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.‘■>'5^ l, 4i .■ 




-”" rwarm. aujHe MKBs 



LONGINE 


No. 27,586 


Friday June 16 


WsniA, Sdul5» BELGIUM F, J5 . DENMARK 



tfr.SJS; FRANCE F/.3.D: MANY DM2-0; ITALY L.SM){ NETHERLANDS Fiaj- NORWAY Kr.3.5- PORTUGAL E*cJI>; SPAIN FsafcM; WEDW Krj.lS; SWnZeRlANO FrJ.fl; EIRE 15p 


NEWS SI! mm * in 




ML 



business 


Wan St 

down 10 ; 
Copper 
faHs £134 


• WALL STREET dosed 10.31 
down at 844.25. Analysts attri- 
buted the fall to the Dow enter- 
: Befeta Prime Minister Mr a c ? rrective phase, and to 

^Tttdemans. MoS *£ £2L Bho,u U ' S * monP - v 

resignation alter his fonr.Tu.rtv pp 


g 


. alter his fonr-party 

Govcrn ®ent failed to • EQUITIES drifted lower, with 
’■sjES-aJ*** aastertty fiscal *be FT ordinary Index dosing 

above Its worst— 2.7 off at 469.2. 
: -T^eoua try has beea plunged 111 Hons K °»& institutional 
confusion, since Kin* ^ >u *‘ er s from London poshed the 
'Bauapiun said he would need Han S Seng index: opl8l28 to 
. ttnre tp consider whether to 546.54, its highest forrthe past 
4C?*Pt the resignation. 4J years. 

: Mf. Tindemans’ move could be a /.imv * _« ; _ ... .. 

a tael i cal step aimed at rail vine * ^ILTS Closed mixed --With the 
support for Eiis programme of Government Securities . Index 
fiaal restraints, in the face of 0 -® 6 down at 70.57. 

.stiff resistance from his Socialist _ 

partners:' But speculation has • STEELING fell 2Z. points to 
jieen heightened fay his recent $2-8305, its index remaining at 
Jlness. Page 2 613. The dollar’s depredation 

narrowed to 5.8 per eent (6.0). 

;lcescue plan 

& _ F M • GOLD lost $1} to.-fltti in 

& t S l ^S l 5S lltlst “ ki . IIga f w-1 and in New York the 

^%^SSTi£S^ ar i: C ° meX Jua °. dement .price 
[^Rhodesia if civilian . lives are ® aine ^ points to $184.10. 

°. wen : • COPPER fell again With cash 

fBSGtmSfifiS *"*« «*1» ^ 

^Goyeramenr” policy. Rut a 
pSrirish- airlift would be- under- 

i takes only as a last resort, Rack 

• 


$ffkin warns 



. . . will take unilateral 
-ittcoon -to tighten up on the con- 
,si«T^tioo of fishing stocks in 
jhuaai: waters if there is no agree- 
n a common fisheries 
gghftty at the EEC Council of 
-IffiSGsttEs meeting next week, 

".John Silkin, Fisheries 
, told the ' Commons. 

pledge,' Page 10 

ip -theory 

^eel was. probably- ^ 

V tiw ^temng gear of the decline of £70 to 

■Cadiz ^d'^bis inay haye the paid two weeks. . . .f 

^ Brittany coast in March. '•* OEC& ministers hairo agreed 
STiueiaUurSJ' expert told the to concerted meMurM to steftup 

^rlsn Board of- Inquiry, STow^^.but set .no 

J.4*' - _i -targets, and eight countries. 

- ipcTudJiig'the UK. pledging to 

W •_ -- ■ ensure that domestic demand 

-\PjMJF ITian SnvL increased significantly in 1978. 

.Aii Vasin, the Palestine Back and Pages 4 and 23 

; Lfl>e ration, Organ isalion s rinef in ^ eec plans to order Britain 
* -Kuwait, .was shot dead. Fatah w - -- • 


GEC-U.S. 



may rival NEB 


on semi-conductors 


by max WILKINSON 


The General Electric Company has reached an advanced stage of discussions 
with Fairchild, the U.S. semi-conductor company, for the setting up of a major 
micro-electronics company in Britain. 

The new company would be manufacture of systems. should . choose tu set up a cam- 

set up as a joint venture between GEC has recently come to petitive company at present. 
GEC and Fairchild to make large realise that mastery of micro- So far, uo European-owned 
scale metal aside silicon chips for electronics design and produc- company has made anv sigrufi- 
computer memories and micro- lion wllj increasingly be lbc key cant inroad im>, the ,„^ ss sem ;. 
compuiers. to success in telecommunications, conductor market for standard 

capital would be about military electronics, automation products like computer 
£50iu, but total investment could and many other parts of its memories, 
eventually be very much more, business. ITT is the only company in 

The venture would be in direct AllhnuBh Dr HQf!an d „ ive the UK with Urae design and 
competition with a plan by the no A f ^hlr deiS?s Sf Setllfcs production ctTurt devoted io 
National Enterprise Board to set “J th fl 'Jgj? 1 r h J ijji t hL the US, large-scale memories, though 
up a semiconductor subsidiary JJ™, several U.S. com ponies have 

with £30m-£50m of taxpayers' D , IC ^ , 0 ^ tw0 c °ipP? ni f 1 f British .subsidiaries, 
money and the help of a group nTJ? Tbe French Government is 

of U.S. and expatriate British be ot ^ reat beoefit to eaob other - trying to promote a link up 
technologists. In the first quarter oF this between Thomson CSF and a 

It also intends to make MOS y ear . Fairchild increased its net \i.S. semi-conductor company, 
memories, probably starting with profits to S5.7m on sales of xhe possibility ot buying a 30 
a component which has M.000 $116.Sm. Mr. Wilfred Corrigan, pe r ceo t share in Mostek has 
microscopic cells. the chairman, said recently that been considered. 

.No deal has been signed yet orders for the first quarter were f n Germany, the possibility 0 f 
between GEC and Fairchild, but higher than they bad been in a a jjnk between Siemens and a 
Dr. Lester Hogan, vice-chairman comparable period for four years, major U.S. semi-conductor com- 
of Fairchild confirmed last night However, the company has had pany has t ??n mooted, but so far 
that talks were at an advanced problems over the past few years, siemens -hos «;«?en content to 
stage. with modest profits compared carry orr us own development 

If - a deal can be reached. I with some oF its rivals. work with government aid and 

would louk very favourably on It had to sustain heavy losses to buy several relatively small 
the enterprise, and I think it from its ventures into the con- u.S. companies. 


Industrial 
output 
increases 
sharply 


BY DAVID FREUD 


THERE ARE now clear signs 
that economic activity has 
strengthened in response to in- 
creased consumer spending. 

The latest figures show that in- 
dustrial production increased 
sharply in April, reinforcing a 
steady drift upwards since the 
beginning of the year. 

Tbe Central Statistical Office's 
index of total industrial output 
rose 1.5 per cent in April to 
104.8. compared with 103.2 in 
March <1970=100. seasonally 
adjusted). Tbe manufacturing 
industry index was 1 per cent 
higher at 205.5. 

The increase is supported by 
evidence from industry of the 
increase in consumer demand 
working through. It is likely to 


INDUSTRIAL PRODUCTION 
1970 = 100 seasonally adjusted 
All 

industries Manufacturing 


has a much better chance of sumer market, particularly in Neither Siemens nor Thomson 
success than a company set up digital watches, which have been has achieved any success in the 
bv the British Government," he losing money at tbe rate of $20m mass market for standard semi- 
said. to S30m a year. conductors. 

Fairchild has, for some time, GEC last night declined to Like the two other British- 
been considering closer integra- comment on the plan. Senior owned companies in ibe field, 
tion with an electrical company executives are believed to be Ferranti and Plessuy, they have 
which can use its semi-conductor surprised and slightly puzzled concentrated on specially 
technology in the design and that the British Government designed circuits. 


inancing of Govern 



•’Sir* 


*• -^vait. w^spor aeau. pai«u ^ end of July to abolish 

or mo&fy its system of interest 
;:SfS”a. W me re r far* UK suppliers of 


tfa 

synthetic 


North Sea oil equipment. Page 2. 
: MM AAn ' - At the same time. Commissioners 

WjOOu r al U ■ lave bad to delay decision on 

Four -jimutti men "-smatefced proposals for “crtels cartels' 
f 147,701 '--in : wages irom - a' protect sectors like synti 
- Secuncor van at tlie . Greater fibres .» they nwy 
London Council <^Jolral Worm- competition rules. Back Page 
wood Scrubs.-.West London. A __ ... eX p ress total 

^ £14,000- reward tea been offered. Jg - m ^ 40-hour 

f _ . \ ’-V^s-% ..i:-* working week when it meets Mr. 

Boys OlY; the; run-. . Healey for talks on the next 
•*» 01 V* **>*■ ■* d ‘ Plge 

v : Overpowering , 

f^sysStSfSI^S' Ra cal may 

5 " whiie four sell SA offshoot 

^Trirpained on tite coach- . raCAL ELECTRONICS 

I - close to selling its South African. 

^ Brfefly.. ’ • aob«dl^\ ^a^JSlecffomcs &A, 





Sis ^ *’? 


BY 


RIDDELL, ECONOMICS CORRESPONDENT 


AjxtE&NAVlVE to. (he. present yesteriiay was that no formal seasonally adjusted, in the 
method of financing thfe Govern- study had been ordered by the period, compared with a ceiling 
merit's borrowing needs , are be- Cabinet. of £6 bn for the full 1978-79 bank- 
ing.' studied in Whitehall. But officials are thought to be ing year. 

. This is being undertaken as a re-examining alternatives to the Sales of gilt-edged stock were 
result of the funding crisis which present system of selling rap insufficient to cover ti.o borrow- 
ledjto last week's credit squeeze stocks — for example, by regular ing requirement arm sterling 
and: rise in short-term interest auctions or tenders and by intro- bank lending to the private 
rates. during new types of stock. sector rose sharply. 

There is understood to have It is not clear what this Bank lending to the private 
been dissatisfaction within the informal study will achieve, us sector in sterling rose by £770ni. 


Cabinet about a system which 
forced the introduction of such 
measures less than two months 
after tbe spring budget. 

"Mr. -James Callaghan and Air. 
Denis Healey, the Chancellor, are 


in the 


Money supply table Page 6 
Editorial Comment Page 22 
Lex Back Page 


seasonally adjusted, 
month to raid-May. 

The extra contribution from 
this source to domestic credit 
expansion was TTSlm, compared 
- * — with tsrsnt and --262m in the 

believed* to have been irritated alternative methods were con- previous two months, 
with, the Bank of England. sidered before tbe recent pack- Some of the rise may have 
They felt that the bank had not age and rejected after opposition been due tu borrowing in 

•fulfilled assurances, given at the by the Bank. anticipation of possible credit 

time of the budget that sufficient The extent of the pressure restrictions, although there has 

gUtedged stock could he sold leading up to the package was probably been a rise in the 

without drastic measures. revealed by the money supply underlying growth 


1976 1st 

TOO. I 

10U 

2nd 

101.5 

1033 

3rd 

100.9 

103.4 

4th 

102.8 

1043 

1977 1st 

1032 

1053 

2nd 

101.9 

102.9 

3rd 

102.7 

103.7 

4th 

102^ 

103.2 

1978 1st 

103,2 

104.1 

Jan. 

102.9 

103.7 

Feb. 

1032a 

154.0 

Mar. 

103.2 

1043 

April 

104.8 

105.5 


Source: Central Statistical Office 


be reflected in future surveys of 
industrial opinion. 

The improvement is still 
rather patchy, however, and 
represents to some extent only 
a recovery from the low output 
levels recorded in the latter half 
of last year. 

In the February-April period, 
all-industry output was U per 
cent up on the previous three 
months, while manufacturing 
industry was IJ2 per cent higher. 

About a third of the improve- 
ment is attributed to greater 
output from energy and fuel 
industries, and this was due 
mainly to tbe colder than 
normal months of February and 
April. 

Nevertheless, the all-industry 
indes now stands at its highest 
level since 1974 and in February- 
April it was 5 per cent above 
the trough of the business cycle 
in tite third quarter of 1975, and 
1.5 ner cent, above the same 
period lasl year. 

Tbe largest element within 
the index — the engineering and 

Continued on Back Page 


Leone resigns 

as President 


of Italy 


BY PAUL BETTS AND DOMINICK /. COYLE ROME, June 15. 


PRESIDENT GIOVANNI LEONE 
Of Italy resigned tonight after 
months of accumulated but so 
far unsubstantiated allegations 
about association of the Presi- 
dent, and members of bis family 
in a range of corrupt practices, 
including fiscal irregularities. 

This is the first time an Italian 
President has tendered his resig- 
nation. 

Addressing the nation on tele- 
vision. Sig. Leone said bis deci- 
sion, which he had considered 
taking for some time, followed 
the “ defamatory campaign ” 
against him which, he said, had 
apparently undermined the con- 
fidence of the country's political 
forces in him. 

He told the nation that in his 
six and a-half years as President 
be had always acted as l ‘an 
honest man.” 

The Presidency is now to be 
assumed on an interim basis by 
tbe Presided of the Senate, Sig. 
Amintore Fanfani. the veteran 
Christian Democrat leader. Both 
Italian Chambers must, accord- 
ing to the constitution, meet 
within two weeks to elect a 
successor to Sig. Leone. 

So far there are no concrete 
signs of an all-party consensus 
on a successor. 



Sig- Leone : tij years as 
President. 


Worst crisis 


. _ _ of lending 

A rather different view might figures for the month to mid-May associated with the pick-up in 
be taken in the City, given the published yesterday. economic activity too. 

concern about the high level of These show that domestic The rise in sterling M3~the 
'public borrowing. credit continued to expand troadlj -defined money supply 

•; The official line in Whitehall rapidly and rose by £lllbn. Continued on Back, ra&c 


£ in New York 


June IE> 

Previous 

Sjv.l 

Sl>3l?-6S2S 

Si. 8506^.' 16 


(Hsb 

i>. 90-08 £> Jt* 


1.77-1.67 rtis 

L90-1.86 dts 

12 nii.nclis 

6.60-6.40 Ji a 

b.SO-bJSO dir 


Sig. Leone's resignation comes 
only a month after the kidnap- 
ping and murder by Red Brigade 
Leftist terrorists of Sig. Aldo 
Moro, the former Prime Minister, 
which plunged tbe country into 
one of its worst crises in 30 
years. 

In tbe last few days some Left- 
wing politicians and the leader 
of the small but influential 
Republican Party. Sig. Lgo la 
Haifa, reiterated earlier demands 
for Sis?. Leone’s resignation. 

Italy's powerful Communist 
Party, part of the present Gov- 
ernment majority though not 
represented in the minority 
Christian Democt -tic administra- 
tion. had .joined today tbe 
increasing demands for resigna- 
tion of the -President. 

These demands followed pub- 
lication here of a series of major 
but unsubstantiated allegations 
against Sig- Leone and members 
of his family, touching on 
reported fiscal irregularities aud 
a number of corrupt practices. 

A state prosecutor has started 
investigations to see if there are 
grounds for criminal proceedings. 

These and similar charges 
against the President have been 
building up in recent months, 
and a series of forma] denials 
have been issued on behalf of 
Sig. Leone, a former Christian 
Democrat Prime Minister, 
answering specific allegations. 

A Communist Party spokes- 
man, Sig. Alessandro Natta. said 
tonigbt: “We believe that the 
current extremely delicate situa- 


tion of the President makes it 
advisable for Sig. Leone to take 
lbe necessary steps to enable him 
to defend himself without beins 
hindered by bis official status." 

The charges against Sig. Leone 
and his immediate family have 
been repeated again in the past 
few weeks m a series of general 
articles carried ;n the Left-wing 
weekly L'Espresso. 

There are some indications that 
political forces opposed to 
Sig. Leone have moved privately 
to help orchestrate this damag- 
ing publicity. 

The name or the President had 
previously been associated with 
Italy's Lockheed scandal, but all 
charges of his involvement huvr: 
been vehemently denied by him. 
or on his he half. 

However, the leadership i*f the 
Christian Democratic Parti, in- 
cluding the present Prime 
Minister, Sig- Giulio Andreoin. 
and the reformist seeretar:,- 
general. Sig. Benigno Zaceagnini. 
are known to have considered in 
recent days the renewed allega- 
tions against Sig. Leone, who in 
any event was ue to retire u t the 
end of the year. 

Recently many powerful 
elements in tbe Christian Demo 
cratic Party believed that tbe 
President of the Republic must 
not be condemned by something 
like a smear campaign, although 
there was a growing acceptance 
that Sig- Leone should be free 
to defend himself vigorously 
against public charges and 
allegations. 

For his part. Sig. Leone has 
already made it clear that mem- 
bers of his family intend institut- 
ing legal proceedings against 
their tritics. though he is under- 
stood himself to have accepted 
that as long as he was President 
there were obvious difficulties 
in his doing so personally. 
Search for successor, Page 2 


to a lpcai.coinpany for £&im ^sb- 

Cup' squad 26 : .. w _. __ 

K^irc£bsedit».^; iniemewed. wheii.il jjgc". js to increase the ■ 

'■■■■ai&--*nSved'’--at--<3Btw*ck- But 0 f most of -Its standard pro dtiC ®|;ERfTAIN AND Romania have phased programme of manufac- 


^„.-Rracef Rioch, the captain, by about 5 percent from July B. 
i t&e Press for page fi 

cv morale. 


^ i Davis Cpp team manager j^ve agreed a union peace pirn 

t'-Patti'^Butehihff urged top -.player for ending their dispute « 

B&fe - jfpjtrain tu -quit the: shut steelworks and mate 


-. Najohal yront^terademonstra- 4j900 steelworkers Idle. win. 
- lioii -hy he Ahi-Nazi League m seems that a return to work may : 
' • Bristol; -V - . V4 * ... >•- v : ' ten«ad oa BSC’s compromising ; 


Bristol; :vi-- . -C-K ; ’ 1 " depend on BSC - -,q 

flStfiwrfti rtWt 'awarded -Theresa oyer manning levels. Page ru 

-damages ^..maSSEX FERGUSON’S call 

-w, KW.thnir Association ■ 


'ag^nst her by baTtelns hex frO^- J?^Ly^ractor plar 

v employees.* 


_ _ Under the deal, which could 

con eluded a big aerospace deal, jure and assembly of complete be worth up to £I00m to Rolls 
worth more than £300m by 1993, aircraft in Romania. Royce. Romania will make sec- 

_ i*or the supply and manufacture Although nroduction will con- tior5s of * he s P e >’ 51 - under 

jiATffWERN b ^^i C ®S^rticence of BAC One^Eleven IritSin about SO aircraft Uc*nc*. Half the parts by -wdue 

i, -“Haarlinera and Rolls-Royce Spey ^ t o be produced in Romania wou,a T e ma ? e m Romania, 
jet engines. over ne £ t 15 vears . where :be engines will also be 

-v' Detailed financial arrange- ™ 'r 5 * , . , . assembled and tested, 

inehts have stiU to be conrinded , DetaiU of the deal have been nrnsramme 

^ for “■ S5SJS5TLSK X 

. . .. ^ ^ contracts be handled in of ihw completed aircraft from 

Aerospace. Over the 

the deal. UK 
parts will be sup- 
kit form to cover the 


f^«» "toWjetoid Jf W.of .the £20m firet phase as S !ti 


xGSy: -c^ses l0 

tied : fbetweeu-^otice 

Presid^ -H3arten^ V ' , . -from i24.9m to £XLln 

**m**&» Mareh 3h * 


UWW- UITOUBH, ■ 


W teSStaK Of bM *Z* ed ooiy noom of the pMei m kit fo. 

'S&JSEHEf MbSW tiSS estimated total of £300m. a«t K : aircraft. 

fer programme in transport air- The clearing banks in London By the entire manufaetur 
craft history. have agreed to help and tbe total ing process wifi have been dup- 

r ®ie agreement wag signed dur- now guaranteed is believed to be licated and transferred to 
L&W^the visit to Rlton by Presi- £l75m. Rom::nia. 

dent Ceausescu of Romania. Rolls-Royce said that it bad Half the One-Elevens pro 
^ .This initial deal establishes the also reached agreement for tbe duced there will be for 
licence for manufacturing the joint manufacture of 225 Spey Romanian internal use. The 
BAG One-Eleven in Romania, civil aircraft engines over 15 others are expected to be sold 
^obstruction win involve a years. on v.urld markets. 


were months - : tb4 

V:: coach vfats • L .a . r . r nnup second; 

:-vCbn6*^.ioggg^ £15. 59m- 

. CBMfiES YESrERBAY 

-£0^7™** : « 


-109 Cohen l a.) 

* 37 + 2 - English Ouna 

" '* ^7 ti 5Mrness Withy — — ^ 

40 'Lloyds Bablt 351 


SCSfy 

:Mleu;IabL- 



Romania signs £ 300 m. air 


BY LYNTON McLAIN 


British. Aerospace greeted the 


: 3feSlTaHte Hit0n. BrtstoL fal sterling. Britain's Export Credits British Aerospace 

SETS ssi«rj£ffz&' 


CONTENTS OF TODAY’S JSSUE 


European news 2 

:ittnericans news — 3 

^Overseas news 4 

World trade news 4 

Borne news — general 5,7 

. — labour ......... 10 

— parliament ... 10 


Technical page .. 
Management page 

Arts page 

Leader page 

UK companies .... 

Minin g 


.... 12 
... 13 
... 21 
... 22 
24-26 
... 26 


I,KI. companies 28-30 

Euromarkets 28-29 

World markeis 36 

Money and exchanges 30 

Farming, raw materials ... 37 

UK stock market 38 


'The IATA battle over air 

£ fares — 22 

-TftiEtics Today; German 
view of the economic 

.• summit 23 

Ebergy review: pitfalls of 
-. firindinill power 8 


FEATURES 

Around Britain: charter for 
Merseyside 20 


SBxacIe drags and others 14 


Yugoslavia’s Communist 

Party congress 2 

Peru's generals abandon 
Power : a grim legacy 3 


Safeguarding tomorrow's 
mineral supplies 31 


. JT SURVEY 

Channel islands 15-19 


'taMtatmentt - 

^AppalnUnsAO Atiyts. 
.“.Bank Retain — — 

: CroKwronl 

.-'^atartalnmentmuile 
Core. OpUaas E*^. 

• Food Prices 

* FT^etitarin ImHoaa 
tetter* — 


la 

zz 

a 

» 

ZL 

ft 

38 

38 

23 


02 


Lex ............ 

Lombard 28 

Men and Hauers ... 22 

Property — 

Ruins 2Q 

Saieroon S 

Share Information ... om 

Today’s Eveau ...» 23 

TV am. Radio 26 


Unit T re sis 

Weather .... 


M 


Base Landing Rales 
INTERIM STATEMENT 
Talc and Lyle .... 

ANNUAL STATEMENTS 
Astbonr A Madcley 2i 

For latest Share Index 'pltonc 01-246 Sfrid 


y> 




SriL In*. Tfosi 

Capper-Ntrlll 

Chloride Croon ... 
Cwnbinerf E „ R 
Pine Art DcvpL ... 

meat 

La f* rt e Industries , 
Nation. -Hedcrlandcn 
Warren Piamaiion... 


5 

25 

d 

2d 

31 

12 

30 

28 

24 



It certainly is when you’ve got one 
of GRPs Family Incoxne Benefit policies 
behind you. 

_ (If you haven’t^talk to your insurance 
adviser today). 



Royal Exchange 


Head OfifesPjyalExdumge^LonJoQECiV 3 IS 

One oftheweridi great ixisurancecoo^james. 














JSr- 






;f§L 


Kl'ROPteAN NEWS 


LEO TINDEMANS RESIGNS 


Political confusion grips 

BY GUY DE JONQU1ERE5, COMMON MARKET CORRESPONDENT 



BRUSSELS. June 15. 


BELGIUM WAS plunged into a 
state of severe political confix 
sion this evening, when M. Leo 
Tindemans tendered bis resigna- 
tion as Prune Minister follow- 
ing the failure of his four-party 
coalition Government to agree 
on a series o controversial fiscal 
austerity measures. 

M. Tindemans* resignation 
was not, however, accepted 
immediately by King Baudouin. 
who received him for several 
hours at the Royal Palace today. 
The King said that he needed 
more time to consider the situa- 
tion. and his devision may not 
be known for some days. 

Politidal opinion here is 

divided over whether M. Tinde- 
mans' move is meast to be taken 
seriously or whether it is merely 
a tactical step aimed at rallying 
support for his attempts to push 
through a programme of fiscal 
restraints in the face of stiff 
resistance from his Socialist 
partners as well as from some 
sections of his own party, the 
Social Christians. 

When the proposals, aimed at 


control over the anti-crisis pro- 
gramme. whose nricinal pro- 
visions have been greatly 
watered down at the insistence 
of the Socialists. 

The proposals agreed so far call 
for little more ihan placing a 
ceiling on state pensions, clamp- 
ing down on tax evasion and 
doubling medical charges and 
would have little impact on the 
budget ■ deficit Moreover, the 
Socialists have been pressing for 
the creation of a public invest- 
ment bank to aid ailing indus- 
tries which could actually lead 
to higher state spending- 
M. Ey sheas’ demand was 
backed by m. Tindemans and 

other members of the CAT. the 
Flemish wing of th«* Social Chris- 
tians. but strongly opposed by 
the Socialists. Thev believe that 
it would be used to cut back on 
social security and unemploy- 
ment benefit spending, which has 
boomed in the past year and has 
contributed heavily tu the overall 
budget deficit. ! 

Minister. on the Flemish and Walloon com- The PSC. the French-speaking j 

Speculation along these lines m unities, could be called into *'ing of the Social Christians. 

\ 1 . « . .. «. rmncHnn hnft fll Cfl hf>Gn « An l 1 T FifcL-onc 1 



Prime Minister Leo Tindemans arrives at the palace for his 
meeting with King Baudouin. 


reduces The SS »?So£ ^Veen heightened" bjThiY recent question. has also been cool to M. Eyskens 

(about flbni deficit on this year’s illness from a heart ailment and Differences inside the Govern- nf m sn?i’ a i Minister in charge 
budget * were first mooted^fast b >’ «n orLa «>at he was tiring oF me nt over the so-calied fiscal ft ,,5™,* * eun £- H 
Aprfl he warned that unless they trying to hold together his un- anti-crisis plan came to a head ? n i fi S P A 7 m f er f ‘ P it« 

were agreed in Cabinet by Sid- SJ* SSfiJ* 5 »5? Z- lon J Political SShFln Walton a 


June he would “ draw the nniiti- dudes the Flemish Volksunie and meeting presided over by M. - , 

cal consequences.” Thf s P was the .Erussels-based Front Demo- Tinderaans. They were appaxentiy f^jty fr °™ ' .’5 “”S25^ 


cratique des Francophones. 


provoked by a demand by M. would , rQ - 

On the other hand, there is no _® 0C SL Chr J s ' The situation is fur (her corn- 


support in Wallonia 
rer 

which cuts in benefits 


widely interpreted as a resigns- 

But it seems unlikely that he obvious successor to M. Tinde- rian Budget Minister, for wide- plicate!"^ by^the 5 tvTi^rerional I 
would choose to call an election mans as head of the Government ranging special powers’ over part j es belonging tu the °coali-| 
in July, when much of the elec- and his departure would probably fiscal policy until the end of this t j Dr , t t ^ e v 0 ]j^ unil? and j 
torate will be on holiday, and. if lead to a lengthy period of politi- y eiir - PSU. who want to tin 1 : the anti-F 

his resignation offer were cal uncertainty. In these circuzn- His demand, which would effec- crisis plan in some wav to the 
accepted, it could well signal bis stances, the future of the coali- tively deny the Parliament the recently agreed inter-communal 
withdrawal from the centre of tion itself, as well as of economic right to amend the Government's pact which would civ? more 
Belgian national politics after policy and the country's intricate 1979 budget proposals, was power to regional authorities in 
more than four years as Prime plans for devolving more power clearly aimed at re-asserting bis Flanders and Wallonia. 


Division 
in Lisbon 
ruling 


By Jimmy Burns 

LISBON. June 15. 
FOR THE first time since it 
look office last January, the 
ruling Portuguese alliance of 
Socialists and Christian Demo- 
crats (CDS I appears to 
be divided on future Govern- 
ment legislation. The CDS 
today published in full its 
alternative to the plans for a 
national health service already 
drawn np by 5r. Antonio 
Arnant, Social Affairs Minister, 
a member of the Socialist Party. 

The CDS Is in agreement 
with the Socialists that the 
country's archaic health service 
should be reorganised hut is 
adamant that patients should 
share the cost of treatment 
with the State, as well as have 
the right to a free choice of 
doctor. 

In this, the CDS is echoing 
the demands or Portguai’s con- 
servative Medical Association 
and many of the country’s 
13,000 doctors, a large propor- 
tion of whom went on strike in 
protest at the Minister's pro- 
posals earlier this week in the 
north of Portugal. 

Doctors feel that a national 
health service as proposed by 
the Socialists would sacrifice 
the efficiency of the medical 
profession to an Inflated 
bureaocracy. 

Challenged in the current 
debate over the health system 
is the continning alliance in 
government of two parties who 
have managed surprisingly well 
since January to bury their 
partisan interests for the sake 
of getting down to the more 
urgent problems of an econo- 
mic crisis. 

The Government's public 
image, skilfully stage managed 
by Prime Minister Mario Soares 
and the leader of the CDS Dt. 
Freitas do Amaral, has until 
now appeared to contrast con- 
siderably with the bickering 
and politicking which charac- 
terised the last struggling 
months of the minority 

Socialist government. 

In parliament, the alliance 
lias succeeded so far In doing 
precisely what it was originally 
n tended to do: push through 
urgent legislation such as that 
of the budget and the packet 
of austerity measures with a 
convincing majority of votes. 

Despite this some political 
commentators here still 
seriously question the ability 
of this unity to persevere 
until 1979 as proposed in the 
Government programme. 

This school of thought 

emphasises that though debate 
on the health service may for 
the moment end In com- 
promise, there are a number 
of other issues not yet publicly 
debated which, once allowed to 
surface, could provoke the 
divergent political views of 
the two parties in power. 

The issue of agrarian reform 
is one example which is far 
from settled and on which 
Socialists and Christian Demo- 
crats are known to differ. The 
CDS is answerable to the 
conservative rural sector 
which is becomingly increas- 
ingly impatient at the railiK? 
of the present Minister or 
Agriculture to hand land baek 
to its original owners after it 
was illegally expropriated in 
the Alentejo region in 1975. 
Tied up with this issue is the 
question of indemnification 

Not so long ago, Dr. Vilor 
Constanelo, the present Minis- 
ter of Finanee (and a 
Socialist), attempted to 
reassure a group of apprehen- 
sive businessmen at a private 
luncbcon that while 1977 bad 
been the year or politics 1978 
was clearly going to be the 
vear of economics. 

Until now. realism has 
succeeded in taking the place 
of ideology- Yet the current 
debate on the health service 
would suggest that politics 
may still be very much part 
of Portuguese life. 


Fewer out of work in France 


BY DAVID CURRY 


PARIS. June 15. 


THE LEVEL of unemployment modestly and in tine wifi normal The Government has stopped 
in France dropped slightly seasonal expectations, ft sees giving the seasonally adjusted 
between April and May but looks little change in the relatively version of the figures on the 
set to rise steadily throughout sparse pattern of ordering. grounds that these are mislead- 
tbe rest of the year as school- . ing. They have, none the less, 

leavers seek jobs an companies Rant^nrf been work ed out by host of 

continue to shed labour. J® sc " bed b ° tb by a “1 unofficial experts and show a 

Although the index of indus- f*® of Labour ■ as 26.000 increase io jobless over 

trial production rose to 131 in Preoccupying. The Bank says. ^ months to 1.132m. 

April against 129 in March and * bat °°^’ manpower is to -wiiile vacancies are up from 

125 in February (seasonally “J?*?! 90 000 t0 the Ministry of 

adjusted and excluding construe- cas “ a * workers in field* uk* civil L a b 0ur says they have dropped 
tion). there are no signs of a w nnrf^'wh eth t0 below S7.000 from 90.000 

rapid general growth in output. *"![”■ rmm according to seasonally adjusted 

In fact, the latest Bank of companies are holding back from Mriraates . 

France survey of business recruitment until the Govern- M Robert Boutin, the Labour 

activity forsees no “ important “®°} *J 2JJ 8 .* JJJSJL Minister, bas estimated that un- 

deveiopment ” in industrial pro- employment incentives come into employment will reach 1.2m this 
due tion before the summer force. year. 

holidays. Ministry of Labour figures President Valerie Giscard 

"For the moment heads of show a drop in the numbers of d’Estaine yesterday. r»lad out 
companies are little disposed to unemployed in crude figures emergency measures such as 
take decisions on investment and from 1.068m in April to 1.037m lowering the retirement age and 
recruitment and they are con- in May. again a seasonal pheno- shortening the working week, to 
centrating on improving or menon but nowhere near as combat 'tin employment and said 
restructuring their factories or it would be in a year of normal that the only long-term guaran- 
ties network.” it comments. economic activity. Unemploy- tee of employment was to press 
The Bank notes that stocks ment has worsened by 6 2 per ahead with the modernisation of 
have built up. but relatively cent over the year. •' the economy. 


NATO reply to arms plan 
urged by Warsaw Pact 

BY PAUL LENDVAI VIENNA, June 15. 

THE WARSAW Pact today fact outnumbered NATO by 
urged NATO to give "in the 150,000 men, he added, 
very near future " a constructive Meanwhile it is underetood 
response to its latest, proposals from reliabl e sources that the 
on force reductions in Central i atest Eastern proposal suggested 
Europe and start immediate that Warsaw Pact gnj und forces 
work on a concrete agreement. S h 0U u b e reduced by 105.000 and 

At today's 173rd plenary meet- those of NATO by 91,000 to a 
ing at the 19 nation East-West common ceiliQg on each side of 
troop reduction talks. Mr. Emil 700,000. 

Kebiusek the Czechoslovak Another major bone of Con- 
Ambassador, claimed that the tention concerns the Eastern 
Warsaw Pact initiative, put effort to place so called separate 
forward » u week ago. took into SU b.<. e jiings on national forces in 
account Jo a r „rlu the area ' a move primarily aimed 

extent previous Western pro- t w . Gerinanv 
posals. He said that in the first at wesl uerniany ' 
phase it provided for Soviet Last but not least, the NATO 
troop reductions twice as high spokesman today also made it 
as those envisaged for U.S. clear that the Eastern proposal 
forces stationed in central for - selective arms reduction In 
Europe. phase one is “ far short ” of what 

However, a NATO spokesman ** £!*£!? itSESTnl 

today said that the practical Un< Jer that proposal, the 

value of the acceptance by the U -S. would withdraw 29.000 men 
East of a common manpower ® s as , 1,000 ouejear war- 

ceiling of 700.000 for ground heads, 54 nuclear capable aircraft 
forces on each side was “ques- and 36 Pershing ballistic missiles 
tion able.” The East admitted in exchange for the withdrawal 
only to a “light" superiority of five Soviet divisions (68,000 
while according to Western data men) and 1,700 tanks from the 
Warsaw Pact ground forces in central region. 


Opposition to 
Dutch curbs 
on spending 

By Charles Batchelor 

AMSTERDAM, June 15. 
HOLLAND’S RESTRAINT pack- 
age which aims to lop about 
FI lObn ($4.5 bni off Government 
spending over the next three 
years has run into problems in 
the cabinet Details of the pack- 
age are now unlikely to be 
presented to Parliament before 
next Tuesday, the Government 
Information Office said. 

The proposed cuts have 
encountered fierce opposition 
from some Ministers who are 
unwilling to accept the sugges- 
tions of the Finance Minister. 
Mr. Frans Andriessen. [Mr. 
Andriessen today postponed a 
trip to the meeting of the Organ- 
isation for Economic Co-opera- 
tion and Development (OECD) 
in' Paris and the Social Affairs 
Minister. Mr. Willem Aibeda. 
called off a trip in an Inter- 
national Labour Organisation 
(1LO) meeting in Geneva to 
enable talks to continue id the 
Hague. 


Income tax 
reform 
scheme in 
W. Germany 

By Adrian Dicks 

BONN, June 15. 
THE Free Democratic Party, 
junior partner in the West 
German coalition, is making a 
determined bid to regain 
popularity with, the voters 
after last week’s heavy tosses, 
and at the same time to re- 
establish itself as the party of 
ideas in Bonn. 

The FDP has taken the 

initiative in suggesting reforms 
for the- tax structure which, if 
agreed with the Social Demo- 
crats, could be presented at the 
world economic summit next 
month as an important contri- 
bution towards boosting West 
German domestic demand. 

If implemented, the FDP 
proposals would put anything 
up to DM 20bn back into the 
hands of personal and business 
tax-payers. 

However, the plan was 
expected to run into opposition 
from tbe Social Democrats, 
while the Bonn Finance Mini- 
stry declined all comment on 
IL 

According to a draft plan 
released to the Press earlier 
tfaLs week, tbe FDP wants to 
bring forward to January 1 at 
least the first stage of the long- 
discussed reform of the income 
tax structure. The Party wants 
to lower by 1 percentage point, 
the 22 per cent rate of tax ou 
tbe lowest income bracket (up 
to DM 16,000 a year for a 
single person, or twice that for 
a married coup to). 

Further, the FDP is suggest- 
ing softening the -effect of the 
"jump” in tax rates to 30.8 
per cent that takes place im- 
mediately above this leveL 
The cost of each percentage 
point reduction of the 22 per 
cent rate has been calculated 
as a DM 3.5bn loss to the 
public purse, while the moder- 
ation of Uie jump up to 303 
per cent has been reckoned as 
costing DM 7bn. 

Among other changes sug- 
gested by the FDP are the 
raising of tax-free allowances 
for individuals, the raising of 
child allowances and grants to 
students, and the reduction of 
the present trade income tax 
— though this would be partly 
| offset by an increase to 13 per 
cent in the standard value 
added tax rate in line with 
broader tax harmonisation 
among European Community 
members. 

Amid continuing uncertainty 
about wbat West Germany will 
offer its partners at tbe mid- 
July economic summit in Bonn, 
tax cuts have been advocated 
as the most constructive 
fashion in which the West 
German Government could 
give .something away of sub- 
stance, while avoiding the 
shon-f enn pump-priming it 
regards as ineffective and 
potentially -innationary. 

However, neither tbe Social 
Democrats nor the Finance 
Ministry has chosen to show 
as many of their cards as the 
FDP has done, nor to question -j 
out loud tbe conventional 
wisdom that says income tax 
reform could not be put even 
partially into effect as soon as 
next January. 

While the FDP risks friction 
with its partner by doing so. 
it bus plainly felt a compelling 
need to display imagination in 
the tsj field because of its 
humiliating losses— partly at 
ihe hands of tax protesters — 
in the two June 4 state 
elections. 


•f" ,v V - ■ *j ■ r ij Sm ' 


8 Y OUR OWN CORR^»ONpENT . . 5 

THE EUROPEAN Comn&onll^Sifoiw the dost®': What -actioS 

planning to order Btitafe j*gw ®*aio’s 

the end of oext month to abobsh, -cedures will be s«i . 

or at leastmodifr, ite t^^^wiQtin the ogt gw g^|§£-. 

interest relief grants for- domestic; suppliers to tbe - ^hardetied Wucn-'-vlScK 

suppliers of North SeaoU^uifcAvUJ * fcfiSrfSl 

ment on the. grounds that? *t ment on the- .sysieiu . .gg^r - ■ - 

distort, comlietiStf. j 



installations, suDatanne pipelines M^tThev also cbnader-tKat 

subsidies are m available-, to industrial restructuring^ r: • .-^, ere js.httlejto SO; 
suppliers in other EEC catintides! T& e Commission^ffi entitled to b^:IixWls^iieU wrrfcr ^ pg[ , 
Briteinis thereftte expe^^act against the- vewdalttompeWton 

be told cither SS^thTfiist \ 

cecten, rhrm.ohnnt the COUTt Of JUSUCO, tHOUgn il .. 



complaint by -'.another.'- -EEC tbe latter woiua not . oe 5 

government, “believed .to “be maticatiy suspended dus ^^^_Gohimissiott ttrbrjfl&thr 
Denmark. But it has defen^d. Procee™*- = B w a *Ao*t .relief scheme-.witiun the . . 
taking further, action unti^hawr The scbeme isu^y ^ ^speer t ^^^ of ,j R o 0ae ..u v ^- . 
in the hope that Mr. Anthonyi of North Sea pouc? The DoEis^HB . •- 

Wedgwood Bean* the .Energy competition . de , part ? l i f n ii^^fnV 'Brussels* - 

Secretary, could bfe perauaffed to gating. W Is . proposal made ; : swn<? lifcrP*; . 

modify it voluntarily- complaints tbat _ T ^. aUowmg.A'nieetiif^betw^ - 

However, according to-'- well- ment that all Nortn_ sea^oii oe Bezm. ;and - aFrVbtieL ->4' . 
placed Commission V officials, landed ou its territory is department .'stud- it ^waa^Vrt 
repeated approaches to Mr. Berm illegal restriction on uatrae '/dr- . the - 

by M. Raymond VoueL the: Cbm- weU as all egations that "r jaalm ffiaf .Jts-aPProaches “ 
petition Commissioneiv . -base British National Oil Corgoranon t^^.^ frast?T~ " ' 

borne no fruit. .-.Officials .-say "enjoys unfair competitive advan- _ ■ ■ ■-. ■■ f _;->v & 

that the Commission, wttt'^act tages over other operators. • xSmtwi mment, 


PRESIDENT TITO’S COMMUNIST PARTY CONGRESS 


Controls to replace 
Norway price freeze 

Norway’s Under-Secretary of 
Slate in the Consumer Affairs 
Ministry. Mr. Geisfein Gul- 
brandsen said rhe Government 
will replace its price freeze by 
a system of strict price regnla- 
lion. the Norwegian Informa- 
tion Service told Reuter in 
Oslo. 

Tbe switch will take place 
over the next month after 
comments on the controls 
have been obtained from 
trade unions, employers and 
industry. 


Italy faced with difficult tasK 
in choosing successor 


^jg;; 


BY PAUL BETTS AND^DpMWlCK J. COYLE * . . : ’ I. v’/ ./v. .ROtt'.; junb^. 

IT" IS TOO early to Kmnv, and the regional goveriimehts. : and assassinated ■ 

it may well rest finally with' the Given the present pariiamen- Prime Minister, Sigi- Aldo-Sfe , 
courts to determine the issue, tary balance, following the for by general. consent >210 
whether toedght's - sudden inconclusive 1976 general -elec- would have been an: unoppoi 
resignation - of the" President tion. this gives an effective veto candidate' for the presides 
Giovanni Leone is the tip' : of. an to the Communists,’ since- the Now: the. field is scemingi^y^ ' 
Italian Watergate. successful candidate ; for the:, open. 

What hac become cleat in presidency needs to secure two- . PbllticaJ realities herejvhjfe 1 
recenf dxvf to wbfsnS thirds of the vote, althmigb a exclude a direct Communist- cq 

campal^agaiiS Ui?TrJttSt majority wiK suffire^m dldate, tli£->aine 

and Ihe more dmagS^pub- tb | ew nt of repeated deadlock: ing sopeqne Aom th^ _CbTfg 
Shed aleeations of comotioh - Nevertheless, it is taken for Democrats, or just {jossiWy fro. 
wire combtohre to panted here that a government- the country’s third poUticaliMe 

SionTfitSle To backed candidate for the Quirln- the -Socialists; - The altemitii 

ffi be wuaht to dmreWb * elected despite Comnmhirt Would be a noo-party cahdi^t 
“ewchareThfs opposition j. would ■ almost but >faw personalities of-. Stf: 

Stablv heins com^Sised 'certainly result, in a Communist stance. Sexist, here who are„m 

S30- gp aBfe-iaas 

‘tm£mi£&&J 33 Fm BiBSsWm - 

had recourse »- Demqcrat. . ; man w.hp..Mw.«rtes as afffitt- . 

through informal brirfings Sp w6Uld n0 ^ **« possible with ;a no ^ great: v adhiftasr;,, , 

Stocted SSSSdent* Mel?- new President, since there was Andreotti and Jateiyfhas mc 
while DotiticaMorces opposed to a constitutional barrier to S^- to mendhis fences With^fhe Cum 
sfi ffiSf -dSrSSr US ^ one dis ^)lving . Parliament in munfet^ Hfe^^^ive-iiote 

sought his removai for ulterior — — ■ — ^ ’ .!, DC h!!^ 

r exercises, .nave not been 


motives, were at work orchestra* . . _ _ . . . ^ 

ing the anti-Leohe campaign of ifie SUdden resignation 

h«„ Puente the main parties 

advanced to substantiate any of Wltil tne tRSk Of piCKUIg 

these aiegations and Quirinaie ^ agreed Presidential 

denials, where issued, have been . M - , 

unambiguous, touching on C2fflQlCl3te It tliey 3T6 TO • 
charges not only against Sig. avoid an acrimonioas ■ 

Leone himself hut also against . . , . , ,, . - . -■ ■ *.* 

members of his family. In some Contest whieh COUld Upset "Wl cou,d sow se ?** 

insU ,1 cej, i Je|il^ acdon_s_ have the coalition. ' .' sl rKlSS $Ss$?Za 85 a 

Apart, other immediate “pos- 
constitutional the so-called “white semester," sibles” include Sig. ..Benigno: 


related. to his developing antin' 
tiops to replace Sig Leone. ' - J 6 
In fact; there Is no shortag* 
of willing candidates. What mud 
be serured, and 'quickly, is ji 
consensus between the main 
parties alxd one which can pro- 
duce an agreed, candidate witfe 
ouf a damaging inter-party cosh 



been initiated, hut there were 
obvious practical difficulties and 
also some 


Allowed to grumble but expected to obey 


restraints preventing Sig. Leone the last six months of his presl- Zaccaguini, the reformist^secre-; 
taking direct legal action while dehey.- 

President. Hence, while tbe present Democrats, Sig. Antonio Gmlit&= 

His resignation now presents presidential crisis can in turn 0 . Q e of Italys two EEC Coumus- 
the main parties with a decision create . a government crisis, J?* 10 w °uld have Soo-.; 

they were hoping to avoid until there, is at least the possibility i . somewhat -less 

nearer December when President of- again going back to .the elec- “J veteran Repubhcatl 

Leone would have retired, having torate to try to resolve it, and “ a T t 7 states 4 , 

completed bis full seven-year there are right-wing forces UgO -la_ Malta. -V--j 

term. They have two weeks to within the Christian Democrats -® 11 * “*®® Italy has always baa.:.- 
find an agreed candidate whq would favour such a course, difficulty in electing itsjpyen-. ■ 
for the Quirinaie if they are to having noted a sharp anti-=Com- “ en ts.--.Sig- Leone' himself- was: 
avoid an acrimonious contest raunisf - trend in recent local ' elected in Dec«nber;r 

which could undermine the elections. 011 ballot, his pr^ 

present fragile parliamentary Fourteen days is a short time “ocessor, Sig. L Giuseppe : Sa ragak .- 
majority behind the minority in which to secure main party "ter 21 counts spread ■ orer . 
Christian Democrat. Government agreement on a candidate, the 47 hours of voting. ^In-.^ 

of Sig. Giutio Andreotti. more so because the principal dee d< the difficulties in lelecnng 1 

To complicate matters, Sig. parties ' believed until a Few 311 Italian President are almost •. 

Andreotti bimself could well be short, months ago that a basis as sre® 1 215 the opposition of the . 

a candidate for the presidency. for agreement existed to replace established parties to the pro-';-. 

Italian presidents are elected Sig, ; Leone on bis scheduled P 05 ^ that the President '.shoala--.- 
by tbe Senate and Chamber of retirement. .be elected by universal suffrage. 

Deputies sitting together, and The '.-Red Brigades terrorist .Given the limited cbnstitn- - 
specially augmented for the group; put an end to that con- role of the office, if.- is' ph^-”. 

occasion by representatives of sensos when they kidnapped “*!P S sorpriiiidg that this should ; 

-• • • be so, but it is also an indlcatioa - 

T " of how fiercely the .politicians - . 

will fight to secure the office/.in.. 1 
Party terms "If. not always in. V. 
terms of personalities. 


BY ANTHONY ROBINSON IN BHXSRADE 


NEXT TUESDAY President Yugoslav national, unity and way in which Yugoslavia has 
josip Bros Tito, leader of the independence, and the policy of distanced itself from what it sees 
League of Communists of Yugo- active non-alignment and self- as the inflexible, authoritarian 
slavia (CY) will stand up before management under the guidance brand of “Management Social- 
over 2,000 party delegates and of the LCY. ism ” practised wherever Soviet 

numerous foreign party delega- The theme of the Tenth Con- “great power hegeraonistic pre- 
tions, including a powerful greas in ^74 was Yugoslavia’s tensions” prevail. 

Soviet one expected to be led refound unity after the outburst But the development- of the 
by senior Politburo member 0 f virulent nationalism io Croatia principles as expressed 1° the 
Andrei Kirilenko, to review the Serbia. This led to a purge new constitution and avalanche 
Party’s progress since the Tenth throughout financial, intellectual of new laws passed over the last 
Congress four years ago, and to and p ar ty circles followed by a four years, has given the LCY 
look forward to the 19S0s. tightening up of Party control, a very challenging task. 

Tn one very important respect on the one hand and, on the Because of the very diversity 
1978 is a specially important other, elaboration of a new con- of Yugoslavia, with its six differ- 
year for Yugoslavia. It marks stitution promising greater de- en t nations, IS ethnic and 

the 30th anniversary of Yugo- volution of powers to tbe six linguistic minorities, Lis turbulent 

siavia's expulsion by Stalin from republics, two autonomous pro- past and the Communist Party’s 
the Cominform as a punishment vinces. local communities and basic loyalty to its Marxist- 
for the independent line which work-places on the other. Leninist inspiration It Is official 

President Tito insisted on taking The guiding principle was that dogma that Yugoslavia must 
—a line he has insisted oh with of “self-management pluralism” remain a one-party state. Allow- 
even greater emphasis ever elaborated by the Party's prin- ing a multi-party system, the 
since. cipai ideologist- Mr. Edvard dogma runs, would inevitably 

Reflecting this historical annl- Kardelj, the 68-year-old Slovenian lead to the formation of parties 
versary. rhe speech, which ex-partisan schoolteacher and on national, ethnic or religious 

President Tito has spent weeks close confidant of Tito. lines whjch would in a short 

preparing on his island retreat The main task of the LCY time split Yugoslavia into its 
of Brioni, is expected to be over the intervening four years myriad component parts' and 
into two parts. The has been to streamline its own leave the country a 



President TlLo 


and provinces and in Belgrade, it Party! 

is continuity which wins over The theory is that the Party 
rejuvenation. All the republican should- be considered an integral 
and provincial secretaries remain part of society rather than some- 
at their post, except the Bosnian thing above and outside issuing 
hard-liner, Mr. Branko Mlkulic directives and instructions to it. 

3 rh0 J ?m f b *l el T C i^? ^ 4? p ^ i_ Mr. Dolanc has been the adv* 
dency of the LCY at the Con- catg 0 f_ a highly articulated cell- 

. structure 'and this has been car- 

The top decision-making struc- ried . Jmo €ffec * M y..* f .J 

ture of the Party fnnhertnore is 40 am m,'Iv Srtlnnc 
to be substantially modified to tera^re compo^d of lesTthaS 
jereate - a more compact, and go members 
streamlined executive body while j t }s t0 e ’ n5ure ^ ^ 
at the same time opening up a cess lias the desired effect that 
more active role for tbe 166- the . principle of . “Democratic 
strong Central Committee which centralism ” has been modified, 
has met very infrequently since Henceforth, although minorities 

w — still not be allowed .to 
Taking its pluce as tbe top organise themselves into factions, 
policy-making body will be a let alone separate parties they 
pew-look Presidency of tbe Cen- will be allowed to carry dtf ifie 
tral Committee, composed of debate, within tiie party even 
only -4 People— three leaders after- th& point when a vote has 
from each of the republics, two been, taken and they constitute -a 
from each of the autonomous minority.-. They will still be 
provinces, on representing the obliged to carry out the policy 

2Fi» 2f Pr ® sl ? ent . Tlto hii n- decided by the majority but will 
seir Mr. Stane Dolanc is expected not have to prefend they agree 


I 


MARCO 

DMCBDS 

UP AGAIN. 
THATS 
GROWTH. 




divided into two parts. The has been to streamline its own leave the country a defenceless led by Mr. Stene Dolanc, the General of the new Presidency!* ^& ut within the* tiartv 

first is expected to be an his- organisation. rejuvenate its prey to foreign Intervention. tough, but conciliatory Slovene This is all part of the overall organlsatiOns^-that it is JSnw 
torical review of Yugoslavia's cadres and indoctrinate every- However, having predicated the who Tito picked to head the policy oflmproving the efficiency and 'should be chaneed. 

progress from the break with , body in the art of managing continuing existence of pros- Party organisation m 197Z. and strengthening the cohesion While accenting -thk 

the Cominform up to the Tenth their own economic and social P.erous Independent and peaceful Over *00,000 new Party mem- 0 f the collective leadership with In irme^ oartv demderarv 

Party Congress in 1974. The activities on various levels Yugoslavia on the continuing be rs have been enrolled since the an eye on continuity in the post- ever the oartv teaderswn 

second part, covering develop- within the overall framework of existence of a one-party state, last Congress and of the 1,630,000 Tito period. tinues to -warn against 

menrs since then and looking a one-party system. This is the the Party is now seeking to make LCY members some TO per cent At the same time, however, the major Ideological heresies Thus* 

to tbe future, wilt thus benefit theme of the Eleventh Congress, this, rule as democratic sad are said to be under 27 years of Party has revised tbe concept of are *fiber&!fsm. /state interred I 

by being placed in historical On an ideological level, tbe responsive as possible. age.. . ■ ^ .. democratic centralism in an tion aBd-boreaucratiaRL" Pariv" 

perspective and is expected to development of the sclf-manage- Reorganisation of the Party At tbe top levels ot the Party attempt to ensure free and members are urged to stav on 

stress the continuity of the ment idea has been the principal over the last six years has been however, both in the republics flexible discussion within the the broad centre path. 

i V, 


I 
1 

In the past five years, J 

MAPCO dividends have I 

■ grown irom 27s* j n 

f to $1 i20 kt T97B.Aralr>7^ 

■ our.first quarter 
increase is the T4th dT" 
idend increase th 13 * . 

| years. It’s an imoressfmf P ‘ 

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:Saancia; Tunes "Friday June 16 1978 



AMERICAN ' M 


n/j-j- ‘ •s~Z z "i 

t Ullod prices 




jfS|&-33% 





• HIGHEST 
^ :^F^jrJC^feea«s m 25 


NEW YORK. June 15. 
of unfair foreign conv 


* r -ir- AM «« j cat a 

; u .^-%4!h(rfpwAp«^i: the cost of living 
" cent in May, the 

J mmsmC.s- statistics branch 


scui iu may, me 
- <* tr-jQw&namBtfs : statistics branch 
causing an up. 
l-f ' i; %i A’iriiit Jsi iflie House of Commons. 
-“*2:' federal . Agency said 

1 r^7ft»4%rices soared in May by 
•• 1 ^ perUceni. led by beef and 

• . --■/ ) . T^^efirKlL vegetables such 
i;r» t ,/. —•'.- y^ romatee s and lettuces. 

- ; ’r‘^' |s5? Tt£Tl 2 -mbn th inflation rale 
per cent, the 

: 7 7: ;*£ Htf ijtt'ilMe last Dec ember. 

' beef, the largest 

*: 7 -- most consumers, 

••- - T '^' xtwe by lO-S per cent in the 
r.r. were 52.5 per cent 

y -7 a- year earlier. 
n‘r ? : •' iv*-4Se^v^rieea have been de- 
; -pressed r ( n. recent years he- 
- -l z Ay; fans tT^oii’- ovei-snpplying, ac- 
■ r T .;•; *K \ cisrdiug'^o producers. 

‘ '*' t^flEfee-^ump in food prices 
«icomisfed;;"for about TO per 
. -overall increase 

' -^iirHJieticwt of living. The 1.4 
-' . ,:T; : '"petr"ceBt rise in the overall 
\ ” ' ^i’cpS^f living was tbc highest 
." fm &Iulv 1975, before manda- 
’ ’ -■-.tori.- Wage and price conirols 
; 'AT' wreijrought In by the Can- 
"-k'T adMtii Geyenunenf in October 
- : ot/ihftt year. Food priees are 
T ’ T ’ largely uncontrolled by the 
“■. programme which the Govern- 
’ ment started dismantling in 
;.AprlL 

iwr - . The consumer priee Index 
* - stood at 173.6 in May compared 

> with 1712 in April and 1592 in 
E.Bay, 1977 . 

Jean Chretien, the 
v Fipanee Minister, told the Coro- 
; ?inonos he was “disappointed" 
^ the rise’ in the inflation 
: .^rate but declared he has no 
■v^inlcnUon of reimposing wage 
“■ '-'ifl-md price controls. ML Pierre 

• ^Tfrudeau, the Prime Minister, 

• -’.‘^hld he “sympathised" with 
who had to pay the 

' ^ M g hpr prices bat said there 

• -■^'woiild be no change in Govern- 

moot policies. , 

'sV . Opposition members attacked 
' ji>'-<the' Government for the failure 
«*--tts anti-inflation policies, 

' ^- iwkling out that during the 
^fesifive months of 1978, the 
' 7 r; Inflation rate was higher than 
. '= ■_ 1- v rti-aas before the controls pro- 
: ^camrae was introduced. 

~ - “What has gone wrongT* Mr. 
--‘Joe Clark, the Opposition 
: leader, asked. “The Job of the 
‘Finance Munster Is not to come 
‘ ' -feto this Moose and express 
- ppointmenL The . job of 

Minister ^ to come here 


BY STEWART FLEMING 

U.S. STEEL, the largest steel because of unfair foreign corn- 
company in the nation. is to raise petition, and partly because of 
steel prices by 3 per cent from Government pressure to hold 
July 30. But unlike some major — : — * 1 '" has not 


competitors it is refusing to 
make any commitments not to 
increase prices again later this 
year. 

On the contrary, the com- 
pany's chairman. Mr. Edgar 

Speer, in a statement isused with barring uiiiuu-«sh . »...«-— 
the pricing announcement ques- stances" it would not raise prices 
tioned the philosophy behind again in 1978. Bethlehem 


Government pressure to hold 
prices down, lhe industry has not 
t».*en allowed to earn an adequate 
investment return. 

On Monday Bethlehem Steel, 
the second biggest steel company, 
announced a 3 per cent steel 
price increase but promised that 
“unforeseen circum- 


ttoned the philosophy nemna again in 1978. Bethlehem 
efforts by the Carter Adininistra- steel 

linn tn hnlri Hr.wn ctPOl DflCeS. h-jiln 


1 m *3«o. 

- s qualified commitment was 
uui*i, — - r-.- ..a^d by the Carter Administra- 

tor. Speer said that: “ With the tj on as -* a major breakthrough 
steel market on the upswing our f 0r anti-inflation policy. 
Government is now urging that j n ^ wake of the Bethlehem 
we forgo the profits we need in s tt . e j announcement, which 
order to keep our steel immufav- b r0U eht steel price increases this 
turing facilities modern and voar to 95 per cent, Mr- Strauss 
efficient. The real need in the t h 3t t he 3 per cent rise was 
American steel industry is for unnwiuiu" ih«» i»«el of increase 


f 1* j/kl 

nmciuju 3ic« mu-..., - - -- precisely" the level of increase 
improved productivity. Keeping j^ c v . as looking for. 


improveu pruuucuvn*. nc was ioom»s * ul - 

the steel industry from earning Last year, list prices fnr steel 
adequate profits today will only r05 p $5 p Cr cent. But the 
create greater inflation in the a rj ministration is discounting an 
longer time frame." incrcasu of 1.3 per cent earlier 

Mr Sneer’s remarks un- This year on the grounds that it 
dnubtedly reflect the view of was to compensate the industry 
many top steel industry exeeti- for the high cost of the coal in- 
ti ve-? Thev feel that partly dustry wage settlement. 



Congress 
for New York aid 


BY JOHN WYLES 


NEW YORK, June 15. 

SSKSSiS 

Sssfeteirasa® 


^ Amnist 1975 ;» u Moodless cially put at 32 per cent last year. 

ONE DID not have to be a foot- ^ Pri;ne Minister, has been 34 per cent already this 

hall fan to be mesmerised by ho euup bf Morales year. The foreign exchange 

screening on teltvisioo of„ lhe S^.iiez crisis has been the signal for Gen. 

World Cup match between Peru Be ™ “i; e n. Vt-bseo ie-1 by the Morales In be subjected- lO a 
and Brazil on Wednesday. The wc« Q . h]S massive squeeze 

five-second advertising spola ® C aulu-u^ Gen. Murjlea Abroad lhe , 

which flashed on the screen at the more 4 an ,j rulo Eank h as told the Government 

every lull were a fascinating anufljt p Thc ; mpelu3 for that forei^ financial assistance 

mixture of exhorlion _ to buy bi aI ,(j Gen. will be halted unless M 16 - 

soup mixes and soft drinks, and reform^ pro bk-ins were made legislation is passed laimediatelj 

-“^stsrr «S5 

“JMi. «« ««« ** TOS 

Sr. of » jrfou Z . ..-rack-down on 

assembly who are to smooth the cost 0 . p fl ‘. cl |.,n P i. e-;. political activitj. 

transition from military to civil the r price * 3 ‘ p' rodu c- Behind Gen Moraios there is a 

Swcrnmcnt by 19S0. And after ports -Jf ■ V ihj shS”s of "-roup of officers who wouln be 
nearly 10 years of military rule tinn collap • ‘ dis _ on j v too happy tn force tnrou.,n 

or 

Scfao S ^o e f m the y centre-right. PJ^^Sch'th" Sar^alone 

SHr ^ “ 

their way. When the army seized = ucc ” d that eleci:..:w fnr a 100- come lo power. h 

power in 19ti8 and General Juan “f" e ® onst iuicnt u^vnbiy. which The Right, sensing 'W* trenjth 
Velasco became President, he uian draw up a n<fW constitu- nf iu hand *hS 

introduced radical social and » n should he hold tiis monih. vigour so that Gen Mora~ na 
economic refonns which previous ■ j elections v ould be held thought u expedient to in . . 
civilian governments had been J-J'gg cuts in public spending. -«ecan, 

unwilling or unable in push b > q 1 j ^ the 1I1 , l]( j!,. „r l:-st year, the standard . rtf . of ^t 

through. For a number of years - Morales h:*< b-.-fn increas- poorest Peruvians, n* f; 
it looked os if he would he the ,Sm.-iw d. The wndi- -.ehieh even The Fund .wlf • as 

man to modernise and strengthen *“L ■ hv ;!k . mternaiiorul net demanding At V he >s \ 1 c 

a ramshackle and antiquated FunfJ fc , r u , hclp .* e re time the Right, civilian and mill 

society where miUioiu of country tht . FucJ earlier this nry. has expressed oo kreot 

people were living m conditions se k. disburse enthusiasm for t, - ht0U - 3 J f ^ 

tantamount to serfdom, and year « ^ v!a , ming lh at Peru’s las taxau on «■ stem or for 

where the gap between rich and J 01 J'„ nimW i i ia ..l not kept to cutbacks on prerequiUe. tor 
poor was so great that a large in ement parties senior officers- 

part of the population scarcely ^ Nl)vcm - Mr . While the Government has 

entered the money economy. siffnM m ^ Central subsidies on ha*ic looditufis. 

But by the mid-1970s tiredness, R Bank’s ‘foreign currency making the struggle sunnval 

illness and the best efforts o£ his Res nre. months now by the poorest Pe ™™ ns f iJ“ 

many opponents in Peru and out. J ^ , p <iefault on il5 cie r than over, senior officers 
abroad, notably in the United Pen* 0 hli"nion% in all but continue, for mstance. to ba e 
States, had sapped Gen. Velascos sn r ,; hich wus 0 gi. the right to a full-Ume chauffeur, 
i energy, and he was overthrown name. 


00 "aliens of free petrol a month 
and similar privileges. 

Tt was hardly surprising* there- 
fore. that the general Strike 
called at the end of last month 
-by the small Peruvian Com- 
munist Party proved .to have 
widespread support, and resulted 
in the effective paralysis ox the 
country for a few days ana 
deaths and physical damage 
throughout the country.- . . 

The Government responded in 
this challenge by deferring the 
elections for a fortnight, until 
"this Sunday, and cracking down 
on the Left. General Leonidas 
Rodriguez and General Arturo 
Valdes, two retired officers, 
former associates of General 
Velasco and leaders of tne 
Left-wing Revolutionary Socia- 
list Party (PSRi. are on th e run 
iu Lima. , . 

Two former admirals, also 01 
The PSR, were last month among 
a group deported to Buenos 
Aires. 

The pressure on the Left, from 
the Trotskyit es to the Christian 
Democrats, has been so great 
that many Left-wing leaders 
wanted to boycott the elections 
as they contended that the poll 

“as virtually ri«ed ™ favour 

of the centre and the Rigni. 

At the last moment, swayed 
bv the argil men is of the Peru- 
vian Communist Party, as always 
anxious to exercise what limited 
freedom of action is green to it 
the Left decided grumhhngly to 
go to the vote. 

Few observers think, however. 

that it will get more than a fit m 
of the votes cast, and the prin- 
cipal winners are forecast to be 
the Right-wing Populist APRA 
movement, whose lack of y 
clear ideology is compensated 
for by its devotion to its oclo- 


Gcn. Morales Bermudez 


gcoarian leader. Sr. Victor Raul 
Haya de »a Torre, and the 
Popular Christian Party (PPCi. 
a right-of-centre group whicn 
is Lilile more than a vehicle for 
the ambitions of Sr. Luis Bedova 
Reyes, an energetic former 
Mayor of Lima. 

Meanwhile as the voters pre- 
pare for Sunday. Gen. Morales r 
new Economy Minister. Sr. Javier 
Silva Ruege. has announced that 
he has put together a plan to 
make the economy more produc- 
tive and generate more foreign 
exchange. At the same time oe 
has announced that the Govern- 
ment..* seeking a new agreement 
with the IMF which would super- 
sede the old one. On Wednesday 
night, he confessed that Pe f u * 
fuivien obligations have so piled 
up that ilie public swt or obliga- 
tions,. not to mention the debt 
owed abroad by the “ r,V3 i£ 
sector, would be consuming no 
per cent of the country s export 
earnings, making relier luipera- 
tive. 

The civilians who will start to 
take over the country next week 
will therefore he faced with 
daunting prospects— in particu- 
lar. the collapse of the country s 
finances and the spectre of some 
Peruvian Pinochet stalking in the 

wings. 



Violence ahead 
of Carter visit 

WASHINGTON. June 15. 


up 13% 


— <y ifte Minister - .r--.- 

voice .policy ' when, it js 
-•-••r. ^r|jyar that Ms poBcy ts^fKiimSi. 


r allowing uwnnsa fe-t _ Th . rnmmittee vnll hedge this 

and this, influential o^twi on ^Srictions by 

£s SSffi from^oppo^g any S 

acceptance of its New York lobbyists would cer- 

for long-term guaranW*. How- New *orn » f t this pr0 . 

ever, the compromise wM^now taim> wot difficulties 

looks certain to emerge fan the S mi 47 Create in persuading 
committee will proyide^bn m # treaty ^ money . 

guarantees for «P to Moreover onlv $1.5bn of guaran- 

instead of the Sibn wljffi the W^o.er.^ ^ ^ dty wiU 

city sought - ' ba'v- to cut back on its plan to 

of Representaf.es jPPgK* ^ j£, nd ^. 5 bn on capital projects 

Senator William Proxn^.^- ^ nej:t four years. In 

committee s chairinan. preset its capacity to raise 

this morning that 'Jhm-tenn loans with the help of 

aKhougfa he personally- remained impair^ _. 


U.S. OFFICLALS studying reports 
of overnight violence in Panama 
in which two people died said, 
today they were confident about 
security arrangements for Presi- 
dent Carter's scheduled visit to 
Panama City tomorrow. 

A White House spokesman said 
there was no change in the Presi- 
dent's plan to spend two days 
jn Panama, where he and the 
Panamanian leader. Gen-r 
Omar Tnrrijcs. are to complete 
the ratification of the two nev. 
Panama Canal treaties. 

The treaties, tratisferrm? con 
trol of the waterway lo Panama. .... 
in the vear 200(1. are highly con- 5 the 
trovers'ial in Panama as well as Min- 
in the United States. 

Ranter 


„ JUREK f.JP.TIN WASHINGTON, June 15. 

iMnncTRi ' T PRODUCTION in vious months. 

INDUSTRIAL r t . w Ml ««d Hus 


ihr> US roi;e f- -VJ per cent last rt „ uulc * .m-v. -- ■- 

month accord:: - g to statistics morning by the Goiume ce 
issued todyv by the Federal Department, suggests that some 
Reserve- ' of the slower increase in Indus- 

recorded in March and April businesses month 

resoectivelv. But in those months This report covers the month 
fhe economv v. as picking itself up of April and showed the 
after the damaging effects of both inventory-sales ratio at its rela- 

j-Tjt 3 t; b w .WiJ 1 

higher but v r a ^ hc^cen^drop pe.r^e 0 J ,n t ^ r '^n 0 my. Adimni- 
Th:s Jr mcar inriim-d to'^te'tiia^fhe dSe 

Sartd? iiV-^cii Of W three pro- surge in final sales m April. 


BY DIANA SMITH 

BRAZIL IS consuming more 
than lm barrels of oil a day after 
averaging 992.000 barrels a day 
in 1977. 

This means there will, be a 
review of the 1973 oil import 
budget, which was forecast at 
q3 7bn fob (more than 30 per 
cent of all imports) because 
domestic oil wells are only yield- 
inn 169.000 barrels a day. or less. 
The authorities had hoped for un 
average of 175,000 b/d. and the 
Government is averse to cutting 
into its 52m barrels reserve for 
national security reasons. 

Secondly, a 13-8 per cent rise 
in fuel oil consumption m gf ; > 
this year, compared v.Mh 
1977. mean? prediction:' lhatl.bb 

would be a quiet year for 
Brazilian industry have beun 
confounded. 


RIO DE JANEIRO. June 15. 

Thirdly, the private motorist, 
it seems- no longer pays atten- 
tion to the Governments pU-as 
to save fuel. Not only does he 
ignore radar traps and generally 
travel at high speeds. nve ™>. m £ 
ion" closing hours at fiHm* 
stations, and ignore media cam- 
paigns aimed at making him slow 
down and use less petrol, he has 
caused a boom for the car 
industry. 


U.S. COMPANY NEWS 
Petrn-Canada and Occidental 
raise bids for Husky: North- 
vest Airlines strike in 
eighth weeks: Hardee’s seeks 
injunction against 1C Indus- 
tries. page 28 


2»:i 




£Sr 



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Peninsula have become a new world. 
Rich in themselves, rich in opportunity. 

Fast developing into international 

trading and financial centres. Breeding 

ne GulfAfr is a part of that new world. 
An international airline flying the most 

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the Gulf than any other airiine. An 
airline unique in its offer of Golden 

Fa, Trte Gulf^is a new world. When you 
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overseas news 


Financial Times Friday 3imej 


PLO chief 
in Kuwait 
shot dead 

KUWAIT, June 15 

YASlN, the Palestine 
. liberation Organisation (PLO) 
representative in Kuwait, was 
snot dead ontside Ms home 
this morning. 

An official statement broad- 
cast by Kuwait Radio said Mr. 
YasLn, who was considered a 
moderate Palestinian, was 
killed by a pistol. Officials 
said this seemed to indicate 
that Mr. Yasin, who was in his 
ni id-40' s, had been murdered 
by a lone assassin. 

Informed sources said Mr. 
Tasin was shot when be 
answered the door bell at bis 
home this morning. He had 
lived in Kuwait for more than 
13 years, the last sbc of them 
as PLO chief. 

Kuwait Radio broadcast an 
otfietal statement saying Mr. 
Yasin’s body was round in 
front of his home at 1130 local 
time. The lnerior Minister, 
Sheikh Nawaf al-Ahmed al- 
Sabah. and senior officials 
hurried to Mr. Vasin's home to 
supervise investigations, the 
radio said. 

Palestinians make up nearly 
a third of Kuwait’s population 
of about one million people, 
but this was the first political 
murder among Palestinians 
there, residents said. Fatah 
is the dominant group among 
Palestinians in all the Gulf 
states. 

In January, the PLO’s repre- 
sentative in Britain, Said Ham- 
m a mi, 36, was shot dead in his 
London office. Representatives 
of the PLO in Paris. Rome and 
Nicosia have also been 
assassinated in recent years. 
Reuter 



resignation threat 
over W. Bank, Gaza Strip! 


Br DAVID LENNON TEL AVIV> Jjme jg. 

THE DIVISIONS within the pared to -accept any proposal teil Washington .that Israel was! 
Israeli Cabinet over the future which goes beyond his offer to prepared to decide on the final | 
of the West Bank and Gaza Strip “review ”. the 'situation- after five status -of the .West Bank and! 
have S*ven nse to speculation years of limited self-rule. for the Gaza Strip in five years time, 
that Mr. Menahem Begin, the Palestinians. of the West Bank Ministers regarded this asl 


WORLD TRADE NEWS 


Warning to 
EEC on 
Comecon 
debts 

By Richard -Evan* . \ - !. 

STRASBOURG, June : 15. 



BY ROBERT MAUTHNBR 


PARIS, June- 15. 


THE U.S. today- pat ■ strong- pres- ’ Referring specifically tovtheffi.A maximum repayment period 
sure -on its OECD partners to Rolls-Royce deal, the U& Tra- of from 5 to 10 years, depending 
i, t . winio*-*- mav ; n n»irfpr - »iwuhi«.u. ui -uae vv«sl DiiuA Ministers regarded this as _ - »>une io. - j adopt tougher joint' rules - lor. sury Secretary said that- Amerf- on which of three CToups the 

ranine Tfh^'finds y hi^eir d fn ^ Gaaa Strips hating the attraction of. both THE EUROPEAN. Partiameaf ^ haxportcredltsiwhlph Would, limit can producers felt ^fWBiYthat country ol destination falls into: 

«0 8 rill he “ 11 In However, the :U.S. Administra- “plying positively to the U.S. “Bed yesterday for . ^wh Government. aKl^o exporting -the publicly supported credits irieh^ intermedia*^ or poor. 

There hare been intense nezo- tion has asked' Israel tf it will ^d leaving open the -details. «»«nder debt nmnagementrcompsnies: . - SHven in the UK went beyond ^ rainimom interest rate of 

tiaTfons between Cabinet muS ^decide the “final There was much less support. for arrangementdbetwe en Ih e. Com- The aid' given Ity the British ^ d “fl^ tand,nj! the OECO 7.25 to S per rent, depending 





10 repi} LO u.a. questions aoout , • snaum onenon^onaie suiae oi 

the future of the occupied The- Cabinet -has held two the final details now rather than 1 A 

debates -on «rf« miostinn so far. ..,«!» n„„ I “ resolution ttom the Fariia- 


— tes on this question so far, wa it five years, 
said today that out instead of. producing an 


The Prime Minister 


terri tones. 

Mr. Begin 

reports that he may have to agreed ; . position, three passible ....... . . , 

“draw personal conclusions " if -answer^ have emerged. himself in a minority with only 

be is outvoted in the Cabinet - '••The most support- was given to four ministers supporting -his 


merit’s committee oh external 
found [economic, relations argued that 
- 'the increase in barter -trena- 
ils with Eastern Eurape-was 
restricting diversity of trade- and 


were purely speculative. lie proposal put forward by Mr. view that there was no need to tpiaring m»i iw rwm T M. n i l W a 

The Prime Minister's aides did Ezer ' Woizman. the Defence change tlie original proposals of j particular disadvantageT-V 
confirm that Mr. Begin is not pre-. Minister, that the Cabinet should a review after five years. ] According to the - committee 

this could lead ter market 

-n -m -m . I'm tt w disturbances in the Community, 

Feudal war looms m north LiCu^IlOll - j involve^ 7 as ^ft ^^opiniis&d 

BYIHSAN HIJAZ. . V ^ ported 

THE Phalange Party, Lebanon's day ;'fc L . the northern town of have been placed in alert after The resolution, accepted by 
largest Christian paramilitary. 2gHarta of Mr. Franjieh — son of an emergency meeting by the the Parliament, noted that the 
organisation, warned today it will the -toriner President— and 32 party's politbureau under Mr. total indebtedness of Comecon 
use force to protect its members -.others, including his wife and Gemayel yesterday. countries continued to', rise 

against threatened vengeance daughter. Palestinian .guerrilla leader although, the rate at. which they 

and reprisals in wake of the ; They were all. killed when mili- Yassir Arafat has linked the f 8 " U P debts bad fallen _fn the 
murder two days ago of deputy tiamen or the Phalange Party on events in the north with develop- “*t two .years. This could pace 
Tony Franjieh. - Tuesday attacked the town of ments in 'Southern. Lebanon. 8 severe strain on Eastrwesy 

The party’s daily organ; A1 Ehden about 80 miles northeast Addressing a Palestinian rally .. _ ‘ ' 

Antal, said information had been' of_Beirut and the Frarijieh resi- here last night he claimed Mr. . »Qth trw European -Com mis-, 
conveyed to . the party . about deuce there. Franjieh was asasslnated because 310,1 800 ‘“J Council of Ministers 

reprisals being planned against - The-. friction had. started over he had refused .to co-operate with were urged to pursue current 
“our comrades and members of - reported ; attempts by the the Israelis. , f 00 ™' ■ vigorously, 

our families." , .Phalange Party to move its influ- Christian militias in the south particularly the . harmonious 

It did not name the persons -ence-te the- Christian north, which who have the support oF the neveiopmcot _ _ oi trade, the 
making the threats. Cries for the- Franjiehs regard as their Phalange Party and the National 8 PP* station of me most favoured 
vengeance against the Phalangists - fief; - ■ Liberal Party of Mr. CamiUe and. liberalisation 

and their leader Pierre Gemayel "The Phalange militia, said to Chamoun have established an 
were made at the funeral yester-- number- 10,600, were reported to alliance with the Israelis. 


S. Arabia 
orders more 
floggings 


Two more Britons have been 
sentenced to a public beating in 
a Saudi Arabian market-place for 
supplying alcohol to Arabs, a 
Foreign Office diplomat .said 
yesterday, ihe Press Association 
reports. One of the men was 
sentenced to two years' jail and 
200 strokes of the cane, the other 


OPEC divided over 
oil price increases 


BY RICHARD JOHN5 


THE ORGANISATION of Petro- fere nee at Taif Was called to 
leum Exporting Countries ' discuss' long-term OPEC strategy 
(OPEC) begins its regular oo pricing and production po'iev 
summer ministerial conference in inevitably Algeria, Libya ana 
Geneva tomorrow, with its spirit Iraq pressed for talks on im- 
of solidarity somewhat restored mediate remedial action. In the 
by the informal get together event the host country — backed 

held in Taif on May 6-7. But its notably by Iran, Venezuela and 

to IS months' jail and 150 strokes, j members are still divided — and Kuwait— -bad its way in insisting 
Altogether seven men are 
believed to be facing similar 
charges in Saudi Arabia. The 
Foreign Secretary, Dr. David 
Owen, is understood to have 
ordered a strong protest to the 
Saudis over the earlier eanlngs 
of two Britons for making and 
distributing alcoboL 



Herr Wilhelm Haferkamp. 
vice-president of the. Commission 
for External Relations urged 
member-states to stop looking 
for advantages for themselves in 
trade with Comecon countries. 
He accused some Community 
countries' of indulging in a race 
to give. hand-outs. Instead, there 
must be' a' unified Community 
policy on -trade' and this would 
continue to be the aim of the 
Commission. 


Government to. finance the Rollsi*- ffwdpHnre. TT c ■ .. . '• anain uDon the- country 

SRTS ** 

SS^e° its policies, .particularly The arrangements cover all 
partieu^^anmSoLtiib type from Congr^,. were severe. -exports with ihe exception of 
or practice vScb violated- the the- Administration boUeved titat military equipment and agricui- 
OEO) standards M conduct . any mod^eation or Its aWtade tural eommodities. Certain other 
'• W ho w ■ in this fioW woitid be m unfor^ exports. such as power stations. 

Mr. BJumentJ**^ woo -• was tiin afp development from -the, ni^-nfr-mnsr «ea*voinc shins and 

assassj* SsSSraM 

export- guidelines adopted, by state for Trade. “We -hare • Leading trade negotiators from 
member countries^ earlier this always taken the view that one the U-S^ EEC, Japan and Canada W 
year.- - .*• can match other peopled offers," Sunday for three dE^s of talks 

One of the biggest shortcom* he said today. “That is what was are to meet in- Washington on 
ings ' was that the present done in the case of the Rolls- to try and resolve some of the 
arrangements -did not . include Royce deal and there was noth- key issues stiti outstanding in the 
aircraft,, nuclear power- plants w inappropriate in such a pro- .Tokyo. Round of the multilateral 
and ships. Second, the U.S. . cedure.” - trade negotiations. Hie U.S. will 

wanted situations in which- there The new OECD guidelines be represented by Mr. Robert 
was a mixing of aid and export which came into effect on April Straus, Special Trade Repre- 
crcdits to .be clarified. * 1 this year, are applicable to semative, the EEC by HOrr 

' And third, the U.S also wanted officially -supported export credits Wilhelm Haferkwnp, Conunis- 
to make sure that the sS*e of with a repayment term of two jJoner for' External Relations, 
the siibsidv provided in export years or more. The basic terms Japan by Mr. Nohuhiko Ushiba. 
financing, given various kinds of "are: Minister- for External Economic 

interest rates from private and • Minimum cash payments of 15 Affairs, and Canada by Mr. Jack 
public sources, was also clearly per cent, whatever the destina- Warren. . Co-ordinator for the 
identified. tion of the exports. Multilateral Trade Negotiations. 


i.7* 


Japan’s ^oligopolistic car trade’ 

iport barrier 


is a non- 


BY CHARLES SMETH 


TOKYO, June 15. 


THE JAPANESE FAIR Trade effective dealer network has- commercial banks. Toyota says 
Commission, which acts as .the proved to be one of the most its' dealers turn to it ''rather 
guardian of - Japan'h ’ anti-, difficult tasks for would-be car- often" for long term loans which 
monopoly law. is starting to ih- importers. ’ can be used for operating funds 


Yen rises further 

The yen rose sharply against the 
dollar on the Tokyo foreign 
exchange market yesterday, clos- 
ing at a record Y215.40, Charles 


whose 

IN 


Here Manfred Schmidt (Socia- ' aUeged “OhgopoUstic Leading motor manuiacturera nr to hnance capiUUnvestmenl 

list^ fiSSanvi ^ P ract,ces - IQ Japanese ear to^Jay claimed that the industry Outstanding loan? : to dealers wirh 
Elution that djMribution i -.mtajk. m ; ite is not monopolistic.. according to repavTaent periods of one year 

e * I chairman. Mr. Osamu Hafihibttdii. criteria sot by the FTC— 4n that dr .more are currently worth 

imports had grown considerably, j prevalence of . M 4awCioinAl»^ ^f h r ll !23rt t <SSE?«!l .«5 ^?? 1> dkale r s and o Derate* h 

Mr. James Spicer. Conserva-, practices" in car retailing. -The "seven channcr system accord 

tive MP for Dorset W pointed^ Commission has its eye in, pat-' ^ defi "'! 3 ^ wMeh bS« 

put that the Comecon countries! ticular .orv thp degree. of ..jjl . tw0 . *• jj^ es ^ sold through woamte 

knew they could rely on the EEC rexerdsed by car maimfaemrere mon pP° llsllcl - outlets each with its ownfSn 

_ when there was a gap in their! over dealers In such matter*. as. A Toyota spokesman said that- NL«sa» Sv« ii mam 
"^ economy, and! in the present state; the setting-up of sales targets, ? • - ttW “ ^ Ss ma,n 


of revenue values. I oi r°-ass e”i hent they were able! deferred payments arrengeh^uts. 


the price militants among them , that; Ahe proceedings should con- 

are, very perpl^ed — over what centrate on broader, longer-term ' . . rx-nr^r- 

candor should be done to com- perspectives. * 

pensate producers for the con- The real argument will take 

tinuing erosion in the value of place in Geneva this weekend. tQ pIaJ . EEC stakes' off against price cuts, and' the sdttlemetet of- 

their oil -revenues. . ■ However, quite apart From the iBEtofff sSfm.ent®HpnforiSe 0De mother to get a better deal.! accounts. ' . 

, A continuation of the freeze in decisive -weight of Saudi Araoia to fSffil this^abu b!rt ■ - Lord Brimelow. a Socialist The FTCs concern appe^to 

force at the beginning of the and Iran, frustration and anger P«er and former permanent • 

year untii its end seems almost on the part of the mihtants cou«d JJgJgJf SSpMtiKie secretar 3 r * e Foreign Office, 

inevitable — if only because prove impotent as - it did n mcreas & cotua be main ^gued that Comecon countries 

Saudi Arabia has - said that it will Caracas. The “hawks are wf.U • tended to Plan their economy so 

go on until 1979 and Iran is also aware that because of the eon- A 11 members know that the £h a t they depended as far as 

in Favour. The' lesson of the last tinuing oil glut there can be no to firm up prices during they could ou their ownisunoort from 

ordinary meeting in Caracas significant increase in the price f period of surplus is for OPEC resources. Foreign trade tended f profitable 

noarlv civ mniifhe ie nlnov ” ffl TimnilPP IPCC Ittniinriiiul. «... . . - , . . > 


rise reflects a convic 
Japan's paynienis position 
likely to reamin strong, at least 
up to the tune for the Bonn 
summit. The "liands-ofT' policy 
of ihe Bank of Japan, which for 
the time- being seems to be re- 
fraining from heavy intervention 
in the market, has also been a 
significant factor. 

The yen has now gained nearly 
four points against tlie dollar since 
the start of ihe week. It is ex- 
pected to continue its rise during 
the next few days unless Japan's 
May customs clearance trade 
figures, due to be released tomor- 
row. show a contraction of ihe 
surplus on visible trade. 


Bunnah'S India talks 

Representatives or Burmah Oil 
arrive in New Delhi Tor what is 
expected to bo the linal round 
of talks on the Government's take- 
over of Oil India, the expiration 
company in which Burmah and 
the Indian Government have a 
50-50 share. K. Iv. Sharnia reports. 
The talks have hecn prolonged 
mainly because compensation io 
Burmah has been lied up with 
the liabilities of Burmab’s Assam 
Oil Company, which operates a 
small refinery in Dtboi. 


nearly six months ago is clear. 
Saudi Arabia and Iran, the two 
largest producers in the club, 

OPEC output last year, 
the weight to dictate to 


Smith reports from Tokyo. The accounting for some 45 per cent ** ^ Prebable that oil prices 
‘ tion that of total " — **’ 


to produce less. Individual io“te miduai’wd “to^wln 

Because of tie. world oil gl»t MM’S ttjTSSi £ ZESf 


have 

other members. 

It is an unpalatable fact that 
other members feeling the 
_ revenue pinch must learn to live 
jwith it however much they pro- 
test. Undoubtedly, they will pro- 
test this weekend. Their concern 


will remain pegged until, the 
end or the year. But oil price 
“hawks” point out that thcr 
erosion of the dollar has 
reduced their real Income to 
the level it was at before oil 
prices were doubled. 


Chinese to see 
armaments 

Ijr Lynton McLain 


CHINESE DEFENCE officials are! 
to visit the- British army equip- 
— t; - .raent exhibition at Aldershot on 
lTrSjR u S S! and poHcy J Monday at the invitation of the 


Sudan directives 


on their output for reasons of 
conservation.- Yet a coherent 
production' programme depends 
on Saudi- Arabia, “the swing- 
supplier," which is implacably 
opposed to any interference in 
its autonomy to decide its own 
levels. . =• 

In this situation the militants 
see in the decision at Taif to 

about the drop in tbeir purebas- 0 f 0 j| either in nominal or real establish a six-member edmmit- 

ing power, especialy through the terms. teo to st 

depreciation of the dollar, is OPEC, as Sheikh Yatnani pul of OPEC in the next decade as Govenunent 1 

AV J , ?, v , it at Taif, has entered a “new a devire to forestall meaningful y fhe six-man delegation under 

Sheikh Ahmed Zaki YamanL era ." In 1973 the producers discussion of price maintenance Mr tang Chung- Wen. deputy 
Saudi Minuter of Oil. has himself finally asserted the power to set for a year, by when the market chief adviser to the Northern 
acknowledged the contention of prices.' themselves. It was a jJ 0U ? J 137 ® recovered, .even Industrial- Company, China, will 
tile hawks that the price of oil development ■ made posable as though Iraq and Algeria are jOk, visit the British^ army 

in real terras is almost back to much as anything by ' strong m ®PJ b ® rs °. f Oie new entity. mobility and firepower deraon- 

!^® 7 le T®j il Y, as at 016 en ?u 0f demand for ollln the early 1970s. ^°P. u { su . ,n S tjie policy of price Sration at BovinSon and Lul- 
i? 7 ?.! for l- 11 more 111411 The Industry, however, is not restraint since 19i4 Saudi Arabia worth, the Ministry of Defence 
doubled. Since then, a recent going- through, - a. transitional p a s always had to consider the said last nieht.' 

. by Morgan Guaranty phase characterised by an OPEC interests of follow prodneers. It The visits are the first official 
nnpp 8 ^ buying power of surplus— estimated now at about a lso felt embarrassment at defence visits by a Chinese 
2»^?n,.J ie ^ erS fr ? m . per ba J7 e J 2m barrels a day or about 7 per being the sole defender of delegation and 'come- after the 
revenue on a t rade- weigh ted . wn t of current OPEC output— Western interests though in this visit to China bv Marshall of the 

basis has declined by 10 per cent and unused .capacity. respect it is now Tortifled by Royal "Air Force, Sir Neil 

OPp7ha? 0 ^lnil9M ti iEt*?h!l Haviug seen their production jj a °- i®,* 1 *?. 1 . Cro , wn Prince Cameron at the end of April, 

^erlatton^l^thi^rfnihfr thf rise onI J r marginally by Iff per JJSt fi ffLf Lrb J ter ° t [ Saadi oil There is ' speculation that the 

Jnit of MMun r^ fnr nfi ’ wnt ifl 1977 and fal1 b y 8 P® r , risks with Chinese will be shown a vertical 

unit of account For oil, cent in the first quarter of W7S OPEC taken by the^ take-off demonstration by 

stands 
equipment 

manufacturers at tbe exhibition 


iSST. ■“ le “ htins 7 r*fi 5 *B£ ranging 

frt3m 20 to 100 “per cent in an 
£2* liiTsfSitKftr unspecified . number of its 

dealers. The exact details, and 
the number of dealers partially 
MnlroUM “ coaB ' 

tfieEr dealer neeworits to tawydtr?P3 which related to the Nissan provides management 
price competition In the industf# “w e y ee . exercised, by . -motor- and sales personnel to its dealers 
—a point df view- which receives EMamfactnrers over - then in pjopornon to its capital par- 
the • extremely ® ealer8 - V- tid^ation. Its long term loans 

record of the Toyota Motor Sales Company, to dealers are believed to be 


be.that motor manufacture 
be using their influence 
[works to pr 


Japanese motor industry in recent the. marketing, “twin" of the comparable to those extended bv 
wars. (Toyota was the number Toyota-Motor- Company, sells its Toyota although this infonna- 
one corporate earner in Japan cars through ^ 250 dealers of tion, too, is classified. Honda 
during jthe 12 roimths ending last which only, 20 are directly, con-- Motor Company operates no 
I March), -The - tight control trolled by - Toyota itself. . The fewer than 2,350 dealers through- 
exercised by Japanese car manu- company however *- engages in out Japan, although its market 
, facto rers over lheir- distribution "managemertt consultation": with share, is well below that of 
(outlets also helps to explain why dealers. More important, Toyota either Nissan or Toyota. Forty- 
I foreign cars have, not penetrated acts as financier to its dealer six are directly controlled, but 
!the Japanese market more netwQrk. supplementing the more others are . acknowledged to 
{successfully. Putting together an normal financing function of receive financial support ■ 


Kawasakl-ETPM joint venture 


BY CHARLES SMITH 


TOKYO, June 15. 



of the. Situation, even if .the “P_ .P® r ... c ® nt . *9 placate dr| 


The Sudanese Government has 
issued a number of directives 
aimed at forcstallinc runaway 
inflation following last week's 
devaluation of the Sudanese 
pound and in anticipation of next 
month's Government salary 
increases. Alan Darby reports 
from Khartoum. Provincial secre- 
taries of the Sudanese Socialist 
Union have been ordered “ to 
uproot the greedy activities of 
black marketeers," police have 
been instructed to combat 
violators of price rules, and the 
retail price of some imported 
cigarettes has been officially 
fixed. There are fears tliat 
merchants will use the devaluation 
and pay rises to raise prices 
considerably. 


and will later visit' a number 
defence factories- 


Riccar to set 
up subsidiary 
in Britain 


■«*“< W— the “hd W W“ 

and the United Arab Emirates th ^™ p ! I ““ 0Ils - i,l ee v S " n,ilte?!r 

which came into line in the At Taif there was an uncharac- following Sheikh \amani’s up- 
middle of 1977 after an Incon- teristically open acceptance by qualified and categorical' ass ex- 
clusive six-month attempt by the a ® Irtfl 1 -'™ 1 Libyan ministers tion to the effect that the OPEC 
kingdom to use its spare capacity that Market conditions were such Price would remain frozen until 
to force down the average mice as t6 Toake an y significant price 1979 when there would be 'a 
on the market. increases impossible. Mr. Izzedin “50:50" chance of an in'cre^e 

Yet the tensiou rose again at Mabrouk. Libyan Minister of Oil, justified by market conditions, 
the Caracas conference with the even expressed «he view that not The statement appeared V brebk 
militants charging that Saudi “otil tbe end of 1979 would no argument and seemed to pre- 
Arabia and Iran were influenced market conditions justify a rise dude any possibility of ' com- 

by “political considerations" — 111 real terms — which also promise. Acute strains within 

implicitly alleging that their happened to be Sheikh Yamani’s OPEC, which were eased 'hy L the a JAPANESE sewina machine 
moderation was dictated by a 1kI gue ^- , . , Taif meeting, will probably k be manufacturer Riccar* has an 

desire to satisfy the U.S. Since Nevertheless, anger bubbled up felt again in Geneva. But despite to^itabuLh 

then an even stronger head of and especially bitter resentment some indications of demand for noQOOO sales subsidiary 

steam in the ranks of the was expressed by the Algerian oil firming up, Saudi Arabia and AbSedon. DsSrtL The rompaoy 

hawks has built up because of delegation. Mr Tayih Abdel Iran will be able to argue for a irfVHnta buffir up Rircarisex 

the depreciation of the dollar. Kanin, Iraqs Minister of OiL freeze on the basis market SrL to the UIC 10 OM^Sitits 

Having started a recovery before has given notice that it will press realities rather than thi to tir% ffflaw ihnnt 

the Taif meeting, it has sub- for an increase at Geneva, aid wc 
sequent ly slipped. 'Libya, will' do the same. In a even 11 

Although the “informal" con- more sombre appreciation of the linked. 


By Chari* 


Smith 

TOKYO, Jane 15. 


S. African Information Ministry disbanded! 


BY QUENTIN PEEL 

THE SOUTH AFRICAN Depart- bis second direct intervention in demanded. 


JOHANNESBURG. June 15- 
fo (reign politicians. 


Riccar already has six overseas 
sales companies although exports 
represent a fairly small ' ratio of 
its turnover:, 

.The UK. sewing machine 
market Ls estimated here, to run 
to about 400,900 units -per year of 
which 300,000 are imported. 


U.S. technology 
for Bosch 
car ignitions 


meat of Information, the centre .the affair, follows ihe publica- Mr. Vorster said Dr. Rboodie diplom'atic^mlssieTs^ an^taSinS 
of a controversy over a slush tion of a third parliamentary was resigning at his own re- the «»rrfre« nr fori* Q - 
fund for secret propaganda acti- report on the activities of the quest, but that he might be re- ^ * ore, an journal- 

vities and the extravagant spend- Information Department, charg- employed on contract to assist iat5 ’ na e 111 been mentioned 
ing of its senior officials, is to ing Dr. Rboodie with disregard- General van den Bergh in his in !ocal new spaper investiga- 
be disbanded. And Dr. Escbel Ing civil service accounting investigation. tions. 

RhoodJe. the Secretary for Infor- regulations. It also revealed that The significance of the affair Dr. Mulder’s standi*,* 
matron, is to resign. his brother. Dr. Deneys Rhoodie, relates -both to the unorthodox doubtedly been daSli 1 ^ S 

Announcing this m Parliament who was deputy head of the activities of the Information De- affair far Dr 7«e*m 

today Mr. John Vorster. the department but has since partment which were large^ pSJni a D D 0 S?l° die , 'T ^ 

Prime Minister, said the depart- resigned, had wrongly claimed the brainchild of Dr. Eschel unorthodox ■ aa,t V 36 

ment would be replaced by a public funds for travel by his Rhoodie,and to the standing of partiy hfe^ conSil^ '1 Sl" i 5 the 

Bureau for National and Inter- wife and family. Dr. MuJder, formerly' comridired Sere is uSe^Hh^ 1 ^ 1 ^ for sali^ 

national Communication, which As on the previous occasion, the heir apparent to Mr. Vor- restenation h«» ^ 

would remain the responsibUity when he announced an investi- ster as Prime' Minister. It also vltofc^rttalio of PhfL ^ ^ ^ au ^ ommi ignition 

of Dr. Connie Mulder, the gation into the department’s concerns the authority of parli- and Develnnmlnt UI S! Re ^°55 infriAUv 

Minister of Information. The spending of secret funds, Mr. ament, for Dr. Rhoodie's secret mc nmoSSffi %L exSids oveflre wars’a^^U 

secret activities of the depart- Vorster has intervened just fund . was never authorised by affairs— he f 5* r B ^ ck ST* n«S«cL ite tS.” 

raent are to be investigated by ahead of a parliamentary de- the legislature. - XtSTta JSS au, ?*«»' 9 s * SSttSS S 

General Hendrik van den Bergh, bate, clearly intending to de- Dr. Rboodie has persirtently mSsTerial for prin,e ^ SS 

head of the Bureau of State fuse some nf the Opposition s refused to reveal what activities successor. 

Security (BOSSL to decide which criticism. His move will also were financed by the secret • A black 

should be continued, and under take some of the heat out of Fund although subsidies for paper. The Voice“ V w«' 

which departments. the attack on Dr. Mulder, whose purported yiadependent publi- today by the south I 

Mr. Vorster's announcement, resignation the opposition has cations, undercover lobbying- of censors, utn a * rtw,n,SDUa * siai 


For use in manufacturing elec- 
tronic Ignition systems^ In addl- 

ecumenical news- tion. Fairchild will ‘supply com- 

* s 'ce, was banned ponehts, subassemblies and 

South African solid-state modules to. Bosch,. - 
AP-DJ 


KAWASAKI STEEL Corporation as far afield -as the Middie East structures including oil driULng 
has -reached agreement.', with (where ETFH-has two- fabrtca- barges, * " 

Entrepose GTM Pour lea Travaux tion feefitresj. the UK, or West KawasaM -says negotiations 
Patrollers Maritimes (ETPM) on ETPM had to be preceded 

an exchange of kaowrhow and a Kawasaki is interested in. the by diseussibns within the 
joint tendering system which will platform construction business Kawasaki group' itself to deter- 
ailow it to gain access to the as a means diversifying .oat of mine .whether Kawasaki Steel 
fast-growing world market- for basic steel making where growth Corporation or its sister com- 
offsbore oil-drilling platfonqs. prospects are now limited. -It- P*Qy,' Kawasaki Heavy Industries, 
Under the agreement Kawasaki sta riS with the initial advantage would enter tbe platform build- 
will use the French .company's that it is a. major manufacturer ing business. . KH1 and other 
technology to build platforms at of the heavy, plate .and pipes Japanese .shipbuilding companies 
a new fabrication centre' to be from which 1 drilling platforms, b a become interested in plat- 
buJlt near Kobe in - south-west are buiK, but .platform cbnslriic- form building, despite the rela- 
Japan. The two companies .will tion involves sophisticated 'tech- tiveiy- low ratio of wadded value 
bid jointly for platform contracts niqnes which Kawasaki has so .involved,, a r their ship orders 
in the Pacific- region' and in fa r lacked. .have' declined. Steelmakers, how- 

Alaska or, in some cases, will ever; appareiitly have the edge 

give each * first refusal” as sub- . Acce»|o Upmarket, w^ch is thi^arket since they are 
contractors. In the latter case bwuiuateiby' the o^.aiajers, jM*° . the' .‘source bf the basic jaw 
Kawasaki wiU generally under- materiais." •' - ' - 

take construction of platforms which ETPMhas est^llshed dyer.- Kawa i aW to hiiild turn 

while ETPM -will look' after the years but winch Kawwkt SeidSS ROM 

From ETP&Ts point, of view fabrication centre. ..These will 

the tie-up gives It a' mannfactar-' companies in the internattopar hring about Y5.4hn in -turnover, 
ing foothold in: the Far East Platform . manufadUmng . onsi- The' world market for- oil plal- 
The. company established -a ^ales oess. One “th® where* prown^ forms is currently .running at 
office in Singapore last-year but a °d Root of the signed .^u about 150 platforms'per-year, but, 
has been handicapped in its agreement .three years- agd with .is expected to grow with the 
efforts to enter the 'Far East another Japanese steel company, resumption of drilling work in 
market by the fact that its plat- Nippon Kokkan, for -the construe- many offshore areas, particularly 
forms have to be built. at bases tion and operation of marine around, the Pacific, . 


China and Spain to sign pact 


BY ANDREW WHITLEY 


TEHRAN;. June 15. 


SPAIN AND CHINA, are to Juan Caries and the Shah of exports to Iran have climbed 
sign a framework", trade Iran Wqre able in their speeches rapidly. from $35m to SlSOra in 
agreement during : King Juan to point out contemporary paral- 1977, and" are projected to reach 
Carlos’s vmit, which ^ starts to- lels between their countries, S250m in the current year. A 
S. e Spanish Foreign with each going through ..a joint Ministerial commission on 
Min i s ter. Sr. MarcpUino Orejfl, period of transition from tight expanding trade has' been meet- 
told a pew*, conference in controls to. throne-guided greater, ing frequently- 
Tehran today. The King and bis democracy. '- V ■ . .. ^ . 

officials fly on . to Peking later t ' _?■ s . - • ■!’ ■ ■ MeanwhilCi ttc , Qusese 

tonight after a brief State visit T Iwks with For eign Minister, Mr. Huaqg Hua . 

hert is- -a. particularly . pressing arrived "in -'Tehepur this 

The projection of tthe modem nee ^ Spanish officials sajc. Xast evening, opemng ; up • the in- 
Spain beyond - its “traditional trade gap was over ffUp* tifemng possiblity .of a .three- 

spheres of - interest in Europe, J£ anks largely. to the faet that sidsT meeting with 'his Spanish 
the Mediterranean, and So Spain' buys, between oneflnarter and Jranian -counterparts. Mr. 
Americas, Is evidently an impor- M <> * third of Its oil from this Htiang’s three-day visit ta Iran 
taut underlying motive for .this /; ■ * was apparently set up at -corn- 

first state visit by the Spanish The Foreign Minister said-that-paratively short notice, and forms 
monarch' to the East - out of SpaM's total oil imports pair of - the current Chinese 

a,. o£ between 40- and 45m tonnes diplomatic drive in the Persian 

Sr, Oreja said today that Sp^a a year ; 'i can j> rovide S . het^n Gulf region. . . .'. 

oe ?P®“ 11 and Em tonnes. Spain, hopes -A e il is several yrars since r a 


apd China --needed to ~c 


shallow relations betwem J° stabilise its. Imports at . this Chinese official was in 

levei, and- to boost Its own: ^ex- Teheran, it is considered Impbr- 
SSf S^’aNSSta WS to II^ Constriictioh and ^ftlware. Ofina. Iran and Spain 
Tin y trade levels, he comm^SS 1 shipboilding were eingfed. out as ^ share a common mneem over 

two posable fields. : ' So vje«2uban_milrtary adventures. 

be viewed .by. the.'Chtoese.leaders -. As eoSratlon 

as a new member; of- the Euro- heir, and, more compeHtogly, a 

pean Community, in effect if not member of the band of hopeful SShihisten ^SSch svJSEa 
yet m practice, and according to or former monarchs, the then- 

rSJPS* 7 ore £ a Ju “ «* to .iwSSSP fffi ££*rfSESi ■ 

had welcomed the: King’s the Shah quite well, visiting Iran camp. wUTbe themahi SSS 
visit. on several occasions. - ' j! — 


visit 

At a banquet. last night. Sling 


V 


h. 


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... _* . - discussed-, with - the- 

ln the past three years, Spam's Foreign -Minister. ... 


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Financial Times Friday 



5 NEWS 










uction in 



hours 




month 


Rio Tinto 
to make 
new U.S. 
pain-] 


BT JOHN LLOYD 


EY JOHN ELLIOTT, INDUSTRIAL EDITOR 


INDUSTRIALISTS arc to fire the policy ^aper rebuts this argu- 
•■pi-nini: shots in a campaign of ment and says that the far more 
mu, i opposition 10 cuts m likely result would be that exist- 
Rnljin's general 40-hour work- ing workforces would do more 
week' when they meet Mr. overtime, 
rionis Healey. Chancellor of the Since the unions would not 
Exchequer. to discuss the next ayree to any wage cuts to acconi- 
pha-e nf ji;tv policv on Tuesday, pany a reduction in hours. 

T . , Vn( ‘ (lll „ii ’ nf RHtnh employers unit costs would rise. 

The Confederation of Bn sh Leg -_ WOufd be done in 

IndiiNt.y is piepjrin a P® 1 "-- 5 hor:cn«?u standard week and 
paper nil tni- subject of vorkrng enhani . cd wa g e rates would have 
hi hi i s and •.-.ill tell the chancel- be for overtime hours. 

I| ,r ,nj , 1 accepting trade union The ' re5tt U of the higher unit 
demands fur moves towards a So* ,. ost!> ., nd a worsening of British 
fr,ur week would raise costs and cr „ n p a a!e5 'international competi- 
.•cverely damage British Indus- t j vCn p ?s cnuld, says the Con- 
try s coin pctiiivenes:- abroad. federation's document, lead to 

Tuesday's talks will he the hicher rather than lower unein- 
lirsl between Mr. Healey and payment. 

ih«- Cun federation specifically ji su geests that recent esti- 
iloinicd to vhat should happen mates by the Department or 
when the present phase of pay Employment that a reduction to 
»"Ijcy expire i in six weeks. The 35 hour? :■ week would add up to 
mdu.-tnalisi.; will demand maxi- g! per cent to labour costs arej increases 
mum flexibility, including provi* unrealistically low. 1 premium? 

for productivity deals. it also points out that agreeing 


Howard 
factory 
will cost 





'■mn 

io-yther with the abolition of a joint EEC programme for re 
1 he Cuvernment's pay sanctions, ducinc hours would be of only 
Indu=tri^ I is t.s have become marginal help because it would 
incr-'.isingly concerned about ibe do nnthtns to correct the fresh 
imnlications rrf a 35-hour week problems mat the UK would face 
ii urine the past few months. This in competing with countries like 
i- because irade union interest Japan and Korea, 
in wnrkinu hour? has been build- Indeed, one leading indus- 
in - ^ up lu such an extent that the trialisl commented when discus- 
Tl.fi' is now preparing a policy sins the problem that the most 
ipTument for if? economic com- useful thing the TUC could do 
inine*' and its annual congress would be to persuade Us counter- 
in the au lu m n. parts in countries like Japan to 

Union leader? argue Jhai cut- push for a 20-hour week: then' 
line shf* working week would British industry might be able to 
help in ■•real'! jobs and so cut compete with its present 40-hour 
unempluynieni. But the Con- week on equal terms, 
federation's first draft of its own Murray Assurance, Page 10 


although the trend remains 
upward. 

The price rises are generally 
in line with the increases in EEC 
guidance prices, agreed by the 
Commission late on Wednesday, 
to lake effect from July 1. 

The average rises by product 
groups are: carbon steel billets 
and billet- derived products. 3-5 
per cent: plates. 5 per cent: un- 
coated and electro-zinc coated 
strip mill products. 7*10 per cent: 
electrical sheets. 5 per cent: 
carbon forging ingots. 3 per cent. 
The price rises include 
in the ' 
premiums charged 
quality or quantity 


year. 

0 UK steel 
down 7.4 per 


starting material for the maun- 
production was ! facture of diflui&al the active 
cent on April’s (ingredient of the ibew analgesic. 


i? ve been kepi s, aoie fi gure . pin up 4.5 pe r cent on out- } Dolobid. a US. discovery; 
steel. Where [he tiA* t in May igyy. This reflected ! made its world debut in Britain 
price of ..Ue* it' tii; , e fFects’ of annual holidays la ! In April as a replacement for 
■ iiish St njs put Sheffield an{ j jb e west Midlands, j aspirin, because of its' freedom 
by only 5 per ^ni. and the dispute in BSC's (from si 


extras"— 
on si*c_ 


in the EEC guidance prices on 
all products. Heavy sections, 
which ibe EEC has V-iised by 5 
per cent, have been ■••col stable 
by British Steel 
raised the 
per cent. British 

its price up by only 5 per ^eni. ~ n( j ”j he dispute in BSC's (from side-effects when used 
The prices of both heavy L| unwe m works in South Wales, j large or repeated doses, 
sections and plates arc- still steel production in May was' At the time it was estimated 
higher than the gener-l le 'cl on 403.000 tonnes a week against ( that its drug, to he made com- 
the Continent, however 441.700 in April. Production in ■ mercialiy in Britain by Thomas 

Mr John S itFnrri .'■(-••i-inr of Mav last vear was 391.300 tonnes. ! Morson. could provide the L UK 
1 he British Iron and Con- The first five moths of this with export earnings of £300m 

suinerj' Council, said ;.?fterday year showed a drop in average m ge nrnrt decade^ 
that while no consumer- cream- production over tne same period ISC Chemicals plans to. build 
sal ion d ” price last year. Output was 404.600 , a 5WWqn pLant for manufacture 

increases. his members- the tonnes against 411.300 in the first ; of the intermediate ^as-_part of a 


variations steel-usmg industrr-'* — revoyn- five months last year. 


Accounting standards 

ly 


CY TIM DICKSON 

• RITIUISM '»e ihc methods and The Standards Committee 
‘■'irk cf the Accounting Stan- needed a full time “chief execu- 
d.'ids Chiu m iuec. which Fomin- live" and a larger high calibre 
m*. ii'.ci'iintin^ and leporlin? secretariat. Separate standards 
1" 1 ■ 1 1 -.- for <?. 1 m panics, emerges in might be necessary for sectors 
a r.'iiMi L published today by the such as property, banking, oil and 
l.'-ndon Socicij of Chartered insurance. Special standards 
A in I?. should apply to the public sector. 

The working party who pre- The balances of individuals on 
r «r ?-l 1 he ropy r t was headed hy the Standards Committee was 
Mr. Ken UarrJener. finance direu- wrong and. in view oE the in- 
fer of Dunlop, and included a ereasingiy sensitive areas now 
representative from the Govern- covered by standards, more rep- 
ment accountancy service, a rcsentatives of industry and more 
•lock broker and a partner from ‘‘non accountants '* should be in- 
■nternalional accountants. Arthur eluded. 

Andersen and Cn. No alternative committee was 

The ypiup as reed that the necessary, but it should be given 
1 e-mi cal content «»f early more independence and 
■counting .-tan.' lards was good authority to issue accounting 
l -m recent exp' 'sure drafts standards. 

' lacked l In- quality which earn- The committee should also be 
resprvi ,-,nd ready compliance." prepared to advise on the impie- 
Ext'iur'lc- givuri were ihe mentation of standards and 
■’ -.p'imi re r|r.i ft EDI h on deferred shnuid publish written interpre- 
— '••'hich iv i riticised for it? tatiuns to clarify misconceptions. 
'Main ;ii ic appmach ” — and It is also criticised for failing 
■-rinciM.'il for alinv. inc iwo in make more use of the Con- 
M * n rn a live met hods for dealing sultatlve Group but the working 
■*nh •■'irreni'y translations in party concludes that there are 
.iT!ini’i-, faults on both sides. 

“We hr! 1 eve thai exposure Auditors were reminded to 
•iiaru -hnuld always disco?.? the qualify reports if not satisfied 
1'inccptua! background of 3 pro- about a company's departure 
p.i.-^d method of accounting." from standards and if departure 
ideallv. standards should is material, 
vpeesfy » single accounting treat- * Report of an LSCA Working 
ment i'ui: “ ?nnie flexibility Part u on Accounting Standards. 
.•hoidd he allowed in those areas .-U'aiiable from London Society 
m which accounting is at an evo- of Chartered Accountants. Price 
lut ionary stage." £1. 



Earl’s Court owners 
win £5m loan 
for modernisation 


£3m multi -stream plant for aro- 
j matic fluorine compounds:' . 

[ The two stages of chemistry 
! involved will add about' 70 per^j 
! cent, to the value, of its feedstock. 

1 This feedstock will be supplied 
by Hickson and Welch under a 
'separate contract negotiated. by 
Thomas Morson. invloving con- 
! struction of a £500,000. plant at 
i Castleford. Yorks. 


SIR BARRIE HEATH 

"Help not required. ' 

Car industry 
chief attacks 
intervention 

By Our Industrial Staff 

THE LAST THING the motor 
Industry wants is further 
“help" from the Government, 
Sir Barrie Heath said yester- 
day after his election as presi- 
dent of the Society of Motor 
Manufacturers and Traders. 

Sir Barrie. 61. is chairman 
of Guest Keen and NetitefolrLs. 
More than 40 per cent of the 
company's sates by talue go 
to the automotive industry. 

A 1 the annual lunch of the 
Society's council he said ihal 
he would fight every inch of 
the way for the industry to 
have a free hand in deter- 
mining its future- 
** We must oppose unwar- 
ranted and wasteful Inter- 
ference by government in Ihe 
running of our' industry.” 

Sir Barrie succeeded Mr. 
David Plastow, group manag- 
ing director of Rolls-Royce 
Motors, who became deputy 
president 


FINANCIAL TIMES REPORTER 

TOWN' AND City Prnr-?rli?s is 
I tn receive a long-term i5:<: loan 
> — initially interest free — f-om 
jihe Greater London C -i;nci! to 
! modernise its Ear!'.-- Court 
] exhibition centre. 

] The latest account from 
‘Tov.n and City show i:'3t the 
j exhibition services division. 
I which owns both London exhibi- 
tion centre? — Earl’s 0:.rt and 
Olympia — made profit % last 
year of £609.000. a fall u- 34 per 
cent. The group loss w:>- I'T.fim. 

Mr. Jeffrey Sterling, chairman 
of Town and City, welcor.ej the 


Burmah Oil 
to sell 
crude 

toBNOC 


“As a public company tt js i 
difficult to justify ploughing cash | 
into Earl's Court, since invest- 
ment yields are so low." he said. ! 

He tobught that Earl's Court! 
and Olympia were possibly the! 
only major private exhibition! By Kevin Done 
centres in Europe not to receive gURSIAH OIL is lo sell its share 
public money. of the crude oil produced from 

The GLC plan needs to be: the x or tb Sea Thistle Field to 
approved by the finance com- ? the British National Oil Corpora- 
miltee. but this is likely to be ; tion. 
a formality. The National ( The agreement will last for 
Exhibition Centre in Binning-! the life of the Thistle. Field, 
hum which has taken business . which has recoverable reserves 
from London since it onened tivo j estimated at 500m-525m barrels. 

GLC The field came on stream earlier 


GLC move as a ionR-necflcl sub- year? ago. welcomed the 
sidy, for Earl's Court wh.«.h still move as a boost Tor the exbibi- 1 <“LS i ear- 
lacked basic facilities. tion industry. 


Burmah has an 8.1 per cent 
share of the field, its able remain- 
ing equity stake in a North- Sea 
discovery'. 

The company was formerly 
the operator of the field and the 
dominant partner. But in 1376 
it sold 65 per cent -of Its share 
in Thistle to the corporation ffrr 
£1 03.3m. 

The price at which Burmah 
will sell its remaining crude to 
the Corporation will be deter- 
mined every three months 

The company has taken this 


Iver beakers fetch £12,500 


‘Evidence of metal 
fatigue 9 in tanker 

BY PAUL TAYLOR. INDUSTRIAL STAFF 

A U.S metallurgy expert told system and incorrect assembly! — • - _ 

"■« Th” b^lni* "htahM'lli™™ P^rt* Is* unsuitable I 

jl»“> lb “ Amoco '-adis disaster !. ,r r f n ,k '^- ^sis of ’ bailable i for pruceis.iig NonhSea crude. ■ 
; that .sub-standard steel '.vas prob- tt . 3s pro babiy caused 

.ably used in i lie vessels steering hv f alll . uc or a tension failure." 

i'un J s may 'When questioned by Mr. 

'.aused ife feilur.. Gurdon Victory, a Board mem- 

I Mr. Ful too Holtby was called her. Mr. Holtby said that high 
by Amoco tu analyse the results pressure tests on the Amoco 
[of tests oo part? of the steering ca'dir. steering system before it 
gear token f ruin two sister ships v.ds installed could have 
to the Amoco Cadiz. v.-cakened the studs. 

He told the inquiry in London '^ r - Holtby is expected to be 
that the results showed that the 0De °f l as t of the technical 
steel used by Spanish ship- experts called to testify on the 
builders Astillero? Espanoles design and operation of the 
was “inadequate” to withstand Amoco Cadiz steering gear. — . 

the stresses in service and did O" Monday tne Board hopes! when private J-owned 
not meet the chemical specifica- ® be Sm a detailed examination I operator Jeteave Produced 
lions listed by the steel manu- of events after the steering gear | profite of £L.m for the year 
facturer The steH manufac- which led to the vessel i ended March 31. Jetsave, wb-lch 

turerha's not been named during b * in 3 grounded on the Brittany jig strong in the Advanced Book- 
thc inquirv. cc ' ast - iog Charter business, had a turn- 


By David Rshlock. 

■RIO TINTO-ZINC'is to make a 

• THE British Steel Corporation from tiie standard—' '-'inch have ised the need for higher charges • high-value chemical intermediate 
i is to increase the prices or most remained static for ibe p^t two if the European sreel industry i for the new VS. pain-killer 

of its standard products bv about years. was to be preserved- 'Dolobid under a'£X2m contract 

5 per cent from July 9. ‘ With the exceDtiun o' rlai-mlled. Th e cumulative rises in steel i over five years. 

It will also notify the Price products the last -crenil price pnws agreed by the EEC since ; ISC Chemicals, the Rio Tinto- 

Commission that it intends to increase' for the* remaining January l this year are now j zinc fluorine chemical subsidy 

raise the prices or its semi- products was in 1^76 or around 11 per cent. i at Avonmouth, will build a £L5m 

finished products— like tubes. i ast j u j v British s»-=*e! ^id not Earlier this year, the Commis- ; plant the first of its kind,' it is 

cold roiled narrow strip and wire pass of,' an ear ]fei-' increase sion set a rise of 15 per cent as > believed, to make the material to { w tne tounurj iwnaanT is 

— probably by roughly tb t same agreed uDon bv ihn EEC. effee- being a target average increase j pharmaceutical industry stan-4TTai PBW nrth. Suffolk, factory and company, is Utongat ;tp. e 

amounL live from Aoril l to be achieved in 1978. A further j dards of purity. " ' ~ r Tneum-h ±un. 

Meanwhile, the rise in UK steel ‘ F '... rise of around 4 per cent in EEC its contract, Vith- Thomas 

production over the past six ; n ln 's round, BritiAj* nas nuidance prices is therefore to Morson and Son, is to make the 
months was halted last month, pbl passed on the full !n . c ^ c j t ^ es be expected before the end of the i chemical 2,4 difiuoro-amlihe. 


FINANCIAL TIMES REFORTHl . - ... ..- r 

pnTOVATOR’S plant opened in 1974, financed - 

HOWARD ROTUVa^w^ ^ ^ by ^ £800,000 tosra fn» 

end of year. Industry Department as > 

SLftEf fiL'tt mo jofe ■ - 

further move in status. - It. jus. m 


This is 
Howard’s 


retrenchment policy, other: -regional derploj 

5SS+f?ast year led to the dosare grants and the tola* amor 
IKSSmS ^ department of the pubfic nttmay^mvested i, 
^ ^oSfsuffolk, factory and comp*™ « •- 

SSemhly d plant. °ThSe'hSed ; November, Bxmm 
?*S“ l iL l S2 .hi that it was cmwentraMng m 

yester- tion on three facto^%d 
dav° “Tbe continuing reces- Washington, as part of rati 

mach i n e ry ° markets “ Four months ago, it sajt 

E8SA in the manufacturing, | 

capacuj. _ v therefore. France and Germany. .{ 

to concentrate all pro- pre-tax profits in 1973-77 
at its Halesworth and from. £3Jom to £L51m. • 


“The 
intends 
diiction 
Harleston factories. 


Knur.MAN. ihe Londun dealer, 
vos au active buyer yesterday 
a l Siilheby's silver sale, which 
liiiallerl £144.399. Jfo bought a 
,~ri uf four 17th-century Dutch 
in'akcrs i«y Van Eyck for El'J.500; 
a .'inr of George IV entree dishes 
and colors by Paul Slorr For 
If. -00: ,-f tiU a Geurue IV silver 
jilt bowl isuld by ihe Duke of 
Yuri: in lSHT to meet his debts l 
r.ic II146 ISs 10d fur £3.200. 
Jr-ss"p also yave £3.200 for a 
‘'har:':" 5 11 i-audle eiip and cover. 

\i Sniheby's Belgravia Euro- 
i" ,; tn ula?>. and ceramics totalled 
I'lil.TPi. Marin bought a parr of 
la roe Sevres vases and covers, 
made about 281)0. for £3,300 and 
a Berlin plaque of Ihe Madonna 
and Child sold fur £2.000. Gay 
Antiques acquired a set of 


Jetsave 
profits 
of £l-7m 


By Arthur Sandies 
AN INDICATION of the buoy- 
ancy of the North Atlantic air 
i traffic market came last night 
charter 


This section of the inquiry will 


«nw? e *ti?d ta • iri H n "?HSPd in ;,iear the testimon . v of toe vessel’s. 

hvHr^»r'in ^,rin2 im ^ ster - Captain Pasquale BardariJ 
the vess.Is hjdrjul c steering who arT , ves in London this week! 
gear. Five uf the.se studs broke- hi. 


__ Union officials on Tyne 

*^Thp U1 c!oTiire will affect' about Wearside have condehmei 
340 emolovees and will be phased latest closure and a mass 
over seven months,- with produc- ing was called yesterday b 
ridn ceasing in September and aniens- involved outside 
October and final closure at the factory. . ■ - 

end of the year.” f Howard s . shares dosec 

The Washington factory was lower last night r at 28p. 

Rival councils uige 
to agree over site 

BY JOHN BRENNAN. PROPERTY CORRESPONDENT 

MR. REG FREESON. the Hons- backed by. Allied - Irish J 
Ing Minister, has intervened in stepped in and bonght toe 
an inter-council dispute over the for £L45m. 
future of Manchester's Central The Council carried or 
Station site- talks. ' But then the Gr 

He has written to Mr. Alfred Manchester Council., appe 
Morris Labour MP for Wythen* negotiated directly, with 
shawe, to say that the Govern- Rotunton and, according to 
meat does not welcome apparent Morris, left the city comp] 
competition between Manchester in the dark about it& propt 
City Council and tbe Greater Ur. Morris says that the 
Manchester Council for control has accepted proposals hy 
of the i'3-acre city centre site, local Department of the Env 
Mr. Morris is writing to both ment office to meet and dii 
authorities passing on Mr. Free- the matter with tbe Grt 
son’s hope that ways can be Manchester Council. Mr. Ar 
found of reaching agreement Fieldhouse, leader of the c 
And he hopes that “ wnat many dl said yesterday that his cot 
people regard as a long standing would be only too happy to,' 
scandal can be ended." discusians. 

Manchester Central Station was . There the matter rests, 
accorded a long passage In the city is still willing to cons 
report of Judge Fay’s invesiga- a compulsory purchase if 
tions into the Crown Agent's exhibition centre plans 
losses. blocked- . 

The report showed that British And Mr. Freeson has said 
Rail agreed to sell the site in ^ such order “would 
1972 to a Jersey based company treated as expeamsosly as 
for £2.75ra. Before completion of a °J®- , , _ 

the sale Mr. Jack Walker and Mr. Keidhouse for the Gre 
Mr. Ramon Greene agreed to Manchester Connell bo we 
buy the site from the Jersey s® 65 **o reasons far a disp 
jrayers for £373 m. . 

• After a' complex series of 
deals, the property arrived in 
the portfolio of the Crown 
Agente-baifced English and Con- 
tinental group for £5m, and £1.2nj 

was passed to Mr. Greene and THE BRITISH Resorts Absc 
M r. Walker personally. t»on gave its support yestei 

Mr. Norman Morris, leader of to a campaign to make Gov. 
Manchester City Council nient grants aval la ole for 
explained .yesterday that the tourist projects at British reso 
council subsequently started talks whether or not they were wit 
with English and Continental to official development areas, 
buy the site for £2.5m. Mr. Moran Atha. from B: 

Plans to build an exhibition lington, suggested at the Assi 
centre were being hammered out ation's annual conference 
and the city discussed the option Scarborough that torn 
of applying a Compulsory Fur- development areas should 
chase Order on the site to ensure created and all resorts given t 
that a suitable scheme emerged, chance to qualify for Gove 
Then a Mr. George Robinson, ment aid. 


Seat belts ‘could save 
thousands of injuries 9 

FINANCIAL TIMES REPORTER 


Resorts back 
aid campaign 


late 19th-century Sevres plates nected with Florence Nightin- 
for £1,850. gale sold by the executors of 

At Sotheby-Parke Bernet. New Denys Eyre Bower of Chidding-j 
York, this week a gold enamel stone Castle, Kent, made £L3l5.j' , h ' 

and lapis lazuli charger made in The Science Museum paid £580; 

JS27 to a late 16th-century for a shoulder sash worn at 'l 1 "- Holtby uaitl that ihe kind to give evidence before a Com- 
design sold for £25.543, and a Scutari Hospital in Turkey, and; of steel used in ihe steering mons committee which wilj jn- 
- £325 fora letter from the Crimea, i gear might have been io blame vestiyate ihe Government’s 

by Florence Nightingale. ! for its failure. There were handling of the Eleni V tanker 

Museums were also active ; design faults in the steering incident, 
bidders at Christie's South Ken-; 
singion first sale devoted toj 
militaria. 

Tbe London Museum paid £120 
for a canvas banner of the suffra- ' . 

getle Women's Social and A,N I ATEff . \7lti..\L cun- On Monday a special working] 
Political Union. Chelsea Branch. : rcn?n<:c . 0,1 ,l -‘ n n^ or *ip- pany will examine the Danish' 
The National Army Museum will '■\aiinnr.- tii» need far proposals, which have been 

•ffirefe and ' ivtis lo have framed in the light of super- 
lanker disasters like the Argo 



SALEROOM 

BY ANTONY THORNCROFT 


Crew training proposal 


pair of late 19th-century Sevres 
urns with stands far £8.696. 

At the Lawrence saleroom. 
Crewkerne, Somerset, 

Gauguin print 
Fenua.” was 

Denneville of Bond Street for 
12 £5,100. A group of items con- 


aomerset a Paul bou 3ht a FANY uniform For C33 'tonkci 
Tint “Sve Nave an d « First World War nurse's . N^nal .n.i.nricati.'n-. . 

« bought hv uniform for £10. Top price in thu ; The pmjius:.! n.is cine fr 

of Bond Street for aupt ton. which totalled £a.747. was the D-im-.li d<.'le.u:itinn to 


Allied Ir ishBanks 

announce 
that the following 

rate will apply from 

13th. May, 1978. 

Base Lending Rate 
10% per annum 


(X) Allied IrishBanks 



from Merchant and the Ainoco Cadiz, 
the It is widely accepted that the 
£680 for a field officer’s coal of • Intor-Guvcrn mental Maritime main cause of tanker accidents 
the 56th Foot, dating from about : Consultative ur-anisnlion con- is human failure and the Danish 
1775. ' i fereneo on the training and ecr- susses lion, if accepted by the 

Christie's sale of Continental 1 tification of sec fa iv 1-5 which conference, would require tanker 
furniture and rugs and carpets > began meeting in London on crews to have specialised know- 
made £75.917. Van Delden. the] Wednesday. ledge and training. 

Dutch dealer, paid £4.S00 for a j 

suite of Napoleon III niahneany 
and parcel gill scat furniture I 
upholstered in Aubusson topes- J 
try. An antique Afghan Saryk 1 
carpet took the same price from 
an anonymous buyer. 

A set of six Dutch iiiarquclry 
dining chairs sold for &M00 and 
Van Del den also paid £3.000 for 
a Dutch marquetry display 
cabinet. 

Salas at the 20th Antiquarian 
Book Fair, which ended last 


Jaguar Cars to recall 
7,200 vehicles 

FINANCIAL TIMES REPORTER 

JAGL'AK CAKS i? u> :vc:iii 7.200 leakage dcveluping in long-terra | 
vehicle 1 for fuel .-..-.fen, checks. XJ12 cars arc bcin „ modi .i 


over of £ISm. (MORE THAN 12,000 fatal and the vehicle. In the survey almo 

Although low Tares have P r °- j serious road casualties could be one quarter of those thrown o - 
roked alarm in some airline, . every year j n tj, e uk if of their car were killed, and th 
quarters it is clear that the air , aJl drivera ^and front seat accounted for nearly one half 1 

.ammm urnrn orant haTte eairc all dp3ths. 

the rif 
a vehic! 

ib(iiii vim v . „ - __ was sui 

founder of Jetsave. said ! ast ' sgiT” belts* " merged in "water was less tha 

night that he was “not sur-p ’ Koeo j __ „ „„ one in one thousand, 

prised now to he meeting strong TJ® w™ l 1 ’ The rc P° rt comment; 

low fare competition from the ] prehensive sample of accidents, •• Altliougli it is possible t 
scheduled airlines" hut he wasi shows ^ of seat belts j ma gj ne situations where a 
confident that the company , considerably reduces the chances occupant would have fare 
would maintain its position.. 1 of sustaining head injuries io a better without a seat belt, n 
“Our plans for new producis.' cras h. such cases were noted in th 

may surprise our rivals just as Seat bells also offer proLec- survey and so must be relative! 
much as they have in the past." i lion by preventing ejection from rare.” 

Managers ‘should meet MPs ■ 

BY NICHOLAS LESLIE 

A BETTER understanding of io- The survey forms part of a looking into the question oil 
dustry among Members of Par- general move by the institute to liamentary representation, 
(lament and enouragement by get tbe views of managers more m 111 T , adtlL jS on t0 . toe st 
companies of individuals who widely known in WhilehalL It 771^^ ‘ 

wish to become MPs were con- has been inspired by tbe steps t0 lh * pSy ^JadSTto 

sidered desirable objectives by taken by the Confederation of propose a “pre-General Election 
most managers questioned by British Industry to consider dialogue" between the parties 
the British institute uf Manage- how companies can make it and tbe institute, 
ment. easier for employees to become He suggests it might be help 

But there was widespread MPs. ful for them to have comments 

opposition m the preposition The CBI already has a com- from the management side on 
that companies should sponsor miltee. beaded by Lord Carr, the policy aspects being developed 

former Conservative .Minister, in their manifestos. 



The recall a If eels 
models, and sonic 


c'-riain XJS 
-fa'.'iiar and 


fied to ensure clearance between 
a fuel pipe and an adjacent pipe 

night at London's Europa Hotel, j Daunicr N-l 12 fuel injection cars, m the engine bay. 
totalled a record £615,000. There; yu. wmpanv 5aid .. )Nt niBht Owners of affected vehicles 
were 104 dealers from seven \1S mnd l . 1 w,n ,>c recelwing dircet notSHea- 

countries. lhal the 5 1,1 ,d * |s ’ vlU havo tion within the next few days. 

An anom mous £10.000 21ft has : lwo ,Jt ‘ x tole fuel honts replaced and the modifications will be free 
helped cut'tu £66,500 the amount ; to eliminate ihe possibility of of charge. 

needed 


in the next three-and-j 
a-h&if weeks to save one nf 1 
the pair of Warwick Castle i 
Canalettos from export. 

It was handed to the National 
Gallery, which has both pictures 
on display as part of the effort 
to raise the money. 

The pictures, of the castle’.* , 

ea« front were sold by Lord ! A PKUPOSAL hy ihe European lion 


Copying equipment levy 
‘unfair’ to office users 


FINANCIAL TIMES REPORTER 



GROWTH 

OF MONETARY AGGREGATES (£m) 


Money Stock Ml 

Money Stock MJ 

Bank lending** Domestic credit 

1977 

Seasonally 

Unadjusted adjusted 

Sterling 

Seasonally 

?£ Unadjusted adjusted 

_ expansion 


owners 


April 20 
May 13 
June 15 
July 20 
August 17 
Sept. 21 
Oct. 19 
i Nov. 16 

copyright jjjj 14 
prac- 1 , , 


an export tieence* un til ’.V uTvmT. • office users, the Business Equip- mission tn the EEC that office i April 
A total of £275.000 was needed. | iueni Trade As»ucun«ia machinery should be exempted' way 17 

and Birmingham Art Gallen. has, yesterday, 
already raised enough lo save; The Commissions proposal is 


/rent any levy hucause it is rarely! 
used for making unauthorised ] 


823 

640 

3.4 

1,058 

795 

231 

368 

105 

170 

161 

0.8 

190 

353 

05 

120 

389 

440 

295 

IS 

461 

309 

0 3 

124 

439 

181 

426 

2.2 

658 

3S8 

OS 

U41 

182 

276 

59 

03 

“55 

“7 

— 

—107 

335 

523 

817 

4.1 

8T0 

730 


174 

398 

748 

594 

23 

669 

595 

1.4 

580 

469 

481 

325 

IS 

438 

296 

07 

110 

239 

663 

233 

1.1 

799 

413 

1j0 

28 

292 

-256 

617 

2.8 

60 

1.036 

2.4 

737 

182 

113 

484 

2.1 

378 

1,050 

2.4 

328 

284 

364 

770 

0.7 

369 

313 

0J 

313 

576 

793 

352 

1.5 

1,742 

1,144 

2 S 

390 

264 

193 

216 

0.9 

398 

400 

0.9 

546 

770 


967 

117 

820 

239 

-2S7 

72 

227 

388 

504 

-345 

206 

534 

2,043 

917 


-93 

182 

355 

1*1 

258 

963 

598 

1,437 

1.096 


one. 


designed to provide corapensa- copies. 


* To private *e«or in sterling. 


Source Sank at England 




•7. 


5 w '■ 


: Financial Times Friday June 16 1978 


U* 


tot 



HOME NEWS $ 



Jag rise 
urged in 
electronic 


Power plan reveals 


split on coal role 


Foreign 
truck 
and van 
sales 




BY JOHN -LLOYD 




BY john u - oyd increase 

aUvaiUli/d A DEEP division between the made by Government and the policies ea 52“*J Dodsworth 

By ,Max Wilkinson Government and the Central Elec- National Coal Board on year that in 19S5 tbe geoeratin= By 7* Hdustiv Corresoondent 

- „ . , ... tricitv Generating Board on the the level of coal production to board would consume over 80 Motor- Y P 

. .A- BIG -increase in subsidies to faLur _ *i and nuc i e up end th« century, and on tons of coal and under 20ra tom. r . W CERN in the British matt 


Only shareholders 
should choose 
hoard, urges CM 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


. 

ih-Vs 


■J*'M -3 
• s£1 - 1 6 ;* 


ffsssa&ts rSi 

iSKKiSS? Sii ft.™ s- 


industry about rising commercial proposals for worker-djrector^ “ £ y lc= . i!5 | aI » Qn abould be 

vehicle imporw was heightened ,he principle hat only a com on all employees, not trade 

vafinrdav by the publication of nany s shareholders sbouia na inn mottihpK :i!nne_ 


y is evident in the board's the Eiecirtcity Generating The gencrauns ^ vehicle imports «u neigiuenea ihe principle b ~7 e ba3e d 

are ur» ed corpora y te ,S p r a V n f0r T i978. Board’s plans tor more nuclear sidered that based or i the P«* erday by the publication of|panys shareholders should tan* members a!one _ BY DAVID FREUD 

today by Milliard, a Philips . .. . .. relativities between coal and oil fin ,, res showing a oh per cent rise ; the ultimate right i.o say wau John, however, confirmed 

subsidiary. , Th* board says that ir P Y **wtrMtv ***ni*ratinc (estimated at 1.1:11 the coal =• r ore j gn truck 3nd van sales (should become a director. vesterdav that his organisation last WEEK'S economic package 

• 111 7 a brief to MPs and officials. toastie coal i^^ ™n£t?iive board is extremely pessimistic burn WDU,d be betw 5 en b5m 111111 last month compared with a year This backing of the traditional n * t ob j UL . t to will break the back’of the eeono- 

Mallard gives a rather depressing **.? s -7° u) 0 ??!! 5- C about coal uroduction *estimatiiwz 75ni tonnes “ * ea . r - „„ nrt ago. . supremacy of shareholders as the le?i5 i al j 0n 0 n beluw-board-lcvel niic recuvc ry unless there is off- 

picture of the declining market 1 « ffSS The emphasis m the ■ report ,s \ he figures, issued by the ownerS of a company cuts direct^ consuitavion systems. r setting policy action in the near 

■sha*e of British electronics com- D ^°^ations on coal nnpoits. that K couUl ^ as tow U 115ro on future nuclear capability. Snc j P ty of Motor Manufacturers across the Governments and the This i# in spile of tbe fact f^r" say City brokers Fielding. 

-Vpanies Sir Both components and ^000 1985 d 105 ^ w “ ln al nn rd ^clea r and Traders, are in lino with the TUC's view that employees that many industrialists object to NeWSOn .Smith. 

-• the Tuanufactu re ot equipment ™ a y? and than P irc . . „ the generating board, ouc e r per cent increase in imports sb ould be given a statutory ngbt legislation at all. At tbe same lime, prospects for 

H 'fiports that the industry has 30 i Pe Cent cheaber ***** The equivaJent Government power proves, to be the most ^ first five months of to elect their own boardroom re- ^he Confederation’s leaders " ttnesa ‘ nB hav e 

mov^toom seSsiScienSJ in COal * . , National Coal Board assumptions economic choice for electricity ^ ri 7| ar . 1 presentatives. therefore believe ihat they can J™ oroJetLBoth P 'the public 

1960 to a dependency on imported Mr- Alex Eadie, a junior Min- for these yens are 135m tons generation at high load factor. They indicate that the big UK ( .. We don't believe that any have useful talks Wlth . th . e sec tor borrowing requirement 

• cSSneSofatoSt ^percent l i ler at < 2 l ! fc J > SS“ r 552t ^ aDd 170m ltms respectiveJy ' C ?nrreJsefairlvslow ly manufacturers have not taken should be imposed on a Gover nment on be tow-board- ^ domestic cve dit expansion 

this vear ' ■ V Energy, sa«i that 4>e viewed the As weM as forecasting that the likely to increase fairly slowly advantage of the improve- conipaI1 y against the wishes of level consultation but not on the forecast to fall within the 

' ’ • • RmrH't MimiHanle nn roal With r ~, _ . n . _ J nupr time. . .V,., M -,rL-Ai (hie vpsr I . . _ .u n u..rc vhn nu'll the : n u r.t i.> n pbpu(iT»rtarS. - .7 . L-.olina 


recovery 


members alone. i 

John, however, confirmed 


BY DAVID FREUD 




: ”- 7 ^ 


Mr. Alex Eadie, a junior Min- for these yens are 135m tons generation at high ipau tatior. T hev indicate that the big UK| ,. We d on*t believe that any have useful talkts with the ” b ‘ 0Va „o requirement 
ister at the Department of and 170m tons respectively. and its c ? st manufacturers have not taken ! Erector should be imposed on a Gover nment on betow-board- domestic credit expansion 

Energy, said that 4>e viewed the As weJ-1 as forecasting that the likely to increase fairij siowij ^ advantage of the improve- c0iup any against the wishes of i ev ei consultation but not on the forecast to fall within the 
Board’s comments on coal with CoaJ Board w j U not produce its ot *U? i ”h flin . on the ment. in the market this year. the shareholders who own the pr j ncip i e of worker-directory. _ Chanccll0 r’s limits. Sterling 


irget 

te 


industry fast dosing ground in 
vital sectors at [the same time as| 
being heavily dependent, and 
becoming more so, on imported 
components.” 

- The company, now the only 
maker of television . tubes in 
Britain, is particularly biting 
about the Japanese pricing of 
imports, which it says has been 
unfair, predatory and designed 
to knock out UK competition. 


Evidence 


UK power station 
sidphnr emission 
‘is harming Norway’ 


S fen up proaucuviiy ana om- j-n’i want to. and we oeuevc sarsenr, neaa ai iu» ‘ V ; £ 7u »,hm:ia hive 


investment of 5 per cent, it will 
be economic to install nuclear JmpOnS 
power stations (advanced gas- 
cooled reactors or pressurised Virtually 
water reactors! before required, i indusu? oa 


STUmmSE ”o“. T have ?r „ s s domcslic -product by 0.75 

federation’s special affairs direc- deveioM fbrotai coa^tabon per coat th , 


Fast 


The electricity 
board favours the i 

fast breeder reactors 
futwe, so that en 


In xne If I infill*! rialists Cin tnc UOVWU- lunr oi ua 

■icity r^ n 7on U ft'r culated lorr>- field, for example.. t - s j Q dustrial democracy It did. however. 
jactors 3 ^ 0 the near l«^ ^ While *Jp.r. published three 

^JSSSHLS**® KSjWilil sloups - Volvo. rnnfederatioa is consult- . “We believe emp 


ut pai per^Uiidi sri-iui 

>ver. show that ability of industry- to increase its 
not essential for stocks. 

introduced. Another broker, Simon and 


last oreeuer rM«.iv*o - i in-i . v ;, b a n the Dig Changes iu nr muuuuw.. Another arohti, wuuuu 

fut«e, so that energy needs ' c»oups — Volvo. «w* confederation is consult- “We believe employees should Coale s, says damage to the econ- 

woutd n ot be can strained by Mereede. and DAP ie details have rights to in (oration rights omy by ^ mwant ts unlikely 

Sh0r,a!;eS - basis. Madias sub«nffaliv to their Paper, including » , . c . -JEWS on ol 


4 ta sr tesrp by JOHN lloyd ur “pr »>»— « — sssss 

fS’ toe^Mket 6 to CLEANSING TECHNIQUES Generating Board experts be- 0 tf e rs an energy source to four-wheel drive sales tiie for a £or m of two-uer board 

oartSilarlv too costing up to £1.5bn a year may lieve that present pollu Don con- t least S j m ibr in order of Japanese manufacturer Daihatsu. stnjct ure. and wiU meet Muu 

export n ^ els ' J P“^ arIy h “* baveto be 'adopted by the U.K. tcol-using very taU stacks-is ^agnirnde to. and possibly much is ^ n0 w beginning tu make a sters iater in the summer. 

rtplihpratMv mairimJated uricea power stations in the- next few adequate, and that to much is neater than, the world’s total significant impact. The Governments official con- 

•in a Dreda^orv fashion P years to cut down emissions of being made of the harmful side- Recoverable fossil fuels." They sold 57 and 29 vehicles, ^nation period on the While 

Then? to auSle evidence to sulphur dioxide. effects of sulphur fall-out. Other points from the plan respe ctively. last month, against Paper b as now been extended • nwarfl 

show tSt tTS coSente Both West Germany and the However, they concede the inc iude: . . 521 Land Rovers and Range to September, although some UCSIgO aWarO 

. . ... . * nl . rrp i i.. ut :• ptilnKni* »Vis an«rirnnm<>Tlta1 A TI.a .uoraOP rrnwth in Gross „ iVicn mpl-inn nn fnr npalimmfirv riraftiHS Of 3 POS 


CB! warning, Page 13 


'•-way introduction, transport and In addition, the .. Norwegian The Generating Board has 
"'"marketing costs; at price levels Government is claiming that sul- arranged, in association with tbe 

■ - c which do not reflect massive phur emissions front Bntish Medical Research Council, for the 

"movements in foreign exchange power stations are-.... causing funding of two joint fellowships 
■rates” serious environmental damage to advance understanding of tnei 

Figures quoted in the report in South-West Norway:. action of sulphur-related com-] 

show that prices of Japanese Scientists from 'tbe.. Central pounds in the atmosphere on tne 
television tubes are on average Electricity Research laboratory human respiratory system, ana 

■ . 20 per cent lower in the UK have been working. |{ith Nor- to pursue f ^er epidemiolojtical 

than elsewhere in the world and wegian experts in an attempt to studies on their effects on health. 
: SO per cent below the price judge the extent of tha_ damage, 
charged iu South Korea. While the British Scientists COITOSIOII 

Apart from unfair competition, claims that there are fto oonclu- « r nhlem facing the 

the poor performance of the sive results from the teste. wluch her problem We 

-British electronics industry is have taken P ] ace ovagtoe last ^^creasingly high 

. partly due to the low levels of two years, . ^nut chloride content of coal, especi- 

• -Govemment subsidy compared Government continue^ put chi Pndeconxei and 


estimate). 


THE NATIONAL Association of 
Sbopfitters is sponsoring an uv ” 

annual design award, with a 1 

£1.000 cheque and com mem ora- Lun s « 
n i M iiP n< first nnze. The aucumo 


or restricted by financial con- 
straints will be minimal. Recent 
figures showed that at the end 
of March industry's financial 
position was at its most favour-i 
able this decade. 

Overall monetary growth was 
likely to- be comfortably within 
Budget guidelines by the 


the problems 
the present 
borrowing. 


hack 

paten 


■■■>': f ell tb. 14,Q0C; inr'April* Compared Minister, discussed the/proWem chiwme. ^ colliery— Lea 

fy with 24,000. to the same month with Mr. Peter Shor^tte U.K. Coaly causes 

last , year, .according :.fo fig^es Envirpnment - Secrepy, past ^ ^ earrosibn of b01 i er 

; rs 

-^ov,r durin, March were f 

4 |» down, af 25,000 compare_d yeys over the North .Sea, jorntiy p appear to 


\ 'v* 

I t VI? ■ • -/ ’ 

-i •I’. 


;,tsa ssffii * 

rSl?crcS iSVSSPS Instill ^ thao^t trom theoid. shaliowev 


• 102 , 000 , 


I the U.S./ 


Council changes condemned 


BY DAVID CHURCHHJ-1N EDINBURGH 


cTbinet committee for a Cabinet committee by to the 

■pips* msm mmm 

bU S- h 5“toGrV"». <5 told tha annual Sus. have a period of relatrve 

&dtSeiS , te?i’et' C i Soh ^d ^oS'er speaker, Mr. Holaud 

^wduto -he -7- ^j*. £- ;a*s-as5St-a-"sS' & & 

d'sastrous: . furtber prised _ that nnyo . aitini , P3CV at mer finance committee chairman 


3r?o e %ssv w- 


ousiy: ■ gnch as education. . 

— — nmi s’ 

HBH^ssb^ M=s£ 

■■■*■■ - wSich ^.Sd^pTisSee a 

Sato^ni»>™ iueouie. could 
be an alternative. 

I This had been proposed by the 

institute five years ago, but had 
liot been taken up by the 
^Government 


New leasehold factories and serviced sites 

are ready NOW. . 

"v . a. mtnildhln flfld 


, . arere*suy - . 

■-;v-*sa sssssssa*. 

-A*tssaaasa^ 

; ' -with all your suppliers and marKets. 

; ^ j^ewToWO housing availability- 

A- *. * • . i. ^.AAAOCfill 


[5Near collapse^ 


I . cwmbrau I® one of Britaui s ^^ ore c Hoars 

• ; speed Train 

. tom JjaadoD'by by rail or oouji^y* 

J-J hours from on has (Uivady 

' : ^.cwmbranDev^opm^J^^s,audtbe 

.'7 *SS^Sbsss^ 


- sssm&gggzssisu ■ 

^^Ssssssbs I 

n^jSflll ■ ■ ■ 

, - 


yvtft ’ 1 . 


“i would suggest that toe 

7 . ns.'srarrS 

i'asrt»"S? 

on worker and manager ahke. 

- He acknowledged that toere 
«* 0Q id‘be considerable practical 

- difficulties to introducing sue 

^ a 'iSiier, an attempt was made 

i • *«. msnii the fences to toe row 
: bewleu tbe pubUc end private 

■: Sraccoubtanw prof® 1 ?! 

, over°the standards of auditing in 

'T l0 Sl g0 S n ey nt ' Middleton, a 
: J£n STr of tbe Institute 
. : “ bartered Aeconntmfa >" 

7 England and Wales, said 4at 

the resolution passed at 

- week’s Institute of Chartered. 

. A^omtants’ annual meeting was 

ST meant as criticism of toe 

| . : U *S« rt ' resolution, passed over-! 

■ whelmtogiy by tbe Institute of 
i Chartered Accountants meeting. 
I called for all practical steps to 
! : bfSen “to raise toe mmitnum 
I - , H^ndards of accounting and 
| accountability required of local 
I aSXties at least to equal 
r. . those required ' of companies 
L qSd rathe stock Exchange.-’ 





Nowadays vehicle breakdowns, routine _ 
maintenance, testing: repairs, all play havoc wi 
vehicle availability. 

So yea fed you need to keep a spare. You buy 
it, tax it, insure.it but then half the time > ou 
probably don’t use it. 

There is another ‘.vay.BRS Contract Hire. 

The provision of replacement or extra vehides 
(and drivers if necessary) whenever you need them, 
is part of the deal. 

And that's just one way we can save you fiom 
the “spares!” 


Whaf s more, we’ve the close appreciation 
local needs and the nation-wide resources (over 
150 branches) to ensure the right help with any 
transport problem. 


It can be anything from a one-day, one-track 
rental ... to a total distribution service. 


We see ourselves as transport problem solver^ 
finding solutions that fit individual situations. 



-just say : Su'perbriz’ 




Northway House, High Road. Whelstone, London. N20 5ND Telephone: 01*446 1366 




8 


Financial, 


ENERGY REVIEW 


BY DAVID FISHLOCK 



The two pitfalls of windmill power 


WITHIN THE nest year the electricity at 480 volts Into the Dutch seek so enthusiastically as 35 per cent may be possible, demonstration under higher, price. It wiH.be a.. cheap Way plies against weather conditions 

Department of Energy may be Yorkshire electricity supply, to preserve in working order, compared with about 20 per wind conditions. Local people of demonstrating once and for that might becalm a wide area 

seeking Treasury approval for JusT *?°W Power aero- Typically a Dutch windmill of cent for a typical .windmill in objected, ' however, to what all that windmilte— of which -dependent on aerogenerators. 

a scheme costing upwards of generators “usat generate is the whatever design or purpose is Holland- (As a Dntch miller they saw as the intru-. Britain once had about 10,000 $ir Martin’s answer was that,. 

£2m to build a giant windmill subject of heated- debate generating the equivalent of once told me, “when the wind sion of a large engineering — are- sever going to. make a to -cushion the electricity con- . -- _ 

on some remote hilltop, prob- between windpower enthusiasts, about BOkW of electricity- falls to blow I am off to catch structure into an area-pf great comeback. This may well be sumer against vagaries of the late in . 

ably in Scotland. If so. it will ?° Umits,. and Big aerogenerators have shown &h -”> Buttty to conceal toe natural beauty. - • so. but enthusiasts' tor the plan weather, homes could be pro* ® ha j7 K T 

be the first- of the “benign and g*-* 1 whS*? 1 a disturbing tendency to break. bin - let?i 5 s .1* Unfortunately,, the geography ^-including generating' board vided with a cheap form of ^ pld 

renewable" energy sources to ^®T e best Britain most 6pec tacular failure between hills and the load 0 $ ideal ^ tes lDr windmills in engineers— see it in somewhat domestic heat storage capable t0 be runnia “ weil - 

reach the stage of a large-scale i Q ^r?r n - a was that, of the 1.25 MW aero- * actor declines alarmingly- . Britain, computed palas£aldugly different terms.- . ■ of holding enough to last almost In 1976 U.S. General Electric 

demonstration in Britain. In f 8r c S,,:,.? 1 ■iS Tl l r act ™ l<y “ oni generator built on Grandpa’s If the aerogenerator is to sur- by . the -Electrical. .J5tesear£ii - They want to igarn at ftdsrat week. The CEGB pcieptfarts was given a contract to design 
fact, no one has yet operated J«is Murc^pernaps toe equiva- Knob, a hill in Vermont, during vive under high exposed condi- Association over nitfay years; hand whether a ■b£onglai«mde' examined the meteorological a 2HW aerogenerator for ser- 
a windmill of the output the 01 a -s.wwmw power WorJd jj. which shed one tions, however, ft must be coincides closely with>ifce areas, structure' can data for eight .windswept sites vice at- a- mean ’windspeed of 

UK is now contemplating, 5taUon * ••• of its 53-metre diameter blades designed to withstand the worst of natural beauty, jMctacpfayly remote and inaccessible -sSfeg they believed, typified. areas 18 mph; A year later Boeing 

although the U.S. and West .. after a couple of years. Britain the winds might offer. The down the western sHte^ofthe. for the priceestim^ec^ whefeerwhere aerogeoe^atots -might received a contract to design 

Germany have plans. r.Yp&npflff ' had its own failure with a machine would in any event be «untty. To objedft^ -jdbimt 'ft. ^Ijstand up to^e weifiMari' usefully be Installed. a 2.5MW aerogenerator for a 

Wavepower. most publicised r lOOkW aerogenerator with 15- shut down at a certain wind- the appearance of aecaggnprar- run unattended ( probably iinider The data showed - that, had mean windspeed of 14 mph. 

of the new electricity sources. The generating boards recall metre blades in the Orkneys in speed, to protect the maehineiy. tors . and power transmission!' microprocessor control); pro- ; i50-honr heat store the. In Europe,- a 2 MW aero- 

is still at the stage of small- toe experience of having triml the 1950s. As recently as 1076 — as is the case with traditional lines must be added'tfte nbiSp dnee useful amounts of ehso-. scientist was -proposing started generator has been commls- 
scale models. Any direct use to harness wind-power in a lOOkW aerogenerator built windmills — but the structure very large, ilgh-speed jQiachlnes- tri pity, to offset a capital OOst’ ferity charged in Febrixazy' 1975, sioned this year at Tvlnd on 
of solar power for electricity Bntaln during an earlier energy by the U.S. National Aero- itself, taller than any electricity . ®ay make; and a -jpew one., perhaps, .twice that of new by February 7 It- would have the west coast of Denmark. Its 
generation can probably be dls- .crisis, 2o yearn ago. The two nautlcs and Space Administra- tower, would remain fully inierferena? with :<tetadsiQiL nuclear capacity; and also not been exhausted. . ■ Householders lightweight 54-metre, diameter 

counted in Britain. Tidal counts on which they were tion ran into serious problems, exposed. U-S. experience has sfiwfrn that raise the hackles of those wbo.wohld have remained. short. of blades are.' made from foam- 

power, says the Central beaten then have by no means which threatened the blades This brings us to the second. aerogenerators csbijiiforfeTe. seek to protect Britain^ regions, enerj^ 1 until February 16 and filled fibre-reinforced plastic. 


h l 


_____ on which 

Central beaten then have by no means which 

Electricity Generating Board, disappeared today. with fatigue failure. problem of ’which. the generat-" with TV reception ^over dist- of; natural beauty. * wouM have encountered -further in West .’Germany the MAN 

cannot compete if costed for One of those counts is the . For Britain the problem is iug boards, already have eiqieri- ances of up to one miCeL ■ ■ 'Hie windmill envisaged -would Shortages between February 51 group is drafting, plans for an 

electricity alone. reliability of the engineering on that it has been clearly 1 shown ence. In 1953 a 100 kW ■ _ . . no t be of particularly adven- and. March 18 that year. For aerogenerator of 24MW, to 

But windmills, or aero- the scale and under the environ- that the best sites for electricity- windmill was ordered from de CllCflD WQV turous design. A consortium; the householder to have been be funded by the Ministry of 

generators to use the modern mental conditions envisaged for producing windmills will be on Havilland Propellers and tested TT “■J. . .. led' by British Aerospace, and adequately covered against Research and Technology. The 

terra, may produce some com- high-power aesrogeneratons of hilltops in the windiest regions, at SL Albans. The generating ' A . cynieal ' attitude to - the including Taylor Woodrow’ Con- windpower failures during USSR is- talking of installing 

peiitive power. One. rated at l MW output-or more. Big wind- where the machines can catch engineers then-wanted to move Department of Energy’s plan to structftras, Cleveland Bridge and those two months, says the a cluster of aerogenerators with 

30kW. built privately by Sir mills are a far cry from the gusts from every direction. By it to the 'Lleyn peninsula spend £2m on a 3.7MW aero- the Electrical lUseerchASSC^CEGB, their homes would have .a total capacity of 4.500MW. 

Henry Lawson-Tancre d, feeds picturesque models wh ich the this means load factors as hi gh in North W ales for a gener ator might be that, at the ation. has arrived-at an puffine npeded a 3S-day heat store— a s . ^ - a f ._ ...... 

* ' design for a metaJ-Waded wind- far more costly proposition* from ^ laIfi toW bv . a 




CONTINENTAL ILLINOIS 
CORPORATION 

AND SUBSIDIARIES 

CONTINENTAL BANK 

231 SOUTH LA SALLE STREET, CHICAGO, ILLINOIS 60693, U.S.A. 

First quarter 1978 was another record earnings period for Continental 
Illinois Corporation. 

Income before security transactions was $40,196,000, a 15% increase • 
over first quarter 1977 Annual rate of return on average stockholders’ 
equity was 15.7% as compared to 15.3% during first quarter 1977 

Sincel962 when we opened our first European office, we have increased 
our assets more than sixfold from $4 billion to $26 billion. Today we are the 
seventh largest bank in the United States with 126 offices in 39 countries. 

In Europe alone we have 20 offices with specialists who are committed to 
serving the financial needs of the business community. 


O Roger E Anderson 
Chairman of the Board of Directors 


C fr JgJw H.PerWns 
Prudent 


Board of Directors 

Continental Illinois Corporation ■ * 
Continental Illinois National Bank and 
Trust Company of Chicago 

ROGER E. ANDERSON 
Chairman of the Board of Directors 

JOHN H.PERWNS 
President 

DONALD a MILLER 
Vice Chairman and Treasurer 


R AYMOND C. BAUMHAHT, S A. 

President 

Loyola University ot Chicago 
JAMES EBERE 

Chairman and Chief Executive Officer 
Borg -Warner Corporation 

GORDON R. COREY 
V«i?e Chairman 

Commomvealrh Edison Company 

WILLIAM A. HEWITT - - • - 

Chairman and Chief Executive Officer 
Deere <5 Company 

WILLIAM B. JOHNSON 
Chairman and Chief Executive Officer 
1C Industnes, Inc. 

JEWEL S.LAFONTANT 
Partner in the law firm of 
Latontant. Wilkins & Fisher 

VERNON R.LOUCKS. JR. 

President and Chief Operating Officer 
Baxter Travenol Laboratories, Inc. 

ROBERT H.MALOTT 

Chairman and Chief Executive Officer 

EMC Corporation 

MARVIN G. MITCHELL 
Chairman at the Boanl and President 
Chicago Bridge & iron Company 

KEITH R. POTTER 

Executive Vice President — Finance 

/nrer national Harvester Company 

WILLIAM J. QUINN 
Chairman and Chief Executive Officer 
Chicago, Milwaukee. St Paul & Pacitro 
Railroad Company 

ROBERT W. RENEKER 
Retired: formerly Chairman and 
Chief Executive Officer 
EsmarkJnc. 

PALTLJ. RIZZO 

Senior Woe President and Group Executive 
Da^t Processing Pmduci Group 
international Business Machines Corporation 

THOMAS H ROBERTS JR. 

Chairman of the Board and Chief Executive Officer 
DEKALB AgResearch. Inc. 

MICHAEL TENENBAUM 
President 

Inland Steel Company 
ARTHUR M.WOOD 

Retired; formerly Chairman of Ura Board and 
Chief Executive Ortfcer 
Sears, Roebuck and Go. 

BLAINE J.YARR1NGTON 
Executive Vksa President 
Standard Oil Company QndianaJ 


Consolidated Statement of Condition/Afereh 3t 


(in millions) 

1978 

1977 

Assets 

' - f 


Cash and due from banks 

$ 2,496.9 

$ 2,010.2 

Total funds sold 


•• 4,097.6 

Investment securities: 

. „• 


U.S. Treasury and Federal agency securities . 

7Q&8 

685.9 

State, county and municipal securities 

• J 1,4*7.3 

1,458.9 

Other securities 

2&7 

• 2253 

Trading account securities 

399.6 

• '260.4 

Total loans 

15,217.6 

12,751.5 

• Less: Valuation reserve on loans 

169.1 

■ T64.4 

Net loans 

• 15.048.5 

12)587.1- 

Lease financing receivables 

334.9 

284.3 

Properties and equipment 

fa 170.8 

131.7 

Customers' liability on acceptances 

#368.7 

290.9 

Other real estate 

31.1 

- - — -17.2 

Other assets 

; 539.7 

■■■•<• ' 424.8 

Total assets 

62&219.9 

522,474.8 

Liabilities 

J . 

•. 

Deposits: 

• . T. 

J 


Domestic— Demand 

$ 3,687.9 

$3,222.2 

Savings 

■: i,45as 

1,626.7 

Other time 

^9493 

3,511.5 

- Overseas branches and subsidiaries 

■ . ; 8,653.9 

7,550.9 

Total deposits 

18,741^ 

15,911.3 _ 

Federal funds purchased and securities sold under 



agreements to repurchase 

^AS25L2 

-4.190.8 

Long-term debt . . 

• 317.4 

... ,321.1 

Other funds borrowed 

541*5 ' ■ 

- 347.4 

Acceptances outstanding 

372.1 

295.1 

Other liabilities 

i y; .681^ 

472.0 

Total liabilities 

. 25,179.0 

21,537.7 

Stockholders’ Equity 



Preferred stock— Without par value: 



Authorized: 10.000, 000 shares, none issued 


- 

Common stock— $5 par value: . 



Authorized: 80,000.000 shares both years 



Issued and outstanding: 1978—35,601,355 shares 



1977 — 35,531,210 shares 

178D 

177.7 

Capital surplus 

428.4 

427.8 

Retained earnings 

. 4345 

331.6 

Total stockholders' eeniltv 

1,0409 

937.1 

Total liabilities and stockhaJders’&Quitv 

620219^1 

522.474.8 


OFFICES IN UK: City Branch, 58/6 0 Moorgate, London B.CZ. WeWtEnd Branch, 47 Berkeley Square, 

London W.l. Representative Office, 9 St Colme Street, EdinburS, ' 

MERCHANT BANKING: Continental Illinois Ltd^l4 Moorfields HlohwaBci London E.CL2. 

^^e^H^a^indon'EC.? " !in0 ' S lntemational '"vestment Coloration, 

Other European Offices: Antwerp. Brussels, Uege, DDssefdorf Munich, Frankfurt,. Piraeus, Athens, 
Thessaloniki, Madrid, .Rotterdam, Amsterdam, Milan, Rome, Paris, ^ Vienna, Geneva and Zurich. 




j - m - - 



mill with a propeller spanning. ;xhe generating boards see professor, nf a request to visit 
60 metres (compared with 23 w-adpower not as a replace- North Wales where the BBC 
metres for a big Dutch wkwl- xn^nt for nuclear capacity— wished him to talk about 
mill), turning upon a horizontal which will still be needed to several “benign and renewable” 
axis. The Energy Department safeguard against becalming— energy sources being demon- 
has just authorised another but as a way of saving some atrated there. But U was 
£341,000 for its detailed' design' fossil fuel when wind. 1 conditions winter-— the solar panels were 
and the testing of compoMots" are right. covered in snow, the watcr- 

■™ e fc - Environmentally, however, wheels almost frozen, the wind- 

foresee worrying problerns, wHI becalmed. The cameras 
vmy ahead— lies the pOffiihih£ leadins them — m spite of the were waiting, however, so a 
of replacing the reinforced coib st ^ ccnstrucrkin and resourceful .producer got be- 

5^°- ^ nd 1116 windmm and ^ nked 

to the possibility of building »t.by hand for the benefit of 
S ,: bS^tkS±? targe clusters of aerogenerator?. the viewers. 


the southern North Sea. 


to 


that the 
two problems which beat 
British generating engineers m 
fl»e.' 1950s— reliability at an 
Acceptable cost, and public 
acceptance— will still defeat 
plans - for big aerugcneralurs. 


plastic. 

The aerogenerator, says . Hr. 

Peter Rendall, of Brittof Aer6i : j 

space,, will be/, designed „io ClUSter • 
extract power over an.ufr&taHy 

wide range of windspeeds-^for- No-one has yet tried 

haps 20 to 60 .. mph.ySS. cluster windmill?. No<me knows E nerg^' e 'Depmmmtr“Vf 

machines are being designe^br just how widely spaced they Bnta i n ^ ^ ujs are 

lower windspeeds and lienee are’- must be to avoid taking: the wind. malntaining inve *tment in 
much bigger. At windroaftds out of each other s sails thus developing medium-siwd aero- 
higher than 60 mph the U]&o- reducing aerodynamic efficiency, generators, of the order of 
totype will be automatically The answers could be crucial to xookW * 
turned out of wind Aa&s’the. economics.^ The CEGB haa 

blades locked horizontal!#/ .. installed mstruments around ^ *2® Natural Energy Centre 
Rri tnin'c mn*f l nft^its iir ihe Yorkshtiw machine and is. Kin 6 ston * u P on ' T h a, “ es “ a 

adv^ of ouV.windtunnel experi- JMf consultants - 

Sir Martin Rv\* nfents with dusters' of- models at re P { ^ ts ^ al ® s stl11 

Sir Martin Ryle, the Nobw-Erae ^ r ea therhead laboratories. smaller models, both to oil com- 
redio-astronomer, ffho ^ ,. : • -panies as powerplants in remote 

that the wind: c^uM . prJ»e\VBn&i)Q .torts tmt to be _ offshore or desert — 

Britain with enough elecirieib &tJho.yindiest earners Oh earth. - ^ t0 ^ p]e . wilh 
to avoid installing- more ^dear mlWns :; prospects . for . reliahle .^, eyond ^ reach of central 
plants. Be announced that he aerogenh'iatoys brighter here electricity supplies For the 
intended to testify hr this, effect than- Ux,im)s^.qjther places. But j atter the cent J« c ; aims ha s 
at the WindscaJe loqurry. Had totei^in^the Tenaissance of supplied aerogenerators at hair 
he done, so,".* the- Central the , flji® . energy of winds is cost quoted by area 
Electricity Generating ' Board vv : W «PJ% d - T ^ Ineritabry. electricity boards. But the 
was ready wiih a rebuttal, sub- the.JDB. Vs tlie most ambitious origins of ^ railge of machines 
sequently published in Nature programme of. woric on big aero- centre has been able 
in April. generators. . Ib Fedenti Wind recommend to its clients, says 

One of the flaws in Sir Programme, includes several big Mr PauI M cClory. its director. 
Martin's case,- it had. been demonstrations, . . .. have SQ far l)een G erman% 

alleged, was simply the problem . The first, _a_sIOOkW machine French, American— but not 
of ; safeguarding electricity sup- near Sandusky; Ohio, _cbmmis- British. 

Thom fires first shot 


m new 




THE NEWS this week that Video recorders, on the other the U.S.. by contrast, a battle it 
Thorn is- to market and rent a hand, are too expensive at £700 raging between the two Japanese 
Japanese television video- to enjoy mass sales in the systems and total sales so far, 
recorder is likely to be followed UK. Moreover, the complex are estimated at 500.000 units, 
-shortly by & similar announce- mechanisms needed to move the with an expected sale of 500,000 
raent from Granada, the teievi- recording bead- diagonally across -during the next 12 months, 
sion rental company. the tape are certain to need . .Analysts Wood Mackenzie 

Thorn, the UK’s leading teievi- re SUlar- servicing- _ believe that the contribution of 

sion manufacturer and rental This complexity will in turn video recorders to the profits of 
company, has chosen the Video lead to the development in the rental companies in the UK will 


Home System In preference to 
the European-made Philips 
recorder or the Beta system 
made by Sony of Japan. - 


NEWS^ ANALYSIS 


VIDEO-RECORDERS 


be small until well Into the 1980s. 

They believe, tor example, that 
video-recorders could contribute 
about £2£m to Thorn's turnover 
in 1978 and about £10.5xn by 
1980. They suggest that by then, 
those wanting video recorders 
will still total only 1.6 per cent 


Granada is likely to follow- the 
same route, although at a more 
cautious rate perhaps. 

BY ««« WILKINSON ££ 

evaluation can be expected. . . ■ — 1 - , B now seems improbable that 

because of. the high risks i e • ; . . video recorders i will become a 

associated with this new tech- next *®w or mec h a ni cally truly mass market product until 

nology and the aggressive oricine simpler and. therefore more two big changes, in design have 
policy adopted by Thom. P ^ reliable. machines using different been achieved. 

Visionhlre will be marketing recording systems. the complicated 

the Philips system, but as v^r A customer therefore has mechanical method for scanning 
SI other ineeaUve_t 0 .root, it only the tape will bore to be ir.ph.cod 

not made their intentions mihiir t0 aV0ld nsk of being stuck by an electronic system con- 
It now lo^! though as toe 't ith “ obsolete machine when troUed by a micro-computer, 
rental market for video- toe second, generation comes on This goal Is being pursued 
recorders may be more difficult 10 - marK “ L - _ ’ feverishly by Philips, whose 

for all of them than some of toe The rental companies, for their present machine has been over- 
more enthusiastic pundits at fimt part, are having to make delicate taken in some respects by its 
predicted. , r judgments about toe risk of Japanese rivals. Electronic 

From one 1 nolnT ' of view «»» being left with large numbers control would enable machines lo 
video-recorder* which alliSt ofob«>tote madiines after the be made cheaper and much more 
riewS to ^cbr? b upSo^SS te ^ oto ^ reliable 

hours of programmes off the air , . Second, manufacturers of the 

is an ideal new product for the Fllttire ^ ree “ato si-stems wtil have to 

rental chains, which have been sWan^ing the. tape 

worried for some time, that the In -the event. Thorn as. the cassettes so that they are Inter- 
public wiil switch to outriebt market leader, has derided to changeable as is the case with 
purchase of colour television se t the price rather below what audio cassettes, 
sets. could be calculated as toe At present none of the three 

Althmreh the teievLsbm “ economic IeveL Its rental types of video cassettes can be 

market^s still holdina^iQ^in 1 charge will be £18 rather than used on a rival machine. This 

£20424. a month which will inhibit toe mass prodms 
orSS in could be expected on a strict tion of blank tapes and limit 

underlvi m? S ^hfch f J5? comparison with calculations for sales of pre-recorded tapes, both 

it L.rn television rentals; . . of which must have an toipbrt- 

ported it seem to be changing. ^ ridng clearly reflects a ant bearing on the sales of re- 

p 0 lin L|n • view that an effort must be made cording machines themselves. 

A.CiUlUiC to develop -a big market in the' ' . ■ 

men colour sets fl«t came OTch wcpen£ve ^ ' CaUtlOn 

chaiacterimit^wbich^^Mw apply Thorn, ii also' looking ahead. Ifct toat Philip i is al- 
to video-recorders. They were tw ° or. three years .to . toe time marketing the Japanese 

expensive, liable to break down w hen video Tecordere are likely m tor U.S. sug- 

and the first models were ej^ t0 be on toe market at about fests-toat an agreement between 
peeled" 6 to be SpereSed by ^600. or £1W18 a mouth. . . “5S“ « a st f^' 

newer technology. • The sire of the future market JS? step. f * the 

The colour set is now more in toe UK is still very; much a Until a natiern of standard 
reliable, less likely to.be made Matter, ef op^on- Estimates uatlon ^nSSs, howere? if is 

obsolete and relatively much ^ary Iretweefl lOO.OOO and lSO.OGO ^ ke iy ^at iJany consumers and 

cheaper— all factors which could un.ts- f£40m Jo £80m) this year. ^ % i^?Mroa?h 

lead customers to buy raUier .. Thorn is hoping to piece -about .video recorders with consideiC 

than rent . .20,000 during the jiext' year, la able caution.' - 







A 



fi&fr'fKf'h-. 




■H RJW 


a 


Fritfey '-'June 1‘6'lW 


• • 

£?;T- WW ' 

' .'&>•■— 'sr,&-A.Y ■-■■■:. . 

* . . iV; : .^;v- a. ;• 


SL-- 











;• a*- ‘ "-S } v- : : - : 

irf’, i .,*• * •■'.LiK. 

Ml.' ,: 5i ■• .if i'ii'J. '. . 

'■' rt Ji : .; ’ /■.*■'■ £*•-;*■- - 

•‘ *0 &i '.- . "' 

- r > ; • -• 

• n ^y • -f 

?“■- V" ^ 

ra 'r,r £ 


ITCAN HOLD OIL.COAL, 

GAS, WATER, 
WIND, ATOMS 

AND SUNSHINE 



THIRD PAPJTY SALES. ... 


1976-77 1977-78. 1977-78 1977-78 

Tniu- par 1st half 2nd half Full year 

306 


£m 260 ; 134 


172 


£m 2b -4 .. : -7-3 


17*8 


251 


•‘i’ 

• T ^l^i^PERSH ^aftertax) l gjg 

> ■ '• 1- — r-H — V-n Afpramts will be u\ at 


£m 14‘S 3:4 


14-6 


*2-7p 


S-9p 


11- 6p 




._• :-• '■■ 


■ V-.l' ' 








^s-.V •*-* ;4r- 




jC. _=■-•% .fV,. ,‘<r . 
■ - c> **», "J* / ‘ 


_ 5_. t • 

■ ,'a-Wifi T.- 


. , - rti-K-. = •, 

it- ‘ r 

v^?«Vv:v 


ITHOLDSALL 
THE OPTIONS. 


M the race to develop new energy sources 
there will be one certain winner. 

Electricity . , 

Because whichever primaiy sources we turn 

to, we’ll have to convert far more into electricity than 

we do e i ec tricity As world recharge- 

able battery leaders, we have both the resources 
and the technology to store more of the worlds 

electricity than anyone else. . _ , . ■ 

So we certainly foresee a bright future for 

ourselves.^ ^ wg haye to report that for the first 

time for 9 years we haven’t achieved record profits. 
This was mainly due to a poor first half year. 
However; as our table shows, we recovered 
so strongly in the second half, that we nearly 

equalled last year's record profits. 

Now we’re back on course. 

And one thing is certain. 

Whichever energy source the world develops, 
Chloride is ready to store it. 



THE ENERGY-HOLDING COMPA Q Y 


si on wsw swi .'hoi aw 






.»'* •* * 





> Financial 


PARLIAMENT AND POLITICS 


Peyton pledges 
for hard-line fis 


Tory supp 



BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


A REMARKABLE toughen ins nf 

the Conservative Party's approach 
towards Coniraon Market 
fisheries policy negotiations was 
outlined in the Commons yester- 
day by Mr. John Peyton. Tory 
spokesman on agriculture and 
fishing. 

He fully supported the hard 
line taken in the negotiations by 
Mr. John Silkin, Minister «r 
Agriculture, and called for a bi- 
partisan policy by Labour and 
Conservatives un the mailer. 

He ulsn warned Ibv EEC Com- 
mission that it should not expect 
a future Conservative Govern-, 
mrnt to take a softer line towards 
a Common Fineries' Policy than 
the one adopted by the Labour 
Government. 

Mailers had now come to a 
head, said Mr. Peyton. If Britain 
could nut get an adequate agree- 
ment with the EEC. we should 
unilaterally introduce strict 
measures to tighten up conserva- 
tion oF fish slocks within our 
home fishing grounds. 

His remarks follow the warning 
given to Britain on Wednesday by 
Mr. Olav Gundelach. the EEC's 
fisheries Commissioner. who 
made it clear that there would be 
no more major concessions to 
Britain on fishing policy. 

Speaking in Strasbourg, the 
Commissioner warned that any 
attempts hy member countries to 
bypass the Community and seek 
bilateral fishing agreements with 
third countries would be taken 
up immediately in the European 
Court of Justice. 

Mr. Gundclach's remarks had 
been aimed at the visit which Mr. 
Silkin will make later this month 
In meet Mr. Evenson. the 
Norwegian Fisheries’ Minister, to 
discuss matters of mutual 

ini ere st. Next week, the Minister 
goes to Luxembourg for a 
Council of Ministers' meeting on 
fisheries’ policy. 


Commenting on Mr. 

Gundelach 's recent visit 10 
London. Mr. Peyton declared: *.* it 
does not appear that he brought 
anything very useful with him. or 
showed very much concern as to 
what opinion might be expressed 
in this debate. 

■‘Certainly, as far as I know, 
he has done nothing to modify 
the proposals which have pre- 
viously come^from the Commis- 
sion. and v.hTch-1 and my right 
honourable friends regard as 
totally unacceptable for us in 
this House " 

Mr. Fcj ton. said that a settle- 
ment was needed which the 
British fishing industry could live 
with. Failing this, wc would have 
to introduce a strict set of 
measures to conserve our stocks. 

These measures would be taken 
against all outside countries and 
would _ nut he . discriminatory. 
Therefore, there could be nothing 
illegal about them so far as the 
EEC was concerned. A regime of 
comprehensive conservation 
would show 10 all. concerned that 
we were in earnest. 

He proposed that under such 
a regime there would be 
licensing of fishing-boats and 
even of skippers. The “ pout box 
areas" — where, the fishing .of 
Norwegian pouts is prohibited — 
should be enlarged and the fish- 
ing of breeding grounds should 
be very considerably restricted. 

There should also be strict 
control of the purse seining 
method of trawling and of indus- 
trial fishing. 

Mr. Peyinn said that both 
major parties had to show them- 
selves determined and united to 
make it clear that it would be 
wiser to cherish fishing-stocks 
rather than to- joot them. He 
wished Mr. Silkin well in the 
negotiation?, and hoped that he 
would bring back -a settlement 


acceptable to both sides of the had nothing less than a 50 D "le 
House. exclusive zone /or its ljuai*. 

Although he did not share the Mr. Michael Brolbrrion (C 
anti-Market views attributed to Louth) said that all parlies were 
-Mr. Silkin, nobody should take agreed on a 50 mile limit "to 
that to mea* that a Tory Govern- have complete control uvef our 
meat would accept a shabby deal own resources." 
from Europe. The Minisier could Mr. John Silkin, Agriculture 
rely on Conservative support so Minister, said eventual exclusive 
long as he resisted demands that access to fishing grounds within 
were regarded as unreasonable 12 miles of our shores was top 
and intrusive. priority. 


f Speaker 
halts 
attack 
... on Tory 
€ c hair m an 




anc 


uMoni 

to 1 

i®ISI 


to end stoppage 


By Alin PIk*i V 
H Artue Correspondent 


fiY ROBIN REEYES, WELSH CORRESPONDENT - ^ - ^ 

A MASS meeting of Llanwern seems the furnace was, dosed prices mid ^$**2 

blastfumacemen •• yesterday down and the men laid off in ma ; nextr.week-TO 


and intrusive. priority. chairman of Pirelli, had been in- workers being laid off. normal hours 'rather-- -nutr. holders —era ,>Beiag_ »?caK 

Mr. James Johnson f Lab.. Hull We also wanted what he volved in illegal pnee fixing, But the signs were that a 'designating it an. overtone JO® '-m ended.' . fa' , bhf 

W.) said that suggestion of aa described as "a sea-lion's >hare " ripping off millions of pounds " return to work might finally binge <could resolve the difficulty'. . offer .- 
EEC Jleet to enforce fishery pro- of growth” within 12-50 im !*>«._ from the Post Office. on BSC’s management accepting'' - r ‘". = «• •'/'£' - XJninil- 

lection laws should be reject?d. "I believe those who provide After repeated and noisy com- an increase in manning levels' Qn-bAcAnfmonf- -' - -■ that The. Wd - may. jcvaSUH ^ 

Hr wanted financial aid for the the waters should have Mime plaints from Tory backbenchers the Llanwern number threeftir- .t&e! ^RriefAB^^VflAjll 

fishing industry. "If it is goud preferential bias when the:- drop in the Commons, the Speaker, nace — the biggest in- Britain.-^- ' -On the associated claim Tor an strategy . and ;^wt -it-may-wi 

enough for the Government to their nets in the sea*. Mr - George Thomas, ruled that where .the. dispute orginaliy extra £8 a- week in- exchange .beta. 

give millions to car workers and "Those who talk of a 50-mi!? such an attack on Lord Thorney- started. ' -*• -for; new manning arrangements, They 

others, it is not impossible to cxc i us ive limit ] do n«.i think crofts honour was out of order. Negotiations continued ' atlifr Booth said the meting had ptessure frtmmembfts gjt 
fiod 1500m for fishermen who i ue rallv mean exclusive As I But it was only after a direct BSC r s headquarters in London -Weed this should be handled a GoVenupgaf7id*|ttoSl?^ 
are in this serious piight.” Sl?e it j hat would Riv lH fishing order from the Speaker that Mr. yesterday evening, The blasts -through “.normal procedures.". MjvRogerl 


strategy • and 


are in this serious plight." 

Mr. Jo Grimond (L Orkney and 
Shetland) said that the Govern- 
ment had the total support of the 
Commons in saying that the 


present Common Market attitude th . , „ T* ’ " mum 

un fishing was intolerable. , * no 


e it that "would give ui fishing * rde ; r the Speaker that Mr. yesterday evening, The blastfor-: -through “-normal procedures." Mr-' Roger Lyons. 
;hts in Norwegian w juts and R ° ok ?J ? a ,P I i“ late(l .* nacement agreed to meet again: prior to the stoppage, BSC was official jtf Tfhc AiN* 

S3 5 - fisWns ri8b “ ! " 0 “ r ttwys SL’TS w ■gSJSgSESg 

M, S.ihin left MPs i» *. d«.b. ftss-as -‘ft^SSSL" “ , '""JAW*- tb* ** *5^3* 




first be given to local boats and. 
after that. to traditional 
customers of fishing in those 
areas where there was to be 
licensing. 


invitation from the chair. furnacemen's leader, said the naeflmen voiced resentment at ab^ut 

“eeung had agree<l_ that ther^Ahe outside pressure Tor a settle- : 




. inqunr.? 1 - - : --- J 

All.fhe fas^«? cmOdlth^ 

examined featmjJtlyL- jurt 

rati anal decision. taK s Tu: . ” 


Os M> 
rante 
ttUp( 


Premier offers hope 
on differentials 


licensin'' 6 " 5 W ° e n.Qon’S CouTdl ofMim^ra Then as "said that the ridi £ u,ou ^ tt> of the 

1 He rtewed with considerable would lake the necessary action JJfco TSSSd ^he rompSy «Sl Ston 

alarm a rumour that licences un conservation. rathe r than Lord Thorneycroft tnn?« Wt V 

would be able to be bought and He warned that unilateral himself. SSJIi ■ VnSlJSS^SSii^Jl- ' Wb ° 5K • ■ Mr 9 me 

sold. measures would have u- agree Mr. Rocker had asked the nf^LM wfwSt ttaSr 

Mr. Robert n ugh os .(Lab. with scientific evidence, oc nun- Leader of the House (Mr. Foot) ^ -said: tog dicedbr ofTAartglrt u 

Aberdeen N» said that -if no pro- disc rim inn lory and necc-.-ary if to "find time next week for a *®r W1 “* 0a ^ overtime. Itadvice, we will ask for it- lVIlsen, ^ajjia._^BferTtnnM 

gress was marie in EEC talks they were lu meet the EEC's short debate on my motion so ; — ^ ' executiVfc The bid. 

next week, the Government legal requirements. that Labour MPs can have the m ‘ /.V-7 ' . ~m ■ . ‘AM . . entpjpjwi^ V 

should be asked for its backing "The best thing— provided it opportunity of inviting the I fW| f| Wivri Wr/\ I flffT/XAffri aad Wiisenl^dltEsuMffiqijt 

"lu disrupt the whole day to day j s un t he right terms— w-.u Id be Leader of the Opposition to dis- ■ if II Iff 1 1 llll ilCa7l ^ yerterdAy.7rwsiaY«:'>' Tetfc 

business of the Common Market to gel agreement. But 1 am not miss the chairman of the Con- ... y ; from jr.,J. L Kefa uken , pre 

unless thev show some apprecia- hopeful of an early settlement." servative Party — who, in his stdout «tf Tenneet^ whlCli rt 

(ion of our essential interests.” His ofiiciafs would be worl mg on other capacity outside this J ' - - _1 7~ .".I utipded Oern'toat-toe Aajeri 

Mr. Mamisb Wall (SNP Banff) what measures might be neces- House, as chairman of Pirelli— TJbb | V - • dsn/r/bf^aulsoBoii'^wos . a< 

referred li> the "totally un- sary if then* was no agreement, has been involved in an illegal AVI » ymillwll 1 1 V T alhtiijgffi to leftljer fio ** 1 npfWi 

saiisfactory'’ situation in the "What ever may happen we price-fixing ring. ripping-off •• • •."•*'•• -• or If^Bdfewc ■ 

industry where British fishermen are prepared to treat flexibly any millions of pounds to the Post BY ARTHUR SMITH, KHPCaNDS CORRESPONDENT , 

were prepared Lu currv out con- sensible, realistic approach which Office and is now being forced Ingf in A)hrig|li Aac: Wl^f. 

servation measures, while our is made tu us. l shall go to to pay it hack” APPLICATIONS for voluntary' Massey is cutting the <7(j0-i ..•*»* < -■.'JlMttlWtf 

EEC partners were fishing 'all Luxembourg on Monday :n the The Speaker challenged red^^ney and early retirement strong manual -work force in ?“£££. P 0 ** '&**?&*&*& 

out and indiscnuiinately. knowledge that- the House is were you referring to a at Massey FergusanV tractor Coventrv hv 20 per cent because *4 Britain.,. ... : ^ --- 

There would be no solution 10 behind me in Cemandine a fair member of the House of Lords. plant in ^Coventty^re posing of the fall ^ world demand for Kctelsen. assured tei 

the fishing problem until Britain deal for British fishermen. If you were, it i» as much out problems for the company * -tractors £ - Payees tfitt ertstkig conditfen: 

of order to criticise a peer as T>1 - J _ nf/Mimlampnt wdnl^mvMMi 


Too man^ volunteers 
for redundancy 


BY ARTHUR SMITH, >WMJU 4 DS CORRESPONDENT 


the fishing problem 


THE PRIME MINISTER said in 
the Commons yesterday that the 
Government hoped to give a 
“better show" iu differentials in 
the next pay round Lhan they had 
had his year. 

Mr. Callaghan told Mrs. 
Margaret Thatcher, Opposition 
leader, rhai it was the Govern- 
ment's job to ensure a balanec 
between the level of wages and 
the level of inflation. She should 
say one day that she regarded 
the overcoming of inflation as the 
number one priority. 

Mrs. Thatcher accused the 
Prime Minister of preferring 
that S.000 I Cl workers on Tees- 
side should be laid off rather 
lhan let the company pay higher 
wages to its skilled employees. 

"Will you accept that your 
policy of depressed wages for 
skilled workers and high lux for 
all is leading directly to un- 
employinent?'* she demanded. 

Mr. Callaghan said there had 
been a large increase in training 
Tor skilled workers since the 
Government came to power. One 
day, Mrs. Thatcher would recog- 
nise there was a relationship 
between inflation and holding 
back wages. 

Mrs. Thatcher again pressed 
Mr. Callaghan to say whether ICI 
would be allowed to pay more 
tu keep its skilled workers or 


whether it would be blacklisted 
for doing so. 

The Prime .Minister replied 
that Mrs. Thatcher was departing 
from any proposals . for having 
reasonable restraint on pay. "In 
that case there would be a serious 
return 10 inflation. 

"That is something we have tn 
balance. Jt is Ibc responsibility 
•of the Government to try to -get 
a proper halance between 
differentials and restraint on 

pav.” 

Mr. Ian Wriggles worth (Lab.. 
Thornaby) said •? Uiar if - airs. 
Thatch IF consulted' some of the 
Teessioe workers she would find 
there was no glih answer lo the 
problem. 

ICI was able to keep only one 
out of every six instrument arti- 
ficers it trained. Others went to 
countries like Saudi Arabia and 
Norway, attracted bv salaries of 
f 10,000 or £20,000 a year. No 
pa’ polic could match that. 

Air. Michael Laiham (C.. 
Melton l suggested that the 
Government’s policy for a fourth 
pay round was "to find out what 
the unions want and ihon give it.” 

Mr. Callaghan replied “it is-the 
wisest thing to hear what the 
annua] conferences of the unions 
have to say about these 
matters." The -Government would 
find out what the unions' atti- 
tudes were and then reach its 
conclusions. 


All-party MPs 
put new plan 
for Bridge St. 


problems for the company. .'. -tractors. 1 . 1 

Canadian multi-national. The trade unions, supported] 


it is an MP ** ; me trade unions, supported 

Mr Thomas explained that !, or a c !i t , < ilL? 00 “ anUa * by local Members of Parliament, 

when and if the ^motion was i obs al J d 8 ™ untl employees are .. seeking a meeting with; 
(i.k.!rA^ t } n »b» «.hm have already asked to leave. But Government ministers tn Dress 


debated Mr Rooker could make S? ve ««“ » »f aVB * »«t Government ministers to press s *T ,e <* 

Such TeferenceV but not unUl workers wanting to leave-are f or improved export credit bnng^ enconraged hi 

then r There 6 were inunediate not necessariI y in areas where facilities to stimulate tractor AlWgJit «nd Wilson. ■ 
iemands f?ora Toi^SJ“ economies are sought. _ . • . ^ overseas. ' ' ' . . ‘Tenneco have atofemU; mad, 

benchers for Mr. Rooker to t . last Sl^t At BL Cars, fears are growing . ‘ < S^!' 

withdraw his allegation, and )J at 11 would be lmpoKibi^to that the strike which has halted 
after being directed to back ' aU ' Rover Production at the 

down by the Speaker, the Labour wmputeewy redundancies Would Solihull plant, Birmingham, ! 5fS l S£^SS!iL' l!to# ^ 


Wilson, ah4 si senior Tenhae 
executive tf>' jilseqi^ Qj« Ud. - 
AH employees, of Alhrirti 
and WUson^ffJhC SttMdterf#' 
yesterd^ 7iece|ra- '1 Iette 
from fetid&eu, jnre 

sident of Tenneco^ whicli rt 
minded them' that the Ameri 
csn '.- - organisation - - -was n* 
sLhajig^- to efther fhe ennpafr ' 
or teMtw : .-^..' k '.:. l V' 

. Apart from lts existing hbte 
Rig"- in' Albright and^ WJJser 
other . Tenneco . ; heqtpaufe 
' employ fiiore tfiaAP.fidftneonjv 
Itt Britain. . . . \ .!•' 

Mr. Ketelsea assured rtetiL 
ployees that existing codditienr 
of . employment wOuld cobtiBAt 
and that he wrfpomed and sap 
parted .the_ u jiarilcipatfve 
consultative stylo of nunogt 
ment” ' being encouraged fc 
Albright and Wilson. 

“Tenneco have already m yd * 
representations’, to- .the Govern 


MP did so. 


BY RUPERT CORNWELL, LOBBY STAFF 


Guessing 

game 


now be kept to a miidmum. - ^ prolonged. ‘ 

M^^sJme eS/is'^' The so exteSdrl^^ 


example, should - also 
their views' known.- 
-z.-Qf . coarse, the Tennect 
offet.to shareholders is snbjec 


Massey, some employees opting ^ QffttJo shareholders is sabjec 

for early retirement can expert 1 uut in ptate^ at the sack--. to necessary approvals of UR 
about £9,000 in severanco TSiy. ‘W ™ a s^op ^ steward^re not : C JC.Gov Crnment hat asstun 
Most will cnllepr hftwwn fs.ooo “ ue 1° meet until dext Thursday.- ini» flat iHmo ■« 


Most will collect between £3,000 due to meet untfl dextThursday-- 
and £5,000. - ; More than half the 6^)00 assembly 


lng that these approvals are no ■ 
witblMri. I .am -snfe we’, ear 


so We once and for all the The eommiUee want-- a com- THE .GOVERNMENT kept up jj? 1 S? d le g!j5® ^fJiSffinn^nr oute-It'' 3 ‘ t 'h Jl StandstiJI '. 
problem of lack of accoramoda- prehensivt; scheme drawn up tbc guessing game over continua- ““d fierce rompetition for Prices as 

tion and facilities for West- urgently and then submitted to tion of dividend controls when ^skilled vacancies. . . .. worth around £3m a day. 

minster's 635 MPs. the House for its approval. After the lifatter was raised again in — T" 1 — — V ■ 

The chances oF the new that, work should start as soon the Gbmmons by Mrs. Margaret * ^ a o’ ' J P A • j\ 

scheme, put forward by the as possible, perhaps as early as Thatdier. Leader of the Opposi- /Vf /A V npiPfC A lrAVI ' 

Commons Services Commitlce. 19SI. lion yesterday. ^ ilHUU 

ever seeing the light of dav The report acknowledges that Tht controls, which have been \ . 

should be iudaed bv the fact Bridge Street is one of the most in Operation for nearly six 


BMfosfeep 


showroom prices 
d £3m a day; 


nearly 


23 years. 

■ But unlike some of tbe 
grandiose visions of -the past — 
which have involved flattening 


AC AS defers Alton 
recognition decision 


aetion 


BY OUR LABOUR CORRESPONDENT 


By Pauline Clark, Labour Staff. 
MB. DAVID ENNALS, Beall 
Minister, was last night mentis 
hospital electrici sms’ leaders-) 
an effort to avert a countrywid 

programmes of iadustriaLaetfft 

from next Monday over a fla 
claim. 

Some of Britain’s b teg est h? 


Investment surcharge 
change accepted 


ever seeing the light of dav The report acknowledges that The controls, which have been \ • . Minister, was last night meetie 

should be judged by the fact Bridge Street is one of the most in Operation for nearly six /Iaaicv/wi hospital eiect^^cilms , leader*- i. 

Lhat it is the sixth in the last sensitive sites in London, adjoin- yearn, are due to run out at the i CLII gllU JlIH llcLIMlMfc an effort to avert a countrywid 

23 years. ing the Palace of Wcsfrainster, endaf next month unless Govern- <-5 ■ • \ • ■ • programmes of Industrial- aetid; 

. But unlike some of the “ Ih e most famous and best loved merit legislation is introduced to gy OUR LABOUR CORRESPONDENT from next Monday over a fla~ 

grandiose visions of the oast— building in the modern world." rer^w them. \ claim. 

which have involved flattening -No scope is seen for extending Qunng questions on Govern- the Advisory, Conciliation and has about 70 per ceat^upport in ..pome of Britain’s btegest hd 
the Treasury and -the Foreign facilities within the existing men l business, Mrs. Thatcher Serrin* has anain the area which -di wanh: in P lta ls, including several of Lor- 

Offin among othdr local land- premises. “Every possible flat asked Mr. Michael Foot, Leader rt „ a * irh a f“ B orLJS ™”. VaDte 10 don’s leading tlachlhg hospital! 

marks— the latest proposals have roof has temporary huts upon it, of the House, if the Government deferred a, decision on whether f to . the engineer, were yesterday making con to 

the merit of being flexible, and the poor working conditions had taken a decision to reintro- the Enpneers and Managers ^ industry^! national ^eree- gency plans - 

comparatively cheap. and may well start to deter potential di*e dividend restraint and if Assoaation should be granted jnents. though and In raset like The -plans are niednt to try b 

designod to be carried out in staff from seeking work there.” a Bill to that effect was going to recognition at Alton, a Derby that of theU.K. Association of redut ? e 85 far .as posrible the hr 

several phases. The report adds: "The time bd brought forward. engineering firm. Professional Engineers. A CAS P act , efSelective actionplannp 

At present, the fronting is h Qt tong away when every MP *M r. Foot: ,?? 11 ^ n I5 1L A 11 ?i lt !rr ® ne f actor to toe decision is has decided that possible dasrup- of 6,500 health 

opposite Big Ben and New will require the same standard oj| which I t^nk we should see ^ ffigt Court action against tion of existing arrangSJnte el l£ r l?l? ns , 

Palace Yard consists of cheap of facihues which already exist hpw we proceed. We have a t^ot the service by tbe United King- should he taken into account ^ toe Electrical : and ;Pfumhid; 

catering stalls, tobacconists' and in other legislatures. This meant proposals for bringing wch dom. Association of Professional when making recognition recom- 

undistinguished souvenir shops, that several hundred extra < BiU forward at the moment. E Q gj Deers 0Q which judgment meodations. __Last. n *Shts meeting At: 

Under the new scheme build- rooms would be needed. The subject is pending. Similar principles Mr. : John Lyons general - Hous ®, , of 4 Comtoons . was th* 

ings “of real qualiU' ” would be At present, only 60 MPs have l3ter by **r. Norman. Tebbit are ij^eiy t0 be raised by both secretary of the m facers’ seco ® d t°-Uke pteee betweenihf 


• 4 , . it 


retained and restored, the com- single rooms at 'W'esirai aster. 


BY IVOR OWEN. PARLIAMENTARY STAFF 


TRUSTEES HOLDING shares 
under approved schemes estab- 
lished as a result of the profit- 
sharing provisions in the Finance 
Bill are tu be relieved from 
investment income surcharge and 
capital gains lax for up to IS 
months. 

An amendment embodying this 
concession was written into the 
Bill last night when it was 
further considered by a Commons 
standing committee. 

Mr. Joel Barnett, Chief Secre- 
tary to the Treasury, explained 
that during the ordinary- 
operation of a profit-sharing 
scheme, the trustees might find it 
necessary to hold scheme shares 
for some while before they were 
appropriated to the individual 
participants. 

The Government believed that 
in such circumstances it would be 
quite wrong that the trustees 
should be liable for the invest- 
ment income surcharge which 


was levied on income accumu- 
lated in discretionary trusts, or 
Jo capital gains tax on the 
increase in share values during 
that period. 

Mr. Barnett said that the 
Government agreed with 51 r. 
John Pardoe (L Cornwall N) 
that there must be some limit to 
the length of time during which 
the trustees could hold the shares 
without becoming liable. An 18- 
months period seemed reason- 
able. 

Tory MPs sought to extend the 
tax incentives which will come 
into operation next April to 
encourage participation in 
approved profit-sharing schemes. 

While welcoming the introduc- 
tion of the schemes, they argued 
that they owed more to the 
Government's need to provide a 
sop to the Liberals under the 
Lib-Lab pact than any genuine 
conversion to wider capital 
ownership. 


Fears over Assembly 
control of fire service 


<Con. Chingrord). Mr. Foot told cases 
him: “I haven’t a statement to AC/ 
Intake now." draft 


) Free milk call 
to councils 


THE POSSIBILITY of inierpre- crews would need to include an; THE PRIME MINISTER yester- 
ters having to travel on Welsh interpreter to make sure each day backed the campaign by the 
fire engines when Welsh-speak- team knew what the other was* National Dairy Council to make 


ing firemen bad to team up with doing, said Lord Lone. ' sure all local authorities intro- 

their English speaking col- Two Welsh fire cadets had duce free school milk schemes 

leagues, was raised by a Tory already refused m speak English for seven to 11 yeaMlds. 

peer in the Lords yesterday. and he feared that siving con- , ■ r - ^ike Noble <Lab. Rosscn- 

On the third day of the com- trot of training schools to the dalc| dawned in the Commons 


Mr. Mike Noble (Lab. Rosscn-| 


On ibe third day of the com- trot oF training schools to the , ™ clai,ued the Commons THE Prime Minister will be able It Is expected that the con centres on a claim for -parity With : 
mittee stage of the Wales BUI Assembly might encourage this tba t Tory au toon ties , t0 outline tbe Government's ference will endorse the claim liJ F e workers in the private -elec 

several Tories were concmed at trend. ” operaur the Kheme aDummced on paJ , policy flir a ne w national mmimuS ^ contracting industry. . 

s ; k P ;:;s* ra ? y «■«* 

The’ wanted oS of fire. S't.'/Tpreblem’Tn'' » ub h Uc d CaU,gtan ha, accepted ao rke ” STTon™^^ ,he^ 

men's training schools and the whether nr not rievnhiiinn wSlit PUS*? ,5^!! 8b /iSrc mvitation to address the Con- The agenda also ?? a P S UI1 . Gl a satisfactory , MS 


are trtteiy to be raised by both secretary of the managers’ 

Ca ^- c ^ ^ associa^n. said yesterday that -MtoWters in less, ifiar 

ACAb has oot yet produced a be believed the deferral on 3 Tafc^ifh Wr jrmMk Mr 
draft report on .the Alton claim. Ai ton suggested that AGAS was ttL'E 

U has been suggested, however. becomST 2 StSSJ^SSi 

that toe managers assoaation of itseU” on recognition issues. $£ fftoTS SSdSee'^S 

hospital incentives scheme -..te 

raise electricians’ earn lt\gfi. : ?pi 

f* i 11 I , 11 this* was seen as hot fihn-eneatf 

C allagnan to address 

n to-rnJes. 

conference on wages 

by our labour CORRESPONDENT p . ba ?®. Three settlement for the 

electricians became - due. . It 


men’s* training schools and the whether ornordevolulien went pu .»“« “JJ, ^Vrh^ invitation to address the Con- The agenda also i„S lldps a satisfactory ^ 

w i8 ?m*nJ quipment *° Stay With ahead But fire Officers in neigh- and^frie^ds.^l’adSd^ J &TSII! of TT S toPbuilding and motions condemning Golera- hStfier^ JT 0 ? & ■ 
V SS«„ nkK ™ n v.. MB t during border counties wpSid her fnends, e d e ment interference towage bS- . 


bouring border counties would 


Opposition spokesman Viscount comin J e t0 co-operaic closely] 


Long was „ worried about what 
might happen if Welsh-speaking 


To deny the Assembly -these 




Srt, '°F.nTr,S lirSS “nric. efficiently >lW effeetiv*Iy. 


Next week’s 
business 


| at Eastbourne on June 30. sainiae and anv fnrthor~»vtM * «««» «ue ana ivo oi.uoveiR- 
The confederation is made up sion $ th“soriSf coSSrt P? Uc T W toe hdspiftl 
of 19 unions, including several bv tripartite agreemSf or m^ S € Jf , ? n L ! ?*? in 'tili e -WIth tlia 
of the biggest in the country. I Presentment deciaratiS?? thl ?nd of 


Phases One and Two of Gbvexsi- 


j using English equipment 


Conservaiivi-s did not 


COMMONS debates next week] 
arc: 

MONDAY: Debate on Royal Navy: 
Domestic Proceedings and 

Magistrates’ Courts Blit. Lords 
amendments. 

TUESDAY: Northern Ireland 

orders. 


In these circumstances, Welsh press their proposal. 


Tory MP seeks action 


Barnett, Christie Limited 
Bankers 

IbBcAv.l^- Street. LomionWlX 5 AE 


EVACUATION of London tronic. Telecommunications and 
hospitals if a strike by mainten- Plumbing Union, scheduled to go 
ance men goes ahead next week ahead on Sunday night, ‘ takes 
must result in many deaths, Mr. place. 


Murray assurance on pay 


BY CHRISTIAN TYLER. LABOUR EDITOR 


‘^NNI 


WEDNESDAY: Debate on hous- ^ 1 ^ HE , R j ^ uran .? e un to n ,s 7 per cent — half the expected it is true that 
ing: Parliamentary Pensions would bargain responsibly Stage Three figure— i n the next an demand 1 $ for 

Bill, second reading. although formally disregarding round. 6 QeXt ?? incrMse between 75 and SO 


David Crouch (C, Canterbury) "The evacuation nf some 


. THURSDAY: Scottish and Welsh any imposed limit on wage rises But’ the Prime Minister told tn L ners ’ wages, it 

® ®. f debates. _ _ | ,n toe next negotiating round, the Commons this week that to? ^ Q g' " haV ® bfcen - 10 ° low for 


Base Rate 


members of the Electrical, Elec- Ennals, Social Services Secretary* 


WSSS vs 3 


Benn backs Select Committees 


nouv: Electricity Bill, end ol inHatiodby 7acrificef e Sc S“ a - 

.^°"I "“" h J5SS SIS- ..“ N ™ co-nmoQsense ««IU '« ****• ^ H*J?**H 


FINANCIAL TIMES REPORTER 


Barnett, Christie Limited announces that 
with effect from the close of business 
on 16th of June 1S7B 
and until further notice, 
its Base Lending Rate will be 11%. 


A CALL for Parliamentary tries, public expenditure and 

Select Committees 10 be set up public accounts." he said. flSXSn BP* SSSSS re, “ r . n lo the stringent incomes u wcek^ S? ttelomte? coalfare “wESSZhM In 

for every Government depart- ^ 1° WOrkcrs ’ and for “ ™ to&SZ representation on theNUM^u 

meat waa cade Sfr ‘"-Tl’S: S’ ... ...... 2" T ■-« ff» 


wow commonsense lens us pimirpc nn TuItt rr” — .r. ucil-wium 

Tp n o? t -.«^n SC r£glid B rSi SS£ “5 T>“41 31 tbc Scottish Sf & fif. 

WEDNESDAY: Wales Bill. ^"“‘hiTbbSct RijSS 

1"“^"™' iWSM = 

(Finance) Bill, committee 


'$QU 


‘There is no question 


meiit was made yesterday by mtRS[ J AV: Adop ‘IP? 5!fr 

Anthony Wedgwood Berm, Sec- devel opment in fndLrial Smratue? Cmisume® 5 Safety 

retar y for Energy. democracy and workers’ self- Bill, second reading: Home 

"Tbe Select Committee has management, "to permit the Purchase Assistance and Hous- 

j proved Us worth, especially in sharing of power anti resptmsi- ins Corporation Guarantee 


! the fields or science and tech- bilily at national level and at bin. committee. i me uovernraem warns w seep area president of the National would serioi^iv 7nn^w'h«ai^‘ 

oology, the nationalised Indus- all places of work m industry.” FRIDAY: Wales BUI, committee, ^the rise in earnings to about Union of Mine workers, said: “If ing awfly fium toe- u£ - ' 


Bill, second reading: Home toe nsc in real living standards be added to the fSO-a-week basic shire area secretary ^whoTsrid 

Purchase Assistance and Hous- winch we want and which is in rare from November this year. that if his seat^va^t-ibAn 

ins Corporation Guarantee prospect. Mr. Mick HcGahey. Scottish his aJSd'off SS SS' 

P'l 1 '. . c “ n l" l *f lee V„ ... The Government wants to beep area president of the National would seriously 



;G!DMPANY NOTICES 


INTERNATIONAL APPOINTMENTS) APPOINTMENTS 


a 

Rtl ana 


w SOUTH AFRICA LIMITED " 
(Incorporated tn^ttic Republic of 
, . . . - Awrni Afrteu 

l^mCfTb+fOLWRSOF' ORDINARY 1 
5 HA RE .WARRANTS TO BEARER 1 

. ^.JWyMENT OF COUPON No^ lg 
Wlli» ; »|«w»« to' tlM notice ot d*m,a- 
tlon- ,<of , dlvtdeiui .-advortiud i n the 
Press non 6th June. 1978. thu follow! no 
WAfWtan is pubfTihed for the ouieu ! 
W haters- of tte*r« warrants to 
feUltf* 1 

Thi -Ohridenfl rf.ZS tents per share 
-wiEF. declared In South African currancv i 
South Air (can ■ non-resident Share- 
tetden' tux at 2.77457 cents per 
snan; will be^seouctM from the divi- 
fML PWBt In respect of all share 

«ssasaffs?Ais‘ h *- 

dividend on bearer shares will be 

-■pal*.’ on -.or after 26th Jui*. 197a 
«ao atu« s urren der of coupon No. 89 
Oetb piod trom share warrants to bearer 

"AS: siMfCn ■ 

*»W following 

I' -• conckiintal paying agents* 

• ■ Credit au Noro. 

"6-B Boulwrd HUussmann, 

Fartsc. fle. 

;? |>iWf aruxellcs Lambert. 

■ * I* Itepenco. 

1DOO Brussels. 

- • -..Sotfew Generals de Banquc. 

r*-> .-r 3. Montagu du Parc, 

, -. 3 1009 Brussels. 

.* -./ ••Swiss Bank Corporation. 
Aesc heweorat adt. 

Basle 4002. 

-••-'• Bartque-' international a 
• Luxembourg SA. 

- *• Boulevard Royal. 

"•• Luxembourg. 

■?. ..... Zurich. 

* .. Payments- iri respect of coupons 

* lodged at the office of a Con- 
/ tfh e nta l paving agent will be made 

. Jit SOuQi 1 'African currency to an 1 

■ author ted dealer in exchange in I 
-the- Remibllc- of South Africa 1 
nominated ~ by the Continental 

. payiftB agent. Instructions regard- 
In*, disposal of the proceeds of 
the payment so made can only 
"-'- be : given-' to such authorised 
l' -dealer by the Continental paving 

■ agent concerned. 

' fill At the London Bearer Reception 
-i_ Office of-. Charter Consolidated 
- Limited. 40. Holbore Viaduct. 

.< -London EC1P 1AJ. Unless per- 
sons depositing coupons- at such 
office request payment in rand to 
an address In the Republic of 

- South Africa, payment will be 
tnade In United Kingdom currency 

> 'either; 

- -%* (i) In respect of coupons lodged 
' - prior to ,14th July. 1978 at 

the United Kingdom currency 
. ... equivalent of the rand cur- 
rency Tuliie of their dividend 
On 18th July. 1978 or 
' .00- In 'respect of coupons lodged 
during the period 14th July. 
1978 to 19th July. 1978. 
'both days inclusive-, at the 
United K Ingdom currency 
equivalent of the rand 
currency value of their divi- 
dend, on 24tti July. 1978 or 
<lli> In respect of coupons lodged 
on or after 20th July. 1978 
at the prevailing rate of 
exchange on the day the 
proceeds are remitted, 
through an authorised dealer 
In exchange In Johannesburg 
to the London Bearer Recep- 
tion Office. 

Coupons must be left for at least four 
dear days for examination and may be 
presented any weekday (Saturday 
excepted! between the hours of 10. DO 
a-tn. and 5 p.m. 

"United Kingdom income tax will be 
deducted tram payments In United 
Kingdom currency In respect of coupons 
deposited at the London Bearer Recep- 
tion Office- unless such coupons are 
accompanied by Inland Revenue 
'declarations. Where such deduction is 
made -the. net amount of the dividend 
-- »«riH be the United Kingdom currency 
"equivalent of 16.50001 cents per share 
arrived at as under. — 

South African 

* \ Currency 

Cents ear Snare 

Amount- of dividend declared 25.00 
Abb: South African non- 

• resident Shareholders - 

■tax at 11.0983% 2-77457 

• 22.22543 
-■'Lem- UK Income tax at 

22.90T7% On the gross 
•’" amount of the dividend 
. of 25 cents 5.72542 


Should the amendment to the UK 
Finance Bill reducing the basic rate 
Of UK Income tax to 33% be sustained 
-<Md enacted before the payment date 
Of the dividend a further notice . will 
Be published amending the above 

^*a«ea. ; ^ and on behalf of 

,■> *. ^_w .• ^ io. C- Glftnmw 




AFRICAN ANO EUROPEAN 
INVESTMENT- COMPANY LIMITED 

(Incorporated in the Republic of 
South Africa i 

NOTICE TO HOLDERS OF 
PREFERENCE STOCK WARRANTS 
to Bearer 

PAYMENT OF COUPON No. 61 

With rciCccnce to the noutc cl 
occuraiiun ot dlvKKnu adVbiuMil m 
me piess on bln June iB»o. lh-r 
luiiowiug lurormatlon is pueiisnca 
ior me BuiasiiLe ui nofoers oi stuck 
warrants to Dearer. 

The aivmend oi a cents per unit ot 
uotk was cellared in bOinn Amcan 
currency, bourn AlnUui ittn-icuBtni 
snaienoiders tax at D.45 cents per 
unit ol stock will Pfl oeducteo Irtiin 
the diviaeno payeolo in respect oi .ill 
stuck warrant coupons leaving a nit 
oiyiacno ot z.sa cents per unit ui 
Stock. 

Tnc dividend on beam stock will 
be paid on O' after 1 BUI August. I9«e 
against surrender el coupon No. bi 
detached from me stock, warrants io 
bearer as unocr. — 
ia) At the office of the lollewmg 
continental paying agent: 

Creoit ou Nora. 

6-8 Soulovdra Haussmann. 

Pans 9e. 

In respect of coupons lodged at 
i he oitiee of the continental pay- , 
in* agent the dividend payment 
will be made In South African 
currency to an auUiortsad dealer 
in exchange "in the Republic ol I 
Souin Africa nominated bv the 

continental paying agent. Instruc- 
tlons regarding . disposal ol the 
proceeds ol the payment so made 
must be given- to such authorised 
dealer Dv the continental paying 
agent concerned. 

fbi At the London Bearer Recuution 
Office ol Chartor consolidated 
Umlted. 40, Ho I born Viaduct. 
London EC«P TAJ. Unless per- 
sons depositing coupons at such 
office request Payment in i rand 
to an address In the Republic oi 
South Ainca. payment will be 
made in United Kingdom currency 
cither: 

(•i in respect of coupons IMSM 
prior to 4th August. 19/3 
at the United Kingdom 
currency equivalent of the 
i rana currency valua ol their 

dividend on Bth August. 
1978 or 

(ill In respeci of coupons lodged 
; during tno i>rttod - * h 

! August. 1978 to 9th August. 

1978 both days inclusive at 
the United Kingdom cur. 
rency equivalent ol the rand 
i currency value ol tbclr divi- 

dend on 1 4th August. 1978 
or 

(iiu In respect of coupons lodged 
on or after lOTIt August. 
1975 at the prevailing rate 
of exchange on the- dav the 
I proceeds arc . remitted. 

through an authorised dialer 
In exchange In Jotiannesburu 
to ihe London Bearer Recep- 
tion Office. r - 
Coupons must be left lor at least tour 
dear days tar examination and may 
be presented any weekday .(Saturday 
eveeptedi between the hours of 10 a.m. 
and S P.m. 

United Kingdom Income tax will be 
deducted front coupons paid In United 
Kingdom currency at .the London 
Bearer Reception dike, unless such 
coupons are accompanied bv Inland 
Revenue declarations. Where such 
deduction Is made, the net amount ot 
the dividend will be tho United King. 

| dom currency equivalent ei.S.So cents 
per unit of slock in terms of sub- 
paragraph tbi above arrived at as 
under: _ ,, 

1 South 

; African 

'Currency 

1 Cents 

i oer 

I ' . Unit of 

! •' stork 

j Amount of dividend declared- 3.00 
| Less: South African Non- 

Resident Shareholders' t » _ 

at 15% O-- 15 

1 2.5S 

I Less: UK Income W» at 19?» 

! . ol the gross amount ot the. • 

! dividend of 3 cents . 0.57 




Should the amendment ’ the _UK 

Finance Bill reducing Ihe bMfc rrte a! 

UK income far io 33% be itft awri 
and enacted before the pavtrwnt date 
of the dividend a further 
be published amending qte- above 

figures. ■■Jr' 

For an on 'bekxtf ol 
ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LUSTED. 

London Secretarl**- . 
J. C. Greeiflmlth. . 
London Office: ‘ g' 

40. Holborn Viaduct. g .? 

EC1P.1AJ- 1 f 

1 3th Juno. 1970. / j 

The** company has 

the Commissioners Of Ipland Revwiue 

mMUim 

SU or al% reprerente an al'owance 

I of credil>at * h e r ‘ ,c °' 15 * 


ANGLO AMERICAN CORPORATION 
OF 50UTH AFRICA LIMITED 
« Incorporates in the Republic at 
South Afncai 

NOTICE TO HOLDERS OF 
PREFERRED STOCK WARRANTS 

TO BEARER 

PAYMENT OF COUPON Ns. 99. 

Witn rcierence to me nance oi 
ee ild radon ol dividend advertised m 
the Press in bth June. 1976- the 
following Information is. published lor 
ihe guidanci: at holders ol stock 
wariunis io bearer. 

7 he div idc-rid ol 3% (2 cents) was 
declared in south African currency. 
South Air It. in nun- resident share- 

holoeis’ ta» ar 0.3329b cents P>-r 
snare will tx- deducted irom me 
dividend payable «• respect of ml snare 
warrant coupons leaving a net divi- 
dend Ol 2.5S705 cents per %hare. 

7ne dividend on bearer shares will 

be paid an or alter 21 at July. 1978. 
against suricndci ol coupon NO. 99 1 

detached Irpin smek wananis to ocaic-r 
. as under: 

iai At me oUice ol ihe loll am no 
continental paying agcr.t; 

Credit au Nard. 

6-U Boulevard Haursmann 
Pairs 7S009. 

Payn.er.t, in rnoecl ol condone 
I no or o a( me ollices Ol e 
coniinenial paving agent will 
be m.itlo in South African cur- 
rency io an authorised dealer 
In eachanoe in the Republic of 
Soutn Airica nominated bv the 
continental paying agent. 
Instructions regarding disposal 
ol l hr." proceeds el Ihe payment 

so made can only be siren 
to such authorised dealer bv 
the continental paying agent 
concerned. 

<bl At the London Bearer Recep- 
tion ottlcc ol Charter Con- 
solidated Limited. 40 Holborn 
Viaduct. London FC1P 1AJ. 
Uricv persons depositing 
iflupoh, al such office reauest 

payment m rand 10 an address 
in (he Republic Ol hOUIb AlriC-i 
navmcni will be made in 
L/niicd Kingdom cuircncy 
either- 

(ii >n rr.-.pect Oi coupons lodoea 
pi-ivr lo the 7lh July. 197d 
hi ihe Uhitod Klnodom Cur- 
rency equivalent at ihe rand 
currency value oi tneir div>- 1 
dBhd On 1 1 Ifl July. 1 97 S. 
Or. 

ilij in respect ol coupons lodoed 
during the oenod 7th JuU 
to 1 2th July. 197 8 both 
' das-, inclusive at Ihe Uflilvd 

Kinpnam currencr eauivaleni 
ol the rand currency value 
oi liter dividend on 17ih 
July 197U or: 

i (iii i in rc-.pcci at coupons lodged 

on ar after Uth July. 1978 

I ai inn prevailing rate ol 

' exchange on Ihe day Ihe 

i nioLceds a>e remitted. 

Ihtcuqh an authurlsed dealer 
in p.cnange in Johannesburg 
io tnc London Bearer Recep- 
tion onice. 

Coupons mint be left lor at least 

• lour clear days for examination and 
i mar be presumed any weekday rSai- 

I I nrday eveepted) between the hours ol 
10 a.m. and 3 p m. 

United Kingdom income tax will be 
deducted fiom payments in the Untied 
Kingdom cuirency In resocti Ol 
coupons deposited at the London 
Bearer Rccepdor Office, unless such 
coupons arc accompanied bv inland 
Revenue declarations. Where such 
deduction is made, the net amount 
oi Ihe dividend will be the United 
Kingdom currency equivalent ot 1.98 
cents per 9hare in terms of sub 
paragraph (bi above arrived at as 
under: 

South African 
Currency Cents 
Per Share 

Amount of dividend declared 3 
Less- South African non- 
resident shareholders' ur 
at 11.09B3-,, 0.33295 


Lc-4 K. income »t at 
72 9017% on the gross 
amount ol me dividend ol 
3 cents • 


snouid ihe amendmenl io ihe U K. 
Finance BUI reducing the basic rate 
ot UK. income i«» to 33''.. he sus- 
tained and enacted before me payment 
dale oi the dividend a mr:hec notice 
will be published amending the above 
figures. behaii ol 

ANGLO AMERICAN CORPORATION 
OF SOUTH AFRICA LIMITED. 

J.C. Greenstmth 

London Ohicc- 
40 Holborn Viaduct. 

EC1 P 1AJ. 

1 5th June. 19/8. 

The"’ Company has been requested 
b» ihe Commissioners of Inland 

Under 110 the double tax agreement 
act ween the United Kingdom and 
the Republic of South A’rica. 
die South ..African non-restdem 
shareholders' lax applicable to tee 
ctvrdeod is allowable as a credit 
aoa.nw (be Untied Kingdom tax pay- 
able . 'tic respect of She dividend. The 
deduct icat of ta* al the reduced rate 
of 22.9047% instead-, of the basic 
ale ol 3\Ni reprerents an allowance 
j of credit' aV the rate of H.09BS%. 


Ebreign 

oxchangB doalor 

for Demiiaik 

privatbanken - one of the large commercial 
banks in Denmark, with an active foreign 
exchange department - is looking for a foreign j 
exchange dealer interested in joining our team 
of foreign exchange dealers in our Head Office 
in Copenhagen. 

You should be between 25 and 30 years of age 
and must have had some years of experience in 
the foreign exchange field. 

V\te can offer you good working conditions in 
a modern, well-equipped foreign exchange 
department, a demanding job, and a competitive 
salary based on your qualifications. 

If you are interested, please apply in writing in 
the first instance to 


Managing Director 

ELECTRONICS 

for a company winch employs about no people making 
specialised equipment and components for a range of major 

customers- . 

• backed By die parent group, die task is to improve 
profitability through operating efficiency and increased sales, 
in a largely autonomous role. 

. the requirement is for an electronics engineer -with arecord 
indicating sales ability and the capacity for profit responsible 
general management now. 

. preferred age; 35-45- Salary is unlikdy to be Jess than 

sCiSiOOO. 

Write in complete confidence 
to A. Longland as adviser to the company. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

10 HAIXAM STREET * j lONDOtf WINT tD? 

12 CHARLOTTE SQUARE - EDINBURGH IHi 4° N . . . 





PRIVATb anken 

Staff Department, 

P.O.Box 1000, 

DK-2400 Copenhagen nv, 

Attention: Mr. J.Amholt. 


ASSISTANT C0KP08ATE 

SECRETARY 

THE EMPLOYER: 

* A large international group in the southern 
part of Europe. 

* Assist the Corporate Secretary with the 
preparation of board meetings and minutes 

* Ensure legal and regulatory formal 

compliance. , .. Q 

* Supervise the general services ot tne 
headquarters. 

THE CANDIDATE: * 

* Early thirties with several years of business 
experience. 

* Academic background < law. economy ) . 

* English mothertongue and preferably 
another language, 

* Service-minded. 

* Writing proficiency. 

COMPENSATION 
AND BENEFITS: 

* Excellent. 

Please write in complete confidence, giving full 
details of career to date and present 
remuneration, to: 

Box A63S6 
Financial Times 

10 Cannon Street, London EC4P 4BY 


of the 


NATIONAL FILM FINANCE CORPORATION 

Managing Director 

. to succeed Sir John Tern”, who retires at the end of the 
year. The Corporation, assists film production in the tic 
through the provision of loans. 

• the role involves directing a small staff in London to 
ensure effective advice and fruitful financing in this field. 

• the requirement is for financial or legal skills, and an 
individual with some knowledge of the film industry is 
strongly preferred. 

• the salary for this appointment is £ 12 , 140 - 

Write in complete confidence 
to A.Xongland as adviser to the Corporation. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 


IO II ALLA M STREET 


LONDON WIN <>D/ 


12 CHARLOTTE SQUARE 3 - EDINBURGH EHZ 4DN 


■ ; • s» -arr jui -- - ^ 

. CORPORATION OF SOUTH AFBICA s*cre»' r ,'“ 

•7' - i«CLO AMERICAN CORPORATOR ^ 


Sr-,:" 


lath jane 1 97B-_ 


'south WINNIPEG LHVII IaD 

: .Share OfFer ■ 


, Foraui* flffer » f" rc IS'. ,M - 


r— “ *■ s, ““ r ’ 


’ ..-if. die L Coop«^i— ]r . ^ T ' 

& "’.te '..-■ 1 ’ 


ff COM4*. 




k '• ' SANQUE WORMS . 

:,f. P«r P c™t 


Rhareholciers. 

5. To elp« the auditor to lerve until 
the next annual general meeting ol 
. shareholders. 

G. Any other buxines*. . . .... 

- The sharctioldors are advised that 
'•io Quorum lor the statutory meeting 
S required and that decisions will be 
taken at the malorlty ol the shares 
present or represented a! liie meeting. 

. with the restriction that no Share- 
holder either by himself or by proxy. 

can vote lor a number ol shares in 

excess o» omvhltli ot the shares Issued 
or two-filths of the shares present or 
-.represented at the meeting I 

- In order to take part at the statu- 

tory general meeting of Jnlv 3rd. 1978 
the owners 01 bearer shares will have 
to deposit their shares h«c business 
days before the meeting at the 
registered athcc ol the Fund. 14. rue 
Aldrlngen, Luxembourg, or witn the 
following bank; - 

— Banquc Gdnerale du Luxembourg, j 

S-A * . LUXEMBOURG. 

T he Board ol Directors. 

RHYTHM WATCH CO. LTD. 

moticT 

ism 

CTOCK COMPANY- f SHARES') 
iin Hrm k hereby nlven to EDR noiDcrs 
the AnS2l Meeting of SfwrehoWcn; 
of Rhythm Watch- Co. Ltd., will be held 
St to a m. fTotryo Jlmd on Tuesday. 
27tl» June- 1978. at the Head Office of 
ft" Company. 27-7 Talto 2-<Jiome. 
Taits-ku, Tokyo, to transact the following 

5S* J, 'to' approve tee Company's financial 
statements for tee 52 nd per lod 
-(from 1st April. 1977. to 31sl 

Z. ft amtiiMM ArtfiJei of 

- ’ tron of the Compnny as follows.— 
y? Article 1: To Insert the following 

' -' "WW 

Engl Mi shill be 'Rhythm watch 

*- ■ fn Ltd' ** . 

• Article S: To Increase the nomber 

Ol Shares autho rised tab* 

• • by 'the Cornpany from 100 million 
.7 . to 200 million. _ T 

London* ECP 3DB. or al tne i 
the AgehL Banoue Internatmnale . 
i Luxembourg >A. 2 Boulevard Roval. 

EDR 'hed deni wishing 

ing should Instruct tee DePOS'Mvv in 
wrtdoo by the ctorof bd*ine« IT-Jr 0 ^ 

ara 'VitniS.oji 

wompanled ettherCIf by 
the relevant number ol deposited snares 
(PnsoSt ot which the/ wfch « «? cis . e 
their votin'! rights or fill by a certificate 
Impi the Aocnt for irom another • Bank 
ilSSoied bv the Depwitarei stetmg ihat 
the refevant EDRs hasp been tteTWifrd 
wftli ft and arc to bf field in a blocked 
account until after tee «>lteci r lohts 
. atH4haf>blc to - sufli EDRs have been 
exorcised. 

"j KLE INWORT. BENSON^IMITED. 

IJ June .1978. 


LEGAL NOTICES 


No MIN>J ol 197S 

In the HIGH COURT OF JUSTICE . 
rTianrcrr Division Cnmnanics Coart. Jn . 
tec van- r of S1MMEAD LIMITED and 
In i be MaiKr oT The Companies AU. 

,# ioncE IS HEREBY GIVEN. ihJt a 
p.-niion fur ihe Winding up of ihe atWT ■ 
^Tm hr .hr HiFh court or 
tesiicr «»s on the 8lh dar «T Jun-- 
pres-m.-rt m >hr said Coun Iw 
THE CiiMMISSIONERS uF CUSTOMS 

Isri r.xnrsK of K , ,nc ' TTfE’ 

tfMi Mark Lane. London EC3FJ iHt-- 
and that ihe said Pciinon is dlrericil 
i ?_ hr- Heard Ivfnre the Couri Sltlina al 
SrRGyJi coune or STand 

i ■i-.rt.m WiU \ IL1.. Mil Ihe 111th flay or 

jniv inrs. and any ew’dnor or ' Wlrtbu- 
,or>- ot rhe said Company J---irous jo 
support or opP"Fe ihr nipkiiw 
Cird-r on tee said Penimn m:i' appear 
af tec ' mo of h'-nna ^.n «r <uf i > » h 

tffirsis ss 

«5nV on nayiw-nt u T tee roKUlaicd ebarso 
Tur ten same. 

r, F. Gl.f'AK. 

Kino's B..-am House. 

39-11. Marl: Lane. 

London EC3R THE. 

Sollrtior io U»c Poiiuoners. 

NOTE — .^ny p^rsc-n *tio inioims io 
appear ou tee hcarlns oT tee said Pvtifion 
J must serve cm. or send hr pwi fo. the 
above-named nonce in wriUOK ot his 
i intention so io do. Tin? noiice most state 
ihe name and address of the person, or. 

■ If a firm tee name and address of me 
i firm and musl be signed by tee person 
i or firm, or bis or teeir solieiior nl anyj 

and tnusi be served, or. IT pasted, mnst 
! be sent by nosi in sufficieni nine to 
reach tee above-named not taiei man 
i Tour o'clock In ihe afternoun of Uit 

■ Tib day of Julv 


No. 21 of l«7a 

1 m ih HIGH COURT OF JUSTICE 
ChaiK-ry Division Liverpool Dbmci 
Reuism- liroup "A". In the Mailer r>r 
MOUNT "LYMPUS HOTELS LIMITED 

land hi me Mailer of The Companies 
Art 1M* 

NirTU.I IS HEREBY GIVE., teal a 
Pei mini i |,r Ihe windllW up nl «h<- .ibov.- 
■um-d L'lmpay by tee Hi--h Cmin of 
Iusiil* ’-as on ihe 1>I day ui Jnnt 
i9IS i-r- :emod to ihe Cuun hj i 
-.LLIED BREWERIES 'IK' LIMITED 
-hue awiered Office is situate .u 
1 1 j i tun Srreei. Burl on upon Treni in tec 
i ouni, Stafford ihi^ • and ihai te- 
Mid r- nioii rt din-cud m h" heunl 
h-for. i *i- Conn sii une at Si. GeinvcS 
1 1 all. Wn’Min Broivii Sircel Liv.-rnool "■ j 
in iti,- ij. ronolnan County nf Mcr>-ysid- j 
iin ih. ‘•‘te day ol .Inn-; 1‘iT-r. and any 
i-r -dp.ir -r Lomribuiory r-f ilu s..id 
C„mpjv -.lesirous io 'iippori ur upiv»'- , 
te ni.vi-ij Of an Order m te* '‘aid ■ 
F*. ! ■.. mjv appear al ih' un«- ol j 
tie Tin- • • person or h} hi--. Coini‘-l fur 
ihi'i pun-'i*: and a top} of ihe pennon I 
inti r>. fnr'iijJiwl by i h<- nndcrsuiiicd i« | 
3n - - ■ -• f-ior or coniribnrury ol te' 

smil ......many requirliio s.ueh cop:' in 

pa.- iik-i;i - i tee reuulau-a dwa- fur tee I 


HARROW COLLEGE Ot 
HIGHER EDUCATION 
PiORTHWICK PARK. 
WATFuRD ROAD. HARROW, 
MIDDLESEX. HA1 3TP 

FACULTY OF 
SOCLAL SCIENCES 
SCHOOL OF BUSINESS 
AND SOCLAL STUDIES 

Lecturer li/Semor Lecturer in 
Benkiag 

Required Irani I Sepiember 197S to 
j'jiii a team ui siaJT concemed veil li 
ihe admiiusiraUon and leachiiiK nf 
Baukins courses. me persou 
3PPOiiii-.il will be expert cd to assisi 
in d'-velopiny Ihe t'liianelal Studies 
Diploma and io coniribuie io Ihe 
K-aitniiK or Law ami Procure or 
Bank ilia and E'lemcniv of Banking 
tur tee Insiituic ol Bankers" eiunina. 
nuns. Abiiliy io leach Invcsunent 
iruuid Iv a further advantage. 
AivlieaiiK will be ersduaies andmr 
pralesslmialh- qualified wnh bankirm 
anil preferably teacfilnx expenenc.*. 

Salary seal.-.-: Lecturer It Iftni- 
fiils -r Loudon Allowance 1-102. 
S.-mnr L^-eiur.-r IHuSI-Tfilia ' bnri 
— .■j.*’- 1 LA f-Ur.'. 

Apulic-alinn luraii are available 
from llie Principal's Ofifcc. lei.; 01- 
>P4 1-111. and :ii\- re-iumable u-nliin 
14 days ol tee appearance of teis 
.ii]ivrii<ii-ni<-ni. 


THE ISLE OF MAN 
CIVIL SERVICE 

Applications ai'e invited from recent honours 
graduates in economics for the post of Economist on 
the staff of the economic section of the Treasury. 

The post is permanent and pensionable on a non- 
contributory basis (save for deductions of 1.,. 
towards family benefits) and has a salary scale 
£3, (M2 to £4,579 per annum. 

The successful applicant will be concerned with the 
collection, collation and evaluation of infoi mation 
about the various forms of economic activity m the 
Island and the maintenance of an Inaex of ttetau 
Prices. 

.Auplicatums staling full name, address, rlnle of btrifc. 
edm afional qualiftianoMs a 'id experience should 

together with the met and addresses oj two refer*:*, to. 
THE SECRETARY. CIVIL SERVICE COMMISSION 
THE qy ERN M ENT OFFICES. DOUGLAS 
by the I4ih .tuly. 3S7S 


' ;• RMAXS. 
i . -li-ni Hou^r. 
i 'J Da Ip Si r-f**:. 

! . .rpwd L2 '.'.NS. 

-•-.icIIPrs for ihu Pi-unun'T. 

Any person who ml.-nd? io | 
app..ir i ••* tec hearinq nf ihi- said P.-Uiiuii 
musr on or send by posi 10 'hi; 

abov- -nii:"' d. noiice iu written nf his 
inter: inn -u 10 do. The ituilee musi stole 
ih^ u.'iii- sid address of tee pennn. nj - - 
it a uriii tee nanio and address ol tee 
lirm. .mJ musi be slcm-d by tee person, 
nr firm, -r his or teeir Solieiior nf anyi 
and piii;' served, or if pusicd. musi 
bt- s- n< ‘■'V past in suffick-ni mile fu 
r.-arfi Jbgve-namvd nui IjI* r Lhaii 
r<iiir * •'•■ik In tee aficrnouii ul thu 
cate .in.- June isrs. 


SSSST fCONCEWS 

sqlv ay & cil s.a. 

The June. ^S? l 8L£L J, S ,, ^ i ^S 

I97S approved tee disirtbulion. lor the Canaterpehrt; & some other fl»»s. 

mantel veir 1577 ol i nei dlvldona ol Brochure * tickets 01-222 1061 
BF 200 per A & 8 share and al BF 80 
per C share. Ihe latter being 4 0 per eenl. 
paid up. 

The Final Dividend of BF 130 net In itrwe 

rcsoect ol the A Shares will be payable nl UBS 

bv BF draft, bv transfer to a BF Acton nl — 

or. in Sterling al Bankers sight -Buying rale 


rue l-lnai Uiviocno OI »r im "BI ... nl imei 

rcsbcct ol the A Shares will be payable CLUBS 

bv BF draft, bv transfer to a BF Account 
or. in Sterling al Bankers sight -buying rale 

for Belgian Franco on the day ol present!- uirll{LU . s Cabaret Clue suo< 
lion at ihe option ol the holder, aga.nst MICHELLE s uun t'up. 
presenution ol Coupoii No 20 at either *- O™ond Tarn, s.w.1. 


a^»»i«*Lli!i Y,AY "““" T 

. {na.: 


Trustee 






-', V fN that.Uw 

indtalve* w - 0r(Wr 0 t ttw H **" l p ECi eiE.- 

’ Secretary. 

. (07-112.. EC3A 4AE. * 


™ E I 

FiSiiSf .'SJSaP s 85JS VE Bs«Sii ( 3 1 

tttb^ Company will be held fit Hegistiered 

omce, ,07-112. Leadeniiall SsrwS. London 
crii 4AE. on Monday. ’7th July. 1978. 
,7,1 atei. “or the following ourrwser— 
, fo receive and adopt the D |r ***2« 

• 1 * RmSTStm “ e ended 

.81 st Pwwber- 1 577. 

JSmSSSrtlS of the Auditors lor the 

a. RfiUSnff P« an ordinary 

S'lhe company cnt.Ufld 

■ r«-£3 

■aySa bM ajSBTffTJS 

P ' WV SW-cr ol the Board- EGG|E . 

Secretary. 

107-112. Leadehhail* Street. 

.London EC3A 4AE. 


NO. IW1TSI ur 19TS 

In ihe HIGH COURT OF JUSTICE 

Chancery Division Ciwnpanli-s .Court. in 

tin- Mailer tif MARKGLEN LIMITED 
and in iht- Mailer of Tb..- Companies 

''NOTICE IS HERF.EY GIVEN teal a ! 
Pci i Unn lor tee winding up of te<- ahon-- j 
named Company by ten Hicb Coun or , 
Jiwlicc was. on tec -iih day of June ; 
IflTE. nrescDied io tec said Coun hy : 
G. A. !'. « GREAT BRITAIN i LTD.. : 
[ and Lhai lltc said Pennon is direcicd 1 
! tg be heard before the Gunn sluing <n : 
I hi- Royal Courts of Justice. Sirand. \ 
London WC2A 3LL. un tei. JOin day ol ■ 
Jnlv ] BTS. and anv creduor or coninhniorr I 
of ihe o'afd Company desirous to sinmor: I 
or appose tee maWnp or an Order on | 
ihe said PeUtJon may appear al Ihe l 
time of hearing in Person or by his 
’ Counsel for teal purpose; and a copy of 
the Pw luan will be furnished by ihe 
undersigned to anr. crcdlior or eomrlbu- 
tety of the said Company reauirlne such 
ropy on payment of tee rezolaied charge 
for the same. 

, JENKINS. DflGGETT i CO- 

22 MuJ fords HIU. 

Tadley. Baslnusioac. 

Hants.. BG26 WO- 
Soliciiors for tee P^mioner 
N'OTE.— Any person who intends to 
appear on the- hearing ol tlu said Pennon 
1 1 nro« serve on. or send hr post in. tee 
i above-named nonce in wtiiuk ui his 

Intention so io du. The notice musi Male 
' uie name and address ol the porsmi, or 

i ;f i Arm the name and address >if tee 

i 6nu and musi tv sisn.'d by the person 
I or rtnn. or his or fh.-ir idMiciwr nf aw > 

1 and must be served, or. if posted. miiM 
‘ be s-.-n’ hv posi ' n snHWcni uiu- m 
r'jcfi the jtJuvs-n.ini-.-d noi later than 
• tour o'clock in ihe afiernooi. of tee 

“* day ol July 39T>. 


COURSES 


Till; POLYTECHNIC OF 
CENTRAL LONDON 
Tiv'i 'liploma courses fur 
language GRADUATES, 
bciiiii'iing Seplember. 

St'lviifl of Management Siadies 

OVERSEAS 

marketing for 

language 

graduates 

One-; '- 3f t full-time, combining 
tv-u languages (chosen from 
French- German, Spanish) 
with "-erseas marketing in an 
hum-national context. 

Srli.iwl ur Languages 

EAST-WEST trade 
STUDIES 

On -’- • r - PSrt-ilnie, oi'hniiic. 
t.-rtin'i.ii- <4 a lhnjUd-f iRuv.i.in, 
i.i-rui^'" cr, blhir Erf»i Kuruii'Hiii 
iri. F..-1-Wi’M trad,, siudk-5. 

I- Ul > ,i- -nit of bote uourjkS tnmi: 

Th- '■ 

ii.i'i Maua^eRu-m Studies. PCI.. 
■'••. . •' ' h f, n.- Ro.ul. London MY I -il.S 

l.i M;-irt -'911, hxi. 23E. 


of the following offices — - _Daix.inp wrtnenL ■— r r. 

J. Henry Schroder Wagg & Co. eve. 1B9. Reoent StreeL 7SJ 05S»- w 
Limned. Carte or All-In Menu. Three 

120 Cheaosido. Floor Snows 10.45. 12.45 

London EC2V fiDS.. music ol Jonnnv Htwkaswortn 3 Frienns. 

!*SRf JSSt L,,n,!^,, ■ GARGOVLt. 69 Dean Street. LgWJJ^W.l. 

LaSfmtcS NEW STRIPTEASE FLOOR SHOW 

between rhe hours or 10 a.m. and 2 o.m the ^P?aiIi,SR« T SIi! tTm 

on or after Tuesday. 20th June. 1378. j fl " El ni. ,37 '64SS . 

U.K. Ta» will bo deducted Irom thr nel Mon.-Frl. Closed Saturdays ui -*3' 
riividenrl unless lodgement! are accom- 
panied bv tne necessary Affidavits. ^ — 

Payment can nc made only to persons 

| residing jiuLsidc the He Iga- Luxembourg 8 

"shareholders should noie lhaf undar fhe — 

terms oi rhe U K iBclaian Double Taxation 

! Convcniton. Solvav Shareholders resident lu mlEY CAZALET, 24 Davies St- w.1. 
m ihe U.K. are clfoiblc. uoon submitting a ni.AqQ 50S8 MATISSE— Drawings 

■ duly completed form 276 D‘v'G .8 1 to g rlnls and illustrated Books. Un 1 " 26 
inaiilal reimOufsemen: of Belgian With- . u i y 

■ holding tax cojiI to fi-ZS^a of tee nef /' — -Te Kln^s 

! dividend. GILBERT PARR GALLERY. 2SS ' K"ja = 


ART GALLERIES 


.duly completed form 2,6 oiy . u».o i> id p rlnls and ||i u& trated Books. Unm co 
inaiilal reimOufsemen: ol Belgian With- . u i y 

■ holding :a* cojal to G.ZS'a rt tee nef /' — Te Kinoes 

! dividend. GILBERT PARR GALLERY. 2SS ' ""J8 1 

. ■ Road. Chelsea. S.W.3. N0P AH GLOVER 

NOTICE TO THE HOLDERS OF ;T HEC t E ^ t!,f IN . T «?« UnUI 

j PETROFINA WARRANTS Open Tucs.-Sat. 9.30-5 -3O. WA , CK ~ 

, Following the increase in capital agreed ^roLOUR^^SKETCHES^^BT CHARLES 
upon at the Extraordinary General Meeting dowboTHAM I1B58-192TI, Until 30th 

held on Mav J2ih 197S. it has been j u n C . Mon.-Frl- 9.30-5.30. 

i decides ta readjust tec exercise pr*e ol e“|J“ _i 2.30. 77 Walton S 5trcet S.W-3- 

I the warrant, so that it may .rul# reflect egan 

the increase in tne number of Petrofmi -i — ■— — — - „, - uiT 

Shares. J.P.L. FINE ARTS. Z4 Davies Street. ".1- 

As announced in the Agenda ol the o 1-493 2630. CAMILLE P , S5®J* , ‘J? 

above-mentioned meetlno. the readlust- drawings, watencoioura, June 1-Juiv o> 

menc was made by applying the formula Mon.-Frl. 10.6. 1 


torescen in tee prospectus relating w tec i~ '- .~^c; — " St.. W.l . 

1973 Mifina B.V. bonds with Petrohna SROVCE * Lfn^Frt wmSSO Sal. 
warrants attached. , _ .. _ , FOR AIN. Mon.-Frl. io.oO-S.su. ~ 

This formula rciuHs in a reduction of 1 0.00-1 Z.3D. 

the warrants ckercise price which irom OA y| D carritT LIMITED. 15 

^pWl^Ote 1978: BF 8.411 fojgT&tiSb, d’I&IM^nD 

— ■ri;ni_July_1st 19iB up to June »0te eruLPTLlRE. Until 7 B Julv. M0n.-Frl. 


1983: BF B-947. 

DECCA LIMITED 


SCULPTURE- Until 7 July. M0n.-rri. | 

10-5. I 

MALL GALLERIES. The Mall. «{i 1 


NOTICE IS HEREBY G'VEN that the ANNUAL E JpHIBITlS^^^-Frf^Vj^o. ! 

ssswra Tfl , c un u 9th ji,nc - i 

fhe 30th July 1978. for tee oreparalion BLOND FINE ART LTD.. 33 Satkville ; 

.. j... .as* “S® : 

,!MO ' By Order ol tee Board tStn julr. Weekdays 10-6 o.m. »»»• 1 

W. L Spalding io-l p.m - . 

r, ,,, Secreuty ACMEW gallery. 43. Did Bond 5*.. ' 

Decca House , VV 1 01-629 6176. OLD MASTER 1 

? PAINTINGS Until 28 July. Mon.-Fri- 

llte junl ID?"' 9.30-5.30. Thyrs. until 7. 


EDUCATIONAL 


r 

Courses leading to 
pfufosaonal qualified non tor 

translators and intarprotors 

Entrv lequnemenis: 

A levels in German and one 
other foreign language 
(gieparaiory courses avaiiaole) 

Semesiers claii in March and 
October _ 
Dolmelichofschule Zurich, 
BchCUcbM'sirasse 66 
CH-bDOb Zurich A 


BUILDING 

SOdETY 

RATES 

Every Saturday the 
Financial Times 
publishes a table 
spying details of 

BUILDfNG SOCIETY 
RATES 

on offer to the public 
For further details 
please ring 

01-243 8000. Extn. 459 


» - ■ -.-V- * 


FT 










"1 ••• T'. i'ir 

’ v.-. 



. .L v ; 


Financial Times TBWdar 3raie 16 1978: 2 



SMTID BVASiTHUR BENHETTAHD TED SCH0E1BB 


• DATA PROCESSING 

language in which such machines 

uutiooK ior ca ° b ^ 8 ?T* d - 


# PLASTICS 


Keeping the air out 
of the fuel 


personal 

computers 


can be programmed. 

Be that as it may a survey 
of the U.S. market carried out by 
Creative Industries Inc. says 
that the potential market in the 
U.S. is 20m households out of 
the total of 77 m Tbe survey 
does not make it clear whether 


AUTOMATIC elimination of 
breakdowns in diesel fuel 
systems due to air locks is 
offered by a device called Hydra- 
bleed. developed in Britain by 
Bridgenioru* Engineering and 
now being manufactured lor 
world distribution. 

Slightly larger than 3 conven- 
tional fuel filter and normally 
fitted between the lift pump and 
the high pressure injector pump, 
the unit has a float, automatic 
air valve, automatic shut-off 
valve and a warning device to 
tell Ihe operator that he is either 
running out of fuel or drawing 
in air. 

Prototypes have been produced 
In steel, copper and brass, but 
it was finally decided to produce 
in plastics "and the work was 
entrusted to Glover Plastics 
l Capper Neill). Only fixing 
screws, nuts and connectors are 
of metal. 

The body is made of glass-filled 
Nylon 6 for strength and resist- 
ance to diesel fuel. 

All other parts except the float 
are in unfilled Nylon 8. The float 
itself is an acrylic ultra son ically 
welded to give airlightness. 

All the plastics materials were 


chosen for . their engineering 
properties, since the Hydrableed 
is mounted at the side of a diesel 
engine and has to go through 
extreme vibration in a fairly 
high ambient temperature. 

Bridgemore indicates that 
about one-third of all diesel 
vehicle and plant breakdowns 
result from fuel troubles caused 
bv air entrained into the system. 
This can happen and air will he 
admitted in large amounts when 
fuel is low in a vehicle travelling 
over rough ground. 

Hydra bleed continuously 

monitors the Fuel system while 
the engine is running. It warns 
of conu mi nation and constantly 
bleeds off the air during normal 
running through an arrangement 
of magnets and .follower arms 
connected with the float, actuat- 
ing valves and/or reed switches. 

The unit will bleed the system 
after a filter change and after 
refuelling an empty tank. 

The makers say it needs no 
maintenance and costs nothing to 
run. 

Bridgeraore Engineering 

operates from 55 Canal Street. 
Paislev. PA1 2HQ. Scotland. 
041-SS9 5192. 


uui uiarve il Clear 

NOW THAT the calculator wave machines will ultimately he in- 
bas subsided, that electronic stalled - in these 20m homes or 
games have proved to be some- whelher It means that 2CiU per- 
what of a disappointment and the sons will have their own. 
general consumer public has personalised machines — whether 
taken the electronic watch and at home or in the local store or 
its sophisticated derivatives in office. 

its stride, predictions are being The latter places personal 
made to the effect that the per- computers in nine caie-0ri.es. 
soiijI computer will be the next “ S jy non-home and three home." 
piece of electronic "wizardry" Non-home covers ver' small 
to catch the imagination of the businesses, low-end "nufincss 


industrial and business cunsumer applications. s*lf*emp!o> ?d P ! ‘*> 
and thus move into a h'*um silua- fessionals. scientists, eoiic'-tttonal. 
rion. . . . vr and industrial applications. And 

On the basis of U.S. predic- it reckons the U.S market For 
lions, this is inevitable. Bui ihe machines which coti'd b* 3Ut * n 
case of the home or 'per- this calegory at Slbn bv 1982. 
sona-lised" computer is not But the" fact that the company 
strictly comparable to that of known as Radio Sha^k already 
the calculator, if only because to has some 7.000 shoos all over 

tnl-j fill! nrlwintioa of crnib « TT C < ■ ■ 


sation is later this month hord- 
ing a DIY Computer show at the 
West Centre Hotel in London. 
This will run concurrently on 
June 22 and 23 with a conference 
on Personal Computers in 
Business and it is clear that, on 
this side of the Atlantic, the 
rapid spread of this form of 
computing is being taken for 
granted. 

The PET machine from Com- 
modore, first whisked through 
London after its Initial showing 
at last year’s Hanover Fair, has 
been sold to the tune of several 
hundred In the UK and not only 
to hobbyists. Takers include 
educational departments, en- 
gineers and business systems 
users. • 


// bcAEiNG? 

I ^rnTvTo'i 


quality 
delivered 
on time 


take full advantage of such the U.S.. in which micro- 
machines as the PET from CBM computers and personal machines 
at just under 1700. or the rather are available over the counter. 
more expensive IBM and Wang obviously looms large in 
portables, the user really has to Creative’s thinking, 
get down to it and learn the Basic In Britain the Online organi- 


Commodore has started to 
announce additions to the PET, 
one of which is a printer unit 
working at 50 characters a 
second and capable of producing 
carbon coptes. A second cassette 
deck is available for direct con- 
nection to the unit and a floppy 
disc and extended memory 
options are just round the 
corner. 


• SHIPRUIinfcNfi . tween- the sttSeners.^riMies 
dnlrtSUILUlRta -^ hccte which can be ns flfuch 

Straightens . : 
kinks in 

ship decks *®SS«Sgw 

BY USING dissolved fcafllite 

(DA) supplied by BOC, Sanded blowpipe. . Decks 

land Shipbuilders. : part v of date have a plating £ SECURITY 

British Sipbwlders. is millimetres. : 

time and reducing costs by tphtenine has two linniG £fhAtX7 

“flame straightening - : faster - £TlfI» 

decks. Previously, straightening ® ient operation with : . : r - : ; ' V 
was achieved hr blowpipe. and 

three inch flats Mderoeath thb;^^? of application are UU UiVVlvUl 
deck, an expensive and i^med by the average ‘ , y- 

consuming method. . ... ■ wa jjZ iatl C'IIITO/*OC 

Sunderland Shipbuilders has 'The method is now .heing, 
been using the technique for Cnnderiand Shipbuilders ~ - " vii&Civ 

some months and considers it eJ£b of its three yards, and TEN ^MK e&fflve - 
the best method yet It is in the,, additional blowpipes are- oq. developing fingerprints Ulan ti 
company’s own interest to.ordfer At present, the qccommOv traffitional ^aiunutaum ,^jowd- 
straighten decks, as sub-con- nnlv are treated in: method is process; 1 based t 


Prints show 


straighten decks, ^ sub-con- decks only are treated 


tractors applying covering com- way b U t there is _ a possi- vacuum coating, (^. the . 
positions charge mofe if ripples biffiv that ship bulls will also - article, os^ a^adapted-yeraK 
are excessive. be treated using . the same of the Edwards 24£f Vacwt 


Online operates from Uxbridge 
(0895) 39262 and CBM from 
01-388 5702. 


• ELECTRONICS 

Sound neutralises sound 


Stiffeners are ; positioned method. ' Gostev. ' . ’ 7_ ■ 

underneath deck panels ..at’ For more information. Bother- Developedby the Home Offii 

spaces- of 70(^800 mm. In be-: ham ( 0709) 216L .. 

• OFFICE EQUIPMENT ’ evaporating tee coatings -of gpl 

Sitting comfortably -5?^s 

ERGONOMICALLY engineered gently lowers the user to his pr^ 
tor anatomically correct seating, set working height, and tbewide 

is a high base drawing office chair adjustability of the backrest oaf^ aM srauia^jmuwE^ - 

fiVT? fmGrT Girofle£ height and rake enabling each Old prints, hard; to develop ,h 


Gives good measure 


MANUFACTURED entirely in 
engineering plastics and offered 
at considerably lower cost than 
other comparable units is a new 
type of eye-level spirit measure/ 
dispenser of the kind familiar 
to all who frequent the burs of 
public houses and hotels. 

Representing a departure in 
design from existing equipment, 
the Sinclair Mark 11 measure has 
a performance at least equal to 
what is now available and also 
offers a very high degree of 
hygiene. 

The body of the dispenser is 
made of Tcnaline. a clear 
injection-moulded polyester hv 
Ciba-tieigy. This has two con- 
centric acetyl tubes passing 
through its centre. The outer 
one. which can move, is con- 
nected to a moving shuttle 
inside the inner tube. Liquid 
contained in *he bottle will flow- 
down the tuhe into the spirit 


bowl, or from the spirit bowl 
into the glass, depending on 
spindle position. 

Four dynamic seals are made 
from high quality silicone 
rubber. 

One of the major problems in 
design was to find a bowl 
material which could be made 
to high dimensional tolerances. 
Manv plastics tend to shrink 
considerably during the post- 
cure period but Tenatine was 
found to have good stability and 
extreme predictability. 

On leaving the moulding tool, 
the howls have a maximum wall 
thickness between 2.5 and 2.51 
mm — 24 hours later this drops 
to between 2.49 and 2.5 mm and 
remains at this level for the 
life of the component. 

The materials chosen also have 
stain-resistance, even from such 
drinks as lime juice cordial. 

Ciba-Oiey. Duxford. Cam- 
bridge CB2 4QA. 0223 832121. 


US$ 50,000,000 

Caisse Nationale de Credit Agricole 


A REMARKABLE piece of 
research work at Essex Univer- 
sity — at present in some danger 
of being overtaken by U.S. 
efforts due to lack of funds — 
has resulted in an "electronic 
silencer'' developed in eo-onera- 
tion with Sound Attenuators, of 
Colchester. Essex. 

It has always been theoretic- 
ally possible to cancel a sound 
by emitting another with identi- 
cal waveform but in the 
opposite phase, although to 
cancel a random sound in free 
space presents formidable diffi- 
culties. 

But if the noise is cyclical, as 
for example in the exhaust of 

an internal combustion engine, 
most of tbe acoustic data in 
each engine cycle bears marked 
similarity to those that have 
already occurred — a key point 
realised by Professor G. Chap- 
man and his team at Essex. 

The equipment developed docs 
not attempt to make instan- 
taneous copies of the waveform 
but instead builds up the shape 
and amplitude revolution by 
revolution on a trial and error 
baris. 

The only transducers u*ed are 
a masn^tic revolutions ermnter 
to get the repetitive speed of 
the waveform, a loudspeaker 


mounted near the exhaust out- 
let and a microphone close by 
which has the sole purpose of 
determining the residual total 
sound level. 

Using a microprocessor, at 
switch-on the equipment start-' 
by generating a single pulse at 
the beginning of the engine 
cycle period: if this resuits in 
a reduction in the overall noise 
heard by the microphone, it is 
retained, in its time position, in 
a semi-conductor memory; if 
not. it is taken out With’ each 
successive engine revolutiun the 
rest of the waveform is exam- 
ined incrementally alonz the 
time axis until a replica of the 
exhaust sound waveform is 
stored in the memory in disital 
form thp analogue "beinc con- 
tinuously fed to The loudspeaker. 

Within ten seconds or so from 
switch-crn the optimum contra- 
sound is arrived at and will be 
held unless the engine note 
alters, in which case a suiiahle 
modification will be generated. 

The rather long adaptation 
time results not so much from 
the electronics but the lime for 
tbe acoustic changes (onc^ per 
eneine revolution) to work 
th’-onah. 

Tests so far have been »n a 
small electrical Generator eneine 
which bas been deliberately 


Floating Rate Notes due 1984 


In accordance with Condition 11 of the Notes notice Is hereby 
given that for Ihe six-month period June lath 1978 to 
December X5t.li 1978 the Notes will carry an interest rate 
of y.uu’V,. 


i — 1977 


Relevant interest payments will be as follows: 


Notes of $1,000 $45.75 per coupon 


THE FIRST NATIONAL BANK 
it OF CHICAGO 


AGENT BANK 


If you’re feeling expansive, 
we can fit you in. 


Ju-.l now. w e’ve unit* of between 1 .000 and 50XHJ0 >q. ft, 
comprised ui n;w mdu>inul or existing warehouse space. 

And these are un nlier jt very attractive rates. 

Thc> 're immediately available. 

Bui ihev 're nut the only rca--un why you should consider 
Bristol lur vvmr indusin.il expansion. 

We've the work forces vuu need. Both skilled and semi- 
skilled. 

And the services. Plus Britain’s most streamlined business 
cnnmnmicaijuns 


In 1977. IMETAL's activities were affected by 
the irregularity of the world economic situa- 
tion, characterised by a slowing down in 
industrial production and the persistence of 
a general inflationary trend. 

In spite of serious difficulties experienced in 
the nickel and zinc market, both of which 
were unprofitable, and a decrease in earnings 
from iron ore and manganese ore, consolid- 
ated net income amounted to 82 million 
francs. This derives mainly from manufactur- 
ing activities and lead and uranium opera- 
tions, thus confirming the advantages of the 
diversification policy pursued by the Com- 
pany. Net income (loss) recorded by the 
principal subsidiary and affiliated companies 
ia 1977 was as follows; 


l-or mure detail-, ol Briii 01’s Serv ices to industry, please u rue to 
Mike Wesi. The Council I IounC. C ollege Green, Bristol BS15TR. 
Ur ring hrm on Bristol tul 72 1 ’yib’O. 


Name 

.Address.. 


Penarroya 59.5 F 11.6 

Le Nickel-SLN 50.0 F ( 65 .8 ) 

Mokta 93.8 F 23.1 

Copperweld 67.0 $ 16.3 

Lead Industries Group 24.9 £ 10.0 

The following table shows comparative 
financial data for IMETAL for the past three 
years (in millions of French francs, except 
share amounts.) : 

Non-consolidated 1977 1976 1975 

Net income 37.5 41.6 38.2- 

lucome from subsidiaries 
and affiliates 45.5 36.2 23.2 


“ beefed up “ acoustically to 
have biz diesel characteristics. 
Direct emission of sound from 
the engine casing has been 
acoustically absorbed, leaving, 
only the exhaust noise which can 
be heard to dramatically fade 
away when the system is 
switched on. A sound level meter 
in the laboratory showed a reduc- 
tion of nearly 20 dB. A big scale 
test on a 200 HP diesel is under- 
way at Sound Attentuators. 

In non-stationary applications 
the two organisations do not see 
the response delay as a problem : 
Professor Chaplin believes that 
it should be possible to generate 
a waveform signature for- each 
speed in the range of an engine, 
and stare it for use whenever 
that speed is detected by tbe 
revolutions counter. 

If this is so. an extremely 
important field will be opened 
up for the silencing of ail 
reciprocating engines ranging 
from big railway locomotives to 
the mass market of the domestic 
motor car. 

The important point about the 
technique is that it enables low 
frequencies to be dealt with very 
efficiently, producing attenua- 
tions that acoustic damping can 
never achieve. 

Tbe technique is not yet 
proved beyond about 250 Hz and 
in any case conventional absorp-, 
ing techniques may always be 
cheaper to use at the higher 
frequencies. Thus, a complete 
silencer would be a combination 
of electronic and acoustic. 

A commercial, robust and reli- 
able production mode! has yet 
to be designed, although neither 
the loudspeakers -• or micro- 
phones need be of special 
quality. This is because the 
generated coatrasound auto- 
matically takes account of the 
acoustic characteristics of both 
— they: are in the “loop.” 

A similar project at Essex is 
working towards the cancellation 
of sound in heating and ventila- 
tion ducts. In this case the 
sound is random; however, it can 
be intercepted further along the 
duet with a phase-changed, in- 
verted replica so that the noise 
is cancelled at the duct end- 
This work has been partially 
funded by Science Research 
Council. 

The “ cyclic ” work however, is 
in need of funds. According to 
Alan Fry, technical director of 
Sound Attenuators. Hm is 
needed to exploit the present 
knowledge to the product stage. 

Apparently a number of likely 
backers approached before tbe 
demonstration stage was reached 
all expressed the same view: 
“It can’t be done.’’ 

. Both Chaplin and Fry are con- 
vinced that if it is not done in 
the UK within six months, an- 
nouncements will be beard from 
other parts of the world. 

GEOFFREY CHARL1SH 


lllf iwu uidiui icaiuies nuieu Seat height au« av-wtina-l . WhM,' Mn' ha nn • 

are said to offer greater comfort are. fingertip controlled, by levers 2 

and efficient working conditions, beneath, the seat a nd^ can be 2 £ *• 


ana emcieai woaang conaiuans, oenearn triv — r . - ~ - iwlimhiarw 

a^wjBMBasr from 1 58 nsa^asi 

Desk top document binder 

The General Binding Company control arm one simple £cs, nukes, the gold-, coatin 
is marketing a desk-top machine operation. *- visible. " 

designed to punch and plastic- The machine can punch up to . Advice bn- installation an 
bind a wide variety of docii- 15,000 sheets per hoar ana b’u d r operation is -available from- Ah 
ments. Collated sets of pages lengths up to 305 mm. It weighs • producers- of" the equipment- 
are inserted in the throat of the 28.60 kg and width is 407 mm. Edwards High Vacuum, Mano 
machine and punched automatic- Further from the company at Royal, Crawley, West Sasae 
ally. The punched set is. then. Dorman Road, Camberiey, rruo 2LW. . 
bound by moving the binding Surrey (0276 62162). 

• handling Versatile 

Beer on the high seas alarm 

OFFICERS AND crew in two beer to be stored in a minimum <*-**»■* UX 
new cargo ships built by Lithgow of space and there is no handling an AUTOMATIC fire detectior 
Hnklines Glaseoiv will bp able of ^er containers when the sys tem which provides an-audible 
to vessels are .taking on supplies Naming of fire through the 
to enjoy draught beer maintained during trips. public address system also hat 

to the same high standards they a standard bulk beer delivery the facility (via security switch) 
would find in licensed premises vehicle is taken alongside the for a member of staff to direct 
on land in the UK. ships to service the vessels and the evacuation of' premises 'by 

Brewery engineers, Porter the tanks are filled via delivery instructions transmitted from a 
Lancastrian, recently installed hoses directly from the : road built-in microphone. Piped mnsic 
two five-barrel vertical stainless tanker. The supply of beer will can be transmitted oyer the same 
steel beer, storage tanks .for be ..from Allied Breweries, in wires and loudspeakers. 

Allied Breweries (UK) in tbe Wrexham, North Wales. Called tbe Communicator, it 

vessels “Oroya" and “ Oropesa." More from the brewery comes from McMillan Fire Alarm 
The bulk beer system adopted engineers company at Park Lane, Systems, 49 Scrutton Street, 
enables the required quantity of Bootle. Merseyside L304UP. London, EC2. (01-729 1919). 


. .I-- ■ ■ ■ T--H W, . \ 

( Incorporated m the Republic ol South Africa ) 


■ ‘‘A; 3=-, T «. 'A'DPi ^ -ji .-. >■=!• •— r- _ 


INTERIM REPORT FOR THE SIX MONTH PERIOD ENDING 30 JUNE 1978 

. , • - * . 


The Board of Directors oF First Union 'General Investment Trust Limited has pleasure in 
announcing the unaudited estimated consolidated results of the Company and its subsidiary 
for the period of six months ending 30 Jun^l97S. 


Net profit after taxation 

Less: Dividends on preference shares 


Net profit attributable to ordinary shareholders 
(Note 1 and 2) 


Number of ordinary shares in issue 

Earnings per ordinary share 


Normal ordinary dividends (Note 3) 

— Interim declared June 1978 

— Final declared December 1977 

— Final declared June 1977 

— Special dividend declared October 1977 .. 
Net asset value per ordinary share (Note 4) 


Six months 

Six months 

Six months 

Ending 

JCnded 

Ended 

30 June 

30 June 

31 December 

1978 

1977 

1977 

(Estimated) 

(Actual) 

(Actual) 

R2 535 000 

K2 324 000 

K2 071 000 

55 000 

65000 

65 000 

R2 470 000 

R2 259000 

R2 006 000 

62100 000 

62100 000 

62 100 000 

3.98 cents 

3.64 cents 

3.23 cents 

3.00 cents 



— 

— 

3.00 cents 

— 

3.75 cents 

— 

— ■ 

— 1 

5.00 cents 

98 cents 

81 cents 

M2 Cents 


Predictions 
to 1982 


requests the pleasure of your Company 


COM P.4 NY ANNOUNCEMENT 


ELANDSRAND GOLD MINING 

COMPANY LIMITED 

(incorporated in the Republic of South Africa) 

OFFER OF SHARES 

Holders of nil-paid renoun eeable letters Of allocation issued 
in pursuance of the offer for subscription by this company or 
25.161,413 shares are reminded that tbe offer will close at 
16h30 on Friday. 23rd June. 1978. 

The subscription moneys for these shares must be paid on or 
before that date, in accordance with Instructions contained in 
this company’s circular and the renounc'eable letter of alloca- 
tion. otherwise the offer will be deemed to have been declined 
and the right to take up the shares will lapse. 


Dividends (gross’) 

per share 
Retained earnings 

Consolidated 

Sales 

Total assets 
IMETAL shareholders' 
equity 

Capital employed 
(IMETAL and minority 
shareholders’ equity and 
long-term debt) 

Net income (applicable 
to IMETAL shareholders) 
Per share 


6,569 6,567 3,983 
7,312 6,822 5,977 


JUST published by the Financial 
Times is an International Man- 
agement Report entitled “ Elec- 
tronics: The Market to 1982.” 

The 125-page report, in A4 
format provides projections 
arrived at after weighting data 
issued by a wide range of govern- 
ment, trade and institutional 
sources. Author Peter Evison 
has, in this context, experienced 
the difficulties of most fore- 
casters in this area— there is 
often no alignment of product 
categories. 

Assuming that there are no 
major perturbations of tbe 


NOTE 1 •-.... 

The income of the Trust does not accrue evenly over each half-year period of the financial year 
but is dependent on the timing and dividend policies of the Trust’s underlying investments. 
NOTE 2 

Surpluses or deficits on realisation of investments are transferred to a o on-distributable reserve 
jn terms of the articles of association of the Company and are not included in the results above. 
NOTE 3 

The dividend of 3.75 cents declared in June 1977 represented the final dividend, in respect of 
the financial year ended 30 June 1977 making a.total dividend for that year of 5.25 cents There- 

^Company was altered to .31 December and thus the dividend 
of 3.0° cents declared m June 1978 represents the interim dividend for the financial year 
ending 31 December 1978. As previously stated the directors anticipate a total dividend of 
not less than 6.00 cents for the current financial year. » 

NOTE 4 

I IfL a , S H^ a ini lj*“ nts per share was calculated at the close of business nn 13 June 
1978 after deducting the ordinary and preference dividends herein declared. 

NOTE 5 

On IS May 1978 the shareholders passed a special resolution increasing the authorised ordinary 
share capital from R15525 000 to RI8750000 divided into 75 000 000 sharM of £5 cente^ch 
The unissued ordinary share capital of the Company was placed under the rortrol of the 
Directors in terms of Section 221 (3) of the Companies Act, 1973. “ e lro1 01 tte 

Johannesburg |jf half of the Board 

15th June 1978 T Gordon (Chairman) 

J- R- McAlpine (Director) 


SJJERIM ORDINARY AND PREFERENCE DIVIDENDS to 
RESPECT OF THE YEAR ENDING 31 DECEMBER 197g DIVIDENDS IN 


market, the report makes growth 
predictions in terms of 1976 
dollars for tbe year 1982 in six 
main sectors: computers/data 
processing, doubled to S60bn. 
consumer electronics up 90 per 
cent to $33bn. components up 84 
per cent to $33bn. U-S. Govern- 
ment spending, increased by only 
38 per cent to $22bn, and the 
industrial/commercial and com- 
munication segments both 
doubled to about S20bn. 

The total is nearly SSOOhn. of 
which half will be in the U.S~ 
30 per cent in Europe and 20 per 
cent in Japan. 

Discussed in some detail are 
the technical and economic 
trends now affecting, and likely 
to affect the market. 

The numerical data are pre- 
sented in over 120 tables, and 
the report costs £50. 

More from Business publishine 
n« virion. M«n«te r Hon**. Arthur 
Street London EC4 9BH (01-823 
1211 ). 


2,520 2,483 2,291 


5.020 4,S00 4,272 


S2.0 170.S 
10.32 21.51 


Johannesburg 


16th June 197S 


electrical wire & cable? 


eno MifliMUH a ®ho minimum 

ORDER UNGTB 

TfwusarKisoffypesandsizesristockforimmec^dd^ 

LONDON 01-561 3118 AB0W£ENmA)32355/2 

MANCHESTER 0o/ -#72-4915 

TRANSFER CAaCHARGESGlADCTACCEPTED 
24Hr. EMERGENCY NUMBER 01 6373567 Exi.409 


IMETAL’s Annual Report 
in English can be obtained 
on request from: 

DIRECTION DES 
RELATIONS ENTER] HI RES 
Tour Maine Montparnasse 

33, avenue clu Maine 
75751 PARIS 
CEDEX 15 


Notice .is hereby given that the undermentioned interim dividends have been dneia>«.-t 

of the year endjng 31 December 197S payable to ordinary and n ? es P« ct 

in the books of tbe Company at thedae of business on 30 

HEMMED Comp “ y win be 

Dividend . Cents 

Ordinary shares Number per share 

61 per cent cumulative redeemable’ preference’ sham 37 «?2 


Dividend . Cents 

Ordinary shares Number per share 

61 per cent cumulative redeemable’ prWerence sham 37 325 

The dividends have been declared in the currency of the Republic of South 

ta payment thereof will be posted from the offices of the /rt» n 2b™ uStS KtaS™ 
transfer secretaries on or about 31 July 1978. «,ourg ana uni tea Kingdom 

wit ? S.®® 1 ** African income tax statutes, non-resident sbarehold*-s* t** 
rate of 15 per cent will be deducted from dividends where applicable * S *** a * 

Cheques in respect or ordinary dividends issued from the United Kingdom office will hr 
U ti U ?J ,ed K,ngd °ro currency equivalent on 24 July 197S of the rand vatac of the 
payable (less appropriate taxes) except where shareholders concerned^ have riven 

election to be paid in South African currency and such notice is reccllld K 
hmgdom or Johannesburg transfer secretaries on or before 3 July 1978. y 11111 Ltuted 

Johannesburg _ 

mL, B ? Writer 0 f the Board 

loth June 1978 M « _ , 

’ *“■ “■ Paulsen (Secretary) 


• By agreement between the 
Financial Times and the BBC 
information from The Technical 
Page is available for use by the 
Corporation's External Services 
as source material for its over- 
seas broadcasts. 


Johannesburg Transfer Secretaries: 
Security Registrars (Proprietary) Limited. 
Sixteenth Floor, 

Nedfin Place. 

Corner Simmonds and Kerk Streets, 
Johannesburg 2001. 


. United Kingdom Transfer Secretaries: 
Charter Consolidated Limited, 
P.O. Box 102, 
Charter House, 
Park Street, 
Ashford, Kent. 
TN24 8EQ. 



lord 

iaci 


;5 pr y | 


^ «ilu? 


'^ihi 





EDITED BY CHRISTOPHER ’LOREflzJM^;-' 



.^Nicholas Colchester reports on management changes and group reorganisation at Scottish and Newcastle Breweries 


;ii . - t, 

« '-»>.• 


BALFOUR has in- 
stjaic* a professional pilot at 
. the, controls of Scottish and 
N^vcastfe Breweries after fly. 
ihtf t&e /company, Britain's fifth 
largest, brewer, more or less 
siasTe banded for the past eight 
years.. . He has hired a man oE 
.loiowi, talent to reveres * slow 
slide; iiL the fortunes of the 
group* beer business. He has 
.. devised . a new management 
structure that reflects the 
group’s: size and diversity. Now 
be must -Sit back and see what 
. they .make of it. 

The most symbolic change at 


A 


-up to put the sparkle 
into Tartan bitter 


That was the tune of what 
Peter Balfour now calls wist- 
fully “the small boy spirit” 


is*>. 

V& 1 


Scottish and Newcastle is that ® an & N was relatively small 
*; -TifW- beer company— as yet among the major British 
unnamed— has been formed brewers. It was making the right 
within the group to concentrate beer for the time. It had a 
on the making, distributing and fortunate bias towards the grow- 
wbdesale selling of beer. Pre- “S free trade side of beer 
■piously- S and N was itself a sales.' It was pushing its pro- 
beer company which attempted du cis into untried territory in 
to" diversify rather belatedly tiie South, and it made those 
and with mixed success. Now its product* efficiently. The profit 
other interests are to be ranked ^ sales figures that resulted 
alongside beer as independent made S and 5T S shares a market 
businessea within the group, favourite. 

There will be a retail bu«ness These advantages resulted 
runrnng hotels and pubs. There from a mixture of luck and 
Will be a wines- and spirits busi- judgment. The company sold 
aver Vintners. Each three-quarters of its beer to 
J?® K ? profit « its the free trade (i.e.. to outlets 

own xignL not t j e( j tQ a brewer; 

■yj - partly because Sir William 

renormanee Younger, the chairman until 
*• 19/0, did not believe in expan- 

-Tbe second major change is. sion by acquisition. The com- 
that a Group Executive has now pany’s expansion into the South 
been created between the was helped by the public's 
operating companies and the enthusiasm for Tartan Bitter. 
Board. The new chief executive and was made cost-effective by 
is-. Mr. Robert King, 49. pre- the management’s decision to 
viously chairman of the Diversi- use Cadbury -Schweppes as a 
fied Products Company of Metal distributor to retail outlets. 



ROBERT KING 


WAVERLEY VINTNERS 
6% of 1977 profit 
(win«s and /pints) 


SCOTTISH and NEWCASTLE 
BREWERIES 
Group Boartf 

CHAIRMAN 
Peter Balfour 


CHIEF EXECUTIVE 
Robert King 

Executive and Central Staff 


BEER COMPANY (75% of 1977 profit) 
Bernard Kilkenny Managing Director 





PETER BALFOUR 


RETAIL COMPANY 
19% of 1977 profit 


SCOTLAND 
SALES COMPANY 


BEER PRODUCTION 
COMPANY 


NORTH ENGLAND 
SALES COMPANY 


HOTELS 


SOUTH ENGLAND 
SALES COMPANY 


PUBLIC 

HOUSES 


-« these marketing subsidiaries are 

- I — , B charging a realistic transfer 

HI if MJk price id pubs and hotels in S 

fm ■ H% B ^ , and N'k retail division. The 

^ feedback from ihe marketing 

companies in the marketing 
director of the beer company 
has already been greatly im-j 
'X'M proved. 

B Indeed the overall impression 

th/JK. created by S and N's reorganisa- 

tion. and the first reaction of 
executives to it. is that many 
the company's pubs and hoteis more people in the company 
had no dear idea whn in the now know for what, and to 
group should be told about the whom, they are answerable, 
shifting tastes of their This clarifying of the structure 
customers. and unblocking of the lines of 

The chairman set up a com- communication s-.-ems likely to 

mittee to act upon the findings make the group more effective 
of the consultants and by last future, 

summer, when he found his new 
chief executive at Metal Box. ^ . 

the committee had laid down JrUlUrG 
the rough blueprint of the re- 
organisation that is now taking At the top pnd the changes 
place. Nine months later, in have a transitional feel about 
March 1978, Peter Balfour was them. Mr. Bairour remains 
able to jump at the chance of chairman but says cryptically 
recruiting Dr. Bernard Kilkenny that he is ” looking to the 
as managing director of the future " at the age of 57. 
newly formed beer company. His colleagues are surprised 
Dr. Kilkenny was leaving his by *he extent to which he 
job as chairman of the beer has been prepared to hand 
division of Allied Breweries over the reins to Mr. Robert 
after a board-room split over King: he has recently devoted 
the reorganisation of Allied's an increasing amount of time 
beer business. to his work for the Scottish 

There is plenty of scope for Council.' 

Dr. Kilkenny s talents at 5 and fj^ e j 0 p manazement has put 
N. He has to reverse the con- on > ve j£hj m the course of this 
tinuing slide of the company s reorganisation, and the salary 
market share. He has to draw bill j, as been increased by an 
the right conclusions from the est in, a ied Aim. This is partly! 
first results of S and j vs ex- 5 ecause the added manpower 
pansion into the lager market was needed and partly because] 
in the bouth of England with the gj^e-np has been carried 


;•*. “■rsr.isHi 


Lonely hearts 
club for 
small 
companies 

SMALL FIRMS bemoan the lack 
nf finance available fD them. 
Financial institutions- complain 
there arc insufficient lakers for 
their funds. This apparently 
contradictory .stale of affairs 
cannot be totally explained by 
small firms being over-streirhed 
and financial institutions being 
Over-cautious, savp the London 
Chamber of Commerce and 

Industry iLCC.li. 

To bridge who I she chamher 
sees as an information gap it 
ha< launched a new financial 
information service for small 
firms. The centrepiece is a 56 
page book which ii>:« the insti- 
tutions providing ail types nf 
finance from short lo long term 
and includes sources of leasing 
and venture and development 
capital. 

As well as giiinp the 
addresses and phone numbers of 
the institutions there* are. in 
must cases, some comments 
offering a guide to maximum 
loans and the type of security 
required. 



„S\ a w-n i e Jf* c U tive « Staff * allowed for quack decision- 10 feel like overgrown family Everything ended up on arrange a reorganisation of the oalIed after psU erio-CominentaI H is dear that Mr. King 

which will include the finance taM H firm. Where Peter Balfour had Balfour's desk. compare s divisions, a move ^rewin 0 dvnasties to be success- must inevitably become involved 

director, Mr. Peter Molony, and ' ' been able lo take quick decisions . that stemmed from the impend- f u j 61 ’ in both the conceptualising that 

the personnel director, Mr. But in the early- ’seventies before, the number of decisions -*-* ing retirement nf some senior Then thpre i<; the question of is supposed to be the Board's 

Allan Blacklaws, will be in day- the market turned. :sour for needed now began to overwhelm riODlGUlS managers. The firm reported production There is a growing role and in the day-to-day 

to-day control of the group. S and N. The great swing to hj m- it was impossible for one that Scottish and Newcastle's feeling that S and N needs a management that is the fuuction 

They will leave Mr. Peter lager — now 25 per. cent of the man t Q t, e on top 0 [ tf, e d a y-to- The non-executive directors management was “too far front brewery in the South to serve of the executive. But to ask 

Balfour, who remains chairman, market and still growing fast day problems of beer produc- on S and hTs board played an the market place." market there. The site and whether he is Peter Balfour's 

and his Board, free to think In started to find that S and N was tion. 0 f an expansion into the abnormally active role in getting Today, with the wisdom of type of brewery will be another successor is partly to miss the 
broader terms about the way only involved in this product hotel business. oF the much- this situation changed: Lord hindsight, Scottish and 0 f Dr. Kilkenny's early deci- significance of his arrival. He 
S and N should develop. through its part-ownership of needed aggressive push into the Airlie, the chairman of Newcastle's top and middle man- s j ons- * is a different kind of business 

The need for the manage- Haf P- T b« free trade became w iues and spirits business, and Schraders, and in particular Mr. agement are scathing about the Some of the groundwork for leader: in his own words he 

ment shake-up became niu< * more competitive. The 0 f other schemes for diversiiica- Lewis Robertson, the chairman lack of feedback from the improvement on the beer side represents " a less charismatic 

•evident durin a a rather un- labour and fuel costs of S and tion. of the Scottish Development market. "The cross JinRi has already been done. The new and a more systematic 

satisfactory period in S and N's M's long supply lines to the Two of the latter-— a joint Agency, pointed out that S and between marketing and produc- beer company is already approach." S and N is now 


fSraance "aMtSe tuniTof "the Where other brewing companies Cyprien in particular took up diversifying group thp board to do systematic market land. Northern England and make people underneath me sue- » 
'etecade began to reap the benefits of a disproportionate amount of was drawn into detailed argu- research, and the men running Southern England. Already ceed," Mr. King explains. j 

-- i; ■ V -*• - — - — - y- .... - — 

A AVARN^’G^tSat companies T/ Wfifl f||l with * cSh £ndoirt^^hi?h ^e 

Wll basically ordinary bonus or in- 


litsd j 


Tlie hack-up service — which is 
a sort of lonely hearts club fnr 
small companies whn have 
trouble finding the right finan- 
cial partner — include* an 
inquiry service, regular up- 
dating bulletins, details of new 
services and any changes to the 
information contained in the 
book. The inquiry service is 
being run by the chamber's 
economic department. 

Next year ihe chamber is 
hoping to expand the service to 
include export finance and to 
run seminars where small com- 
panies seeking finance can meet 
some of the potential lenders. 
And the book is planned to be 
produced annually. The chamber 
says fhat it has started the ser- 
vice because 6.000 of its 8.000 
members fall into Ihe small 
firms category. 

Sources of Fimncr for Small 
Finns costs £5.50 for members 
or the LCCT i £8.0U to nnn- 
members). This includes the 
updating and inquiry services, 
London Chamber of Commerce 
and Industry, fipi Cannon Street, 
London EC-JN 5AP. 


Jason Crisp 


A .WARNING tiuf companies' 
should not expect too much 
from profit-sharing schemes un- 
less they form part of a wider 
employee participation pro- 
gramme has been issued by the 
Confederation of British In- 
dustry. 

Coming at a time when the c 
Government's tax relief provi- 
sions for helping employee b 
share, ownership schemes are f 
now passing through Parliament P 
in the Finance Bill, the warning n 

reflects the traditional em- s 
players’ view that profit sharing - a 
is xiot a primary method of in- « 


profit-sharing 


creasing employee involvement. 

It is. contained in a new 
booklet published by the Con- 
federation. which outlines some 
profit-sharing schemes, sum- 
marises the Finance BiU provi- 
sions, and makes suggestion 
about how managements should 
weigh up the benefits of 


Directors- 

i afford a salary 
increase? 

Ifsan old problem. 

: Tbe more ydu receive,the more tax you p& Up to|3% 


schemes. 

“For companies, financial 
participation schemes offer an 
avenue for achieving that sense 
of purpose, at least at company 
level, which is essential for 
prosperity,” says the Confedera- 
tion. “ Financial participation 
schemes should never be seen 
as an alternative to other forms 
of involvement and participa- 
tion but as a useful contribution 
to an employee participation 
programme. As such they 
certainly merit consideration 
because securing commitment 
presents major hurdles which 
are not cleared easily. 

“Difficulties include the size 
of some organisations; the 
nature of a great deal of work 
making it difficult to motivate 
people: and the high level of 
Expectation among employees 
m terms of both involvement 
and reward. 

“While the CBI does not 
regard a financial participation 
scheme as fundamental to solv- 
ing these problems, the concept 
may well be relevant to some 
companies." 


COMPANY 

CARS 


. feft within tbswtnpany itey suffer corporation tax- 

The new solution. 



eS&St rewards for directors and senior employees using 
tbfcir^^ Retirement Pteo. 

What does this offer? 

" Money invested is lbe Executive Retirement Plan tanks 

as aftiflydeductibtebusiness expense lor the emploj cl 
Moreover assets ysitiiin the fund to which it e 


, . 


I Mill I I — BBWWP 











TTnE 


rro/6iEfiP 


ES 5 IBE 1 


DELIVERY 

NOW 

including 

CORTINAS 
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As we are one of the largest 
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deliver many makes right 
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months for elsewhere. 
PLUS 

THE BEST CONTRACT 
HIRE SERVICE 
who else has over 
30 YEARS EXPERIENCE 
NATIONWIDE. 

All makes of.cars and 
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ES MARLEY 



The CBJ <is not dealing here 1 
with cash handouts which are 
basically ordinary bonus or in- 
centive schemes. This, it says, 
is because ‘‘.true financial par-] 
ticipation schemes are moti- 
vated by a wish an me part of 
a company to offer employees 
the opportunity of a more per- • 
manent stake in the business 
than ithe regular pay paekei . 
gives them." ■ 

The booklet says that mosi 
schemes limit the employer 
shares issued to 5-10 per ven* 
of -l*he total equiy 1 and warn.- 
that companies -introducing 
schemes would have to balance 
the interests of the majority 
shareholders and the employees. 
“This -is sometimes much 
harder than it appears because,; 
as ihe employees' stake grows, 
so do their levels of expectation 
that they will share iin Che 
decisions ihai affect them. When 
an employee is a shareholder 
he can argue that he has at 
much rigiht to influence company 
affairs as any other share- 
holder." 

Traditionally trade unions 
oppose company-based schemes 
but. says t-he booklet, “ a scheme 
with is too attractive may well 
become a subject for collective 
bargaining and that loo has its 
dangers.” 

There is also the problem 
about what companies should do 
in bad years. Some schemes 
have foundered at such Himes. 

“ Statistics show that few 
British companies are at present 
adequately profitable, especially 
when inflation is taken into 
account In these circumstances, 
companies will need to think 
very carefully before pre- 
: empting a specific proportion of 
[profit in an employee profit- 
j sharing scheme. They will need 
to weigh this against the other 
uses that could be made of the 
resources.” 

Financial Purtiripalioti in 
Companies. An introductqrm 
| booklet. CoMji'dt’ratiore of 
i British Industry, 21, Toflziff 
Street, SWL Price £1. 

John EPiott 


BUSINESS 

BOOKS 

Business in the International 
Environment, by Yair Aharoni 
with Clifford Baden, Macmillan 
Press. Price: £10.00. At present 
a priority for management is 
the understanding of the eco- 
nomic, social and political 
environments in which the firm 
operates. This is a casebook 
providing the core for a course 
on the business environment. 

Managing tbp Manufacture of 
Complex Products, by C. C. 
New. Business Books, Price: 
£1*2.00. This is about Ihe 
managerial problems of the 
co-ordination of the multiple 
activities which make up the 
manufacturing manager’s task. 


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14 


Miracle drugs: the euphoria 


Financial' Times PViday June '» 1978 > 


YOU ARE healthy, needing no 
regular medicine or treatment, 
but preparing to be banished 
for a longish spell to a desert 
island. What 10 drugs do you 
take along? A painkiller; or 
perhaps two, because a mor- 
phine-type analgaesic may be 
useful if you injure yourself. A 
broad-spectrum oral antibiotic 
for Infections and food poison- 
ing. An anti-malarial (but you 
could easily become very 
neurotic if you tried to think of 

every tropical disease for 'which the medical armoury remedies, however efficacious or explosion in health care costs. “ isolation hospitals 1 

you might carry a prophylactic;. whnsUk h „ rin pt* w «f.. rhp„ had nmv ph in -> * . . *4 diseases as diotheria 


becomes 



swallow 


BY DAVID FISH LOCK, SCIENCE EDITOR 


fected, and ‘half-a-mfilion die 
from TB each, year— and. not..**': 
only is the poorer countries. • ' • * * 

The euphoria whieh a decade * 
ago pervaded the search for a . - 
cure for cancer has largely', 
evaporated. Even a Presiden- 
tial declaration^ of- war ' on • 
cancer, by Mr. Richard Nixon in , 
1970, has achieved^ little more •\ 
than to establish ttiat it. is a_. 
more complex problem than it 
appeared to be in the 1960s; a' 
family of perhaps 100 or so 
for <aieh t ^ se ^ es » each of : which wottld>V 
tor suca regnjjg a specific,: treatment, * 




for nations whose budgets for safe they had proved in a it sees a need for decisive action diseases as diptheria and scarlet which ^ - each ^ 

a 1 J 1 . 4 Irtki T ■ 1 . > . J ' m . n-h _ a. irf < »■ ■ 1 r. M ■» A Vt ■ ■ 1 ( 1 4 a am f r ^ l*d rt/l IhtidBP OH Ofl f I fYP . .. _ ■ • . 


dp gin ro uicuue wuclus* is- t Q r 9 on 

eludes antacids, sedatives, anti- P ... 


uuuu uuimuu, . — > ■ — j active 

flatulents. purgatives, alcohol. ■ when fonB11]l , ed 


which, 

etc - several hundred preparations, _ 

The difficulty most people will w m cov er the basic health of drugs world-wide. It would a change in our lifestyle. For 


mentally caused, that js by some ;’ 
But even though science has carcinogen people come ' into . ^ 


have in answering this question needs of most populations. benefit, he says, both those who the affluent the point is perhaps pjcked off some o£ contact with regnlaifr through 


helps to illustrate society's Accor ding to Dr. Vittorio 
dilemma about drugs. It is con- p artoru££0 . director of WHO's 



x We've done It—ihe first acupuncture piliy 


., . . is^reh in the 1970Mver ii^ostry-^ch spends ibb 

Hie U.S. “war an. cancer 7 $800m. last year, one-third of $2bn. a year, worldwide 


big killers, plenty of problems their food, water, air, wock-7 

, „ rtf 7 - /- « . , , remain. Cardio-vascular disease place, etc- Some of these are - 

stantly titillated u tai 1 division of prophylactic, diag- C Governments can’t command hrealrtfirmighs —of the heart and blood clearly recognised yet still 
nuracle cures -which inaeea nostic an d therapeutic sub- * ^ “ svstem— can be treated to-day widely ignored. ' 

occasionally turn out to be re- Stances . t he organisation is now m science. The best they can do IS tO be with some excellent palliatives, 

markable advances in medical breafcing new ground “by J - nph th e beta-blocker - 

sg&Arzsz u aSr-ffl prepared to take fuUest advanta « e of “y stss zzzz 85 ?™=*^ 

much distressful disease is the most necessary drugs to discoveries that may OCCUr. ^ ’ P MalaiS, once the JwJiSTsi.S 1 ? 1 with ma ^ or orfy^UetiaS^or &tbe 

suffered despite modern drugs, ef the ^ health needs of * HLiiTrS . wan nf ^ work ^ ^KOMOne has both malaria and TB would- to-day.. only alleviate or at be 

how much illness is couaed by lhe Uole population instead of Eradication ■SS2r'“tfi?fSf mSSff vO ? '' joined the diseases tf.JMre ;*"■ 

medicines, and ow many focusing on the demands of a need those who make the best made by lung diseases smallpox, is sweeping three ^ed ^ ^ British ye J erday * command cures drug whi ch has done more fit 


diseases d nigs still cannot cure, privileged minority who may drugs, by effectively opening up arising from cigarette smoking, continents, and has increased Government whether * it” too ^ anyone ***“ any” to : ‘promote the idea 

much less prevent. ^ have access n to sophisticated new ^ wider markets. But he for which there is virtually no shar ply in Britain. The 1.162 SESSire 


In the more highly developed medical care. recognises that WHO has some cure other than surgery in some cases notified in 1976 was nsCcT in* Toifib ceutical industry — - or r mof® 

countries more than 30,000 There is no simple answer. way to go in persuading cases of lung cancer. For the almost double the previous peak fEr preriseiy. part of thatindustry 

pharmaceutical products are he says, to the question. How governments, doctors, drug com- poorest the point was mode by U.K. figure — 562 cases in 1953. this elementary feet and for ~ Attempts to do so by taking - F ^^^an infinite ca : 
available to the doctor. But many drugs are essential? panies . a nd-above all, perhaps Uie scientist who said: “It's not WHO says that the effort re- SiTSStta tte Sre 5f ' dcdaiona founded^-taslwgy^on JPP^. 80 inflrate 01 


according to the World Health Answers depend on the plare _the patients themselves that d^ugT these people ne^d ifs qu^red w^.^^tto ^Vo^ rancef thTmi^g^c^wS ^^^ 00 "- ^ ^ 

S2P“£=- UZK. drugs boots." for long enough by the conn- 


adaprand breed strait 
most potei 


SU0 7f These should he enough diseese. hou- developed rich „ d p0#r a „ ke hate ,he SS > ^ 


Men examining the to jttKfertate 


Of Hoffmann -La alL companies with the researC 


tit 


__ __ Govern- 

to provide first-class medical is the art of its medical treat- he?ilth care. 

patfents in^hospUal. TyptcaUy Siosen their 200 drags while Approaching the same proi> science to provide cures for Rheumatism, perhaps the they can do is to Jprepare to 2HStmeS "of" leading** 6 irug development of vacdnes-^h 

a GP will have a list of 50-100 at the same time realising fr0 ™ another an S’ e , ls their excesses and indiscretions, most widespread serious disease take fUil^t advantage of any comoan j es j n their efforts to Wellcome Foundation ; 

fo serve the needs of most of that the list will need Hoffman-U Roche the Swiss- as well as for “Acts of God.’ The * Britain, is still unexplained cures or Eropfa?tacti« Britain, and MerekBtorP.^ 

his Dalienis constant review, to take ao- based multinational, currently reason is that its mo*t an d — as with the common cold did President Kennedy when. he. f or a host 0 f^ ^diseases frdm'colds iDohme In. the U.S4 for exammt 

The WHO recognises that count of innovation; but ex- rated the world s fourth biggest spectacular successes have been — its treatment is at best the decided to land a- man on. tfae ^ t0 cancex * —are very confident about th : 

although drugs are generally a eluding, for instance, alterna- maker of pharmaceuticals. The with some of the most dreaded alleviation of symptoms. Tuber- moon. future of prophylaxis,:. ^ Vaccine' 

highly cost-effective method of tives which might replace a company believes it is naive of infectious diseases. Smallpox eulosis is both preventable and There can be no doubt.-that • against pn«nnonw,'- : *venerei' 

L-nmbating those diseases for chosen drag when an infectious anyone to expect new drugs has been virtually eradicated— curable with nearly 100 per -had the U.S: Goverment directed* ' T> pcp n rph ' diseases, hepatMis' -“dentt 

which drugs have been dis- agent had built up a resistance alone to bring about better no case reported for six months cent success. Yet about half elsewhere a fraction of the . IVCbtai . caries, even some of the rat- 

covered. it has been trying to to it. and also excluding plant health and win control of the anywhere in the world. The the world’s population is in- resources It has spent on canCer <j»h e 50 biggest companies “incoraWe” tropica]- disease? 

[apparently spend well below 10 are all serious prospects to-daj. 


The Norwich way 

is to speakthe business language of Europe. 


In France, perfume is a great industry and 
mimosaan important ingredient in its manufacture. 
So it is on the hills above Grasse, where m i mosa 


pUTE.ro 



rows wild, that 
onsieur Philippe 
Bonne of Norwich 
Union Insurance . 
discusses with / 
Monsieur / 


Cetto, top parfumeur, aspects ofthe bus- 
iness oftheir mutual client, Lancome. 

Why doesafemous French 
perfume house like Lancome turn 
to Norwich Union for important % fag | 
insurances? 

Like mostsuccessful companies 





Lancome knowthe value of expertadvice. 



They appreciate that Norwich Union 
are specialists with an informed and 
sympathetic 
understanding 
oftheirclients v 
business and its 
insurance needs.1 
Although 
many major international companies 
enjoy Norwich Union's personal approach 
to insurance, it isn’t reserved for big names 
only.Takeyour problems to 
Norwich 





and you’ll 
} find they 
speakyour . 
language too. = 


NORWICH 
UNION 

INSURANCE 




per cent- of turnover on research pai^ a ’ concomitant- '-6 
and development: a figure which almost every disease, is anbthfc 
is high compared, say,- with the obvious target According h 
mechanical engineering or food Dr j oba Vane," the Wellcome 
industries, but which hardly sus- Foundation’s research director, 
tains the claim that research is 100 000 tons of aspirin are 
one of their biggest sources of made a year. Which? says that 
expenditure. But this is not gritons- buy over 6bn. pain* 
the whole story. Most com- taOalets a year, for ail‘. 

panies dilute their e t hica l drug that range from hang- 

sales with other products— cos- t)vers t0 rheumatism — 
metics. special .food^ potentiaUy the wor lds JMo. -1 
pnetary medicines, fttnge disease if ever cardio-vasctdar 
medicine products from tooth: disease . and cancers are 
pastes to treatments for dan- re duced. 

draff. These require a. much. * 

smaller research investment • 1 .11 

On average. finds Dr. 1 RIUKlllGrS 


No wo toy. the research budgets 
of the leading U.S. companies 
expressed as a percentage of 
pharmaceutical sales Is about 
10 per cent: of the leading 
German and Swiss companies 
(which hold five of the first 10 


places iri drags sales) around 15 
pef.cei 


percent* The biggest Spenders, 
he ', says.' /reinvest 15 to 25 
per . cent of turnover in 
research; one then takes into 


There has been an explosion 
of interest among the drug 
companies since two Scottish 
researchers in 1975 showed 
that the brain can make its own 
painkillers; which., they called 
enkephalins. . The search is on 
for.pRI&ptsyathetie enke p halin, 
as * powerful^ as rinorphine but 
free from • the side-effect of 
addiction. ... 


accounfthe invested fixed asset 
in laboratories' and their equip- 
ment, thete figures must be 
increased bV50 per cent., bring- 
ing the re A annual research 
investment of the most innova- 
tive drug companies into the 
bracket 22.5-37.5\per cent of 
turnover. ^ 

But how does \ the drag 


Or could it be thattiie answer 
to pam will hie found in 
acupuncture, ... the ancient 
Chinese therapy of sticking 
pins into the patient? Some 
researchers now believe that 
this is simply a .way of stimu- 
lating the release of “ God's 
morphine "—and the perfect 
way of administering a drug. 


APPOINTMENTS 


Senior changes at 
Jardine Matheson 


•TAR DINE MATHESON AND CO., 
Hong Kong, has made a number 
of senior management changes to 
take effect later this year. Mr. 
J. J. G. Brown, who . has been 
managing director since 1975, will 
retire from the Far East and, 
while remaining on the Board of 
Jardine Matheson and Co., will 
take up a new appointment as 
executive director of Matheson 
and Co. in London. Two deputy 
managing, directors; wit? be 
appointed at Jardine Matheson 
and Co. They are Mr. D. D. B. 
McLeod, who will be responsible 
for all Jardine's operations in 
Hnnsr Koog. and Mr. J. A. Hey- 
wood, who will be in charge of 
all overseas operations. Mr. 
McLeod has been a director since 
1973. responsible for service 
activities. Mr. Heywood joined 
lhe Board in 1972 and since 1976 
has handled group investments in 
North and South-East Asia, the 
Middle East and Southern Africa 


and Speed Services earlier this 
year. Mr. Stevens was: previous!] 
with Nabisco. 

★ 


. Dr. C D. T. Minton has been 
appoint ed m anaging director of 
IMI AUSTRALIA from October 1 
to succeed Mr. J. R. Seear, \yho' 
is retiring. Dr. Minton will be 
replaced from September 1 as 
managing director of IMI Opella 
by Mr. R. a. Owen, at present 
assistant manager, IMI overseas 
and marketing department. 

★ 


Mr. Alan Charton has sm 
ceeded Mr. H. B. Roper-Caldbec 
as chairman . of BOUSTEAJ 
LIMITED. Mr. Charton is rhnii 
man of Boustead Holding 
Berhad. Malaysia, and of th 
Singapore-based group of con 
panies. 

★ 


Mr. R. G. Kersey has been 
appointed technical director of 
HYDRAULIC DRILLING EQUIP- 
MENT. Mr. J. E- Keyes is now 
manager, sales and field opera- 
tions department. 


Dr. Michael Branson h< 
appointed managing dire 
APL*PLUS. the UK subsid 
Scientific Time Sharing C 
tion, of the U-S. 

★ 


Mr. Peter Hallgarteo has been 
elected chairman of the WINE 
AND SPIRIT ASSOCIATION for 
197S-79. Mr. Vincent Larvan has 
become deputy chairman, and 
Mr. Dennis G. D. Webb, assistant 
deputy chairman. . 


Mr. Mike Gandy has 
appointed to the Boa 
IRATHANE INTERNATIOl 
joint venture operating 
UK between Selection Tru 
Ira thane lac., U.S. He coi 
as general manager. 


Mr. Richard Eassie has become 
managing director of KRAUSHAB 
ANDREWS AND fcASSlE and 
Mrs. Janet Gflfees and Mr. Michael 
Goldman have been appointed 
directors. Mr. Peter Kraushar 
remains chair man. 


\ W. G. Brought, 
Mr- J- B, Dexter are to 
directors of W. AND E. Tl 
from July L . Mr. Broughtc 
present company accounts 
Mr. Dexter, property xnant 

* ■ 


The Board of INLAND 
REVENUE has appointed Mr. J. A. 
Christopher to be a deputy chief 
valuer from August 1 and Mr. 
P* G. Heard will be an assistant 
chief valuer. Mr. C. H. Tinsley 
retires as deputy chief valuer on ' 
that date. 


Mr T. p. EL AKken has 
*7 , . .cb abman of GH 
DWFUS GROUP. Mr. 
McFall has relinquiabt 
position as vice-chairm; 
remains on the Board, 


ACME Signs and Displa 
r. E. D. Baker, 


that Mr. 

Dempster. Mr. F_ st O 
and Mr. K. F. Kitson hi 
q?-R 0 vJf^Q directors of A 
bLKViCES, a new natio 
maintenance company. 

* 


Mr. David Stevens has been 
appointed distribution director of 
SACCONE AND SPEED 
SERVICES at Park Royal, to fill 
the vacancy ' created by the 
appointment of Mr. Bernard Ryan, 
as managing director of Saccone 


?*or Casson, foundei 
CASSON BECKMAN 

established in 1938. has* retired 
.as a - partner, but remains a 
consultant Ae name ' of - the 
firm is now CASSON BECKMAN. 


A, 

* ; 


^v 


/ 


■sFnj. ■% 





^ 3nCial Tilnes Friday June 16 1978 


i ■’ 

- ; iL* Y a A V 


FINANCIAL TIMES SURVEY 

Friday June 16 1978 



^ , 


• * /V 





L ISLANDS 


Continued growth in the financial sector has enabled the economies of both Guernsey 
and Jersey to move forward despite a high rate of inflation, the flat state of some 
long-established industries and worries over finding employment for school leavers. 


Friction 



lug the Channel Islands will, of 
course, be out in force, waving 
their Union Jacks, their hats or 
just their arms. But the 
islanders will be just as 
enthusiastic even though the 
Queen comes not as head of 
the United Kingdom but as 
successor to the Duke oE 
Normandy. 

For the islands are Crown 
dependencies. They came to 
Britain with William the 
Conqueror and when the link 
with Normandy was cut they 
opted to stay, but they stayed 
as Crown dependencies rather 
than as part of what several 
centuries later became the 
United Kingdom. So they have 
their own laws, based on 
Norman law. their own customs 
and their independence from 
. . Whitehall. They may be. 

AI&NG' THE quay and physically, no larger than the 
esplanades tin St. Peter Port, the size of a county with popula- 
; picturesque little capital' of tions no bigger than High 
Guernsey,:’ 'the painters and Wycombe or Doncaster but they 
decorators are out in force. A fiercely maintain their inde- 
few miles away, in St Helier, pendence. 
fteSagS and punting have gone independence is not 

ap m Jersey’s capita] The oni ms fro ^ ^ ^ *ut from 
Cause ef the- wash and brush l Alttough “ ■- 


JBIy Anthony More ton 
Regional: Affairs 
Editor 



supplier, but there is a time lag 
of around six months. The rate 
of inflation went up in the 
islands after that in the UK and 
similarly lags behind in falling. 
Whereas the rate of increase in 
the UK is now of the order of 
7 per cent the March figures 
(rates are computed quarterly 
in the islands) were 11.7 per 
cent in Jersey (over March 
1977) and 12.2 per cent, in 
Guernsey. By June. Jersey 
hopes to be just within single 
figures. Shades of Mr. Denis 
Healey. 


each other. 


it is 


piciiemenf 11 is* the” imminent sometin1es assumed that because whereas Guernsey has cultivated banks overseas became con- Jersey would like to emulate 

arrival of lie Queen who comes a . re , , Ioo “‘L “ 1Ied '! ,e their presence ’ re ™ ed : “ is i ” poss ' ,lle t0 *« On top or this, inflation ever, centres on the debate on 

Channel Islands they must be ^ i 5 i ande rs will turn >' et '» hethe r U* visit caused 


There are some fears, though, 
that when the UK rate .turns 
up again in the autumn rates 
in the islands will follow suit 
almost immediately. This is be- 
cause the pattern of wage bar- 
gaining is tending to change. 
Previously, UK wage settle- 
ments tended to be accepted 
for island workers, many of 
which are in the same unions — 
transport workers, health ser- 
vices. bank employees. Then, in 
some cases, a local supplement 
was negotiated. Now, however, 
there is a trend towards island 
negotiations which could be 
rather more inflationary. 

The biggest concern, how- 


to visit her overseas depen- 


...... — — — _ — * — — — wruie me isiauuers win turn — .. . - , . j remains 

one unit, they are basically two. oul in force t0 Ereet the Q uee ii diminution of the inward "mams 


worryingjv high just how large the islands 

deneies in* days’ tune. ^3*™ ^’SKrS Sw g Sr a^iie Eeouon.ic eetivity ne.urelly “ J” ? e * 

The reception she and the differing from those on Guern- are just now !ess there was considerable concern. terids tt> be dominated a year during the 10 years m 

Duke of Edinburgh receive will sey (there is a further corapli- enamoured with the Queen's Tbe MPs have not vet pre- by what happens in the .1934. Jersey has a limit of 500 

be. both royal and loyal, as royal cation that the Bailiwick of representatives, or to be pre- sented their report to the UK. since that is its major-a year to a total of 80.000. 

and loyal as anything she had gJHnw tataM in^Alderney cjse ^ QueeT1 - s Government Labour Party and there are ~ J 

m her own kingdom during Hens. .Sart :and Both the Queen’s Government those on the islands who believe 

Silver Jubilee year. The British for instance, bans the e*tab..sn- and ^ Labour Party which that while thev may be 

holidaymakers already .throng; ment oE insurance companies susta ins it have in the past criticised for some of their 


CONTINUED ON NEXT PAGE 


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three years taken actions that social policies they will not be 
have ^disturbed the fine tuning attacked for their tax policies, 
of the. islands’ economies and Indeed, there is an air almost 
this hak been greatly resented, of complacency about the visit. 

In thAl975 Finance Act the Many believe that the MPs have 
Chancellor extended Capital seen the desirability of allowing 
Transfer Tax to those emigrat- their low-tax position to con- 
ing to the islands and he further tinue: others believe that White- 
enacted the legislation retro- hall can do nothing about it in 
spectively to ■ the previous any case because of their 
December. This was a nasty Constitutional position, 
blow to the islands which. This overlooks the factor of 
under the leadership of Jersey, confidence. As the islanders 
had developed strongly as off- point out frequently, mu'.-h of 
shore financial centres (they the money which has flowed in 
strongly dislike the phrase “tax has come because of their 
haven political stability. But stability 

The move caused a hiccough j S a fragile plant and even hints 
in the flow of wealthy immi- 0 f action can destroy or muti- 
grants to the islands, though late it. It would pay them to 
this has picked up again. Jersey court London a little more 
has a quota of 15 wealthy immi- assiduously than they have done 
grants a year, the definition of so far. 

wealthy being that they mu* 1 The growth of the financial 
contribute at least £10.000 a sec tor in both islands (which 
year in tax income to the ;irE c f the scheduled terri- 
economy. Given the ^0 per cent ^ or j es ) over past 15 to 20 
rate of tax (and no capital levies years has allowed the economies 
of any sort) this means that the ' t0 g row - ^ masked, 

■newcomer must have a gross in- OT lessened tbe impact of. 
come of at^east £50,000 a year, changes In other directions. 

Tourism, for instance, has been 

TTriPPrialntV hit costs risin s faster than 

U ULCA J net earnings in the UK. fn 

i-n 1075 the flow of wealthv Guernsey between 1974 and 1977 

newcomers trapped to nTnTand ^^c^t ani \lTye™ 
tiie spin-off from this was some described as 

depression in the price of .. Datc C v « 
houses and a general air of un- p 3m 

certainty. The following year Horticulture, the other 
the number had risen to 14 and staple of the economies, has 
last year it was 21. Jersey ex- taken more of a buffeting, 
plains the 1977 figure being well Since 1974 there has been a 
over the 15 limit in a pragmatic real decrease of IS per cent in 
way: it has averaged the last Guernseys export earnings, 
three years. This year Jersey Jersey, too, has suffered and 
expects to grant the full 15. both would have fared worse 
which will disappoint as many ^ ac [_. not pound fallen, 

again who want to leave the making 


the 

_ their products rela 

incidence "of 'UK taxation for lively more attractive vis-a-vis 
the attraction of 20 per cent “ HoUand ' 

idSds’^to^ig^E r ia t hotiy Theje ta some < njjjtawe that 

resented. Mr. Peter Dorey. bottomed out but 

president of Guernsey’s havi , n e “ fi / d ^ternative 
presiae ^ Flnance Com . employment for those no 





I i. £ r^. 


mU i e“. ry for°tastai 1 re, it Ts long er nee ded in agriculture has I 


“fihepr vindictiveness We set put Pra* 01 * « n the economy. 

JTto talT STitortt t u h ”» 9 e r t „ d r p ,h’ e 

.,g _ n «. Kpmiicp ws necessarily seasonal nature of the 
US| .SSSf ™iSft™?Vhp work, are low: Guernsey now 

abou t 200 of work: 
UK. We set our tax leveis to virtually does not admit 

balance our own economy. t0 unem pi oy ment. It offers no 
Certainly, the islands (and central aid for those out of 
the Isle of Man, which is in the work, other than parish relief, 
same category) have been dis- which might be described as a 
criminated against It is now throw-back to 19th-century Eng- 
simpler for a UK national to land (In effect, it exports what 
emigrate anywhere else in the it has to the U.K. That way its 
world than it is to the Channel conscience as well as its budget 
Islands. An emigrant to Spain, is clear), 
f or _ instance, can take £4WX» Both Wan(h> however, find it 
with him pd bring the rest of difficult t0 plaee leave rs. 

his capital out in four years; The bulge in the birth rate, in 
someone going to a Common €ar i y iggos is now being 
Market country can take £80,000 ^eSected on the labour market 
immediately.^ No such conoesj an ^ there is some criticism that 
sion is available for the Channel not e nou gh apprenticeships are 
Islands. being offered. 


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On top of this simmering Guernsey is better situated 
concern was the visit in in this respect than Jersey be- 
February of two Labour MPs, cause it has a more buoyant 
representing the national light industrial sector. The size 
executive of the Party, which of the average industrial unit 
had taken a jaundiced view at in Jersey is small whereas Tek- 
tbe outflow of capital from the tronix in Guernsey has 670 on 
UK to. the Islands. Ripples from the payroll. Guernsey also has 
the visit spread widely and a better spread of firms, which 


For our brochure on Jersey and copies of the latest audited accounts 


write to The Managing Director at 
QUEEN’S HOUSE, 13-15 DON ROAD, SlMi 


Telephone: (0534) 72990 Telex; 41629 Cable Address.- ScoHabank, Jersey. 


ER JERSEY CHANNEL ISLANDS. 
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THE DEVELOPMENT of inter- per employee. Yet. as the Srates 


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including computerised accounting and 
payrolling. Why not contact our Managing 
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sev, has particular attractions modest, with only two additional JjaSE 

for the islands. The banking housing licences being graDted t u ^e^l^^S£!SS^lj ^ l ^ sS SSSl 
operations are highly profitable, to banks apart from the clear* r 
offering the islands a valuable ing banks in 1977. -v' 

source of tax as well as of These figures underline the J. 
employment. By concentrating vital importance of the financial z 
on the growing offshore busi- sector t0 ^he structure of the \ 
ness, mainly in wholesale bank- islands' economy. The extensive I 
ing. the financial institutions do international finance business \ 
not make heavy demands on the has taken off in the last few ■ ! 
resources of the islands and years, developing out of the f - 
particularly on the limited islands’ historical position as ,-v 
housing available for i ow tax centres within the L? 
immigrants. sterling area. In the past two |j 

•It has been estimated that ®. f activity were % 


V <3®! 




mi 



P.O. Box 46. 

Caledonia House, 
Caledonia Place, 

St. Metier. Jersey. C.I. 


in Jersey the clearing banks and drawn to the islands. One was 


Telephone (0534) 72938 
Telex 4IS163 


the banks registered 1 under the hand !*"g of trust business 
local law produced profits liable r ^£ irtani '.^ s on !x 'J ia -3gg 
to Jersey tax of £20m in 1976— b ^. V*, residents and more ^ 

a potential tax liability of Part\™larly of expatriates: this * 



around £2,500 for each employee 


provided the foundation for the 



POMME D’OR HOTEL JERSEY 


1st Register 0534 2G5QI 

Overlooks St. Helior Harbour and 
convenient for shops and amusements. 
Open throughout ih* /ear. 


-rising to some £25m in 1977. expanding trust business. 
Tlie finance centre activities wt, ‘ ch J f ?ow increasingly inter- 
account for about a quarter of na ~. ona J n character, 
the total tax income. In Guern- /he other was the attraction 
soy the 43 institutions regis- °„ f ?«*?*■**■ ^ nc * U > 
te?cd under the local Protection >" *“* 

of Depositors Ordinance pro- ? f the islands and pariK-ularly 
duced combined pre-tax profits wealthy immigrants. 






mm 


of some £llm. compared with ™* b “ sin 5 as is still important 
ca o m nrtoimu w,td the finance companies of 


i£9.2m in the previous year, 
representing a profit of £11,000 







relational 







lingers 




A great number of International investors 
and financial advisers are now using 
Schlesingers’ investment management services 
and funds in Jersey. 

This is due to an increasing need for 
financial planning advice and portfolio 
management for non-resident investors. Our / 
resident director, Robert Howe, leads a team * 
who are experienced in investment work and 
offshore management for individuals, trusts, 
and also corporations. Directors of Schlesingers’ 
London investment division also visit the 
Channel Islands regularly and are available for 
advice and meetings. 

Please visit Bob Howe at the offices of 
Schlesinger International Management Limited 
at 41 La Motte Street, St. Helier, Jersey or 
telephone him on J ersey (0534) 73588. 


Schlesiiisers 



Members of The Stock Exchange 


41 Broad Street, St Helier, Jersey, Channel Islands 

Telephone: Jersey Central (STD 0534)27276 Telex: 41687 


Management of private client portfolios is supported by a 
comprehensive research" department specialising in 
tanking- insurance broking ■ chemicals and pharmaceuticals 
-.oils • tobaccos ■ stores - food distribution- mining finance. 


In liaison with out' London office we offer the following facilities: 


►Authorised Money broking 


•international research and analysis 


•Gilt dealing and research 


•Traded option dealing, clearing 
and analysis 


•Overseas dealing 


•Corporate finance advice 


Clements Ho use, Gresham Street. London EC2Y7AU 

Telephone: 01^606 8099 . Telex:886268 


ngrt’ the banks providing a substan- . 7 - j • y 

! . TiaJ source of funds. Some of the • •; ‘ 


deposits raised are used in the >w *- ! ■ w 

local market, in the form of r> , - rv »■ * ; 

mortgage lending — the islands Banks in St. Helier, Jersey. . 

have no building societies — 

but the bulk is available for the position in 1978. but it may opportunity , to keep down the 
use of the bank parent com- possibly prove more difficult to average tax rate on their overall 
pany.^A typical example is pro- maintain the growth rate .of portfolio. 

vided by National Westminster rece nt years." The ^ rates m ^so the 

hi^^rni m^H^h ip? 1 hart This growth has been founded main reason for the growing 

nearK- £3m lent iu? on morf on a “arked change in the numbers of companies being set 
nearly um. lent out on mon . „n 


races but had denosited a total nature of * e business being up in the islands. These com- 
ffSJS with ite SSn? com- carried out in the - islands, panies, often subsidiaries, of 

Ui xiooiu. jui lu> pareui u. limits** mimhop msiinr mhimatinnal nnmnrn- 


oa nv or wit h other cto u n sib- Apart from the limited number major international corpora- 
SSL£ ber sr0U? of wealthy immigrants, their ttons. are used for a wide 

In recent vea« however a activities are of little direct variety of purposes, with the 
new ^nd ^ ’international relevance to the UK resident; common theme of enabling their 
S. k 1L p/ovided ^e m™ n recent tax .egieUflon has me^nt o™e« ta t^e .d^tage of a 
growth imnetus for thf finance that it is now virtually unpos- flexible vehicle for reducing tax 

.ible for hint .to take real advan- U^iBen. Mr PM# 
The attraction of course lies in tage of their low tax rates- But mroted. -The use of Jeraey by 
their tax situation — not just the the islands have been able to foreign residents and foreign 
low income tax but also the use their advantages to attract companies continues for a 
absence of other imposts such a widening range of business v^ety of reason^ «jme a^oci- 

as death duties, capital transfer internationally. For these pur- ^ISnSSf-h Si 

tax and capital gains tax. The poses they have attractions international tax liabilities -but 
authorities in the islands are besides the tax position: their others more associated with 4he 
very concerned, though, that political stabtilty. their location PoMksI 
they should not be regarded as and their communications all. areas m which those concerned 
merely another tax haven. This, provide for foreign business to are resident 
they argue— and their feelings move to the islands. ••••-•> 

are shared by the hankers— This has heen dearly evident I fl 5111*3 :fr 
wouia be an insecure base on in the banks’ trust business. ; . t 

which to build their expansion They have built up in the. islands - The .finance jeentre activities 
plans. , an extensive expertise in inter- of Guernsey have one feature — 

/ • national trust activities of a kind the captive insurance market— 

Pftll CV which it would be hard to find 'which does not at present exist 

x vuvj on the mainland. They will in . Jersey (where insurance 

/The description preferred is handle business, for example, companies . .cannot be. estab- 
that the islands operate as off- for wealthy foreigners or lished). This business has been 
shore financial centres, with the expatriates perhaps in politic* one of the main aspects of the 
special characteristics of being ally unstable areas who want to growth of the island as an 
within the sterling area. And find a safe haven for their funds, offshore finance centre, with a 
the policy of the authorities on Thiv arp ah]p tn * Sowing number of companies 


me puiuyr ui me auuionues uu ahl® to ■nrnvidp n — 

both^the mal.^Unds is v.r, ^ ll invest^emLo the in n SS2 


much aimed at avoiding the S— 1 ? 61 I0 T j- SI T eni companies based in Guernsey 

accusation of merely offering ^ through discretionary trusp jrimaxily to insure some or all 
methods of tax 6 avoid ance or ^ Jbrongh gtit^dged funds tf ^ir own risks. The Guernsey 
evasion and at encouraging the *to 

ronuta 0 ; n ctr^,tSnt isla,ld ® P r0Vld e the base for an Establish itself as an insurance! 


renutahlc* hankinw inctitutinns . — esiaomu iiseu as an insurance; 

m. ™i„, t ^tensive range of unit ^ trust centre with msm y new capBve 


The DOint was madp clearlv ---o'* — ceauc wun many uew vapuvts; 

In ), operations of an international insuraIlc e companies being 1 


I in his last budget rpnnrt bv Mr — , insurance cuiupaiues wins 

Colin* Poweir X Jersey WE *f ar 


economic adviser “Over the mea ‘ I eceDt underwrite the risks of their 

n^t war" hp «w' much of ^ new bus,ness IS o£ " parent organisations.'' 

past year, he said, contmu- , nte — atinn ,| „ r5 ^ n an ri in . 


nTn^tcic h hoon niZ international origin and in 
jing eraphans has been placed foreign currenc y rather than 


The financial activities of the ; 


on the nee* to present a ? u T t u a highS sperial- utmiM are therefor ? expected 
respectable image tothe outBd. g, ’ h * ich g the y ^ 


world. 


con ti'aulng"^ developmental ll SHLSTMf * ^^7 r“eaSed““5ie 


pan ding part of their econo- 


«h.uuu.u S u c ^ j n ^ world. 

island had strengtbened its 


point where their international! 


Friction 


CONTINUED FROM PREVIOUS PAGE 


Unless you happen to be rich 
enough to qualify as one of 
Jersey's 15 wealthy immigrants 
or abie to buy a house on 
Guernsey's open list (starting 
price around £70,000) ihen the 
islands erect many hurdles to 
potential newcomers, some of 
which seem difficult to justify 
to outsiders and all of which 
involve a degree of bureaucracy 
which would be roundly con- 
demned if practised elsewhere. 

On Jersey, for instance, you 
have to live and work on the 
island for ten years without a 
“consent” before accommodation 
can be leased and a further ten 
years before it can be bought 
On Guernsey's closed list of 
properties, which are cheaper 
than those on the open list 
(though not always so) only 100 
licences for house purchase are 
issued a year and the govern- 
ment takes first pick for those 
employees dl wants. Even some 
Guernsey-born people find it 
difficult to return because of the 
rules. 


Yet the islands need more 
immigrants or new companies 
if they are to expand. With the 
non-financial sectors flat extra 
revenue to finance growth must 
come from the taxes wealthy 
settlers bring with them or from 
the business created by the 
corporate sector. This is because 
they are precluded from raising 
the level of taxation. 


Success 


The way in which the islands 
have developed the financial 
sector has beep the great 
success story of the last two 
decades or more and has 
allowed them to attain their 
enviable level of prosperity. In 
1976 banking and finance was 
responsible for employing 
2,545 people in Jersey and 
probably 1,000 in banking in 
Guernsey. 


Banks alone produced a 
profit liable for tax last year of 
some £ 2 5 m in Jersey and film 
in Guernsey, in Jersey there 


New companies registered 
have also been growing fast In 
the first ten months of last year 
(the last date at which figures 
were available) 1,499 had been 
registered in Jersey compared 
with 1,537 in the previous year 
and 1,256 in 1975. Over in 
Guernsey, 899 were registered 
last year, a rise of 185 over 
1976. 

Both islands are aware of the 
need for legislation to enhance 
their image as centres of 
financial probity. Two bank 
collapses some years ago led 
the authorities to be increas- 
ingly concerned about both the 
quality of new entrants and the 
need to prevent imbalance 
arising. There is still ample 
growth ahead for the financial 
sector if sensible policies are 
adopted on population growth. 
This is the key. 






position as an offshore finance A second recent develop- growth should be self-sustaining, 
centre. “ It has shown more nient, particularly in Jersey, has The islands recognise that 
and more clearly that it Is not been the growth of the booking because of their proximity to 
simply a product of a special of international loans through the major money markets of 
relationship with the UK to be the islands. This business, arche- London they are unlikely to 
weakened by changes in the typically offshore banking, is develop as full international 
fiscal legislation of the latter, providing an important draw for money centres— though there is 
but a centre of standing and the growing, number of major some interbank business being 
integrity capable of attracting international banks which are carried out. But as offshore 
business from all parts of the finding advantages in setting up centres they maintain that they 
world." in the islands. The community have the foundations of a long- 

Similarly, the Guernsey includes banks like the Bank of term development which will 
advisory and finance committee America, Citibank, Hongkong incidentally produce growing 
remarked: “Guernsey is now and Shanghai and recently the benefits for the invisible eam- 
well established as an offshore Algemene Bank Nederland and ings and the balance of 
financial centre and there is the Bank of Bilbao. Booking payments of the UK as a whole, 
every reason to suppose that it international loans through the » , . D . , 

will continue to strengthen its islands provides them with the IVUCnaei JSI&Imen 


is a potential tax liability of 
well over' £2,500 for every 
employee in the financial sector 
compared with £400 in the rest 
of the community. 






aw 






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For further details please contact: 


Julian G. Tregoning, 

Save & Prosper (Jersey) limited, 
P.O. Box 73, 

St. Helier, Jersey, 

Channel Islands, 


. . ‘ : r 


Tel: Jersey (0534) 20591/2/3 •: 
Telex: 41626 


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The Bank of Bermuda (Guernsey) limited 


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Financial Consultancy. • 

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Tel: (0481) 24981." • -r T - ‘ 


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17 


company law 


‘‘"Z SB1-- A. COa,pMy 1*W in 

- Originally in 

resj>on£ible person 

■ lsI ? nds Pretends that the 
‘.^ egfsttn g legal frameworks are 

*0 contain today’s 
. \ «^histicated financial activities 

^£S?^ esti0J1 has been how 
how fast reform should 
V ' -i ^be islands’ present laws, 

Y ^ ^L. r _i ■ tfa ^ ir deficiencies, 
the attraction for clients of 
' nneomplioated and not 

fundaly restrictive. To what ex- 
y t^nt can offshore havens afford 
...: start stirring up the dust 

•:-w$th new brooms ?■ 

the fact for instance, that 
-.■ •pne caniiot discover the names 
T-'rOf a Jersey company’s directors 
^(unless one of them happens to 
legibly — the annual 
• unjustifiable secrecy, or, 

. isiand’s legal fraternity 
, . ^flj j Un fain s. a perfectly proper 
confidentiality that 
degases no problems? 

• vi£. : -**® ^bile company law reform 

■ ;y“^ias been under discussion in 


Jersey and Guernsey for some 
years, little has 'so far got on 
to the statute book except pro- 
tection of depositors* legis- 
lation. 

At one time it looked as if 
the islands might be going to 
adopt radically different 
approaches to the. question, with 
Jersey opting, for sweeping 
reform and Guernsey for 
gradual amendment. 

In 1971 Jersey appointed as 
its first commercial relations 
officer David Morgan, formerly 
bead of legal services at Jordan 
and Sons in London, whose 
well-publicised - brief was to 
draw up a modem commercial 
code suited to the island's new. 
role as a financial centre. 
Guernsey avoided any involve- 
ment in its - neighbour’s 
apparent reforming zeal and 
set up a working party of pro- 
fessional men to make a quiet 
reappraisal of .the existing law. 

In the event it looks as if 
both islands are probably going 
to follow much the same course 


<3 


CHAWTON 

COMMODITIES 
LIMITED ^ 


of extending or amending their 
legislation where it seems 
prudent or profitable to do so, 
since Jersey's professional 
community has shown itself 
determinedly opposed to any 
kind of clean sweep. 

Of the four draft laws that 
David Morgan produced, the 
only one that has made pro- 
gress so far is a proposed Trusts 
and Trustees Law. Another 
dealing with mortgages of mov- 
able property is also likely to 
be enacted eventually, since, 
like the trust law, it is seen as 
good for business. 

But the main part of Morgan's 
work, embodied in draft com- 
pany and insolvency laws, has 
met with general hostility. One 
foreign bank's legal expert 
believes that if it went through 
Jersey would have one of ihe 
most modem commercial codes 
in the world, but he queried 
whether a tax haven such as 
Jersey was adopting was the 
right approach. 

Morgan himself, now back In 
, private practice in St. Helier, 
thinks that many people in the 
island have “ conveniently for- 
gotten” the climate of opinion 
that led to his appointment 
following two tank collapses 
and a run of local bankruptcies. 

He points out, too. that his 
assignment was to draw up a 


legal framework for a financial 
centre-—** not a tax have a" This 
he did with a thoroughness that 
has won him considerable 
respect internationally, if not at 
home, studying recent legisla- 
tion and reform proposals 
throughout the world to give 
Jersey a code that he hoped 
would see it through the next 
century. 


Reaction 


The local reaction to his pro- 
posals, ho thinks, has been 
"negative and unconstructive,” 
especially as several of the 
points attacked by the island's 
professional community (spell- 
ing out the responsibilities of 
directors, for example) are now 
being advocated by their parent 
bodies in the UK. “ The implica- 
tion seems to bo that the local 
professional community wants 
lower standards here,” he says. 

On the other hand, some of 
the arguments being used 
against Morgan's proposals cer- 
tainly swayed Guernsey’s auth- 
orities in deciding not to em- 
bark on a complete rewriting 
of company law. 

At present Channel Islands 
courts can draw on UK prece- 
dent in interpreting their Eng- 
lish-based company laws. Intro- 


ducing legislation untried else- 
where, Guernsey felt, could 
lead to great difficulties and 
perhaps endless and costly 
appeals to a higher court. 

There are a number of 
Morgan’s specific proposals that 
have been welcomed and will 
undoubtedly find their way on 
to Jersey's statute book. These 
include removing a probobirion 
on setting up insurance com- 
panies (which would enable 
Jersey to compete with Guern- 
sey for captive business), and 
provision for creating floating 
charges. 

The trust law is something 
that has been increasingly re- 
cognised as necessary with the 
falling-off nf trust business 
from the UK— discouraged by 
CTT — and the need to turn to 
the International market. Over- 
seas clients arc less ready than 
the British to accept that Eng- 
lish statutes and case law estab- 
lish the validity of trusts in 
Jersey. 

The delay in bringing for- 
ward legislation has been due 
to professional objections to 
some of the original provisions, 
notably those proposing regis- 
tration of trusts, a system of 
approved trustees, and regular 
audits. Morgan hopes that his 
third draft, in which he has 
either dropped or considerably 


Investing Offshore 

HAVE YOU CONSIDERED TRADING • ■ 
COMMODITIES THROUGH JERSEY. 

THERE ARE CERTAIN ADVANTAGES. ' 

WE MANAGE ACTIVE TRADING AND ■ 
INVESTMENT ACCOUNTS FOR U.K. J 
CLIENTS, OVERSEAS RESIDENTS AND 
COMPANIES ON WHICH NO LOCAL V ' 
TAXES ARE LEVIED. 

ABSOLUTE DISCRETION AND 
PROFESSIONAL MANAGEMENT 
ASSURED. : ^r 

FOR FURTHER INFORMATION CONTACT: 

The Managing Director, 

Chawton Commodities Limited, - 

Normandy House, 

Grenville Street, ; 

St.Helfer, ' ' ' . . 

fesey' C.L ' • " L } 

■: Td: Jersey (0534) 26322 . Telex: 41585/ * 



St. Peter Port, Guernsey. 



HUME CORPORATION 

(GUERNSEY) LIMITED 


modified those provisions, will 
prove acceptable. 

While working on the latest 
version he bad an opportunity 
of conferring with a recognised 
authority on comparative law. 
Professor H. R. Hahlo of the 
University of Toronto, who was 
concerned with the trust codes 
of Quebec and Louisiana— areas 
with a similar French back- 
ground to Jersey. 

The outcome has been a 
longer and more explicit law 
than what Morgan now feels 
was a “ too skimpy " first effort 
— a point to be noted, he thinks, 
by tbose wfao have criticised 
his company and insolvency- 
laws for being too lengthy and 
complicated. Guernsey's first 
imminent piece of legislation is 
a long-awaited insurance law. 
designed to provide a proper 
legal framework for the island’s 
expanding business in this 
field, especially as a base for 
captives. 

The law will give the finance 
committee wide discretionary 
and investigatory powers, and 
insurance companies will have 
to be licensed annually in the 
same way as banks (except 
those already authorised by the 
UK Department of Trade). 

It will no longer be possible 
to operate an insurance com- 
pany as a non-resident company, 
one registered locally but with 
no place of business in the 
island. "Such companies will 
either have to come onshore or 
cease trading," says Guernsey’s 
commercial relations officer, 
Bruce Riley. 

The island is also planning 
to bring in legislation to deal: 
with the same problem as 
Jersey’s proposed Mortgages of, 
Movable Property Law — the. 
difficulty in obtaining a valid 
charge over personalty in the 1 
Channel Islands — though 1 
Guernsey, unlike Jersey, is not 
at present envisaging any 
system of registering charges. 

Guernsey’s working party on 
company law reform has now 
virtually completed its job. but 
it is likely to be several years 
before all its proposals are 
implemented. 

Areas in which reform is 
seen as desirable include a 
□umber that Morgan has 
pointed out in Jersey: the need 
to define the duties of directors, i 
to ensure that directors of 
insolvent companies can not so, 
easily escape personal liability; 
to be able to deal effectively 
with fraudulent preference. 

Guernsey, it can be assumed, 
will watch the reactions to 
Jerseys trust law, and Jersey 
to its neighbour's insurance law. 
In fact, the islands now seem 
likely to keep rather more in 
step on company law reform 
Than looked probable at one 
time — a situation that would 
certainly make lire easier for 
their international clients. 

Edward Owen 


gei thse ciKiMim [Masses 

The Group provides established and proven investment 
services to those living and working in different parts of the 
world. 

Very many of its clients, including those dealing in U.S. 
Dollars, are expatriates. 

For further details of these sendees please return the 
coupon to: 

R. F. Wilkinson, Managing Director, 

Britannia Trust Management (C.l.) Limited, 

P.O.Box 271, Trinity House. 30 Bath Street, 

St. Helier. Jersey, Channel Islands. 


P/cizie send war information on: 
Lump Sum Investment j=j 

Regular Savings Plans U 

Private Portfolio Management lJ 
Share Exchange Scheme LJ 

Name: 

Address: 


U.S. Dollar Investment C! 

Sterling investment U 

Capital Growth d 

High Income □ 


Management 
Services of 
Guernsey Ltd. 

Offer 

Administrative services 


T e/ex and Boardroom available 

4 College Terrace, The Grange, 

St. Peter Port, Guernsey, Channel Islands 
Telephone: 0481-26467 Telex: 41611 






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BANKERS 


Br-*-- / 

Yi*. 

: skives' ^ 


j nuun ibu ii lyuci nuey/M 1 1 1 new 

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, ./G48i-^604^^dxiiti8l32 

- r • '■ f- .r-"-'- ;>■ ' 




We provide Company formation, 
administration, financial management, 
accounting and tanking services 
;for corporate and private clients. 


‘ Berth efot Bouse, 
Berthelot Street, 
St Peter Port, 
Guernsey, 
Channel Islands. - 


Telephone 0481 26618 
Telex 41412 


ASSOCIATE OF THE HUME HOLDINGS GROUP 
Copies Of latest audited Accounts are awilflMc on reoucst. 


HOTEL DE LAPLAGE JERSEY 

.... 1st Register ° rJ 7 

Faces south on sea front °" “?/' 
. . quieter side of St. Heller- Open... 
; . throughout the year. ■ ./ 



THE CHANNEL Islands might 
be forgiven for being compla- 
cent about horticulture. Every 
year Jersey new potatoes anJ 
Guernsey tomatoes arrive in 
the UK shops ahead of most ol 
the competition, and every 
year, it seems, they contribute 
'more mid more revenue to the 
islands’ economies. There 
never seems to be a bad year, 
and poor crops in the UK dur- 
ing the droughts of recent years 
have alio helped the islands to 
boost their sales. 

The market for Jersey 
potatoes, for instance, was 
greatly helped last year by the 
effects of the 2976 drought. The 
UK main crop was poor and 
the weather in the spring of 
1977 delayed the digging of 
early potatoes in the UK. 
Aided by a large crop, the 
value of potato exports by 
Jersey showed a 45 per cent, 
increase over 1976. Other 
crops — tomatoes, cauliflowers, 
flowers—did not fare so well. 


r f S'U t>r 

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but only cauliflowers showed a 
fall in sales and this could be 
put down to die effects of the 
previous dry summer. 

Total export value for the first 
nine months of 1977 amounted 
to £13.76oi, with potatoes 
accounting for £8.26m of this. 
But while this is clearly useful 
revenue, one almost gets the 
impression that the value of the 
farm sector lies more in its 
contribution to a broad range 
of economic activity and to an 
environment that cannot be 
allowed to succumb to any 
major urbanisation or indus- 
trial isation. 

The Agriculture and Horticul- 
ture Committee is at pains tn 
point to the importance of the 

sector as an employer — some 
5,000 people are involved — and 
as an essential factor in pre- 
serving the island’s pleasantly 
rural atmosphere, which is one 
of its attractions for the holiday- 
maker. 

The intention therefore has 
to be to produce as far as pos- 
sible high value, low bulk 
exports, while at the same time 
reducing the need for imports 
by producing as much milk and 
other dairy products within the 
island as possible. In fact 
Jersey now supplies all its own 
needs for milk. 

In support of these aims is a 
generous range of incentives 
aimed at helping the farmer to 
improve his holding and 
achieve higher efficiency. Cheap 
loans are available, as is' free 
advice, and at present a lot of 
money is being spent on 
research into new techniques 
such as hydroponics — soilless 
cultivation. 

A marketing campaign for the 
Jersey potato is also tinder way. 
concentrated largelj' in London 
and the north of England and 
using various media, including 
local radio. 

And for the future it seems 
there is great scope for develop- 
ing the islands fishing industry, 
possibly by setting up fish 
farms; around £1.5m worth of 
shellfish was exported last year, 
most of it to France. 

Much the same pattern occurs 
in Guernsey, although the farm 
sector is a bigger contributor to 
the island economy, with around 
a 27 per cent share. Last year s 


peri .''nuance was steady follow- 
ing a slight decline in earnings 
in 1976. Tomato expons, based 
on a crop slightly greater than 
in the two previous years, 
bnu:'.;ht in £2?ni. an increase of 
Dm over 1976. 

As in Jersey, there has been 
increased investment in horti- 
culture during the past few 
years, and this, according to the 
States Committee for Horticul- 
ture. is paying off in higher 
productivity: around 301 bs of 
fomnroes per plant for instance. 
Current research is directed not 
only to improving yields but 
al«n to finding new high value 
•'rof’ such as pot plants. There 
hn« also been heavy investment 
in new glass, particularly the 
mofl-’rn 24 inch panes, and 
era"’? are available for new in- 
It:: i ions or around 13-15 per 
cen* "f the capital cost for lar^c 
grovers and up to 25 per cent 
for 'mall growers. 









Grants 


(A notable example of the 
importance of horticulture in 
the island was provided recently 
during an argument over 
whether the grants scheme has 
been “ abused ’* by the dis- 
closure of the names of those 
who had taken advantage of it. 
One issue of the Guernsey Even- 
ing Press devoted no fewer than 
19$ column inches to a report 
of the debate on the subject in 
the States, the island parlia- 
ment.) 

The islands have a climate 
that Is benign, rarely causing a 
crop failure; they have an 
arrangement with the EEC that 
seems to involve them in no 
discomfort — more than can be 
said for UK farmers: and the 
threat of serious competition to 
their products from other coun- 
tries has been fairly slow to 
materialise, aided in part by the 
weakness of the pound. 

Agriculture and horticulture 
arc essenrial to the balanced 
economy that the islands want 
to preserve, and there is no 
doubt about their commitment 
to preserving the indusfrv in 
rouahlv its present form, 
thrmieh government support 
when necessary. 

Colin Inman 


trr OFFICES TO LET WM 

15 -unM ^ , - 5D0 S9 * FT ’ riNA.-CE Houses. ^ H 

lNFUJB«e IN SETT1NG 7HE “■'* aERNffiY SIMILAR TO WE | 

1 — " ~ Richard ESiis 

Chartered Surveyors 
6/10 Bruton Street London W1X 8DU 
telephone 01 499 7151 











18 






*&*?.*. -K- v;t- -.^ rusg» ,«S«!ilTO!B 

.•••■ .-■.■■-*• 7" . '.. - ■•' •vA'i-.j :»•. 

HnancisJ ; 


GEC®ANKING 



The Manufacturers Hanover 
Way of WDrldwide Banking 


Geobanking. 

It is money moving and working around 
the world. 

It is the Manufacturers Hanover 
way of worldwide banking. 

Geobanking in Guernsey 
(Channel Islands). 

Operating on an international basis 
within the very favorable tax structure 
of Guernsey, Manufacturers Hanover 
Bank (Guernsey) Limited provides a 
number of attractive services to individ- 
uals of substantia I means a nd corporate 
customers including: 

■ incorporation and managementof 


companies for investment, trading and 
other purposes. 

■ Tax and estate planning, personal 
trust services. 

■ Checking and savings accounts, 
demand and time deposits. 

■ Financing and other Geobanking 


services. 


Geobanking. 

It is wholly responsive, since it fine tunes 
banking to national and regional needs. 

And Geobanking is synergistic, 
enabling Manufacturers Hanover to 
marshal strengths from the worldwide 
resources of a $35 billion organization. 


MANUFACTURERS HANOVER 

The banking source. Worldwide. 


W. Penman Brown. Director. General Manager 
/‘Manufacturers Hanover Bank (Guernsey) Limited 
P.O. Box 92, Hirzel House. Smith Street 
5t. Peter Port, Guernsey. Channel Islands. Tel: 23961 


THE CHANNEL 








light industry 






• • C jF.'-fi.r-;? t:- 1 : V.«: i- 




IX SPITE of limited lnnd and 
labour resources the amount oF 
light industry in the Channel 
Islands has grown s lea ■Illy in 
the last decade both in terms u£ 
new enterprises and in thP ex- 
pansion of established opera- 
tions and every plant is enjoying 
a boom. 

Today Jersey and Guernsey 
export light industrial products 
worth an estimated £4i*in tn 
£50tn a year. The kind of goods 
varies enormously, from com- 
plete mobile outside broadcast 
television units made by EGA 
Ln Jersey, to polythene waste 
bag? and liquid denture 
cleansers, which are anmne the 
products of the Univor.-ji Pack- 
aging and Simco companies of 
Guernsey. 

In the main, light industrial 
effort in each island can be 
divided into six main categories: 
electronics: engineering: horti- 
cultural equipment: knitwear; 
boat building: marine engineer- 
ing: and miscellaneous manu- 
facturing. 

The majority of directors and 
managers in industry are jug- 
gling more frequently with the 
problems of growth — finding 
more mum and skilled labour — 
than they are with anything 
eke. 

In a sense much of this suc- 
cess derives from the fact that 
most firms have looked very 
carefully at the Channel Inlands' 
environment before setting up. 
And each has been equally care- 
fully vetted by government 
selection bodies which are all 
too conscious of the effects of a 
bad choice, nr of allowing one 


company to swallow up too much 
labour. 


In terms of light Industry 
elsewhere, the units operating 
in the islands are small and un- 
obtrusive. The largest single 
employer, for example, Guern- 
sey's oscilloscope makers Tek- 
tronix. set up in 1958. today has 
a workforce of only 670, mostly 
housed in a factory near the 
airport This number of em- 
ployees is exceptional: most 
other units employ no more than 
150 to 200 workers and many 
fewer than 50. 


values are . rcrt;:av^aWe : -for ; yachts, some selling at 

Guernsey, Jene^s'sre'novf'.saift'nr more, ftonners by ^ 

to. be worth over £3®. Marine, commercial . craft - and 

• Wkidi- -markets -inrfiWes- ^ hv - Guernsey vBoaK-.- 4 


UK, 



America and the Middle East 'several types «*■ situatiosr which ■ 

and the . annual' 'taftix -ofcover.;. pleasure vessels *nm 
in. visitors pnmfles.a-.siAshsKfta- selling at tetw«njaO^ ; ^ 


tint home market 
Boat 

centrated ... _ ... 

pan ding in. Jersey,-"^ anotitfsr' barges. 



Throughout the islands there 
are probably no more than 3,500 
workers directly employed by 
light industry. However, this is 
expected to grow as Jersey, 
faced with a “ bulge ” in school 
leavers in the coming years, 
opens its doors wider to suitable 
new units. 


paudmg in jersey^, another merges. . WsiKsg. -he^ ^writesi-v^Tbe 

healthy, category or Ught todia:. ‘island-made boats are ; today :% r 

try turning, oyer seveialrmaiSn, Regularly exported to the.- UK, . deve joping : Freni* vm&ts .and 
pounds- a year. Tbe Tange of Scandinavia, France and in some in ways life mu& fess 

products and sefctas js j$pn- Instances to the Middle and Far ^p^ted . ' 

staritly-- .expanding^ aha If* Ts.. East. • ~ t . witifi ' 

hoped, will grow large enondt-tn : _» arHvitW 


hoped will grow large enon^-tn , f ^ other activities, munity.': 

provide tiie nudens of* ragriar £ electronics, are re- He also pbhrts. to the^senrt 

annaal^inter^tional^at^bw. A typical example of PATE; an^the-maze qf ; ‘ 

he id alternately >n Jei^.ttdg nv ^ n ^ (Guernsey). 

Guernsey. The first was Zeldin £ f . UK -based- tu-be . 

St Peter Port eariier this ye** , g^p whose re,-:;-; . --the simple , life, Era^aT/: 

Guernseys boat building and-™- - 


Traditional 


Several hundred workers are 
engaged in more traditional 
pursuits — knitwear and boat 
building, both of which, genera- 
tions ago, were substantial local 
industries. 

Much of the success of today’s 
knirwear operations has sprung 
from an. increasing worldwide 
interest in locally made Jersey 
and Guernsey fishermen’s style 

sweaters. 

There are four companies in 
Guernsey producing garments 
and several more in Jersey. 
The range includes Arun. Breton 
and other styles of woollens and 
although total annual export 


Teamwork 




another Midland 






At Midland Bank, we believe in 
teamwork, which means working 
with you, both personal and 
business customers, as a team, on 
your ideas, plans or problems. 

And Midland Bank is in the 
Channel Islands. With twelve 
branches at your service. 

Here are some of the areas in 
which Midland Bank Group may 
be able to help you: Current 
accounts. Sterling and currency 
ifacilities.Taxation advice. 


Eurocurrency facilities. Expansion 
capital. Information concerning 
market rates for deposits in sterling 
and currency given on request. 
Nominee service. Investment and 
company management. Executor 
and trustee services. 

For further information on 
Midland Bank Group services in the 
Channel Islands, please contact 
one of the offices listed below, 
or your local Midland manager. 



Midland Bank Limited branches in the Channel Islands include: 


JERSEY 

Manager- H.W. Hall 
8 Library Place 
Sr. Holier, Jersey, C.L 
W: Jersey Central 
73696 

Telex: Jersey 41622 


Manager, D. W. NLoi'i 
2 Hill Street, 5t. Helier 

Jersey CJ- 

Wi Jersey Centra! iuj-l 
Teie*! Jersey 4 1353 


Manager: R. H. Pcilat 
Q-jenr.ev ji* Parade 
Cl. Brerlade, Jersey C.f. 
Tel: Jersey Central 
44223 


Manager - H.W. Hsll 
Oaks 

Sr, Javici.T.Jerie.'C.I. 
Tel: Jeise/Car.tfal 

rstfM 


GUERNSEY 

Marcum, D.leSv?'.T 

13 high Street land 22 
5miir. Sireetl. $: Peter 
Port, G-wemsoy.C.I. 

T>-i: 24 2 1 . 1 ' 

Tole*: Guernsey J ioi7 
£-.3 31 it. ia^p-.on. St. M 3fir. 

au fArr.:!--: end Si. Ftrr- 3c sso.s 

Midland Bank Group Companies include: 

Midland Bank Trust Corporation (Jersey) limited 

\ar.<- w D. O. Fester. S Gsne-c! t.' nr.aqer ITa-stsi. 5. C-. Sister. Registered Office: 23-34 Hill Street. St. Here: Je-:e C.l. T-;l ; Jersey Control Tdsx: Jersey 4lo9o- 

■1.-. ...r- Te!^'. Guem-.cr 4153s. 


ALDERNEY 

f-V.n 3a-.-r. ['. loSueur 
J-.c Maragisrs 
f LJ Crenshaw 
Victoria £.i:eei 
• i i-3ern*v.il.l. 

tel Ai. - j..rncy 2293 


SARK 

Manager: D. U Suiwr 
Sub Manager: 

J.M.S. Tern.* 

Rue Lucas, Sark, CL 
Tel: Sart.SO 


Directors General 

Director & '3*?nc«jf Man jg-.-r. - • 


Midland Bank Trust Corporation (Guernsey) Limited 
n. Registered OHiee- 2- iiY:tt-. Stficr. Per. r Pair '3u*.-r:i 


particular, by the’ number jaf'.Vv . ±. _ __ 

UK and European yachtsmen AJUtplI l - I . >. - . ur»? be jaade'^dtAte^'/- 
artracted by the. island's .three... —«.■ subsidiary In addition the isfenis'h'ave^i 

marinas, and by lew-duty VAT, ^ 0 ^?v five^ears ^o ^- special relatitnis^^ 

free shopping that ndudes ^ ^ P i ea - EEC wheife\thejE^^-:for 

move into a new 4,000. SR &■ “ 5neraTmaDaSr ; to encourage the -small: amount 

factory because of MortoS^iere S* a - of sultSbll^e^^t mduSries 

especially from- mitrng Fredch. ^ B f ha f as hif^rkforce required to take up. any slack m 

yachtsmem *. . < .* it ! Se the labour mar^neither island 

There has .also been a. st*b- wnp™ v es its CTpaDuuy - f - offer any . kind, of 

stantial increase fi ^“ cial assistance.topptehtial 

insurance, h =. % 

and boat company management. Each island has set as ide;, a expan ding local ■ .colleges qf 
The range of craft; produced small amount of industrial fDrther education .- to help 
includes pleasure and cbmnier* development land and -special S( ^ool-ieavers prepare for the 
cial vessels of np to 60 ieetln local government departments expand lag -variety of new oppor- 
length including steel-, wood and deal with inquiries:- Tn Guern- tunities slowly opening up. 
fibreglass hulled boats. They sey these are directed to. M e,.- - ’Boll Baker 


include a variety pi racing Ron Barton, industrial develop* 



Greve de Lecq, Jersey. 


The property 


market 


ABOUT £50M worth of commer- 
cial and residential property is 
sold every year in Jersey and 
Guernsey. The figure has to be 
an estimate because, while all 
transactions are placed on pub- 
lic record, no one totals up the 
sums involved. 

In Guernsey a reasonable 
guide is provided by the amount 
of feudal cong& collected annu- 
ally on behalf of the Queen — 
as Duke of Normandy — and 
some 20 privae seigneurs. 

The congi. which is scheduled 
to be abolished, is an ancient 
2 per cent levy on land and pro- 
perty sales psiid.-to -the owners 
of the fiefs on which the realty 
lies. It raises around £350,000 
a year towards the Crown's local 
presence, which includes the 
Lieutenant governor and the 
prison, and an estimated £80,000 
for the private seigneurs. 

This indicates annual pro- 
perty sales of around £20m, 
although no one can be sure 
how much additional business is 
done by share transfer where 
eoTiffd does not apply. 

In Jersey the situation is 
monitored only by the privately 
owned fortnightly publication 
Paul's Guide to Jersey Property, 
which gives subscribers the 
basic information about all 
recent transactions, including 
the sum<? involved. 

Mr. Paul Ostroumoff, the 
Editor, estimates that, exclud- 
ing purchases by share transfer, 
annual sales average about 
£30m. 

The bulk of the business in 
each island involves the buying 
and selling of homes by 
islanders at prices starting at 
£10.000 to £12.000 in Guernsey 
and from £15,000 in. Jersey for 
government-built homes,..' or 


from £30,000 upwards for those 
in the private sector. Routine 
business also includes a steady 
turnover in ■ small- to medium- 
sized hotels and guest houses at 
between £50,000 and £250,000. 

With the exception of two 
recently completed commercial 
developments in Guernsey — 
Commerce House and Albert 
House — neither island has a 
great deal of office accommoda- 
tion on offer and rentals range 
from'£3 to £4 a square fout.- 

The more .spectacular deals 
involve the occasional sale of a 
commercial development where 
£'lm or" more can be paid by 
private or institutional investors 
St. Peter Port’s Royal Hotel, for 
instance, recently changed 
hands' it is thought for £lm. 
Wealthy ' settlers pay prices 
ranging from £70,000 upwards in 
Guernsey and from £100,000 in 
Jersey. 


Freehold 


Very occasionally an island 
might come on the market, too. 
There are three — ■ Jethou and 
Lihon. off Guernsey, which are 
Crown leaseholds tenanted by 
Sir Charles Hayward and LtXol. 
Patrick Woo'tton, and Rrecqhou, 
a Sark freehold owned and 
occupied since .1966 by Mr. 
Leonard Matchan. 

Almost all . property business 
is conducted through locally 
based estate agents and advo- 
cates and while there is a call 
Tor the Introduction of controls 
over agents, there is no lobby 
for a layman’s conveyancing 
system. " - " 

Some estate agents in both 
Jersey and Guernsey— and this 
in spite of the former’s -Regula- 
tion of. Undertakings .and^Tleye- 


lopment Law — claim to be 
worried about their expanding 
numbers — there are about 30 in 
each island. - . - r 

Mr. Fred Langlois, president 
of the Jersey Estate Agents 
Association; said: “ Anyone can 
set up overnight here - as .an 
estate agent and accept deposits 
from the public. These should 
go into a separate account, with 
the interest payable to the 
client. However, we do not' went 
to set np a closed shop, but a 
licensing system and some kmd 
of statutory indemnity arrange- 
ment, as in France, would help 
protect the publku” 

Other agents point to 'new. 
controls being proposed for the 
UK and already introduced in 
the Isle of Man which, they 
say. will.. leave • Jersey and 
Guernsey behind. So far, how- 
ever, their concern has pro- 
duced no- noticeable political 
support. 

The prospect of advocates 
'being affected by trends else- 
where towards a simple, cheap 
layman’s conveyancing system 
is remote because of the peculi- 
arities of the islands* laws. 
These include inheritance legis- 
lation dating back to Norman 
limes, and housing controls 
through which each island 
government regulates immigra- 
tion. 

CONTINUED ON 
NEXT PAGE 


Company for Sale * 
Wide objects £300. Apply 

Anthony Delaney 

10. Hill 5creet._ 

-St. Hefier, Jersey Jit 80 


NcV ' 

il-" r 


V 


n 
-line 



S’ 

i ‘ 




r ’lr “ 


^Vj!a v 


Hfl 




-■ £P» 




■ .y -. _. .. 









9ra 


^•y-u-y^nancial Times Friday June 16 1978 

II®;- THE CHANNEL 

f/- 

Tourism set fair 




19 




’.TBlE channel 


.---. ISLANDS But visitors also return to the 
.'.JiWWwIy escaped disaster in islands year after year because. 

■ tbis year when the in spite of the rising cost of 
"Ainpeo Cadiz went aground on getting there, they 
the coast of Brittany. At one tively cheao nlace 




— — u«-»-i wv S'*"® 8 rela- 

. the coast of Brittany. At one tively cheap place to take a 
• time: oil ' from the tanker was holiday and because, although 
'onljpr about 30 - miles from the the main towns have suffered 

and .1 ■ 


Hi? 


;omyr about 30- miles from the the main towns have suffered 
jjskjtxid** beaches, and emergency their share of modernisation, 
-^ateasares to fight the oil, includ- they still exude enough of a 
•• ing a fleet of ships armed with foreign atmosphere to make the 
equipment, were UK hniiii9«m*vi>r feel he is 


■sSi 

'-netu' - / 


ins . 

fdgspersant 
if^dp'Testdy for action. 


'•IV- 


■"!. -vr 


■■‘"J 


. ry 


S 1 **, 

>17» 




i ft*-" 


■v- lTr.’ 
3 W 


un holidaymaker feel he is 
■ajwgpiresuy jot action. abroad, while at the same time 

event, and with the Presenting none of the proh- 
favourable winds, the oil * ems Posed by a foreign 
^ttovefl: away, catastrophe was lan guage or strange food. 

• -averted and the islands breathed Although the cost of living on 
- "Vsi#i Of relief. For much was ^ islands is slightly higher 

- at 7 ;. stake. Had the oil come lhan iu the UK - the * ,sl . lor 

- -asbort: there would have been benefits from accommodation 
^queues of holidaymakers at UK tbat 13 cheaper than in com- 
-trawl. agents offices cancelling P arable resorts and also from 

bookings and looking for absence of 
. better , conditions elsewhere. ^ ch thata Pint of 

- ' And-this m a season that is not bl1 * er can JL os } ^SStnn 5 i^thl 
fctfbS to be the busiest that the and a ? add ? d 
islands have seen. du ^ free allowMces of drink 

- *■- , tobacco and perfume that may 

.-..-j Admittedly, sand, sunshine be taken back to the UK. Add 
«i.a the sea are not the be all t0 this an above average selcc 
-and end all of Channel Islands tjon 0 f things to 'do when the 



Williams & Glyifs 

knows how to 
help you in the 
Channel Islands 


Comprehensive banking services. 


Competitive rates on short and 
medium term deposits in sterling 
and currency. 


-and end all at Channel Islands tjon of things to 'do when the 

tourism, but they are a signifi- wea ther turns bad, and a range . __ Dlans t0 ind 

cant part of their attraction. 0 f evening entertainment that is France ^ other Continental hide in the cost of a pacKa^e p ^ ha 
•Hie beadies on both Jersey and adequate, if not spectacular, and count ri e s. 60 P" Crnt °[ * * unHdavs — as uneconom 

Guernsey are sandy and often the islands' continuing popu- Much ^ sajne sort of pattern come on pacKj B e nuiiu^. opeQ ; 

:iedudcd, suiting the young who la rity is not hard to account for. *' 1h “’' ,he QCLa 

want to- search fnr shellfish in inri« 


La Coupee which joins Sark and Little Sark. 


" was:' 


-•3n. 


indiuie a large i-nnfer- 
had to he abandoned 

uuLuca. t hoiidavs — as uneconom ie. a sports bail is 

e islands' continuing popu- Much the same sort of pattern come on no *JJJJ, ona | due to open .shortly. Many local 

. * «,rity is not hard to account for. can be seen fa Guernsey: and ihty mai.c - ive res jdents regard ihe place as an 

want to search for shellfish in indeed the suggestion made alterapts to gain revenue by trip to in. lix n h evesore. but in Tact it is hard 

the rockpoois, the sedentary last year that Jersey might soon extentiiag the season to run proposiuon ror i .u. ,.r « Mmnanhi 

-who want to sunbathe — the become too full for comfort in f PAn , Anril to 


! \ r •"T-l .. 




— T , me seueuiary last year mat jersey extending tne sea»uu LU 3r r. um ent is the to think uf a comparable com- 

■who want to sunbathe— the become too full for comfort in {rom Aprii l0 October, efforts in® jjrijnei 0 plex that blends so well into the 

islands regularly top the UK the summer season prompted t0 -^act conferences, active no * h h lo subsidise centre or a popular tourist 

-hours of sunshine list — or the the island government to pre- pron ,otion in other countries wlllt Jr. ones— and resort. 

energetic who enjoy swimming pare a Report and W[»sition because of the plateau in UK un charged Guernsey s centre, called Beau 

.and surfing. Regarding Tourasm, -whsch was arrivals. British Airways makes a loss on Se j our , has been designed pus- 

published last February. The What is surprising to the out- ] ^i an( j s services. si b] y wiih treater attention tu 

report concluded that there was slder i s the extent to which radiLiona n v the island pro ^ding ta>_ilities for the local 
no real possibility ^^oref^owd- Jersey and Guernsey pursue T d ]uve not per . jJ opulation during the winter 

ing and recommeudfidj hat the separa te paths in Promoting i t chafter flighls> part iy for m0 P nt hs. It includes a range of 
island should maintain the their wares . It is difficult to e -...-inn a concomitant halls that can be adapted for 


■*»b BjKf 






Jersey’s 

own 

airline 


We operate more 
- direct scheduled 
air sevices and 
more charter air 
services between 
- Jersey . and the 
"j j cbntment than any 
; other airline. 


wm 



..J irsey Gbinhellslands 




Teles 41389 


'--.' Phone 44171 


JERSEY 


island should niainBuj u.c lheir war e S . it u f of caus i n g a concomitant halls that can be adapted for 

industry’s contribution to the understand why they do not fear^o^ ^ ^ number ,»f use for sporting activities, con- 

economy (£70m at presentl at join together in the Continental . ^ led ^ts, which would f er ences. dinners, concerts, 
about its curent level in real marketing campaign, with, pre- oubtedly upset both rcsi- theatrical performances, etc., as 
terms. sumably. a consequent saving in financial com- we U as swimming pools, squash 

Any further growth in tounst co.st^ut this seems to be a dent. _ and wen^a ^ ^ ^ ^ 

traffic should be encouraged to political problem. The Rut" now it seems there is a its teething troubles, not least 

take place in the early and late markets now being tapped m- of bearti for jersey has during the political arguments 

seasons, and the report paid clude France-wito JP^ ,al d g dded t0 admit charters from that raged about whether it 

particular attention -- to the empb asis on day the nor th of England and the should be built at all, but the 

marketing of the- island ^. -BeJgium, HoUand fGuemsey) Mjdlajids; and it seems likely millionth visitor has just passed 

and rece “Gy. that Guernsey will follow suit, through its doors, and the 

{Jersey), and it is the ^wtii welcomed queues on a wet day in summer 

arrivals from these munmes The move s ator5 9 t0 a need folfiUed. 

that has 5J* *^J*»*5; but noncommittally by Jersey ' 
seeing a slight declin . nien w ho prefer io wait and fJunijnc 

five jearsagoUKviat^t ^ ^ i h „ cjfert the move has. V^lK-iiC 

fiJSJIs now only 76 Both islands realised Ion* These . ^ lieues are likely to be 
percent iJSU. T i^orlam ™Sn JS 

a ~ e ..y-rsa ga/~ 

toUiatite - " 

- the Continental initia- A r Q ea f ? or " 0 f /irge ^ te remed - v is availabl % F A *' 

*- “ -Vori nff a few years that the cheapest form ot large , that the roads on 

.ttro/wassgpar hotel is high rise, and such ■ ! slands are too narrow to 

fS-M Jersey 1 ^! {^Guernsey. °Inrtead " “ A -“s 

» is* soe5t 7 ; “ » 

.?? that 197S is But the major investment in bringing their own 

SSf *KS any reoords - tourism made in the islands UK. A road 

|- f »y afor f — sf'f^rr^dt 


Medium term mortgages for Channel 
Island .residents. 

Company formation and management 
International investment management. 
Trusteeship and executorships. 


JERSEY 

FO Box 64, 6-7 Mulcaster Street, St. Helier. 
Telephone: 0534 27351 Telex:41363. • 


LOW TAX AREA. 

We specialise in tax .. planning 
and advice. Coro pan/ -tormation. 
secretarial services,. otJimnee 
appointment. ■ General ^ebunt- 
ancy work. ' 

MA.C. Office Seryicfefr l-i rf-. 

10. Hill Sc.. St. HilW' ‘ 

Jersey J4853 



fiOHNIE RONAL- . 

V Horn./ • 


GUERNSEY Tefc 0481-388S9 

Heated. ' pool, -Jennis, putting-, «, 
barsr^anclng. 
fatplly' suites 


lem that may well become more 
serious during the next few 
years: labour. Each summer 
the islands have to rely on 
imported workers: most of 
those io Guernsey come from 
the U.K., but Jersey imports 
around 2.000 Portuguese. For 
one thing these workers have 
to be housed by their employer. 
Channel Islands accommodation 
being otherwise too expensive: 
for another many employers 
are worried that the increasing 
activity by trades unions will 
force wages up and hours down 
to an extent that wilt be re- 
flected in higher prices: and 
the risk exists that if Portugal 
was to join the EEC its workers 
might find more attractive 
opportunities in West Germany 
or other EEC countries. 

But none of these factors is 
a potential source of disaster. 
For the immmediate future the 
prospects for Channel Islands 
tourism are set fair, and the 
respective tourist organisations 
seem to have it well within 
their power to ensure that the 
climate does not alter for the 
worse. 

Colin Inman 


GUERNSEY 

PO Bos 62, 22 High Street, St. Peter Port- 

Telephone: 01S1 23074-5 Telex:'41607. 


WILLIAMS & GlYN’S BANXLTD 

The most flexible of the big five banks 


a* 


guernsey 

FOE SALE 


Attractive small Manor House, complete with ilalf 
rural *area . 15, hi?s properly off e rs C a ^n^ique^oppol^mRy ^ 


For further selection of various properties contact: 
Nr. Pat Donaldsou 
SEAYIEW ESTATE AGENCY 
5 The Salerio. St. Peter Port. Guernsey 
Tel: (0481) 24703 or (0481) 45940 (after hours) 




IllERRE sanban, 


Fine men’s knitwear. 
Manufactured in Jersey, 

■ the Home of knitting 

and exported throughout 
the world. 


PIERRE SANBAN. 

is the registered trade mark ot 
Channel blends Knitwra^ompeny Itmite 
St.Helmr Jersey C-L 
a Wished 1905 


ijt U 

exchange rate oE me opau«n «•»»«•••- r* :L f-i - „'«• many ways would be a negation 

peseta which is attracting a lot the islands denj it—is m lei,un. ^ ^ sorT of tou rist cnviron- 
tourists. centres. Jersey s Fort Recent t lhat tbe tslaads present. 

f f^ U thPn there is the vexed is a massive entertainment and j short . te rm remedy 

^ *2 2r .nd” is sports complex situated in the likely to have any 

m whS there is 150-ye,noia fort in the centre put up . 

U«» to««SenrhetweoD .ho of St. Helier. Fne.llue, Include i3nposts „ ere d 

iwnfis^thev are high. It costs swimming pools. sauna, j east this would reduce 

~ ^ «“E? a one 

%£ e S tfZfJSSft c&tZTvS ^°ciu r b“ lU.ou«h Atul there is . further proh- 



One of Jeree/'s fine* 


Property 


Brown Shiplry, through whoUjHJwned ™badiari«m bo* Jersey 
and Guernsey, can offer a full range ot banking services to bo 
residents and non-residents of the Channel Islands. 


Our Jersey Trust Company can arrange for the formation, 
management and administration of companies. 


A complete investment management service to 2P“J . 

private clients is available. The Brown Shipley tafanK Bond Fund 
has recently been launched in the Channel UnA jand w gicd 
principally for non-residents of the United Kmgdom, with ^ , 

Eives tment advice being provided by Brown, Shipley & Co. Limi ed, 

London. 


If you would like further advice on the Channel Islands, please 
write to or telephone:-— 


CONTINUED FROM PREVIOUS PAGE 


Introduced, after the war as islanders and different -j by government, 

a means of reserving as much of control. build . 113 programmes, private 

low-cost residential property as Newcomers to Jersey must lluiU)lll?i and more recently by 
nossihle for bona fide islanders, jj ve on the island for ten years ^ (ntr0 duction of long-term 
the laws have been regularly before they can lease property. houJ( . ioan scbe raes by several 
tightened to the detriment of an d a further ten years before ban ^ 

DOtential immigrants most of they can buy— with the extep- . - ju , M f the 

whom come from the UK. tion of those born on the island, •/ ’ f ^JK building 

And the trend is for- these essential workers, and the which ar e prevented 

controls to become even tougher wealthy settlers. .... 


Brown Shipley (Jersey) Limited . . 

Brown Shipley Trust Company (Jersey) Limited 
Channel House. Green Street, 


ua uwu — — - — 1 

Channel House, Green Street, 
Tekph«me?W34 Qersey) 74777 Telex 4 18105 


Brown Shipley (Guernsey) Limited 
Channel House, Forest Lane, 

St. Peter Port, Guernsey 
Telephone: 0481 (Guernsey) 23069 


ifowiv Shlplif & € 0 . Limited 


LUUUUU . — 

as the population continues to 
. . m .Thrwv and 


i.v V K law from extending 


Linues to Also a n property transactions i. tan ds. an estimated 67 per 
rise. Typically, Jersey and are sub j C ct to the consent or L . en , ., t - ^ residential properly 
Guernsey have gone different the bousing committee, which Jn ( ;, iernsey j S owner-nccupied. 


Founders Court, Lothbury, London EC2R 7HE 


Guernsey have gone different the bousing committee which jn i; , iernsey owner-nccupied. 
ways in tackling the problem, e^-pects to intervene in 100 cases whjK . - he fi a ure f or Jersey is 
and each island uses Us own year where it is unhappy arou| , a eo per cent, 
legal yardstick to identify about t he price or other factors. verthelc ss al present 


si 


™»d vision «Ki management 



, about the price or other factors. _ . verlhe iess at present 
Guernsey does not have thts „Eo fall 

_ outside tiie scope of island 

Also in Jersey, and again nrjveri ^uient loan schemes, and 
unlike Guernsey, all applica- * ht) ure feting rising property 
tions from wealthy settlers are iceCi s tm find it difficult to 
vetted. The process includes produce deposits of around 20 
j being able to prove an annual ,-ent sought by most private 
local income-tax liability of at H ■ 



' Channel Islands . 7-3741 Telex: 41666- 

Telephone: : Jersey - 

provideboth. 


OFFICES ALSO AT; 

King &Shaxson Managers 

assssuHn*!®!* 

Peter Port. Guernsey- 


king & Shaxson Managers (l.O.M.) Lid. 
1 Thomas Street, 

Douglas, 

Isle of Man. 


raortg-'ge schemes. 

With new building land tir- 
tua.Hy exhausted in Jersey and 
hi \iry short supply in Guern- 
gf.y both islands ere having tn 1 
l„iik luwards the creation of 

__ __ more fiats, mainly by cncourag- 

soiu'eone who” lived permanently in j. the convcrsum of ^rs*' 


least £ 10,000 a year coupled 
with the purchase of a house 
' g more than £ 100 . 1 ) 00 . 
15 new applications are 
ed a year. 

Ciuemsey an islander 


someone wno m eu in# *■ ' , . 

I on the island between January res jdcnees. or guest houses. 

I . .non t .,«a 30 tiiST and .\< might be expected, me 


M.L.DOXFOKD & CO. (JERSEY) LTD. 

Commodity Brokers 


in association with 

AL L. DOXFORD & CO. LTD. LONDON 
members of 

The London Commodity Exchanges 


1939. and June 30. IU57. and An t -'“' vv vts, „ n , 

on July 31. 196$. These are property situation is ditrereoi 
| sometimes refer,rcd to as the asa in in the more outlying isles 


ometimes rerer/cu 10 <i 5 ^,n .. 

magic dates.” Everyone else of Alderney and Sark wmen 
—including many expatriate have no housing control laws- 
jetand-bom — must, unless living Alderney, where on average 

w!ttanT^d“, occupy lods- abuui 40 of ’the 500 properue, 
inas obtain a licence, or buy arc on the market at an> e 

properties from an open register tim e. it is unusual for even 
houses, mostly already the most modest to sell for less 

piedi, than £ 20 , 000 . 

iere is little doubt that Newcomers need to IhinkJD 
» controls, while perhaps terms of laying out at least 
controversial— o n e Guernsey £25.«»u0 to £30,000 for anything 
disnute has gone as far as the substantial. 

Commission nf Human Rights Because of its feudal strut- 
at Slrashourg— have helped tuK , there are only freehold 
preserve homes for local people, properties in Sark, each with its 
And in Guernsey it is claimed ott . n hereditary seal in the 
they have helped to keep prices band's parliament. Chief Pleas. 

Bob Baker 


down. ... 

Housing problems, which 1U 


Discretionary Investment Management 

Syndicate Formation & Management 

Commodity Brokerage Service 

Market Makers in Krugerrands^ Silver Bars 
and Platinum Ingots 



Commodities are a natural part : oTany investment portfolio w "?*2Sva1kSSS«8 otwrite m 
do it for vou. For further information please telephone Viscount \ uuen o *3 

ALL. Doxford & Co. 0«Rey) Ltd., 13/14 Channg Cross, bt. Helier, jersey. 








20 




Take-overs and 


ee 





the myth 




BY GEOFFREY OWEN 


MANY PEOPLE agree in prin- 
ciple that employees have a 
right to he consulted about 
mergers and take-overs, but it is 
difficult to devise machinery 
which allows them to exercise 
this right without damaging the 
interests of shareholders. In the 
absence of such machinery 
employees have found a surpris- 
ingly effective way of frustrating 
mergers which they do not like. 

This is to put pressure on the 
Government to refer them to 
the Monopolies Commission. At 
the very least such a reference 
will delay the proposal: in a 
good many cases the bidder will 
give up. 

Dispassionate 

A classic case was the Asso- 
ciated Engineering bid for Serck 
hist year. The employees kicked 
up 2 tremendous fuss, threaten- 
ing nil kinds of unpleasant action 
if the bid went through. While 
there were some other factors 
which might have justified a 
reference, the Government was 
impressed by the Serck workers’ 
case: it was felt that a Com- 
mission inquiry would give time 
for tempers to cool and for the 
anxieties of the employees to be 
examined dispassionately. In the 
event. Associated Engineering 
dropped the bid after the 
reference was announced. 

The Government is now faced 
with a similar case — fee hid by 
Tenneco, one of the largest U.S. 
conglomerates, for Albright and 
Wilson. Some trade union 
officials have objected to the bid 
and the Government, with an 
ejection in the offing, has no wish 
to cause needless offence. But on 
any other grounds a reference 
to the Commission seems quite 

unnecessary. 

For one thing, Tenneco 
already has effective control of 
the British company through its 
holding nf just below 50 per 
cent. If the Government was un- 
happy about Tenneco's influence 
mv*r Alftrizhl. a reference to the 
Commission could have been 
made some years ago; it is hard 
to see what public interest 
issues are raised by the move 
to 100 per cent control. 

In the late sixties and early 
seventies Tenneco made a large 
and risky commitment to a com- 
pany which was in serious 
trouble: the American investors 
helped 10 steer Albright through 
the crisis. For the Government 
to turn on Tenneco now seems 
unreasonable and unfair. 


Moreover— and this is an 
important consideration — a refer- 
ence would imply a partial 
acceptance by the Government of 
the chauvinistic arguments used 
by opponents 0 f the bid. It would 
be regarded by other foreign 
investors as a significant change 
in official attitudes. 

Successive UK governments 
have consistently welcomed in- 
ward investment by foreign, 
especially American, companies. 
Very few bids by foreign com* 
panies luve been referred to the 
Commission. OF those that have 
been referred, almost all have 

been cleared. 

The only case where a foreign 
bid was rejected largely because 
of its foreign-ness was the offer 

by Eurocanadian Shipholdings 
for Manchester Liners and Fur- 
ness Withy. There the Commis- 
sion found that service to British 
shippers would be adversely 
affected if Manchester Liners 
was controlled from abroad. The 
bid might disrupt the conference 
system and the new owners 
would be less likely to order 
ships and containers from UK 
suppliers. 

None r, f these dangers apply 
to Albright. One. suggestion 
which has been put forward is 
that Albright is an important 
British chemical company and 
that it is in the interests of the 
nation that its *' Britishness” 
should be preserved, at least to 
the extent nf retaining a targe 
British shareholding. In this 
way the power of the controlling 
shareholder is somewhat 
reduced and Albright’s ability 
for example, to play its part in 
the industrial strategy is thought 
to be somewhat enhanced. This 
seems an extremely tenuous 
argument, especially when set 
against the importance of en- 
couraging inward investment 

New procedures 

The real problem with cases 
like Tenneeo-Albright is that the 
merger control arrangement are 
being used for a purpose that 
was not intended in the legisla- 
tion. If we want to move to a 
position where the consent of 
employees has to be obtained 
for merger proposals, as is the 
case in some other countries, 
then procedures should be 
established for that to take place 
within the companies concerned. 
Reassuring employees about the 
consequences of a merger is not 
an appropriate job for the Mono- 
polies Commission. 


MERSEYSIDE 


MERSEYSIDE has had its best 
industrial news for some time 
with the announcement that 
both the General Electric Com* 
pany and Lucas Aerospace— two 
of the concerns involved in 
recent major closures in the 
area — are to invest in new 
plants. 

GEC, after settling its dispute 
with the Government over the 
terms of assistance, will be 
getting £5m towards the £18m 
cost of a new furniture factory 
which its Subsidiary, GEC- 
Schreiber, is to build at Run- 
corn. Lucas, too. will be receiv- 
ing very generous Government 
aid in return for switching its 
proposed new aerospace equip- 
ment plant from Birmingham, 
the site originally chosen, to 
Huyton, where it will be spend- 
ing £I0.5m on a purpose-built 
plant. 

The two new projects will 
together create only about 1.200 
jobs, compared with a loss of 
more than 2.000 through the 
two earlier closures. But the 
moves none the less are highly 
welcome on Merseyside, not 
least because they are seen as 
evidence that the area has not. 
fairly or unfairly, been placed 
on an industrial blacklist by 
potential investors. 


For, as a recent rcpo rI *-' on1 ' 
missioned by the Department 
of Industry pointed out. ti ,c ‘ ro0t 
of many of Merseyside's prob- 
lems is now its poor imS£ e 
the mythology that li as S r own 
up surrounding its industrial 
relations performance. ’’ What- 
ever the facts are on the area’s 
strike record the allegations of 
poor industrial relations are 
now levelled so frequently, from 
so many different quarters, that 
the refusal of many people out- 
side Merseyside to believe the 
facts must now be regarded as 
a fact in itself.” the report, by 
PA Management Consultants, 
concluded. 

Not justified 

The consultants, who were 
called in to try and suggest 
ways of helping inner Mersey- 
side. believe the image is no 
longer justified, despite the re- 
cent dispute at British Leyland 
which triggered off the closure 
of the Triumph Speke No. 2 
plant. The damage, they believe, 
was done some years ago in the 
docks, the motor industry and 
some other subsidiary opera- 
tions transplanted into the area. 
“In most cases the rent cause 
of the battles has been the 
maintenance of jobs in an 
economy which was gro>siy un- 
balanced and characterised by 


BY RHYS DAVID . 

over-manning, casual labour 
policies of declining industries, 
and lack of alternative oppor- 
tunities. to a much greater 
extent than most other parts of 
the country.” To the extent 
that a shake-out had to come, 
the report claims, it has already 
happened. E\ _ en in the docks 
the labour relations record over 
recent years has teen vastly 
better. 

It is a view for which there 
is also a large measure of sup- 
port from industrialists on 
Merseyside, evidently not all of 
whom find labour relations con- 
suming most of their time. Mr. 
Leslie Young, deputy chairman 
and managing director of J. 
Bibby. the Liverpool-based 

feedstuffs and paper group, 
claimed recently that labour 
relations in bis company were 
romparable with the best com- 
panies in the country. 

Nevertheless, although the 
image of constant industrial 
strife may have outlived the 
reality, there remains a fear 
among potential investors that 
operations in the area may be 
bedevilled by allied problems 
such as absenteeism, lateness, 
low productivity, deliberate 
over-manning, demarcation, and 
lack of flexibility. 

The suggested solution to 
such problems is a novel one — 
an industrial relations charter 


mm 


^ttfHnytooT 




drawn up between management 

and unions which vraiW have ; ~\ . 

the aim, in part, of stopping 'ft 

abuses and ensuring that ail f ~ .-.JpOSScS 

disputes were negotiated within ‘ V 1 — V ! 

agreed constitutional - . pro- . % N[.. ~V . 

cedures. The charter shnukl be - ! V,_ :V 

initiated at local TUC/GBI JOvel ‘= T 

and then adopted at plant lever ■ & 

by management and unions. -The 

machin ery would Include- va .‘ o'-- 

quick-reacting, formal ■ • ^ is part of the EEC W 

munications link ’ *-1*m .^ n gone. . v : ” 

employers and unions, as wett;:^ reoort suggests sopie 
as informal .Jinks at a vejy e^ng pf the industrial 

senior level between the two nt nachahecy «xr 

sides. Both parties would- also _ a suggestion that 

agree. and extensav®Irpubhd^ .. y to be largely in 

a sound grievance procedure. ^ result of the creation 

Such a development ©mid t*E the Dew Merseyside County 
clearly bring benefits in . the Economic Development Office;. _• 
longer term, but as far as the ! v- There are neverthelew a 
immediate problems of fee airda twmh w of recommendations 
are concerned the report tends at Government 'wftich 
to confirm feat there is not hutch the Department of Industry w(ill 
that is not currently being; done, no doubt be considering.: 
and feat shortages of lafrd. ^m phasis Is placed, as in a 
skilled labour or inducements! .number of previous reports on 
are certainly not a major part-Merseystde, on the part played 
of fee problem. Some cherished in the local economy by: fee 
notions are also dismissed. T8e. ppph . 

idea put forward by the Liberals : ; dear that the port must 
of a free port on fee Mersey! js play a major role in any regu- 
feought unlikely to brihg^kigK-^ Lafion. There is a need for 
stantial benefits. Such a develop* ftrther concentration , on 
merit, would be years too late-; specialised activities and, re? 
and has in any case lost’nrach newal of facilities. But this 
of its relevance .now that _would require capital invest- 




Star;- '<•/» . wUS^.:/ -i '■ T l Y 


inept! c^ia.scale ^prapois -. J _ 
titia to . St^^y -Bqcks'taiifi " >• 
jt&fifcoeY; * e&ppaoyyl Vprbfi£ :t 
generating potstft&L >It weuldr^ 
be desirable - ~ 

d«sMfied.^*a as/a'wfr. ~ 

vice indiistiy-.-'t n jMspg yfin the: -; 
same, basis . as ,ihapuf adoring " ' 
industry,, feough •'feis ' woOM • 
ne^l Gwenupenl action. 

Whether - fee' Comment * 
-would -~be prepared toy make' 
funds avafl^fiejSfOT'tii^ . puF!^ £. 
pqsedv^-.mid^yabtii^ Its’, Inner 
city, programmed : ifi .’-dqubtfiiL\ 't 
however; as feere would neariy*.; 

receive slmtfar freatinenL. 
Government -is. 

instead fe: fee-aid- it :has . 

GpC, Lucas ! :and ! , otfier^ mantf-y ' 
faeferers- tqwards j.lnye^neat; V". 
as evidence of fe e.-^p^rort 'iV: - . 
is: givfeg W<ffi 0 .!m«a:. t$o 
‘stiU looks as'* thotigh-. sOfirtfoos' -.- ' 
will have te come : fimm.wifeiH 
the tire*:! .'C* 


Northleach will like today’s 
stiff seven-furlong course 



JOHN DUNLOP, whose Derby 
winner Shirley Heights was 
yesterday the subject of further 
good Irish Sweeps Derby 
support, looks to have the 
answer to today's Waterloo 
Handicap at Sandown in 
Northieach. 

This chestnut colt by North- 
fields. the sire of North Stoke. 
Northern Treasure and Oals. 


RACING 


BY DOMINIC WIGAN 


showed notable promise in his 
sole two-year-old race when 
making the running before 
lirios in a six-furlong event at 
Lingfield. 

It came as no surprise when 


m 


he woo at the first time of 
asking in 3 similar event 
recently. 

Sure to be ideally suited by 
this afternoon's stiff seven 
furlongs, Northleach— who had 
anything but an easy passage in 
gaining his Brighton success at 
the expense of Almighty — 
appeals as a sound bet to con- 
tribute to Willie Carson’s title 
push. 

Two other possible winners for 
the onetime champion are the 
twice-raced Eyelet and that 
tough handicapper, Topbird. 

Eyelet, a chestnut filly by 
Sharpen Up out of the Sky- 
master mare. Skyey, will relish 
any further rain before the iune 
Fillies’ Stakes, while Topbird. 
among the six runners for the 
HWFA Williams Handicap, will 
also be in her element should 
the going further ease. 

Judged on her victory in New- 


market’s Babrabam Handicap, 
the Royalty four-year-old should 
not find it hard to confirm 
superiority over fee 1* lengths 
runner-up. Georgian Girl, whom 
she meets on 4 lbs better terms. 

A greater danger could well be 
Mint, in receipt of 6 lbs from 
Topbird. 

SANDOWN 
2.00— Eyelet 
2.30— Topbird 
3.03 — Northleach** 

3.40— Hatched 
4.10— Smarten Up 

4.45 — Fine Blue 

YORK 

2.15— Nicholas Grey 
2.43 — General Aliy*** 

3.15 — Clwyd 

3.45 — Whoconnedwho 

4.15— Gemlniani 

4.45— Tardor* 


’ - r ' . 1 N . '-*T t. - * . 

; ' '!•••.., • V v. i •?-; - ; i 


DENVER, Colorado; Jnne ifi! standing amateur golf in felKrougb aud dropped^strtikfe.Seie 
HALE- IRWIN, fee 1874 dSampioii^rea, just how to judge the flight /to .xetoru to 
bom less than. 50 miles -from here, of - the bail — generally speaking _ Jack JvicklatB . ngs nig:?, 

became- fee early leader in feed flies 7 per cent, further- fean ftrst Tound wfe _fe>o^^rW-pa^ > 
first round of .U.S. Operf Chains at- pea level. . - : ’ T<md .^tspn took .4d . strokes to , 

pionsKp here today when, -he - So it -was no surprise to me'Tbe f urn, an a at tne-taat.wmt a - - 
brought in a fine ^core of • two:: When he birdiedfee sixth '-and .hirdie et the 584Vyards^llfeviwas . 
under par 69, playing alongside seventh holes to- go two under ^“5 over par and . 

another of fee most fancied par. a position he maintained fqf > The* 7. U-S. Golf -' ASwiautm. 
players, . South Africa’s . Gar^; the rest of fee. round. 'Earlier ^threatened prompt^ actfan- ir 
Player, who dropped a strdKe- to . Player h3d been- the leader at feere was_ 

nsr sf the final hnlp tri hp rannit-ilia osrmo fimire afisr birffies at. Were^SgOOdaS their WOtl Autt-. 


more feaT^lf fee "uSmS fewaTd half. 

has yet to go out-are an 18-yeals Ulampett a slight yofeig man. 

aid first year student at Brigham who weighs only ; 10 . stone,-, xs ^ 

Young University; l&-year-old obviously destined for stardom,. Penalised two strokes on. the lfith 
amateur Bob Oampett; and the haying won this -.year’s. All- DOie^ _ ■ 

experienced professional And,, 



North on 70. .. • r^-V-. ! 

Alongside Player '-;.. Ss l;^ 0&>: 
younger of the two . WadWns 
brothers, Bobby; .feamts hftio 
small part to aliole in.ene atthe 
208 yards 15th hole 


GOLF 

BY BEN V/SJGHT- 


Conditions can hardly cvct American University “Toiirira- partners, 
have been more perfect for gofi^ m j nt and la^t year’s State • Crenshaw, 


. : • • He bad been oat m 38 shots' 
"’ against the 45 taken by one of 
his partners, who shall; remain 
nameiess-7-an :• ... .• amateun^-antt-. 
. r - Tmp a g lia - ' went to._: pieces . com- 
pletely. taring 47- shots including 
-•• the two penalties to get home in 
T 83 to fee 87 and 82 -of .his 


t Indicates programme in 
black and white. 

BBC 1 

fi.-l 11.7.53 am Open University. 

10.43 You and Me. 11.05 - For 
School..,. Colleges. 12.00 Cricket, 
Second Tte.st: The Cornhill Insur- 
ance Tesl Series: England v. 
Pakistan. 1.30 How Do You Do? 

1.43 News. 2.05 For Schools, 
Colleges. 3.00 Cricket, Second 
Test: England v. Pakistan. 3.33 
Regional News Tor England 
(except London). 3.35 Play SchooL 
4.20 Scooby Doo. 4.40 Take Hart 
5.00 The Mole and the Egg. 5.05 
Tab* 1 ha 5.35 R no barb. 

5.40 News (London South-East 
onlyi. 

5.55 Nationwide. 

G-20 Nationwide. 


6.55 World Cup Report 

7.25 The WonderfuJ World of 
Disney. 

S.15 The Black and White 
Minstrel Show. 

9.00 News. 

9.23 “ Professional Foul,” play 
by Tom Stoppard. 

10.45 Tonight (London and 
South-East only). 

11.13 Regional News. 

1L16 The Late Film: “For Love 
of Ivy" starring Sydney 
Poitier. 

Ail Regions as BBC 1 except at 
the following times: — 

Wales — 11.05-11.25 am For 
Schools. 130-1-45 pm 0 Dan Y Mor 
5.05-5.30 Tel iff ant 5.55-6.20 Wales 
Today. 10.45 Kane on Friday. 
11.15-11.16 News for Wales. 

Scotland — 5.55-6.20 pm Reporl- 


F.T. CROSSWORD PUZZLE No. 3.694 



ACROSS 

1 Appear less than one minute 

in course (Si 

5 Dismounted and clicked 
(3, 3) 

10 Composition for musical 
group, just one in a book (5) 

11 Spike must accept wrath from 
North African (9) 

12 A parly sailors met round 
the north providing decora- 
tion Ol 

13 Legally adequate state cover 

(Si 

14 Colloquially very strong (6) 

15 Mode-1 soldiers go in vessel 
(7) 

18 Potential spy could be under 
or over rails (71 

20 Ash or elm partly on land f6) 

22 Visual dispenser of spirits (5) 

24 Where dishes are made wife 
carnivore in pies (9) 

25 Bawd giving professional 
remedy to ship (9) 

26 Pleased with eastern opening 
in wood (5) 

27 Read back about two pages? 
That’s neat! (6) 

28 Endow people and start 
tailoring ceremonial garment 
(S) 

DOWN 

1 Refusal to transact business 
round Northern Ireland (6) 

2 Instrument for chap on party 
line (91 


3 Uninformed and missed by 
the photographer (3, 2. 3, 7) 

4 Glutted, i.e. with tasty mix- 
ture (7) 

6 A fraction too much to drink 
(3. 4, 3, 5) 

7 Gold feat is left in window (5) 

8 What cricketeers may be 

doing for a novelist (.8) 

9 Like soldiers marching on 
foot (6) 

16 Grow micro-organism in a 
trial experiment initially (9) 

17 Legally precluded stop in 
stormy deep (8) 

19 Weapon for soldiers on jetty 

20 Performer m part is terrified 
(7) 

21 Agree when posted (6) 

23 Soldiers and wbat they do 
With colours (5) 

Solution to Puzzle No. 3.693 


an E E 5 G 0 S Sa B Cl CIB 

E Cl n-n--?; E -Pl'.-EJ 

aEGBESJEG BESIl BE 

□ m e mm- a m g 

EQB0S EGBEEEE0G5 
i E - 

EOSBBB' EEESESE 
J • B. F 
EDSBEBJE ^EaQEEiS 
E: m l 

n e s -n>0v-a--: 5 ci 

EnBdQS SBElBHOEn 

n h - 0 ra n b 
ESESgSBQ 


ing Scotland. 10.45 Breathing 
Space. 11.15-11.16 News for 
Scotland. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.55-6-20 
Scene Around Six. 10.45 Lifetimes. 
11.15-11.16 News for Northern 
Ireland. 

Eng 1 and — 5.55-6.20 pm Look East 
tNorwich): Look North « Leeds. 
Manchester, Newcastle); Midlands 
Today (Birmingham): Points West 
(Bristol); South Today (South- 
ampton): Spotlight South West 
(Plymouth). 10.45-1L15 East 

(Norwich) On Camera: Midlands 
(Birmingham) The Grass is 
Greener: North (Leeds) Royal 
Sandringham: North East (New 
castle) Friday North; North West 
(Manchester) Champion Brass: 

South (Southampton) Cusden on 
Location: South West (Plymouth) 
Peninsula: West (Bristol) Life 
Story. 

BBC 2 

6.40-7.55 am Open University. 

11.00 Play School. 

11.25 Cricket, Second Test: 

England v. Pakistan. 

2.00 pm Tennis: The John 

Player Tournament. 

4J0 Cricket, Second Test: 

England' v. Pakistan. 

6.35 Open University. 

7.00 News on 2 Headlines. 

7.05 That’s the Way the Money 

Goes. 

7.30 Newsday including West- 
minster Report. 

8.15 The Money Programme: 
Can Britain manage? 

9.00 M. R and 5p (Fivepenny 
Piece with Mike Harding). 

9.30 Inside Story 

1020 The Devil’s Crow n. 

11.15 Late News on 2. 

11.25 Cricket: England v. 

Pakistan (highliehts) and 

11.SS Rue by Union: Australia v. 
Wales. 

12.35-12.45 am Music at Night. 

BBC 2 Wales only— 7.05-7.30 pm 
Heddiw. 12.35-1.00 am That’s fee 
Way the Money Goes. 

LONDON 

930 am Schools. 12.00 A Handful 
of Songs. 12.10 pm Daisy, Daisy. 
12410 News plus FT Index. 12.55 
Help! 1.00 The Better Sex. 1.30 


RADIO 1 

(S) S miwUw hIi broadcast 

SJK a-m. As Radio 2. 7J2 Dose Lee 
Travis. 9.00 Simon Botes. 11.11 Paal 
Burnett including 1230 pm Newsbeal. 
2.00 Tony Blackburn. Ol Kid Jenson, 
in rinding 5J0 NewsbcaL 730 The 
Midmir Follies Orchestra (S) (lulus Radio 
2i. UJB Jobs Peel iS). X24XWJ2 am 
As Radio Z. 

VHP Radios 1 and 2 — 5 JR am With 
Radio 2 Induuding L55 pm Good Listen- 
ing. 1ILOO Wnh Radio L 12JXWJQ am 
With Radio 2. 

RADIO 2 L500m and VHF 

5JW am News Summary. 5.02 Ray 
Moor? (S) with The Early Show, includ- 
ing MS Pause for Thought and &4I Sports 
Desk. 1J2 Terry Woxan iSi. including 
7JO. Sports Desk. gJS Golf: LU. Opun 
(report*. SJ7 Radwc Bulletin. LAI Sports 
Desk and S.B Pause for Thought. U.BZ 
Jimmy Young <Si. 12.15 pm Waggoners* 
Walk. 12-30 Pern Murray's Open House 
(Si. Including 1A5 Sports Desk. 2.30 David 
Hamilton <S>. including 2.45 and 3.45 
Sports Desk. LR Waggoners Walk. 0.45 
Spoitn Desk. <L50 John Dium iS>. birtnd- 
Inx SJS Sports De«k and t-02 Cmis- 
rhannel Mniorfna Informaiion IJ1 world 
Cup Spons Desk. 7.02 The. Mldnlte 
Follies Orchestra and Sweet Siibsntiite tn 
Band Parade (S>. tncindlng 7J0 Sporn 
De*k. 8.02 John Greanry condocts the 
BBC Radio Orchestra (Si. BAS Friday 
Night la Music Night (S' 535 Sports 

Desk. 184)2 Free Spm UJO Let's Go 
Lann with Ronnie Hazlehurst Satin 
Latin. 114? Spons Desk. 1345 Peter 
Clayton imrotlun-s Round Mldnrghf. 
including 3240 News and Golf report. 
246-242 am News Summary. 

2 Medium Wave only. 

RADIO 3 464m. Stereo & VHF 

645 am Weather. 140 News. 7.05 


Crown Court. 2.00/ Money-Go- 
Round. 2.25 Racing from Sandown 
P?rk. 4.0u Tribute to Industry 
415 Golden Hill. 4.45 Fanfare. 5.15 
Emmerdale Farm. 

5.45 News 

6.00 Thames at 6 . 

6.35 Crossroads. 

7.00 Winner Takes All. 

7.30 The Pink Medicine Show. 

8.00 The Making of Star Wars. 

9.00 People Like Us. 

10.00 News. 

10 JO Police Five. 

10.40 Russell Harty. 

11.40 How to Stay Alive. 

12.10 am George Hamilton TV. 

12.40 Close — a painting by 
Velasquez with music by 
Rodrigo. 

All 1BA Regions as London 
except at the following times:— 

ANGLIA 

12-55 pm Anglia News. 4.00 Cartoon 
Time. 5.15 OiaMerfcm i.OtT About 
Anglia 10.30 Probu. U.D3 l-rlday Lair 
Film: “ Attack! " starring Jack palancc. 
Ed«1ie Albert and Lev Marvin. 1245 am 
Your Music at Nie»i 


12-50 am ATV Ncwsdc-sk MS Tbo 
SuIUvaiu 5.15 Breakaway: Cowgirls and 
Skaicbords MO ATV Today, lb-30 The 
Friday Night Film: Pnnl>ticc and the 
Pill." siarrLns Deborah Kerr and David 
Niven. 

BORDER 

tl240 pm Border News. 5JS The 
Partridge Family. 640 Lookarouad 
Friday. 10 JO Border Parliamentary 
Report 1140 Laic Mam Film: 
" Reveuge.** siarrinc Jamu> Booth and 
Joao Collins. 11240 am Border News 
Summary. 

CHANNEL 

U8 pm Chaoncl Lunrhnnie News and 
What's On Where. 640 Ho port. At Six. 
10 JO Channel Lale New s. 10 jj .Summer 
Of 'TS. tU.OO Laie Mubi movms: A 
Child Is Watting." 12.20 am News and 
Weather to French. 

GRAMPIAN 

043 am First Thing. 12.50 pm Cram- 
plan News Headline* 6.00 Gramlan 
Today. 7.00 The Enii-nalm-rs: LabJ SiRre. 
10 JO Reflections, (olkmctl by road report. 
10J5 The Friday Film- - 10.S0 pm 
Summer.” starring Melina Mercouri. 
P«pr Finch and Romy snmeWer. 
12J0 am Grampian Late Kishi Headlines. 

GRANADA 

2240 pm This Is Your WgbL 040 
Cartoon Time. 5J0 Whai’s New. 505 


Overture iSi. 840 News, bjjs Morning 
Concert <S). *J» News, v.os This Week's 
Composers D'lndy nnd Dupdrc (S). 040 
BBC Northern Ireland Orchestra iS'. 
10.J5 Young Arilsis’ Kenral >Si. 
1125 Crlckei— Second Test' Enalaud v 
Pakistan, mcludlng US pm News. LOO 
Play bill and 240 Luncbume scoreboard 
1640 Lifclinui: Leisure and Recreation. 
7-00 Salisbury Festival el the Arts 1W8 — 
pari 1 iSi. >40 SbaJf?HJeare'B Msrrtaao 
(Ulk by Andrew Gum. 5.00 Salisbury 
Fosdral or the Arts i?t76— part J fSf. 
1040 BBC Symphony Orchestra <S). 1LB0 
Music Now. U_15 News. 114M345 
Tonight's Schubert Sons. 

VHF — 640 mm Open University. 740 
With H/W. 1225 Piano Recftal (Si. 
12J5 pm Cardiff Midday Prom— part 1. 
140 News. 145 Playbill <s>. 1J0 Cardifi 
Midday Prom— pan 2. 2J5 Choral Con- 
cert tSt. 3J5 New Trombone Mualr (St. 
US The Young Idea <31. SJS Open 
University. 740 With M W. 

RADIO 4 

434m, 33(lm. 385m nod VHF 
415 am News 6J7 Farming Today. 
6J5 Up To The Hour. 7410 NeWS- 700 
Today 7js Up To The Hour (continued!, 
including Tnoughi (or iiu- Day 840 News. 
8JB Today. SJS Yesterday In Parliament. 
940 News. 945 Local Time. 9 J5 A Bar 
For Nothing. 2040 N>.-ws 10.95- Chcck- 
polnl. UJ0 Daily Service. io.CS Moni- 
ing Story. U.oo News. U4JS in Rehearsal: 
The growth and shaoing >ii ‘Uncle Vaflys" 
portorracd by ihn Royal gachansv 
Theatre- 1240 News. 12.02 pm You and 
Yosts. 122 7 Quote . . Unquote <S). 
1Z5S Weather: programme news. 140 
The World At One. lJo The Archers. 
145 Woman's Hour Hum Ma/ichusWT. 
including 2 - 00 - 2- 02 News. 245 Listen With 
Mother. 3.0o News. 3.95 Afternoon 
Theatre tSj. a.00 Slews, 445 Tea: The 


Crossroads. 540 Granada Reports. 6J0 
Mr and Mrs. 10.30 Reports Extra. 11140 
Great Films «l the Century: Greta Garbo 
In *• Arms Karenina " 


12 JO pm Report West Headlines. 12J5 
Report Wai-.-s Headlines Z-00 Wo ruen 
Only 400 Canounump. 5J5 The Under- 
S' a Adt.mur.'S ul Cnpialn Nemo. 540 
Crossroads. 6.00 Report West. 6J5 Report 
Wales. ;6J0 Emmerdale Farm. 10J5 The 
Benson jnd Hedaea Snow Jumping 
Championships. 1XJS •• The Cabot 
Conneouori.*' starring Craig Sievens. 

HTV Cymru/Wales— As HTV General 
Sor\‘irf eseepi: 1Z5D.1ZJ5 pm Pcnawdau 
Nenytuion Y Drdd. 8JS4.C5 Camao 
Camamil 6.00445 Y Dydd. 

HTTf West— As HTV' General Service 
c*ce(X: 12-50-1.00 pm Report West Head- 
lines.! 6-15430 Report West. 


wbt^ has • a sad - 

as they were this morning. The of CaWorniaJ Joiaek^ 3 ^kiar Wi4C^ 

temperature at dliddBy .j4ratf .Tr M; -. a BinRlectrole,'ffuIy did so vltli,: 

95 degrees, and this immense bealuse hfn^ed o^Y fi bu» ; 9X1 at tbe ^ fQur l6Ul - 

he;if nnnuirtPrahly temoereri oecaus ? He neeqea only 195 -pUttS -PT _ „ . hnftk . 


SCOTTISH 


2Z5D pm News and Road Report. 140 
Mr., aad Mrs. 4.40 Cartoon Time. 5-15 
The' Bubblies. 540 Crossroads. 640 
Sciilland Today. 6J9 Emmerdale 
Farm 10J0 Ways aad Means. LLOO 
.Late Call. 1X.D5 Friday Derma: Soldier 
“or Fortune." siamng Clark Gable aad 
SuSan Has ward. 

SOUTHERN 

12J0 pm Soulhorn News. 2.00 Women 
Only 4.00 Cartoon Time. 540 Weekend. 
5-20 Crossroad*. 640 Day Bv Day. 6.09 
Scene South East. 6 JO Survival. 10JB 

The House Thot Dripprd Blood." taar- 
rlrvp Ingrid Pin. 1235 am Southern. 
News Extra. 

TYNE TEES 

945 am The Good Word, followed by 
North East Notes Headlines. 17 50 pm 
North East News and Look a round. 440 
Cartoon Time. 545 Ur and Mrs. 6.00 
Northern Life. 10 JO Sponstimc. 1145 
The Friday Night Film: ■■ Dracula AD 
lvr:." nirrins Christ opher Lee and Peter 
Cushing. 12.40 am Epilogue. 


uo uegreta. <uiu uua i lauivuac hecatlto ho nfiArfod nnlv Oft n.iffa BH esgDT at me par xuur xuui. 

heat was considerably tendered od^St, s fh^are Snf faS Crenfeaw, gbmg fbr a big hook 
by a pleasant b« infi the SickYb/^lou?^ «’ Wife an ion shot from fee tee. 

Jack of bumfaitsr at -fee Cherry ^ sun hakc^ them after thl ^it fee tree in- front of him. put 
Hitis Country Club, which is CImraett had five ^ second in the creek and hud 

over a mile above sea level and . ® J ^hS P £wa 5? Iwlf t0 retrace his steps to the tee. 

is staging this great champion- tSX^ioTwalkS The former US amateur chaw- 

ship for the third time. ^ JS ^p S so | e pion John Fought, who failed to 

The setting is incomparable. Brit j S h competitor p e fer Ooster- Qualify last week for fee second 
a great parkland golf course huis> ^ j^pp t0 report time at fee PGA School, is cur- 

superbly manicured with even that he played tidy and skilful rently fearing the lead with 

and totally fair but devilish^ ”? f l tabe i^S wife par S Irwin at two^under par. but. of 
thick rough making a beautiful |t a g & . course. Fought has 14 holes to 

pictare against the staggering At one however> he 

was Play- •• ' ! 

backdrop of the snow-capped two under par after eight holes. At 0Qe under par wife one 
Rocky Mountains— the clarity of The short game, normally his hole to . play are fee vastly 
the light being totally dazzling, strength, betrayed him at fee experienced professionals -Bfark 
It was in these circumstances ninth hole, where he fluffed a Hayes and A1 Geiberger, while . 

that the early starters found chip from jnst behind fee' green Phil Hancock: fee former - . 

problems on the shorter first to be out in 34. one under par, American Collegiate champion, 
half of the course, which has a and at fee 13th, where he has just finished id 7L 
par of 35. The ball travelled so chipped too strongly, having “ The great Arnold Palmer, who 
far at this atmosphere feat short missed the fairway and green won his only US Open title on • 
irons can be played to all (he to the!right on one of the rare this golf course in heroic fashion. .• 
boles except the 543 yards fifth occasions he was inaccurate wife in -1960. is currently two .over 
and the 229 yards ninth holes, his irozrplay. • par after eight holes and- Nick — ■-,■ 

wife a medium iron demanded When O’osterhuis brought out laus has just dropped a stroke • • 
at the 432 yards ninth. his driver to my horror at the at fee shortest par four on the. 

No-one knows better than 486 yards, par four 14th hole he course, fee 323 yards third hole, 
Irwin, who played all his out- duly pulled the ball into deep to be one over par at this stage. 


ULSTER 


12 SB pm LuncMlmc. 443 Ulster News 
Headlines. 545 FUnisioncs 6.00 Reports 
6 .25 Police Sis. 10.30 Friday Film: 
McCloud. 12.09 Bedtime. 

WESTWARD 

1247 pm Gus Honey bun's Birthdays. 
12-50 W.'siwart News Headlines. 643 
Westward Diary and Spans Desk. 1048 
Westward Laic News 10J0 Summer of 
TV til 40 Laiu Nisht Movie: " A Child 
Is Wallin*." stamnjj Burt Lancaster and 
Judy Garland. 1245 pm Faith For Life. 

YORKSHIRE 

12-50 P"> Calendar News. 449 Cartoon 
Time 545 Out or Town. 6.00 Calendar 
(Emley Moor and Belmont editions* 
1IL38 " Hard Comma." starring James 
Coburn. 


Drink of a Nation iS> 4JS The Bool of 
Wales. 540 PM Reports. $40 (inquire 
Within. 5.55 Weather; programme news. 

6.00 News. 6J0 Come Plan*. 740 News. 
7.05 The Archers. 740 Pick Of The Week 
(Si 8.10 Philip Janes Brass Ensemble (Sv 
0J0 Any Qucsllons? 445 Leller From 
America 9-30 Kaleidoscope. 9-5V Weal her. 
1049 The World TunlchL 10 JO Week 
Ending ■ ■ . «S». UL5S My Delight. U 40 
A Book At Bedtime. 1145 Tile Financial 
World Tunis*!' . 11 JO Today in Parlia- 
ment. 1240 News. 

BBC Radio London 

206m and 945 VHF 

5.00 a.m. As Radio 2. 6J0 Rush Hour 
940 London Live. 1243 pm Call In. 243 
206 Showcase. 443 Home Run. 640 London 
Sports Desk. 635 Good Fishing. 740 Look. 
Stop, L>lion. 7 JO Black Londoners. 8 JO 
Track Record. 1048 La re Nisht Loodon. 

12.00 Close: An Radio 2. 

London Broadcasting 

261m and 97.3 VHF 

540 am Morning Music 640 A.M.: non- 
stop news. Inlormalion, travel, SDOrt and 
review. 10.00 Brtntt Haves Show. 140 pm 
LBC Reports. 340 Owirve Gale’s Three 
O’Clock Call. 443 I.FIC Reports ton- 
ttniKsi 8.00 After Eight with Ian Gfletirisr 
940 Nl.vhrlinc wiih Alan Nln. LOO am 
Nkht Extra. 

Capital Radio 

1 94 m and 95 J< VHF 

6.00 ant Graham Dcm-'- Breukrast Shtnv 
(St 9.00 MirJiapJ As*) t$>. 1240 Dan- 
Cash (S) 340 pm Roger Scon <S». 7.00 
London Today tS>. 7J8 Adrian Lore’s 
Open Lino tSt. 940 Nicky Home's Your 
Mother Wouldn’t Like U tS>. 1140 Mike 
Allen's Laie Show (S' 240 am Ian David- 
son's Loudon Link Joteraatlona] (S). 



HOLLO 


Edited by Denys Sutton 


The world’s 


magazine of 
Arts and Antiques 


Published Monthly price £2.00 Annual Subscription £25.00 (inland) 
Overseas Subscription £28.00 USA & Canada Air Assisted $56 


Apollo Magazine, Bracken House, 10. Cannon Street. London EC4P 4BY r ■ Tel. 01-248 fiflOO 






F&ncial Tnnes Friday Jims 15 1 B 78 . 


Cinema 




W aiting for the Revolution 


. by NIGEL! ANDREWS 


aristocrat -revolutionary filter window, through which his almost like Wagnerian leitmotifs: sixty uThfs own°homei 


aiisiuuaL-icruiuuuuoi* uucr vwuuuw. uiiuu^u nuivu mi 1*1111001 uic »» T ,i" , . ' u| n « JjacK 10 DiS OWIl Dome 

AUoMsantait fAA) Camden Plaza lP la >'ed by Marcello Nostro- captors become hideous appari- the reds of action and rebellion But the old mao is oo 

TkAHcn-' IJzala fin " p Mnnwt is released from jail so tions-erupt in brief virtuosity played off against the greens of ana ed jn a lown ^an 


nasn’Unla (U\ Curzon It ™ 15 releasea trom l 311 50 uons— erupt in brief virtuosity played on against tue siren « " Sconced in a town than 

***** \ /T- ' „• Uurzon that he will unwittingly lead and then die out. victims of their betrayal, the sunlit orange of *®J®* r huw chopping down trees i 

jg«mpRes Within miss Aggie (Xj the authorities to the revolu- makers’ impatient quest for idyllic retreat. One leaves Ine “f Afe f 0r firewood- bliss- 
' Soho Cineni “ tionary band known as the novelty. The film has speed and film exasperated by its uneven- i“ n " u n a warc 0 f the rules and 
BU 1 H 8 (a.) “Sublime Brethren." Instead, brilliance in pans, but no ness, but in no doubt that the iha r sovero urban life. 


V 

« ' 'i! 


ABC Shaftesbury Avenue Fulvio heads for the tranquility momentum as a whole. talent that created Padre Padrone £, a h ve gVL rc turns to the forest for 

and epicurean comforts of his It also leaves the filmgoer was present, if dormant. in j: JLi -oda, and seems to breathe 

family villa. But he *3 not there somewhat bewildered as to wbai .Altonsonfaii. again on recovering its own as! 


APirnamfim is written and long before his fonnev comrades the Tovianis are trying to say. * . ***,, „ the trappers natural 

directed)- by the Taviani brothers U P wilh faim - aod whisk Clearly the dilettante revolu- Dersu Urala. by contrast, is the 

T>a : hio "anil Vittorio and is th* W™ awa - v 10 i oln 1116,71 011 a ho1 ' tionary. as incarnated by Mas- twilight work of a great director. * 

vlr,! u beaded revolutionary expedition iroianni. is presented to us as a Japan’s Akira Kurosawa made it „ Aaa[e is 

.film^ma^ beforethernueh- to fte South of Italy. Fulvio’s fi H „re pathetic rather than on location in Russia, and the _ Daimano vhn 

-Padre Ptui-rnn* nn«n. lAunlHoe .r. nnu Hivirlpri h.unml ...... ' «• | nE i •• at— Cn.rLor_Ian:i HPKP CO-nTO- directed Di UCrarU LUIUianU. V. II | , 


acclaimed Padre Padrone. Open- loyalties are now divided beyond sinister: a man politically “lost" aim i s a Soviet-Japanese co-pro- directed W hficili 

ing"- fans week; it receives a repair, however, and his revolu- rather than actually evil. And duclion. It lasts 2 } hours and nuae L/ ep _ d hlJ lv]e sb ; m J 

belated- run in London, thanks lionary. good intentions fight a the internecine squabbles nr the begins with painful slowness. But **■«*» Godfather or Porn. The I 
tn 'tbt 'interest fuHimi in the P™l°n 3 cd. and finally losing. Brethren themselves comprise a do not be discouraged. Thib is — sen ‘“ 5 , aw audience saw the un-l - 

to pie- iaterest fiieUed m lhe baUle wilh self-interest and satirical stab at Left-wins in the best possible sense — an Press i show audience saw tne 1 f . ■ 

Taytani& work by their later treachery. heterodoxy. What troubles one old man’s work. Once you have oiete^it^woh ° l vpemd 1-1 i nes L ' • • 

film, and it is welt worth seeing. The film. alas, is also divided i s vhat the film ducks out of shaken off your impatience at the ‘omplete 0 f the screen dur- 

Biit he warned; the film is beyond repair. The sumptuous offering any broader statement tortoise-like tempo, and set your aown luc ^ ihai had incur- 

apprentice work. The miraculous colour photography tby Guiseppo of political belief. Its morality metabolism to beat in time witn any ^ nsor . s wralh 7 h ere 

clarity and single-mindedness of Ruzzolini) and the stolid is purely parochial; like a film the film, its slowness is a joy. rea o r ^ f ^ footage! Marmaid 

Pddne Padrone were yet to come: charisma of Marcello Mas- ab0 ut disagreements on the Kurosawa, unlike the ^Tavianis of are inine *, s WiermaiD 

what' AHonam/dn offers us is a troianni’s performance seem to administration of a Stalinist Allonsanfan. does not rush about aiiue ■ a masterp j e<:e w j t b ^ 

crazy' swirl of movement, in belong to a different film from labour camp, which offers no ringing stylistic changes, he leis « without them it would be a 

— J -• — — — : ■- <».- .■u- .- — breathe and expand uiem. wjuj ... r-> 



McDiarmid. John Carlisle, Frank Windsor and John Woodv.ne 


Lci’iuml Burt 


jEvery Good Boy Deserves Favour 


great'-overreachers of Ixaiian art clash between old traditions and alt incoherence, and there is a 
"and spectacle — the Verdis and new ideas: more often they jar startling inventiveness about the 
tiie '. Viscontis — than by the and irritate. Too many scenes— Tavianis’ use of music and colour 
rough-gramed, Spartan style of like that in which Mastroianni is and staging. Ennio Morricone’s 
Padre Padrone. briefly abducted by the Sublime score thumps out a niock-revolu- 

The story -is set in Italy in Brethren after his prison release, tionary march whenever the story 


by MICHAEL COVENEY 

•V niece because of the food’’). His cell- plucks the arpeagiatcd ninth of 


ISIS, the vear t>f the post- and is carried through the streets stirs itself to physical action, and strainL reiuses to poini up ei e _| ent | fu j 
Napoleonic restoration. Fulvio, on a covered cart with a green colours in the film are used the. emotional climaxes or uie fnma 



sirainu rciuaca pu*ui -._r SP „, __j nthleti,- evnncure of ' an ad hoc small orcnesiru uiraci »- i_ ihe Previns score is a fur*.*** 

the. emotional climaxes or the ° XP ! lhe baton of Michael Lankester. actually dl ^ s , ltr p ‘? y h j (! clients' amalgam of Soviet styles, hut 

philosophical moral t the man of Ibe femal dtdul >- h happy collaboration of Tom orchestra *" d . A u ™- adooiin" especially pood in the Prokofiev 

civilisation has much to learn sounds i,k- e something ! Stoppard and Andre Previn objections inside :out by ^^dopun. - departmenf . Ralph 

from the man oF nature). The __ need of oenicilhn but about two inmates or a Soviet a brilliant!* f up11 - . i c Koltai's design contains a arimly 

KS?T 5 K'S“ , iiS«| , S Ell SK^Sf S? '““Sence' ?, 5 » ^ 

^ ‘SIS SHBSR 1 ^c^o r ;L s ap ^ 

shimmering under a damp sun; ^ )p®,lci 3 d-Arbanvinei aSd response to authoritarian perse- fuses IB S| show onlv lasts 6 S minutes but 

beetling, shadowy forests; a fiirl jjnfl id ArOanviiiei. ana p , la2ed pu 22 i e ment and mujical * n “ f {Je it si vs more in that time than 

milky moon and a red sun the_ ®urr n e s of sexuaiity a hunger strike State, line on freedom of tne i - . o£ documentary 


Festival Hall 


w™ :; r ve„ nus 

£'! 55 J S sS Festival Hall 

Arrau b 


Arrau by DOMINIC GILL 


sleeping hole, in the ^er JlWjo ^ * well-equipped 


It is the 


received wisdom (end I.JftJ.rtJ, « -«|l 


without cause) that 3 generous broad- tones-in cascades of feather- 

a today is no longer of line t here was fire: in light half-staccato, in the ada p in, 
ethoven interpreter Sf shining tr Ml™ and in the magicaUy simple unassun 
20 and more years bright pungent rhythms, and dirjc : ■" nutch ™^llou 


ss.“. as# SSSeSk -T-Tr-EE ssrsKs SSi-tsa: 

s sis gsySS i si r.as 


asjsrssffiss » sss ss sixas 


uni's mmm «=iii 


, ^«e , ‘§SSS.n UP M? he ita-t think i " unfair oni;. , merely hutbnl.i.mly g-m- -"^ k KS«"'g The « Tr 

niLht in the t>ih nan ) ^ ^ pictures nr beautiful decisively FenitPd. mo penor taken ' al - a fa3tt easy twice inspired— m the adagio of 

begins nn a note of English s # “Perhaps not fair, but mances by Arrau, of Beethoven s . l jo hi and strong. the Emperor one remembered 

upperlippery, and a noB not evnect from a aar- fourth and fifth piano concertos, ’ .t,- tpnrinn of esoeciaJly one ravishing sonority 


; - - 




I Greenwich 


Sir - 'A. -W- KWTBft.’S “ « 

• ms powers- u — — 


-7" ,'i J- 


Golden Cradle 


I Ml. RIM N MENT Gl I D I 


r br. -• + ■■■ 


r ... COMEOY 01-930 2570. OLD ^^jsprCT * T THE OLoVlC. 76 6 T 0.OO. ovm 71 Sj 

- 33 ®ar 5 ”-®w 2 




by B . A . YOUNG 


OPERA & BALLET 


9.30 Super Rwin 
RAZZLE DAZZLE 
and at II P-S , .,„.w 
LOS REALES DEL PARAGUAY 


COLISEUM. Cred.t card* 0I-240 WSI 

Re&crvauoriS 01-036 3161 . 


- •• -■ * ^ ‘ _«• fi v(i of blessing or cure. There 

•' -. •- ’ ^geras from lhe classics” In. this week 1 *' sho^ plays^by some *eminal odd £*' 

■ viKif Snc ballet is noi one Richmond .Several guest artists writers of * - - wbQ knifes h is son lest he 


LONDON FESTIVAL BALLET 
t to L-s SvlPhid«. urceninB * 


Evening News. 


Collier's lazi composition based on 

lhe writings Ol Malcolm Lowr if 


Ees. 8.00. 
and 3. 
GRAY. 


grow up 


i his son lest he should u 

like his. the tinkers, 10 Jm oi pert 


SECOND HILARIOUS YEAR. 
11 VERY FUNNY." 5. Tct. 


A MIDSUMMER NIGHT'S 
E r flS . 7 45. Mats. Wed. Thurt. 

7 TO with FtULA LENSKA. IAIN 


Dinah SHERIDAN. Dulcic GRAY. 
Eleanor^ SU MM gHEtO^mg, GROUT 

™ b e v sasssi sfflsss" h 

" Re-emcr Agaiha min anoilier wrm- 
dunnn hit. Agatha Chnsuc is stalking the 
West End \et again with anoiher oi her 
fiendishly ingenious murder mysteries, 
felt" Barter 6venm9 News. 

AIP CONDITIONED THEATRE. 


' more Con*, and better sun. a* »» to me awoiui 

it does nuerrero dances with Robert style. The sets 

• ' gross disservice to North Ln the latter's Helvetians are reduced t 

bSUfit itself A gross aisseryicD I wiui motional and well- minimum, and I 




i^:^^;«orteTwRh per-vargued duet which has^ne »□« pany^au due 

formers: - unreasonably stretched advantage^of BlaV;e - s 


- formers; ‘iuareasop ? D.jr ^ Howard Blake's irishwoman, have the 

in choreographs' too searching adagio f com- eristic singing deUverj- 


o 4735-6 . 634 1 317. 

FORD JOHNS 
A HANCOCK 
ANNIE _ . „ 

ts. Wed. and Sal. 2.45. 


WAREHOUSE. Donmar Theatre. Cpyent 
Garden 63b 6308. Royal Shakespeare 
Company Tonight 7.00 premier grodrtn. 
Da. id Edgar > THE JAIL DIARY OF 
ALBIE SACHS. All scats £1.00. Ady. 
bkgs. Aldwych. Siudem standby *•!. 


MSTa.-M £ e i"ui? c i d 


iD weVl C worth getting to know. SProe d^i-P^tic treatment of reslK U* £ au ^obhao wells theatre, j-gy 

his LhS « its "WWitbte the Synge. a ,“ h “ ors secms ,o be that thouih Sf^£- 

.fflSt SgrJS? £ " 2 £ s 

— swan _ii nul f n o hain «,t all from a production. I k wantpd rebel >-haracters were museum recon- . ‘ ST mu c I( ;sl 


AGATHA CHRISTIE’S 
MURDER AT^™? 1 V^fr ARAGL 
Third Great Year 




WESTMINSTER. _ „ P, 1 ^ 36 02B3 ‘ 

„^Sir!S. E e D JS, l !?Q f ~H,UL 

“TRENCHANT HUMOUR." D Telegraph 
"SHAJ5PLY TOPICAL 1 Financial Times. 

" Tremendous Impart Now. 

Evs 7. AS Mai. Weds. 3.00. Sat. 4.30. 


THEATRES 


'wftsast ^s, JQ,,ES 

in HAROLD PINTER S i 

'"THE HOMECOMING 
.. rrillIANT— A TAUT AND EXCEL | 

*««sa&jBS£ras-.^ 


Lake Giselle in tomb, u-nmm Her little tale of an insn ponce- dotes anoui 

T^SS^niSbers--and allowing no help at all from a .production. . JL SnopA by a wanted rebel L -haraeters were . museum recon- 
penny oumoe^ . »vu»v ouiimig Wrleht s imaginative p c the cordon amictions. Their plays are of 


“ IRENE 

Si! g^^sFfiS 

s r*.rss ta ;.fg-S 

- " .SST'y.&X- S&0* privileged ^os/tion^ ' ’ « rwMhln; 

■ apot ? er.,boider opere-bo , s e n .n_ • ' , d by tjree ijuit i S -JT & 51 L* 


"i fmtiY ACTED PRODUCTION.” O. Tel. Opening Wednesday at 1 0. 

" T im Rice and E i!ifew L-OVd We b t«r. 

i Gdr. NO T^jrojBt — - . With David Ease*. Elaire Pa-ge and Joss 

».« iu(»TBt 01-43. 1594. Acklard. Directed by Ha rold Prince ' 


■ PR.^'ON PARADE F 7 WeTToO "!« 4.30. 

Riproaring trlumoh " S. E 5 prcss Evs 7.45 Mat. Weds. 3.00. aai. a-w- 

BEST COMEDY O THE YEAR SSitihalL 0U930 C69Z-7765. 

Ev. Sid. Award and SWET Award. WHITcHAL ■ an d Sal G.45 and 9.00. 

.... FU LLY A'R-CONP'T IONED. |;" U V l,v°mor F d oreSeffs me Sensational 

PRINCE EDWARD. CC iFormcrip Caslnol . Sea Rgy «> °I 'pX Century 

01-437 6877. Ree. price proyicws . Tomor. I DEEI* iwkmui 

5.30 1 8.30. Tuesday 41 3.0. winduill THEATRE. CC. 01-437 6S1Z. 

Opening Wednesday at 7 0. W,M °Tw!e« Nightly BOD and 10.00. 


GLOBE THEATRE. £‘- “| 0 ' ” o ! AcHard. Directed by Harold rrrnte __ 

paSjl Addington. Julia mcke'nzi'e. pri mce of wales, cc. oi- 9 so aeai. 

BENJAMIN WHITROW in Monday 10 Friday at 8 p m. Saturda.s 


that -this company 

L.'_ -^erat tfY St 


BENJAMIN WH TROW in 

ALLAN AYCKWURN s^Ny Comedy 

THIS must he tM haop'Mi 'auOMcj. 
maker .r London. D Tel. AN ► 

i.bly emoy aol e eveni n g. Sund ay L^ c .^_ 
r^ccunnru THEATRE 058 7755- 


ai 5.30 ud 8.4 5. 
LONDON AND BROADWAY 5 
COMEDY MUSICAL HIT 
I LOVE MY WIFE 
starring ROBIN ASKWITH . 
"ALL JUST GOOD CLEAN FUN 


Sundays 6.00 md 8 . 00 . 

PAUL RA v MONO presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

.■ fakes to unofoc^n denied iimiis W ‘ I I 411 ' 
p-rmisilbic on our siaO£" EvQ- hc^s. 
3rd GREAT YEAR 


s ."ass S!Sia ssf»" | ^ 

*ai l TO SEE IT AGAIN " WENDY HILLER 

ALDWYCH..S36 6404. trilo. 836 5332 HARE CLfK A 


artistfc farct . • - 


_„ llT rR |cp is a-, lypica* pisis 
CLEMEMT CR,5P at : a holy well given 


Sg«iemiuSic at the Proms __ wig».™ He,, 

si~»sK”Ss 3 r«S" -is- . London Oboe 


ANTHONY QUA r LE ! ••Supreme comedv on ses and rpngion. 

iO 9832. FAITH BROOK MICHAEL ALDRIDGE i Daily Telcoraph 

jD 8. and RACHEL KEMOJON I "MAKES YOU SHALE WITH 

in Alan Benneli r. j LAUGHTER" Guardian. ^ 

FRANCIS Plav and PUve? LoMOn N CHMC> ' I YOUNG »«■ iJS*ei' ,, fa!'n 

CUKA BEST PLAY OF THE >EAP ; New S-.'a*-on. BARTHOLOMEW FAIR. 


WYNDHAM'S. 01-B35 3023. Credit Card 
BSg! 836 1071-2 Irom 8 .j 0 am IO 

a 30 pm Mon-Thur*. 8 rri >nd 5*t- 

5 ,5 i[, ?-#N 3 |?RMOUSLY RICH 

VERY FUNNY - Evrjnino News 
Mary O'Mailev's smash h H Comedy 

ONCE A CATHOLIC .. 

■■ Supreme comedv on ses and religion. 
Daily Telegraph 
"MAKES YOU SHALE WITH 
LAUGHTER " Guardian. 


: h The l» tter 

SSfbe fwtured on 

- Promenade u Coj 1 eer^ & Me . ^ the c ^^° non1 ’ appear- . 

worfcs ihis year,;-birt tne ■ of -this season. lS °° u > s . 

-5K- ■“ ^’sg^JSTSSS! 

Kw ; the last -opera, Les Boreal 


Quartet 


■*otK 5 / .i)>v i TO im :a:^v. the last , opera. l*s 1975 , 


MAX LOPPERT 


ggc --far 

Jubilee. ' ".'■■'.■"•vJi.iiiir* 


on WrtnHto .« * trough » P»ch of epprox,m ? te “ *«b 


Sun 3 .00 and 5.00 PJ«i. w p _»nnw 

Tin World-lamous Thriller 
hr ANTHONY SHAFFER 

^SsPMS^PfSs 

S eat £7. SO. 

T^rrToT" 01.457 2663. Evenings B OO. 


. ■ T °ri i pjii: cle b sss r p t £skck 

a show Mens. and tRENE^JANDL In 

01-835 1711. A New Play by RONALD HARWOOD 
Wed. 2 -*5c, _ Directed by CASPER WREDE 


Evenings 3 -°°’ 

TliASu%*Jl®Pl3av» [RIVERSIDE STUDIOS 2 Ju , v 335J, j ^“Few^iffS" 4 H 3S. e^V^S. 

With Derek Gnlbths | a new play bv Nicholas wr,snt i l; 3 '' 1 'J c ’J?nnCATHER PART II X». Pis. 

?s'S SSR* 1 ?. Sur B M T .ng 5H pmn, L Su| the j BaT?« EE JS!? Blu-.nal I I’o^ I^^a’.^sI^MA^a'cr'? 

uenonahty »nd sheer energy oi Bruce | Jemoke Debay oT Jud.lh Ha. ic. i ii om TEXAS chain saw m 

Forsvth " Sun. Eanress. Thr audience Lila Kaye. Bill Paiei-on. I iX-GLlI. hc COMEBACK fXt. 

cheered.” Su nday Telegrap h. | David Sas sienl. Jofl Wild _ I " jJ« 05 8 IS. Late shew 

Ing-S ROAD _ THEATRE. 352 7438. ROYAL COURT. 730 1745 Air Ci-n , r , o 5 ‘ D ' m ' _ , _ .. _ r „, 

Mon lQThurs 90. Fri . Sal. 7 30 9.30. Pros- Eves, at 8. Opens Tucs ne«l at, 4 B"rlo1uc«, s 1900 Pari 1 *X> 

THE ROCKY HORROR SHOW 7 »uDs. eres * Sill 5 4 !■ 230 120 S»5. Laic show H-J° R 1 " 

NOW IN Its 5th ROCKING YEAR FLYING BUND i 1PD0 Pa, I 1 !*■; -- 


CINEMAS 


riuuYCH 636 6404. Tnlo. HARE CUKA BEST PLAY OF THE Y b A r ; New Sea*.en iArir-.L... 

A SoYAL SHAKESPEARE COMPANY In GODFREY^^ QF T = E MQON D, reeled b y, CLI F FORD WILLIAMS , pre-s 'rorn Toni eves 7.4S 

repeneire tonight J-3i nceO^ DEATH Musi defcn.telv clo se J uly 1j RAYMOND REVUE BAR. CC. Oi -734 1593. ! — — 

i.S PSgl s „a:: “ 7 -rSiA 9 S ““ J cinemas 

"JsC4o%“L ™‘BS!a L0F „c,...H.™. u .r.v 

FiccadiPr u«bov Andrews Fu,, i alr-coneiiloncri. Sep. Peris. ALL SEATS BKBI 

PriVATLS ON PARADE. — ; ANDREWS =ls , S ^ HS ATI0NAL V£ AR 1: THE COMEBACK rJtL * 

ia. "H n 5 ^m. CL &RoS R _ uA PEACOCK REGENT - THEATRi; "637 9863 2.00^ S.l 0 JJO. .LaHJlH- 

... Rob Wilson. Tues.-bai- J: irfne HANDL In Evss. 830. Frf. and Sat. 7 0 and 9.0 

'•Elegant good-humoured engagms- ' Glln 
THE CLUB 
A New Musical. 

-■ Caustic and Comic '' Times 
"Show scores in songs." D. Tim 


ABC 14 2 SHAFTESBURY AV. 836 6861 
Sep. Peris. ALL SEATS BKBLE. 

1: THE CDMEBACK «JtL VVt. & Son. 

9B63 2.00. s.10. 8.10. Lain show Sal.ll.-ip 

9 0. 2: THE GOODBYE GIRL ,Ai. Wk. 4 

Gdn. Sun. 1. 00. 5.10. 8.10 Hast 6 days' 


CAMDEN PLAZA (OPP Camden TowR 
Tube) 4BE 2443 Tawani > ALLON- 
SANFAN -AA). 4.4S. 6.50. 9.00. 


"Linda Thorsen . . . a revelation " T' 1 ™* j CLASSIC 1. 2. 3. 4. Oalart Street <Opp. 
"WELCOME TO THE CLUB.”_J; 1L. | Totrenliam Court Pd Tubd._ 636.0310, 

ssssss’rtS'-l-o ^^“.!!r=«o“, H S2™V ,, SK 


Beethoven, Perry I *££E°ti. 1 i«. ' *.oo. sk's-oo and b.oo and shwr one. w »ng 


Forsvth " Sun. Express. ' ■' Thr audlfner 
cheered. Sunday Telegraph. 


i 3 TOE MDfATMR PART II X .. Pgs. 
innR M l-aiurr 2 25 . T .15 Lale show 
?° Dm 6 TEXAS CHAIN SAW MASSACRE 


ARTS THEATRt STOppAR “5 


3 X ' C Jack' Jones THE COMEBACK [XI. 
ProA 1.05 3 15. 6 05 8 15. Lale show 


SHUT YOUR EYES AND KING S ROAD THEATKr. 

THINK OF ENGLAND Mon -rSe SnrSv ' HORROR - SHOW 

■ wicke dly lunny. ~[_T.nics. — - . ■ - lr f^s Ith ?0CKI NG YEAR 

lEATRE. 01-B36 213^. Th(? GB£AT R0 CK 'M ROLL MUSICAL 


FLYING BLIND 
by Bill Morrison. 


:Wo ^^k Briaui R«ner:s that prooa. 
?»!?« Jncl ^; P frS ‘ Tippett’s cope: - - - 
violin concert® attG y — — 


V .^TWb win.nn ^L^sible uS. in particular. 


i 1^00 Pail 1 I* 1 ; . - - 

Comi oni^DUBii 


L M N n° N T U ^ LL Tb“rt“A C Frl°V " 8 ? Wed! "Mo^hu^p' «5ln W 0 Lw. S Fr.«. j W’? 

M “ n - I^ka.rra.foandB.SO. = ^ JJT ^ ^ I f-^.EX 


hSbren^onsiWc or undo, concert life. ZTrJSS mri 

SSrtWv the -jf WUhout the list o works en- F " 

. ; v. s v could coaraged the A w Lutyens composition * anM ^ f _ ilnmiJing 


worw.npu saners that pro,* -Berkeley. .Eluobeth Lutyens, f#f ^ occasion . raade , clew 


THE TWO RONNIES bS’lK"^!'^, g°‘n dlrertor ot “ BJkhomon " and "Th 

; n j CfiArtaL’ulSr Comedv R^v up. BIUl-Y DANIELS ‘ n CjiniirjMi " Film diilv ill 

. aVoV^CIAL SUNDAY PEPFS. , BUB ^! N 5 *V»_ Sells Bo okable at E 2. 30. 

Special ’ Brooking 5 HWIinc^OI -4 37 & 20 e 1! Booking* accepted- Major credit “ r r 0S j j ls ic*i 7ER 50* ‘ARE THEATRE. 
_5eet.ji_iiooKing_n»c — ■ - Special reduced rate far matinees tor J 5 js2). COMING HOME iX> 


director of 
Samurai." 
E 00 5<M 


iycinstvj. — J TOT 1 II IC UCtuniun, HI.» - >- HalMlBUT before show DCSl BM"- 

Priaulx Rainier, and Maconchv, beautiful effect. 0 -Absoiom ^ DO u?s u.on. Mon.-Thurs. and m- 
the repertory . of contemporary ^ d composer’s very best 6 p ^ ES D , cr MuStcAL of the year. 

chamber music for the oboe web r sp mning vein. £ in tM,:Tu“v- 

■would he substantially the Q ent j e jyncal shapes are -a slight a ccident^ 


9 am* LYRIC THEATRE. CC. 01-437 3SBS. 
buffet py g q Mai. Thurj. 3.0. Sat 5.0 4 8.30 
2.00- e U ' JOAN PLOWRIGHT 
Btall- COLIN BLAKELEY 

I Fri- FlLUMENA 


A,r" Conditioned Comiorti DER5U 
, ,iii in 70 mm. .English 'uh- 
A Film by AKIRA KUROSAWA 
r of " RasJiomon and .The Seven 
Film cla.lv si 2.00 S 00 4 
Se<ts Bo piyable 41 E 2.30. 

EH” SO«‘ARE THEATRE. 1930 

rouiNG HOME iX> Sep. 


limited period onl» 

SAVOY THEATRE. 01-836 6 BSB 


p7 0 gs Mon .-Sal. 1 30. *A S- B 10. Su". 

tTImb j jo, 7.45. Late show Fri & Sal- .n 4 = 


poorer. . rpaeated in new forms; the oboe bridge, 836 bos 6 . mwi. to Thinv. 

>: -weMlM programm; . w- halfway for the e f.S,1"Fn»». j--.. »» - -■»■ 


dfi-ita Berkeley Oboe Quo ri the 

a-as&fir ssisrs'ffi « . 4 ^- 


ExCiklnO Black African MiHlcaL 
-Th? girls ar« beautiful, bare and 
bouncing." S. Mirror. 

THIRD GREAT YEAR. . „ 


MAY FAIR. CC- 629 3036. 

MA Ev«. B-00. Sat 5.10 and 8.4S. 
GORDON CHATER “ BrllllanL ' K-M. 

In THE ELOCUTION OF 
BENJAMIN FRANKLIN 
Bv Steve J. Spears 

■■A compassionate ru , n "Tj?"“'* eloquB " 1 
play Gdn. LAST WEEK, . 


TOM CONTI in 
WH05E LIFE IS IT ANYWAYT 

with JANE ASHER 

-A MOMENTOUS PLAY. I URGE YOU - T7: vmaRKET. f93D 273312771). 

SB ejg w a LA* SBaysr 

SHAFTESBURY. CC 83o 6596. JULIA ‘Ai 

Shaftesbury Ave. WC2 Wlgh Hoibon, end' c ep props, daily 2.30 - S-®= bus. 
EVBS. 8.0. Mats. Tun. A S^t- 3 00 ||5 }ure 2 .4J. 6.00. 9.00. All 


nm ' Seats may be booked in advanre 
E?' 8 10 '“r» ! Mon.-Fn. 


Sat. 4 Sun. Ho lale Sbo w hooking. 


lortiieinitial fl„ a i bars. ’ Though the piece 

group. Mozarts , G major Quartet g ^ in tha t its quiet —£=2 -** mTiIbisi 


a ^ q LA 5TWEEK r J ° HN KliMS 0N ’ n j «p'ai^_hkble. at iheairo. 


group, jnozajib « •"•Si— c .. m « ciniDle in tnat US qujei — --.Vfr 1 inai 01312 A o,«r lor actors and oraiesira oy ium 

IJTicism tells immediately, and C ™w N iV" no iM^RTANce/junO.I *?.»■!*«[!. "* True' ‘hwincai 


2835. Evening's 7.3k' 4 9.15 
EVERY GOOD BOY 
DESERVES FAVOUR 

A mcce for actors and orchestra by TOM 
STOPPARD & ANDRE PREVIN. Seals £4. 


nn Knv | w.un ,A. Sep progs, Dlv Doors open 

FAVOUR SHAW THEATRE. 0^-388 1394. ^0^° j ^ s r 4S Lale show Fri A Sat_ 

J orchestra by TOM .J’yi.JlMrt a^.V.» W .^oi,sALEM D'.C'rt open 1 1.15 om. All scats may be 

PREVIN. Seals £4. 1 M TALKING ABOUT JERUSALEM Htft ked 

I ol true theatrical by ARNO LD WES HER onini "marble - ARCH 1723 20H-21. 

t STRAND. 01-835 2860. E»cnmg‘ 3 00 ;°° L e ° sE CNCO UNTEKS OF THE IHIKU 

92S 2252. Mat Tnurs. 3.0 Saturday* 5 3U and 8-5“ KIND «“«. Sen ci Mon. Fri. Doori open 
oe,: Ton i 7.30 NO SEX PLEASE— 2:5 7 70. SaG A S»n Dwws bm* l Oa 

:n THE COUNTRY WE’RE BRITISH 4.15 7.4S Late Snow Frf. & , Sat Door? 

chef lev THE WORLD'S GREATEST (-n-r. 11 15 p.m. All »ra» bkble- in ad- 

um staae>: Ton't. _ LAUGHTER MAKER . yjnet e*iwrt late showi 

.45 PLENTY a new GOOD SEATS. £4.00-61 pH - -- -• ’ _ 

— — — — ‘LT.n : PRINCE CHARLES. Leic. So. 45? 3181. 

Udllorlumi- Ton't. ST. MARTIN'S. CC. 835 144J £i>. j V * MEL BROOKS 

n°of LOST WORLDS Mannee Tuw. 2 45 Saturpavc 5 *"d 9 j HIGH ANXIETY A> 

re Manv ekCellenr AGATHA CHRISTIES j scp. Pnr‘« Of». «lnc Sun 1 2 4S. fi.lS. 

Zaires day Ol*rf. THE MOUSETRAP , 5^00 Lit- Show Nightly 114 5. Seats 

9"” 2033 Credit WORLD'S LONGEST RUM 1 |i““ 0 d Bar. 

Air Liana, tinning, -61b YEAR 


IY60UA ■ - . J n,,ip iVTICISm lens uuiiieuiuici', Ton'O"' 3.y N * .mSbrtanCB Juns 17 L* *■ 62. "A worn 

of the onginaUy, intended fiute i ^ in lhe mindi T he ?»•%" j5» a’MKi the genius • Sunday Times 

by'Janet Craxton’s oboe seemed sw 'u b worked, the Vuett.VSLSSP* .STTonal theatre: 

rA ramnup an element Of bland- aetaiib a V . *« Amut. 01-9302575 . . f« * olivier _ .open «« 


Continuing action ^^racy 

independence an 3J ULY ia78 

.^ZURA* CLTUBALEVEWTSa^ 


. r „, = NATIONAL THEATRE. _925 2252- 

sonorities eloquently subtle. An BSjgj -SsSTLSTfe » j- 5 r« 1 SSr“»;rS ^T'V he t ^un 7 tr 3 y° 
athletic and. vigorous Duo for — 5 ^ 

String Trio. up. - . .. - violin and viola (Miss Hart and unpamiici'-i ;-, U r a? low a. Tms. 7JS Tom or. 3 & 7.45 plenty a new 

fiber BriS! Ckins, by. ».!!»«». A- S.K' lVz!:"„ s “S. ^ Wi: - -- 

i 5 S*JSK iSTdSKJS- “ 5 £ end . J«.n Frencecr. 4 «tre j in™ -fufCT 5 ^ t’SS&’-jlSf BS 


cable style .“J p e i„jYhe air^f minedly cheerful Quartet for car 
S 5 S cKSIity engendered angle, e and S , rings rinsed lhe 


her partners were common concert. 


ShVa-OO^Hnej s« 3.00 

a r? " i tiv^T u jr; D ;Tm«: ,on,ir,,r ' a ^ » 9 au c«a.i.»^ 


Manv eiicell^nr 











o*> 







FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantizno, London P54. Telex: 886341/2, 883897 
Telephone: el-248 «K» 

Friday June 16 1978 


Credit and 



THE STUDY of credit control 
methods which has been 
launched in Whitehall in the 
wake of the latest monetary 
crisis is in principle long over- 
due. but in practice it may 
prove a damaging waste of time. 
The Government has been 
politically embarrassed, and 
naturally resents the fact: but 
if we are now to have a secret 
inquisition on who failed to buy 
adequate amounts of Govern- 
ment stock, which banks did 
ivhai to window - dress their 
liabilities, anti whether any 
political malice can be 
detected, a lot of quiet damage 
could be done in no good cause. 

Instability 

A serious study of existing 
methods of credit control and 
of possible alternatives, on the 
other hand, is urgently needed. 
The whole hisrory of credit con- 
trol in the last six years has 
been punctuated with crises, 
when official funding, or con- 
trol of bank lending, the flows 
across the exchanges or the 
growth of domestic liquidity 
have appeared to lurch out of 
control for a time. The insta- 
bility of exchange rates and in- 
terest rates has done great dam- 
age to the real economy. We 
have not even suffered in a good 
cause, since governments have 
yer to draw the right moral from 
them: that the official demand 
for credit must be held back if 
room is to be created for a re- 
covery" or the private sector. 
They have hoped instead that 
official funding would be no 
problem as long as something 
called “confidence” was high, 
and thus tended to knock every 
recovery' on the head as soon as 
it wa6 visible. 

Ii has been remarked by 
many students that crises are 
the main instrument of mone- 
tary policy in Britain. In the 
days when we had a fixed 
exchange rate and no monetary 
policy, measures of restraint 
were almost invariably pro- 
voked by a run on the pound. 
In recent years the constraint 
on government policy has 
tended more and more to be 
the progress of the gilts mar- 
ket, since bitter experience has 
shown lhat a monetary problem 
neglected for more than a few 
weeks ean grow into a national 
disaster. Mr. Callaghan’s first 
task when he assumed office 
was to wrestle with such a 
disaster: his most recent, as he 
plans to offer his office for 
renewal, has been to bead off 
another, regardless of political 
cost 


If the sole aim of a monetary 
regime were to discipline poli- 
ticians, the British system 
might, then, be counted a con- 
siderable success; it does not 
prevent mistakes, but it ensures 
that the consequences of any 
mistakes are visited on their 
authors within weeks. Anyone 
wanting to design a collar and 
leash for the Chancellor might 
conclude that nothing could be 
more effective thau to stake the 
whole control of the monetary 
system on the sale of relatively 
long-term government debt. 
Official policies are thereby 
daily submitted to the judgment 
of the market, and investment 
managers who aim for nothing 
more than to balance their port- 
folios and avoid buying on a 
falling market acquire an unin- 
tended political power. At 
times we appear to have gov- 
ernment by brokers’ circulars. 

However, most central banks 
also aim to produce stable and 
appropriate credit conditions, 
even if this means that what 
they see as excessive govern- 
ment credit demands are 
punished only by a relatively 
undramatic adjustment of 
interest rates; if such a demon- 
stration is thought to need 
reinforcing, such central 
bankers are in many countries 
ready to speak out an their own 
behalf, rather than leaving 
comment to market participants. 
A central bank with greater 
political independence can per- 
haps afford to use subtler and 
more pervasive technical means 
to influence credit conditions. 

Less distortion 

Such methods would not only 
lead to more stable market con- 
ditions, but would produce less 
statistical distortion and drama. 
At present the growth of credit 
and money is as unstable as 
the means used to control it. 
and the figures are constantly 
distorted in one direction or 
another. Yesterday’s money 
figures, for example, show a 
grossly excessive growth of 
domestic credit; but the adjust- 
ments needed for slow gilts 
sales and for window-dressing 
by the banks (again, a straight 
expression of commercial self- 
interest) swamp whatever may 
be the underlying trend in loan 
demand. We suffer crises with- 
out even knowing at all cer- 
tainly whether there is any 
trouble brewing. There must be 
a better way; and if the result 
of Cabinet anger is to find one, 
Mr. Callaghan has been irritated 
in a good cause. 


Another subsidy 
in dispute 


THE circumstances which led 
the European Commission to 
object to the UK offshore sup- 
plies interest relief grant 
scheme may differ from those 
which caused Brussels to object 
to the temporary employment 
subsidy. But the underlying 
reasons are the same. Both 
schemes distorted trade be- 
tween Britain and other 
members, which is against Com- 
munity rules. 

The temporary employment 
subsidy ran into trouble because 
it had so often been extended 
and its nature had been so much 
changed that it could be beld to 
be preserving rather than solv- 
ing problems. Half the subsidy 
payments were going to textiles, 
clothing, and footwear firms — 
sectors that were deep in 
trouble throughout the Com- 
munity — and where they were 
meeting as much as 30-40 per 
cent of UK firms’ wage costs. 
The offshore supplies relief 
grant, on the other hand, had 
been introduced — by the Con- 
servative Government in 1973 — 
so as to help UK firms match 
subsidised competition from 
overseas suppliers of North Sea 
equipment. 

Complicated 

British linns were not 
eligible for ECGD facilities 
whereas their rivals, many of 
them then American, could get 
loan finance at preferential 
rates from their own national 
export credit institutions. In- 
stead of extended ECGD cover 
to the North Sea. however, the 
Government brought jn a more 
complicated — and possibly 
more generous — scheme 
whereby North Sea operators 
could obtain an interest relief 
grant of 3 per cent a year for 
up to eight years on loans 
financing up to 80 per cenl of 
the value of the contracts they 
placed with UK firms for goods 
and sendees used in the con- 
struction of fixed offshore In- 
stallations. 

To the extent that the scheme 
enuid be regarded as aiding the 
development of Lhe North Sea, 
Brussels bad no objections. To 


the extent that it wax an aid tn 
an infant UK offshore supplies 
industry, the scheme could 
again be accepted. But its 
discriminatory nature against 
Community firms outside 
Britain became more objec- 
tionable as the North Sea 
market — and the UK share of 
K — grew. By the end of 1976, 
the exchanges had reached the 
point where the Commission 
felt obliged to initiate the EEC 
Treaty procedure which eventu- 
ally can lead to the European 
Court in Luxembourg. 

In nearly every other such 
instance, the national govern- 
ment concerned has sooner or 
later conceded the point as the 
UK eventually did earlier this 
year over the temporary em- 
ployment subsidy. Some modifi- 
cations to the offshore supplies 
scheme have been offered, but 
evidently Brussels thinks they 
do not go far enough for it has 
now decided to force the 
issue. The situation appears to 
have been inflamed by Com- 
munity members* impatience 
with the attitude towards 
energy policy generally shown 
by Mr. Wedgwood Benn who, 
as Energy Secretary, is now the 
UK Minister involved. 

The Issue is clearly not 
straightforward. French, Dutch 
and German offshore suppliers 
enjoy good export support 
schemes. On the other hand, the 
lack of ECGD cover before 1973 
meant that UK suppliers faced 
precisely the same disadvantage 
as every other UK industry 
facing import competition. The 
“infant Industry” argument 
loses force with time. The UK 
share of what is now a £lbn 
plus a year market has ri*en 
from 25-30 per cent before 1973 
to over 50 per cent, or not far 
short of the most that could be 
reasonably expected. One 
would have thought that, given 
the political wilt (an important 
proviso in this particular situa 
tion) a way could be found of 
keeping Brussels and other 
Community members happy 
while still meeting British 
industrial policy— and public 
economy— interest. 




Financial l .. 







T he DECISION by British 
[Airways to embark on a 
unilateral high-wire balanc- 
ing act with -international air 
fares, announced on Wednesday, 
marks the first practical step by 
any airline to act outside the 
agreed fares structure of the 

International Air Transport 
Association. 

The U.S. Civil Aeronautics 
Board has already threatened to 
pull U.S. airlines out of LATA 
But no airline has yet gone as 
far as British Airways in defin- 
ing the new parameters within 
which airlines may now be ex- 
pected to operate. BA has pro- 
posed a radical restructuring of 
its fare structure. Three classes 
will replace the existing first 
and economy classes in a move 
which has important implica- 
tions for passenger comfort, air- 
line economics and future 
competition. 

The new first, club (or busi- 
ness) and discount fare classes 
proposed by BA are designed 
to boost the number of cheap 
seats from under a quarter of 
the present total to a full 50 per 
cent. The airline is banking on 
filling 80 per cent of the cheap 
discount seats on every flight, 
but is fitting a moveable bulk- 
head in the event of demand c or 
the cheap seats not materialis- 
ing. The airline would then be 
able to expand its club, or econ- 
omy class 6eats at will. 

More important for the future 
of airline competition and lATA 
is the claim by Mr. Gerry 
Draper. BA’s director of com- 
mercial operations, that the air- 
line had discussed its low Tare 
proposals before Wednesday's 
public announcement with all 
other major airlines. This has 
been taken in some airline 
circles to amount to a declara- 
tion by BA that it wishes to 
lead world airlines in the way 
they structure their fares, in 
any post-lATA era. 

The BA proposals look radical 
and perhaps unworkable, with 
the uncertainty over how to 
achieve precise passenger fare 
ratios not likely to be resolved 
until the last minute before 
take-off. In reality the biggest 
change is the move to three 
classes. Within this structure. 
the first class and the new club 
class fares will correspond to 
the old first and economy prices. 
Even the standby discount 
fares, on domestic flights at 
least, are to be on the same 
limited weekend basis already 
in force on shuttle flights at. 
weekends. 

The main novelty is io the 
wider availability of these 
prices and in the timing of' the 
announcement two weeks before 
the 106 corporate members of 
LATA meet in Montreal to dis- 
cuss what should happen to air 
fare regulations in the face of 
growing unilateral- action by 
members. By the /end of the 
meeting, on July;.!, there may 
only be a handful, if any, 
members who wish lATA’s 
status to remain unchallenged. 

At the heart of the changes 


to be put to the vote in Mon- 
treal is a new two-tier structure 
for airlines which wish to keep 
their ties with LATA. British 
Airways is one of the big air- 
lines likely to beep some rela- 
tionship— if a distant one— v/itb 
the recent more liberal ideals 
of IATA. This would be in spite 
of BA’s move into the vanguard 
of across-the-board low fares. 
The hint of a continuing link 
came from Mr. Draper on Wed- 
nesday. He said BA had no wish 
for air fares to be completely 
“de-regu tensed.” But lhe airline 
wants changes. By taking the 
lead before Montreal it clearly 
hopes to take other airlines 
along its own Darticular road. 

At an earlier meeting last 
November, tbe big airlines were 
faced with growing support by 
governments for cheap-fare 
•■eonsumerist” policies an many 
major world air routes. Includ- 
ing particularly the North 
Atlantic (such as the UK 
Government's espousal of the 
cheap-fare Laker Airways Sky- 
train to New York). They were 
told bluntly by the LATA direc- 
tor-general, Knut Hamm ars kj old, 
that in order to survive they 
had to respond swiftly to the 
new environment in world air 
transport. 

He argued that there were 
strong and growing govern- 
ment antipathies to the long- 
standing LATA techniques of 
fares-fixing; consumerism was 
“ becoming rife and govern- 
ments themselves were in- 
creasingly taking over fare- 
making functions. He said that 
for the scheduled airlines the 
forces of stability and order on 
the one hand (meaning the 
IATA) and those of “laissez- 
faire” (meaning governments 
whose interests were more in 
tune with the politicaHy-popular 
cheap-fare theories than with 
tbe long-term stability of world 
civil air transport), were con- 
fronting each other. 

“ The operators are caught in 
the middle.” he claimed, and 
added that the time was ripe for 
far-reaching reforms. While 
these might not be appropriate 
in all markets “ particularly 
where there are developing 
countries with developing air- 
lines to consider," In those parts 
of the world where “runaway 
regulatory trends are clear, par- 
ticularly nn the North Atlantic, 
there may be little other res- 
ponse to the present situation. 
How else does one respond when 
regulatory authorities are sharp- 
shooting with shotguns?” 

One of the particular com- 
plaints of the world’s main air- 
lines has been the attitude of 
tbe U.S. Government which 
over recent years has shown 
itself as Increasingly anti-IATA. 
On a number of occasions, pain- 
fully constructed fares packages 
for the North Atlantic route 
have been rejected at the last 
moment by tbe U.S. Civil Aero- 
nautics Board. The U.S. ten- 
dency has been for the CAB, 
backed by the government to 
lay down a policy for the U.S. 
airlines to follow, and make 


in 


over ^ 

By MICHAEL DONNE and LYNTON McLAiN ’ > - i-v 

the-.,“pitch" 

Iflistahce "between - r a\ sex£:aa<f; 

- coaipgi£; 

•five. , ^capabilities ’ Itave • 

sever^-ra^ -«& :■ 

-ront& as . 

-ofteaheen J ; 

the 

1 Tsamec kidtifK of k r thaws ;: < 
Tfieir oafe : ' 
have beeii'.' in the _ rath#*, vague: : 
fend ; -even x somethheSL-vi natr • 
existenty.-aiBJ^ :hf 

palifehess 7 -^ 

; pas^rigere. 

"rules' -in, ihe-^past, has.; often; * 
resold ii aiiiines^beihg. fij^d 
1 by the assbdathj^.aml so hie 
; occasions^ jhere' ’ have' ' been 
iniramatiqual raws^&adio^i^aik 
near-broakdowii serving 

between various wrautrles-'-the 
famous. ■ f^sandwich war” spread 
years ago; for : «aan^^'vtnri^fl L : 
'entirely upon ’different laterpye- . ' 
rations between -.Seahdmavii 
and other eojmtries: ; as4o what j 
constituted -a v ^Sahflwlcfc? 
.NtafW,: : tfce 

that such regnlatJohs make 'hat - 
only •-JLihoeieiy "of ‘competition/ 

. ... . in ^ednledr-^'traiapfttiv-bw .- 

IATA-regnlated transatlantic travel in economy class. -• Mesdsy newspapers and the children s t 'bring the, Associati8*:itself ii3Scf 
games are free — bat yoa have to pay for alcoholic dEtaksaad inflight entertain m en t . .... dlsneptztei Cn^i2sk-force> 

IATA fares policies fit that situ- Montreal. Hitherto, ' efeff rthe-smallest airline, with little? EeaT, • 

ation, not the other way round, bulk of the aMine-membej^ of .direct interest in . the . fares on ^ least substantiaiS ' 
This Government-versus-LATA the Association have .Only a given route, has been able, to, so 'that! the s&eduleff - - 

conflict in the U.S. has already known in general terms.. what; block decisions iutt*rit:*ot. its ebffiwta 

obliged Pan American seriously is proposed — they are m. ptn- own way on something e lse. d £ rectiy for -passengers’ favours' 
to reconsider its membership of cess of getting fuller details. Birt Thus, fares policies' have often ^ thingt" as" in-flight 

the Association. enough has been divulged to been compromises, urisa ti sfap- jeryjee, indudlm' mealy -flifrfc-' 

Mr wammarskinM was nor make It dear that > M a PProved,toiy to everyone— passengers. entertSnmenL ana“ : t kiWaway? 

proposals wd ensure tfcat airlines, and governments alike. ^ 

ment impatience with the°associ- ^ aame.. Now it is ^® Ithastobe str^sed^ however, 

ation’s fare-fixing methods, but a S a J? that ; unanimity ml*. AmU 

r^nT, nf ire Afhpr caDtly, tile opportunities for favour of a simple majority «n iev - have vet ' to ran the 

regulatory techniques. He urged competition among Its menfoers ‘JjJUe wW^do gauntlet ^of the special^ Montreal 

& St. take a dose look ^ _M«y <tf tetoember, - 




at all their other rules and regu- 
lations. “ including those dealing 
with seat-pitches and sand- 
wiches. and perhaps in this new 
environment a large number 
could simply be thrown into the 
waste-bin.” 


More open 
system 


a given route will nat be obHged S“£7lk T TSve ^ 

to participate ^ t ven the detidfe of what 

■: conferences on that route, or JJJ 0 jJ^rce f* proposing, and 

even necessarily he bound by “ islertein that mwrf them 
; the decisions taken. This should -uuxujr u* mem 


The proposals broadly provide 

for a ** re-definition ” of : .vtbe muc h more quickly, and intro- 



His comments undoubtedly membership of the Association; ducing “innovative rates for e&nse. and XriU ffeel strong 
shook the IATA delegates, and the adoption of a more pjKn which many know are necessary. 

at that same meeting In Madnd accessible system of fares- One senior airline executive Proposals, conscious Of their 
they set up the task-force of fixing: greater flexibility in t the commented recently that " Sky^ P 0 ^ *0 compete Tor . traffic 
“ five wise men." comprising: development of “ innovative train caught- us napping. The the new conditions that 

Mr. Ross Stainton. deputy fares;" and cuts in the numbers idea had been around for years n ™J? r to -. 
chairman and chief executive of 0 f rules - governing Might before it was finally approved s*™ 61 ’' dfiveUmtog ammes 
British Airways: Mr. K. G. service. - last winter, but we bad to rn3y -.! ei r } ^ 

Appusaroy. managing director What these proposals really improvise our answers to it tinned ^wnbrella of IATA pro- 
of Air-India; Mr. L. Edwin me an is that the Association (Budget- Plans and Stand-By Action. Thus, some, of the. pro- 
Smart, chairman and chief intends to try to changfeV its fares) in a huriy. We could, posals may well be substantially 
executive of Trans World Air- rules, so as to ensure that ii&ile and should. Have worked out n,0 ^ e< ^ " poroaps to the _ point 
lines; Mr. Umberto Nordio, jtg members adhere to certain feur -response" to If -'"much of being useles^ in obtaining 
managing director of Alitalia: basic regulations— such as=tbose, earlier." ' Thiis. 7 what the ***?, .ti^ featefor ce gefc ^ut fa 
and Mr. Claude Taylor, chair- governing safety, legal, medical. Scheduled airlines are now ach ieve— « greater competitive, 
man and chief executive of Air technical, and handling matters, going to be asked to do is think Dess ini' the asspdatton’s 
Canada. All of them were as “and other essential service- moreVbotdly,.in the knowledge membership. 
well aware as Mr. Hammarsk- orientated and safety-orientated that \ny ideas they may . Governments Trill be watch- 
jold.of the need for change in fields designed to maintain and generate,will not necessarily be mg the Montreal meeting with 
the ’scheduled airline industry, improve service standards”— sqnashed* under the weight of especial interest (they will have 
if the IATA itself was not to there will be much greater a ponderdus bureaucratically- t0 approve what their airlines 
be relegated to tbe backwoods freedom when it comes to fixing organised fare-fixing machine, decide) and tbe IATA members 
of world civil air transport, passenger fares and cargo rates. Finally, the aim will be to tarow that if they do not achieve 
with governments taking more Hitherto, all the scheduled try to get rid, of, or modify, some results that would widen 
and more control of airlines’ airlines in the IATA have been many of the currently over- IATA rules to. allow greater 
affairs. obliged to adhere strictly to restrictive rules governing what competition, they are likely to 

The task-force has worked rules governing fares confer- kind of in-flight service any And many more of their ftroc- 
quickly. Only a few weeks ago, enoes, and especially the airline can give its passengers, tions being taken over, as faxes- 
its preliminary report was sub- “unanimity rule,” where each Hitherto, strict conditions have fixing already has been on some 
nutted to the top policy making airline has one vote, with all been laid down for such things routes. The wind of change Is 
body of IATA the Executive airlines being obliged to accept as the size, quality and cost of beginning, to ^blow through the 
committee, and endorsed the resulting decisions. This meals served in different parts conference halls of the IATA, 
unanimously. It now goes to has often resulted in a rigid of an aircraft, the price charged and it Is now doubtful If there 
tiie special general meeting in fares system, whereby even the for in-flight entertainment, and is any way of stopping it • 



impertinence 

pays, 

says Sir James 

At the risk of straining any 
entente cordiale that may exist 
between this column and its 
readers, I am once more report- 
ing from Paris. In particular, 
there is news of “Le Chevalier 
de I’Epicerie” — Sir James 
Goldsmith, of course. It seems 
that Goldsmith is far more 
fascinated these days with 
journalism than groceries, so 
that a large slice of his time in 
France is devoted to his latest 
pride and joy, the weekly 
i’Express. He will soon be mov- 
ing the magazine, acquired last 
year from Jean-Jacques Servan- 
Schreiber, into handsome new 
quarters overlooking the Etoile 
— with his own penthouse flat 
surmounting the offices. To re- 
mind everyone that he is the 
boss, the message “President: 
Jimmy Goldsmith” appears at 
tbe front of the magazine, and 
the imprint at the back says that 
Jimmy Goldsmith is the director. 
Last month his control was 
stepped up from 45 per cent to 
two-thirds. There have also been 
reports that be is xn the market 
for l’Aurnre. a Right-wmg daily 
owned by the troubled Bnussac 
empire, but that may instead he 
bought by aircraft manufacturer 

Dassault. 

Everyone in tbe Paris news- 
paper world thinks Goldsmith is 
just sharpening his teeth on his 
weekly magazine. He has still 
not abandoned hi$ British media 
dreams, and now that France is 
politically more stable he may 
also rerive his plans for a 
Parisian financial daily. 

L’Express has changed, both 
in looks and approach. I am 
told by Olivier Todd, Former 
BBC correspondent brought in 
by Coldsmith as a senior editor, 
that it has lately increased in 
credibility and circulation (the 

print run is now 700,090) . 


MAHERS 


“Goldsmith tells us we are not 
impertinent enough in inter- 
views.” says Todd; that should- 
amuse Private Eye. once deluged 
in writs by Sir James. It also 
appears that Goldsmith pro- 
mised Todd that lie could urge 
readers to vote socialist in the 
French general election; in the 
event, this journalistic freedom 
was garnished by a result that 
must have gratified the boss — 
hardly a leftist from the poli- 
tical ideas be has declared in 
Anglo-Saxon surroundings. 

Culture Vultures? 

A recent cartoon in Le Figaro 
shows a Parisian husband and 
wife gazing complacently at a 
transformed Place de la Con- 
corde: its centrepiece, the great 
Egyptian obelisk, has vanished 
— and in its place is a waterway 
on which a boat sails past. The 
husband explains: “We have 
exchanged the obelisk for Tbe 
Suez Canal.” This is a fairly 
typical French response to the 
call by the United Nations 
Educational Scientific and 



1 Send these round to 
Threadnecdie Street I” 


Cultural Organisation for the 
return of “plundered works 
'of art ” to the countries 
where they were created. 
UNESCO's director-general, 
Amadou-Mahtar M'Bow, has 
launched a campaign for bi- 
lateral deals between the 
“plunderers”— especially former 
colonial powers such as Britain 
and France— and people who 
have been “robbed of a col- 
lective memory.” 

Nobody in the UNESCO build- 
ing in Paris has yet suggested 
the return of the Elgin Marbles 
to Athens. An official to whom 
I spoke even admitted that they 
have doubtless been better 
cared for in the British Museum 
than if Lord Elgin had left 
them in situ. But M’Bow’s 
campaign may well bring re- 
newed calls for the return to 
Ghana and Nigeria of tribal 
treasures seized by British 
punitive expeditions in the test 
century. Bl’Bow comes from 
Senegal, in whose capital of 
Dakar he convened last March 
an expert committee to push 
ahead the UNESCO plans for 
the “return - of cultural pro- 
perty.” 

But the risks involved :n re- 
storing precious artifacts to 
politically unstable countries 
are being stressed in Paris. 
UNESCO has praised the way 
Belgium has sent tribal trea- 
sures back to Zaire; I am told, 
however, that one masterpiece 
returned from Europe to an 
African country was immedia- 
tely stolen. 

Over the shop 

While director-general M'Bow 
is running into criticism around 
Paris for his proposals about 
“plundered art.” h e is also en- 
during grumbles within the 
UNESCO headquarters itself. 
This is because he has conver- 
ted a section of the building — a! 
a reputed cost of about £50.0(111 
— into a residence for himself. 
It seems that for security rea- 


sons. M’Bow prefers “1 ivi ng 
over the shop.” 

A spokesman bad denied 
categorically to me on the tele- 
phone that there was any dis- 
satisfaction among tbe staff 
about the director-general’s 
apartment But when I visited 
UNESCO I found the contrary. 
One official complained of a 
“sheer waste of money.” He 
also forecast that when M’Bow’s 
term of office runs out in 1980, 
his replacement is unlikely to 
fancy spending day and night 
on tbe premises. 


Seen it ail 

France’s Mrs. Whitehouse is a 
Mr. He is Jean Royer, mayor 
of Tours. In J974 he stood for 
the Presidency on a “clean-up- 
France " platform. Royer was 
a successful minister under 
Georges Pompidou and his 
pol ished oratory has assured 
him of re-election to the Tours 
mayoralty ever since 1959. Bui 
my ventures into the seamier 
side of Paris reveal that unlike 
Mrs. Whitehouse. he is winning 
hands down against what be 
calls M moral perversity.' 1 In 
brief, the French have had 
enough of it. Film censorship 
was abandoned in 1972 and the 
capital’s 58 sex cinemas shnn- 
things that would make Mrs. W. 
shriek. But since 1975 their cut 
of the total cinema takings have 
fallen from 25 to 6 per cent. 

The president of the Paris 
Sex Shops Association, a Mon- 
sieur Phal, says: “ We are run- 
ning out of steam. Last year 
15 of our colleagues went bank- 
rupt." Reerine Desforges. who 
publishes blue bonks, savs that 
only four out of 40 new titles 
she put nut last year sold more 
than 1.000 coDies. “Sex isn’ 
what it used to he.” she admits 
— an amarine statement tn hear 
in Paris, altiioimh nne that must 
delight Mayor Royer. 


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West German Econo- The Germans will not be happy safely doubled, he paused for 
• mite m^tjy has iu way, there without some assurance that a moment and said: “Yes, some- 
wilt be little in the Bonn the other Europeans will join one from the Treasury did say 
economic summit meeting next them in helping to check the that at a meeting last week, 
month , to please the British appreciation of the D-mark, but I assumed hr* was joking." 
Government The Ministry has which is another way of saying At any rate, the German 
. verbal check-list of that the weaker European cur- belief continues to be that infla- 

,Wbat it would like to -see in rencies, such as the pound, can- tion is the greatest possible 
the.- final .communique aDd it not be allowed to float down danger. Without price stability 
souftds . more like a Tory indefinitely. Only when all there will be very little invert- 
’ . marnfesto than anything ever these promises have been given ment and therefore verv little 
contemplated by Messrs. Cal- will the Germans consider doing growth. it is price stability. 
Jaghaa and Healey. something about increasing too. lh a t seen is to win elections. 

general slogan is “back their own economic growth v .hich is another reason why 
to the free market economy," rate. It is not exactly what Chancellor Schmidt seems un- 
_ though on an international Mr - Callaghan had in mind when ijkely to budge on this issue, 
rather than a purely national he pined such hopes on the The argument about the 
or even- European, basis. Not summit earlier this year. exchange rate also seems to go 

only" iS the Ministry seeking a Of course, the Economics on for ever. Almost my first 
pledge - of ho more protec- Ministry might not win. Theirs memory of this country is oF a 
tionism, it is also demanding is the extreme position. Chan- German Government resisting 
that existing protectionism cellor Schmidt seems to be revaluation. There were then 
•should be dismantled in the keeping his own ideas very rather more than ten D-Marks 
shortest possible period. There close to himself, and not even to the pound: now there are less 
is a further call for an end to very senior officials are entirely than four. Ten years later the 
all subsidies. sure what he is up to. What visible evidence that the steady 

The Germans (or at . least has happened, however, is that appreciation has done any harm 
those in the Economics there is a kind of competition still seems lacking, yet ihe Ger- 
Ministry) no longer believe both within and between man 5 have apparently decided 
.that there is anything to be Ministries about what the sum- that enough is enough, 
gained from the state giving mit should best seek to achieve. Details nf the so-called 
money to companies or iodus- Y et ther** are two points on Schmidt Plan for a wider zone 
trial sectors. which alJ Germans seem to be currency stability in Europe 


the recifi, hcevet , U » ™ 

a * a To* 22Z ”0! 


There is a certain this is more 


ubscure. It is not around: 


with the 


□abicaiiy •> hi* i -- — _ . same saennueu im me spm >■> - ■ - 

ought, therefore, to conceniraie European soutn. Atm » in power . N„ .me is quite sure 
-npraies on the area it knows time, there an. aumea any more v;hat lbc German 


w iti energies on the area it knows time. tnere aic u.* .u^ V ;hat lhc German 

m best: Europe. What better way about Bnmh po c i W J lib . era|s filand fDr _ 

• wto «n da it than bv creating funds Herr Hans-Dieinui uensc 

^8 for the development of the the Bonn Foreign Minister, who Xhe „ C xt test will ««« with 
‘ . « aoDlicant countries of the Euro- was something of a P‘° neer J" the elections in Hesse in 

1 pean Community — Greece, seeking to involve the Germ J" October. If the Ilberdls 
m > . 1 soain and Portugal, and per- in the African continent has (lUt ^ere, there could well he 

S J* hanc Turkev as well 0 earned considerable hostility r 9 per cussn*ns in Bonn. <»m 

I r haps Tu ^ he> as German business com- , heorv . held by vmu- »i them. 

\J The Germans ^ready P"de for the way he has sup- is Ihat me parly w»u)d then 

N f themselves, in a small way, on Western initiatives »n be obliged to withdraw from the 

{ / i what they have done for Portu- w Africa and especially Federal Coalition in order to 

■ / J sal in the days since the re\o- Namjbia west German sym- Sl , ek lu re-esiablnh it* identity. 

[/ M lution and for- Turkey s »mc 1 ^ stiU fioea uU t to the u JS not dear what would haj»- 

\ m the AmeTican embargo. p * n whites and thc way. it pi . n ne xt. Exon with the 

*\ IB But this time the thinkin* i* he j di that jj iey arc being liberals. Chancellor Schmidt 
I ambitious. Aid for - t0 change with indecent has a ma j 0 riiy of only icn— 

* southern Eurnpe would have to haste Sll there could be a premature 

* . 'ii-n Mp rf«-iit*v with Chancellor Schmidt earlier this h 5 dressed up as Some of this disapproval of general election and even a 

A smiling ' ' | nomine Tor Qdt month's summit. lhe -ommunit s Bank Herr Genschcr rubs ofE on Conservative tor ralhor an 

year; but problems are looming ror u {he E!iropean invesrment Bank nerr ^ ^ general the oflie i a l conservative! Chancellor 

with access to capital markets ° r .J ish * viow of lhe " WO r 1 d does in the nnt too distant future 
is a possible source. Yet Ih m nu j, c u » lit with that On the niher hand, there might 

i ahnur Government complving indeed, Messrs. Callaghan and basic conmbuluin would still no - . . ^ aad Pa ris. "Is even be— for ihr first time— a 

wth some of the new disciplines Healey are given high marks for be German. The idea is to et k ipue .. a numIjer of Germans Social Democrat government 
now bein'* discussed in Bonn, trying an income, policy. It is agreement in f 1 ,, ask . "that a majority of the with an overall majuiilj. No 

For a start participation in any fulsome praise from Chancellor European Council nieetin n cIerforall . IS now against ime knows how ihat would turn 

ror a M«u imi h Shmidt when he says that Bremen and then present it to . man> k pr:h ; n n r the Com- mn 


A smiling Mr. Healey with Chancellor Schmidt tar Her this 
year; but problems are looming for next month s summit. 


to on Sch m i d t Pla n f or a wider zone disciplines Healey are given high marks for be German. The idea i. to gev ™ a nuni!j0r of Germans Social Democ, 

to be currency stability in Europe . j : n u onri trying an income.-: policy. It is agreement in principle at ut -that a mainrity of the with an overal 

e can still to be worked out. but now bi . „ ^ : r1ici Dation in jny fulsome praise from Chancellor European Council meeting in B & ^ sh ^ IecIoral ,. now against line knows how 




They consider that. whUe united. One is that there can , navc S11 * J ue WOTReD “JJ*; For a sta rt participation in any fulsome praise Trom Lhancelior European GOiincu British electoran- is now against line 

there may be a case for giving be no question of any increase 11 would hc v \ r £ ns J' " }jl km( j 0 f currency snake would Schmidt when he says that Bremen and then pmem it _ . j h membership of the Com- 0 U i. 

money to people for the pur- in the German rate of inflation. ** no more than ■ gleair . in ^ of currenc ^ freedom Britain , „ now moving in the the economic summit in B«nn .£ ? .. They can hardly 


t*: 

aasr. 


money to people for the pur- in the German rate of tnaauon. " r Jl ^i" mean savrificinc the freedom Britain is Tfie , " h af F.7rone munitv?’ 

pose. of retraining, the practice The other is that the upward the Chancellor s eye The ^ Pon f lcj float down, right direction. Still, st will be as an example of what E pe ^ 

of-shoring up companies has to march of the D-mark cannot be general pnnciple of trying to . .. e German ofli- an interestng test of the Chan- , s doing to encoura 0 e the tr ^ 


The lessno seems ».*« be ihat 


tir-shoring up companies has to march of the D-mark cannot be 
stop- Otherwise, they say. there allowed to go much further, 
is ; nb. knowing where it will all inflation fell last month to an 
end: the economy will become annual raie of 2.7 per cent, the 


the trans- bring themselves to believe it. Cerinan po ii t j, :s are nnt quite 


an ofli- an interestng test of the Chan- j s doing to encourage tne trans- Th e ° Germans, fur their part, 
accept- collor’s skill and determination f er nf resources. mav Q(Jt have bccome Fully 

r more to see if he van bring th cBntish 0ne seuses a conflict here international, but they have 




enp: me euuuumy wm annual rate oi i.t p™ t» llt , f i P Bhank and severe than anything impusv-u 

completely artificial and the lowest level sinca February*, both irom the Bunde . the international Monerarv 

idea of the free market will 1970. Thus some (though by ?J^!: unitv the Fund. For example, there might 

virtually disappear. Iji other no means all) officials have the the European Co .. hgVK to be an j„ L . on i es policy 

words, it is a case of back to grace to blush when they tell ^wiss 2 nd t c - - that ruled out anything like- the 

first, principles before it is too you that Germany Hill has an already bent^b • ■ * curren t rate of pay increases, 

lata inflation problem. A man from Inside the Comraunlty, ua.y 


mposed any closer to the German model. bctwe en thnse who want to help sure jy became nmre European. 


the Third World and those w-ho 

developing countries in general ELECTORAL TESTS 


The approach of the economic and who believe that German 


as placid as they sometime* 
appear. In the background 
there is the occasional Hash of 
the knife After ihe summit 
next month, it might he dif- 
ferent. But in the meantime 
one should understand why 


The appro ac u ui ine economic aim w.iu H r.pnscher is in trouble Herr Sc hmidt is unvillmg to 

summit and the meeting of the interests lie closer to home But Herr 0 55 His smaUi do anvxhing thar might impair 

European Council in Bremen there is also a certain accept- m other w> . ■ p .. P i CCtora i chances— like put- 






late - inn&uon prooiem. — - reckoned Yet the Germans are pressing European Council in Bremen there is mso a _ ' be „ Fre e Democrat Party his electoral chances-like pui- 

Nor is that all. The Germans the Economics assured roblem . though on. They believe that they have a few days before have also a . nce th - Com- was voted out oF the provin- ting up the rare ..f inflation 

are also seeking a pledge that me that this was ®ow f ull> he a P reservations cast .i ron intellectual case in produced some ferment in smn of i n 5 t T nce cia i n arliamonts in both Ham- for the sake or 01 her countries, 

the fight against inflation should understood by all tie. countij s there ^ ^e s e German economic ex- roreigo policy-making. The F [ anc f* hu - Md lower Saxony two and especially other counmes 

be in no way relaxed. The main trading partners. When I about Mr. neaiey.^ „ ),« nrnvcd more sue- Dcvelomnent Ministry. for could devote its attention to bur. _ and ^cr-tions 


the fight against innanon snouia unueraiuou oy _ r ahnut Mr Healey that the German economic ex- roreign puiitj-miwns. * “ tn h.7r» and Lower Saxony two and especially inner 

be in no way relaxed. The main trading partners. When I about Mr iieaiey perience has proved more sue- Development Ministry. for could devote its attention to bui *. and ^cr y elections. 

word is that a return to replied that that wa&: not the Jl*e™ « ce , r t 1 * " Vt than ^ the British, and instance, has come up with talk Africa while Germany concern be bv Mr „ .. c j 

economic stabtiity must be case and that the BnUsh m^lculation here : U t the ^British in time can be of vastly inireasin? aid to the trates on the Poorer part nf which m ,h b t d U. Malcolm Rpthenord 

r^%“han P g TSes.?oo: G ™— “ & >e * P-uaded to adopt it Alread y. Third World. Much more m Europe. Certainly. Franco- bteeM — 


Letters to the Editor 


GENERAL 

Retail prices index Olay). 


Today’s Events 


linnnl airport on Sevcrnsidc as an 
alternative to expansion of 
London airports. 




The members 
for Europe 


IH Workers at Bank of England of \.\LGO conference. COMPANY KliSL I.TS 

note-making factory. Loughton, g r : Eb , on Arthur Guinness bun and Cn. 

Rut then Mr. Woodhead fellMLR will be required, particu- Essex, meet to decide on whether dj, uge ' 0 f Commons: Debate on (half-year). Pdkington Brothers 

BUl . «. j 1. : r I> An>< -Tn i*t Vir.r ia nAntiniiA ctriL'P . .1 . . ■ » • r* mill aa /Tull vnnrl 


From Mt. Jam Lloyd, MP. 


.... 1r But then Mr Woodhead fellMLR will be required, particu- Essex, meet to decide on whether D * of ComnmaK Debate on (half-year). Pdkington Brothers 

that in connection with the now roads, dig our canals, clear h nn . when he queried Jarly if sterling weakens further, to continue strike. reports from the Select Committee (Tull-yrar). 

notorious Archway scheme, reiuse. Iandsc ^ pe f° d w J} ]inn JJJJ statement that British but that may he a good buying Mr. Malcolm Fraser, Australian on violence in the Family and on COMP.^\ MEL1 INC. 

bSS. t resistering!’ ° LaI ^ SSffl‘ «S ^ "uM- • « & & ~ S ^ * 

t|l6 6 tTAvnoMf woe ^ _u 1 .? tiiillmfi WOllW SVS S£3ttfi ; ... cPrS^dSrit^nd^on^nancial i^^tiorls e, (^''Auprov^ Consular Cricket: Second Test— Enclanrl 


r - > Sir.-— Your excellent leader on tlons the swing in Hornsey was weie pa i d only to those willing ^. jn t j a belled a 

the subject of MPs for Europe 21 per cent to Labour, as con- t0 register for a prescribed bejn „ pjuch “safer 

*i ■ -■■'■ri - ■■ contains only one assertion from lasted with 8 per cent . to the nu mber of hours per week in just float along in t 

- ■ • - * which I would dissent when you conservatives in London, as a such a national workforce, sure y 

sl igBt mat- There wUl be great whole . our reuhtrj- woald immediately Given an em 

" r^nunent at Westminster if the ^ flat the GLC benefit in both real and psycho- gmuluj . 

■ Eflrtp^ M.mh«r. «e P^d th. ^ ' ^airman;,! Miss M-l term. I. ■ “Xim 


-s mg** 1 


tmental colleagues. 




^'sr:ii!T f . trend ^of ' ^eg-alltariamsm 


forward 


mve '- would have been appropriate in 

Barrie Heath said a year or two market terms. Economic jour- 


rpHueine the back that “people and politicians nalists also have a difficult job. 
d 0 Q C by alike now seem gripped by ao Q o doubt, but selective quotation 


v/d'Agi 


a II er — 


•SStent ; wouid not counien- ^ Qdon for the foreseeable s b - a constructive outiet for ^ffr'eyMiHs " " " P.O B^S 



ant^'ims virtually Teduced the . their energies? And, as such. 

status ef British MPs to that of G j A Stem, Mntftrwav ond would hope that it could 

ttf parliameutary paupers of the stop the , Archway Motorway not meet vitb resistance from 

Western world,, led by Cabinet pj an _ =* . . Hi i, either the unions or the Civil 

wwitetns. who are now paid sub- 6 ettm Court, Shepherds Uil X, Servic - who raayi however 


such' a constructive outiet for 
th^r energies? And, as such. G ^ ^ Dnlv 
one would hope that it could Claugat€ Esher. Surrey, 
not meet with resistance from u • 


L. Messcl and Co.. 

P.O. Box So. 521 . 
Winchester House. 

100, Old Broad Street, EC2. 




ms 


-Mlftlstew, who we now paid sub- 6 non-' Court, Shepherd — „ Servicet wh o may, nowevw . m 

SsNfflSsm ! « 5 Same day A question 

ffi.® ^'wholtu’di!!; - ^% an themselves™ £t delivery of security 

San«MST tS d f i°n Jl y"“ Splitting UP “S!al.°suiSy “keeping St" by From Mr. Michael .1. HUey From Mr. 0. Paijne 

pftiun^m witl" conclude that Mein- . . working would be aa “““ Sir.— While agreeing ami Sir— As a regular reader of 

■JSS n£ ParflHnent no longer flip rj[0S bonus? When one considers the i atner]tiTia w ith E. M. Walker the Financial Times and also the 

which bears , amount of time that gjgf JgStlhS deterioration in the propnetor of a smaller security 

SL relationship "Hy. the respon- FTOm Mr. H. Michael- Bpend with spades and wheel- post 0ffice (Postmerii j une 10). company I would like the nppor- 

demands or -costs of R . , en j 0 yed Mr. Campions barrows in their gardens or. on { musl assure him that same- tunity tn cross swords with Mr 

the^r office, despite the recent b “* ,^12) -especially the D ry m the home, thweom be dav . postiDB . a nd-delivery happeos John Philip whose article * The 

inmrbi^mnts in allowances; '«“'< June vay few with_ zero iqn« ta thin country, et times. Dnmesnv BurgUr el Bay 


A question 
of security 


columns wiUreonclufle. that Mem- 

hss ol Pertianenr no 10 M« the TateS 
commanfl.nniM.ime 






Unprorements 




ft 



is 


■ i^KH^crWnrn in which SO wifh instructions revival 01 ine u has Lhe correci postal coae ana officer I am appalled first oe an 

SofSdOMl and “ase of and pride m our nJJowH «"* ls * n the pillar box : before S a.m. by hls :il rogant assertion that in 

been un- it back tage which won Bnuio the last when j b due for collection. effcct ilie bouses of ordinary 


many oiner, --- n . -.now 10 cuuxu ‘“ it bac |f tage which won Britain u 

managerial J^the Sueeze hardship. I J® S ®“ | L diog to war and made her Great. 

^fSSst'^SS Na50 ' 1 ' 

?SSj*£»bSf Of the EU«S Tece’ve ’assistance 0j~ 


SSS^iSSK ^ *£ Xs y e fi^cwcirenmsmnces flo cliftom Bnsml. 

• rate appropriate to toe -justify. I am sure t° ai . " . 


when it is due for collection. e ff cc t ilie bouses of ordinary 
1 know for certain that such a people contain nothing which 
letter has been delivered within wou ld ••arrant or justify the 
four hours of its collection. install:M"*n of a burglar alarm, 
i.e.. usually about 11.15 a .ui. what uiier nonsense. 


la 11.30 a.m. which here is about 
the time of the second post. Of 


If Mr. Philip had. as I have, 


course in 


.TrTtd&i been lu many break-ins in even 
. l0 J d .r l .*\. S i^2J. d h,Vt n.vg*n the in 0-1 humble of dwellings 


the Boardroom 


«*« •"*« d.y. I*«r but given tn« m- 3 

,fi" P nro such so-e v, tta worn,, orenirnm. 


concerned 


homes bad 


some 550m people van oum-- “ basing rate^odgers . 


minor miracles would become £ , IV an intruder he would 
more frequent. Certainly postal make suph a simsestion. 


States Senators from homes. 

sontii ■ do - not -haw jp.eu- H- Michael. 


From JVlr. Geoffrey M*Us ! find _ 

Sir, — While Mr. Woodhead Micbae i a. Riley. 

(June 13) is squeezing Mr. wepn- j M Murray Avenue. 

south' do not Vnot^ -H. Micbaei. jvW'iL Bowen’s throat may 1 slip m and Q rpm igy, Kent. 

: **^%5n£S ??■ Los 53- Uurstwood Road . WWi “^“half-nelson on both Mr . 

S h W ^pon^b i ^y I ^ P ^^ rr ^ and T ivine on Volatile 

SSE^Ss’a gfl. market 


more ...... ,i ni 

codes lead to quicker delivery. nn J n "‘, , ^ 1 ” 


make such a suggestion, 
ureat majority of cases 


Volatile 
gilt market 


the ordinary person or business 
receives no reduction of pre- 
mium i *ni insurance companies 
bv hat my installed an alarm 
svsiem Despite the fact that the 
installs"- 111 of the system un- 
doubted!/ reduces the risk 
accepted by the insurance 
compani'-s. 

Mr. Philip next makes an 
equally appalling statement that 
because j firm is canvassing for 


WHERE IN THE WORLD 
WILL YOU FIND 


the more From Michael and r PF b S Danish or German sir.— In his Lombard column busing that this will in some 

cent .m -BrittfiOv f j^rope . Sir There has recentiy -- JJgJ® 12 Executives D f June 13. Anthony Harris gives wa > ma-* that firm unacceptable 

nr««meraUS in your directors ifi thoir u«»i' E w*pbin i/.,n insurance com nan v. ami 


p y^^f a moS%u^ «>ucept s0 ^ e * correspondence .i" ^ of WorTdT will* admit when' their a' n u^a'tion from Mosel’s Weekly lo an 
nov have -between newspaper on the subject worm) wu. la or WoTtUar of j u ne 9. and sug- goes n« •;* say that the firms who 

°l ^«a ? SiS 5 rS &'- 1 would unemployment and the longer jpui is droppea jn lheir g psts ^ 3 , it gives a - very dif- a lreaU: ■« »«re in the insurers 

•*: ■_? a; Vtonger dole queues. SSiSies because the Supervisory fer ent song ’ _ from previous lists * 


eff< S ^ nDT^sb »-• &ee ' a - a -1 longer dole-queues. . ^^Vbecaiise" the Supervisory f eTent 50n o from previous list: v- ll '* l *?hL b hn - ' 

certaJniS; Whether. :- R - viQe had experience i Of «>“ijies a ^bber stamp, circulars. He takes this as an work i» >*«P them hus... 

Cartstor fof - . s'Urr » ■ + v, a Having . r , t;n Things is re n y 1 Mhitruiu if ....«nin nr the vnl»u p n*»v- \ . niv can see in ani 






f- :?^S’ 6 S? , SSSe«- m*- a psy^olosical dS outside businessmen as non- — f - 0U r readek After ^un, k Sy the'l 

i S& t; WOTPlhyef fo^ s i C w^ executives. . . noting th'at the market ^d iUpiaWc to an I 

i - -tionn ^ comparable of time appears to mcrea _ witbin one balanced decision fa i len very sharply on the ‘ 1? compand 


Do vou ever ask your bank where its overseas branches are? Or, are they 
in the countries where you want to do business : _ , 

Ask Standard Chartered the same question. If it s Hong Kong you re 
interested in, we’re the only United Kingdom bank with a branch network -over 
SO branches. We have 2,000 staff committed to serving your business here, and 
across the world we have 1 ,500 Group branches and offices to otter you m 60 


countries. 


Wherever you have overseas business, you need a bank that s really 
» lnral scene. Ask Keith Skinner on 01-623 7500 to prove that point lor 


r - 3n0s& nsca 1 : ma ™r ' - 

I • s Wif - ' 

f >n.A nniitics of 


•issesaaa ss-ssa 


parr of the local scene. Ask Keith Skinner on 01-623 7500 to prove mat pc ir 
vou today and also ask about Standard Chartered’s international merchant 
banking capabilities. 


^ f.mdinK. the ... a-j in tue same imum, run mnuenre> 

nl W a new nanorial ^ ^ noMXeeu . market; - The Monitor continued 


: ’ rnildS of national her 5JJ.n« enforced-^?**) .unfeerini non- - financial nolicy will" remain a i ip-ar ibrnughnut his article are 

sSiS -a:s 

m ° “ """ Un “' 


Bank Limited 

helps you throughout the worla 



Head Oficc.luCIcmcnii Unc, London EC4N 7AB &*** exc£ed £T ' 600millioa 


■/ ■ - 


r: 




INDEX TO COMPANY HIGHLIGHTS 


Tate & Lyle cut to £llm 
as sugar profits dissolve 


WITH SUGAR and shippim.' profits 
evaporating and commodity earn* 
inns showing a sharp decline 
taxable pro lit of Talc and Lyle 
collapsed from £24.9m to £11. Im 
in the March 31. l'JTS six months. 

The core business or sugar 
reiinin” turned around from a 
£7.1 m opera I in" prolil last time to 
.1 £0.4 m loss, with the L'K side 
down from £ii.7m lo break-even. 


lion have been aggravated by the 
depressed home demand . and 
severe competition from imports 

rrom the European community as 
a resull of the EEC sugar moun- 
tain. He »ays the acquisition or 
Manbre and Carton v»as lhe neces- 


sary piv Jude to the rationalisation. 
Overseas, the delay by the U.S. 


The commodity handling, 
(rad ini>. storage and distribu- 
tion operations contribution 
dropped from IlT.lim to £1 l.;»m, 
while engineering, construction 
materials, etc, rose £0 3m lo £-'!.Sm. 

After lax of £4.i'un i£S.4mj and 
minoriiy iniercsis up from i'lni to 
£l"m ailrihu table profit came nut 
oi i'.VSm i £1. \omi and earnings 
per share are shown down from 
US. -ip fu N.ljp. 

Earl .lelhcoe. the chairman, says 
that in general lhe results reflect 
lhe continuing depression in inter- 
national trade and the e fleet on 
the group of the large world 
sugar surplus. 

But its policy of maintaining 
dividends remains unaltered at 
present, he says. The first interim 
dividend of 3. Ip net per £1 share 
was paid in April and the second 
is usually announced in Septem- 
ber. Dividends totalled 13.1-ip last 
year. 

The chairman says that in the 
UK sugar relining business the 
rationalisation programme is 
heing carried through, so Tar with 
success, but is proving more costly 
than directors anticipated. 

The problems of the rationalisa- 


Government in formulating 
domestic sugar policy has thrown 
the American market into dis- 
array. re-uUinu in Refined Syrups 
and Sugars suffering along with 
other US. refiners The con- 
tinuing InSics at Rs it S have 

counter ha kneed a generally satis- 
factory performance by the 
Canadian subsidiary'. Red path 

Industries. 

With starch, directors have 
found it necessary to continue the 
investment n rug ram me at Carton. 
Sons and Company at a high level 
til bring the plant up lo modern 
standards in increase productivity 
and the quality of output. 

The EE< ‘ levy on isoglucose 
continues lo adversely affect the 
results nt the one -third owned 
associates Tunnel Refineries and 
GR Amylum. 

Tate hjs .- uttered from the con- 
tinuing depression in freight 
rales with ils shipping interests. 

The chairman says directors 
are taking steps to strengthen the 
Board and streamline manage- 
ment structures to better face the 
difficult challenges ahead. Above 
all directors 're faced with the 
l ask nf restoring healthy 
sugar refining in the UK and 
overseas. 


In the UK lhis means brinping 
capacity in line with supply and 
demand without delay. With the 
continuing co-operation nf the 
trades unions they have no doubt 
that Tale and Lyle Refineries ean 
return to adequate profitability. 

Of the supporting businesses 
which improved in the half. Lord 
.lelhcoe says that in particular 
Tale and Ljle Engineering ha* 
continued lo prosper and has 
won a number of important con- 
tracts abroad for agro-industrial 
projects. Its good performance 
has been complemented by that 
of Redpalh Industries which is 
successfully eompjcting an agro- 
industrial project in the Ivory 
Coast 

llalf-yi-nr Vwir 


Company 

Page 

Col. Company 

Page 

Col. 

Alpine Soft DrinkT 

25 

6 Duple Inml. 

24 

2_ 

Bar r & Wallace 

74~ 

4 English China 

25. 

1 

Bcihaven Brewery 

25 

1 Fortnum & Mason 

25 

2 

Berisford (S. & VO 

25 

6 Goldrci (Foueard) 

25 

8 

Biuemel Bros. 

76 5 Hargreaves Group 

26 

3 

B & C Shipping 

25^ 

4 Higbgate & Job 

25 

_3- 

Caledonia Invj. 

zs__ 

4 In ml. Timber 

24 

r 

Capper-Neill 

26 

6 La ports 

26 

3 

Charter Trust 

24 "_ 

5 Leech (Wm.) 

26 

3 

Chloride Group 

_ 24 _ 

& Paterson (R.) 

26 

_ 6 I 

Cohen (A.) 

24 _ 

7 Pauls & Whites 

24 

£ 

Continuous Stationery 

25 ___ 

2 Saatchi & Saatchl 

26 

h 

Debenhams 

26 

3 Triplex Foundries 

24 

4 

Dorn Holdings 

25 

3 Tate & Lyle 

24 

I 



Triplex accelerates 
in second half 


IX LINE with the . midterm 
forecast second half .-profit ' pf 
Chloride Group climbed from' ’•- -*' *' ' 

£15.502? to £I7.S5a>, blit -the result 

for the full Blardr 31,. 1978 year * 
at £25J)7m before tax was £L3m 
below the previous year’s record- '-7 

Directors say the 5\per -cent ^ 
overall drop was after sdversw 
exchange movements amounting 
to £L2m The first hdlf results 
had been affected by two strikes 
in the UK and Australia- and tie- 
unsatisfactory performance -y 
America. - ’ ; i~. 

Sales for the year rose ’145.77m' 
to £30&23m with UK companies 
contributing - £13SL57nt" • . Of thei 

£29. 67m operating profit . : UK 
companies contributed 51- per 
cent ' ‘ 




s*S£ * • - 


A second interim 'dividend'' of.' 


I97r-r4 19Tfi-7T J9K-TT 


Im 


ini 


£n> 


(Ml 
1 0.4 • 
11 " 
1 R 
IM) 


a . 
n.t 


) • 
1 1 


ins 


s: s 


1.9 
1 I 
11.1 
4 * 
1 2 
9 ( 


13.2 
I » 
21 4 
4 8 
.11 
1 I 

a 

a 

14 1 
-l.fi 


Refining 
UK 

overseas 

I'umniodities ..... 

Siar<;h 

Shipping 

Raw sucar .. ... . 

Erum-'erlnK 
riperaiiini profit 
Central r«pens»i 
Ad mm Him i ion 
l- - i nance iwn- 
Ri-searvh 
Pre-tax profit . 

Tax 

MK 

Overseas 
Wl prolil . ... 

To minorities 
Aiirihuiahl- 

f Kmiin.il.' »r hair the (nil v-trl luial 
tEsnmatc nf h.alT Hie full year's mul. 


l.i 

20.0 


I ! 


M 4 
IBS 
1.0 
1 . 1..1 


41.4 

I 

4.7 

S ( 
r.n 1 
: 1 


AFTER an advance from £«.92m 
to £i.usm at half-way. pre-tax 
profits or Triplex Foundries 
Group finished the year in March 
31. 1073. some £0.6 jm higher at 
£i.«9m. Turnover for the period 
moved ahead from JES.fim to 
£34 ,4 m. 

The net final dividend i* S.fl-'Tp 
for a 4.H32p I4.18913S5|>) fotal. 
If the tax rate i s reduced a 
supplementary final uijf he paid 
with this year's interim. 

1977- 7s 
i 

Tnmnvc-r .. on" 

Fouiidn-'s 27.4«g.inw 

Fncuvi-rinc MSi.UU' 1 

• ■riii-r a-.uvmos .... i.ii^s ihh. 
lnr>-r divisional sales zim.ihih 
P rofits before lac 
Kmtndrii-s . .. 
rusiikrrinc 


of work was processed. Margins 
were also better on the engineer- 
ing side which was also bolstered 
by an acquisition in the last five 
months. The shares rose 6p to 
84p on the news but since tbe 
yield is S.8 per cent and Lhe p/e 
only 4.1 the market clearly has 
some doubts about Triplex's 
ability to buck the trend once 
again this year. 


3.7977p takes the loflfl' for Tfie*7 
year from 4.6523p net per 25p * 
share to 5-1377 p. . If' the tax rate ' 
is reduced a third interim". 





It E T?g:/;C6lorid e Group ' 

(215p) before tax and ..lLpp^.*:. executive, Mr. Dm 
(I3.4p) net 


offrey Bxwktng&r. ts hx& i ia^ ;s^}^ye^xii^e 

- Ik. — -SnitS.'-“V u;oVa?^rtf- 1 .njSr iinVtfi. ^ 1 ' . 5 

Europe; 


After tax, including *5Soa3tes? c ! conference on the iesidt& 
tfi*“ k Europe 


pirB-T 


■: V-i.OilO 

■j :r:'wn 

„ niKl l»Mi 

: 4i:» nnn 
i ->1*1 

2.ML151 2.0%.b3* 
l.WI.^I" 7 4 -u| 

;ih ill 


Sec Lex 


oih-.-r acuviiics 

Tiu- 

Ksiraordinarr Mil 
Pr-.-f. rtiv 

Minbuiahic in ord. 

fin) <s, -is 

Kr'I.lin-xJ 


■ilO.Wi 
mini 
1A2D.24 1 

BSOI 

l.C3.iV. 

.1SS..74' 

I.237.W7 


Charter 
Tst. ahead 
at midterm 


interests of £l-57m . ' (£L0&tt) 
attributable profit was £14^am ^ ; • ' _ „ 

t£14.75m). £17 - 2m ’ 

Directors .say 1977-78 - way ' T , c hnsinMs Had iroaar^Kl 



3*4 
4M (43 


Inti. Timber near £lm. fall 


Midterm 
upsurge 
at Duple 


A TEN 1 PER CENT drop in the sizes continued, producing a ca-di of 8.3 are above 

UK consumption or limber and inflow of jusi over llm. In lhe figures for similar 

timher products created severe current year receipts are likely 
mni petition and put margins to exceed lhis figure, 
imder pressure for International Negotiations are at an advanced 

Imiher Corporation in the year to for , hc *,| e of half of the 

April I. IJift. Gliksien site in London, which 

Tbe slide in taxable earnings alone should ensure this, and 
seen at half-time persisted in the changes in handling methods 
M.-cond half with a fall from mean that the remaining 12-acre 
£2.!*2m lo £2.31 m leaving the s j| e fully meets the company's 
full-year total fO.Hfim lower at needs, the chairman adds. 

£5.57m on sales weaker at 
£134. Kiim. against £l4U.lfim. 

However. Mr. Ronald Groves, fradaw nrofli 

the chairman, expresses a -degree Surp uJ prnp ^ s.iii 

of cautious optimism. A slight inrcn-w 

improvement in the construction Pos-tan profit 

industry now seems likely. Also b# 

the group's safes are currently 

a Lend and the directors forecasts T .. mlirarifii* 

are for this improvement to be urriinuabk- . 
rnntinued. and the group's manu- PnJeMice aivm-nd .. .. 

facturing companies are working 

near to capacity, he reports " 

Inevitably timber prices in this _ common t 
roumry will continue to be in- •vAJmiTieni 
flue need by currency movements. International Timber's 


i lie 


companies 


they say. The second halfrsbowed ■W’aund £Z.5m at the ’ North ^^Ahjeri^';n*lt';<8*r.^«»rchase %«.- . 

significant improvement, how-. - On • the wee* 1 ”*, , ^ batters' com!pahies' : nU^Oregon 
ever, particularly in the autp*' hibrease in the “^i^TfJ- and-BritMi-CQiiiinhia.i.rln.P^ance*..^. . 

NET EARNINGS for the half- motive division. . ... ;' .'Surcharge the d^ecto^-^itaa^ acqoisiUbn : nf^»eidel ’father - 

year to Mav 31, 1978 of Charter Overseas, most countries where the Increase ^ould deyeropedJits^tnrereife^n^standby 

Trust and Atrency expanded from Chloride has a manufacturing around £T“ 

£393Jfl7 to £477.689. representing stake experienced severe econor. «Vel this' . 

I I93p against LC3p per 25p rare conditions, allied in several-' For the 
j,hare cases to political change and' both short- 

‘ Gross revenue increased from balance of payment problems.,- -/.prospects 
£784,741 10 £966^19. before ex- 
penses of £163,760 f £117, 9841 and 
A 20 per cent increase in sales lax of £309.370 (£257.360j. 
coupled with an improvement in The interim dividend is lifted 
margins on the foundry sid*.- has to 0.75p net. compared with 0.7p 
average resulted in record profile at — for 1976-77 payments totalled 


" Eoih years Sfieci the app!»..ii-»b 

tuid 


■i '*>i 

j: ■ 3-.(i 

■iri.wi 
if 


comment 



Triplex at a lime when « aohal 2.1 f.p from £880.753 earnings, 
investment in the UK has been In respect of the conversion 
sluggish. The company has been entitlement on June 1 £1,088,890 
spending heavily on the foundry of 41 per cent convertible un- 
side to improve both its product secured luan stock 1990-05 was 
range and its ability to meet lodged for conversion into 

changing demand pattern. This 1.742.224 ordinary shares, 
expenditure programme i- now At the half-year, net asset 
bearing fruits and it was .Mgniti- value is given as 76.4p (69.2pj 
cam that a more profitable mix per share. 


Associates 1 tur 

muar resuui xo last year. ' strategic iraporwuw. ■ 

Despite the £3m Joss in profits / During the year a reval nation- ~L m» > 
caused by tbe first-half strike at of . group property resulted' in ^ ~ AUriboubW > . ' i<;t 
the two L’K battery making com-. £S5m . surplus which 
panics the group’s European taken to reserves, 
operations Increased . profits fay end arrangements 


Pauls & White advances 



:i39 

L*.4fiS 

5.567 

a.«4 

2.493 

ISO 


Barr & Wallace heads 
for good result 


fiioo nwi DUE almost entirely lo the coach- 
im.k.’M I4fl.iv. building division where thr 
7.C76 10.172 seasonal pattern of coach sales 
has been substantially smoothed 
out. taxable profit of Duple Inter- 
.1.047 national for lhe six months to _ 

3.4T* February 28. 1978. jumped from LOOKING FORWARD to and her substantial reductions in the 
“ £358.000 to £1.092.000. good result in the currem }c3r. los'es of the new dealerships. 

3.433 And the directors say that if -' ,r - J - Malcolm Barr, chairman of This division has not yet reached 

* is expected that second half pro- Ba rr “«d Wallace Arnold Trust, full potential, 

fits will be belier than those for ^ays that at the time of writing Computer bureau division pro- 

" the first, although the rale nf his annual .statement the croup duced a record turnover and 

profit increase shown in lhe was on budget. However, due to profit despite the generally 

second half nf last year will not the seasonal activities of (he depressed state of industry. A 

latest be malnlianed. For the last full group's activities he reserve* his fourth centre is to be opened in 


WITH ALL divisions increasing £io.47m valuation. This has J>«en At tfee balf^ray itfage. When re-. 
their contribution pre-tax proGt lncluded in the accounts. " : - porting rproBta. liWe .changed' -«■ - 

of Pauls and Whites in the March At ba ] an ce date quoted .(£ 1 . 08 m) ft#; jUitctdrs“ ' 

31. 1978 year increased 20 per dent investments of -BIT, which - i& *® ld fuH-year profits wonW be re- 


from &>2lm to a peak £&25m on 6 Der owned by Elack '.fluced, ^ due part&' ta difficult trad- 

at Diamond ** j ■ •# : ttw- conditions vaorf also- Ho less 


2.313 

» 

1.1157 

1.137 


turnover 12 per cent ahead_at Diamond ^PensFonsT" stood' cpnditlons_>od also-'!® 

£ 144.77m compared with £129. L7m. £64 ^ m (£54 51 m). 'and overseas favourable exchange "rates. _ : 
previously. ' at £30.99 m (£33Mm), Unquoted After, lax^of £733,639 ,i£8S2is> 

After tax of £I.9m f£1.4m) net investments were £2.53m. (£228iBi and £40B r 402 f£42Q?la) nSIn 6 rttie 5 , 
profit was.' £425m (£3^lm) and and short-term deposits £2.49m, avaHable profit -dropped' r from 

earnings per 25p share are shown (£4. 75m). Net assets ' ' 

at 17.17p compared with I8.92p £i2021m (£104.05nr). . . 
last time, reflecting the one-for- 


and currency uncerlainlies are result is in (he middle of the year the reported surplus was main forecast. London, and more is to be spent 

likely to maintain the industry's range estimated by analysts. But £l-27m. As r6por t e d on May 10, ta.v.ible on reiearrh an d development, 

caution or the past year or two. the profits are after substantially a net interim dividend of 0 335p profits for 1977 bettered last 0" a current cost basis pretax 

he points out. lower interest charges following per 5p share is declared ' and year's forecast of a 20 per cent P/o fit Is. SI45 £00, -after deprecia- 

Earn.ngs per 2op share are disposals in Belgium, • Margins sub ject to restrictions at the time increase and turned in some £t*.5m t ion £280,00°. cost of sales 

shown n| lap J24.<|0 ba.>ic and came under severe pressure at a ;j ^ hoped that the final will he higher at £1. 6m. ! £940.000 and gearing adjustment 

Each division produced record £a,5 ' 00 ° 
p milts with the moror division 

months 


shown .it lop l24.*|ii uasic ana came under severe pressure at a n ^ hoped that the final will be 

lfl.Pp ( 19. 6p) Tully diluied. and time when volume or softwoods greater than the interim Last 

net final dividend or 4.2Sop lifts consumed in the UK hit its lowest vear a single payment of 0 594n 

the total to 7.IB3P («.3p). level for 25 years. Hardwood sales was made. 


four rights issue in April J977. 

The final dividend is 2.79p net 
as forecast for a total of .-4.29p 
against 3.45ip previously. 

Glentham Essence Company, 
acquired in the year, contributed! 
to profits in the second halC 
directors- say, -along with air 
operating companies. " 

At halftime profit >as £&39m 
higher at £L63m. ' . 


A. Cohen 


i^rops 

II 


to 


were £SSa^0l To £727.658 fore 1977/ /-^. 

“ Earnings /per - 2Qp‘ atorfrt^Lro 
given: as ' 3».5p v (452p)i while. a - 
: finat-dividend of S^052p raises the <-• - ’ 
total V paymeot ffdin r - 4.9lp. Jto '. , 
S.4302p -net.. '■ - ' '•* /..-.uKrf/ 

■; . . .,.i *..■ /-.j --*; v --. -* •• 

SHARE STAKES 


Following some months of were also down. The depreciation 
reasonable liability. sterling of the Swedish kroner made 
appreciated in the second half imports of. Russian softwoods — 
and profits were a Reeled, more so about 25 per cent of the 
in the softwood companies which, company's total— relatively more 
after making slock provisions at expensive; margins had to be 


fit iri the second six months. 

Bank over drafts and accept- 


ed r sales of surplus 



H-.lf 

Half 



V.'HT 

'■•sir 



1977-n 

I97S-T7 

19Jh-77 


IDOfl 

MWO 

£00(1 

Turnover 

S.744 

6.115*1 

13.3J6' 

Opi.-r.TmR profir 

1.142 

.W] 

l.iJT 

Inri-rrsi D.irablc 

:*> 

14:: 


Prom before laj 

1.M2 

3SB 

Ijb9 

Tai 

>>< 

l v fl 

f.C 

Xei pm 111 


Iri 

CI7 

R\iraurJ credit 

— 


in-. 

Aiirlbutable . ... 

5J4 

iri 

742 

Pi r iA-'iid 

ns 

— 

244 

Retained . . . 


iri 

40* 


more than doubling its convribu- 
lion. 


lfl7 '^'L /Holidays showed a steady profit 

' 'growth in • J -- 


Reyenue rise 


Nivn tu d NCdU* plum j% -TV 1 

, most areas with the Trtr' I JllflflPP 

London sightseeing operation *vl, l/UllUtt 


iff ' ‘ " ' • . 'shares •au58JP.''-' ---;-:/. / 

- : - Pehinsilar/and . Oriental Steam A ' 
FOREW.ARNED at midway. Navigation Gou; -.-Mp- Jam« : . 
P..-JJ profits of A. Cohen and Group of ■pompaniM- holds . 
With national demand for animal Co., the ra&tal r^ning and non- Dreferred stock (more than 5 per,. ., . 
feedstuffs showing a volume drop ferrous aUoy^nieking concern, fell <*ntj. . ' 

of around a tenth, and malt fro m £2.13S^fl9 to . £1367.699 for Ruherold: Mr. J. A. Roberts 

1977. Turnorw was higher, st bought 8,920 drares on June .13 - 
£44 03m against 1 ,. £40.67m. '. at 37p. Total .holding 55,000. 


• comment 


.AS 
pre-tax 


production static, Pauls and 
Whites has had a difficult year. 
Nevertheless, profits are a fifth 
higher. In the animal feeds 


umwin 01 European cujcu ser- p re -tax revenue of Dundee and 

V ‘tuI „ .... , • . Loudon Investment Trust ad- division, profits are up by II per 

, 4 . . motor dii.sion io<uit is vanced rrom £289.962 to £317,542 cent. Volume was around 7 per 

344 due lo improvement* in profits of f nr s i x months to April 30. cent 'lower but margins were made 

4M the established dealerships and 1S7S. Gross revenue was better at 


DIVIDENDS ANNOUNCED; 


An excellent start to the new year. 


i am pleased to report that we have made 
an excellent start to the new financial year. 

We have enjoyed much improved trading 
conditions in the United Kingdom and the 
results for the first quarter were substantially 
better than last year. 

We are actively seeking further opportunities 
to expand by acquisition, both at home and 
overseas. 

I have great confidence that this financial 
year will be another year of substantial 
growth for the Group. 


CHAIRMAN MURRAY GORDON 
ADDRESSING THE ANNUAL GENERAL MEETING 
HELD AT THE DORCHESTER, LONDON, Wl 
ON I5TH JUNE, 1978 


STORES GROUP LIMITED 




Multiple Specialist Retailers 



£395.740. against £377.721. 

The resull was after manage- 
ment expenses of 125.066 (£21.761) 
and interest of £53,132 (£65.998), 
but before tax of £119^90 
(£107.547). 

Tbe interim dividend is stepped 
up from Q.Sp to 0£p net— last 
year’s final was l.ap paid from 
£651, OSS taxable revenue. 


at up by improved sales of seeds. 


Utd. Guarantee 
better mid-year 


Improved taxable •' profit of 
£192.540. against £161,379,' is 
shown by United • Guarantee 
(Holdings) for the half-year to 
March 31. 1978. on turnover down 
Trora £2. 89m to 12.45 m. 

The net surplus came out at 
£92.419 (£94,994) after tax of 
£160.121 (£66285) and, as before, 
there is no interim dividend. The 
payment for 1976-77 of 0.181 p was 
paid from record profit of 
£197,560. 


fertilisers and chemicals. The 
malt side showed a profits rise of 
around 14 per cent, mainly due to 
higher selling prices. Elsewhere, 
overseas competition has 
continued to provide difficult 
conditions for pig production, but 
profits are slightly better because 
of lower feed prices and slightly 
higher pig prices. Meanwhile, 
conditions are likeJy to remain 
difficult. There are still no signs 
of a recovery in whisky production 
to lift malt production while 
shrinking livestock herds reduce 
the demand for feedstuffs. At 
121p, the p-'e is 6.9 on a low tax 
charge while the yield is 5.5 per 
cent. 


BIT switches 
to the U.S. 


ISSUE NEWS 

Farmers £3m 
variable loan 


III the March 31, 197S. year 
British investment Trust reduced 

its commitment in Canada and 
made a modest reduction in 
Japan with the funds relessed 
re-invested in the U.S„ Mr. F. B. 
Harrison, the chairman, says in 
his annual statement 
Also the property portfolio was 
valued for the first time on an 


• "V 

t 


« . 

Date 


Corre- 

.Total" 

Total ' 


■* Current 

of 

. Spending for 

• last . 


. payment 

payment 

drfo 

year 

year- 

Alpine Drinks 


4.4 f 

July 21 

223 - 

v 6.6 

XSS " ■ 

Amber lnd 


054 

Aug. 

4 

0.5 / 

V.ftM 

■- Ozr 

.Anglo American Gold 

int. 

100*. 

Aug. 

4 

80 


: i6S : 

S. and W. Berisford .. 

iiiL 

l.93f ; 

Oct.- 

«- c 

1.75** i 


. 4,13^ 

Biuemel . ' 

int 

L65 : 


. L5 - 


-3.67 

B and C Shipping 2nd 

inL 

5.01 :■ 

Aug. 

-4 

L35 

*9JW- 

825 1 

Brit. Cinematograph 


1.49 

— 

» *• r ' 

T54 

. JA9 

■ LS4 ' 

Castlefleld Klang 

inL 

1.111 .'. 

• Aug. 


0.5 

. — 

9S 

Caledonia Inv. ..^nd 

int. 

4.68 ' ■ 

.Aug. 

7 

ASff 

8.4i.. 

1, 7.61. , 

Charter Trust 

.inL 

o.75 : 

irAUg. 

17. 

-0.7 ; 

- !-r. •„ . 

225;!^ 

Chloride .2nd 

int. 

3.79-' 

- ‘Aiig.* 

lb.- 

7^4 . 

:: 

:.-*e 5 

A. Cohen 


3.51 

SepL 

1 

3J9/ 

:..'5.43 ’ 

431 

Dom Holdings 


. 3.04 . 

Aug. 

4 . 

2.76 : 

4,64 

«-42 

Dominion and Gen. 

Tst. 

625 

— i 


525- T 

■ 17.73 

-6.75 

Dundee and London.. 

.int. 

0.9 

'July : 

21 

.os 

~T' : 

. 22 

Duple 

.rat. 

024 -a 

■ July 

15 

' - ■- 

■ ■l-rr-'"-.. 

_ ^59. . 

Rngllsh China 

.InL 

1.93 

'July 

19 

. i.75 : 


-3A6f- 

Fiinoum and Mason 


17.3 - 

Aug.- 

2 

173 


•20 A 

C.h. Goldrel. Foueard 

• „ . 

1.8 

— 

. . 

;i.63 • 

-72169 

2.43 ... 

Hargreaves Grp 


1.92 

July- 

2T 

■ LTZ 

322 : 

2S8 . .. 

Hoywood Williapis .. 

.int. 

3.5 -. 

’ .Aua: 

/4 


. -~t ' \ 

*nil ; . 

Highgale and Job .... 


1.S 

Jvfly. 

3L 

s 1 ..' 

2.5 v 

-4. /• '; 

Inml. Timber 


429 ' 



3$ 

7.04 - . 

.- -6-3 - 

Kitlingbaii Rubber .. 

.int 

411- •• 

Aug. 

n 

1.38 - 

-.. — . • 

HL55 

Wm. Leach 


3 5 

Aug. 

2» 

2^'. 


'5:.. » 

R. Paterson 


1^1 

. Aug. 

19 

■ Z2S . 

±55 

. 228 : . . 

Paul and Whites 


2.79 

'll 


-2.41 -- 

- 4 29 

v 2.45 : v : 

Saatchi and Saatchl ... 

.int. 

2.7 - 

SepL 

29 

2^ 

— 

4.13 

Triplex 


■3:06 

Aug. 

4 

2.74 

-4.63 .. 

-J4.19 : . 

J. IV. Wassal 


024 

- July 

26 

0 2 

0.44.-- 

0.4 • 


Dividends shown pence per share net except where otherwise stated. 

♦Equivalent after allowing for scrip, issue... fOn capital 
increased by rights and/or acquisition Issues.' - 
increased by rights and/or acquisition issues. ,t Forecast - 4.Bp. 
f South African cents throughout If Malaysian cients. U To. reduce 


open market basis, with a £126m disparity. -Total distribution expected to be -approximate .last year 
surplus arising on the previous excluding the 6.5p special distribution at CastJefield, 


The .Agricultural Mortgage Cor- 
poration is raising £3m of vari- 
able rale bonds dated June 10. 
1983. The issue is priced at par. 

The bonds have been placed for 
payment on June 16. on which 
day dealings start .and a propor- 
tion of lhe stock has been made 
available in the market for mem- 
bers of the public. 

Interest on the stock is pay- 
able half-yearly nn December 16 
and June 16 with the exception 
that the final payment will be 
made on the redemption date nf 
June 10 1983. when it will be 
redeemed at par. 

Interest wiil be at 1 per cent 
over Libor. The payment next 
December, in respect of the 
period from June 16 to December 
16. will be equal to £11275 per 
cent per annum. 

The bonds are registered and 
transferable in multiples of 
n.oun. free of stamp duty. 

Brokers m the issue are 
Mullens and Co. 


TYNESIDE PREMIUM 

Dealings started yesterday fn 
the new South Tyneside issue. 
The 12 J per cent stock, £10 paid, 
opened at £ 105 - and closed at the 
same level after touching a high 
point of £10 ,S ‘». 

Despite the tremendous over- 
subscription — the£7m offer was 
at least 100 times oversubscribed 
— the price held firm though 
there was a significant amount nr 
stock moved through the market. 


TAP STOCK 

The application list for the new 
long tap opened and closed yester- 
day. The issue of £lbn of 12 per 
cent Exchequer stock 2013-2017 
was allotted with an applications 
from the public being allotted in 
full. 





Warren Plantation 
Holdings Limited 


1977 — sixth consecutive record year 

% Earnings per share doubled 

Dividend increased by 57 per cent to 22.0p gross 


Jfc Further development in diversification policy through 
Supara acquisition of rubber and oi! pafm in indohesra 


Summary of group results (E’OQGs) to 31 December 


1377 


1976 


1975 


Turnover 

Profit before Taxation 
Earnings per share 

Dividend per share (Gross) 

Return on Capital Employed 


23,727 

15,913 

-r 9,^55 

10,899 

; 4,668 

• 1,909 

81.18p 

• 40.98p 

; 25.92£ 

22.00p - 

14.00p 

X :10^ 


70.14% 


34.92% 


26.19%': 


Copies of the Report and Accounts wilt be available after 26th June from 

The Secretary, Sir Johrr Lyon House, 5 High Timber Street, • : : : r V, 

Upper Thames Strsfet, London EG4V3HL* • ; -v- 

' ' ' • : - : •• 






/ 






JL 


Financial Times Friday June 16 1978 

sluggish demand knocks 
;5m off English China 


B & C Shipp 
ahead at £2S 


t±Sc> j 

H First-half growth for 
S. & W. Berisford 


Dom 
Holdings 
tops £lm 


: WHOUTTHE hoped '■ — Wt t AAA Tf • Vi MJI VX 1* 

S?nfn^Pf^EliSlS| arfte ^ ta “ N * BOARD Mp - o f Powell Duffryn House, Cardiff, 

slumps' FrottT^siiS^ iSaS Jlr,. MEETINGS 1 art£h£* t0 JSf Vtll AFTER RISING from £lQ.42m to dend income rose almost rim to WITH TURNOVER up 12.5 per increased Iron £9.7m to 112.13m, the group looks to be comfortably 

' year to March 31 sates Powell Duffryn en^oeeriTip diii- i’ 139 ™ at half-way pre-tax profit DO.Zlm. . . cem 10 £fi23.«3m reflecting further after las of fl.52m (fl35m) headinfr for £27m to £2Sm for the 

.1978, .^nd Lom Aberconway, the Such n»w3a« ■» JK slon and to change the n am e to of BriU » h •"* Commonwealth The aceopun? :ba»is of B and C growth worldwide, pre-tax profits which comprised UK £769.000 year Respite the decline in 

cftaiHaan, sxys that as-tfaere is no Ior LS? Powell Duffryn Took Shipping Company ended 1977 has been changed < 0 mriude asso- of S. and W. Btr Jsfoni, the inter- (£370,0001. Foreign £651.000 J d . 1* . J “ , .. " 

early prospect of a sicnifiranr SiSSS? 1, O® 61 * 1 indications are not £2.04m higher at £2A3lm on date contribution^ and the 1976 national food merchanting, com- and associate £101,000 “ in _.. , commodit> 

Mncreasei -iti demand JtSi tS S? SL£ b * theT dvf'temis concern,* |x ' turnover ahead from £218.1m to figures are restated. The change modity trading, metals and (£117,0001. markets. The loner level nf 

paper -'industry fun vM? m », ■j"*?® S0 1 b ' ! IniYI £23S.13m. followed the advent oF coo- insurance group, advanced by li2 The l-K tax charge has been trading in cocoa, coltec and sugar 

SilUfoevitSbfr f2l dSf-J’ihL “ toSSuHT A satisfactory increase for the tainerisaiion on the South African P*r com from fll.6tai to £13.65m limited to an amount equivalent —still the backbone of the 

rec»r*;£30.'48nr seen for 197B-77 toqay TY 1 u* year was forecast in November, trade and the increase in the for the uiontJls to .March *1, I o ACT which the group is company s trading activities— has 

FoBowiilg the rishts ic<a,a K,-* * ’*>mr ** 1 ?u^n^in er I fl A I H lflCTC and directors sny now that while croup’s shareholding in Overseas J 97S. . required to pay oo the interim not had a dramatic impact on the 

year ^ ■ GTOnn TEm*!* Tn^f - *“*” Jj,resUnenl IlUIUIliJJj It is too early to make any firm Conquers from 7.6 p tr cent to E- «* Marsolie*. the chair- dividend and comparatives have figures for two reasons. There 

■ fSadSPiSaPh Rnafa-Bdl and Bime. Brant Walter v prediction present conditions in 20 per cent It M as also felt appro- «»"■ rc n?« s . £« overall the been amended accordhigl^ is a carry through from the 

fKLSri? « *1 never tl»eless Oaffyna. CrosJjy Sfctng aJSora. r«: f/v«.n f 1 _ the shionine industry and other oriate to deal similarly with the Waning divisions gave a good After minorities of £336,000 buoyant levels of last year as 

' St wise '52JSS— pakin S^ BaWrs, lODS jt I m related factors sutaiest that nre- results of pnm ipai associates account of themselves and showed (£73,000) and preference djvi- profits are taken on contract 

iLFZFvSJt rJ 6 to seven year C * mt v.ZZJL AU1 £* profit^ fa? i™ will Aowt dfrecSrs sayT ’ continued growth. No account h as dends. available profit emerged completions. and secondly 

synd ? rate of RE DATES FURTHER growth was achieved reduction on this year’s record. After tax of mjztim rnswm) y l l - 5 een take? of . tbe _ h®"® 615 as I . n - 79 ™ I £9. 62m). The_ net financing costs have declined as 

TM-ovide the Intcricr^ by Dom Holdings, a maker and n™ " nvnfitTf fh7^ro„n n P V irefitwas £14 05m MlSS! "hich are anucipated to Bow from mterun dividend U effwtively the amounts deposited with the 

further .finds to finance e eon- « ?f!,rs - retailer of fixing products, in the KSiJToer 2? cdV^i ,hp a«iu«s»«>ns concluded so far raised from i.75p to 1.925p per Commodity Clearing House moves 

tmning. Kigh level of capital T&S 3voe2i V9ar t0 March *1. 1978. with . y r?Jc« -1^ f . r ° fn a J d rSm L - ,h,s year> hut wh,ch " n, i J? ake a *** share - absorbing £156m— down with the fall in trading. So 

.expenditure, to cover working ^SL 5 ™" 0 " July • »«»ble earning ndvancine from \° Ii cji8 j? ?- w » tto lhp si,0 ' vr ***** f , 1 op ,D 34 >P contribuiioo to the full-years last years final was an adjusted the question for the market is not 

capital jneeds in an inflationary Associate Xr*-»Baners ^... Jul v 3 “34«B to a record It .022 £43. | n pmfitsfrom IS.5?m The second interim dividend ts result- 2.375P paid from £23.57m record how good this year will be but 

situation and increased volumes *»«wmss ... j«w improved by £2.lm to tn . and f *w decline m the lifted lroin4w5.jp to o.uordp for An analysis of turnover lio taxable profits. what the lower level of activity 

Of business in due conr* and Jw*« ^19 37m. proceeds from the K»le or shipc a total of 9-- < ?' r 'l> -Cinn-t PDotSp r 0 oo- s and per cent) and pre-tax The directors add that this means for the next Berisford 

to' enable the proon tn'tnke Ijmaon Slfm3 ‘ Ta P!ani«uons June 19 Halftime profit tm heper M * rom £3.3nm to ffl-28m only last time. Diif.Tor.s intend pay- profit lin £000‘s 3nd per cent of year’s final dividend will take remains optimistic, but the 

advantage of suitable oonnrrunh " 1 1406.171 i£323.ms) and in Decern- P^rtinlly offset by improvements mg a final dnlccnd if the rate of turnover) shows: UK £321.970 account of any reduction in tax market cannot help but have 

ties that may arise for growth h - r lhe direclnra said the group *l«*wbere. ACT is reduced. (51.6 per cent I and £6,490 (2.02 credit on dividends to 33 per some fears. However. the 

the chairman' says. ’ties over pay demands and in vvas i" .1 continued process of One ot the major improvements ! n7 J ]?]*• per cent). Europe £59,145 (9.5 per cent and any further freedom company has .1 QOOd Irack record 

’ Stated earuines oer 2Sn for the mterruplion of production) are re o. r " aT »isation and trading came in the leisure division where Tnrnav«r ... . . . ■^•"imi •’i- Too cenn and ^.TTij i4.«9 per cent), which would exist if present and to some extent investors are 

■ first half sffii Vim P d£dn now over - aeflrttjr in the second sir months Uie loss was cut from £2JSSm (o Profit from tuppnu- ..-.-.-j- North America £81,527 fl3.1 per controls^ on dividends are eased backing managemeni judgment — 

257p .and tto^t SterirD divi- Tra d' o e in Europe has been satisfactorily. £0.43m. while the airtransport and 5!"' 3 " d ™. , ®f 8 I pe * r cent), and or lifted. obviously highly retevam in a 

dena is raised' to l£2Sp (1.75 d) v , ery much In the doldrums and earT,mes P®r I0p share helicopter operations climbed E^.cmioo 1 ... '. P .‘ ... uw i-i^ E .ui r t pot •comment dealm? operauon. At 1-ip. the 

-absorbing £3.iim (£2^2zn) If ^*®8Hd for china clay has re- /- r -a* 1 ? - veap were ahead to 8,92p some £1.7ni to £9.B3m. Aviation ow-rjuns prom accrue to the I.-K) prospectiv'e fully taxed |)/c of 

dividend restraint Is not lifted and raaine d sluggish. Despite flnetua- a **i et ^ nal dividend support services were up from nws.. Ioukm m.vn am nbO.984 (-->.8 per cent) and £3.oS4 Bensfords 1 interim proGtS—liper over 8 and yield of arount, a per 

Af*T rMnsine .maif-flMrf *i.l e 2- ana tions in exchangp ratPif during th#» 3.03»036p takes the total to £1.36m to £2_24m and office equip- inwie* C.C4 l2A> per cent). cent ahead pre-tax — are light m cent is not demanding — but 

HzSSfiS first half 4. 644222 p (4.19ftflip), costing ment activities increased from ~ ^ Ncl P ro,it for lhe half-year line with market expectations and Bedford's rating is rarely high. 


FURTHER 


Shipping Company ended 1977 has been changed to inrjude asso- of S. stnd tV. Berisford, the inter- (£370,0001, Foreign £631.000 ■ .. . . , 

2.04m higher at £29^1 m on date contributions, and lhe 1976 national food merchanting, com- (£i.2fiml and associate £101,000 L o- u i commoaiiv 

turnover ahead from £218.1m to fipurcs are restated. The change modiiy trading, metals and (£IJ7,000J. marvels. rue Jauer level of 

£23S.13m. followed the advent oF con- insurance jtroup, advanced by 175 Tne UK tax charge has been trading in cocoa, coltec and sugar 

A satisfactory increase for the tainerisaiion on the South African per cent from £ 11.64m to £13.65m limited to an amount equivalent -—still the backbone of the 
year was forecast in November, trade and the increase in the for the *** months to March 31, to ACT which the qroap is company's trading activities — h;is 
and directors sny now that while croup's shareholding in Overseas 1978. required to pay on the interim not had a dramatic impact on the 

it is too early to make any firm Containers from t.g per cent to E. S. Margulies, the chair- dividend and comparatives have figures for two reasons. There 

prediction present conditions in 20 per cent. It was also felt appro- mai ?: reports that overall the been amended accordingly;.. is a carry through from the 
the shipping industry and other oriate to deal similarly with the * raam 2 divisions gave a good After minorities of £336,000 buoyant levels of last year as 
relate! P factorTsuS?st «iat pre- results of pnm-ipai a^oeiaie*. account of themselves and showed (^3000) and preference djvi- profits ar e taken on contract 
tax profit fo7 1978 wUl show a Sectors say. continued growth. No account has dends. available profit emerged completions. and secondly 


now over. 


activity in the second sir months the loss was cut from £2J5Sm (o Front from iiippmt 


against 1 ,8038 p last time. This , med ,ts market share, except Mdntvrc.^ th*T iiwirmw w "'.wm to i-.Uam. tjx 

b^paid with an additional {Jr miu^mal tonnage losses in the waivSTSi® per ceSoffl^enH^ Other group activities coniri- S3S5*«S"”-« 7 '* 

0.0274P for 1976-77 if the Ip in- JfYfr p-ade filler market It also ment inrespe^to" 4 Mm sharet butcd n down from - 

come -tax Is confirmed. despite pressures, export After tar of ran 774 rcji^noet previously, and there wore to niowniK-s 

Profit Included a £0.7m (£0.73m) J2JJ* g>°ugh it has not been the net balance came out at rea,ise d currency loan losses of pr#fi “ - 

transfer from the capital granti ^em gene- £518,919 (£419.434). of which £J £ m tUASm}. olrtdSh 

account. and was after deprecia- „ u iL * n , th ® important paper £386.058 (£299285) was retained The associate company contri- rcuuh-o — 

tion of £5. 17m (£3i3m). After n3ar i fe t since January 1977. ' bution jumped from £{.49m 10 t Loss. 

tax of £4. 4m (£7.0Sm) net praGt See Lex FBTlVRirprfl £8.77m, while interest and divi- ® ee Lc5c 

emerged-at £4A3 (£6.43m). tMIltDlilUja 


iktm i;>i; 

4,».7i 5,.»;a 

34 lOJ 11 . 4:0 
u -:i :. u ;g 

;o4 i« 


Alpine Soft Drinks 16 . 6 % higher 


VV.'J* REFLECTING A 12.3 per cent this will of necessity involve Dividends absorb I250.5S2 

■ increase in sales volume of its development costs which will also (£155.880: leaving, profit retained 


soft drinks, taxable profits of be incurred in the expansion of slightly ahead from £479,370 to 
.Alpine Soft Drinks rose by 16.6 the Maxipops and Leisurewear £492.013. 
per cent to a peak £1.539.895 for businesses. 

the 53 weeks lo April l. 1978. Although expenditure was pL PaI^vaI 
compared with £1.320.750 for the planned at an amount In excess V/U. VJUUilcl 


ua taSJjj POWELL DUFFRYN TRUST Pnlnrlnnin Intr ni ^ t ti compared with 0^20.730 for the planned at an amount In excess L^U« CjrOlCfF^l 

SJ^tKhmtoS by^cory 1 Brot^e ^ To of Mg S?offfS3^5SS ChIGuOIIIS lUV. 21 £3oi6ui ?rom S*Sm to’SCSS SjauM beinfdeSSS Foucard grows 
„ w - * nsan,onDru,etoU - &S8ai - SoS£^^i&1^ increased the SSJlSS; to £453 000 

A ■ *S A A/V /\/\/\ profit of Caledonia Investments. £227,725 to LfCUSS in the same directors consider the full year SL™ £*2 ^ 


Deihayen cuts loss to £9,000 

TURNOVER FOR the year to In November the company After tar of £526,607 


luvnuncuu, m«r .-unit UIICUUI3 CUNMUrr Hie IUJI year pnHcaPP an or nonreturn nn RvPH _ . . . 

which owns 49 per cent of British period with turnover up from result satisfactory having regard awfinmElfflsni f!>r 2 2? 1 2 1 ? d ^ 1 ’ 

and Commonwealth Shipping, rose £2.45m to £3.03m. to the poor weather conditions f" Foncard and Son, food maker, for 

from £3.07m to £3.16ro in the Th . year’s result is after throughout the year l9 Zr 79, the d,rect0ri > add - tlie year to March 2d. 197S, ex- 

March 31. 1978 year. interLi £3 .HfSn 55S ^ ^ ^ The current year is certain lo ponded from £385,750 to a record 

The result is subject to tax of i?™ o«?T>U «5?» d ,.IS* h * a very bu ^ 0, ? e . for the S«>up. £453.384 on sale* up £1.43m at 


March 31, 1978 year. mArLt of £3 iu Tdi^ii 355 ^ The current year is certain lo panded from £385,750 to a record 

..... . mteresi oi uo^mi ana The niaior esoansion and deve- v>o a ven h»n n m> th, nwiot — 1„ . ... 


i3 r ,„T * e in November the company After tax ot £526.607 (£282.645) The result is subject to tax of denredatibn of £68 om Tra? 9*21 in^Lr “ J i„ Z a veiy DU r OT l e . lor me *7 BP » MaSJM on sales up £3 .45m at 

Bowery 2 ’ Giinp’ adranced^from SSSSJS f “ &CH ‘ Sty ?f d b£S SL^SSj?? ? “n'of eJK has been hamp^ed ‘fliS S K "iffiSyear the surplus was better 

!?is# ss^vsjb _ r» t" aSSwsSS 1 ‘ ^ as £& jlk b 5, Bsvajas5St.¥s g ssr* * fnnher “ SS 

1484 tlme ' h Trcdiiig 1 ' ' butable profit is’sbown at £i.94m eo-xflvil?^ wrfttelf off° f tS^’comnlefSif^f S-^Ratndon After tax of £797,000 (£685.500) expected full time profit to at 

During the year, brewery Administration 79 .MO IW.000 _ , compared with £ 1.64m previously, f?' 387 .^ ” n et profit for 1977-78 rose from least equal that for the previous 


trading continued ' to expand Repairs and renewals' 7 WMttl se.ftTO TTS— 0 

rapidly with turnover ahead by Predation 104.000 8&.0M lilEllydlc (V 

24^r cent ro£2.57m and trading w * bte Hffl SS Yv, 

by 20 per cent from Tax recov'wed' »$* .•mow JOH SSHITIT!^ 

£299,000 to £381,000. The hotels Except, profits 79 .W 8 -"tS 44 1 M 0 wvrU 3luillp5 

serfor achieved a turnround from *f et 'ws M» «».?« mif 

a £2,000 Joss to profits of £44,000. gK? 1 %% *~UlV 10600 CUl 


on turnover of £0.65m (£0.74m). ’ F ' nMn -SSS 1 > ini*'*.”?™*? 1 ** 


given at lO.SSp (9.08p) and a n n* ci««*o alltl0U ~ n , sa . ,es .P pe . ra .V° ns co .™' earnings of 14.7p (l3^9p) per lOp A net final dividend of l.Sp 

second interim dividend of "l e ?££^-^ ur i n f t ^ e , ,a * ter m0 ° tbs share. As forecast at the time lifts the total to 2.69p (2.43pJ. 

4.6805p lifts the total from 7.6097p 1 f£ M a ? f 19 1 7 '! 8 ^ both places. produc- of last years rights issue, the Mr. L. H. Goldrei. the chairman, 

to 8.4305p. If the rate of ACT is a^_ ahown 3hed(J from as2p 10 t*on bad not started by the end dividend total is lifted to 6.6p and his wife have waived- pay- 

reduced a final will be paid to u - Ufa P- ° r lt s hnanciai year. l3.833825p) net, with a final of ments on 171,435 shares, 

maintain the maximum permitted A first and final dividend of The two factories are now com- 4.4p— the final has been waived Tax took £222,186 (£200.506) 


With a fall from pre-tax Brass. 

- - In the first two months of the earnings of £50,399 into a loss of Its «4 per cent -owned 

current year, the brewery turn- £63.061 m the protein division 1-=^^======; 

over has increased by a further J AntmiiAiic; profit at Highgate and Job Group i! t : r\. 

25 per cent with a commensurate v^UilllUUUUa for the yeap t0 Marc j, 3l 3973 .> ^ 

mcrease in profits, and it is now nA „. was more than halved to £106.267. I - - ^ 1 

operating at over 65 per cent of oKtUOIlCrY against £254.274, nnd the directors 

producuon capacity. . •* • propone a sharply reduced 

The successful development of nf 411 /rv» dividend. 

the brewery will result in a satis- cbu.ilil HIMew 

j factory level of profits In the Turnover for the year to March .*?}i s ** J}?.®" ?S5£St V !m 
ctirrenr year and return to the 31, 1978, of Continuous Stationery ®“l eP 
L layrarat of dividends, the direc- rose from £2. 19m to £2.«m, end ^9731 end tniorer ^ 
tors say. In this con necuon. pre-tax profits advanced from {Siehw ^sUdbSS bvTfotoi to 
, application will be made in £175.914 to £196,159. . ra SJJ, ns sUppe0 Dy 10 

September to the Court of Session in January, reporting a first 

m Edinburgh, to approve the set- half surplus ahead from £100,431 Ar halftime when the surplus 
off. of losses incurred during the to £114.120, the directors said they was ahead at £103,000 (£87,000) 
development of the brewery were hopeful that that level the directors anticipated that any 
against the group's substantial would be continued in the sefiond improvement by the proteins 
capital reserves, thus removing half. . . - *- division- would be offset by a 

. restT^ciion on-’iIKiaeria' payments. ' After higher tax of £10fiS38 poorer* performance from oil. 

* - The last payments ma d e totalled against £50.743, full year earnings'- Now they report that a delay 
” 8.4p her ’ Jn ^aspect .of the .1/ are shown at 3-57p (5.01p) per lOp to the caVeo, referred to in the 
V mohlhs.'^J 'end-Mamr. 197A - share. The final dividend Is 1.62p interim repdrt. necessitated a spot 
Since Ahe year-end. agreement- oe t for a 252p (2^2p) to^al Cost* purchase of\sP erm °3 to fulfil 
has been reached to sell the j n g £63.000 (£58,000). / contracts. The Board has taken 

smaher of the two Bermuda The directors now say that the steps to protect its legal position 
Hotels for £660.000. which will current year has begun compare- arising from the delay, 
realise ' « substantial exchange tively satisfactorily so far as the resulting stock losses 

profit. Sale of the remaining order book is concerned, although a ^nore revere fan in the 

Bermuda Hotens currently under trading margins - are remaining profits for the second half of the 

^ «6r«mdy fghL ' Sear jua ended tian everted. 


•\>z\ >t**|in 


0.5146 p is to be paid compared plete and will be brought into by the managing director on his leaving a net balance for the year 
subsidiary, with 0.4951 p last year. production later in the year, but holding of 1.11m shares. higher at £230,998 (£185.244). 


ggpigS 

igfliSl 

iiiP* 






■ 




» 1 

■ 



m 


§§§ i 

B 


policy of concentrating all the 
group's- assets witlifn the UK 

VmUt* net current assets of ruruiuui a Uncertainties in the fields ofj 

£30.000, compared irirh £l.32m « -. / operation of the company and the 

Kabtlitles.' the balance-sheet re- (VI 9SOII outcome of the claim for the 

fleets the results of the sale of drfayed cargo make it difficult at 

the group's former trade invest- An- upsurge in profitability is this stage for them to predict the 

tnejnl^ Cash on deposit amounts reported by Fortnum and Mason, result for the current year, 

to some £400.000 against an over- the departmental store operator. Tax took £55,356 f£148,642) 

draft of £LAxn in -1976-77. and, with pre-tax profits nearly leaving earnings per 50p share 
there are ample funds to finance doubled from £557.993 to a record down 7-lpat 5.5p and a net final 
the growth of Belbaven Brewery,' £1.045^20 for the year to January dividend of l.Sp lowers the total 
the directors add.; . ; 28,1978. _ to &5p (4p). 


Fortnum & 
Mason 


and the operations of the proteins] 
division are under review. 









VigorousSf lonrii 
to reach at St ast flu 




at 




- Yeorto 
. 3«MBreti 

r :* ■ • * Total . 
Assets 

■ £. 

Total 
Bevemie 
• £ 

Earnings 

P 

Dividend 

'/> 

N-A.V. 

_ per Ortiy. Share 

P 

. ; . ":1974 ' ■ 

’ 105.557^000 

4,793,000 

3.70 

3.125 

• -50X7S 

. VnD 

142 j 

r ^Mis 

7' V^37, 712X500 - . 

4,632,000 

3.45 

335 

136% 


■ : 12O.323'0OQ 

4.746,000 

3.55 

; 350 

171% 

' -,:-l97T :' :V 

";TfS,353;o6o.'- 

: , 5225,000 ' 

4.36 

•'4130. 

175V4 


.. .1 26,015X500 . ‘ 

‘ 5.603X500 

480 

'• •;4-85 

188% 


our pfaaiied growth, ss?e m m 
I million sales mark by N8QT 

Mr. W. P. Capper, Chairman 


Other highlights from the Chairman’s Statement for 


GROUP 

SALES 

uK.n 

Overefc 3 s§S 


GROUP 

PROFIT 

(before 


BID BY NCBPF 

Th&.bkiior the Ordina ry Shares of tne 
Corhpgiiy.hiftta e. closing months of -last 

ye^-^^the-sufa9equeht^fferfor the 

Convertible Debenture Stocks resulted 
in the Rational Coa l Board Perision 
Funds’ ^cquinrp^)veF.8296rof the Trust. 
As stated at the^time of the bid, rt is the 
intention^ 

be runbyit&e^isting iVlartagere in 

restructured Board, forthe benefit ofal) 

^lai^hotos. .... 

aeaw®i v? ".' : u . lttfo 

TotalHeverice.overalt rose, bya Irttle 
over-5%.Asa resuttof a subsertal 
feawsicarin-ihterest paid Jastyear tiie 

r^SS^nravailabte.ncre^lbymore 

than.20%. which h0 ^^ a * ®J? are 
apfri'iedtothe enlarged Ordinary Spare 
eahrta! resulting from theconwrewno 

theoutstanding Convertibie Debenture 

StOdCS. ^OsnKrtanfl AGO 


On this occasion the Directors have 
decided to mitigate the effect of the 
conversion by declaring dividends 
totalling 4.85p per share for the year, 
although this requires a small transfer 
from Revenue Reserve. The dividends 
declared represent an increase of 
12.8% on test year's total. 

CAPITAL r 

The unchanged property portfolio 
produced an improvement of £1 -26 
million or 1 2% on the last valuation. 
Total Assetsroseby£7.7 miMionendthe 
Met Asset Value on a fuily converted 
basis by 1 3p per share or TA%. The 
market value of the shares since the 
bid last yearhas remained on a relatively 
narrow discount to Net Asset Value and 
is currently a round 20%, one of the 
lowest discounts in the sector. 


^ay be obtained from The Secretary, 


share represents the maximum permitted under 
current dividend restraint. The special inflation 
accounts show that even after adjustment for 
inflation the dividend remains covered 7 times. 

❖ Export sales at £23 million were 75 per cent up 
and now represent 34 per cent of the group’s sales. 
Most of the impact of the increased overseas order 
book has still to come. 

^ During the year the group invested over 
£5 million in its overseas and UK operations. 


“I EARNINGS & 
*■ DIVIDENDS 

^ pe" share* 
Earnings® 

M ‘ DtaJeneteQ E3 


' Adjusted for 13! 5 lights issue ond 1377 scrip. 


5-YEAR GROWTH {1973/74 to 1977/78) 


The current year has started fully up to 
expectations and we continue to view the fixture 
with confidence. 


For the Chairmans Smtcutcm in full and the 1 977; 78 Report and Accounts write to The Secretary Cappcr-NeiU Limited Warrington \YA! 4AU 







r-Neiil 


ft: Si- . ..- UjpiBiW . 

> .-ii: “ ;.V "The Bridsh.lP vestim 


Storage, pipework, materials handling and process plant for wild industry 


i 




26 




. ' _ ' . > f .. ... ga . -, tie* * — ^r-vr^r r. 



MINING NEWS 


NBH denies bid 
for BH South 


BY KENNETH MARSTON, MINING EDITOR 


PERSISTENT rumours, with their 
inevitable sharemarket impact, 
that Australia's base-metal group. 
North Broken dill plans to make 
a take-over bid for Bli South have 
drawn a denial in Melbourne 
from the former's Mr. Bill Forster, 
manager for finance and adminis- 
tration. 

He added that NBH has not 
purchased any more BH South 
shares since last December and 
confirmed that his company's 
holding in BH South amounts to 
16 per cent of the oo.oom shares 
nr 30 cents in issue. The NBH 
staff provident fund hulds a 
further 2 per cent. 

Queried by the Melbourne 
Stock Exchange. BH South >aid 
that it did nut knew uf any 
reason Tor the latest rise in its 
share price and added that it did 
not have any announcement 
pending other than the dale of 
termination of tire company's 
phosphate production. This date 
i\ lu be June 30: rhe intention lo 
end production by the Inss-mak- 
mg Queensland Pbnspbale sub- 
sidiary was announced last 
month. 

The previous buying of BH 
Smith by NBH initiated the talk 
of a possible bid. but in view of 
the company's relatively small 
a r traction for NBH it would 
appear that the buying might be 
more reasonably interpreted as a 
defensive move agatrul other pre- 
dators. 

The Consolidated Gold Fields 
croup, which is suit in the process 
nf reorganising and tidying up 
its various .Australian activities 
which arc under the control of 
Consolidated Gold Fields Aus- 
tralia. has also been mentioned 
as u possible bidder for BH South. 

But popular market fancy 
turned yesterday to a more 
likely bill by the group Tor the 
successful Ronison tin producer in 
Tasmania, in which Gold Fields 
already has a 53 per cent benefi- 


cial interest In Sydney Ren iso n 
shares jumped A.?L30 to a peak 
of ASIO-SO to the accompaniment 
of talk of a possible SAM per 
share bid- 

Despite the various rumours it 
was understood in London yester- 
day that the Gold Fields group 
was not contemplating making 
any announcement of real import 
in the immediate future, fii a 
cooler Australian share market 

yesterday. BH South closed lp up 
at llflp i they rose 17p on Wed- 
nesday! while North Broken Hill 
eased lp to 31p and Consolidated 
Gold Fields Australia were dp off 
at 2*J-">p. 


nchanga mounts 

£95 M PLANT 
EXPANSION 


An announcement about the 
construction of the third stage of 
a taiiincs leach plant at Nchanga 
Consolidated Copper is expected 
soon, wriies Michael Holman from 
Lusaka. 

Nchang3. which is 51 per cent 
owned by the Zambian Govern- 
ment. ha' been considering the 
$173m ti.Ti.7m) scheme for a long 
time, but there have heen difficul- 
ties in raising the finance. 

Funds nre now expected to 
come from the Interna tionai 
Finance Corporation and the 
Rank of America. One of the main 
contractors is expected to be 
Davy Powergas (UK). 

The project consists of an ex- 
tension to the tailings leach 
plant, the construction of an acid 
plant and ihe extension of a lime 
plant at Ndnla Lime, an associated 
company. 

Production will be about 40.000 
tonnes of cathode copper annually 
for 30 veart from the treatment of 
old tailings at Chingola. The cost 
will be around £300 per tonne. 


Hunosa cannot check losses 


HUNUSA. the Spanish state-owned 
coal mining concern, has reported 
a 1M77 loss of Pta lOOSbn t£60ni). 
This is some Pta 700m (£-L8m) 
more than was anticipated in 
September last year, reports 
Robert Graham from Madrid. 

Hunosa. wholly owned by the 
state holding company INI, pro- 
duces about a quarter of Spain s 
coal and provides tuo-thirds of 
industry's coking coal needs. 

Traditionally its deficit has bcerf 
covered by direct Treasury grant 
since it is INI's biggest 'ingle 
Inss maker. This now has io 
pass through Parliament and only 
nn Wednesday Pta S.2!ihn was 
approved to cover the l»7ii deficit. 

Although Hunosa increased pro- 
duction Hi per cent to 4.03m tons 
last year, this was still vvell short 
nf the 4.7m tons target. The 
management has placed some of 
l he blame for this shortfall on 
a low level of productivity and 
extensive absenteeism. 

Sales improved hy almost 47 
per cent in money terms to 
Pla 13.Nhn. Nevertheless, losses 
renresenu-d 7." per cent of sales. 

To improve the financial pnsi- 
fion. plans nre being impfemenfert 
to diversify inln forestry, indus- 
trial aludius and thermal power. 


treatment of tailings continues. 

Laurasia still hopes to resume 
mining at Minador. concentrating 
on the higher grade reserves on 
the Main reefs. Mr. A. C. A. Howe, 
president, says that serious con- 
sideration is being given to raising 
C$80,000 by way of a rights issue. 
The shares were 20p in London 
yesterday. 


JAPAN ADVISER 
TO Y EELIRRIE 


Australia's Western Mining and 
tin- Industrial Bank nr Japan 
announce that IBJ has been 
appointed financial adviser in 
Japan for the Australian com 
pany’s Yeeiirrie uranium project 
in Western Australia. 

Western Mining will be assisted 
by CB.r in considering all financial 
aspects of the project as they 
relate to Japan, it is siated. Mean 
while, London merchant hankers 
S. G. Warburg continue to be 
financial advisers to the project 
in all other respects. 


AMGOLD INTERIM 


LAURASIA MAY 
OFFER SHARES 


South A f Hi-. 'in gold hopes nf 
Canada’s I .aura-da Resources mnk 
a knock last year when i he group 
v.v» unable tn obtain the financing 
needed lo increase the operational 
capacity of the Minadnr mine in 
l he Johannesburg area. Under- 
ground operations were suspended 
in September, bui the profitable 


An interim dividend oF 100 
cents tR3pi is declared by Anglo 
American Gold Investment for 
the 14-month period to February 
2S. Following the company’s 
decision to change its financial 
year-end to February 28. from 
December -11 previously, a report 
on the results for the eight 
months to August 31 next will be 
issued towards the end of Sep- 
tember.. For 1977 Aragoid paid 
an interim of SO cents and a final 
of 85 cents. 


RESULTS AND ACCOUNTS IN BRIEF 


ASH SPINNING COMPANY— Kefiill.* for r.’J.SfJ ilUJISi. Curran liabilities £13.637 
M-ar in MaMi ?.i. 1D7S. aJreadv known. ifl?..334>. KlnU Kclli-s Rubber Estate, 
r.mup fixed av'-c.' i£lTn.75$i. net holds 22.8 per ccm. Malaysia Rubber 

'•■"rr-.-iii a.-aol • ri.tihV.iJ.'O iX94l'J76'. Hank rnmpany 17.8 per coni: New Crescent 
■ ■sordralis Ll-U.fi.ll ■ CHS.Oal- Medina, iHnldinaS' 12 per cem and c. h. Kluite 
Shan, ■tub a. .H lu.'iO a.in. and Son* I3.S per wnt Dividend prns- 

irnmiu *r pirm -tiipai ccritoL. P* 0,4 ° r planta'ion companies remain 
TIES TTimr/tiSm r ' ir ctnT ™' JMr - chairman say*. 

Ti Es k C ?, PQ I — . R J C .. |1 f r lc i r 2 ileeUna. 1-4. Greai Tower Street, EC, 
JldrrJi .<1. ISiS. .iln-adi known. Filed Ttiit- c norm 
Jv-otv £15.9nn -fHJIi.n. cnrr.nl a.scM 

JO.Im iill.r^nn and currem hjbiliiine* n_~ ," V ^ r> i E,IT . 

u Uni • SU.Ttlin-. Work ins vai.ii.il dv- March 

created f.ilio.lb ■!_’ i:ini increa,«i. Meet- 31 - 1975 Investments 

i HE- Edinburoh, Julv A. oi JJ.3D a.in. duoicd ra UK “.Anni iflT-Boim. over- 
ai-ric.un u „ ’ seas -ll.r3m and directors' 

M „ - ve!l f ,n vainaUon of anquoiod £j.i9m i£4.37m». 
March 31 Ik.o. rvpnned Ma> a. Invest- Nc , current assets IMnm <£D.53mi. 
menls III UK quuled Ij.Uiii ita.lfcmi. Liquidity increased U.5|m fn.-Wm 1 


abmad £»7.I05 <£233.7381. and unowned MtrCUngi u. WaJ brook. EC. July 'fi. at 
ar direcicr-' valuation SS,.3Sa intH.-Ki. 


i ureal. -ed uppr.-eljU.m l C7.V2.3fil *. ‘"Sqm IN ION AND GENERAL TRUST— 


« . 1 .,^, ®, Fina | for year lo Apnl 30. 1973 . 6.23p net 

y 11 maklnB 7.73P i(L73d. total. Revenue 

tiiiue lo vrnv. flUMinv dividend m be njjw i£31BJ37i after all ebarees in- 
iSr 11 ; n^l inis ’ - bI ’ Mar> ' Am - eludbiB tax. o»en«-Bi £13.16-S mg.aisi. 
E . . J 11 L 6. nnr.n. t.-orporaiJon £43.451 H6.1g63. and nuputed 

DORANAKANDE RUBBER ESTATES on Tranked Inwnniem income £133^17 
— Re-ull- - f>>r I9<i alread> knmvn. invv-,1- i£13S.576>. Earnings per 3jp share S.OIp 
mem • Hi .37 1 Hi :;^7 .. a^nciau-1 rum- i7.24p>. Net asset value per ordinary 
pane J..H.4J-I • tirtl.N?! . Cnrri.nl J.s^el^ sham 353p i230p'. 


Debenhams credit sales 


likely to increase 


AS A RESITLT of recent Govern- 
ment concessions credit sales at 
Debenhams are likely to further 
increase, Sir Anthony Burney, the 
chairman, says in his annual 
statement. 

The group continues to 
promote credit trading and such 
sales rose 40 per cent to £77m 
in the January 28, 1978 year. 

And Debenhams is able to take 
full advantage of the Govern- 
ment concessions in view of the 
arrangement lor the sale of up 
to £4 5m of trade -debtors to 
Lloyds Bank, Sir Anthony says. 

The £45m facility replaces a 
£I0.5m three-year revolving over- 
draft facility used to finance 
credit sales debtors. At balance 
date £12.3m had been received 
under the new arrangemenL 

During the year £2 1.9m was 
raised through a rights issue 
while sales and leasebacks of pro- 
perties provided £19.5m of capital 
sums after expenses against £1.5m 
of initial annual rents. These 
three transactions have reduced 
borrowings to £53.2m i£Sl.Sm). 
representing 32 per cent of share- 
holders* funds against 57 per 
cent previously. 

A further sale and leaseback 
transaction for approximately 
£5m is near to finalisation, Sir 


Anthony say?. 

Debenhams has also <0 M its 
two superstores at Votfingham 
and Walfcden to Tesco and has 
reached agreement i a j 
department store i*i Bradford 
which is now more suitable for 
a superstore. The con ' 

sideration will be £4.33m. 

The company ha* recently 
received planning permission for 
a £20 m reconstruction of its 
Croydon property which will 
include a new store, a shopping 
centre and offices. It is intended 
that this scheme should be subject 
to separate financial arrange- 
ments. 

A new supermarket is planned 
to open this year and three more 
will open in 1978. Two new stores 
are due to open in November this 
year and two more are planned, 

while a reconstruction and two 

extensions are underway or 
planned. 

Sir Anthony says that ihe direc- 
tors have carried out a thorough 
review of the cost structure and 
arc taking steps to improve the 
sales mix in order tn increase 
overall retail trading margins. 

With the Caters food operation 
—which lost almost £lni last year 
—he says that while food profits 
will inevitably continue to be 
affected by the cut-price policies 


of competitors, the steps taken to 
improve the position are already 
meeting with success. The chair- 
man is confident that results will 
not be unsatisfactory. 

Moves have been made to 
strengthen the management team 
in the photographic business and 
to rationalise buying policies. 

The group now has 48 sports 
departments in its stores and the 
rate of build-up in turnover makes 
the directors confident of the 
future of this retailing activity. 

The New Dimension furniture, 
furnishing fabrics and lighting 
operation now opening depart- 
ments in its stores is also ex- 
pected to be a valuable addition 
to the group. 

Sir Anthony says, however, that 
Debenhams should not acquire or 
invest substantially in any new 
type of business unless it can 
contribute to the efficiency or 
development of its department 
store operation. 

A current cost statement shows 
the pre-tax profit of £28 -26m 
1 £20. 45 ml reduced to 121.2m 
i£i5_2m) by additional deprecia- 
tion of £3-2m f£2.4m) and a cost 
of sales adjustment of £6 5m 
(ffi.lin), offset by a £2.3m (same) 
gearing adjustment. 

Meeting. Wigmore Hail, W, 
July 13 at noon. 


Hargreaves second half slip 


INCLUDING A slightly lower 
contribution from associates of 
XO.SOm against £0.91 ni pre-tax pro- 
fit of Hargreaves Group rose from 
£3.27m to a record £3.42m in the 
March 31. 1978. year on turnover 
up from £134.06m to 1153.34m. 

Directors say the results reflect 
the underlying strength in the 
group's basis markets and say 
they were achieved despite par- 
ticular difficulties in certain areas. 

The current year has started 
well and opportunities have been 
created for the future, they add. 

After tax of £1.73m (11.69ml 
net profit was £l.H9m (£1.68mi 
and earnings per 20p share are 
shown at 0.4p against 55 p. Net 
tangible assets amounted to 54.1p 
(50.9p) per share. 

A final dividend of 1.Plfi7p 
takes the total payout to 3.2167p 
net compared with 2.8Sp last year. 


and dividends will absorb £0.85 m 
(£0.76ra). 

1D;:-7> l97h-77 


Turnover 

±JI|I|| 

mw 

1W.0ST 

Depreciation 


l.«5 

Interest paid 


*.il 

Assoc, profits 

m\: 

9 1)7 

Profit before tu 


3,272 

Gomuiercial vehicle* 

4-1 

431 

1-VrtiW-rs 


*73 

Plant hire. eic. 


TTZ* 

ijnaimnn . 

IM 


Foci distribution .. 

TI: 

ns? 

Transport. n-arehniMin^ 

T I'l 

67- 

Debenture inicresi .... 

■Jin 

211 

Ta* 

1 

1.SS4 

Diridcnds 

j-lii 

rut 


comment 


Hargreaves has been unable to 
maintain its first half profits 
growth of a tenth. In tho last six- 
months there was a downturn of 
almost three per cent, mainly 
because of the heavy snowfalls in 
the north of England which halted 


almost all divisions during January 
and February. Exports bare only 
marked time due to the recession 
in the steel industry and reduced 
demand for coke -'coal, while 
higher costs and increased compe- 
tition cut deeply into fertiliser 
margins. In addition, plant hire 
and warehousing have been fiat 
uhile shipping has suffered in line 
with lower international trading 
patterns. However, ail this has 
been offset by an upsurge in waste 
disposal activities while transport 
services for liquid raw materials 
were active. Commercial vehicle 
building also showed a small 
profits rise, mainly due to good 
support from the spares market, 
and quarrying was a tenth higher, 
in spite of the government cutback 
on roads expenditure. AH this left 
the share price unchanged at a7p 
for a p/e of S.6 while the yield is 
S.S per cent. 


Laporte plans U.S, development 


IN CONJUNCTION with its 
partners in Interox Laporte In- 
dustries (Holdings) plans to set 
up peroxygen manufacturing 
facilities in the U.S. As a start 
a major hydrogen peroxide plant 
is being built at Houston. Texas, 
which the directors hope will be 
closely followed by facilities to 
produce sodium pcrcarbonate, 
made by a completely new pro- 
cess developed by Lnterox. 

Mr. R. M. Ringwald, group 
chairman, told the annual meet- 
ing that the directors believed 
this development would have 
significant importance in the 
future and put the seal on 
Interox as the worlds leading 
producer of peroxygen products.- 

While so far in 1978 volume 
for titanium dioxide pigment one 
of the group's major products, 
had not improved in either the 
UK or world markets, real signs 
have recently appeared indicat- 
ing a reversal of the adverse 
price trend. 

Increased prices, coupled with 
the current drop in the strength 
of the pound should produce 
better competitiveness and profit- 
ability in this sector. Most of 
this improvement would come in 
the second half and is much 
dependent on costs not rising 


disproportionately, he said. 

Demand on the whole for the 
group’s other products is rela- 
tively static but there are 
indications that the lowering of 
margins, nhich has occurred with 
some products, may be coming to 
an end. 

Lead Industries Group— Mr. Ian 
Butler, the chairman, said that 
the group was dependent on the 
level of economic activity in 
various countries and there had 
not been signs of any better 
conditions in those national 
economies. 

In the UK. the group’s most 
significant area, there is little 
sign of any increased total 
activity. Though some had 
improved their level of profits 
so far, the UK subsidiaries were 
not expected to maintain the 
excellent levels achieved in 1977, 
he said. 

'Combined English Stores Group 
— Mr. Murray Gordon, the 
chairman said the company had 
made an excellent start to the 
current year. There had been 
much improved trading conditions 
in the UK and the results for the 
first quarter were substantially 
better. 

_ The newly acquired Kendall and 
Sons continued to incur dosses in 
the early part o£ its current year 


but was now trading profitably.- 

He was confident that the year 
would show substantial growth 
for rhe group and he hoped ro 
be allowed to recommend a much 
higher dividend next year. 

Durton-Forshaw— Mr. R. F. 
Hockin, the chairman said overall 
results for first five months of 
this year were very considerably 
ahead of last year and he was 
sure that 1978 would prove to be 
a record year. 

The Board was constantly 
looking at opportunities, not only 
in the traditional fields but in 
other associated businesses. One 
of these negotiations is now- 
reaching finality, he added. 

BS(? International — Mr. Harry 
Cressjnan, the chairman, said cf 
forecast for the current year 
made by the media that “for 
once my colleagues and I see no 
reason to take offence." 

The retail motor trade was 
having an outstanding year. Vans 
and trucks were booming too and 
BS<| was petting more than its 
fair share of the I97S boom, he 
said. Also there were many 
opportunities for expansion in 
motor car components and before 
the end of the year the group 
planned to be in production in 
Spain with steering column locks 
nnd door lock sets and this would 
be followed by seat belts. 


•FinancM 

BIDS AND DEALS - ; ' ■ 



BY JAMES BARTHOLOMEW IN LONDON AND RfCHARD.^f^fe ^ ^ 


Bscal Electronics, the military', ffient .from blade u£w 

ec tronics group, is in the;Hmd:Dot like BacaJ havingasntoflaiy , 

ages of negotiating; the sale JSfi in- South Africa. ‘ v . m a z*7 


electronics 
stages of negotiating; 
its South African 
a local company, 
iugs, for. £6im m 
Racal Electronics, 
group’s second 


groups secona largest, u veiacim ; wuere it xr£ a&T-' 

company and- one. of. the ■Taost'tfon and Dana to 
profitable. Its pre-tax profiB;are<5jrporation to Apnlthfs _ .- v -. : 1 

running at about £25m per amium s The proceeds of' they disposal ■ ojt^Hgtfeg: db oft amwl- aN&jtok- • . 
on a net asset base of onIy^£4.7nu are expected to. _come_ : tbsf ■ttv'Sift'S '■* “ * ' 

.It researches and manufacthreg" quickly at the offictai rate ,-sno}gcE , 

its own products as well 3S mac- te' Reserve engtaeeaxisg^. - sura&ifey;/ 

keting those of its UK parent.-:. The buyer, GrxnaJcerBtal^^^ Lake,' 

, . J - ■! ■ mDinffllT VtHCD. -./n i 


The products consist mostly- of - is a construction 
communications equipment, hits been wanting. to.jtwerauyto^ ttceiwx&xv v& : *por*th . : : - ) ’/ /(. 
eluding back-pack radios aod ; -at -some . time. Ds snares were ■ . Qgj^- said- yesterday that'Shfo • • *- 
new radio which can transmit suspended at 295c last weex. ; • Lake has'.a^osta^la^ wder pook ' 
through brick and which, could- .J . ; -on -jband ' a^- .iS' tCilrtenSy S^if^ - ■ 

have applications in deep lerisT nnnotc sufficleht’Jft adidba the-group ^ 

mines. NO PRORta \ wU-lnot te materially fiffecrs^^ : 

Racal is the latest in a-^tang -pv^ following mergers are not any. way the dffScolties Of Ffei:, 
line of British companies selling be referred to tiie Monopolies cock, Y MA iold& 20 pec cesjJ-" of 

or attempting to sell out of SontIi rrm , miceinn . Northern -/Fopds/^Censc.^ c-.”-: - ' 

a r_ .t-.n rTOr baIiT _ . * ~ Z — .• .» 


Africa. In April*. GEG sold half ; ^z^pn rm " g - Jove ,Investm»a£- Hairaock^s 1 receiver Ifi ' 

of its subsidiary there to Bartow .Trust/Kingxide Investment Co.; seU : ^ieanes^.md 


- tion.’ 

The South African Government - Heanwhaert&ettic ^so sdd^bat 

might ^be particularly keen for ewcrGV SERVICES assent iniilcaiioh^arfrliiat 
Racal to divest, because its pro= - ^ F.ipWronirx nre-tex L fdrr.4he-:year ; rto ' 


seen control of. strategicaDjj of ^^SS&STS Hoi“6^of . ^S-TT.^;; 


important companies Into . local of lOp 

hands. ’ £50,000 due to lie minority ^are- 

Racal would make no comment holders in Neve Ejecmmic Hom- 
on the sale last night .except to tags on the same date. . - . 

confirm that negotiations^, 'aie : 


’ The BHIesht^^ogar^v^br'. 

taking place. . HOGG ROBti^O^- ■ 


specialising in the company sug- 
gested that another 
the sale could be that 
potential buyers of Racal equip- 



Saatchi & Saatchi strides noirtii 


THE OPERATIONS ■ outside 
London of Saatchi and Saatchi 
Company are to be more than 
doubled by the . acquisition ./pf 
Halls Advertising, described as 
Scotland's largest advertising 
agency, in a deal that could be 
worth £lm. . . . 


-Announcing this - move - Mr. 
Kenneth Gill the chairman of 
Saatchi. also reports a 32 per 
cent leap in the group’s taxa ble 
earnings from £571,000 to £755,000 
for he half-year to March' 3L 1978. 

Halls had profit of £161 ,600 - on 
£4J!m turnover in 1977 and antici- 
pates billings to reach. £6m and 
profit climbing to £285,000 -in 
1978. Saatchi's main agency, 
Saatchi and Saatchi Garland- 
Compton, will make. -an initial 
payment of £0.2 5m on completion 
of the acquisition and further 
instalments of £ 0.25m and £0^m 
in 1979 and 1980 conditional on 
the Scottish agency attaining its 
profit forecasts. At the end of 
December Halls net tan^We 
assets amounted to £106,000^. 

With stated earnings per-T0p 
share better at 9p (6.8p) the 


directors have decided.to take full 
advantage of ■ the two-year 
freedom from dividend restramr 
resulting from reconstruction of 
the group in December, and to 
lirt the net interim dividend by 
0.7p to 2p. Also ‘a onerfor-three 
scrip Issue is platmed: . The new 
shares will rat* with existing 
shares for the current year’s final 
which last time was 2.1326p paid 
from record profit of £1.18m. 

Hair-year 
1977-78 1978-77 
£000 .£009 
,(08 19JBT- 
755 SIX 
438 331 

S17 .. iW 
83 . -48 

2M . 182 
7fi • *58 
178 *138 


hr the 7 firsts 5taTin»iH4is _ improved' 
to 3-per cen t ; per cent). : 


Turnover .... 

Praltt before tax 

Tax — - 

Net profit 

Minor it lit- — — . 

Attributable 

Interim dividend ... 

Retained 

• Adjusted for the corporate reconstruc- 
tion of Der ember 9. 1977. 

Mr. Gill says that for the fuH 
year management figures: indicate 
that turnover, which in the first 
half was 23 per -cent ahead 'at 
£24.6 Im (£19.69011), will paSs the 
£50m mark and he expects the 
present rate of growth jn- profits; 
margins and dividends to : he. 
y stained. The operating margin ; 


SHARE STAKES -V 

“ W •*-- Ribbons- Holdings: BSG 
Interna tiotml 7 ^acquired ^ a.- farther 
40,000 shares' ph June 12 and 
■now holds 840,000 shares . (OS 
per cent)'. ’ • : 7 ; : 

Bank of Seotianff: KnWafe far 
vestment - Office- has .acquired 
interest in further 25.009 shares 
making total ' JL940.OOQ shares 
(6.015 per cent).’ 

Greenfield MQlettsr Following 
directors sold preference shares 
on June 12 as ' under: Mr. R. . L 
Greenfield. 1,157, Mr. D. ’B. Greea- 
fieLd 95.085, Mr. J. Greenfield 
.71,202, MriP. W. Monaghan. 1^83 
and Mr. G. M. Lewis 17308L-; 
r - Debenhams: Mr. EL E. Crabtree, 
director, bought- 5,000 shares at 
SSp on. June 13. - Sir Anthony 
Burney bought 5,000 shares at 94p 
on May 2 X. 

Chubb hnd Son: Kuwait Invest- . 
raent Office sold on June 1. 25,000 
shares leaving interest at 4.450JJ0O; 


ri : ’ 


Capper hits confident keynote 


THE CURRENT year at Capper- 
Neill has started fully up to 
expectations and the directors 
continue to view the future with 
confidence, says Mr. William P. 
Capper, chairman. 

The order book is at a record 
level and is continuing to provide 
a very substantial workload, he 
adds. . , 

Members are told that future 
plans remain basically the same: 
strong continued expansion over- 
seas, in many cases on a perma- 
nent basis, while maintaining the 


steady growth of middle range 
companies Sami where suitable 
opportunities arise acquiring com- 
panies with complementary trad- 
ing activities that are capable of 
expansion. 

Taxable profits ’ for the year to 
March 31, 1978, reported June 2, 
advanced from £4fim to £5-23m 
on turnover up from £5U.52m to 
£6!J.l3m. 

During the year the group 
invested over £5m in its overseas 
and UK operations. The majority 
of this was used to buy buildings. 


plant and equipment for Capper- 
Neill International's projects. 

Export turnover at £23 -Sm was 
75 per cent up on . the. previous 
year and now represents S4 per 
cent of total turnover. 

After adjusting -for deprecia- 
tion £343.357 (£240326), cost of 
sales £434,572 (£319.830), interest 
payable £293*444 (£89,331 ) and 
net monetary assets £358.021 
(£648,886), pre-tax profits on a 
current cost basis Jure shown at 
£4. Mm <£2.99m).-.. 


R. Paterson doubles to £lm 


William Leech turns in £2. 2m 


IBM £000 
30.820 33.943 


IN THE context of the building dividend total is fitted from 5p to 
industry Mr. J. Adamson, chair- 6p with a final payment of 3.5p 
man of William Leech (Bonders) net. 

considers the pre-tax proGt or i9~re 1 976-7 

£23ra for the year to February 28. Tnrnnver 
1978, compared with £2.78m for itperatuw 
the corresponding period to be 
particularly sound achievement. 

He says that the profits were ^ 
talned in a year when the build- pro: 

_.g industry was faced with the one 
continuing problems of inflation. 
uncertainty of building society Stained 

finance and increasing land costs. Since January the increase in 
At half-way. be stated he was demand for housing has been 
looking forward to a more prom- experienced by the group but 
able second-half and this proved this occurred loo late U> affect 
to be the case, w'ith an advance ^ profits for the year 
from £0.72 m to £ 1.48m. The contracting side of the 

'early earnings are stated at business continues to make pro- 
t4.9p t21p) per 2Dp share and the oj. ess an d a .significant contribu- 


KWeraunx profit 

2S74 

3JI7 

Finance chorees 

60S 

M3 

Share of at>oc 

M 

10 

Profit before lax ... 

Z734 

Tas 

419 

265 

Profit after tas 

1.790 

2,519 

Ofler for sale eneoses . 


110 

Attributable 

1.799 

2.4DB 

Dividends 

7!0 

609 

Retained 

1.978 

1,9011 


£11. 87m. thus giving an under- 
lying value at cost of almost £1 
per share. 

If the current market and eco- 
nomic conditions continue Mr. 
Adamson looks forward to a sig- 
nificant increase in sales for the 
current year. 


Bluemel Bros, 
just ahead 
at halftime 


ASTBURY & MADELEY 
(HOLDINGS) LIMITED 


RECORD PROFITS FOR 
14th SUCCESSIVE YEAR 




Profit before 

Amount 

Earnings 

Year ended 

Turnover 

taxation 

of Dividend 

per 

31st December 

£000 

£000 

per share 

share 

1977 

6,S17 

781 

1.766p 

8.9p 

1976 

5,337 

554 

1.592p 

G.4p 

1975 

4,358 

504 

1.44Sp 

D.Sp 

1974 

4.023 

425 

1.317p 

4.Sp 

1973 

2,918 

293 

1.171p 

3.9p 


Group turnover to 30.4. 7 $ has maintained an encouraging increase 
over 1977 but margins continue to be eroded by fiercer competi- 
tion. However, if present trends are maintained and Birmingham 
Steel Co. Ltd., acquired on 3.1.78, performs to expectations, our 
shareholders can expect an adequate improvement in group profits 
in the current year. 


Registered Office: 
FINCH ROAD,.LOZELLS 
BIRMINGHAM B19 1HU 


tion to the profits or the group. 
At the current, time ihe company 
has work in hand to the value 
of £13.5m. It also has work in 
hand, mainly on land the group 
owns, for office and shopping 
developments to the vaLue of £5m. 

The accounts have adopted 
ED 19. This, together with the 
profit for the year, has the effect 
of increasing the shareholders’ 
funds from £6.9 m last year to 


BANK RETURN 

I kriliiMny . loc. [+1 nr 
— | Jinn- 14’ . Use. 1— J 

19JS for week 

BANKING 

LIAUILHIKp 

'.aiiivm 

Hiiltli,* L>ty»* i lt—. 
Uepusil*.. 

Banker- 

l»e*wv«s ,t t.'lhei 
Aw* 

DEP.ARTMENT 

£ £ 

kS.tOfl.I.* + 88.0W 

1 A f'<L33>>.i vnj 4- tE.4a).0n0 
476.14o.tv6t + &6.9S&166 

t39.7e4.35j_ E4JI9.M0 

2.4I6.E61.73.V+ 61.3W.a95 

ASSETS 

Gnvt. irtrimtlM.. 
VlraDixd&Oibet 

i 

k6l5.46l.0S7 _307.4S5.001 
603.076.Wlj t- 413^96,882 

FremiMs.EquIp'r 

.Votes 

■Jots- 

28.652. 206i + 4JBQ.IS7 
184.880;— ll£li 

IS3CK 

2.4 16.261.739' 4- 5L240^» 

DKFAKTMENT 

bumu'uu 

Moles Iwuwl 

lit CuvuisriuD. 
la Bank’s Dept 

ASSETS 

GiH'l. IMfla 

Other G«vL Sew. 
Other securities. 

A 

c , — 

i 

E.15O.OM.00O — Z6.0OO.OCIO 
8.121.117,19b — 89,820.197 

2S.S62,aib+. 4^20.197 
i 

ll.Olr.l0O' — 

.010.557 - 4Sa.067^70 
1.&54.974.6A5 + 437,067^70 

6.15O.OQCi,0W ( _ £5,000,000 


A marginal increase in pre-tax 
profits from £185,455 to £190.055 
is reported by Bluemel Bros, the 
cycle and motor accessory group, 
from the 26 weeks ended April 1, 
1978. 

There have been some signs of 
recovery recently. Should this 
continue and given uninterrupted 
production the direcrors expect a 
satisfactory year. 

In December the directors 
warned that an industrial dispute 
early in the first-half might affect 
results in that period. Demand, 
however, continued at a very high 
JeveT. 

Turnover in the half-year 
Improved from £2.3m to £2.6 m. 
After tax Of £99,000 (£96,500). 
earnings per 25p share are stated 
at 4p against 3.91p. 

To reduce disparity the interim 
dividend is lifted from ljp to 
1.65p net. For 1976-77 a total oF 
3.67p was paid from profits of 
£375,000. 


DESPITE HIGHER advertising 
expenditure in the second half 
more than doubled pre-tax earn- 
ings or £l,02L000 f against £458,000. 
was attained by R. Paterson and 
Sons, the coffee and chicory 
essence and food products group, 
for the year to March 25, 1978. 

At halfway, when the surplus 
Was up from a depressed £69,000 
to more than the previou year's 
total at £584,000, the directors 
said that the volatile nature of 
the coffee market and its effect 
on retail prices made it difficult 
to forecast hut they were confi- 
dent for the second six months. 

Although there are still uncer- 
tainties in forecasting the Board 
remains reasonably confident for 
a satisfactory result in the current 
year. 

Sales for 1977-7S were higher 
at £16.57m (£13.63m) and profit 
for the year was after providing 
for losses and terminal costs at 
the now closed Danish subsidiary 
of £122,000 (£73.000) and interest 
of £259,000 (£220,000). 

Tax took £566,000 (£217.000) 

leaving earnings per 25p share 
better at 6.54p (3.46p). A net final 
dividend or 1.51 p lifts the total 
to 2.5475P (2_2825p). 


under the rule which provides for 
dealings in unquoted stocks. 

They note that the rule provides 
Nationwide shareholders with an 
avenue to deal in their shares 
pending an official relisting -which 
they hope will be obtained within 
the next 12 months. 

Last -year. Nationwide defeated 
a £6 m “takeover bid by British Car 
Auctions.. The company recently 
reported that pre-tax profits for 
the year to October 3L 1977 fell 
from £241,177 to £173,754 on turn- 
over of £2.7m. 


from £186,002 to £14.777. The net 
dividend is held at 2.6Sp.~ 

Last year the burgeoning cargo 
traffic and fishing activities gave 
rise to increased use of oM plant 
and equipment, and the cost of 
maintenance, works expenses and . 
other repairs: including problems 
with the slipway, added over 
£50,000 to operating costs. In 
addition the benefit of the 
Regional Employment Premium 
worth £18J)5L in 1976, was 
rescinded. 


Milford Docks 
starting to look 


better already 


G. R. Dawes 
to make 25p 
distribution 


3.5p interim 
from Heywood 
Williams 


After completing the purchase 
of Interstate United Corporation 
of the U.S., Heywood Williams 
Group announces that it is return- 
ing to the dividend list after lour 
yean with an interim payment of 
3.5p net per 50p share. 

Forecasting pre-tax profits for 
the year to April 30, 1978 of not 
less than £500.000, Mr. Douglas 
OliphanL chairman, says that it is 
the directors intention to recom- 
mend a final dividend of l-Sp neL 

Treasury permission has been 
granted for the interim payment 
under recovery rules. The taxable 
profit for the year to April 30. 
1977 was £59.000 and for the 12 
months previous to that a loss of 
£756,000 was incurred. 


G. R. Dawes Holdings (in 
member's voluntary liquidation) 
proposes, on October 7 to make a 
third distribution of 2.Jp per 
ordinary share. 

Together with two earlier 
distributions mtaliinc £1.35 per 
per share, this will bring the 
distributions so far made to a 
total of £1.G0. 

Tlie distribution of 23p 
represents the release of the 
retention of lop which, at the 
time of the second distribution.- 
the liquidator found necessary to 
make in connection with a 
contingent creditor’s claim 
together with a further lOp by 
which he is bringing forward the 
distribution he had hoped to make 
about October, 1978. 


The spending of more than 
£96,000 oh repairs and maintenance 
by JUilrord Docks Company during 
1077 helped the development of 
new business which, with its exist- 
ing business has already produced 
v.hat appears to be satisfactory 
results in the first quarter of the 
current, year, says Mr. C. A. V, 
Smith, the chairman. 

The directors therefore believe 
that the new business generated 
coupled with fundamental changes 
in policy in connection with the 
dry dock subsidiary will enable the 
group to continue profitably, he 
tells members. 

A number of spheres in which 
diversification seemed possible 
have been examined by the 
company and negotiations are 
continuing with a European 
organisation operating a fishing 
fleet and .other related activities. 

The parent company expanded 
ii.-i operating revenue to £514.113 
i £317,835) in 1977 but the sub-, 
sidiaries' contribution to turnover, 
was down from £911,628 to 
£687,575 and, as reported on May 
23, group pre-tax profit slumped 


CITY OF 



LEICESTER 


Floating Rate 
Stock 1982 


For the six months from ’ • 
lfimjune,137Stol6tft December, 1978 
the interest rate on the above stock 

will be £11.125% perarmum. 


Morgan Gnanfefl &Co. Limited 




NA.V. at 31.5.78 
S2ZJ24 (O.FIs-SO.H) 
VIKING RESOURCES 
INTERNATIONAL 
N.V. 


INFO riorum, fMdrfas Sr Fiction N.V. 
Herasgracfat 214. Amsterdam 


Leisure 


Shares of Nationwide Leisure, 
suspended in November J!IM, 
joined those stocks being 
unofficially traded in the stuck 
market, under Rule 163 (2). 

Stockjobbers, S. Jenkins and 
Son said the shares were dealt 
yesterday at a price of around 6p 


TO THE HOLDERS OF 

TheLong-Temte 

SSOMefiOOElMtutgliaie Nofesdinlttl 

In accordance with the previsions of the above Notes, Bankers 
Ttost Company, as Reference Agent therefor, has established, 
the Rate of Interest on such Notes for the semi-annual period 
ending December 15, 1978 as nine per cent (9%) per annum. 
As calculated in accordance with Clause 2(d)’ o£ such. Notes, 
the Interest due on such date, which will be payablaon surrender 
of Coupon No. 4 of each Note (the ‘Coupon Amount), amounts 
in United States Dollars to $45.75. 


DATED: Jonel3.1978, 


BANKERS TRUST COMPANY, 
Reference Agent 









^^nancial Times Friday June 16 1978 



27 

ADVERTI SEMENT 




Published by The Association of Investment Trust Companies 

The opinions expressed by contributors to tills Review are their own 
and should not be assumed necessarily to reflect those of the Association 



% new hand is dealt 

by N . O . Taube 

£"■ Senior Partner, Kitcat & Aitken 


- \ - • T 


EX 

'^Ed , • 

: y fcsnJS* 

’* 

?:- tf ' r v. i 

- •Tyu.'; 


-S ' . 
rl 


■ • '•*'■1. j." 

J ‘i.i ’ 

. . J ' r ' 
J ‘ tft 


miln 

"~?r u, 

* — |S 


lortl 


Ki N 


Two dates and the names 
of -two saints for at least the 
names of the. men who were 
' named after the saints) 
^§£quld _ be- engraved on the 
; Smarts of every investment 
£ .trust investor or manager. 

: - The dates are 6th April 
- 1965 and 11th April 1978 and 
’■ the saints are SL James and 
SL Denis. . 

Until 6th April 1966 holders 
■ of investment trust companies' 
Shares enjoyed ^privileges, or 
at least did not suffer dis- 
advantages, as compared with 
those investing directly in the 
underlying securities. That 
: day Mr. Callaghan in bis first 
budget effectively abolished 
'.-dbubie, tax relief, introduced 
-ihe . .Corporation Tax, long 
-term Capital Gains Tax at 
■:30% and the 25% surrender 
- rnle on sales of hard currency 
'securities. 

: On 11th April 1978 Mr. 
Healey reduced the tax on 
capital gains paid by invest- 
.'ment trusts to 10% from the 
.. level of 17% to which it had 
'beeir- previously reduced from 
: jflTi* Callaghan’s original 30%, 
and, from 31st December 1977 
the 25% surrender rule was 
also abolished. The abolition 
b£ this particularly restrictive 
"impost was quadruply Wel- 
lcome as, in Mr. Heath’s 
immortal phrase, at a stroke 
it made switching of currency 


securities a practical pos- 
sibility once again, it re- 
vitalised and extended the 
market in investment cur- 
rency, it directly benefited 
asset values and, - most 
important of alli.it radically 
reduced the “necessity”, that 
is to say the theoretically 
advantageous but widely 
disastrous practice, of direct 
borrowing of foreign cur- 
rencies. Anyone who remem- 
bers borrowing Swiss francs 
cheaply with a view to invest- 
ing in dollar denominated 
securities will remember that 
particular heffaiump trap. 

Encouraging 

Conclusions 

Perhaps we .could draw 
further conclusions from the 
fact that the discovery of the 
bones of SL James was fol- 
lowed by the liberation of 
Spain or draw encouragement 
from the fact that SL Denis, 
after he was beheaded, picked 
up his head and walked away. 

What is, I think, indisput- 
able and can be proved from 
the figures shown in my 
table is that investment trusts 
as a whole did a good deal 
better between 31st December 
1952 and 31st December 1964 
than between 1st January 
1965 and ■31st December 1977. 
By saying better 1. -mean not 


only in absolute terms, which 
is indisputable, but also in 
relative terms. 

What I have attempted to 
do is to pick companies of 
reasonable size with un- 
changed 3lst December year 
cuds and which have been 
involved in a minimum 
amount of merger activity. I 
then further concentrated on 
companies which bad a fair 
proportion of their invest- 
ments in international markets 
(which in the 1950s was 
certainly a hallmark of 
alert and intelligent manage- 
ment) and, taking the result- 
ing Tour companies (two 
Scottish and two from Lon- 
don). constructed price and 
asset value year end indices. 

1 then compared the growth 
or asset values with the 
Financial Times Ordinary 
Share Index (the F.T.-A. All- 
Share Index did not exist then) 
and the Dow Jones indus- 
trial index weighted by the 
exchange rate and the dollar 
premium. 

Before going any further 
the reservation must be 
expressed that effective gear- 
ing in 1952 was greater than 
it is today. The explanation 
for this is clear. First, there 
was a positive yield gap in 
the U.K. market and second 
there was the incidence of 
double tax relief. It was pos- 


sible in the 1950s to invest 
in a variety of American 
securities on an effective yield 
basis of 8% or 9% and 
to look forward to a steady 
growth of income and capital 
values, while at the same time 
borrowing money at 5% or 
6 Vo- This policy was highly 
beneficial but came to an end 
with the abolition oE double 
tax retie f and the coincidental 
rise in interest rates. 

Clearly the 1950s and early 
1960s were golden years. 

nostalgically remembered by 
many participants in the 
investment trust world. Both 
the British and American mar- 
kets had prodigious rises and. 
as seen in my table, in 
the period between 1952 and 
1964 both the Dow Jones, 
suitably adjusted, and the 
Financial Times Ordinary 
Share Index trebled. 

Overseas Exposure 

What is more, British 
investment trusts managed, by 
concentrating on the less well 
recognised growth stocks both 
in America and Britain, which 
in the early period were 
obtainable at low price/earn- 
ings multiples and on reason- 
able yield bases, to benefit 
from the subsequent recogni-. 
tion of the value of these 
stocks to a much greater 
extent than did investors in 
the leading companies repre- 
sented by the Dow Jones and 
Financial Times indices. In 
addition judicious switching 
between American utilities, in 
a manner not unlike that 
adopted by institutional 
investors in the gilt-edged 
market today, helped to 
enhance both yields and capi- 


tal values. Altogether it is 
not snrpri^S that the aver- 
se - asset value of the 
compjmre 5 I examined quin- 
tupled in the period 1953 
to 1904, lhus outperforming 
the two major indices by a 

compound factor of just over 
4% P®* annum. 

"The more adventurous 


amongst investment trust 
managers started to take an 
interest in Japan and Europe 
luwards the latter part of 
this period, but the main 
involvement outside the tradi- 
tional areas of the United 
States. Canada and Britain, 
ami to a smaller extent. 
Australia and South Africa, 



31.12.1952 

31.12.1964 

31.12.1977 

trust a 

Performanue 
— Price 

— N.A.V. i 

(Discount) % 

100 

100 

(24.4) 

442 

.428 

(21.9) 

SS9- 

856 

(21.5) 

trust b 

performance 
— Price 
—N.A.V. 

(Discount) % 

100 

100 

(27.6) 

498 

436 

(17.2) 

1,163 
1.117 
(24:6) . 

trust c 

performance 
— Price 
—N.A.V. 

(Discount) % 

100 

100 

1 18.2 ) 

644 

590 

(10.8) 

1.300 

1.354 

(21.5) 

trust d 

Performance 

—Price 

—N.A.V. 

(Discount.) % 

IDO 
! loo 

i 1 19. S) 

496 

516 

(22.9l 

976 

1.035 

(24.4) 

average of the 
four trusts 

—Price Performance 
— N.A.V. Performance 
(Discount) % 

iuo 

300 

(22.5) 

520 

492 

(18.2) 

1,052 

1,090 

(23.0) 

F.T. Ind. Ordy. 

—Actual 
—1952 = 100 

Dow Jones Industrial 
— Actual 
—1952=100* 

115.9 

100 

283.66 

100 

338.8 

292 

875.40 

316 

4S5.4 

419 

831.17 

534 


* Adjusted for exchange rate and premium. 


did not take place until after 
1965. Currently the move- 
ment's overseas exposure 
averages over 40%. 

By contrast the period 
since 1965 has been much less 
fruitful. The averages rose by 
43V u the UJC between 

December 1964 and December 
1977 and by 69%, using the 
same form of adjustment in 
the U.S. In the latter instance, 
all the rise was accounted for 
by the decline in sterling and 
the increase in the dollar pre- 
mium. The Dow Jones average 
was actually marginally lower 
at the end of 1977 than it 
was 13 years earlier. There 
were hair-raising fluctuations 
between those two dates and 
it is a gTeat tribute to the 
managers that, despite the 
difficulties which the Capital 
Gains Tax and premium sur- 
render rule presented, the 
average asset value of the 
sample doubled, l.e. still con- 
tinued to outperform the 
indices by a margin of just 
over 2% per annum as 
against the weighted Dow 
Jones Industrial and a margin 
of nearly 31% as against the 
K.T. Industrial Ordinary Index 
— wilb a reverse yield gap to 
contend with loo. 

The question now arises 
whether the major opportunity 
presented by the reduction in 
the tax on capital gains to 10% 
and the abolition of the dollar 
premium surrender will allow 
a return to the previous pat- 
tern of performance. 

As far as the prices of the 
shares of investment trusts 
are concerned the general 
decline in discounts on asset 
values which took place 
between 1952 and the late 


1960s (when quite a few of 
them stood at a premium to 
asset values) was swiftly re- 
versed in the last few years. It 
would not be illogical to see 
a reflection of a better per- 
formance in the narrowing of 
discounts and their possible 
elimination. It is also interest- 
ing to reflect that, in the kind 
of circumstances ruling dur- 
ing much of 1977 when dis- 
counts on investment trust 
shares were historically high 
but stocks in general were 
at humdrum levels but 
tended to be in short 
supply, the rights-issue-cum- 
mass-investment type of take- 
over of investment trust shares 
could again become fashion- 
able. as evidenced by tbe 
recently announced bid for 
the share capital of The Invest- 
ment Trust Corporation 
Lim ited. 

Easing Oversupply 

The hope of a return to the 
pattern of the earlier years 
should encourage investors 
back into the investment trust 
market. It is also possible 
in argue that the change in 
this year’s budget which, from 
the beginning of the 1979/80 
tax year, will raise the maxi- 
mum Capital Gains Tax 
suffered by private investors 
on sales of investment trust 
shares from 13% to 20%, 
should lessen the present 
experience of investment trust 
shares being the first target 
foT any private investor wish- 
ing to raise money from his 
list. This factor should help 
to reduce the persistent over- 
supply of stock seen in the 
market during the last few 
years. 


Net Asset Values 


“ ' u d the com p anies named, which are members of The Association of Investment Trust Companies 

?He figu resf wMch are* i"e except W he?S otherwise stated, are unaudited. ■ 


J- 




• **. Total Assets 

..... 'r- —\lehscnrrenl 
liabilities 
♦ d) 

• £millton 

Company 

(2) 

Shares nr Stock 

•••• (3) 

Date oi 
Valuation 
(4) 


Annual 

Dividend 

(5) 


..’ETSsset Value 
after deducting prior 
eftarges 


at nominal 
value 
♦ Hi) 


at market 
value 
♦ 17) 


Investment 
Currency 
Premium 
(sue notegl 
( 8 ) 


Total Assets 
lesa current 
liabilities 
♦(11 
fmtition 


Company 

(2) 


Shares or Stock 
(3) 


Date of 
Valuation 
(4) 


Annual 

Dividend 

(5) 


Jet Asset Value 
after deducting prior 
charges 


at nominal 
value 
♦ (6) 


at martlet 
value 
♦ (7) 


Investment 
Currency 
Premium 
(see note g) 
IS) 


Pence except where £ stated (see note d) 


' ~ >'■« 


ote f 


- ..-ov 


. . 

■ 

• 

?? 

-- b : 

fc- 

’ ' k- 


157.7 
SS JZ 

131.7 

27.3 

- 10.7 

10.4 
, 163 
*93.9 
■ 45.2 

10.1 
' 7L1 
M-3 

— $ - - 

’ 84:4 *: 

21.5 ' 
.. 36.3- , 

25.4:; > 
‘ 48.4 ■ " 
108.9 


*- “27 3 

- - ■: 53.4 . 

• V 7.4 

vv-tiaur 

57.S 
107-5 
. JLS 

- ’ • 4.0 

. 42.7 

7 

. 75.4 

■: 2i.7 

89$ 


VALUATION MONTHLY 

Alliance Trust 

Anglo-American Securities u>rpn. ... 

British Investment Trust 

Capital & National Trust 

Claverjiouse Investment Trust 

Crossfriars Trust vj— j JL'.V'; 

Dundee & London Investment Trust 

Edinburgh Investment Trust 

First Scottish American Trust 

Great Northern Investment Trust ... 
Guardian Investment Trust 

ilnvestroew-Tr-ust-Corporation 

Investors Capital Trust 

I Jardine Japan Investment Trust ...... 

London .& Holyrood. Trust 
[London Montrose Investment • TSt 

London & Provincial Trust - 

Mercantile Investment Trust •— 

North Atlantic" Securities Corpn. 
Northern American Trust 


m 


: CT0 ( 



T 

•j » 


1233 - 
81.3 
15.7 

40.9 

24.6 

” 45.5-,;. 

: 62.7 v 
.17,1 

74 2 


35 2 


- * • 

22.9 

• ; .7i 

139.8 j'; 

J, v 4- 

V; 

*: - 27.1 -, 
7.8 - - 

“321 
. . 1LS 
23.7 . 
itf.8 • ; 
12.0.- 
; 6:3 ■ • 

75.5" 

1&4> 

835 

: .37.3 - 
• -T2.4 
- 20^- 
■ 624- '• 

+64.4' ' 

ISkO ^ 

• ' swX 

V‘t25,6. 
:V" . 4.1. - ■ 
449-5: 

-. • P-t. ■ 



: *133*4.; ^ 
■ 32 LU ’ 
6.9 , 

' MB . ; i 
'.3.3 V 'v. 


Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ord. & “ B ’’ Ord. 25p 
Ordinary. 50p. 
Ordinary 25p 
Ordinary 35p 
II Deferred 
0rdinaty45p 
Ord. Stoek,i25p 
Ordinary 20p 
Ordinary ..25p, . 
Ordinary 2SptL-,-- - 
Ordinary 25p j 
Ordinary 23p . “ 
0 rdinary 2 r>p/ 
Ordinal 25pr- \- 
..^Ortlin^iT 25p 
... i Ordinary 2ap 
Conr- Debs. 1983 
Onlinary 2-lp 
Ordinary 25p 

Northern Amenran rrasi.. ^p,^! shares 
Save & Prosper L, " k Jj,J f nvei,L Ord. Stock 23p 

.gs® c,r< " nary 

Scottish United Investors 

Second Alliance Trust 

Shires Investment Co 

! Sterling Trust 

Technology Investment ixgi 

United British Secunties Trusi 

United States & General Trust 
lUnited Swtes Debenture Corporation 

Do. Do. 

Badlie Gifford & Co.- _ . 

Scottish Mortgage 

Monks- Investment Trust 

-*• Wlnterbottom 'ftufl : - - ■ / 

Baring Bros. & Co. Ltd. 

Outwich 

Edtoburnb 11 Manners Ltd. 

CrescMt'japa^ Inveittnent Trust.. 

Electra House Group . 

Electra Invest mcnt^Trust 

Globe Investment Trust 

- Do. Do. •• 

Temple Ba?’ Investment Trust 

Do. Do. — — — 

• Do. Do 

F & C. Group 

\Atiiance Invest^* •——v" ; 

Cardinal Investment itusi 

Blips 

Cities Trug 

Gartmore Investment Ltd. 

^lir fund 

E?Sish& Scottish Investors 

.^r^'se^Wolders..: 

SS'VfeS’SS.tfust 

Stockholders .Ji.oUment Trust 
G.T; Management Lin*, 

. Berry. 

Trus !..:::::: 

Ha ”Staoud T ^‘“ , ^ lst 

...... 

Sandjtivesw^ ■ 

-^ngtish - Nal* 

"TD£>. Do. 


Ordinary 25p 
Ordinary 25p 
Ordinary 23p 
Ordinary 50p 
Ordinary 25p 
Ordinary 35p 
Ordinary 25p 
Ordinary 25p 
Ord. Stock 25p 
Conv. Loan 19BS 

Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

Ordinary 23p 
Ordinary 25p 

Ord. Stock 23p 

Ord. & “ B ’’ Ord.'SSp 
Ordimiry 50p 

Ordinary 25p 
Ordinary 25p 
Conv. Loan 1&S7/91 
Conv. Loan 1885/90 
Ordinary 

Conv. Loan l9So/90 
Conv. Loan 1887/91 


Ordinary 25p 
Deferred 2op • 

• Conv. Loan 19S5>97 
'Ordinary 25p 
Ordinary 25p 

Ordinary 35p 

Ordinary 25p 

Income 50p 
Capital 50p 
Ordinnrj' 2?P 
Ord. & "B_ 0rd - 2a P- 
Ordinary 25P • 
Ordinary 50P 
Ord. & B_ Ord. 25p 
Ordinary 25 p 
C#rriinary 25p 
Ordinary 3oP 
Ordinary 2op 

Ordinary 25p 
Ordinary 2 jp 

Ordinary 1?P 
Ordinary 2np ; 
Ordinary 1J J =P 
Oril inary 2-]P 
Ordinary 2^ -^ 
Conv. Loan 1973/98 
Ordinary iip 

Ordinary 25p 
Conv. Loan lato ... 
Ordinary 2^P _ .... 
Conv. Loan 1987 ... 
Ordinary *>P 

Ordinary J?P ..j . 

Ordinary -aP 

Ordinary 2op . 

Capital 2ap 


31 -5/78 
31/5/78 
31/5/7S 
31/5/7S 
31 /S-’TS 
31/5/78 
31 '5 '78 
3 1/5 '78 
31/5/78 
31/5/78 
31/3/78 
3 1 /o.- • 8 
...31/5/78 
•31/5/78 
3J/5/7K 
Sh.5/78 
31/5/78" ■ 
31/5V7S 
3J/5/F.8 
31/3/78 
3I/5/7S 
31/3-78 
31/5.78 
31; 5/78 
31/5/78 
31/5/78 
31/5^7S 
Sl/5/78 
31/5/78 
31/5/7S 
31/5/78 
3I/.V7S 
Sl/S.'TS 
31/5/78 

31/5 /7S 
31/5/78 
31/5/78 

2/0/78 
24/5/78 

31/5/78 

31/5/7S 
31/5/78 


31/5/7S 

31/5/78 

31/5/78 

31/5/78 

31/5/78 

31/5/78 

31/5/7S 

SL'5/78 

31/5/75 

31/5/78 

31/5/78 

3I/5/7R 

31/5/78 

31/5/78 

31/3/78 

31/0/78 

31/5/78 

31/5/7S 

31/5/78 

31/5/78 

31/5/78 

31/5/78 

31/5/78 

31/5/78 

31/5/78 

31/5/7S 

31/5/78 

ac 3 1/5/78 
31/5/78 
31/5/7S 
31/5/7S 
31/5/78 
31/5/78 
31/5/78 

31/0/7S 

31/5/78 

31/5'78 

31/5/78 

31/5/78 

31/5/78 
31/5/78 
. 31/5/78 
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31/5/78 
31/5/78 
31/5/78 
31/5/78 
31/5/78 
31/5/78 


3.975 

5.94 

3.52 

15.00 


1.525 


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4 1 
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4.75 
£5.75 
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3.9 

DUJO 

0H5 

3.77 

4.0 


293.D 

131.5 

198.6 

170.0 
lOtf.7 

103.6 
87.2 

286.8 

124.3 

105.8 

138.7 

108.3 
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105.4 

102.9 

157.0 

256.4 
•150.4 

'54.7 

£83.30 

123.0 

132.1 
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133.5 

134.4 
99.0 

2305 
157.8 
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168.1 
257J2 
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1135.70 

151.4 

68.6 

270^2 

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101.8 
268.8 
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95.9 
85.5 

90.9 
106.6 

104.6 

56.4 

39.4 

40.2 

202.6 

140.8 

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57.5 

150.8 
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128.7 

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133.3 

83.2 
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170.3 
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159.1 


302.3 

137.6 
202.0 

172.6 

106.7 

103.6 
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302.3 
126.2 
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141.4 

112.5 

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192.9 

160.7 
260.4 

153.0 
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126.0 

135.3 
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137.4 

142.5 
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157.8 

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169.4 

263.5 

127.5 
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133.8 

69.3 

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62.3 
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143 7 


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£134.40 
£101.40 


160.7 

£130.10 

69.7 

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151.4 


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64.1 

104.4 

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95.8 

110.2 

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144.5 

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88.1 

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138.1 

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113.2 

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42.8 

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20.5 
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262 

572 


182 


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Philip Hill (Management) Ltd. 

City is International Trust 
General & Commercial Inv. Trust... 

General Cons. Investment Trust... 

Philip Hill Investment Trust 

Moorgate Investment Co 

Nineteen Twenty-Eight Inv. Trust 
Industrial is Comml. Finance Cpn. 

London Atlantic Investment Trust 
North British Canadian Investment 
Ivory it Sime Ltd. 

Atlantic Assets Trust 

British Assets Trust 

Edinburgh American Assets Trust 

Viking Resources Trust 

Keyser Ullmann Ltd. 

Throgmorton secured Growth Tst. 

! Throgmorton Trust 

Kleinwort Benson Ltd. 

British American Sc General Trust 

Brunner Investment Trust 

Charter Trust & Agency 

Enalish & New York Trust 

Family Investment Trust 

Lond^m' Prudential invest. Trust ... 

Merchants Trust 

Lazard Bros. & Co. Ltd. 

Raeburn Investment Trust 

Romney Trust 

Martin Currie & Co.. CA. 

Canadian & Foreign Invest. Trust... 

Si. Andrew Trust r--;" 

Scottish Eastern Investment Trust 
Scottish Ontario Investment Co. ... 

Securities Trust of Scotland 

Murray Johnstone Ltd. 

Cnledonian Trust — 

Clydesdale Investment Trust 

Glendevon Investment Trust 

Glenmurray Investment Trust ..... 

Scottish & Continental Investment 
Scottish Western Investment 
Second Great Northern Invest. 1st. 

Schroder Wagg Group 

Ashdown Investment Trust .. 

Do. Do. •• ••••.••• •• •• • - 

\uMf\iliafl i* Intem^tinnal Trusi .• 

Broadstone investment Trust 

Do. Do. _• •; 

Continental & Industrial Trust 

Tr;«ns-Oce»ntc Trust ••• 

Do. Do- 

Wes moot Investment Trust 

Do Do. , 

Co. | Ordinary 50p 
Scottish European Invenment Co. Ordinary 2.>p 


Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

Ordinary 25p 
Ordinary 25p 

Ordinary 25p 
Ordinary 25p • 
Ordinary 25p 
Ordinary 25p 

£1 Capital Loan Stock 
Ordinary 2ap 

Ordinary 25p ' 
Ordinary 25p 
Ordinary 23|» 

Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 

Ordinary 25p 
Ordinary 25p . 

Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25 p 
Ordinary 25p 

Ord. & - B ” Ord. 25p 
Ord. & -B” Ord. 25p 
Ord. & '* B " Ord. 25p 
Ord. & '* B " Ord. 25p 
Ordinary 25p 
Ord. & “ B ” Ord. 25p 
Ord. & “ B " Ord. 25p 

Ordinary 25 p 
Conv. l^oan 1988,93 

Ordinary’ 50p 

urilinary 20p 
Conv. Loan 19SS '93 
Ordinary 25p 

Ordinary 2op 
. Com . Loan I9SS 93 
. | t,*rdinary 2ap 
,.i Conv. Loan 1989 94 


Pence except where £ stated (see note d) 


l-t. 

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4.5 


Touche Remnant & Co. 

Allas Electric & General Trust 

Bankers' Investment Trust 

Cedar Investment Trust 

Citv or London Brewery 

Continental Union Tj" l|Sl 

C.L.R.P. Investment Tnist 

industrial & General Trust ...... 

International Investment Trust 

Sphere Investment Trust 

Trustees Corporation 

Trust Union •■ ■■■; 

Williams & GJyn s Bank Ltd. 
Sizewell Europeon Invest. Trust 
Atlanta Baltimore & Chicago ... 
West Coast & Texas Regional ... 


Ordinary -5p 
Ordinary 25p 
Ordinary 25p 
Deferred 2fip 
Ordinary 23p 
Ordinary 25p 
Ordinary 23p 
Ordinary 25p 
Ordinary 23p 
Ordinary 23p 
Ordinary 25p 

Ordinary lQp 
Ordinary JOp 
Ordinary Hip 


5.S 

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— ■ ■ " ,ri,r - — 


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'VALUATION THREE-MONTHLY 

Ringside Investment Co. ■■■"" 

Safeguard Industrial Invesimenls .- 
City Financial Admin. Ltd. 

Acnrn Securities ■ • 

General Funds Investment Trust .. 

Do. Do. 

“Investing in Success - 

Drayton Montagu Po r‘ r °jL? r ^I„7 * 
Dravton Premier Investment 

Dn. Do 

Dri. Do 

Drat ion Coiibolidated Trust 

Du. Do 

Dn. Dr; 

Do. DO 

Dravton Commercial 

(jO, Do 

English & International Trust 

Do. Do. v — - 

Colonial fiuciirines Trust -■■■■■ _:-■• 
British Industries & Gen. inv. isi. 

Drayton Far Eastern Trust 

City i Foreign Investment Co. ... 
Montagu Boston Investment Trust 
East or Scotland Invest- 5Ianagcrs 
Dominion & General T™ s f 
1 Penrlnnd 1nve c 'ment Trust. 


Invest. Co. 


Ordinary 25 p 
Ordinary 25p 

Cap. Ordinary lp 
(Ordinary 25p 
I Conv. Ordinary IDp 
1 Ordinary 25p 

i Ordinary 25p 
I Conv. Loan 19U3 
1 “A" Gnnv. Loan 1993 ■ 
Ordinary 25p 
Conv. Loan 1993 
“A” Conv. Loan 1994 
- B ” Conv. Loan 1994 
'Ordinary 25p 
l Conv. Loan 1986 
Ordinary 23p 
Conv. Loan 1986 
Deferred 25p 
Deferred 25p 
Conv. Lnan_ 1994 
Ordinary 25 p 
(Ordinary 25p 
Ordinary 19P 

Ordinary 25p 
l Ordinary 25p 


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31/5/78 
31/5/78 
31/5/78 
31/5/7$ 
31/5/78 

31/5/78 

31/5/78 

31/3/78 

31/5/78 

31/5/78 

31/5/78 

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31/5/7S 

31/5/78 

31/3/78 

31/5/78 

31/3/78 

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31-5/78 

31/5/78 

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31/5/78 

31/5/78 

31/5/78 

31/5/78 

31/5/78 

31/5/78 

31/3/78 

31/5/78 

31/5,78 

31/5/78 

31/5/78 

31/5,78 

31 '578 
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31/3/78 
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31/5/78 
31,-5/78 
31/5/78 
31/3. 7? 
31/5/TS 
31/5,78 

31/5.78 

3/5/78 

31,3/78 
31/57S 
31/5/78 
31 '5 '78 
SI '5/78 
31/5/78 
31/578 
31- '5/78 
31,5/78 
31/5/TS 
31/3/78 

31/5/78 
Sl/5/78 
31/5/78 


■SI/3/78 

31/3/78 

23/5/78 
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24/5/78 
24/5/78 

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31/5/7S 
31/5/78 
SI '3/7$ 
31/5/78 
31/5/78 
$1/5/78 
31/5/78 
31/5/78 
31/5/78 
31/3/7S 
31/5/7$ 
81 /5.'7S 
31/5/78 
31/5/78 
31/5/78 

31/5/78 

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130.9 
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3.8 

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4.05 


84.5 

78.7 

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91.2 

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102.1 
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62 8 
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96.9 

173.3 
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156.7 

163.6 

178.8 

181.6 

242.3 

106.5 

102.8 

132.7 

102.3 
83.4 

127.9 

110.9 

188.5 
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125.1 

206.7 
£137.80 

257.0 

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143.2 
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114 1 

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92.4 

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227.8 
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213.3 

268.3 
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207.1 

£165.70 

£168.30 

£171.80 

£147.40 

i*»4 2 

£150.00 

339.8 
152.0 

£1118.90 

495 

75.6 

63.6 

t 

162 5 


135.7 

190.8 

112.8 

242.1 
10721 
282.8 

85.9 
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102.2 

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130.5 

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93.0 

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103.7 

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2.3 

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11.3 

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127.5 

16.7 

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16S.3 

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184.9 

26.6 

184.3 

27.5 

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34 .6 

110.4 

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105.5 

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135.4 

-ls.2 

102 3 

16.5 

83.4 

14.7 

132.9 

22.0 

120.5 

21.0 

195.0 

22.8 

£136.50 

£16.00 

1251 

21 7 

215.9 

25 6. 

£144 00 

£17.00 

267.5 

22.1 

244.9 

30.7 

£153.10 

£19.20 

I4S.5 

20.6 

£13360 

I1S.50 

115.3 

9.3 

54.7 

4.3 

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232.1 

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216.9 

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275.2 

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214.4 
£171.50 
£174 JO 
£177.90 

159.5 
£1 51.50 

150.3 
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373.0 

155.5 
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496 

75.6 

63-6 


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£20.30 

JC2U.30 

24.J 

£111.30 

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£20.00 

15.5 
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14.ll 

£17.110 

45.1 

20.7 

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10.5 
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9.7 


21 3 


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r.««Fcw/i- 

■ . *■ 

J (k)-CoS. 



Pennnnn ^ 

THE INVESTMENT TRUST YEAR BOOK 1978, which is th_e first edition ^o f the 
official Year Book of the Association, is published this week by i-unde\ Limi . 
will cost £7.85 (inc. p. and p. in the U.K.) 

Please send your remittance to : 

The Association of Investment Trust Companies, Park House (Sixth Floor)’, 
16 Finsbury Circus. London EC2M 7JJ. 



NAL I I NAN C IAI. AM) C'OM I’ANA N F AVS 


NORTH AMERICAN NEWS 

Zombanakis Northwest Airlines 

quits First . » n | 

Boston strike enters eighth week 



By Mary Campbell and 
Nicholas Colchester 

Mr. Minos Zombanakis has re- 
signed from his position as 
head uf the international 
operations of First Boston, the 
U.S. investment bank. Follow- 
ing his resignation, which 
lakes effect from June 30. he 
will become chairman or IMA 
International Holdings and 
chairman and chief executive 
•if Blyth Eastman Dillon Inter- 
national. 

Mr Bruce Schaerer, a vice presi- 
dent of INA. the major U.S. 
insurance company. said 
yesterday that the appointment 
i.i f Mr. Zombanakis was “a 
milestone in the development 
of our international investment 
banking operation.’* Blyth 
Eastman Dillon, which is 
currently 60 per cent uwned 
by INA. would increase the 
capital of its London-based 
international investment bank- 
ing operaiton. he added. 

No replacement has yet been 
decided for Mr. Zombanakis in 
his position as chairman of 
First Boston International. The 
running of First Boston 
c Europe) will continue in the 

• sands of Mr. Michael Hamilton, 
who has been in day-to-day 
control for some time while, 
Mr. Jack Hennessy. who works 
in the New York head office 
of First Boston, will take 
overall responsibility for inter- 
national operations. 

As a result of the changes, more 
attention will be paid by First 
Boston internationally to pro- 
ject and to the mergers and 
acquisitions business' the com- 
pany said yesterday. The inter- 
nation operations of First 
Boston contributed some 15-20 
per cent of the revenues of 
the First Boston group, he 
added. 

In the first quarter of this year. 
First Boston Corporation re- 
corded a loss of S6S3.0S6, fol- 
lowing profits of $3.3bn in 1977 
and a~ record SlSui in 1976. It 
is understood that, helped by 
the upturn in Wall Street and 
some notable business in the 
mergers and acquisitions field 
in the U.S., First Boston Cor- 
poration has been operating 
profitably since then. 

“My move has been motivated 
bv the recognition that LVA 
and Blyth Eastman Dillon 
together possess the elements 
to emerge internationally into 
a leading financial institution 
which will provide universal 
financial services for clients, 
including co-operations, govern- 
ments and international enti- 
ties,*' Mr. Zombanakis com- 
mented yesterday. 


BY JOHN WYLES 

IX TI-TE midst of a traffic boom 
which aUSUrs well for U.S. air- 
line profits, one of the industry's 
most successful companies, 
Northwest Airlines, remains 
grounded by a pilots’ strike 
which moves into its eighth week 
on Sunday. 

The strike is a further reflec- 
tion of the extremely testy rela- 
tionship between the airline and 
its pifnis. H ’bo have staged three 
similar stoppages since 1971. Both 
sides to the dispute are being 
subsidised by their counterparts 
within the industry. Under a 
mutual aid pact, the airline is 
receiving more than S1.25in a day 
from moor airlines, while the 
pilots are receiving substantial 
financial help from colleagues 
elsewhere. 

Perhaps as a result. Northwest 
has had on direct contact with its 
pitots since the middle oF May, 
and despite Federal mediation, 
there arc oo signs of an early 
settlement. Northwest, which has 


reported profits consistently for 
the past 26 years, is a byword 
within the Industry for its tight 
control of costs and successful 
developments of a route structure 
where its most direct competitor 
is the industry giant. United 
Airlines. 

The Airline Pilots Association 

claims that its members flying 
Northwest's 110 aircraft work 
more hours than on any other 
trunk airlioe. The company has 
refused to reduce the maximum 
workday from 14 to 131 hours, 
and claims that the maximum 
75 hours worked by its pilots 
each month is not excessive. It 
insists that before further 
negotiations can make any head- 
way. the pilots must drop 
demands for more generous free 
transport for themselves and 
their families and for an alleged 
“featherbedding” rule which 
would mean the employment of 
more pilots on long haul routes. 

The dispute graphically illus- 


NEW YORK June 15. 

trates the protracted bargaining 
process which U a feature of air- 
line industrial relations. Pre- 
liminary discussions started 1° 
the Spring of 1977— and under 
National Railway Labour Act 
procedures the dispute has been 
through various stages, including 
0 30-day cooling off period before 
the strike began. The airline has 
turned down proposals for bind- 
ing arbitration, and has shown no 
inclination to follow some of its 
competitors in agreein- an ex- 
pedited bargaining process with 
the union. 

The stoppage has b3d a dnnatie 
impact on United Airline's traffic. 
Its revenue passenger miles rose 
24.S per cent last month com- 
pared with May of last year. In 
the same month, ail U.S. domes- 
tic and international airline 
traffic leaped 18.3 per cent, re- 
flecting the extaordinary increase 
in passenger demand which has 
been one of the notable features 
of this year. 


Hardee’s files suit against IC 


BY OUR FINANCIAL STAFF 

HARDEES Food Systems has 
filed suit in the U.S. District 
Court for the Eastern District 
of North Carolina seeking an io- 
Sunctinn against IC Industries, 
its subsidiaries Centigon and 
Iconic, and IC’s proposed public 
relations agency Georgeson and 
Co. 

IC Industries, a railroad hold- 
ing company with ambitions to 
diversify, recently launched a 
$3S9m merger bid for Pet In- 


corporated, a diversified food 
processor. In March, Pet bad 
agreed to acquire Hardee's for 
just over $94m. IC has said that 
its approach to Pet is conditional 
on this merger being abandoned. 

The day following the un- 
solicited approach from 1C. Pet 
and Hardee’s filed proxy 
material with the SEC concern- 
ing their merger plans. IC made 
it clear that it intends to vote 
any shares it acquires in Pet 


against the merger proposal with 
Hardee's. 

Earlier this week. Pet filed 
suit against IC alleging viola- 
tions of Delaware corporate law 
relating to required notice of 
tenders. Today's suit from 
Hardee's alleges violation of 
proxy regulations and unlawful 
interference with the merger 

contract between Pet and 
Hardee's, and seeks an injunc- 
tion to prevent such inter- 
ference. 


Kaiser Aluminium sees higher profits 


KAISER ALUMINIUM and 
Chemical Corporation expects 
continued strong aluminium de- 
mand for the balance of the year, 
higher overall profits for 1978. 
and sees further price increases 
on fabricated products before 
the year-end. according to Mr. 
Cornell C. Mater, the president 
Mr. Maier said the company 
will have higher 1978 second 
quarter aluminium shipments 
and that year shipments will ex- 
ceed the 6.67m tons of 1978. As 
a result, second quarter earnings 
should exceed the 82.01 a share 
earned in 1977 and year earn- 
ings should be more than $6 a 


share, against S5.53 for 1977. 

Kaiser, the third largest U.S. 
aluminium producer, has already 
a 1978 first quarter net of $1.20 
a share, compared with $1.18 in 
1977. 

Mr. William Hobbs, vice-presi- 
dent and treasurer, said that 
based on April and May figures, 
Kaiser would probably record a 
slight currency translation gain 
compared with a loss of S6.1m. 
or 31 cents a share in the 1978 
first quarter. 

Mr. Maier believed there would 
be additional price increases on 
most fabricated product lines 
before the year-end. Although 
he would not estimate the size, 
he did say the increases would 


' NEW YORK, June 15. 

probably be smaller than those 
made earlier this year. 

Earlier this week the company 
said it would raise prices on fiat 
roiled automotive bumper stock 
by 4 to 6 cents a pound and 
prices on auto body stock by 12 
to 13 cents, effective Juiy 1. 

The company, also raised its 
aluminium ingot price by 4 cents 
a pound to 57 cents, effective 
June 1. Kaiser's other com- 
petitors, however, have not raised 
their ingot prices. 

Mr. Maier said he believes 
Kaiser’s price increase is justified 
and he is willing to hold ingot 
prices at that level “ as long, as 
the market stays strong." 
Reuter 


Nationale-Nederianden 



1977 Highlights of theyear: increased profitability and further expansion 


The Group’s 1977 Results and Dividend 

—Net profit increased by 15% to DFIs 205 million 
—Net profit per share DFIs 16.53(1976: DFIs 14.36) 

— Dividend per share DFIs 4.80 (1976: DFIs 4.20) 

Expansion. Broadening of the base in the U.S. life insurance market through 
acquisition of 87% of the shares of Security Life & Accident Company, Denver, 
Colorado ; increase of interest in U.S. non-life insurance company Peerless to more 
than 80%; further expansion In Belgium; new offices opened in Spain, Saudi Arabia, 
United Arab Emirates and Oman. 


REVENUE 


Premium Income : life 


non-life — - 

professional reinsurance — 

Income from investments and other activities 


Gross Profit «... 


Profit participation life policyholders 
Taxation & minorities 


Net Profit «... 


Exceptional expenditure 

Exceptional revenue ... 


Available for appropriation 
Dividend 


Retained 


Total assets 

Insurance funds 
Net assets 


1977 

1977 

1976 

£.'000,000) 

(in DFIs 000,000) 

455 

1,984 

1,828 

394 

1,720 

1,546 

99 

430 

350 

285 

1,243 

1,085 

1,233 

5,377 

4,809 

134 

586 

502 

67 

292 

252 

20 

89 

71 

47 

205 

179 

1 

4 

5 

1 

5 

— 

47 

206 

174 

14 

60 

52 

33 

146 

122 

4,538 

19,783 

17,171 

3,430 

14,957 

13,134 

398 

1,735 

1,509 


( rate of exchange at 31 December 1977 £1— DFIs 4.36} 


In the United Kingdom: 

The Orion Insurance Company Limited reports: 

Premium income for the year 1977 totalled £26.5 
million and investment income increased to £4.4 

million. , , , . „ 

At the end of the year. Shareholders Surplus was 
£15.7 million. • 

The Life Association of Scotland Limited 

Doubled its premium income overthe pasf three 
years. 1977 was another record year for new business, 
total new premiums (singles plus annuals) being 
32% ahead of 1976, Lortg-term funds increased during 
1977 by over £13 million to £82 million. Total premium 
income grew by 27% to £14-5 million and investment 
income by 26% to £7.6 million. The overall yield on 
the funds increased from 9-8% to 10.7%. 




Merchant Investors Assurance Company Limited 

During Hs first full year as a member of the Nationale- 
Nederianden Group, the Company expanded its unR- 
iinked life and pensions business rapidly. Premium 
income in 1977 at £12.6 million showed an increase of 
176% overthe previous year. New sales of regular 
premiums Increased by 40% and new single 
premiums by 283%. New branches were opened to 
give the Company full coverage throughout the U,K. 
and a completely new range of unit-linked life and 
pensions contracts was introduced. 

Nationale-Nederianden operates on an international scale with 
branches or associated companies in the Netherlands, the 
United Kingdom, the Republic of Ireland, Belgium, Norway, 
Spain, Canada, the United States of America, Surinam, the 
Netherlands Antilles, South Africa, Australia, Singapore, 
Malaysia. Indonesia, the Philippines, and through general 
agencies in Denmark, Saudi Arabia, the United Arab Emirates, 
Oman and in other countries. 


Conies of the Annual Report in English can be obtained from The Secretary, The Orion Insurance Company Ud. r 70-72 King 
William Street London EC4N 7BT.The Secretary, The Life Association of Scotland Limited, 10 George Street, Edinburgh 
EH2 2YH. The Secretary, Merchant Investors Assurance Company Limited, Grosvenor House, 125 High Street, Croydon 
CR9 1 1P and the Public Relations Department, Nationale-Nederianden, 15 Prinses Beatrixlaan, The Hague, the Netherlands . 


Petro-Can 
lifts bid 
for Husky 

By Robert Gib be ns 

MONTREAL. Jane 15, 
THE CANADIAN National OH 
company Petro-Canada (Petro- 
Can) has come back with an 
improved offer for all the 
shares of U.S. controlled Husky 
Oil oE Calgary. Petro-Can now 
offers CS52 per share for all 11m 
Husky shares outstanding, worth 
around C$550m (U.S.$491m) 

against its previous offer last 
Monday of CS45 a share. The 
previous offer was rejected by 
Husky management and a rival 
bid by Occidental Petroleum 

Corporation of Los- Angeles, a 
share exchange worth U.S-344.70 
or U.S.S49l.7m overall, was 
accepted. Petro-Can says all 
necessary documentation for Its 
new offer is being prepared and 
the circular will be mailed to 
Husky shareholders after Petro- 
Can complies with regulatory 
rules. Tbere was no immediate 
reaction from the Occidental 
side. 

Trading in Husky shares re- 
mained halted in Canada yester- 
day, pending a further statement 
Stock market sources in Calgary 
took the view that Petro-Can 
would now' find itself alone in 
the bid battle against Occidental 
with Alberta Gas Trunk Line and 
Pan Canadian Petroleum, who 
have both indicated interest in 
Husky in recent days, withdraw- 
ing from the field. 

Later, Occidental Petroleum in- 
creased its offer for a minimum 
of 80 per cent of the Husky Oil 
shares. The value of the new 
package, it said in Los Angeles 
will be increased by S per cent 
from the original U.S.S44.70. 
while in other respects the bid 
remains the same. This would 
bring the per share value of the 
package of Occidental Preferred 
shares to around U.S.S48. 

Atlantic City 
casino suit 

NEW YORK, June 15. 
THE Atlantic City investment 
group. Regency Hotel Corpora- 
tion, claims that it paid almost 
S1.5m in security deposits to 
lease the - Howard Johnson 
Regency Hotel in the city from 
its owner. Jemm Company. It 
was announced yesterday that 
one of the largest gambling con- 
cerns in the U.S., Caesar's World, 
which operates the Caesar's 
Palace casino in Las Vegas, had 
taken a long term lease on the 
hotel, with a purchase option. 

Regency Hotel is suing Jemm 
for reinstatement of its lease. 
A New Jersey court last week 
denied a motion for a prelimi- 
nary injunction seeking to block 
the execution of the lease with 
Caesar’s. 

The investment group also 
claims that it spent more than 
3800,000 in planning a casino 
project for the hotel. When it 
encountered problems in raising 
all the financing for the deal, 
Jemm terminated the lease and 
ordered the group off the hotel 
premises, it says. 

Agencies 

Third quarter 
rise at Dana 

NEW YORK, June 15. 
NET income of the U.S. auto- 
motive components manu- 
facturer Dana Corporation for 
Che third quarter ended May 31 
rose from S30.6m or $L03 a 
Share to $39m or 31.22 a share. 
Sales rose from $487 m to $612m. 

For the nine months, net 
income increased from $78.6m 
or $2.65 a share to 398.2m or 
83.09 a share. Sales for the 
period were $1.66bn. against 
$1.32bn. 

The quarterly dividend has 
been increased from 32 cents a 
share to 33 cents, payable on 
September 15 to shareholders of 
record on August 29. 

Meanwhile, American Medical 
International's net income for 
the third quarter ended May 31 
moved ahead from $3.5ra or 56 
cents a share to $5m or 74 cents 
a share, on sales higher at 
S109.8ro against S90m. TYiis 
result lifted nine months net 
income from $9.5m or 81-52 a 
share to $I3.6m or $2.04 a share. 
Sales for the period advanced 
from 5253.2m to 5310.7m. 

Scott Forosman 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 

EUROBONDS 

Baker issue 
increased 

By Our Financial Staff 

IN another dull dad in the Euro- 
bond market, the main develop- 
ment was the pricing ef the 
Baker convertible. 

It was increased from the $30m 
originally scheduled to $40m, 
while the conversion premium 
was sec rather higher than in 
originally indicated due to very 
large subscriptions. 

The stock market quotation for 
the company has reached $29 f it 
was $28 J when the issue was 
originally announced) and the 
conversion price was set at 534 
for a conversion premium of 
17.24 per cent When the issue 
was originally announced it had 
been indicated at between 10 and 
15 per cent. 

Another major feature was a 
very sharp rise in the prices of 
Japanese convertibles in the D- 
Mark sector stemming largely 
from the upsurge . in the yen 
against the D-Mark. Price rises 
of between 3 and 4 points were 
recorded, dealers said. 



BY PAUL BCTTS 
THE AGNELLI family financial ' 
holding company, IFI, tae 
successfully taken control of 
Moog Automotive of the U*. 
in a deal worth 

IFI, which has made tbfpur- 
chase through Its subsidiary : 
IFHnternationa !, owns we 
single biggest holding “ the. 
Turin-based Flat company, 
Italy’s largest private company- : 

The financial holding com- 
pany said in Turin today that, 
the takeover of one of the lead- 
ing Ui>. manufacturers and.; 


- 'V,-' T-- ■■ *■ j'-’-.fjf* 

\ ' [;x .- •> 

■ wta - 

a ind^iiote rfaiiafr - ? - Wk /** - there at.itg lit .: ± ; - 

& .-lu»:«-OTaU.as5M®‘j;.- • 

balance of- iheJpurriiase-prife-'.^^ 

The * cohipaay desci 3 bed>tfeO - 

deal as * "pmelae/ 

investment ” and said3t.W3s4n ‘,, ; - 

activities of 

; John Wyle »,!« ratB $. fcwxi . : b ^ st /- 

- Yorkf Moig 

/ private family': .' 'campaisy * '* 




S1.8bn during 


BY OUR OWN CORRSPONDENT 


Ente Nazionale IdrocarbnrL 
the Italian state hydrocarbons 
agency, is to invest- some 
LA,5SObn (just over SLSbnj this 
year, Sig. Pietro Sette, the chair- 
man of the oil group, tolffa 
special economic parliamentary 
commission today. '■ 

ENI also plans to double its 
fixed assets, now amounting "to. 
more than LlO.OOObn, by 1982. - 

Sig. Sette said the main-rasa 
of ENTs development - . .pro- 
gramme was to increase, the 
internationalisation, of the group. 
In particular, the group has/ to 
purchase raw material" abroad :at 
the best possible terms, secure 
fresh funds and new. technolo- 
gies on the world market, anil 
expand its export performance. 
The ENI chairman has 7 just 


returned from a~ visit -id Hid 
Sbviet Union, together wfih the 
Italian m i nister -of state. ;partici; 
‘pations and other" leading state 
sector managers, .to promote 
Italian exports. / ' jt: 

/The largest share , of the 
group's new investments iff/to 
he allocated to the' energy sector/ 
These are expected to total about 
L825bn this year and-'may repre^ 
-sent as much as. 88 "per cent <it. 
ENTs overall investments duripg 
the next five years. " : - * 

./ENI also proposes to 1 ' invest 
some L200bn in its chemical 
activities in 197S - concentrated 
in its financially troubled ANIC 
subsidiary, which lost . LlS9bn 
last year. 

Sig. Sette also referred to . the 
major role of/ the projected 


Si - 5 :r* - toe ; ' 

t^s-MeditemiB^ ^p^el^Sta’ -• 
sappay^jialy ^Bd&rrabme 1 1 ‘J2hq." 
eubic inetres c&Mitota- 'XdnqftT. 

«as ye ar. - : .Thfr, total Invests ‘ 
inent'Of the ambitions project/ 
..amounted to L3,000ba, SigJ^ett» " 

■ said," • : . 
-v /r.? " “.// Sr" r 1 "* ' 

: Italy's/ largest’ *ah*^the -' sta& 
owned* -. Banca J Nazi rma Is - ; -■ dgt;' . 
Lavdrb/saidT tbat/baain^j /cons-.. . 
dence in, the Italian eccm omy os 
definitely s On- the; Xl^/bpth; 

.home and abroad..- 'V £ // /V-i/ . 

. • V^.JnZ^Ptte/ ^<rf.thetgovwrnm«it/- 
inaction m-ZovozhauBn^'/the" 
hffdget-^or- is aybe/V- as --some - 
sceptical observers rate,: ihanks 
. to it—thfr uimpressipu Js gaining 
currency iii- Italy itiutt a business' ,-.i 
recovery is/ajready tinder .way/ ' V * 
the bank's monthly ; feullettasaitfc 

7 Ap - i>i v //;■«: 


Support for Babcock Spain 


. ".J 


BY ROBERT GRAHAM - - - 

AGREEMENT in principle has 
been reached on a rescue pack- 
age to aid Babcock Wilcox 
Espanola, Spain's largest- pro- 
ducer of capital equipment The 
company has been in serious fin- 
ancial difficulties for almost a 
year: the solution Involves the 
injection of Pta 5bn (S62m) and 
a one fifth cut in the 5,000 strong 
workforce. 

This avoids breaking np-'the 
company and hiving off loss- 
making operations to the 'state 
holding company INI or closing 
them down. It also avoids the 
nationalisation of a Tlame 
duck ” — something which , the 
Ministry of Industry has strongly 
resisted. Nevertheless /the 
government is. expected to;iro- v 
vide at least half of the 'cash^ 


injection, the remainder coming 
from existing shareholders who 
are mainly banks and savings 
banks. 

According to Ministry- of 
Industry officials the' plan _ . to 
restructure the company/ has 
been agreed by all parties 
involved including the -works 
council, although there are stiB 
apparently differences . .of 
approach among the two main 
trades unions. 

Another important element in 
the restructuring agreement, is 
for a major roll over of debt with 
perhaps some write-offs .and a 
moratorium on others. In Febru- 
ary Babcock, was -granted: a 
temporary suspension of .pay- 
ments by a Bilbao court At the. 
time . the company said it had 
debts of Pta. JSJton ($194m) and 


: : MADRID, •Janel5 J ; .. 

assets of Pta 243hn ($29&m7. ^ . 
; There are believed, td.be aver. 
4,000 creditors -who - include 
Spain's main banks; the Ministry 
of "Finance and the state social 
security syetemr The cmnpany 
also is in default on at least one 
International loam . ... 

' Our financial staff Writeratthls 
Stage : it-iS:. not clear whether 
Babcock and Wilcox of the UK 
wiil.be taking part ui : the rescue 
operation. The company has' a 
.'5.0 per _eent_ interest in. ^the - 
Spanish' group but.- ibis 1 was 
written-off iin the UK- company^ 
accounts, for the year muled last - 
January. According to a spokes- 
man last night, Babcock 1JK will - 
not make its plans known until, 
it has -seen an official text of the 
rescue package.. * 



BY DAVID GARDNER BARCELONA, June 15. 

THE CHAIRMEN of two Catalan grid, there are a series of 
electricity companies have regional grids, - corresponding 
offered alternative views on roughly to the sphere of influence 
whether Spain’s mainly privately- of - each company or group of 
owned electricity industry can companies. The contrast of 
cope with the present phase of opinions has attracted attention 
expansion into nuclear power. hero in a debate, which is fre- 
Sen. Pedro Duran Farell. chair- fluently highly charged, 
man of Hidro Elect rica de -*pam is among the 10 largest 
Catalunya (Hidrunya), expressed consumers of nuclear power, a 
as his personal belief that " the P 1 ™*** wtuch will accelerate 
nuclear option was beyond the completion of plants 

capacity of private enterprise.” approved by the plan. Sen. 
calling for an urgent agreement Uuran estimates the country's 
with the Government and public uranium reserves as the equiva- 
sector, which measures up to the * en ,t OOObn tonnes of coal, 
country’s present and future whiIe S® n - Alegre believes that 
needs. the plan errs on the conservative 

Sen. Juan Alegre Marcet, side in projecting the number of 
chairman of Fuerzas Electricas nuclear plants needed for the 
de Catalunya 5.A. (Fecsa) coming, period, 
stressed- that private initiative Sfecsa made a profit of 4.62bn 
was already measuring up to the pesetas in 1977, while Hidrunya 
nuclear challenge, in spite of tbe turned in profits of L17bn 
huge investment required. He pesetas. --Both companies paid a 
expressed h Is satisfaction that customary dividend of 10 per 
the National Energy Plan, shortly cent, while agreeing on the need 
to go before Parliament, bad for prices to be adjusted to a 
given firm backing to the present mare -realistic rate, 
structure of the electricity in- Secsa has recently negotiated 
dustry, closing the door on an international credit of SIBOm, 
nationalisation. while its annual meeting 

Only 16 per cent of Spanish approved a capital expansion of 
electricity output is controlled up to 20bn pesetas. Hidrunya 
by INI, the state holding com- plans investment of around 50bn 
pany, with the rest shared out pesetas over the coming five 
among over 20 private companies, years, mainly through yearly 
Rather than a single national capital expansions. 

Amax to invest $400m this year 

BY PAUL LENDVAI . VIENNA. June 15. 

SHARES of Amax (American of the S169in of 1977. 

Metal Climax Jnc.) will be listed *■ * * 

on the Vienna Stock Exchange. The Zurich Stock Exchange has 
Speaking today at the introduc- suspended trading in Cla Italo- 
tion of the stock, Amax chairman Argentina de Electricidad SA, of 
Mr. Pierre Gousseland said his Buenos Aires, following the 
company would invest some announcement of plans for its 
$2bn over the next five to six nation alisatiou' by the Argentine 
years. Government. 

Starting with 1978, capital The company has several 
spending would extend to about thousand small shareholders in 
$ 400 ql This year was also ex- Switzerland, of which tbe largest i 
pected to see earnings in advance is Motor-Col um bus AG i 


earns less 


Slow progress 
at Huhtamaki 

By Lance Key worth 

HELSINKI, June 15. 
SLACK DEMAND in food pro- 
ducts and on the engineering 
side . limited sales growth at 
Huhtamaki to 7.9 per cent in 
1977. But the company Is main- 
taining its dividend at 12 per 
cent. 

Consolidated net sales rose to 
FMks 1.07bn 18249m) while 

exports rose by 15.7 per cent to 
FMks 89.7m. The pnarmaceutical 
division maintained its leading 
position in the company account- 
ing for nearly a half of total 
sales last year followed by the 
food division and the packaging 
and metal division, 

In the UK. the Polarcup sales 
subsidiary increased it turnover 
by SO per cent. The company 
expects to again increase its TJK 
sales substantially in 1978. The 
UK is also one of the most 
imnortant escort markets for 
Huhtiunaki's sanitary fittings. 


By Guy Hawtin i; - 

FRANKFURT, June lfi 

HAPAG-LLOYD West Ger> 
many's largest merchant ship- 
ping line, saw / its net profits, 
decline last year ' as a resuit of : ' m '; 
the industry doldrums, and holds 
out little, hope of any improve- 
ment during 1978. - , • 

But it reports that. its policy : " 
of diversification , has tended to ’ ' 
offset the impact on earnings of . 
the poor performance in its " “ 
traditional areas of operation. 

Net profits for the group 
declined from DM 19.8m. in 1976 
to DM 16J2m ($7.8m), according 
to tbe annual report published 
today. Hapag-Lloyd’s manage- 
ment is recommending a cut In 
dividend from 12 per cent or 
DM 6 per DM 50 share to 9 per 
cent. 

However, shareholders paying 
West German taxes will In .fact- 
do rather better than in 1976 as 
they will receive a " further. 

DM 2.53 in the form, uf a: tax- 
coupon. This allows them, for . 
the first time to offset corpora- 
tion tax paid o ntheir dividFend- 
against personal taxes. 

Group turnover last year roso 
from DM L91bn to DM 2-19bn 
($2.05bu). while the parent can- 
cern's sales "advanced from ■ 
DM 1.4Sbn to DM L52bn. Group 
pre-tax profits went up. from 
DM 74m to DM 79m. ■ and thdsC . 
of the parent advanced from'*.*.. 
DM 64.3m to DM 72.1m. 

. According to the Hapag-Lloyd 
management, the current year 
has brought no marked trebd 
indicating an upturn in business. 

Loan for SacHor 

Tbe Europeaa Commission; 

Common Market executive, are "to ; 

lend FFr 70m (about $15m) "to 
the Societe des Aceries et : 
Laminoirs de Lorraine (Sacilorl 
to concentrate production ef .ptg • • : - 
iron into fewer and more efficient 
lan is, AP-jDJ" reports from: '. 
trusses. : 


U.S. $15,000,000 

The Mitsui Bank Ltd. 

Floating Rate Certificates 

of Deposit 1980 



In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the six 
month interest period from 1 6 June, 2 97$ 
to 18 December, 1978 the Certificates will carry an 
Interest Rate of 9-0% per annum. : 

Agent Bank 

The Chase Manhattan Bank, N.A-, 
London 


V 


■J. 






X 






m a, ^ 


Roussel-Uclaf sees further 
growth in sales and profit 


Br.pAVttt CURRY 


‘•*Vu _K 


T* £ 


- *»» 






' £ 


7’“' S: * r. 


ROUSSEL-U GLAF , the pharma- 
ceuticals, veterinary and per- 
fumes group, in which Hoechst of 

Germany.: has a majority share- 
holding, reveals consolidated 1977 
results which show a sharp 
advance, in profits, further pro- 
greSs in penetrating overseas 
iriaxteets, and the effect of the 
continued policy o£ diversification 
to reduce dependence on its basic 
pharmaceutical activities. 

Further profits growth is 
expected this year. 

As with practically every other 
large French group with overseas 
interests the bulk of the 1977 up. 
turn came from exports and acti- 
vities outside France - where 
economic austerity, including 
price controls, limited growth in 
sales last year to'2.8 per cent- In 
contrast, overseas turnover rose 
by 11.2 per cent. 

1 - Overall, sales Teached 
FFr 3534rbn representing a 7.8 
per cent increase: da a compar- 
able . basis ■ growth extends to 
113 'percent. 

c Gross operating profit was 22 
per cent higher at FFr 600m. 
Consolidted earnings before 
profit, sharing and extraordinary 
gains were FFr S3.3m represent- 
ing a 64 per cent increase and 
at the net level of FFr 78,2m 
of 1977 compared with FFr 70.1m 
of 1976. the two totals benefiting 
respectively from FFr 10.8m and 
FFr 36.6m of extraordinary gains. 
. This year the company earn- 
ings to. increase by 12 per cent 


on a broadly similar rise in 
sales. 

M. Henri Monod, managing 

director, emphasised last year's 
increase in research and develop- 


PARIS, June 15. 


ment spending of nearly 14 per 
cent to FFr 274m and the effect 
of the group's aggressive invest- 
ment policy in the shape of 
amortisation, up 11-7 per cent 
to FFr H8m. 

He also stressed the con- 
tinued diversification of the 
group noting that the basic 
pharmaceutical activity, which 
had accounted for 53 per cent of 
sales in 1973 bad shrunk to 48 


The newly formed Renault de 
Mexico will invest L6bn.r pesos 
<S72m i over the next fiveyeare. 
The money will be spent on 
expanding production at the 
Saha gun plant and on develop- 
ing the company's sales net- 
work. Renault owns 40 per 
cent of the Mexican company. 


per cent although still account- 
ing for some two thirds of 
research costs. 

Roussel - Uclaf comprises 
several related activities. linked 
with its medical products is a 
division representing itg diversi- 
fication in the health sector in- 
cluding medical cosmetics, 
dietary products, and dressings. 
This group oF activities scored 
a 27.6 per cent gain in turnover 


last year to reach FFr. 110m. 

Five chemical products in bulk 
(578m) and the animal and plant 
health division (696m) each 
marked a 10.6 per cent advance. 
The sales of the five chemicals 
division however of which more 
than three-quarters are overseas, 
were depressed by the decline of 
the dollar relative to the franc. 

Finally, Roussel - Ucfaf’s 
perfumes division, Rochas, 
acquired in 1975, achieved a 62 
per cent increase in sales last 
year to FFr 236.3m. More than 
80 per cent of these sales were 
overseas. 

One of the general lines of 
policy is to maintain the research 
and development effort at around 
the equivalent of 8 per cent of 
turnover. The 1980 budget will 

contain a FFr 400m- pi us research 
commitment — a SO per cent 
increase in three years. 

The group debt equity ratio 
at the end of the year is 25 per 
cent leaving room for external 
financing. The company plans to 
finance 50 per cent of capital 
needs up to 1980 out of cash flow 
and raise the rest roughly 
equally in long- and short-term 
borrowing. 

By 1980 the group is aiming 
at a FFr5bn turnover leaning 
particularly on the agro- 
veterinary and perfume sectors 
for accelerated expansion. The 
group also hopes to go into the 
1980s with two-thirds of its sales 
outside France. 


Sharp rise 
at Phillipp 
Holzmann 


Creditanstalt lifts stake in 
Austria’s biggest store 


FRANKFORT. June 15. 
PHILIPP HOLZMANN, one of 
West Germany's two largest con- 
.structxon concerns, said net 
profits rose sharply to DM Z5.6m 
(S7-8cri in 1077 from DM 12.1m 
. nr 1976. In- its annual report, 
Holzmann said parent company 
-turnover climbed to DMLfllbn 
. from DMl.lfihn. 

//■Ttolzmans world group net 


BY PAUL LENDVAS 


VIENNA, June 15. 


its were up nearly sixfold in 
. at DM 18.15m from 


l.lovd ? 


• 4977 - at DM 18.15m from 
■ t -DM 3.1 2 m in 1976. Foreign turn- 
‘-$rer rose to DM 2-56bn in 1977 
-from DM 1.6Sbn in 1976, the com- 
pany said. 

• •'.-its' previously announced, new 
foreign orders totalled DM 1.2bn 
&1977, after more than doubling 
t6 : BM S.ohn in the previous year. 
-The company attributed the 
^decline in foreign orders to 
'slacker demand from oil-pro- 
dpdii g states, ' due largely to 

.rafaeney considerations. 

Despite the appreciation of the 
. Deutsche _ Mark. , Holznuuuu also. 
jaH ifWai' confident bf positive 
foreign- resuits-in 197%. . - 

• • ; . Phitip^Holzmann’s.superyisory 
-hoard has already recommended 

to stockholders an unchanged 
. dividend of DM 7 per DM 50 
-share. Domestic shareholders will 
-.receive a higher payout due to 
ta&CTedits. 

/AP-DJ: 


MAJOR CHANGES, involving 
Austrian. Swiss and German 
banks, have taken place with 
regard to the ownership of Gem- 
gross, Austria’s single • largest 
store with an annual turnover 
of Sch 3.1bn (about $207m). 
General Shopping, a Luxem- 
bourg-based holding company, 
has sold its 50 per cent., holding 
in Gem gross for an undisclosed 
sum to the Creditanstalt Bank- 
verein of Vienna and Jelmoli, a 
Swiss store. 

As a result of the complicated 
transactions to be completed 
next week, Creditanstalt will 
increase its interest In Gern- 
gross from 25 per cent to 37.5 
per cent. At the same time, the 
rest of General Shopping's 
former holding. 37.5 per -cent, 
will be acquired by Jelmbii of 
Zurich. " v? 

Both Jelmoli and General Shop- 
ping were, until recently, -toon- 
trolled by jSKA (Schweizerische. 
Kreditanstalt). However.- SKA' 
sold its holding in Je!raoii4o the 
Union Trading . Company which 
is in turn controlled y by the 
Basler Handelsgesells^aft. Jel- 
moli had last year /a turnover 
of Sch 7bn-' while Union Trading 
Company- reported' a worldwide 
saels total of Sch" lObn. 

Jelmoli has already been 


GREEK DEBT 


finer loan terms for return to market 


;«Y DAVID TONGE AND FRANCIS GRJLeS 


GREECE yesterday confirmed Hi 
could obtain fine terms for its 
• 'bob-owing with the : Signing of 
;'a ,3300m 30-year, medium -term 
loan^- . -'wWch-r: is"-' being.- lead' 
managed hy Bankers Trust 
InfernatipnaL 

This. ..borrower. the Bank of 
Gre^pe,,-is^pdyinjg . a spread over 
. the interbank rate of l per cent 
rfdr the first three years, rising 
for. the last seven. 

^Qi&V&aak of' Greece ' had not 
liaised i a loan for 18 months prior 
t&thjs 1 one. - v. 

* Ttce Banlc-o f; Greece was repre- 
sehtod-by itsr£overnor, professor, 
Xenophon,Zol»tasrat the signing. 
- p^pt of tbe loan, he said, would 
hft used’forj repaying one of 
SiaSmlaraangeti oyer seven years 


by the Bank of Greece in late 
1976 (for which it paid a 11 per 
cent spread! and which bad 
never been drawn. The balance 
is earmarked for financing the 
public investment budget 

Earlier this year, the IMF told 
the Greeks that with their “basic 
external deficit declining, the 
scope for financing the budget 
deficit through foreign credits 
would have diminished as bor- 
rowing in excess of the balance 
of payments need would add to 
reserves and. ceteris panbus, 
inject liquidity into the 
economy.'* Consumer prices are 
rising at 12-13 per cent per year. 

However, a • Greek official 
insisted that the bon-owing a 
within the existing deficit, while 
Professor Zolotas stressed that 


t - external public debt servicing 
• ^ . requirements 




1OT9. 

198Q- 

i*S J 7 ?- 

imxf 

i tp : -?y 

nUS: 

■1985^‘- 

198T;- 

1989 


vSZ ' .State . 

Government ^.’.entiitep 


' 8 
. 59 A 


Bank of Other banks 
Greece and IMF* Total 

182.1 *>.1 

330.fi 94J fSM 

. W? | • 107.4 b61~b 

159.1, au 

145.4. 40.7 JSJJ 

10 0.0 2M 2S !± 

».5.. 

36* 9.4 129-0 

&. 7 5^ «-° 

, 1.7 18 -S 


- 21.1 ?. : . 9TJ . 90.5 .. IW *■ 

m. XI S.o 

^ - v--: — rr 33j 

8.P' A3 - U • — 

3J7.7. - . ‘ 1^57j0 1^827 4473 


' ^ tochiding U«Hs to private ^ 

,BtC ^ of G«ce 




Suntory 

boosts 


earnings 
by 11% 


linked with Gerngross through 
consulting contracts. The 
changes in the respective hold- 
ings do not affect the 25 per 
cent interest held by the Nord- 
deutsebe Landesbank. 

Gerngross operates 13 stores 
in Austria and sales last year 
rose, by 8 per cent. It is under- 
stood that General Shopping 
wants to concentrate on opera- 
tions in the U.S. and this is the 
reason for the sale of its bolding. 

No details have been revealed 
about the price Creditanstalt and 
Jelmoli paid for the 50 per cent 
interest A figure of Sch 400m. 
quoted by the Vienna popular 
daily " Kurier," was described by 
bank sources here as a purely 
speculative figure. The basic 
capital of the Gerngross Kauf- 
baus is Sch 170m. to which a 
further Sch 82ra. the capital of 
Gerngross Grundstiiecke, must 
be added. Thus ..a transaction 
at nominal value would already 
involve at least Sch 116m. 

Modernisation of the Gern- 
gross stores and investments 
aimed' at raising -the general 
level and quality have been pre- 
dicted as a consequence of the 
changes: The top management 
post will be taken over by Mr. 
C. -Magr! hitherto director of i 
the’ Jelmoli concern in Zurich, j 


Trading group 


Greece will be repaying 8350m 
on previous loaDs maturing ibis I 
yea*. 

The placing memorandum, pre- 
pared' on the basis of Bank of 
Greece statistics, gives Greece’s 
medium- and long-term external 
debt at $43J8bn on December 31. 
1977. This comprises private 
debt -of ®lJ34bn. public debt of 
S2.4bn and suppliers' credits of 
$626.6m. 

. The suppliers' credits, which 
cannot be divided between public 
and private owing to the method 
in which the statistics are col- 
lected, are of over one-year's 
duration. Greece also has 
suppliers' credits of 5771. 8m oF 
less than one year at that date. 

The official figures may ex- 
clude some loans tor the pur- 
chase of military equipment. 
Last year Greece paid S520m. for 
such equipment, some of this 
for cash purchases and the rest 
to meet earlier commitments. 
The figures also exclude direct 
investments and, more unusually, 
short-term capital flows in the 
form of deposits made by Greeks 
working and living abroad. At 
the end of last year these totalled 
8&4ftrL and the figure has since 
risen to S2.7bn. 

- ; However, the Greeks point out 
that even during periods when 
disturbed conditions- such as the 
Cyprus war scare of 1974 had 
led to rapid shifts from domestic 
deposits into currency, no net 
withdrawal of foreign deposits 
-had. occurred. Most of these 
deposits have been withdrawn in 
drachmas, meaning that their 
Sight abroad is uniikely- 

Tbe Bank of Greece records 
Greece's foreign debt service 
ratio in 197? at 9.5, a not unusual 
ratio for a country in Greece's 
position. 


Sun Htusg Kai 
iooks overseas 


By Anthony Rowley 

HONG KONG, June 15. 

SUN HUNG KAJ Securities, 
one of the leading siackbrok- 
ing and investment bouses 
here, plans to tatvrnutluaalise 
its activities through the pro- 
jected link-up with Compaguie 
Financicre de Paris et des 
Pays-Bas iParib&sl of Paris. 

This is stated by .Sun Hung 
Kai chairman and managing 
director. Mr. Fung King Hey 
in a circular to shareholders 
outlining the reason* for the 
SDKS hoard's unanimous 
recommendation of Paribas’ 
offer to acquire up to 25 per 
cent, of the Hong Kong com- 
pany. 

Shareholders v.ill lie askeil 
to approve ine fink-up ai ar. 
extraordinary general meeting 
to he held here to-morrow. 

Paribas recently bought 
around B.4m SHKS shares in 
the stockmarfcef at HK$).75 
each and. !r .Sun Hung Kai 
shareholders approve, will sub- 
scribe for a further 15m of 
new shares at BKSl.So per 
share. After that, Paribas will 
own 11.5 per cent of the 
enlarged capital and SHKS 
wiH receive HKS27.7m In cash. 
Paribas will also he granted 
the option to buy farther new 
shares in . SHKS between 
August of this year and April, 
3980, to take its stake up to a 
maximum of 25 per cent. 

The price formula will he 
based on the prevailing stock 
market price of SUKS, which 
is currently HKS1.S0. 


k Ltf»- o 


UU6BTS . ' ’ , - : ' 

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selected eurodollar bond prices 

MID-DAY INDICATIONS 

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Oslo Sec is® 

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pnrv. SaAaiehwn; 
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Sl EMkfldABPCtSSl .. 


Otter . »* 

Mi Kockmns 8pe 1SS3 971 

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SSI MoDtreal Urban SI pc 1991 99 

94} Nev BmUSWlck 8 pc 1984 
984 New Bnmfi. PrOV. Mpc '93 
Ml Jfew Zufoai SiM 1888 _ 

94. Nordic Inv Bk. 7Jpc ISM 


®eU Canada 71**°. 

Br. Cotarabia Byd. . Jtpc w 
Cjiu. Pac. S!P« I8S4 
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EEC 71 VC Iw® 

EEC HOC — iMj”"" 
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Gojayerfeea 7tpc l8Si — 


su new zeaiMoa-niK — 
94. Nordic l&v Bk. 7JpC IBM 

92 .Norsk Hydro ,71 PC lflH 

984 Norway JJpc 1982 ... 

931 Ontario Hydro Sue' 1997 . 

951 Singer S JPC-1M2.-.-- 

9U S. of Scot Elec. Sipc 1981 
938 StcadMi (K'daml 73 pc 1981 
SwedUb State Co. 7ipc *92 
T drops 9lpe 19S4 
o. s . Tenaeco rtpc 1987 Mar — 
j o! VoDsmsen Tlpc 1987 — 


m 

99 STERLING BONDS 
99. Allied Breweries Wipe W 

M ClUcsm 18pc 1983 ... 

85} .GourtaoHs SIX WS® 

98* .ECS Sipc 1989 

9 S 4 '-STB Blpc JOBS 

S?i . m B «pcf 199J 

97. Finance for uhL sjpc tflS7 



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90 

91 

Total OJ 9!pc 1B« 

91 

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DM BONDS 



Asian Dev Kanfi 5 .’pc J?5S 

am 

ftp 

PNDE 


9V 

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9"i 

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05 

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Enratom 53pc ie°i 

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Forsmarfcs 53pc 1B90 .... 

97* 

Sri' 

Mexico 6 pc l?S3 

r Jrt 

?r,; 

Norcrn 5JK 1939 

IRO 

me: 

Tforwar 4jpc iPSS 

ffSi 

mn 

Norwa? 42pc 19S3 

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PK Bank on sine 1S» .... 

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97 

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031 

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09; 


[SOUTH AFRICAN TAKEOVERS 


The securities rand route 


BY RICHARD ROLFE 


By Kenneth Gooding 

SUNTORY, Japan’s major 
whisky producer and probably 
fiftb-largest drinks business in 
the world, saw profits after tax 
increase by lli per cent from 
Y&.jbn to Y19.41bn 
in the year to March 3L 

Turnover rose from 
Y41?.13bu to Y485^9bn 
($2J2bn) and at the taxable 
level prolix were Y32.78bn 
against Y28.77bn. 

The group expects expan- 
sion of the whisky market in 
Japan to stow from 13-14 per 
cent to 3D per cent Ibis year 
following a 24 per cent in- 
crease in the liquor tax from 
May I. 

Imported whiskies have not 

been hit so heavily by the 
ciunges and this might im- 
prove sales this year, said Mr. 
Keixo Saji, president of the 
family controlled group. Sun- 
tory ts the Japanese agent for 
Haig, the Distillers Company 
brand, which last year 
Improved its market .share in a 
generally static market. 

■ The economic recession had 
caused a cut-back In entertain- 
ing and gift-giving last year and 
this was a major factor in the 
lack of buoyancy in the im- 
ported Scotch market in Japan 
last year, Mr. Saji explained. 

Suntory, which wants to 
build up its share of the 
Japanese beer market from the 
corrent 6.5 per cent to 10 per 
cent, has acquired a site for 
its tivrd brewery. By the time 
this is ready in 1981 ahout 
$2lm will have been spent. 

Other diversifications are 
going well. Although it entered 
the sort drinks market only five 
years ago. volume of sales, at 
20m cases, is (he same as beer. 

In the fast-fnod business, 
Snnlory’s “First Kitchen” ham- 
burger chain in Tokyo now 
numbers five wholly owned 
shops and by the end of the 
financial year this will have 
doubled. 


SOUTH AFRICA’S two-tier cur- 
rency system, and the continu- 
ing gap between the official rand 
parity and the rate at which 
securities rand can be bought, 
have tempted several bids 
recently by overseas interests 
for locally-listed companies. The 
indications are that others may 
be in the pipeline. Though the 
amounts involved so far have 
been relatively small, the prin- 
ciple has become well estab- 
lished, and it is possible that 
larger Interests will eventually 
use the securities rand route to 
buy South African assets at a dis- 
count 

The basis of the recent deals 
has been' the long-standing 
arrangement that securities rand 
may only he used to buy listed 
securities. "With the securities 
rand, in which there is a limited 
but reasonably free, market 
standing at 73 cent.* (U.S.). the 
discount on the official parity of 
*1.15 is 36* per cent. So it is 
possible for the offshore entre- 
preneur to purchase South 
African assets at 3 substantia] 


discount and at the same time to 
achieve a high income return in 
freely remittablc rands, subject 
to non-resident shareholders tax 
of 15 per cent. 

The size of the securities rand 
discount also means that the off- 
shore purchaser can bid an 
attractive price to local interests 


listed- construction subsidiary, 
Ovco, to foreign interests and 
subsequently bought back the 
operating divisions, releasing 
R1 J>di in cash, in another, a 
Netherlands holding company 
associated with the entre- 
preneurs who sold control of 
Morgan Grampian bought a 


The securities rand market in South Africa is being 
used for overseas takeover bids. The amounts 
involved recently have been small, but larger deals 
may follow. The most striking of the recent deals has 
been the purchase by Alexander Howden. of the UK, 


the insurance broker with interests in banians and 
shipping, of the “ shell ” eempany, Wellworths Stores 


while still acquiring assets on a 
favourable basis. This is in part 
because of tbe tendency of 
locally-listed shares to stand at 
a discount to net worth. 

One such deal occurred last 
year, when the fishing group; 
Ovcnstone Investments sold its 


lod ally-quoted printing group, 
Hortors. Last week, a Panama- 
based company bought control 
of Empisal, a listed distributor 
o£ sewing and knitting maebines- 
But the most striking deal, 
attain last week, has been the 
Kl.llm purchase by Alexander 


Howden of control of the quoted 
company, Wellworths Stores. 
Wellworths has converted itself 
over a period into little more 
than a cash shell with residual 
interests in the distribution of 
textile piece goods. In the pro- 
cess, net worth built up to 134e 
in the last balance sheet. 

The shares were quoted at 20c 
before suspension two weeks 
ago, but were hardly ever Traded 
— with only 8,000 changing bands 
this year. Howden has acquired 
69 per cent of the company from 
the controlling shareholders for 
95c and is extending the same 
price to the outside share- 
holders, but Wellworths now 
stands at 115c. It has mirrored 
the performance of the local 
short-term insurer Marine and 
Trade, in which Howden has 
also acquired a stake. Well- 
worth's — the name of which is 
to be chanced to Alexander 
Howden Group South Africa — 
will acquire the existing Howden 
interests in South Africa and 
provide a base for further 
acquisitions in the country. 


Tata-Finlay ahead in new form 


BY P. C. MAHANT! 


CALCUTTA, June .15. 


Modest rise at 
James Hardie 


TATA-FINLAY. the tea company 
which has adopted Lhe 40-60 
pattern of foreign-lndian owner- 
ship under the Foreign Exchange 
Regulation Act. raised its pre-tax 
profits to Rs 188.5m ( 822.4 nil in 
the first year m its new form, 
from Rs 119m in the previous 
year. Sales rose to Rs 790m 
($94m), from Rs 459m. 

Tata-Finlay was re-shaped last 
year by the merger into it of 
interests of the James Finlay 
group of companies in India and 
certain interests of McLeod 
Russel. Half the UK sharehold- 
ing of 40 per cent in the company 


is held by James Finlay and half 
by McLeod Russel. 

The director say that the 
company owns 20,513 hectares, 
the largest area owned by a tea 
company. It has also diversified 
into coffee, cardamom and 
pepper. 

Reviewing the year’s activities, 
the chairman. Mr. B. K. Dutt, 
traces the satisfactory volume of 
profit to the sustained U.S. 
demand for its instant tea. It 
plans to increase its instant tea 
capacity. The company also 
exported bulk tea to various 
parts of the world with satisfac- 


tory results. 

Prospects for 1978, however, 
are not promising, the chairman 
says. Weather conditions have 
not been as favourable as in 
1977 and droughts have been 
experienced in many areas. 
There has been extensive frost 
damage in parts of South India. 
On present indications it is un- 
likely that last year’s record 
harvest will he achieved, but it 
is still expected that the 1976 
levels to be reached, says the 
chairman. The crop in 3976 was 
512m kgs, and in 3977 it was 
560m kgs. 


Strike cuts revenues at El Al Airlines 


EY L DANIEL 


TEL AVIV, June 15. 


sees advance 

By Wong Suiting 

KUALA LUMPUR. June 15. 

AFTER THREE years of 
sluggish results. Harper 
GiJfillan, the Malaysian-based 
trading and travel group, sets 
an unproved performance 
ahead. 

The chairman, Mr. D. ML 
Rawn. says in his annual report 
that the group's results for the 
first four months of '.he current 
year are well ahead of the 
comparable period last year, 
and he looks forward to a 
progressive improvement in 
profitability as a result of (he 
regrouping and consolidation 
of the group's structure. 

Pre-tax profits last year were 
6 per cent higher, at T.L'.lm 
ringgits (U.S.?3ra>. ou a turn- 
over Of 492m ringg.Ls. 
tl'.S.Sl£7m). However. a 
substantially lower level af 
taxation, and an extraordinary 
gain ur 1.54m riiiggils from the 
sale of one of its Hong Koi g 
subsidiaries, IV. R. Loxle.-. 
enabled the group to maintain 
its 15 per cent dividend rate. 
am well a.s to transfer 4m 
ringgits to reserves. 


EL AL Israel Airlines — which 
expccts.to be in deficit this year 
— lost some Il’170iii of revenue 
(about SlOun in April, when the 
company's planes v.ere grounded 
for three weeks. A further esti- 
mated revenu .* loss of L£4Qm was 
incurred in May as passengers 
were afraid uf j renewal of the 
strike. 

The lonaer-'.erui effects cannot 
yet be gauavd — many group 
flights for June-August were 
arranged during the period when 
SI Al planes were inoperative 
and the. tc- - - operators therefore 
booked, v itit foreign airlines. 


The constant reduction in air 
fares and lhe Increase In ebarter 
flights, together with the con- 
stantly rising cost of local per- 
sonnel. are other factors 
adversely affecting the company's 
operations. 

Sahar gain 

SAHAK. one of Israel's leading 
insurance companies has an- 
nounced a rise of 32 per cent in 
post-tux earnings to If ll.9m 
*3920.000), in spile of an 
apparent exchange Josses in 
London of If 27.4m.. L-. Daniel 
writes from Tel Aviv. 


' Pre-tax profits were up 33 per 
cent to I£16.1m' helped by 
l£19m from the restatement of 
quoted index-linked bonds. The 
company is recommending a 15 
per cent, gross cash dividend, 
against 21 per cent in 1976. and 
a stock dividend of 33i per cent, 
against 25 per cent 
Net life insurance premiums 
at l£523!ra, were up 47 per cent 
and showed a profit of I£11.3m 
il£4.1m in 1976). Net premiums 
for genera! insurance at 
IflS9.3m, although up 54 per 
cent, resulted in a Joss of L£9.6m 
(If ll'.2m in 1976). 


By James Forth 

SYDNEY, June 15. 
James Hardie Asbestos, the 
major building products group, 
raised its earnings only 5.4 per 
cent, from AS 15.7m to AS 16.5m 
($lS.Sml in the year to March 
31. The increase lagged well 
behind the growth in sales, 
which rose almost 24 per cent, 
from AS166m to A$205m 
(8233m). 

The results were affected by 
the Victorian power strike late 
last year, a cement strike in 
New South Wales and a trans- 
port strike in Western Australia. 

It was also affected by in- 
terest costs related to the 
AS19m takeover last year of 
GSR’s asbestos cement subsi- 
diary- Wunderlich. The interest 
bill rose from A$3.1ra to AS6.0m. 

The dividend has been held at 
12.5 cents a share, with a final 
payment of 6.25 cents. The earn- 
ings per share dipped from 64 
cents to 53 cents, reflecting the 
issue of additional shares. 

P. T. James Hardie, Indonesia, 
which held the group back in 
1976-77. contributed A$1S0.000 to 
the profits for the latest year. 

* ★ 

Shares in Hitachi of Japan are 
to be listed on the forward 
market of the Paris Bourse start- 
ing June 23, according to the 
Paris stockbrokers’ association, 
AP-DJ reports from Paris. The 
company’s shores are currently 
listed on the exchange's cash 
market 


/i:s.v issue 


These securities having been sold, this anogvneement appears as a matter of record only. 


16th June, 197& 



U.S. $30,000,000 

lanque Worms 


Floating Rate Notes Due 1985 


Credit Suisse White Weld Limited .First Chicago Limited 

.Sanque Nationaie de Paris European BanMng Company Limited 

Morgan Stanley International Limited Orion Bank Limited 


■ Bank of Scotland 
X.lovds Bank International 


Bcssische Landesbank - Girozentrale - 
Philadelphia International Investment 


Corpora ih 10 


Alt; - :»cnc Bank NctlerL wdX.Y. A. B. Ames £ Co. Amsterdara-Rotterdam BiinkX.V. .Arbuthnot ta tham & Co. 

Bar-.a Commercials Italian.!. Bancrt Nazionale del laifero Bank of America International Bank Julius Baer International 
Bakers Trust Inter national Banqiic Arabc et Jntemutiouale dTnvcstissemeDt(B.A.IJ-) Banquc Bruxelles Lambert aJL 

Continent ale du Luxembourg Bnnque Buyopcenne de Tokyo Ranqrie Fruncaise du Commerce Exterieur 

^iinr A>r>P'(»r 


Continent ale du Luxembourg Bnnque Bujopcenne de Tokyo Banquc Fruncaise du Commerce Exterieur 

B;:-. .jue Fruncaise de Depots ei de Titres Banquc de JTndodi/ne et de Suez Banquc Internationale a Luxembourg S.A. 
X»itii;;uc Loiiis-Drcyfus Banque de Neutlao. Schlumncrger, Mallet Bnnque de Paris et des Pays-Bas 

ifc.r: ;ue Popitluirc Suisse S.A. Luxembourg Banque Rothschild Banquc dc la Society Financiere Europeemie 

Ban.iue de (’Union Curopccnnc Banque Vernes et Conamerdoie de Paris Barclays Bank Internationa} Baring Brothers & Co., 

I ii«J ( 

31 u;- italic LunilcsbanU Girosentralc Bayerischc Ye re ins bank Job. Berenbcrg, Gassier & Co* Bergen Bank 

Berliner Handels- und Frankfurter Bank Bly& Eastman Dillon & Co. Caisse Centrale des Banques Populates 

Caisse des Depots et Consignations Centrale Rabobank Chase Manhattan Chemical Bank ^International 

FPrisfianin Rnnlr n*» ‘KYrdifkasse Citicorp International Group Commerzbank Continental Illinois 

Credit Chifnique Credit Commercial de France Credit Industrie! ct Commercial 


Caisse des Depots et Consignations Centrale Rabobank Chase Manhattan Chemical Banhjnternationai 

Christiania Bank ogKrcdifkasse Citicorp Internationa! Group Commerzbank Continental Illinois 

County Bank Credit Agricole (CNCA) Credit Chifnique Credit Commercial de France Credit Industrie! ct Commercial 
Credit Lyonnais Credit du Nord. Creditanstalt-Bankvercin Credito Italiano Dai-Icbi Kangyo Bank Nederland N.Y. 
Patna Europe N.Y 7 . Den Danske Bank Den nnrske Credit bank Deutsche Girozentralc - Deutsche Kommtinalbank - 

DG Bank Dillon, Read Overseas Corporation Dresdner Bank- First Boston (Europe) 

Robert Fleming & Co. Gcnossenschaftliche Zenstialbank AG Girozcntralennd Bank der Ostcircichischefl Sparkasscn 


DaiV.a Europe N.Y 7 , Den Danske Bank Den norske Credit bank Deutsche Girozcntralc - Deutsche Kommtinalbank - 
DG Bank Dillon, Read Overseas Corporation Dresdner Bank- First Boston^(Eorope) 

Robert Fleming & Co. Gcnossenschaftliche Zenstialbank AG Girozcntraleond Bank der Ostcrrcichisched Sparkasscn 
Gokinian Sachs International Corp. GrccnshieEds Groupement des Bonquicrs Prives Gcncvois Hambros hank 
IlanJelsbank N.W. (Overseas) HiJi Samuef&£o. IRJ International International Financial Advisers K.S.C. 
R 3 lisa Itis-Osake-Pankkt Kidder, Peabody international Klcinwori, Benson Kredictbank N.V. 

R re die thank SA. Luxembourgeoisc Ku,hu Loeb Lehman Brothers International Lazard Brothers & Co., 

].::>.;:rdFrcrcset Ctc Manufacturers Hanover - McLeod, Young. Wcir International Merrill Lynch International & Co. 

js.jfUHc! Montagu & Co. Morgan Grenfell & Co. . National Bank of Abu Dhabi The National Bank of Kuwait SA.K. 


Ncdcrlandsche Middenstandsbank N.V. * The Nikko (Luxembourg) S.A. . Nippon Enropean Bank SA- 

Nomura Europe N.Y 7 . Norddentsche Landesbank Girozentiale Paine TVebber Jackson & Curtis Securities Ltd. 

The Provincial Bank of Canada Rcnou£&Co. N. Af. Rothschild & Sons Rothschild Bank AG 

Salomon Brothers Internationa! Sanwa Bank (Underwriters) J. Henry Schroder Wagg & Co- Skundinaviska Enskilda Banken 
Smith Barney, Harris Upham & Co. Societe llaucairc Barclays (Suisse) S A. Societe Centrale de Banque Societe Gcneralc 
Socicttf Gencrale de Banque S.A. Sparbankccnas Bunk Svenska Uandelsbaoken Swiss Bank Corporation (Overseas) 
Vn:**n Bank of Finland Ltd. Union det'Banques Arabes et Francaiscs - U.B'.A.F. Y'crcins- und YY estbank 

, 5 , 0- Warburg & Co. Ltd. YY'estde utsebe Landesbank Gi/ozentialc . Dean Witter Reynolds International ^Y oodGundy 

Worms American Capital Corporation Yaraaichi International (Nederland) X-V. 


Source; White Weld Suuuzilie$. 










Financial 



interrupt growth 


Interim Statement by the Chcdrman , 
the Rt. Hon. Earl Jellicoe 

Pre-tax profits for the six months to 31 March 1978 
were £11.1 millions (1977 first half: £24.9 millions) 

& Our very poor results tor the half year reflect the continuing depression in international 
trade and die effect on Tate Sc Lyle and its subsidiaries of the large world sugar surplus. 

*>1* Rationalisation of our UK refining capacity is 

being carried through, so far with success, it is. however, 
proving more costly than we had anticipated, with the 
problems aggravated by depressed home demand and 
severe competition from EEC imports. 

Restoring the health of our core business at home and 
overseas is our first priority. In the UK, this means 
bringing capacity into line with supply and demand 
without delay. 

During the first six months, however, many of our kev 
*** supporting businesses have performed relatively well 
in difficult conditions. 

We are taking steps to strengthen our board and to 
* streamline our management structure in order better to 
lace the difficult challenges which lie ahead. © 


+ 


Copies of the Interim Statement for the six months to 3)st March 107 8 may he obtained from 
JE Wright. Secretary. Tula £r L via. Limited. Sugar Quay. I. on er Thames Street. EC3R 6D Q. 








Despite our disappointment! at 1 977's 
'final outcome, due primarily to the poor last 
quarter, the profit achieved is still the second 
highest in the history of the Company and the 
Company is paying the increased dividend 
predicted at the time of the Rights Issue. 

I should like to highlight one important 
development since the end of theyear under 
review. Our peroxygen business, which was 
combined with that of Solvay & Cie to form 
Interox, has had a major success in 
developing an international business of 
considerable scale. The total turnover of 
Interox operations, excluding the smaller 
minority companies, has over the past 7 
years grown from around £30 million to 
approximately El 20 million. We manufacture 
Interox products in almost every country in 
Europe and also have production facilities, 
through fully- owned or associated 
companies, in Australia, India, Japan and 
Brazil. However, in the largest market in the 
world, the USA, our involvement has so far 
been restricted to export sales. With our 
partners, we have therefore decided to 
manufacture in the USA. We are building a 
major hydrogen peroxide plant in Houston, 
Texas, closely followed by facilities to 
produce sodium percarbonate, made by a 
completely new process developed by 
Interox. We believe this development in the 
USA will set the seal on Interox as the 


Salient Figures 


world’s.leading producer of peroxygen 
products. 

We hope, over the years to come, to 
develop our business in the USA, particularly 
for hydrogen peroxide in the growing 
markets of environmental control and 
chemical applications. We are confident that 
in the long term this venture will become a 
most valuable addition to our family of 
Interox companies. 

Let me now turn to 1 978 and one of our 
major products, titanium dioxide pigment 
While so far in 1 978, volume has not 
improved in either the UK or world markets, 
real signs have recently appeared indicating 
a reversal of the 1 977 adverse price trend. 
This fact, coupled with the current reduction 
in the strength of the pound sterling against 
other currencies, should produce an 
improvement in our competitiveness and in 
the profitability of our titanium dioxide 
business. Most of this improvement will, 
however, really come about in the second 
half of the year and is very dependent on 
costs notrising disproportionately. 

Regarding our other products, demand 
is on the whole relatively static and we are 
forced, thro ugh rising costs, to run very hard 
in order to stand still. There are however 
indications that the lowering of margins 
which occurred in some products may be 
coming to an end and this is encouraging. 


External sales 

Laporte and subsidiaries 

Principal Interox companies — attributable share 

Profit before taxation and extraordinary Stems 
Profit attributable to ordinary shareholders 
Ordinary dividends 


1977 

£'000 

102.442 

49.071 

151,513 

10,242 

4.472 

3,151 


1976 

£‘000 

86,895 

44,539 

131,434 

15,345 

6.298 

1,996 



Copies of the full statement and of the Report and Accounts may be obtained from The Secretary, 
Laporte Industries (Holdings) Ltc^ 14 Hanover Square, London W1 R QBE. 


LAPORTE j High performance chemicals for the world. 


Currency, Monev and Gold Mar kets 


. . . • . . ^ 

Dollar recovers 


the pound. Fpmitf&ii 


Recent pressure on the U.S. 
dollar seemed to abate 'slightly 
in London's foreign exchange 
market yesterday. There appeared 
to be a number of reasons for 
this, not least of aH being a 
speech -in Paris by U.S. Treasury 
Secretary Ur. Michael Blumen- 
thaJ. He stressed that the U.S. 
was fully prepared to use Its large 
resources with a view to counter- 
ing disorderly market conditions. 
Some sources suggested . that the 
dollar may have been oversold 
after Wednesday’s sharp improve- 
ment in the yen. 

Consequently the dollar im- 
proved at the yen's expense with 

- 2/i i i ■ i r ■ i , 

LlFRESCH.— 
-■..sLvi FRANC J— 


^ £& ^ 

S13300-LS310 and . eased^on-ie. . Jig JffiiSSI J2SS 

doner’s strength to *1.8266*8273. gSST 5 P 

UK money sappy Bgure* r.-Were a^n Tr. »a SmSStf EffiT -twrl 

considered mddiy -encouraging p>h Kr. | S 

and the pound touched .$L8S25>1 if S SSS3f ttSSi ‘ 16 * 18 ? gdtlWU® 

S1.8S35 ai oce stage hefore^siBg. g M5J6HU6 : MRgffgft 

at the close to :*LSmwm, : * a 

fan of 22 -pomts. frote Kr. I, . ■ %%£!%* .tjS£S'. jsn®£4;-safcl 

day’s ' close - . - ..yj. - ; ?n£*h Pr. f* SmTfl iSPl 

TOKYO: T&e - US. foliar J- sSSSwMr.Mff 

finished at a. record low.- of J7.aw7.tt &&&&_ 

Y215J7J compawtf with TOWfff ££*?* l 

on Wednesday^ .The -Bank -of v . . •— • .-A-- -• ;, vr ? 

Japan seemed to" flat thn jfiariort; ra u isfdr’ cosprertfWe fianar^ 

earlier in the day bytuying- a gE* iMM.;:*: 

sma ll amount of the ILSwttjrreuey • -- - • 

but quickly dropped" oiit.-'lSfer^jn i; i it»-CDrtT % ■ 7- iFORWAj® : 

the day. The dollar optemeff'af THE DOLLAR SPOT: ■ 

YZla.sa and eased ■ to l SZ3BB0 ' --- — .... ' .... • ■. “J 

having seen Y2ISJ0 at^fina print" P ""*, 

The Japanese authorities seearto • *• - spread - . , Q* 8 .. , um ?t i - 

be going out pt. their. .'JfeAr M mjoax *• ' ” ~ 


ue going mn uwu:.. wuy-.-Tp -• _ M «iuui 

minimise the. effect that thcLJJey. rnSSS- * 
trade figures may. have - 0 &>fhfe 'Belgian ft 32.73-3MP 
dollar.: - ;,V- ■ , & MggJ -gg 

■BRUSSELS: /Die- BelKian .jEranc ZJ0 ZT^ 

vras at its lowest permitted level EEr “ as9.tsaM.w . 
within -the European current^ Nrwgu.Kr 


S13300-L8310. and. eased on- ; the . . 

dofier-s strength to * 

UK money supply flgures vtrew s«t*fen Tr. 
considered mddiy enconragiag ii ^h Kr. 
and the pound touched SI.8X25* 

S1JS335 at oce stage before: eiufihg. ^ 
at the close to 

fall of 22 points trom ^W^dDes- Kps^-Kr. 
day’s close - - 1 • " Frenth Ft. 

TOKYO: The US. =' i*jSoHiB: *™<H»hKr. 
finished at a. record W- of I SLu sdi 
Y215J7J compared with X2iW?f 



DJOf’* - 
spread 


fl59.ZSSSa.7T> 

5.ao6a-s.«no 

U90WSW 



-- ! y„ V.-4W 

Ood nundi'V ':-‘|ta£- 

v> r- 

gj&*jB3c 
.asKScjwt,;, 
eszS-TTM 1 , ... 


snake' against the Norw^ian 

brnni ot* RFr 'RtBS® - ' - fhtTmomff Swedish Kr 


: MUjBedb-- ■■ 

QlujVea 'tS.! 

. ISjBSSMEES - ! r 

us«oa.wf7 l-TOT-iJBdr .JsTiui car' pw - *»rv' 

r«tts DOT CenjtfBMffrT 8 -'-- - : •> .. - — : If.., 1 -— 




I dBHiEKscI 


1977 

l2 «VsV 


H978 

1 ■ 1 » 1 1 1 — 

D J F M A M J 


sentiment remaining nervous 
ahead or to-day's announcement 
of Japan's trade figures for May. 
The dollar finished at Y216.25 
against Y215.25 in terms of the 
yen. having been as low as £215.35 
at one point. Using Morgan 
Guaranty figures at noon in New 
York, -the dollar's trade weighted- 
average depreciation narrowed to 
5 8 per cent from ao per cent on 
Wednesday. 

The Swiss franc fell to 

SwFr 1.9025 from SwFr L8875 
while the West German 

D-mark also lost m dollar 

terms to DM 2.0950 against 
DM 2.0850 previously. Political un- 
certainly surrounding the govern- 
in'/ coalition in Belgium saw the 
Belgian franc ease to BFr 32.90 
Trom BFr 32.67 against the dollar. 

This tended to underline the 
possibly unpleasant effect on the 
-lability of sterling bad the UK 
Government been defeated in 
Wednesday night's so-called vote 
of confidence in the House aF 
Commons. However, .the pound's 
trade-weighted index remained at 
61.3. Trading was fairly active in 
places and sterling opened at 


krona, at BFr '8.W85; -fojfi^mg |^ dubKr SsSSfc« 
news that W. Leo Underarms; J the Austria Scb — - 

Prime Minister, arid his coslitiou Swiss Pr uwo-i**** 

Government had ' offered 7 i:cr ' ' - *» ® ««» Ca nrttatr 2 ! '--- . ■> 

resign. ■.•Mr'-'” 

PARIS: The dollar, ghidfed oarcc f 

ground against the French Trane / CURRENCY nATtb.- - I 

in nervous but relatively light ' 

trading, closing al FFr 4^987fc • iJSSL “EEjEST ■ -i 

compared with FFr 4.59(H) hv early J** is Aomm ■ 

business, and FFr. 4.5850 life <m - ■■ . 

Wednesday. “ u^nszr' * 


jCURRENCT 


Sterling was the only -v ihajor — jjzm.-.'.u am.' _ 

currency to show .a sigmScant li^sH^n doliar”-.— ' 1 - 3ra s4 - SSSS!” 

change against the franc; rtsfag SSnSSTSw - 
to FFr 8.4190 from an eariy level Belgian franc - Ssna 

of FFr 8.4010, and FFr S.406fl late Danish xrone Domsche ^ 

Wednesday. The D-mark. dosed g"ES? c Mart T.L! zra • tSS ****** rvrri 
at FFr 2J955. compared .-tfith Sgf franc""—- 5JUM2 ifmrrr? 

FFr 2.1960 in the momihgfand i.Si - — 

FFr 2J950 previously, while the Ven - " am™ Veo. ' 

Swiss franc finished at FFr -2.4185, g™ 12 " kmne - t ' 

unchanged from Its early level, "kroner sjmdi s.«n» wisWnaton 

and FFr 2.4278} on Wednesday. . swtoiranc ajafla. 2J3m ‘ mank 

FRANKFURT: The dollar hn^ 

proved to DM 2.0952 In late. trad- M « Dvr rc •' ‘-.7 

ing from DM 2.0902 in' the morn- OTHER MARKETS..- 

ing. Expectations that U5. Prime — ■ i — 

Rate may increase to 8f per cent £ { ‘ . * j ' > 

from the present 8} per cent .today . -1-* -■ J • 

may have helped the US. .cur- tt — ; — ZZ 

rency Mr. Blumenthars remarks J2mn«“lMi»»r.77 1.6018-1.6179 b .BWf b4Ba&n«-»^»«> - v 
in Paris apparently gave riSe to rintanu 7^4-7.85 A38e&4.288u' 

this speculation about-- TJIS. Hwii — 3l.79-32.?gr 17.37-17^1..; 
interest rates. The dollar, was .niwcei'r*An«..- 

fixed at DM 2.0936, compared -\vith I * ultaP - ” ; ' 

DM 2.0S50 previously, in rather {^““ohiVaSS ' oJS£?tSo» 0.272^0.8780 ’ ... 


X 067*5 IUBJSh ta-bbff 

Deutsche Mark 
2 jjs£& Swiss Jraae 
ZliatB- CtdMBE 
in ctT? . yroach. franc ; 
265 Ml: WJJ- 


- Btfsetl on X 
WasMnflX on - 
mank of . Bn. 




OTHER MARKETS 


■ l v-: 




mxvu hi W!«i TOmparea-wiur . infi-lJtfl 

DM 2.0S50 previously, hr rather ‘oSiSw 

more active trading. The Baades- uwcna-mni Fram- 60.17-60^7 
bank did not intervene. The Muiav^iii u*-n*r._.. ^.£7^.39_ 
central bank's trade-weighted New z«ten.Hh«itat l.'» 0 S-l^o 8 < 
D-mark revaluation index- against SsmU AmhU Miy»i . bji^ 6.„6 
22 currencies was waft fl45B) lh Sum 

up 0.8 per cent from the end of — 

3977. • Ran* shun 


68Tg-7£Ifl U— -- 
0.2726 0.2780 
38.8S48.B1 Norway 
2.2885-8.5900 PomanJ 
0.9785-03875 ' 

' 2.42-3.47 Su-rtsa 
8.3878-8 4288 Cdbed 
D.86E4-.087 6 i rYugontaviit-. 


tutk stTst tpr Ancenttna is free nUBU-. 1 


IV-uml r-if r!.n«| t‘.3. l*vlUr !Deot«.'lie.\li»rk| Japanw# Y«i| Frendi Kihu-.-| piwlas Pninc ~] Duiuh 0aiWe»] Italian lirn |Oanmllili(^kftr| BAlgJao Prow 


rViiti l >rrrlin^ 
r.». l •: iur 


Lkui— lie Mars 
Jiuwru-v Y«ii LOCO 



EURO-CURRENCY INTEREST RATES* 


Cano - 1 lati 

ls>lh>r 


-■jiiort :n . ... 
i bu-,- i :• -l :■* 

ii 

i im-. iii-.iiiii-..., 

'it ntoiiiliv ^ 

Uiw • 


10i0i 2 
1U2-12 
12**- 13-4 
12U-14!* 
I2i s -i2»a 
12:;-127 B 



The- F'jllo-.vin^ nominal rales were quoted for London doUar certificates of deposit: One month 7.80-7.30 per cent: three months 8.K-8.1S per cent: six months R436J5 per 
i*ro: one year S.TO-S^n per cent. . ' 

: Lon*.'-i.-rni Eurodollar deposits: two yean 9i|«-03is per cent: throe years 91-91 Per cent: four years 91-91 ner cent: live years 9B-9* per coot. "Rates are nominal 
xlosixu roles. ....... 

Shori-ii. m: ra»es are call ror sierflna. tr.S. dollars and Canadian dollars: rvo days* oddcc for gurfders and Swiss Cranes. ' ‘ 

Asian raxes are elusinc rjtci in Singapore. . ' " - - - 


From the statement by Mr. R. M. Ringwald r the Chairman, 
to the Annual Meeting held on 1 5th June 1 978 


INTERNATIONAL MONEY MARKET 

German credit policy meeting 


Credit policy was left un- 
changed by the West German 
Bundesbank at a meeting of the 
Centra] Bank Council yesterday. 
No policy decisions were ex- 
pected, despite tight conditions 
in the money market recently. 
Frankfurt money market rates 
were unchanged from 3.5 per cent 
for call money, to 3.75 per cent 
for six-month funds. 

New York: Interest rates were 
generally firmer, with 13-week 
Treasury bills rising to 6.64 per 

cent fmm 6 62 per cent, and 26- 
week bills to 746 per cent from 
7.12 per cent on Wednesday. One- 
year bills increased to 7.46 per 
cent from 7.42 pier cent. 

Federal funds rose to 7j per 
cent bid from 7g per cent. 

Paris: Money market rates were 


firmer for the shorter period-;, 
with call money at 7 j per cent, 
compared with 7| per cent pre- 
viously. while one month money 
rose to 7? per cent from 7J per 
cent, and three-month to SI per 
cent from 7H per cent. The 
six-month rate was unchanged at 
Syfc per cent, and 12-month was 
also unchanged at SJ£ per cent. 

Amsterdam: Call money rose to 
4 1 per cent from 4J per cent, 
while the one-month rate in- 
creased to 4J per cent from 4J 
per cent, and three-month money 
rose to 43 per cent from 4t per 
cent The six-month rate was 
unchanged at 5S per cenL 

Brussels: Deposit rates for com- 
mercial francs were 34-4 1 per cent, 
compared with 3J4i per cent for 
call money: 53 per cent, against 
5& per cent for one-raonlh: 5£ per 


cent, unchanged, for three-month: 
and 6# per cent, unchanged, for 
six-month. The rate for 12-month 
funds rose to 7i per cent from 
71 per cent 

Tokyo: The Bank of Japan Is to 
buy national bonds to cover a 
seasonal money market shortage. 
The central bank will buy five 
descriptions of national bonds, 
totalling Y26B.70bn. from financial 
institutions and securities com- 
panies'' on June 29, at prices 
ranging from 107-110.45 per cent, 
yield 6.H5-6.I82 per cent. Purchase 
terms, were decided through a 
tender between June 9 and June : 
13. * 

Hoag Kong: Conditions in the 
money market were tight, with 
call money and overnight funds' 
unchanged at 5* per cent and 5} 
per cent respectively. . 


Trading in the London Mdlitra 
market remained extremelyt'dtiH 
and the metal cJosedFiH ^ down at 
SI82H8S- If eased 'to a morni ng 
fixing of Which- wa& '&owa 

from, the opening -of $iS$£-XS3i 


UK MONEY MARKET 


Special deposits cut by 11% 


Bank of England Minimum by their intention to increase the fairly large fall to the note circu 
Lending Rate 10 per cent rate ° B deposits to 2 per la Hon. On the other hand, 

feinre Juno a. i 97 *v cent from ? a "d back to 3 revenue transfers to the Ex- 

t since June ». isms* per ren t on j u i y 24. At the chequer exceeded Government 

The supply of day to day same time Bank of England disbursements and there were a 
credit in the London money Minimum Lending Rate remained number of local authority bills 
market has. so far this week, been at 10 per cent maturing in official bands. This 

extremely short The authorities With the release of special was in addition to the repayment 
took steps yesterday to ease the deposits .not effective until of Wednesday's exceptionally 
situation by cutting the rate of Monday, day to day credit large loans to the market as well “ e previous fixing of 1183.70. 
cal! for special deposits from remained in extremely short as applications for the new 12 per Conditioos were very qitiet with 

3 per cent to 1| per cent of supply. The authorities lent an cent Exchequer 2013-17. no significant new factors » In- 
eligible liabilities as from June exceptional amount to 7 or 8 la the Interbank market, over- Hncnc 

10. This move is seen as an houses at MLR for repayment nisiit loans opened at 12&-T3 per c „i ■ JV_ e ■^ arK .- M . ter ^ I00n 

attempt to increase liquidity at today and bought a small number cent and firmed to 13-134 per »fe,t-. snt>wed a further decline » 
a time when the Government is of Treasury bills from banks, cent However, by mid-day rates 5182,15 and the opening of centres 
in the process of floating two Although discount houses paid up had eased to 1Q-1QJ per cent and in New York prompted very little 
majnr offerings of gilt-edged to IQ.^per cent for secured call during the afternoon reached movement - 

stock. However, the authorities loans Pt the close, the total 114-12 per cent at one point - 

stipulated that this did not reflect amount of assistance appeared to before closing at around 10 per 
a change of policy but was have been overdone. Banks cent. MOMFY RRTPC 

intended more as a smoothing brought Forward balances well Rates in the table below are RRlta 

operation. This was underlined above target and there was a nominal ' in some cases. 


LONDON MONEY RATES 


('crttlk'Bir' Intcrffluk Anlhnnty | uetptiiililc 

r& riel rr.it 3 lifKu'ira' j hunts 


IsvhI Auth. Flmm.v 
QeiTtfllltilc Him:-; 

hunts iJcpirlls 


1194-13 

lOfe-lOlg 1 *2 HI* 


1.4 i ■ 

J «hi 

BT S . Be 
B»t 956 
9V95a 


10)<-l07g 

lo iosfl loig-ioft 

STfl JOJfl lOlff-JOJt 
9ia-i0,* ... - _ 


11V125* 
lUg-lUl 
1 VllJn 

9U ltKfl j 


STfl-lO^ lOls-lO&B 
- I lQTfl 


joip 

lOan 

USa-lO 1 ! 


f nbcnurtt 

Lnmmnv I market Trawnn' 


0ifl-9ia 9aa-9q 
9i*.aa# 9*-9,% 


fi.'igibfe 

*uk FineTnule 
Bllii $ Bilk 4 




NEW YORK 

Prim* Rate . t Iji. 

Pfid. Pimds ...... 7 Jr ' 

Treasury Bills (l^WNk)" L-Z'. 6*1 

Treasury am (26-week) jj» 

GERMANY 

Discoum Bate j 

Ovemialu 

One nxrath a L ; Jg 

Three months - 3.E 

Six mOfflilE , 


FRANCE 

Oucoimt Rate . g j 

ovmteht jj75 

Local autburiry and finance houses seven days' notice, others seven days' fixed. Lona-teim local aiahoilcr tmrteaan rate' I 

nom.-u.-iv ih....; years ili-li U>,» t*-r ivnt: tour wars ISI per cent: five jvar^ 12C-12; weEF i4BBnk Wn roi latuT^ielS W0nlh8 

buyina rates ter prime paper. Bnylrw rate* for femr-rnorttK hank bilJs OtK-OOifi per cent; four-mnnih trade bllh UH per cent 1 ®“ mwnn * «*n 

Appro xlmaie aelllns rates for one-mOntb Tre*sury bills S°m per een>; rwo monih 91 -Sus 2 per eeuh and tb roe-mom h 

Bilp k.v Crtir ivnr Approxunate »IHns rate for ono-mondi bank bills 10 pit cdw and two-month Si per COW: and three-mocth 
per cerr. OBe-month trade bills IW per n>at:two-monib IDS per corn: jnd also Ihreo-rafinth XM- per cent 

Fisanto h«usk Base Rate ipuhitshed by the Finance Rrmsc asshkibuodi si per cent from June h J97SL.' Clearing 1 Bank j Dteconnt Bate — , 

Deposit Rates (for small sums al seven days notice* 65-7 ocr cent. Oeortog Baafc Bas& Rates for tenant 18 por ccat]' Cin ' rtlpeondirt mvau , -a Jc 
Truacwry Bills: Averaxe tender rates of discount 9.41258 pot cent. • . . . ’ .it. ] wn ? djsooqqc -Raar'---.al*5.jLL»4M! 













































31 


S a ^ 



^B^ncial /Times Friday June 16 1978 






Js^l U® 

tomorrow’s mineral 



b * 


BY PAUL CHEESERIGHT 


>2:s' 11 


!‘V, * 


** i 




^VEke,. 


*4»Ii I 


•^55 


. . ANV.Z OFFICIAL review of 

British, policy on the security 
■ juid maintenance of mineral 
supplies-; now taking place 
^within the' Department of 
:3ndl2StZ7; 'has been given addi- 
> tTonal point , by recent events 
-ni Africa. When Katangese 
•armed rebels crossed from 
i Angola to Zaire and disrupted 
. the Bow of already diminished 

- -cobalt supplies from the mines 

Kolwezi to the high tech- 
.nology industries of the 'West, 
-it was a salutory reminder of 
the- -UK’s overwhelming depen- 
dence on imported minerals. 

.1- _ This historic vulnerability 
was further emphasised when 
.it became" known that the 
Government' had been approach- 
ing engineering companies for 
assessments of the likely effect 
. on their business of any impo- 
sition. of- a policy of economic 
sanctions, against South Africa, 

■- -a significant minerals supplier 
to the UK. 

The Industry Department 
review. does. not aim. to provide 
_ -far a situation where the UK 
may be blockaded because of 
. \\ar_ Rather it is directed at 

- disruptions to supplies- and 
prices from circumstances out- 
side the Government’s imme- 
diate control. 

•: The supply of industrial raw 
materials cannot be taken for 
.granted, although it often is. 
The; problem faced by the 
Government is how to ensure 
that - industry isr protected 
against interruptions in the 
flow of minerals. Mine produc- 
tion in any part of the world 
can quickly be stopped by poli- 
tical-disturbance, labour dis- 
~ pules or natural disaster. Short- 
ages may also develop through 
lack - of investment — this is a 
distinct possibility in the 19S0s. 
Governments elsewhere may. 
for political reasons, curtail 
supplies. 


Empire to Commonwealth. 

And there was the question 
of need. “In contrast to the rest 
of Europe, and more strikingly, 
Japan, the UK’s consumption of 
most minerals has declined. 
This partly reflects the post-1974 
recession, but consumption was 
in many instances falling before 
then. The decline has enabled 
the UK to stay within traditional 
contractual relations without 
mounting an aggressive search 
for new supplies,” wrote Mr. 
Phillip Crows on.* 

For all that. Britain remans 
a major consumer, forced to 
come to terms with a combina- 
tion of new economic and poli- 
tical circumstances. The capital 
cost of new mining projects has 
increased three or four times in 
the last five years, while the 
international recession and the 
low metal prices which it 
brought about have markedly 
reduced the ability of the min- 
ing groups to invest in ventures 
needed to meet consumer 
requirements of the 1980s. 



Disincentives 


An open-air copper mini* near Kolwvxi in the Zaire province 

scvcrely disrupted mineral exports to the West. 


Recent fighting 


ments undertaken by con- agreements between the EEC 
suraers. British Insulated and host countries, which 
Callender Cables and Delta would lay down rules of con- 
have a long-term contract to duct for both sides as well as 
take copper from Afton Mines including specific project agree- 
in Canada and they pro- ments. The EEC would make a 
vided a credit facility for financial contribution to selected 
the mine’s development, ventures and offer an invest- 
British Steel Corporation meat insurance scheme to parti- 
owns part of the equity and has cipating companies, 
a commitment to purchase iron Cf nplfTIllpC 
ore from Sidbec-Normines, also OlULAjmco 
in Canada. The Department of Industry 

But there is a limit to how has been involved in the framing 
far this process can be taken, of the proposals from the start, 
because of the fragmented but the matter has become 
nature of the consuming indus- hogged down in the EM* 
try. The mining industry would France is exhibiting its traai- 
approve the establishment of tional hostility to any increase 
some administrative organisa- of the Commission's powers and 
tion which would bring together thinks in any case that its own 
smaller consumers and provide guarantee schemes are adequate, 
the basis of some form of Germany is also satisfied witn 
partnership with the producers, its own arrangements and does 
Domestic developments and not wish to be placed in c 
local incentives are likely, how- position of tooting any bill for 
ever, to be complemented by the insurance .scheme. More 
EEC action. The Government detailed work is bein^ dm e 
has implicitly acepted this with the Commission but nothing 
its “ cautious but constructive concrete is likely to emerge 
welcome ” to a European Com- until after the summer holiday 
mission submission to the Coun- The second way in which UK 


Insecurity 




The recognition of insecurity 
‘. is^belated. -There has been no 
officially inspired national drive 
to. seek out sources of raw 
•'jniterials on the Japanese pat- 
• tern, ho system of loans offered 
to mining companies for .ex- 

• .ploration and development such 
. as that in Germany, no launch- 
ing of a limited stockpile policy 

"like the French. 

. -Even in a European context, 
. there are still only three 
minerals where EEC production 
amount for more than two 
thirds of supplies— fluorspar, 
.jaercury-and potash. 

“•Britain hasC.been living, off 

• the" fat [accumulated in earlier 
ivears: The country has been 

fortunate: industrial - growth in 
: the last century was based 
largely on indigenous minerals, 
then followed a lengthy period 
when supplies • came from 
^'dependent territories, forging 
. ecpnoinic links which 'have 
'carried over the transition from 


Both developed and develop- 
ing countries with mineral re- 
sources have found -it hard to 
balance their assertion of 
sovereignty over resources and 
their desire to share in the 
wealth the resources might 
bring against the need for inter- 
national mining groups to 
achieve an economic return on 
their risk capital. Taxation 
changes have been frequent, 
ownership policies have shifted. 
The result has been at least a 
temporary disincentive to al- 
ready flagging investment 
Further, the political in- 
stability of central and southern 
Africa, of which the recent 
events in Zaire are the latest 

violent manifestation; "places at 
risk regular supplies of a 
number of minerals often not 
immediately available in 
quantity elsewhere outside the 
Eastern bloc. 

Cobalt is one, .of, course. 
Others are chromium, industrial 
diamonds, manganese, vanad- 
ium, specific varieties, of asbes- 
tos and precious metals like 
gold and platinum. South Africa 
and Namibia (South West 
Africa) are important sources 
of uranium. 

“Physical shortages or rising 
prices encourage the search for 
substitutes, so we should not 
assume that any drastic develop- 
ment in Africa would— neces- 
sarily be a long-term 'disaster 
to the consuming countries. 
However, there is no depjjng 
the short-term coneqnyncep 
would be critical.” said ^ir 
Ronald Prain, the chayrinao or 
the former Roan Selection Trust 
for 30 years. .i 

This combination' of circum- 
stances suggests ,„fhat Britain s 
mineral policy, oiue the official 
review is complete, may evolve 
in two distinct but interlinked 


mission submission to rne louh- . r ■ C* ovnivn is 

ways involving both tba Gov vnlvc-s the provision of infra- market for m.neral prodocts cj , of Ministers. This set out ™"eral polu, 

eminent and the private sector struciure. would also be enhanced by the proposals to arrest the fall in, ^ maUng jta|j| 

• * At present the Department provision of an imports and encourage the growth of. lhlS * 


at both national and EEC levels. At present the Department pro vision ur an imports and encourage tne grow in oi. f , 

«5r rjrsr g 

where 3 '; ?E a^ah.e Zt suaran.ee system, whirh would £% “em“ SES A**- 

■ ished. thus lessening the de- ponies have =v lu.erdepan- ^ SS 


panics have argued for tne ex- ‘f™*' ~ ’ ' --- -- T"""' of cobalt, tin. pnospnaies, iiuis- Sea oil revenues on mineral 
pendence on anyone ^parUcuiar tension of this seheme to m £XS s.en and copper by 1985 purchases is now hetnp puh.lv, y 

area. The second concerns foreign exploration, noting the ^ in 1.076 but nothing The proposes see* to ■ come arg ne on the 

measures which would offer German scheme where loans arc em erse d .The matter is now be- to terras w»th the European * can probably be 

imsjsam : *Jsgv^ - - afH isrf-irs 

i-r ° £ a ParUCUiar -- -»=*=g SJS industry Is - 

The question of Investment The attraction of tne uk c-naiu — . 

has two 


of the question. But certain 
basic questions on the minerals 
to be stocked and who should 
stock them have not yet been 
answered by the Department of 
Industry. 

In Mr. Crowson's view, stock- 
piles would be “ especially 

relevant to that group of com- 
modities where South Africa, 
the USSR or China have domi- 
nant positions. They would pro- 
vide some assurance that Eas- 
tern Bloc countries whicli pro- 
duce commodities exported by 
South Africa would be unable 
quickly to exploit political dis- 
turbances in South Africa to 
maximum effect.” 

On the basis of calculations 

made last year, he estimated 
the approximate cost uf an EEC 
stockpile for 12 months' supply 
covering base metals, man- 
ganese, chromium, vanadium, 
the platinum group, antimony, 
cobalt, tungsten and molyb- 
denum at ST.lUbn. 

The formation or stockpile 
policy is a political act. based 
on assessments or economic 
breakdown in other areas- The 
definition of an investment 
policy for minerals can be jus- 
tified in terms of economic pro- 
jections based on historical 
growth rate-. But in both cases 
the importance of the issues in- 
volved points to the need for 
more vigorous public attention 
than the rnuicd level of debate 
suggests it is receiving at the 
moment. 

® British lorcifiit Foil 17/ 10 
jfiSS — — Minerals and 

Foreign Policy: li H Phillip 
Crnn'xoii; £3 -Vi; Ro;inl Institute 
of International A If airs. U'77. 


sides, domestic and’ 
European. The UK is still a 
centre of mining expertise, 
based on four major houses — 
Biu Tinto-Zme, Consolidated 
Gold Fields, Selection Trust and 
Charter Consolidated — all of 
which have widespread inter- 
national connections. But they 
do not function as providers of 
raw materials for the British 
economy specifically: they are 
multinationals working in the 
environments which suit them 
best and selling in the markets 
of maximum advantage. 

If, therefore, they arc to be 
more ciosety attacned to Lbe 
British consumer marker, they 
will have to be offered incen 
tives. They receive no special 
preference, except for certain 
relaxations on foreign exchange 
controls which take into 
account the different nature uf 
their investment compared 
willvsay, the establishment of 
a manufacturing unit overseas. 

The Vmpanies would cer- 
tainly likW a foreign exchange 
facility Which would allow 
direct investment absolving 
them of the need to finance 
overseas ventures with Foreian 
borrowings. They would like 
Government aid where the con 
struction of mining projects in- 


aker 

lenc) 


Bne Art Developments 

-mail order and greeting cards- 


-Morienplotz. Munich - early market scene (original at City-Museuml 

v v • 



SUCCESS 


Kerry .Chairman 


" budgeting for increased 

% e UmilticoUeco!d results 

again next year 


^^ YegrorK^d 31st March . . 


1978 


% increase 




s* 7 - iu'rij- ■ - 

If »• * V .r_ n»; _■ ■ T-*K- r • • 

;• PROFIT bief 


©CPORTS 


bivfDENOS per share 

S'- EARNINGS per share 


T£S 


i^RNINGS 

ithoiJt provision tor 


£4l.9mHIion 

25 

£4.7 million 

30 

£2-0 million . 

67 

1.835p 

53 

4.863p - 

10 

9.043p 

30 




* Vh nAit Developments Limited 

“ "- 4 The 1978 ReportfmdAcMun® StreeS, 



We’renot ^ t ^ 

straiiffops to the market 

^ _ . j. 1 —X t-Jr in foreian exchanae on 


Munich, in Bavaria, is ihe home dame of 
the besHaiovwi 1rodi«^fajmfi»Jrt Europ^ 

aEte’SCiatSsS- 

for centuries. ... 

And Munich has thnved. 

Today, H is the heart of one of the fastest- 
growing and mast prosperous regions in 
Europe. 


in foreign exchange and currency trading on 


mu 1 uuyoiw- ... 

grown and prospered, loo. We h _ave a rapidly 
expanding toi 


an interbank basis. , 

We know our market We know it from the 
around up. This intimate knowledge, plus the 
expertise of top bankers and specialists m 
finance from all over < 3 er many, guarantee you 
the best possible sen/ice and advice. It you 
seek traaing partners in Germany or plan to 
set up, the Bank also has an easily accessible 
data bank and gives advice on mergers and 

OC We' re°frie n d lv . Bavarians are traditionally 
miw^iw, --. - - 7 - . ■ worm a nd open. And the Bank ^ is no excep on. 

expanamu Toreign trade banking business. banking should be a people- 

And we're well-placed to help you. to-people business - not just money-to'money, 

We’re one of the largest universal ba or sheets and sheets of hard facts. 

West Germany, with a balance sheet total at We’re different. It's a rare combination at 

dose on DM 60 billion. We're secure. As bankers otesstono | drive and personal fnendlmess 

to the State of Bavaria, we re also an integ a y^jch makes Bavarian banking unique, 
port of Germany's most powerful financial ^ |t . s ^ Bayensche Landesbank 

oraanization, the savings banks network. And your partn er for fore.gn trade 

authorized to issue our own bearer ^ banking. 

•bonds. , . f r. $ Bov^rische LandeSpbartk Girozentrale 

We're fle xible, All instruments of ' ife'S'-Vr a MOnchen 2, Brienner Strasse 20 

international commercial banking are V- tj . 01711, Telex: Foreign Dept. 5 24 324 

strengths of the Bank - from simple trans- £ V vi .. ; %*'*, « Cables* Bayembank Muiiich 
fers to integrated export-import financing BV,AnCi 

packages. We also enjoy a strong posihon - 


Cables: Bayernbai 

&.WJ.F.T. Address: BYLA DE MM 



f. to 


International Banking with Bavarian Driv® 
and friendliness 






-~t. ■■■ 











32 


BY JOHN BRENNAN 


EPC’s unnerving silence 


THREE WEEKS of silence 
following English Property Cor- 
poration's announcement of take- 
over talks with a continental 
group have unnerved followers 
OF the shares. After an initial 
flurry of interest, dealers have 
stopped bothering to work out 
hypothetical hid prices and have 
settled back to enjoy the tangle 
of rumours that fill the factual 
gaps in the saga. 

Factually. EPCs merchant 
bank advisers. Samuel Montagu, 
report that. “ discussions are still 
taking place" The hunk is 
conscious that a three-week 
silence is unfortunate, and it will 
consider issuing a further hold- 
ing statement if the talks drag 
an. 

The rumour and speculation 
front provides considerably 
more interesting food for 
thought. 

Since the announcement in 
May the Dutch property group 
NV Beleggingsniaatschappij 
Wereldhave has been firmly 
tipped as the prospective bidder. 

A long-standing institutional 
friend of Wereldhave. ’he 
Western Utrecht Mortgage Bank, 
has aKo been mentioned as a 
one other ron*ortuim partner 
in the negotiations. 

Whoever is talking with EPC 
Is not talking directly to the 
group's largest shareholder. 
Eagle Star, whose 27.2 per cent 
shareholding holds the key to 
any bid. Eagle Star admits that 
it has been "fed tin with the 
market price " of EPC.. But it 


discounts most of the person- 
ality and policy clash rumours 
that have been building up in the 

market. 

It ha* been said that David 
Lie well:- n. EPCs chief executive 
had been casting around for a 
buyer fnr Eagle Star's share- 
holding because oT the insurer's 
enthusiasm la further dc-gear 
in m an improving physical 
property investment market. But 
Eagle Star has denied putting 
pressure on Mr. Llewellyn, and 
•is ine hid negotiations are at a 
delicate stage — with nothing on 
paper jet— the insurer is quite 
reasonably not keen to forecast 
iis fulur-’ attitude. 

une thing on which property 
observer* are united is that if 
Mr Llewellyn could puli off, a 
deal involving a bid for the 
group around the 70p mark, it 
would he the most impressive 
property coup in years. Eagle 
Star is* hardly likely to reject 
such an offer, even if recent 
letting interest in EPCs Belgium 
developments, and the general 
rise in property values since its 
October year-end. firm net assets 
at. or slightly above that level. 
And outside shareholders would 
jump nl i he chance. 

However, a £13m revenue 
deficit m Ihe UK and Europe 
iiFfsct I*:- a £2m inflow from 
EPCs North American interests, 
may pro\c loo heady for the 
Continentals unless a rapid dis- 
posals programme could stem 
the income haemorrhage Time 
will t nil. In the meantime the 
sluggish share price suggests 


that the market doesn't want 
tn be dealt into Mr. Llewellyn's 
high Stakes game. Mr. Llewellyn's 
reaction to specula lion in the 
market? *'I ignore it" 


IN BRIEF 

COMMERCIAL RENTS outpaced 
inflation by 3 per cent in the 12 
months lo the end of May ac- 
cording to the second edition nr 
the Investor* Chronicle Hillier 
Parker Kent Index. 

The Index, published today, 
shows overall rent growth of 9 




Retail rent values have increased by nearly 50 per cent since 1974, and are s‘iU rising . ; 
oer cent in the six mtinLbs from arguing that many critics miss rdafionship betov^ rent^ue, 

S&™ xUtto. 1 BT- 1 » 1 »* «* «-* *> » " 85 T SETTERS* 

to an annual! tori tn ner cent m to measure rental value trends. Back to mw, we. mara 
lhc ?ollS- h a lf vcai' not rental income. It is impos- Shows that shops have imm*: 

Dr. Russell Schiller, the sible to make direct comparison performed other- classes; of.. jto- 

economist resnonstblc for the between Index figures and actual perty, '■ .-C;7 j>7 

fide* IS uSS? ibout publish- portfolio performance because In the six months ta.Sfcy-shop 
in- lii* iSure? at half yearly of the time las effect on income rent values in Central Xondga 
intervals He warn* that rent nf long rent review periods. As show an inflation riJOBtt&ySS 
ano.nol es that I 'd i.c ironed 21. 14 and 7 year reviews are per. cent annual growth rate 
out on an annual vie-- could dis- worked out of the system-and against just 04. -par- centner 
inrt the six mnnthiv results. But the firm expects three quarters of Suburban Londo n sh ops apd a 
Dr Schiller hits nui ^t recent commercial space to be on 5 national average growth rate of 
criticisms of the exercise, xearly reviews by - 19S4 — the 1-6 per cent. ... 


the point that this is an attempt 
to measure rental value trends, 
not rental income. It is impos- 
sible to make direct comparison 
between Index figures and actual 
portfolio performance because 
of the time las effect on income 
nf long rent review- periods. As 
21. 14 and 7 year reviews are 
worked oul of the system — and 
the firm expects three quarters of 
commercial space to be on 5 
yearly reviews by - 19S4 — the 


The Index shows- * -s-fc Homing* JMJK 
percent slid® » .rwt^^tlw 

-nationally 

:- Is absorbed. ^rtuId- Aei^lo 

• thinks it ^ Th arisen ] 

... Group -and To ■ ’ Sh&JiH 

k Wimpey has aSS SL5Q m aeariy : f4 a wflffc 

1 °£ ce H town ^ acMhe other" las* awjor Sj&aBrWQte# 

rodtsidethe tow tw dyea*,ago'5^wh^M 

‘ developers rach have draftee 

i 5d * en ? e L£ twi “ •: *<l A Matter Emte’e^ 


m .. 

»|W* 


LAST SEPTEMBER W'eslcrnve 
Securities opened the door for 
private investors to participate 
in the flat break-up business. 
Nine months after the scheme 
was unveiled in this column the 
first of these consoruum opera- 
tions has been completed and 
investors will shortly learn that 
after repayment of bank loans 
and management charge* their 
equity has increased by 97.6 per 
cent front £550.000 lo £1.09m. 

After stripping nut viandard 
rale tax and West grove's me 
third share of the balance, 
private investors are leM with a 
gross return, on top of their 
initial stake, of over 40 per cent. 
Little wonder thai in Ms first 
nine months Wesrgrovc has 
brought just, over C7m worth of 
properties under its wing and 


aims to have acquired or traded 
around £50m worth h> the year 
end. 

The explosive growth of the 

husiness is all the m«re remark- 
able in that the unauthorised 
property unit trusts created as 
a vehicle for the flat breaking 
are forbidden by Jaw from public 
advertising. Westgro’-’e draws in 
investors through •> i <"i k brokers 
and other profession.*! advisers, 
having started the h.--!l lolling 
with the backing uf brokers 
Pan mure Gordon. %ihn*c private 
clients figured large m the first 
nf West grove's Properly A -so- 
cial es Unit Trusts. 

West grove, which i- i-haircn by 
Arnold 1-Iagenbach. founder nr 
the Arndale Trusts. ;«nd tlirecjed 
by former United S; i l <** . Wc*t 
Cl'oasL banker Clifford Situ in. has 
one trump card when H comes to 


attracting investors. National 
Westminster Bank has lent its 
name to the business as trustee 
of each of the unit trusts formed 
to handle break-ups. 

The business itself follows tie 
classic residential break-up 
pattern, apart from its financing- 
Westgrove aims to buy tenanted 
Hat blacks at 35 to 40 per cent of 
vacant possession prices, sell any 
emptv flats on the open market 
•and 'sell the rest to sitting 
tenants at a 30 to 40 per cent 
discount to open market values. 
Having found a property, it 
estimates the total break-up 
cos Ls. raises around half the cost 
in the form of a Standard and 
Chartered Bank loan, and offers 
units in a specially formed 
Property Associates Unit Trust, 
through brokers and other finan- 
cial advisers, to private investors. 
The investors can suhscribe in 
units down to a minimum of 
£ 2 . 000 . 


The unit trusts have a maxi 1 
mum life of 19 months: '-.-.iBiit' 
Westgrove has so far- only dealt 
with projected break-up periods 
of less than a year. ' At the' end 
of the operation, the nunp of 
the properties is sold, the bank 
loans repaid, and Nat West .pays 
standard rate tax on the accumu- 
lated cash. The Inland- Revenue 
has yet to test the ta£ liability 
of the distributable surplus and 
could eventually raise trading, 
assessments on the profits. Even, 
so, the after-tax returns so far 
have been impressive enough- to 
satisfy most speculators. ' 

The first of the property 
Associates Unit Trusts bought 
Guildhall Property Company's 
residential properties last 
September for £853.000.- ' Hie 
Trust acquired 160 flats and. two 
shops in Knightsbridge. Merton 
and Wimbledon and its total 
purchase costs after brokers’ 
fees, interest, legal charges, sur- 


veying. marketing and so; forth , 
•6ame to £950.000. Nine ^nths, 
on sales have raised a 

™I profit of £637.000. .'...After, 
repaying a £400.000 bank loair tn ; - 
Standard and Chartered and te 
paying investors' initial eqwty- 

of* £550.000, tax takes' a third 

nf the surplus and Westgrove 
a third of the balance., leaving 
investors their gross 40 per cent 

Westgrove's second trust paid 
Wates’ £183.000 for a • flat block 
in Richmond, and the third EL 5m 
for Heritable and General Bank s 
100-flat Boy dell Court in SL 
John's Wood. And the -invest- 
ment interest in these tirusts- has 
been suCcient for Westgrave 
to put together an unsuccessful 
£SJ35m hid for Peachey's Park 
West block, allowing an addi- 
tional £2m plus. Tor refurmsn 
.. 

Westgrove s next step is to 
form an exempt property fund 
that will be able to bold the 


rump of properties left ai^^^ \ .* 
rapid break-np,/aiid wliidi wtSjW- 
be nperi- Lo in*titjitiBTia:4odkfi£?^ ■ ; 
lor * longer terns -boldftig. y&fe:' 
r. i Institutions-. -: already y 

for- - a subStantSai part -of 
cash' far the;specnJa±rve 
business, - and' ; \ritih; ; . 
a round to ensure that WcEtei?<f'*!5; .“ 
keeps to the. fcapectible endive-: >- ■* 
the breafcujk ibusuMss, * 

partidpatkat -ih ^tbe^trastfr4sr’ife; --- ■ 
creasing. -X. 

: . The; Westartive 
totally- speettlattve^. 4tnd pn&:- : 
forecasts, ean be.: thrown: 
out by changes ^hiL-rjiie xva^-i 
ability and cost- 

and the : Other’ vaganes of.jfiR * 
housing ■ market ^ * 

dearly a detrtan d -fgr". this , forinr. ' . 
of. conOTrti‘uin .pri>pprty r ' 

and, -go f : y 

Prapnrty BeaJi - appear -4atA i 




ESS PROP 


>= : * .y 






n superb 

OFFICE DEVELOPMENT SITE 

WITH PLANNING CONSENT FOR 


Zp,o4Usq.tt.grass 
55 car parking spaces 

FOR SALE 
FREEHOLD 

SOLE AGENTS 


/n 






!ealey& 


J ' ■ .Estsblrshed tQ20 in London ' ] '■■■; y -/'. 

29 St. George Street, Hanover Square, 
London W1 A 3BGg ^ 01-629 9292 

CITY OF LONDON 118 OLD BROAD STREET LONDCIV SC21M MH 

' ASSOCIATED OFFICES PApIS- BRLISSELS ■ AMSTERDAM JERSEY' 


RENFREW, GLASGOW 
FACTORY COMPLEX 

500,000 sq. ft. 

ON A SITE OF 40 ACRES 

FOR SALE 





Immediate access toM.8 Motorway with direct link to the Central Scotland 
Motorway system and to the South — Glasgow Airport 3 miles — Site fully 
serviced — Includes 15 Acres ofundeveloped land. 


ffi&sioo -T “■ 


yZ SFPER'iH^IS'BS ST 




2 H 3 ST VIIMCENT ST 
GLASGOW G 2 5 QH 
PHONE 041 S 4 G 3 SS 1 


’ j,/; E h gu i n e s y -be maderc either of the. Join* Agents- 







t.~v 

• -••„ * :• ' 

ABINGDON, Oxford - M 

New Warehouia .with high Office consent 
25.000 sqL ft. . . n . : . '.-t’C 

TO LET— EARLY POSSESSION . . 

BEDFORD . 

New Warehouse Units ! ■■>*£* 

8 SOO/ 1 0.000/20,000 sq. ft. • v ' -vjsg. 
Available for immediate occupation . i'-.L 

TO LET* ■ .* -.7;^* 

OLD KENT ROADS. E. 

Freehold Factory for stle'- • " 7 - r m "w* 
22.300 sq. ft. ^ 

Yard. Car Park. Caretakers Flat - * ^ 

ORPINGTON 4 

Single Storey Faaory 28.000 sq. ft. 

TO LET— IMMEDIATE OCCUPATION ' -' vr 

SWINDON . 7" 

New Warehouse • • ; n L 

13.400 sq.ft. TO LET ' : 

TOTTENHAM, N.17 7 

Lofty Single Storey Factory . 

12.800 sq. ft. TO LET . 

Rent £14.000 p.a. exd. - . ..... 

WEST BROMWICH .....7 

Factory /Warehouse Units ■ 

To be refurbished /redeveloped t 

io.ooo-20o.ooo sq. ft. to let 

CLIENTS REQUIREMENTS 

CROYDON, Surrey 

Site — 2j-3 Acres '] ~ 

or • • 
Factory 50.000 sq. ft. - v^'v 1 

King 8- Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 7 


• It 


ti 


And ask to speak to Hugh Alston. 
He'll be more than happy to give you a 
detailed run-down on the advantages 
in moving across the sea to Ireland. 

For example: a comprehensive 
choice of ready-made factory units 
t ranging in size froni 3- 3UU square 
l'wt to 73.01 10 I'cd-i i 

inmifdiiueiy available: all ideally 
t-iiuaied in the rapidly developing East 
C'jasi area of llie Kepublic. 


Served by a sophisticated transport 
network; plus a labour force of 
well-trained, skilled and semi-skDled 
■workers. 

And lastly extremely competitive 
costs coupled with government 
•scheme* that provide fur grams of Up 
iu 50 '; for plant iiiKllou r r lur worker 
training as well.u* various «ulu-r 
special concessions Ireland offers the 
overseas manufacturer. 


No worries about red-tape - 
the IDA (Ireland's Industrial 
Development Authority) ""ill b^' e 
care of all negotiations on the Irish 
side. As well as giving advice and 
guidance on any uLher matters that 
may arise. 

Su even if you've never considered 
Ireland he fore we suggest you make 
this call right away. It could be the best 
move you've made in quite some time. 



IDA Ireland A 

1NDUSTTR1AL DEVELOPMENT AUTHORITY • 


23, Bruton Street, London W1X 7DB.Telephone: 01-499-6155, 









Jmancial Times Friday June 16 1978 



City 
Offices 


at the touch of a button. 


A Selection of Office Suites Currently Available: 


2lHoIboni Viaduct,ECl. 

1,580 - 7,650 sqit. Third Floor. 
Fully fitted,.shortlerm Offices. 


14 Nicholas Lane, EC4. 

3,470 sq.ft. Self-contained Building. 
Air-conditioned and carpeted. 


Broad Street House, 55 Old BroadStreet,EC2. 3 Kings Arms Yard,EC2. 
2,030 sqft.-FourthFIoor. 5.523 sqfL On three floors. 

Air-conditioned Office Suite. N ewly modernised Offices. 


Lawrence House, 3/6 Thnnp Street,EC2. 

2,235 sq.ft Fourth Floor 

Fully fitted modernised Office Suite. 


165 Queen Victoria Street, EC4. 
3,250 sqfL Fifth Floor. 

New air-conditioned Offices. 


City Office Department, 

33 King Street, London EC2V8EE 
Tel: 01-606 4060 Telex: 885557 

City Offices 

One of the ]LW Computon Services 


55/61 Moorgate,EC2. 

8,333 sq.ft.Fifth Floor and Basement 

Modem, centr ally-heated Offices. 

38 Wilson Street,EC2. 

1 1,3 75 sq.ft Self-contained Building. 
Offices, storage and showrooms. 


JOKES Ml 



Mini 

Chartered Surveyors 




WEST MIDLANDS 

FOR SALE FREEHOLD 


sci | ii ’ i ^ ^ 


BILSTON ROAD & GOSPEL OAK ROAD. WEDNESBURY 



TOUT 


* » . r * ^ 

Modern factories, warehouses and sites at 






CUUMBRAN 


FACTORIES 

500 sq ft 
1,250 sq ft 
2,500 sqft 
5,000 sqft 
10,000 sqft 


WAREHOUSES 

10,000 

to 

20,000 

sqft 


SERVICED 

SITES 

Immediately 

available 


: a r's f o n t. ' i re.e : m ay : ? ] >p 1 y 
.copy n.v n 1 e a 


* Tow n Ho.usi n i? avail 'A bj 1 ify: 

* M ux-i hi Oii : t'O-orn ■ ratio ri/asfj stsini-e-by 
C ’.v ml> r at'. .0 eve b > pm onl • C • o n iota t i .on i 


to Alan Smith. < ’b,,f Ef t-.U-s 1 JlBw r .Avnuaan D.ovhq.nont t. caaooa-.on 
CentfcCwn.b ran, G,V« NPAoXJ.Wai^ 


Hjsiness c omes 


to life in Cwmbran - Garden City of Wales 



anatt 


EDWARDS 
B1GWOOD 
& BEWLAY 


lt&Jt 




72 lippor Thanws Street. 
London ~EC4B 3UA.- 
Tel: 01 -2483200: 

4 wi*«r Street, 

Liverpool L2 3SP- 
Tel: 051-236873Z. 


SHOPS and 
OFFICES AVAILABLE 

throughout the North East of England 
tor current 1 planned Developments. Enquire now. 

v.rii* or telephone. 

F. J. Hutchins, F.R.IC.S.. Managing Director 
BARRA7T DEVELOPMENTS (Properties) LTD. 
Wmgrove House, Ponieland Road, 

Newcastle upon Tyne NE5 3DP. 

Telephone (0632) 86661 T. 


mve me timer 



For everybody connected with 
Industrial property the Industrial Guide 
Nationwide Is a must. 

Published regularly by Healey & Baker 
the I.G.N., which Is free, contains concise, 
up-to-date information on numerou: 
Industrial properties throughout the country, 
together with a comprehensive guide 
to rents. 

Executive time is an expensive 


commodity, the I.G.N. is one of the few 
things that actuaily saves it. 

Write or telephone for your copy Nqw , 


2?5 n Healey & Baker 

1 EstrtteM 020*1 Lancfori 




City Offices To let 

Coleman Street, EC3. 

Ground and First Floor Banking- Air-condiUoned. 
6,300 sq.ft. Rental £95,000 p.a.ex. 

Blossoms Inn, 

Trump Street, EC2. 

Fifth Floor 4,900 sq.ft Rental £61,000 p.a.ex. 

Lime Street Chambers, 

Lime Street, EC3. 

Entire Building 1st-4th floors 1>845/7,906 sq.ft. 

Rental £14.50 per sq.ft 

Lime Street, EC3. 

Fifth Floor 2,596 sq.ft.- Adjacent to Lloyds. 

Rental £22 per sq.ft. 

Cereal House, Mark Lane, EC3. 

Ground Floor 1,182 sq.ft. Rental £12,400 p.a.ex. ' • 

Stevinson House, 

Fenchurch St, EC3. 

First Floor 1,966 sq.ft Rental £21,500 p.a.ex. 

Furnival Street, EC4. 

Third Floor 690 sq.ft. Rental £4,750 p.a.ec. 

Walker Son & Packman 

Chartered Surras H » l=T3 EsL*tehed inT&i7 

Blossoms Inn 3-6 Trump Street London EC2V 8DD 

01-606 8111 


Bunches in U.K.’jnri Ovcuf-t 



\E.M_: bEr, r 5'Sr.7D PEniCv 

8,053 TO LET 

Henry Davis & Company 



self-contained 
Office Building 
in Regent St,wi 

Approx. 

30,000 sq.ft.To Let 

gf an attractive initial rent 

Richard Ellis 


&AFFETY 


. . . ri v-. ■ :.-;idc:i wi.’ SO'-' 

&OHi^iS':rM.Hich'..Vcaii-..J-.:vS - ■ ‘ L,,.,: r.|,;tju 7IC1 

Tc^.h0i»:C434-12j4 1 





bn :r 


OFFICE SITES '£ 











*y ~" *" ' ~ -nr. 


hhnchuitt or ummm 

7 , AVENUE SAIN? ROMAN - MONTE CARLO 

When real estate is an art... 

f Dssideice- du — \ a wonderful final 

RilfC (Saint Bcffion theMonte Carlo 

. m picture! 


Situated very close to the Country Club, to the Beach and to the 
Sporting Club. Two luxury buildings in a wide pork with 
swimming-pool, panoramic view of Monaco and of the sea. 

HIGH QUALITY 

LUXURY APARTMENTS mm**. 

BANK -GUARANTY 

Commercial offices: 

SALES OFFICE ON THE PREMISES: 

7. Avenue Saint Roman - Monte Carlo , ® 

Tel. 50.84.44 -Telex 47.92 23 MC. 


TO. Boulevard du Theatre 
1204 GENEVA -SWITZERLAND 
Tel. (022) 21 . 16.88 

Telex 289199 SIPI-CH 


«■ 

$3 

V.r 

2:3 

tt - **• 


Cu» 1X1I coup*?*! ond ion J cock 51 PI IO 




Cu» col eo uf>?n ond send pack i.j 5) pi ro Pouievoia 
du Ifijotio <ittrtVA t'jwinertonai i would uve to recei- 
ve. wiffiixii any commihmem on mv pofi. votv do: wnen 
lai'on on rfio Peeoerce P-arv soni Romon' 


■Name 
Address 
Tet. . 





. ■■''.XX 


The feusofioid interest tn this peniid huifciiDg. : ?■ ■ 
'ha\ 'ins 761 'years unespireciat. a fixed peppcreo'.ir.- 
gre-una rent. ixoffeied for sal? with vacar* possposion. i 

Formcri.v.;he--Mdvfair'Bakoir\; p laori i tur epos epi-h as- 



■: ■ 7 Savor y ; &^t()6rc ikmc:x-x. 

■ , ■ 143 'New Bond Surer - ' : % / 
iT:^ondoff 3 ViW 9 F D. .. .. 
• I - ■ Telephone QL-. 499 . 98-51 . ■ . ■ „ TO 1 ^ 


xxx/xxxx-. 


1 Chelsea House 

1 24/26 Lowndes Street 
I & 1 2 Cadogan Place 
I London SW1 



This fine Residential and Shop 
Investment available as a whole or 
as two separate lots 

36 Flats 8 Shops 

Long lease for sale 




De ben ham 
Tewson 
& Chinnocks : 

Chartered Surveyors ! ■ 

£4-46 Erdak Street" 

•haridon-Wl-Y 1YB 
01 : 408 1161 ;/7eiex'2'2Yt^',:>;.v 

Brussels Hamburg Bahrain 
Dubai Toronto Now York , ' 
Sydney Y ' W 'dad 








TO LET MODERN OFFICES 

ENTIRE 7TH FLOOR 5^173 SOFT. 

Opposite London Bridge Station 

Amenities: High speed automatic, passenger lifts. 

Full central heating. 

Male and-female toilets on each floor. 

Richard Ellis, Chartered Surveyors 

64 comhill. London EC3V 3PS. Telephone 01-283 3090 


L.-i’ltiVi'tVl. Fr.lIrtP MOll.iUCj :■ - i-lr ■■.< ! ' *i * 


- .rn-F fc ijna 




92 


I'ROl'MKTV DIM S 


Shopping 
for a town 


IT MUST be increasingly ‘fdli - 
cull lo find a town, e'en a 
village, that hasn't had a went 
visit from a developer searching 
for a new shop site. And lu judge 
by the number of lu.vn centre 
shopping schemes tr> be 
tioned in the past 12 months, 
the relatively short development 
period fur these scheme*. ««nd 
the prospect of lapping ihe boom- 
ing retail rental market, dearly 
provides developers with a per- 
suasive ease when angling for* 
institutional backing. 

Private developer Airowcroft 
Investments is now hammering 
out the details of institutional 
finance Tor a £10m. shop scheme 
in the centre of Chester. And 
with a pre-letting to Tesio for an 
SO. 000 square foot superstore- and 
to Boots for another 63.000 
square foot unit. Arrowcroft 
goes into the negotiation- with 
the unusually strong hand of a 
secure forward rent roll of 
around £600,000 a year. 

The six-acre site, which fronts 
onto Chester’s Foregale and 
Frodsham Streets. 
originally assembled by a local 
group, the Union Canal Company, 
in partnership with Nnrwirh 
Union. Arrow croft and us con- 
tracting partner. Cruden Develop- 
ments. bought the land, revised 
the first scheme, and their new 
plans have now been served by 
Chester Borough. Council, which 
hus acquired and leased-baek the 
land on a 125-year lease. 

Work starts on the ' heater 
scheme in September, and the 
stnres will be trading by 19S0. 

The ‘475.000 sq Ft. £14m phase 
twn of the Basingstoke town 
centre development is also du« In 
start fater this year. EM Oil 
trustees, advised by Dcbvnhani 
Tewson and Chinnock-. are 
financing the project, Basingstoke 
and Deane Borogh Council- using 
Chesiertons as project managers, 
arc acting as developer. Phase 
two will be completed by Easter 
19S1 and Healey and Bakei. joint 
letting agents with Chcstcrtons. 
have already pre-let the 190.000 
;q ft of prime store units to Owen 
Owen. Boots. Sainsbury and C 
and A Modes. 

On a more modest scale llondy- 
vale. the private Heritable and 
General Investment Bank’s pro- 
perty arm. starts work tbi> week 
on the 70.000 sq ft £2m F v.rland 
Hill shopping centre in Kidder- 
minster in partnership with the 
w.vre Forest District Council. 

Hammond Phillips Partn' r-hip. 
letting agents for the L'2-ihnp 
precinct, expect the sebeme pj be 
trading by Christmas, 1970 

The Clifton Down Station -hop- 
ping centre at Whitcladif? Road. 
Bristol, will also open in time for 
1979’s Christmas trade. Wort; has 
now begun on the £4.5m project 
on British Rail land. An Alfred 
Booth and Company associate, 
Thrasylus Properties, advised by 
local agents Lalonde Brothers 
and Parham, has been working on 
tbe development for 15 year... But 
it toook pre-lettings to W. H. 
Smith, Sainsbury s and Boot* to 


draw in a financing partner, in j 
this case. Provident Mntual Life i 
Assurance. King and Company 
acted for Ihe Insurer, and Wil- 
liam Cowlin is buildins the three- 
store, 20-sbop, and 20.000 square 
feet of offices on site. 

. • 

LAST YEAR S scruffy warehouse 
is today's prime investment 
property in Covent Garden. 
Interest in Covent Gawlen 
property has heightened since 
the £2in refurbishment work- 
started on the former central! 
market buildings, and since a ; 
collection of new restaurants and 
shops has drawn trade back to! 
the area- < j 

In one of the largest, and f j 
longest, letting operations in the; 1 
market. Knight Frank and} j 
Rutley, acting for the Covent; 
Garden Authority, has now com- 
pleted letting of the 70.000 
square feet of offices, shops, 
studio, warehouse and factory 
space in the T. J. Poupart fruit 
company's former buildings on I 
the site bounded by Long Acre. ! 
Langley Street, Neal Street and! 
Shelton Street. I 

The agent has let some 10,000 k 
sq feet of offices at rents of up! 
to £5.75 a sq foot, and has( 
achieved rents of- up to £4.50 ai 
sq foot for small industrial units 
in the block. 

Further into the market St.: 
Quentin Son and Stanley and' 
Covent Garden specialists E. A.! 
Shaw and Company, have setj 
new levels for refurbished office i 
space by letting National Provi- 
dent's 9.300 sq foot building at, 
35/36 Bedford Street. W.G2 for] 
£7.36 a sq foot L.A.P. Advertis- ; 
ing, part of the Guinness Group. : 
has taken a 15-year lease on I 
the space at £68.500 a year. 

An even more impressive ! 
gauge of interest in tbe are 2 is [ 
the fight for Fletcher King andj 
Meg ran 's old warehouse building 
al 44a and 44b Floral Street, 
near the Royal Opera House’s 
box office. The agent, acting for ; 
a private investor, is marketing , 
the block with planning permls- 1 
«ion for conversion to 4.115 sq ft I 
of shop or restaurant space. 
3.840 sq ft of office and — rare in 
the market area — four two-bed- 
room flats. A year ago it would 
have been hard to find a taker for 
the unconverted 19th-century 
building, now even a £300.000 
asking price hasn’t deterred a 
small queue of would-be re- 
developers. i 

° I 

THERE ARE signs of resistance! 
to higher AVest End rents in Les- j 
lie Lmtott and Associates' June! 
miriry of air conditioned offices. | 
Three month rolling average! 
figures show a steady increase in 
space available, to 1.3m square 
feel, at average asking rents of 
£11.55 a sq ft. Yet there is 
still a rather feeble take-up rate, 
a three-month average of just 
8S.453 square feet in May. Mare 
dramatically, average asking 
rents on the space taken up has 
slipped from a February peak of 
£9.64 to £8.34 a square foot, only 
two-thirds of the overall asking 
rent level for this quality of 
offices. • 

J.B. 


Qale C^pss H ou 


■ 107,000 SQ. FT - Gesfired central heatfcg; 

■ 65 Car Parking SpacEs;"*^ fee let rn floors of 

■ 5 Lifts. ' 

■ Carpeting throughout- y : 5,000 SCL FT. 
the offices area; ' - =rJ v~ T* '• 


WRIGHT & PARTNERS- « - 

32 St, James's St^Londofr-SWIi Tel: G-T-493412T 


STOREY SONS & PARKER' 
HTgham House, New BridgeSireet, ; 
Newcastle Uport Tynfe. Tel;'f^32v26291 


VENTURE WAY 

ALFRET 0 N, OERBVSIDUtE 


LEASE R3R SALE ’ 

HEADQUARTER^mqBS & SHOWROOMS : 

' 1 4 -, 5 bo^q- it. < approx.) 

• - and. ’ ’ - • . : 

WAREHOUSE/FACTORY (Sprinklered) 

46 , 000 ■ aqV ft. (approx.) 

With land for a further 46 JBQ 0 sq. ft. approx; - 
Fully heated and lighting for 
IMMEDIATE OCCUPATION 

The buildings were completed and first occupied m 1977 . 
fill! details: 



| HALLAM ' SLOW PAVajENT 

i| m /M/wnwH NOTTINGHAM 

| BRACKETT Tet-oeoz SUM 

j CHAfTTERED SURVEYORS MnnbncrfPiHH^TrAGEivTS wteriutional cm] 


FACTORY/WAREHOUSE 
UNITS 
TO LEASE 

TAMWORTH 

INDUSTRIAL ESTATE ;S; ; 

UNIT I 20,005 EQ. FT. Includes offices^ 

Factory lMfux lOOft. 35 hr. to Eaves*”' 

UNIT II 15,000 SQ. FT. To include p^ce ; ■ 

160 ft. x 95 ft. 35 ft:' to* Eaves. To be .-completed 
-- Further Development 31,000 sq.‘iFt.,. ' •’ 

GOOD .ACCESS AS/M 1 /M 6 /M 42 . . , . - • 

Further decarls from: ...... 

TAMWORTH MOT®! EQUIPMENTS Lit 

LICHFIELD ROAD, jfcAMWORTH, -STAFFS’’ 


(WftfcLah 

_possdWy;-a 


KBIG STOHRfli, 
WESTi (JKROAD, 

' : TptAC . 

VVith Pfaarmb»g Cdnsent fpr 

• Bidlding mv' 2^$? Adres.' 

auction. wi® 

' LOUR TAhOH SVSpNS* .. 

: Tewir. StrvetpiiaittSi,- •- 
V 5fok*-on-TnroTTriNF. 

- — 0T»i5?3'hl:'- _ 

‘ BAMER- jTVtootaxx 

• . _4.' fiaiptr -hbeetlr. ... 

Stafford STIt jtHQ-. 

’ ,l ’-* 078^42411-."-.: 


_ 1^ PORTSMOUTH 

6.85 ACRES 

iPRDtt.lNDl^TRlAL. LAND. 

. .- .To '-be' "OfEfcr ed-ohjZT^wir - 

'• ‘ :: 

>• i' L-C.losing Date^Mcf^lidj^.^O; 
. *»- f 7 pin parbeuioh. from-*? V«' 



ADVERTISEMENT 


ESTATE AGENTS 
DIRECTORY 


Richard Eiiis 


AVON 

BRISTOL 

Alder (Stanley) & Price. 7 St. Stephens 
Street SSI IEG. Tel: Bristol I&S2) 

satin. 

BEDFORDSHIRE 

Connells Commercial. E*Uie AgenlS. 
Valuers and Suneiers. .i I'ppur Ceorse 
Street, Luton (D3S:> 51361. 

Kilray. Esiale Ascnts >» Si. Loyes. 
BedJord. Telephone: > &J34 • 309Z. 

BERKSHIRE 

Chancellors and Co., iremnierdal Pro. 
oeru 1 Ufflw. '.’t> Gresfriars Road, Read- 
ing IKW 336SMM. 

CAMBRIDGESHIRE 

CAMBRIDGE 

Ekins, Dilley and Handley. Chariered 
Surveyors. i>nienarv House, Hnmms- 
don PEIS BP'J 'and at BiOTleswarte. 
Cambridge. Ell". Si. Ucs and 5l. beoisi. 
Tel: Hunnnsdon 36171. IV lines. 

CHESHIRE 

WIDHE5 

Dixon Henderson A Co.. Chanered 
Surveyors. 52 WuLits Rd. «05D C3 1257. 

ESSEX 

ALU ESSEX 

Balrstonr Eves. TV Hub SlTWrt. Brcnt- 

wood. 1 0217 r.'fi-iTJ.i 

BARKING 

Glenoy (A.) & Son. Chari -red Surveyors. 
5.7 Easi Street. 01 -SW 7017. 

CHELMSFORD 

Clcnny (A.) & Son. Chart,. rod Surveyors. 
l’J’. Now London Ruad > irlAj ■ 3£174. 
Taylor & Co.. Chartrr.rl Surveyors. 
Commercial and lndus:r>.i1 Apenix and 
Valuers. 17 Duke St. Tel: ■ 0245* 55561- 
HARLOW 

Derrick. Wade A Waiera, Term In ua 
House. The Huh. H.irloi*. Kjxa 
CM20 tUT. Tel: r.SIUl. Tekx: 817SIS. 
SOUTHEND-ON-SEA 
Watson, Temple. Talbot A White, 
Chartered Surveyors. M Clarence SL 
Tel: 107021 230717. 

GLOUCESTERSHIRE 
Powell and Powell, Chartered Surveyors. 
Commercial and Industrial SnedaliAts. 
37/41 Clarence Sueet. Gloucester GLl 
1EA. Tel- 3M44 also at Cardiff 27666. 
CHELTENHAM A DISTRICT 
Lawson A Lawsen. ChanoretL Valuaiion 
Surveyors * Esiaio Aj-nis. S Rexenl 
Street. Cheltenham GL30 IHF. 02« 
2I67T.9. 

GREATER MANCHESTER 

Suttens, Chartered hunviors. 60 Spring 
Gardens. 06t-«2 hue. 

EiBhi branvhi-s n .North Cheshire, ooo 
In Derbyshire, aud one tn Yorkshire. 

HAMPSHIRE 

SOUTHAMPTON, PORTSMOUTH 
FAREHAM 

Hall Pain & Faster, Chartered Snweynn. 
valuers. Estate Agents, ns London Road. 
Sauthamnion <0702 1 2S915. 

HERTFORDSHIRE 

HATFIELD 

Moult & Co-. P.I.C.S.. Com. and Ind. 
Proiv-Tty and Dev<.-ioDini-m consnltanis. 
Salisbury So.. Hatfield Tel: 6M79. 
HEMEL HEMPSTEAD 
R. J. AiKhlun. Chartered Surveyors, 
63 Marlowes. Heme! Hempstead 3446. 
GonUn Hudson & Co.. -LS OueeofiwKT. 
Hemet Hempstead oiwt 17 linesj. 
LETCHWORTH. HITCHIN AND 
STEVENAGE 

Hendaks, indusinai Dept.. *4 Broad- 
way. Letchtvonh 3773. Kuchin 58643. 
Sievenas” 

WATFORD 

Gordon Hodson A Co„ 147 Tbo Parade, 
W Alford 29711 HD lxn eS( . 

KENT 

ASHFORD 

Burrows & Day, Chartered Surveyors 
and Estate Awn is. 29.41 Bank StreeL 
Tel: .\<*ford <«rsii ■-■■C21 
Geering A Caiyer. Charicrcd Surveyors. 
Bank Street. Ashford. Tel: <02332 24561. 
BROMLEY & DISTRICT 
Baxter, Payne & Lepncr, Ctunered 
Surveyors. 19 East Street. 01-464 H* 1 - 


DARTFORD 

Frail Champion A Prall. Chartered 
Surve; ors. Auetioneers and Estate 
Arsiis. 76 Spiral Street. Tel: 2i«9L 

MAIDSTONE 

Gocnns A Caiyer, Chartered Sunevors. 
6 Lolman Houjc. Kina Street. Mald- 
Mone. Tel: ‘06221 .75«8t. K/24 Hush 

Street. TunOndge Wells. Tel: ‘0992i 
23126. Bank Street. AshTord Tel: (0253) 
2(361. 

ROMNEY HARSH & DISTRICT 
Tinsley B Clinch, valuers and Estate 
Auonts. wen- Romney. Tel: 06793 5194. 
SEVENOAKS 

Hudgins & son, FRICS. House Aaents. 
Estate House, iicveoaakn. Tel: 5235L 
TUNBRIDGE WELLS 
Geering » Celyer. Chartered Surveyors. 
22 24 Rush Street, Tunbridge Wells. 
Tel: 10892' 25128. 

LANCASHIRE 

PRESTON 

□errtek, Wade and Waters. UmcenDe. 
Lords Walk. Preston. Lancasbire PR2 
lOH Telephone- 17736. 
LEICESTERSHIRE 
MELTON MOWBRAY 
-Walker Wallen Hansen, Chartered 
Surveyors, Estate Agents, Ancnoneen, 
Commercial & Industrial Property. 
Plan) & Machinery Soles & Valuations, 
77 Market Place, AleJion Mowbray, 
Lclcciu-rshirc. Tel: <0664 / b,d33. 

UNCOLNSHIRE 

Brosdon * Co., CharL Survys.. Estate 
Auems. Silver Street. Lincoln. 0322 31321. 

LONDON 

CITY 

Balrstew Evas. .Udornuns House. 
Pisbopsgaic. EC2. 01-622 1331. 
Chcstcrtons, Chan c red Surveyors and 
Estate Agents. City. Holborn and 
Decent rallied Offices. 9 Wood St.. 
Ktav <AR. 01-606 3033. 

City Agents, Office Specialists. 12 WcU 
Court. E.C.4. Tfcl: 548 3791. 
collier & Madge. Chartered Surveyors 
and Prooerty Consultants. S St. Bride 
Street London EC4A 4DE. 01-333 9161. 
Conrad RKbtai & Co- Consultant Sur- 
veyors and Valuers. Plantation Horae, 
KoflL-hurcb SrroeL ECS. 91-623 8116. 

De Grasi Callb, E unite Agents, Vainers 
and Surveyors. 163 Moorgaic. EC2M 
6XB. PI-623 4794. 

Kerns tar. Whitcfey & Ferris, Chartered 
Surveyors. 20 Rope maker Street. E.CJ. 
B1-62S 2873. 

Newton Perkins. Surveyors. Valuers and 
Estate Acorns, in North umberland Alley. 
E.C.3. Tel: 0L48S 4421. 

Smith Mefzack, Surveyors. Valuers amt 
Estate Aisenrs. 17 St. Helen's Place. 
EC3. Tel: 01-638 4 391. 

John D. Wand. Surveyors. Auctioneers. 
Valuers and Estate Asents. Warnford 
Coun. ThrOKiuonon Si.. EC2N 2AT. 
Tel: 01-598 0557. 

WEST CENTRAL 

Richard Carey ft Partners, Chartered 
Surveyors. 1516 Buckingham Street, 
Strand. London WC2N flDU. 01-930 SSW. 

De Creel Coins, Estate Asenis. vnloers 
and Surveyors, soortto High Holborn. 
WC1V 7LX. 01-831 7631- 
Lnnder Burtletd, Chartered Surveyors. 
Harpur Bouse. 56/3S Lamb's Conduit 
Sfrcci. WCIN 3LL- Tel: 01-531 8311. 
Nisei King ft Pine 1" 5- Surveyors. Est. 
A Bi-mu and Valuers. St Carey Street. 
WC2A 2TG. 01-405 4494. 

Tuckers ft Co, Chtrd. Survs.. 19-20 Bow 
Streei. w.CJ. UI--40 1331. 

WEST LONDON 

A nth any Banrtman & Co* Surveyors £ 
Property Consultants. Stand brook House. 
2 '3 Old Bond Sirwt. 4ST Trl: 0t-409 0981 . 
Ayun Hmw, Chartered Surveyors and 
Estate Ancnls. 1 Albemarle SL. WIS 
3HK. 91-499 6111. And branches lo West 
London and Birmlnsbani. 

Chesiertons. Ouricrrf Surveyors and 
Eslaie Agents. Went End Offiroa. Fac- 
tories, Warehouses. ctc u 90 Grosvctwr 
Sirem. WiX OJB 01-499 0404 
Connells Commercial- Estate Aten is. 
Valuers and Surveyors, <n Grosvenor 
Srrw’i. WIX 9DA. 61-493 49S2. 

Corn-ad RHhlai ft Co., Consultant Sur- 
veyors and Valuers. Milner House. 14 
Moncbosicr So.. W1M BAA. OIJKo 4489. 
Davis ft Co.. 82 Burners sr.. w.i.. Est. 
AkuIiis. VjIults Si Surveyors. 01407 I66L 
Dc Grant Cotlls. Estate Agents. Valuers 
and Surveyors 9 Clifford Street. WIX 
2AL. m -734 1304. 


Harr bon ft Ptnars, ufficc Speaaltsts, 
57 E landlord St.. WUt 3AF 01-486 6121. 
Lcsvcre. .16 Bruton Street. WIX S.4D. 
Tel: 01-629 4261. Offices In Edinburgh 
and Assoc, office in Dublin and Malm. 
Anthony Upton & Cu, Office. Industrial 
and lnv«nnem Surveyors. 36 Curzon St.. 
W.L 01-ffll 2700. 

Rciff Dmer ft Co. (Office and CommerL-ial 
Property SpeaabsQO, 179 New Bond 
StreeL wtY 9PD 01-191 3134. 

Ian Scott ft Cn„ Estate Agents and 
Surveyors. Berkeley House. SO Berkeley 
SrreeL London, W.I. U 1-483 SOIL 
Smith Melzack. Surveyors. Valuers and 
Kstaic Agents. S Cork Street. W.I. Tel: 
01-439 833 L 
SOUTH WEST • 

James Andrew ft Ptnrs.. Consultant 
Surveyors and Estate Agents, 63 Pali 
Mall. London. SW1Y 5H2. 01-639 4438. 
SOUTH EAST 

David Baxter, Commercial Depr., 188- 
170 High Street. Penge, SE20 7QB. Tel: 
01-639 1633. 

NORTH 

Michael Berman ft Co-, Sbnp Office ft 
Industrial Sped allots. 358 Resents Park 
Road. Finchley. N.3. 01-349 921L 
NORTH WEST . 

Bennett & Co.. 167 Cncklcnrood Broad- 
way. NWS. 01-4SS 6686. Specialists in 
commercial and residential properties. 
Philip Fisher ft Company. - Fisher 
House." 3TBb Hendon Way. London 
KW4 3LS. Tel: 91-10! 6563. Incorponiied 
Valuers. Aactknwers and Surveyors. 
Salter Rex. Industrial. Shop. Commerrlal 
ft Residential Specialists. 266 Kentish 
Town Road. N.W.a. 01-367 207L 

MERSEYSIDE 

LIVERPOOL 

Dbioa Henderean ft Co.. Chartered 
Surveyors. 44 Old Hall Street, L3 BPP. 
Tel: 051.236 4456. 

Ramsay Murdock ft Puers. Commercial 
Property and -Investment Valuers. 48 
Castle St.. Liverpool L3 7LO. 051-236 1448. 

R. F. Spark A Ca., Chattered Sonneyare, 
21 Ohio Street. Tel: 031-33S 0865. 

ST. HELENS 

Dixon Hcudareon ft Ca. 1 . Chartered 
Surveyors and Esiale Awaits. 5 Clauuh- 
ton .Street. WA10 1RR. SL Helens 54417. 
MIDDLESEX 

HEATHROW 

A PC International, industrial and Com- 
mercial. Surveyors. Project Managers 
and Property Consultants. The Lodge. 
Harm ends worth. West Drayton. Middle- 
sex. 01-759 8966. 

HOUNSLOW 

Horne ft Sons, Chartered Surveyors. 
161 High Street. Tel; 01-570 2244. 
STAINES 

Richard Brampton ft Co., Surveyors, 
Agents and Valuers. 25 Windsor Road. 
Wrayshury. Tel: Wrayabury 2288. 
Emmltt Rathbine. Commercial n ndnstrlal 
and Residential Surveyors. Valuers and 
Estate Agents. 15 Clarence StreeL 
Staines. Tel: Staines 5S321. 

NORFOLK 

Turnbull ft Co., Chartered Surveyors. 
it'10 Bank Street. Norwich. Tel: 60361. 
18 Blackfriars St.. Kings Lynn, and 
Marker Place. HolL TeL 3343. 

NORTH EAST 

S. □. Ellison ft Partners. 24 Northumber- 
land Road. Newcastle-upon-Tyne. Tel: 
(0633> 24024. also at Edinburgh. 

Sumy Sons ft Porker. Chartered 
Surveyors. Newcastle 0632 26291. 

Middlesbrough W 42 45301. Stokesler 
9642 710583. 

NORTHAMPTON 

Arnold Bennett, AR1C5. 2D Sheep St.. 
Northampton. Tel: <06041 35517. 

NOTTINGHAMSHIRE 

MAN5FIELD 

Walker. Wallan Hainan, Chartered Sur- 
veyors. Esiale Agents. Auctioneers. 
Commercial and Industrial Property 
Plant and Machinery Sale and Valua- 
tions. 45 Stodrwell Gate. Mansfield 1O&231 
25427. 

NOTTINGHAM 

Beardsley Theobalds, Commercial and 
Keddemial. Marker Sire cl 0692 48751, 
Cavanagh WWIam H. Brawn. Property 
A Bents. 92 Friar Lane. Not tingham 
Tel: 1 0602 1 40747. 

Li ndsay Frosmtt, Bank Chambers, ! 
Mount Street. Nottingham. <06921 4U6Q. 
Associated trilh Edward Symmons ft 
Partners oT London nod Manchester. 
Neales of NeUtngham, Chartered Syr- 
veynrg. 39 RridlesmlUi Cate. 0603 5351 L 
Walker Walton Han ton. Chartered Sur- 
veyors. Estate Apentfl. Auctioneers, 
commercial and industrial ‘ Propcnv. 
Plan: and Machinery sales amt vjiua- 
bunas Bvard Lane. BrUUcxiniLb Gate. 
Nottingham <0602) 54272. 

SUFFOLK 

BURY sr. EDMUNDS EAST ANGLIA 
Lacy ScnU. Commercial. Agricultural 
and Residential Surveyors and Auc- 
tioneers. 3 Haller Street. (0284 ) 63231. 


SURREY ’\ 

GUILDFORD \ 

Cubltt ft WWt, ^Commercial Surveyors. 
44 High Street. TCaiWford. GmldfOrd 
0483 7T2T7 or 00565.\ if offices in Surrey. 
Sussex and BampaUre. 

WOKING \ 

David smitbves Partnership. Commercial 
Consultants. I West Cuvet. Woking. 
Tel Woking 65668. 

Mann ft Co., Chartered surveyors, 
Woking, Guildford, Camber lei. Farn- 
ham. Kingston-tipas-Thames. WaUou- 
upoD-Tbames. 60 Aanodarad offices 
throughout Surrey. Hants.. Berks.. 
Middx. Sussex and Dorset- Read Office: 
22 Commercial Way, Woking. G021 lHfc. 
Tel: waking (04862) 75071 (M lines).. 

SUSSEX. 

Clifford ‘ Dana Commercial. Chartered 
Surrey ors, Albion Haase. Lewes 1079151 
4375. (Six. local offices-) 

Eric Morchaat ft Co.. 51/53 Church Rd^ 
Hove. "TeL (02731 713SX Commercial 
and Professional Departments. Sales, 
Lettings, Acoutaitioiis. Valuations. Rent 
Reviews. ' Surveys, Planning Manage- 
ment. Offices tiirouahom Mid-Sussex. 
Stiles Horton Ledger, Surveyors. 6 
Pavilion Buildings. Brighton. (0373) 
21561. amT at Rove TZ0771. Eastboucne 
■16244. Worthing S7992 and Crawley 516691. 
Goo. White K*h « Commercial Depart- 
moot 1 . S/29 Ship Street, Brisbmu. 
0272 29110 48 -local offices j. 

CRAWLEY . . 

Philip jamas Assert ties. 12 High St, 
■ 0293) ZU36-. Telex: 87566. 

John Stidrtey ft Ca., Chartered Sor- 
vemrs. 14 Brudnon Road. Tel: 26423. 
HAYWARDS HEATH 
Geering ft Celyer, Chartered Surveyors, 
ns South .Road, Haywards Heath. 
Tel- HH441 SOU. 

HORSHAM . 

King aid --Oiasemore f Commercial) 
Carfax. Hordern. Teh (6403) 64441. 

WALES > 

Pa well md', pawed. Chartered Surveyors, 
CommerefaJ-'and Industrial Specialists, 
6-< St. Johns Square, Cardiff CFl 2SB 
Tel: 27600, also at Gloucester 36444. 

BRIDGEND 

David E. LlNle Pmers.. Chart. Survrs^ 
3A*. Caroline SL. Mid Clam. 0636 5S440. 
Cooke ft Arkwright. Chartered Sur- 
veyors. commercial, Industrial Agrl. 
cultural Specialists.. Offices at Cardiff 
45470. Bridgend 56551. Swansea 5IG15. 
Harerfordwes* 4349, Bangor !4I4. Here- 
ford C7213 and London 01-330 4349. 
TYWYN. GWYNEDD 
Flatter AW hr ft Co- Auctioneera, Hicn 
Street. LLS6 9AD. I0G4) 710388. 

WEST MIDLANDS 

BIRMINGHAM 

Aytan Hooper, Chartered Surveyors. 
921-643 3614 (cee West London I. 

Gee. Fisher ft Sag. Esl Agents. 30-24 
High Street. Harhorne. B17 9NF. 021-437 


1. witii: 


I • Rerkebnr 
: Telephone: 


YORKSHIRE - - r j * . ' 

SHEFFIELD -V • ■ -■ 

T. Saxton ft Cis,-Cbarlered Surrerors. 
Estate Agents and VahMrg..-53 Queen, 
sireex. Sheffield ffl745» 77635, and t» 
The Crons. -RntberbanL .New Office: 

31 Mark Piece. Retfqrt. Tel: 794745. 

EadH Lockwood ft Riddle. Chartered 
Surveyors. Property Consonants. Safes 
and Advice m.- connection vrtth Com- 
merclat ft Imfiistrtal Propcrue s: P ort- 
rotio. Property Management -iBvratnwit. 

6a Caxnpo Lane. ShrtReld SI' SEP. Tel: 
71277. Tefex: 547490 ELR. • • -■ -■ ■ 
YORK 

Broader ft Sgonccr. TSocvejar*. Vdaen 
Estate AgenlS, Auctioneers and Rating 
Surveyors, fi/7 Bridge .Street, York. Trt: •• 
10904) 2I44L ' _ ^ . 

SCOTLAND: • 

Bell Ingram,- Chartered - Ssrveswaj .- 
Aberdeen. KtflnbnrKh.' Cla-wow. Londoa. ■ 
Perth. Waflrer SL. Edinbnn*. KKETt 
3S7L ' - : 

HilRer Parker Mar S.Rowden, 5 ScStir 
Charlotte StreeL 0SL-226 59SS.- .J . 

ABERDEEN 

Burnett (F. G.) r Chartered Starreyors.- 
Vainers and Estate Agents, II Rubisftw - 
Terrace. Tel: <0224' 5728flL . 

James R. Tbomsoq (Propartlns) - Ltd, _ 
23 Crowd Street, Aberdeen. ABl 2HA-. - 
Tel: 0224 S346S. ...... 

Webster ft Ce^ Chartered Surveyors, 

60 Union StreeL ABl IBB <93341 52883/S. 
EDINBURGH.-' ' 

SL D. EIHmrl SS North Castle SL TOz " 
031-226 6021: also at Newcastle. 

Leavers, 79/80. George StreeL Tel: KB.- 
-226 4791. 

Ryden, Kemwlb and- Partners, .Chartered 
Surveyors, n Hanover 'Street. BHS ^ ' J gF . ' ' 
Tel: 031-225 6533. ' ‘:X\- 

GLASGOW ;0. 

Conrad Rrtbfat, Consult Suty; and Jvfcftrv 
S Royal Cres.. G3 7SL. 041-333 3477. / 
Rydcn. Kenneth and Partners Chartered ' 
Surveyors. 121 West Georso street. 
Glasgow. G3 IQS. Tel: 04L-21 83BL - .v ■ 
Webster ft" Co- Chartered - - Surv*SWs»-‘ 
si Wear Nile SL. GU PJ. 041-204 0771.- - 

IRELAND 

BELFAST _ 

Liafwy ft Soil. 19/20 Dohegail Square. I 
East Belfast 1. (02325 38940. 

CORK- 

Lisney ft 5on, 35 Grand' Parade; Corfc : 1 
Tel: 25079. 

DUBLIN \'l 

Jones, Lana W notion, 60/63 Dawson St., 
Dublin 2. Tel: (0001) 771501. 

Leavers, 8 Dawsoa StreeL DabUn. Tel: 
lOflOI) 774323. 

Lisney ft Sens. 24 SL Stephen's Gil, 
Dublin 2. Tel: OfflOll 764471. Telex: 8S04. 

CHANNEL ISLANDS 

GUERNSEY 

Le Fo**e Estate Afeocy. Gtatesny 
Chambers. Glategny Esplanade. St. 
Peter Port Guernsey. Tel: - 0481 ■ 31948. 


PLANT & MACHINERY 

MaSiesterM^AQ, Tgkm!»IM^ Aocti^ra Sd'^SoneC 

BilntM EvBi VtilKH and Auc- Plant. Machinery- and --KactOTv 
lioneers of Plain ft Machinery and- Premises tltrougbour Utdtul Kina--' 
Trade Stocks tbrouxhmn the tl.lt.. dom: PO Box 1, so Hb^r-srreet' 
Aldermans Walk. EC2M 3UU «4BS ROtfa WywmS. Burtm. Mr 7«Sn - 
135L 32234. 

Frank G- Bvwon Limited iEb. 1824). Kearvaiw. Liunb Lane. Audcrahaw, ' 
Sneclallsr Auctioneers and Valuers Manchester MS4 SGW. Teh 061-3TV ' " 
ol Machi no Tools.. Textile Machinery, KIS. 

Builders Plant and Materials, Trade Was ft Co.. Chartered Survey ors. 
Siocka, in the UJC. is Greek J. Soow RML London SCI A ZDL. 
StreeL StuTtesbory Avenue. Loudou Tef.- 01-236 308a Telex: 6&4SE, 

WIV ONY. Tel: 01-437 3244. Herman Lavy Assoclaias Overseas ' 

Henry -BWChfr » Co. Inc. Uosald Cuarantccd Valuations apd 

Former ft Sons, AucUoneers ft q’J?“ 0 S s ,„ p ^ ant an ® Macbinery, 
Valuers, 59/C2 Htsh Hoftom, London JL o °; 2“ W1H 3AJ. 

WC1V EEC. Tel: 91-4(15 8411. Also I* 1 : B l ‘ s g 5. 31 - Telex B8729L 
hi Rirmiugham ft Leeds. "“J”™ Roshtaa. S«r ft Kauyos, 

Edd teen s. Chartered Surveyor*. Anaiongero. h» Assessors ' ft 

industrial Bulldlat. Plan: ft -fJ*** 1 ’ c, wvenor 

Machinery Auctioneers and Vaiucta, Lownn wit «ha_ Tel: 01-^3 ' ■ 

10 Greek Street. Leeds LSI SRZ. Tel: J™™* « arminaitam, Dublin, 
<05MI »WL Also at HodderefleW, Mfindieste r. Mar* Melbourne. 
Bradford and Halifax. ’ "“"J 1 ; Jownend & GifeerL 

Edwante, M HewtaXj vg SlftrDS,n ^ 

Colmore Row, Blnffingham. TeL- 613BL Darttagwn 0328 

Jrtin* 8 Foord, Chartered Surveyors. % a ^rar« A0 ^ 0, Bf , !S 

61 Queen's Cardens. Wi 01-M2 Ban. SL2S- 

valuers of Plant and Machinery tn uJS?j£Lfc 

llte UiS. and Abroad far 154 years, g St> ' ' 
Fuller, Honor. SOKE ft Cwrtl. 52 IduSd ^ SmSSmT 

01%'S LOD6an EC4M 9ET ‘ rak Aurtmorers^Vn“ rs 56/re'wtmn i 

mr ISter. Chartered Surveyor. ^ I£ 

9 HWI 5! 1 RW. nS£ 4 ' ****??*' . 

HudS Sm TrfCS: Creed & 5ntftiv Chartered- 

Head Office London. Surveyors / Estate 

Coddard and- Smith, 22 Ring Street, Chancery Luo. London. W.Ci Tit ~ 
si. jam** 1 *. London swiT eqa. bmoc au. ^ ” 

Tel: O1-030 7321. Valuers, of oil Plant Weatheral! - Hollte ft -Cafe. Chartered 
and Machinery and Industrial Surveyors t Estate Ajfentg, cm* 
PremuHur , ihrougbom tbe L'ttUed House. 29 King 'Street- Leeds. -Tell - ■ 
Rtnadom and ’Continent. 0332 442MS- 









Financial Times Friday June 16 1978 


„ v 


i y>j>i 




oninstnictionsfrom 

THE NAm^PHARMACEUTlCAL ASSOCIATION 

EXCELLENT HEADQUARTERS OFFICES 

★ 2 Automatic Passenger Lifts Boardroom ★ 

Full Centra] Heating Entrance Vestiblue ★ 

★ 44 Parking Spaces - Efficient Layout ■* 

★ Staff Restaurant . Excellent Natural Light ★ 

2Q000 sq.ft.To Let 

Mallinson House 


GL Hearn 

& PARTNERS 01-407 5321 


44-48 Borough High Street 
London Bridge, SE1 1XP 


fTcjalcStmt 

Imcofn’sOtm 

jftefJs 

^£ortJoit c lV.C 2 > 





1 


K ■>/ " » .«■ ’ I : j : ■ r .■ 


El FoByaiJPConffifioiied □ Double Glazing □ Fitte d Carp ets 
Q Ml yftriMoaed O’ Automatic Lift □ Prestige Entrance 
*; □ Penthouse plat □ PMBX4tdephopeexchai%e 


EDWARDS 
BIGWOOD 
& BEWLAY 


London W.l. 

Tel: 499 945'^ 

Offices also at Birmingham , Banburyand Shipsto n. 



WAREHOUSE 

PREMISES witnOFFICES 

SOUTH EAST LONDON 


LEASE FOR SALE 
QR MAY LET 



&Willows 

Esufc' Agent* -Suntrwri -NaJucnt 

01-8S2 4633 

HalrKdw* GnwiLaixwl^mtN 13 5TU Trior! 1 6 1 


MAGNIFICENT 

residential investment 

MONTAGU SQUARE, LONDON, W.l. 

A s^stanfed purpose built block of Inflate °ver- 
lootoSa ^r.'Jen. square,' offered with two adjoin 
inghouses that have been converted into a further 
.^hc majdti^ of the units are vacant. 

V . LEASE: 74-years; : - 

ybfiOlteri) KEto^690 pi;approx. 


VICTORIA SW 1 


LtR-CONPmONED OFFICES 

tNTTRE floor 

7,600*4- 

‘ ' V: " -H^n r^fpay pany - 

Chattered SufvaY.?f s - v -- wiy air 
101 New Band Street London VW BLb 

.Tel 01-499 2271 ‘ ’ 


SHEFFIELD - SOUTH YORKS 

FOR SALE BY AUCTION 

An impcning Office/Showroom building formerly occupied by 
East Midlands Gas. with planning permission for use as retail 
shop, restaurant & offices. Freehold. ‘ 

Total Floor Area SO, 000 sq. ft. 

COMMERCIAL STREET, SHEFFIELD. 

AUCTION 4th JULY 1978 IN SHEFFIELD 


Eadon Lockwood & Riddle 

Chartered Surveyors Estate Agents Established imo 
2 Sl. James" Street. Sheffield SI 1XJ Tel: 0742-71277 Teles 547490 ELR 


JOINT AGENTS: 


£%, B-Bealey & Baker 

[ Established 1820 in London 

\JBSy 29 St-George Street, Hanover Square, 

London W1A3BG 01-629 9292 


PRELIMINARY ANNOUNCEMENT 

15.32 acres 

RESIDENTIAL LAND 

’ \ with consent , at 

YATELEY, HAMPSHIRE 

to be sold by tender 
on 26th July 1978 

details available from sole agents 


JOHN l>. WOOD 


^Berkeley Square, London W1X 6AL(Ref. ASB ) 
Telephone 01-629 9050 Telex 21242 



EAST LONDON 

Modern Single Storey 

WAREHOUSE/FACTORY 

30,000 sq. ft. 

TO^ Cha ftt£ 

Vij.iii 1 ■jurM-wV'Aaiui'n. 

. . 01-8824633 

Hja!«>*«Cr<-tfnLauc»LuiidonM‘5T»..lct.i-.;-iVle'l 


CITY OF CAMBRIDGE 

A Tare opportunity to acquire Freehold Premises in 
a prime trading position 

No. S ST. ANDREW'S STREET 

Frontage about la fi~ Total depth about 90 ft. 

Existing Floor Area 1.750 sq. ft. on two Hours 

FREEHOLD 

Rateable Value £42163 Vacant Possession on Completion 

Within a few yards ..f the Lion Yard Precinct and opposite 
Bradwells Court. One or the few properties remaining in 
private ownership in the City Centre. 

FOR SALE BY PUBLIC AUCTION 
at 3 p.m. un Wednesday. 28th June, 197S, at 
Owen Webb House, Gonville Place. Cambridge 

.•lucfioHt’t'rjr 

DOUGLAS L. JANUARY AND PARTNERS 
7/S Downing Street, Cambridge 
Tel. No: Cambridge 63291 


IN TERNATIONAL PROPERTY 

I 

i 

! ATTENTION : 

|- REAL ESTATE INVESTORS 

i Are you interested in the following? 

; HAWAII — Large Hotel on beach — SIS.OOO.OOO Cash 

i HAWAII — Golf course and country club — 8565,000 Cash 
Lease or Fee I 

HAWAII — Office Buildings — Fee simple — §1,860,000 Cash 1 

FLORIDA — Hotel or Apartment. Condominium CanYersion 
' I with pool, boat harbour, tennis and yacht club — &-0.500,Gu0 

; SHOPPING CENTRES: Texas - Florida - I Oregon - .-.mona 
I Missouri - New Jersey - Iowa - Soutfi Dakota - From 
j $1,600,000 to S15 million 

i NEW YORK 42 Storey Office Building — $46,000,000 

1 7 years old - 10096 rented - §13,200.000 down 

' APARTMENT BUILDINGS — Texas - California - Colorado 

! NEW YORK — Super Luxury Apartment Building — 1.120 
i Apartments. <2j 20-Storey Buildings — 1 Storey also 

1 commercial building S3S million 

i LAND: 750.000 level acres in Venezuela — farming land 
{ Price S9 million cash ur Submit 

LAND: Southern California — 900 acres choicest land near 
1 Los Angeles — master plan for residential 

i Price S5.000.000 Cash or Submit 

- ■ ■ 

! STONE REAL ESTATE INVESTMENTS - TEL: 1 2131 55Q-S9S3 
125 No. Clark Dr. — Los Angeles, Cat 90G4S 

Please call or write IPR1NC1PALS ONLY \ 

j The above is submitted subject to change in price, corrections. 

errors and omissions of prior sale or lease or withdrawal from 
1 the market without notice 


Close Finsbury Square EC2 

Redecorated and carpeted 
office suite 

Approx. 2,486 sq. ft. 

only £6.50 per sq. ft. exc. 

Jones. Lang, Wootton 33 King Street London 
EC2V 8EE Tel: 01-606 4060 


U.S.A. WEST COAST 

Office, industrial Property Developments and Investments. 
Enquiries welcome from UK Manufacturers and Investors. 
5. Lipman. FRVA. C.Eng.. Senior Partner. 


Hor 

Rflud 


rdon 

dson & CO. 


147 The Parade. Watford, Herts. 92-39711. 

Will be in America from end of June to end of July. 


NICE, COTE D’AZUR [f VIRGINIA — U.SJV. 


EMBASSY 



EME 



For Clients of: 


15.000 SQUARE FEET in 
KNIGHTSBRIDGE. BELGRAVIA. 
KENSINGTON or ST. JAMES'S 
FREEHOLD PREFERRED 


rWILLETT 


/ Lower Sluane btreet 
London SW1 8 AH 
Telephone: 01-730 3435 


_ north-kent coast 

;■ FREEHOLD- CLUB PREMISES 

FOB SALE 

Bars, family loung,. cabaret room, restaurant etc. In all 
16.420 sq. fL Turnover 1977-78 £96.000. Full details contact 
Box G.209L Financial Times. 10. Cannon Street. EC4P 4BY. 


One of the best locations in 
winter as well as in summer 

IMPORTANT BRASSERIE 

LIMITED COMPANY 

would suit two families 

TURNOVER FRS. 4,000,000 

60% soft drinks— Luxury class 
with splendid S-room flat. 
Altoa ec l ,er: Frs.3.500.000 cash 
plus credit facilities 

Write to: — 

HAVAS. 

13 place Massena. 

06011 NICE CEDEXf Ref. 0967) 


FARMS— TIMBER LAND- 
MOUNTAIN LAND 

Excellent inycftmenu , n S.W. VA. 250 
miles S.W of Washington D.C Close 
to Roanal.e. VA. Cthe capiul oF 5.W. 
VA.J. 8-15 percent ret yearly return 
realistic. 100 acre to morn than 5.000 
acre tracts S200 an acre and up. 
Growing timber and land value 
increases make excellent investment 
plus strengthening of the dollar. 

BEN L. ANGLE IK. 
ROANOKE LAND AND 
AUCTION COMPANY, 

1 W. SALEH AVENUE. 
ROANAKE. VA 24011 U.S.A. 
TEL; 703-34S-67D4 


A HNANCIALTIMES SURVEY 


FACTORIES AND 
WAREHOUSES 


WALLASEA 

.* . ESSEX 

MARINA & ROATBUILDERS 

For Sale as a Going Concern 

11.16 ACRES LAND 
38.28 ACRES RIVER CROUCH 

( 26 G deep water moorings) 

45.000 sq. ft. WORKSHOPS 

Offices, Chandlery, etc. 


A -DERM AM S ’H O'E S-E A L D ER MAN S;WA L K 

^IhWSGSTEEEONDON'- EC2M o mJE ' 

T Fl..£l- i ! IONE 01 - 623 1351 


BEGLEY HALL 

REDDITCH WORCESTERSHIRE 

An Elegant Georgian Mansion 
Set in beautiful giounris 

. Planting consent for offices of 8,400 i q. ft. groas 
For Sale by Auction 

with low reserve 

ON JULY 18th 1978 
at St. Philip's House, Birmingham. 

SUBJECT TO PRIOR SALE 4 CONDITIONS UF SALE 


(3 TEMPLE’ ROW.- BIRMINGHAM 'ffl'sLY ^Tcl: 021^5 9351 .nd Lend™ 


- . GROUND FLOOR & BASEMENT 

SHOWROOM with OFFICES 

• /’ ; sqa2,iooft. 

In prestige modern building immediately off 

OXFORD STREET, LONDON, W1 


FAWDK.Y 8 EVANS. 


TItiNITY TIUIMM 
ESTATE 

SITTINGBOURNE 

KENT 

25,460 sq. ft. 

MODERN FACTORY 

wilh Reception & Office Block 
Loading dock 
— Ample Parking 

TO BE LET 

Apply 

WALTER & FORKNALL 
SU/32 King Street, 
Maidstone, Rent. 

Tel: 10622 ) 57225/9. 


56.000 SQ. FT. WAREHOUSE 
FACTORY WITH BENEFIT OF 
£100.000 INDUSTRIAL 
BUILDING ALLOWANCE 


IfTlDC unfc 
ibkiill 193 
N W 10. 
T»J nco-' 

i,3fcnou.t 

lo.tSmo " 
i-nicrq-: r'. ■ 
£390.000 


lull, sarinki^rcn oicruircs 
on Nortri Circi'U' Road 

■ ear AHQ.Mao-M liAJiMJ 
:l oflicci: ihonrroom: lirpc 

I.iciorv- tanl««n. ranuintr 

■ • two hiu >i« r.h. *ris 

generator. Asking ol 

.■'.■Cho'd rcNoeli ncm lor 

r-iriOr reluroi^riinu 

details from 01-965 B7S7 


FOR IN VESTMENT 

By Order of the Sussex 
Property Investment Co. Ltd. 
AUCTION OF 10 


liiWivFtJlLKi 


INVESTMENTS 

in Burges* Hill and 
Haywards Heath, Sussex. 

Producing in total £19.050 p.a. 
With Mluible rnefi'oni ind rent 
reviews from 1980- 

AuctiOFiem:— 

AYLING & 5TRUDWICK 
10 Station Read. Bur**** MW. 
Teli 2828 

and Husocki and Ham«wdi He»u> 
Sanction:— 

Heim. Steveni. Son end Pape.. 
40a Church Road. Burges* Hill. Su**e«. 



1.000-13.000 SQ. FT. UNITS 
ON 1-d MONTH LICENCES 

Do yen n.-tfd lemporary accommods- 
lion? Spa:c immediately available in 
modem lull/ ipnnklered warehouse/ 
factory IN W.I0) with offices, ihow- 
room, near Ml/Ae0/M40/A4/M-1. 
Only 15 Bi n*, from We« End. Low 
inclusive licence fee 

More details from 01-965 8787 


UKOMLE T — sVdrtlKJlrSe 1S.UOQ W. It. ICl ] 
M Na-ion.i Freight Corporation L12.SOD I 
Hr annum FBI >o years 1976. Review 
iui Freehold £125 000. Banter Parrc 
*, Lepder 20 Wclbeck Strce! London. I 
W.l. J86 2849. . , 

hiOtTlNGHAM. Pronosod lacierv soflue. 
DOC I 1 - Arnold, a miles north ■ 

J uiicilan 2£. M 1 4 miles. Ready Seomm- i 
her •Oclft'-.-r Rent aeta.ls Iram the sole . 
igenis Hjrdlng a. Co.. 40 Weigcck 
||«et. Londdfl i W1M BLN. 01-48S 8276. 

BARROW-IN-FURNESS. CUMBRIA Modem 

sinoie Storcv Factory and Otht« appro* ; 
7D OOO i- 0 - ,t- Central Position 2 acre 
site. Ample parking, good nejdrooin. 

£ 200.080 Freehold or mav lease. Fv* 1 
derails °s cre So" S Hartley, i. The 
Crave. I It lev. W. Yorks. Tel: 0943 

H^e £ 5 MIDD*.— ’O-DOO-M-ODO sq. It 
brand new unils all possible amcnitiej 
£1 65 p.S->- Golflenberg & Co. 01 -49^ 

RoVheHITHF-. S-tlB — 1 .372-165.072 
sq it. 1 • minimum nemnt. arl»c-in 
laadlna <* r A 'orrv rarkin" to each 
unit pram £2 JO pa l. Goidenberg 
& Cd- 01-9' «1Q1 


building land 

FELiXSTOWt SUFFOLK — SuperD seaside 
building site with extensive sea views 
aid southern aspect. Existing planning 
consent lor seventeen Hats w-*h qaract* 
Close to eenrrg, All main services. 
Eilsilng re-ds Freehold. Price- E80 OQD 
SiiBioct to . “"Iran. Details Apolr 
Diamond- MILS £ Ca., 117 Hamilton 
Raid. Foli« sto-ve. Tel: Fel. 22fli,2. 


WEST KENT 
TOYS HILL. NR. 5 EVEN OAKS 
AGRICULTURAL AND 
WOODLAND 

in all 240 Acres 
50 ACRES OF PASTURE 
with poweesion 
71 ACRES OF LET LAND 
ton ether with 110 Acte* of Woodland 
in hand. 

BY AUCTION IN 13 LOTS 

I2ffi lory, ipyr 

TAYLOR A TESTER. 

3 Hirh Street FdrnhrM-e. Krnf. 
Tel: 0732 B62434. 


RADCIFFE-ON-TRENT. NOTTINGHAM- I 
SHIRE — P.i'.nc Ol tour shr.os *'}■" . 

Ii-.ng aicepimnia.iiioii ano-e gneroo lor 
wi’h (omniCr va:ar* 

EMImated Income when let- £8.000 oer 
annum e>CM.;C M^ern hi»lin.r.n | 
appro. Ima'elr lour years el.1 oncrf . 
mv.tcrt lor the Techoin miercs' Aooiv 
Haiiam. Brackett A Co B_Low Pave- 
men:. NDtlngham NG1 .DU. 060_ 

FREEHOLD KflWNlOI. *1- 5 Mor-T, 

house . IS rooms. 5 bathrejms. Part 
■ acanl opnseiS'On ln.-ome CIO OOO 00 
□er annum nitcrj inY>'ed. wrie Bov 
T 4900 Financial Times, 10 Cjmnon 
Street. EC4P a by. 


SHOPS AND 
OFFICES 


28 , Conduit Street. TBLKMIOMt! 
LONDON, WIR OHH. qi-ee» eooz. 


NEWBURY. BERKS.- — Wanted tor clients 
witnin 20 m,ies oi Newburv. Ircchold 
light inT! 1 4 '-t'*i 5 *lk ibout acre. Would 
also ccnsid= r *«Almg building 1 O.O 00 - 
15.000 so -Leonard Bentan. FRICS 
1 Hawks. >B«. tgijnam, Surrc,. 


CLIFTON, BRISTOL 

Business Rats available 
lugeiher with accommodation 
call 0272 34563. or write to 
CONSTAPLES. 

1 Harley Place. Bristol S. 


r,Tv i-hinGE. 3.600 5d. tr modern 

1S.CC for oulek Mle. £190^000 

freehold. Write E »» c ™? 0 V r 
Times. 10. Cannon Street. ECdr ABt 

MANCHESTER AREA ExceUentlv located 
a dice qidcl and worfcShftP 3-.S00 sa- «- 
Cio*e to Motorway connections M61. 
62 63 and A5B. Contact Derrlcfc 

Wane 4 Waicra. Preston 57758 

CENTRAL HARROW- S.000 sa. it. e.cei- 
linr ioi*-cor>raincO dtice* Moncrn build- 
ing with parking LJO 
suites also available ,5 PS , y Lqrbeti 
oisman & Cg. 01-^27 62..Z. 

LONDON W.C.1 — 3.700 *0 It. sell- 
canained oihce suite. Cio« to ’5" 

To Let- Aoplv Henrv Bwtfhif & Co 

BRENT 0 ST*. 4 'n.w.* — New 
8 400 *q it rn Let imav divide) All 
amenities, immeniatc »DSSr»«n. Lewis 
& Tucker. 15 Hanover So.. W.l. Tel: 

COll'iEU WOOD. 5. w.l 9 <ci*se Wimbiis 
don.R«hmi>nd) New Olt.cn Block H 000 
so it. lo Lei mav divide)- All ameni- 
ties. immadia'c pocscMton^ ■ Jr 0 * 1 ls -Jt ; 

Tucker. 16 Hannver Sq.. W.l. Tel: I 

MAYFAIR— 5 loo so. it vc Building. J 
For re nr or lease lor laic. Jamd A 
Jacobs D1-930 0261. 

BOURNEMOUTH — Centrallv Situated Show- 1 
room .Storage pn-msos suitable lor many I 
other uses. Total Boer area about | 
a 000 sq. it. Vacant Possession. L60 003 ; 
FiMhdIfl. 5010 AQkniS— FOX & SONS. 
44-52 Old Chrisichurth Road. Bourne- 
mouth. 0202 24242. 


JULY 3, 1978 

The Financial Times is planning to publish 
a Survey on Property. The main headings 
of the provisional editorial synopsis are set 
out below: 

INTRODUCTION The property market 
entered 1978 on the crest of rising property 
values and a rise in property share prices. 
Early enthusiasm has ebbed as doubts about . 
the long-term strength of the country’s 
economic recovery and the effects of higher 
interest rates are absorbed. But the 
industry’s recovery from the 1973-74 crash 
is now too well founded to be upset by a 
temporary loss of nerve. 

DIARY OF A HECTIC YEAR 

INVESTMENT 

GOVERNMENT POLICY 
LOCAL AUTHORITIES 
DEVELOPMENTS 
THE LETTING MARKETS 
SHOPS 

INDUSTRIALS 
NEW TOWNS 
. RELOCATION 

THE PROPERTY SERVICES AGENCY 
THE ENGLISH ESTATES CORPORATION 

REFURBISHMENTS 

For further information and details of 
advertising rates please contact 

Terry Drnce 
Financial Times 
Bracken House 
10 Cannon Street 
London EC4P 4BY 
Tel: 01-248 8000 Ext. 7196 

FINANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 

The content and publication dales of Surveys in ihe 
Financial Times are subject to change at the discretion 
of the Editor. 
















-• 

■ Financial; -3^es.-1 






Wall St. falls 10 but Hong Kong advances 


NEW YORK-***: »»» 


INVESTMENT DOLLAR 
FEE AH CM 

$2.60 to £—1131% (113%) 
Effective SI -8300 50% (50J%) 
AMID INDICATIONS that the 
Wall Street stock market is enter- 
in ga corrective phase, prices re- 
treated sharply over a broad 
front in active, although reduced 
trading yesterday. 

The Dow Jones Industrial Aver- 
age came back 10.31 to S+i-25 and 
the NYSE All Common Index 
declined 37 cents to 535.31. while 
losses outpaced gains by 1.133 U> 
336. Trading volume contracted 
to 2S.28m shares fro m Wednes- 
day's very heavy total of 37.29ni. 

“ I think the market's path of 
least resistance for the near-term 
is downwards.” commented Harry 
Laubscher. of Blyth Eastman 
Dillon. “The market is giving 
signs it needs aliti le rest.” after 
its long rise from mid-April, he 
added. 

Analysts said there was also 
some nervousness in advance of 
the weekly US. money supply 
figures, due after the New York 
SE close. 

Last week, money supply rose 
54.'2bn. increasing fears that the 
Federal Reserve might move to 
further lighten monetary policy, 
particularly if this week's report 
showed another rise. Most 
analysis were looking for a 
decline in the money supply yes- 
terday. however. 

If there is some drop in the 


money supply, it could trigger a 
rally." commented Harvey 
Dinilcvh. of Purcell Graham and 
Co. But he added that " 1 see a 
more serious correction" if the 
stock market fails to rebound in 
the next few days. 

After the market close, the Fed 
reported that UJS. money supply 
M-l was unchanged in the latest 
reporting week, while the broader 
M-2 measure rose SlOtJm. 

The Commerce Department re- 
ported that U.S. inventories rose 
S3.S5bn in April after a :5.44bn 
jump in March. Purcell Graham's 
Harvey Dciltsch said the im plica- 
lion is that business will increase 
borrowing to finance the inven- 
tories. putting further upward 
pressure on short-term interest 
rates. 

Rowan jumped S3 to $26 — 
it has rejected as inadequate a 
$26 a shar eoffer fo rits stock 
from Chicago Bridge and Iron, 
which lost 1J to S56j. 

1C Industries declined 1! to 
S 24 J — Hardee’s has obtained a 
cour Inrder blocking IC from in- 
terfering with the merger of Pet 
and Hardee's, but IC said it will 
contest th eaCtion. Hardee's added 
i to S16J and Pet i to $301. 

A number of glamour and in- 
stitutional favourites lost ground. 
IBM slipped li to $270 and UAL 
1 ■ m S2$; in heavy trading, in- 
cluding a 200.000 share block 
traded :•■ *2SJ. 

LuS. steel, down i at S27J. 
joined Bethlehem. Republic and 


in Haimaru. 


National steel companies in Uaimani. Alidoriya ami some newed advance after a shakeout nert week a 
announcing a modot :i per cent other Department Stores were on Tuesday has mcreasea con- dNwkeip. ■ Owti Guumi deciircd 
price rise on steel mill products, boushl. . Mcnce that the market will 2-2 tn Wira.g and Hnrtoo La 

THE AMERICAN SE Market Value Also higher were domestic- continue rising for some time to DM133.3. jvtotors, howeve^ 

Index reacted O.o8 to 350.74 on marker issues, like Rv.il Estates, to come. SdSin™ **1 7 at DM213\?fife 

volume of 4.80m shares 1 3.65m). Chemicals and Sugars. -NiPP/>" Among the leaders Hong Kong jddmg U at whrte 

j%ssm 3 s Jussis? ss WgSS !™ r ^Hk aD “? 

bid for Husky to CSoJ a -share °TrddJ “A° 60° cents to HKSS.10 and Getamtais r«e‘ to iMgO. o» 

Tokyo BLir^ M sr-Jsa ™. 5,athMon 50 c *“ s *° S? state? 

Share prices were mixed with mew. indud.no a large j sup- Properties jw«am Jcv °S£* ^ ^ Vebastar* 

an easier bias in another modest pigmentary budget. »’<*uld hr Hoj^ Rong '^arf addin^ HKsl °«asb • neoxdei 
business as a wait-and-see mood necessary to ensure Japan reached ********* Ncw ' Vor,d 8 f {J 50 SSnS?^ 
spread over the market as a ! ,s ' ”f r wni economic -row th cents at HK$1.8o. Bundesbank, bo ugh t' DM2£5rS : 

result of the continuing plunge tyeet for fiscal 1978 . h*pp»n^ naminaJ of stock/Marfe Foreign 

of the dollar against the yen t-n refle I l irt-J h Australia Loans were little changed. 




mA & aft 


foreign exchange markets. How- recovery in the tramp market. Stocks again made an irregular 


Public Authority Bonds recorded 
further losses to 50 pfennigs. .The 
Bundesbank bought' DM2&5nf 
nominal of stock. Mark Foreign 
Loans were little changed. \, : 


4 one 9 f 3li»* 


& 45 . i- ' 6i50 




owing yesterday, although there Paris ' J 

S in Sc MhSSfSt C or bnS Market continued to show * 
BH Sou ih. after Wednesday’s 


STANDARD AKD POORS 


Jones Average lost 6^0 to 5.4»o.yi. „ BH South, after Wednesday s W h bi^torT 

but the Tokyo SE index hardeoed HOfl? KoilP 13 cenls advance on a flurry of . ri ^ ™«: fn p* 

0.23 to 4L2.33. Volume equalled ^ lvun 8 takeover rumours, moved ahead 

Wednesday's level of 220m The entry of ag*re&shc London 12 cents further to ASL32. with Uisca a tfMtamg on 

shares institutional buying pu.4u'd the the last few cents of the gain iJSquiiSktfiin wiU bertmf 

Most export-orientated issues market forward at an even faster coming after directors bad said o* legisianon.^ui oe DW 

lost ground, with Sony ending Y30 pace yesterday, the Hang Seng that they knew of no reason for iwT 8 

off at YI.720 following lower index climbing 1SJS more to the price rise. Volume in the Li? ' • . . 

interim results. Pioneer Elec- .346.54, iLs highest level for the stock was heavy. Pont* FnnriaVnii 

tronic were Y20 cheaper at Y1.750. past four-and-a-half years. Renison Tin put on AS1.30 to a 

Canon Y4 easier at Y4S1 and isuzu Interest was more widespread new peak of AS 10. 80. spurred on issues werenLrm agaujst 

Motor Y6 down at Y291. than of late, with c*>od local by the sharp rise in the London of“J ra ' 

Shipbuildings, such as Kawasaki demand also in evidence. How- tin price and also take-over ™?chaiiical- and 
Heavy Industries and Fuji Heavy ever, institutions were primarily speculation. 


June 

Jiina 

June 

16 


14 

-13:; 




IMM’J-Xsi 


4.86' 




3 t.«. HI.U1LUUUIIS iveic [ii 1IIIUI ..J sjjc.uicmuii. _ . in -li -fhar iwrnn; ' 

Industries, were generally easier, interesied in the leaders, and Among Coalsj Sellambi gamed in oii ouier sectors, .. 
w hile recently-selecied specula- market sources noted tlwt the another 10 cents lu A55.40. Coal * ’W® 

lives, like Maruzcn. Toyo Rcfim-ri Hong Kung offices of Lundon and Allied 15 cents more to ^*«»er. baanier unvaij-tiwmette. 


N.Y.S.K. AIXOOMKOir 




wiaiuti-ii. MI.'U rains Willies OI WIIUUII dliu .-tilicu i-i itma n-tlarlw 

Sugar and Osaka Concrete, also brokers were in rhe market lo AS4.10 and Utah 5 cents to - °° Tf iles 


retreated. rep I en is 

Selective buying focused on stocks 
Retailers and sniall-size issues. London. 


replenish their depleted supply of AS4.15. but Thicss came back 3 T A J ”” 

stocks currently m demand in cents to AS2.72. Do ‘"“^fS- 


Ericsson, Chlers, BP, Bellou and 


Dealers said the ro- However, Copper issues were 


How>ever, Simco were suspended 


NEW YORK 


.\ijipiu 

.VMi»*v!ii|>h .. 

A el nn Lllei 

All- Pn»lii».-I' 

Ain .-- 1 

A luinAluinimimi 

Alo« 

Alley. Ludiiim... 
Alleoheay W«ei 
A 1 1 w<i CIiciii kn l .. 

A III? il MwRk. 

A I li* l.'hslmfrft... 

A WAX 

AmcTa.U Ben .... 


Amor. Airlines.. 
Ami-r. Un»|.... 
Anmr. Uradis-I 

Amer. '.»n 1 

Amvr.t'vniMmxl 
Amer. Kle».-. K>b 
A mer. K.\|irve... 
A n ipr. H-’niet*rOii 
Amer. Me.Ui mi... 
Amer. Jl< ilor,.... 
Amer. X»U It*.., 
Amer. Mhii-Ihi.I. 

Amer. 'I(.rr. 

Amer. lei. A. lei.. 

A'neleli 

A M l 

AMP 



Auvli.ir H.X'hnu. 
Aulieorei- bu iHi. 

Anno.. eel 

V.s.V 

AMiinein un 


1 1,. .iiiiiij I. m— . 

.lt.PL i m II 1 1> ,lln 

■ L mile 

j L»»kP3 Am 

i Lrr»»\ n /^ller<*u-li 
'. iiniiiiiD- Knyin. 
Curtl-r M'nnlil... 

Hun! 

Itart I DAiiftLrien.. 

L*eere 

IH Monte 

IMiuiu 

L/eniftyW luter... 
Llern.il klisni... 
Uwnioa*l 2 }h«inrk . 

Li|..-iMi>bsne 

Umlui t.fjip.... 

Uinev t Well ...... 

timer LVirpn 

Uo .v Cbumieal 

Urn 

Ilmter. 

l>.. P..^it 

L>\mn In.luMrie'- 
Kn^iie Pieli?r 

but .tlrlllm 

bMlnmii K.ftlnk.. 
baluu t 


A»«p.'. 

A-liln.M Ull... . 

Alt. If l'.-h f Ift-l.t 

A iil< . Imim fn.. .. 

A VC : 

An 

At .Mi Pr»ft1u*-U... 
Unit Li#-* Kits -I .... 

Bsuk Aim-run 

Hanker- Tr. J.Y. 

JJirter Ull. ; 

Basier T rave nol... 
Beatm.-e Pourt i 

Beeiou Ul-keua...u' 

Bell A Howell.... 

Bern In 

Beuuuet t«sn. ’B’ 
Bvthielieiii Mw. 
Kia,-k A Dv-hi.-r .. 

B.«siria 

H. .in? Cnv.-n* le.... 

H.jr.ieii 

II...I’. IVaniei ... 

Hi Mill i liH 

B.arnu 'A' 

Biiat-.. MrCi'i .... 


H. Li. A U 

bl IAla». NM. IjH»' 

hunt 

bmerr-.ai Kle<:l rlv' 
bniet vAii-Fr'itihl- 

LlllllHlI 

k.'l.l ' 

bn^olliHi.l 

brniHU. i 

bl»m ‘ 

hits. HI 

I J i r.,-1 ■■ ■■ ■ LaiiieiH- 
i l-cl. lhf|S. M.i.er! 
I PireXo/ie Tire... 
P-4. .Sal. r..<ii4i.i 

I- le» I Vnu 

Klliilk.-te 

Plun.ln Pnuer....! 
fltns : 


1 June 

U 14 

sa'i 

60 U 

•jl'.- 

52 

29- 

30U 

z7 ; : 

28)4 

32si 

327 0 

40 la 

41 

175s 

17l a 

38 

28 i a 

43 

4354 

33 

34 

26ie 

26$g 

IH: 

1170 

22»4 

22*4 

ISi? 

156a 

27 

1 27 

16 

16 14 

51 

1 52V, 

42 

42i* 

■U'i 

44 

25li 

26 14 

U7 

! 27 1 , 

44U 

1 45'a 

1 17- a 

1183, 

aOu 

1 30l 4 

24': 

24: e 

11-6 

j 12 

SSis 

; 562a 

38 

40'a | 

1 

27 In 

IbV 1 

lcJ, I 


I..IIII-. 41 HIM III... ■ 
J-.|iiift>>n J.ilm j,ii 
4‘.lui»»n LA.nl in,. 
l-<\ Mnniilavtiit'u* 

k. Mart L'orp 

Kjn-wrA -uni Ini'll, | 
k'aiay lihlnsrHy- 
hnlfter&tee,._...,.i 
him ' 

KLlllllVtl I 

Kerr MK.cr 1 

KW.Ie Waiter., .. 
Kinilftir>\ C'crK .. 

K.i/.jiem 

tvnur. 

■•i.igei Lis. , 




, '.VvnoliK VIvIbN 
Berii-iMs K, 4.... 

| Wi.-liVui Mei rel 1 
: Knek« ell Inter... 
i Uotim A Haas. 


42ij i d3la 


LiM.\ i.itc.K.1 


l.iltOD Indu- 




Niekr 4tui ee 

I.'wf Y*unt>*t’wi. 
Mn Mi,. an 

Usmi li. H 

Miio. Hmn-iei ... 

u 

Mamih.ni 


Mflwau 

Met k 


t. M.C 

Ford Motor. 

Fcrem..i-i Met.... 


dbs, , 

2146 1 21. ‘8 


foxboro : 3853 | 3BSa 

liauhiln Mini....; 9ij 9ig 


Pi report Mlnrmi. 23i® ; E3 lq 
Kniellit.il 1 325;: 325, 


tfl.jlU ln-1r 11 >4 I 18 


MUM 

Minn 11 ii mi Mia| 
Mutn Otrpft ' 

Mnnnniu 

M-ettnn J.P_ 

4i<eun>im....._ 

Mun-UyUli i 

A : 

, >akv L Uemi -m... 
i .%m loan Can 


:: 3314 

34 lx 

.! 2768 

273, 

.< 33>i 

33 '4 

.; 4bi 4 

48i a 

.. 221, 

21*98 

! b 3 

24. 8 

197a 

20oj 

>9 

19 

.i k2i w 

223, 

■ 42 if 

423, 

liln • 

1--39 

; 6* 

6'2 

li.a 

xma 

'■ 43 

431 , 

. 37-': 

£8 

‘ 3330 

34 

48' + 

483s 

.! iris 

15?e 

., kSi a 

23 13 

24se 

24 v 8 

. ~2i 8 

54 

. 27« 2 

273, 

. i2'a 

a3i, 

. 241, 

24>, 

' 433, 

47i, 

583, 

59. a 

. 193, 

2U 

.' ~o 

551, 


Ilvi'ti LhiH-h S7 1 4 

KTK ' 16 's 

Knas lA«ft . 12 >g 

It.v tor 6 yniem.... 23*4 
sale way A<n\.J 4Uj 
si. Joe" Mineral a. j 25 ip 
Si. Iletna PB|j»r..., 25 

-wnu Fr Inrft 35 

InveH j t>M 

Smc-in In.lft 6"« 

vliins tirmn,... 13*2 

VI in mi ter- :cr > fcO’S 

M.M 18'2 

s.,m l'ij«r • ITU 

■ vri Mr tOTi 

Vnrider I'uoie-l' nl. 


June 

in 

•In up 

U 

Jim, 

'liT.li- I. 

June 

14 

48i, 

48ij 

Wuoiunrlb 19- . 

19'. 

29i, 

SOU 

w'vir 4 

at. 


67 

.Verr.T S5« 

56'j 

24 1- 

25 

/rajatn le • 

17 

3ZU 

32 U 

Zemin Ifoilio 15 . 

151? 

34 i. 

34i, 

U.-.lrea- *% l*. t9*» V-, 

tS.TrTe^J^ib^.. 180.-.: 

;80'i 

57 '4 

5j', 

•.■..S.40 l>av liill- n 6.65 . 

6.61^ 


easier following U.S. price cuts in 

the metal. Bougainville shedding rose ^' 4 ^rthet-.to 

o tei u'pcipm Jcrr. lSf.i. 


3 cents to .481.25 and Western 
Mining 2 cents tr* AS 1.63. 

The Oil Shale stocks relin- 
quished more ot the recent sharp 


Canada ■ 

Stocks were inclined to. gainj 


speculative rise. Southern Pacific further ground in another heavy 
losing 30 cents to AS2.25 and Cen- trade. The Toronto Composite 
tral Pacific, which were un- index put on 1.6 more to a. high 
traded in Sydney, falling ASl.oO f or the year of 1.148.0. while Oils JOHARntahtfR© 


CANADA 


5tn LmUBlner- 

-JrwKrain 

Var.e'i.i.U.j ' 

TenJ Koelti.-k..... 

ih'lllXI 

alien Oil 

•jnei 'Cnm-imn... 

-iiuna 

SijfifftieC.iri 

51 D 14.1 ii-ii i- P 41 .... 

- 

vnilTiiKiui*.. .... 
amiln-n 

SHItn.I.in 11 

Mmthern L'e-. h>i 

■Naitlirrn t.i* 

athii. Nal. Ke .... 
>iairhein Pa iti . 
VdiChemBsHwai 



6 »a 

67, 

7' j 

13'? 

14 

60 ij 

81% 

18'? 

18 'a 

171, 

• 71, 

207s 

20 13 

t'a 

B3fl 

29 -‘c 

30 Sg 

2490 

247,; 

13 

1030 

233« 

23', 

367, 

.3730 

325, 

323, 

391? 

39; 

t 6 U 

••71, 

iSU 

58<: 

133. 

14U 

21+4 

22 -, 

76 in 

753, 


\ 1 . 1 tlM 12 - 1 

bal:ie. 4.80 

\Ioid V'ummiain at’; 

I'amMtf, : 22 

\vJ-,«rK« M- ; 

LUnk 1,1 Mmiirtit 'cZ 

(Jan k Xma S' mis' 21 1 > 
dan Kesrtirei..' & 
lie- Telephone....; 56 v. 
bow ValievItH...- 30 -v 


UPCaM.1t. 14 

Uraftcan 16..- 

bnnrr.. 14 . 2 U 
^«.lT<ri P”n e/__, 36 
^tniK,.* Mmeft.. 151: 

J -'umilji Lemeni..- 11*. 
^.anaila MV Lrd... 12*: 
Cm 11 1 nip Bilk Com, 2 d V 

•.ftiui.iM liuliifti 20 ip 

can Pai.'ih..-. i9 ■ : 

.mu. IW lit.; Inv. 20 1 1 

-.flu. Su4>ri tBI- 

.Mr.inj; U'Keeie. 4 65 


to ASS in Melbourne. ant } gas strengthened a further 

Pastoral companies were firmer 12 ^ to 1.466.3 and Golds added! 
on a Canberra forecast that farm 5>3 al 1JS7 ^ but Metals and 
incomes would be up more than Mineral declined 52 to 956.1 ' 

40 per rent this year, but Banks 3 . 

and Financials were dull. 

BHP closed 2 cents off at *3 Wltzeriauu .. r 

AS7J10 despite fresh support The recent finning trend 
from arbitrage operators. persisted. One dealer said there 

The Computer concern Mere new rumours in the market 
Da ironies rose 12 cents to ASU30. that the Swiss Central BankwiU 

„ ease investment curbs for tion- 

Germany resident foreigners. He noted that 

Profit-taking brought an easier fnuch Swiss capital is still seej^ig 
tendency yesterday following investment. 

Wednesday's widespread improve- Saurer Bearer, -however, re- 
men t ceded 50 to SwFr 830 following a 

Barer Vereinsbank slipped 22 denial by the OerliJron-Buehrie 
to DM311.8. AEG. in Electricals, chairman of a possible take-over 


Jnnp j rre- 


1978 pine 
Higb ! bow 


<rfVr-llSE77 


receded 1.3 to DMS1.9 ahead of bid for Saurer. 


NOTES: overseas anew* sbnii oetow urai-’Ot scrip issue, c Pef sbare. i KTmX»cs 
"tci ikk- J premium Belgian dtcuiewts a Hrovs 4nr. %• b Assumed aivMeaa aftei 


ir* ..tier u-uhholdinc ut 


sc no ancOor rights issue, k After local 


Are-tos.. j lli| 


-l*e | bl»« 
49U | SOU 
-5U i 464, 
397, I 40" a 
43*8 I 25U 


I VMiUiMin.i 2 s 15 

•'u'l uun-hitre.; 271^ 
i|.«rc> Hutcn.... 17ij 
34*rry Knn-- 42ij 

’V|UiL> £44, 

-Lau, Lani titan 1 .' k6U 
'l- i.UnL'-oiliirnui 4., 
*Bl.Oi. Iipiiana..j 495, 
MU. Ull UfllO.„.' t41s 


2sii ' 29i, 
271m ' 874, 
17*3 , 181, 

4 2ia • 4a 
£44, 33U 

k6U . 267, 
4 a ' 4a 
495a I 497 a 
t4»s ' o5 


.bteiiAin : 19 

2t '« 

.■Mift Un(bm?l — 27^t 

On-'iniee l.m* < 1C»; 

Juseka HeM-4ircpr b.f 

^OIUID Httfb ......! 12*1 

UA..II bei .ml.,.. ! tS; 
Denison Mine»... : 75 

U 001 Mine*.. ; b7 

U«e HetiTneiin e54« 
>A.uiinh>n Unde* ; 25 

U..n>ixr..__« IB 

•lupinii It 7^ 

•■MJuoo'oe Xickie j 24 1; 


, DMKi iienom. unless qibertvrse »tar«i. taxes, m *4 lax free. » Vratie* inchQUmi 
■lelds bASert on net rlividcmts plus rax T’nilac rtiv. pNnm. o Sh are spilt, epiv 
V F*fa».50l* rtenom. unless tdinniK slated, ard jnelrt exdnrte snc-cial pevTneot r TnA> 
Ki inn no turn unless otheiwiA* Ki»e<i cate4 4iv « t'nnlfiriai iratlinc c Mftmrtty 

v Kr .vm 'teni.m jna Bearer shares Uo^rti rs ontr w Menter sending. * %sfc e<1 

un>«s otheniiS” siaieC. •' Yen all rtenum. - B,ri . Traded t Beller ? Asromert 

unless uthenrise stated. S Price at nme tr Ex natns xrt Ex dlrtdend 

,rt xussHnsinn n Vlnrins. n kchillmax sens L««te. xa Ex all. 4 Interim Sloce 


u Dividend alter Sdulim r.sWj inrreasefl. 


GERMANY ♦ 


TOKYO 1 


AUSTRALIA 


~ I ■ n-wiu .'ICHf I 

uuB Cbeunca .| n 2 i 2 I 42 ; a j r.««l M.itni Can..j i75» 


-Lenma Unit!.— 


SrBJs 1 UbT, 


>iii-e>inker 671, I 6813 


Bin. »M. AL'IJ . 
Bn*.-k« *\ «i,«*- .. 
Hrnn--.% 1 -k 

H. i.-ini- brie 

Bll-l.ftM W'si.-Ji. , 
Biiriiiijii.il Mlin 

HiKwimu- 

L ainptei, ama|ft. 

L mm, ha II Kai.ilH.- 

Lanal Kan-tulpb.. 

LaiTiiiliiJO 

L'm riei A i.euei-Mi 
Larlei H*wie\ ... 
i-iiierviiiMrl mi.-t- 


I. elniiefte Lui |<i .. 

L eULffll A a. IV... 


O.A.K. 

* .4111101 1 

Lien. A nH-l . I ill 
U.A.I.A 

* ten. cm, 

•'.en. Ummiiiic-. 
iieii.b'e»-iri..-»„ 
(■eMerat K.»«i-. 

J Lienn-B Mm,.. 

I'.eneia M-4..r, 
j Lien. 111'., l li.. 
! '.tell. M'jiuii.. . 

I ’.tell. Le . bie. 1 
1 i.en. I lie 

LteilCrt.’- 

* MS III! lit I’mi:iIi, 

■eu\ 


l.urlaiDlee-b. i 
LtMJii Air-mil...' 
Lliwe lB.nl iMlitn.; 
I. Iieilli .-»■ Bk.Mj 
1 . Iimei'nih P>mi.i.. 
l he-raiecyitem.. 
Lbuai;” Bridae... 

L'Urysier 

Linemnui 

LiiD.. Miin.-nm... 

L lllLl'.lft 

Line; swvLt.... 

L it v investing... 

Ltrja Lola 

L-.<iu"it Paint.... 
LutliUft Aikmao. 


I Liilleiie 

.rin. 1 l 1 .-b b. I- ! 

(i.jiniDir 1’ire.... 

Lirslkl • 

i.rx.-e tv. li. , 

•el. Allan Hn.-lcn 
Url. .'urili I real.. 

1.1 re.\ I i-.i ■ 1 1 , i 

bull a WtMeni. 

1.1 llll III. 

Halltain-.ai ........ 

Hitxnm Mmiiut.... 

Hinii- liieuer. ...- 

LLtrrlft Lu|jD 

Hern/ H. J • 

Heuiiicm ! 


I Yu. 

I Sal. Jwu.t I nil.' 

mi sievi... 

'HI--IIOU. 

• si.tr 

• .Sel l unc I mu .... 

; biJKiaini bi. 
! 'ie'i hnjatiMl lei 
1 ii'irniM Mi-b-iui. 

, MajiarM aiiMie. ... 

1 S. I_ I n-liirl rir* . 

I Nnllil.kaWe-.IOII 
| vnn ,\hi. Lib... 
j Him Mam I'm." 
.MIiMrM Alrliiie* 
si|i'ii-»l Hnu nr| 
S. .|inu mum,. ... 

! -lielim Vein, 
•■'Jilvi Maiuer.. ■ 

• *hn, tMiiHm ‘ 

DI 111 


•>nnLV>. • 42*4 

1 >uo.i-tnin,f 46s, 

avntex. 30*6 

te'innoiHM- 42>a 


I'etin'fi'ft ' 444, 


U»n lie 

fcei 


116 i.j , 115-j 


I'enoL* 31 1, 


I'ewrr, J*m pr,(euni : 10-'a 
Ir-LML-ri 2a 

le-ui*KUII * 19, a 


IralumierKn 


. 23 

25'. 

• 19,3 

20 ^, 

. bl'. 

bi- 1 , 

.1 325 t 

32 jg 

.| 20 * 

201 , 

. 42'r 

433a 

^ 3ol, 

30 1 2 

al7 a 

53lj 

j 36'a 

36 >, 

• 157s 

16 1 , 

.1 18ia 

18 


jtttjftiai 29i; 

JI4UI l(l‘«liilllr t. 1 1 

U Ull On Oma-ui a 6 .j 
H««kei 5l 1 . Cat*. c aa 

1 J 11 IlLifi 5.-I2 

Hume LMl •.%• „ .. 42 

ri,fci«oii bni M,i. • :/'a 

du laun m.r. .. *2 

H'l-lsen Ulf K Un* 4* •j 

I.AJL, ItU 

nna*.* 00 V- 

lllli«TI,l Uil 19 

•lax ia:a 


ABU 81.9-1.3 

A ran* Ver-ich... 475 x-1 

rilin'. 243-5-rO.a 

140.2-0.6 — 

, Bvpr. 140.5 —0.9 . 1&J5 8.7 Uai .Siramn Pnmj 530 —1 

.mw. Hvisi 276.5-1-5 28.12 5.1 Fuj Bb.«.i 556 —4 

fcixi.ldwk. 311-8 —2.2 13 2.H aiaMOM ’ 

•j>— Ini \ ^.1 frn* 16? — — riinri* Mnturv.... ; 576 , — 1 

cVimnwr.-'-ink.... 222.4-0.9 17 7,6 H..i,f,.,i, LUO |+ 10 

L'*ni Gunniii 73.8-2.2 — — _ -• f xi * 

308 - 0.5 39.12 4.0 lli-lnw. 1-320 ... 

ue._..,ft.a 261.9 a +0.1 17 3.4 te ’7 o47 -3 

lA-nia*: 1o7 -0.5 14 4.3 '.A.L. 2.650 ;-rl0 

Ueui.-et^- Lank..- 30J.2W — 0.8 23.12 «.T vmii-mi Eir-i. I*u.L130 -10 

Ure-lnn Bank... <38a-2 39.12 5.9 v.inai-u -...- 343 -1 

i*\ckeriir-iT /.end 169 5 . 9.38 2.8 ' nui-.<ia 279 

tj'UPDifiliiiinH.. „ 200 —2 12 ' 5.0. i»"i>K>niiii*: ... 4.030 — 60 

i.i i io id n« 5 o I k I*lMi*ulln Iti K« ■ 1 

293.5 V0.5 ,1^72 Sis' •|'J^* , J , •7'>*J>"nll.. , 279 +1 

Ssr 13i 4r 0 - 5 . U T ih ~i 

Hiirial 133.5-1.5 9.36 3-5 !* }*“ * *21 ' T } 


81.9—1.5 — — I Aaaln Uliue..^....! 538 

475 +1 31.2 3.3lJan**a M 481 

243.5 V 0.5 28-oa 6.7 1 —Ki ! 610 


140.2 -0.6 18.76 6.7 UlNWa. 


154a I 15ij 


<. Mlumbia (ijil... 

Luliimbia hel 

Lmn.liiiUluil Am 
Lr>mbu.lK>n him 
l.OTuliisiiuti by... 
L'm'n'lll tillsnn 
Luin'ir'lL Ull li'el 
L orani. Sralel life. . 
L i impijl eCM.'ieni* 
Limn. r,en./Lin.. 

L uni*- 

i. ■ in. hdiM'ii A .1 . 
L'.»IIM-I l.»sl* I 

I Ullr-Il ?. Ml. •;»-,.. I 

I'lUitiUDri I Vo 1 . 1 . 

I.'ulil<»' , ti*ai Cirii.j 
t '.iiit ineMlni Uil../ 
•.'■nut mental leie.i 

i.nutiul Unix 

i" ■tia.-r In, tn- ■ 


Hewiell flt,-lutnl^ 
UiMhla.i lull- | 

Hunevwe' ! 

Hmivei I 

Hu | .Lurp.Amei.{ 
Honsluii iSai.lin, 
Hiiiii i I'h.AiL'bm! 

Hull , mi (b.F.i 1 

I.L. fn-fti-tue- ...| 

ISA ■ 

luuein.<i' liauii....t 

liiiainl ^»wi 

liiH'L" i 

i in no 'in kner~\- 

i um S 

■ uLI. Flex -.uni 

lull. Her\«r<ler...j 
lull. Mm A L'beni 
lull. Milll Ultra,*.. 

! (i o • 

i nil. I'nper ‘ 

i bi. 

i Im. Uevliher .. 

| ini . lei. a Ih... 

j nneiil • 

I lima I .eel ■ 

It lilltllinl emai. 
1.1 , hi : 


■.»erveMi>cbi|n.... 
■ "»en» Liiruniy 
uueiin nnn., 1 ,.... 

Lia? 

I'a tiic Lt-bitiiu 
I'M . Pwi. A U...I 
r'an.\in W.irl Air! 
I'arhei Hannllin.. 

ivut'ii im 

Ken. IV. i la 

Keiiuy J . L' | 

•Vniirnn i 

iVipies l»ru” _.. j 

! A’lptei bus 

Kepftio*.. j 


I mu- w«r Intr’n 
l'ran* World An .| 

I' ra Teller. 


1 ,1 •» 

i man. ■ .NmI.Iij.. 

| ,Hl’| .v Kin t-S'lr. 

Kaiser i.'murur- 

l/iUnh'<ULliT|i. .. 

Lhmhkw Cum.*b' 
Mi.'nnn'n ii,.~ll 
>1 mmc\ Kcriiira.M. 

11 ,-linyre. 

4li»ire Lt.i|.n • 


ACM lbi2& cent} ^ 

Aotpw Au-tralka. 1 

&.0 AHie.1 Mnu- lYM*. lad. * II 
2-6 J!ni(.k JixpK»r»tloo.___ ] 

H rs-K2rr:::±:! 

2.4 Aamr. rtper.6I J 

1.6 


10.70- J 
t0.82 


ta.15 -0-05 
U.2» ( 
to. 7 6 '.— 0.01 


ILIO [+4106 
U-2S 


, ' 6 \-aw. (.^n. Imlunrle* i 

„' 7 An-t. FouAVnon tpem..., 

?! AM-..J3. I 


tl.66 i+«.0i 
tl.Oa ,^-. 


Vn-tlmeo...- -i 

*■“! v li*. ....i ■ 10.51 i 

■ . 'Brniibv L'nwk t-M t0.26 ,t<iJ 1 . 

n-ira Mem 1 , 1 . 1 . .v 11.18 i+OJM AueMtaOl* L03 ^-OJTLJ.ik{L1.65. 

j ikniKainviile L'opi«r It. 25 -0.03 jmiv^u iuBdizi ...< ‘2.07 — O.OT . 1 . 't81 

2.J Hivkeu Hil. Pnn.rlebnv ...i 17.2J !-4.02 ^mcultnu. 1.25 1 j.a't * 29 Jl 

0.4 BHdnutU 1 tl.32 +0.12 ^iRoMuieimUi r a.aa teO.BZe+t'O.eO 


11.53 +0.02 
10.45 ; 


— i BRAZIL 


Jf -»H : : 


f' ‘ ‘ f T-nWw": VTor vGfWTi 

June 15 ‘l CriiV — •: L'ru* - 


hill ^( 1.1 ralr 

l,Mr-lmll 

Anulbiil 

h luekoer llM 

KHU 


147 -1.5 9 3.3 

321 . .. 23.44 3.7 

222 - i IB'72 4-3 

93.1- 0.4 - - 

184,0 10.76 5.1 


1948 | 19J„ 


in Co(<neti**,ii. i 194* | 19«i 


! t.K.W : 39*9 

I -AiKNiiurv K'» i6jg 

, li.a.L ■ 28i« 

I'AKCin *5 

uui : zu 

ULIf 21 


MouuUiabtaiei::. 3.95 1 3.90 

,i,iciii,i .il'iie,. 26ij I 264, 
Ai«Lts Kuerey.. lai* . 133* 
Atbu. leieur-ni.... 3ZJ, • 323, 
.Nnnrav i>i. k. Lia- 35>'g 34*« 

viaftu«x>i Pw'ni. 4.4a j 4.23 
I'lkum L<i^w M . 1.8a | 1.83 


q . 53 ! ^UhtikA-hi 576 . — I 

2344 57 v, FV»r» +10 

l&*72 737 — 3 

_ 1 .'l-.oM.te,... 809 + 1 

18 76- 5 1 l*i' meet 1.750 J— 20 

_ _ '••■>•• fciKIrnw 256 +2 


IO 4.4 
18 2.6 
la 2.7 
35 0.4 
4u 1.4 
10 J.8 

U 4.8 
14 1.3 

14 2.2 
1.7 

15 O.S 


12 0.8 
lo 1.0 


uX::::::::::::::: 349 . 8 + lb 25 5.0 


I riweiii +ni7'C*i.. . ! 1.4 5u at 25 o'a 


Uftten-a ' 1 11.5 -O.S. 9.36 4.2 


u,n eret [ 38Sg 


jin evei 4 1 


vert m K liner.... 
rei ' 

1'ii/ei '■ 

ttifi|* ISkiue 

Ptius.iel(4iia hie. 
I'luliiiMurn,.. .. 
l‘milip*Be(ivirni 

rtuUitv 

hnrr Bumes 

I 'n U inn • 

Pi««e.T Uii.VUK 


ft. , 111 in nano rj., . 

225, 

24 

-mull ft.«rtih,. ... 

38-4 

3930 

I.IIK4I L-iuinieift, 



1 1 lull Ul U |» 

49'a 

491, 

ft- iimn 

473* 

48;, 

ValtllU^'al 

81? 

gu 

uoiiei'l Uiaruib.. 

9I S 

9 


P ,-iiVBeiroieun. 
I .'••il. Lan. Hei'm 

i 'Hi 111, • 

I ,‘em'ie* Ur|4.:.. 

•'iMceLan A Un. 


MAN 

aImidc 

.Uein>mi> • 

Alujjt-Ueui-i Buck 

S0-kerinMiiu I 

rren -Mu UM IjL.j 


.'UcerUerelui mi, ^ 2 i| 


l> 3 Hanci-rt'- 

UStil IM'im 

u3 3h-« 

ua .-si 

d. lediihiuj^ie. 


i , .iwerL'nr|*inii'i> Ir I, 

.■rn.+ 13*, 

iMtler Muruo-M'l 1.. 8 

limbi' ' H 1 36 

Ml oboe ■ 11. I, 

i<io Aik hi 32^i 

ifuyai Bk.nl LAn.' 33U 
■{nyx. Tnul 19 U 


■(■ieilrW'e- 1 .K-ecl 

lUtier’lm [ 

lemeu ! 

jun Zucket • 


196 t 4 12 5.1 j 

138.4 -0.1 17. 1® 5.4 I 
218 -1 • 10 2.3 
545 j- 8 ; IB 1.7 
131 -0.5 ' - - 

117.3— U.2 — - 
189 -0.5 125 6.6 

871 .38.12 3.2 

287 ,-0.3 16 2.8 

242 ■36.56 5.5 


».iii.» '1.720 -3C 

ihi-Ih-. Menne 237 —1 

■ liktsie Chemiui- " 379 .—2 

Hk , 2,020 

ei jm 120 

.itkm Mamie 493 '*1 

• ukM,b«e<*l Fun 1-1,030 

■ ■AIM ’min. 508 1 — 1 

■"kvosnitralim...: 143 ;... ... 

"rat 143 1 

-•»« M-n.r 988 V.1 


rviu- XleLe I IM. .V , 

ikuijjaiitville L'npidir 

“■ ; Hivkeu Hil. Pnn .r latniv ...i 

1-4 L'arltnn Lnue .1 Hieweb\ .. 

1-2 l‘. J. L'*ile*-- 

4-8 CSMi*li.„ 

1.® L’uira. GnlritieUlft AuhI i 

ij Umminer iSLi | 

q '5 llhimIih: Kintintn 

q'q i.iuiein Au’tniiia 

i n Uniimp HuW^-riSli 

14 KSCOIt „.i 

2 ; 5 Elilet-omiUi I 

l '7 k/* Industries 

q'q ben. ptajeety Trust. I 

,' 9 HameMev — . 


11.80 uuiisJkuwr.UP..f- 330 -O.W^i- ,6.06 

t 2.00 Petrobm- PP....-..I 2.85 —0.06... 14 4.56 

13.09n> I+0.Q4 p| run 1.50.i— +-1-.V.l6!lB.6? 

.3.15 i +0.06 w+i '- ro/ UP.„.l S-BO ;+-0.k2f Jk ,7.93 

t 2 42 (+0.02 L ; nip PB.._ 5.9Q- ~u.9&«.lrt; 4^4 

■ -* - n- i-i-l 1.20 — j. 0 r ,«tr ;i5.fl n 
Scarcer Rio de Janeiro SE. 


T2.37 +Q.03 
11.50 : . ... 


11.36 -0.03 
tO.90 


?2:Io MJ.02 [ JOHANNESBURG 
f2.50 -+U.L3 ..MINES 

SrSH l- r one 15 . -■ .* ■■■' •:- 


2. A H Y| Acr — ■ 


15 2^0 lc ' 1 + 


10 . 4.2 
U ' 1.1 


Inter-Cbppe- 

leiimnjfs Industries 


r.j>- e 11 A.fi ! 116.B -0.5 ,17.18 7.3 


una 

» KfcA 

Veimn-kWeri Hk 


176 +1 i 14 4.0 

110.5- +0.7 j 12 -5.5 
Z90d . • 18 ' 3.1 


Source NiKko Securities. TuR>o 


Vnik-Hatieo 215 ' + 1.2 


18 ' 3.1 BRUSSEL5/LUXEMSOURG 

&U | 0.0 _ 


b7JB * 27 r. 


i'V InduMnes....; 20 rg i 20is 


rV'inmiu 

iVih-ninv Kiw.... 
t'PLi lliilu-trie.. 
i'i>’-iei iiamliie. 


417, 

I*ii'* tn • t., 0.1 

2 <.U 


36-i 

rii.. mail 

3138 

31ie 

I3S, 

I'm 

I'll* 

-I'* 3a 

3au 

'/UHhei l.hil ■ 

23 a 

26 

| 

' Amerlim 

lllj • 

ns* 

36 1 

tin rthe, in 

47 ?g 

493s 

11 

U'.'A 

2 B?z 

29', 

321.; 

I(p|nihli<. 'ii+i... 

24 3g 

243, 


B3>, I •'irjtnini Bicct 

21 1? | *V tl*i+efj...„ 

171? 'Vimw- LVunniii. 
iVaiuei-Laml+rl. 
. iViftie-MKri'nien- 

‘Vei.e-Ksn.-' 

90s ''’»•«•' Han.-».f| 

''emern.N. \im ■ 



W rt.iii-h-., K— . 


I'/Jg | I'o-VH r» i 6 <j 

26 I 'Vd erlMcuier .. . b 4 oji 

li^a [W|nri«»M_ i 2"5 

49Ja | iViiiieLou. Iiki.. - K3*t 

29 *J I »V» ram L«' 19 

241, ; \\i«oi,n-in fier i... kUlg 


I .lnyx. Trust 

vei * re K*fourvn 

( mipiui- 

’U-i, Lsnsi.ia..., 
ilierrill U.Mioe» 

neoeiift U. • - 

<Tni|wiUs 

'lee- ul >. ujm'Is. 
lecj.' K-.o- I ■- -ii 
LHiradH .. 
liH-nl", U.-ni.t'L 
um’i.siil’lL-r Iji 
i run* M-’ini 
I rue-. 

I i. in. >u 1 1 1 - 

Ltd. . — --Mir,,.. 

1 «'< kci Hii’tni... 


AMSTERDAM 


I lux..; 
J Price ! + i" 1 Ki . 

I K> . | — . N - 


Prii-c i+«»r Lh«. 1 Y*,l. 
H-. , — ' « ' A 


l‘l '‘me* (Ik trull : 

L^aunpi U>l_ | 

i 'y 'let nil bx|Horation ; 

HIM HoKllnflru— J, 

ilyw bnpnrinro ( 

l ! 0 J 

— Nh-Unlas IntenisivMiil i 

-xurib Broken H Mines oLk-i 
UBklmlce. I 

un vraiidi— ! 

UUer b>|iWumtiau- j 

— I 'k meet UuucfvHe.- j 

KiuhlUA CwimaD; i 

" >1. L'. 5leu{b — : 

’ runt bkmd Minim- 

'Ixt/Hoa bzmloratHni 

. . • oulli (S' 


11.24 *-0.01 i Kinross 


10.^5 -0.01 10 oof - 

10.35 j— fU02 Bupteobons Pbnuram 

12.21 I-0.B2' St. Helena ...: 

11.78 1+0.0 1 Souifiraai 


10.87 UojJl Union Corporation '. 

11.38 +0.01 Do Beers Deferred ..I...:. 

ti aj 7 j Blwoonutzidn - • 

to.iz East Rand -Pty. 

10.36 L— J.ti 2 Prce State Cednhl ...i....*. 
11.63 1 President Brand 


71.33 1 President 

t 2.80 [■ President 

10.75 , +41.01 Stllfomeln 


4h.HiKKi.JJi 107.0 + 1.00 +21 5.4 

\krr> i Kl.JJi 40.30— 0.2D — ' — 

L.uem Bnh i mot- 357.50 - 1.60 AS6.6 6.6 


\i+>i 2.350 —10 — ' tr..il<7f . 

rig. Brs. Limh... 'L660 ,+ IS 7< . 4.3 ll'uiitm*..'- j 

dcktTi "B- '1.940 +30 'l in 6.0 li'c^eni Minma tMlceni* : 

. Lh.K. C ement ,...' 1.200a l-JL - 8.3 W, . -inroi b« 

’H-keri- 419 —31 — - — ' 

r.Bb.- 2.235*— 16 jl'/V ; 6.0 

6,400 — 60 +J. t>.7 pARIC 


10.25 +0.81 j Wefltum 
10.35 •. West Dri 


8.3 k'miirisilg 


AMbV iFi.lui , S6.60'-*-o!tO 50 5i8 t '" , ' r "*"e A«* '+.*80 15 1 •<* 6 1 


6.0 . 

M PARIS 


LniuaHiiik iKi^uh 75.40 +0.10 23.5- 6.U 


dijc-»kr>il ' 92. 

B»k<> Wci .1 'in i KK'i 124 
linrlii'iii leUeuale 73.4 
Hm'iiw 1 ,r,.aj|. lio5 


B2.0V1.0 2b j 5.7 

24 -0.7 80 1 6.5 

73.4 +0.4 26 j 7.1 

Zo5 ' + 3 37. b 1.9 


•J.0. iim.vp.iu j^.0S5 ’+15 I6u i.3 _ _ im<i ^ 

'lexseiL — l.z92«0i + 2 do 6.6 Juurlb j Ktx. . — Fp>.! % Edgars "cansaUdated inF 

MiANikf>n z.hoo 1 1 * 6.9 — J — Edgars Stores 

■ 'Henan ...J1.73S <— 15 .Mj . b.2 Keiue [ 744 +2 i 4i? 0.6 EvcrRcadr SA ” ’ 

6.870 i+ t. ■ i90 h 2 '!■ “H'eii »rl-*'r 1 1 - 390 -r 3 21. IS 5.4 Federal VoBcabei+gginES " 

ira l.'i'XHie ,'3.710 '—9' >ais 5.7 '■ IJMiii •— j-95.5 —4.9 16.5. 5.6 Oreaiermans Stores 

iMn Hi.i.iiiii; I-S.600 3.1 k'liiimliip ( 490 —5 26.23 a.4 Guardian Assurance CSA1 

■’iiiutiiia a. 770 --05 1 /h 4.6 'H- — ! li.as! 2.7 Bnletts 


AECJ 

Anglo- Amer. Industrial - 

Bartow Rand 

Currie Finance 


himta N.1 .Beam ‘ 138.80—^.20 3 7.5 1 3.4 


ftiivLam r.i n.K 


4-st i ,<i’i I rx*.. Ill* I 113* I •.■lit Bn«.*.ie*iKlC-’ 36.30 + 1.30 23 J 6.0 iMi.ihiia 3.770 --05 1 /h 


'VluieL'on. 


tt «Ct*4l Uwi. .. . I 17 


6.5 HiMh.K+ii 2.4s0 1/- 

7.1 liner- 1 an ..... 1 1.735 —15 ,144 

1.9 lx 6.870 i* it • i90 


744 +2 

390 1 3 


Edgars stares 

I 4i? 0.6 EvcrReadr SA 

21.15 5.4 Federal VoUcsbei+sgingx 


....15.35 2.7 1 Bolens 


Ki.^bi. ., 104 10 -r 1.60 14 1 3.4 -nr ■■«?■■ Bai«|ii>..4 97a ,— 10 £+4 6'9 * ,l-,,| \Bue | 860 —15 , 42 I 4.9 j LTA 


* Bid 1 A*«1 
« •«« 


J..HCU i 34.80-0.50 - 


5 Traded « I uuniei l».iK..lui.r.; 25.10—0.40. 12 


iv. UM. iPi.lUln...- 175 


!**■ Hiii IMafi|ii”1.925 

4.8 I >i ,, "ia -i. -45 

4.6 *" v ..." 2.540 


• I4u 7 . 3 ; ■■--.N. Her* i- 522 —13 4i«! 7.8 McCaitlqr Baton*’. 

ila 6 . 8 ' '-ariwniM UO 18 ’ + 3 • 75 , 4.B NedBauk 

■ V/!lij| ■' '-■■•.i.b'.....7_:. 354 —6 31.5 8.8 OK Baaaars' .'.'.'.'.T." 


EUROPEAN OPTIONS EXCHANGE 


BASE LENDING RATES 


Jnu. 

Close Vol. 


A IT 
ATT 
ATT 
L'li ic>rp 
l. iutiirp 
K. hiatik 
b. k> hIh k 

K. KiaJak 

K. b'l-fuk 
bvxull 

K. \ M-n 
bwun 
UM 

L. M 
UM 
IBM 
IBM 
IBM 


| S55 ; 

S60 1 
S65 
S20 
: S25 

! S40 

] S45 . 
I s50 
! s60 
; A 40 
I S45 
S50 
S50 ■ 
I S60 

■ .->70 
S240 

■ S260 
; S280 


seam 

Scum 

Sears 

Alycmenn 

Al^emeite 
A ip*mene 
Aisemeoe 
Amu* 

Amni 

Amrv 

KLM 

KL.U 

KLM 
KLM 
KI.M 
KLM 
Nu NW 

Ant Ned 

Philip* 

Philips 

Plidips 

If. U. Shell 

K. D. Shell 

K. D. Shell 

Lui1e>er 

L’nilerer 

Linilevei* 


$20 

4'i 




5 is 

- 525Sg 

. $25 


— 

1 > 

2 

2 sg 




— 

=■» 


1 U 



30.00 

__ 

30.00 

■ 

32.00 

— ,l'357.S0 

; F540 

20.00 

— 

22.00 




1 P390 

10.50 

— 

11.50 




1 F360 

3.00 

- - 

5.00 

— 

7.50 

1 . .. 

I F70 

6.50 


7.50 

— 

8.50 

- F75-40 

F7B 

3.00 

- 

3.50 


5.20 

— ; 

F80 

1.00 


1.50 


2.50 

.a 

. F160 

18.00 

1 

23.00 

— 

26.00 

- ;F174 

| F170 

10.50 

4 

20.00 

1 


■■ 

F180 

6.50 

29 

14.00 

6 


4 i 

F190 

4.50 

5 

10.50 

2 

14.00 

— | .. 

j K 2 O 0 

1.70 

15 

6.00 

16 

10.90 

6 1 .. 

1 P 220 

— 


3.80 

B 

7.50 


FIDO 

9.50 



11.50 


12.70 

— F108.4Q 

1 PI 10 

2.50 



3.50 

■ 

630 

8 ! ,. 


O.30 


5.BQ 

— - 


5 


5.00 

2 

5.70 

2 


F26.90 

F25.00 

2.70 


3.00 

30 

3.50 

1 


0.70 


1.20 

35 

2.00 

80 

K 120 

9.50 

5 

11.50 

1 

13.50 

F 128.20 


2.40 

128 

5.00 

35 

7.00 

24 • .. 




2.00 




10 

PI 10 

13.00 

19 

13.00 

8 


- F 121.50 


3.00 

3 

5.60 

— ' 


“ ’ .. ' 

FI 30 

0.50 

10 

1.50 

17 

3.uo 

1 • .. 


A-B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Lid 10 % 

Banque du Rhone 104% 

Barclays Bank 10 ’% 

Barnett Christie Ltd.... 11 % 
Brcmar Holdings Ltd. 11 % 
Brit Bank of Mid. East 10 % 

I Brown Shipley 10 % 

Canada Perm'!. Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10!% 

I Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 11 % 

Consolidated Credits ... 10 % 
Co-operative Bank ...“10 % 
Corinthian Securities .. 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie IflO % 

Eagil Trust 10 % 

First London Secs 10 % 

First Nat. Fin. Corpn- 11 % 
English TransconL ... 10 % 
First Nat Secs. Ltd. ... 11 % 

I Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Orindlays Bank UO % 

l Guinness Mahon 10 % 

I Hambros Bank 10 % 


■ Hit] Samuel .§10 % 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 9 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 111% 

Midland Bank 10 % 

I Samuel Montagu 10 % 

I Morgan Grenfell 10 % 

National Wesiminster 10 % 
Norwich General Trust 10 % 
P. S. Refson 5: Co. ... 10 % 
Rossminsier Accept' CS 10 % 
Royal Bk. Canada Trust 10 % 
Sehlesinger Limited ... 10 % 

E. S. Schwab 10J% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11.% 
United Bank of Kuwait 10 % 
Wbiteaway Laidlaw ... 104% 

Williams & Glyn's 10 % 

Yorkshire Bank 10 % 


Wit. Mil iler'iLaj'i": 48.6 2 b' 7^ iimm.ii k«-i ]o. 6 S 6 i— 20 *i <u . 6 ^ i V.l.i .V me- |1>C82 —8 78.50 7.1 Prelnlvr MlUliw 

lFi.10,...; 46.601 + 0.801 12.6! 3.4 *-CU J B40 1—2 - ■- 1 «* Bwaiie I »£? 12 ' 3.8 Pretoria Omoot ; 


CM- 10)— 
VenFi.kW 
(Pi 00l._.l 
kmnco iKl. soi..J 

— T01...1 

•’i.Aij 

■HvraLnii-u j 


lu,.tKilL lOa!4a+a<o; 48 I 4i-+ wn Mm. Ii.lib I 74B*tt 50 6.7 \"H- 399 2.3 ; 11.2b: 2.8 Protea UnMiny. 

64.5 +V.11 21 7.9 v kh'*v M ootouucjl.605 : + 10 - . - '-'ftfiiGotn PFw 12j 12 1041 Rand Stines PreneroM ... 

BkiFJL! 185. 10U 0.301 22 6.0 " “ L-env« Loire. 79 j - - Rembrandt Group 

L- 3 0136.44 Uiiinee 755 1—28-33.75:4.3 Reteo 

A * 5 I 5:3 SWITZERLAND ® ^ttSSST; lllsb* JKStt I^Pi H0,dto8S “ 

I "Pri i- i + ••! I UIvjVi r 1 menu 65 j— 0^ , 5.7, 8.8 C..G. Sratih Sugar',; 

June 15 Frn . • — • 4 ■ > lutiues Biirei 113.5j-l.a, — SA Breweries 

[•'Wise — : i?3 +2 - 16 J 7 8.8 Tiger Oais and NatL Mlg. 

I : I- ureal ' 76a 1 + 3 15.97 2.1 Unlsec 


Bk (F:JL| 185.101 +d!ao( 22 [ e!o 

ce (Pi. an 1 161.0, + 3.0 I 36 , 4.4 

an Umioeren.... 149.50—2.50* 18 | 5.3 
id (Pi. 20>. 


+OJIO| 17 6.3 

— O.30'.\256 7.4 
— ^.2D - - , 

+ 0.1 14 1 5.8 '-uni 1.270 j-S 

■•IH. - V 1.665m * 15 

'ite iPi..'* 1.165->i| + 


31.75' 8.4 


o t.S i , «srnliil il.fc 60 —11 

l^i 3_._ | 'l -i 1 -huh. Phemt.. 990 | — 15 

i2 . l!- ! '•i , ’lieliii ~H".5... 1/+I4 1 — 1 


755 L— 28 35.75! 4.3 

^5 1—2 14 .IO 1 10.4 sage Holdings 

188.3, ; 8.26; 4.3 SAPPI 

65 |—0^ , 5.7, 8.8 C..G. Smttii Sugar .: 

113.5{— l.a . — ' — SA Breweries ........... 

8.8 Tiger Oats and NatL uiz. 
2.1 Unlsec 



? 

'• • “n. 


Ramt-:- 

-HKr-" 

5.3J 

- 0 J» 

13.70 


J 2 .» 


L75 

- 

3.80 

+DJ5 

- 5.SS.- 

-$ 0 JS • 

SM 

- 0^0 

iinr-; 

-B* " 

tlX3B. 


8:90 


121.89 

4-1.16' 


■+4B. 

6 23 ; 

*411#.. . 

5.80 

+0.18 

-13.80 . 

v . 

125.71- J :. 


-BM .. . 

U.S3 

~ 8 ja 

355 

+H.93. 

.432 

- 0 .( 0 : . 

37^3 

r-043.'. 

30.00 . 


'13.60 v 


•* ■ 


ISO 

v 

3.70 


330 . 

+ 0 .M... 

666 


11 D. 8 Q 


2,20 

+0JJ5 

123.00 

-015. . -. 

1.70 


1.18 ■ 

+6.03 

2.38 

4-6 05 

1.80 


7.03 


1.S3 

- 

0 J 0 

•4-8.82 . ' 

2.55 


7.18 

+4!i .’ 

3J3 

+ 8.61 

3.10 

+093 

1.28 

’ 

1.80 -= 

+ 0 JJ . . 

3.70 

+(ua 

0 .M 

44.01 

US 

-8.05- 

1.95 

' ■ V ■ 

5J> •• 

i?c." : 1 

1J7 

■+OTB -.- I 

993 

"-+0JS"' 

1.13 . 

4-0.02 




.(Discount of 57.4%) 1 


7.6 2.9 
17.25. 4.7 


Ail teifiauioni .... 1551? + U 11 

Buitii->«i W 475 15 

[>nn>fce Bank : 125 ’ 13 

hart A+lal4 167)4X1 —U ■ 12 

Pinan iwiikeD !lU7i,xr +^ 13 

rnr. 6.xggenvr....| 3o9'~ + 1 'i I 12 

riir. Papir 1 79i,'+ IJ, 1 -- 

lianilie'Uuiii 124 : ; 12 

ti.JCUi'nH.ikrHui 263 -4 ; 12 

.Vtwl Kafipi ' J93) jnJ : + 2^ , 12 

Jiieiatetk 73'r 1 : 12 

frinUuk i US'] 1 1 — 

PreviiiHj«nk 136'- , 11 

nipft- 395 +1, ; 11 

fupefMV — • 1841;'+ 1; ■ 12 


11 . 8.1 

15 3.2 

13 : 9.8 

12 7.2 

13 -10.2 

12 »,4 


2SS 9.8 
25 i 3.4 


Members of the Accentinz Houses 
Committee. 


deposits 7'i, 1-monUi deposits 


7-day deposiiB on sums of UO.W0 
and under 6i : i. up | 0 £23.000 ii% 
and over ciwo 7,’:.. 


Call d<.-posns over £i ikiij j<-„ 

Demand depcslls f-v,. 

Rati.' Ji’to applies iu 3u-riiAS Ind. 

Secnnim. 



Print- I nr ! 11i\ . YU. 


10 ,4.4 
6 A ! *.& 


16 [ 4.9 
8 ! 8.0 


St , 4. 1 
14 . 5.B 


5.761 2.3 
4.5 7.4 
8 | 5.3 
6 ■ 7.0 


*• ! sTi 



































— Tj " 


l r i> 


* 




• Friday June 16 1978 





.:• t> 
: "> *■ 


■'»« rc:c 


■■■ * ■ >■ 


wf 


^ „ > 


in 


market 



and raw materials 


Surplus production 
egg prices in UK 


cuts 


BY RICHARD MOONEY 


The levy is used In finance 
generic egg advertising and Mr.} 


By Our Commodities Staff 

rallied sharply ! 

: futures-- markeEg yeste^dtv ^The ' Ui^rh^ns^neM ^weeU^fMkf F_ ™ J varnin 2 s a Salnst building flock 
September position climbed SMS* shops oext we f k 5°» to *« n «s levels up too high. 

:«fte£l f 7SJd tonne and i n \W : ^ n ^ unre ^i 11 of cuts in first- Uoidenlay added that there 

Yotls prices were the permissible !vesterdal CfiS by SUppll<?rs * as J ,IU< ; Prospect of finding increase in the advertising! 

limit np -of 4 cents a pound ini ! ' cxport m:irkcts for the surplus budget -nuld well have prevented ; 

. Rome.pjonllUi u , Size four eggs will go down hy vygs as cheap eggs from Eastern some »f rhe recent price cms. 

Theri u.« D ” L ?4p a dozen to the lowest level Europe bad saturated Britain's u „ ,u a e- 

mere was no new snnnu-.r^ .. ™ u _ ... He ;uso urged the E 


Copper 
values 
fall again 


. a dozen to the lowest level Europe bad saturated Britain's 
daman* * "ITi.. '1” “ cw su PPl>' ; for two vears. The smaller si/.e traditional export markets. 
j e i 0pmenl lo account: fives 
- *or- the sudden rise in prices.: 


Dealers said TrrefV e Vted"th" & ' 2p Ch “ Per ' 


.ill be 3p dnwr and ia, 'fie UK maK is usually nver- T°nMo hn ££ i »M «ea, y s „rn,l a ,i, ..Veil 


By John Edwards, 

Commodities Editor 

COPPER PRICES Ml again- 
on the London Metal exchange. 
With cash wiiebar-i cloMQg 
£13.75 lower at nti9.75 a lonne 
— a decline uf almut £70 in f lie 
past two weeks. 

The faff yesii-rday maiiify 
reflected the drop over- 

night in the Nen York copper 


supplied at this time of year but A . A , Kn „ 0 ... 

the problem is much worse than p “ t ^ t \ r d r 0 d hon 1 niher 


normal this year. 

Mr. Peter Dean, managing The authority turned down 


ing among speculators' ihai' the 1 But i? rge csgs " a \ he 
-recent decline in prices may have i - rer - 0w ®™upply and dechn- 
b .« €n - overdone in view of the'ii? 8 prices has forced producers direclor or D 

>*■* «**. price chun' 

Meanwhile the Brazilian ' " 

Cpffee Institute fIBC) yester- 
day cut Its forecast for 1978-79 
£o ffe e crop -to 18.9m bags of 60 
*tios each from its first forecasr 
of 2p.7m. This compares with the . 

“ The average egg producer will dised culling will only bo used! 


final estimate- for the 1977-78 crop ! 
of 16.1m bags. 


Farm Eggs, pleas Tor such a scheme last 
iiiBif w m ~ »aiu mis weeK's price changes week, but Mr. Denis Cummings., 

are lh B birds^whic^ lay^ihe 1 ™f* n . lbat ,a «« e - gs l he . •*'** executive, said yestor-] prudiu-rr* 1 iiaw'"J 

larger eggs supplies have begun ' nore than twice as dear as small day it would be examining the. f 0 j| OW e«t Asam.', price tr 
to run short. TLar°e eae nrii-e* ess!> - Size ,wos should cost proposals again once the dust ■■ 

are expected tTrise bv Z n abnut 5& P a dozen in lhe ^ops sealed " following this week's 

dozen 1 “ p next week while size fives will price cuts, "We hope ibe cuis 

Th ' ,. cost onlv '28p. will stimulate demand. Subsi- 

The Coldenlay egg marketing The P „ 


. j ^ ... AUC gVCIUKC CbK KIUUULCI Will m.>CU L u 1 1| Mill 

h art hiin Inrili S now ‘*e losing about l2p a dozen as_a last resorL-' 


it is a Producers are seeking a 5 perl 
sad reflection on our industry cent cut in the laying flock which! 
that some producers can still find would involve the slaughter of; 


! had been forced by overproduc- un dnz ,. n hp . e ,, s 
The reduced crop estimate had -turn, while “consumption has h d n he 

no impact qq the market, since; remained pretty steady.” 
it bad been widely anticipated > 
that the drought this year would ' 
affect next year's output. 

presidential!! yields Trom ! yea / *? sp^e of Eggs Authority when they are making losses of would be 
^ ' ,n ine and Ministry of Agriculture this order” he added. »-*— 


ing was (nggrreil in Non York 
hy new’s that Asarro. out- of the 
loading U-S. pr^tlucrrs. had cui 
its domesfic -.i-fiiui; price hy 2 
Cents to 65 ci*n:< a pound. 

Most oilier North American 
ifuivkly 
ut. II 

is generally aar.-pil that the 
surge- in prices, fullowiug the 
invasion of till- Shahu proiince 
in Zaire* tta., probably over- 
done. 

However, niarkel sourei-s 
point out that liuxiitg interest, 
notably from f'hina. is coming 
ill at the lower price levels anil 


TW _ . . . r-i * - _ I ||] ai l«*t !*'»•« i H ul1 ii » vis an 

Jiie overprodudl&n was limp to argue about l he cunt n[ ahmit 2.5m turns. But Mr. (.:uni-| thi-j-, therrfarv. fi-vi prices wi 


.blamed on excessive chick plac- the Eggs Authority levy, which inings said last week 
lings late Fast year and early this works out at about 0.2p a dozen, thought a 500.000 hen 


early part of ' the harvest I 
already milled were low because i 
of adverse weather. If this trend I 
continued, there could be a ! 
further fall in the cron forecast 
In. New York, the Federation 
of National Coffee Growers of 
Colombia announced a new three- 
year support ’programme to pror 
mote sales, of Colombian coffee 


«*nnugh in 


that he: 
■ulhack 

resiure ; 


ill 


the 


balance to the market. 


EEC threat to lamb prices 


BY CHRISTOPHER PARKES 


institutional market. 


tn rf«5 rnact OT c"u.h«” THE PRICE of la mb’ in Britain need for a common sheepmeat slaughtered lamb were not easy 

suppIy the could eo up 35 to 40 = per cent if policy. to meet frozen lamb was not 

jibe Common Market Comm is- France shuulri noi hooe to Popular and storage and ilistribu- 
| sion s proposals for an EEC “^3 p?i b tems b° li «n facilities were n., t adenu ate. 

policy governing trade « the interfering with international Officials of the New Zealand 

meat is approved. Mr. Allan *_ dp s = internal arranoe- Tonnage Commitiee—represent- 
Frazer ^European director .of the men [' could serve to meet EEC ing the companies shipping the 

I N'ftw 7Anl!inri Wpaf Prnniifpr? rules onnntrv , c nmWnAA c*».rf thuv h?irf 


New cocoa pact 
decision likely 
next month 

By Our Commodities Staff 


A DECISION on whelhcr the 
.'-1975 International Cocoa Agree- 
ment should be re-negotiated or 
extended beyond its September 
; 1979 deadline is expected to be 
taken ut next month's raeetin 


New Zealand Meat Producers 
Board warned MPs yesterday. 

Questioned by a 'Commons Commission felt obliged to draft 
rommiftee on EEC -.Commission policy proposals as part of its 
plans for a s he ev>m eat. marketing legal responsibility and that its 
regime. Mr. Frazer forecast an proposals did not stem from 
increase in prices ffiT in excess " strong requests made by anv 
of the 5 to 15 per cent expected member stale 

Common Market exports to 
At present New Zealand lamb j^ ew Zealand could suffer if lamb 


country's produce — said they hud 
_ _ „ _ , .. „ . . . .. invested £300m in ships, con- 
,^l r _ i e ^ 1 j _ l _ h ^ t3iners and dock facilities over 

the past 10 years. The ships 
were highly snccialisod and could 
not be used for any olher trade. 


UK herring 

eri *•* 1’ ;TC~ Jvew zeaiana couio suner ii lanio * i j 

t r H° Und p Up “ ^re curtailed. Nearly CatCll RSlIVed 

- d0 «J«de jnBmain. UK termers 4Q ^ per cent of New Zealand 4 '■ tuvu _ 

the. International Cocoa CounciL ® r P e ® almut 65 p -a pouhd for f 0re jg n exchange came from By Our C 

An ad-hoc committee has been. [^ e,r P r0 ^ ,jce ” rance sales of lamb, mutton, wool and BRITAIN' 4 

- , -i farmers were paid 10pp. . ... . . 


considering proposals put 
forward by producers and the 


mil fall much inrlln-r fui 
lime beins ut ]<-asi. 

The fall in topper liepn-sKetl 
olher base uiciai markets too. 
The rise in i in prices was 
halted, cU-spiu- an increase in 
Penang overnight. 

Nervous prunj-iuking sales 
met a lat-k nl demand and 
standard arade cash tin 
evenlnaU> closetl £115 down at 
£6,799 a tomu*. 

Lead and ziiu- \ a lues were 
also hit. Cu-fi lead fell hy 
£4.25 to £30:.:.7.» u tonne, despite 
rumours nf some Eastern Euro- 
pean buying in it* rest and Hie 
continuing A max refinery 
strike. 

Cash zinc tell hy £6.25 to 
E310.75 a ton tie. 

O Cohail prices haie ratlen 
sharply on live free market. 
Reuter reported. A price range 
of between S2(l to S2.'i a pound 
Tor broken cathodes is now 
being quoted l»y dealers. 


Spain to aid 

quicksilver 

industry 


CHINESE AGRICULTURE 


Great achievements 


with simple 



BY JOHN CHERR1NGTON, AGRICULTURE CORRESPONDENT 


IN AN inconspicuous corner of 
the industrial exhibition in 
Shangbai is a lmlo heap of metal 
luols — a hoc and a tew sickle 
hiiides about six inches long. 
These are the luols on which at 
Jeasi 99 per cent, of Chinese 
farming depends. Everything 
else is made of wood, driven by 
the power of human muscle and 
a few water buffalo. 

Yet in spile nf this almost pre- 
historic equipment productivity 
per acre, and use of available 
resources, is of a very high 
standard. 

Because . of the double and 
treble cropping yields, they cao- 
noi be equaled with normal 
Western standards. But claimed 
-rain yields nf from two to four 
tonnes an aero nver the year are 
gnnrl hy any criteria. 

China is farming os if under 
<ieae. ‘No plot of land, however 
tiny, is left untilted. Even rail 
and road sides are planted. The 
^hrdens nf some of the museums 
are umwins wheat, as were fhe 
pavements oT Sian. 

The maintenance of soil ferti- 
lity is fundamental. Every waste 
product: " night soil " ( human 
excreta), dung, stubble, straw, 
weeds is composted and applied. 

Each plant of one field of cotton 
had received a handful of com- 
post. oe sides basic fertiliser. 


Masses 


The pig. China's most common 
farm animal, is kept as much for 
processing vast masses of un- 
likely feed into dung as for pro- 
ducing meat. As a result the 
pigs have vast pot bellies, but 
tiny hams. Crain is hardly fed 
to livestock at all- 
Oul of the country's loial area 
or 900m hectares only 100m is 
classed as cultivable 3t present 
and only about 30 per cent is 


irrigated. This area feeds and 
clothes 900m people adequately 
although not. of course, tu 
Western standards and on a 
largely vegetarian diet. Never- 
theless. this Ls an outstanding 
achievement, for which, of 
course, the authuriiies claim a 
lot of credit. 

This is fair enough. Bui in. 
reality 1 believe their main con- 
tribution has been io provide the 
security under which the Chinese 
have been able in develop their 
instinctive genius for growing 
things. 

One has only io waich the 
thoroughness with which the 
Chinese lend every single plant 
under Iheir care, to realise 
Chairman Mao's luck in having 
had the Chinese tu lead. They 
are not like some of the olher 
so called hungry peoples, whose 
basic agricultural incompetence 
has them for ever rattling Iheir 
begging bowls to rouse the con- 
science or the West, it’s nothing 
really to du with Communism. 

The contrast with what 1 saw 
or industry was striking. In both 
commune and town factories 
application of effort was poor. 
Machines were unmanned: there 
were masses of rusting hair- 
finished parts and hordes of 
workers doing little nr nothing. 
A general air of lack of direc- 
tion. Perhaps /he Chinese just 
don't like factorv work. 

But while agriculture output 
per acre is commendably high, it 
is very low indeed per worker. 
Each farm visited had jusi over 
oiie worker per acre when grow- 
ing cereals, rising io two nr more 
under more intensive systems. As 
a rought guide each worker pro- 
duced about three tonnes of grain 
a year or its equivalent. 

In Britain to-day output per 

man would be 100 times that 
Output of other crops would be 


in proportion, and it would be 
difficult if not impossible to 
equate the economics of 
Chinese farming with those any- 
where else in the world. 

The Chinese plan to increase 
output substantially, from 280m 
tonnes of all grain at present, to 
around 400ni. tonnes. By grain 
they mean not unly cereals but 
pulses, potatoes and other food 
crops. They claim jhat mechanisa- 
tion will be a factor, as will in- 
creased availability of fertiliser, 
especially nitrogen. 


Tractors 


Mechanisation is certainty 
lackinc. Only in the vicinity of 
Shanghai did I see any significant 
evidence >>f the use of machines. 
A few tractors. ;i rice trans- 
planter and mechanical Jhrash- 
iiiy machines the must elomen- 
larv kind. On »ne commune farm 
I was proudly shown fhe machine 
shop, where a girl was fabricating 
half-inch nuts and bolls by hand 
from steel rod and plate- 

The general application of 
mechanisation could in the 
Chinese coniexi positively limit 
yietds The practice of double 
"cropping in the short growing 
season emails planting the next 
crop before fhp last one has 
ripened- This would be almost 
impossible to mechanise sen- 
sibly. 

It is. for instance, perfectly 
easy to plant, grow and harvest 
nee completely mechanically. 
But only on a nne crop basis, or 
at the most two. as is done in 
the U.S. and elsewhere. 

So (he aim will probably he 
tu cut some of the more laborious 
work: ploughing with walking 
tractors instead nf the hand-held 
hoe: spray irrigating Instead of 
hand watering. But the scale of 
the problem is almost beyond 
belief. 


Commodities Staff 

S HERRING catch con- 
byproducts of sheep. Any cuts tinued lo decline sharply last. 

Mr. Frazer also, feared that would damage New Zealand's vear ntainh as a result of the MADRID, .lune 15. 

US.-r^wbtefi is not a member of; price increases would lead to a ability to buy European manufac- closure of the North Sea herring 1 A GOVERNMENT regional 

.the . present .-agreement — for j drop in consumption. It bad been tured products, he added. fishery from the end of Feb" ■ ; developmeni plan which will 

‘Changes in the pact. - • ' estimated that a 10 percent rise New Zealand had attempted to ruary! 'aid the Soanteh quicksilver 

-’■Committee delegates said the in prices cut consumption by 11 open up new markets for lamb. The tola! catch in 1977 was; industry is expected to be pub 
in favour of a ! per cent. • but major outlets could be found 42.435 tonnes, 53 oer cent beluw 

Key to the problem, .lay in only in Anglo-Saxon countries, last years 90,913 tonnes 

France, where the Government southern Europe and among the and nearly 75 per cent 

was anxious lo protect the Arab states. down on 1973. according 

income of sheep farmers^ .' It now sold 15.000 tonnes nf to the Herring Industry Board. 

IF ail nine EEC governments lamb a year in Japan. This in its annual report published, 
respected an earlier ruiing from market had taken 15 years to yesterday, the Board said ihe ; jet fully as-essed. is believed to 

the European Court of Justice— develop. And In the Middle East, fate of the North Sea herring have sizeable reserves which 

the Chanuasson case oV-Tree although sales were progressing, fishery illustrated the need for will last at least 10 years at 


Little interest in free milk scheme 


consensus was 
simpler-, and more flexible 
approach to price stabilisation in 
anyjiew pact. 

The producer proposal under 
discussion called for the' new 
. agreement to be based on. export 
quotas bacKeff.'by a buffer stock 
or off a buffer stock alone. The 


lished witnin a few day-?, 
according io sources close to ihe 
state-owned mining company. 
rem>rt5 Reiner. 

The plan includes operating a 
new, mine which, although not 


FINANCIAL TIMES REPORTER 


U.S.- wants the pact to reh. on ! trade in bananas— and liftflfcall development of ibe market was wider exclusive control areas ; present extraction rales, 
-^buffer stock and sees no. seed j national -barriers to intia-]KE£'difficnlt. • than the six miles granted iu the: A Mmi tar productive lifespan 

Jor quotas. ! — -v- ^ * j sales of lamb there wouid^Jfe Jfl Th^ '-^demands for ritually EEC treaty of accession. lis forecast for existing mines. 


A CAMPAIGN to persuade local 
education authorities to provide 
school milk for children up to 
11 years ok! with the help of an 
EEC subsidy was launched yes- 
terday by the National Duiry 
Council. ■ 

Free school milk is already 
provided for 2m children up to 
seven vears old. A further 2.75m 
would benefit if the lotxti 
authorities take up the EEC 


has 

the 


subsidy, but so far none 
said it wants to take up 
scheme. 

The offer was made to local 
authorities in the Budget on 
April II. It would not cost them 
anything to begin with, but rrom 
next Easter it would cost about 
lp a child a day. 

The National Farmers* Union 
said: " Britain’s dairy farmers 
who are financing the major 


part of the EEC scheme, are 
amazed lo find that local authori- 
ties are deciding to veto it and 
withhold milk from their scjiool- 
childrcn ” 

The Department of Education 
and Science said it had asked 
local authorities lo say by Sep- 
tember if they intended t» take 
up the scheme. So far. only one 
official reply ha*, cyme in— from. 
Kent — which turned it down. 


COMMODITY MARKET «EPORTS ANIiK PRICES 

BASE METALS 


copper— S teadied, after a sharp fall 
•'tohoihiiu; ike ovt-niuUn wmItsi ol New 
Vdrii. : RtTWTs t>f Chinese ptirchaws 
aria-d some furnnrss io Hie niortcet.- lit 
vers fc-tovc tr-jtUru: forward nur-lal surt-.-d 
al/gnsr r-U (0 mi um hi-lri around inis 
V-vd tx.' forty '.Tlppfinc io fTM. on th*-. morn- 
irur'Kert. ' In tfu- afternoon fhe price 
started „nd thtjn fell fo JT29.3 

before biasing. id z with Comes sftow- 

-nnrKrcater signs of sn-adwess.- Turnover 
*2.400 tomes. 


V-opPuif' + *«” I'-im. ".»+*«■ 

f.wi'itir omuki ' — *d„< l iii,-,fti — 


AtDJlsamaif-d Metal Tivdiiw reported 
itui in the momma coslj. m rebar* traded 
at ESfW.5, or. IhP-i! monuu £ni.’. 02.3. 32. 3L 
Mi. 29. JO. «. W. 27-Jff V 2 s . 2». S». 

27;5, 2S. Calhodes. ihrw months f722. 2A 
Herb: Wtrcbnrs,. ih/vc months fMS, 27. 5. 
27. 26. 26.5. 27. 2* .\Hemnuir Wire- 

hars. car-h ino. B.'i. thn-i- ruonihi rrja. 
r.i ii. .1^.3. ru. K.J. 32. 31.5. u Kerb 
Wjrohars. three months KM- a. 31. :w. 2B.5. 
20. 30 SO 5. y 

TIN— Lower. lOfluencvd hr the perform- 
antx- of {pppi-r but initially held hteody 
hr iltc Jlmincse or the East "VendsbL 

•.ill. j-F nr | -III. ,1 ♦ «ir 

TIN I Urth-im j — ’ l nnltii-w — 


Forvard mewl felt from fd.TTiO lo M.6S0 
before biurtna auaitwt post physical bwu- 
oesj beM the mice, la Ur- afternoon 
nervous buU liquidation anil tharmi 
selHos Caused a fall to £6.660 and a dose 
on the Kert of I6.S70. Turmw-r 915 
lonqesi 

Mornine: Standard, cash £6.520. three 
months £6.700. 10. <*5 10. M.-TBu. IS ooo. 
£6.700 . 05. £6.700. fti.fiW. BO. Kcrt>: 

Standard, three months I6.6SB. SO. S3. 
Aflernaon: Standard, cash I6.S40. 13. o 3. 
three mnntha £fij]5. 10. £5.700. £8.091. 

BO, 08.. 53. Kerb: Standard, three months 
U.67S. nj. S3. SO. 70. 


per ion yards. .Inly Sept. CTK ar.<i rrpfl 
B I wills C7.Cn and C2T 7." Inr the r,.SP«-i- 
tivc shipment Penwia. Yarn anu cloth 
very unlet. 


SOYABEAN MEAL 


COFFEE 


rn Grad" e ' r ’ v v 

HSi 6810-20 -90 6780^00-116 


' ; £ 1 3l ; £ ■ £ 

task *706.5 7 -JK. 700.3-10 -15J .UoumihiT.i 6700-S0 r-70 66B0-700 — 90 

3 mouihjw--.727£.B —a6;;- 750.5 1 —IS -Set Hem *1 .1 6880 .-100 

bcrtl'TO'RL' . 707\— 85 1 — • ...... &caudaxdl 

fathodWt- \. ' - C*ih / 68 10-3 -02.5 6780 800— I » 

Uusb 701.^2:5-2% 703.5-5 — 1*i A inoutlik 6690-5 '—70 6670 5 -95 

3 mciuhs— 723 -.5 -24Jf^7Z3-6 -la Setuefu'i.. 6815 SB i 

tSexrl'm'nt .702.3 -23.5: .. .. Strain. £_ !SL766 ,+ IB, — 

L.S,.r*u«_!' — ' •6fi!6-6a Mew Yorl — ..... 


.445 AD— Easier with topper's uorform- 
anoe Che mala Inflnence. alUiounh >na rp 
falls are not expected while the A mar 
force txaieure continues. TTk-jv mw 
ruznonrs, of East bloc purchases at Uie 
lower levels. Forward metal starti-d at 
OISJM7, feU to C12 but recovered to 
close on the Kerb tu £316. Turnover 
5.500 tonnes. 


COKKEK 

Vi-ti-pint '1 

■ s ■IM' 

4-uij lhifin-»v 
— | Ihi,.- 

£| Vi S' 


£ ]S>i li.iuiE 

— 

Jul.t 

“epiviuti. , i - 
N-nein'-ri .. 

January ... . 

.. 1825 30 
. 1722-24 
. 1642-45 
. 1565- 70 

t 76.0 1830 1763 
-62.0 1730 1672 
*54.5 1645 lil 
v-54.0 1575- JO 

.1 lllli- . ... 
A'lJIIM . 
II I'.lv-I 

1 'e- ■ lulu- 





Juiy~ 

. 1 1460-65 

r 67.5 2460 

■Inn. .. 


Hi. in irt.i.i ut-'iu-n ii 1 ■■••un fuitini'Ine 
m-.ir iiitui InMt-s in i.hk-.tm niurt- , t<. 

Kurihi-r lone IhihiUjIimu ..ml sinn-tiie* 

nnii-rs i inn.- pni-.-s tu rw • moral f tons. 
At ihi- • l.i-ie lot*, s ranc.-n from f.l.im In 


Yi--«-nm\ 

I hr-r 


lilt -tip- - 

I *•«!«■ 


i!|wr|,iiiiii. 

.. .. 1)4.50 25.0 -5.0 

116. 10- 16.: -2.20 150.50 17.30 

. . 12B. 20-20.5 -2.75 122.50-20.00 
i ... 116.60-10.6- 1 65 121.10 13 70 

... 121.00-21.8 - 1.75 - 

...121.50 25.0-1.50 — 

. .125.03-25.0 0.2^ 

124 >'227 1 | 0 is of 1U0 umnes. 


j a, m. +«i 
Lk.ut I Ofllcial — 


p.ni. -f "" 
Inufli'.-Tal — 


LG.- Index Limited 01-351 StGCL. Three month Copper 727-734 
29 Lsaont Road, London SW10 OHS. 

Tax-free fradinfi on conunorffty futures. 

' ■[ -IL The commodity futures mark et 11 for the smaller i nvestor. 


CONTRACTS AND TENDERS 




fleiiifiepaii& and Popular ilepuiiiiG of Algeria 


MINISTERE DES INDUSTRIES LEGERES 

- SOCfETE NATIONALE DES INDUSTRIES 

- r. -- : DE LA CELLULOSE 

. INTERNATIONAL INVITATION TO TENDER 
NOTICE OF EXTENSION OF TIME 


1 


Soclete Nationale des Industries de Ja Cellulose fbO?nt.» 
‘Inf ornis: international companies and firms ir ter ested in 
'the ■ ' international Invitation to ' Tender which was 
launched at the beginhlng of February 197S for the 
, Effing, up ; hf ra : factory -in Sedrata to produce cellulose 
-and” papei! - products- -that the date limit for seoumg 
tenders. foiTperly; fixed' for May 30, 1978. has been 
ppptpddtd IO June -3ti, '1978: j. - 
: -:. • : V;V - . InforinotioTt from : ' 

^ONICi 64 Rampe Ati fladdad, El-Moaradla, Algiers. 



PLATINUM 

• Buyer5;Pfcices^?|Ww« 

Basic Metal Co Ltdl 

Vineyard W^lk^ Lbndon EG! 

01-278 6311^ : 27159 


PUBLIC NOTICES 


: OXFORDSHIRE CODN-rY COUNCfL 

■ £6 million bills JsSdCfl 1 Slh J »*■ 1 


!W* , 13th , -£wteiSw.f4f| 0 «f 9 l«- 
u Applications- totalled £69 ';m 

' .ana outstanding £&n. - 

NEWPORT BOROUGH COUNCIL 

- moo.ow »ifc 


- £800.000, Wlls maturma ^ uM 

SfptBmbor ISW.flM - oB S„ mSmb* raw 
on June l* 7 * n J " 

dI 9 |J wti P- J i, " ... Hii* issue 

!,«« only Bills in -issue 


RATES 


single 


Com ra ercial ahd lndnstriil Property r . 

Kesidentier property.': 


I^estxnddt 'OpportiiiBti 1 es.^ , 
Businesses for Sale/Wartted • . - -. 


i>er 

C0tMTll« 

live 

CWL 

: £ 

4.50 

2.00' 

£ 

14.00 

S.00 

4.50. 

14.00 

5*5 

16.00 

4L25-- 

13.00 

0 7S- ... 

10.00 

adfl V 

7.00 ; 


Businesses for 

Education. MotofSrCsn tracts &.Teaders, 

. PersonaL.-Gardemng ;*■. t - • .. - 

Hotels and Travel - ... 

Bonk publisher? 

- size 4d cohuaa cmf ^ i 

51.50 per single column cm. extra 

- . - . J par ^ 


£ 


C*Ui — 30 3-. 5 
rpinuthoJ 3 13 . 5 
Sert'lui'nti 303,5 
trjtnrput.f - 


£ • E £ 
-7.75 505.5-4 -4.2B 
—8 t 314-.5 —4.25 

-7. 76, - : 

31-33 j 

.• Moroliw: Cash £362 5. 0". ihrec months 
-OH. IS. 12; 1U. 13.3. IT. 12 5. 13. Kerb: 
Cash. CUO-a. Wree months £313.3. 12 N. 
Afternoon: Cash XjtU. three- mnnthx EH4 5. 
1ST. 14.5. 14. 14.3. Kerb; Throe months 
£314.5. 

.ZINC— Depressed by copper hut the 
ntartet was ncriccuxl by compartson. 
Fbfward metal started at 1324-1323 and 
shdpett to £320 at wtucb level wop-lass 
MBtng came m and tool; the price to 
1318. Once tbis had finished there was a 
ral^ jo a close on ihc Kerb of £320.3. 
Turnover 6.123 tonnes. 


Arabicas: tin urilcr busvr seller, hu-.i- 
□ess. sales'. June I99.00-2ftl.0if. 95.."-<- 

98.00. 3: AtWIMt iyj.WHft.30. iaj.no. j. 
October Iiu.OU-lej.Ott. niL ml: Di-ueiub'-r 
165.Db-l72.au. ml. nil: H<>bruan' 13a 0"- 

156.00. tul. nil. April Ij.MJO-lF6.nO. ml. 
nil: Juiil- 13u.uV-Iti5.MJ. ml. nil. Toial 
sales Xmc. 

ICO Indlcaior prices f*-.r June 14 <V'.S. 
cenii per pnundi Cnliiiiibun Mild 
Arabics-. 193 30 <195 bu>. unwashed 

Arabica-. }Si' ii f > »i>t.fl0..- oilier im id 

Arabicas 1*7 *7 ilW-Jf Rnhtijia- 135 30 

tla'jUi. P.ill>' JVefJi tie 101.67 •1it'..42'. 


Sal 

SUGAR 


GRAINS 


LOHDCh DAftr PRICE ira»' «Uiri 
£u* at • j-«;. i a loan..- -.il for .luiii- .liiiy 
Wbllf svc.tr drftl'' pre.e wjs 
•: ll.wi i rinu.on' 

»r'-i i upi-ni-d jrountl Iirli 1-ti-ls 

.- jltL-r stum i si in'1,- <-!trftis.- 

i* ihc mnrr.ini. I minrns- 

V"rt auui.ln.u-: litr.-J pri,<-s 
r.-'itus. hut ill. huh? were sh.*rf- 
ll-.etl i-i < t'fK-s f-li sft.irvfs h ' to 
jlO pniit* lliitt'ev«-r Intai prn.-s n.-r>. 
ts--iv !' 4 Irani Hr-.x irinL' 1 l-vets 

r.-pnrl : > • umiOon 


jhrnn. 

li. T t-1 'J' 
Th.- > 
jnd it' 
ihrnnu'i-" 
"IB 'J- " 
dill-* I 1 *" 


LONOON FUTURES itJAFTAi— The 
marftc-l npen.-d unrhanct-d and easeil 
3-100 tn very thin iradino in the tnomim: 
session. In the altemoon some btiyine 
support was \e.-n tn wls-at which 
steadied the market lo elns< S-I3n lucher. 
Parley narialnrd nhour steadv if, elov.- 
unehau^ed to 3& lower. Adi ri , win*. 


li-nliyV 


tin -'ii.' 
l-v If. 

I- 


t.'^. 


WHEAT 


RARLEV 




znci: 


I ji.iii. -J- i'r- |i.iti. 1-4-.tr 

'Offieifll : — - ‘ rut.ffi.-wl. — 


I £ £ 

Caaii ,308.75-0.25 -8.76 3 10.5-1 -6.2S 

■Sipmtl.sJ 319-.5 -9 | 3B1-.5 —6.5 

S’jtueot . I 309.25 :-B.7S; - 

FfW, O'diC — 29-3 1 


• 1 Mbrnhut: Cash £300. three months ittl. 
St.Hi. 22. 2L 30. 19. 17. 38. 37. J8. 39.3. 
,28. *'19.3. Kerb; Three months ret) if. 
Iff." 50. Afternoon; Cash £110.3. ihrce 
•■;JHontliR--£322. 2S. 22.5. SI. 28.3. 31. 21.3. 
Kerb;- Three months £321. 2D. 3. 

.“•.Centa.' per pound. ^On previous 
offletal dose, i JM per . picul. 



VlMl-nlMI ’ 

V +">-.>■ 

,-rei.ii.j ■ 

+ i-r 

11 ’ntli 

r rl«n^ 


.-lr..|- 


~c|*«. 

‘ 85.30 

+ 0.IS 

79.30 

, 0.05 

Nl»l . 

i 87.75 

.0.10 

81.80 

-*0.05 

Jan. 

[ 90.30 

-Cl. 10 

84.60 

+ 0.05 

Mai. 

! 92.90 

-0.1D 

87.15 


Mav 

I 95.40 

-0.05 

89.60 

-6.05 

Businmt done — Wheat: 

Sept S3. 

*.** 1.7 in. 

Nnv. 

ST.SU-ST 35, 

Jan. 90.-JU-U0 1 ft 

Man’ll 


n.- .. 

M .!• I 
Jl'.f . 
A'ly.. 


II.- 


£ Jmi t.'iul". 

I Liu >0 100.9-301.25-01.50 ID2.0D 100.5 
11-.' ->02.50 102 . SS 02.30 103.60 02 00 
|U'"' .0-85.80 106.25 06.50 107.00 05.80 
. , '0 13.00 115.25- 11.50 1 M tld I2.5U 
tin .-C 16.00116.23 16.40 lln.76 15.10 
.11.- 00 20.00113.80 20.10.120 28-20.00 
12. 5U 23.50 123.25 24.00' 122. 50 


S lies 

TjI. 

r.<i"il"i 


SILVER 


U70-W7F. Mav ml T"l»l ?Jfi-s 7u. 
Barley: S>:r>> 75.“j-79.'.'0. Nnv >1 S3.51.7u. 
Jan S4 33-’J4.4u. March ST.jS-ST 15. Ma;' 
89.U5-hS.K3 Total vtle.v jc 
imported— W heat: ‘'wns N« l. i:t' 
per cent. June £04. 0<l Tilbitir. t'S Dark 
Hurthem Spnnc Ni>. 14 pi-r cvm. .time 
£S3.:3. July ££« 50. Aup. £51 15 iran'hitv 


■l-JMi Inis nf "ill lint", s. 

■ yle «s-ri-iui' r< i.'io Ti.r 
'I- while -uaur wa- s'J42 to 
i-.iui.'i .. for liuntc trade and 

rj.i- .Vi • r lur I'tpun 
Inlcrnatiuial Supar Agreement — I'ric*-* 
j.,r -t in-. • '- 1 a. sent- i<i-r i>»und f*>h -iwl 

-I.. , . 'J ' • r»«rt'' r>:nlj 7 ft <7 > ■ 

I3-i it .1- • 7 44 *7 43. 

EEC IMPORT LEVIES; fclf.--!lt. ■»- 
ft.iy -it n 7 •t , ' , "um pr-r inn f'il"s 

hraeRiiS'- Wtjii.- •!. n,iiiirfl 
.riutrd. -Jhi!| • ih 5 1 . . ra 
■ltd iioii-d'-niiiiired. W". 


African: Navels S.S3-4.60. Utnans— 
Italian foo/ira'*- new f.-rijp -f.40-4.30: 
bp.mia: Trajs i£u-i..ifl. lorue buses 3:0ft- 
4.0u Crannlrtili— Cyprus: iu fcilnv 2.'.’n- 
4 mi: S Afrir.ni 27 TJ :1 10-4 43; Jaffa: JO 
I- tins ttiti-uii. Apples— Vri-nrh- R»td»n 
Delnlnus Jo-lb M s 3.50-1 so. 7S- a.sw.sn. 
jnitthlv ►'i\e-. nur P"und u.ivn 17; W. 
\i|.;r.i:iaii. ■iranny Snulh ft.D0-9.3i>; Tu-i- 
In.,i,i:,r- I i-.imi) Smith 9 2C-0.3A: 5. 

V/rn.tft (I'r.innt Smith 9. .70-9.50. While 
Wttil.-r peariiiytn 7 ■VM' Ofl Slarfcmj; De- 

lu-niu: S.0-S4M. >:»l(lcu S 40- 

?. in. Y»rK lminTl.il 173- 394 s.Ofj-S 10; 
i.'jiih-Mii: Crnnnt Smith 9.30: New Zea- 
l.tnd' Stunner Pippin- t«l 9.«0. 175 9.00. 
■'runny Smitti 9.2U. itidian; Riinie tieauiy 
l»T |", mid n 17. ■ '.nidi'll Delicious 0.1 j- 
II 17 Jxii-Mhaii' ItMh H.00: Daul-h Per 
tn.'iii'l Snorun* n.j;u«.15. Peers— S 
African' I'arnm-. Packtiams Triumph 
9 ju. Win ■ or Neli- 5.00. Peaches — Spanish: 
y:t jiulurd trav. Crane*— 1>T3 el i; 

I'..-rl*-nc I-V1. Ouenn .if I he Vineyard 7.0h. 
Plums— biuiiiJ'Ji- 7 Min-- -tup-. 2 no--.'.. at. 
M-Ihlr\ 2 S«. Santa R».a I'tM.SO. 

Apricols — Spanl«h' a htlm- C.SU-3.40. 

Bananas— .i.iman-au- Per pound 0.13. 
Aeacados— J-.’-nt j: I-'ihtIC 14 J4‘ s 4.50- 
4 so s. Airl-nir l-'iK-rte 4.70-4 Siraw- 
herrlcs— t'atlf.imian «.» Cherries— 
1 - r.-in.h- IVr nuiimi n.4A.0.4$* rvprn^: niii; 
Iialimi n ."i3-n on. Onions — cliiU-an- 
j ihi Ci'iurv: 7. ml: Dnftfir t.ijfcjofl: 

;.nn Ttf'Sii-' 4-in. 'Enyidiau: soo: 
••••ii. Potalaes — R.-.ptian 3.HI1: 
.i.itn. Xlam-iau- 4 20: llruian*" 
Tomatoes — Luilvll; 2.7ft-3.tW. 
Carrots— 1 n-u* ii IVatnr- .‘o-lh hose. 4.2it: 
feprnv -.-fl- : 41. Aspaiueus — falllorntan: 

]-,r mi ft.9M.np. Beetroot — Cy pru- - 

-^' h 4 ;f| - 

Enqfisfi prncfuce: Potatoes— Per 5 
Win-.- I:..--! " M*-.;. So. Celtuce — Per 12 040- 
n >i. < t.uu. tt‘,-Dh< O.S'l. Carrots — f’>-r 
li'iiUi'J 1.«0. Onions— !*■ -r .ifrlh I 38. 
Rhubarb — Per pniinrt. nUtrtniir n 03-D.nr,. 
CuemwbcTS— Per trav 12 ?fs I 00-1 ®1. 
Mushrooms— Per p"«inl <i.4n-D.."4J. Apples 
— prr i ■■•mid I'.niiiili-v''* n in-p -n Tomatoes 
— fi-r l.'-lli E ns 1 1 Oi ? *-n-7 no Greens— 
|,,.f ( -r Kent 1 ftft CJlAit-r J tin Celery 
I -,-r 12 1* l.Su-SJLb. Asparaaus— Per 

hi 1 1 n Ik- ii.pn.=. -Mb 1-40-1 M. Straw- 
berries— P<-r i-pnuwt 0 150.18. Cnull" 
nowers— P.r 15 t.mcoln 3.tn)-" ' n . Neill 
;,iiiu> 4U Bread Brans— Per p»und (i.io. 
Peas — Per P"'iml 020. 


PRICE CHANGES 


Prtre* per tonne unless otherwtS' 
stated. 


(Jmm if 4— 'I 'HP' 
HI ; - : ta- 


UeittLs . , „ 

Attiuiiniiiut , 680 

Pure market (cisijSI.BM'l . 
Cu|il«r isi^h IV.llat*. 1.709 '76 - 13.75 
-4 un ml h* lire .Iol £730.75 -15.0 

Csrh I'olttmle Jc70S.7S-U.75 

iiiKiniliH •!«■, -In. il725.5 — 75.0 


I1..M IS.n'ur.) 182 625- 1.25 ’I 

tend i.'a«h l'303.75-4.25 

.8 umntli* U: 3 14 . 25 - 4.25 5 


.600 
? 1000 10 
712 

1.731.2? 
.701.5 
i i20.75 
1.7.175 
,291.5 
508.625 


Atcke. ti-.666 

Kree Market n.-tf il.,;‘l.B7 

I -1.97 -0.05 


sl.95 

2.03 


1-ra'lP 

Sf.l-ll-ll 
i't |iru- 
i .’w- 1 Mt 


I'lm niiiiii tn>\ •■£.,'1:133.0 ' 

Kiw Matarl ;il34.3 - 0.7 

VflUCk i tfr tliil..t[ 12U 2S 

toivei ms ... |»S7.35|> - 3.55 

-. m- ml I- :295.15i' - 3.55 

fin i.'a-n ? 6.790 -115 0 

' nnutHi- I 6.672.5 95.0 

W.iilranrt'.-SlIwH; 13Jld5 . 

/.ill.- i-r.-li |l'31D.75 -6.25 

■- 1 1 M n it I ■ v .c321.CS 6.S 

I'n-iuiw 568-600 

Oils ; 

* • I'litii is-650 . .. . 

mill U739 

Lin-m-l L'nidr tvi..jC385 

I'altii MmayHii |S5 Bj* 


120.5 

154.6 
i .7 4 
83.9 
69 1 

6 505 
D 4a.'. b 
13 40 
a 6 
to 1 5.7b 
650 dDO 


Seeds 

P'Vir* )‘htjjyh 


>610 

i:7^4 

L'r-6a 

•585 


-450.- 


^••Valrmii tl .S.1....1-274 - 7.0 


>•410 

-299.5 


l'79.40 
VI 05.5 


VEGETABLE OILS 


.jiret lint- 

Jllll 'I 

dfu-iinr- 
III - !' hall-. -I 


LONDON PALM OIL — June .7«fr. 
AuvUSi -»W fti-:au.ii«. Sent. 29.08-336 00. 
ihi. 2UOOii.'SOA» Mm 2WI 0H-315J10. Dtn . 
•gut im-:uii nn. Jnn. a ml Krh. unguou-d. 

Siflf.i; f»i). 


/Silver was Bxcd 3.33p an ounce lower 
for - root delivery la the London buliian 
nurfcei yesterday' at 28T.35p. ll.S. «m 
-cwdwSems of 4bc Gxine levels were: spot 
aSLSc. down i.lc: three- month 333.3c. 
down 6.5c: slx.mniith Sla.fic. down fi.se: 
TOd U-tnomh 567 Jk’. down 7 0c. The metal 
opened - u 2S7A-2SS.SB »5?i'528lc) and 
dosed at 2M.t-287.7p I52 U-o284ci. 


iiLLVEK Bullion '+ nri Ut.B. -+■ ’* 

■ -per ■ •' j flsihi: I — . rlree j — 
'InJS'tih.' f |irteijijr !• ! 


l-4fioi. J.... 287. 35p -3.35 2S6.5j> -3.8 
(lmuHllHh.i89S.15p -3.K 294.55,, -5.5 

piBuathL..303.1|, .— 3.8 — 

lurmili*.,. ! 31S.7p —3.! — ' 

■LM6— ' Turnover JH 'lBOt tots of lO.tWfl 
I*is... Udrallis: Thrre mnnlhs 2»5.a, 5.4. 
|-Si2, iJ.- Kerbs: Three tnomhit SSH.t. 
AIt«i»on: Three mimihs 295. 4 », 4.5, 4.i 
Serbs; Tiwp mnntfis EM.". 4 9, 3. ■ 


COCOA 


The market was asatn tin chanced and 
tienudned inactive antii Commiaiion House, 
buying caused rt » close at ibe day's 
tuebe. reports Gin and Duflus. 

T - - • y nitfitiuyV ^ ui Bu’jiiui> 

•. tOUJA ' View . — tiuiie 


Biftit Earn Cuast. <n-ller> 

Maize: U.S. French June flfM no. July 
£104.30. AIM. £101.00 iranfhipiiieni Ea>> 
Ciias'. S. African While .Inne-Anp. £73.30 
Cla>cow. S. Afrivsn Yellow .lune-Auc. 
£7S.M Glascow. 

Barley, Sorghum, Oats: Uniiiinieri. 

HGCd — Lr-cau.in ex-farm >P"/ prien>: 
Feed wheat: Si^uili Lincutn BT.3II. Feed 
barley: South l.ineolu r>-; o 0 . 

The UK niotH-ian etu-ffit-ii-iil f.*r the 
tn-di bnciiiiiiny; June 19 will remain 
unehinge-l 

EEC IMPORT LEVIES and nrriniii tn 
eITt-ciivt iodu\. in ..rtlHr t-urri-ni 1,-vv pin- 
July. Any. and Sept- premium", wuli pr>- 
vii'ii.- in braekers all m nnu- of ai-^»nni 
per tuiii ic. Common wheat — il.H. n -i ml 
■IfiJ.lS. li. 11. US:: II lTi : Durum wheel— 
1S2.46, re*t nil ii:r;ni. rest nil.-. Eye— 
STM. rr ~* I nil re*l ml': Barley — 

Pi 7*. rest nil .s-J.ts. r.'-t nil-. Oat« — 

Ty 63. re 1 -! ml <71t.>i5. re*t ml Maize 

i.illli-r lh:m hybrid f»r .("limn- 77 'S3. 
U--.I ml <7C iy.. rp--l ml • : Bnckwhoat— \I1 
nil iMHqci: Milliit— V. 1 94. re-.i nil ■.‘C W. 
te-tt tuh; Crain sorghum— M Ml. n-i ml 
re-il n!l>. Flour levies: '.Vlnai -.r 
mixed wheat and ry«— ns.oo ii37.07.; 
rj-c— 134 91 iiimr,. 


wool- FUTURES 


Kft'.-lu- Hj' 

* sinari. 


•Kc-iKe nor kill 

lii-l* -ui.’ 1 - 

'i-4t'nl'ii4- ... 

Him 1 V..r 

j 1 ln«' — - 

Jut. 

•-'S4.0S2.O ... 

II ! . 

:«.Q-40.0 - OJ 


J-ii.lKU.O 



.4S.O.«h.O 


7Jj.(M6.0 


2M.0-1F.D 

• fc+.J. 1 

^ jU.047.fi 

lln’-lli'*- 

.52.0-40.0 .. 


CHI MS BY FISH— Supply fair, demand 
nond. Price* at ship's side umprui vv-ted 1 
D-r shin,-. Shelf cpd C KU-£1.iiO. codlmcs 
i '.lift- £-4 mi: hisc haddock £3.;o-i7.S0. 

mr-lipin £4.u0-£4.:.«. wnall E atod 20: 
I .tree Plate' (4 TA-(3 'JU. mfdlum £4.11“- 
X", nn. h>-, I sni.ill f*. 5ft-£4.Sft- lame shinned 
r? no. medium 17 nn: Inr so lemon 
■,A|»« 1H 0<i. medium £3. On: sHtihe n.?0- 
re.TU. 


GreuiB 

Uxrlr.t MX', f 

Hu'in- Em urn..... L'B1.85 

Msi-t- 

E» iii-li Nre 5 Ain L104 

It t.HHI 

Vi. I Ifi- 1 .'.]■■ him 1 94 - 1.25 95.25 

Vi? Hhr t Wiui'i-i » 

hiuli-4i .Miitin.-.. :lu5 
l •■nn ?>il |,lilelll . ... I.1.7BO H 

Eiili.r.-.-Hry'l .C 1.687.5 - 

L.ifftH-Kiiluic — .L 

•"otH '. '1 725 - 

‘'■ill . mi • 1' In 72.4e 

liii'.i-ei ki|>, 5 7 n 

'..■•HI I'i;k«i X9B.S .. 

...II..1— fcih,...'. 283 1 . 


102 

33.5 -I B96 
J0.5 -1.820 


64.0 1.553 
0.55 70.55*- 

1.0 53.75, 

JOl 

. 280 


■ KnnUnal. J Uuunnted. '■nt'W 
hi .lunr \ueusL or July * jau^julr 
i Her ton. 


INDICES 


Rice buffer 
stock planned 


J-'al'' 


ln:> 


i>[ l.-'im i. 


SYDNEY CREASY— ■ In ..n|. r tmyiT. 


«■ r 
Jut- f 

::57..‘- : 
Jiil ». 
Jnh :• 
TT'.’ ti. 
::74 n- : 


•ah- 


Hieratt Contract: 


i- '3:.:t-::.vi n -.1: 

■IS- :i: ucc. 

• .'lurch :bU.ft-oi'> t 
. ir.j i ’.r.r, 9 . im, 

"• .1o7 T.:i67 U. 47. > 
■ra. si: n,re 

Tula! \aic% ;47 


",-:L'k-i U. 


<i-f 


-;r. 

71 

74 n. 


RUBBER 


KEAT/VEGETABLES 


StCbC’iiur'v . „ 

4mv I7»4i-i0-8 -*S1-2S 1781.0-1680 

iept 1M6.0-S9.0 - 38.5 1675.(Mi.0 

' ,^1827.8-28.0 T 7.0 1855 .018.0 
Manih -181 1.8- 14 JJ -t-f-O .1614.0-85.0 

May _• 1M7.0-M.0 + 6-0 , 1687.0-80.0 

4mv-.i:.--....-'I68«.8-tffl.O :+'4.5 15B5.1T 
S wL.; 1578.0-WJ) -1J» “ 

-'aalus: 'l^BS t iT'ij > IMS of Ifl ~ looncs 
"lnUmatiunai Cocoa OrgamsaUun iU.S. 


STEADY ■ipvnins "n the L«nden 
phyncat mnrki-t. Eu*u.r tlir»UBlMul tto 
tlav. vln?in« uncertain. L-.wi- and Peal 
repurted a Muluydan jjntl-.wn priet- ■’! 
233t >233! 1 crnis a kilo ‘buyer. Jum.‘. 


.Nil. I { Fivtillllt 

1}.’!.'^ ' • k*W L’lll'l' 


lln-llie^- 

.[■■HI- 


cent* .pyr pnund< — Dully price June 14: 
13131" U32.75).. IndicUlur pruts. June IS- 
IMU' Rveraue IMfffi flJ3.31i; 22-duy 
uveraec 133 Jl tissJfir. 


JUTE 


. DUNDEE JUTE — QnleL Prices e a rot f 
6k far Sepi. Npv. awpmt.ni. BWB £2 m, 
SWC CS 2. Biro ri«. Tousa BT6 CC4. 
BTC £253. - BTD £348 Calcutta paodl 
steady. Quotations c and f UK ior June 
sfanaaeaL 02 40 ms, 19.04. 71 tu £7.70 


4.ilv 57.70-53.10 53.40 Si.W 58.65 57.60 

tin*—. . 58.75 58.00 53.40 5S.M 
Jtt-Sctrt 53.75-55.IW 59.46-59.50 65.-15-36.7* 
CUt-LHv 60.05-60. £5 8l40-bl.55 61.80-60 J 
Jm- Mi. S2.25-62J0 62.BD-t5.u6 b2.90-6i.05 
\11p- Jut 63.M-65.BD 84.05-1,4.15 64.165.255 
.f.vJSeta- £4.60-64 (0 65.l5-65.ifl 6f.06-64.4fl 
i.h.t-J'i.1 63.95-86.00 66.aO-66.s9 66- 10-65.^5 
Jhii- I lat E7.20-67.a0 tf.60-67.'db .804-57.250 

Kales: 311* *4':r- Int' »f lj uutnfi iintj 
100 'Ml l.ito iif > t.nin.' •*.. 

Pii>yical '■Jft'inj; r»ruu« .tvtu-r-i v.-r- 
Srs.i ftp t/vili; July 57p 1 37 5>: Au< 
57 jp iJi.Ui. 


5MITHFIELD * pence p ,. r pound 1— 

Beer: smiip-ll killed snips 35 0 lo S>.»: 

mini- in. f,, ' n 7T.li |o ru, /orr-'TUPrtt-re' 
■:a.ti in ::i- » Veal: Dutch lundn .in-l ■•nd'- 
«.iiii it- ‘ii"- Lamb: Enalwh <mall fit ft 
tu Itv-I’IUM son rn is.rt: |iii|inri -l 
fruzi.ii :•••• p| 3 L3 io 52.#. p>| .Jt.r. :n 
'■!» PsiK: ^'tohsh L 1 ** than liinih r.u 
10 4.:». l-'utb .is.n t M 4«,o. 1211-imiih 
:so 0 to 4"« 

MEAT COMMISSION— -Ai- pan.- intsliVj: 
iiru-i n :•* r-'i'Cr^-nijiipp tnurto-Tt nn .lime 
■3. CB — <•:' 71 4tip n«r v-i.i w i+?"m. 

1 up ucr ka.pst d 1. w. < +*. 7«. 
. •>:• imr l:s I «> 

:nd Wales — t ain? nmnh.-r*. up 
■_ ■ •i-rftKe ariL-i' 1 

" '* '“' r ‘ *-nl HV'TIIC,. l> iiU 

■ -*■' 11 '**' *" 2 iN-r ivltl J1.T.1.1 

■c. 1 up • • '•• 

Sniland— > 
avi-r.iu- :: 7' 1 

la-' 


BANGKOK. June 15 
THAI I. AND IS studying settin? 
up ;i twiirdi hu/Ter stock for the 
Association >'»f South East Asian 
Nations lo maintain the stability 
lf f the rice market in the region, 
the Deputy Umler-Secrctary for 
Commerce announced here, says 
Reuter. 

The idea of a regional nee 
buffer stock was recommended 
h\ the Philippines in an ASEAN 
Ministerial meeting in Jakarta 
earlv ibis month. 

The buffer stock wili be. set 
up in addition to reserves iff 
each ASEAN member country— 
Malaysia. Indonesia, the Philip- 
pines. Singapore and Thailand. 


UK-.'h 

CB-i-'ii' ■ 

Em .iw«J 
IB.: in.r .-•• 
Sh. -a ui* 


Conner deal 


FINANCIAL TIMES 

•luft* IS June 14 U IHI Hi ij,,, l.-nrnu" 
250.20 


246.B3 B46.15' 24B.BJ 

'Baw: .Inly I. 1952= I""' 


REUTER-S 

June 16 Juiil- 14 Muillli i K .i 1 - 


1496.8 1608.8, 1470-2 1597.2 

> Haw- Sepit*mber Iff, 1031= UW' 


DOW JONES 


u«w 1 Jllll,’ June . Vwi 1 

J.ftw-T lb U 


tthft* 


r*l—» .... 369.85 256.91 361.B3 397 15 
Finitrfr.g51.23 348.35 S56.3B 369.20 

tAverjce I914-25 ^-jb=uiV' 


MOODY'S 


' June ‘ Jinie '.M.ititli V,-ai 
Mimic'* 1 15 14 ■ 


-- pic t ..minty 924.2 923.1 B23.S 07 D. J 
■ December 31. 19^1 = nut ■ 


n-r 


I-« dunrii 11 p. r 
-.1 02 • £-• -p duwn ft 
.. . . !• '-UP 1 4 rt.fi.. 

COVEHT CARDEh -prii-r, m -icrli'i-' 
fi.-i t'vctpr when, i.iru-rt. : - 1 - 

*ij|c*S' — lrtPi* , ' ,L ‘d_ _ pcftduic: Cran*ies- 
v . .iii-li . 1 ::> " >' rilii- :s. iiia '• ihi- M. tr .„ 
c.iii. j iMt- ' Califurniuti. j.Wli .>u; 


MEXICO HAS purchased 10.000 
tons uf cupper concentrate from 
ihc Helca Mine near Casa 
lirumte. Arizona, in what may be 
the first uf a number of such 
transactions in meet internal 
cupper needs. AP-Dow Jones 
reported yesterday from 
Phoenix, Arizona. 


COTTON 


LIVERPOOL COTTON— Nu spin nr -‘up 
titfiil sak-s were aBjin retnrd«-ii. li-.< «n-v 
the total for the wu-vfc su far ai 104 
reporis E, W. T,iiicntalj. Th*- -.liwi:i«h 
i-onditions prevatlmc in the raw ti'iimt 
mfriwi fcent bu«me>s at a MJii>lMifI. To,- 
start ill hulidar*: in the null iuivil- 
bainpvr-d any scop* for inert aa-.-J pw- 
duOivity. 


Copper and 
precious 


metals rally 


NEW Vi «NK. .Iimi- 1.1. 
SU'iAR 'inv rfcaiii o*n:iblrJii-d new lira 
ui .um ran l**w» hillowini: the -oc- month 
'.Men*. i»n ..r ttii- IM* rnnHiaiii.il peruid. 
Hatlie rer.'.ri fiiuner rallied nn irade 
jrbtir.it-.- hut iiur and ('.iiniiiiN-lun HuU'i- 
•Jairi-r.iveriMu. I’n-oi.u-. metal.- rallied 
i"i h«-:*I .u»1 -pi-i-'ll.ilivi- hu*inM. (.'■■(.•■•a 
'.-l"-4 , d lirin nn l'a*li- arhitrsue buy ire and 
Imhi -peoibnt** *-h»ri-i'ftvcrin». 

Cocoa — -inly i:aT5 • l.e hi i . brni. Ml M 
1 IJh.TO*. l'»ec U>> 'W Manh 175.S0. May 
t-l.'-O. July iin.en. Si Pi. 1 17 03. SaleA. 
V.'ft. 


Coffee— e " T.'inrnn Jill- TfiS>4- 
144.S3 • ItW ‘'1 >. S'-r-i IM 94 1 1515.94 1. Dec. 
1 S-J.IIV. M.irvh 14! IS.' Ma»* irw.tm-lnB -XI. 
••til> i:«.(M-|.u.9.i. St'pi. i::u 30 bid. Sales: 
tis. 

Copper— June t.U.-Ju >«i.J>. lute tal'Jft 
1 'i»' \u«: 1,1 nu. s.-jii ..vi I»et . Kt.'jn. 
Jan 1::: 7n. March iii ru. May 41.70. .fuh- 
ia.;:i. M'i'l. i.T. to. l>. c-9 JO. .Ian. 09.70. 

March 7ft :u. S.ilc : K ami 


Colion— N... .|,ih tj| 4iLfi 4p rSOjjS.. 

i'ci «:.4"v^:. ! ;o utj.-'aii. De*-. Ht.7S-M.so 
Man h h3 7i. Mat 1-. lu-Cft^-r, July fi7.Ul- 

111.00. i‘>cl. nh SU-liT Ja Sail-.: fi-i-H). 

•Cold— lull*- 1.-4 UI .lid JO'. July 1M.90 
■ is:: 9o.. .tui--. ikS.ni). "l-i ijs.tw. Dec. 

1 91.. 111. I- -It. 1 H ' Ay. xnril 197 50. .Tunc 
-■iW.'-n. An,:. .US 3t* 11. 1 . "to- .7ft. Dvr. JIB.iW. 
Feb. Jl-.'ui. April Jl7 7*J. Sale-: 0.4.10. 

tLard— Chn.aa-1 l>»u>*- ”.3ti .imr avail- 
alili-i NA' prime vlo.nn 'JI.iJO traded 

< 'JIUC 


1 Marie— .Ini v r+SS:. 1 '7.V7; .. Si-Pi. 25.7- 
.'74 ■ - 3ft. ■. D>->- .'ktftjiiil. Mart Ii -ri3. May 
-*itii:. July «fi*i'. 


SPlallnum — fill v JJx OP-V-ti.M <3311.00 1. 
U-.I - 571 Oft-i-TJ.iHi 1.-53 ftU'. Jan. 332.30 
April '.'Sj no July "'is.ihi. im ''md.pu- 

.'ol.’.n. Jan ’■ilftn.-JM.UI. Salt'.. S«S. 

‘ Silver — '-i".i in 1 un*. June SJ9.«u 
■754.411'. July .ill 'll '7.1..J0I, tifi J35.4U. 
S*ent.' i'KI.JU r>. iw.ni. tan. • .7,Vj 90. 
■Mirt h -74T! 1U. May 771.7ft, .Ini*- AM SO. 

A pt 549.311. P- • . *4.1 W. Jan. fiftT.Tfl. 

M.ir'tj «17.1«. Sal.-'._ iJKHJ - 

Soyabeans— .lull u77-C7ii * SalN ■ . Auc fiHO- 
..ir: 11-&V.1. Sipt. ivii. f4nv. fiiftnll. Jan. 
rir-iiiw. March linffl.. May d'U-fil!. JuJy .' 


'^9 


Soyabean Oil — -lull' 23. lw-A7 . 13 *?4S3>. ' 
.iiui. 54 47-J4 tn ■ v-t r: •- Som jJ9o.r:sj . 

I tel 7" ;0 lur. 2!.4.’-.V.40. Jan. . 

”.lli-'. , 2.50. March 'il.tifl. May '.1 su. Julv • 
.'1 fin 

•Soya bean Meal — July 1 71 Jlfl- 1 TO.itO 

• u.sTii'. \u^. 17J 70- 1 TV 5ft .171 111*. >rpl. '. 
:T1 SiJ-17'J.jll I ICI . 1n9.iftltW.ft0. Dec. - 
Infi .iii-l iin. ::n. Jjii Iftii 541. March lfifl.50. * 
;>a.- JIOjHl. Jill* JTl.ift. 

Sugar— N'n. 11. Jill) rt.W-7 (ll) >'7.{8>. " 
.‘..-pi 7. Ill .7 Hi. Pci 7 lft7 l». Jan. 7.S1I- ■ 

7..-U. Mareh 7 iieT l >7. May s.in. July S.35. . 
Krlil. f.53, ■'■'I. S.i-7. SalO.v; 3 150. 

Tin— .■HV..UII- 37 1 IH* avlvt-d lilil IMJ.577.90 * 
a-9..li 

-•wheat— .inly sr.*’ -.7':; ■. 3 cm. 3lTj- 

.71: aidi'. [H-fi. . March TJ4. M*v f 

■L‘:. .ftl* 3W. 

UtXNIFK*:. Jill.. 15 • Rye— luly lOfijn ■ 

• ti'h.un 1 . fill, lft-7 Vi u-Ycd '1U5.5U>, Nnv. 
1II-..M .1 k.-d. D'.-. UJ4 .'HI a:.ked. 

rfOaie— July 7ft bid ■ Iy-W» '.u-j. Jfi 0ft 
aokH HlftO J.'tiid', On:. 74.50 avfepd. 
\|?rdi m "11 a J.i-d. . : 

tXBarlcy — .Ttiltf T6.40 bill ' 76.40'. iin. 

,7, in bid >7 ij4ij n Jicdl Dvc, 75.?0 bid, 
Man It 77 3ft a-.k-.il. 

to Flaxseed— July UK.OO •U35. , tu hld>. tlti * 
.■73.OU bid>, N"V. 751.1)0 inked. .• 

Un. JaOSO .l.’V.i-d. * 

•■Wheat— SC WHS Ika per tent protein • 

eiiiiirtiT nf Si l.a»rt-n*v l«6.94 'ISO.bOt. 

All ci ms toT pound cx-warehous* 
(■■ilt-.to uHii-rnrive si .tied • is per troy | 

nii.h-.— III" nuniv tnik I Ijhicaua loose J 

•x jv-r too llrt— D -pi. or Al. pnc-K prr- ■; 

vifttts diy. frinii- sti-.int mb KV bulk .- 

fare. . >.ctii< per 51 lbs bushel ex- 
■„ rf r. iious.1-. 5 frtfti f.iisfl- 1 lots l fts per 
ipiy iniiu-i- fur 30 m units uf 99.9 per 

purity d. n\ mil NY. " Cents ner 

liny nlllic'i' •■l-Warehnufti Ni l*' ■■ R " ] 

,-.intr.»<ft in n> a ih«ri imt lur bulk ton 
ui lint sliuri loin di’lm-n-tl loh rprs. 

Clip aS' 1 ToIhiIo St. Louis and Alim. 

• f' his p- r «l lb hiisin-i in more. 
Criiin 1 n.-r 14 I Jiueilii-I. ;; Coma . our . - 

•l v lb I'tislii-l '-y-wan-ltnuvi . 1: i‘i>nie pep 
lii lb biiMv.i ey-'rarehuuft', 1,'Wft bushi-l 
inf.. " ;C per lonne. 






tf ' ■ 




*T V_ 7- 7; ~ r 



S3 


... 




STOCK EXCH ANGE REPORT 



tap applications disappoint and subdue 

Equities follow but index above worst at 469.2 after 467.4 



i_;.- j;! / .rt* 

- ' 

. . . v t?J •- , - 


„ . rv l: 1 1 hit 1 it'd and the premium after the chairman's reassuring turn- 

Account Dealing Dales “SS .r.liial flurry up to 114 per ments which accompanied the 

Up,,on cenl exsed io dose only margin- preliminary figures. 

.. . ^ .1 ml TCI J O HOC 


“First Doclara- Last Account 



interest 
finned 
to: the; 

nllv higher on the day at 1131 IC1 eased 3 to S88p. and fallow- F..unUnes gained 6 to 84p.on me mans encouraging annuju «ate- aiunuwi* remarks* i< 

Dealings lions Dealings Day * ' CL . n i Yesterday's SE con- ing the annual statements of the better- Chan-expected preliminary menu Glaxo, * lower at 573 p in § r and W- Berfcfoni ■ «ased • 
Slav 30 June. 8 Jun. 9 Jun.2l> {.* ioil fcctm- was OuMM lfl.6033l. resect ive chairmen. Croda Inter- Inures. Comment <m ine thin trading, led the retreat Ot initially on the interim figures to 
Juii. 12 Jun. 22 Jun. 23 July 4 nlJirke t in Traded Options national shed 11 to 50p and excellent results prompted r J| the leaders. Boots. f ISSp, JUn*-_ I35p before rallying to cloSe with. 

Jun. 26 July 6 July 7 July 18 
• “ New Hmc " dealings may lake place 
from 9.30 a.m. I we business days earlier. 

Disappointment with the re- 
sponse to the neve long tap issue 

v- nded to Veep interest in the Gilt- li,« in three stocks. Grand s-««usa. wmen eu^cu mnuiu u shmhui i d ; n ,« 

edged sec lor at a low ebb yester- , in o>. Shell <107 1 and ICI Penny to 10Up in response 10 the - * *• .... = 3 

dnv. Early firmness in the longs chairman's remarks at the annual Pork Farms were ouistandm? in 1964 as Equity and Industrial 21Sp, and Estate. D^es, 3i2p 

. .. — = - “' h '- ♦-- - '*■■«-«• — - p ~“ ,e - 4 ~ r •» a - - - ■ were unofficially while the . Hong Kong-based 

„ L- at around 6p~^ Janlitte Seenrftles . reflected 

Up. and British the Northern Foods' bid is not to - * domestic Interest With .a jump... of 

Home. ISfip. lost 4 apiece, v.hile be referred to the Monopolies Heron remained a dull market 5} to 137p. In Financial*, Grim- 

jn listless Motors and Distributors, shawe hareened 2 to 22p and 





Nationwide Leisure, suspended occurred in 1928 --Investment,. 

*7 - _ «nn i n J v a « :_l otiH S 


soon gave way to dull conditions 
:iv brokers came round to the view 
that 1 he lap would not be over- 
subscribed. News of the temporary 
release of around JEiriOm of special 
deposes helped in stc-ady Ihc 
market and losses at the close 
were limiiud to However, 'locks 
wiihm the vicinity of the new 
tap recorded falls of around 


II... ..nt.issiiPd Fonitics meeting, leading Stores continued in Foods with a jump or -.u to a of Scotland, wen 
,n .. , riinn^rti rrnm Fn«w 10 drift lower nn lack of support. 19<S peak of fiSSp on new s that traded yesterday at 
or.t-iak.nc cupped 4 from Enro- Molhercare . and British the Northern Foods' bid is not to 1/3(1611 yesteraa> ai 


profit 
therm, ai 104p. 


Banks drift lower 

The Bank of England's decision 


The trend in the 
similar, bin prices 


m reduce temporarily the rate 
of call for special deposits made 
sie Militant impression on 


shorts was 3P j t h e doseVas slightly 


cvcnLuall, 


easier. Lloyds ended 3 lower ai 


2S50rPence 


210h- 


200 



Jl.aued a marked rally in close • 270p and \atWest finished 3 off 
higher. Application li^ts for the at 2b7p. while Barclays were 2 
tap at i his end of the market easiur al :5 « S p. Elsewhere. Far- 
open and close today. eastern nd'. ices helped Hong Kong 

The industrial leaders continued and Shanghai put on 4 to 314p. 
tn drift lower but picked up to- Standard Chartered. which 
v arris tlu* close as the occasional recently announced the sequisi- 
buyer put in an appearance. Down tinn of a major Californian hank- 
4.." ai in lowest of the day. the ing complex — Union Bancorp Inc 
FT 3 it- share index recovered to — moved up fi to 418p. In Dis- 
r|r»i- g.7 off on balance al 4tift.2 counts. Union held at 33Sp; the 
As rar as the eq iiii-y market was half-yearly dividend will be 

concerned, the sueci.nl deposit-, announced on July 19 and not 

reduction wax considered lechni- next Monday as inadvertently 

cal and therefore unlikely Jo aid stated in yesterday's market 

rentirnenr. report. 

Overall, if was another quiet Apart from small buying ol 

d.iv. but second -line, issues again selected brokers. Insurances Debenhanis slipped 2 to S4p and Commission. NF closed 2 t-asier 10 t 

provided :i useful number of Passi'd a quiet session. Sedgwick Gussies A a like amount to 27tip, at s*4p. Tfie announcement of 

features mainly in respon..e to r°rhcs were prominent i al 425p. after 274p. Elsewhere, profit- substantially higher earnings 


160 


OCT NOV DEC JAN FEB MAR APR MAY JUN 


J 


losing 4 to 131p for a three-day P rota bad Sicomi moved up 2| 
fall of 17. Bluemel Bros, eased points to £64*. 

3 to 63 p on disappointment with BrjUsb ^ Ccmnnonwcdtlx 
tite interim figures, while similar W|re a prominent casualty fix. 
losses were sustained by Ante- Shippings, falling 20 to 285p. after 
motive Products. S4p. and Arlrng- 282p. on the current year profits 
ton. 1— op. Lucas Industries were warning, the preliminary- figures 


FIH AWCiALTtWE SSTOCK 


. Gorenmant rie« — 
-Pixel Interest ■ 

. l adnete tol Otdin«T 
Gold Mines... 
;Oid,Di*. Yield—— 
: ' Sambign.Y' 

P/H BiUo tnntjft).— ■ 

. Dealings marked.— 7 
. toojovnrUcn- 


72.4SI • .72^^72^^# 


-.47L9| :474.bj 47? 

i67loJ ; i 

1 



.Jone.r 

to.. 


- juBtr-j ’JnnaT^nns 

16 . .-g, r 

TQ&ltjpm . 70.78 70.73f- 702^ v 


IjUW 


10 am 


S .pm iPJk ■ *'.&n- 4BTi!S!: i : 

. liiKt 'imtmr ltt-ais HBfc v -- 


Basis 100 
'War* 12/9/55- 




1973 

gt^.JPbinpDatiim 


High 

ESI 


'Low:--. 

^30rt.Sa»~. 

Rxed tat.-. 

lad. OrtL.... 

Qtjld Mine*. 

78.68. 

t5/l> 

81,87 
(9/lj . 

497.3. 
i6/l) - 
168.6 
(8/3‘ 

68.79 . 

70.73, 

(S/6> 

433.4 
( ZOl : 
150.3 
(8(3) ■ 

127.4- 

mm 

150.4 • 
(28/11*7) 

JS40AV 

ilW/Ti) 

442.3 

ffig/ft/76) 

49.18-:-: 

rnffyr. 

60^3 . 

4914 

(TBfifiOy. 

43.3 r: 

(SSrlOTtl 



3 Iso on offer at 30Sp, down 4. uere une with market expec- a query by the Melhouroe 
Against the trend. Jonas “** -* "• 1 

head edged forward 3 to 


iu«n *. were in nn* with market expec- A query uy ^ “7.^ •' ' -f 

Wood- tacions. Caledonia lnvestments, -a Exchange to BH South as to ^why ' 

-w 97p in b and C subsidiary, finished.- 38 the latter’s shares J* 3 ** risen so feQ^Ul x^re tpx ^^j ..^. . ■/>.,_ * 

anticipation of today's preliminary off at 236p, after 232p, following, sharply over the last two aays._ . Financals . 

figures. its results. Lofs resnained- oa'.- other base-metal produrers all : ' i t » Z -• 

Associated Book Publishers gSfiLrK^SBSi /LSS i P X0Und ' "** B<m ^ gS « ^ ' ' 

after 25p, for a iwHiay. loss. of. not- 


attracted fresh support and put £ * 0 n dKidend om^on^d 

on 3 couple of pence more to 1 


on a coupie or pence more 10 trading deficit. Furness Wlfhy 

2j0 P- hu f t Newspapers drifted declinld 7 to 238p as did ReaiSS 

easier with News International o Smith to 75 p 

cheaper at 233p and Daily Mail TT? p , . = i 


cheaper at 253p and Daily 
“ A ” 3 lower at 295p. Elsewhere, 
Saatchi and Saatchi 
lo 1674p on the 
profits and proposed 
while Mills and Allen encountered £ 


XyeB the same" amount. to 33p..l to £14 J.: 
Tobaccos were notable for dun-'- . A gains t the general , • In "Tins ' J 


76o . - t . caused a 8125 setback fla ttie ' aseiv here T , 

rentuea SpECubtite “ toest and lelected South AIrton «■" 


Leadin' 


Properties 


trials continued firmly with ^30^0"°™°® 
eased Transvaal Industries adding -fL-at 


trridin^ statemenis. Outstandina up S. while Miuct and Willis Faber taking after the good results and lifted R. Paterson’S to 47p. while initially, °but in the absence of J2Sp and Abercom 3 at l&P- 
amnns these was sharp reaction hardened * ,nr 1 - ■ ’ “ ' 



ACTIVE STOCKS 









4.SK2 which were only a shade lower. In the absence of buyers. Electricals and the close was .7 2 easier at 174p. 
above the previous day’s. Marcbwicl cased 5 to 308p. while higher at 10Up. Audio Fidelity consideration of the 


Portland" 


Assured of a premium debut Richard 
folio'*, inc Wednesday’s massive Woodrow 

oversubscription. South TvncMde ^OP and -< h respectively, ran- *■«*■•«*• «i* "'y* o i<uc *- 1* 1^ d i&su „ Midhnrst 

Vj • p^r cent l!isi» began at 1I)J, dough Construction touched 70p and bfcctmcumponents ]0 .w e : «"«ri!. n p a** white. rsjnmT- 

in r lli-no id Tnrm and imoroved before finishing a net 3 lower at to 4S3p. Sony contrasted with a dividend and lower proliir. in ” n J‘ cs s,r ‘ eu “* 

to ]«' before finally reverting 71p nn fl ' ars lhat ‘ l could be reaction of Hi to 650 p on further Supermarkets, William Low - 

to the openin'' level of 10J a contemplating a bid, while profit- consideration of the interim improved 4 to llflp. 

premium nr ' on ihe issue price tak 'ing after the dividend figure. BSR eased 4 la 11 Op and 


Lumpur ^Deferred... fj P 

thin markets Irary Kepong to move op 3 to 6Tp and “ur 

p and United Real Highlands 5 to I09p. v ^ SheH Transport^. . 25p 

Control Securities, ’ Marks & Spencer 

... Midland Bank -. £1 
National Wstmstr. £1 
After the beady gains oT.tbe ''5S®* 1 InternaUonL- £1 
w-imic *i,roa Anglo United “ -- 


•• . •• No... • 

Denomlna- of, dosing, . ---» 
Stock tion marks price (pi. V.ohday' ~ •- ■< 


1- „ ■ exults due next Wednesday, put Annin TTfrl wart 

further ... tQ 37p> after but Great Uta * re3Cl 


Costain a nd'‘"Tavlo'r edged forward 2 tn 29p. while dipped 7 more from Robertson ^^^..^“nrevious Sys v£SSa' to^d^ 
both cheapened 2 to renewed speculative interest took Foods, at 144p. while Hi’-ihgaCc r “ r j ^ 0 f 4 u^ich P ^liowed the Develo^menT^went teto 
37fi respectively. Fair- F-rnjU E eelronks up fi teOTp and Job slipped 3 late to -^P Si is.i?°SSdhiS n pZSSLtoP'fS&i 





Mc/ncmev 


to 39p, 


Fnpr China Clays 25p 
nun ujw reverse’s^ ?sn 

profit-taking following, the snS 

and announcement that the :• company TJT«Sh« Bt ‘ 25S 

;>■ nr/iirrMcmff I.'l'h Lonrno f^P 


T, K >V ase , d - 3 t0 u ^ e iLZ r0 ^ S ftl SS^SSaf WeSSnd" Alraft- 25p 
Rush and Tompkms. recently firm "ork on its County Donegal n 

on bid rumours, reacted 3 to 118p. uranium prospect. The. shares £^“*4 ^ ...*■• 


Corporations were over- unnnuncemcni left Heywood other minor cMualiie« included Enff. China disappoint 
. d narticularl v recently- Williams .y lower at 11 1 . Not- Nnrmand Electrical, 4Sp. and 0 r, . Oils GUiet 

" stocks amon" which tl "« ham Brick shed a similar RotaHcx (GO. 33p. Secondary issues provided most H“«5L 

11 J per cent loStt amount tu 275p in a thin market Westland Aircraft plummeted to of tho interest ln unscelianeous The absence of a decided trend 


Other C 
shadov.ed 
issued 
Greenwich 
l£on-paidl and Ty 
12 per cent li 
reacted l apiece 
respectively. 


were finally 35 lower at 225p. 
after 210p. 


De La Rue 25p 


7 

26i- 

- 4.- 

'•52 

M - * ’ 

7 

7 

107J'’- 
- 63 

+. Of' 
- -L: 


:-l * 

7 

. < 33 - : - 

— 19-- ; 



6-: 

328 - 

• — ;Sr : 

■ 3SS ■ 

(S'- 

6 . 

355 

+ 3"’.’’ 

36o;>^2ar; 



The other North gate 
also lost . I 



NEW HIGHS AND LOWS FOR 1074., ; 

, RUBBERS . 

TEAS «41( . . V . 

new towsjtt^jr; 


w- 


The follow i ns loairitits onoted In ; the 
Service vesterd»v 
i»7a. 




(145) 


iuwui mins iimwni uccvn uruicu oniwn, wiiilii ihiius a 10.1 shtiukiiit la.uunK muursi acuvuy aruuMfu in , t ii.Trff. j 

Interest overall in the invest- 2 hi Slip. International Timber, a cent stake in Westland, lost S to Portland lost a similar amount to Burmah. a penny cheaper at a iwact pwasteju London uttyjBg 

■ ..... — _t. _ . ■ « An M ■ n-a.. • . ■ «-«• .« s P— e LI J .1 . « . .. • . . ‘ . ^ rt H PI I m rWI 1 1 TT7/1 TP TO Q’ 1 Q7K 


m*?nl currency market was more penny higher at 123p. reflected 354p in sympathy. Elsewhere in 


FOOD PRICE MOVEMENTS 


June 15 

Week ago 

Month ago I 

1 

£ 

£ 

' £ E 

i BACON 1 

Danish A.l per ton 

UHlir 

1.090 

1.090 

British A.l per ion 

1.075 

1.075 

I.ftfi-. 

Irish .Specul per ton 

I.0IL5 

1,005 

l.'ltM 

Ulster A.l per lonS 

1.0135 

1.005 

1.063 j 

3 BUTTER I 

\7, per 20 lbs 

— 

12.51. 12.02 

11.41 11.52 

English per ewtf 

. 1 ,S5 

liM.fil.-71.S5 

Gll.fi 1 

Danish sailed per evif ... 

72.85 75.SS 

72.10, 75-88 

70.13 72.42 

3 CHEESES 

1 XZ per Tonne 

l.ino.'Mi 

1.1 G 1.511 

I. MI1.50 

I English Cheddar trade per 1 


1.2U2.10 

1X02.10 

1.202.10 8 

1 EGGS' 


S llmiie iiruducc: 1 

M-/C 4 

2.4ft 2.4ft 

2.50 3.40 

ft.iiii • :i.50 

.Si^c J 

2.130.4.50 

3.U0 • 4.30 

3.!H) 4.70 


June 15 

Week ago 

.Month ago 


P 

P 

p 

1 BEEF 1 

1 SuKiish killed sides ox- 1 

1 KKCF 


53. U 37.0 


1 Eire foretiuarlers 

34.0 3d. 0 

30.0/32.0 


I L\MB 1 

English 

«0.0 6S.0 

54.0/62.0 

— 

NZ PLs-PMs 

50.5/52.0 

50.0/52.0 

411.0. 51.0 

MUTTON— English ewes ... 

— 

— 

— 

PORK tail weights) 

35.0 ‘43.0 

36.0/44.0 

36.0 4G.0 

POULTRY — Broiler chickens 

3B.0 '37.5 

35.5/37.5 

35.0.' '3W.5 

1 * London Ess Exchange 

price per 

120 eggs. 

7 Delivered. 

| + Unavailable. ;• For deliver) June 17-25. 




OPTIONS 

DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 

ings ings tion meat 

Jun. 7 Jun. 20 Aug. .11 Sep. 14 
Jun. 20 July 4 Sep. 14 Sep. 23 
July 14 July IS Sep. 23 Oct. 12 
For rate indications see end of 
Share information Service 
Stocks favoured for the call 
included Western Alining. 
London and Northern. Premier 
Consolidated Oil. A. Bell. EMI, 
Queen’s Moat Houses. Kenning 
Motor, Tesco. CCP North Sea 
Associates and Burmah Oil. A put 
was done in Brown and Jackson, 
while doubles were arranged in 
Spiliers. Corinthian Holdings. 
Pauls and Whiles. Petbow, Asso- 
ciated Book Publishers and 
Ladbroke Warrants. 


RISES AND FALLS 

YESTERDAY 


Rritlsii Funds 

Up Down Same 
2> Zt 23 

Corpns- Dom. and 
Fareian Bands .... 

5 

4 

56 

Industrials 

208 

419 

914 

Financial and Prop. ... 

146 • 

72 

302 

Oils 

2 

14 

U 

Plaatailons 

12 

5 

15 

Mines 

n 

94 

47 

Recent issues 

l 

10 

27 

Totals 

0.7 

610 1,402 


jYofice of Redemption 


K-Mart (Australia) Finance Limited 

9% Debentures 


NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated 
as of July 1, 1976 (the “Indenture”), between K-Mart (Australia) Finance Limited, a 
Bermuda limited company (the “Company”) and The Royal Bank and Trust Company, 
a New York corporation, as Trustee, $420,000.00 aggregate principal amount of the 
Company's 9^h Debentures issued and outstanding under the Indenture (the ‘Deben- 
tures”! will be redeemed through operation of the sinking fund provided for in the 
Indenture on July 1. 1978 (the “Sinking Fund Redemption Date”) at_ 100?b of such 
principal amount (the “Redemption Price”) together with accrued interest to the 
Sinking Fund Redemption Date. 

The serial numbers of the particular Debentures to be redeemed are as follows: 


$1,000 COUPON DEBENTURES BEARING THE PREFIX LETTER M 


it 

»» 

m 

2B2 

a® 

-1 67 
MC 
644 
715 
797 
892 
1002 
1085 
1203 
1254 
1376 
1411 
1489 
1596 
1690 
3777 
1871 
i960 
2040 
2143 
2197 
2324 
2398 


24 IIS 4991 
2571 BOOS 


7409 

7515 


Bfl&l 12325 14837 1673B 1HS33 21220 23742 26164 28626 31104 33661 
— 45 21331 23829 26271 28729 31199 33763 


9 SWT 12480 14886 18857 18945 


2662 5120 7590 1003G 12510 14968 16P42 19086 21409 23887 26341 288U 31281 33858 

27S2 5230 7864 10175 12641 15071 1©47 19114 31500 23986 26428 28922 31368 3393S 


2827 5297 7767 10249 12699 15161 17038 19191 21578 24048 26510 29000 31458 34039 


2925 5415 7841 10400 12822 15264 17083 19295 21703 24171 26633 29075 31549 34093 

7940 10414 12860 15338 17144 19372 21603 21221 267 is 29165 31843 34172 


3008 5510 _ 

3102 5596 8070 10477 12983 15403 17207 iy504 
3185 5643 8117 10591 13049 15551 17289 19541 


2185* 24312 26786 2926+ 31738 34290 
21976 24422 26892 20302 31824 34317 


3279 5773 8243 10710 13172 15610 17313 19647 22035 24509 26967 20+49 31003 3+443 

3366 5828 8290 107B6 13210 J5688 17388 19649 22081 24811 27033 29539 31985 345.4 

3448 5954 8372 10WUI 13317 15771 17433 19816 22212 24674 27160 29530 32080 34616 

3535 6001 8463 10937 13391 15872 17480 10838 22310 24768 27242 29b9o 32214 34707 


3651 6131 8589 30996 33486 158TT 17517 19969 22397 24871 27333 39763 33265 34805 
3716 6170 8648 31126 13572 15836 I7H22 10999 32447 24925 27363 2SH53 32343 34896 


3810 63 Oil 8770 11209 13667 16033 37718 20158 22554 25018 2749b 29984 32438 34974 

3887 6351 8813 1I27L J3753 J6070 lTRCtt 2O204 22614 25130 27600 30046 3 2512 35081 

3983 6477 8890 11410 13876 16097 17899 20357 22717 25265 276.53 30149 32603 351S1 

40 TO 6534 8998 11464 13974 16202 17964 20391 228S3 25251 27745 30239 32693 35242 

4200 6594 9117 11S83 14009 18227 1806R 20522 22920 25386 27860 30270 3 27 92 35336 

4231 6697 9171 11633 14107 16330 18201 205.12 23018 25464 27942 30412 32934 35399 


4305 6819 9242 11824 14186 16395 1824-* 20743 23097 25543 28029 30495 32969 35525 
4456 fi»78 S0S2 1 IHfla 14300 76428 38326 20745 23179 25631 28135 30585 33142 35588 



$1,000 TEMPORARY DEBENTURES BEARING PREFIX LETTER Til 

1612 


The Redemption Price for the Debentures specified above will become due end pay- 
able and, upon presentation and surrender o£ such Debentures (together with all coupons 
appertaining thereto maturing after the Sinking Fund Redemption Date), will be paid 
on and after the Sinking Fund Redemption Data at any of the following offices of the 
Company's paying agents: the Corporate Trust Department of Morgan Guaranty Trust 
Company o£ New York on the 13th floor. IS Broad Street. New York, N.Y. 10015, 
United States of America, the main offices of Morgan Guaranty Trust Company in 
Brussels, Belgium, Frankfurt am Main, West Germany, London, England and Paris, 
France, of Bank Morgan Labouchere in Amsterdam, The Netherlands, of Banque Generate 
du Luxembourg S-A_ in Luxembourg, Luxembourg and oF Union Bank of Switzerland 
in Zurich, Switzerland. On and after the Sinking Fund Redemption Date, interest on 
the Debentures to be redeemed will cease to accrue. 

Coupons due on July 1, 1978 should be detached and presented for payment in the 
usual manner. 

K-Mart (Australia) Finance Ltd. 

By The Royal Bank and 
T rest Company, 

New York, as Trustee ■*- 

May 16, 1978 


7Sp in the absence of bid de- dop 68p. following the announcement f? d . ^SS®***} J°° 5 e - 
men is. Lend Industries eased 2 whereby it w ill sell its 8 per cent ^gb o^P— Jjjoe a the shares 
to 131p follow ing the chairman's share of crude oil produced from uerB changing hands at 36p. ^ 
bearish annual statement. (Well the Thistle Field to the British In Australians. BH Sooth closed 
Dnlfryn, 167p, and Hays Wharf. National Oil Corporation. SJebens a penny firmer at_ 119p, 

I37p. lost 4 and 5 respective!: but (UK) suffered a small initial 122p, despite a denial by.. Nc 
Vinton rose 7 to 117p. after 118p, reversal on profit-taking to 320p Broken HIU that the latter 
as bid hopes revived. Dom before rallying to S38p. A net considering makmg j a. bid fat 
hardened 2 to 8:ip in response to 6 higher on balance following BH South. The denial followed 


/' 

-V . 


(8) 

(i) 

BUILDINGS (33 
DRAPERY O' STORES «2> 

ELECTRICALS (3) - 

ENGINEERING 17} 
POOOS (li 
INDUSTRIALS (19) 

' 'INSURANCE (2) 
MOTORS CD 
.- NEWSPAPERS 42) 
PROPERTY C3> 
SKIPPING a 

‘“SWSKI'S! 

TRUSTS (71 
^OVERSEAS TRADE! 


BRmSHrFUNOS® 


- Treas. VarUbw 1982 Extftcpv 
7iw. 9 pc 1W+ 


Casket .... 

- ENGINEERING (3) 
British Northrop 
OCN 

Edwards CL. C.) • MtaSgaTo & Joh 

or - 


.... 


9 oraperv & STOWS 

is.) Oebonhanc. 7: 

'2" - 

bs-cu •v.v.r$' ‘ ' v--V 



LONDON TRADED OPTIONS 


1 


■lull 

October 

January 


1 Ex' nisi- 

l. 


i ClwMIli 

Yoj 

l bwiny' 

Vol. 

Equity" 

1 ■ pi inn 

in Mr 

• •flk-r 

Vftl. 

oiler 

ufTcr ■ 

close 

tn- 

ISO 

126 


138 

1 93 

3 

158 



867 p 

«r 

800 

76 

2 

— 

115 

— 

in- 

850 

34 

— 

63 

-- 

90 ' 

— 

,, 1 

tsr 

90J 

9-: 

— 

34 

1 

61 

— 


in. 1'iiliin 

140 

16 1 ? 

— 

. 22 

— 

26 

— 

151p 

V mu. I ui 'li 

160 

3ti 

— 

. 10 i s 

— 

15 

— 

. 

i.mis. iiuiil 

160 

20 

— 

27 

-• 

29!j 

5 

177p 

C<lll>. Ifllll 

180 

6 

— 

15 

— 

19lj 

2 


Onin* iil> 1, 

100 

24 

— 

27 

- - 

28i 2 

5 

123p 

L-.uirlHiihts 

110 

15 

— 

IS Is 

— 

21 

— 

.. 

(.*n,ii|ni|Uls 

120 

7i- 

— 

15 

— 

15 

— 


Com Inulijs 

13Q 


— 

BI 2 

-• 

11 i 

— 


G bC 

220 

49 

1 

54 

2 

60 

— 

262jj 

l . KC ' 

240 

28 

- . 

35 

- - 

44 

— 

.. 

« . m; 

2bO 

12 

2 

24 


. 33 • 



•a 

UbL 

280 

Sir 

- 

13is 

2 

25i a . 

2 


Gmii'l Mh. 

1UU 

9 

5 

14 

7 

1 17l 3 i 

— 

108p 

•• 

(irniHl -Hr-f • 

110 

3'r 

41 

71- 

9 

Il»« i 

— 

Urnuil liel. 

120 : 

111; 

45 

4 

3 

8 | 

— 


ICI 

330 , 

63 

10 

70 

1 

73 

3 

3B8p 

ICI 

360 

34 

_ 

40 

4 

48 

6 

ICI 

390 , 

10! 2 



20^2 

9 

31 

— 


ICI 1 

420 

3 

30 

10 

3 

18lj | 

— 


tiunl sers. i 

180 ! 

30 

— 

34ls 

— 

37la | 

— 

207p 

UloiI Set i. 1 

ZOO i 

11 

5 

18 

9 

24 ’ 

4 


tanil Sees...- 

220 , 

1-i 

10 


10 

13 1 

• 

7- 

llsik'- a sp. 

120 \ 

23 . 

5 

son 


30 1 

— 

I40p 

Murks ^ sj.. 

140 . 

6 

5 

12 


16 

— 


Marks A S|i. 

160 • 

1 '< 

. 4 

5 


91- ; 

s 

542 p 

Sliell 

500 

50 


68 


74 


eiliell 

550 • 

10 

10 

31 

4 

44 


,7 

8lirll 

600 

2 ‘2 

45 

11 

19 

22 

30 


fi>ia<- 



220 


85 


62 



RECENT ISSUES 


EQUITIES 


\T,' 


1 liw f *£\i- = = > 
i*inx.=— | 

p ; _ i — ‘ Hyii i/.ir 


Stork 




- i + " r l 




75 

too 

(34 


K.I-. | - 

y.p. in 

F.r. i — 


in? 

;-4 


Br»m«ll cC’JU.i 189 

1*2 L’arothemj 164 

5o Tbs me« Mywuwl 35 




(4.5 - 3.1, 
(6 2.64 3.0 
!j)2.0, 2.5 


5f !* = 


= f = 


7.7 4.8 
2.415.6 
8.4 1 7.9 


FIXED INTEREST STOCKS 


!- 1- 1 = ;'' 13 1- 1 
; <■' Hiuii ; l-« j 


Slwk 


( 

■I? 

c “ 
0 i, 


H-or 


jlOO I K.P. ' — ■ s'tKii.tmr. h*i.>rt-ar Ini fin. V',n»we _„+99>« 

100|. f.l*. 120/5 11U|.. 1 1.0,. .vnnitsee ifi'-l 10*8® kin* turn. Pro! jlOOrt 

" • J F.P. ' — ' < M4>, Xaiomcilre Pn>J». Pret. - I B4p( — 

122.-9 12 . HU Bsrnet 1315 Ue.1. 19tf( Ills 

— ; I'3*|.J KOp uni win- r% t^niv. turn. K«i. Uuil Pnrt j 102p 

— 9i'|i 3o|. C5n S'Mnml Ciun. Pitl | 98p 

— flEUn 97(. iDewblr** lU-i Cum. Prer -,.. M 98iap 

■ " • — - ' — **— ’lOOis 

I0i» 


E98 «£10 
100 pi i-'.P. 


F.P. 

F.P. 

£100 I — — ] IHUy', l;>jl e |Bduibur(;li (City ub Vsr. flslc 19B3 

rrlld7.65 E 10(28/7 ! lQi 4 |K*e* Wiwr 1% tail. Prer. Lftii 

U I P.I*. I — i'ji-ii l I jimii Fslrrlcw 13.65* Del" — 

■ • I y.p. | — I *Uct,! 88 1 1 janenflcld Uilletts 10ft Cum. ITef. 


-u 


299 j£30 125/8 l 49J-; &T.E. 


F.P. 11/8 
■ • ; f.p. I — 

10U|.! — 123/6 

• • . f.P. 

• ■ ; F.P. 

• ' i F.P. 

199 110 


30/6 

7/7 


tlwiO . F.P. ;26/6 l lal 
C9BUjll0 1.9 .- 101; 
F.P. : 16.6I0II-, 


[fifeenwicl/ ibin- Bmv aft ILt lied. IS86. 

Liberty * Co. 9.5ft Prf. 

XS5 Se*wsenii 9ft Cam. J'ref. ...... 

Hlttant rift Cum. Prt 

Pre-mr 10* ft Cum I*rer._ 

9-1 fcnlck (H. 1 J-1 10* t’rt 

i»T | ?6iJ.-Mnltb (<*. Aabyn 94J Cuui. PreL 

10;-.J lnijlsiuitli TypBsule 121ft Kwl. 1086 

" 85 Ifcouil lifft Cur. tins. Lu.LWii 


101 
95, 
tl)ui. 
1CW 
102 
19 >| 


HH 

l« ls 


TS«pui 
99lsp| 

49 Me 


100 h-lj 
93 p 


97i # p^ 

104 

100 

98H 

104* 

95 


Iv0p|l( , Mk"P4*ti , rtP H 10 5. Prei 1 100 


-il 


—ia 


RIGHTS” OFFERS 


I .sue I S 
Price | 

I* • I 


1 1 l 

45 i 


IjiU -1 

linniui-. 

JJrlu 

• ■ n 


1878 


1 Hij^i ! Jjuy 


20 p 

56 

CS24 

30p 

70p 

KS.D& 


F.P. 

F.P. 

y.p. 

Nil 

F.P. 

Ml 


84 

72 

14S 

29 

345 

20p 


I Nil 
! F.P. 
I F.P. 
I Nil 
F.P. 
I F.P. 


13/6! 

23/5 


9/6; 

16/6 


22:6 

26/51 

16/6] 

31:5! 

5/61 


176 
« 
33 pa 


7-7: 133 
23,6, 33 

— ,blion 
7/7j SB 

2l/7| 951- 

— j «Sjpm 

— f 115 i 
19/7| I3j.m 
2a/6! 102 
21/7' 158 , .. 

— !H~t>Qii9ig 

23:6; ' 

177; abljl 831a 


Brant Obcmitml* — 

Hitwd Bovcri Kent.. 

Canadian Imperial Bnk., 


93 

ari 

i 


15» 


| Central HanuEactnrinc.... 

Dotrton Park Irnti - 

BkulRioil QoW UkAin/;. 

Fairviaw Bata, 

iHesrelr. - — .... 

HonztHi Sllrlraad- 

Ho»den ollevanden 

Hyman (1.10.) 

tKowatree Mu.hlnli.nli ..... 
Wallen 


Cl'Muii; 

Fri»-a 

PI 


191 

56 

42 >8 pm 
67 
981* 

iT 


l|^n 


IBB 

lSlspm 


4lS 

ZSh. 


+ or 


—2 

-a 


— i 
+i 


Penunciaium dale usually last day tor dealing free ot stamp dirtj. 0 Figures 
based on prospecrax esrifn a (e. a Aaganea CivUead and field, a forecast dividend: 
cover based nn previous Year's earnings- rDlvtdeiui and yield (used on proanectus 
or aiher offleini osnmaicR lor 1K9 nGiwa. i Kluures assumeO. tenser iiinir*. 
lor conversion al shara nai nmr rantliis tar dividend or ranking only tar restricted 
dividends, i Plaurw price m nubUd th Pence unless otherwise In dies ltd. t Issued 
by leiater. II Uirerwl ia halUprs at Ordinary shares u i " rights." " lssu«l 
h>- war of capitalisation, n Minimum tender price. SS Reinttortncefl, 51! Issued 
in cnnneciian with reorsanlsaiion menrer or take-over. Ill] Introduction. Issued 
io former Preference holders. ■ AUnunent loners (or mliy-oaid). • PnvlsidBa] 
or partly-paid aliouncm ktlcn. *Witb wamuni. 


FT-ACTUARIEjS SHARE INDICES 




■-.•SfiOW l 
■ ? F4 


These indices are the joint compilation oKthe Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in parentheses show number of 
stocks per section 


■W 


51 


59 


B7 


CAPITAL GOODS (171). 


BoUdinf Materials (28)— 

Contracting, Construction (2S). 
Electricals (15) 


Engineering Contractors (ML 


M«»hnnli»al Engineering (71). 


Metals and Metal Forming (17)- 

CONSDMEB GOODS 

(DURABLE) (52). 

LL Electronics, Badlo TV (15). 

Household Goods (12) . 


Motors and Distributors 125) . 

CONSUMER GOODS 

(NON-DUBABLE) 1175) 

Breweries (14). 


Wines and Spirits (6) . 


Entertainment, Catering (17)- 

Food Manufacturing (22) 


Food Retailing(15L 


Newspapers, Publishing (13) . 

Packaging and Paper 05) — 
Stores (39L 


TextUesC25). 
Tobaccos (3). 


Toys and Games(6). 


OTHER GROUPS (97). 

Chemicals 09) 


Pharmaceutical Products (7). 

Office Equipment (6) — 

Shipping (10) 


Miscellaneous (K). 


INDUSTRIAL GROUP («5I. 


Thor., June 15, 1978 


Index 

No. 


213.99 


187A5 

345.60 

453.19 

31836 

17439 

16335 


19835 

233.67 

179.81 

125.46 


200.77 

228.69 

25631 

253.66 

198.61 

202.48 

376.42 

135.04 

177.15 

18034 


246.83 

106.79 

197.74 

28431 

25706 

132.77 

419.95 

203.41 


20999 


Day* 

ChMge 


-0.6 

-0.4 

-0A 

-03 

-0.8 

■tO.7 

+0J. 


-03 

-42. 

-Oil 

-LD 


-0J 


-02 
- 0.4 
-0.4 
-0.4 
-01 
-0.9 
-U 
-D.6: 
-14 
-03 
-0.9 
-0.7 
-^0.7 
-U 
-23 
-0.8 


-0.7 


Est 
Ejrnions 
Yl*ld% 
i Max.) 
Corp. 
Tax 52% 


1738 

1834 

20.03 

1516 

18.49 

1819 

17.46 


16.85 

14.97 

1610 

19.87 


16.10 

14.92 
15.77 

25.40 
1938 
14.43 
10.61 
19.69 

11.93 
17.28 

22.40 

19.04 
1637 
1731 
1131 

18.04 

18.94 

17.40 


1638 


m». 

Yields 
l ACT 
at 34%) 


5.61 

5.78 

3.95 

3.92 

6.41 

6.10 

838 


4.83 

370 

627 

6.21 


5.84 
5.92 
5.62 
6.73 
5.62 

4.96 

330 

7.83 

4.61 

737 

738 

5.85 
5.78 
633 
3.98 
4.89 
730 
6.40 


5.70 


ijt. 

P/K 

RaUi* 

iNet-i 

Corp. 

TaxBnt 


7.93 

7.79 

725 

934 

733 

7.44 

7.82 


835 

9.41 

832 

7.10 


8.43 

9.64 

9.62 

9.42 

6.77 

9.64 

13.45 

6.70 

1239 

7.61 

531 

6.41 

8.01 

7.76 

10.85 

636 

6.40 

7.74 


8.19 


Wed. 

June 

14 


Index 
No. A 


21523 
188.48 
348 21 
456JZ5 
32127 
17609 
16312 


19932 

23413 

180.08 

126.72 


20203 

228.79 

256.91 

25438 

199.41 

283.28 

376.70 

13626 

17904 

18136 

25033 

10703 

149.44 

286.75 

258.98 

13421 

43032 

205.00 


Toes 

June 

13 


Index 

"No. 


22S67 

18939 

347.47 

45936 

319JB3. 

U629 

MIDI 


19930 

23332 

380J09 

1Z7.42 


203.04 

23008 

25825 

25836 

19836 

20330 

38127 

135.92 

18005 

18U8 

25239 

108.01 

19978 

287.77 

25806 


13438 

432.72 

20507 


Mon. 

June. 

-.12 


.June. 

- 9 ■ 


Index 
' NO. 


21465 

187-83 

346.40 

457JS 

33739 

17505 

16338 


197.44 

23009 

179.73- 

12636 


201.06 

228.93 

25434 

75722 

19707 
199 J7 
37166 
153.08 
17734 
18105 


25229 

107.75 

19836 

28555- 

256.61 

334.14 

43200 

20406 


. . 

7 


ter....- 


Index 

No. 


2026 

188.00- 

34633 

449.94 

316.04 

17408 

162.60 


195.48 
227.77 
179. W 
12534 


19936- 
22630 
252.92 
75335 
196.02 
r 19939- 
37131 

133.97 

-06.60 

178.93. 

25122 

106.88 

19666 

28168 


25573 

13328 

43028 

20195 


year-'.- 

ago 

(apjmnJ 


Index 

- Itfa. : 


17635 
14936 
24732 
340 JS+ 
250.96." 
16863. 
M7J2 


.•‘Arr; • 
1.-. 

“b: • . 

2 

*i 

' V.. 






-• -V: - ’ll 


' -Y: 


: ; 

-m = ^ i 
‘ » ■ 






rj . 


Oils (5). 


500 SHARE INDEX. 


FINANCIAL GROUPflM)- 

Banks(6) 


Discoant Houses (10j_ 

Hire Purchase (5) 


Insurance (Life) (10). 


Insurance (C«nposite)(7). 

Insurance Brokers (10). 
Merchant Banks ti+x. 
Property (31). 


Miscellaneous (7)^ 


Investment Trusts @0). 
Mining Finance (4) 


16456 

18733 

216.07 


243.7S 

136.08 


127.42 


33538 

79.88 

233.96 


110.70 


21501 


101.24 


-03 

- 0.8 

- 0.1 

-L0 

-ID 

-03 

+03 

-DA 


+13 


+03 

-IX 


25-26 


1339 


34.03 


3.08 

23.95 


3J2 

17.07 


•5.75 

5.99 

8.00 

5.71 

6.69 

6.69 

4.67 

6.20 

3X7 

7-29 


4.61 

637 


5.99 


1039 


10X1 


58.94 

5.78 


32.08 

7.07 


Z545B 


16512 

188.85 

21628 


145X9 

137.49 

12776 

334X9 

80X9 

23435 


109X7 


213.99 


235.02 


16561 

19136 

213.92 

144.45 

137.02: 

127.64 

332.46 
_8L06 
23335 


11978- 


23Z68 


23337 


164.10 

189:51 

21332 


342X6 

33578 

12618 

32908 

80.65 

232.47 

10964 


209,22 


23183 


161X0 

18535 

204.82 

140X4 

13375 

12237 

323.00 

80X0 

23236 


108.40 


208.70 


136.98:,- 
153X6- ' 
169.© 
13030. . 
10566 

m 77 : 

28 8X7 

-67X9'. 

29039“ 

8777 


26672- 


55l 

[ A1LSHAKE INDES(6731 1 215.45 1 -0.6 ( — 

m 

y a 1 ii %. : j tL,i 

271X0 

184X8- 

FIXED INTI 

iREST 1 

*RICE INDICES 


fixed interest 
YIELDS 

Br. Govt Av. Gross R«L 

Thur.' 

June 

15 

Wed. 

Tone 

14. 

.Year J 
.■ ago .7' 
wpprojg 

British Government 

Thur. | 
June | 
J5 i 

Day’s | 
change , 
% 

sd adj.- j 
To-day , 

xd adj! 

1978 
to date 

1 

2 

2^ 

Low 5 vears.. 

Coupons 15 years... 

25 years.. - 

.. 8.70 
10.M 
1153 

...174* 

10X2 

1149 

" 7.72 
1139 . 
12.42: 

1 

2 

3 

4 

5 

Under 5 years 

5-1 5 years 

104.71 

114.44 

120.® 

124.68 

71? « 

+0X7 

-0X8 

-0X1 

40.01 

057 

U 2 

033 

451 

5.67 

650 

630 

5.47 

4 

5 
_6 

Medium 5 years 

Coupons 15 years..^ 

years 

11X1 

12X4 

1226 

- n 

32.02 

12.19 

1031 
32X6 
is no 

Orer 15 years— 

Irredcemahles 

All stacks 

7 

8 
_9 

High 5 years_„ 

Coupons 15 years.__„., 

25 years 

1146 

1255 

12X5 

: 1149 
1253 
22.90 - 

H25 ' 

1336 

1356 

10 

IrrerinPimhlM 

1159 

! 1159 

12.65 



KTLura^ June lb 


Indu 1 Xteld 
-Vo. j % 


Wed. 

June 

14 


Tufts. 

June 

la 


Jlcmdarl 

June 

12 


Prirtay 

Jddq 

B 


Thurs. 

June 

£ 


Wed. 

J nnn 

7 


Tare. 

June 

8 


Tea* 

■«* 

(approx.) *- 




16 

20-yr. Red. Deb & Loans (15) 

57^7 

f 12.94 

57.36 

67.29 

57.11 

68.94 j 

66.72 

57.11 

| ' 67. 14 

16 

Investment Trust Profs. (15) 

52.75 1 

13.42 

S2D4 

62.94 

62.94 

52.61 j 

62.52 

62.23 


17 

Cam!, and IndJ. Profs. (20) 

71.62 | 

12.94 

71.74 

71.72 

71.37 

71:34 j 

1 

71-34 

71.S7 

71.49 


56.16 

eoxT 


69.87 


5« a e " PoWWW ’ ^ n— Tim TSLS SI^SS^SS. 


K 




~7F7X) 7s. 



















































FiBSncial Times TYiSay Tune TB TETTB 



INSURANCE, PROPERTY 

BONDS 


Atbrr Unit Tst, »«rs>. Ltd. V QK223531 4»7tart » _ Hcr.ley onTjuam n#,, - !BSa 


"j. 

‘= X- 

. . •'■•.I 


- 


** 

" '2 


iVlTy 


Abbey Lilfe Atsttmn Ctt Ltd. 

l-SSt. Paul's Churchyard, ECU 01-3488111 

B3S£=K Sl.~ 

Property Fd 147.2 IS® .._.. 

PropertyAtt 1532 16U 

SdtrtfreFlmii — B&5 932 

Convertible Fwed_ 130 a Xnj ...... 

jauxiCTFond m.o id* 

P«o*, Property 1728 2*L9 

■ Pm*. Selective 07 882 . 

Pena. Security 135Jt 743.0 

Pens. Unused 126.4 325.7 

157* 3*5 g 

WninFa. Sex.4.„ 12U 232.5 

vUan.Fd.Ser4 1349 W22 

SflSMabBZ* 

WOBWFi Sct. 4_ E59JL 314 9 _ 

JPncesat June 13. valuation tumuli? Tuesday. 

■ Albany Life Assurance Co. lid. 

31.013 BuriingtooSL. W .L . 01-4375362 Boyal Exchange, E.C3. 


General Portfolio Life Ins. C. lid.V xpl pensions Management Ltd. 

BO Bartholomew CL Wall bam Cm*. WTOHUl 4R,iViwcchunhSt..lX3P3HH. 01-S33-C00! 

gBrttoaioPuwl- r „l _ lal _ A I — Managed Fynri J749 9 156 11 . . I — 

Portfolio Capitals. |4L7 43.8| . — 1 — 1 Tires June 1 Niat dealing July 3. 

Gresham Life Ass. Soc. UA New Zealand las. Co, il'.K| Ud.lt 

2 Princo of VRlM M- Vma]b.JBB T576M Maillaml Hou« Sm;i henUSh’. JIS 07N(BflS5 


TJ-W.Gaiehuuscltd . Aylesbui?’. 
Abbey Capitol ... — KS 
,\htac» Tncnmc .... 

Abbey lut.Tal. td..|35 B 


C.KOahPued W63_ 

C 1- KanktyPund.. IRi 

Cl. Gift Fond 1U1 

Cl.lnU.FuiK] 1247 

Ui*f*pty. Fund — 196.3 


101.4 

115.0, , 

1IB.6 1 

i3ia — 

mH! „... - 


Allied Hambro Group* laHgl 

Hamlin* I Em- .Hunan. BwnijwJ. Kssjt. 
01-588 2851 or Bren l wood 'O.TTj 211450 

Balanced Fends 


- Growth A Sec. life Ass. Soc. Ltd.* 


1137 5 

MO 

ms 

Roj 

I1D6B 
R04 8 
11032 
:«.4 



-?g££ 33 ^ 1 Ii 


una 

I63U 
rehfdAce. HAS 
ITU 




5E5&£ssd 


1915 +L« 
146 1 +3jj 

120.0 +03I 

111.1 

U3J 

17US +2^ 
225.7 +0 
1*4J +4.4 
3353 +0.2 

XUA +13 


KlU! Kef Iitv Plait 

-’•-mtij Co': Ed..... . 

TiThnftloilv Kd . . 
talnlnr F <1 
Altlencun Pd . ....... 

Far East Fit . . 

W«rBanlABray-an-33tWPK,Berks. WCR-342M Con lSSS»H Pd"- 

Land&Mk^v^ni !...![ — Norwich Union Insurance Group 

I-andlJMk Sea ActiU6.4 11A5I J — pp ba 4. ffororlrii NTU 3.NC. MraSSOO] 

G.&S. Super F£L~I *7.W«. - M.vnwS Rind . - 12126 222.71-01: 

Guardian Royal Exchange ^yFund KS +t 

ni ooo-Mfpy Prop-wFuad. ..— 127.9 ^ 

Fixed liit Fund — [1517 159.6 -0.^ 

M20I I - Depou l Fund ....105.4 > U0.9 

Nor. L' ell May 15 ...| 2 0t6 


lint, tnili. Fund...-- 
rrh & Ine . _ ... 

Kb-rL & lod. Dei' 


Property Bonds _—jl748 
Hambro Life Auiuuce Limited V 

7 Old Pork Lane, tendon, W1 Dl-UBCKm Phoenix AjiSOTSDCe Co. Ltd. 


Fixnd lnLDejt [125.1 

Eautly 177* 

PTOpMty-..— DU.9 



10 2094 +24 — 

AUEV Ub Iwanw* IMS 

AbmHK.*lMgd>3tei«Bte. Reiautc 40101. 
AUEVHumnd 
AMEviisart^ 


RHi 


AHEVBM.n. I 

AMHVMjd PEnJd. 1 


m.Q 

3412 

+03 

B53 

1320 

U54 

+02 

109-6 

1155 

96.4 

~9tn r 

+03 

+22 


2(129 

3033 

2033 

— 


tan Edged 

Amen can Arc 

PeiLFJJ>ep.Csp r --- 

Pen-FJ ' ep-Arc. _ i<j i 

Pm. Prop. Cap 202-7 

Pen. Prop, Arc. tbU 

Pen. Man. Cap. 2063 

Pen. Man. Arc. 2653 

Fn.COLEdg.Cap.. 1ZL7 
Pen. GUI Edc. Arc.. 128.1 

Poo. &S. Cap. U9.« 

Fen. B£. Ace 140J 

Pen.DjA_F.Cip 1— . 

Pcn.DJLF.Acc 1023 


333-7 +001 

387.6 +04 
1703 -riJil, 
1473 +D4 

382.4 +0* 

321.6 +i« 

330.7 +lJ 
3072 -02 
3343 +0S 
3365 +0.4 

233.4 +0.T 
27 4* +0.H 
2172 *\S 
2793 +i^ 


H4S 


t 338.1 .... 

WE J 


+13) 


1 


4-5. King William SU EC4POJTR. 

Wealth Aan. |Ui5_ 119 

EbY.Ph.Ass. 1 77 7 

Ebr. PbEq.E P51 78.' 


0J-KS 98751 


Hambro Ac r 
Inctoc Fundc 

Hiah Yield FA. POO 

lilrb Income »4b 

A.H. Ea lae 15B 7 

IflUmaUnnal Fonda 

tnicroaiional 

Sect o[Amm«..- bbl 

puc die Fund 1432 

SpccUBst Funds 
Smanpr CnS Fd „ Q5 S 

SndSmlr Co»Fd-_ pJB 

Rceuccry SIB. ■ 

MenMIn-ACdly.-.IOOS 


Arrow Lite .Aggn ranee 
Ja UXbridge Hoad, W.12. 

iDnL.BZ.9 ».71 _....! — 


Hearts of Oak Benefit Society 


. .* lih- 



ft;. 




Honey pan*. Ace. _ 
Ho. Initial 



Property Fund 

Property Fund (A).' 
AgnculiuroJ Fond. 

Agile. Fundi Ai 

Abbev NaL Fund— 
AhbeyNal.Fd.iAi. 
Investment Fund — 

15-17, Tavistoek Place; WOH 05M ^ 01-W7 5030 »5}ui ! yl¥und rd li^ 
01-7480111 Hearts of Oak p6 * 3851 1 — Equity Fundi Aj .... 

Hill Samuel Life Astvr. Ltd.V tsSne* Fundi' Ai“- 

NLATwr.AddiBMtmbe Hid, Cray. 01-6884355 Actunnal Fund. ._. 

property benes A ..uuv.y 

MtUlfiCd lfnlU ■■■■■„phkT 

<11-6345544 BdSedrtAlMi 


Prop- Equity & Ufe Ass. 

118. Crawford Street, W1H2AS. 01-4886857] 

R SUt Prop. Bd 1 MM 

Do. Equity Bd 1 73* 

FleaMoneyBd [ 348.6 

. Property Growth Assar. Co. Uif 

l«on House. Croydon, CBS 1LU 01-680 0008] 
U1.1 
1795 


. 103.8- 

:fe 

-96 4 

- 945 

- 95 3 

- B3- 
. 100.1 

.P7J 

"Cuxrent unit value June 14. 

Beehive life Assur. Co. U«LV 
71. Lombard Sl, ECR 
BHc. Home June 1—1 129.76 

Canada life Asmanee Co. 

24 High SI, Fottora Ban. Herts. P-Bar 51122 

ss i r.] = 

Ltd* 


01-623 1288 

I ..-I “ 


Managed Scries C - 162 
Money Units ■ IJfl t 

Money Series A 972 

Fixed Int Scr. A 922 

Peu. Managed Cap- 140.7 
Pus Managed ABC- M2L3 

Pan. G'terd.Cnp UU 

Pna. Gl*ed. Arc__ U08 
Fens. Equity Cap— 97.7 

52%S^«~ g-? 

flu rri IntOlp^a. WJ. 

Fns JSd.IntA«__ 95.0 
Pena. Prop. Cap — 952 
Pta*. Prop. A£C-_- (955 
Imperial Life Am. Cou of Canada 

Imperial House, Cuildtord. 

Growth Fd. June 0_|71.9 
Pena. Fd. Junes — {665 
Unit TJn tod 

Managed Fund (9*2 

Plied Id L Fd N5A M. 

Secure Cap. Fd B55 UOJ 

Equity PSinri 195.9 



■jill-cdged Fund-., 
C.m- Edged Fd i A >. 

■tP.diTe annuity 

tlnuard. Annty 


757 7 
7515 
353.4 
3532 
679 
67.7 
1702 
3696 
1396 

13a* 
2322 
1231 
3231 
1817 
149 5 


=a 


-0 ■*! 

-04 - 


Prop- Growth mutoaa & AmnlUn Ud. 
Ail Wthcr Ar. l'taJ12&« U14I 


— V Ail Weather Cnp J12Z.0 1284( 


VInr.Fd.UB... 
Pension Fd. I'U — 

Conv.Pens. Fd 

Cue. Pua. Cop. V’L 
Man. Pens fa ... 
Man. Pens. Can. t-'u 

Prop. Pea*. Fd 1 

PropJYna.Cop.Uta. 
Bdcc Soc. Pen. Wt. 
Bldg. Soc. Cap. ll t_ 


3370 
1297 
346 2 
1322 
M39 

132.8 
1455 

332.9 
1S0.B 
120.1 


Provincial Life Assurance Co. Ud. 

S2?_ RiBhoauaU- E.C " 0I-S97 KOSj 



UUlFund 20. 

Properly Fund — i 
Equity Fund.—. — 
Fxd. InL Fund 


1113 2 

1195 

..... 

_ 

1C45 

110.1 


— 

117.9 

1237 

... 

-02 


954 

1005 

.... 

— 

97.9 

103.21 

.... 

— 

9SJ 

103.4 


— 


AUTHORISED UNIT TR.U 


Ferpelnal troit TrtlSt -Xngmt.V is) 


m hsk 


JSSsJ-O.!} 


429 

293 



offsho: 



M2 PpeTja!Cp.r,;fc _ |39.9 3 4i 

l 3 A Piccadilly VnU T. Men*. 

053 WaidBieH»e.MA«i-«ida3W3:- l C= -f :S ™,fap. 

Baira lneow.: .--}»* » *! rl ? ! 1” , . 

fe® Small rofcFd. - - *27 5 « i| ?«l t - ail1 

47 -5.7' 


£5.3 

69.9 

-0.1 

(^1 fl 

66 Sia 

-06 

Ul 

386 



33.0 

' 353 

-0 2 

712 

76 2 

-0 b 

103 B 

lU3.il 

-0.9 

j 1122 

1265[ 

-1.1 


1 m a,Bhmd.*idsuE^_Txu 
544 ....auuMr — (422 
SOI 


j!J| 

-021 


commodity Sw* - 

tplW &ii- X gjfL., 

.’sSSK-rPi !“ {iSftWrvg! 

Gibbs (AntonyiLnitTsL Urj. Ui. 

□1-5884111 For Fart Fd I27H 

ttlnrtwn"" — [422 442J I 828 .tmonenn Fund- .{24.9 

r-™™ '** , nS Practical Invest. Co- Ltd-V ivNd 

4J| (■»A.arar Ml .~ - ■ 44.BIcwwburr5q.wnA2Fi.A 0HC388BQ 

“ G rSLSSSSc- mhiSSKJB «S“- i 

Im vhSS«* 3 L“ 7 142M -1.1 Provincial Lire IttV. Co. Ltd.V 

Do. ACCUCt Un ii — jl^.B 178 5, ^ — | 2.82 222.BnJiop*saie.LC2._ 


Arbulhnot Securities iC.X.) Lifted Kin? & Shaxson Mgre. - 


374; -o:‘ 

63 5, -OM 
S3 .*.1 -C if 
■2E 5* —3J1I 
26 for! ■ -f 


1 9< 

2 93 
4 31 
344 
446 
IS? 
250 


431 

4.21 


TaLtAw-! 1 J115 0 ;»«-■ l 


N,.« tieafii'.c d.Mu Jijne.88 , 

l AlnU-Til I11B0 1250] 1 

' iL «ul. JUHf 22. 


4 2d 
300 


Australian Selection Fund NV 
Marker fipportanittw-. 1 u l.-iah Yaoafi A 
Huthnaiiv. 135. Kent ft. v 'Incj'- . 

I'SSl Shares ...i Si >153 L -+ l 
Ni-l A.'tl Aaluu— 

3ank of America International S~A. » :\n;hureh S; .J& 
UM-ptbourtSCD fciirintcst. Lu*. e 

649 


24708 

ttjli F.iaaiJcrsc; ». 1927 9 301 j LM 

43 : if Tin* ■ I o M... W53 Z 1055rt 12.3 

ilii: Fu<L liuvrosv 19 43 949j — ...| 3--00 

I nit Govt. Sees. T*U , ! 

Kina Sterling J|3S MSW — \ 

First !na. [1W.34 185 89] .—.[ — j 


Klein wort 3ccson Limited 


ai-SZ38000 


iluvrosrj'lnc 


7.N 


Next dealing day June >6. 

2a5t-0.il 2J8 Grievecon Management Co. Ltd. 
60 0d -0.M 1.91 n, “ 

^ *** ** SsSSfSS» B ^ 1 

fS? 




Eapt-Smlr. Cui. 


38.W -0.1 
46 9 . 

905 -0.« 
433 -03 
612c -Obi 
2302 +0.4 


5.96 

457 

sjzi 


Grnchrtr.JuMO — 





Prolific Tnlia R*. 

High Income |IU-1 

014X184433 Pmdj. Portfolio MBgrs. LuLP taJfbKc) 

* 4 -S UnlhArn Bars. EClN 2N1I 01-4059223 

SSSS^ibu M-ifi *• 


35 Bnalrranl Hu>j! , 

’T^JSS’Aa 8 ™^# » KiWrKn 

*- -r®a ,Bai - ^ La * 1 ’ & S ‘ AnieriC fli^w23i3 

.. f?? I «MW QU-+D Victim a S' . EC4 , 01-*® 3313 KRIS Girth. Fit 

«a5i*8i ?2l Alexander Fund - U'-fTH - I--I — SS.cnrt Bermuda ..„ 

119 0! -osl 7 41 P 1 ™" Nrt tofl;l Jvne 14. 


3,064 

63 3 67 3| 


SLS1171 
SUS3U2 
SLSU.96 

& 1951 


-i-nlfcradsiDlTi — 


-0.9? 

-C.04^ 


324 
4.37 
417 
121 
396 
079 
0 7S 
3-83 
■ 72 


?-« Q"<iiee HtBaagemeat Col I 2d.V 


3.91 TheStk-E3tci4n£C. EC 3N 13F 2 m 

SL63 rtnadrant Ged-Fd. .{1D7 0 - —j 5“ 


IB tsteigS^-ISS m 

IS Reliance Unit Mgrs. Ltd-¥ 


fe. Unit Mgra. Ltd. BrJJivuce Rso.^^ FeU^Kt. 0832 23271 

SDN. Ol <383011 2ffi25deT\< Accjt! t«2 43J ! -M' SiS 

6 92JH —051 434 SSordeT.lDC. KiB 43.5! -OJ4 5.70 


Anderson Unit Trust Managers Ltd. lAc^toitst—-, 

ISA Fcncbercb S l EC 3M CAA 6538331 GnariS*® Bnyal Ex. 

ITT l«U S2.41 4.40 w—ai Exchange- BC3P&DN. 

*W1 I g«0Mr«n>®T*-P» 6 9181-051 434 

Asabacber Unit Mgmt- Co. Ltd. Hemieison Administration* faXcXgl Ridgefield Management Ltd. 

££3s,"”iuu ^“Tw ss sS'^r s "»-“« l "^SS 

Arbuthnot Securities Ltd. f«Mc> ^ 1 ^55 1 i nt _i< c . 6 *» aS“ 

37. Queen SL IBS' OlUn gp. g«gfcg-J: 

Ectra Income Fd—R04.9 *«4jl T. 0- ?! 4B SSS 


Highlnc »iad — *L0 
OLAcmiu. Uaitsi — g J 
<&:«% Wdrwl 5S.1 
Preferepco Fund ... 153 
lArcun. Unitsl ».7 

Cupiiai Fund.. ...... 144 

QmunodJiy Fund . S83 

Areuu Unltsi M.O 

.smsvdrvhy.i — 5in 

Fm.tPiyp.Fd. 174 

Giants Fund « « 

lAccum- Untun £8 

Growth Fund 332 

lArcun. Units'- 

Smaller Co'cFd.- »* 
Eulrn & InU F«S 247 
ifffcW-drwI.UU I — M4 
Foreign Fd .. .... 

N. Axner. k UU. F4|32.7 


543 
593 
273 
405 

20.6 .. . 
63 6 +3.5[ 
.914 +3M 
555 +2 0| 
U1 

433 -0J| 
501 -B.3l 

&f :S:li 

m - D11 

»2 

9 3sl -04 


'SBH sr-g! 


9.3S 
4.15 

¥ fsassiv-Bs- 

537 OH6SdB« 1*™ 

537 t>Lu oaH«a»l 
Cabot - 



3-54 RjdlJSad ioema f W3-0 99 


KB net ju IkmdQB pajlnfi oge&ts ««Jy. 

Lloyds Bk. (C.I.l ITT Mgrs. 


PO.Boc 165. St uelier Jersey. t® 3 ^ 27 *?- 

Um-dsTM.Oseaa-158.4 61.4j-3.0j 124 

Next dealing dote June !•. 


Ban q oc Bruxelles Lambert 
2. Bue Pe la Rccenw B 1000 Brussels 
RcnloFundLF.--|l.a55 1.4*2] +4{ 735 
Barclay e Unicorn InL fCb. I s -' Lid. 

Ch win g Crest . S*. Heber. Jw- 0S34 ■-•41 

nnl '.- A 420- Lloyds JcterntHonal MgnmL SA. 

f-SIho^TvS; — illSMU HlSJ 1 1M 7 Kue da Rbone. F.O. Soc 179. 1211 Genera 11 

•Subject 10' fee and wuhhaldliK u ’ cea UwdsloLGroirth.li»aM -J LM 

Barclays Unicom Int (LO. Man) Ltd. Uoydslnt-iac 3JS8*[ . — | 630 

1 Tho3=a» St. Dmiglai. !.«_*.!. C® 4 4Ei8 



M8 Rothschild Asset Managemen t (g i ^ | 


72-80. Caleb ouoe Bd- Aylesbic^ ^ «=6 3W1 1 cIxRHC-^J'a QG j" 355 

ea2 i mu NT* ■June 5 _ !£2 512 


Unicorn AusL ExL.1551 

Do. AnsL MiO W3 6 

Do. Crtr. Pacific 6. Z 

Do. Inti. Income _ 39 0 
Dt*. L of Mae Tst .-.&3 
Do. Uana Mutual — !*ki 3 
Bisbapsgate Commodity Ser. Ltd- 

p.O Bok« 2, Dougnu. ixiK. 0C24- 23911 gjyjyjpi Montagu Ido. Agts. 


M & C Group 

Three Quay*. Tower BUI EC3R SBQ 01-CS 4588 
ALianneJuneia — [5’SS i? - 

Aust-Ex.JuneU._- RlSa j- 
iTold tx. June 14 — | s S? ; tJ ® , le “ 


liiaad iJ 274 

lAccuml nils' 1 


1?&1| +0.11 


.n”|a09 39251 +0:5| *3.45 


93.45 


37S5J -5 1. 


lnijcTTl>tIt*ial - _JjJ4 

'■ me B._{75.1 


537 

3 _Q4 

25 iwdWWeJlrocB. 
0*T«r»* Fn*4« 

iH fissaatz^-B! 


440 

L47 

147 

ISO 

LOO 


Fart 


CbM 6 w 3 ib.Co. 



5462 

H4.B 

ml 

11541 


iZ)K-D 

155 5d 


-0 , 

1CD.5' -0.9] 


icibl' NT*‘Jcno5 _ !£I! 512 266H "yL 1 

tS I Onginally ward lit *310 and •^ELOO. 


*“6.183 


1641 


6.G6 

L67 

167 

455 


N.C. Income Flind. 

N.C. lntL Fd. tine.: 

S.C. Inti. Fd- lAcc.: 

N.C. Smltr Cor* Fd 

Inal 155 Kurt Thu- 1, lid & Lowndes MgmL ini 

1 458 St. Swi thins Lane. Lda..ECt 01 

NewCLExempL-iOao W« I ^ 

1.77 Price on — . Next dea-lr.s — 

3H Rowan Unit Trust Mngt LAd.WaT 

Qty G«e lln, Sq^ ^ «>’ > 

?S AmencanJime U-gXO ,2? 2l “ aS 09 

Serun tie* J one 13. piT.® in'yl 

ffill Samuel Unit Tst. Mgra.T 18) High YM- Jnm> 15 -Sf || S 

Archway Unit Tfit- Mgs. LULf (bKc) ^^hSt-ECTiLX oi^aaon 

1 Ac cum. Uiuli, — (991 *' • — • 

2.8* Royal Tst. Can. Fd. Mgrs. Ltd. 

4 *5 Sjmwro StieeL S W !. 01-6=9 3S52 


114 Old Broad ft_ E C4 


Bridge Manage meet Ltd. 

PO. Box SJ8L Grand Caiman. Cayman 1 a. 

VbJ.shi Jucr2 1 5 15 338 1 1 

G PO. Bn 990. Hone Kom ^ , OJO 

NiPOonFd. J unen HI rlirt ~..J 

E'.-S.e"k Split 

Britannia Tst. MngmL iCP Ud. 

1 30 Bath St_ SL H«!icr. J^nef. 053* 731 M 



UTJnrtJ'sMarM- 



317. HlRh Rolhoru, WCI VTNL KM. «hl8ritigTrti»«— 

Archway Fund TC3 BSAd +6.61 583 mtntTTryt— ga.6 

June nib. day June 22. 

Barclsys Unkroru Ltd. langlfic) ,h,Pi««ieiaiTni»Lm.8 


Irish Life Assurance Co. U(L 

W *^L? AflQNB |T n '? 28878 ILFiwbwy square. BCSL 014B8BS53 


.[£17.17 
OD 02 1 

Lm.« 

Wt £3329 



. KS.7 
197.4 
.965 

LX. 90.4 

2nd gq. Pen a/ Acc.. gj_ 

- uctjo 

FpurfAcc W3 8 

HAW M 



440 


Bine ChnJ line B. 

‘Mnnng gq Fund ^ 

Prop. Mod. June 1— [1773 
Prop. Mod. Gib. P933. 

King a ShaxBon Ltd. 

52, ComhilL KC3. . 81-8235433 

r aE»BC : 

Tan gfanB Life Asmutt Co. Ltd. 

LanghamHs.Holmbroi*nr,IIW4 01-M3CT1 i wmm iW ! Group 

• "™ “ j •“•■■I — Neo'Hall Place, liverpooL 


Prudential Pension* Limited d» 

Holboro Bars, EC1N2NH. 01-«5B2K| 

EqulL Fd May I7._; 

Fxd. InL Mny 17 — 

Prop. F. May 17. 

Reliance Mutnal 

Tunbridge Wells, Kent 08022=271 

ReL Prop. BdE. 1 Ml I I — 

Rothschild Asset Management 
Sl Evrithiw Lane, London, BCL 01<Z84358| 
N.C. Prop. Mar. 31-01*3 UL 
Next Sub. Day Jons 


13 nicoru Wo. =52 Romford Rd. CT 
Unicorn America. -U5.4 38Ii 

Do. Aust Arc »3 

Do. Aust. Inc 57 ■ 

Do Capital-..- [64 

Do. Gxnnpt Tst ..... W7 i. 

Do. Extra lacmnc _ » > “ 

Do. Financial 598 WJ 

£>0. 500 - 2, 

Da General 

Do. Growth Acc. — JJ8 **■? 

Do Income T sl. — f4A_ 

Do Pr£ A'na m_.Iwr2 M4.' 

Mn» at May 30. Next aub- di 
Do. R«co»nry-__— - C.« ,®-i 

Do. Trirttee Fund_ U26 
Do. Vldwtdo Trust 0.7 55. 

BlMJnJFdlne H5 65- 

Do. Afcnm [7L4 74. 

Baring Brothers & Co. Ltd-T l*K*) 


01-5345544 (bl faaw*? ^-- 


83.LeadenbcliSL.EXL3. 01-MB2830 KJLsSji 


_....| - 


SUattooTsL P«-6 

“■““NsnsW^i. 


051 227 4422 1 

MU| .-4 - 


- CTO 


ui fry 

L&ssu. j ten> , 

Current nhw June I 1 

CqUal LHe Anmneef 

h ..l. h m Wraw. fAanei Axh W*tOH 000228511 

SSSSsa.:! 3SS |rj = 

CbrateriMue Magna Gp.¥ 

1^l*liM piMgi].,T1»Mi1gxTIMlllB 

tautimeriDorcy fi** 

r*ith*e. Money !M 

.cKSSoWd-U' 

SSS^Sp ' "at 

’Managed 15*0 


Hjm«baii>'A'PUii_. 

9^a^NtaSFdlw5' - Royal Shield Fd.....[UAA 

Legal St 1 General (Unit Abbot.) Ltd. prosper Groupf 

Klagro rood . Hou ac. A GLSLHdetrt. Ladn-. EC3P ! 

- SiSaKi— HB at = 

Zto. Aectm. (973 BW -.- J — Inn 1 136H . ....» — 


Equity In Mini 
Do.Accum.__ 1 
Fixed IniOnEH 

Do. Accam. 

Inti Initial 

Do. Acenm. — , r „. 


S21R1 

__ Property Initial — [949 

Do. Accmn. JJBb .6 

_ Lecal k General afilt 

— Exempt Cash Init -1963 

— Do. Accujb- 

Frorap t Eqty.ImL.nj83 

Oty «f Westminster Assar. Cat lid. 

6 Wbitefaone Rood. Do. Accmn. 




Tpnrr^T irod Lba2 

I Pj^ltegd-Capi- 063 

fiBil 

bed to 




GiU Fd. M 2 

Deposit FUf... J22-5 

CompJensXdT — 20 3-2 

EquUrPeoiFt! JtgO 

Propi'EniJd.* |1&8 

Gilt Pens. FtL 933 

Depos FamPd-T-- W3J 


Prices on June S. 
TWeeUy dealings. 


1266 
329.4 — 

215.1 — 

173.2 ~Qi> — 

2301 — 

983 -‘-0-2 — 
1335 +0.1 - 


jwaa 

Exempt Mngd. Initnl6A 
Do. Acenm. ■— — — ffU t 

Exempt Prop. latt.WA 5 __ 

Legal fti General Prop.PH.Kgrs- lid Money June 
ii<^yi^SLra*!*ff..8Wtt«« ^?Si?j J S?fcp3 

Property June 13. _w54 A 


Schroder life GnmpV 
Enterprise House. Portsmouth. 
Equity June 13.. — I 227.2 


0703277331 


Equity 2 J non 13 — M5 

Equity 3 Junefi UU 

Fixed inL June 13- 1375 
Fixed InL 3 June 13 1472 
InL LIT June IA-— 13J4 
KtSGmJunel3_ 142-1 
K & S Sc- June 13 _ .028 J, 


““^asMVr ■s i 5.t' J _ 





life Assur. Ce. of Peonfl»lwrta 

aMBNwBoodSUWlTOBia. - 

IACOP Dnlta_ -P36 IBS* 

Lloyds Bk. Unit Tst- MdtoH 

• 71,Lou»ba«dSL,*C3 u . 


'M=d = 


Lloyds life Assurance 

20. oaum SL, EC2A 4MX^ 
BILGth Junrft— 1 UW?. 

OpLSPropJune IS 


z m 


SSSSEi Si 


'Taleptantie OXdBlSBM 

^Sgfer^ 5 - 

Ca nra e t c M Union Gnwp 

SLBalen^, 3. IMwAalUBO. 

sstsgssst as 

. Oo n fe de ratie P life luwanc e Co. 

SZSSuwe. WC2A1HE ««*««8* 

ga^ fcr-pi S| 

fggtESS- " sm 71 * 
gg SSE JSSs 

IOTA 

r L&ffel 3740 | 1 — iSSSmlFrofrSS- 

Xwnrance Col Ltd. ■ 

.^5L'OenbQLttC9L . 0l-a«gC0 . ^ ibui FMjl — 

-m-«v ij=:j =. 

Chedll 'Jb ~ 

i fl UJgy l rr. , TiimHiiii WTTXnrr 


1303 +0-4 
33 TJ -0-1, 
1M2 +3-A 
1555 +65[ 
1272 -.. 


Property 3 June 33. 1525 
BsSCpB JnneU . 120J> 
BSPnAccBJuneU. 13L0 
MnP rftLB JnaeU. 200A 
WtPoAtcB JunelA. E3B.0 
Jm 

UbB yxtt.iwLPaAcc-rt— w 
Propu^nTOapB— BS 
Prop. Pten. A^-B™. 961 
Money Feu. Ov-B. B2 
,3b»ey Fen- A«fc B- H5 S 

— Scottish Widows’ Group 

Z TO Be* 632. Edinburgh EHMSBU. 031 -®5 1 

— ferJJyieilesL— Wlj 

■— Inv. P&. Series 2. -_P9J IMS, 

— lay.CanhJuneg— P'6 
EtPtAccJune7._..gJ8 7 - 144W 


126._, 

144. 4j ... . 

146Jh 
145 .G 

126.4 

ia-z 

■ *525 
1122 
iai 

1192 
nil 
1603 
12&6 
1375 
ZUJ 
2505 
1003 
IBID 
103.0 
MU 

1006 „r 


11496 

utu 

[-0« 

155.6 


—03 


873 

-03 

k™ 

32_Dj 

, ,, ,- 

91.8 

4BJX 

im.mwm 

265 

224 

-03 

523 

55 fl 

-03 

29.4 

315 d 



■JOT 
7 A3 
76£ 

5.76 

3.76 


bro-rth Invert JS2 9 

Inal.Fd.. ... - »66 

3 craey F^M-rvy Trt. . j. 3 
UhiwI.STM StC._.k=L- 
High InLftls.Tsi — UD.S73 


7 73 Capital Fd 
53 Income Fd. 
7.99 


-169-6 


172 9 

Prices' at May 15. 


7i3 *13] 155 

. . 75H -Ul 7 43 

Next dealing June 30. 


Intel* WKg) 

15. CbrUtophcr Street ECU. 
Intel. Jar- Stead |B7J 


5.15 gjy jrtmd Managers Ltd. (*Mg) 


25.MnkSLEC2V8JE. 

;ln.Fd..[7U 
r&Gen-_|6&l 
♦Soy aempF d. _ 
WHlacMcFlavL., 
SyFtorflnLFi- 
Key SMll Cn s Fd- 1 


7510 

7B.A 

IMA 

>96.6 


Save & Prosper Group 
01-2477=43 4. Great SL Helens l^sdra Egt? 3EP 
94M -tLH 655 B8-T3 Queen SL. Cdrahcrgh EE-4S;. 
-rui| u-h to: 01-554 8886 or 0Gl-2» .351 

Sara Si Prosper Securities Ltd.? 

lutcranUooal Funds 

ital 


83 Aj 

£5 r.: ! 

S3A 

U.I ..._ 
302.7 ._. 


01-8087070. 


333 

468 

6JJ 

823 

13.97 


£Sfi 


Lg Klpiinw ort Benson Unit ManagersV 
oj5 20. Fendntrth Sl, ECI 
KB. - t®4OT„ 


Univ. GrowtJ3~ 

- lnereartDB Income Fu^ 

™ High-Yield B2J 

High lncstne Fnadi 

01-8=38000 High Return 1&3 

5.09 Income K*2-2 

I 5-09 ll IT P a n ic 

59-61 4.47 143-7 


396ri^N 3U 

27AJ -rtli! 402 
73.31 -Oil 195 


566} -0 4) 753 


Murray, Johnstone l*nr. Advber) 

1 05 M opc S: . GliuBav. 02 0U-2S1 U23 

•Hopes: Fd | Sl;S32.g - — " 

-Murray Fund- J[ V SLS UM I - 

Negit S.A. ^ * 

1U Boulevard Ro> aL Luvruibourg 

XAV Junc9 1 SL'SIOAO I -! — 


4.00 

1 DO 

3.50 

lift) Negit lid. 

Bank ol Bermuda Bldw, Hamilton. Brmda, 
JSAV June® laJ-33 — |i-032[ — - 

PhoeniEinternattoaal 

Brown Shipley Tst. ShE«H - 

no a., in 0 t;p"ar .Imcm. •+• ' *• 

30391 


I'A Ddto- DnoasInsiedFIte. _ . , 

L'nii+l.STst - . — -Li iB ?2j ■■“■■[ anj 

laLlti ch InL Tst — [S' *70 — —I 7 w 


P.L*. 3»?s 583.St. lie'.ier 

Steriins Boo d Fd. . [£2035 


L76 

738 


Butterfield Management Co. lid. 
PO Ear 195. Hnraiiwn, BenWJ**. 

Buttress Equity — 12J3 Lgl — — j 

Wm&t -fc’ffl j-raL _ 

Capital lnterncrional S-A- 
37 rue Notre- Dsmc. Lctembouig. 

Capitol 3 nt- Fund — I rUS17Al | —..-I . 
Cborterbonse Jspaet 
1. Paieroosler Row. ECJ. 


I U-34 property Growth fJverseas Ltd. 


29 InshTosiu. Gibraltar 
L'.S. Dollar Fund ... j SUSHLW 
5U>dJ&gFiind 1 


(Gib) BIOS 


£32377 

Richmond Life Ass. Ltd. 


7LH -M 
4551 -Oil 


914 

8.68 


17731 J 427 - L & c Unit Trust Management lid* Oreneaa FnaOiUI 

' 


C6 9J-C5J 4.75 


427 


TtaStOdkIWmngrtECaNlOT. Ol-SttMOO gpr 
Lkefe&Ss — ' — 1 224 

Bfahw^rB^v^Mg^J^ J 221 15-1. 

6 . Blahopsgate. E.Ci 

B'RBlePr." Junr B-HBfl .5 3 ' 


186 S 


Adiroua.. 


Adi verbs.. 


Fosdak. 


7 >M 3 L 0 B 

Di! 4 UD 

D!QL« 


Fee die — ■{£? 


Era peror Fund 

Hiapano 


4S. Albol StreeL Douglas. 1031 
ixiTfce SDverTnirt. E09J 1U-' 

Richmcnd Bond 07. JK.4 -8 

Do. Platinuai Bd. ...|1263 

Do. Gold Bd. — Q05-? Ji2 ol _0_ l xj or 

0I-24E3999 Do.Em.97rfCBd — U tIe lBO-Qf [1X27 

’0301 550 Rothschild Asset BSanagement (C.I5 

— Bo* SB. Sl Juliana CL Guernsev. 0481 36331 



■> am 


. ~2Sl 

US MB 


5 m -OJO] £.17 “ 

Bt£ .... 5 95 P.OBor 58 

2123 5 A0‘ fi.C.EqFr. 

361 — O.C.IneFd 

4ZX 114 O.CJnlLFt 


..Ka.v30_BS2 
..IncFd-Junel- 147.1 

ogiSfei- as 

O.C. Commodity*-. 134A 


_ 97.7 
-|795 


58.7 

-155.9tt 

V® 

155.* 

14ZA 


2.77 

751 

12S 

325 

452 


jCLveGillFd. iJsy.i.!?.99 U-l «1 -I 


Arc.UtB. -June B-„ w 
B gaitliiL Juno 13 _RM JL 

( Acc mn.1 June 13.HTO.8 — — =■---«*, 

Next rob. day 'June 27. —June 2D. 


01-98BBS9 Q Lbwsob Secs. lid. ¥fa)(c) Commodity — . — [MA 

» s sssaesf ■■si'SPS 

U4 2^SSJf5Sfc:S.8 Sl 


K5 |:SJ! 


*(Aecun.UniDi — U.4 
rtGUiandWarrauL 37.7 

242 

1 JiAcctmtUnttfi S2 

: ‘ -*Hi*h VWd *2 

— (Acenm Dntlsi _ |67.6 


67J 
413 
2U . 

27.8 

518 

72A 


7933 -6.4] 


3.B6 

1.77 

292 


6 35 

2.40 

2.40 

L8Z 


a ai--J3 


Bl gMIlalMm Fund* 

Select Internal. .._. 12630 
Select Income — - 152.9 
Scotbits Securities Ltd.? 

Il® 8 a=^ MM 

2S6.0S8 .—I 


223 

7.45 


Bridge Fund BbmageraWaKc) 

King Wllliani SL, EC4R B.4R __ 01-804651 

Amen«nAG<m4..J»-6 20 

lacome'— 

Capital Ine-T 

DoTAcc-T 03 «L 

SSSTsi-?.— Si 1 8- 

I- — f-a.- p, iMBna.-,*. 

Sritwuiia TVn^ Management Irt (g) , xi^asuloiidinWUiaF. 01-wswi jtoGreSjrjT-'-" 

3 Loodcn Wall Buildings, !748 78.7[ 


501 

69B 

433 

188 

693 


fc§ -<AamtpntUj_|67.6 siSuhires 

3 g Legal Sc General Tyndall FundP sSl Ex. Yid *9 z ,S^ar’ ju-ie 28 
5 « ?T^V__ R _ wlBri3U>L IB723224L Price* at June 14. Nert sub. dor June 28. 

Ill DtaSSwi E-J g-g ■■■-I Schfesinger Trust Mogul. lid. (a)(z> 

'Tiu^SayJu^ 4 ^ moaetei 


t Prices on Jane 7. Ne*t dealing Jm>* 22. 

Earal Trust (Cl) Fd. BSgL Ltd. 

P.O Be* 1M. Royal TsL Baft. Jeraev. 00427441 
R.T. Int L Fd. -P0993S ' 9H[+0Jg 


at: i'nt'L iJsjf.l Fd..[90 

it June 19. Ni 


::] iLM 

CernhiH Ins. 1 Guernsey) Lid. 

r O Box 1=7 . Sl Peter Port, Guernsey 

In nil. Mon. Fd. [168.0 M3 Aj ...-I 

Ddla Group 

P.O. Box 3031 Nassau. Bahama*. 

Delta In r. June 6 - . |SLO l.H2\ 

Dentscber Investment-Tnut 

Fostfach 2835 B.rberfiaaeB-lOflOOpFrenJefurL 37 Broad SL-StHdUm^WW 

gfSStorJSS M::=l=' 


98j +3] 323. 
Next dcallnC July 14 


Prices at 

Save ft Prosper International 

Dealing to: 


738 


London EC2M5QL 


Asset:..-... 


1713 


Capitol Ace. |51A 

Ccnm A lad 
CammvdJty— 

Dccnestic 


Exempt-—.— 
income- 


56C 

.17.9 

1135 


Etna 

Far ' 


B3 


Ftnacciol Srn. 

C oid t General — - 
Groirth. 


Inc. A Growth 

Infl Growth 


InvestTaLSbares- 

Minerals — _ 

NaL Hi shin c- 
Nev Issue 


Korth American — 

Professional 

Property Share# — 


792 

m 




SOS ■ 
5832 
133 

«5| 


76.7 -0 .7 
555 -0.^ 

60.7 -8J 
B2.6c —02) 
40Cn -O.af 
1195 +0- 

42J -0J, 
22A +0Jj 
683a -Oil 
933*4 _ . 
852xi -05 
m« -Q5 
675 +1M 
52.9 +0.4 
385 -0.1 
852 -4.91 
375 
325a —03 
suua -mi 
143 




49.4-05 

ili! 


454 i j q jdn Bh. Unit Tst. Mngrs. Ltd.f (aj SSSnLWaL^T-T 


Leo Accmn. — 


BS 'H=d *• SsSBWfc 

P T . Extra mr.TsL. 


436 

5.08 

454 

656 

934 

339 

453 

3J» 

4.06 

7.03 

233 


RMtstrar's DepL, Goriag-by-Sea. — 

5151 5SSKv2fe=T. 

MSSrzSs 

Second (Capj g-4 5LM ?54 

Do-tAecnm-t 65.9 

Third dncomei E.7 

Da. (jkcnio.1 ___ 111.7 


FomthtExlncj — .158-4 

Do.(Acemnj 


Market leaders. — 

-Nil Yield 1 

Fret & Gill Tnisl — 
Property Shares 
Spec 1*151 1. TW. — 
UJC Grth. Acmmi 


288 
261 
236 
=91 
387 
293 
50 9 
&5.T 
0 
.0 

t o 
1 

6 

IVf.l 


24.1 

?in 

775 

26 9d 
313 

42.1fi 

313i» 

5a.7 

27 6 A 

3J2rfl 


303 
252 

23.1 .._. 

29 6 

232s .._. 
205a 


Z.9G 
17b 
337 
477 
953 
9 S3 


Dreyfus Intercontinental lav. Fd. 
PC. Fox N3712. Nassau. B jJlmbk 

» v June 6 - [SCSMB H5H+003I - 

Ectsoc S= Due ley TstJigtJnyXid. 
P.O.Bot73.&.!Icl.rr.Jeraey. 

EDJ.C.T 1119.4 126.^ . .. I J « 

F. & C. .IJgint- Ltd. In®. Advisers 

Z-2. Laorwr « f 'ountney HU1, cXKR OB.A. 

01-8=3 4®fJ , . 

CcnL Fd.JuaeT — I STS596 | .... I — 

Fidelity ft Bes. <3da.» Ltd. 

PO So:: 870. Hrjsiitoa. Berrouda. 
FideUij-Am.Ayf..J — — 

r idelity InL Fund..] Sl’SIWJ — * 

il^esnd ms * = 

520 ! Fidelity BSgart. Besearca (Jersey) Ltd. 


II? 

457 


1=03 

243 


0534-S0EB1, 

US. DoI!ar8enoirtmiUrd Fnrkte 
D:rFsdint“Jcne6.W.M 9.74 

InieniaLGr.n. 

F=r Eajlcmt .... |j 6 69 4tt4 

North American’S .3 M « 

Sepro*** P.4-03 15 J 

Sterllne-dsurtnliwied nude 
Channel CnrimJe...e» 6 
Cnannclialaadrd- 1«C 1»J 

Cmr.mod. Jon- 1 --127 0 1331. 

Sl Fixed June I . .. . 1109.9 116.« ^....1 11-94 
pnees on ’June i- ”Juiic 14. June »■ 
SWeokiy Dealings. 


Sefclesinger ioteraatienal Magt. lid. 

41 La Mctle 5L.SL Helier, Jeraey. D5347S588. 


liir-r:-7Z|a,87 

•For East Fund.. — 1« 


89i 

0.92 

23.l« 

115 

1147 

100 


Lloyd’s Life 

gj4 T2-Q0. Gotcfcouae Bd. 

457 Equity Accum. 

L75 M & G Group* tyKcXD 


-Next rob- day June ZL 

Group 


8.15 

4.89 

1190 

329 


350 



Portsmouth. 070527738 


3iS jjisasSs^isr: 


4.44 

455 

253 


See aiao 


oiwnoo 

igSfc taniOM SaaglBW-m* 

UMD.91wFort>inj,Bec«Hiig8^raj. __ 3ftdP«i-3«iiiea-)a2-7 

BooreMteangexL— S '3 In a __ %j»t life Assurance limited 

S'? It3 - .HWEiyFtecelxmdooE.aiNBlT. I0M 

a a£eta«r to w ISS^Sg!::® 

"■’gsSSKF' 11 '^’ 


ihnirtiange. — 

UnirEuergy 

The British life Office Ltd-9 (a) 
BcUonce Hae.. Tunbridge Well*. K1 C8E2K71 

BLBrtluJiUrc WJ gg -0i| 

BLBalimced- K65 .. . :o+ 

1 de« J’*nc 21 


(Actum- U.nJW 
AustjalaabnL- 
(Arcum. units. 
Commodity 


L39 Snwm .Vri«8t 


iAccum.UnUsl, 


^^■•ssaa 


Brows Shipley ft Co. Iid-V 


FdL, 

Fd- 


2233 

1321. 

09.7 
140A 

mi 

134.7 

825 


Solar Fxd_l 

ISSStf#: 


CACMn*dJp-d f 

Crown life 
CrownUfi>Hse.Wotofc< 
|Ftend*cc_r“ 
lTO.Uem._i 
ITODd ti — 1 
rVkLAce.- 

rKLM — fci 

fBt M i ' — EH 

ctvKLAce^-ro-4 


1325) 


men Quay*. Tw*r W “*^^5 

ounim msj 


Mngrs: Founder* O- ECS 
ES Unit* June 3 — gMJ 
Do «Ace.)Jirac5 — P67.8 
Oceanic trinjia (al 

Flnmicial — 

General. 


= m 


Growth Ac cum. — 

Growth Income 

' Income 1??.6 


Perfonaance- 
Rccorery — .... 
ExmpL June L. 


fi»»a£ 55Sfei=iF* 


m* 


f^U LyrU^gaj.. 




6-64 



67S 




+L4 

4S5 


' V SS3 

3544 
10J 
' *1023 
1923 


g£W^ 

■Solar Fxd-InLF- 

SolarCaabP — 

Soter lntlF 

fill. iniwiM Fund ynwymt. Ltd. 

— Sim AJBance House. Horahmn. 0«38«4l| afl High SL. Potters Sor.Herta. 

= eaefa- 

— _ ftm 4 T[^ff«— linked Life Ins- lid. I Do. lac. Accmn 


36.9 .. 

197 -0.1 
453 -03 
3aa -0J 
322 ..._ 

224 +0= 

26.7 -05 
ZUn -05 
626 -0.4 
229n —0L3 
60J^ --J 

Canada Life Unit Tst. Mngre. Ltd.P JfiggSSt^W 

P. Bar 5 1122 rAccnmUnitw. B3, 

* 4.34 second Gen.— PA91 

434 
7.77 
7.77 


414 

390 

482 

402 

9.67 

355 

436 

337 

439 

558 

451 


Ontrcrdon 
Convcrxi OO Int 
Diridend — . — 

( Acrum. Unitsl 
European— — 
i Acc urn Unitsl 
Extra \lel5_ 

■ Accmn. Unitsl. 

Par Eastern __ 
lArcum. UnlBL. — 

Fund of lOT.Ttete— K.O 

fAcrum- Uniial W5 

General I69J 

lAccum. Units) 1555 

nigh In rum flCLD 


LAccum. Unlt*|. 
Japan Income - 
i AccncL Unit*! 
Magnum 
i Accmn. Onils}. 
Midland 


SonAUlMPnoHmiat Horaham 


_ . Merctont lavrate* Assurance 

Jju 12S.fflg*tatre*4,0»yd«»m. | 


= /ss^sfc! 

ono 

Strn life of Canada (UJL) lid. 


p54 

010.9 

0W3 



lAccuc. Units) — 
Specialised Funds 
Trustee 



tlM.O 


Senes 

jwirst Vlldng Commodity Trusts 


LFuwa LQteres! 

S Fired Diteresl 


a ea = 

^ fu S.'vTiS-KL-BJ.i jb i 


jRhiaaiftcffl JH -J » 



J. Henry Schroder Wsgg ft Co. Ltd. 


K2 S^s:::'"l Swsfiemteg J8P8D Bad-SA li3/LDMU11 u. 

370 ^Fior Ux exempt fnncls enly |37. rue NotreUmne. Luxembourg Slurall I SUSU.96 

Scottish Equitable Fad. Mara- Ltd.V; :nms. June !4 1 SU«A8 I -—I — . yJ^garMoy 3_U _ L -5.V S a9 ‘?; 

787 20SLAnd«w*s<i. Edinburgh OBl-wJBloji^ree World Fnnd Lu_ 
i lev 150.2 53.4( I i L"“rrlleld BidC_ Hamilion. E-rmudn. 


* H -1 B!!SS2K&" , aSiSi-J - 


A-'leu fu TJne'i2...1wa*S 
DartiusFnd. _...._ 


Un i{SiUas 'diy~ Wednesday- 



242 


281 

538 

0.14 


11 SSOSLSZ 2SS“ -*■ “=■ 

g a \^gssas. #31 


JSWtoirlM* 

Sentry Assa ranee Intern at tonal lid. 
PO Box Hamilton 5 Bermuda 
Managed Fund .^..(1U3L7W 


IW0| I — 


5*93 Security Selectloo lid. 

5.93 is-ul Lincoln's Ian P^dda.WCS. 01-8J1 \nchorlu- Jay. 
ilnTlGU l TrtAee._.|2«.l J5.7) 5^ ! 

Unvl GthTslinc — |ZL0 22-M I — ^ I 5err- P«'SlxU 


( ..LTCbor Gi it Edge -U9 5» 

fj' actor TaL Fd JSUS43I 

- Tat.l 


Ul UnvlGthTSllnc 

2l« stewart Unit Tst. Mmugers Ltd. (a) 
45, CharloUe Sq_ Edinburgh. 031-2263=71 
6.71 tstewart American Fund _ 

Standard Units |67.B raflln'S 

Accmn- Units [ 73.0 iS’pj n ti 

JS WTilSnwalUjiin_y-l ■ 57-W+O N 

-Slrort Bridrt: Cxpital FunJ 

43 ? m-As; — : | gH gy rj 


133 


429 Aecncv Units. 


BqnittPw»-- 

- * 19 jianryUirM 

MSStftLPen*.- 

835 


Penoattf 

Managed 


C^sder liridraaMf Co. SrtLffiwcd- — 


Gth.aoifc.3oM 10 — I 7 ®- 1 7 * s ’ 


1KL6 
159-2 
- 573 
1629 
140.9 

ss 

'W 

VfiM 


Ot-OU 8171 ± dKteppr St. SWIVSBH 

1^1 
326 l 4 
1995 


_ Fenrinns lid. 

. . . M£Uxm CoorL Dorttng. Sorrey. y 

toV. *^1 gasaSSsr: B& 

^-AjTiL'Trtr lifB iM. Soc. Lt d-T NrionGtliTMAcg-m 

,«Oi^77 g |j 

’ .-..^asflaiSP 522 


.Bo^MWlicaftbe- 



— -■’ ( MaptaU.BIanaaL_ 

— -. -SbideLLErtq- 

~-^-P gpm L Pn. Fa. — 

— .-Itaget life Assurance Co. lid. 

Gatehouse Sd. Ajlf*' 
Arleabmr 

B013. 10 751- 

j£an.TWAc 
. .;iTrop.Fri-3na 

“ ‘ jIBoTpSanAc- Pen. - 

B*LPlanOtpJ9m_ 


copel (James) MngL Ltd.? 

loll — l ]D0 OW Broad 5L.EC2K1BQ 0LSB8601D (AceiPT- Unit*! 

SS jwS MrjmaESnSaF 

de^S June 2L 

Cariiol Unit Fd. Rttrs. Ltd.9 (aMc) ManuLife Management Ltd. 

Mttora House. NcwrarflMtpm»;T)P» SLGerrc 

^fcr^irrlS: 6 4 89 =d 18 srSl 
. _S9id 


01400 SAW 


166 

Dealing tW. "Wed. 

543 Sim Alliance Fnnd I£ngt Ltd. 

6 ® Sun Alliance Sic- Hortham. 0«CW141 

“| utiBswiaw 1 

" TsL 

SECi . 


3841 



89 :J a 

Next dealing June 2L 

32. Gresham SL. CC2. 

"f® BBfBSSail'®’* 

Grow.bt.nUa_ — (513 54 001 1 ^ Target Equity— — 

Mayflower Management Ca LML ^ 

NesfdcaiSng date Jnne’25 Income June 7__.Q054 - L 

Charities Official Invest Fd* Ijt(L 

77 London Wall. EC2N 1DB. 01-5881813 Mercury FOnd IttmilgerS Ltd. Target lav 

S^te-agi z.[-j sffSSSZSB?- 

teVS-ffifeB 1 % 

at cm. U J. J une 14. 10.0 74A1 

Mere ErfJtojrR_ 223 “i 

Accum. L vs- Apr27.P55.5 


434 

3.C7 


_>95 13.9S| 

SUS1249 
SUS713 
S0S12CI 


5JJ5 

8.73 

1.17 


^^SOtl 

G.T. Aw F d— ™ 

GT.A^ie Sterling- 

G.T. Bond Fond— 

G.T. Dollar Fd. 

GXPaciflcFkL . 

Gsrtmore Invest. Ltd. Lda. Agts. 

S, SL Mary Axe, London- ZC3. 01-2S33531 

Gertmore Fnnd HngL iFly Eciil U<L 

1532 HutehiSM H»& 10 Hareourt Rd- JW 

he* PBc.u.TbL_-8snra i-*a I *21 — 


,3-a Singer ft Friedlander Ldn. Agent* _ 

“.:= ' =0. Cannon SL.EC4-^_ 

U72 stronghold Buugo 8 ™* limite d 
WS p.O. Box 213. SL Helier, Jersey. 0H14-714B0 
Commodity Trust- tfE.49 9736j-0.«l — 


Sarin vest (Jersey) Ltd. W 
Queens Hae. Don- Rd. SL Heller, J^. 0H4 =73® 
American Ind.TSt_.W561 5791-5871 - 


$SE2**’ 


Japan Fd. 


Jersey Furni. 


I jara« Growth 

7, -*i • Target loll 

Do. Rein*. Units 


(fuhautbf^iSy available lo Reg. Charities. 


286 

E.23 

293 



Charterbonse JapbetV 

l, Paternoster Row. EC 4. 

CJ. internals 

Accmn. Unite M.J 

C.J. Income: g “ 

CJ. Euro Fin 26.4 

Accum. Unite- — »■« 

CJ.FU.Inv.1M. — 226 

/Vcciun. Units .. 3L4 _* w J t *«• -- , __ 

Price June 14. Vext dealing June 2L Do. .-.icjm. 

L^rtcnn [««J ^ income 


-r .--COtPea. Aee. 

GfltPen-Cap- 
•— i > a ^analntera atinnal Life Ins. Ce. Ltd. 

\ a Brram Bldra- EC41NV. «K“ 

Fd. 0413 1*571 — 


01-2483998 
2601 

30.4 .._ 

35* .... 

2S2 — 

326 

29.4 ..- 
33.6 


266.1! 


is T&fe 


Coyne Growth r d. .. 



N. Axn?nran TsL 

inll IUtic! Fund jjLTJW ll 1 *} 

Garcmre Investment tflngL Lid- 
P.O. Box 32, DonBlas. InU. 

iIsurdncrelntLlnc r J224 f rr?i ■ — i t 

Garttaore latL GrthlW.l 6*?»1 - I 4-0 

Eaasb ro Pacific Fund Xg=at- Ltd. 

;77i2;!0. Connaught Centro. Hoa; Kocg 

42? 1 Far Cau May 31 — ^3 1 “ 

6 14 : Japan Fund J50S6B 

\ tI 5 Tlatnbros iGnernsey) Ltd./ 

{Hambro Fund Mgr*. i.CL) Ltd. 

^■5? I F.a Bo* 88. Guernsey ws . , ' ! ^ 1 Tyndall Group 


!exTsL 

™ TS3 Unit Trust Managers (CX) Lid- 

Begalelle Rd.. SL So riour, J< 


L50C0 

570 


ry. 


zfti 

1 L Next 


0534 734M 

, ._...[ 4.79 

50 H I 4.79 

sub. day June £L 


2301, Guernsey Fiuid 

5^90 Pneos on Jnoe 

Tokyo Pacific Biddings N.V. 

Inllnus Management Co. N.V_ Curarao. 

NAV per share June 12 5US33.7L 

Tokyo Pacific Bldgs. (Seaboard) N.V. 

InUmis Management Ca N.V, Cowio. 

NAV per share June 1» SUS30.il 


~"sUS^M76 205 Of] 


L56l^ 

jJS I Jntnl Bond 
J^rllnL Equity 
321 1 i nt 5'*^ 
11-K 


152 W| 



SU! 

A' . 

434 i “rtice^on Tuoc lTNe.ri dealt d'k June i Sl t- rygw SL. SL HeUer. Jcwr 

- — . . .re i aitreto> i tft ( mvriSl.iiieel4 . 


Midler ii Bank Group 
Unit Trust Bbuingers Ltd.¥ fa> 


4.42 Target Tst. MgTS. (Scotland! <a Kb) 

10. Aihol CreKenLEdin. 2 

Extra lncoai? rd. , . 


! Henderson Baring Food Kgrs. Ltd. ™J*j“g52“ i “ 


™ 4 P 0. Lot sem. Nassau. Bnh wr-w 

031-32PCG-1 rj taiaijn AiTI .. J — 

30. 3 ■ -_| [ p^-s o= June 14. Nrxt dealinK uaie June _L 

_ IoaI 1020 ! Hill-Samuel ft Ca. (Gc^roMyi Ltd- 

12 «S» ^ ^f^Tom S^ra'uuft Ttt. M [I • 

3.65 ojnunorfjty & Gen. .[65.5 S-H -03 ! HS TOO. Wood street. BCi Saraue! Overseas Fuad SJ 


American June 14 ..{ 
Accum shares). 


Jersey Fd June 14.|1942 



*11 « WEEKS -^iSSaStSte 

:IH KwEtWr ^ an 

YOBCOUUi BE 


DEAUNGINHP 

glOdfS&SHARES. 


HOWISTHIS POSSIBLE?. 
SlmpftrtnraUBH auniq^ 
jg.woH home »*i«, J"* 
Art of InwitmeiU, 

&y professional lnvusxo«. 

etnebtinskera and account 


than 2 million 


stockbroker and 1 

anu. Stop By step tecy 

snow you howto mano 

money. 


AID RISK- It ants v°“ . 

. .nothing vnkss you areuv^ea 



^ELiANCE-SCHOO^ 

?d:- Of lfa^ESTMEfCT 

r 1 -EKEHPOST ■■ •• ■" ^RFF BltOCHUBE 

• p lH»11;3B» _■ - JN^rtpmP reoul rndl- 


' Eren.wlUioul 

' ktiowiiow — ***? 

- ^piai-stowastMO 
_ rend could bo profitably 
. ' de'ailnofnoteBKs iMtt 
in'-TZ weeta' 






J- - 


IXICAl. AUTH 0 «m r BONDS 







TOCap..ftlW 

lbn.Pteu.FL Acc. -P254 

Trident Life Assurance Co. LteLV 

Bsndnda Bouse. Gfancwter 


High Income 40.9 _ 

Jnternniional Trt_ ^250 

Rnrir BefiTOB. TsL =6.7 


Basic Resrce. Tsl 1 

Confederation Funds Mgt. Ltd-V 


Cl-2832832 Capita L 

-0JJ L54 

-03 9J8 

434 international. 


,75.6 

375 

Wi 

ll 


m.o 




Do. AC CUE 


Do. Accum. 
Ig) Kigh lielil 
Do. Accum 


jmo 

SmSacc.- 

*Cuh vaiua for £100 premium- 


K.9 


B7 


Cosmopolitan Fund Hfenagers. 

3a Pont StreeL IxmdouSWIXSEJ. 01-335895. 

Cosoiopoln.GthJFd. |I7.8 «H . ^,^ gr JuneU— OS3 

P^ rn ptMar W . ■ ..[957 - 


B33 
4050 -0 41 
43J —0-3) 

32 

^ foil 

53.7a — 03j 

572 -03 

66-0 -Ol 

7BO -0u3 

109J 

io*)5j __ 


3M TUVT June I........ 150.1 


53.41 


l - ?! Transatlantic and Gen. Sess. CoSf 


[37. Rue Notre- Dame. Loxemhfura 

B19A2 20.2P -0.0M - 


531 (Accum. Unitsl f 

a31 Colemo JuneB — 
5.« (Accmn. Unite' — 
549 cumld-Jcne 14 ._ 
(Accum. Cnitai — 

Glen. Jan* 13-_— 

( Accum. Unitsl-. 

Min*er Hsu, Arthur SL.&C4 01-BS1M 

»te-«iaap — bk 2$ :rj IS ‘vSSnSSSfcS 



dSuHg-iiSe 30- 

Minster Fund Manugera Ltd. 


031-228 4B31 IOTA Unit Tnut M g fmft t. lA d. VanT^rJ 


Accmn. Uni t><1 ___ I 
‘■--■“"Joncsa 


S3 SSSSSSS"-- 


Tyndall Assuraace/Ptensioo 8 ^ 

- — ■ — i Tb-HOo!. 0=723=2*1 


JudcISl—— . 


16--.— 

Property June 15 — 

-“^SS 

Inv-JunetS- 

a-WJunel _ 

DoiEqnlDJaneL 

Do.BoodI--~ 


1246 

+17 

1683 

+1 i 

1658 

+M 

- 1053 

iflj 

1273 

+D.2 

106-2 


77.4 

i"ls 

169.6 

.. ... 

263.8 


1748 

•mi.. 

08 A 




Crescent Unit Tst- Mgrs. Ltd-^fe) 

4 HelvUle Cres_ Edinburgh 5 
Crescent Growth —j|7JJ W 

Mutual unit Trost Managers* (aKg) rA«um'uniaC-.[TC3 

gs¥S5T“.ri S9^ S3 SS^tomiw ssairt-Bi 

Diseretiouary Unit Fund Managers ■}““■} Z5 Tyndall Managers Ltd.D 

3J. Biom/iftld SL, EE2M 7AL. 014084^5 Mum xl Blue Chip _ ton “M Jg jb. Canjmc i- Road. Fnrto! 

— PM5 173Jd| ...1 5^ MunjxJ"^™-^* 1 * jpwmeJunel* 

i_ , MnB * TtH National and Commercial (AfCUtn cciw 

E. F. Winchester Fuad Mogt. LW. 

Old Jewry. EC2 
Great Winchester 
GLS'inch'er 0 was] 


IMA +0.1 
151— 

1517 
540 
59 2 
56.6 
727 
5>I5 
621 
528 
64.9 

If:? ,06| 

48 J ■*■9 6 
54 4 *0.4 
76 * -rOij 
fcflfl 
73.3 


i 

*”*J.E.T. Managers (Jerserl Ltd. 


l 


4 76 l 

5 79 1 
5 .79 f 
7.05 
T.D5 
520 
E . 23 
274 
274 
348 
3* 
569 
6.41 
6.41 
5.26 
526 
9.54 
554 


PO Box 194, Royal TsL Hae- JprscyOSM 27+tl 

Jctsc? EdmL T gIh>JU 39 h/T" 

As at May 3L Next tub. ay - une 30. 

Jardine Fleming ft Co. Ltd. • 

4 Ah Floor. Connaught Centre. Hong Kong 

Judinc EALTsu—l Uri48 


a'Ja P.O. Bex 125$ Hamilton 5. **“ 

250 CnerscasJune 14 -jg.|g-M — ** 

855 1 Accum Unllsi-j. — ISUSIEI 
250 3- Way InL May 16..-ISUS258 271J I — 

azsiS?- 3 

1273 
■9.) 

09 C 

206.0) +8 * 

j^T. Acc. Uifci— B73^ 

WUSS.'tbZ-W! 

axe ®."”®”*- 11 

Utd. IntnL Musmnt fCX) Ud. 

14. Mu least** StreeLSLHeb «r. Jersey. 
UI.B. Fond tSC£W» 1DJ6J | 516 

United States Tst. IntL Adr. Co. 

It Rue Aidnnger, Ijiseabonrg. 
U.S-Ta.Inv.Fnd — | S USM.95 I+5ICI 0 91 
Net asset June 14 



S 55 


S. G. Warburg ft Co- Lid. 

M. Gresham StreeL ECt 

Cnv3*LPd.Junol4.l 5US9.6€ 


01-8004565 


Jardine J'gnF 
JcrdineS e=A 


_ SEK319. 

NAV Mot SB. ‘Equivalent suSoo.-i 
Next sub. June IS- 




Gr__. 

Mr-Eur. June 


neyselex Mngt, Jersey lA— 


p:. box 98. SLHelief, Jersey.. i** ; 01-506 ™™» tLfi »T 


Warburg Invest. Mngt. Jrsr- Ltd. 

1. Chorine Ctohi.Sl Hell enJff- Cl 053473741 
CMFLJd.Msy»_. prai? ,WS • 



- Emson ft Dudley Tst. Mngonit. LW. '^onal Provident Inv. Mugrs. Ltd.^ !j$5Ejw"*“- 


01-4097551 

72.6] 1 380 


20. Arlington St_ S W.l 
Eason Dudley TiL.lS75 

Equilas Secs. Ltd. (a) (g> 

41 Btehopsgote. 1 3^^ -0 sTim 


Progressive 

Equity & Law tin. Tr. 5L¥ (allbHtl 


Ttabn^ Ufa Assurance 
gMBHaddasSt, Ldn- W1KBLA- 


Equriy&Lw-— -p6-5 7B.B[-03j 408 CapU^ ' A£cunU_|66^ TLM-JJ-a 5-^ Do. Acnun. .,._... — 


01-U234200 

405 
4.05 
2.60 
260 

^^snwniUt js^giui*. *. 

•prices on June J4. Next dealing June 38. 

National WesferinsterifiB) 


48 Gracec hureh a., EC3P3HU 

\ p.r. Gtfc UaTW,_W 52 451n 

licrtui UnitW" — 55 2 558 

VPICI KrtS. Tnut _ 1246 131.J 

iA«um. UniM~-, UB.9 W 


.Accum. Union 
Scot. Cap June 14, 
i.\rcum. l-nltsi. ... 
Scot- let. June 14— 
Umdoa Will Group 


199 8 
1182 4 
,128 0 
)790 
112 fl 
1530 
246.0 
276 0 
100.8 
1252 
1426 
168 b 
103 S 



027232241 
819 


For.«lp" — — 

j Eticdyeic^ — 

KfVsv'O*. lot I 

Kcpjclf* Europe— 
Japn^ C.Ih Fund 
Kv-sc'ct Japan 
C«L Assets tap 


PrOJJl 
FnlUU 

O* a *1-6 Ml 

H'SNC :,J, -OJOI 

liil58 1=6« • 
£333 61 


TSTT June 8 - ... 

TMTLid JuneB — tflC.68 


370 


World Wide Growth Management# 

Boulevard Royal. Luxembourg. 


Worldwide G!h Fdl SU 51523 l»OJOl — 


771 


5.08 

6 "k 

538 

563 


Capitol Growth - 
Do. Accam. - — — ■ 


33 1 
333 


Extra Dic.Growih_l37.S 


Do. Accum.. 


For further details please ring 

1 V - 0 ^ 24$ 266 



Vuhr ngh Friudona Limited 

— fiffM jSdflUnj J 



Pranllsgtou Unit Mgt U1W 

5-7. Ireland Yard, EC4B5DH. 

ftrm — inn . ,M 6 54 

CupitOlTU. fiSs 

Taeome TS Wan 

ML Growth Fd. 1110 

Do. Accam. 

Friends’ Provdt Unit Tr. Mgns.? 

Pjih&raEnii.Dorkinz. fl® 8 *. 

Pro*-- ETim-lg 2 «5.1ri -03! 4-A 

Do. Accum.— 1545 


Gnaraoteftd sea ‘Icsfc 8“* Jtetas 1 tablc- 
Welfare lasurance C«. Iid-f 
The Lena, ytalkeSt<«*. ft* 

Mob 

hr 


030397333 

JS5-J • J ■“ 


Jt ploare trier to Tw Umdmi U 
Mnnchcxtcr Group. 

Windsor life Assur. Co. Ltd. 

SSi^Wmdyor. w,pd»r«l« 

Life lav- J>laau- — [655 


ptetureAgd-GthieJ 

iRaLAnfl-Prit*— ■ 

Ww inv. urtmlD 


20 JO 

«r 


721! 


[U6A rosj ....4 — 


7C.^ 


01-248 G971 

| i im — 

+l'fil 3M5 Pwtfol' 0 , 1 ®.??— 
+D2I 7.02 Untacraa! Fajd) — 
+1^ 232 - 

413 232 


356! -Ml 


-031 


7JB 


Ii 3 i m &sst 


5.65 


-03 5J 
-03 — 
-OJI 10JJ1 


P34 

153 

18 6 

$23 

313 


S7H 
89 7] 

40j| 

4bfl . ... 
l&J -D.4 
M.tfl -0.6 

6S.M-15 7.92 S 
34^-03 238* 

-03 4.96 » 




NOTES 


Price' 
iisoicrtvd 
include a' 


pneninc price h Wstrlimtior- ire* "iif .n .ipeoiwE eiecpi agent - * eMBnwrt.wi- 
premium inscrance. z fflltiri thronch manacerJ. c Rrevloas { te/s_P I }55- 


9 N«"ri tax on ndWt^lij gj*;' SSS^SSTH tSAMSoi 


■ lndi:aied T.nnd are in penre ““kgoMS? 


do not includes prem. urn L ‘. t f. ai \ow for airburiag «pci»c*. ■ 

;«l view, ■‘.teboyu « !»••- bbied on eUer price* Extin»ted-B 

t a. I expenses, b TWn -‘ ? r }\ T^nodic premium t nxu ran coplana. tSJ nglo 

ril eenonwi except acenr* coaumMl.on- 


premi-.im insurance, z OUcrca , * dC j,{ throoch manacers. t Previow Myspnce. 

* Ottered pr.ee include* all «nmcai«) by 9. ? Guenwey gr«r t suspended. 


©S 7243 -o3 5.49 TSB Unit Trusts <y» 

J 623 66.W -0-4 gi. fThuti try Wav. Andoter. Hants. IE6163188i 

5K VEL Trust Managers Ud.¥ W(W Dealings u> 0284 bw 3M l 

M.conConrtDwUng.Snrrey^ gj 

>ri‘- ar .:73Trr— l&i raaio3 500 ibl TSB Income— 

^ - - (bi Do. Accum. 

T5BScoai*h_ — -- 
idi Da Accum- \ 


436 


57.1 

59.0 

gi 

fo.2 


4331-02! 
63-1 -03 
Wen -a" 
655 -0.7| 
B9.6 . 
9501-03! 


— r( f-.-p investments limited 

1 Royal Exchange -\ve.,' London EC3V 3LU. Tel.: 

1 J Ttfc June. 1978 (Base 1H at 14.1.77) 

Clive Fixed Interest Capital ■ 

Clive Fixed Interest Income 


126.93 

112.91 


G.T. Unit Managers Ltd. 9 

1 5 Finsbury Oreus BC2U 7 DD 

G.T.Cap.hic P33 

7\fi ACC.-— ■ -- 
8 jA£.wVb ..1619 

r,T.L' 5 .&Gea — 1«5 
C.T. Japan A Gen.,. 292.9 
AGL TVP6.Ex.Fd .... 154 1 
GT I nri Fund-... . Ml 
G.T. Four \dlFd — 153.G 


^StSS NV1rtnriiiBbto4.„SO 529| -05 SM 

°™ fur New Court Fbnd Managers Lid. 

see RothsdkQd Asset Sfaiaganrat 

>'orwicb Union lusnnmce Group (a) printer Bank*? (ai 

p.t> pes.-LNwwift.NRlSNG. C®? 2 ??? Waniu: StreeL Bcllc-t. 

GroupTiLFd. — _J346,B 365^-031 5.M ,bim s tcrGrD»nh....i37.0 

pearl Trust Managers Ltd. (aMgX»l unit Trust Account & Mgmt. Ltd. 
2E.HiChH0lbq™.WClV7EB .. KlDCWiUiamSl. BC4RPAR 01-823 :P51 

’“■ y q'S Fnar* Hse Fend |1K0 
k 74 Wider Urth. r Pd . j29 3 
5 gq l)o Accum. .... . —1341 0 

S.n Wieler Growth Fund 


COK.IL INDEX: Ciosc 457-472 


Dl-K»Ft2?l 

3 30 


0232 SK-7 
5® 7] -0 21 ;jii 


330 

7.30 

199 
139 
400 

200 

730 


ENSU?w£.^££ BASE KATES 


Fear! Growth Fd— 02 8 


G. ft A* Trust laHgi 

S.RsrlrlghRd- Bren wood 
G.1A, — 


24 l. 

29.2J -0.H 

33 ^ -0.U 
37 8m -0 *1 

4a9i-03| 

Pelican Units Admin. LuL ignx) >jng winiam slec*p. 9 ar 
•trr"i * w 7300 81 Fountain St, Manchester 0gl-2306ffi5 income ['nils... — g^3 
34.44 -0J|~4-B2 Felicia Unite -|8i2 W.4J —P.81 


Accum Unite 

Pearl ?n< • 

PcarUritTrt-- 
, ACTOR. HutWk. ... 


.271 

315 

SJ 

454 


i n. 

SS.Bi .. 


in 


Properly 1 1: 

Van brush iluunmi' 

Adfliy-ss sh.nni i:*.‘K r J" 


■ori 

-nniii'.v 


9^ 

3 °i. 

.ml Prwm-ny E.ond tubl- 


508 Accum. Units- 


-WJ 


0V6S34.«1< 

3! II | 4 J3 

36.01 ..... I 


} ' ' v.,* V /*. * ■*?*'.- V^V • r • ' i 1 




i 







• Financial' TfiJoeiS- 






W. Berry Templeton 

•-ltd 

Property Consultants 
to Commerce and Industry 




FT SHARE INF* 


RMATION SERVICE 


BONUS & RAILS— Cont. BANKS & HP-Continued CHEMICALS, PLASTICS-Cont. ENCaNHSHIWl-JContinaed 


tr. Great Ru 5 ;dl Sirec 


sc: Lor.don VWI B 3 PA OT-ti-' - • ■ | High Law Stock 


Price t or IHv. *\ RnL 

£ — Unw Yirid 


197 S 

High Low 


lffl 

High Low 


**BRITISH FUNDS 

j i_ «■ YirW 

.Stock . £ - I l*K - 1 toL 


83 831; Ireland 7 ■nc'BILn 

91 79 DoftpcW-SB...- 

375 J 65 IapnnltK'IOAjj.,. 

87 70 [hi fire; TBJ5L 

16D W5 PeniA.-/3pt. . 
7 jji 75 p SGI F-jpc 1901 .. 
SW SMLTunnSucIWI - 

mm IimSI TunnS;pc I£IK 4 
96 **4 ll'nicu;i>'lP;p- . 


83 l ’«l 

8 t 

365 «f 

71 •; 

155 

75ii . .. . 
5941, .... 
DM91 .. . 
% . . 


71 ; 11.75 
9-4 12 85 


6 % S.b/ 

9 I 952 
6'- 1 1070 


! | , 1+ nri nic 

j Stock J Prifij | _ vi 

::ai >u£i • Ai .1 235 ] !f)ir 

<ni.i''ini i.q> 1 73 },... L'‘b 5 

Nnt il _...{ 267 1-3 11 J* i 


rid' 

nr 1*1 P/E 


19 TR 

msh low 


4 . 1 r.sj « 1 " 

- c 5 6 or-r» 

4 2 ( co 55 -- » 


IS. S & D?.i p’ncus uvrlutlu un. 5 premium 


“Shorts’ , (Lives up to Five Years) 

lHjUncvu} IOHkTRI.- lOO^d I0.g 

98 % EwttSpcTtT&i 98 ii 5 « 

101 % Treasure U-ipcT 9 ji .. 101 , 1 *!: 11% 

94 % Treasuty 3 prflK. — 95 »» -% 3 .M 

95 % Electric A 1 * pc 74-79 — 95 % ,395 

100 Treasury l£>pc _ 100 % -% 1049 

W% Etertri c.S;pc 78-79 _ 96 +% 

ft SSSBSKr ff> Jt | 

92 % Treasury Szpc uJR— 93 ->■% 3 76 


AMERICANS 


Jimm%M |, a. 230 
Sir.iili .*-1 Aul. _ 82 i 

■4 Jlirfil 1 lu'illil 418 
Trnli-IK". i\ 310 
I iiiunhi-cLl . 338 

I UT 38 

VV.-II.- E.ir:'i:.'' £227 

Winiptst llty . 63 


390 11 « 

230 17 .“- 

82 .' . .. 501 

418 -6 tl 7 :» 
aI 0 .. .. r*:?. 
338 ^ h) 5 »> 

>% si. 4 C | 
W ... . 3 03 ; 


15 t-i 54 

1 - 11 2 
= | 7.31 - 


S 8 % Treasury 3 %pr I 9 TM 1 .. 89 % ■*■% 3-93 

i %% Treasury M,wl 9 BI*i.. %J 1 *,1 10 07 1 

92 % Eich.ff 4 pclS 81 - 93 -n +■« 0 g 

, Ml; &crh. 9 %pc 1381 9 S& *A 9 95 , 

85 % Exdi.Sp. « 981 -- - *% -% 3.48 

96 '; Treas. Variable M#— 96 % -i- 10 j 2 

1027 s B.ch. 12 -ipc 1381 “ — 1 C 3’,1 *,4 12.27 

91 % rrwsoiipcawsi 92 ’,' «u -,L 91 a 

83 % Treasure 3 pc' 82 S_ _ 84 % 35 a 

■ 106 % Treacurr MpcBSi . 2071 * + A 12.97 

95 % Ttwas.’. anaWir'CH . 95 % 10.43 

89 s ; Treasiur 8 %pc 22 91 ,? »ni -% B .98 

, 92 '; Each 9 %pc 19 C 92 ’,l 9 95 

92 % &ch ft pc 19 K.' A — 92 !i-r% 9 95 

90 % E.\ch. 8 kpM 983 91 Ad +.L 9 58 | 

79 % ExvhSpcTD — MV. t% 3 73 ; 

101 % Treasury 12 j». ISK: - 102 % ■*■% U 72 | 

Five to Fifteen Years 

90 % |Tn!asuTv 9 %p<.'B 3 907 «rf *>. 10.09 

- £u± ’.Ope lVSi £!5pd* E 95 10 Si 

80 ?a FirwiineSapirW^ 82 % uf 6.65 

B 6 % Treasunffriv ■»««£. SSni 9.60 

77 % FundinsSiMwWynt;- 79 % 8 26 ; 

81 % Treasury 75 pc' 3 Weti 84 % -% 9.52 | 

60 >c Traasport^c"W 18 — 62 % «t 4.77 

64 ^< Treasury . r «: 78 ^ 9 — 66 % -% 7.60 

101 % Treasury 13 pc lSELC?- 103 -%»d -% 1241 
77 ', Treasure 86 87903 -. 79 % -% 1035 

92 % Treasury UkpclMl .. 95 >,*d -% 12 L 20 

63 % FundinE.TkpcBTSit;- 65 T ; -% 363 

100 % Treasury lApcOCff - 10 O%h 1 -% 12-51 
85 % Treasure 10 pc IW 2 _ . 88 % -% 1 L 68 

9 W Esch.l 2 %pcU; 101 ”e -% 12 48 

Over Fifteen Years 


IKS 

High Low 

37% 13% 

6012 60 £ 

31 22 

32 21 % 

3^2 U 

19 % 1 ^ 
32 % 22 
23 % 13 1 
11 % 625 p 
13 Ij 837 p 
65 < ai< 
48 30 % 

42 % 28 % 
48 % 32 % 
27 % 173 
22 13 % 

11 765 p 
21 % 13 '. 
14 73 ?p 

25 14 % 
18>4 12 % 
47 % 29 

26 25 l,| 
25 % 17 I 
28 20 %, 

, 461 ; 20 % I 
3 ?, 22 
261 ; 17 i 4 I 
40 28 % 

12 % 670 pl 
Iff* 11$ 1 
32 % 20 % 
41 $ 26 % 
25 % lWg 
44 % 29 % 
24 % 15 % 
i 48 '28 
141 , 750 p 
1224 % 171 
52 % 34 
I 17 % 735 p 
! 976 p 705 p 
' 28 IS 
32 20 

41 % 26 % 
17 % U 
133 13 % 
21 % 14 % 
27 % 151 s 
30 % 16 % 
17 % 11 
22 % 14 % 
576 p 255 p 
28 $, 1 B%! 
19 % 31 $ | 
36 % 22%, 1 
m lga, 

27-3 18 % 
161 131 l 
975 p 505 p' 
22 I 65 1 

40 22 $ 

S 65 p 
21 % 
17 % 
Ul, 


It- arj Hie. 
1 - | Uiw 


IHv. Yld 
Uress Crr Gr% 


Hire Purchase, 


ASA 

AAtF.7ft'Ctr.Kr_ 

AitoxSl 

American Express. 
Amer.Sicdiii lnL_ 


Baker ratal. Corn. SI. 
Barnes Grp. S 6 %_. 
BerufixCorp.55 — 

Beth. SteelS 

Brown'? Fer.elS;- 
BrunswlckCnrpnJl 
Purr auchs Corn. SS 

CBSS2.50 

CJ>C.S% 

Caterpillnni - - 
Chase AriitnSHa... 
CheseivouiJiSl ... 

''hrys!erJ 6 : < 

CiiiairpW 

CiMm.Sli'i. -. 

Lm.L"m.Pri ESI _ 

Col^ale-I'.SI — 

Coil Inris SI . ... 

CPnLIIfinmsSW„ 

Coni Oil S3 

Crown Zell. SS . . 
Cutler- Hammer SS. 
Earnn Crp. SD-SO — 

Esmark 

Exxon II—..— — 
Firestone Tire It — 

FirstChicueo 

Floor Corp.5% 

Ford Motor £2. 

GATX 

Gen. ElectS2% 

Gillette SI 

Honeywell SI 50 — 

Hutton EF. 

LBJH.Cum.S5 

tngergi|]-RS2 

Int Systems 6 Cot SI 
l U. International U 

Kat 9 er.Al. 5 i] 

Matrf. Han. USS7 50 
Morgan (JPll'SSl 5 
Vjrtoo Simon Inc 5L 
Okmb-U1.S3.125 _ 
Quaker cats I'SSf. . 

Hdiajxe50J3 

Rep.N.Y.Curp.Sa. 

ReinordSo 

Richdsn. MrrU.51% 

SnuIrB F.iS l — 

Shell Oil SI 

Singer iSIffi 

Spent Ratri SO j0„ 

TRW [nr. SI '4 

Tenreco 

Do lO'iLn.SttBI-85. 
Te»mPl.VSSaii5Z,- 

TcncaS625 

Timelnr 

TVansanKricaSI— 

I'ULTediSl®— 

M. Steel S! 

W'oolwurlhsSJ’ 


17 


31% MleViHdi;- :* | p| 34 
— QeBtn. Fr.lf«.. £ 561 ; 
> 'redit Liaa I 0 p„ Sir 
y^dsiSisiLiiiTi- 89 ri 
[jtdAoLFin.l(lp 41 
Von^ilc Men IPp 20 
PWi. Financial 95 
StrliCreditlOp. 26 
201,110', SmrIaTTHc?.!np 151; 

431 * 1 39 '- Wagon Finance- 45 


2.7 4 1 10.0 

14 6 J ?4 
3 0 6.9 f>2 
_ - 18.1 
2.3 7.8 85 
23 7.6 \I2> 

23 bi 9 47 


LW. Z £22% 
72 

230 ISO 
62 43 

b~ 55 
220 190 
151 108 
15 51 , 
2 i lf% 
205 162 


l Sect ! 

Ifrt? niem.E! 1 

: *o j“«R £.1 ' 

fnL Paint. _ — ,1 
LipV'j? Up— 
Vorsi; H Krffl— 

Ft-.-u Jtlr 

Rjnsnm v.'c. ICp 
Runiukil I"?--' 

Rf-ert*'. Ti 

w.,k Iiri Cl -| 
Strewn llas’tcs. 
TSKi-Esstlw . 1 

WartfleiCer.'lllF; 
WiHMonholrae_' 
loots Ltene — 


|i- nri nhr 
rir? ! - I W 


388 -3 

42IJ 1 

75ri[ 

106 -1 
£283; -Is 
73 -1 
200 . .. 
59 -1 
66 
220 

148 

14% 

22 % 

205 

59 — 


|rir|o%|pfE 

S 2B 6.4 7.8 
12.6 — 
4.6 <* 
9.7 93 
33 f 
* I 2.9 ^ 
75 2.1 95 
ZfJt 4113.6 
2 3 7.7 7.4 
23 S3 7.9 
5.tf. 2.9 9.4 
3.0) 7J 72 
2.8] 86 4.8 
3 S 58 7.4 
Lfl 73 115 


169 fl 42 
107 
5 % 
87 
39 


BEERS, WINES AND SPIRITS 


78 Allied Brews.— 
Inal Hc'-Pr !tp . 
feissCliarctnn. . 
Kell Art huroOp. 
37 Belha.srFrcucr 
a 2 Boddinstoni: - 
hb Bnreli.r Rorar.- . 
Brwrr Mattleu' 
EucMe;'* Brew.. 
ItuInKnll F * ... 

HuO'Hrru>yl 

i'ih . 

1 j,-irk'M^iht>ui_ 
f'lflillere.^ip 
>Tnrd»n<l 1 lirp - 
ikiudi Em? 2 ur 
(•rcesiMWhitlcy 
bmotc King. — 
Guinnes'. - - 

l 6 g.hliHhsl. 20 p. 

Inrcrconl'jn 

lush Di«liUcr.i_- 
Macallan. <7Ien_ 

MorJand U 

Sandenun. 

Scott & Mew 20 p_ 

Tamalm — ... 

i'aux 

82 % Whitbread \V._. 
1 B 5 Midi. Dudley—. 


*> : ! = 
158 ..... 
242 ... 

49 -2 
111 .. . 

76 

112 

51 td 

144 -1 

154 

62 

138 ..... 

180 

25 

48 <d 

116 +1 
267 ... 
180 -3 
138 -4 

102 X 11 

152 

310 

475 

60 -2 

117 1 

122 .....' 
93 -% 1 

21 (M 
177 id 


39 s 15 7.011.7 

mOZS - 10 - 
t4 8 - 5.3 J 7 9.7 
M 70 3.5 3.014.6 

h 2 >l 2 5 56 155 
3.50 2 0 7 .. 0 I 10.8 

iZ o? 24 r .4 11 ? 
179 <5 5; J, 

L '66 2 S J.r 7.8 
3 10 51 ;1 95 

24 2 b ;.oll 5.9 

7521 33 tl\ gO 
6.54 31 tj JJ 

2.80 2 9 8 8 /4 

t 2.62 41 7 410 9 
T 6 53 2S iJlJ9 

7 g 2 5 32l5:i 

Ws h 31103 
A 62 2.3 2 -» 22.3 

12.45 2.6 4 0 14.4 
2.31 * 5 .ffl * 

tii : 0 7 . 1 ] 10 .fi 

3.00 26 39145 

14.02 2 Jt 5 0 225 
397 clO 05 5B 
tS 74 3 0 J 2 J 123 
3.18 4 2 i| «■ 


CINEMAS, THEATRES AND TV 

90 71 lAnsUaTVW-. 72 -1 4-13 r 3.1} 8.| 55 

119 98 Ass.Te!ft“A", 112 — h 6-65 M 3 8.9 7.7 

40 32 Gratnpian'A’IIjr 39 22 2 J 85 6,7 

| 65 55 GtwnGrouplOp 65 # -.... Q 4 ^ 25 65 93 

2S*2 18 % H*wYd\VyuSOp. 25 +% K 333 - - 95 

127 108 HTVN.V, - 122 — ts 6.6 25 8.9 6.9 

135 106 L«TA 125 -2 1619 ,25 75 7.9 

76 % 73 RediT/Freta. 74 — 6 .M 19612-5 - 

72 52 % Srem.TV-.V 10 p 53 236 6.0 6.7 3.8 

531 ; 47 Tridrr\ : ‘A' 3 fip. 47 2.83 2 1 « 5.9 

69 52 '.T 3 erT\'“A"l_ 65 -2 13.93 2.6 97 6.4 

26 % 23 % [WertartTYlOp- 26 +% ^1 65 L 9 I 9.71 

DRAPERY AND STORES 

278 1178 I.AlIted Retail 10 p| 268 |- 10 jd 8 . 7 l! « 1 5.0 


| ! Pritjp j^-?! !S: I 

5.81 

Bahccck&W 131 rl 525 

MhrU'.KjL ^. 1 +% 0 - 21 , 

Baler Perk. Wp-. 302 - t3.91 

Banaonls 2 C ^ L 76 

RTBraCoos. 20 |i 4 ; 63 li 2 .T 6 

Bart™ * Sobs Sl~- H2-7Z 

BeatdurcSKtp-— -. 50 -- d 3 34 

Bevar.CEFjlto^ ■ 1 ?: cL 33 

KraidQa&a*; -. 62- - -1 4 46 

Bnnpbm.lQnt_ 80 T f Z- 442 

BlaaVaMIDp 5.6 

BtecbrtlHa&e: fiat hi *4 

BujmEfl& 30 p_ sal 1.44 

Bou&mWmlfc 37*4 -Ai thlW 
BrahamlQlH# 38 rl thL 45 

Brattfcwaifea!: , 1 » 1 h 3.87 

BrasBay ttp^ 36 - d 052 

ffimseDwtlte ;hit t2.16 

Bristol Cfa&mdE: r^S Wifi 

British Nantes = 39 * -1 600 , 
Britstama^ »■ 90 -.-+2 M .67 
Broetbnro^i c JW- - 1 . T 3.62 
Btonf sCgl^-: •••30.;: 5— W 
IftwxasJM -3L' 

-i bus 

MjS 


rt*dp .%4 


i. ... t6 J6 

1253 



|cff|Sk||!® 

ija-& 

0J II ; 44 . 9 l 

44 5.8 61 

3.6 

3.7 £2 7 | : 
3.5 72 5.9 
1.8 10-1 83. 

ZJ 11.9 60 
L 610.9 9.6 
0W S.419.6 

1118.7 15.9 

4.7 47 6.4 
31 7.0 'IS. 

6 : 7 . 3-11 

35 5.8 SA 
9 7 4,4 3.7 
W3 2J 7.7 

25 7.9 8 l 5 

M 6.8 can 

25 8 2 (5.6V 

2.0 HU 75i 
43 7.7 A6; 

2 J - 66103 ; 

3.7 6.8 60! 

7.9 3.7 -4.7 

5.0 65 6 . 0 1 

4 4 6 J 1 Z' 

2 .B 5.4103 

2.1 S.Oa.Oj; 

4 4.0 « ; 

4.1 6J 6.4: 

2.4 .95 7.1 1 


BE ' ' {< 
, H&Jt- Lw-E J- 

26 a; 

50 : « 

: .68; .56' 

65 52 

'25Z". 1© 
9^-59 
i£ 40 %£ 

.'41 27-. 

276.- 12® ; 
ltt iw 
■ 35 - 20 ir - 
126 , ;93, 
■111': 89' 
152 120.. 

^ s 

.63.: :22; 

78J: ffi . . 

96 r 

109 . ;7 
■27 '■ 2- 
663 393: 

«J- 30 - 

is£ i»" 

64 54 . 

-33 2 
4 39 3 
182 140 
218 166 
115 ‘ 94 
* 8 ' 

SB 

86 70 

■67" 54 . .. 



h 

" 


FINANCIAL TIMES 


BRACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Telex; Editorial 886341/2, 883897. Advertisements: 885833. Telegrams: Firumtuno, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Bnoness News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8028 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: f\ 0 . Sox 1298 , Amsterdam-C. 

Telex 12171 Tel: 240 S5S 
Birmingham: George House, George Road. 

Telex 338850 Tel: 021-454 0822 
Bonn: PresstaauB 11/104 Heuasaliee 2-10. 

Telex 8869342 Tel: 210038 
Brusselr. 39 Rue Ducale. 

Tele* 23283 Tel: 313-0037 
Cairo: P.O. Box 2040. 

Tel: 838510 

Dublin: 8 Fitorilliara Square. 

Telex 5414 Tel: 785321 

Edinburgh: 37 George Street. 

Telex: 72484 Tel; 031-226 4120 
Frubflirt: Im Sachsenlager 13. 

Telex: 418283 Tel: 555730 
Johannesburg: P.O. Box 2138 
Telex 8-6257 Tel: 838-7545 
Usbon: Praca da Alegria 58-lD, Lisbon 2. 

Telex 12533 Tel: 3ffi 508 
Madrid: Esproacnda 32, Madrid 3. 

TeL 441 8772 


advertisement offices 

Birmingham: George House. George Boad. 

Wo* 338850 Tel: 021-454 0922 
Edinburgh: 37 George Street. ' 

Telex 72484 Tel: 031-228 4139 
Frankfurt: !ra Sachscnlacer 13. 

Telex 18263 Tel: 554867 
Tweeds' Permanent House, The Headrow- 
Tel: 0532 4W9S9 


Manchester: Queen's House. Queen Street. 

Telex B8B813 Tel: 081-834 0381 
Moscow: Sadovo-Samotechnaya 12-24. Apt. IS. 

Tedex 7900 TeL 294 3748 
New York: 73 Rockefeller Plaza. N.V. 10019. 

Teles 683SO Tel: (212> 541 4fl2S 
Pares: 38 Rue du SenUer. 75002. 

Telex 220044 Tel: Z36L57.43 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 

Tel: 253 4848 

Rome: Via della Mereede 55. 

Telex 61032 Tel: 678 3314 

Stockholm: eta Srenska Dagbladet. Raalambsvagen 7 . 

Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879 
Telex 212834 TeL 682898 
Tokyo: 8th Floor. Nihon Kieizai Shimbun 
Building, 1-96 Oteraachi. Chiyoda-ku. 

Telex J 27104 TeL 241 2920 
Washington.' 2nd Floor. 1325 E. Street, 

N.W, Washington D.C. 20004 
Telex 440225T@L <2023 347 8878 


Manchester: Queen's House. Queen Street. 

Telox 888813 TeL 081-834 8381 
New York.- 75 Rockefeller Plaza. N.Y. 10018 
■ Telox 423029 Tel: 1212 1 489 8300 
Paris: 38 Rue du Scatter. 75003. 

' Telex 220044 Tel: 238.86 .01 ' 

Tokvo. Kasahara Building. 1-8-10 UchTkand*. 
Chiyuda-ku. Tele* J 27104 Tel- 295 4050 


SUBSCRIPTIONS 

Copies obtainable from no^agents and bookstalls wirirfwlde or on reguJar subscription froa 
” Subscnplivs Department, Financial Tunes. London 





































































































































JL 


m- 

■i i'i iii 


m 

: ; r v?C 


".;'■ . Ci •: • 
’i! T : !'. 4 
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"Z \\ : L;i £; 

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Jsi»: 
s? ■:> 

:y»jus 


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‘ - - ‘ c . ’ i 

•■ :J:. *’* 

-Y’.ijiri 


• •' , 3 - 5 5 r -2 

jjfii 
: • j ! |j lir 
"• • : 5 


TB&esMftay Jtme irnrri* 


U* U 


i 

Tfefaln»l 


JNDUS1XIAI5— Continued 

— I iw_ l + *1 P*T L ITH 1 


INSURANCE 


raOPERTT-Conffaued 


W**l + ~*1 S WISU^ 





4 *1 Dh> TV* 
j « £V a‘a 


TSV. TRUSTS— Continued 

ra 1 m I«»|-ia!n4sa 


FINANCE, LAND-Contimted 





% !-l 
70 
65 
236 
82 > 

78 
84 

257 i -2 
110 
125 

, MO 

iurdinill'H I 107 



& Intvnutl. 


<WC. 2 ci'.i-l 
LC.LT.' F.Pij 

undirr:?.-! In- 









276 
133 
137 
167 
240 

S, 
oT' 

561; 
SI 
42 
202 
£ 113 , 

S* 

* 

63d 

|L«i.fc‘ 5 s»t 50 p..| 63 
pin. 1 Holyrood-.| ll 4 d 
ILoq. S: Lennox— | 85 
25 










O-CJ 1. 

ui b 



1K8 

High Low I 


■SLiiUTSciOp 
4 Herr \ 

S Li-tkpeAnn 
Smith Bn.«. — 
Sllm-Pac HK 50 c 
Su« Fifi. NFIOO 
rar.« HVlTsL ip 
itn.Srtecl2Pp 
tVesldEnaiand 
iuleCalto Up — 1 


r «r| W* | VWl 
_ I Sa Tit lii's Fi'E 


tlM 4 3 l f.s 4 4 0 1 


-1 QU O 22 2 3 225 

jO.<U 31 8 4 54 

MfJfc 3 0 7 ft 54 

30 190 2.1 32 

165 13109109 

0? <• 2.6 * 

0.5 47 25114 

.... il -25 4 2 1 8 138 
. 546 37 42 90 

-2 068 24 1 5396 

. . . *598 22 i 77 
-t; ysl 16 — 60 .. 
.... 13 0 712 317 2 


.. .. tlO 3 b 4 7 71 
-1 6 81 3.5 47 42 

-»Q4.4% - 45 - 
.... 0 48 1 0 6 9211 

302 1.7 4 5198 

Q 4.25 - 8 5 - 

64.91 22 13.1 60 

— — — 41 

-1 022!; - 62 - 
»c.d2 16 : a 

-1 .£1 12 J2.7 20J 

«38 3.7 3.7 10.9 

139 38 3.0 92 


a fully Integrated banking Servian 

nt\ T\ ntY'Aft/IY 


ruJAjjLrj 

*\r±lM± 


Head Office; Osaka. Japan 


MINES— Continued 


I97S 

FBgfa law 


CENTRAL AFRICAN 

u U 1-1 ® UK 


210 1155 FnlmnRIiAje 1 385 1-5 I Q50c l 3 3 23 Z 

24 15 Rfwdniorp !£;/> W«j 056 71 43 



24 15 Rftwi'rHVrp I6®;P 

80 52 Roan Cans |M 

175 122 Tanzanytlia 50 p — 

40 78 Do PreCfflp . .. 

a I 32 RankieCulfth I... 

lfcij 10 lmCprSBriO-4— 


160 d $10.0 4- 6.2 

90 xd Q 9 ?e 16.4 3.0 

37 -1 TQTJjr 1 . 417.3 
14i; — - - 


M 


W Etp! J 9 n 
PremiK- Cm. 


+ 4 " 6.74 15 6.2157 

-2 22.10 4.2 3.9 9.4 
5 . 6 <N 5109 LL 1 — 

08^?. — eilJ ~ 
:i; i 63 ? 7 ji^ 

-i Q 1 U? is 14 105 

1111" iro Te T .2 izo 
+oi * ?5 * 
-t Q 14 ^ -T -Ut — 

nf ” 3 'c v ? »z 

07?. ?4 ?6 78 

-30 

-6 15.7 41 4.4 5.6 

4 . 4 ^ 11 D 2 12.4 — . 

-2 ?32 ' S 8 II 167 
-2 — - - 85 

-1 7°. 245 68 — 

-5 Qiy.r ~ «I 


IS 10 

132 64 

125 63 

245 148 
72 48 

138 81 

40 10 

220 125 

39 10 

fci, l«j 

243 79 

lb &t> 
178 117 
48 30 

£JV 4 750 

40 12 

538 310 
160 84 

70 35 


AUSTRALIAN 


VnnKiSfc 1 .. — 
FcoeunTJlefJjTot:. 
BHboutbaOr. —. 
Coiuiiu PiyjiwVc. 
■Ill KalswrlioSl. 
H amnui Area* , r ip _ 

.•feubEx.&k' 

Jll.Jl.HMc- 5 CV__ 

Mount Lvell 25 c 

N^wnwisil ilk- 

VonhB HlH.Xi-—. 

Sth. KaJcurh 

i.taibridwSAI — 

PxiTv.'upper 

PMiLvnn ix 

l'nnn;aMJcE> 5 r . 
PH.-Ualls-ndWc 
V.eslr MuiincMi.-, 

mum Creek 20 c... 


15 .. 

120 -3 

119 -rl 
240 .... 

55 .. 
130 -2 

33 i r -ij 
208 -1 
33 -3 
4 

331 -1 
141 ; - 1 ; 
376 -2 
42 -2 
£ 241 ; -: 4 
40 -4 

527 -5 
153 -4 

60 t5 


OVERSEAS TRADERS 



f 


rfi 


u 


260 

104 

337 

49 -1 
42»; xl 

375 m *5 

272 

£64 

487 

90 

18 ..... 

28 

151 ; 

63 -1 
411 ; 

50 

90 -1 
85 +5 
80 +5 
291 ; 

6 U +!> 
85 +3 

08 

58 -I 
94 ..... 
65 -1 
65 -1 


19 .D 2.0 2.6 
11 2.1443 
4.7 4.6 4.6 
1.1 19 3 ( 6 . 7 ) 

♦ 5J 0 
4 > Zb « 

3 2 4.9 83 
X 4 1.9 22.4 
e 7 .o <> 
21 7.2 81 

32 5 . 4 10 2 
63 — 45 

23 153 132 ' 

1 . 7 12.4 ( 53 ) 

* 83 4 
<t> 4.9 « 
75 63 52 
75 6 5 3.1 
13 t 53 

33 12 733 

4.4 4.7 7.0 
27 63 ( 5 . 4 ) 

18.0 [ 8.7 — 

11.0 1.7 7.9 
312 fZ .6 — 


30 24 

360 240 

60 45 

290 20 D 

145 111 

10 8 1 ’ 
290 220 
165 130 
93 78 

11 10 
73 68 

490 450 
400 280 
70 40 

62 50 

210 165 

61 49 

61 47 

205 140 
305 230 
220 134 
75 55 

100 85 

100 74 

2 20 148 


TINS 

Aral Nigeria .. . 21 

AierHitoraSMt . 35! 

BeraltTin S 

BcrjontaiSM) 25 

(irtior. _ 13 ! 

(iold&Ga.<e 1 ^ 2 P 11 

Gopen? O ik. ... 29 

ltongLtm£ 15 

Idris K>p 81 

Jantar Ll'ji ... ll 

KamuntiittSMOSG 6! 

KjJlinchai/ ... 49 

UalatDr?diaciSi‘'li. 39 

iPafian”._ 7 

Penckalen 19 p 6 

Petal rneSMl 201 

Saint llran 5 ! 

South Crtdty top. .. 5 

South KiDtnSWjO 20 

Sthn.\lala>aQ JM 1 . 30 

Simrci Besi SMI ... 22 

SuprencCorp.SMl 7 1 

Tanjmie lOp 9 

roii&ahHrbr. 5 Ml ^ 

TroncfaSMJ 21 


::::: *ts x 
-r ® 

■^2 MD 

ton 8c 

.. .. IfflJLk 

+12 Qb 5 c 




COPPER 

100 i 70 lMeadnaffliiO | 91 [-5 | 3230 c| 19 j 

MISCELLANEOUS 

17 l 9 {Burma Mines VThrp I 15 I 1 — l — l 


17 9 Burma Mines ITigj 

300 2 TO Coft? March. 10 c-.. . 
465 245 NcrthRat^CSl 


225 fQ30c 2.6) * 

445 -20 - - — 


234 164 RTi 226 -3 9.5 28 6.4 

82 30 Sabina Indies] 1 82+11 — — — . 

£12 750 . Tara Expin. $ 1 - . £ 11 *;+^ — — — J 

45 43 Tehiflr Mineral* I Dp 43 133 * 4.7 

180 120 Yukon Cons. ( 5 t- 180 +7 Q 7 c 2.9 18 


High Low 
101 
S 
sS 

43 26 

39 23k 

12 k Bt, 


RUBBERS AND SISALS 

i M, M if; UR 


23 k Cons. Plants lOp.— 
81 ; Grand Central 10 p_ 


% 

56)2 iHiRhlaivJsMSOc 


26 IB 5 . 
L 6 * 4 j 
0.88 12 2 




100 -l 

93 

16 -1 

50 -U 
250 +u 

40 +1 
37 + 1 ; 

10 

277 d ...._ 

96 ...... 

109 +5 
67 J -3 

51 +1 

150 

94 +1 
461 ; -M* 

70 

57 -1 


2.75 * 43 , 

5.5 15 5.7 1 

17 To 52 
s 2.8 1.0 17 

H 38 12 53 
hO 30 1.2113 
D .55 * S 3 

a ft' 

o 5 £ 13 4.1 
QllSe 0.8 4 . 9 : 
♦MJ) 16 4.4 

E J3 i:S 

fr H 5:5 


TEAS 

India and Bangladesh 


210 49.51 

305 U 625 

123 70 

271 ; 6198 

330 4 ) 2.00 

350 +10 410. DO 

233 -2 03.5 

375 15 DB 

251 ; + t a 4 F 1.72 
244 x 2 14 ii 7 
170 M 

Sri Lanha 

I- 178 |-2 l 55 | 

Africa 

580 13 90 |Hanfyn*£» 1 580 I+WI 50 O j 

180 Pio laao^io 1 180 | |U 0 | 

MINES 

CENTRAL RAND 


19.31385 
20.9 
192 
i a 



233 — - — 

299 $Q 5 c 16.4 J 

£ 34 »; -U t^Oc 2 5 62 

119 « 13 c 6.7 b .7 


rcr 



NOTES 

tnlcKs otbemiv Indicated, price, and iw dividends are in 
pence and dcwolKiMiU atr ZSp. Estimated priwwiiir* 
mica and covers are faaned an lalrM animal rrparta and accounts 
and. where pcwlblc. are updated on hatf->carly Hnits P/Evara 
cadmlaled on Ihr ba*u< of net distribution: bracketed ftpnrea 
Indicate IO per rent, or mere dillereace it alrabled on "nil" 
distribution. Oners are based an ■TBaxhotun" distribution. 
vitUi are ba^ed on middle prices, are Rross. adiasted W ACT of 
34 per cent, and allow Jar valor or declared distributions and 
riKhls. Securities with drnoahialiMN alber than Merlins no 
quoted Indostvr of lire inveaiawM dallar pmaias. 

A SlertibE derouriiiaJed securities which Include unaotawot 
dollar premium, 
m "Tap" Stuck 

* TUgbs and Lancs marked Urns toe been adjusted to ollcnr 
for riebta issues lor cash. 

t Interior since? inm-ortrd nr resumed, 
t Interim since- reduced, passed or deferred 
Tax-free to noo-zamdenta on appUcaiiML 

* ngurea or report uwuued. 
tt Unlisted security. 

m Price nl lima of suspension. 

I Indicated dividend after pending scrip andlar ri j Mn Ua n i r 
rover relates to previous dividend or forecast. 

- Free of Slump ihitr. J 

4 Merger bid or mrcanustion in presreas- } 

* Not rem parable. 

* Same Inter Im: reduced Dual and,' or reduced earning* 
indicated. 

f Forecast dividend: cover on earnings updated by latest 
interim stalenu-nL 

f fcace allows tor camtrtran of shares not now ranking for 
dividend? or ranJdnc only for restrirlod dividend. 

\ t.'oicT docs not allow lor shares which may also rank fop 
dividend jt a rururc date. No P'E ratio usually provided. 

4 Excluding a final dividend iJerlaranoiL. • 

<• Rr-Kional price. ( 

II No par value. 

a Tax free, b Figure, hased on prospettn* or ether official 
c-iimaw c Cents, d Dividend rale paid or payable on part, 
ol capital: cover bic«rl on dividend on lull capital, 
e Rfcdempiion yield, f Hal yield. R Assumed dividend and 
yield, h Assumed dividend and yield after scrip issue. 
i Payment from '.-opiul sourres. k Jvenva. m lmenm higher 
than iircnuujv loui. n Rights issue pending 4 Earn Imsa 
based on preliminary figures, r Australian currency. 

% Dividend and yield evilndc a special payment, t Indicated 
dividend: cover relates to previous dividend. FiE ratio baaed 
on latest annual varninds u Forecast dividend: cover based. 
r. n prcvinu« jear’ carmniis. V Tas free up to 30p in the U 
w Yield allows for curhunry clause, y Dividend aad yidil 
based on merjKr terms, i Dividend and yield include * 
special payment: Cover does nos apply to speeutT payment. 
A Net dividend and yield. B Preference dividend passed or 
vJeJvm.'d. C Canadian. D Cover and P/Erntlo exclude prodla 
u( l.'.K- aerospace subavdlancn. e Lvsue pnee. F Uvidend 
and yield based on prospectus or other ofDnal estimates for 
1977-79. C Assumed dividend and yield alter pending scrip 
and or rlizhts issue. H Dividend and yield based on 
prospectus or other official cdlisBles for JBTB-77. K Figures 
based on prospectus or other official estimates for 1979. 
M Divi'leiri and yield based on prospccton or cihcr official 
ertunatufor I£T8. W Dividend and yield baaed on prospectus 
or other official eatl males for 1S79. P Dividend and yield 
based oc prosiiccnw or i ■tiler official est imates for 1377. 
ij i'.ro<a. T Figures assumed. I' No signiDcant Corporation 
Tat payable. 2 Dividend total to dote, ff Yield based on 
as- uraption Treasury Bill hilc ruya uneba aged u alii maturity 

of rioek. ■ 

Alibrovi.it ions: 4 es dividend: Kexscripiaroc.s'exrizbUtaex 
nil: a ex capital diKtrihulion. 


** Recent Issues ” and “ Rights ” Page 38 


Thii service is available lo every Comparay dealt in on 
Slock Exchanges throughout the Linlted Kingdom Tor > 
fee of £400 per annum far each security 


REGIONAL MARKETS 

Tlic fallowing is a selection of London quotations or i. hares 

t irevfoust? l«ted only lit regional market*. Prlcea of Irish 
°sues. mo** of which are not officially listed in London, 
gxeasquf^on^lriah^^^ „ .. . 

Albany lnv.2Dp 23 SlndaUlWmZj 90 J +3 ) 

Ash .Spinning- 45 

Bertant- 22 - — 

Bdg-Mtr EsLflOp 270 I rich 

Clover Croft — 24 IKJSH 

Cndg&RtKcU W 4 --■ Conc.O^WflKL £W* -k 

S soniR-^fA. 37 . — Alliance Cas... 73 

lis&McHdy- 62 — Amort. 345 »d 

Evered M Carroll iPJ.l_ 90 d ..... 

Fife how -; -. 50 Clondalkin 95 -1 

Fin ayPkg.Sp- . 231 ? ..... concrete [^d, 131 -4 


“ I ---I VUTTOU IKJ.I 1 

I Clondalkin— — I 


firalgShip. £1—1 154 


Ki^unv Drew.. 

1.0 M stntCf- 


Holt 1 Joe. ) ’l 5 p„ 265 


N'thn i.luld: milli 
IVunri'if'. I! ■. . 
IH.el Mill- ■ • ■ 
Shviheld brick 


Concrete PnuK, 131 ~A 

Helton (HldKBj 40 

Jiu.Corp 148 

lrichRopus 130 -5 

.lacob 65 

1 Sunbeam... 33 
T.M.G 170 -3 


45 [■■ ;.;( Unidare.._ 


204 
25 
£17k 

£13>; 
£14 
195 

3? 

1 % 

122 

2.4 £llk 
2.9 58 
5J «36 
— 220 
- 159 


DIAMOND AND PLATINUM 

|£30 Uu?io-.telijr.sttt»| £35k|-k IQM& I 111 9 J 


£3? £20 An^lo-Am InrsOn. 
64 BtfiKiu pile Pit 
285 tie Been* Di.5c^._ 
925 Iw. 4 fipcPf.I 15 ._ 
54 Lvdenbure L 3 < 

70 KuiHaLlDc 


83 -1 W.lc 1.0 5.1 

366 -2 Q525..- 3.3 86 

£11 k ...... QMflc. 390 0 10.2 

63 -l »2.7 t Z.0 * 

83 -1 4<j2‘iC L4 1 











































































































































































wen looks at 


THE LEX COLUMN 






to set growth targets 


BY ROBERT MAUTHNER 


PARIS, June 15. 


sia 

gency plan 


s 




■ - 
r.y 


BY REGINALD DALE 


MINISTERS FROM the 24 the eight countries should be good intentions into effect in the 

member countries of the Organ- determined “in the light of present depressed world REC -. Nft , n n .,- 

isation for Economic Co-opera- their internal and external economic climate. 

tion and Development agreed circuinsmnces." Mr. Denis Healey, the Chao- ’ 

here lodav to lake concerted The communique did, how- cellor of the Exchequer, warned THE GOVERNMENT has taken military presence in Africa, pai> 

measures 'in step up economic tier. ciopbasise that countries countries with large payments a fresh look at contingency plans ticularly among the non-aligned 

a row tii. without. however, with strong balance of payments surpluses that they must take ex- for a military rescue operation natioas. 

settinu any specific targets for surpluses bore a particular pansionary action before ex- in Rhodesia if civilian lives are Havana would have to demon- 





feB 2.7 to 4692 


sive. r So-ferin 


setting any specific targets for surpluses oore a parucuiur pansionary action oeiorc ex- m unoaesia if civilian lives are Havana wuuiu u«« iu “ c *“' J “'l srDa u discount this " morrowir' 
individual countries, or fixing a responsibility, an indication peering the deficit countries to endangered. Dr. David O^en, the strate that it was genuinely non- j .. ; Tnainr-ftmrfnn/rfrtiiiwt* 


liineiahle. 


Nor did the chairman of the 
niueting. Mr. Kiichi Miyarawa. . 

the Japanese Minister for ■'*" 

Economic Planning. expect t ‘ 

quantitative growth commit- position 

men is would be made by 

participants at the Western kec :i 

summit meeting in Bonn next m ‘ ( 

month. 

The most positive outcome of 
Ihe meeting was that eight crt 

countries — West Germany. Pol 

•Japan. Switzerland. Belgium. 

the UK. France. Italy and 


spi.uiM.Mii iv, du limitation peeling luc ueuvn tnunuica iw ennangerea. ur. LKiV'c u«l u 0i ii thn. rnairer frnirtrnw cfri'rtmi''' '■ 

that Vest Germany. Japan and dismantle their job-protection Foreign Secretary - , disclosed aligned if it were to host the 

Switzerland were expected to do measures. vesterday. ' planned non-aligned summit in taken oy tne an Enonues in-tae gQQ 

more than ibeir partners. A country like the UK. which ' n - D j ans Cuba next year. past few days allowed me. mar-,.. 

All the other member coun- had moved into surplus partly at ‘ e ■ _ ‘month’s 11 w0lUd be a si S° ket to treat the money SHpply . . 

tries, which were not in a the expense of very high unero- FMnco-Bei"ian ivaPnation of if Cuba were t0 witil draw some stettetics as beingdf-rtrit^ ltis- 

.siiiu!! to expand domestic ploymeot could not be expected;^ u ‘ eaJ1 * [r om Ziii he told a of ber U” 00 ? 5 fr< ”° Ethiopia now toric interest Ttie temporary enn 

to renounce special measures to | p“ ‘ H ' r OP ~“ " that the war with Somalia was nf denosik «*- - WW 

protect employment if there was Press conference. over . If the Cuban troops were - 

SEC and UK offshore equip- not enough demand in the world Dr. Owen, launching moves by re deployed elsewhere in Africa J>ears ° 

nivnl subsidy. Page 2 lo bring unemployment down by the Foreign and Commonwealth ^ would be “very o min ous." 1,011 the kmettnat has been.; 

, c Kl .«k. tiivhtpr nvnnrt normal means, he said. Office to promote “open Govern- Dr. Owen was encouraged that seen before. TTre. giJt-edged ; 4 qq 

i«.ntnfkpJr The positive adjustment which ment " stressed that a British Cuban forces seeme(I t0 have market was concerned" yestCTr. 

cri mi controls, ra^c * Was required was one in which airlift would be exclusive... tor pu u e( j back from confrontation day, however, . at -the massive 

Politics Today. Page 23 the surplus countries accepted a humanitarian purpose* ana be v .jth toe Eritrean separatists in May figure of £770m for bank ‘ . 

— — — — — responsibility no less than the undertaken only as a lo.-i rL -- . Ethiopia. He hoped that Zambia lending in sterling, to xthe-ipri- OQO 

i , ,• „ 0 .i deficit countries to produce a His remarks are n»: likely to would not allow a further build- vate sector, after seasonafad-' 
mand. vero called on to con- balance of payments in he taken kindly by African U p of Cuban military advisers this mMQr tSS 

n Irate primarily on reducing thewiirld 'as a whole. " leaders such as President w the Zimbabwe African a ugment., ** 

flauori and bringing their paj- Healev said that if the sur- Nyererc of Tanzania, who has people's Union forces on her dress^Tjy 

ems hack into equilibrium. D ,“ r ’^n$* did not Choose sharply criticised interventionist territory. toe hanks It will soon brjan- -0 

Though the communique con- 0 ethod nf oosltire adjust- Western policies in rJrlcu. wound. But if it represents to L— - 

ined .. a , hr , m commUmeut to an ^ ot me b y stimuESnc internal ^ ^aid toe VK could D ou b!e Standards any large extent genuine do- 


•£m.— 

U.K- Bonkaig 

Sector. 


landing ta Private 
Sector in Staring 


TTie secoiHf 

■better weatoCT,-,^i^.fbei^^^ ,.. : 
••'■he : solne i ^ 
_quany and. _bpilct^iifi 1 y«^h a ^ r J\ 


EEC anti UK offshore cquip- 
nu-nl subsidy. Page 2 

U.S. seeks tighter export 
credit controls. Page 4 


(a. ' 

JAnvOctvw dfrin t5l 


Politics Today. Page 23 


the UK. France. Italy and . - 

Canada — undertook to take demand, were called on to con- . , 

“appropriate measures" to cen Irate primarily on reducing JJv 1 ®* rj 

ensure that the expansion of inflation and bringing their pay- “1 , WI „ , 
their domestic demand was menis hack into equilibrium. Mr. He: 
sigoLficanily greater than in Though the communique con- 
l 9 "*'- tained a firm commitment to an n n ' 

The final communique was open-market system and the T eo ;L* 


: :Mofeqve:r sterlmgbgSmpped,^*'* 

. ipore f ava uiuble Tevbfe: iiy en'^' j ; L 
■ s: profits- 

j £3ft.5m - ani -■ . 

concerns lS7S-73^?h^Ker : ^C(i^ 

- can negotiate Teaaaaab&export '' 


price rises to ;becb?^.'^ecljve>' 


stimulating internal Dr. owen siud toe - “ SJOUDie SianoaTOS «m wf ^ ■ fie(:tinB the Tnanasemeiirs'vrew . 

a “n ss ru.ssrKdif. w«, m. 

A. S W Zaire's Shabi Prariac. vw |ood irieid, in .urira ji.d , T . long tenn prespenty. . pan( f 

at toe cost of f 6no Freocb par3tr0 opers wanted to retain toe nght to late aD(l LylC • _ _ _ CL . . : ;V'"i ■*;*: 2$^* 

in their owe and involved in toft aeration, send forces if friendly territory • B & C Shipping - ; " ^ j 

He was vague about toe people was threatened__ J 1 !?. after ve^erdaVs 20 p ChlOTlde;;. 


next January. Each^'ppt.ceni,, \ . 
added-; t*'.' .* 
prices -meaiis ‘ 

' crease^ At least , toe ; ^ : %videni. ’ 
is forecast to -rise':a;.;tynto^' i^ : . 


»ne «"■>' w'mii«'"'jue •*^*»‘'-‘** , «**• Honiind thrAr .'iirr^nrip* were paratroops to an African . maud arising from economic 

depressingiy \>gue. both on the Ministers renewed their four- Lno,r ^ T ^ I ; c ‘” destination “within days ’ in Nevertheless, toe West should recoverv there could vet be 

precise objectives of the o.omber year-old trade pledge, udder hound to appreciate titml Uteir ^ OTrt 0 , as tt e pot applj double .taudards. Gov- ^XwemT^heai 


countries and toe manner in which they undertake to refrain external payments were 
which a boost to economic from unilateral measures restrict- balanced. But tots would be 

growth should be achieved. It ina trade, some countries, not- achieved only at the cost of 

merely staled that the scale and ah’ly the UK. underlined the prac- slower growth in their own and 

timing of expansionary action by tical obstacles to putting all these other countries. 


wore involved in that operation, send forces if friendly territory 
He was vasue about the peoole was threatened, 
such a force might he intended to Dr- Owen’s Press conference 


4UUTU IU ICUUU U1C IV k ttiV UUV v n « p. • • 

od forces if fnen<Hy territory ^ a . 4 . B & C Shipping - * M - 

is threatened. Tate and Lyle’s interim figures " w “‘T* , _i 

Dr. Owen's Press conference are just as bad as bad been Even after yesterday s 20P 


Liberals take tougher ] 
on National Insurance 



he referred to Brfti ■ V expat- formerly classified background slumped from £24Jm to £EUlm. Shipping’s shares stiU yield Board of C^pride. wouWp^er 


he referred tn Briti exeat- formerly classified background slumped from £2L9m to JEUlm. Shipping’s shares still yield Board of «Upn<ie : ,wouKi ..preferp. 
nates and said both V- cks and briefs on forei Sn affairs to be The UK sugar refining Opera- under 5 per .cent at 285p, com- to forget Only^a few W«ks after' 
whites could be invol’ '•'I made available t0 . public, contributed nothing in r the pared with over 10 per cent at losing its ehalrinair. te British; 

i There are up to $0,000 full . P a| 5£ 1 *-Si ,he S JS?!: first six months nor tod toe P & O and Ocean. ' 5 Leyland the group bad ia rejart' 

British piiiTbiM in anH °uted confidentially to British - ir > a *rW nnnn : «. And it is not hard to see Why. a £3-flm-dron in first-half profits 


British citirens in Rhodesia, and shipping side. The overseas tb- And it is not bard to see.why. a £3^m-drop in. firsthalf profits. . 

a further 75.000 who could claim f™ "12“’ .Jffi-MTto fining operations were dragged B and C’s diversification moves, to £7^m. AncLy6st££day. despite . 

right of abode in toe UK. accord- ‘; Iected journalists by the into the red by toe U.S. busi- including air transport, are * strong recovery 'in toe second- • 
io§ to the latest Foreign Office Foreign Office’s now defunct nesses and the overaH jcesiilt now providing a healthy cushion half, ;■ the . best^ I&kinde ' copld . - 


BY PHILIP RAWSTORNE 


estimates. Information Research Depart- would have been still worse had and the only possible trouble manage -wa^ jjre-taxrprofits of - 

LTK forces could certainly meDt /virnm/u?it y tradings and area— the Sonth African ship-£25.1m — admpof 5percenr. , . - 

secure an .African airseld. Dr. He stressed that the papers handling side chipped in f7.5to ping trade— has- been largely The only consblatfeh is t&at on ^ * 

°H"sS^«i that * each stag. ££ "^STStlbS ’Sfigt «?. ^ ***** 


DESPITE ITS victory in the launched a robust attack yes ter- jast election is bound to be a of toe Zaire operation the sometime^ 6 be incorrect, preceding half year. . • Limited {“ .“^batreimprored^onrSie.SBl; - 


Commons confidence vote, the day on the Liberals’ aid for toe major feature of he prolonged Zairean Government's approval decision to release the docu- 
Govemmeot still faces serious Government, in a bid to persuade elecion campaign now in pros- had been obtained. ments was a serious effort to 

difficulties in implementing its Liberal voters in the country to pect. Dr. Owen said he thought Cuba generate open debate, “even if 


la i rea n Government's ai-pro val decision to releS toe docu- Over toe last three hntt years creased share stoke. The other to £I9.9m: ^ - V.-f =• ^ . 

lad been obtained. ments was a serious effort ^ pre-tax profits have been £Z5m. partners io OCL can be for^_ DtopKe The -costly T3nrstt^- * 

Dr. Owen said he thought Cuba generate open debate, “even if £19m and now ElLlm. Admit- given for feeling slightly ag- in the UK proff^ frbm Europe .; 
-I, - r — r — .i — ^ >-•— 1 .. ** • - - j'- - f accountings For almost -60 per 


proposed National Insurance sur- switch allegiance. The Liberal Conservatives believe that the was showing greater sensitivity a few feathers were likely to beltedly, toe problems of- server- grieved. 


charge on employers. leaders counter-attacked just as Government is unlikely to be to world reaction against her ruffled. 

The Liberals, who abstentions strongly. upset by any adverse vote in the 

in Wednesday's vote saved the Sir Geoffrey Howe. the Commons for the rest of the 

Government, threaten to oppose Shadow Chancellor, said that the session. 

insertion of the surcharge pro- result of hte Commons division Even the fact shown in the 

visions in the Finance Bill. would have “greatly dismayed" latest opinion polls tout a grow- 


visions in the Finance Bill. would have “greatly dismayed" latest opinion polls tout a grow- 
Without Liberal support, the many people who voted Liberal ing proportion of the public 
Government has Jiltle chance of in 1974. expect an autumn contest adds 

securing the amendment or the “ It will not now be long to the pressures, 
enabling resolution that is also before they will have the chance Mr. Callaghan again indicated 
required when the Bill comes to secure the return of a j n the Commons yesterday that 
before the full Commons again sensible Conservative Govern- b e hopes bv toe time of the TUC 


Institutional investors 
may meet Westland 


capacity on toe ■ refining ‘side Helped by a higher coutribu- cent .; overhUV are" up £5im, 
have been aggravated a tion from OCL, B and C’s pre- though; only IndustriaL product, : 
rather surprising ld’jiericent tax -profits- rose by 7 per cent sales “ jiroifuce^ ' ’ 

fall in volume, dne in part to to £29Jta last year and' ^ though growth, yand margims have 
toe adverse impact of toe bid the group is talking about a' pnjved half ’a pbint ; But thuf* 


weather on soft drink sales, reduction in its profits 'in' l^e' w^'-jnd^e.'tho^'.M^ti' :uOT . 
However, It now looks as if Tate current year it is in for nowhere dismal; performances in America • ■ 


BY ANDREW TAYLOR 


earlj. next month. qnpiaii«t iQ September to have achieved A TOP-LEVEL meeting between the helicopter contract, but also 

i u ,ms -T ,! re \°^\ n fur,h ! r ? 1 SocialiSt an UDder 5^ landing with the utuons institutional investors and West- against a hovercraft contract, 

talks with the Liberals on toe u l^ e ’ „i u,„itina Tnrv on ° a y winch would include a laQd Aircraft is on the cards However in its annual report pub- 
issue shortly. better show 01 differentials. following the company's surprise lished in January toe group 

Liheral demands for reduction Environment spokesman, said the Mrs. Thatcher is to tour Tory annniim-umpnr r.n Tuocriav nisht “Tho nrnvisinnc nnw mart.* 


01 W estianfl and Lyle’s forecasts of the neces- near ks tough a time as Ocean (profits down ;.£2.2m> and 

sary reduction in capacity were aod P \0. Australia (profits down, £1$ ml. 

OR over optimistic. r .. \ - Of the -18 -per rent Increase ia 

Under the plan agreed with lUlgUSm . UKtlOfl LlayS group sales to £306m only 4 per 
ig between the helicopter contract, but also the Government in March 1977 mijp se thaW at Fnelish China ceat reflected volume growth: 
and West- against a hovercraft contract. Tate reckoned on reducing its riays this year is com® to be ' This combmatioh of reduced 

gssr to to fjssf jgnsfe ^ «??- ?• *?»-• Sin thTvK,S«n «»**? .«! , "sag ■ 


of the proposed surcharge in li Liberals may nave saved Mr. mar gj na i sea t, 
per cent have been rejected by Healey’s bacon hut they certainly The trade 
the Government. Mr. David cooked their own." embarrassed t 


Mrs. Thatcher is to tour Tory SST-Th. ZSESj mSSS S7? * «»'•«“ ”P W: *** 

arginal seats in September. that it is tn forgo an interim have taken into account likely Jins assumed that Euro- time profits have dropped from impact . on .CWopaes .oaiancj . 


the Government. Mr. David cooki 

Sieel, the Liberal Leader, bas Mr. Keier waiKer. toracrTory nient’s campaign in 1970. a oil the I be disappointing. Brokers’ analysts who and exports of roughly the same time: "china day industry cent of shareholders’ funds 

JJ' j a . n 35‘p the arfVman? KefuK Ihftn!? wfii* 1 f^ive The " ,onth ^ \ ^L,- n( }? x t 1**1 >'«^rday Westiaod’s share attended one or both meetings order would continue. It now volume eased by 3 per cent in without an ESI ni .property- re- 

SKSSrS S£M 13. e 10 he PUbl,Shed 00 OC,0ber £11^01 ,e olr 1 the t tnup* k narim *“**““ We’s nsfloiog SSffJi 

tion of a 2\ per cent rate. Mr. Steel bit back, calling the John Elliott writes: The Con- capitalisation. At oofWe tie JSwSl, SdlcteTha.' ttSS *° <**.'»* *** « j™* 'SSSSR^SSS 

The hardening of the Liberals’ Tones “a band of faceless in- federation of British Industry is price touched a* low as 30p. vision was anything but adequate. lj n tonnes per annum. export pnee nse on sales to shares -trade at a -premium ratr 

attitude is due in part to the poli- competents ” He said: “Having continuing to press for a meeting At least one institutional This had given rise to a series of 0n present form Tate’s profits the paper industry for nearly ing fn anticipation that profits 

deal necessity oF separating them- Failed to produce an alternative with the Prime Minister to put to shareholder is known to have optimistic 0 brokers’ circulars sIiotM top £20m this year and 18 months now, while toe poor for toe, current year will recover 

selves from toe Government as Budget or any reasoned policies, him in detail its view that toe made a tentative approach to ahout tbe company’s immediate dividend does not look to winter weather proved expen- weU to approach £35m. 


figures, which dividend and 


oKea mcir own. embarrassed the Labour Govern- 1 prc , fits in the current y 

Mr. Peter Walker, former Tory ment s campaign in 1970. aod the I be disappointing, 
idustry Minister, said: “The monthly retail price index are I Yesterdav Westland’ 


its warning that levels of inflation over the next pean imports running at 0.2m £i3^ m to £8.5m pre-tax. Tbe sheet, where net gearing would 
current year will two years.” tonnes annually would decline signs have been there for some have jumped from 47 to 64 per 


me L,io-L.aQ pact comes io an ena. iney now uescenu iu cruue aouse proposeu increases in empiuyeis Kowe ana riunan. Hurst Drown, prospects with recent pre-tax 
Conservative leaders, now con- of the Liberals.” national insurance contributions the company’s hrnkers, to see if profit ’ forecasts for toe current 

vinced that the General Election This struggle for toe 5m votes would be damaging for British there is a need for an institu- vpar as v.-_ h 

K«IJ 1 Ik. T ;k A . n 1. .nkr.w,..- 1 ■ mootinn - 


will be held on October 12, that went to the Liberals at the industry. 


tional shareholders” meeting. “' e .. . Coiltlliued from Page 1 

while another institution said yes- Now the group has said that 
terday that “ such a move would Jke provisions made against toe • 

be justifiable.” helicopter operations in 19/6-77 # IllrnilT 

Some institutions and City might be substantially increased V/lllUUl 
analysts are aggrieved that until in the current year. 

Tuesday there had been no indi- On Tuesday, ahead or West- industries — was 1 per 

cation from the company — des- land's announcement—wbich e?nt higher In toe latest three 
pile two meetings with major came after the stock market had months compared with Novem- 
shareholdeis and hrokers this closed—its share price stood at berJaauary. 
year: one only eight weeks ago — its high fur the year of 52p. ^ etn and from this sector 


Continued from Page 1 


Output 


Government loan funds study 


TOUmmEF(RTOlJR 
MONEY. DOES FT DO THE 
SAMEFORYOU? r^m 


Money sitting idle does rio one 


GROSS) 

y\EU3 


, .. ...... . c rennm ^ I year: one only eight weeks ago— us nigh fur tne year oia-p. The demand from this sector. •- ... - I vtEUP®®* Ij 

including sight and lime deposits Large amounts of gilt-edged A further LSOOm of a new tbat provisions made against a The subsequent collapse of aQd recently imposed sur- j . - l 

as well as cash— rose by only slock have been sold in the week short, tap stock is on offer this helicopter contract iu last year's this price bas also affected John c h a rse on steel imports beloed WlOney Sluing laieQOeS HO OHe L-— : ^ ! 

£400ui. seasonally adjusted, or since the package, which will morning.^ accounts were likely to prove Brown which holds a 16.4 per | 0 boost manufacture of both anVCOOd But FTlOnSV inx/P^tprf inthp A^lifanrf* 

0.9 per cent in the month to sharply reduce domestic credit The high level of gilt-edged inadequate. cent stake in the group. Brown s f err0U s and non-ferrous metals t ,, Cr 

mid-May. expansion from now on. sales has created sharp pressure Then the group made a pro- share price yesterday fell 8p to ^ February-March, production Growth DOnd Otters an exceptionally high rate OT 


This is smaller than toe rise The offer of £lbn of a new in the money markets, 
in domestic credit because there ultra-long tap stock yesterday Consequently, toe Bank of 
was a large external outflow was not oversubscribed, as had Eagland yesterday announced a 

associated with the major been regarded as possible technical smoothing operation, to 

support for sterling in the earlier in toe week. But about eaSe market adjustments without 

period. two-thirds of tbe stock, on loosening the constraints which 

The target range for the which only £15 per £100 was so-called corset scheme, re- 
growth of sterling AI3 is 8 to 12 payable on application, is activated last week, will impose 
per cent. thought to have been taken up. on bank lending over the coming 


vision of £6jm largely against 354p. 


Legal doubts delay EEC 
decision on cartel plan 


was s.e per cent higher than growth fortermsof three to five years. 

^ comparison or e “oaTmarkot Specifically, the FS Growth Bondyields 8 %% 

sectors on a three-month to three- net — that s equivalent to 1 2 l /z% gross for basic-rate 

month basis shows that inter- favnaVPr 4 ? - . 

mediate zoods industries were un LaA K a J c ' 1 


m Tb£ S i S simUar to the action MARCAaBT HATTEM BRUSSELS, June is. A,thotl*h part of the pain io 

taken at toe end of January -ra E gEC Commission bas been visions in crisis sectors badly in Ike intermediate sector can be 

ayaar ,h 0 r KoS P- - ->■ su ■asratr^B _ 

berdeen, “xfc operation involves the cartels” because of serious "'They” 'have 611 suggested that ^8°?° co nsum e r de^and. 1 ^ 5500(1 A item atively the Bond Can be, Used to. prqVi.de 

Gotland _ temporary reduction in the rate doubts over toeir legality. special legislation may have to The improvement in produc- 3R GXtTSmSIy attTaCuV6 income 63Ch y63f. V\fe’Ii b6 
Max 13C of ca n for special deposits. Commissioners were due to be drawn up and approved by tion is in line with the April haDDVtO tell VOU hOWTQ arranPP it 

Tbe rate of call for ail banks have discussed the matter in toe Council of Ministers to pro- retail figures showing an increase J - . 6CI1, 

shfTiina and deposit-taking finance houses Strasbourg yesterday, but the vide a legal basis for the in sales of durable goods. •, - MS KS yOUF IP VGStmSnt in 3RV amount from- • 

Shetland w5 „ ho frnrr. ^ n *r t-illrc waro U*»m it nMMale If thlS TelatiOTlShlD Continues. n-T OCA rtAn ,A - n 1 


BRUSSELS, Jane 15. 


mediate goods industries were up 
3 per cent, consumer goods up 
0.9 per cent and investment 
goods up 0.7 per cent. 

Although part of the gain in 


UK TODAY 

MOSTLY cloudy, outbreaks of 


London, S.E. and Cent. S. (55F). Tbe rate of call for ail banks have discussed the matter in toe Council of Ministers to pro- retail figures showing an increase ci i SC lu . . \ 

England, E. Anglia, Midlands mgnlanos. Afgyu, and deposit-taking finance houses Strasbourg yesterday, but the vide a legal basis for the in sales i of durable goods. •, 1VI3KS yOUF inVGSuDSnt IP SRV amniiflt frfMTl 

Cloudy, showers, bright inter- N-W. Scotland, Orkney, Shetland w jjj be reduced from 3 per cent talks were postponed when it proposals. . t H this relationship continues. 4?T HOO tn £^0 000 in mi iltirtlcacVvFOT nrv 

rais Max. 14-15C (57-59FL Mainly dry-. Sunny spells. 0 f jeli^ible liabilities to li per became clear that the matter was The aim of the legislation the output figures for May are fc-LUUU >10 ■ «3 U»W U IP fnultlpleS Of £100, Select ihe 
Channel Isles, S. W. England, Max 15C (59F). cent with effect from next Mon- still a long way from resolution, would be to impose much stricter likely to show another sharp p6nOQ OT I nVSStmGnt tn3t SUltS VOUr RGeds— three. 

S. Wales . N. Ireland day. and will be restored to 2 Commission lawyers believe conditions for the setting up of rise, because last Monday's pro- -fhi lrnrfn/PVreirc Thpncithar'LoTirfii«i^+^.u,,«. • 


Edinburgh, Dundee. Aberdeen, 

Moray Firth, NX. Scotland 
Cloudy, showers. Max 131 


..For instance, put £1,000 intotheBond now, 
and we’ll guarantee to give you back— - 
£1,268 after 3 years 
£1,373 after 4 years 
. . £1 ,486 after 5 years. 

Alternatively the Bond can be, used to provide . 


vals. Max. 14-15C (57-59F). Mainly dp. bunny 

Channel Isles, S. W. England. Max 15C (59F). 

S Wales Ireland 

Cloudy, rain. Max 14-15C Cloudy ^ occasiom. I rain. Max. 
(57-59F). 14 C (5ir >- 

N.E. and Cent. N. England. Outlook: Mostly dry, sunny 
N. Wales. fl.W. Engiaud. Lake intervals. 

District. Isle of Blau. 5-W. ^ C 0n | unsettled weather is 

Scotland expected during the next 30 

Cloudy, occasional ratn. Max days but warmer spe n s likely 

14C <57Ft. later. Overall temperatures are 

expected to be near average in 
— — — W. but 'below average in E.. with 
midday totaf rainfall above average in 
•c *f most areas. 


BUSINESS CENTRES 


Amstdm. 

Bahrain 


Vdw i 
midday I 
-C C F 

S 17 63 1 Madrid 


day. and will be restored to 2 Commission lawyers believe conditions for the setting up of rise, because last Monday's Pro- foiir nr five Vears ' 

per cent on July 3 to 3 per cent that the proposal to suspend toe crisis cartels than were pre- visional estimate of retail sales lUUTVIllVCyeatS. I ftcfl 511 p3CK aPQ W3tCn yOUF hard" • 

* — m _ . i J « _ •* «■ -in m v\on Wav *# n a Oanf I 9 T 1 I I n m a J ■ - __ ..I ■ * f. ' ■ 


on July 24. 


I Community’s usual anti-trurt pro- vtously envisaged. 


in May jumped by 2 percent. 


The fish that stopped a £64m dam 


earned money turn into a hard-working investment 

Just post the coupon for details. Or ask^our 
broker. • 


F 21 72 


S 3fi S7|Manch5tr. R 11 & 


Bircelona C 21 70 Melbourne C 11 52 


houday resorts 


Belrur 

Hol/iist 

Belsrads 

Berlin 

Brmshrn. 

Bnstoi 

BrosMlE 

Budapest 

B. Alrts 

Calm 

Cardiff 

Chicago 

Cakicii'- 


S 27 St Milan C 19 W 

C W 30 Montreal S IS si 

F 19 66 Moscow CUM 
? 17 63 Munich s 19 w Ajaccio 

R B H Newcastle C 12 54 Alx j ers 

C 14 ai New York S 19 66 Biarritz 

S 19 66 Oslo S 51 70 Black po 

F go 69 Paris Th 14 57 Borden 

Tt 17 62 Perth C IS W Boulorai 

S 37 99 Prauuc F IS M rasablni 

B l.* 55 RpyKiariJt C 11 52 CapoT« 


o « » Vdar Y’day 

5 ff midday rnfddar 

C 12 54 "C *F B C “F 

5 Ajaccio C 17 «1 Jersey C 13 55 

C 12 54 Aiders S 25 77 LasPlfflS, 5 23 73 

S JB 66 Biarritz R 14 57 Lo-carno C 17 63 

S 21 70 Bla<*paol R It 52 [Majorca F 23 73 

T 5 JJ f? Bordeans C 18 &4i Malaga 5 26 79 


S3 Perth C 13 St Boulogne C 19 Malta 

9S Pnuiuc F IS « casablnca. F 21 TO Nairobi 

SSiRryViarik C ll si Capo Town s ia win Poles 
M.RiodtsJ’O S 25 SO Corfu s Hi Nice 

F 21 70 1 Rome C 53 TO Dubrovnik R 19 fiti Nicosia 



Copnhopn. S 17 S,iSln^aDnrc * ^ ^ Faro 

Dublin R It igiSiockholnr F 1. » plorepes 

Fdinbunb R 1 3 53 1 Strain?. S 3 « Fnnchal 

FranKlurt P 21 TOlSydm-y B Ij » Gibraltar 

r,..n>-va C 20 fW, Tehran S 29 M currnwi 

Cinont C 15 39iTel Aviv S 28 « mnsanu l 

Helsinki F 15 iO TOKvo S 28 juvemes 

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.la-hurc 5 28 Hi Vienna S 20 « Ifttnnbnl 

i.ivhDii C 20 £| Warsaw * W “ s-snnny 

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s 24 12 Isle or Man B 10 julVemee F 20 GS 

S 20 « Istanbul K 25 77 1 

i7 ”0 63 b — Sunny. F— Fair. C— Cloudy. Jl— Bain. 

Tb— ThondurfiUina. 


Lux tnib'a V 2L 70 1 


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F 17 13 
S 2S SJ 
S 21 70 
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BY JUREK MARTIN 

AMERICAN consmaiioolsfs 
won a big victory today when 
the supreme court forbade the 
Tennessee Valley Authority 
to complete work on a S116m 
(£64m) dam because the 
existence of a rare fish would 
be threatened. 

The fish is tbe 3 inch snail 
darter, discovered only five 
years ago. 

As far as is known, its only 
habitat is the shallow shoals of 
the Little Tennessee river, 
immediately above the dam 
project. 

The Tellico Dam is $0 per 
cent complete. Construction 
was begun in 1966 but was 
effectively halted two years 
ago when conservationists won 


, To: FS Assurance 190 West George Street 
WASHINGTON, June 15. I Glasgow G2 2PA. 

bureaucratic red tape eat to | Please send, without obligation, full details of 
produce a savings on cost while a your Growth Bond, 
not sacrificing in any subs tan- ■ 
tlal degree desirable social I (BLOCK CAPITALS PLEASE) 

benefits. J hfame.(Mr/Mrs/Missj • 

In Its ruling today— as In | . “ 

the case of its equally slgnlfi- f FULL POSTAL ADDR FSS: 


a lower coart order — upheld by 
the High Court today— pre- 
venting the TVA from putting 
it into use because of the 
threat to the snail darter. 

Tbe court’s ruling, on a six- 
lo- three vote, was based on a 
strict Interpretation of toe 
statutes— in this case the 1973 
Endangered Species Art. 

Mr. Warren Burger, the 
Chief Justice, writing the 
majority opinion, said that the 
language of the Act “ indicates 
beyond doubt that Congress 
intended endangered Species to 
he . afforded the highest 
priority.*’ 

Reiterating the philosophy 
thaf is becoming quite a trade- 
mark of his court, tbe Chief 
Justice stated: 

“It is not for us to speculate. 


much less act, on whether Con- 
gress would have altered its 
stance had the specific events 
in this case been anticipated." 

Dissenting, Justice Lewis 
Powell caustically observed: 
“Today, the fish wins 100 per 
cent.” 

The great environmentalist 
movemcot which grew up in 
the early 1970s has been able 
to savour few victories of (ate. 
Although much has been 
achieved, the recent trend bas 
been to question the con- 
sequences of tight environ- 
mental safeguards. insofar as 
they add to economic costs. 

The Carter Administration, 
for example, in its fight against 
inflation has suggested that 
some environmental regula- 
tions might be eased, and 


the case of its equally signifi- 
cant verdict yesterday on the 
retailing, of petrol in the U.S. 
—the court issued a clear in- 
vitation to Congress to amend 
existing statutes should it 
deem fit. 

In the snail darter case, 
legislation is pending in Con- 
gress to exempt the Tellico 
Dam from the restrictions of 
the 1973 act. 

Should that exemption pass, 
then it is a reasonable bet that 
ail sorts of other “special 
cases,” will he brought to toe 
bar of Congress, 


■ TREPHONENO. 
j DATEGF BIRTH. 

I 



; % . : 



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