12 ■' Lmi* l-iiuH Lm.- 19 
57 LouiMinn Ljiii-i..; 225 * 

355 * Uibrloui - ' 

Loukv 3 u<ie>- 1 

275 g L’WA' ’Ullurl'wili 

161 B UihDIlUn ; 

33 Macy It, H • 

38 ig Jluau UHni'ii'i ...; 

£ 35 * Mifau I 

3 lag .Muni bun I 4648 

25 * . lUnne Almuui.i. 15 &a 
84 ilai>b»li Held ...| 25 i« 


34 1 g i 34 
lo: a > 16Jg 
2312 2B1* 


Auffix-O : 164 • lb >8 

AaUJfill.i 4.5 1 1 1 20i* : 88-* 

At i- Hi JilieM ; 521 : . 584 

Amu UnU Fn>-..< 33 33 lg 

A VC 10 : 10 

■Ar** — - 

Avuu t'A-lu. 14 .... 54 ! 54 Sg 

BaaliAk 8 a ^4 i 854 

Bum. AMri.*L_J 84 Sg . 244 
-tUulcenTr. M.Y. 36 is . 38 

. R voer Oil._ 1 SB j 27 Tg 

MKterJ«v«wl-i 443 g .. 434 

■ - Uo.irr.'e roml ! 8S5e ■■ £4Tg 

- • I te hm Ui -eaoffoa - o 7 a* 37 So 

ri .Weii A Howiui I 8 Ua 21 ia 

. ".Beoilix ^-5 40 lg 391 * 

• teigiiet Lou* ‘IT. 4 4 Vg 
SSfaietoeni stee.J 241 g 233 * 

k * Dw-ter..! T 9»2 19 ^ 

Bri«n«...~ ; 

Jbcuoe C^>ii ie — 29 7 g | 291 * 


b.U.Ati 274 

51 PdMi X*l. lm- 163* 

turn 334 

I*. lurry, i/i KU-. I ru 3 BI* 
r.nn-iy.\irl:Vl'*l'i 23 v* 

i ‘.Milan 1 JB3, 

l-.M.I tiB 

Em:<filiat,l 234 

Lhiiisi'L 325 g 

Li!i vi 223 * 

468s 

r'mi-Uii.i Vanii-rr 34 
r'l-l. I'i;|ii, »l'iiw 5 e 4 
7 nm(..iii.' Tin-.... 147 g 

Kai . :\nl. tittautu. £9 

,'lexi\rtn 214 

KuiiiHote 374 

Kli.riila Fuwer.... 30 

Kiui.i s:9 


3CU 

scou l*a i«r 

■#rr>\i Hr- 

ScmMer Duovcwi 


I’otii \ -iiniinniii’l 
A'i:i'iiwr>l*i- \ 

AyliCrli'l-.. j 

limifc >4 .Mxiitreii I 
LbinK X»*n S-«4i8< 

Uahi Ke*xiiP'C»'..l 
lien telephone....! 
ihiw Vnlieilo.'...| 


S 3* [ fcn W 


SSSCS&'BfflSwS MSitK 

rise lo another crop of take-over BFr in mgher utuio % Belgium •!• »5.t3 : 96.4b 

rumours The rest of the base major Holdings issues and bteeis oeigium r 

■ — tuoro nnrhanped. n »mr.r V <»i. 9 &.BS ; 65.77 


1678 ( 1976 
High i L..w 



^eraliv l Sr ^ TKTSSSBr. to BFr 942 on 1 — 

" fiSh DH reictwl 10 cents to the chairman reporting that Fnuice iri. W.1 


were were unchanged. 

UCB receded 6 to BFr 942 on 


Mi 104.34 ! 104.34 I lU'.lb H 7 >^ 
i ( 9 ! 0 I (ll/ 3 l 

«ei; 365.76 i 367.80 J 397.95 326.71 
, 16*1 (3il) 


L>i.|n! kto.lc. Sweden 1 «|J 365 . 76 1 367 . 80 [aai . 1 96 326.(4 
i ,‘i!-it I ! ! i (3*1 (3il) 

Ub.!i : *UO Switteriw 293.4 232.1 1 62 ».i 279.0 

fdil) ,b.2» ! : Il4<2) ra>+J 


umii 
ieauraiii 
xnr ril. 


r .M.C 

K'jul Mutur. 

Ki.nfni-.-i Mi.*.— . 

i-iihia-n> 

Finiik-ln Mini.... 
I'twi.cirt Miner* 

Frudiaiil 

r'aqiui Inrif^. 


May 1 /epC 5 inn*.| 

MCA. 1 

UcUenm-it 

U OouiK'ii Uwia.i 

U Uiaw Hin 1 

M«nore* ! 

Utnlt — .. 

ASTI II Lviicll ! 

He** Pwn. euni. j 

Ufi>l_ 

Af tap Uiiu-Jc Mul 

MxMi’tJor|i. • 

iltJumciHo. 

McnvaA-f.^Vr — ; 
HnTOfmii. 

iiurpli.i un.^... 

^aM>CUemk*i_. 
I Nation**' thn.. ™. 


Jl* CaiM-lN.^.^...' 141* j 

Urn mu ii ! 17 | 

iiiuui._ i H-20 | 


A*1 S7 CRA 6 cSts to AS2.52. results this year wUi show mile 
Suo-im rn SSa and Bon- change on last but parent com- Germany. ~>7%-9 


! 71.2 ! 47.6 
l 13 UI&I I l 6;2 


MIM 9 cents, to AS2JI3. and Boo- change on last out parent i 
^nville Copper ti cents to API 38. pany results will deteriorate. 


Holland «'■ 


jar.- ZSS.’KS-SJS is&rifBRjsS 


■ I lufllvi.- MIK 1 Daw dales -«U ,a*e Value* 

790 . 2 , 612.1 , IC 4 H .4 1|H , rKvcu i NYSE AU Cmmmnn - M 
• ilO.'Zi M 7 .M starnijray ann Hours — IB and Tornnro 
86.6 [ - 7 J 3 | l 6 .u yiu*i nm. ui, ias* nanwd based on 1975 i. 
19— • /Ml t KxcludllUf DdfUla. t<nn [rnlnstnals. 



Hong Kong 5 fi»-W. 513 -Tt ,t 3 S 3 »' 313 . ■}« p 4 uo inn*.. «i UUiitl-g. W Kuranc* »nd 


■"taw * nrem™™ serin and/or ruhis issue, fc After loan 

are if»er tvuhhiiimric la* a _ r «a , a vf. s m •; tax free, n Francs: indudina 

» DM 511 itenom unleSS Oihrraise^aated. UXf* « - -m. s Dri 


2 u iTaDisarL Hi Syflony All Orrt. 
ipi BelKian SE Sl/tMH ,•"» CnosnOaB-Q 


> DM 511 rtenotn unless oiru-rwue -aa,™. - Ch*™ imlli * Dlv 

/icMh baso .1 an net ■Hadends plus iax rt ^ ^ j^} u ,| e svedal payment. • Iwli 

r=::L s H £ 3 =" 

/vmW i niviitend after Dendinp HbW« Increawfl. 


(«, j ll 4 / 6 i il 3 .li 2 u ir rf assort. 1 D 1 Syfliwiy All Orrt. 

Iialv till 62.99 62 J 1 ot.^a . k .46 ipi BelBian SE Sl/U/St i— i CnosnbaB-a 
: I i ilU,li stj 1/1/78 Ctrl Harts Ruuree Wl. 

Japan (ui 412 . 0 ai 41 L 70 Ul 6 .il >»A 4 , :: i CniiiinenOgiili D-e.. IMS* t 5 »i Amsrer. 

■ ||S' 4 | . Mill)) n*in rndusiriad lirm iKS'Hana Sens 
Singapore 1 310JK ' 319.39 ! 52'-2r. , 2K. 1 .' Han« S1/7/M «an» siijjp 2/lrt3 lot TWr*o 


lH( 6 i | tl. 6 l Nelv SF 4 /l/ 6 » »t»- 'irsits Tlm«l 1 M 6 . 

(-■■Chisefl irtl Mart nil SE yuyyrt. 
/--I Stockholm Industrial l/l'M. (Jl Swiss 
Ranv rinro i«> (Innvalliib!* 


354 ! 35 


565 g 


r'aiwHi'ue Mrt* | 
rum U.'ioi Cm. 


BimJen. 51 


Bum Wuraer-. — ' 


Ktuaifr ini [ WJg 


Bnwjwi \\\.~ — 154 
BnaUM jlytTS.. — I 374 

Bm. Peu AXlii — lb-'i 
Bnaiway 321 * 
KnmArl-t .._.... 15 s t 
Bocj’ru- Krie 201* 

Pu/CVii W»ivh .... &l* 

BnrUpfiton Stbo|. 40 ig 

BtnromtB- — j 77 

UiMapIie!- soup— 35 i* 
UamdlAO PacliU 174 
Uni Btyvioliib.. 114 
Cinntioo-....^.. 27 )) 
turner & lient-rn 124 
Cuter tiawiey... 184 
cuerplltarlnri' 574 * 
Uflf ... - 584 

Cuumh CutfiO .. 417 g. 

Cenlzai X 6 .W.... 164 


OJLV. -] lf'« 

.r«iillell.._ ! 443 * 

‘.leu. Amer. lm...! lu 

U.-V.T.A.. : 394 

Hull. Cklilr • * ' ‘S 

Heo. Uymmilt-H.. 754 
•Jun.fclectrk*..... 53 
(junWHi_Fr««M.... |B 4 
Uetiehl- llliis.^.. 321 * 
uaiwu Motor-... 60 Cg 
Uyil. Pul>. Li til,... 184 

lie/l. 611 ( 1 »I_ 314 

Urtk le. Slal.M 52 s ® 

Uen.Tj'rw.^™. ... 263c 

licJIW-.,i. „® 5 4 

liineu HbIH:'... 27 


Mai. DU.ttl.en>.... i 
Mui. Senwt lo >4 
MOj.-uni 61 eel ...J 

.MU on my. — 

.\CII.._ 

Aej-lime 1 iu(>._J 
Sttv, Lnslarui t£U 
Men kuitlund Tel[ 
Ni*f«iM Unbawk| 
M i*u*r* bluirfe. _.i 

A. L. lnuuBtne*j 


usi* ; ii 7 


,ei iv Oil^- I 1614 


Cwtainieed_-.~-f 224 


Ueoioa Aa-.-nb-l 364 • £54 


Uhaae Alanhalian; 32 
Cbenuiv Uk.Nl 403 * 


Cba^ttrshPoa-i-i, 

Cb«ww^r»t*n»~J 

ChLvgb Bridge-. I 

Cbiyoar 1 


Uuu. MUacron...| ©Oi 
Cm^orp — 881 
Crcito Servk-e-,..; oil 
■JUiylnuedm*re.d .17, 

faxtiw- —| 

Paito 

Catnai, AILnuui.., 125 


lidunJfdaOa*— -- 87 JJ 8 
CatarnKtaPki-J 814 814 

t>«B.lMOcvoULni' 194 1*4 

CorobaatlouEneJ 43 
cabbueuoo Sq.-. 1 T 4 ”4 

ITni’w'ib KiUsoiJ 875 b 274 

txxn> 1 h OUKa] f* 

Com«wS*t*WU:.J_ 483 * 4|4 

Cemptrteracieiice, J »®9 
CteuTGen.lL.le..! |«B g«» 

112 hi; 

Uwwol Poo.ia.-vl 26 g II 4 

Cannot ISat. Om.| 39 Sb 394 

Cmstuner Power: SS* 8 r Snia 
Coat mem* Grp.] 303 * , |04 
ConiiowUiOb— : 2B3 b 80 a 
Coattneat*. Telij 
- Cootrra Dm^*.-- ; i |5J" 
Cooper tn- M**— v - J B7i * .. 


(illleue,. 4 HJ 4 

uu.trirb H. K ??** 

(inuitwar Tiro.... 16 (g 

lioulrt 303 * 

Grace W. I£. .— ... 28 

Gu Af-Uu IV-Tra, 75* 
Grt. NnrUI ItWl.. *»M 

Grevbmju - 1 “l* 

I* uii A \\ Htivru. . 154 

Gun Oi 244 

Uslttwrtnu 63 ia 

LUoiw MuiJok — 384 
tUrni- hieuer. — 177 b 

Harms Corpn...... 594 

Heinz H. J f g's 

Heutnem— 4 B 6 b 

Hewieti Pueawd- & 3 1 * 
Holiday Ioiik.. — 19 

Houveviake 

Houej- we. — 573 * 

Hoover - 

u*. (kCmv-Aincr. 343| 
Huoeiwi .Nbi.Gu- f', 

HuniiPtiJtlOhui 114 

Hiittoo (h.P.)-.— 17 Jg 

l.u. IndU'tn*. ... ao 

IXA — .... 484 

lucersciJ) Harm.... 69 J* 

itiUD'l ekea M4 

lusia»...— — ■ l bflB 
i old tout Kner<o| 74 


X. L. InnuBtrte* J 
iMnriiT.li JtWft tern] 
N'.rlli NhU (J*:.,. 1 
.Mini stale*. Pwr| 
,\Hi win, i Airlmesj 
Mlnrnl UrtluwjJ 
Mialiin ainjufi. 

tn. ili-iilu Hem -I 

• * 4 llv.' -VI a I tier „ 
OliUitliaon— ... 
Dun — 


vHeihMiaebin*^, 
Oul-uv L-oinliiu .. 

iiueiw HIiuok.-^, 
I’li cll< — 

Pa.IiKT Jiiebtldg . 
fu . l'wi. A U_. 

PaiiA ill W, arid Ait 
Pai her Haunt An. 
PeolOl.V lot— -■ 
IVII. IV- A Lt.„. 
Penny J- l : - — — 

Pennzuil — . 

People* Uma 
People* Chu 
Pefiali-o. S-: 



lliiuiiiamsiBtell.-i 


4 C 4 | 405 ® 


o ii i -eve. .......... 

Lfni-eiei .Si 

union uaiiiT rp. 
union L'biIhiIi. . 
Onion Lununen. 
onion (Ji Oam 
U ii ion pMpine..., 




l 3 .OSidHI.U 3 


--siii.ru 

llHliiunM 

leu. 1 ‘ntenj IYtm 


11 > 2.3 
15 2.0 


irtior-C>iTpper 

lenmn*!* InduMne* — 1 


130.5 +1 

L .5 

117.6 t! 

L .5 

IC 8 . 5 ; 4 -C 

>.S 

27 i +: 

L 

287. 3 + 1 

1.9 


Jin-fie,.- Mi.iw« 


luM 271.18 273.5 

lulL Klawatr*-.. «S 4 * 

lull. Hnrveeter- 394 »|a 

lotl.ftltniCbwn 384 

Iptl.UulUfwilB.. 884 83 

0* «'! 

'iwuJtaAiiSrin! 1|* 

lot. Tel. * Tel — 304 324 

Inveql ,I fl 


Periun Klmer 
f 

1 t’licei 
Puelp 1 
Plnia-re-i-. 

I PUiiipUarr 
PUiill|*l*e»i 
Plimui v 
Pinny 0 
i*iii' 

Plot 


uinniyat.. 

UmUff'l falrtllilr. 
u? d»m-in..i., 

v 5 li. I-/HITI 

U 9 -'ll 


mvoqi — 

lowmt’.Ht 

1 U Internattoaal J. 114 
Jim Waire/- J - 30*8 


POUUT.I 1 ' 
PMuauu: 

PPU Itirtu-uw 
Pcmsuh ( 

Pub -erw 

Pmuruui 

Purea 

ijuakei 

Ka pi i A hi erica ti 



KUA- 




r 2 .ia 1 - 0.05 JOHANNESBURG 

r°i 7 MIKES 

t £.33 '+ 8 . 1)4 J un *-‘ 9 

i 0 71 -001 Ando American Curpn. .. 

t 2 29 1 +d!o 1 Cbaner Otruuilldaied 

idlfcfl i-oloi Ea» DnJoniem 

-132 -o!o 2 Klsbnrs 

Harmony 

tl .85 |- 1 . 0 i KmrifiS 

ti 3.28 ;r 0 . 0 ! Kloof 

* 0.37 - 1.01 RuMeiiburs PiaUnum .... 

jg .23 - 0.03 st. Helena - 

i L -75 ; Souihvaal 


Source NiKKo Secuririea Tokyo 


BRUSSELS/LUXEMBOURG 


IU.B 6 I-D.OI Union Corporalton ... 
, 1.37 -J.l.> Du Beers Defemal 

1 1.87 + 8.06 BlyToomnzJidJt 

', 0.12 1 Eail Rand Ply. — 


AMSTERDAM 


Prl.e I +MT . Di*.jYi'l. 
Pik. i — I. ; t> 



EUROPEAN OPTIONS EXCHANGE 


. July ', 

Close . »oL 


.trr ^ . . 

AJT 

Air 

(vfUrirrp- : 
illffcorp V 
E. Kodak. 

K. JfdrtaJf. ' 
K. Kpdak w 
EL Kodak . 
fclssun " 
Unun 
.Kuna' 

UU- 


-.955 
$60 
r $65 
- $SCr 
f26,‘ 
340 . 
■9*5 

SSQ 
S80 , 

-WO" 

S4& 

. ttSO 
560 ' 

see: 

570 


oe*r»--' 

•Sem'i. • 
dews -. 

. Ai««wwM 

‘ fWO 11-60 r 

7360 A -60 - 

Atgenwuc 'y-Q 6.80 — . 

- y?5 ZJ30 ■ e 

=■ 

SS .fig W S 

.Nai-Sed- |“g |o 

AarSM-:' Ho “ 

piioo WO aa 
P^?-' j|?3o 0JB0 10 

Tblims „ . “v, 2n a .50 — 

u. D.riheU P]30 0^50 - 

R.D. 8 beU . 5.80 80 - 

t-aU*™ S«S-iS0. I* 

ifs -RS.ao- - 


5840"! ‘374 
5280 l 18*8 
ggfiOt" 84' 

*20 1' 44 .J 



Jau. 

Clow Vol. 


BASE LENDING RATES 


1 |?878 


_ 3337, 

10 - - 


- IF359 


7330 r 30,00 
7340 {' 20.50 


_ 775.10 


7176.60 

1 


Phulps- 

Pbil^*- • • 
y»Uilp» 
Ki-UW 
It, D. Shell 
R.D. Shell 
. UnileiW' 
iTuitorer 
UnftePB 1 : ; 


— .TB^lO 


liso 278 


5 

F 128-30 
8 - 

] F 1S81.7D 

6 « . 


A^JV. 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 & Ctnce. 10 % 

"Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

riunque Beige Ltd 10 % 

Basque du Rhone 101 

Barclays Bank 10 % 

Barnett Christie Ltd.... II % 
Bxemar Holdings Ltd. 11 % 
Brit Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

.Canada Perm’t Trust 10 % 
Capitol C & C Fin. Ltd. 9 % 

CayzerLtd }° % 

Cedar Holdings 10|% 

■ Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 11 “o 

Consolidated Credits ... 10 % 
Co-operative Bank ■■■ 10 % 
Corinthian Securities .. 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk- 10 % 

Duncan Lawrie 510 % 

Eagi) Trust 10 % 

English Transcont. ... 10 % 

First London Secs. 10 % 

First Nat Fin. Corpn. 11 % 
First Nat Secs. Ltd. ... 11 % 


■ Hambros Bank 10 % 

■ Hill Saraufl §10% 

C. Hoare & Co U0 % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 °o 
Industrial Bk. of Scot 9 % 

Keyser Uiimann 10 

Kouwsley & Co. Ltd — 12 % 

Lloyds Bank 10 "S 

London Mercantile ... 10 % 
Edward Munson & Co. llt l n 
Midland Bank 10 Vn 

■ Samuel Montagu 10 ‘7. 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S- Refson & Co. ... 10 % 
Rossminster Accept'cs 10 % 
Royal Bk. Canada Trust 9 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 10J% 

Security Trust Co. Ltd. 11 % 

Shun ley Trust 11 ^ 

Standard Chartered — 10 % 

Trade Dev. Bank 10 n ,i 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 «?, 
United Bank of Kuwait 10 % 
Wbiteaway LaidJaw ... 10JM?, 

Williams & Giya’s 10 'o 

Yorkshire Bank 10 % 

D Members of the AcreaUns Houses 
Committee. 

• T-daj deposits 7 r L l-monib depoiia 

Ti%> 

t 7-das deposits 'on sums of flO.OM 
and under SSV up to CS.000 71% 



i niie^ lUavidi tl.ZS ,- 1.06 

L«iiiiiir . Oil t 0.25 ;»- 0.01 

Kxi »i.>rat ton...... i 0.37 - 1.01 

HIM HoMioira I 12.83 - 0.03 

il>« limporiuin i L .75 : 

Aeu«. l 2.30 flolrt Fields SA - T 2 L 73 

\ieiiwli>« InlemntloiiHl ' 10.86 1 - 0.0 1 Union CorporaUon 4 . 4 S 

M'iUi Umheii U'-iiiu !! 1 •** > 1.67 -J.I - 1 pe Bc-ere Deferrud 6.17 

tI .87 -+ 4.05 BlyTooruilzIdit 5.30 

on swivli.. • ', 0.12 | Easl Rand Ply. - ; 5 .<H> 

■ liter t\| 4 n™iwn._ i 0.38 i-DJll Kiw Suite Geduld 7^.75 

I’loueei UuuerMe tl. 5 i • PTVSUUinl Brand fI 5— 0 

iteeuiu A CViduui. i 2.80 ,-O.Di PrvsidMU Stern 1 U 1 

J. C. 3 len>ti i tO .74 + 0 . 0 i Suironteln 

oulhlHiid Umiuv ; t 0.24 ; Welfcom 

'lan-K+w luirirrMion 10-35 - 0 . 0 S West Drieromein 27.00 

\rUeii -i .360 -5 j — i- u<uil.( 6 i • tl .85 ,-O.OJ Wcsiem Holdings - M.OO 

.oi, Hn. laniK... 1 .M 9 7 B 4.4 iVgllnns. ... ! i 0.93 i-O-Ol Wesicro Deep 13-50 

v u«n : 1.910 1+10 'llo [ 6.1 iI'qiutd Mining ISO cent «■ ! il .65 (- 1.04 INDUSTRIALS 

.i .lf.i.Viiiwii.... l , l. 200» 1 I ->■ : ^-3 iV.M.i ir.irih/ 1 11.62 HO-PI AEC? 2 .S 0 


rO .38 i-DJl! Five Slate Geduld 


• Presided! Brand ..... 

1-O.Di Prvsidviu Stern 


t 0.74 '+ 0.02 1 Suirontcln 


I \rlie.i i - 360 -5 ! — i - 


1 0.24 ' Weffcom 

10.35 -O.Oi West DrlL-rometn ... 

tl.85 |-0.0J western Holdings ... 

!0.93 i-O.OI Wesicro Deep 


.i ken 450 1 ' - 

r.bfc- 2, . 5 J O, +- lu W/ 

.-■» imle 6.46 J | — 5. 11- 

.'■ilirniiie ' 3 , 7 H 5 '1 /- 

■ i.u. I lino- Bin., ...' 0 .O 4 O +25 

.■ei«en.._ ' 1 . 290 /d +6 » 

J./»..keu. ' 2.430 tS jlf- 

iiiierruiu .1.750 14* 

■vreriieUank 6 ^ 5 / 1 + 2 . ii 9 U i 4.0 


7.0 

6.7 PARIS 


1*3 i 6.6 

If. | 6.9 


14* b.X ■.ta.les*. 


Analo-Ajncr. Ludusuial B.70 

Barlow Hand - 3.78 

Currie Finance DAS 

— r , vf.i | De Beers Indus! rial tlO.OO 

Pnoe [ + or 1 gdgars Consobdaled lov. ' 2 J 5 

Fl ^ • — _ _!_JL I Edgars Stores 33 jQ 

Ever Ready SA - 1.70 

Kederaie Voliwtw leggings J.B 5 


i-«n Hui'iini;.— ...[ 4.600 j ?■£ 

iViixliiia 'a t c55 +15 1H • 4.5 

**■ lien lmn«iiie...2ibBS I — 10 :4J4 i b.c 

wx Iki. Ueiiii.ji»'1.9o*l 1 14u | /-3 

• inn*. ; 3 . 1 E 0 +15 , 41 a 6 .B 

..MV p.sb.- \21L| B.i 

iraeli.-4j h>eei_... >4,375 +15 |17u • 6.6 

lU ! 942 1 — ; - ! 7. 


740-^jO J 60 | 6.7 


SWITZERLAND ® 


J.,...-;:-.,- 72 ? 'refitifto KeS+rlfc^ Voiksbeiegsli 

SsF“.“i 

It 50 o a 14 -« lta 

; + ? ' zfj 2 'fi MeCanhy Rodway 

V'V'*'" - l -675 - 15 75 4.7 yK BaMare 

.i.iA.-hi* LD 9 J — 17 7d.M 7.0 ^, 0^ Cement 

**vr*r , , *t’ 2'a Pro'ea Holdings 

•u 6 Me-ilte> ...... 401 . 3 , 1 -®'“ Rand Mum Propctties 

relit «.+iiii !■ r ct 12 U . 1 - lU.u H^nibranov Croup 

i+nit L-nre..... 79 —0.1- — — ii..|co 

imiiea...... 7B3 ,-3 '.3S-75 4.3 ^ Holdings 

>. Pwn.de- W 7 : -l JM. 1010 .A -- 

ien. O -Heiiina 100.5—1.618.25.4.5 c Sm ,y, sugar ... 


■It' 503 ,-a 

di-nvuue | 875 ! + 5 

•I. 3 .X. l.+ri i-.,... ] 355 '—4 

i^errelAi,, M ..i 1.675 ' — 15 

^.U.t 560 —6 


L-ieu-in LiHre..... 
Uuu i ez_ .. ............ 

rV. Pwn.de- 

Sen. i.i -Menu . 
■ lueiai 


Kenibraodi Croup .... 

KetCO 

Sage Holdings ..... 


i v-i<ne* minfi [ 1 15 1—1 ~ ~ 


k iiiumiiiin |- 

i.JJVA - :l.640\i : + 5 

. ii»i Uelg* it'i-'O'tl.lbO'i; + 2D 

l>... 11111. Cert _• 860 s. ; + SO 

Uu. I Ik: SVie' 

_.r,m r*.ii-e 2.19 » +20 

, rit-cTuwaU 1.740 I + 16 

i fitiiw (IrffMi.! 643 I.-— 

, i..n mui riten 7 J.JO..: . ... 


Lrtlo.ue 191 '— 5.5 

LOi«.i j 763 1-5 

1,671 -9 

d+laiillK I'lieiil j.. ji.Oud 1—4 

.\ln.-iiri!ii "b”.....: 1.415 i 

duel Heime-M '... 1 475 '-5 
il.nliiirx ........ ...j 136 . 3 — 1.7 

rtnUt* 160 . 5 . -r 1.51 

i'e«-tiiue\ ua ' +0.8 

f'eru-'l-Kiuiitl ..... 269 \-2 
fetigew-Uiiiipii ! 563 ‘— 2.5 

.'•■. 4 rt.il 323 i -. 6,3 

ifa< 1 i.> LtL'Iiin-iur i 435 j — 5 

■Icluuii 1 1 566 1-5 

■(Uuue Hi<ulriK-.. I 100.7 — u .8 

«. O l 4 h I 162 i + 1.1 

•*i+ iur»iiriiLH 1,540 I + iu . 

>U« : 261 ; T 1 ' 25.6 w.b 

iveine.Miiique .^.1 744 —3 + 5.5 3.4 

i Is lumin r.nmili.1 lfil 

Ufclixjr ' 23 — 0.5 


' a 1 G. G. SmiUi Sugar o.Sj 

5.7 8.8 Bn-wvnes 1 -S 5 

— ~ I TISiT Oals and NaU. UU. rtl .60 

Unisvc 1-13 


191 —a. 5 16-77 W Unifct 

762 1-5 Ib.Sf, 2-1 1 
671 -9 3 *> 'b 2.2 

iKi 5 ;-4 59 -a 4 -^ 

416 - i 2 . 5 & 2 - 3 ; 

475 '-5 12.11 2.7 _ 

136.3 - 1.7 3 l-V 

160 . 3 . -- 1.50 1 S .35 12-5 SPAII 
92 l + 0.6 • 7.5 8.2 J uim M 
7.5 2 .B .uiand 


Sccarilics Rand U.S^0.72i 
(Discount of 36.7%) 


-2.5 17-25 4 . 7 . Kain-o Bilh.ib 

4.6.5 — — P.nnco Atlanueo 4 1 .000 * 

27 6.2 ■ Haim Uemral 

_5 27 4.9 I RrtiiL-o EMenor 


566 1-5 27 4 .S RrtiiL-o tMenor 

100.7 -U.fi 9.0 1 Banco Gi-ikMI 

132 i+ l.l 10 & 9 - r f J Bantu firanada iI.WM) 


39 2-4 Banco timpano 

) 25.5 W-b Halii.fi Hid. CjI. ll.DOOl 
25.5 5.4 r mo. M'.-dilerraiico... 


15.15 7.9 Banco Popular 


STOCKHOLM 


| Prire | + i-r 1 l>"'- VM. 
i Krone ( — : Kr. • .e 


\i.iA A i>[ l\i .. •>!... 1 206 !— 5 

MlnLaav-ii ■ 'lira I 154 —2 

VshA l lit - . '•.'1 83 I... 

Allas L'm^-olKr-x! J22 ;... 

■lUOiui J 79 |-1 

■MllOI-S 119 1 

Guru.' - I 189si 1—1 

vClIUll.-U '■ 238*1-1 

Dltt.-i'iua'H IK3.I 129 1+2 
UriusM.41 'lJ’lKrtt.1 132 !,,,,, 

n. eilff 265 + 2 

/HgKIslH —J 90 

.■rtiigeb nrw).„..l 49 +1 

.In ml i) l*i»Hen^.‘ 334 —4 

iIw-hUiu -..j 100 

■lo Udi LHmi i*...: 6 J 

-'.iMVit A.k...... 250 +2 

-.K.r. *li* Kr.....; 63 + l 


Price t + or :Div. .TW 


VIENNA 


~ 

■ r’ni.c . — i.i : in i l'»i. 

Jllllv (i 

! « 1 + 1 t i ■* 


S 5 : fS r. 


Greyhound Guaranty... 10 % 

Grbdlays Back tJO % 

l Guinness Mahon 10 % 


5 Demand deposits 7J r A, 

H T>n»-- -I''/! applies in Sierlins Ind. 
Securilie*- 



129 [+2 , 

132 I • 

265 J + 2 


-■mad h'n klifia„j 

l',M.l.llll ■«' k'rhl I 


rcinl-UR -H* KrM. 

1'iMehu‘in ... : i 

Vuivn iKr. & 0 > j 


100 

B4 

250 +2 
63 + 1 
lo3 4-1 

71 

50 

67.5-1.5 


—0.5' — I — Banco Saniander i23Ua 

Bunco UruulJu il.WWi 

Bunco Vizcaya . 

Bunco Zuragozano 

17.,-vr.T. Hankumon 

^ P.anus Audalucla 

j!. Babcock WllCOE 

°\ ' * 7 raniKii'Ins 

_ u'u . Inmobunif 

■z ; K l. AnuBMirns 

. ; h^puiiolu Sine 

>4 • s'siKxpl. Rui Tioio 

'in a'a • Pvoa U.UW' 

in 4 4 ' l inos:. iI.UWVi 

*. Vo i Cal. Preclude* 

a n i Grupo Vt-laaquez '400' 

8 3-0 . jberducro 

4 , 4.4 j yiarro 

— . - ; pdpeleras DeunJdas ... 

16 ■ 4.B Hciruliber ... 

8 ' C.O ptiroleiw , 

- t -- Isarno Pupalera 

5.75 5.3 | Bntaiv 


6 4,y ; 

4 5.1 : 
.4 • 3.3 1 
JO 3-5 ; 
10 4.4 j 


Per cent 

m — 

Mi - 3 

238 — 

300 — 

268 — 

283 — 

IS® — 

220 — 

m - a 

209 — 

2 » — 2 

4U — 

267 — 

242 - 2 

250 - 4 

152 - 1 

209 -l 

...29 - 

77 4-2 

298 4-1 

78 - 3 

56 - l 

182 — 

95.75 - i 

71 “1. 

75 - 

81 + 1 

165 — 

85.75 + 1. 

87.75 4- J. 

127 - 3 

74 - 5 

127 — 

212 4-0. 


4.6 7.5 Sv^-iisa 

8 ! *>.* Telsrfu'UM 


b 1 7.0 | TorraS Eestcnctl 
— „ : Tubuccs 

6 • 8-8 j L’nlun LkC 


58J0 - 1 

48 — 

125 - 

025 + 025 
97 — 

1W - 0.50 

72 - t 




M 














































NORWAY'S RECENT announce- 
ment that il is to take a -1U per 
rent slake in Volvo, the Swedish 
motor manufacturer, was well 
timed— at least ror the Oslo 
Government's shipbuilding 
policy The con net linn between 
what will he ihe Norwegian'* 
newest. manufacturing industry 
and one nf their oldest is 
j-implv that as one shrinks, it 
is hoped that the other will 
prow to soak up some of the 
displaced labour. 

.So the timing of the announce- 
ment — neatly sandwiched 
between the Government's pro- 
posals to run down shipbuild- 
ing and what is bound to he a 
sticky parliamentary debate in 
lb* Storting «m the same sub- 
jn.-t — has given the Industry 
Minister a few rounds of 
defensive ammunition. 

The. strategy is to use the 
wealth created by North Sea oil 
and gas 10 finance the recon- 
struction of the country's indus- 
trial base rather than lining oil. 
as has been largely the case >« 
far. to subsidise key high-cost 
domestic industries in areas 
such a? textiles and shipbuilding 
against unmalchable com- 
petition from tho Far East. 

At the moment, only the 
briefest outlinp of this new 
strategy is visible, bur on ship- 
building. the Government does 
now appear at leasr tn have 
made up its mind that the old 
policy has no future. 

The old policy probably cost 
ihc Osin Government around 
ElOOm lad year, although no 
official figure is available io 
ronfirm this. An official inquiry 
into shipbuilding, however, did 
ascertain that on average a 20 
per cent subsidy was required 
for all orders taken by Nor- 
wegian yards last year. This 
suggest? a total subsidy level oF 
at least £l20m 

Thr real cost is certainly 


trimming its sails 


on 


higher th* 0 that after taking 
into account loan guarantees 
which may result in losses and. 
more unporiani. after allowing 
for the very considerable ousts 
of development aid packages 
which have been used to market 
smaller Norwegian vessels in 
the third world. 

Government sources put the 
toial en>i nl the development 
aid deals in' n ‘ v »ng ships so far 
a! Kr 875nt i£87m». There is 
a | S „ likely in he some under- 
reckoning a* Ihe result of a 
remarkable aid scheme la«t year 
which sought io encourage small 
private investors to pm their 
cash inlo new Norwegian ships 
in return Tor tax credits :.n 
generous th»i some deals were 
financially attractive even if the 
ships puichasvd had no prospect 
of profitable employ mptu. 

This srhem* cost the Govern- 
ment almost ■ £lQ0m in tax 
credits and. hy what is now 
common agreement, harmed the 
Norwegian 'hipowners' repu ra- 
tion fur professionalism by 
bringing into being a new 
group of "shipowners" whose 
own professional ability" lay" *n 
high-paid bni hardly mariiime 
occupations su'h as rientisiry 
and the law.. Established ship- 
owner-: also t>*l that merely to 
increase the number of shipping 
companies is a retrograde step. 
With well over 200 such com- 
panies alrrady in existence, 
there is widespread support for 
the idea of n rf ing the pressures 
of ihe preiont recession to 


force some regrouping and 
rationalisation. 

There is no doubt, though, 
that last year's Stale munifi- 
cence worked. In 1977. Norway's 
shipyards booked 621,000 com- 
pensated gross tons nf orders 
i Ihe agreed measurement show- 
ing a ship's work content)— ths 
second best performance m 
Europe behind only West 
Germany, and enough business 
to keep most of the yards busy 
for a year. 

For a number «f reasons, it 
ivas a policy which could not 


In particular. Mr. F'-ikke 
wants Norway to regain tts 
initiative within the 6i"g.mi?o- 
tion for Economic Cn-opcraliun 
and Development on a uon- 
cerlerl approach tn reducing 
world .shipbuilding capaciiy- 
WlieNier Mr. Bakke and his 
colleagues will succeed in con- 
vincing their European col- 
leagues that Norway has at 
last swallowed the bitter p'l' 
nr retrenchment depends 
much nn the deploy men >. 
the proposal now before lit® 
Storting. 


By IAN HARGREAVES, Shipping Correspondent 


Iasi. Principally, pressure from The proposal .stops rfinri "f 
. ... , •setting any target for rerlticm.- 

thc Finance Ministry tn call a t|l(1 j. iae llf the induslry anri d ne« 

halt became t«o strong, but no| s „^ esr which of ib** 
there has also been a grow- ( -oun try's more than 80 yard.- a rP 
in- acknowlcdgmpiit from a no longer viable. The Royal 
Socialist administration— which Commission report on which ihc 

,r T"^ ' 512 H 2 Z ST 1 '* SKS 

: S ; r • 1 Tnrf "llS 50 per e-n. .« 
Him uiv in. I , industry 5 workfon-c 

aristocratic ^.pn^n.n - co™ m a two tn lhrw >rar 

munity — that In fuel shipyard |f1 

output was tn turn the screw Th p ' ,; 0 vernment says ihat 
further on a hard-p cssed >hip- abonr dosurP? . re- 

ping industry which in hen i rr ,, ni . hn7ents and diversification 
day* used to account foi on - olll n f .shtDbuilding will ho left 
third of Norway s foreign , n Mje indlvWuaI val ri . it. 

earnings. argues that the financial ••bmate 

Mr. Halliard Bakke. Minister created in the new policy will 
of Commerce and Shipping, not. unlike the old, perrnir the 
now accepts that the pre- survival of all- 
servation of the shipping Under the new regime, the 
industry is a high Government lax-credit device for domestic 
priority and that the change shipowners is abandoned, 
in ' shipbuilding policy 1 is de- Instead, domestic owners will b«* 
«i2nprf tn serve that end nfferpd a straight red«Ktu»n oF 


tn per cent of the price of any ! 
ship ordered in Norway— the 1 
Government will pay the yard 
the 10 per cent— and in addition 
owners will 80 per cent. ; 
delivery credit spread over 12 , 
years with freedom from repay- 
ments in the first three years , 
but at unsubsidised interest 
rales. 

In addition, the Government 
is to top up its development aid 
programme with another £lOm 
and provide £5m for research 
and development in shipbuild- 
ing and for costs incurred in 
companies switching away from 
building ships. 

Norway's shipowners, who. 
like their colleagues in other 
European countries. have 
howled long and hard against 
subsidised production of un- 
wanted yhips. believe that the 
plan is tough enough to have 
an effect. 

For its part, the Government 
pays its measures will reduce 
from 20 to between 12 and 
IS per cent the level of average 
subsidy per contract. 

Jii«i how the required re- 
organisation will take place is 
far from clear and shipbuilders 
are stilt in too great a state oE 
phnr-k to have many ideas of 
their own. The Government 
dnes not intend, as was sug- 
gested in the commission's 
report, to take board-level 
representation in those corn- 
pa nips that it puts funds into, 
but it does intend to channel 
aid towards the smaller West 
Coast yards. 


This must mean Sat the first 
yards to suffer, wilt .‘be, ironic- 
ally, the larger and better 
equipped companies in .Eastern 
Norway and the Oslo Fjord. 
It is into sites such as these that 
the Government "1 st thought 
likely to place its share of Volvo 
manufacturing and in particular 
the marine engine- side of' the 
Swedish company’s; business 
which is to be -transferred 
entirely to Norway! • 

Even with Volvo, the diversi- 
fication will not be easy. The 
obvious candidate for absorbing 
labour and equipment is the off- 
shore supply business. But' 
Norway's cautious and some- 
what slower than intended pro- 
gress in exploration . has 
restricted scope in its own 
sector of the North Sea at the 
same time as the British autho- 
rities have learned jfacreasingly 
to play the protectionist game 
in the U.K. sector. 

In any case. Norway's biggest 
shipbuilder, the Aker Group,' 
started its diversification into 
offshore work in 1974 and last 
vear spent only 31 Jper cent of 
its efforts on building ships. 

So with a squeeze.on offshore 
1 contracts, there is intense com- 
petition for. the next big Nor-. 

: vyegian order, the ^tatfjord oil 
! production platform. Aker’s 
1 main competitor for .this con-. 
! tract is Norway's biggest indus- 
trial group. Kvaerner, which- 
- also has slack capacity, 
s With almost 9 per-cent of its 
s Norwegian workers employed in 
E shipbuilding these are serious 
f problems, justifying the Govern- 
t ment's decision to let the arr 
;- nut of the subsidy cushion as 
s gently as possible. Hqw quickly 
1 it will deflate is bard to judge, 
i- it partly depends upon the res- 
i. p on se" Norway receives from the; 
1 international community when 
t it urges others to -follow a 
similar coarse. 


savills 


in many 




mg 




'r? 








•v\ 


W. 








We at Savills acquire commercial and 
industrial properties for Pension Funds and 
Insurance Companies, and see a good many 
portfolios in the course of a year. 

A curious gap often strikes us. 

Many substantial investors have 
surprisingly insubstantial direct holdings 
of commercial and industrial property . 

That’s curious, because such property 
has often shown the best average 
performance of any investment medium 
over the last ten years. 

Of course, you have to pick the right 
properties. And that can be difficult 
without help. 


Savills apply three principal criteria in 
assessing commercial and industrial 
properties for investment : 

1. The location of the property. 

2. The quality of the building. 

3. The covenant of the tenant. 

We look very carefully into all three 
before seriously considering any property 
for our clients. If it measures up on all three 
counts, there’s a very good chance it will 
give good long-term performance. 

With the help of professional evaluation 


SAVILLS 


of this kind, our experience shows that 
Pension Fund and Insurance Company 
Investment Managers do well to put 
between 15% and 30% of their portfolios 
into the direct purchase of Commercial and 
Industrial Properties. 

In return, they get a good return. 

They also get total control of the 
properties they buy, and a total 
management service from Savills if they 
want it. 

It could make very good sense to plug 
that gap without delay. 

The partner in charge of the commercial 
investment department is Tim Simon. 


The complete property service. 

20 G-rosvenor Hill, Berkeley Square, London W IX OHG. 

Tel: 01-499 8644 

Banbury Beccles Chelmsford Colchester Croydon Fakenham Hereford Lincoln Norwich Salisbury Wimbome 

Paris & Amsterdam 

Associates in Scotland. Represented in Guernsey. 


: Financial Tiroe s l 

WniiKHin oADWCn PETRftIMM ; i; 








z the Statement of the ^harrtbanj | 
Extracts ^ r0 Pl, j^ at the 64th Annuai | 

Mr - C ^in!. held in lonabn on l4th June, l»re . I 


|T|CCh">@ - • • • ■ . j ." I 

■ for the year van MBS W fecord . fo J.L 

■ Net eammgs for the X com rafale basis. an. 'mj»raye«eriit_of'I 

the Company and :J£ us yeaSn i 

£ 82^00 over the P revl °"Y 

rrtfst subsidiary (a, 1,000;. compand ;witti 05,000 u? | 

suion of mvestrnen s or to : Ciblal -Reserw *• jfi- 


.nrion Pfi--- been placed 

.■*n° r ye4r ’ w 1 '.aMMi iavd: 


to .distribute 


"*£mdend policy 


-rte- remaining «P ^ jniwd Revenue arid xje left wirivuigr." ;1 

° ver 46,0 dire y learnings. ««.-»■ reflection 

Hp out of what s " 7 e - . KnilM , M | y such a rconfaatonr measure Wi 


» * y ? f 

) ? *z 


Hp out of what “ould apply sucha-confisatory «ti «nn 

.?sxsr" » f : 

it descrv niu' Onoted Westnientj.tt-3lst V 


it deserve -n^e value of our Quoted invtetmenti.kt-3lst 

S The 5to ^ n !* at a fc . re Srt figujx of 080 ' which Reeded 

. March last stands at a coro^ £ 5 , 427 . 000 . Thia is an *mprove- 

W There h« been -a substantial 

7 / 1 * aBB lied to our - Oil Investments • both .in th*. Md 

-Se'fisA as to bur. tndastrials-;The -further jntRf?wm^nt. 

r-W Stodt Exchange value exceeds ^ mi||.onr ; ; -;V V Y. _ 

r»nitil and Reserve*, together with. t;h«-mveafi 5 cd"«M«- 

■■ ■ ,° ur P^ invcstmcnts. were equivalent vcb . Iffip' 
relation ofcurmves appreciated., howeyer. : Jar j»pSw 

' ■ ^ "o' Corpo Priori Tax. -W. have thq^cmqn 

■ status, except for Brupex, of a Finapce Clompany. _ - 

M ti. make-un of our quoted mvestmefits at 3 ist MaTep ttB 
.■ I h . e *r h 7 n St ock Exchange values was 83 ^ Oil Companw. 
“ K “ a 5 ? Minin. a^ otter Mi^s Com^ wdv 

U MKJ 5 Shares. These ^rientisss rell-t, Mjtar 
■kr. P .sed ” ..simeoi i" OJ Compnies. huhe r rtluer, . il< CTW 
•: dWnveJtlnen. of Industrials and a continued duinvewmenp in GoW 

Mining Compa* 11 * 5 - ‘ . ’ _ ,■ 

m nil _ pvnonditures on Western Canada.«H an.d-*a^nxploraBoit 

/ "-"f ’^h 76 r 

i" difficulty of obtaining a rig. This problem h« ..now. been 
riwlJid and it is expected dr.lling will start in August- ; 

. m Our enthusiasm for investment In selected o£ comps^Levtoth. 

SETS ~ STron « of.e,rl, I.M* 

or afi tab ilit/ Our financial position is strong and our |»rtfph©: 
of invest men t s is in good shape for its income and apitatappre- 
daS ^raspeew as well as for opportunities »n : marker dealin 8 »- 
WeTre SSuragtd tn our efforts by the -good r^a^nshfp* we 
have with our principal shareholder. Consolidated Gold Fields. 
We expert to do well in the current year. . 


Copies nf the full Statement and the 1978 "Ropbrt Acm^i 
areavativVe Frnm rh * Secretaries of, the Company, 2 Broad Street 

Place. Lnn^nn EC2M 7EP. j 


be 



■ . Mm' 


•" ■ . V-. t 1 ■ < 




friendly and efficient service in a dynamic^economy ti- 
the winning combination that assured our growth iftto 3 . 
city bank of lapan. And now we're developing into an .. ;. 
international financial complex. 

Perhaps more than any other Japanese batik, Saitamx 
offers its customers the full benefits of its vigor arid; 
vision. The vigor that has made il one of. Japan's fastest 
growing major banks. And the vision of a bank that 
never forgets people are people. ■ 


7 he Jupwir'c hank that helps you grnx» . - ■ 


SAITAMA BANK 


HEAD OFFICE: TOKIWA. URAWA. SAITAMA PREF. JAPAN 


■ mn MOi wnw. wruivraui ept. s rweks iicms w»r -.nj, 

Triji gnnilMIMl. MBlBMimH DWIWI lt 

— u.r.-.’jc : zj :i sts.-.’ji ■«£ c^w^ittt^MSHiLaBa 

• IH- »«llwh 
I Siratn Ruerelraa Itla «3n 



LOOK TO YOU 


We come from both world wail, 
Wc come from Kenya, M^aya, 
Aden, Cyprus . . . andfroniUkier. 




From keeping the peace no less ' 
than from war we limbless look ICS 
you for help. 

And you can help, by helping 
our Association. BLESMA,{thc 
British Limbless Hx-Servk»Metl , ar 
Association) looks after the 
limbless from a0 the Services. . 

It helps, with advice and 
encouragement, to ovcrcoitKthff 
shock of losing arms, or legs or ah 
eye. It sett that red-tape does not 
stand in the~way of ther fg he . . 
entitlement to pension. Arid, far . 
sev erely handicapped and the ' 
elderly, rt provide Readeptial ■. 
Homes vNiicre they can. live is. - ”,~ 


Donatfons and informs lion': 
■v lajor The Earl of.-Waster, 
KCVO, TD.. Midland Bank 
Limited, 60 'Vest Smitfificld 
London EC1 A 9DX. 


British LimMess 
Ex-Service 
Mens Association 


peace and dignitv' 

HelpBLESMA 


MA, please. W«T 


used money desperately, 
promise you> not a. penny arltwflL 
bettasted- 


. ^ t -y 7 
i*-; i 


'IdVEIfl THOSE WHO GAVE— PLEASE’ 













Si v >r 



if-**'! 

il 

a";?; °f 

;>n . ,? «i|- 
<* :hi 


'4.fc 


'-esi 


? «r «/' ' r 

•w ■‘‘■rv 


7 " : >:ar» 
r! 1 7 in ‘*in 

>• a-.. . 

-Ui; 

< m ■' 
J '. :s 

, 

'‘“as 
.j 'Wiu„ 


^Financial Times Thursday ou 


lARMt 




fc,^ HN / DWARDS - swroa 

London Metal' Exchange S?’ le<i - that tfie rcacli0n lu Lho 
K o? e rdone" VaS,0a ™ Pr "^ 

* « sss'SSpsffSiiM 

-•_S ^af ] eSE .than three weeks ' nonlh 10 ~ 7: -' 3 - 5 a -ast 

^e22"ji S 1J C i? kd S*™ral cW’ ‘ £13 ‘ 5 down on * e Previous 
copper price 1 ?, closc - 

other if 51jweci by . Asareo'a sudden decision mav 

Since then. *»ve been affected by the fact 

sharnlv ’ on 1 thn h t re ? en back !« hat one nf ita miUn rivuI f jrtu 
r :EShance -n!? ♦J j 0 D J 0d Meta * Kcnneeott, has oban- 

r cQDD^r ♦* the ^ ow Yorlr rfoned the producer price si-siem 

sof-^1 a **** * ** , 3 resulc a p d Is now basing its prices un 
profit-takioi. a:,d j ac k tfle ^ew York market t Comcxi. 
•* J^M.and. . . where values have fallen in line 

t .^ttopgJi..traders remain seen- with the London Exchange. 

oSlTrt^ nt K Zaire ' s elaim ,hat Dnvel Mining was nuick tn 
en re r vel Ume ar 31 t hS !2l low ■***"»’** P rice . cur - An 
■*#»f °4*V" is 


tonda. might Uo templed to fol- 
low Kenn?cr>tt‘s move and switch 
Jo I he more flexible free market 
quotation. 

U.S. .xi ni; producers aru also 
believed tr» he considerins re- 
scinding recent price increases. 
National Zinc bus already done 
sc#, claim tag Hm the other pro- 
ducers had not implemented the 
increases announced. 

Cash zinc iosr £5 to £317 a 
tonne and lead was also de- 
pressed by the decline in copper. 

However, tin prices continued 
their upward • climb, reflecting 
the shortage of supplies aggra- 
vated by the closure of the Cap- 
per. Pass smelter because of an 
industrial dispute. . Although 
some praSt-taking sales were 



k - *Y: ADRIAN DICKS 


WEST. GERMANY'S 'leading 
ajuqrtmum producer. the 
Government - owned Vereinigte 
Aluminjuun-Werke (VAWj. sees 
\- need for the London Metal 
^ Exch ange’s proposed aluminium 
futures contract. ' Tho company 
■■ fears that b‘y 'accentuating price 
t.vplatinty, .it' could have an 
unsettling effect. 

Herr Rudolf Estherich.' VAW 
: . chairman, claimed that as little 
; as^i^jer'cent- of the aiuminium 
^ ttadetf ifatemathmally was sub-. 
; ject .to the present free market 
.! price, raechimism. •• Aluminium 
bad- benefited : from the over- 
whelming influence of long-term 
cpntracL prices, and had gained 
business from* other metals pre- 
cisely. because consumers wanted 
: to avoid the .very. severe fluctua- 
tions of recent years. . 

- As a Jesuit, he forecast that 
the LME contract might he 
merely ah “irritant *' to the 
• --world aluminium trade if prices 
\teie to fluctuate severely on a 
. 'relatively 1 small ’ volume of 


physical metal changing hands. 
Herr Escherich doubted that the 
initial volume of trading would 
he much greater, than that st 
present taking place in the free 
market, where shifts in the 
major producers' own prices 
were, he said, still Hie most 
important single factor. 

However. Herr Esc'ncrich did 
concede that the LME could 
fulfil a more important rote in 
the aluminium trade if it could 
succeed in persuading larger 
volumes of metal -to be sold 
through it. such as the- output 
from the new smelters under, 
construction in the Gulf states. 
This would not be. the case- if 
Eastern Europe . remained the 
mam source of supply to the free 
..market. Herr Escherich said. 

He cast doubts on the .ability 
of East European, producers to 
meet an acceptable quality stan- 
dard consistently enough to 
make an expanded free market a 
reliable source of metal for most 
consumers. 


DUSSELDORF, June 14. 

Our Com modi tits SlaiT nrtles; 
London traders claimed that 
aluminium sold at free market 
values, ratiier "than the producer 
price, was much greater ih3n the 
2 per er nf claimed hy Herr 
Escherich. They thought a more 
likely figure' was 10 per cent, 
although the amount varied 
according to market conditions. 
In times of shortage. Tor .exam- 
ple. Ine free -market share might 
well go iip so 35 per cent.. 

No definite date has been set 
yet for Hit launching tif the Metal 
Exchange's aluminium market, 
a! though if is hoped to be estab- 
lished (luring the last quarter 
of this : **ar. possibly before the 
Metal Exchange annual dinner 
at the end of Geiober. 

Quality specifications for the 
contract will be laid down as 
with other LME markets and 
there seems no reason why 
Eastern European suppliers will 
not meet these specifications as 
they do with existing metals. 


scrap metal export protest 


BY OUR COMMODITIES EDITOR 


et 


ss 


FREEDOM;. 10 esport DM re nuo- 
i £e]7ous.sgfAP metal to countries 
- t>urtsi'de the EEC is to be urged 
'.by merchants at a meeting with 
^the -Department of Industry next 
■week. 

- Mr. Irving Graham, president 
• *r4tish Secondary Metals 

Association, told the association’s 
annual dinner in London that 
■ J vere ver i‘ disappointed 

plrtiff" IBe increased ' export 

quotas announced earlier this 

- f ™ Althoul^^ese were * Sd per 

ss'ccfit ' higher-' than previously, 
‘‘-'^British merchants were still at 
V a considerable disadvantage com- 


pared with traders in other EEC 
countries, who had .much larger 
export quotas. 

This was totally unjust, he 
said. tt meant simply that 
Continental tivders were able to 
buy from Britain and then export 
to third counLrieR;^crap raeta! 
which UK merchants were not 
allowed *n sell outside the 
Community. :^- 

Ex ports of nun-temjus f'Tap 
metal have tiaditl'onany been 
controlled. J>y.. ihe,.,UK~ G o er n- 
rdent as a legacy frotn.w'rtrtnnh 
It is feared that imce dealers 
were given freedom to export 
this valuable sodree of raw 


materials- — often described as the 
domestic " mine " — the metal 
would be sold abroad at higher 
prices and denied to the UK 
industry. 

However, when Britain joined 
the EEC. the Government was 
forced to allow exports of non- 
tevrous scrap metals to fellow 
members of the Community. 

But under pressure from con- 
sumer:., the UK Government has 
not taken full advantage of the 
more generous export quota sys- 
tem operated by the EEC. It 
ha** - failed to apply for its full 
share of the available quotas, 
much to the merchants' fury. 


lricgercd by the fall in copper, 
standard grade cash tin still 
ended £55 up at £3,905 a tonne. 

Meanwhile, Reuter reported 
from Washington that the House 
trade sub-committee approved 
legislation to lift the duty per- 
manently cm zinc ores and to 
continue the suspension of 
duties for scrap metals .such as 
copper, iron, steel and alumi- 
nium until June 30, lflSI. 

The present duty suspensions 
fnr boUr zinc ores and other 
zinc materials, and copper and 
other metal scrap are due to ex- 
pire on June 30. 

The sub-committee Bills are 
expected to be approved by tbe 
full Ways and Means Committee, 
and then, clear Congress. 

New grain 
variety 
in China 

JBy Our Own Correspondent 
- - PEKING. June 14. 

CHINESE agricultural scientists 
have developed a new- grain 
.variety which is - resistant to 
cold, drought, poor soil- and 
erop disease. 

.. The. new seed— roctopluid triti- 
t-ale — is a cross between wheal 
and r.ve: Scientists claim after 
several years of breeding and 
experimental planting that the 
seed yields 20 to 30 per cent 
more grain than either parent, 
has high nutritional value and 
tastes like wheat. 

The New China News Agency 
reports that triticale was suc- 
cessfully grown on more than 
'Jti.000 hectares of arid cold 
mountain land in north-west and 
south-west China last year. 

The agricultural scientists 
believe that the development of 
triticale will enable much arable 
land in China's cold mountain 
regions to be used, increasing 
national grain production and 
improving living standards in 
rural areas. 

Meat supply 

down 3% 

By Our Own Correspondent 
, THE REDUCTION in meat sup- 
; piies this year is now expected 
tn be as little as 1 per cent, the 
Meat and Livestock Commission 
said. 

Total supplies of beef. veal. 
: mutton, iamb and pork arc ex- 
\ pected to be down by 3 per cent 
ion last year, but there will be 
t increased supplies of bacon and 
(poultry meat. 

I Home beef production for ihe 
( whole .vear iy expected to ? 2 
I slightly up on last yeae—ot 
1 1,010,000 tonnes. 


By Our Commodities Staff 


PRESSURE ON President 
Carter 10 rai ** US, sugar 
Import duties or impose more 
restrictive import quotas in- 
creased yesterday when a 
group of 21 Senators warned 
that failure iu aci at once 
could lend to n Houd of foreign 
sugar on u> the t_>.S. market.' 

ID a telegram the Senators. 
Jed by Idaho Democrat Frank 
Church, told Sir. Carter the 
Government miuht ha\o to 
acquire “millions of u>n.*“ of 
sugar "just to vuiisfy those who 
believe in import quotas for 
other commodities but not Tor 
sugar.” 

The telegram said Caritr 
administration officials' were 
rumoured to he opposing 
action on sugar im purls ‘‘to 
teach Congress a lesson/' 

In Brus>els. uicamibilc. the 
EEC CummisMon authorised 
sales of 45.Wff> tonnes of white 
sugar and l.omj tonnes of raws 
at Its' weekly export tender. 
Last week. S3.S00 tonne* of 
whites and ii.uon innne.s of raws 
were authorised for export. 

The maximum export rebate 
for uliite >ugar was cut from 
25.191 units or account to 
25.LT1 but for raw sugar it was 

raised from 22.143 to 22.552. 

AH the while sugar 
authorised came From France 
and the raws front the UK. 


India prepares 
to meet 
locust threat 

NEW DELHI. June 14. 
THE INDIAN Government's 
plant pro lectin organisation 'us 
swung into action to deal with 
the possibility of a large-scale 
locust invasion into Western 
India. 

Reports of locust sighting* 
were received curlier ibis week 
from Western Gujarat, and 
swarms have now been seen in 
Banaskamu district in Gujarat, 
dose to Rajasthan. 

Senior oiliciais of the Locust 
Control Organisation and the 
Directorate of Agricultural 
Aviation have gone to Gujarat 
and Rajasthan 10 monitor the 
situation from day to day and »»• 
keep alerted the governments of 
the neighbouring stales nf 
Maharashtra, Madhya Pradesh. 
Rajasiban Harj ana. and Punjab. 
Reuter 


BY CHRISTOPHER PARKES 

THE MINISTER of Agriculture 
has still not decided what to do 
about managing the UK potato 
market this year. 

He admitted yesterday that he 
was in ditbeutiie* because there 
was no Common Market regime 
to lake care of the situation for 
him — an unsavoury position for 
an anti-marketeer to be in. The 
best he could offer was a 
promise of a decision on tactics 
within the nexr four or five 
weeks. 

Mr. John Silfcin is well and 
truly trapped between the devil 
and the deep blue briny. If ho 
announces a guaranteed price for 
potatoes as usual the farming in- 
dustry will no doubt rejoice. Bui 
there is a strong possibility that 
such a step would cost the tax- 
payer dear ir a case now. before 
the European Court of Justice 
goes ug3inst Britain. 

The court i? expected to rule 
in September on a Dutch ex- 
porter's chare- that the British 
San on imports c-f maincrop 
potatoes is against EEC. law. If 
ihe shipper wins hi$ case then 
Britain will almost certainly find 
itself Hooded with poiatocs front 
all over the EEC next autumn. 

The home-grown crop would he 
pushed out of. the market and 
would have to fie paid for under 
the guaranteed price arrange- 
ments. Support for last year's 
crop which is now a i most loudly 
cleared may yvi cost the Exche- 
quer around £20in. — and that for 
only a relatively modest support 
operation. 

Mr. Silkin'* humour has not 
been improved by the attitude 
fjf Ihe JanoPi's who blithely 
ignored all warnings to reduce 
their potato acreages this year. 

The sitiiui'.in could be eased 
if the current drougbi continues 
and stunts the crop's growth, hut 
the Minister's relatively limited 


experience in the farm i°.k has 
already taught him that Britain's 
weather cannot he relied on as 
an instrument of policy. 

lie is also growing restless 
about the lack of activity in 
Brussels aiming officials supposed 
to be fulfilling ihe promise made 
at the Spring price review — that 

*' I'm anti-fo.v." Mr. John Silkin 
declared yesterday- The Agri- 
culture minister was comment- 
ing on the elevation into the 
political sphere of tbe long- 
running row over bfood sports. 

His dislike springs from per- 
sonal experience. Foxes have 
laid waste io the Minis/erial 

chicken run at least twice, but 
be Is also unhappy about hunt- 
ing. “I don't think chasing 
after them uiih dogs is particu- 
larly sporting, lu fact, it's 
rather silly/’ 

If rabies ever arrived in 
Britain, (he thriving fox popu- 
lation would be the main factor 
in spreading the disease 
through tbe couulry, he 
warned. As for hare coursing, 
Mr. Silkiii called it “ revolt- 
ing/' 

a careful assessment was to be 
made of the argument for a cut 
in MCA import subsidies on 
Danish and Dutch bacon sold into 
Britain. 

The changes called for by 
Britain Mr. Silkin claimed, would 
be just enough to bring the pig 
meat industry in Britain back into 
profit. " Bui all I can do at the 
moment is nag/' be admitted. 

Meanwhile, the average price 
of pigs sold in Britain is begin- 
ning to full again and farmers are 
not expanding their herds. Al the 
same Him*, feed prices have 
begun to climb as manufateurers' 
cereal costs go up. 


There are also del j> s wiih two 
more of ihe Miniauw's pel pru- 
jecls. The Nortiiiield Council lee, 
which is to report on the owner- 
ship and management of farm- 
land in Britain, is still digging 11 s 
way ihroueh ihe 'masa'cs «»f 
written an d" ivur ;*»;> ' evHlcnic 
it collected on its lightning tours 
of Brilvin and Europe. 

Lord Nurtbiield has lien 
asked to get a move on. but 
release of the findings is not ex- 
pected until the end of the year. 

There may be some consola- 
tion for those anxiously await- 
ing Lord NorthSeld’s report. Mr. 
Silkin at least expects his- study 
in be ** probably the most i"m- 
prehonseive since the Doomsday 
Bonk.” 

What Ine Minister calls “ Spn 
of fond from me Ov:n 
Resource* -ihe sequel to Ihe 
ill-fated 1975 farm policy While 
Paper- — w also -jammed in the 
works. Evidence from Sfl-ndd 
snurrfji is still In* in? sifivd. 

although results are expected 
short l\ mid the publication d.ve 
has been tentatively •ret' for 
some lime during September. 

The National Farmers' -Union 
did not heln progress when it 
asked to •uiihdrjiw iis first intit-h 
nf evidence for 'amendment-. The 
Ministry received fljsrk J1 last 
month." 

Mr. Silkin stressed that while 
he hnp«-d the report would he 
republished a? a formal Whim 
Paper, he inii.-ndi-rl that it should 
be rev ei wed and possibly up- 
dated every year or so. 

The main trouble with the first 
paper v. ay that it was incorrect, 
he admitted. It also apneared m 
have been " inscribed in tablets 
of stone ”— ■* hich left no room 
fnr manoeuvre when the weather 
ami the collapse of -.lerline made 
nonsense "f its forecasts and 
pronouncements. 


EY A CORRESPONDENT 

SPANISH WINE producers have 
been granted an increase of 42.8 
per cent in ihe basic price for 
their product, but are far from 
satisfied. 

Sleep as the rise may be. the 
producers say il goes only some 
way towards catching up with in- 
flation in recent years and they 
claim the basic price is still be- 
low the cost of production. 

The new figure of PisIIO a 
•ceetogradn" was agreed a tier 
iK-.'uiia lions he I ween producers 
and govemmeni. and represents 
a ‘slight success for the growers 
because the administration had 


been out to settle for no more 
than Ptsltiu. 

The negotiators' difficult;, was 
t.o reach a figure that would cover 
costs while not further aggravat- 
ing ihe industry's loss of com- 
petitiveness in export markets. 

Alread>. because of export 
shortages in ihe past two seasons, 
and the lower prices being ac- 
cepted by competitors. Spain has 
.suffered a loss of sales which, 
accordms to the president of the 
Wine Exporters Group, may be 
impossible tu recover. 

In tbe first two months of this 
year. Spain was able to sell 


abroad only 12.5m litres nf wine, 
or less than half the quantity Tor 
the same, period last year. 

It was in the hope »f averting 
a shortage, and helping to con- 
tain prices, that the Government 
decided two months ago to per- 
mit imports of red vine from 
the .Argentine—:* decision greeted 
wiih violent pm tests 

Wine that entered Spain from 
Argentina before the Government 
withdrew or suspended tin- im- 
port licences has now lurn 
blended with Spanish produce, 
and re-exporled tn several 
African countries and Sweden. 


T 


commodity market reports and prices 


[ BASE METALS 

■■ ■- CUPPER— Sharply tower on iht LDritoil 
. ftirial Etching". A loner tr*ni on over- 
; Jtigfez CoHW» Sir**' forwd rj aieial- open 
1 ■■ t.43L,<r at 1732 aud tall away id'fWMwron* 
IT rallied vivii ro rmt.^t FrSSTCBcetUprr'Vur 
' .good physical demand fmn* ou> «iuarwr. 
.Slop-Uws scilirw On Corner suiwHja^Wly 

731.5-2 



.-a imrnUrt-747.5 8.5 ~ 15, . ■ 7*0- 1- : ■ ■ V- 12 

•n«*iU'ni'iiT> 186 —8 • -;.-y ■■ 

SdilJ . - •'*6B.6-§a ' 


loworeti. Tbe price b*rv io around 1750 In 
‘die. afternoon arid •Hits M'ltmji mU-iiBllted 
following new* that *vSJrcn had cut 11s 
producer, pneortry 2 funs, nnh lorwanl 
Ulrtal rlrqpjnTB 10 CT-1! uli Uiv lal-.' Kerb. 
Tumori-r W.eOfl mines. 

- -jujialajdflal'fd M«al Trading reponed 
ihai- ur'--tlh- inurduig cash wircbm 
Artd.-d at - JJ2.3. ?2. Vnsvi' months H55. so, 
3. . its, 'Si, A| i.. Caihodcs rash T 2 S J. 
tore' months ri4b. Kerb- W I rrturs. three 
.months nm. ."AS. 33. Ani-riioun- Wlrc- 
-Tjars. ilurvc niunrhs iiso. -19. 4b 47. 46. tSA. 
45. 45.fi. 46. Callynlr*. cash IT IP. Xurt>: 
Wircbars, ibre? niouiha 40.^. 46. 45, 
' 44. 43/.43.S. .' - 

TfNr-gHisbcr aoain lolW-i’in-' ■* lorrtwr 
ni- in ihe Wnaira price and on «m- 
i linrihs njniH'lL ra uoo of me I7.im , er Pass 
fnr>.*r mak'iire 4 frclarainjn wIiilIi widened 
itta'bftchwardBilon »o H5u at one point. 
Forward standard metal. npeiw.-'! higner « 


TKrce aiantii Tin 6715-B775 


. l.G. Index Limited WT-351 346C- * 

- ~,3S Xamont Bond, Londod SWtfl ttHS. 

' . L Tax-free trading ^on coartaodtiy futures. 

•V 2.-:- The commodity futures market for the smaller imestor. 



;i 




:iri 

'.t 

:Yi 

<;• 

-vJ 



god PSBiiiap mm 81 wa 


V iinuilSTEW DES INDUSTRIES LEGEKK 
SOCIETE NATIONALE DES INDUSTRIES 
> E - - ' DE LA CELLULOSE 
: ' &TEI5NAT50NAL INVITATION TO TENDER 
OF EXTENSION OF TIME 

N hifonale des Industries de la h5 

: informs international companies and firms trteiestc 
" -Ite^Urternatibnal Invitation to Tender which was 

-Jatinehed at tbe beeinning of February , 19 ®„oii,,i n e e 
'JSSSvrtL* factory in Sedrat* to produce 

' M^?t% p IlP VoTa f ha s been 

-terrfle^si fonnerty fixed for. May 30. nf.tf. c" 

; - fb June 30, 1978. 

sr^.Jlv i r r' -. ; :V i'.'.-i Inlormotimi from: 



wksigrii'? 1 tsaf’aM'TO* 

W5®^!!I£S=J: 



• mm siggiag-aii/te 

"prSTSSlMuSw* BMt- *Nps 


T ^£‘®8 

-RiArtne. miuw 

g^se r “ 





OMEU 


V'-i'-* 


* 



‘ Xh.e Qutiookfor ; 


Modern .Bntbh C ,5J5S.- pi«j5rtiw. Wrt- : 
,40.' Albemarle Street. " ■■ 


' 

£' W 


i 



:g-> v. ; .-/o r ■■ ■ n — - — - 

inFundamental .Research 

,/ ld: C'bmmodHlM rt ;, % , DS 

.- ^ * “ . -. i ' • •' ' ■altevdii Avenue, E4»nd«*n 
• * ; V," “f? ' Julep hu me- 01 -48 til (H 

^• toi tsas r^ -j _ r ; ; - : 



£6.716 and rose w s bigb nf £6.756 before 
profit-ialfiriB and *’uU llqiedarion. prompted 
by tbe sharp dt-.'lme In copper Id! lb* 
price at £6.740 on me late berb. Turnover 
2.015 lannvs. 

I a.u>. •+ or, T+or 

TIS I yre.-n > — i L"li.i<Iivui .' — 

Hiffb Grad*- - 4 - *■' ' B 

c9 iO 200 - 120. 6900-10 -*-90 

o HmiiUi-si t>77Q SO . ♦ 60 6', 70 93 ,-r65 
SrtMeui'i. t920 ,-lffl — 

Standard 

6900 10 -95 

5 muuliiM.t c76 .- i t SO 6765-70 -65 

aeuiL-ni'i.i v900 .-105 — 

Mimr» L..I ;Sj 74B -r27 ; — , 

New Y.>rk'' — ! - •_ 

Jfprrujjs— standard. »bm- monUis 
Ifi.770. 50. 75. 80. TT.. 7u. 65 H«h Grade, 
caib 10.020. Kerb: Siindard. three mom hi 
Ifi.765. 70, bO. 75. Afternoon: Standard, 
thru? manias £S.74lt. -'ll. 30, 40- 45, 30 53, 
70. Biisb Grade, easi - £6.SM. £62)10. 
Kerb: Standard, Uiive monlbs 10.7E0. 50, 
40. 

LEAD— Easier mainlv Itflertlns Uv? 
downturn in topper. After opening at 
£222 and hardening Iniuallr io 1022.5 for- 
ward meuJ Jhi-ri-aU'.r drifted barb >o 
chwo a i £317.5 on Uu- laic herb. Turnover 
7.100 lances. 

I a.ul. ’ + i>T: +tw 

LK.IH 1 lull -tat .' — ;C’n..lliiiai| — 


COFFEE 


ROBUSTAS traded for m»*t nf rhe day 
in U» established range il.OTO-n.fii). ba‘i- 
September. Drex?) Burnham Ljmberi 
repened. Trade selUru: at tbe bmum 
«I ihe rarue. however, forced values 
chri-UKh supnnri tcvels a> t-'i« d-ny. and 
heavj Mup-los-s liquidation can ed the 
niarlti-i to finish at the lows. £10 l-'V4r on 
balance. 

; Ve-ienTm'- - 

COP F KK C "- c +" r l M ~" 
,£|«i mime 


137.95. £37 73 ‘»r in - rv»p. el iv, 
shipmeni periods. Yarn and Cloih very 
quic:. 

SOYABEAN KEaL 

TIi- market ripened 7<>;i li.i.wr inlliiwine 
Clneaco. The price drnieu lower mu 
(■ in-.- liquidation antieiioimii <if imuei 
Cliirauii npenine and ••.lup-lw-- Svllm_- 
eaitsed prices tn dip sliau-l-. ai ihe rinse 
trixsa.s- ranped lioin £J in £150. SN T-‘ 
t'.ni ui nudities renoried. 

I • Tlvl<'n> till l‘l 

1-I.V#- — 


Jmy 1752 1755 -35.1) 1793 1715 

•eiMmlei 1658 1660— A7.0 2715 ItO-i 

X,,Teinin*r... 1583- 1590 -46.0 1650 .iai 

Jaininrs - 1510 1685 -5Z-0 1560 . 5*0 

.Unicb ' 1460 1467 -4D.S 1520 600 

tlar ' 1430 J 44 J -52.5 '1460.1420 

Jiih 1 38 J 1410-70.0 1 146 J 


nine. 
* I:— n - 
■'•1.4- 
n.-i -. 
r. - .rn 
•ti-ll 

I ■ I ■ ■ . 


: t; 1 x c c 

Cerii 3)0.75 1.25 -r .25 307.6 8.5 -2.25 

» uiobUi»..I SH l-.S . 518-9 -1.75 

dea’ini’iil! 311.2S '+-.23 

Vji. Si|«.l .!_ - ' ! 31-35 - .. .. 

M oral og : CaKl)“f315. 11 j.' 11.25. threw 
mouths L'fiC. 2.3. 21.5. 21. Kerb: Thru- 
months £3215. 20. 20.3. 21. Aitemonn: 
Cash MBS. Three raonlhs 1320. 20.5. 19.3. 
10. 1S.3. Three raonlho Ul$. 5. 10. 

ZINC— Lost p round influenced by the- 
trend of copper and lead. Forward metal 
traded quietly around £39 throughotir the 
moraine, bm felt back in (be afternoon 
to close ai £327 on the lale kerb. Turn- 

over_2.323 i mines. 

I *.m. + or; pjn. t+^r 

71 \i.' 1 tiflli-m i — L'ni-uiria — 


Kales: 2.O0S lO.'.'f®' Ini - uf S i-imcs. c ? is-, . n 

ARABICAS were quielb' steady with SC'xBAK 
bttero^t atmin poor, Drcsei avriihum 
Laoibori reponed. 

Prices un order buyer, seller, luiaiios 1 
—June 195 W-95.aU. 199.00-9SJi0' Auk. 

It0.e-t2.00. 13J.3U. Oct. 100.05-78 *0, uib 
traded: Dec. 157.00-82.00. uturadei: Fct*. 

1 57.D0-b<I.B0. unu-aded: April lW.i'VSO.Ot'. 
un traded.' June 130.00-39.00, un' railed, 
dale*: i loiv 

ICO itidlcaiar prices for June 13 «L.S. 
cents per puuudi'. O’lonihlau Hi Id 
,\ rabies; 195.00 isantc. unujshcl 
Arab lca> IS) U0 1 104.00 >: other mild 
Ara bicav 100.33 isaniL*: Pubuius 137 30 
isomei. Daily average 1^3.42 name. 


iJC'H'l liil,'.*- 

; 118 DO 22.3 - 0 :s I3.B0 

i ICC 70 1.0- -2.05 .2.04 £0.40 

-i 1.2 0 25 0 -1 25 .4 5 .2 2 

.'-j .. . lil 42 1.5 —1.65 -5.5 -H-60 

• re liS 0 .5 5- 1.35 24.00 

1.3 00 S.5-O.H) 

. r ...l.£ 00 7 5-0.25 
227 iliui. Infs uf 100 lenrie- 


LOUDON DAILY PRICE <r.n- sn.-.ir. 
£&s..'0 -ffiSiOi a n.jiii- eii fur June-Juli 
>hi;<nis'it- While- -u;ar UjiIv u:-iee wu, 
lif.riJ •'• 1100.00 i£t!u.iiM*. 

bel'-i' and buyer.- .-ei, .-. Il m.liiHU 

(lir.-ii-'hiiUi ihe d?iv mill iraclint; eMinritd 
wi:l.::i 'i .il p-hdl- ran. e. rmal -tni.i-aii-ni. 
uefe unit- Otanaed rr.>in Hie epennu 
Ie-.>i- Ciaroik’iw rL-i.nri. d. 


>irjf 

i"i>: 


i Olenm.V'r I'll-, miik • bn-l 
iw' _ Cl.-e ' I '-.I 

I' 


GRAINS 


C«,.b ; 317.5-8 —3.5 >16.S7.5-5 

3 niertitfi-..! 5HB-.5 —5 3 117.5 8 -4.75 

I'lutnU... 318 : — 3.5 — 

ttm-Wen} - • k«-51 • - . 

Morning: Cush £317.5. three mom hi £329. 
Kerb: Three wombs UiSj. Afternoon: 
Tbn-e niunths £32U. 27. 28. Kerb: Three 
months £325. 26. 20.5. 

*" Genu pur pound. * On previous 
a fficial close. 4 »31 per picuL 


SILVER 


. Silver was Used 4 4flr* an ounec higher 
Iot spot delivery in ihe London bullion 
market yesterday ai JbO.ip. u.s. eem 
pquitalenis nf tin- firms tewri were: 

5pci 332.9c. up B.4c: ihree-momh 542.0c, 
Op £.ac: six-manlh 552.4c. up CJc; *nd 
12 -montli 57441c. up 0 &C- The metal 
opened nr 29M9!p i5T7 ; '-534ci and dined 
a t 30.7-a Bl.7p 1 531 >53 3ci. 

blLVKK ! Bn ton + w: LM.L !+ «*r 

yei [ Itsiie: j — I •'km* ■ — 

ImviLL : [irieins j : i 


LONDON FUTURES *CAFTA>— The 
market npened emebansed or wheal and 
Sp up on barley. Again mine prarek- 
nr,nul sell l.m: e.-iwd Ihe riutricH In ihm 
(radios conditions io vl"« about fli,-ady 
28p-4irp lower on wheal and ;3p-40p lower 
on barley. Acii reported 

WHEAl BARLEV 

ilVimliy'v + or Ve*lenlay''| + ,,r 
M'nUil i-lini- — iii-'! . — 

•MUL i 85.15 -0.J5 79.35 '—0.55 

A' 1 ' . 87.65 — Q.S0. 81.85 l 

Jmh. mO.SQ —0.40 c4.65 — u.40 

Mar, 1 92.80 —0.26 o7.15 ^-0.4<l 

ll.v • 95.35 .— -0-20 8 .65 -0.40 

" HGCA— Es-farai Spot price, Juue 14. 
Feed barley: Hertford £bl.0u. 

UK nummary ci~.<hclcni fur week fnnii 
June 19 is expected to be unchanged. 

IMPORTED— wheat: CWRS Nu. 1. V.i'. 
per cent. June £05.23 TUbnrry. U.S. Dark 
NnrUurn Spring No. 2. 14 per went. Juue 
and July £S4^0, Aug. £S3.0U iraoihip- 
mem Ea-a Coast, seller. U.S. Hard 
Winter ordinary. Australian. Argentine. 
Soviet and EEC grade-, unquoted. 

Maize: U.S./French June £104 uu. July 
£104.50. Am rioiw transhipment East 
Coast, seller,. South .African While June- 
A us, £75 50 Glasgow. Snath Arncan 
Yellow June-Aus. £73.00 GLiyguw. sellers. 
Barley. Sorghum, Oats: Unqumcd. 
Business done: Wheat — Sepi. 85.45-k5.l5. 
Nw. ?;.95-S7.ii5. Jan. 90.304)02:0. March 
B2.S0-92.M. May 95 3383.33. Sales: «4 Inis. 
Ear Iny— Sept. 7S.Sft-79.30. Nu*. SLJ0-S1 
■Ian. S5.15-84 70, March nil. May ml. 
bales: 95 I tils 


An;.. 1. 1 25-01.20 i Uj. '.65 I 2.23-I O.t' 
• hi.. I 2.B6-02.9 I 5 1 . 03. >3 I- a f- 2 0; 

i0fl.2fi-M.i0i.- 10 .0 <d. 1 05. 7a- M OD 
Ms, ■•i* H5.25-T3.60 ii.;t'|i<4.23 li.SO 

Jim . 110.25- 16.4 lib 65.i«,r;(f 4.;5-lt..6 

.", 114 . ll9.Bu-£0.|j-i.a.a.-.b.<3 L’O'J 

Iht. > 3.25-24.0. 1.3.5 -L'T.n.l la.ofl 

S.il- -"i?94 i4u71- |n|‘. nf lollli'. -■ 
T:ii- and Lyle c-rmni-r: prx:* f-r 

«-'•! ba-is nhilt- -.:i--^r »"i' L.'4.'.4'i 

■ • j lomie f»r home ir.id.7 jnJ 

£ 1 S< '•• -naS.Sfli |>.r csinr'.. 

Inter national Sugar Aarecmcnt: 

fnr 13 'U.S. L-.-ni i .i i-muimI f -ji ■ :nid 
:,i>i.,< - Carihbuaii in-ri — Daily T.."> iT.4.'.- 
13-iI.r -verage 7.43 > -.ini.-. 

EEC .'MPORT LEVIES: Kfi'o-U-.- tv-il iv 
i,l mu.' <,f -jcviiu ,, 1 p.-r lim St 1 .,:- ii.n-'-iu'i' 
m 1 ,P.-. .■ W»»; tthil-. ><!•.;• r. ,:.:ni-.ur> ,1 ..UU 

nuii-'i u:uurod Lfi.i'i -nu -: me >ue.ir. 
a-rna- «» • d end o«n-<l'.-iia:uryd .'l.M »:"l .7j,. 

WOOL FUTURES 

LONDON — Dull an<1 f, nr ••!•.•*.•.. i a^h-.- 
r.-pi.n- -i. 

• Pi-nre per fcilm 


".'ui*' c'liui 

1 '"'-il 

YlSfltlrl'.VS + 
t i.i-e , 

««|r 

— 

.1,1)'.. — . 

2J2.D-54.0 + 

1.0 - 

M ' 

2i9.<j 42 0 

— 


240 a . 

— 

.Mni.'ft •• 

2 S ',--8 0 

— 

JIhi 

2 B.j-BO 

— 


2 6.V--8.0 . 

— 

I--'-- — 

247. ha D 1 

.1 

lJ... -lll'V, .. 

248. 52 G 

-- 

Nib.* -'''I 

isaniL'i luls 

uf I. .'.mi »•;. 

SYDNEY 

CREASY , 

:i nnl' r MOr. 


COVEKT GARDEI! « Frio a m surimi; 
p<-r r.-...kjs.- i-5,.-:n trlwr*.* -un-.-d- 

Import-id Di-oducc: Oranaeo— c-nr.m 

V.i'.-nna Ljue 13 kilns s ;«-3no. 
VinrniN ;.n- 4 'KM..-U'. C.jiifornun: tW-4 
S A mean* Ma-.rls i.>J-l Ml. Lemons— 
iuliaii: .mi 1-jus Uv« cr-.'i. 4 4*H >•'. 

>'( . nislr: Tr.-ry: J.;i*-J SO. lira- h»T.< s J n 1 '- 

4 no. Crancfru'i— •'.? i-rio:: :'i KjIpi '..'J' 1 - 

n.i'u. b. African- 77 7 l- :;.40-4.iS: J.ilTn- JO 
hil-is 4iiti-4 7.il. Apples— Kron.-h: <7*>li.«-n 
Delft mu- .v lb tfs .» Jg..; >it. ?:\ tyjiv :»». 
mr.ihU- hoy. s. r-.r ppuuJ ■' l-T-'.i I. W. 
Ann-- .Ii.ki ■■rni.nr Smrn O..:o.9.5n. Wtui.- 
i-. hit. r Pi-.,m>:nr, > nu. Si.iri.n; 

IrLUlUS *-.£P-S JI'. '.Vrflft-ll D“ K’llUl* »n- 
- -!' -. ur:. lm:i. ri:>l 173 J*.J s po.* 

I'hd. sir lirnnny Sni.ih 9 :i: New 7'gljnd. 
Smnii.-r Fninn IK : y.i»* 1<3 P.t>". Gracny 
SmitSi Q "4 luhiit. Kill s- D'-otiiy i" r 
i,.i,in.1 .'.IT i7ol1--n D-IU-iliLS H.1V||.17. 

i 1.11.1 Ih. r-J. 40 1b .-,.Mi: Di.m4h: l\T :>.wi , i'l 
S„..rian4 ■Him.'.. Peru-.'. Urua-i 
,;.,ri,n,s. FrfLpliJiiit. Tn'unwh 
If i,:.. r :, .lis .-.nil Panclice— S|'<nu*l). 

‘-iji'J.ipJ ir.ry "Jh-i.fi Crapas— 

Pi.rli.iii. 7..V'. ,'.iu<-,.ii of ihv Vm- yard Son. 
Plums — Ip.nrsli -ilP' Japs - JO. 

U I..-1 “Mi ; III,. SjiHa Itosa J .'*-3.110. 

Anr::o!s— .sp.iiusli: ’ k:lo.i -..flit 1 : 4ft. 

Bananas — Jsinij-can: For pound 0 13. 
Aoocados— F-.iiys: f-Utrii. If -ki f.j ,l -l * 

5 AlrKbi:- Hi-n- 4 .'.J-l i» Slraw 

berries— 'I i,;Inririji, 0 *w. ItJluU' il'-' 11 : 
Simiii.-U II -ill Cherries — hr. m ti; i'- r 

(,,.11-W U.-VMI J ,. Owriwf P ‘J’ - lljllrll OJdi 
□niensr— Cull, .-I: •£.:"-'i.Wi. C.nwri . 

; Ax; tmii.h' I .ill.' ft". Kij.-Ii. “Oft: Titjli: 
4. i>>: F-;viiii:iv 5 r.gi,isii : _ 

PtMim-Cwi'ftJii: 7.w '.'V|ir|pi- .1 W 

tj.o.T. .in •: mi HnriJi.y- :: -fva :«i. 
T:ma-.oes — C'lilui 2 7ft “ Oft C.'jraiy— 
rr.T.v:i :.;iin s JO R> hn -s 4 io; Cjp:i"i: 

!’> Asparast-s — i jlil„rp»:ic: Ivr 

po ind 0 ftO-i.ni,. Bcciroat— f. yrrmi. lb 
4.;n 

Enplish produce: Pmaiccs — F> r lb 
y:^,| 7,1. !■> K 1 tup per lioli/i.l 

n.*i- Leusice— F-ir 1J ■■ ‘n-ft f.u I uo. 

•f.-bhs 11 . y0- 1 oil Onions— Pur 56 1" 

] Sii-J.iMi. dhubarli— F,.r pmnul. nui- 

ijmir vt.fl- 41 .iM, CBtiimboi-s — !'-r ir.,> 

TJJis UJO-l.i.ft Mushroo^is— P,-r noi:nd 
il 4‘nti.Oi'. Aanlca — F'. r pound Brimlvl"^ 

n iim.-jo. Tomaiocs— P.-r 13 lh iii i<- 1 ir-'.v 
.'.-■•i-.! no Greens — Pi-r ir il>, Korn 
1 .mi. CiIiImv-. in". Celery— 1' r 14 1' 
.- ru Asparagus — V-. r ■•itinli* nnpro”. 

“ II, 1 0*J-t 411 Strawberries— r : Hi 
«|V,»J4 CajfJiDnvei-s— iVr 14 Uncnln 

4.4ft- J nil. K- lit J.3U. 


VEGETABLE OILS 

LDKDCN PALM OIL— CIO:IH- - . Jiine 
;.■,■* ii|l.:u ■•ii. .inj.- 71*11 •HKI'i.ifti. An- rjjn on- 
,-»? ."Ml i»^3'.,i nu. iVl JSfi 'in-T.'ft no. 
i',i.ftu-.:i.i lift. D-.-e. 4*0.nf‘-aift W. ' al,. 
illicit"! c>i. K-b. unuiiftu-d. Sjlvn: fill. 


GP.IMSCY FISH— Supply fair, demand 
good. Fru-- e .11 s!>-|« s ■ imnro* • • 

r ,ur.. SVI! C'd £4 MM-iJ b* c«r:li-JS 
£4ift--,ini: Ljr.-,- n.iihloca 11 .JO m,-dium 
:4 uu-iJ 30. iJ.-> r- 7n- Lan.-: piilc.- 

£% vn.i3.iii. T4 311) 1ft. b- SI -.li'.ail 

1 : :n-:4 4n- Sririu d ,ioa:i.h. iniw- £70 "". 
•.Ktl.uin , »f. Lrniuu ••■I---. I.ii^-o iiSli, 
l.i-. d;nm il nil: 5 :.ii V £i.i*M_’ 4». 


PRICE CHANGES 


Prices per tonne unless miwrw is- 
sioi'-< 1 . 


Jn:if 14 IF -ni 1 

Hi — I 114" 


Iffica-.o I 

Aim in 50U _ I 

► ii- iiiHrkrt. lil-...* 1.040. 3 
•.'..|.|.-r iil-Ii W.IIhii 72S.5 
: in. .rilli- ili^ali,. 745 75 

i'*'ii • "ilmip ,.-7X8.5 ■ 

111 . .rilli- rti._ -in. - 740.5 • 

< ■ . 1 Tmr t,i ., 181073 

La-.nl l -,'1, : l3UB 

-i iiiroitli- JL8.5 

Xi.-k... J -. 66 . 

Frt'. Morkni lull In 1.90 . 

2.0J 


680 

- 1000 ID 
■ 15.75 712 
-13.5-731 2 
12.5 . 701.5 
-12.25 - ,20.75 
*-l.C5 .-l.i.Sia 
-2.15 .291.5 
-1.75 300.625 

” .. .. >1.95 
-2.05 


I'-ylll, 111,1 11, -V ul. l 155.0 I 
Fu-e M«iwel.. „.Ji 155 
ijniw-k i u-r i /ill,.,, iL'Li-25 

iiivi-r Imv nr - ■ 90.7|< 

- Iimnlli* ;29b.5|- - 

1 m < h-ii 6.9 5 - 

•• in. .1, 6.767.5 

'V. ■>■ minSi .OUti-cit 1 Is. i iS 

■'■‘•K CH-ll jt'517 

. mom t, .131:7 7 

l iftl|liW,„„.„„ w | fiSD-OOfi 
tins 1 

■.•■.-.■niii il’hiij .6650 

<-i"iiii.iii<ii '.'759 

I.m-r..-' ' '.n ici vi. ,/ l 585 
Fsini llnmviD ‘>5S •' 


Serifs 

i .;.ii, Piiui|,. j 450.- 

'•i\Nneoii ,l-.a.i....j 28J . 

Grains 

Ktri 

tt.mir Kill iil-es.,.. s.81.85 

*In, ie 

n iiL-b Vn.Vm t'104 

W ll.v, I 

I H« iMih„;E95.25 
:,»JU«r.i W intui 
r.nsiMi >1 ni ioa„’. 105 
->ftipn,i-,iL...[Ci e-tj .5 

Killilfu .ie|4 J1.C57 

i. .ul.o- tui ore. : 

> i-t :■ I 6E? 

1 'iM-.ii -A' lii'iif\... 7B.75-- 

l-'>i'ii'-i Ml» 58: ■ 

;i* iltuvi , £98.; 

M iii..|« -rf. Kilr,...i’ 2iJ3|. 

■ Nnmiiinl t Uniiiiw-.-d 
m .rune AuunsL ir July. 

■ Fur ion. 


120.5 
2.05 1 54.6 
1 7-3- 
4.4^ 62.3 
4.S5 69 4 

95.0 6.505 
, . . .6 o..5 

15 40 

5.0 'S 6 
4.75 •- 15.75 
550 600 

. . .*610 
.. . S744 
u 65 
10.C C.B5 


10.0 >410 
. >239.5 


. 0.S3 C79.40 
. ..i 105.5 
-0.25 ■ 95.25 
. 102 

-2.5 .1.835 
. U.5 •. 1.62U 

57.0 I.53S 
- 0.5 70.55- 
-0.25 53.75, 
101 

.. .. 2SO 

K AlWIPI 
r.lune-.lulv 


INDICES 


■5yi4 ,290.7;. -i4.45 290.3i> '+1.95 

j.muutliu,, • 298.5,. ,44.65 898.05]. +1.8» 

41 noniti&..j '3 6.4[* ‘+4.7 — i 

i m..n«f*s- 1 «22.9:' +<-6 — f 

LME— Turnover 1M tllOl lots of 10.000 
pzs. Mornlia: Threft monfli4 398.5. s. 4 , 
8.3. 8.5, S.B. S3. 5.4. Kerb- Three months 
!96 5, 8.6. Aiternoim: Three uonihs 39S. 
97 jl 9541. Kerb: Three months 298. 97. S. 
7.6. 7.5. 

COCOA 

Light Couuniesnm Hum* srifinc caused 
(Ik* mMel W clns-e near Uie tLo's lows 
fljter trading m a narrow range all day 
ra thin volume. Gill and tiuffie reimrlecL 
.VKiimUv'- + •••: '6iiain»4 

Cut ti v ' riliwr ■ — • 11*11*1 


RUBBER 


FIRM oneniiu on l h-_- hmidi.n ahyslral 
mark ei . Easier ihroushoui Lbe day. 
cfiisiiu; nrnmnal. Lewis and Pi-al ruporlid 
a Jlalaysian s'Vfr.wn price uf C35i >230,) 
cents a kilo i buyer. Junt-i, 


.Vn.l ffrti'ruai i", 1‘mrous Ifii'iue*- 
li.S.S , UlOBt 


rtt«e 


ilonc 


Joiv 1S58 0-3? .5 - 2 S3 5703.0 IfiflO 

I KDiflU -H.6 1668J1 54. 

D*v_ 'lOa.UlSO -3-5.1 ID. 16.0 

.iJand,..-.. .. WC8-3-06.0 -7.5 ISI5.CW.D 

5av....’l...-lS«.0 ai- ■ -10.0 1600.0-1582 

luv tb«>. S6.U — 10.B. — 

4 n , 4 .„ l57D.O-afl.O — B.00 ; — 

£afes: -l.T-ri iz,vn*~ 15s of 111 tonnes. 
■uernsiloMl Cocoa Orsauls&tiM 'US. 
cenK per pound}— Dally pnCfc June 13: 
022.75 iia.rpi. jndicaipr prices June 13: 
16-dny jverue 133 21 (C3.S2I: 23-day 
average 135.SG U35.S3>. 


Jiilv 1 S?. 40-58.M- ta.'O-^a 8"- 69.Jli-6:.E0 

Auk 55.40-59.60 5 .M-5s.70 60.2 I 

J l.t-bufi'i 59 45 59.52 53.50-53.70 80. 00-53. 25 
Ort-litv al.S > 1.55. ;1 60 .1 55 '.2.B6 • 1.50 
Jnu-iLr.: L2.&0 t3 85. b2.73-i3.0j. i4.0O < 2.50 
Aim J ut' 4. 5 t4 15| a6.SO'.3.9o r.5.IWil.-i 
Jlr-sVi'i- 65. 15-65-50 e5.1D-tb.15 16 3.-5 15 
Ori- Dev, 6fi.50-66.35 b6.25-h 6.M -7 00 ,6 85 
J .vn -Mur 37. 60-67. 05 67.46 c7.5‘J • 7 60 
Sales: 431 (307, inis uf 15 tnnncs And 
30 i2, lots ji 5 icnces. 

Physical rUising prices ibuyer-M um: 
Kpm 383 i57 7.1i: July aT.ap ■r, 74 .' 5 i; 
Aug. 58n tsamfi. 

JUTE 

U.K. for Sep, -Nov. shipraon:: SWB £264. 
BWC £251 BWT* CM. Tossa: ETB ClM. 
■ETC £253. BTD £240. Calcuua goads 
steady- Quoialluus c anj I U,K._ fur 
prompi bhlpmcui: uh*s 40-iw J9.9I. 7 ‘-os 
£7 »S per 10ti yards: Jum- £9.91 and £7T>: 
July-Sepi. £3.72 and £7.|59. *‘B" Twills 


JHI > n ■ ■-.iPrt, iMV.V«riU U, 4-V. « ,, -l 1 

.751.1'. •- 1 . 0-349.3. Ni: Dee. .Co.ft. 346 A, 

S3:. ■. March ■ft‘4).0-"..i'i .i -1- 

3B.5. 77: May 3&10. 264.5. r.64 U- Wt 5. '*5: 
July /'-Vi. _36S.II. 36ft. 0-30.;. J. >: 0 , 1 . .57 >. 
Jill..*. tt'j-SSa.j, JS: DuC J72.9, jTJ.j 

r7J.5-"7L5. 30. Toial salLt. J21. 

, MEAT/VEGETABLES 

emithfiEld 1 pence per pouml*— Bcei: 
S^iicli lilted sices 55 1 ) n, iN.u, I'L.ier 
illinl- l «' r, *' rs T 4.11 10 ;o.o. [icnuaiiurt 
3 «.,i in i-ft’i. Eire lunuoiurit-rt 74.0 i» 
75 . 11 . n.'fiiuarivrs u in 3 <..ii Veal: 

1 aw. 70.0 in 7 £,.». L'liieJi Dim..; 
and L , " : ’ K* 92 <1 Lamb: J?u- !i-=Ii 
small ""i 1 'ft <4. u. lui'iMrieil Iru«:i: - l 
J-L ■ m 52.0. IX l pji .7i,,n I., SI n. 
Pori:: £ •- - »— JfcTi. uudvr lew th z, 11 ri 4V«. 
llW-i'J" < lr 3641 \U £.'.0. l‘JU-1 .11 II; o l» 

Hi 

MEAT COMMISSION — \virjw.' IjUuCK 

I . .«• fftpre^-nldiu^ Hi.irl.cl' >•" 

J, ,;,. CB tan;« 72. Un |,, r k,-. 

U . K Nhw.p uu. op : ,..t k- 1 
c'.c.w • - 4 4 1 . CB p.'r Kl- 

lw «"3iand end Waits-Ca"i'* 

nuinb-'f-i "3_H.O r>ei vent, a' er 
fJ.TcP * -t-.t — 5 1 ; Sheer* up 37.1 ;h- • •:! 
jvera-'. r-nct* iiire : i t-rii.s,: v\. - un s: 

i,’.t ci-ii: _ a v wage iiricc gu.;p . + 4.1, 

SeoilAnd— C.iltle nun] hers up 24 j per .->-:ii. 
ai«;ri»-' :-•«« 7l.2:n i+vns.; Slu-i.v il<..>'n 
JO.’ 1 '" r ,„ ' T1 L 1 ' uvei'a-e |,rie>' IV. 7n 

'■' "J'.down !J.n pur e..m .uvraM.- 

Iirie-. -9 ' ft- lil. 


Keova seeks 

1- 

co^ee aid 

THE KENYAN Government is 
ask mi; the World Ba nk for a 
i'Uom loan fur a cuti'ec rehab- 
lliiutinn programme. 

A team of World Bank experts 
is now louring Keren's coffee*- 
■fti'Mwing are.:.-; to nuke a aeiaileti 
appraisal o£ 7ht* indusUv's 
floods. 

!f ih*.* loan is approved Ihe 
bulk t.f the funds would be 
channeled ti» small-scale coffee 
fanners as .xeaponal credits 10 
improve productivity. Bui the 
iuTicramine is planned as a com- 
prehensive one for the whole 
‘jiJTee industry. 

The aim is tu raise coffee 
yii/UI from the 7-}J per her- 
i.-.rp. recorded in ihe 197»i-77 
season, iu PnO bq per hectare. 

The WVirid Rank lea in. led ty 
Mr. -Ian Wjjnand. is inspedinq 
cuifce prncessinq facilities, sup- 
piers one! studying ffencral farni 
lua Datamini rwjuiremenls. 


FINANCIAL TIMES 

-Inn,- 14 J M 111 - ; JlT.iii i, . • v-." 1 ■■ 

246^1 S. 207.23 246. 10 1 24SU92 
■ it iv 1 lAs.'sinm 

REUTERS 

.lull.- 14 lulu 13 ’ll",.,. ,, , L . 7 hm, ij' 

1508.8 1510.0 1466.5" i 1600.8 
' Hjm* <!■ mu -UNI' 

DOW JONES 

D"» I J linr ■ \l..nihj !«■ 

liillf | 14 I 15 ..,■!■• 


....,356.9 1356.36 .62 15401.73 
Kiiiui-u .548.35 348.13 :54.76 575^20 

lAvnragf IB'Z'ift. 'h =. l-uu 

MOODF'S 


>1 ..'V 


, J"n* ! .1”,“ .1 
‘ W ' la 


525.1926.1 B20.3_Sr4.fi 

.liM'siniwi n 'idicMi 


COTTON 

LIVERPOOL COTTON-'-" M"l 

<ii'pnn.iii nalvs wi-re ixvnrJvii. 1v-»nw 
t! v mial I«r lln.- vt'di so iar -il l‘ti i'-n:w>. 
W. F. TaitvrsaUs ruBonsd. SiaU-- 1 irsnl.rJ 
.■.null iiuus pn.vail-.-ii in Uiv rj"‘ c.iion 
marSL'i Spinners were Mill rtlucssni m 
eiw ihnr suppon and frush dw Juriii m? 
uvn? Hunv. 

* 

HIDES— London. Griivrally uais'iww 
tiriu. with j very Bood i.-k-argn.u. 
kilo;. v.,ili(1r.!vvn Sft.Sn but kilu. .*,;-:.ii K'l.i* 
i*.i -2-2a luloi. iw.lp. Lhchi ui,-", 
dr., .;ii 5::.7p pi r hilu. *; u i; ,ir rtlur-'i. 



pse hy 
oer as 


metals f 


new rum:, .iww n. 
LiiUFEH C"!|j|i*.'d or, ju;'r«,.ii'i. li.i.il 

'rihug airi ||"’j..u- Iuiuicjsi i'>ii 

r,, ll'’“'i" : ■< J vri" r. ;il col,. ii, |„ i|, e 
d-'ift -nu- :.i". |iu. r ,.i-l. •• |tj .h" n i...n . 
Fru.-ftiiis mu Cal 1,-11 -ha-.-h i..||,i«-in„ a 
•-». .trti IJ >. di„(.,r an.I Uii- i-TiiuTuf ;.n.- • 
«•" Sin,; in in 1 .1 uiiiiniM-.hiiu'-. s,iaar 

av jiii e-.iabliviiu'd nitv tmnract 

|M “' rciiftual >•! ini ~ -i,-n Il-n i- 

•cIMlIr' 

Cocoa— -lul:- l.™.$n i|".:J‘.i. S. -|>: . 7i| 

*vj:i Un, Du-'- 124 N. .M.iruli rJJ.2«. M.i ; 
•JO. 10. Ju!> II v.SJ. fiwmi lJ7.Jb. SaL**: 

Coffee — ' '7 " r.iiiti-.K-r- .lul.- I,... 77- 

I'ft.jft • I'Hl l.i • . Si mi. 1 . : iii 1 ■.•..'J.-,', 

Du-.. tiNiiu .'.ijrifi i-bi.J-i-i'Si ft". j •.' 

I. 4 W'-IJi, a* -1 1,1 V J.B'I-I.J.I*'. A-JJ. Ki, 1'U- 
1JV nfl S'll,'. • 3»L’. 

Copper — I'liiu VJ JI, ,1.1 lu, .lul,' -,v -.0 

■'■'.in.. !U. Ml lil X"J|I|. Ml ,4,. I'l-. .. , 'Id, 

J. m. CJ -ft. 5lar-.il :.0. M.r. i,j -i’. Ju .-j 

- ; 0. Si'iii u. *ji. Iftu. ft’j.in. .la-i. laA.iv. 
M-jnn «».’■». Sj lu— • liftin' t..r - . 

Collun — . 1-11; 1." ,i|. ;o ' .V1..-0 1 . 

J'l'i. liJ ft'-'J t'. .lil.:.- ■. Dvc. i-i.!ftT.I. 
'•Ijrch r-i'.l. on. .'».!■■ i^.vVm, mu, luiy 
u'iJ'ft-M ■.'■». ,.»u'i uu IlM.C 3ft. >.|K' : J'.l'TO 
Iwk' • . 

'Cold — .Imi. 1M. 5ft >1>:.7I,> 11, Iv j rj.l'd 

■ '*f t'J,. I Z Oil, ii t l. fs7 ".«. |l,.. 

JftO mi. l-i-h. llrl.uft. -.r"rit V*. ..I', .hni. 
ift 1 ' W. Al|g. Jft . - mi i'x-i .••I* 0ft. I.,,-. J(|. mi. 
Full, it 1.7ft. .iiuil 'J'Imi. I, .173 

lul .. 

tLard— L lircjju li n ,-i- 111.1 j.'lpMe. 
MV ^rilnv Ni.-.iin 24 Hu 1 ri'Ju'U ■ In.m 1. 
t Maize — .1 -iiy 57. ■ ; • 7 ",7 ; . . Su m: . 

” ■-'•’'*■ ■. ■-■'•'•-A".'.:. .'luruh 

J.- ' • M.iy :m:;. .mi- .',.v 

SPIaiinum — J ul- 7 1ft jn-'j;ij -ju ■ jj-i 

"ii. -ji. 1 J-i'-Ja.: • j.'ij.^ii i I j I,, jj 

M,-*l J'FjjT/Ji. Jnl.. Ji:j.iift-j,.,'„I' j,— . 
.'■.J..ift-'JuJ 7'l. .Inn "il Si lu"'.: 

1 A-fc 

''Silver— .liliiu- -i.M 4|i ,V:il Jfti. .I,il< ‘,1 
'572.1(1,. u c : , .,'ji jo, ii-M, \:.i s,.. n. • . 
7(7 (hi. J j ii . 1:9,111, ;.iur.'li v,: ■' 3 ;, v 
>j an. .1 1|> ". ;u pi i.’.i,. ii.ju . 

W lift .1.1, 1. nil? VII M.i. ’>1l hi I ->ii. 

! 1.0011 loi -.. IIjihI'-- uiij liarnun i",j 

bullion IJ" ipi i.V7 tH». 

Sfti'Blwanv— .1 u' . ■Ii.I.ii.i. 'uf*.;-. ,-i_. 

id ,.,75- i p| iril. 

I - in. u.’ I J. M.irrii ’-'-"J. M.,u l! Julft 
rt.il '. 

'Soyabean Meal — l.il; I'Ji VL170 i'3 

1 174,11' ‘.li r v 1 7'i T il- 1 7 1 . : .i, ■ | ;i,..-hi . •i.,-1,1 . 

1 7‘ flij. i iu-: I7t> i:i*-l'.ft in f* UJi .ilMii» I'll. 

J.m "I. }7 ft on. :i.,: 1 7,,.. ; <u 

175 ||"I ml” 17t 111- 7 7"J till. 

Soy a hea n Git— I »1 ■ 24 | » 7 • .’.‘i . . 

An 4 '.'IJ’i.-'i :« « 25 mi. fii-,,1. '.■! 7J-. ,.7. 

■Vi. :? -i.'v 9*. P“i 22. in-:: yu in 71 
Marvh J 1.7ft. 4Jjv JI.Mi JI «. July "1 
Eusar— 15- Jiih 7 m 7-7 «- ■ 7. lit-; IJi. 
£, :#!. 7.17-7.1'. ■ 7 . , . , -7 2 : 1 i »• i . 7. 'ft. 7 JJ. 
7 -ii. 7*«..'4< Uaru'h ‘ ft[- ; M jj V 7 , - . 
n,l> :- :j. S--|ii. '••.I, nei. ^ ;ft-i.7j. SaK- : 
1„, * 

Tin — "■•2 jMi-5~.ho alrd ■ V, : Olftji'J nil 

"Wheal— .inly inn’. .210’ -. hue. 

II- -J13 ‘ ■I?::. .. Dri MS-lH;. al. 

‘.lav :?!■ . lu!." il.T-SI.V 

WI.'-VHUK,;. fmw ;j. fiflvt— In!: 1 ih..i ft 

> inn ijn-. *ki. nos ii«v..jfti. Uuv. jus io 

rtii"l P-'i . I'll 1ft j'.fcfd. 

tMiats— July 7- .40 bid -79 um. "71 T-i.-n 
.l-ti'ii iTfiia*. n.v. ;-i..;ii ajmi Jiarric 

7 1 - :fi j hi'd. 

ttnarlcy — .'ill* 7-i.Ui ‘77 ini, » i —1 . 7i*..Jl 
i I, I 1 77 '.'ft hi^>. Dw. 7-..::« a-r-l. J.l.iri.-li 
7<" 111 vd.".|. 

'fFInnsced— Jli'v J": t.i:: > ’j". inn. 

ir :. ;."*i £ft Nid ‘'J" v 'ft j rin -il .. r.'nv. 
on- inj. 

"Whcal-S'JVi^ i : i*t ii'ni.-n 

.-.ni>. nt v r S' I •.vr. , iuv li:in.u . ir i u|. 

il' u'.-iiis i«t p.i'iml cr-wnrahnusi- 
mi 1 -* nl'i rwiA- xlniuil. * i«-r 

■ .mil ■ v—1 uy ,,un" Pili '• i :ftlf :•-•»! leisv 

] iu-r I'lu Ihs— n.'pl. ul Ai- i.riM? pr... 
tfiMD ITWJI- J.Ii Jl'l f,.ii i>uU- 

i -* i : I. i-j".. . C' mu p- r si ini«f',.-| 
irjr.'lu.iriu- ."i.-Jilii hii'hi’l lul;?. -. o.-p 

,rft> uuntv for 50 ps units r,i «w*» |,..r 

fin partly NV ■ i:s t 

,r-'V mincv cs v.'ip-hou. . " p2i->.- •• f: ” 

niitr:n.i m a *lmn mn fftr Suit- Ian 
•'I Km shin ions d,;l!»'r. i! Ini, curs 
CfiicjgQ. Tiifod-i si. Lnirf and Alnv,. 

CvIUft In.T W lb l'l'',h'-l :!) vl<v<* 

C-.iu« !••. r 2.‘> ii linin'. ".-ni'. i - 
4* ll, !>u>‘ii ' ur.'luiu ,. *- *'. n,s i. r 

,'C 5i) hnuhi-U -'ii n linim- . ; ftiii Im.i,.;} 

lulu ■ ■ •.*. fur '.i'l nu. 




v » 








READERS ARE RECOMMENDED TO TAKE 


INVESTMENT OPPORTUNITIES 

appropriate professional advice before ent ering into commitments 




lor 

Cjt 

t)WMU 

JLV-rJL 

Cc 

>m 

IJcUL Ajl^u 



Silver Shield 






It you are a shareholder m .in est-iDL^i ; ™ 
stowing companv and you. > h- y.mr '.■'■snpany. 
require between OftXWO aniUW* r °f m Y 

purpose, rin-UavidWilk Chjrtcrhou<c 1 ; "--eloprr 
. Investing in medium size tunipan 1 '- ' as 
minority shareholders has been our u 5ive 

business ioro\ er tbm* years. Wc are prepared to 
invest in both quoted and unquoted c-.r, p.mies 
currently making over *m000 pec ■•nnum 
jt&k. pre rax protitf. 


WINDSCREEN : 

REPLACEMENT SERVICE 


Silver Shield are cxpamiiue rapidly- and arc now seeking 
highly-motivated and enthusi3i>uc licensees in: 

BIRMINGHAM BOliRNEMOllTB OXFORD 
BRIGHTON <; ^BRIDGE BRISTOL 
NEWCASTLE ON TYNE 

Suitable licensees will receive the benefits of total organisa- 
tion. strong corporate identity, in fact we organise YOL. 
We train you— and you walk intn a turn-key operation. 
Interested individual and businessmen with £10,000 to 
invest, should contact: — 

Silver Shield, JLidgra House. 250 Kincsbury Road, 
London NWS or telephone:— Sylvia Jones on 
Burgh Heath <07573* 60818. 


CHARTERH 


i *rv 


Charterhouse Development. 1 Pawm^ttr F • - 
London EC-lM 7DH. Telephone y ‘ 


Private Company seeks Slcrcgage 

. Hinsc first charge on focrcryioWte builc.n = £« 000 required 
reore renting 60- of current valuation Snh «nv-t personally 
SK*2?«nf.rin«»me of £12.000 p,. Would 
loan stock with salary ro investor as Consul.. n. .. appropriate 

Terms, etc., negotiable to provide most realistic v™ » J ui ' 
both parties. Funds or trusts naturally considered be. individual 
likely to be able to create the most favourable tsm- 

Write Box G.2097. Financial Times. 10 Cannon Stieor. EC4P 4BT. 


PRIVATE COMPANY 

SEEKS EFFECTIVE CONTRA VF 
BUSINESS OPERATING iN 
CONSUMER OR ALLIED FIELDS 

Preferably with branded prnducls 
Up to £1 million available 
Rcplii in ronfiaen’-c- 
Box C..2100. Financial T.me.-. 

10. Cannon Street. EC4F 4B\. 


STOCKBROKERS 

Medium firm based in the Cit>; with ‘jS.S 

has vacancies for Members with g»>od Pn <*te Client 
business. We would be interested to heat' flom 
small team or individual*. 

Write Box G.2102, Financial Times. 1 ". Cannon 
Street, EC4P 4BV. 


MARINE ENGINEERING PROJECT OFFERED 

Designed for production, if necessary, under pnmiiiv’ 
conditions. Comprises designs and cr.nsi ruction plans f ,,v 
;!3 metres pmvod high-speed. se:i-goinc. ^tecl patrol boai ,! . 
Scven-ficiire orders being offered. Deserted due tc ilipv-s 
and incapacity tu handle. 

Premises (South Coast*, skilled technicians and exclu*p‘-' 
propulsions could be made available. Cnsl/saie margin.-- 
exceptional. Prince range i according io requirement! £55 000/ 
£450 000. Write Box G.2103. Financial Times, 10, Caunor 
Street. EC4P 4BY. 


MIDDLE EAST 

For full business details on over 6.000 major companies in the 
Middle East and 20.000 top-level personal concacts— use the brand 
new MAJOR COMPANIES OF THE ARAB WORLD 1978/7° 
and MAJOR COMPANIES OF IRAN 1978/79. Now in their third 
editions. Wrice cr phone for details.— 

GRAHAM & TROTMAN LIMITED, 

14 Clifford Street. London W.l. 

01-493 6351 

Telex: 21879/25247 (Grahamco) 


CAR REFINISH PAINTS 

Cellulose Primer Surfacer £30.00 per drum, approx. 150 Its. per drum. 
Assorted various cellulose colours £30.00 per drum. 

PIoj carnage. Matcnal m perfect conditio*. 

Brilliant White Gloss £3.50 per 5 Its. Brilliant White Vinyl Silk 
£3.00 per 5 Its. Brilliant White Masonry Paint £3.00 per 5 Its. 

Plui carriage. Direct frem manufacturer, decount for large orden. 

Phone 051-523 4022 Telex 627608 


WAREHOUSING AND DISTRIBUTION 

International company with branches in France 
and Denmark has capacity for warehousing and 
distribution. Based in Kent. Manufacturers requiring 
these facilities are invited to contact Box G^20Po. 
Financial Times. 10. Camion street, EC4P 4BY. 


UNUSUAL OPPORTUNITY TO ACQUIRE 
RECENTD-OUTFITTED EXECUTIVE JET 

GULFSTREAM I! 


IMMEDIATELY 

WITH NEW I.T.G. 

Thi i is a uaiqu* opportune* t r - l3 ,r 
tiriufiv ct a ne,v Gultslrpam 11 lO N -W 
in only ■* ??!■'* urJtad oi .‘?ar-.. AncraU ij 

Peering oiT'iding l on A' 1 * 1 'n' 1 
c;rripleir.?r.5 o! dual avionics. onir-2 , .ly 
Collin; plu; dual Delco Opus?) i-.'-t 
INS. Global VLF Omega. RCA Pnniu; 
color radar other advanced s.V.ems and 
instrumentation 12 pa;s?ngfr coniig.- 
liratinr include. tuU-'-ervire gall®.’ 
r ®f r?s dm® n tom!?; lavaior/ r.aH , -i': 
bsEgage area. Hamfcomc interior com- 
bine', earth toner, plus charcoal and j ; ay. 
accented by ted carpi-tip£ Edennr oiirl 
tan be determined bv new c:.n®'. 
AH -inclusive C.ulisir®an. ll DWiliaae 
package includes factor, v.ananr,. >.i fi ti 
training. Giumman Ament an Compw'er- 
i:®d Maintenance Progum. Flight nar,- 
agemenl contract available e*irem?i; 
taiorable insurance already auangeo 

For complete specifications and price, 
please call Gulistream International 
Sales. (312)364-3232. or write: 

ORUMMAN AMERICAN 
AVIATHM CORPORATION 

P0. Bo '2206 Savannah. Georgia >1402 


BIRMINGHAM 
INTERNATIONAL IDEAL 
HOMES SHOW AUGUST 1978 

Enalishnun working in I moorl/ Export 
very anxious n exhibit a Louu 
ivyle bedroom »uite tn oertieipation 
wich company who will b* e*hibitmg. 
For details write: — 

A. Duxury. 

Calls Juan Ramon Jmnnet 45, 
Madrid It. SPAIN. 


^eMarfcs^ 

^^PHONESELL w * 

Pauline Mark* Ltd. are now 
operating the Ant [nil-tune 
telephone selling service 
operated totally in -honac 
by {nil-lime people. 

Tel: 01-348 4294- 
'WTP l H** Tlha " lLanc ^F J01lt * MlWB ^ 


COMMERCIAL FUN OS 
10 year mortgages and 
remortaages available at 3^n- 
4 1 ?, over our bankers base 
rale secured on freehold or 
long lease properties. Other 
facilities available. 

SKYPORT FINANCE 
542 London Road. I»lc'*rwl*i. 

Middlesex- Tel: 01-560 53H'6 


SOMERSET 

Unique scll-mrcrlnj Holiday Sue: 
G ucit Houie ind 3 Country Cotus« 
tlcepinj 16: 8: 5 and 8. Guck House 
can be sold separately as private 
residence or convert to flatlets. All 
.^rvicej fantastic views, immaculats 
S, ‘on. Gum. HOU.C £33.000 (1 
'enr). Total £ 80.000 ( 1 a.;rt>. 

Beautiful gardens. 

Chilton Polden 722094 
after 6 p.m. 


FOR SALE 

Production marketing nshu lor 
telrohone cost monitors with vast 
potential- Pari-a;: includes drawings, 
completed machines. . ,ra " f 

prcicnt prapnetop ™ nandrefli 01 
enquiries. 

Surioui enouinei pnf 1 

Financial Times, 

10, Cannon Sirecf. ECfP 


FABRICS ! 

JOB LOTS. O.EAP.ANCE limb. 

remnants and seconds 

lob lot-', clearance Ime*, remnants 
and seconds required hy large 

imfepend*"* Ma11 

Company. 

Writ* with detail to m . 

financial Times. t0. Cannon Street. 
iDi • 


\ - riTJ 


T« MS'tibi 'J.K./iv.iropcan 
y,fp\. etc . »" estal*l!«l» in 
An’frira a complct* 5, tvicc 
i> uffcp*il. 

o Markrj Cvalualtnr 
O Uncut ion ie Evalti,.-.i"ri «f. 
t jinipany AcTJi-.ii ion-, 

rhstnbimon & }.lj;tufdCig. 
facilities, etc. 
for hrm hit re. etc., ■yr.iurl: 
INUUSTRON cun'-.. lung 
27i» Madison A-.vnrf 
New York. PLY. It:ril6 
TpIcx: ITT 4K:itf7 


WE WILL BUY OR 
ADVISE COMPANIES 
WITH HEAVY TAX 
LIABILITIES 
Abam average price na>d where 
purchase Is appro? rime 
Tsriir in rnRIP'Wi' i-n.ii.if- in to 
Boi ri.iPpa. Kman. i.-l Tmi.s. 
in. i' iniinn Sire- i. JR' ■ 


Copvwrtting.Trarv?iat:ion and 
Tvpesetting for Advertisements. 
Point of ssie. Brochures, 

Contact- David v ®3»n3 
pan-Aral} PuBlIcat'ons Limited 

01 - 43 S 33 Q 13 > 


LIMITED GO^IFSiaiES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGCTccTiONS LTD- 
20. City Ro>i. £C1 • 

01-618 5434/S/- 3->l. 36- 


BUSINESS OPPORTUNITIES 

1 20. 000 required. ■' :• airti-.ipation 

Tor tomm*.-cia>i*iec 34 

iq.ia pura. Output : r > ;ji fc: ann. 
Confirmative Laeo 1 Ktp^ri 

mated high rcvcii." on boiii.n;- 
Every I acility lor f- ■- io "upcc. 
and test. Sale liwiW'J" « n ‘ 
:):u invited. ReN-- 
Roa iu bury Hill bt-vt. Andover, Hants. 


Bungalow type hotel 
development in choice 
area, a safe tax-sheltered 
investment, excellent 
economics, developer 
invites equity 
participation. Write 
Box F.10-4, Financial 
Times, 10. Cannon 
Street EC4P 4B\ . 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AMD 
PRIVATE CAR OWNERS 

Ar* you obtaining th- beu pric? i?r 
your low-milejgc. prcicijc mou>:-c*ri 
urgamly rtquire Roll* ■•*<>/«. 
Mercedc*. Diimifr, |»su«, V*ndsn 
Pin. BMW. Portchc. Ferrari. Mascrati. 
Lamborghini. Jenien Can»:rcibl9, 
Rover. Triumph and Volvo ;ari. 
Open 7 day* » week 
Collection anywhere in U.K. Caih or 
Bankers draft available. Telephone us 
for a firm price or our buyer will call. 

ROMAN OF WOKING LTD. 
Brook wood (04867) 4567 


pci Fftt P YOUR OWN CASH 
BY DISCOUNTING ! 

YOUR INVOICES 
95% paid by return 
on approved account* 

Fhone Bolton (0204) 693321 
Telex 63415 
MRS. BENNETT 

Silverbum Finance (U.K.) Ltd. 


PUBLIC 

COMPANY 

Wirt large turnover and high profit 
margin inierctnd to c»«nd capital 
base by merging with company wtn 
high assets and low profit margin. 
Please reply •» confidence to 
Bo» C.HOA. Financial Times, 

TO. Cannon Street. EC4P 4B». 


FINANCE 

Substantial Capital Available 
for a growing and profitable 
company. 

Minority Shareholding envisaged. 
TEL: FINANCE (0532) 
444382/505856 


SELLING YOUR COMPANT I 
THEN COME TO THE 
PROFESIONAL5 

Sin--- 19f< we hone previded a 
confidential service for Vendors and 
Pure bairrs 
TrtENTY.TWO 

instructing Cicnts require s wide 
range oi profitable Companies wr.h 
earnings of £50.03D-£I million pie- 
tix. Contact us at: — 

01-935 3168 
or write io: — 

»T. MART1N-LE-GRAND SECURITIES, 
71 Baker 5C.. London W.l. 


MALAYSIA 

Established Malaynan Compiny seeks 
suppliers of plant and machinery 
which would be used in th? recovery 
of metals or other products from 
domtscic and industrial waste. Repre- 
sentative visiting United Kingdom 
mid-luff. 

Write Bat G.2f05. Finencief Time*. 
10. Cannon Street. EC4P 4df. 


LOW COST HYDRAULICS 

A, a company .fec.li.mi 1" the ««n-J«r* «M» «« 
units wc an setting » extend Mr ascivtB«- day-lap**' s*ieh 

Over recant yean eactllent rekaoraWPS *« number of 

customers lading specific hyo^uu-U exper'e^r. a™ 

.. JOT s,f U i joint ventures hjPic b.ed b™'* # m(fflbrr of ,-l.rg 

5»les this year «*ill exceed £15 I " I ^J . f V i|ittos mfoitri 

engineering group, we have ar ol. disposal the 

with large organisation*. . . , .. oatev from 

However, we sincerely behm t m J mcemced In dwjwinz 

3 ^ si**; • “ op * <•»" 

the field of low cost hydraul«s. «h 1 not conacc u* «« 
poisibil ity of a joint venture. i,» • 

Write Box 6.2 f 14. Financial Timet. 10 . Cannon S.raet. 


FOR SALE BY TENDER 

UNIQUE OPPORTUNITY TO A C Q^*' RE ‘ 

FREEHOLD HOTEL INYESTTJE^ AND LEISURE 
CENTRE COMPLEX , 

i" SSL* .2-5 


1 1 Linden Hall Hotel. Chrutchurch 
Poad (as investment, let a: 
£32,500 per annum: 5 yn- remnn 
on full repairing and insuring 

lease). 


3 > « m?: , petrol BH'"! ■ 

garage and wortahop*.-Knrveo on 
ftoad (vacant P° S . sel S?2?' <iae ^. 
4 ) Staff houses and flaw .(vacant 


j SirAVniiam Mather, / 

Ihe COMPAQ bowd « “c,, : 

been 'appointed “p,-, 

ssfi- TO - *®?*- 

minster: Bank an ? 
its' NertJi Regional boara. 

Mr. 'i. C. ' 

i' Th.’ 1 IMPEHAi..™. 



•• ^'1' ' • * 1 


21 4 , poS."“ - 

CamP "sin?deTi , S7ccr.t-c ** 

Count date for Tenders. 12 noon Ttanda-. 20, * ^ R ^ NG 
Hotel Department, GOADSBY & ttAnuinu, 

Borough Chambers, Hr ^Vale Road^ 

Bournemouth Tel. 0202 2349) ; 

NORTH-KENT COAST 

FREEHOLD CLUB PREMISES 

FOR SALE 

family Inun-e cabaret room, restaurant, otc. • In aU 
n. Turnover 1977-7S £ %.000. 

Eos G.-091. Financial Times. 10. Cannon Street, EC4P 4RY: 





and idmersl manager for urpai 
Britam, Other 
dud?- Mr. J. B- 
vice-^iresident mvcswjeote,,^- 
G. ft- Sylvester. sen - l ? 1 5 . 

presidenL marketing, : J •• 

BrcKliHupt, vice-president, 

'SBbWmt. a. R. Brereton, . , • V 

attuaiy. . " L&toer :has \ . 

Mr. E. P. Reck _ has S^o^Sf^sO ^niSSSS! ) ‘ 

1 has been ap~ SKARPENORD ■ • UK. having been , 


“ D _ n a vid Smith has been ap- SKARPENORD UK. haying been , 

businesses for 

a dmxloT and chairman of the Mr. Brian BratAerCarff 
boaS^He replaces Mr. alternate, hare ^med the Board 

^aSiimraenti, who has become of 5 karpeiwrf-UK.^ -- ; - 

vice-president solvents and agr j- . 

cultural cboinicals. Exxon. Cn cm i- . j^ n Gibson lias oeen 

cal Company. U S. -a ppointed ■ -finance "director , of 

, • • * • • AUS^-HALL.. -a member ^of. 

' 'l\lr G. W. Scarie nan w*. 11 p ea tos Construeti on. .Group. He 
apnotrrted chairman was -previously financial manager 

ingdirector of the LONDON AND a0 d C0 nipajiy secretaiy of Criltall 
SCOTTISH MARINE ConstrucUon.; . 

PANY in succession to Mr. G. r. p. ...... 

Ccant. who has retired as chair- ; appointments- bavtf been 
man. . made to the adramfetcaUve coim- 

r • + ■ ■ di of the /ROYAL JUBE^E 

•Mr. E. F. BigJand has retired trusts .• They -ire ,_SIr . w.. J, 

as deputy chairman and a . oiahners, Mr. A. V. Krrwan, 

director of the TRADE INDEM- \-jce Admiral ’Sir Gerard Mam* 

NTTY COMPANY. Mr. W. G. fieJd Mr; J. D. Beee, Mr. C. E. - 
Hariam has been appointed depupr Rosg and Mr> D Stevenson, 
chairman and Mr. P. R. Dogdale -j[j e Administrative Council fs 
has joined the Board. responsible for awarding 

- P from King Gcorge^s Jhihriee-.^Ti. 

. Mr. G. G. Kluss. manager- of Md ^ Q U tfeiTs bilver Jubilee 
INVESTITION.S-UND HANDELS- Trust to projects which meet the ^ 
BANIC AG London branch, has aitT1< of the Trusts 
been made deputy general man- + 

ager from July 1. -t Robert D. Tlngey has been 

* appoint^ controller .cff^Bnancial 

Mr. \V. Mrfhie. company «cre : services, BRITISH SSSPBXjILD- 
iajy of LEAD JNDUSTRIEb ^ ces - 

GROUP has retired and Mr. I. R. + • " 

— — — McNeil and Mr. T. W. Waller have Wr Leslie R. Pincott-hax been 

Avn T ANTTYCT^APF become joint secretaries. - • elected to the Board of CANADA 

SPORTSGROUND AND LANDbv-Art ^ n perm-ynent mortgaoe cor- 

. Mr. Gordon Legat has been PO raTION. Toronto. Canada^ and 
rnVTR ArTHRS ' elected chairman of the CONTI- j aj S0 joined Hte^Board . « 

LUN 1 K AL 1 NENTAL QUILT ASSOCIATION qa^aDA PERMANENT TRUST 

_ succeeding Mr. Tom Kay. Mr. COMPAN y (UK) as chairman. 

FOR SALE Roy Fed ley has become vice- ★ ^ . 

chairman. . Mr. Aathony T. Clothier has 

S“. tTS^Sa ^ 1 : mT 

7Jot approximately IS 

M SSSS^YfeSSSST ySESSJ" i ’ SP P T ' »'™S N - been appointed Tice-pre5ide m . 

Write r-Pt *090. FUunci.l Times, 10, Cannon ?««. j ** ' if tbS Mr, Mli-I A. Ho«r h* barn 

EC4P 4BY. / i Standing Joint Conunittee respon- , a Ppo»n ed ^ana d^ector o i 

i “ ; -ihlo fni- rhP Stanrinrri Method of the PURDY MACHINERY L.U.U 

i! Measurement. PANY. 


For Sale 

A group of companies 
trading as timber 
importers and merchants 
and manufacturers 
of timber frame houses. 
Located in East Devon. 

Current turnover 
in excess of £500,000. 

For details contact box G2092 
Financial Tunes 
10 Cannon Street EC4P 4BY 


SPORTSGROUND AND LANDSCAPE 
CONTRACTORS 

for sale 

Old established private company operating in North of 
Engird Turnover approximately fi-m per annum. 

Plant deDot and vard of approximately It acres with easy 
access to^iotorway network (could be disposed of separatel i. 
Past lax lnsses/of £40.000 available. / 

Write F.‘«\ t£iQ96. Financial Times, 10, Cannon street, 
EC4P 4BY. / •' 


SMALL PRECISION ENGINEERING 
£SD MACHINE TOOL COMPANY 

v.,fh exlcrrfhe plant .and skilled workforce (siU.uted Southern 
TTm-i-mrii #seek« meruer with larae organisation. AM 1 '* 11 ?™ 
fiA may 'lit considered.) Turnover approximately £S5.000 per 

fThpW nnlv v. i lie Bot WlCrt. Financinl Timfs. 10, Cannon 
Street. EC4P 4BY. 


B0/ELOPE8S 

:< Limited Company) 

FOR SALE 

owning land bank with planning 
permfcsion. valued at about 
£100X00 and tay losses of 
aroupd £300.000. 

Principal! onf» please apply to Bar 
C.1042. Financial Tunes. fD, Cannon 
Street, EC4P 4BT 


IBM ELECTRIC 
TYPEWRITERS 

Fatiory r-canditianrd and {ii>rintccd 
by IBM. Buy. saw '<? la dO p.c. 
Lease 3 years tram £3.70 weekly. 
R;r.c Irom £2? per month. 
Phone: 01-641 2365 


DESIGN AND MANAGEMENT. Let us 

create a new .nier.or lor .our office. 
iwwiji 'O n. hoareroom. .ncn reftauranl 
or hotel. We oesier. ol^n ,na m*n*B* 
veer prolcct tram -.tart jo timsh. Ptiontf 
Gcrdsr Lmd;*» GrcvP 01-995 5446. 
OVER 40.000 SCHOOLS VID EDUCA- 
TION ESTABLISHMENTS can be 
.r.achnrt b> ni.i.1 Tm. Eaucaaional 
AHate.vno and Mailnra S-i.ice, DcrTiv 
Houv-. Retll'iiJ. Sorn.. But 3DM. 
Mcr -, nani 22- i 


EX PUBLIC CO CHAIRMAN ha> £200 000 Hour-’. R«lb«l». 5urr. “HI 3BM- 
Mm. I, -furt funds tar rcsiaml.»l Mcr-'nam -Z.l 
nwcr 1 * n.eitmcnls lame or imall LI A WEEK \ar t C Z ■aOrfr .- -.5 or 

, _ . _r« in(!.i4']C'. ComftiiV'fi + ICIWC 

|mm fl-X-Silon-. T Po hrr*r* .^3 UailJcr £.3 * wcC- Pnr-lil*- o'fiCCS "C^r 


Sirc^'hom Hah Rwd. SW16. 01*76? 

TiYmG. 


Sfoclr tBchan'w.'Mcswflr Mmd«n lote*"- 
natlonal 01-626 0838. T C It« 8811726. 


FRANCE li 

If you are con»«J:- 

i; entering inis 

msrlfc: as a trad- r 

-r man-jlacturcr i 

or having l*:a' prac-l 

rut with exuttng 

ops-nrion: British \t 

n‘’.jimn resident 

in Paris with P'* •- 

• tl mineral and 

(ijmfncrc’il mans ■. 

.mi c vpenencj 

offers col labo rat'-: ' 

3 i ic ih me iolu- 

tien<. Piri-timr r 

■.ntglraney bnn 

Short or Iona t'™ 

«:wr.nmtnr.. 

Write Box G-IA 1 :. 

Finentiaf Times, 

TO. Cannon ';r-m 

:. EC-f." 4B1. 


PLANT AND MACHINERY 


MIDDLE EAST 

Highly experienc'd Commercial 
Sales Executive wjgh 25 years 
practical working knowledge 
within the area offers services. 
Now available for meetings until 
A’j-ust. 

Writ, flof G.2r •?, Financial Tunes, 
10 . Con"en Si reel. £C4P 4Br. 


DESPITE the recent 
RECESSION 

|„ c «-ia.n •'* 5"4 5h,C ,^L 

wnnnrl'uiiilic^ i' 1 " • ••■' DW •iSlabliSHCd 

operating sjlKHtia--* -1 nwior British 
?hio" no aroae ■ .•■> -u- one or f-a 
mmstmant WWW. complete «'W 

nutuacment “ ,l ni^najl* vOUr 

|. 4 n Wtirln- n-.' n.r,.s with same 
ra7o and thouth. f 'V'ijstea to Ihctr 


HERRING AND CO. 

WILL SELL BY TENDER THE MODERN EARTHMOVING, 
VEHICLE & PLANT FLEET: 

OF 

JOHN R. BILLOWS LTD. 

COMPRISING: 

3-D8K i 1976/77} S00-2S00 ■ hrs. Tilt Dozers Rops Ctbt. CCU: 
22A with Winch Dozer. 463. 435. Cat. 70 Scrapers. 95SL (1976) 
2500 hrs. 3 v 951 B -r C. Cat. 215 (1976) - 225. Poclain RC200. 
TCS. -!- Licbherr Excavators. 2 v Ford 550 Dig&cr Loaders i 1976). 
Cat. 966. 950 (1976). 920 (1977). 910. i Volvo 1240. 846. 640), 
New Fiat Allis J45B Wheeled Loaders. 4 Volvo N10 6 x 4 Dump 
Trucks i 1975/6). Volvo 6 x 2 4- 4 x 2 Tippers. Alloy Bodies. 
2 30 Ton Low-loaders, right 4- left hand drive. Service Vans. 
Pick-up Trucks. Range and Land Rovers. Mercedes cars. Mini 
Bus. Welders. Excavator and Side-tip Buckets, Timber Grabs, Forks. 
Cat. t Volvo Spare:. Workshop Tools. 

AT “UPLANDS FARM. 1 * LODDINGTON. 
KETTERING, NORTHANTS. 

19TH-22ND JUNE 
Full details from:— 

HERRING & CO. 

3. White Hill. Chcsham. Bucks. Tclt 02405 3728/2523 

Catalogues available on site. 

This rS one of the most modern and best maintained Trees in the 
East Midlands. 


SMALL SUCCESSFUL 
SKATEBOARDING COMPANY 

Silts of approx. £750. OOQ per annum, 
large proportion cjrporicd into Europe 
it rcaliMic pricci. Brand leader in m 
price range. Would iu.t either 
atumininum dic-casting company or 
plastic moulding company. At present 
all work lub^on trie ted there lore 
profits nc»cr being mavimucd. 
Please reply to: 

JACKSON YAYRO ft CO.. 

9 Alma Square, Scartoorouch. Yorks. 
F.T.A.O. Nr. 8 Lcesine 


TAX LOSS COMPANY 

n-llin; in securitlet 
trading losses o» about tlSQ.OHO.St.ll 
trading md w.llmfi » «" " r,ch or 
without present holdings. 

PRICE: £19.000 
EXF SKUBJTIES LTD.. 

9 Elmcroft Annw, 

NW11 0RS 01-45B 5J«4 


ENGINEERING 

DERBYSHIRE 

, , 3S^.S , 5SSM^»S3 

lor c.pjnslon. ample mKliiwrrOMj 
DDIcntlal tor MercaaM tvrnOur.T iM 
protits. Eona Fido onl«. 

Price E4Z.500 . 

Mi. GlfiH. teartsler Theobalds. 
Chartered Surverors 
Z 2 Market St- NoCTn». 0602 487 j 1 


WIRE PRODUCTS 
COMPANY 

For Sale T o. approx £160.000 
with spare capacity. Good pro- 
duct lines await exploitation. 
Good labour force. High growth 
potential. Located North West. 
Write Box G.2IQ9, 
Financial Times. 

10. Cannon Street. EC4P 4BY. 


I PLANT HIRE 
COMPANY 

Established Plant Hire company 
situated SW London for disposal. 
Available with yard. Will only 
consider principals. 

Write to Box G2I08. 

• Financial Times, 

10. Cannon Street. EC4P 4 BY. 


SMALL ENGINEERING 
FACTORY FOR SALE 

Freehold premises. eomprehcnsiv- 
plant. turrivnr £500. BOO P*-- 
location West Midlands. 

For further details apply 
Par G.2107. Financial Timer. 

10. Cannon Street. E.C4P 4Bi. 


INVESTAID 

UNTRADED LIMITED 
COMPANY FOR SALE 

Contact. — 

BUSINESS EXPRESS LIMITED, 
24 Bank Street, Sheffield SI 2DS. 
Phone (0742) 739108 


1 BUILDERS AMIS Manufacturing Jornrn in . i 
! Eamburoii "Jf Sa'c a family prujtc | ; 
1 company with large central premises. ( 

I li figure capital required, owners retii-- : 
.ng Write Eo* G.2101. Fmanciat Tunes. 
10. Cannon Street. ECJP 4 BY. I 





BEARER DEPOSITARY RECEIPTS 

GENERAL MOTORS 
CORPORATION 


Further to the DIVIDEND: DECLARATION of 
35th May, 1978, NOTICE is now given that 
the following distribution will become payable to 
AUTHORISED DEPOSITARIES on.and after the lath 
June, 1978. against presentation to the Depositary, 
las below) of Claim Forms listing Bearer Depositary; 
Receipts. 


GROSS DISTRIBUTION TER 

UNIT 7.50 CENTS 

LESS 15% U.S. WITHHOLD- 

LW TAX 1.125 CENTS 

(5.375 CENTS PER UNIT 

CONVERTED at $1^425 = 3.45997 PENCE PER UNIT 


F.. i relays Bank Limited. 
Securities Services Department. 
54 Lombard Street, EC3P 3 AH 


15th June. 19 78 


EUROPEAN INVESTMENT BANK £ 

74% 1972/1987 Loan FF 173,000,000 - 

Notice is hereby given to bondholders of the above loan 
that the amount redeemable on August 1, 1978, i.d. 
FF 8,750,000 v as bought in the juarket- 

Amouot outstanding: FF 157,500,000 

Luxembourg. June 15, 1978. 


CANADIAN PACIFIC LIMITED 
i Incorporated m Caiuou 

DIVIDEND NOTICE 


European Investment Bank 


Socket* EnremenM pour le Financoutcn*. 

da Matarld. Fcnovlalra ' “ - 


, * MccauB of t|w oj Djectorj Reoistwed Office -Rmernof RiewraMso ZO 

Id ‘.ad 31. the lollovnns div.acnos were CH-4001 BASLE 1 (SwIturUmD 


BUSINESSES WANTED 


dei sar«g arv capital STOCK _ 

A dividend ol hltr cenw ’SDci ocr share 
on the dub landing *5.00 per *4luc 
Ordinary Caniul Stoeb in rcsocct of the 
inir 1978, oT which twentv-hvo cents ;Z5c) 
Uw- share Is the proceeds ol a dividend 
| from Canadian Pacific Investments Limited. 


FINAL REDEMPTION OF THE 
FF. 50.000.000 .S'4% 1971-197B 
BOND ISSUE 

In accordance with the terms of thi 


__ payable in Canadian funds on Julv 28. issue, the 2.500 bonds ol FF. 5.000 each 

COMMODITY BUSINESS REQUIRED jJfftufi ,®i” CSWxSJrSSfcSSS 

fXit£ pr «» ,"rS 2'.b»"“il00J»0 » ,..i in spec-Mliry I M'BSsS SFffiJS^SSS. .Wl'aifSS 
omld / riicl™ i, soSsht for purohlio b, in ioiorni.ionil group l ?;& iSBTttt.'.BE ««- 

V similarly engaged in soft commodities. ; **„“*'?& ‘KffiS/S I “gj ™™<i »l 

principals are invited to exchange preliminary particulars 27 i^, 9: SiEFERENCE stock ‘ BA ”o^ naZ'Onale 1 del lavobo. 

in confidence through. - ; a '&° BA « 5 BRUxeLLES 

Mr. Michael Ro«, FINNIE ROSS WILD & CO, - ,J£ iT ‘sweffie "S?^o?S CB &% T » COMMERClaL DE FRAr j ct 

Chartered Accountants, Lee House, : - « elWB Bf busine “ on JunE 27 ‘ dr s E chaf E t Frankie akTiengesHt:- 

London Wall, Undun EC2Y 5AX. j ' ‘By Order oi the feare. aM£? K \ E OlsV S L U N *^bo^o‘ 

01-588 4100 ! yree- president n. Secretary. NEpERLANQSCHE ..MJDDENSTANDSr 

, , ■ ■ ■— - — . ■ " ■"" ■■ " * Monfteal. Bank nv. Amsterdam. • !■>- 

■ I June 1Z. 19'S. _T*[ B tailoNlfw bonds drawn for rsW' 

— 11 I durino the omteus' drawinm. 

FASTENER DISTRIBUTOR j THE c M 1 c^Spa n° r l!m?te n BA,tWAY 1°9 ^d^zo Bresen t^rte Tn’ALwmrTSry 

■ c , Dtr MORTGAG E debentures H.J 3 »* , •« the 1st August TPTT 

Well established Private Company cnja 3 cd in distribution of ^ « 5^6° g J|t |uo«| ||| 

industrial threaded fasteners is seeking regional expansion in the urn op* &?%"L3Z « fill . & SS Ilf « ^1 


cir* and Ihoa-I". *• rr * m 'wea io m«»r 

riwn 

wr irr> Bu* C I". Finvnr'al Tlme>. 

in Cannon Si.. ■ C.C4P 4HT. 


I PUBLIC COMPANY f'n«'ii: 4 :iurtngi would 
! corwidcr nar! t r 3.iir>5*il ourehaoc cl 
w-il nw ;| 9‘ !< * tcmMnv w>ih prehtc <n 
"Zctv. o' £50 OOi) Prim'D?!'. onlr. 

I strictest cor wk» Wf.u Bc< G.IOfil. 

Frnanci*' Titr..-.. 1C. C'lmn S'reM. ! 

I ECJP 4BY. [ 

!j*AHT AN nwiPfJPT CXPOU.T AGENCY.' 

no cap'ljl r-n-ni -n. Cs>?S'!i»''d liver . 

I -IO v-arv. CI I ip S.? ioi.nl.i-- S-nd 
I iaro j s . - V '" v II . 5 " JW - F - P -°- 8;> -'t 


GENERATORS 

Over 40Q sets in stock 
lkVA-70QkYA 

Buy wisely from the manufacturers 
with full after sales service 

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I June 12. 197*. 


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' -.4 


Times Thursday JQne ls’ltfT^ 

BOOKS 




s rime 


BY JUREK MARTIN 



* at her 


.'--iiy 


' A^ h i'J? Ie ? , ? lrs of Richard Nixon. 
~ J . f i ^SJ vlck & Jackson- £12.50 
; <1.330 pages 




-\ 


v. 

■ i 


wa y. 5 'lhe most insinu- 

° f t Rl chard Nixon's 

SSSS ^°? e which have 

fnolimig tQ do with either Water- 
■§*“ or foreign poUcy. This is be. 
?•• SSSLSi*? demonstrate that the 
i X?HS r i abl * paranoia, the often 
r 145 against them ’’ 

^^?^ tallty ’ Permeated down to the 
»nost mundane matters. There 
t seems to be, in the former Presi- 
‘ SF" a eyes, virtually no subject 
; .Iriat cannot be reduced to 
;■ Partisan considerations, be M a 
; wwunaUon to the Supreme 
1 4: 0a rt . pr assistance to poor 
■: ftmiues, and no subject which 
* did not find a righteous conserv- 
- atave leader skewered bv a 
ruthless ' coalition or liberal 
r : politicians and a liberal Press 
■£■2*™ “ant regard for truth and 
«, nonesty. 

-f- ..ft is strange to find a persecu- 
■5 ^Oh complex of such unrelieved 
depth in a man who. after all. 
• : t spent nearly 30 years in the lop- 
most ranks of American Gnvern- 
s ment and politics. His critics, uf 

■ course, have always believed this 
was an integral part of Richard 
Nixon’s make-up but there had 

'• been the hope that four years of 
contcmolative exile in California 

■ might have brought out in the 
Memoirs other qualities, perhaps 
an understanding of the sense 
and sweep of history, of charity 
towards ideological and political 
foe.- or even the occasional 
admission of personal responsi- 
bility. . 

- The Memoirs, except when 
they deal directly with his own 
immediate family, fail tn pro- 
vide such a leavening and therein 
lies great fascination. They tend 
to prove one or both of two 
theories about Richard Nixon: 
Chat he is a deeply Hawed per- 


sonality whose nnly trusted 
instinct is tn fight and fi K fat 
aggressively; or that he is a man 
who has become inextricably 
caught up in the web of his own 
seif-justification and deceit to 
thn extern that he emerged 
incapable of seeing the world 
in any other light. 

Those who had fondly hoped 
that the Memoirs wuuld contain 
the truth about Watergate or 
fascinating insights into the great 
foreign policy initiatives of his 
Presidency will be largely, if not 
entirely, disappointed. Nuggets 
do exist, but they are not easy 
io find in this 1.120 pages of 
recollection. This is in part 
because his prose style is a major 
deterrent. flat, unemotional, 
often written without any sense 
uf personal involvement at all 
and in part because he has 
elected to discuss his lire chrono- 
logically. from the very begin- 
ning to the bitter Watergate end. 
rather than by sector or subject. 
The one saving grace is that at 
least i here is a decent index-. 

*->n Watergate, the overruling 
impression that he leaves is that 
he never understood that he and 
his aides had . done anything 
seriously wrong — or anvthing 

worse than that perpetrated by 
his democratic predecessors— 
and that solving Watergate was 
essentially a public relations 
problem. It is intriguing tu 
read that when he first reviewed 
the infamous “smoking pistol ” 
conversation on June 23. 1972. 
with Haldemau, disclosure of 
which ultimately forced him 
from office two years later, be 
could really see nothing 
incriminating in it. In due 
course, he concluded otherwise 
blit more, it': would appear, 
because others - close lo him 
could more readily appreciate 
its lethal contents. He never 
destroyed- the tapes, he says, 
because he thought he might one 


day need them as Insurance 

against turncoat aides such as 

John Dean, for whom he reserves 
his ultimate vitriol. 

In the Nixon view, loyally 0 vcr 
Watergate was the litmus test. 

The Press arc dismissed as ravag- 
ing vultures and the former Presi- 
dent docs not even deign to 
mention by name the two Wash- 
ington Post journalists. Wood- 
ward and Bernstein. who 
uncovered most of the dirt. 
Elliot Richardson, who resigned 
as Attorney-General because he 
would not sack special prosecu- 
tor Archibald Cox. is portrayed 
as weak. Many Congressmen 
who on the weight of over- 
whelming evidence. became 
advocates of impeachment or 
resignation, are singled out for 
hypocrisy. The “good guys " are 
the faithful — Ha idem jo and 
Ehrtichman; even after they had 
left the While House and were 
facing prosecutions that sent 
them to jail. Alexander Haig, 
the chief of stuff, Mnnoio 
Sanche/,. the valet. "Bebc" 
Rebozo and Robert Abplaoalp. 
the personal friends, and the 
Nixon family. 

And Henry Kissinger, ihe 
former National Security Adviser 
and Secretary uf State comes 
pretty well out of the Nixon 
Memoirs, having, for the most 
part, performed the difficult trick 
of distancing himself from the 
President on the domestic tur- 
moil while continuing to work 
hand in glove on Foreign Policy. 
The president's book is weak in 
layiQg out the conceptual think- 
ing that went into the new 
Foreign Policy overtures io 
China and the Middle East and 
the summits with Russian 
leaders, but we can probably 
expect Dr. Kissinger's own 
memoirs lo fill that void. Mr. 
Nixon is rather long on foreign 
affairs vignettes, which read at 
times like picturcposi cards from 



Nijecin: everyone else out of step 


a holiday resort and which, it 
has jto be said, are always 
designed to show himself in the 
best land mosi decisive light. 
Nevertheless, he does leave ibe 
impression that fur all their vast 
intellectual differences he and 
Kissinger worked well together 
and respected each uiher. 

Buti in the end. what is one 
In mt-iko of this hook'." By aims, 
il is grossly partisan, self-serving 
vindictive, maudlin, narrow and 
mean-spirited. In parr because 
of ihe>e factors, n is als«» inter- 
mittently fascinating. It does not, 
on balance, add a great deal to 
the sum of human knowledge 
about Richard Nixon, and that 
is botn fascinating and unsatis- 
factory. 

If 1‘had tu give "advice. 1 would 
probably follow that, being 
offered by an organisation (in 
America i whieh objects lo par- 
ticipants in Watergate profiling 
from their misdeed by literary 
and o{hcr ventures: do nut buy 
the oyer expensive hard-hack 
copy, but wait until it comes out 


in pa-perback or. better still, try 
JLTt) 


ihe public library. In that way, 
both .conscience and euriusity 
will bi&served. 


Sadat’s story 


BY ANTHONY McDERMOTT 


Hi Search of Identity by 
Anwar el-Sadat Collins.' £6.50, 
372 pages 


President Sadat's autobio- 
. graphy does not in the end pru- 
vide.-the answer to bis identity, 
ft shows us how deeply and 
'-emotionally rooted he is in 
Egyptian village life— in particu- 
'■ iar his birthplace. Mit Abul Kum 


in the Della. His intense pat- 
riotism comes powerfully across 
— he maintains that his identity 
and that of Egypt's were “ one 
and the same tbing. H It tells 
us of his schermngs and. in 
the early days; often farcical 
efforts to have Egypt liberated 
from the domination of ihe 
British. King Farbuq. the Rus- 
sians. and above ajl the Israelis. 


UK ECONOMIC INDICATORS 


^ ECONOMIC ACnTITY— tmfiecs of industrial proddctitfc>aPM; 

■ ' fact un ns output, engineering orders, retail sales vovutBe tiuiu 
*' lOO^V reWJl -rales value f 1971 = 100): registered ut^pJoymenT 
' (excluding school leavers)- and unfilled vacanciesftoOQs). All 
seasonally, adjusted. / 

IndL Mfg. Eng. Retail Retail* Unem- 

prod, output o rder vol. v a lue ployed Va cs. 


,1977 

•Ibl qtr. 
2nd qtr. 
3rd qtr. 
'4th qtr. 
Dec. 

: ' 1978 
1st qtr. 
Jan. 
Feb. 
March 
.April 
-May 


IQ3.2 

101.9 

102.7 
■ 101-9 
202-5 


105.2 

303.0 

103.7 

102* 

103.6 


109 

106 

106 

107 

100 


103.3 
102.5 

104.3 
104.4/ 
106.9 


21*4 

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234.2 

239.4 

246.0 


1.330 

1.330 
1.418 
1.431 
1,428 


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163 

151 

15 

163 


103.6 
103.2 
103.9 

103.7 


403.9. 

103.4 
10349 

104.5 


106 

117- 


104.9 

106.8 

107.0 
106.7 

109.0 


246.0 

241.0 
246.5 
249.8 
250.3 


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1,419 
1 ,409 
1.400 
1.337 
1.366 


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180 

187 

196 

204 

210 


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• • : • 1977 
i Itt qtr. 
/2ntf qtr. 
3rdtftr. 
4tbqtr. 
Dec. - 
1978 
latutr. 
Jan. . : 
Feb. : 
“Maarch. 
April- 


115J8 

113.4 

113.2 

116.7 

Z18.0 


99.4 

97.6 

97.6 

97.2 

97.0 


106.1 

105.2 

104.9 

101.4 

102.0 


100.4 

98.8 

99.3 

98.8 

99.0 


104.4 
100.2 
1 00.9 
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19.9 

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25.4 

28.7 

16,1 


116.4 98.8 

116.0 98.0 

117.0 99.0 

117-0 99.0 


105.1 100.2 

104.0 100.0 

106.0 100.0 

105jO 101.0 


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99.0 

100.0 

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175 

17A 

135 

2117 

255 


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■Soft qtr.;-;-. 

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.’.JCtef- ' T; 

115.7 
Ufl.O . 
124.1- 
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1182) . 

109.1 
109^ 
106.4 
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108.1 

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— 745 
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-276 


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114.6 

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--279 
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—169- 

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105.1 

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USS 

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It tells us of his relations with 
Nasser, whom he portrays with 
affection but also as a paranoiac 
and suspicious man. suffering 
from " intractable inner con- 
flicts” who “died without ever 
experiencing joie de rtcre." He 
describes how Nasser felt he 
(Sudan was safe enoush to be 
selected his sole Vice-President 
and therefore constitutional suc- 
cessor. There ure indulgent 
rauxmgs on his concepts 1 of 
power, loyally and love— and yet 
the real Sadat rather than the 
skilful poseur never really 
emerges. 

*dn many ways this is his 
supreme gifL It was shown at its 
best^in the dignity of his historic 
address to the Israeli Knesset in 
Jerusalem last November. Use- 
fully, the speech is given in full 
in an appendix, and it is striking 
how subtle it was — aimed at 
reassuring Israelis of a place in 
the Middle East while bearing in 
mind the 150m Arabs outside, 
many oF whom were looking for 
same treasonable blunder in his 
words. 

At the same time. Sadat got 
himself into ludicrous scrapes. 
In 1941 he prepared to launch 
bis first revolution only io find 
at Mena House just by the 
Pyramids that no units oilier 
than his own had turned up. On 
the night of the coup iiself in 
1952, he was at the cinema with 
his wife. Io 1971 he promised 
that year would be the year of 
political and military decision — 
provoking a stream of jokes 
about presidential decrees 
extending the calendar in- 
definitely. 

And yet most of his dramatic 
gambles have worked out: the 
dismissal of Soviet advisers in 
1972; the decision to go l«< war 
in 1973 (though some of his 
military claims are somewhat 
exaggerated); and perhaps still 
the visit to Jerusalem if Israel 
can be persuaded to be less 
unbending. In each case, he 
managed to break free spectacu- 
larly when others bad concluded 
he was in a cut de sac. He 
recently went so far as to predict 
another act of presti dictation for 
July 23. the anniversary of the 
1952 revolution. 

As interesting as the book is 
in shedding some light on the 
early days of the Free Officers’ 



Fiction 


Devon girls 


BY MARTIN SEYMOUR-SMITH 


Moon's Ottfry by Patricia Beer. 
Hutchinson, £4.95. 207 pages 


Quarantine t y. Nicholas Hasluek. 
Macmillan. i:{.95, 194 nages 


Slomo by Eni'le ^jar. Translated 
from ihe French bv Ralph 
Manhunt. Culling £4.25. 132 
pa^cs 


Gritting Through by John 
. McfiahiTn Faber and Faber, 
£4.25. 151 pages 


Hospital Wedding: Stories by 
Jennifer Dawson. Quartet. 
£4.95. 12.7 junes 


Patricki Beer has chosen the 
most diiticuli .,f ail genres for 
her fir^i vmrk uf fiction: the 
seriou-. J ij.-, tone ji novel. Con- 
sidering tiiis. »he iia> done very 
well, jiri'jinolly. and charmingly. 
hfoon'r Uitcfi i- a m o->t unusual 
and micl!: yen l bonk. 

Patricia Boer i-. a Devonian, 
and .1 /im ,»;■•: uif.-ru is set in 
Devon. Tin-- j, an ingenious 3nd 
effective d-viee. and made ihe 
more by the fact that die 
author concentrate., mure on ihe 
Devonian — though never in a 
strained .ivy — ijian on liie 
Elizabethan. The point is that 
there !.-• more of tnc Elizabethan 
in tin* • relatively i unspoilt 
Devonian .'nan abiio-r any ainhur 
eould Conn: upon in any other 
way. 

The M>,ry i- simple '•iiough — 
the only u ijj-ri fhpi adt*f(ualeiv 
describes jt is •'sweet.' - The vil- 
lage of Muon's i.Uierv finds 
itself I'uiiyhi up in ihe events of 
158S. a::d <u. ihcrefuro. do the 
lively •Jaur’hicr.v Alice and Rosa- 
lind. of Mi». Mutter of Spark- 
hayr.--' Farm. Rosalind becomes 
involved '.mb an ececoiru- and 
mysiermus -enlleman called Mr. 
Suckhiich: an equally cnigmatie 
Spam.,h -ailor. Xavier, turns up 
in the viiJaj.-. And so things take 
their ■•"or^e. and i’ ends with 
Rosalind exelaiining io Mr. Suek- 
bitch: "The mi<r: ii’» everywhere 
we cn-n'i " H:' telly her that is 
a trick uf ihe light. There is 


much puetry. and mystery hidden 
beneath the innocuous surface 
q{ ibis tour de force. 

There is poetry of a different 
sort in tbe Australian Nicholas 

Hasluek’s first novel. Like 
Patricia Beer, the author is a 
puet. Born in 1942. be has studied 
law in Australia and at Oxford, 
has worked on an English news- 
paper. and returned to Australia 
10 vears ago. 

It is not Patrick While's fault, 
but there is no doubt that be has 
east a shadow uver Australian 
fiction. He has even eclipsed the 
work of his great predecessor. 
Henry Handel Richardson — 
whose The Fortunes of Jtichard. 
Mahonen certainly deserved the 
Nobel Prize more than Pearl 
Buck's good-hearted but non- 
lnerary The Good Earth. Some 
hoped that Randolph Stow might 
prove a worthy follower to White: 
but the judgment that be has 
been too busy trying not to be 
like him seems unhappily rigbl. 
Now comes Nicholas Hasluek: on 
the strength of Quarantine he is. 
why lever fashion may now dic- 
late. Australia's bright new siar 
uf fiction. 

This is a tense, subtle, excit- 
in'.' novel set in Egypt in about 
1937. It is written in retrospect 
bv a distinguished lawyer some 
40 years after the event. The 
nameless narraior relates, in a 
mood of moral terror, events 
which occurred when he took 
ship lo Englaud from Australia 
to lake uo his studies in law. The 
beal-up old ship is inexplicably 
detained ^’quarantined’') al a 
small, deserted port on the Suez 
Canal. And then begins a faszad 

Those who know Egypt will 
know that this word, untranslat- 
able. cunnotes something like 
“dirty’ business.” “sordid 
Intrigue.” There can he trivial 
1ac:ad* and serious faszadx. But 
thev nearly always get written 
off as trivial. This one seems to 
be trivial: but it is in fact deadly. 

The novel might be said to be 
a translation of the word faszad 
— and a profound one. It is at 
once comic — ihe author is quite 
as good as P- H. Newby with his 


Egyptians— and bleakly disturb- 
ing. The effects of the act uf 
jealous cowardice perpetrated by 
the unlikeable— but are we nut 

all unlikeable? — narrator, now re- 
called by hi in in secret in his old 
age. remind me of Lord Jim. 
The allegorical' power reminds 
me or Patrick White: but this is 
something in tbe range of any 
Australian — and Nicholas Has- 
luck seems io be the one who 
has brought it off. and clearly 
at very great effort. He is 
powerful, hut not at all in 
White's manner. 1 have not been 
as impressed or moved by a first 
novel for almost as long as I 
can remember, and I recommend 
this for reading as well as fur 
inward digestion. 1 think we are 
welcoming a truly important 
writer. 



Aloiito. written by a man so 
jealous of his privacy that be 
refused the Prix Uoncourt in 
order to preserve it. has been 
filmed (with Simone Signoreti 
as Madame Rosa; it won an Oscar 
as “best foreign language film" 
It appeared in France in 1975. 
and now crones to us in a gm»d 
translation by the redoubtable 
Ralph Manheim. It is the spark- 
ling story of a little Arjh boy. 
the Motn'o of the title, who gels 
taken in by an old Jewish pm- 
stitute, Madame Rosa: her trade 
is the taking in of the children 
of whores when they ran mi 
longer cope. Emile Ajar shows 
us. through a variety of charac- 
ters — including a transvestite ex- 
boxing champion — how Madame 
Rosa’s scarcely conventional 
household becomes hts ’’ family.” 
and of how he develops true 
responx'ibiiities towards it. This 
is in the tradition of the early 
Gorky; it is also reminiscent of 
those remarkable tales dictated 
by Arabs to Paul Bowles, 
wbo bus tbe knack of presenting 
them with great conviction and 
hum anil y. A thoroughly enjoy- 
able, often funny — and some- 
times sad — Chagall-like pano- 
rama. 


Nicholas Hasluek: niw Australian 
star 


Finally, two volumes iff short 
stories. In Getting Through John 


McGahi-m i< ivillMiUlt lil-ra: - /, 
genuinely tem-imc. hiuni; .auci--- 
phenc. But i? n*.- u*.i iiujraryV 
Were ilie-ic -ct.in.'v cue v.’i*rdc:.'. 
wurth dninx >iuil<* :>i v.vir: Mr. 
AJe'kihvrn ij haunicd. 
perhaps. !•> ihe Imi^ t f n-.- -it .Tr.r 
Irish shon-si^ry .•■ iff ••!■>• -th.it 
stretches mu hcntni! Ini i. Ncii' 1 
of lhe,e was griMiiT — iJiocen J.be 
fact %till guc-. unicci'gniiL'd — 
ihun flcnrye ‘.Hh'I'c. ^r-i .i-. i *- 
probaMv. i he uinSi rulu:<,[. I nn.-i 
this riiS.ui-'isc'N in ilcitnr; 
Til mu. jh. mu 1 admsrc. :i« 1 am 
doul>ilt“— mcjui t" i he -' r - 
In H.'-.uM.Ti tlVff.;i'!i>; .!ciii’:l'ur 
Djwm.u -eis h-.-r <svh!y m" cr ..i 
gels a in ore citi-f;. ipj rt suit. T!v 
firsi of ilie.M- vior,'i*. •■.oiuc of 

which arc \cty ••hurl. .Tiik'.i 
“Bleeding Heart*- ’ u •»!•.•» uf :h. 
sharpest »1»iric? al»*ui “libcnils' 
that 1 have read. H i> out .,n 
innocent couple who lea 1 *-• Rho- 
desia at financial sj'.iitj.-e in 
order n*ir be "r.icist’’: Ih- ir 
English Hat is iii'cupicd by -■ ulaci* 
girl. This will infuriate all deg- 
Jlialisls and probably every (up- 
rise who larks a oenw of humour. 
The o' her IjIch are not p.—n 
in their rcvriatti.ns >ff various 
sons of diai-nesj and the 
humanity it hides. 


Salt of the Italian earth 


BY C. P. SNOW 


Bis loo by Elsa Mnranlc. trans- 
Jjivi from the Italian by 
Wi'liain Weaver. Allen Lane. 
15 95. 5H2 pages 


Organisation, the appalling de- 
ceptions? which I 'd io the smash- 
ing defeat by Israel in 15H7. 
Soviet Jiigh-handcd bullvio? of 
Egypt.* -The 1973 war and the 
Aineric: in-backed p.-aef niuves. ii 
represents a cuntradiclton. Sadat 
is not it man of litters nor is 
he a gr^at thinker, hough from 
some of , his anecdote > tr.o reader 
is obviously expected to conclude, 
the oppixsire. For hir t. the pMl o- 
sophical. tuming-poiD-, was i.-ula- 
tion ixt Cell 54 curing lit: 
iniprisodment under Farouq in 
the ia'fe. forties. There he ua-i 
forced ■" iu seek the c unpamoii- 
ship of, 'that inner entity I call 
‘self-'N and developed, and 
ratio oa feed, his app/oach t»* 
solving j'prufoimd problems, per- 
sonal aipfd political. 

But ,lhe main pom: ahmii 
Sadat. ; whatever pbik«/phicai 
trappings he may dres«. up in. 
is thajihe is an inluiliv, politi- 
cian. And this is r^fte -led in 
the atfr-.oyin? presentation of ihe 
autobit 'graphy itself. 

In tbe .end it does not du Sadat 
justice. It is painfully true anti 
naive .at times lv.bui would you 
expert^ cynics might say. of 
someone, who finds himself 
througja.- a psychiatrist's article 
in the. - Reader's Digest? ». It i- 
pretentious ( where did he gel a 
book jb-y John Stuart Mill en- 
titled . ‘Totalitarianism, Liberty, 
and Krprrseniative Govern- 
ment Crom?i. He presents his 
jife awT progress in the top a* 
if diredtly guided hy God and 
solely all for Egypt’s inicrests. 


Ei-a Mmantc’s novel. 
wa.- publish eel in Italy, 1874. and 
this fjn<l.,lion first appeared in 
Ne" VnrV. a >ear ago. It was then 
that l iiad the chance to read il. 
It f.xs b'.cn received in many 
quiTiers. both by a large 
audience and by critical judges, 
.is a work iff high importance. 
Certainly it ought to be read 
seriously here. Fur myself. 1 still 
cannot make up my mind. It 
belongs to a kind of fiction, with 
•me foot in insiant history and 
.mother and deeper in the most 
rending sense tff Latin 
naturalism, which slightly recalls 
smite of the early Dos Passos. it 


is a noble attempt to show the 
poor, insulted and abject of this 
world caught up in storms which 
they nnly dimly comprehend 
except when their own lives are 
threatened. It will probably lake 
some time before the dust has 
settled and one will be certain 
whether it is or is not a master- 
piece. 

What 1 have just said 
obviously and deliberately con- 
tains an element of doubt. This 
is partly because the historical 
notation, that is the summary o/ 
each year’s events as recorded in 
public history, is maddeningly 
inaccurate. Elsa Morante does 
nut seem to have had access in 
any serious military history of 
ihe Hitler war. One example 
would be enough lu demonstrate 
what I mean: 


Entry Tor July/August 1942. 
Unsuccessful landing of the 
Allies at Dieppe on the 
Channel. Almost all men 
engaged are killed. 

The last sentence couldn't 
have been written if the author 
had studied any reputable 
history. The same applies tn her 
next entry about Stalingrad. All 
this may. sound trivia), but in a 
work of such aspirations and 
ambitions even the prosaic 
public history has lo carry its 
own conviction. 

The private stories of Elsa 
Moran te’s suffering poor belong 
to a quite different level of 
literary seriousness. Her main 
character. Ida. is realised with 
passionate authority and ultimate 
unpatronising sympathy. She is 
a kind of Mother Courage 


expressed in human tei'.’u. 
has no hope, except ■.■.hat .-.V 
can provide fur hcivll. She i. ; 
half-Jewi-h. jn-r in juo Jtr-'thei* 
twist lu the rac!' iler ei.ier :“r. 
is an imrrilie ci'invnji • ith : 
radiance of his uvti Her }.-u.n;* 
son, the child or a rape, rut :: 
more innocent radiance I; t: ; t- 
perhaps ’.he *miy cnarjrter in 
this Ruinjn slum who i : ?l:riiii> 
sen 1 1 men tali -•.■•• I. There is an 

echo of l>iisluev>|:> a:. out ill. 
boy Useppe. and only 
Pn-'iuevsfcy. was certain .ff hn 
touch wilhisudi people, and 
sometimes not even he. 

Stripped of its formal history 
these srnnes »f lives struyafin? 
for their ov.n existence ainorg 
black misery would in tie ihe 
hook formidable enough. To- 
il rs l duty is lu road it. 


I _ 


ii Short— Violent matters 


Miller’s Lr-t AVeapuns, by Jozef 
Garlin-kt. Julian Friedman. 
i5.9f. pi'gcs 244 


Crimes 


BY WILLIAM ^ 1 WEAVER 


The Masterplayers by Michael 
. Sinclair. Gollancz, £3.95. 174 
pages 


’fragments. Gets tiresome. Hope- 
She drtips jl before Die next book. 


Romania, past and present, is 
the exotic and appealing setting 
of this smoothly-told story. An 
American historian (fully and 
engagingly characterised! is in- 
vestigating an obscure episode 
in 'the country’s 19th-century 
vicissitudes; he encounters, 
parenthetically, the rom’anlic 
story of a bold heroine, whose 
descendants then become a vital, 
disturbing part of his own life. 
SincUtir blends skilfully his two 
tales, a century apart, offering 
? eannv contrast of espionage 
then with the. same, far rougher, 
activity now. 


Dead Rian's Handle by John 
Blackburn. Jonathan Cape, £3.50. 
1S2 p :t~es 


Exit Murderer by Sara Woods. 
Macmillan. £3.50. 191 pages 


This is a more talkative novel 
than most oE Sara Woods’ excel- 
lent Antony Maitland series. 
Though there is a good deal 
of action, it all takes pJace 
offstage; and much of the time 
Maitland, his wife, his austere 
Uncle Nick and the other charac- 
ters sit around discussing events. 
Summing, up past events and 
planning the next steps. Since 
all are very articulate and 
urbane, the talk is enjoyable, 
hut the pace is sometimes frus- 
tratingly slow. Vera Langbome 
"(who promises to be a regular 
!.aial important member of the 
Woods cast from now on) has 
habit of speaking in sentence 


The beginning y f ihe hook 
grips jfo'ni at once: a young train 
driver las. an accident at the 
Same 'Spot where, three years 
earlier jto the very nisht. his 
father ttirushed the Express, iie 
thinks lift has seen a ghost, and 
— for a •while — it almost .seems 
he has. Blackburn’s investigator. 
Colonel. .Archibald Vayne.' is a 
welcome’! invention; an outra- 
geous sifob. racist, twister, but 
persisten*] and not without intui- 
tion. ' Unfortunate)}. the 
denouement is also outrageous. 
Meant t<>. be chillingly horrible, 
it is, om f the contrary, rinse lo 
JaughaWe, a were let-down. 


The recent release uf classified 
dn>. it moms *irer 30 years, and the 
T\ series on the secret wai. have 
brought ihi- secret weapons of 
ih past war well lo ihe faro, 
•tic 1 iarlinsH docs nor add much 
io .vhat is already known and 
hr occupies a fair amount of 
s-.i.iee on matters which have 
lu do o nh secret wea- 
pons. But he doe*: bring home 
some asperts worth emphjsi'-. 
Or.,- is the great contribution iff 
ih-- Foies to (he defeat of those 
W'oons, which makes their 
re .'rd, enslavotneni to the 
So-.-i-r Union. even mure 

f.'-i.nant. 

'.neither is the remarkable skill 
.ifi inventiveness shown hy ihe 
• .-.mans, which lasieil right up 
i” i:jv end. matched by abysmal 
I.,- 1 of political skill This was 
v ■•■nplified in the atieridtiun of 
in.- peoples u f Eastern Europe 
».• .he brutalities iff Ih.* oceupa- 
i while at the same time these 

; i'le were allowed nr enmpellcd 

ii, -ork (and spy i on the most 
<.-.-i"l projects anti also in the 
collusive stnisglrs between the 
eiiiPires of th« tori Nati bosses. 
\o ic fence was ever found to the 
nm*: dangerous and fully de- 
v.-nuK-d of the secret weapons. 
;u.- \’2 rocket. About 3.000 wore 
rir-d. What would have hap- 
p.-r.-d. which could well have 
»>•■! : thi* case, if il had been 
Sn.uiiO? 

ALLAN TODD 


demolish the claims to legitimacy 
ul the IRA. Whether bis defeat 
at the last Irish general election 
(he had previously been Minister 
fur P«,ots and Telegraphs, and 
therefore for bicadca sling, in 
which capacity several of tbe 
speeches here reproduced were 
made) was a result of this stand 
against the IRA, neither he nor 
anyone else can be sure. But it 
seems likely, given that deep 
ambivalence awards the IRA 
that irt characteristic of the Irish 
and is ably analysed by Dr. 
O'Brien m ibis book. 

He attacks head-on both the 
notion that the IRA has some 
prc>ent-day political legitimacy 
nbc notion that violence is some- 
how justified hy the Protestant/ 
British power in Ulsteri and the 
n nil on that the 1P.A has some 
historical legitimacy (the notion 
i hat the Irish State was created 
le. and thanks lo the IRA). 
Neither tine of attack was cal- 
culated lo win popularity, 
especially as Dr. O'Brien's pre- 
vious career had been read by 
many us anti-imperialist and 
anti-British. 

In purely literary terms, a 
hook such as 'this cannot have 
the depth or detail oF an original 
work. 3nd there is inevitably 
some repetition. It cannot there- 
fore cmini as a major contribu- 
tion. But it is deeply imbued 
with the liberal democratic prin- 
ciples which Dr. O’Brien now 
brings lo his latest incarnation 
as Editor-in-Chief of the Obser- 
ver newsoaper. and which he has 
horne witness to in such an 
extraordinary variety of roles. 

REX WINSBliRY 


object of sentencing Is lu reduce 
criminality as opposed to the 
moralist view that offenders 
should receive the punishment 
they deserve. She would like to 
sec imprisonment limited to 
cases where the public need pro- 
tection and substitute more con- 
structive alternatives of which 
community service schemes (her 
idea) are a start. 

Separate chapters deal with 
specific problems such as mur- 
der, drugs i where it transpires 
her views have been misrepre- 
sented in the past — she was not 
in favour of legalising cannabis), 
drink, motorists, mentally ab- 
normal offenders and young 
offenders. A number of people 
will agree with her that the 
attempt of the Children and 
Young Persons Act 1969 to “ de- 
criminalise “ tbe procedures for 
young offenders has not been 
entirely successful and in fact 
some think that the reverse has 
happened in that children whn 


art* the- sunjcct iff care proceed- 
ings because *ff i.ai-uiijl ne.'lccr 
arc made io feel crunina:. 
Baroness Wooltioi ad'.mai-s )Jj.u 
all children hclov.' •.••uiiiadsti.-.’ 
school sive should ii<- n-nmvi-d 
from the criminal law and he 
deal i vnh v. Jib in the education::: 
system. 

The hook is nut addressed in 
expert crirnioul odists but lo n»-n- 
professtonals into rote. I i it the 
law such as inaccurate* and 
prison visitor? Lmi u ought also 
to Ini crest ihe legal ;>nffr.-^ni>i. 
Smne rcadcis will not unree with 
all her views bur *h'' *eis mu 
the contrary JVgutmt:! . 
clariiy. The hook is rciiV'd'iin.-ly 
free from snci'ijo^tol jaf-'un 
which she clearly ohui!i:n.O s and 
the statistics ate in a rcas-uuMp 
digestible form. The w hole pmff: 
is enlivened with anc-itr.tes 
which give ii the extra itimen- 
siuii "f personal involvciront in 

the dc^eli'pmi*iH of pnlicy. 

DIANA RAWSTROM 


ti'-riid: Rellcctiuns on Political 
\ mience by I'.’unur Cruise 
• •'Rrjen. Hutchinson. it».50. 
pages 


Crime and Penal Policy: Bellec- 
tious on Fifty Years Experience 
by Barbara Wootlon. Allen and 
Unwin. 15.95. 261 pages 


One of Vs Musi Die lr: Anna t 


Clarice Collins. £3.75. 19»; 

pages 


This ti^nv. Anna Clarke's story •' 
is set cnLthe present fafter rser 
splendid 1 Vieionan story The. 
Latin in Blurfty; bui an ewiu 
from tbe. past— -the death f ff a , 
child — cy;s!$ a long, mmblinu, 
shadow- Basically, it p a. 
husband--seife duel ihal eo.v’ 
cerns tts here, a situation a-*' 
hopelexs us if is real. The} 
domestic- ; horror deepen.-, gradu-l 
ally. iDi'vorably; liic-n there is, 
an uncArjventional, muted coda. 
beautifuIDy apt. j 


Tj'-s book is. in essence, a 
aijimnvni of Conor Cruise 
O 'Brian’s position on Northern 
Ii'-t.tnd. U a eo! led ion of 
■*- unifies, speeches, re- 
and short plats, all about 
ini' ‘-'=sp of violence fur imitiieal 
end-- written lnr.slly in this 
d*i ’J-.\ mostly jImut Ulster, and 
m m' of them in America or for 
,\:i"-ri».ans. There is nn index. 
Inn :■ Mrattering of fuoinuivs. 

t"' ihe plays? 1 am nn judge. 
TKiv style strikes me «.■» 
i rica! and flat Bui pivsum- 
i heir main imonrlance is 
:hui 'bey were performed rat 
] |W o eff the thrci* were) in 
DubLn. Their irie.-sj^e and 

i- urpi'.-e was ji.ilitica). in Ihe 
'ri-b con lex t. only an Irishman 
in i h.ff context could judge thetr 
l.i.-al effect 

'bv Cibciy.c wnd in nrc w-ii- 

mvA the main tmpressinn must 

ii- ., ib consistency and jmlitica! 
ri'iuJV“ v; 'th which Dr. O'Brien 
Ik,-: .-"tight to undermine and 


Barbara Wootlon began her 
“criminal career” in 1926 when 
sbr was appointed a JP for the 
County of London. She was 
nearly 29 years old and yet not 
qualified to vote. In those days 
majMStrates were completely un- 
trained and on her first attend- 
ance aL court she was deeply 
shocked to find that one item on 
ihe agenda was to re-elect two 
gentlemen, one blind and the 
other very deaf, lo undertake the 
i.T*k of inspecting the public 
houses under the magistrates’ 
jurisdiction. This book discusses 
ihe central issues in penal policy 
.since that date over 50 years 
ago. Farnnoss Wuutton has been 
closely involved in criminological 
matters as a .TP. life peeress and 
a member of successive govern- 
ment committees. 

The first part of the book 
contains a discussion of the 
function and personnel c*f the 
court and the nature of the sen- 
tencing function. She is a 
rvductivisi believing that the 



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e figures anti-climax for both Gilts and equities 


easier tendency continues after official close 


Account Dealing Oates 
Option 

"FlrM Declare- Last Account 
Dealings lions Dealings Day 
May 30 June. S Jun. 9 Jun. 20 
Jun. 1« Jun. 22 Jun. 23 July 4 
Jun. 36 July 6 July ' July 18 

’ " New time ” dealings may take place 
from 9.30 a.m. iwo business days eatiier- 

Rritish Funds and leading 
Industrials passed a rather 
subdued i rod ins session yesterday 
with underlying sentiment being 
nfTected by uncertainty ahead of 

the May trade figures. In the 
event. these proved mildly dis- 
appointing and the dull tone 
continued into Ihe Into dealings. 

The Funds opened .slightly 
higher, but doubts about the 
market’s ability to cope with this 
v oek'-i two large tap issues still 
prevailed -trul the short-dated 
.Mocks came in tor a fair amount 
of profit- la kin" nhich brought 
final losses i»f a half-paint. 
Treasury 14 per cent. JHS2. fell 
that amount to IfiTJ. The longer 
maturities auain tended to follow 
in the wake of the short* and 
early gains of ! ’.tere replaced by 
Josses of similar sue at Ihe close. 
Application lists for the Xlbn of 
11! per cent Kxchequer stock. 
2013/17. open and close today. 

Lack of support and occasional 
small offerings prompted a 
modest reaction in the Industrials 
leaders and continuation of the 
trend in the late dealings was 
reflected in the FT 30-*hare index; 
this extended a foss of 1.7 at 3 pm 
to one of 2.7 at Ihe close of 471 .a. 
Activity throughout the session 
was at an extremely low ebb. 

Elsewhere in the equity .sector. 
:i rather drab day was enlivened 
by movements in response to com- 
pany's announcing trading news 
along with bid situations, bolh 
rumoured and actual. In the 
latter category. J- and W. Mender. 
s«m were outstanding at 210p. up 
53. on the surprise bid from 
Cement Roadstone. Overall, prices 
movements were narrowly mixed, 
rises slightly outnumbering falls 
in all ' FT-quoted Industrials. 
Official markings of 4.S45 com- 
pared with 3. IBS on Tuesday. 

The oversubscription. later 
thought to be very sizeable, of 
the ITm Tyneside 12; per cent 
i:«rt issue underpinned Corpora- 
tions ami gains, usually of a J. 
were fairly liberal. Recent ly- 
js-cued Fixed Interests were gen- 
erally uninspiring apart from 
Greenwich 11 J per cent 19Sfi 
which, in ioU-paid form, improved 
\ to 4M' and first-time dealings 
in XSS Newsagent* !J per cent 
Preference, issued by way of 


capitalisation to ordinary holders, 
at 93p. after IMP- A drirung ten- 
dency was d i?cemtble among 
Southern Rhodesians and some 
bonds wore tv.o points lower in- 
cluding the 2i per cent 1963-70. 
at £33. 

After a spirited start to around 
1152 Per cent, the investment 
currency premium reacted quite 
sharply' to clos^ near the lowest 
of the day at 1 13 per cent, a loss 
of 11 points on balance. The 
cessation oT recent demand con- 
nected with a placing operation 
involving Swire Properties, the 
Hong KonS-basod concern, con- 
tributed largely to the easier 
lone. Yesterday's SE_ conversion 
factor was 0.6633 1 0-63JJ6). 

Activity incrvai'ed in Traded 
Options ’and the total number__of 
contracts done improved to 55 «, 
the hi-hest figure since June 1. 
Interest continued to centre 
around ICI and here 196 deals 
■were recorded followed by 125 in 
Land Securities. 

Renewed demand lifted Euro- 
therm fi tn HiSp. after lt»p. in 
Recent Equttio. 


G uinn ess Peat down 


The major clearing banks 
drlftPd lower on right profit- 
taking. Further consideration of 
the proposed share purchase of 
Investment Trust Corporation 
cum cash resale w the Post Office 
Pension Fund left Barclays 5 off 


at 33i)p. Lloyds relinquished a 
similar amount at 275p as did Mid- 


land at 3ti0p. while NatWest 
closed 2 cheaper at 270p. Else- 
where. the chairman's reported 
bid denial prompted dullness in 
Guinness Peat, which lost 10 to 
243p. Among Discounts, Union 
firmed 10 to 33$p ahead of next 
Monday's interim figures, Gerrard 
and National edged forward 4 to 
182p and Seccombc Marshall and 
Campion gained 5 to 23<Jp. the 
last-named in a thin market. Com- 
posite Insurances rarely strayed 
from their overnight levels, while 
Willis Faber put on 5 to 262 p in 
Brokers. 

Breweries closed little changed 
following a quiet session. Guinness 
edged forward a penny more to 
177p ahead of tomorrow’s interim 
report, but both Allied and Bass 
Cbarrington closed that amount 
cheaper at Slip and 15Sp re- 
spectively. 

Suspended ;<( lW»p during the 
morning, dealings in J. W. Hen- 
derson were resumed following 
news of the agreed bid from 
Cement Roadstone worth 210p per 
share and the close was 55 up 
at that level. Increased specula- 


tive interest lifted Erown and 
Jackson 8 to llfip. While Ereedon 
and Cloud HUI Lime finned 6 to 
lflOp in a thin market. J. Smart 
firmed 3 to 43p after recent weak- 
ness on the sharply reduced firsi- 
ItaJf returns, but McNeill fell 7 
tn 46p reflecting the annual loss 
and dividend omission. In a thin 
market. Nottingham Brick moved 
5 higher lo 2SQp after the in- 
creased interim profits and inter- 
national Timber improved 3 to 
122p awaiting today's results. 
Ley I and Paint finished a penny 
higher at 73*p, after 75p. mirror- 
ing newspaper mention 

ICI moved between extremes of 
3»5p and 391 p before settling at 
the Jailer price, a couple of pence 
lower on balance. Fisons. 
however, managed a small 
improvement at 360 p. but Albright 
and Wilson eased 3 to 169p await- 
ing next week's decision by the 
Office of Fair Trading on whether 
or not to refer the increased bid 
from Tenneco to the Monopolies 
Commission. Alginate, weak nf 
late on the results and 
Chairman's bearish statement, 
found support and rallied 3 to 
2B8p. 

Secondary issues provided the 
main focal points in Stores. 
Allied Retailers were outstanding, 
rising 15 lo a 1978 peak of 27Sp 
in response to the good results 
and proposed capitalisation- nf 
both ordinary and preference 
shares. Buyers came for Owen 
Owen. 7 higher at S2p. while 
Executes revived with an 
improvement of 4 at 35p and 
James Beattie A put on 5 to 114p. 
Further speculative support left 
jUFl 2 up at 88p. The leaders, 
however, closed with small losses 
after a thin trade. Marks and 
Spencer cheapened 2 to 141p and 
UDS declined ?. to SGp. Among 
Shoes and still benefiting from 
Press mention, rtcadlani Sims and 
Coggins improved 2 more to 42p. 

Apart from iWuirhead, 7 belter 
at 173p on small buying in u thin 
market, movement in Electricals 
were moderate. Racal Electronics, 
results due today week, hardened 
3 to 23 ip for a two-day gain of 7. 
while Louis Newmark. 180p. and 
Ever Ready. 156p, both finished 2 
dearer. By way of contrast. EMI 
finished 2 cheaper at l43p. 

Stavcley Industries stood out in 
Engineerings with a jump nf 25 to 
a 197S peak of 272p following 
better- than -expected preliminary 
results. Wheway ■ Watson edged 
forward a penny to l7p helped by 
the higher profits and capital pro- 
posals. While Williams and James. 
79p. and Baker Perkins. 102p. rose 
3 apiece. News of the group's 
agreed acquisition of Wilsons 


Foundry did liiUe for Scrrk. 
which softened a penny to S7p. 
while Pegler Hatters iey declined 
4 more to 162p following comment 
on the results. John Brown, 
annual figures due on .June 
cheapened 4 to 352 p among the 
leader* where CKN remained 
friendless at 25 Jp, down 2. 

Shipbuilding concerns made 
progress on revived nationaIi-.a- 
lion compensation hope*. Yusper 
firmed 7 In 177p and Swan Hunter 
rose 6 to 134p. 


Foods had little to commend 
them. Tate and Lyle remained 
at l7(Jp awaiting today's interim 
figure*, while Northern Fixjds. 


9Bp, and J. Sainsbury. IMp. put on 
2 and 3 respectively. Robertson 
Foods eased to 14Dp reflecting 
disappointment with the pre- 
liminary figures hut rallied 10 
close only a net penny cheaper at 
Jolp. Other dull spots took in 
Fitch Lovell, 2 off at 63p. and 
Associated Dairies. 4 cheaper at 
22Sp. In Supermarkets, Ku ifc 

Savc Discount improved 5 to SOp 

Hotels and Caterers had an 
easier bias. Grand Metropolitan 
losing 2 J tn 107 p and Trust Houses 
Forte 5 lo 215p. Queen's Moat 
Houses, however, attracted fresh 
speculative support and closed 
slightly harder at a 197S peak of 
39p. 

The mildly disappointing l'K 
trade returns f or May failed 10 
make much impact on the miscel- 
laneous Industrial leaders, which 
closed narrow ly mixed. Beecliain 
closed 3 to the good at 630p. alter 
fi5op. while Bowater hardened 2 
to 199p. Glaxo drifted back from 
an earlier enhanced level of 
584 p to close unaltered at 
but PllkJnglim lost 4 at 4S3p: the 
latter's annual figures are due to- 
morrow. Elsewhere, a resurgence 
of speculative bid hopes helped 
Leinisct touch 144p before a close 
of 6 higher on balance at 142|'. 
while Bath and Portland rase "» 
more to 82p. after 83p. on fre->h 
speculative interest ahead of the 
forthcoming hulf-yearjy figures. 
A report that its UK mining 
machinery subsidiary. Guiiick 
Dobson has had to employ more 
workers to cope with increased 
demand helped Dobson Park 
move up 3 10 97p, while Flexclln 
Castors and Wheels hardened 2 
to 36 p following the higher half* 
year earnings. Avon Rubber 
hardened 3 to 192p on speculati'-c 
support and similar gains were 
seen in British Vita. 93p. Meial 
Closures. 98p. and Wilkins 
Mitchell. 50 p. Holt Lloyd Inter- 
national put on 4 to 141-p, while 
Far-eastern advices prompted 
respective rises of 6 and 7 in 
Hutchison. 102p. and Jardinc 
Matfaeson. 275p. Recent specula- 
tive favourite. Pauls and Whiter, 
encountered profit-taking and 
gave up 4 at 121p. English China 
Clays softened a penny to TSp 
following small nervous offering* 
in front of today's first-hair 
figures and Continuous Stationery 
eased similarly to 37p after the 
results Johnson Matthey re- 
linquished 5 more to 423p follow- 


NOTICE OF REDEMPTIOiV 


To the Holders of 


Gold Fields (Bermuda) Limited 


lows; Guaranteed Bonds Due 1985 
Due July 15, 19*35 


ins comment on Tmitsday’s 
disappomiing results, while fDe La 
Hue lost S to 352p. 1 

Heron reacted afresh to» 12Sp 
in Motors and Distributors, before 
closing 9 easier on balance at 
13. ip. Pennine Motor, al firm 
market of late, met with ferofit- 
l.-ikm; and fell 3 to I0p, j while 
similar losses were sustained by 
Group Lotus, 49p, and Armstrong 
Equipment. f>7p. HartweJIsi con- 
trasted with a rise of 9 to* ltifip. 
after lOSp, on the dividend- 
boosting rights issue prcirposaf. 
Lookers rallied 4 to 66p i» re- 
vived demand, while modest 5 gains 
were established by Rolls- Royee, 
■iSp. and Supra. 59p. Commercial 
Vehicles had an isolated firitJ spot 
in Plaxton's (Scarborough;). 3 
better at S3p. Crane Frnelaanf 7 
per cent debenture 1983-01. were 
marked up 21 points to £87 on the 
repayment proposal. 

Further demand raised Asso- 
ciated Book Publishers 8 t«» 248p. 
but lack of interest in Newspapers 
left News International 7 down at 
258p and Thomson 3 easier at252p. 
In Pa per /Printings, Tridanti were 
lowered to 48p - on iniU.a dis- 
appointment with the results, but 
recovered to end a net penny to 
the good at 53 p. 

Leading Properties me'l with 
little business and held their ovei> 
nisht levels, but the occasional 
feature appeared among secondary 
issues Cborchbury Estates {firmed 
T more to 275p. after 230p, in 
continued response to the JI5.6 per 
cent stake acquired by i British 
Land, while Great Portland. .Estates 
added 4 at 304p on the 1 higher 
profits and 50 per cent serin issue. 
Apex. 210p. and lmry, 1 315p. 
improved 5 apiece in thin niarket3 
and similarly Chesterfield firmed 4 
to 308)1. Elsewhere, Rtislb and 
Tompkins put on 2 to 121pi as bid 
riimnups revived. f 


hardened 2 to 51p ahead of today’s 
preliminary figures, - while 
included in gains of 3 or" so were 
Alliance Trust. 227p, Capital and 
National B, 120p, and Glasgow 
Stockholders, 101p. ■ ' 

Shippings were domiiated - by 
the performance of which 

fell fii to 27Jp on the dividend 
omission which accompanied news 
of the substantial trading deficit 
Warren Plantations were traded 
actively after news of the sharply' 
increased dividend and., almost 
doubled earnings, but settled only . 
3 higher at 242p. 


Kxt&laiRM j 

Indnurifil Qnilmry.... 

Gold JUaeB. - 

OrcL DtvvTield- 



Dealings BWtaL 

Bofljtghvrvnhu total..! 


FINANCIAL Vim ES STOCK I ND IC^ j 

Se! ' 7^6 

WuaUa ***^] ”^3 474:3 472^. .4^3. 

InduKi^l Ordinary.... J ^ Jei.tf IS&Sj,:«Wi $. 

SJSszz: ^ ^ 

m3 Sp- S; -rajetf' 

■ Latest 

Mto» J2/J/a5.- SE Acnvity JUly-Dec. 19W. . -j r - ■ .. .V.>. ; -- 

HIGHS AND LOWS . 


16^6 16i 
a.ia ; 

4^6? ; 4 ( fsf 
68L7P;‘«kS 


Since, Comphfoaq 
Righ f Lmr f 


Anglo Utd. jump 


pm#®®! 


: e 4; .* 


rumours revived. 

Oils mixed 


Oils presented a mixed ^picture 
with British Petroleum tuaning S 
In 86 $ d on Wall Street bd vices 


to 86$ P on Wall Street bd vices 
and Shell shedding a coteple of 
pence at 550 p. Burmah. np 2 at 
fiiip. attracted a few buyers, but 
Ultramar eased 3 to 266p. Siebens 
were again volatile on 
rumours of :■ pending statement, 
and dipped to SlSp before rallying 
10 finish Jfi lower on balance at 
332 p. Investment dollar influences 
left Royal Dutch 4 down -.at £47. 
but firmness in Canada prompted 
3 rise of \\ points in Ran&er oU. 
at £26J. 

Small selling in front of*todays 
interim results clipped 2 from 


A feature of mining markets 
was the strength of the Northgate 
group of companies which all 
moved ahead following: persistent 
and heavy Canadian buying. 

Anglo United Development led 
the way up with a further jump of 
57 to a year’s high of 260p bring- 
ing the rise over the past -three] 
trading days to 96p. whne North- 1 
gate themselves improved 15 
more to a 197S high of 46op and 
Westfield advanced 13 to llOp. 

The buying was inspired by 
vague rumours of a cash, injec- 
tion by Northgate Into; Anglo 
United and consideration, of the 
latter's recently announced pos- 
sible uranium find in; County 
Donegal in the Republic of 
Ireland. 

Other Irish/Canadion issues also 
gained ground. Sabina-attracted 
a good London demand which left 
the shares a further 11 better at 
a high of Tip. 

Australians were again active. 
Renewed rumours of a. possible 
bid for BH South from North 
Broken HUI prompted a sharp rise 
in the former which closed 17 
higher on balance at 1 J8p, after 
a high of I25p: the latter were 
finally S cheaper at 132p. • 

Consolidated Gold Fields 
Australia were also mentioned as 
a possible bidder for both North 
Broken Hill and BH South and 
closed 15 higher at 300p — a rise 
of 40 over the past three trading 
days. 

South African . Golds were 
quietly easier despite the firm- 
ness of the bullion price, which 
ivas finally another $L25 higher 
at $183,875 per ounce. 

Ylakfontein were notably weak 
and closed 10 lower following the 
passing of the interim dividend. 
The Gold Mines index gave up 2.6 
to 158 5. 


•QowiSeat^ 18.86 
.«■ . r 1 3/1) 

-VixodlstL^ 81-27 
... <y/i» 

ladOnW 497.3 
; . .6/1) 

Qt4dM.ln0«. 168.6 


549.3 4M' 

(14/9/77) .P6/G/49 


442:3 

(Z&6/75) 


^■19 isaj£% 

W UdoAriWH 168.B 165 J? 
00*5 Up ewWvdq 'OTS- ^68^; : 
(s/t/76) - *Eot«i» j T.ULB T13JS 

tgklte . iB4;e. Wii 

^164.6' 163*.: 
43.5 ; SpeenWJve^ * 853 ^6D.5 ; ; 
SS/lO/Tt) T(*m 33^4 U&O a 1JIL6 


' V 

“7 ± . 

: it 


ACTIVE STOCKS 


'• Stock tion 
Barclays Bank ... £1 

RATs Defd. 25p 

BP- il 

Bunnah OU 

la *1 

Anglo Utd. Dev.... npt 

GEC 25P 

Letraset IntL 10p 

PitSfcgton 

.Reed IntL £1 

Selection Trust.. 25p 
Shell Transport.. 25p 
Western Mining... SA0.50 

Dunlop 50 p • 

Imperial Group... 25p - 


no. • . 

Den old in a- of ' Closing- Change' 

tion marks price.tp) Mon day : 


+ 8 

• S. V 
Tl. v - 


.227 '. 
t72 a;-;- 
. - '42r- ; 

'*a&i 

- 

■ 233- '-'j' 
98 -V 
422 

Ida 7 
575 
4S4 : ’ 

, 84 

72 

- 7JL 


OPTIONS 


DEALING DATES and Dobsoa. EMI, . Associated 

first Last Last For. 'Book Publishers. Trust Mooses 
Deal- Deal- Declare- Settle- Forte ‘Warrants, . rSpWens. 

lugs jags tion ment- Western Mining. - CoriatfaSahi 

Jun. 7 Jun. 20 Aug.31 Sep. 14 Holdings, Pauls and -Whites, 
J nn. 20 July 4 Sep. 14 Sep. 2» Run some Hoffmann, Babcock aid d. 
July 14. July 18 Sep. 28 Oct. 12 Wilcox. UDS and IML A pbt’ 
For rate indication* see end of was done in Petbow, 'u*5Je? 
- Shore InjonnatiOTL Service .. doubles .- were -arranged Ji£ 
Money was eiven for the call Barker and Dobson, Ault am 
of Bormah Oil'. K Shoes, Barker WIborg and We^em Mii»iai5. r . i 


■■ r >» 

t « 


1 *. 


NEW HIGHS AND LOWS FOR 1S7B 


The following securities quote d in. 
Sham information Seraice. yesWMir 
attained new HiglK and Lows lor 1378, 


NEW HIGHS (171) 


JHJKEETtS f1> 
TEAS at 

■ HA> 

NEW LOWS 




S. and W'. Berisford. at lilTp. in 
otherwise firmer Overseas 


otherwise firmer Overseas 
Traders. Boustead edged forward 
1J to 41 Ip, Slme Darby i in proved 
2'to S2p, and S. Hoffnuni; picked 
up 3 at 90p. 

Further stimulated by 13arcJai-s 
Banks bid for Investment Trust 
Corporation, Trusts made Jmodest 
headway throughout Che iisL 
Following the previous daitfs jump 
of 23. ITC eased to 275p m fairly 
active trading before ..closing 
without alteration a* 278pv FUG1T 


RISES AND FALLS 
YESTERDAY 


British Fuads 

Corpus^ Dun. fttui 

Fareism Bands 

ladustrlals 

Financial and Prop. ... 

Oils 

Plantations ..... 

Mines 

Recent Issues ........... 


Up Dawn Same 
— a 17 


it n as 

295 262 913 

146 a 323 

5 20 19 

9.2 21 

27 55 SI 

12 * 17 


510 453 L«6b 


AMERICANS l7V 
BANK5 (II 
BUILDINGS «6) 
CHEMICALS <11 
DRAPERY & STORES (91 
ELECTRICALS |3> 
ENGINEERING fIGJ 
FOODS 12) . 
HOTELS II) 
INDUSTRIALS (231 
INSURANCE (It 
MOTORS <SI _ 
NEWSPAPERS ■» 
PAPER A PRINTING (It 
PROPERTY (6) 
SHIPPING (It 
SHOES (1) • 

-- SOUTH AFRICANS (31 
rr TEXTILES >21 

TRUSTS <ST1 • • 

OVERSEAS TRADERS (51 


BRtTtSU FUNDS 11) 
Troas. 9'-pir 19B0 


FOREIGN BONDS IT) 

Ireland 7>ipc '91-8S . 

BUILDINGS 13) 

Kent 04 . P.) - .Ward HM 8 L 

Travis &_ Arnold - - 

ENGt NEE RING '«i - . 
British Norfrtrop GKN 

INDUSTRIALS Tt» 

Cainrex 

SHIPPINGflt 

LOTS 

_ TEXTILES L1» - . :. ’ - 

BrWR < John) - ^ 

..CHtSTl) . - 

C CP Norm Sea - • • 

OVERSEAS TRAOKR9 ftf- - 

Borthwidc. (ThQipas) *>" 


> 


' % 


NOTICE IS HEREBY GIVEN tliaL pursuant to the priwi-ion- oF the Trust Deed and the Paying 
Agency AgrcemenL each Dated July ^3, 1975. and Conilition 5 or the abovc-dew.-rilied Bond?, Morgan. 
I.iiarunly Trust Company of New York, as Principal Paring Agent, has selected lur redemption ou 


LONDON TRADED OPTIONS 


FT-ACTU ARIES SHARE INDICES 


f fOV * iJit] 1(7771 




accrued interest to said dale. U.S. $1,000,000 principal amuuut of llic ahovc-dcscribed Bonds. The 
serial numbers of said Bonds .<?o selected are as follows; 


These indices are, ihe joint compDatwn ef the Hnaacial Times, the Institute at Arfoarfe* 

and the Faentty «f Actuaries 


BONDS OF U.S. $1,000 EACH 


1548 5T74 4144 
327o 5808 4146 
1303 2813 41&1 
U43 2820 4233 
3372 2842 4231 
3421 2881 4245 
1422 2920 4234 
1469 2937 4267 
1320 2Wi 4325 
15SO 2944 4353 
1600 2993 4359 


m ® 533? 


I64L 302 b +WT 
3688 3073 4433 
3698 3102 4439 

1699 3122 44S0 

1700 3148 4459 
1726 3171 4464 
1730 3208 4526 
3776 3250 4546 
3319 3262 4555 
1839 3296 457S 
1877 3298 4618 
3878 3304 4634 
1892 3324 4637 
3896 3336 4644 
1921 3365 4652 
1333 3374 4704 
1965 3432 4749 
1398 3470 4794 
2005 3487 4811 
2063 3512 4880 
2077 3521 4901 
"OSS 3568 4904 

099 3 CIS 4935 
21 D2 3637 499 L 
2155 3676 4961 
2236 3681 4997 
2249 3693 5001 
2254 3698 5063 
2301 3716 5065 
*!339 371 T 5071 
346 3749 5085 
2364 3753 5089 
400 3756 5127 
435 3776 5146 
442 3791 5187 
460 3813 5222 
2461 3815 5230 
2523 3861 5240 
2529 3871 5319 

2564 3*B9 5326 

2565 3944 5354 
2654 3959 5368 
2657 4032 5383 
2676 4038 5438 
2688 4043 5466 
2713 4066 5517 
2720 4124 5530 


6722 7619 
6730 7658 
6755 7659 
6764 767 L 
6769 7683 
6787 7705 
6798 7734 
6823 7752 
6828 7779 
6831 7802 
6836 7814 
6858 7335 
CtfeUt *7*57 
6375 7890 
6878 7893 
6885 7920 
6918 7923 
6926 7987 
6942 7999 
6974 8007 
6984 8012 
7000 8021 
7038 8064 
7042 8080 
7061 8094 
7063 8117 
7067 8127 
7075 8137 
7093 8148 
7111 8157 
7122 8174 
7145 8194 
7149 8209 
7153 8216 


Wed, lane 14, 1978 

Toes. 

June 

13 

Hon. 

June 

13 

m 

Ttmrx 

Jane 

-8 - 

Ye*n. 

ago 

(wmnK) 

Index 

No. 

o-y'* 

ninny 

Est Gtobs Kst. 

SsmlKS Dfa. F/E 

YUM% Ratio 

CUax.) (ACT (Net) 
Carp, at 34%) Coro. 

IkS* bxsft 

Index 

Na 

Index 

No. 

Index 

No. 

MOl 

Index 
No. . 


8271 9360 
8278 9363 
8326 9365 
8329 9366 

8359 9381 

8360 9396 

8361 9400 
8399 9421 
8408 9463 
8417 9473 
8420 9475 
8463 9485 
8491 9489 
8500 9522 
8502 9536 
8513 9562 
8523 9581 
8545 9584 
8S48 9601 
8585 3605 
8603 9618 

8611 9622 
8631 9634 

8657 9652 


On July 15. 1978. the Bonds designated ahove will become due and payable in -=uch coin or currency 
of the United States of America as at the time of payment is legal tender for the payment of puhh'c 
and private debts. Said Bonds will he paid, upon presentation and surrender I hereof with all coupons 
appertaining thereto maturing aEter the redemption date, at the option of the holder either (a> at 
the corporate trust office of Morgan Guaranty Tru>t Company of New York, 15 Broad Street, 
New York, New York 10015, or the New York City office of Schroder Trust Company, or Mi), 
subject to any laws or regulations applicable thereto in the country of any such offices, at the main 
offices of Morgan Guaranty Trust Company of New York in Brussels. Frankfurt am Main. London. 
Paris, Tokyo and Zurich or Banco. Yon wilier & C. S.p.A. in Milan and Rome or Bank Mees & Hope NV 
in Amsterdam or Union Bank of Switzerland in Zurich nr Swiss Bank Corporation in Basle or Banqiie 
Internationale a Luxembourg S.A. in Luxembourg- Coupons doe July 15. 1978 should be detached 
and collected in the usual manner. Payments at the offices referred to in lb) above will he made hr 
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 City. , 

On and after July 15, 1978, interest shall cease to accrue on the Bonds herein designated for 


redemption* 


GOLD FIELDS (BERMUDA - ) LIMITED 
By: MORGAN GUARANTY TRUST COMPANY 
OF KEW YORK, Principal Paying Agent 



: F.r. ■ - 

. I\l\ iv.a 
F.r. — 
1-10 329 

i r.l’ , — 

F.r. . - 
Fi’.; - 


. 5& L*102B,7 

f.i*. 

F.f. - 
rao ,itb<8 
F.r.. 11/8 
; F.r. - 
. - .23/6 

, I'.!’. 30.6 
F.r. 7/7 
F.r.;' - 


F.r. 26 6 


Dated: June 15,1973 


i \ 111177 . I 'i» I'm. laTwar 

|. .\rmllas>-<(i.i Wit'S -ii-i L'nni. I'rrt 

|. \nioTiiotive Fn*W. 1% Prut 

; Cornet I2lt Urn. JiWl 

liri(M'» -ftL'nlt. (ml Itfl. LlHI Ihirl. , 

i.TI ve Dlacuni 9;^ Cum. 1 ’ivf 

, |i..nblra.<M.I 9i% 1.1 mi. I*irf 

K>linLmr|;li i'Iim ■ -i j Vnr. Itaiv 19C3 

: WiUer 7^, Koi. I*n-i. Ia 8 >..._ 

ii Fun-view H'-t-*. IS-fcW^ llr*« 

• ■reeaflehl Ulltnv lu%lunt. Pn-i 

. i. iii'M* i Ii ( L*i|i. t>.o., nii ||;T, IU.il. lid 

l.ilurt.v A Cn. HJrt. I’rr 

A.irf XB»!OgenLf. 9^ Cum. Fn-f 

• i'iila< • •LS*- , > , ii. 1 rl 

1-reMWi- 104 S Cum I'lwf. 

Viiirt iH.*J.-KI'n 

i 'mitli 81. A uii.ro 9i% Cum. f'ief. 

lHI.lt 13* Cuv. tin. Ln.lnW 

i A Vttaf 12, Uni. L J 6 t> 

n mfa* Prill (VI- to? Fn-I 


.jiogW 

. 94 0a|ii— 1 2 
. 12ii 

• MW 

•! wri 

SflMsiJ + Hs 
.100 'ii— in 
. j'.eu/i +)« 

lUnii!— 1» 

.! • W«a + »i 
.ilOOls +1 
: B3n 

•i9 

• H34 

.1130 

..sav-p— « 2 

■ I 9f5 j 

.. J0>, .... 

IlOO ) ... . 


— 1WH 

6-04 19136 

— 213.92 

U.OO 144.45 

— 137.02 

— 127jH 

10.1& 332-46 329.88 

— 8186 80.65 

58.96 23335 232.47 

5.76 Ufl.78 10964 

3J3 j 4.64 {3L9T ZI268 

16.89 6.80 725 1B2J3 10080 

16-56 I 6.72 7.40 31436 32231 

5-98 — !217m 21539 I 22357 




PRICE INDICES 


‘•RIGHTS” OFFERS 


LEADERS AND LAGGARDS 


British Government 


The following table shows the percentase whicn have taken place since December 30, 1477. In (be principal 

coulty sections of the FT Actuaries Share Indices. Il abo contains the Gold Mines Index. 


• s v . Lni,-.i 
I ■-•’l*/ 5” Itriiwn . 

I'riw, 1 Lii.iv 


5T i+ iAl , 
* l+» 3 


Wed. Day's xd adj. id adi. J o 

June change To-day 1978 I , 

14 % to date I 3 


Cold MiOCB .. 

Mining Finance 

Overseas Traders 

Tobaccos 

Newspapers and Publishing 

Chemicals ; 

Mechanical Engineering 

Ollier Equipment 

Motors and Distributors 

Engineering Contractors 

Togs and Camcs 

Textiles - 

Packaging and Paper 

Capita] Cowls Croup 

other Groups 

Consumer Goods iDtmWoi Group 

Investment Trusts 

Oils .. 

Contracting and Construction — ..... 

Wines and Spirits 

.i*iO Share iudi.5 

indtt.tr'al Group 

Meta] and Metal Forming — 


All-Sharp Intfut . 

Electronics, Radio and TV 

Electricals ... 

Breweries 

Coiuuiiici Goods i Non-Durant-; • Croup 

Insurance Brokers . 

Entertainment and Catering 

Food Manufacturing 

Building Materials 

Pharmaceutical Product* 

Household Coeds ~ — 


Merchant Bank 

Insurance fUfel - — 

Banks - 

Vinancia) Croup - 

Properly - 

Discount Houses - 

Food Retailing - - 

Stores . 

Insurance ( Composite) - ... 

Shipping ..... 

Hire Purchase 

* Percentage changes based on Tuesday, June 
indm-s. 


. + Lib 
. + Q-» 
. + 0.3 

- 0.0b 

. - 0-37 

- 0.72 

. - 9.96 

-m 
. - iji 

. - 138 
.. —1.40 

- 134 

- 230 

- 239 

- 3.93 
. - 4.44 
. - 4.7U 
. - SJS 
. - 7.10 

- 7.18 
. - 739 

— 1381 
12. 1975 


&J|> ►.I*. 
it, ; F.r. 
084 ! F.r. 

20.. ! Ail 

70.. i Nil 
1(2.05 l Ml 


176 Hreut Lbeiimmls. 

48 Broun hmn Keul 

53 jtni Cuwiuui lni|>ennl Bilk 


7 a i F.r. 

145 .Vif 


23 1 Nil 
543 | VJ\ 


IConiim .tlniiufni-f urnig 

, sjpmlLK'twii I’nrii In.lr... 

■ i 7ptu : bkluLin If ntici * S..I.I Aiming. . 

(13 (Burvictr fi- 1 * 

,, lOuimHirflair 

w 'Hurw-u 31 Hl-Hit-i- 

, ypfnjH/iR-^en (Alesjunlcn^..,..., 

i3llpiU'.B.VUinii ll.iG.) 

■ 3^4,ii|U..i«tt(TTV Un,-kiul<.nli 

. 25l 3 JtVems 


Has | + i* 
5fi Ut 
42 ii: put '— >2 
5a + Us 
27 b2ptii|+2‘2 
'lapm;— 2 

123 

13 tun ! 

93 

J5j.|nL-l2 
lS^stmi + 1 
4.11 ! + 2 

221a I 



1MJ3 -836 _ 4il 

11538 —024 _ 530 

1ZU1 -029 022 , 5J7 

126M - _ 610 


4 

4il 5 
530 _® 

5J7 l 
430 | 


U3J7 ! -023 j fl.09 j 5J|4 


Veil.. .Tune H Thus. 

.. - Juiie 

Index | Yield 13 



Hemincialion dale ucuplly | DS j das for dealing free Of stamp duty. ■!* Flsurea 
bositt un crwiPi-L'ii.- ■■'.Ijdiji... a Assumed dividend and ?inkL u ForecasthflivIdWHi: 
nnri hawo on iirprimt, '"ear’s nnutD- r DlTidend and yield baaed on ytosiwciih 
oi uiin-i -.niMa. fsuman im ,a/0 u Cross r Kigurra assamsfl- !Ow;r mow. 
lur cun version oi shares Ma i n uw ranking (or dindend or rankido only for jnatncien 
dividend? •- Plamiw. urio- ... „ u |jlic. pt Fence unleM oiher^m: mdicaicflj j Issued 
by <er(k.-r. || un-n-n in hold^ry of Ordinary shares as 3 “ nutirs." | “ isuiro 
by way « caoiialisauon. Minimum tender price. S5 Helnirniti«d. ;. II firmed 


15 20-yr. Bed. Deb & Loans (15) 57.35^12.94 67.29 57.11 o&wj 56.7zi 67. u! 37.14) 57^2 

is Invcslmoni Trust Prefs. (15) 52.34! 13^8 &a.94 sb. 94 sa.et I 52.52 ■ 52.23 i 52.35 ! 53.23 

17 Cowl, and lndl. Prefs. (20> 72.74! 12.91 71.72 71.37 71.34 1 71.34 71.37. 7i.4&i 71.6* 


by way ffl caoiialisauon. i? liraltnuni tender once. H Retnmirtw»l. ;.lirmiK(jl t Redemption yield. Highs and Ions record, base duua and rdwa rad amiM. ^ 1 .^— -.-.t— ■ 

In connection wifb reorsomsaljon tnerser or tafo4n*r SI JnirodoctiOB. I listtrs. A ocw (1st of the constituents fa available Tram the Publishers, the FmMCiaT ntesSrS ta 

to former Preference hulHers, ■ Allonnenr loirers tor (uliy-Kild). • Iftrorislona! j Loudon. ECOP 4BY. pricn I3p. by post ZZp «*wsi Bracscn House. Cam 

or parity-paid allotment letters, * With warrajiLS. 


uf ta Sataromy 
CawimcSrPCG 


H 















































































35 



Etoncigl Times Thursday June 15 1978 




•:-s 


ie ‘S.l 

'•*A 

’■23 

J5.l- 


-*9 
Sr -,- 


V!TY 


:’4t - 


"S s 
3 

-■ 5 



„TY, 


AJjb^ life Astntttce Co. iirf _ - 

oi-aa # !ii *“ s C H^i5 2JJ * ensimB K«aE«a«t Ud. 

I — Portfolio Fund I 1343 i | JB71 ^ Gnccchureh SU liCST 311H fU<iCJ2B3 

portfolio c-pitoMc.7 ::l\ Z “ 

Gresham Life Ass. Soe. LUL 



rA»ac.^„__Bp 

RpPimSIpiu 

StKdll 

|*W- ~TlT|M 







2 PrtBT* ot Wales Rd. &' mouth. KSC TK785S 
5-f- L. wh F«na — „ 96-3 101 41 

BffBr uij 113 0 ,5 9 ~ 

S^F 1 1521 1186 -3-0 ~ 

J?-L {Dll. Fund 124.7 1313 +H 

I..L Ppty.Fund — 1%3 xeii) , J 

Growth & Sec. Ufe Am. Sk.lm« - - 

™ c,r .?? n,t ' Kw-on-Thamo, Bert. '«».»*»* i-'l'. ffi** * ‘''I , - 
Flrjnhle Fin*n« -I agu I , «"•«- firpuu. Kd _. 

land bask Seva. .,._[_ 5£^0 


4R.CnJccc!iiiitrhSi_ l»r 3UH 

Managed Fund p.*9 9 15411 .1 _ 

rnccs June L Ni-i[ dealing Julv A.' 

New Zealand Ins. Cir. itl.K.1 Ud.V 
Maitland Him: e. Smiihcud Mil SJS n702£3CU> 


Kiui Kei» Int- Plan. 

J*nwll i.'n'ji l-'n 

Teehm-locv I'd .. . 

Mirn Inc. Fd 

American t- a. 

Fur timt f.i 


’ A ? 811ranc » Co. Ltd. Gnardian Royal Exchange 

■: SS&W^^sWA 01-1376082 »«rel£«himli&CS. 




,137 5 
893 
943 
72 5 

U/SE 

10*4 

133 2 
964 



Norwieh Union Xnscracee Group 

VO Bor 4, Knncieh NRI 3MG. l«Mi 2^2001 


■:? 9KSBtiS=S&. 
TftBB 


i 


LAce. 






d= 

ttO 

224.M 

|7|jj 

206&I 


V»opertrBOTd* — \S342 132. Of j __ 

Hmn bro life Assurance Limited V 
7 Old Parts Lone. London. W1 


Managed “und 

F-qutUf fund - 

01 2837107 H 'S£Sfc. f *!*S 


Fixed Ini fund.™ 
He port l Fund 

7tor.UnUMu>15...- 


1211. 7 

"‘.4 


222 Cl 


{994 


206.8 


ifiO-M 

118.fi 


+0 7 


"133 E 


PI»eclnl.Deo-~ 

Sauit* 171 

JJnpcny. IU8 

Mannctd cap pfl.O 

Managed a cp 172.7 

Overseat 3203 

Gill Edged 1229 


.ASOSV life Assurance Ltd.? 

AMEVmS^II: XM4 IgS 

rFd.-.10*7 tin? ■— 

**=■* IF 

~*lb ■ 102.0 :::;; 
-fr.9 iS3J ” 


American Age. hfilt 

Pm-PJ. Pen. rap.., hz7J 



-.“5 


Arrow Ufe Assnranee 
3Q.DxhrMgoHoad.WJ2. 

SSt-gS JS, 

81 

|. — t— 9.9 ... 

/ Barclays Life Assnr. Co. Ltd. 
7 232 Romford Rd^E.7. 


gen. Man. Cap, 20S2 

Peo,Man.Acc &SJ 

Pen. Gilt Edg. Cap.. 12BC 

Pen. Gilt £de. Act. ISM 

E« | | Cap. m.9 

gen. BiAcr, 3.40.7 

Pen. D.Ajr. Cep. ^.. 
Pen,D.A4? Arc 


131.6 
1662 
170 4 

147.3 

in.a 

1267 

129.4 
107.3 

134.1 
1561 
2133 
2740 
216.0 
2774 

126.7 

133.1 

130.1 
1473 


oi-4|j» otai Phoenix .Assurance Co. Lid. 

4-5. King WUliamSUtS’-tP 411 i; Q1.C289B7G 

; Wwlil>A» |1U5 

Eb'r, l"h. A..f I 77 7 

; Kb'r. Pb.Lfj.K |75.1 


'Ji.caaiar 

a~..l = 


Prop. Equity & life Ass. Co. 1 ? 
i ia CnMont siren, vm » 25 s. ot-tm rj®? 

R Si|6 Prop. ikL — I *30.8 1*20 - 
no Inquiry lb* 7T a I . . I _ 

FicxMcn.-yiM | iaa*> 


-n — 

Property Growth .Visur. Co. Lld-V 


— L«on Hour*. Croydon. CHUILU 01 tcaoeos 


Properly fund_ 

Pro Deny Kund'A'.. 
AnrjcuHunil Fund. 


Agrtc- Fund. A*... 


. . bey Net. l -unri™ 
Abbey Nui.fii.tAl. 
InvcatrtHin' Fund.-.- 




ay 

Hearts, of Oak Benefit Society 

3-5“ S5JSSE^T“^ w .T^ 

- — I ■— HOJ Semnel Life Assar. Ltd.V Money Fur..i 

NWTVr^AddlxorebeRd.Crey. 0.4W4355 %pS£‘l?«£z: 

.9 160.61 — 

m3 


gPrepBny UoiU BH9 

Propetir Serte# A -pS? 


lfasS 2 ? r * , ‘ — ^ 



-DO.. 

-nl?i 

'■fiSSSK:^ 


13L3 +1 h| 
122.6 -0.1 
116.4 *0-4 
109.3 -*1.1 
lM.fi +0! 
USE 
102.1 
093 
1^ 

m 


01-Mi 5544 HanrendScnM Alta* 


•Current unit eaiae June li. " 
Beehive life Anar. Co. Iid.9 
71. Lombard St. Ed 01-031288 

Bit Hone Jane 1-| J28J5 | | ^_ 

C wwd» Life Assunnee Co. 

24 Rich St, Rooera Bar. Serla. PJSar SI 122 
lirtfy.GtltPkUnMe.1 t»T I J 

JtetmL Fod. June 8-f 1173 [ .™J - 

Coomb Assnnuwe LtlV 
LOlyiU^cWy, Wembley HMONB OL80B8B78 


Man aged Series C. 962 

Monej 1 L-aiu 120.1 

Moniw Sene* a W.l 

f^xedlni S-r. A ... 923 
IH» Man* end Cap, 1407 
17 m. Managed Aee.. 14E3 
Pns.'j'levd.C'ap. — MSJ. 

Pnx. i* toed. Acc 1198 

gens, lajutly Cap— 97.7 
Pwu. Equity Aec— «3 

gna.Kxd.tnLCan 94.7 

1'inFxxllnLAcc SJ 

Pen*. Prop. Cap 953 

Peas. Prop. Acc 


260.6/ 
irail *o.7 


103.7} +04 
mil -o 4 


126 y *0] 
102 J *0 1, 

97S -o 2 
148.2] 

156 J 

no 3 

110 71 
102.9 

300.0 




~ .IgHil IM « A>- 
,<iFttlPSAnr.|lny, . 

4lmmecLA:<nly 


— Prop. tiraMh Pension? a Annuities UA. 

— AI]>’lhTAt l'ttfl-49 7!f-S ..t — 


Mil We: .it . it Cap. . 
Vlav.P-j it,. ..... 

PertKinn F'l l Is. 

Con, Pen. I il _ . 
Cnv Ibis. • nil. UL 

)1an. Pooh, rd . 

Man. Pens, t op. Ut 
iTup. Pen- Frf. ....l 


sal 

Imperial Ufe Ass. Co. of Canada 

Imperial House, GuQdfonL. 


1813 
174.0 
757.7 
75J3 
153 4 
M3 2 
67 9 

*77 
in. s 

170.6 
1396 
159 9 
222 2 
1235 
123 9 

P35 


-11.6 

-0,3 


Abbey Wit TfL. Kffnt. Ltd. (a) 

22-®. lii! . Aflcsburr oa M3W 


AMby Capitol 


l» 7 


Abbey Incuaro. C+2 


y^jejr L'l.-.T,;. Fd 
Abbey GarkTsl— . 


m 


Gsrtnwre Fund Managers ? Utfgi 

X St Max* Axr. EC3A 83P. 07-3803531 

njAmencan T»| (34.9 

Brl ttsh T«l i .\c e. i _ [54 7 
Cuatnodity .Share , hyt 4 


Allied Eanbro GrocpV taKfi) 

ri-.imiiru linr* llutmi. !lrenis»v<*1.Ks»ex. 
ul-5.fi! SSTd tir nn.-nit.ifOd l0277f 145W 

Rd'mnl Ituvlc 

.Mhvdlfil. 165 6 

PriLluiii. Kun*l ... j 
k.btinr „„ p61 


iz) Far Baal. Tnjal_te.9 


33 M-Hlj 
59.9 -*0.3 
1714*1 -l3 
343 +0.3 
U3 .._1 
77 g +0.J 
1505 ...A 
94.4 -02) 
368 -03f 


812 

J3S 

2.69 

0.95 

E.41 

6.46 

330 

5.95 

La 


Perpetual Unit Trust 
« Wait St , Henley err Tarawa «3i2fi?^ 

PpetualCp-Cth-.. p9B fiTJ ... .J 3i2 

Piccadilly Unit T. Mjos. 'Lid.f tai'bl 


Rlort ft Tvi-3 [ierjj3 2 
Allirtf Cjipibl -. i71 8 
!-»rabru>i:nd.. _-IKM7 

II -tsn.ru Ac-. 74-iUM 

lonne Fowls 
HiiUiYl.. 
ilkhlneoc., 

A.K fcJ. 

3nw:!ia6l ^js£ , 

I DU-fr.it 121 7 

Rerv of fiorrl-:a.._. 
Iwriir Fund,.. — K£-7 
SfeeiclbS rsnds 
SctA’lrr Cc ’p Fd. — p5.6 
;trd ‘Jsrir * l-'d. 


ae enuos 

YrndFu. 1701 

Incoc.a— — IWl9 
vj Inc P9.0 


WT.t 


ilrc.-veryj,!. 


<;«T.-«-i.r Job. 

Fryi. Arjr. tV» -4l 


„ _»33 


m 

-1S.3 



HlghlBcomeTxL 

Inrrnne Fund f72.4 

It*. Aaencics U.oq 

laJ/.Bceoipf Fd ..... W7.a 
IcJlnU-TatiAcc.i. M2 

Gibbs I Antony) L'nit TaL Mgs. Ltd. 
93.B)ovfic1ri SI .EC2M7NL 01 5884IJ1 

lat AG. Income- ....WL2 4421 I 838 

ia)AC.GroMhTT..&6 4L43 Z.J 4S0 

iB)A.G.F*rEaM- . fc3 1 24fl| j 838 

neal.njt *Tu«. ttWei 
GWctl Uohu)U 

TT. London Wall. EC2. 0I-58E382O 

S' War. June: 11347 leu ... I 232 

US-Aestna L'nh _ U2.0 mt\ | 202 

Nexl dealiac day June la. 

Grieveson Management Co. Ltd. 


Capital Fund 


Private Fund . . . 
AeeuRlItr Fund 


M7 

IJ7.4 

3I.M -04 
S9 9C+CJ 

435 

OS+ri 

-2> 

454 

^84 

-01 

354 

376 

♦9 2 

ST 9 

. «a| 

-b-H 

S<7 

63 

-o : 

C69 


-j:i 

34 9 

2e7i 



3*12 
Z 77 
4 57 

3 .*• 

4 45 

1M 

238 


Far East Fd 

American Fund 

Practical Invest. Ce. Lld.V i*4c) 

44. BlogmsIwtCf S5.V-C1A2B.\ "l+tUCTna 


PractlcaJ.June 1* -,11510 W! 3| -l^J 42y 


22*.q *07( 522 
Asdcrson L’cii Trust Haugen Ltd. 
153 r«-.L-harch.St. CC3M8AA CSRSL 

Anderv-n U.T. f436 524) 4 A«B 

Ansbachor Unit Hgmt. Co. Lid. 

1 Noble si. vaviiA ai^sse^rs. 

I nc. Mo-iihly Fund. 1165.0 27531 — J 8.10 

ArbKthnut Securities Ltd. 

37, Queen XL London EC-iR 1BY 01^389281 


S0Gt«*hamSt.EC2p2DS. 
Ssrrlagum June 141205.0 

(Aecum. Unit*' IP 

BtngJLVdJuceB,] 

lAenom-Uni-Jt: [ 

Esdeav. June 13 

fAecmn. Unlu> L 

Grochstr Juno 3 r 

lAOm i.inttf-i r 

UL&BrsU. June 7 ._ J 
lAeoom. Uni LSi_ 


010084483 


223.1 

176 6 

jflli 

290.0 

1967 

1793 

103 4 

70.B 

734 


2143 +0.5? 
23Z1 *0i| 
1B5 0 . 

2127 

2991 

2Q60 .„.r* 
3842* — J 


74CT 

76.7 


433 

433 

731 

7J1 

191 

191 


265 

596 

3.96 


Gaardian Royal Ex. Unit Mgro. Ltd. 
Royal Exchange. LC3P JDN. 0I-8ES80U 

laiOauardhmTsL.HO.l 9JJ1 -02| 431 
Henderson Administration? (atfcXg) 


UT Admin, 5 Kayleich Road. HuOon. 


I-.-rlfa Ir+'imc- P*i .. 112-1 9 
Ulshii,-: Vun-1 —1*18 
H.'icviir. Urusy* 

Vi'iiTf.i.OLS. . 
i+e(csc!w* Fund..,)?!: 

• Aeeii(9.Uni*b> 

C^p::ti KtirJ 

CK.r.-.r*iTt; i- uod _.(ij5 
lAceun: I'm 
tur- v.".:rvl y 1. — 
Ftnir-rnp +d .. 

'•‘:anu rcr-1 , 

■ Ar.tRL Un.Ui _ 

Hmwh Tuiw* _ . . 


lAcnjtn. Unlwi _.l 


.‘icuCorOi's f-l ._. 


122.6 1Z0.4I 

3.17 
J.*9> 
id.: 
1522 
1439 

mo 
145 8 
112.4 
L50.S 
1201 


Provincial Ufe Assurance Co. Ltd. 


7US5 232.Bl8hopagalatE.Ca. 


_nared Fd.. 

ProrCaahFd. iW.S 

Gilt Fund a) 1176 

Property Faid „pr5.4 


EqaltyFtand ...—.157 9 
Fxd. laL Fund J95i 


Equity DnU* 

r Unit* 


Jnit.fi 


gquitlM — Wf 

SnJSiaity 

2nd Property J 




2nd Manalf ad 


+0J« 
1385 +0 jfl 

117J +M 

— +13 

viz +o« 
109.7 _ .T| 

lffsa +1.M 

102.1 ..^J 
9S.7 +2.7 

101.1 +e9 

3^:?^ 

1039 +02 


1373 


tSnd Htd. t^Al*L_ 

Current wune Jons U. 


n+ z7j 


Prudeotui Pcs cions Lidtle&fr 
Hoi born Bacs, EC1N 2.NE C1A0CK22 

37 258 

.74 13 

A S 262 


Ca p ifcd Life i m ioaiy 

Cmtixtaa Haase. Chapel AafaWton flOOCSsSU 
max I -osil — 

UU3 |-4LU| — 


SmuS 9S3> 

Da. Accuhl 978 102.2 

Equilf Isjtfal 120J 1A.7 

Do. Acciuil 122.8- 3.9 

Fixed lalhal 1172 125A 

Do-Accmn. UU - • 1268 

IntLlnitiaL Wf |S5 

Da Ace mu. _ 

MwagodinitikL™. 

Do. Actum. . . — . 

Property initLii , 

Do. Aecum. *08 

Usd A G mol (Unit 

Rg^yipf casb Inir. _ 
i\x Ac com. 

Exempt Eqcy. lnlL_ 

City of Westminster Assur. C®. Ltd. §££$fed w 
Hoose. 0 Vkiteboree Read. 

ROZ1A. 01 “ 


Growth Ffi.Jcne 9^ 171.9 7&2l | ™ Prov. Managed Fd..}1332 

Pena. Fd. June 9 1662 71fl 

Unit I rokM Porlfo' 

Managed Fund 

Fired Id* ya. 

Secure Cap. Fd. ,L_ 

Equity Fund 0J.9 109 

Irish life isramce Co. Ltd. 

11. Finsbury Square, ECS. 0J -<£88263 Knn.i wa m.v W, 

BlneCbp.JnseS._{728 76.61 .1 4.40 Fsd. Int M ltW 

■= r™ r - . 

Prop. Mod. Gth—PHl 2924 4 — Hellaace Matael 

King A? BiuxfiOn lid. Tunbridge Wells, Kent 

S2, ConthiD. ECS. 91-6235633 Prop. £kh 1 19U 

Bond Fd: Exempt -tm« 10584} -0021 _ 

Lfingham Life Assunnee Co. Ltd. 
i^ngham Ha. HolmbrookDr.NWE. 01-3035211 
Langhaa'A'Plan— te38 _,. 

gprop. Bond Bill 148. 

Wisp (SP) Mon Fd|7&S - 

Legal 3d General (Unit Assnr.) Ltd. 

KlngsMad Home. IPtagswood. _Tivdwonh I 


01 -24715533 

119 3J 

HOJ 

123.9 ..... 

1M/. 

1+U 

103.4 


KvniCillHi rd-.t 


UTvV\ . wi Um 1 
rerair-* .-•I - 
ti .in-i. L Ir.i Kil 



nrautwDori . Essex. 

IJX Funds 
C*p,GcowthInc — U27 
Cap. Growth Arc.„- ~ 

Innmeh Assets 

Income Fundi 

(M.1 

Extra Joe. fib 5 


0277 J 17238 


p^SeEdarnj—gaj 



OUikNuLRn. 
latmaUenal 

Cabot L87 4 

lowroauonat m.9 

WMWidrJuneB^hsJ. 
Oinrecaa Funds 

Australian 1361 

European. — 591 

Far Cut 72.7 

North Airier 42 0 

N_Am.CrviJi.nrt ,117 7 
CabolAmer^m 1. a. 




Aceum. Units |U3 6 

Provincial Life Inv. Cc. LiiV 

222, Biabopseate. E.CJ1 81-257 G3 

ProUllcUnlls 185 0 3B3 

Hifib lorome jllLB L9,.j *J /j -.J*> 

PrndL Portfolio Mngrs. laUhJic! 

Holborn Bars. EC1N 2?:K oi-:-HEl22 

Prudential ,p253 | 4.45 

Quilter Management Cc. LW.V 

The Stic. Exchange, EC’S JEF. 0I-8Ca«77 

Ouadrenl Gc-I Fd. .I1C7C H7 -51 .. ; 4 lJ 

Qwadran! Income .{1262 i302| | £.01 

Reliance Unit M^rs. LU-.V 
Reliance Hsc-Tunt-rid^eWtlli IJ. 0KS2SS7I 
Opportunity Fd... ,166 6 7L2I .... 1 523 

Se&ordeT. (Acc <... iZ3 tb£ .. 7^7 

SoktorttcT.Inc — ... [41i « M -C-l| 565 

Ridgefield ManagentsaC LU. 

PO Box 4 Kenccds it . Jlwicbesior 

061 TB& met 

Ridgefield Uil. LT.|56 3 1C?C^ ... | 2 72 

Ridgefield lncoiu«.|Wd '’/.."i * 1- 34 

Bolhschiid Asset X^atjemer.! tg‘ 

73®. Gllehbuor lixl . Aslesbury. <233 0341 

K C. Equity Fund. .[1735 iM ] 

~ “ uL4 3 221-J. 

MS 9 1S62.-4 -C a 


93 JJ —02f 2.70 
95^-0 J) UJ 
M I 4 M 


N.C. Ejio , Jle--Tm. 

N.C. Income Fund 

N.l\ Inti. Fd. line to: 6 
N.C. Inti. Fd. C Ace. 4?5 5 
N.C Smllr Cqs Fd, 


fS3-£il in 


165 

4J1 


5S.5 


S63| 


IILT. -0.4| 

||1543 Id-?.? +0.6) 

Rnthsehild Lowndes UgsL isi 
St. Swltiilns Lane. Ldn . EOL 0:02 ’J-J&6 

New CL Exempt— K122.0 129n....‘ 3A1 

Price on — .'.ext desm-.s — 


Rowan Unit Trust Mngt. LHf.'r*t+) 


OFFSHOEE AM 

FI 


0 ^ 


Anrathsai SrccritioS ff-L) Limited^ 
P.I.i. lien 2B4. M Hl 1 1 i-r. Jersey- IK 172 ‘.77 
Up.TU. Jvr-.-j '-.158- 1T)M ■ - I 420 
Nv.l ccj'i-.c date Juu- 

nisicimiTii'ir:. lua* | -.v3 

;v-i „j-. jBitn 22. 

Agsirziim Selection Fond NT 
Ma.-i-' i 'i'l-pr ii:.-!:i<*r. eio IniJi Yuunfi i 
i,»u!ii+-ci'.e st . Sy^ncy- 


£ fei7 & Shirso.i Kgrs. 

1 Clt.v-.si; Cross. £t Hohcr, Jersey. «HS(H73741 
Valirp Hr', ft ?cur Pan. Gnuy. 10481) 24TW 
1 HtfiRu; Street lVeeln.I.O.M (0624i4ffia 


1 nil .Share-- 


. wsri 1 .-1 - 

•,.v.rt VOlMV — 

Ujui !i 07 An:e.-;ja IcCemalioral 
rs Foul^' JW I:-.. I. Lucembnunc G-P. 
ft'H-r.ti tin..-.— - [:■ -aiUff U14J1 .. - I 6 44 
Price. Jl Ji.K; t Sen 9“ h - nay June 14. 

Bek. of Latifi. i S. America Lid. 

+J-68. Queen V: :itrj st. EC4. 01-535 313 
AlcxnadvrFusd , .^i57JB — 1-0.03 — 

:«'(! r^i value Jwe 1-1. 

Banquf Breweries feinhrt 
2. Ruo r+j ! j r..v. -.« R 10&j JJrussi-!s 
Henls v ur.d L L . -1851 L5W| 7 57 

Bsreisjf Ini. (Ch. Is.) Ud. 

I.C'tiH as ro . • l- .Hcliw, Jrs>‘. iJ534 . .1 . 5 1 
hn-reuiar'is-. ...K&5 ^1 01 . { 11J1 

l>id»!iir Vru-rt .U 1W-0.1PI « J- 

•^ubivCL lu ind wllhholt'inC LUCA. 

Barcljj-s Ucro.'ra Sot. IT. O. :«3an! LfcL 

1 Tun+ini S;.ri,.ii! LoJL K2I -3S-55 


iJ:li rurpiJcrtei'i .{9.27 
<iiUTRiaL'i.u.:A.'.._jl332 
«Iil: Fn=. (luL-nsfilt 43 
I ill SrtM. Tti 

V*fi •'i-rlinB, . . .lift 72 
FiRiiinil JIH.34 



Kieiswort Besson Limited 

21. 7enchurc‘i il„ H.*3 


F. 


rdrfr.rtcr Lux 

i : ceni».-.' Iru . ... 

lii- .scc-irn 

Kr. Fir Fjrf Fd 

KPSnll F-jcJ 

K£ J-pis l*aad...— 

i- p 1 . 'Z r.-tk » 


K C. 0.5 Gvth Fd. 
Stfnet Bermuda- 

'L'n::oaa.> DMi. 


LC61 

Ssi E.S 

SCS1062 
SUSU.75 
Sl'SLBS 
SUSU.96 
hLVHC - 
\OJSS 18J0I 


01 -623 BSCS 
3 JO 
4J7 
4JT 
UZ 
L96 
0.79 
0.73 
1.83. 
8.76 


MUfll 


■kUJ ui as London paying ageata only. 


Uoyds Eh. fC.I.) U IT Mgrs. 

Pfi Eoitl9-:.SL He) ler. Jcrsrv. 0554 27SJ1 

LlcydsTiLO’seuN ,|r53 £84] { L29 

Kmi iihiI re .1 - - 


Nexl derail RS dale June IS. 


Ucvds fateroRtiOnai Mgmst. S..-L 

7 T.u-r uu Rnenr-. P B-j« 17(1. I'Jll UcDC'a 11 
Li,»j <3 , ice Orouih.LirMLH MfOSI-DJOl 1J8 
Liuvdi lot Int. f>Ht?C3 Ot) nJO 


Lir.ieorn.1':-.*.. r. 
7V> .V.1-1. 'J.. - . 
Do iinr l -■■:!*-.• 
IV? Int* In.-on-- 

'.Hi 1 ot Mon T - 

lu. Kou v.ii 


:3S3 

,337 

1622 

*90 

463 

!as 


Ja- : 
83 

28 S| *0 ^ 


ItJ 

t Tii 


220 

v;a 

L« 


S7 St G Group 

three C-eaiy Tower Kill EHft 6BQ 01026 4589 
Ailsr.nc Jure 13.-.."' 


ArrhTfsy Unit T 5 t. Mgs. Ud.V faucl 
317. tfij;!. Uoll^ra. WVIVTNL 01-SU 0233. 

Ar. ‘-wr-Fund.. - toft B22sS { 5J7 

lTic.: 6t June a. hV-rt sub tier June 15 

Barela;.'': Unicom Lid. isHfiWe) 

U .-licoii) (In 2T- Hcnruord Rd. E7 01 -534 3544 


Stu Samuel Unit Ts t. MfiTs.t fa) 


Unl'.-om 1 

Thy Auta. -itf.- Jvc.o 

fxci’.usi Inc E53 

r*»-«. Oup :ial |li8_ 


160. 9r4 -021 
414 -04 
87.6 +0.1 
32.C +D.1 
98J +12 
28J +02 
S6J -D.l 
31-Sa -0J 


Do.PMt-.piTp.. 


Pc 1 

iW '-luirtetal 1 

| L-.V)> 

In 1 : cn.+nl 

Do. 1 1 iw.h Art — 
»>i ln- .idV.-Tt; ., 


fflEHlE 


CGQ2S27L 

I - 

RoihssMId Asset Rsangacwtt 


m 

h 

{•'.13 


4431 
ttj 

. JlaTJ 14*j| 

lYtrr: .11 Kr.:- »» rJe»t sub. dJ7 Juce 30. 
De.Rtjntur- — — ki7 f t»S +0.J 532 
DO.;nul.- 7ur.d-.ni33 1227 -CjJ 5.U5 

L+I. V7-|'ii.;rtoTni*pj a 5!»3 +0.1J 151 

essl In.FVt me. J_ki3 ^2-9-3 4-5 
Dd. Arciir- 1713 7*6) — o^j 431 


SL Sui Units Lone, London. ECO 

Oar. 31-02413 1ZL . 
Next SnD. Day Juno 30 

Royal intorenee Creep 


Saric s Brcithars & Co. Ltd.? (ahx) 

2H, l/udonbill ft- £ C3. 01-3662230 

Stratton Tvl. |27U 1773| .._.J 437 


01-0254336] Do. AccncL — 


427 


Near Hall Piece. Liverpool, 
noyol Ebiold Fd. _piu 


Surrey KT2QggU. 


KiwCi fiiW!! 

CtarteriMBae Magna GpvV 

16, ia>oqucr» Sq- Uxbrtdgo UR8 1NE 
Ctatfawfacogy — 1“ * 


.62181 


ChrPae- K flq a and.. 


-^■Kr 



G* 




Do. Accom. — ... 

Ssetnpt lined. Ini' 
Do. Accuse. 


Exempt prop. lull. . 
Do. Accuia. — 



051 2274422 
14Lh - 

Save &f P s uap er Gru^ 

*• GLSLKel* n’s. Lndta.. ETSF 3EP. 0I-55£ 


..bus Z194 

mb. day June £L 
[ SfehopB.i'sle Prc«oressive Hgrat. Ce.V 
I ?, ElrhCpdiK-.-. ECU. 01-5888380 



46 BeechSI . EC2P 1UX 
|bl British Trust 1504 
(Bllnt'l Trust — 347 
(rttMilar Trust ....81.9 
(tilCapj'-al Trust . 299 
Ibl Financial TruiL 91.8 

(bjinccurir Trust 25 6 

IM Security Trust — S2 < 

(WRlxh Yield Tsi — J29.4 

InteLV (2Hg) 

U, Christopher Street, E.C2. 01-3477243 

Itfellnv.ru ad flE.0 9U| | 6J5 

Key Fned Managers Ltd. (aXg) 

2S,KUkSl-EC3VSJ£. 014067070. 

Key Bnero inFd..l7B3 
Key Equity & Gen... b9J 

♦KwiA-unpi Fd. „ 153.0 

Key Income Fund- 76Jk 
IbwFtxodlnLFd... 60 6 
X*J Small Co's Fd.{%.6 
Dtinwori Benson Unit Managers? 
34 Fnechurrh SC, E.CJL 01-436P00 

U. Uni: Fd. Inc. 9131 I 5.09 

AILS. UnilFd Ac— ,106J) 115 ...„. 5.09 
M>d.lm.Tstx.-.l553 593| 447 

L & C Unit Trust Management Ltd.? 

The Stock EchuiEd. EC2N 1HP. 01-688 2800 

1MD1BC. Fd I136 l5 340LB J 7.65 

LfcClnU&Geo Fd.iSs 99.0j \ 1M 

Lawson Secs. Ltd. fisKcl 

83 George St- EdtnbnrKh EH20IG. 031-326 Mil 



Siahons.^si? Cr amrodity Scr. Ltd. 

pit Fox hL r*auj ; .loM. K&iEJIl 

ARMAC-Ms; •' |n43JD .. . j — 

iTAMCi-T— J-r- ilI55 3 225| . .. — 

COUNT* -. urc . |tt512 Z66:l I - 77 

CirilLn.-.li:' d at “SI0 end ■■£2.'J0. 

Bridn* .i5. -meat Lid. 

P.O. lu.i Vl. 0: .71.1 Cai-nm. Cavnwa Jr. 
ViiBli! Iiir^u- .[ 115113 I .... I — , 

\ii>pi>aJ-d .!/«.- : JifeitW )73Jj*0.'lt^ 0.7C 

r. :aock Spin. 

Mngmt. tCZ) Lid. 

■r, Jersey. (6Hi3i'.-5 
ivd Fds. 

;32 9 
Tbfc 

ii>ei 1=« 


.'■li,-!. I.t June 14— 
•I-.t-i r.-.June H _ 

J'ijiid . — 

l.Wum L cilii 



Socutrl fr'eafegu l da. Agio. 

7 N. Mid 3rua d SL, E-CZ 01-5885404 

A;-.- li* Fd ‘lav 31 ,;SI'~ E9 

lardi+i Mi* HI 

tr. i'.rp Mn* :i: _ |S-.:HIS 
’ IT J. , rn-t- Slav J7._K5 i2 
UT Jrs>*j's MiV 24 . [£1116 



BritainiJi T; 
ilnrll.-r. D -j--- 


Slarsry. ^oh^tone tlnv. Adviser) 

JS7. :->pc ft . ri/a'xM w. C2. 043-221 5521 

-iM-et: td Si fl?B I .. .l — 

'.wii.-riiyPui.a_.. 1 SI-MIIC3 | .[ — 

‘."..iV 3 L:;. 2L 


35 6] 


r, ft 
I LI 
i;n 


::iC!nhourg 
-SIDna | I -w 


ia.97D 


Royal TsL Can. FtL Mgis. LM. 

54. Jermyn Slreel. SVf 1. 01-CE9KS2 

SSSSfeT-ISS 5“3 p 

■Wn at Way 31. Nr=t detfiej June .5. 

Save & Prosper Group 

4. Great SL Eel+na. London 3Cyp XE? 


08-72 Queen SL. EdJnhrrih FIC :-7. 
Dealings UK 01-SS4 Bfi£3 or OUi-226 T251 


8S6I-03I 

7)a 

162.7J+46) 
83.61 _ 

idsIr r. 


333 

4*8 

633 

US 

31.97 

328 


Save & Prosper Securities 
Itferntflonal PnatM 

Capital 


3.64 


Uaiv Growth — 
iMRutaS Imre I'rrnd 

High-Yield 153.1 

nigh Income Fends 
High Return.— — [Sa 6 


<n^ -Oil 
27* -C.Tl 
NJl-O. 1 -! Lvl 


S7.r.-02} 723 


Income 
DJL 

UK Equity K>U 

Oreiwm Fnmtary 

Europe gfcS 

U.g__ fTM 


4651 J =J»5 

47.4J —.1 


4.73 


93.91-0 
IJi 14 +0 
C5.0J 


327 

0.M 

2.13 


Bel Inv. Fd. — 
Iropcity Fd." 
Gill FU_ .. 


Deposit FdT- 


Comp PenxFd.t. 


tCJityPe 
~ p-Poit: 


,C652 

ges.6 

Prop.Kmx.Fd.* tcafl 

Gilt Peas. Fd Wj 

DeposFon»jrd.t— 1».2 

Prtoex on June 6. 
tweedy dealings. 



'.■■_ne X —Jane 20. 

Birie^e Fane KaD^sers?(a)tci 

lar-f TTiUiam SL. EC-:F. 2.AS 014S31 

Axei.r'rAnAGta.; .T6 l 2791 J 

ItMtae* - — 2<i. ft £4fi«4 .... J 

Cli I n-: T f-r- 5 S' 91 +0J4 

w- 4 t 



tRmr. Haleriais — BK8 
«Aoenm. Units) — 0.7 
•Growth Fund — .. 552 

•tAceurn. U nilci 614 

landR'arranL 37.7 

tean Fd 242 

; Units! 252 

•High Yield M2 

■*tAeeum. Unilsi __ 57.6 

T\— I au_ -T„— -# 


422 .... 

475 

61/ .... 

675 

4U ..... 

26J -ah 
273 


721 


655 

65S 

2.40 

240 

1-E 

•SO 

050 

3128 

11.03 


Seder Funds 
Commodity 

Energy - 

Financial Secs. 


[759 

[705 

lees. [74J 


na -0.1 

” -05, 

-02 


75 .71 -05j 
775^ 


3C5 

1.76 

2.51 


f> Oollfr ZSrk. .-oi noted Fds. 

1. n:' .1. t T- : .. |S1'M2 S -TI 1 — 

feLHii'bMt I .. |si£6 97V W-ij j 5.! 


.03 


. ^l-i J-i-..- j. Neil dealing lur.-.- IP. 

Srown Shi?:-.-;' TsL Co. f Jersey! Ltd. 
■»i‘i FaVi:-. ft iTdier. Jersey. (153*1-777. 
Fieri ■ n( S mo ‘ ■ > . ICO 25 ICiq I U34 

Eatletrii:*; r^onisgefnoal Co. Lid. 

r • *. :-T. rl^ndlton. Scncuiis 

WIK t! ’5.“-.-:|8 nil: I ^ 

?n«: *T. ;• d Kc** *uh. .1*iy Ji lav 1-. 

sr . ^atlfffui S.. r w 
37 res ;.>■?• -■• me, Luxcmbi-urc.. 

■>piLi!:nu T-r. .....| SCSI 7.51 [ I — 

ChsitprhcL'c-j Jspkct 
i.rj.-mib'.'.ri. i«v. 

Adirroa _ 

illusion — 

Fyn/ab..— 

riwdi 

F.xru>rcr7iir.d 

Htfpano . ...... — , 

Ciive rr-.vc-tnbpncE « Jersey! Lid. 


N??:t S_L 

I-;; IrJ i!n..t 

:;.»V JuneO 1 

Noci: Lie- 

ronl; cf iji.-rmu'Js F-lrlr.s, liomllloD. Prams. 
NAVJudoS ... |55 01 — 1 [ 

PtiT-nir iaiernaiioaal 

PC Do .' TT. Tr. i‘iS.cr p.irt, Curni-cy. 

lnlqr-IWllarh'und . |5 Sj 9 25 8] f — . 

Property Growth Overseas Lid. 

23 Irt'h To ,n. Gibrollur iGii»610fi 

l s. lai'larFund- .1 5U5G.09 I- I — 

Sier'initcunil | £123 77 | 1 — . 


Eiicjszosd Lii’e .Ass. Ltd. 

+.'. [In: ! 5irc*i. poiulaa. LOK. 


nun so siift 

-0 13 

[iM-riTO 52 3 

-0.10 

DfiELM SI- fe>| 


DM22 88 « 23 

-DIO 

;o.m ion 


u:wa 034 



*ti'i23r-:a 

r :i 
516. 


i- iT...- SlUcrTniM. 
j;-. hnurd luj.id P7 

Do I'lapnumHd. 

II j. Guld Rq 

L't. Em. 97-tt. Sd. _ 


UP 5 
ICE 3 
1261 
ICS 4 
171.7 



s.io 

224 


Kctascfci*S Asuet IKaa&gamenC <C.I.) 

P.O.BotSS. Si. Julians 01, Guernsey. 0481 S8331 


Tftlffh Ttlrll—I— Fusde 


Select Internet jJtX O 


277.51 —0.41 222 
- oij 7« 


1 1 -’ler Jersey. GXX rTTSI . 
■ 11001 M84{-*0H| i:CB 

,.i.|4.49 *a!o2|*C15| JIM 

. (Guernsey; Ui. 

I*rer Fort. Gtrorwc. - 
[16S.A 3i3.0| ......j — 


5+2| -04 


Select Income 

ScatbttB Secwiities Ltd.? 

Scotfaita B76 ^-321 3.79 

Scotyldd fe.0. ,E ,| -02 

Scotsbares [=7.7 62 ?Ti +0 A 


b.-rs 

AI2 


ScoCEx.Gth«* pw-JS ,SK-.Ct'+32» IX} 

Sctf.Ex.Yld.-4> ,hS72 1752=1 +Uj[ l»-93 

Price* tf June- li Next rob. dry June 2S. 


Schroder Ufa Group? 

Enterprise House, tatsoonth. 019927733 

Equity June IS— .—I 2272 

Equity 2 Jane 13 219.5 

Equity 3 June B 114.4 

?lxrdlnLJuiMl3- 157.1 
Fixed In: 3JC3C13 K72 
LaL UT June IX [230.1 


K£iSGilLJunel3.U«21 
i: 6c S Se. June IS —5WJ. 
Uagd June 13. >1317 


Legal &' General Prop. F Vjggi Ltd JSSSSSb— §».? 
ILQnm Victoria SL.BCfiNgTr- 8L-248MTB Mono 3 June 13 — U72 
L*GPrp.FtL June 6 (93.9 '083,9'.— 4 — Dugo^lJuae 13 il3 3 

Next aub. day JaJjpC' J^ftertyJunc 13__ ^-4.6 

Life Anar. Ca of Popwlnafe • M^St^BjiSie is! 12 x 6 

_ 30-42 New Bond SL,W170 Hj£ (B-4880388 ^5JgtBJtutcU. m.B 

ih 


L £a-z; Wayd* Bk- Uatt TtL Btngra. LML RwUnt^cCapB. 

H-TT^T 71, LcmbartfSt- ECX „ OMB.MI SUS?i«A- 


d \ varies 


Ut^of WeshEnhister Aanur. Soc. Ltd. 
Tfil+pboqe 9I-8M 0864 


Exvapt. 


-|4K1 18321 1 7M 


Uoyds Life Assnranco 

-«3 SEK T ina l ag J - »- CUtai St, BBA..4UX. 

Commercial Union Gmf 

J^pto'fcXtntderriwfl.BCS. 01JW7S00 

SS1SSSWE5I ■ BS !=[ = 

Ggafiedefetioa life Zaaancce Co. 

9h9MBmyZOMW3A2SE. 01-3420882 


Prop. Pea-CspB— Itt.a 
Pm p. Pen. Acc. E....NU 

*' _ ~ 2 


Vorrj- Pan_G*i . B 

Money Pea. Acc. B. 


2 zr.:\ :::j 

= 

is:.q+<5 — 

Haa - 


j Dctli=s ’T^Cro. 1 'Vfn. iThnrs. P rices June 
ZriizngiL. Tn< rSsnageiMct (a) (g) 
iJCu-il ECU. H.-L WI-636047WWS 





Ct^riai .x.'.. 
Cosrre led . 


-[71.9 


.ra 0 

rpa 

ectaa j-i.v |7T 6 

irsetaX jllJI 

, EitXft C l t 

r.SZ.-- to* 


J r.r.-.-.c-.': — r _. 
GCM i Cvr.*rol_ ...<r 
iitfj «2_ Try’’ 

In.'.iCrowta 732 

Itf’l Grsvdil — .24 

lnveHLTsL^aaiCs-i -ud 

Mlcerajs L5.V 

Nat. ril^n lac &*D 


XHk.\IMioiucv ■ -V Jaa* 

Opt. 5 Prop. JimefrTJfJt 



Lumdoti XndemElty & GnL ImL Co. lid. E,t*tJuclua«7— 


■ Scottish WSdO'TB' Groe? 

— PO Box IIOX Edinburgh EZ18SSU.DSI-CS5 

— lDTj9ySeriea 1 JiG52 

— In*. Ply. Serfteo 

— Inv. Otxh June 0 pTA_ L 


New l *iue 

Noras Asencan- 

Protecaio^iJ. 


Propujry Share# — I 
il-deld &~ 


Suzos Cnu#. [31 z 

Voir Easrar — ^J„6 



Dual. tJicm. -Tuei. ;|97«L tThurs. '•Fri. 

Legal Ec. General Tyndall FtondV 
18, Canynco Hoed. Bn*toL 027332341 

SSffiitedH ia Sehkslnger Trust Maffra. LUL »aK=> 

Next tub. day July U 

Loonlne Administration Ltd. 

XDukeSt. London WIMAIP. 01-4089001 

LeoDbr. 17X8 7X71-021 5.93 

toAccuo [32.4 86.^ -03 4^7 

Lloyds Bk. Unit Tkt. Kngn. Ltd.? (a) 

Registrars Dept., Gortag-by-Sea, 

Vuttibj,'9eitSu!teL 


P.O 'Ui'TAI 
•'isvwi;;ii ; 
vUtoridt i-' : . 

Cr.rr.*;!ii :r 
p o b.--: i. e " 

Is'.nl.M-.n.K 
E>c!iJ uriu, 

?i‘«. : ..;: Il-uh. CaJuur_ir. 

t-eiu Inv . 2 J- . a _[51di 1 r -'[ 1 — 

xteaucJ-.-ir Tr-vestuieni-Trast 


U C Eq.Fr Kay 33 .. 
O JJnr.rd. Juce 1 .. 

0.7 Ini! FIT 

*' '■ SrruTcFdlSDt- 
thy. L'ciRHwidiiy*... 
u . r-:r r:-wii t._ 


5E2 50.71 

ld7 1 1559c 

3135 1 43 

#46* 1556 .. .. . 

1>* 6 142.6 -rL<ri 

S25C5 27 Oh? . .. 1 

Pricft on June 14. Nrtt dealing June 30. 
T Price: on Jane 7. Next dealing June 22. 


2,77 

751 

123 

3.25 

•St 


Try. 


■' Trust iCJl Fd. Blrt Ltd. 

(&3< 27441 


P Ron 1 S-:. Royal Tfc. Hit., Jersey. 0534 27< 

r.T .r.i’l. Fd 95hd [ 3.H 

J: T ; a:'L rJr «.. Fd. kl 453 ! 3 21 

t r..« ct ITcv IS. He\t dealing Jane 15. 


iV.j-.ich IT. j .-icbergasse 6-10 iacXi Franinurt. 

«.’oc:*- r ii: pYMil TS+Jj-l+vj — 

'.p'-Si'Ptr-O'LS — [L iMSMS Ti^| I — * 


Suva <£r Prosper interaattonai 
JT hroid "si. Ft. Hclier, Jersey OS34-20SPL 


(IncorpertfiBg Trtdcct Trust! 
140, South ftrect, Dariisg. 

Am. Exempt B2.9 

:|S! 


Am. (.iwlh „ 

Exempt High ft"d_ 
Exempt Mtl. Ldrs_.' 


ExSalnc-Tst. B- % 1 


01-023 1288 


PmcOOilncd.; 

Du. (hecurn.! - 

sac0od<Cap.i_. 

Da.(Aroum.i , 

Third a sen mol ] 

in (Accutci. 


FaarthtmincJ- 

DQ.CAectun.i__ 


112-4 


53. W — 0 J) 4,44 
74JI -03 4.44 
56.4c +01 3.03 

710 +0J 3JB 
8X2 -03 6.18 
12X8 —02 60S 
US-02 7.94 

7L9 7.94 


Income Dirt 
Inc. 10*V WdrwL 
In ml. Growth.— 

Im-.Trt UaiUL... 

Malta* Leaoers — 

*NU YlcVP — 

Pr-rf. S GUI Trust.- 


K.7 


Property Shnrai — [:« # 
Speaalsx 




ICJX1S3K1 
158 


s=- + 




M 


+6-.-J 

-o.? 


56.9 

m 

gs 


■_.X 


V.I3’ 


Tr. 

=r.A. f ;+0.D e.V 


.. 12 ** 

rari-r^ai ' - :■ 
25.M+5J! 2K 


3.vF/ui i;.:j.-rsaiibeEtt! Jn;. Fi 
P.O. pot Nyt.nL-. Bunmr.a. 

NAVJSht *,.. .pt.'JS.M i£C!| [ — 

Ez-r-sz r .=dley T=i.S5sf_*r?v.L:s.'. 
j' O. l-c i TT' : Inhcr, Isn't' OKX l' 
e_i IC.T. [119 4 12t ?! .... I i I»: 

f. £z c . :::- «. jaj. ii&vfs?rs 

! L i..i'.r-r -e . : lunacy !L1I elT-A 02 t. 
lilts.- -5fM 

C-v_ FJ.J — [ S': -i+> | .... I — 

Fiitlirr- :-TTs;. Sr "aa. t'ZC.z.'. L:i. 

Bs ; ;.tcr.ltc-.i. J.rraiudj. 


: ' TsIiJr-ieunclrjiicd Fund* 

r.- •Fsolr.:-jLa t 8.|9 'Jt 9.74 


C-r 

F.— Fjwtem *S. 

2 .rtr. --.mL-ncafl*:, 

Sab'1 



, 4-0.1 

7.22 739, 

Pie? V~°7\ 

PXJ <Ji! 

!l4C3 UJ3I 
Fund* 


70S 



:vi.’l.',- 137.9 315I-, — 

h.vu i a Muae 12. *-Jur.^ 14. ‘"June X 
JWevtl/ rivaling^. 


:74tlv*si=ser ic.iemst!t>aal Kngt- Ltd. 

%1.!j r-4-x: -• m.. S.. H clier. Jcr:-::'. 0534 73588L 


. Tie Briiich Life Q "cc Ltd.? (a) 


ErDlAcc June? 233.7 

ExtJUnc June 7 U5A 

Mgd. Pen. June a — Jii>2.7 



RLDMiead* 

•Pric*# Jure It Nest d# =l 






2273 

5SS 

m 

JCaimtim laasomnce do. Ltd. 


58-20, 2J» Farbuty, Rending 88351 D Mgd. Pea. June 8 — J2&2.7 262 JJ ..._ 

ii|^o3 Z Sotar Ufe Asssraaee lia^ted 

mxed Interest — — P4-2 360j .--.T4 — J0C12 Ely Pl*c« UoadOa E0HN 8TT. 0U2C2SC5 


— i 2rfrya.i-S , .r--e7 Zt 


The UmdoD A Bfendu»c« As*. Gp.? goi£ 
tonsma pg” 


— . T&eLaMjoltaaiflnftRtat. 



01-08508 




Cup. Growth Ffticd- 
♦ProftEx^tW- 

mm 

Inc. Kurt Fund — 
Property Fond 

Jff &*£ Group? 


mi 

■ SJ. 


W»h 


113.6 

..tm, 

1347 

.Ml,, 

885 

—— 


A (h rw f tfM fngaragee 
lf ^Bg fen > ff.l4Wlfex90anm 01-4387061 

. ocMwtw.1. T ft a i 


isxh — [ - 


Three 9tuys. To«r Hin KSR «»? 0WB84888 

Pere.PBosinn*”-_P2i5 

gssseas — ® 



stairs; ^axserr CC. 
SSL'aiLtJap-'i — 
Dcv-l.mcc.l J-jc+ 5... *#673 
5 O c f i i mlc Trstfs -cj «« 

1 t aaar wl— 

j Caarral £n.7 

1 i-rcn«;. Amu — ~'j> 
j Cfioesh :sv."-cm — El..: 

I Hlghlacoaro— — J'-**"- 1» 

lrai«t rvr 

Oitruu — '* 3 


ci-asnsmi 

Eiri » 


C^ Wh Awi wee Co. Ltd.? 

iJfes,WnWnt)plBl 1XWQ««PE83 



1237 ^OTSJ — 
143.1 


«P-„„ 1B17 


ms 

_ 1542 

SS 


T-' > 




- as 


-•t* . 

•kr 


lH > 


jj*e. 

■a* 



1BS.| — 

Wi 

m «• ESBJKH 1 

^ — j *^eea on -a U pc^%Jnne X —June A 
HerehaQt In vectors AmwWW 
J25. High Street, CEoydcrt 




:C ■- 


:;,i* 

■+r. 


CTtamfeY «reann^> Crt 

.*aas ssssasr' ««»■ 

EmHyA Ltw Ufo ^^L 80 ®* 
>!SiSwB09d;MUMfecqhj» 


in2 

^9 

160.9 

SI 

fif 

10X0 


Son AUlsace fend FgaagEi. Ltd. 
Sim Alliance Houm. Bor aham. 040384141 

aaM3±raa M, i = 

Sag AUlosee U a t h! Life Itts. Ltd. 
Sun AUlsace Hocue. Harohgni (<43584141 

U4. 

117.U _. — 

li^^oiS — 

Sob life e& Csnsda (U.K.) Ud. 
01-M8J71 2,3,4 CoekwrSt, SW1Y5BH 01-030 5400 

SH ' 



i*ens. 

Mipty. . ■■ 

__ Managed. 

NEL Vhttsfena Ltd. 
jltHoe Court, Dmtog. Sutrer. 

sasufeff. 

S8SS%%.m 

Nmlex^iSlncAfr- jg-i 
Nnl«OthJ P cC^- gg 

«tasaffuswsga 


■«»se=3 H 




Target life Ammutce Ca Ltd. 

K ^ a ** mm 0MS85*i 
*t=W F- 


SSrSdA«- 






Prop. FtL Inv.— 

«Bll Fixed UU. Fd. loc. 

, Zr Den Fd. Acc. Inc— 

In'jt v7- - Brf. Plan Ac. Pen.- 
* v - 11 BetPlwCap-FBiL- 

ItaLPUmMBaJvcc- 
RenFUnMan-Cbp.- 

dUtltaLAee. 

mn Pee. Cap 

ftadatanittoal Life las. C*. LUL 
3 Bfevu Bids*. EC41JCV- _ 01-4056-137 

Tbbpliirart. F±~.I1<L2 

K m:. 
SsEkSSrM* Hr.: 

Trident Life Aenuanee Co. Ltd.? 
Benalnde Boom. Gloucester 045C38541 

JOnamd taxi 33X« +J-S 

Had. 


3 . * 

;£ 
: r> 




>41 


-aft -S 


: ‘ ■T.'nieBiUJdtnR and C3vilEnginering P a S e 
2 , ^p ntiJjsjie d ^ the Jlnaueial Tiroes every 
; 7 Monday and carries news Items relating to 
coin tracts and important developments in 
, tbie Gonstniction Industry. 

J: i" : SeUSls <j?M«dvertismg space 

; ; available on the page each week, and costa, 
yoUarem^itedto telepb° ne 

; \ : '-.••/ . ; . ^)i-248 8000, Ext. 360 

' or write to Tbe Advertisement Director 
v . ' • • Financial Times 

. - 10, Cannon Street, London 

^ V./ EC4P4BV- 




iPwnPtfy. 


J fetes. P&y A«_— W37-S 


- ’f’lYdi-Boftd- 
•mu,aiB«ui s — , 

•Cath value 


i KSSS!= 




Growth Acc. 

P ena Mhg tLCftp.— 
Pens-MhCcL Aco... 
PtanGtdOTep.Cap.- 


PBDxGtdXiegAre- 


111G 

117.0 

10X9 

ms 

112.9 


for £100 prsmium. 
TywfeU Ainra&MffeBiioiaV 
1R Cwyns® Road. BrtatoL 
S-Way Jun# ~ 


0272 32241 


^wg’PHn. ttylfi- 


Ju na S- 

MuSlS-WJuucJ- 


12X9 

UX3 

1W.9 

SrJ 

l %2. 

ISAS 

2S3-8 

17X8 
8 5.« 


KW2- 

Tsferadh Assurance 
41-C Maddox St, Ido. W1R8LA. 


KxangedPd- 

*' Fd-- 




m 


1S3X .. 
2021 -0.3 


1751 
177.E .. 
174-55 : 


P1-CS4C23 


+06 


I C3sa rtrad — 

Vanbrugh Pensions Uahted 


; fef V * 

Gtunntood we Tni Base RtfW shin. 


Welfare Insarmce Ca Ltd.? 

I The Less, ftalktmcne, BbnL CM3S7333 

feSSSSSffisL.JS-i^'' 

y ^ jEaBSer Group, 

hnidxor Life Assnr. Ca lid. 

[IHljthStretf.Wmdw*. Windsor 6e:*H 


PortorouncJ >.-• 

Rcemctj — Eft 7 

Exsi-C.Jui.fi U pr.9 



Lloyd's lile Unit Tst. Hngre. Ltd. 

7^-BO. GShhenw Rd.. Ayl—hmy. 0306841 
Equity Accarn. {1572 26U|-flL3f 4JS 

M A G Groijf (pNcKs) 

Threr Qtayi. Drew uni. EOR sbq, OHBS 668 
See elflO Stock J^chuge Deallus. 

Anencan— -152.7 564 +03 154 

574 +04 D5« 

_ 50T +0J D7S 

t-ftccim VattSJ 562 5J.J +04 i7E 

Corunodlty JkB ■ 81.7 +OA 434 

(Accunt-Uidtii BL9 SJ.O +0.fi 434 

•.otnpouad Growth. 1C7J0 1154 +07 3.71 

tVinvt-rsiou Growth 64.4 69-5 +03 2J0 

Coer era! mine. 63.6 47.7 ...... 3.71 

Dividend U7.2 126-Qu +08 7.B5 

<Accum.Un|trt 2222 2M.4 +14 735 

Kirope»n__„ .. 49.4 5th +04 >33 

'.ftreum. Unltfll 50-0 534 333 

Extra Vield fi52 90.7 +0.8 847 

.•AcnanUaita! — _ 113 2 1ZE2 +10 027 

Far Eastern 55.7 594 +03 231 

Acrum Units* 510 658 +0.4 241 

v’uod ot lnv.Tsta— ttA *6ta +J-J 4.44 

feccuiu. Units) 753 mjJ+Ofl 4** 

G^icral (IMA 

'Arqnn. Uni lei 


£I4a-....( U-'4 

Wi3 -1 5-3 

J. Henry Schrader Was S £ C*. LMr 
iwt n«n+fa era. 

107. 

CAccunt 

Income 


•'•i.-i!’ l- . Si. S5it.-3 l+l-fil — 

.*,i. in: . ur-’-t '-t — 

.. .111 TJSV5T 1-8 W — 

. rid Fd , PJSi-'JZ H-W - 

FiitelitY WgEii. ILsdsscia tier aey; L'zL 


* l_. 


V7 


01-240 “-C-i 

•j 


I Hse, Dos : : S'- Hclier, Inns-, 

i 1*51*4 IGjHl 


> ' r-.'j"r-.t*' "~ K= - 

i.t . ;-i .. 

-'jrc-iftlF'-i: 1......-- 

•N:rt -ul> <1 ay Juno 


B Jev 

iS 

loo 


■ nptn Income 

lAcc-n. Usftvi 
Ihsciom 


Oosc£ Vsii TsL Karre. Ltd* 

SL. r.-ccer; Bar. Herts. ?.Sar 51122 

Gazt-Goalr-ti -pi-J 

Da.Goc- Acv-ua, ..K!i6 

Do.Iac.rirt [Si 4 

Do. lcc. A-c-rom. K3.1 


■ Arcjxn Unlta)- 
.VidUad- 


«< -04 4.32 

444 . .. 44 2 

504 -04 7.77- 

45.4 -0.1 7.73 


=r ^ +0 

-IS60I +0.7 5.93 

XOJS+32 5.93 

HlS':nciae.ZirE0O-2 1^9+08 

< A-vcuK. Unlttf — -PM4 1S8.9[ +13) B36 


.[1524 162.7a +16 145 

. 153.4 164.1 +16 145 

. 203.4 223.0 +05 IS 

259.9 27X4 +0.6 3.65 

„ 5»A IEAx +0.6 670 

Vrc J— Units)— 2tO.B 2994 +L0 6.W 

Rftct-vcry E-l B7*> +08 436 

t. __ .8 BX4 +0.9 445 

^n'jGta.-^__a9a +0.9 

Aceum. Unittf— ~B574 2785 +14 5^ 

£pvci+l [1617 1724 +04 4^ 

.4 216.6 +0.9 430 


Cape I 'Jebks? BCnet Lid.? 
HKfjUB.-iud&L.&RNlBa (1-088010 

Csfc-.u* P5.a , >XSj 1 47>3 

Lnecrnc -1794 . 892j „ — 


i^c^ru-UnltB) — _J: 

SVK ! SH 

Truxcc R46B 


ncomc June 13 — 

(Aecnm-DnUai- — H74.0 

General June 7 E4.4 

(Accum. Units) 15S 0 

Europe June 1 |SOi 

CAceun. UnlU'....-,, _ 
*PwnJtCharrdArj2Sti5.1 
•Spee.Ex. Imh 7_[ 


+0 71 


S'* 

i.- >1 

C34« 

ITrst Vlldng CczanodlCy Trask; 


ScnesA ilotnl) , 

Si-ri« B iPaciBa.... f 
Series D (AaiAtf.'i 


s? 


c. June 7_tj634 »7.ti .... ! 3.7. 

'Recovery June 7 „|1873 1%-J; .. .-) 

■Pop tit* pcivnnt iunt*.* ^ir.Iv 



S-rLrirfar Life Group 
fcnU- G-nse iloL'e. Porumohlh. 

mua=|« 

M-V.pJ ■-•ue.'ti; i'.PxO 

«S2SS3--^JflS 


070527733 


124.71 _..., 
131.1 ,_., 

1423 

Ill 7 

156.5 

1214) 


For tax esempt tends only 

Scsttbh EqnKoble Fed. STprs. Z2ir 

aa St. Andrew S^_ RUnhurgh G?l-£i+ VA1 

Income UnlU. [JX4 E7"... ! r.Jl 

Araun- Units p73_ ^ et.-. 

Dealinc day 


• i ; 


735 


IV.cos .*n June 7. Next debini Ji sc 2L 

CarU?! Unii Pi ftffsrx Lidjf :a«c> 

Jl^anrtllocso.H-e^enKle-upnn-TyBe £1165 

Cart'd ,g*i 724J +0. .; 392 

Do. A.cciiir. UrjU.,K3 4 65.9| ♦!'; 2.71 

Do.HLJiV'tfii WL' 


154.9) +141 6« 


6.42 

16.64 

7ja 

7X2 

5JE9 


D.1. Accura. Ua:n - t£X.** . tWj -0.7 i 

dsallnK 


«3i+0„‘ XT’- 
r -r3-*r 833 


.-lest .Jjf-lW dels June 3a 

C&nrieu Cidiolzl Savees. FdA 

77L?»So= Vx!!.RU£N IPS. 014781D1E 

1.10362 JA — V.75 2 — l J LbO 

VUamiCi. OnS -Vtulct-K- to Rea. Chsnnca. 


lAcruat-Uatbo toJ 29S.« +xa 

Chcnbred JusslS.1 1116 1 +2-<l 

Cnarlfa. June 13 __ [1462 14M _ 

(Ar<un.Unilx) — _B*14 1S.9I - 

IVnc Si Juno 12—11344 14161 1 

K-n-life Management Ltd. 

SLC-c^rse'sWfe, Stevenage. 043830101 

Or-?-; .-.Units pi3 54.00) J 425 

KsftilJtwr Manegement Co. Ltd. 

J +i’ 3 <: resh«m S1.EC2V7AU. O!-«0680» 

1^'SfcrKS' ^ ::::::! IS 

Ke-xiGry Fond Managers Ltd. 

A7, l.r-hsm SL, EC2P2EB. 01400 45B5 


Sebag VnZ E»asc?s l**-~ "• 

PO Box 51J,EcUbry. 2:e,Lv.‘. 41-3"C:i 
Swbac r j ,i«l Kl-ggA . . . 1 I ’ ' 

fechut Income FdL..pvi $17,-0-, *— <J 

Security Select Joj; TJd. 

J5-1R Lincoln's Ian netd*. TKZ iri-rriete-ii 

Uavt Gth Ttt Ace _|29.I ZXT: | 13 j 

Vnvl CUi T« Inc — pl-0 22.,-s;- ... . ; j- - 

Stewart Unit Tr*. Jiisucer: Li±. .-I 

46. Cbcrlottc Sq.. Edict: crtA. 71 

tstewsrt Anericcs Fntn3 

Standard Unite £7-2 7Z~" ... . j —Z 

Accum. Units [7?.+ — 

WHhdraMl Units _|53.6 573) — 

•Stnmt Brttlsu Cecils! FS=5 

Standard &P.6 1*3.11 .... ! O 

Accum. Units [1E34 l*~o[ I 433 

Dnaibw TPPi. “+<vi. 

Sun Alliance FucJ Ensi- Li/j. 

Sun Alliance Hse., Bcnlum wtdClKl 

WSSSSSti^ M3* in 

Target Tat. Slnsrs. L/i ; ’ tiV-ii 

D+c;!=.^:-C2£3I4-;: 

?r.-j -a xvr 


Jinan Fur.i £. A. 

•7 rue KtfrtNDwn:. f f .-:*-»-s 
F:n?-:..ftune74..,^ f t ->*»■*& l+-l.fe?l — 
*-r.*e VP.exfe'F'jr l L-'- : . 
fsr.-j^cM Ride. KanyJstr.. ronudh. 
r^»<;.r«»-51 '.: : S17735 / I — 

Im.T. MaaaE«B?-~ V •■ 

V r: H -e . JO Finibu- Or: •. „ l^ndcu ci3. 
Tui- 01-T48 BUI. TLi: ftk!0*i 
l.-.ncor, .Axcnts for 

.'.nchor'H Units ,!• V - 

\'.;h<i-r,UEdgc_U-?^ 

. :uc r irj. Fd ;'i ' 

«r vr«*r l n. Jfy.Tn . ili \ r 


J. I?eni7 Schroder Wags £ Co. Ltd. 
Cno&tQdt. S.CX. 01-5834009 


• •ior-u.-ioi.i . 

•| r^jirarMjv:il ._ 
Sj tan : .!. iuae IV . 




-4*021 2.42 


281 

520 

8.15 


r.fi.-n Pit Pa. 

'-.r.r !fc£ 'ATlg — 
•S'!' >UiLr'd._ ._ 

'-.ui Slrrlins - 

. .' [»fu Hind ._.. 
:i0rU 




If. 


2E. 

C.W 

111 


9i’F1197 
. StlSlWJl 
hrftXH . UM 

i-.ptr. ?tl June i - JjU»« 69vj 

Sescy Ar-sorance IntercatLoaal Ltd. 
r.O. 5 -jx 225. Hum lion 5. Bermuda 
I.^3i,:anFuad — |K.S17»3 ifwj | 

Si35’J & Pritahodcr Ids. Age***?. 
2v.C=c=tmSL.ECA fij 24BB848 

l-ckafcadt _ ...../WES ; ?A_,S74|+320J 636 


i«c 

5.W 

C7C 

117 


r,:-fllu 

ticriciore (nvec 1 -. L:<1. Liz. .Igi*. 
:.S; Mr,T Atf.Lon.-:'^.." M! STiM 


VityaTsl. Junoil-I 5U535M I J L77 

:.-rre=SboId rfiaaasetaer.t. limited 
PC' Ac: Z15.J.L Kelicr. Jcrsc.- 0634-71483 
Ceitmo-iii ' Trust _|92.*Si 77.E5) [ — 


Suricwsl /Jarceyi Lid. HI 

WL-fi-fis: H«. Dftn Rrl SI Hclier, Jay. Offli 27346 



,-jr t-riecr. !r-d T;t...1££ M 1*6I-.0.03[ — 

v'osrcrl ro*4 U-1J' 11631 ..I — 

Jap JruJ.’xTrt—.&lltl lX-OTl+OJUl — 


i|lftUM(v Urccstmeni Itt-T. i-ii 
ij . i Dos Xt. i^-ilSv; , 


h.i-iB»re IiitTincrpt'-. "" 17 71 —0.11 13 w 

r,.-xj>w lad iMhim ' Mai • - ! ->.0 


S3 UoU Trnrt K-' na^eni iC.I.l Ltd. 
F s.-uicJlc fl J., SL fti riour, Jersey. 0534734M 

Jersey Fudo [47 6 50 1] I 4.79 

Guernsey Fend . — w?.6 5JJ] ... I 479' 

Itc«: ou June li. Next sub. day June 21- 


Chaner!iJu.7e Japbetw 
1, Patera ost it Row, EC-!. 



01-3412338 

S IR#., 
W* 
325 

5*1 


am 


Met :-ro. Jnne 14.(1776 189.9 --- 

Ac.-.l -i June 14.. 2U.4 '2962 

Mer: ::-!-Junei4_ 652 ' 69.4 

/.me '.'is. June 14. MU 745 .. — 

iS«rc.ErtJI»2S — DAI 2Z3XS 

.■%SCUTl JO. Apr27.B55 26641 


4.71 

4.71 

240 

230 

9.4Z 

4.42 


31.Greshea SUEC 
Target Commodity. C5 7 
Tarns' Financial... Wj 
T arget 3m *y, — , . C~. j 
TrgetExJuce 14— [ 7 -1 J 
*Dt«. Ace Units — £a..7 
Tarvet Gill Ftmd._ CIS.'. 
Tnrecl Growth _ .I2S e 

Targe: Jail- ►•“ 

Do.Reinv. Units — pi* 

Target Urt 

Tree Pr. Jana it — [15 .0 

Tgi tnc lr-75 

TfR-rref..- T ps.7 

Coyne Growth Fd. -llfi.u 


f 


ln.O -041 2.;.'. 


UM>M in«L Grlhj&a 1 , . . . . 

jZsahro Pacific r-.'«7ait. - 
Sil l. CretauugH Oriftr-- l Itnc 

5. f r.: 'I Jill Jl ._WF -*i J-' / — 

lap an i'uod .. . jsr . '. J:-l[ I — 

::-strnrss (Gaesns-.-: 
yxizion Fuad 1 G£.'.. ui.1.1 


Tci;."o Pacific EtaldlngB N.V. 
lnliO'S ViaiEfiment Co M.V, iTUrecao. 
HAV !*«• share June IX 5US53T1. 




: 54* I ii?i 
».<: - j.li dJA 


1>.U 


CJ. biL in? Ta — p? 6 

Acci inlblL- * . .... 

Fnrc June 3 S. T.jxI c e llin g Juno 2L 

Caici^ic TTrst (.Jcasgera Ltd-Tia^^) 
1 1 f-i. -nv. 01-290 su 

Aat*neen- |-Tr"-3 -1 26.21+021 1S1 

Hiahlaramo Ui- +441 +0-14 4— 

Ieum:stl jm! rfi..!in2S.(J 260) -0j| S.U 
Baaic Reroce 7L-.&3 28* +04[ 432 


T:*i : 22d Bulk Group 
Unit Tragt Managers Ltd.? (a) 

I'.ntav -od House. Silver Street, Head. „ 
SSvf'rc’d.SlOTS Tel: 074=78942 


:i«y * Con. .165.6 

l-ft .txua. , 75 A 

Mrt -:. — »2 

5a :'J»- _H0.9 


530 
330 

, 333 

43S-04J 331 


70 6tf +03 

-uM 


CeafciamlieE Funds Mgt Lid.? (ai 
53 Ch iaeer» inae, V7C2A 1HS 01-042 02CE 

Growth Fuad J4X0 4«4i ....4 431 

Cosmoraiitan F-jcd Kanagere. 

3ft r-oiC Szr xi. ioodc n fX IX SE7. 01-S3S8KYl 
C osCOpoln.-nb-Fftl [17.9 M2| .. ..[ 4.7S 

CrescsuC Unit TsL Kgrs. Ltd. «aHS> 

■J HclmCo Cres.. Ehl^burga 3. 031X^3031 
CresroaJC.-cw-b-.lr'l 29U... .1 442 

• U.5J-&3 6.75 

4t-2M-03 SJ7 

clb 


inter* : uonal. 
Dj.Ar/UjU-^, 

Do'X ■’■■■■o' —~te9 


33.9 +0.1L 
332 +04f 
55.4 
6X1 +04 
591^-O.S 

sis -oil 

664 

784 

1893 

1093 


329 

329 

627 

627 

237 

237 

826 

826 

5.99 

5.49 


Target Tst. Kgrr- (SoccTiXill 

JB. Athol Crescent. TIc:c.X rai-ZSrtlilQ 

Target Amcr^afioIXfta 2S £ . . ! }-"9 
TarE« Thistle-. — i«.I C*.-. -v‘i| .5.. 

Extra lucerne Fd._*j'.'J &-i 1 

Trades Union Unit Tot. ECaaager^ 
100. Wood Street. E.CX. (W.9U 

TUUTJunel IS04 F>*'I t - — 

Tran satiaa lie and Goa. fes. Cc. :i 
91-88 Ne* London Rd. Cfcetasr'ord C315 7 >71 ' 


ik ”. 25521 

cti 
.. ! 3 st- 

C-- t'.ittZ jimc 21 
::»dtrto& Earing r.'.jr:. Lid. 

? O. Eo r. N 1723. Nusbu 1 -J^iur. . 

Ja**v' Td. — 


■ i-r >l.v.- Hi. Snurnsey 

■tfiil ""‘-eriT"'“ SUStlM ■ '. 
1 s: :;ei.-ir sfsnar. 

. ;.»i> ".v 5U3f!_f- 

1 :-w+ «• SUJ41.1-.I 

■rrs on Juuc it Nt . 


Ti^iyc Pacific ECdgi. (Seaboard) N.V. 

InuCLf Msncsericnl Co. N.V . Curse a ft. 

>V.V pur share June 12 5US3X1X 

Tj-reial! Grc-tp 

P.*». Dft= 125J Elamlluia X Sr ran da. 2-27G6 
JM ....I 600 


0 .-.'r*ctr. .It, tie 7 ... 171 JJ 4/ 
< Arc.X i-'mu > . — [Sl : :U 79 
47. a, ir.L May 1K....IIUS1K 


- :.Vw S'- st, Seller. 


Barbican Jiinee — 1752 


Diswet jpasrjr Unit Fund Managers 
SvB>oiBrtslcftuSC7.;7AL. 01-624463 
Dts- insane pS£5 173 J*d 4 523 

SL F. Tfiiuchrster Fund Mngt. Ltd. 

OWJe«T+. rcc 01-8062157 

Groat W MicnesJcr— IIS 0 19.4! I 64J 

GLVTi&cn'cr UrtSsJa Cl 21 Cj — 4 440 

Eaaaa & Sadler 7sL fiicggnL Ltd. 

SK Arhflcan Si, S.W 1 01-4787531 

Steson Dudley Tri [675 Tit) +2.91 

SqaitSS £«fu LUL <3) ® 
4IBDbop'13ie I £CT 01-S8&2&51 

Pregnsiivo [fi“.? 7Lt^ +aa| 3.90 

Exalt? is 1Z97 Us. Tr. BW iLXWt) 

Aiwwiir. 4r_ Hlch Y.'y combe Oft94 35377 
Rjuiy.IiL.iw [i.7.0 7<L5J-02[ 445 

FrssiLcstaa Unit Kgt Ltd. Ca) 

5-7. fcri.mii Yard. E-:«35Cd. 01-243^871 

Ameri-rufi — — jSlfe EA3 1.0-1 

124 6] 1« 


S5u:t> bjtempf. bra. 6 

Cj ■- + !»* li*”* . 

-Pnf. s at Hay afNext dealing June 80. 
K'.=ric3- Fond Haugen Ltd. 

Kustcr Hsu. Arthur 6U&C.4. OJ-833 1050 

Vlrs:sr JuneO — »3 J £57 

F.*x-’-M»y5l._^_|90.7 94.7} - - 4 5.« 

KELA '-'nit Trust Mgemnt. Ltd. 

C!J Street, SW1H9JG. 01-8307333. 

1 G- - Ur iu H04 «2! +0-61 4SI 

K’_-:rsl Unit Trust Managers? faKg) 
lb. •-Tc^nall Ate. BC2R7BU. 01-3004010 
MtbUlf'se-Ftefc — pav SS-3 -J-9I S-S 

733+0^ 7.3 
S!ueCMp_H4.0 41 & +02) 62S 

HiiOlVTctgM 60.4| +04[ &M 

N&itcxal fend Commercial 

ai. Si A n 'Fro Square, Edinburgh BS1-5W 8ISI 

Teror.'Hayai- — ng2 1572) J 600 

(Acrer- Units — _®H2 Hisol ...j 6.00 

C.ipL June 14. 0268 U1.3 3.66 

lA-.cum. Unit*!- |1542 +3fl SB 

NstiansI Provident Inv. Mngrs. LttL? 
48,UroeeeharebSt,BC3P3HiI 01-62343)0 
14 P.i. GU--Dn.Tn._WS2 484 i 
lAceurn. Vnltep — k52. 58J 

vpi 0‘w:.i4-TrB6t_tl24fi 13L 1 

lAcnss. UniUF*_S3i9 14a.. ^ 

«Pr:r-.-i ca Map 25, Kot dealing June £- 
•PnS! June 14. Next dealing June 29. 
Nstiaed We»teiinsto?(a) 

;0I. C!:c-pxide EC2V 6EU- 01 -90S BOW. 


lAceuiu. Uniia-i )' 

Barb-Ex pn garSl-ti 

Eueknv Junes } 

« Accum. Unite) — — [ 
ColemoJancC,.- 
(Accum. Uni tin — 

CunldJliBo 14 

r Accum. Units 1 

Glee June 13 

(Accum. Unilei 

Mari boro Jose L3_ 
lAceum-Umtei K-i.7 

Van.GwlhJnc U K.f 

lAccnnt Units 1 |£L6 


7R4J 

BS.-Jtf „.. 


*S3 ::::: 


r-r, ; l+ nr June 7. Rear: :j' .V. u'tic J jnt- 14. 

i-lili-Saamsl & Ca Li'i 

ix F- *ivr: Su, Fetor 5 -.i 1 <74 

1 -11- ni-.evTu (ISO. - - +43 

iiil: SannieJ Overc;-* . -ri 5A 
5T. 7!---- Hulro-Dsune. L-’v.*' - ■• *■■: 

1512.3-"' : — 

'□tercaticcai PaeiTT- Izv. liS. Lid. 


-.•‘i.'-Sl JineS 

1. Ac run. Shtreii 

neon JuneS 

incrissii-nu — 
.‘■.•rs-yrd Ju.-i.--7 — 
Acc. L'is.i— 


Jersey 


IE7 5J 
[mAS 
B5 . 
P35 - 
ITSiB 
&72S 


. I-UeJ :unc7.—E0C.i 


■ :i-3i b-uresl 


44S.3 


005 

12 50 
890 
K.O 
235.6 
2S22 
1C5.-4-: 
1572a 


05343733173 


Vicaxy Until'?. Doug lex. tils of 4Csn.D634 
.-'ti 1 :ay |U9.0 USD . 


600 

2J30 

7fi6" 

1128- 


24 111.' 


W-, 
121S1 
2517] 

5C S - 
S9.a -c.r. 

89 


<*45 

*j_: 

on 


1 i 


72-/1 

r rlA 


51< 


P£» Ecl. Tt277. 5S. Tfttt £U 3. -r.---. /-n-... 
JakvfiB E.lui:-.-Trt.|S2J9 7 -ji _■ i — 

J.S.T. yiLL2g.era fJerJ'V' 

Pi Eoi 1S-J, Dn.nl Ttf. |U. . ; . r rj-05.W 77441 
Jerrii'-EsiraL Tst —1163 0 3".' -i ! — 

A. i i ito/ 5i. Ne«rt v.b, a-., Jj. 


-JU.. ?atni. Ko&ycnL (C.E.) Ltd. 

*■; Alulc3stcr Sireot. St. Kelicr. Jersey. 

L\! 5. Pune! |RS99» UIGbj 4 846 


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40.li Flow. Connaught ft-i r-- r. Ji 


12.! 

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Vsn*3yJuno 11 pi' 

VanxriTs 


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(Accum. Units. > *55 

TV IckY Junes- £-5 

(Accum. Units) 71S 

Wick rt. JuneO M5 

Do. Accum. — [71.9 


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Nei asset June 11 

S. G. V.'*r5mrg & Co. Ltd. 

.'.<1 JmihiibJL'n.-i.ECl 


01-6004555 


Tyndall Managers lii? 
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Frankfurt: |m gachsc n lng e r 13. 

Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex S*SS7 Tel: 838-7545 
Lisbon: Praca da AJegria I 58 ‘ 1D . Usboa 1 
Telex 12533 TeL- 382 508 
Madrid: Espronecda 32, Madrid 3. 

Tol: 441 6772 

ADVERTISEMENT offices 

Birmingham: G«i?eHou «, George Road 
Telex 338350 TeL 1 021-454 0822 
Edinburgh-. 37 George Street. 

Tel tra 72434 TeL- 031 236 4138 

Frankfurt^tm 13 ' 

Telex 18283 TeL 554667 
Toads' permanent House, The Eiadww. 
TeL 0532 45M69 


Manchester Queen's House, Queen Street. 

Telex 638813 TeL' 031-824 8381 
New York: 75 Rockefeller Plasa. N.Y. 10018 
Telex 423025 Tel: (212) 488 8300 
Pa rip 38 Rno du Saltier. 73002. 

Telex 220044 TeL- 236,80.01 
Tokyo: Kasahara Building. 1-3-10 UcbLtondB. 
Chlyoda-ku. Tales. J 27104 TeL- 235 4DS0 


SCRIPTI f_ flDC i bookstalls worldwide or on regular subscription trO» 

Copies obtainable ^^^f^. xipartmeoL Financial Times, London 




























































































































































































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NEW JAPAN SECURITIES 

Tokyo, Japan 

■New Japan Securities Europe Limited 

1. Maaiuvi*. Lonupr. EC2R 6JH Tel. 606-6781/8 
■ Frank hue Office: Tnl. STOWS 


MINES— Continued 
CENTRAL AFRICAN 


Price 


ESa 



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L33 | *J 4.7 
Q7e I 2.9( 1.9 


NOTES 


Unless Mbenriae Inches tot prices sod net divtdriute ire l« 
pore and pcomliwUoiia xxu SSp. EattmnUsd pricqfcanilMa 
ratios and covers are based on latest annua] repmsuduxuiuita 
and. where possible, are a tabled on half-yaarty n pares. FfEa or* 
calculated on Uk b**ta o I net distribution: bracketed ngaroa 
indicaie 10 per crnL ar more dlBcmtce tf calculated Ml “uU* 
dbtrlbolion. Cmrra are baaed on TnW dMribaUsn. 
Yields are based <m middle prices, are gram, adjaated la ACT a# 
34 per rent and allow for nine at declared dtoribtdleoe and 
rights. Sccuritw* with dcuemlnatiana other than MerUtig m 
quoted incliulre of (be inwwtment da Uar ptemium. 

& Sterling dcaonri noted sororities which Include iuwAneB^ 
dollar premium. 


. "Tip" Stock. 

1.4 ■ Highs and lan marked thus harts beenwtttutod to allow 
4.7 for rights husoes for cash. - 

3.9 t Interim since increased or reyg-«° v „ 
t Interim since reduced, pas>«-a or .detmwL 

* Tax-tree to wm-reaid***® _on application. 

* Figures or m *** ***««! 
ft Unlisted j-wdnjy- 

* Prla*-at ume of suspension. 

5 l-sic*ted dividend alter pending scrip and/or rights lxnMe 
cover relates to previous dividend or forecast. 

' *• Free of Stamp Duly. 

; *■ Merger bid or reorfianisatiou in p r o g r am , 
f No* comparable. 

■> Rome interim: reduced final and/or se d nead wmlnCi 
indicated. 

} Foracart dividend; cover on earnings updated by Intend 
interim rinlcmenL 

; Cover allimn for conversion of shares not now ranUng for 
dindends or ranking only lor restricted dividend. 

It < .'over does not Allow for shares which may also rank foe 
dividend at 3 future date. No PIE ratio usually provided- 

p Kxrluiling a final dividend declaration, • 

4 livjtiaiul price. 

H No par value. . 

a Tex free b Figuren bated on prospectus or other omt w 

*duaie. c Cents, d Dividend rale paid or payaWn on port 
01 (JPM. -mwr based on dividend on full capital. 
r RenompUnn ywi t riat|i<.M. - ■■ptd dividend and 
vteld. h Asattmcd dividend and yield after scrip issue, 
j Payment from capital sources, k Konya. a> Interim higher 
than previous total, n Right* Issue pending 9 Earn huca 
based on preliminary flgoros. r Anotraiian currency. 
>. Dividend and yield exclude a special payment- t Indicated 
dividend: cover relates to previous dividend, P/E ratio based 
ua latest annual earning*, n Forecast dividend: covar based 
on previous yW* oarningj. v T« Iren op to 30p la ttm £- 
w Yield allows lor rumocy danse, y Dividend and yield 
based on reenter term*. 1 Dividend and yield in clud e a 
special payment Cover does ntd apply lo special payment. 
A Net dividend sod yield. It Preference dividend passed or 
deferred. C Canadian. D Cover and P/E ratio exclude profcta 
of U.K. aerospace subeldiartes. E Issno price. F Dividend 
and vield based on prospectus or «her ollicioJ esttmates top 
1971-71V. r. Aaninwd dividend and yield after pending senp 
and/or rights issue. B Dividend and yield based on 
prospectus or other official estimates lor 1078-77. K Figurea 
istsetl on prospectus or other ollicial eaumates lor 197*- 
M Dividend and yield h«ed on prospectus or flier official 
ejumsiM* for I0T8. N rn vide ad and yield based on prospectus 
or other official c-aimaiOs for I STB. F Dividend and yiel d 
h.iscd on prospectus or other official estimates lor 1977. 
u iiroac. T Figures asMimcd. D No significant Corporation 
Tax payable. Z Dividend total la date. K Yield basad On 
asiumptioa Treasuiy Bill Rate stays unchanged until maturity 
of slock. 

Abbreviations - d ex dividend; mex scrip issue; a ex rigid*: n«g 
all: d «. capital distribuLon. 


*• Recent Issues "* and 44 Rights ” Page 34 


This service is available to every Company dealt h on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per arona for each security 


REGIONAL MARKETS 

The following is a selection of London quotations oT shares 
Drcviou&ly listed only in region*] markets. Price* of Irish 


OPTIONS 
3-month Cali Sates 


industrials 20 Tube Invest.-. 38 

\ Rrinv „ 6ij "Jraps" 6 Unilever 35 

A P.CenicaT-. IS I CL.- 20 UliJ. Drapery.. 71, 

B-?h - 9 Inveretk 8 Vickers—. — 15 

BiM. - H , KC l--r Woolwoiths- 5 

BarrlaysRnni. 25 J-OfJbroke 17 

Kwnuni ... -5 LeRai St Gen. .. 14 Property . _ 

BMOtsUreg-- 15 - m Brit. Land 1 3> 4 

b-pyiJicrs 16 UOJdsBank- a Cap Counties. 4l a 


^a^ (.oaattes.1 
lntreuropean I 


y .\ T 24 “Lois" ..... . 4 g f 5 

Hnii'huitvfen 6 London Brick. 5 lntreuropean 4 

•fimnulA *0 -.....- 5 UmlStsta. — 16 

RurtunW... . 12 Uii« ndf -... 25 lj. 

Cadburys _ — 5 , Vouchee..—— S 

Cwrmuldi ... 10 £"■■■■■;■ {- < !amuc1 Prop*.. 9 

rit-hunl'am# . § MrLs. ibpncr in Townmritv Ti> 

L.^iillers 15 Midland Bank 25 

r iup|up - ' 

EacieStur U Not ««i fianfc 22 


c"""-;- {„ ‘Limucl Prop*.. 9 

% Town & City — 1 . 4 


II >ot ««L Bank 22 r . „ , 

14 Du Warrants 10 ftnt. Petnlems- 45 

17 CK.0 Dtd. .... B Burnish Oil 5 

la Plcb.«sy„ 8 Churterhali— 3 

40 fcH.M - 5 Shell — 28 

9 RankOrg.'.V, 18 Ultramar. — . 20 

29 Reed Intnl.— . 12 »_ 

IB Spillers 3 "«•»"» 


I icn. .Vccidunl 17 C&.0 Dtd. | 

EI.vL'k.. 18 Pl«a*ay„ 8 

i:|:ibo hb IsH.M - 5 

liriind Met. — - 9 Rank Urg. '.V, 18 
ur.,nu M V i. ^ M Retd intnl..— 12 

iuu«riian'„.« % Spdlers 3 

hi k 22 Tescn 4 

iHwkvrSidil. 2D Th*rn 22 

iHoujC-'JFrajcr 12 Trust Hou-scg.. 15 


A fplccin'in of i-’ptlnn* traded ic siven on the 
Lufuion Stock Exchnnfie Report pa^e 















































































































































































awards by 


to become 


BY ERIC SHORT 


SCHOLARSHIPS awarded by 
companies to directors or 
higher-paid employees to assist 
In Lbc cost of educating their 
children are to be taxed as 
benefits In kind. 

The mom. announced by the 
Inland Revenue yesterday, is a 
further stage in the ciampdown 
on fringe benefits for the 
higher paid. It is likely to 
arouse considerable opposition 
from the companies and 
employees involved. 

Many scholarship schemes 
have been established for a 
long time, including those of 
Imperial Chemical Industries 
and Barclays Bank. Aud a 
plethora or further educational 
trusts have heen set -:p very 
quietly since the Finance Act, 
1976, which contains provisions 
for the taxation of benefits in- 
kind for directors and higher- 
paid employees, primarily to 
take advantage of an aujiarent 
concession on educational 
trusts. 

Under Section 375 of (he 
Income and Corporate Taxes 
Act, 1970. income from scholar- 
ships was exempted from lax. 
And until now the Revenue 
has not sought to tax educa- 
tional scholarships awarded 
by companies to nvmhers nf 
an employee's family on the 
grounds that Sec* ion 375 pre- 
cluded such acti'in. 

Now the Revenue has taken 
the opposite view in that Sec- 
tion 375 does not override 
Section 61. ll is therefore 
applying the benefit in kind 
provisions (o all scholarship 
awards made as from yester- 
day. But it will not he applied 
retrospectively. 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


SHELL CHEMICALS UK has He said the Shell plans for a on stream at the turn 0 f the ye jr. j 
baited design work on a £200m cracker had been “ frozen ” after The start could be affei tc. 1 by ,• 
petrochemicals plant planned the preliminary design stage. the industrial dispute at id's . 
for its Staniuvy site on Mersey- shell is pushing ahead with sit !. °, n T ?«® side - This is ' 


By Roger Boyes 


side. The 350.100 tonnes a year its other ma j or expansion pro- ffmmtZS? P lun ,^ I COMECON, the east European 

hkely j ec t, the construction of a £50 m de *? t J tiie comm, ssioQin i . u economic alliance, is considering 


ethylene plant is now not 


to be built before the mid-1980s. higher olefins plant, also at Qc ^^ n ‘latest financial 


results 

s rus&jBzs*jrs “d&sss 


"apj 3 "- =°" o s 2 d & 


drastic fall in the ejected as deters^. plastics and oil ZoZAl 

grcv.th rate nf petrochemicals industry additives. The company annSn^d jester- 

markets it? Western Europe and jjf. Fairti0Usb ssud the com ■ ^ ai . t j, ai i C made a loss of £3.1 m 
by the resulting serious over- pa ny hoped to seek mam board in lbe first three months oF the 
capacity in petrochemical plants, approval for the plant in the jear . compared with a profit nf 
Ethylene is the most important autumn, probably in September. £,3 am j n the same period 'ast 
base petrochemical. It is used u . ar . 

in making a wide range of pro- r’ c +: n , a +p ? ' Mr. Derek Crofton, finance 

ducts from plastics and fibres to rj&uuiaiira director uf Shell Chemicals UK. 

detergents, paints and anti- plane would become a said there had been a very sfighr 

Freezes. heavy additional ethylene user, recovery in the volume of -ales! 

A decision on the future of but Mr. Fairtlough said he was in the home market compared 
the project binges on Essu confident sufficient ethylene with October-December last year. 
Chemicals' plan lo build an even would be available in the UK when Lbe company made a nf 
larger eibvlene cracker at Moss- from other producers for a num- £3.7m. But exports continued '.o 
morran, Fife, in Scotland. Shell her of years. shrink, both in terms of ron- 

has agreed (o lake 40 per cent The latest company estimates napes and prices, 
of the production of the Moss- suggest that even if the 500.000 In the first quarter of last 
morran cracker, if it is built. tonnes a year Mossmorran year the company was “on the 
Mr. Ger3rd Fairtlougb. manag- cracker does doI go ahead there crest of :» wave.” Mr. Crofton 
ing director of Shell Chemicals will be enough ethylene capacity said. The situation deteriorated 
UK, said yesterday it was very j n the UK. to meet expected and substantial losses were made 
unlikely that the two plants demand until at least 19S5. IC1 in the second half of the year, 
would be built simultaneously, and BP are building a £l50m. The company has been helped 
Esso is due to decide on its pro- 500.00ft tonnes a year plant at recently by a significant fall in 
ject at the end of the year. Teesside. This is due to come Feedstock costs. 


ICI gives closure timetable 


BY NICK GARNETT, LABOUR STAFF 


Lower-paid 


In practice, this meant that 
directors and higher-paid 
employees — t b o s e earning 
£7,30.0 or more — will have the 
cost of the scholarship awards 
lo their children or other mem- 
bers of the family added to 
their emoluments and taxed. 
Lower-paid employees will not 
suffer .since th» rules for them 
are difTcreuL The. scholarships 
would be (axed on its nuinahle 
value and this is non-exisleiiu 

The only exception being 
allowed is where there is a 
fortuitous connection in the 
award of a scholarship and em- 
ployment Thus could occur 
with a scholarship scheme 
awarded by a company but 
available to tbe general public 
and it happens lhat a success- 
ful applicant is tbe child of a 
director or higher-paid em- 
ployee uF that particular com- 
pany. Making the scheme 
available lo ail employers of 
the conipanv is nm 
u» avoid tax. 

Tax accountants were quick 
to react to the Revenue action. 
Mr. Roger Brown, a partner in 
Beardens -chartered account- 
ants, said that “very large sums 
of money are involved. 1 ' He 
predicted that the matter 
would end up before the courts. 


Continued from Page 1 


Fishing 


and do not take his hints of a 
bilateral deal very seriously. 

Christopher Parkes writes: In 
London Mr. Silkin spoke openly 
of his plans to discuss the possi- 
bility of a bilateral fishing deal 
between tbe UK and Norway. 

Reaffirming the Government’s 
determination to win more con- 
cessions for the UK fishing fleet, 
he accused the other EEC gov- 
ernments of being “inflexible" 
and warned he was confident of 
winning any drawn-out war of 
nerves. 

Britain could tolerate the ab- 
sence of a common policy longer 
than other Community countries, 
he claimed. 

The strongest opposition to 
the Minister's drive to win 
special fishing rights for the Uk 
fleet within a band 12 to 50 miles 
from the British coast comes 
from West Germany. 

British waters comprise some 
60 per cent of the whole EEC 
fishing zone, and the most worth- 
while stocks of fish are found 
■within 50 miles of the UK coast. 

These are the fish which will 
most probably be traded off 
against fishing rights for EEC 
trawlers in non-Community 
waters. But no such bargains 

can be struck until the Nine's 
internal wrangles have heen 
resolved- 

In attempting to win the best 
deal possible for the British deep 
water and coastal fleets. Mr. 
Silkin is therefore frustrating 
German efforts to win back 
access to rich grounds off 
Iceland. 

A bilateral deal between West 
Germany and Iceland is not 
possible mainly because tbe 
Federal Republic's waters hold no 
attraction for the Reykjavik 
Government. 

The Danes and the Dutch, who 
have more to lose than the 
Germans in t be longer term, have 
so far ridden along with the 
Boon offensive. Mr. SUkin's 
renewed resolve, however, may 
now persuade them to adopt a 
more ” flexible ” approach. 


IMPERIAL Chemical Industries No further meetings between further 100 to 200 jobs could be 

said yesterday that the shutting the two sides have been planned, put at ii.4- iiiiia about six 

down or two or three of the More plants on the site are weeks. 

smaller plants on its petro- likely to be affected but the enm- The Amalgamated Union uf 

chemicals site at Wilton, Tees- pany says any repercussions on Engineering Workers and the 
side, would probably begin ICI customers would not be felt Electrical and Plumbing Trades 
within four to six weeks. for some time. Union are re-fusing io co-operate 

This is in addition to the The company is maintaining on the Training of fitters 3Dd 
smaller of its two ethylene plants production of the larger of its electrician* artificers until the 
which is being shut from Monday two ethylene crackers which. eom?an> improves pay rates for 
in a dispute with two of the with a capacity of 450,000 tonnes, craft workers, 
company’s manual unions over is more than twice as large as the The union* s ay the shortage 

the training of artificers who one that is being shut. of artificers. '-ho are vital to the, - _ - , 

service and maintain control- The close-down programme, saeftv and reliability of high would affect Komama 

room instrumentation. which ICI says has been forced pressure chemical processes, can 'alone amon tast turopean 

The shut-down plan is based on it by a severe shortage of only be overcome by improve- has a _huaterai agreement 

on lCI’s belief that tbe 18-month instrument artificers, will affect ments in wage rates. | v *' ,tfl the ., EE i" °S5 

dispute will not be resolved about 50 workers to begin with. The company maintains that it strong criticism from Russia ana 

quickly. The company will attempt to could keep sufficient numbers of 

Mr. Brian Jenkins, personnel find alternative employment for internally trained artificers. »o 
and Wilton site co-ordinating these men, who work on the ethy- help it solve its undermanning 
director, said there was ** no lene plant, within ICI. in the control rooms, 

reason to expect it won't so on." If the dispute continues, a News Analysis Page S 


a crucial change in its voting 
system. This could force the 
economic policies of smaller 
Communist states into line with 
the Soviet Union and provoke 
serious strains within the bloc. 

The nine' Comecon members — 
The Warsaw Pact states plus 
Mongolia and Cuba — are 

expected to discuss the new 
voting proposals at a summit in 
Bucharest at the end of this 
month. The proposed change, 
according to east European 
diplomats, would mean a shift 
from the unanimous voting pro- 
cedure to a system making 
majority decisions binding on all 
member countries. 

Dissenting Comecon states so 
far have been able to express 
their disapproval with the 
alliance's decisions by simply 
not taking part in the final vote. 
Although tbe vote would be 
presented to the outside world 
as unanimous, the dissenting 
state effectively could ignore the 
decision unless other pressures 
were brought to bear. 

IS the new voting system goes 
into effect Russia, which seeks 
complete integration within the 
alliance, could make majority 
decisions on such big issues as 
economic integration and indus- 
trial specialisation binding on 
dissenting states. 

As a result, Russia, which at 
present often has to aebieve its 
aims in tbe alliance through in- 
formal means or at tbe planning 
committee stage, would be able 
to act with the full weight of 
Comecon behind it. States which 
declined to participate in certain 
decisions, in theory could have 
sanctions applied against them. 

These 


powers 


particularly 
inia, which 


il 


Chrysler sales may 
fey criticism of small cars 


BY jOmi WYLES 


NEW YORK. -June 14. 


THE sales prospects -.r chrvsler’s 
new small car design, marketed 
□s the Dodge Omni and the Ply- 
mouth Horizon, may have 
suffered a severe blow today. 
The models became the first 
U.S.-produced cars this decade to 
be labelled “not acceptable" by 
a leading American consumer 
organisation. 

Chrysler quickly responded 
that the designation was “ grossly 
unfair." But this award from 
Consumer Reports, the monthly 
magazine of the Consumers 
Union, attracted heavy media 
attention today. It could have 
an immediate impact on the 
market for the car?, whirb have 
sold 165,000 since they were 
launched at the start of the year. 

The cars are not sold in the 
U.K. but are sold in Europe as 
the Horizon. 

Chrysler already expects to 
lose money this year and can ill 
afford a sales decline when the 

new car market is buoyant. 

The controversy has attracted 
the attention of the National 
Highway Traffic Safety Adminis- 
tration, the U.S. Governments 
safety watchdog, ft said the 


magazine's reports were ‘‘poten- 
tially ' very serious ** and The 
Administration would look at its 
te&tin® methods and findings. 

No compJoiiTur aoout tu*. *.a r * 
steering had been received from 
Omni/Horizon owners. 

The. magazine concluded after 
testing three Omni/Horizoo cars 
that the design was *' the most 
unfortunate car of the year." Its 
claim was based on the results 
of “directional stability tesrs,” 
one of which involved twitching 
tbe steering wheel and then 
letting it go when the car was 
travelling in a straight tine at 
50 miles an hour. 

Journalists were shown Sim of 
the car veering from side to tide 
instead of straightening itself in 
a way which pad heen demon- 
strated by about 150 othur 
models tested by tbe magazine 
in recent years. 

In a second test to establish 
the vehicle's stability while 
swerving around an obstacle, 
again at 50 miles an hour, tbe 
film showed the car swinging out 
of control and turning a full ISO 
degrees. 

The magazine’s testers gave the 


opinion that controlling the car 
in such a situation “could 
require mure driving skill and 
experience than most nopy 
fission a 1 drivers possess." V 

Artei film SUu.r C^riS 
Kennedy, Chrysler's manager for 
motor safety development, said 
tbe "twitching r.sf* was F‘ un- 
usual and freakish and has no 
relationship to the use of the 
car by customers." 

He acknowledged that 
Chrysler had discovered the 
erratic behaviour in its own test- 
ing. The company had not found 
the car unstable in avoiding an 
obstacle as Consumer Report 
said. 

9 General Motors Corporation 
said it would recall a total of 
598.000 1977 and 197S cars in two 
separate actions. 

About 333.000 ISiTS cars 
equipepd with certain VS and 
VS engines will he recalled to 
determine whether the engine 
fan blade assembly needs re- 
placement. 

• in addition 205.000 mid-size 
1977 cars will he recalled to de- 
termine whether the rear axle 
shafts require replacement 


TUC plans autumn campaij 
for shorter working week 


BY CHRISTIAN TYLER, LABOUR EDITOR 

THE GROUNDWORK for a College, Oxford, and the TUC panies, in winning a week of 3S 


general trade union onslaught now investigate the assiunp-. hours or less, 
this autumn against the 40*our tion ? 9° which the Department's Work-sharing was Urn subject 

working week is beine nrenared work 15 based ' A key po,nt in ? f a recen J in Brussels 

bv the g TUC it enrerfed vested the foment is whether the last between the European Trades 
oy the iuu u emerged jester- cut in the working week, between Union Confederation and Mr. 

ady - 1964 and 1966, did or did not Henk Vtedeling, the EEC com- 

Some unions, notably tbe lead to an equivalent drop in missioner with responsibility for 
Transport Workers, have already the number of hours worked. social affairs, and it will be on 
determined to make X978 the British unions have been the agenda of the Council of 
year in which lo fight for a encouraged by the success of Europe meeting in Bremen nest 
shorter week and otber work- their Belgian counterparts in the month, 
sharing devices to help the public services and in many pri- Firemen’s talks founder 

vate firms, including oil com- Page 16 


unemployed. 

The campaign win now be 
greatly strengthened by a policy 
paper being prepared for next 
month’s meeting of the TUC 
economic committee. The policy 
would eventually be incorpor- 
ated in the general council's 
report to September's Trade 
Union Congress in Brighton. 


Jobs claim denie 


BY DAVJD FREUD 


THE INCREASE in employers’ He believed that the adverse 
Calls for a detailed assessment National Insurance contributions unemployment effects of the s»r- 
of work-sharing — principally by a proposed last week would not charge were likolv to be more 
phased cut in the working week cause additional unemployment, than counter-balanced hy the 
to 35 hours— ^wcre made at yes- senior Whitehall officials said beneficial effects on c-conomic 
rerd3y’s meeting of the economic yesterday. activity of the amendments, 

committee. Witnesses before the Commons Thp riemrtment nf 

TUC officials have already Expenditure Committee’s social - , f, f Employ 

JESS 5ork. prompted £ a Se ™ c ? s and unemployment sub- «**■*. on- its own, 

rpcpn f article i n the Demi rtment ®on>mi l tee denied Confederation the surcharge could cost -about 
Of Employment Gazette which ®”tish Industry claims that GJMO johs. Increasing value 

warned that a cut in hours would the 1 * per cent surchar ff e o° a dded t 10 t 10 P«r cent would 
load to undue amount? Sf extra contributions would cost 100,000 have had roughly th e s;ilue effect 
overtime, could ht? t-xoensivp anri 1®??' _ . Mr. rrank LilsscII. Under* 

inflationary, and cuuld leave ^ r * Tony Larsen. Under- Secretary at the Ttvusurv, said 
Britain at a competitive di^ SeerGta ry at the Department of the CBI was looking at the sur- 
penme ^ Employment said the surcharge charge totally i n isolation from 
• had been proposed to recover the all the other tax changes. “The 

That assessment has been £500m revenue lost as a result of reductions in income-tax in tbe 
sharply attacked by the trade the Opposition’s tax - cutting amendments will themselves 
union research unit at Ruskin amendments in the Budget create employment.” bu said. 


it is conceivable that Comecon. 
with majority backing, could 
declare itself against such agree- 
ments. Romania then would be 
faced with the alternative of leav- 
ing Comecon or rescinding its 
arrangement with, the European 
Community. 


Supporter 

Romania's disquiet with the 
proposals was made clear in a 
report from Bucharest issued by 
Tanjug, the Yugoslav news 
agency. Often, when Romania 
wan’s to express disagreemeni 
with Warsaw Pact or Comecon 
policies, 1 1 ^oes so through the 
medium of ^uguclavia. one of its 
ciasest friends. 

The Tanjung report was quite 
unambiguous about Romanian 
feelings: : "According to 
Romanian /economic experts, tbe 
new clause in the statute would 
run counter to strengthening the 
economic sovereignty of the 
members; Romania is a 
strong Supporter of economic 
sovereignty for Comecon coun- 
tries.** J 

Romania is also a strong pro- 
ponent^! intra-Comeccm bilateral 
agreements. These agreements 
often -involve only two or three 
countries in the alliance and 
promote a relatively intensive 
degree of economic co-ordination 
and co-operation within a small 
geographic area. 

Other east European countries 
including Bulgaria and Hungary, 
also favour such arrangements 
which are rarely mentioned 
publicly. 


a A mSBS 1 ' fiaS:- * ..’7 7^471 O -■ ■-•KT-lSte 

fidex fell 2.7 to 4/U suffering from file - wJnh^ry# 

> as Westland Auv : ■- imoort restraint, that’ JapanW^ 


Par from being a recovery, 
year, it now 
could end up 

craft’s least profitable period for -j 
the past decade. At tiffs stage ' 
the company seems .-to be In '.fBOOr 
tittle doubt that there; will he a : 
substantial reduction -.in. last 
year’s pre-tax figure;' o£ £5Bm 
though it is not yet talking of 
an overall loss for the year. In 1 
1976-77 profits were severely-, 
checked by net provisions of. 
feim. mainly relating' to &.= 
Ministry of Defence contract for 


pany appeara ifor^. 3u?trig 


130 (£ 


the Lynx helicopter signed -in - 
1973. .. : 

Westland said last winter that 
although the MoD contract 
looked unlikely to- produce. Ji-i- J- 
profits for another IS .months, j$oa 
management was determined ~ 
that the contract M must not 


3p Cfr 


Bn 

, Balance <)f 
("Payments 

CtowaotAocoant 


SS^naUyodjusteoj 


TT 







1975 1976 1977 *78 


import restraint.: 
manufacturers 
ins i. 

The great . 

is held to be - Video. 
corders and here,; in r^rtioilar^ 
the half-time figures v - \ 

appointment. - ; Seco nd^uarrec^ . ! 
VTR sales were ohly a 
up over the year and — 
factors hotwithstandihig ■ . 

is 

brand new 'product;. ; JEveh tte "? . 
half-yea riy growto^ofi^S-.Tper vj 
' cent seems, muffed 7 ; and ; ihere is - : 
the suggsubn m the -figures; ' 

the Sony system ^ts'Wsingiiuirket-: * 
share to its Japanese rival, 
veloped by JVC-jfafarosMta. -- J: 


require any iurttK previsions." the gilMdge a market at ^ofs 

months -later it * j i n .<t uim> 1 t died 


Compared with ; lari? 'year’s-. 


Now only six montns jarer it attend oflast week has died 
seems clear that “a substantial >„. r nj^ht brokers 

increase” will -be necessary ^ .£2? ^decided as to whether attributable ^profits : V 

existing issue would go at once, tsmdon and Overseas gyeijMaijUy 


exact amount of needs to be has reported at^buh»hlejh)s^t ^ 

provision could, Westland says, u^™ ut the prospect of of £4.0m foe 195T^^passM?:|ts:. : .- ; i* 


be as great as last year or even. JFJgJ h rt tenn pro fits has dividend, and Isseektogadefer:-v 
more.” Altogether this suggests "t 1 ment of some loim r^jaymfems^ 

that Westland’s largest ope^_^™^ erit rf another Given the depregfecTffl^Pf ^e 
mg unit— helicopters—wfll end; 1 , Q D er cent 1983. industry m which it operates - 

the year with a loss, against * ■S’toSS dfd b“p wS’* 1 " 0011165 “ n0 ^ 

invuuaj uiu . r . , L.., ;♦ in hmpb 


profit nf £3.4m last time. Though trade but it was sufficient to knock 

and yesteraajs udue i n «,wto:2?in 


in most other parts of file group 
profits have been good, * it .is 
hard, from 
now saying. 


while not much worse the shares 6ip lower; to -Sap. . 
x _ rp piearlv not What really seems to- -have .. 
what Westland is SS T “5?ft2wi 1 e speculative m- upset the stock market is ibe 1 ;. 
to come up with a ^ » f “ 1 th 1 speed with whidi the groups 

group pre-tax figure of . more ' ** cash resources are . disappear * 

tiian £3m. ; -j 10 ^though the in g. -As toe . overall fleet bareJr. ,^ 

The problem is toe helicopter caiTeni acrount is still just in covered Itf operating, costs Tatt 5 
factory at Yeovil, where toe after five months of the. year, let alone earned iruffldent. ^ 

earnings of some 2^KJ0 om- Srthe maiii influence on the ^ interest charges L and /parr , 
plnyees are determined by tofe.iit-edsed market over tbe next repaymentSw'Cash bai ® n f^-^ r ® 
piecework earnings of less than ^months will be -last week’s virtu atiy halved to £8.to. ^ ■ 

half that number.. Negotiations- The SC ene has been year the group has to find ai^. ... . . 
are still going on and provision*: a sharp deceleration in other £9m for loan fntereat 
now made (and anticipatedV: Monetary srowth and interest repajtoents and .smce\to& fleet-.-y^ 


of wage inflation over the next Against this background it does profitably, 

year at least - -* ^0 1 really matter whether decided to^ seek- Government .,-.- 

Thanks to substantial advance foda^s issue is oversubscribed. m deferring loan . repay*^ 
payments, including £15m in '- t , ments. .. . 

respect of the new Egyptian - Snriv* . While the trading- puritum is 

deal, Westland’s balance .sheet grim.Xqre has nototagtojose * 

does not show excess gearing. time results from ijy painting a bleak pieture- 

But it has not produced a Sony do nothing to repair the Negotiations have -, fnpt yet / r 
proper return for some years company’s damaged image. Net starred witb the Government 
now . / income for the six months to over the compensation terms - 

Before the news, .Westland’s March 31 Is down . by 4L1 per fo T the Austin and Pickersgill 
share price closed yesterday at cent and the outlook is bleak, ship-builders and in common . 

52p (a market capitalisation of Though D.S. institutions moved with Vickers, it wants everyone 
£31m) its highest point for the tbe price only marginally below to know that it Is suffering 
year. But with the interim toe Tokyo dose of Yl.750 there badly from the Government's ; 
dividend skipped, and the final is not an analyst on Wall Street tardiness. 
in some doubt, tbe-irend can with a polite word to say about That, said, however, its deci- 

onlv ht> down. ' " tbe figures. s i 0D ti> continue to pour good 

Tbe chief problem remains money after bad into subsidis- 
I onp fan the y e “ which has risen by a ing its tanker operations is sap- 

trade weighted 21 per cent over ping shareholders’ funds. Tbe 
The stags obvlbudy had a hey the past year and whose rise prospects for a ieedyery. in the 
day with the tiny £7m South has caused another dramatic dry cargo and bulk, cargo imsi- vii 
Tyneside issue, which was more decline in Sony’s margin on ness seem to be closer t han in 

than 100 times oversubscribed, sales. the case of tankers. - LOF& 

but they are likely to steer clear Yet the feeling is growing believes the market for . the 
of the long tap when application that Sony's problems go beyond latter will pick up in a couple 

lists open this morning. The currencies. Televisions remain of years. Others are far less " 

speculative euphoria which its main product and the coo>- optimistic. 


Weather 


Continued from Page 1 


Trade 


was, only l per cent up during 
the past three months and was 
less than 2 per cent higher than 
the average for 1977 as a whole 

The underlying growth in 
imports looks like being more 
rapid this year. The volume of 
finished manufactured imports 
has risen by 1£ per cent in the 
last three months to a level more 
than 9} per cent higher than tbe 
average for last year, reflecting 
the marked recovery of consumer 
spending. 

Moreover, purchases of Indus- 
trial materials have remained at 
a high level after the 121 per 
cent jump in the first quarter. 
This increase may not have 
reflected on exceptional build-up 
of Stocks of raw materials as 
officials had hoped at the time. 

Consequently only the rising 
oil production has ensured 
total export volume increase of 
2t per cent in the last three 
months and an import volume 
drop 1 per cent over the period. 

Both figures exclude erratic 
items. 

The official view is that there 
is so far no reason to revise 
forecasts of a £750m surplus for 
the year as 3 whole after an 
Klim current account deficit ip 
the first five months. 

Tbe latest figures include 
revised estimates for invisible 
earnings; the monthly surplus is 
now running at £120m. rather 
than flOOm as previously stated. 
This compares with a monthly 
average uf about £90m in the 
first quarter. 

The difference between the 
estimates is that earlier figures 
were adversely affected by excep- 
tionally heavy payments to the 
EEC in the first quarter. 


UK TODAY 

CLOUDY. 

London, SJB. and E. England, 
JE. Anglia 
Cloudy, showers. Max. 14 to 
16C (57 to 61FJ. 

Cen. S. and Cen. N. England 
Midlands, Channel Is. 
Cloudy, rain. Max. 14 to 16C 
(57 to 61F). 

S.W. and N.W. England, Wales 
Cloudy, rain. Max. 16 to 17C 
(61 to 63F). 

Lakes, is. of Man, S.W. Scotland, 
Glasgow, N- Ireland 
Cloudy, rain. Max. 15 to 16C 
(59 to 61F). 

N.E. England. Borders, Edin 
burgh, Dundee, Aberdeen, Moray 
Firth 

Bright, showers. Max. 14C 
(57F1. 

Outlook: rain, becoming dry in 
E. and N. 


BUSINESS CENTRES 



ifday 



Vday 


mid-day 


mid-day 


"C 

■p 



•c 

"F 

Alncndria 

S SI 

88 

London 

C 

13 

55 

Asmdia 

C U 

57 

iMxemb'g 

p 

18 

64 

Alliens 

S 29 

84 

Marttrtd 

F 

19 

66 

Bahrain 

S 40 1M 

Mandiestr 

C 

14 

ST 

Barcelona 

F 23 

73 

Melbourne 

R 

12 

54 

Beirut 

F 21 

70 

Milan 

F 

19 

66 

Belfast 

R U 

32 

Montreal 

C 

9 

46 

Belgrade 

C IS 

59 

Moscow 

C 

14 

57 

Berlin 

V IS 

B4 

Munich 

F 

16 

61 

firms hm 

C 12 

54 

Newcastle 

F 

15 

SO 

Bristol 

C J3 

ss 

Y ark 

5 

26 

Si 

Brussels 

F 1« 

m 

Oslo 

F 

2D 

fis 

RndaDest 

C IS 

64 

Paris 

F 

19 

66 

B. Aires 

Fg 11 

32 

Penh 

C 

10 

SO 

Cairo 

S 39 

98 

Prague 

c 

14 

57 

Cardiff 

C 13 

55 

Reykjavik 

R 

in 

SO 

Chicago 

S 17 

63 

Rio de J’o S 

24 

76 

Coloanc 

F 17 

63 

Rome 

S 

26 

79 

Copnliami 

F 19 

66 

Singapore 

s 

30 

S7 

DubUa 

C 14 

57 

Stockholm 

c 

26 

61 

Editibrsh 

C U 

57 

Strasbro 

K 

19 

66 

Frankfurt 

F 17 

S3 

Sydney 

C 

13 

£ 

Ccncva 

F IS 

61 

Tehran 

s 

24 

73 

Glass ow 

F IB 

61 

Tokyo 

s 

27 

31 

RelBinft] 

F 13 

59 

Toronto 

s 

12 

54 

H. Kong 

S 31 

89 

Vienna 

r 

19 

64 

Jo’bun; 

S 25 

77 

Warsaw 

c 

15 

59 

Lisbon 

R in 

61 

Zorich 

s 

16 

61 

HOUDAY RESORTS 

Ajaccio 

F 26 

79 

Jersey 

c 

1.1 

a 

Algiers 

S 29 

79 

Las puns 

F 

ZZ 

n 

Biarritz 

C IS 

64 

Locarno 

F 

20 

as 

Blackpool 

C 14 

57 

Lmor 

S 

39 102 

Bordeaux 

C 20 

« 

Majorca 

S 

25 

77 

Boaioene 

C -M 

65 

Malaga 

F 

24 

7S 

Casablnca 

F 21 

7d 

Malta 

S 

31 

88 

Cape Town S 19 

M 

Nairobi 

s 

24 

75 

Corfu 

S 29 

64 

Naples 

s 

24 

75 

Dubrovnik 

F 2< 

75 

Nice 

C 

21 

70 

Faro 

F 19 

86 

Nicosia 

s 

.14 

93 

Florence 

r an 

68 

Oporto 

c 

14 

57 

Funchal 

C M 

68 

Rhodes 

s 

31 

88 

Gibraltar 

F St 

72 

Salzburg 

F 

17 

W 

Gui-rosoy 

C 13 

56 

farurirr 

F 

21 

70 

Innsbrud: 

K IS 

64 

ronertfo 

K 

U 

64 

InvorncEs 

S 13 

33 

hulls 

S 

33 

91 

is. of Man 5 15 

59 Valencia 

F 

27 

81 

Istanh&j 

s » 

84l Venice 

F 

19 

Gfi 

C— OtUKL 

F— Fair. 

Pb— F og. 

R— Rain, J 


MARKETING 
EXECUTIVES OF 
OUTSTANDING 
ABILITY 


Currently earning 

£10,000- £20,000 


Odgers and Co. are Mana^eraent- 
-Consuhanls specialising in the recruitment of. 
general management, financial and marketing 
executives. We arc currently extending our 
contacts with young; marketing and sales' 
execu tiv r es o f ou ts tanai ne ab ill tv and am hi i-i mi 



— ,, — they should 

not rule out the possibility of a move to n.blg-r er 
job in another company. We are interesfed 
particularly in those who arc happy in their 
present positions and are doing well*, but who 
nevertheless wish to keep in touch with the ‘ 
market so that if an outstanding opportunity 
comes along, they will be in a position to learn ' 
more about it. 


5 'U 1 - 


A* 5 f£*P> please write giving a brief 

ilific 


summajy oF vour experience, qualifications. 


P avid C: Thompson 


aooutOdgers andCo. 


Any approach will he treated in. the vny 


strictest confidence. 







MANAGEMENT CONSULTANTS' - 

Odgers and Co. Ltd., 

One Old Bond Sf., London WiXvTDl - '■■■■• ■/.: 

Telephone oz-jgg 8Si i - ~ \ ; ^ r? _ 


Registered « the Pom OWca. printed to St. pwj.' — : — ? — ^ ■ .. - .. 

» toFtartiw u±. to*,, ^grjjg ^-jsLe jxs>st---- 

<9 The Fluajiclal • >'v