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London-West End & Ci'tv. 
Edinburgh, Pa ris. Amsterdam, 
Sydney, Melbourne. Brisbane 

No. 27,588 

Monday June 19 1978 

'^ONTtfgWTAL SEUihic HUCte AUSTBU fch.15; Belgium 











steel indust 

By Jurek Marlin. U.S. Editor 


EOXX. June IS. 


? ” er geR pIa 2 s bet . lvecn h,c Tou S^ new measures Lave been agreed between the European Commission 
Hastings U :md Thane? l Le^Ju- mem b er governments of the Nine to protect the European steel industry. 

l... _ ■ . .. ■» Thnu — 4 .. 1 . . i - t 1 ■■ s - _ . . 

Father Hugh Murphy, the Ha ^n 3 s and Thanet are beii... S? a m " mDer governments of the Nine to protect the European Steel industry. 
Roman Catholic priest idti- , a s™ u p of dissati 'IThey include punitive lines to be levied on low-priced imports, and the 

napped by the Ulster Freedom ™i ba ^ hDlders - '' “ ' ‘ ’ 

HgSta J L? ed# ! n Tf)e merger wuid creme th - ““Podding of suspect steel cargoes at EEC ports of entry by customs officials. 

Wish aiWo awJ* f 0Untr - l .' s seventh largest build- Thc measures are being taken up to 15 months to rule on European steel Market will be i 

. parish alive ami «-mi .iT" ■ Uatr - l . s seventh largest build- ™e measures are being taken up to 15 months to rule on European sice! Market will be 

TVt. . well last night ing society, with assets of abou; coupled with a new deal with doubtful cases. removed. 

'•..wj;® “ . bought to have been £l -2bn. Bach Page the north Italian independent European steel makers believe .In the British market. 

•*KH.«£Er a JI 1 *!£,y en se for the ^ steelmakers — the Bresciani — in that the Davignon Plan has a Bresciani ur. purls rose from 

° f . *UC Constable • INDEX of average earning? 2? attempt to save the EEC fresh chance oF succeeding fol- virtually nothing in 1976 to an 

• IlirbltL for AnriL nnhltchpri fnrf.,,- Davignon Plan. inwine deals arranged rfiinin? fhe average Of fnnnrn mnnfh i 

Constable • INDEX of average earning? 2? attempt to save the EEC fresh chance oF succeeding fol- virtually nothing in 1976 to an 

J “roitt- for April, published todav, Davig/ion Plan. lowing deals arranged duoing the average of 6Vi(« tonnes a month 

"i-— ?■ pn " BSt dragged from “Peeled to give firm evidence - Ditroduced by Viscount past week with lie SI Italian in the second half of last vear. 
' :*“ s “Ome by men who later Si how th «? Government's Phase ftienne Davignon, European steelmakers. They peaked at &.000 tonnes a 

phoned a local radio station and Three Pay policy is progressing industrial Commissioner, the The Bresciani have agreed month twnrm nearly £2ni) in 

said they would return him “in Durin 3 the first eight months of plan includes price stability and new limits on their trade in March this jear. 

-.the same condition as the RUC pbasc Three only flfi per cent off p> ntrolJe d production but flaws certain types of steel wit h European .steelmakers are 
• . constable.’* workers have reached a 'ree- “ avc now a PP ea red in the Britain, West Germany, France optimistic that the next six 

ment. compared with -80 per cent! s l ra '- e E- v - . and the Benelux countries. months will see more business 

Scldclt in the previous rcuocL Back Pace , There is evidence of European Effectively. Bresciani exports at prices v.hich will provide a 

steel companies breaking the of bars and light sections So the more reasonable return, 
compromise © NATIONAL SAVINGS invest- t av,snon ri,le!i under ^ attin g other EEC countries will be cut Price increases of 5 per cent. 

President Sadat of Eevnt umnid ment declined substantially last j ^omraended prices and increas- by half. , from next month are being 

- «_ * "sipt wonld month *« .ling steel production beyond A sales agency is being set up recommended by the EEC. 

acree to slight horde Id month according to Department ing 5 1 ®? 1 . Production beyond A sales agency is being set up recommended hy the EEC. 
tioiif ami the present nf °S; National Saving provision^ I ' J8 ^ ed hmits - . hy the Italian steemakers this The British Steel Corporation 1 

uvu* ana me presence of Israel. - B 11 ----I The new arrangements pro- wee k in Milan, to act as the and several other major pro- 

□resenrn nf Ici-aoi; ~ 1,auun " aavii.s provisional 

bp wts? figures. Net receipts were £81 Sm 

garrisons in the West Bank after 

a ™ r compared with £137.4m in April S° se ? by l ? e E ^C and backed by monitoring authority for exports ducers are implementing tbal 
. me conclusion of a peace treaty. JW 5 “ ,Ln * - ■ “ Apr “- auro r e r. ^ c]ub of European An EEC omcla! wiU be res i de nt rise. 

A Tirntnpnl 1 . ° ztno I m -J Irn re- i Anno n( .. n . . T_ _ /V. _ A 1 

A protocol released last night 
-meeting between President ©JAPAN is planning emergency 

steelmakers, involve fines of up in the office. Also, export markets for steel 

:o 25 per cent OF the value of _ - outside Europe are now improv- 

?teel cargoes arriving at EEC CUTD ing and stee! shortages in certain 

ports which contravene the pric- product ranaes are beginning to 

ing rules. British steel industry repre- appear in the United States. 

Customs officials have also seotatives have concluded an Steelmakers are hopeful that 
been instructed to refer offen- arrangement to limit tonnages the Bresciani deal and improved 

^ ricsiaem is planning emergency u — r'- ■ uit , ■ 

Sadat- and Mr. Shimon Perfes, imports worth np to &lbn lo itee! cargoes arriving at EEC StUPS CDTD 

Israeli opposition leader, says help reduce its trade surplus. portE which contravene the pric- 

that the Egyptian leader reco’g- l?1 S rules. British steel indus 

nises different security considera- ® LONDON MERCHANT banks Customs officials have also seotatives have eon 

tions for Sinai and the West hidden reserves could total as b,? ? n insl ructed to refer offen- arrangement to limi 

Bank. Back Page 

much as £117m. a leading firm d? I?. t0 Bru ssels. 

of stockbrokers estimates. Among 

on, » ■ , . * Grenfell and Kleinwort Benson. 

The Prime Minister has called Back Page and Lex 

, on the Labour Party to prepare 

-i _ “ , , liwii a ui^un 

narmony and economic pros- specialised universal M bank 
pe Ilr - ^ c - , , within the next IS months with 

After defining what he saw as a capital o£ some S50m. Page 29 
a Labour Government’s tasks fur 
the 1980s. he told a rally in •* 

Brecon, Wales: “You can’t build CARS v 

for the 1980s on the the theories na 
of the lS8Ds as Sir Keith Joseph TVT_^_ y 

and other Tories are proposing. ’ IN 6W OFuSrS 

Back Page ..... 

for Chrysler 

PenxYian arrest 

General- '’Leonidas Kodrieu bz, ® CHRYSLER UK has won I 

Idador of- -Peru- & Revolutionary important / new component THE TqC is to tell the’ Govern- The fact that an October Government estimates, between 
Party, was arrested yesterday orders from Iran National, the ment that Its best hope of General Election is on the cards 22 and 3 per cent to labour 

after voting for the proposed con- State ruofor corporation of Iran, restricting wage rises to less than will, according to some union costs compared with S per cent 

^titnenr assembly addins weieht which tfiil safeguard Chrysler 10 per cent In the next bargain- leaders ensure that the under- or niorefor a Svehour cut 

to fears that the nroiected return i 01 * 5 a f Hs Coventry engine ing round' is to permit a two- standing and the wider union- The TUC will argue that the 

toTtttSrSS Plant. Page 5. hour cut in the working week Labour alliance will be backed extra cost of the concession on 

^Uiw go?^22ieM wai prove - without los* of pay for manual by tbe annual Trades Union top of the Goveromem’s wage 

aiwn-tivp Pan.2 P • • VAUXHALL MOTORS has an- workers. Congress this September. norm will be spread over a fairly 

nounCed a S.7 per cent mid-year _. . . . . . .. Most white-collar workers, who Jong period because shorter 

increase in prices from today. . have a 37-hour basic week com- hours would not necessarily be 

Belgian solution Tbe/ibcrease follows a 3.8 per c ^fi U w a w B nni nn P arei3 with manual workers' 40 taken up universally and would 

Th* nntiK«*it cerit increase by Ford at the Ministers and many senior union hours, will not benefit It will be be introduced gradually. 

amflawfiThi. snintion be ginnin g of the month. Page 4 ne / al . ^ ecreta fh e l a * expe ph ;!1 t 2 understood that people already Ministers will be told that a 

n ® x t m 001 * before Phase working a standard 38 hours or shorter week is now a genuinely- 
yi ^ e r^ y after weekend LEYLAND CARS has com- T . hree of th e incomes policy ex- j ess w jj| not be entitled to extra felt demand aniony workers and 

between of _ pleted its £3m expansion of an pares on July 31. money in lieu on top of the that its granting would help curb 

man? Sm threaded lit week assembly track at its Acocks Although there will be no talk Government's “norm.” expectations on the pay front. 

Minister said Green plant to facilitate produc- 0 f a formal Phase Four, another Although 35 hours will be the Furthermore it would be hard 
rimrampn^had' now ^0° of Land-Rovers and Range year of silent TUC acquiescence unions’ policy commitment, tbe evidenreof willingness to tackle 

Hpai With Bovers with the new VS eoeina. j n the Government’s earnings plan is to propose 38 as a first unemployment In the most direct 

eronomic problems Page S Pa « e 4 tar S et “ ^ P r °spect stage since that would add. on Continued on Back Page 

Editorial Comment, Page 14 m ™ np TE m tiic motor conn “ ' I 

has won 


civilian government will prove 
abortive. Page 2 

Belgian solution 

iMuiunai uimiiKMi, mtubk *.*■ ^ <j< 0P TEN UK motor com- 

‘ — . ~ ••• ponent groups earned an average 

World Cup resuits g^> per cent profit m a rein on_ 

world Cud fAruentina). Group sales in the last financial year r l 
l^AuJ&T^pllaud l ^cording .to a recent survey. 

hi--* T, o. Group B: *age 4 l 

West " Germany 2. 
Poland 1. Peru (L . - 

Penny salary 

tlnions demand 

Pressure on Saudi Arabia and 
Iran to raise oil prices 

T&e "Rev. 1 Tony Clements, diree- • V 

tor -of a £100.000-a-year African mArp IODS 
violets business, . is to become 

SAUDI ARABIA and Iran are change. 


7e<£Zxe mure juu» -{SAUDI ARABIA and Iran are change, according to Saudi The implication was that Iran] 

r , DUS Kf s ^J^ e •riiljmp nf -v» r „„ n .r i t-y.' under heavy pressure from other sources. does not rule out some upward 

pnest for pis home • TRADE UNION leaders from T»troieum oroducers to agree to . . adjustment to make up for the 

■Rlney, Norfolk- He will be paid wesk»ni EuroP e increase if only a nominal restricted meeting of producers’ losses because of the 

lp - il^«|9S 0 w3ii tl ^iiPd havc warned that workers will ^ oil pr i ces to compensate llf'Tafdah 1 ^ 0 rtpFC de Prociation of the dollar, the 

vican^f^ooL WyciifFe Hall failed st0 p co-operating in raisingpro- , . deoreciation of the dollar. * oni Sbt Mr. All Jaidah. OPEC unit of account for oil prices, 

reibeattbe world conga- dancing. ot In rauonalisu®, fojro® depreciatioi lot roe ao General said: We Earlier. Dr. Vegan eh had said 


Briefly -- - 

£30,000 ' weekly -premium. bond 


multi-Jbe was understood to be bolding 



Thus the conference, which revenues against the depreeia- 
any expected to last only until ti on "f tile dollar." 
iturday, will enter its third day Various studies have been 
ith only qualified hopes of reviewed here by the Ministers. 

— -- e^t^ c^rn-itv has week on tne iuiuic J VA -------- wltn oniy quaunea napes ot reviev.ea nere by tbe Ministers. 

the pany’s Clydebank sewing m^tclajaw- agreement being expressed by but ihe general consensus is 

b^ Tefused a vasa to. . . factojy> and plans will J> e Recline woigdreQittre tiiea^ent de}egates that any alleviation of producers* 

itfiw' to .tbe- . 4,800 workforce ?XpflnaJ^rb!ter of the kingdom’s Before going into this after- losuc-'would have to cc»me from 
Aady. North, Thursday. Page 4 ;- ^eflnajarMer of the lone m on Dr Mohammed a straight percentage increase in 

rSZSSjSZb*. « t. I«d orme Iranian 

one pwr -par total -of -2^ expect, to spend £53 f German, where je »* pay aeiegunon ga e movement of a basket of cur- 

DAye Stockunt aod-J-.C.. -gnead. , 0 ,the-pas( eight mo th& ^Tk. s Minister valently that there would be no R^Gbi*'. 

Special Drawing 

D|ye Stockton ano SSo tn TS. cetrtairvev. For every yneetlng with his Oil Minister valently that there would be nr 

-rf a. S#“««*toxS3S: » ««* STSort than a formal «- puce nan rclauve to mflaimn.’ 

About 2W mpportcK of the £UKJ spent m £l35 Jn - 

Conti nned on Back Page 


in Kuwait. Page 5 

Some Community staff overpaid 

CONTENTS OF TODAY’S ISSUE Br CUY DE jo nquihies. common market correspondent 

• -» ..... U'i i4fuui ..nnonnnt lheir Kactl- cnlnrips. Thev rweivf 


Overseas nevy , t 
trade | 
. Hom* Beafe^-€®neral » 

: ; •>. ; —labour * 

TeftaicA W? w - v -.-**■ „ 

Exeead¥e»8 vorW : , ^ 

Arts page l4 - 

-.Leader page .5* 

■ S^SSS’^sssr^ » 

Foreign Exchanges g 

Mining Notebook ■, 


i» - W «k ta ^ »o^ 

Q-<*- f SS^"::r= «» 

giants . . 

• . - 1. m S 4 ”S 

. a 9 -'WHM 3 *» Jo*” Pf**? S 

fuss : »..»S • % S*gSr , uSwi 3 

15 ' 3? toggSfiM sS^EMEHT 

. Ifi lift Wj— ” a - W1ERW Lllie 28 

S=,- SSTteraT: , 

- — 40 _• 29 .Sotftne ** 0 “ 

1 -jj - Q2sc usBiftu iU'* 1 

MANY of the 12,000 permanent their basic salaries, they receive 
staff emoloved by the European generous marriage and family 
SwESn «d other EEC benefits and a special allowance 
toSStioos have For the past- to compensate them for work- 
18 months’ received higher pay mg outside their own country’, 
than they are entitled to, because Roughly three-quarters of the 

of a technical error. Commission's 8,000 staff are ex- 

Ib some eases, tbe over-pay- patriate*. 

inents are said to be £20 per The anomaly apparently stems 
iweek.- from a decision, taken by the 

: The error, estimated to be Council of Ministers about 18 
costing the Community several months ago, to change the basis 
Sion pounds a year, became for computing salaries and ailow- 
known to Commission officials ances. 

and EEC governments more than The aim was to link Tuture 
a year ago, but has not been rises in tbe net pay of EEC staff 
disclosed" until now. more closely io the average 

A plan to rectify it has been increase in the salaries of 
drawn up but it will probably national civil servants of the 
be several months before this Nine. 

Roes into effect. . It became clear later, however. 

Officials in Brussels believe that the method chosen inflated 
ftat it may be difficult to recoup the value of tbe family and ex- 
mimey already paid. patriatiou allowances paid to a 

. EEC’s permanent staff large proportion of the EEC's 

are among the best-paid civil pennancot staff, 
servants in Europe. On top of Jo extreme, but not un- 

i typical. case — a married 
medium -level employee with 
three children living outside bis 
own country --the difference is 
worth almost £85 per month. 

The Commission has declined 
so far to publish complete infor- 
mation on the numbers of s-taff 
and the sums involved. 

But officials estimate that it 
may amount to £5m over the 
paAi IS months. 

Because the overpayments 
result from a formal decision 
by the Council of Ministers, it is 
not considered possible to insist 
that the money be refunded. 

It has been proposed instead 
that employees benefit-ting from 
the error should forego further 
increases until the distortion is 
eliminated by wage inflation. 

This compromise is due to he 
formally presented lo the EEC’s 
Staff Association this week. But 
indications are that it will en- 
counter resistance. 

MINISTERS representing most 
of ihc major industrialised 
countries began three days of 
talks here loday nhirh are 
likely lo be crucial in deter- 
mining whether an inter- 
national trade agreement can 
be reached by the Bnun econo- 
mic summii in a month’s time. 

According to Mr. Robert 
Strauss, the U.S. Special Trade 
Representative, the chief aim 
or the negotiations is lo nar- 
row the outstanding differ cures 
separating the parties. 

Both U.S. and European 
sources stress that it will nut 
prove easy to resolve the most 
difficult slicking points — par- 
ticularly the questions of 
access for agricultural pro- 
ducts. subsidies paid to domes- 
tic industries by national 
Goi'ernmenls. and “safeguard " 
measures that might be applied 
selectively against the products 
of another country. 

Tbe U.S. would still like to 
reaeb a final agreement by the 
July 15 deadline set by Mr. 
Strauss to strengthen ihe 
deliberations of the seven 
Heads of State, plus ihe Euro- 
pean Community, who are due 
to meet in Bonn three days 

sold by the independent north export prospects will enable 

of stockbrokers estimates Amon'* Sh >Ps may be held for up to Italian companies into tbe British Viscount Davignon to recora- 
PM fmtlinoe the largest holders of inner fiv « days at ports of entry, while market to roughly half former mend a furiher rise in steel 

m m uuuinea reserves, the brokers say are Brussels considers the validity levels. prices of up to 5 per cent in the 

election noliov Scbroders. Harabros, Morgan of steel cargoes. Similar deals have been made autumn. 

^ Kviivy Grenfell and KJeinwort Benson E ® c * s undertaking to by the other EEC national steel European companies claim 

The Prime Minister has called Back Page and Lex m;ike final decisions upon action industries. they need at least that rise if 

on the Labour Party to prepare . against suspect steel cargoes If the new arrangements with they are to return to profit in 

for a General Election campaign # 1NA Corporation" of the US within 15 days of notification. In the Bresciani slick, a major 19^0. „ 

on a programme of “national plans to launch a new “ high I v tbl -' P*^. the C ommission has source of pressure upon the Mini-null cha llenge Page 27 


But if that goal is not met, 
Mr. Strauss, who is acutely 
conscious of the Tact that any 
trade pact must be acceptable 
lo the U.S. Congress, may pass 
the mailer to the Heads of 
Slate in Bonn for final 

All the parlies generally 
agree that ihe trade pact must 
have political backing at the 
highest level to heighten its 
international acceptance and 
to act as a cohesive influence 
when officials bargain over the 
fine prim laler in the year. 

Besides the three outstand- 
ing issues of agriculture, sub- 
sidies aud safeguards, (be 
Ministers this week will be 
discussing differences in 
customs valuations. 

They will also discuss the 
state of the steel industry 
worldwide. including the 
possible creation of ah Inter- 
national steel monitoring com- 
mittee, the use of trade 
measures for balance of pay- 
ments purposes and the 
demands of the developing 

Mr. Strauss is heading the 
U.S. delegation, Mr. YVilhelm 
Haferkampf. vice-president of 
the Commission, is represent- 
ing the EEC. Mr. Nobuhiko 
UshihiL Minister for External 
Economic Affairs. Japan and 
Mr. Jack Warren. Trade Co- 
ordinator. Canada. 

World trade talks. Page 14 

THE ENTIRE future of the inents lo deal with the US nn 

European aerospace industry more equal terms. 

would he put at risk if Britain German Government is it 

SSS^tu it^v°RftJinB C SSer a than the same time “ nxious ,c » avoid 
made by Boemg, ™ti>er than any suggestion of anti-Anieri- 

joinine in Inc Jonfrterm offer of C anism. Not onlv ate several 

partnership ’.vtth Europe which j 0 j nt sfu dies of future miliurv 

f SKr aircraft coin- on. but Bonn is 

A 300 BIO version of the Euro- encouraging the ra’kn 2 omit on 
pean airbus. between McDonnell Douglas «7mJ 

These are the considered views a group of European munuFac- 
Cif senior West German officials turers over co-operation in a 
responsible foe aerospace policy, proposed 190-seat medium-range 
and they have been expressed airliner, 
emphatically by them to the 
British Government Among the ^ • . 

risks Britain would lake would |_J8C3SSOO 
be that of exclusion from future 

joinr military aircraft pro- Not least, this is viewed as a 
gramme;. way in which the European 

German officials are anxious ind «stry should be able tn cir 
not to make the reference to cunivent the political difficulties 
co-operation on military aircraft selling civil aircraft m the 
sound like a threat to Britain. ^>*2!" market-:, n 
But they Hearty feel that the " c n a ,^ w , hei l£V C if rtnan f ,overn ' 
UK cannot turn its back on civil *"“* '* 

airliner co-oneration and expect ^ vlth «ii ^nnhil n ‘ 
this to hare no effect on tbe cies on both side? of the ntlanue. 

much larger military sphere British participation in the 
where European governments BIO project is the immediate 
are slowlv feeling their way issue. With the manufacturers 
towards much more permanent pressing for definitive agreement 
aerospace collaboration. on how work on this project is 

While the Germans have l n °. L 001 s P eak 

shown much uudersTanding for ° ne ?fl tisb rtccsinn 

Britain's dilemma over whether hJ e vv«t ee <^f At lh r s:ime 

to “so Boeine” or to ioin the t,me ’ 010 West Ge ™an Govern- 
Z 6.°ve .Iso shown *j" ™ M sl 7 h » 

Sf officnl? e h^ ll ’;«. <™-c 0 n» rt! L! Alrb!S,Td!lt 

It is accepted that the Boeing dent maior 3irline customers are 

offer of partnership in the pro- definitely interested in buying 
posed 757 airliner would provide the BlO. 

more 3 nos in Britain in the Should Britain eventually de- 
short term and would also give cidt ni>t t0 join in Ibc B10 prn . 

immediate prospects or work to ject , West German Govern- 
Rolls-Rovce. By contrast there raeru sces little hcpe of 
,s D 9, w littje chance that the BIO any further with srut |, es for , h „ 
version of the European A. 300 f.vo proposed joint Euro scan 
airbus could provide a role for transport airliner. Hnwcv-.r. 
the British engine mantilacturer. neither of these still lately 

hypothetical projects carries uny- 
fnernr ,hin " l ik,e the industrial 

(I xftl IcrUla or political meaning here as the 

* BIO 

What worries the West ' . , , . 

German Government, however, is . , n ? r <s - ,ai * e r J ,e Vh '-” 

that too little weight is being Airbus Industrie that the 
given iu Britain u. the longer- lh ree projects make tip a single 
ierni implications nf a reiation- Package, if only becaiise it is 
ship with Boeing that, it is felt ^ateed that funds to build all 
here, would offer Britain no g™ w . l!1 not be available if 
more than sub-contractor status. Br “° ,T1 **. not a member of the 

The Oemiin, «™ S ly mmerd < iarteersh " 3 - 

that Europe has come to seem 

[an attractive partner to US 
aerospace companies precisely 

because it has. with the present CSHJcUWfcS WlPl&b 
I versions of the Airbus, begun . , 

to prove itself a successful com- 1000 <52lSP TSBPPi 
petitor on the commercial as 

! well as on the technical level. THE UNION action committee 
i In the German view, ooly the a * Shelton Steelworks. Stoke-or- 
rnaintenance by tbe European Trent, wants tbe right to sell 
aerospace industry of a strong, the land when the plant closes 
independent technological base next Friday, 
from which commercially viable it fears that if the British 
projects can be launched, will Steel Corporation handles the 
both guarantee the future of sale, speculators will move in 
what should be a growth sector and delay the development of a 
and enable European govern- proposed new industrial estate. 

How cany© 
your hi 

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. you need to handle more materials than ever before. 
Mf. Can your present system cope with that - and 
.... • ;; W- new business as well? 

The time to find out is now - not when your 
% ■ ift, hands are already full. 

And you can find out for nothing, from Lansing 
- Europe’s leading makers of lift trucks. 

. • So give your local Lansing Engineer a ring 
A / today. 

At his fingertips are facts and figures abouG 
4 Lansing’s complete electric and engine- 
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(gS3J0 ; .: 


Skia EjfMf' . R SiSiiiif 

Pen>n«.'it . 03S-44 7i?M I. Ruu ditch: 0527 2i>U6.\\"urringtun: (W25 51177. 


"• v . 3..r 




The Annual General Meeting be<*n abb’ afford valuable 

... ■ - - Die 

of The Rubber lowers' Assoeia- 

tiun Limned was held on June ^ v ] ou . ■... !:!<.■ h have emerged 
Iti in London. Neveriheie.s*-. if should be 

?.ir. R. G. Dawson, O.B.E., the realised itv-i there is still 

Chairman, presided and opened Iona way iu and l a lot ■ o: 

, .. . work to U’- d-rne before a viable 

* J '.- proceed Jngs b.\ P*> ,n * Agreement reached— and fl 

tie Tore the end of 
that we can be sure 

tribute to the Association's late v/l|l 
Special Representative io Malay- t he vear 
sin. Tan Sri Sir Claude Fenner, tbar all the rbgUclcs have been 
K.B.E.. C.M.G.. Q.P.M.. PJU.N., overcome, 'to heha/f of the 
D.P.M.B.. and asking those Association. \ offer our good 
present to stand in silence in w L?hos for all those engaged in 
his memory. those delii-are. hut extremely 

fn the course of his speech. unportani. »e roiiati on s. 

Mr. Dawson said: — 

i shall n comment on two 

Commodity Prices and Prospects or three issues which I heiieve 
As a result of a combination io No of paruculai interest, 
of circumstances the price of R«.i a ii u *j%5iip net ween Producers 
rubber varied considerably less WI j Consumer'; 

over the year under review than Tb „ i; rkl ; JL -h issue is the 
has cRfn been the case. After w h 0 le question of the relation- 
a , s {'|W, decline to a low point s hip between the producers and 
of lNi j cents per kilo FOB at consumers of rhe com- 
Lhe end« I9»i. there was modi lies n which we are 
a fairly rapid recovery to a high interested. Members of this Asso- 
of ll'Ji cents per kilo in Septem- t iation ar;. inevitably, concerned 
her: this peak was not, however. wlt jj (f|j s nr,m!e!ii as it develops 
maintained and the latter part j n C unu-M. of the emeryencr 
of the year saw a return towards uf lhv Developing Notions and 
che June price level— giving an j^, r jp.cveuscd and increasing 
average price fur the year of demand for what has been 
almost 283 cents per kilo which called a .... Economic Order 
can be regarded as satisfactory. whIch is r0 ,l.-cltd in one sense 
l um happy to be able lo add & v Malav.-ia'K own New 
that the current year has seen Economic and in an«*lher 

another rise, culminating early tit' ro-jrc-Uahie |iolaii«ation 
this mom ii in a figure of 23n bolwecn th .. -have" and the 
cents per the highest price - nave not" nations. On the one 

reached since 19<4. hand lies the entirely natural 

The decline in the price of desire of producing countries to 
palm oil which was generally contml completely thetr own 
forecast did lake place, and economic resources, and mi the 
from i'ne high point of £3$ti oer other the eqiuily natural desire 
metric ton C1F reached in April of tee euvsuimng countries 
1977. the price fell until it which can a!-n l>e the source 
reached a low of only FJH5 per of both c?p;'al and know-how 
ton in October. Nevertheless, to make certain of obtaining the 
the average for the year was still raw m:' rerials they require, in 
£300 per ton which, although ih<? form rhey require. and at a 
nothing spectacular, is siill con- price as low "as possible It is 
siderahly higher than was fore- my belief that the answer musi 
cast and was not unrein un era- lie — as it so often does — some- 
live to efficient producers where hot ween the iwo extreme 
During the present year, the Nn one. leasl of ail members of 
price has recovered somewhat this Association, would object to 
with recent quotations in the countries who rely on agricul 
region of £330 per metric ton. ture as the mainstay of their 
Members of the Association economy having control of their 
do. oi course, grow a number of own resources: equally, it rauM. 
crops other than rubber and oil * b « accepted that, in this 
palm, and one which has in the market as in every other the 
last few years come into con- consumer and not the producer 
siderable prominence is cocoa, must be ihe final arbiter as to 
This particular crop, although ’he fuim ami nature of the pro- 
undouliicdiy ai the present tune rt,:c; h " in " f ,! i H is rhe task 
more financially rewarding in of the producer to be com 
terms nf return per acre ctilti- p^litive. 
valtfd titan either rubber or oil Malaysia 

during thc- This concept h extremely 
P-.l >.ar tho kind of volatility relevant lo develop). tenia in 
Z pr,C *. ' vh,cb J* an Malaysia, where, and quite 

^ , ia . 0 Producers and con- righ uy. the greater i emphasis •dti.**. -n July lf»< i. toe ( s p Hl upon maintenance of the 
pne- reached an astronomical oua «i t . n f t 
£■>.400 per metric ton only io rim V h .„ ea 
decline by December to £1.823 w } de r^putaS' 

put upon 

t the product. The 
earned itself a world 

■ . .. , . .^nutation as the guardian 

n . a h ^ ec \ n f '•♦’ hicb con- 0 f naturat rubber quality and 
I- ? , " ,onlhs ° r the pioneer in advanced tech- 

3 J™ P ?l nt mques of production and pack- 

ri .. t r tir^r/ lhat a " in 5- Malaysia is now on the 

M illie t5m« bn r f recovery verge of establishing a new Palin 
J i-00 ?. p f r t j n ’.. bu ] Oil Research Institute to do. we 
. n,ar ^’ ef has dechned sincerely hope, for the oil paim 
pr c eS “remthe region induslry what the HR I it has 
of Sn much is history. d nne for the nibbtr industry. 

Eut what of the future.* i would The new Institute has been set 
□ot venture lo express any U p al the instigation of, and 

opinion as to what miqht happen will be financed bv Ute pro- 

to cocoa prices. For rubber, ducers: I trust lhaMt will also 
however, there appears to he appreciate, and be uuided by. 
ample reason to expect that, as the basic requirement to meet 
always, every pound produced consumer nbeds. 
will he sold and that the price 

at which it wriji he sold during 

1 would like to take this 

the current year will remain at SuS^SfXnS 

*22. ^^TVhn nld ToTbis comesT and undemTuT- 

level, indeed. I should not he ing whUe he urA . upied ^ posl 

3! h T Ahe S r e Prices m0Ve of Minister of 'Primary Hid u^ 
gradually higher. tries aQd our vorj . be / t 

In respect oT palm oil. the out- for success in his new post as 
look is less clear. There are a Minister of Education, i am 
number of particular factors also happy to say that some 
affecting this market, such as members of the Council have 
the considerable increase in already had the pleasure of 
refining capacity in Malaysia and meeting, here in the UK, the 
a recrudescence of anti-palm oil new Minister of Primary Indus- 
propaganda in North America, tries, Datuk Taib. I am confi- 
However. the interchangeability d ent that the Association’s 
hetween oils results in palm oil relationship with “ our " Ministry 
prices generally being largely w jtj remain us close and as 
determined by how the total friendly as it has been in the 
edible oil market behaves and pasL — the more so as Datuk Taib 
this, in turn, depends on the i s n o newcomer but has already 
production and crop develop- previously held the appointment 
meats of very many crops in as Minister and therefore is 
very many countries. With a very exceptionally well acquainted 
sharp rise in world edible oil with the plantation industry’s 
production this year of 2.6 aspirations and problems. 

million tons Prospects of a Among those problems, shared 

record U.S soya bean crop later hy boti b the rubber and oi , pa3m 

industries, is that of obtaining 
prepared to see some decline in mod ia ca iions to the tax srruc- 
paJm oil P r| ces in the fairly near ar e needed to reflect 

future. In the longer term, the presen j. d ay conditions and re- 

™°®* “^^rirt tl Fnr da - ] t nrf* V hv a 1hL' move anomalieg which discriml- 
(h?» th^rp iJn-fcS! note against producers. The last 
FAO, su^ests that there is likely B ud g et did indeed provide a 

to be. U3 the next few years, a measure of relief, which it is 

.surplus of supply over demand hoped wil | | (e onlv a sta rting 
!n the world rn^ket for fats pCl j nt f 0r further improvements: 

°}!*- nn q *hJr- I? in in Particular, the palm oil 

that for palm oil there is no i ad ustry is hopeful that in the 

immediate prospect of near future agreement can be 

buffer stock or other inter- reac h ed U p 0Q how forward con- 
nauonal agreement for control- trac ^ f or the sale of palm oil 
ling world prices and I. there- be registered 
fore, would expect to see naturai 

market forces resulting in a Another major problem which 
decline in the price producers has SOD to be resolved lies m 
of oil palm products may expect t ^ ,e requirement to meet the 
io receive. Malaysian Government's stan- 

International Price Stabilisation dards, recently laid down, for 
Schemes limiting pollution of the environ- 

It mav be appropriaie, at this ment. This problem will require 
point, to comment in slightly the full attention of the scien* 
more detail upon the develop- ti« s of both industries if the 
uients r ®] a }' a P_ to International very . pr0 per demands for anti- 

uTTonlv in “ the case Si namrai pollution measures are to be met 
rubber ‘that discussions have without incurring expenditure 
actually reached the point of which would make production 
becoming negotiations. This satis- unprofitable and therefore un- 
factory state of affairs is due viable. 

producer 10 mUon^'olfcXl “a 1?* “ncludcd hy 

reasonable basis for an Agree- paying tnbute to the work done 
ment and the consumer nations by and the support he had 
have . been prepared to build received from his colleagues on 

thereon: the Association can yj e Council, Committees and 
take a c^larn. amount of cr«Ut Panets of the .^ QciaTjon and 

?n S °both f the UK Government the Director and Staff of the 
and io the EEC, who has Secretariat, 



[■financial ' Times 



FINANCE MINISTERS of the Ortoli. the Commissioner vt .Nonetheless. the Chancellor of 


. v t'f. 


nine Common Market countries Economic Affairs, will meriTy the Exchequer. Mr. Denis He^ey, 
bold ihcir last meeting before report on the outcome of private is reported to oc CGflfideut that 

next month's Bremen and Bonn talks which he has held v ith ‘ l ? ,: principle of concerted refia- 
summits in Luxembourg to- EEC. governments during the tiunary. action is accepted by 
morrow, amid indications that past few weeks. The Ministers Britain s EEC partners and to 

thev are unlikelv to reach any may then draw up £ statement remain hopeful that Germany 

i] desirabili:- "i will decide on some additional 

major new decisions on the on the genera] desirabiiii’ "f Wi ‘i dec . J<! , ... 

shape of a possible EEC attaining higher growth 10 stimulative measures later this 
economic recovery package. be submitted to the CoynJI "" summer. 

The European Commission has Foreign Ministers when th'.-y Few EEC goventments 
already derided to drop earlier make the final preparation* fi y appeared poised, however, to 
plans to recommend specific the Bremen summit later lhis boost their economies at present, 
national growth targets; for each month. Indeed, the recent introduction 

of the Nine's economies. Thu* The continued reluctance r -f of more restrictive fiscal mea- 
follows the failure by Ministers Genu any and some other EEC sures in Britain, combined with 
of the 24 member countries of governments to enter ini; nny budget-culling moves in Belgium 
the Organisation for Economic firm commitments iq stimuiai-j and the N’etberlaods, point to a 
Co-operation and Development to their eronoraies is clear!:- dis- generally more deflationary 
agrpe on any growth commit- appointing to Britain, whkh had stance. 

iiK-nts when "they met in Paris previously hoped that a greater While the French Government 
last week. measure of eouseesus would be is trying to boost business invest- 

lnsleaU, M. Frantois-Xavier reached on this score by now. ment by freeing price controls. 

its polity Of maintaining strict 
limits od wage rises also seems 
likelv to dampen demand 

Much or tomorrow's disctis- 
siocs are likely to focus on 
technical proposals fop possible 
EEC currency arrangements. The 
signs are that Mr. Healey will 
be ready to discuss the proposals 
in some detail hut will wish to 
hear the German Government’s 
views before declaring his own 
hand. . U N : 

Before the ministers wilt -be. 
a report by ths EEC monetary 
committee suggesting options 
for currency arrangements. The 
report was drawn up in the wake 
of the EEC “ summit " last April, 
at which Chancellor Helmut. 
Schmidt argued strongly for an 
EEC initiative in the currency 




THE SOVIET UNION has issued 
one of its sharpest and most 
detailed attacks on Presidenr 
Jimmy Carter's foreign policy, 
accusing the U.S. of seriously 
threatening world peace. 

It came in an authoritative 
5. 500- word editorial published in 
all of the main Soviet newspapers 
at the weekend, including ihe 
Communist Parly organ Pravda. 

The attack had ttvo principal 
targets: President Carter’s recent 
speech at Annapolis naval 
academy outlining his policy 
towards Moscow, and the accusa- 
tion b> Mr. Zhigmew Brsezinski. 
the President’s National Security 
Adviser, during a visit to China 
last month, that the Soviet Union 

was violating “what v.-a« 
called ihe code of detente." 

Some Administration ofn- 
said the editorial, were o-*. 
ing so obsessed with the Se 
threat lhat they del i be;- 
wooed China. 

“ They al<o forget tiui 
Chinese leadership is plays r 
game of its own.” it’ ; 
“ Soviet/U.S. confrontation, 
even better, war — that is 
cherised dream uf Peking." 

Mr. Carter, said the edit>» 
had confused ralber than <. 
fied relations between the s" 
powers by his speech at Ann 
iis. His remarks had been - 
fully studied in Moscow, it •? 
but his policy was based <i 
contradiction between hi.- 1 
tinned asurances of loyally 







_• .i 




. .'.ri- 
pe r- 



:i a 

detente with unconcealed attacks 
on the Soviet Union. 

Mr. Carter’s human rights 
campaign was described as 
“disastrous for mutual confi- 
dence " and the U.S. was 
accused of pursuing an interven- 
tionist, neocoloniatist policy 
towards Africa, especially in 
Zaire. Russia and Cuba have 
repeatedly denied involvement 
in the Zaire fighting. 

Although unsigned, analysts in 
London said the editorial bore 
the dear imprint of Mr. 
Alexander Bovin, a senior Soviet 
commentator on V S. affairs, who 
is believed to be close to the 
Soviet President, Mr. Leonid 
Brezhnev- The editorial was 
clvarly approved at the highest 
level within the Kremlin. 

calls for 
promise on 

development' ot Vjig 
« has virtually compleled 
lr, acquisitions of tnmrop 
’ t hloiur Ihe Oregon-Calh 
x£.. border which wUl -allow: 
i qiain cr immediate - dey olo^ 
ft o£ Large nickel chr( SH 
fit? deposits, Mr. 
ter f'.' the president, said. 

iCTe&praent couid.,. 

Gy' r^ress U.S, dependewe 
Imports of these mroerals, 
* Jast year cost about Slbn- 
wir the claims of • Inter- 
eritan Nickel a pnvate cqm- 
uiyS ' backed by Canadian 
iancial' interests, have aimOK 
(eri^acouired. These holoings 
ive' jateritic ore., reserv^ 

^Biated at between HWm 

Ions, containing 1 per cent 
■rad. -2 per cent chrome, ana 
letween and! 4-Q ibs of cobalt 
per tonr 

f "SffiCal has claims in the same 
■ea and Mr. Carter said hus 
impany bad acquired essenti- 
_ ,iy all the mining rights to one 
[of fha largest lateritm nldt^ 
'deposits id the world. He added 
that the deposits had been mined-. 

: ia ; WoriflfWa*^ 

Goveriiment* ' - 


signed by~ Mr. Cayjer^.and ar.’ v 
.jack Whited the 
tni-nVwAmCTiftan. : 33l£ >• \ . 

American, will, w %wuiuM.i,a i , '^. i T • - 

the .first 

. I In Pradi ng '-'imifeF' . 

Mr, Carter -saw 
pered to huM pdsmhty three; ijptj -:- 
two, metallurgical plaotic /_ ■ ? 

which would- be 

cessing 5,m ton^‘oF t»re. A flay, :.. . 
The cost of . : - 

betwe en S80m 
He .made an . initial 
that the ore' bOdy. L cpuld.'ji^d ; . - 
32m lbs of niefeel- and SSm-- TSa * ; ■ - 
of cobalt arinmdly.^He. ta te gl ffsa .- - 7 >: 
that reserves! ire ?tdSejept?TO -' ;: 
keep- three: plants wdrkJDg profit- > 
ably for more thaa ^) years; _• 
Constmction e«M "start' iate: ' 
next year or tit 4S£Su--«fca^tc . ; 
near Crescent rCt^'Ktea^has- 
already bad - negotiatioii^NWitii . .*= 
interested ' Federal'. , abd-jfitate: . . 

. v j : 

regulatory agenciesr 

Japanese Prime Minister, said 
yesterday the summit of lead- 
ing non-communist industrial 
countries in Bonn next (noBth- 
would be a success If it could! 
make a promise not to reset 
to protectionism. Reuter n 
ports from Tokyo. 

Mr. Fukuda told a new 
conference that no sabstan(iv< 
results could be expected froi 
the seven-nation meeting, 
which would discuss grow 1 1 
Hithuat inffaffon, trade,- th& 
problem of rich and poos 
nations, energy and currency 

Pay deal atTOily 


NEW ^OSK? Jcme: 1S: - 

Instractors for Zaire 

cut of 15% 

j Compromise on Belgian 
Budget deficit measures 

By Our Own Correspondent 


A SERIES of measures to 
stabilise the economy and fight 
'mflaiiuu have been announced 
by the .Greek Government. Mr 
Constantine Mitsotakis. Co- 
ordination Minister, said in 
nation, now running at about 
35 per cent, was the Dumber 
one enemy. The measures were 
intended to bring ii down to 
last year's level of 12.S per cent. 

Mr. Mitsotakis said tite 
Government was setting the 
example by reducing overall 
Budget expenditure this year by 
15 to 20 per cent and slashing 
the public investments budget 
by 10 per cent. 

The cost of public utilities, 
water, electricity, telecommuni- 
cations and urban transport, 
would be frozen until the end 
of the year. 

To help channel deposits back 
„ banks, interest rales on 
deposits are increased by be- 
iween 2.5 and 3 per cent. Basic 
interest rates on simple savings 
deposits with commercial banks 
will go up to a maximum of 10.5 
per cent- and fixed term deposits 
will go up to 11 and 12.5 per cent, 
depending on the period for 
which they are deposited. 

Interest on bank credits is inr 
creased by 1 per cent and rates 
on long-term loans thus go up 
to 12 per cent per annum. In- 
terest on short-term lending for 
working capital is increased to 
between 15.5 and IS per cent, 
interest on export loan* remains 
unchanged at 9.5 per cent. 

Bank of Greece rediscount 
rate is raised from 11 per cent to 
14 per cent. To encourage in- 
dividuals to invest in the capital 
market, the Government has in- 
creased the tax-free limit on divi- 
dends received from company 
shares from drachmas 60,000 
fSl.666) to drachmas 90.000 
t $2,500 1 per recipient investor 
and from drachmas 15.000 (8436) 
drachmas 25,000 (S694) per 
paying-out company. 

The measures also include a 
decrease in company tax rates 
by 2 to 6 per cent for those 
companies which increase their 
share capital through the Stock 


THE POLITICAL crisis set off hy 
M. Leo Tmdemans’ threat to 
resign as Prime Minister of 
Belgium last Thursday appeared 
tn be well on the way io a -ulu- 
lion this evening after a •'■‘ee fr- 
ond of intensive consultations 
between members of the 
country’s four-party coa'.iiion 

M. Tindemans said this after 
noon that he was satisfied that 
solutions had been found to 
differences in the Government 
over plans to put into effeer a 
scries of measures aimed at deal- 
ing with pressiny economic 
problems and the iarae deficit on 
tb-' national BudaeL 

While he did nm disclose the 
exact measures agreed, he said 

that they would be submitted to 
Parliament at the same time as 
the Government's intricate pro- 
posals for greater regional 
autonomy in the Herairh and 
French-speaking communities. 

In addition, the discussions 
appear to have produced a com- 
promise concerning demands by 
M. Tindemans and bis Social 
Christian Party that the Govern- 
ment be granted temporary 
special powers to legislate the 
1979 Budget by decree. 

The results of the weekend’s 
negotiations will be formally 
presented to the leaders of the 
Government's four parties to- 
morrow If they are accepted. 
M. Tindems.Es is expected to 
withdraw his offer to resign. 

CHINA HAS sent milit 
instructors to help train Zain 
navy. Reuter reports . tri 
Kinshasa. Quoting diploma! 
sources the agency says 
Chinese arrived ou Sal 
a week before a Chinese mi 
tary delegation is due to htffti 
talks with Zairean officii, 
Zaire’s navy is composed jof 
about 30 river and lake patrol 
boats and has 800 men. 

I THE; THREAT of a -city-wide 
newspaper strike eased yesterday 
when members of the Newspaper 
Guild of New York, representing 
.craft workers as well as some 
Uffiee staff, reached a new con- 
tract agreement with The New 
York Daily News, the U.S. paper 
vritb the largest circulation in 
lie country. • - 

The agreement ended a five- 
day strike at the News which at 
times had given way to violence. 
It is exnected to set a pattern 
for agreements involving eight 
other unions at the News. The. 
New York Times and Mr. Rupert- 
Murdoch's New York Post. 

The Times and the Post had 

Issued new work rules in support 

of - tiie News when. Sim * strike 
began. ... The ; 

been reached . Is. e^Jecieflyapw^'- 
vtde . foe an avetfigeivage, 
crease of . o ■ -per' pent ' JWarr. : 
through' the " three^^r^«)htre«.. 
Larger increases . are tiSe& tb go; 1 
to guild mwnbecs;: 'Who ^are 
reporters, . -photo graj*ees:''-:^mSI : 
editors.-. . • • . - v . : 

Negotiations: wiH-cootinueat 
the other newspapers ^the 
News agreement proridesJti^t: 
any gains . made by t&e?uz)iph4n .. 
these talks triB.he MveiLib^&aftyS. 
News .employees, 
concessions by the 
ceded to 

management. • • ¥ .’- 'r..^ 

Somali . leader's tout i 

President Mohamed Sfs«t ; 
Barre of Somalia is about ta 
visit western Europe amj i& 
expected to start with Hariri 
before i ravelling to London an^*- 
Rome, Reuter 1 reports *N8*.' 
Mogadishu. The visits are',', 
seen as part of his toawu-y’rf 
shirt Trom Soviet ihfljfence ' 
towards an accommodation 
with the West / 

Rebuff for S- At&ca 

Sithole against 


political issues 

A free interbank money 
market is to be created to adapt 
the Greek banking system to 
EEC conditions. 

By Our Own Correspondent 
RHODESIA’S Transitional Gov- 
ernment would not exchange the 
internal settlement for the 
Anglo-American plan for all- 
party talks, the Rev Nrtabaningi 
Sithole said in an interview 
published here toda>. 

Mr. Sithole. who is a member 
of the four-man Executive 
Council, was commenting on the 
suggestion by Dr. David Owen, 
the British Foreign Secretary, 
lhat an all-party conference 
including the Patriotic Front 
guerrilla alliance, couid take 
place next month. 

Mr. Sithole said the council 
was not prepared to set aside 
the settlement to accommodate 
Mr. Joshua Kkovno and Mr. 
Robert Mugabe, the externaily- 
based leaders of the Patriotic 

“ As far as we arc* concerned, 
the political problems have been 
resolved. We still cannot see 
that any good purpose can be 
served by the talks, if these are 
intended to reopen issues that 
have already been resolved by 
the Salisbury agreement.” 

The Rhodesian military com- 
mand reported the death of 
nine black civilians, including a 
tribal chief, through guerrilla 
action. Six guerrillas and one 
” collaborator ’’ wore killed. An 
elderly white couple were killed 
on their farm. 5o miles from 
Bulawayo, by guerrillas who also 
killed a black empiovee and 
burned buildings. 

Left-wing leader 

held during 

Peruvian voting 

By Hugh O’Shaughnessy 

LIMA. June IS. 

A SHADOW was cast over 
national elections today when 
General Leonidas Rodriguez, an 
important figure of the Peruvian 
left, was arrested as he was 
leaving a polling station this 
morning after voting for the 
planned constituent assembly. 

General Rodriguez, leader of 
the Revolutionary Party (PSRj, 
and formerly a close collaborator 
in the radical Government of the 
late General Juan Velasco, has 
been in hiding since his deporta- 
tion was ordered last month by 
the Government of General 
Francisco Morales Bermudez. i. 

The PSR says that the arrest! 

General Hendrick van den 
Bergh. the retiring head of 
the South African Govern* 
menlVs Bureau of State Security 
(BOSS), has been " refused a 
\isa to visit the U.S., Quentin 
Peel reports from .Johannes- 
burg. Quoting. Rapport, the 
Afrikaans Sunday, newspaper, 
he says that no reason has 
been given. 

Alliance continues 

The Free Democrat Party 
(FDP) in the state of Hesse has 
voted in favour of continued 
alliance with tbe SoelaJ Demo- 
crats <SPD>. Jonathan Carr 
reports from Bonn. The vote is 
a victory for Herr Hans 
Dietrich tiensrher. the FDP 
chairman and Foreign Minister. 
He feared that if the FDP 
retreated from clear support of 
the SPD after recent electoral 
setbacks it could lose all 
credibility with the voters at 
the state elections in October. 

Nfls. lOO.OOp.OOO,- ; 
6% bearer Notes of 1972 
due 1976/1979 . 
of • . 



- ’ ; INSTALMENT ^/’v 

{Redemption Group Nos. 2 and3 . % ' . 
having fallen due before) . 

-Notes belonging to Redemption Group No. 1, 
will be redeemed on and after 

■ AUGUST 1 , 1978 
’ in accordance with drawing effected - 
on June 5. 1978 pursuant to the 
\ *■ Terms and ConcGtions; 

• V Paying Agents: ; . ; - % 

Pierson, Hefdring & Pierson N.V. 
AJgdmene Bank Nederland N.V* - 
$ankMees &HopeNY 
■ in Amsterdam ^ 
l and\ 

Banque Generate du Luxembourg SA. 

\ in Luxembourg 

Notes belonging to Redemption Group No. 4 
will be redeemed on and aft^r August 1, 1979. 

June 19. 1978 


\ . 

of Genera] Rodriguez, who is 
expected to be deported soon, 
has demonstrated the defective 
nature of today's poll. 

General Morales bos called the 
elections for a 100-man con- 
stituent assembly which would 
prepare a new constitution and 
the hand-uver of power to a 
civilian Government in general 
elections to be held in 1980. 

Wilb the Peruvian economy 
passing through a severe crisis 
and the International Monetary 
Fund likely to demand very 
severe deflationary policies in 
negotiations due to start next 
month, it is widely believed in 
economic circles here that the 
opening towards democratic 
government will be difficult if 
not impossible. 

It is widely expected that the 
programme for a return to 
civilian rule bv i960 is unlikely 
to be fulfilled 

Franjieh ultimatum to Phalange 



the former President of Lebanon, 
stiil mourning the death of his 
eldest son Tony at the bands of 
rival Christian militiius, has 
served an ultimatum on members 
of tbe Phalange Party in northern 
Lebanon to quit the party or 
leave the area altogether, and 
thereby increased the chances of 
further clashes. 

He set the end oF this month 
as the final deadline for them 
to make up their minds, promis- 
ing that no harm would come 
to them before then. So Mr. 
Franjieh’s warnin’ was read out 
today at church services in vil- 
lages and towns In tbe north. 

Mr. Tony Fraujieb. his wife 
and their baby daughter were 
killed along with 30 others in 
an attack by militias of the 
Phalange Party against the town 
of Ihdcn. about SO miles north- 
east nf here la«t Wednesday. 

The former President served 
the ultimatum an Saturday when 

representatives and priests from 
54 villages m the north culled on 
him at bis hometown of Zgbortu. 
not far from lhden, to extend 
their condolences. 

In his angry remarks, which 
were on the front p a « P of most 
newspapers here today, Mr. Fran- 
jieh described the Phalange 
Party as “ evil '" and a “ microbe 
which is seeking to sow discord " 
among the people of the north. 

Tnc ultimatum was interp rete ^ 
by observers us indirating that 
the bunt for ihe Phafanffi5ts in 
the north will begin when ihe 
deadline expires. 

As many us 50 people, all 
Christians, have been killed 
already in vendetta attacks lo 
the wake of Tony Franjieb's 
murder. Several hundred people 
have fied their villeces and have 
takea reruae at Hie mountain 
resort nf Miryatah where Mr. 
Rgshid Karami. a former Prime 
Minister, who recently reached a 
reconciliation with tbe former 

President, has his summer resi- 

They called an Mr. Karami, a 
prominent Moslem leader, to 
intercede with Mr. Franjieh on 
their behalt 

The Franjiehs and the majority 
of the Phalange Party members 
belong to tbe Mardnlte com- 
munity, the largest Christian 
denomination in Lebanon. 

Reuter adds: About 700 men 
belong to mainly-christian 
militias in south Lebanon have 
said they will shoot any members 
of the UN force who attempt to 
take over positions evacuated by 
Israeli troops last week. 

A UN spokesman said he was 
confident that tbe UN force could 
overcome the problem without 
resorting to arms. 

Financial Timm. pu*u«bcU esilv m-cw Sun- 
<lw and imtnljyc. U.S. aubavrtpuon S2W«tfi 
lair irttistilai S1WW 'alr mail' Per annum 
Strand das* ptftWfe paid ai New York, N.V. 





New Income Bonds 
for the Highly Taxed 

Tbe Double Plus Bond is a &ew 

investment from City of\Vfestnunster 
Assurance, specifically designed to 
produce-tax efficient income and 
capital growth for higher rate tax 
payers. It can be cashed in at any 


Investing capital to produce income 
can be quite a problem nowadays if you’re 
a higher-rate tax payer. 

Obviously there point choosing 
a scheme which could cost you up to 98% 
of your income in payments to the Inland 
Revenue. Nor is it sensible to choose an 
investment which gives you no freedom 
of action for years ahead 

To help you invest your money wisely 

Gtv of Westminster Assurance has 
developed the Double Pius Bond This ' 
guarantees you annual income of 5% of 
your initial investment with no immediate 

tax liability At die same tune you benefit 

from a system of Annual Guaranteed 
Bonuses which will increase the value of 
your original investment so as to provide 
fiinds towards any eventual Higher Rate - 
Tax Liability 

As with all City ofWfestminster 
Assurance investments;, flexibility is an 
important fartor and you can cash inyour 

Bond at any tune without penalty. 

Ask your insurance broker for more 
information on the Double Plus ftnnH . 

--y > V_ 
' T3 

.J . 


; '■■'•"■j ..l 

i *1 . . . 

„ ■- • i 

- a- u. 






Financial Times Monday June 19 3.975 

\U)R1 I) I R \|)|; \) \vs 

to raise 
iron ore exports to China 


THE LIKELIHOOD ijf sisnlficant 
new 1 sales of Australian iron ore 
ta China is very strong, accord- 
-. ln £Y t0- AustraJian officials in 
Pek f°g- The forecast was made 
on the eve of the arrival of an 
Australian -Government spon- 
sored iron -and steel mission for 
a. three week visit. 

--Members of the mission, due 
an Peking late tonight, represent 
most of Australia's major iron 
ore miners and steel producers. 

High hopes for further iron 
ana steel sales to China emerged 
several weeks ago during a visit 
oy the Australian Minister for 
Industry and Commerce, Mr. 

He was assured in talks with 
metallurgies 1 and trade officials 
1 .95 ina would need greater 
quantities of imported iron ore 


to support its plan to increase 
annual steel production from 

iook tomies to ®° m tonnes by 

In the 1977 calendar vi-ar 
Australia sold- to China about 
3m tonnes of ore worth m» re 
than S30m, The Au-slralun 
Minister for Trade and Rcsoun-cs 
told Parliament recently that 
this figure was expected to be 
4m tonnes in 1978. 

In Peking this weekend the 
Australian Ambassador, Mr. C. 0 
Woodard, said Chinese imporis 
of iron, steel and ore wen; 
already at their highest levels. 

Australia will be in a 
secure position to press for 
further orders for iron ant! 
finished si eel as well as iron ore. 
China is building ten new steel 
plants as part of its modernisa- 

tion and industrialisation pro- 
gramme, but its demand for 
finished and special steels will 
lag behind production for some 

Already Australia counts as 
one of China's most important 
sources of iron ore. China bos 
vast resources of its own but of 
a low grade, but high-grade Aus- 
tralian ore. with its iron content 
of about 60 per cent, has been 
mixed with local ore to upgrade 

The proportion of Australian 
ore going into the furnaces is 
believed to be betweeu 10 and 
20 per cent. These figures sug- 
gest a potential demand for at 
least 10m tonnes a year of high- 
grade imported ore when China 
reaches its annual production 
goal of 60m tonnes. 

Greece seeks Arab investment 



JIORE than. 100 leading Arab 
bankers and investors, lawyers 
and . economists are expected to 
parucipate in the first Greek- 
Arab investment meeting 
CGA1M) to be held in Athens 
next week. . 

The purpose of the meeting, 
which is under the auspices of 
Mr. Constantine Mitsotakis. the 
Greek Minister of Co-ordination, 
is to explain to Arab participants 
the opportunities that Greece 
offers to Arab investors in the 
various sectors of the Greek 
economy and also to point out 
the favourable investment con- 
ditions aod incentives available. 

Prof. Ioannis Georgakis, Greek 
Ambassador at large for the 
Arab countries and chairman of 
tbe Hellenic Chamber for 

Development and Economic 
Co-operation with the Arab 
Countries (CDC) which is 
organising the meeting, said that 
economic profiles of about 70 
specific investment projects .in 
Greece will be presented to the 
Arab participants. 

These projects represented 
investments totalling some S2bn. 
They include several projects by 
Government-controlled agencies 
such as the $640m petro- 
chemicals complex planned by 
the Hellenic Industrial and 
Mining Investment Company. 

Professor Georgakis said the 
largest number of tbe projects 
were in industry, including 
alumina and asbestos plants, but 
tbere were also some interesting 
projects in tourism, agriculture 

fin tbe processing of fruits and 
vegetables) as well as in 

Mr. Walter Bucbbolz, director 
general of the CDC, said the 
organisers' aim was to act as 
matchmaker between Greek com- 
panies seeking Arab capital 
cither through equity participa- 
tion or through loans and 
potential Arab investors partici- 
pating in the meeting. 

Mr. Buchholz said the Arab 
participants who have confirmed 
they will attend tbe GAIM come 
from all of the major oil-produc- 
ing Arab countries and particu- 
larly from Saudi Arabia, Kuwait 
Bahrein and Egypt. There were 
also participants from the United 
Arab Emirates, Jordan, Syria, 
Lebanon, Oman and Libya. 

;ln- : 

DJB Engineering: has received 
an order worth S2.8m. for 12 
D550 articulated dump trucks. 
The .order has- been placed by 
one of DJB’s Texas dealers 
Mustang Tractor and Equipment 
Company, Houston, which has 
sold the trucks to Brown and 
Root in the U.S. , The D550s 
which have a capacity of 55 tons 
are for use on a major construc- 
tion project. 

CAE Electronics Ltd. a unit 
of CAE Industries of Toronto 
said KLM Royal Dutch Airlines 
had ordered two aircraft flight 
simulators valued at about $9m. 

Johnson Mattftey Metals has 
received an order for five hydro- 
gen generators for the Royal 
Dutch Array.- The equipment 

wiD be similar to that supplied 
to tbe British Army in 1977 and 

delivery should, be completed 
within 12 months. The trailer- 
borne G4M systems produce 
ultra-pure hydrogen on-site for 
the inflation of balloons used 
with artillery meteorological 

Italconsult of Italy has 
received a contract for projecting 

and managing construction of a 
110-km long highway section 
between A1 Mafraq and Tarif, 
in Saudi Arabia. ItalconsulL, a 
construction group subsidiary of 
Montedison, said the project in- 
volved the first section of a 
longer highway reaching the in- 
dustrial area of Ruwais. 

ICI will produce and; market 
systems for rigid and flexible 
polyurethanes in Yugoslavia 
through PUR Systems., a joint 
venture created by 1C1, Sodaso. 
a major Yugoslavian chemical 
manufacturer located in Bosnia- 
Hereogovina, and Intpr-Exports, 
ICl’s selling agent in Yugoslavia. 
Production capacity is .7,000 
tonnes per annum. 

An order worth some £100.000 
has been won by the chain hoist 
division of Herbert Morris from 
the Turkey Electricity .Authority 
for several hundred ‘lever and 
haDd-operatefl chain hoists of up 
to 10 tons capacity. These are 
required for erection and main- 
tenance duties on power lines 
and power stations throughout 
the country. 



World Ec onotn ic Indicators 

UK £bn. 




U-S- Sbn. 

France Fnbn. 







W. Germany Dmbn. Exports 

tarty Lire bn. 





Holland Ffcin. 




Japan $bn. 




May 78 April 78 
Z877 . 3.000 

3.046 1.777 

-0.169 n-0223 

April 78 March 78 
11.600 10.900 

March 78 
Feb. 78 

+ 1.192 
Feb. 78 
Jan. 78 


Ian. 78 • Dec. 77 
ill 345 120.476 

118310 117-995 

-6365 +X481 

March 78 
Feb. 78 
+ 2.7 
Jan. 78 
Dec. 77 
- 8.449 
Nov. 77 

May 77 
April 77 



March 77 
Feb. 77 
+ 1.035 
Jan. 77 
— 12-099 

Japan may 
soon use 
tankers for 

Fraser gets 
support in 
SE Asia 

By Lynton McLain, Industrial Staff 

Under the 

provisions \ 

alicence has 
been granted for 



' Piccadilly, 


28th June, 1978. 

reached last week between the 
Japanese Congress and tanker 
owners on the use of super- 
tankers for storage. 

The move is designed to 
remove excess capacity from 
Japanfe& oil tanker fleets in an 
attempt to improve cargo rates 
for owners. 

Tanker owners are to be asked 
to tender |n the early part or 
July, with tbe first 10 very large 
crude carries lifting their car- 
goes in September. The follow- 
ing 10 suggested In the proposals 
for storage ^nay then enter 
storage in October. Hire for 
storage would \be at a rate of 
Y40Q per deadweight ton. 

In tbe Gulf, 47\5ra dwt tons are 
now idle or expected to be de- 
commissioned. Brokers said last 
week the figure was now 
approaching a record high. 

The volume of tanker tonnage 
heading for the scrapyards 
stowed last week, as a result 
of the bottleneck in yards in 
Taiwan, where vessels were 
queueing-up to enter harbour. 
Scrap prices have declined and 
brokers are not optimistic of an 
early, solution to the bottleneck 
Rates for oil tankers chartered 
from the Gulf remained un- 
changed last week. Worldscale 
16.75 was the best that was 
reported for ultra large crude 
carriers and Worldscale 20 for 
VLCCs. The use of smaller ships 
has not materially altered with 

110. 000- ton cargoes moving to 
Quebec at Worldscale 40. 

Dubai has been the only 
market to bold up witb cargoes 
covered for Eastern and Western 
destinations. A 110,000-ton vessel 
was -fixed at Worldscale 42i for 
a voyage to the West, and a 

52.000- ton cargo was moved to 
Japan at Worldscale 57* 

■Inquiries from the Mediter- 
ranean were slightly more abun- 
dant Ships did not find it too 
difflcuit to obtain cargoes Iasi 
week. The main destination was 
the U.S. Cargoes for Wesi 
African loadings have been 
scarce, with few fixtures 

Most of the U.S. 'bound cargo 
charters came from New York 
GaRjraith Wrightson, Londun 
brokers, said that conditions on 
the London market picked-up on 
Friday, but there was no hope 
that - the - conditions would con- 
tinue .an upward recovery In 
charter rates. 

On the sale and purchase 
markets, prices for bulk carriers 
hardened towards the end of last 
week. Tbe best example quoted 
by London brokers was tbe 
reported sale of the British flag 
bulk carrier. “Gunard Cham- 
pion," 24,646 dwt, built in 
1973.- . This was sold for 
US&Am. compared with the 
price for a sister ship last month 
of mm. 

On the dry cargo market, rates 
have, eased, although not across 
all vessel sizes. In the Atlantic, 
a 60,000 cargo of grain was fixed 
fixed for a voyage from the Gulf 
to Europe at $6-75, 75c down from 
peak. levels. Rates were slightly 
better in the Far East 

Cranes for Taiwan 

Contracts valued at S6m for 
manufacture and erection of four 
dockside container handling 
cranes have been won by Canron 
of Montreal, Robert Glbbens re- 
ports. The cranes are destined 
for' Kaohslung, Taiwan's largest 
port, and will replace others 
. destroyed in a. typhoon last year. 
;Tha contracts are due for com- 
pletion tills year. 

By Wong Sulong 


ter, Mr. Malcolm Fraser, who 
has been visiting lht> UJs. and 
Europe for the past two weeks 
pressing for a better deal for 
Australia In the current 
Multinational Trade Negotia- 
tions In Geneva, today won the 

support of Malaysia and Singa- 

Mr. Fraser and Singapore’s 
Prime Minister Mr. Lee Kuau 
Yew flew into Kuala Lumpur 
today and held three hours 
of talks with their Malaysian 
counter-part, Datuk Hussein 
Onn. mainlv on the stale of 
International economic nego- 

The three premiers, at a 
joint news conference, said 
they had agreed to hold close 
consultations and adopt a com- 
mon approach at tbe MTN 

dutch contractors 


Morocco to 
cut imports 

By Our Own Correspondent 

THE DECISION by King Hassan 
of Morocco taken early this 
month to slash imports by 20 
per cent in the nexl three years, 
takes effect tomorrow when 
restrictions are imposed on the 
import of some 500 products half 
of which will be simply banned. 

Prohibited imports now in- 
clude a variety of foodstuffs, 
confectionery, household appli- 
ances, clothing, papers, cars, 
motorcycles and cycles. Many 
of these items arc made or 
assembled in Morocco. Others 
( notably foods) are considered 

• The Export Credits Guarantee 
Department has agreed to 
guarantee the repayment and 
funding of a S15m line of credit 
to be made available by Samuel 
Montagu, acting on its own be- 
half and for Lloyds Bank inter- 
national and Lazard Brothers, to 
Ban q lie Mar a Caine du Com- 
merce Exterieur of Morocco 

panies have started lo look 
beyond the Middle East for new 
market opportunities. Many 
major building contracts still 
have several years to run to 
completion and the largest one 
yet, worth about Fl lfihn {St. Sbn ) 
'for a university complex at 
Riyadh in Saudi \rabia, has still 
to be awarded. But afie-- only a 
few years of hecue activity as the 
oil states spent their’ newly 
acquired wealth, tbs Dutch have 
begun IQ search for new oppor- 

These lie in the development 
of new geographical areas and 
equipment and techniques to 
handle new i .-sf.s. Deep sea min- 
ing and dred-^inj vill be one of 
the growth ares* cf the next 10 
years if thp inve-tment activities 
of Holland's building companies 
arc anything to gu by. 

The Middle Ea-t boom years 
were a period n; strong growth 
for companies Mich as Hol- 
landsche Boron. whoso turnover 
rose from El Tim ($45flm) t" 
FI 2.44bn (‘M.Ibm in the five 
years to 1977. whii* Stevin re- 
corded an increase from FI S91m 
to Fl 1.79bn. Bi 1P77 these two 

companies wen' achieving ahout 
HO per cent «if turnover ouLside 
Holland, much of it in the 
countries around tru* Gulf. Bos 
Kalis We.stciin>i«jr mnde 70 per 
cent of its turnover abroad. 

The value of individual orders 
increased. A Fl lbn ord.'r to 
dredge an industrial harbour nt 
Jubail was wnq hv Stevin, Bos 
Kalis and Zanen Versiosr. This 
was topped hv a Fl l.-ibn order 
nlaced wirh Ggein for 32 tower 
blocks at Darn mam. Saudi 
Arabia, while Ballast-Nedam 
broke all rccnrds with a Fl 4.7bn 
order for a number of lownships 
in Saudi Arabia. 

Isolated large orders may still 
be won but the boom period is 
clearly over and governments 
are seeking an increasing share 
of local participation. With the 
notable exception of Saudi 
Arabia and the United Arab 
Emirates many Middle East 
enuo tries have been forced to 
nut a brake on spending. Com- 
petition from countries such as 

South Korea. Taiwan. Greece, 
and Jugoslavia has reduced 
margins. Executives of the 
Dutch construction companies 
admit they cannot compete with 
the prices quoted by many of 
these countries whose workers 
are often prepared to accept 
semi-military discipline in their 
work camps. Dutch employees 
have higher than average expec- 
tations when it comes to home 
leave and salaries. 

The Dutch contractors are, 
therefore, resigned to seeing the 
less complex projects go to tbe 
less sophisticated companies 
often from newly developing 
countries. Where managerial 
skills, technology and the logis- 
tics are more demanding, how- 
ever, the Dutch feel they still 

management of tbe completed 
contract instead of simply being 
called in to tarry out the 
engineering work. 

Ogem sees projects like this as 
the export of management know- 
how. Part of the attractiveness 
of Dutch contractors to Middle 
East customers is their ability to 
arrange the back-up services 
needed to carry out these pro- 
jects. Ogem has its own trans- 
port division but turned to the 
largest Dutch shipping line. 
Nedlloyd, to arrange the trans- 
port of many components to Rot- 
terdam by road and barge and 
then to Dammam by sea-going 
vessel. Shortly after signing its 
FI 4.7bn contract to construct 
townships in Saudi Arabia. 
Ballast-Nedam appointed tbe 



Net profit 

Order book 






Be ton Group 




Stevin Groep 




Box Kalis Westminster 







Adriaan Volker 




have a big role to play. Ogera. 
which unlike the other Dutch 
contractors is primarily a trading 

group, with only 14 per cent of 
its 1977 turnover of Fl 3.5bp 
coming from its building activi- 
ties. riles the Dammam order as 
a case in point. In wbat the 
company describes as the largest 
operation erf its kind since D-Day, 
il has arranged the shipment of 
640.000 tonnes of concrete 
dements from Europe to the 
Middle East. 

Seven specially modified bulk 
carriers are engaged in a con- 
stant shuttle over IB months to 
get tbe components to the build- 
ing site to meet the tight con- 
struction schedule. Contracts like 
this nor only require tbe ship- 
ment of bulk items — Ogem also 
has to watch over the details and 
ensure there are pencils in the 

Stevin also wants to extend 
its rnle in projects of this kind 
and hopes to be involved from 
the design stage through to the 

shipping company PHS Van 
Online ren as forwarding agent to 
handle its transport problems. 

Adriaan Volker. a sizeable con- 
tractor which until recently was 
a non-quoted company, 
announced earlier this month 
that it is studying the possible 
integration of some of its activi- 
ties with another Dutch company. 
HVA. HVA has interests in con- 
sultancy. management, engineer- 
ing and contracting in the agro- 
industrial sector. 

Stevin hopes to find more work 
in North and South America now 
that the Middle East boom is 
past its peak. Despite the poten- 
tial market in tbe U.S., Dutch 
contractors Feel they have been 
unfairly excluded by restrictions 
placed on the activities of foreign 
companies. They bave responded 
by going into joint ventures with 
U.S. companies. Bos Kalis has 
taken 25 per cent stake, the 
maximum allowed by the U.S.. 
in a joint venture, called Zapata 
Westminster Dredging Inc. with 

Zapata Corporation. It hopes to 
build a fleet of dredging vessels 
it can use in U.S. waters Ballast- 
Xedain has a 25 per cent etake 
in the North American Trailing 
Company. Ballast is also build- 
ing up its operations in selected 
African countries such as Egypt 
and Nigeria and in South 
America. Adriaan Volker has also 
turned to the U.S. and has a 25 
per cent stake in Eagle Dredging, 
together with the U.S. Dredging 
Company C. F. Bean. 

The development of new 
equipment opens up new markeis 
for tbe contractors. Their favour- 
able level of profits mean financ- 
ing is not a major problem. 

Stevin recently placed an order 
for a semi-^ubmersible self- 
elevating curter-drodger which 
will cost FIs 200m. It will be 
built at a Dutch yard and is due 
for delivery in September 1979. 
Stevin sees this as tbe first of 
a new generatinn of sea-going 
dredgers which can work in wave 
beichls nf 3 to 4 metres. 

The eishr-Iegged dredser can 
reach to demhs nr 32 metres and 
will he able »n tackle hard soil 
conditions. Its applications are 
in sea-mining, pipe-line trench 
making 3iul harbour excavation 
on inaccessible coasts. Adriaan 
Volker. too has hush hopes of 
a new technique which it has 
developed for covering pipelines 
on the sea-bed. 

Bns Kalis is a partner in a 
combined venture with Lockheed 
Missiles and Space. Amoco 
Minerals and the Royal Dutch 
Shell subsidiary Billiton Inter- 
national Metals, to mine man- 
ganese nnduies in the Pacific. 
Ocean Minerals expects to start 
deep-sea mining in an area 
between the Bay of California 
and Hawaii in the mid-1980s. 

Despite the fact that much of 
present day Holland owes its 
existence to the precursors of 
these construction groups, oppor- 
tunities at home remain fimtied. 
The slow-down in oonulartion 
growth and increased concern for 
the environment have led to 
shelving of several ambitious 
land-reclamation plans so the 
Dutch will probably remain a 
permanent feature on the inter- 
national contracting scene. 

Philips’ new dictation sy stem features 
the amazing new Mini-cassette 2; the first 
cassette with built-in, re-markable indexing 
strips. One on each side. The strip is a 
■specially-developed laminate on which you 
can make marks as you dictate simply by 
pressing a button. And they are erasable. 
So you can use the cassette indefinitely 

But that’s just one advantage of the unique facility we call 
Visual Mark & Find: Marks can be made in two separate rows: 
one for dictation passages, the other to identify special 
messages for your secretary: Messages you can record at any 
time, even during dictation. So there's no need for hand-written 
notes; and no separate strips to fill in. 

As the marks are made, special tones are simultaneously 
recorded on the tape. And with our new machines, designed to 
recognize these tones, any recorded item can be found - quickly 
and accurately. 

The system comprises two new 
dictation/transcription machines, 302 
and 303, and a new transcriber 304. 
Weve also included our famous pocket 
memos 185 and 9 5. transcriber 186, ✓ 

and our self-contained, remote- * 
controlled 260 dictation system. * * 
These and other units / & 
from our previous Mini- / 


cassette dictation equipment range are corny 
patible with Mini-cassette 2 for recording , 

and playback- Which is the sort of / y 

thoughtfulness you’d expect from / ^ 

ihe world's leading supplier of 
dictation equipment 

Simpiy years ahead. 



/J y 




l -■■ N EVVS 

Multi-Trust Fund S.A. 

Socitfie Anonv.iK* 

Luremhi.urg. J7. n» PMre-Danw 
r.C. Lust mbour^ n" B5J ;& 

Police is hereby riven ihui ihc 

Annual General Meeting - 

ii l u ,i.| fh.1 die Kjetlid b4rt k biA* Luxcrnbour-* 

nfihcL.'mpjn> *nllncjiv'W^J ncull ^ rso1 “. 7 , 

, :o J.v Bt'uk-ianJ tuicmhour^-V illc. on Tu^uay ■» July 14. a u 

S.i*> p m. 

U ihc r-.piirti or .he Board of Director* »d or the S.a.uiory 

- JwS « ihc Balance Sh«i and Prefi. and la* ^aicmcm as a. March 

Mu. m. 

\ Hjvmen. of a dividend. . , 

4 . To transfer to lepJ rocn e the amount required *> ’-*- 
■i Discharge of Direciors and of ihe Statutory Audifa • 
h. ReeeipAif and action on nomioution for ciKlK-n of Directors and the 
Statutory Auditors. 

7 ' jMra^rSuIjSio attend and vote at the above 

proxy iu attend and vote on his behalf andsuch proxy need not be a Member of 

the Company. 

By order of ffce Board of Directors 

Orbisa S.A. 

Sode tc Anonyme 

He aJofficc: Luxembourg. 37. rue *\ 0 ' r : : ‘H' i,nc 
Trade Rciibier: Lu.wmbourg n B ■ i> - 

Notice lit Meeting .... . .. , 

Shjreh* <lderv jo.- hercbv omvened tend die .laiutoiyoeneral 
Mcciinu which is gofirg ; r.« be hcM-n June >*h. h- cl **-* k Jt ,hc hc -“ J ' 

..{Bee. uiih ihe toll"* mg .ipenda: 

Awnda , , . . 

I. Subiuiwii'n «4 ihe rcpori* «■! the B-.-.irJ «■! Director- and of the Suiuiory 

"j ’ ' Approv'd i >1 ihe balance ditti. UK profit and !i-« vutmient and -llocaiwn 
i<f ihe rvMil:« av March 3 |m. W*. 

'. ‘ Discharge of the Wwctors and Sututof? Auditor. , 

J. Receipt of :ui«t action .m nomination fur election • • 'fce Muiutory Auditor 
tor a nev> -uiuiory icrni. 

5. Ml.ccU.inei mV 

Die Board of Directors 

Uniu'uk ri.y. 

7*’„ AND V . i'Kl. lilMtt 
SUD-SHAftU / Uii o ■ ' 
NEOt RLA NGj.IH - It v...AilE- 
Eft 'Iktljh. t.n.all 

F'AI Mi atf... a ... »M • j7fc 

ot 3S". IFI. Q.ali ve i.i n a. 

and -i _ ii. c — • . -• • - >.■•1 ... .n- . ■ ■ . — 

3 July i«.’L. iu or,j.-i . i... — 

□ pr.ui ce-.tucviea •■■-•-> -v • ■ 

lium.O >ui nii v. aniiii’i.' phi . ■ . 

ihc *oHo ing uai.-i. me , •» 

ii.Llui.uS an gnuiridl i.'.g .0 '••«■ 1 -nc 
ceiti.ivalci * nich ruua noi tie iuooo> 
with “nc lonn. 

Miauiid b'ar.k Limited. Now Issue 
□uDjrli'icn:. Manner House. 

Pepyi Strict . Canaan EON 4 DA 

Ncrihci n Bant LuniteO. 4. Waring 
Sirecs. UcKs.t Bit e£t 

AOtca-Jrivh Band lunncfl. SKun- 
tics Department. 3 J. Foilci 
Waco. Dunlin J 

Clypijvaaie tank Llnutcd. jO Si 
vineent Piacc GlaiSaw 
from whiuh Jjnii inner clct-.ilt 01 
rhe TlindL->nis mar nc oi. ;a.nco cn and 
alter 30 June. 1D70. 

EXCHANGES Ncflamtm t CeNiS- 
catos or O.mnai Shans L.n«te hlpiu- 

afclc. tor C«r -.i.i -a:e> 01 lur.-vn.v ci 
.ICC lerva wll r.1 SUSPENUL'-i VHvjM 
23 June. 1978. 10 29 June 19.8. 

oortl OU-'CV inClUirrL. 

Ccrtincetci mil oni* i;c acteplco 
lor ijvchanae alinr 29 June. 1^7* 
provided nut all rUvidocOn occtpic-d 
prior to that date ha.c- Oc^n clamed. 


London I.a-iMe. Othcc. 

Unilever House. 


London EraP a BO 

AND FL. 100 

The dividend will be paid on ami 
alter 3 July. 1978. ayainst Surrender 
01 Coupon NO 9a. Coupons mav be 
CDAHhed through Midland Bank 
Limited at the above address or 
through one o< the paying agents in 
the Netherlands. Coupons encashed 
through Midland Bank Limited (from 
which lutier derails ot the dividend 
mav Be obtained) must he Mted on 
a special term obtainable trom tsi 
p.iik which contains a declaration 
that ihc ccrtihcalc* to which the 
couaons relate do *io“ belong to a 
resident o! 'he Netherlands. 

»6 June. 1978 


A distribution 01 >0.199 oer deoosttarv 
share less anv applicable ta*es will be 
payable on and alter June 12. 197 3 
upon orevenlJtion of coupon no. J 31 
•he oniccv ot any ol tlic lollowin? 


—New Yor/. is. Broaa Strcc: 

■ADR S-ictton) 

— Brussels. 35. avenue des Arts 
— London 33. Lombard Street 
Amount cavaote after seduction ol (Sin 
Japanrr: a-- 0 1u9 

Amount Durable alter deduction Ol 20 "» 

isoavcse a- 0.is3. 


\n. ODISli nr 197S 

In lire lll'.HJ COfHT l»l- JUSTICE 
Olunierv lii*. ivitin L'omiiaTuas Cnun in 
1 lie llaliir 11 I M-i'.tK P.V3K AOtr.iI 
Jl.iTEffl \Lh ‘-0. UUITEti anil In Ihe 
Matter uf The Coiuiuuies .\n. 18-le. 

NUTlCli IS HEREBY Of TON. lllut a 
Pen 1 mu tor the Winding up of 'he abovc- 

iiainod ii ppm- by rite Hictl Cnurl ot 

Jimiiitr >v iw on the 9Ui day ot June l»TS. 
prt-wnteii to live paid Court by QUAKER 
■ ■ATS LIMITED, whose regisivrcd office 
is ai Southall i.tljildv.) in ilruah-r 
London, a tndiior. and tlul Hi- said 
p..-: 11 ion is rfirt-L-leil to b-:- h.-anl before the 
Uuiin viiiliM . 1 : me Ror.ii Coons nJ 
Judiev. hirand I^ndun. WC2A 2I.L. on ilu- 
inih day ol July 197S. aud any creditor or 
t-oiiiriUiii«r? ot the soul Coniruiiy 
du.vihouy in 'tinnuri or iippriyc tlic uial hu 
•■r an Order mi me siud Pei ft Ion mu} 
.iif(ie.-ir ji the nine of lienrinn. In ticrwri 
•ir hy *uv counrcl. for that pur pose 1 
.inn a *n|i> uf ilic Petition uill be fur- 
iiisiK-d fi« ilie under* r„ ued In any eradifiT 
nr L-nliinhiil'T. or tlie Kiul i'Juiii|>any 
r-quirni- such ion” dp Da'nti iit 01 ih-.- 
rei.<Uaied iharCL' lor Utc '■Jiue. 

I K. P VRINYi i Cl» - 
74. Umiiyrv j jnt-» 

1 r.mion. *VO:.\ 1A V. 

Kef: J.Ul. 

Suliviiors tor Du* f'cnnmier*. 

Ni'TE in'- por.'nn tilio iiitenia- 10 

appear on Ow lieai m„ ol the sjid tV.ltiun 
nmsi rvrve on. or send by p«sr to. 1 lie 
abnve-nained notice n> »• ritin^ of Ins 
iniotnloii VO to 1 ( 0 . Tlie nolice 11111*1 Male 
II ic iijme and address of tlie- in-rson. or. 

if 3 linn, tlie jump and address of ihe 
Jir*it and must bo sicned hj U 10 persnn 
or linn, or lus or Uteir solicitor Mf anvt 
and inusi bo served, nr. if posted, mu. -I 
be sent b; post in sufficient lime 10 
rrjch the aNire-nained nnt later Ilian 
tour o'clock tn the attemooa of . Uic 
Till dJi of Jlitv 1979, 

fiat 11 — 10 Hoiacrs of European 
DcDKItarv KcceloU iEDR s> in 


I 11 E GENL’t Al MEETING ot share- 
rplucrs of Mitsui 4. Co Ltd., will be 
h.-lp an JUNE ‘‘J. 197B. 


Ii aq j-s.m ol in.' financin' State- 
ly airs oi.- lac o.ooasej appioprta- 
,.;r. e- prcui 1 . mi- tno S9th 2c-vincss 
lrrm ic-jin April 1 1977 to March 
31 lS7bi. 

2 21'r.uii* >9 Directors. 

31 “Vtct.on o' 1 Auditor. 

-ii pr«.e-vt jtian si gratuities ta rciir- 
i’V( Dr.r'rn jnd Auditor 
S • uic.-fnia • H condolence manor 
tor Dii :ct'jrs. 

Full :?•: v< Na’.kc i« available a; 

S....BJUI. N A . Lanoon. 1 

S> ytlt . 1 > «no want to cvcicise 
•-—ir t-- nf| fir* must deposit their 
ii-r-.-s .* cv no: -atcr than June 26. 
19 e vi .01 01 the 'snowing. 

C ; r.. >. Sink ol ToFyo 

B-ancir- m; Branches In; 

AniV, ,.m Brussels 

rn-vji; Dusselcor; 

MillA Hiirjung 

Pans Lan on 


CifiOjni -B-.-ni-int/ S A 
Citibank •Lu-amnaurni 9.A 

KrcaiethanV S.A. Luxemoourgcoise 
— Lu«.embQur 0 

■age' her with inslructlOns indicating 
the wa» the shar.s be voted or allow- 
ing Citibank. HA. to give a discre- 
tionary oravv ts a person designated 
bv the Coniojiii. 

CSSI Once. 

Citibank. N.A. 


Juny 19 <97S. 


.hormert* S-. A 6-..I OOlLAH BONDS 

• Formerly 4%* CG*iOOPES BONOS 
Oilers by the Government ot tha Renublie 
ol Ecuador u» reSMct ol me above bonus 
were au bl is tied on their twtian by me 
Council ol Foreign BnnoMtaers in the 
Financial Times of 7th June. 1978. 

Bondholders wishing to .icccot the offers 
BONDS should applv through an Authorised 
| Depositary who may obtain BOND LODG- 
1 MENT lorms tram. 


! International Banking Omsion 
Customer Services Oeot. 

5-10 Great Tower Street. 

London EC3R SDH. 

All coupons UP to and inclusive ol " No. 
SO " arc to dc looped ,n the normal 
manner on the appropriate iorm. Anyone 
naioing "Certificates of Deposit issued 
bv ihc Council pi Foreign Bondholders 
odd arrange lor most- certificates to 
jS ionvarded to Williams a Giya's Bank 
■m a Bond Lodgment form. 

■Vo. 8017-IP ”1 IV7H 

Cluiieery Division OmipJiiies Court, in 
the Mailer of E'ERHO'C.t Lf.tffTED and 
111 the Matter of Tlie Cumpanies .Vet. 

l -o' iiitm for ihc WiimIiiiii mi nf tlie alnve- 
rtni'iietl CuiUpany li.- tin- Hipli Cuurt ol 
■lusttcc was on life l<i i'a’ of June iflTj. 
nreseniod to the stud Court bv 
vheae resisiered »iK.-e ik situate at 9. 
Km- de la Pals. 73001 Paris. Prance, a 
Company uirorporatnl under fhe laws of 
Kninee, CloihinB Manufacturers, and that 
Ihe said Petition ts directed to be heard 
before fhe Court simna at ihe Nova l 
Courts of Joslice. Sirand, London. WC2A 
'iLL, oil tftt 5rd dm of July 1973. and 
any creditor or rt.iuni.uirvrj.- of iho said 
Coiiipuny desiroun to '•n|ii*iri nr iipixc*. 
■ he inaKlnn nf an r 'rder on the said 
Pcfitinn may ai.|i«jr ;ii the unte of 
hejmic. in f>"r^in or b- his counsel, 
tor that purpo*e. -ipi( a mpv or the 
I'C'iilnti mli be luri-i'iK-d hy tlie under- 

Mun-fd m any rrri'iinr or conlribiuoi-\- 
iif 1 1* said Cnmr»:in; rmimnni: such rv.pv 
un pajmetn of Ihe ■ i*uiiln let! iharse lor 
iho same. 

ca.vprej.1 nr-nrzn 


13. Jenu' 11 i'lr.-el. 

London. M '!’.' i.LT. 

Kef: CRI DMV . 

Tel: 91 -7'- 74.i 

Solicitors to' if:e Pent inner 

f.'t»TE —sill'' ;ii— cun v-ijj intend* in 
uniiear on llw liMri". nf tlie said petition 
mint serve nn. nr -p(id b- oo-'t 10 . tlic 
aiwiw-naniod noi n r- <« vriiim; of Ins 
inienfien so to do. Hie nonce must sute 
the umiic and (■■i. , r>-.> nr the person, or. 
if a finn. fhe n.-.n-i- anil address- of Hie 
firm and must Ire *:=tte.l In- Ihe permit 
or linn, or N* nr iheir solicitor <lf any 
and nmsi be scr«n. P r. if pnsied. must 
be seut by posi in -vufllcicDt imie in 
reach the abovn-inined nnt later than 
four n'dortc in i--o afternoon of the 

;t|fj|) dal' Of Jthie IPTs. 

Bank of Ireland 
Capital Stock 

Change from Inscribed 
to Deed Form 

At th* Annual Uencrak Court 
of Proprietors held on 6th 
July, 1977. a resolution was 
passotl amending the Bye- 
Laws of the BudK- to permit 
the change in form of transfer 
and registration of Capitol 
Stock from Inscribed to Deed 
Form and for the issue uf 
Capital Stock Certificates. 

The Bank is now implement- 
ing this decision ami as and 
from 26th June. 197S Capita! 
Stock of the Baok will be 
transferable by ordinary 
Stock Transfer Form. 

Certificates will he issued to 
all holders of Capital Stock 
whose names appear un the 
Re?isier at «iusc or business 
on the -23rd June. 1978. These 
Certificates will be posled to 
Stockholders withio four 
weeks of that dale. 

Any enquiries about the new 
procedure may be directed to 
the Registration Manager, 
Bank of Ireland. 04 College 
Green, Dublin 2. 

J. F. M. Rudd. 




N A ji DcaosHare f>?fcbv giw«s_ i.oticv 
Hist Die 73'd Ordiiwr* official 
M'sct'io at SfaieivoHters will bo fcia ai i 
10. GO a.m.. Tokra lime on lVefMiwJJv 
Juno 28th, 1978 at Moguio-i u 

Kokjido. 45-11. 7-ChamC. Nakmniclii 
Megjra-ku, Tokyo. Jitoan. 

Details of :hc Agenda are a; 
lollbvis: — 

Ol Aooro.-ai ol Balgr.ce Shoe, a- 
o' Mv>'.» 31. 1973 mo of she 
Business F.;OorL ProU anu 
Lasi Statemen; ana crjooaca 
coutoe'ifition ol e<-oh: lor mo 
73ra Business Term. 'Ajji.i 1 

1977 31 1? 81 

mi £'?e:">" of b*.» Ci'octa-s 
•in) 9'jviSion ol r.irecltrs saiancs 
ana rcm'incralion 

Cooics af the Balance Sheet, .ing 

Inc other Capons and Statements are 

available Iran the DcooSiurv. a: its 

otllec It Woaigate House, coleman 
Sfreet. London EC2P 2ND 

Any EDR holocr who wishes to 

instruct the Dcaoiilary as to the 
crcrcjir oi its Voting Rights through 
the Deaosiurv in rcsoect ol Item 'll) 
ai Ihc Agenda should comply with 
the instructions contained within 
Condition IZ of the EORs by not 
later than June 23rd. i&7o In this 
case 't mil not be ncccssar; to lodge 
me relative EDRs or any coupon 
octachco thereirom 

uonnoii. as Deacisitary 


component groups 
8 % profit margin 


THE TOP TEN Tjk nioior com- 
ponent groups earned an averaye 
profit margin on sales of S.2 per 
cent in their past financial year, 
according lo a new survey. 

The Study, prepared ’by ihe 
Jordans research organisation, 
shows that the ten. which are 
all public, quoted concerns, 
earned better profits on average 
than the leading private compo- 
nent manufacturers. These had 
an average margin of 6-7 P ,?r 

They also did far better inan 
■j number of leading foreign* 
controlled organisations, w-i «*? 
them owned by U.S.-based 

According to the .Iordans 
figures, ihe lop (en In this gfoup 
earned a margin of only 0.7 per 
cent, on sales. 

The poor perFnrm-dnceF nf the 
foreign-based companies may be 
partly explained by the pre- 
ponderance of tyre manutac- 
lurcpi in the sauipie. Tyre 

producers have been going 
through a particularly tough 
patch in the last two years, 
many of them slipping into 

Miche’in. the French group, 
has proved a striking exception 
to this rule, however, making a 
margin of 11.6 per cent an sales 
in the year to the end of 1976. 

Jordans rates Michel in's per- 
formance, which embraces a 
jump in profits from £3m to 
£>4ni in three years, as “excep- 
tional" and comments: “Through 
its fast profit and sales growth 
it has now established itself as 
the leading foreign-owned com- 
ponent company in the UK." 

Cummins, another foreign- 
based concern, manufacturing 
diesel engines, also has a sound 
record. Tn 1976 it earned profits 
of £S.3m at a margin on sales 
of Il.S per cent. 

By contrast. General Motors 
reported profits of only £3-Sm 
aud a margin of -.7 per cent. 

Jordans says, however,. . that 
the figures df foreign-owned. 
subsidiaries have less- validity 
than those of UK-quoted com- 
paaies. .. .-'■ _^y 

The parent company- might oe 
levying hidden management 
charges or siphoning ofl- profits, 
through its prices on supplies,^ 
Imports from the parent 'wm*: 
p«ny might also be affected Tiy 
foreign exchange fluctuations. 

The best performer among the: 
public companies was Renbld., 
the chain manufacturer, whfch 
had profits of £14m and a return, 
of 12.2 per cent. . . .• ; 

Next was Associated Engm- 
eering, the precision engine 
parts producer, with profits ot 
tffclrn • 

Among the larger private 
producers. Cannon Rubber .had 
the best results, with profits: of 
£1.2m and a return o£ 12 J. per 
cent on a turnover of £9.Qm, 
covering a 17-month .trading 
period. - " ‘ 'll 

fl 1 1 ’M M 



- rrrfti 


* tTiii 


*:» i>*i ’ 


k 1 - rA r i -l‘» i ; ~- 

"iiiiM fcS?w t t , } ti W f| i : ii | 


Ai iT vt 

Vauxhall increases 

VAUXH.VLL has become tin* 
becurnl of the big four t.K. 
car maiiuracturera to announce 
a mid-year price in wilb 
a 3.7 per cent rise effective 
from today. 

It follows Ford, which 
raised it? prices hy 3.S per 
cent al the beginning or ibe 
r.ionlh. writes Terry Cn.itls- 

ISO lii companies last put up 
i heir prices at the turn of ihe 
year and are therefore fall- 
tag iti(o Hue with the declared 
policy uf the industry U> try 

to keep increases to twice- 
y early intervals. 

Their decision will dearly 
put pressure on Lcyland and 
Chrysler (o announce similar 

The manufacturers have 
been responding to quiet politi- 
cal pressure, first exerted last 
autumn, to moderate- prices. 

Until then, the car price 
index had been rising more 
rapidly than the general index 
fur consumer goods, and there 
was a possibility of an investi- 
gation hy ibe Price Commission. 

The judgment of the manu- 

New assembly track 
for Rover engine 



| Wars ri«hi up until Northern Ireland 
I todar mean ihji hundreds oi thousands 
of v.\ir vionms still exist. Ex-m.tvioo- 
nn.ii >i'fd«Ai%. wrohari' d'-iperauiy 
ru homes, sobs. food, tu.-t anti n ; iot 
I isrenuats Jh. .mnual tVppv Anneal 
alone uniio; possibly paj for. Flcaoe 
. s ud daca. 'tuns in 
! The Royal British Lesion. 

Maidstone, Kent. ME20 7NX 

LEYLAND CARS has eomi'leied 
one of the key elements in it’ 

plan to expand production .f Ihe 

Land-Rover and Ranee Rover 
with the introduction of :• new 
assembly track for ihe Rover VS 
engine, writes Terry DodswiuTii. 

Capacity on the new line, built 
at the A cocks Green planr. head- 
quarters of ihe Rover engine and 
transmission yroup. will he 
about 110.000 units a year nn ,i 
double shifi basis. This is ahnut 
twice the capability . of the uld 

Lcyland has injected £3m 
worth of new investment into 
A cocks Green fur the expansion. 

which will give Rover a well- 
pruven engine for both its car 
and four-wheel drive ranges. 

\n particular, this will allow 
output of the Range Rover, 
powered only by the VS al 
present, to be expanded to meet 
the high rate of demand. 

Improvement in engine output 
will now be followed by further 
investment in the assembly lines 
at Rover's Solihull plant 
Total output of Land-Rovers 
and Range Rovers is now run- 
ning at about 50.000 units a year, 
but the group Intends to increase 
this to more than 100.000 
vehicles in the next few years. 

fae Hirers Is that the new round 
of rises will be moderate 
enough to have no harmful 
impact on the present ^tron 
rate of sales growth. Ford, l 
particular, has long waitln 
lists in any case. 

Examples of the New Vau~» 
hall prices are: Chevelt.e EF. 
two-door saloon £2,341 .(oka 
price £2,252); Ghevette -GS 
hatchback £2,758 (£2.652); Vivf 
1300 GL5 four-door saloon 
£3,1 23 (£2.8*51; Cavalier ZfiOf 
L two-door saloon . £3.15f 
(£3.058); TX 2300 GLS £5J>3| 
(£4,792). I 

Datsun carl 
prices rise 
5 % today t 

Financial Times Reporter 1 T , 
DATSUN CAR prices will gdup 
by an average of 5 per cent-to- 
day. although stocks of veheies 
already in dealers' shownnms 
will be sold at existing priejs.^ 
The increases come after! the 
hardening of the yen (lgfiiftl: 
sterling in recent months, whidh 
has increased importers’ prices. 

Examples of new prices! ace: 
Cherry F1I I00A two-door swoon 
£2.190 (mp £103); Sunny 
four-door saloon £2,5S4 ^Jfih 
£102); Bluebird 180B estffla 
£3.497 fup £184); Labfel . -Si? 
saloon £4,347 (up £246). :. * 

ro I'T'lmtii'h f i Ir t' i 

ri it r it ort TO^fi ■ HTTHmil 

CJ i ri ; BH'H i ii’ L' L-iil 





[3C9 ,,1 v" : - Deal-?'? 

2S0E WI2J 1977. Mc<l red. 
bamboo cloth, auto. tinted, 
radio £9.250 

23Q 197i . Topaa brown, 

bamboo mf. auto. pai. radio. 
2 5.000 miles £6. 250 

T^.r.-:.Y.;Zr. dJ3:;b: 


MAY 1978 REG. 

Grand Vine white. White leather, 
kacaro't E.5.R. Air cond.. L.S D. 
Left hand drive. Ofler* 



I ROWBOTHAM ■ 1553-192 !• Until 30th 
I June. Mon -Fr. 9.30-S.30. Weclt 7 

• Saa. 12.30. 77 waiton Siree*. S.W.3. 

l 389 6848. 

I A GNEVY GALLERY. J3. Old Bone St, 

: V/.l. 01-629 6176. OLD MASTER 

) PAINTINGS. Ult.l 28 Julv. Mon -Fn 
I 9 30-S.30. Thu-i. 'intif 7. 

• BROWSE & DARBY. 19. eV: 5: v/ 1 

FOR AIN . _ Mon-Fri. 10.00-S.30. Sal 

1 10 .00- 12.30. 


I Sf. J.lirris ;. S.W.l -,BTH r.ENTUR, 
| SCULPTURE. UfUff 7 Jufv. Mon.-Fri 

• >0-5. 



j Park Lane. W1. Until 24 June 11.00 am 
. 10 7.30 pm. Admission LI. 50 .neiud.r.s 
j illustrates handbook. 


under instructions 1 rom 


dua to completion of contract 

SEFTEHBEB 12th & 13th 1S73 

at Warburton. Vic. Australia 

10 Baldwin 12 ton diesel locomouv-j 
6 Baldwin 3'.a ton diesel locomotivr- 
5 40ft. rail cars. 3 fan line cars 
19 Fiat cars, 4 fad cars 
47 Moore side tipping much cars 7 cj. yd. 

9 Concrete agitator cars 8 cu. yd. 

2 Eimco 4DH muG'-mrs 

All above to suit 30 inch rail guage 

Cjl generating equip, pumps, cable 
4 Gardner Denver 90Q mobile compressors 
19 Tunnel irensfarmers 150WA— lOOOkVA 
2 F 3vcq double drum winches 
2 Doscq Mark llA Road Headers ^ 

1 Robins tunnel boring machine I-)' dra. 

1 Shaft sinking tumbo 2S‘ d<a. 

Illustrated brochure will be nutted on reovvn. 


dSff.rt' iffSh AuCT*o»n?rs Sydney 102' 669 6055 
Botany Road. Alexandria. 2015 
N.S.w. Australia. 


Dean S.’recl L-jran i 








CoT.m.-r .-iB! t lndiii!r - .ii 
Pr-;;< ?*; t '■•• u iui 

u »-.t-iM.'.J Hrr> r .'. ^ •••• ‘I.. 

APWSito'U', 4,71 ]4.i.ia 

'Ju- Dv* is tir.i«*mv. hi 
"l'*!!Si'i • ■jr:iara;iv’i 
J.rsa- FTiriw- : 

Cnh- ■»" . Hnvi 

L nr Sal-- V. a'l 1 * a j 'Hi 

."JiiWin.'i ."..'u.urs 
C'<n:r r.:» .' Tu,«l..ri. 

P-r,.>t)ji >'idrJi'i)Uic 1"' ! i‘ii 

fi<ir f i jnd Tra-rel ' if «i 

DouK Pub!* sin rs - : d>i 

Premium posit hips avpiliihi* 
(Minimum size n column rrss ) 
ELSO pur single column cm PFU-a 
F'*r t!(-l‘:i r f. liinV I'Tjf,- 
Ua^sifiL-d ArlvcrlltiL'PitMii 


Financial Times. 

10. Cannon Strccl. I;C4P 4B\ . 



Wales has accepted a i 4.t>m 
tender rrom BALFOUR DEATTV 
CONSTRUCTION lo build tlie M4 
U^morc Valley via duel in Slid- 
Gtiimtiruan. Sotilh Wales. The 
five-span viaduct is part of the 
Pvncoed lo Stormy Down (Bridg- 
end Northern By-pasaj section of 
the motorway. Work is expected 
to siart shortly and should be 
completed late in 1HS0. When 
work on the viaduct is in pro- 
gress, construction of the motor- 
way sections to fhe ca*t and west 
will also starl. Consulting 
engineers are Freeman Pox and 
Pariners, who will supervise the 


ROC ha.s r. lfi-year '.nn tract with 
British Steel Ciirjioration for 1 
thv supply of gas to 
BSC« Cijricovh works, near 
Uiasuow. Thu Lo mi-act. valued 
at about I2..itn. .ij-u involve^ con- 
struction by BOU of u fTall.unO 1 
production plant ;,i Cartcosh. If 
will be i-nntmllnl from BOC'sl 
production unit :n rjnr/ln. m-nr! 
tfothen*cil. and -• iff produce 
ilu tonnes ot niiroieit a day. 


An in-dor for more than fliiMvorili 
of jimtectm.' dm ii in ;; has been 
"in hy ilu- i'Io(hiiiL' division of 
K KM PLOY . The o r i h r comes from 
CMT fndusiriil Supplies, part of 
the Central Mi.nufacturina and 
Trvtims ilnnin. u is fnp donkey 
jackcis. wiiierprouf and Toul- 
wealner ciothinu 


\\ iih fuiii oint racis ii.u- jhe supply 

and iiiMi.iiaiion nr p:msenj;er and 
service elevainrs. iho OTIS 
orrlcr-: lotalliiu more than 

; fdOO.OiMi. ‘hilris have Ijccn 
received from liebenhnms. Man- 
, (-hosier; The Winvaic Centre al 
AM-jaie. HoiiiKh'.iuL-h Wpre- 
Iimusi-s; and Wjiitn,^. „f SoulhsCa. 

Communications Systems com- 
pany. i» iu make and supply 200 
receivers for thv Post Office Radio 
Inierference Service. ThC 
receivers, a peri able sinjrJe con- 
vwxmn suocr-hviLTadym type 
cnverm-.- Ihc fn-nuenev ranee 
k*H7 m :;j MH 7 » ’ can be 
un**r.ilrH from uihcr mains or 


Tin- ’(infsir-. ••( ih-rencc has 

ordered ar, fnikhri irucks for use 
bv Die Rn.v.-iJ A»- Vurrrr. [he cross- 
miiinn-v fnrllifi i rucks are 

i’- : ■'led and built by CAMERON* 
r:i^n\FR r-mj ihu* basic power 
irc i|.. s , eV Fcrsuson in- 
•l||Str--l "--if-tnire lifted with 

47 •*■* l\-:kin«. 3.132 diesel 



•‘U.vt »' ft KILPATRICK has 
‘ ■(*- n av—i-fi j number of con- 
1 riz-js- m ihc ini'll value of over 
-i j-„, -rpp i:j ri'c-'-l i-> for ihe 
•-*i,*i-i t-i«--,| ; ud ui.-z-hanicdl in- 

•’..i 1 !-' mp a new eompukr 
buiidinc fur ss^p. Cal heart, 
Glasgow, valued at £i.2m. 




need bank managers 
who understand 

When inflation changed the rules of financial 
management, it also changed the relationship 
between companies and their banks. Today 
companies look tu their banks as never before for 
co-operation and ad v ice. 

So Williams & Glvn's encourages its managers 
to go out 3 nd visit customers on their home 
ground. In this way, the managers obtain a first- 
hand understanding < >f the business that no 
balance sheet could ever give them. 

You’U find Williams & Glyn’s is more alert in 
other respects too. We can give you a decision, 
even on a major proposition, more quickly 
because there is no elaborate hierarchy within the 
bank to delay it : the chain of command is short 
and direct. Wouldn’t you like a bank that 
understands the way we live now? 

Call in at your local Williams & Glyn’s 
branch. Or write to: Marketing Development 
Office, Williams & Glyn’s Bank Ltd., New 
London Bridge House. 25 London Bridge Street, 
London SEI 9SX. 

Five ways to 
more profitable business 

1 Working Capital 

Williams & Glyns managers can advise 
you on the most suitable ways of 
providing working capital for your 
particular business. 

2 Instalment Credit 
Through a subsidiary company, 

. St. Margaret's Trust Ltd., Williams & 
Glyn’s can provide instalment credit 
for the purchase of goods or equipment. 

3 Quick Decisions 

The shorter chain of command at 
Williams & Glyn's ensures you of aquick 

4 Cash Flow Control 

W illiams & Glyn's specialists are always 
ready to help with advice. 

5 Medium-term Loans 

A more formal arrangement for 
loans from 2-7 years for the purchase of 
new plan t and equipment, etc. 

Williams # eiyh’s bmiib & 

The most flexible of the big five banks " . 

A member oj the NulioHiil and Comma tin! Eaxking Gt o/tfi and one cjike Mcr-A ipim Group of Bards 


financial Times Monday June 19 1978 



Receipts of National 

London savings fl 


: now £53 SSmsS."!'" s" aus 

■ , m^T£S«SS 5 ®& < i e m riw “ ,cs moa ' Mi 40 

- • Certificates. 

||Q\r Provisional figures issued by , T " e m, ? st te,l * n y feature iu 

M l&il T the Department for National ,ast monlhs decline in receipt* 

‘ » Savings show net receipts y as , a „ slron, R withdrawal of 

FT NOW piwfo , . £81-8m last month, COmpiir»d ■ ds „ fr 9 m . the ?J, «‘ t ionai Sav- 

bosini^ SeenHr 41 sf0 "v ,fin w ' Jth £ 137 Am in April. P ^ mgs Bunk investment account, 
SOa dav in 5i i d u th ? n This brought total net savin -s ? Qupled wlh smaller amounts 

H?u* a SJ a J£$$ ln - be “e ‘■w.ttd. 

■■ That dflK n«t y " lhe cur ront fiuancsal year 10 Overall, there was a small net 

pro^lon Sr Sii! 2SSL* n T « against £J95.9n) m ™tflow of £ 0.1 m in May. foUow- 

«SSSli»?^Sr5 ‘ S™* the corresponding period l ait in S more than 32 months or 

th« ISSL « 1 le - he % **”*• >' car - steady positive cash flows into 

ler Trave !r Net receipts for National Sav- the account. 

SJ2J25, S, °J“ g0od in ?s Certificates amounted t.. 

Sr tha^Apr^ ^Sre "or Sluggish 

ssasrsarts^^s i^svT^^of 

£53 d^iy. * Jfc SKSSfn, ““£i„ 3 \ n 5T^ 

Cheaper City tame, nelding 7A per eemntt. of the National Savings Bank 

Although this represents a the Sr;/ 

lakCS ^ ^ which. afJ ^^t^ 

still one of Western Europe's 

less expensive eities for foreign TkJ 

business visitors. | 011/ TWO VP*C A] 

For every £100 the executive -L v f T U-ftVP » Vj 1#| 

spends in London, the survey 

finds that be would tune to FINANCIAL TIMES REPORTER 
spend £135 In Brussels. £113 in 

Paris, £121 in Amsterdam and A CALL for initiatives on pollu- threatened 
£117 in Zurich. tion to be left to trade unionists, expensive 

The cost in Now York is lakin y direct action at shop floor ment bad 
actually 4 per cent less than * eve L has been made in a Labour claims 
In London, while the cheapest Parl >' report on the environment. u Th e tn 
European city is Lisbon, £44. Pollution controls could he or health 
The most exepensive in the backe d by using to the full faciii- restrained 
world is Kuwait at £226. ties created by recent employ- precaution: 

meDt legislation such as the The repo 

A _L Employment Protection Act and awareness 

/vmiy snow A e t Heaith and safet? w w ° rk *><«». such 

T*ll J The report by the party’s environraei 

-VflllAff environment study group, is due at the wi 

MJXivu to be presented to the Labour home. Cb 

^ • j Party conference in October. It vapours, n 

QC accuses some employers Of trying radiations 

to frighten workers into keeping the family 
■■■_. .. _ _ quiet about pollution hazards. Industria 

Financial Times Reporter Job losses have been unacceptab 

THE . FIVE-DAY British Army 

Equipment Exhibition, which " 

opens today in Aldershot, has *R 1* 1 

^ 0 ?M£ c er! arsest ven - Building research 

Representatives of more than CE • i i . i 

Interest rales, can now offer 
better returns. 

The bank bus alvnys reacted 
slusstiilily to interest-rate 
change.*.. When interest rales 
fell, many investor*, including 
some financial in^i tut ions, tuok 
advantage of this sluggishness 
and in vested in the Savings Bank 
because iis rates were one of 
the highest then available in the 
money market. 

This month is almost certain 
In see an aucel/Taiiyn of funds 

uiit of Lhe Savings Bank invest- 
ment accuutiL Stockbrokers 
Joseph Schae and other com- 
mentators have been making 
stroug recommendations to 
investors to switch tu other 
money-market sectors. 

Overall. National Savings 
funds. hnn-ted by accrued 

interest in May amounting lu 
1:15.51(1, rose ti» f30.33bn by lhe 
end of the month. 

New moves on 


. tor initiatives on pollu- threatened where allegedly 

uon to be left to trade unionists, expensive anii-pollulion equip- 
taking direct action at shop floor ment bad to be installed, it 
level, has been made in a Labour claims 

Party report on the environment. « ^ trulh is not tetweeB jobs 
Pollution controls could be or health but between un- 
backed by using to the full faciii- restrained profits ur reasonable 
ties created by recent employ- precautions." 
meDt legislation such as the The report also calls for public 
Employment Protection Act and awareness of new areas or poilu- 
tbe Health and Safety at Work tion, such as car exhausts, io he 
Act- extended. "We suiter from 

The report by the party’s environmental degradation, both 
environment study group, is due at the workplace and in the 
to be presented to the Labour home. Chemicals, dust gases. 
Party conference in October. _ It vapours, noise, vibrations, and 
accuses some employers of trying radiations are no respecters of 
to frighten workers into keeping the family fence.” 
quiet about pollution hazards. Industrial pollution ** was the 
Job losses have been unacceptable biology of capi- 

ioia urged 

lalism" and there should be a 
stronger rule for rhe Health ami 

Safety Cum mission. 

“This central agency could 
be given a duly lu uic the con- 
siderable powers which exist to 
regulate and control many uf Lhe 
sources of pollution." Responsi- 
bility was now too fragmented. 

Such a body could research 
into .pollution and liaise with 
local authorities and other statu- 
tory undertakings. 

“It should also have the 
power to intervene where exist- 
ing authorities were unable or 
unwilling to provide effective 
action in specific circumstances 
— with this power possibly 
being subject to authorisation by 
a Minis ter.” 

Iran orders save 
Chrysler jobs 
at Coventry plant 


CHRYSLER UK has won im- orders for 6*1,000 vehicles were 
portant new orders front Iran received. 

to safeguard jobs at its Stoke Chrysler VK. which supplies 
aB „ inB nia:it_ rnvontr. engines, gear Doxes and other 

engm P -o _ntr... components for the Paykan now 

Iran National, the Slate-owned bus a contract to supply 105,000 
motor corporation, requires units this year. 

12.000 more sets of components carf lvbjch holds about 

for Paykaa car. a^-mblcd in ,0 Per _ cent of tne Iranian 
j ran _ market, is to be given a facelift next vear to produce a model 

ST, with longer life. 

™* nl . 1 d,s - "hen Iran Chrysler is committed to 

£ at l a n d r , d , 10 1 the supply Iran up to the early 19S0s 
Paykaa d |r, .u i,, customers jQ an agreement expected to 
because^ of l ' l - ,> *|l , L , >nis about a guarantee jobs at Coventry for 
black market in the --ar.-*. ~, any years. 

About 75.0fm people queued A £25m programme to 
and camped outside the plant, modernise Iranian facilities and 
to the west of Terhan. for up expand capacity to 150.000 units 
to two days. !n a single day a year is nearing completion. 

Skye crofters offered 
land at 5p an acre 

Following the recommendation or the Biiiiding Societies 
Association. Gateway Building Society will operate 
the Toilo.ving rates of interest from 1 st July 1 97S. 

Investment Shares 
Gateway Bonds (3rd Issue) 
(Two-year term investment) 
(Three-year term investment) 
Monthly income Shares 
Monthly Income Bonds 
(Two-year term investment) 
{Three-year term investment) 
Planned Savings 
Deposit Accounts (Personal) 
Deposit Accounts 
(subject to basic rate tax) 

SAVE Bonus/ Interest as before 
Savings Ac counts( issue closed) 
Gateway Bonds 
(2nd issue no.v closed) 
(Two-year term investment) 
(Three-year term investment) 
(Four-year term investment) 

6.70% net = 10.00% gross 

7.20% net 
7.70% net 
6.70% net 

7.20% net 
7.70% net 
7.95% net 
6.45% net 
5.70% net 

10.75% grass 
11. 49% gross 
10.00% gross 

10.75% gross 
11. 49% gross 
11 .87% gross 
9.63% gross 
8.51 % gross 

7.20% net = 1 0.75% gross 

7.45% net 
7.95% net 
8.45% net 

CRUFTERS ms 'n.; 1»|.- of Skye 
j have been uifur-.-d the dunce lo 
j buy their land fur only 5p an 
acre. The otf-rr ■.-■■me* from a 

Dutch landowner who bought the 

Waternish Estate cm tbe inland 
earlier this i ear. 

Mr. Juhanne, Hetlinga plans 
,to farm iwu parcels of land on 
the estate and does not want 

the trouble of administering the 
crofts — so he has offered them 
to his tvnanis at give-away 

Already he has sold about 
2.000 acres for only £100 — or just 
5p an acre — to one of the small 
townships that make up the 
estate. A similar offer has been 
made to the remaining five town- 1 
ships on the Waternish Estate. 

11.12% gross 
11.87% gross 
12.61% gross 

Vs laming baaa 
rale ir^cRU. Lax at 33-.i 

Aircraft sprinklers call 

A CALL fur large passenger 
aircraft to be fitted with 
sprinkler systems was made 
yesterday by Mr. Brian Powell, 
station officer in charge of the 
Carlisle fire nation. 

This 'would give the aircraft 
protection at all times, which 

was important as aircraft fires 
were bard to fight because of 
access restrictions. 

The system envisaged by Mr. 
Powell is a small-bore, high- 
pressure piping ring round all 
the main decks. It would be 
fuelled in flight by water from 
the aicraft’s own supply. 



Member o! *J» BrnWimj SxW^s Ai-ocia'.;on 
Aired cl £550 million. £iHhon*%l I or n'.icurtoit b\* Truolees 
Diotnct Olltce-5 4r.dAgtxu; tliroughuu: ihe UiU 

For further tfcfails call in at v'our local Galway Building Society Office or 
write to: Head Office. Gateway Euiiding Socier/, P.O.Box 1S,Worthmg, 
'Afest Sussex BN132QD. 

opens today m Aldershot, has *11* 1 

S°<,f^a , ever ,arsest ven - Building research 

Representatives of more than cn • i i - m 

90 nations, including the Chinese 810111^ hll HV PTiliC 
en their first official defence 1111 MJ 

visit, will see over 10.000 exhibits, 

including Chieftain tanks. FINANCIAL TIMES REPORTER 

About 250 companies as well ,v 

as the UK Government-owned ^UTS IN public spending have mainly through early retirement. 
Royal . Ordnance Factories, wili severely affected Government says Dr. Rowe in his 1977 annual 
be at the private exhibition, now research into the construction report. “This is bound to have 
held everv iwo years. industry. Dr. Roy Rowe* director- an impact on the nature and 

The size of the show indicates : scneral of the Cement and Con- qualtiy of that research and 
the scale of Britain’s arms sales Crete Association, says. development work for many 

overseas. Sales haw been run- 1 Many senior experienced years to come.” 

nin? at an estimated £Ibn or ! researchers in Government The significance nF industry- 

more for the last two years. i laboratories have been lost, based research was hound to 

r 1 — , 7 ;"' ■ ...jz:r |iwfma«^ as a result especially 

-> * since the high cost of working 

. ..HOLYROOO . RUBBER , ... 

*• the construction industry. 

- Mr. Mathews’ Statement * ^ r™ uire - 

ments ln ^uilding should be more 

The 65th annual general meeting of Rolyrocd Rubber closely linked with the design 
Limited was held on 16th June in London, Mr. D. R. Maihews process \ 

(the Chairman) presiding. 1 j , ?*!? ^ e SUlations had 

The following is an extract from bis qfrculateri statement: '' byf treating* insulation 

After serving tbe company for 41 years as a director, i n isolation, rather than as part 

including 34 years as Chairman, Mr .Tick A d dins o 11 retired of the total design process, 

on 31st March, 197S. Sir Finlay Gilchrist. 03.E., who joined The association is a. research 
the Board in 1954, also retired last September. Mr. P. T. body finance by*, the industry'. 

— -w j tv rr n..,i A J Vmi'A hoon u nnA i nt Afi 

Put houses 
on market 
says survey 

By Christo pher Dunn 
HOME OWNERS are urged to 
put their houses ou .the market 
as soon as they think of moving 
in a survey of the UK Droperty 
market by the Royal Institution 
of Chartered Surveyors. 

This would help to reduce the 
shortage of houses for sale and 
prevent bouse prices rising said 
Mr. John Thomas, president of 
the Institution. 

But prices were beginning to 
stabilise. New homes showed the 
biggest price Increases. 1 

Many people were carrying 
out improvements rather than 
buying another house. 

“Ensure that the expenditure 
results in an increase in the 
property value of at least the 
cost of the work.” Mr. Thomas 

l- »■ ■% vww >y 

5841' -$ENATH GR 
. 25323 • BENLON G 


- ” Mr. Mathexvs’ Statemeiit 

The 65th annual general meeting of Rolyrocd Rubber 
Limited was held on 16th June in London, Mr. D. R. Mathews 
(the Chairman) presiding. * 

The following is an extract from bis circulated statement: 

After serving tbe company for 41 years as a director, 
including 34 years as Chairman, Mr .Tick Addmseil retired 
on 31st March, 197S. Sir Finlay Gilchrifit, 03.E., who joined 
the Board in 1954, also retired last September. Mr. P. T. 
Gunton. and Mr. R. H. Paylor have been appointed 

to fill the vacancies. Both gentlemen are well qualified by 
their extensive experience in management of plantation 
companies, both having also served in the East for many 
years. ' Stockholders will wish me to acknowledge the out- 
standing services which the company has received from Mr. 
Addinsell and Sir Finlay Gilchrist. 

Good rubber cropping results during Ihe first quart* of 
1977 were hot maintained, mainly due to weather condm<^ 
and the year's harvest at 1,020.593 kg., was 3} per cent .down 
on the 1976 figure. The surplus on trading was £67 05^. and 
after bringing in investment income the pre-tax profit was 
£84,660, against £100,722 for 1976. 

As the company has now been released from dividend 
UiniiSiou the BoJd is able to relate distributions more 
realistically to profits and we are recommends*, a final 
dividend 5 26 pence per £1 stock majung. with 

7 pence interim paid last Febniaiy. a total erf » P P 
stock unit for the year.; The dividends wall cost £28.430 net. 

We are pressing on with ourpohey of ^ive^fication mto 

3 SS£SES£ 5 ta afc 


1977. • 

The report was adopted- 




■ .j • . 

NNN x f - / , ; . 

NT >= L AT {&. T 

■ . / . ■ ••• s \ ' ' i "«~ v a • ■ y}r 


-.23323 „ BENLON G- •• . . . 

£■ ' • • • ' • ■■'■■■■■ " :v ' • 1 v-Sfc" • 

; BRUSSELS, MR N LEV ERNE..." • •• I ; ; 

«/* ... ^ V:;! - " ■ • • 


. • • . ViV'v, "? ' ‘ • 


BENAOS Afi 20208 ■ 

•25323 EtNLON g . • 

t 2*70 


•tczzTnr ? 


m ■ 

BENAOS AA 20208 ■ 

.25323 6 tNLON G •>> 


. URGENT - BQ0M i NE NT- JON lTjEC) 01L. AT 

? 2i TO 

■W>?p ; T 

l%tr- : : • - : 


t immmm gg » ■■■ 1 +»+*«+"***» « * ? ■*+*** *»**+*% *'**** . 1 ■ ■ ■ ■ ■ ■ ■ ■ ■ 1 

l - ’ •’ ' -L‘“ " l ' ' *• 

:>:.r I.-... ; |.--S i*:% f • 
- be : i ;;i ?r 

f • v: 

■j, JH'.J.. ■ 



■ Grossequivatent 

Share Accounts 
Monthly Income Shares 
Savings Ran Accounts 

• 3 year /./ 



with income 
tax at 33? i 









7.20%1 currant 




You might just do it in time-given a 
battery of telex machines or phones, some 
luck with the lines and lots of perseverance. 

No, far better to use a system specially 
designed for the job. The remarkable ITT 
6100 ADX message switching system. 

Type in a message: the ADX both stores 
it-on magnetic disc in a micro-computer- 
and rushes it automatically to all points in 
vour network. 


Virtually simultaneously. 

And if any ones busy, it keeps trying 
regularly till it finally gets through. 

It will even sort out your messages in 
order of urgency. 

With private lines, the ADX can transmit 

•i r « 1 % 

or receive across the globe in works 
almost as quickly with the public telex system. 

Banks and brokers use it, of course. 

But so do car, paper and chemical companies, 
to keep track of their scattered networks. 

Finally recent technology has brought- 
this sophisticated device within the means of 
a far wider market. 

All the same, it still doesn't come cheap. 

But without it, United Oil and the like 
will never come cheap either. 

Sales Information Dept., Hollingbury, 
Brighton BNl SAN. 0273-507111- 


AU these securities haring been sold, this announcement appears as a waiter oj irtoid only. 

T'Jjy 26. 19 7S 



Societe europeenne pour le financement 
de materiel ferroviaire 

yirst Series Yen Bonds (1978) 

due 1990 
Coupon rate: 63% 
Issue price: 9930 % 

The Nikko Securities Co., Ltd- 

Daiwa Securities Co. Ltd. 

The Nomura Securities Co., Ltd. 

Yamaichi Securities Company, Limited 

„ . omritirc Co Ltd New Japan Securities Co., Ltd. 

The Nippon Kangyo Kakumaru Securities to., 

Wake Securities Co., Ltd. Sanyo Securities Co., Ltd. Merrill Lynch Securities Company 
Okasan Securities Co., Ltd. Osakaya Securities Co., Ltd. Yamatane Securities Co., Ltd. 
Dai-icbi Securities Co., Ltd. LoebRhoadesWties Corporation Koa Securities Co., Ltd. 
Koyanagi Securities Co., Ltd. Marusan Securities Co., Ltd.. Tokyo Securities Co., Ltd. 

Toyo Securities Co., Ltd. Yadiiyo Securities Co., Ltd. The Chiyoda Securities Co., Ltd. 
lchiyoshi Securities Co., Ltd. The Kaisei Securities Co., Ltd. Kosei Securities Co., Ltd. 
Maruman Securities Co., Ltd. Meiko Securities Co., Ltd. Mho Securities Co., Ltd. 

| The National Securities Co., Ltd. Nichiei Securities Co., Ltd.. The Toko Securities Co., Ltd. 

! Towa Securities Co., Ltd. 

Arasterdam-Rotterdam Bank NY Credit Suisse White Weld Limited 

Deutsche Bank Aktiengesellschaft Smith Barney, Harris Upham & Co. Incorporated 

Swiss Bank Corporation (Overseas) Limited Union Bank of Switzerland (Securities) Limited 

. . 

I •' •••'. 


■ V - "• 

> -1 

^ ‘ 

(in DM million) 

Du§from-§&fiKS L4J 

* *. *• . • 



.^ ma -,- r JaCTP i 

ISl #1 \ fZ* g ? ] 8 

Good results inf 

Badische Kommunale Landesbank, one of Southwest 
Germany’s leading banks, registered, good faults in 
1977. The balance sheet total reached DM16.4 billion, 
an increase ol 8.6° o over 1976. 

Ourinlemational activities continued to gain momentum 
in 1977. ihe Bank's 61st year in business. Badische 
Kommunale Landesbank International S.A, ourwholly- 
ovvned Luxembourg subsidiary, began oper^ons in 
July and got off to an excellent start Its sennees are 
focused on short and medium-term Eurocredits and 
• syndicated Euroioans, money market and foreign ex- 
change transactions, and Eurobond trading. 
Forfafcerung und Fmanz AG, our subsidiary in Zurich 

which concentrates on non-recourse financing 'k forfait), 
short and medium-term trade financing, as well as other 
specialized financial services, aiso reported good results 

tor the year. 

Badische Kommunale Landesbank is a regional uni- 
versal bank headquartered in Ivlannheim. As central 
bank of 69 Sparkassen in Baden, we are linked to 
Germany's powerful network of savings banks. 

For a copy of our1977 Annual Report, just contact: 

Badische Kommunale Landesbank - Girozentrale - 
Augusta Anlage 33 ■ 6800 Mannheim 1 (West Germany) 
Telephone: (0621) 458 537 


kommunale landesbank 


Badische Kommunale Landesbank - D-6800 MANNHEIM 1 (West Germany) 






Svenska Handefebanken -^1 

' prw^ted , . 

Amro Bank Overseas N.V. • ffcka 
Compagnie Financier© dela - - I Swiss Bank C h pc^^ 

Deirtsche Bank AG r Uh “ n x, B ^ R S^“ 

Credit Lyonnais 1 Warburg 

Skandinaviska EnskildaBanken I WestLB International 

Svenska Ha 

June 1978 

-• -tj-j j^inr^mnn* tT" 1 * 


2 + 7 year Multic|rrency Credit Facility 




.•■■■■■ ' •’•••••• ;V • 7 : ”i vE-Lfl ' 

■ • . . .'.if--* vt 

. - •••-.• u-'c*. 

; if ’■ 

Provided by 

Bank of America Natton| Trust and Savings Association ’ 

Compagnie Luxemboufteoise de la Dresdner Bank A G 
- DresdherBarik International r 


. 1-r ' •" VT • 

June 1378 

- DresdnefBarik International - . . . ■ 

-CrSdft Lyonnais y ; ; V V: /; . 

Credit Suis ^ White Weld Limited 7 .:,' V 

Hambfo^Bank Limited ;• ' ^ r 7 ' ’ ' ; / ' 

Svensi# &idelsbanken ‘ : : ; . • 

-i. This ararouncanecrt spears as anseflcrcT record <«ity _ 


-- - v ; 

. • . • • y 


JULY 24 1978 

\ • - • - 



The Financial Times proposes to publish a Survey on Arab Banking and Finance. The 

provisional editorial synopsis is set out below. 

INTRODUCTION The Arab economic and 
financial scene nearly five years after the oil 
price rise. For some -of the oil revenue surplus 
states, slower economic growth as a result or 

• ; r-nnn/linD H 1 oVlPT" 17111311011. 

bLcUCS, aiuww twnv....v - - - a„.- ^ 

rising domestic spending, higher inflation, 
declining oil revenues ana sagging oil 
The continuing dynamism of Saudi Arabia. 
Budget and balance of payments concerns of 
higher population OPEC countries. Economic 
situation of the non-OPEC Arab states, depen- 
dent more or agricultural exports and relying 
heavily on aid from the richer Arab countries. 
Effect of the declining value of the dollar on 
oil revenues and the OPEC surplus. Attempts 
to arrive at a new-OPEC pricing method. 
in the annual surpluses of most of the oil pro- 
ducing states since 1974. Need for most states 
to keep the bulk of their surpluses in liquid 
form. The chronic surplus states Saudi Arabia, 
UAE, Kuwait and Qatar. 

OF CAPITAL MARKETS The increasing 
sophistication of Arab financial markets 
Development of Kuwait. Bahrain and Dubai as 
financial centres.. _ 

the international bond market 

Activity of Arab financial institutions on the 
Eurobond market in the management, under- 
writing and subscription of loan issues. Their 
importance in the international bond market 
as a whole. The position of Kuwaiti concerns 
in the management and placement of 
syndicated loans and convertible issues. 
CONSORTIUM BANKING The growth in the 
past few years in the number and size of 
financial institutions bringing together Arab 

and Western banks. The purpose , of such - 
consortia. V 

by the revenue surplus states in the poorer 
Arab states, as well as within the. Gulf states 
themselves. State, semi-official and private 
Institutions investment. * - 

cation of banks in Arab countries from retail 
banking towards provision of non-concessionary 
longer term finance. The workings of such 

ment of this Abu Dhabi-based institution and 
Its main purposes. Composition of its member- 
ship and the relative size of capital stakes. 

ISLAMIC BANKING Recent rapid develop-^ 
ment of the concept and practice of banking 
according to the Islamic Sharia without 
charging interest. Rationale of Islamic banking. 

In addition the Survey will include articles on 
banking systems, financial developments and 
economic prospects in the following countries: 












For ad vcrlising rales for this so rvey please contact" Laurette Lw Lecomte-Peacock 
Financial Times, Bracken House, 10 Cannon Street, London £C4^ 4BY 
Tel: 01-248 8000 EsL 515 



The comem nod jiubUcaUon flaws of aorvesa in the Financial Times am subject to chaoso «t the disoncUoa of the BUtM. 



Financial Times Monday June 19 1978 




By Our Sheffield Correspondent 
LEFT-WING coalfields, led by 
Yorkshire miners president Mr 
Arthur Scargill, will . block 
attempts to raise extra cash for 
the National Union of Mine- 
workers if its president Mr. Joe 
Gormley and his moderate 
majority on the executive again 
reject calls for the “democrati- 
sation " of the executive. 

. Mr. Scargill, who has clashed 
bitterly with Mr. Gormley in 
recent weeks, yesterday spelt out 
his ultimatum for the HUM 
annual conference in Torquay in 
three weeks. 

- 41 If they support our resolu- 
tion for more democracy we will 
■support their resolution for 
higher financial contributions to 
go to the national union,” he 

But if moves to get a more 
democratic voting system on the 
NUM national executive were 
. again defeated, Mr. Gormley 
would have a better chance of 
“ frying snowballs ” than getting 
the extra cash the national union 
so badly needs. 

The Yorkshire call for more 
democracy will be discussed at 
the conference before the reso- 
lution seeking a 50 per cent 
increase in weekly contributions. 
As changes of rule, both will 
require a two-thirds majority to 
go through. 

Small areas 

Yorkshire has the support of 
South Wales and possibly Scot- 
land and other Left-wing coal- 
fields, so Mr. Scargill could be 
able to stop the necessary 
majority being achieved. 

Yorkshire's conference resolu- 
tion says that if a show of hands 
.vote on the executive is chal- 
lenged, there should be a card 
vote, based on the size of the 

Mr. Scargill, who has been 
backed on this issue by Mr. Mick 
McGahey, of the Scottish miners, 
objects to small areas such as 
North Wales or Cumberland 
having one vote on the NEC, 
even if they have fewer than 
1,000 members, while Yorkshire 
with 68.000 members has only 
three votes. 

Such a rule change would 
immediately juarantee , a Left- 
wing majority on the executive. 

Make more jobs, 

told by unions 


LEADERS of trade union, in 
Western Europe and the U.S. 
have given warning that worl eni 
will stop co-operattng in raiding 
productivity or . rationalise? 
industry unless governments act 
quickly and directly to Increase 
job opportunities. 

They say that unions wilt -.mi 
demand increases in real wa.'cs 
for their members, and that, 
coupled with lack of output *nd 
productivity growth, will raise 
industrial costs. 

The main revival of etnpU.v- 
meut should come through a 
joint commitment to fasi-r 
economic growth, but work- 
sharing will be necessary in 
combat the immediate jobs prob- 
lem. the unions say. 

These warnings,' together with 
a strategy far regaining full 
employment., will be relayed ti« 
next month's Western economic 
summit meeting in Bonn. 

The strategy is based on a 
document discussed by uniun 
leaders from. Britain, Denmark. 
Sweden and the U.S. with Mr. 
Emil van Leunep, OECD sec- 
retary-general. and officials from 
OECD member-countries earlv 
this month. 

It was submitted to last week';. 
J inconclusive meeting of OECD 
'Ministers in Paris, ‘and will be 
revived for the summit in the 
light of unions' disappointment 
at the failure of the 24 OECD 
Governments to set specific 
. growth targets. 

j The unions also say that unless 
; something is done urgently. 

ihure will be a "stampede 
towards protectionism with 
adverse results for all con- 

Governments were in danger 
of losing workers' confidence and 
cuuld face political and social 
unrest, particularly from the 
large numbers of young un- 
employed — now nearly half the 
jobless in the OECD countries. 

The unions demand Govern- 
ment job-creating and training 
programmes, and say that jobs 
must be adapted to workers as 
well as workers to jobs. 

. They also say that anti-infla- 
tion policies have had little 
success in creating stability, and 
Governments seem to ignore the 
fact that unemployment is itself 

Increased purchasing power 
for workers, and thus increased 
demand, was the only efficient 
way of bringing new investment 
min a depressed economy. 
Raising profits “is not u suitable 
method.' (he document says. 

Investment plans shnuld he 
negotiated between governments, 
unions and employers, and the 
role of workers in company 

decision-making increased. 

The document says that 
developing countries should be 
helped to provide the basic needs 
uf their own people, “not to 
produce cheap goods with under- 
paid labour for foreign markets.” 

The unions also criticise the 

system of “ managed flouting ex- 
change rates” and call for a 
reform that will bring more 
short-term stability. 

Health Service employees 
take tough line on pay 

A TOUGH line on' pay was 
decided on yesterday by the 
executive of the Confederation of 
Health Service Employees, on the 
eve of their annual conference. 

Leaders of the -nurses and 
health workers union are de- 
manding a return to “responsible 
collective bargaining 1 * and a 
minimum basic wage for alt 
health workers of £80 for a 
35-hour week. 

The confederation said that 
the basic pay of . ancillary 
workers, porters, and; : domestic 
staff was £4H.42p for a 40-hour 
week at present. Other grades of 
ancillary workers and ‘ nurses 
received higher wages," but ail 
for a 40-hour week. ' 

The union had supported the 
Government during fife" “past 

three years of pay policy, but 
n>jw felt it was time to redress 
the fall in members’ living 

© Seven operating theatres at 
one- of London's most modem 
hospitals are closed for all hut 
emergency operations because of 
a walk-out by nurses. 

Talks are to be held today at 
Greenwich District Hospital — 
opened only three years ago — 
in a bid to settle the dispute. 

The nurses walked out on 
Thursday in protest at the dis- 
missal of the sister in charge of 
the hospital's theatre suite. 

She "had refused to sign an 
undertaking that she would work 
with a newly introduced grade 
uf theatre staff — operating 
department assistants. 





By Our Labour Correspondent 

lorry driver members of the 
Transport and General Workers’ 
Union yesterday called for an 
inquiry at national level into 
allegations of irregularities in 
union ballots involving Mr. Alan 
Law, the union’s Midlands Trade 
Group secretary. 

The allegations are now the 
subject of a police investigation. 

The lorry drivers’ 5/35 branch 
called for an inquiry into the 
organisation of three ballots last 
year, the subsequent division of 
the branch into four units and, 
specifically, the roles of Mr. 
Law and Mr. Brian Mathers, 
regional secretary. 

It is alleged that Mr. Law 
failed to send individual ballot 
forms to members of 5 '35 
branch in an election Tor a place 
on the union's regional commit- 

Clear message 

The vote was not accepted, a 
re-run was ordered, and Mr. Law 
resigned his powerful position 
as unpaid secretary or 5/35 
branch. The branch was then 
separated, giving it Jour 

Mr- Dennis Mills. 5/35 co-ordi- 
nating committee chairman, an- 
nouncing the resolution, said: 
“ I cannot say whether it was a 
censure of Alan Law. It was a 
clear message to have a full in 
quiry so we know the full facts 
and can clear the air.” 

Mr. Law was not at the meet- 
ing yesterday because he was 
attending a Yorkshire miners' 

He has denied the ballet- 
rigging allegations, saying that 
pressure of work made it im- 
possible for office staff to send 
out all the ballot papers on 

The resolution called for the 
proposed inquiry to be conducted 
by one national officer, one 
national committee member, and 
five lay members of 5/35 branch 
— their findings to be reported 
back to the branch and the 
union's national and regional 


/ / 

/’ ' 

Placing director for Boythwick 

■JzdF'JSSSl MS SwracSE* ~~ 

•fflr of rffi BORTTl” ELECTRONIC RENTALS GROUP \ * tor of Hambros Bank, succeeds 

WTCK AND SONS. Mr. Michael as an ion-executive director. He The follow Inc appointments in Prof««»rL Jung, who remains on 
Cave has been arSoint^d finance,* cha&i of Pye. ' HAWKER Sm&ELEY companies the Board. 

director, andis succeeded ^ <ron£ j ' * T * hfl « joins Xardl ^of ^Hawke? Mr. Simon L Keswick and Mr. 

pany secretary by Mr. Michael MK Rodney E. Lambert has the aoara^ m m m Hugh ML Priestley have been 

Timothy. -bean appointed to the Board of dirMtor and the Board of appointed directors of GREEN- 

- „ *w ^ ARDEN SECURITIES. S«SS?MddSS A^ica (Switch- COMPANY 

Mr. Kenneth Ward has been * gear) fPty) as managing director. a member of the Henderson Ad' 

appointed director of corporate E p MaccoH has been He succeeds Mr. H. Seabrooke, ministration management group. 

relations Jor appointed a director of G1LLETT who has resigned from those com- ... _ _ 

ELECTRONICS GROUP. The new buqtjjERS DISCOUNT, FUND panies. Sir. Auton ceases to be M p . G. V Elliott and Mr. J. D. 
past takes account of Mr. Ward s MANAGEMENT. Mr. A. J- Norris a director of Hawker Siddeley FTouch have been app ointe d the 
increased corporate res p on- ■been appointed manager of Switchgear and Falcon Short Cir- first two directors of CEPEu,. a 
sib ill ties, particularly in the UK the com pany. cult Testing Laboratory. Lough- new; counselling service for m- 

and the U.S. In the U.S. he is In p * borough. Mr. R. S. R. Amos has dustnr set up by p A ^TER- 

.appointed vice-presidenL .cor- Watcrton has been annoimed to the Board of NATIONAL. Sir Denis Barnes, 

poraie relations. He will con- t0 tbe Board 


* oorougn. rar. k. ». n. Amos nas 

--- - Mr J B Waterton has been been appointed to the Board of NATIONAL. Sir Denis Barnes. 

porate relations. He will con- Mr- „ , _r D>ih>, p^rnmniimi « coIpc former chairman of the Man- 

tinue 'with his masting respon- 
sibilities for .publicity and public 

'relations and. bo remains a " ■ _ 

director of Racal Croup Services, Mr. Patrick Wrede has been 

-Wokingham..- appointed Tn ®!l ! *S |I, S d 

- - - .* -V . . - LAMCO PAPER SALES from 

of Petter Refrigeration as sales former chairman of the Man 
director. Mr. A. W. A. Bishop has power bemces Commission, has 
become a member of the Board of been nominated chairman of 
GJoster Saro. CEPECTs advisory council. 


Mr. J. Alan Thornton has been Mr. J. H. Scroxtcm ha s_ been 

AUIU lUVimvu >144 WCCll . J - 

-#v . . . - - appointed an executive director of elected president of the INSTI- 

7 „ ' *> IV Rrvant has been August 1 1979- Mr. Wrade sue- g CAN1NVE STMENT SERVICES TUTE OF QUANTITY SUR- 

Started - a director of BAKER ceeds. Mr. Jarl Kdhler who JS SA (SISSA), Geneva. He was pre- VEYORS for 1978-79. Mr. M. A. 

oS, CHEMICAL leaving on that date. viously an executive director Wilkins is immediate past presi- 

IrArHOffiRV He retains respon- . * responsible for the development dent. Mr. E. W. J. Ashford semoi 

“A ns %sx^ r 

saarajps 6 ^ *—■ ssus 5 arsw*. »- sssrstsyinssTis v,ce ' pr “ ,ls ' * 

based comply- . . . .. e ° ft tom, and Mr . D . C Small has been 

; . ; . .'rimrum follow the recent Scandinavian Bank, London. appointed deputy chairman of 

PEAT. MARWICK. UnTCHfiJ-L- ments th „ aTO uisition * ROBERT WILtiON AND SONS 

= PEAT. MARWICK. '^tof theacquisition 

AND CO^ANX^ hnmS bv the^^ard Tfechnoloey In- Mr. C H. Sporborg has been (18491 and has been succeeded 

;front October . 1 . Mr. C. M. TIhmop- by tte a Radyue appointed chairman - r — ” - 

“ a 83 Sdwa syiSvA L. 

u of STAL as managing director 

the London subsidiary of Douglas L Macneill. 

by Mr. 

This advertisement appears tut a matter of record only. 

March 1978 

The Ministry of Finance 

of V 

w The Kingdom of Thailand 
■ US$7,500,000 

Medium Term Loan 

Managed by 

The Long-Term Credit Bank of Japan, Limited 

* ' * 

’ •' • Provided by 

The Long-Term Credit Bank of Japan, Limited 

Chemical Bank 

It isn’t always cheaper 
to t-yoursdf 

Have you looked at the economics of your delivery fleet 
lately? Things have changed fast-fuel, maintenance, 
replacementand other costs are not whatthey were. Itnow 
costs s forcune to keep even a2-tonneran the road. 

And when you are down to the odd packagesyourcosts 
go sky high. 

Makeyour fife easier 

Why notdoyour sums again. Have another look at 
those figures thatdecided you togo‘do-it-yourselflThen 

call fn Rail Express Parcels and compare prices and services. > 

Rail Express Parcels can give you a nationwide, reliable 
and economical collection and delivery parcels service. 
Well take overthe worriesand may be able to help you 
make an impressive saving. 

For more information about Rail Express Parcels 
collection and delivery services please write to Rail Express 
Parcels, Room 4a, Melb 

London NW1 6JU. 

mfy House, Melbury Terrace, 

A Rail Express Parcels Service 

It took taxi-fleet owner Stanley 
Perkins to discover yet another use 
for Dun &BradstreeL 

True, we do a Joe more than -most people realise. 

But even we didn't .guess an a particular strength of 
theDun &. Brads tree t: Register. 

Mr Stanley Perkins, Hampstead taxi- tycoon, put us 
xight.He ordered die DuiuSl B radstrcet Regisrer- 
3] l m e volumes plus Index- then stunned us by saying the 
contents didn't interest him. I Details ot 200,000 companies 
plus credit ratings!) Whar he : wanted was the sheer prestige 
and respectability rhat the books would lend ro his offices: 
! *My cusromers will be impressed no end" 

Nice to know we have vet another function, when, 
maiw still think otus sole] v as the worlds largest 
credit reporting organisation. Fact is, we re larger than, that, 
Our list ot actiticies is so uirfcd. its almost certain chat 
at least one will answer s our needs. 

Pick any, and ask us at Dun &l Bradstreet (call us 

D&B] tor full facts. 

Xtt ui help you in: 

Marketing and SeUIng-l'in- 
poiuanK prospeax, analysis ot in.ukets, 
impiminp s^les efioir, incmisin? 
Turnover, selling or promoting byiuail, 
increasing export-^Hidcnq-. 

Answering international 
questions ot .sales, market] ne. 
c« ■mr-iny ownership, manjcvmcnr, 
acJir conaol -rlin mgh DckB's 
Bu* mess Booksl iop.4ispublic.iiie'n^ 
n ull urns ut tacts and guidelines 

Si mpll tying taxation lur 
T'foiC' advisers. 

Keepthg yourmonev 
’■working: dtcctive debt-collection, 
trading down (fisappeuing debtors. 

Educating tomorrmrt credit 
management Study Course for 
luture credit controllers. 

Mini misiog risk instantly: 
2£k\0£'0 cnnJcn«ed CTedltieports in 
tiie D«Sj.B RcgKtcr. 

Tailoring credit re porting to 
Your special needs; nine difletenc 
services, L K and overseas. FI us 
company balance sheet scr. ice, and 
company fieirdi service 


More than credit to our reputation. 

Z cV 3 2 Clifton S ncut, London E 02 F 2 Uiu Phona 01-247 43 1 7 * 

Hnandal Tto® 


IV^- '• •. J 'T •••' t t V -4' 




Cuts cost 

EASIER senicing is claimed far 
3 redesigned range of hydraulic- 
allv operated rotating clamp 


rr»5tf & c w s^« a „ 

printer Equipment. It J> noeramr's time spent keyboard- 

microprocessor-conlro led T p P r |:|nd lb0 machines so used) 

reader which reads orynul 1 t ■ ° j im , na ied. No errors can be 
writer source documents and pro- is vnm*n* 






able from Hercules Hydraulics 
l0 and used lo handle cylindrical 

With the Typereader. all the objects. 

Opening gaps uh* irom -a* 
mill ( 10 ini Up W 1.650 mm f 6 o 
in)— and wider tu order— and 

writer source documents and P/V j duce( j by the operator and the steel piping to carry the 
duces a punched paper tape ih. o cause d by messages hydraulic oil has been rep^ed 

is compatible with t ^ lLlt ^ n , v {,,j n .r queued disappear. with flexible rubber hose. which 

work. Thi* saves nine, mon^ \ n ^ h]w code can he absorbs Ihc high shock loading 

X . 


be absorbs the high shock loading 
poor floor or yard. 


sola, m 

TSSd * 

severe conditions^: .a ■T r :.‘" 

tnlafed hydrocarbon. firc M 


r'S'porcoit^of •«* * «U- 


Acquires the data 

capacities of 
lb) up to 
the damps 
viu iw.«k through 180/360 
decrees fixed or sideshifled. and 
can be supplied with higher 
capacities to order. 

Hercules Hydraulic, Giltway. 
Gilrbrook. Nottingham Nulb 
2GX. Kimberley 34321. 



Mo-me. ; 


PUT ON lhe market 
tron-Schlumberger is 

h V Solar- Solortron ••'•ill tailor each sys- 
L c. « tom to a tn«m logging require- 

p™«*o“ ,, ”d U '.'lmeJ * ■?”* m-o. «‘m«. the applic.Uon. 
torv data galherine/processing. Such a .-"••item will have a _ 

investigatory lugging of model- guaranteed specification states GENERAL DESCALING *■«-- 
led systems, strain gauging- stress the com panj — something which it j n t rod uced a new design of pig 
analvsis and manufacturing appli- claims other makers are often , c i eaner i specifically for pipe- 

cations such as output reluctant to do. *» rin "* ™ oc 

monitoring, small scale automatic 

Instead of fireworks" marine and military launchers at tihe 

pyrotechnic devices specially manu- Salisbury, Wilts, where they . ■ 

factored to avoid production of too much addition to these devices Schermuiy 
noise and smoke, will be used to provide handflares similar to those used by ... 
an aerial display at the Aldershot Tattoo roarers and armed forces will be used- 
, “ x j which opens today. Some of the devices iri a colourful background. : • 

slisrp bends are seen here being loaded into their topio 

itegnty and m^uUno . The riff-ia knovfeas 

SealfiT hazard either during 
Kter application: • 


Sandoval on 0990 -3011^ 

.roadmaking : : 

Emplane ' 




testing and quality control. 

There are two units of hard- 
ware "apart from peripherals such 
as keyboard terminals, printers 
and paper or magnetic tape 
devices First of these, the .1510. 
is known as the integrated 
measurement unit and has prin- 
cipal tasks of scanning the trans- 
ducer inputs measuring their 
values and digitising them. 
Normally, 64 channels can he 
examined, but the addition of 
slave units takes this up lo 1024 
if necessary. Transducer ener- 
si.vation is built in. 

The other unit, the data acqui- 





. cieane. . . s . 

lines incorporating various pipe 
diameters, awkward bends and 
junctions, and other potentially 
troublesome geometry. 

Particularly suitable for off- 
shore use. ” Spheripigs ’ are TtflQllV 

available for pipe diameters Illd-UV 

from six inches upwards. The * 

largest built lo date arc 48 ms 
diameter. , , 

The unit consists of two poly- 
urethane cups backed by faceted 
nd mounted on 

standard colours con be offered Three additional newmacUb 
— pink, pale amber, violet. a i so Eor the plastics industry, a 
orange, deep blue, pale blue, deep available from the. same .'man 
brown, yellow, red. grey, light f acturer . The first is a ho 
green and NATO sreen. Others zonlill hydraulic ext 
coo fcewemtod.^ 11 Model H." for coseio, pol?« 

matched to house colours. and thermosettme -resins. V 

The difference in price between slons are available witn 

' ■ - "ChlerpiUa r Mff ... egtorgagg- 

- -achr- eoirtpped’ ■ •tjanci..itsf; 

^ j. -in d e pen d en t, ^■AriabhB; aud revet; 

concrete and 

Of 3n 

\S'ITH THE formation 
American suh-'-i diary with offices 
in New .Terwy and San 
Francisco. Hip British company. 
Onnipeda. a hirli specialises in 
, -stems fur 


v- V-\/1 V»*aU inM.n ayiniwumw «.» for the continuous pruuuvuou 

AN ALTERNATIVE method for jj L/^af a^d^ali extruded .sections of them 

a colouring expanded polystyrene Pjcj* JJ™* a l DDear on the market setting materials can also 

b- has been announced by the EPS * a P p ,t, D FP c A«n«-i:.tinn supplied. Thirdly, _ a • rolh 

.and- wro at' the rt^\ 'iy JX : : 1 ; - ’ 

a: SELF-PROPELLEI> planing- 

r-maS capable of tacWms^ ; 

concrete and aspbaU surfaces Jas 
been put.on the ^« by R J oad 
Engineering of BaiKoy 


white and coloured moulded EPS sion powers from J00 to 200 tot Artltonw** - - 

is about 10 per cent. A pulverising die plate maebi* . . r! 1 i le (i the Superplane and . I. J >| | g. A- ? C .. 

n-iii-nn'in-’ hut ihnrp are nros- for the continuous production]* .^^0 for confined sUes ^ HVDRAt^lC 

The other unit, the oaia acqui- U13rketini , Srt itware sy 
sition system, lakes the diglli^od a vvjf i c ranc , e ,,f engineering and 
w-.*-, -,nrf cinr^< rnmnlpfe records . aided design applica- 

nt! 1 range uf 
vices within the 

devices and aiso alarm indica- 

data ana stores complete rrcuiu* mpuU , f a ;ded d 
of test results for subsequent tlon £ ^, 5 , offer a 
analysis, it provides outputs for prtldl j CLs an u servi 
a variety of display and printing ^ g 

retUiced^d hfm e t e r steel body, has' been announced by the EPS EPS Assoriation supplied. 

The havkplates and the varied Association, the development . _ 7R -. machine 

elastomer thicknesses ensure a having been made by one of HS u “ 0,0 " 
coulrolU’d deformation of the members, the Otford Group. The 
tun peripheries to meet changes material will be available 10 all 
in" bore and maintain an effec* moulders. 

,ivo ,wl und«r HI L°[ DetaUs „ f Uie process ere not 

s&sfea mssms. 

Presses and 

^Minron l» d««WWl Its <tri« 

r.«-n intnrnrptsti vp irttrom-’ soft- .seminars and demonstrations in 
own interpretame lu^m^ .u t Houston and San 

nz “SOTAsi'c ^ a? 

Erti r s ur o„r “sszs 

cnhPrhli? to neEOtiate Vends of and Foley Packaging oF Aber- S EM l- AUTOMATIC and fully 
f us North American Jpher ms to negouate bvnds ^ However, it is understood aul011ialic pre iS es of new design 

,'i.tinunv wi hold l; M laalus. . . trt i Alira -t npnpt-r.-itp^ the .. ..r 

Thirdly, a rolli: 
machine is available for. 
button manufacturing ind 
■which reduces plastic paste i . 
ribbons of different, colours, 
thicknesses and widths. - 
Details from Erfurt Machine^, 
Dore House Industrial Est^e, 
rirg reave Close, Sheffield. S13 
9NF. Telephone : 0742 69734fci - 

centres, founds 

parks where wmrlntibnal - S crewjhcir anft:tmi- . 

.normally he “ labour intensive - : 

normally he a , l* :!TbSS5fflh^5^^-A. : 

operation mv ° , '^ ng Hammers Jieen brought ■' to'-'v'tids-VflmfiflW • !* 
pneumatic or hydrauhe hammers. 

. concrete, the - via ]V f p c H plan t-rOI ^York. ..... 

machine is fitted with 

«*»• allowing a mas,nn „ l i ra . - , .- sirucuuu 

t ‘. width of 760mm (30tn ) and ^ ' lapse and records shbw.ftptsnany. 

3 depth of over 30mm lliuO- r fl.. a if e Workers have been^MIIea.oc ... 
lE.T.- a«nhsih n different drum is used no ;,_,„i v jnlured bjf :; a" french 

a drum threat^ Uf: 

A . VUUatMUk “•*."2 'T- .TT^ .■-y- : 

stTUctiou worker .is . 

and “ ‘ 

asphalt, n different drum is Uf ?* 1 seriously ihlufed bj/:! a^ french , 
. . rather than the ,, . a J lris in on' tKemf ;. Tfre^ 

n ..urihic cam. nuwcio. »i a ui.oniauc presses oi new u co IS II 

The units' can be supplied for that the colourant penetrates the Eor ^ com p red siou moulding of 
: .nv piggine duty, the appro- white f to ck beads _de_e_ply so thermosetting __ plastics arc 

r.i nn mf fiuiv inf auuro- wxi 1 lc - — “ - - inerinuseuing pia-tiica *»*»- 

JJU She and other tools that when the steam expansion announced by Erfun Machinery, 

gijli ' Rl ™d to the bodv. process is applied a good ties »ee Sheffield (W. E. Norton Group), 

ron.i-ii Descalin'* ’ is at oF c o lour homogeneity is f 0 || 0 W j ng jt s recent appointment 

nerfoTkoa? Worksop Not^ thieved. as sole sales and service agent 

slo 2 PV. Worksop 324. Tn addition, a wide ransr of for Gatti SpA, Italy. 

“ Designated “PG “ 


growth, sis one of Germany’s 1 

Banks in 197i 



One day oik 

Robot." the presses have auto- ON JULY 13, at JJjJ 

matic programme control, and in yjjjjjjj” E p 5 aVne^av sSS 
addition, the latter incorporates Lon ?° i n ' II EG1 ' ^ dl ^J.. 1 Jtf 

a patented automatic pellet load- » ai “A 1 v?t n d Power*- 

ing device. PG presses are Science ^ entitied ^ md Power 

rated up to 750 tons, while _**“ the cotitHbuS^ 

Ihle un°S >1 -»50 , tons S are 3 ^ Ui wil1 be from the academic .world' 
able up to -50 tons. including Imperial College. 

From the control panel. bmtsed Kingston Polytechnic arfl the 
in a free-standing console, nine Universities of St. Andrews and 
sequences for the upper piston Reading. Then- will also be 
and threp for extraction can be y U pt>rs from the Glvendisli 
pro grumbled, allowing accurate Laboratories, the CE0B. Py p 
control /of the mould closing Telecommunications and the 
cycle, immediate or delayed Department of Energy. ' Proceed- 
degassing, selection of ibe poly- mgs will be opened hy_ the editor 
raerisation lime, and extraction of “ Wind Engineering.’ 

°r workpiece. Temperature further details can be 

of the heated platens can also be abta i neti f r0 m Multi-Science at 
selected, and is accurate to The Old Mill, Dorset Plac*, 
within ±2 degrees C, London E15 1DJ. (01-534 4882). 

fitted with picks rather Oian the ^^ caving in on ' tKetBfv. The . 
tiiriasten carbide tipped floating- ^nrtnlnw equipment" ^lleft ; 
heads used on 'the.- concrete - Spee( j. Shore, com prises ^ong-' 
version. but lightweight unite which .. 

• To imorove performance on less: than a miiiute;eac> to mraCU 

asphalt, a hank of infra-red and the maker says that, 
heater^ can lie attached to the tioh f o safe^ advanttfg^teqhW . 
(rent of 

ally steered frofc ihe,^tPT's "^^ • - 

console. In this .*on^u»tion_ l he ( -^j n ^ e . j jjj wie: H, '• v 'i. 3 r J J^K> , r T 

maximum cuftln^- ^ddth ^d*-. .jiore' ftohi; the . 

depth are' SOtonh', (314ih> ; -aqd ;totr At ’ 

50mm (2in) respectively. /"-- - s f4EW <0904 86621 F. - - " - 


from the Consolidated Balance Sheet 
as at December 31, 1977 

Business volume 
Total deposits — 

Volume of loans 

Capital and Reserves 
Balance sheet total 

(in thousand DM) 

1 7,7. 5.7,64 3 






< \ . .. x- . 

' . -X . ■ \ : 

it m • 

- : • 

U'f;.-' liiwfs** 

fi- te - 

i/k- mr *• 


Vi- ’ " -Txie Master Eui-ders 

:v-‘- .v ^ 

‘V- 13 -■ 


The complete Annual Report in German 
and summarized Annual Report in English and French are 

available on request. 

Dr. VVUfgang G'raebner. Herbert H. jacubi. 

Dr. Hanns Christian Sduoeder-Hohemvarth. bubjctzki 
• Rudiger v.'lVesckow 

BHF-BANK had another 
successful year in 1977. All 
sectors achieved good results 
with international underwrit- 
ing and commercial foreign 
banking heading the Jist, 








Total assets grew to DM 
16.05 billion as compared with 
DM 14.80 billion the previous 
year. Business volume ad- 
vanced to DM 17.76 billion. 

Controller ol Srore«, Sudxn Riil*jyi. Adwra InviKi trnden (or fu??ly 
ol chfl itov*. „ - 

Tendfrcrx iheulrf quote lor each tender icpcrately and each oner mould 
be put m a leparate envelope. 

s. specification and drawings lor each contract can be obuin.'d 
the Office of Controller ol Sto-cs. P.O. Bo« 65. Artirrj.Sudan. *- 
the Office o! Stores representative at Khartoum. Telephone .a. *3 
on submitting » wntnn application bearing 50m/<ni sump duty and pay. 
ment ol Ls 1 0 OdOm/mi. lor one copy ol details, specification and dra#.r.;, 
lo- Conratt SQdJ. Ls.l5.000m/ms (or one copy ol details, specification and 
drawings for Contrast No. Slid. Ls.lO.OOOm/mj lor one copy or details, 
soe-iifics lion and drawings lor contract No. 5137. 

The dosing dates fixed for acceptance of tenders in thas office are as 

Contract No. 5B4J. Thursday 3rd August. 197B at 13.00 hours noon. 

Contract No. 5114. Thursday 3rd Aujusc. 1978 ac 12.00 hours noon. 

Contract No. 3i37. Thursday lOrla Aujust. 1973 ar 11.00 hours noon. 
Documents arc alio sold at. — 




Rate: — Ls. i.OOO m/mi • Cl. 60. 



Monasavu Hydro- El ecl/’ic Scheme. :vV;/-- 
Power Transmission Project 


The 'Fiji Electricity Authority (FEA) Invites : tenders Irom expert 
contriciors. for ihc design, manufaccurc, deli vary end erncBM on 
Lcvu. (he principal island of Fiji, of (he following: 

Contract 02/00 


The contract will cover I32KY outdoor swltchpiir and associated equipment - 
for the Weiloa Switching Station to be constructed near' the centre ojr 
Viti Levu. the Vudj Terminal Substation near Lautokar and the Cunmnt™» A 
Terminal' Substation near Suva, together with 33KV. outdoor switchgear . 
for the extension of »n existing subuatiorv ac Vud» and 33KV W~OOj 

SwiRhgear a: Cunningham. . • . ; 

Ejrly eomplocior. is o( she utmost importance and the equipment Is- required 
to be ready (or commercial service by JOch Juno, 1980. - , _ 

Tender documents will be available oh or after list Jane, •} 978 from _ 
Neri S ' McLalian and Paitnjre. 122 Arthur Street. North Sydney; 

Auioralii. on payment of a deposit of SA200 by cheque made payable to 
die Fiji Eieccrit.ty Authority. Deposits for documents are returnable on - 
submission ol a bona fide tender. Additional sets of the 3ocummt' irl._ 
available a! a foil of 3A200 per set /which is not returnable. _ Jl coder v 
documents may be inspected on or after the above date at tha FEA'l Ofncwl, . 
Lautoha. at th? offices of Merz & McLellan, Ambcrly. XiHingwdrtb.' 
Newcastle-upon-Tyne. England: Carrier House. Warwick Road. LondboS.W.ff 
Sir Alexander Gibb and Partners Australia. Commerce House.. Barton. Aidr 
or at the above offices. 1 . ’.vs 

Tenders will be officially opened ac the offices of the FEA In LutoU ■«* 
1500 boa's on 20th September, 1978. ■ r. ' 

A under depo; t of &A50.000 will be required to be- submitted by each --J 
tenderer with hit tender. • . . t ' 

The FEA reicrv rs rh: r-jhc to waive any informality in tendenng ana to 
reject any or all o! the cendcct received. ' . 

yi, p£A has applied lor a loan from the Asian Development Bank towards 
rtie foreign current* cost o( the project and procurement under the contract 
will therefore l.mited :s member countries of the Asian Development 
Ba"k'. - - . 

Further in'onnation regarding the above contract may be obtained from 
Mer* & McLcilan and Partners. North Sydney.- Australia. ‘ 

■ -f * it'-re, 

V ijjjr. 

r, •: ’• _ ’ 

•' ’ ^b, Y t " 

• •. - * - • 


:’V- ^ •_ 

-Z '• 1 

: -w^> 

These figures reflect the success of the Bank’s 
pokes in recent years to broaden the geographical 
base of both domestic and international activities 
by establishing new lacihties in major business and 
financial centers. 


Democratic anil Popular RepuUic oi Algeria 


BHF-BANK; s Luxembourg subsidiary recorded 
another ^ood vear and after its first year of oper- 
ations, the New York branch also contributed to 
the overall results. 


SdL'itftc Nutmnalc lies lndustnus du la Ccllulus- (SOMCi 
informs inlprnalional comiiunkv, and firms inlfrcstod in 
the International Invitation m Tender v.hich was 
launched ai fhe beginning of February 197S fur ihe 
sellini;-up of a faclory m Scdrilta lo prudU cellulose 
and paper pruducte tlial ihc dale liiml^fur sendini: 
lenders, formerly fixed for May 3U. IlticJ. has been 
postponed lo .!un>: 30. 1978. 

Itt(nmwl'wn flow: 

SONIC 64 Rnuipc Ali Haddad. Fl-iUuurailia, Algiers. 
Tel: 66.S8.00-01.U4 ■— Telex: 52.033 

Monasava Hydro-Electric Scheme 
Power Transmission Project 


The Fiji El«i-ic»ty Authority (FEA) invites tenders from experienced 
eoocnetan for thn design, delivery ind erection on Viti LtVSi 
principal nt»nd of Fm. of- the following; 

Contract 01 .00— T ransformers • :: , 

T> XT XT-Tt 7\TVT|C Merchant Bankers by Tradition. 

JrS XX-S? Resourceful by Reputation. 



;C-'£Nr 1 E , M£R LWC3f*. ,0 - D -f GS ? PI'. 1 
UIa£iV 50U33 - Erv-FlNAN- A '* f-- ■ - ■ 

'J- t. taa::- ~‘-v • *■-- 

.u L'.A'Z.-i • Cri.Zzi. «- 

....... pie,* psrUS' i2!S) 7r52'J&9 ■ SHF-floNK l‘iTcfiN> 1 nC#tU« 

_c ; i.£V, TOSK, hi3!tu IsDNS. FAv-^A EiN&APQRs, Teieilyi, lORlft 

Rate £13.00 

per single column centimetie 
For further details contact: 
FRANCIS PHILLIPS on 01-248 8000 Ext. 456 

The contrast will cover 2 V 25 MVA 132/11 KV Tranf formers at Watloi 
Power Suoo’'. to be constructed near the Centre of Vitf Levu. 2 X 60 MVA 
1 - 33/33 Kv Transformers at Cunningham Terminal Sub-Station near Suva, 
and 2 30 MVA 312/33 KV Transformers at Vixii Terminal Sub-Station, 

near Lautoka. together with miscelfaneout auxiliary transformers. 

Early completion of the Terminal Sub-Stations is or the utmost importance 
and these are required lo be rrady for commercial service by 30tb June. 

The Wailoa Power Station ■< to be commissioned • in October. 1981. 
Tender documents will be available on or after 20th June. 197.B from - 
Men and McLellm and Partner. 122 Arthur Street. North Sydney, 2040, . 
Autuaiia. on oayffltnc of a depoilt of SA200 by cheque made, payable 
to the Fi;: Eicct'KiCr Authority. Drpotio l»r documents arc' returnable 
on tubmiuion of a bona Sde tender. Additional sea of the document 
*ye available ac a cost of SA200 per set which is not returnable. . Tender 
doeumentc nuy be inspected on or after the above date at The FEA's 
offices- Liocofca. at the offices of Merz R McLellan Amberly. Killlngwa'rtb. 
NewaJde-uoon-Ti'ne. England: Carrier House, Warwick Road; London. 
5 WU Sir Alexander Gibb and Partners Australia. Commerce House, Barton.. 
A.C T„ O' at the abo»* offices. 

Tenders wil! be officially oomed ar the offices of the FEA in;Lautoka at. 
15.1J0 hours on 20th S«DM«"ber. 1978. 

A tender deposit of S A3 0.000 wilt be required to be submitted by each 
tenderer with hi* tender. 

The FEA rcservci rfie right to waive anr informality in tendering and ■ 
to reject any or all of the tenders received . 

The FEA has applied for * l®*n from the Asian Development Bank . . ,. 
towards the foreign currency <mt of the protect and procurement Under 
the con trace will thereforo be I.Bnted to member countries of th*. A*l*o 
Development Bank. - -• - 

Further lulo-matfan regarding fhe above contract may be obtained from 
Pfcrt & Melsllm * Partners^ North Sydney, Aunrana; . -i;.-vr.v 





' " f .- 
* • - - ^i. ' 

*•' T . ’* 1 »■ 

„ .■'r/W 
' • ---i tlri-1 

'. ’.V" c " 



>t\ Oi 


,:FmanCial Times Monday June r9 X978 


Drainage and sewage treatment 

tout rriwi^D a ci> 

Over £9m for Douglas 

s^ofth^m^a drainage aSi * esat Greal Yarma ulh and its 
iMSttimrh « t? 1^“*® and wwirons. 

U^d Arab Ernir^Je^asV^n j n . te ij m Teport Wd- 

awarded to Keang Nim EnfS T ends dclaiIed consideration t0 
prise?, of Seoul Korea th* be *, S 17 en J° a lon * sub man,i C 
tender figure i* _, The outfa]l » nd a sewage lreaim~nt 

bei aroun^£ 22 m nderstood l ° works sited north of the luv: n 
This scheme Li™ „ . ^ lfae report recommends lnvt»..ij. 
Balfour *ta d r by D ’ R ? U ° ns ro Prove the feasihiliiy 

population of ins hnn a lhe ™ ,ne discharge, which 

average daiU , * n i » n » complicated by the Widen* 
cubic metres y Tho W R«°i f i 1 ’ 000 Sc ™ b y sandbank 3 km offshore, 
will be treat* J h i e f. finiJ effl “ ent The existing sewage treatment 
suitable for * standard * nrks at Caister-on-Sea. whin, 
Blectnuti =“?, 1,011 re H se - has only a limited liFe. denis 

nlent tor «h. d • m echanlcal with 30 per cent of the sewage 
SWd° r t S «• * «« study area, the 

Bahenrlr *r n An, ?*_ Crosla- remainder discharges, mainly 
iSPTS? - ^ 1 ^ untreated, to the tidal region 
*Ja clL 1 *1. UK - D ‘ Ba,four of the River Yare. Th»- 
hZih* h ® e “ commissioned enormous amounts of Imh 

Jf Norwich Sewage Division water flowing through ihe 
?[ £ e n i^ ? n Water Authority estuary from the inland lake. 

th 1 3 fe “ lbu, 7 stud >' Breydon Water, raises ihe 

mio the sewage disposal fauili- quality of the Yare Estuary 

water to a level which would 
not normally be expected with 
such large quantities qf crude 
sewage being discharged, says 


. The study is being carried out 
<° co- operation with Ihc Great 
Yarmouth Borough Council, 
which, acting as sewerage agent 
to the Anglian Water Authority, 
is currently effecting major im- 
provements to the sewerage 

L>. Balfour and Sons will aNo 
work in liaison with Jlcmici. 
Palmer and Tririon, who. as con- 
sultants io the Norfolk and 
Suffolk River Division of ihe 
Anglian Water Aulhnrily. are 
engaged in a flood control study 
of the Yare Basin. 

Balfour expects to submit its 
final report later this year. 

Rush and 



£7m Wimpey awards 

awarded a sire grading contract, 
worth £5m to George Wimpey 
who in turn has signed an agree- 
ment- foe a joint venture opera- 
tion with P. J. Hegartv and 
Sons of Cork, the partnership 
to. be .known as Wimpey- 

The contract Is the first to he 
awarded for the £287 m Aughi- 
□ish Alumina's alumina extrac- 
tion plant on the Shannon 
Estuary, near Foynes. Co. 
Limerick. _ It includes site clear- 
ance; grading and the removal of 

1.7m cubic metres of rock on 
the site on Aughinlsh Island. 

Two contracts ' whose joint 
value exceeds £2.2ra have been 
awarded to Wimpey by the City 
of Manchester Corporation for 
the modernisation of 439 coun- 
cil dwellings in the city, under 
schemes railed Clayton 2A and 
Newton Heath 2B- The refur- 
bishing involves extensive re- 
newal of fabric, installation of 
central heating, plumbing, new 
kitchpn. rewiring and renewal of 

Kier gets 
road job 

£54m services contracts 

HADEN YOUNG is to instal 
heating, air conditioning and elec- 
trical services in tbe building 
which will house the Burrell 
Collection on the Pollok Estate. 

Taylor Woodrow Construction 
(Scotland) which is constructing 
the £10.4m building has awarded 
the £2ra contract to the company 
whose expertise promises to main- 
tain precise humidity and tem- 
perature controls, together with 
necessary filtration measures 

against pollution, etc., to pre- 
serve ihe £40m collection which 
was left to the nation by the lale 
shipping magnate, Sir William 
Burrell- ■ - 

Tbe company has also won a 
£3lm mechanical and electrical 
services contract from the West 
Midlands Regional Health 
Authority for installations at the 
new Dudley District General 
Hospital. Work on the £10.7 m 
hospital is due to start in late 
summer. Main contractor is John 

FAST SUSSEX County Council 
has awarded a contract worth 
£l.4m to Kier (RBW> for the 
c«n.struclion of part of the 
huikesiune/Honiton trunk road 

a i Bexhili. 

Work comprises 1J kilometres 
of dual carriageway, a single 17- 
m*tre span precast concrete 
bridge over Chantry Lane, two 
concrete footbridges at Lychgate 
Close and Hastings Road, a 
pedestrian subway under (he 
main carriageway at Barrack 
Road, and about 1 kilometre of 
retaining walls in concrete with 
Gateshead rock faced finish. 

'Ihe contract will take approxi- 
mately two years to complete. 

AT BASS Cbarringtnns Well- 

park Brgwery, Glasgow, a tbreo- 
slorey office building is to be 
constructed under a £900.000 
contract awarded to Ru^h and 

Built mi piled foundations, it 
will have a precast concrete 
frame clad with precast concrete 
panels and be filled wilh acrylic 
enamelled alum-mium windows. 
Interior finishes are In be deco- 
rated dry-luring to external walls 
with plastered internal partitions 
and false ceilings throughout- 

The company’s South West 
region has contracts valued ;<t 
£1.5m. including a school at 
Bradfurd-cn-Avon at £0.5m for 
the Wiltshire County Council; 
housing valued at £300.(10(1 fur 
the Kennel District Council at 
Pullerne. Wiltshire: general 
building work at Luggershalt for 
the Depart mem of ihe Em iron* 
nrent valued a I fl'Wl.OOO; and in- 
dustrial building in Will. -hire fur 
Well worthy Engineering. 

Two housing coniracis in the 
London area with a value 
of i'tiUU.OUO, are fur Lewisham 
Borough Council and l.he Hard- 
ing Housing Association at 

UNDER CONTRACTS lotallin” boo. Northumberland for Kim- 
over £901 awarded to the Douglas berley-Clark; and a factory at 
Group. R- M- Douglas Construe- Bridgend for Rockwool Company 
lion has been awarded 16.8 m, of (UK). 

which T5.Sm i.s for industrial Other projects are a factory at 
projects. Additionally r. m, Newcastle-upon-Tyne for Glass 
Douglas Roofing has metal deck Tubes and Components and sire 
roofing rad wall cladding con- works at St. Mellons. Cardiff for 
tracts total I im« £2.3in. the Property Services. Agency. 

Work already commenced by Department of (he Environment, 
the construction company . part of the roofing company's 
includes foundations for a steel contract includes metal deck 
mill conversion at Port Talbot roofing of the new engine plant 
for the Bril ish . Steel Corporation: at Bridgend for the Ford Motor 
a warehouse exiensmn ai Prud- Company. 

Keeping all 



Two shopping centres 

Offices in 

£lm store 
for Boots 


HIGGS AND HILL Building has 
ben awarded a contract worth 
nearly £lm to construct a store 
for Boots at King Street, Ham- 
mersmith, London. 

The three-storey reinForcedi 
concrete building will be con- 
structed oo piled foundations 
and will be brick clad. Office 
accommodation will be included 
within the building. 

Architects for the project are 
Scott Brownrigg and Turner, 
with H. L. Waterman and Part- 
ners acting as consulting en- 
gineers. Quantity surveyors are 
Gardiner and Theobald. 

DEMOLITION and rebuilding 
work at SS-90 Chancery Lane. 
London WC2 is tn be undertaken 
by Wiltsbiers under a £1 Bm con- 

Apart from rebuilding part of 
the existing premises, a consider- 
able amount uf refurbishment 
is called fur to provide olfice 
accommodation. The work is 
being carried out fur Si. Marlin's 
Properly Corporation. Archi- 
tects arc The J. Seymour Harris 

Warrington and Kidderminster 
are two new shopping centres 
eostiAE £4ni and il.Ini respec- 

The Warnnatt.n Development 
Corporation's .%b>.ppm^ cuiu pic:-:, 
the £!m. Birch win id Centre, is 
situated on 155 acre site in the 
angle of the Mti and ihe Mun- 
chester-Llverp«i»»l railway line, 
and will mu only serve' North- 
East Warrington's expanding 
population but ts expected to 
attract shop-, finm □ wider area 
because or ns -.-osy accessibility 
to the MB and MKi motorways. 

Largest siurv— nf over M&ijoo 
square feel — h:i« :»:rn pre-let in 
Fine Fare who vnii also operate 
a petrol filling elation. 

A shopping precinct between 
Vicar Street and Worcester 
Street in (he junket town of 
Kidderminsier. snuih xvest of 
Birmingham, ha; been designed 
to blend in with ihc character nf 
the existing lov.n centre. John 
Laing, Midland Return, has won 
the n.lni contract fur its 

This complex comprises 21 shop 
units ranging in size rrom 251) 
In 6.000 square feet. Four (»f the 
shops will face un to Vicar 
Street whilst 17 face a shopping 
way leadin'.; in an- open square 
in Worcester Street. Part of the 
project includes an extension to 
the existing M irk* and Spencer 
store which will face on to the 

The -structiire will he o[ 
reinforced in sim concrete with 
concrete slah Honrs ai ground 
level and hulkm-pol floors with 
reinforced concrete column bases 
at upper levels 

The cnniract also Includes 
demolition of cxisnnc properties 
between Vicar Street and 
Worcester Street, and suine 

First order 
for Gulf 

steel plant 

THE FIRST order for steel- 
work lias been placed with Cleve- 
land Bridge and Engineering 
Middle East which has just begun 
opera lions in the new industrial 
area of Jebel All on the Guff 

This order for 4.500 tonnes for 
the Plaza Development in Cairo, 
has come much In ihe company's 
delight, close lo the official open- 
ing of the factory yesterday by 
The Ruler of Dubai. Sheikh 
Rashid Bin Said AI Maktoum. 

in its first year, the automated 
steel fabrication plant will handle 
about 12,000 tons of stcef. 

From the Jebel All base. 
Cleveland Bridge is currently 
engaged in erection of the steel- 
work for the Galadari Cuniche 
project (ihe largest private enler- 
prise scheme in the United Arab 
Emirates), the Duhai aluminium 
smellers, the steelwork fur the 
ruof of the Intercontinental Hotel 
in Sharjah and the steelwork for 
liie Sheraton Hotel in Bahrain. 

Cleveland Bridge and Engineer- 
ing Middle East is a partnership 
of Cleveland Bridge and Abdul 
Waiiub Galadari. the prominent 
Middle East entrepreneur. 

PLANNING a new ciiv nf 250.00U 
inhabitants where constraints un 
the type uf dwellings, accebv 
£>ysiems, industries and other 
aspects allowed are severe, is no 
mean task. Add to that Ihe 
problems mbereni in working on 
land rcclnimed from the sea us 
part of the Zuydor Zee project 
and the task takes un fresh 

The Lake Ijssel Polder 
Development Authority >s 
responsible for the physical plan- 
ning of the 25n,000-mbabitam 
A 1 mere city ami the 100,000- 
inbabilant Leljsiad. both close 
to Amsicrdam smd both barred 
to development as overspill or 
durmitory areas for Amsterdam. 

Though the twu centres will 
not reach their projected popula- 
tion totals till the year 2000, the 
development lines have been 
fixed to provide work.- recreation 
facilities, nature reserves, ser- 
vices, schools and shopping 
centres, as well as houses, keep- 
ing the whole in step so that 
there does nor arise — as has been 
the case in loo many instances 
in Britain — a situation where 
there is housing, but precious 
iillie else. 

Co-ordination is an immense 
task to carry nut manually and 
tbe authority for some time has 
been making use or the 
PROPLAN approach, available 
on the Cybernet services of 
Control Data. 

This allows planners lo carry 
out lime, resource and cost 
analyses nf projects which 
encompass up tn 8.00(1 activities 
and 12.000 relationships, import- 
ant is thar the program suite 
enahtps a planner to see very 
quickly Ihc relationships among 
dependeni activities so that, for 
instance, if a major road scheme 
has io he changed, all the other 
wnrk affected will he pinpointed 
at once and the extent In which 
it is being influenced by the 

Such work is difficult if nut 
impossible in <in manually when 
sucb big projects are under 

From the master file manipu- 

the sinews - ,V. 
of induitryA^^ 


precast concrete.^? 

c=i?N0CN “ONr.finr-co'ixA 

T come Ra.-Lo-.q CronckA* 

•' Ay : est;-_'7.-S'-CxS W?)3.98&ti 

TV Lcr $ Cier Jon 2084fU-in 

laled by PROPLAN, a large 
variety of simple language 
reports can be generated un 
demand and fit the planners' 
requirements very closely. Speed 
or reaction of rhe s\Mem is a 
most impurtam fan or and it 
cannot forget a detail. 

Mure informal inn on ihe pro- 
ject ami the program *iui«- from 
Control Data. 35:j East Barnet 
Road. East Barnet. Herls. 01- 
440 5161. 

Work in 
Ghana and 

FOUNDATIONS and super- 
structure of ihe snndin^ null 
at the Ghana Cement Works, 
Tenia, are to be constructed by 
Taysec Const ruction, a Ghanaian 
company in the IVnndmw 
Croup. Value of Ihc contract is 

Construction is scheduled tn 
take 1 1 months and cm. -Ms 
partially of slruclurnl steel ami 
partially reinforced concrete 
frames. Engineers fur Ihc pro- 
ject are Cmvicunsult uf Accra, 
and .the quantity surveyors arc 
Ci. A- Takyi and Banners uf 

The new null is Ihe second 
contract for Taysec at the 
Ghana Cement Works. The first 
was for a dicker storage shed. 

At home, in Manchester. 
Taylor Woodrow has wun a 
£900.000 cun tract for a housing 
development from the Northern 
Counties (Crnmfrml) Houionv 
Society. Construction of the W 
dwellings in six throe-slurey 
blocks will lake 17 months. 

Architects are John GayJlen 
Associates, consulting engineers 
are E J. Griffin Associates and 
quantity surveyors are Markham 
Millard' and Partners. 

'Description .... 


' TayleTr" - -vfrtihrily unused— fully 

- automatic — 16 S 4 ?:m. 3 c 24 ram stroke. 

IN LINE NEfor simultaneous, surface ’ 

■; tniJiii^both>sWtfs ofcoplinuods aind semi- , 

continuous-cast nortiferroas strip up to 16 wWe.y 

- DRAWING MACHINE equipped with 3 speed 
.. 200. hp drive. 20" horizontal draw blocks. ,» 

.’ 22" 1 vertical collecting block and 1000 lb ? 

.: spooler. -(Maxi inlet. 9 mm finishing down/ 
to 1.6 mm’ copper and aluminium.) J 

fi" BLOCK (400 nun) IN UNE. NONSUP VflRE 
'. DRAWING MACHINE in exce'fent corjUitipn 
O./3Q0Dft/mtn. variable speed 10 hp per 'block 

24" diameter horizontal bull block 

'• By Farmer Norton ( 1972). 

SLITTING UNE 500 mm x 3 mm x 3 ton capacity 
• - MILLS Ex 650" wide razor blade strip 

tube drawing plane — roll forming machines 
^'.slitting — Rattening and cut-to-length lines — 
cold saws — presses — guillotines, etc. 

•- by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH LINE max. capacity 
J 000 mm 2 mm x 7 tonne coil fully 
overhauled and in excellent condition. 

MACHINE by Farmer Norton 27"— 29” — 31 



with 22" die x 25 hp On»jMorf«- ■ 


5,D00ft/Min. with -spoolers: by Marthal Richards 


--pnebmatic single blow.: 

-1.750 mm. wide; ' 


-965: mrn wide. _ 



^Sra<p V ROLUNG UNE 10" * f ™'' s * ” hB 
. per. roll and. Complete with wUMtrell'. 

. En. ,piS%/7S0 ft/min. 

fji^^t m |^GHTENING.AND 
|0q^t64^NGW MACHINE 4 1?73> *1 
'--Thompson and Munree f 

BAR — . 4"- c ENTR ELBSS * ; Reconditioned 


?02 4254/^/3 
TeIe Xj J364l4 



0902 42541/2/3 
• Telex 336414 

. Telex 336414 

Telex '36414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

THE TOtAl nf recent contracts 
awarded loXWillmenfs Building 
Division is \ver £900.000, which 
includes iw& contracts worth 
over £400,000* from British Air- 

Erection of offices and security 
cages in the fcargp centre at 
Heathrow is scheduled for com- 
pletion'by the end .of this year 
and covers part : of the British 
Airways deal. Other work at ihe 
airport is primarily for altera- 
i tioTis and additions in the 
agents' bond facility area of Lhe 
import terminal. 1 

Other awards include work 
for Western Synagogue Trustees. 
Siemens, Department of the 
Environment, the Home Office 
and Agfa-Gevaert. 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Tefex 3364 14 

0902 4254 1/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 3364M 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

Among contracts worth 
more than £LSp won hy Wrekin 
Construction is a £617.000 town 
centre relief road for Condemn, 
placetf by Cheshire County 

fli One of the . most important 
leisure developments in the 
Highlands since the completion 
of the Aviemore Centre, is beins 
constructed under a cnotracr 
wbrth about £lm by William 

• John Howard and Co., has 
been- awarded a contract valued 
at £295.000 hy Harbour Develop- 
ments for the extension of No. 5 
berth at Harwich Docks. i 

• Contracts worth ahour £226.000 
have been won by FPA Finnegan, 
the. main building subsidiary of 
Sheffield-based FPA Construction 

0902 42541/2/3 
Telex 336414 

, w Export contracts totalling over 1 
$%m. .have been secured by the 1 
Hytlrojet Division of A. Long and ( 
Co*, for the supply of purpose- ; 
.bililt high pressure water jetting I 
equipment to the Middle East. 

• . Weljennan. Brothers of 
Sheffield, has received a £65.000 
subcontract from Gateshead 
Metropolitan Borough Council tn 
supply steel - sheet and bearing 

piieg for a projert tn drain 100 

acres .of land to be subsequently 
developed as au industrial area. 

'• -Nuneaton District Council has 
awarded a contract valued at 
about £140.000 to Corrall Con- 
struction for ten. nursery factory 
units -.under Phase I of a new 
industrial development a[ Attle- 
borough Fields. 

•.-Marking the ® nd °* t * ie ® rst 

Telex 336414 

BENDING ROLLS 8'-x T- Excellent 

ireccoditionefi. wai turn and Index to makers 

5CHUt£ft TON 8K5H 
PR^Bcd 48- x 40" 200 spn. Double roif 

feed stroke. 35 mm. excellent condi cwn 
DEEP WAWlNfi PBESS . CP-J hton ^new. 


• 36*’ Stroke 8". NEW COND. 

• changes; 5 tons main- table. >« d ; « a '" 5".^° 

27 tai <£"' third 

almost new condition. 59 * ■ 

AUTWATIO 196. »nd 1963. 
. .:w^mr^0N0 TION _ kt _ 

; 01-928 3131 
Telex 261771 
01-928 3J3I 
Telex 261771 


Telex 26177) 

Telex 26I77J 
Telex 261771 
01-928 3131 
Telex 261771 

-•i r.m an 14 


Telex 26177] 
01-928 3131 
Telex 261771 


J- Reconditioned. . •• 

01-928 3131 
Telex 26177] 
01-928 313 
Telex 26 1 77 

Telex 261771 


09024254 ^2/3 
Telex 3364 14 

•.-Marking the end of the orsi 
stage: in the Tyneside Sewerage 
Scheme is the Northumbrian 
Water Authority's £383.000 con- 
tract awarded to Stepney Con- 
tractors for work involving the 
diversion of < flow from sewers 
(currently- pourin? untreated 
sewage into the Tyne), in the 
new South Bank and 
Shields Interceptor Sewers. The 
new sewers have cost £7.nm anti 
when operational will intercept 
some, lthn gallons a day m 
untreated sewage and transfer it 
to the newly completed treat- 
meat works a't Jarrow. 

• Costain Renovations has been 
awarded a £400,000 contract hy 
the London Borough of Camden 
for extensive renovations to 
Cecil Rhodes House and the 
Chenie8 in Goldinglon Street, 
London, NWL 

Before the Montgolfiers had liftoff 
Trollope and Colls were launched. 

/Trollope & Colls 

;Qty Builders 

for 200 years 

. 1778-1978 

jiVav'' v' - . -.y.-' •' 


TiH! List of Applications win wn at U *JH. m WctJnciJtef >Ut Jino, 1T7I, and | 

C,0C TTu” m iriCIt a General 0»n<*nt wm hp We Treasure 

nnjiy 'll,- I , oj/ji.'l ••} Pnr»Mir<ll'J *»llk*r JWS _ , .. . , 

'\pclii Hiivn has iwvn made to the CnuACfl of Thu Sioufc Lschanae for the Slock | 
bf uw Jaui-d lo bv admitted 10 the Offiemi List. 

This week in Parliament 

Financial Times 



Issue of 

£7.000,000 Borough or Southend-on-Sea 
12 per cent. Redeemable Stoek 1987 

.Ittlhnnwl M# Ok: (Unwell of me Onromih vl i.niHn.iM^frSea and imaf m 
!■ mi Hi III,' Ux rat Gaverntta-nt Arc 1ST} and fbe Ij>”M AnUnrily iStochs ami , 


TODAY guards and Electricity iFinance) management, of Scotland’s oil.” 

COMMONS — De bit te on Royal Bill, committee stage. Debate on need lor balanced 

Navy. Domestic Proceedings and economic order for Wales. 

Magistrates Courts Bill, Lords COMMITTEES — General Practice Finance Carp- 

amendments. Co-operative De- Expenditure, Trade ana In- oration (increase of borrowing 
velopment Agency Bill, consid- ° ustr >' suh-coraimttee. Subject: powers) order, 
eration on return from Lords. LORDS— Adoption Bill second 

LORDS— Debate on tinempioy- se i?°|-;ereral CounriPnf ^nl-hish ™*4 ia 8- Wales BilL committee 
ment Short debate on Hare Shipp ; , n!j . Briti5h Ship Rwearoh sta S e - C™ 511111 ?! Saf £fr Bill 

Coursing Bill. As.4i3.iou, imo a./Cm. 16. 

SELECT COMMITTEES — Nationalised Industries, sub* 

Evnendirure. Education. Aris committee B. Subject: Future 
and Home Office sub-committee. oF electricity supply industry. 

Subject: Prison system. Wit- Witnesses: Mr. Anthony Weds- 
nesses: Home Office. Scottish wood Benn. Energy Secretary. 

Office. 4.15 p.m. Room 6. 

10A5 3.T0. Room S. 

Assistance and Housing Corpora 
tion Guarantee Bill, committee 

European Legislation, aub-com- 

COMMONS— Northern Ireland 

mittee I. Suhject: 

s wr 4=1 CoI " ml, m; £r e Con“ 

.SuhiPfi, Anpropnation account ui*n\ w«vim 1S_ 

1A76/77. Trading account. Wit- 

orders. jncl tiding ones on educa- nessew . ' Scottish Devrinnmenf 

Association. IG.3Q a.ra. Room 15. 
Race Relations and Ixnminra- 

PR1CE OF ISSUE £981 per cent. 

Payable as follows: — 

On Application -1 H Mr cent. 

On 25!h Julv, I&7S &* Per cent. 

On 12th October, 1978 £53} per cent 

tion. nnllution and plannin_ 
LORDS — Electricity Bill, 
second rending. National Health 

Asency. Scottish 
Planning Dept., Forestry Cnm- 
inission. At a time to be set. 

T’f.'r.ri.imic tion- Subject: Effects of EEC 
Econmn c n , em})ers } l j D on r3CP relations 

Service Bill, second reading. aFN , r 4 o m Room 16. 

- , • c * nn*-i » w."'. muuuj IQ, 

Scotland Bill, report stare final parliamentary Commissioner 

and immigration- Witness: Mr. 
D. Lane. 4.30 pan. Room 6. 

! riav. 

i Bill. 

COMMONS— Homes Insulation 

£98} Per cent 

inieroi lies* income taxi will bo payable bair-yeariy on 26th May 
and 26lh November. A first interest payment of £2.7828 (less 
im-onit- taxi per £ion stock will be made on 2fifb November, 1978. stage 

Piu- Slut ft lit o: niiinriruTlI talhvf) Vitim FiV[ It nl UtC First i>*li«l«lo In Uiu Trustee 

Inivstnicxu .-lot IjWI 

Protection of Children For Administration. Suhlecf: 

Ombudsman (review nf access remaininsj staees. Iron and 
WEDNESDAY and iurisdirtion). wimes«ps: g tee j (Amnd.) Bill, remaining 

COMMONS — Debate nn hous- Prof. R. G. Gretrary. University traces. EEC documents on Euro- 
ins. Parliamentary Pensions nr Readina. Mr. d. w, Wii'ianis, pean foundation and cultural 
Bill, second reading. TT n iver=ity of Manchester. 5 p.m. sef .| ni . 

LORDS— Wales Bill, commit- Room 7, LORDS — Wales BilL cotnmir- 

Theatres Trust Bill. THURSDAY tee staee (unless completed the 

committee stage. Nuclear Safe- COMMONS — Debate on 

mis- previous day). 

Barclays Bank (London and International! Limited. Ki*v (rates Department. P.O. i 
Bos 13. 2. 1-omliTi Wall BulMinss. London Wall. Lflndan. EC2P 2BU, are auihorisL-rl ! 
bv ifi.- 54U'bvini-fin-S>-a t’oruiikh Cuiincil to r office oppliiralldtif lor lie atNlve amaunt i 
of Slack m jivordann- with Rosului ions passed by ibe Council on v:tth November. 19T7. ! 

I. SECURITY.— Thf Sin:k and Imerrsl ihvr>-on will bn c «cured upon all Ihc 
rvvi-ou,.", Dj- CoiumiI. The Stock w,ll rank equally with all se curl lies issued by 
the Council. 


The following is a record of rhe principal business and financial engagements during 1 the week. 
Board meetings are mainly for the purpose of considerinc dividends and official indications are 

2 . PROVISION FOR REPAYMENT OF LOANS. — Tho Council is required by Acts The - _ - - 

or parii.inn.-nt m mai--- annual provision towards redonipi inn of loan!! rats.-d tor not available whether dividends concerned are interims or Scab. The subdivisions below are based 

capital ■mu.-twllluru and :o makn S u:b rntunw In conned ion therewith as may be . . __ , im - r -il)lr> 

reqnnxd h; Ih.’ 5?- • retan- of sut- for The Environment mainly on idst years Ltmerauie. 

ntonns U *mwrari?/ taSm/s SE* 1 'tSitori^d own ! ' Jo com pan v Camb^id" 8 inL>?h R,1 aL^a|. J Ro 4 Vf^7a shV^br^^E^. 

nuiurme moneaj;.- d.-bt. tp finance further capital etpenalturi'. to make loans to Blsixxissate Trust 41 flisnopstate E.C.. £5.0353 Tunnel Nidus. 

aihi-r local authorities prn nil’eO under Paragraph J.t of 1.1 of tbt- Local 2.45 . , Daniord iov.ixBd.Rd. 15M2IS2 5 ‘vor Interims: 

Oovornnunt Act. 1BT.’ and to defray rtic- coars, ebantes and ■•yis.-hses or and incidental C«um iR'. Gotaimiois’ Hall. Foster Lane De nwen ts^d* RfjixHd.Rjl. 21I6.T8 15 .0353 French (Thomas) 
in i .sin. .it Ih,. Kirt.-k E.C.. 12 UUItoee 7-*OCflo.Ko, 311(79 3 ^..p. HenivS 

a DcneuaTinM nc ernrw n» . in k.. , >< „„ ,, „ Earfv <Cl Marr(o« iWitnev Witney Mill. Quoorf 2.671 TSo Lee (Artfmri 

4. REDEMPTION OF STOCK.— The Stock will he redeem, d at Bar on .nib May. Witney Oxloroshhe. 2.30 Durham 75»pcBd.Rd. 3*1179 3if n pe Lonsdale Universal 

1W7 unless previously cancelled by purchase in the open market or by aftrccmeai Hammers on Potv. Inv. Trst.. IDO Park Esw Devon var. Hi. bo. isiIZb? CJ 875 Looiers 

with the holders .*»• ,J2 , . ... M u ... . Erewash 7^ocBd.Rd. 3fl(7g 3U w pe Vcrtis Stone 

s. REGISTRATION.—' Th,* Stock when fully paid will be rcBisierwl and iransterablc LJi” * e 7? ' F,rt,d Ha p k E 5S^? C i-»i**i««i* lOJjocM Rd. isn:i82 dividend a interest payments — 

American Association 3 b 
A shford 13'apcBds-Hed. B»iV»c 

free of charge in amounia and multiples- of one prnny bv instruracni In wrftlns in ^board 0 MEETINGS 
accord ones- vitih the Sio-.-k Trnnsler Ait 19ft. The Register of the Slock will he kept Finals: 
at the offices of the Borough Treasurer, P.O. Box 2, Civic Centre, Victoria Avenue, Allied Plant 
Southend-on-Sea. SS2 6EP. Chamberlain Ph.ops 


Falkirk 9>aocBd.RQ. 21:6f7B £5.0353 
Fife 91jHCBd.Nd. 2 1(6178 £5.0353 
First Castle Secs. 1.485 In 
Forest Heath 7 She'S ds. Red. »11I79 S' 

B«Hordshire'l2’»pcBils.Red. 1E 6(B0 fiiiaoc 
Beverley 1 1 hipc&ds-Red. 201 

;«79 SUlMX 

3,1 ,7 ^ Caloe^ale^llzSortms.Red. 5 ' li.’i'AJ* ^»Pr 
Greater Manchester Passenger Tmr.sDorf u B d^R R 'f r J i *Jc ' 

G^rtSf R% d • l ml 9 iV Fashion 1 a« ^.e^' fiv^Or^ 3p M 

Gw5^7^.ocB« 3 ^d Re 3iV7 1 9 7 Ti?.,« GnmSiy 1 1 ^ocBds. Red. ZO Wa 5iii»nc 

Harbowan 9uac8d3>m«. /®*/78 £5 0383 - 1 1 2 ^Lld.i.^i PC IftfSM 

House Proo. ot Lorflon 1.75n NammersmRIi 1 2>,pcflds.Red. iWiM 

Inverness 7J*ocBds.Rcd. SilTB 3"i-M 

kennel 7‘iocBds Red. 3-1-79 3U„oc House O* F_(j»l» r^3_0776P 

KirkakJy g-jacBds.Rcd. 21678 £5 h’.53 ftjSffr A i TTmrlliiT It rri tVBiBO IW 

Lanark .9 Vpc8d..Red, 21*6 7B £5.0331 I KSSBiSSSitf. 200° 9 ® S^bc 

' ‘ 1.86B75D 




norm 'M.r.’ D.Db.P 

Runnymede 9SncBds.Rcd. M'6178 £5 0751 S °'' U V. 
RuShellll 9'»DC90S.Red. 19*1279 J i-oc. 

Hams 1 ZhipcBds.l 


Thurrock 13i>PCBdLRed._1GlS'82 ^ppc 

1 1 >wKBds.Red. 


and ;iiih Nni'-tnh-’r hy warrmi. which mil he sr-nt by post ai me Stockholder s risk. London Sumatra Plants. 

3i, ij),- tg;,- nl ,i joint account. th>* warrant will bv for-vard-'d to the persuii first Petbow 
nanu d in ihr accouni unlc“y instruvilons to Hit* comrar> arc jjlvcn In wrinnG. |l^ w j! , ? r,ln 

The first pJMiuin »l • fi-ss income tax* per riQO Stock will bo made on IKSI'bb i-Ui' 

Sfcih Nn'-cuihf-r I97S liy uurrani in iln* usual way. interims: ' 

7. APPLICATIONS AND GENERAL ARRANGEMENTS. — Applications must be Fenner U H.J 
mart" nil th.. presonh-'rf r«irm. a ut dm panted by a deposit of HO per cent, of the G **;X.*iggSS r " 
nominal amount applied for. and be received at Barclays Bank (Louden and c antin.mai 1 union tSl Hkn Y * 

Intcraationaf) Limited. New Issues Department, P.O. Box 123. 2. London Wall Halstead iji. 0.22 b 
B uildings. London Wall. Loorinn, EC2P 2BU. 

Applications must be Car a minimum al QUO Stock or in multiples of £100 far 
applications up to £2 JIM Stock. 

Larger applications must be made In accordance With Ihc lolhnriap scale: — j,-. 

Applications above £2.000 Stock and not eacceding £5.0M Stock in multiples or EM. distbn.'QjliTSp oia vr. ended 1976 

Applications above E5.B30 Stock and not excoeding E20.QQO Stock in multfptes of Q.90B. Silhouette rLndn.l Ord &A.Ord. 2.541 p 

Applicailons above E20.0D0 Stock In mulllples of E5.CJJD. *ft«? nl^So o- sV iy -n «- 

A separate chwtuc drawn on a Bank in and payable In the United Kingdom utd * c * p_ TOMORROW sS/tevT^ili^riiRed "istTis o»5i west ' Nortoik 

must accompany each application form. No application will be considered unless -z'-mpanv ..t~ ir-GS — Sano^i 7^i~cBds nid“ iitov 5 "i#pc 

this condition is follillcd. Beralt Tin Wolfram. Connaught Rms . GL Scunthorpe 7'APCBCs.Red. 3'1 79 »c FRIDAY. JUNE 23 

In rh-* ••v.-uf of partial olloimcnt. the surplus from ihc amount paid at depoali „Ou«^n St w, _ . _ Sedoefieid 9\,pcSds.Red. Zl*6i7fl £5.0353 COMPANY MEETINGS — 

V 111 Iv n-fuiid-"! 10 thi applicant hy cheque. II no allotm- ni is made the deposit MancSeslerT 12.30 d ' Statioroihirr 9-VpcBds.Red. 21 6 7B B utmer and Lump. Victoria Hotel. Bradford. 

*tH b** relum'd hi Ml. \o j Hof men f will be made Mr !>■« than or Stock. Brocks. Fleet's Lane Poofe. Dorset. 10.45 south Yorkshire B\pcBovRed. 1912, 79 coats Patons. Merchants Han. 30 Geo roe 
B:irel.iyt Rjiik 'I onion and lineniatlonali Limited rnervet the rtphl to return Estates Duties inv. Trst.. 9t Waterloo Rd. 4 'sk Square Glasgow. 12 

surplus snpln.iiiun moneys hj- mean* of a t-hfOUy ilra'iii an a country branch Of _ S ' £ v_ ,0 - 4 5, ^ .. , ... . Stroud 7-'wc»ds.Rrt. 3-1,79 3”»«r- Cory Horace I Nathan Wav 5. E~ 12 

Han lays Bank l.imUed to any nppKeaiu whose applieauun was not supported by a R uncim*n iW>. 52 Leadenhaii st.. *stn fir.i Sutfeik 9 LpCBds.Red. _21;BT8 £5.0353 Helene al London Berners Hotel. Berners 

Psnkrr't Draft ur by a cheque drauu on a Town Clearing Bninvb of a Bank In the Vernon Fashion. Middlesex Room Gl. ronbrWd* 1 ' anlf’^Mamlm 'variable *'nx^ Slr * et - W * - 12 * 

Cir> or Lijii'lrtii. E«st«rn Hotel. Liverpool St. fi.C 12. 

It should be particularly noted Hut default in the payment of any instalment by 9- -*■> meeting! 

Us due date will render all previous payments liable to forfeiture and ike alio i mem slrArtlc iyde 

to cancellation. Attwood Garages 

Each aptillram m whom an allotment nf Stork is made will be sent a renounce- Bradford Prop. Tst 
■blv truer or Allotment, which must be produced when iniialm.-m payments arc fiociric and General Invst. 

made. L-.-rt.r? of .Mlotm-nt which mar bv T'id up to -1 a m. on iStli Or tuber. 1975*. “J"* 

will •■nnuin forms of renunciation which will hi* availabfi- up to 3 p.m. oo Radiant Metal Finishing 

"itih n«<th.*r. 197S. ini payment cf the Instalment d»* on iith .fill y. IMS. the Letter Russeft Bros. (Paddington) 

mil be appropnatvlv marfccd and returned to the srnd-*r. When pavim-nt in rull is * 

made ih-.- Lei nr will Oe appropriately marked an A ntumri to the sender, unless 
the r-niMranun jnmicniion form has been completed, m which vase paces 1 and 2 KiStlr 

only of ihc Letter will to» ninnu.-d m ih» »*nrivr oi'-idend a interest PAYMENTS— 

Partly paid Letters of Allotment may be split in multiples of EUfl Slock, but BrIL Inv. Trst.. 2.65 d nnom imi. mcc^iiiv Hawi w 

fully paid Loners of Allotment will be split Hewn to multiples of one penny of stock. * «*;£4 *'*-'*■ V- is Bn.amk '"“* p '« Bd, " v HQte '- p,ccad " lT w 

No Letters of Allotment will be split unless alt instalment* then due have been paid. 2 ?bc tiMo-Hi" *2 
There will be no charge for splitting Letters of Allotment. il 977-791 Zhpc tis-se- _ 

The Stock ontlkatc will be despatebed hy ordinary post al Uu> nsk. of the 83) 3'« 3hoc tl986-88) '3iaoc 

Sin. khold*.*r«si witbnitt further request on or before 17lh November. 1973. to the _3\ 4 _s SUpc 

Bds Red- is 12*82 C3.B75 Ro,ji Garden Hotel W.. 12 

T-H-IHI, 7-uKlhU.Red. 31)79 3'*>»pe BOARD MEETINGS— 

Urouilo Inti. N.V. Gtd. Fits. Rate -rreies FlhaS: “ 

due 1981 1 U.SC39.5Q Austin IE.) (London) 

Wakefield 9kwBds.Ped. 21(6*78 £5 0353 Brown ij ) 

Wansbeck 9kpcBds.Red. 21:678 £5.0353 Nqicros 
Wwt somerset 7-‘i>pcBds.Red. 3 1 79 Regltfuslon 

5 ‘-i*oc scaoa 

West Wiltshire 7%ocBds-Red. 3 1 79 


wood so Hup 7>spcBds.Red. 3>i)79 3* »oc 
Wvte _ Forest 9',pcBds.Red. 216 78 



Zac iftero )” ?^pc H 5 use o' Fraser. Merchants House 
2V3ne H9lil- O*ont« Square Gfaspow. 12 
s-f 'ia t 3oe M9B1 , Jorin( Main Ha/I, Daconum District 

11987-89) Coijna -, Pawilon. Hemel Hemtmesd. 2-1S 
Matltnson- Denny. 130. Hackney Rd.. E.C 
12 Goodr 

Marks and Spencer. Hotta Inter-Continental Hadcn 
1 Hamilton Place Hvde Parte Comer W_ M. an 

12 Miller 

MiHer iF.i Textiles. 13 Batii Street. Peathcv Proo. CP« Db. 3-'»PC 
Glasgow 12 Miller iF.i Textiles 0.7263 d 

Morgan Crucible. Cate Rotai. 68. Regent Phzer Inc. 30 cents 

Street W.. 11.30 Sphere In*. Trust I.BSoc 

Moihercare. Winchester House. 100. Old Ynvs Mao Isle ol Anglesey 7’iPCRdS-Re<L 
Broad SireOL E.C.. 11 3.T-79 3»i ft Pc 

Agricultural 'More l23«pcUds.Rcd. 27.6 80 
6 'jPC 

Brixton KateVzZfMjTy Plice'tC.. 12.15 TgSS^SSaSGSSSSS& 928*1 ^«* 

1 ZOO city at Oxford In*. Trst. 41 Brshoosaate Prtilsh Steam Specialties Manchester -DCKeo.c.ons. laid i*SPC 

I33.7S2.903 Continental and Industrial Trust Marchcrter ItKRed Cons. 1928 1 ijpc. 4pc 

£273 230 Collin's IGWI. Mittheld Lane. Havdock Sl Si? 1 N|C * ,0, * 0, ’ Red Convinced. 2 DC 

9S.9p JSSSP ^ - *' 9 ’ 30 


iir>r-njrucif rcslsr.-r.-d hufd.-r ar his fv.r ri-cistvrvd addrens. ft botwi-vn 20th October, f SSfi!L?h ,I J^ 5 i , o7sI r ** ®* 

IKS and 27tb ndnbvr. 1“^ the Allonuvn' Letter is lodu-d at ihe olTIcos of the | Peachey Proo. Corn Ip 

infch Petrtm. rreg.l 2«.r5o c 
‘ " ' * FF 14.55 

2. IOC 

Borough Treasurer. P.O. Box 2. Civic Centre. Vrotoriu Avenue. Soulhead-an-Sea. 


News International 

Aberdeen Trust Ord. 1.7SP 
Bamfords 0. 44p 

Ciiesebormigh- Poods 23 'a cents 
East Surrey Water Ord.A,7paFmly.10pcl 
Max. 3.5nc 

Max. 3.5pc OrdB.4-9PCfFmty.7pci Maw. 
2.4SBC. Oro.C.3.5pcfPmh>.5nci Max, 
175PC S.Spc'Fmly.&pci PL 1.7Spc. 
3.1 SociFmiy-4 >:DC>Red.Pt. bo - as 1.5?Spc. 
4 JPCiFmte.BoaRed.Pf. . aS-90 2. lac. 

4.5Spci F miy.B isPeiRed.Rfj, Bl-63 2275oc 

“ ‘ 

en Carrier 5.04S 
and G. Group 1 

92-94 2-BdC 

552 66P *uih ih> ioduinc avi'iifs nanu- and address la«en«*d In lh»- >pacn provided Saint-aobain-Pont-A-Mouswn 
ar rh- loot of tner- ■’ the Stock Cvrfifivatv tail be despatched to (bo loddtui went wStwarri’ rv oBn' Bpcp ^‘ 
<m or before 17th Tiovember. 197S. after which dale AUonnent Letters will cease to Yareovv 1.7 p 

Mlller'fP.i Textiles 0 7 28 So 




Martins Bldg.. Water St, 

... _. - , COMPANY 

of applications hearlnp ihtir rtamp: f bl* I LiSTr'EmT' jm' Mar 

;«ccl of an application which arises 1B6 Ot, Ro E.C.. 12.30 „ itmri 

Anglo Swiss. Community Ctr.. Hsrnwmds- SuS.° oIftm? 0 
worth f«l. West Dr*Ytpn._3. 1 5_ _ g aker Perkins 

Hawker 5 

ns.mowj Hotel. Park Lane W., 12 

bt* valid 

\ ■ nnimijision at i2i p per £iuO S»ock will be a Ho wed to recoxiiis.-d hankers and 
suvkiirorvrs nn .illotm.-nin mad- in r.sneci 
oiinniKsien will not. hun-ev.-r. bv paid in respect 
of nn utid»nv mine commiumni. 

B. STATISTICS.— R.-latini tu ih,’mlE'i nf .SuuilKlid-OO-Sca;— 

Population nnd-1977 i Hejlsirar-ninvrpl's, Estimate) . 

Kai.Mbl- rain..*— 31m March. 197* .. 

Prndtl'.i nf ran* u; Ip in the (—1075 79 resiimatcdi 

Rati* m Ih.- £-.|o;S-^. .. 

Net loan debt— ;;isi Man*. 197S 

Prospectuses and application forms can be obtained from: — 


New Issues DvKnrtmcnt, P.O. Box 1S3. 2. London Wall Building. Lon>lon Wall, 
l.i.ndori. F.C2P 2RL’. 

and -inv mam branch or Barclays Bank Limited In South East Essex. 


P.««. R-i.c IPI. .W (.'rvebunt ¥iiwr. London. EC2P 2DS. 

BOROUGH TREASURER. P.O. Bex 2. Civic Centre. Victoria Avenue, 

Soutftcnd-«.T-5ca, SS2 SEP. ' 

P.o. Rot 2. Bv Order nr ihe Council- 

Civic «>ntn*. Vicinrtii ivunuc. F (7. LAWS, ilhicf Execunre am f iTfcrfc. 

Samhvnd-Qfl-Svn. SS2 SEP. BERNARD LCCKBURST. B»ri,nali Treasurer. | Brown and Tawsr 

Ifith J«m**. 797S. I J’l 0 Ma M4mshlro 

I BlllOrt 1 


Broad stroeL e.c.. ii 



Dorebesier London ana Livernool Tst. 

Lyons 1 1 .» 

Metropolitan water Board (Kent W.W. 

SocDO.) Tine 
Wadham Slruiger 1.2 In 





3uO(t 20 — t 23 , 
June 22. .. — . 

June 25—29, 
Jane 26 — 28 . 
June 26 — 28 


J- , ■ 

' International : Wr Jep&fr jndustty ¥ - ... 

■ InteriJatfon.M .43^ .on jsifoil*.’ dlymnia : • 

zen Foods Coot- 
lent and Control Ex. & 


Royal ffigtUauti 

First Ini 
Transducer 73 


June 27— 2S ...... ; BIA Engineering' 

June 27—29 Leeds Electronics 

Graar oiympia : -"~:r * : ■ 

zs&sst&to* ■ 


June 27 — 29. u.... Secnriiy an 
- " SoUff Waste 

Royal Norfolk Agrn 
Royal ShovMNatir' 
Motortradex . 
Great Yorkshire j 
BMA .Annual ; Fha 
Royal 1 Tournament 
Worid Wihfi- Fair 

June 28—29 

June 28—29 

July 2 — 6 — 

July 5—7 

July 11—12 

July 13—14 

July 12—29 — 

July 19—50 

July 21 — 29 Middle East Bl 

July 24—29 Brigfciton Antiqi 

July 25—27 ......Royal WelriUSbow-; 

Ibition V 

libition *.. -y 

n and.-.Co!?r-v.jL_ 

mf Conf. and Exbn. . 

Jtoriti Show _ • 

il. Agricultural 

retail motor trade.; 

ficultttfcal Show / • . ;*. 

leal Exhibition 

: L^caster ,- aa A *.v* jf *. 

Biwpcote “Swt 

NewCosteasey,^ - '- 

Bristol. . ^ vn.-. :. •' 

j Expb Y8 





June 20—24 
June 24—80 
June 27—80 

LBritibition . , . . 

-Equipment Exhn. anfl 
/stems In Urban Areas, 

June 27—30 
July 2-0 ... 

jaly 4—6 .. 

July 10—14 

July 18—26 

July 25 — Aug. 20. International 

International D: 

Public Tramp 
and Confere 
Offshore Brazil 
Exbn.andCo. tt ..^ I » 

Third Int ConfXaud Exbn. on Marine Transport 
using RoU-onadll-ofr Methods 
— — " -Id South African 

positim and Exhibition. 

Audio Visual " J- " 

Stfori of the Handicapped, 

o ae intnezrc .*.,. .yj . . 

First inteniati 
Education S 

June 20 
June 20 

Jnne 20 
June 20—21 ... 


of Management: Energy 2000 
Creating New Opportunities for. • 

June 20 ............ 

. C onsumers , and the Law .. ■ 

irslty: International Barter Trade 

Kent H0ase. 'jSEl ' 
Royal Gardeu. 

June 20—21 — 

British Instil 
CAM Founds t 
Business . 

Oyez: Selling 
Maryland Uni 
Seminar :.L 

June 20— 22 ‘ National Engraeering Laboratory: Int.- Conference. 

on C0m]$itei' Aided Manufacture •' 

Inst of Co* • and Management Accouotajnts- 
Financial^and Management Accounting for 

Not^Finaifcial Managers ■ , 

Anthony Skinner Management: Practical Pricing . i'. -'y .. . .. 

Policies^ • . . . Cafe -Royal' ,\\TL? 

Henley Centra lor Forecasting: Forecasts for the " -v IS*.::- ~ • 

Common Market *.*.'•'. ' Carlton 

Jane 21 Agra Europe 4Londoa): Potato Futuras-Conference ^Baltic 

June 21 Royal Statistical Society: Paper on “Business 7 ; 

Statist ies^—A. Decade of Central Collection •- ■ Kcppel Street AYCl ^ 

June 22 Centre for Interfirm Comparison: M a na ge m ent v 

Ratios aud laterflrm Comparison • - Parke® Street, 

Oyez: Profit Sharing Royal Lancaster : 

AMR Interhatiohai: Managing TL$. Operations. Kensington. Close' Hota^ >.W8- 
RlskResearcfiiGroup: Captive [nsurance Companies ; Tower HoteU-EI- ^^^^. /,...*., 

June 21 

June 22 -... 
June 22—23 

Jnne 23 

June 23 

Jnne 25 — 30 

June 26 

June 26—27 

Jnne 26—28 
June 26 — 29 

Distribution Operations . '■■■*.. Hilton : Hotel* 

_ ... . Financial Times: Scottish Finance and Industry Edinburgh *’ . 

June 26—28 Canadian Society of Petroleum Geologists: Inter- . ■ - T : 

nationafjSletroleiun Geoloey -Workshop Calgary, Alberta: * ‘ -r>.— • -'i 

First imernfttiboal Frozen Food Industries Coot . Royal i^ncaster-Hotel. 'W? ,- ’ ' : 

PE Manufjmtiiring and Personnel: Marketing . -.‘is; ;>-1* , 

Mantf cmect •• ' ' •■T yhayi ; yrttriev ' . ' ' 

Executant L:Wel^its and Measures Legislation . Hotel Bussell, Wd ~ ■" ' ■. V . 
European .^tudy Conferences: Row to increase ' r ' f ' * '* “^-5 ... • 

Royal ty Pay men ts Kensington' Palace HoteUSWl- •- .. 

Robert.VUice^Org. : Lie Detector Seminar on/. the. y."‘> r 

Voice.Stiess Analyser . ;"■*•' too on lie Partt,\ WXi* ■ 5^": - ■ ' . 

Oyez ; Planning for Superstores V. ... ' - Royal Garden Hotel, W8— V, ; 
Executants Business and Polities . . \ Hotel itaaseU. WCI : ?-4.- 

London Chfiriber' of Commerce: . Ati appraisal • V.'s,” . 

“ - • . _ — ■ . » ■ . • :• \ r s -w 1 - -■ ; ■ ' 

June 27 
June 27 

June 27 

June 28 .... 
June 28 .... 
June 28—30 

seminar on the 197S Budget and its effects. 

June 28—30 

on commerce and indus 

Cvuum Sttieet,-EG4 


Internatfimaiii Centre for Continuing Education- • -t-' 

June 29 
June 29 

June 29—30 

June 29—30 

users ana msmbutea processing. jf’.^snexamFni^yo^iaiagen ' , 

rniversity-Jnjectioa -Moulding; O^ojidoitStitbn; . > 

nee Services: The Law Relatfiig vtb; ^ .'j:'. ■ ni - - - ,1 1‘. : 

yiaxuaaui • s t™-. : '-j ; — ^ ., . *.>. ».,*•, 

Oyez; plstrict Shopping CentraDtveiopment 'TiitL Pre® Ce^re^EC4 *„ /’ 

Documentation and Finance \ ' " . Royal Garden Hotel, W * 1 ’ 

Meirffeolitan Pensions '^ssoda^on: Pensions in London Penta HoteL SW7^ ~ - - 

June 29 — 30 

Fpcus , 

Oyeat European InvestmeiM in Cmted States Real 

London 1$W7f 

June 29— July 2 . 
June 30 


Retirement Counsellors: Planning'jfor Retirement. 
Lloyd’s of London Press: The Pearson Report — 
implications for Insurers. 

Hse. PptT ot Lndn., Eagle Hse.. High 5L 


Trinity- College, Cambridge 
Carlton Tower Hotels SWi ’- 
Cornhili Manor HtL, y 
Towcester . 

Wimbledon S.W.. M 
Le Bxs <£'. Savoy Hotel. Strong W.C.. 1 
Lndn. A Leniwi* inv. Trot.. 2 St. Mary 
A*e. «4th Hr.' E.C.. H.30 
V— I' e.. Atwrcorn Bms.. BtshoiKgatr 

So-'-Cm 1 ** MarU*»t| and Gammon. 7 Blrehln 
Lane E.C- 3.30 
Wndhim Stringer. Post Hsn . Northnty Rd 
Ha v lino island. Hants.. 12 



The List of Applications will open ai 10 a,m. on Wednesday Zlst June, 1978 and close ( Lfetvct <T. H.) 

on the same day. 


12 per cent. Redeemable Stoek 1987 
Issue of E7.QM.IUM) Stock at K9&J per eenl. 


New luun Dcparuncnu p.o. Bex 123. 2. London wall Buildings. London Wall. 
London. EC2P 2EU. 

I li'c ii.-rcl-n xipplp /ur 



•if Hnrmutli of South>*iid4)n-S:a II per cent. RcdevRiablo Slock I5*i. no.'ortling to ihc i 
Li/ndiunn* comam-d hi ilu Prospectus dated lit h June. 1975. and undi-rrakf- to accept 
Up* iamc or any Ivsi amount th.n may be* allotivd to me -us >nd to pay fnr the 
same ,n vunf>>n)iii' n*iih ib> wnt lx of I be said Prospectus. I li,» n-nuos' that any ( 
Ir*li' r of Allnimvm m n*4pi-.-i of Sioulc uUonvd to mv us be v-m tr ( me us by post 
a: Hi.- iJw ixnilrni undcrmuiinoned address. 

Northern Secs. Tsl. 

Row'lnaon Construction 

T»vo Store* 


{states and ABenrv 

Kenning Motor 

Scoitisn American invst. 

Throgmorton Tst. 

United States Deb. Con. 

rtl*MP*ND & JNTpeeor PAYMENTS 

Albany inv. Trot. 0.774B4P 
4'— -v ’■ir* ' *5178 £5.0353 

Bvnc8d.R0. 1 9112179 A -hoc 
Auiamonve Prodi. 1 04293a 
Barnet 7NocBd Ro. 3 1 79 3'*r*pc 
Bain 9ficcBd.Rd. 7116/73 £5.0553 
Bolton Var.Rt.Bd.RQ. 16 12181 £3.87 5 
Bristol 9 '.orB/i Rd. 21/6/78 E5.0353 
Chemnng t).77o 

ChesieHietd 7*<a:Bo.Ra. V< T9 su.^pe 
CIjoHpv 7*«jfBo Kd^ Jit 17 9 3*'imK 
CM Chester g'^KBa Rd. 21/6178 £5.0352 

I 'Wi* invluiv Hu- r. QUirnl d-postf of I . bi-inu 110 p,.-r cent. 

nn :h.- nominal amount applu-d for. and ivarrant lhai tbe vhegu- aMm-hitl hereto until 
b<- hunourvd on lir-t pr>-svmauon and axree that any allownvni of 5>ock is made ' 
Slnvilv ,>n thi- nn-l- rsi jndina. 

*1 We dv-Jari* ih.n I am not no one of us Is reside nl ouiside the Svhedolrd | 
T*4rimr«fst K uhiti :Ji.. riteamiv uf tlti- CaImwi' Control .!<■/ IW. and that l ac 
sli.til hoi ii- aiuuinn.. thi- Sinek an bebolf al. ar as nomincei:., nf, any ocrsomai 
rvd»lvlic oulsldv IhuSe lcrrilori'-s. 

Bonus for 


June. IP7.4. 




First .\«n.*ti *' .1 ■ :!.* lull 

Sonniu.v 'iiiif rv.'-T>)::<ilii>ii 
• Mr. Mr... Slv.l or Tllli-i 

.li'ilnni 11: lull 


• The spa. vs bvlow arc lur use hi Ihi* ease of Joint appLcallgn*' 

.Vmcf.ii in full — * 

wn* mi<1 Pe-inni'iiein 
Mrs.. Mi.d or Til lei 

L*S5 ih lull 

i/c.vA rune . 


fini Xttme- s» in pill 

Sllrtjnnn.* mul pegitmahvit . 

1 Mr.. Mr*. 1H‘S ur Title 1 
.•liMri*.« in fali 

A TAX-FREE allowance of £35-a- 
week: will shortly be given to 
people who. in their final year at 
work, aive up their jobs to the 
unemployed, Mr. John Golding. 
Parliamentary Under-Secretary 
for Employment said. 

The present job-swappers tax- 
free allowance is £26.50. 

“ From July 1. the allowance 
under the job release scheme for 
a married person with depend- 
ants goes up (o £35 a week. That 
is quite a nice sum for putting 
your feet up that much earlier. 
.Mr. Golding told staff at tbe 
careers service in Leeds. 

On Yorkshire and Humberside 
5 £30 people have already taken 
advantage of the job-swap 

scheme, which has been in opera 
tion for IS months. The 

allowance was originally £23 
week and was later raised to 

4- Applications muw be for a minimum of 048 Suck or in raoHlpJcs of 098 lor 
application) up to 0.008 Slock. 

Lamer applications must be made in accordance with the followtug scale:— 
Applications above £2.080 Slock and not exceeding E5JJ0U Suck in multiples tf E5W- 
Appllcailoos above E5,W£i suck and not exceeding E2MQ0 Slock id multiples ol CLSOO. 
Applications above 523.088 Suck In multiples of E5JOT- 
i If ibis Puljr.iunn i-annoi bi- mod./ it should hi rt»li.*twl am) reference should be 
made no an AuUton-a-d Deposliarv or an Approved Acent in ihc Ri-public of Inland 
Uiniuch «hnm IndBnwnt ’■hould b.- cfli ciwd. Autborac-d D> ooMtarit's are listed m 
th>.* baiili of filmland'* Noiuv EC.1. and include mwi bank** and siarthHdters in and 
.voiifUurs nmuiiiP ’ m Uk* United Kingdom, tbe Cbannel LMurwls or ihe Isle or Man. 
Approved Am-nts in the Republic of Ireland are defined in the Bank of England's 
_\oncv E.U.l®. , 

: Tin? Schi-duM Tmuoiw ai pri.*s<'ni comprise: lUe Unm-d Klncdom. the Cbsnnel 
3sianrt>. 'Ik- IsU or Man. ihe Republic of Ireland and Gibraltar. 




higher turnover 

ThK i-o nil should be compli ti-d and sent lo* — 

LONDON EC2P 2BU. vi-nh a cheque payable ro Uardari Bank 'London and inter- 
nnuenuU Limiind or in the -Uiorfi'ned foim “BALI for Hi-' amount of Ute Deposit. 
Chrijin'S P’usi tu? crossid "Souihond-on-Sca Loan". 

%n roc: in? will he issued for parnn-nt an this apnllcaunn hui an dcknohU'dseir.ent 
.,-,11 be /omanJid by post In due course by of AUuttucr.t and ur by rcuirn 

Ol DtOOjiU 

MORE THAN 60 per cent of 
North West companies taking part 
in an economic survey expect 
turnover to increase during the 
next three months. Fewer than 
half expect profits to increase 
and 24 per cent say their business 
will be less profitable. 

These figures come from the 
first quarterly economic survey 
by Manchester Chamber of 
Commerce and Industry. Eighty- 
four companies look part in the 

4 ' 



This adds 

* vS.*“ ■*"*' • 

egal, decent 

• ■ r..- ! 

honest and 


■ 'J. 

• ■*■ .gvr?-'r 

t ' 

As every ad. should be. 

The Advertising Standards Authority 

Write to: The Advertising Standards Authority Limited. 
15/17 Ridgmount Street London WQE7AW - 


: A x. 



’*2C'. 0a 

I 51 - 1 - Vt 


V., V.'J 

Vi' > 

Vx , 

^ me5 Monday- June 19 1978 

The Executives tm.l Office World 


How managers are 

to make themselves 

fessjonai staff are now the 
Biggest growth area for trade 
unions could be seen as evidence 
Qf what appears to be a widely 
■held view — today's manager is a 
pretty disconsolate beast. 

But managers have not just 
Been throwing in their lot with 
the established TUC unions — 
A STMS is the obvious example 
— and TASS and APEX as well. 
There has also been a swelling 
in the ranks of non-affiliated 
unions such as the UK Associa- 
tion of Professional Engineers 
(UKAPE). Perhaps most 
interesting has been the growth 
of managers’ associations, often 
sneeringty referred to as “sweet- 
heart unions.” or worse, by their 
bigger TUC brothers. 

What is clear is that more and 
more managers are departing 
from their traditional indivi- 
dualist roles and are seeking 
the strength of collective repre- 


The dilemma facing managers 
is complex. It is not just a 
question of whether they should 
join a union or a managers' 
association, but whether their 
interests are best represented 
■within the TUC orbit or else- 
where. The trouble is that the 
elsewhere is practically 

There are some signs that 
alternative groupings are 
struggling to make their voices 
heard. In January this year 
for instance, the British Medical 
Association formed the MPSLG 
(Management and Professional 
Staffs Liaison Group) when 
doctors making representations 
to the Government were iold 
that they were not speaking on 
behalf of very many people. 
The MPSLG is a fairly loosely 
knit framework and includes 
the National Unilever Managers’ 
Association (NUMA). the 
British Dental Association, the 
Confederation of Employee 
Organisations, and the Associa- 
tion of Professional Scientists 
and Technologists. 

Another, .and a darker horse 
altogether, is the British Insti- 
tute ol Management. One 
thought wh'ieh has recently 
gained some favour within the 
corridors of the BHTs Manage- 
ment 'House ' is* for a link-up 
with the management associa- 
tions, with the BIM acting as 
an umbrella organisation. 

All negotiations and repre- 
sentations at a company level 
would continue to be conducted 
hy the individual associations. 

but the BIM would make 
national representations on 
their behalf, to government 
The. appeal to the BIM is 
obviously enormous because 0 f 
the gains it could make in both 
membership and political 
authority. For the management 
associations, there would be ihe 
strength of the BIM's estab- 
lished reputation. 

But the BIM would have to 
o\-crcome considerable resist- 
ance. both internal and external 
if it were to undertake such a 
radical step. 

Many of these issues were 
very much in evidence la-.t 
month, when over 200 managers 
from industry gathered at a 
conference organised hy th- 
Institution of Works Managei 
to discuss their problems and i.. 
compare the relative meriis of 
trade unions and management 

There was broad agreement 
as to why managers were seek- 
ing collective representation. As 
Chris Hayward-Jones,' general 
secretary of the Shipbuilding 
and Allied Industries Manage- 
ment Association (SAIMA) told 
the conference: "Over a period 
of years, as a result of govern- 
ment incomes policies and shop- 
floor trade union pressures l'or 
single status, managers in ship- 
building. as elsewhere, have ex- 
perienced a progressive 
erosion of differentials between 
themselves and their sub- 

“The spread of ■ collective 
bargaining and the increasing 
power of the trade unions has 
brought * about a steady 
diminution of the status and 
authority of middle managers 
who, as an unorganised body, 
frequently found themselves by- 
passed in the negotiating and 
consultative process and having 
to implement decisions which 
they themselves have had no 
power to influence." 

Where the managers at the 
conference were not so unani- 
mous in their opinions was on 
the type of organisation which 
would be best for them to join 
in order to gain effective 

Chris Hayward-Jones explained 
why managers in the tihipbuild- 
ing industry had chosen, to form 
their own managers' association 
in preference to joining an 
established, and already recog- 
nised, union. 

By being m the same union 
as their subordinates, he said, 
managers qbuld face difficulties 
in their working relationships 
especially’ if there were a con- 
flict between unions and the 
employer. He pointed out that 
a manager held a dual role— as 
an employee and as an agent of 

the employer. In addition, many 
managers belonged to profes- 
sional bodies and had to comply 
with ethical rules; they feared 
they could be called upon by 
their union to lake part in 
action “ which they might con- 
sider to be at variance with 
their managerial or professional 

. Frank Morley, vice-chairman 
of the National Unilever Man- 
agers Association, noted a simi- 
lar trend in the private sector 
and pointed out that virtually 
ail large companies had shown 
a tendency to drill towards 
bureaucracy and standardisa- 
tion. •* it is almost with reluc- 
tance that managers have recog- 
nised this, as the implications 
arc frustrating to the individual- 
ism which most managers 

Another example at the con- 
ference of managerial frustra- 
tion was the extent to which 
legislation supported trade 
unions and eroded the standing 
of individual managers. 

The shipbuilding managers 
thought that none of the 13 
CSEU unions in their industry 
were suitable to represent 
managers across the whole 
range of functions, as they 
were all largely craft unions. 
"We felt if to be vital 
that managers across the 
industry, irrespective of their 
individual function, should have 
enmmon interests which over- 
ride functional boundaries, and 
should be represented by a 
single organisation which would 
coherently express their collec- 
tive point of view.” 


The managers were not 
ali meted to a trade union which 
was affiliated to a political party 
— "or was run by extremists" 
he said. 

Hayward-Jones also pointed 
out that managers would have 
little influence on any of the 
CSEU unions, if they joined. 
The unions would be predomi- 
nantly composed of non-mana- 
geriai staffs, whose interests 
differ from those of managers 
—and since they were in the 
majority, they would prevail. 

SAIMA was formed in 1975 
and irr- December last year 
joined John Lyons' Engineers' 
and ^Managers’ Association 
(EMA iawhicb is affiliated to the 
TUC. Although SAIMA boasts 
a 70 per cent membership 
among managers, it Is strag- 
gling for recognition hy British 
Shipbuilders against stiff oppo- 
tion from the might of CSEU. 

The. shipbuilders’ manage- 
ment association was organised 

along very similar lines to the 
Steel Industry Management 
Association, which represents 
over 12,000 middle and senior 
managers in the British SLOCl 
Corporation. It was the general 
secretary of SIMA. Robert Muir, 
who provided the conference 
with what to some was the un- 
palatable fact Lhat single in- 
dustry management associations 
are faced with a credibility prob- 

“We are quite clearly a trade 
union of managers,” he 
emphasised, going on to say that 
a management association has 
to choose between being 
crusading and being compliant. 

“We at SIMA have had to 
stand our ground and resorted 
to industrial action in 1974. 
Managers must he able to take 
action and must be seen as 
willing to take it.” 

A similar, although markedly 
less strident view, came from 
the private sector's National 
Unilever Managers’ Association. 
“It has been suggested that 
some companies have pre- 
empted the genuine unionisa- 
tion of managers by establish- 
ing controlled managers' associ- 
ations which masquerade as 
independent unions.” said vice- 
chairman. Frank Morley. “No 
doubt there arc examples of 
such marriages of convenience 
but they must he regarded as a 
temporary expedient which 
cannot survive in the long 

Moriey said that a non- 
aggressive attitude between a 
company and its managers' 
association should not be 
misinterpreted as a conspiracy 
between them, or the acceptance 
of domination by the company, 
a comment which might be 
viewed with some cynicism by 
seasoned trade unionists. 

"It would be foolish to deny” 
added Moriey. “that the threat 
of sanction!,- is not an essential 
part of the negotiating stance, 
but once managers have demon- 
strated an ability to act as a 
collective body and have the 
same protection as other 
unionised employees, it does 
not require the adoption of a 
truculent attitude or a 
cacophany of sabre-rattling to 
convince employers that 
managers can react effectively 
if provoked." 

There was a marked dif- 

ference of opinion al the con- 
ference about whether manage- 
ment associations .uiiuild era Vi- 
tale towards the TUC or away. 
The shipbuilder* i SAIMA) 
have joined the TUC through 
their merger tvith the already 

affiliated EngiiKvra and Mana- 
gers Association, formerly the 
Electrical Power Engineers 

The steel managers. SIMA, 
last month applied to the TUC 
for affiliation, a move precipi- 
tated by ih'.ir annoyance at 
being excluded from plans to 
introduce greater employee 




ins siu 

re t 

he h 





tie right jab for the job 


participation at. the British Steel | 

At the conference represenla- ; 
tives of h<»th as.-uciatiun* urged- 
other managers ” to gel into the , 
TUC — that is where the puwer is 
— and. influence it from the in- 1 


A number of managers 
expressed cnn.>iclerable doubts 
about the eiT.cti venoms of this 
course. As one put it: “ I think 
it is a little naive and a little 
patronising. Ewn .supposing 
half a million managers joined 
the TUC. what influence would 
they have . . . we've already 
agreed uur interests are 
different, that's why we arc 
reluctant to join traditional 
unions, for lhat very reason.” 

The alternative, according to 
a number of speakers at the 
conference, was to group 
management associations 

together: the most frequently 
mentioned example was the 
MPSLG (Management and Pro- 
fessional Stalls Liaison Croup), 
which was initiated by the 
doctors, but includes other pro- 
fessions and managers’ 

The future unionisation of 
managers is far from certain, 
or settled. While the existing 
established organisations fight 
for the whip hand, there is an 
alternative: a new body repre- 
senting managers collectively. 
There is far too much un- 
charted territory ahead for one 
to be able tu predict, but it 
might he worth watching to see 
if BIM chooses in pick up such 
a hot potiil«>. Or indeed if its 
members ur managers in 
general would wish it to. 

Jason Crisp 

AN INCREASING number of 
executives, like migratory birds 
with lauliy directional equip- 
ment. spend much of their time 
flying from their own homes to 
alien land* scattered through- 
out the globe and darling back 
again. This is in the name of 
business and is. doubtless, of 
the greatest benefit. 

Unlike holiday-makers, to 
whur.i flying abroad is a rarity, 
many of these executives em- 
bark upon their endless, inter- 
mittent Odysseys as casually cs 
lesser folk catch buses. They 
rend ro develop a consuemdinal 
attitude to the exercise which 
is line sn long as they do not 
forget vital precautions. Just 
because journeys from, say, 
Britain to Bolivia seem far less 
ibunling than trip? from Liver- 
pool Street to Llandudno, so 
.speed and ease likewise have 
ntii eliminated the dangers of 
certain diseases which, if nnt 
always fatal, arc singularly 

unpleasant and debilitating. 

Immunisation against specific 
diseases is statutory and, with- 
out valid certificates, the 
debonair traveller (who can so 
easily forget to check) may be 
refused entry to other countries 
or. in certain places, may be 
admitted only after immunisa- 
tion has been performed by 
local officials. Not only may 
this prove outrageously expen- 
sive. tiie amateur vaccinator 
may have only a rudimentary 
knowledge and the results can 
be unpleasant. 

Apart from the compulsory 
immunisations. prophylactic 
methods should be adopted 
agaiDsr other equally serious 
diseases. But only a fnol, one 
might imagine, would ignore the 
chances of being smitten by 
diseases simply because no law 
exists to enforce protection 
against hostile organisms. 

Of the statutory immunisa- 
tions. there are but three: 
vaccination against smallpox, 
and immunisation against 
cholera and yellow freer. 
A I (h crush smallpox is supposed 
tbv WHO) to be virtually 
extinct, many countries, par- 
ticularly a majority of 
African republics, insist that 
visitors possess valid cer- 
tificates. Necessary or not, 
this is a fact, and ignoring 
advice may cause great incon- 

l^iPjILgf. r L(& l ggSSlL^ 


the amateur vaccinator . . . 

\cnience. Immunity against 
smallpox lasts three years from 
vaccination. Reactions are un- 
common and vaccination is con- 
traindicated in very few 

Immunisation against cholera, 
which disease, in its Asiatic 
form, killed countless numbers 
during the 19th century, is 
required by many countries. The 
El Tor variety, which is the 
usual one nowadays, is much 
less severe: but. unless proper 
remedies are applied to victims 
(as will always be instituted in 
sophisticated countries), this 
may cause death. Immunisation 
against the causative bacillus is 
by two injections four weeks 
apart. Immunity of up to 50 
per cent lasts for only six 
months. Reactions are rare and 
usually take the form of tender- 
ness, redness and swelling of the 
target area. 

Protection against yellow 
fever, a most dangerous disease 
carried by the Aedeis aegypli 
mosquito, which thrives in much 
of Africa and in Central South 
America, is provided by one 
injection and immunity lasts 
for ten years. This immunisa- 
tion cannot be given con- 
currently with that involving 
another live virus (eg., small- 
pox or poliomyelitis) and should 
precede cither <if the others by 
seven lo 14 days. Immunisation 
can only be carried out at 

specially designated centres in 
the UK. 

But immunisation must also 
be considered by travellers 
aiming for countries where none 
of these diseases exist It is 
very likely that during their 
journey, there may be scheduled 
or unscheduled stops in 
countries where the infection 
exists, for the casual organisms 
do not discriminate between 
visitors and stop-overs. Even if 
the voyager is not attacked, 
there is still a likelihood that 
officials at the place of dis- 
embarkation may require valid 
certificates simply as a wise 

Illnesses against which pro- 
tection is advisable include 
malaria, poliomyelitis, typhoid, 
and tetanus, for which no certi- 
ficates are required. These will 
be discussed in the next article. 
As to the others already 
described, it cannot be empha- 
sised too often that frequent 
travellers must make sure that 
they keep up to date with their 
immunisations so as to avoid 
angry frustration and dis- 
appointment. And. statutory or 
not. no journey to dangerous 
parts should be undertaken 
without protection. Setting 
business considerations above 
health is as stupid as it is 
forlorn, and a dead executive 
is profitable only to the under- 

. If yours is an expanding 
business that would benefit 
frpifc an injection of capital 
(tio'matter how large or small) 
we'd like to hear from you. 

The Welsh Development 
Agency has funds available for 
companies wishing to move to, 
oirexpand in Wales. 

Complete the coupon and 
well tell you what we can do for . 
you; And well tell you what 
Wales has to ofiex; too. 

Welsh Development Agency, 
Treforest Industrial Estate, 
Pontypridd, Mid Glamorgan 
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(044385) 2666.Telex: 497516. 

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country Progress towards more Why the 

WORLD CUP- .■ guditt s .Aires, - jay, 

Itnii;.. XI- -.“v 'J/Bi- 


THE UK is enjoy in; Ihc nearest 
ihiny to u boom that it has ex- 
perienced since the puncturing 
nr th.- Heath Doom by the oil 
crisis of late A973. You can look 
at almost any statistical senes 
you like and you will come to 
the same conclusion. 

Industrial production in the 
six months to last April has risen 
at an annual rate of nearly 5* 
per cent. Retail sales volume 
vi as on the same basis nearly S 
per cent up. These indicators 
ure still well below their IP73 
peaks and there no evidence 
hr any long term growth; but the 
boom* is definitely ihere. 

their soa*lo 



Unfilled vacancies— probably 
still the best indicator of the 
general state of demand — have 
recovered to tbeir highest level 
since the winter of 1974-75. Ex- 
port volume* is expected to be 
well up in the second half of 
1978. according to an official poll 

of iarye companies. The DTI*s 
spring survey shows an expected 
upturn in manufacturing invest- 
ment of 10 to 13 per cent in 197S 
— although still not enough to 
retrain the 1970 peak. Judging 
from anecdotal evidence among 
industrialists I would expect the 
next CB1 survey to be markedly 

Indeed after so many years in 
which the Budget forecast has 
overstated real growth there is an 
excellent chance that the 1978 
forecast of 3 per cent will prove 
an underestimate of the actual 
rise on <1DP: and given the low 
underlying rate of productivity 
growth. unemployment should be 
fallinc fast. 

What accounts for the change ? 
The evnfcnl but wrong answer 
would be “The imminence of a 
General Election.” A more 
realistic response would be that 

there is to be an election this 

autumn because the economy is 

The proximate cause of the 
boom is the surge in real per- 
sonal incomes. According to the 
National Institute, average earn- 
ings in 1978 should be up by 
over 13 per cent. With increases 
in emp'oyinent, social security 
naymenis and tax reliefs, the rise 
in personal disposable income 
should come to uver 15 per cent. 
This compares with a retail price 
rise between 1977 and 1978 esti- 
mated at just over 9 per cent. 

But this still does nut take us 

very far. Why have real incomes 
und spending risen so? Since! 
the mid-1970s most Government! 
attempts to boost the economy 
have become badly unstuck. A I 
first clue is Riven by the chart' 
oF the real money supply— that 
is the money supply divided br 
the price index. This indicator 
gave forewarning of the 
depressed condition of the mid- 
1970s but has been strongly 
positive since the summer of 

Rut this is still only half an 
answer. For the authorities can 
onlv control the nominal money 
supply, not the real one. The 
dramatic clement which has 
changed has been the fall in the 
inflation rate from 16 per cenl 
in 1976 and 1977 to its present 
levels. . , 

This dramatic drop can hardly 
be due to pay policy — we have 
bad very s'milar pay norms 
since 1975. The big change has 
been the turnaround in the 
effective sterling rate, which 
changed course from a sharp 
downward trend up to the last 
quarter of 1976 to a pronounced 
upward movement lasting until 1 
this February. (The moderate 
relaDse this spring has not yet 
affected prices or wages). 


The improvement' in sterling; 
was itself due to the turn-round 
in confidence after the IMF 
agreement af December 1976 and, 
the first main impact of North 
Sea oil on the current account. 
Both these are once-for-all 
bonuses. From 1979 onwards 
Inflation will bear a more normal 
relation both to money supply 
and growth and tbe increase of 
money earnings. This means 
that real demand will also slow 
down l if not by as much as the 
National Institute fears): and 
the Keynesian establishment is 
clearly beeinnina to clamour for 
further stimuli, whether from a 
world boost at the July summit. 
UK import controls or anything 
else available. 

An alternative conclusion is 
that 1978 has been an excep- 
tional year in which a demand 
stimulus — due basically to the 
foreign exchance markets rather 
than the Chancellor— has been 
possible. By 1979 the underlying 
forces limiting output and 
employment will once again be 
in control and clever “manage- 
ment” will be of no avail. 


SEVEN YEARS ago the Franks 
Committee was net up to examine 
section 2 of the Official Secrets 
| Act 1911 — that catch-all pro- 
vision that makes the 
unauthorised disclosure of both 
serious and trivial information 
from government sources a 
criminal offence. In Parliament 
last Thursday the Government 
repeated its promise to publish 
a White Paper during this par- 
liamentary session indicating its 
proposals for legislation. 

Simultaneously, the Foreign 
[Secretary announced that in 
I future he would make available 
working papers on which certain 
foreign policy decisions had al- 
ready been taken. Thus the two 
aspects of the "open govern- 
ment” debate — a much more 
narrowly defined restriction on 
penal sanctions - for revealing 
State ‘'secrets'* and the estab- 
lishment of a public righr to 
I government information — were 
I placed in juxtaposition. It has 
not always been the case. 



1973 1974 1975 


The Franks Committee in its 
report in September 1972. 
emphasised that its examination 
of the situation in this country 
suggested strongly that open- 
ni'«c in government depended on 
political and constitutional fac- 
tors rather than on legal pro- 
visions. It thus declined to con- 
sider legislation haspd on the 
lines of the United States laws 
■ -n public to i#"iji docu- 

ments. “because such a 
suggestion raided important con- 
stitutional questions going be- 
yond our terms of reference.” 
The growing clamour for some- 
thing comparable to tb«> U S. 
Publir Information Act 1967 has 
now elevated the discussion, 
about the place of the criminal 
law as a stick with which to 
heat the leakers of confidential 
governmental information, into 
an is«ue of hich constitutional 
importanee. A Labour Party 
Committee is on the point of 
n^iwln* * Freedom of Infor- 
mation Bill : the Conservative 
Party is studying the snhiect 
with’ a similar aim in mind ; and 
•» v" , »»r»*s*rv h'viv is kno’* - n tn he 
producing its solution. What are 
these propospals likely to be? 

The U.S. legislation requires 
only that identifiable docu- 
ments should be made available 
to the public for inspection and 

copying. There are nine excep- 
tions to the rule or availability- 
The nine are: defence and 
foreign policy secrets specif 
by Executive Order; internal 
personnel rules; matters ex- 
pressly excepted by Statute: 
privileged or confidential trade 
or commercial information - - 
privileged intra- governmental 
documents and correspondence: 
disclosure of personal and 
other files that would consti- 
tute an unwarranted invasion 

of privacy: law enforcement 
(mainly police) regulations: 
reports relating to supervision 
of financial institutions; and. 
quaintly, geological and other 
data concerning wells. 

The ‘U.S., additionally, has 
penal Statutes dealing with 
espionage (equivalent to our 
Section i of the Official Secrets 
Act 1911, providing for the 
offence of spying) and concern- 
ing Government information. 
Thus the law generally prohibits 
disclosure by public servanrs of 
confidential information about 
private business affairs, by 
which is meant the unlawful 
disclosure of trade secrets and 
other business information. 
There are also a number of 
other provisions prohibiting the 
disclosure by persons other 
than public officials of certain 
narrowly defined types of in- 
formation. A typical example 
prohibits the disclosure of in- 
formation by bank examiners 
without authority from the bank 
or Federal Reserve officials. 

Attractive as the American 
solution appears to be, there 
are grave doubts about how 
well it has worked in practice. 
Mr. Upon Brittan. QC and 
Conservative MP. sounded a 
warning note about the desira- 
bility of going down ihe 
American path in this country. 
His prescription and - that of 
others might find a happier 
parallel in Swedish law. 


Tn Sweden there are detailed 
provisions in three inter- related 
subjects. Every citizen (includ- 
ing public officials and members 
of the armed forces) has the 
right of free expression, which 
includes the publication of 
official documents. The only 
exceptions are for the protec- 
tion of individual rights and 
public security. Another part 
of this Swedish Freedom of the 
Press Act specifieialfy gives 
every citizen the right of access 
to official documents. Excep- 

tions to this right are specified 
iu a Secrecy Act. .. . 

A general exception to the 
right of public access is made 
for working papers and other 
similar documents prepared by 
an authority as part of the pro- 
cess of reaching a decision. Such 
a document becomes’ publicly 
available only if, once that 
decision has been taken, it is 
placed on permanent record. 
This seems to be the model for 
Dr. Owen’s pronouncement last 

Public access 

The exceptions to the right of 
public access contained in the 
Secrecy Act are not of this 
general character but related to 
categories of subject matter. 
The Act sets out in considerable 
detail the classes of document 
that are to be kept secret and 
the periods for which secrecy is 
to apply. These classes include 
documents on certain defence 
matters, tbe publication of 
which would harm tbe defence 
or security of the state: docu- 
ments relating to Sweden’s 
foreign relations: Cabinet 

records: documents relating to 
law enforcement agencies, but 
only if publications would be 
detrimental to the prevention or 
detection of crime or to tbe 
safety of the State or of an 
individual: certain Bank of 
Sweden documents: many kinds 
of documents containing per- 
sonal information about indivi- 
duals (censuses, registration of 
births, medical reports, social 
assistance, and criminal records, 
unless the individual concerned 
consents to disclosure or the 
authority holding the informa- 
tion is satisfied that it will not 
he used to his detriment or his 
family’s): many kinds of docu- 
ments containing commercial 
and industrial information: and 
a variety of other documents, 
which include official inspection 
reports, patent applications, 
documents relating to industrial 
relations, wage negotiations and 
court proceedings heard in 

The switch in emphasis from 
the mere scrapping of the 
theoretically indefensible pro- 
visions of the Official Secrets 
Act to the question of the wider 
accessibility of governmental 
information reflects tbe quest 
for open government The days 
of government by secrecy are 
clearly numbered. 

.dN THE face of it, the fart r ;fci 

that Holland’s Rob . fegs- .strung a«os? cax ^ 

scored against Scotland , The ^tmefcijuBiers i-V* yv , . 

1800th goad of tbe World Gup .windows ; xbhf serytes 1 ' onjy& echo '. 

finals' after' 48 years and . • U; masa%>tong>' the.- ^rordn .of a 

tounuftnents.' is little Jnore. : than bbul&®D&$CVl * singing; eb^ntm&.^ on ^ ^gpfefpea 
a curio. .’ . v: > *b*fo'gighairtl» drums. ; ' • rVtttiade! : to.; ! jMc. *: 

Rut referee- Erich, Tinemayrt: FnilX,/*' h-kp onbSc’s. f Eanroeanh^WSOUr xi : : 

| Loopa ■ Jo*;, fe 


landmark' ;bf ; 

m ?fmatterS not that it v *hs one; ■' 
of. only 60 goals W Ae 24 «eft | 5.S:a«fc 

round gamee— only fthree- ' .ulthinir 'tn Vniftr- 1 ’ For^ gra mpie: vanfey-'ffiaiftB. ^ 
than the reebrd low- of. 57 in. 

1966. ft, matters ..not .feat. aa.4b&jSrgentines , litera^ heavfly - liC : d6hL>^0wlng2- tfift T - -~ 
individual is thr^tening. jrjral j*yfn after th<MT ^ - vernmenT 

reach even , -double figitres let fgfejby. Italy the ;.ta» ind Bensibtr/fun^cont^ . . 

alone challenge Just Fontaine’s th^^in their ” ^****™r : 

total of 13 goals in. the 1958 AdflittetUy they were .*?!?? meaniM : . officlaT v;;. 

finals. - - V4taf get out a “<* S deman^.ias^a«^^' . ; 

These statistics are- of no other night not only . the . ■. ■ ... -..s., ■■^■, 4 , 

importance here — whatever raffs but tiie pavements JWgy. tim' vcinba: xoerely^r^Iy^?3!0; ; .. 

greater significance they may 'ja»nea^ ^too whole families came ^ ^ leave, . 

bold in the overall World Cup. ouf atodang around, even with fL 3 - ^o^jj be no.'fobtb&lt^OTd -;; ' 
panorama. The figures thatjjjg - . ;cWldren .wrapped ;in W be»h#miia:th»t lfi . 
matter are those which hnprove- Kabkefe and dearly snatched Tw^araument ft ..mat. --If >. - 

the Image of Argentina r Wbrid f^^aeep to join the' fiesta, as ATE entina bow ont dn . 

Cup . - . such as the 1.000th paper snow floated down next Sunday, sOcber.vWHT'-sjiffer 

lo happ tH . uinud -them from the. high-rise a «d / .. 7 

linage is vital here and the ^ , . minority' Interest 

newspapers are the first to admit - StStom >> • 

it That is why it is easy to £h;r An f rhaOS ' • •' 

make phone calls to London , - Civil lorsurvivaJ. ; ■ ■ , 

Paris. Singapore, New York yet ha . .Britain the Sunday Tec ep- ... No ■ - 

desperately complicated to. call ®n a city S™ nts F . A - manager, 

Cordoba, Mar del Plata. Mendoza fnmng team is held in nigh chain smoker^ • 

or Rosario. Foreign phone ttgard. but there is 00 real com- remained >; 

faculties are all tied up with ftfison. _ ^ . - . ■ . Indeed, thtf 

a good presentation of Arventlua T Jn the British case it Is a a. . little- perturbed.. ,w aB..|w gen_ „ •. 
abroad. sirobhia! affair, and it is .OM jpnmaMsts !;• - 

But if technical communlca- wuh around which Jubijaut session - and 
tions provide 3 less pleasing Burns reigns. Bui the World Cup tape recorders and,nitoophonpq^.. . . 
impression. personal contact this one in parti cnla r -— stuck 'under .tiis nqs^ - ■ up-to-hia . 

impression. personal couiaci ui« stuck uhuci < T'“ - 

provides the most spontaneously S not -about mere clubs. It Is ..chfiu und round-ljlke^s.-W-hft. t 
aw^frrxr /if th* Wnriw about satriotism. and the f nn rid ii difficult "to JKbrfDie-V 

final Whistle the centre of even ^achievements of their team. ers&Udab^5-But^ 

the capital began rapidly ofthi’ Ihese security 

with care Jammed full of youngT®®*** 5 7 U 3 British have been a godsend, talfeimtw,- 
meo and women all intent o n ;Visi U)rs. £ to hear the national ArRentlRa’a militeijyifeljft- 
heU-raising their way through “ of both teams refralned ^friim boa^^^the .. 
the night. : /applauded, instead of whistled chances, of World ' 

When Argentina win, you had^d Jeered, before a match. Birt tbe tranquility their sbow of r 
better walk home. There is n6*^-i n the Press Centre, where force provides Menotty.hag jjivyn ■«_ 
point taking a bus or taxi, un- jonma lists gathered to watch a him m turn an ideal opportunity . 
less you want to savour thd.' close-circuit relay of the Poland 1 to_ light, one final fu sev p pqer 
mind-bending patriotic fervouc Argentina game, the Argentine Argentina s patriotic powder keg. 


- - 


A new arid exciting breed 

t indicate* programme in 
black and while. 

BBC l 

6.40-7.55 am Open University. 
11.25 Cricket. Second Test: The 
Cornhlll Insurance Test Series: 
Encland v. Pakistan. U50 Camber- 
wick Green. 1.45 News 2.10 
Crickei. Second T^st: Encland v. 
Pakistan. 4. IS Regional News for 
Encland (except London t. 45i) 
Pl3j School. 4.45 C'.heasers Plays 
Pop stair inu Keith Cheqwin. 5.10 
Glue Peter. 5JtS Roobarb. 

5.40 News. 

5.55 Nationwide (London and 
South-East onlyt. 

fc2l> Nationwide. 

6.50 World Cup Report 

7.20 Angek. 

8.10 Panorama: Chile's Water- 
gate (report on the recent 

9.00 News. 

9.25 The Monday Film: “ Lady 
In Cement * starring Frank 
Sinatra and Raquel Welch. 

10.55 Tonight. 

11.35 Weather/Regional News. 

All Regions as BBC I except at 
the following times: — 


ACROSS 2 A shrewd measure for a 

1 Kept by the prutid. avoided know-all (1. Sj 
by the golfer (4. 2) 3 Look in as you pass the tree 

4 'Expression of approval for 

stolen wares « 4. 4) 5 stuffed, but not by a taxi- 

10 A young girl has (be ad van- a (7) 

taqe. wc hear, in a London ajni , spm « ms 

Wales — 1J30-1.45 pm Prli Pala. 
5.55-6.20 Wales Today. 11.35 News 
and Weather for Wales. 

Scotland— 5.55-6.20 pm Report- 
ing Scotland. 10.55 Public 
Account. 11-10 News and Weather 
for Scotland. 

Northern Ireland — I.I8-L20 pm 
Northern Ireland News. 5.55-620 
Scene Around Six. IL35 News 
and Weather for Northern 

England — 5-55-629 pm Look 
East (Norwich): Look North 
l Leeds. Manchester. Newcastle); 
Midlands Today (Birmingham >: 
Points West ( Bristol i : South 
Today (Southampton): Spotlight 
South West (Plymouth). 

BBC 2 

6.40-725 am Open University. 
11.00 Play School fas BBC I 
420 pm). 

420 Cricket. Second Test: 

England v. Pakistan. 

625 Open University. 

7.00 News on 2 head tines with 

7.05 Up the Organisation. 

720 N'eivsday. 

8.15 The Two Ronnies. 

9.00 Play of the Week: Kenneth 
More in ” An Enalbhmans 
Castle.” part 3. 

9.30 Face »o the North. 

10.40 Sea Tales. 

11.10 Late News on ", 

4120 Cricket: Second Test (hi^h- 

1120-12.00 Closedown treading). 
BBC 2 Wales only — 7.05-7.30 pm 
Heddiw. 1120-12.15 am Up the 
Organisation with Robert Town- 


9.39 am School Programmes. 
12.00 Jamie and the Magic Torch. 
12.10 pm Rainbow. 1220 News 
plus FT index. 1225 Help! 1.00 
World Cup *7S. 2.00 Afternoon. 
225 Monday Matinee: “Cronies 
and Coronets " starrina Tel tv 
Saialas and Edith Evans. 420 

tage. wc hear, tn a London 
district (5. 4 » 

11 A house where the bad guy 
drops in (Si 

12 Dance for 23— you could run 
a film on it (4) 

13 Achieved by the Vicar of 
Bray (10) 

6 Out-of-the-way amusements 

< l0 > , . , 

7 He includes everything m the 
orchestra (5) 

$ Characteristics that upset the 
artist (6) 

9 It’s grave to exclude rank (6) 

- 5s 3 *' , 14 A 'periodic portion this month 

16 aS for five in less damp mental di * lurbance 

surroundings I fi i 17 Con fiflentially the French 

19 On holiday : Then take a new comg in with coniraQnse nse 
look at self (61 .. 4 . 

-1 Upper Ho..* IMlPbor n.ay be ^ , lljlldflllt , tauf dls _ 

= ;t {KfWi'SplSf «!sv“ “ oot on 

25 Sometimes sister n. there ^ (!«„' for tbf danre? „. f 

is poin* m the plot I4t popular with batsmen («) 

2. Tmich down -t too pots , he b j in a Fur>- with 

colour Oft JiOUr |5) *L_ _ nhViniTpH - ■» / \r:i( nn i 

2R Cast for the birthday boy (9) ^ abhorr - d (Milton I 

S 28 iss Ts'r ,0 " 0,h,n5 

mantle dad (Hamlet) (6) M Measure of security about you 
DOWN we hear (51 

1 ^utononiv has rlsinq attrac- 26 impersonator seen in 

tion in the house (4. 4) Charlie’s Aunt f-n 

The solution or last Saturday’s prize puzzle will be published 
with names of winners next Saturday. 


SJ30 a-m. As Radio 2. 7.02 Daw Un 
T ravis 9.00 Simon Baiw U.3J Paul Bur- 
nr it inclo^inc 12 JO o-m. Vr-wshi-BI 2.00 
Tony B'lacfcbum *-31 KjO Jvn<a-u in- 
r1u<bn« 5J0 Xt-vSboai 7 JO Sports D-sr 
'joins Ratio " > 10.02 John Pn.-I iSi 

12 - 00 - 2.02 a.m. As Radio 3- 

VHP Radios 1 and 7— S-OOa.m. Willi 
Radio 2 ini-Iudirc 11-SS p.m. flnod Li*l>-n- 
ins 10.00 With Radio 1. Z202-24S2 a-nv 
WiUi Radio 2. 

R*D ! Q 2 1.500m und VHF 

5 JO a.m. Ni«5 ^nPinaiT. 5JJ2 Kaj 
llocrc < S i v.i!h Th-.- Early Shn-r in- 
rluduts 6 JS Pauv for Thonchl 7J2 T.-rrr 
'Knii.Tt «S- jnctu-lmK 5J>2 ''all ■ I- £ riy-n 
■ anal r.u<>ri« fi -77 Rji-iur RuH..i,n and 
8.4S Pause lor Tioissht 10 02 Jntin 
Tlmpsn i?' 12.15 p-m. Va»wr - < Wait; 
12J3 P'-iu Murray's Open iluuv.- <j-i in- 
eluding 1.45 Spnns Dc-sti 2J0 David 
Hir-iUinr< • S < :r>':udin- 2.95 and 3AS 5 nor 15 
Dpffc 0J0 WaKjioni-rs' Walk. »-«S Sports 
Di-sk 9 JO John Putin 'S' muludinp &A5 
Sports D'."i» 6 J) World Cup Spcn* D"4 
7.02 BBC .Von hum Radin Ordu-sfra <S>. 
7JQ Spons Dost- 7J3 Alan Di-lt 7J3 Th.- 
Dance Band nays- 8 . 0 ? Ttn 1 Bit! Rand 
Snund 'S'. 9-02 Humphrey Lvfti-don v.-ilh 
Thr B<*ju of Jaza on nrorm iS< SJ5 
Spnfts Dor*. 10.32 Town and Cr-nn’o 
Q 012 1DJO Star Sound 11 K Pci.-r ruv ion 
inirodnr'."; Round Midnight. indiHrm: 
EJM IJc-nrs. 2.00-3-02 a.m. Nests Sum- 

R 1 DIO 3 464m. Store* & Till" 

*.B ajn. W -Va'h'-r 7.00 .Wn-js 7.05 Of»r- 
ture (St. SOq Sm 8.05 Mnrnim: Con- 
ccn iS. S.BO NiAts 005 ThK Wnck's 
Ctnm>yser LbkJ ClKTUbini 'S < S J5 
Talking ,\bum U 1121 c 1 S 1 . 10 JS Brahms 

Clapperboard. 4.45 The Tomorrow 
People. 5.15 World Cup "78. 

5.45 News. 

6.00 Thames at 6. 

6.40 Help! 

6.45 Whodunnit? 

7.30 Coronation Street. 

8.00 You're Only Young Twice. 

8 JO World In Action. 

9.00 The Strangcrs. 

10.00 News. 

10 JO The Suva-’e West: “The 
Culpepper CatiJc Co." 

12.15 am Close: A pain i mg by 
Constable with music by 

All IB A Regions as London 
except at the following times: 


12255 n.m. Vulu Xtws 2.00 Hnuse- 
parir 225 Mysien Mnvii.- .McMillan and 
Wife- U0 Cannon “Sm-; 6.00 Abom Anglia. 
12-15 a-m. Reflucnon. 


12250 p.m. ATV N'-wsk-sk 2.3 Movies 

» -, .|i, r "i-irtrji' i >M.-» sfarrmr 

Dt-horjh Kerr. RjU Hu j worth. David 
■■ ■'..f.i.. Hill.-r '-"1 It— • ' -.nraai'-r 

b .00 MV Today, linn L'-fi. Hluht and 
ll.Oo Tlw Savucr lv«i ; “Thr 
*.' ulp-'ppvr Cat Ik- Co." 


tl2J3 rjk. Rr-rdvr W**, 2.00 flouss*- 
pjny ti2S MjIih- : - To Th..- Bnds ol 
j!k- Eanh '■ sun me On* Pir.ieil and 
mci:i- Hus-.ii k.09 l.o-» Mondal 
625 Ris:nk Pamu. '1205 a.m. Border 
s summan 


12.9* p.m. Chinn'.-I Luii'-hiinu- News 
and IVJiji's on Ml n-r*-. 72225 Th- Monday 
M.iiiocv ■ “Knits Gu Korth " (.00 Channi , l 
News. (20 Thv .\ 3 i 3 zmc Chan ud the 
■ • 4 v ■: irnnn UJ.23 GUMk-l 

Laic News 10.12 Survnal. UJ» The 
Savast vfta ■ — Ow- Culr»-m>.r CalUe Co." 
12.45 a.m. Nt wr. ir>d w.-jth- r in French, 
to'iowod fas C7iam>.-1 Gori-n--. 


9.27 a.m. rirv Thin?. 12J<? p.m. Gram 
pur News HeadiincF 2.25 Simniy Sewbw 
2-55 Monday M-iink-e : "iluod night Mv 
Love." «arrin^ Richard ’tnoor (.00 
Grampian Today. 4JB C-.nd.-ri-iu from Hie 
S.a 12-15 a.m. Rriteniuiu 12J0 Li ran)- 
Pian Laic Nntht |tca<11m.-s 


12J0 p.m, Dndn 225 Moatl.i;.- Matims-" 
“A CTr m the Wilderness " SS0 Pun t's 

pinna rencai <St 1 L 2 S r:a-'A-..-f ; Second 
Tesi : England r. Pafiyijn • comnu d- 
uncs. comiris-iitB. suinman-s tDCluding 
US p.m. News. LJO Your Loiters 
ins-ic rr-d and 22 B LiiOehtimi- snowboard 
(-40 LtfHinf' : Horn- ami t'arrtUJ 740 
Ci-Ito and Planft n>r«a) iSi JJ0 EBU 
Cr.neon from Ansiru p^ri t • Sdiuher 
•S> 9210 A Parli.immi lur the fJK (taib 
bv John MaeU'ivtnsh' OJ 0 PBU Concert 
pan :■ ■ Schutu-n 'S« ic^q piomwnx 
und The Rise nf CuhiKtn Moslr <Sl- 
11.45 -New-s. ll . S a. ll . T i Tonichl's Schobrrt 
Sent- iS i 

VHF (.00 a.m. Or.ii 'Jin varsity. 7-00 
W 1 '< W U ?*• RP.r Svninhunv nirtiestra 
coniert '5'. 1-00 P-m. New-.. 1.95 BBC 
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Mmu-Qie *-t» Mosi.- organ iS» 
3.40 New K'-cords iSi 525 par, island 
(Si. 5.S ut>.ji L’nivursity. 7 j® With 


4.T4m. 330m. 3S3m und VHF 

6215 a.m. Sews (.17 Furnmos weeh (J® 
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a o.'lebraiiw u( ihe bicycle. 
Ann'iunnm-'iitf. U-OB Hew*. J2.03 PJR- 
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1 JS 17 -55 tfillbw ■ prnvrnmnw news. 
1 JJq Thi World )• t»n». 1.30 Thr \rrtiei*. 
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3.05 UletiMuii Ttu-airn iSt t35 Thi’ RMl 
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Lot- (.00 Granada Reports. (20 This is! 
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HTV ! 

lisa p.m. Report West Headlines. 12.55 
Report Wales Headlines- 2410 Jobline. I 
t?j<j The Monday Matinee : "The End 
ol lie Affair." stamp* Deborah Kerr and 
» •- - - 1 .-imr West (22 Re- 

port Wales. 19.30 The Bertson and Hcdxes 
Shtroumpme Championships. UJO The 
Su vage W'-M : "Ttio Culpepper Cattle Co." 

HTV Cymru/ Wales— As HTV General 
R.-rvi'-o ■•X'.riJi ; U50-1255 p.m- Penawdau 
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1250 p.m. Southern News. 208 Roose- 
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1250 p.m. l-urn.-buntc. 225 Monday 
Malm"-: "The Purple Plain," ytiirrum 
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(.00 Westward Diary- 0.25 Sports Desk 
10 . ZS Westward Late News. MJO 
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12JB «-m. Faith for Lire. 


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BBC Radio London 

206 m and 94 1 VHF 
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9.00 London Lire 1263 p.m. Call In. 2.03 
206 Showcase. 4.03 Borne Ron- UB Look. 
Stop. Listen 750 Blanfc Londoners. SJ 0 
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1200 As Radlq 2. 12X5 a.m- quesUon Time 
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AS Radio 2. 

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261m and 97.3 VJTF 
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nu-i ■■ii.irma'iiin travel, spnr* 

aod rcrivw. 10-00 Rrtan Hayps show 1,00 
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Ui-hufe Cali 4X0 UV HlfPWI* iron 
I inn.' I ■ 8 BO \l'-r R'dj* 9.00 Nirhflim'. 
with Monry Modlyn- 1X0 »■«"• Night Sstra 
with Adrian Scon. 

Capita! Radio 

iMmntid SUVTIF 

(.DO a,m, Graham Dene's RrrOkfaSt 
Show i St. 9.00 Ulrtiael Astvl iSt 12X0 
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T«y OiyaltY Late Show «SV 2X0 a.m. 
lYlcr \0UIW5 Night HiKht fSi. 

THE- MOST satisfactory featdte 
of the innings played by Botham, 
Gooch and Gower in the Lord's 
Test was not so much tbe runs 
scored: but rather the manner 
in which they were acquired. 
These three young stroke-makers 
if they do not make the mi sake 
of changing their approach, pve 
the opportunity to bring a style 
and elegance to the England 
hatting which has been massing 
for such a long time. ; 

Over fhp w>nt decade English- 
bom, colourful stroke^nakers 
have become a rare.- almost 
extinct breed. In county cricket 
the entertainers and the match- 
winning batsmen almost exclu- 
sively came from overseas. At 
international level we were often 
short of runs. and. when we did 
put together a large total it was 
invariably a utilitarian affair 
which took a very long time, with 
occasional bright flashes from 
Greig aod H’Oliveira. who both 
came from South Africa, and the 
inventiveness of the all-rounder 

Our two genuine international 
class batsmen of this period. 
Boycott and Edrlcb, were essen- 

tially reliable acquirers of runs, tents, not only bere> but ail oyer 
Effective rather than attractive, the world. It- is Beginning to - 
-The most successful of our other look as if the days when a spec- 
■plavers were grafters, such as tator went to a Test hoping that 
■Bhckhurst and Steele, while England would be Jn :he field " - . 
Fletcher, who had been bursting are ov-er. r ahd. 'to make^tWrs'^ 
with shots when he first entered even- better, .ffcmfe-lacre a- adt^ter -x : 
county cricket, left them all be-^nt other promising yottngErtenr 
hind at international level and waiting In the Wngs. such -w; " >’ 
became another accumulator. Tavare, • Atthey,* Hignell -. and.- . 

Various -.reasons were put Larkins. •' -- -; . ' 

forward forythis; acute shortage. ..However, a. word of warning 
of sood and e^citiuq'ihome-erown as there Is a danger of being j. ; ■ 

batsmen. These have included overcome by Ibe joy of watching - - 

limited-overs crickef- and too stroke-makers again tn action for_v_ 
many players from abroad, and England— a- pleasure which ; has 
there has been somtf t truth in been missing since the days bf 
bath. but. I believe, yfar .more Dexter. Milburn. and Barber:' It : 
important causes have: been the must be remembered -that tfifs 
cut in the size of staffs before Pakistan attack, especially with- 
sponsorship came to the rescue, out Sarfraz is second, probably /- 

the alarming amount, of in- third rate. It is one thing., to 

different coaching by inuifferent destroy this Pakistan bowling. • 
coaches, and too many • pitches but it could prove an entirely ' : . 
where the grafter wai more different story against "Roberts; - 
likely to succeed than the Holding and Daniel! 
stroke-maker, unless he hap- Every team needs balance and,, 
pened to be a genius. 1 some steady run-accumulators... 

Botham. Gooch and Gower, in are essential. A Barrington or! 
their very different ways will, if a Boycott may not be as exciting 
they continue to make runs, as a Dexter — but they are jnsras ' • 
bring supporters through • the vital to winning a Test series, 
turnstiles and empty the beer often more so. 

I U.S. OPEN GOLF BY. BEN WRIGHT, Denver, Colorado, June 18L 

Andy North wins in close finish 

ANDY NORTH, a 2S-year-old 
Winconsin born professional is 
the new U.S. Open Champion 
and tbe tallest to history. His 
rounds of '70, 70, 71. and 74 for 
a one over par total, of 285 gave 
him a one stroke advantage over 
Dave Stockton (71. 73. 70, 72) 
and J. C. Snead (70, 72. 72. 72). 

Next at 288 came Hale Irwin 
and Tom Weiskopf. and at 5 
over par Gary Player Andy 
Bean, Jack Nicklaus, Bill Krat- 

zert and Tom Watson. 

The lanky North who has won 
only one tournament in nearly 
five years on tour here, was 
apparently coasting to victory 
and notably relaxed with five 
holes to play. At this stage he 
was four ahead of Stockton, his 
nearest rival, and five ahead of 

North holed an S Ft putt for 
a birdie three at the short par 
four 13th of 382 yards to put 
himself in this comfortable posi- 
tion. But be missed the fairway 
at tbe long 14th to drop a stroke 
and as he missed his putt. 

Stockton was holding a huge one 
for a birdie two at the 15th lo 
create a sudden two-stroke swing. 

Then, North tried to get too 
clever with his recovery from 
the hunker to the right of the 
green at the 208 yards 15tb. left 
the ball in the sand, and came 
crashing down to earth with a 
t w i (-over-par five that allowed 
Stockton to close within one shot 
of him. 

Meanwhile, the rest of the 
field had- dropped away out of 
contention, beaten senseless by 
this testing golf course. Tom- 
Weisbopf iiad a last round of 88, 
the equal best round oT tbe 
championship- to finish on 2S8. 

At 289 eame Tom Watson, who 
made a brief threat with an out- 
ward .half of 32, only to falter 
thereafter; Andy Bean, Jack 
Nicklaus and. Bill Kratzert 

Peter Oosterhuis, the lone 
Briton, finished with a 74, well 
down 296. 

Playing alongside Gary Player. 
North whose previous rounds of 
70. To and 71 have been a model . 

of consistency, immediately .got ‘ 
away from ,h(s partner, whose / 
putter -chose to go sour on him. 

North got in a six-foot putt.for *■' ; 
a birdie at the 4th hole and.'3ut'-: 
the green With two splendid shots 
at the 543 yard 5th. for -another" .. 
birdie that left the field flounder: _v. 
ing in bis wake at least five-* 
shots behind. t. . 

The drama of the final hole. 
was almost ' unbearable. inT its - • 
suspense. First came Stockton.:' 
who like North after him drove 
into the right band rough -away 
from the . water that- . hnv vaff'2-' • 
the way down tbe left.- 

Stockton came up V febort 
could not get up .and - 

.two shots to save bis par. -'V "^ 

North also niiBsedf- -the green" K’- 
and Sopped his 'pitch - tamely r 

the bunker In front of hipi He 
played a marvellous. bunker- sho^i^ 
.3 ft from the hole bat backfed~ 
away from his Snal putt no lfess® 
than twice . before- nudging ,:' it 
into the hole Ioy ; --a ■ famous Sr 
victory. . .. 'v. -r/jg . 



- ! ‘ ■■ ‘-' r - : 

• ’ ■ ■ ' : :■■■:■ 

- - -f . •i’.Asaw. 

Eddery a good bet at 5-1 

WITH WHAT appears to be a 
particularly tricky Royal Ascot 
lo prospect for backers this 
week, 1 believe it could well pay 
punters to throw in their tot 
with champion jockey Pat 
Eddery, in a bet offered by the 

The young Irishman, who is 
riding with as much verve as 
evei this season is on offer at 
5 to 1 hy that firm lo finish 
leading jockey over the festival, 
which opens tomorrow. Lester 
Pigcotl. so often the top Jockey 
at the four-day meeting (which 
does not include Saturday’* 
Heath card!, and in need of 15 
to achieve a century nr Rnyai 
Ascot victories, is the favniirup 
:il 2-1. Carson is with Rrtriery 
on 5 to 1. with .Mercer just h 
point longer. Any other named 

rider is available at SO to L 

Although Pigeons record 
there and his choice of mounts 
muy well, make him a ” good 
thing " in many people's eyes to 
continue where he left off a 
y<ar ago. I believe that he will 
be hard-pushed to head the table, 
with Vincent O'Brien's stable so 
completely out of form. 

Eddery's principal hacker, 
Peier Walwyn; has his string ip 
fine fettle and it will come as a 
surprise if Seven Barrows does 
noi land at least a couple of 
valuable prizes. At present. 
Eddery’s likely mounts for the 
Lamhourn stable include For- 
midahie (St James’s Palace 
Stake*. Tuesday) Camden Town 
(Jersey Stakes. Wednesday), 
Ruckskin ' (Ascot Cold Clip. 
Thursday) and Dactyl ogr a pher 

(pa'g Edward VII Stakes, 

The . champion's list of outside 
rifles continues to grow,, wU6 
bookings already confirmed foi 
Adrian Maxwell's Kirin (Queen 
Anne Stakes, Tuesday). Mick 
g7?° te v WrHwlin . (Wokingham 

Stakes. Friday), and the Liam 
Browne-trained Lomond Shoe 
(Cork and Orrery Stakes, 
Thursday). ... 

At Windsor This evening 
Hikan should bo good enoueh 

Ire u ™ ® Penalty in the 
rifieid Handicap now that he 
has struck form. 


• 6.45 — Best of Marks 
. - ".19— Track Down 

8.05— Uikari"* . . 

3/t.> — Tumbler* . 

9.05 — Pathfinder***^ . 

^7n - ^ 


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Financial Times Monday June 19 1978 

ffiabefh Hail 



\jjh AJesri Quartet is a Serial 
affair. As an institution it will 
reach Its 25th anniversary next 
but the players coie and 
go; fte senior member these days 
cellist Bruno Schrecker 
SS,® ^?™ ed the group in 1967 

SSnfts? hSTbSSliS* 

Si 16 ^ *E 53E 

S^76 f i£ ay ? Il !^ G “ a l«P u artet. 


^ r0D1 instrument to 
instrument showed how close!? 
"58* current team is 7 
Tf® H *ydn got a cheerful. 

strongest when most contra- 
puMal though Mr. Carter's solo 
Durst in the trio of the MenuMto 
was delightful, like someone 
negotiating a- hagh-wire at comic 
speed. Next came Ravel's 
Quartet, not ideally suave; their 
refusal to languish over its 
curves was commendable, but 
they proceeded rather severely 

JK er * 1 pratty evpn is 

in the first movement which 
deserve an introductory nod or 
wnk. More bloom on their tone 

SSL ■ helped realise 

Ravel s more luscious effects. 
His ingenious, thematic connec- 
tions were made unusually dear. 
“**• Finale — certadnly the 
least convincing movement — 
sounded tautly purposeful, biua- 
™K along electrically. 

The largest work was Beet- 
hoven s 2nd u Rasoumovskv ’* 

Qywlft Op. 59 No. 2. Here one 
rai ® se ^ a dominating 
hand, though all the plaving was 
“IfUfeent; the rale if XepiS 
seemed unwontedly domestic 
conversational and intricate 
rather than commanding. The 
breadth of the opening Allegro 

was compromised by the Allegri's 
tendempr to clip rests. even°the 
dramatic, ones that punctuate the 

first subject. The Molto Adagio 

con molto di sentimento ” 

sang mildly and sweetlv: Dne 
nnffht have taken it for • an 
Andantino. There was enough 
crisp energy in the Scherzo, and 
the final Presto was full of buffo 
sparkle, almost Haydnesque Tt 
made an effective performance, 
but perceptibly underweight. I 
think the specific gravity of 
the music calls for a grander 


Peter McEnery, Peter Clough, and John Burgess 

Leonard Burl 


The Jail Diary of Albie Sachs 


Festival Kail 



As their soloist for Friday’s 
visit to the Festival Hall, the 
Royal. Liverpool Philharmonic 
brought the American cellist 
Lynn . Harrell to play the Dvorak 
Concerto’. _ Mr. Harrell has . be- 
come a welcome summer visitor 
in recent years, yet he can sel- 
dom have been heard to such 
advantage as on this occasion. 
His playing bad a simplicity and 
directness almost but not quite 
concealing complete mastery and 
a kind of natural nobility that 
had nothing to do with the semi- 
theatrical poses beloved of some 
major cellists. Only when the 
concerto was over did one sud- 
denly ahd gratefully recall the 
absence of the moments of tech- 
nical. strain to which most inter- 
preters of the solo part are 

Ope factor contributing to the 
unusual degree of untroubled 
sprenky was the discreet but not 
undervitalised accompaniment by 
the.RLPO under their principal 
conductor. Walter Weller. The 
long - opening tutti was not- so 
satisfactory. Here the tone was 
tbinnish and tbc upper wood- 
wind squealy as they had been 
once or' twice previously in 
Smetana’s Vltava. These are the 
kind of thing the Festival Hall 
shows up. . ■, . , 

1 In the. Second. Symphony of 
Brahms" there was again some 
sourish .intonation and a certain 
smallness of effect in the first 
two 'movements, together with 
signs: ^hat- Mr. Weller does not 
alwajS” succeed in unobtrusively 
keeping: the . pulse alive in uie 
raoderiite-to-xlow tempos which 
Bi^Ohsiprefers: The . slow move- 
ment went -torpid, but from then 
onwards the better points of the 
orchfe?tta%: : style stood out more 
cl early^ shading, a 
general linjpressinn of mte'ii- 
gehcc -ana a . brass .section firmly 



After Nicholas Wright’s elegiac 
lament for the fate of white 
democrats in the Cape Town of 
1952 (Treefops. at the Riverside 
Studios). David Edgar’s RKC 
studio piet-c arrives as a harsh 
and 11 n equivocal pay-off. The 
first 90-Day law has been en- 
forced and Albie Sachs, a promi- 
nent white lawyer, is incarce- 
rated without trial. It is Cape 
Town, 1953. 1 have not read 
Sachs's diary (currently out of 
print) but much of the play, 
most of it in monologue form, 
has an authentic rjng. It may 
not tell us as much' about South 
Africa as Treetops ; "hut it tells 
us enough, and it conveys with 
extraordinary force the feeling 
of what it must be like to 
measure out your life against a 
self-imposed routine of exercise, 
ablutions, word games, ami blank 

At one point Sachs imagines 
himself converting -his experi- 
ence into material for a stage 
play. How could' be. 'explain to 
an audience what it means to 
stare at a cel] wail for hours on 

end? He would let them just 
look at an actor for two whole 
minutes without a word uttered 
nr a gesture formed. Peler 
MrEnery, performing thorugh- 
uut with a graceful flexibility 
:md wry understatement that is 
positively spell-binding, leaves 
us alone for two interminable 
minutes bv doing nothing. He 
does nothing better than any 
actor I have ever seen doing 
nothing, which must take some 

Around Mr. McEnery flits a 
resourceful company playing 
jailers, policemen, lawyers and 
thugs. Particularly good arc 
Peter Clough as a variety of 
insensitive characters and Edwin 
Richfield as a Bible-punching 
sergeant whose response to in- 
justice has been dulled by his 
experience as an Afrikaaner 
whipping boy. There is a beau- 
tiful speech for Mr. Richfield 
about Job that is as good as any- 
thing Mr. Edgar has written. 
The- encounter leaves Sachs only 
more depressed; even his whist- 
ling companion who joins in 
snatches of the Neic World 
symphony along the corridor is 

revealed with a cruel thud to be 
a hard-nosed janitor. 

At the end of the 90 days 
Sachs j?s “released" with sus- 
picious friendliness, but before 
he can even have a word on the 
telephone- wilh his mother he is 

'* 1 iKirrested.” At the end of 
that 90 days, in the one lighting 
variation of the evening, he 
rushes down to ihe sea. like 
Roger Daltry in Ken Russell’s 
Tomwijf. joyously declaring his 
freedom and his name. But 
nobody knows him. nobody cares. 
The experience helps him to put 
his useless pain tas he calls itt 
into some kind of mature per- 
spective and. as the play ends, 
we see him. finally released and 
packing his books for England. 

If the play leaves me eager to 
learn more about Albie Sachs, 
that is not necessarily a fault of 
the playwright who has written 
an exrelirnt prison play. Howard 
Davies directs it with decisive 
clarity and real care, well sup- 
ported by Chris Dyer’s white 
skeletal set that suggests both 
claustrophobic isolation and the 
labyrinthine corridors of a brutal 
bureaucracy beyond. 

St. George’s, Hanover Square 

Alexander Balus 

Granada remembers Falla 


For some IS years, until he 
left Spain for Argentina in 1039, 
Manuel de Falla and his sister 
lived in Granada in a tiny house 
orwnnen on the southern slopes 
of the hill crowned by the 
Alhambra. There is a garden, 
small too. but laid out with such 
art on more than one level 
that It seems larger than It is. 
The view across the valley to 
the- Sierra Nevada is still stupen- 
dous although the city has 
Invaded the valley with a rash 
of high-rise blocks. The carmen 
remained in fortunatelv appreci- 
ative private hands until 1962, 
when the municipality bought it 
as a Falla museum: much of the 
original furniture and many of 
the composer’s modest posses- 
sions (including an array of 
dusty hats) were re-assembled 
and displayed there. 

The result, touching and 
delightful though it is, cannot 
pretend to he a sufficient memo- 
rial for the outstanding Spanish 
composer of modern times — 
there is no room to show manu- 
scripts or documents of any size, 
let alone to store or examine 
archives. The city, hacked by 
the Ministry of Culture in 
Madrid, decided to do more. 
Falla’s younger brother German 
was an architect. German's 
daughter Maria Isabel married 
a younger architect. Jose Marfa 
Garcia de Paredes. He was 
appropriately chosen to design 
a “Centro Manuel de Falla" 
combining a concert hall, exhibi- 
tion rooms, study rooms and a 
home for the archives — in spite 
of the great and continuing popu- 
larity of some of his music Falla, 
through a series of historical 
accidents, is among the least 
well-documented of leading 
modem composers. 

The object was not merely to 
set up a memorial but to make 
something useful. This in many 

respects old-fashioned man had 
firm ideas about the social use- 
fulness of music and the desir- 
ability of avoiding “vanity and 
egoism.” To pul things on the 
simplest plane, musicians inside 
and outside Spain need access 
to information about Falla. 
Granada needs a modem concert 
hail both for everyday use and 
for the annual festival — the 
Moorish and Renaissance Courts 
on the Alhambra make admirable 
sound-chambers but they are 
open to the skies and even in 
Andalusia it can ram. as those 
who attended the recent in- 
augural concerts will be aware. 

The Centro is the first official 
building of any importance to 
have been erected on that archi- 
tecturally holy hill since 1527. 
when the Palace of Charles V 
was plumped down in the middle 
of the Alhambra. The task 
needed tact as well as courage. 
Garcia de Paredes has designed 
a long, low building with an 
uneven silhouette which barely 
rises above the tree line. The 
site slopes steeply; even so, 
much of the building is under- 
ground. On the outside there 
is a minimum or concrete but a 
great dent of beauti/uliy tight 
and weathered-looking brick, 
roofed with even lighter and 
mare weathered-looking tiles. 

One enters through a gateway 
down brick stairs then turns 
sharply left into a garden 

already laid out with gravel paths 
among box-edged parterres of 
shrubs and small trees. The 
horizontal lines of the entrance 
to the building are sharply 
bisected by the trunks of a 
cluster of tall trees — a palm, 
cypresses and magnolia — rising 
from an octagon of cobbles with 
a trickling fountain on the rim. 
No important trees were 
displaced and the brickwork will 
soon be covered with creepers. 
To one side is a terrace with the 
same breath-taking view as the 

one from Falla’s garden just 
below— the two gardens are in 
fact joined by a half-hidden 
stair. During the interval of the 
first evening's concert a sickle 
moon hung high over the land- 
scape, full of promise for fine 
weather, dashed next afternoon 
by more torrential rain. 

The concert hall has seats on 
either side of a central space for 
performers. The seating is un- 
equally divided (the total 
capacity is 1,311) and the 
smaller, steeper part can be 
curtained off. The. problem cf 
giving visual unity to the 
elongated, threefold space has 
beeo solved by suspending from 
the ceiling four long rows of 
huge. stylised Andalusian 
lanterns. The seals, by our poor 
standards, are luxurious, the 
orchestral area is slightly larger 
than that of the Festival Hall. 

The first sounds heard at the 
opening concert were the voices 
of Granada University's Manuel 
de Falla choir singiDg (twice) 
his tiny, polyphonic Znrocatio ad 
Indtcidtum Trinitdiem. Then 
the National Orchestra of Spain 
took over, under their new con- 
ductor Antoni Ros Marba. the 
recent successor to Friibbecfc de 
Burgos. They gave excerpts 
from La rida breue. Nights in 
the Gardens of Spain (the soloist 
Rafael Arozco playing the work 
for the first time, not yet quite 
adept at placing the difficult 
obbligato piano part in the tex- 
ture). the orchesrrul version of 
the Homenaje a Debussy and 
the two suites from The Three- 
cornered Hat. 

A slight feeling that the 
orchestra were, so to speak, still 
trying out the new hall', may well 
have helped to avoid the super- 
ficial brilliance plus solemnity 
one learns to expect on these 
official occasions. The architect 
worked in tandem with the Ger- 
man expert Loihar Cremer, res- 
ponsible for the acoustical side 
of the Phtiharmonie and the 

Deutsche Oper in Berlin. The 
first impression was good: a 
bright but not qlarinq immediacy 
with enough shine to flatter the 
string tone and nourish voices, 
rather like ihe Fairfield Hall at 

For the chamber concert on 
the second night my seat was 
behind the orchestra area, from 
which position everything worked 
except songs with piano— fortu- 
nately, as well as Falla's sadly 
neglected Gautier settings and 

the Scren Spanish Folksongs, the 
soprano Mcoserrat Alavedra. 
now half-facing the instruments, 
sang the Sonet© a Curdoba with 
harp and Psyche, a ravishing 
miniature for voice, flute, harp 
and three strings. Psyche in par- 
ticular made a deeper impression 
than usual. Ros Marba. who 
conducted this, took infinite 
pains over balance, yet it was 
clear that the kernel of the work 
in spite of the seductive instru- 
mental colour lies in the strong 
vocal line. Both P.vj/efn? and the 
equally but differently elusive 
Soneto deserve a recording with 
these artists. 

In the Harpsichord Concerto 
Ros Marba. the soloist Rafael 
Puyana (in bis most communi- 
cative form), and some excellent 
instrumentalists from Madrid 
succeeded in a work fiendishly 
difficult to bring off in any large 
ball. They did this not with 
clatter and brilliance but with 
a remarkable inward intensity — 
everything kept down to mau-h 
the soft elow of the harpsichord 
without loss of urgency. This 
rewarding concert also included 
two early but not worthless salon 
pieces for 'cello as well as the 
Four Piano Pieces and the 
formidable Fanfosta Bnetica. the 
piano works excellently done by 
Jacinto Matute from Cadiz. 
Falla’s birthplace. When the 
study and archive facilities are 
ready, the Centro Falla should 
take a unique place among 
European Arts complexes. 

Vienna Festival by ARTHUR JACOBS 


In past years at about tins time 
Denys Darlow and his' Tilford 
Bach Festival /forces have enter- 
prisingly given a lesser-known 
Handel oratorio at St George's, 
Hanover Square, where Darlow is 
organist. *li is a church very 
much associated with the com- 
poser: he' worshipped there for 
most of his life in London. The 
performances, have been valuable 
adjuncts to ihe QEH concerts of 
the Handel Opera Society, pro- 
viding a different interpretative 
approach and generally fuller 
texts. Now Darlow. with indus- 
trial sponsorship, has launched a 
London Handel Festival based 
on St. George's. It opened «n 
Saturday with the oratorio 
Alexander Balus. and there are 
concerts every night ihis week 
ending with the apparently in- 
evitable 1 Messiah.. Rarities in- 
clude the Cbandos anthem Have 
mercy” and a large Italian 
cantata, and a good admixture 
of works bv Bach. Vivaldi and 
other contemporaries fills out we 

Alexander Balus is quite a 
rarity in Itself, though there was 
a respectable performance by the 
HOS two years ago and an in- 
adequate recording io German 
was once available. The story of 
an ill-fated marriage between a 
usurping Syria king and Ciecn 
patra. daughter of the Kinc of. 
Eevpt, is not an obvious choice 
for an oratorio; but Handel and 
his. librettist Thomas Moreii 
having scored a hit with Judos 
Moccaboeus in 174/. doubtless 
thought a further episode from. 

the Apocryphal First Bouk of 
Maccabees was worth a tf.v-. Un- 
fortunately Morell s text is clum- 
dilv constructed. 

The first two acts are almost 
entirely given over to anti ci pay 

imti* the 
suddenly rc 
set up the V 
foot-hold in 
plot finally 

ingi the:, wedding of Alexander 
and Cleopatra, with vague hints 
of something dire to come; not 
ddlc of Act 2 does 
father Ptolemee 
eal be has cynically 
hole tiling to gain a 
Syria. To Act 3 the 
sgets moving and 
turns to tragedy. Ptolemee and 
Alexander. n&,w opposed, both 
die in battle leaving Cleopatra 
betrayed, widcfwed and father- 

Handel was somewhat fitfully 
inspired,' but Judicious pruning 
of the dead-wood leaves enough 
engaging music to make a satis- 
fying evening. Gaily orchestrated 
choruses for the sun-worshipping 
Syrians are nicely contrasted 
with the more solid, contrapunral 
interjections of the Israelites, 
and Cleopatra's music touchingly 
conveys a full range of emotion 
from cautiously awakening love 
to' the mounting despair of her 
last scene: grief gives way 10 
calm, unearthly resignation in 
the best-known number in the 
work, “Convey me to some 
peaceful shore." 

TDarlow directed a pleasant 
and fair exposition of the 
oratorio. The amount of cutting 
was about rigbt, though ir 
seemed a pity to lose Alexander's 
airs' “O Mithra, with thy 
brightest beams ” and " Pow'rful 
guardians” in favour of the 
faddy, dull scene for Deo patra 
and her attendant in Act 2. 
At ' the start of each act and 
before the final scene narrations 
were spoken “ to help the 
Xtdience to follow clearly the 
events of the story.” Mercifully 

these proved to be brief and 
apt summaries of the relevant 
sections of Maccabees— but 
surely a synopsis in the other- 
wise excellent programme book 
would have been a better 

The slower and more serious 
numbers found Darlow at his 
best — the intertwining violin 
phrases in “To God who made 
the radiant sun" were beauti- 
fully shaped — and so the 
Israelites fared better than tbe 
Syrians. The latter's chorus 
“Ye happy nations round" was 
leaden and crisper phrasing 
would have helped elsewhere, 
notably in the intriguing rhythms 
of the duel “Hail, wedded love." 
New-fangled ideas like non- 
delayed cadences in recitative 
are not yet in Darlow’s ken 
and quite a few appoggiaturas 
were missing, hut on the whole 
music and drama were in 
harness and moved forward pur- 

Among the soloists Weedy 
Eaihornc was outstanding as 
Cleopatra, even and expressive 
in tone; her su renews of line was 
fully tried in her final air and 
not found wanting. Counter- 
tenor Charles Brett (Alexander), 
slightly overparied in a role 
written for the vivacious mezzn 
Calerina Galli. nevertheless pro- 
duced some ringing heroics 
Elizabeth Gardner showed attrac- 
tive promise as the attendant 
Aspasia. The Tilford Bach Chnir 
and Orchestra were responsive 
but. as usual on these occasions 

would have benefited from an 
exua rehearsal. 

Within the main Vienna 
Festival, a celebration of 150 
years of Bfisendorfer pianos has 
been both a salute to past 
musical glories and the sign of 
a new commercial attack. Ln 
Vienna, where a street is called 
after the firm. Biisendorfer is a 
name linked in history with 
those of Brahma and Liszt. But 
outside Austria, the firm has 
achieved only a modest impact. 
Now. however, having come 
under the ownership of the 
American piano-makers. Kimball 
International, it sees itself as a 
David of ihe concert platform, 
determined 10 dent the domina- 
tion of the German- American 

Goliath, Steinway. 

Perform:: tins were given by 
the Austrian piynisis Walter 
Klien, Jiiry Demus. Paul Badura- 
Skoda and Alexander Jenncr. 
and by Gerhard Oppitz. ihe 25- 
year-old West German winner of 
last year's Artur Rubenslein 
compel ilion in Israel. The 
international music critics who 
attended as the Ann’s guests 

hardly needed to be convinced 
of the power and tonal delicacy 
of such models as the 9 ft 6 in 
Imperial wilh its nine extra bass 
keys. Potential performers, how- 
ever, will be swayed not only by 
purely musical considerations, 
but by the wider availability of 
instruments to rent in major 
musical centres. 

The year of Bdsendorfer’s 
beginning, 1828, also saw the 
death of Schubert, to whom 
Vienna pays a noble trihute in 
a current exhbition at the Palais 
Ilarracb. organised by the city 
libraries. Here the music lover 
gazes wilh awe on such manu- 
scripts as that of the Ninth 
Symphony disclosing a hardly- 
believahlc change of mind in 
the fourth bar. It is an exhibi- 
tion which should be brought tn 
Britain, even if facsimiles have 
to be substituted for some of the 
priceless original documents. 

The topical opportunity ut ex- 
ploring Schubert's piano music 
was missed by the BOsendorfer 

organisers, who disappointed me 
equally by not commissioning 
any new music — indeed, not 
admitting a single modern work 
to the programme. A visitor 
from Britain could also scarcely 
restrain a gasp at being asked 
to pay 30p for a printed pro- 
gramme giving only the titles of 
works, with no historical or 
analytical notes. 

Surprisingly. Dem us' recital 
is. Bi 

of Brahms. Beethoven. Debussy 
and Franck was . rather dull. 
Alexander Jenner brought a 
livelier evening with some 
vigorously characterised Debussy 
preludes and a stormy hut well- 
structered performance of 
Liszt’s FutMTnil/es and the 
Hungarian Rhapsody No. 6. 
Among his encores, the grand 
style was sustained with Chopin’s 
“ Revolutionary ” Study in C 
minor^-wbieh 1 almost heard in 
C sharp minor, since the 
Viennese use such a high pitch 
for their instruments. 

At a concert with the Vienna 
Philharmonic Orchestra under 

Horst Stein. Gerhard Oppitz 
somewhat belied his youth with 
a rather too restrained, not very 
individualised performance of 
Beethoven’s Piano Concerto No. 
4- .It was left to Badura-Skoda 
to beguile and impress with a 
late Mozart concerto. K503 in C. 
He not only ornamented the 
slow movement gracefully, but 
risked and justified a tiny 
rhythmic alteration in the finale. 
Here was a model of sound and 

Gainsborough painting 

Lord Donaldson. Minister for 
the Arts, has accepted the 
recommendation of the Standing 
Commission on Museums and 
Galleries that ihe tainting. 
Greyhounds Cour.-ring a For. by 
Gainsborough, offered by Lord 
Rosebery and accepted by the 
Government in lieu of estate 
duty, should be allocated to the 
Iveagh Bequest, Kenwood House, 

Festival Hall 

Previn’s decade 

Continuing, action in ciiI tLl ^; 

^dependence and democracy 

•ULi.W ,'.u!.TI!HAUVF.-:T.S 3.HILY 2U JU1.Y 1. — 


Z&r-r OncofLoodorft ^r^sfwnactivebar ami 

jjiwer filled 5nd air-condmonc ‘ ^ 

;.,. T SdstyioSaniriay- 

luncheon **** 1 dim**- Gp ^ inOCT 6 ^» o> 1.0? aos - 

•• •‘. v.'. . pine wiihw* lw ir y ,n ". - 


.-AndT& Previn has completed 
ten years as Principal Conductor 
Of Ti ■ the London Symphony 
Orchestra,' thus beating all his 
predecessors, Hans Richter in- 
cluded. Last night a large 
audience came to the Festival 
Hail to greet him, and to hear 
Wm conduct the orchestra and 
the London Symphony Chorus in 
Britten's Spring Symphony. They 
should also have been able to 
idmire their hero in the dual 
capacity of pianist and con- 
ductor: Previn was down to play 
Mendelssohn’s G minor Concerto, 
biutin a way that happens rather 
tao/often nowadays plans were 
changed" and the concerto was 
metamorphosed into Ravel's 
Second' Suite from Dapfonis and 
Ghloe. . , _ . . 

■The playing of Dvphms was 
ftesh and. lustrous enough (mer- 
curial- flutings from Peter Lloyd) 
to- make it seem curmudgeonly 
toi regret the Mendelssohn — - 
there is always someone hearing 
even Dophnis for the first time 
and. they would not forget this 
occasion. Actually by. far the 
most startling musdc and some 
of -the 'most electrifying playing 
(in spite .of an untidy opening) 
came in the Berlioz Overture 
Les Francs-juges at the beginn- 
ing. In days when we are com- 
monly supposed not to know any- 
thing about Berlioz, one used in 
fact- to hear, and be thrilled by, 
ttrts overture more often than 

: The Spring Symphony was 
given a compact reading more 

notable than most for symphonic 
cohesion, with less feeling than 
usual that the work is a bumper 
English anthology-cantata. Eng. 
Mus. mating once again with 
Eng. Lit. The distinguished 
soloists, Sheila Armstrong, Janet 
Baker and Robert Tear, were 3lt 
a little subdued. Miss Armstrong 
was sweet and small-scale where 

a touch of ampleness would not 
he out of place. Dame Janet was 
infinitely delicate in “ Out on the 
lawn " hut it was the rhorus. not 
the. alto, who brought home most 
sharply the Feeling o* thirties 
guilt and unease. Mr. Tear 
excelled in “When will my May 
come” but not in the usually 
irresistible "Waters above." A 
small contingent of hoys from 
St. Clement Danes tried valiantly 
to be heard. What made the 
performance memorable was the 
singing of the chorus— attack, 
incisiveness, words, colour, every- 


£ A Family’ at 
the Haymarket 

A Family, a new play by 
Ronald Harwood, opens at the 
Haymarket Theatre on Thursday. 
July 6. with previews on July 
4 and 5. 

The cast includes Paul Scofield. 
Harry Andrews, Eleanor Bron, 
Trevor Peacock and Irene Handl. 
The play is directed by Casper 
Wrede, designed by Peter Ben 
nion with lighting by Michael 



CC — These theatres accept certain crodi: 
cards t it tclcpnane or Jl tin do. oixce. 


COLISEUM. Credit cards 01-240 5258. 
rlv-SL-r rations ol -336 3161. 
Ton’t. Tomsr. a Wen. 7.13 Lensorraloire. 
Giselle. Tnur. a. Frj. 7.30. Sol. 3 j. 7.3Cf. 
sanguine Fan. La Chpllu .new prodn.). 
Eiuoes. 9£ aalcnn* scats always available 
irom 10 am oar Qi peri 

Jure 26 July 8 wiln Lonuun Festival 
Ballet, all scats sold ocont mate. July 
S * 8 July 10 :o IS Nurevcv with 
Dutch National Ballet, ccats arailablc 

COVENT GARDEN. CC. 2- 10 1066 

■ Ga roe-i charge credit caras 62a G903i 


Tonigm. wea. A Sat. at 7.30: Lu>sa 
M/ller. Thur. at 7.30: Macama Sutlerlty 
Fn. at 7.30: Falstatt. oj Ampm ,j«i 
a rail Ipr all peris, tram 10 J.m on 
da. ol nerl. Note: Personal .Tel. bk.iv. lor 
July Balu-l opens July 1 ant* not June 1 

Aua. 7 wiUi the London Philharmonic 
Orcnestra Ionia nt. Fr:. (j. Sun. nert at 
5.3Q Die laubeNlorc. Tornor at 5.J0: 
□on G-ounni. Wed. s. Sal. a! 6. IS: La 

Eohomu. Possible returns only Bov OUiCt- 

Glyntteeoiirne. Levies. E. Susse, i0273 
SJ241 1 

Art EC1. B37 1 673. Until lulv 1. Evgs 

7.30. Mat iat 2.30. FirST time m London 

Manolita Paiaei Aguiler's 

Spanish folic and flamenco 


ADFI.PH’ THEATRE. CC. <31-816 76 1 1 
Engs. 7 30. M arv.|^Thurv. 3 0. Saa. 4.0 

O' 1*76. 1977 and 197B. 

Sunday People. 


CREDIT laRD BOOKING 01-fSo 7611. 

ALBERT. Sab 3878. Part* Rates. CrcJit 
ijtrd H»r.-. S16 1971.3 Iron 8.30 a.m.- 
3.30 Dm Mon., Tues. WtO and Fri. 
7.-5 on* T'llS; 4Jd SjI. 4.30 and 8.0. 




ABLE TO SsE IT AGAIN.' Daily Mirror. 

ALDWYCH. 83E 6404. Into. 836 5332. 
repertoire . .TOniqfit 7.30 Ctrmaberg'* 
THE DANlE OF DEATH with Sn.ilre- 

Sdcarcv CufyALANUS mot - , pe-l. Th-jr.i. 
psc also the warehouse ■*«« unde* 

W1 and at Piccadilly Theatre m Peter 

ALM05T FREE 485 62J4. Lunchtimes. 'One 
Qd by C.OU Wilson. Tues.-Sats 1 15 o.m.. 
Suns. 3.00 .inB S.go o.m. No show Mont 
ALMOST FREE 4B5 6124. Evenma-.. Kurt 
VontiMul'- . p, ®>cr Piano- D> James Soun- 
ders. Tuo>-3ims 8. DO p.m. No show More. 

AMBASSADORS. 01 -B35 im. 

NinhiU at 8.00. Mat. Wed. 2.45 

m Sleuth 

The worta-iamous Thriller 
"Seeino :n? »U* again >> in tau an 
utter i" 11 -o-ai lov. Punch. Seat Prices: 
£2.00 to £4.40 Dinner and Too-Priic 
_Seat £7.5o. 

APOLLO O' 2663. Evcr.mqs 8 00. 
Mats. TRuftiJiM. Sat. 5.00 and 8.00. 

■' Actor 01 M Ygr," Evening Standard.' 
_ N n '.V 


• Wickedly funny/^w, 

ARTS THEATRE. ol- S 36 2132! 


'■ Hilarious see If Sunday Times 

Monday to Thursq ay B . 30 . Fri da. and 
Saturn.*- a: 7.oo ana 9.15 

Cross R « d ' 

0I-7J4 4.91. MoiL-Tliiirs. 3 o.m. Fn 
and Si.. G.o and 8.-5 


iniect'Ou: : aueaiiqg, loqt-stompmo and 
heart-thumpm.. OhSer«r. Circle bullet 
$S» BtlM Fna alte, ih0w Sl>aB £2 00 . 
£6.00 Sc» r e show Beil avail- 

able seats £3.00. Mon.-Thurs and Fri. 
6 o.m- p* 1 ^' on| v. 

EVENING standard award . 

Lunchtime Theatre a; 1.15 p, m , 

June T 2-23- SLIGHT ACC IDENT.' 

CAMBKIOCE- 836 B056. Mon. 10 Tnurs" 
8.00. Frida. arc B.30. 

- Thl'n^rtfare Musical. 

™ r ^nclno.^M.'rrnV" 

D inner a n a IdtHwice m tn me. 

CHtL-tEiTE 15 - _ 024J S 1 s’iT 

rS.0 2 D'THE i^&fc^go®. 22 


-MEDY. 01-930 2571 

For a Ltd. 1 * no a he men* >ur« ■ - ;o July It 

An unparalleled tour oe larce." S. Tins. 
Tuns, ro Sal. at 8.0. iun. at 4.30. Nj 
ols. Mon. Seals £J 25 E2.25. £2.50. 

00. Latecomers no' admitted 

CRITERION. 930 3215. CC. B35 1071-3 
Evqv. 8 O. Salt. 5.30. 3.20. Thurs. 3.0. 
„ in 5IX OF ONE 



DRURY LANE. 01-838 STOB. E»er* 
night B.OO. Matinee Wed \ Sat. 3.00 

" A rare devastating, joyous, astonishing 
stunner." Sunday Times 

□ UCHE55. 836 B24 3. Mon to Thurs. 
Etching* 8 00. Fri.. Sat. 6 15 A 9.DO. 


' Tne Nudity is stunning, ■ Daily Tel 
8th Sensational Year 

DUKE OF YORK'S. 01-838 SI22. 

Evenings 8.00 Mat. Wed. Sal. 3.00. 

_ m Julian Mitcha'i u 

" Brilliantly witty no one should 

miss it. ' Haroto Hooson iDramti) Instant 
credit cam reservations. Dinner and 
Top-Dricc Seat £7 00. 

FORTUNE. 836 2235. Ets 6 00. Thurs. 3. 
Sal. 5.00 and S.00 
Murid PjvIow js MISS MARPLE m 

Third Groat Year 

GARRICK THEATRE. CC 01-836 4601. 
Evs. 8 0 Mai. Wed. 3.0. Sat. S.30. B.30 

Gdn - NOT TO BE MI55ED." Times. 

GLOBE THEATRE. 01-437 ' 59:. 

Evgs. U.1S. Wed 3.0 Sal. b.D 8.0. 
• This mus- be me happiest laughter- 
major tn London. D Tel "Ar irresis- 
nblv enjoyable evening."" Sunday Time*. 


until June 24 

Evenings 7.33. Mai. Sat. 2.30. 

Plavs h* Yeats. Synge and Ladv Gregory. 
For 2 weelrs only. - Tne Irisn siacc a: itn 
best " F. Times. 

HAYMARKET. 930 9832. 

Evs. 8. Wed. 2 20. Sal. 4.30 8. 



Musi au-hniielv iiote ju.v 1. 

HAYMARKET. 930 9832 BO> O'Hce Now 
Open. Prcvs. July a 3 5 at S O. Opens 
July 6, 7.30. 




A new Play by RONALD HARWOOD. 
Directed bv CASPER WREDE 

HTn MAJESTY'S. CC. 01-930 6606. 
Eyjmngs 8.00. Mats, we® * Sat. 3.00 
with Derel Griffiths 
Directed bv BURT SHEVELOVE. 

" Tt Is paced to bursting ppm! with ts» 
personality * n d cheer enemy ul Bruce 
Forsyth." Sun Express. The audience 
cheered." Sunday Telettrapn. 

Mon. 10 Thurs 9.0. Fri . Sat. 7.30 9.30. 

Mon.. Tries.. Thurs. ana Fri. at B. wed. 
and Salt, at 6.10 and 8. SO. 


In a Spectacular Comedy Revue 
Your Best chance to see “ The Two 
Ronnies Revue '* at the London Palladium 
Is to noot. now tor the performances this 
Sunday iJune 251 at 5 and 8 
01.437 20SS 

7tr THEATRE. CC 01-4 37 3685 
Ev. 8.D. Ml! Thun. 3 a. Sal. S.O & 8.30 

MAY FAIR. S29 3036. Reded price prew* 
2S-28 June a- 8. Otwns 29 June at 7 
•£S A Cl .50' 



MERMAID. 248 7656. Restaurant 24B 
2835. Evening 7.30 A 9.15. 
every Good boy 

a play tor actors ana orchestra by TOM 
C.3 t £2 '■ c. nor- ol true theatrical 

geniM." Sunday Times. 



OLIVIER iQpcn 5UDCI: Tent 5 Tamar. 


hov tnins oy Michac Fravi 

LYTTELTON' mroscemum stage;. Ton't 
7.45 PLENTY, a new Pl.iv b« Da*li 

. , H £> „ ...... .. ..avid Hare. 

Tomor. 7.4 S Plunder. 

CGTitSLOE. i small auditor ivmi: Thur. * 
Fri 8 i prcvs.; AMERICAN BUFFALO 
p. Damn M-imcC. . , 

Many c-cchent cheap sea:s ah 3 ineatrw 

day ol oeri. Car bark. Restaurant 

2033. Credit card bliss. 928 305Z 

OLD VIC. 92S 7616 

june-Sept. Scaso-i 


"An ourstanolng revival ' The limes. 
Touav. Tues.. wed. 7.30. 


" A great penormance. The. T,| nes. 
Thurs. Fri. 7.3Q. Sat. 2.30 & 7-}0- 

Dv Christopher Fr- 

Previews June 2B. 29. 30. July 1. 

First nigh; July -> 

OPEN AIR. Regent's Parv Tel: <8* 2431 

Evgs. 7 as. Mats. Wed.. Thur 4 V*, SnT 
Lunr mimes today, tomorrow <- Fri. 1.15. 

PHOENIX. 01-836 2294. Eremnns 8.15. 
Fr-j». and S siur dav fc.Ou a"? 8 

GARDEN make us laugh.' D . “■*" ,n 
THE Hit Comedy by "OYCE RYTON 
HAVE DIED 1 Sunday Times. 'SHEER 

PICCADILLY. 437 4506. Cretin Cire bLgi 
636 1971-3 8.30 a.m-3.30 „ 

Evgt 7.30. Sat. 4.30 & 8. Wed mats. 3 0. 

Roy. 1 1 Shakc-peare Cemwn* in 
by Peter NichPl'- 
"RmrOaring triumph.' 3. E»ur«s. 

Ev. Std. Award and SWET Award 

PRINCE EDWARD. CC iFouTK-rlv Casmol 

OT-437 fi87 T . Red. price preview* Tempr. 

at S.O. Opening Wednesday ?i 7.0. 

e. Tim Rice and Andrew licvp Webber. 
With David Essex. Elaine Paige h"* 

Act-land. Directed by Harold Prince. 

PRINCE OF WALES. CC. 01-930 8681 
Monday to Friday at B p m Saturdays 
_ at 5.30 and 8.4-' 

Dailv Express _ 


QUEEN-5 THEATRE. CC. 01-734 1Tb6. 
Evg* B.OO. Wed 3.00. Sal 5 00 8 30. 



in Alan Bennett' 


Plav and Players London Critics A wvro. 

At 7 p.m.. 9 p.m.. IT o.m. toper Suns.v 
PAUL RAYMOND presents 
Fully alr-condrtioned _ 



E.qs. 5.30. Fri. and Sat. 7 0 S:»- 

" Elegant good-humoured enga<n n g- ** fln 
A New Musical. 

•' Caustic and Comic." Timcj 
■' Show scores in songs.' D.joi. 

Linda Thgrsen ... a revelation." Times. 



Evgs 7. 3D. Sunday nest untH Ju^, J0 



From Liaoning. Chin 

ROVAL COURT. 730 1745. AT C®"; 
Prevs. Eves, at 8. Opens Tue*. "C«t at 
7. Subs eves. 8. SMS. S 4 8 
D» Bill Morrison 

ROYALTY. Credit Cards. 01-405 B001 
M and av -Thursday Evenings B.OO. 

5 JO and 8-45. Saturdays 3.00 and B.OO 
London critics vote 
Best Musical ot 1977 
Bookings accepted. Maior credit cirre- 
Special M(IH rates Tor matinees ilor 
a limited period onl«i 

SAVOY THEATRE. 01-836 BB88- 



with JANE ASHER „ , 

TO SEE IT. ' Gdn. 

Ev®. at B 00. Fr*. 3 Sat. 5.45 S 8 85. 


ST. MARTIN'S. CC B5S 1443. Ev*. B.OO. 
Matinee Tues. 2.45. Saturdays S and 8. 
26th YEAP 

5HAFTE5BURY. CL 936 6596- 
ShaltMbury Ave WC2 'Hloh Holborn erO' 
Ergs, at 8,0. JOHN REARDON 1« 

This musical has everything. ' S Mir 

Mats. NOW TuM. Jl Sat. ^.0. A" M»J* 

at 53. £2. El. Credit Caro pookmos 
836 6597. 

SHAW THEATRE. 01-380 1594. 

Evenings 7 30 Mats. Wett 2.30. 


STRAND. QI-S35 2660. Evenings 8.00. 
Mat. Thurs. 3.0 Sets. 5.30 and 8.50- 


GOOD SEATS £4.00-£1.00. 

VAUDEVILLE. 836 9988 CC. Evs. 8.00. 
Mai. Tues. 2 45. Sat. 5 A B. 

Dinar- ?n?Niritll Duli-tr GRAY 

IHE rvr-*£Sr wh-'-Dhm HIT 

Re-enter Agatha with another who- 
dunnn nil. Agatha Chnstie is stalking the 
West End ver again with another of her 
neno'Sh;, .i,'i- n ., us mu-mr mvsterles." 
Pens Barker Evening News 



Book Now. B28 4735-6. B34 1317. 



Evenings 7.30. Mats. Wed. and Sat. 2.45. 

WAREHOUSE. Oonmar Theatre. Covent 
Garden. H36 6S0B. Rovai Shakespeare 
rSTSffif- Ton ' , 6 00 °LA TREADING: 
Malrowit? AH seals 5Do. 

WESTMINSTER. 01-B36 0283. 


"JE^NCHANT HUMOUR '■ D Telegraph. 
"SHARPLY TOPICAL." Fuuincial Times. 

"Tremendous impact." NoW. 

Ews. 7 45. Mai. Weds. 3.00. Sat 4.30. 

WHITEHALL. 01-930 6692-7765. 

Evas. 6.30. Fri. and Sat. 6.4S and 9. DO. 
Paul BnjhMd presents Ihe Sensational 
S«« Revue ol ihe Century 


WINDMILL THEATRE. CC. 01-437 6312. 
Twice NlQhdv 3.00 and 10.00. 
Sundays 6.00 and 9 00. 

PAUL RAYMOND presents 



"Takes lo unprecedented limns whai is 
permissible an our staoe.' 1 Eva. News. 

WYNDHAM'5. 01-836 30ZB. Credit Card 
BMW. 836 1071-3 Irom 3 30 am Mon.- 
Thurs. B Fri and Sat. 5.15 and 8.30. 

VERY funny." Evening News. 

Mary O'Malley's smnsti hit Comedy 

•' Supreme corned* on sen and religion.” 
Daily Tciegnteh. 

LAUGHTER." Guardian 

YOUNG VIC. 928 6363. New Company — 

New Season. Prevs. Ton't. Tomor 3 Wed. 
7.4S Opens Thur. at T Subs. eves.. 7.4S. 


8861. Sep. oorls ALL SEATS BKSLE. 

1: THE COMEBACK iXl Wk & Sun.: 

2 00. 5. ID. 8.10. 


2 .00. 5.10. 9 lO ilast 3 days . 

CAMDEN PLAZA loop. Camdon Town 
Tobei. 485 2443. Tavlani j ALLON- 

SANFAN lAA). 4.45. 6. SO. 9.00. 

CLASSIC 1. 2. 3. 4. 0>'ord Street (Odd. 
Tottenham Court Rd. Tube! 636 0310. 

1. Alan Bates. John Hurt THE SNOUT 
iAAi Progs. 2.30. 4.35 6.40. 8.45 

2. Retained bv Public Demand' THE GOD- 
FATHER M iXl. Pgs. 3.00 6.50 feature 

3^ JmIi 1 jonra THE COMEBACK »X>. 
Progs. 1 05. 3.15. 6.05. 8.35. ^ 

4. Presentation ends Wed. 21 June. 
Bertolucci's 1900 Part 2 fXJ- Profl*- 
2. JO. 5.20. 8.15. 

CtlRZON. Corzon Street. W’ 499 3737. 

■ Fully Air Conditioned Comlonl DERSU 
UZALA iUi In 70 mm i English sub- 
titles! A Film bv AKIRA KUROSAWA 
dlrertor ol " Rashomon " and " The Sewn 
Samurai." Film daily at 2.00. 5.00 and 

8 00. Seats Bookable at £2.S0. 

COMING HOME *' S«>- orogs. Mon- 
Sat. 1.30. 4.45. B 10. Sun. 3.30. 7 45. 
Seats ma» be booked ln advance lor B IO 
prog. Mon.-Frl. & all orogs Sat. & Sun. 

ODEON HAYMARKET '930 2730'27?1). 
Jjnc Fonda- Vanessa Redprave in a Fred 
Zinnemjnn film JULIA 'Ai Sen. crags, 
dlv. 2 . 30. 5.45. 8.45. Feature dly- 2-4S. 

6 00. 9 00. AM seals hkble. at theatre. 

kino i at. Sep. Drugs, dlv Doors ooen 

1 05. 4.15 ?-45 Late -ho# Fri. & Sat. 
Doors open ii. is am. ah seals may be 

OOECN MARBLE ARCH <723 2011i2l 


KIND fAJ. Sep oraos. Mon -Fri Doprj 
open 2.15. 7.30. All seats bkble in 

PRINCE CHARLES. LolC. Sq. 437 8181. 

Sap. peris, dfv, line. Sun.J 2.45. £.15. 
9.00 Lie. Show Fri. & Sat- 11.45. Seats 
bkbie. He'd Bar. 






Telegrams; Fioaniimo, London PS4. Telex: S86341/2, 883897 
Telephone: 01-218 8000 

Monday June 19 1978 


^Financial Times Montoj; : V • £ 

i . -u': ; y 

■" •' J A: . 

four main parties of the govern- reached agreement on a wide- tj onsi 

Special Trade Representative 
took the initiative last July in 

ins coalitiun seems to Have sue- ransj"g f^n 'ijfcdlral SUtt'h? How successful a package will setting a firm timetable fSr the 
weviPd n hammering mat: s Belgium into a reaerai Mate o> 

!■ the’JTrealWB nwre ,; la&yiiy^ than. . ' 

; : before : sbm» the -ILS;; . 

intentioa-of heeonimg aV dtanp- 
jug .gmati ior - ‘the Jrest'df thcr 

. ymiitfr - 

. Jhe : UlS/.tafess ,a tougberiiae ; 

|td^^mW-EEft ; ieflises- 
. even ta aegottotfr’^ut; The 
American shave sai^WraUess 


■ Snitea ' A»ai± trom- 

- enceswith. the* EEGA which, be 
nlavs down. 

be^aerts tbai3fle; ti& ffcidt- 
iiitent on distM 2 dlihg:"the r Cc«iiw. - 

McDonahT imdWfoilow jiegp* f 
tiators sayVtbat the, &P adese? 
too- shdnld’open-up^ir.marJcet: ; 
-more to a^ciatursF products 
beyond ■ concessions - which, they 
have already n^dd.oalieef and*! ' 

L'int J ?„ dn csf,ao,S' : mpasHrpr ^2i nnilJ g of 1979, others are Japanese Minister for Externa! Economic Affairs; Mr. Status, .f JS. Special Trade Represents* „ citrus. ■'.'•■• j ■ £, 

^ Subsidies and countervaiUnii lcss optimistic. The Japanese, tive: and Hr. Wilhelm Haferkamp, European Commlssl^er.fqr External Affairs. • Agricultural' 

n^SiFSsi ±5 wsr.t rw-wssa lt w„„ w ** ,„ ** «... «. . &L* ** «. 

" • !LtL. a L P ^r L r and CM ! nS ttJJ h i - aether T E S* claimed for” the Tokyo Round. ? e sWa11 print has been collapse of the tariff proposals, cause serious injury to domestifif^he affected supplier the right national agremneatJtiL^reals,^- 
rSS Bootes Kd*theif InJSe^t WiS^r and they foresee B * lhe differences which industry. At present these mea^tos A retaliate against .tasW-’merf aid-a^W^^|. 

me t dispute.. ^5°° ' hl5wever b l er i resolved depends very much on further tough bargaining. remain ahout tariffs are much sures usually have to be applied, unilateral action, should be other items -..grt.- being ttfuhff' 

Budget rritifis-m of the Zaira operation the U.S. which has taken a The negotiators in Geneva narrower than those which are against al 1 suppliers regaxdte&tf retained. There appears to be with bilat^ally oa- a sbeclfic 

JJWu^tr criticism ot tn- p U , ,. , . - unnoar fairlv i-nnfirtowt nf a ctili imrocnlmaH nn nnn tariff nf iwhirh Is tn Ho vosnnrM.snmA amhieuitV IQ the EEC reduest and Offer tiaSuL-. Th er& .' 

There is no denying that la Belgium.^n^o con lasting ( 

differences of opinion inside iK U p*5*a n s "somehow did less than any other country, to a tarms. waving decided on importance of tne tana reduc- EEC is insistent tnai sat eguarc^ that this ngm is innuueu w wea-imutiuaw waiuuur jju wi 

th - « a,llto *! !' ave run d 5 p well than the French in Shaha. successful outcome. The U.S. harmonisation to eliminate wide tions are not underestimated, it measures should be applied^ the EEC proposal, whereas the sides, but particufm^ between - 

over the past few weeks. The ^ e *— inHAnal Ppl<»ian nreserve regards further liberalisation disparities, with bigger reduc- i s recognised that eliminating selectively and has made tidsVQpnununity has previously Australia and New -Zfealaad jlO- 

«eed«» *« henunerin- out a f h e J s Z, E i here have bccn emerge remains an open ques- Tokyo Round. 

TZ™:?, °r T SSrST disagreements over huw and tion. The most that can now be The final consensus ha. to be 

.r. T,rfvwi U M^ when the plan should enter into hoped fur. given protectionist realistic enough to stand a yood 

Ibat prompted Mr ^ Leo Q rat| - on> w j t >, both Flemings pressures, is a broad political chance of being accepted bv the 

Timiemans, the Prune Minister, Walloons suspicious that consensus on all the mam vu-ious administrations at hunie. 

to tender his resignation las Qthers might mana ., e t0 issues, hut still leaving unde- This is reflected, however he- 

week. The compromise suli advantages during its im- fined the often crucial fine pnnL latedly. both in the hard bar- 

neeas t» be endorsed by the “ Iexnentatirtll . At this stage it is impossible to gaining which is now taking 

parries today, but the likelihood * A further L . aU5e of friction predict whether even so much p i ace _ and in a growing mutual 

is tha-t Mr. Tindemans will . bt . cn provided by Belgium's v * -f be achieved. understanding of the problems, 

agree to carry on as Pnme p arUeipaUun m last months With just four weeks to delegation 

Minister after a further meet- Belso . Frene h operation in W there suil arc major issues confident that ft w M b” 

ln e K |"3 BauOKu*"- The Zaire - S Shab a province. Mr. to be .esol.ed by the big three g jtion wbmli m enm- 

i‘ t ™ m . e ^'l™ n S i 2 1 : e „,r.l!r Tindemens lias recently been n.3 <« JSZ P>«= Pockbse n home by the 

Ministerial meeting at Geneva during tie Tokyo Bound : from left ‘ to right Mr. Ushiba, 
Japanese Minister for External Economic Affairs; Mr. StraosSi.ftS. Special Trade Representa- 
tive: and Mr. Wilhelm Haferkamp, European ConunissiiAw.fgr External Affairs. 

over the past few weeks. The ■|, HA _ a . 

immediate cause of last week’s ? 

crisis was lhe attempt by Mr. ^ ^imunet 

Tindemans «> bov'ial Christians lt was Ul 

to L.rce through economic operation in 

austerity measures in the face 

»if strong opposition from the Firm hand 

Then there is the onerous np arer 35 per cent. 

Socialists of M. Henri Slmonet, Th differences mav be task — in GATT pariance — °f 

Ih.-. c-.-.r-oi'crn Xf;~iefar <rt,» i nesc [ may ,,hMn,.nr 

the Foreign Minister. The 
Socialists disliked both the con- 

Discussions on such 

more easily forgotten now that 

multilateralising " whatever 

hn «! to reduce and remiiafe ^ EEC itseJi - ^it is justifiable to impose coun- cereals, the - roost, .3Mt. 

NTMs nSuSions on such Rut ar * now hpiw. tervailing duties equal to the agricultural itan, are “soufw&at v 

Ss’S^S rS-BsB-SK SSrSt^SSf 

establishment of uniform cus- eludes the Japanese who hav^-“! en Y3 GATT r 

Resolving cuts 

Socialists disliked both the con- parties appear to be aaTe ements are reached. The IVWUIVUIg tUW industrial standards and the wit h qualifications. This ^ 2? TO “ t ST flSd '1^ ^ 

tksnts Of lhe package and the „„ tlicir wav to settling their developing countries may feel . establishment of uniform cus- eludes the Japanese who havX“L_;5 GATT S 

way in which Mr. Tindemans ^eements aver economic agsrieved 1 that much of the negc* 1H tariflS toms evaluation procedures are been the main targets of JSSciio? under which ^ otter S !?Sfn 

appeared to be trying to hustle nD i i( ; v and devolution There Bation has been conducted well advanced, though technical existing selective actions which ™ eerin ^ w - 

the 1979 budget through Par- ^man, *r££ •!? the pre -itbout their participation, but problems remain in the final bave b°een taken outside. GATT. ^ duTfshoS? S “ 

liament. effectively by decree. sen t moment is particularly in- ^ negotiators are well drafting of new codes. ft seems that they have been .SfpSSd S there ls** material ” irStion tStbackf ^ in- 

jn T n e reS 0 t a hfe rt T-n G s re o^ ,Vi ^ d appropriate , for a “ew political Japan’s offer amounts to 40 per Government procurement is persuaded that it may be injury, or a threat of it, to the leased utilisation-to. maintain 

on predictable lines over the crisis— not least the threat of nition . hnwe\er reiu tant, is Jananese claim or proving more tricky. The aim their interests if such action. importin'- country's industry as nrires within “nominal briee 

pohcjcs requirad to con£rpn t a general strike this week over ^ entia, w j ° vokes S woS"d 18 per cent as toe U.S. and EEC is to establish equality of treat- taken through GA’rt' channds ia result V an export Sidy goals- to ag?ee^n £,oS 
the country s economic union demands for shorter ;* ™ _ _ , , maintain The .Tjmam>Rj> sac ment for foreign and national under strict surveillance rather i„ *»,„ CPUU iry of origin. rnnailtofMin hpfwpwi tmivirtfirq 

!i^en!ties° UD ?he ren^Th? Un T d ? mand& sl ? orler deiact S thepwkage which ^intain. The Japanese say ment for foreign and national under strict su^eiilance ra&er io the country of origin. consultotion between importers 

difhculties. The centre-right working hours. There is no netraa trum rue paexage wmen t h pir offer amounts to a 4fi i er suppliers for government and than on an ad hoc unilateral. d mmnrters -But. the EEC’s' 

Social Christians want to prune obvious successor to Mr. Tinde- Jbe trade negotiators hope to reduction below the tarfiTs Public sector contracts which basis as at present &ut/Mi. r . 'T’|L in , B . OT1 _ r J rc<ilA wis h td include feed «*fairis re- • 
public spending, particularly on mans, yet a firm hand will be ^Thenro ximitvnf the deadline agreed under the last multi- n « w represent a large proportion Bidetoshi Ukawa. Minister-, at;, 1 hOFHy 1SSU€ mains a problem ■ 
social security and unemploy- needed to guide the country ^ ^ lateral negotiations tiie Ken- ^ trade The EEC, which the Japanese delegation .in . / ' 

ment benefits, in order to re- a lasting solution of its coupled with the realisation that Round although they do has had little success in regulat- Geneva, made clear to the Fin--.; of S!HhSldl6S - 

I'omVc™' l he Sf*«S »“ rld ,' f rad , e . l s r s , rsjr% *: &***» .& 

clSr a m m C ajor baU natioS Be^ian^^GT.vernme Wtih ^ sense ^f urgency lnto^the lolunta^y resSSfs^qu^as^or hopeful' tbat^mUch • will be 

pastime in Belgium, and would centrifugal forces at work all 

lit,* mnrf . m.inpv tn ripvntprl ol-pp Fnrnn^ it will he nf the |*aooureo on tanguiaiy ior aimosi “'='«*■ «*«»■•/"* '£f* 1 ~ T v ' j e „ ta _ * ,,u C1 'u° l9 » "le priur;ipi«- inai. cipie or ~ special ana aureren- 

hTL ^S 1 Lo um, five years. The Americans are Round) tariffs._ The Japanese, ^ 1“ sp ^ °L * h * Japane . se idea!, >’ aI! ™hs«Ues should rial treatment for developing 

a sense of urgency into the ««* w Fn»ian n .«> voluntarv restraints nuoias or W1UCU ' tuc 01 WQdl nopetui tnai muen wm oe 

1-ium and would centrifugal forres at work alll Tok ? 0 Round which has a reduction ol only 18 per cent "S? P 1 f 3 P whateve? restraints ’ q T aS * constitutes an export subsidy, done to incorporate the prill. . 

\lv To be dewed m-er EuroDe^it will be- of the laboured on languidly for almost below existing ipost Kennedy tSc » pal, °"- whatever. f and endorses the principle that, cipie of “ special and differen- 

!uinl oLl r t , till five years. The Americans are Round) tariffs. The Japwese, TH In »** .?£ the Japane ® e irfea,I >' aI1 should rial treatment for developing 


we f uacru uy uutr ui uit: „ hi»in«x u a**” w*. v.». uuj, iu«nc * ownenrs appueu specmcauy 

EEC delegation in Geneva, is The Japanese are unhappy cu 'i, re T T £ . I!' 0 to have reluctantly accepted the “major concession " fin accept- to them to be incorporated in 

perhaps a more apt description with the EEC proposal which p . y r a f*£ W 'J" pu,sl1 selective action principle io ing that subsidies may be the final Tokyo Round package 
of the mood in Geneva as the began as an offer without ex- ? a ‘" y:? 1 ' r^nnoii " ex tremely difficult” circum- necessary at all. He emphasises they are none the less anxious 

negotiators persuade themselves ceptions but has since been mremaiionni wnear council. stances— are adamant that such that the U.S. is now Intent on to see a successful outcome. It 

that agreement will be reached re-presented with a list of pos- There are signs of some pro- action should only be tem- obtaining better definition, would, they hope, result In 

in time. The will to achieve at sible withdrawals, or effectively gress with safeguards. They con- pnrary, anti undertaken only disclosure and discipline, fairer and more disciplined 

least a political consensus has exceptions. The list, though cern Article 19 of GATT, the with the consent of the Unless this is achieved, Mr. trading by the developed wprld. 

hardened markedly in the past not published, has been sub- so-called safeguard clause, exporters. Moreover, there McDonald says. Congress Hnw likely this is to be achieved 

I few weeks and wdth it the mitted to the other delegations which allows members to take should be an independent sur- will not only preserve its of course depends os what is in 

apparent willingness to pay the and the Japanese claim that it emergency measures to limit veiilance body. The Japanese present stance on counter- the final package, and how much 

necessary price. so wide ranging that if im- imports of particular products and third world are equally railing duties, but will wield is done to implement it. - - 

THE LOW level of advance in itself be a cause for corn- 
payments that have been made plaint The delay arises from the 
to the companies whose aero* decision to base the compensa- 
space and shipbuilding interests tion upon the market value the 
were nationalised last year have securities of the acquired sub- 
been widely resented, and Lord sidiaries could be assumed to 
Robens was doubtless voicing have had if they had been 
views shared by many of the quoted on the Slock Exchange. Party TOf tf19 
other company chairmen con- Share market values have been . u l 

cerncd when he sharply the traditional basis of national- 1 UtUfQ SHOCK 

criticised the Government at isation compensation ever since _ „ . „ _ . D . 

Vickers’ annual meeting last the latter days of the Attlee nc Part >' uf , Bnl r am 

Friday. Government and it has been was bolding a regional eonfer- 

Because of the valuation used for unquoted as well as enc? in Bristol at lhe weekend, 
methods that were chosen there quoted companies. But the time Doubtless I should not have 
is bound to be uncertainty at involved and i be fact that the known, but for having casually 
this stage — and probably for passage of the nationalisation ^marked i ast wee k that Peter 

some considerable time to come ® ‘ ^ h .°n f Ustinov would doubtless be 

— about the precise amounts pteted— -strength ..ns tin case 

that are due. But. nn any for making adequate interim President nf suvh a party if it 
reasonable test, the total of payments- were to be formed. Ustinov 

just under £27 m which has so ,, , a °d * have been in the dark, 

far been paid can be only a ^naou} The Ecology Party is. indeed, 

smalt fraction nf the final All but two of the companies bracing itself to fight at least 
figure. It in no way fulfils the taken over last year had un- S j X seats in tho forthcoming 
promise lhe Industry Minister quoted shares, far more than . clection - it also 'priiid 

gave to ilPi during the passage ever before, and the compensa- : . .... ' , p , . 

nf the nationalisation Bill that tion amounts for the two excep- uself <* n hating come ahead of 


Minami. who lectures at Oka- hupes of overwhelming Boney’s 
yama University. men. The bemused citizenry 

Ito has been making regular who were looking on did not 
pilgrimages to Keats House seem tuo amused, either, 
since 1965. It was the idea of The weekend war, organised 
Minami, a more recent devotee by the Napoleonic Association, 
of the poet, tn write and donate went well un Saturday. It was 
thy leaflet. What “Ode to a fought in the wailed garden of 
Nightingale ’ sounds like in stratfield Saye House: the fury 
Japanese is hard to imagine, but o/ Waterloo, with shout*, 
it seems that several thousand groans, musketry and cannon- 
Oriental lovers of Keats gentle f, re was re-created by troops of 
melancholy make their way to young enthusiasts all dressed in 
Hampstead every year. 18l5 stvle . The French wor<? 

allowed to win that one. Bur i 
~~ the associatinn got more than 

Tm . it bargained for on Sunday 1 

I raae trOUDIBS when it allowed the big gun.v 
The Government's own weekly television Into the combat, 
business magazine, Trade and For f battle was 

Industry, is brimming with news m, ^ ved lhr j ^ e mjles in, ° a P ar k 




pEvnienrs on account should tions (both relatively small National Front in seven -When you come to think of about exports, plus exhortations am ! was broken down into a 
^ substantial and should be companies) were settled last district electinn contests last it horses are always neck to from Edmund Dell. Eric series of disjointed incidents 

be substantial and should be companies) were settled last distri 
made at the earliest summer- Repayments are also May. 
opportunity." being made more quickly, too. 

.. where the former subsidiaries 

neck BEFORE a race! " 


Varley el al. But the mood * our fi° urSi By ihe end. 

plummets when you come to the nr 'h°dy appeared to have won. 
back cover, which is a full page excep * BBCs lady commen- 



Handicap wer v financed largely by inter- uouyias nimruvdu. d yusiut-« nn lhe left or lhe right of the advertisement for The Samari- “ lor ». 311 dressed up as a 

The derisory level and seem- company loans rather than by iu- p 0 "^ " ' \ n y .jj.T,, s P ecm,,n? " w lih the type of tans. “Suicide? Despair? Talk Prussian. Loaning sadly r, n 

inotv arbilrarv nature of iftese fusions of equity. 1 problems to be faced, old poll- to someone who cares. . . then-muskets, several or the 

pavments have been a severe Past Labour governments ^i-t-Onal.. . Wc no \ tical divisions will mean After pausing to invite anybody Bntlbh “* wI ‘o seem to have 

handicap to corporate planning have an honourable record of ? een lhe , Pr - l ;f s - notbinfi.” who feels capable to enrol as all the way down from 

for companies which had resisting pressure from sup- ?, n ^ cre 5’ a Samaritan, the advertisement Durharn for the fi 8ht — did not 

planned to use them to help porters wanting confiscatory ^ nt *. .® f a ' e 0 r . » — 1 ■ returns to the original theme: *7 CW J he prospect of being nn 

finance the development of the rather than fair nationalisation Iff.-, hT ?!!' , B ,-. L . .. u And remember . . . you can thc hox tonight as any com- 

rest of their business rather terms. It is too soon to talk of ®[* r h a ntt Proudly that BiithC SpifitS talk to the Samaritans in com- Pensation. Next year. 1 forecast, 

ihan distribute their compen- confiscation tins lime but the ' * *5,2 ; plelc cadence, any hour— the association will he less keen 
sation, or most of it. in share- record is looking more and more in London hotels and tourist day or night." t0 ra eet its TV Waterloo a 

holders. Lord Robens said that shabby. Unlike the Attlee Gov- • . . crainflj .,' ' ‘ ornp rtt centres are only belatedly com- The last resort, perhaps, ror second time. 

Vickers had borrowed exten- ernment, thc present adminislra- «- 01 T‘ B * ing to realise that around one all those Trade and Industry 

sivety from its bankers in the tion did not give aircraft and m ten of our summer visitors readers who feel outsold by the — 

expectation of receiving sub- shipbuilding companies the- ^ The chairman is Jonathan arc Japanese. Siuns are notice* Japanese, hounded by the tax* 

silantiat payments un account option of choosing between tho Tyler, a lecturer in transport ably more plentiful tliese days man and appalled by their g 0 4.1 ,-au «.!• * a Li, 

nnd has accordingly had lo pre-election and the pre-publi* studies at Birmingham Univer- in the main European languages balance sheets. mcai an rigm 

reduce this year’s investment cation*of*Biil periods in which ‘dty. Aged 38. Tyler says he — and suint shopping streets are From Andorra, my colleague 

budget from £3fira to £20ni in to assess market values, even hnpe.i to fight Solly Oak at the heavily adorned with verbal — — R. Ackenhuuse reports thal 

order in avoid becoming over- though the six mouths prior to general election. "We feel that enticements (su one assumes) a worried-looking man rushed 

borrowed. the February 1974 election were we are becoming more and more j n Arabic. Japanese is still a Battle weary into a pub there last Saturdav 

What is particularly galling a time of depressed share values, relevant with every day that rarity. „ . . _ . . ur morning. - Was I in here yt-i. 

is the fact that the £3m Vickers Provisions were made to claw passe?, he said. Our 12-man Interestingly, there is an B . r,lain was “® nle “ ai “cmorah e torday evening?" he asked the 


Four hundred years ago, Peterborough was a bustling 
and prosperous market town trading throughout Europe, 
Today, Peterborough companies export £ hundreds of 
millions of goods and services every year. 

Peterborough is also a New Towu with big advantages for 
business seeking new premises. Over 80 firms have 
moved to the city in the last 8 years, And London is only . 
an hour away. * ■ 

A huge building programme ensures a wide range of 
commercial and industrial property and sites. And plentr 
o£ housing - available to all the staff of a company movincr 
to Peterborough. . .. 

ji= chipyards at Barrow are only either not living up io its pro- ahout resources, the type or j e t>- in Japanese, to add to its from Nationwide— occurred, of paekel buying drinks r „ r „ VM *. 
a fraction of the profits these mise to pay substantial amounts society we shall have, the effects ^ oc k 0 f material in English, all places, at Strst/ieid Saye pne in u, e huuw?" he asked 

The time the valuation pro- which no lair-minded obsener that successes of similar parties Itu, who teaches English Iilena- °* British soldiery (well, ail so 
cess is taking is of course not could regard as fair and reason- nn the Continent are a portent, lure at Aoyama Gakuin Univer- of them) were far from pleased 
a helpful factor but it cannot able* Do they see themselves as being siiy, Tokyo, and Dr. Akira at being frustrated in their 


Ring John Case 
Chief Estates Surveyor 

Peterborough Development Corporation 
PO Box 3 Peterborough PEI 1UJ 


Building on History ~ 


•• *ii) 


• y ea; u.: 

! >C .. 

: a* 


l.‘. “ ‘‘■Sr-j* 

r; ’- W:(|-v,. 

' T 1 ! 

' ' 5!j 

“ - If. 

r- {> 

Tranquil relations with the USSR — big brother next door — 
mean that the Finns are able at the moment to concentrate on domestic problems. 
These are considerable, including high unemployment, cuts in real incomes 

and a higher than usual level of inflation. 



By WiBiam DuUforce 
Nordic Correspondent 

THE FINNS are difficult to 
understand. Last winter some 
200.000 of them, around 8 per 
cent of the workforce, were 
unemployed and that figure may 
well be surpassed next winter. 
They have also suffered a cut in 
real incomes of about 4 per cent 
over the past two years. The 
man chiefly responsible for in- 
dicting this punishment is Dr. 
Mauno Koivisto, the Governor 
of the Bank of Fin3and. who 
h as Insisted that priority be 
.given to restoring the foreign 
payments balance and to curb- 
ing inflation. Yet top of the 
latest popularity polls (exclud- 
ing the President) is Mauno 

One could suspect the Finns 
of masoehism or at least a dis- 
position . to exaggerate their 
sisu, the national characteristic 
which. may be translated as guts 
or terra city in the face of adver- 

sity. A simpler explanation is 
that Dr. Koivisto'? populariiy 
testifies to the Finns’ funda- 
mental good sense, which is 
often obscured by the cbaos of 
their politics. When the going 
gets tough, their sense of 
realism reasserts itself and they 
gratefully follow a determined 
lead. This has been a Typical 
and recurring pattern during 
their chequered 60 years as an 
independent nation. 

The Finns won that indepen- 
dence from Russia when the 
Bolshevik revolution "broke out. 
They have since twice fought 
the Russians to preserve it. 
They also survived in the first 
years of independence a civil 
war. which has left its scars. 
For half the period, since 1948. 
their independence has been 
balanced on the Treaty of 
Friendship, Co-operation and 
Mutual Assistance . with the 
Soviet Union. 

This unique document serves 
to reconcile Finnish in- 
dependence aod neutrality with 
the security requirements of 
The Soviet Union. - It gives 
Moscow considerable leverage 
in Helsinki and imposes on' the 
Finns a vigilance towards any 
developments in Northern 
Europe, which might affect the 
relationship. It is another 
peculiarity of the Finns that 
under this relationship they 
have succeeded in preserving 
a pluralistic democracy and in 
building up their own version of 
.the affluent. Scandinavian-type 
welfare state. ■ 

For the time being relations 
with their big neighbour 
appear to be running smoothly. 
The Soviet Prime Minister 
Alexei Kosygin was in Finland 

twice last year, once for the 
independence celebrations in 
December, and the Soviet 
Foreign Minister ‘Andrei 
'Irorayko turned up in Helsinki 
for the anniversary of the 
Treaty. Finland has been 
-'.citing more tup level Soviet 
visits than most East Bine 
t.-immunist states. And they 
hove been friendly visits not 
brought about by any crises in 
the relationship. 

One reason for tbe Russians' 
satisfaction is undoubtedly The 
re-election of Dr. Urho Kek- 
kunen. At the age of 77 he 
started on another six-year term 
as President in March after 
holding the office since 1956. 
He has exercised a domineering 
power over Finnish politics and 
has been increasingly criticised 
fnr curbing the talents of other 
potential political leaders, but 
the personal trust he has built 
up in Moscow has been a funda- 
mental element of Finland’s 
independence during the last 
quarter of a century. At the 
moment, too, the tranquility in 
their relations with the Russians 
helps the Finns to concentrate 
on their domestic problems. 


Fi*r, despite the euro imposed 
by Dr. Koivisto, Finland is by 
no means out of economic 
trouble. The payments balance 
may show a surplus this year 
and inflation has been brought 
down from an annual rate of 
15 per cent to around 7 per 
cent hut the level of economic 
activity remains low and un- 
employment is growing rather 
then receding. After three, 
devaluations in the space of a 
year Finnish exports, par- 

ticularly in the vital pulp and 
paper secior, arc more com- 
petitive. The export perform- 
ance this year is considerably 
bolder but companies are still 
having to sell a number of 
products at prices lower than 
their manufacturing costs. 

By the end of last year the 
success of Dr. Koivisto's mone- 
tary policy had in fact shifted 
the weight of responsibility lo 
the Government. His monetary 
cure had stabilised the economy 
but at a low- level. It was up 
to the Government to find a 
way of restimulating without 
releasing the devil of inflation. 
This was easier said than done 
because it called for action not 
by one determined man backed 
by a competent staff but by a 
coalition working within the 
complications of Finnish poli- 

The Cabinet headed by Mr. 
Kaievi Sorsa. tbe Social-Demo- 
crat Prime Minister, has so far 
thrashed out three ** stimula- 
tion packages" of fiscal mea- 
sures. They have been politi- 
cally remarkable in that they 
have shown a Government 
dominated by Socialists and 
Communists pursuing an ortho- 
dox, non-Sodalist line, even, 
it could be said, one which 
appears at least in the short 
term to be hostile to workers* 
interests. Moreover, this policy 
has been accepted at least for 
the time being by the union 

Communist participation in 
the Government is another 
enigma which does not lessen 
the difficulty of interpreting the 
Finnish political scene. Not ail 
the Communists back the Gov- 
ernment'. The “ majority ” wing, 
led by the party chairman, Mr. 

Aarne Saarinen, participate in 
the Cabinet but the “ minority " 
headed by Mr. Taisto Sinisalo, 
one of the vice-chairmen, re- 
ject participation and a dozen 
of them vote stolidly against 
the Government in Parliament. 
Mr. Saarinen is if not a Euro- 
Communist at least a nationa- 
list, while Mr. Sinisalo is re- 
garded as a Stalinist hewing 
to the Moscow line. 

Some Finnish politicians be- 
lieve, however. that Mr. 
Saarinen is out to prove to 
sceptical Western Europeans 
that Communists can work 
loyally within a Coalition Cabi- 
net. a demonstration which 
could benefit his Italian and 
French colleagues. This suppo- 
sition does not take into 
account the singularity of Fin- 
land’s foreign political situa- 
tion and of its internal poli- 
tics. Foreign policy and parti- 
cularly relations with the Soviet 
Union are in the hands of the 
President and not the Cabinet 
in Finland. Moreover, all major 
Finnish parties support the 
current foreign policy line to- 
wards the Soviet Union. For- 
eign policy is not a subject of 
argument within The Cabinet. 

On the other hand, it can be 
areued that it has been the 
other parti 0 *’ advantage to have 
the Communists *n the Cabinet, 
taking re^nonsi hi lity for tough. 
non-Socialist measures, at a 
time of economic crisis. Mr. 
Saarinen hcli^ves rh»t hi* 
“ majority ” Communists ran 
exercise gre?" 1 ? influence from 
within the r-thinef but he could 
very well have caused more 
trouble for The other parries by 
staying in opposition. In effect, 
the Communist* appear to have 
been able to amend Government 

policies only In very minor 

Some Finnish political com- 
mentators have claimed that Mr. 
Sorsa and his Social Democrats 
have become prisoners of the 
Communists. Their thesis is 
based chiefly on the Social 
Democrats' supposed diffidence 
about taking any action which 
would weaken their capacity to 
hold the Communists at bay in 
the trade unions. The com- 
mentators may have put the boot 
on the wrong foot. Recently, 
the Communists have looked 
more like Social Democrat cap- 
tives: they have had to accept 
Dr. Koivisto’s strong deflationary 
line. Mr. Sorsa’s tax reliefs for 
private business and high unem- 
ployment. Anri so far there is 
no evidence that they have won 
ground from the Social Demo- 
crats wi thin the union move- 


Tbe Social Democrats, who 
have 54 of the 200 members of 
Parliament, are partnered in 
the present Coalition by the 
People's Democrats (the um- 
brella organisation for the 
Communists and Left Socialists 
who together have 40 members 
of parliament, including the 
opposition “minority” faction), 
the Centre Party (40) and the 
Liberals 19). The Government 
can usually count on the back- 
ing of the Swedish Party (10), 
which formed part of the 
Coalition until the reshuffle in 

The Centre Party, chaired by 
Mr. Johannes Virolainen, the 
Minister of Agriculture, is a 
regular partner in Finnish 
governments. It is the Presi- 

dent's party and among its 
present leaders is Dr. Ahti 
Karjalainen. several times 
Prime Minister and Foreign 
Minister and still regarded as 
the most likely man to succeed 
Dr. Kekkonen despite his recent 
disagreements with the Presi- 
dent. Tbe Centre Party’s in- 
fluence derives in part from 
the fact that, despite the ap- 
parent dominance of the Left 
in the Cabinent, there is a non- 
Socialist majority in Parlia- 
ment. The “ permanent " 
opposition is formed by the 

Conservatives (34 members) 
and three splinter partners, in- 
cluding the Christian League. 

At this point it Is necessary 
to explain yet another pecu- 
liarity of the Finnish political 
system. Under the Constitu- 
tional Act financial measures 
have to be approved by a five- 
sixths majority in Parliament, 
if they are to be implemented 
immediately. Technically a two- 
thirds majority suffices, but the 
one-third voting against can 
veto application of the measures 
until they have been passed 
again by a newly-elected parlia- 
ment The need to obtain a 
five-sixths majority for urgent 
fiscal measures clarifies to some 
extent both the vacillation and 
apparent ineptitude of Finnish 
governments. It also helps to 
explain why a Left-dominated 
Cabinet has in recent months 
been pursuin'? a consistent non- 
Socialist policy. 

Mr. Sorsa and his Social 
Democrats hope to have a bill 
amending the constitution 
agreed within the Cabinet by 
the end of this month. The 
original intention was to ex- 

Area 130,129 sq miles 

Population 4.73m 

"GNP - (1976) FM 107bn 

Per capita FM 22,620 

Trade~(1976 ) 

Imports FM 2S.6bn 

Exports FM 24.5b n 

Imports from UK £2 89m 

Exports to UK £562 m 

Trade 7l 977) 

imports F M 30.7bn 

Exports FM 30.9bn 

Imports from UK £3 46m 

Exports to UK £594m 

Currency: Markka £=FM 7.87 

FM 2S.6bn 
FM 24.5b n 

elude fiscal measures from the 
provisions of the Constitutional 
Act and to allow them to be 
approved by a simple majority 
in Parliament. Because of the 
Centre Party's belief that 
simple - majority legislation 
could pose a threat to private 
ownership, the likelihood is 
that tbe Cabinet will plump for 
a two-thirds majority require- 
ment. eliminating the present 
minority veto. The intention is 
to have the amendment passed 
by the present Parliament and 
the next Parliament due for 
election in March. 

The timetable is critical be* 
cause it is by no means certain 
that the present coalition can 
survive until March. It faces 
an inevitable squabble in the 
autumn over the 1979 Budget; 
the Left and the Centre Party 



was like sellin 

to the 


[Distilled in Finland^ 

*V ’.r' 

iny has Just ©rcferi 

: ■* j j 

from Finland. 

; and printing douses to test 

know how was acquired and 
? » W^nern 

including Mm tf,^be^dsmtering 9 into the iron- 
\ Pine as taw n^***™^ , he machinery 
^iSfot .BoS Southern Company 
x .of-peRjdder, La^pSA. 

nakiBteia^l Staaa 52 g « 

Thprmomechanical pulp 40 Cj/ HI 2 ■ 1 61 III* 

■ • '• — - -i 

Their experts saw that United’s people really knew By late 1979 the line will be producing 450 TPD 
what they were talking about. Especially about TMP. of pulp. From Southern Pine. 


Ii iMiTcn E3AIPPR Mil I S LTD! 

■ Please send me more 
! information about 


g Name - 


I Company 



_ Position held 



| Address 



□ TMP papers 

D Jylha TMP engineering 

□ Finntalc 

Return to 



P.O. Box 40 







: ‘ 13 »* ■ • -x u-. -. 


:*t *- :.„... 

f*£!t*£z 1536 ■.-. 'SfS'- * 

W?&- S« ■■-"• 

a j • iqfis hut ueieiii-c — r.' i 

FINNISH FOREIGN policy, is hef first launched in ’ that west German participation 
the prerogative of the president. th& time he made som ^ NATO manoeuvres in .Nor- . 

For the past 22 years it has, tips. , Nordic way would be lun4te_d:t^m ; edJ^l. .; 

therefore, been directed by Dr. J*e suggested that “’i.: . d a nd signals 
Urho Kekkonen and; an view of — Denmark. ’ wegians save consfdoration for 

irway and Sweden interests as, one reason 

skier and former national high- should get together to const ^ for t heir decision. .... •=-..!• -t-y \ 
jump champion, it is likely to tge effect on their set * decisionvean als0--te. 

be under Ws Ann control for the recent advances . seeQ ^ preserve the. “^Nordic 

neat she yCars. By any standards -technology. He reterre ^ balance." the theory £b*fc - 
those 22 years have been & sue- fically to the low-nyms the of security is aehieyed;in 
cess story. missiles developed W Nort&e rn Europe «*e» ?fal and 

The tern •■fU.Undiaa.m" bo ^L^enHgabS is 

been eoined in the tyest L om within inter- through tbeir 

scribe Finland’s situation in I 0 !? 61 cl^Sto the and Denmark are 

the shadow of the Soviet Union. h V^ could lead to NATO but 

The implication is that' the Finns bl t of the Nordic about the slationng ■ 

survave within the Soviet sphere -Infnngemeiit of »b forces oa *wr 

of influence by acceding tof 0 ^.® 5 f^Konen also pro- during. peacet^.antf^^ 

in view of 016 aelW t SmouI* KnluHTs mrwLX 

ence. Looked at from Eastern*!™ “ “ .„ wor id disarmament . T^rrfaviivmo 

nlISSst^nlamUsatio^has 0 i fte NortlC countries recognised as neuiraU J^rdept . 

Budapest, ‘flnlandisauon has* negotiations among them- g implicitly ' atcepted 

qiute differed connotation Fo«^ - disarmament control ^^ity of the haahS.ti 

Finland is a flourishing . the major powers, ^ 

ayle democracy operatmi jj Xose ^ Clirity could be ““j5E neBt could -Jfe?. iftg£ 
typical S<MndnuL¥imi market a ff ectedi to participate in the t - ated “within the fnunewxftkdf 
economy. Like the Swedwa^ These proposals were p Xistin g security arrangements* 

Norwegians it has fcts free-tradg „ nn uv in Oslo and ' 


Minister announced 



received coolly in 

agreement with the EEC. \ Copenhagen, while the reaction 
President Kekkonen oftest in Stockholm can at best be des- 
refers to a speech he made dur- cribed as guarded. 

ing a visit to Finland in 1OT0 On the face of it President 


Mi.-:! ;.iV« r 

Unusually, the Finnish; Pn^t . 

by the then Soviet Prime Mfc Kekkonen's latest proposals can vjsltaj. ifijscbw 

ister Nikita Khrushchev. He be interpreted as promoting dent has not^ 

since any since May last F® 8 ?**. -wh^u Ije 


said. "2 am convinced that, even Soviet interests. ----- — - . ts-vear -economic co- 

the whole of live rest Of obstacles to the deployment of ngned • : J 5 

Europe became communist, Fin- American cruise missiles in the ope^ Soviet CFrfemiiSt 

'Uj, AlUCilViill iiuiac **^'“*'’*'“ • — i . 

land would stand firm on the . Nordic area would f *™ T ^ x ei K^gin was in JMsinH 

perueui . „ .k._ fnr ITuil-wnhit 

time4wnoured ground of-Nordic Soviet Union i A more ‘ Dumber for thef-eecond 

democracy, if the majority of explanation for Dr. KekKonens » W ithin a yearfar fte c&fe- 
the Finnish people wanted .it rather premature proposal cmi “ f Finland’s' ; 68th 

that way and I believe they 

The assumption in that stale- Gromyko attended^the . tmj. 
meat is that the Soviet leaden "Jj! ?rii?T 0 s^virt sewrS niomes in Helsiafa to : ma ^ the 
respect and wUl ceotioueto S^pinSoi 30th anniversary of.«dy 

respect Finland's Independence. m r_ nth^r wnrds should the ^ tween the . tw0 - ■ 

The assumption may not be „,^ n+ cat T talks between the relationship is going threugfi^a 
shared by other Western states- *”***£* S e E in markedly cordW phme^srtn^ 
men but President Kekkonen the miSui are ever apprehensions Pr««d«it 

can fairly claim to have greater conc ern ed . fail, the Finns could jS° nen fu ^ ^taSSSSS’ 
expenence of the Russians than foresee a request from Moscow 8bou f n J^}^ mtematw^ai 

record™ ^ heC “ refer *° for the establishment of advance d, ” 1 ° P ^' E , r aS reemeot has 
ihe record. warn,n g ^ J ^nJ^ Educed the resoHs 

Finnish territory. fflr whJch the -Finns were : 



missiles on 

The American reaction has been — They W ere looking ^r- 

that neither Finland nor the for -^eir 

mat utrjiuc-i cmuuiu «« h j„ cer orders for fAeass 
There is. of course, a price, a other Nordic countries have so ** 

*«v*v w««nt, > m uiuca pneineerine and construction 

quid, pro quo. It is embodied m far any reason for concern i 0 £ panies b u t two difficult#'': 
the 1948 Treaty of Friendship, -about the possible invasion of be ‘ overcome - 4a : 

Cooperation and Mutual Assis- their air space by cruise ^ fn m t^del-thi^-. 

tance with the Soviet Union, missiles. . t . n mdnpts ntheT than 

which is the pivot for the rela- On this occasion President nil v w £ ic fi h th'e^iMians wiU^icit - 
tionship between the two coun- Kekkonen does seem to have . . • amounts 4xy 

tries. Put simply, the b rice is beaten the gun by a consider- S^ r f “ ^ sSSiSiSl' 
that Finland undertakes so far able margin. Bat his proposal S 

— s. __ r. A .rimlant FnrPhbCt. 3,50 a PP earS TIWl . U _ ‘ ^ 


as il can to safeguart trie sians have been having . flnabo- 


the Finns have a vested interest The 


urity interests of the Soviet ing andanticipationofevents 

£?I Ch Snt has’ since ,3 - ved the start of somc maior 

i..rru...»..... ca v« W u projects, for which Finnish- 

m world peace, super-power declared his intention of con- 

- — -J s_ . 1 .. _c iin.iino nracc fnr'NnrHif flic. 1 IlifidlilCS c ' 


expect to contract 
However the Finns have won 

detente and in the isolation of tinuing to press for Nordic dis- 

Northem Europe, as far as it is armament talks, despite the nr . ler - f Qr «j.eir 

possible, from international lack of enthusiasm in the other ljd q 0 viet tradn team 
- Nordic capitals and the absence shipyards, a S-oviet traa.a team 


was in Helsinki earlier this 

President Kekkonen has *£ mnrnli and the Finn-Stroi con- 

chosen to promote this Finnish P _f ' Fnr T„ d th _ n p^«imism hi siruction consortium hj» been 

reinforced by the pessimism he s , . ,, ... v.-- 

no eoiortain about the a f ed f „ 

and phase of the giant paper and 

interest actively. It was ann?a _ . 
coincidence tiiat the conference fr^L,, t inn a i 

on European Security and Co- prospects 3 of anv 7m- pu,p c ,,,T iP ,ex ^ ein S built at 

operation be S an in Hel.inb,. ^re p'Ce^ in d«e!iTe Sve.o g orsk. A joint sroup « 

between the U.S. and the Soviet als “ w " r „ k ' n S on the . " eIt 7 S,' 
T, j year trade agreement for 1981- 

,\n ‘ earlier. controversial J 9 SCi. which should see a further 

demarche by President Kek- bo 2 st ,n } he . tracJe vo ! urne : 

where its final act was also 
signed in 1975. Frequently Dr. 
Kekkonen's initiatives have 
been regarded in Western 
capitals as serving Soviet 

One of the most interesting 

in the West, address Western ,- ll?rman combat troops should bid5 for industrial projects to 
politicians more sharply than j nV olveri in NATO exercises third countries. No orders have 
they speak to the Russians, a i in Tv orv ,'ay. a\ one lime il Jet been realised but about 10 
least in public. But Finnish appeared thai ih'- Nonvegian Finnish companies have in the 
political demarches can usually ^vernruem would agree^ to P ast >' cor concluded co-opefa-: 
be adequately explained as rheir inclusion. t’on agreements with Soviet 

designed to promote national During a visit m 0-1 a last organisations. The brightest 
intere.sls. year President Kukkonr-n prospects for this type of cck 

There is no evidence, lor impressed Finnish reservations operation are believed io he : in 
instance. that President about this development. The Africa and the Far East, with' 
Kekkonen’s latest initiative Finnish-Soviet Treaty. con- construction projects in tfw 
in any way promoted from eluded just after the last war, forefront. The Finnish-Sovlef- 
Moscow. In a speech to the .mocifically mention? any threat agreements also cover Ship- 
Swedish Foreign Affairs Insii- from Germany a.-^ liable »n brinu building, the delivery 0 f pulp'- 
line in Slockholn) last month, into effect ihe clause eai'.ing for and paper mills and steelworks.; 
he revived the proposal for a military consultation. Earlier 
nuclear-free Nordic area which this • year the Norwegian 

William Dullforce. 




will have to .rumprnmise over 
the farm incomes: at the turn 

of the year ihe cabinet vli!1 

have to decide whether or nut 
lo extern! the lempurary com- 
pany lax relief measures: and 
finally ai the end of February 
the national wages agreement 
expire? .just two weeks before 
the scheduled election dale. 

Finland closes down for ihe 
summer. The Finus will return 
in the autumn from their cor- 
tngos and lakes to a familiar 
programme, in which th-j 
r.nvcmment will lurch from one 
minor internal crisis lo another, 
this time with an added ele- 
mcnr uf nervousness, as each 
parly jockey? fnr position in 
the election slakes. This is the 
reverse side of ihe independ- 
ence medal, the price the Finns 
have to pay for their success in 
preserving that pluralUti.; 
democracy. Uniy a small 
minority think the price is too 

And if one looks back uv^r 
the past 12 month-s. the politi- 
cians' record is not all that 
bad. Although industry may 
viill grumble that not enough 
has been dun,:, ihe cuts in 
social security charges on cin- 
j plojers and the investment lax 

reduction, enupk-d with the 
devaluation, do offer companies 
ihe prospect of returning H» 

profit, as demand picks up on 

the export markets. The right 
result was achieved, even if -t 
was arrived ol by a long and 
circuitous political mute. 

The main question now is 
whether the present coalition nr 
any new one formed after the 
ejection can keep the Finnish 
economy on the right road. 
Party leaders cuuld he tempted 
into expensive, vote-collecting 
measures during the run-up to 
election and the Social Demo- 
crats will have to consider 
whether and when to switch 
tuck to a more overtly SociaiUt 
Policy. This could be dangerous. 

The las relief accorded to the 
companies ha^ been lemporar:- 
and must be prolonged. ;f ihvre 
is to be a foundation for re- 
expansion. The demand for Fin- 
nish goods ahmad is nu*. yet 
!>treng enough, nor sre prices 
high enough, to allow for 
any tampering with company 

The prospect for the jubk-t* 
is poor indeed. There i> hick- 
hope of employment picking up 
next year anti tin- Government 
has revised its target af getting 

the unemployment rate ‘down 
from 2.5 per cent to 3.5 per 
conr by igS2. The best hope oE 
reaching that goal would .seem ' 
to be for the Government to 
continue its policy of first get-.' . 
ting industry going again and 
forming a sound basis for more- 

Tn judge bv the popularity - 

of Governor Koivisto and- tbt 
swine towards the right in 
recent opinion polk, the pbli*' 
tical atmosphere in Finland' 
would seem to favour just such- 
a policy. If the present movF 
to The right continues -to the. 
election, the Conservatives could 
well increase their strength in; 
Pariiamenr (>y up !o a dozen, 
possibly making them- the- 
second largest parly to the 
Sucial Democrats. If that bap-.; 
pvned. their right to come in 
from the cold and help forni ®f_ 
government would have beefl- 
prodaimed. It upuld even temptr 
the Centre Party into deciding 
lo Torm a non-Sccialist govern- .. 
merti. a move which cduld affect 'i 


t A'. 

.-i >. 

\ “ •’ 

>1 '■ 


• . ' IS 

. -.' PJ u 



altitudes m Moscow. The permu- > 
tiitions nf Finnish policies will‘d 
cuntinuc lo fascinate. It is to* J 
be hoped ihai ihqy will noli, 
hinder the 

hinder the economic recovery^ 
v ' hich appears to be just getting j 
under way. " : 



ien Keskusparik^ ; t 

£&i th e Cof o^t^vc 

fe . ' ®S -iaSSfe, : k « V- : .®«; : 



::V- ; ■-; > ^3F-001 03 tft^^i^i;d«^Sfaiand^: 

f||ll se^c^s|m;t>ugfi’ nip 

:^liarehoidenln-tbndob : ^OTtir^taf i BShk^ 

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12.4 per cent in' volume «ntf tantalisingly slow. There should 
*6.3 per cent in value over the be a further increase in ex- 
corresponding period in 1977. ports this year, probably larger 
But there -are strong reserva- than the 5.4 per cent achieved 

irons to be made about these in I9i/, wd the 
figures- Deliveries .were ex cep-, effect of the devaluation and 
tionally low at the Tjegnrning of firmer prices in some grades 
1977 and the average monthly should provide an even larger 
rate of ^ipxn^tts in tte fii« growth in income. To jud B e 
” u Ster wasSjteherth^ the by the fctfour jnonft. pmj 
monthly average for. 1977 as a pects for. the pulp mils are 
whole. Some prices have been promising. ■ 
improved but in the wood-free But the cost structure of ^th* 
erades, in which the Finns badly industry as a whole continues 
Sedprice increases, there teaq :1» a fund^ntalwatai^- 
littlehoW until -the. chemical 4a- s^te of &e h S. 

nuln orice has been stabilised. valuations and the labour she 
pulp pncenas p^x __ ^ rationalisation at the nulls 

The sawmills ^2S§Sj|?jE tb* cost/priee balance has not 
last year, 3* y et .been restored; Strenuous 
12.9 per ^ Lrketii® was responsible for 

the volume back to ^jer_«nt * ^ increase 

of the ‘1973 1 leveL. ^ The _^*er. year and 

prices obtained at the Industry is stiU waiting- 

he seUing seaMn^ean^mrt.f or . ^ rd ycar running- 
*. * value of sawn gwd^jesporis improvement in de- 

* -hv as much as 39 per from its . main West 

prices fell ■**_“-;££ E^bpean- markets. Its sborl- 
and Papeete > , or ^ terin prospects are also tied 
are more doubtf ™ t0 another .outside factor, the 

panel- industiy-rPiywooa. i>-if onQaBC e -of the u-S- 

e board and waUboard , |^ noa j y ; and the movement of 
in the doldi» Jgg JgfSSir. At home it has to 

onandeirportsdeclm^ ^ Government— and 

-in in 1977 « d ttj Government formed 

has . been ti 1 ® F?,? after the general election— - 
hit of all hy the four- pejrsistin g with the industrial 
*ssion. cost-reducing measures 

»rai the Finnish forest last year. _ 

is oa the way up again W.i>. 

rate of progress «... 

Financial Times Monday June 19 1978 



■-• V 

: / 

' • r Ly f 

r, cr.r>«-. 1 

l- '-.K. ’■ ■ 

" ■c.~ • 

1 x -n- r* 

SYf : 

> ? **,v 

1 ns ... . 

...and machinery 
fight for their 

P* ORDER to pay reparations 
to the Soviet Union after the 
■war the Finns had to build up 
an engineering industry almost 
from scratch. It was natural for 
them to concentrate on branches 
where they bad previous exper- 
ience. One result was the de- 
velopment of a pulp and paper 
machine manufacturing capacity 
quite .disproportionate to the 
size of the domestic industry 
and one .which has to compete 
on export, markets with such 
giants of the business as 
America's Beloit and West Ger- 
many’s Voith. 

The Finns estimate that they 
have close to 15 per cent of 
the world market for pulp and 
paper machinery and they are 
now engaged in a very tense 
struggle to maintain that share. 
There is currently a consider- 
able over-capacity on the 
world market, as the economic 
recession has curbed invest- 
ment in new pulp and paper 
mills, and the Finnish maufac- 
turera suffer like the rest of 
Finnish industry from high 
domestic cost levels which ham- 
per their ability to compete in 
price. This problem was vividly 
illustrated last year, when Voith 
succeeded in selling a paper 
machine manufactured in Brazil 
to a Swedish customer. 

The Finnish manufacturers 
comprise three main suppliers. 
The TVW group links Tam pel la, 
Valmet and WJirtsila and pro- 
duces chiefly paper machines. 
Rauma-Repola concentrates on 
pulp-making equipment, in 
which it has probably been the 
biggest in the world over the 
past decade. The Ahlstrom com- 
pany has a long-standing co- 
operation agreement with Karl- 
stads Mekaniska Verkstad, be- 
longing to Sweden’s Axel John- 
son group, and with Myrens 
Verksted, which forms part of 
the Norwegian Kvaemer group. 
These three market both pulp 
and paper machinery through 
the Xamyr company, in which 
they have equal shares- 


Traditionally the Finnish 
manufacturers have been well 
established on. the expanding 
Soviet market, where, however, 
they are 'now meeting tougher 
competition from the Russians’ 
own engineering plants and 
from other suppliers. They are 
defending their positions partly 
by co-operating with the Soviet 
engineering plants (and this 
includes the possibility of joint 
tendering for third - country 
contracts) and partly by ob- 
taining a larger share of the 
bilateral* trade. The Russians 
are now expected to order 
equipment worth some 300m 
roubles in the 19S1-85 period 
from the Finnish pulp and 
paper manufacturers compared 
with the something over 200ra 
roubles agreed on in the five- 
year agreement covering 197&- 

The Finns other main mar- 
kets/' have been Scandinavia, 
North America and Western 
Europe- and they estimate that 
the bulk .of their sales. will 
continue to be. made in these 
area. At The same time they 
are energetically looking for 
new markets, particularly in 
South America and the Far 
East Jaakko PSyry. the Fin- 
nish group which L has heroine 

the leading' world consultant to 
the forest-based industries, 
estimates that 75-80 new paper 
machines will -be .needed in 
South America over the next 

s few years, some 60-70 of them 

- going to Brazil. The Finns have 
j not been as quick as Voith t« 
t spot this market, but all three 
r main manufacturers are now 
s moving into Brazil. 

On the product side, again 
' under the inspiration of Jaako 
r Poyry's research, the Finns 
[ are developing a dual approach. 
‘ They have traditionally con- 
; centraied on the production of 
■ ve *y large sophisticated high- 
; speed units designed to meet 
| the requirements of tbe pulp 
and paper exporting countries. 
They will continue to try to 
’ maintain their lead in- this type 
: of equipment,, but are simul- 
\ taneously designing smaller and 
[ simpler machines for use in 

- developing countries. They are 
• also seeking to adapt to the 
" demands of the more advanced 
1 developing countries by co- 
operating with local engineer- 

[ ing companies which have the 
capacity to supply the basic 
| constructional and rough 
engineering equipment for the 
pulp and paper mills. 

All the Finnish manufacturers 
suffered from a lack of orders 
in 1977, although the TVW 
group collected some important 
contracts in North America. The 
devaluation of the Finnmark 
has, however, improved their 
competitiveness and order pros- 
pects looks somewhat, brighter 
this year. Rauma-Repola and 
Ahlstrom have won contracts 
for deliveries to the big new 
sulphate pulp mill being built 
by the South Koreans and 
Ahlstrom’s offers department Is 
currently very busy with bids 
for re-building and modernisa- 
tion contracts. Many pulp and 
paper companies now appear to 
recognise the cash-flow, advant- 
ages of modernising existing 
plant, which often means' a pro- 
duction stop of only a/ couple 
of months, compared with build- 
ing a completely new mill which 
would give no production for 
18 months or so. 

Two recent strategic moves 
have been the TVW group's 
decteio-n to invest in a manu- 
facturing unit in Brazil .‘and 
Rauma-Repola’s co-operation 
agreement with Beloit TVW.js 
contributing 47.5 per cent of tbe 
$15m investment in an engin- 
eering workshop employing 
about 600 people and capable 
of producing the whole range of 
TVW paper-making equipment. 
Its partners are the Brazilian 
Filao group and the Brazilian 
investment company Brazilin- 
vesL This will be TVW’s first 
manufacturing venture outside 
Finland but it is developing a 
global sales strategy with licens- 
ing arrangements already con- 
cluded in West Germany, 
France, Japan and Spain. 

TVW’s three partners offer 
a complete paper-making range 
but are concentrating their 
sales pitch on some technically 
advanced new products. There 
are the Arcu former machines 
developed by Tam pell a and 
Valmet’s Sym-Former range of 
twin-wire units, for which eight 
orders have already been 
received. The latest delivery 
was to Nordland Papier GmbH 
of West Germany. Tbe former 
equipment is complemented by 
the coating machines developed 
by WfcrtsilS. for which 14 orders 
have so far been obtained. 

Rauma - Repola’s agreement 
with Beloit joins the world’s 
largest paper machine manufac- 
turer with the world No. I in 
pulp machinery and thus repre- 
sents a natural marriage. The 
agreement covers South and 

North America and provides for 
future joint marketing m the 
developing countries. In Sou Hi 
America, Rauma-Repola and 
Beloit arc trying to penetrate a 
market dominated by Vmtli 
and the Japanese. They plan 
to set up a manufacturing base 
on a 30-acre site at Campinas. 
North of Sao Paulo, with a 
Brazilian partner. Monleru 
Aranha, which will have n SI 
per cent share in the under- 
taking. A Government permit 
/or this project is expected later 
this year. 

The agreement also gives 
Beloit the right to inanufaelure 
Kauma-Repola pulp machinery 
under licence in the U.S. and 
Canada and exclusive sales 
rights in North America and 
Mexico. It therefore organises 
the whole continent for ilie two 
companies and provides Rauma- 
Repola with a way past the U.S. 
and Canadian import duties on 
pulp and paper machinery, 
which have become a severe 
burden for the high-cost Finnish 
manufacturers. Rauma-Repola 
has averaged sales or pulp 
machinery of about $i0Um a 
year over the past decade, hut 
after the boom in pulpmill 
investment at the beginning of 

the 1970s petered out. it h look- 
ing hard fur new orders. 

Aliislriini lias made an 
unheralded entry to the 
Brazilian market through the 
Kamyr croup, which ha-, had 
an engineering .-.hop for cooking, 
washing ami bleaching sy items 
in operation there fur the last 
eight months. Kamyr claims to 
lie Hie world lender in the pru- 
diiction uf such systems. The 
group, which had rather dis- 
appointing sales of SKr lUUin 
(821. Sin) last year, has concen- 
trated un producing jmlp equip- 
ment designed to reduce energy 
consumption and to meet strin- 
gent environ mental require- 

Last niuii Hi (Ahl-lriim) 
notched up orders fur the re- 
building ii f three paper 
machines', two from ih-mestic 
customers and one In no West 
Germany. This wa» a welcome 
indication that pros peels may 
he improving. Last y.*.ir some 
70 per cent of the KM 65Sm 
sales made by the company's 
engineering division came from 
pulp and paper machine deli- 
veries but the figure will ho 
lower this year because of the 
decline in the order intake in 

Ahlstrom has probably gone 
furthest of the Finnish manu- 
facturers in co-operating with 

the Russian producers. It has 
been involved m jmn: bid> with 
the Russians i o <. no.-Iuvakia 
and Bulgaria but n s r>:per iente 
sii fstf has beep that consider- 
ably more work rn-eds to be 
dune on suh:ng i *i<- practical 
problems invoiced m inch co- 

The Finn- nave smne 
time been tmiv im-cd that the 
Cmilinentid paper-uuker* will 
be forced min modernisation 
programme.-, v.iu.h would m ! 
turn open up opportunities fur 
Finnish eqiiip:m.-ni These hopes 
have not yet he- u realised but 
the Finnish pulp 2 nd paper 
machinery manufacturers have 
been proparnr.* :!u-:r po-inon* 
in territory which uj.s been pre- 
viously dominated by other 

Jn France TW.* has made a 
licensing agreement with Ali- 
m and, and Ah! -Ini m bought a 
fiS per cent mi arc in Pierre 
Hansen in 1976 wiiu the idea of 
being ready lur the restructur- 
ing and expansion of the 
French paper industry. The 
Finns also have an eye un 
recent investigations jmo the 
wood resources uf West Ger- 
many, Ausiri.'i and Switzerland, 
which, indicate that potential 
supplies are much larger than 
previous! v c-dimaied 






It s obvious that you can rely on a 
country's largest and most expen- 
enced international bank In Finland 
thats Union Bank of Finland. 

With our international subsidiary 
and affiliate banks, our representa- 
tive offices abroad and our extensive 
correspondent bank network we can 
guarantee you top-level banking 
service throughout the world. 

In addition to our comprehensive 
navment and finance services we 
can also give you up-to-date intor- 
mation on the Finnish market and 
all aspects of Finnish foreign trade. 
Why not get in touch with us 

right away! 


H .,aOm,-H.-l ; ...k Tel. 1 o-.u:jH- 5 : UNITI> 
Tj.lf.. General I J-W. . k'leiyn ImJi »- w, s 
turubond> Llilul. - 



.'-"O'"-" Wi . ► 

Sir James 

British Ambassador to Finland 

Sir James Cable said: “It is 
rewarding to experience the 
Intense interest taken by the 
Finns in everything that m 
British: our language, our 
literature, our traditions, even 
our politics. Of all the many 
reasons, some of them stretch- 
ing back into the past for this 
interest. I want to mention in 
this connection only one — 

“ Everyone knows the import- 
ance to Finland of the British 
market. Britain was for long 
Finland’s largest customer, 
slipping to third place cmly 
during the last three years. But 
Britain still provides a bonus 
unmatched by any other of 
Finland's trading partners— a 
regular annual surplus on the 
balance of trade amounting to 
£2 50m. Britain also buys more 
from Finland's staple indus- 
— wood and paper — 'than 

| any other country. 

“ What is often forgotten is 
Finland's importance to Britain: 
eighteenth on the list of our 
overseas suppliers. As a 
customer it was only in 1976 
that Finland dropped out of the 
top 20 British export markets: 
only in 1977 that Finland did 
not" buy more from Britain than 
the Soviet Union. Even 
today Finland ranks twenty- 
second among overseas cus- 
tomers for British goods, 
higher than such traditionally 
British-oriented countries as 
India or New Zealand. 

In 1977, the 5m Finns 
bought twice as much from us 
as did oil -rich Libya; four times 
as much as the 120m people of 
Indonesia; more than five times 
as much as the 900m people of 

China." , Mlf _ . 

Sir James concluded: This 
trading relationship was once 
even more, important to both 
countries, jin the early fifties 
the British share of Finnish 
imports was 20 per cent Today 
it is only 9 per cent, itself a 
slight improvement on the ratio 
I found on my arrival in 1975. 

I want tb see that share further 
increased. British exporters 
have an enormous advantage; 
English is now the second 
language of Finland. Sales 
require only the right price, 
quality and delivery date— and 
of course the simple pleasure of 
a visit to Finland. Today, when 
Finland is beginning to emerge 
from depression, is the day to 


Nv5&‘ ? - 

Sir James Cable. " fepfcbard Totterman, 

'^•■cbsL Already over tw> 

•t mV*#*' 

• -a' - *•.-*• : , 

... •. ASinVoif-W MAA-.':- 



v .’fijpndimsly Important Oneig 

■■*&!*. Toiteroian, ••«(*(. 

tnSfaei cementing tradine ' 

-me name of 

diversification,- says -« tradl 

Finnish Ambassador to Britain 

diversification,’’ says . 

Ambassador in London, Wdiardv^..- fae jested from the tn*s. 

Ambassador in London, Richard-,^. __ expected from the F 168 - r L- 

Totterman. plucking at.r worftffiMjn “ J er? level we .are “ We are^ 

to describe the way trade a diversified market** r the technicalandJtfs^au " 

tween Britain and Finland is ■ 1 f™8 at a T ft - tial. 6T the British; 

presently proceeding. “We need<s>>, ; c o ? try to 1 carryouflarge^and . ; 

to extend our trading base inf::*; _ ; • 

III caicuu uu* — : 

the UK beyond the range of.-, 
pulp and paper products that? 
has tended to dominate the trad-' 

U«13 LCilucu w - - 

ing exchanges between our two;>|j 



• ing projecfe nw.WI^.CT gfcTSga ^ •• 

vincedlKat' Finlandtc^y^iiai.^-- 
offer many - ad-ralitege|.w 5 g^vL.: - 

. would, be useful tp the : 

. : . ' . X myself represent. ; . 

lumno.” MJ&U& V 131U papyt bat. for 

■Round at Chesbam Plac£-„^' ,u.- r*w vears has malntalnea r vm73ao$&>>i; . 

SW1 the embassy staff have riot -Managing Director Rautaruukki Oy ' 

quite reached the ' stage where 1- ;' — ‘ Helge Haavisto, managing steel ihdiistry *0 Y v 

they feel they can 'director of the big steel-making calengineenng \ 

cross their fingers, but it does. * v Rautaruukki Uy. looks sector.-. Wq have. a^,Uixed^r^k„ ^ . 
look as though Finland’s poUc£;^ JJJ£ asill g diversification in Britain, inter. alia,. 
of creating new . markets trade. “Ecpn- mills with eq^«n*mti:^;L; 

beginning to pay dividends. •^• - am j C relations between Finland 'n Ffpm ■ my . ' dwir; -praCtipaL-; 

Despite some erosion m - d Britain have Icing tradi- _experience over many yeaxs^I. v . 
cent years. Britain remams ope ^ „ he said Britain is an ^ state that our' ctHwratiOn 

of Finland’s most important tratti ;.g npo ’ rtant supplier of machinery the ^ " British^. ha%y ; -b^eh', j .: 

dhg partners, and in coi«equei^ - d equ j pmen t to Finland; and gmotrth .and. what' Is mdf^^n-' f . ' 

the Finnish Embassy takes anm- ^ Finnish timber and products portant, :• the plants'- •, 

tense "amount of care °. v ® r the wood-processing industry have, proved to be'^ch-. - 

commercial relations with British market ^ has always n i C aily first-rate. Over all ^QieseV v : 

UK. ^ recent years^ h^en important. .: y ^s%' r haye-.i»iJffli 

t the steady promotion J , T ; .a_„ T j ie shaping .'6f the mton Engli^,haj^>iand^aff^rs^^ 
Krn design products in 1it1 „ of ^ trade was far. from :*** "Sauid alsh saF^that ^he-g#;;; 


..::i j 

lit; ' j: 
i. ' : - 

i' ' 

tmanu • 

amjw professional - 

mat whose to nnec turns with x. -\ ***-r \ ' 

this country go back to his days Qiainjjan of the Knnish-British Trade Association ^ ^ j- 

at Brasenose, ttrforj Tam pella AB is bne of the mously and account now^^t- 


SS k ST pS ^eSpTe of industry, unglneerlng gi Ito- *eU on torntM 

mir" S re k “d'%P«^ mat SSjTS.rtrt manage: -Both partieLato 

X rt wWeuiuE trading ex- meat is Mr- Nltaa Grqtenfelt in tie' sp.nt__of .the 

Jhmoopc this £100m deal with He is. also chairman of the wards increasing volum^afi^-.'. 

Siddelev took several Finnish-British Trade Associa- not even the wonderful’.pifcPft:-- 
Uaw ._A_ «v.H inwnivps the tinn- Here axe his views of the EF1 

DL1UOU «««■ ’ ww -wvvm .w^v « 

** Finnish-British . trade rela- Common. Market whudi al;-:|ea|E^ 
tions have developed on natural for us was more . frouB^sme^t 
foundations. Who can fail to and difficult This- has,>«S^vi‘{.L 
remember the butter ships of occurred at the 
the first decade of our indepen- ability and price ‘ . 

dence, dr forget to note the has been followed by.mprejwFi^r, 
island kingdom’s great need of less serious economic- prises^.:-! 
processed wood-based products, which have further coitrptic^^A^*- 
or our small county’s desire for normal trade.. .. • 

the excellent products of the “ Whatever •. problems, 

British-, machine, car, clothing arise h 1 Finnish-Britl^.._t^^*'.t , ^:<:r. 
and luxury goods industries? one thing is certain. •' 

But if we are honest we over the years, ^ ^ one of - ■ ** 

“But if we are nonesi we over the years, one ot p&3 
must say: that the honeymoon is points for Finnish- ind'ustagy - -. 
over. .The decades since trade has been British fain^-^;'" 

World- War TI have brought ahd the open attitude;:. -04^7- -f* ' 
harder iWimpetition and more Unaed with humour,- to, all pidV?;-" ',, 


most discriminating 

World- War H have brought a hd the open attitude.:, often, 
harder :Cpmpetition and more tingedwithhumpur, tb.all pre^;-j 
ruthless methods. We are no lems and situations: This. maK^i;^>:" 
longer the only ones to discover the trade both an. educatintf^^-#': 

Butter flows and positive field for those wfrp 1 ^^ - 

Fleet : Street Butrer flows and positive field for those wW'g: 0 
cheaper from Continental whD are able to participate •; 

Europe "and New Zealand. Our it.’ \ 

own engineering and clothing s -. - 

industries have grown enor- • '• .... v . ' 

■ ' AfJ 


TV- audience 




The most modem and highly-automated colou 
oicture tube t‘actor> p world is ^ 0V \, n . e ^ r J?= 

completion in Finland, Production at the Valeo Oy 
plant will begin this summer. In the initial stage ou - 
but will be *0.000 picture tubes annually and^vi l 
double as the plant enters the second stage m 19b0. 

Valeo Oy has purchased 3 milhon 
of machinery and equipment for its plant Irom Bri 
Sn. Some key component for the colour picture 
tubes will also be purchased m Britain. 

Ship to production of thin-neckptoretub^eqmp- 

pea with in-line electron S un s. These ^ plMS Rep- 
resent the most advanced tec ^P?^’ y 
•, sharoer picture and truer colours, me seucoi 
vefinTdenection yoke and the p.cturetubea^ 

integrated to offerimproved convergence and ^ 

duced power consumption, which in glh 

the life of the TV-set. 

Valeo will apply high-quality Finnish workman- 

Valco is looking forward v/^bclieve 

British colour tele^sion 

our high-qualitv product will satisfy the world s most 
discriminating television audience. 

Jarl Kohler 

Head of UK operations of the Finnish Paper Mills Association 

ing of the rlutieS:that Fhalt 
has to payi on - its exports 
the EEC. . ' ? 

In this country 'Mr. K^fer"s.-^'y'.. ; 

up hill struggle to keep his 

First through EFT A aud then 
via agreements with the EEC, 

Finland’s timber-related trade 
with Britain has grown six-fold 
since i 960 - Today Britain con- 
sumes around one third of total 
Finnish exports of paper-based 
products and trading in this area 

accounts for something like economic ... 

threequarters of the total ex- 750,000 or so tonnes of 'pape^Xp^T.';. 
changes between the two coun- and paper-related prbddcfS^^*L- 
tries c i <«ii«vii#i • ft 

up ilUl W 

budgets in trim has been hajS-^i. \ f 
pered almost' as niuch'by’ Fletfr .^ ,. 

onri' ite fmiiHfli ' ac i# ' 1 .: r, ' .- 

Street and ..its troubles ^ - 

rerp-Rffion.' Of " ^ 

P.O^ox 148 •_ . 

SF- 0 Q 251 HELSINKI 25 

Tel. 410066 ' • 

Mr. Jari Kohler, who heads the 
UK operations of the Finnish 
Paper Mills Association (the 
sales organisation for the Fin- 
nish paper industry), points to 
those statistics with Nordic 
sraviuv And as if to illus- 
trate more graphically the im- 
portance of the trading links 
between the .two countries, he 
adds: “All the problems of the 
UK are the problems of' the 
Finnish paper sector." 

The . 43 -year-old Finn feels 
that the worst of the recession 
is over, however. “We expect 
sales to improve by up to 5 
per cent in 1978.” This is riot 
to say that slack demand is 
suddenly a thing of . the past 
But a trading base does look to 
have been found, competitive 
pressures haw evened them- 
selves out and Mr. Kohler looks 
forward to a progressive lower- 

ouu invmTSL-fwr-s:,-:' 

Finland hopes' to sell 'hetejiws 

•mm 4SnnnA fv 

* *ik*«»i*%* ubi w w* . . 

year, 330,000 to n nes wilt if , 

the form of ■ n e wsprinE, . 
magazine types of . paper ' , 1 

accounting for a further : : % 

circulations, / 



^ si;--. 

— .. — ..back. 

paper sizes have aJl b^h 

of the process of regrfe 

that Kohler and h Is ^ ^ ^ & 
■f there are sales outlets 
Manchester, Edinburgh^ 

Bristol as well as -London)’ ' 
bad to stave off. . ; r . '? 

tu w suave an. •; : - ••• ■.'•^-5^ 

However. Mr. Kohler^e^.tfea^-’^i^K ^ 
this year will 'see bis :. mdustrya:;#^. ^ 
turning the corner. .'“'We rbsrvey^^j^^/: 

to concentrate, very” hard;ri&v2^i 
order to maintain pur market ^ 
share. Competition is kee& ; 
there should be plenty^.. room . 

for .everyone." - • '• .Y’“ 

'.V I ■ 


[ft? ^TtaanjM Times Honflay June 19 1B78 


Oy.Kcmhas Ab’s super calendar paper mill. 


few bright spots in the gloom 
besetting the engineering indus- 
try but' even as they stand at 
present they- cannot solve the 
'problems in the longer term. 
The industry has been working 
on a heart-searching analysis 
to find the main requirements 
for a solution to the present 
critical conditions. These cover 
both the - domestic and the 
export market. - 

Perhaps the top requirement 
which is within Finnish control 
is tax reliefs. The, present turn- 
over. tax raises the price of in- 
vestment' goods by 16 per cent 
and. .weakens competitiveness 
accordingly. As part of the so- 
called stabilisation-stimulation 
programmes, this tax has been 
temporarily rescinded until the 
end 6 f this year for new 
productive investments — but the 
measure 1 is only temporary. 
Industry has been lobbying for 
years for a change to the VAT 
ystem but the Left-wing parties 
viil not hear of it 
Another requirement is that 
ne state improves the ability 
£ .Finnish engineering com- 
anies to grant credit terms 
tat are at last as favourable 
those offered by their com- 
r tifore. Within the industry, 
•elf there^ 4 heed for : f ^rther 

rationalisation and diversifica- 
tion of production but this re- 
quires capital which is still in 
short supply and likely to re- 
main so for some time- • 

New ideas are being 
developed — and in part have 
already been implemented — in 
the export field. The thinking 
is that there should be some 
re-orientation, a move hway 
from the old markets which 
have long had similar economic 
problems to those of Finland 
towards new markets. Examples 
are Brazil, the oil-producing 
countries and South Korea. 


The TVW (Tampella-Valmet- 
Wartsila) paper machine group 
recently announced will 
be opening a factory in Brazil 
where, because of the high 
tariff barriers, the market has 
hitherto been a relatively closed 
one. It is going into partnership 
in the new venture with the 
Brazilian Pilao group and the 
investment company Brasil- 
invest. The Brazilian partners 
will hold 52 per cent of foe 
shares. .5* 

The TVW. already has co- 
operation agreements wi£R! 
manufacturers in Japan. West 
Germany and France. Rauroar- 

Repola Oy will be co-operating 
with Beloit in Brazil to build a 
plant to supply pulpmaking 
machinery in that market. 
Raumo-Repola also signed a 
contract recently to supply a 
complele pulp mill to South 
Korea where, in co-operation 
with Outokumpu Oy, it is 
already building « copper 
smelling plant. In short, ex- 
port sales are to be Intensified 
by establishing sales, mainten- 
ance and manufacturing units 
in the main and most promising 

Finally a few words about the 
electrical engineering and elec- 
tronics branches, which account 
for about 15 per cent of the 
total value added of the metal 
and engineering sector. The 
electronics branch — radios, TV 
sets and tubes, and telecom- 
munications equipment — seems 
to be fairly buoyant But with 
all the debate about energy 
savings the heavy electrical 
industry — electric motors, 
generators and transformers — 
cannot be too happy about the 
future. Orders are not coming 
in fast enough, especially as 
most of tbe major conventional 
and nuclear power plant pro- 
jects are nearing completion. 


M FINLAND IS a beautiful and 
wonderful country, but hell's 
bells, just try living there." So 
goes an old Finnish saying. 
Well, this writer has tried for 
close on 32 years, has survived, 
and has enjoyed it Not all of 
it, but most of it It is a 
beautiful country of forests and 
lakes and clean air and water, 
good theatres and concert halls 
in foe towns and good casts and 
orchestras playing In them, 
impressive architecture, guud 
inter-urban communications, 
and so on. 

It is estimated that about half 
the Finns living in urban 
centres are only a generation 
removed from their homesteads 
in the country, which might 
explain their longing to get 
back to the grass roots when- 
ever the opportunity offers. 
They will fill the theatres aod 
concert halls when they are in 
town, but equally will fill their 
country cottages during the 
summer (and even winter, for 
skiingl- There is something of 

the poet and a peasant about 

It is a delightful, actually 
necessary, way to live. But it 
can be exasperating for the out- 
sider. Except for those who like 
cross-country skiing, and most 
Finns do, the winter is long, 
dark and rugged- But winter or 
summer, fresh air is the thing 
and half of Helsinki takes off for 
the wilds at Christmas, Easter 
and midsummer, much to the 
chagrin of visiting businessmen 
and journalists. 

It is even worse between Mid- 
summer’s Day and some time in 
August, when half of Helsinki 
is in a country cottage without a 
telephone, soaking up the sun if 

rhey are lucky enough to have 
any. Sunshine or not. the Finns 
want to get back close the 
earth, in foe bu-si sense of the 
term, to re-charge their batter- 
ies, so to speak, it seems to 

Of course things are changing, 
but not much. In some families 
the youngsters, and even the 
parents, are spending their holi- 
days, or part of ihem. io the 
snuth of Europe, seeking the 
sun. It is almost a statu.; symbol 
now to appear sun-tanned even 
in mid-winter. S>inu» uf the 
ulder generation have sold off 
their country cottages on the 
lakeside or seashore because the 
children no longer t-are to go 


Conditions there >: Jn be fairly 
primitive. All the water has Tu 
be pumped frnm a well or 
fetched in bucket* frnm a 
nearby lake. Why the house- 
wife, who in town has hot and 
cold running water, an electric 
stove and a washing machine, 
chooses this hard work for a few 
weeks in the summer is a 

But she is used to working 
hard. In town, even if she has 
a job. when she comes home 
she puts on an apron and starts 
to cook- The man comes home 
from his day’s work at the desk, 
takes off his coat and settles 
down in the armchair to await 
the call to dinner. 

Another old legend is that the 
Finns go off to the country in 
order to be alone, to get away 
from it all. Yet most of them 
are constantly entertaining 
guests. There is perhaps no 

longer The old desire for soli- 
tude, though there is oppor- 
tunity enough. Finland is the 
fifth biggest country' in Europe, 
but has only 4.7m people. A 
few thousand tourists can be 
added to this number in the 
summer but few' of them invade 
the privacy of foe summer 

Country or town, if there are 
guests or it is a feast day, there 
will be burning candles on the 
table. That is almost de npueur. 
There will alvj be colour — 
bright table mats, a sprinkling 

of colourful vegetables in the 
stew or the salad, and gleaming 

glasses ot Finnish design. 
Colour and design have become 
very important in Finnish 
homes, at least to women. The 
roen do not always appreciate 
these refinements. 

In a v\ ay the temperature 
rules foe Finnish way of life. 
The first thin? to do in lbe 
morning is to look at the 
thermometer hanging outside 
the window. That tells you 
what to wear, long or short 
underpants, heavy overcoat or 
raincoat. It also tells whether 
you can go skiing (from your 
front door even in town ► or 
jogging or play tennis, etc. 

The Finns are sport-mad. In 
the winter it is skiing, in the 
summer track and field. Soccer 
is a relative newcomer, but 
growing fast in popularity, 
though the season is for climatic 
reasons rather short. The 
winners of gold medals in the 
Olympics, both summer and 
winter, are greeted like visit- 
ing heads of state on their 
return home. They are an elile. 
But the ordinary Finn often 
skis 1.000 km (725 miles) cross- 

country in the winter. The 
President Of Finland, who is 
78, used to do it every year 
until recently. 

There are one or two other 
things the Finns do which could 
come under the heading of 
sport. One is to walk out on to 
the frozen sea or lake and spend 
a day dangling a hook through 
a hole in tbe ice in foe bope uf 
catching a tiddler. There are 
even national championships for 
this form of torture. Another 
is the totally frightening habit 
of sawing a large space in the 
ice-covered lake or sea and 
having a dip there. There are 
Finns who do this every day 
and say that it keeps them free 
from diseases the year round. 


Whatever is written about 
Finland, the sauna inevitably 
comes into the story somewhere 
or other. The sauna is not 
actually Finnish, though most 
Finns tend To think it is. This 
is understandable, because they 
have preserved it in its purest 
form. Essentially a sauna 
in Finland means that you 
strip off your medals and 
dignity and go stark naked into 
the steam room where you 
could boil or fry an egg in the 
heat. Unofficially, there is a 
Helsinki Club to which belong 
the heads of state and premiers 
who have had a sauna with 
President Urho Kekkonen, and 
they include kings and princes. 

Some enthusiast estimated 
that there were nearly 700,000 
saunas in Finland in 1960. 
There must be many more by 
now, for every new house built 
has its own sauna and. if it is 

a fairly luxurious house or 
block uf flats, its own small 
swimming pool. Most of these 
have an electric stove. But foe 
nicest are the euuntry saunas, 
heated with dry birch wood 
which has a delightful aroma. 
The ritual is that you sit naked 
on the bench in the steam room, 
pour hot water from the stove 
on to the hot stones and sizzle 
in the steam for as long as you 
like. You then dive into the 
lake or roll in the snow or lake 
a dip through a prepared bole 
in the ice. and gu back for more 
if you feel like it. 

There was an Englishman who 

became legendary in northern 
Finland because in all lit* 
modesty he went into the steam 
room in his underclothes. After 
ail, the whole Government 
(lady Ministers excepted) often 
take to the sauna tu steam out 
their problems — though they tiu 
nut always succeed. However, 
visiting Brils should remember 
that in the sauna the Finns are 
playing on their home ground. 
It is no use making au 
endurance trial of the e.vperi- 
ence just to defend foe honour 
of foe Empire. The sauna is 
meant to be enjoyed, not 

When the winter is over and 
the first rays of sun with any 
heat appear, all the Finns in the 
streets appear to be looking 
skyward, as though watching an 
acrobatic display. From then 
on the preoccupation is to 
catch as much sun as possible. 
The lovely girls reappear, 
dressed in very little. Where 
they gu in the winter is a 


of good products and services from 
Finland marked Nokia. All 
designed to meet the highest 
standards. And many of them 
well established on the British 

•Another Nokia division. Pulp, 
Paper, and Power, sells raw paper 
in rolls to British customers. Its paper 
mill specializes in different grades of 
. •' soft tissue and is a major shareholder in 

British Tissues Ltd. 
The Finnish Rubber Works produce tyres, 
boots, leisure footwear, and technical rubber 

products for industry. 
Nokia Plastics stands for floor covers, extruded 
plastic profiles and glass fibre products. 

Look for the imprint of Nokia. 

The Finnish Cable Works is the 
lest of NOKlA's five divisions 
one of the most diversified 
cable makers in Europe. 

Other Finnish Cable pro- 
ducts of interest to 
British readers include 
cable-making machin- 
ery, power capacitors 
and extruded 
aluminium sections. 

Nokia Electronics 
is an established 
manufacturer of 
industrial auto- 
mation systenis. 
systems, microcom- 
puters, terminals and 
advanced analysers for 
scientific research. 

For more information ask one of our divisions: Pulp Paper & Power {931 H 08 1 1 1 Telex 22264 
nopap sf. Finnish Rubber Works (931 >407 111 Telex 22114 gummi sf. Finnish Cable Works 
{90>171 721 Telex 12553 cabno sf, Electronics i9u}-5671 (industrial automation). (90J-59131 
(telecommunications) Telex 1 2579 eleno sf, Plastics (93 1 >409 1 11 , Telex 22270. 




The London based Bank connected throughout Scandinavia 
with more than 1300 branch offices of Parent Banks. 


ECGD Financing. 

Sterling and Currency Loans and Deposits. 
Foreign Exchange and Euro Currency Dealing. 
Industrial Import, Export and Shipping Finance. 
Trust and Fund Management. 

Euro Bond Operations. 

Scandinavian Bank Limited 

36 Leadenhall Street, London EC3 A 1BH 
Tel:01-709 0565 Telex: S89093 SBL-BKG 

Registered Number 949047 London. 

International offices. 

Bahrain. Bermuda. Hong Kong. Madrid. 
New York, Paris, Sao Paulo, Singapore, Tokyo. 

Parent Banks. 

Skandinaviska Enskilda Banken (Sweden) 

Bergen Bank (Norway) • Den Danske Bank (Denmark) 
Landsbanki Islands (Iceland) ■ Provinsbanken (Denmark) 
Skanska Banken (Sweden) - Union Bank of Finland (Finland) 

to the 

SSSr SB?, 

commissioning and have a very high availability paper industry, 
ensuring continuous production. 

Recent addition to our reference list: 

Nordland Papier GmbH, Dorpen, German Federal Republic 

. In June 1977 the start up of the No. 3 
fine paper machine was concluded. 
The machine produces woodfree 
writing and printing paper with 
40-80 g/m - The wire width is 
7000 mm and design speed 1000 
m/miri. The Strdmberg supply 

- Sectional PM -drive with analogue 
electronic speed control 

- all AC-motors 

- 20 kV switchgear 

- sheet fault detection system for 
holes, speeks and light spots 

- process parameter deviation and 

mechanical disturbance alarm 
system comprising appr. 80 ana- 
logue and 200 digital channels as 
well as a sequential alarms recorder 
with clear text print out. . Tech. Dir. 

- cabling and installation for PM-dnve Jurgen Hoppe \- 

- personnel training and commis- 

Statement by the technical 

-we had high expectations concerning itha- 
electrical equipment. They have been more 

than fulfilled’ 

P.O. Box 118, SF-OOtffl Helsinki 10. Finland 

Tel. 90-550 045. Telex1Z405strp Sf 


’ -•VgvicSp — t- - ^ 

FINLAND IS a country w^^l^^e toe* 

climatic and natural con ^ t ™ ' , 2lS 1 ^ r SSsiTy ' the Associa- lei£1 

ramzine Irom one extreme' to'smuiliua industry, ^ 0 fetoflrs-^ 

2Sto£ winters 
summers, granite- bedroj 

swamp’, lakes wd long ^p^ accouira production 

distances betweensemed^e^ .a po: b ^ch and their 

When the. connpy s^d^fa^ br^cn 4ba4£52;«^^,- 

ranch and . ihree 

wneu me cuwuj -* Ahn l£5Z5ffl at ■. 

second “industrial revolution”--. uig rose to FM 1 ^ ^ e hang&'^ Tiie ^^; 
after World War Two, the Jhu^e^the' December. 1977, .. -panies^ 

construction projects- involved^ rate), in 19^7; though 

. tv , ' -i— 1 ai«lTioort , ’^.' , nift as SO Cl 

put the 

architects and so on TO. a severe >menuHu- ’-nfeota being" : . ■ ^^rrwiwn ^ 

te^ 1 They came through witfeneW.constnicUon 

flying colours and enriched witti^'pimined abroa . . . yjjy^^z.Ainpnk P... 

experience and know-how. - ^representatives foreign Two' - & 

But the country, though larger trade deleganons P° n ^^ e -fwereV 

nn \xr 4 7 m inhahf- cmin tries and helps contracts - /were . ■ 

experience ana Know-aim. foreign ""ThT-' Two' ^ /itsOr 

But the country, though larger trade .delegation ponen^_ -'LereV- 

in area has only 4.7m mhabf-Icpuntnes and helps contacts 

. nr ^iiirso there is stilt consortium- ® Arabia and-. 

. i. ntiim exports are %_ .-=a. .v;rT« mmmMc 

infrastructure must be co ds : gays: Contracuno v,nt 

tauis. v/i t-Tiuj-re 

need for new housing and to*: director. MJ- sports are *-■**»-. -rrr- ** 

infrastructure must be cmfcijsays: “ Conffactu^ not ventre 

tinuously improved hut by toe: now recognised, they were n AGCF. : Th^debv^g^ 
late sixties the construction; earlier."- components 

todiKtry had reached ft. sitoi- . , . . 

tion where It had outgrown to* iFYnnrtS The technical 

country. By the beginning of -.^^P^ 4 A(1CF start , 

this decade It was .accbuntij^.;:; According to the ' 
m an ... .ant af ,th» pTriiu. TMniino pxDorts increaseu is laMpplfriOf : 4 | 1 ^ 388 ]^ J i ' 

this decade It was .accomrajig ; r Accoraing r^nr^^d bv 

for 20 per cent of the Gnfiss. tracting cxports^iucr^sen x- it is au 

Domestic Product There .w^s; .85 per cent to ne f r 7 ^J? X re . trade, is "gojPg- : 

only one place it could go ant 1977. The Soviet unm w^ 

that was abroad. As exports ape ;inaJiied the bi^^t company . 

vital for Finland it seemed to; market, accounting for partflfc and ,Y»t ' - 

eu worth o try. ^ cent, followed by 7 p« 

The -first and most . natwad, East (32 per cent), Ara»i companies; are;r- 

market was the: Soviet Union, per cent). ,engage.;in 

right on the Finnish eastern other the USSK U per co-ofteratimi.-J»d« 

frontier. It was possible to fise cent), and West j ^ have to do so, They ^ni 

S equipment, Firmish cent). Up to. now 

materials and Finnish labour for and industrial shipment ;bf-T»u%^ bl 

work a few miles into the Soviet been the most materials taf 

Union. Projects to hit the head; accounting for 25jmd 55 ^ mm&V&t;*™!®, 

lines included the Paajm^i cent respectively, with c°mmer- .. co^pfetjtrvenessto as ^^^ 
forestry centre (stages one and dal building and clvH engineer ,« We ^ contractors.^5Wl 
two were valued at about $87m>, - mg taking the rest.^ Jteunala, ; “ and- wef .ljaSr^l- 

Svetogorsk (enlargement of the. Mr. K. P-S* 

cable paper and pulp factory and engineer of the AbCF, says tnat operate ^ith Fmmshari^i^cl 
related jobs, valued at ?107m), a: the services offered by consultants and 

cellulose acetate factory also in struction companies of with contractors on. tfinr.n#w» - 

Svetogorsk costed at some cover the building of comprer ; are profilei 

S200m, and Kostamus mining hensive communities wm ventures. In the ACc 
centre. There have been other facilities, water treatment ingurance a proble_ 
projects, for instance in Siberia, plants, water supply mo bQt the - Finnish^ 
but these have been more of a sewage systems, schools, nospi- Uuarantee Board coversIL- ^ 
metallurgical than constmctiati tals. hotels, suos, demand clause. Financing isi 

nature. ^ reads aud brld f perKaps tte wom preblani^ 

As these projects progressed tore, basTO ^ aCT ?. n “ the ■ oitprodudug cqpM» 

successfully or were completed, systems. Indeed ^aU^Jiiese uSQal]y payhash^on toe . 

Finnish construction groups services have been carded o«y. headi But skilled staff I- 
began to look further afield, or are under «)nstTucbon not e^^creasing trade may 
especially to the. Middle Ea?t only in toe Soviet Um ° tt a.seitous ; d i fficiii^- ^ v; 
and some arts of Africa, mainly in the ^ We ^estiraate - feat -F' 

Nigeria. But they are " also ^ contra un- 
making feasibility stupes in panics if7^ v d $400m. TSi vyear, and 

South America. - J pr ^ Jec ^ •5 ela i£? Sl 980 ^ r<at;19?7 pxices)lvt^': 

Finnish contractor/ sl Sn^ “ d « r f' 1 “SS’ ai^x Mr - SavelkoskL. “This; mea^; 

contracts in 1977 fa/ over 30 dential project ^ that .foreign npCTationsT^M: 

new projects worth abbut *1.2bn is under Way toItoq. A?l50m account for 10 perceM'. 

This is more than thetotal value contract has been signed wiin ^ ^ valae of Finnish 
of ali the export projects of the Iraq for the huildmg of a net struction investment - 

branch in.the.period 1960-19/6. work of vocational schools. fiut we se€m t0 be running;!)^' 
Some $700m of this was the Most of the the major projmrts q£ skiUed staff L” We are'W; 
Kostamus contract for the in Nigeria have been for resi going to organise special • 

planning . and construction of a dentiai housing, mclu ding whole ing courses for export perta " 
wiping industry combine and a urban areas. Ferusyh^ma, one tQ manage in our 'export^ 
town for 10,600 inhabitants in of the biggest member^ com- ketSi mad so on. If our estim 
the virgin windemess of Kosta- parties of AtiCF, has established are we will need P* * 

mus. But $400m was for new a subsidiary m Nl S® n «- . lts tional 3,000 engineers . 
contracts in the Middle East, firet pro je* was a small bousing ^ming three.'to four jein£i 
Finnish controctors are now area of 100 residentia] units on . : * , ^ 

wor king in 20 countries. Victoria Island, Lagos. It was ^ 7. 

ENERGY POLICY in Finland, a actually produces nearly half the southwest coast -of ' 
country with limited power country's electricity and con- Each has a capacity of. wwJ^r^ s; 
resources, suffers from the same sumes about two-thirds of it. and should start 

Jack of certainty about future it is therefore understandable Power in 1980, with- 
demand as in other industrial that the country's nuclear cost estimated at $lhiL 
countries, but its future is firmly energy policy is being developed Elecmcity wiU be 
based oo the need for flexibility along these lines, with two through the national 
in sources of supply. Soviet designed reactors arrangement with.- 

r itA othpr Nordic countries it (Lorii 83 1 *** 21 destined to Voima, which is likeiy^c 
Like other Nordic t supply ^0^ needs through in as the other State pi 

has a high the State electricity company raise public ownership?;: 

power, due to the imatran Volma and another two ever, it is dear that'Ui 

sity of sts industry and ! tiiecold s wed i5ii-designed reactors to country’s overall, 
northern dumate, aitnougn it SU p p jy a consortium of indus- up considerably, Injatran^i 
has a highly developed system companies. will be faced with -some: 

of energy saving -through re- i^viisa 1 went critical early capacity when tbe .^W^ - 
cyding-of heal both in industry last y ear and the major civil plants and Loviisii a^ 
and for domestic use. engineering work on. Loviisa 2 fuUy operational, : _■ 

I and for domestic 

More than half the country's been completed for some Similarly toe membefc 
energy requirements are met by time, although equipment delays panics wiH . : £nd.. 
imported oil. of which 67 per have held up its completion, with spare power- 
| cent name from the Soviet Union year Loviisa 1 generated their own, althou^lV’tingl 
last year under a bilateral trade at below full capacity of 400 MW easily be utilised 
agreement. A further 12 per but nevertheless contributed to plant. Imatam .Votef 
cent of needs were met by im- a reduction in purchases, of faces a period of coix 
ports of coal (mainly from electricity .from the two neigh- change, with. the. four 
Poland), 13 per cent came from bouring countries. plants expected ' to " * 

hydroelectric power and 15 per around 21 per cesk at 

-cent from domestic fuels. NllClCEr electricity -by 198L : . : 

Nuclear energy, which will A spt , in ttx Officii cnergy policy' 

soon become more important, n ^ te ro «Ued reducing consumption,; 

made up only 3 per cent of the ®J3£ «ati“ns TVO^Si ® ^ as 
total, natural gas from the Soviet v 0 £, a by ) % o^ed ^ GNP ' but this objective 

Union . "*"*£***"* ^ M SSn^“am?Sies W (^SS ^tious one." 

imports of electricity from Lining ^ forest industry consumption,^ 

Sweden and the Soviet Union, m proportion totoe the :.GNP:.gro^ 

the remaining 1 per cent amQunt flf energy ^ ^ use around 30 per jceift, vn&T 
Clearly the ttHintrTs high &taSe or pi ,bUcly owned com- «>nntiy where, energy/^ 
dependence on oil. particularly p^eg have a 42 per cent share has heen a way xrt Ifefdr^f 
from one main source, is a cause Qf ^ equity at present, but years, this wili^mol^ fre: * 
of some concern although it ^ ^ ^ely to he raised to 50 About 20 per cent of froP* 
provides the basis of Soviet per cent eventually. in Finland ereVTiQivr.-fieEW* 

exports to Finland under the XVO was established as a district heating, ope of 
successful series of five year non-profit . making company, economical . metoodSy-j-an 
trade agreements, the next of clearly - aimed .at maintaining co uld -increase toarouwl 
which will begin in the 1980s." the member companies’ trad]- cent by - toe viOO&C 
Although electricity genera- tional self sufficiency in power without conrideiiti>ie;<wt 
tion is based mainly on eonven- and giring them the benefit pf Although. Inratem 
tional coal powered stations, cheaper power from big units. largely- unable,'- ’due 
the majority of large industrial The two ASE A-ATOM reactors dependence oh. coai?to 
companies in Finland generate are now under construction on oil use, . electricity 

most of their electricity at their the island of Olkiluoto, off the passing through 

own power plants. Industry 


Financial Times Monday June 19 1978 



Steel exports 
hit hard 

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FINLAND’S STATE steel com- 
pany, Rautaruukki, was last 
year bit by a substantial fall 
in -domestic steel consumption 
but at present its main handi- 
cap appears to be Viscount 
Etienne- Davignon and Euro- 
pean Community steel policy . 

Despite : the fact that 
RauUrUukki' made a loss of 
FM. r Illin in. 1977, its perform- 
ance.! n terms of a 33 per cent 
increase in output (to about 
2.1m, .tonnes) and greatly im- 
proved exports, did much to 
justify recent investment which 
doubled its steel capacity. 

However, since the introduc- 
tion of the Davignon plan, 
exports into European countries 
have suffered severely. Last 
year between 35 and 38 per cent 
oft steel exports went tu Europe 
but things will be quite 
different this year, the company 

Under - EEC arrangements 
with EFTA, of which. Finland 
is a member, the company can 
sell' at only 3 per cept below 
comparable European prices, an 
arrangement which Rautaxuukki 
claims to be unacceptable in the 
conditions now prevailing. 

Most steel buyers in Europe. 
RautahiukJd says, do not think 
it worthwhile to buy steel 
abroad to gain 3 per cent, 
taking' into r account the con- 
venience of being able to place 
orders locally. .At the same 
time . various other countries 
such as Spain and Japan are 
allowed to sell at even lower 
prices, 6 per cent below 
domestic EEC- prices. 

Countries such as Sweden 
and the U.S. have proved to be 
gqpd markets, but unless the 
Davignon plan fails to last, 
Rautaruukkr faces: a hard year 
despite some improvement in 
home demand. The start-up of 
two new production facilities 
could not have come at a worse 
lime, and the company sees it 
as slightly, ironic that ii is iu 
effect suffering because of lack 
of, similar investment in EEC 
countries.^ other hand -its produc- 
ed' costs. -are: now much lower 
than -’those of most competitors 
and despite the underlying price 
weakness 1 in world markets, 
this should ensure a better 
future. , 'It will also be 
important for Finland’s en- 
gineering. industry that steel 
will' Continue to be available at 
competitive prices. 

The privately owned Ovaka 
Group, which specialises in pig 
iron, crude steel and rolled 
products and exports about half 
itsVprdducUbh.. has not fared so 
badly in' European- markets, 
although this could pe a result 
of • its ' greater specialisation 
than, its State-owned counter- 
part - , , 

Nevertheless, it too made a 
loss of FM22m during 19 i.i 
although without the dubious 
achievement of increasing out- 
put. and sales of FM600m were 
slightly down oq the previous 
year. However, it reports a 

considerable, improvement ui 
business in the first few months 
of 197S. 

So far the company is rather 
Jess concerned about restric- 
tions on sales in the EEC than 
will) the depressed pig iron 
market, which hit production 
severely last year. Without 
Stare backing Ovaka is also con- 
cerned a hour its liquidity posi- 
tion and had to go to foreign 
capital markets last year to 
raise short-term loans. 

The company's continuing 
hope is that its product prices 
can be increased substantially 
this year and that its earnings 
in markets such as the U.S. anil 
Britain can be improved after 
considerable success in those 
countries recently. 

Without great resources for 
investment. Ovaka plans to 
exploit its considerable tech- 
nical expertise and develop new 
products. Its successful boron 
steel technology and its system 
of reducing fuel consumption 
in blast furnaces are both 
regarded as potential areas for 
this kind of development 

Unlike Rauiaruukki, which 
has its own mines in Sweden 
to supply a large proportion or 
its raw materials such as iron 
concentrates and vanadium ifor 
use in steels for nuclear plant 
reactors and other heavy duty 
materials), Ovaka is largely 
dependent on imports of iron 
o re f rom countries such as 
Sweden. Norway and the Soviet 
Union and coke from Britain. 
It is also the main buyer of 
Finnish scrap. 


In the Finnish market Ovaka 
faces considerable competition 
on its products, with around 1 ■" 
tonnes a year of total “ 
imports (compared with 
exports by Finland of. ar . 
700.000 tonnes), with Sweden 
the Comecnn countries 
Britain the uiajur importers. 

The most important users 
Ovako products are U 1C vehicle 
building, engineering .and 

foundry industries. On 4 -the 
vehicle side the company , lias 
had some success in the UKJ 
market, selling to all the major* 
manufacturers, but -recently 
price levels have been hit by 
the low prices , offered. -by the 
British Steel Corporation and by 
the fall in sterling. 

Ovako also used to export 
around 70.000 tonnes of pig iron 
to Britain for the foundry 
industry. This trade has been 
severely reduced, although it is 
regarded as significant that even 
BSC is buying from Ovako in 
certain specialised areas. 

The Finnish mining industry, 
despite increasingly cheap ore 
available from countries such as 
Brazil, makes a major contribu- 
tion to the iron, steel and other 
metal industries. The mining 
sector is dominated by Outu- 
kumpu. which also produces 
almost all the country's con- 
siderable output of non-ferrous 
metals. These include copper, 
nickel, pyrite concentrates and 
cobalt. The company also has 
a large stainless steel division. 

On sales of around FM l-4bn 
last year Outukumpu made a 

net profit last year of FM 6.7m 
and exports accounted for 77 
per cent of turnover. Cupper 
and copper alloy produers made 
up 33 per cent of sales, zinc IS 
per cent, nickel 10 per cent and 
stainless steel 6 per cent. 

in all these metals Outu- 
kumpu has been operating at 
marginal profit levels because of 
the weakness in world markets, 
although die recent price move- 
ments on copper, particularly 
>ince the troubles in Zaire, have 
been encouraging for the com- 
pany. The main long-term con- 
cern of Outukumpu. however, is 
tile depletion of its mines. 

Overall output is expected to 
remain the same Tor the next 
eight years and then decline 
fairly rapidly unless any largo 
discoveries are made: this is 
thought to he unlikely. It is 
therefore damaging to the long- 
term future of the company to 
produce a high output of metals 
at barely profitable prices, as it 
has been doing recently. 

With this in mind the com- 
pany i s looking abroad for 
opportunities. It has much to 
offer in terms of plant-building 
expertise and its technical 
export division showed a sharp 
rise in sales last year. Major 

work last year included copper 
smelters for the Soviet Union 
and South Korea tin a con- 
sortium including Djvy Power- 
gas ». Orders for the division a I 
the end of last year amounted 
to FM g76m. 

It is anticipated that the tech- 
nical export division will 
account for up to 20 per cent of 
total turnover in five years’ 
time, mainly because mining 
activities cannot be expanded 
significantly without further ore 

As with other industries m 
Finland, ihc mining and metals 
sector is' increasingly dependent 
upon its skills developed over 
many years, hut because of the 
lack of demand in home markets 
and in the ease of mining the 
depletion of raw materials, it is 
having to look abroad for future 
ca rnings. 

While the high quality and 
specialised nature of Finnish 
products will be helpful in 
achieving this aim. many other 
countries facing the same prob- 
lems are looking abroad as well, 
and the competition facing Fin- 
nish companies will be 
extremely hard. 


which was opened last year. 



1 Dependence 


ighed to limit the buildra„ 
iew fossil fuel power stations 
private' industry, thereby 
ding down ore .consumption. 

’he -State-owned oil company. 

ae, prefers to take the view 
L while oil ‘use- -for, power 
teration wilt decrease i. ■«* 
last- vear, there is no real 
son to* believe imports will 
£aOwrf 'significantly. -Vltto 
newly ' developed refining 
acity of about 1-Sin tonnes o 
de a year and an .input ® 

ipany would clearly like to 
iroVe "this ratio; . - • , . ■. ., 

1 estimates that in '10 years 
e nuclear’ power will be 
viditifi perhaps oO per cent 
the country's _ electricity 
& and for this reason it is 

faring for a further reduc- 

f a o^ut of b«vy fuel o,I 
di has already been 
5 Laresidftf Uphersika 

^frorn * the Soviet Umon 

* n -fl S to the industrial regions 

*e south-east of ine country 
*nnl? around , a third of £ 
i cubic metres a year cap - 
.-know beaux used. .. 

companies its scope for dntrsi 
Station is limited, mainly . Jj; 

its sister state companies whicn 
specialise in areas such as 
chemicals, nuclear and electri- 
city supply. It does see poten- 
tial, however, in its engineering 
expertise and specialist activi 
ties such as its know-how in the 
construction of underground oil 

Neste also sees export 

potential in petrochemicals in 

other Nordic countries, which 
have largely avoided develop- 
ment in that direction, and is 
concentrating on the develop- 
ment o£ smaller, flexible refiner- 
ies However, due to the small 
domestic demand for some 
petrochemicals. It is regarded 
as unlikely that investment in 
some sectors will ever be made. 


Hie satisfied 'with its 
,rt a ° roe men t with the 


ft refined products. 

fits only challenge. m 

aguts -potential in this 
M other patera- nil 

' The most recent “tiraate of 
energy demand in Finland is 

that Tf cirnld grotv by * 

mu m of 2 per cent and J 
.maximum of 5 per cent a year 

. j qcu) and assuming a median 
Lrt ofl per cent, demand 
Si not catch up with P Ian, J^ 
raoacity until 1985- at the 
elril eS and perhaps not even 

■ Finnish energy 

“ PPU ?xteT to G«-»t 


S 5 i 7*%* 

SU .0 m 
futute - l.b. 

manufacturer in Scandinavia, the 125-year- 

As the lir>i company in Scandinavia. 
Rosenlevt-E.mballave has started lo manu- 
I'aciure 5lV kfl - 1000 kg one trip Mini hulk 
sacks, commencing from plastic raw mu- The Ki^cnlcw Minibulk coniaincr 
i% an economical M.duiion to packaging 
prohleniN in the chemical indusin, as well 
as in the animal I _■ .cKtul'lV.-. terlilL'er- and 
building industries. The Minibulk 
com liner is manul.icmrcd in strung, circu- 
lar woven poll propylene fabric. The safety 
fa l’ lor’ has been >ei ai lour, as required 
internationally. If necessary, the &ileiy 
facior can be raised. The contents of the 
Minibulk coniaincr arc protected against 
moisture by a separate polycihcnc inner 

The Kosenlew Minibulk coniaincr will 
make the emire-distnbuiion si^tem more 

The Minibulk sacks make the mechani- 
cal handling of suck*. puv»ihle. Labour costs 
can he cut down. Trampuri and siorage 
cosLi are reduced. 

Contact us! The exncriuicc of one of the 
higucxi sack maiiulactuier-. in I-.uronc is at 
u.itir scr\ icc 

In ihe complete sc nun of the Rosen- 
!cw paper-, polyelhenc- and polypropylene 
sacks you will most ceriainli lind one that 
.suits your product. 

R oscnle w-F m bal lage. 


2SIUO Fori 1U 
Phone 358-3‘>-lJ 141 
Tclcv 3t»172 rlewp sf 


Financial Times Monday June: 19 1978 


**g\ *S 

H A»->* : '*‘- ’3* i v^sf^xS :V3 

tf ■>,-;? VSte- 


|f^Ti ' 

y&-f : i 

•-3R8 ?,• ; 

.-.'■w-'c: a- k 

ft.-rfS? •• 

>?-* i- ^ - : > 

Yir constructs 

Operates in the whole field 
of construction, also on turn-key 
basis. Today one of Finland’s 
leading construction companies, 
especially in exports. The 
total invoicing last year 
over 100 milli on dollars. 

YIT employs today about 
3500 people. 


Active especially m the 
Middle East ( since 195 S') 
and the USSR. YIT’s total 
commitment in 
exports approaches today 
300 million dollars. 


FINLAND’S MAIN attraction ^ ^ ‘ 

fnr tourists is its natural :*• f • -. 

beautv particularly the vast iV . u.:'.^. :T\ •' ' ' •' '•.'■' ■■ f •'• ‘ C«— -.V £■£?: .\ £ $ * ." 

expanses of lakes and forests ^ 7?.:.V*-:ZFS&^dr. 

whe re visitors can be assured ■ , . ■ - y# ': ? ^ v • • . • / •■'. ■ . : , . ™ | ■ ’= ••: : -.~ :. • v U t * ^ : ' * . 

of a quiet holiday. But, regret- * ' '. ••' vV^./Vv^V- ^ rri:"^.' VY.^iTL^-... 

j ublv summer in Finland is 1 , , '-'. v ■ .. ' ,.r. . ‘ - C -*.^v xTfptift.* ! ' ' ■ •■ • • /• . ■:• 1 . : • ■■'• '-’.i.',.. >••/'* **■» ' 

. ^ ^ ^ ^ ^ ^ ^ ^ j 

nLher° Nordic people, they have ■ 

to be persuaded tnat it some- i^fees and /oresfs comprise the wufe oj j2 racf i ons 
how has more to offer than their country s major tourist uttraci 

prices. probably *5* ^5S tint* of Finnish s been “S*S ieTSuring ’ ‘STS* qw^ef* 

"»«T& - ;®F£^S JBM nS S £ 

the most promising tounst as their w, “ „ dtaUnt t ahle included 30 destinations ome optimism, although toe 

market and the Finnish conn tty beco me .«o» * *«£ ™» d and 2 (> within Finland. authorit i es are faced with a ■ 

authorities are planning to Canada and Spam have im° h domes ttc density’ for an hard tilsfe due because o£ the 

spend around FM75.000 on a recently been the source q[ Finnajr - S size . but lon3 winter and the difficulty 

nromotional campaign there in rising number o£ tour^ necessitated by the long dis- in pe „ ua ding the .tourist ; 

.he near future. In particular. Although no figures iar^ a anc es and difficulty of other indu5try t0 invest in newattrac- 

it is hoped that more people will able it w clear that by far to J of travel at certain times Uons w hidi may un!y be used 
be attracted in the winter pMMlnumber of v si tors are ^ ^ the year . . 

season there are signs that businessmen. Thc airUn e intends to pur- 

cross-country skiing is growing proportto o chase three replacement DC&-ol 

in° popularity. The advantages with ^ country that toey^are chase tn ^ .p ^ 

.»f this it is pointed out, are retiurmng with DC-10, the aircrat it operates on \ number of new onpor- 

the lower costs when compared for holidays. its iN’orth Atlantic and other tun iUe S are al.«n being examined. 

with conventional skiing in One of the major proDiem^ loog routes . it is also planning such as attracting more visitors 

Swiss or Austrian resorts, the facing promoters of tourism ^ iace it5 gjght Super Cara- from j 30arii w'here Finnair has 

ease of learning crosscountry remains a widespread lacsoi vftlks ^ investment pro- a serv i ce in thc winter, and the. 
skiing and its less hazardous knowledge abmit Fml|nd ana me costing $400m is possibiliry of more tourists- 
nature. _ . what it has to otter fanned. from the Soviet Union, Finland’s- 

The U.S. with 300.000 mhabi- has shown that e\en 11 s ^ |n air;5ne over i ar n CSl single trading partner.; 

— ^ , t - —graphical POS^ion'S.n^ - ^ next few years is also ex- About 3n nno Russians visit - 

• ■■/•■ V" <) * omtt t pe ?C le , hl' n-irt of pected to necessitate expansion Finland every year, mainly m 

j . - t example, that it may p Df the comparatively new Hel- organised parties, but as on*- 

V . •;• ^ Eastern blot, a ■ sjrik} airport and Finnair has official .said, with a potential 

../■ representative in the l.s. /> fiSted rout , ;s to the west mar ket of 200m people, it is- 

• •..' •■SSfoG' , 


l;3 I 

pr**’ ? 

c. r 2 ta vjr’" 


v e- :• - 





Modem multipurpose ro-ro 
vessels in requiar traffic from 
Europe to Jeddah and Hodeidah. 
Offices of YIT Ro-Ro Lines 
in Helsinki, Amsterdam 
and Jeddah. 


, .../s 


h£‘V--jr -• ; 

1:, j.y - . 1 


f.,. 1 

Established in 1912 


-vff ;--- -.-! 

#•;: > 



Rutamesiarinkaiu 12. 00520 Helnnki 52, Finland 

Phone: i35y-w-» 15 05J, Telex: 12-1416 yii st 


F.O. Box 3423, Abu Dhabi, U.A.E. 

P.O.Box 2S09, Riyadh. Saudi- Arabia 
do Embassy of Finland. 

P.O. Box 2508, Tripoli, Libya 

inland Finland, and are among the 
Lakes and forests comp (ISfSr actions. 

■ r : 

- 1 \ 


■ •■>... ■ ?■■ a 

• • ■ 

■ ■ ..zA- T^ 


' : 

• - iirti'sA 



L .’r niP comparatively small part of the '■ r pas jbiii t v of Finland 
•‘We have to nianc P 1 - '■ company’s overall activity, with on behalf of 

realise what Finland is like. a vf p ‘ hi „ pro])ortioI! of pa s- promoting tourt™ on S=M « 

then W to persuade them to ^ kilonleIro3 being taken ^^^'alreaSy in M 
visit us. up with domestic and/or charter . c n ,-i 0 t pities 

^XOtiC Although the number of p“^ a ^ y be ‘encouraged by the 

. - nd e v 0t ic area P^^engers on domestic routes rertM i nt roductiou of a train 

An unusual and exonc dPC j ined b y 6 per cent last year, , ce t0 t(lPre from Helsinki, 

oftoecountry which is at the total volume of cargo earned Mllch will nbv iou«!y depend. 

mg more visitors « Lapiana n j Md by lhe same pmpnr- u ( . on ,ej 2 -stive costs of. 

the extreme north wnere he ti(iQ However , a5 a result of "? . to Finl am1 and the 
midnight sun is only one of t e dearer fueI _ higher airport ^...fven^ss of advertising in 
attractions. > or those whj l chargM ^ the high rate of Elirope and y.S. But with 
wmething more adventurous it inflation ip Finland, fares were the 3 P dTanTa ^ nf Cl -. m pam lively 
offers crises on lakes m the increa ed by in per cent at the chrt jnterna , travel and wide 

start of the year. npen spaces to offer. Finland’s 

by cano. .j 5 ' . h , he The rise in air Tares caused tourist industry could experience 

sdedge id rn mvi ^ j ?ss j n a sharp fall in demand and for S i,me expansion in lhe coming. 

ov"d,u«i' Kairankierlo ~ luur. this reason iralBc was mrtalled years. 

T^Zy arc .aujod^n, ^^ho & par, «*. LA’ 

offered by Finnair laot ni . ua> - • 

and four nights and include 7^7 T~ 

these plus the ub t,u.- J f [ BannU Sea | 

lyus sauna. Irene ^ s j y ^ ^ 

Finland, a country wtth a fl cej D ; [f ^ ^ 

«n.nis emphasis on rural i- ^ 

lies, also provides a la.,-: J 

rm- of festivals mcurporaiing ,^/L^ || G R W & V | > J 

a wide n.ngc of iradmonal , ^(T " U *’ J ... / 

artistic avUMiy- Perhapa ^ ■ --&■* ' 

mosi rai’.mus ui these Hie \ o M!tes t «^0 

Savmilinna Opera tc*u:v«l. fri,ni / IVALO ^ ff bsE2=:5s»=S 

.Inly U io 3U. Aya:u. Fiiiiiasr _ f j \ 

„lj.*ra two io live-day tours irnm : : 

Helsinki to Savonhnna with ’ \wm V 

prices ranging fn»m around | ^ 

FM 4U0 to KM l.QOl). | ® i / 

Thc historic cities of Turku N Kittila , g 

and Tampere have music and q W F n F II \ / * l « c c 0 

theatre festivals respectively. oWtlltK , I \ U.S.o.R. 

Prui has jazz, and the smail j , J X 

village of Kuhnifi chamber 3 .& aoraaismi^ ^ 

mu^ie. The summer s^awm is ., “• ^ 

rounded off with a major festi- T 7 __- V 

val in Helsinki in lale Au.^usl *>P N jw V \a^' 

and early Sjt-plcniber. ^5 " a 

In -jeiiLTal. Finland? prices y* | * * .. .§ 

arc favourable by Scandinavian y Gali a l t ’? W_ 

standards with food and enter- / 

taining mitslanding in many \ Bolivia ^ 

respects. Speciality dishes in- \ Jr } ..' 7" 

dude a large range of fish, some / £ ‘ ^VV i ^-=-Ar' > 1 

quite unknown in other areas. / . /r ( \ ‘ 

vvliieh arc served in a variety of J »i 5 Koi;ka!a y \ g* 

ways, smoked, grilled ami oven 

raw in suti.c «.iSM. but J 4&C0BjT&D , • ^ 5;. 0 . . 

in a way which is typically & \>}g- '■ ■ •*. ^ / . 

a very nign proporuon or pas- - ^ . Ti„ inn . (ir ging 

senger kilometres being tri *^ en Westerners already in Finland 
up with domestic and/or charter JJ**™” rthCTn Soviet cities 

services ’ e such as Leningrad. This will. 

Although the number 



Barents Sn 


ow do you cnoo: 

Is it b> chance? Or by serv ice rendered? 

We are a Finnish commercial bunk with branch otiices 
throughout the countr\'. 

V- e stre« indivsdualitv - which means everything you expect 
from a bank: efficiency - Hvnamism - expertise - a!! 

linked with a genuine desire to serv e. 

That's whv were ?.iso knovm as the Sen- ice Bank ; i hn »ugn 
our affiliated banks Bancjue iransatlanticiue raris 
and Hanse Bank S A. Luxembourg ana our warns* v 
network of correspondent banks, we aiso otter a complete 
range or international banking services. 

So, choosing us is dealing with a service ban* m 
the fullest sense of the word. 



IVALti * 


. ••1^ 

.« Horaaismi 


Gali al 






Head Office Aleksanlt-nnkaiu 1". Helsinki. F>n land 

r,hU- Hehbcnk - Telex : 1253b hbanV it - SwiU-addr^s KELs 1 1 HH 
can es, neiwi* H B ^ ^ A Li:xf , n ,bours 

\ ?i!iri;-^ci banks B<mque irjnsat: antique s. \.. i ..o> n,n t 


Thc growth in The country's 
tourism owes much r c the ex- 
pansion nf the national uirlme, 
Finnair. winch offers* compara- 
tively low fares on internal 
Hights. many of which are effec- 
tively subsidised by the airline's 
external routes. However. ;n 
the year ended March :il last 
thc airline carried a total of 
2.6m passengers, slightly less 
than in the previous year, 
largely because of a fall :n 
domestic traffic following a 
pilots* strike in thc early part 
of last year. 

The fleet, which ii to 1)0 ex- 
panded considerably over toe 

,\> r C 


y*. $ 

jfviswLA^.k'. \ t ;k . I j*y f r 

§ Pori • 3. TAfBPBE y'v c-v- ■'/■ {■ : jf f 7}-- 

, TUSKU*-** 

Uattfl ‘tag, 


Gull a ! f 3 1 « n i 




S7'£-±J ^ 



Financial Times Monday June 19 197Sf 





THE LATEST problems of 
■British Steel's works at Ll&n- 
wern and the' corporation's 
reliance on emergency imports 
again raise the question 
whether BSCTs giant plants 
were worth ' building:. The 
question is given added point 
by the current success of a 
small private mini-mil! operat 
ipg .across the fields from 

U ro w era. 

Once again BSC’s 3m-tonnes- 
a^ear works at Uanwera has 
oeen idle because a small num- 
ber of workers were in dis- 
pute. This time - the blast- 
furnacemea - were responsible 
for the stoppage which ended 
yesterday. Little more than a 
year ago the electricians baited 
die plant for several weeks. 

Each time British Steel loses 
the output of Llanwem, its 
biggest modern plant, it is com- 
pelled to splutter along like a 
motor car running on three 

During the ' current steel 
slump Llahwera ' has been 
heavily -loaded with orders at 
the. expense of other works for 
the good reason that, when 
operating, it makes the cheapest 
steel, - It is more efficient than 
other British Steel plants at 
turning out fiat-rolled products 
for: such markets as tinplate 
( for canning), hot rolled coil 
for_. engineering, and cold 
reduced sheet for motor car 

To extract the maximum 
possible. advantage from 
LlanwenTs low-cost steelmaking 
in these hard times British 
Steel has pushed the plant in 
recent weeks to a record rate of 
some 2.5m tonnes' a year actual 
output. The price of such a con- 
centration of effort has been 
that other older and less efficient 
steel plants have bad to be 
starved of orders, and parts of 
them temporarily closed or run 

The sudden strike at Llanwem 
threw the whole British Steel 
strategy into confusion. It was 
not technically possible to 
"rev up" production at other 
works to fill the gap. Neither 
the quantity of steel nor the 
Quality the customers demand 
could be provided at short 

British Steel's only solution 
to the problem was to satisfy Us 
customers by importing prime 
stell from Europe. Orders had 
to be placed in Holland. British 
Steel, which ranks third. among 
the world's top 20 steelmakers, 
must be the only major group 
forced to spend up to £4m a 
week on emergency steel im- 
ports: and this in the. midst of 
a grave international steel 
recession in which other pro- 
ducers are scrambling for the 
few orders available. . 


British Steel’s predicament 
has been ironic, even „ absurd. 
But it is not novel to the cor- 
poration. During the past five 
years British Steel has pursued 
the biggest steel investment 
programme in Europe. in order 
to build a series of 7 massive 
coastal works. Meanwhile, it 
has repeatedly run into diffi- 
culties in supplying : its cus- 
tomers. Sometimes the problem 
has been the misreading of 
surges in demand for steel. 
Sometimes technical - problems 
at the new nr still incomplete 
works have left the corporation 
short of steel. Sometimes — as 
at Llanwem — a small number 
of workers have been able to 
bring a great plant to a halt 
and rob the corporation 1 of up 
to 40,000 tonnes a week, of 
prime steel. 

The big British steelxhaldng 
complexes at Llanwern and 
Port Talbot, in South Wales: 
Ravenscraig in Scotland; and 

Teesside and Scunthorpe In the 
North of England, are clearly 
vulnerable to disruption. And 
the effects of loss of output at 
any one of them arc felt 
severely throughout the cor- 
poration. Is it possible then 
that in steelmaking small may 
be beautiful? 

The best place to study that 
question is at Llanwem itself. 
Recently Mr. Dick Eddy, one 
of the Llanwern steelworkers, 
wrote to Sir Charles Villiers, 
chairman of British Steel, He 
was questioning the whole con- 
cept of industrial cathedrals 
devoted to steelmaking. His 
letter read: “Across the fields 
from Llanwern the future of 
strip steel already emerges — 
the Alpha private steel mill 
which will produce 800,000 
tonnes per year on 500 men. 
Llanwern has problems doing 
that with 10.000 men. . . ." 

An embarrassing letter per- 
haps to the chairman pf a cor- 
poration which has gone beyond 
the point of no return in its 
investment in big works. But 
the Alpha works Is one of the 
new facts of life wilh which 
British Steel must contend. 
During the Llanwern stoppage 
Alpha was continuing to step 
up production as it runs in 
the new plant. 

The Alpha mill is the latest 
and biggest of a new breed of 
steel plant often called the mini- 
mill. From British Steel’s point 
of view it is certainly the most 
provocative. lit has been built 
in the very shadow of Llanwern 
and is quickly increasing pro- 
duction in an identical product 

Alphasteel, the operating com- 
pany. is financed through Swit- 
zerland with technical expertise 
provided by an agreement with 
the Greek steel company. 
Halyvourgiki. That somewhat 
unlikely combination for a 
South Wales steed development 

has built and brought into pro- 
duction in under three years 
a complete miniature steel 
works at a cost of below £10(hn. 
It is being manned mainly by 
ex-British Steel men. Some 
have taken BSC redundancy 
pay. Others have simply trans- 
ferred from other steel works 
in the area. 

This year Alphas! eel will 
make an estimated 200.000 to 
250,000 tonnes of hot-rolled mil. 
It may be able to improve upua 

prise grouping new to the area. 

At that level U i* hardly a 
major threat to British Steel. 
The Story will not end there, 
however. Alphasteel intends to 
raise output until ait four of its 

electric arc furnaces are being 
worked to a pattern which will 
give an output of up to tin 
tonnes of steel a year. The 
company, estimates it will need 
between 800 and 1.000 men for 
that. Then, when the market 
looks right, the company plans 

difficulty in obtaining scrap 
supplies and, in any case, it 
will have the whole of the 
Common Market to draw upon 
under the European Coal and 
Steel Community rules for free 
trading in scrap between tbe 

If Alphasteel does raise pro- 
duction to lm tonnes a year — 
which seems to be well within 
its technical capacity* — the basic 
concept of the mini-mill will 
became somewhat strained. 

6 With some 300 workers Alpha will be making about one-tenth 
as much steel as Llanwern with its 10,000 men . . . British 
Steel's production strategy is wedded to the concept of import- 
ing bulk supplies of ore and turning it into steel by large-scale 
production at lowest possible cost at big coastal works. It is 
now clear that such works are highly vulnerable. 9 

those targets <if the Llanwern 
strike has the effect of leavinj* 
a gap in the market for any 
length of time. There is only 
one union at the Alpha works. 
The management recognises 
only the Iron and Steel Trades 
Confederation. the general 

secretary of which is Mr. BilJ 
Sirs, the chairman of the TUC 
Steel Committee. 

At Llanwern British Steel has 
to deal with five main union 
bodies of which one l the 
National Craftsmen’s Co- 
ordinating Coimmttee) repre- 
sents 12 unions. 

With some 300 workers 
Alpha will be making about one- 
tenth as much steel as Llanwern 
with its 10.000 men. That must 
be accounted a remarkable 
achievement by a private emer- 

tu instal a cold rolling mill 
which will convert the hot- 
rolled coil product into the cold- 
reduced form uf steel needed 
by the motor industry. 

At that point tbe comparison 
between Llanwern and Alpha- 
steel will begin to look very 

interesting indeed. Go the one 
hand 10,000 nirn to make 2.5m 
tonus a year. On ihe other hand 
just 1.000 men to make lm 
tonnes a year 

Unlike Llanwern, Alphasteel 
does not import iron ore and 
process it in giant blast' 
furnaces. Instead Alpha relies 
upon supplies of steel scrap 
which are melted down. But 
is that an inherent weakness, 
as some steel experts have 
argued? The Alpha manage- 
ment says it h?>- not had any 

Originally the term mini-mill 
was coined to describe a cheap 
and cheerful system of steel- 
making suitable for mopping 
up steel scrap locally or for 
installing in developing 

Usually a mini-mill consists 
of electric arc furnaces to melt 
steel scrap; a continuous cast- 
ing plant to produce strands of 
steel from the molten slate 
rather like squeezing tooth- 
paste from a tube; and. finally, 
a rolling mill to turn tbe steel 
into bars, flat coils, rods, or 
whatever market the plant is 
designed to serve. 

Lately the mini-mill concept 
has become less easy to deter- 
mine. Various works have 
become bigger and more com- 
plex Than the original concept 

A recent Metal Bui lorin .confer- 
ence of experts tried to define 
the modern mini-miU. At the 
end of a hard day they had to 
admit that although the quarry 
had often been sighted, the 
hunters could not actually 
agree upon what they had 
seen . . . 

Credulity was first strained in 
Britain by the Shcerness Steel 
mini-mill. That plant was 
originally planned on the 
island of Sheppey on tbe 
Thames on a modest- scale to. 
use scrap steel from the 
London area. But now, under 
brisk Canadian management, it 
is making 500,000 tonnes a year, 
mostly for export. 

Thus, two so-called mini- 

mills— Alphasteel and Sbeerness 
Steel may eventually account 
for some 1.5m tonnes of 
Britain's steel output each year 
between them. They will by 
then be making about one-third 
of all the steel produced by 
the private steelmaking sector. 

Although the tonnages are 
still small when compared with 
British Steel's 17m tonnes a 
year they are nevertheless a 
significant proportion of total 
British output of steel. 

The British Steel Corporation 
production strategy is wedded 
to the concept of importing bulk 
supplies of cheap foreign iron 
ore and turning it into steel by 
large-scale production at lowest 
possible cost at big coastal 
works. It is now clear — 
LJanwem's problems have again 
made the point — that such 
works are highly vulnerable to 
technical problems, to long 
construction times, and to 
labour disruptions. .It is also 
clear that those weaknesses 
were not taken into account 
sufficiently when the strategy 
was being developed in the 
early 1970s. 

Instead of watching the mini- 
mills steal its clothes is there 
anything British Steel can do? 
One interesting possibility is 
for the corporation to use its 
present period of retrenchment 
upon investment to consider 
the future of Us own electric 
arc furnaces. The corporation 
has 33 of them. Perhaps future 
investment policy might be 
modified to use. some of those 
furnaces as the centre-pieces of 
some British Steel mini-mills. 
The argument against is a 
strong one. British Steel already 
has too much steelmaking 
capacity and as the big coastal 
works are finished it will have 
even more. The unions would 
hare to be persuaded to accept 
new manning practices. 


Nevertheless there may be 
ways in which British Steel can 
turn the mini-miU concept to 
good use in time to catch the 
expected upturn in steel 
demand in the early 19S0s. 
Control of some mini-mill-type 
production would enable the 
corporation to be more flexible 
and a lot less vulnerable to 
disruption at its big works. 

British Steel could do worse 
than begin its studies at Shel- 
ton, Stoke-on-Trent, where con- 
ventional iron and steelmaking 
is to be closed at the end of 
this month. The employees still 
believe the works could be con- 
tinued as a complete unit if an 
electric arc furnace were to be 
installed to serve the modem 
steel rolling mill . Such spend- 
ing could not be justified at 
present. But Britisb Steel 
might be glad to have some 
works of that size — whether 
they are known as mini-mills or 
by any other name — in time for 
the 1980s steel boom. 

Letters to the Editor 

fyf fnv but goes beyond the conventional the Department of Education and plies of energy figures promi- 

AvLlCVl IdA sandwich content and links the Science with improving educa- neatly in the Kremlin s lota! 

• _ . business teaching to the flhal in- tion for engineers does appear to strategy, and in ihi* regard Ihe 

' TP fill Pf Hill dustrial period). Today we we ignore tbe very great benefits utilisation of nuclear energy has 

A vuuvut/u publishing the results from the 3nd improvements that have high priority. Over the next few 

From Mr T. H Russell fourth successive final examina- come from the introduction of years scores uf new nuclear 

c . ir«- r D'on and it is notable how [good the “thin v sandwich course power stations will l.e i*rdered. 

air, r or me me oi me 1 the enriched stream performance being offered in many of the featuring reactor units uf 1.500. 

. cannot see the reason why ^ ln com p ari5on with other, universities. - 2.000 and 2.400 MW of electrical 

Samuel Bnttan (June lo> should, parallel streams. I have been The Dowty Group has been a capacity. These ambitious olans 
continue to advocate decrease in able t0 monitor c i 0S elv the per^ keen Proponent of the thin sand- indicate clearly thar alihauch the 
- personal taxation as the key to f orma nce in Industry of ?bto wlcb c&urse since its imiepuon Soviet Union is taking major 
improving domestic economic ear jj er graduates from this a0< * w * speak with first hand steps to utilise -its vast nil. gas. 
well-being. scheme and they show" aS knowledge of tbe. excellence of C oal and hydro resource.-: the 

Does he., not. realise- that 0 b V ious ability to cross benm^* astern. use of nuclear power is «*en 

decreased personal 1 taxation Varies which constrain more A>n- ‘ Tk e must be careful being vita! in providing l-w-cost 

results m increased personal dis- ventionally trained enria’eers the y they do not (even by ucci- electricity and. beat. 

Posable income that can be spent ^eir work performance, An the dent) handicap the excellent Al one time this country led 
• either home or -overseas eyes Qf ^ jadi*trial manners work ? me by many universities, the world in nuclear power pro- 

^ . -manufactured consumer goods concerned, has been outstanding. including Professor Hanson s. ductioo. and although we still 
■■ with the resultant impetus to 0n e can see little argument for “ r0WQla 8- enjoy “first division " status in 

either home or overseas capital a further vear of study except it Lbeitenftam. terms of units generated, during 

goods manufacture and invest- be for a higher degree. the next decade we will face 

meat? With rp .Jnt. c t IO design it is relegation unless there Is a r:»di- 

..pyer the past . few months b . r Prof. S French ti r • 1 cal change in policy Nogovern- 

with -the increase in sterling ex- . f hv Michael Dixon June PrOTPSSlOIial meat can affDrd u ' P !a >' down ,he 

• change rate, imports have be- ^ ta{ k s* bout^he'shorti . T0 .e of nuclear P«w, r In this 

come less expensive In this coun- = Drf >fessors refers to country we need a major con- 

try (both consumer and capital g ^ P £is own field of dlTCCtOrS mitment to nuclear power in 

goods) to the benefit of overseas L far*; chemical , order 10 SU5tain - im- 

countries — competitors of UK in- SelS are^on?wne£ dwfgn Director-General, prove, living standards. Without 

dustry. • ^ f s S taken serio!Sly at udder- institute of Directors. such comm.tment nvr compel 

' The Chancellor of the Ex- ” j WO uld be Slr^In answer to the question ttve position internationally win 
. chequer would be much better lQ ein pi 0 y at least one- P<*e d by BIr. Clifford Jackson continue to decline as other 

advised to decrease corporation . th J ea ^ s of c he m j C al fJune 5), the Institute of Direc- Western and the fcastern-hloc 

. tax (particularly .on industrial “Sneering departments in the tors is actively considering pro- countries benefit from cheaper 
companies). while maintaining a fSf if ^professional designers. P<«als for a qualification for supplies of elecmcal energy. 

. Tiaut on dividend payments so _ wou i d no good at design- dirertw*. The preseni yowruDieni 

that industry can either increase . ai ectr i C shavers but first-rate But there is an- Important believes it on a * slow but sure 
investment and or decrease rela- vj® DmD , ete process plants, caveat, which Mr. Jackson path" in buildiny-up our nuclear 
tive prices while increasing em- . a f verv B £od reiationsbip appfears to have overlooked. That power bube. it tviiamli i* a 

ployment and disposable^ ■beSreta process user industries, i* that the effectiveness of a slow but for from being sure. 
Incomes through increased l contractors, computer soft- director m hts two primary roles. The recent commitment tu new 
volume sales in home and ex- J™ providers, and university that of corporate businessman nuclear power stations is paltry 
nrirt markets Wo haue hart two corporate leader, is not as compared to tin? commitment* 

Decreased personal taxation is Conferences D n design capable of academic examination, being made by the Soviet Union, 

far too arbitrary in impact to be rec “ ntj y /197& ig77) and there That is not to say that it is a. East Germany 
a meaningful solution to UK in- "K. ^j 0j her in September, not possible to test a director and Poland. The Eastern-bloc 
' duty's investment problems Jfll over the wide range of other plan to have an installed nuclear 

whereas decreased corporation ia ir rennrr it sklHs" he needs to support him generating capacity of around 

as aasss 

•: UK employees - 

' ^ a srsja-d. ssaBrsusrs5 , -» 

EppersUme, ISiotts. upon what you are engtneering. ^ legislation, of how an exist over the lifetime expecta- 

, r* It is notable that the ^ markets work, tion of the AGRs. Thus, by the 

; - • • level of L h l££ These, dearly, one can test. early 1990s we will be fortunate 

Poqt of a cef!S indu , s ^ ie ! of With this in mind, the Insti- to match the Czech capacity. 

V'UM- . 1 <^ Is * etc "\ JS Jhf ^forming and tote is considering a modular At the end of this century the 

/»oIl M Broadlv this coiuise in which candidates can Soviet camp will have a huge 

1 - ■*-- pnone C3X1 assembly industti w i*h the study and be examined nuclear power genera Einu cupa- 

- „ - . _ ... is not u nconnec te □ ... separately on these different sub- c it v and this, togciher with their 

From fhe mreCtorofPuolic higher t * u 1 a,1 ^ l 4l ? r tT ,- due . jects; We shall not 'be attempt- major plans Jar combined heat 

Relations, the. Post Office people employed in me p, ing td guarantee the skill of a nd power will provide these 

W. Browning. enjoy “ first ditision ” status in 

1 elteruiam. terms of units generaied. during 

the next decade we will face 

relegation unless there is a rndi- 
» . ■, cal change in policy. Nogovern- 

™ ent afford tn play down ihe 
i iuicmuuai * r0)e of nuc ^ ar puVW> In thl , 

country we need a major cor;i- 
airetiurs mitment to nuclear power in 

. • _ order to sustain, let alone im- 

■om the Director-General , prove, livin? standards. Without 

stitute of Directors. such commitment nor competi- 

Slr, — I d answer to the question live position internationally wi!> 

fixations other than secretarial, 
ynu '.-an imagine the solar:, level 
and eonsequeni airu^-glc tu pay- 
all the bills. Rising mortgage 
interest rates, the extortionate 
cost of gas and electricity — in say 
nothing of ihe cost of food, 
chuhin? and about every- 

thing else needed in order 10 
exist, are pmuiein enough with 
the present income tax structure, 
but ihe abomination of the rating 
system is ju-i about the last 
straw. Then tii-iv is the delight- 
fully worded iteru “value added 
tax." Just what does that mean? 

uf course all the facilities we- 
en joy have to be paid for. but 
every working person should pay 
one lax in some form to cover 
their share of all these things. Ar 
pre-son r wo are taxed, taxed and 
taxed again cn what appear to be 
the same items. ! feel the one 
tax should cnver everything and, 
hopefully. If the system wav 
worked >:>u: properly ‘in the first 
place (haven’t we any geniuses in 
in this coun’ryV), we should all 
be able to keep more of our 

An imimstiljle dream? 1 don’t 
think so. 

J. M. Copel.iri.l. 

Mcirlni r h’.oOK. 

Send M nr i'n Road. 

Ripley. :>ui ‘ .;u. 1 


Liberia 11 Board <if Inquiry on 
Amoco Cadiz disaster hears testi- 
mony of the vessel s master. 
Captain Pasquale Bardari. 

EEC Finance Ministers meet, 

Three-day Ministerial meeting 
or EEC Agriculture and Fisheries 
opens, Luxembourg. 

European fibre producers in 
talk-.- with unions and Viscount 
Davignon. European Industry 
Cum mi ssi oner, pending signing of 
agreement to restrict increases in 
car-icty to meet the sector's crisis. 

Second day of talks in Wash- 
ington between trade negotiators 

Today’s Events 

for U.S., EEC. Japan and . Canada 
to discuss outstanding issues in 
Tokyo Round of multilateral trade 

Mr. Albert Booth. Employment 
Secretary, addresses International 
Labour Conference. Geneva. 

Confederation or Health Ser- 
vice Employees conference opens, 

National Graphical Association 
conference opens, Isle of Man. 
House of Commons: Debate of 
Royal Navy. 

Hou^e of Lords: Debates on the 
need Tor enterprise and innova- 
tion to stimulate industrial growth 
and on report of Select Commit- 
tee on Hare Coureine Bill. 

B;isic rares of wages and normal 
weekly hours (May). Monthly 
index of average earnings (April). 
Cyclical indicators for the UK 
economy (May). 

Dawson International (full 

See Pace 1ft. 

Epperstone, Notts. 

Cost of a 
phone call 

From the Director of Public 
Relations, the. Post Office 

ci r— Ynnr u Sooety’5 Today " tion area. • .. . th _ directors as entrepreneurs or as countries with an enormous 

JLr / tv saw an illumi- My studies snow u* x _ c leaders. We shall be setting out advantaec over us unless we 

tenort (June T) gave an illumi- My stucues ““7 ‘ , „ leaders. We shall be setting out advantage over us unless we 

natine insieht into the national activity^ of d^i^n is less com pie toeasure that those who sue- m0 ve fast in the same direction. 

consumer - durables., than tbe activity bMy to oe ces8 f ji]lj rom p lete the course we D k streeton 

^is^doubly unfortanate that faced propose will be able to offer^a £q er J^^ et ° n ' 

Tt i c doublv unfortanate that faced in the P rc,Q “, ^ vn- pood propose will be able to offer a 
y^n should have used the item a modern process plant For g guarantee that they possess the 
'SJJSSteffii myth of ever- performance in “S secondary, transferable skills 

iacrM&i«telephone charges- . demands on tech . that a competent director needs. 

hare not-been in- teffhnlcarpeople ' “3 Bowever. I neither expect oor _ 

creasedSSe 1975 and we have nical, j n SCODe xSan wHh.40 see the day arrive when Tlip nifiPi 0, 

gfbfflr^ed w,tt broade^scopo ttan busman is rdllRg 

nnhlielv pieagea u«vu»io --- w have on -enecuve uusiuc»uiau ia a 

he no inCT^es at least until Is required .for donga ■ we shave ^b,^ {rom on a .. 

recordyof. price :been aWe ta dew^ me^ods of of dirertDPB f?r i ack of abOKilliatlOn 

srabititr which na major^ ^ indus- foilowing- performance °r a forma3 quallfieation . The 

try can beat In «ai terms tiie graduates in dwiff ‘ withm com pifmary qualities of business From Mrs. J. M. Copeland 
Stter vitae for leoderstap cannot Sir ._! hase never wrill 

money than it. has ever been, a mg of graduates in prou he tested in the examination hall. « Ietter t0 th e editor" of 

written a 
” of any 

major factor, 11)6 st ¥, th^verfwelcome debate on 0Dly te5ted ^ 1110 publication, although tempted to 

• • • rSPOrted - refr^h. 

J*eter;H- Young-^ . ^ 
23,. Bowldnd Street, Wi. 

j - , j • • • •• ties; moauorea 

Education in 

From Mr. 5. A. -Gregory- The Uniyersity of Aston 

; Sri^Tefore entering um- .military capability makes the 

: No iinprovement 

Ba^strnng i ta i v . 

'|sS25&rSS needed - 

'Of various reeeni . rmuA 1 

Star. M Cn*P_ 

be refresh- ““225S 1 ***- waoy times. Bein? a member of 

trated more ^Woroth. the great mass of lethargic public 

- studies of Pott Moil. SW2. 1 have felt, like them, unable to 

rit> D nrtivi- - compete with those who seem 

ormance in *■ . well able to express themselves 

wishes of ' • . a °d put forward their views io a 

; B , ness Nuclear power However, regarding Messrs 

■nJneprme "• Coker and Campion, who have 

. nnnntlPK been speaking up on tbe vexed 

ston m J^fllUilUCd question of Lhe rating system in 

. From Mr. Derrick Streeton this country', I feel l must do 

P wm ~ ^ nf QnniKt something even if it is only 

m wS rJ 1 ^ 7 ftv P m akes the writiD S to you to say l am one 
capwii ty 0 f The mass of the people who 

ement t « ^ m ™ «, 

fhSt C iSi rtJSSine the outcome tbw general feeling across the 
Personnel * ^“pSfS East-West headlines and pneourase a great 
^ many more people to speak up. 

engineering It-wouiflM reman- JaD Hildreth- 
.«,*££* mmuM - sm - 

industry, abd the wishes of • _ 

rtsssi-s- Nuclear p 0 " 1 


Birmingham. . From Mr. Derrick Streeton 


many more people to speak up. 
Look what happened in tile U.S. 

Jjeen. a rouTse Pro lessor — .superiority. 

(“is* ^^preoccupation o^ecure, diverse and hheap sup- mother. Having no special quab- 

- ■ 

Lloyd infsmafieH 

Europe’s largest car care group 

- ■ > 



r *; e-t,’ 1 ' * 

>■ - 

■Who carries 
the can? 

From Mr. . R. J. Lee. 

Su\ — ’A’ri:iv \ agree with ?.ir. 
Cole • J un; 1 !4i that our socir-iy 
as a tvlioie ia .-"ick. it seems to me 
that hi.-, ir’uC-r bears oul Mr. 
Wehh-Buwvn’-. general thesis 
tJune 9). If everybody joins the 
conspiracy fvr mutual ineiii- 
ciency, hnv i« our society gcun? 
to recover" It’henever employees 
say tn me " there is notbine 1 
can do nbnui it." I annoyed 
and reply " at least you *.-an put 
me in touch with your manager 
nr direct"- v.-’vi might have more 
initiative.” The buck must slop 
somewhere. and in nnn- 
naiiorrali-e*- "idustries which arc 
not fubsej" i-.-nl to the National 
Enterprisv rd, it stops at Lhe 
board "f d'P-vturs. 

If dire.' < •-, do not accej l 
respnnsihiii;;- for eii.inv;na 
thins:.-: and tu -king progress, iher 
as a count r;- "'"c really have hart 
it. To pro- i-ic drive, leadership 
and make th n painful economic 
arijusTmcnts required, must not 
be ca«tit , at ,v? as racking the 
boat hut regarded as the essen- 
tial function of directors. This 
is the main lesson that worker 
d'n-efors wu! have to learn be- 
fore they cen heenme effective. 

Nn loee ; <n authority than 
Peter DrmfctT considers that 

even part-time executive rtulivs 
distiuuiific.s directors from cfi.^- 
chsrrinq their responsibilities 
relatins to their monitoring of 
company performance because 
they are heins asked to judep 
them?elves. He goes on f n sav 
that many t ip managers are con- 
tent to see the board become a 
lecal fiction and would he quite 
willing tu sec the board disap- 
pear altogether. He then com- 
ment? that (‘here a hoard is 
completely nn “ inside** hoard, 
the board ;*s such has disap- 

Tn cnin a phrase, even a tor- 
toise only ir.a l 'e*s progress when 
it stirkc it? neck nut. sn hnw dne-; 
Mr. Cole deal ’*’ith ideas wh>ch 
are so new tint they haw not 
yet n«rn shown r 0 work? 
hnrfy hn^ fn b- first hut nri t 
implh’? Mr - r .n!n. Mr. Wchh- 
Rfuvcn will b?--e to show mr 
lb?t it work* before I become 

O. R. .T. Lee. 

C.r.:::7o. 5. IVast Side Common 


' ^ ^ 'fy* 





- Short term objedives of the Holt - Lloyd merger have been achieved. 
Over two years earnings have doubled from a sales increase of 73“o. 

The long-term advantages from the creation of a strong international 
marketing organisation are ahead. 

Our aggressive expansion policy continues. Sales and profits in the first 
quarter are as anticipated. Although it would be unrealistic to count on the 
same rate of improvement as in the past two years, our targets are for 
above-average growth and we expect to achieve them. 

TOM HEYWQOD, Chairman. 







12.39m 14.08m 17.00m 22.32m 29.40m 


1.16m 1.19m 1.50m 2.14m 2.95m 


5.31p 5.52p 7.08p 10.17p 14.12p 

Copies of the Report oncf Accounts are avai/ab/e from the Secretary. 

Holt Lloyd Inf emotional Limited, Lloyds House, AldeHey Road, Wilmshw, Cheshire SK9 1QT. 



EMAP to enlarge magazine operations 


The fnllowlnx com wmlcs have notified FUTURE DATES 


Jill? 25 
Jniw 23 

Jblu- 22 

IN ADDITION to forecasting a 
further increase in profits in the 
current year Mr. Frank Rogers. 

chairman of East Midland Allied --- „ — ~~ — , _ 

Vrt*< aim annrtUV'es Diana fr.r 4a,WJ of ****. m «dm:s to the Stock li>wn»nv- 
Fres» also plans r such usually Na:iuu;<i i- 

the future expansion ot tne aoM ' ar the purpose of considering -vs international 
business. dividend*- Official Indications arc not \>ns sum- 

Ho rsnflrit Fhak 1«i7R-7fl hac avsilahl'* whether dividends concerned FinalB- 
He reports that lyi^.a nas fe IDI(?rulI1 or BwJ lbc sub- Austin «E. 

sfaricrl Vitil ftnd advfcftislns ,ii% i^inns shown below an* based naaioJy A vans 

revenue is expected to he *it last rear's timetable. Brafcr Le«ii*> 

**>»»■ otbliSt l.TM-J- ». «SI. Great Norton. S^STnUm! Troa,... Jono = 

The group s national publications laMmeai -mist ii^mbmii ... Juir 7 

continue to lead the Jieid In F| M Jr— AJJiwJ PJjin/. Chamberlain Imperial COPHnenui Cns assol... JuncJV 
motor cycling and gardening: the piiipn-c. Dawson JniernaUooaJ, LUleshaB. IjndM aM LivtdooI Trust .. .June 22 

two evenings and many of the T-ondoO Sumatra Plantations. Peibnw MlKheU s-nmrs July 13 

properties, less pr 
others during ihe year. 

The group manufactures and 
sells dress, furni-'hins and 
upholstery fabrics and curtains. 

•London) - JllliftE* 

June 21 

June ?9 
Jpnt 39 

weeklies are also showing healthy g™ "J Marnn - J - *■ *“■« Fu,u,iM " 

circuiatie— gains. ^ — . 

A major marketing effort has 

been launched to sell additional the choinnan w confident that Colmrc rlcac 

co parity at Kettering and the decision to expand the con- OCSVCS 2» 

Peterborough. The chairman n'X- tricl printing capacity with 

. ... Jl)nr JO 
June 2d 

plans more 

pects that the heavy expenditure modern equipment was the right 
on plant and advanced technology one and that the company will 
will begin to pay off d urine the again contribute to group profit 
venr and thr:t rhe return on later this year, 
capital employed in the printing Looking at the provincial news- 
orwr.Tions will progressively paper division the chairman 
improve over the next two yenrs. repnris that sale* of the Ketter- 

37% to peak 

A .17 per cent rise in pre-tax 

AN AGGRESSIVE expansion 
policy, both in the UK and over- 
seas. is being continued *>' 1,0,1 
Lloyd International, says Mr. Tom 
Heywood. the chairman, in bis 
annual statement. 

A strong groyn balance she^t 
and the resources and facilities 
available to the company will 

enable the directors to support 

record this policy in the future, he adds. 

. told tha* sales and 
first quarter of the 
are in line with 

expansion. Tn addition to filling 
the additional oroductive 
capacity at Kettering and 
Woosron it is planned to exnand 
fhe magarine and retail side of 
the business. 

and anticipate a ^sitive rontribu- «« up 30 per cent at £5.42m. 

lion tn group profit from this At halfway, when announcing A? re pcrted on May 1-. pre-tax 

company in the currenr year. profits of £ 133,500 iniS.fiOO). the profits jumned 373 per cent, to 

Revenue from the relaunch of directors forecast an increase in * heak £2.9jtn for the year to 

the Peterborough Advertiser as a the full-year result. February -5. 1978, on sales or 

free newspaper far exceeded All UK operations of the com- £ZS -‘* m (£22 3m). 

Th'e^wroiMi is also seeking oppnr- expectations. Sales of the evening pany continued to achieve profit On a CCA basis, tavihle profit 
tnn'fres to acquire further mra- paper continue to increase and growth, but the New Zealand is reduced to 12.48m. aficr £0.47m 
Tintifl nnil n«w a-renries and the are currently showing a 4.4 per subsidiary made a small loss cost of sales adjustment. £0-23m 
?n ronort furth e r cent ri.e on last year /. which was. in part due to JjJdWontU depreciation, less a 
on this during the year. As. reported the dividend is currency fluctuations, they now £fl.22m gearing factor. 

Rnrlv tost month the groijn ‘increased from 2.8fip to 3.63p for say. Mr. Haywood points out that 

aeny/r-yf Gn»c n Lane T rzref f Air 1H77-7S. In addition a scrip issue . Targets for further profit although it would he unrealistic 
and” Shinning), a Le ice«ter. based in "A" ordinary shares on a three- improvement have been set for to expect the same rote »f growth 

ADDED » «*» 

and borrowing facilities ayaiia 

and. borrowing *^z 1 PJf? a , ir wi a ed -make :furth^.,l?rogt^:waii^-= 


**•* ■ **- -*» .3® i¥&jesc±ss££r 

vl-ILJ**... Sat the year to- la^ reyenne ^ .freehold: 

1878, when taxable, property. ; • 

• points out 
- January 31, 

33SEWt 1 « lucent tqggu- 

. and- sales ^clyed 

atheXr pMMttaHr 
tafibis. ' '■ = ■»£ 

-Ycii 7 _\ ohowed that the com- - . Mesitag; Be,-' 

'.^SE^iSSwS by^^ ; 


'I TZ,t acceMatioB , j 

. ■.Tbc bdance sfieet reflectf;t^9. . . .^. 

■£gi & f ISr S at Milbury 


earning, - - - 

arising from ifoe .reletee Qf de- , p 0 r the year-- 

f erred tax r^ 1 ^. . 

■Svith the conversion^ , 
l-if the outstanding £750,OOO T^p«r ^ rQm tp £8^1^93. • Ti^ 

:cent loan- stock. -Thw nwe for' the. -penoct-' rose frim: 
-broadened the base ot the&mr. 

pany from fl.<n to- £3aj 3 At. : halfway '; profits--, mnafe^- 

“ "* " WWVtlW-'iinW -thii tKiwLi' 


• 1RUIJ **•'“• — H , ■■ ni uauirnj- iwutiulHr 

. terms of net tangible static af ; £2E7,TO?^ahd^tte"&^ 

available carfa resources ormblw .ftey waoxpbfldco^* &«■! 

The directors not ‘the- -year’s rpSiilt^ would be saHs^ : 

Unk Electronics an, .Am *; t* 1 ® ftetSv 

year, for £550.00Q_ cash.^ but ^also- Affc ^- ^ ;0f f4i,464. f£28^j- v 

•• •” — * . I rUHfUUl UCiMMtU U1**UCUU iS'Jjn 

outside finance, Mr. Boardman Jor a 4>g p (2,s227p>. total A o^ 

Mr. J. Palmer, chairman of J. H. Fenner and Co. 

1977-7$ interim results are expected today. - 


By May 26. ISiS. group book ior^no , scrip btobtoto 

travel pgent. 

In the yenr ended April t. I^TS. 
er/'iin i-- Max profile pvmnfl*»rt 
from . c l.07m to fl.PPm. Pr>o»ing 
and nuh!' ,,,, ing rnni-'buted £1.9lm 
and retailing £213,779. 

The chairman explains that 
th r » rre' , tly iron roved resiilr cane 
from the news nnper. mignrine 
anrl rc*nM divisions and from a 
In«v«r i-’terpsr chnrge on borrow- 
ings. The contract nrint division 
had to meet substantia! nbnn°d 
non-r.?riirrinT costs relating to 
the In linn of the new press 
a pr* tpi« n>ci t |tn>i in a small loss. 

itfr. Rogers points out that this 
TP’rinr prelect on th»> contract 
nr'nting sid^ v.dl! result in a te*p- 
nomry downturn in nrofit i«v*is 
until nil work has been tron«- 
feroed to the n # *v pn?s« and the 
substantial evtra a mount of 
cpn*i»;fv available ran be filled. 

for- four basis is proposed. 

Year-end liquidity showed an 
increase of £517,fii)0--ca'sli was up 
from £8.")D5 to £204,38-S and the 
£321.212 overdraft, last time, was 

the current year and resulLs for a«s in the past two years the 

(he first two months are in line business is moving forward 

with these targets, the directors according to plun. and budgeting 

add. for above-average growl h. 

Earnings are given as 3S9p o n the UK automotive side, a 
(adjusted 3.1Sp) per lOp share, substantial advance in Profits was fibre agreement and 

while a final dividend of O.S21p achieved resulting from the con- spending increases in 

Highams expects further 
profit growth this year .. 

PROVIDING textile Imports are over the Kamella factories; 
curbed as a result of a multi- Bridlington, Yorkshire, "-yafmi 
consumer Accrington. ; -;• •'•: .A ' ■ 

the latter Alee ling. Accrington, Jiily 12, 

FT Share 



lifts the total payment from l.lp tinuing dominant of nw- group's half of 1978. Highams will again at 12.30 pm. 
to 1.514p net, costing JE85.SS6 c^^bli^hed hronds u ifh nmit do well and expand profits in the 

t pen "TOR 1 i i •_ * t _ to . Ltofc AiMiint «*oo to Tift * U r i11iAm tliahnm 

ACE makes 


By May zo. «*»- noffiiL 

overdrafts had risen to £302,990. 

:. compared with the 1977-73 year - ; • . 

V Debt provision 

' me capital at January 31 -a«£itp.* . Lr*4«’ 

; SssSoo (£183.431) and future lUfS . Y ICtOfla L- 

capital expenditure amounted to . . • 

£113,159 (£28,037) of which £23,500 Y? 

'*• (£10810) had been authorised V-' 

' "but not contracted. ,.. . AfKr deducting a specific 

1- Meeting. Manchester, on July provision for Bond Worth Group 
ta 7 at noon. 1 - ? - debt, taxable profits cf Ylctorla 

Carpets Holdings • . fell ~ from 

^ , _ vw ' ■■'* ' £247577 to ‘£126 J98 . in the year to^" 

Berkeler rrop. ^ i. wts. the-mterim 

(£fi0.726). nroducts increasing their market current year, Mr. William Higham, 

In accordance with ED 19. tax share the chairman, forecasts, 

takes £101^77 (restated £4H.ssni 
and in line with this change of 

The following securities bave 
been added to the Share Informa- 
tion Service appearing in the 
Financial Times: — 

Bunihno Creek Gold Mines 
N.L. (Section: Overseas— Austra- 
lia i. Central Pacific Minerals 
N.L. (Section: Mines Australian). 

AUiviu-ih the new equipment Southern Pacific Petroleum NJL rision for the 
has experienced teething troubles ( Seciiun: Mines Australian). proposed sale of 

accounting policy. £150.322 has 
been released to retries at 
March 31. 1977 our nf the deferred 
tax account of £34.1 .406. 

Attributable profits rose from 
£171 .249 to £191.738. after a 
minority loss ot £5.845 (£9.515 
profit) and an extraordinary debit 
this time of £29.072 representing 
the cost of reorganising London 
properties and comprising a pro- 
los* on the 
certain group 

The company has now reached As pre-tax profit for the year 
the «tage where more emphasis to April 1, 197S. was up 26.3 per 
esn he given to nc*.v products, a cent to £J.ll5m (£922,0/ / ) on sales 
vital area if it is tn maintain up at £24.78m l£20.54m>. The net 
growth, rays the chairman. In dividend is raised to 3.0iip 
April, this year, the rnmpanv i2.75p). 

launched three new products, with Mr. Higham says that in spite 
firo of these taking the comnany of increased stocks to sustain the 
into a wider area or household higher turnover, and capital 
do-it-yourself for the firu time, spending of more than £500.000. 

Th* feed division reported bank overdrafts had decreased at 
profits up 22 per cent to £98.000 year-end by £261,000. 
on sale? 38 per cen: higher at The net inflow on trading rose 

first half 

&JX. a 1XX.IX.J 1 v r* stage a downturn :frdzn. a Jhroftt of^r |l 
vnnnVArv £27,327' & .a- Jbss. of 

recovery lO - - - reported-after fliat provision:' , 

* ■ • -' .•••' 7t> W!|mAi 4k»'«..l 


i. n .2!m. ••••i f h both Kji-crt and fn>m £483,000 to £625.000. the net 

nterim Statement 

Group Profit for 24 weeks to 11th March, 1978 


Notes 3978 

TURNOVER - 263.8 







Confectionery - ... 

General Trading 


PljNtiixumi Muicriuls Handling. . 

Interest charges 

Investment income 

Share of profits of associated companies . — 

Tuxaiion _... 

Minority interests — 

Extraordinary items 




ID. 3 

12 .$ 

— 0.2 





















2 .S 




















Art interim dividend of2.<*}Mp pcr25p 'lock unit Jtas been declared which together with the 
associated tux credit at 34% 134%) is equivalent to 3.10 :3p |3.()0'j7p) per 25p slock unit, 
an increase of I0y o compared with lust year. The interim dividend will be paid on I lih 
August, 1978. 


]. (a) Trading profit is after charging depreciation or 

(b) The following table shows the trading prolit of 
holding and subsidiary companies resident in 
each territory : — 

3. (a) Taxation includes full provision for deferred 
taxation jnJ i> analysed in (he following 
table: — 







United Kingdom 
(including exports) 
Republic of Ireland 
(including exports 
to U.K. and 






Holding and subsidiary companies 





Taxation arising in- 

United Kingdom 

Republic of Ireland 














Associated companies - :,hanr of 






5.6 6.B 

H.9 1.3 

(e) The decrease of £0,3m in overseas trading profit 
is after faking account of a li)» of OWm « hieh 
is attributable to the conversion of the 1978 
profit at exchange rales which were less 
favourable than those used in convening iJie 
1977 profit. 

The Plastics and Materials Handling figure for 
1978 includes the trading profit of £0.9m of White 
Child and Bcncy Limited, but the 1 ‘>?7 com- 
parative docs not include that companj's fading 
profit of £0.Sm as it only became a subsidiary on 
J4lll February, 1977. 

62? S.l 

(b) U.K. Corporation tax has been provided at 
' thcratcor5:“;(52:j. 

4. The comparative figure for 1977 Includes revenue 
expenditure of £0.7m arising m conn eel ion with 
the re-organisation of ihc Dublin Brewery, the 
formal live jear development plan of which was 
completed in that year. 

Although the profits of the first half of [97 s now reported are down on those of the first half of our 1977 year 
ii is inv \ few that the second half of 1978 will sh««w substantial impr»n L -meni oxer the second half of last year. 

1 he improvement should be widely based with increase- forecast in the (rading profit of the Hivwing. General 
Trading .md Plasiie-> and Materials Handling ili\i-inn>. as well as in our share of (he pniiils of asrociatcd 
t« , mpanics. The improved is peel J I ions in our General Trading <Ji; nill he partly due jo i«ur dceivjun in 
change ilic jear ends of a number of companies in this group from March 3 1st m dales much closer to the 
Ih-lding Company's. \ear end. This has been done to facilitate lhe control and management of the Group and 
also to provide a more up-to-.!jlc consolidation of the Group’s act is Hies. 

1 ookine at the scar as a whole vse noss evpeei that bressing r rents ■•'■ill be lower than those of 1977. but (Ii.ii 
this shorn a 1 1 will be more than rnasle up h\ improsements in i lie non-brewing companies. I I he re fort- can repeat 
the belief I expressed UI the Annual General Meeting in February, iha: total Group profits for 1978 should be 
modcjllv in excess of those tor 1977. 

R. A. McNElLE 
Joint Chairman. 


PiH-rr products cun tin nine to sell otpHnsr on flnancinu droppe»1 from exceedingly promising esnedallv LS40.WW in 1977. 

Si.sll f 40 1 (WVl i.« poet nnfl Wnn.-nn.ia . ■ . ^ . to _ _ _ . Y f 1 c-id ai^Viln 

. _ _ . As Tb*ec»& 'at midway the 1 final 
; ..'dfvrdend Is- 'field.: at HJffOlp npl 
. , „ inafcjng. au' unchanged total 

As non-revenue - proauemgr l.407Bp. J - •-¥. 

assets are eliminated ' and the 7 ■. . -1977-78 ‘ ms.7r 

proceeds more profitably de-. - ' 

ployed the recovery by Berkeley : 

For the 28 weeks to Aprfi.15, Hambro Property Cxtmpmy tiw'iS ' - 

lf)78, turnover of AjCE. should continue, says Mr. J. O.. prom beta* tn _.... . 22&JW 

Machinery (Holdings), coiismic- Hambro. the chairman. ' ’ X 

lion equipment manufacturer. Mainly reflecting-'- reduced ^5®?^ md}| >■- *■•*£-* 

improved from £ljm to:£l.Bm interest on overseas bojTowliigB-^^D ^- m iSS' n&Zi 

and pre-tax profits rose! from and an increase in UK rental Final - ■ cam ».r» FIJI 

£97.000 to £103,000. income net taxed profit*. "V* tourtm — nn aw 

The directors say the .future Is recovered from £335,000 

well. £434.000 to C3R4.O0O. The decrease 

Export and oversw business ' n net bank ovedraft rose from 
continued to grow!ily with 149.000 ro JE2M.000 and working 
a U'J.4 per cent advance in sales capital stood at £3-')o.00Ci_ at year- 
io IS .Um. Trading pi-ilis were end compared with £855.000. 
up from £488.000 i« £731.1500 On household textiles he 
ileswitu ihe £180.901) •-•••-ts of the reports improved profitability lor 

in the industrial field and^ there 
is considerable interest being 
shown both home and overseas. 

Orders on the construction .side 
are running at approximately 20 

Considerable progress wag 
made during the year in reduc- 
ing the group’s indebtedness by 
the sale of properties particu- 
larly those overseas. This has 


-♦A^Ftdal . Ml U,'._ 

TPxorcrtoit for 'Bo&d Worth’ Cranp debt. 
Qjarge. . — - 

American programme. 

Brunner Inv. 
earnings up 

the blanket division, continued 
improvement in furnishing, and 
a further increase in the sheet- 
ing division. 

In the spinning division, the 
Tcwnheud Mill at Rochdale suf- 
fered because of imports and has 
had a struggle to keep production 
With total gross revenue up going throush lack of sales. New 
rront £4«B.b.lG t.% £40.5.499 and plant been installed at the 
;irier tax or £l7i;.2*i3. auainst Crape 31.11, Huy ton. and. he says. 
(17::^:Hi. Brunner Investment early results are extremely 
Tru«t improved i»;.rnings per encouraging. 

^llare for lhe yr: umnth< to May Jn elnlhing. Leslie Blass made 
31, 1978. by u.24 j> tn l.OTp. Net ;» useful contribution in profits, 
asset value :.i half-time stood ami the SUM Clothina Company 
hither al ■.■otupared with lias once again had n record year. 

117.3(1. but Kameila had a bad year, and 

The net intcmi dividend is ihe tliroeturs are to terminate 
ra i-t-tf Ik I f ~p i } i>|»». Last lime, them fcii.--mc.fs v ;, h small rolail 
a final of paid from shops in .September. Stannards 

record pre-tax revenue of £0.94 m. operated succes. -.fully and look 

per cent hitter than the previous *™}*e6 forei^£u™CT .bwr°w : 
year and on the chemical en 


At the AGWT ot Bonstead thi 

gineering side at 35. per cent 
hieher. ... J ■ 

After exceptional non-trading 
and non-recurring expenditure of 
£13.000 (nH) and tax ^ £47,000 

in ers to be greatly reduced. At retiring chairman,-' Mt\ Harp,.: 
the year end total group loans Roper -Caldbeck, ' reported Iha 
were shown- to have beeir cut prospects were enco imaging fa 
from £32.54m to £29.9Sm. the/ coating -year and that a) ' 

Since the year end two further regions were^ 'mamtaining prp 
important disposals have been gress. . , .. I."', 

made— the interest in Berkeley At -the following EGM bolder 

(£50.000) the attributable .Anufit mane— me inieresi m rcreeiey AV-tne wiiowtng BUM bOlfler. 
is £43 000 (I47JMHI) ■ Hambro Incorporated has been gave formal approval* to -the s* 

v ‘ : £. ■■ sold to Swire Properties for of Windsor (FMS.) i-Ruftite- 1 

■ . U.S.S8.5m and the ~ .perthdn Estate, Id lHaTafctff ^erhaff. —'f ‘ • 

EVER READY } ■ ! «s"nda^haa sold its large office Mr. Hariy JRdp6r-<^ldberk ftu'; 

_ . . .. . _ In Stuttgart 'at a figure above J no wbeen succeeded by Mr. AIn‘ 

The offer on beha*f of Ever unatten-down book value. Nego- Chartdn. . ... . 

Ready Company (Shirtings) to 
acquire the prc-rererKC capital or 
Ever Ready (Ireland) has closed. 

Acceptances hare/been received 
In respect of 15.37H (70.SS per 
cent) of the shares 

SS-jDifati a jgtfjn 

2t>^4 N .V GtV ST R E&tB&mOh* 

Rates paid for W/E 18.6.78 

Call 7 day 3 month 






;« p.a. 

. pa. 


8 667 











(telephone number in 

parentheses) ’ 


Barking (01-592 4500) 10* 

Barking (01-592 4500) 11J 

Barnsley Metro. (0228 203232) 11 

Knowslcy (051 5488555) 11J 

Poole (02013 5151) 10} 

Poole 102013 5151) 11} 

Redbridce (01-478 3020) 31 

Sefton Met. BC (051 922 4040) 11} 

Thurrock (0375 5122) 11 

ThurroPk (0375 5122) 11J 

Interest Minimum Life of 

payable Sum bcmtf'4 

’4 -year 





: 200 







5- 7 
. 5 

6- 7 



• • . 

,. v ^ ..... . 


1 970 

• * 

£000 * 




1C. 623.2 

Pruf;: ! ; of Pretax 


579 8 

Profit atii-i- tax 



Cl .38 

Ear « ; - j-~. p er$hBfB 


11 . Op 

Afl]uot?d EqbSty ■ 
Dlv'U'-r.ris oershare . 


1 65p 

• -. i * . 

■ .. 

It is reasonable to expect that the results for 1 978 
will again be satisfactory- Looking further ahead 
internal growth and recent acquisitions augur 
well for subsequent years. 


Distributors of molor vehicles and motor components ; 
distributors of paper and board products. 

it you require a copy Of the Report and Accounts please 
write to the Company Secretary at — 
Marshall’s Universal Limited, Marshall House, 
463-472 Purley Way, Croydon, Surrey CR9 4BL 

finance for industry term deposits 

Deposits of £1.000-^25.000 accepted for fivwf terms nf 3-10 
years, interest paid gross, half-yearly. Hates for dcpixiis 
received no? later than 50.6.7S. 

Term* (years) 34567S9I0 

Interest "a 101 11 W 1 “ *-i 12 ; 

Hates fin- larger amounts on request DepofUs 1C and further 
iarciiniauun from The Chief Cashier. Finance for Industry 
Liiniivd. Jii Waterloo Road. London SEl SX1* (Ol-^-’S 7822. 
Ext. 177 ». Cheques payable fn “Bank of England, a/c FFI." 
FFl is the holding company for 1CFC and FCI. 

roster & Son Limited 

Spinners and Manufacturers 

®f ir 

•I*L . 


Commenta by ii)5 Chairman, Mr. G. F. B. Grant 

E3 Group profits were more than twice as much as in the 
previous year. 

Direct and indirect export sales accounted for 66 per cent 
of U.K. turnover. 

E3 Policy of modernisation continues and further new building 

Black Dyke Mills Band continues to win premier awards. 

The company is well placed to succeed in these difficult 
times for textiles, order books are satisfactory, and activity 


is likely to be maintained. 



-.■ <* - 

rf- : - 

Extracts from Group Accounts 

53 weeks ended 
3rd March 1978 

Turnover \ 15,604,136 

Trading Profit 867,287 

Profit after Tax 402,693 

Total Dividend per Stock Unit . 2.5p 

Earnings per Stock Unit 6.8p 

52 weeks ended 
25rh Feb. 1977 


■ 408.480 



A. " 



Copies of the Report and Accounts may be obtained from the Companv Secrelarv • 

Black Dyke Mills, Queensbury,BradfOfd, West Yorkshire BD1 31 OA. . * : 

^ / r i .n. 

S 19T8 


;•; „ r ' bit JS 

• «\ "TSr, 


itio n 


? ^ 


r'"L * 

- I/, 

* ^ aSt 

' “'■'- a b» £ 
14’ ip. 

•• ^.‘rk 

r. f r. ■'•>« . 
:. • •r ,r ' >!fei ‘ 

_ Financial Times Monday Jane 19 1978 

Pending dividends 


except where the foithcoSi?^ S25 0f la *yeart announcements. 

fe* been officXli/ Ii^umS 18 ® ( ? d ?!S d J hl, »' 1 

dividends to be declared Z „m *nould be emphasised that the 
rates per cent shoS^ in Thi !S npceSsariI y be at the amounts or 
year.*’ PrSmi™?r3t fiS..™!™ 0 “Announcement last 

announcement?^** P ® ures USUa Iy accompany final dividend 

■St lr 

•• -t* . 

ro 'isioi] 



■ : \i 

<‘3 t- 

• Dat« 

aah ... — ...;. .jair aa 

*Airta IndjL jmy a 


Discount. July 4 
•Allied Brews. .June 20 
Alloa zr London 

Prop... July 23 
Angl o-Ara erfean 

COTWL Grp... July 2B 
. , _ Sec*. . July lj 
AnsJo -Transvaal . 

Cons. Grp... June » 

-Assoc. Lau, “ a ' J “ w = 
.»^? 0WSBapera July * 

£** June 23 

•Bafrcr PeHUns...June a 

Barclays Bank. .July jo 
- I Geo.) . June 28 


™ .Poland .July s 

. am 9 U 2 Ca * 1 — J ' il * ’3 

•BPR into June a 

•Brown (John! ..June 2a 
Chubb - ■ 

Dally Mail and 

Hen. Tst...July ? 

Davy Tnl July » 

•Dawson lot. rime 79 

WstiUers .... July 14 
DnhEon Parfc ..June 14 

nnv’y Rr B July ,1 

•Elec, and 

Cm. inv.. June ?o 
Pllph Lovell .. .. July 27 

EleUrle July 5 

Ceai enter July n 

Granada June a§ 

/TrindJays July "7 

Gl. Universal 

Stores... July *1 
Hambro Tst. . July 31 

•Hambroa _.July 7 

•IC- Gas June 37 


Morris ..July 2S 
Tnwrtal Grp. ..July 14 

. Inchcdpe _ July 39 


• ;-CiMMondnt«t June 9 

TUcs . July in 

filoat last 
Final 4 
Final 1.7362 

Jnt. 4J 
inu uu 

Finn 4^793 

Dtvs. doe 

lot. 1 

■ Anal due 

Final 5.611 

Final 3.518 
Final 3.247 
lot. 5.5 
Final 4.0336 

lm. 1.5 

int. L35 
See. tm. 3.42B 
. „ Soc. ini. 3.23 

June 25 Final 2.2335 

... Julr 14 Final L7S75 

Final 7.JI2 
Final *-6 
Final 1.985S 
Final 4 *9389 
Ini. fl.Sttl 
Final 2.2 


Final B.B 
Anal 3.518 

Final 1.403 
Ini. 1.925 
lm. 10648 
lm. 0.5 

Final 4.155 
Final 1.12 
Final 5.67S 
Final 5-27957 

Final 0.47 
Ini. 2.25 
Final 5-45 

Ini. due 

Final 3.829 


'meat last 

•Kenning Jfc * r 

Motor.. June 21 ftf. lip 
Lindusui^s iraie 21 Ptoal J.1M6 

Ban * -Juir 21 im. 3.715 

LHC tatl. July 20 Final 2.179 

2°"a «J-» June 32 Final 5.535 

Mamet and 

Southerns.. July IS! 5 . 
Mcreuo- Secs. ..July 21 Final S 3994 
Midland Bank .-July 22 Int. 3.T5 
•VK Electric .._ June 2S Final 2.«9 
NatA'nn Bank ..July 25 inr. 5 165 

Neepsend — July 25 Final 2.1937 

"•■■ws Int June 13 Int. 4 

Norcms June 23 Final 2.46 

Plcsscy June » Int. 0.4S707 

•F^ncJl Duffnm.J(ine» Final 5.1J0S4 

Prestige -July 28 Int. 1.73 

•Prop. Hid*. and 

lov. Tst. ..June 27 


Electronic.. June 22 

Hank Ors. | U jy is 

•R'.tllflusion June a 

Redlaod -.July 21 


Itncrnatlona!.. July 7 
Hoihscbild lav... July IS 

•Seapa Cro. June 23 

Scot, and Vuvsil. 

„ Bn w... Joly 13 Final I.8S2S5 

Scot and Unit. 

inv.....iuly 14 
S'jE ... . ,j U nc2S 

„ Eng.. .June 25 

siaflcr Ini May 20 


Chartered . June 2S 
•PienhouK- ... ..July 20 
Taylor Woodrow July 26 

Tesco jone 21 

Thorn Elec July S 

Trust Bouses 

Forte.. July 5 
•Tunnel Hides.. June 25 

Uninaie July 21 . 

"Union Dtscoaai.. July 19 lm. 8J 
■Uniied Stales 

Deb. Co rp... June 21 lot. 1.19 
Vara Brews. ..June 54 Sec. lot. IM 

• Board meeungs intimated, t Rights 
issue since made. T Ta* tree. C Scrip 
Issue since made from rewerves 

Final 3.708 

Final 1.154 
Int. 2J15 
Filial 3.415 
Final 1042 

Final 1.1815 
Final SJJ7 
Final 2.4338 

Final isn 
InL 2.5 

Final 2.1756 
Final 1.61 

Filial I0J25 
Int. 1.6S 
Int. 1.98 
Final 0-82*7 
SM_ 101. -4.UJ82 

int. 2 JS 
Final E.735 
Final 1.9872 


• -i = *- 1- 

l - •z - e s 51 
Price I J -1 Jr- 1 

p: r- 


75 f F.P. 
100 | F.P. 
jw: ! T.P. 


High ' Low 


•'?* * i-jS-CEf* 
:f|i+o r j ii|i£s 

- I 

■< r o 





BrAmAll SB ; ' ^.5 

- 166 +2 A 3.64 


lNI - 166 

58 1 36 Thame* Plywoi.l ,, 35 

^ 7.7;' 

4 2.4j 1 5; 
j!&4l 7.! 



Western Mining 


to do with them now 


TOE REVIVAL in ttift Australian ing out that it has not got the Marketing agreements should be 
mining market has prompted a environmental and Aboritfinal the nest news coming along for 
SI* 1 * queries. And there is problems that beset the opening these projects Pacific Copper 

no doubt ubout the share i*ai up of the Paneontinemal and shares are 4Dn compared with 35p 

iops the list. It is Western Peko-E2 Industries deposits in the when last referred 10 here on 


Northern Territory. 

May 15. 

One inquirer even recalled that Disairreement comes Trom the 
at the last annual New Year Minister for Trade and Resources 
investment dinner, the findings Mr. Done Anthony in Canberra. 

Of which arc light-heartedly Ho predicts a 1SS4 start-up date 
recorded here. 1 had a side-bet for YeeUrrie by the time it has A Fortnight a^o I revealed that 
that these particular shares would sot its environmental impact North Kaisurli had beer, offered 
be standing higher at the end statements approved. a loan of ASfl.5ni uo.Smi bv the 

01 this year. .The price at the . I suppose it is at least something Western Hm em'ment 
lime was USp. is now 147p in the still confused AusLrjliun enable the companv l( > switch 
after touching 160p. uranium situation that Sir. it* Croesus plan! bark from the 

But it is .no, the tentative ^3^22 rMCh ' .!!? 

! V has "pm e m v^^irtTon 11 'weh Abogclher. while I am still con- L i old 'ores now ihVj 'the "pkim'Vi 

ssjtjsm rwSHS 

gsg&Asr&i ETW5 SSSJUTS fX&rg&X’p 

from the Betuunbro copper-zinc- Hiird Benambra drill result may lon ? c “L n V C ™ Cf “ . mt0 ® 
U'3cl -silver prospect In Victoria in prompt this month custom mill 1h.1t could be used 

which BP Minerals is the co- ft could be time to go in again h y tributora who are still at 
venturer with a 4D per cent stake, once Ihc 1977-78 results are out " ork on the - , /' !den Mile and 
Unfortunately the find is In the of the way Then Wexrcrn Minin" uh0 3t P resenl ha 't- to use the 
Snowy Mountains area so at Ihu would be going forward into Ms 9tale battery, 
most no more than one further nest financial year at least *"curp It is still tnougni. non ever, thar 
borehole is likely to be completed in the knowledge Thai with Us the prime objective of ihe change- 
before the winter wenther halts piled up slocks of Hit- nietol 11 is nver lies in the hone that che 
operations. Jf this yields similar well placed to take full advaniucc sold pnee will m.>vc high enough 
values to those of the previous of any furtherance of the nickel '*> warrant the company 
ivmj then the shares will un- market revival ing its own l-inmion gold 

doubledly have a further burst Medium-term tfiere is aluavs operations. 

of .-irenglh. the chance that a call may be it is this possibility that is 

Short-term Western Mining are made on shareholders to put up reckoned ,0 sue die shares 31 
thus an example of that age-ohl fresh equity funds. up some speculum e artraciions 

mining market risk a speculation _ for bulls of gold Mh'cli on Friday 

on the results from a single drill Pacific C’oDncr night in New York broke ou, 

core. In any case a waning of rr M above its recent alS0-SiS3 trading 

interest is .likely subsequently Another query reachmi* m? is range, 
until work can be resumed in the whether there is any fresh news 

down-under spring. about Pacific Copper. .Share- 

And the Victoria environments- holders on this side of iho world 
lists have been quick off the mark seem disappointed that ihe shares 
in iheir inevitable criticism have not been more responsive 
especially as the find may be to the Australian market's 
within an area that is being recovery, 
recommended as a naiional park. 1 detailed the latest devolop- 
Mean while. Western Mining's menis in the company's tungsten tiavrance and 

nickel operations at Kambakta in an d coa l projects last month. I Finance 
Western Australia are no, ye, sa id Hien that the management Bank Uuml lr istj-i 
indicating the kind of earnings headed by Mr. Peter flibb could 
recovery that would in itself at ioast not be faulted for lack 
justify the current share price. *? f t activity- 
Lower earnings and a cut in an ’ now hear thai the latest 
already meagre dividend (the exploration venture concerns allu- 
intcrlni was halved at lj cents) vial , in-bearing doposus in New 
for the year to June is bkely t'oiitn wales which are also to 
to be coming along in August. he probed for gold and platinum 
The big Roxby Downs copper mineralisation under a six-munth 
find in South Australia has the option agreement. 

misfortune to have accompanying Pacific Copper is also still keen Public utility 
uranunu values, misfortune be- on further expansion into coal 
cause the State Government is with 3 90 P cr cent interest in 
stronglv against the mining of « prospecting authority in south- ?'H! k , .V 6 .™ , 
uranium. east Queensland. Evaluation work C1 » 1 ,sr,ri ,nU!dm '" 

While on this subject there has is scheduled to start at an early cjjmmeKtai . fc indnsmai 
been 3 curious divergence of dale. Ei^ Cr .. . 

opinion about the timing of So the management continues Arwmnn f«mie Hr. 

original purpose of dealing with 


5 8 ! 1= 
a? Lis 


1 iaj 




■j— 4 

4- or 

SZ. a - 
1 -j£ 



Hlj-bj Ijiw 


100 | F.P. | 
JlOOt.r. 1 - 
JlOOp; F.l*. . 20,-5 
. •• j F.P. 1 — 
£98 £10 '22/9 
IQOp r.F. i _• 

-** F.P. - 

•'* 1 F.P. - 

£1001 - — 


. ■ 

100* 10U|V Ague 

110p LOup 

Kp : 94p.;A ijU/nioUv# Pralf. 9* Pref. 34uf- 

14 Wl»iB4fI1*L (tie Kwi. ISifi J 1 15 4 , -*• 

IO*l» I0CT- 1 tli iltii i) t* un*. v mu. »*«l. I'ra-i r 102p- 

S€p • flSp ,C»lv* Dlwoum. Cum. Prri 96^ 

BSljp SfJp I*e«rliusl (U.i 9ii t-^um. Prel 98pr^-l* 

lftlJ® LOOlg KdlnNuwh. lUly oft Vir. kale t»SJ 100 A(+t* $ 

11 1014 6-w Water 1% Kci. Pm. 19ii ! “ 1 ' 





J UJJ • It 

on the 

Banking. Insurance and 




Bank Uuml lr lsr.n l . 


+ 3 

JOB BankhoMim: 


+ I 

B.infc HapoUm Hr. 


-I- 4 

Unir.n Bank of l&rai-l f r. 


* 1 

Vniird Mlarabi )‘on>: .. 


-r 3 

H«v»nc-b InsnraiKv f.r 


+ 1 

Ccm-ral Mon. Bail) r.r. 
T^rahoi '• Tarat-1 Men. 


+ 10 

Bank Br 



Land Develapoicnt 

Africa fsrad ICl'i 



Israel Land Dei '.-to;., l r. 


-*■ 12 

Prupv-ru and Building . 


+ “0 

Public UUIIO 

Israel El.xlnc Carp. . . 


+ < 

Investment Campania 

Bank Le mni Invi-siiiK-nt 


+ 9 

•• i.lal “ Israrl lnv< sinini 

Hi 3 

+ 5 

Commercial ft Indosuial 

Allianco Tiw and Ruhn./r 


+ 68 

EIl-o Br. 

TM 5 

+ 12.5 

I M E R WTTO \ \ I . ( ( ) \n> V\ \ I :\VS r ' 

INA plans to launch new 
bank within 18 months 


NOTHING LESS than 3 “very ing Mr. Zombanakis in 1973 a net worth of $1.17bn. It is 
highly specialised tmirersal before he left for the insurance led by an investment banker 
bank " is planned by Mr. Minos company. and it alreadv owns an invest- 

Zombanakis. who resigned Ia st The current chairman of Blyth ment bank. *lt is anxious to 
week as chairman of First Eastman Dillon, air. A1 Shoe- diversify overseas, and already 
Boston International, and by his maker, was also a senior esecu- has a usePi'l connection in its 
new employer, the mighty INA live at First Boston. Finally bolding in Suez. 

Coloration of the US. Mr. Zorabanakis is taldnfi with Mr . Zombanakis suggests, and 

If all goes according to plan him Mr. Richard Butler, an iv. ; n Phiiadelnhia confirm* 
the new bank, as yet unnamed, Mriicwho helped develop thaI th “ n 4bankS C entity will 
w,IJ emerge in around 18 months Find Boston imernationa] s substantially expand the existing 
time with a capital of some Middle East business. ranee of servicec offered hv »>,e 

-S50m. This will be jointly held Mr. Zombanakis Is leaving [J»25iationL7aTO of Svth E^st- 
by INA international Holdings. First. Boston after becoming in- SinTfillon I?™U ^rnchide ncSl 
a subsidiary of the insurance creasingly convinced that with- reiaj1 rnmmprciii hanking 
cQmpaay of which . Mr. Zo^ ™,pow e rf Ul i>=chi Da it i. ™rc S. JffS 

banakis is now chairman, and or less impossible for a wall meroers anfJ aC oiiisitinnq as wpII 
by Blyth Eastman Dillon, a New Street investment banVs Inter- K?uSi 

York investment bank in which national operations to meet the It “ e ^Uons of an investment 
INA bas a holding of 80 per challenge of Europe's big aniver- 

cem. sal banks. The first step towards the for- 

INA also hopes to involve the He felt constrained by the size mation of this new entity will be 
Compagnie Financiere de Suez, of First Boston's capital and a development of the overseas 
in which it has a 7 per cent he makes no secret of the fact operations of Blyth Eastman 
stake, in this new venture. that he found the New York top Dillon International, aided by an 

Quite a lot of First Boston management too orientated infusion of capitaL . Mr. 
talent will have gone into the towards their domestic invest- Zombanakif. will be seeking to 
creation of the new enterprise, ment banking business. recruit additional talent for this 

The chairman of INA is Mr. On the other hand he feels operation and he will be in talks 
Ralph Saul, the former chair- thai INA can provide the right with Suez in the hope that the 
man nf First Boston in New York backing for his ambitious plans. French bank will become part of 
who was responsible for recruit- It is an insurance company with the grand design. 

>■ — — i 1 opinion about the timing of *0 toe management continues \rujmhn Teauie nr. . .•■c 

Agrlr. Mnrt- V»r. Kaie Bd». 1965 •JOOAi ...... Western Mining's Yeellrrie ura- to try hard despite its pre-occupa- - \ta “ Tenth? ■■ c - w> 

Anwr. BxprM* im Fm. Variable 82 S995«i nium deposit’s development. tion with development of the Am-r.-lsradl P»p-t Mills «> 

1 ! r , la *qJ l nAy ,tl ' I 10 ^- — 0° his overseas tour Western Torrington tungsten mine and m 

Australian Premier Sir Charles expanding the Singleton coal r,* . 
[Court pul forward a 1S82 produc- operation, both in New South Fuel and oi , 

I tion date for this project point- Wales. p-.-i.ic 



+ 6 
+ 5.5 
+ 2S 
+ 14 

+ 4 

AMEV to hold payment 


THE AMEV insurance group ex- expansion of its activities, 
pects to pav a dividend for 197S Amev’s acquisition of Time 
equal to the FI 5 cash plus FI 0.50 Holdings Inc. of Milwaukee be- 
in shares paid in 1977. In the came effective in January. It 
prospectus for its planned FI 3Sm plans a further expansion of Us 
tSITml rights issue it maintained insurance activities In the U.S 
its earlier forecast that earnings and Its non-insurance business 
will rise by 15 per cent this year in Europe, 
following the 17.6 per cent Net earnings rose to FI 17.4m 
n crease lo FI 71.4m in 1977. in the first four months of 1978 
The one-for-10 righls will be from FI 15m in the same period 
used to consolidate Amev's recent last year while turnover rose 28 
acquisitions in the U.S. it said, per cent to Fl 675m. 

The company also considers it The rights issue of Fl 5.49m 
necessary to strengthen its share- nominal of shares is priced at 
holders' funds in line with the Fl 70 per share. 

Orders for New Zealand 

Import Corporation has reported 
receipt of rouiti-tnillion dollar 
orders from China and South 
Korea. China is purchasing 15.642 
tons of New Zealand-made steel 
bar. bringing the tntal sales since 
April to 25.000 tons, and 55.000 
processed cuttle hides bringing 
the total sold since April to 
100.000. South Korea is buying 
2.000 tons of wire rod and a 
trial order of 50 tons of bright 
draw wire for use in manufac- 
turing nails. 

French bond issues 

THREE bond issues totalling 
Fr 1.35bn are planned in the 
French market this week. The 
local authorities financing body 
—la Caisse d'Aide a t’Equfpe- 
ment des Colleetivites Locales — 
plans a Fr.80flm issue over 15 

Elsewhere, the City of Paris 
is planning a Fr 350m issue with 
the maturity nearly 16 years. 
La Caisse Centrale de Credit 
Cooperatif is raisin** ■ Fr 200m 
through a 16 year issue. 

Reuter ' 

Rumasa in 
brandy deal 

By Robert Graham 

largest private holding company 
in Spain, has increased its pene- 
tration of the wines and spirits 
business through the purchase of 
a Jerez-based company. Garvey. 
The latter is best known for its 
production of brandy of which it 
produces some 12ra bottles a 

Rumasa controlled by Sr. Jose 
Maria Ruiz Mateos is reported 
to have agreed a purchase price 
of Pia 60Qm fS7.5mj of which 
Pta 150m (SI 8m) will be paid 
cash. Garvey had a turnover of 
Pta 2.5bn (S31m) last year, 

making it one of the *20 leading 
drinks comDanie? in Spain. Gar- 
vey sells 70 per cent on the 
domestic market, but has 30 per 
cent of sales abroad 
Rumasa’s main drinks com- 
pany is the sherry group Zoilo 
Ruiz Mateos. The combined 
turnover of Garvey and the 
latter will now challenge the 
leaders in this sector. Pedro 
Domecq. Osborne, and GnnzaJez 

. i £99 



” . ,;ri 




l-..- ■ 



■ Wupi 






• . - • ■ j’ 




• mm 


• — - ' 


«B8^ XIO 




£1 j 







ini i*> F . 

'.P. ) — iJU/jin U« pm Aimw Kb*. IS.M'S 1 
.P. , — [ flMijp Wp Gret-irfei-l UIUhm.- 10% 


Cum. Hnfi flUiepli.^. 


+* Liberty 4 Co. LM 

92p iNsti Newmceuw 

lUU I -.1.^ 


1 $ 9* Cum.. Pref 92 J 

tt-u« -itimiL ■ n - 9T >81' 

Pnwi- 104 itfum P«f- — ......104 

Currency, Money and Cbld^larkefs 

97icptbTO»tJa 8L. Autiyn 


. o*i% Cum. Pnk_...l ---■ 

Idoush Xysoaide 124% Ked. 1288 - ! XO>i| 

l'Bnoit loi Ldv. Lot. Liuiaia ] 95 

- 4. 10 

Yen eases from record level 




| June 18 | .Mint I* 

GvM UuilluD •alluvl I 

•■UD'-eJ I I 

Cloy Fl 41KS1 '«n9|-K3 

"Kiiin...... I < l 4i-1r4i 'illii- 1(54 

Mmiti'hi: ri*ln« iSl(4.D0 i'll'..56 

ii.'!0P.492i *£>“.886. 

. — a. 

. s-s l 

. 3mi * I Eenunc. 

-w«i il t 

.91 f<C ■* 


J High | Low 

- 20p 







P.P. , 13(6 7#7| 193 

K.P. ! a3-0 83-t 68 
Nil l 9/6 7/7i «0 

PJ*. ; 16/6 21/7, »!«, 

^1 = 1 = ifsr 

19/7' Wpm 

Jsa/6, IUZ j 

ij 2l/7j 160 





bnu lb«aiai> — — ■ 

urvMD u-ven KeflT- . 

[Central BinnhnUnm— — ■ 

93 UotMon Park Inns. 

18um | fci«n»i'-ran ■ Qald Mlnum 

113 iFBlrvtow Kelo — — 

2SLi I 2a«J 
P.P. . it>.3 

i — '■ "'"ilSijiuiVigpoajHyiBBn (1. 4 0.) •■■■—- 

P.P. , 31/5t 25,6; 41* |368i2 Kowinn* SU.-ii.inUJ4h 

P.P. ! 6/6! 17;'#' Z5i« a3ia|W«uco , 

ileuir... - wvi Jin) «n*i 

Hour. ten (Alwwwjen 

i (1. 4 0.) 


SB - %22-JSL 

Publication of Japan's trade A heavy import of crude oil, tion rate or 7.7 per cent came as 

surplus for May on Friday was ahead of a consumption tax which no surprir-e. 

probably the most keenly awaited started on June 1. was behind ihe The Government's survival in AUerni «, n ,- mn .. l£jI7 M t k 

event as far as the foreign ex- sharp reduction however, while a \o,e of confidence in the jicioimz, jijsiOws* 

u. ol | change market was concerned on ihe .same day that the figures Commons on Wednesday helped GoM loin* ] I 

‘last week, but it was by no means were published the Japan Foreign to keep ihe pound steady, but ''"mwvniiv 1 

. the only item of interest.- Trade Council forecast an annual political events in Belgium and — 

,o, I A sUght delay in the announce- current account surplus of $10bn. Italy had che reverse effect on Sew $,, Vfre , en . UsfiW 

- 1 " 1 ment of fhe figures only added to compared with Government pro- the BeJs»3n franc and the lira. 'f.pasj-so*- 

expectatkuu of.a very large sur- jections of S6bn. Subsequent y[ l po Tmdeman's offer 10 

plus, wi& tile yen touching a post analysis left the dollar sli R htly ^ign as Belgian Prime Minister 0oI>1 . 1^1 

war htgh o J2Hi° agamst the firmer against the yen at the rld«e puahed , he Belgian franc to its 

dollar on Wednesday, but in tbe in Tokyo, without any central K, west permitted level within the K TO -™ n ,i... fvb* nu . 

event the May. surplus turned out bank intervention. European currency snake while !iPh3j m* i£Mi JM* 

to be much lower than in ApriL Trading remained fairly quiet q, g Giovanni Leone's resignation *"kwiwi-. ; iWii| 

----- ! n London, with the dollar finish- as President of Italy put some s™,™. .1 

J"®,®* Y-16.00. compared with pressure on the lira, although jifiskL-'tt ■V'sti-cn 

CURRENCY MOVEMENTS Y21 6 2a on Thursday. trading remained calm. S2U 

UK trade figures were also Italy also produced new inf} a- »Jo &jm*. m?* 

published during the week, but tion figures on Friday, tbe con- ^ ’ 

they only confirmed the volatile sumer price index for May in- 

and unpredictable nature of these dicatine an annual inflation rate 

flSie ,-«2 
60 +4 

99»8. + l 

16 t >ui| — 2 


13 [■ml 

92**,- *2 
160 i+2 

411 : 



Danger warnings wanted 

COMPANIES storing dangerous wejations ior rosd. raU and sea 

gases and eheroic®is will be ^ comprehensive hazard 
obliged in future to notify the surve y viil be needed for ware- 
Health and Safety Executive, if bouses storing dangerous sub- 


Bank of M arson 
Enflland Guaranty 
lades eftanses** 

Srerhog ...: 



U.S. dollar 


- 5.9 

Ca«<aan tfoflar 


Austrian scftffllng ... 


Belgian franc .. 



Danish krone .. 

...... 115.11 

+ 60 





C«iM»r 328.92 


- 4.B 



-« 6J0 



IUfoJ.ri *» 
‘»i S7i 
(£3(ij-A Iji 


<1:0 1:1 
100- !■ 4 

figures at the momenL Last fairly stable at 12J per cent. 



Cover for employees 
working overseas 


MORE COMPANIES involved In the basic travel insurance most 
international trading find it of us buy for holidays abroad, 
necessary to send employees Cost varies widely and 
abroad, for short trips or what depends on the number of staff 
amounts to semi-pennanent resi- and dependents insured, the 
dence. duration of the trips or the 

Often, such employees risk periods of residence, the maxi- 
injury during travel and also mura period of disablement 
illness , because of change of payment and the sums insured, 
climate and environment. and the foreign territories 

If his disability is serious en- involved, 
ough. the employee may have Insurers now have to consider 
expensive treatment locally or political uncertainties in various 
be repatriated for medical treat- parts of the world and may 
ment. During the period of this require the exclusion of v*ar and 
disability, the employer may related risks, 
find it necessary to send out a such risks can often be 
substitute to carry on tbe work, covered by special policies 
But it is not necessarily only written at Lloyds — and any 

A rise in U.S. banks’ Prime l J] e employee abroad who poses employer wanting war or poli- 

Based os trade wetebted ''hanse* from 
Washington agreement December, 1871 
■ Bank of gngtanrt /jxJer— lOCt 

month’s deficit of f 49m follow- French current account pay- Rl ,„ n t f g Vr « nt was not un- 1 these problems for the employer tieal risks insurance for staff 
ed a record surplus jn Apnl. The moots figures for tbe first quarter Si af^rM 1 T, ay be his or hCT famiIy abroad should seek the advice 

. of a Lloyds’ broker, 

employee is allowed to incidentally, it is worth 

by rhe news, it finished the uvek at~ FFra' 4.'«tS laltottMr' "terns. 3T)d Pari5 s b^ f the stability of . hi * ™ S? t amfiv'at r ? member L° g lha # t ’ wh ere em- 

at 81 .3205-1 .8315. compared with compared with FFrs 4.60671 at the the dollar. The L.S. currency nchimt-ir - y ** ? oyep:3 h ? ve t0 undertake 

.. - — -'use on the previous Friday. ^ finished on a weak note, but the same risk as himself. frequent short visits, annual 

Tbe Swiss Trane and Deutsche- showed little change from the p insurance can be arranged on a 

A'ere relatively quiet, with previous Friday asainst major cur- V_ OF! tract 

eu a recoru surplus in «pni. me nienls figures ror tde first quarter " narttciilarlv after — « raa y 

market seems to have become failed to have any influence on ® xpec,ea ' „ P arncula r*y a * le r as we j| 

accustomed to this however, and the franc, when announced on Tr easui 7. Secretary Mr. Michael ^ 

sterling was relatively unmoved Wednesday. It finished tbe week Blumenfha! s comments nt London . . 

$15263-1.873 on the previous Fri- close on the previous Friday. 

day. The continuing improve- Tbe Swis ’ ' ** 

ment shown in Friday’s retail mark were relatively quiet, 
prices index, to an annual /nfla- most interest centred around the renc/es, except the yeo- 


sion become lew. 

. The proposed new 


of all the 


bnoTas well as talu^to Snfiiie tioas become law. 

a-sr=3s- ' 5. jSS -S= £ 


Jane 16 






u^,». . 




iXaadian S 




Guilder - 


4.10-4. 1213 

4.h*i -4.112* 





Dniriah Kr. 



lU.ifii 1Uj-Bj 



2.i 23-9. M 



-2.70- 5J0 

spun. Pe*. 







1.577- 1.678 





I 1 
: «* 
f UB 


«6ni jj 


Yen ■' . 



27. bo-77. 50 

.-TvtH fr. 


5.46-2.60 1 



ttum broa Batik 
Hill Samuel 

AUM Irish'® ^ 

American Express Bk. 10 % 

Amro Baris;--.. 2 

A P Bank Ltd. ... — ... % 

Henry Aosbachep JJ % 

Banco de Bilbao 10 % 
B-,ris of Credit &Cmce. 10 % 
Bank of Cyprus ----- ^ $ 
Bank ot ™ * 

10 % 

510 % 

CHoEb & CO t»% 

jttUan S. Hodge-....-—. « % 
Hongkong & Shanghai 10 % 
Industrial Bk- of Scot. 9 % 
Keyser inimann JJ J 

Lloyds Baric 2 

London Mercantile ... 10 % 
Edward Manson & Co. nt% 

SSf bS Ltd--. 10 % -SSJ Bank — - JJ % 

Banque dtt Rij®® " " ’S*S ■ Samuel Montagu -- >0 % 

5SSS?:5 &“B^-“ |'SSB C! KS£bS 5 » | 

S-L Hnidinee Ltd. 11 .% Norwich General TVnst Iff % 

Bremar. Holding 
Brit Bau^.of East ^ 

p. s. Refsoo & Co. ... jo g 

■ Brown Shipley ----- "J J Rossrrinster Accede* 10 % 
• Canada Perm’t.. Trust 10 % Rayal Bk.Cana^ Tmst 10 % 
" Capitol C & C Fin. Ltd. 20 % scyesioger Ltoited ... » * 

.. Cayzer Ltd. -- ini01 e. S.^Sch\reb 

- cedar Holdings.,.. ,,-.-. 104* Security Tn^t Co. Ltd. jj % 


« * -S5SSS Clyn: » 5 

i Duncan Lawrfe ^ 

f Esgil Trust 5 

: |?sBf ;;;; to % 

■ First L°noon • <« k 

7 First Nat. Fin, \\ * 

j: First Nat. Secs. Ltd- ... J 

.fcAatnhy -Gibbs — in 

f/Gneybound Guaranty..- ^ ? Cjlll rt .ooin« wxTtmrt,. 

tGrindlays^Baric "" to ■% j Demand 

teunmees Hamm . 

«■ l - aK,,,I,, de,MSlls 
and over 05.BM tf%- 

One month 

? P-»- 

ffliree incut l>» 

| % r'j»- 


| 9.r5 

|1 .70 1.60 .pm 




1.B6 175 -pit. 


214-1/4 i-.pni 

, .52 

|s-7 .I'm 


59-28 <-. i'tn 


102 92 .pm 


1-9 ore Ji« 

-8. at 

N 71 

— . 6/ 

1* VHi 


Pi 7S |>l pm 


15-155 .li* 

— 1S.5* 


— V- 10 

10.110 ili* 


65 165. ..11* 

— S. 17 

1 lire pm2.lir 


k-5* llVl'l* 


* Tciim 1ft- 1 ■« 


i-m-1* *>' 

— 0.20 

IS* 3 #'./*/" 


9‘4-Z 3 4 .pin 


2 ■•■< > |>m-par 




8.63-2. 02y-nni 


13.61 6-16 n>ni 

a. «4 

17*7 pit) pm 


|42i2 i.ipni 






June 15 




One month 

. Par 

Canad'e $• 

' 89-77-89 JO 

89.47-09 JO 

0.704.55c pm 


^ — ZH3 

2 2478- * • ’W 

8-tie pm Fr 


32 85-32JS 

Danish Kr 



0ftfl-0.79pf pm 




Port. Ea 



3 JO- J. 4011 red Is 


861 bMHJ5 


Nrwrcn. Kr 

5 4U0-5J2M 

S. 415 3-5 4170 

0.90-lJWr dls 

k"r,.iu.-1i Fr 



S+.'JKf) Kr 

1 js.:0-1.530B 

4.42394 4240 

0 634.73 y pta 




*wn.i Srft 



1 JftU6c pm 

Swiss Fr 


lTW-l-TOI unr7.YS997 

Cun 15 per Canadian S. 

Pji. Three month* 

— Par 

3-H 2J1-2.C6C pm 
2.40 225-21C nm 

446 2.7l-246hf pm 

-24* 2.WW.MIC dl* 
4J2 2«+24Sy pm 
6.79 3.Z7-3J3C pm 

Belgi an ram for convertible tnoca. Slx-mKUb rorwart dollar 2.88-2 pm 
KlnaocUl francs 804349.45. 12-nonth 5>c did. 


' ; June IB 

Fttuihl Sierlins 

U.S, Dollar 

l*rut tehell ark 

Jn|«nene >Vn 

Kreni+i Franc 

*« 1*. t'rnm- 

Ouicfa GuiMn 

Italian Lira 

Cnmdn Dollar | Befcpsn Fran. 

fuatfi duriiaa 



3 333 



- 66 




60 ,1j 

Uj 6. Dollar 




















Japan ese Yen I J300 











French Kano 10 











9«i» Prune 
















0-8 J 3 

























mm itfl 











declaration basis against pay- 
If he leaves them at home, he ment of a deposit premium, so 
may have to return suddenly in ^bat the cover is always tmme- 
tbe event of injury or Illness to available, 

one of them. Tb* employer then has' to 

Much depends on the terms a statement of the trips unacr- 
_*• of the contracL But even if the taken, and may hove to pay 
— employer does not incur a posi- premium beyond his deposit u 
3,5 tive legal duty for family ex- be uses up more cover than he 
2.’« i peases, he will probably feel be bas paid for. 

has a considerable moral respon- Just as be can arrange cover 
5 -“ sibility. for the health and life of his 

Many of these risks can be in- employees and their families, so 
sured by the employer, whether the employer can arrange insur- 
be stands to incur financial ex- ance for their possessions ' and 
456 pense as a strief contractual oMi- money, on tbe lines of baggage 
gation, or whether he just wishes and money cover provided in 
k* 5 to provide his employees and holiday travel insurance policies, 
their families with wide welfare 

**£%* of insure sort*) lability 
as an adaption of the group It should he cheaper and easier 
stek pay scheme so many com- Tor the employer to arrange group 
panies arrange for their protec- cover for Ws staff, but for the 
tion or for tbe benefit of staff individual employee who has to 
employed at home — yet its pur- arrange his own protection 
chase for overseas staff is so abroad, Norwich Union has just 
often overlooked. introduced its new “overseas per- 

In addition to providing sonal policy.” 
weekly disablement benefit- This package provides home 
medical expenses and repatria- contents cover in terms similar 
tion expenses, payment of capital to that available here, “all risks" 
sums can be arranged for death, cover on clothing and personal 
loss of sight or limbs and other effects, disablement insurance for 
serious injury. tbe family against accident any- 

The more cover that the par- where and sickness In certain 
ticular firm requires, the more countries, with medical expenses 
may the group policy resemble and personal liability cover. 




Prime Rais ...4— 875 

Fed. Ppoda 

Treason Bills tts-week) *-75 

Trtasws . Bflfa (K-wkJU 


Dfscntn! Rate 
Owrnlanr .... 
One -month .. . 
Three- moats 




SB nwmlis .... J.H 

PMwanr Rate 
Overflight : ..... 
one month .. . 
Three months 

- « 



Six tnontfis — LISTS 

Local auUionlr and timuicc hnu--i.. uin iJjiv wik 
T fniinally three yoarj. IIJ-II; i*-t cciii. Iwr »ejrs 
arc tniyine raw for prime iwner limine rj:c.- l<-r 


DUconm. Rate _ 

CaJ lUncondldflaatt — 4J5 

Bills Daanuit Bate — UTS 

Dmaalt Rates >fnr smalt sum* *' -.even dev*' mil ice, B’-- P'" 1 Lnl 
Treasury Bills: Avrrese tender raiea oi diicvunl 9.1MS per cml 

Start fighting Labour 
threat, builders told 

BUILDERS should stop being itself against these proposals, we 
apathetic in fighting Labour's might as welf just wait for the 
proposals to nationalise the bureaucrats and their Left-wing 
building industry. Mr. Frank political masters to take over. 
Castling, president of the "The word 1 nationalisation ’ 
National Federation of Building appears nowhere in Labour’s 
Trades Employers, said at the policy statement or the support- 
week-end. ing booklet 

He cautioned the federation s j nTen n to ‘ nationalise 1 the con- 

T,\. •u.Kd Uflm-HTin Inca i amlmmy mon Ka « rairl iD St ruction industry. S3y the 

h.L'i. J ' Jrs i-.i-J 1 per raw. ® Rank ml, rate* m laWr I i«c«ir no rough on the dangerous au thors Of these nroposals. They 
i...,r/m »- *nk bilk ixt wm: /nur-mnaih ira iie mils mi per | apathy I detect among some of mer p]y intend to take a ‘public 

2^"^ men,bers over ^hour’s stakc ■ in thc industry.- 

“If would be a stake all right 

u iMn BMII n . ur industry, which Is —right through the heart, and 

Ctaariia Banic' bw ‘‘ ita^'for 'tenduis *Vfl per cent [ under direct threat, cannot gal- the writing on the handle would 

varise into action to defend be the word * Nationalisation.' ” 

June 16 

"let Una 
Leri >Kt>ic 
,.i ,t»-| n- 

Imariut iik 



ili*(**li - 

Lra.ii' \uiiii 

1 leu 1 'li.t 1 -" 





Dtp. -It' 

■ narl.Pl 


Hill- * 

Hius 4> 





8 I2l; 




2 itars aolicc.. 



10k| - 1 1 If 



1 itaVh nr 





7 'tax'* uolkrc.. 





97 B 10 


One mouth 

101 4 10 

1 >i 10'-B 


©? t 11 

1 »;-ll 

9'-; -03, 





1 OS 4 

Itrii rnohiii-.. 

1 U 97b 

10<u 10i t 


9'^ IL--1 

103a-ioj 4 


941 . - 9,4 


Ilirw inmiih-. 

9:; ; S. - 

9 10 L 


91. 10. : 


91 , 934 

9l fl .p/i 


ets mi'uiili-.... 

95« •- 3a 

97: 10.’,. 


E -. 0. 



Amt* tnnnihr. 

9 "a 10 


9/J 9.; 

Unp teai.. 

9t 8 .9i, 

9.i 10,i 

10't 10'j 

9 i v*J 



1 u-i« r«*r 









’f r .-' r v x*? 




• ‘ . de Telecomm unic ati ons h as ^ 

F $° sssrpsaisfsraaw. 21 gs’sats ; 2SSia X 

.P ■ At-i eradicated leans weise flUifit. ,~vrrt»rtiiriHS *3 

French banks fight and win 

THE BOND markets lived t 
through another dull and rather i 
dnnre.ssinj week culminating on 
Friday in the . announeemen^ 
that prime rates m the U.S. ana 1 
interbank Eurodollar rates had . 
moved to ‘heir highest levels 1 
since January 1975. Prices eased 
on Frida* after bavin? held up * 
well in thin trading dunuy lhe 
week: the increase of the sJOnt . 
Baker convertible after strong 
demand was the only element of 

Matters did liven up however 
ps the week wore on: the row 
which flared nn in nt id-week 
between the Tn*or and the 
Direction des lmpols Jthe taj, 
authorities! in Pans threatened 
t,. stop French borrowers from 
raisin? Tunds m the inter- 
national bond markets. 

•\s it is the pricing of the 

Sock-tes tie DcveJuppemcnt 

Regional issue was delayed and 
the announcement of issues for 
the Credit National and the 
Banque (nternationale pour 
l'Afrique Oecidentalc were held 
up Bv l*«le Friday evening how- 
ever. the argument had been 
solved in favour of the Triisor 
and the banks. 

In a rather different area. Ute 
$100m lloaiinu rate note for Off- 
shore Mining Company or New 
Zealand suggested that such a 
form of borrowing for sovereign 
credits may become more 
popular in a period of high 
interest rates. 

The problems where the 
French issues are concerned 
arise From an attempt by the 

tax authorities In Paris to re- . 
interpret an existing law. They 
insisted that henceforth tax 
should he deducted before 
interest payments are made on 
international bonds issued by 
French borrowers and held by 
French residents. Implemen- 
tation nf such a regulation 
wnuld he a very complicated 

International bonds are 
•hearer instruments and holders 
simplv have to appear at one of 
the olR - es °f a bank which is 
nominated as paying agent with 
the hond in their hands for the 
coupon «o be f literally! cut 
off and payment of interest 
mad* French bankers 

questioned whether it was legally 
possible for paying agents to be 
required to perform this task, if 
implemented French borinwers 
would have found it difficult to 
issue international bonds since 
a large proportion oF the invest* 
nienf comes from within France. 

Ominous signs of the Direc- 
I tion des Impots's new thinking 
■ appeared earlier this year when 
i a number of changes at the 
‘ hi "her echelons of the Direction, 
according to French hankers. 

Some argue that recent events * 
helped to bring the matter to a I 

head. , , 

After the general elections 
last March, the Ministerc des i 
Finances was split in two: the i 
Direction des lmpols went to 
the new Minister? du Budget 
while the Tresor went to the 
Ministfire de ^Economic, ibe 
same hankers argue that the new 
interpretation of existing regula- 
tions which the Direction des 
lmpols was seeking to impose 
was the result of ignorance, the 
Direction simply had no idea of 
the likely consequences of what 
they were pushing for. 

Before the argument was re- 
solved in its favour the Tresor 
would not be drawn further than 
to say that it was quite happy 
with matters as they had oper- 
ated up to now and sav? no 
reason for change. It did battle 
with the Direction des Impots 
and won. 

It would have been most un- 
. fortunate for French borrowers 
- if it had not. For the first time 
i since March French entities are 
> back in the markets, and not only 
the hond ones, en force. The 
Tresor has just proved its 

mettle once again by hclpins 
the Caisse Nationals "lies Tele- 
communications get a spread 01 
4 per cent on a large credit, 
the finest teems in the current 


Medium term 
Long term 


'r“ ai ni—lm rnM%m «»um» 

l S:£ 93 J3 s!« WOT W/4) (1/M 

W.0T (M/M 

Enrodcar .. 

(aamlnal value In Sm) 
U.S. dollar bonds 
last week previous week 
.. 1,302-1 13U 

249.S 1.055.4 

Oilier bonds 

last week previous week 
315.8 335J 

SMJ 200.8 

The launching last Friday of c 
a medium term loan (S350m for 
seven years) and a HoaUns f at£? , 
note far Offshore Minins Com- ( 
pany provides a very S°?“ j 
opportunity to compare t“ e ( 
floating rats note market i FUN) , 
with the syndicated lending one. J 
This is partly because the FRN 
has no minimum rate attached : 
tr> it. which allows for a more : 
direct comparison than is 
usually the case. This i* all the 
more true as the same borrower 
seldom taps the two markets 

The spread on the medium 
term loan is g per cent over the 
London interbank offered rale 

(Libor) and is considerably 

higher than the I per cent point 
above the raid point between the 
London interbank bid rate and 
the offered rate which i* payable 
in the case or the FRN. Since 
the difference between hid and 
; offered rales is l of a point. 

’ the spread on the FRN will be 
■ A over Libor. 

The size of the fees in the 
medium term loan arc not 
i known, but bankers said on 
• Friday that 3 per cent vuuld he 
standard for this borrower in 
today's market conditions. ^Tms 
compares with a total uf - 
cent od the FRN (J management 
fee. I underwriting fee and 

per cent selling group discount). 

If one divides these fees by eight 
(ibe final maturity of the FUN l - 
one reaches a spread in the case 
of the medium term. loan ot 
some 0.70 per cent and m ute _ 
case of the FRN, about 0.60 per 

Because so much higher a 
proportion of ■ the yield lit tne 
case of the FRN is derived from 
front end fees, the comparison 
changes significantly if one 
applies discounted cash now 
techniques (DCF) to the sums. 
According to one of the banks 
involved the application of put 
techniques to the FRN pricing 
would bring down the spread on 
that to 0.44 per cent per annum 
while it would have much 1 ms 
effect on the spread on the 
medium term loan. 

Insofar as banks or corporate 
treasurers invest in these mstru- 
1 merits, they tend to do so through 
their money market departments. 
c so that they are comparing the 
: yields on FRNs with the yield 

1 on. say- certificates of deposit 
? (lower than inter bank rate) or 
| on inter bank deposits tbem- 
* selves. 

However if during the prospec- 

2 tive period of relatively high 
interest rates — which is likely 

e \o cut back the volume, of fixed 
t rate offerings — the floating rate 
it market proves receptive to signi- 
e Scant numbers of floating rate 
n issues bv sovereign borrowers 
s then banks will presumably have 
r to start reviewing the relative 
it advantages of the FRN against 
i the syndicated loan. 



Amount Av.W* 

m. ■ Hj&ritf years 

m^L**—* " 1 ji. % . J: ~. m ji ; 

©issuik i - . • • ■ h • ! •" 
t : — 5 - . W~- '■£ - 

Piice ; , ? 


ttSlto-Ypkado.. • .. . \'^g5}. * 5 

SASics corp. 4 s 8 \R . 

~ Gofdrran-Sachs 



SBs ikor Int. Rit NV . •. ' ' 

Hydro Que^c * “ : ' '.?^S 55 

f liubljanska \ 3Q ' L : ^>-^ 5 ' 3 

ttNorway - - • . ^ 

+Cr4d*it National - ■ - - V- 

(greed France) . 75 • 
t Banque Intemationalo , . v-jr. 

pour l'Afrique . 20 • > i ^ 

;-L ^ r.-' 

Capital ^ fteketf Group . ; 




BanquC Sandtnav# 

iOy Nokia 

JVoest- Alpine 



-IQO^W 1993 

80 1993 


JCity of Stockholm 

" Yamaichi Se«L : f 


(g'teed Morocco) 

Soc. de Dev.' Regional 
(g’teed France) - ~ 22:y..->f ..3993 

' Banque . ^ 

Not y tol. . 

tt cHodsM AlBD aw*: 

t Mbitmwn- ;|'-CoWW<M« 
Panisse fund.-- ' 

’>• » = ... ’ 1- ■ 



His ^8 and r alls 

i Jum> 16 Jim*? <* 


L or'LMr. |Tld. 


NEW YORK-dow jones 

7 i i i W£ 

June , -lime 1 June I June | 

lh • 15 . 1* 15 i Hied l (• 1,v 

Issues Irn-IM 1 1.871 1.87B 

■ June j June [June J Jtine — — i i„.r 

; 16 : 15 : U I 13 ] is I 9 | l.," 1 HikI. ‘ ^ 

51.SB 55.51 55. SB; 55.81 1 5fc.20 1 to. at 



L'tt -luiiive-l ... 
Non Rigli-... 

■ I i ■■ ■ n . . 

I (tf.6) | New Low* 

367 l 555 
1.099 j l.U- 
415 . 379 

38 1 5B 
38 ! 52 



: 856.97 844. S3 B54.66. 836.98 B56.7ZI 959.25 • /«.12 | Mbl.n «■« 


Tmii»|—rl- . 

856.97 844.2b 854. ».«*.» '““7 } ^ iil ld, iJ'! fc'».-52> 

- 87.90 87.96 67.89 67.66 87.60 87.30, 3U.86 | 97 60 ' - “ 

I • >1,1 1 j IWbi t • 

. 222.23 223.48 229.2 1 229.74 240.18; 250.721 2*1.53 M ™ , e «;« 

• «.!• >»*>. «; «. id6 - s6 ' ,o6iBi ! * 3 ^ gg > jfts. j&* 



June . June June] June I 

16 | 15 j 14_J 13 ! Bi-li 

<184.45 185.09' 184.85 185.81 lB5.WlUy6> 

! 195.22 ISJJO; 195.54' 192.77! Ir4.ini <c ( 6i 

TORONTO 114S.4 1148.0 | 1146.4 1 142.5 j 1148.1) ' l&i’C) 

a'rniliuu t nl. 

27.6S0 29.280 57.290' 5D.780 29.440 52.47D — 



I nduM Hh i 

I 218.3 . 214.0 1 214.7: 214.4 
257.2 r 254.0 I 250.5' 227.9 

.• <l/?i ! 

25L2 1!6/6) I !-■». 

‘Ka-is-i ln"cM'tuiiiK>M in«u \iiaiirt 04 

\U. er Yeara^n ap|H»v-> 

June ; Fre- 1918 * unfi 
16 : rinu* Blah L»w 

• June I Pre- | )■>•'! I I'd' 
18 I riuua 1 Hil'K . 

llni. rtiv. neUl ' 


Australia'' • 
Deomrk f**) 

498. S3 500.37 

95.64 9b.cS 

95.91 96.20 

Spain 105 j6 ; 105. n M.m‘ | 

^ 1 1 ,i.5< • U(wi 

Sweden <c 5«.i3 ; 367.94 : ^-7« 

I > M CI 1 10. 1 > 

Swit7erl'd'7. 234.6 ' 285.4 ! :i«.0 

; i 1 1 1 ; >C5- 4 

l to j 

l min? Ven>i«.'h...- 



oayer j 

llnyer. Hvi*> 

. ■iMlnt.Nwt.irrt* 1 
Ji im menlMn k _...! 
j<ni i.iumrai ... 

Lhuniter ben* | 



Lirexlner Hank.... 
Uvckfilioir Zeml . 


Hi|<*-. LlnV't 


H»e>:b-l «... 



Hal' him mi*..... 






■ 82.0, + 0.1 ! - ■ - 
J 479.501 + 4.50; 31.2| 3-3 
1 248.501 + 5.0)38.0$! 5.6 

i 120.701—0.50 18-78 6.7 
j lQO.Ol-O^tt 18.75, 6.7 
I 279.80 +3.0 ; 28.12: S.O 
J 316.0) + «».2I1| IB 2.8 

■ i 166 1 — - 

< 222.90 +0-50; 17 7.6 

73.0, — 0.8 1 - - 

309JO;+1.5|28.12 4.3 

.1261.9 d 17 3.3 

. 156j!v-1.0| 14 4.6 

302.U ml + 1.80 28.12) 4.7 
; 259.40a)U 1.40, 28.12; b.7 
! 173 +3.519.3818.7 

ii 205 ' + 5 ! 121 2-« 
.1 120 ; + 20 ! 14.04; 5.0 

' + 2.9 :* 16.72; 5.S 

150,70X1. — 0.80 18.75 7.2 

46.9; ! 4 4.3 

155 i + l-Effl, 9J6| 3.0 
138 i+l.O 14-04 5.1 
324 U3.0 '24.441 3.4 
226 U4.0!l8*72' 4.1 
98 ! -1.10 - - 

185.50 + 1.60 IB.76! 6.0 

■ . - . - " ' V | |3>iil i.Mnw'-nmp’iat'n 

! June I June i June 1 June : June • June — —< i „„ . I , 

1 in j 15 : 14 | 13 [ 12 • 9 | Hiah I ] Hush | !*■" 

France «t»» 

jlniti.Mrvti* 107.64 109.70109.96 1.0.15' 110.07, 110.52. IU.» *b.+2 1^-^ 
♦Cotn^ue, 97.42 98^ 99.48: 93.5/ 99.55, 89.UtU0.32 

; J,.ne 14 ] June 7 [ Slay 31 | Yea r ago ■■ppcfi.' 

I ml. It.r. t 1*1.1 % j 4^90 I 4.86 [ ~~6-01 j 4-39 

Holland <531, 

800.2 , 795.2, , 86.' 

Hook Kona 

Italy 'll' 1 

644.BS 546.M 

61JJI : G2.71 

liiii. i'iE K*i w 

1 0.61 

Japan ■<» 

4I2.7R 412.33: 

395.61 321.90 1 

J,.n- li.ivr. HkdiI \i«iii 

i 8.43 

Indices and base daiei fall h.i<«< values 
100 ..-xcept NYSE AU Common - 3u 
Standards and Poors — 10 and Toronio 
308-1. 000. the law named based nn 1975'. 
t Excluding bonds. 1 40fl ItidusmaJs 
E 400 Inds.. 40 tiuiloes. 40 r-mance and 
20 Transoon. <5> Sydney AM rird 
f-;i Belgian SE 31. 12 *1. )*“■ < -pcahasen 
SE VI '73. MTI Paris Bniirw 1981 
frt» CommeraUank Dec, 1052 1 U» Amsier- 
dam. Industrial 1970. iv • Han* Sena 
Bank 31/7/84. Mil* Milan 5/1-T3. *«» Tnkyo 
New SE 4 ' L’*< . »*'S»raii* Times i««*s 
i.-» Closed iii< M:i<1ri<1 .SE 30'12-Tf 
<,*i Slaehholm Indirsmal 1‘t S8 . i|i Swiss 
BanJ) Corp. iu» Unavailable. 


June 18 ®S?2? • 

Antio American Caron. j w 

Charter ConsolWausd 3-w 

East DrielMUfiln IXJffl 

Els burg £•*{ ‘ 

Harmnoy . 

Kinross = 

Ooal — — 

RuHcfltanro Platinum — 1J» 

5i. Helena - 

Sontlivaal — - — 

Sold Fields SA C-gO 

Union Cnrporauoo — ■ 8^3 

De Beers Deferred AW 

Blyvoaruhztchl v. 

iasi Rand Pig. — « .' 

Free Stale Geduld 28-*' > 

President Brand — “-3® 
Prestdeni Sleyn U-J®-. 

snlfometn :. 


Wear Drieronteln — 37.a_' 

Western Holdings » » 


Ancio-Amer. Industrial ... 

Barlow Rand — 

CNA 4nvestmeois 

Cume Finance — 

De Beers loflnstrla! 

Edgars Consolidated lav. 

Edgars Stores — — ... 

EverReadv SA — 


June If 

A mu-' 9 — 

214 +1.0 

C C Smllb Sugar 

SA Breweries ... -■••• - 
Tiger Oats and Natl. ws 



Hlgll • l*!* - 

\ l.rl.P ll I 1*1* 

\ villi l.i'r.t LSfi. 

\ir I'mlurls | 

, \lvali Aliiininiitiii' 


l lies. Lint i n in...: 

, Mliiel Vlteiulinl.. 1 


\i!i ■ Clislnivri. 


Vuier*' He-* ...; 

61 14 45Ir ■■^xrinjiu fjia**.... BBlj 
52 ! 42 1 4 U'l. I nl' 1 1 'tii id i 51 

331* ; 24»» BOl* 

nail aai* i.ii«im.w 

341* ! 294* Zeliei4*i.'lii 3H* 
421* : 33 Is ■- uiiiium- Kimiue 404* 

34 2S ‘4 Juhin..M»u»iiiif— J 5 4'* 

835* 66 Johuwm JobnM-n 81% 

33U i 24+» 4i'bn*'->n Oinlroi. 29'a 

361 j 1 29S* Jo\ Manuiaclut'a 355* 

281® ' 231* K. HmCnrp 24."* 

Halter A nmtnfin 327* 

211* | 187* Oiru- Wniibl—i 17 U 

38 iti'v-uii 

25<( KernuMi* MeUH. 
52'* ' Itevn. .1.1 « K.J.-.. 
20 Kn.-h’-'n Merreli. 

287* ,lt.«h<>ell Inter... 
2812 jlMhm & Haim 

Pn.-o f+or | Div.iYlrt 

287* i lfl=« ■ InmR 

\iner. Viilmei... 
\nier. Frmnl.... 
Vinrr. Ki'S'lrei 

Mner. Van 

liner. I I'nnaim.t 

\iuhi. Ki+r. I'-'* 

*iin-r. K»|'ir* .. 

V mer.Hi iinel , n»t' 

\iuer. Jlnlnl*..... 
\nier. .\»l. 

Vmer. Nan-Inn). 


linvr.Tc'.A. 'I** •• 


v JI F 

V 11 1* 


Vie li-n Hn-kiny. 
Vnlieil+ri Bn— Ii. 


34 Dun luiluairm. 42 

23 I litre 327a 

224* l <*i .M'-nie 26 'a 

51* Uelinna 11 . 

16U Dem«|-J.v Inter... 22'* 

151j Lli-iniil blHUi 151+ 

23 liwmcm-IShanirK 27 U 

114* Ui-:»a)>li'-ne 15-'* 

385® Lusiial I - |ii iv- 47 J* 

31i* Ll.-lie\ .WaUl 42 

38 luul-iruii 44 

224* l Kin them km... 255a 

25 nmv- 261: 

361* IJn+Mir 43 Ij 

97a» I'nl'i-iil 116 

13l r ii< in-- tn-luiinn. 30', 

161; ba---«- I’kI.-.t 241a 

6 L**l Airmie* tl'2 

411* 1-^41111*11 Hi .i*t. 54 'a 

33 hni.-n 

164, K.i,.n 261* 

]41a HI P**,* Nnl. <«•*[ l fl ! 

265, Knn, I 32 J* 

29 a* 1 tmi-rvijii Hleclrh.') 37ls 
IBS* tmerv VirFr'lnbi j 24|« 

273* ; mli*ri I 471* 

21; 1.JI.I I Ha 

22s, . nnei haul 1 S3 

U® kaiser I ndusine*! *'* 

21 U KaieerSieei— 244* 

54, .Kay- H* 

195* kenneoitt 224* 

401* Herr Mrtiee 45ij 

274* Wa.iei > 33 

38i* Himlenv Our* 47 

194* kupv^rrt j 231* 

42 iHrafi 48 

251* nltNCcr Cu..'. 1 34 J* 

27); lamemyTnun... 32ss 

60 ij I 54' 
171s : 12' 

54 1 2 'nVvm Dinctt I 

121* IrtTH - 

Ill* ll.'uas Liu * 




141* iAapata 


BO 5* 


106-0'— 0.60: *21 

13i* liv-ier Kv«tein....| 23ig 


371* , 2Hv lj®ri sureuM., 

251* Lib»-vOw.K<v-l...| g'r'a 

261" .l.iatrt i.iiuuv ' 331* 

367a (l.if.V • Bus 47ij 

14U i mi im 22 

13 iLneUiee-iAir-r'H. 23 1* 
171; ItaHieblar I11H...1 19s* 
18S* jla-ne Man* IJ-I.' 19 

35ij imtenav •jinren...! 

B5i* ;w. Jws >llner*ii j t4ij 
255* pu knsK- Paper... 885a 

33lj I'wnui Fe ludfc ' n't 1 '! 

35* 'sail- liiriM... 1 64* 

412 Minn liufc I 6 <b 

111 -ri-blil ■ Bn .un?. I 13i; 

64i* -Tel I, ter 1 7e.ii 

15'? aCJI ! 164* 

12 !j -rt-ri I'jkk ' 17a* 

19 >* ,-n. 41 111 : 

6'e iSeu-l.lnr llimverli 8 

lui* vbitltn Paper 

4.30 .Vgni'U tafiie. 

1 1 knn Aluminium al 

] 141* AiuuuMdieei • “ 

I 341? Vshmlus™ 441*. 

| 17'* [tianhpl Monrie*' 22 
181? jUmik XuesS'-llii 21 
J 5 irtaBl- Ilenminm... 5 

52 UeiiTeiephraie.... 567* 

1 20 U Vslievlnil...! 30U 

West era, 

2-L -^ *T. 

2.2 " 


SSSraSl'iS ^-^12:4.8 

A.L5L 1F1.WO1... 171.W-3.50, 8 , 4.6 220 

luu Muller 1 ton.. ,S a j 3 .-° ^ I ,^ 6 „| ’ ? Ito-Y^adn 1.330 

ss aaso^w||S 
SSSffifd iw.laUu:«! si 1 1% sss£ 5 1, 18 

vSuluSi^:::: 'SSiilS iSjs^ 

rtklM*! tF-. Mt. 38.30 + 0.10,- !- Aynl^Ce™ m le_ .,4 .OM 
rtiiiipn |Fl. 10)...- H6.8q-O.20r 17:6.4 
iUnc-cbV«rtF..10U B3 !-l , - ! - HiWMsBl »"«.• 

43.501— 1.30| 

201* ;L/,ui'MiM L*tn-i.., £2U 

20lj smsniiii j *i4i* 

35^* Jldi'irnoi 

/jji Ire filnren 

5i 2 l-'i.. rmurl'*i 

iMa -Jli.+n ; 

354* l Mao K. H ; «:* 

29 1* iMui. Hanniei .. 

ll»i ?ear i- ii.U.i I 

221 * jwi- K'*l'i* t ; 

29'a -bin." i 

37 I rnn-i.irl...| 

28 ?u:rui — [ 

17i® I 131* iBFL’aua-la 

18S| ! 14 1 1 iBrwmu 

D.Q I 2.06 ;8nmi' 

381- I 34 ILaigare 

17 1* I 111* jOimdow Mines... 
Ill* j Bag IvSwudA L'emenl.. 
14 >* I 9.'* jOWwIb NW l«n. 
29i* 1 221* Lau Imp buhl. ran 

tealu'uii<*r-_ 337, —l. 

uanonii , * , P - 4fl0 

65S +85 

+6tndp — : — 370 — B 

Ont-NJppM Prim 630 ......>. 

Fuji Phmn„ 568 +18 

ditachi— 352 +1 

4 S UnMtA Mntore 577 +1 

ikwfVxM 1.120 1+10 

J. Hub-— —.I 220 .—1 

lto-Vok»1n_^.._ .1.330 I + JO 

I *>. 1 * -I 653 +6 

I.A.L. i2,650 | 

■vsrml lilff -t. Pu .; 1, 130 ...^ — 
Komiifro„«.. > 347 1 + 4 

Source: Rio da Janeiro 

I Price f 

L'auwta I n«1u»l I *20>| 

30 "■ a ■ugn.i-lr ljW| 

31 U.P"0 

40 'Marathru 

IIS* ! Marine Mi-Hsmi 
191* ;Jlir-ha!i FIpi.1 .. 

251* lli-inn rk 



ui. iii.-bu-*i-i.. .. 

Aiiiu HMn 

\ 1 I • 

Ar ii 

\».m I ■mil)- 1 -... 
4+ ii i.iii* Kin f.... 
Il-uik Vint;ri ». ... 

iMiikei-< Ti. J.Y. 

H*ri nr «.»il 

ikt < l-?r Tra rein •!.. 
den ii v Ki-o-i.... 
ilr •inn Mi -kciiM-u 

Bel. Sc Hi-n+n 


ttnUiKl >-'jii» 'b' 
■<cUnelwiii 9IW-. 
tJIa-k .V LH« her 


dniBi- L'n- a- nr 


d--rj Warner 

rininm llii 

i»ri-- -hu ' V 

linvtui Ml era 

18 Kiln i • Za’i 

431: kjju.n **5'? 

23 Fiirclnhl Lament | 32 i* 
34 Fffi. Ueui. "U-e* 377* 
13 Virv»l«-ne In*....’ 14^1 

24 K«l. >*l. tkvi-n. 2Vrj 

lb < ■•*»! 20»i 

18.' 'a ' iii.ima*- 16 

2B-?, Klpri-la I’.-nei-. 30 

3U>t Mu-., • a7>5 

2U7® Slav Ifp. »lnitr 241- 

40,® 1 .1-1 M-+-+ 46', 

17 r.-tem-i M-.k— 211* 

27 ?a l'(-»i„i- 37>, 

rreukno Mini. .- 9;< 

18*, r'i»+v,iri Miner, , 22'.* 

24 . i Friiebaui 3118 

84* r n nn I n.l* 1 H J * 

10u jf*l 

34i* (.-Hiuieu^ • 4a-*. 

87* lieu. Anui. IiiU-, IV’- 
22i, U.A.T.A VB~i 

32 S* MV..V 

21i, Mi; Derm* -I I 

224* XL Ui 1110*1- U-Uii-, 

164* q 6i*is Hnl ' 

26 Xlenini+i 

484* Mer X 

13»® ilerru- L»ii-Ii 

324* \l,>a Pelt -a-M, m. 

26i» MUM 

43t* UllluHill;l.Ul; 

584* MiA-i 

4+s* XUniuiiil-- 

'iropii- iiv Pal.... I 

'sinter 21'* 

'mil iik 11 lie........: ^5*i 

p--ulr--n 31® 

■■*•■1,111 11 ail ....I 321* 

-■-ui 1,0, 11 *>i. Hi' 2c 1 1 
"i-ulliw n It '« 

■'inn. \ai.lte ! 37 

••mi hei 11 |*a,-»fi .. diva 

151- j^an Paid he 

15U Lao. Pa- ific Inv.. 

51 loan. Super 

3.05 LariiutiU'kenip.. 
81* [waiuMli Abcsii*... 

17 s* k'.hieiinin...^ I 

23 1* Lon 1 mo I 

211* [■.*«l> Haltiuial—.j 
Is'® '.-.iMiNiFuer i.ia*... | 

jaarffe arcs? 

2 «i- “jft#* - i - BSSBm: ™ i* i 

UuLeuo 1F1 DU). 171.0— 1.20'.V256 : 7.5 ItitMhWn Hft*vx 126 j+1 

Sts- -sfc? » i m issstzz at !* ... 

levin CilpiFiJU) 1^8 +1 47* 1 4.3 .Nippon Sblnpan^i 746 ; + 8 

l “y"lSLtlHU.S 115 30 0.6 A^n Motnr*.-.. 811 +2 

Unilever .Pi- M,. 12OJ0-1.M42 8 7.0 A n* | r~-'' :1 '3S "4° 
Vtaincloa-locSI'- 41.6 -0.2 ; 20 , 1.1 jjwo ifcJerirte...H ||0 +4- 

IVcaUmiMu.ltaow 405 :-4 33 | 3.9 reWnrt Prtian„.. 860 -11 

+ 30 ' 56 
+13 | 80 

Kciyiti Uu tcb(F' JBi 
laveninnu — ..... 
levin GiptFidSO 
1'nhjnlb. Hhls.S 

i VlklneUea.Incfil: 
XX’raUnn’-lu. Hank 

5U I-Lieka lCew'uiet-1 

44 J* .^-uU.ernKailaiiii 

■'■•i|i iimii'i.... — -1 
■'■»'i UmiMiare..- 

71; J .usiain Klrll -.....! 124* 

b'-a :*iai.n Llavunl j b»* 

52 'lieniwm Mina, ...j 76 


j Price j +01 - Dir. Yi-i. 
June 14 h’rmier | — k \ 

.uiyu wevtne—H »w !' T ^; 
nktvl PrtW<M.- ' 860 — 11 

un^fdo..— 1.080 i—lO 

t- 7 10 .-10 

Ulaliu JJL*i Ine.™: 235 —2 
LtUdi UirniKa 377 —2 

— . — Mivar teak 92 

10 | 4.4 Uorreeair>i.._ S5..75 —1. 

IB I 2.6 ure>1itBanl,. ; — 105 - +0. 

15 1 2.7 Ho-rocw — 2dO — 1< 

3 B q ]4 KrertiUia-neo ...— i04 — O. 

20 1.4 forehHvdroHrdA 185 — O- 

10 1.8 MsirehnHi*. — 95 +2. 


S'g June 10 Peru 

. f b n'fi Banco Bilbao SM 

Jo ; » r Banco AllanUco (1.000) 239 

Jf , Banco Central ...:. 300 

*•“ Banco Exterior 2*1 

7? l-f Banco Ind CaL tt, 000) .1* 

“ I B. Ind. Medirerraneo — . 209 

gg 1 Banco Popular . za 

7 „ unco Sanumder f230> *14 

?? 1,n TO UrquIJo 1 1.000) - 352 

Jt ; Banco Vizcaya 23* 

ix 5‘2 Banco Faraeozano 23* 

—1.6 - “,r 

1+0^ It 
—10 80 
— OJB r 11 ID A* 

l+ifrj 1 ? 0^1 

15 ! 0.5 
12 1 0.8 

16 I 1.0 
48 1.3 
12 2.3 


U9 - 

SM - 3 

15 ’a Hiitd'-. 

,r|+.:\ lian-> 

39ia U.nuan-r.P 

a4;* ,|.*.'iM-a 

3a tlmi-nr i.*i- 

23U .\ ii'iw-v. 

jja.'s Aaiu'Cliemi a-... 
14 :Aaliana> Can 

'Un i*r-i Unm-P.j d6 

ri-i.i'iiCauiomia- 4J 

-|.|. 1 u. Indiana- ' 49 
M-t. tut obiu • *-4 1 

70** ■ Ami MiTn+ 

SJl* Lkinic I'tlrrileiin'. 

21b* •ikuiiiniiui Bn-lin ! 

141* ;Uomiai 

12 .iiiii»mi I 

164* Vaiwm'e* Nickw | 

1351" : 11 

69U ,Punl Mnusr C«n..| 77 

•mil! C'hemtca •. 411* 

MeluUi ] 

20 1« liiiill«i'.... < 

121; \,i. vr»w In- 1 . 

291, MUl-Hinl M»*l .... 

■ a-, rliiii.- Druil^-j 
] 'ii>iH*i,er. n ,«-i 

'1111 t_l^ | 

1 *un- 1-1 mini.-.—- -j 
J UU. X ■■■■■■■*■■■*■* I 

. 1 r-:iuii...Hir- I 

■ riiii,*iii 

10,^ client Yci'wkiiiH'! 

a.- I :..*, ii.i i. ' **7 

lIiii m'-er W 1 475 ' lb 

Dan'kv itank ! 123 ! 15 

ha-l .Vial I Li 1661* srj— 1 2 ; 12 

pitiau liaukeii I38l*ir-i- >C ; J5 

ur, uyuHvncr....: oo9]j, -I l. 

Por. I*kpir ' 79J, [ — 

Hnndiff*iauk 1 124 . .... . It 

(•.Vlli'n 369 1+6 . Id 

>unl Kid+i 1 1931**0', ' 12 

1 UK. 2.030 >10 ; 30 J 0.7 Baabunian 

lfflua ■ 120 • 10 1 4.2 Manus Anrialuda — «..., 

491 ;— 2 ; 11 1.1 ®, a ^ cock WBOTC — 

lokubHrcLPua'i .1,030 8 3.9 7 : 

13 7.2 

15 10.2 

. ei Jin ; 120 ■■ 

8.1 tukK> Karine..—.., 491 ;— 2 

5.2 loktobtcci. IV" *1.1.030 

9.8 itA(D. atoui — -■ 308 

7.2 LoKVffbft'baure— ' 144 *1 

10.2 ; 144 *1 

3.3 .iv.di M-1.1 — • 992 + 4 

12 I L9 DrasadM 

Source N'lkko Sccunues. Tokyo 


i-Juli Uil Cmia-ia .j 0 ' 
rlaw her M-i. Can. 6I5 

rt-miiiiirr.. I 331* 

Hkitii- Oil *A‘ I 4 1 a* 

15ft* jitlUIKHI IJBV MllL'l 1 i j J 

177* | lit- On. CaM 

53"; .Sal'.- 1 n*» 

161* Uu inai Mai... 

I>)iieui>ni>. | 

I’makhank j 

aupli. Bures* licn.1 
'upu rlu- j 

75 : — >c 
136 i 3 ! 


•dm. Pei. M>N ... 
.i)na:kirav »■>»*• . 

1 Liiii si I : 

11, icv ru- line XVnU-li... . 
tiurnn^ii n Ailin’ 


.i,iii|itnfl> »ihi|i. ! 

Jana- Kan-li'ivh. ! 


vNrri*T k li«.|iwni i 

L-ailur tbin-px... 1 
_Bl--i pillar I’ni-n • 

CB> ' 

-.eiiuivsC L-jn+i • . 
Central A 3.W....- 

a. ill cml ‘ 

• .1— ns Viriiil.... 
,ln+ MaulMiian: 
. liuiiii -H- BC..NY 

•vliC «W«h Hull.. 1 . 
-i. li< an** Un-ia»- . 

whi-> -IV 


;«.iii. . Mii*i , i«ui...j 

... - ili-iir|f 

.. It IV JMfl Vh.e 

.•4i y In, c'l ma.... 

v«* ClIUI 

■ J-U-UHtt' Hill' ; 

.1111 III- AlhllUUI..! 

37 k) lieu. Dynamics.— 76s* 

«4: s .l-en. falevlnca 51'* 

26?; A, if nun 1 F,e-U- — ; 

261* Uimiui*' Ml-ia—...' 32 
57 4* lirtu-m- M'A'irs.. W 
lSii ;liMI. PUll. I 111...., 184* 
24 lieu. .+iaiiai 311* 

37<4 :>UC- 

15 : Neptune liuj 

21)8 Ne« bnaiau-i W. 

331* .Ne 1 ’ kutfisn-1 lei 
I3i] .Miiin ,X|..iuin k 
94* .Nnteara Pliaic. ... 
15i'i A. L. In-iu-«liii~. 


Slam Ull Alias 43 

331* ) 281* I i0a 3 

281* ,1.1*11. If-. 

2r« (icn.Tvro. 

2513 -Nuriuika "Vusn 253, 

34^4 .Vein Aal. Ua- 

di* in-new 

23-4 ‘.iNiUilUl l*iu.'ltl--. 

''.1 el IX Uii ! 155 

24 .Niun -aialei I'nr Li l* 
2U>* .Mliaol Niiunv 271* 
21'* > ili west Uan. ->li‘ Zb 
lt>?« Auiluii Siuirai. ... lb'i 

23 'a .i.iillclle 

19 ■ ■.>sln-b B.F 

15 .'a il*»pi>wi Tire.... 

241* lsinil>l ..._. 

23 i iiinu+ W. K.. 

7 3* 1,1. Allan I'U.-le* 
221', iifi. .Niurth Imn-- 
12'?. !‘,r«vli'iiiii , ( ' 

Un iDnia PHn-l 23 93 

■ •■•ilvi Millie) 

171* Jhio Kniff'll 

7 I'eM-rr, PrtniWum 

24i; 1 cue 

17>j li.-ia-L-uU—- ; 

611" ,Iu\ms lusun 

291* (•.xn.unADaa- 

191; r. .a- L l limes - 

34:* I mu Im-. I 

B2'* 1 1 im.. Minor..... 

4H; • 1 

31 jj Irene ] 

13* a Ireurmemau 

1 7 •* '1 mii-w 

321; Irens I'naM- 

17 I.A.C 5 

271, hna*,, | 

18 is liuienalOi! I 

15U ■ rax - I 


"Frlii* 1 -f-i.r I Uu. Tl-I. 

134 I 8U (lii-ia. 

11-a 93* unian-i Aal.Cma.. 

15 1 13 1* '.lirt'l-.+Pil-rlJim. 

I6I1 I 13 iixjufc.'i llrsuun**. 

9 In 1 b'-n 1 1 anrl Pin Corp,... 
4. bo ; 3.2b |i*ib'i» ki-m.-B*.. 

201- ! 15i* ,+ 'nnii'ii Hiia.,11. 
Ib3« I 9'B ; duasej Feruliam- 
3 Sib ! ttU’f j -Udntju* 

5B 1 08»i |4*»Hr 1 -r|.n...... 

H..X AlKlvi.J-.-)... BVO 
\ita 1*1 vbi nikio'J 138 
A*M iKr.TOI..... 82. 
.XlllM tn(S,illii £ 12* 

ullcni 1 1 *3 

— -i jin, 

-Cl-UHI-B ....1 229' 

■.leel'lux 'u -kikl 1S3 
lincskuu ■FTKrrCi 133 

208 :+ 1 j 
138 >3 ; 

82.5— 0.5 
125 ill | 

73.6— 4.51 

144 1 i”“i 10 1 3 5 '"mobanlf +.. Jf ~I 

144 '4.1 ' 10 1 3 5 '• ^TMoneaas * • ” 

992 ri 20 1 10 Espaw'a - — *£ 7 

ZZ£ fX LH Rio Tlnto M “ 5 . 

Securities. Tokyo Fccsa il.OOai ..... W “ *•_ 

FeaoM 1 1.000 > TWO — 

I ® CaL Predados » . “ 1 

Grauo Velazquez (400) IM 

Prirt ' + ..r ■ Div.iTTd. Hldrela — **5 1 2* 

Fre. : — I % I % Iberduero WLTS 

; — - Olarro j— ** ' T f=» 

1 | Papcleraa Re an Was ... 7UB + "■ 

,280 -10 I a 3.1 Petrollber MS 

.655ixr 10 3.0 P«nfleos .. 

,150m- — 15 22 1 1.9 Samo PaMler* ......... Sf* ~ r 3 " 

865 xr — 5 02 ' 2.6 Snlace J* * 

-760 —15 ; 10 2.9 Tortus Hostencb W _ , : 

690 1 1 15 ; 6 5.6 X u ? ace * - i st 

7m ssn innssn n -r H ultra Elec. • HB 

- s -I 

iw..:: 1 ...' io-S:l -1 : 

laV' >3 ' 6*3 47 2.S55id — 16 ! 

A I S 47 PltolldJPIF.lUL' 285 ■ 

53 +5 t 5 4.7 3.975 ,_50 • 

73 I + B B 1 3.0 Uo. part 1 Cert; 494 ! + 4 ! 

90 | ^ 4.4 a tupdtWi.Ul’ ItXJ, 300*3 +2 | 

50 1 — 1 — aujair Cta (F.ltO) 350 ;— 7 ; 

32 +1 ' lb 4.8 ,«-haUr «Kr. XrA. 855 -B 

00 i 8 18.0 awn* Bank (F. IOC.: 389 j-4 . ; 

6J 3W |B*|Ke.P.*iO|.‘«,700 1+50. 

52 +1 i5. 7b. 2.3 CnKwheak..-^... 3.140 

|2 j 9.| 1 ^.b Aarieb Inn j 10.700 *r -300. 

7 i :::::::• 6 i 7 - .a — — — — 1 — L 

5 e.o 

b 4 a 
4 . 5.5 
'/4 S.i 
10 b.5 

10 4.3 
6.3 4.7 

6 5 a .uminlum. ‘1.280 ?■ 10 i 8 3.1 Petrollber . 

HflC-A 1 - 1.655 m- 10 3.0 Petrol ens 

iJlbaOeteyiF'.HX 1.150 i>r — 15 22 j 1.9 5amo PaM 

IkL'PWl.-Cert..' 865 xr — 5 22 ; 2.6 SnUrai 

1 ' Do. Bin ' 598 ! 22 • 3.7 SoBeflsi — 

% 6-e-l)l 3ul»-e 2-230 • i 16 j 3.6 Te >fD!lU $* 

E.KHossU .1.760 —15 ; 10 1 2.9 Torras Host 

?■§ n-dm lUeoiuei.. 690 * +- IS ; 6 3.6 

dufl man PtCen-. 75.250 +100:550 I 0.7 nntoD E}cc - 

S'ft UU. -I3HUU n.... 7.550 +75 55 10.7 

Inieriuoid -.3^85 -15 '21 ,2.7 HflMa* 

5 3 IdIpiImO 1 H 3J58G 

!! Jeio«HlFi.lxAii. 1.405 
Saniietl r. IKh... 3.420 

21 , 2.7 
21 1 ^ 

13. B .viiin J 15 1 * 

'Unit A ttffUm.- J91* 

23 U kiuii Ui , 

b4 /* 'Haliliurtiiu ' 

32 ^ IHixuub limiua — ! 32i, j 

14S* .Haiuis- bieuci.. 
39-<* Harris Lun.iL— 

28 EOi, 

35 27'* 


24a, . 23:* 

2i!* ; lfl 1 * 

ZH, I 20U 
Tie > 4 

28!j 20 

201, i.»«erefM*n*i+.... *7 

27'* x-urniii-.-.. aOU 

19ati Until.- 1 Illuinw....' fcZli 

23;* Pam«. 6a> '*3r* 

181* P* ihc LuUiua ■' 201* 

21:.- Iren- wav lurrV: \tjhn 

971 i laiiv. XVnrkt An .( I|'* 

26'; itai rtiw*...—.. ; +5Jb8 

1.90 | .UniPrainStfcisKsI 6.W 

*U" I 273 l + B 

• Jl'iii-.. 

•Nurvep KuvtKV- 

vr-iiei*....-— • | 32 3 4 ioiB >tbn. leiN-m.... 

Loi mrnlaln . I 19ij L I 

• iiiii*l- uu A (.is- 

405, 1 273, ,l.l( tt 

20 1 * .i.iu ceniuiy gf" 4 

6 ja i 3.55 

j sm, me xm A t,»- 
; .Haxiivi Pfl r ‘m, 

1 1-iu.inv l)o|i|rt' M. 

'Pa . Pw-.A U.... 21 s * 

.l-MiAtnlVurc Ait. 

•|*mer Hixdnihu.i 24i* 

1 .iiliiiiiliia tint,.... 

' ,'iHifitiinj, I’m. .. 
■i. uni. I Am 

nllllwiM inn Kill. . 
.Yllllllllntlml tiij... 
i.'m'si'lli Kills* ill; 

' .••in' *i Ul Uil Kel 
..iiiuni ■“"lei'iii-.. 

iviilli|Slli'l '"icleliw" 

iCkiui. lieu. Lit i .. 

' . onme 

j .-in. lulwii N.V. 

ICi’iiffU Pus's 

■uiurei' Nau ii«*.. 
'i. lintiiiuer i’nwen 

Vuntii'i'i'lni tirp.i 

LuiiliiwUKlUil- ' 
. .inimciila' 'I »'lf. 

..hi ■■■: llala 

.C-s'i'i-r lurtu»i.....i 

34 Tlein/fl. -I ’ »'t 1 

24 : Hen Mem 27'-3 , 

6 IT* If *n well Pachanl. B 0 i 2 [ 

141* .Hmiitir luu- J® j 

30 '2 Hninrr*lahe 35 | 

43ij HniieF«rii 851* • 

111- H.n.VCI , iZ') j 

22ia Hin.LV|'"' n, «-! a ? Ss ' 

23 is" I 25s* ; 
10 >h HiiiiiiPh.AiChiu' 11 

10'i 1 1 >6>« ! 

SQi, l.C. - Z4, 3 ' 

341, IN A 2i‘ 2 I 

50. * mseim.-il lian-i...., “93a ; 
33. t I >i ih.hi 1 Site*...— . 3tS, , 
I2i* lii-i'u* I 15^ : 

20lfl «lil «i* 

211* Pen. Pu.ALi 'dll*. 

331* Penny 4. L..:.... ' 36 [ « 

27 Kennsoii 291; 

7 ,1'is‘pies Liiuv: .. . ■ H>l 

32H ,Pffi[iiw Oav • 33^8 

24ia , I'epsioo 30 

19i* ,li. 1. 1^. 

18->i ; 

20 >1 1.1 

I4i* -lwf : : 

35*, Minever... 1 

50': •l u'-i.-w N 4 ’* 

12 [•• 'Cniwn 

37,, !,-ni,*i LarbMs—. 
6': LvMW'Wis 1 

33ia ;P.«ilk , I'etis,i«iiiil 
bli* J ■‘kail. L*n. Pyi’ii* 

141s j I’ltl |IU>.. ............. 

3,5 J |»'eupieii DcpiA.. 
U.8u | I'lace l>ii -V 1 .M«.. 
191* I'wix-rUeicM nu 

Fagcrsui — - 

irnuiqc* ini') 


llanUaiu [ 

xlnlMi Ikau-Ui,. 

saudvik i\.l) 

s.K.F.'h" hr-..-. 
sKatiil Hn-klhh...) 
Otn-lsUk ‘Li’ Krc* I 
Ui Mi'li' 11 ui.. — ..j 
Vii'vn iKr. 1O1 | 


Hone Kongfi 

15 { 5.3 Quvc Loan Urtd 

26 1 l.G Amalgamated Rubber—— 

26 2.7 n.jsramrs - 

12 1 4.0 Cbm Light £ Power — 
24 ! 4.0 dly 

10 1 4.1 j CosmofaMlias Prapenkw-I 

S.I E. Altai Navl^ai ion.— — _.j 
3.3 Hops ixottg Aircratt_ 

152 i 8 

71 i 6 

66.5i+0.S. 6 

44)2.1 H«y Krtug BenUia — — 6.00 

Hoojrliot^kawhjaD Wharf 22.30 -2|-2?j 
Huuy; Kudu Laud (uveat_ 9^0 ,2", 

HiiaeKouittibauehatBaak 17.90 IT-Lzj 
HoQgkongShangnalHotlaj-15.70 , 

lif. Hulcbiton Rliampoa * 6.15 ' 5-35 j 

d Inter. Padlic aemritles— 

— ■faiviioe Valbrmra 15.60 M-90 

— Jardlne deca 7.60 

- Uu Libor 3.70 3-6§JJ 

2^0 2-W^I 


41.00 fJrL.? 

i3*2 Hr?, i 

11.82 16- gjj 

4.67 4.<»7f 




Prwe i + or| 
Ian* 1 — ; 

97g PunerCIi^■^'* ,, " 

! + vr ' IV. VI. 1. 1 .v.MC'..— 

ijf --. inwi Uli L*!" 
l Pidide — ' 47i? 

1.03 Jurtiff- .iiurcHKi 

I 1 -V-i % ~fMj<tuai .... ! 499 ■— 8JS; —1— Uubbor — . 3.' 

— FmL- „...jl.775si.- — 37 j 150 8.4 mmc Darby 4.' 

37 1 1 i 25 1* ihuiiis 

17'* Perkin hlmn ] 24ig 

32V S Pel 

2338 '♦'i , -*i I 

174* Pb«lj+ l>*,"t.. I 
17 J* Pbiauei|-!*ia tie.- 
56 'Pinup Morrt» 

uniteil BraiM"+- 
-»« Uantr-n 1 - 1 

21 1* u-MIvi+unu.-.--: 

B itwil 5? ha w 

24i, Km Aip in I 

29U Pk.Mi xJhii { 

15 iftwaiTrual. I 

Xiin-I , . .. -2.330 -20 ' - • ' — l uo. pnv ii.475xv— 40 j 160 10.2 1 xrnUm. Hoc. Prop. • auapJ 4^- 1 

ill,. Hi a. Ijtmb.... 1.645 '-15 : 72 4.4 1 -! 98.76 -3 JS - | - Icttllo ; — -.I-iTni: 

dckwi -ir. 960 .+ 10 .116 ; 6.0 i^wmeut. J, 11.805—285 200, 1.7 j min PWllic A 7.93 W* 

Up, pnv *1A76 m:— 40 : 160 10 J xiutbit. Pac. Prop.„ 

tmvA ' w ** 1- j 

27i« I'luUipsPtnerm.! 43'i 

33 is .Pi Mu 

lfl>* PilllfV IL-wc* 

7 iiiicrLS’iil huer.-xi 7 

233 is I »'M ;J66.25 

20 j* ion. Fm,«ii»rt.... w* : * 
2€ii .liiii. Hammer...; s7Ja 
37i, ilnii. Miii&l-bvin- 48 
2Uij Inn. Mullliremi>..: 22U 

13i» -1 11 ui, ; I6ia 

2ti:* Pi:i»ti-n 

164* nnwy 

355t. 'lull. I^|*>i. 

Pli : 5653 

6 j* jlnt. Kwlifiei' ' 12*4 

27 Ini. lei. A Tel—. 51 'e 

1 Inxeni 

27 '3 ’Irtnaln-l 

11 ;ll' Imrrnal i--uxi.| 
271* 1 Inn Wallet 1 

33l- TVmiui-i ‘ 38 

14ia -rtilxmiMs L'h: l-,1 x 

23>? -Ph, ludrairie-.. B8-, 
75 i, I’ns.-iei iiaintiie..) 661? 
214* [PuU'eree h.*rt..| 22 Ji 

2A ipuiiman 

151* iPiire*...- i *2‘ 4 

ZOiji 'xjnakei Unla.+.-.-i 25 s a 
Sr* ,lf«|iM Amertam ; *' 

29i* jlftijitevn- 54 , 

22 !ki‘-\ | 8*s 

22 |K*tiubiic aiieL..-,' *44* 

2U B .reubrek- , 

32i 3 . . Ireurnnifie* - **7 * 
18 1 0 -. V | u ,|tf t U , l«-.i sUL; 
lass • iiKiuia EWi..- 1 >f J i 

161-1 xVwiKreen.^ J 

29 -j , “"niei- L'i-mmn. •» a 

25if .i,n,ei.Ui"[*» ' -O R 

17i ? .X .MoMrai'inr'i’; 4 ai» 

24i* !*x ' “1 

29ia I'-jsicrn IMiMif 

; *V,+trTn N. Am*" 
i <x iMcm Unhai...' 

UiJ n.-.iiimbwe K'e*+I 
i'a.B ,xxv,r»tj.. ! 

20-i, |xV.. v ,.rtt»«J**r. 
201* | xVtti 1 ipii,' 

20M '" 1 -; 'f^' R 

10U ' 7>* I ’VWlrc ll'-nn+i 

28 ;* . 221: 

17,4 , 13ia ! 'he.* Laiwita..— 
6 50- 4.3J >heiTiii O.Ulur. 

I -i'iaa -lehwisti. U 

31, , 4.4*i imiiM«»~ 

&6'* ' 22»# liwfi 1* Cflnwla..- 
2.96 ' 2.30 msli. Krek Inn- 
qj,-., j an Li'**,! '--tuimU ... 
30i* | 16m lMi«uil*i li.iin.Bi.- 
ldifi I 13*4 'inuiwl-auPil* I**' 
101* ; 84* nan* Miami Ui' 

1 i5>a ; 10 

la.-- j 10 iluiuntia* 

7 •■Ui- 

ail wsfi - 

11 So I lO'l "Bill LikuiI T 01*. 

^.U.II.Cmimnl—-- 1.192 b! -8 '100 i 8.4 \ 1 ~ r ■ leJiilx'-AiliMK^ 

L-nkeri- 422 +S — .— ! Mediobanca 38.010— WO. 1,208-. 3.6 leiMUiturp .4 HoncKottg 

hie.lri4«. 6.420 +20 430 i 6.7 .HnOl Hriv.—+ 9« l”S2 | , — WTwaiomi M aril fro*. 1 

FnUnaue N.l 2.770 -10 ,170 . 6.1 Puenij; Li l.« j-“ I “5 8-f Wluwr Industrial — 

u.u. [iiuu-Bm 2.046 .-10:150.7.3 PueiUNia ] 9M ,-10 1 80 8^ » vic.r 

iiexuert T.284al —8 85 ; 6,6 +ntaV(«owi...— .1 733 +3 j — j — jrf EEx+Uvtdwt ■ Bnw 

£• J 5y 

zTssj 2.778; 
5^>0 3j4«- 
_ 3.70 

Hu) iikw 2.350 +-1M'170 i 7.2 

- liter- i>ni ^.1.745 ;+ 10 1142 8.2 

n iff iirlliuik .—...8.620 I— 250290 . 4.4 
i-a If'ixair Hen:e..'5.600 1—110*325. 6.8 

Susp. Suspended. 

r^f'na™‘tte'ur''. : 5.600 1-110*325; file WTBSi OxcrWan oneca exclude S orcnOmn. UolgUn .dtytdenda. are ar *‘ 

l ?"* ^‘ w,,n,: II'toS : , "sn i74 S ! 4 7 un>e*>s olfwrwse stated, w PrasJWl darom. tmiw* oOwr^w 

I t+urilna ,3.720 -50 174 4.7 4, KrJflO denfliu. Bute* otherwise stated. 4 >*h 3W * SawBL 

ui- ucn u»'«i'i"-;2.970 ~5 ;205 6.9 stared. S Verb 30 drfwtn. utiles, otberwlK slated. S Price at 

w turn Uoiiruiucil.94S l +35 i,2II E auspSslon. u Ftonns. bSdtaUliUiS. C CefitS. IlNvUmd aCur MUdOW.rt^JI 
■Him — 13.145 6.8 ampor scrip l»aie. tPer share. 1 Frauen, p Cross iUv. •’t. bAssumad dlrid am 

1 6 j| xVi mm Ci 

X\ Iwinnll filffA.-i 27^8 

ns* 10*1 Tn '-\ Ji* 8 

IB** I 13*4 t-re. I 17 

t DHL t Asked. TTraded, 1 New 5lui*. 

M- UI'U , ; - : — I -jiEsengSon. b kurus, o a minmv r.. c v.'.aie, ijjmoinia auar dwkhu* 

•Him — ..;3.145 ...... 215 , 6.8 uaue. <? Per share. 1 Franca, p Cross dlv. ‘’t. bAssumad d 

•iivav-.i- 2.3+2 i — r“ ?■£ a n*f scrip and/w nibis. luue. fcAttex tocil taxes, in C* tax iroa.. n.l 

j imctinn hied i2,560 , + 5 |170 . 8.7 u K nviK/gj tfniUc dl*. pNora. pSbarc spHL • sUtv. and yield exclude 

| l.CK I 948 1-8 — - Bavment. Mndicated Ak. aUnoDtclal tradlna. v Mjmjrior buUers onbr:. jr. 

On ..] 730«t— 18 I 50 : 6.7 "" AsKvd. . t ftrd. { Traded. XSeDer.. a AsbuhkL .-'.b Ex rishli' 

Virniu- 11 nntBKuy.' 1-575 f-3D 1 — ! — diridcnd- *c E* strip uscc. u Ex aiL * Ituedn since increased. 

and -or SCOP wue. crer kuio. irmoia. y vro» qi». ~v. nusionii j 

after scrip -aed/or njzbts Paue. k Alter local taxon. m*i tax free. n.Fran» 
bic md fpg tftulac dl*. P Norn. « Share spHL • s Dhr. and yield r* elude B PftyM 
carment. l Indicated dn-. aUnoBclal tradmt cMmurior boWera onbr. irMnfm 
IIlaiK. tted. t Traded- t SeDer. . .« tmimwl .-«■ W+ richla. : Kd*a 


%8 ?r 


* : “xt Z, *j: 
l «l A“i b 

fca-w 8 ^V 

^‘1 &,:•« 

Epincial. Times Monday June 19 197s. 


Monday, June 19 1978 


0 »/ . 

‘ CSWW 5 | 

t:s 6n»? , 



For 30 years Yugoslavia has presented Europe and the world with an intriguing and 
successful exercise in non-aligned socialism. The popular mood is optimistic enough even 
to-contemplate a future without the legendary Marshal Tito, now in his 87th year. 

YUGOSLAVIA HAS come a long 
■way since the publication on 
June 28, 1948, ol a few lines on 
the inside pages of a Czech 
newspaper announced to the 
world that Yugoslavia had been 
expelled from the Cominform. 
Sincejhen it has travelled its 
own road, pursuing 'the 
principles of national independ- 
ence and non-alignment and its 
own - particular admixture of 
authoritarianism and democracy. 

Just how far Yugoslavia has 
come .since those harsh wartime 
and post-war years is likelv to 
be spelt out in the speech which 
Josip Broz Tito, President of 
Yugoslavia and the League of 
Communists of Yugoslavia 
(LCY) is due to make tomorrow, 
at -Jhe opening of the Party’s 
lllh congress. It is expected to 
be something of a political testa- 
ment surveying past achieve- 
ments and expressing the faith 
that Yugoslavia will continue 
along its chosen path under the 
leadership of the League Com- 


-Although 86, President Tito 
still shows extraordinary 
vitality. He recently completed 
an exhausting series of foreign 
visits: .which took him to the 
capitals of all three super 
powers. His visit to China must 
have been particularly satisfy- 
ing, After years of vilifying 
Yugoslavia as arch-revisionist 
the new Chinese regime has 
finally .recognised the virtues of 
non-aaigriment and indepen- 
dence- from the super powers— 
particularly one of them— amd^ 
haa sent Several delegations to 

study the Yugoslav system of 
self- management. Even Airs. 
Thatcher declared herself im- 
pressed by Yugoslav achieve- 
ments when she ' visited the 
country earlier this year. 

At home too President Tito 
still keeps a close eye on politi- 
cal developments, aided by the 
small group of fellow partisans 
front the old days like Edvard 

Kardelj and Vlad imir Balearic. 
Over the years some of Tito's 
former dose friends and col- 
leagues— such as Milovan Djilas 
or former secret police boss 
Aleksandar Rankovic — have 
fallen from grace and now live 
in comfortable retirement But 
only one relatively young man, 
Stane Dolanc, the tough but 
affable party secretary from 
Slovenia who helped to sort out 
the nationalist problems in 
Croatia and Serbia in 1971, has 
moved into the inner circle 
alongside General Nikola 
Ljubicic, head of the army, and 
General Franjo Herijevic, the 
Minister of the Interior who' is 
also in charge of the secret 

But on an organisational 
level the top decision-making 
machinery within the .LCY is 
being changed. The old execu- 
tive committee of the central 
committee is to be abolished 
and the presidency of the. cen- 
tral committee is to be cut down 
in size from over 40 to 24 
members (three leaders from 
each of the six republics, two 
from the two autonomous. pro- 
vinces, one from the army., and 
President- Tito himself). Sti&e 
Dolanc. secretary of the old- 
executive committee, is eat-' 
pected to be confirmed_/as 

secretary of the new-look presi- 
dency nt the congress itself. 

-As for the top organisation 
of ihe Yugoslav Federal State, 
this has already been reorgan- 
ised info an eight-man collective 
presidency rplus President Tito 
who is president for life). When 
Tito dies the mainly ceremonial 
functions of the President of 

authority which up to now has 
been backed up by the 
authority of Tito himself. It 
was, and still is, an authority 
stemming from what a British 
academic once described as “an 
extraordinary mixture of 
martial charisma and constitu- 
tional informality almost 
amounting to a political droit 

to Tito — by leading members of 
the LCY in these republics.) 

Tito decided to take drastic 
action to stop what was clearly 
conceived as a threat lu the 
unity of Yugoslavia and a 
thorough purge .if the Party, 
banks and intellectuals followed. 

Much of what has happened 
in Yugoslavia since then has 

social and economic life. 

This vast and complex body 
uf new laws and constitutional 
arrangements is as much the 
expression of the aims and ideals 
of Yugoslav society as a practical 
guide tu how to achieve them. 
Yugoslav ideologists themselves 
tend to underline the element 
of continuitv rather than the 

in the Yugoslav system. Can the 
LCY be democratic and auth- 
oritarian, in favour of pluralism 
but opposed to a plurality of 



98.766 sq. miles 



GDP (1975): 

YD SQ3hn 

Per capita: 

YD 22.820 

Unshaken faith in its 

chosen path 

By Anthony Robinson, East Europe Correspondent 

social structure of ihe country". - — j. 

but finally controlled by a small Trade ( 197 6): 
group of ageing men of the Imports: 
heroic partisan generation? Exports: 

The answer is certainly “yes" — : V ~ ~ n 

while Tito lives and probably Imports fro mJJ 
for some time afterwards while Ex ports t o UK: 
the partisan generation, which Trade (1977): 

is also ageing, remains. Then it ■ — — --j— 

will be the turn of the next 



t: £128 m 


generation which will have to 
come to terms with a Yugo- 
slavia totally different from that 
which emerged after the war. 

Exports: 1 

Imports from UK: 
Exports to UK: 

YD 176bn 
YP 9 b'- 1 hn 
£4(1. 5m 

Yugoslavia will be taken over 
by one of the eight members of 
the collective presidency on a 
strict rotation basis, similar to 
that operating in Switzerland. 

AH this is a slightly round- 
about way of saying that the 
institutional arrangements for 
the post-Tito period are now 
known, agreed and ready to 
function when needed. 

They go a long way to answer 
the question of what happens 
after Tito goes. Great care has 
been taken to ensure that the 
maximum devolution of power 
and responsibility has been 
.accompanied by the mainten- 
ance of a strong core of 
ideological and political 

de seigneur" 

That right was exercised to 
great effect in 1971/72 to defuse 
what was then seen as the must 
serious challenge to Yugoslavia’s 
unity since the revolution. This 
was the re-emergence of strong 
nationalist feelings, particularly 
in Croatia and Serbia, fuelled 
by a conviction that their econo- 
mic development was being held 
back by excessive centralisation 
in Belgrade and the siphoning 
off of foreign exchange and 
other income to the less-de- 
veloped republics. (Significantly, 
these views were expressed both 
by the then powerful Croatian 
and Serbian Banks and the uni- 
versities and— most worrying 

been concerned with exorcising 
the spectre of nationalism and 
seeking to satisfy the legitimate 
aspirations of all the six nations 
(Serbs, Croats. Muslims, Slo- 
venes. Macedonians and Monte- 
negrins) and IS different 
national minority and ethnic 
groups within a new constitu- 
tional framework. 

Hence the introduction of a 
new constitution m 1974 and a 
veritable cascade of new laws 
aimed at implementing and in- 
stitutionalising ihe self-manage- 
ment principle in the organisa- 
tion of labour. planning, 
banking and credit, foreign 
exchange, prices and incomes 
policy and the whole gamut of 

novelty of the new arrange- 

What has definitely not 
changed is insistence on the 
“leading role" of the LCY and 
the refusal to counternanre the 
creation uf a multi-party system. 
There are those who believe that 
such a system might eventually 
evolve in Yugoslavia, but that 
day seems far off. The fear is 
that such a system would inevit- 
ably degenerate into party 
divisions on national and ethnic 
lines which would carry with it 
the seeds of disintegration, the 
loss of national unity and in- 

It is at this point that one 
detects the basic paradoses 

But the strong degree of Currency = New Di nar: 

political continuity and eco- _ _£^YD 34j9_ 

nomic progress since the war 

has done much to consolidate Lies and provinces themselves. 
Yugoslavia's “ unity in diver- This is partly expressed in 
sity.” Haring cracked down on economic de -centralisation, 
a form of nationalism which which revolves around the su- 
couid have developed into called basic organisations of 
separatism, Yugoslavia's political associated labour and their 
leaders have had the courage of voluntary associations into 
their convictions and tackled larger units, and partly in much 
the national question at its roots greater powers for local ecun- 
by devolving many of the muniues at a territorial level, 
former federal functions to the The idea is Lhat production 
republics and autonomous decisions are best left to the 
provinces. producers, while local commu- 

At the same time what twty policies in the fields of 
Edward Kardelj, the Party’s health, education, culture and 
principal ideologist, -has defined welfare are also best looked 
as the concept of “ self-manage- after by the consumers and pro- 
went pluralism ... or the dueers of such services locally, 
pluralism of self-managed com- What the system is trying lu 
munities integrated in the sys- create is a means of direct par- 
tem of delegates" has also led ticipation by people as workers, 
to a similar process of devolu- consumers and just plain people 
lion of power within the repub- in the basic decisions affecting 




*o* G 


l i'Oktomvri, 7 
P.O.Box 582 
■91000 Skopje 


Telex: 5 1 1 40 and 5 1 472 yu sbank. 

. Telephone: (091) 235-111.. 

ACTIVITIES: All kinds of banking services. 


Skopje, Berovo. Bitola, Vurica, Gevgelija, Gostivar, Debar, 
• Deleevo Kavadarci, KLicevo,, Kocani, Krusevo, Kumanovo, 
Ne^otino, Ohrid, Prilep; . Radovis, Resen, Sveti Nikole, 
. . \ StrumicaJ Struga., Tetovo, Titov Veles and Stip. 




;. London, Frankfurt/Main, New York, Toronto and Sydney. 


’ Dusseldorf, Munchen, Malmo, Gary, Detroit and 
V;_ .Melbourne. 


Stopanska Banka-Skopje 

Representative Office 

Kingsway House, 2nd floor, 

103 Kingsway, 

1 London WC2B 6QX 

Telex: 299053 sbank g . 

Telephone: 01403 6053/54 

ENERGOINVEST -Sarajevo. the large and complex indus- 
trial organisation of associated labour, is engaged in a 
wide range oF production activities. Some of them are 
projects on a “ turn-key ” basis and are mostly carried 
out by building in the products from their own 

Today, in Yugoslavia and elsewhere in the world, pro- 
duction of electrical power is of primary importance. 
This concerns not only the supply of urban areas but 
even more the supply to industry. ENERGOINVEST has 
long-established experience in building complete projects 
of various types, which include also rhose for the pro- 
duction and distribution of electrical power. 

Such complexes musr. of course, be equipped with the 
most up-to-date systems for automatic control. This 
was the reason that prompted ENERGOINVEST. nearly 
20 years ago. to supplement its factories producing elec- 
trical equipment and installations, with the Institute For 
research development and design in the field of auto- 
mation. ENERGOINVEST has specialised factories for 
the production of these automatic control and safety 
systems in industrial processes. The systems produced by 
ENERGOINVEST are built inro many industries such as 
electrical power, chemical, oil and food processing indus- 
tries. coke and cement works, water supply etc. in 
Yugoslavia and throughout the world. An automatic 
dispatch centre for electrical power for a chemical com- 
plex in Iraq is in the process of being completed. 

Systems for dispatch control 

Because oF systematic planning over a number of years. 
ENERGOINVEST has created pre-conditions for its present 
successful activities in rhe building of information and 

telecommunication systems and the elaboration of 
mathematical models and methods of optimum control. 
For the requirements of electrical distribution in Banja 
Luka, which covers an area of 10.000 km> and includes 
32 transmission stations. ENERGOINVEST has built a 
dispatch centre for the control of the whole network 
of 100. 35. and 10 K.v. Within the whole system there 
is a processing computer which gachers information from 
a telemetric system. It processes and memorises this 
information and reports and shows the state of the 
network. A synoptic panel situated in the centre makes 
it possible lor the dispatch controller to see the state 
of the power network and enables him to carry out all 
essential interventions for dealing with possible faults 
in the network. 

Optimum distribution of power media 
With the exception of the system for dispatch control 
of one medium — electrical power — ENERGOINVEST 
produces also a control system for four power media: 
water, steam, gas and electrical power. ENERGOINVEST 
has built such a system for four media, within the com- 
plex of rhe “Steelworks and Mines Combines Zenica.” 
The joint task of dispatch centres of power media in 
this steelworks is to enable the production and distribu- 
tion of power media under the optimum conditions of 
safety and economy. A telemecric system for the 
exchange of information between the complexes and 
dispatch centres, as well as the computer for information 
processing, are used jointly by all four dispatch centres, 
whereas the peripherals, synoptic panel, screens and prints 
are used separately by each centre. These complexes 
were built by ENERGOINVEST on the M turn-key ” 
principle, including the training of personnel. 

Control room in dispatch centre — Banja Luka 

Further information, may be obtained from: Public Relations Office , Energoinvest, POB.I58, 
7/000Sarajevo, Yugoslavia and Energoinvest London Office, Imperial Buildings, 56 Kingsway, 

London, WC2B 60X. 

Financial Times/* 


•/ \ .' ■’’ ' • •v/^-rX'-H-.v:- • U 


from January 1st 197S the legal successor of 
the merged Kreditna Banka Zagreb and 
Jugobanka-Main Branch Zagreb. 

Total Assets 

(in thousands) 



t US$3,213,247 > 

Own Funds 

(total Capital and 

Reserves ) 

Din. 4,138.341 

lUS$ 229,907) 

Besides 1.400 Members of the Bank, more 
than 15.000 business and industrial 
enterprises, trading companies and other 
organisations are its depositors and are using 
the services of ZAGREBAUK~A BANKA, 
which carries out all banking operations at 
home and abroad at its premises in Zagreb: 

Head Office 

41000 Zagreb 

Paromlinska bb 

telephone: 519-522 


International Pay- 41000 Zagreb 

ment Transactions. g avska gQ 
Foreign delations . , 

telephone: 510-411 

telex: 21-211. 21-7S7 YU ZABA 


Foreign Exchange. 41000 Zagreb 
International Loans Savska 66 
and Guarantees . 

Savska 66 

telephone: 510-500 

telex: 21-765, 21-895 YU ZABA EX 


" Gradska 

41000 Zagreb- 

stedionka” Trg Republike 10 

Unit specialised in telephone. 3— *#41 



AS THE Yugoslav economy h 
moves into the second half of a 
the current five-year plan 
period it faces the difficult task 
of meeting ambitious growth 
and investment targets while at 
the same time digesting some 
major constitutional and insti- 
tutional changes which directly 
affect the running of the econ- 

The problem is not growth 
itseir. as last year's economic 
performance amply demon- 
strates. In spite of generally 
sluggish economic performance 
in both the Western and 
centrally planned economies 
last Year, Yugoslavia managed 
to ruise its C.NP by 7 per cent 
and economic activity has con- 
tinued at a similarly high rate 
over the first quarter of this 

As usual, however, this high 
rate of activity, which signi- 
ficantly improved the produc- 
tivity of many enterprises, was 
accompanied both by a rise in 
price inflation to 14 per cent, 
and a deterioration in the over- 
all balance of payments. 

These two factors are still 

causing concern. Last year s pay- 
ments deficit totalled Sl.Sbn, 
compared with a small surplus 
ut SI 50m in 1970. This in itself 
is not unacceptable as the 
1976/SO five year plan budgets 
for a total deficit of S4.7bn oyer 
the plan period, a figure which 
is considered well within accept- 
able financing limits and con- 
sonant with the heavy invest- 
ment needs in plant and infra- 

In order to keep this deficit 
un track, however, the 197S 
plan calls for a lower deficit of 
around S125bo, which requires 
a considerable improvement in 
the trade balance this year. Last 
vear exports rose by only 8 per 
cent (FOB), while imports 
l GIF) rose by 30 per cent 
There is some evidence that a 
substantial part of last years 
rise jn imports reflects stock- 

building by many companies in 
anticipation of possible impo rC 

restrictions later this year. 

Some managers and bankers 
also believe that the external 
value of the dinar is a factor 
inhibiting exports. But officials 

deny that the dinar is over- 
valued and point out that it has 
in fact depreciated by 3 to 4 
per cent against the dollar this 

The rate of growth or both 
imports and exports appear lo 
have slackened over the first 
quarter, but the trend is still 
unsatisfactory. Tourist and 
other invisibles like transit fees, 
emigrant remittances and over- 
seas construction receipts how- 
ever. are holding up well. 


Federal Executive Council was 
powerless to take effective cor- 
rective action, which could only 
come after consultation with the 
Republics and Autonomous Pro- 
vinces and the approval of the 
self management interest com- 
munities for foreign relations. 

But, although the self- 

management principle . en- 
shrined in the 1974 Constitution 
and the Associated Labour Act 
gives workers in the basic pro- 
duction units (Basic Organisa- 
tions of Associated Labour — 
BOAL) the right and duty to 
decide on the wage and salary 
levels within their unit, this 
right is in practice constrained 
by a complex series oF checks 
and balances which have been 
built into the system and which 
are evolving with it. 

■/' V . , , olT tourist the badance .of pay^ats d^^- ^ 

ment to the enterprise and its^iheavy OT 5~, a road tunnel and Bence 
nerfo finance. \ vviWte P* ns . for * XLSr.m ins requirement;.*? 

performance. ”■ - 

fe Workers Council Mg jfESw * 

of delegates from the various g” _ a cost oL 5257m, AnartMrf ’ , Thn '• (murtr • ’ 

The business management- re( , u j re |j to complete the jratio iff.7,jter Hcent3Bdtr ./■ 

board, which fe composed^***?* ,. reau ire substantial,, ™ 

Part of the problem is that 
incomes are rising much faster 
than planned, while investment 
is also at a high level. This 
partly reflects the fact that 
many big investment projects 
are in varying stages of com- 
pletion and are sucking in 
imports without yet producing 
any compensating addition to 
output and exports. But 
restraining incomes in line with 
productivity is clearly as 
difiicult under the self-manage- 
ment system as in more con- 
ventional systems. 

This situation was under- 
lined by federal premier 
Veselin Djuranovic who said 
recently "We behave as if our 
national income were twice 
what it actually is. Beal per- 
sonal incomes are growing 
faster than labour productivity. 
Last year they increased by 6 
per cent — the highest rate for 
a decade. Investment is also too 

This cri de coeur from the 
Premier was accompanied by an 
illuminating insight into the 
complex bargaining which is 
now built into the Yugoslav 
system. He stressed that the 



anska banka 

With 280 Offices throughout Yugoslavia and a widespread 
network of Representative Offices abroad Ljubljanska banka 
is the right bank to contact when dealing with Yugoslavia 



Trq revolueije 2, P. O. Box 534, 61001 Ljubljana 
Cable: L-Banka, Telex: 31256, 31539, Tel.: 23 751, 23 851 

One of the constraints In the 
system is the Federal Institute 
for prices, which, in agreement 
with the Republics, makes a 
solemn annual prices agreement 
to which the basic associations 
are supposed to adhere. This 
year the BOALs agreed to try 
to keep producer price increases 
to an average of 8 per cent — 
although some priority sectors 
are to be allowed to raise prices 
higher in order to facilitate 
their self-financing capability or 
the cash flow from which to 
repay foreign loans. 

Such agreements clearly affect 
the economic performance of 
the individual companies at the 
base of the system, which are 
required to operate efficiently 
and profitably. Theoretically 
any BOAL which operates at a 
loss for three years can be 
closed, and persisting in paying 
higher salaries than warranted 
by productivity is clearly one 
way of sinking into a loss- 
making situation. 

This is far from being an 
automatic process, however, and 
last year 1,363 BOALs employ- 
ing 330,000 people worked at a 
loss totalling 14.7bn dinars. 
This, however, was a big 
. improvement over 1976 when 
losses were 29 per cent higher 
and 50 per cent more firms were 
making losses. 

Talking to managers of some 
of the largest industrial groups 
in the highly industrialised and 
fast-growing areas of Slovenia 
and Croatia in particular, it is 
clear that there is a great sense 
of commitment to the self- 
management system which, 
although time consuming, is 
recognised to have considerable 
advantages in raising the level 
of participation and commit- 

SUSr^.-.’TS recognised ; 

enterprises through whS® financial autonomy « vv ,■ 

$1.5tin has been jointly invested .hanks, has reinforced : But -(he- point jj ,-tlBt: ■tbe-- 

over the last 10 years, stripe; central control- authorities Du-' alT Ievel% are not.; .' 

$325 m of which by foreign st jit has to be verified how prepared ta exceed thix icreign J 
partners. Fiat was the pioneer rece ntly introduced law set- j^rrowlng target ^ substantially;. 5 
in this field with its original ting up the so-called self- Man- ^ 4 . are deepiy^frostrated by-; 
510m investment in the Crvena, agement Communities of w hat they>ee as the idilmB pf 
Zastava car plant in Kragujevac, interest for Foreign Economic EEC in- parti^fi^^Jcr opfen-.M-. 
but the most important to date Relations will work out in n p their, markets' to -Yugoslav y.\ 
is the recent agreement between practice, but in theory it ^ agricultural V ^ndn^- mdiMttial' : >v 

Dow Chemical and Lna to invest that each of the six republics pn>drrcts.:and so:’-nero 5 Yugfr---- 
jointlv in a $7 50m petrochemical' and two autonomous republics siavia tO:pay-.f6r its large 
complex on the island of KrfcA are now responsible for keeping ports' of indusoialKanaidffier 
major foreign financing opefi- their awn balance of payments products front the Co m m un ity. 
tian is now planned to help, within the federally agreed: members ~of the. 1 - 

finance this venture, in which limits. non-aligned _ movemeq^ fYugthU. 

finance this venture, in wM«2i limits. non-aligned “ movement, : YugOrU. 

Dow has a 49 per cent stake; -• «p^e a j m Q f this devolution of siavia is also strongly- critical .-of;./; 
The willingness of foreign authority in the foreign what it sees as.tiieJaiti ttf'^lt . 

i ne willingness ui iuic^u apinoriij- . *»““*»*• • ” - — : ~ • , 

firms to engage in joint ventures exchange field is to increase the tical will to p^ess fmr ra&cal 

is likedy to be enhanced by new sense of responsibility of the changes in the^tJorth-SoUth ig 

legislation which broadens the basic organisations who actually latieuship. Such.- cfaangeSr-WouliL. •> 
Dotential scope of such invest- earn the foreign exchange and ‘permit Yugoslavia and /other - ; 
ment away from the original whose capacity to import their developing nations to -sett-the, . 
field of processing industry and required components, raw sort of intermediate technology- 
into transport, energy, infra- materials or plant will m future products they .make onrthfijr - 
structure and expioraUon aiid be closely linked to their ojra impo rted Westero ma^nes /to • , 
development of raw material export performance. But the Jess developed <muntnes -and- • 

sourced— with provision for does not mean that the BOAIs reduce compeOtaw from ^toe- 

of profits brand* have the right to retain all the. developed- couatries ^ wfa idi: . 

nw rnaterials iF reauired. foreign exchange they earn. A should instead concentrate 1 on 
raw mate eq .- . substant j a i proportion of foreign high technology- sectors, - they ‘ - 

T-i 1 ■■ - - exchange has to be sold to the believe. 

Lnnanceo - Bank of Yugoslavia, which alio- thig ongning 'iin let 

LHHHuCcu Bank of Yugoslavia, which alio- this opening 'up let 

cates it to those projects which Qew ia' tfid developed ' ' 

Development of Yugoslavia s *^ earmarked as priorities ^/arivetoDine natfons. .Yugh: / ~ 

_ „ , . , taica x — — new marKeis m .cue aeveiupcu 

Development of Yugoslavia s *^ earmarked ^ ^/developing: natfohi .Yugii:/.. 

substantial non-ferrous and undfer the national plan, taking ^ n D W' preparing to cnt n 

other mineral resoiutes is gieat'/care -that the eventual. bidc Vestment and reduce a 
clearly one large potenhal area allocations are agreeable to the ^ from prese nt 7 per 
for future foreign investment m various republics in the Pro- J Bnt hi order to cut back 
joint ventures, whife Yugo- C es S . - imports, although this will have 

sJavia s strategic P® sltl n ^ The main problem at the all the usual negative effects on . 
the principal land route 0 momeJlt j s that unless there is employment and the . overall 

Western and central Europe ^ substantial and totally un- efficiency of the system, 
through the Balkans to the expecteti i ncrea se in exports a ' 

Middle East also de mauds over tbe second half of tliisyear, ROP M^SOB . 

massive investment Zagreb is . . ■ 

one of the great -transit ciUes 
of Europe. A huge new railway 
marshalling yard has just been 
completed, but the Zagreb- 
Belgradc highway is a cavalry 


Consolidated total assets without contra accou i 1 ^ s ^_^ t .... . 
31st December 1977 are Din 120,822 million (US $ 6.550 million) 



Ljubljanska banka is an Associated Bank formed by 20 Basic Banks comprising all 
the former branches of Ljubljanska banka as well as Kreditna banka Koper. 
Kreditna banka Maribor and Podravska banka Koprivnica. These Banks are 
located in 


Beograd, Celje, Domzale. Koper. Koprivnica. Kranj. Krsko. Ljubljana, Maribor. 
Murska Sobota. Nova Gorica, Novo mesto, Novi Sad, Sarajevo, Skopje, Slovenj 
Gradec, Trbovlje, Velenje, Zagreb 

Our links with the world are more than 900 correspondents in 120 countries and 
15 Representative Offices at: 

Abidjan, Beirut. Berlin (GDR). Budapest. Caracas. Frankfurt/Main. London. Milan, 
Moscow. Nairobi. New York, Paris, Prague, Rio de Janeiro, Warsaw 

London: 7 Birchin Lane. 6th Floor. London. E. C. 3 Telex: 88839*1. Tel.: 626 3848/9 



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Recent reorganisation into three divisions, East Lines, 

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their lives. It seeks to ensure 
that such decisions are co-ordi- 
nated through a system of dele- 
gates to the various higher in- 
stitutions and kept within the 
overall ideological parameters 
by the capilliary presence of 
the LCY. 

The theory is that the Party 
should be an integral part of 
society, not something above it 
issuing directives in the authori- 
tarian manner associated with 
whal Yugoslavs call the '* man- 
agement socialism ” operating 
on the Soviet system through- 
out Eastern Europe. 

The amnesty last November 
to 218 people convicted of 
political crimes and a further 
356 who were awaiting trial is 
an indicator of confidence that 
the political system is strong 
enough to democratise itself in 
the attempt to catch up with 
the social and economic pro- 
gress which has transformed 
Yugoslav sociely into" a much 
more sophisticated, better edu- 
cated and articulated body than 
the backward, divided, peasant 
nation uf the past. 



One of the worlds most experienced cargo fleets 

RG. BOX 379, 51001 Rijeka. rugosfevia.Telegrams: JugoBnija Rijeka. 
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Btrhcpsrsats, L&iVtort ECSfct 4 U-Tel; G1-IT4 7 32£Q.Mex SS5354/a£3J3i SS3900. 

Yugoslavs have enthusiastic- 
ally grasped their freedom, in- 
cluding that to travel abroad. 
Over J9ra Yugoslavs crossed the 
frontiers last year. For many 
these were just tourist or shnp. 
ping trips— as witnessed by the 
smartly dressed crowds — for 
others educational trips to study 
foreign languages or techniques. 
For nearly a million Yugoslavs 
it means working abroad, learn- 
ing skills and sending much 
needed foreign currency back 

Economically the country is 
developing rapidly, with .major 
investment projects under way. 
Growth is marred however by 
inflation, a worrying balance of 
payments deficit and slow pro- 
gress in narrowing the huge 
income differentials between 
the industrialised North and the 
South. In spite of the creation 
of 830,000 new jobs over Ihe 

past four years unemployment 
is still high and average pro- 
ductivity rather low. Over 30 
per cent, of the population still 
lives on the land, although 
agriculture is being modernised 
and Yugoslavia is approaching 
self-sufficiency in basic foods. 

A major concern is that 
Yugoslavia will bo pushed inln 
a closer degree or ecu mum-: 
integration with Comcron — 
meaning principally the Soviet 
Union — if the EEC does nui 
give improved access to EEC 
markets and other assistance in 
the new five-year agreemeni 
now under negotiation. There 
are no illusions about the ex- 
pectation that the Soviet Union 
will continue to try and increase 
its influence in whatever way it 
can, particularly after Tito i.s 
no longer around. 

This is one of the rea.-ons 
why Yugoslavia values Us rela- 
tions with the U.S.. China, ihe 
EEC and its other major trading 
partners and il.s role as a leader 
of the non-aligned movement. 
Moreover, behind its acme 
foreign policy stand well- 
equipped armed forces organ- 
ised for national defence 
throughout the territory. 

But this is all essentially pari 
of Yugoslavia's insurance policy. 
The general mood is optimistic. 
Life has got heller and, more 
important, people clearly expect 
it to gel better still- Critics of 
the self-management system 
point to the enormous amount 
or lime spent negotiating com- 
plex agreements at ail levels. 
But one of the results is a lu^h 
level of social cohesion. 

All this enabled Party Secre- 
tary Stane Dolanc to declare 
recently that “Today Yugoslavia 
is one of the most stable coun- 
tries in the world." Keeping il 
so will require considerable 
skill. But as the Yugoslavs look 
round at their neighbours in 
both East and West, one of them 
told me, they tend to echo 
Maurice Chevalier's considered 
view on life in general: “Not 
bad—cspceially when one con- 
siders the alternative.” 







4 ID 0 I Zj-r.-u: Fal'wovo c<?[a;;s;o 22 . tplrfoft: <MU mi-om, 
icJio; 21 -jw. :i-:no. a-sas yu rk 2 G w 

-i>-. '• 



F^afict& .tmies Monday. June 19" 1978 






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THE STORY of Anglo- Yugoslav 
trade in recent years is one of 
■ ^^emng . Yugoslav trade 
deficit which reflects not only 
the Internationa] recession but 

the seeming inability on both 
sides to make the best of avail- 
able opportunities. 

The actual problem of Anglo- 
Yugoslav trade spelt out in the 
language of -figures means that 
in 1977 British exports to 
Yugoslavia were £176m against 
£128.4m in 1976. while imports 
from Yugoslavia were £40.5m 
(£33. 5m). In the first three 
months of this year British 
exports were £34.Sm t£35.9m in 
the^ corresponding period of 
^TT) and imports £9.3in 
(£lL.4m). This means a Yugo- 
slav trade deficit of £134. am in 
1977 against £94.9m in 1976 and 
of £25. 5m in the first quarter of 
this year against £24.5m in the 
first quarter of 1977. So the 
deficit is still rising. 

Understandably, the Yugo- 
slavs are . far from happy, like 
those British business partners 
who see in Yugoslav deals more 
than a onenoff chance. Some of 
the impediments to mutual 
trade are stubborn, particularly 
the Common Agricultural Policy 
of. the EEC which reduced 
British imports of Yugoslav 
meat and meat products to a 
minimal level. 

There are also, the Yugoslavs 
argue, other hurtful arrows in 
the quiver of the EEC. They 
feel that if only they succeed 
in renegotiating their agree- 
ment -with the EEC. trade with 
the 'Nine, including Britain, will 
look up.’ But even if the nego- 
tiations yield all they want the 
effect on trade with Britain 
•could be less significant than 
they expect. 

It is not just one single 
factor which keeps Anglo- 
Yugoslav trade within relatively 
narrow limits. The April ses- 
sion of the Anglo-Yugoslav 
Trade Council lAYTC) in Bel- 
grade.. an annual event, was 
devoted to a searching debate 
on the reasons for the inade- 
quate trade turnover and the 
quest for a cure... . 

- The two-day .session arrived at 
•eondusions. an«l made reeom- 
xpendations . which could help. 
They may also be of practical 
significance since AYTC, pre- 
sided over on the British side 
by Lord -Ebbisham, ranks some- 
where midway between a com- 

®l*vs failed to explore to the 
fullest extent the British 
market. British business too 
is orten ignorant of 
available opportunities and as 
a consequence is down the 
league Table among exporters to 
Yugoslavia, while West Germany 
leads and Japan, is rapidly 
moving up. 

It is not only inadequate 
market exploration — thuugh 
unlike the Comecon countries 
Yugoslavia is not a closed book, 
there is no foreign trade 
monopoly, negotiations with end- 
users are direct and not 
channelled through govern- 
mental institutions — it is simply 
the old story of prices which 
are not competitive, delivery 
dates which are disregarded and 
quality which is not always of 
the best. It is of course candidly 
admitted by Yugoslavs that io 
these respects some of their 
enterprises can vie with the 

In Belgrade, at the AYTC 
Session, the Yugoslavs identified 
some of the goods they wish tu 
export. They include fibre glass, 
non-ferrous metals, furniture, 
cutler}', transformers and tex- 
tiles. But both sides were aware 
that it will be extremely difficult 
to balance the books bilaterally. 

Hence co-operation and co- 
production arrangements with a 
view to sales on third markets 
could help to revitalise Anglo- 
Yugoslav trade. Lately, contracts 
concerned with the . production 
of chemicals, textiles and metals 
and with shipbuilding have 
featured and there is also a con- 
siderable rise in technology 
Transfer at enterprise level. 

But there is a snag, as a 
spokesman of a leading British 
engineering company explained. 
Long-term co-operation*. o con- 
tracts enjoy certain taxation and 
profit repatriation privileges. 
Such privileges do not but Ought 
to apply to short-term contracts 
since in view of the fact. that 
technological progress in gather- 

ing long-term contracts involves 
risks for both sides as they do 
not make allowance for process 
or product changes. 

However, co-operation is a 
sector _ where Anglo-Yugoslav 
economic relations have shuwn 
a moderate degree of success. 
There are altogether 637 co- 
operation L-onlracis in existence 
— many of them minor. The 
British share in industrial co- 
operation now in operation is 

British interest in joint 
venture enterprises has been 
less marked. These enterprises, 
in which the foreign partner 
can hold half the equity and 
contribute his share not only, 
to quote the new Act which 
has been effective since April 
1 7, ] 978, ” in foregn currency 
of special interest for the 
foreign exchange and pay- 
ments balance of Yugoslavia " 
but also in plant, equipment, 
pa lent rights and know-how, 
have boon relatively popular 
with foreign investors. 


Since 19C7, when the original 
joint venture Act was passed, 
some 164 joint ventures enter- 
prises or companies — all of 
them export-oriented or import- 
substituting — have been estab- 
lished. The largest of them is 
tilt* $700m DINA project, a 
petrochemical complex set up 
jointly by the Zagreb-based 
petroleum corporation SOUR 
DMA and Dow Chemical. It is 
sad to relate that Britain so 
far shares only in eight joint 

Yet joint ventures could 
become a source 'of earnings 
preferable to counter-trade 
deals which British business 
quarters dislike and to their 
credit Yugoslav enterprises do 
not greatly welcome, although 
in certain instances they have 
concluded counter-trade con- 
tracts if with a marked lack 

of enthusiasm. Moreover, the 
joint venture Act permits 
foreign participation all alon 
the fine, even in the field of 
banking, and excludes only 
insurance, commerce and social 
services. Thus foreign part- 
ners can also share in raw 
materials exploration and 

What the Yugoslavs would 
like io sec in their dealings 
with Britain is a mixture of 
conventional trade and such 
new approaches as eo-opera- 
tion, co-production and above 
all joint ventures. 

lit either respect British ex 
peri en irs are limited. Eight 
instances are hardly enough to 
test the viability of joint ven- 
tures, bui the West Germans, 
who are everywhere m Yugo- 
slavia, have gone into joint ven- 
tures and co-operation with both 
feet and are doing reasonably 
well. Nevertheless, if god will 
alone made trade prosper, pros- 
pects for Britain would be aus- 

Alas, conventional as well as 
unconventional economic links 
are a quid pro quo. As the 
British market comes to provide 
more openings for Yugoslav pro- 
ducts, so the Yugoslav market 
will open for British plant and 
machinery. While there can be 
no guarantee, since the Yugo- 
slav economy is not centrally 
controlled and each enterprise 
deals on its own. Yugoslavs can 
only spend as much foreign cur- 
rency on conventional deals as 
they earn abroad. Hence if 
Britain wants to sell more, its 
market must offer more access 
to imports of goods inhibited by 
EEC policies. 

It could be argued that trade 
with Yugoslavia is not worth a 
fight in Brussels, but the Yugo- 
slavs might then shift imports 
and exports to the U.S.. Russia 
and Japan. The situation is 
becoming acute and there is 
little time for procrastination. 

Kurt Weisskopf 

ns R»-.bufr.. 



mittee of businessmen and 
industrialists and a Govern- 
mental joint commission. This 
hybrid status means that AYTC 
links .practicality with a measure 
-of authority. 

Yugoslavia is a major YUGOSLAVIA FACES several 
customer for British plant and econoIT { ic prob ]ems: inflation, 
equipment and would like to structural imbalances, unem- 
buy more of it. authoritative pIoymeDt a/ld tfe re-integration 
Yugoslav quartersyndicate. But returning guest workers. Yet 
while so. far. this year. Yugoslav none js so ,ij fficu i t as the 
financial quarters are not ba]ance of trade and eonse- 
ayerse. to a moderate balarn^ quenl balance of payments 
of payments deficit they stiir- (fetich .which is the major limit- 
want Britain to import more j n Sr- factor to faster economic 
-Yugoslav goods to cover their g rowt ] J _ 

Own import costs. YeL the Yugoslavs firmly 

Vk' : r* '7 believe that, with more good- 

K emeniai Will on the part of their major 

A^UJCUiai Western partners, especially the 

At the AYTC Session in Bel- EEC— in addition to their own 
grade each side recommended increased efforts — it could be of 
what remedial action the other more bearable proportions, 

oiiahr to lake, and indeed Feeling that such goodwill is 

matched" criticism with self- lacking if not in words then 

criticism. -The British argued certainly in deeds, they are 
rightly that the Yugoslavs ought frustrated and bitter, vv hat 
to' watch the British market exactly can de done is another 
more closely. Organised visits matter. The solution is to 
to° Britain b v groups of Yugo- change trade patterns, sell and 
Slav busmens and' industry buy more outside the Common 
ropresS-es. participation in Market but that is easier said 

British exhibitions, in short the than done. the 

who!*? ranee of promotional Apart from Italy, where toe 
activities ought to be subsidised ratio of exports to imports 

activities iv v . llDnB , a „ favourable, trade 

must be improved 

paly be substituted for by either 
the U.S. or Japan, both of which 
are eager to sell more in Yugo- 
slavia, as shown by two recent 
developments. Earlier this month 
the president and chairman of 
the Ex-Im Bank of the U.S. 
Mr. John L. Moore. Jr., signed 
in Belgrade two agreements 
under which in the future the 
bank will not require Govern- 
ment guarantees for credits ex- 
tended to Yugoslav firms but 
will deal primarily with Yugo- 
slav: commercial banks. Two 
months ago his Japanese 
counterpart was in Belgrade for 
the signing of a $4Q0m credit 
line "which nine Japanese trad- 
ing firms have given Yugoslav 
industrial and other companies. 
Other developed countries with 
which trade could be 
developed are Canada and 


activities ought to be suosiaiseu ratio im 

authorities. invisibles, such as 

someth ^balanced. Invisibles, such as 
ZEESFta Britam— -were "S^tefor pit of the trade 


factiixed i'oods might stand to ret ^ rn °^ 5 t0 EEC trade 
caih. by less, dissipation of effort - t ..c EFT A and 

and concentration on a few star w^ude^ soc j a nst countries nf 
’Tis a fact of economic life Eastern Europe and. developing 

that a sustained “SS^with the. developing 

needed to .substitute. . ^ ^ increasing and the 

toed goods for tiie meat ■ grease it to a quarter 

meat products which until tota j; Trade with socialist 

accounted for over a fries has its limit at about 

accounted f °r . t>ver a 0 ?Sus?y JJountries has its limit at about 
Yugoslav exports. Obviousjy ___ sent ot]e third of the 
Yugoslav = «nt?rpriseshaye - not beyond which the Yu go- 

pp Thus, as ^ 

record f»y any snBK^ fhe Yugo- West *«' concerned, the EEC ran 

Bpt not 

0 • 


As; far as the EEC is con- 
censed, after a joint declaration 
sigiied- in Belgrade in December 
197$ expressing the political and 
economic interest of the Com- 
munity in Yugoslav -independ- 
ence "and prosperity, not much 
happened, until February 1978, 
when - negotiations started on a 
new. agreement to replace the 
current five year trade agree- 
ment which expires at the end 
of • August. Right from the 
outset the Yugoslavs told the 
commission that the mandate it 
has heen .given was unaccept- 
able They submitted their pro- 
posals fpr a more comprehen- 
sive agreement. 

'Yugoslavia would like to 
include in - the agreement, in 
addition to trade, co-operation 
in ; various other fields, such as 
financial, industrial and tech- 
nical" J co-operation, transport, 
tourism, environmental protec- 
ti on; and. social questions, mainly 
regarding Yugoslav guest 
workers. It. would also like 
goods which will be manufac- 
tured in’ the free zone *° be set 
.up. with Italy under the Osimo 
agreement to be considered as 
community products. 

Regarding trade, the Yugo- 
slavs would like some tariff and 
other- obstacles removed, a move 
liberal application of the 
general system ol preferences 
the right to participate in public 
tenders,, quotas for imports of 
some agricultural produce, free 
of variable duties. They insist 
that, in a crisis no unilateral 
decisions by the' EEC -should be 
fakea but rather that solutions 

should be found in mutual con- 

The EEC Council of Ministers 
is scheduled to deliberate again 
on the new mandate lo be given 
the commission on June 27, and 
negotiations will resume in mid- 
July. The feeling in Belgrade is 
that negotiations should not 
drag on indefinitely but also 
that they should not be rushed. 
If need be, the present agree 
ment could be extended for a 
few months. 

It would be wrong to infer 
from all this that, the Yugoslavs 
expect others to solve ihcir 
problems for them. They have 
been well aware of their short 
comings in foreign trade, and 
are openly discussing them. 
Their first conclusion has been 
that they must organise heifer 
internally and abroad. It has 
been decided to establish joini 
representative offices abroad 
which would bring together all 
representatives of Yugoslav 
enterprises, banks, etc. This, it 
is hoped, will result in better 
co-ordination, elimination of 
mutual competition and also in 
better control. 

Much more effort will have to 
be paid to market research and 
to fairs, exhibitions, promotion 
tours aud other tools familiar tu 
more experienced traders. 
Fashions and tastes will have to 
be taken into account. Co-oper- 
ation with local businessmen 
will have to be improved. Much 
more attention has to be paid 
to co-operation with firms from 
the developed countries in third 
markets, especially in the LDCs. 

Another field which leaves 
much to be desired is informing 
foreigners willing to invest, or 
sell or buy in 'Yugoslavia of the 
regulations in various fields; the 
more so since new laws have 
been in effeet this year about 
which not enough is known 
abroad. Examples are joint ven- 
tures. foreign firms’ representa- 
tive offices, counter-trade, bank- 
ing and credit systems and the 
foreign trade regime. 

Yugoslavs also admit that 
their products are often nol 
competitive enough, he it 
because of their price (in that 
respect some local critics think 
that fhe currency is overvalued) 
or quality and delivery terms. 

The awareness of these shorl* 
comings is aculc, and recogni- 
tion that higher exports are the 
prerequisite of growth and 
investment is now being im- 
pressed on everybody. 

Aleksandar Lebl 

Belgrade Conetpuitdcni 


Pharmaceutical and Chemical Works 
Novo mesto 

There are not many factories 
that can pride themselves on 
such rapid development and 
expansion as KRKA. In 1954, a 
Pharmaceutical Laboratory was 
established at which only nine 
.people were employed but in 
1978 the Pharmaceutical and 
Chemical Works KRKA employ 
more than 00 people, among 
them 470 university graduates. 

To ensure more and more 
successful manufacture of 
finished products, in KRKA's 
programme much emphasis is 
placed on intensified production 
of basic pharmaceutical sub- 

tranquillizers, 1, 4-benzodia- 
zepines {diazepam, medazepam) ; 
semi-synthetic betalactam anti- 
biotics fampicillin, flucloxacillin, 

iodinated contrast media 
(diatrizoic and acetrizoic acid): 
others , (centrophenoxin, clofi- 
brinic acid, clofibrate. tetra- 
ethyltiuramidsulphide, nicamide. 

KRKA Works, one for the treat- 
ment of rheumatic diseases and 
the other for cardio-vascular and 
<iiseases of the nervous system, 
joined the KRKA enterprise. 
They have grown into well- 

known recreation and protective, 
as well as therapeutic and 

restorative, centres. 


There are promising feasibili- 
ties in the Fermentation plant 
where antibiotics, vitamins and 
enzymes arc* produced. On the 
European scale, the present 
capacity of this plant is equal to 
rhat of medium-size enterprises, 
but it will be greatlv enlarged 
by 19S0. 

Since 1H75. KRKA has been 
the holder «»f the FDA product 
licence fm- the antibiotics 

oxytetraeyeline di hydrate, oxy- 
tetracyciine hydrochloride and 
bacitracin zinc, feed grade. In 
addition m these, oxytetraeyeline, 
feed grade is produced and the 
technological process for the 
synthesis of vitamin B lif feed 
grade has already been 

Continuous operation of this 
as well as of the other plants is 
ensured by KRKA’s own energy 
supply equipment. 

Environment contamination 
and river pollution are pre- 
vented, or reduced to a mini- 
mum. by using a modern and 
highly efficient waste-water 
purifying system. 

Final products 

The drugs are manufactured 
on the assembly line in a build- 
ing with a floor space of 16,000 
square metres. The capacity, 
sufficient at present, can be 
rapidly expanded in case of need. 
KRKA’s 176 pharmaceutical 
specialities cover every field of 
modern drug therapy. Many of 
them are manufactured in 
co-operation with world-wide 
manufacturers of pharma- 

Institute of Research and 


At the KRKA Institute of 
Research and Development, 
fundamental and applied 
researches are carried out and 
innovatory processes as well as 
KRKA’s development are 
studied. The research work 
has produced 74 inventions, 308 
patent applications and 1S2 
patents granted not only in 
Yugoslavia but also in many 
European countries, U.S. A., 
Canada, Japan, India, Australia 
and elsewhere. 

Chemical synthesis 

In the plant for flexible 
chemical synthesis, various 
important pharmaceutical sub- 
stances are synthesized using 
KRKA’s own technological pro- 
cesses which were developed at 
the KRKA Institute of Research 
and Development. For all these 
inventions patents were either 
granted or applied for. 

The most important areas of 
production of pharmaceutical 
substances are as follows: 

Medicinal herbs 

In addition to the modern 
pharmaceutical manufacture, 
KRKA appreciate and cultivate 
the traditional gathering, treat- 
ing and use of medicinal herbs. 
These herbs, their extracts and 
essential oils are exported to 
numerous countries all over the 


As body care contributes to 
human well-being, KRKA allo- 
cated a considerable part of their 
production capacity to the manu- 
facture of various cosmetics. 

Export and activity abroad 

Since 1966. when the first 
noticeable results were obtained, 
the value of exports has been 
constantly increasing. In 1977, 
it reached US$ 22.S69.000. 

KRKA export their products 
to West European and developed 
overseas countries, to the 
COMECON countries and, more 
and more, to the developing 
countries in Africa. Asia and 
South America. To West Euro- 
pean and developed overseas 
countries, pharmaceutical sub- 
stances. medicinal herbs and 
mushrooms are exported . and to 
the COMECON countries 
pharmaceutical substances and 
final drugs. With some of the 
COMECON countries there is 
also a successful co-operation in 
new drug research: knowledge as 
well as specialists are exchanged. 

There are only a few develop- 
ing countries in Africa and Asia 
in whose markets KRKA’s pro- 
ducts are not to be found. Besides 
exporting activity, KRKA enter- 
tain technical relations with 
pharmacologists in numerous 
developing countries and render 
them not only professional but 
also technological assistance. So, 
in 1974, the joint enterprise 
Dawa Pharmaceuticals Ltd. was 
founded in Kenya. The KRKA 
founder’s share amounted to 
one third of the required capital, 
the rest was shared by Kenyan 
investors. Both the construction, 
and the equipment of the factory 
were entrusted to KRKA and the 
first modem pharmaceutical 
factory in East Africa was ready 
for production in 1977. 

With such creative co-opera- 
tion KRKA assist the developing 
countries in their endeavours for 
a better life. 


Two thermal establishments 
in the neighbourhood of the 

KRKA Export-Import 
99 Titova, 61000 Ljubljana. 
Telephone (061) 314577. 
Telex 31 204 vu krka 

This announcement appears as a mailer of record only. 

Rudnik za Bakar 


US $18,000,000 

Seven Year Project-Related Financing 

Guaranteed by 


Managed by 

BankAmerica international Group 

Stopanska Banka 

Co-Managed by 

Amex Bank Limited 
Banque Intercontinentaie Arabe 
First Pennsylvania Bank N A 

Provided by 

Bank of America NT & SA 
Banque Intercontinentaie Arabe 
First Pennsylvania Bank N.A. 

American Express International Banking Corporation 
Alahli Bank of Kuwait K.S.C. 

Amex Bank Limited 

Banque Beige Limited 

imember of the General? d? Banque Group) 

Overseas Union Bank Limited 















Yi LT 

About 85 per tint of ENERGO- 
PROJEKT s ratal activities ate _ 
carried out abroad and approxi- 
mately 15 per «rtt in Tugotlavn. 
Tadav. it employ* o»er <000 
university graduates, technicians 
and other highly skilled staff and 
a man-power ol some 20000 
wgrlicn of other skills in 
Yugoslavia and abroad. 
ENERGOPROJEKT has executed 
and >s carrying out capital invest- 
ment and other projects In over 
<0 countries in the World. 

The «f!W of ENERCOPRO/EKT-s 
present undertakings with foreign 
and Tugoiljv employers, concrac- 
tors and' subcontractors is esti- 
mated at about US$900 million. 
companies in five countries, 
participates in 13 Joint ventures 
in nine countries and has 13 
agencies in 12 countries. It site 
has active technical co-operation 
wish aver 30 toecialijed arsaniaa- 
t'ons in Yugoslavia and abroad. 

It potsesses constructional plane 
and ocher equiomenc. including 
spare units and earn. Valued at 
about US$100 million. 
eNERGOJROIEKT is registered 
with the United Nations in New 
York and its agencies in Rome, 
Geneva and Vienna. It is a 

co-founder of six Yugoslav banks 
and actively co-operates with IS 
of the world's most reputed 
banks, and with 40 ocher foreign 
hanks in 37 countries in Africa. 
Ana. North and South America 
and Europe. 

some key project 


Hydroelectric Power 

Thermal Power Plants 

Electronic Networks. 
Transformer station and 

Agriculcure, Reclamation, 
Irrigation and Drainage 

Municipal and Industrial 
Water Supplies and Sewers 

Town Planning and 

Geology and Mining 

Technological and 
Metallurgical Ore 

Industrial Planes and 

Installation and Operation 
of Computers and 
Information Systems 


Engineering. Contracting & 
Consulting Co. 

Hr id Office: Zeleni venae 1R 

BELGRADE P.O. Box 712 


Tel: 627522 

Telex: Tl 1B1 YU ENgRGO 

beogradska banka 

2. Knez Mihajluva. 11001 Beograd. P.O. Bos: 955. Yugoslavia. 
Telephone: 011-624 455: Telex: 11712,12709 (dealers) YU BGBANK 

Following the new Law on Basic Principles oF Banking and 
Credit Operations in Yugoslavia, Udruzena Beogradska Banka 
was Founded b, 13 basic banks from the organisation of the 
former Beogradska Banka and a lnvesticiona Banka, 
Beograd, uiln more than 1U.0DU basic organisations o[ 
associated' labour and other organisations located both in 
Serbia und other republics in Yugoslavia. 

Udruzena Beogradska Banka is a financial association through 
which the associated labour carries out a part of its financial 
operations, such as; 

—external financial relations (credit relations, foreign exchange 
l ran factions, payment transactions, issue and placement of 
bonds, organisation for collecting foreign exchange savings 
abroad, etc.): 

— pooling of resources for major projects in the country on 
i he basis or self-management agreements made with the 
organisations of associated labour — members of basic banks. 
Udruzena Beogradska Banka appears abroad in it? own name 
and on behalf or basic banks, and its members. All basic banks, 
members of Udruzena Beogradska Banka, are under unlimited 
and subsidiary liability with all their assets, for the obligations 
of I'Unr/ciia Beogradska Banka. 

Udruzena Beogradska Banka represents the largest banking 
organisation in the country, according to its total potential and 
holds a significant position in the Top 300 Banks Listing. 

Udruzena Beogradska Banka maintains correspondent rela- 
tions, with more than 900 banks throughout the world. 

The initial consolidated balance sheet oC Udruzena 
Beograd'-ka Banka, as of January 1, 1978 amounted to 1S7.9 
billin i dinars. 

The following basic banks are members of Udruzena Beo- 
gradska Banka; Beogradska Osnovna Banka “ Bcobanka,” 
Beograd: Osnovna Privredno-Investiciona Banka u Beogradu. 
“In vest banka" ilrom the merger of Yuyoslovenska Inre.srjcjona 
Banka. Eeozrad and Beogradska Banka — Main Branch Beograd 
Hi; and basic banks at: Cacak. Lozoica, Ljubljana. Novi Pazar, 
Pirol. Pozurevac, Priboj, Prokuplje. Smederevo. Sabnc. Titovo 
Uaico. Trslemk and Vranje. 

Basic banks, members of Udruzena Beogradska Banka, have 
a widespread network of more than 300 operating units in 
Yugoslavia, through uhreb they carry out their activities. 

The former representative offices of Beogradska Banka 
and Yugoslovenska lnvesticiona Banka. Beograd will continue 
operations as representative offices of Udruzena Beugradska 
Banka. They are located in: London, Frankfurt, Paris, Milan, 
Washington. Moscow. Warsaw and Prague. 

Agencies and information bureaux of Udruzena Beogradska 
Bankn art- located in Vienna. Hanover, Miinich. Diisseldorf, 
Stuticart. West Berlin. Amsterdam. Brussels. Stockholm, Goteburg 
and Tin Imo. 

Udruzena Beugradska Banka is a shareholder in the follow- 
ing joint banks and financial institutions abroad: 

— LHB JnlenialJonaJe Handrlsbank AG. Frankfurt, Main: 

— I ICY — International Investment Corporation for Yugoslavia. 

— Development Bank of Zambia. Lusaka: 

—East African Development Bank. Kampala; 

— Eanque Franco-Yugoslave. Paris. 


Incorporates all basic banks on the territory 
of the Autonomous Province of Vojvodina. 

It performs on behalf of its system all 
foreign banking operations, having large 
correspondent network all over the world. 


21001 NOVI SAD, P-O. BOX 272 
Cable: Vojvobanka Novi Sad 
Telex: 14129 and 14172 Yu Vojba 
Telephone Exchange: 57-222 


Knancift IMes-- ........ _ : . ... ., t , ^ 

Farm incomes rising 

*'V ’ 'y! 

' ‘ - s'.: v » wr: '■'■■■ 

vJ- V.'.Jn 

LIKE MANY other developing severally. make considerable 
countries which tended to over- sense under these cinrura- 
look agriculture in the initial stances, 
enthusiasm for rapid industri- Steadily rising farm income is 
aUs3tion. Yugoslavia Jong ago one way of achieving this and a 
came round to the view that a system of guaranteed minimum 
balanced development of the prices and stockpile arrange- 
agricullural sector is vital to nients has seen agricultural pro- 
progress of the economy as a ducer prices rising by a n 
whole. average 14 per ceni annually 

Formalisation of this rc- over the last five years. But 
thinking came with publication major investment js also taking 
of the long-term Green Plan for plate to boost output of 
agriculture in 1973; the current fertilisers, tractors and farm 
five-year plan aims at self- equipment of all kinds tosher 
sufficiency in agriculture by with major irrigation and 
1980 and the development of re-afforestation schemes, 
exportable surpluses beyond The most ambitious irrigation 

and iiuod control project now 
A record harvest in 1976 under way is the giant Morava 
boosted agricultural output by basin complex. a 20-year 
a heaithv 7.3 per cent from the exercise due for completion in 
rather depressed 1975 levels 1985 which will bring an end to 
when the weather was unfavour- destructive flooding in Serbia 
ahle. This performance was an ^ create 280.000 hectares of 
followed by a further 3.3 per highly fertile land on which two 
cent increase last vear which, harvests annually will be 
it is hoped, will be matched possible. It will also generate 
again this year given reasonable 952,000 kW hours of electricity 
weather. and protect a further 156.H00 

These figures show a consider- hectares from flooding and 
able improvement on the aver- erosion. 

age increase in agricultural pro- This year also sees the com- 
duction over the 1963-73 decade plcUon 0 f the 20-year 13bn dinar 
when agricultural output only Danube -Tisa - Danube hydro 
improved on average by 2.5 per system whose dams and canals 
cent annuallv have Lreated the means to 

They also' show that Yugo- irrigate 500.000 hectares in the 
sfavia is indeed on the path to Vojvodina, the fertile plain 
agricultural self-sufficiency with which stretches north of 
all that this entails both in Belgrade to the Hungarian 
reducing the burden on the frontier and beyond, 
balance of payments and creat- The Vojvodina plain if \u%o- 
ing the conditions both for a slavia's must important farming 
sustained demand fur agricul- area in a country with a high 
tural chemicals and equipment proportion of mountains and 
and a rational distribution uf steep valleys. It account fur 
population. over half the total Yugoslav 

Fur all its rapid economic farming output and last year 
growth in recent years Yugo- produced 3.4m tonnes of maize 
slavia still has a chronic unem- and 2.75ra tonnes of wheat. This 
ploy ment problem which has compares with last year's total 
been exacerbated by the return Yugoslav crop of 5.6m uuines of 
of Workers from West Germany wheat and a record 9.86m Kmnes 
and elsewhere. Modern capital- of maize, 0 f which 9U0.0UD 
intensive industry is not able to tonnes were exported, 
create employment fast enough Maize production is one of the 
to absorb this excess labour, big success stories uf Yugoslav 
Incentives to modernise agricul- agriculture. Yields averaged 
Hire, while improving the out at 42.5 centners per hectare 
attractiveness of rural life last year, a new record, and 

with the planting of improved country. 

hybrids and a greater area this Cheek by jowl, however, are 
year a maize harvest in excess to be. found the large modern 
of 10m tonnes is confidently agricultural combines * 
expected. Poljoprivrediii Kombinat (PKP) 

But the growth of maize out- a showcase agrobusiness con^ 
put is only part of a corapre- bine of 100,000 hectares aim 
bensive transformation of the 20,000 workers some 50 ^ . s 
crop pattern under the influence north east of Belgrade. ™ s 
of a powerful drive to increase combine boasts 1,400 tractors, 
output of industrial crops like 450 combine harvesters, 50,Ww 
sunflower, soya and sugar beet breeding cattle, 20,000 dairy 
Last year's record sugar crop of cows and 120,000 fattened pigs. 
5.3m tonnes gave Yugoslavia Organised into over w 
self-sufficiency in that co of- Organisations of Associate a 
modify for the first time. Over Labour and run 
480,000 tonnes of sunflower seed self-management Mnes, P-K» 
were also produced and a 25 per produces agricultural ■ raw 
cent increase in planting has materials, processes them into a 
taken place this spring. vast nm^e o£ packaged food- 

stuffs, meat and dairy products: 
Ranirilv and preserves in 16 factories 

XVaJJIuiy and then markets them through 

At the same time mechanisa- its own network of 500 shops 
tion is proceeding rapidly, as is and self-service stores, hotels 
the supply of fertilisers from and tourist facilities all over 
big new fertiliser plants now Yugoslavia. It also carries o% 
coming on stream or under con- a significant export trade, 
struction — like the giant Katina coupled with technical assist- 
plant in Croatia, now being ex- ance from its owe scientists and 
panded through a $155m Euro- technologists, for farmers 

dollar term loan, and five other m developing countries, 
major complexes. Significantly PKB also 

This year the farm tractor cooperates with some 50.000 
population is officially estimated private farmers who 

to be 50,000 units higher than gyppiy ^ combine and receive 
last year, bringing the total to assistance ahdj 

350,000, or one for every 2o gu agreed market in exchange- 
hectares. At the same time ^ significant 

comes available; 
clamatkm ^ 
schemes. It is set to_ exp^d 
bv 250.000 hectares in ^tce 
course of the ve-^em:' 
-plan. ‘ _V. - ; _ • v/*T" 

Productivity u is-a^o groTOg' 
much Taster, with average gains 
of ground 8 per cent annaw; 
on socialised, fanns againstl? 
•per cent on private 
hope Is teat the wifient profit 
ability of - modern .. j& mv o g 
methods wifl rontinue 'te^act-^! 
a powerful 

modernisation thipughaut the 
agricultural system. 

' .'Further modeniisaf&te -^of 
Yugoslav agriculture looks iase 
being one area for ftotactiaf. 

„ ag ri- " 

corral mak^sraiid- 

’ ' ' * ieis Of knpv^wv-^: here- 


Is:!strc«^f iinked ^tT-the cstda-- 
Ti shm mt of somei klhff of eqmt-' ■ 

•CtHEBpWtitX * Sifti 

■ nrea i t'_ : c^idrts'i4i^l^, r 

the r prddnc 

• ... . t: -S.= - \ .*5“ ‘~-3 

Yugoslavia has used its own bprause having] 

agricultural modemU aUon ,pvo- t b 7t 

gramme to build up a ^eful ea- rivate farms have . ^ 

fraetora aoV fa™ Stae^ ** 

totaUed $60m. with a target of 

§100m anuualiy by the end of across the board is to step.iyp 
the decade. 3 mutually advantageous - co- 

Wbat is perhaps most surpris- operation between the lags 
ing about Yugoslavia’s agricul- socialised combines and private 
tural performance is that it has farmers on a voluntary baas, 
taken place within the overall Credit and other incentives are 
context of a highly fragmented also provided for private 
and traditional peasant farming farmers te develop their -own 
structure. Some 80 per cent, producer co-operatives ou" : a 
of the farms and nearly 70 per pattern similar to those in tiie 
tent of agricultural output Emilia Romagna region .-ill 
comes from private farmers still neighbouring Italy, 
fanning on variations of the Iu the long run the social 
medieval strip system. Thi6 is sector is expected to increase 
immediately apparent when fly- gradually in size as older far- 
ing over large areas of the mers retire and new land be- 

Growing success in 
self management 

IF. AS is frequently the case, 
businessmen or others from 
capitalist countries start dis- 
cussing the Yugoslav system of 
worker self-management in 
terms of worker participation 
a la Bulloek they are likely tu 
be quickly, but politely, cor- 

Worker participation implies 
participation in a system w’herc 
somebody else more important 
bolds the real initiative and 
real power, one is likely tn hear. 
Under the Yugoslav system the 
enterprise is owned by the 
workers. managers are 
appointed by the workers, to 
whom they are responsible, and 
the workers themselves through 
their various self-management 
institutions decide on invest- 
ment and production plans and 
the final distribution of the 
income produced. 

This theory is codified into 
law at enormous length — the 
Associated Labour Act aionc 
consists of over 300 pages and 
671 regulations — and is 
variously viewed as a blue- 
print for Utopia or a recipe for 

To find out how it can work- 
out in practice 1 went to une 
of Yugoslavia's must successful 
industrial concerns — the Iskra 
electrical and electronic 
engineering Kombinat in 
Ljubljana which has averaged 
a 20 per cent growth rate over 
the last decade, a 1977 turnover 
of over S500m and exports of 

Physically Ljubljana is still 
very much a Hapsburg city — 
one of a dozen or so central 
European cities whose funda- 
mental style and elegance 
derives from the elegant 
baroque public buildings and 
squares planned by the Empress 
Maria Theresa and Franz Josef 
IL It is the capital of the mainly 
catholic Republic of Slovenia, 
which is relatively poor in raw- 
materials but has a long tradi- 
tion of industrialisation and 
trade, mainly with neighbouring 
Italy and the former Hapsburg 

The headquarters of Iskra 
itself is situated in an elegant 
skyscraper block, flanked, signi- 
ficantly, by the Ljubljana ka 
Bank building, another sky- 
scraper designed to withstand 
shocks of all kind — this afier 
all is a seismic area as the 
recent earthquake in neighbour- 
ing Friuli bears witness. 

At the heart of the Iskra 
Kombinat are the 72 Basic 
Organisations of Associated 
Labour (BOAL). The funda- 
mental characteristic of a BOAL 
throughout Yugoslavia is that if 
must be a clearly defined cosl 
and profit centre producing 
measureablo goods or services. 
In practical terms in the indus- 
trial sector til is usually means a 
factory producing a product or 
products. Members of a BOAL 
have the right to remain 

independent or to voluntarily 
join together with other Boal's 
for purposes of joint marketing, 
research and development or 
other common services. 

The Yugoslav system rests on 
the belief that the production 
units are the best judges of how 
to produce efficiently. The final 
shape of the five-year plan is 
agreed after an infinitely com- 
plex series of discussions on a 
two way basis involving the 
BOALs, and the various co- 
ordinating bodies at a trade 
union. Republican or Provincial 
and Federal levels. 

uf the banking structure. The 
bank rerorm was designed to 
reduce fhe autonomous power 
uf the banks and their former 
dc facto close relationship with 
the political power structure in 
in the Republics and Pro- 
vinces, and also to create a 
direct link between production 
and finance. 

The five-year plan worked out 
by and for each individual 
BOAL has lo be approved by a 
qualified majority of the 
workers themselves und becomes 
in effect their plan, for which 
they are all collectively respon- 

Under the new banking laws 
the banks themselves no longer 
have any capital of their own 
but only their reserves plus the 
deposits made by the BOALs 
(and households). Delegates 
from ihe BOALs arc themselves 
physically represented as the 
de facto “shareholders” of the 

But the five year plans are 
broken down into annual plans 
which are much more detailed 
but provide a vital element of 
flexibility in changing market or 
other conditions. 


This much more technical 
document doc> not have to bo 
approved by the Workers 
Assembly — that is io say all 
workers — but by ihe Workers 
Council, which is a much 
smaller body consisting of dele- 
gates from the Workers Assem- 
bly. In practice if seems that 
one of the keys io the efficient 
working of the BOAL is the 
degree of competence, skill and 
dedication of the Workers 

In Iskra's case the 72 BOALs 
and 47 production units are 
organised inti, >eccn so-called 
Work Organisations. These 
correspond roughly to divisions 
in western terms and are 
organised on functional lines. 
Iskra also has five Work 
Organisations .»f Gammon Ser- 
vices, which provide joint ser- 
vices like daia processing, 
marketing and financial 

The Apex of the pyramid, or 
third level, is Iskra itself t which 
is called a Composite Organisa- 
tion «»f Associated Labour 
(COAL) or. more familiarly a 
Kombinal This provides the 
link between the operating 
companies, the divisions and 
joint services. 

The Kombinal itself is not a 
holding company on the 
Western pattern because the 
capital n[ even the largest 
Kombinat is held individually 
by the BOALs. who make use 
or their ow n su-called .“Internal 
Banks” uhvh operate in effect 
as the finance division to man- 
age their cash-Ili i w. The BOALs 
also have a direct relationship 
with the commercial banks, a 
relationship which has been 
reinforced by the latest reform 

In order tt satisfy the financ- 
ing requirements of commerce 
and industry the banks are free 
to associate themselves with 
other banks, and borrow either 
domestically or abroad, but 
within limits set down by . the 
National Bank of Yugoslavia in 
conformity with plan guide- 
lines and the state of the 
balance uf payments. 

Because of the in-buiit ten- 
dency of the Yugoslav economy 
in its present developing state 
tu suck in imports at a high 
rare, a major effort is now 
taking place to give much 
greater responsibility to BOALs 
by linking the availability of 
foreign exchange for imports lo 
their own export generating 

capacity. Each republic and 
autonomous province also has 
the responsibility to ensure that 
iis balance of payments position 
remains within the Federally 
agreed limits. 

It remaius lo be seen how 
I his works out in practice as 
the new liws have just been 
introduced. But they do demon- 
strate the seriousness of 
attembts tu render the self- 
maoageuient system both more 
responsible and mure efficient 

Efficiency however also 
depends on the level of tech- 
nical skill and competence of 
professional management Much 
suspicion r» the Yugoslav 
system abroad stems from the 
image of an ecom>my in the 
hands of an undobtedly com- 
mitted and enthusiastic but 
managerially and technolo- 
gically naive shop floor. 

Certainly efficient running 
of self-managed enterprises de- 
pends in large part on the level 
of industrial experience, 
sophistication and awareness of 
the workers themselves, and this 
varies considerably between 
the established industrial areas 
in Slovenia, Croatia and parts 
of Serbia and the former agri- 
cultural areas in the first throes 
of industrialisation. But it also 
depends on the managerial 
skills of the professional 
managers who are appointed, 
and dismissed, by the Workers 

One of the principal aims of 
the self-management system, as 

it develops, is to raise Abe level 
of skill and awareness of the 
Workers Councils. Already in 
a big group like Iskra even- 
effort is made to elect profes- 
sionally competent workers and 
technical staff both to the 
Workers Councils themselves 
and the various executive com- 
mittees which meet frequently 
to monitor management per 

At the same time, however, 
the business management board, 
which consists entirely of 
professional managers, hired 
by tbe Workers Council 
precisely for their competence, 
has full responsibility for the 
range of executive decisions io 
marketing, finance and produc- 

Both the formal management 
and production workers are 
part of a self-management whole 
whose aim is to make their 
enterprise as efficient as pos- 
sible. Because the self-manage- 
ment institutions go beyond the 
sphere of production and also 
include people in their capacity 
as consumers or members of 
local communities there arc 
several constraints both in the 
field of pricing policy and in- 
come distribution. 

By and large, nowever. enter- 
prises are expected to operate 
profitably, and theoretically 
they can be closed down, and 
workers found other jobs, if they 
make losses for three consecu- 
tive years. 


Last year 1,363 BOALs em- 
ploying 330.000 workers made a 
loss totalling YD 14.7bn. This 
was an improvement on 1976 
when loss-making enterprises 
were SO per cent greater and 
losses 29 per Cent higher. But 
the fact remains that many of 
them were perennial loss- 
makers and could not be closed 
for a variety of reasons. The 
railways for example run at a 
loss and so do several large 
enterprises; often government 
fixed prices are blamed for this. 

Certainly there are weaknes- 
ses in the system, but it is part 
of the nature of things in Yugo- 
slavia that people are prepared 
to admit them frankly and dis- 
cuss them with an eye to im- 

All sides recognise, for 
example, that the Yugoslav 
system entails the expenditure 
of a great deal of time in com- 
plex bargaining and explana- 
tion at all levels. But it does 
result in a sense of participa- 
tion which goes far towards 
smoothing the implementation 
of policies once approved, it 
also produces both an enthusi- 
asm far high investment and a 
tendency to distribute higher 
incomes than justified by pro- 
ductivity alone. 


b.s x-GEi^kx ; 

... . ■ * - -• •- •* * *" - • 

Established in 1948;’ RS:?..hG^^ 
years’ experience _m trade , betw^.n ^ 

Kingdom and’ -Yog<wIa;^r^ ^ 

-iPninlixerl rZpTMirtw£7tfs deaErtfriv i : ‘ 

Specialised depatinij&rds -35 

extensively in irn^^ -amd, 

A * - '■ 

Machinery ~ Ei^e^ring^Ete^ 

Copper — Al uminium - — ^^ Non-Ferrous Metais ~ 
Plastics ^ Chfimic^ ' 

Leather —Textiles— 

Agriculture — Products — Cwnnipdities • . ’ •>. 

All enquiries to II Ji.. Head Office ; :-: 

■ .-'7 >••;..■ ..*■• . • -vr.ff- 

Heddon House • ^ 

149/151 Regent Street ' * " : . : ; - 

London W1R 8HP -: TeL.7^;:?101-9 

. •* • ^ . 

$ ill 

fe 1 



t a i iii&>®rs3(332(S rsiM?o§|s:J& 


51000 RIJEKA, Trscahska' Obhla B, POBox 290 • “7 

Telephone (051) 31— Wt4 Czbl e TRAbisjtiG Rl] E£A ' 

Telex 24115 YU TNG Rl. IATA AgenxS. 

Sales s^presencative of JAT (Yugoslav Airlines) _ 

Line of Business : 

Organization of regular import— export and. transit carriage; 
groupage and re-export carriage with all countries In the- world; 
international transport agency operations; chartering of. finer and 
i ram per shipping space; contractual „ quality ..and.-, quantity goods 
control; representation of foreign firms.', ... . 

Basic Organizations of Associated Labotir : : 

Bar, Belgrade. Export Rijeka, Koper, Ljubljana.. PvJa„ Saohra- 
cajna Agencija (Transport Agency) Rijeka,' Sarajevo, Servian* 
Je din ice (Service Units) Rijeka. Skktdiste i Ambalaza (Warehousing' 
and Packing) Rijeka, Sibenik, Transit Rijeka. Imports) 
Rijeka, Zagreb, Zajednicko Racunovcidstvo RO' ( joint Accountancy 
to Working Organizations). Zajednicke Sluzbe "RQ ( joint. Services 
to Working Organizations). 


Aparin. Bakar, Batina. Bor. Banja' Luka; Be'li ManastRvEosanski 
Novi, Bmik, Oeje, Dlmitrovgrad, .■ Dubrovnik, jesenice; Karioya.c, 
Koprivnica, Kotoriba. Kozina,. Kragujevac, Kraijevo. Kranj, Maribor, 
Murska Sobota. Nis, Nova Gorica. Novi Sad, Novo MestOt Otjfk., 
Pleso. Piece. Prevalje, Pristina,. Sezana. Sisafc. Slavonskf JHpd,~r 
SkopJje. Split, Subotica, Titograd, Tuzta, Varazdm, Veknje, Yelikd • 
Gradiste. Vrsac. Vukovar, Zadar. Zenlca. ' 


London, Milan. Munich. New York, Prague, 1 Turioi Vienna: ~. 


In every major port and important economic centre in the 

v < — 

•;,-r ■ 

• V 

: ii 




61001 Ljubljana 
Vojkova 61 , POB 465 


In Metallurgy, Metal Casting and Finishing, Power 
Generation, Production of Building Materials, 
Chemical Industry, Material Handling, 
Environmental Protection 


Consulting, pre-feasibility and feasibility studies, ! 
market surveys and analyses, selection of technology, 
tenders and technical specifications, project 
engineering, seiection of equipment, construction 
of mdustnalplants on “ turn-key ” basis, inspection 
during construction and plant erection, supervision - 
during trial run, professional staff training, import 
and export services, as well as complex engineering. 




59: s :■ ■■ 

■PfiiitiCial l^nes ISIonday June 19 1978 

Yugoslavia v 

s v- 

---■* £? 
“ i (;■- 

;Vi . ,‘ 4 te 
‘id,,. 1 
J *>i -r"" 

>!T Va^ 
risrk ;d > 

r dlte. 

*i:nh«.- * 

policy retains 
its independence 

1(1 *a*5| 

pre-requisites for Yugo- 

slawas^ determined foreign 
ptmey of national independence 
aoa iMD-^hgnsnent were created 
DY a typical act of Great Power 
^rrogMDce. They stem from the 
tKtte when Winston Churchill 
<»*UBamg the post-war shape 
of Europe, tossed over to Stalin 
a piece of paper on which was 
jotted “ Yugoslavia 50-oCP ■’ 
Stjflon nodded agreement. When 
Tttn heard of this he was 
reportedly livid at being treated 
as “the short change of inter- 
national politics.” 

He subsequently took advant- 
age of this tacit acceptance of a 
shared sphere of influence to 
break free from Soviet <hege- 
ipqny without either reneging 
on *he Communist nature of the 
port-war Yugoslav State or join- 
mg ithe Western Alliance. 

, -T&rty years after the break 
with -Comdxrform Yugoslavia's 
influence in the world is infi- 
nitely greater than its size. 

population or resources would 
themselves warrant. Much of 
the credit goes to President Ti | 0 
himself, lone survivor of a 
world of former political giants 
aod stirring if dangerous times. 

His own personal prestige, 
and by reflection that of the 
Yugoslavia he represents, 
reached a new height with his 
recent official visits first to 
Moscow and then on: via North 
Korea to Peking and then to 
Washington with a stop-off in 

But Yugoslavia's foreign 
policy goes far beyond the 
establishment of good relations 
with all three superpowers, vital 
though this is Jo Yugoslavia’s 

President Tito's experience 
and prestige as a founder- 
member of the non-aligned 
movement also makes Yugo- 
slavia a voice to be listened to 
in discussions on the North- 
South dialogue, the Middle East 
and in many of the conflicts 


J — J — 

a?* 230 

New step towards 
the world of 
international trade 



15-24 September, 1978 

— Traditional commercial meeting of business 
' people from highly developed and the developing 
countries from all continents. . 

-—New opportunities for commercial activities 
with 40 developing countries in Asia, Africa and 
Latin America. 

^—Current information on the technology level of 
the world and numerous professional gatherings. 

—Round table conference of the developing 
countries dealing with “ foreign trade co-opera- 
tion among the developing countries.’* 

Exhibitors . 

—60 Countries 

—500,000 sqfm* of Exhibition Area 

Information: .Zagrehacki Velesajan* 

41020 Zagreb, Avenlja Boris Kidrica 2. 

Phone 511-666- Telex 21-355 YU ZV ZG. 
Cable: Yelesajam Zagre. 

ECL < Exhibition Agencies) limited. 

21 Slanchester Square, London WlM 5AB. 
.iff . Telex: 24S9L . Phone: 01-486 1951 

w - .. — 


a m s 

Wine & Sp irits 

which have broken out between 
members ol the movement. 

Behind the voice lies an active 
and qualified corp of diplomats, 
and a highly foreign affairs- 
oriemated news agency, Tanjug. 
In the latest Government re- 
shuffle the former Foreign 
Minister, Milos Minic, was re- 
placed by Josip Vrhovec, a 50- 
yea r-o Id ex- journalist and for- 
mer LCY Presidency member 
from Croatia. 

It was largely a reflection or 
Yugoslavia's position between 
East and West that Belgrade 
was chosen for the follow-up 
meeting to the Helsinki Con- 
ference on European Security. 
There the Yugoslav hosts tried 
to steer the conference away 
from a stcnJe confrontation on 
the human rights issue, seen a* 
a propaganda contest between 
the two super powers, and on 
to a discussion of some of the 
other isuses dear to Yugoslavia's 
heart, such as measures to re- 
duce military tensions and 
greater co-operation in the eco- 
nomic field. 

H was a disappointment to 
Yugoslavia that the Belgrade 
conference was not a great suc- 
cess. although they share the 
general feeling that with the 
decision to hold another follow- 
up meeting in Madrid at least 
the principle of continued moni- 
toring has been agreed. 

Now Belgrade is preparing 
for another important inter- 
national meeting — the Minis- 
terial meeting of the non- 
aligned countries which meets 
there in July to discuss the 
agenda for the forthcoming non- 
aligned summit due to be held 
in Havana next year. 

It promises to he a potentially Soviet Union in Yugoslav 
stormy affair. The Cuban role affairs. 

in Africa will be high up on It recognises, however, ffcat 
the agenda, which will also re- not all members of the non 
view the recent UN special aligned movement view Cuban 
session on disarmament, a major involvement in the same way. 
initiative of the non-aligned Several African and other 
movement, and the slow pro- states tend to view such 
gress in rhe development of a involvement as a useful means 
new world economic order. of bringing pressure on the 
But tie situation in Africa West to step up its commitment 
is likely to dominate discus- to end racist regimes in 
sions, with Yugoslavia in par- southern Africa, 
ticutar making no bones about It is dear, none the less, that 
its own disquiet concerning the Cuba is likely to come under 
apparent conflict between considerable pressure at the 

Cuba's role in Africa and its conference to modify its role 
membership of the non-aligned in Africa as the price of agree 
movement. Yugoslavia’s views ment to go forward with the 
do not differ markedly from summit meeting in Havana. The 
those expressed by President conflict between non-aligned 
Carter and Chancellor Schmidt states in the Horn of Africa 
recently. Both described Cuba's and the Vietnam-Cambodia con- 
supposed non-aligned status as flict are also likely to be dis- 
“a bad joke” in view of its cussed at some length, 
role as an instrument of Soviet Closer to home, however 
foreign policy. Yugoslav foreign policy is cur- 

Hnnnnnnf rently most concerned about 

v-jppUHvlli relations with the EEC, and 

The Yugoslav attitude particularly its growing trade 
appears to be against any moves deficit with the Community, 
to expel Cuba from the move- The Foreign Ministry points 
inenl. as its own experience out that Yugoslavia's trade 
makes it an opponent of deficit with the Community 
anathema of any kind. Rather came to 52.4bn last year, 60 per 
can Yugoslavia be expected to cent of its total trade deficit; 
argue for the principle of Yugoslav exports now cover 
“Africa for the Africans” and only 59 per cent of its imports 
against super power inter- from the Community. It argues 
ference of any kind in the that a large part of this deficit 
affairs of the continent. is due to damaging protectionist 
This of course is partly a moves by the Community, 
question of general principles Critics of the Yugoslav bar- 
and partly the result of Yugo- gaining position, however, while 
slav preoccupation with the accepting that restrictions on 
principle of non-interference beef, textiles and other goods 
because of its own obsession have affected certain important 
with the thought of possible trade areas, argue that the 
future interference bv the Yugoslav position betrays its 

A new status for 
small business 


this time not in his 
own right hut only if he is 
elected by the workers of the 
Basic Organisation. 

Reinsurance C ompany 


All Branches 

ZAGRE® Telex: 21210 

ALTHOUGH THE new 1974 contribute in money, equipment 
constitution specifically pro- and other resources and who 
vided a new legal status for the will be the manager. Then 
formation of s mall private they sign a contract with the 
enterprises, progress in setting commune on the territory oF 
them up has been pateby so far. which they will have the scat of 
The basic thinking behind the their organisation, after which 
setting up. of the so-called Con- they hire workers and start 
tractual . Organisations of whatever activity they chose. 
Associated Labour (COAL) was That person (or persons) has 
to , mobilise, inter alia, the the right to be the executive^ of 
capital of returning emigrant the contractual organisation and 
workers and provide more to be paid for that on the basis 
employment without making of an agreement concluded 

demands on the already between all those working in 

stretched socialised sector. The the organisation. He also has 
new COALs are to have a the right to receive part of the 
stxictiy limited time span, how- income generated with the 
ever, before eventually being resources he brought iDto the 
transformed into the cooven- organisation. These rights, how- 
floml . Basic Organisation ever, are for a limited number 
(BOAL) and becoming an of years. Each year he gets 
integral part of the self-manage- back part of his capital, until 
ment socialised sector. ***« » P e ™ d ° f ^me it is all 

But the COALs do represent P a, d back. At that moment ms 
a significant advance in several ofber rights cease, except the 
respects on the previous rules J** 1 * to continue working in 
permitting small-scale private organisation, which then 

^ in the g^ n n *,„/ ren “S 

3fr,.VJrtW =? in 

contractual organisations. In 
addition, they may be 
established in fields which are 
otherwise reserved lor the __ 
socialised sector. Those wishing GuOSGIl 
to found a contractual organisa- 
tion firstmake a mutual contract The form of Contractual 
as to what e ach of them will Organisation has been chosen 

because it serves several pur- 
poses. First, no social capital is 
needed and privately owned 
money is mobilised, which has 
been relatively abundant, especi- 
ally among returning guest 
workers. Second the organisa- 
tions should satisfy the growing 
demand for goods and services 
in which the socialised sector is 
either not interested, or is un- 
able to provide quickly enough. 
In Yugoslavia there has been a 
growing need for services of 
all kinds, repair shops, and the 
tike. Third, new jobs can be 
created comparatively quickly 
and with lower investment than 
in the public sector. This is 
very important in view of the 
high number of job seekers, in 
spite of very impressive figures 
of new jobs created each year. 
It has been estimated that 
several hundred thousand 
people could find employment 
in the small business sector 
within a short period of time. 

For all those reasons it has 
been the proclaimed policy of 
the League of Communists and 
of the Government to support 
the small business sector, be it 
in its classical form of private 
handicraft, the newly designed 
Contractual Organisations, or 
the socialised organisations 
dealing in services and produc- 
tion on a small scale. In spite 
of that, however, very little has 

been done in the four years 
since the 1 0th congress of the 
LCY and the adoption of the 
new constitution. 

The reasons for this seem to 
lie with local governments, who 
distrust any private initiative in 
the belief that It will inevitably 
strengthen the capitalist ele- 
ments in society and endanger 
socialism. Therefore they 
heavily tax private business, do 
not provide for space, etc. 
Repeated criticism has not 
changed their opposition. The 
result is that there are regions, 
even whole republics, with no 
Contractual Organisation at all. 
On the oiher hand in some re- 
publics Contractual Organisa- 
tions have been increasing in 
□umber and prospering. 

Macedonia, for example has 
no Contractual Organisations. 
Its premier told foreign corre- 
spondents a few months ago 
that there has been a lack of 
understanding on the part of 
local authorities. The first Con- 
tractual Organisation in Serbia 
was founded late last year in a 
village. Kobisnica, in the 
eastern part of the republic, 
employing initially 29 workers. 
25 of them women. It was 
founded by two former guest 
workers. They receive a 30 per 
cent, share of the income and 
the labour force the rest 

Their contract with the 
respective commune is for five 
years, after which the organisa- 
tion will become a BOAL. 
Belgrade lias just one Con- 
tractual Organisation founded 

As opposed to that. Slovenia 
has been supporting Contractual 
Organisations for years now and 
has more than the rest of Yugo- 
slavia. 30 out of the total of 37. 
Some have been publicised by 
the Press, like two organisations 
founded by a couple, Valerija 
and Franjo Verdnik in the 
village of Grins pri Zalcu. 
which together had a total 
revenue of 13.5tn dinars 
(£400.000) last year and em- 
ployed 12 people. The two 
owners earned some 800.000 
dinars (£23,000) after tax. 
which is approximately 12 times 
more than the average for a 
Yugoslav worker. 

In view of the widespread 
suspicion of many local authori- 
ties it was a big surprise when! 
among the 16 winners of the 
First of May awards of the 
Yugoslav Chamber of Economy 
from all over the country there 
was a Contractual Organisation 
of Associated Labour. It was, 
of course, from Slovenia: Tajfun 
of Planina pri Sevtiici. This 
has been interpreted as signal- 
ling the interest which the 
Yugoslav community has in 
those organisations. Whether 
the message will be understood 
by those for whom it has been 
meant remains to be seen. 

Aleksandar Lebl 




What Is ISKRA? 

ISKRA is the largest Electronic Company in Yugoslavia with a 
25 per cent total share of the Yugoslav electronic market. By 
the end of 1977 ISKRA employed 27,000 people: 1.800 with high 
diploma qualifications. 3,750 school-leavers with “O’ level 
exams. 6.350 qualified technicians: 3.900 people were granted 
scholarship grams. 

There are 61 factories in the ISKRA group, with productivity 
centred in seven major fields: Telecommunication. Automation. 
Electronic Components. Car Components, Consumer Products, 
Capacitors and Batteries. Production has increased by 22 per 
cent in 1977. 

Known for its products world-wide ISKRA has seven commercial 
companies abroad and eight representatives with a total turnover 
of US$1 50m in 1977, of which US$82m was for export. 

The domestic market is covered by 14 offices, 30 shops, 34 
servicing centres and also 300 servicing agents. 

A special emphasis is given to R and D and invention. There are 
1 ,600 R and D engineers, with the institute for quality, to test the 
final products. 

ISKRA has received over 230 awards for the industrial and 
graphic design of its products. 

ISKRA also co-operates with scientists and Research Institutions 
on a large scale to improve its products. 

ISKRA invested 4 per cent of the total turnover in R and D 
in 1977, and within the next four years it will go up to 4.2 per 
cent in order to modernize the existing production programme, 
with most interest in developing the following markets: 


With all technological variations including Optoelectronics. 
Semiconductor materials and elements. 

Business and Data Processing Computers: 

Business Computers systems and programming equipment for the 
needs of our economy. Development of Universal basic Micro- 
computers and development of own universal Micro-processing 


Development of elements of telecommunication relay by optical 

Holography, mainly for use in memory banks. 

Optoelectronics for measuring. 

Integrated Telecommunication Systems: 

On the basis of digital technology gaining production of PCM 
Multiplex and PCM Commutation. 

Professional isation of Electronic Components: based on 
miniaturisation and new range of components. 

Safety Signalling Systems: 

Equipment for better living conditions. 

Protecting environment and saving energy. 

Electronics for Consumer Goods: 

System and equipment for automation: 

In industry, power industry and traffic control, with use of 
microelectronics and business and data processing equipment. 

The special success which ISKRA has already achieved in some 
very important projects (Automation, Microelectronics and 
Optoelectronics) is a solid base for ISKRA success in the future. 

ISKRA LIMITED is the wholly owned British subsidiary and is . 
responsible for marketing and selling the entire range of products 

of the Parent Group throughout the United Kingdom. It 
achieves this by maintaining warehouse stocks at the Coulsdon 
premises and making products available through a chain of 
selected distributors throughout the countiy. A full list of 
distributors is available on application. 

An impressive and comprehensive showroom is situated at 
Coulsdon where ISKRA products may be examined and 
discussed with technical selling staff. 

km Um 

Redlands, Coulsdon, Surrey CR3 2HT 
Telephone 01-668 7141. Telex 946880 




S. K. H. Yugublnvia and S. Tl. Croatia have embarked on a new Five 
Year F'ljn winch will bring sharp upsurge in industrial aud 
agricultural production, foreign irade and investments. 

Yugoslavia is an area of major economic importance— a large cousumcr 
market based on au estimated growth of the economy in the years to 

Investments in alJ major fields — from oil and gas exploration and 
production to petrochemicals and chemicals — from hydro to nuclear 
puttc,- stations — from agriculture, tourism, communications to 

All these provide many business opportunities, from trade to 
i-u-npe ration in industrial technology and joint ventures. Trading 
with Yugoslavia also provides excellent opportunities for trading with 
third world cuuntries. 

Privredna Banka Zagreb is here l»» help you. As the leading medium 
and long-term credit bank we are the bank of the major Croatian 
companies and are involved in the largest and most refined projects. 
Consequently, if you wish lo do business with Croatia, it will be to 
jour advantage 10 consult us first. We are the best people to tell you 
about business opportunities in the booming Croatian economy. 



Head Office: 4100b Zagreb, Rackoga 6 
Cable: Privredbanku — Telex: YU 2W20 Prlbz — Tel: 041/410-822 










IMA-INZENjERING is a specialised engineering, consulting 
and contracting company acting in the field of refineries, 
petrochemical plants including fertilizer plants, oil and 
gas installations and pipelines with a staff of some 1.100 
engineers and specialists. 

freing a member of the INA group with over 24.000 
employees INA-INZENJERING can engage almost any 
engineer or specialist from the INA group. 

1NA-INZENJER1NG activities: 

=:= Market studies 

* Location studies 

# Feasibility studies 
v TL'chnical srudics 

* Preparation of Tender documents 

# Process design 

* Design oF entire plants, crude, product 
and gas pipelines- power plants, etc. 

* Consulting Services 
Erection supervision 

Start-up and :c$:-run supervision or performance 

* Training of clients' personnel cn site or in Yugoslavia 

* Supply of separate material and equipment necessary 
for pecroleum. chemical and petrochemical industry 

* Supply of entire plants and units on turn-key basis 

* Performance of relative civil works, etc. 

INA INDUSTRIJA NAFTE. ZAGREB. Preletertkih brigade 78 
Telephone! 514-411, 514-466 — Telex: 21-235 YU INA 




■ -• - -/•:*-* *; ■ 
- ' . - 1 " - I * • • - ’ 

AFTER SEVERAL years of become more flexible in selling 
stagnation there seems to be their services. Thus one need 
again a tourist boom in Ytigo- not now order full board but 
Slav i a. Unless something only room and breakfast, or just 
unexpected happens 1978 could one meal. There is also a wider 
he a record year both in the choice of excursions, sports 
number of foreign visitors and facilities and entertainment, 
in foreign exchange earnings, although here much more has 
The tourist season Jias started to be done. One sore point is 
earlier than usual, and for the the price of drinks, especially 
peak season most hotels and imported ones like whisky or 
other facilities are fullv booked, cognac. Here the tourist 
Britain is one of the countries organisations are fighting with 
from which a spectacular the Government to bring prices 
increase in the number uf visi- into line with those in neigh- 
tors has been expected, alter a bouring countries. 

33 per cent fall last year. This year the number of 

Over the first quarter nf this British tourists to Yugoslavia 
year 19 per cent more foreign will rise to some 5 per cent of 
visitors came to Yugoslavia, the British market. In the past 
The first quarter, however, couple of years it has fallen to 
accounts for only 8 per cent of about 3 per cent. Earlier this 
the tutal annual turnover. April year a 12-raember delegation 
figures were not so good but from the British Tour Opera- 
May and .June seem to be very tors study group discussed in 

Belgrade ways of increasing 
the number of British tourisls. 
visit'irs and a 20 per ccin rise They said that demand had 
in fureign exchange earnings bee ° building up and .that the 

l<p in 15 

per cent inure 

are iinw expected by some fnre- 

ava liability nf seats in ebar- 

casters. Last year 5.6m foreign plan £ s has been the main 

limiting factor. They also 

tourists came to Yugoslavia, 
producing revenue of SS45m. 
The tourist organisations 

mentioned the pricing structure 
of Yugoslav hotels, the wide 

admit that the boom has not differential between high and 

been entirely due to their own 
efforts. Outside factors, such 

low season prices and the high 
prices for additional services as 

as the economic recovery in other obstacles. They insisted jn line with British inflation, ^-cmmtry itself with some 2m jams on ;r -r; 

■ -• 

v.- me . — , ,, . . . , iu . . n.ut wiuuu ju nn wi/u. ' -munuj awn.-* — — •- — ~ ^ ^ I 

some countries, including the that the Yugoslav tourist mdus- One 0 f tire reasons behind -passenger cars and dose to Austria to Greec 6," wludj i ffiiOiw>. ^ » 
UK. have helped, together with try should guarantee the quality expansion of tourism haf ' 300,000 buses an d commercial o f - the .-least - ; ; • - 

insecurity in some tourist °f &®*vices offered, especially in be eD the improved highway "Schieles. Yugoslavia is also a Europe. Efforts , are 

countries and greater price view of the strict consumer pro- network, since a substantial transit country for millions of to accelerate the amsu^^^n^if^i^ 

increases in countries directly tectl0n legislation in the UK. number of visitors, especially- .Greeks and Turks working in 8 ^modern four4ang ^mafanwa ^siB • ; 
competing with Yugoslavia. It has been agreed that from continental Europe, conife;, Western Europe and for 1 but more resource^ 

The Yugoslav tourist industry future contracts between by car. Some 40,000 km have tourists going to aud from. YuBosIavia".h.opgs ^ r .. ?. 

has tried to keep prices as low British tour operators and been constructed in the post- Bulgaria, Turkey or Greece, as terested 

as possible, with only minor Yugoslav hotels will be made in war period but the network ii’iweU as for trucks in transit, to. bute. ; Th is ito clodes - 

increases for some categories sterling instead of U.S. dollars, still far from adeqoale..,the Middle East central • Euro pem 

of hotels, and hotels have and that prices will go up only Yugoslavia is now a motorised All this contributes to traffic . well its- the- 'EuropeanfFlfeVBst-f^Tj^j , 

. .I, - ment. and 

Tbe air‘ fleet ■! 1, 

expanded and , y'mqdertde^rt/ * ' 

Industrial growth 

Yugoslav- cities . and • r .ooaS^~.3:- 1 

OVJTiUSTBY’S ROLE as most the heavily In energy and basic 
dynamic factor in the Yugoslav materials and giving those 
economy was confirmed again dustries higher tariff protection, 
last year with a 9.6 per cent rate while requiring foreign sup- tion and gestation periods have specialists have been educated, 
of growth. This has slowed pliers of equipment to use been too long and that the tech-- Yugoslavia still needs foreign 

resorts have goodrconnectioi^Y".^ 
withali parts oftfie woritUJA S£vC£; 
the national airline*- ^ 

tnmp Rm SPsM'tKfa *• . 

Railways suffer from "swiS: 

ui juuyvui. iLus uaa aiuwvu puns ui equipment. iu uac oeen ioi> long aou mat uit; iemi — lugusiavt-i buu uetnu iuicieu- •• ||.r ■ . ■ 
down to around 7.6 per cent Yugoslav firms as subcon- nology used has sometimes been technology and know-how,' but competition dot tney^^i^. ^ 
over the first four montlis of tractors or enter into buy-back already obsolete. It has been it now has some to offer as well: lmportaBI ' lJassenEel " ' f '" 

this year. But this growth has arrangements. Some local pro- hard to find finance for all4be It is a good, partner both for 

not been without its difficulties, ducers now manufacture high projects. - joint ventures In Yugoslavia and UJ ^ U * .*!* 

Growth of industry has been quality equipment, and the Another problem for Yugoslav in third countries. ' 

accompanied by significant share of imports in investment industry is the heavy burden Of ««-=- =- — can - oe .cameo,.- on., .#on»_: 

growing at above average rates, ProdUCtlOD Djuranovic are more 

but some older indusiries have under-utilisation of capacity priate to a society 
been experiencing difficulties. - - - 

jects abroad and has capacity for '. Frnatiy; ^nnthfir r rn'pr ov ^ p qf 1 ;^ 
ppro evea mote. Its .weakness is the in comnnfiiications “should ■ris&yjttetoir 
lack of finance to credit more ho mpntirmwf Tt is nnW nnssible.- 

the basis of a well-balanced out gt ate 'inter- bow much money the latter will 

economy has been too slow, and fer(?nce jn i nvest ment decision get for what they perform has 

balance 0 of wunmen^proWem 0 waWn's. but no substitute has not eased the burden but has too 
Nearly tSoSSE ot YugosUv ^en found in practice to avoid often increased It 
infnnrt. hl2 raJ and duplication while still allowing _ Enumerating some of _Yugo ; 

Slav industry’s problems is not 

imports have been raw and 

ll7Z™%Z7'r e^ipmem ^the Tele™' there are saying that its future is bleak, 
while consumer goods ? have some 29,000 projects under con- On the contrary it seems that 
played only a minor role. struction in Yugoslavia, the bulk the infant industry period is 
Thus the main task in the of them in Industry. Most are approaching its end. In three 
industrial sector has been to comparatively small projects, for decades industry has created 
reduce dependence on imports the modernisation and expan- strong foundations: machine 
and increase both exports and sion of existing facilities. But tools here are “younger” than 
impon substitution. This is 186 are major projects worth in many other highly indus- 
being attempted bv investing over YD 500m (£14-5m) each, trialised countries, skilled 

Foreign policy 


old habits of thinking in terms 
of centrally plamu-d bi-lateral 
trading. Part nf the problem 
is that Yugoslavia, like so many 
other developing countries, first 
does not produce goods which 
are needed on developed mar- 
kefs and secondly lacks the 
marketing skills and aggressive- 
ness to sell what goods and 
services if does have to offer. 

This criiici-ui is partly 
accepted by the Yugoslavs, but 
arguing fur a much wider 
negotiating mandate in the 
forthcoming EEC - Yugoslav 
negotiation*, they u-nd to widen 
the argument. Assuming their 
ole as spokesmen for the 

developing wnrld. diplomats and 
trade experts argue that what 
at slake are much larger 
issues nf access it, markets for 
developing countries in general. 
In Yugoslavia’s case, they also 
argue that an ungenerous and 
narrow - minded economic 
approach tn Yugoslavia’s prob- 
lems could force the country 
either to reduce jj$ imports 
from the EEC. or step up its 
trade with ihe Comecon coun- 
tries — or bolh. 

It is loth lo increase the 
proporliun of its trade with 
Comecon for both political and 
economic reason*. First, it docs 
ot want lo be in a position 
here pressure Tor political or 
other cuiii-L-ssion* could be 
reinforced by economic 
■guraents such as a reduction 
— ' oil or other strategic 
products. Secondly, it believes 
that the future of the self- 
management system must lie in 
increasing the general efficiency 
cl the technical level of 
.goslav enterprises to a 
Western level. 

For this it requires access to 
Western technology. Western 

markets aud Western marketing 
skills. This will never be 
achieved ;f an increasing 
proportion of Yugoslav trade is 
dune with the centrally 

planned economies with 
their comfortable long-term 

purchasing arrangements and 
lack of stimulus for 

Significantly, Yugoslav officials 
believe that this point is much 
more sym pathetically under- 

stood by American than by the 
Community, while other trading 
partners like Japan arc also 
scouring Yugoslavia in search 
of products to buy in exchange 
for their increased exports. 


Lucking around the 
diplomatic horizon as seen from 
Belgrade, however, Yugoslavia's 
principal aim of preserving its 
security, independence and 
non-aligraent appears to be 

The Treaty of Osirao, which 
finally resolved the- frontier 
between Italy and Yugoslavia, 
means that Yugoslavia's 
principal border with the West 
is now one of the most relaxed 
anywhere in the world. 

Slovene unhappiness with Uic 
treatment of its minorities in 
Carinthia and Burgenland 
remains an issue iu Austro- 
Yugoslav relations. But those 
with its direct Comecon neigh- 
bours are generally good, except 
in the case of Bulgaria, where 
the Macedonian question 
bubbles beneath the surface. 

Fur the average Yugoslav all 
this is translated in freedom to 
travel all over the world 
without a visa in most cases, if 
he has the money to do so. No 
visas are required for 
foreigners to enter Yugoslavia 

either, except in special cases. 
Visas are required to and from 
Uic Soviet Union, for example, 
because the Russians insist on 
putting Yugoslavia in thy 
category of a Western country 
for these purposes. 

Tt all seems very relaxed. 
Once again, however, behind 
this genuine desire for 
maximum freedom and the 
minimum of bureaucratic inter- 
vention the Yugoslav authorities 
take the security question very 
seriously. The armed forces 
are reportedly well-equipped 
and a decentralised system of 
“ global defence ” means that 
millions of Yugoslav's can be 
mobilised within hours. 

At the same time the secret 
police keep close tabs on the ex- 
tremist nationalist groups and 
suspected Stalinists, both in 
Yugoslavia and abroad. 

One of the leading Stalinists, 
Mileta Perovic. was abducted 
outside Yugoslavia, according to 
his defence lawyer, and then 
arrested and brought to trial in 
Yugoslavia on charges of plot- 
ting against the State. For ihis 
he recently received a 20-year 
jail sentence. The Yugoslav 
authorities also responded to the 
recent West German request for 
ihe extradition of suspected 
West German terrorists from 
Yugoslavia with a quid pro quo 
demand for the extradition ot 
Creation extremists from W’csl 

It is quite clear lliat the Yugo- 
slavs have taken President 
Lincoln’s dictum that the “price 
of freedom is eternal vigilance” 
very closely to heart This allows 
Yugoslavia to relax from a posi- 
tion Of strength and that is 
clearly how they intend to keep 



J»b : 



P.O.B. 300, 51000 RIJEKA 

,-st .< 

Phone: 31-211— Telex: 24143, 24334, 24126 

Branch Offices: Buje, Buzet, Crikvenica, Delnice^j 
Krk, Labin, Mali Losinj, Ogulin, Opatija, Otocac, 
Pag, Pazin, Rab, Senj, Vrbovsko. ’ : r 


All Banking Services 
World-wide network of correspondents 

Ik The 


offers every facility in Belgrade 



setting for your next meeting in Belgrade. We 
can accommodate up to 1300 persons. 

For your next business meetinc Plan to «fav 
in Hotel “Jugoslavia ’’—de luxe hotel on the 
mer Danube: 600 rooms, fully air wnditionSt 


LxiunL and price quotation: 


Phone: 600222 
Tx 11 777 YUHOTJU 
ReserrqttoTi Seroicc 
r*ea York, NY 100 17. 

Tz 0023-4358 
London: 01-937 0476(7. 

Tx 916255 


Telex: 11364. 


Telex • 11545 

ResergQtMws: T cl. Grocfcq 75-21-4; Sdi-214 

'} v 


■i \ 




• ; •. 
•* N 

.rtraSJre . . 


FinanciarTim^g ~frIofnfey~ .toe' 19' Tp7g 

INSURANCE, property 



fSTL?:? 1 * *"■*■■** Co. LW. 

l-3SLPau!',s Churchjanl. EC4 

Sjjnixy Puna tttj 

g£uty Ace. ■ joi 

S»PertyAet.._ US2 -'j 

Scleoivef.-uod._ _; MJS 3 
JAnveruble Fond . 130.4 ' v 

5£*°»wy FuikI 12JLD ' s 

«ns. Brepcrt v ■ mm - 

gcnp. Selecuie t37 

P®'I,Security_.. 135 B 1 


VCVtnv. TO Ser.4.. 
JMowyW, Sor +„ 



.,155.1 .... 





General Portfolio Life Ins. C. n,n* . m , _ 

Oi-Mflui OTRonho/oiBcwCt.widUHunCnns. wxjuri „ . ^ en *fen* Management lid. 

“J — PPiy.nHoFmwl 1 Ufc3 I ... j ’* Jy.'>Mix«rtiurrhsf.liiap311H. 1)14234200 

— • — PonMioCapJial ._|41.7 93.8) _ M-morrel Fund . „ 11499 154.2|...I — 

Gresham Life Ass. See. Ud. v . Wc " Ju,w ’’ Xmtf ‘ kJ,, “ s Jul - V 1 

New Zealand las. Co. (U.K.) Ltd.f 

"" .S«iuIln-nJ !>!>1 3JS IR1C0ZH3 

11423 144.91 4-5 1 

— JJ'Hjtanl Sc*. AccJ 


KJ.9 - 


. . _ jKM.l 

otJuneJS. ValuuUoo nornui U j- Tuesday, n *S*JerM 
Albany Life Assurance Co. Ltd 
SWOhtBntiflgtos St.,-W. 1. 

fBq utty TO Acc (182.0 ' win 



''J- Ppiy. Fuad .)%,?' in a| ;... I ~ J Alt u'VnrrKd.'J.. 

Growth ft Sec. Life Ass, Soc. Ltd.* 

B-ink. firaywi-Ttaraes, Berks uGh-usi 'i'KKdttdPd 
1 1 • ^ ,l1 


89 6 

98.9 -Q tJ 

iH" - * 



fluLAric. 138.6 

»Pd_Ac_ U4A 
. 1*5 4 

_ in 

, alnv.Acc 163 0 

Bb'PanTOAn-. ZW5 

Kl LPCtLAcc.. 1755 

GWlonAiiAcc 12B.& 
MjMaJnPUAcc.: iSK 
“ ' --..122.1 
cc- 11990 


AMKy Life Assurance Ltd.V 


Guardian Royal Exchange 

0I-W7596; RoviU Exchange. El\3 

I’ropertyBond* ....(17M 382.01 .. . | 

Hambro Life Assurance Limited V 
‘ Old Park Lane. London. fY 1 
Fixed Ibl U*n_, 

Equity _ 

Propem-. “ 

Managed Cap._L™ 

5**ra»d Are. 

UiltEdced - 

Amenran Are... 


" Norwich Union Insurance Group 

__ B*ei 4. Xom-irli NH 1 3NG. unto 12200 

Hanuccil i-unrt 

J nmi>- Kund 

011X3711/7 ITo[*r»y Fund . 
i (-ikollnt Kami 

I+po*U Fund .. . 

Noe l.'nil Jum- 15 

. .12117 
(342 8 
,128 0 
1151 J 

159 j: 

+ 0.1 
+0 7| 
+ 0.1 

+ L5I ~ 

.jSS atSiMs-s-w-". 








AMEV Money FU_ U4S 


ptentfao p?.9 

AiTow life Assurance 

'38, UttcMseRnad, W 1R • 
SeUkIkFd.Cp.UaL . 182. 9 
SeLMlcfUsCl! nt_ Hi 8 
MlMrS Pd.KQ._ 320 1 

■Barclays Life Ass or. Co. Ltd. 

. aSHtanferd Rd, E.7. 
garcleybonfh*., pas ^ 

Pen. Prop. Art.” 

. Pen. Man cap _... 

Pen. Man Are. _ 



Pen. DjS. Are. 

Pen, D.AJ-". Cop. __ 

Pen. DAF Arc 

Hearts of Oak Benefit Society 










. 182.4 






107 J 






















01-748 Blit Place. IVCUfnSM 01^7 r«S ,iM - 

4-T,. Kmij Wjlliam Si.. RC1P4HR 0IO38BB76 

WcnkhAs*. [113 5 114.61 ..|- 

F.b r. Ph. .vw. . .. | 77.7 1 I — 

Ebr.PhKuR. 175.1 J*.9| .. | - 

Prop. Equity & Ufe Ass. Co.V 
119. Crawford Street, will SAS. 01-4881/687 

[<- SRk Crup. Bd . . I 1808 

FlexSfiwy iiiC7. .[ Mi 

Property Growth A shut. Co. Lld.V 
1 House. Croj (tea, UUMLU OI^BOMm 
Property Fuiid . 

Property hSind i A... 

A+nniliural Fund. 

Aerie. Fund i A, 

Annoy Nut. Fund 
Mibey N'M. Kd. f.Al 
•nuunort Fund. 

136 4 385J | - 

BUI Samuel Life Assur. Ud.T 
■\ L '^ t *t ■ Adducombe Rd, Crey. OJ -686 4355 
9™n*rt> L'nlA _ .11529 16A6| 

-'«eri«i A . feafl 9 

GUtUtfonAcc, | 
Do.i5Si___ tej 


1153 -0.4) 
13321 +0.7 


mo a 


• ^Current unit value Jane i'9. 
Beehive. Life Ass nr. Co. Ltd.f 

Mnnneed Series r 
Money (.'nil* 


MmiiWMA. .-I [972 

&s e 4l nt ' s *S'?- nc 

Pns Managed Cap.. 1407 
Pns. Manured Are. . 148 3 
Win. G'tced Cap _ , 1051 
Pn* U^eed. Aec_ . U08 
S!u r . 1 ' - *^uiiyiaf)_ 977 
P01111 Equilv ,\rc... 980 

Piw t- MllnUCap . h .7 

Poi Frd JnLAcc.... 950 
Pens. Prop. Cap w"! 
Pen* Prep. Ace. _ 95.4 

irt-H-OAl — 
MS4-0 3) 

1 —0.4 

1023 . 

97J +0.S _ 



Fquily Kund_ 

Kqoily Fund I A... . 

Mimey Fund 

Money Fund ■ A> .... 
VcLuarlal Ftanrt. . 

1 .1 It-edced Fund _ 
■.ill-Edtfed FcLiAt . 
ORrilra Annuity.. 

41 mined. .Ann Ty- ■- 
























Prm. CJrewUi Pmalanc 8 Annul Hr* IM 

All Wiher Ac. Uls.1128.9 USil .. . I 
~ 9 Ml WnulherCap. .11220 SS .... ~ 

91 nv FfLUU 

•■rrjUwFil. Uls. .. 

'om.Pera. Kd 

' »»- Pus. cap. m 
Man. Pens Ed. _. 
ilan. Pen". Cop. I'L 
Pnip Tens. Fd ... 
Mub Soc. Pm UL 
BldK .‘Uie.Cap. ut- 




71. bombard SL, EQ_ 
BHc Horae Juno 1 

I - 

128.75 ] 

Canada life Assurance Co. 

24. High St, PntterB Bar. Herts. P.Bar 51122 
BHS-<ahJ4Jun«aLl 683 I | _ 

B^nUFeri- June8.| Ilo j ." . j __ 

0US231288 ,mpcrial Ufe Ass. Co. af Canada Provincial Life Assurance Co. Ltd. 

i” -- ' Blrhop^atc. E C2. 01-2478538 

Iripcnnl J ioiiw, i^uddford. — 

u . _ Unit Linked portfolio 

^awi-g? iSf 

■tii -. 

Cannon Asaarance Ltd.V 

'i'^! H ^ c .^F- lWe ^ , “ e S , tlA80NB 01-902 BR7B Iris h L* 1 * Assurance CO. Ltd. 

[£17 06 

-jVnite, — 00.02 
. jSoiHUExec.. 0144 
Prop, Bond/Exec _ 0319 

Equity Aetmm. 176 


=?g! 7 

— , 97.4 
- 963 

ISq. PwosJArc" m 

SndFlp.PemfAce. .. 107 J 
2nd HecL Peas/ Accj993 

-0.QU — 

o to _ 







2nd DepTen».\r<rf9R2 1039) 

2nd GUtPBra/AccJw.6 . 

L&ESXF — ; ._Sn no? 

X.&ESLEV2 \nii ■ 

. . Curreot value Jane li. 

Capital life AssnraoceV 

. Conftuw H<Huo. Chapel Ash Wton 
..XesIimatFcL; — ] lffm 

P«cemalerlii\.Kd . j 102.03 

Ch a yt ta h ou se Magna Gp.V 

2S.Cboqti«rx Sq..U*bnd«o UBS 1NE 

OnhaeSnero- — 138.4 40.4) 

Ontfcae. Monev — 29.4 31J 

.Chrfbse. MAnaged, 38.4 404 

Chittae. Equity S5.5 ' 57.3 

MacnaBhLSoc 12*6 

Uaanalbnased.-, 150.0 

1 1. Eliubniy Square, EC2. 

Blue Clip. June 16 .1733 
Macacod Fund - .. pgst 
Prop.Mod.June 1- 11771 
Prop. Mod. OUl _.... JI 93.1 

King & Shaxsou Ltd.' 

52. Corn hill, EC3 

Bond Fd. EzcmpL _ (10365 U5.63H>JS( — 
Next denline due June SI. 

rT'.v. Mnnnred Fd.. 

Wu-.- Cash Fd . 

Gilt Fund 20, 

Properly Fund 

Equily hlind 

INri InL Fund. 

Prudential Pensions Limited# 
HclhurnBars.EClN2NTI. 0I-40S82Z2 

>67 25. 

1.79 U. 1 













Cash Initial (95.4 

Do.Aceno 17.0 

Equity Initial 119.7 

060228511 UpAccnm. 12L9 

I Fixed Initial 1163 

1 1 “ po. Accum. [118.4 

lull. IniUaL 

Do. Accum. 


_ 99 J 

Managed Initial — 117J 

52181 tu>. Accnm. 119.6 

Property- Initial 90.9 

Do. Accum. 100.7 

Exempt CaahlntL- 96.0 

Do. Accum. 97 J 

ExemjK EJqty. lniL. 118.5 

City of Westminster Assur. Co. Ltd. 'idt 

RiiptAad Hoase. 0 nhliehana Road. Do. Accum. RfSJ 

01-6849086. Exempt Mngd. Jnit 1166 

Do. Accum 11A2 

Exempt Prop. Init . 96.0 

Do. Accum. 97J 

Croydon CR02JA- 

SaedEnud Q73J 

p Flnwf— __p7 J 
I Fund — 


fatJk fronts 
. -Rena. Mnqu. Cap. -..11163 
TWlBcssl A 6c. . ._ JI2B.6 
JltmlbHy Cip.„ M66 
-Pcoa, Money Acc. ._ Uo 3 
'pp1rt.gl7nltytaq11.B6a • 
Tons, gqtttt? to e. ...[562 

I to new inranMut. 
20U { 

01-KSB253 Equil Fd. 

■" 440 Kid InL May 17 |£ 

— Pron F May 17 JE 

."-1 — ' Reliance Mutual 

Tunhridre WeUx. Kent. 0B8SS2271 

01-0235433 n cLrTop.Bdx 1 1983 | 4 — 

Rothschild Asset Management 
-St. Su'i thins Lane, London. EC*. 01-0384356 

N.C. Prop. Mar. 81,1 
Next Sul 

Royal Insurance Group 
New Hall Plare. UrerpooL 051 2274432 

Royal shield Kd._. .[134.1 14U( 4 _ 

* Prosper Group* 

*■ ,:i -5k Helen's. Lndn, BC3P 3EP. 01,954 0M0 

_ west dealing date June 29. 
G01t.Sec.Bd. [119.62 MM!! ( - 

i J m g h a m Life Assurance Co. Ltd. 

LanghamHs.BolmteookDr.NW4. 01-2035211 
Langhmn -A 1 Plan-WJji 67JJ ,._.J — 

TProp. Bond fiStl 148^ ..,.1 _ 

Wisp (SP) Man Fd |705 826) ..-..[ — 

Legal & General (Unit Assur.) Ltd. 

Kingswood Hons 
Surrey KT208EU. 

.□M3 ULW 4 - 

ub. Day Jane 30 


122J -oa) — 

124.7 _ 

1043 -L4] 
104C -L3) 

12S.1 , 

1042 \ 

106 J +0 jJ 

Legal & General (I?nH Pratioml ~ 




— 11. Queen Victona SL.EC4N4TP 


Bal Inv. KU _ 

r^!, F ^z:z 

Deposit Fdt 

Comp PonskFcLt. ! 







Prop.rVrnsJM.* 1 

Gilt Pens. Fd. ; 

DepOK-Pens-Fdt . 

Prices on June & 
TWeefcJy deallaga. 

Schroder life Group If 
Enterprise House. Portsmouth. 

Equil} Juno 13 2272 

Equity:! June I3„, 2195 23IJ| 

Equity 3June0 1198 

Fixed lrt.Junel3, 1373 
Fixcd!nL3 June 13 147J 
Irn. in' June 13 1311 


Abbey Unit Tst, Mftrs. LW. (at Carfmore Fund Managers (f iaHg) Ferpeluai Unit Trust .Mngml.Y lal 

e-un I.. .-I,— ^ ■>.• -etfSOfl - ht.SUIF'A'J-'^-'^ftiir. wi-atl.l.MI 4*lllartK*.lleiil«r.n rvumw. OIWqMCB 

378i-I-a4| 012 l+i>«liw|i,pi:ii..-!. [399 42^..} 341 

- Mt.i.aiehuu-.rtt Hi l„ At Ici.iiur,- 

Ahhey I lipitn) .. TO. 6 34 

Abl*'> Iiilihdc «92 41 

Ablw-v Im.Tii I'd-. 136.4 38 

AMws'iial.Tit . - .[454 

Allied Hambro GronpV (aHgi • 

llantbri) line.. 1 iuitnu. B ret it u. r» m. 

Ol-Sta S85l w Brent >1 uou ciCTij -,'11450 
lUtanml mads 

Allied Id... |M6 70 21 +03| 

Rnl.lmh Fund. . 623 - 6664 +03. 

lirth. A Ini .. . 165 39 0+0.4 

Elrrl L- lad. Dm-. 13 2 35 5 +0? 

Allirdi , apnal_ n« 76 4 +0?] 

HambraFund ... 1090 lllju +0J 
Hambro ,\tv. Fd. ..„ Ui.7 127.0) +oS) 

tarmac Funds 
tllsli YhiIiIIAI . . , 

1 llell Im-amr _. . , (M 7 
A.iLEq inc 
InbraMlanal Vtuub 
Inlemaliunal . . 

Pacific Fund . .. 

Sock Of America. . 

ttpretallM Fuads 

S mailer Co '» Kd , 

’JhdSmli' iVst'd . 

Kocuvery sue 
Mel Mm.ACdty. . 

Iv rrscaa tjjrning; 





.r» American T-J 
HritlrttTrtt.V* ■ 

1 vnnmodity r ;' - 
F.\!r* income T -.i . 
Iliclilncofin-n -t 
•iHOtiinru™ •- 

tnrt Exempt r*i - 

t.-.lmLTjMA.- • 

30 5 
55 8 
157 8 

SB 7 
11 W 
1 06 6 

. 6001 

-69 G.df -0 I 



-or an 



.77F -0 
1* 88 -0U5| 
■Ufc -npf 
37 sl +nq 

2 71 Piccadilly l ; nit T. Mgrs- LuL*» laHht 
w wdH'tu I !«■.. ’Am L.ii.Iiib Wall ECU 830 080 1 

J® Kvlm Iju'My 

3 ZJ 

Small t 

Kd ., . 


apiul Kiiwl _.(424 

Gibbs (Antony 1 Uoil Tst. Mgs. Ltd. 

It'd 1781 

W-. ,M7 
11- . . 38.9 

ExpL btnlr. LVs....4(2ia7 

23.BI«nt*eid M . f* -M 7;.i, 
id.AJUnfomf* 4421... 

434 lJlA .i:.rjunihn nt 4 i 4 m .... > 

512 «aiA.U.FarEnsl* |231 ?<n .. 

453 Dcalina ‘lues. TlWod. 

Covett tjohnrtf 
97. isMHtan wall. E > ‘ ? 

Sh/dr. June (•• 1 140 

Po. Accum. t ci. lias 

Mil ilcalnu >!■>• June On 
Gricveoon Manawmeai Uo. lad. 

flit fjn< A W 
6<>um!(r Fund 
Trehno|ou> Fund., 



.Mnencuu i-ltnd ,.[24 9 

t*l reset! F-*rfcu*i Fd 

M0i — 
45 . • I 

473d -0? 
6J« -0.1 
582 -0 
203J -0 
36 7*4 - - 










6 97 

4 80 Practical Ini-nt. Co. Ltd.f tyjtci 

OJO 44.Ulponu.bu1j ,-t.W 1 -f A ait V 01-6230803 

Practical June 14 . [151 B JWO) _. . I 4 21 
Accum. I ; nit . ,|ZU6 226 7| .... [ 4 21 




595 , 


Hamn^un i 1 " 1 *' ,4! 

i.lrrum.Unhs . 1 

hlne-H YdJurcl.. 

1 Xt-cum. UnlL-'- 
Endexi-'June U - 


t.r nr Visit June l« 

Anderson Unit Trust Managers Ltd. Lo&Bnia.J'n'c n 
138 Fettebun-li St. EX3MCA-\ US3RCU ' Um, L‘ 

Andcraun U.T. [48.8 

0 ^^^^^ProrincialLife Iny.Co. LULV 
3 177 J| . L y 19J 3S. Biihopcsale. L' ■ 1*. u> LU7 

‘ m: 

Pro] Hid' mix 1850 

Kitflilnn-nir .. JllLO 




7 42 

+0 1 
+0 3) 







SBtireahamSi B.W-Jl'-" 
1205 0 


]204 1 
197 7 
101 ! 

70 4 
73 5 


Auabacber Unit MgtnL Co. Ltd. 

1 Noble 5t . EC3Y 7J.A 01-6230378. 

Inc. BlonUiljr Fund. [165.0 173 0)... ( 890 

Arbuthnot Securities Ltd. taHct 

37. Quren St London El ‘4R 1BV OI 23C3C8I 
F.xtra Income Fd 
lllqh Inc. Fund.. 

W Accum. UniUi, ... 

iBV* Wdrvri.Uta.j551 
Preiorene* Fund. 

1 Acmm. ITnlhi ,.. 
r apttal Fund 

Commodity Fui 
(Accum. Unltai 

Giaaia Hind. 

Acrnm. UniL-vi . . 

•trowtli Fund [352 

Mcnim Ptilfx 
Smaller co’n Fd 

e: Auti4433 PruiU- ParUoIio Mngrv Ltd.f OMbKCi 

c.SJ Holbom Ban, F.L*! S +Nt [ ul-Pi5K£2 

4 53 mnfcntial [1255 133 OJ +1 D( 4.46 

7 as Q oilier Management Co. LliLf 

1 JJ TlieStk Eu-liancc.Ei'-'StHP 01-0004177 

i2i Quodrnm i«-n K. 1, 1107 0 U04( J 461 

2 80 vuadrani Income... [126 2 1302 

*392 Reliance Unit Mjjrs. Ltd.f 

. . .. . - - . “ 089222271 

I 44« GnardlaB R®>al K*. 1. uit Mgrs. LtdL oppwmnity- Fd .1666 7121 J 528 

r „ r , . Huyal ExL-hanSc F.'-'.il .i| 4Uiff.ilt SrkfoirteT i.te 1. |42 0 44 91-82] 5.72 

laCjiiuonibillTrt . [89 9 93 1J -0 J| 4J2 SeUurdeT.ini:. — (40.9 43.7) -02] 5.72 

Henderson Administrationf (aKcKgf Ridgefield Management Ltd. 

Premier UT Artnun.L KjiIciJI: Rio.I. U-Jiton. 3040. Eonnvdy St. 8in> hcaJtr >1012368621 
0277 217238 Hidurlield Inf IT I10L0 107 M ... I *62 

N. Amor. 8(Int F'd 


112 9 









• 273 

37 7 

4ft J 









17 4 







-0 3 













91 In 







12 27 

2 96 
1 W 


I K. Find* 

Cap Grrartlllnc (47 7 
Cap Ilrmofh .An- |43 3 
Income & Aaaris 132.7 

lUxh law* . 

High Income 159 8 
Cabot Extra Ilrt — |56 2 
Strlir JKiudff 
FiraudBl J. ITU._,|24 a 
Oil* Nat. Res — P7 4 

Cnliol - 86* 

InfrmaliWtaJ . [332 

Wrld Wide June *4 |75 a 

Ovptmu nuxM 

AuAtrjJm — 

European— w— 

Far uat — 

North Amor 

N Am.GrsaJuDM 

. . IIOLO 107 Ori , 

Ridcctwld 1 newne |95 0 99DM4 j 10.49 

|H Rothschild Asset Management (g> 

616 73JW. Gatehouse Rd . Arleaburv. tKOSKMI 
V. Equity Fund .[1682 
8 82 S.U. Eorjt KeoTnL 1126 
8 54 N'.t ‘.Inrtme Fuad 146 8 
N.C. Jail. Fit -Inc 1 93 2 
VIMniUM 1 Ac- I 93 2 
N.C. Simllr Cn>» Fd 154 0 

4S5) +D 11 
46 -0? 

34 8) -flj| 

S4J«1 -.jj 

'292! -Ojj 

Rothschild & Lowndes Mgml. lat 

35 3 -07 133 -<l-Suilhir4Laiw.Lrin.LV4. 0I-fi26«5<5 

U 9( +0 b| 4 55 NewCl Exempt-. IU22Q 129 0) ...| 361 
JTire on — Aec dealing — 

1-2| Rowan Unit Trust MngL LULfta! 

3 46 Citj-Cale Hac, Finshun.- Sq . EC2. U14U0JO6d 





-0 4 



-0 l 






—0 3 


133 lift 



-0 31 
-0 7! 







iciDollwTriuf — 
tbi Capital TVnri. 

Intel. f faHg> 

IS. ulinrfopher Street F.< 
Inlet. Inv. Fund , 187 5 

'317. High Holbom. Wt'l V7.ML 0I«3I6233. 43 Brech St_ EC2FOL'. 

ArehwayFund.. _,|8SS B88n(, | 5 83 .hi BnliahTriu* , [150 2 

Pocca aL June 15. sun day June it imlnllTnid 1 

Barclays Unicorn Ltd. laMglficl 
Unlearn Ha 262 HomfordKd E7. 0! 554 

Unicom Ammo, 35.2 

Do. An at Acl- 726 

Do. Aim. Inc. 572 

Do. Capitol 666 

Do. Exempt Tsf 1885 

. ExfrnTnrome , 28 l 

Do. Financial 199 

Do. POO 730 

Do. General HI 

Do. Growth Are .... 40.9 

Uo. Income Tst MS 

ZN7.Prf.JVnft.Tal, 1X72 
Prices sL Hay 30 

Do. Recovcrv., ..(42 6 

Do .Truslre Funri ^ 1 1131 
Do. Wldwidu TruatplA 

BtsfJiLFdJjic. U2 7 

Do. Accum 171.7 


160 7c! 


30 3 


-0 3 

BO 5 


-1 1 







76 5 

28 41 

+0 .-I 

S3 2 


-0 I 




12E American J unc l.i, 
221 Secuntiei June 13.' 
125 Hich YW. June la. 

. a < Accum. UniM' 

lal Merlin Jur^ |4 , .. 

ni-C3Ifl011 1 Accum. L'mlst 


3 76 

J-fg Royal Tst. Can. Fd. Mgrs. Ltd. 

287 54. Jermvn Street. R.WI. UI-&98252 

4 69 Capital Frt . , 169.6 73 a.. . I 355 

4 70 Income Fd .. ..[71 9 75«.,j 7.43 

7 73 Prices at May 15. next dealing June 30. 

a. 02 Save & Prosper Group 

4. Great SJ. Helens London EC3P SEP 
... 08-73 Queen Si. Edinburgh Eli: *NX 

Dealing to: 01-554 8800 or (Cl 236 7351 

94J] -0 3) 6.25 

6.11 *f.^ a , Rprs lahgt lBlmMymil] ftadE 

Save. Ac Prosper Securities LiiLf 

423 25. MiikSLECSV fUE 
688 Key EncrlO liLfd.,178 2 
5.02 Key Equity *uen- IMS 


5 AS 
S 05 

•Key Exempt Fd 153 0 
Key Income Fund 78* 
Kcv Fixed InL Fy... 60 6 
Key Small Co's Fd . 9t, j 

72 8 




fc?5EL— .... 

J-g Gaiv. Growth 

8 25 Itcrmlnc la reave Fund 

1L97 Hich -Yield [52.9 

3.D7 High I n co m e Fund* 

56 8) +02) 732 

During Brothers it Co. Ltd.f (alixt diimiSSlm .^ liUn 
88, Leadenhall SL.ELCJ. 01-5882830 •K-B.UmtraAc... 1060 

KJj. Fd.Un-.T8U . .[552 

Kleinwort Beusoo Unit Mmnageraf HighRuurn 1664 - 71^ -a ij 

20. FVnrharrfa S> ■ E.'’3 nl-R+innoa lnronle |42J 454|+0.1| 



Stratt on TSL J,E 

Do. Accum. 


Next su 

Bishop^ute Progressive Mgmt. Co.* lac inv. Fd. — ~ 

B. BiEbopigate. E.C2. 01-5886C80 

B-guIePr.™ June B-(U05 1923a 

Acc.Uta. +*j one 6L_m5 0 2291 

B’gBtelnC.Jiiiie]3-{U0.1 1*2.7] I 124 

(Accmn.i June 13 |l98.B 21L5| ,,J 124 

Next sub. day 'June 27, “Juiw 20. 

<27 L & C Unit Trust Management LULf 



The Stock Echancc. Ei’z.-; 1HT* UI-5B8 3800 u|^" 

LAC Inti 81 Gen Fd . |992 

141 .U +0J 

509 IX Fonda 

5 09 UK Equity ,.[44.0 

4.47 Ovnun Fnndaw 

— o 


47J]40.4| 421 

761 Knur panda 
+- 1Z Commodity 

404 Lawson Secs- Ltd. Via Met Energy 

4?4 ■ 83 George SL Edinburgh EHJUJG. 031^3811 FlMncl “ 
*Raw. Material* 

idlly [76.0 

, .. |706 

iat Secs [73.7 

Bridge Fund MaaagersffaMc) 

Kins William Su EC4R8AR 
Americ a n tGcn-J.. 


Capital Int-.T 

Do. Aoc-t- 


K&SGill June 13_ 142.1 
k&SSv June J3_ 1201 
Mngd. Fix. June 13. 13L7 

„ Money June 13 — [107.1 

03-2489078 Money 3 June lX_.ttl73 

LAGPrjLFd. Jone5(95.9 101-71 — 1 — Deposit Juno 13 [1135 

Ne«t sub. day Job* J. *:* ." Property Juno 13~. 


- Property 3 Jane 13. 1523 

ua . Vl. bS?nLMJdW>13. 120.6 
. 3D-C New Bond SL,Wr.0RQ- OJ -483*38^ »^PnAccB June 13. 13U 

Life Assor. Co. tf Pennsylvania 

, Wl“i 

— LACOPUnJto- 

And cttDvmiy cm 

X5*y.ut Vfestmiuster Aasnr.Soc. Ltd. . 

,rtuetf>diifl (U-aB6MM Lloyds Life Assurance 

Wntf flwittt ire-9 128.41 ,_J __ 30. Clifton St, BCZA-4MX 

Property Ut> its- [543 572? ......( — •' Bit. ath Junefl_._r 1.33450 1 j 

_ ■ | , , . . OpL5 Propulnne 15. 123.7 130.^ 

C o wKiy lal Ihuon Group opLSEqtyjnneis. isaa 137? 

'■SL'BeIen'8. L Uudersholt. ECS. 01-2837300 [S8 

ssssssii:i as ra z . saissiJsaBsii ^ 

Cwtfefleration Life Insurance Co. 

SnOianreryLajw^'WCTA 1HE. Ol-atZfBSZ MoptgMannaer— H-S 

103S| (. '— ‘ MnPnCp.lClQnel3- 880.6 

Uoyds Bfc. Unit T»t. Mngrs- Ltd. ' . Si® 

71, Lombard St, EC3, 0MCE81388 ^JrtJa^lreA, KM 

|98J- M32| 1 7*9 ^y.^ n -Capa.„|95n 

Prop. HOI 

Mon^BLCepwB. 152 
MancyPten. Arc. B . 955 











119.6 .... 







10L( — 


1IU „.. 

1B0A — 

Z Scottish Widows' Group 
— POBoxOOCS.EdtnbvPEbEH16HBU. 031-0550000 
Inv-FTpSerie* L — pft53 Mfljj -+-0.0J 

— Inv.: 


LiV-Owb June 13—197.7 102.91 +01J 

London Iwtam1ltyAG11l.lns.C0.LUL gSuiS’^, 7 — -■ 

18-21 The Farimry- Eeadutf 9BS51 L 

l5il = 

104.91 +D.4| 





ExuSocJiuie7. [U8.7 

ExOtlmr Jqo«7 bsS2 

MgdJPenJnne JS— {266.0 

Solar' Life Assurance limited 

Ffaot d I nt ere st. [343 362J+O.H — ltvi2 Ely Place London &.C3N SIT. 012423805 

The London ft Muncbesler Ass. Gp.f SoJ m- Managed S„gg3 134AJ -u, 

The Lea*. Folkestone, Kent 

Cop. Growth Fund 
•Flex. Exempt Fd. 
•Exempt Prop. Fd 
❖SpClov. T«C Fd 
Flexible Fund. — 

01-0265410 lev. Trust Fund 

— I J — . Property Fund 

”-d Z ; Ml ft G Gronpf 









+3.18 — 
+13 — 
+03 — 

+ 0.8 — 
+04 — 
+L7 — 

+0.! — 

SoUrFxd.InLS._lU5 5 

Sol rj 1 mh S - p93 

SoUr l ntLS, 002.4 

Throe Quart. Tower Hill FX5R SBQ 01038 4588 

■ xiM _ 

Sajar Managed p— 3273 

Solar Proper® p 1126 

SoUrBjntly? 1*12 

Solar FxdJpLP 1153 

Solar Cash P 99.7 

SaUrlntLP 1024 


1700( +051 

121 j 6 -03 — 
3063 — 

UU —03 — 

1343 -ai — 
71 f. j _ 

1MJ +06 ~ 
1212 —03 — 
105.9 — 

ioM^o-7 — 

Credit St Commerce Insurance par*, jwm.***— 

-l#BlB*5BCaftSt..Ll>n«ton w TR5FE. *4)^4397001 Con\-. DarptMiI* [1377 

CftCMagd- Fd. -P22-0 132-0! - -I *” 

"Craws Ufe Assurance Co. Ltd-f 

"CrowntJe Bit- Woking. GU21 17CW 068B2 5033 
’dF«odAoc..B??-? W7Jg 

IFcL lncm — 103-7 
IPS lari. — J0X4 

r TO. Arc- 10L0 

'.Iwm. IOL0 

ird-tott. UL0 

fFd-liv K5 



1063 +13[ 

1062 +Q 424 



303 U 





+ 02 ] 



- 0.8 


Equity Bond** J3J* 

Family TO-8^* JS6^ 

ami !y B1 -06"* 1®5 

ItBond*** — . 107.1 
Intteijialnl. EUmd**.pD4-5 

l u ManabedBd.*** — -D38.J 

Hacoweiy TO Bd.* .|UB 
Amencan Fd. Bd.".&53 
Japan TO Bd.*. — .BM 
Wees on *Juno J4. “J 


Sun Alliance Fund Mangmt Ltd. 

Sun Alliance Home. Horsham 040364141 


Merchant Investors Assurance 
155. High Street Crrudon. 


_ Property 
1209 B}uiLy_ 

Pen*. — 





Equity Pen*-.— — 

Money Market 

Money, Md. PWta. - 

Kd In If _ 

JrtdlaLTO loan- . WjJ 


IntEril TO loan. _ W75 

-Mtoty Fd. AUC »-7 

3bnnrTOlaeoc— - J57 
VosCtn. locm. \ 1003 

-Crown BtL lev/ A’— [159.6 

Crarader Utsaraace Co. Ltd. 

-TinriOa House, TOwecFL, Ol-®®*® 1 

Clh.Trop.Ju«yiC_[703 . 7951 1 — 

Xhdb star Insnr/MIdland Ass. ■ ^ can. 1003 

XT^adnredleSL.EX^. Ol-MM m2 SSSeS- A cSm . U3.7 

>Se«kLCrBlV-|5L8 53 7J+M 520 IWuMwCi|L.UJ 

Equity & Law Lift Ass. Soc. LtcLf NeiExUth Die acc- g.l 

■— *— "Bff-ai ggSHgit 

Deposit Bens. 


Hanued Ptefrt — 


lull. Managed 


W » 




Sob A llia n ce Linked Life Ins. Ltd. 

SunAUancoHcmae, Horsham 090304141 

KqiriJJ Fund. ,D173 123^+0.0 — 

FrtodlnlarertTO- 1043 liOfl -HI — 

Property Fund 1084 1143 — 

Intanm&aun Fd._. 110.6 116-5 -OJ — 

Deposit Fond 963 1SU — 

Managed Fund {109.4 US^+OJ) - 

.Sou Life of Canada (ILK.) Ltd. 
O'-f 889171 2 3. A-Coctapor St, SW1T5BH 01-8805800 

+®J “ M.rfcLf.Orth 1 199.4 

+5-} — I/, Mffn fM I 7_T\ 7 

S z ^ 

— OJ 




- Target Life Assurance C*. Ltd. 

. Taritut Bouse. Calaboose Rd, Aytahmy, 

— Aylesbury ( QSS8) 3081 

NEL Pensions Ltd. 
MUUm Court. DoridnK. Surrey 

p! TO. Ace.. 


AqpMy TO—- — 
nscdtstereiAF — 
3«at Deposit F*L“ - 






50.7 ...... 

Next Sub. Dey May 

Cowl Property «e«M« r 
RoUHCtaDd ‘ ' " 




123. < 














1153 . 








"norertuneitt sacs..- 
'flxw.i lai«P4 t<—— 

-ItutnAnai dnlittcj- 
•fn .61 M 1 tJe*-—.;-— ' 

Lnd..Dir„Vie , «t.-- 
taratWP.V>l«6faHit«i,^ . . 
p.b KmiuintrtJi'TLK-^' 

4 - B6Z j 

1 — ■ i 64.71 

. S.-62 1 

. iojbI 












marked.— — ^ 

-lfr — S.’l*!' 8.*tf 

4,8451 5,165| 
73.9B 1 78.1 

June . 


IT ' 




70 96 













' 16.26 


. 16.61 

' a.23 

- a.-iB 




_ ^25 a f BB - Ci,p - 

— g^ gta- Acc. 

_ GittPesLCsp., 

— Tfd ta tw a ttonal Life Ins. Co.- Ltd. 

< SBreanBIdSft,RC«iNV. 01+036497 

TulJpInwssL Fd. 0412 348.71 | — 

'lullpJUnpd. Fd U2.4 .1183] J — 

Man. Bond Fa — — 1168 m3 — J — 

Man.Pon. Pd. Cap. ■ U93 -125^ 1 — 

Mu. Uhl TO Are.. 0264 m3) ..—I — 

Trident Life Assurance Co. LttLf 
KenrisdoiTuiisc. Cloucrotcr 043030841 

OZU DM .... 

□Oi. 156 ‘ 

naar - uu 
Hb.9 921 -«3j 

p65 1UJ +0-71 

p5S 3472 
ba:t« 1292} 















Equity u.riwter £01 ...; _ I . • ; 239! 15.7451 14.466: 19^a7TlO.M7 

-mwi' G ““ 

. , «%#»**»• ..“ **" \ S.E. ACTIVITY 

v-.-v HiSHS AND tOWS ; — ^ 

I d 

'limer CompiiaCKvi 

ni ijrf. : 


3 ' cad 9 i 49.4 

16B.6 i *.»-*. l T SrasU 4 *^‘* 

n»i kitre*i \ ; Vtaw»®f a ® ,w 

IrutusJrws — 


TWaM,.,— - j 
&+iayAv lagr 
Irilt-Kilgrii-j 17V- 
IndouirUila.- 157-| 
opwauatl**— t SOfl 
Total* s..l 


sii^iriio ; 42| 208-75 
J 2I0 - 9S ' 1 S3 Ml 335.02l235.S7i »!■» 

ism 73: 233.00; Kd**-'’*' . ., -7 

5.45; S-* 1 !- 

6.40 1 





V**-** 1 * : 333.73) 233 

; ' 5 

S»«3hH|ps— ' . a not 8.07! ..., M 

.^5 .u+d *«*** al7 - Dl! “* 

b - 



B mn.Mnf H,r>n hwa 


132-1 .... 

n9.7 .._ 
1393 .... 


112.1 ,, 
119.6 .._ 
UU .... 

38J ... 




[or £100 premium. 

IS. Canynjpy Road, BnsioL om 322+1 

j-wstau.; ■ 


Deposit tamos _ 
CaeMlnff. June 15. 

MiLTOB-WJiate 1_ 


Do. Bowf^...„ 


Vanimigh life Assurance 

4143 UaddogSL.Ld11.WlR SLA. OI-4594A23 

Managed FV1. [145.7 1S.4) +0J 

" lulRTO 2302 2*.a +11 

SlKlttd^ 102.7 . 1083 -0.7] 

Fixed IcteM Fri 165.6 174 

.. 140.4 147. 

t#7Y - -Lti+dJ] 


1M X 








„ llpJ 

. 85.4 


__ A 


Vnbntgh Pewdons Limited 

4M3MarWtaSL.ida.WlR9LA 0149940C3 

IBsseI! 7 " = 

UuaronH^d gee 'las. Base Run*' table. 
Welfare Insurance Co. Ltd-f 
The Lena. Fotbeaum«.Rcn! 030337303 

idoawmai»rTO_| 10X3 ■ l+MI — , 
FW otlwr ftmda. plert* «K« toTfat London A 
Manchester Group. 

Windsor Ufe Assor. Co. Ltd. 

lUighStTretWadriw. . Windsor 68144' 

Ufe Inv. Plans.,,. 


Ret. AnwJ- 

Flex. lav-. 

eotWadsw. Windsor 881f 

afcaf“ 2000 ’ *1 111 3 

Exptnp tf 

InierntL lncr„_ 
ilo. Act f 

[26 6 









. 1460 









*1 Accum. Unilm ■ ■ 
•ClrowthFund, -■ 
*f Accum. Unitit — 

ttCm and WsrranL 

OI-6234951 SAmcricon Fd.. - - 
US S Accum Unib) 





45 3 





67 5 

37 T 




77 B 




•f Accum. Unite*- . 

DeaL *U«l *Tue . nWed. :Thur*. 

l 25 Righ-Mlnimom Fnndu 

bjs Select Internal 1260 5 

2.40 Select Income [529 

Sco tbits Securities Ltd_V 

0 50 Sc dibits — — B95 42. 

0.50 Scot yield M9.7 53 

11.00 Sc olsh ares „ p75 6L 

2.4+0.11 380 
3.4)+0i( 6.97 
M 433 




Fn - Scot Rv \3d.-v>__,|l67.2 175. 

|-4a Legal & General Tyndall Fundf Price® at June M. Next hub. day June 28. 

351 i R Cunynge Rood, u n ■ iol us7=X34i Schlesinger Trust Mugrs. LKL fa)(z) 

,Une SftiS WijB Iwi rail ;;;;.) -- .Inewp^ung Tn dent Trust*! 

Next sub. day July 12 

^ .7 Iiawjimduui; M1UCDL ark 

5 -To 140, South Street. Dorking. 

Leonine Afeuinistntion Ltd. 

3 London Wall BuUdinga, London Wall 

London EC+M SQL 

AMO. 7L6 

Capita] Acc. 5US 

Ctomm ftlnd 56.7 

Cotnmodity TIB 

Domestic 57S 


oCSMOnaww =. Du test, Loudon H!W6jr 

For East..., 


_ 20.9 

Financial Secs. U4 

Gold A General. 85 3 

Growth 79.6 

Inc. & Growth 730. 

InlT Growth 624 

lnvestToLSharte* _ W9.4 
Minerals »> 

lew tan*. 


North American 3U 

ProteasionaL, HAJ 

property Shares — 1X4 

Shield CJ 

5Uto» Change pL2 

77.01 +03] 


55 T 

- 225] 





















+0 3] 

Am. Exempt 

_ .\m. Growth 

»'+■*« i5SSSBS. h ffl.;. 

4JXt Leo Accum litio as.9| +u.q 4 56 

939 Lloyds Bfc Unit Tsl. Mngrs. LULf (ai inc uifttwdrwl — 

i BBaatar*^ »»ia^aH 

532 lomDisl [TO l 

Leo Aixum.-. [826 


First IRalncd-U. — pOO 
. (68 E 

112 1 

■» Morimt Leaders — 

J# -Nil Yield' 

4.46 ProLfcGiliTruiit,. 

IS fiaattisczL 

609 u.k. Grth. AccumJZlA 

Omv Energy — [324 

The British Life Office LtdLf lal 
Reliance Boo., Tnnbridite Wel Is. Kl. OHB 2ZCT1 

BL British Life 1495 52« ..„.J 5.65 

8L Balanced* WJ 5801 .....J 554 

BL Dioidend* |4U 45.U ] 9.86 

•Prii-e* June 14. Next daoliag June 2L 

937 ^ 

3 JX Do.tAceum.l_ 

4A9 Second rCap.1 
333 Po i Accum. i 

4J» Third Gncomei 

7.00 Do. 'Accum) 

234 Fourth iExInr.1^... 

332 Do.lAueurnj 

i-g U®yd-s Ufe Unit Tot. Mngw. Ltd. 

'is 72-80. Gatehouse Rd.. Ay I «rs bu rj- 02M5O11 ffSfSi.-, ““ 1251 

281 Equity Accum. ,-.[1572 1655) | 4 OS income jimMST!!'! 104 4 

5^ M ft G Groapf (yNcX» cS253l5l?i€=: mV 

4.41 TVec Quays. Tow J90L BC3R £BQ. 01826 4568 (Accum. Units) JIM 0 


237 -o.a 
305 -0.4f 

268ol +00] 

4226 +0.1] 
320xw . 

54 0 -0.7 
277.7b -0 b 
31.13 +oi 
300 -o.a 

243a -10 
28.1 . 


232o +00 















See also Stock Exchange Dealings. Europe June 15 
Amencan — ISLB 552| -O.fl 165 f Accum. Units). 

Brawn Shipley ft Co. LttLf 
rUngrgi Founders Ct- ECS 

BS Units June 5 (214.9 

Do. (Acc.) Junes — ^75 
Oceanic Trato lal tgi 

FlmmriBl MJ 

General [187 

Growth Arcum 

Growth Income 











60im .... 




Perfor m an ce 


ExmpL June 12 

Canada life Unit Tst. Mngn. Ltd-f 
30 High St. Putter" Bar. Herts. P. Bar 51 1-22 

Can. Gen Disc. (384 483+021 432 

Do. Gen. Accum. — (466 *90] +0, 

Do.2nc.Dist 33 J 35J +0 

Do. Inc. Accum. (43 6 45.9| +0., 

Capel (James) MngL LttLf 
100 CHd Brood St, BC2N 1 BQ 
Capital (85 0 40J 

(Accum. Unib.1 g 8 

Australasian -.550 
(Accum. UntL'i. —.56.0 

Commodity . 770 

(Areum. Uiubii . -829 
Compound Grow Ih 107.0 
Conversion Growth 630 
Conversion In.- . . 63.9 

Dividend — - 1164 

(Accum. Unit*. - 220.7 

Ot-OOOBSaO European, 493 

23LQf _.,J 4.72 (Accum. L'nilsi 498 

20781 — 4 4.72 Extra Yield 84.4 

(Accum. I'mlftl 1128 

36.91 4J4 Far Eastern -.. 56.4 

192 +0 J '• 3 w (Accum Umui 6L9 

48.4 +0J 442 Fund of Inv. T«ts .R3 

3*5 +0J 82.*A4rt>naDmlf 

52.2 • lolLb 

22 .4 3^85 'Accum. Uaii.ii. 257 J 

26 9 +82 435 IbrihJncum,. 

212a -0.1 337 ywcumviniw. — 

- 439 Japan Incum<- .. — . 

(Accum Unity 
Magnum -■ 
(Arcum. Units 
Midland. . . 

■ Accum UruG 


lAcrum. I'ni’j. — 
Second Her. . ... 

■ ACi'UIii. L’ltiL'* 
Special ... 
(Accum Cm:»> 
Special i»«l Fund. 

. TrusJcc 

.. J 436 tAcemn. Unilsi. 

In ^ ne ;■ . ®*2| . -1 7.25 Channond Jutk- in. 

Prices on June 7. Nest dealing June si. ChanM. Junv 13 ... 

r Ac cum Unur> 
PtensJlx. June l— 





.. 2814 





Cariiol Unit FtL Mgrs- LttLf hmcI 

562 — O.E 
586 +04 
59 +0.4 

82 0 +02 
88 3 +0 2 
115.0 -Oj 

68.4 -0.4 
608 -02 

1251b -OJ 
237.2 —13 

52.4 —0.2 
53.0 -0 2 

89.9 -0 4 
1203 -0.7 

603 +0.9 

65.9 +1.0 
67.0a +03 

BL9 +DJ 
1024 -0B 
2742 -13 
107 In -0.5 
1802 -03 
1635a +84 
165X +05 
223 1 -04 
278J -05 
1810 -03 
294.7 +05 
872 —03 
882 -03 
120.4a -03 
27051 -0.4 
1723 -03 
Z16.9| -0J 

153 71-O.Sj 
296M -1.7] 

6£» U.K. Grtb. Din. — 

8 00 

840 J. Henry Schroder Wagg ft Co. Ltd.f 




1 7b 

•Pen*CbarFdAp2S lbao 
■Spec E> June 7., 2433 
•JRecmeryJuueT... 1*45 





,. H 




2S0. 6 



. .. 

For tax exempt funds only 


Arbuthnot Securities, t(',L) Limited 
I'" Box 384. M. Ilelicr OKMTJITT 

<.ap.T.-J.'.ler.-+>, I115fl 119 (Ml ...,.| 4.20 
N'evt JcjIiii,- . [alt- June SO 

V'a>l&Jnin si K'h J118 0 125.0| j 3 00 

Next -uS June sl" 

AastraJian Selection Fund NY 
Mortal irp(Kirtuniii<+, ■ .> i r)4 n Young & 
ikithd’-ulc. 177, Kent Si . stdirv. 

L SSI Shares j U M54 |*001J — . 

Net -Asset \ jiuu June 15 

KiirinnM 1 li. F 

iiwniwt ire 


SlCncl Hcrmulj.. 

Bank of America International SA 30. Kenchureh Kr , FCt 

JS Boulevard Roijl. Lu-.i-nihuunf G.U. 

HldilHext fm-ninr K1 -Ulftt 1UW+08JJ 645 Cwrtix'y Tr, 

(Tires ai June IV ;aiK (toy June 21 }~ FU?-i 

Bnk. of Lndn. ft S. America Lid. KJilmi Fund . 

4C-C0. Queen \ leli.n:. Si . F*. 4. 018MKT113 J5,; V'S" /JjP 1 , 

.Alexander Fiimi . IS* .--1 12 _ (.....( — 1,1 

Nv( Xwl lahn- June J4- 

Banque Bruxcl lex i^unbert 
2. Rue lie Hi h.-^.-in - I: J(^i Rrwuela 
KcnUiFundlF ..[1.855 1.912J ■■ -I 7 86 

Barclays Unicorn InL (CL Is.t LttL 

I.t'harinKl'nro.St. Mvlivr.Jr-®.' OTi34 73T41 
Overseas incume . MS 7 5JJ1 +0 31 11*5 

L'mdollarTrtw . U: %UH I 4 20* 

L'nibond Trust _ bi 300 19 10034 . 1 8.00 
■Suhjcil la lev and mihliddlni! Uin 

Barclays Unicorn lnt. 1 1. 0. 31 an) Ltd. 

1 Tbomss Sl. Douclii. I M. te2l4W)G 

King ft- Sbaxson .Mgrs. 

1 Chari nc I -ru-, M llelier Jer«ev.il014i73T4I 
Valley llec. St IVivr fort. lira%i .iHBli "471*1 
l ThomariSIn-el. I V.u' ll-M .lXC4.-tffffi 

mil KundiJir-ev. [9 27 9 301 [12 00 

'•'ll Tni-f ,| n H • 1032 105 Bid ... 12 25 

■ Sill l-h.l i.uvrn->}|4 43 4 49| J 12*0 

■ nil. font, -irtv Tm. 

Kir-JSierlini: . 113 32 1356; .. | — 

Hr >1 lull 110434 185 891.... I — 

Kleinwort Benson Limited 


63 3 673 

V. SUSS ” 

51 Si: 71 


5t Sll 96 


lflbO 1960 


lun |ta>inc dhvnLt o 

4 17 
4 17 
0 75 

Lloyds Bk. ic.l.i U/T .Algrs. 

I* 11 Bus Ik".. St. J teller. Jersev CU34 27501 

iJnydsTM O seas. |58.4 ' 6L4| . ...( 124 dealing date June 17. 

Lloyds International Mgmnt. S-V 

7 Rue du Rhunc. Bu\ ITU 121 1 Geneva II 

LUViiiiut.iiroHt.A.i-"-t3ea asna ( i» 

UojdsluLlm-.. .(s-3Sl» JL'H|....J 630 

Unicom Anrt.ExL 
no.Grtr. P-ocifls ... 
Do. lull. IncDme . 
Do. I rf Man Tift... 
Do Mona Mutual.. 

150 M ft G Group 

1.60 Thr^-e WUJ.-. Tuikar Mill &3R DW UI433i 4583 

AlInnlL June IJ Til -J15 3 L2I . .. | — 

.Uiil L'.JunrM sr>22fi 2 5$) [ — 

l ..'lit Eli Jui.c 14 . H Ob IDJCi . — 

bland 1276 135 a -Oil 93.. 

i Accum I'iuLu 1503 1919) -0 bj 53 ■ 

Samuel Montagu Ldn. Agts. 


fit . , 

[390 42.81 — 890 

>59 99/3-0.4 840 

1263 arf .. . 1 1.40 

Bisbopsgale Commodity Ser. LttL 

P.O, Bov 42. Ilnucliift. 1 •> M oeS+SSSll 

ARlLAf -May 3 .. .. KlTfl? B 2tM I - 

C.ANRH(.»— Junei. [Q 155 12Z9 .... [ — 

COUNT* -June i ,.|£2J12 266W . . 1 1.97 

Dricinally issued a' -Slu and **C1.UU. 

Bridge 1 Management Ltd. 

m £o\ 508. Grand l'.\>mun. Cayman U. 
ri-boohl Junes I AT5338 | ... J — 

t: P.O Bov 500. Ilirnr hnn- 

NippunFd Junrl4 Ki fUri 1730 4 0.70 

Kv-SlDt-k Split. 

Britannia TaL Mngxnt. tCI) Ltd. 

3U Bath be. St . Ilelicr. J«- vj. 0534 741 M 

Sterling Urnoarinaied l-d*. 

Crnwth Invert . ..[33 D 

lntnLFd. ..BO 2 

Jersey Ener g»- Trt . . [136 6 
UiuvyJ.STrt.M4. |a:i 

HighlnLSUcTrJ . KD 970 

I'.A Dolkr Denamiiuiinl td>. 

Ununl.STsl. |W.sS2l J4J1 .... I — 

lnLHighlm. Trt. |VNHri lSlj+OOl) 9 0 

Value June 18. Vest dealing June IB. 

Brown Sbipley Tst. Co. Uerseyi Lid. 

P.O. Bm 503. SL Metier. Jersev. OSM 74777. tnicr-Dodor Fund 1S2J7 
Sterlinx Bond Fd. |Q0 15 18591 .... J U34 

Butterfield Management Co. LttL 

P.O. Rox IBS. Hamilton, Bermuda. 

Buttress Equity |2J6 2 44j-<LUJ L94 

Buttress Income . fl97 2 m)+0.C^ SOS 

Prices m May ri Next sub. day July 10. 

Capital International SJL 
37 rue -Notre- Dome, tji-.emhourg. 

Capital lnt. Fund .. | St'.sl7 bl ]. J — 

Charterhouse Japhet 
. Paternoster Row, EC4. 

1 14. Old Hr.ijdM-.t'1'Jt 
Apollo Id. Mav 3t . 

J.vnlert June 15 .. 

1 li <irp- Mjv 31. .. 

1 IT Jersev %ljy 17 . 

1 17 Jrofi; May L" . 

.Hurray. Johns tone Hat. Adviser) 041-2213621 

-HopeKI Fd 1 SFS3363 l-LMI — 

-Murray Fund — . SrSll.17 1-0241 — * 
*N.aV M:.j li 

Negit S..A. 

10a Bouleiard Roval. Lunrmhourg 
N.WJuoeB | 5U51060 [ [ — 

Negit Lid. 

Hank uf Bermuda Bld>i* . Vinmilron. Brmvla. 
NAY June 0 .(£533 — ] J — 

Phoenix International 

TO Box 77. SC IV<cr Purl. Cuernrey. 

2561 - - I — 
Properly Gnm-ih Overseas Ltd. 

28 Irish Town, (.ihraliar tijih>6108 

VA Tmllar Fund _ I Sltf3S89 I — • 
Sierlrngfund .) U23 77 j. J — 

Richmond Life Ass. Ltd. 

48 Athol Street. Dm cl i-4. LO.M. 

Emperor Fund nY S2.U 


ixiThe. Silver Trust. 
Hichmond Bond 37 
Do. Platinum Bd . 

no Hold Bd 

01-2483800 Do. EnL 97)02 Bd 


110 7 
,174 8 
106 2 





179.1 -l: 

0624 23814 

-lL^ 10 73 



Rothschild Asset Management (C.I.) . 

P.O.Box 5a. Sl Julians Ct.Uucciwy. 0401 26331 


Clive Investments i Jersey) LttL 


(,'tMnc.Fd. June 1 . 
or.Intl.Fd.r. _ . 
lit". Comnodilv* 
P.O. Box 320. SL Heller. Jersey. 0534 3734L o C Lilr I'omdre r 

CIK-cGiltFd.iC Ll. |10 01 lOJMj | 1100 

Clive Gilt FiLcJqi. 1 19.99 10!^ J 1180 

Corah ill Ins. (Guernsey) lid. 

P.O. Box 157. SL Peter Port. Guernsey 

Intnl.Uan.TO |168.0 183.0] [ — 

Delta Group 

PO. Box 3012. Nar.sau. Bahamas. 

Delta Inv. June 13.. |S1B5 L94(+0J21 — 

Den (sc her Investment-Trust 
PWtfach 2885 Bleberpaasc 8-108000 Frankfurt 

5 63 n i~_Ea.Fr. Mav 30... 155 2 SB 71 2.77 

1559n 751 

143 123 

1556 ..... 3 25 

142.6 452 

|S2S85 Z7.40dj — 

Price on June 14. Next dcalinj: June 30. 

T Prices tin June 7. Next dealing June 22. . 

.CJGq.Fr. Mav 30...1552 

UA Del Inr-dcBoannated Funds 
DirFVdIri-*June6.J9.1B 9.74i 

Internal Gr*i-_ ..17.07 7i 

Fur Eastern** (36 69 42.9 

North Amcncanri .[3.89 421 

Sepro-t [1403 153: 

Surilog-denoniiaaled Fnwb 

0534 20591 'Manuel Capitalq... (234.8 247 

3.72 Scottish Equitable Fnd. Mgrs. LULf 
£72 38 SI AndrewcSq^ Edinburgh 081-5368101 

2-2 Income Uni u _.I502 53.4) I 521 

Z-g Areum. lin.U 57 2 feB.^ 4 521 

DcalinK (U> Wednesday. 

3 40 Sebag Unit Tst. Managers Ltd.f fa) 
2-|? P0 Bax 51 1. Bcttbix'. Hse.. ELC.4. OI-23S50P0 

2a Sebag i Japilol Fd...|33.1 34.71-0.11 

Sebag Income Fd...|30 4 3L8| -0.1] 

|-S Security Selection Lid. 

5JH IMO.Linciiln'* Inn Fields. WC2. - 





HLUnirn Haase. NewnbUe+ipcn-Tyne 

Cffirilo) 1696 72 J 

Do. Accum. Units „(83.4 85 

144 3 

® iSS 

,1342 141 


*1’® Manulife Management LttL 

5.62 UnrtGthTrl Are__!24 1 25.71 .... I 

841 linvt Glh Trt Inr _ . |21 0 22.4 e) . ...J 

1X4 Stewart Unit Tst. Managers Lid. (a) 
} jj +5.Chor)oheSq . Edinburgh. 031-2363271 
3 M TStewan American Fund 

5 70 Standard Units — .167 8 72 4( — | 133 

6 70 Areum I'mLv . - [73 0 

432 Withdrawn! Units (541 
432 *Ste*rarl Brllish Capital Fund 
535 Standard..- ..|133 6 M5 

5 55 Accum. Units J153.1 166 

431 l-ealing tFn -Wed. 

Sua Alliance Fuad Mngt. Ltd. 

LU Sun Allmirr Hsc . Hmluin. (>40364141 

6 46 ExnEqTrt-June I4(£2110 22221 I 434 

10B4 FTno K irnily Fd — -T97-2 103.4 ( . .( 3.47 

7C Target Tst. Mngrs. Ltd.f faXg) 

DeMinpft: USBCSMI 

ill rJ 



5 89 TVl.GrcjJiani Sl. ECU 



pa High YieW__-Jg.7 


Do. Acuim. Units ..{519 54.^ j 

Next dealing dale June 28. 
Charities Official Invest. Fd* 

77 London Wall. EC2N I HB. 1)1-5081815 

IncontoMaylO 11352 — I .... I b.bQ 

Accum. Hay IS..— [256-5 — | .... | 

^Unaatb. Only available to Reg. Charities. 

Charterhouse Japbetf 

I. Paternoster Row. EC4. 

tCJ. lntenuTI Q* 4 26 01.... 1.86 

Accum. Units ZB4 30 4 186 

CJ. Income 33.6 352 823 

CJ. Euro Fin 264 282.._.. 3.93 

Accum. Units 306 326 3 93 

CJ. TO Inv. Tst 276 294 365 

Accum. Units 31.4 336 .. 365 

Pnec June 14. 

T.vrjiet rommoriily. 

TorRM Finunelal. .. 

0436.4110? Target Equity 

543( +0 S 4ja Tnjut June 14— 

qDo. Acc. linils . 

Target GUI Fund _..[U4 8 

p6 1 

287 7 

Kc.iWronw'st'a> Mereoage. 

Growth— ISLB 

833 Mayflower Management Co. Ltd. 

l+VlBGrer.liam.'l . KCUV7AU. 01-5068099 Tarcet Growth 

Income June 7 BW 1120) .... .( 820 Tarjicl InlJ t9_2 

General June 7. . .1705 7*B| . ,.J 5.15 Fro Huinv. Units- |31.9 

Mercury Fuud Managers Ltd. Tmoeclnv. [315 

30. Cm-iiani bl . K'.- P 2EB. 01 

Here >7cr Juin- i- 
Act Ub. June H 
Merc. Inu June i-l 
OI-L'483999 AcculUu June M 

Tote Pr June 14... 

177 b 






70 0 

74 5 


223 D 


266 1 


386 +0.2J 
65.7 -021 
38Bn — 0J| 
1204 -01 
301 +03 
3L4 -0.4( 
343 — 0 4f 















Next dealing June 21. 

Com modify & *lc:i 

Chieftain Trust Managers Lid.ffaiig) •irc-KuT" 1 '!!! Z 
11 New SL EC2M 4TT*. (il-283aBC IJn. Areum. — 

American 6x124.0 25.8) -03) 156 

High Income too 445 +03 936 

I ntc ranli final Trt — lri24.7 266 — 0 3l 315 
Basic Resrre. Tst|z65 28.5) -02) 437 

Merc. Evl Mav 
Areum Uts. Apr J- 
Midland Bank (irsup 
Unit Trust Managers LttLf lal 
riourtwood Hou+-' s«il»«r Street. Head 

337 Marbu-an June 15.. 
6.46 lAceum. UniUi. _ 
6 46 Darb.Ex.-pL Mav h I _ 
236 Ruckrn June 15 . ... 
2 16 1 Accum. Calls . 
B27 •.'OlemaJure IS... . 

827 i.Vtvum L'nlL-i 

5.49 1. umld.Junc 14 — .. 
549 i/icrum.L'nilsi.-..- 
Glen.Jene 13 ....... . 

1 Areum UniLv 
Marlli+n June 13— 

— ,«V.L-.*. M-H23JBSD 

Crescent Unit Tst. Mgrs. Ltd. faKg) SSSSjSTwT .'!«7 83| j 5A8 .'SlS?"'* 

Van'Hylune i.i 

4 ree June 14. 

]o5 5 
37 7 

31 D . 




32 4 
«. 0 


Tel 074279842 

4.71 TgLlYcl. .. [U.7 

4 71 i.'CnTW Li row! h Kd _|39.0 

lie Target TsL Mgrs. I Scotland I (alibi 

4 42 19. Alhol Crescent Edin. 1 03 1 -22S 8621,2 

4 42 Tureel Amor Jvac!d283 30 4( | 12S 

Tarcet Thirtle WOO 43.M +5 J I 5 78 

Extra Income Kd. . |S9 1 63S| +05| 10 05 

Trades L'nion Unit Tst. Managers* 

43.« -0.1, 
3oi| -oi] 

332 .... 

555m +RJ, 
632 +Od 
533a -O.fl 
57.7 -flij 
663 +DJ| 
.703 +03 

. Tun. Wood Street. E.CJL 
f-S TTJUTJune I— _.|S0.X 


554 .vv^un,... 53 4| .... | 530 

3io Transatlantic and Gen. Secs. Co.f 
3 37 Sl-9BNew Lundnn Bd. 

UaplUil .. 

Do. ,+crum. 


Du. Accum. ... 

Internal iuhjI ... 

Ccnle derail on Funds MgL Ltd.f (ai ~ 

30 Chancery Law. WC5A 1HF. DIMUGKC HuVAccuul.I." 

Growth Fund [426 . 445) —..| 431 Equity '. 

— , Do. Accum.* .. , _ . 

Cosmopolitan Fund Managers. -Price* at Ms; .'-ext dealing June 30. 

3a Pont Street. London SWL\ p&l. 01-2358525. Minster Fund Managers Ltd. 

Qn M0p 0ta .eai.TO fl73 19.1J 1 4.78 Minster Hve... Arthur SL.E.C.4. «i ^23 J 050 1 Accum. Umw 

373{ I 557 VanUulhJne 

Exempt May 31 . iwr 94.7] . ...j 5.48 I Accum. Unit- 

IjMWfe gM+Wjgyffc* MLA Unit Trust MgemnL LttL 

Cres. InternaCL DM 6(jt | 075 Old ^uecu Street -* w 0JG. Ol lMTta iAivuo Umi 

^ ^ 1 883 ULA Units 422[ ( 427 WckrJi,nelS 

IS Mnfeal Unit Tra« Managersf raKgi 

15. Copt hall Avc .a- 1 - - r ■ U!+Mi 4fl03 Do. .-Ucudl _ - 

Mutual S+c Plur — |??7 543rt ■ ■ 

ni Mutual Inv. Trt (“+J 72.91-0 

0 1 ^ Mutual Blue vTiyi |437 47.5) -0 

Chelmsford 09*5 51651 

Crus. High. Dial. __ 

Cres. Herorves 

CYe*. Tokyo 


Discretionary Unit Fund Managers 
22, MomUeld SL.EC2M7AL 
Dmc Income [162 S 17334 1 3 2i 






83 4nt 



100 0 




+ 12 


2b0 1 



54 C 






72 7 




















68. B 

74 0 


Mutual Hi sh^o. I 54 - 3 

National and Ccmmercial 

27 Tyndall Managers Ltd.f 
631 38, Canj'n gy Ruud. Bnuol. 
Income June 14 — . 

\reutu. I'mm I 


E. F. Winchester Fond MngL Lid. 

Old Jewry. EC2 01 -0)6 21 S7 31.SL Aorirow-Squ. r^. tuintnirgl 

Great Winchester-. Qfl.a M6I.-.I 624 Income June 13 - 

GLWmch'er OseaspOR 21 j ... .| 450 '"i*"*- — ,^2 SfL, . ... 

Emson & Dudley TsL Mngmnt. LttL Mo 3:. Ill jm 

20i Arlington 5U5.W.L 01-4997551 National Proi meni inu. Mngrs. Ltd.f Prer.Junc 14 — . 

Emson Duetto? ftt- £75 72t( .1 350 48.Craie>.-hur>-h^i-.ELi!P3RH oi^zu+uu 'Arecni.L'nilii 

Eqnltas Secs. Ltd. (a) <g) itaSijliiT? . §5 *sS I 4 ” 

41 Bishopssale. BC2 «! 4H8IH1 N" V**v Tru‘_l • • | J 2. W 

RW+. KM TUI -0J| -.01 ffl.' jly" 

Price* on June U ' c « dealing June 38. 

Son. i.'np June H. 
t Accum. L'nllM— 
Seek, Ipc, June l-i. .. 

Equity ft Law Up. Tr. BLf (aHbXc) . 

AmmitapiRd., High wyewnbe. wm 33377 National WestBt' n ^“nrtai 
’ 1-0,3 4.14 161. rhiMiKidc. OEl . 014 

EtnulyiLiw 166.7 702[+0.2| 

Fnunlinxton Unit Mgt. LttL fa) 

5-7. Ireland Yard. EC4B5DU. 

American ... [516 54 

Capital Tjl 1188 I 26 

Inc mao Tat, M36 110, 

iolciwui to ran 11a 

Da Accum. 1144 12Li 

3 B5 

L'apiul 1 Areum 

Extra lor. 

FiipwiuI..... . • 

■ ; rote'll 1 111. ... 


l'ortfoliolnr M. 
cmveml Friuli 

166 3 

cS 8 
39 4 
55 9 


713M -4-0 2| 

717 +03 
387 +0.ft 


386 +DJ 

732a .. .J 

Capital Growth- 

Do Areum . .. . 
Extra Inc Growth 
Tn Areum. 
Financial Pr'rly.._. 
Dft. Areum. . . . 
Hich Inc. Pn-n-ii>... 







179 0 








, _ 





125 2 















4 03 















31 Z 



4 74 
8 69 

tem 32241 









NEL Trust Managers LttLf (aHg, 

Friends' PravdL Unit Tr. Mgrs-f “i^w w s ' arn * '6471+021 Tk 

PiihamEnd. Dorianc. KW Wee Ncliurliieh Jnv P“ 3 5J.1| +02( 79£ 

i._J«3 4Mrtj +IMJ 425 For Vw C«irt. F , u “. 8 !?.haRtrs Ltd 

Friends Prov. Uu, 
i>D, AJ5CUBL „ 

A -25 nee RothwhiM .V^t KraagemeDt 

421 - 

717 Hich Inc. Pn>mt>... 613 65.9d . J 7.92 

5 06 Inlrrnaiional ™...» 131-9 34^^05] 2JTL 

5.01 Spcviitl SlU - pl Z 313] -^0.1] 4 97 

543 TSB I'nit Trusts ivl 
-23 ^l.Chaitti? Wpy. Andover, Hants. OBWtfilW 
Df*aliriLS in 11264 834'.C-3 

+0.1 3.79 

+0J 379 

+02 735 

+0.2 735 
-0 2 2.B0 
-02 2.80 




■ Mil 1 *! Areum... 

57 2 


■hi TSB Inconii*. 


63 0a 

lb! I>>.Av-t.iiDi.... 




7.4ft Scull l-.Ii _ 


B9 t 

■ mlifi. tlL'Um. 




G.T. Unit Managers LttLf 

IS. Finsbury Circus EC2M TDD 
C.T.Cap. liur—_ B32 

Do. acc. 99.8 

G.T. Irtt TO. UiL .1622 

G.T. Li 5. it Gen K72 

G.T. Japan ft Gen-.. S9.9 
♦CtPeus-Ex-Fd.- 1341 

U.T. tnt'L Fund- 123.8 

G.T. Four YdsTO .. 53.4 

01-828813! T-.O, 

885[ —0-3) 

Norwich Union Jniuraiice Group rbi Ulster Bankf (ai 

•-«.Bus4.N-n«n'!- ^y' 3X C toe aca, Warllw Bolfurt. 

Concenn [DMllJU »9I|+010[._ 

InLRenLUBlondft . llBIMJO 7linJ+fU0( — 

Dreyfus Intercontinental Inv. Fd. 

P.D. Box N37J2. rtaisau. Bahamas. 

NAVJuoeO [Sl’SMJv: UHj | — 

Emson ft Dudley Tst.MgUray.Ltd. 

P.O Box 73. SL Hciicr. Jersev. 

KDJ.C.T. [119.4 126.91 | 3.00 

F. & C. MgmL Ltd. Inv. Advisers 
1-2 Laurence Puunlnify Hill, EC4R OB.-V. 

01-033 4000 

Cent Fd. June 7 —| SUS5.46 | 4 — . 

Fidelity Mgmt. ft Res. tBda.) LttL 
P C*. Box 070. Hamilton. Bermuda. 

Fidelity Am. Aul_ I SL K26 48 I 
Fidelity lnt Fund. I SUS22.0S 1+0 

Fidelily Pae. Fd SU546Z7 .. 

Fidelity Wrld Fd SVS14.68 |-0J 

Fidelity Mgmt. Research (Jersey) LttL 

Waterloo Hoc, Don SL,i?tHeiier. Jersey. 

0634 27301 

0.90 1+0 


08.47 rt |+D 

First Viking Commodity Trusts 
8. SL Georfie's SL. Dougtts.Il>31. 

0024 4082. Ldn. Ajtte. Dunbar U Co.. Ud- 
53. pall Mull. London SW175JH 01-8307057 _ 

Frt.Vik.L-m.Trt. ..mi 34 71 . . . I 2» SttanJified. 
F-4.Vk.Dbl '■|pTal_jT7JI DOx) | 120 

Fleming Japan Fund SLA. 

37. rue Notre -Dame, Luxcmbourc 

FlmG-Junc H 1 SUSM.48 ] J — 

Free World Fuad LttL 

Bulferlleld Bide- Hamilton. Bermuda. 

NAV Mur Jl | SUS17925 1 J — 

G. T. Management LttL 
Park Hsc.. Id Fumbury Circus, London ECi 
Tel: 01-628 8131. TLX: 880100 
London Agent* lor- 

Anchor'S* LiniU-,_|SU5IM 895) .. I L73 
.Anchor Hill Ed»»-te909__ 9.95)-0C6( 1276 


Royal Trust <C!| Fd. Mgt. LttL 
P.O. Box m Royal TsL Hse , .lew. 0534 27441 

R.T.lnf'L Fd__ jy.iS9J5 9741 J 3.00 

R.T. Inl'I. iJay.i Fd ,n4 9Bi (321. 

Prices at June IS. Nr9t deolini! July 14 

Save & Prosper International 
Dealing la: 

37 Broad SI .SL Heller. Jeroey 



■I Capitals... (234.8 247 21 +13[ 162. 

Ciuumel Islands^. 11463 1543 -05| 504 

Cammed Juncl.. 0246 13L3 -25 — 

SL Fixed June 1 — Jn29 1194] +3.o| 1L64 

itero on 'June 12. "lune 14 ••■June 15. 
Weekly Dealing;;. 

Schlesinger lnteroatiooaj Mngt. Ltd., 
■ll. LaMotteSL.St. I lelier. Jersey. 053433588.' 




loll. Pd. Jersey 

Into! Fd Lxrnbre.— 

■ Far Earf. Fund... — 

•Next sub. day June Z 

Schrader Life Group 

Emnrprise House, Portamouth. 

Intcraathma! Fond*. 





^trolnieresi — ..I156J3 

S Fixed Interext 










J. Henry Schroder Wagg ft Co. Ltd. 
lW.Cbeapxido. ECJl. 01-5884000 


Chan {June 15 

Trafalgar May 31 
Avian Fd. June 12 - 

Dari i nr Fn-L 

Japan Fd. June 15 . 




STSU59 17Ji 

SALS* 197 





Sentry Assurance International Ltd. • 
P.O. Box 338. Hamilton 5. Bermuda 
Managed Fund — [WSUM 19W) ....J — 

Singer ft FYiedlander Ldn. Agents . 

20. Cannon SL. SCI. 111-5439646' 

Deknfonds _[DU2539 TUM+OJOI 634 

0.92 Tokyo Trt. June 2_. | JUS35.00 | ( 1.77 

Anchor Ini Kd H.V4J3 4» 

Anchor In. Jay. Trt . 26 1 27.9 +D.6 

Bem'PacFd SUS4260 +0IM 

Berry PacSLrl* — 26480 776.64 -11» 

G.T. Asia Fd tHX8 57 UJ *031 

G T. .Asia Sterling... 0349 14 46 +036 

G.T. Bond PUnd SU51262 +013 

G.T Dollar FtL... 5LS726 +008 

G T Pacific Kd. SUSU31 +-0JW 

Gartmore InvesL 'Ad. Ldn. Agts. 

2.SL Mary i\xe. London. EC3. 0l-’AO3!i3l 
Gartmore Food RngL iFar Bull Ud. 

I ?K^fc , F!l l ^'u , T»L'l.*&flSj!i arC0 3i| SlW* "*24fP *'*"'’**’**■ l U1JB 

N^Tricanfrt£-;i^w gS TSB Unit Trust Managers 1C.I.1 Ltd 

loU Bond Fund. KOfUM USB .. | 5 70 Bacrt el le Rd .SL Saviour. Jersey. 0534 73494 

Jersey Fund _.J476 50.11 4.79 

irtA4 2a9ll Cuerufte; 1 Fund — (47 6 50J[ .. .. [ 4 79 

- — Prices on June 14. Next sub. day June 21. 

Stronghold Management Limited 

4^ PO But 315. SL Metier, Jersey. CG34-7I400 

0 69 I'.immodityTrust -,|9223 97.14J-0.71J _ 


Sunn vest (Jersey) Ltd- fx) 

Queens Hr«. Don Rd. SL Heiier. Jry. 0SM 27348 
American lhtLTsL..[£332 — 
lopperTrust. (til 03 1L2^+Q^ — 

Gartmore I avtUunl MnaL Ud. 

P.O Box 3C, Kouplas luH. 

Gartmore IntL Inc .121 4 2281. I 10 90 

Gartmore InU CrtbJbS 1 693) .... | 4.0 

Hambro Pacific Fund Mgmt. LttL 

Jllll. Connaushl Centre. Hon ft Konc 
For Eool May3I — BJUdia UM . ... [ — 

Japan Kurd lil,sA95 7^ | — 

Uambros (Guernsey) LttL/ 

Hambro Fund Mgrs. (CJ.) Ltd. 

PO. Bov as. Guernsey 0481-3010 


CJ Fund (1427 152.0 

Intnl Honrt SUB 104.76 1M( 

InL Equity JUS 1037 IK 

Ini. Svbx '.V SI'S 1.02 

Prices on June 14. Next dealiue June 21. 

Heuderaou Baring Fund Mgrs. Ltd. TOFSL June 1-s . . £7 66 

Tokyo Pacific Holdings N.V. 

lntiinix Unuccmrn! Cu. N.V.. L'urlirMi. 

NAV per aliarc June 12. SUS30.7L 

Tokyo Pacific Hldgs. (Seaboard) N.V._ 

Inti inis MuiUKcmenl Co. N V.. Curacao. 

NAV per share June 12 5US39.I3L 

Tyndall Group 

P.O. Bn VOX Hamilton 5. Bermuda. 2-3109 
OvoMea* June 
■ Accum. Units) 

3-Wjv InL May 
2Nr*rSL.SL Heller. Jexsej- 

e 14 . fSI'SlJB 1251 1 6.00 

S)- —BlSLBl 19l| J _ 

y 18. -IlL'SUB 171) .. .] — 

Pt>. Buy N4T-S, NJsikiu. Bahamas 

J a pup Kd 

Prices op June 

r-T&r^? dea U n5^2ate jin..- - 

1 Areum Shares 1 - - Lll 90 
American Juno 14. 835 
■ Areum rtwrew . -- J35 
Jersey Kd June 14- 194 2 
iNon-J. Acr. Liis i.._ 2732 
Gill Fund June M_. 1072 

(Areum. Shares 1 138 6 

Viefocy Raose. 

Hill -Samuel ft Co. (Guenuey) Ltd. 

8 LeFebvre SL, Peier Port Guernsey. '.’J- 
Guernsey Trt [1502 160.7^ +0.7| 354 

Hill Samuel Overseas Fund S-A. 

37. Rue Notre-Damv. Luxembaure 

B19 25 20.02) -0J8( - 

International Pacific Inv. MngL Ltd. 

PU Bov, K237 . 56. Piu SL Sydney. Aurt. 

Juielin Equity Tst. fS.\2U 222|+«01| — 

J-E.T. Managers (Jersey) Lid. 

W Boa 194. Royal Trt. Hsc, JeraeyOS34 J744I L'.STkLInv. Fnd--.| 
Jersey Exfnol. Till .1163 0 173 04 .... | _ * 

As ai May 31 Next sub. day June 30 
Jardine Fleming ft Co. Ltd. 

U534 37331/8 






2 00 

. _. . DoucJa*. Iftleuf Haa. 0884 24111. 

Mau«cdM4yHI _|129.D 135.8| . | — . 

LUd- IntnL Mngmnt. (C.I.i Ltd. 

J4, Mulcaster Street. SL Uditrr. Jcrr.?y. 

U I.B Fund &J.OTJ7& lOLBH | 816 

United States Tst. loti. Adv. Co. 

14. Rue Aldnnjicr. Luvemboura- 

. SUS18 85 |-C.Uf 
rt X4rl June IT.. 


40th Floor. Connaucht L'cmre, Hone Koofi 
Jardine Ertu. Trt. . j SHK2S456 I ... 1 180 

JprdincJ'nn Fd | SHK319.04 I I 0 90 

Jardine S.E A . ...[ SDS1422 I ... I +20 

Jardine FlenLlni -| SHX9.M ( ...' 1 _ 

NAV May 20. -Equivalent JllSOBAfi. 

Next sub June 15. 

Keyselex MngL. Jersey Ltd. 

PCiBoxSB.Sl Heller. Jeixey.. (Ena 01-000 TUTOi 

s. G. Warburg & Co. Ltd. 

3P Gre.-iham Streei. EC2. 
t'nv.Bd FdJum*I5 
En» Inl June 
• Ir-SLSFd Apr 
Mr.Kur. June ' 

Warburg Invest. Mngt. Jrsy. Ltd. 

1 i.'hannet'riiss.Sl llelicr J>y. Cl ;>KH 777-11 



K*yrtflC4 Int'I 

Keyrt-ltf*. fcuropo. 
Japan Gth Fund 
Keflex Japan _ . 
Cent -Vsaettv Lap. . 

I- hilt U 
£6 61 
0 96 


an .. 

1332 +06i) - 

CMFUd-Maj 2T. ., 
i.'MT Ltrt May2S 
McuLTu. June Id. 

no] A. SUS9 6E 1+0021 ~ 
e IS,. I SUS1781 -ooa — 
r 31— | SLS7.09 I 1 — 

14 . _ (StKU U4S[+D.01] — - 

t. Jrsy. Ltd. 
>y.i;i ;«n 707-a 

iiw+03« — 

10 ?%} I - ■ 





3 70 

TMTUiL Junes ... (£10 63 
World Wide Growth Managemenl4> 

lUi. H-Julerard Royal. Luxetnhourc 
Worldwide Glh Fd| SUS15.18 )— 0 0£H — 


indicated. Yields %'iifmwn" in’^ lan^roftranrall'w'SrVlf hnios 3 

include all rjipenM.-t,. b To-dav's prices c Yield based on oiler price, d Ertimaud r lo-doj ■ 
upc-ninc prire h Distribution free of U 1C taxe* p Periodic preminni insurnniv planx t huupe 
premium irmirantre. v (iffered price ircluries all ••vpenscs evrept afifnlft eommission. 
y I’KierM price mrliide* ujl expenses .t f„,u3hl throuqn maoaRcrs. r Prevlou,- days pneo. 
V Not of tax on realised capita) Rains unieu imiwated bye 4 iliternsej a buspended. 
• 5icld before Jcrj+te U* I Kx-subdlusion. 

ScpiP-mbcr Coffee 1663-1678 

I .CJ. Index Limircd 01-351 :{46fi. 

2y Lamoul ftoad. London SWUI OKS. 

1. Tax-free trading on roimuuilil)' ruiures. 

2. The commodity fuiures marhfl for (hi* >m-dlier iinrslor. 

1723 +1.4] 




56. a 


+ 34 

330 GrtmpT^TO.. 3*5g)+0 7? 506 iMUMcr Growth 

330 Pear) Trust .Managers LttL faNgHzi . 

=JE1li R b.|Pl!-irr.ttVtVTn 0,-^nL, L n ‘ l T™ 81 A 


irJU 35231 
39 9(+02| 531 







|G. ft Jl Trust (aHg) 

5. Rayleigh RiL, Bicntwood 
Q.&A, ,—[323 

FeeirDrowih FC . 
AnruinUniL...... - -I;' i 


Pearl L'ailTM . . • 
i Av i.m V nil.- • - Hs v 

2«7| +0.1 








d 2 Prian. Hi*' )'unrt. . |152 0 
#,70 WlflurUrfli. Knrf... 293 

5.07 t 1 * 1 AcrulP. . _ |34.0 

5.07 tVieler Growth fund 

Pelican Units Admin. Ltd. (gnxi yjn-wiiiianisLErjHuvR 

U>J77.2rr.«M Bl Fountain St ..«-•■■ ''■■*'** Wl-a3H5rt.', [nl'nt l'n,u ^ IM 5 H 

345af +03) 423. JAdlcaA LmU— «. — |B3 J 508 .»L-cum. 1-Ulls „.)S42 

Ul 423 4951 


1 4 29 


... 436 


4 436 


31 11 

] 433 


J 4J3 

CLIVE investments limited 
1 Royal Exchange Avc.. London EC3V 3LU. Tel.: 01-^S3 IHJI. 
Index Guide as it 7ih June. 1S7S ( WO at 14.1.77) 

Clive Fixed Interest Capita! ll'd-iM 

Clive Fixed imerest Ineume 


CORAL INDEX: Clow 468-1 ; 


t Properly Growth 9)"“ 

f Vanbrugh Guaranteed H 

■ViilriA 'jhowu uuri-T liuurJ!i(" ITvP'Tri' K'*iiii labl. . 





f JWt-.JJV 



BANKS Si HP— Continued 


Henry Boot Construction Limited 

Sheffield Tel: 0246-41 01 1 1 -. 

[ test Div X KkL 
I d Groti Yield 

Wert ends 

ioi At yid | 
a Nel CW Cite flE 



In.Ivis WKI* 



lOJ 101 [relsndTijpc'fll-Si: 

1 M • 15 Do WtfC ■SI- 9 B — 

U ID Japan 4 pe ’10 Ass_ 

301 3 ID Dogpe flWa 

1 A 10 PwuAss 3 pc 

30 J 31 D S.GJ. E>ipe 19 B 0 — 

May 1 Turin 9 pe 19 ?! 

June Dee. W-BfcAiisLi.u. 235 
■I nn July NaLCoan&p — 71 Mar. NaL ".■*!. £1 2 &S 


ISA ■ 150 j Turin SjpclBK — DM 91 
XFJlAJMGtupiiytypc — * 

6 11.10 

3 2.95 

b*z 8.67 
9 9-52 

&i 2 10.70 
3 *s 3 .TO 


let | Ed- 

U.S. $ & DM prices exclude iav. 5 preanuin 

‘•Shcrts'Uives np to Five Years) 

2 SS Ewil. 5 pr T 6 -T 81 t WJ Milifri 

S.rl Treasury IU^C jVS- 3 HHj 5 

ITS Treasu^Spn’TSt;. — ®?a Jl 

ESSEkdWfl^TtWr- ,S= 5 lio« 

1 N Treasury W£*& - 3 g®* fk A |s 

15 N Electric Sd* ;*£»— i? ? 

n?.t Treasury Ope IBfflttf — 97*2 251 9 .B 

HM Treasury 0 » 2 PcWS— ®Ja J-J 
JKl^rr^KTOKU. g* |g 
15 J FtoiwgStpcTBfife. . 3£s ,K,SS 


Aug. Mar. NsL ■sl. k 1 — ZM 113 1149 
May Sov.SchndenS.L_. MO 3.4 1155 
Jan. July ScWomhellCQ. 230 KI 5 13341 — 
Nor. Jur.cSr.ithS.Aub_ SO*t 2 £ 5.01 — 

jar- Aug. SlamTdCltajTL 415 1222 11759 Jfl 
June TradCl'c-’.SliO. Wfe 305 QSSc ' 
Sept. Mar. L’moaI 43 C£l — 335 302 hB. 8 ] 

_ CD.T 39 8174 — 

■T. A Jr. 0 . V.VUs Fargo 35 — £ 221 * 283 SL 40 
Njv. March ifinlnisSi'— — 63 Hq 3 J 33 

Hire Purchase, etc. 

— ■ 'mat DitUcbSs | I 

987 . 134 506 Paid | stoek | 

^ 669 Apr. Oct. ASA — 

S! 445 8.00 September AMFS^Conv.W- 

Tfirr? rn in'fl? 10.22 IfaJiLSeJe. AmazSl 

^ 10' 4 364 631 JaApJyD. Americas Express. 

tnh\ 252 923 tf -* 0 April Amer. Medic. Ini— 

mu 7 * 6 u} 1039 December Aserro Inc 

a£! 4 = 375 7.20 HaRJ&AB. Bate [ntnl Cora. SI. 

as 560 8.74 MrJu. S. D. Barnes Grp. JOV— 

ID*! 111 1247 10.92 DMtJilSP. BenffixCorp-S — 
it UJ 6 10-96 MJttSJJ. Belt. Steel K__ 
.&L. 92 3 93 BIZ IiApJy.O. Brown'* Fer.dtpj- 

KT) 2321007 1108 PifeAuX BninsiuckCorpni. 
« 5 V _ r'b 4 10.93 ApJy.OJa. Burroughs Corji.S 5 

S **12 9 96 1129 MrJuSeDc CB 5 S 230 

lfij 348 8.04 JJVpJy.O. CJ.C.& i 

'S 1 Q 410 J 3 J 1.06 F-HyAiLN. Caterplllarll 

MB* 174126 H 1134 P.MyAuN. Chase mmi 3115 - 
opM 3 i 905 10.95 MrJefLD. Chwebroueh 51 — 
SI 3 I 5 7 % MrJaiJ). QriSlerS^— — 

JjFlTnOEUiy 2 >PC lfliOJL 

1 A Treaxun 1 Wpc UBlrt— 

JC.I E’cr.B'tpt !«l 

4 A EAch-^pclfiBl— — 
21 A'Ejch. 3 pc 1061 — — 
17 N Treas. Van able 818 — 

22 N Ewh. t:r<pc 1981 S 

iSJs Treas jP’pc'BOXft— 

] f.F Troiiiiy 3 pc VOt 

JPM Treasury 14 pc’ 82 tt_. 
T 5 i Treas. Variable TCf}— 

rJ ijiTteas uiy ffape 'E 

22 S Eirh. 7 <pc 198 ! 

2 iS &ih. 9 Upc 1962 A 

5 J Excb. 8 bpc 1983 

21 F Excb 3 pc S 3 — — -— — 
17 M Treasury I 2 pc UB 3 r,— 

Usl | Dir. I jnd Feb. Augfa-l^ dlfe *’ }' 

CrtSS ICtrlCrs 

•.eficrvFrJW-! £56 

30810141 ^ * 3.81 ♦ Ape. Ho*. 
HUS* 4.6 5.6 IjFcb. Ans 
113 1149 *2 65 55 Feb. Aug. 
34 1155 - 4 i - July Nov. 

305 13 34 0.8 Nov. Mar. 

25 5 01 - 95 - Feb. July 

222 ti 759 3- 6 6-5 5 5 AP 1 "- ^SP 4 - 
305 05 ^ 3 2 5-8 53 May Nov. 
302 hisij — ‘- L ,r. J uly Nov. 
B 174 - - — D .3 Feb. Not 

283 SL 40 - **<»> 

e, etc. X. “ 


isi s®. 

45 SL 75 
44 51.40 
124 30 c 
35 40 c 

Credit Dalai Up- 
Aug. Jaa Lltr.-Q.'lSctftJ'p- 
Fpb. 1 unci Lf> ASco’-F: c. lUp 

15 Jiru.-imng 5 ^pc iWfc iRfli 7 07 10 92 lDMrJu.SP 

S 5 NH»rlieqoH-I 3 pe IM-a MA 

jMrJTronsuryyisPCWaU. 15*11 BIZUiaSjV^, 

gfiia 2331007 1108 FJflyAtN. 

m 8 .M U.wUpJy.OJa. 

Mir, 92 335 7 ■*> MTJlLS-aA UUTSKIW**! 

07 3 72 12.99 1135 MyAuNJ. CitiwrpM- 

95 t 82110 43 1148 My.AuJ'IjF. C 5 tyInv.SL 25 _— 
iijjS if 8.99 10.81 MyAnNJ. Do.CmPiLBST- 

Til 997 1139 F-Mv-AilN- Colgale-P.SI 

«S _ 9.97 1 X 42 IlSiSeDe. Cd&SL_ 

233 @k 23 64 c 
19 i 55 255 90 c! 

3 S*1 6.6 S 2.28 
l^Pajij 4 i 5100 
15 A 40 c 
1Z3 a 18.4 70 c 
62 30 3 SLOO 

471 * 277 S 2.40 
«i 4 Z!3 5230 
• 46 ?* 19.4 D 
» 26.4 SSL 20 

201 «hI 255 94 c 

932 p « 5100 
201 * 233 $106 

Feb. JuneiLoiSco’-F:c.lUp 
3-5 — Jtosi^aic Mere, lip 

OcL liar Irrov. Financial™ 
?i Man. SepLlStHi Credit lUp. 

l.° klilrlalri.LieilPD 

_ jaurlaFUgilGp 
April Wagon Finance- 

Z 72 1?7 

7 A Dec. ^uly 

- Nov.- »V 

? April I 
4 Feb. Jua*] 
4 April 
p Wn v Nov. 
9 J Noi. Un 
13.6 May ltec. 
7.4 Feb. Oct 
7.9 MBSvSrat. 
M Jan. Jo|yR 
72 Aug. Feb^ 
. 4.9 June DeW 
7.4 Apr. Sept | 
115 May SecJ 

- - . • UasthW* • 

Jock IS«OT*' 1 W V* 


pfC.'HJH. ■' 4 S 7 OT 022 OJ 

"£%r. §■: % & h 

i&Ssm-x U iZ -72 33 


3 dl: 


•-«# l Sl Mb 

;- 39 ?:B 32 4 « 


1 M W 6 - "*® 

Is S-i! 


lauA - } 

272 ) 4 J 8 
BJlb &55 

’FTl j y 

sxnO — 0 ° Sopt Mar. Allied Brews. — » 

S- 2 S — ? <? Feb. Sept ■' n3j DistPr.^Op- 37 

_ 3 * Jan. July BissOurfiteo- 157 
?2 Dec. June Fell AitnurjJp- 242 
«» — 48 “ EdharenKreueiy. n 

qjr May Dec. Bondinflcns , — 110 

Sim — b * 1 Jan- July Border Brew’s — 7 B 

«nt n 9 Aug. Feb. Breim (Malthewi 112 

3 * d u u CINEMAS, ’raEAmSANDWj, j 

. 33^437 13 >■> 83 Jaa. June Grampian ’A' JOp 39 

26 1133 htl 3 23 | 7.6 f 72 ) NlW . Apr. GmGnoi; OOp 659 
15 L 774 ] I — — _ ffo’idWdSQp- 25 

« l 27 ihio 6 2 Jl w 42 aay octaTvwv« — ^ 

Apr. Oct LWTA US ■ 

Jan. July BcdltTVPretfl- 74 

rospiKiTS Sf t jS 3 | 

sm,\ il JSI -! a idSSmd i .» . „ _ 

Jan - Ju ^ 


30 a tfl SJ 33 4.7 9.7 
33 {uS 55 3 . 0 14.6 

- fliTijl _ 9 . 6 O 1127 MyANFb. 

,1173 3153 

■ Five to Fifteen Years 

1 3 Ju [Treasury Wipe 83 

12 D|£ariL J Ope OSS i£15pct» 


jOJu Treasury Wjpc BMW. 

2 iIajTreasuiy^pcJ&®tt 
L'wTnmsport 3 pc iMo — 

• ISO Treasury 5 pc ’Sfrffl-— 
IXJfTreasury (h 87 BWt — 
mu Treasury U^prliSI- 
5 AFcmhng 5 ’ 4 Pc 87 - 91 tt_ 

22 Ja Treasury ISipc'ffitt— 

2 lei Treasury lOpc 1982 

SSAlEsch. ii'ipc W —- — 

Over Fifteen! Years 

1133 ApJy.OJa. 
,■ F-MJXN- 
314 ? J.C 

3126 MrJoSJ). 

u^eJJe. Coll In da. 51 — — 
A-NJb. CooL 1111 iiois 51 U— 

Je-S-D. Cant. Oil SS 

Jy.OJa. Crown ZelLSS— — 
Jn.SD. 0 oUer-HammefS 5 . 
MAN. Eaton Crp. 5030 — 

non! -1 

restanetirrll — I 

vjv j^vpjy.o. Firestone are li — 

XD- 6 ' ApJy.OJa. First. Chicago 

1022 u. Ap. Jy. O Fluor lirrp- 5 s * — 

10.98 MrJfcSJ). Ford Motor SZ 

8.60 MrJreSD. GATX ■ 

10-35 jApr. . Oct Gea ElreL$ 3 j 

12 2* MrJn-SJX GiUeUeSI— 

13.00 MWnS.n. Honeywell 5133 — 

3236 MJSD HcUotELF— 

10.93 MrJeSepJe. LBJLCorp.S 5 

12.93 MrJitSJ). IngersoU-HB— - 
3219 SDJHJu. InL Systran &Coa. SI 
12.54 MrJe.S-D. L O. tntenationalll 

' PJMyAuN. Kaiser AL Si— _ 
ApJqOJa Man! Han. » 
JnApJy.O. Morgan DPI USSL 5 
N. P. My. Au. Ncaton Slam Inc. 5 L 
-66 M-JreSJ). Owens-DLSIIS — 

S 3 B 52885 : 

12 -S J-AJ.O. Reft N.V. Carp. S 5 _ 
^52 F.MyAuN. ReawtdS -■■ 
SJ)-MrJu. Rich dsn. -MrrlJJl 1 * 

MrJu-SJ). SanUltF.iSL 

^59 MrJe.SJ 3 . Shell Oil SI 

MrJaSJJec. Singer 1510 )-— -- 
Jt® AuJXJJHjr. toe rr? Hand S 0 J 50 - 

1234 HaJiLSeDec. l 1 lWIiic.SIi < 

,? 7 ? Feb Mr An Jim Tenneca — 

12-66 [funo Dec. Da 10 % Ln.SH 91 - 95 . 
U Aft ft. O. TeroroEtCmiF;- 

If 12 Mr.Je.SJ). Texaco $825 

H-U MrJreSJO. Time I ao. — — - — 

22b 28 3 $2 
177 a 19 .* 5100 
461 >xd 255 S 3 15 
.25 28 J 2 5 X 32 
233 * 93 5140 
45 5190 
VPM 255 5140 
3 fl* 35 SZ 25 
2ZU 13 5 5184 
37 % 9.5 53 J 0 

12 30.3 SX 10 

ISt-ixd ta 5100 
3 j 5 * 283 O-a 
371 ? 85 53.20 
23 %tJ U 52-50 
429 dd X 6 52.20 
2 S, 26.4 $ 1.50 
225 SI. 90 
14 xd 19.5 50.68 
221 % 95 SI 152 
50*0 105 53.00 
- 17 % 2 b E 25 c 
932 p 95 90 c 

T 3 S 2131 5 X 00 — 4 J ian- July Biictl^Erew- gal 1 
^ S 2 - 5 D April lAusBulmcrRP.'.- 143 

a'l August Burton aood.—. 154 
38 Feb.Aug.CityLoa.Drf — g 
3 0 Apr. f.tct C.lMt'Maithewi. 13 b 
a’a Ffcb. Oct GjnlJers 50 p — Jffl. 

. * l._ . I . lAn nc 

374 — — 

17.4 h 2.61 2 J 
155 350 - 

1222 t 3.92 2 .' 
121 X 79 d> 
132 U 6.6 2 - 
88 110 5 . 

17.4 2.4 1 . 


drapery and stores 

saK.SS"l 5 

23153 11 ! 

54 Jan- July 
75 AJ" 3 _ 

57 July Dec. 
9 j Jan. Anfr 
95 June Jan- 
6.9 Feb. Nov. 


3 3 May Sept 
6 j Apr. Aug. 

6.4 Apt -Sept 

8 2 Sept Mar 

British NaChrop JT 

B— ■ .. WWS 

’riKffl b 9 j 

S 21 

m « 

600 4 

M 67 I) 

V l 
Ha a 

b 635 l- 

7.7 ^ 
85 ^ 

(551 * 


*S ^ 3 



» 4 Sai 7 .J 
t 6 JL 6 5-1 
t 2-13 2 J 


I June Feo 

56 15.4 Mir. An&prf Rftof UP Zg* 

6.8 1 X 1 Apr. ■ Oct. Amber DsylOp- 3&2 

5 4 119 Jan. June Aquoscntuinsp- ^ 
S 3 4 > Jan. June DaWSp.-— 

7 5 78 June Jan. AmfiotromclDp- 31 
3 J 95 Aug. Feb. Baber’s StmlOp. 29 
6 D 15.7 June Sept Beattie Ui A— 116 

0 Jan. Jn 
1195 10 75 54 Jan. Jime 

53 X 1 5 J 83 Oct May 

53 51 52 &4 Feb. Jnjy 

33 12 t 7.7 Feb. July 

d 057 6.7 3-0 7 J Oct Feb. 

32 M 3 X 118 Jan. May 

jg 23 53 IDA — • 
JH 0.4 81 42 JB Aug. Feb. 
. 98 ' 3 J 116 3-1 Aug. Feb- 
62 XI 9 . 0 M .9 Jtme Dec. 
182 LDlfl. 9 13.4 Flab. Sept 
u 27 2 A 5.0 153 Jan. Apr. 
1255 15 12.4 SJr Mar. Sept 
15 — 19 — Mar.,- Aug. 

X 5 ' — 20 ’— Aug. Fob. 
| 2 J )4 US 9 J 02 ) Feb: Job 
*215 4.4 EX 44 Jane Dec. 
137 73 3 J 6.7 Sept Jan. 

124 « 5-2 Jaa- 

10.48 9.4 0.9 182 Oct Apr. 

— |'ianlOD‘LilCn_l 

93 Zp 9 
27 J 4 9 
31 30 

«D* 15 
153 4 2 

18 ?* 9 
21 20 
257 * 9 
29 %>d 72 

liS 9 
20*4 12 

38 NOT. July i>Mi^hRros. 3 ip- 48 al 
01 Aug Feb. GneenellWhiUey 115 

an Aug. Feb. Greene King 267 

4 8 Aug. Feb. ijuicnesr 170 

s'? Jan. July Hight 'dUist. Dip. 138 

o-j (nvenserdon luZM 

,1 Atrg Feb. Irish Distillers— 152 
4 8 April Not. JIacaiian. Glen- 320 ■ 
t'n June Jan. JJodindil 475 

Vq Jan. June Sandwnan — __ oO 
35 Maw Aug Scott 4 Ne** 2 Qp- o7 

2.4 Dct . Apr. TonaUn 1 X 6 

2.7 Mac Aug. Vans — . — 120 

it Jan. July Whitbread ‘A — 93 

34 Jan. June Kolc. Dudley — agxd 
08 Dec. Jui Yarns SrWA' 50 p 177 m 


Is rfii^StSBBKK 

ai 3510 S Dec- May Bremner_-~— S 
15 3714.9 Jan. July BdtHotne toft. 1 S 9 
n 16 64 79 Feb. Ang- Brown IN) 2 &P-— ^ 

W Is 32 193 OcL A^.Bjntan.^-fflP- “O 
wt ? -r< a 33 ♦ OcL Apr. Do. A NvjSOp- 

s i 0 y a* js-ss ssss 1 - J 
I# ^avstisaiEsS. 

?£&*, na * ? 123 May NOT. Courts’A' MO 

39 b zi L 53 i; 

aT 477 *33 1 ^ 

29 161 M 0-57 6 . 

X 6 30 i 232 4 J 

31 D.« LIE t 

60 17.4 231 * > 

67 27 J + 3 X 2-0 7 . 

1 X 6 14 3.00 2-6 3 . 

120 305 tfl.Q 2 24 ? 

93 315 3.97 q 3 .D 6 
2 UW 12 i + 5.74 5.0 4 

17 . 4 ] 324 
12 ! 3 d 0.48 

5 f« f s 

. 1 %% 2-2 

ndLlMr-'jl 9 S » 

- 27 i 

eWWOSllsS 30 J 


65 -• - 

7 J Dee.- Jidj 

« . Deft - Jaa. 

85 Dec line 


62 Dee.- June 
as - . July-; . 


- _ 


*am ’4 123 May Km. Louits-re 

Iot 2 o 3 D 63 53 June Sept Canya. . ----- 

wf «74 3.0 42 123 July Jan-CwtempclOp- 

A Jan. July Bebenhans — »/ 

Jun. Nov. DewhinllllP— — 

Mar. Oct Dixons PboUll^) 140 
m limn Nnv. EllisfcGoJd 5 p_ 26 


ii 7 to = it . AND ROADS , » 

153 D 
25 76 c 
95 h 51.06 
203 53-04 
95 15 c 
126 SL 00 
9 2 88 c 

125 90 c 

' 543 p U 7 M. — J — 

if** jftjtojss: 

^■^2 MarJnSpric tMTectSOSS— 
12.24 1 . 4 n i.conelSl 

ineca __ 

10 % Ln Sit SI- 95 . 



in&america $ 1 — 

“-24 iirJeAD. US. Steel 51 — 

Jf*} MrJeSJD. WoohrorthsSSs— 

M -22 ApJy.OJ. Xerox Corp. SI 

JfM r _ XonicsInclOc — 
OJaApJy. papain Carp. 2 Sc_ 
X2-W* . -> Aoixz. 

2& a 72 h$LM 
177 e*d 145 60 c 
35 283 51.12 

321 ? 95 $L 80 
25 iz 95 SZ 00 
154 x 3 305 10 % 
881 p 14.9 - 
20*2 35 S 2 .M 
3th 2 22 5 X 50 
13 503 80 c 

37 xd 2 L 5 52.00 
221 ^ 15 SX 60 

161 * 113 5 L 40 
45Vd 255 SI 00 
ffiOp - 7 *jc 
J 3>2 12 . 6 | s 3 UC 

18 June Not. ,\bnoeenurast 90 15 . 

— • Jan. Julv Ahcrthaw.era.^ 146 15 . 

11 Feb. Cct Allied Plant 10 p. 15 U. 

3.0 Feb. «Xct Araila^eSSife. 67 t 2 27 . 
16 Feb. Aug. BPBlnd 5 .S 0 p — 2 H 2 BJ 

— February BasuwidCtErt. 31 3 

3.3 May Dec.Fuilfi-RniUp- 10 3 U 

L 9 Jan. SepL 3 amber£ers 50 12 J 

XB Mar Dec. Barren Dcv.lOp. IK 2 
33 Feb. Aug. Beechwood Jup_ 25 3 

44 B call's 20p 16 81 

f 63 May Oct Bcnford W.lOp— 50 17 

— Mar. Atifi. BcHEre*. 20 p — 66 ^ 3 » 

55 Aug. 0 «. BiocUeys 3 )p-. 75 xd U 

2.4 Oct May B’uetireiell — 242 17 

33 Apr. Nov. Blon&ll Pcm_ 6 B M 
33 Oct Apr. Breed on Limn _ IDO 3 

4.0 — EriLDredfflnt-- K 1 L 
4 9 May NOT. Brown Jtea. Jlp 123 u 

25 Ian. July Erovral« g 12 . 

03 Dec. MayEr>-antHldRt— K D 
13 Aug Jan. Burnett tH_-. 175 12 . 

155 461 3 .' 

155 6.76 3 .' 

m tbO .7 6 . 
212 43 * 

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31233 1 

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301 iD .7 5 

126 332 « 

17.4 934 5 - 

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14 537 1 

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33 876 — 


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26 25 190 

164 17.4 482 

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it llOXA-pr. Oct Gefe£AJj 20 p. *> 
V? on July Feb. Goldberg A ___ .68 
§ 95 Dee. June Goodman Sr. Sp. life 
anixi 7 X June Nov. Grattan ware — 121 
10 7 J - Mar. Dec. GL Uni vasal — ^ 

T, l-i cj Mar. Doc. Do. 'A Ord Z 7 B 

5 4 39 72 Au& Apr.&ftMiUeUslOp. gm 

77 50 Jan. Oct BaidyiFUni! — S 

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xo 64 6 6 Sept Helene Dm. 1 ^. 2 TC* 


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fd 26 9.9 22 

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— 54 Juno Dec 
103 * Jan. Oct 
110 * ■ Feb. Julj 
5.7303 Jan. June 
10.9 10 O Jan. Ang 
43 6.0 May Oct 
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281 X 7 Ang. UK 
9.7 83 MB?! Oct 
9.2 9 - Sept. Apr 

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7.0 9.4 Dec. JonS 
40123 Jan. June 
43 1 2. 1 not. June 
5.4 ( 5 . 9 ) Jan. Aug. 
.10 — June Dec. 

Branded Mefat -’67 ’ ; 3 . 
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27.41 SLOfi — 

Nov. JulvrarnderiGK'liW- 

Jan. July CamJobm 

June Jaru Carroo 

fclay Nov. Cement Racdsiooe 
Jan. July CombenGp.ldp. 

* I — Knott mn 10 ] 

6,2 Oct Apr. Ladies Pride 

Jan. JuIyjLee Cooper 

2 ? 3 | %c I — 1 29 ] ncv. Juiy{Co 5 laiB R_. 

29 3 l SL 44 — 
2913 97 c — 

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lost. IPS. NewcexUe !M«pc TWO. 
15 JJ 1 SN Warwick ] 2 yV 19 W — 

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10 JB 9 Apr. Oct Hudroo'aBayB- — 
vi ik (an. July flaLB.OilG.lPj— 

1 X 07 MrJreSJX ImperialOUl 

19 5 + JanJVgJ.O. Incu— — — - 

1 X 69 FJfc.Au.N. InL Nat. Gas St-— 
1032 B&JC.SD. Maa«if>-FereJI — 
974 June Dec. PaciRcPcLSL — - 

lira — Place GasSl 

_ June Dec Rio Ateom.— : 
10.04 MJreSX'. R*-al 
in in SeDeMrJu Seagram U clCSI — 
1 B 16 F-MyAuN. Tor Dmn.Bk.SL—. 
JJJA 7 JApJy.O. [Trails Can. Pipe — 

19 =; L 5 51 X 4 
630 p 14 X 1 40 c 
24*2 25 J 52.06 
16 283 69 c 

31 ?* 2431 SL 60 
13 J 4 282 86 . 4 e 
lPx 45 80 c 
780 p 12 80 c 

91 Up 24 .U — 
26 V LB 916 c 
70 p — — 

23\i 610 SLOB 

4 %l - m April OcL bw^GH 50 p E 2 

— _ raw* ax >c r 

tA Mnr. Sept Buna lOp — 

— 1 12 Feb- CKt - Ellis iEcerard- 

“ I ${| Nov. ■ May Enib 

Dec. June RPAOoufn — 
2-4 jane Fairefaufih Cons. 
§•2 Jan- July Peb.tatUOp-^. 
2-1 Jan- July Da’A'lDp— ~ 

; 4-8 not. MarfFed. Land k Bid . 

— — pinLoDotaylOp- 

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— October FrannsiGJUWp- 
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13311038 5 . 
272 t 3.96 21 
132 533 1 - 

3.4 5.49 1 . 

330.03 5 , 

25 2.49 3 . 

155 dL 76 X 
155 dl 76 L 
34 23 Z 
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66 % feb. **%£****— 

7 4 53 FdJ. ftjy MkLEdnattMp. 
10 0 4 4 July Jan. MothcrcarelDft. 
4 4 la? July Feb. NSSNewslOp- 
o"e Ti n Jane Doc. Owen Ow en- .- 
5^0 Jan. July Paradis egjlPp- 
54 8 X Apt’-OcL PawnmCWJd— 
Iflj 8 X Jan, - Apt- P*»S»|b 1 Hp 

Sx 73 „ 

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21 3130 dX 60 0J 

61 25 + 2-3 . 22 

71 25 <1332 4 J! 

52 25^.92 21 

S # Si hL 93 9 X 


156 25 h 239 63 

« May C 
1 — Nov. Jn 
49 May ■ Ji 

SE 55 “« ; -- 3 f 

Dec. * JDd 

GranSMKUB— , .825 
Oct Green traklOtW 46 
(him Cretea’sEcOn-— ’ -65 
Jan, G 3 JCEL_ — - 253 
Jaa HibilPfflridattSi 33 


HtanflnrelOp. ® ?K h ^ D -' 

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Sn Nm— 23 Zsd 126 166 

nzies (J.) 163 d 126 h23 

ctariWUJp- 31 873 - 

LEdncatatp. 93 33 M 2 

ttereareJOp- 360 H 5 232 
SNewslOp- 305 1 Z 1 

renQwen 78 . .25 235 

1123 not. June Hartai Canteti. VT 
12 X Apr. Oct HaHEnt^X. 304 
10-4 Feb. July HaMtattmw— CT 
62 Kan Sept Pnn ite 50 p i^ — . 143 
29.4 Apt Sept Hanmwn_-_^ 13 
5.7 JanT July Httfe Rarilt— 3 
4 X July Dei Hawfer 224 

87 Oct. Apr. Hill It Sofih— 76 
B 3 fee D^HopkinsmBHfr; IDS 

ails .g 

53 If 4 Feb. July 
1 X 4 62 Man Sept 
— 29.4 Ape. Sept 
5:4 5 l 7 JanT July 
25 9 X July Dec. 
28 8.7 Oct Apr. 
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225 44.03 0 .' 
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jan. JulyiANZSAl J 295 ni[ HSjtQlXBcl — I 2 . 7 ] — Dec. June SiRgsi HID ® 

Anr JuteWenmdeoiD.a 250 I 30 X 1 IOj I — I 8.71 — jan. July Horermfeham— 78 

. May GibbsDdyAlOp 29 
July Feb. Glccsmi'XU.llOp- 41 
July Oct GlcssnpW.fcX— 65 
Feb. Aug. G'ch Cooper 20 p_ 7 w 
Mar. Sept H_tT.&plPp- ^ 
Feb. Sept Helical Ear— _ 35 
Jan. July Heod’sn.'A 10 p- 78 

Jan.. July Prodanontf Wj_ 203 ni 
Jan. June Hewdei SL lOp- 68 
Jan- July Do. 7 pcConv.__ E 310 

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10 "ftt 93 * 11 - 82 . 

1 LD «N 2 4 pc 1976-78 

2 T.A *»Rj. 6 pc 7880 

15 C ’•Do.Tt’PC 13-86 

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10 Sib. Rhod. 2 tic 15 - 7 D 
15 J| Do. 6 pc’»ffl- 1 

652 M 5 B 
4 X 0 951 

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June Allied In i dt . lffi 165 75 
June ArbothnotLO- 158 28 X 1 
SepL Bank Aner. 5 L 5 G 5 . Q 9 1 ; 35 W*c 

649 1 18 J 98 July Jan. BtlrdandO — 378 30 a J 5 .m 

10.43 Mar. Sept Do. 10 pc.Oniv„ OM 132 Q 10 % 
1 X 60 May Aug. Bit Leunu ID 18 85 Qib% 

— Aug. Fe£ BtLeamiCpWCl 160 30 -J 73t 

- Ian. JulyBk.NiW.SAl_ 562 aJ IXi rQ30c 
■ Nov. May Bank Scotland H 280 1*.4 mm 

. A. J. dTja B^tereNXSlO. £ 29>4 MXCT 

LOANS . Apr.Oct Barc^jn __ 3 S . V2 l !^ 08 
Public Board and Ind. '• jS jS ^ }J | 3 

1 J| Agrie. Mt ape’s!®— ri^I Se^CmrflflmiSAiL 222 U 3 tQ 16 c 

SlD Alraa WfatcTM* — 'W HlinS SS May I'.mfibtDMlDi- £1P< 5TI 

lSl , ‘Met.WlT. 3 pc‘ff JQ 1 * Warrh rheiuHbtKriW £38 75 012 %. 

ik lSpSta.wtT.jpcir. 

3 CJ 31 Dk." 5 JlC. 9 pclflC 1 136 id 

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Financial . 

3 W 30 Jl M FFI 13 pc ’81 

15 M 15 NIiftl 4 pc ‘!9 

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3 * Mr TU)SU-. 7 ^pcAD 6 ’ 91 ' 84 — 

2 :? 1 rS 0 S :V 5 oc'A" 9!-94 

S 3 F SLAj DixEtpcLn. 92-97 

“Z" March [CbEaHbtKritKI £38 
Torn Julv Oct Corinthian Up— 2 D 
Mar ' red. France m £21% 
J 33 . - Aja-. D*wk(G.RJ __ 41 

1 X 62 — Pntscbc Bank QMS. OXT^ 

13.00 — F.C Finance — 63 

1263 — FintNSt.lOp— & 

1 X00 Do.Wirta.TO®. h 

3 X 40 — Eraser Aas. lOp- ^ 

13 . 0 D June Dec-GenardNslnL- 
13.40 Kay Not. Gibbs 45 

13.70 Mar. Aug. Gillett Bros. d— ^ 
12 r M June Goode HtMrybp W 

1280 Nov. April Grindlays 106 

13.00 April Oct Guinness Bert — 245 

132 D Ucc. July Ranjbnw JOT 

Dec. Joiy Hill Samuel— 

, _ Da Warrants— 012 

> Sept Mar. HongShnfrfflM. 310 
. June Nov. Jessd Toynbee- M*c 

3 % Jan. June Joseph Oeoitl- 190 
M Feb. Aug. KeyserUUmann. 50 

_ June Dec. KtegftShaxJOp. fg'| 

_ May Nov. SetnmrtBJ.— 99 , 

3 XD Aug. Apr. LloyrbEX — — ■ ZBB 
_ ' Jan. Sept Manam Fin. 2 Dp. 00 

tag Sept fenny Secs— I fO 

c-'fflj July Apr. MnflandEJ~— — 35 S , 
*76 Dec. June Dft 7 h%B 3 ®j— 

c nn June Dec Do.IDf»%B 3 - 0 B- 

sy ji** 

63 I 25 
7?*\ 974 


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54 25 % 

51 12 6 

2.7 — Dec. JuneSiRgsiHJl §0 

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45 93 jan. July DaRo Vie. — 72 
9 X — Mar. Sept Howard Shut 10 p 24 

61 — Apr. Dec. LD.C.ttp- 314 

69 — Nov. May IbauckJohmen. 172 

28 — Apr. OcL InL Timber — _ 124 

60 — jan. July J. 3 . Holdings 5 p_ 72h 

158 - _ . J.C.E.G. » 

2.9 — April Sept . Jarvis 1 J .1 178 

7.0 143 Apr. Sept Jennings 5 AD 50 - 1 ^ 
33 — Feb. Aug. Jotm^fc-itenb- « 

5.9 72 j u iy Pec. Jonef Edwd. 10 p. 10 
68 — May. Not. Kent iHJjlDp- 33 

61 55 Dec. July Lafarge SAilOO Oja 

62 — Nov. JuneLaingiJobni-A". 176 
95 — jan. Aug. LalnannJ.tQ — l" 

9.4 — May Nor. IottckcIWJ — 90 

4.4 86 Aug. ’Dec. Leech IWuiSIp- ® 

2.7 — Apr. Sept Leyland Paint— 72 
65 — pjov. June LiUcy FJ.C— — TL 
5 3 — Jan. July London Bri ck— 70 

3.0 — Apr. Nov.UreUnr.JA — _ K 
— — July Nov. McNeill Group- 45 

2.0 — Apr. Aug. Hajpet&Sthns- 185 

4.8 * Jan. June llafli won Denni 1 50*2 

02 59 d?. 54 ! 

31 ?Qj L 75 

56*2 133 3.07 1 

29 3.4 182 

01 305 +154 


74 303 528 

35 161 a 95 

35 199 42.03 

78 155 4 X 6 

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310 1212 OTJ 
US 974 b 4 W 

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128 7.4 Koc. 


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8*2 17 
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?a 74 Mac. Oct Ray beck lOp— ££2' 

|J is?® sastw: S 2 

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17.4 0 X 3 
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— — — Dec. Apr. March*] el — I- 

— 0.4 — Aug. Mar Harley-—---. — 

— 6.8 — Mar. OcL Marshall? iWn_ 

I— 7.4 — Feb. Aug. Hay i Hassell — 

— 102 — Mar. /Vug. Means Bros 

I— 0 .B — Jan. Julji jlriville D. L Vi- 

72 3.9 3.7 Feb. SepL Meyer XIoaLLi. 

- I 6-21 — I Oct Feb 

7.7 — Apr. Nov. Miller 'StanilDp. 

9.0 — Cct Apr. Mircoo'-rele 

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22 -— Jan. July 9 toak:A> 

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28 ( 15 . 7 heny Oct JonesSb^man- 136 

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— —'[Apr. Dee. 

5 j 0 t 125 Idbc. Ang. Uo*dtfit_— 

— 1 — June Jwu ifcchmeBrwL 8*2 K 5 14.95 

5.9 *' Apr - 1 jS& ffldlandlnds. 5 p. 305 WW 9 

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6 a 5-7 (J an. Aug. Peelergatfrslej- 164 12 X 2 769 
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■ Fer Share fto: 

Liverpool sad Manchester, Td: 246 E ®28 


ArosterdaiK PC. Box IMS. AmMordAiaC. 
Telex 12171 Tel: 240 555 

Siraringham: George H»xwe.G«rrgO Road. 

* Telex 338®0 Tel: 021-454 0922 
Bonn: Frerwhaus 1 XTXM HeuasaUee 2 - 10 . 
Tele* E 880542 Tel: 21003 B 

56 June Dec. RXLC — IS 

— Jan. Oct Htdlaad — 138 

— Oct May RchrU-WalllOp 81 

65 July . Dec. Robcrtr Adfs-Tt- 96 

— Ri-naa Group — 06 

Dec. July Rcwlicson lOp?'- 107 

*™ Julv NOV. Roreo Group — 

Not. May Ruwrold 37 

Jaa. JuneiRccbyP-L'emeot 76 

Apr.Oct MB Group 160 

Dec. Julv Satsii'I'jntie.-lOp. 3 Wa 
CWt May Sharpe It Fisber. 92 
Dec. ■JunelSrearirJ.iIDp — 43 >d 

l Oct May ScnfimCorSp 
u Nor. JulySLfeetersIOp — .30 
July Not. Tarnac 50 p — - 152 i 
Julv Oct rzriorWcodnw. 379 
May OcL Tilbury ClcQ— 27 B 
Unv OcL IrorisA Arsold- 130 
Feb. Ang TiuaeJBSOp — 5 tt 3 

. Feb. Aug. rSH Group 67 ^jc] 

Auk. Feb. VertaSttaelSp. .23 

l Mar. Oct Vlbroplaal 172 

I Apr. Oct iTard Wdgs.liJp. 33 

5 ^ 5.44 3-3 

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KX 1 t 361 3-4 
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10 X 11-7 AP* 1 - Dec. Dw rn — to 
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njj 8.0 Feb. July l'H 3 Tilronl 9 p_---- 16*2 
4 9 85 Sept Apr. Dcwbunt A lOp 13*2 
90 5 X Mky D«. Dowding * M 5 ft ® 
46 45 ^L. June Dreamland 10 p_ 29 a 
77 * Jan. July DabdierSp »ol 

46 63 Mar. Aug. Ok. Hctmnslljp X 2 M 
72 7 H jBn - Au & it§? 4 



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69 155 3.40 JJ 

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4 X 6.4 juJ 7 Dec. ProcorllltoeSS-Se £ 82*2 
4 X 84 June Dec. 8 CJ. Holdings. 37 
45 8 X Dec. Apr. RrintEngg 10 p- . 13 

— 24.0 July Jan. HJLP 57*2 

9.9102 May Nov. R’ Ifa 
L 0.6 6 X Mar. Sept BatdiHe lads — 70 

9.41126 Nov: Itoy RaldifistGAL™ 90 
Oct . Apt EcwnlRidpray. 75 

O Apr . 1 OcL R'dnraffianllfp 53 

Aug. Feb. RmoldfJ 12 D 

6 . 4)106 June NOT. Richanls o£ Leic. 80 
89 (( 5 . 4 » Feb. Ang-BldrtHWeftXOp- 63 
1 X 0 ) 4 X Oct May Robinson (Tbosj 75 

26 l(llSI Nov. June RotorklOp 12 5 

9 Xl 95 July ■ Jan. Sanderam &»*er. 63 

Feb. June 
•* Mat Sept 

1 DX & ft 

130 -; 6 - 
63 f/f 3.96 
61 : 13 X 353 
117 D.iaja 

102 Kdl I 2 SA 79 . 

66 ) 7 X Mar. OcttSarilteG-nOp^. Z<Pa 
7.4 86 NOT. June SaniorEngg lOp 29 ^ 

4.9 6.0 Feb. Aug. S«*Bfc_ — --- 84 

75 17.9 Oct Apr Sbrtrafrie J 5 p> K 
7 . 7 1 X 0 Jon. July Surer Franca a)n_ 28 
66 129 Jan. Aug. Sbrapbridge — 77 
3 X 46 Jan. June Sunou Eds'? — 231 
73 f : Aug. Jan. BOOGroop—-—. 8 Sul 
28116 August Smith fWhitl&p- 10 .. 
92 6.9 Jaa. May Spear 6 Jarkwn. 130 

td© July Mar. Spencer Qt 20 p. 31 

2 t 14.7 Jan July Spencer Gears 5 p _ 15 *s 

38 J 354 28 J 10 X 

Ii 3 854 29 ) 75 

30 X 4 X 1 : * 110.2 
133 290 17132 

115 M .95 -jaiO-O 
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,7 September 
i 1 Janl July 

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par^i^qlnik | 195XA 


Dec. July 
.*q Jan. Aug. 


tj Dec- Ang. 
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g ;5 June Feb. 
S'* Sept May 
Apr. .-NotJ 

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Central Mb- lflp. - 99 . 
CcnLSfceawd-Sp. 5 B 
CeMRvaySOp^ 2*3 
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Qmmb'tahFh. IDft 47 . 
CJange Wires lOp. 21*2 
DaCsv.tWUa*- 22 
□tricUa-TX©: — ' 7 L 
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L 38 15 X 9.24 

59 3 XQ 8 *« 

21 14.7 Jan July 

36 13 J Not. June : _ __ 

3 J 3 J 33 2 - July FdJ. Spwuerlnds — 75 . 

i 36 6 X 66 May Nov. SUu+rite Up 79 17 / 

X 2 93 132 - July Jan. Stareln lnds. £X 2 B 2 MJ 3 

2 X 66 M 5 NOT. May Stoot>£to;- 119 14 

3.2 6.6 55 OcL May Site fHcnn i— 96 374 

L 9 7510.7 Apr.. OcL Face lOp- 28 112 

19 10 J 75 Jan. May Taylor Eai'isier. 93 HA 

JJ £ 8,9 — Jan. July Tceateaut 136*2 12 X 2 

65 1614.4 Feb. SepL To.Abiw. 10 p_ 60 3 J 

_ — May Tfcywen Dml 0 __ 915 + 7 -' 

9 62 * Apn Oct TomkiniF.II. Sp . S*a 11 
* 3 X .♦ Jan. Aug TrlptciFdriK_ 89 28 J 1 

43 A 2 7 X May OcL Tube Invests U. 37 Z 3.4 

36 3.4122 June Dm+ff..—-— 81 1 X 5 

14 9 . 7 10.9 Apt NOT. TmckfiTAHOp 24 
IX 8 X 17.1 July Dec. Ud. Eng’S 10 P - 43 M5 

72 2 XilO.D July Feb. Did. Spring 10 p_ Z 7 W 32.6 

18 4 . 717.7 July Jan. I'td. Wire Group. 64 155 

3.2 7.7 62 Jan- June VjdMnCl _ _ 177 155 

3.0 5.9 65 Apr. Oct V^rtor Products. 1 M 13 J 

3.0 66 75 Jan. AugLW-G I-—. 108 12 X 

5.0 5.7 5.4 Not. Jane WadlanSOp 113 2i 

XB 4.9 61 Mar. OcL Waeon Indostr L 128 * 2Tj 

3.6 4.4129 Dec. July W^jC. 1 W.i_ 1 M 1 ^ 

3.7 9.4 32 Apr- July Wani fT.H j 25 7h 

5 X 46 55 Dec. June Wane Wri?ill 0 p_ 51*2 V 

« 9 . 5 * Sept Mar. jrrwickEatSto 29 ^ 

14 . 4 f 4 .fi — Jan. Apr. Weeks AssocJOp » 30 ! 

26 6210.4 Jan. May WelrGronp 127 17 .; 

— QOJ — Mar. Sopt Wellman Ecfi'e. 5 W» st 

2_0 4.4 1 X 3 Jan. July W Etta Sr's.lop_ 2 ? 14 X 

4.9 4.4 7.0 July Feb. Wealand____ 35 It 

4.9 46 66 Dec. Aug WesroE'/insSOp. 101 . 3 . 

20 76 86 Jan. JuneWtessw—.^ 73 31 

35 4.7 92 Jan. Ang 18 121 

45 5.7 6.0 June WhltchouwUp. 90 15 . 

52 2 X 125 Jan. July WUliansiWft — 24 . 15 . 

14 6.9119 Jan-. May Wtefi James- 79 X 

i 31 46 7.4 May WollEkcL Tools 85 ’ 5 

13 95125 July Jan. WoteryHur’jies. 198 15 

0.91 * Apr. Ttov.nrbwUFdy.lI^ 2 D® B 

dear -So no 1 160 

22 * 12 i 5.0 
VP* 161 OJ 
56 305 4 X 8 

® Hi 66 
80 30 i 5 X 3 

28 15 b 6.7 

£2 SOX 1364 
34*2 31 X 1 <£L 07 

Mandaester Queen’s House, Queen Street 
™TVle* 6888 L 3 Tel: 061-834 8381 . 

Moscow: SadovOTSgKKechniara 12 - 34 , Apt 13 - 
TelOT 7000 Tel: 2 M 3748 
New Yarfc 75 Bocfcefoller XT - 100ls - 
^ Telex 8 S 3 M Tel: <2121 54148 a 
Paris: 38 Due du Sc at ter. 7 S 00 B. 

Tele* 220 O 44 Tel 23857.43 
Sio de Janeiro: Avealda PTO. Vargas 418 - 10 . 

Tel: 2 SS 4848 

Borne: Via &Ha - 

Trfe* 81032 Tel: 878 3314 
Slockboln: c»o SrenskaDagbladet, flaalnmbsvagen 
Telex 17803 Tel 50 80 BB 
Tehran: V.O. Box H- 18 ^. 

Telex 212834 TeL G 82898 
Tokyo: 8 th glow. XUson &jal 5 hl*nbun 
Building. 1-05 OMmac hl. C hiyoda-ku. 

Teles J 271 IM TeL 241 2 S 20 
Washington: 2 nd Floor;, 1 X~SEL Street 
w w Washington D C- 2000 4 
Tdex 4 ^ffiTeL 1 202 ) 317 8876 

Brussels: 39 Hue, Due ate. 

Teles 23283 Tel: 5124 W 37 

Cairo: P.O. Box 2040 . 

Tel: S 38 S 10 

Uublin: S r It: william Square. 

Teles 5414 Tel: 78 S 321 
Edinburgh 1 37 Georye Sirect 
T^elox: 72484 Tel: 031-228 41 S 0 
■ Frankfurt: Ira Sschs^UaEW 13 . 

Telex: 418283 Tel: 555730 • 

Johannesburg- P.O. ^28 
Tele* 8 S 2 S 7 Tel: 838-7545 
Lisbon: Fraca da Al«na S 8 - 1 D, Lisboa * . 

Tele* 12523 Tet 382 S 08 
Madrid: Esoronceda 32 , Madrid 3 . 

Tel: 441 8772 

IftSSSfr Stt— m n 

Jan. Jui'T'TfeJlhnekProils 3 ^n) 12 
Jan. JucefWettcra Bros — 95 tC U 

pApr. Fept-iWhaUintsisp— 41 50 

Nuv. MayfiVhit’fih'ffllS.-P- - 

2J> 4 X 3 
3 . 1148 . 
<12 d 2 .M 

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131 15 _ 

85 Oct AprJ^a 5 bwid— 84 . Z>4 

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a j Mar. OctlLmrenorSfott™ 112 118 

q 3 June OcObec Hef rig 69 - 

7 5 July Jan.|Nonnwd TLlOp. J 25 

90 Mar. Septlrwk 6 rftaKte-i BB 7 m 

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l) *7 Apr. OCUDa'A'aip m 17-4 

ih 03 July Jan.|Ntassey 5 Dp— S 15 

23 A 424 ■ 
3 S 4.7 

D 3 d 2 J 59 
3 LS 15.0 
309 §J 
303 + 66 Z 
23 263 

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9 S*C 1 L 6 4207 - 8 - 
41 501257 l 

32 :< 0.99 J- 

24 ]32 1155 2 

37 Zi d 250 1 »- 

GO 25 068 15 . 


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July Dee.'AUInaVelaai _ 258 
Jan. June , 4 i:daPackl i ]p_ 87 al 
Apr. SepL All'c Cclloid 10 p 75 

July Nov.'AccSmrChcir. . . 72 
Inly Nor Baver AG. DM .33 £56 
Oct Apr. BlaptajNoalres 233 
Nov. July BrontC-.cfcs '.Op 390 

advertisement offices 

ainningtenm G«n:e CcOTge Koad * 

Tel: 021-454 MBS 

»_ York: 7 S Rockefeller Plaza. N.Y. lOOIfl* 
Td*W» «9 8300 

Paris: 38 I tt® du S^U^ 7 S 0 C 2 - 
Teles 220044 Tel: ZSSiHHl 

Edinburgh: 37 George Street- 
Tetei 724&4 Tel: 031 =» 4130 
+r-xn vf ort Isn Saehsentaaer 13 . 

^Tdc* 1 S 2 S 3 Tel: 554 <Wr 

Xoeds: Fcrnumcat House, The Headrww. 

Tel: KS2 454B89 _ 

Tokyo: KasahaiD Building. l 4 U 0 
SodSnT^le* J =7104 Tel: =85 4050 

SUBSCRIPTIONS and WOT id*ide « on ****** Btoscnitioa from 

Copies ebtamable Depamnent Hnandal-Tiaea, London 

Not. Julj’ iBroirtCscES'.Op 390 j 
Mar. SepL BnLBec-’Dllnp .1 21 ] 

reb. Aug BrU.TzrPrf. 10 pj 60 

Jan. July Burrell &p 1 20*4 

Jan. JdJT'srit^Cqellii?.. 30 m 

Jan. MeyCJbd’Q 45 

Dec. June ClbaG'p’ 7 i«%Ui £93 
Mar. Sept DoBWnvBlW £92 
Mar. Sept £92 

Ccail'eCtem — 67 m 

Jaa, July CoaiesBros 63 

Jan. July Do-'A'.Tr 67 

Sept JaneiCory iHonoei^. 23 
Jan. June Croda lot 10 p — « 
May CtyriaisteSp — 27 lj 
Jan. Ant Ehaton Plastics- « 6 ni 

Jan. julyFanoFsed 36 a! 

Jan. July FhwsSl--- — 360 
May NOT'. HakieiJ J.ilOp. 23*4 
Aug. Feb. dJcsn. Vfcleh 5 Dp. 199 
DS. May RMchstBSS — 509 
June De 4 ^a®* La ^ A -l 

75 30 JWhl« 
72 35 d 4 J 6 

55 3 C 6 gQWS 

30 1 i J 1 Z 0 _ 

90 310 M 3 X 2 

21 88 J 12 

60 12 X 31268 
20*4 155 0.92 
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45 17.4 286 

93 54 Q 7 ** 

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iftl iJl lUffl Apr. Nov. Press* nip—— gg 

QaAftE jSSBfc: » 

iffl 95 53 May Not. SrtotostGHi 25& 

O 4.7 5.9 July SonyCa^ 3 — 

2 . 2 I 9 8 7.0 October SanndDlHim. 5 p. ^ 
n fj 78 50 Apr. NOT. T( 4 eftMnSp-_ S 
5 x 1 u 76 Apr. NOT. Jto.W , SAf&— 

^ p«. June Trie Reatob — X 28 

Mar. Oct Tborn E 1 «t_— 338 
riri Apr. Dec. Th'rpe F.W, Up* 64 

CS Apr. OctUnilMhliip — ^ 

Oct Apr. Utd. Scientific— 296 
- — rVFeb. OcL WardiGoM— 90 
5 1 70 7 7 Jan - AUK. WrikoHlds. 5 p_ a 
P ” L ; 7 Mar. OdL Wcsueghouw^ 49 
* i?9 1 December SSito'iMthhLSp W 

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4 I 12 X N«i July 

cal to Jan. 

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HA 3 . 2 7 
L 4 X 3 355 
155 2 X 6 
2 J 3 J 1 . 
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732 152 
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28 112 125 3.9 

93 D 4 4-48 3.4 

336*2 72.72 g 36 5.4 

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23*2 112 BO -96 3 X 
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372 14 20.95 2.9 

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4 Q A Dec- Aug. De La Rae 353 > 

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q> tl h * an - JulriDomHMgs 
5 ^ MaJnSgDef Dorer Cctp. 

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o"i t'n Jane Feb- Dravjunian 20 p_ 

70 ^ Jan. - DuptelotSu 

8 X Si* 1 * Apr ' 

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8.4 6 4 F^ 1 - Ang Dykes 1 JJ 

33 jTfl Apr. Oct D^sonU-frJJ^., 

84 * Apr. Oct DO. 'A' 

79 4 X — LC.CanlOp— 

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n 7 April Not. 
43 May Jan. 
5 Jan. July 
?3 July Jan. 
53 Jan. Jnne 

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K Feb^ DctXatDamer — 

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W Feb: 'Sept AvanaGroupjp- 

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96 jffL 5 i Apr , oct BairtAC.' 

June Dec. Barrow Mill i a g_ 
Jan. Auc. EasacUflJco) — 
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Oct April BrjaalOp^—^. 
May Sopt Blbbrljja 

2 Z 7 ’ 3 Hb 0.78 19.4 
5 p 3.0 35 

35*2 14.11 10 98 46 
74 Id) 1436 33 
11*4 674 — — 
83 MHh 2 J 5 4 J 
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136 121 a 5 X 5 _ 31 

' I Mar. Dec. Erabart Cotp.Sl_ £ 31* 2 63 320 
?«lMay SepL EtapreaSereJflp- H02A* 24 d(L 2 . ’ 

66 February Eng-fcOts'iilOp 29 *a 3 U Z 035 
July April a&CtauOWS 77 22 081 

a Mar. Nov.Ehperanal^p. 327 50 J fSSg 

a Jan. June Euro Ferries 122*2 135 28 

l 2 Mar- Sept Erode HUgsJOp 38 H2 h !14 
65 Feb. Aug. Ewer GeorgeJOp 34*1 126 24 - 

Si Jon. M.&W— 107 -385 5.42 1 

7 & Oct June FairiauaLownn. 58 KJ SS 60 
<2 lQn - June Feedeil 0 p__ 3 z 155 L 3 ff 

a 1 Ang. Jan. FennerfJjL] 333 12 X 2 67 

Jlf J****- July Ferp«ontod._ 109 28 X 3 60 

IlSfan. Sept FertlanaB 20 p~ 29 5 X+dL 27 

=lMay Nov. Findlay (A. RX_ 36 355 L 90 

June RrelCasttelOft. 42 155 1 W 

Apr. Dec.PJtadUM — _ ,44 3 . 4 f<W 64 

* July Jan. FleieHoC.i W.. 39 H 12 f2Jb 

55 Not. June Fogarty lEJ 133 a 17.4 h 2 J 5 

7.0 Dec- July FosecoMinsep™ 163 15 J 4 38 

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155 26 
332 hL 14 
126 14 ■■ 
305 5.42 
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12 X 2 67 
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* IJuly 

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7 . 4 j 69 Oet Apr] 

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3 . 9 [ 93 Apr. Seat 
203 i 43 NOT. fhs 
5 . 7 I 163 J Nov. Jane 


JUHdg 3 )Sp_ 465 

esteawTA’ 200 

ibbODS Dudley. 76 
Hbbonsffil.— _ 372 

gJUuly Dee. )G torts Group. 

4.71114 j Jan- JulymialKip’.'iSlorm. 25 S 32 X 3 dlW 

137 228 
112 228 
17.4 F 106 
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XI 4.40 bl' 

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25 128 6 

IX 237 1 

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17.4 d 663 
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30 X 1161 

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36 3 X 12.9 Apr. Oct BlnebLiiCofll- 175 . 
36 42. 9.6 Sept Mar. BnLSagarSOp— 107 

33 60 73 Mar. Nov. BritYnuTclOft. 30 

12.9 9.3 56 Jan. June Brooke Baud 45 

2S3 0.6 — Doc. June CadfwnfSch’pi- ■ 51*: 

U. 410.4 8.6 June Jan. Can's Mlllicc 47 a 

3.5 8.5 56 May Oct. CSiJXbrd Dairies. 49 

5.4 5.8 3.7 May Oct Do.“.VN;V — 39 

L 9 671 ( 86 l Dec. May CollmMp 310 

— — — Dec. May Do. "A" flip — 10 & 

2.4 8.0 7.9 Jan. May Danish Ben All 314 

— — 4.0 Feb. Dec. EsrtraidtJB'SjL. 91 

06 9.4 2 B .7 — E* , JaL 03 .C.i 5 p^ 9 

19 73 7.2 Jan. June Es«IaBl< 2 .£) 5 p 29 

2X34239 * 
462 43 

15^4.75 49 
39.9i 031 75 

2 H 12.76 35 
19364 1A 
323 +263 31 
J 7 SL 91 4 .f 
!7.« L91 45 

23432 * 
294J2 * 

r.qfcw 3 .* 

myj .92 6 J 

3 A EX Jaa. Aug. 
44 4.4 April 
Z 6 * Jaa. Oet 
*2 * October 
40 6.9 May Not. 
67 36 Jam July 
26 70 Jan. June 
93 JJ A pc. Oct 
. 8.5 (76} April OcL 
85 3.4 Oct June 
5.9 55 Jan. Ang. 

5.5 621 - • 
J05 Q30c 
30J 155 

155 M 9 ^ 
136 3.95 •: 
- 3 .4 185 ’ 
17.4 3 . 3 : T 
11! 4.47 


sjrV "n ■ ’ 

13 m 

. 65 :Sr^'i 


9.4 28.7 — E* , JaL 03 .C.i 5 p^ 

73 7.2 Jan. June FS’tflandfl.E.JSp 

83 43 Jan. Oct F.iiOl— 

76 ) 92 Apr. Sept)f tuber (Aj 5 p — 

47« - 

17.4 L 42 

7.4 44 Feb. Ang. Hama Kfti . 63 

61 * Not.. Apr. HbbUmmIEmi. 29 
69 ♦ Dec. Apr. HanhncrCp.Sc. 94 
86 49 Feb. July HnaoalVuti 131 al 

65 .26 Mar. SepL Bu£s*CBr »83 £B» 
—j X 9 X Jm. July Hagrerrasaift. 57 
•7 4 65 lan. Aug. Hfliris(Hv 323 ft. £0 
JM ^*7 Not. fturisSSeKtau 58 
8 . 4 | 325 Uu& fetfeMSn. £ 9 sll 

305 362 1 ' 

D .4 199 1 XJ 
■ 30 X L 94 ■ ' 4 . 
m 236 ■ 3 ] 
15 ! 100 21 

113 2020 . * 
363 1125 
. 3.4 faQ 04 * 
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19 92 .-Sf> v ^’ *;* 
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lp i 

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5 ' 


12 . 

Last mi- 
ni I Net 

Nov. May 

125 -05 

23 I 67 fll 

<2 67 i 

220 15 J 

401 , 47 | 


46 13 ; 

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Oct. Keb. 





Furness Withy □ 

IW 1 T-tHMI )TTi ' l 

^ li Nov. May Amteynnl Gip._ 
5 f w Peb. Auk A&® MOW. 

~ Jan. July BSGloLlOp 

! ■.*! Au 8 - Mar. Braid Group 5 p_ 

u ,i f-fS ! 5"S ^ H May Nw. Brit Car AueiOp 

53 h 3 V 4 ^nt 1 -S o ? ^ Mar - July CGiB-JOp 

« TVS bZ ' 06 | M ! 9 -1 ,an - JuJvOrfJywSDp 

13 m Jl,= hrJrJ- Ian. Set* Ct*noreSnL„ 


I - pan. Sci 
jjiTZfcpan. ji 
8 . 9 uan At 

|| Jan. . Aug. Davis G 
53 Jan. June Dorada 
43 -d lao. July Datum 
— August Gates (1 
*■? March Omfie 



MB*. I 4 V 2 1 503 ) 2.81 

53 51 577^.43 

LawrJ 32 30 J 1.25 

... .. __ TZ m Z r***. wwMjiuiu.-,,-. 

M 6 JL» 25 9,8 75 April Dee. Fotfnwrlms..- 
t 7.75 2.4 9.4 7.6 Oct. June GsmorScntNair 
?J 3 3.7 7.7 4.0 December HeaHanSinBap. 44 

138 4.8 5 J 61 Nov. May HiUmw 20 p 94 

ft 98 ?-3 ,£-f Jo fie Dec. KShoes- 71 

1-42 ^-7 103 8.6 Apr. Oct Lambert Rth. 3 (h)- 42 

b -W 4 7.9 * Apr. Oct Neehoid & Burt n . 5 W 2 

t| 2 J 7 12 8.2 ilJBi Oct April OSeritiVA' 48 

tdU 4.6 65 M Jan. M=y PittarrlGm 56 

J 103 5 J 5.0 55 Feb. Aug. Stead t Sim 1 A' - 40 

1 ?? ?- 8 8 £ Mar. Nov.JStrene & Fisher. 60 

2.81 3.4 8.6 &£> July [Stylo Shoes ! 63 : 

43 76 K»pt At 

lUAn.Sffia £• Biflfi % li 


i While If 

TBlOp I 

8 66 pan. July Hartwells.: 

* 5.7 Aug. Apr. Heniys 2 fci 

3 16.7 Oct April HeroOMtr. Grp. . 
7 0141 May Nov Do. lOpcCm.— . 
123 Dec. June HnnfiiQiaulesi. 
— Ian. July JesujsUbu— 

;i 7.6 Apr. Oct Kenning litr 

1 »3 Oct May Lex Service Grp. 

■ 7 ] 211 Oct April Lookers 

23.1 May Oct laon*I«n__ 

y ' , “ ! 'sa; 

M J 7 September Pennine KrJOp 


2 i|d 5 .% 

4 102 A 

3 2 7.6 5.7 
3.1 3 . 613.6 
05 £ 4.9 - Apr. 


AbemunMUO-l 105 I 

40 305 15 ! 

4112.01 0 jSopt Mar J Anglo Am. In R 1 570 
5 -ffl 5 . 9 ) 52 [Feb. Aa&lAi&Tri ]))<!, SOc 128 

76 | 16 J| 4.15 3.71 83 ^ 5.0 May Nov. Edrorks 10 c — 80 

is £2 r>ec - Jane P^nylRJMUs.- 

7 Jl 5.4 May Ort. Quick (H. ft Jj HkL 
— Mar. Oct Reyno'daW-Lap 
B 6 Rjx(Oliv«J 3 tk_L 

. 37.7 Mftv TateofUvrfcH 

37.7 Men- TateufLreds_L 
-4 — June Nov. WsdharnStr.'Mn 
2 72 Doc. J ulyjWesteni Ntr_- 


« 0.62 a 

6.6 45 September Gold FkSs. P.S#: 77 

5.6 3.7 ln& Dec. Grtrans-A'SOr.. 132 
1 L 7 60 Feb. Aug. RaktrsCpn. Rl. 120 

7.1 3.7 Dec. May OK Hasan 50 c - 410 

— 20.0 March Sept Primrose 10 os._ 76 
_ _ - Bb Thiefora ‘A 5 Dc 154 

4.2 3.4 Dee. July SA.Brews. 20 c.- 81 

h!S 52 [May Nov. TiEwustsRl— 575 
231 55 May Nov. I'nitec 671 ; 

jL 5 Gp~ 482 
t 3 a«- 297 xri 
Exec. 5 p__ 57 


M f Jan. AugJAssoeNera— _ 

, li Nov. May Ara.BookP. 20 p_ 

7.0 May Dec EPBlffidgs-'A _ 

0 Feb. Sept Ban Bnxhax_ 

. 95 July Oct BlackiA&C.i— . 

£t 63 Feb. Sejpt Brt&KHPost 123 

l! 1 ) Oct May tbUinsWUliam- 145 

3 lr&j 6 iloet May Da fc A" 

‘eb. Ang. Dailv Bail '.V 50 lp _ 

±j 3 . 0 flan. Ju 5 B Mid. Allied ‘A 
fl 5 J|Apr. Oct Gorton &Gou±- 
3 l 53 lOct M«y Home Counties- 
ffl AolOet Feb Indewasdcjiti.™ 


d 3 . 0 flan. Ji 
« illAor. O 

8.5 23 55 May Nov.^'niiw 67 l a 

I— - 22.5 


M 35 | 56 ^ MarunkjdTertile— 144 

• iau. Aug. Atkins Bros.—— 52 ni 

RlTltfi Dec. July Beale, U. 120 p— 65 
ICU!JK5 Mav Nov. Heckman A I 0 p_ 72 
June Pec. BbckwoorfMoct 27 ^ 

Apr. Sept. Bond St Fab. lOp 31 m 

t Mar. AOiedTertile- 144 112 d 6.«9 3 $ 6 ^ 

. Aug. Atkins Bros. 52 jB 126 3.67 4 > 10 .J 

. July BwtesO.ianp- 65 305 2.88 * I 6.71 

t Nov. Heckman A. I 0 p_ 72 14 S 4.90 3 l. 5 M 10 Jh 7 J 

a Pec. BtackwuorfMoct 27 W 477 gl .82 1 . 8 ] ttl« 

. Sept Bond SL Fab lOp 31 id 12 i 2.6 3 . 6017 ^ 33 
Bright Dohm — 29 bid 126 VQ, * 1 l 24 ^ * 
Brign«yGrp5p_ J 874 ^ - 1 -1 4.' 

Apr. Sept Frit Mohair 

Feb. Aue. rnWrt'mbXp. 
Ian. Jo& CbiniiDundoei. 
Dec. May Capets InL 50 u. 

May Nov.fCBr’etnViyi 
October (Qnvdawlnd 

Id. Apr. L>»ID RiaSdlj- 
U 35 tN r ov. July Marshall Cav.lOp 

7.9 Nov. June News Irt 

9 { 6 NOT. July FParsan Lmehdh. 

5 l 9.0 Jan. July Pyramid lDp.___ 
a d. Mar. Sept Routfeda&KT. 

2 b .2 May Oct Sharpe iwNi — 

5 0 Dec. June Thomson™ — _ 

4) 5.0 Nov. June IM Newroapen 
5 — Oct Feh. WehstersPuoSp 
5.8 4 2 April SepMWil*MBKifc 20 p. 


October Qradowlnd — 
Dec. June Coats Patous— 

Oct May Comb 

Mar. Sept Caalaulda 

tdlDmKfcej- 15 675 • 

TjrtsInLSOpu 55 1431 L 65 26 4.5 ( 98 * 

T’pnViyeHal 38 » ? 27 J 210 33 83 ( 4 . 4 ) 

vftmlnd 30 217^242 24133 53 

Us Patous — 72 ij 305 326 3.4 6.8 4.9 

UnlL 132 33 t ?-38 ’M 3.9 4.4 

130 31 J 338 89 -3 9 43 

toridl — 70 163 t ?38 26 52 J 1.1 

JkB.lflp 28 305 L 98 Z 110.7 6,7 

Johm._._ 3 Z 155 Z .5 * 1 X 6 ? 

(J.iKt- 106 27 1 hO .67 20.0 LO 79 
'PstSp. 85 272 16.48 13116 9.9 

WK. 5 p_. 12 305 0.75 26 9.4 63 

JltiSF: Jan. 

ar&all Cav.lOp 


firson LdogHHE. 
yranddlOp — 

Mar. Sept Da 7 % Deb 827 £ 74 ^ 
1 July (OwtherU.i 36 ri 

fe July urwstrwu.i — » 

h. SepLDawwnlnlL 132 

h. Sept Do -A 130 

Feb. Oft IS 
Nov. July E* 
Ian. Juiv FU 
Apr. Nov. Ha 
Apr. Nov. Hji 
J uly Hv 

an. AugJHiehanE 1 52 ai 126 3.01 * 8 B <J> 

tar. OcujloUasGrpSp — I 59 30.1 t 4. 19 16 10.8 f? 5 i 

_ . U. . e-e , ^ 305 d 3.12 fi .9 120 tU« 

liqApr. JuJ 
10 . 5 fj fln - Jot 

Paper — 

•0126 Dec. June Arittft Wiiwrg- » I 3 ^ 195 
^74 Dec. Mas ~l » 1 37.4 3 ,» 

5-71 K 8 EiJSflSS- 60 a! »6 M 

9 OK «ggat m 

a a — CsiwUM'SirJJ.-. IB 
6 9 3 X 3 Jan. Aug 2 ^ D J*!J 0 P- S’ 

^SS|» 1 

, a , jbs, Alig Ch«wuD fcd 50 p- 7 SW 326 3.92 * 7.6 *_ SepC. Apr. ItTOforf — 

Sept May Clay (Richard! — 74 3.4 h 253 33 52 85 lufr Per. Notts. Manfj 

« June Nov CdkttPswlOp 57 £ 327 « 8 7 40 Sept WmJoiH 

H. L. ObS? C iBrtJ. 2 % 677 UB * 1 J 0 * lag June Partond'A 

7 A APrii Myn 20 l» 17 77 ! 626 Ian. July Pickles, ' W.) 

? i Nf^ P July Dffi—- “I. H.( 7.00 LB 9.2 92 lan. July Da A NY 

?-? sept AW. East Lancs. Ppr. 55 3 .< 33 29 93 5.8 Apr. Sept RJv.T. 10 p_ 

of tW” Kw. &tcQHptBS-_-— 70 11 J 3 W 43 UJ1 24 Apr. Jufr 

H inr Mm FIhtt ftcfc I 0 p - 76 * 17 / th 256 36 51 B 3 Aug Pec. Reed (Wdii, 

cn Aw OcL UntwIWdinfe 110 . 312 b 7.7 16106 7.7 Mar. Oct Retiaure Kail 

ii Jan' June GewsGross Wp- 47 ni • 12i R 3.0 0 103 4 May Nov. Richards 10 ; 

Hft SSrmnn&sZ. 25 £20 UIUMmS-. 0rt.8EE.Tma 

rfjVG Aug FebHMnfrar 43 305 d 3.12 0 . 9 11.0 ilA 4 i 

T „ OvlT Mar.nrgwvihM.Z 9 p 31 1272 134 3.1 65 6.7 

Jfi Oct Mar. Da'A'ZOp 30 1212 134 3.1 6.8 6 4 

' Ian. Aug. Ingram 37 31 d 281 15 1 L 7 86 

1289 4.41 72 6.7 Nov. May tawneiHH©.). 52 17.4 62.78 16 81 52 

WX 193 ( 8.1 - Inn. • July Leeds Dyers 63 305 6151 5.8 3.6 71 

L 95 24 82 73 November Laiph Mills 20 3 JC dl .05 U 74 M 

363 26 85 9.0 _ Lciw 5 p 12 ^ 174 ~ - — — 

338 26 9.5 ( 46 ) Apr. Dec. lister Z 47 12 J 2 81 — 03 - 

3 JB * 9.6 0 Ian. July lAies(S.i 30 p — 62 ?05 4.5 15110 94 

3.8 6 ^- 9 + May Pee. Sfactay Hugh _ 45 3 .id 33 0 . 9 10 . 9 15 i 

458 45 75 4.4 Apr. Oct UacktntwnSaW 30.1 U 5 5.4 65 41 
{190 32 65 7.4 Ian. July Martin i-AjHip- 98 155 3.70 4.8 5.7 41 

' - - - 44 Nov. June MDIw(F.)jOp_ 45 25 145 35 4.9 81 

3.92 * 7.6 9 Sept. Apr- Sfrmfort__T__ 61 3.4 349 22 87 7.3 

6253 35 52 85 Fufy ner. Notu ManFg — 127 155 524 4.8 3.9 6.9 

327 44 8.7 40 Kar. Sept NwaJerewZOp. 46 11 105 76 16 U J 

XM 4 7 M ♦. lag June PSTtond'A' — 7 W 126 3 J 8 61 4 

- - - 626 Ian. July PicktesIW.i&Co. 14 25 0.69 2.1 7.4 9.1 

7.00 LB 9.2 9 J Ian. July Da'A'NYJOp- 9 lj 25 0.69 2 J 10.9 6 J 

ReedfWm.1 89 al 126 442 . . _ 

b 7.7 16106 7.7 Mar. Oct Retiaure Kail 20 p~ 42 272 189 2 . 910.4 3 i 

K 3 JJ * 103 6 May Nov. Richards 10 p 21 155 1103 3.0 9.0 6.7 

4.20 20 103 < 6.01 Mar. OctK.E£T 20 p 57 341 ldl .65 9.2 4.4 JJ 

tQSIBO 36 3.4 87 July Dec. Scon Robertam. 47 305 Z .74 15 B .8 52 , 

4.86 23 96 ( 85 ) Sept Jan. SekersIntlCp-. 25 b L 51 ♦ 83 * 

470 23 75 73 FebT Aug SSavCmyettlSp- 34 1276 WRB - t — 

11434 26 8 J 55 June Dec Shiloh Spinners. ZB 25 164 13 8.5 136 

29 42 46 75 Mar. Sept Sdlawlndfi 50 p_ B 9 al 126 6.02 15 10.2 102 

§ 2.0 10.6 17 82 Jan. May Sirdar— __ 69 14 td 2.82 4.8 63 43 
d 3.40 3.0 .55 96 July Dec. SmaHtTiilmfis. .30 305 2.0 L 610 J 9.2 
KB«c 41 17 143 Apr- Aug SaVisfcaUSKl- 69 b 177 - - - - 

225 li 85 9.8 Apr, Aug DaPriv.UMO- 43 b 177 -- — _ - 

2.48 67 5.9 27 Ffh. Oct SpencwiGeoj— 45 3.4 2.46 18 8.7 8.7 

1413 3.4 36 117 Apr. Nov. Suxhfcm! 'A' 28 13.2 1132 4.0 7 1 53 

92.42 53 43 69 Jib. July Strew) RfleyDr’d.. 32 16.1 tun 7.5 4.8 3.7 

1734 . 26 5.6 103 Jm. May rerat’onsulate. 58 25 165 5.0 43 5.1 

19 12811 1 055 
ID 57 « ^ 
27 2 67 
126 dOAl 
lflA .32 


? llw^Nov. BteSAUraSg 180 3 

utv Dec. 98 B. 

sgffifg T I 

43 ] 69 Uan. J« 

56 ll 0 ^utnL U 

i.i» o.‘ - lan inMSmortn uensn-i. *»■ <j 734 . 2.6 5.6 102 Jon. 

5-3 « J an -^^^StPpr. 70 2813 494 * 112 4 Mar. S 

&BSk 1 is.?:] tir. 

* fS AUS SdSSSSt 2 U ^ 3 J nio V 7.7 B.l »pril 0 «J 
t S' CffB gS? _ M 15 ! 3 J 5 371 7 J 55 Job 

u £9SSSKsd “ lip - -1-1- 


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□sons 56 

5 OT, 


tt SBWC liHfS 

5.7 1 Sept Mar, 
lan. Apr. 

IC. H 5 10 p— 55 ; 

53 pS 223 


_ ikituttLand — — _S . 

0.68 12 4.7 26.7 jgu. Jun^ 

163 1 I 3 J ^ Mov. !ttar.j 

M 3 B 1 13 6 B 188 j -m 
td 40 14115 92 ^ 

t 2 B 7 - 72 - 

?■?? 4 44 * TR 

I two I t.i 421 £l 

?. Jff*. 1 KW l 2 i 

86 jar.-Jil^C»P ; j£^; ^ 

I M 11* 

JWLjcptwrm^,^ 68 979 — 

t ,..„~r D n rSSSfiefcl! 3ioa m 40 

■ Pec. Jane Jorchb'iy&t-- 2 S? S S 3-S 



- Investment Trusts 

June) Aberdeen !nvk-.| 50 | 15 S 2 J 5 | 10 [ 7 .! 

■^S^BSSSS: | | 

dpi 8 @6 9/ 

Jan. JulyfiS^S^A 1 ! 57 B 1 1 ! 

-. _ — — Dec. June) Aberdeen Inv&.~ 50 155 235 10 7 . 120.7 

012 % — £89 — Dec. June Aberdeen Tnul- 141 25 fc >.05 11 5.4 25.7 

l 91 13 2.9 ® 5 i Jan. Sept Ail»Iw._ — 110 13 14.12 U 5 .A 25.0 

17 4 5.0 4 Dec. July MnweeiDV 96 2831 3.00 4 4.8 4 

I _ log May AJliancf Tnnt_ 228 7.10 10 47 30.9 

a _ a Nov. July AlUfund Inc. 50 g IIS 155 830 10147 13 J 

2 M 16 3.4(&J|N«. July Do, Capital Sflp. 184 155 042 — 03 — 

_ _ Dec. July Ambrose 54 s! 126 45 4 12-6 4 

_ _ _ — ' De. Cap. 59 ^ - — — — — 

40 4 2.0 ♦ Ort. May AmeriranTnal- 46 3.1 135 13 4.4 324 

_ _ _ — — AmericanTst'ff 46 - — — — — 

463 6 0-9 4 Aug Mar. Anglo Am Secs.. 104 132 30 13 4.4 315 

172 15 4.9 20 J Sept Apr. Anglo-InL Kv. „ 44 272 33 16110133 

196 IB 4219.4 — Do. AsttlShs — 134 - — — — 

_ _ _ June DetAndaScotlm.. 43 153 H 41 10 5.7 27.0 

20 23 LB 29 . 9 pW- Feb. Armnsedeslnc. 68 11 5 J 5 10 U 5127 

066 4 43 4 — DoCap-SOp.. 37 - * — — — — 

lfl .79 26 3.4 «J> Dec- Jane Afljoliir ifAli- 147 3 J 0 Qi Ift 1.1 f.6 203 

1296 26 4.9 Ul Aug Mar. Asjdownliw.. _ 125 30 J 4.04 1.0 4 . 931.1 

4 45 4 I Janoajy 

85 (m2) Dec. June. 1 Ubs Bed- — 59)j 155 150 1.1 4.B29.0 
£73 i- October Au^_&InL(5Qpi. 101 133 17.7 10 4.0 j 33.7 

Q 42 \'ov. Jaiy Bwfceitfinv.- 57 ij T 74 255 $ 6 . 8 / 4 

64‘ 1431 1067 10 2 . 3 >L 0 


Rfc- 7 fl Fea July H^^ner 

miisSt. JHmu* 

0.42 20 14 55 B December 

10 U 641 B .9 - 

1103 14 16 S .7 Nov. June| 
flalllh 2.4 18 B .9 May Dec. 
1568 24 76 ( 64 ) ~ June 
— — — ~ Jan. July 
856 15 45196 

4.36 4 72 * Jan. Ang 

M 3 J 6 -U 5 Jia 3 Apr. Sept 
Tr — — — ApJyOJaa 
5.46 17 14 62.4 % NOT. 

0.66 17 42 ®* Feb. Ang 

24' S.fO.66 17 42UnMFtf. Aug 

2* 12lft29T 22 L9&«D«. June 

S, iw * zifiioeL apt. 

Sov. July Ba&kety'liiv. ST 1 ? 174 255 $ 6.81 ♦ 

aBDwm&BmvSud 64 1431 1067 10 2.1710 

LB .9 — EtshmscateProp.- 7 ia 3110 — 

3.7 Nov. June BisbopscateTn. 170 155 d6.p 10 5.6 26 ./ 

( 5.9 May Dec. BMdw^to lDp 58 ^25 la 11 19345 

84 ) June Brazil Fund Cril S 94 * 676 050 W 5.9 4.5 3.7 
” Jam July Brazil Isv.CiSL. S 134 15 .l 33 s 52 l 10 43 22 ? 
198 — BranarTit- — 24 2831 fOj 15 3 x J2o 

4 Jan. Aug &Tdearata;lOp. » 41 - - ~ - 

UU Apr- SMt&jtAm&Gen- 40 272 US 10 Ufe 

— Apjy 0 J®i Bntirii Assets — TT-j 155 b 2.20 L. 2-3 33.3 
sS.% Stay NOT. MZ»*.SK*sp lOlg 25 10.6 U 8 . 1 U .1 

!U) Feb. Ang BnLlnd.&Gen_ 102 1431 3.4 11 5 - 226 .S 

BUDec. June Brit Imvs* 270 4.85 10 4 J 7 |_? 

4 OcL«iuinciato 351 133)535 -. 0 j jJ 29 .o 

Tokyo. Japan 

MINES— Continued 



LN | VTd 
a \« rir Gi'i 

\OK May Fdicen F& ?ur . . . 
May Rhrrin<r»rp lt2;ji 

139 l 3 81 30 | _ M( nK .“ <lll , r E 2 SStoSto“ 

Jan. July Du. Fret. Sup 

Mov. May Vtnnkicr*! h*i 1 . . 
— ZJir.rpr 5 BId. 3 l. 

IBS 2)IQ50c 13231 
17I 2 174 0 56 7.1 4 8 

70 1274 - - _ 

158>d 12b 420.0 « 63 

90>d I’d 49"o 16 4 80 
37 17 4 1Q7'ic 14 67.3 

141; 11741 - - 


Nov. Apr. 

Oct May, 

September I 
Dec. Apr.' 

June Nov 
June Nw 

Apr. »Vt 
OcL May 

'ewe-. 'J«’ . . . . 
EHKciuLli-'iOc .. 
'.'ewaJI'acTfia ... 


Haaipin Arcus f.p .. 

Metals &. 50 c. ... 
MJ.M Hid* 

Mount L\cit 2 bc ... 


Nvfth B. H)ll50r 

•ri'J,ri«i'j:i\l ... 
Fjci(h‘« ,inr*?r . . 
I’annqiM'^ 1 '.- 
P.-Lr-V.JLf-s .1 *ti; 
SauiAt-m . 

IVliim Creek 'Jtk ... 

14 - - 

115 14 J QBe 

113 974 - 

210 - 

240 145 QlOc 

55 6'67 — 

12 S 25.7 1.45 

206 U 2 Q 9 c 

32 - — 

4 - 

124 15.5 OB*- 

14 - 

176 7.3 IQllc 

40 - - 

£ 141 ; - 


520 190 Q 15 e 


147 34 $Q 6 i- 

£. 1.1 U B.l 

3 2 | 5 i 10.1 
6 J - 4.5 

Nov. Apr 'iiibl 'Mi.... 
<kpr. 'b.-L A;eri«umSNl ... 
Apr. net BcrUlTm 
Jan. July Fwrjinaji SKI . - . 

Feb. >‘ct. l»w-s,i;. 

— Gnlditoieir.’ti 
June Ueo. lajpeni; Omv. 

— iiunehanK 

May Nov. iiiri- tup 

— I Il'Ijh .. .. 


Jan. July Ki'lin^l.bii 

April .''blLyLTidi'mlsIJ.. 
— ■ j I unit . . — . 

Mar. ScpL iVngkalci. HV 

June, -lan rWjlimjSMI — . 

Mar. tih'L Saint hmu. 

February South Crotty (op.. 
Jan. July %MJhKlnlaSMvf 9 
June Jan. Sim MjD;rn%ll. 

— biuwciD.-'iSMI .. 

I — flupreov-l rvp&II 

May Nov.mrnx.Ml 5 p 

SepL Mar.JTun'kiili Hrbr.SM 1 

2.3 160 133' 
1.7 U.a i5.7j 
* 2 J <p 
9 4.9 * 
7.5 o3 3.2 
75 oi 3.1 
13 1 55 

SepL Mar.r 
Apr. Octf 




! ... 355 


. . 2 S 5 


jt> 10 



88 I 


all. 68 I 

-- 490 I 

ai. 400 1 

60 d 
203 ml 
59 I 
205 | 
41 . 305 I 

I .. 220 I 

&U 75 

- 92 
iUJ % 


I !3. r 12.51 
I li? .v'lt <<■ 
8E 3.75 
: siiwnot 
16.1 h4.51 
1074 - 

17.4 15.0 
U'b? - 
17.4 12.0 

m - 

, - ZQ155c 
121: 0125 
133 1095c 
9 75 1V3.75C 
12b 65 


, 3.1 b413 
31 ttJ77Jc 

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974 ZQlOc 
17.4 65 


June Dee.| 3 iciMnaR£t.M J 89 [ 12 i 2 fitiMc| 


33 32 20 2 
4.4 4.7 7.0 
2.7 81 1 5.4) 
18.0 £8.7 - 
U.0 1.7 7.9; 
312 i18| - : 

— Burruiilin«17'-i> 

Aug Feb. i^ivl M urrh. lOr. . 

Noicmher N'vrUiKatc'.Sl 

JaiL June K.T 7 . 

— Sabina luds 151 — 

TarakuknSt - 

Nut . July TriudyMineral r l 9 p 
October Yukon Cons CS 1 __ 


z 3 95 

Last Irt Yld 
a Net t’w Gr's 


4 45 L'nirn Miwnviw Ioditflni. prttn md Mt Aridndl arr ia 

15 5.7 prncr and denmiuijmi, are 2 Sp. Fjlbaeue |>rlcr((BiliW 
— — niii-, am.' m .vr hml oc lamt ikmd( irfirtt nulirMiiifi 
1.0 51 sad. trber* pa: 4 lM>-. art- updated on balt-*e 3 »l> figure*. F/&arr 
1 o 17 calr-ibucd on ibe oi nei d^riUiatioe; InduM dean 
1 5 r; i Indies!" 10 pet ccn!. « more dtffermce tf calnlaM on 'all'’ 

T •Li'i’i rlidWhnlkiw ire KiMeil nn “mniimim” ilMrlkiflAii 

12] diatribnUM. C>,« air- based on “nandmum' disirlbHUon- 
P3 neidb are bwtd on middle Brice*, nr* grass, adjusted to ACT of 
, , 34 per eenl. and al hr* Inc nlw of declared di sl rtbn t tona end 
, ~ riidtloL StcurUia, wrtfc OmmxtxaUooa Mkrr Uon czeritnf an 

kmaImI i^Hwchv of (he inveeliwnt ilolbr nrvmltttii 

— W; ai 126 2.42 « 12 .« * 

— J wz = =]« 

210 I 5 UGJ 4951 1 5 .* 
305 lJ|hl 6 J 5 4. 1 

27‘ 2 

' , ~ tirOtla. Stcurtilo, wfth deoanrlnuUone Mkrr tton Mritar an 

~ quoted iednslvr Of the investment Mbr cmnlnra. , 

no ae 4 Sirrlinc deooiruiwted securities which include investment 
u ? 4.6 cUiIlsr premium. 1 

It 4.4 * •'Tap" Slock. ! 

19 45 ■ Jlieba onrt Lows matted (bus have been, adjiuted UtaUoav- 
32 14 lor rirM’-i issues lur cash. 

2 JB 4.6 t Interim since mcmMed ur resumed. 

19 45 * Interim since reduced, passed or deferred, 
tt Tax-free in nan- resident on application. 

* Figure* or report awaited, 
it i.'nIWed securitv 
e Price ai ume of xu«r«nsicm. 

5 I rvJl'-jlcd di viilend oiler pen. II nij scrip and/or rights issue; , 
m»er reloia jo pre»-iou» dividend or forecast. . 

_ . Free nf Stamp Duly I 

5.9 6.9 * Merger bid or reorpanisaiion in pro Kress • 9 

4 - 9 ] 8 J 4 Ni»t arte parable. l 

37 ] 8.6 » idsu interim- reduced final and/or reduced eamitUCS I 
ifcll 0.9 Indicated. i 

5514 dividend: cover on earnings updated by latest • 

ai interim RtaUcmmL 

no t JVncr allows for Minenim of shares not now ranking fop 
?■? dividends or ranking noty (or reslricted diridjmd. 

10 1 A Finvr does not allow (or shares which may also rank for i 
Jg-r diridemi ai a future dale No P.TS ratio usually provided. 

2'5 V Ksclurtnifi a final dividend declaration. | 

B-0 + IteCtcnal Price. i 

K Vo par value 

a Tat invc. b KiftnOM bated on protpectus nr other official , 

Cel 1 o II w par value 

OH lafilKrl a invc. b KiitudM bo^od on prospectus nr other official , 

c. n ilr. nnn n l he inai ce iihib nstlmnti-. c tcnls d riiv idend rale paid or payable on part : 

SepL|LunuvaO 1 175 I 1331 55 I 151 45 lV p.w:. tnvor based on dividend on foil capital. | 

dfriria e Redemption yield, r F 1 .it yield g Assumed dividend and , 

/MOCS jii-ld. h Apsumcii divideml amt yield alter scrip Issue, i 

A ... . j Parmcnt from capital '•'urres k Kenya, m Interim higher I 
J [Ji-i than previous n Bights issue pending 4 Earnings j 
W | 1 U-V bc.--.-l • n preliminary Iirurcs r Aiuiraiian curronej-. I 

DaA-NVJ 0 p_ 9 I ? 25 0.69 2 _ 1 10.9 6 J 

LK.T lOp 92»S 12. b ^169 35 7.7 5 A 

IscDeyFwWmis 50 S 2 fd ?94 3 . 1 12.0 4 J 

89<d 116 4.42 * 1 751 * 

42 272 189 iWlO.^ 3 J 

21 155 1103 3 .<H 9 . 0 i 6.7 

-i I'lvidced nnd yield exclude u special payment, t indicated i 
dividend: rmpr relntev 10 prenuus dividend. T/E ratio based 
on !■-.>•:•=* nunui.1 varnmes. u Korenont dividend, rover based 
on prei.rxis year's earnings r Tax tree up to BOp in the C. 
n Yield allows for currency clniue. y Itnidend and yiold. 
bcusnii on mercer terms. * l>ivtdend and yield include a 
.ipi-cist puyiWM' Oner rices nut apply t ' 1 special payment. 
~ — A Ner d.vidend and jield. B Preference diindemi passed or 
164 t di'lerred. ttanudmn. D Cm-cr anti P/F. ratio exclude profit* 
25 6.2 ol n JL aeri^TpQce subsidiaries. E Issue price. F bmunid 
bj 6.9 und yield bused on prospectus or utlicr ofliciai estimates tor 
iSTT-Td. G Assumed dividend and yield after pending scrip 
and'er rights issue H Dividend and yield based on. 
prmpeclui' ur of her .rffioa/ estimates for IpTH- 77 . K Figures no prospeclui or other oUirml Crlinuun lor 1 B 7 H. 
v qipn !*f W'tilsnd nnd yield bored on prospectus or other official 
— ajio.v ejtimMesfor IB™L N Dividend and yiold hased on prospectus 
J- 4 | — or uLhcr official estimates for 3479 . P iiividend and yield 
— J 4 J. h.'Licd on prospectus or othts* oflicia) enlimaies lor JBT 7 . 

3 J 1 Q 19 C igiai o ijp'ss. T Figews nxmmcd I’ No significant Corporation 

^JJjlWc im25.4 of Muck 

6 . 0 )te» jojuhlc. 7 . Invidcnd total io dale ft Yield based on" 
3.9 1 asM/c.iici..n Treasury BiU Bate stays imcbanged until maturity 

jJICRSc I 0 4121-7 1 Abbreviations: «4 ex dividend- tt « rerip issue: w ex rights: a ex 
yjffi 86 c 17 ] £6 3,1 ** vi l ' a P ,,al duiribuUon 

- F.eceat Issues 

• Sights ” Page 29 

This ser.-ire is available to every Company dealt in oa 
9 112.4 Stock Ei changes l hnmghont the United Kingdom for a 
* P-° Tee cf £ 4 u 0 per annum for each security 

25 1.65 5.0 43 5.1 

133 ei-O 0.9 6-6 25.7 

1212 175 13 10 J 112 

25 172 19 82 95 

wY 50 54 20 .LH Q 10 % Lffl 21495 

furdCirptla 28 2731206!2 75 
oriHelQp — 64 153 W 63 43 52 


covQIelOp 64 155 tl .83 62 43 52 

l’iUTex 2 Cp 42 ■ 132 3.25 22 117 60 

tafcf.Ftnew. 20 p. 43 199 1.82 02 64 ~ 

' tichal 35 19.9 205 - R 9 - 

The ‘r’lp A-ine Baulcrtionnt ixmdtm quotations of chores 
previ”« li-iv.l only in rcaianal markcLs. Prices of Irish 
issues. m«l vi whicn r>re not officially listed In London, 
are aa qiwieii un the Irish exchange. , . 

, , . Shefl.Relrshmt.l 52 I I 

Alhanj Inc.— «p ~3 

Ash Spi -mine . fl 5 

Kertam.. . ... 22 

Hdt wir F.-v .-Op - 1 0 

l/loi^-r L rof:.. .. Zb 


iTInte. I 335 1 132 ! 13 . 01 10.41 S.« 5.8 

[Craig & rarthC tl A45dl 

.-J_= I — I — I 4.9 

X AJ 1 Op- 358 1212 8.72 * 3.8 « 

a! 77 J 132 5.66 2.0 111 5.6 

m 5 l 2 >Mv.| 55 1212 cZ .04 9.4 S 3 24 

snBn-ltfJ 62 { 25 2.79 4 4 

rty>uiniF.. V> t 
Elli.i .t "cElfl:- 1 .. 
Evered ■■ • 
Fife :->«r-.-L- 
PtrjI.Ty t'hv. -‘b 
Rraigrihip -l 
Hl(«r,n> lin-w . 
lOJU.F'n: it ... 
HoltiJc- i- e n 
Nlhn ColiFmiili 

Pearren' tl i . 

Perl iViiHh 

Sheffield Bm-I: 

Conv8%ao/82 £91 1« 

Alliance Gas... . 73 

.VnOtt 345tS I 

I'arrolliPj.i.- 90d .. I 
r'Maltia. . . . 97 +2 f 

I'linaWpProdi- 130 -1 
lieitnniHIdiLs.i 44 i-4 

ins. t’orp- 148 .... 

Irish Ropes . . 130 .... 

Jacuh. 65 

.SunK'um. 30 -3 

T.M.i; 170 .... 

Urmiart: 90 



30 -3 

90 ..... 

3 J|Qll 5 c 
12 H 83 
173 ( 9.05 
231 IK 

gsaamth Call Rates 

fJTM 3 fl« 25 r 
£13 UiQUOc 

505 10 13£ll27 

itartlAli.’. M 7 2.1 4.6 2 S 2 

towninv.. -1 125 30 ^ 4.04 10 4 - 931.1 

£13J 4 3J l<170c 
IBS 31 Gar 
30 - CL 25 

iBagifa 65 28 U 0.5 IM lN 7 iolFett. -U 
e Assets! 98 HO 0.40 45 ^ C.U 54.8 

30 JC .25 

195 TJZQUc 
113 h 3 q 15 i: 

til’s in 5 {VCS 0 e 
53 ly.iohqioc 
428 251 14.0 

213 J 2 UO 30 c 
53 lA 2 .S 

£ 14 Vi IM 1095 c 

224 273 ti'SOe 

264 >A W 33 v 

62 IJ^QP.k.- 


.lan. Aug IKWricPtHS 
!*v. Waj-ftivt-ahif-- 
Not. iimy j'riuj Hut. Hfc. 

£33 34 QtjOOc U 5.4 

82 3H5HJ7.1c 10 52 

371 3 . 4 Q 523 c 33 3.5 

£il*» 3 .iJ*OOc. 10.2 

60 17 J 0 r?tffi 7 tf 10 ; 

61 477 iW 2 iiC i .4 J 


-A. Brw 

A J*. Cement 
H£JL, . 
Rabcoei. .. 
barrlavi. FUnk 




BA.T.. ..... • 
Br.tish Iho'g'-’n 

Brown (J ' 

Burton 'A'.... 
Cadbuos .. .. 
Debenh.tms.. . 



Eagle Star 

EjiU ... 

Gen. Acci'Ji-hl 
Gen. Electric.. 


Grand Met.... r 


Guardian — 


HwherSt M 
rfottsenf Filifci . 

1 .C.I 

6 i; "Imps” 

IS IC.L , 

c Inveresk... ... . 

11 Ki.'A , 

25 Ladbroko 

35 i-eAnlfciien.., 
15 I Service ... 
1 b l.luytlsaunh... 

2 g - l/ifs"_ 

6 I^nd' .n Brick- 
2 C uiprho 

12 laicualjnln 

I L> one- i.l j 

10 "Mams".. 

& Mrbt&Spncr 
15 .'li.ilnnd bank 
; .%£.! .. .. _. 

II Nat Wcsl Bnnk.. 
14 Po-ValTMlts 
17 FiODfd . — 

2 fl Plerscy ... 

40 R.H.M 

q Hj/ik-Orf. A'_ 
23 Kcedlntrj..... 

12 jpIPcrs - 

22 Tcfco 

20 Thorn 

12 'rnwljiwsry 

120 Tube Invest- 30 

6 UniiOTCT. 35 

20 Did. Drapery. 7 £ 

8 Vkhurp 15 

3 _ Wfjolworths... 5 

14 Property 
ftnLUnd .... 3 i» 

5 s Cap. Cnunues. 4 i» 

4 E.P 5 

I Inlreurowian 4 

r, I And Secs 16 

25 MEPC 12 

4° Pesn-hey 8 

Samud iYopn.. 9 
g Town Sc City— 1> 4 

g Oils 

J 0 Srit Petroleum.. 45 
8 BurmahOil — 5 
8 ChorteriuUI. . 3 

5 Shell- 28 ' 

jg ytframar 20 

j 2 Mines 

4 Charter Cons. 1 12 
32 Cotu.Gold (14 

15 BioT.Ziiw....! 16 , 



A vital part of tlie MotorliTacle- 

Automotive Products Limited 

Monday June 19 197S 


Callaghan calls Labour 


with tli at of 

MR, JAMES CALLAGHAN poverty that underlay inter* test tlie mood of the electorate mics spokesman, and Mr. Peter business and commerce have also 
called on the Labour Party at national tensions. next month with two by-election Walker. former Industry been invited- 

the weekend to prepare the In electioneering mood, Mr. contests in the vacant Labour Secretary. Accompanying her to the Pro- 

pround for a General Election Callaghan urged party workers to seats at Manchester Moss Side Sir Geoffrey told a Tory* meet- vince was Mr. Airey Neave, the 
campaign on a programme of open an immediate campaign to and Penistone. ing at Nelson and Colne that a Tory spokesman on Northern 

national harmony and economic put Labour’s message to the Labour candidates for the further period of office for Mr. Ireland, who came under sharp 

prosperity.” electorate. by-elections, which will be held Healey could only bring “ an attack from Labour MPs jester- 

In *» mainr aneorh tn n Wnkh " Explain the choices and we 00 July 13, were selected at the increasingly sullen sick and day for comparing the Labour 

LalMi pwSlv atEr P ron, th“ can brins the nation ™th us.” weekend. seedy sodety." Party’s course 

Prime Minister set out five tar- be declared. Mr. Callaghan will look to Mr. Walker warned that the Hitler’s Nazis. 

°ets for a Labour Government The Tory approach was to them to secure confirmation of Chancellor was taking the Neave's tactics, showed 

Tn the next decade These were: deride every success, exploit Labour’s traditional support in country to “economic disaster" that the Tory election campaign 

1— To build on the success ^ vcr >' grievance, undermine the northern inner city and bv dissipating its credit. The could become "dirty as .well as 

irhiavpd in thr fi"ht a«ain«;t every effort and rejoice at every mining areas. benefits of North Sea "i! were desperate," said Mr. John Grant, 

inflation tn rrpatl more inhs setback, said Mr. Callaghan. The Government's talks with being lost in imports oi raaou- Employment Undcr-Sccretary. 

I* To DlaT Lnd Lssist the « tho TUC on lh t next w r0und ' fiictured 500ds ' The *P*«* bad “looped . 

‘ — i!,.;5n D n i Lncin on Dartv the results or the Bono economic n„* .* ■ into the very drain of smear 

re^ineranon of industry. en- -& r J summit next month, and the Unionist links tactics" and indicated the sort 

courage worser participation They could never unite the course or the economy through Mrs. Margaret Thatcher, the of distortions that could come, 

and protect inose w no suiter tne country fur the tasks ahead, the summer will be other crucial Conservative leader leH London Mr. Ron Hayward, Labour 

„ Ct l af 5 3 ?, 1 ? econolBlc cnan S e - Their appeal was based on the factors in the Prime Minister’s yesterday for a two-da v visit to Party general secretary, said the 

3 — To build a more eompas- myth that income tax cuts would final decision on the election Northern Ireland. She is ex- remarks showed that the Tories 

sionate and caring society in solve all problems. “But in date. pected to try to strengthen rela- stood for “the politics of preju- 

which prosperity was more fairly office they are the most profligate in the prolonged pre-election tlons between the Ton* Partv and dice rather than the politics of 
shared. party this country has ever campaign, the " Conservatives’ the Ulster Unionists.’ reason." 

4 — To enhance freedom and seen.” first main target — apart from The possibility of a renewed The Conservatives sought to 

enlarge it with a social back- The Prime Minister’s rallying their general appeal to Liberal alliance could be important if divide and divert the country, 

ground that gave every indivi- call to the party reinforced the voters — appears to be Mr. Denis the Genera) Election results io but their scaremongerlng would 
dual the opportunity to make the general view at Westminster Healey. another hung Parliament. network. “ The nation has more 

most of his or her talents that an October General Election Attacks on the Chancellor Mrs. Thatcher is to address a to fear from the prejudices of 

5 — To continue the work for is now virtually certain. came at the weekend from Sir meeting of the Unionist Council the Right than the principles of 

world peace and attack the The Prime Minister intends to Geoffrey Howe, the Tory econo- today to which representatives of the Left,” be said. 




A LAST-MINUTE attempt to first announced last November, London, Mr. Twyman and bis 
prevent tbc biggest-ever building the two societies said they would supporters will raise legal ubjec 
society merger will be made this achieve much better national tions to the merger and claim 
week by a group of dissatisfied coverage and improve efficiency that the societies have not put 
shareholders. with the elimination of “waste- forward a convincing enough 

Plans for ibe merging of the fui duplication ” of existing and case to justify their commitment. 
Anglia Building Society with the proposed branches and agencies. “We have made repeated 
Hastings and Thanet to create B(Uh S0C j Cties ai so emphasised requests for information on 

a Se v r 0 ; Kt s *yx-E£ samara? sac 

of Friendly Societies on Wednes- and a [arger nurn bf r of small If the Registrar did not with- 

d Th? r m h e?ce? P h°aI a already been ones - The meT & r would enable hold Ws ap P rovaU otojecirirs' 
o ve rw helm fn e l ybacked in h a lfo ts ^em to slake a place among group would consider applying 

the very laree operations, they to the divisional court to have 

by members of both societies, but J* lar * e operations, they ^ quashed< „ WQU , d 

sether with° local ^fficiaU^f the ^ut some members, drawn also consider railing for 

the Hastings and Monopolies Commission mterven- 
niovopR 1 are attemntino to eet Thanet side, are strongly opposed tiotl. 

th7nraD0aSs called off** 1 8 w the Plans and hope to con- The two societies employ 

The Anelia t at present the v »nce the Registrar, Mr. Keith about 1.600 staff and have given 
11th Merest society in the Brading. that they should not guarantees that there will be no 
enuntrv, with about 12*0 branches. be allowed to continue. The redundancies for five years. 
HOODOO investors and 100.000 merger date is set for July 1. NUBE officials will be arguing 
borrowers. The Hastings and Mr. Paul Twyman. a Hastings that, with two head offices now 
Thanet which is the 13th largest and Thanet investor who lives operating in Northampton and 
socictv has just under 100 in Kent, claims the backing of Bexbtll. large numbers of stair 
branches 300.000 investors and large numbers of members in will eventually be bit by any 
75.000 borrowers. his attempts to kill the proposals, rationalisation programme which 

When the merger plan was At Wednesday's meeting in may take place. 

Merchant banks estimated 
to have £ 117 m in reserves 


THE HIDDEN reserves of the 
London merchant banks could 
total as much as £2 17m, it is 
estimated by a firm of stock- 
brokers in its latest analysis 
of the accepting bouses 

In an effort lo arrive at the 
hidden strength of the top 
merchant banks Laing and 
Cruicksbank find wide varia- 
tions in the amount of money 
which has been put away by 
the different hanks. 

Among the biggest banks, 
they suggest :hat the largest 
amounts of inner reserves arc 
held by Schroders. with 
£33 -8m and Hambro.s with 
£33.1m, while Morgan Gren- 
fell is estimated to have some 
£27m and Kleinwort Benson 
£16m. Hill Samuel's hidden 
reserves are put at a modest 
£3.3 ra. while some of the 
smaller banks are estimated 
to have little or nothing pat 

The brokers’ estimates are 
based on ibe evidence to the 

Wilson Committee about the 
financial institutions. This 
indicated that, while the 
figures vary from bank to 
bank, the Industry showed on 
average a multiple of total 
deposits to their own re- 
sources of about 12 times. 

While the brokers see con- 
tinuing growth for the bigger 
merchant banks, they are con- 
cerned that the smaller groups 
in the industry, lacking a list 
of major corporate clients, may 
gradually lose ground. 

Continued from Page 1 

Pressure on Saudi Arabia 

At the same time within OPEC One possible outcome of this For their part, Saudi Arabia 
ranks there is some confusion conference could be an agree- and Iran are not only anxious 
as to whether a rise could be ment that from 1979 onwards to preserve OPEC solidarity, but 
sustained in present market prices In absolute terms would are also sensitive to charges 
conditions without the produo- be adjusted regularly to take levelled by the Arab price 
tion programme oC the kind into account the movement of hawks — Iraq, Libya and 
opposed by Saudi Arabia. the dollar against other major Algeria — that their support for 
No rise could be maintained currencies, including those of a continuation of freeze 1s 
under a two-tier system if Saudi Saudi Arabia and Iran. dictated t>y a desire to please 

Arabia and Iran, together But th e immediate and bum- tne U.S. 

accounting for some 45 per >ng issue is the recompense Mr. Izzcdin Mabrouk. Libyan 
cent, of present OPEC output, demanded by the majority of Minister of Oil, has hinted to 
continued io sell at present producers with varying degrees the effect that "some member 


on West 


JERUSALEM. June 18. 

Mr. Mcnaheih Begin 
Cabinet victory. 


of intensity. 

countries are not really free but 

MOSTLY dry and sunny. 

S.E-, E. CenU $. and N„ 

S.W. England, E. Anglia, 
Channel Isles, Midlands, 

S. Wales 

Dry and sunny. Max. 22C 






'G “V 






fi-l ■ Luxfiiibrg. 























70 1 















64 1 
































New Vork 








;is 1 d 












B. Air*- -5 




















Klo dv J’o 




























D walla 




























Ti'l AVIV 




















II. Kong 




























N. Wales, N.IV. and N.E. England, 
Lakes, Isle or Man, Edinburgh, 
Dundee, S.W. Scotland, Glasgow 
Cloudy with some rain. Max. 
21C (70F), 

Aberdeen, Highlands, 
Moray Firth, N,E. and N.W. 

Scotland, Argyll 
Cloudy, occasional rain. Max. 

15C (5BF>. 

N. Ireland 

Cloudy, occasional rain- Max. 

18C (64Fj. 

Outlook; Mostly dry and sunny. 



Vday ■ 


F 21 701 


-C “F 
S 1C 61 





Las Plms. 

















44 115 




44 | 





Bool os nu 



SB 1 











Cape Town 









































































1 of Man 







7 a 









-Fair. : 

R— Ram. C— Cloudy. 

Saudi Arabia's erode oil 
exports fell again, in May, some 
LI 9m barrels/day below (be 
levels of the month before, 
according to figures released 
by the Ministry of Petroleum 
and Mineral Resources writes 
Jamie Buchan in Jeddah. 
Average exports of Saudi crude 
dropped to 6.72m b/d in May, 
compared with 7.91m b/d in 
April, and 6-Slm b/d In March. 
This shonld be measured 
against an income from oil 
estimated In the recently- 
announced budget for 1978/ 
1979 of S33.4bn based on a pro- 
duction ceiling or 8m b/d and 
stable oil prices for the rest of 
the year. 

FOR THE first time tonight it 
was disclosed that President 
Sadat would agree to slight 
border modifications aa the- West 
Bank and the presence of Israeli 
garrisons after the conclusion of 
a peace treaty. 

This emerges from the protocol 
of a meeting between President 
Sadat and Mr. Shimon Peres, the 
Israeli opposition leader, which 
took place in Austria four 
months ago. The protocol was 
released only to-day following 
permission for publication from 
President Sadat this week. 

According to this document the 
Egyptian President recognises 
»he different security considera- 
tions pertaining to Sinai and to 
the West Bank respectively. 

Hence, he has agreed with 
Jordan's consent, for only slight 
border modifications «m the West 
Bank and a continued Israeli 
military presence. 

President Sadat also told Mr. 

Peres that he would be ready 
to complete the first stage of 
the peace negotiations and sign 

an agreement on Sinai provided ..... . . . __ .. 

part i cujars ^a n d & a lso" > that M SSS SttJS&A Tn 

™ de 3 & S S l ciwneS 0 m°mhe« 

to permit the participation of jn fjV0Ur . Those against were 
Kmc Hussein of Jordan in the ^ weizman, the Defence 
peace negotiations. Minister, and a member of Mr. 

In President Sadat's opinion, 3^.5 Likud Party and 
King Hussein would be ready tor four ministers from the 
talks in co-operation with mode- Democratic Movement for 
rate Palestinian representatives change, part of the ruling 
(but not the PLi.ri. The Egyptian coalition who hold more 
President further expressed the moderate views on the question 
opinion that the best solution of withdrawal from the occuDied 
to the problem nf the West Bank territories. 

would be a link with Jordan. Tbe Government statement 

Mr. Moshe Dayan, the Foreign contained three points. The first 
Minister. said on - Israeli asserted that Israel considered it 
television tonight that Israel con- vital to continue tbe peace- 
tinued m regard Security Council making process with its 
resolutinn 242 us the basis for neighbours. The second said that 
peace negotiations on all fronts, after five years' application “of 
But. he added, that in his view administrative autonomy io 
Israel’s proposal for administra- Judea, Samaria (that is the West 
live autonomy in the West Bank Bank) and the Gaza district." 
represented adequate imjjlemen- the nature of future relations 
tation of the resolution in that would he considered and agreed 
area. upon between “the parties.” 

Anthony Mclb-rmott writes: Third, it said that “ for the 
Earlier the Israeli Government, purpose of reaching an agree- 
after prolonged consultations merit the parties will conduct 
which could have brought to an negotiations . . . with the partici- 
end the Premiership of Mr. palion of the representatives of 
Menahem Begin, issued a slate- th P residents of Judea. Samaria, 
ment on the occupied West Bank ami tbe Gaza district elected ia 
and Gaza Strip which can be accordance with the admin istra- 
regarded as a holding position, live autonomy." 

| but also as a victory for Mr. The Government statement 
' Begin. reaffirms Israel's interest in 

The Cabinet was meeting to wanting to continue the peace 
answer two que.Mions from the negotiations set in motion by tbe 
United Slates, relating to Mr. visit of President Sadat, of 
Begin's offei of administrative Egypt, to Jerusalem last Novem- 
sel (-autonomy for these two ber and also leaves open the 
occupied regions. The first was question of sovereignty over the 
to elicit what l«rael believed " i-m Hank and Gaza Strip at 
would happen afior the expiry the end of the five-year period, 
of the proposed five years of self- But it offers nothing tu encour- 
rule. The second* asked how age King Hussein of Jordan to 
thereafter the Palestinians them- join Egypt in negotiations, 
selves ■would participate in deter- Reuter adds; Egypt regrets 
mining their future. Israel's failure to respond Tav- 

The Israeli Government state- ourably to U.S. questions on the 
ment was the product of three future of the occupied West 
Cabinet meetings — the last yes- Bank and the Gaza Strip, an offl- 
terday — and numerous eonsulta- cial source in Cairo said 
lions between Mr. Begin and in- tonight. 

. • . . -?gV-K' 

Barclays Ban^s schemeY 
issue 28.3m new shares- 
£85m cash, an end result 'to 
brought about by wholesaling 
the Investment Trust GoiporaSv. 
tion, has been launched 
time when the institutions -haveS 
already been becoming 
cerned about the. pressures^ 
acting- on the traditional rights'" 
issue mechanism. Equity CaptikU 
for Industry has for some time-; 

been trying to "persuade smaller^ 

companies- to sell its lines 

shares rather than' call . upbd-;: 
shareholders. Now : Barchq^ 
has proposed to increasevjts 
issued share capifcti by 14, ^r " _ 
cent, effectively at 800p rajhet s ;; 

'•> : trtus- ; net; r .-. 


r 1 that T" 

- .also 

in^ ^tiiferir - * 

cent, enecuveiy ai ouup nouct ; ; - - - 

than the 335p ruling tit ^%25p) and a crucial ; aBpetit ofithe- 
market when 

toaiisg. If AesAeme uaderwntteq.^ 

successful a number of erthfa; ^ beJoM , the then maifcet '• 

vn i I«iti TiVAnAcalo' AO «1 Ka jahfrjr • _ _ « .r. 

similar proposals can be j ev ^ Whereas rights; issues nre ***? 
pected as the big_ pension fumfc normally underwritten ^ at ‘ a r 

i rei,6U normally unaerwnuen •* whaf H 'nwMnUT: "• 

bite deeper into the beleaguered disooont of IB per « b Jf / 

investment trust sector. \rj' cent * 

Tbe Stock Exchange -has •• However, other factors _;have_. ‘ 

always been strict about the affected the share price — "jQ e f taXT- ’• - 

need for existing shareholders notably the 20 per cent dividend , ^ a 

to have rights to purchase, ai$.- increase, and the implication-;^ There^E . 
new issues, and permission, for 'that a full-scale rights issue wdi ' 

direct placings is given only not now happen— while- the real ** ^ 

when relatively small sums '"•ate. test will uot come aatti Gie opw of earntngs . .* 

involved. Barclays’ scheme 'is Barclays paper gets into .the 

technically a takeover rather market Although the dilation W^?i 

than an issue for cash," --hut involved in »r«of dererrea, 

Tj r4HR luvuivcu &u Barclays’ dea^ 

nevertheless approval is to' be "should not be exaggerated— the. a - cc ^°*^ 8 ’ 

sought from sharehoWerr?fai effectively given ' 

One reason why companies" 

like Barclays are reluctant to 

£85m receivable. 

represents vrili ;«mti»ue:tp hay^M^Pti^ .... 

v ' of drawing up 4heir.JBtiufe.rtia.* 

fha smnnnt nicod in ket Capitalisation mere , jS; a nm 


^“U^ sigiiificantuambCT^c^.com-V-: 
nine breach.- - * 

.. shar e, winch .are^pot^^^.^CQzb- 

parable fii jED^iR figures^f' 

# v^Theririiaiti -- 
of -the .diseowt of ^ thef&cri)inatu?g^Sta^^ : 

Barclays, and to go : iot.:a nrh 
smaller sum would — it is sug- „ K - nl> 

gested - any the risk Sat a wldemD ® b ^ ach - 
the option of a fuU scale issue . - 

would be eliminated for. a Merchant banks 
period. Lonrho apart,'; com- • 
pahies are reluctant to-'Te'pSit " The .-size, 
a rights issue 
years. But the 

also reflect a degree/ of in- they think* that they have prob- - dfflereot- figures V: 

decision within Barclays over lems they should spare a w( ^j; d ’fiive r Jfer 'hel^ietf iln the ' ■ 
whether a rights issue is really thought for the City’s presti- two (wuntries lf pro- ‘ . 
necessary. -j Spoos accepting-^ houses Which. ■■ 

A second justification being are n ? W °? *:-. par w< .^ 1 modifledr - • Most ^Britisfev' Com- 

put fbmarS fortStfS.raS.nt S? ” ,e en SM« e "9e ““-panfe WiU, :*topt the 

trust fund raising route is that . -ED -19 basis J for i J^)Orti2i6~-as 

it avoids some of the market dis- Virtually all of the quoted many . have- already done^ Bat . .. 
tortions produced by a rights accepting houses are selling at there will no dOubt he conserva- 
issue. Small shareholders are a significant discount. to pub- tiye ; cwfipahiea ; whfch:.3?lace a ; 
often unable totake up rights lis hed net worth. Schrridere. high' priority-rdn prudence and 
offers, -and'suffer from a technic- th e third largest is currently will , go onJchargisg''tax at-tim ■ " 
ally weak share price and from capitalised at £30m compared fuil Tir)minaI: rate.”Tf s0,-lhae • 

transaction costs when they with a published net worth of will i^incie'df . a genirtal > ~ 
sell their rights. The theoretical £45m while Hambros shares are return; "to : comparabj^ - : ;ia=V 

■ seiilog at a third below pub- reported qompjrny. earoings—to 
sd net asset value. The pic- the ' limit "tirfr 1 : 

fairness of issues by way of 
rights is therefore not achieved lished 

in practice. Barclays points to tiire is even worse if the bank's would have anytstj^beeir pjsc- -,94 ^ ^ 
*1.- i-m-i hidden reserves are taken into ticablf , .'given the : wih**r»*nr - w,| ai 

Earnings index to show 
Phase Three progress 

are subjected lo pressures." 

But be acknowledged that the 
real problem as far as raising 
prices was concerned, was the 
oil glut, and be commented: “We 
bare the means in our hands to 
end that.” 

Here again the price militant 
countries, none of which is pre- 
pared to cut production, point 
to 5audi Arabia, which is stilt 
producing at a rate well above 
its financial needs. 


i FIRM EVIDENCE on how Phase published tomorrow— will bo 
j Three of ihv Government’s pay watched closely to see how the 
I policy is progressing is expected school-leavers affect the adult 
'today when the index oE average total. 

earnings for April is released. . UnemplojTnent has been drop- 
in the first eight months of tbe ping steadily for The List eight 
wage round settlements have months, but officials have been 
been running behind the time* cautious in their Interpretation 
table of earlier years— only 66 of the figures. ...... 

per cent of workers- reaching This is because the historically 
agreement compared with SO per high level of unemployment 

cent in the previous round. c®*?!d have changed the way id 
T he May figure is likely to which school-leavers affect the 

show some narrowing of the ean market. „h- noo 

and allow fairly precise assess- Evidence Of any such change 
meals of whether earnings in the will bo available m the Jwje 
lota! round will increase by the fi gu re f« m whic jj 
expected H per cent school-leavers appear for the 

The unemployment figures — first time. 

the initial steadiness of the hidden reserves are taken into ticabl?, . giyen the; .Bringnut-.^ 
share price (though by the end account According tn brokers subjectrrity mtrodutted by ED .' " 
of last week it had eased lOp to Laing and Cruickshank's annual 19. • ’ ' ; 

Continued from Page 1 


way — although attempts to per- 
suade unions to cut overtime 
working could be part of tbe 

Depending on what assump- 
tions are made about the way 
in which output is made good 
by higher productivity and over- 
time working a two-hour cur 
could on the basis of Employ- 
ment Department calculations, 
remove between 40.000 and 
200.000 from the official dole 

But the number of jobs created 
would be higher than that, and 
unions believe the Department 
has made the most pessimistic 

The saving in Government 
expenditure would be between 
£250m and £350m. 

Tbe unions' mounting a cam- 
paign for a cut in hours was 
plcfcijd up at the week-end by- 
Mr. Norman Atkinson, Labour 
Party treasurer and a leading 
Tribunite, who said that the 35- 
hour week must he included in 
the General Election manifesto. 

Speaking at the Yorkshire 
miners’ gala, he said tha» it 
would create more jobs without 

As the TUC prepares Its own 
policy document on the issue, the 
confederation of British Industry 
will tell the Chancellor tomorrow 
In talks on the next phase of pay 
policy that any reduction in the 
working week must be resisted 
because it would increase over 
rime working and damage 
Britain's competitiveness. 

So far. Mr. Healey appears to 
prefer the employers’ argument 
while Mr. Albert Booth. Employ- 
ment Secretary, has also been 
warning of the cost consequences 
of a shorter week. 

But that stance could change if 
TUC leaders persuade the 
Government that this is the only 
trade-off really available to it 
this year. . 

Yesterday, Lord Allen of the 
Sbopworkera. and one of the 
senior Right-wingers lo the TUC 
warned that if workers saw Tree 
collective bargaining after July 
a* a chance to use tbeir indus- 
trial muscle, there could be 
disastrous economic conse- 
quences and the disappearance of 
union-Government co-operation. 

Preliminary resulfs-year ended 28 Febniary137& 







Trading profit 



Employees* profit sharing 



1,41ft 707 : 

. 861,443 


Share of profit of assoc, co's. 

Tax: Group 
Assoc, co's. 

Dividends per share 
Interim 21 p (1 977 21 p) 
Proposed final 3.9p 
(1 977 3.328p) 

Profit retained 
Earnings per share 






1>61 8,135 





* 212*38 

: 681,339; 

1 -y. 





£570,663 ’ £429,8 94 V^-- Pf 



Safes up 30%. 

Pretax profit up 57%. 

For a copy of our latest accoun ts, 
please write to The Secretary,! peptFT) 

Ferguson Industrial Holdings Ltd. 
Appleby Castle, Cumbria CA1 6 6XH 

Rctfsrerwj at the Pan Office, 
to tbe Financial Times 

n?f B ' J® '***■ Own eer* Brest -tor-liao- v ; : >" 

Ltd., Bracken Boom. Camuo- Stmt. tomtoa^rBOtP \ 

£) The . Faemg>at. J »meg i^d.> U CT J; i- 

- • - • -'S • J, r- 

J&JF O ^