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JWwtwtlifc, Snq, ^ [»»#««; 

No. 27,589 

Tuesday June 20 1978 11 U* < 


; associ at es Lfr-HTfep 

For Your More Important 


Vaegtaui Hwt:. -i Ehutn '! . urr.a Cl . Lo:.d jn. 17 . 1 . £’ -S-a l'--- 





Average earnings Further I Think 

Kidnap Record accelerate as 

cut in pay! , i ^ 

hsps rate I to probe new 


for Yen; CCODOmy &X 

rises rate 




Ths Provisional IRA said thev 

S5^“ e S? ed *’ RlJC ^onstalik* 
William Torbitl, who was kid- 
napped on Saturday, but gave no 
information where the bodv ua* 
-.Father Hugh Murphy. ‘freed 
after being seised in relaxation 
far the policeman’s ahduction. 
said, he was heartbroken at the 

7 'Mrs. Margaret Thatcher, who 
. . .is .expected to work at improving 
relations between the Conserva- 
' tive- Party and the Ulster 
Unionists while in Northern Ire- 
-iaind. was accused by Mr. John 
. Pardoe. Liberal economic spokes- 
man- of making “the most des- 
■ picable visit by a British 
iwlitician since Chamberlain's 
last trip to Munich.” She visited 
James Nackie. the Belfast 
textile engineers, one of the first 
companies put on the Govern- 

• meat's blacklist for exceeding 
pay guidelines. Page 11 

gems haul 

"■ A six-man gang escaped with an 
estimated £250.000 worth of cut 
and- uncut diamonds from a 
/Jeweller's shop in an arcade 
"beside live Savoy Hotel. London. 
-The raiders, who brandished a 
sawn-off shot gun and an axe. 
left trays of made-up jewellery 

• after ransacking the safe. 

Gilts dip 

• Yen reached a further post- 
war high against the dollar, 
and it closed at a record T213.4U. 
STERLING closed 40 point* 


The rate of increase in average earnings has 
accelerated in recent months, so the rise in pay 
during the current round to July may be slightly 
higher than recent more optimistic Government 



_J , . ; ; I , jj 


Belgian pact 

Belgium's five-day Government 
. crisU ended when the four 
-. parties in the ruling coalition 
: negotiated a compromise on cuts 
■ in public pending and moves 
toward regional autonomy. King 

- Baudoiun formally rejected 
Prime Minister Leo Ti^KleIna^ii , 

,■ offer to. resign, 
y Page 2 

CaptaJiVs claim 

■ The master of the- Amoco Cadiz 

lold an inquiry fn London that 

just before the vessel's steering 
gear Tatted he changed course 
towards the French coast to 
• -Avoid a collision with another 
tanker heading towards him. 
Back Page 

threat to tennis 

Wimbledon tennis broadcasting 
next week may be threatened if 
Post Office engineers refuse to 
lay power fines in support of a 
claim for a five-hour cut in the 
. working week. TV technicians 

■ may support the engineers, 
News Analysis, Page 8 

524-day ordeal 

An Italian film producer, who 

- was kidnapped in Milan, chained 

- *o a bed and kept alive on cold 
tinned food for 524 days, was 
freed in Gela. Sicily, after his 
family was believed to have paid 
a £33m ransom. 

AH at Kremlin 

‘ Soviet President Leonid BtmJ*- 
nev welcomed Muhammad au, 
The former world heavyweight 
champion to the Kremlin with a 

- kiss on both cheeks. 

Briefly - - - 

Hotel dishwasher from Italy was 
. jailed for two years at K night s- 

- bridge Crown Court for slashing 
aV Poussin painting id the 

- National Gallery, causing damage 
: which halved its value. 

Princess Caroline of Monaco is 
to be given two Siberian tiger 
. raibs as a wedding present from 
■a West German circus owner. 

' sir Dingle Foot, the civil rights 
iawver .’and former, l Labour 

■ ■ Cfly'citdr-GTsneraL has {9 

Hong Kong. Obituary, Page M 
. .Earth tremor .shook Salonira. 

Greece. One person, diedof shock 

and several were injured. 

S?n^'bSu?|»v, en police 
and an armed fugr^ve. 

•Siamese ■ twin girls, born. 
Oporto, Portugal* ’Bin* days ago 
and joined at .tte stomach and 
thorax, have died. .. 
i ihni action brought against 
Times Newspapers ^JgJRoberL 
Vaxwel 1 . t fae former. Labour Mr. 

K begm .early as* £**•* 

g Expected to last siv-^nfts. 



better nt $1.8350 and its trade 
weighted index remained un- 
changed at 61.3. The dollar 
came under pressure and its 
depreciation widened to 6.1 per 
cent (5.9). 

• EQUITY leaders^ drifted on 

scattered selliug, and the FT 
ordinary shaic index efpsed 3.6 
down at 467.0. ,• 

e GILTS wer estitt allerted h.v 
the two large tap issues and 
losses were recorded at the 
longer end. The Government 
Securities index eased 0.50 to 
69.9*. : 

© G<»LD dosed S J , up at Sl$5{ 
in London anti in Nbw York 
the June Corncx price dosed 90 
points up at $186.60. 

© W.VLL STREET eloafl up 
1.65 at 838.62. 7- 

Bank is to raise the charges o£. 
running account to personal 
customers, following a similar 
move, by Lloyds Bank. Page 8 

• JAP.VJV’S visible trade surplus 
in May was reduced hy nearly 
Slbn. the Finance Ministry has 
announced. Reduction of the 
trade surplus, which Japan 
regards as its biggest interna- 
tional responsibility, may lead 
to emergency uranium imports 
and oil stock-piling, the Japanese 
Prime Minister has said. Back 

• UNIT TRUST sales, though 
still buoyant, fell from the 

£70 -3m recorded in April to 
153.2m last month, bringing 
overall sales for the first five 
months to £244m (£141mi. Page 6 

been allocated £100m by the i 
Government for land acquisition \ 
over the next two years, in. u.| 
attempt to stimulate the Com-! 
munity Land Scheme. Page o ,| 

0 HEALTH SERVICE employees] 
showed their dissatisfaction over 

pav when the 211.000 strong 
Confederation of Health Service 
employees called for □ minimum- 
£80 a week wage. Page 8 


VSSOCIATION general secretary 
has emphasised the fierce appor- 
tion of some union leaders -lo. 
any form of incomes policy a«er 
Phase Three expires. Page 8 X 


0 COURTAULDS auditors. Price., have said tha t the 
company's taxable profit 
1977-78 was overstate d by ^m 

because of the groups failure to 
fl-oolv the relevant accounOne 
standard in regard to reg^, 
development grants. Pa a e 21 

.m PET BOW ‘Holdings pretax- 
profit rose. 13 per cent to ajr^-r 

cord £3.34m for the year 
ended March 31. on turnover M 
per' cent ahead at «3.38m. 
Page 21 - s : 

m REDUCTION in the. amount: 
of information coffipamcs haye 
to "ive the Prices Commission 
before raising their n r '® eB U$i 
expected to be made’ 
Government when tJie PjWfijjl. 
price Code expires this summit. 

Back Page: y-JX 

The increase is attribiitprl 
parily t u ihc upturn in the 
■ ■L'onmny. 

Thi.-, js suggested hy yuster- 
dsiy'-s figures' from the Dcparl- 
iiiHiu nf Employment, showing a 
3.6 per cent rise in Ihe index of 
aveiHge earnings in April for a 
cuimi (alive increase of 13.9 per 
rent seasonally adjusted in the 
first nine months of the Phase 
Three pay policy. 

This is equivalent tr» an annual 
rale of 18.5 per cent and con- 
trasts with recent unofficial — 
though fairly explicit— Whitehall 
hopes that the outcome might be 
around 14 per cent for the full 
1- months. 

The result is that real earnings 
are now rising very sharply 
after adjusting for the slowdown 
in price inflation. 

There was an unusual unani- 
mity yesterday in both industry 
and in Whitehall that the signifi- 
cance of the figures should not 
be exaggerated. 

Sir John Methven. director- 
general of the Confederation of 
British Industry, said that “ too 
much should not be read into 
une month's figure, which has 
been artificially boosted by hack 
payments. It also reflects in- 

creased overtime working as the 
economy picks up" 

" Nevertheless, pay increases 
are continuing al lun h;.uh a level 
and ibis reinforces Lhc need for 
continued moderation if Briu.-h 
goods are to he i-unipiMitiv-i; in 
world markets and if Rntfeh 
workers arc nol in price them- 
selves out of jobs." 

Sir John wilt be part of <« 
delegation of Confederation 
leaders seeing Mr. Denis 'Healey, 
the Chancellor. Inter today to 
discuss future pay polics. 

The index may exaggerate the 
underlying rale of growth of 
pay because it covers mainly 
production industries and only 
part or Ihe service >oeinr. 

Productivity agreements and 
rising overtime as.- net a led with 
the expansion of ihe econoin;. 
have mostly affected production 
rather than service industries. 

The Department nf Employ- 
ment also publishes a new index 
covering ihe whole economy bed 
it has nol been going long 
enough to be seasonal |> adjusted 
and so is nut a reliable indicator 
of short-term treads. 

However. Ihe underlying rate 
of increase in this index does 
appear somewhat slower than 

Ptrt<:n*.i^o increases over 
I pre.-aui 12 months 

^ Retail 

io? r 1 • ' V 
learnings « 

1 1975 1976 1P77 1973 ] 

for the i'M-t .«nd narrower 

This inch-:. r->-o by 9.4 per cent 
in the fir-t nine uumib.. of the 
pay policy and oflicials are 
hopeful that the increase over 
the full year sit he no more 
than Their recent projection of 
14 per cent 

There i-- emi'iderable ambiguity 
here since officials have never 
made ii .-I car whether the 
original 19 per i-i-nt guideline or 
their recent 14 per cent projec- 
tion refcrii-d tnc new or the 
old index 

Behind thi- ^tatisrical con- 
fusion. the finm-vl conclusion is 
that while the bail*- structure 
of the formal pay policy is more 
or less iiUiu i. there arc clear 
Continued on Back Page 

OPEC experts to 


OH/' - PRODUCERS ended their 
jcopference here today incon- 
cJtfeiveJy by referring the de*jre- 
dallon of the dollar to a “ high- 
levfel committee of experts" 
chaired hy Sbeikb Alt Khalifa 
al {Sabah, Kuwaiti Minister of 


Saudi Arabia resisted strong 
pressures from other members 
of the Organisation of Petroleum 
Exporting Countries to concede 
the I principle that producers 
should receive immediate com- 
penshtion in the second half of 
I97S|for the dollar's decline by- 
putting up oil prices. 

The decision w set up the 

committee was reached with sur- 
prising speed this morning after 
Sheikh Ahmed Zaki Yautani, 
Saudi Minister of Oil. had con- 
ferred with Crown Prince Fahd. 
Saadi Arabia's first deputy Prime 
Minister and chief decision- 
maker* who arrived yesterday 
evening on his way to visit West 
Germany. He is believed to have 
refused to make any cnniprom/se. 

Sheikh Yamani said other 
members bad agreed to delay 

■f* crvEV 

action only after "painful argu- 
ment.” In the frankest state- 
ment yet on the subject by a 

Saudi leader he acknowledged 
his country's concern with pre- 
serving the Value of foreign 
assets worth an estimated 
$70*80 bu. mostly in dollar finan- 
cial instruments. “ Wc have a 
heavy investment in the dollar. 
Wc do noi want to do anything 
to harm it.'* 

Explaining that consumers 
should be prepared for an oil 
shortage in the mid-1980s, he 
proposed gradual price increases 
and predicted " a small dose if 
any " next January. 

Sheikh Yamani took issue v»uh 
Algeria and Libya (although he 
did nol name thenn who claim 
the market can support a signifi- 
cant rise now. He added lhal 
Saudi Arabia had received 
"strong indications" that those 
OPEC ’ members selling light 
crude in competition with North 
Sea oil were giving discount 
below official price-.. 

An OPEC communique 
announcing the establishment 

GENEVA. June 19. 

of (he new entity expressed 
" deep concern "' anout the fluc- 
tuation in international exchange 
rales. \ 

li is understood that Ihe com- 
mittee of top economists from 
member states will meet in[ 
London on July 10 to start pre- 
paring recommendations for sub- 
mission to the next ordinary 
conference in Abu Dhabi, 
scheduled for December 16. 

Mon members regard some rise 
in the basic price to be inevitable 
hi that meeting. However. 
Sheikh Ali Khalifa OPEC Presl- 
menl. is empowered to call an 
..•xiin'ordinary conference earlier 
tf h.? believes it necessary. 

His committee will be con- j 
tented solely with currency 
Hun nation and docs not intend: 
m deal with erosion of producers' 
purchasing power through infla- 

At ihe lowest level, the new 
com mil tec might be seen as a 
Lice-* ring device for members 
who were openly committed to 
obtaining an increase now and 
a mi-lhnd of buying time for the 
mode rales. 

A FURTHER cut in the rale of 
wage increases is needed to press 
home the success achieved in 
bringinu down the rale of infla- 
tion. says the Bank of England 
in the latest issue of its quarterly 

For the rest of this year, infla- 
tion could be kept at around 8 
per cent on a year-to-year com- 

The rise m prices next year 
could be well below 8 per cenr. 
bui only "if the ri?e in earnings 
also were below this S per cent 

The Bank’s assessment implies 
that wage rh-es in the next round 
would therefore have to be kept 
at around 3 to 6 per cent to 
hnid down inflation. 

The Bulletin concentrates on 
the importance of inflation, 
echoing points made by Mr. 

Editorial Comment Page 18 
Details Pages 9 and 25 

Gordon Richardson, ihc Governor 
of the Bank, in his Berne speech 
last week. 

Financial confidence needed to 
be maintained following the 
recent sharp swings associated 
with the changing mood in the 

Maintaining competitiveness of 
British industry should be 
achieved " not by further 
depreciation of the exchange 
rate, but hy keeping cost 
increases very moderate. 

A new acceleration in wage 
inflation was not impossible, but 
neither was it inevitable. 

** There is need now fnr a very 
general and widespread under- 
standing of tho importance of 
■ reducing the rate of inflation 
further, and of what is required 
to do this, raiber than allowing 
it to creep up again." 

The progress already made had 
brought ihe UK inflation rale 
! almost into line with the aver- 
age among competitors. 

'* However, this is clearly only 
a relative success, and other 
countries are now likely to give 
renewed priority to conlainlog 
inflation. * 

The increase in earnings this 
year was still quite large. "There 
seem? need of much greater 
awareness that nothing like this 
year’s increase can safely be 
repeated, and that a very marked 
and distinct fall in the rate of 
increase in wages is needed if 
the success or efforts so far is to 
be pressed home." 

Efforts to keep down inflation, 
and maintain confidence should 
be supported by continued 

Continued on Rack Page 


! jTank—the Policy Review 
. Staff— is to investigate the ways 
j m which micru-L-lectronivs will 
i- 1 change industry and society in 
•the )9SDs. 

i-l The invcstigaiiun. to be carried 
g oul on the Prime Minisicr's 
i- - direct orders f'.illows confivma- 
! lion from the i '.uverntnent that 
pflhe National Enterprise Board 
■. ; intends In spend £50m to set up 
s ; a major semi-conductor company 

; in ihe UK. 

: The Think Tank’s study will 
‘ run in parallel with that of a 
'working pari;, nf the Advisory 
[Council for \pplied Research 
jand Development under Sir 
• James Menter. 

i Sir James's committee is lnok- 
!ing at the social and other con- 

! sequemes nf new technology. 
The National Economic Develop- 
ment Office is also carrying out 
work on ihe subject. 

The Government’s sudden in- 
terest in niii-ro-eJectronlcs stems 
i front the realisation that a very 
I large investment indeed will he 
1 necessary if the UK is to catch 
!up with Japan and the U.S. in 
|the production of standard semi- 
j conductors including computer 
memories and micro-computers. 

I Partly because of trade union 
i pressure, the Government has 
I also become aware that the new 
i micro-electronics will promote a 
.huge increase in industrial auto- 
;mation. possibly at the expense 

of jot is. 

. In the Iasi 15 years the num- 
: her of intcr-cnnnected transistors 
iw'bich can bp etched on to the 
: surface of a single chip of silicon 
!has risen to 100.000. A complete 
{computer can now be contained 
ion a chip measuring less than 
| ^ inch square, at low cost. 

] Micro-nmce*'tors of this sort 
•increasingly will take over many 

repetitive tasks in offices and 
factories. They can he pro- 
grammed to carry out most nf 
ihe routines which al present 
require machine operators. 

A --liiterueni from Down in c 
Street yesterday .said: “ The 
Review Staff will be responsible 
for ensuring that ail Government 
departments are aware of the 
nature of the problems." 

The Enterprise Board's effort 
ii> break im»» Jhc inurkei for 
standard m ass-produced ciuuils 
is likely 1 1, h t - rivalled by :i joint 
venture hotw'-en the General 
Electric Company and Fairchild, 
the U.S semiconductor company. 
Di.scussions between ihp iwn 
companies have reached an ad- 
vanced stage, ytiboug'n no formal 
agreement ha< been reached. 

In contra -si. the Enterprise 
Board js not intending tn link 
with a U.S. manufacturer, but 
rely mi thi- expertise of a group 
of »ech nol ogi<l> i-mptvd avay 
from rival companies. 

The Board's plan- have been 
made independently of a Depart- 
ment nf Industry scheme to give 
aid of £50m m ESflm tu the com- 
panies already making semi- 
conducmrs in iho U.K.. including 
th* multi-nationals. 

The Government and com- 
panies such js GEO a vo anxious 
because a* integrated circuits 
pimr towards the goal of tm 
corjounents per chip, ihe semi- 
conductor manufacturers may 
start selling complete electronic 
sysiomsF — fruin computer? to tele- 
w mm *in i cations equipment. 

However. Dr. Melvin Larkin, 
manager uf the. U.S. company 
Motorola's semi-conductor sub- 
si diary in the UK. warned yester- 
da> thai plans fnr new plants in 
Britain could be hindered hy an 
aciflc shortage of middle and 
senior grade engineers in this 
ratio try. 

£ in New York 

June 19 Pnpt l.-ii* 

>,„* S 1.5*7 ?VW o* 

1 in. 'inii O.^sy.rO .iiv 

mi.. mil, i.s^-i.rt .ii-, 

(!• ni.Mirh- Ii.oO- 1 •!., :.?ii.b>lii 

MPs to see Healey 


MR. DENIS HEALEY, the The hearing cunt us at a parti- 
Chancellor Of Ho- Exchequer, is rularly sensitive time for the 
likely to face critical question- Government in view of the 
ing on the Government’s proposal known Liberal desire to reduce 
Id increase the employers' the rise in ihe surcharge from 
National Insurance surcharge 21 to IS percentage points, 
when he makes an almost un- Although olher Cabinet 
precedemed - annearanet; this Mim^ers appear frequently 
morning before an all-party before Commons Select Coni- 
committee of MTs. mittces, visits from the Chan- 

The social services and cel lor of the Exchequer are 
employment suh-ccmuniitcc of very rare. Mr. Healey's appear- 
the Commons Expenditure Com- a nee is seen as underlining Ihe 
mi tee has been undertaking an Government's determination to 
inquiry into the labour market maintain the campaign for the 
and unemployment trends. National Insurance proposal. 

The sub-committee requested The Chancellor is also likely 
a meeting with Mr. Healey after to be questioned on the un- 
it session last week attended by employment prospects since lie 
senior civil servants where ihe figures for mid-June are due to 
rise in ihe National Insurance he announced hy the Department 
surcharge was the main topic. of Employment al noon today. 

Shipyards link for N. Sea orders 


.work together in constructing 
North Sea emergency support 
vessels in order to combat strong 
-competition from the Japanese 
shipbuilding industry. 

; By combining their efforts 
UK yards hope to gain at least 
five contracts, worth a total of 
£25Pm to £300m. over the next 
few years. The semi submersible 
vessels will be used by oil com- 
panies for a variety of jobs, in- 
cluding repair and maintenance, 
diving support operations, fire 
fighting and the provision of 
temporary offshore accommoda- 

The state-owned British Ship- 
builders group put forward its 
plan for speeding its delivery 
schedule at a meeting yesterday 

with Dr. Dickson Mahon. Mimstor 
or State for Enemy, and senior 
officials or the Department of 
Energy’s Offshore Supplies 

Brili-vb Shipbuilders P Ians In 
share any orders among a 
number . of yards. Each yard 
would fabricate a part of tho 
vessel which would then be 
assembled at a central point, ll 
is Lhoughr that British Ship- 
builders could adopt this 
centralised marketing and design 
approach for other major con- 

One of the first U.K. vessels 
which mighl be built under the 
new British Shipbuilders system 
could be an order expected lei 
he annoum-ed shortly by British 

It is underslood thai iwo 

groups are io the running f»r 

ihe i-nnirart: Harland and tVnlff 
in Belfast and British .Ship- 
builders’ Scott Lithgow yard. If 
the fatter is successful the 
vessel, which will be used in 
iff*.- Forties Field area, would 
hi.- '.util by S'/ntt Lithjjmv in 
i-.-injiinciion with the ncarbv 
Go-. 'it yard. 

Sli'-H _ UK Exploration and 
Pmuiielion. as operator fnr the 
Shy!!, 'Esso partnership, is also 
seel mg a multi-purpose vessel 
for .-land-by work in its Brenl 
Field area. 

Dr. Mabon emphasised th3i 
nff-in-'ie oppun unities for 
BriJi.- n shipbuilders also ex- 
ien<i-d to ihc construction of 
supijt: boats, where UK yards 
hove already been successful, 
and 'he conversion of semi- 
iuihmcrsible drilling rips to 
/lo.-jtina production platforms. 


. / ,■ 



European news 2-3 Technical page 14 i..n. Companies 24-26 

American news 4 Management page 15 F.iirumarkets 24-25 

Overseas news 4 page 17 Jlnn-.'.v and Exchanges 30 

World trade news -y ® Uadcr page 18 World markets 28 

Home news— general b-e 

Jllmv.'y and Exchanges 30 

World markets 28 

'pence' unfee otherwise 

RISES: , . 

.. 114 + 4 

173 + s 

taiiiwon.- ;;; 288^ g 

t ?o 

‘ 110 +..5 

J + 1* 

ific ‘ 

garden . ^ J ^ 

matra ..... 

£ 3 a ;; 243 + 20 

Tea -•••-•• + 8 



Treasu ry 15J% 1808 - ” 

ANZ - J 

Anchor _ 

Barclays ^ _ 

Hawker Siddeley - _ 

Intereuropean Prop. ** _ 

k»Vi Trust Corp _ 

Pauls & Whites *jj£ _ 

Randalls no - 

At lock ^ So 33fi - 

Siebens tvr-i ■••• 197 - 

At^lo U^- Devs. _ ?0 _ 

Central Pacl ^ nl Ji an . 440 
Northgate ExplriJ° n - l7J) _ 

Oakbridge 77 - 

Sabina . ' ' . t»3 - 

<Jnutiiern. Pacific - 

—labour 8 

—Parliament ... 11 

New York challenges 

London 1* 

Colour and fashion.* 

Shades Of things to come 19 

U.K. Companies 20-22 Fanning, raw materials ... 31 

Mining 22 U.K. J-Uwk market 32 


A bumpy ride for Ihe The battle for Husky Oil 27 
driving licence centre 10 

Indonesia’s ageing regime: button hanking in Ihe 

Struggle for harmony ... 3 Uii'ti-d Stales 4 

to theWhite House, 

Concorde flies you directly to Washington, 

ApperatmaiHS K 

Appointments Advts. 22-13 

Business Oppts- 29 


EntcrtaliiiRBnt Guide U 

Eure-opiiOBs M 

FT-A dawks Utflccc X 

Home Contracts 6 

' Jobs Cflama 12 




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For lorctu Share Index phone 03 --46 

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the speed of sound. 


5 ■— r -.a*.'. 


Belgian crisis ends Lending fey j European 



By Guy de jonquieres 

BELGIUM’S five-day Ions 
Government crisis was formally 
patched up today as King 
Eaudouin refused the resigna- 
tion which the Prime Minister, 
Mr. Leo Tindemans, banded him 
last Thursday. The refusal came 
as no surprise -after Mr. Tinde- 
mans' agreement with his coali- 
tion partners earlier in the day- 
on a compromise package to end 
the political deadlock which 
began last week. 

Negotiations to end the dis- 
agreement within the Govern- 
ment had continued over the 
weekend and For four hours this 
morning before a compromise 
solution came. After that the 
King's refusal was a formality. 
A confident-looking Mr. Tinde- 
nians, cracking jokes with 
reporters, said: “We have found 
a solution to our differences." 

He denied accusations that he 
knew his resignation would be 
refused and that it was all a 
put-up job to force hiis partners 
to make concessions. “That was 
a judgment or the newspapers." 
he said, addin?: “The crisis v.-as 
serious. After months of nego- 
tiations on our anti-crisw plan. 
th*re was no aereement." 

Tt was the coalition Govern- 
ment's railure ro agree on the 
so-called anti-crisis plan, which 
aims to cut Belgium's heavy 

public expenditure and impose 
structural reforms. which 
sparked off the crisis in the 
early hours of Thursday morning. 
One of the bugbears of the 
Belgian economy has been the j 
towering budget deficit, esti* 1 
mated « a minimum of , 
BFr S5bn ($2bn) this year. As 
far as structural reform is con*' 
cerned. attention has centred on; 
a scries of Government measures j 
aimed at reviving Belgium's ail - 1 
jag steel industry. 

This morning's meeting, which j 
Mr. Tindemans chaired, brought ; 
together the presidents of the 
four coalition parties — Mr. i 
Tindemans' own right-wing 
Social Christian party, the 
Socialists and two small regional 

parties, the Flemish Volksunie 
and the Brussels- based French- 
speakins Democratic Front. 
They agreed on a compromise 
involving moves to regional 
autonomy and special powers for 
the Government to curb public 

Having won this round of 
political manoeuvermq. Mr. 
Tindemans has gained new 
authoritv to push bis “crisis" 
legislation through. But the 
storm in a teacup of the past few 
days has served to underline the 
weaknesses of Belgian coalition 

NEW LENDING by the Euro- 
pean Investment Bank (EIB) is 
expected to total about 2bn 
European units of account 
ttia) <£i.3bn) this year. That 
would be roughiy 25 per cent 
above the 1.6hn na lent in 1977, 
which In turn was 23.5 per cent 
above the previous year’s level. 

This was forecast today by 
M. Yves Leportz. the EIB chair- 
man. at a news conference 
following the hank’s annual 
meeting at which the Board nf 
governors formally approved a 

doubling of its sithscrihi-il 

capital to T.lbu ua. The- bank’s' 
paid-in capital will be raiser! m 
911m ua over a four-year 
period starting on April 30, 

The capital increase was 
decided In response to a 
demaud by EEC heads of 
government at their European 
Council meeting in Copenhagen 
last April that EIB activities 
should be speeded up to 
combat unemployment, weak 
investment and continuing 
divergences in national 
economic performance. 

The ElBs outstanding loans 
and guarantees are limited by 
statute to 2! times its sub- 
scribed capital, or about 8.9bn 
ua he fore the new capital 

A HIGHLY controversial motion 
urging European governments to 
strengthen links with Ghina has 
divided delegates at ine Western 
! European Union's <pring 
(assembly which started in Paris 
| today. 

; The WEU plenary session, 
(attended by MPs from the UK 
i and the six countries "f the ori 
Iginal Common Market. ill dis- 
; cuss che motion tomorrow, uver- 
ridin - / the objections of the 
French Socialists and Italian 

A key part of the motion pro- 
posed by Sir Frederic EonnetL 
Conservative MP for Torbay, 
recommending a polie;-' favour- 
able to anus sales to China, was 

deleted in order to gain pass- 
age through the WEU's general 
affairs committee. 

The deletion, believed to h'ave 
been made at the instance of the 
French and Italian Left, followed 
a formal protest by the Soviet 
Embassy to tbe Foreign Office in 
London. The Soviet protest— 
against “a demonstration of 
collective hostility to the Soviet 
Union which could cause 
irreparable damage to inter- 
national security "—Is under- 
stood to have been repeated in 
Bonn and Rome. 

But Sir Frederic is proposing 
in reinstate, a clause asking the 
WEU to '• consider objectively, in 
accord with already-declared 
British policy, any requests by 

. force “'the o'vcr- 

China to purchase defence equip-, to order rto ‘ t r ”Jist any Soviet 
ment" This is in. addition- to -allMteterrent ag*™« . - 
proposals for closer links... in military : -the: 

trade and technology. ...Quoting •‘Snmies are my 

Replying to a question froatrfsemie^ *£ st echoes die 
Sir Frederic in todays . session, *£neu0s -dropped 

M; Olivier Stirn. Minister : of sound ,of the .^oVeKiag by Sir 
State at the French Foreign lasf month “ {Jr >,f Defence 
Ministry, said .that Franra en - » ^ eS ov iet 
visaged co-operation with -the Staff, who r ® fer JL„ n YSemy.” 
Chinese “in all domains.. r^nKm as a c P^Sor^n Paris. 
Chinese missions have recently j^epn's an 'Observer 

been holding . preliminary dachas; been ^^JJuTved to be the 
cussions in both France and tbe -to the debate, „ f o « jr0 pean- 

A memorandum -preseirted:^. Chihese defend 

r-:_ v^uUnn cavcfhaf--:FirrrtnP-:nV Irttpmational IDr 

*a#ft nHfihai*- -iw i ll^ ^ 

A memorandum presemetL. tot. unrnese a ^“7 fDruIBl . . ' 

Sir Frederic says; that- EurOf>e,ad International ^/r- jirediTfir- 
*' should respond favourably- W^iJecuntS' in 1m ;5ications of 
thp ernwine opportunities ta co-.'lrafeean, the .‘“i 

"should respond raVQuraDiy «v«.MCuno .-plications of 
the growing opportunities to co-.^rattean, “f 0 r : European- 

operate with China m increasing- :;Afrlcan conflict W of ^ 
the latter’s defence’ capacity ^defence and the P rom - 

atratoeaV nse^ppaw v Sfl| for&g. - . 

Proposal? ;] Pu* 

■the - v 
saXts ■ ttfjBvi r 

-lift f 

force aggi iL sL .^pgtMtaon ^ \ 

lines 'bf 'faterp®^ ~ 4 

.-•• Terrorisni '^^NSbdi^rrajiesB'I c ' 
security werea^ ■ mfeln ^eanceraj^ ' 
expressed : 

ForJtfni* ifcalidn^ . 

ter. 'ia? ~- 

aesston * 

of cohflkjt-i. > 

- - J Ta>-1riMlM>V9 t 

Paris taxes up I Spain offers tariff concessions 

1 ' ' 1 ■ ~^V T.-N. jr ‘ " 

in row about 


MADRID. June' 19- 

•• . k7vvvw* - 

cost of police 

Norway doubts on Volvo 


the Norwegian Government's 
cars-for-oil deal with Sweden's 
Volvo company were expressed 
in London yesterday by Mr. 
Erling Norvifc. chairman of the 
Norwegian Conservative Party. If 
he had to say yes nr no to the 
deal in its present form, his 
answer would he no he toid a 
news conference. 

Conservative dissatisfaction is 
significant as the parly is the 
largest non-Socialist group oppos- 
ing Norway's minority Labour 
Government in the Storting i Par- 
liament). The Government will 
hi* tonkin? for additional support 
from outside its own ranks when 
the Storting debates the deal in 
the autumn, after its full details 
have been finalised. 

Mr. Norvik »=aid there were 
three reasons why his party was 
"very sceptical" about the deal, 
under which the Norwegian 
Government would take more 
than 40 per cent of Volvo and 
guarantee the company North Sea 
oil licences. 

First, he could not understand 
huv- it made sense to manufac- 
ture cars or components in 
Norway, where production costs 
were higher than in Sweden. 

Secondly, iie could not see what 
Norway would get in return for I 
the massive funds required to | 
help Yyl\u develop the new 
model planned under the agree-! 
ment. Figures of 3.000 to 5,000; 
new jobs had been mentioned, j 
but there were no specific details ■ 
so far. 1 

Thirdly, he said, he did not 
know " huw much or what" ihe 
Norwegian Government had I 
promised with regard 10 oil ] 
licences. I 

Mr. Narvik stressed that he 
was not against the deal regard- 
less of its terms. He hoped that 
some kind of agreement would 
ultimately go through— but not 
necessarily on the basis of what 
\va» presently known about the] 

So far. he said, it was only a! 
«kclelnn agreement. I 

increase. At the end of last 
year, outstanding loans and 
guarantees had reached almost 
7bn ua. 

ill. Leportz declined to say 
how he expected lending 
activities to develop beyond the 
end of this year. But be said 
that the hulk or new lending 
this year and next would 
probably be to finance energy 
ami infrastructure projects. 

The EIB. which is head- 
quartered in Luxembourg, is 
ilii* Common Market's principal 
lending hislitullnn and was 
established by the Treaty of 
Rome. Its Board of Gevrnors 
is composed nf the Finance 
Mlulr-ters of the nine EEC 
member countries. Its last 
rapital increase (7.1 per cent I 
was made in 1973. 

Loans Tor proiecl* within the 
EEC or of direc! iutervsl to Ms 
member countries accounted 
Tor l.--l>n :ta ln«r year, u 2» 
per cent increase over She 
1.1 bu ua lent in 1976. the 
rest. 170m ua. went (0 invest- 
ments outside the EEC'., in 
Africa, the Caribbean. Portugal 
and the Pacific. 

For the second year running, 
Britain accounted Tor Ihe 
single binaest national share of 
EIB iending, 499m ua (£32lm>, 
or .15 per cent of all new loans 
made Inside the EEC. 

By Our Own Correspondent 

PARIS. June 19 

THE CITIZENS of Pari# have 
become the main victim* of a 
bitter row between their Mayor, 
(the Gaullist leader. SI. Jacques 
Chirac, and tbe Government over 
who should pay for the city's 
little-loved police force. 

Following a decision by the 
City Council today, local "taxes 
will go up by 17.5 per cent, in- 
stead of the planned 10.5 per cent 
tn make up for the heavy con- 
tribution to the cost of the police 
which the state Is asking the city 
to pay. 

Th? affair has taken on j politi- 
cal dimension because of tbe 
personality of the Mayor. 

President Giscard d'Estaing 
still appears to be smarting from 
the slap in the face which M. 
Chirac gave him when Ihe latter 
ran for Mayor against the 
Government's official candidate 
last year, while M. Chirac is 
using his new office to snipe at 
the President 

Matters came to a head when 
M. Chirac persuaded the 
Gau 111 si -dominated City Council 
Inst month to make a cut of 
Fl’r U'Jm (about £17m » in the 
FFr2&2m contribution demanded 
by the slate towards running the 
Paris police. From a strictly 
i legal point of view, the state is 
right, as even M. Chirac admits, 
hut he argues that lh a Mr.v is 
applied only in the case t*f Parts 

The Government remitted 
lust .veok by ordering tin* sum 
which the Ciry Council refused 
to authorise to be drawn directly 
rrom its treasury. 

O Renault, the French motor 
group, said today it is lo lay off 
temporarily 9,000 of tbe 20,500 
workers at its plant at Flins. 
west of Paris, because of strike 
action bv heavy press operators. 

SPAIN is willing' to make cuts Spain and toe EEC, he. .m^vTTiiis, even be g°™ . Approved, 
indi, Birial tariff* hefore com- tarns. : ,--y arrangements * 

in industrial tariffs before com- taros. - ; ‘y, • ^ffirJSfn, ca sures can and should J 

Dieting negotiations for entry „ be the case. i 

loss i 

Dieting negotiations for entry viuieuy uut fafi ^ 

into toe European Community. Sotelo also emphasises ■. SpajaV-be taken. ... Crt anish 'iabmir 
However. Sich concessions would concent over the general natojpr tostance. with SpaniSfl laouur 

However, suen concessions wuum v . . rr~ — :r- — - — -- c , jrr , 

be on the condition that the EEC of EEC agncnlturaJ policy which inside the E EC. ^ ion of flsh _ 

in the meantime adopt a more favours nort ^^ m . T Pyf^ UC€r5 'f t 'r waters is being 

sympathetic attitude to Spanish **%**** of }ng “ Commuraty ^ 

sympathetic attitude to Spanish me i mc or wjutauniw J^mewhtt separately, this 

^fo” s -. 0 .rb e L ia sa-s£r 

on the eve of his visit to London. Mmrsters of tour member ‘ fleet' now finds ; itself ] 

This is one of tbe points he tna. __Sr. Ca vo-S or 

This is one of the points ne uiw, w. reconvert lay up or 

will make to British Ministers muct 1 value per cent 

when tomorrow he begins two from a meeting of existing mept redirect E more 1 

days of talks in London. Since the Spaniards seem to be 

days of talks in London. Since oers p.us_ ine 'What the Spaniards seem to'beJ 

his appointment to the specially applicants— Greece^ p P rt l^ ; Kopy,^ without specifically say- 

created post in February, tots and Spam •/i&'S? £ i« that problematical 

is the first time that Sr. Calvo- This could be Mther formal ^ ^ of the -1870 prefer- 

Sotelo has visited London. Two or informaL But he feels Jhat ent with the EEC 

... nn L-e. hd in Paris a tOD-Iepel meetmS . with . AH. r nnal d ® r 1 

• IJSBON.' Jaw ‘19. ' ’ 

; pos'njGAi^/^. • 

'sector V 4os*.. : f-'Es“ ’ •- * 
year.- anil' cmrid - 

become muds ' 

tbe- Govfenuaent Jafeodeces a ' 
tough : '■ .priees - Sttd^ ■ 

policy to ; * .eqm piemcaF - thc,i- . 
monetary TesfrictfeHsv ai ready ~~7- 
introduced ,; ■■ •> 7 £ > J 
■This warning. - • 

Dr. SUvi Lopes, - CtoVerncr of/ 7'. 
the B^ ^TOrtugaLioa the -i • 
Presldent .of/Fortagrfs-^EC . 
negotiating CemuSNe^ a « 

weekend seminar organised by ; ' 
tbe AssodattoatTof .Vortn^iese / 

weeks ago he was in Paris. . a top-level meeting . wi th ■ S *uoerse d «d by other interim 

Spain, anxious to display its represented would help . tailored to the new 


BARCELONA. June 19. 

\V , - ii- ~5>- 

. ■■ ■ - r; y: 

; - • - ’• - ■' * -< ,• - 

/•: : -U 

•- •- r : 


• N >rC : 

Spain, anxious to display tts represented would neip . the tailored to the new 

European credentials, accepts negotiating process. ' situation of Spain as an applicant, 
that some of its industrial tariffs “Our cards are on the table. interim measures before 

are too high. But Sr. Calvo- This is an Dpen negotiation;^ ’^••JoInJng toe EEC would also' give 
Sotelo insists that Spanish says. - . ‘ J ;' : /- J ', the Spanish Government some- 

agricultural producers feel that The most significant global vui-p t0 demonstrate to the 
they could be included in a more issue is Spain's status before elec^jmte. 

preferential arrangement. membership and the nature and- In London Sr. Calvo-Sotelo 

This is especially so since the duration of transition to ;full bt . particularly interested to 
existing arrangements between membership. ‘ • T -- hear British views on enlarge- 

North African agricultural pro- As an applicant Sr. Calvo-Sotelo mentm The Spanish are still 
ducers and the EEC are more regards Spain's position .as 1 - not puzz ied whether Britain views 
favourable than those between strictly that of a third countiy- enlargement as a dilution 

beneficial to the retention, of 
j -a !• a . •: ' I Britain's sovereignty or a ; 

Catalan police protest \-A/.y: 

They are further puzzled by 

BY DAVID GARDNER BARCELONA, June 19. , the British Government’s seem- 

1 - .- inclv ambiguous stand on direct 
POLICE OFFICIALS of the Interior Ministry refuses to meet elections to the European 
Guano General de Policia have their demands. v ' Parliament. The Spanish dislike 

been working to rule in Catalonia Thereafter they would, be the idea of their entry acting- as 
since Saturday, claiming that calling for the resignatiod of a catalyst to dilute .the Corn- 
police reforms agreed at Friday's Sr. Martin Villa, the Interior munity's ideals and institutions. 
Cabinet meeting are inadequate. Minister, and would consider Spain believes it has a positive 
They have been rigorously the ' possibility of a national . role to play, creating a new 
cheeking passengers’ luggage and strike. The police are forbidden niche between the larger sized- 
documentation at frontiers and to strike by law. - ' members and the . smaller ones* 

ports. They have delayed air- They are . looking- feir pro- such as Belgium. Denmark, the 
craft and ferries, and caused fessional recognition .for.- tfigir Netherlands and Luxembourg. __ 

queues of up to two miles on job and "its complete dissoclatlfo _ 

both sides of the French fOnn the military. The Cuanto _ JFb JB 
frontier, seriously affecting tour- General, unlike the paramilitary ffl Mi il 

ist traffic to the Costa Brava. Civil Gu^xl or Policia Armada, .... M 

The police officials, who mainly Is a -civilian force but 'subject - V- •,- -■?* ■ - 

carryout plainclothes work, said by area to military comma n a. ' - , V 

they would lit* the work-to-rule The action of the Catalan I Bf' HK1 

from midnight tonight. But they force has received strong back- ' J®* 

would nropnse at a Madrid con- ing from other regions, in par- 
f«rence tomorrow that the action titular Madrid and tbe Canary 
be relaunched nationally if the Islands. 

economists; : ' . / m-. / . . i . 

. Dr. Lopes s, v that fittlonal- 7 . 
ised. compan ies/mUsfc /become 
centres for- geueratihp^lomt. .v 
ment, not conimrp&iff v «ayinss. 

He criticised ttak rise la 
labour' • costs 'ta nationallsctf r 
Industries. . 

. Dr. Lopes /? also Wanhchiy 
defended the tough monetary 
and credit . restrictions. Intro- 
duced as si resirit-<tf''Pdrta§aIV • 
. negotiations: with 'the -Inter- 
national Monetary Frifid. 


These however were critl: . 
■ dsed by many economists' at 
tbe seminar -and^. the. Associa- 
tion's concluding' report no led 
that"' "'the - . (Toveriimenf-S 
monetary policies “tbreiteu to 
have a detrimental effect on 
the . financial * position ■ of 
narionallsed companies.'”- 
-. Defenders r df . - Portugal’s 
nationalised sector believe, that 
the bonks; although themselves 
nationalised;- -are , increasingly, 
using ^profitability as _ the 
dominant criterion for lending. . 
unjustifiably neglecting social 
considerations such as Ifie need 
to create jobs^ 

. . . ' J 

Were old hands at new ventures 

Co-creators of first Eurobond. 

In 1957 Petrofina hud briefed us on a special 
problem. One wilii no standard solution. 

So together with u small jpr«uij> of inlemational 
ban ks. we created a new solution : T1 u.* world's 1 i r-i 

Eurobond issue. 

Since then we've managed and co-mana«ed 
hundreds of Eurobond issues. Making- us one of ihe 
world's leading sensors of ibis type of financial 
project. And ihe one with the lonicesi experience. 

"Whv new ventures appeal to us. 

Because all too often the old answers aren't 

the most precise solution lo new tinanrinl problems 
Or mavbe it's because we iv sm »bs and we 

prefer to custom-tailor soluiions lo each customer. 
Bather than force him into off-the-rack answers. 

But we don't innovate just lor innovation's 
sakeAVTien the standard solution Mill fi^, we oiler it. 

AH the expected service*. 

We luv<- lln- Kami.- ra)!”i- ol finanrinl si’-rvirr-s 

3«i other inteni.iliunal Kink*. And w<- li.u k 1 1 

with an inteniutii mil! h«-Um-i1 »>l Milnidiaru-* 

reprc*seni:i» ivi-s. aliili,ii<-s. .i-Mhi.ii*-*. ■.■■rn > *|n » 1, -m 

and !jan fciii" o * 11111111 11 1 ! i*-s I ike Sl-h.Mid>-« 

Banks' of l'uro|H’ ( AlH. r.OlvJ. And with liMl retail 
branch* -s in i 

But what makes u>diflorenl Irom other iniei 

national banks is nur individual attention to curl 

client's individual pri *b!cm>: nur ivlnclanre to -li* k 
to the traditional ;uisu«*t>: ami *mr willin'* ness m 

stick our neck 01 11 in new voimircs. 

Like ilicduv we Murk our name on ihe world' 

i irs? Eurobond. 

@ Banque Bruxelles Lambert 

banking, a matter of people 

We are theABECOR batik in Belgium. Mamixlaan 24 , 1050 Brussel, lei. 02 513.S1.S1, Telex 26392 BBUS 

OECD warns Yugoslavia 
over growth policy risks 


PARIS, June 19. 

THE OECD secretariat today 
warned the Yugoslav Govern- 
ment that its high economic 
growth policy could cause sub- 
stantial balance of payments and 
inQation problems unless it was 

Though the warning was 
couched in the traditionally 
euphemistic language in which 
the international organisation 
likes to wrap up its reflections 
on national economies, its 
message was unmistakable. 

"It is clear that the 
Yugoslav economy cannot sustain 
a rate of expansion much faster 
than in other countries, 
especially in Western Europe, 
however desirable this might be, 
without increasing the current 
external deficit," the latest OECD 
annual review of the Yugoslav 
economy states. 

In 1977, the current account 
shortfall amounted to about 
Sl.Sbn, some 4 per cent of the 
GNP. Though its financing did 
not raise any major problems, the 
OECD secretariat considers that 
some reduction is now desirable 
and that there, must be some 
subordination of the growth 
objective to balance of payments 

Last year, the economy 
expanded by more than 7 per 
cent and tbe official target for 
1978 is for another rise In GNP 
of 6-7 per cent 

-The secretariat is of the 
opinion that the Yugoslav 
authorities should take measures 
to dampen private consumption 
which has an appreciable import 
content and which, contrary to 
medium-term aims, grew as 
quickly as GNP in 1976 and 1977 

Under the reduced growth 
strategy, investment should be 
given priority over consumption, 
making it all ihe more important 
that investment is channelled to 
areas where the real rate ai 
return is, the highest. 

With increased decentralisa- 
tion of the decision-making 
process, the interest rate should 
be allowed to play an increasing 
role in the allocation of 
ment funds. 

But the OECD secretarial 
emphasises that, even with £ 
more moderate growth of demand 
and output, significant infla- 
tionary pressures arc likely to 
persist. The cost of living las’ 
year rose about 14 per cent and 
a similar increase is expected io 

_ Every day at 2.30pm P&OJet Ferries’ 
Jetfoil departs from the heart of London and 
skims across the sea at 50mph to Zeebrugge. 

It’s fast. It’s smooth. It’s sensatioriaL ' 
There’s simply nothing 
: else like it at sea. - 

B&O Jet Ferries 


Belgrade congress opens 


BELGRADE, June 19. 

THE SOVIET Politburo's decision 
lo send one of its youngest mem- 
bers. the fiO-year-old Mr. Feodor 
Kulakov, to lead the Soviet party 
delegation io toe 11th congress 
of the League of Communists of 
Yugoslavia (LCYl, which opens 
lu morrow has been received with 
considerable satisfaction in Yugo- 
slav party circles. 

At the last congress, four years 
ago. the Soviet delegation was led 
by Mr. Andrei Kirilenko and up 
tn (he last moment there was 
uncertainty here as to whether 
hn would, come again Mr. Kiri- 
lenko if tipped as a possible suc- 
cessor lo the Soviet President, 
Mr. Leonid Brezhnev, although 
he is even older than the Russian 
leader. The decision to send 
Mr. Kulakov, who is currently in 
charge of agriculture and has not 
had a great deal of international 
experience will give him direct 
experience of the Yugoslav party 
which has been ihe greatest 
ideological thorn in the side nf 
the Snviel party since the break 
with the Continform in I94S. Ii 
will also give the Yugoslavs a 
chance to become better 
acquainted with a man who, 
because of his age. can be 
expected to be somewhere at the 
top of the Soviet hierarchy 
throughout the next decade. 

This will also -be ihe decade 
in which Yugoslavia will have to 
develop and defend Sts own 
system of socialist self 
management without Ihe charis- 
matic leadership of the 86-year 
old President Tito, whose open- 
ing speech today is awaited with 
great interest. 

To judge by the news confer- 
ence given yesterday by Mr 
Aleksandr Grlickov. the power- 
ful secretary of the LCY execu- 
tive in charge nf relations with 
other Communist parties. Presi- 
dent Tito will emphasise the 
theme uf continuity. 

The insistent hammering on 
the theme nf continuity reveal^ 
the fact that what is really 
under discussion here is how tn 
ensure that the essence of 
Tiloism survives after Tito. In 
particular, it means ho\% tbe LCY 
can maintain and strengthen its 
“ loading, role” within a one- 
party system, while at the sjitup 
time increasing internal partv 
democracy and metaling 
between what is called “ the 
plurality of self-management 

’em.jua. argptj 

the end ©f it alpyp, 

what diii wsn f>sa$7£»'} - 

Fi-t<!*riAi. Tivr\ mMKii>d o*Ulv except %w>. 
a*v» ana HnltUavx. U.'. SZm, mi 
(*ir riclEhl"* ' »,r mill* W annum 

ievaim .Ijn ptitiaac P»iJ N».n S.y. 

Gaiting to a business 
appointment at tha other end 
of the.' count, v or somewhere 
in Europe can be a tiring, 
frustrating and irritating hassla. 
And at the end of it all you 
have one or more top executives 
who have riot only wasted 
valuable hours in transit but are 
also in a far from ideal condition 
to negotiate and take decisions 
vital to the company’s future. 

■ Time is money 
The alternative that more 
and more companies are 
adopting is the use of a corporate, 
aircraft, and the choice of many 
is the Beechcraft Super King 
Air 200 C f Convertible!— a fine 
twin turbo-prop, fuiiy 
pressurised aircra't with the 
facility of either 12 seew 
"comfortable commuter" or 
t>8 seat "flying boardroom'' 
configuration. This aircraft is 
well known for its ability to 
fly into small airfields as well 

as international terminals. It is 
economical to acquire arid 
operate, and probably the finest, 
aircraft in- its class. 

if -you would like target to* 
voiir business destination in the . 
shortest -time, be. able to work ' ’ 
whilst, travel i ing, and to 9 tep 
out of your aircraft just a 
short car journey from your 
eppoiatment-you should talk 
to Neil Harrison at Eagle ebour 
ihe economics and practicality 
of applying one of today's most 
valuable business tools to your 

“ /c 

Ffitfi. AtrrrntT Swvlto* Lid 

P 111 Ken*wP2 1 

''®-* 3 .. 7 361 1 Tclrx 201 So: 

ouney with aBeedicraft 


. Financial Times Tuesday June 20 197S 

to begin 
talks on 



J w ssv 



, S7* 



ROME, June 19 . 

OVER 1,000 deputies, senators 
aoa • regional government 
representatives meet in special 
joint session of the Italian 
Parliament in 10 days’ time to 
elect a new President of the 
-.republic. Since Sig. Giovanni 
Leone’s dramatic resignation 
last, week the parties have not 
agreed on a candidate, but the 
position is expected to clarifv 

Tomorrow Christian Democrat 
leaders meet. They will be 
looking for a candidate who can 
secure Communist Partv backing. 
This followed by a lons- 
_ arranged meeting of the leadpfs 
of the parties supporting Sig. 
Giulio Aodreotti’s minority 
Christian Democrat Government, 
In c luding Sig. Enrico Berlinguer, 
the Communist leader, which 
offers an opportunity for a 
political deal.' 

Suspicions over the weekend 
. that- a tentative deal had already 
been done forced Sig. Berlinguer 
to issue a public denial, but the 
. possibility of an agreement being 
.reached privately before the 
first Presidential ballot on June 
29 should not be ruled out. 
Without a deal a successful 
outcome of the first round would 
be almost impossible, for the 
r inconclusive general election 
two years ago gave the 
. Communists a virtual veto on the 

Daly's unique Christian Demo- 
crat-Communist alliance will be 
on trial in the Presidential 
contest. Sig. Andreotti’s Gov- 

warning on 
of reflation 

- By Adrian Dicks 



Struggle for harmony 


Christian Democrat Presidential candidates: Amintore Fanfani (left! and Benigno Zaecagnini. 

eminent needs Communist parlia- 
mentary backing to survive and, 
with the prevailing economic, 
social and public order difficul- 
ties, none of the major panics 
want an early general election. 
But Sig. Berlinguer's support for 
the Government — a policy not 
universally endorsed by rank- 
and-file Communists— can hardly 
continue if the Christian Deinn- 

eleclions. Craxi's 88 deputies 
and senators, and his share of 
the regional representatives, 
could be decisive in the special 
parliamentary session. 

As members of the governing 

majority, the Socialists’ could by 
withdrawal from ttau alliance, 
leave the Andreotti administra- 
tion a more simple Catholic/ 
Communist coalition than it 

The Turin court retired 10 
consider its verdict yesterday 
hi the trial or 46 alleged Red 
Brigades urban guerrillas, 
which has become one or the 
toughest tests of Italian jus- 

tice. Reuter reports. The defen- 
dants said, in a statement they 
were allowed to read before 
the court, that the subversion 
charges against them were 

era Is fail to win Communist 
backing and instead try to put 
their candidate in office, with the 
backing of the smaller parties 
in a simple majority vote. 

Tbe largest of these smaller 
factions is the increasingly inde- 
pendent Socialist Party. The 
party's new Secretary-General. 
Sig. Bettino Cnuri, now controls 
most of its warring factions, and 
has been boosted by its im- 
proved showing in recent local 

already is. Sig. Craxi is inclined 
to operate with a growing 
independence these days, keeping 
hts distance from the Com- 
munists in the hope of winning 
back left-of-centre voters who 
crossed to the Communists in 
recent national elections and in 

Craxi's position — he wants no 
private deals, and is arguing for 
open agreement on a “lay." that 
is, non-Christian Democrat, can- 

didate — is supported generally 
by the other smaller parlies, but 
not by the Neo-Fascists, who 
already claim to know the final 
political deal. By their account. • 
the Christian Democrats and. 
Communists will settle on Sig.j 
Benigno Zaccagnini, the reform- 
ist Secretary-General of the 
Christian Democrats. With a man 
of such impeccable democratic 
credentials lodged in the 
Quit-male. they *»y. the way 
wuiild be open for I lie Com- 
munists to advance fount their 
present limbo into the Govern- 

The immediate udds still 
favour agreement on a Quirinale 
candidate before the voting 
Marts. And if it is Sig. Amintore 
Fanfani. the former premier and 
now the acting president — as 
some suggest — his job as presi- 
dent on the Senate might go to 
a Socialist. This would put a 
Christian Democrat in the 
Quirinale. let a Socialist lead the 
Senate, and allow a Communist. 
Sig- Pietro Ingrao. to preside 
over the Chamber — a con- 
venient three-way split between 
the three big parties. 

Holland decides against ordering Nunrods 


HOLLAND has dropped the 
British Nimrod from its short- 
list of possible replacements 
for' its obsolescent fleet oi 
marine reconnaissance Neptunes. 
The Defence Ministry is con- 
tinuing studies of the French 
Breguet Atlantique and the U.S. 
Orion, with the French aircraft 
apparently the stronger con- 

British Aerospace's Nimrod 
was dropped on the grounds of 
purchase and operating costs, a 

Defence Ministry spokesman 
said. The Nimrods were 
expected to cost around FI 73m 
i$33m ) each compared with 
FI 40m for the Orion and 
Fl 64 in for the Atlantique. 

British Aerospace called a 
Press conference' in the Hague 
last month to deny figures 
published earlier by the Defence 
Ministry showing Nimrod would 
cost Fl 88m. but the British 
aircraft was still more expensive 
than either of the other two. 

The Cabinet no*, expects 

lo decide finally on the 
Neptune's successor some time 
this year though it is unlikely 
a decision will be taken in the 
next few weeks 3s was earlier 
huped. According to some 
political sources, it was thought 
wiser to postpone a decision on 
such a major programme at a 
time when spending cuts were 
being considered and following 
so quickly on the decision to 
increase defence spending in 
line with Nato targets. 

The Defence Ministry is still 

AMSTERDAM. June 19. 

weighing the merits of the two 
remaining aircraft but a large 
body of Dutch industry which 
might gain compensation orders 
is in favour of the Atlantique. 

The French have asked the 
Dutch aircraft maker Fokkar- 
VFW to make an offer to deliver 
12 F-S7 aircraft for use by the 
French navy as trainers and has 
also expressed an interest in 
Fokker's F-28 jet passenger 
liner. The prospects for these 
orders arc improved if Holland 
orders the Atlantique. 

BONN, June 19- 
A FRESH warning ot the 
limited scope atallahle lo ibe 
West German Gm eminent for 

fresh stimulatory measures 
came from the Bundesbank 


In Us monthly report for 
June, the West German central 
bank reproaches those abroad 
who are urging such measures 
on Bonn with failing 10 under- 
stand “ hou flosely the limits 
of deficit spending are being 

The Bundesbank's argument 
Is similar lo that made by 
Chancellor Helmut Schmidt in 
an interview with Business 
Week, ami echoes bis concern 
that an> attempt to further 
increase public borrowing 
might force interest rales up. 

This, in turn, could reverse 
the outflow of speculative 
funds from Germany which 
I he present transatlantic in- 
terest raie itinVrential has 
helped bring about, after the 
foreign exchange market 
turbulence of the early spring. 

This jear. predicts the 
Bundesbank, markets u ill he 
asked tn fund deficits totalling 
some DM Krthn. DU 20hn more 
than in 1977. In consequence 
of the stimulatory packages 
enacicd la<l year, however, ii 
also foresees increased demand 
for credit from the private 
sector, and in particular from 
the proper! > and construction 


Defending the refusal or the 
Bonn government of foreign 
advice to take fresh steps to 
stimulate demand. The Bundes- 
bank points out that “further 
public investment programmes 
would presumably be mainly 
concerned with additional con- 
struction projects. 

“Yet the ability of the con- 
struction industry to cope with 
current demand appears to be 
largcl> taken up." 

The Bundesbank concedes 
that there has been little 
difficulty in funding public 
deficits while interest rates 
have becii low, hut points to 
recent signs of a rise in longer- 
term rales and warns that this 
should he home in mind if any 
further expansion in ihc 

federal deficit is contemplated. 

The hank attributes the low 
first quarter increasc_ in gross 
national product of La per cent 
at an annual rate, to had 
weather and industrial unrest, 
rather than to factors which 
would suggest a new stimulus 
was needed. 

regime are always the most 
difficult. After 12 years in power. 
President Suharia of Indonesia is 
faced with a country in which dis- 
content is' fermenting beneath the 
surface and over which he no 
longer has the same easy control. 

There is no immediate threat 
to his regime. But Indonesian 
leaders, tike the heroes of the 
folk plays of cental Java, are 
expected to express a sense of 
national harmony that transcends 
tbe differences of a country so 
vasL and spread across so many 
islands. This elusive quality— 
which the former President. 
Sukarno, had when his authority 
was at its height and which 
President Suharto recaptured by 
the realism of his economic 
policies— is now slipping from 
him. , , 

An equally difficult problem is 
posed by the uncertainty that 
comes with the expectation (if 
major political changes. Tne 
leaders, both within the army and 
without, among them President 
Suharto, who led the country to 
independence after the war — I he 
so called '45 generation who have 
been closely involved in running 
i t — are all nearing retiring age. 
There is no sign as yet on whom 
their mantle will fall and no 
mechanism for making tbe 
delicate transition. But as a 
result of the uncertainly the 
ratification of President Suharto 
in March for his third term in 
office was tn some ways a com- 
promise. reflecting indecisiveness 
in choosing a new generation or 

H was this apprehension of 
the many unknowns in the years 
ahead that enabled President 
Suharto to crack down so heavily 
on the unrest that surged up at 
the turn of the year, and to do 
so with the full support of the 
army. The well organised 
student protests drew on a 
familiar catalogue of grievances 
from the corruption of the 
regime to its disregard for the 
constitution. What was new was 
the force with which it was per- 
sonally directed against Presi- 
dent Suharto and the wealth 
amassed by his family. It also 
found an echo among the army- 
commanders many of whom have 
children at university whom they 
expect to run the country one 
day A further important novelty 
was the number of retired senior 
ufficers. like General A. R 
Nasulion. a former Minister of 
Defence, and General Dharsono. 
the Secretary General of ASEAN, 
who cante to the fore to support 
the students' complaints. 

The agitation was at the same 
time taken up by the militant 
Moslem parties who did surpris- 
inglv well in the 1977 general 
election. They have gained in 

strength largely because of the 
complaints of the numerous 
Moslem trading community that 
it is the Chinese merchants who 
have benefited most fr° m 
business boom of the past 10 

As the protests grew in 
volume in the early months of 
the year, so ihe army became 
mcreasineiy alarmed by The 
threat to internal security. This 
gave President Suharto a free 
hand. It was a mark of the 
seriousness with which he 
viewed the situation that he 
personally directed the 

President Suharto, 12 
years in power ip 
Indonesia, is facing 
problems governing a 
vast country whose 
leaders are approaching 
retiring age. Suharto 
himself is as strong as 
ever. But so is the 
demand for results. 

subsequent arrests and the 
closure of papers. 

The result, paradoxically, is 
that he is now as strong as at 
any time in his career— and 
certainly stronger than Sukarno 
who ha'd to play off the army 
against the political factions. He 
has the army and the security 
apparatus fully in his grip and 
all the levers of Presidential 
power are at his disposal. The 
Press is on a “tight rein , ana 
student activity battened down. 
The Moslem parties have been 
stripped of the key posts they 
held in th e cabinet and in the 
Assembly. Dissidents like Mr. 
W. S. Rendra. the playwright, 
have been removed to jail. Those 
in the military who are unhappy 
with the turn of events feel 
powerless to do anything. 

The danger in taking so much 
power is that the onus is now 
on President Suharto to produce 
results. He is doing many of the 
things for which his critics have 
pressed. In reshaping his Cabinei 
he has shown signs of a willing 
ness to delegate more authorin'. 
The philosophy behind the new 
five-year plan. PeJita 111. is- 
“equitv with growth"— a popular 
shorthand in Indonesia For sav- 
ing that the pribumi or 
indigenous Indonesians can ex- 
pect tbe Government to favour 
them at the expense of the 
Chinese. The President is mak- 
ing the ri£;ht promises about 
more jobs, a shift of emphasis 
towards the rural areas and small 
industries, and increased rice 
output after the shock of the 

drought in Java last year which 
left some close to starvation. 

Thy well publicised campaign 
under Admiral Si: do mo. the head 
of the security force Kopkamtib. 
to rool out corruption also indi- 
cates an awareness of how sensi- 
tive public opinion is on this 
issue. The tactic lu wards the 
.students and the Moslem groups 
is to try to isolate the 
“extremists" while re-educating 
the others through state run 
youth councils and Moslem 
organisations to Iheir responsi- 
bilities lo ihe nation — an exercise 
referred to as “regeneration." 

A telling pointer fo the urgency 
attached to . reconciling dif- 
ferences is the resurrection of 
the Sukarno myth as. a symbol 
of national unity. Afier attempt- 
ing for years virtually fo erase 
his memory, the Government is 
now having his grave elaborately 
restored and is considering 
investing him with the ponderous 
title of" “The Great Proclama- 
lor” for leading the country w 

As yet none of this rarires 
much credibility nr seems much 
more than an expedient way of 
covering up a return to a more 
repressive regime. Economists in 
the Government see no prospect 
in the next two or three critical 
years of any significant redistri- 
bution .if wealth or improvement 
of living standards. The cam- 
paign against corruption is ham- 
pered by the glaring exception 
of the President’s family and the 
political difficulty in buttonhol- 
ing senior officials. “Corruption 
is like a devil." says General All 
Murtopo. the Minister of Infor- 
mation. who believes that the 
scale of ii has been grossly exag- 
gerated. “Everybody talks about 
it but nobody can catch it." 

The policy towards the students 
and the Moslem groups reflects 
the confusion of both wanting to 
accommodate them in the 
interests of a national consensus 
and of feeling they are a threat. 
In addition the Government h3s 
the prohlem over the next two 
years of settling nearly 30.000 
alleged Communists interned 
since 1965 and of holding down 
a variety of regional groups pres- 
sing for autonomy. 

The chances are that President 
Suharto is going lo be faced with 
another bout of" unrest in the not 
too distant future. On how he 
handies it will depend whethei 
he survives his full five-year 
term. The army has no wish tn 
have what it sees as its mission 
to interpret the national consen- 
sus damaged by a leader whn is 
popularlv regarded as a liability. 
On the other hand it is at a loss 
to find a successor. In the wings 
as a possible compromise figure 
is Adant Malik, newly elected 



t v 

. For allits size, BritishRailisn’t 
as remote as you mightimagine. 

Atleastnotif you consider the 
attention we pay to different 
passengers’ needs. 

To make the going easier for 
disabled travellers, we provide all 
kinds of facilities. 

Everythingfrom sloping 
handrails and extra wide doors on 

thelatest Inter-City coaches to 

Mobyle folding chairs at stations. 

We take care of old-age 

pensioners too. Cheap rail travel 
means they can visit their families 
and friends more often. And that 
applies to students as well. 

Last year 480,000 pensioners 
and 190,000 students bought 

Children don’t get overlooked, 
either. There are special low prices 
for them during summer holidays. 

Finally, inl977 more cyclists 
tooktotherails. Which wasn’t 
surprising, because now their 
bicycles travel free. 

It’s personal toucheslikethese 
thatmake BritishRail far from 




^Financial Times. 



t "l»” ; ||_ | 


Agardat* \*S|yiS=l 

- Rwnera ■-•-*, HGRE ' toM 
/ Dabat -fc§jf\ 

f rfiamlap /' ' j 

f Tf mimg j 


Dayan says Israel 
Bank plan perma; 

| Brunei talks 
open in 
.0 London 


TEL AVIV, .iim>: 

DJfflOimj I ISRAEL'S OFFER of limited self However, yesterday's Cabins "T r . Dayan met ihi< morning 

TALKS OPENED at the Foreign 
• Office yesterday with the Sultan 
of Brunei on the British Govern- 
ment's decision to wind up rtfl 

VMM /£•/<*;■ 


• -V- 

, , nn r T7f a - aer enatent With the eff 

former P . . ■ -Tj^vTni?' theses uhlr>^ani>o- 

rejected by West with the American Wnbas-odor. responsihlHttas for 'the 

"£*£ THE left showed unexpected. #,£&**** £5 <rf 
defence *■ . ^rterday's elections sant-^eader foreign 




of ite hard-line Cabinet decision 
yesterday on the future of the \ ' ;/&****“ 
i occupied territories. = : arfg 

He dashed American hopes ; y5s| 
that the autonomy plan was only & gpl 
an interiin arrangement by :§^m 

on whether or not the deci^'m instability, 
would help to revive the*?- The Sultan, together with his 
mated Middle East peace neetta- : rather Sir Omar All Saifuddln, 
lions. who is also the most influential 

the middle classed headed by Party : .‘(PSRK ” ‘ was resisted by mLcft^and^ir-po^ 

is Sr Luis Bedoya. a former Wor CeneiraJ Leonidas is‘ acal figww/^^jyn^^yKg; 

n . T - ..... .A*niiia4tia nnlt 'itntMait WStCTflAy . . - . i.. j '«nint An. fhlt'f SICtlttStiA&I 4MltM . 

By James Buxton 

, * * stresein? that wen after to the Knesset this afternoon. The ; mak e:i|J^ 

■• ITbriBGArl 111 years or self rule, Israel would ;vRv L -W. Knesset is expected to appr*' v i* ; Granting Brunei full indepen- 

- MI not be prepared to -take any * " lhe Cabinet decision after a'dence T^j s j S a ?oa j strongly 

5— - decisions anout the sovereignty rajS. «: stormy debate '• supported by Brunei's neighbours. 

•' fij nr permanent status of the West • jrafitw '■ ■*■ I Mr. Weizman. 'he ; Malaysia and Indonesia, which 

■ fl B.B %Z£± Bank and Caza. r-Sv «*■ * Defence Minister, who vn:«d have recently tried to reassure 

•• All that Israel would be pre- K‘JV“ "&= .M a gainst the Cabinet decision, -.‘.as iJu* Sultan that they will not allow 

By James Buxton d tn dwil j e five yMrs a f ter .- -. -jV+ Sg expected to absent himself from ihev countries to he used as bases 

GUERRILLAS fighting for the I implementing self rule would be : - • 8 *lHfi W EP=" JB liw debate. for guerriNla operations against 

iliciependence of Eritrea arejthr nature of . the relations W qr Mr. Weizman has denied his country, 
coming under increasing pres- between Jsr.iel. The Palestinians SQk, > '7*$? g<* be intends to resign fmi'.i I hi- 1 

sure from the Elhiopian armed i living under occupation and Government because of his dip m L nMr 

‘forces in probably the fiercest , .Jordan. apreeiueitt with the Obi not. iV|«i2iySI3 Oalia 

sustained fighting currently rag- hope that the autonomy, as WR policy. Hip aides have lei n 'u** n 

iag in Africa. But Ethiopia has it is. will he lifted by the people. ™ ^ “ known that from now r.n Hie 1 glj rQlllPC 

yet to launch a concerted offen- 3nr i the question oF sovereignly MB. EZER ncIZMAN Minister who won such popularity ; 

sive to regain control of the w ju no t be brought up." Mr. JVo inmitiOR of resigning with Egypt's President Sadai will .MALAYSIA yeuerday banned all 
province. Davan told 3 Press conference in concentrate on military ^tii-u-s. political rallies as part of a 

. An Ethiopian attempt to break Jerusalem today. Ixablus. said that it will not and will refrain from pa ruci- : security clampdown in the run-up 

■out of Asmara, the capital, about .* jf t j, eJ . s0 desire, then they bring peace any closer. pation in the diplomatic ! to a July S general election, 

;a month ago was contained and brine’ jt up. But we want to The Mayor of Tulkarem. Mr. negotiations. • Reuicc reports. _ 

partially turned back by the , ^ ase nur attitudes on the assunip- Htimi Hanoun. said that it Mr. Weizman is rcnnrii-'i .is 1 *V r ' Hussein i Onn, tne 

.-forces of the Eritrean Popular tinn that ^ autonomy is not ignores the Palestinians living ha^ vins tuld his Cabinet^ ^col leagues . P* r,r "e M'niRter. said m a State- 

Liberation Front according transitional, hut that this is the outside the occupied territories, after yoiterday's vote that be will ! me " t l l!f Part* nF 

^inif 0 S e,1 kp^ U L„ Kg - ftwr budget For 


Peruvian Com- ' Meanwhile, ^ ■ 

ad 5 per cent. - G«C Whales 

an official Government slat- merit ' the t»iks will P v 0l i ing s ff tion *- •g^Jg.inr Pemiw - Com- 


stormy debale • supported by Brunei’s neighbours, old 7f l !, ran S S- Ui^ Q co»stitu ent ’BO*®" stitueat assM^ly^^havejr^n 

Mr. Weizman. 'he f Malaysia and Indonesia, which de la Torre^ vdtt -9^per half as nwoy.agaift 

he intend:, io resicn lr..m ihv m third place with 11 per cent /IMF! for a meot- win suner *»ss oia«c,-MT 

Government because of n.< d.s m - | • L qnc of the poll In some parts more difficult if they, are nora^ow^d ^Cahe 

agreement with the Cahiiwt. Mtll^ySIH 0&I1S the slums ofLima, tt registered &f Uby m ^h tie military tiielr 3ea ^-. r 

Kis ^ all raUies ""■* tte ^sS f ■ 

Minister who -.-on such nnpiiluniy : ail rdlllCS ^ UtX SSSSh^'T-. «« K 

under heavy air attacks in some an j j n “"the Gaza Strip,” the and to settle vast numbers of the Government decision, 
of their strongholds and a., one p ore jg n Minister said. Jews there, he said. Editorial comment, na-*i* I* 

nn nl tK* nlhar m’.ln nrnil n thp ’ ^ • 

order on its 30lh anniversary 

New bid to 
end labour 
Bill filibuster 

Carter’s foreign 
threatened by w 

; poinr. the other main group, the 
Eritrean Liberation Front 
iELF) said it hud had to 
■evacuate the strategic town of 
Mandefera. though it was re- 
occupied. The Eritreans have 
also come under pressure at 
.Barentu in the west, the third 
remaining Ethiopian stronghold 
in the main part of Eritrea. 

. Ethiopia is reported to have 
four army brigades waiting 
across the border to the south 

By Jurefc Martin 


Indian growth in 1977-78 
better than expected 



iroops fought against them. 

Arab banks 

The Bill, which has the stro rig } this week- Tri£ , r1 . the prevaililng yieVf -oFicoakres- 

Lpport of both organised labour r The new ® le “ e “ t siatufi observers’ r 'raftor ^the . 


NEW DELHI, June 19 

THE first ever meeting of the 
i central bank governors of all Arab 

„ ,l. | DIUC*. UU1UII “J a ”7 — .mnaHv lUTUier irev^ . 

n? aS vSb o£ delaying mechanisms ..... vote in California to cut property , ^ CflUgan, head ! of the 

Of all Arab | But a coalition mostly com- taxes, which will force deep cuts A^ ency for jnternationall)^^ 

i a ^ c T>Anvvktv_- fv» avnreatirf I tllTP.. ^ • _ . - 7 i: P_ l ' 

3 . ^ a "P. j: m m • . . " •_ m .P ^ ^ produ -tiop l^ , st par sine. Lhftrp hy ’ n €n "■ iniAmrt nf I prised of conservative RepubU;! in expenditure. ™ 2S5. told tffis vnrrt oafs teieftw- 

offensive in Eritrea. According formed better in 1977-78 than is the poor performance of such an increase in the area under • the conunued interest of Die Arabs J d southern Democrats, '.This has sharply swung con ( . Jhat^ Proposition 13MtS* “faur- 

to the Tigre Peeple s Liberation thought when Mr. H. M. Patel, sectors as steel, coal, cement and irrigation and fanners are ;i,m s ! *® 1°™ ^soondine to the equally strong gressional sentiment in favour of ?« 

Front fTPLFi, which cooperates ] the Finance Minister, presented power generation. This has more inputs. If the mon.^on ; S.^KhnT.Vi 'writer from AmmViL lobbying of corporate interest* cutting spenuing ai American folklore ^d 

.wnh the two mam groups in j his budget in February-. The been aggravated by all-round turns nut to be good, product -.a l “ -{^p^hreeOay Set^g here l^iU tas conducted a successful and. as history ha* gP“tedlj P£*. ’■SSw^SctaS” appSd : -is a 
Eritrea, there are now 30.000 Government now says that the labour unresL could be as high as 130m tonne*. ! di^VESmmeSStSS prepared ^buster for well over a month, shown, foreign aid is frequently to^vt nil ^Gowriment 

Etbmpian troops in Tigre. and -gross national product (GNP, Tbe government is lo announce The hoDP lhat lndwtn *l pro- ■ fc^cSSSuS jSJTStnll A total of 60 votes are needed the first to feel the budgetary MWHgi WOg M 

a new air force base is being increased by slightly over b per a package of measures within 10 ‘ 1 r . , «iih„«tpr Although knife because of Its limited con ; alvinlr i* nb r» Via llieflHftlf TTlA 

i° more or^lesT unifild^slem. responding to tbe equally strong ^sslonal sentiment 

Rami Khourf writes from Amman, lobbying of corporate interest^ [cumng s P^ r n v g repeatedly part , of American folklore, and 

iirr^ o? eomfnul ication Ethl0plan per CeBt ' “ Slated L This^ must increase I esfablishmln, of f union of Arab ^Sressively closer to achleylnjllcopgre.5^^, mnrn . ^ 

by Mr. Patel. 

production This must increase on "»* ur » 0D investment n..w ; e , lablishment of ^ umo n of Arab SrO'tressivel.v closer to achieving [Congress. . ■ ' event Mr idna'^end- 

fSl ' h *:*«°* ^.*>4 they seem to- be stuck -At a special briefing 

But there is constderabVe , The higher estimate is the to mainla'in its high growth was an inrrca'e of 20 per vent i controls on '’capital otovemenis about two^ votes short. At jing. Mr. C. Fred Bergsten, the meht^dghT>ven ^tuniptrt 

iubt as tu when ^nd even I result of the record foodgrain rate and _ government economics in loans by term-lending finan- iuin»ng Arab states, the establish- fhe last two closure votes on JiAssIatant Secretary of 

doubt as tu when and even result of the record foodgrain rate and government economics in loans by term-lending finan- : :.m.»ng Arab slates, the establish- f he last two closure votes on Assistant awewy u ,' « JTii B nlriv 

whether, a large scale Ethiopian production of tonnes are hoping Tor a rise in indu«i- ciui institutions last year. Tne ment or more joint-venture Arab Wednesday and Thursday^ the Treasury for International Mone- Republican 
offensive will take place. Any during the year This surpassed trial production by 7 to 8 per demand constraints that have banks, the identification of invest- fifth and sixth in the series, tary Affairs, said that the present d«p«r_ - wamss 

assault that begins now will soon the previous peak of 121m tonnes cent this year. caused rece.^ionarv conditions in m opportunlUes throughout the ss senators were In Favour BUI was the absolute- minimum the board percentage cuts.; 

be engulfed in the rains which in 1975-76 and is far more than If this is not achieved, growth ih<» econorav for ‘the oast few Arab region, and strengthening n^the filibuster - necessary for the U.S. to meet tite - MmS' ^ time;' tier* is 

should begin before the end of the 111m tonnes produced in during the year w*U be nominal years now seem to be lifting, the capabilities of Arab companies OI To-morrnv^s division ia Its international obligations. He. t0 be a number oFarticnd- 

ihe month and continue until 1976-77. since agricultural prod action is This is indicated by sudden 801:1 institutions that carry out . hon _ ht t h _ crjticaL AlthonEb expresed particular concern that ments intended „to .prevent the 

September. . I But industrial producUon In not expected to increase by any shortages that have 'arisen of feasibility studies. tmth sides are confident ■ of win- Congress should authorise the u.S. representatives at the inter- 

■' An Ethiopian offensive against 1977-78 increased by a meagre significant amount especially if steel and cement, items wbi h nine thP dav the feeling is that 52-6&" allotted for the Inter- national institutions from voting 

the guerrillas is not likely to be 4 per cent compared to the tbe monsoon is unkind. The had to be exported for the last C„: T a «Iro if tiie closure vote does not national development banks. h, favour 1 of, assistance to 

a fast-moving bUtzkreig affair like impressive 10.4 per cent in the Ministry of Agriculture says three years because of lack or Lanka Visit succeed then momentum WiJ)- : .• The House of Appropriations assorted nountnes . if - .th«r 

vro W H arn r a,SI i P reT1 - 0U * year and thus a that even iftiiere is an average demand. This also suggests th*re CUBA’S credentials as a non- have passed decisively to the Committee, has already pitwision- infringe either .human rights or 

iLSS Sl vere t ? rag on derail growth, monsoon tins year, production has been a spurt in construction aligned nation and its moral right npoosition. jtily shaved s S900m off these other adepip^cal stafidards-. 

Ogaden. whose final push lasted The main reason for the slow will be around the same level as activity. - to take over as conference chair- proves to be the case. Sllocajrotin and even the Joor Mr^Beresten said' again today 

? n D jL y pi“ 1.EL — M ne5r1 >ear from Sri Lanka jt be widely construed as raa i^e r^>the_Fo reign Aid, BilUtiut ^chaa^idmenta might well 

.nri- 1 - 1 ~W M T j woll ^re prominently m Chines ev^ence of the declining po«t^ pmgreesman ."SlHrence Long, a UbejHe^jl amd- n m ^ fiptable to the 

s™“i pj an urged on IVIoSmi^o . ^ frott'^r^t to ^iopmentbaita^ 

guerrillas are well-dug in, and 
they are not. as the Somali 

guerrillas were, hacked by a j#*mu *** h v '* vjls XlAVRfWii-W Jayawardena according to diplo- 

regular force which can with- malic sources here, Mervyn De 

draw. KINSHASA June 19 Silva writes from Colombo. 

The Ethiopian army, though June re. viee-Premier Keng Piao arrives 

its morale was restored by the Frv r E WESTERN powers will nations involved met in Paris to month support package that will bere r ^ om Islamabad for a five- 

ultimate success of the Ogaden urge President J.Iobutu Sese discuss support measures for bring in good* including 837.5m da y viilt ° n 'Vedncsday. 

campaign, is reported to suffer Seko to make peace with local President Mobutu. of food and uedicine and S24m 

anager or 


t frojti”' Maryland;’: haa- dfiVeiopmcnt hanla.; 

ptahle to tbe 

KINSHASA. June 19. 


Oil su»t dismissed 

NEW YORK. June 19. 

A FEDERAL judge has ais- 

House arrest for rights official 

from a shortage of trained and tribesmen in Zaire's war-torn The sources said the move was of fuel tu b-Ip resurrect Shaba. 
experienced officers at the Shaba province in return for Intended to remove political In addition, the International MOSCOW 

the Shaba province in return 


A FEDERAL judge has ais- BY ROBERT UNDLEY . BUENOS. AIRES, Jun* 19. 

Petroleum ^ to b ^e?oTCT E S 8 1.6bn PROFESSOR ALFREDO BRAVO, a school ' fOr adujte in Buenos 
from Libya and its national oil secretary-general of the Argen- A r ire6 - He^is a leamng member 

American equipment. Britain, in a series of separate dissent. “Mobutu Plan 

_ But the indications are that meetings, will also press him to The French ambassador in revival. 

Cuba, which helped Ethiopia to consider wide-ranging domestic Kinshasa was believed to have Reuter 

victory in the Ogaden. is reluc- j reforms and to seek better rela- had the first of the five meetings 

tant to become involved in j rions with neighbouring Angola, this morning, the sources said. j:„ c 

fur economic 

.Jill IV M-fi-wnic mvuiveu in rions wirn neisuuuunng Angola, inis morning, me sources saia. c „l 

Eritrea. Cuba is wen aware that the sources added. The four other envoys were QlCSei COHtraci 

accoramg to neuter in Moscow - oasea nis aismiMai u.» mu ui nl»n.d under house arrest on tiie j" « ^ c \ 

In a statement addressed to the jurisdiction because the defen- J*J™‘M naer nouse a^esr 011 ^ dlspos ition of the executive 
Japanese Government, Moscow dants “are protected by ■ ve v Ken ' 1 - branch, a procedure permitted 

said u would have to make sovereign immunity.” Professor Bravo was arrested under the coup tty’s- state of 

‘■certain correctives ” in its policy Ap.Qj in September while teaching at siege; ‘ ' 

towards Tokyo If the concluded 

treaty contained provisions ‘ " . - 

directed against this country. 

nnues tne greater public I prnment followTnq la«» month's ruler of Zaire, wanted a j 

exposure Cuba would gel for rebel Insurgency in Shaba— the initiative by all five powers, 

having switched from assisting worst threat to hl« 13-year rule. France, supported bv o 

the guerrilla groups fas it did The sources said ih*» western members of the otoud' wai 

fnr mnro fVion o tn Knals J ..... . 1 Jt _ . ° . 

Moscow accused over Vietnam 

tbe war in Eritrea would be long The Initiative is oart of awaiting appointmeots with NEPAL h3^ signed an agree- 1 a,reclea asa,nsl tnis TOUniI J- 

and bloody, and has nn doubt western efforts to support Presi- General Mobutu. ment with the Snvic-t Union fori 1%/B TfcVlA *9 1 Ill/Pr V IPT11QTTI 

reflected that the longer it con TL dent Mobutu*s anti-Snvlet Gov- Belgium, the former colonial 130.000 metric tunnes nf. diesel J pnn „ nrer l ItIWVvU VVI V* V* T JIVr.leUCUU 

tinues the greater publtc ernment following la<» month's ruler of Zaire, wanted a Joint worth approximately MH.7Sm. the *"’*■ • uciiuuipctu 

exposure Cuba would gel for rehel insurgency in Shaba— the initiative by all five powers. But iarcesr diesel purchi-v it has EGM’TIAN' Ambassador and HN HOFFMANN " - - PEKTOfi Tuti*H9 

having switched from assisting worst threat to his 13-year nile. France, supported by other ever made. Sue Lockwood reports former Armed Forces Chier BY JOHN hofriann riSiU^, June 19- . 

^ .r err ii la groups (as it did The sources said ih*» western members of the group, wanted from Katmandu. Prior to 1974, General Saad Bhazii yesterday “sinister role” played by distinguished from the other, for decade? end fostered pro- 
l0 .i- “"bKMdon would present three separate meetings that would Nepal bought al most ail its petro- the Soviet Union in South-east "One aannot help asking found friendship^ it said., “The 

IT?. “ c Addis A ha ha regime, areas for refonn : allow each ambassador lo pul the leum products from India on a f * Si SSFtE J Asia has become the .chief taraet whether: these similar and Klemiin has spared no pains' to 

ZrT^!Iv fl Hfn ho r n!h«' i re » ^ v allow each ambassador i 0 pui the leum products from India on a SSuter m ^ frem Asia has become the chief target whether: .these, similar and Klemiin has spared no pains' to 

Z.,ii^-^ re „ he >et1 i be Cuhan • Reconnliation between the case for reform in tbe light of quota allotment basis and. when , p ' Heuler p 15 of China’s bitter reaction to the mutually supporting tunes and bind independent Vietnam to its 

v^,! iZ.- Asmara northern - dominated Kinshasa his own government's policy, the India was unable to fill lhe quota henn'rai Shazli now ambassador expulsion of Chinese nationals arguments were mere coinci- chariot for global expansion/' 

ho!-, *^. hnUB S l , ha 7 Government and the Lunda sources said. due lo petrol crisis shortages. inPortu-alSd President Sadat from Vietnam. dence or formulations based on • M Panwh u p «r 

r_i n . ™!* frihesmen in snulhern Shaba Western diplomats said they many of Nepal s more crucial driving *11 'his oolttical In the strongest attack yet pub- consultations.” the Japanese 

lished. tbe official newspaper, the The newspaper says ** the '™ Ja ^ ne t ?® [ g! 
Peoples Daily this weekend international background of the 

n =s mcreasingix i 0 Relaxation of the mounting secret, might draw an angry contract guarantees Nepal the! behind a face of powerlessf named Moscow as the instigator issue is the sinister role played SJrTlS-SSS 

ihnt/irf i^Ti- j tensions between Zaire and response from President Mobutu, much-needed siabilny of a j democratic institutions. | of a persecution campaign which by the Soviet instigator. rt 

UI H ueisetuiiun niiiuaiKII wuiiii "j 111^ mnieaiui. II u k: n L 

has driven more than 120.000 is the . Soviet hegemonists 7JSL “J f0r 

Chinese from Vietnam back into und obnane else who want to uie - °.- • ' 

Fhlnn cl nin Qlnn.Vi#»fTipmPCP HBUltsr 

i. r.ienvisru nano .\ianain. ; along 
t he Ethiopian leader. Recently, j Cuba. 

to his economically weak 
politically uncertain nation. 

Abu Dhabi oil rig 

Y m • I . - VilltklCPt IkUUl ■ iciliaiu UHGIl l|l W “*IU uw-wub v «r baa v IU 

Iran S Oil exports rise China. Strain SI no- Vietnamese relations 

ovnnrto or cnirff nit and A ,on " artic, v in the news- so as to fish in troubled waters 
lo? paper compared Vietnamese and achieve hegemony in Asia.” 

I'. 11 L 11 - * « . f - iviiLru, IMIVCI lam 'I? ---- L«r nhnul IQ nor LViupmcu v ivuidUiv.-n: auu dLincvc HCSiiiiivii; 1 U / 19 J 4 . - . 

rewire- : ® Reconciliation between Presi- Despite the five-nation initia- Hitachi Shipbuilding and En- IrenMn^lh^bsMranlan SonK .. Sovlc .L.._ stat * me . n «. . on **? ^i™**-** JS? 1 ?* U.S. COMPANY NEWS 

fnr having been prepared to enn- ! 3 I ,,,s .l"..'- = I I ZH 13 ^ 3ZT 33 BUW deaRass, page 2* 

sider the secession «»f Eritrea. 

South Yemen, -••-hich was also THE B!ONE\ machines. TV PUSH BUTTON BANKING IN THE U.S. grouped in the 'so-called Elec- 

repnrtodfy involved in the screens and other electronic _ tronic Money -Council . are in 

aisbrtive move to undermine Col. gadgets which have appeared out- _* . m ~W J * J tlie P™«ss t>f drawing up a 

A cautious revolution behind the counter -SH'ftssaH 

Ethiopian envoys who recently to the fact that electronic bank- ' recent -cases show the role of 

visited, such left wing Arab Jgu m the way in. in mo<;J by David LASCELLES IN NEW YORK the courts is likely to be large 

rnuniries a.s Syria. Iraq. Libva 1 c, gcs now. peopa c j , !*= ec m “ ne ^_ - too. 

and Algeria apparently came • a * P a >‘ ' l ^ settle pills or cneck Broadly, the move towards tn keep company liquidity at a this money, either by investing to keep more than the bare large pari of customers’ deposits In January, a Brook lvn seaman 

liapk wit him r gaining anv sup- tbeir hniances, bimpiy uy i»usnmg EFT Involves transforming the sei level. it or turning it to company cash minimum In their current in non-interest-beariog current deposited three SlOQ Dills into 

port for Ethiopia's view that the 1 3 button at a terminal, without whole basis on which banks One Ohio bank has even flow advantage. accounts, preferring quite sen- accounts, any major move by his local Citibank machine 

Eritreans should he forced toic° !n » anyone re near a numan opera t e . a nd have operated for linked up with a Wail Srreei But under EFT. fund transfer sibly to earn interest on Lheir customers to shift their money before travelling abroad ' When 

remain inside Ethiopia andl lel | er - .. . centuries. Instead of shifting securities firm in create .1 system is instantaneous Were EFT to money in savings accounts as into Interest bearing savings he came back, he found that his 

A cautious revolution behind the counter 

grouped in the so-called Elec- 
tronic Money -Gnun'cil .- are in 
the process t>f drawing up a 
consumers'' bill ot rights which 
they .hope will cope 'with most 
situations. But as -a • couple of 
recent cases show, the role of 
the courts is Ukely to be large 

supporters nf the Eritreans, nude ! tellers M^hlnt^ Hhich can ie- tj on cuS tomers get instant access 
clear they had no intention of : ««« W ^ ,0 'beir accounts via TV screens 

chHneins their posiuon. UJ’i? fcd e r a1i-- chartered in^mu- a u d n,one > machines, enabling 

The Eritrean issue has • Even fcdcroii, chartered in^mu lhcm l0 kecp an up-to-lhc-minule 

hecouie so pressing that U . j "I™.™ ^Tihl c^head check ° n assets, 
threaten i tig Soviet relations wiriu ^ jnsta j, automatic tellers. Various banks have developed 

,rter ! However, llm ; ed 8 etr.v i, only Mr j ™ i j refinemenu. Some 

Bank-s in lhe l‘.S. are gradually changing over to what Is known as electronic funds transfer 
(EFT i. But the scale of the change is so enormous and the consequences so difficult to 
predict that progress is being made with extreme caution. Few banks have more than dipped 
their toes intu thi- water and some have announced their Intention of steering well clear. 

instant access to unit. trusts, the opened his deposit, envelope, it 
banks would be In danger 0/ found to be empty. The 
losing their, deposits altogether seaman claimed that the money 
since these trusts - in variably must have been stolen from the 
offer a higher yield than savings machine. \. . 
accounts. ' < in the end. Citibank agreed to 

lead to -a rein^inn of lhe rela- • the outward and visible' sign a‘t have hooked their computers up an elei 
iv?lv nurd RuSian line on [lhe retail end of changes that tn lne pnone system, enabhne a vi , aI . 
vJSL t£ 1 a ek*nf* nn i side SUD . arc going on deep inside the US. ^tomer to tiansm it instructions w . of 

It all seems to make sense in ness world would also lose that lo them Mo. The Ohio bank’s In tbe end. backs could find 221 »!nSSL ,, ? an l 0 t 1 h, * r ' 
an electronic 3:1* when speed is useful margin for manoeuvre arrangemeni with the Wall themselves merely acting as 111’ wio dal®’ 

vital. Bui apari frum the huge which rhe time lag in mechanical Street firm suggests that in the channels for money without en- i 9rM * ” ® L or - a . ““C" 
eys: nf EFT. and all the complex fund transfer now gives it- Tbo not loo distant future, bank JJVUig any of the advantages f !l|: “^? B 5h . e withdrew 

tightly limited by law 

out an offensive. 

. higher interest. 

N . 

Times Tuesday June 20 1978 



P'»« '* contract, after which 

sr “ W^cSTn,^ 

savarA S&S 

lem created by this is that mu- h i- S hi C aSS^TwhiK ver ' 
grated circuit plants are included H,UlLbl ^ Toshiba are 
in the Coeoni list oF strare»ic?liv — 
sensitive items which are not 
normally exportable to Com. 
murnst countries. 


TURERS of pillow block 

mounted unit hearings used 
widely in agricultural equip. 

n»cnl and conveyor system 

have • given the Common 
Market Commission an under- 
taking that they will n \se 
prices by between 10 and is 
per cent, writes Kenneih 

As a result, allegations or 
do raping brought against the 
Japanese by the European 
bearings companies ha\e been 

China appears to be taking the 

ttfho ‘1 wi,t no * buy a TV 
tube pi ant from Japan unless an 

£!?- nt ,s su PPlied as well. It 

is beheved to be demanding a 
highly sophisticated plant, not a 
mediuin -level plant of lesse? 

have e hL S T> en f ,tivity ' T 1 ** Chinese 

KS-i" negoliati ^ with 
™° ..Japanese companies a<s 
suppliers of one or both of the 

Sa™ tS T Hitach ^ fwbich had a 
SS.®* e S e SI lt1v ^s in Peking last 

Ju ( , k A and Toshiba. Matsushita — 

Electric, earlier regarded as a I 

potential supplier of the TV tube beIieve d to be interested in the 
plant, has apparently dropped c,lance Df supplying Jumv* 
out of the running. ' generating equipment for the 

Rumours rh u, , projected Chinese steel complex 

GoverameSt hill ; a P an ^ c near Shanghai. With this in vi.- w 

either* 1 Hitachi nr the lwo cwn P anies are »'• '»■ 

Cocom ^nrnv\l fn7 ^ hal n *8“«»Ung “ flexibly - r ,n the 
™ K f0r x an .l C pJ ? nt luhe and IC plants. Matsushrc. 

were denSrt^f /oncoming originally a competitor Tor the 
DanipR mnrprnf«f e t*\- t ^ e .. c ® m_ tub * plant, is not a manufacturer 
Chins mnct er fl«t' ** lbaf r,{ heavy electrical generators 

Signs that West German 
inflation is declining 

Hitachi and Toshiba for reacting 
" flexibly " iu Chinese demands 
fiv-u pia the lube pluui. 

The potential value of the tube 
pianl is estimated by one oF ihe 
companies concerned at “ rather 
less" than Y20bn (a duwngrad- 
«ns from the earlier, estimate or 
around Y30bO}. The integrated 

The EEC. manufacturers 
claimed they had evidence 
which suggested jbat in .some 
cases there was a 30 per cent 
difference in the prices the 
Japanese were charging in 
their home and export 

The undertaking now given 
hy the Japanese industry will 
not have the same effect 
throughout the Common 
Market because individual 
exporters have given varying 
assurances about the way 
their prices will rhangc. 

circuit plant, it is hulievod. 
might be slightly more costly 
than the tube plant. 

(.ipinmns differ as in whether 
one company is likely to get 
hnih contracts or whether the 
contracts will be shared between 
Hitachi and Toshiba. Hitachi was 
Ihe winner of the first contract 
tu supply a large-sized computer 
to China (approved hy Cocnui 
afier minor modifications ro the 
original specifications) early this 

TOKYO. June 19- 

year. China does not recognise 
Cucuni and has thus habitually 
refused to place a conditional 
contract with an external sup- 
plier ponding approval by 
Cocom. This appears to be one 
of the problems involved in 
current negotiations over the 
integrated circuit plant. 

• Meanwhile. Reuters reports 
ihai Asahi Glass says it will sign 
U contract in Peking this month 
to export a colour television bulb 
glass plant worth about YJ3b n 
to China. 

The plant, capable of manufac- 
turing lm bulbs a year, will start 
operations in the second half of 

• The French Peirnleum Insti- 
tute will train Chinese tech- 
nicians under a scientific and 
technical cooperation agreement 
signed with its Chinese counter- 
part. AP-DJ reports from Paris. 

The accord was signed in 
Poking during a visit by ,\t. Jean- 
Picrre Capron. director of 
carbur.-ints at the French Indus- 
try Ministry. 

M. Capron went in China to 
prepare a French exhibition on 
oil. gas and petrochemical tech- 
niques to be held from Novem- 
ber -9 to December S. About 60 
French companies will be 
present at the exhibition, with 
special emphasis on uffshore 


WEST GERMAN import prices 
remained stable between March 
and April this year, but were a 
fuil 7 6 per cent beloir price level 
a year earlier. The figures give 
a clear indication of the 
importance of declining Import 
prices in slowing the West 
German rate of inflation. 

The statistics, produced by the 
Federal Statistical Office and 
published by the Economics 
Ministry, show the index for 
import prices ( 1970 = 100 » stand- 
ing at 146.5 during both months. 
The two months percentage 
decline, enmpared wirb a year 
earlier, was even steeper than 
the 6.4 per cent fall reported for 

# German industry is expected 
to increase investment outlays 
by a real 5 per cent this year, 
according to the results of the 
latest IFO institute survey of 
companies’ investment plans. 

This follows stagnation in 
investment spending in real 
terms in 1977. but all the same 
does not mark a strong revival 
of expenditure, reports Reuter 
from Munich. 


This year's investments partly 
represent spending on projects 
which were delayed in ifi77 
because of pessimistic sales 
expectations, the IFO said. 

Most companies’ spending 
plans are centred on rationalisa- 
tion rather than capacity 'ex-pan- i 
sion. the IFO said, pointing out 
that companies can hardly he 
expected to make -significant 
capacity extensions over the rest 
of the year when existing plant 
is only about SO per cent utilised. 

Technological innovation and 
new production methods are' 
proving an increasingly im- 
portant impulse for investment,] 
it said. j 

Increased spending will be 
concentrated on the capital 
goods industry and in some con- 
sumer sectors, with , the upturn 
in the building Industry also 
encouraging more expenditure 
in related areas, it said. 

However, replacement invest- 
ment rather than capacity exten- 
sion spending will continue to 
pray the dominant role in com- 
panies' expenditure plans. 

Trend towards Europe in 
Latin America car sales 


THE Latin American car market 
should grow at an average of a 
little more than five per cent a 
year, according to a new study 
by Euroeconomics, the Paris- 
based research institute. 

In a 240- page analysis of the 
region, one of the mini rapidly 
growing vehicle production areas 
in the last decade, Euroecnnomics 
concludes that the stock of 
private cars, estimated at ILm in 
1975. should double by 1985. 

The coramerciaf vehicle stock, 
reckoned tn he about 4m units 
at present, should go up in a 
similar fashiun to cars. 

The report argues that 
European-type cars will gradually 
increase their popularity in the 
area at the expense of American 
designs, mainly because of the 
demands for economy. 

Volkswagen, if says, will 
retain market leadership in the 
area with about 33 per cent or 
sales, followed by Ford on 15 per 

Fiat should expand lo about 
10 per cent of the market within 
th<- next seven years, while the 

chances of Renault and Peugeot/ 
Citroen achieving a similar 
improvement depends on their 
ability to rationalise their 
resources in the area. 

General Motors and Chrysler 
at present have 11 per cent and 
A.5 per cent respectively tn the 
area, in which the three leading 
countries— Argentina. Brazil and 
Mexico — provide over three- 
quarters of the total, and four- 
fifths of the passenger car stock 

The Japanese manufacturers 
are not expected to improve their 
position substantially. 

The Latin American Auto- 
mobile Industry: Prospects to 
1985. Euro economics. 9 A venue 
Roche, Paris. Frs 3,000. 

DexioQ Qatar order 

Dexion has won a Elm order 
from the Qatar Government for 
the total equipping of four ware- 
houses in the Doha area includ- 
ing Dexion speedlock pallet 
racking: Impex two-tier small 
parts storage: Sim plan offices, 
office furniture: air-conditioning 
units: and forklift t nicks. 

UK groups 
join in the 
bidding for 
Hijaz line 

By Rami G, Khouri 

AMMAN. June 19. 
BRITISH consulting companies 
are included in three of the 
eight consortia of companies that 
have been chosen "by a tri- 
partite Jordaman-Syrian-Saudi 

Arabian committee to present 
bids on conducting a feasibility 
study to reconstruct the enure 
Hijaz railway line. 

The eight short-listed consortia 
were picked this vreek from a 
group of 21 and now have unLil 
September 23 t>j submit their 
offers for the giant project. It 
would in volte rebuilding the 
entire 1.3UU kilometres or the 
historic r:ul'.\ay tn standard 
gauge track instead of the exist- 
ins narrow uaug L - irack. 

The British companies are 
Transinark. Rendct Palmer and 
Tritlon -uth Mr, a Hay and 
Anderson m one group: the 
Economic Intelligence Unit with 
Sotei-ni uf Italy jn another; and 
Freeman For. International. Hen- 
derson Hughe* and Busby, with 
Pracs ot Pakistan, in the third. 

The tripartite will 

meet in Riyadh in the second half 
of October tu select the com- 
panies lor the feasibility study. 
They will sign the contract be- 
fore the end «,f this year ami will 
be expected tu produce their final 

study within 13 months, accord- 
ing to Jordanian Transport 
Ministry under secretary Hashem 
Taber, who adds thai “all sides 
are now <eriuus ” about going 
ahead with the project. 

rocket deal 

By Diana Smith 
R(U DE JAMERO. June 19. 
BRAZIL IS to sell its nationally 
developed Sonda Three rocket to 
Taiwan. In return, Taiwan will 
supply advanced electronic know- 
ledge that will fill a gap in 
Brazil's space technology, that of 
missile tracking. 

Brazil's space rocket develop- 
ments. which uenan with the rudi- 
mentary Sonda One and last year, 
led to the more sophisticated 
Son das Two and Three, have not 
pleased the U S. in particular. 

When successful testing of 
Sonda Two and Three were 
announced in 1977, the U.S. and 
France cut off supplies of the 
special synthetic rubber polybu- 
tadiene. which in its hydroxidised 
and carhonated form, is the basis 
of Sonda fuels. 

Brazil ha* skirted the resist- 
ance of countries like the U.S.. 
France and the UK to its space 
programme by drawing on West 
German technology, and now. at 
the Aeesifa Steel Works, pro- 
duces ils men special sleel plates 
for rucl-i?»s. 


India goes back to 
using the handloom 


IN A MOVE which at first sight 
might appear lo slep backwards 
Industrially. India has decided 
that no future expansion of weav- 
ing in the country's textiles mills 

or through the use of power 

looms will be permitted, but that 
instead additional cloth produc- 
tion, to meet home and export 
market requirements, will have 
to come from bandlooms. 

It is a decision which reflects 
on the one hand the Indian Gov- 
ernment’s desire to take advan- 
tage uf the employment 

opportunities, particularly in 
country areas, which cottage 
industry can offer, but it has a 
commercial logic as well. 

Against a background of 
depression for several years in 
textiles worldwide, Ihe Indian 
hand loom sector has been 
buoyant. While in the 1960s the 
markets for hand-loom products 
were other parts of the Fur East 
and Africa, today, as a result of 
i strong fashion demand, 90 per 
j cent of India's handloom exports 
■ are going to Europe, the U.S. and 
otber developed countries. 

The restriction on the growth 
of mills will help to stem the 
drift from ihe villages to Ihe 
towns but it will also help to 
avoid competition for yarn and 
other raw materials needed for 
an anticipated increase in output 
from handlooms to around 3 Km 
metres a year over the next five 
years, from the present 2.3m 

The encouragement which the 
Indians are now giving to this 
sector is also recognition that to 
hold one’s place in world textile 

markets against strong com- 
petition from other low cost 
sources and from developed 
countries; it is essential to have 
a distinctive product. 

Hand loom products, of which 
India is by far the biggest manu- 
facturer, are also free in some, 
though by no means all, 
countries, from quota restric- 
tions — an important advantage at 
a time when developed countries, 
through the recent Multi Fibre 
Arrangement, have increased 
substantially the restrictions on 
low cost imports. 

The move remains, however, 
only part of a wider strategy 
which India seems likely to adopt 
in a bid to increase its share of 
world markers, currently still 
very low. but excessively con- 
centrated in a small number of 
product areas. At a recent con- 
ference In London. Mr. K. 
Sreenivasan. chairman of the 
National Textile Corporation of 
India, pointed out that India's 
share of world trade in textiles 
increased between 1973 and 1976 
only from 064 per cent ro 167 

per cent, with the EEC the 
biggest buyer, taking abnuf fiO 
per cenl. of total exports, 
followed by North America with 
25 per cent. 

India's low share is accounted 
for partly by the limitations 
imposed by ' quotas In the 
developed markets but there are 
also otber problems, including 
the very large Indian domestic 
market which has to be satisfied 
first. India remains, too. an 
overwhelmingly cotton-based ex- 
porter and "has not therefore 
been able to share in expanding 
world' trade in synthetic Fabrics. 

A further difficulty faced by 
India over recent years has been 
a shortfall in its cotton crop, 
forcing it to imoort cotton and 
viscose, (including large quanti- 
ties from Britain! to keep its 
mills running even for home 

Thus, although exports have 
increased they remain relatively 
-small in total. In the mill sector, 
they rose from x'ilOm io 1974 to 
£307m in the first 11 months of 
1977 (compared with UK textile 
and clothing exports last year of 
£2hoj. Most of the increase 
has come in ihe apparel sector, 
un from C59m to £I32m. with 
yarn exports affected by the need 
tn supply domestic mills and 
fabric hv the spread of quoins 
and generally depressed world 

Tn the hand loom sector, a 
threefold increase took place 
between 1972-73 and 1976-76 in 
aarmeni exports, from £25 m tn 
£75m. with Ben res' for the oerind 
since also nicely to show a 
rurlher verv substantial .rise. 

As well as devoting more 
resources to the . hand loom sec- 
tor. however. India is likely. Mr 
Sreenivasan sueeesfed. to try to 
add value tn its mill exports, 
enahline it to earn more within 
the nuota limitations imoospd nn 
it This is likely to mean export- 
ing a greater prannrrion of 
finished fnhrics as aeainst srev 
state cloth, and a move into a 
finer range of fabrirs. 

The need to increase the 
sophistication of hand-tnom pro- 
ducts is afso seen, in particu- 
lar the importance of providing 
the sector with finishing equip- 
ment which will make it possihle 
to offer garments with easy-care 

Moves such as these, if carried 
through, could help India in- 
crease its total textile and cloth- 
ing exports to around EfiOOm by 
19RQ. clearly prnvldinq a welcome 
addition to the country’s over- 
seas eurninas They also indicate 
ihe continuing challenge which 
the textile industry in developed 
countries faces 

gets $ 18 m 
credit line 

THE Export Credits Guarantee 
Department has guaranteed the 
repayment and funding for a 
SlSAra loan which Barclays Bank 
international bus made available 
to Prva Iskra of Baric, Belgrade, 


The loan will help to finance a 
contract awarded by Prva Iskra to 
Ingeco Laing for the design, 
engineering, supply uf compon- 
ents and commissioning of a 
linear alkyl benzene plant to be 
installed in an existing plant at 

This is the first contract to he 
won by ingeco Laing. the 
specialist engineering contractor 
combining the resources of the 
Swiss-1 talian contracting group 
AKech and the UK based John 
Laing Group. 

The speed with which Ingeco 
Laing was able to set up the 
financial package was u key 
factor in winning the contract 

The new plant, which is due lo 
be commissioned in autumn X9S0 
will have the capacity for an out- 
put of 50.000 tonnes of linear 
alkyl benzene a year for use in 
the production of detergents. 

French-Swiss contract 

Cit-Alcatel. the telecommunica- 
tions subsidiary' of the French 
Cie Generate d’Electricite (CGEt 
electrical group, says it has 
received an order from the Swiss 
Post Office to supply equipment, 
notably laser diodes, for an 
experimental optic fibre tele- 
communications network. 

The optic fibre is to he manu- 
factured by a Swiss company. 
When completed, the link will 
be able to Carry S megabits and 
will be set up in the Berne 
region. Cit-Alcatel says it is the 
first export order it bas received 
for such equipment. 

New aluminium plant 

Brazil's state mining company 
Cia. Vale do Rio Doce (CVRD! 
will formally set up the 
aluminium producing company 
Albras SA in Rio de Jaoiero 
today with its Japanese partners 
in the project Nippon Amazon 

Albras. in which CVRD wifi 
hold a 51 per cent share and 
NALCO the rest, is expected to 
produce 40.000 tonnes of primary 
aluminium near Belem. Para 
State, in its first year, rising to 
320.000 tonnes a year later. 
Total investment in Albms is 
estimated at more than $955m. 

Ford-India negotiation 

Ford Motor Company says it 
has been selected by the Indian 
Government to negotiate a con- 
tract for a domestic television 
and communications satellite. 

Company officials say specific 
contract language has not been 
approved by either side, and 
decline to indicate the size of 
the potential contract. 

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Brent C 

THE Govern mcot yesterday 
launched a major initiative to 
stimulate the struggling com- 
munity land scheme. 

It has allocated £100m. to be 
used by local authorities for land 
acquisition over the next two 
years— between two and three 
times the resources available in 
the first two years of the scheme 
— and has also announced 
chaoses to speed the rate at 
which land is made available for 

Authorities will no longer have 
to seek departmental approval 
for individual deals and will 
keep a larger share of any sur- 
plus arising from land dealings. 

The building industry has been 
severely critical of the scheme, 
which comprises the Community 
Land Act and Development Land 

Tax, claiming that local- authori- 
ties are ill-equipped for their 
new role and that the supply of 
land has been drying up because 
of penal tax rates faced by land- 
owners who sell. 

Mr. Reg Freeson. Minister for 
Housing and Construction, said 
yesterday lb at the Government 
was not, however, anticipating 
any land shortages. 

“We arc simply asking the 
local authorities to make up the 
ground lust in the economic 
blizzard through which wd“ have 

He said that the -authorities 
now had a vital role to play in 
ensuring that enough land was 
made available for development. 

He admitted that the high rate 
of development land tax — tem- 
porarily at 6*3 f but to rise to 

80 per cent in April— was likely 
to discourage some landowners 
from selling. Authorities would 
have to “fill the gap.” 

Mr. Freeson continued: " Local 
authorities mil need to have 
an entrepreneurial approach to 
land dealings on behalf of the 
community and maintain a close 
and continuing dialogue with 
builders and developers. 

■* It is new and uncharted 
territory for many local authori- 
ties but they have a big oppor- 
tunity to plan the future shape 
of our towns and cities.'’ 

Mr. Freeson said that bouse 
builders would, under the 
scheme, be able to carry lighter 
land banks and purchase from 
local authorities when they 
required it 

The system would stabilise the 

market and help moderate fluc- 
tuations In house prices. The 
Government, he said, was look- 
ing to the local authorities for 
“ a new start." 

The scheme was launched in 
April 1976. In its first year of 
operation, nearly 1,600 acres of 
development land were acquired 
in England, but this figure 
dropped sharply to less than S00 
acres in the next year. 

The rate of disposal to builders 
and developers was also very 
low. with only 10Q a( . rcs ' p e in 
sold in the second year. 

Mr. Freeson. w’ho said the 
scheme had sot off to *■ a sound 
start" blamed low demand for 
building Jand. high interest rates 
and cuts in public expenditure. 
The way was now dear, however, 
for "vigorous progress." 



profit falls 

THE SOUTH of Scotland Elec- 
tricity Board made a £5. 6m profit 
last year — considerably lower 
than the previous years despite 
record turnover of £400m. 

The Board's annual report, 
published yesterday, shows that 
it paid interest charges of 
£6.9ra last year. It therefore 
achieved its overall financial 
objective for I377-7S, which was 
to break even with something to 

Last year, the Board's elec- 
tricity sales rose by 2.4 per cent. 
The most significant growth in 
demand came from ’industrial and 
commercial customers. 

Reserves at the end of the 
financial year stood at £60.1m. 

More nuclear generating 
capacity would be required 
towards tbc end of the century 
lo supplement ^coal-fire plant as 
indigenous reserves of oil. and 
gas become depleted, according 
to the Board. 

Mr. Roy Berridge, Board chair- 
man, said' in Glasgow that he did 
not expect any- further increase 
in electricity prices before next 

But be admitted that if there 
was a big increase in coal prices, 
the Board would have to review 
the situation. 

Prices for domestic electricity 
in the South of Scotland area 
were about 10 per cent lower 
than in England and Wales, 
mainly because the Board had a 
higher proportion of nuclear 
power stations and more modem 

Crown Agents official 
‘ bribed to make loans ’ 

Crown Agents, the public body 
which needed a Government 
financial rescue in 1974, was con- 
cerned in corruption involving 
£1.75ra. It was alleged at the Old 

Bailey yesterday. 

Mr. Bernard Wheatley, who 
died last year aged 48 and was 
manager of the Crown Agents 
sterling money market activities, 
was bribed tn authorise loans 
totalling £1.750.000 to companies 
owned by financier Sidney 
Finley, 58, of Nightingale Lane. 
Clapham. South London, said Mr. 
Roy AmloL prosecuting. 

Payments, in the form of loans, 
totalling more than £320,000 were 
made to Mr. Wheatley, said Mr. 
Amlat. and at the end of the day 
none of the £1.75m loaned by the 
Crown Agents to Finley’s com- 
panies hart been repaid. 

Finley has denied eight 
charges of corruption which 
allege he made gifts or considera- 
tions to Mr. Wheatley in the form 
of loans totalling £321.000 as in- 
ducement or reward to him to 
authorise loans from the Crown 
Agents to either of two com- 
panies — SIS London or Big City 
Finance — which were in Finley’s 
Tan wee Group. 

Mr. Aralot said : “Mr. Wheatley 
died last year after his commits! 
for trial to this court and before 
he was actually tried. It it was 
not for that unfortunate fae he 
would certainly be sitting in the 
dock with this defendant.” - 

He told the jury Mr. Wheatley, 
as manager of the Crown Agents 
sterling money market, had 
authority to lend very large 6ums 
of money to almost any concern 
he thought fit 

Between 1969 and 1974 Mr. 
Wheatley had loaned £1.75m to 
companies owned by Finley. The 
money was never repaid because 
in 1974 Finley’s companies were 
going bust. Thev were, in fact 
wound up in 1975. 

Mr. Amlot said: “The allega- 
tion is that over the same period 
Finley was bribing Mr. Wheatley 
by lending him personally large 
sums of money through another 
one of his own companies and 
uo known to Mr. Wheatley's 
superiors in the Crown Agents." 

Over the same period, Mr. 
Wheatlcv bad been loaned a total 
of £322.000 in various amounts 
at diffprent times. More than half 
of the money loaned to Mr. 
Wheatley was never repaid be- 
cause be was not in a financial 
position to do so. At the end 
of the day Mr. Wheatley owed 
£l«2.ono tn Finley. 

In the case of the lamest loan 
made to Mr. Wheatlev — 
£168.000 in 1974 — the Crown 
was saying that money , was in 
rea'ity the Crown Agents’ own 

“Such, says the Crown, was the 
state of corruption by February. 
1974," said Mr. AmloL He told 
the jury they may have read 
that the Crown Agents lost a 

great deal of money in 1974 and 
had been bailed out by the Gov- 
ernment at the end of that year. 

Mr. Amlot said the main Tunc 
rion of the Crown Agents 
sterling money market was the 
receipt of sterling deposits front 
principals in Britain , or abroad 
and borrowing and lending 
sterling on the money market 
in this conn Lry. 

“ As the manager of their 
sterling money market, Mr. 
Wheatley had complete authority 
lo make any loan of the Crown 
Agents' money he considered 
appropriate,” said Mr. Amlot. 

“ It seems that the unwritten 
law was that be could lend 
amounts of money up to 70 per 
cent of the security offered, 
without referring to anybody 
else in the Crown Agents." 

Mr. Wheatley and Finley got 
to know each other in the late 
1960s and their relationship 
rapidly developed into a corrupt 
one. By September. 1969. one of 
Finley’s companies had loaned 
Mr. Wheatley £1.000 interest 
free. At the same time, Mr. 
Wheatley was authorising a loan 
of lareg sums of Crown Agents' 
money to another one of Finley’s 

Referring the jury to some of 
the documents in the case. Hr. 
Amlot said the book-keeping, 
especialy in the money markets 
sections, of the Crown Agents, 
left “ a certain amount to be 

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in place 

By Ray D after, 

Energy Correspondent 

SHELL and Esso are prepar- 
ing to boost production from 
their Brent oil and gas field 
in the North Sea, the biggest 
commercial reservoir In the 
I'R sector. 

The two are spending over 
£2.S5bn on the field’s develop- 
ment, according to industry 

Shell UK Exploration and 
Production, as operator tor the 
partnership, announced yester- 
day tbal the Brent C produc- 
tion platform— the fourth and 
final production unit — had 
been successfully located on 
the field. It was towed from 
■Norway in five days. 

The concrete structure was 
built by McAlplne/Seatank at 
Ardyne Point. Scotland, and 
towed to a deep-water site in 
Norway for completion last 

Besides producing oil ana 
gas. the platform will act as 
Uie pump station for the Brent 
pipeline system, which links 
I he field to Sullom Voc, in the 
Shetland Islands, some 95 
miles away. Brent oil is 
expected to be carried through 
i his pipeline early next year. 


Initial supplies of Brent 
crude arc being loaded into 
tankers for trans-shipment to 

Oil from the field is being 
produced only through the 
Brent A platform, brought on 
stream on Jane 8. 

The Brent B platform, which 
produced the first oil from the 
field in November, 1976, has 
been shut down while Shell 
carries out the second phase of 
its construction programme. 

Tbc Brent I) production plat- 
form also began a three-week 
shutdown on June 10 so that 
gas compression faculties 
could be commissioned. 

Oil produced through the 

Brent C platform should be 
added to the total output by 
the second half of next year. . 

Brent, thought (o contain 
some 2bo barrels of recover- 
able reserves (raclodiog about 
6G0m barrels of condensate and 
natural gas liquids) is expected 
lo reach peak production in 
the early 1980s. 

Shell said that the field 
should yield up to an average 
of 560.000 barrels a day. Includ- 
ing 100,000- barrels a day of gas 




By David Freud 

STERLING is likely to 
strengthen, reflecting the altered 
prospects for monetary growth 
after the • recent economic 
package. City brokers Laing and 
Cruickshsnk predict. 

They say domestic credit ex- 
pansion would have grown £3.5bn 
in the first half of 1978-79 but 
after the package, it will grow 
by £lhn — or nil from now on. 
That will tend to reduce interest 
rates and the Minimum Lending 
Rate is expected to fall slowly, 
probably reaching S per cent 
by September. 

The rise in sterling will be 
supported by improving expecta- 
tions for the current account 
payments position next year, 
which might register a £1.5bn 
surplus compared with a pre- 
dicted £250m surplus this 
financial year. 

The most effective part of the 
package was the imposition of 
the corset, the firm says. The 
required 3 per cent reduction in 
banks’ interest bearing eligible 
deposits means that the money 
supply cannot grow more than 
2 per cent in the first half of 
1978-79, the equivalent of no 
growth between now and 

The introduction of the corset 
meant that private-sector lend- 
ing could only he allowed to rise 
£50f)m in the first half. w"n«nst 
the nre-corset prospective growth 
of £3bn. 

Plan for Wales 


industry studied 

By Our Welsh Correspondent 
Rural Wales has engaged man- 
agement consultants Inbucon/ 
AiC to study the possibility of 
establishing a new style “cot- 
tage" knitwear industry in west 

The Board sees the industry 
providing jobs and an incentive 
to stay in rural areas, without 
large capital outlay on plant and 

It believes that the use or 
Welsh wool in quality controlled, 
well-styled garments, marketed 
ar home and overseas, could be 
successful if carefully planned. 

Inbucon has already carried 
out similar studies in to the use 
and marketing of natural linens 
Britain, future markets for the 
clothing industry, and Into 
reviving the West Indian sea 
island cotton industry. 

The knitwear industry is 
already the subject of a Govern- 
ment inquiry and has been 
selected as on e of the key indus- 
tries In the National Industrial 
Strategy. _ . _ _ , 

The Department of Industry 
and National Economic Develop- 
ment Office have agreed to 
co-operate in the study. 

Unit trust 


. r V ; - ’ 


MAY unit trust safes MM* few now ■ 

buoyant but were considerably ..first aiontbs of with 
lower than April's .record. levdL Wrt. 

for M 

"“sales fell from dui»>. ffgjSy gjto 
£53J2m. but this figure yras =the which *ave 

second highest on record. _ . heavily by 

In the first five months of this 

Tfe'^grbups still 

those for the correspond^ fun&afii providing their otyau 
periods in 1972 ' and - 19®, ancP&ttter’’ business. V f 

reckoned the boom ye&s for unit .Sales last month m 

trust business. ... . th^lufeof * ““fj the 

Repurchases. . however; - were* %eat Increasing to 

also up on the month at eridiofthe month from 

compared with £21.4 in April, th^heguming. At \ tin JO***-. 
resulting in net new investment May-last year the value of fniws. 
in May of £27.6m. compared with stood £3B3bn. 
the record £48.9m of April. . - : . -However, the number 

. . / ■ Ml- •; - •- . *.;■ . .rv.r 

" - - S 

J. TRUSTS * - v " 

¥:-X~. ■■■ s', 

1976 -1977^1978 

holder ; 

slow- de&iae' shedding' more man- 
2.000 to 1.99m in Mft&i ccflnptted 
-with 2.Wm *yi / 

•T" ----- ‘5 

but slower rate is likely 


: <1.. 

* • •• •) ■ 

BRITAIN S ECONOMY is pick* levfek The shorter-leading indi-. 
ing up sharply, according to ofe- cators. which have an Average 
cial figures, published yesterday, lead -time of about, six months, 
designed to itentify .changes per cent up. . _ - . 

the level of activity. However,^ -/However, the indefcof Tonge*- 
the indicators suggest that theVleaduig indicators, yraicn nave 
pace Is likely to slacken later '4aivi average lead at turning 
this year. ' . ’/point*. of about 12 -months, feU 

The Central Statistical Office’s j&'May for the seventh conrera- 
two short-term' indices of moy%'tive month. It stands 7a oeiow 
merits — of shorter-leading and the ‘October figure. ' 

coincident Indicator*— ^mve.heein The. main reason .for tne May 
rising for the six' months to .fall.was a further nse in interest 
April. • rates,' used in inverted form 

The index of coincident IndJ-^hen compiling .the composite 
cators,. which reflects cunrar£iipdex,- wffich, offset the- nse m 
developments in the ecdnomy,-4$Hjfe FT-Aqtuaries 5W index.--, 
now 6.6 per cent above Octoberis^y iiidi cators affecting the. shorter-.. 

leading index inctaded^^he ^arp 
rise in hire purdiase newf credit, 
which offset .^ fall'iEL 
registrations. - : : 

The composite izidhr .PFOrond 1 ; 
dent indicators: twe. -ih - April 
because of the further expansion 
of tile smoothed’ senes 'of retail ' 
sales- and an lncrease“inr : tiie 
index of TnanufacturirigprodactH. 

The office - urges; caution- in . 
interpreting • r- • ‘ month-tiwaonth 
-movements'- and ifie^figures axe- 
sublect to revlMon. Nevertheless, 
the dev warning, of a.' decline 
in lactlyity^'^livered - hy ?the- 

Fafnir rationalises 

wife general ewect^ioi%'..f.:.- ^ 


UK production 


THE LATEST victim of the. the company .employs about 
severe recession in the bearing^' 1,400. . • 

industry is Fafnir, a subsidiary’- Cut-throat pricing ur the 
of Textron, the U.S. conglo-> bearings market has also led to 
merate. It is to rationalise .UK'fUrther redundancies at SKF 
production at the cost of 400 : jfO.K.), part of the Swedish 
f obs • • -fgroup which last year reported a 

‘ - - .... , '.£6 5m loss and that 7B jobs would 

. The scheme will involve coni;-" ® at S undon, near Luton, 
centration of all standard bear- ^ al £ Scotland. 

gnlx.whoUy adtUh-owned 

me . Pg?r :hfc a nn ', hnd - lauded. :-thceptiy 

space bearings— the group makes^ pQrti5d ftonr^its 

bcarmss for the Rolls-Roycef bearings d ivisi oir'hatt\f alien from 
RB-211 engines—wiU be madef £LS25m t0 £909,000 the six 
at Wolverhampton. / months to March 3tpn\turnover 

At one stage it seemed likely only marginally .ahead from £37m 
that the Hednesford plant would to £38.9m. 
be closed even though it received It is estimated that -the UJC 
the lion's share of Fafmr's bearings industry has lost about 
£2.5m expenditure programme in 5 per cent, of :ts employees in 
1974-75. the past 18 months and/the total 

A major addition to the plant, 15 now down to about 18.700. 
which makes wide inner ring . Although the mam problem 
bearings and transmission cart- ts simply one of demand .and 
ridge units, was opened in nver-capacity throughout Europe, 
spring 1975 the UJ»_ manufacturers have also 

"ES- "j™. “d jrrhfir 0 dumK 

employees about redundancy hearings. * 

J*** 1 ahaut^wo Ja P ane se makers gave an un- 

? 0 a hc vSJ S WoLrhfl^ntnn dertaJdng to the EEC Commis- 
jobs will go at Wolverhampton ^ t0 U p prices by 20 per 

y he " w . o rk rent, from the beginning of 1$K, 

w I n H h d ^ Wprfnp^fn Jri tnn 100 hut European manufacturers 
will be lost at Hednesford too. sri n insist that the increase did 

The cut will go ahead “ as not make op for the dumping 
quickly as possible" At present margins. " 

A CALL 'For rtbe <5overhmeiat to 
focus . attention on small . com- 
panies to -achieve a dramatic-fall 
in unemployment comes -"today 
from the . West Midlands .-Eco- 
nomic Planning Council. 

' The . council says in a study of 
small concerns that capital in* 
vestment in .-large, companies 
r^fices ^obs^thrpugh jatibnaiisar 

rh^nt/. , 

The C&iveriiment to 

pnodify policies on^.'toxafion, 
emtployznent arid finasbi$Vr dis- 
tance to '• provide “ posaSwTtielp 
for growth-minded 

Australia Hights 

fi will be cheaper’ 

CHEAPER air fares to Australia 
by the end of the year were 
predicted yesterday by Sir Lenox 
Hcwltt, chairman of the Austra- 
lian airline Qantas. 

“I am sure there will be lower 
fares on the route this year. And 
1 am sure they will provide for 
flnanciatiy-viabfe services." ho 
said in London. 

It is almost certain that the 
Europe- Australia routes will be 
drawn into the growing number 
0/ cheap fare packages now- 
being offered around the world. 

Until recently, because of its 

vulnerable position at the other 
side of the world, Qantas has 
been wary of making too much 
noise about cutting fares. 

But talks between British and 
Australian Government officials 
today entered a second week in 
London. One major aim of the 
discussions is tn allow Qantas 
and Brittst! Airways to bring 
down the cost of the 12,000-inile 
journey to Australia 
Last autumn British Airways 
— in the face of an application 

by Laker Airways, to introduce 
cheap charter air services on the 
route— applied for a low season 
return fare to Australia of £395. 

Lake, whose application with 
that of BA is still “on the table" 
a: the Civil* Aviation Authority, 
wanted to charge £340 return. 
This compares with today's 
cheapest off-season fare of £450. 

One reason for the hold-up is 
a review by the Australian civil 
aviation body of the entire air 
iravej Industry in and outside 
tbo country. This is now with 
the Australian cabinet, and a 
decision is expected within a few 
days. .Jhe CAA was obliged to 
shelve the application until Can- 
berra made a move. 

Qantas, however, is not keen 
on allowing any type of charter 
operation, fearing that this 
would dilute the scheduled 

Sir Lenox claimed that 
charters would put a substantial 
strain on scheduled services 
from points other than Sydney 
and Melbourne. 

‘Boost jabs 
in small 


By Our Mjdlarids Correspondent 



set records 

THE- DRAMATIC - increase in- 
demand for Victorian painting 
resulted in Phillips yesterday 
achieving a record total for a 
picture Sale of £222340 (6 per 
cent onsoldl;. 

The sale of 19th' arid 20th- 
century English and Continental 
pictures ' reflected' th® interest 
Continental buyers are now show- 
ing in the period. 

J. Edgar Hunt’s A farmyard 
scene with a donkey, poultry and 
goats outside a barn (1921), 
fetched £11,000, a record price 
for the. artist The estimate had 
been in line with the previous 
highest of £5 600. 

Rubens Santoro's The Canal 
San Travosa, Venice, was sold 
for. £9,500 to - Paraschos, a 
Canal. Venice, by the same artist 
German dealer, and The Apostoli 
went for £SJ800 ; (estimate 
£4,000) to the London dealers 
Williams and Son. 

Sotheby’s sale of.’ Spanish 
books yesterday totalled. £14,219. 
The top price of £700 was paid 



£5m gun tractors ordered 

FODBNS has won a £5m contract 
to provide the British army with 
medium mobility gun tractors 
and limbers. Tbc order calls for 
30 tractors and 66 limbers, and 
will take about 16 months to 
complete. The tractors arc de- 
signed to pull Uie new 155 mm 
gun. The equipment will be huilt 
at Fndens’ .Sand bach assembly 
plant in Cheshire. 


Orders totalling around- £5m 
has already been received tor 
new machine, the 2972. Three of 
the orders are from local 
authorities, which will be using 
the computers for both financial 
and nondinandal applications. 
The largest system is for Mid 
Glamorgan County Council— 

costing £L9m, it will have -3m 
characters of main memory and 
14 disc drives, each with a 
capacity Of 200m characters, U 
will be installed at County Hail. 
Cardiff in June 1979. A similar 
system, with with lo disc drives, 
will be installed at City Hall, 
Cardiff, for the City Council, tn 
March 1970. A smaller system has 
hcen ordered by Oxfordshire 
County Council, which' will be In- 
stalled in July 1979. 

Building contracts- totalling over 
ffino.000 have been secured by 
MANSTON. The largest Is for a 
warehouse costing £297,000 for 
the Leigh Mills Company, at Low- 
fields Road industrial Estate, 

by London dealer Quaritch for 
Espinosa (Pedro) — Primeru 
parte De Las Flores de Poetds 
tltustres de EspaAa (first 

The sale of Russian works of 
art by Sotheby’s realised £92,115. 
A 7-inch wide enamelled casket,, 
by Maria. Semenova, Moscow, 
selling for £5.600. 

A Faberge gold cigarette -case 
with an enamelled lid depicting 
three nymphs on a rock went 
for. £2^00. . 

A sale of English and Welsh 
porcelain at Christies yesteiday 
made £37.815. The top lot, at 
£1.150, was - paid by Studio- 
Antiques, the Gloucester dealer. 
For a pair of Chamberlain’s 
Worcester quart mugs, painted 
with dead game birds.-- 

Tbe Harry Ross collection, 
which went under the hammer 
at Christies, realised £33,543. 
Mr. Ross, who lives in Wimble- 
don, bought his first bottle for 

Tbe top price in yesterday’s 
lsi-lot sale, was £2,600 paid by 

Sung the U£. dealer, for a 
Peking enamel bottle, the base 
with Ch’icn Lung four-character 
marie, painted with shaped panels 
of European Is&ies 'arid children 
seated in wooded landscapes* 
•Today sees the .start of 
botneby s sale of . the vori Hirsch 

art collection— one of the most 
important art sales held. The 750 
works of art are .expected to fetch 
at least £Sm. and a total in excess 
of £10m seemg likely. 


st-jlsj % 


2 - ■ 

Financial Times Tuesday. tftme 20 1978 

Volvo 244 DL 


Renault 20TS 


Audi 100LS 


BMW 320 


Ford Granada 2* 3 GL 



Mercedes 200 

(Prices are for manual versions Including car tax and VAT at the current rate. Correct at time of going to press.) 


cedes Benz 


6*7 years 


4* 8 years 


2-7 years 


12*3 years 


11-9 years 

, ■ 'mi 

Ufe expectancy igures of leading manufacturers based on official scrapping statistics published inSweden each yean 
ureexpec ; £ ° The figures do not constitute a warranty. 





National Westminster Bank will 
face higher charges for running 
their accounts for the second half 
of this year. 

The bank yesterday became 
the second of the big four to 
announce higher charges follow- 
ing the Price Commission report 
which cleared the way by accept- 
ing that their present scales 
were “not excessive.” 

The move followed the 
changes already announced by 
Lloyds Bank for the next half- 
year. Barclays and Midland are 
not expected to introduce any 
increases before the beginning 
of next year. 

The NatWest package shows 
some significant differences From 
the Lloyds move. It includes a 
substantial rise of 50 per cent 
in the charge made for debit 

entries on the account — cheques 
and standing orders— for those 
customers who do not qualify for 
free banking. 

NatWest is. however, keeping 
the minimum balance required 
to qualify for free banking for 

its five million personal cus- 
tomers at -£50. 

Mr. Jeff Benson, the group 
chief executive, said that more 
than three-quarters of personal 
customers who keep in credit will 
continue to pay no charges. 

For customers who do not'keep 
the minimum balance, the charge 
for debit entries goes up from 
10 a lime to 15p. This compares 
with the increase from 9p to 12*p 
at Lloyds, where a lower charge 
of 7jp was also introduced for 
Cashpoint automated with- 
drawals . 

NatWest is also introducing, 
in line with the Commission’s 
suggestion, an allowance against 
charges for the value of money 
left on the account, which will 
he more closely related to the 
General level oF interest rates. 

The allowance will be at * 
per cent below the bank's normal 
seven-day deposit rate, rather 
than the fixed 5 per cent which 
has applied until now. 

At present, this would give an 
allowance of 6 per cent. Lloyds 
fixed the offset allowance at 1 
per cent below deposit rate. 

NatWest is also changing its 
basis of charging customers, 
which at present varies between 
quarterly and half-yearly at 
different branches. All charges 
will now be made quarterly. 

This win be introduced at the 
beginning of next year and has 
certain advantages for customers 
in reducing the period for which 
the minimum balance has to be 
maintained to qualify for free 

Mr. Benson pointed out that 
the £50 minimum had been set 
at the beginning of 1974. and in 
real terms had been reduced 
since then to little more than 
half its original value. 

Commenting on the Price 
Commission’s alternative sug- 
gestion that the banks should 
pay interest direct on current 
accounts. Mr. Benson said: “ 1 
am hy no means convinced that 
many of our customers would 
welcome such a move, bearing 
in mind that as matters stand 
there would be a tvt inability nn 
the interest earned, hut we will 
keep the matter under review." 



THE OUTLOOK for the foot 
wear industry this year seems 
reasonably bright, according to 
the British Footwear Manu- 
facturers Federation's quarterly 
review, published today. 

Higher consumer spending is 
expected to benefit the domestic 
retail trade, while the recent 
deprecation of the pound should 
give some help to exports. 

The review presents a mixed 
picture of the industry, which is 
reported to be ** still reasonably 

busy." Exceptions are in the 
men's leather sector and some 
parts of the childrens trade 
where a swing to more casual 
styles has bit demand. 

Most companies have more 
than a month’s work In hand, but 
there is still widespread spare 

capacity. “The implication 

seems to be that, though fro 35 
are busier, few are as yet suf- 
ficiently confident to gear them- 
selves up to higher rates of pro- 
duction.'* the federation says. 


may rise 

INDEPENDENT television’s 
advertising revenue may in- 
crease this year by 20 per cent, 
boosted by higher consumer 
spending after last year’s jump 
of 30 per cent to £300m. accord- 
ing to a survey by Glasgow 
stockbrokers Eason Watson and 

“The advertising mix is 
broadening all the time," Mr. 
David Robb, an Easton research 
analyst, said yesterday. 

. “High prestige companies like 
banks and building societies are 
now bidding for prime time." 

The industry had recovered 
from the 1972 setback, when an 
increase in broadcasting time 
boosted production costs, as 
consumer spending declined. 

Granada and London Weekend 
/Television were prime invest- 
V^pents in the sector. Both had 
^minimised the risk of losing 
f'their franchises under the 
• review in 19S1 by selling produe- 
'tions for network distribution. 

Such a move tended to insulate 
*a company against the charge 
£af poor quality TV productions. 

V .. The companies had avoided 
jisome of the worst effects of the 
‘-special levy, which could cream 
jiff up to 60 per cent of a eon- 
stractor’s pre-tax profits, by 
'Belling TV productions overseas.. 

Aldershot arms exhibition 

interests Chinese mission 


BRITISH PLANS to convert sidiary 

of Fairey Holdings, two weeks and will be visiting 
container ships to carry the showed a model of a 300 ft British manufacturers after 

Harrier vertical take-off fiahter container-ship, redesigned as a touring of the arras exhibition 
Hamer verucai take-ou ngnter .. r man>s -. carrier . The. Chinese are expected to call 

were unveiled at the Aldershot fall-scale version of the run- at the EMI stand at the exhibi- 

Army Equipment Exhibition wa y system will be on show at lion to see the Cymbelene light- 
yesterday 24 hours before this year's Farnborough Air Show weight radar for mortar fire 
Chinese defence manufacturers in September. location in which they are very 

plan to tour UJt company The runway is . a series of interested. 

The exhibition Ls the modified medium girder bridges. They are also understood to 

stands. now used as standard equipment be visiting Plessey radar in the 

largest and most comprehensive ^ n^TO. Fairey won orders for Isle of Wight and will want to 
array of military equipment £2im of bridges last year and said see Marconi's field artillery com 
ever exhibited in one place, the yesterday the scheme would be puter equipment- On Thursday 
Ministry of Defence said yester- based on the new “ski jump” they are expected to attend the 
day. ramp used to ease take-off for firepower demonstration at 

Over 10,000 items of equipment heavily laden Harriers. The Bovington. Dorset, which will 
are on show in this shop window “ski jump” is stilt under test at include a demonstration by the 
nf UK defence equipment indus- Royal Aircraft Establishment, Hawker Harrier vertical take-off 
tries. Thee sold £700m of Bedford. fighter in which the Chinese 

military equipment rlast year. . - The six-man Chinese military have already shown great 
Fairey Engineering, a sub- mission Is exnected to stay about interest. ' 

Lloyd’s syndicate sues Oceanns 

writing Association, a Bermuda- 
based insurance concern is being 
sued by a Lloyd's marine 
'syndicate, number 65 (the H. G. 
Chester syndicate), for alleged 
breach of contract 

The writ was issued towards believed to be a dozen in all. 
the end of last week by Mr. In addition to damages there is 
James William Bragg, who is a claim for a declaration that 
“suing on his own behalf add Ocean us is liable to indimnify the 
behalf of all other members of Chester syndicate and the other 
syndicate 65 at Lloyd’s and plaintiffs “in respect of further 
certain other Lloyd's syndicates," sums. 



Non-Financial Executive 

LONDON JULY 10-21 1978 

The increasing amount of accounting and financial management needed to 
run a modern successful business is placing great strains on middle and senior 
management not trained in accountancy. To meet this problem, the Financial 
Times and The City University Business School, of London, have arranged a 
nvo-week course entitled ‘Financial Management for the Non-Financial 
Executive’ to be held in London on July 10-21, 197S. 

This course was first held in 1977 and attracted substantial support from 
Britain and abroad. The suggestions of tutors and course participants in 1977 
have been taken fully into account in preparing this year’s programme and the 
sponsors believe its value will have been increased still further. 

The course will be headed by a former finance director of a major 
industrial company and a merchant banker, and the panel of 22 distinguished 
lecturers arc drawn from universities, commerce, accountancy and banking. The 
participants will be divided into study groups of fifteen people headed by a group 
leader. The ten days of instruction are broken down into lectures, case studies 
and various group exercises so that the students take an active part in the 

Apart from being a thorough two- week programme of studies the Summer 
School also offers an authentic insight into the workings of. the City of London and 
provides opportunities for making useful contacts with people and institutions. 

The list of distinguished speakers includes: 

Mr N. Goodison Chairman, The Stock Exchange Council 
Mr A. W. John formerly Finance Director, Unigate Limited 
Mr S. R. Harding Director, Hill Samuel & Co Limited 
Mr R. T. Fox Director, Kleinwort, Benson Limited 

Mr R. T. Esam Head of Group Taxation and Corporate Structure 

Royal Dutch Shell Group of Companies 

Air D. C. Hobson Senior Partner, Coopers & Ly brand 

Mr R. S. Napier Group Treasurer, Fisons Limited 

Mr R. C. Westmacott Assistant Director, Barclays Merchant Bank Limited 

To The Financial Times Limited, Conference Organisation. Bracken House. 

10 Cannon Street, London EC4F 4BY. Tel: 01-256 43S2. Teles: 27347 FTCONFG. 

Please send me further details i/INTERN ATIONAL SUMA 1 ER SCHOOL 1978 



block capitals please 



dispute arises from a 
reinsurance package, which C. E. 
Heath, Lloyd's brokers, arranged 
with Oceanus for the syndicates 
after they had insured con- 
tainers for CTI. a New York 
container group. 

Meanwhile. Ocean us is involved 
in a separate action with CTL 
CTI i* suing Oceanus for $300,000 
alleged to he due under the 
terms of an insurance policy 
dated April 4. 19//. Oceanus is 
resisting that claim on the 
grounds that an unrepresentative 
claims experience was presented 
to it when the insurance was 
originally placed. 

And on yet another front, 
broker C. E. Heath is involved in 
a dispute, which has gone to 
arbitration, with a Lloyd's syndi- 
cate over oth er insurances 
arranged for CTL 

UK chemical 
industry saving 
more energy 

Financial Times Reporter 

THE UK chemical industry has 
cut its total energy use per unit 
of output by IS per cent since 
1970, according to a report on 
energy statistics by the Euro- 
pean Council of Chemical Manu- 
facturers Federations which was 
published yesterday. 

It shows that energy savings 
by the UK chemical industry, 

w-hich generates 33 per cent of 
its own electricity from waste 
eases and other sources, were 
rather better than the EEC's 
average savings. 

Thn report also shows that the 
chemical industry accounted for 
18.S per cent of lota! EEC energy 
consumption in 1976 compared 
with only 15.9 per cent in 1970. 

It is suggested that the main 
reason for ihis is that chemicals 
output grew faster than total 
Industrial production during the 
years 1970 to 1976. The UK's 
output has increased by 28 per 
cent over this period. 


Print leader 



• • . V _• , 'iS-’-'.v -¥ r : • .. 

; •* ' r =v. ME-'. ‘■-•■(P-iiS'-, ™ ■ 

about secret meetings: accept any norms, ° r 

, ... -•.-■y-.-Nyy y- 7: .&&■?*- - 

incomes policy after Phase Three the TUC. abiniei- -Aja 0 ** J?hLtad today is I . By Nldc^C$r«e$fc ■: ;> T- - 

expires next month was empha- t Jong AngWt poUcy to _*« aggressive | . ’ ' 

sised yesterday by Mr Joe Wade, I said that the- TUC -was giving ^daffing ** .» Sto “ 

JSSiJSSeSry of the National a nod and a wink .. towards ^aisn. including mandatory. 

a nod ana a wum iuw«us campaign, inciuanE .‘“■~ G . Trtn v 
Graphical Association. Government pay mee&bgs in working 

nniimr a t b what we haVB co-coeration and a workowiw 

policy at mm , nr nhase. We.areTnow ,^*r 7* inn 

Decisions on pay 

IS WJiaL ni - C^perapon “ >,i«h - basic 

future of the trade union move- "... ^vJSaflfer- yesterday, 

meat, Mr. Wade told delegates ___ , r . v" M-.B^-NGA president .expre^a. 

to the union’s conference In TUC baCKIHg -‘■■hM^wnceni that ^eWsnaner 

Douglas. Mo of Man. - ^ ^ had comc , Mr. 

It was not the movements wade, for the trade union. move- L union, 

function to “sacrifice on a per- to demand that when' the ■ or JlkTom arose ' most 

manent basis our hard-earned TUC ^ there had been . a E^nmmfficial dispute 

right freely to negotiate our own return to free coUectfve v^/^Mers at The 

agreements, or to hand over these iug_ w hich was what Its leaders :*£;■ ^ fijaebine rn - warnings 

agreements either to the Govern- wer ^ saying at last year's Con- J^^aner cbiiH Close 

moot or the TUC." grew — -they mean whir therf*. W ^S ? wa.-i.ot 

trade union leaders say and will give support tov ^.normal 


that there can be no affiliated unions who sfeek ' to. 


nothing more 

accept l f 1 1 -i r ~ -1- 1 1 ■ ■ _ _ ^ ^ 

formal Phase“Four agreement^ rectify '‘their rights freely to^Tbflre ~ - v ^ 

hut some, like Mr. David Rasnett. negotiate their own agree- .imaging "to ■ “ . lw constitii- 
general secretary of the General ments." ‘ • 2d having 

and Municipal Workers' Union, There was not a single tinlou^SP ® nd a !i„ ™ 9 naeement that, 
have suggested the possibility of which had not learned the lesson^ .^-tnfonn any manas instruc- 
Lhe TUC agreeing bargaining of 1974-75. Pay claims wonld^ou^ JorSie be 

priorities. be moderate, reasonable., and.iifiens for normal . ?L ar e 

Mr. Wade, in unambiguous con- negotiated, within the capacity resumed, ^our_ meiuo = . , 

trast to such views, said that the* of different sections of industry- ignoring that insiru . 

time had coine for the TUC to to pay. -‘Mr. Dixon. . 

“stop playing the role of police- But there must, be freedom c^Eoo'don region 
either overtly or tacitly, and flexibility. . . -i^este'rday failed, in 


an attempt 

over its affiliated unions in The message from the con/^tp have motion included on the 
respect of pay policy." ference must be that .“ we wiUVorder paper wnicn wouia nave 

For some time, he said, there not tolerate any further Goverwvgjrven regional 
had been straws in the wind ment Interference in wages uqtimrity to 
about Phase Four and alle- bargaining and we will not;.j«!Uozi. 

. - '. *■ .-'■'i'-V 




Pay rows 



By Pauline Clark, Labour Staff 

over pay in the Health Service 
was underlined yesterday as the 
211.000-strong Confederation of 
Health Service Employees 
(COHSE) called for a minimum 
basic wage of £S0 a week and 
Britain's 5,000 hospital elec- 
tricians began a work-to-rule . In 
spite of a new productivity offer. 

The hospital electricians, re- 
presented by the Electrical , and 
Plumbing Trades Union, called 
off their plans for selective 
strike action last Friday after 
accepting new pay proposals as 
a “basis for negotiation.’’ They 
are seeking a £70 wage. 

However, the union’s execu- 
tive council has yet to decide 
whether to call off the overtime 
bans and other industrial action; 
which hit hospitals throughout 
the country yesterday. The 
executive is expected to make a 
statement today afer receiving 
derails of the new productivity 

At the COHSE annual confer- 
ence in Scarborough, delegates 
voted overwhelmingly In Favour 
of a national executive motion 
which "deplores the continuing 
low rates of pay of staff in the 
health and social services.” 

It called for a minimum baric 
wage of £80 a week to be sought 
during the 1978-79 pay round. 

IGIstaf^jto ; 
ethylene eracker 

O Meanwhile, a walkout by 
electricians over pay parity with 
private industry disrupted ser- 
vices at the Charing Cross Hos- 
pital, in London yesterday. 

A bid to resolve a dispute at 
Greenwich District Hospital, ovSr 
the sacking of a sister, failed 
after talks between staff and 
hospital management reached 


Imperial nw»mirB | I n d ustries^r. jnart na I unions over the train- 
yesterday began to sbut dowh??.= v JnC-® f ® t,ers electricians. to 

the smaller of its two ethylene:: * be artificers. 
plants at WUtoo, Teesstde. fCL m close touch with the. 

.. . . ... Department of .. Employment 

M said that it J* 1 ; "-last week over Its intentions, 
forced into closing ^tiie Oletoe-,^ ^ the shutdown would 

4 , CJ 2 c £ er ; about two days. , 

plants because of a ritort^6£. ;^ ^^ een 2 00 and 300 Jobs 
instrument artificers: "J gire expecied lo be in Jeopardy 

It has been in dispnte with . over the next six weeks. 

attack cutinhours 


THE. TRADE UNION, target of : a rise in unemployment, 
a shorter working week waff- . The "simple argument” which 
attacked . yesterday by : the*saw the reduction in the work- 
Engineering Employers' Federa- Stag week as a way to alleviate 
tioiL The Federation Is a mjtfdr ^unemployment over look edfnnda- 
member of the CBL which *iU Wntal fabts.'.Lt was argued. that 
tell- the Ch6n fellor today’-thift,’ a 35-hour would meair jobs 

any reduction in the working; for one-eighth more people^ but 
week is unacceptable.' ■ - - f the engineering: imiustrir way 
Mx. Anthony Frodsbam. already unable to find ail the 
director-general of the Federi- skilled workers it .needed. -, - 
rion. said that a shorter working A “ hasty and ill-considered " 
week would add to costs, reduce reduction In the working week 
Britain's competitiveness, and so would _ be likely to be very 
lower demand for British pro- damaging, particularly' -at a time 
ducts. The result of a reduction when British industry was' still 
would be a loss In business and not competitive enough. 

Co-op plan abandoned 

WELSH trade unionists have 
effectively abandoned a plan to 
take over British Steel's Redpath 
Dorman Long subsidiary in 
South Wales as a workers co- 

The formation of a co-opera- 
tive was suggested by the Wales 
TUC as a last-ditch scheme to 
save the jobs 0/ 300 men at Red- 
path’s Treorchy plant in the 
Rhondda Valley, where unem- 

ployment is running at 16.5 per 
cent Redpath- is to close the 
works, which makes structural 
steel in September, because of 
the depressed state of the con- 
struction industry. 

But after discussions with the 
managemenL the unions at the 
plant have accepted that their 
resistance to closure has been 
seriously inhibiting efforts to 
find alternative jobs for those 

THE • 


year's pay ' and ttSndKraas. ^ ^ , 

for , the ■ . > ; 

when lay deie^t^ vatedt L- 
Jay : ; 

i^inf vnohstcuctitw. 

j acted 

their ne^tlatoi^ vadYica^afld*^'' 

bppaE— - 


voted i.fbr _ . 

Tte - 'ftajdsport . 


were 1 Tvlliing. to\. SlndtOitiial 
action i- pisinneff ••••ftfr '.tiui^-.mcrntt,^: . 
an d- tTCATT^.aimi^; - 
iater-dthod ffniflptt aa^ting the: . 

^deal • - : Iv': ■ 1 . 

The joint - unio n"- ri d e “ bf- 1t» . C< 

construction -industry ' la L . 

cuss tire situ a tidn Ltcfflay^^we - - . 
meeting' empTdYere -ott.I.''4Be“ . ... 
National Joint -J^uncfl.^for ' 

w uMflmg industry. - V ' ■■ = ■y-?/.'. 

Earning - ; 


covered : by " "tlier4aatioigI^^grw-; ; ' i 
ment, the 
Workers " . and : 

Timber and Alb ed^T^^: have- 
also been iujwtilfive,tbr«cewfe®e 
offer, the / 

vote yes terday will ^ensqre , that ; . 
the deal is ooncludepi ^ " i '_ 

The settlement. . 

from June 26,. will raise jeraftfr .... . 
men's total ;'mi ntmual^feartungs i 
frbm' - X54.6& . to. v = - - 

labourers' from £47.70 to'-’f52; It 
affects about ^.l^^w^rkE^^: .3 

the lay ‘ defleftaT^.^ w&o.^ted - , 
iBtuctantiy lS lo ^or. the deal, - . 
had done so inthe^iighf of 'exist- • 

ing circumstances and ‘‘fn.order 
. — =— rdsultihg^from 


to avoid -disunity resume 
decisions taken * by; other- 
which-'cmiid.- result in ^ confront 
tation Oii.the jJicket lines.” .. 

Shop stewards 
threaten i 
to quit union: 



y - ' 

By Arthur Srnfth* : \ 

Midlands Correspondent V. . 
SHOP ! STEWARDS, representing 
Midlands f oil' industry Workers : 
have': threatened tp^gnji put of 

‘ r: "a 

“wUc&hui!!#^ : agahist^Mri^.Alau 
Law^T^fonal sectetary iot' the 
commercial transport dri^ersj is 
halted. " • . ^ : 

They lire protestin^t^EielSall 
by drivers in an other branch, for 
a national 1 . Inquiry . IntiH ^lega- 
tions of^ irregularities dn A ballot 
involving Mr. Law,. ^ - 
The drivers are organising .a 
petition of support for Mr. Law. 

Higher TUC 
fees sought 

PROPOSALS for a 25 per cent 
increase in TUC affiliation tees 
are to bp considered -by the 
General Council soph 1 . : 

The plan/ if approved,. wlR L go 
before Congress for endorsement 
in September. It would add about 
£550,000 by 1980 to the present 
affiliation income of £2.3xa. 

Crossed lines at Post Office 

THE POSSIBILITY that Britain's 
armchair sportsmen will be 
deprived of their television 
coverage of Wimbledon tennis, 
golf and cricket matches in com- 
ing weeks will draw attention to 
dispute that has had little-of 
that so far. 

Others who have however 
already been made aware of in- 
dustrial action by the Post Office 
Engineering Union include 
thousands of telephone sub- 
scribers, many in the City, who 
have been waiting for their lines 
to be hooked up. 

The dispute, which goes back 
seven years but which has grown 
rapidly in recent months, is 
about the union's claim for a 
35- hour week. 

It has several unusual 
features. First, the POEU is 
about as moderate a union as 
can be found. Yet its leaders 
are witnessing an explosion cf 


You’re OK~§ 

V I OK care about me g 

It's Mental Handicap Week this week, 
and we’d like to ask you to spare just 
a few minutes to think about the 
problems facing mentally handi- » 
capped people and their families. H 

We do all we can to help the 
one child in every hundred who 
is bom with a mental handicap, 
but we are totally dependent 
on voluntary contributions. pg| 

Could you help? ||| 


National Soetotvfor 
Mantaffy Handicapped ChMraa 
PamtrtJgo Hal. Pnrntxldm Squnnt, 
London W2 4EP 

Scottish Society for tho MontoBy 
Hand! copped 

69 West Begem Street. Glasgow 

l enclose E 

Please send receipt 




militancy, and threats of seces- 
sion, such as none of them has 
seen before. 

So great is the feeling that Mr. 
Bryan Stanley, the general secre- 
tary. has decided not to stand 
for re-election this year to the 
national executive of the Labour 
Party so as to concentrate on 
union business. 

Secondly, the issue, though 
now a main plank of trade union 
policy, is not the kind that nor- 
mally triggers industrial action 
though that may change. 

Also unusual is the extent to 
which the 'union's conference 
delegates have pushed the execu- 
tive into action and overturned 
some of their suggestions for a 


The threat to outside television 
broadcasts — but to many other 
less visible services as well— is 
the direct result of a recent con- 
ference decision. 

A holding operation, and 
possibly a path to settlement, has 
been devised by the Department 
of Industry. 

Lord McCarthy, the industrial 
relations expert from Nuffield 
College. Oxford, is to bear the 
union's and Post Office's case 
next Monday, after which he will 
presumably suggest the basis of 
a negotiated settlement. None of 

the parties is bound by hLs 

There is no evidence that the 
POEU dispute, which has meant 
industrial action since* last 
October, has shaped the demands 
that the TUC will put to the 
Government in the talks that are 
now beginning in earnest about 
pay after Slace Three. 

But the TUC's and POEU's 
coincidence oF view could 
materially help the union secure 
the forward commitment to a 
reduction in hours that it is 

The dispute has brought 
together, in the view of Mr. 
Stanley, a whole range of worries 
and' grievances. He fears that 
years of close consultation with 
the Post Office and dedication to 

the customer's demands could go 
up in smoke. This is quite apart 
from the possible disruption of 
the Post Office's rapid and exten- 
sive introduction of new tech- 
nology in an expanding market. 

Why have the 125,000 Post 
Office engineers turned so angry? 
The dispute has a long history, 
and rests on the fact that the 
engineers have always had longer 
standard hours than typists, 
cleaners — indeed all other grades. 
The latter are paid during their 
meal breaks and have, in effect. 




a 37-hour week. The engineers 
do not want the meal break paid. 
They want the' same working 
hours at least. 

Secondly, they feel they should 
be rewarded for past co-operation 
in substantial productivity gains 
to extract some benefit from the 
improvement Pay policy has, of 
course, also contributed to Lhe 
grievances of craftsmen for whom 
differentials are sacrosanct. 

Thirdly, Mr. Stanley believes, 
the Post Office has simply failed 
to address itself to the industrial 
relations problems associated 
with rapid change in the nature 

of jobs, and failed to assure bis 

members that jobs will not be 
lost as automation increases. 
POEU leaders believe that the 
expanding market will help main- 
tain jqbs. The members, how- 
ever. are not convinced. 

This last point is unusually 
important in an industry where 
men are trained in skills that 
only one employer — the Posr 
Office — can use. They go in 

expecting to be there for life. 
More than that, they expect their 
sous to follow them in the busi- 
ness. Mr; Sanley himself is the 
third generation Post Office 
engineer, and he has a son work- 
ing at the Post Office -tower in 

Pressed as they are from below, 
tiie union's leaders say that "tbs. 
department and the Post Office 
itself have, and are still, under- 
estimating the strength ' of_feel*' 
ing. t i..- 

It the Post office carries out its 
threat to send men home, the 
reaction will be enormous, they 

They also accuse the Fori 
Office Of turning down- a~ union 
gu .?, r ? Ilt |! € that shorter 'hourt' 
will lead to no loss of output ■ 
no increase in overtime wor king -, 
—a fundamental objection " to 
any shorter hours claim. 

Since last autumn, the“engin- . 
eers have been refusing to 
operate new telephone switching 
equipment where that enlarges 
rapacity — hence the backlog 
pi subscribers connections. Now 
that is to be tightened to include 
military telecommunications and 
marketing projects, and air fields 

iStn.duSt equil “ , ‘“ t > 

„ J e S° n<!!y « 'hranches^have been 
J? F ut up Idesfi for further 
Industrial action, if members 

Sfrti there -*»e 

local overtime bans or stoppages 
' vor ^ l an d the national execii- 
c ° ns ] der national Stop- 
pages for fixed periods. .. 

Meanwhile, the executive may 
ahorse action at the national 
Uiro and Other" places where 
money j s distributed. • 

Of Hff «® ct i on ? onJd he a matter 
whom dea J b ' the executive 

worif d hm k to jda the 

it t *«#!? x not seek Wtoent for 

S 5 s!S w »"“ by which. time the 

ISS'thy Report could be com- 
P' e i?~ “e engineers will refuse 
s t^ d in for engineering man- 
agement grades and refuse 
promotion to that grade. 

‘% s C-- 

v * 

. r 






V> : 






■: V5 l5 

"-■ - " * =5* 

" ft ?'-.>. 

■f:: 1 . -' v 

• - ‘t. » 

ii‘ --3!, 

’ .1 

• 1 ■■(•a*. ' 

' iS * 

:•» ards 




• Fmancial Times Tuesday June 20 197S 


restraint vital ‘to curb inflation’ Net external 

— increase to £2.4 bn 


fall dl stioct line with productivity i n tho 

wages V V 1 M* 1970s; «*• relationship 

needed if year is broke down during the ranirt 

the rate of^riri B fflE5 ine,, - t iD infl3tion between 1873 and irud- 


Gordon . RichaxdSn ,L' ... A continuation of anyth m3 
Governor of the Bank, i n hi! j!) 5 ^ thip . 7** r s ra . te increase 
Berne speech last week hls in <T »» n > n * 1 ' earnings would be 
• The Bank save ,0 ‘ncompaiable with holding 

month in“efcu??JiMs m iv Sd r *- t * of J “®^? on a « l >' ear or 

?^ d or at th\ b0Ut 8 P " «™“Sr SSres " 8 “ ^ >ear ' s 

tuattone. 1 * 18 3rear ' Wit5j smail “Tb»s niay not he fully appro- 

Thls is in n TC W i th tha _ ciatcd; there seems heed of much 
statement bv Mr r* ec ? nt K®® tcr awareness that nothing 
S Ss Se^S H "k^? 1r - v ' lik , e tbis JMrt increase «,£ 
Ration prosn^ U °,i,«?«u Ut ,n ’ ,afely hc tepeaied. and that a 
-Bank puts it P mnrk , Use v ? Ty "Jacked and distinct fall In 

‘ Tfe Su1leTi?^o, ten J£ t,vely - the of increase in wages JS 
of a new aSS lh . al f ««« «**«l if the success of efforts 
inflation hava^i, 61 *^ 011 in ' w ' a S e so faT is to be pressed home. 
iXSKties caused market un- "The rise in prices next u-ar 

im“pSe% d n e d Ve iS Pra f nt '• Ifffl SXJESfJS S£ 

strated to b e unreasonable 

3 " ^ summer before 
® a 55 ° f the previous three pnv 
mSEf 8 '#? 1 * conl,nuan ce of wage 
T? ^ appeared “flWtain. 

In fact, there is no reason to 

jS&U eT^ Acceleration as 

Bawfr 01 England @uarrcrTff 
Bulletin; Volume IS. iVo. i’; 
■fune 1978. tradable jr«m 
Economic Intelligence Depuri- 
mem. Bank of England. 
London EC2R 8 AH. 

Moderate claims 

The Bank notes that *Wr 
progress’’ has been 
made. The rate of inflation in 
this country is now almost in line 
wuh the average among ihe 
UKs competitors. 

: “However, this is clearly onlv 
a relative success and other 
countries are now likelv to give 
tenewed priority to containing 
inflation. This year’s increase in 
earnings. though in some 
respects moderate, is still quite 
^arge — and is resulting in a 
clearly abnormal increase in real 

: - It is estimated that real 
average earnings rose by Si per 
x*nt during the first eight months 
of the present pay round, with a 
further rise likely during the 
remaining months. 

% Beal _ average employment 
. incomes moved more or less in 

achieve this, the rise in wage 
rates would have to be some- 
what lower still. 

“There will have been a large 
increase in personal real income 
in the present pay round, with 
earnings going up far faster than 
prices: if the next rise in wage 
rates were kept to moderate 
dimensions, this would nr«r lit 
incompatible with a continued 
rise in real incomes next year. 

“ If inflation could be reduced 
next year, there would be a good 
chance of continued moderate 
economic expansion over the 
next few years . . . How fast a 
rate can be sustained will depend 
in part on how fast expansion 
proceeds in the rest of the world. 

“ Consumer spending rather 
than Government expenditure is 
the main influence behind the 
expansion in demand taking 
place this year. 

“ Consumption has been grow- 
ing strongly since the middle of 

last year, under the influence of 
fax cuts and earnings increases 
well above the growth in prices. 
The sigus are that consumption 
will continue to rise fairly 


The savings ratio was likely 
b* have fallen only slightly in 
the first quarter from the 
pari ier record level of 18.2 per 

“ Any reduction in the savings 
ratio from its present very high 
level would add to the growth 
of consumption; however, it 
seems quite likely that indivi- 
duals will take the opportunity 
to rebuild their slocks oF liquid 
assets which, in real terms, have 
been depicted during the past 
five years. 

“Taking all these factors into 
account, there is the prospect of 
a rise in consumer spending of 
perhaps 5 to 6 per cent during 

“Whether the present recovery 
of demand can be sustained 
depends in large part of whether 
there is a response of domestic 
output to the undoubtedly rapid 
growth in consumer spending that 
is occurring this year. 

In the past, such an expansion 
has tended to be frustrated by 
the tendency for most of the 
increase in demand to be met 
f rom imports, and for domestic 
production to respond only 

If expansion was to proceed 
successfully, financial confidence 
needed to be maintained. 

There is a lengthy discussion 
iff the reasons for the change of 
mood in financial markets this 

“The Bank identifies the poor 
trade figures for the first quarter, 
the periods of pressure on the 
exchange rate associated with the 
strengthening of the dollar, 
some aspects of (he budget pro- 
posals. the growth of starting M3 
towards the end of the last 
financial year and underlying 
doubts about the future course 
of inflation.” 

The pace of monetary expan- 
sion must, in general, affect the 
exchange rate. 

“ But, in spite of research 
efforts in the Bank and else- 
where, it is hard to establish a 
close-knit relationship between 

l millions: seasonally adjusted; mid month 

Apr. 77- Apr .77- July 77. Oct. 77- Jan. 78- 

Ccntral government 
borrowing requirement 
Net purchases (•- ) of central 
government debt by 
non-bank private sector 
Other public sector* 

Bank tending to: 

UK private sector! 

Domestic credit expansion 
External foreign currency 
finance (increase—) 

-f 4,603 



-i- 88 

" 1.577 —1,869 

— 6,765 

4- 2-17 

■t 676 

-1,719 -1,048 
- 35 -r 409 

-f 4,087 

J- 969 
-r 158 

— 1,259 
-r 208 

- 724 -r- 1.133 
-5- 225 + *35 


+ 749 

- 73 

-- 774 -t-2.998 

-*2 V 740 
- 592 

+ . *20 
- 549 

- 126 

693 - 296 
• 278 - 195 

Sterling m 
Percentage change in 
sterling m 

Percentage change in m 

-f£j5f6 -rW020 -7,324 -7,745 -r-2^07 

4- 16.4 -f 
-^4^33 + 
23.6 + 







- 4.1 - 5.7 

- 1,175 4-1,006 

5.5 - 4.4 

* Other public sector borrowing requirement, less purchases of other 
public sector debt by the private sector (other than banks), 
t Including commercial bills held by the Issue Department of the Bank of 
England - 

The total surplus in the first quarter was significantly lower than in the 
fourth quarter of 1977. 

4 billions 

Change in seasonal 
money forecasts 

the exchange rale and ihc rela- 
tive rate of monetary expansion 
here and abroad, of a sort which 
could explain recent changes in 
the exchange rate in these terms.” 

This view has been put forward 
by the London Business School, 
among others. 

“The pace of monetary- expan- 
sion this year did not become 
fully apparent until May and only 
then gave rise to widespread 

’* It thus seems unlikely to have 
played a major role in the 
weakening of confidence in 
sterling in March. 

"Nevertheless, over the longer 
term, the evidence suggests that 
it can only be helpful for 
exchange rale stability that 
monetary expansion should be 
kept within the target range. 1 ' 

The commentary section of the 
bulletin discusses the degree of 
spare capacity in the economy. 
It concludes that capacity con- 
straints on manufacturing 
activity are unlikely to emerge, 
at least in the short term. 

Evidence of serious shortages 
of some key craftsmen was grow, 
tng, and these could inhibit 

growth in some parts of the 
engineering industry aver the 
next year. 

The Bank atio includes an 
attempt to calculate what the 
Budget balance would have been 
if the effects uf changes in the 
level of economic activity and 
unemployment wore removed. 

Considerable dufiniiial and 
estimation problems are involved 
which complicate comparisons 
with similar research carried 
out by the Treasury, the 
National Institute and the 
Department uf Applied 
Economics at Cambridge. 

Tbe broad pattern bad been 
similar, showing the “ consider- 
able extent by which discretion- 
ary fiscal policy has tightened 
since 1974." 

The Bank estimate implies 
that the fail in the level of 
economic activity over the 
period has offset the con- 
tractionary impact of dis- 
cretionary fiscal policy. 

It has increased the public 
sector financial deficit by 6.1 
per cent of Gross Domestic 
Product. This has worked via the 
operation of automatic revenue 
and spending stabilisers. 

LARGE INFLOWS or funds from 
abroad last year and the rise in 
the value of sterling, made a sub- 
stantial impact on Britain’s exter- 
nal “balance sheet.” a special 
article in the Bulletin shows. 

At the end of last year tbe 
total value of the country ‘s net 
external liabilities — the balance 
sheet deficit — had risen to 
£2-4bn- This compared with 
£l.abn at the end uf the previous 
year, revised downwards from 
the earlier estimate of £2bn. 

Within last year's total, a fall 
in the net external assets oF the 
private seetor of nearly £6bn out- 
weighed a decline of £5bn in the 
net liabilities of the public 

The Bank points out that, in 
same senses, tbe picture of a 
larger deficit at the end of last 
year is misleading because of the 
effect of exchange rate changes. 

The effective 16 per cent depre- 
ciation of sterling during 1976 
is estimated to have added 
around Xl.Sbn to total assets 
rather than to liabilities in 
sterling, terms. 

In contrast, the effective 7 per 
cent appreciation last year cut 
assets by £lbn more than 

Tbe Bank attempts to 
eliminate the effects of exchange 
rate changes on tbe UK's net 
external position in the last few 

The figures are rough esti- 
mates but they show- that after 
the large increase in net liabili- 
ties of £2.Sbn in 1975 and the 
smaller rise of £1.4bn in 1976, 
there was hardly any change’last 

la the private sector, total net 
assets dropped by £o.9on last 
year, with assets falling and 
liabilities rising. This was in 
sharp contrast wit!) the net rise 
of £4.2bn in the previous year. 

The book value of U.K. com- 
panies’ direct investment abroad 
is estimated to have risen by only 
£300m, after jumping by about 
£3bn the previous year. 

Against this, overseas direct 
investment in the UK rose by 
£850m, largely the result of un- 
remitted profits. 

UK oil companies' net assets 
abroad rose iiy some £150m. 
while continuing large capital 
spending on the North Sea was 

reflected in a El.lobn increase 
in the net UK assets held by 
overseas oil companies. 

The stock of UK portfolio 
investment abroad fell. Itf 

£l-35bn, but overseas residents 
invested £225m in UK company 
sterling securities. UK companies 
also raised a larger amo^t by 
borrowing abroad. 

Net banking and commercial 
liabilities rose by some £1.45bn. 
with a particularly sleep increase 
of £1.6bn in the sterling deposit 
liabilities of UK banks. 

This was aim art entirely due 
to private overseas holders from 
a wide spectrum of countries and 
was concentrated in the second 
half nf the year when the pound 
was expected to rise. 

The inflow of foreign funds 
into gilt-edsed securities was a 
major influence nn the public 
sector’s position. The net public 
sector external liabilities, apart 
from official financing items, rose 

by over £2bn to £5.9bn after 
declining by £200ra in 1976. 

Over £1.6bn uf the increase 
was due to a rise in foreign 
holdings of gilt-edged slocks. 
Private overseas residents in- 
vested nearly £2 bn in this way. 
a record figure nearly ten limes 
larger than in 1976, tbe previous 
record year, and roughly double 
the total net purchases over tbe 
previous decade. 

The rise clearly reflected the 
combination of attractive yields, 
falling interest rates and the 
expectations of an appreciation' 
of sterling. 

The recovery of confidence led 
to y massive inflow into the UK. 
much of it going into the 

The exceptional increase in 
reserves left a net official asset 
position of over £l.lbn at tho 
end of last year, in spite of rises 
in financing liabilities through 
the borrowings from the IMF 
and other sources. 

6 Wage bill best key 
to export chances 

THE BEST measure of the 
United Kingdom’s export com- 
petitiveness is the International 
Monetary Fund's normalised unit 
labour cost index, a special 
article in the bulletin said. 

However. 00 single index was 
best able to explain changes iu 
the volume of imparts. The bank 
found that a combination giving 
equal weights to the smoothed 
untt labour cost index and the 
ratio of i 01 port prices to whole 
sale prices was able better to 
explain the volume of finished 
manufactured imports than any 
single index. 

As for other factors, the tests 
showed that in exports, the 
growth of world trade was highly 

In imports, the domestic busi- 
ness cycle was always significant, 
confirming that the higher the 
pressure nf home demand the 
higher its proportion that will 
be satisfied from imoorts. 

The bank said that on unit 

labour costs, although not on 
most other measures. Lhe UK 
was probably still much more 
competitive at the end of last 
year than in 1970 and 1975. 

Tbe reason the unit labour 
index worked best on empirical 
grounds was probably that it was 
applicable ro a variety of market 

The significance of world trade 
in tbe export equation, and the 
fact thal relative export prices 
significantly added to tbe 
explanatory power of the export 
equation, provided evidence for 
the existence of demand con- 
straints on the level of U.K. 

The correspondingly low 
weighting given to normalised 
unit labour costs in the export 
equation suegested that a large 
improvement in competitiveness 
thin defined (whether by depre- 
ciation or by incomes policy) 
would be necessary to achieve 
any sizeable increase in export 

THE Bank of England is to pub- 
lish its forecasts of the seasonal 
adjustments for the money 
supply, and banking figures each 
month ahead of the appearance 
of tbe figures themselves. 

The new move follows the 
-large changes which were made 
to the seasonal adjustments last 
’year. In describing tbe plan the 
'hank'.s latest bulletin says that 
.ihe forecast adjustments, for the 
‘next month 7 will be released at 
-the time of publication of the- 
. monthly figures. 

However, because these fore- 
cast adjustments may have to be 
revised at times, any revised 
adjustments will be made known 
-when tbe bank publishes its 
figures of eligible liabilities for 
..the banking system. This is 
"normally just over a week before 
the appearance of tbe full money 
supply statistics. 

This is not expected to happen 
more than tyro or three times a 
year, and revisions are most 
likelv to be needed in January 
and February' when there are un- 
certainties associated with tbe 
- Bow of Corporation Tax. 

’ A £750m underestimate of 
likely Corporation Tax receipts, 
-which only became apparent late 
in the year, was one of the 
reasons for the sharp upward 
revisions in earlier estimates of 
the money supply announced m 
Mav. according to a special 
article In the Bulletin. As a 
result, the Bank says, arrange- 
ments are being made to shorten 
the time lag between initial 
revision and analysis of tax 
receipts and the consequential 
recalculation of the seasonal 

: The Bank points out that 
there are greater difficulties 
in measuring the seasonal 
'influences affecting the money 
series than for many other 
official statistics. The past may 
not be a reliable guide 10 
present seasonal patterns, 
largely because oF abrupt 

changes in the pattern of public 
sector operations.” 

An important problem, has 
arisen in attempting to forecast 
the public sector borrowing re- 
quirement. which has proved 
difficult not only for the year ns 
a whole hut particularly in 
relation to the month uk month 
pattern of changes. . * 

The Bank says: ’’ Later Infor- 
mation on the outturn far. the 
financial year accounted for a 
large part of titfr revisions which 
were announced in May; the 
remainder reflected modifica- 
tions to take account uf better 
information about Government 
expenditure by banking months 
(rather than calendar months) 
as soon as this became 


The first problem, the article 
com meats, arises from the 
abrupt alterations 10 the 
seasonal pattern of the nows 01 
Government receipts and pay- 
ments which can result from 
administrative changes. 

In the first year or two after 
such a sudden change, it is 
necessary to estimate the often 
substantial impact on the 
regular monthly pattern of bank 
deposits and advances. 

The Bank emphasises that it 
is not the purpose of seasonal 
adjustment to correct tor all 
fluctuations in Government re- 
ceipts and payments, but only 
those of a recurrina nature. 
Even after seasonal adjustment, 
erratic items will always remain 
in the monthly banking figures. - 

Tbe second difficulty arises 
from tbe different dates on which' 
the banking figures are taken— 
the third Wednesday of each 
month except December, when 
it is the second Wednesday. 
This is important mainly because 
of the influence of Government 
transaction which do not now 
eveffiv throughout ihc month. 

Therefore, the money and 
banking figures are adjusted 
by “an estimated correction 

for recurrent patterns asso- 
ciated with the varying 
reporting dates, as well as for 
the more * normal ' seasonal 
factors which cancel out within 
the year.” • 

Distinctive characteristics of J 
the adjustments lead to some 
unusual features. “First, the 
adjustments to be applied to i 
individual months in any year 
Often differ substantially from 
those for the same month in the 
"far before. 

Second, the seasonal adjust- 
mints do not necessarily pre- 
ciffely cancel out over a period 
ofU2 months.” 

le Bank then turns to thC| 
on 4s lion of the year on which 
thd adjustments are based. At 
pr«ent. this is the calendar year 
ratler than the financial year or 
ibelhanking year to mid-April 
There are some reasons for 
thinting that the adjustments to 
the \ monthlv monev ruodIv 
fijniffi would be better based 
on toe financial or banking vear. 

However, other considerations 
point, the other way. the Bank 
says..-' A particular problem has 
arisen with forecasting of cor-| 
poration tax receipts and though 
the problem of revisions has 
previously not been so important 
“this. year the original corpora- 
tion tax forecast was £750m. too 
low and the full extent of this 
underestimate did not become 
dear until very late in the 
financial year.” 

A related point, the Bank com- 
ments, is that tbe target period 
for monetary aggregates may not 
always be mid-April to inid- 
ApriL The rolling targets 
adopted for the current year 
could mean, for example, that 
they might on occasion run to 

The arguments, the Bank con- 
cludes, are finely balanced and 
“ an eventual change to centring 
on financial years is by no means 
ruled out.” However, “whatever 
year is chosen, the total adjust- 
ments will not cancel out 

Below is abrief guide to the investment incentives Before you do anything, it could payyou to get 

available in the Areas. They apply to companies moving into. In touch first with your nearest Industrial Expansion Team, 

or already in, the Areas for Expansion. Or; tick the box(es) below for the information you want 

Are you planning your company’s future now? and send in the complete coupon. 

Greater benefits are available in Northern Ireland. 

m raw an wh aw «■ ■ 

Capital grants 

Attractive finance 

e factories 

£70,000 teeth 

cafe campaign 

was launched yesterday to try to 
improve Britain s dental health 
: a proWrim which cost-? the 

; W u£i£ more than BOOm » ^ 

£70.000 caDUMOSO. 
stolon Remember, your TWk 
is aimed ait three main groups 
expectant und nuromg mothers, 
adolescents -and school children- 

Initially, it- vfill ' involve about 
100 000 people in the Bristol area 
J™r & next year - cou.d 
ArdelOD into Europe s biggest 
Ka? ^ health education P/o- 
Srme- The project is f being 
ES ht, the British DBBlAw; 


Oil revenue of exporting 
countries falls slightly 

Plea to oppose 
Lakeland plan 

SOLAAP WADE- acting 

TOTAL oil revenues of oti- 
exporting countries fen very 
slightly in the first quarter of 
££ year according to estimates 
bv the Bank. With tin* decline, 
and a further increase m 
import*, the surplus funds avail- 
able dropped lo S5Abn compared- 
with S6.4bn in the final quarter 

°*with revenues likely to decline 
further., the Bank expects a 
further fall in the ea-h ' 

In the first quarter the amount 
invested in sterling holdings was 
again little changed. 
foreign currency 
UK - banks rose b> $ lfm 

declining in the fourth quarter 
of 1977. 

Investment in the U-S. was 
higher than io the previous 
-quarter and accounted for a third 
of the total cash surplus, a higher 
proportion than in must of 1977. 

Bank deposits in other coun- 
: tries continued to ri<e. though 
less strongly than in tbe previous 
quarter. The diversification into 
currencies other than the dollar, 
-which had been significant in the 
third quarter, was less noticeable 
'.in the fourth and it seem* likely 
that little further diversification! 
took place is the first quarter of] 
this year. 

e offices 

Manirfacturers can obtain capital 
grants of 20% or 22% for new buildings; 
also for new plant and machinery in 
many Areas. 

Tick here 

Interest-relief grants, or 
favourable-term loans. 
Fixed-interest loans from European 
Communriy funds. 

Tide here 

U p to 2 years rent-free (exceptionally, 
5 years). 

Options to purchase on long lease. 
Wide range of newfactories available. 

Tick here 

G rants for office rents for up to 7 years. 
Grants for new jobs created within 
5 years. 

G rants for staff moved. 

Tick here 

London tel: 01-211 6486 

24-Hour answcr-sc/vice lor booklet 
enquiries only: 01*8242026 



MR. , -iL Council for the 

chairman England, 


a Cumbria j EonerdaJe ] 

th.t ui«iM .ulcers., 

iSFSk* a pp° fied * I 


Banking and commerei*' 

Net external a*** 13 ** 

V private. lector 

R^Us zni other offlciol fiwdns 




















— — 




- 4.1 

- 4.J 



— 5w9 






— 5.8 







iel:041 -2482055 

Tel: Cardiff 62131 
fSTD code 0222) 
Northern Region. 
Tei: Newcastle 
«/pOO Tyre 24732 
(STD code 0632) 
North West. 

wl: 061-2362171 
tel: 051-236 S756 
Yorkshire & 

Tel: Leeds 413171 
ISTD code 0532) 

East Midlands, 

Tel: NouJngham 
56181 (STD code 0602) 

W«t Midlands. 

id; 021-632 <111 
South Wese. 

Tel: Plymouth 
21691 ISTD code 

Q?i 2 ior 

Bristol 291071 
(STD code 0272 > 

London & South 



tel. 01-603 2060 


Eastern Region. 


td: 01-602 30'0 

F vc. 359.360 

Northern Ireland. 


C 1 TD code 0232 ) 

C-r London 
01 - < 93 t' 6 , - , l 

To:The Industrial Expansion Team, Department of Industry, 
Millbank Tower, London SW1P4QU. 

Please send me full details of the benefits available 
in the Areas fbrExjxjnsHnas I have indicated above. 






Areas for Expansion 

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If it’s impossible, 
get Bovis to build it. 

Bovis Construction Limited, f 

IWis Hhumt, Nnnhok Riud, Harrow, Middx, HA2i>HH. \ 

Tel: i» l -422 MSS Tele*: “22810 | 

Ptea*?. vnJiut' details of ytmrwnuces . f 




Fifty years if 
professional building : 

To meet an impossible p r« >gruin me on one 1 'four 
contracts we built floors upwards and basements 
downwards at the same time. 

For a new department store we used a few large piles in 
the foundations instead of several dozen small ones and 
opened it in time for Christmas instead of the following 

We are doing this sort of thing all the time. Its partly 
rechnicaJ ability-; bur mainly ir comes down to being 
professional. We are not easily taken by surprise, and nor do 
we allow our clients to be: with us you will always know 
where you stand on costs, completion date and quality. 

To prove it, we have an impressive array of awards, and 
che fact that 75% of our business comes from people we’ve 
worked for over and over again. 

If you would like to take' us up on any of this, ring 
Harvey Davis on 01-422 3488; he’ll be glad to go into 
details. Or send the coupon. 

2 Gwen] Motors 
3. Fort; Motor 

4 7?Orq 

5 Mow 

6 Siondard 03 of Gafarova 

7 Gull Oil 

8 International Bonnes Mach. 

9 Genera! Electric 

Ml Dresser IrvdutM* 


102 CBS 

103. Carnation 

194 Comi Zeflerbach 


- . . Ware* 

30" American Cyanamid 
108 Reynolds Metals 


'|J3 Ao3fCO 

StauHer Chemical 

t'£ S* 1 * d™?.. 

206 'in A. Haimet 

207 United Merc Hants* Mfrs. 

10 s Crane 

2W Abbott Laboratories 
riO.OTvenvconung Fifce-Kas 
21 ! wimofiwealln Oil lining 

212 American PHiC‘uU 

213 faro PeliiMeuin 
21 J F«tei Wheeler 
2io BeJl 
:i7.Tune Inc 

213 Commns Engine 
21 j.Civnrj Glass Worta 

2.: r^js Industnes 

223 Fy 

10 'Chrysler 

11 Intamalional W ?TeL 
IZSiandarri &J (In.jiaria) 

12 ihrl! CW 

14 US Sled 

15 AHaniic RidiReti 

1C9 bwa Beef Processors 


111 9eneral Tire* Rubber 

112 B F. G.ij*reh 
1 1 j Br«$!r.)-M,*rs 

HE 1 du Pont de Nemours 

fcnlnonlll f 'll 

1 14 Ken-McGee 

115 feWyne 

116 Bow Cascade 
117. tRgersall-Rand 
113 Ptcw 

119 HJ. Hein: 

1 ? Unlrosital Oil 
13 Vterem EWnc 
19 Pi oder AGamcV* 

19 Pr WerAGam:^ 

20. «inew 
2!.Un»an Cart*te 

22 Vtemgh-jux EWrlf 

23 Goodyear Tire A Putter 

24 Ptidrips Petrdeu.Ti 

25 Dam Chermyi 

25 iltodcntal Peln:levjrn 
27 International Harvester 
23 Ea^™»? Aodafc 

29 Sun 

30 Uwn Oil of California 

31 RCA 

32 Ewnartt 

33 Bethlehem S'«l 

34 R,Ki.«A hiematiwal 
3i United Wmckt'es 
3i Catejpdiar tractor 

37 Kralt 

S3 Beatrice Foods 
39 LTV 
4ij Kero* 

41. RJ. Reynolds Industries 
41 Monsanto 
4 3 Ashland Of 

44 (jenerji Ftads 

45 C ilfr. Servut® 

45. Firestone Tire* Rubber 
47 Eicsme 
4? Arnemia Hess 
50 WT R Grace’l DnfliS 
52.1n:emati:na: Piter. 

!2! Boia lVama 

1 22 ‘vjeer Aluminums Chemical 
23 Faimland Industries 

53 Mif.n«::» M r.mj AMIfe. 
5J. CcljaTe-ralmoiiva 

5S.Mjra'tnri G-l 

EA Continer.lal Group 
57 Gua &'.V,-«-n iniiaslries 
53. -atri'i Funnj 


tG.Wen induct* es 
61 LttH;?ei1 Aircraft 
62.?te^v R’nd 
63 Ar.-nto S - «ei 
A.T¥vaa Can 
to Thiiip Mens 
6e- Ceere 
B’.Gettr 01 , 

63 Gevro Pacfflc 

69 GoaTTcla 

70 rvi'.ilie 

71 T^vV 

73 A'unmutr. fri of America 

73 Sramlird C.l 

74 Cr,iw:i/:n ln:tr;.3M nal 

75 ■Vhei h >*?J .err 
7-1 Nj! :-ai $t“l 
77 Pesiv; 

r — ' Jjlcd Focis 

1 24. Central Sava 
25.G:im5utiK»n Engineering 
26 Standard Brands 
3’ Eaton 

133 /tenth American Philips 
I:? Sabmtf* Wilcox 
13a IC Industries 

131. Norton Simon 
132 Merck 

133 few Instruments 
134 Amenon Standard 
135 St Reg'S Pape* 

136 CampeeH Soup 

137 Associated MAc Frcduceri 

1:9 A’Ch-r-Danils Kulland 

13^ WHirlaol 

140 Lyles 

141 Muad 

142 H«rtutes 

14J iimberJyOark 

144 llorthrK'it industries 

1J5 Oiden 

146 Alic Chalmers 

147 Emerson Electric 

14* Cre-nnan 

14-3 Motor Ola . 

150 Gillette 
151 Anxcnis . 

]52.Dart Industries 
153 rruehaut 
1:4 Ouaier Oats 
Is 5 Dana _ . 

1 5i Ar,\Mfi'.a Be tor 
157. Aron Products 
153 Dei Mome 
15? Pffv5w» 
lot Pittstl.'i 
163 leiiocK • 

If . 4 01 n * . 

165 Net .so 

301. ACF Industries , 

302 Joy Manulacturing 
303. Norton 
304 Anchor Hocking 
2Cb A«co 
3Ci7.£coflil Manufartunng 
39B. Ftit latch 
J j9 Anne? 

310 AO Smith 

3! I Springs Mife 
212 Gensrai SiRnal 
31 3 Carborunduri 


403 GardnerDerw 

404 Fairchild Camera ilndl 
405. Superior 04 

406 Quesfor 

407 HamiKhteger - . 

403 Vtetmpreijnd Coal 

409 Trane 

410 Interstate Frands 

411.Kewanee l-ftoitnei 
412 Federal Mo^ul 
413.0ua l er jtate 01 Refining 
414 Bretaiy Glass 
415. HcS?,t 
415.No>ro Industries 

214r,jl.:oj| Gypsum 
315 Bemis _ _ 

224 Mr jrav- Edison 
2.5 Uni in Ca~p 

226 Williams Companies 

22? Jsi"l:hlitr Brening 
22? Murph, 04 
2:1 Amsatirg C-jrK 
231 "emlh Padra 
2:2. Times Kmcr 
222. US Gvrs-m 

3H Soerry* Hutch msan 
3!7.N?Jvmonl Mmmj 
313 Morton Nonmch^ Products 
319 Fiatr.1 Branng 
o20 Sundstrand 
j 2! Adofcifi Caora 

322 Hir^o 

323 McGraaertl 

324 rjynn 

325 Peichhofcf Chemol* 

326 Cone MNi 

327 RP. Don-.elfeyS.Sons 
22: Herjhfv Fo«s 

5:? Outboard Mjnne 
2:.'.Cuet1. Peabody 
3:1 Ct>aao Bridge* Iran 
3?2 S, &«>n , 

713 T«... n -sh Pt.Jii'It 

413 Keftr.cod 

420 Masca 

421 Br-'u tr.dvdries 

422 Cametsw imn Works 

423 ExCetiO 
4?4 Enmrotecti 
4-5 Mdland Rsss 
4.?.Gamsn . 

4*.-.Viuan Miienab 
42? Aner.can b : r. & Derrick 
423 ftrier-Haondm 

43i.Ea £ ieM«rIndusfris 
452 Amn industries 
433 BaH 

4 if VteeeGbhjIC'Fr^ 

425 Infer.! Container 
436 t/avrui 
4?7.7er?-ai Paper Board 
4 38 v^macD 
429 Fte-.v-jr-d Er.'s-criaS 

440 Coll<r ;*A.' 

441 Pa'h Fo;«i5 

442 Cincsietm 

44j Gere-ai In^ru-nent 

445 Mvr.icrt of Cdcrado 

44f M«;n4e 
44;.Na’;i CMrc^l 
444 Hughe Trci 
44? .tenar-jn b_^an 
459 rlr.-ytand tr-du sties 

4J.: .-®ra 

4slW.>;ftrn£|;n PrA 

453. Gy ter ?roJ-Us 

454 H.^er 

455 Hanes , 

456- 'Am V-'rjfey Jc 
4f r.Tsitrpnu 

45 2 Ge-.r ai Cfeema 
4f? 7.*iij- cl _ 

4-.. Cfeiryfea CscperalnB 
461. Hanna H nmg 

4 ? 2 A.K7 Interrjbcnal 

■Si: UE F,2£r 
466 h r. Fs ref 
tr.. *»:*»•. a 
4:5 re':: 'elrr'evm 
4- 1 -le-'-r. : - 4 hc.-Tud 

51? . 

4. 1 ..^--ins 

472 T.-.-n:.e<h Centurjf-Fat F3m 

4"! -v-^ir Crete 

4 - -i-^.b^i-nan 
4 5v»:'l A 'tr.-tl 

4" i L-.:nre». 

23J henne: ;ti Copper 
2:5 Reiten 

226 iij.'t-eam 

2: 7 .s-.ta.rr Ora. of America 

2:? 5her* r.-V.VlcmS 

25? Fjlj’Orj 

24-. 1 Ftmfcs 0i in 

24 i .l;;sc*i E Se??r3m*Sons 

242..h»;-rt:_. i.-e:ci-. 

2-: •‘•hfffcng Fa'ct jrjh 5‘ee! 
244 Anzf.T-t Luhim lACbSrSB 

24- NnwI Can 
?!»Ci:*ri ■lailgSsa! 

24il>,: Ma-rr.-T 

253. G^d host . 
2o«.Dijn-,jn-j Inlemabcnal 
2r3. Timi^n 
2:4.2-: nenr^.R-: ush 

265 Libcrr-Caensrod 
»:■> e-;*n .j-ijp 

ln6 5::lt Paper 
367 Dijrnofui ohaffircdt 

165 M.-toc 

16? US. Irduitnes 

I7-j A.r^rori BroadCJS.-ng 

l?l Eh L.By 

17.1 5CM 

)7: -iTftrroi Data 

] 74 .Oh:: Mj.-W.te 

3"5 III lrd ;?r«S 

170 u ej:en 

j’7.J m Walter , 

373 -I'j: In W\iSi 
174 ;|-..|i-,nt 
l. : 9 Cw-tv Ei.-mm*!il 

• u-.yi « 

267 ?eat:dy C-ial 

2: ? G-eat Northern .Ve5cosi 
2:9 Lno 

2 61. 'Aimer Ccmrr.uitestcrs 
162 C's-ac 

2n3 A E. Sfete- '^yrrg 

244 At- Prr&jSi&kT.KUAa 


tit MBPXL 

2i- ‘t',\ 

r- ?.l.ntem.i!fehal MuWfMds 
2- ■ rane+Idi-r 
2"0 trans Frrdsrets 
2'1 2- Jv» M.niraJs 
2.2 Fenn/.a’! 

272 0 0 Jei-te 
2 "4 t^ier J'l 

2"5 l.rry erelhs-i . . . 

j t 6 B- -- i t-fenutpierg 
1*7 7 Ci^ci'J.ri-ffer.Qs 
27' J ..T-»-r, '.hii.-i 

I " if = n i- 2 jj7> 

-:9 Skfe’-llij' '-Mf iir 

o.'3 Tesunieh ftodiKta 

3?4 AiJdressograph Mufcigrapn 


3:6 Hmcj Chemteal 

35’ 1 Cyclops 

i:-lLw?an»*£ifc % 

333 6tar.te/ Wy’-s . %- 

340.euc« Industries 
34LG«X . . 

342 Baker Interna tonal 
34? C:n;-.t«Jated AlucViun 
w44.S;jt!r*es! F««s industries 
r4- Wi'a-wito Industries 
34 jCor.Aora 
j47.p ll --,.9ow«5 
24 r Federal C* 

24? Hart Behai net* Kane 

3: . te.rrcnl 

25:. M L‘a«rts!ein*$cM 
;z2 Alumat 

iSa icuare D . 

2:4 o? L-K-jSPS 

3:5 tmjjn Head 

5pAJ-3 ,i ' 

: : 2. Fairmont Focds 
2?? Great WrsAtr-t Untied 
3-3 Ece-sr Fcads 
So r. Harrs 

SolOirraan Swrk Plug 
26? Hs-wa J lirte-n 

2->4 VfLob% l ; «ei 
2- - v:r.n >-:■ :i Feirofeum 
S-m H«-r.jT v.V ::i 
2:.'.rer;\ C- ^uo 
3:6. U / hduSUiS 

E'i'.i f j-:-:le 
3‘: L:o..M9itT!&litby 
2. 2 L'<n r ier 

S’: f - ;-e: 'nd-rtlHes 

-r.n Cipp-a & Brass 
-■ slr.'.o 
2 v .han 
2'7.7-'.Ji’ A»73<t 
S*iV.Vd f-.yiy 

*--■ -i. : '■ -.-t t-f.-‘4o-_ 

43 ? : >. .j-j ia'!*E«rlerat!dn 

t mm 

1 r-«! jIUUSS . 

7.1 -.L-t Wi-'hr:,- ,1 

m m * ;i .'.iri c«r<7)p 

9? Burlirr/oa 
93 L 1 ''-'ei Erjvds 
2G0.FFG ItiduvlPvri 

I? 1 L-jT-er 


?^4 k 


2 -- ir-. r-j a SiTeries 4r 1 :i- t:-. a c 

4jj.CL:« , rl.:iccr • E-.2 Fj:.:o 

loans. And manage major international credits. We can 
also assist in generating funds in other capital markets, 
through our associates. 

Of course. Marine Midland has the facilities to 

Diiuomn persuiuu sav.i.Kc ».v - carry this out. With our base of international operations 

capital and reserves, and assets totaling $12.1 billion. in New York Citys financial detent, we have m 

* As much as these numbers tell you. they don't branches throughout the state, and key people in 22 of 

say weVe been a major money center bank for many the world s major financial centers, 

vears. Wh ich means we’ve got- enough experience in Some people may not expect all this from us. ’ 

foreign' exchange and foreign currency management to But after all. Marine Midland is the 12th largest bank in 
generate majormoney transactions. To provide direct the United States. 

MARINE MIDLAND BANK® AH figures as rf December St, 137X 

When vou consider that more than half of the 
biggest U.S. industriak do business with Marine 
Midland, vou get a good picture of how big we are. 
T_% a 4- Am* i^rmAoitc S10J2 billion. with $2. 

iviiuianu, jvu s= l ^ ", .... ■« . , -- _ 

In fact, our deposits total $102 bill ion. wi th $25 
billion in personal savings. We’ve got $07)8 million in 
capital and reserves, and assets totaling $12.1 billion. 

A bumpy 


mmmm 1 

aosSieadiMfhf r. 

A MOTORIST went to prison 
recently rather than pay a small 
fine for failing to produce his 
driving licence to the police. 
He told the Court that his 
application to renew Us licence 
had been “lost*’ within the 
Driver and Vehicle Licensing 
Centre in Swansea. 

However, subsequent investi- 
gation at the 16-storey purpose- 
built licensing complex in 
South Wales revealed that the 
motorist had not made his 
application for a licence until 
after be was picked up by the 

The motorist had tried to use 
the fast-growing weapon against 
driving violations: the socalled 
“Swansea Defence.” This tries 
to put the blame for any offence 
involving oar registration or 
driver licensing firmly in the 
lap of the Swansea computer. 
Although in this particular 
case the Gourt was not 
impressed with the “Swansea 
Defence” the motorist’s 
allegations received widespread 

Since it was opened just over 
five years ago, the Swansea 
Centre has been the subject of 
many such stories. They range 
from a child of six being sent 
a licence reminder to a man 
whose driving licence n umb er 
turned out to be the post code 
of his address. In more serious 
vein, bus drivers and others 
who rely on a driving licence 
for their work have allegedly 
been suspended from their jobs 
because their licences have 
been held up a<t Swansea. In 
one such case, a judge went so 
far as to brand the computer 
a “monster.” 

in staff morale. 

■The most sia 
the union says. 

of the responsibility for the cent i year. r , £MH . rnta ^t. re- ^ifiefi(ai>Ti‘t>&5 3 S6SH6 a #53S . ' 
Centre's fallings lies at our . -Apr -part of Govern 

Centre’s fallings lies at our -Ay part of 
own doorstep,- and in. particn- iocatipn polis 
lar at the senior level where chosestos the J 
decisions are filially made." cpngjuierised 
The- union lists a whdle : cafe administration 

The- union Lists a wnuic- wur a.i i i inw sLraum* U V 77 -rAyAh • 4- - 

lone of bad decisions ;bjr. yehieie licensing- 
seflior management and 

that its members have nothing 25, /acres on a site B t ^ 

to fear from an. outside htqnfi^ga^^om.the to^ K- 

These latest allegatijms*# -.ewi^tiiiK - mammoth • .^ccnr,, . 

lengthy delays and costty^errow dtftipn-- IS ™y.***% 

are not the only problems. thti. Cenfece ^ias been ^ - 

Centre has faced in its sh^ o^er'Jflto other offices 1? iengthy" ; 

DAVID CHURCHIU- Ofrtfce Swansea Driver 

and VehicleUcensiiig Centfe ... v - .{ 

• — - * * when ^ r 

history. It started off oxV,%i SiW hf Swansea. • - • _ dwjgre' » 
wrongfoot by costing .more' aacl > While -the Swansea tibmputer #r 

taking longer to become opSra^njrar- -holds all -"T^S ‘Jr- 

tional than expected-rproblems ve^cles and dnvCTS in and; often ftpfly-v- ;. ,f .' 

that received a sharp -notice m^miewal of vehicle ■,'ae^ 

from the powerful Corrmio^ .ss^arried out either, at- Fow •' ; ... 

PubMe • Accounts Commke& : pff ces or at. SI specif vepiwe , r 

Then in 1976, the Goverrteiefit -Hcensing offices throughout *ne prese m; ' lerw^qt;^ per v, : . ; 

.« _a “i - -y. '.* . - • mW/vfjo . 31S0 v Jt— K-vrl- anrmftiv- fa -rnfanv atJa x .ti .- * ' 

lUC Li all aoi y, uuifefciwufeui .**^wuju*b r- ,r ^ • t • -j-tn.-Y ■ 

was on the verge of shuttihg ebUntry. These • offic^ .^so ha^ bad^en^gfe-.^gsmit- 

down that part of the centre nee nee new vehicles; and msiie -tl^JabUSe-rh^^i-UP^^^ad.^ 
responsible for motor ta xatiorj; r«^stration numbers. . if. is .\estln^{e& ^atyc^^^bs^,'-.3-:- 

in order to reduce Civil Service ^„ But 'ail the work on driving really :, 

man power. • . .VBcences -is carried out at Swan- to long delaya iSvnMde^fe ffl^jt . 

Eventually it decided against Mai. The Centre, gets about 4m every 10p,0pQ ? ; V. 
this — but last year the Ceatre'-items of mail every day-— more MofCrristd 

was again in the news when ^Fjpn twice the rest of Swansea s 
staff refused to handle - the sfe^^ate - and business : 'mail -put . ejarhtea 

called “cherished” transfers Miw>tVior ; •' urrit» tnvhei Cehtrfe.-^A3M^fr.7iwo 7=^ 

cherished ” transfers; .together. 

write to the. Cehtre.-A3»fft'?jq0ft 

of personal number plates. - t . ’* ^Licence applications are ; inquiries' a.da yyitt eol^cefel^ ^ >'.«1 

Anri tha rantro io iwirroritlw' j c.m nhniriiic PfTDrS— * ^ i v.* j / r-: i 

It is no surprise that such 
apparent bureaucratic bungling 
has been latched onto with glee 
by Conservative MPs. Mrs. 
Sally Oppenheim, MP, a Tory 
front-beach spokesman, is cur- 
rently compiling a dossier of 
alleged delays. Other MPs — -the 
latest is Mr. Patrick Cormack, 
Tory MP for Staffordshire 
South-West — are also putting 
pressure on the Department of 

Transport to hold a full-scale 

inquiry into the Centre. 

They are little mollified by 
Mr. William Rodgers, Transport 
Secretary, recently giving the 
Centre a clean bill of health 
after visiting the complex. 

Yet' critics of the Centre have 
an unlikely ally in their demand 
for an independent inquiry. The 
union which represents most 
managerial grades at the 
Centre, the Society of Civil and 
Public Servants iSCPS). has 

And the centre is. curreht^ jchecRed for obvious errors^?' about ffour »ai'pe«v^^^t:*rj& -^rvi 
repaying up. to £Uti to alipost'abo Ut - 5 pe r cent .afe .hn-- CO mplaihts-^d^i^pKfe ai^[eat;V ' \ I *• 
100.000 motorists who. may &&v&-,gjetaitety returned : for entree- wjth 'byvW^f'^ ai^ciaS^tag. - '■% 
been misled last year over the'tibo. All documents are then inguiry'sy^^-ha^ been! ; 

terms of the rise in veWcle J^oaimed— it would be 1m- . - one of the^. more ' aftc&Sui • . A rt 
excise Ucences. This followed aa^j^jsujie t o store records-^and examp^v oZ ^naiiKg&wiiijma -- ' j|| I 
Ombudsman’s decision ’that .^ microfilm retrieval area is tive bt the' Centre.'^ut-S&d" ' v 1 * 
three people were misfed at ther-tfe largest of its kind in Europe. ^ to the. unioa', ^ 

time. . . As something like 100m trans- j^ddle 

In one sense, however, the actions are made a year—lhe ^ aver all ’record - ' 

Swansea Centre was a victim of c entT e deals with 25m apptica- ma nagement : at -the^ceTitie has -' , «s was . cotfc.-^n« a • from individual driven 

ceived during the 1960s when- and issues more than 45ra driv- • - u 

the “big is better” philosophy j nB licences — staff carry out - P°® - ^5 ? * ‘ ' 

the “big is better” philosophy j n& licences — staff carry out •- V 11 ® 01 ..'™5 * 
was rampant The 1965 Waller comprehensive checks to try to JJcnses . 

Report recommended that reduce the number of errors. Centre. is -thg ^-geaffal .. 

driver and vehicle licensing Data is often keyed twice into problem of fi norngnana Ireepihg - 
should have “a central office, of. mini-computers to ‘.check for ; 

considerable sire, with a large, discrepancies. • staff - '' 

automatic, data processing --Routine data processing, sruch computing- rtaff -are about $1,000 --■■ 

system. ” This was to replace the as licence re newal reminders beipw mejoireat. Taarlmt^gt,e : 
previous system under which -to be sent out, do not haye to dhtn andj f or gam med 

driver and vehicle licensing was be laboriously keyed into the 

carried out by 183 local offices computers. Instead the data Is -exceeds toe supply. . jg ^evm - 

run by local authorities. They fed into a special- machine more difficult to. attract- top 

were fast becoming ...un- which “reads” the 'printed computer p6rsonneL.tXJ;moye to 

able to cope with the explosive characters and converts ; them Swansea. .. . 

growth of motoring. During directly on to magnetic, tape. --Such problems are weUAnbwn 
1960s there was a 50 per cent The new information on tape to the Centre’s top-management 
increase in the . number . of is then fed into the Gentre-s and a rfecent -Civil j .Sew£ee 
drivers and a 60 per cenfcin- three main computers to update ^ report ngreeff^ -that- there-’^reee - - 

crease in the number.,* of existing records. A new master personnel difficulties -»rrthe • 

vehicles. There are about ^22£m: .record, consisting of 250 reels computer field. . . . l'; 

• Tv-.-'f. V •- 

V. . rt • 

: -. ;. v. • 

. s- ■ • \s - ; il- ’■’ » A . . 


7 Vffc- -V.'- 


Ten years 
to make aname 
in banking. 

Ten years which have made the 
Alahli Bank of Kuwait one of the best 
known names among Kuwaiti Com- 
mercial Banks. 

Ten years whicn have given the 
opportunity to the Alahli Bank of 
Kuwait to be renowned for the quality 
of its services to international contrac- 
tors operating in Kuwait. 

Ten years which have given the 
opportunity to the Alahli Bank of 
Kuwait to become the best known 
commercial bank name in the Middle- 
East in the field of underwriting of 
Eurobond issues. 

Ten years of progress building 
the Bank which is always trying to 
serve you better in the Middle-East, 
the AJahli Bank of Kuwait 

Main balance-sheet fignres 

| _ End 13G3 Endi&72 Ena~isi 77 - 

Vea 1 of operation i 5 yq- 

CapitaJ 2,000 2.000 7 000 

Capital & Reserves 2.148 4.085 28608 

Deposits. . 50.211 86,754- 442^29 

Advances 23.711 38.851 234.577 

Contra-accounts 25.703 42,149 181 445 

Total Balance-Sheet 78,222 133,288 653i582 

Net profit- 322 908 2,215 

(figures in thousands of Kuwaiti Dinars) 

1 KD.=?280U.S.Send 1968 -1 K.D.= A-US.Send1972 
fKD. = 3.57 U.S.S end 19 77* 

m w 

Alahli Bank of Kuwait 

ALAHLI BANK OF KUWAIT P.O. BOX 1387 Kuwait-Telcx 2067 AHUBANK - Cables AHLEBANk. 




* flirn'as 

, -“a*.;! 

*■ ^r.-, '■ 

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Minister looks for action 

on Japan trade surplus 


New finance 
plan for 
Navy yards 

COMPLAINTS ABOUT the high report had warned that the im- 
level Df Japanese exports to the port of foreign machine toots 
y K » ?f - u Pl e f -‘with demands for was increasing rapidly. He was 
£ r ^!S 1 °iS«^!! SUPea t0 dt?fend a,so worried about the assembly 
« ere «, J made of Japanese machine tools in this 
daring jquestions to Mr. E dm and country. 

Commons yesterday!* 1 ^ ^ **** . Vtx - DeU toId *** 11,31 Britain 
_. . had informed the Japanese that 

" in* ,_ issue was raised on the their trade surplus with this 

. . naa lotormea tne Japanese trial 

- urn- issue was raised on the their trade surplus with this k— 
^7*: of trade talks between Japan country and the world oupbt io f7. 
and me EEC Commission which be broueht dawn. Thev had 

u* «oue MJR 5 Detween japan country and the world oupht io 
ana the EEC Commission which be brought down. They had 
are duetomorrow and on Thurs- shown a recognition of this m 
day. Toe matter will also be the statements they had marti' 

„ . . . , .. Ry |*or Owen. Parliamentary Staff 

that it would result m a higher ' _ „ ... . lThp no r returning to Chile four 

OPEC surplus. I his could not PROPOSALS I OR introducing MORE MONEY must be put into Lord Thomas IC1 said- 5oW.Ro“ ee aeroengines sent 

benefit world trade. Trade was „ w „ financial regime for the lhe bands of working people and differential between “mount koiw- ho. “ ^ in ^ 19T3 . 

nm purely multilateral because. Boya | Diickyanh. with their , heir fajn ines. Lord Gowrle. for of money to be earned b - v * or h K . . , , r fhrist. 

unfortunately, there were many opf rations i-unriucted on the rh Tories, said in the Lords yes- ing and the allowances to be Mr. Robert Adlej (C.. Christ 

restrictions on its free move- basis as other Stale 1firdav obtained by not working is far church and Lymington) Ponied i iirL'nnkAlinn. have ,r . i-s..., in mn n.rrnu.' " out that the pnsiDSs hclongffl to 

Tory peer wants 
‘more money in 
workers’ pockets’ 

Chile air 

A TORY MP claimed in the 
Commons yesterday that shop 
stewards and Left-wing MPs were 
frightening the Government into 

**.* “ u Vi UI “ orTOW ana on lnurs- shown a recognition or this in 
nay. The matter will also be the statements they had made, 
discussed at the Bonn summit and we were now waiting fur 
meetine in .Tulv ... 

_ . . “ HUU wc WOC livw I VI 

meeting m July. evidence that they intended to 

• -Mr. Dell told MPs that our Uanslate this into action. 

"Mr. Dell told MPs that our translate this into action, 
bilateral trade balance with Mr. Roger Sims (C. Chisle- 
japan and the size of Japan's hurst) said that the Japanese 
- balance of payments surplus with Government bad announced us 
. lhe world were not satisfactory, intention -to increase imports 
_ Mr. Michael Marshall (C. t from this country. and other parts 
. Arundel) wanted to know what of the world. 

•the Government proposed to do The Trade Secretary replied 
.to encourage Japanese invest- that he bad seen the statement 
jnent in Britain, particularly in about the Japanese emergency 
view of recent suggestions from import programme, 
the Japanese Government that But he added: “I don't think 
.they would be eager to do so. it will do verv much for the 

Ur TV»U ,V.. .1 ■■ • p — 1 _ _ : u .< 

^ moot. . . 

Mr. Max Madden (Lun. 
Sowerby i slated that in virtually 
every sector of industry, there 
had ’ been an increase in im- 
portant penetration. Sooner. 

ie rations conducted on tne rhe Tories said in the Lords yes- ing and the allowances ^ iwr. nooeri 
same basis as other State l^dav obtained by not working « far church and Lymington) pointed 

trading wnmnisaiinni. have He was speaking in a debate too narrow." out that the engines belonged to 

S ar0,,Pld G "' e^, ’■ ™> *"« ' "«* “ ‘ S U S‘o e rdr n rT 0 Lord Seohoho, ilndl sold tot ^ er ra i^”BriV.ln tioSld 

Mr! Pol l.ulTr. Coder- jaimulalt Induslrial srow-lh. »™o 'mSe re " Jrn ,fl£ ' m “ 

■crelary fur tin* Royal Nary. Lord Cowrie Hid Ihtt the TLC { .. lower - The world know* ttatlhc 

portant penetration. Siioncr. hp - (- lMlnn „ nN J;tol u | B ht Government, in its efforts to beat investment. inveslmWtt unless shop stewards at East Kilhridc. 

raihi-r than later, up needed in loin 1 , >r ' p iacinB the milation tlirough wage control down was mu a,, ^^ ed u ‘ n . plus the Tribune Group, are con- 

inu-oduce selective import con- ih*^ m varils— Portsmouth, and its special relaUonship with manning levels remained n h , their vendetta against 

trois if we were o defend joos t 'ha, ham and trade union leaders, bad no slant. Chile and frightening the Goyern- 

in Brill di ,n °usl r >- _ Rnsvlh un«h*r a Government coherent programme to stimulate Lord Ralogh «Lab) said there mpn | j n | 0 not sending them 

SS5aJl”V““ ^onua,,, T o m d° n '„ y f *"“»>« Polfyy fU coo.pll?d r J'u"' ! ty Ue.LTrodo Seen-- 

r.r. sSuX? 

was a grave danger of wasting Kcence for lhe re uirn of the 

]®y would be eager to do so. it will do very much for the muccc. . , , . . rt refllicc 

Mr. DeU agreed that if the working of the world economy if uidusirwl MraUgy wou n H is hctioicd that tt 

Japanese wanted to step up their it takes the form of a large that in the last resort, world import P cne ‘^ ‘ ‘ . re( i hv posals h:«»e hern *• 
investment to Europe, then there increase in oil imports. Wbat trade was multilateral. Su. if ari-as were air au th j, resisted by professions 

was considerable advantage in we wish to see is laTger imports the Japanese were importing selective mipon l - opinion am! also at tradi 

air. Dell . . . waiting for 


Wo had to allow more time io 
see how far the Government s 
induslrial strategy would reduce 

jss jsTvjri ' ^ 

KWAr “* r yjsz ^ M ^ - «» «•»* rau -'- 

Bui in many individual sec- aPCO unls «m a protli and In<s ", 'alional conipeUtiveness of ^ as un J LU “ 4IH He confirmed that an applica- 
tors ur industry, there hail been ha^s will* lliHr finance com- our EO(lds . spree. r _„_ rn tion for an export licence had 

no increase in import penetra- ing from a tracing fund Instead instnimeni of such a Lord Shcrfield said the uoiern- been received> T | lt . Government s 

. - hoi no nrniiHnfl hv Parlia- • — * lor 

ing rrom a trading Tund instead ,. T]ie instnimeni of such a Lord Shcrfield said the been received. The Government's 

0 r being provided hy Parlia- -,_. eBV a relative shift from men t could only set the stage tor responsibi i it y j n considering 
mrnt as pan «f Hie Royal Navy dj ‘ c{ , Q indirect taxation." But a favourable industrial climjte. thaf matter was D separate issue 
vole. this could not be done at. a It could do that by modifying the the court decision. 

«« tc hnkioi piI ihnt thn lirO- Sir^kc, Said. taX Structure, blit for _DQ3Dy # ■ \.i mm C>4f i t ah Walton^ 

sirnkeThe" said.' " , tax structure, but’for •many -years Mr Ertc Hcffer lLab .. Watton) 

Opening the debate Lord Baker governments had failed to lace said tIiat mosl Labour MPs would 
find* said more and better- up to this problem. argue that because of the un- 

resisted by professional naval find* said more and better- up to this problem. argue that because of the un- 

waa cuusiueraoie aavamage in we wiSD to see is laTger imports me jupanesu »vie nnp»»» »»»■■» r ,.H t» opinion and also at trade union i ra ined engineers were needed Heuletl in said that as democratic nature of the Pino- 

their cash coming to this of manufactured goods by the more oil. it would eventually Goycrnnienl * RrilisS in- level on ihr grounds that the if Britain's industrial P>;o h J e J?’* an industrial bi he'was gening "a chel regime in Chile, which was 

country. Japanese " benefit the world trading com- extend ibw jherv Hru sn m oppralit , ns ( . r llle rioekjards-- werp l0 be solved. He called for J" encouragement to risk basically Fascist because it 

’ Mr. Tom Lltterick (Lab. Selly But Mr. John Nott. Tory muni ly. including Britain. duslry was bein a aiaio . #bwe a |i. lhe prune need io improvements in eaRineennR ' al l0 ‘ ® e aoit*l The present overthrew a democraiic G««vem- 

OakY pointed out that a recent spokesman on trade, maintained Mr. Dell disagreed and said imports. have spare capacity available Io , ra j n j n g and in engineers pay - taxation were a meni. "we are perfectly happy 

meet unscheduled demands and conditions. , di ' nc " Uve with the action of Ute workers, 

from the fleet— do not easily An cnf rineor himself and a naicuious aisincenu ?.i r . Dell replied: 'The Govern- 

■ - "Vi i ■ (Lam., r. in nAfnial rn m- v-.ti _ r Povol SnPlPtT'. ... ....if r.« iLn luorbarc 

Fardoe launches fierce attack 
on Thatcher’s Ulster visit 

lend Ihensselvv-! to normal com- bellow nf tne Kovai nociei*. 
mercial aei-ounting procedure).. jji rd Baker said the engineer 
Mr. Duffy loid MPs that in was the least mercenary member 
the Government's view the of our society. n f 

nch-antaces of establishing a We could not be confident of 

IUC - 

adiontaccs iff establishing a »«».- 
Government trading fund Tor nur economic wcH-hetog uniil a 
the dockvardx were at best hieh proportion of the bnehtest 
me- - . .... ii.. .Liu.nn r,nm -ill rnmihes aimed 

the dockyards were at nesi men oroiuimuii »■ . 

indiscernible, while, on the children from all families aimed 
„lh.r tend, there «ere readily for a career J" '" E ' neer ™ 


' MRS. THATCHER'S three-day the local government structure In sources In the : *“ d r gutramees^be wftlThcld '"om 

- Visit to Northern Ireland sparked Ulster. Jr rivernmeSt's s^cfions or MacSe's because it refused to 

off a slanging match yesterday Addressing Ulster Unionists S!; r ^ e vS “nMackie's overseas renegotiate a pay deal which 

An cmrineor himself and a ridiculous oi.inceuu . Mr Dell replied: "The Govern- 

Fellow nf the Koval Society. m ent, as well as the workers, 

»rd Baker said the ensinecr 1 have to obey the law in this 

is the least mercenary member | T nOfte VeillClC country." 

our society. . VJUI/U3 Ttiuwav Mr. Norman Tebbitt (C.. Chinc- 

We could not be confident of p ford) wondered whether it was 

ir economic wcll-beinu utml a l0Sl 1C0S UD Government policy to refuse 

eh proportion of thf- briehtest * export licences for acro-engines 

lildren from all families aimed MR RODGERS. Trans- to ami-democratic regimes which 

r a career in enei nee ring. ' t Secretary, laid before had achieved power through 

For the Liherals. Baroness Par ij ament regulations to in- revolution. 

Goods vehicle 
test fees up 

oilier nami, iiu-rc i™uhj .ui •* . .. , uuii hwij, — - , r — 

discernible disadvantages. It For the Liherals. Parliament regulations to in- revolution. 

had been decided that the idea Seear warned that io deal with crease f rom July 1 the fees for “If sn. there will be an awru! 

fli-imtn.finnc periodical sliortace of jobs in the aero- 

J1XK3. inaiunafla uiree-uiiy un? . nri j-. r p rt mention of guarantees ne wuuoviq that tills decision oio noi, •« 

visit to Northern Ireland sparked Ulster. Ihp VUvernmeot’s sanctions or Mackie's because it refused to aov way. detract Trom the Gov- 

off a slanging match yesterday Addressing Ulster Unionists Iw-pV, on M ackie's overseas renegotiate a pay deal which e roment's determinatioo to im- 

■witJi the Liberals over the during her visit, she indicated eitects on „ ave it s 4^000 workers rises of _ rove t j,c performance of the 

I 1 A,,-,... »C thn Imir - r? f.«u,wul nna -S 3 ICS. _ _ . __ on .... ,.anl . i . 

wiui uie ijiuctaia u»ci me aunng ner visit, sue luiuuiicu . 
political purpose of the tour. t t, a t Tory thinking favoured one sa { e *: p laBt vear 

Mr. John Pardoe. Liberal or more directly elected to Late last year, toe 
.economic spokesman called It regional councils with a wide 
“the most despicable visit by a range of powers. y'V _ __• - 

Bridsb , . politician since "There will be «w ! for aM llg y|§ ( 

had been ik-cided that the idea seear wamen mat 10 u«« crease from j u iy 1 tne ie» .tor ir x". 

should not lit* further pursued, short term problems we con- j- rst examinations, periodical shortage of jobs in the aero- 

n tinned to take measures which and re-tests of goods engine industry, he said, 

mpany said ordered that export credit Bnt lie assured the n«use 1(jng tprm rpcovery m0 re vehic i es at Departinenrs Mr. Dell replied that the 

mention of guarantees be withheld that this decision did not, m d!p . cult ••xothins is more heavy goods vehicle testing Government had not refused the 

auctions or Mackie s because it refused to ao;y way . detract from the Goi - J ' afinnan ,- than hackine failure. 8 application for an export licence, 

ie's overseas renegotiate a pay deal which ernmen r- s d-termmatioo to m- > nna . mQnpv intn en ierpris^ stations, 

gave its 4.000 workeis rises of prove lhc performance of the lherc , s no value 

Government up to 23 per cent. dockyards. arirfod" , . « ■ • M i.» M 

acn^a. v- T&.T Ik /Tf imxvimrannil 

Luc mu»t UM[iiiaurc uj a ““ K. 1 ... . _____ r__ _u 

British politician since “There will be scope for all 

-Chamberlain's last trip to political parties to participate in 
Munich,” and accused the Tory these new institutions; she said 
leader of deliberated seeking But the Conservative P-m 
' Unionist votes in order to obtain would not consider apy plans for 
w .Till -,t Iiletor'c nntitical future which 

unionist votes in oraer io quuuu "vu™ . u;_v, 

-a majority at the next general Ulsters political future which 

:el*StiarL could result io the weakening of 

eiecuou- ... , ....I. Detain 

Davis offers little hope 
on unit trust charges 


From Westminster, one of the ^The^^Conservative 0 leader's LITTLE HOPE of an Increase in fixed 26 years ago 
main purposes of her tour is seen prtjmise was welcomed by the the maximum permitted level of T l arK,° 

dockyards in * “ *-* — ^ 

Considi-niiion was being a *Thn<Mf who innovated miiit h^ New Minister for immigration 

given to a suggestion that, like P nnwed In rea" thp benefits of 

other nalionaliscd industries, their succe«. But we had a tsv v eirxfMirncK'TLL mprskiil had not shown the 

they should he given perform- SVR tem whieh m»<Je it almost DR. SHIRLEY . UMJt! ERi SKILL u consideration " 

auce indicators. f n said L fir Home Office Minister on immigration cases of ber pre- 

Mr. Duffy disclosed that the ^ critidsed ‘ for responsible for immigration fob decessor. Mr. Alex Lyon. 

Ministry of Defence is con- industry had been crinmsen rnr respu.iMu.L MPs learnt of the change when 

isaK„“: r&:i ^^^£5 

ssst^'irsM”. sssMSS §£v f M w sid " f s: ss» s by r>^ ss 

present this weanon has to ment in produc - South ali said that the move Minister of State, in charge of 

be split in two when carried development 111 ^ d ,nn ^ Rm = 3list followed' comlaints that Dr. Sum- race relations. — 

u,r (Ho hulimnlrrs now in — ■ ■ - 1 — — 

Party and the Ulster Union sis. duction nf an upper tier of local Stanley Clinton Dai is. Under- iook aiw f a result, some service. 

In the event of another hung government. •• _ Secretary for Trade. are ceaeinc to cater Mr. Patrick Wall, a Conserva- 

Farliament, this relationship 6 Mrs Thatcher said the Con- Answering questions in the J*" 11 h ! ™ s J s ^ " v ” ■■ R tive spokesman on naval 

could prove crucial. . servatives recognised that the Commons, he ^recaJled _ that in for the small sa_e __ evjdence a J airs . SUSRe sied that the 

Mrs. Thatcher .has little i° Government would have to go on March he had told the Unit Mr. Da P d J t e cnn 6rm Government should acquire 
common with, or sympathy for. provi diTig substantial assistance Trusts Association that be ! was n his P“ ss f ss ^ s d b d ut ^ estv d dpep w . a trawlers laid up as 
either the Liberals or the f H 0 m^er industry. unaMe to accept profits were a result «f the fisheries d^pn»e 

Nationalist parties. Th® . !” 25315™ S ,SSf. mado between 1970 and 1970. _ ,-i.hin the EEr tot tuc as 

r f & £ '£ Ss “■ ‘Genuine- deals 

=•' ^g3SS. L_„ts talks urged “ 

a federal Ireland, are both auned chants of policy a a or a IN CWMUt/illiJ UfigtU ments so far monitored by tf 

at attracting the approval of the are 5 No AS ^ ® nemirtment of Employment h» 

U bS , |£. Pardoe claimed x that Irejnd as It !• of the UK as a M q 
the Tory leader - was » TJJrter whole. concern cd particu- 

Announce the following increased interest rates 
will apply from 1st July 1978. 

ments so far monitored by the 

at a^acting the approval of the NorSern ° W h . h De^rtmWr of Emp.nynient have 

Unionists. t . : tha# . }!lS' n T h ^ t t the UK as a MO W THAN 1000 retail news- solve the problem which was turned out to be genuine .Mr. 

But Mr. Pardoe claimed that Irejand as it is w MOKE ihaj\ a.uuu re £ havjns "disastrous const- Ha rcM Walker. Minister .of Stain 

theTory leader was in Pgw ,1* conccrnc a particn- Sessty ‘Vild Lf industrial Snences ” in terms of loss of jobs for Employment told the Com- 

“to forge an wtS to see a strong revival in JS3b a S« J in the newspaper and small businesses mnns last night 

^tMsrTT J a?BSd a. .ewffi staJS ^ Is 

JSSa-ffSSrarW Be“Sl««U 0 engineers Tomes *■ ffiSS to tbe Commons « W SSTSj&X'EXS. 

reiltrious bigotry " smaU * visited the J «?iSa,Sa n Aitken (C, Thanet Under Secretarj-. questioned the sr.iri: “My Deoartment carnes 

its coB - mons 

votes of the Ulster Unioni^. Mackie and ^ Govern-^ , hat 4 VW, disoiites find bankruptcies among newsagents. Sn iar. these have not established 

votes of tne P firms to ao on tne „ . aid , hat t he disputes had bankruptcies anum S •— ■ — - ■ - • - • • ‘ ^ " if 

ffr m«rs “lack list for exceedmg. ca ^ h d e los3 oF more than 90m X T ^SnancinS crHerSa butVhe 

■ hifteUllt Northern Ireland P^f^'mlirinp the plant ,n West oopjee nr»d to solve spy prohl.m. monltnrtng progromme will 

to a State of cm! war. in orier Aixer talkinE t0 workers, J**- arranse a meet- But the Government would he continue, 

to. Obtain a majority at the next Belf^ leadej . had brjef discu^. P ov ^f th ^ newsag ents and the happy to have a meeting with 

Sis *S»T. _r»rr£)r ~ — ■ " * EEC trade 

BSSafJtfSS— <~v «“ . Bionic . hand trials to start mark plans 


Sir Dingle Foot 


CTT? DINGLE foot, -former 


»of 0, .^omS?nnr^ 

ggg’itnssJ ssr« ! "■' 


. £S5i*ntnti " I35S poTtSan. 

Balliol C°U«g-.l !^?5.- I hiion. 

betanie president oi ^ was 

H e t«)k wjL% ar in 1930, 

admittmLtotheB^ 197 0. 

becomi ng iff “ of the 

fe e ar b S rrfbTlegal pracUtionere- 

Sa'-U maJ ? r 

Sir. DtaRie wub i. - commoti- 

Sir. DmRw ^ Th7 common- 


the Fa^^ta HonlKoog ■ soUdtor-Gcneral 

»" i 1 * SSred W poiiS^ ; as;* Labour in .1957 -‘ Mrs Castle’s new slate pension scheme goes so 

l3aL ^unsuewsrfully^^ seat unW_^0 ^ en af J er ^ t>UtlS that far enough? 

ins *” Ti »r- vv*#* General Eiecmm p or m ost directors andhigherpaid employees 

in' 5£>- _ v>u„ 1 ui,iirs wartime' * “SLSfe the answer is no. ' , f . * #I „ C 

“ ' FIRST TRIAL fitting of a new were assessing children for the thS 

. type of “biouic" hand for young tr, “ h s ( ; se WQuld invo | V e children creailon of a European Cora- 
children are expected to start , vhose ievel of limb deficiency in iirily trade-mark office to th 
next month, Mr. Alfred Morns, - j the m jddle-third of the fore- Council of JJ 1 "'?. 1 . ® h 0 is 
- Minister for the Disabled, said in d who are between the spring. 19s0. Mr- ■ J; 1 *” 10 ” .J*'? 1 '* 

: the Commons yesterday. a L^ s ’ a of 3 t and 4f." When Trade under-secretary, told lhc 

J ? ‘ Each will cost E1.000. increased experience had heen gained it Tsecand draft remib- 

•- further by fittins 'and mam- niight be possible to extend the :- >.ua a secono oraii 
fflj|>,£nenee and will he suoplied free trial to other children. ;'. nn ^ot^in preparation" and 

^ nnder the National Health Ser- ’''.n'll be considered hy a work- 

Morris told Mr. Jack Ashler by the 


Gross Equivalent 
at 33% rate 
income tax 

Share Accounts 
(Fully Paid Shares) 

6 . 70 % 

10 . 00 % 

Savings Share Units 
(Third Issue) 

7 . 95 % 

11 . 87 % 

Deposit Accounts 

6 . 45 % 

9 . 63 % 

1 ! 2 Year Term Share Units 
(1st Issue) 

7 . 20 % 

10 . 75 % 

3 Year Term Share Units 
(3rd Issue) 

7 . 70 % 

11 . 49 % 

One-Eighteen Share Units 

6 . 70 % 

Plus progressive 

. rates of interest on afi other investment accounts (includinfr dosed issues) 
its subject to basic rate tax will be increased by 1.20% p.a. from 1st July 19 tb. 
hnlriiiw with t.hp. SncietV is HOW 

The rates of interest on all other investment account 
and accounts subject to basic rate tax will be increased by 1.2 
Maximum individual holding with the Society is row 
£15,000 (£30,000 in a joint account) 

Hostings and Thanet Building Society 

A«lpe«o«I £ 375.0010111 .... - .... ■ Thrift ItaUlA*. Rpthill^D 

S' (lib* Stoke) that medical staff made generally availably 

?T^“tfh?£g e 0 5Ll.U W totoUon.A^ 


Mrs Castle 

before hGihS elecw ^ - deteawa m « 

^BecaiBeth^state scheme does not currently 

S5SS§vSSPWb. 3%BS^« 5-“ pro?S-freecashinhandatret» 

S hiid“suj I9f. er> u, e pmnnnt nor full security foryourfamily if you should 
j? pereradi^” 8 ^ GeroaM- s » id > s 'J D e s fi| die before retirement-important points v, hen 

” R ‘ t U rt . sir Ki of S u,gs°od*n y 0U look at the escalating cost of living. 

British wSch W » s™*' 0 d “Lti, countHes y nru. c 0 i ut ion to your problems could bo 




'Vii.i rtTeSan that Sir..4w^ goodwill youlookattneescaiauuBi-u a iuii..... 0 - 

Britith w*ch set far • < g£*S,wi countries y ^ solution t0 y0U r problems could bo 

'^S^uriited Nations. oiis lowa rds Britjj®: jives of >» ajgM's ‘Design for Retirement. 

U ^L_ ninple lost hi “He enr n a had a great . a«oWpc vnn tn huild Ofl thG 

^or further information contactyourfmancial 
adviser or ring Malcolm Powell on 01-623 ozli. 
Alternatively, return the coupon at our expense. 


Established 1852 

Marine and GeneraS Mutual LJf eAssu ranee Society 

~TbT MG>{^s^nc^FreTpo!>k Worthing, West Sussex, BN! 1 3BR. 

' United i\a»^— ons l0 waros jives ot u\ wQjyt’c -UeSlgn lor J\emeui t m. 

“ p sif D& W« . ■ “SfBf Be had ..g £ ena bles you to build on the 

■■ 10 glve Government- egal reputations w P -• 

; :C0 S D *’ Stele C ° 

because MGM does all the paperwork-and is so 
jlexihie it can be tailored to suit your own specific 

V) hy not find outmore-y ou'll be glad you did. 



Company Name_ 
Company Address 


How electronics pose two-way test 


rr COMES in a spruce pigskin 
case measuring about three feet 
. by two feet by nine inches, and 
weighing some 25 lb. You 
could buy it for around £4,000. 

It is evidently the latest word 
. in lie detectors. And Communi- 
cation Control Systems of the 
U.S.. which is to introduce the 
• Voice Stress Analyzer to the 
British market at a London 
seminar next Tuesday, expects 
it to find growing use not only 
In criminal investigations, but 
also in more normal inquiries 
including job interviews. 

The new machine does not 
have to be wired to the person 
being tested. a$ do the earlier 
devices which rely on physiolo- 
gical factors such as skin 
reaction to measure a human 
being's relative agitation when 
.answering particular questions. 

All you do is record the per- 
. son's replies, either directly on 
the VSA or on a standard cas- 
sette tape recorder for analyisis 

Nor do you need a trained 
specialist to interpret the 
machine's judgments. A nor- 
mally intelligent person can 
apparently learn in a single day 
to operate the VSA. which 
ihrows up a running com- 
mentary of its findings on a 
built-in display and at the touch 
of a button prints any required 
reading nn a paper tape for 
subsequent study. 

When l went to see the device 


the other day. I was looking 
forward to taking it on. My 
only doubt was whether, if I 
managed to deceive it. I would 
be wise to tell anybody. 

But Communication Control 
Systems declined to give me a 
personal trial. The reason, they 
said, was that “this is not a 

Correct use should ideally 
start with a pre-test interview 
designed to assuage any inci- 
dental causes of stress which 
might affect the subject’s 
answers to the interviewer*.? 
inquiries. Then the subject 
should he handed a written list 
of the questions to be asked, 
for study before they are posed 
verbally and recorded along 
with the verbal replies for the 


The idea is that the subject 
will see beforehand when there 
ar e questions which he or she 
will be anxious about answering. 
By the time these are put 
verbally, the person will have 
built up considerable stress 
about them. 

This stress will be reflected, 
the theory goes, by a change in 
the subject's voice at the 
extreme range of tone which, 
like normal breathing, is 
governed by the part of the 
nervous system over which a 
person has no voluntary control- 

The change, although inaudible 
to human beings, is detected and 
measured by the electronic VSA. 

It makes the measurement 
against a standard which is set 
for each subject by first asking 
control questions — like " is your 
name Nathan Lcatherbarrow? " 
—and adjusting the device so 
that it measures the necessarily 
truthful answers within a low 
range of scores, say 15 to 35. 
on the digital display. Then 
when the questioning becomes 
investigatory, the stress which 
Communication Control Systems 
believes is associated with 
lying will be shown by a 
markedly higher reading of. 

say. 45 upwards. 

Given that the list or ques- 
tions will tost the same point 
in several ways, the company 
says that consistently high read- 
ings for answers on that point 
may be taken as at least prima 
facie evidence that the subject 
is lying about it. 

Now. I have shown .the fore- 
going description of the $A to 
three other people. - In ever:,' 
case their initial reaction was 
much the same as my own. 
They felt it would be wrong to 
use such a device in everyday 
procedures such as job inter- 
views. But they were unable, 
immediately to say why. 

After all, one can hardly 
object on simple moral grounds 
to people’s having an elec- 
tronically sharpened judgment 

of whether or not they are 
being told the truth. 

Unlike my three colleagues, 
however. I have had a day or 
two to think about the matter, 
and feel that I can now justify 
my misgivings. 

Let it be clear right away 
that I have no doubt that the 
machine has been researched, 
developed, manufactured and 
marketed in all good faith by 
the expert staff of Communica- 
tion Control Systems. But there 
.is a crucial difference between 
the experts who produce such a 
device, and the lay men anil 
women who may use it in prac- 


When decisions arc t*> be 
made about other human lv?ins*. 
I think that nobody should rely 
on the judgments of a machine 
without first knowing licyond 
reasonable doubt why the 
machine is reliable. That 
implies understanding the 
pros and eons o'f the electronic 
and hchavioural theories on 
which the VSA is based. 

The fact that irrefutably 
qualified experts believe in 
these theories is surely not 
enough to justify a layperson 
in relying on the device. For 
example, common sense indi- 
cates that one can often find it 
more stressful to admit some 
discomfiting truth than to tell 

a lie. Unless the user can per- 
sonally understand how the 
machine is able to distinguish 
between possibly different 
causes of the vocal stress 
measured on the digital display, 
its use can hardly be justified. 

To my mind, the only substi- 
tute for this detailed under- 
standing as a basis for using 
the device, is for the potential 
user- to undergo a personal test 
and see for himself whether the 
machine can detect the lies 
sprinkled among his answers. 

The fact that the machine 
had worked with adequate 
accuracy in one's own case 
would. I think, be sufficient 
practical grounds for taking 
into account its judgment of 
others. But there Is a problem. 

As the company said, the VSA 
is not a toy. Even the experts 
would not rely on it, I was told, 
unless the test questions were 
inquiring into matters which 
the subject might really be 
anxious to keep secret So a 
personal test is certainly not 
something that could be Carried 
out in public at next week’s 
seminar in the Inn on the Park. 

Indeed, seeing the sort of 
issues that had to be inquired 
about even a keen potential 
buyer might have qualms about 
being tested in private. But 
without undergoing a personal 
examination, nobody who lacks 
detailed understanding of the 
device and its theoretical basis* 

would- in my view he justified 
in using it on anyone* else. ..: 

But satisfaction of either the 
personal-test or -the • 'detailed- 
knowledge criteria would not be 
enough by itself to put an .end 
to the moral issue. The reason-' 
is that the device could- bemused 
to .analyse people’s voices; 
recorded without Their .^know- 
ledge, .perhaps^ .oyer vitjae. 
telephone. • : V 

ii®3l! : 


: IS*# 

Qi t , Chesterfield, a % 


ftej :Q £3001. • - - . ; vr ? ' 

V*--: WSSSSng end very 

?3Tf ^‘-raintenance.and 

To use the VSA hi that* way 
would not only increase doe risk; 
of unreliable fincGng&^^nx 
what the company told me, its 
claims of accuracy. are based^on 
the frank and open use af The 
machine as outlined earBer; 
Clandestine application would 
also be morally reprehensible. 

It seems tu me zp absohiMy 
necessary condition of honest 
reliance on such a machine that 
the user would be willing to 
change roles with the subject 
and submit to a.-simUaf^t&t 
vice versa. v Integrity beginsat 

The best fate that I would 
wish anyone who used this or 
any similar -machine ;/undcz£ 
cover, is that it would show 
every subject to "be lying about? 
everything. Clandestine users 
could not then --avoid looking :tn; 
their own character 4tor 1 the 
reasons why they were hat- 
being told the truth. *.?'". 

■ALT. snort -r ' -» • 

'within the Company- '.;i 

^©-senior staff is an essential attribut yX * 

Sri 'This post requires a : © M 
- considerable professional expenefl<&#nd 
#Y '^complete undaratandfefl.oMrfqdi^ ; ; 

■ development and marketing preferaWy.olaamwf T« : w. - . 

■\J engineering environment..; •’ f-\*. *' : ^ £i*f .V ■ *v 

isrTjM, are offeri no good tarrmend «mdrtionr^TTd\a - -• . 

aoffiV Allen. PanbnnefMNfeBWiL V ;^* I: I 

TrChBrtwfWd UmfMdr.-.:- ' ; 

Derby Road, Chwtsrfield,. .. X £.->/' 

muKIVMMMMRii: r-V 

Because of continued growth, MSL, one of the world’s leading 
management consultancies, operating in twenty countries, 
wish to appoint additional experienced consultants to their 
Executive Search Company in the U.K. 

Salary and benefits will match the best practice in the 
profession- . 

Please write - in confidence - with brief details to T. E. Platt 
reference B.45142. 

These appointments arc open to men and women.' 

EalaSia Management Consultants 

Management Selection Limited 
1 7 Stratton Street London W1 X 6DB 



An experienced dealer is required to join an 
expanding trading room, who will be responsible 
for heading up the money market section which 
maintains active books in the major currencies 
including sterling. The successful candidate is 
unlikely to have less than five years’ experience 
and must have a good knowledge of all related 
markets including C/Ds and arbitrage. 

The successful applicant wili be offered a 
comprehensive remunerative package in 
keeping with this important position. 

Applications, which will be treated in the 
strictest confidence, should be forwarded to: 

Mr. I. Bahmaie, 

Bank Saderat Iran, 

5 Lothbury, 

London EC2R 7 HD. 


Due to expemsion we are 
looking for 

Works Manager — with extensive experience of textile printing, to 
be responsible for production and labour. Must have proven ability 
in management industrial relations, production budgecs. Able :o 
maintain high standards of work. 

■Administrative Manager — to be responsible for the jo:al adminis- 
tration of the company. Muir have wide management experience 
involving financial control of company resources, formation and 
"implementation of budgetry control systems. 

These appointments are open to both men and women. 

Applications and curriculum vitae to Box A.639T, Financial Time j, 
10, Cannon Street, E.C4P 4 BY. 



Clover Leaf, a rapidly expanding group of privately 
owned companies, market leaders in the Giftware 
Industry, manufacturing a wide range of quality 
table mats and kitchen accessories, sold inter- 
nationally. wish to appoint a Financial Director to 
their group board. 

Reporting to the Chief Executive, the Financial 
Director will have responsibility for development 
and implementing policies relating to the financial, 
accounting and computer activities of the group, 
including profit planning, cash management, tax 
problems, short and long-term financial activities, 
acquisitions and banking relationships. 

The .successful candidate will have outstanding 
leadership skills- and be capable of operating as part 
of a small tightly knit team. A Chartered Accountant 
with experience in manufacturing, preferably a 
graduate, and a thorough background in accounting 
and finance are essential — age probably late thirties 
or early forties. 

Remuneration, which will reflect the importance of 
the position will be by negotiation, but will be in 
five figures, plus bonus and normal fringe benefits, 
including a company car. The appointment is open 
to both men and women. 

Please write with full career details to : 

Chief Executive. 

Clover Leaf Group, 

Cheney Manor. 

Swindon, Wilts. SN2 2PN. 



International syndication loans. U.S. Banking exp. and advantage. 
Age 28-32. 

£5,500 ncg. 

All aspects of this work - Euro Dollar exp. Age 25-30. 

£5.000 Age. 50. 


Previous bank audit exp or P/Q A.C.CA. 

0I-24B 6071 or 236 0691 

Lancashire ;m 

County Council 

The County Council is strengthening its role in - 
promotional industrial development in 
Lancashire and is seeking an 




Salary £7,548-£8 r 172 plus supplements Of £312 and £208 p-su- 
to be responsible for the operation and development of this ' 
important aspect of the Authority's work aimed at promot- 
ing a realistic and modern image of Lancashire in" a, 
cohesive and concerted way and projecting that Image both' 
at home and abroad, with the object of ''selling" Lancashire* . 
to industrialists as a County with outstanding advantages 
for industrial and commercial expansion. 

Tbis is a challenging post for someone who can bring .the ; 
right degree of flair and . enterprise to tbis work.. The;: 
successful candidate should have experience in the- sphere-’ 
of business finance or industrial promotion and marketing-.’ 
in at least one of the relevant fields of industry; commerce, 
local or central government ■; 

Further particulars and application form, returnable.!*?, 
3rd July 1978. from the Chief Executive/Clerk, Lancashire:- 
County Council, County Hall. JPrestori PRl 8XJ quoting^ 
reference 72/355. Tel. 0772 54868, Ext 547. 

have a vacancy for a ; . 


to contribute to their expanding research and 
dealing service in Australian, African, and 
American mining stocks. 

Previous, experience of this sector is desirable. 

Enthusiasm and curiosity are essential. 

Excellent prospects for the right person and 
salary will be negotiable. 

Please apply, in confidence, to the Staff Partner, 

Grieveson, Grant & Co., P.O. Box 191, 

59 Gresham Street, London EC2P 2DS. 



A* British subsidiary of American international trading group 
is looking for a Chartered or Certified Accouncanc to act 
as financial controller and administrator. The Company is 
a ring-dealing member of the L.M.E. and also has a large 
physical business. 

★ Applicants should preferably be between 35 and 55, must 
have considerable experience in international commodity 
trading, and be familiar with futures markets operations 
and related accounting procedures and computer control. 

A* Additionally, a detailed knowledge of British tax law and 
sound administrative experience will ensure that the chosen 
applicant will be able to take an early place in the senior 
management of the company. 

•fr An attractive talary will be paid, which will be supplemented 
by an annual bonus. The company operates a contributory 
pension scheme. 

A Applicants should mark the envelope " Private and Confi- 
dential " and write to: 

The Managing Director 

29, Mincing Lane, London' EC3R 7EU 


—£ 14,000 


—£ 14,000 

Immediate contract/eareer upportunity for quali- 
fied individuals with minimum seven years’ field 
experience in building construction. Must be 
registered engineers. Immediate posting to 
Kuwait for two years on prestige project- Married 
status possible. 

Qualified applicants should contact Mr. John 
Lovd at 01-499 8260. 




SALARY over ±10, Obd + Car : 

Hartwells Group Limited, a public company . wMch .:fe[£ 
engaged in the distribution of Motor Vehicles and. Bulk A 
Fuel Oil with a turnover currently, running in excess, dfy 
E8Kt million, . seek a highly competenv«c(»iizKtaitf7|Qr. f £b^ 
above * position with, a view to promotion ^t&'Ccmpaay.' 
Secretary within two years. *. ■*'■■. ; 

Candidates, male of female, should he qnaiffled* accountants 
in their mid-thirties with careers including an ^ appointment i 
of comparable seniority with substantial^ experience of ^ 
financial- planning and control. Experience in the prepare- -■ 
tion of Statutory Accounts. -Pension. Fund administration, c 
Computer ."based systems and budgeting and forecasting 
techniques is also highly desirable. As a member of. a small' . 
executive team candidates, must be self 'motivating*.and ■ 
able to demonstrate their ability to play an effective rblo i 
in a job demanding wide flexibility. 

Applications, nt writing, should gioe full details of: \ 

qualifications and experierice and be addtesseQ, \' "* 

under confidential cover, to: ’* ' ' > 

P. C. Barrett, Secretary , . ...... i 


Seacoort Tower •'* 

West Way, Oxford OX2 QJP * : ' 





A medium sized public group of companies retrulres ' 
a qualified accountant, ACA, ACCA, ACMA. farther 
above position based at the Head Office in Stafford^ 
shire. . . - . . 1 

Duties will include the preparation and supervision 
of Group accounts and forecasts and ah ability tp' 
make a positive contribution to the general manage*: 
ment of the Group. . . .Tv**;.-;- 

The successful applicant will be aged around "30 With? 
excellent industrial experience and must be~a seIf-- : 
starter with Board potential, which should be 
achieved within a short period of time.i 
Salary will not be an inhibitive factor in 'This appoint-' 
ment rand the general conditions of employment 
include 4 weeks holiday, contributory pension scheme 
with free life cover, etc. . . * \ ; 

Please reply with full details, including'- present* 
salary to: . 


Box A6390, Financial Times. IQ Cannon Street. EC4P 4RY . 


economic section of the Treasury. - * - 

The post is permanent and pensionable an a' noiw:ontrihutory 
hasis (save for deductions of 1% towards family benefits) *nd 
has a salary scale of £3.642 to £4.579 per annum - * • 

ter ■ 

Applications stating full name, address, date ai birth 
educational qualifications and experience shoutdfS 
together «tfh the names and^dr^S of 



by the 14th July, 197^ * - - '? -*•• - ■. 


Financial Contmller 

c £11000+ car 

- :n ’ho r 

'"•'3a .. ‘J 

-;»::? ri 3B r . 



""int - 1 

North East 
To £28,000 and car 

{ „ 3 f?- Ur client, a piibb'c group ofi companies, is involved 

■ : v fcffigsssssa^ 

S wKS‘SSiS.*.Szs. 

• Tk e successful candidate will be final vticallv 

inclined , tough minded but mature in understanding 
- 3 me chanical or civil engineer probably from die 

contracting industry. 

, The overall remuneration package will include a 
basic salary of s around £16,000 plus profit share and 
usual benefits including good prospects of 
advancement to the holding board. 

Applications are invited from men and women 
preierred age 35/45 accompanied by a curriculum vitae 

quoting reference 3217 FT. 

Brian S. R Saltzer 
\ Managing Director 

V_west One Selection^ 

Recruitment selection Consultants 

mm ^Wos^monwitelex 23824 Licence NoSElA)829 
24/25 Drvflen Chambers, 119 Oxford street, London wir ipb, 0M39 2336 

Managing Director 

£ 25,000 

Outstanding opportunity exists within a leading; international engineering group 
vTJ?* Manager °f above average ability to be responsible for the 

: profitable development of large world wide turnkey projects Company. The 

appointed person — dynamic and thoroughly professional — will be expected 
■ . to maximise growth opportunities and will be given all necessary support 
and authority to produce required results. 

Essential qualifications will be 

— degree or equivalent in engineering 

— strong market orientated business sense and good negotiating ability 

— good track record of achievements in a contracting based industry 

. - ability to deploy human and financial resources effectively and to grasp 

and synthesise economic and technical concepts with ease 

This is a key appointment based in London offering salary and benefits which 
’ ■' will be negotiable with the right person.^ 

Write or telephone in strictest confidence quoting reference 1466 

Business Executive Technical Appointments 

lOSt James’s Place, London, SW1 - Telephone: 01-629 6074 

Jonathan Wren ♦ Banking Appointments 

The personnel consultancy dealing exclusively with the hanking profession 

A specialised light manufacturing company seeks a Financial 
/f Controller for their operations in Southern England which are 
•XjLnininly over 50 miles from London. The new man or woman is 
expected to take up imposition before 1979 altera familiarisation visit lo 

Responsibility is to be direct to the Controller in USA for all financial and 
data processing aspects of UK operations with a turnover at present in 
excess of S25M- There are tight reporting deadlines and the job has the 
scope to demonstrate ability in (JK and US terms. Future prospects 
depend ujwn performance- 

This appointment will suit qualified accountants with practical 
experience in the electrical, electronic or light engineering sectors of 
industry at some stage of their career. Chartered Accountants aged 
around 35 to 45 with recent appropriate industrial experience may have 
an advantage. 

Initial salary is negotiable around £15.000. A car is provided in addition 
to normal fringe benefits- The successful applicant must be prepared to 
move near the main plant in a very pleasant part of England and 
appropriate relocation expenses are to be paid. 

Candidates, male or female, should 

write in confidence for n personal | J 

history form quoting reference 

MCS/3698 to Roland Orr. Executive TllCC 

Selection Division. Southwark Towers. /CltPTnnil 1 

32 London Bridge Street, London VV - llUUat 

SEi 9SY. t ▼ Associates 



r Associates 





v phm* CD T RAD I NG 7S ALES . "* : . - TV-T 

Our dient, a London "international merchant bank wholly -o^ned by a major 
-American bank, is searching for an -experienced Trader/Salteperson to fill- a 
'challenging new position. „ . \ .. . 

. Applications are invited from candidates with four to five ye** experience of 
riading in CDs * FRNs, coupled /with extensive and proven! contacts in the 

commercial world. ? _ _ , 

The successful candidate must be/capable of developing his/her ewn market, and 
wifi find that the considerable demand and challenge of this appointment will be 
amply matched by the rewards.. 1 

To discuss this position in confidence, please telephone 

170 Bishop<gate London EC2M4LX 01-6231266/^8/9 ^ 

U.S. Equity Dealer 

We requirea Dealer with thorough knowledge 
of the U.& equity market to head ourTrading 
Department (two assistants). You would have 
primary responsibility for supervising all 
transactions. In would be 
required to familiarise yourself with the firm s 
extensive research product and maintain a 
current contact with your cou nterparts at 
institutions throughout the UJCand 


PorUan^House, 72-73 BasinghaH Street, Lxwidon EC2 V5DP 




An international construction and civil engineering company now 
working on projects in the Middle East and North Africa wishes to 
appoint" a Financial Controller for a large project started in Libya. 
The project will last several years. 

The Financial Controller will be responsible to the Project Manager 
for all. financial and management accounting activities, for establishing 
controls of costs and cash flows and for the development of systems. 
The successful applicant will have a professional qualification, probably 
be not less than 36 years of age. with at least eight years’ industrial 
experience, preferably including three in civil or heavy engineering 
contracting. He must understand the attitudes of people of different 
nationalities and be able to deal with them patiently but firmly Fluent 
English essential. Some knowledge of Arabic or another Mediterranean 
language would be useful. 

The company provides furnished married or bachelor accommodation 
and transport. Recreational facilities are available and the climate is 

Tlease reply, in strictest confidence, to A. B. MacColl. 35 Wellington Square. 
London. SWS 4NR and state bow your experience and ability would match the 
requirement staled above. 

International Banking 

Amongst a comprehensive portfolio of career 
opportunities, the following are particularly urgent: — 

Foreign Securities to £4,500 

Medium steed Consortium: demands aU-round experi- 
ence but with accent on valuations. 

Credit Analysis * c. £4,250 

Small U.S. Bank: chance to build on introduction to 
analysis or extensive Loans admin, experience. 

Foreign Exchange (2) c. £3.500 

Both with small American Banks who offer genuine 
prospects in return for approx, 1 year’s experience. 

Please telephone either John Chlverton, AXB. or 
Trevor Williams on 405 771L 

David White Associates Ltd. 

Hampden House, JH, Ringsway, London, W.CJ2. 

Export Finance 

the City 

A major international bank invites applications 
for the position ol Head ot Export Finance in 
its London Branch located in the City. Major 
responsfoflities include the development and 
implementation of Government-backed 
export finance programmes tor the United 
Kingdom, and the sofiettation and structuring 
of ECGD backed loans. 

Qualified candidates, in their mid to late 
30s, wifl have experience with ECGD buyer 
and supplier credit programmes, a 
knowledge of international credit and 
business development procedures and 
preferably some knowledge of project finance 

Salary will reflect the senior nature of this 
appointment. Other benefits are in line with 
best banking practice and include a company 
car, favourable loan facilities and a 
non-conlribulorv pension scheme. 

. Re(:S3701FT 

REPLIES will be lonrarded direct, 
unopened and in confidence to the client 
unless addressee/ to our Security Manager 
listing companies to \:hich they may not 
be sent. They should include 
comprehensive career details (including 
salary progression io date), not refer ro 
previous correspondence with PA and 
quote the reference on the envelope. 

SUPER LUXURY motor yachts 

in the 5c. Katharine's Yacht Marina In the 

CITY of LONDON 21st -23rd JUNE 

JCL Marine of Norfolk are pleased to present a selection of their '■ 
high performance, super luxury motor yachts priced from £59.000 - 
to £140.000 in Sc. Katharine's Yacht Marina, 52. St. Katharine's .1 
Way, LONDON. E.l. from Thursday 12nd June until Friday 23rd 
June inclusive 10 p.m. daily. Demonstrations by arrange- ' 

mem. Fi* e Year Yachr Mortgages available. All visitors welcome 
pr send for information to: — 

JCL MARINE, Brundal! Gardens. Norwich, Norfolk. 

Tel: 0603 714141 Telex 97286 


Kn r.4 nf IST8 

QiaOrery Division Liverpool Districl 
Remain- Group ■■ V In • ihe Mailer [ 
uf R. AND S. PF.fT.KX LIMITED and 
in lfai- Hauer or The CMnpanJi-s Aci I 

1 «*• . . I 




Referring to tne advertisement ol. 
14tn Feoruarv 1070 the utic.ers.gned 
announces tn« the new snares iram. 

NOTICE IS II ERE BY GIVEN. lint a 1 1 10 "., bonus riaie been received. As 

iram July 3. 1979 the new CDRs 
lio-Yokado Co.. Lie. 8. 
ana talon will Bu gratuitously optain-' 
able at Has- Asso&latie N V.. Spuislraat. 
172. Amsreraare. against delivery of- 
the reouireo 6. AS lo the. 
cmmanoing CDRS Ol resp. S. GO and 
100 Dcp sne oi ID sns each, a nower.- 
ol 10 CDHs ot she same denomination 
>s entitled fo recei.e one new CDS ol' 
that ac nomination. 

Combination of ae nominations IS 


In Lusemoourg 6 can bo 
delivered ai Banquc Generafe an 

Pel 1 1 ion lor the n-inriitis bp u* th. abase- . 
named Cnmpurj- b: (li.' Bt/di Court nl ) 

JaP tcc oil ;ii-; dnv ot Jutu.- I 

I9TS. pm..n:»ri to !h- Staid Coun h y i 
whose ReJiliTed fUKoj is eituate a; 

Eeaumont Huuii-. P- jutuont Road. Da:*- \ 
buir, OX1C mx :n i hr CMnij- of Oxford. ; 
anri ihai me said I'.-unon is rtin-cu-tl • 

.lo h.-ard b-lor- ihe Court slitins ai | 

, ih.- Cnuns ol Si. tI.-oro.- 5 Han. > 

J Vs'tniam Rrow-n sir..-.--, Liverpool -* in ■ deliverer ai Banquc Cenerale ou 
! Ibe MelrorrfJlMiri I.lounty 0! Mere- yfid.- * U-vnnours S a., la. Rue Alorinacn. 

I on »Ih- JO'h day ni Juno 19.3. and ally \ Aua2st”3i 197B the eault-a- 

i iT-Hitor or '.-■Ifiir.ltilrnty or inc . | Cn . . n „ navi not been 

l ompjny desirous :o suppun or oopuse | ciauned by me nalocrs o> 5 
.me Jiufci-I.: u' jn i-rdi-r nn the sal-J v,,n oe sold. The procecos. after 

; IVIH.M W*r spp-jr -i- « "* *f»™“ ; *" 

l in pi-rson or nr h-s Couns-.*- mr ina. . Furincr the undersigned announces 
l puriMsi.-. and a ..iipv ul the Peminn win i hat at iram June r*. istb at Ras- 

Assoc iatie N.v. m Amsterdam and ar 
Banont Generate au Lueembaura S A, 
In Lu-emnourg dis 7 <accom> 
Panted by an " Afiioavit ■’) o' me 
i CDRs Lo-vokaao Co.. Ltd. will be 
payable with us S2.B9 oer COR. rear. 
S Du-Shs ol 10 sns each; 328.90 oer 
CDR. rear. 50 Dcp.Sns ol 10 shs each 
and S57.S0 per CDR. rear. 100 Depths 
ol 10 siu. each. 

iDrv. ocr recoro-aaTe 28.2.7R: gross 
Yen IS.- alter deduction ol 15% 
Japanese ta* = Yen 112.30 = <-.50 per 
CDR rear. S Dep.ShS Ol 10 shs each. 
Yen 1 1ZS.- i5.- per CDR reor. 50 
DenJShs ol 10 shs eacn. Yen 2250.- a 
MO.- per CDR rear. 1DD Dep.SM Of 
10 shs each. 

Without an Aflldavlt 20% Jjp.fax 
i = Yen 1 50 u. S-.67 per CDR. rear. 5 
Dep.Shs ol 10 shs earn; Yen 1500.- « 
S6.70 per CDR. r«pr. 50 Depths <d 

l punxiM.-. ;md a ii*pv uf the Nntinn «-iti j 
Jl»- nirm>h d I*? Hi.- uDflrrsitnu d SD any 
i-rvrii-nr ur lontnbtuory of lh-- *aid 'Jm- ! 
pany r-quinns sui-h tony »n pajmini Of • 
t the riVUiaiM eimrpe lor this samt. 


Tridi ni Qou--. 

31 >XI Dal- Strict. 

Li or pool I~ -X5. 

NOTE.~Any D-.-rsoa who Inlands lo 
apir.-ar on ih>- hearing of the said fV-ftUOo 
must sorvi- on or send by post 10 the 
ahocc-n anted nniicc In writuw or ns 
tmemloos so lo do. Tlte nonce mtisi sale 
tile name and address oT ibu person or. 
if a Hrm, the name and addxvas of thi- 
Qnn, and must he siyned by tire persou. 
or Rrm. or his or their Soticliors ill anyi 
and nmsi he served, or II posied, mnsi 
he sent by pose in saSeieni tunc 10 
reach the ahufc-iwined noi later tnan 
four O’clock In ihe aficmooo of the 
29th day ol June 1 91*. 

10 shs each: Yen 3DOO.- - 113.40 per 
CDR. repr. 100 DCP.ShS Of 10 Shs 
each. 1 win be deducted. 

After 28.9.7B the dlv. will only be 
paid under deduction ol 20% Jap. tax 
with resp. *2.72: <27.20 and t54-*0 
per CDR reor. reap. 5. SO and 109 
□co.Shs. m accordance with the 
Japanese ta* regulations. ’ 

Amsterdam 13th June. 1978 





W.B.B. & Co. Ltd- producers 
of difna days and b all cfays for 
the world's ceramic and other 
industries. invite derailed 
written applications for this 
post directly responsible to the 
marketing director. 

Commercial training and experi- 
ence. ceramic or scientific know- 
ledge. and languages are 
prefered qualities. Extensive 
European travel after acclimati- 

& CO. LTD- 

Newton Abbot, Devon 
TQ12 4PS 

No. MiifCrS of IOTS 

chancery DlvtMon Cniiipanie*. Court In 
ihe Matter of MINITBO.MCS INTER- 
NATIONAL LIMITED and in the Matter 
of The Companies Art. J94ii - . _ 


PenuoD l nr the Winding up uf ihe above- Mill wBaW^w^lvl 

named Cemvanv h« ihe Hmh Court ot soelele UHmommv„nr bmbc m Gas, 
Justice i»u5 on ihe I51h d»y of June rt d-Eiecvlclte 

15TB, prevenien 1*1 Ihe ‘■aid Court hy Socieie anonyme 

BS. COMPONENTS LIMITED, whose Registered oihcc. Piaee due Trftne 1. 

registered office i* siluulc at 1W7. Brussels 

Epworth Street. London. ECJP 2H.V CAPITAL INCREASE 197B 

suppliers of Electronic Components, and results of the offer FOR PUBLIO 
lhat the said Pennon In dirodcd to be [ SUBSCRIPTION » 

heard herore ihe Court siniriR at the , T|MJ oBer iof M m, c subscription ot 
Rural Courts of .Insure. Strand. Lendun. . )he 3J22.aoo now snare: ot no nar 
VTCLA 2LL. 00 the lllh day of July 1^- | value tjjf 

and nn* cmllior or contnoutory or Ihe 3.365,400 , J ^|%g^' 0 he Ih 1 c 6 ®” gS? 
wjti Cunjpari' desirous ID support or §i me slat* jcconfwo io the decision* 

oppose ihe making ot an Order on the ot in, est^-ordmare penerat meehna 

said Petit .on may appear at _the ttme of 

ol mo slat* jcrordmg io ihe declskm* 
ot me e*»ra-ordinarv penerat meeting 
oi sharenoidcrs ot 2 nd Mav 1B70I haa. 

S2U™ to wLT bv his counsel 1 bicn ei5 S ed on 7th June 1«J7B. 2 : 

hesnriB. In nerson or nis cimuiwi- » chart's rmerved to tfifc 

for lhat purpose: an rt a ,! * mtni£ers il ibe suet have been follr 

Petition will be furnished by the under- su tecrin«f. _ » : 

slRneo io anjr creditor or concribumir on me 3.385, ^ , S, s a h i!7? /fSSI'S.JS- 
ot ihe said Company nmbii^nw ^®S?Sa 3 ffi5t diilCSv 5 

Petition will be fnrni«hed by tne unoer- 
sljmen io any creditor or contributory 
of the Raid Company requiring such copy 
on payment of the reaulaied charge for 
the same. 


Saltstaur House. 

London Wall. 

London. EC2M 50Y. 

Rnf: WAR 

Tel: 01-528 T57B. 

Solicitors for the Fetillimer. 

NOTE. — Any perron who Intends to 
appear on the bearinc of die said Petition 
mnsi serve on. or send hy post io, the 
ahnvtMi anted notice In wntlnc of hi* 
tnienihm so to do. The nonce nmsi Siaie 
ihe name and address or rhe person, or, 
if a Arm. the name and address of ihe 
Arm and must be rimed by the person 
or firm, or his or thw sniiclior 'if anv> 
and must be served, or. rt nested, man 
he sent by oast in sufficient time in 
reach the above-named not taler than 
torn- o'clork In the ariernoon or the 
{ 14th day of July J9T5- 

i No. wiser nt mra 

i r-n.iruv.ry DlvKIon rqmnao|.< f-nnri. In 
'fhr SMr/er nt MINEHF1D 1 YPF.ST.U KX TS 

Subso-ibetL . . 1 • 

On the 3.3flB.4oo shares reserved to 
Old shareholder*. 3.229.412 share* twr* 
been subscribed without delivery ot 
fractional shares, l.c. 95.36%. ■ 

rue 784.940 preference rlpiita ^nod. 
exercised which would bave enabled to; 
subscribe -the 156.988 complementary 
new shares, will be sold under the, 
form of scrip certificates, on Wedne#, 
dav Jlst June 1978 In the PrOPWIIoR- 
ol 649.940 on the BruueJs Stock - 
Exchange and 01 114.000 on the 
Antwerp Stock ExcfranoA. *nd OB, 
Thursday 22nd June 1978 in the Pro- 
portion o> 21.000 on the Luxembourg 
Stock Exchange. . 

These scrip cenfficates will allow tp 
subscribe at the price o> BF 1.500 pev- 
share luJIv payable at the moment at . 
Hie subscription, one new share tor live 
■ubscrlption rights. They ought to bg 
presented lor the complementary subr- 
scr lotions nor later than 29th Juno 
1978 ai the pay-odices ol the Societd 
Generate tie Banque. Banque Brurelle* 
Lambert. Banque dc Paris et des PavC. 
Bos Belgique. Banque Beige pour 
L Jndusrrie. Banque Degrooi. Kredietj 
bank and Banque Nagelmaceers. wherf 
prospectus and forms ot suosertphoa 
mav be obtained. 

The scrip cemhcaces will lose any 
value and power after the 29th June 
1978. ____ 





PA Advertising 

Hyde Park House, 60a Knighlsbridgc, London SVY1X 7LE. Tel: 01-233 bQbO Telex: 27874 

A nrern&i * l ’J '■ iv-.-.~.yf<b-».!i,i 

I.IM1TF.P Jtirt In ih.- Matter ol THE I Annual General Meeting oi Gath & Cha« 
COMPiNIES ACT 194*. i Limited wltl be 23 Fenehuh 

__________ ICOMPlSIES ACT 194!*. i Limited «Ui be hcld^ai 23 Fenehurch 

X^TICF. JS HEREBY GIVEN Ihai a ( Street. London EC3P 3 ED on Fndav. 1«| 
AOwlw I fill I ■ Pniinnit [nr the wlndlnu ur Ih-; abwe- al S p m. lor .he lollowlpj 

■ nnnilllTlUT ‘ namr-il Company by the Hiah Court of receive inc accounts lor me year cikwS 

AllullUN I AN I Mu**lce was on Ihe 14rti d.iy nl lunr IB 1 N 3 Ut August. 1977. with the relalb* 

I orns-nttrl tn the said Court Hv i-ALLING- rcnorls Ot inc Directors and Auditors. t jf 

City Commodity Brokers re- [ ' VeSTi’p^ “"T * Ca - M 
quire a Qualified Assistant ihai ih>- said PtrllUnn i* dmetnf m hi* To authorise the Dlrectore to fi* th4 
A.-rrunnnr tn work in their heard h.-forc rhe Conn sii'lnu al lh- re.nur.eret.on oi :ne Auditors lor !{•« 

computerised accountants SLi^Sfi 0 ?!* *f« } T %,*\S?s£!Sr*r. 0, "* r orJ ’ n * rv 

department. Preuicus experience and any rredliur or remnbumry of tfir |. B, order of the Board -r 

in commodities M. bn. -« f 

essential. Salary £7i)00 pj. plus | said Peiiiion may appear at ih- % nme nf i 2 ? Fpnmurcn street. 

rc-nuneretion ol the Auditors lor l|>t 
ensuing year. ■ 

To transact any other ordinary buSlnea* 

annual bonus. 

Write Box A.6393, 
Financial Times. 

10. Cannon Streec. EC4P 4BY 


:h*.-arms In Derenn or hy tu<. Couns.-i for | London ECSP sed. 

1 ihai Biirpdiv; and a copy “I 1 Ji- P. iinon ) ’ q June 1978. 

Iwill he furnished by lh. Iinrt.-rsicny.i m I ,.2} : Bearer o' a share warrant 

I I jn* orrdirnr or eontTibuinrv nf ihi- said 
J Company requiring such ropr nn oavim-ni 
Jof tiio ri'Riiumd charge Tor m- uric. 


j * Raymond BDlIdmriS. 

, Gray's fnu. 

I Lnndnn. WC1R SP/ 

Sollc-liors for 1 he p.*:iiion'’ r - 
| .VOTE— Any person u-hu (mends t» 
• upp.-ar on Hr* heartnR or ihv said Potiunn 
ImuaT serve on or send hj pusi 10 ihe 
, .-tbcu-o-naDiwl. no lire In «-rttnw «f hi-- 
j imrmion. sn to do. Th>- :ioiir>- nmsi 
lyiale the name and address i«l ih-- person. 

entitlVd 10 attend or vote at me abate 
mentioned meeting unless be depotuj 
th-: warrant relating to the shires 13 
respect ot mhicn he proposes to voj% 
at tne Registered Ollicc of. the Coma 
puny, zs Fenehurch Street- London 
ECSP JED. hot later man (wo clear 
days bclore meeting. / t 

The Company will deliver to ana bearer 
depositing his snare warrant as mf"; 
tinned in Note 1 above a recelot sCaniwt 
nts name, address and the number o. 
snares represent eo nv such share war. 
rent and such receipt shall entitle nm 
to attend and vote nn oersun or nv 
pro'vi at me above menuomns . . _ . 

BROTMERTON GAU.ERY — WATER- . nr. If a firm.' the name airt address oi 3. A«v' rwmMr entitled re aBena anj 

^ L ; B THA^l C a « S -t92^T. Z* mUS, M W S, l n d Vr r X? te mSJe t ' , o ff n,':Sf'"2 ‘SSW^jS 

June. Mon.. fri weds. 7 P;;rsnn nr finn. or bis or itimr wlidior instead ol him. A proev need- not bq 

C 11 . 12 30. 77 Walton Street. S.W.3. • *» any*, and man b»- Served nr. U a member oi the Company. 

589 6848 poslisf. J1IUSI bo Sent hv pn-U in Ml flic lent -- -„ ITn '-- 

— — ■ lime ip reach Hie abovu-n.iin.-rt uw Ui-r jardine. M ^|TJ*£5 l ? , iTS ND LTn ". , 

A S N I CW 0 C *629 R 6i76 S - OLD MASTER %£ 22T a,h ' r ** OT ° f ^ Notice to HoMe^Wu^Indlr^ Wanrariri 

BgEB-hJF Lft.”" ^ sSTPS-SKrfibSPf 

- — ~~ — : — IT : 7: rrr: nr 7 riMMtlirv an isrn November 1971 " 

BROWSE « D4R8Y. 19 Core 5l. W.l 
i FOKAIN. Mon.-Fri. 10.00-5.30. Sal. 
| 10.00-12 30 

No. OftiTfln ot l* 1 : 
la ihe HIGH COURT " 

issued by the Bank o ; Bermuda *S 

Depositary on 15 th November 1971 1*! 
i Notice is herebv given that asimna 
„ 39th April 1978 and until further notice* 
.H STTCE ;h, subscription price that will be apoIt« 

fiSfuRY .'S" nC 5l9ll5 V, T ACROSTiS °WVVH1 re be IC |* * uerl 9 * o ^ 

; rNe4JH'«‘A.N S rWG-i. “iro«T ,, u>ifr*D“S s S > ,i.. ffffift'Jb.- 1 " “ '° w “ D ’ “: 

> SCULPTURE. Until 7 July. Mon.-Fri. or THE COMPANIES ACT. I?*’- J Bv Order ol tht Bwrt. (, 

; 1M- NOTICE TS HEREBY r . n EX. ih.U 4 1 Cnmp'anv'S^rettre:' *- 

IniiBtDT PARR RALLtRY. 2BS. King's Pr-MMon for Ihe Wlndtlic up 1-1 'h^ ahnVi-- I ■ 1- .* 

The Specialists in Executive and Management Selection 

sa wwi-w i ^ Biasg 

require aCba J? e j ^ Admfoistfario'n Director, successful 


Smqfabout 50 staff, 
the most 

oeneraiaccountio^^Pjyj ceouroing. An awacjiw 

lofitfng and comput&r Oasea co ntobuiorv 

pension scheme. 

Financial Director 


c £1 0,000 + car + benefits 

Our client is an expanding autonomous subsidiary of an American parent operating 
in the Machine Tori and Foundry industries. The person appointed to this key 
position will report to the Managing Director and be responsible for all accounting, 
data processing, secretarial and purchasing functions in addition to playing an 
important role in the management of the Company. Applicant should be qualified 
accountants who have previous relevant industrial experience zi a senior level. 
Longer term career progression could move more towards general management. 
Conditions of employment are good and relocation expenses are available. 

Telephone 0532 459181 (24 hr. service) quoting Ref: 3275-FT. Reed Executive 
Selection Limited, 24-26 Lends Lane, Leeds LSI 6LB. 

The above vacancy is opsn f 0 bolh male and ferrate c zrc - -- ‘ e °‘ 

London • Birmingham ManctiestCT'_L^*g^j 

j C S 5 I R curtS 5 !*sw A 3 , ' t NORAH 5 Giov!R ommI Company by ihe Hi’--H Conn j'l ! international pa mfic securities j 

RECENT PAINTINGS. Until June 24. Jusflw was on the 2 nd duv ,ii Juii. IF.', j TRUST .j 

I Osch Tucs.-Sal 9.30-S^O pn-w-mpd ru 'be gam conn hi 5 t:"TT | Minaaprs ol th * 1 Trull annoimei 

1 r— — , PARFUMS iSALESi LIMITED »** l.»X "TO N ffi ™wi «»? 

jOMIELL GALLERIES. re« 1 fi[pr*l offii'U fp slraair- si IS. CaV.-i3i(ish a^'ldih June. 1978. the rtea'J "8 

! Brt°.?h ER MARmME picture? S^p. London. W.J. and ihai ih^ Fa-diwr unt on th.t date •»“ *£ SJ 

1 ? Q r , S^l?»» W KSS«.v% t, i. is ««.-d -.0™ heard ^ 

[ — Ok Court slmna 3 , n, e RaPa . Coirr/s nf .m ComVan? Limited 

THE PARKER GALLERY, 2. Albemarle Juittiv-. Si rand. Ijmdon, WC2A -LL »>' Honanonc representative ®t the Manager* 

] ma nrie. ^rrifiiwr'* ’ and' ioDrring ll ara°re®t>^ ^ 3 

| Prims ano oa.nt.ngs and Hups MK ASSOCIATED BRITISH FO ODS UMtTCTf- 

; ' — of an Onler on the said ft-unon mui notice is HEREBY GIVEN that the 

' J.P.L. FINE ARTS. 24 Davies Street, W.L appear af hij time of tuarinr. in iwriwt ReBlstcr D t Members will be closed fraiw. 

| 01-493 2630. CAMILLE PISSARRQ or hy Wb eonmn-l. ror that purpos.?' and 20 ih June 197B to I4tn July 1978. bom, 

1 J un « , *J“ W 6 o copy of lh..- VMliloo wU dc fiimish.?d dales inclusive. . , 

i Mah.Fri. 10 -6. hj , jfi 0 unde/Tu-ned fo any cffdlMr nr “ r t?*h . M sSawT J 

BLOND FINE ART LTD.. S3 SacKvllle ™mhuiorv of ihe Raid Cmnpanv repnir- Secretary. , 

Sireel. W.l. Dt-437 1230. Bernara such copy on payment of in.’ retnilaleil weston Centre. 

Men, risk*- — Paintings. Gouaches. Until change far the same. 
JS! it'- WcekdaY> ,0 ' B pjn * ^ FHfLJP ROSS. 


T7. Wrnipnle Sirent, 
t.nndon, WJA 3B0. 

Ri-f: S. 

Tel.: 0l-«3 0151. 

Solieiiun, for Uiv Peti-.mnT 
I NOTE— .lft »■ p..-rsftii vrito iiiMw.'s in 
i jpp-'ar on ih-' bud rum of rhe Fa-d F'-'f :s ' n »> 

40 eerifeiei S Quart. 
London W1X EBR. 
201D June 1978 



; n.u„ «,« w or j'E’pm 'us*jss& : - 

, i dOov— i/anii-a. non tie ui u-ntin- oi w* | Bins autstandma cfiOm. 

EVE. 109. Reamt Siren. 734 0557. a i„ ; lnuri»itn» fu U» 00- The ilfitltv P'ist , - * 

! Carte or Ah->" Menu. Three Spectacular i sibIl- ihv linne and addrvts ul fh-' r*-rsun. 

I Floor Shows 10.45. 12.45 end I.45 ana 'or, U a Arm. |lh.- name anrf piMpyi? nf j- ■ ■ 

I rnuiic ol Johnny HawUc*wQnh A Fr-eudi . j the firm, aid must be Si^p. d by 'he! pw JUB 8 KS STl ft “ 

I GARGOYLE. 69 Dear Street. London. W.l. I ^ ,nr,r .^L 1 ' 11 ^ I ^BlDHlWa 


, t 5T TtASE FLOORSHOW {posted- most be sent by pcs: m snlTi'i-.r.! r D MveMnD kOU r. amtiouei fa** j 

THE GREAT BRITISH STRIP j dnif io reach 1 h.< abQTMl tubal r„,i liter 1 G iMLmS? Wl^uSl l 
• Shew at Midnight and i ant. .’Wan four lit the alter aOM Ol til.- ; ;c 7 3 d am. AdmisstOB £I _50 Including 

I Mon -Frt. Closed Saturdars. 01-437 6455 JMi day of June IB 73 . 1 illustrated handbook. -i 

: j-^TvC \ •* ’ ^ 



Could replace the 
liquid crystal 

DEVELOPED to the prototype the cell is that within 200 raiUi- 
: stage at Laboratoire d'Eleo seconds of t!|« ^application of a 

ttomque et de T *|^°° lo ® ie J* Seined* areas on the^top 0 elec* 
rinformatique (LETI) Is an trode sufficient silver is de- 
alpha-numeric display system posite d by electrolytic action to 
that could compete with liquid give a go per cent light transmit 
crystals for use in measuring siQn re duction: character 

instruments, clocks and watches, appears as a deep reddish brown 
Although details have not been on a light background. After 
released about probable cost— this, the voltage can be removed 
it is described as “low" — the and the character remains, 
display, which works on electro- Application of a positive voltage 
lytic principles, suffers from very results in erasure in about the 
Jittle loss of contrast with in- same time, 
creased viewing angle from the A draw back is that there is no 
normal.- can operate over a threshold effect (silver starts to 
temperature range of -2 d to bc | aid down as aS the vo) . 
+ 60 deg C, and requires only ( a g P is applied j so that the dex+ce 
one volt for operation. cannot be multiplexed. The 

It consists of a sandwich of memory effect is also of limited 
--two thin sheets of glass separated duration so that driving circuits 
by a few hundred microns of must be able to erase and re- 
electrolyte consisting of silver enter the data, if necessary, at 
and sodium iodides in organic the end of this period. Power 
solvents. The underside of the consumption for ten minutes 
top sheet is the active electrode character life is in the hundreds 
and consists of a thin film of of microwatts region and devices 
conducting oxide laid down in have been successfully cycled 
the shape of seven segment ten million times, 
character bars. The other elec- More frpm ^ companv at 
trode is a thin layer of silver. CEN-G 85X. 38041 Grenoble 

An interesting characteristic of Cedes. France. 


Pictures will stay sharp 

... .. 

So far thk largest aircraft ^^^oTthe 
from composUe . materials Is the 
Advant^Harrter shown here as . lt , , rt . 
moanted dn the fuselage of the 
taking sfcape at McDonnell ^“^nercrSeaii 
tion, St tools^ MtssbarL ■T* , 5 _?£SS'-si» 
wtog has. aQ spars and npP w LISS'iiiMh'* 
faces made Own iepejy resin 
graphite .fibre, a- material in Whim 
deal i rf the pkHieertng wort was. . 

Britain. Tlw.Wtnvwmr^ i.374;Jb, <* a - 

• of dose qn 20 pef cent 

ventjonal Tnetetffie structures. ^ 

todMtofe two vrWt&es of the - •• • 

meat with British Aerospace. . fhfe ; 

twfce the range^.or' tw^ the payload*..®*. 
original fiawket^m&r. 
participating fc^vtioiype 
50: per cent^ ^woi* on 

is espected^to be/carried oat in .• v 

togs for «fltWr^manies ^ 

the f^- that-reqtoMhents for ™® A 3rJJy JE jmqta&tidris: .siAwpaWS 1 .^ 
craft for fr^9faa$ne&are IhdusAriJ^i)^^^^ 


Link-up at Leyland 

ALTHOUGH intended primarily 
for use with its new series of 
Litex matched films and process- 
ing solutions, Agfa-Gevaert’s 
Reso.v system wbicb ' is intended 
to keep lith processing absolutely 
stable, is applicable to other lith 
films and is thus “ open/' 

The lith process, which is an 
' 'essential part of the work in 
plate-making, particularly for 
high-quality magazines, is highly 
sensitive to exhaustion as the 

films pass through the chemical 
bath, and to oxidation, simply 
tbrough the exposure of the bath 
liquids to the air. 

’ Resox has been designed to 
provide two separate streams of 
replenlsher— one to counteract 
exhaustion and one to offset 

Thus, one replenisher operates 
at a rate dictated by the area 

nf film passing through the hath 
in a given time while the other 
operates by adding small doses 
every 20 minutes. This means 
a lith system can be left for 
considerable periods unattended 
and the solution's strength will 
be accurately maintained ready 
for further work, without fuss 
or bother. 

Dolly check routines are simple 
and adjustment to controls 
immediate and the company 
claims that dot sharpness will 
remain the same months afte*- 
pouring fresh solution into the 
machine. These claims are 
backed by some IS months of 
practical trials. 

Further data on the process 
and the Litex film series from 
Agfa-Gevaert. 27 Great West 
Road. Brentford. Middlesex. 
m-SRO 2131. 

British Leyland Cars’ operations 
at its 35 UK plants is being 
brought about by a new £1.4m 
computer data centre at Redditeh, 

This is already saving £1.5m 
a year on expenditure at three 
original centres, despite the 
£3.9ni annual operating costs in- 
cluding leasing computer time in 
Washington and Toronto. 

In addition to more ordinary 
functions, the system, among the 
most advanced in Europe, is 
being used for monitoring 
warranty claims and customers' 
service documentation, preparing 
engineering manuals, and super- 
vising quality. 

Linked to the GPO Viewdata 
system, as is proposed, it could be 
used in factories to provide 
“electronic" notice hoards. 

At the Swindon body pressing 
plant, an in-factory installation 
produces a record of strain 
values which determine the 
quality of pressings and in- 
dicates malfunction when they 
fall outside parameters. it 
enables a foreman, who may be 
attending a worker participation 
or management meeting to be 
“ bleeped " to warn bint a repair 
Is necessary. 

Redditeh is linked to this 
system and can. if necessary, 
“bleep” the foreman direct if 
its monitoring arrangement 
provides the necessary informa- 
tion. But its main function is 
to produce work schedules for 
Swindon. In due course, the 
system will be extended to other 
body plants like Castle 

Bromwich in Birmingham. At 
present. Redditeh is linked to 
22 factories and by the end of 
the year will be operating at all 

The system is also bcinu used 
to build up the engineering 
details of the new LC-8 Mini to 
be made aL Birmingham. About 
5J300 different parts, tools and 
equipment are required ft*r this 
£250m project and the correct 
sequencing of supplies is being 
computerised so that the com- 
plex business of bringing them 
all together in the right place at 
the right time can be simplified. 

By the end of this year, the 
full complement of large com- 
puter equipment installed at the 
centre will be one IBM .3033. two 
IBM 370/158-5 and two IBM 
370/ J45-* with -two and one 
megabytes respectively. 

An ICL installation is also 
scheduled For the parts operation 
at Cowley. Oxford. 



Long arm 
of the 

MAGISTRATE'S courts in Stock- 
port and in Gwent are among the 
first to use ICL's new computer 
package specifically designed to 
ease the administrative work 
load involved. 

At Gwent the system will run 
on a newly ordered 2903 com- 
puter backed by five 7502 ter- 
minal processors and a pair of 
7181 visual display terminals. 
Stockport magistrate’s court will 
make use of a 1904A operated by 

Aid for 
the legal 

the Stockport Metropolitan Dis- — 

trict Council and the court staff Ij Tlf TfrrSSI Cffl 
will gain access via three 7561 
VDUs installed at the court and legal computing. taKes >riep 

linked through a terminal pro- -forward this month with ih»— 




*' grain J 

Using i ; a.’tdn&/^g»aL/tes^QjS[. 1 
+ municatiqifi" ^ - 
paris ‘ • o 

‘ •-alarm : sensor^'iitiK^a^^fiSicn^ 1 ^ 
. ;■ wave, door,' contacts, 

devices .;eta^7,^>i»|biHt^ctea, 

inputs.- " Alanii • 


- eiampleJ ^haetfv'at^i^e^yea®.,: 
•- cause r a r nearby / 

■" m - a ; pr^etennfhS^ifii^tiqn,: r 
/ Of, r ‘ 

be related- to /.th^e^pre^etep- - 

and elsewhere to the 2903. 

together the compdter diyisidd'/poiater moving 
of Oyez Services, which offers . phoe.-- has been 

developed ^by ^on^o? - <rfber n?? 

Using the terminals police bureau services for soEditors; - PJtttfinete r. Meter House, Fields; /n anK gtwS 
officers will send information accountants and commercial^iiouse Lane. Marlowv,.. goc™? Wfh’ • ■; 

about defendants and cases to operations, with Solicitors? Law3hSL7 U*X (06284 72722}^ . /^tW: 

ihc coiirt’s data bank held on computer systems developmenfc;'.? il T« hp rlnfiS each individually. ^ ' theTe ' is- 
the 2903. Summonses will then operation. / '5^ a ^ftelv calibrated -to ” 

be produced and also supple- 
mentary documents such as a 
reminder to bring a driving 
licence or other document to 

As the date of the hearing c0 ™P u tor. 
approaches the system is 
grammed to produce two 


Pioneer work in the legaL'register die moisture levels of /priorities ekhVibi?/: 

nfi>«inn hv- St AC nvnr Ik* .W* Viinniu rrouS ZTOtVTl. SiSO m net mtn t ‘flwa 'Wn? s 

profession by SLSS over the last'.-lh^ various crops grown. are also xn ost -vitaT ■^ea/(s'nuTc(^p!f 1 'IpeJ 
13 years has brought widespread* designed to take into account the ^ 

acceptance of the ^benefits the/effeoTof different standard oven- , An. audio cpmiw^i^^qnj^iri- . 

• • r -+jjdpting methods on crops. _ work- can also ^]B^conixiqne^ft*ni 

pro- The company is developing; • l v Because official - methods of the panel. So: ^hatignanl^ec&oik 
ver- In-house system products andi,- the Brltis h f e e ding rindu stry a a d. n« . cap ■ ^o^to.pntcatej/wai^key . 

f - 

sions of the court list for the further bureau services for both-Ontervention (EEC • stan da rd ) po^rti oite-, 
day: a short one for the magis- data and text processing, based can give differing moisture coi>- .The.-staras 
trates, court usher and public upon the latest microprocessftfitenls for a particular sample . of .used ntv the^ 

the latest microprocessor^ tents' for a particular sample . of used in tne. /^iq wjB 

and a full version which will and ra ini-computer technology; r. grain by up to 1. per cent toe W'h I^t.^D^t«1ft-.*iKf^4^ps. 
form the court register. SLSS introduced computing to- rompanv says that this poten- The^ Danish ^otOpanyr-cratinsT 

After the hearing the sentence solicitors’ offices with a batctti-tfeUy complex and c°nfus^ 
passed, if anv will be entered processed legal, accounting seri. situation can now be eliminated tiol^*nipe = mQ(llimity:^ 'Hie . 
into the data bank via a terminal vice. Time-costing and payroll.hy the use of the -Grain Mini equip meal to 

and the computer will then print packages followed. Bdreaii.'Mk. 11 system, and It should be tailor -R , system - to .^ait' imoW : 
notifications of fines, court orders services were also then extended- impossible to confuse scales for customers: 
and licence disqualifications or ™ accountants and commereM/ diffe rent grains as only one can Mpre-;rom 15.^ BnilgeiStoBet, 
endorsement notifications. Statis- users. jjg used on the instnuhent at a CaversIraiB, _Rea d i ng. ~ 8AA, 

tica I reports are also provided Culmination of the company's time. Beriu|iire <07M^ ^ 478^3^:;, r- : ■ 

covering numbers and types of work in the legal sphere— still* 
cases. the largest market— was the I 

If money has to be paid the recent introduction of on-line 
system will handle the account- legal accounting, with' an option 
inn functions and take automatic for solicitors to take oew.s£ryic6s1 
follow-up action on unpaid snms over the same equipment; aa 
or on court orders by producing they are developed. 

reminder letters, summonses and 

ICL is on 01-788 7272. 

Oyez Computers, 237 .iLopfc 
Lane, London §E1 4PTJ, .01-407 
8058, • «■ : 


Balance Sheet lolal reaches 

DM 58.2 blion 

International Presence and Service 
facilities further extended 

Highlights from the Balance Sheet as at December 31st, 1977 


(in DM 000) liabilities 

(in DM 000) 

Bills — 

Due from banks 

Treasury bills 
and other securities . 

Due from customers _ 
Loans on a trust basis 

at third-party risk 

Trade investments 

Land and buildings 

Other assets 

_ 837.7 
_ 364.8 

__ 4,744.0 





Due to banks 1 3,606.9 

Other creditors 5,961.7 

Outstanding debentures_22,970.1 
Loans on a trust basis 

at third-party risk 6,734.3 

Provisions 262.5 

Nominal capital 550.0 

Declared reserves. 

Other liabilities. 
Liabilities of 



— 1,145.0 

Assets of Landesbausparkasse . 
(Building and Loan Association! 

. 6,0423 Landesbausparkasse . 




(Building and Loan Association! 

Total , 





International Banking with Bavarian Drive and Friendliness 

Bayerische Landesbank Girozentrale 
8000 AAunchen 2, Brie oner Straus 20, Tel.: 2 17 11, 
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RepresercfanVe Offices; London, Johannesburg, Toronto, Vienna 




-■i 1 "Cl 

could mean a costly 12 montos 
electricity biII,)ou need 

small amount,; 

■12 months. . ' - ’I 

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Called the Ektra 320, it has a 
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The face mask and scaling 
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sold separately. 

. electrodes 

• By agreement between the 
Financial Times and the BBC. 
ihjormation from The Technical 
Page is available for use by the 
Corporation’s External Services 
as source material for its over- 
seas broadcasts. 

■ 1 M W/ teVA^coy 

Ferranh fteep'a Jte^^txi«fetncr% E iGoassSwi « c * - •. y 

fw more details to Ferranti Limited.l nstrumeht C:. 
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than ever before, an informed awareness of tbe standards that must be 
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compliance with the law to efficient and cost-effective manag ement. 

at work, 

will give early voice to specialist views on 
nature and extent of all new and existing hj 
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on the techniques, methods, procedures, 
detection and control devices, by which 
they can be successfully controlled. 

Whatarr you arc a Director. Safety Officer or fine manager, thii new monthly journal will provide you^ 

information neceMary to tack lelhe many health, safety and associated problems in ioAmej tatey . auUl0n,a0 ^ B . 

Act now! Complete the coupon today and be certain of your regular copy. 

Wc waal ;<w hi br vi 
Hnbhi Srfrf) m 
. HWbrnr»hkir In 
>ou. hiwp enanitnr 
ihii >nar pa) mew will 
brnfuMliilal if 

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imriMl ■Urrihr tint 
liuvr oioniln ut »uur 


ToMjji Dunn nil 




Ptee fulwUmm » HMh d sat?*, w*. . . K^hmknidfOh. { 

famnK.«kh tfe finr moc nnbttihed T September lyTg. raworoa, j 




Nnliae of Baynes.; 



ru» K H./iv! ■ - 

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; -,v ;• o; • 

C.'ij I 

S‘*r f 

' ^^r,! 977 - Mn “ r mana £p- 

2£?L?' ,9 0urta «Ws. one of 
te!tliles anti 
the „ sroups > •wame-awarc that 

j*e. company could not continue 
on its existing course iodcB- 
Jjneley. Its liquidity was beina 
■ by the impact of 

inflation on a high-volume 
business . suffering from cyclic- 
ally low profit margins. 

However- the group’s report 
and accounts published toda» 
bright a remarkable turn- 
xounH m liquidity in the 1977- 
1975- financial year. Despite a 

SmJw- a Pr0fits from 

pre-tax, group 
*■ 52 ^sources rose during 

• S"h year - by over f30m - Thaf 

- -Jiff an improvement could bp 

- =bn a year, and its inventories 
, f e S n C f ed f ed £40Q >” - the cquiva' 

• 22L f a nearly 28 per rent Of 
sales. Assuming inflation at 

. 1- Per cent, Courtaulds needed 
-.. A Pre-tax margin of 3.3 per 

SS s * le , s merel - v ^ finance 
.* higher stock values. j n f a ,r 

• profit margins in the year just 
ended were to work out at onto 

• 3.4 per cent. 

To make matters worse. the 

" volume of stack* - had hern 

■ P®} n “ as demand for textiles 

In classic countercyclical 
_ fashion, Courtaulds had not cut 
hap^ its production in line with 
demand, on the assumption that 
--as in the past — there would 

■ .he. major cost advantages in 
. carrying high stock levels at the 

beginning of a recovery, in 
1974, when the previous boom 
... peaked, stocks were duwn to 
-:.-abdut weeks of sales whereas 
by 1976 they were up to Ibe 
. equivalent of M weeks. 

- Eut 1977 was the year that 
~ something went wrong witli the 
textile cycle. On previous form 
-••it should have marked the 
second and probably the 
_ -strongest leg of an upturn. 

Richard Lambert on the measures taken by one of Britain’s 
largest fibres groups to avoid a liquidity crisis 

How Courtaulds kept the 
inflationary wolf at bay 

Instead the recovery, which had 
started lo emerge in J976. 
petered out and demand around 
the world slid away- through 
moat of the year. 

Whereas profits were running 
at about half their previous 
peak levels, the group'.-, sim-ks 
had ri.sen by roughly £2imm m 
value since 1974 and net rash 
resource-*— which had rcaciiud 
a high point of nearfy £if>um — 
were almost disappearing. 

.Management decided mi linve 
main emtrses of -action. Tie- 
first was to establish a iwn-vii.-r 
•v'slem nf interest charges <m 
Ihp wurkina capital held hi flu* 
operating cum panics. A luviuh 
rate was levied on each com- 
pany mi that proportion of 
working capital which was 
equivalent to the amount it 
held d ftnv years earlier. A 
different and substantially 
higher rate was charged on the 


Obviously this meant that 
companies were being judged m 
an arbitrary and, in some v!i>o». 
unfair manner by head uflice. 
But it cm cent rated attention mi 
the cost of inflation and the 
urgent need to reduce stocks. 

Next, Courtaulds devised a 
formula to penalise spending 
proposals which had a high 
working capital element. Effec- 

tively it concluded that the 
larger the proportion of work- 
ing capital in any given project . 
the higher the apparent return 
that would be required In order 
to achieve the same real 

Finally, and much more 
radically, the group launched 
an exercise whereby all its OK 
units — and the products within 
those units — were put to the test 
to measure their financial self- 

The idea was that in order 
to be viable, a product ncvdi-d 
to generate enough cash lo 
cover the effect of inflation on 
working capital tied up in it. 
together with the minimum 
capital spending required tn 
keep it in operation, and its 
share or group financing 

These separate criteria were 
then defined in terms of a single 
cash margin. For instance, if 
a product's working capital was 
turned over four times a year 
and inflation was running at 
12 per cent, then that part or 
the margin needed to cover 
inflation would he 'J per cent. 
The required cash margin was 
then compared with the actual 
return generated by each 
product and unit. 

After a trial run in June, 

the system was applied across 
the UK in the autumn. It 
caused, recalls deputy chairman. 
Mr. Norman Smith, “quite a 

If a manager failed to pass 
the lest in any area, he was 
required to show what step- 
lie could take to retrieve the 
po.-ition within a given period 
of Ijnitf- Typically these would 
include destocking, different 
pricing, or a change in the 
sales emphasis. 11 he was un- 
able In show linw this could be 
done, then the next step would 
be for centra! management lo 
consider shutting down 1 It*.* 
prod net. the unit, or even an 
entire operation. 

Grey areas 

Clearly the results had tn he 
interpreted very carefully. The 
extreme no-hope cases were one 
thing. According M finance 
director Mr Graham llcarnc, 
who joined Cuurtauld* from 
Rothschilds the merchant bank, 
just as the exercise was getting 
under way: "In these instances 
the formula did no mure than 
confirm in a very vivid way 
whal we already knew." 

But there were much harder 

decisions <■> take in ilu? greyer 
areas, where a business mi?hi 
have a very sermus problem but 
still be vmrih supporting over 
1 He long-torm. in a group com- 
posed »f a large number of in- 
dividual managements, it would 

Have been fatal f»,r Our; an Ids 
in give ilu? impression that it 
was prepared :-i cut off people's 
Jess just )<■ make them fit 
neatly into ihe picture. Mr. 
Smith !*• ea refill to point out 
that some fu-mlmi*- are sfilJ 
being pruduced uhu-h have not 
yet met th,-ir required margin. 

There Wr.-n.- •■*.hor risks, ft 
was fmnonaiii fur noddle man- 
agement m-: i>< concern rate too 
much on s’luri-tcrm cash as 
against long-term profitability. 
A number- .if eager heaver 
finance directors among the 
operating C'.mpanio*. started to 
incorporate Hie formula into 
their reporting systems. They 
were told firmly that this was 
a nne-'iff project: nnce com- 
pleted. tliai 'a as 11 

The ai-h.o\emem nf the cash 
self sufficiency exercise, says 
Mr. Smith - that n encour- 
aged management to be pre- 
pared in oaenfice profit in 
conventional accounting terms 
for this year, in exchange for a 
real cash improvement. They 

would be loth to do this under 
the normal system of reporting, 
whereby they are assessed on 
profit performance.” 

In financial terms, the results 
were dramatic. In a year when 
the group's costs were still 
running at a double figure rate 
nr inflation, working capital fell 
hy I9.2m. in 1976-77. it had 
jumped by £85. lm. In some 
product areas the contraction 
was even sharper. The volume 
of fabric stocks, for instance, 
was cut back by about 30 per 
cent, which translated into a 
fall of about a fifth in cash 

In the first half of the finan- 
cial year. Courtaulds had a net 
cash outflow of £17m. In the 
second six months, by contract, 
it generated a net cash surplus 
of nearly £50m. 

This turn-round was not 
simply the result of tighter 
controls on working capital 
Jn addition, the group’s 
pending on fixed assets had 
been falling hack sharply from 
ihe peak levels of the mid-1970s 
when a number of very big 
projects had come together to 
lake the annual figure up to 
over £ luum The Lancashire- 
type spinning operations had 
been substantially re-equipped 
by 1H76. and elsewhere the 
group had a number of very- 
large new installations which 
as a result of the recession had 
never reached anything like 

their rated capacity. These in- 
clude the Letterfcenny polyester 
filament plant in the Republic 
of Ireland, the Campsie sheet 
and work wear factory in 
Northern Ireland, and the 
Belmont weaving shed in the 
North-East or England. 

As a result, the capital spend- 
ing screws could be lightened 
considerably without causing 
lasting damage to the group. In 
the preceding five years, invest- 
ment in fixed assets amounted 
to £444m. far in excess of depre- 
ciation provisions totalling 

net cash flow 

1 iRrtpflriiiK+Doproiaiiwi 

[ -Mnffswr* ««**«* 

L D B fciredl«xl 




1974 1975 1976 1977 1978 fl 1974 1975 1976 1977 197S 

£247 m In 1977-79, spending 
fell to £5«in and was comfort- 
ably covered hy an historic cost 
depreciation provision of £SSm. 

Courtaulds has come through 
the recession so far m much 
belter shape than most of its 
competitors. Whereas Ihe Euro- 
pean fibre industry as a whole 
probably lost more than £40Um 
in 1977. fibres and yarns 
accounted fur weU over half the 
group's profits Of £58m from 
fibres, textiles and related 
activities in 1977-78. One ex- 
planation is its commitment to 
the more huoyant cellutosic 
fibres as opposed to the heavily 
depressed polyester, nylon, and 
aery Hie fibres. In addition its 

balance sheet remains firmly 
based, despite the heavy cost 
of mismatched foreign exchange 
loans, and there is a comfort- 
able margin of liquidity. 

However for three years now 
the group has earned an inade- 
quate remm on its capital em- 
ployed of over £S0Um. The 
trading outlook remains uncer- 
tain. and although there are 
indications of firmer demand 
coming from the retail end of 
Ihe trade. Courtaulds has no in- 
tention of rebuilding its stocks 
in anticipation of market per- 
formance. Despite the big cash 
turnround in 1977-78, manage- 
ment still has quite a few 
hurdles left to overcome, 7 




I Monitor. 




THE INCREASING enthusiasm 
of governments and inter- 
national bodies for all aspects 
of safety is soon JifceJy tn force 
managers and householders ro 
take another look at that much 
neglected piece of equipment: 
the main fuse box. 

There in a dark basement or 
underneath the stairs, will be 
found an array of rewirable 
fuses which most people never 
see except by the light of a 
flickering candle. Now after 
many decades of service these 
fuses are probably nearing the 
end of their days. 

Indeed the UK is one of the 
few developed countries where 

Circuit breakers: the short cut to fuse box safety 

the rewirable fuse 4s still widely 
tolerated. In France, Germany 
and the U.S. the more expensive 
circuit breaker has long ago 
taken over on grounds of con- 
venience and safety. 

In the last few years, it has 
been realised lliat circuit 
breakers can offer not merely 
convenience, but important 
safety factors which it is 
essential for companies — and 
desirable for householder*— to 

Apart from the <-ommansensc 

Ilf war that never end§ 

We British are a pcacef uf people. When a war is 
over we like to consign it to thehistory books -and 
forget it. 

But f«»r some the wars live on. The disabled from 
both World Wars and from lesser campaigns, now all 
too easily foreoitcn; ihe vyjdows, the orphans and ihe 
-'5&TK'* * children - for them their war lives on, every- day and 

iililclSB' .ail da v. 

I OHS in manv cases, or course, there is help from a 

^ i pension. Bui there is a limit to what any Government 
MS ‘ . Department can do. . . 

j This is w here Army Benevolence steps in. With 
itXfl understanding. With a sense of urgency . . . and with 

pmciicsH. financial help. - 

SwIMB Tousii is a privilcccio help these brave nicn -ana 
women, tod. Pbsisc will you help us to do more? Wc 
Ip Ffn must not let 001 soldiers down. 

The Army Benevolent Fund 

for soldiers, ex-soldiers and flieir families in distress 
Dept . FT, Duke of York's HQ, London SW3 4SP 

need to make factories and 
offices as safe as possible, 
employers will have lo consider 
the liability that could arise in 
the case of an accident. Even 
an accident caused by a faulty 
appliance or the incorrect 
wiring of a plug could rebound 
upon a company if its electrical 
installation were shown to be 

In the past it was generally 
considered that the ordinary- 
fusing systems were all that 
was needed. 

Now. however, there arc two 
types of circuit breaker avail- 
able which- aw- -their different 
Ways offer additional protection, 
perhaps the, most Important 
ia the earth leakage circuit 
breaker (ELCB) which is fitted 
nebr the maip fuse box and 
prltecfs people throughout the 
holse or office from the danger 
of electric shock. The second 
type, called a miniature circuit 
breaker fMCB) is a direct 
substitute for the ordinary re- 
wirable fuse, and is plugged into 
the main fuse box, one for each 

Bdth types of circuit-breaker 
will cut Off the supply as soon 
as they detect a surge in the 
current caused by the short- 
circuiting of a live wire to earth. 

An MCB can also detect a 
slow overheating of the wires 
which could be caused by a 
fault not serious enough to blow 

- Unlike most businesses, inflatum a^ramgcMts don't . 
eat away at the profit margins of a chanty Simply because 

^X^feaScy effect us in another wto has more ' 
serious consciences both in the short and Jong term. _ 
fiinoe the Bed Cross has no profit as a cushion against 

finds Ftffids that would normally be held back for 

.In ratffc tw y ^amatacalfy For instance, the cost of an 
supplies have " bv-40%. A wheekihair by 5 5%. 

ie0pi Ss is Why we are asking your board members or their. 
charitoWe trust t6 consider whether they can help the 
Red.Cross. ; • 

The Red Cross + 

a fuse. More ini pn riant frnm 
the safety p«<int nf vu*w is the 
ELCB, which will cut off the 
•supply as soon as a person 
touches a live wire or a part 
of an appliaiiw which has 
become accidentally electrified. 

The ELCB can <lo Led lire fact 
that a small amount nf current 
is escaping In earth and can 
therefore give protection, which 
is impossible with an ordinary 

The extra safety which it 
gives lo a whole circuit has 
already been recognised by 
breweries, for exam pie. who 
generally insist that sockets in 
damp places like puli cellars 
should be protected by mi 
ELCB. Although the cost. 1»r 
around £20. is much higher than 
that for an ordinary ruse if can 
only be a mailer of time before 
trade unions and safety bridie-.- 
insist that all electrical installa- 
tions are protected in this way. 

Although use of the ELCB 
cannot absolutely guarantee 
that people touching liVs" wires 
will escape electrocution, u 
reduces Ihe risk to minimal pro- 
portions For this reason, it is 
likely that most imernathmil 
specifications will soon include 
a requirement for ELCB prole.-- 
tion. In the UK local authori- 
ties are already insisting mi 
their use in such places as old 
peoples’ homes and sitidcni 

[Business Books 

Corporate Development in the 
Middle East by Robert Nelson. 
Oyez Publishing. Price: EtTi. 
This is directed at the senior 
executive company is 
either planning nr undertaking 
business operations in the 
Middle East, and provides guid- 
ance un cummercial law and 

The Challenge «f Manage- 
ment, by Alan M. GlasSinan. 
Wiley/Hamihon. Price: £4.20 
This is a textbook designed p. 
supplement The learning experi- 
ence in the introductory man- 
agement and/or organisational 
behaviour course. 

Success in Law. bv Richard 
Bruce. John Murray. Price: 
£2.5U. The general principles 
of English law are set mil in 
this book in a way that rcla;c> 
theory to action and which 
shows its relevance not just l>. 
the individual but also to sociel} 
as a whole. 

The pro.-pcct of a major 
changcver to circuit breakers 
in domestic and commercial in- 
stallation* ha-i presented an in- 
teresting challenge tn manufac- 
turers of fuv. gear and related 

George H. Scholes which 
makes the ttylex fusebux and 
consumer unit which is almost 
standard ill much Britain ha> 
bought in technology from 
abroad li now makes a range 
of ELCBs under licence from 
Felfen and Guilleume of 
Austria. Although Schules has 
been the dominant supplier of 
libelinse.- with 75 in SO per cent 
of ihe domestic market, it now 

faces stiff competition for the 
potentially more lucrative cir- 
cuit breaker market from MEM 
and front MK. which is moving 
in from its strong position as a 
supplier of plugs and sockets. 

Recently miniature circuit 
breakers costing a few pounds 
which plug directly intu a 3u 
amp. 15 amp. or 5 amp fuae 
socket have become available 
I mm electrical retailers. About 
10m are made in the UK each 
year, mainly for new buildings 
in the public .sector. 

However, Mr. Roy McDowell, 
chairman and managing director 
of Schoies is not planning 
advertising aimed at the con- 

sumer. Instead, his firm will 
be directing its efforts towards 
the contractors and large 
customers like local authorities 
and to enlisting the support of 
electricity boards. Mr. McDowell 
says: " One of our problems is 
that 80 per cent of electrical 
contractors do not know how 
a circuit breaker works, so 
they are reluctant to advise 
customers to fit them, especially 
as they are anxious to tender 
ai the lowest possible price." 

In the longer term Schoies is 
hoping a greater public aware- 
ness of safety will enable it ip 
develop intruder alarms and 
other devices. Linked to the 

main fuse box, they could 
deter burglars, for example, hy 
switching lights on and off in 

More immediately, it is mov- 
ing into the industrial and 
commercial market for distribu- 
tion systems with a new circuit- 
board in which the MCBs are 
pre-wired for the contractor. In 
this way tlie company hopes^to 
increase acceptance of MCBs 
because contractors will not be 
concerned with any of the box’s 
internal wiring. 

This policy is an insurance 
measure against the inevitable 
decline of the domestic fuse box 
— the company’s staple product 
at present. 

Max Wilkinson 

Promotional and technical 
lircrarurc for export 
■ sales ro rhe 
Arabic-speaking countries 
of the Middle East and Iran 
must be translated and typeset 
in the idiom .md style 
the marker demands, 
by specialists 

igivAim jilni li r; 

TELEPHOX4E; 01-047 3-7* 

If you are in industry or commerce and haven t 
taken a good look at Tyne and Wear recently, 
chances are you're way out of date. 

If you have never even set foot in our Region, 
you don’t know what you’re missing. 

Tyne and Wear County is a Special Develop 
me nt Area, offering to enterprising industry and 
commerce the highest Government incentives in 
Britain. We can now add our own financial 
assistance with the Tyne and Wear Act] 
which makes us extra special. 

But we've more than money 
to u Her. Learn how rich we are in sites, 
pivmises, labour, communications, | 
housing, recreation. Learn how 
easily we can help cure your present 
development headaches. Learn that 
Tyne and Wear has the ingredients 

for successful relocation and ex- Name 

pansion. It’s all in our new booklet. Company 

Post the coupon without delay. 

And why not follow up with a \l : ^r ., ^ 
visit ? Have a word with our Pe ter 
Waring about it on 0632 816144, * 
or write to him at Archbold JEVIsS 
1-louse, Archbokl Terrace, iSnT A T 

Newcastle upon Tyne 2. 

f would (ike to learn more 
about Tyne and Wear County- 
Please send me your booklet 

by return 

ana Wear 

County Council 


To: Peter Waring, Industrial Officer, 

Tyne and Wear County Council, Sandyford House 
Archbold Terrace, Newcastle upon Tyne 2. 
Telephone: 0632816144 

• 7 :; • 



Self-doubts in 

Franconian produce 

•Y Y Financial- 

IN SPITE of everythin?, we in very large restaurant and wine- Slate domaiuei. the JuliussplUl bidden. The Castellx e^eet-itot- produces ihe and thiia 

the U.S. 

IN SPITE of everythin?, we in very large restaurant and wine- Slate domainei. the Juliusspltal -bidden. The Cartel is expect-tnarpyooutesi * . ri and thus ■ ■ 

this eouprrv h a v e an almost un- bar -.rafle in -‘open «a hospital i and the Burger- the best they may. be able -to,- tuutd* .it buds i •«* :Qji . tMM . .ana. 

rivalled choice of wines from all bmilcd for this purpose in m«- spjtal Un old people’s home!, secure in the g LSf^^l^niAplands. and- it 

over the world and anv not com- bottles. The Slate Domainc has 120 further 2 ha. They pnue mem- open.-piien '-u ^ onlv about 4 

men.* I LTnd hire HkHv m he m ...... .... hectares under vines in produc selves on the unsugared qna^ty, maturate. So only 


over the world, and any not com- bottles. The Slate Domainc has 120 further - ha. 

m only found here are likely to he i n Wurzburg alone ihero arc hectares under vines in produc- selves on tne 

l» l®»l to Wiraci .XMUyn M „i„,SS'.SS ui Si-MM lio "- t ““ .“““T ''S’"” 

here or uncompetitive with -u cl and ., 5c , ... ticn have SO hectares apiece, as Which are 

firmly established names. But ar , ? frequently renlonis'i. d. weU » other lands in course of coman wines, 
there are a few leading wines , Market research in d.-nth has 

very thinly represented on wine sh()wn , liat m , he , rdrw < H i H > nF - — — 

lists, and perhaps the most dig- lh<J Bur^erspiia! the average lanuc 1 

tiOKUished nf these are the wines CJlflsum , jf ‘ js 2 , , ;| WINE - 

of Franconia. - 

Ceriainlv they cm the «• „h ”. h or "Snr^'.hL'n E nn- BY EDMUND PENNING ROW 

"f L V l^ S JL d .t-i : !l!^ ®_ he fl^nn- conian w!n * fin ds its waj into - 

ONXY IN the U.S.. one imagines, of labour productivity To most Certainly they are on the ex- wh ,. lhe a r ,^,p Cr , h Y *1 .If Fran- 

would they have got the business ^^rand the Tmonsira?ed Pensive side. like must German conian , viny find h s u * ;il ,„ro 

of measuring consumer confid- g {heir great SmiJ f S d * he , " a? 5£ regular wine trade channels and ’ 

. ence down to such a fine art that s{rcngth . That productivity S conv^ienT Upc of bottle lbeir cusl0 " iers ' 

it can be recorded on an index should now be weakening strikes f or transport or for trading. The '-’ne reason, perhaps, why j 

that goes up and down. But such a lot of litem as a sign that some- ma i n reason, however, why Fran lh»e wine; are not beler knuwn ‘ 

.'is 'the case, and when the New thing is gnawing away at those conian wines are so 'ittie seen outside Germarty is that 'he 

York conference board updated foundations. beyond Bavaria, let alone outside numerous village names j re far 

its index this month it showed Another worry, is the loss of Germany, is that they account For less familiar than Ihuse in such . 

a further drop to S8.5 os a scale creative edge which, like labour only 4 per cent of the country's districts as on the Moselle and f 

where 1989-70 = 100. nroductivily, has made \merir» wine production, and all but a Rhine. The German V.’ine 

fhe Mate uomame nas izu lunaer i nn iv aoout t - 

lectures under vines in produc- selves on the unsugared quality, matures -late, . m ™ ^ e : Is, • 

ion. and the other two institu- of their wines. . • . - . ..percent of *Lv7raD«* although -H 

ion have SO hectares apiece, as Which are the • best made, from th ^ P v eiy . much : of dullness-;--; l&i - : : V V 

veil as other lands in course of conian wines. Of course • the the - proportio fcnstitu- . However,, 

- Y'- : ' .SfeM per 

— - — Rijrsifttwital vineyards. -* - .• Aushesfi.-ftS^ 

unur •-rSyyy 1 1 I ~ FrancfliBlaP 

by e ™™ d B ° WSELL - gssgg gaagaseaaBMg> 

uniting holdings 

year,.- : .pedfapfe^ 

in» in figures something that is abounds m gaagets which ordi- we &uu cuiimivk. n ^ ” "n l ' ,3UUJir 1,1 

obvious to most people who nary Europeans have not even lhal 15 per cent is consumed in lists oter 100 Franconian wm-- 
obat, -listen *nd read the papers heard of lot alone had a chance Franconia. .0 per cent in the producing villages, each en.ulcd 
here Even though traumas like to buy. the situation is suffici- «st of Bavaria, leaving only la to its name on the label men if 
Vietnam and Watergate are entlv serious for the President's Per cent for the rest of Germany often using * district or yrusv 
things of the past, there seems chief domestic policy adviser to 3n< * f°£ ex P or t. which takes not /ape one: while tne Repp'.'rndorf 

to be a sense of gloom about, draft a memo earlier this spring more than 5 per cent. union or co-operatives or *mc«. 

which is most striking to new- stating: "There has recently Moreover, somethin? like a [ rom . w j?£ s carries a . 
comers like itivself. There is a been a perceptible decline in quarter to a third of the average beanng i40 different site naine-s 
feeling that for some reason or the kinds of industrial innova- production of about 25 million and labels— a stock-con millers 
other things are not working tion needed to ensure both litres is sold direct: ■* at the nightmare were il not computer 

nut. Some people even refer economic expansion of our indiw- cellar door" For example, the pr I^ r ‘*V ,me *l; . 

darkly in historic turning points trial sector and continued U.S. huge co-operative at Reppern- ‘-'n the other nano, production 

!Ste“ c ad but uD«cidaft'.;.^.ubg 

best wine- villages are- probably-.: however, arising 

----- * *“■ ..%| b |-.. IHL'il U‘ r -iC 1^ im- UV UIC Uiuci tiiiofevoi ._- .- . < t .iipAaCC* TlQlflDlV DOV 1 ■ -f". AW.. 

union or co-operatives nr .line* private Castell estate on the conceded. however, that they f?®™^ 1 ^ s wiAclPYTpY^he - ^r 'thcise: Vho--sfc’. at;lmi 

frnm QA t- i 1 1 u ooc n*. clni’t A ..o»ArM avtramSK- r % f tho T^PAll- thC ITiOSt Widely knOVlTD. -.ufttS, 1 XVBl’ik^F 3DU ^ «. M aMb * Is .'jwiimih? >,! 

and wonder whether things will technological superiority." dorf. in the middle or the rolling is. nut so fragmented as this since the last world war The Nevertheless 

... . ii nnimii'i.' a-ict .-.r Wi'inNura cr>(k nil^nl HTinlV. hpraiKP Fmnpnni^ I family W0T6 JUi.K5> TO Dc . - _ _ 

a sreat vmeyara area, u numerous m spite ot me snarp-^w.^ 4 "" - nimctilious •ESctwnia.orier .-tiumpe^a 

out or production after the Tbiry reduction under the 1971 German rraans Y^ e gr J^ C QamS Kabindtt- -' 

V“» « ar : and *i” |»*. • qg«gi5^Bt 

ever work out at all. 

It comes as something or a A 

surprise to discover that in the VV OllU bldgC 

counlrv ea;t of Wurzburg, sells mighi imply, because Franconia Castell family were lucky to be ^ 
direct 28 per cent or the S-I0 includes some of The largest allowed to plant 120 ha of vines, 
million litres it market* on be- wine estates in Germany, headed for in spite of the real shortage 

places .that matter, like New 

York and Washington, people What seems to have added to 
can be so anxious about what the these worries is the growing 
Tuture holds, and for Britons, feeling of ineffectiveness on the 
the .stream or self-critical and WO rld siage. Is it because the 
morale-sapping items in the Press U.S. has a President who finds 
and on TV look depressingly j ( difficult to handle international 
familiar, especially when other relations': Or is the country as 
countries are held up as 3 whole losing its grip, like 
exemplary. other great nations in the past 1 ' 

It is easy, of course, to get the The failure to get anywhere 
wrong impression from what with the biggest competitor of 
happens on the east coast. After a 'l- the Soviet Union, either over 
all. Detroit is churning out Africa or disarmament, appears 
thousands of cars a day. oil is to have revived old fears about 
gurgling out of Texan wells, and Communism. But because of the 
the harvest is ripening in the way attitudes are moving there 
mid-west But as the conference is the extra chilling thought 
board's index showed, something that the Russians could soon be 
is up, or rather down. in a position to overtake the U.S. 

Absurd thoush it sounds, this 
Tnflation * dea cr °P s “P frequently in con- 

XilliatlUll versa (ions among ordinary 

Americans. 1 have even heard 
Economics have much to do well-educated young New 
with it. Inflation is getting worse. Englanders express the view 
and people are wondering , ' 1a f the_D.S. ' peaked in the 
whether there will ever be an ear *y 19i0«. and that the only 

million litres it market* on be- wine estates in Germany, headed for in spite ot tne real snorxa e e . • - “Si -, oat - e * innlr fnr nnw These -.-are ^ --'hiidiIr1'-Shiiahla'- ; 

half of its associated smaller co- by the three great Wurzburg m- r.f wine in Franconia, any exten- Cm^J. - *» VA *f**' oll > oktor noyf ; 

operatives. Then there is the stitutions: the Hof-Keller-i uhe sion of vineyards is nearly for- Germany, the Riesling norcoaUy;?are 1975 and 197 b- ... vpnes. ^ 

lolds. and for Britons, feeling of ineffectiveness on the 

am of self-critical and WO rld siage. Is it because the ^ ^ 

ipping items in the Press U.S. has a President who finds 4* EZ^ € 

TV look depressingly ji difficult to handle international fiLy ^ C 

especially when other relations': t.*r is the country as ^ ^ ^ k - 

are held up as 3 whole losing its grip, like 

T- other great nations in the past? T1 * "B ^ Tl JL 

isy. of course, to get the The failure to get anywhere M Cl W dTfcT 

impression from what ^‘b the biggest competitor of IJ 1 1 1 1 1U iX IJ 1 C l 

on the east coast. After all. the boviet Union, either over -* - ^ 

roit is churning out Africa or disarmament, appears . , , 

c of cars a dav § oil ‘s to have revived old fears about BRITAIN S annual racing show- OBnens former av> 

out of Texan wells, and Communism. But because of the P^f; . R ^‘ 1 c A?'? t ^ hl ±, f °r J!i cl, * c Li^ u "? c , 

lould give 
er chance 

CC — These ttieitrei accept certain credit 
cards br telephone or at the hex office. 

OPERA & BALLET ■ ( i?T” r ’ p'aul ICOFIICD . .- 

COLISEUM. Credit cards. 01-240 S258> - AR JREVOK 

Reservations 01-836 3161. • * • BRO N ■ PEACOCK 


Tont & Tomor 7JD Conservatoire: A FAMILY - •_ 

GMIc. Thurs & fri. 7-30. Sat 3 A 7_S9. : A nn Play bv ? ? ^ D _ M AHWOOD . 
Sonlnc Fan, U Cbatte new wwjn.. . Directed by CASPER WHEDE- 
EiDdes. 96 balcony seats always avail- 1 __ csn . 

t a*sisiant punters who knew their fate w B itb 
Kauntze has the Forli colt two furlongs from 

class flal racing — gets under way Currash s Marble Hill Slakes fast t hance in the one-mile St covent garden, cc 24o 
again today with the ground time out. James* Palace Stakes. u-rdencharaa creort^caros^BM 

— ■ 1 — * Sent into the lead a cmarivr But for the presence of Tomor. a. sat. at 7.30: uow 

r . . „ * por'itn Rolf! a ronfirmfid tOD' T^iur. at 7-30: Birtiff 

. _ of j rrnle out, Codimm^r. Per>J3n ooia. a coonrmea at 7 30 . Falstaff 6S Amph i- w 

RACING a 'f«P'r Pf'Sht Welsh Saint o '' b f^™ u ?2 m ,w ?, 0 ™22St ft 8W! , fi£3!S,. , ME. VK 

>»v nnkiiMi#- u ,.-.a V coll out o£ that speeds inarv tnm at presenu u opefls j u i v ia noi June i- 

BT UUNINK. WIvaArf — 1 * — 

-• whose 


WREDE. ~ : A, MQMX WOtg. • «CjE i> yOU 

01-930 6606. £<tqL at 

L? --d Shattnbury AW WC2 IHIotr lfalborn M) 

... t£«5. aL_8.0. . 

L.£ K ?* r '' "'tit li' 'mii*lc41, hS ■ WnrrthiniiiS ■’s.^VlIr,. 

:0 VENT GARDEN. CC 240 106«!' . Ofi^M^br^URT^ME^XJVB ’■^barno 8901J- W*-- ' : Cr«»tU^d. **^±*#*% »T. ' l'. 

Tomor. A Sat. at 7.30: Lotaa MUiw. Forsyth,- Sun. Cxoress. ■* Th« audience SHAW THEATRE. ' . ^ 

Thur. at 7.30: Madama Butterfly. FrT.' ' cheered." Sunday Telegraph. ' Evenings T.30,- Mats.; Wolii’fcaO. * J - . 

at 7.30- FaUtafl. 65 Amphi' seats mll'.T — — — Tuc ._, ITTji •" ‘lit TAUCINe ASOUfJfiRUSALBi. 

lor all owfi from 10 am 4»Slv Ot part IQNCX ROAD THEATRE. }5_2_ 7460. . .... _ br -ARNOEtJ WQKEII .... 

S25 JSrWS^ f&T JU ' T - M ° n ' , m« T F:OCItY °HORROR^ show 9 -“- STkAwy o T -^^ 2660 

op«u_juiy_i_ a ,_ wo t June_i ; . iutaw in its 5th rocking year MSL_ ^Thurs. - so - ahd; J Jo. 

Pianissimo. made his’ 7.40l» would probably pay backers to glymdebourne festival opera, umj .. thT^GREAT 'rock* 1 h' c ro ll musical 
guineas yearling purcha*e-iag opt for Formidable with ^8' ^don palladium, cc.. 01 ^ w 737 *. 

appear one of the scoops of last confidence. InTV* «* Vio'^wt Mon.. tSS. .mm. ”1 wed 

autumn with a cleverly -.-fined As 1 ) is. be can be only a tenta- onh. Bol ona!*G$!££ * * a * s _5J_ 6 12JlS?K' 50 ' 

VlL-torv uver Park RomihIi. live choice to confirm William bourne. Lewes. E.Suuex 10273 81 141 it.- • E2.SK, WSSSFo--.,- 

lWEATRE. RosebMv 

Mon.. Tues- Tours, and Fri. at 8. Wed 
' ' and Sals at 6.10 and 8.50. 


In a Spectacular Comedy Revue - - I 
Your best chance to see "The Two 

-br ARNOLD WgKER- .... 
tANDT 01^33" 26pO..'E)rtmlnBS 'v€r.9oi 
lat; Thurs. -3.0 ■ Sats.. -■ Sjso ; and ■ J Jo. 

..- NO' SEX.P IJEA5E -r--d 
- ‘ • ••- WE'RE BRlUSH^Vj-.-- •- - 

. . - .LAUGHTER MAKER- . . 

• GOOD SEATS £4-00-£1 .00: , . , 

ST. MARTIN'S. CC. 835 1443. -EM.-8.00. 
MaVnee' Tues. '2:45. SaturrfaVs . S and' 8. 

. Until July 1. Ewga.T Ronnies Revue" at the London PaUdlam I 
First time in- London I ts to book non far the performances 'thla 

day'run out — a traumatic pros- Americans obviously have' ‘ [h mgs Ribblesdale. could aaain see !" 7 va J* u J es . i^ t nl 5 d irr j3 t ve .?'! l 'i their 
pect which takf»s on almost to worry about, even the pitted selective backers coming out on ‘° r a, J’' f lf n ' V,l ‘ d ^. nt a greal elude 

1 Agullor's 
and Hamenco. 



26th YEAR 

seven opponents who in 


metaphysical dimensions here, streets and decaying buildings of l °P 

of beat in? today. 

hide the Irish 2.000 Guineas adelph, theatre, cc at-aab 76tu 

winner Jaazeiro. both in the 

Alsn. Consress' ruilure to come impoverished New* York can't Two on whom I will he relying I lake I'iin to justify hi.^ ddf)Ck and ^ ^ raC e. 
im with an enersv Bill after more i Fmm F.iir.inpan PVPC ihat this afternoon are Coalminer, illustrious reputation with a ' 

up with an enersy Bill arter more conceal from European eyes that this afternoon are Coalminer. Illustrious reputation wan a 

than a year's intense squabbling t hj s \ s a powerhouse of a among the runner* for the clear-cut success over Lake t-Uy 

has rar«ed questions about the country where opportunity is Group FI Coventry Stakes, and ami Nocturnal Boy. both of 

country's ability to govern itself wri , | a ' rse Perhaps what Ameri- one of the first representatives whom may need more lime 

— again an awesome thought. can<! 0ll | h , , n b e worrvins about of a 44-strong Irish raiding before show nc their true w-rih. 

<„ rt mi.rtf.r- S i; ,h. Fa ei that’ thev .re Dirty, and Formidable. Who goes Peter Waiwyn has made no 

But then people start mutter- most is the fact that they arc om ana rmium*.™*** the fact that he s. 

18 about grave underlying losing sight of their own wealth Jhe Sl James Pal »« «wi o. the fact h t he 

.trends, like the declining rate and strength. 

Stakes. believes Formidable to be 9 

Coalminer, for whom Vincent class performer and iho*e 


2.30 — Uncle Pokey 
3.05 — Gunner B 
3.45 — Palmerston 
4.20 — Coalminer** 
4.55 — Cherry Hinton* 

5.30 — Formidable*** 

Evgs. 7.30. Mats. Thurs. 3.0. 52 U. 4.0. 

(RENE . . 

Of 1976. 1977 and 1978. 

IRENE - ■ 


Sunday PeooJe. . ., j 

Sunday ‘June 25« at S and B. • ■ ■ 26th YEAR „ • , / 


RIC THEATRE. CC. 01-437 '36BS. • B.OO. Dining. o»Nl-:7.1Sl 

Er. 8.0. Mat. Thun. 3.0. Sat. 54 & 8 JO. * . ' 9 JO 5uner Itend. V 


COLIN BLAKELEY ■ ■ - ’ and -at It Ml.-.. . 




WAV FAIR. 629 3036.- Reded, price prrvs. VAUDEVILLE. -836 99B8, CC. E»^ 8.00. 
26-28 June at 8. Opens 29 June »t-T / Mat; Tues. Z.45. 5aL S Ijl l. 

i £3 and £1.50i- " • ’ Dinah ’SHERHJAW.nDutCle. GRAY,- . 

ALBERT. 836 3878. Party - Rates. Credit 
card bkgi. 836 1971-3 from 8.30 r.m.- 



MERMAID. ~ 248 76S6. Restaurant -248 
2835. Ecenlng 7.3a and 9.1 S. 



Re-enter Awtna ^wltt . another wio- 

dunntt hit. Anatha Christie is staUdnathe 
West End -yet again with, another of her 
fiendishly ingenious Inurder mysteries.* 1 
Felix Barter Eventog News. 


Bop* JVn>^_-jga,4733^6.„ _ 834 1«1». 
. ... t * P .- • STRATFORD JOHNS... . 

8.30 P.m. Mon.. Tues- Wed. and- Fr». A' plav lor actors an*} orchestra by TOM 
yhSlJaSK V.'laH 1 - AXK-SSJ-fi -STOPPAPO a. ANDRE PREVIN. Sat*. £4. 
A THOUSAND TIMES ■ WELCOME- IS ■ L5 and E2 “A wort of true theatrical 


ABLE TO SEE IT AGAIN." Daily Mirrors 

TV Radio 

serriuv ' Sunday Times. 


rimes. RATIONAL THEATRE. ■ . 928 2252. 

INERl OLIVIER (open stanel.-Ton't T.SO Tomor. 

O BE- #2-45 and -7.30 THE CHERRY ORCHARD,. 
UrrorL (tiY Chekhov -^yans.-. M • Michael . Frayn. - - f-.* 
*LYTTELTON- Tproicenlum stage.. Ton'll 
5*32.’ r ■^-.Tbmor. ;7.**>CUND«R At -Bed jw 

. . " L . SHEILA- HANCOCK. -. ... V 
- ANNir . 

’ t tom nas -T Jttr-MatK : ww.wodM. 2 - 49 . 

.LDWYCH. 836-16404. Info. 836 |832.' f .^WnBr. .7.4% PLUNDER -tot -BoA | WAREHOUSEr Oonmirr^hreitt™. /Cogent 

ROYAL SHAKESPEARE -COMPANY ,n • r. T - . . 1. - j Gatdtn. -.8% BBM -^OY»1 -H»aIc«Rw*ra 

reorno-re- Tonight 7.30 Strlndberq's COTTESLOE /small' aedRortumr^Thor. and i .Company. -Ton-f 8.00; Qarkt Edgar's 

a wonderful piece ot work." Tnresj David Mamet. , • I " Theming, piece of 'TheMm.” Guardian. 

t Indicates programme in 
black and white. 

9.00 News. 


9.25 How To Be Your Ow n Boss. Ireland. 

BBC 1 

10.15 Cabaret 

11.00 Tonight. 
11.40 Play Golf. 


6.40-7.55 am Open University. H-40 Play Golf. 

1.30 pm Ragtime. 1.45 News 11.05 am Weather Res 
2.00 Royal Ascot. 4.18 Regional All Regions as BB> 

News for England « except ^ following times:— 

London). 4.20 Play School. 4.45 Ti . , ... . „ 

Goober and the Ghost Chasers. *l*s — SJS54j20 P 1 ” nf.^f 

5.05 Wild track. 5-35 Roobarb. T°da>. 10.15-1 LOOW ales Down 
_ Under Rugby Union Tour. 12.0a 

5.40 News. ani \ e ws and Weather Tor Wales. 

• 5.55 Nationwide (London and „ . -- cc « n n 

South-Easi only). . ScoUaad-5J5-6Jn p 

SiO Nationwide bcothnd. I2.0a an* 

6.50 World Cup Report V\eather for ScoOand. 

7J0 The Feather and Father Northern Ireland — I. 

Gang. Northern Ireland News 

8.10 The Standard. Scene Around Six. 12.0; 

fid Weather far Northern 1140 Wcatrfde Nodical ^^Tt-SfoaSS gSSK 

Ireland. 1— 2o am Uosc. A painiing b> , i0W . ls Y Dydd. ujo BywrJ— c*tin 

F ne land — 5 55-6^0 Dm look tonslablr with music by rik-Mp' lias World in Aeiion il» 

tnglana — iJ.M-bJiW pm look Elsar 12. o am Celchrnr Squares. 

E . asl . ,? l? rw fc h,: Lu j? k lN ?. r k h All IRJ p uiinnc l i.mti.n HTV W ** t - A ^ »TV 'vdoral Service 

i Leeds. Manchester, Newcastle). All IBA Regions as Lundun i>ao-ioo pm Rt-oon Wrsi Read- 

Midlands Today ( Birmingham »: except at tlir following limes:— hm-v usajb Rcpon w«i. 


With- Shaknueare-s CORioLANUS (next M ,l,v L. el, " ll 1 er 'L [:hM " j! 1 3 «•“£?* ! 
pert. Thurs. 1. RSC alio at THE .WARE- ^. V P * rr C * r J** 1 *.- Restaurant 928 
HOUSE '.m- under W] and at The P m. -033. Credit card booking-, 928 3052. 
dlily Theatre In Peter Nlchoh' PRIVATES i OLD VIC. . ~«n 

Thrilling, piece of Then* re." . Guardian. 
All seats £1.80. Advance- JbkjL Aldwych- 
Student standby £t.,- - - - -.' .- ■ ' 


England — 5.55-650 pm Look 
East I Norwich j : Look North 
i Leeds. Manchester, Newcastle); 


0£436 0283. 


ALMOST-FREE 485 6224. Lunchtimes 
‘One OH' by Bob Wilton. Tues -Sat. 
1.15 pm. Suns. 300 and 5.00 pnt No! 
show Moris. I 

June-SfPtember Season. 


_ An outstanding revival.’'' The ~ Times. "Tremeodou: 
Today. Wed. 7.30. shamty 

SAINT JOAN . Evgs. 7^5 

„. A great perform a nee." The Times. - 
Thurs . Fri. 7.30. Sat. 2.30 an-i 7.30. WHITEHALL. 

by Christopher Fry. Prcviewi Jure 28. FBU* Ravmt 
29. 30. July 1. First night July 3. Sen I 

12.05 am Weather. Regional News points WeM (Bristol); South 
AH Regions as BB' 1 except at Today (.Southampton): Spotlight 
he following limes:— South West iPlymouth). 

ALMOST FREE 485 6224. Evenings. Kurt 
Vonnequt's 'Player Piano* by James Saun- 
dert. Tues- Suns 8.00 pm. No show mors. 

BBC 2 

Scotland — 555-620 pm Report- 
ing Scotland. 12.05 am News and 
Weather for Scotland. 

Northern Ireland — 1.1 8-L20 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 12.05 am News 


6.40-7.55 am Open University. 

10.20 Work Talk. 

11.00 Play School (as BBC 1 
4.20 pm). 

4.00 pm Royal AscoL 

6.10 Open University. 

7.00 News on 2 headlines. 

7.05 A Woman s Place? 

7.30 Newsday. 

8.10 The United Slates Open 
Golf Championship. 

9.00 Rhoda. 

9.25 Our Mutual Friend. 

10.15 Living on the Land. 

10.40 Late News on 2. 

10.50 “Simon Simon.” starring 
Graham Stark. 

11.20 The Old Grey Whistle Tc»L 
12.00 Closedown treading). 

4.30 am Ijdiln-d. 4 45 rh- Record 10J». am Fraturv Film: ' How To drra. Tuvt-Sure 8.00 pm. No thow mom, 

Makvr* 10.35 Fi-aiurr Filiu •* Tins 5u.w-.-ri in bu A m-.-»s Wiihoul Really ambassadors. 01-836 171 1., 

AljUiwuir.'jS." staiTiitt fo;ihia Lan.-n. T'yjRf / irrins Robert Morse. UJO pm Jl'OJi’r 1[ S- 00 - Mat- Wed. 2.45. OPEN AIR. Regent's Park. Tel: 486 2431 
Pui or SelXTi and Alasturr Min. UJ5 pm No its anJ road report. 2JU Red Loner PATRICK CARGILL andTONY ANHOLT A MIDSUMMER NIGHTS DREAM 
A nulla N.-vs. 2.00 CiaiA-aaru. 6 08 pjy. ZJ5 Once in a Lileume. 3.4# Thu To* World-li^^jT Thriller *?,*!?■ Bu?* Ma ?F.«?A Th . , !rL* %5i 

■Ab-jut „«iU 7.00 Sun, -.a: 11 JO Four Royal H.Bhlj.Kl -Sho*-. SOS Cariboo S.» b? ANTHOiSy SHAFFER E LIS ABETH ESTENSEN DAv7d WUTON 

n»v V'undi-r. UJO am AliUluluaT. Crossroads, t.00 ScoUxfid Today. 6J0 "Seeing the olav again k In fact an Shaw's dark LADY OF THE SONNETS 

. , Whal'i Yinir Preblt-nir 7J0 Ermnerdah oner and total loy." Punch. Seat or ices: ! Lunchtimes Today & Friday 1.15; 

ATV .. .. f.»™ “■» L »* Call. 1U5 P0U« ^ r '~ ; P^ £N IX . 01-836 2244. Evenings 8.15. 

1J0- am ll't AljJiiy Thai f adirH tl#.15 Woman. — ^ - — = — j Friday and Saturday 6.00 and 8.40. 


4.05 FrnK-»ur Bvlibarjr 515 Lavi-mc 4.JJ am Havid Niven's World. 4^ Rise "Actor of the rear." Evening Standard i The Hit Comedy OyflOY cerytom 
and Sh.rli.-y 6 00 A TV Today. 7.00 of Mammals. 10J5 -UBumhH” dUrrlng ‘[S ERB-N.oW j LAUGH. WHY I THOUGHT I WOULD 

Emm-rdyli- Farm. UJO Prnish Cano-: Tyroni- Po\».-r UJO pm Southern Notts S ?U7 «t!!° HAVE Dl»." Sunday Times. "SHEER 

Championships 2JM Ho us. ’party. 5J5 Belly Boon. 5.20 -wicSwilyta ^y'' Times. ■ Glorious 

RORDFR Crossroads, b.00 Day by Day locUidllH ' ^ ! CO NTINUOUS. .LAUGHTER ' Times. 

c . , ... Sambemn. 7,W Emijirrdak- Farm. UJO ARrs 7WA TW. -—rrarb' 1 * 83 ® 2,32 : PICCADILLY. 437 4506 Credit Card bic». 

1J0 am Sliov 4 JO * . rt.iiri Women nm pnii... TOM STOP PAR O S . » 36 1071 .a nan . -TTa ‘■ii ’ _ _ '*** 

• . SENTENCED. W> LIE*., .. 
"MUGGER IDGE’S - trenchant-' hUmoor 
THORNHILi’S' dramatic art” ,D. T«f. 

Interariv human, caring- drama** Y. post. 
‘■Tremendous rni«Mct" NOW.’’ * . **l hu 
sharply moved'*- J. C. Trevriu^ 

Evgs. 7.45. Mats. Wed. -T.OIfc Sata. 4.30. 

PI -930 B69Z-7765. 
Evgt. 8.30 . Fri.. and Sat. E.4E and 9.00. 
Paul Raymond * presents-, the Sensational 
Sen' Revue b» thd.CemurV*- 

Nightly at 8JKJ. MaLWeri. 2.45. OPEN AIR. Regent's Park. Td: 486 2431 


In SLEUTH E*gs. 745. Mats. Wed.. Thur. & Sat- 2.30 

Th* world- famous Thriller With RULA LEN5KA. IAN TALBOT 


Seeing the nlay again la In fact an ■ Shaw's dark lady OF THE SONNETS 
utter and total lay. Punch. Seat Dr ice* : ! Lunchtimes Today & Friday 1.15; ., 

utter and total loy." Punch. Seat Or ices: 
£2.00 to £4.40. Dinner and Too-Price 
Seat £7.50 

APOLLO. 01-437 2663. Evenings a. DO. 

PHOENIX. 01-836 2294. Evenings 8.15. 
Friday and Saturday 6.00 and 8.40. 

Mats. ThgivS.OO. art. 5.00 and 8.00 GAPDEN make us laugh." ' o. Mad In 

Actor rftheYear.'-.Iyjnlivg Standard ] The Hit Comedy by roYCERYTON: 

IS 5UPERB. N.O.W. i " LAUGH. WHY I THmiRHT I wniiin 

WINDMILL THEATRE.. CC. fH-437: 6312. 
Twice ' Nightly^ .DrOO- ' anti TOJW 
„ Sundays ff.OO add 8:00- • 

PAUL. RAYMOND preabnts 

■ ; ' RIP 'OFF 


'Takes to unprecedented - Pmus-whet I* 
permissible on., our -- stage.? 'Evg- News. 
- - - -3rd GREAT YEAR . • 

,a IS SUPERB." N.o.W. 
" Wickedly funny.” Times. 

HAVE DIEO." Sunday Times. *' SHEER 
DELIGHT." E. Standard. " GLoSoUS 


Hilarious . . see It. ' Sunday Times . 

Monday to Thursday 8 30. Friday and 
Saturday at 7.00 and 9.15. 

3 40 The Rural HiL'hla.'ul ‘■'how. 

an lw ' :r "? ?r „ •' n '"' Snutf-ni V-us Lxira. U-40 Police dirTyunen 

tl0.4S •• Th- Small- SRvv "" Lj rl *j- Siar«\-un. " Hilarious . . see It." Sunt 

Narnne Virginia .JcKvinij end PUI _ Monday to Thursday 8 30. f 

Trasi-rs. 112J0 pm Burl-r .•■■«*». 200 TEES Saturday at 7.00 and 9.1 5. 

*c£lf p '' 1-M am Tim Good Word fallowed by ASTORIA THEATRE. Charing 

h L , . North tail NtfTO II '-ad Hues and Wvalhcr. 01-734 4291 Mcm.-TJurs. B 

Mr. and« 6.03 Luui .irm .1.1 Tuesday n i,i u Marhln tUJ3 Movie ana Sat. 6.0 and 8 J5 iBi 

i-oup.e. U-09 hor.l r .. .•juiiimary. VlvllfB and i.aunmee UUvter. •• Infection, annealing, foot -ste 

r 14 i \ \ i l 12-3° Pm North liu-si News and Look- heart -thumoing." otnerver. Sc; 

li i.n.'i ill anjund. 5J5 In S*-jrcti ol . . . Hie £6 00 Hall-hour before show i 

1J8 pm L'hjnn-I ':.-ws and Ea -,.. r rslanJ MassarK. 6M Northern j»lcseal»£3.00. Mon. -Thurs 

iv-lia'i on ivh-nr. h-00 !•...■« at Sue LlK .. 7.00 Emm-Male Farm. UJ8 Land- BKTMlSslCAL OF THE 
7 00 \s alt :iu M--*i ward loj liann.-l jjjhi binilogii'.-. evening standard a. 

-C C- “■ - Mr. and Mrs 6.03 Luui Tuesday , « Hr Hin.- liirhu i 

10^0 Simon Simon, starring 7 . M timm-Mai- i am 11 :o The odd ’ JS < Bu • “ idr M i?jmdio 

Graham Mark. Couple. 11209 hor.l-r K •.* Smnmarr. v Jlrt# - 1 ■•uJi and " 

11^0 The Old Grey Whistle Te»L f H A X IN !-l ujo pm North Uuu Newt 

12.00 Closedown (reading). ... V* 1 , , .a around. 5J5 in Search o 

1 JS pm Llunn-I '..-v* and E3 » 4l , r f S i an j Massarr-.- 6 
BBC 2 Wales only — 7.05-7.30 pin Whai i e,i tvh-rv. 6.00 u. ....ri at Six [ l(c 7.00 EmmV-nlale Kami. 

Heddiw. 12.00-1225 pm A Woman's T°? Wairstu w^sttrard U2i <iunnel ^p,.. i 2 jw tipilopn..-. 

a. I a:.- N.-W*. liJO MVi- I*"r< LL2S am 

PlBlC. t'isaars Fra ib*-. ULSTER 

I fliNinfllV GRAMPI \JN U.OO am M-an ih- Leprev 

LUllUull 4 jo am Hrfl TIikik 9 J5 T. , hnoflaO Thc ' Artv, ' ,u “ ri '5 

10-20 I'ash and Ornuunr. 11. 10 i.'odquisI 

01-734 4 291. Mon.-Thurs. a p.m.. Fri. 
and Sat. 6.0 and 8.45 (Buffet food 1 


836 1971-3. 8.30 a rn.-8.30 pro. 
Evgs. 7.3C: Sat- 4.30 B, 8. Wed. mats. 3.0. 

Royal Shakespeare Comoanv in 
by Peter N.chols 
Rloroanng trnsmoh." s. Exerest. 
Ev. Sid Award and SWET Award 

WYNDHAM'S. 01-836 3028.~CredU Cord 
BXgs. 836 1071-3 from 8 JO am Mon.- 
Thurs. 8. Fri. ahd.. Sat. . 5.1 S and - 8.30. 
VERY FUNNY;" .Evening Nevr* - 
Mary O MaHev's smash .frit, comedy 

Supreme comedy on se» and fWgtoo,^ 

Daihf Telegraoh. 

LAUGHTER.” Ooirtflin. ' 

TSIL"? Vlt S 28 6353 company — 

New Season. Prevs. Tor.'t & Tomor. 7.45. 
Opens Thur. at 7. Subs. eves.. 7.45 

" Infectious, apoeallng. foot -stamping and SES7S: — ss — 

heart -thumoing." Otnerver. Scats £3.00? 1 P oi3Sr TOTS^ R Bid ™?l_ C ^ ,n " ) * 
£6 00 Hall-hour before show best avail- ; ° jf go oiniSo' ffiSSwKJ? u 

able seals £3.00. Mon.-Thurs. and Fri : _.t_P°S , li a A*I? ,, l?. rraw - a J Z-°- 

able seats £3.00. Mon.-Thurs. and Fri. : 
6 p.m. perl. only. ! 


11.00 am S--jn >h- Li-pr> 
Thc l.'iul\-r<ca \dvi-mun-s 
X.-ino 11 -IS Animal i'd SfH-> 

Lunchtime Theatre daily at 1.15 p.m 
June 12-23 "A SLIGHT ACCIDENT.” 

Sub. evgs. .8.0. Mat. Thur. 3.0. Sat, 

* S ' M eJL B - 30 - 



•aS. 1 *lf* n 3 SHAFTESBURY A\fE. 836 
GIRL FA). wL and 

hv Tim Rice and Andrew Llovd Webber _5u n -_ 2 -00. S 10. 8.10 Hast 2 jww. 

With DayU Essen. Elaine P*.«c and JOSS i CAMDEN PLAZA IOPO Camdoii Tiwn 
A c * >na -.-P' recte<fl bv Harold Prince *55 24*3. Tavlam's ALLON- 

bow. 12.26 Nows plus FT index, u .30 khI-HW llJS 'Vi r.r.n i.Atui-rt UJ5 B *' ,l " m, ‘- 

Evening Black African Musical. 

The gfris are beautiful bare and 
bouncing." s. Mirror. 

_ Dinner and too- price seat £8.75 Inc. 
CHICHESTER. __ 0243 813127 

Daily Exnress. 

Z *^ Q * 4-35--6-.40. 8.4S; - 
FATHFo n tf h v Pu £ lk - Demand I THE GOP. 
3.2S E 7.ts. ,Xl ' P9S .*■*»- 0.50 feature 

12.55 Help'. 1,00 Parent's Day. • Ann* mbit*?- 12J0 am «. r un .un Lite WFSTW'iRn 

**» Croun Court 2.00 After «n,s e.4S amrn^ rnm^ it* Kmure. 10.10 A Ju ^ 

Noon. 2Slo Red Letter Day. SiO uKA|NaD\ inner Si.jr.c-. 10.3S K.-amrr Kum. “ Thu 

Once In A Lifetime. -1.03 Cartoon 4J3 am Sv^Ym- *’r-r 102s The Loll r,.rl Most Ltk-.-ly To . . ” marriiut COMEDY. 

Time 420 Paul 4 45 Extra- f ' Ian, ls 10.50 Di-:-- • r..- (•••!. un tb« «inckarri rhatinltu 11J0 Look and St*.*. rQr a 1 

•XiH til fliiJ*!. Farm “I* 8 ’*" VJS ^ 12JD "* 12.27 pm flits ilonc) huu's Birthdays. J2.S0 

ordinarj. a.lo Emmordalc Farm. Th , s „ your | iuh , 5 .i 0 ncr. w.^nurd x>'w* urjuiua-s. 6.00 vt'csiwan) ■■ An unc 

Tomglu. June 21. 23 & 24* Wool _C«EDIT CARD BOOm'nGS 930 0847.1 Hms*'’ V^L^ss™* , x>- 
J.“W ?2 at.2 00 ouriiu'c Tuctyar rr nTT.I mr - ! 6. Presents Hon end'c ui^h 'vt-. . 


av&man i? 0 ^“7£,21- > iAffiy ! 8 ^aj^onVquaylI' 00 ' s ' 30 ' 

"O ' I 

For a »-M..aTOI wmoo « t ewjfltl July TG I THE OLD COUNTRY 

ST MARK-S ^m I p,av * !9S "sm Uns.Critio_ Award 

L5S , !? t, %L' * ncl1 Wed. "ai jane. 

SSR'K'S ;.??° ^ a .**. pr «*' 


5-15 <:ros-.ni4.l.- 6.00 • .rwu.>-t.< Reports-. piVrr 7.00 Walking Wr-Mu-ard. 10.28 T ^*^Q P Sat? 0 '*? 1 e°o' Sun^ l ai'' T ' ^ g rted b r_ CLIFFO ft D williams 

' ^ UJ0 ^ ^rVir ^ Spjl " 19W 

HTV ^ wMBBeC-gra 5 ~ccT ~b35 -10 7 T5: 1 w %h5W«vJ? l B? 551 

n * * VnRk CUIDP E "* s - * °- 5aiS 5 30. 0.30 ihurs. 3 0 ™ £ OF 

IS 10 am ■•p-Jo-.-rt InM I" warring TUKKNHIKt Now in its second yeah < c.ji„ 

ilr -on F---V- an.l p-hnnli l r- 12JB pm ’•» am Choirs of the World. *J5 

It- min W.--4 1235 Report Pjr%-n'« in Playarounv 10.20 The Out- 

W'akr Hradhn.'s 2 . DO llmw-iuny. 5J5 wd-rs. 11.15 Phaniom Pilot 12J0 pm 
IMP-.-;.. 5.20 rtro— ru.srtr t.oo Ri-pori Hal. ndar Ncwl 4.05 Lasting Bruuiy 

Stro«. W1. 499 '3737. . 
A**.. , C ond 1 r <* Comfort 1 DSRSU 

I B.%V*a ,u Jn ,n 

! K- 

j a» C2?So. 5 00 * 8,w ?' BoohaWe 

5.43 News. 

6.00 Thames at 6. 

6JJ5 Crossroads. 

7.00 Oh No. Its Selwyn Frogsilt. 
~M Charlie’s Angels. 

8.30 Life Begins at Forty. 

9.00 Will Shakespeare. 

10.00 News. 

10.30 Nuts and Bolts of the 
Economy. . 

r , u Wv>:' b.ts R -pnn V.'dl- - k.JO Ejamcr- 5JS Mr. and Mrs. *00 CaKudar . Enili-y =g=y ,. NE _ — ^.i j—jiTan ' c r ; 

Of the dal-- Farm. It.JO Th - < *urt. I. r* and Bclmniit edutonsi. 7.00 Etumcr- „»SKl B oo \lar.nJe Wed A lit loo' 

HTV Cymro - Walcv — .\x HTV General dak Farm. U-JO The Protectors. * ° °° a OtORUS line 3 00 

CRITERION. 930 3215. CC. 835 1071-3. P U THF FESYIV?. 5Sf Bnl * 

Evgs. R Q. San 5 30. 0.30 ihurs. 3 0 I ™ E norir. 1 OF 


LESLIE PHILLIPS I FlHJy a.r-cbt||f.tiOb»d 



SECOND HILARIOUS YEAR Evgs. 8.30. Frt. and Sat 7 o 6i . 7 nj 9 a 6 « 

• UN N Y " 5. Trl. " Elrgam wpd.humuurM S2, 


1 Understand the issue and 
have a win in court (4, 3, 5) 

III Standard author in Derby (7) 

11 Object to piece in paper (7i 

12 Driving Peg lo New York 
when small I S3 ) 

13 Parent returns to commend 
estimate (Si 

15 Part of London in the Lords 
area (5, 5) 

1G Employer taking part of 
house reporter (4) 

18 Beastly nonsense (4) 

20 Arrived in Street bundled 
like a carpet (8. 2) 

22 Month to desert at home with 
cheese (2. 6) 

24 Egghead to block bar (5) 

26 Sounds like pay for working 
in dark with chemical (7) 

27 Coin's got class (7) 

28 Force spectators into 
reporters' seats (5, 7) 

Strategy of saying the right a , 
thing to Civil Service in RADIO 1 
India (7) S |cr * 

247Tn l^i'.k"'. airr r 12.15 pm M.'ldj-.- Concert. Nrts. 6.00 N*ws. 6-30 Many A Slip 
PJH :. C-.:hnw. .71 -/HI...- s.. 1.00 7J» \V-AS. 7.05 Tile Archorv TJO T,mc 

(51 Stereophonic broadCMt 

'.<*n-N 1.0S Th.- \r: ■ V. ..rUi-. -V-, L2S l‘T V. r«--. 7 JO GoTc Vidal. American gth Scnut.oiul Year. 

ypWat i.u;u-r: nan ; r.rulnii- , Sj 2Jfl r>i4nsi - >rMl h*h 'I 1 r ? J,lo r duke of YORK’S. 01-836 si 22 Mime ■ S> 3.25 1 1 :;|. LlUtV his hlv * n * 1 “’ ar * t - Alaubiiren Evenings a.00 Mar. Wed.. Sat. 3.00 

Mu-...- 425 S- Ini’ ■ ri it., in Erisiul K--»’i«m 1 197^ part 1 i.i« Kudin Hi iS ■ 

■S,. 5.15 Jan Ti-Ij> tS). s.« Opirn 045 Kf*ior. d to Li)-:. Ilrl'irv n slur alum 

1^1*1 ^UN N Y." S. Trl. - Elegant imd-homourM enoag^g"?- gj n 

DRURY LANE. 01-836 BIOS. Every *' e ^u£. < ?: U, { 

nfghf 8 00. Mai. nee Wed. & Sat. J ag .. * "£* Musical 

A CHORUS LINE .. ,_ C * J, *5 e !T a , c ®mic. • Time* 

”A rare devawar'ng. taroirs. attaBh^ng ■■ i , n ,i. Tt^nn^T B P Tef. 

stunner.' Sunday Times. , .TIlS”? Times 

DUCHESS. 856 8243. Mon. to Thurs. J ZqST - VkvT — ^ 

Evening* 6,00 Fri. Sat. 6.1 5 & 9.00. ” **■ L • 585 8213. 

OH! CALCUTTA' 7.30. SuMjav n»it until June in 

The Nudity is stunning. '* Daily Tel. wc >!ti-B SCReATESr ACROBATS iU * 

8th Sensational Year. THE CHINESE _ACRObaT1C 

DUKE OF YORK'S. 01-836 5122 From»ng China. 

Evenings 8.00 Mar. Wed.. Sat. 3.00 1 o n * . ■ — — — — — J— 

JOHN GIELGUD w j ROYALTY. Credit Cards. 01-405 8004. 

L COMrtir R < 930 5252V 

pro? TlVn 6 Frt b °l IC Ml'*" aiI,ra ^f e 8-10 
arog. Mon. -Fri. a. all progs. Sat. * Son. 


sr*rw *-5s 

! -g 00 »'0Q. Ali Mali bkBle atVthm tre* 
! °ri 6 rere /9M 6 11.1 1. 

causing obesity tlO) 

17 Bloomer depressed lovely 
Sir) they sav (Sj 
J9 Begin to sninke to get 
switched on (5. 2) 

21 More stupid point to row (7» 
23 Stone a crowd at football 
match (5) 

\s FtJ4:u 2. 

VH F Radios 1 and 2: 5.00 am W 1 1 ti 

RmJ:C miiudmK l..*u pm rtood Liiii-ti. 

ma ULOO .M:h Kudio i. 12.WW.82 am \W-fuir-b 
•AVb Radiw 2. STatinrt} 

'.Vi*b R.idrij :. .^TauniK; >s. 10 05 Thr Third 

radio 2 u«« »i vhf ^ 

5.00 am x.'ws SummniT. 5J12 Fav t'oland iS- 11.19 \ V-i-m m Eixtj«r 

I 'm,-*,* iJO |. <■- uric .Hid 9 JO haii-mnsi-iipe. h earner, 

Trjinii,K 7 JO Hl-.-r -F ■ t An Mtu-hundi Tl1 " w ' ,rW ‘ n,,u *hl. U. 4 Th.- News QHU 
r-iirat l* 1 ? 4 cun - “ 'pESlSS ,Sl - UM A ?■•** al IWl'**- Th. 

s 43 T, -Ivni FHi.iiui jl WorW TobikW. U.30 Today in 

' 4 ;.m.r , : ,n . |-,:;L. lM to*™**- 12-MN-H5. 

Xel-rmrab Fi-siiul ;i..n . Tipnvll „ ,. . . , 

STatinrt} -S. 10 05 rh « Third BBC RflOlO LOnuOll 



From I'XMing C h ina. , OOEON MARBLE ARCH i ni >fHT y. 

‘LTY. Credit Caro*. 01-405 8DO4 CLOSE ENCOUNTERS ’ OF tm niiini 
dav-Tlnirsday Eveivngs a.00 FnS»i ! KINO 1 A." sS,™ °V, J, 

' in,, ,s 3,00 aM B - oc i --**: 15 - 7 -59- All seaa bkble. in F adva«e. 

5«“hm-n B-65 If.Mof. d 10 Ll)-.\ Ilrl'irv n slur am, n In Julian Mljrhell 5 Mon<iay-Tiwr«rfay Even-ngs a.00. 

U,® r,,J 9 30 KAl.-Ptas.-ope. Weather. 10.00 * NATIONAL THIMIM PRODUCTION S ' 3 0 •MjJ aW&jt. Z.Qo a: 

Aldebuixh T ''" w '? r ^ 7'fH* , *_, J ?ti,15V '^Sjb tIJ 7, Bri'Uantlv wittv ... no one should BUBBLING BROWN SUGAR 

rliiu4^ull ,Sl ' tlJIO A Hoc* at Ik-dtiltte. U.U Th. min It, ■ Harold Hobson > Drama I. intunl m Celt Mu*.C»l o! 1977. 

1 ' ii,..., WnrLi Tiinudif. U.30 Today in creoli card ies*r«Aiions. Dinner and' Bookings screwed. Maior credit 
" V .riljfti-n 12.80 V-»s. Ten- price Scat £7.00. 1 Soe-ilal reduced rates tar marine 

Tilt TTlfrd BBC Radio London 

Moor-.- wii!i The Early Show iS. invluriing ^-nabip on r-Kor-U -s. u.15 jj^ws. UJ lloinr Rm ' Glib GARRICK THEATRE. CC 01-836 4601. 

P»» 7J2 Tomw-s Si.fcub.-n SOB*. *£> 1,^1^ S SS 5US! A Z £Jg°- 

20€m and 94J VHF 
5.0fl am As Kadlo 2. 6-30 itunh Kuur 
8.M UiHon Life. 12.03 pm Call In. 

rairruiwc. BJ6 2238 Evs S 00. Thurs. 3. 
Sat. S 00 and 8 00. 

Muriel Pavlow H MI5S MARPLE In 
Third Great Tear 

ESincSn «w. aM °'° C ! ,n 


Best MnlitH o! 1977. 1 Hfr M EL . .55225® 

Boohing; screwed Maior credit cards ! See perft hiV * 

Soe-Hal reduced rates tar matinees Ifm ! °7" ■ ' <n , e - , Sun. , 2 4S. B.IS. 

a liimtid per>M onlyf. 1 & S ‘ 4t * 1,4 5, Smm 

25 Part Of world where first- 1 Wosan I S ■ mcludici; i;: r.i-.iiip Bnllnin 



2 Sportsman is not paid to take 
a friend to ancient city (7j 

3 Try one way to become a 

writer tSl 

4 Wine to take to uncle's (41 

5 part of Derbyshire conies to 
full stop at busiest time 1 - 4-61 

6 Part of train terminal in Bury 

EHDE0E 0E00H EEfi 
0 E G B El n-n IS 

ncaEnanas nunur 
□BSH □□□□GQQQQ& 
□ C D GJ El B U 
HEacaan Hjannen 

B O B E3 B 

B B H 0 H 0 E 
ranaranncaHQ mum® 
m n 0 B E B E3 B 

" ao T.i"™ SJ8 All Thai J art UJB Lat.' NiRhl 

Class sex-appeal turns Up l4> JEKSSi^PjfS 1 DAnirk e London. 12.00 .Vs Radio 2. U am 

solution to puzzle S3T« y.S5>r Z£r™ZJ“.l RAD '0 ■* .. 0m ., 8 . , r „ F gs™ T £E-oS) -■« 

No 1 696 iRcludms 1 -u Spmr. Dust. 2J0 David 434m. J8,,ni and M lenti 

Hanuiion <s. idvIiMibb 2.43 Spons Dt-k 6^5 am News. 6.17 Karnuic Todav. London Broadcasting Gdn. 

gf— gg * a a SnonT' ? 0Ui i, ***■ ^ 26l m and 07.3 VHF gum 

a^jayaasi ?25l 

Folk 7? 'S'. 7 JO Spans D-.-sk. 7J3 un | fi .v" - a . t «*•«» ** BrlanllajesShPw. LOO pm aL an 

,b t - Third Bear -S.. «JU Nirdnr* jSrs. Sus Sm K j 5 n- Hi -i'tES' * a i» 

Michael Kitchen 


«h N i Property 

jLosc theatre. oi-437 isdo. • “^JdentjaJ Property 

Third Bea: 

3.00 CeuTMc 

e» 05 o. is. wed. 3.o. Set. bo. b o’ i Appciintmeilts 
P * UL BEN°A^i^Wf{iTi3aw Mc i S ENJ:if * ; Business & Investment Opportunities. 
alan atckbour^n-s^ncw comedy j Corporation Loans. Production Capacity, 
"This mu%! be the lupornt laughter. i Businesses for Sale /Wan led 

t£S£ I Education. Motors, Contracts & Tenders,* 

niruincr. prn,f.,iniii.- , wa - s> i_uu 

Pbe -VurlJ jt rtfit. 1.J0 Tin- AnJiers. 

JliriniKhi including 12 oo News. 2.(0- 1^55 VVwlhcr; pr„<r..;nni. ,k-.vs. UJO rjinital Radio 
2.U-m Xetis SURUnanr. The WurlJ at «•*. 1.J0 T!„- ArJwrs. 1X3010 . 

ninin 7 ,rj_ «toppa X- \TIF L4S Woman f Hour -si^l-iO-ri^ 2 M-2.95 IJ4DiaBfl Ja.» j nr 

■ RADIO 3 *Wm, Stereo *.» HP ^,. wS i45 rji ,.. n Vll(l • k( ,, |hi r JB g i.go am liraham D'.tw's .Shnu 

6-55 am Weather. 7.00 News. 7.05 y.-ws 3.10 (?»■;: umc i ri ,j,. ’ prune 'Si. 1.00 Miofaarl Asod iS ■- W.OO D4v,. i 

OTiruiTC -S'. 8-00 News. 8.05 Warning Min IP or "l:ve” from |l lv Huuse of Cash iS'. JJO pm Pnvr Scett *S>. 7,M 
Concert'S-. 9.M N-yws. ?JS Tlii« bVk'i cumnions . 3J5 Mnjvy R-jt. 4 os News. London Tutor iSi 7.30 .wmh i.un-’s 
Composer' Ch«rubmi -S'. 0.55 MW for 4.05 GeNlenei* i,»n -rmn T-in«* 4J6 Th<> Opi-n Un* 'S', s.m ?jidir Itorar * » -mr 
rluie Phi fh -i no <s. 1BJ5 Mai'h-w .if *,« l r«-ni 1 .. h|lun in Mnllur Wwikln'l l.ikr || it; -. U.BO T»n» 

1^0* ke and 111* Cnr.r?ni on ra !•:■■■; rurt I ■*<- rnni-T Afon U *m S.W P*! R.-porlx 5 M Urdu's L-i- 'Si. 2.00 am MiLi 

UJO Interval Reading. UJ5 JlaitlhW Serewljpiiy. 5J5 WeaLhcr: orogramme Smith * Nlshl KhBht tS». 

nblr enjoyable evnmno " Sunday Tlm«. I -uumuto, aluiuib, yun 

Greenwich theatre. o 5 b 7755 . ! . r Personal, Cardeiung 
um .i June 24 Hotel* and Travel 

Evenlnqs 7.30 Mat Sat 2.30. o i_ n i.ii.t*— 

„ tme golden cradle ! B ook Publishers 

Plavv by veals. Synge and Ladv Gregory. p 

f" r 2 w«-fcs only. " The invi stage at Us 1 

br-.i " Fin. Time*. ' flVli 


- Per-;. 


: line 

cm. , 



*4.50 ' 

Jim . 


8. 00 

- 4.50 



18.00 ' 

4.25 . 




IAYMARKET. 930 9B32 i 

E*S. 8. WaJ. 2.30. Saf. 4.JD. 8. I 




waters of the moon 
Mum definitely elwr Juhr 1. I 

Premium positions available 
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^nancial Times Tuesdav June 20 1978 

Paris Theatre 2 


[Aldeburgh Festival 



An spring lunw ioto summer, a brass enseniblp, Jt provided 


jrb'e “ Lucerriaire.” In Mont- corrupts man « bis mnho for 
parnasse, is a cultural pheno- power (nothing new here), and 

menon which may be the pattern whal he ought to do , s l0 
for the future in a city of accepl love (even if. in bis t-a>e 
diminishing theatre attendance - l \ s V 1 ? 0?lep offered by a ma n : 
Con cent rated . . * ,n knickers and suspender belli . 

are two 5^. ldin ? [ n Georges Vitalys alb lei u- pro- 

are two theatres tun 6 L" v ! eor 5cs viuuys amieiir pn> 

an art sallerv. S ■! ducl, on. and with Miitablv 

an art -ealtorv auciiqn. and Wlin Miitablv 

and from fiid in d ihe evenbi- 3 !!; bur,esc l" e and . dB ad-pan perform. 
mUninh. lue evenl11 ? to anccs from .tean-Pierrr i arm.. 

.midnight are'^moun'tlT^ anccs from .lean-Pierre Leroux 
doieBor»S.h2. . s . on,e 3S lh ® Chilean and c.urard- 
or anatber tk? ows of one kind Hernandez as the Russian the 
oF MaJfVsuS ™ ^1SS!SL U *,? 'y e l l disciplined frolic hardly 

•a perfect Suffolk weekend: the some lively antiphony and lovely 
. inn iKo, solos for Neil Black, t»Ut C3H 

dozen or mniP cv,nJ:. r . n,e a * the Chilean and Gerard 
or a'nothw t 5 ®£* , k,D . d He ™?. nd «. « .^e Russian. the 

* ^i*m * ***t *n » *r* r - - 

a Z'earWf “ rSSSSt and is 
studvorln,n?n t .i?.„^ la ^ slJ 5 al 1 . jel,(J . r for beina free from; 

studv nr ■'““suwi ueuer tor oetng tree frr 

theatre would P no’ 11 n Qt v ! n J he Arrahal ' s usual porpb? pa<Mmvs‘ ; 
that while the d ° Ub r show Although one paper's headline. 

S«li«dTe •Jr-S*' ° r r pns;ibi; - ‘V »«H rta 

S^&jLKEr;?. * sa~ 

But the advamsp!! i manifold*, striking phrase seemed largely 
are also *° tb f pnhlic without foundation . 

d urine far tbal At the opposite end of A miliar* 

is an almiwi P nlV ne ,ours there power-abusing anarchy, anil ai a ' 
event and S evftppr^ Cnt sense of later hour of the evening. Cab riel . 

At the m ^n, t L° n ■ d'AnnunzioN curious piece. Lai 

-inuM SS5J! ,hw c * wwh - ,s also cn loving a 

SEine- 1 * r.^nSf l I , K ,l P es wor,h sua-essfiil run here, with .-one . 
: farcical %nr ths‘ rrd ! > ?i' UnUSUally outPla nding performances from . 
Varauerite 1 ^ D?/r S c aU ? IOr; F an Did EJ<i ° n " re Hfrt and Kene\irit* 
- u £f*. E 2L ,ur n Brunei. The director. .l.-an 
ninvs- ^n D '* , l' lch C atre Deluca Roua^ric's. approach to i his 
L« ' a °. e ?,* y pia >’ b . v the of what now scorns dH,-jr|.-nt 

| — 

Tournament armour from Wittenberg and Dresden, mid l&th century 

Washington D.C. 

Italian * “I -'IldJ now »ccnw Ut*|- a n»-ni 

d ^ nnunz, °- one or romanticism, is to injen \\ «,ih 
tifl°n e hv. lece !i- 0f tcxtl ial resuscita- delicate irony, a tactic win, pi 
• #.* a d,rect( jr Ilagranily in seems to go down well. ; 

| A National Gallery’s new extension 

in •.-.-ins K o au« n wen.; 

wWeh ?f 9 nn"i f utJ,or '* intention, d'Annunzio’s elegant phrases .,re! 

Which hannilv iu- “ -imiuiitiu S eicsdiii puiaso -ire ; 

na .P pl1 ^ this occasion even pronounced in mock Italian) 

T„ S ^L W . e "-,- tone*” whilr the aclori behave I 

i«,r C aeJ e e ^ ra ^ bJS - r 0,b anni- with exaggerated gestures, to; 


as a playwright Arrabal match the precious sentiments. 1 All National Galleries are Avenue straight at 

a J ea ' P er haps out or The sculptor whose in i-tr ess : wurih travelling some way to see. The architect. 1. 1 

Swd? 1 book bS “inil St nrT.H? S J° P ’ f p; ! rat ^ him ^ t w * "*** hy Put not always for ibeir architec- "***«* a, aooK. and produced 3 fppdln'' his nntion of ereiilinn ouLside. and cspeci. 

high spirited skit on politics, masterpiece, and who suffers ; ure: and s0- * hei1 , a fireat L0 a distance, like a fori 
The welcome element in Punk, from mysterious maladies, is a ; l,on ‘ s sl S mfitanll -V ausmeuted kind, with im pmsta 

■ ■ ■ | , . SOIOS tor -NCI CiaCK. UUI can 

wind violent and mvugoranng the p ^ cc)v be ^ w be an 

jSun brilliantly penetrating, tne j n ,p 0rtant WO rk. The rest of the 
sea a ferment of constant renewal, programmes seemed to cultivate 
' ; Snape Mailings retains its un- miniatures, as if the strain Of 
cartlhv isolated beauty, with only creat music would be too much: 

• a busy far-off tractor to disturb a fragment of .Taoacek. a Poulenc 
J our cocoon-like world of artistic .Sm/omeila. a Holst Ujnc Moic- 

: indulgence There are John mew . . The only exception was 
’ 1 Piper pictures in the barn, Beethoven s Fourth Piano Con- 
Suffolk Churches photographed verto. an odd irruption into the 
; In the foyer, and engravings by ELU* light programme which 
: Reynolds Stone in the bar. misfired completely; Drautn 
■ j The hero of this year's event Ajcxeev pounded the keyboard 
: 'is undoubtedly Mstislav Rostro- wildij. and distorted all the 
pnvich. Aldcburgh has given work s meticulous balance and 
'him a borne and taken him to its rhythmic precision. 

; heart — a capacity audience Sunday afternoon brought an 
: stamped with enthusiasm after interesting revival, however: 
i his recital on Saturday night — Handel's UMlegro, it Penseroso, 

. and be. for his part responded erf il Moderazo. given by the 
; with playing overflowing with Festival Singers and the 

• generous ’emotion. His bulging Northern Sinfonia under Peter 
Bach, in which huge waves of Aslon in a discreetly cut version 

! impetuous expresiveness quite including all three sections, ff 
. remove any feeling for the jllodermo was often dropped by 
dance rhythms, is not to my Handel, for Charles Jennens’ 
1 i ta»te. Hi * account of Britten's feeble vision of a middle way 
i Third Cello Suite was masis- between Milton's two strongly- 
terial. though: a perfect match- profiled characters makes a poor 
ing of technique with content, conclusion to the piece. But 
creating a fantastically varied Aston i whn had a bad pre-concert 
texture of sounds, by turns fall, which may have accounted 
yearning, hold, flamboyant and for some flu^i^b tempi tbrouyh- 
ivrical. out ihe afternoon) showed that 

* i ’ Besides his plaji n ?. what will lhis third pari is worth doing 
I Rostropovich have to offer the if only for its languorous duet 
L Festiial now that he has become and solid final chorus. There 
■one of its Artistic Directors? Nnt is much more to revel in. henv- 
much on the evidence of this ever, in the earlier sections: the 
year's programmes. Inevitable. J large choir characterised well 
•suppose, that Britten's works both the hurly-burly of the town 
: should still provide the highlights (“Populous cities please me 
1P of most concerts: his lovely. Jafe. then/.And the busy hum of 

designed what look 
outside, and cspeci: 

■ en J m Purtk - fro,n mysterious maladies, is- a ; ,un J s au 3 mcutea kind, wnb impressive towers ana nave supposed. Ann oeinw re inappropriately sung by a solo number iuti. sluinberins repose 

,s tbc speed at character whose lofty extremes : b >’ * he accession of bricks and curiam walls. and deeply ground is ihe largest exhibition of M™- ■ ” Hotter ! quintet (ihough beautifully was splendidly done. Special 

•which the typical Arrabalesquc seem worthy only of condescend- i mortar, we can only applaud, guarded entrances; but its ele- space of all well able to take apers0 °"_ a ^ a1 ^ p ' th ^ : shaped bv Peter Pears' direction) mentions for snprano Nonna 
fantasy unfolds. Two secret ine pity. ;The new East Building of the Bant geometry, the sharp, clean ibelargc-t ..f shows and cur- Jw^mw aketo »l mrtudetg ? two -J^^uTday afternoon. Burrowes and organist Charts 

agents. -one a Chilean, the other His great work is almost .National Gallery of An in «nes. its sheer and unmistake- rently full unul Sepumber 4 L iff jStuw naifflS Sd But is the evidence Spinks. It was diilicult to avoid 

a Russian sleep in adjoin inn destroyed bv hi s mistress, hut! Washington, it is true, has able stylishness, make 'it far of The Splendor of Dresden LfSin? s! IStfonal ! of adventurous renewal? The the conclusion that Aldeburgh 

rooms in a hotel, both apparently sa^ed bv his faithful wife who l excited its fair share of con- |>om daunting a cultural block- The Museum naturally l r . narrow in such I Festival must find a new voice, has fallen mio Jennens’ trap, 
■telephoned by the same, head- loses her hands in execution nf'troversy: modern architecture house. enough, would wish to bring in eir ra g Friedrich for : and it surelv could not be con- however: the Festival would do 

telephoned by the same , head- loses her hands in execution oftroversy: modern architecture p °use. 11 - « L •* ormd comutnv Friedrich for j and it surelv could not be con- however: the Festival would do 

quarters. They are also tr.rnv this gallant deed. It is stylishly, makes as many people nervous . And * on 5 e In ll f. affa,rs ^ 2vamni^ intcrVstine though he tent with this weekend’s new well to follow Handel, and throw 

vestttes. one as a Red Indian, performed bv all the cast, bunas does modern art— and. in a ~£ ver ? ei>s Jb rt ?j en l l* ore i d «P a i en L u * ah , B^nimue. and all ■ _ p ■ . see £, s f ussy aD d work, the European premiere of aside moderation for 3 while — 

the other as a Wagnerian prim a except for a’touching enenunt or ' city as unlucky as Washington traP ez0 > d ground-plan is sis shows do have a certain por- *_,. y ^ — u n^ina Fri. -tor's SUnfnma a lirttc more na.«ionace iov or 

♦tonna. w : hile in addition the between the wife and a graceful 1 has been in jts more recent 
Russian operates a fi^a circus, nvmph. it left nie feeling that: public buildings, we can hardly 
and they are soon joined by a while I was hanpy to have become : blame the natives for being at 

widening circle of vaudeville acquainted with d’Anminzlo us a times just a trifle nervous, J ^hbanMed ' figure ho us in- the here it co» urehensiveiv • over^ and Drawings Cabinet. i 

arntesoues: a former S -S. jgent. playwright, his theatrical love! their best view disappeared Slarcer isSeles shadows ihe oibers Sub-titild As for the old master paint- - - u | , 

a hlu-Wux-KJnn figure induced affair with the celebrated • behind yet another pile. Now t .Jnturli “5 fS. incs. tbere is little to do but list Festival Hall 

by a dose of nnium. and so on. Eleonnre Du<e still held more: that it is up and 

Arrabal’s idea is that what intrinsic fascination. 

«nni ie« the more naturally public part, “Five ventures of Art Collect- mcs. there is little to do but list 

with ils base indeed forming the ing.*' it is a package sent 3 of l J l ? major tredts. the 

isbine, thrj are enlrance f ron ^ s i VC n over to ex- over by the East German works speaking for themselves. 

$n thny shmild L • I _• ... .. TaiIoc u'o i-nmn in Vnriu. mrinrps 


Don Carlos 

• *u_„ - wuu in ud>c juuccu iuii ulus me iuk. i, a seui - , . 

SxhSSSES^S^E hn.OH entrance TronU given over to ex- over by iho East German works speaking Tor themselves 
all delighted, and so they should - io Government thai ic [itprativ Today we c-omc In know pictiires 

«fhe A ths,t eV oniv l tn Nl \Vish^ngtnn Bul en,rance hrin S s with it a dazzling in its detail, disconcert- wy th -nd We «, d °’ /v-erv 

«.ibe. that only in Washington considerable surprise, for the ing in its variety, and almost reproduction, and .o 

; would an ordinary building, by t q s jtor moves into a large, stunning in its splendid whole; museum Jhal new to us. and 

covered court, ringed by wide which is not to complain, for all e ve e « h i i*’ V ^ n , wItp" 

remarkdble, need not rankle balconies, that would seem to that one risks severe spraining might v. ell contain a favouitte. 

»« «P Pllrt. .nlrtbl. spar., a, fte s.njbmy Srt’K »l ff. •! '«“ ^ 

Previn’s decade 

remarkable, need not rankle 

Tbe East Building is indeed 


Andre Previn has completed Lcs From'.v-jupes at the begin n- 

ELIZABETH FORBES marks a level of private lazily over tbe central concourse: much, iike trying to lake in the 

generosity that, even on the a targe Caro perches oddly on a V and A in one go: bul not 

There are almost as many malic demands made nn him by , scale of American benefaction. j,igh shelf, rather losing its quite, 

varieties of Verdi’s .Don C.arlos the producer, and is especially i stands extremely high- Just as true scale— and. apart from one The Electors Df Saxonv were at 

as there are of a well-known successful in conveying the i n»s father. Andrew Mellon, built or two other commemorative various times, in the ’sixteenth 

brand of tinned soup. Tbe Ham- depths of Carlos's despair in the * nd , ^ve “ e National Gallery commissions, a Miro tapestry, a a nd eighteenth centuries particu- 

burg State Opera's recent prod uc- second of the three duels uith 'tiseif to the nation, some 40 new Motherwell, a dorains^ins larly, prodigious collectors; and 

tion uses the revised critical edi- Elizabeth. Mara Zampien. who years ago. and his collection to Moore outside the door, there is their treasures, though now dis- 

.tlon prepared by- Ursula Gunther took over the part of ElisazethiSo with it, so nis son Paul nas hardly a thins in sight. persed amongst Dresden's many 

and Luciano Petazzoni. This is at relatively short notice, has a (lr ui L t and m ? de a present of There are in fact six exhihi- State museums, are the heart of 

•_ . n . , U V an - -cuwuiq 9VO.S.'.. UC U 1C anisiuimjl W/lll Uie suo- .I then ri^rtu . — o—.- 

Tbe East Buildin^, is indeed giving us plenty of room to move den leaps one asks of it— from a ' 1 know the excitement and then I ^ .. as p r j nc ipal Conductor in S- In days when we are com- 
extraordmary, and not only in j n; b Ut W he re on earth is the armour to norceiain to nieturec shock of recognition, as \ ei - — rnonlv suooosed not to know any* 

extraordinary, ana not only in in; hut where on earth is the armour to porcelain to pictures ine s ? .Ii k 07 „ rec 

its external appearance, for it Art? A huge Calder swings to diamonds. It is almost too rf'und the 

marks a level of private i^viiv over th<» central concourse: much like irv-im> in iaio in ,h» reality fancy tn. 

" u, «- JUUI.H. I 1 RC- iu idKt: iu ine „„ s' .... rimcHnn I . .. „ . . law to near, diiu ur uurinvu ny, 

yon a V and A in one go: bul not And ““J* 1, ~ The 1 o*’ 5 h Ru ? te L r "' this overture more often than 

□g its quite c0me a S rea f p S Us :. 1 1 - i eluded. On Sunday a large D{JW 

-m one The Electors Df Saxony were at .. .-‘S" 'judjence came to the Festival Thfi s jo Svmp hony was 

orative various times, in the sixteenth ?. ldd e _.u_ a _l lb * L H .all to greet him. and to hear iv comoact 'readina ^ more 

l^Sh7;rZs rVnnd e ivec a compact reading more 
ntrtable than most for symphonic 

cohesion.- with less feeling than 
usual that the work is a tamper 
English anthology-cantata, Eng. 
Mus. mating once again ' wjth 

SMr“ ti^A£nilr“iS3B -B»- , ,£!BST" s SlSSr ’ETSSf*' » M somewhft'ellnio'at'leaa.t *nd Cranach, and y«. "w« ‘BSTSyTS 

revised 'bv the composer and first Fiorenza Cossotto. subduing the snectacular site, pointing the And we come upon them once monetary dalliance with other Poussin besides. 'metamorphosed into Ravel’s he out of nlace P SSe Janet was 

m £ Sfa in IsS flamboyance of her usual per- b|»Dt arrow made between we penetrate the lowers, which things. But for me. just as for Tn fa « *2 # 55 Second Suite Trom Daphnis and ^VnhVv Selicate in“* Out on thJ 

B l, 5a d A * ^additS JSSSS’rf Eboli to a more ^dison Drive and Pennsylvania each contain suites of galleries others it might be the Meissen. ^ n-*-. SEr&i? Jt wS the SOS SS 

and variations deriving from the subtle conception of the cnarac- \ 
earlier text. There is no masquer- ter. makes heavy weather of the c i__|_* t | s Ha || 
ade in Act 4 — and no ballet Veil Song, but predictably raises EBzaDetn Mail 
either— but part of the confronta- the roof in “ 0 don fatale. i 

tion between Carlos and his Nicolai Ghiaurov maxes a , » • 

father after the death or Posa lonely, reserved Ph’I'P- whose , A I if^CTVl 

has been reinstated, while the feelings as husband and father • cli. i. 

-finale to the last scene of all- is are saenfied to his duty as a O 

pvnanded n,ler - sincere and moving 

(sjS'SSS® Quartet 

dSSo!"- MW 6^ The Allegri Quarte, 

Letter from Rome 

and admirably showing off what j fres h a nd lustrous enough tmer- 

we might can the new r.cUlty.’^ 1 B i^ 7 ^ B Sff l 1 iS 4 { sharply the feeling of thirties 
h„» nnr sfretchine and rather dis-; ^ ur „,. n .=* D 'l s _:„ Built and unease. Mr. Tear 

Wedekind & Wagner 


Among the numerous pro- Bul it is wrong to talk of. 

but not st retching and rather dis-; curmudgeon ly S® 11 ,, 

appointing in themselves. Alone.- p the MeSssohn — excelled in “When will my May 

r.r in other circumstances they . 0 me slenaeiSiPnn . come but not in the usually 

might have done bener. each a . »* er « >s always someone heanrtg j rres istible “Waters above." A 

sound museum exercise: but i ev * Q , ??***“ Sf * n ^ e rfJJi *551 sma11 contin - ent of boys from 
promotional over-kill suggested ; and they would not forget this st. Clement Danes tried valiantly 
they were something more than . occasion. Actually by far the he heard. What made the 
that But we must remember most startling music and some performance memorable was the 
the Curate's Egg. and in another, of the most electrifying playing singing of the chorus— attack, 
article I shall try to distinguish j l in spite of an untidy opening) incisiveness, words, colour; every- 
the pai-ts that are excellent. ' came in the Berlioz Overture thing. 

in. Almost equal import- ' j Qva | tv n e s ings his fare- The Allegri Quartet is a serial ' |^ ui , 0rs 0 f t jj e Italian unde- bravura. Perltni's troupe — a 
is accorded to the Emperor ^ ^ wjth serenity , affair. As an institution it will : grou|1|| . lhf . a|rft Pertini ■„ dozen performers in alt — 

TVr^on- happy to die for his friend i reach Its 25th anniversary next . - iMy _ an ^ "r'i-hri'y- 
Alf curtain- Harald Stamms i season, but the payers come a nd a ln a fairly 

.-onsidered " r> l a } e3 , m ' Th * y ar 

a unit, and bravura is not 

nelle’s majestic sets. At curtain- ^chmi ^niorJe^ tadml- * tnr * 'beir aim.’ They create a spell 

rise GarlDS is discovered praytng iniDcrsonal in absolute 8 \^ ®m/tT^Inn Srhrecker i ns wor,d ' hc ,s no(ab<p f r,r ft lasts for about two hours, and 

before Tiis' grandfathers moou- thor j tv p qhv» Fredricks makes 1S cellist Bruno ben ^ imposing discipline on invention, they sewn, at the end. too short, 
raent; the forest of Fontaine- Tebaldo. while Carl who joined the group m lw *-|f or avoiding tbe easy ego-trip in The world that Pcriini injures 

hleau seen through his imagma- Sch ^ |7 intones resonantly as the Since last year Peter Carter and ; faV(iur of dranialic , ommum „. «n from iVedekind i play is un- 
tion with starving peasants ana leri o US Monk. The large Prunella Pacey have been respec- 1 pleasant, a horror, bin — finally 

snow-covered trees glimpsed be c v,‘ 0 — . s jg well-drilled and pro- Hvely the leader and tbe violist. I . „ f . ■' ,s rca l and fascinating 

hind a serin, evokes bis first flood nf sound. ^ Sunday afternoon the first ! h,s Ro “ base J U L w,de „ r f lha ' >' ou reluctant to leave 

meeting with Elisabeth, and th . f; nmez Martinez . c 9°* tr->vrtn ; c O mainr Ouartet. i posure - Hans Werner Henze n. 

with dozens of pizzas i: 

filling Dutchman at the Teatro 

second act. in the monastery or ducts> shaping the score tn long J V nhraxes are :,nv,ted h ‘ Dl t0 tbe Mimtepulciiino The other significant theatrical 

St. Juste. follows without a pause. sp _ ns t jjat weld the individual op. 76 No. 1. tn ‘Festival (where he created a event at the moment in Rome is 

The stage is dominated byan of thc wor k into .an tossed from ,n f r . u ™“ t . J®. J brief scandal by paving a room Production or Wagners 

immense crucifix, while fquaUy absorbing drama. instrument, showed how cl°sel> dozens of Dizzasr at Lehman at thc Teatro 

colossal figures richly clothed b matcbed the current team is . » *“ of p “f s '’ 31 del! Opera. It is interesting, and 

skeletons with skulls instead of The Haydn got a cheerful, Florences Mag^io musicale he heartening, also because it offers 

faces, line the wings. . A Family at _ , articulated perfoiTOaace.! preseT1,ed a k,nd of opera - *“h -n index of the house's cominu- 

Thw figures - occasionally __ . . '. neat,y arl u p 'the composer Marcello Pannt. nu climb from the depths or 

comment.' as it were, on the the Haymarket =. ■ strongest when mo»t confra-| Bllt he u at h | s best when he dreariness into which it had 

del! Opera. It is .interesting, and 

Thfse J figures - occasionally 

comment, as it were, on the 

Alteration to the Barclaycard interest rate. 

action by gyrating away i 

A Familfl- 

k - play bv puntal though Mr. Carter’s solo lifr(m hjs hQme ^ roun(i> and he sunk during the old uianage- 
burst in the trio of the Menuetto' h _. ronltntU . u „ n „ T he orchestra, first of 

t improve- 
cm. Lovro 

Kpp-»tMakineIv ' effective. me auiy »*«■“ *** /, vcraioa ui \ <>,i .uaiacic. wno is conaucung 

Lirtn-da-fe with only- two victims 4 and 5. _ 4 « p u «,i ScnfldrL Speeds Next- came Ravels \ lca )t em ng. m the Teatro La ilivse Wagner performances, is 

but b multitudinous crowd filling The «st includes ^ a u nor ^g5 Quartet, not ideally suave; their Pirauiide . To understand the -uperstar. but a solid techui- 

but a multitudinous crowu ---- - -- -- Eleanor -Bronl vjuanex. noi »e«uy >u»k, ^“ipiramide. To unaersiana the uul 3 sul,a 

the stage In pet Hatmen s sombre Harry A^id s. t e Ha : re£usal to languisil over its 1 performance, you have first to J''*"- [JJ 1S f e *“« t0 he what 

?- C i“ nrflnauisi’tor are disposed Wrede, designed by Pel« -Ben- they proceeded ^ raChe J’ rv se ^"! 1 \ :y _ 1 ti is created in a vast, luw- bun and respond to him. sue- 

Iittki"°iD judgment high above n i an with lighting by M eba through which I ceil. in ged basement, the garage ws-fully negotiating all thc 

V » «• .‘MSSffJf’S i« • w, »*«K - ■»<* «• • «5«S! »r*4« f «*« 

tbs kaeeliK figures. Ml ' •; v: ; nT rnd»i«*tnrv nod or ot a block ot Hats in a « pose a passages or me 

10 ? and Elisabeth. r C3U5 ^ naintdne '*** More bloom on their tone new. anonymous quarter not far "Sem"! !o b^on S 

is made 9 to identify the GalDSborOUgh painting wouJd have helped realise from thc tomb of Cams Cestius J^t/’-The chorus ^ a Uo im- 
ffSpySh -SSiilta V; Carlos DoDa idson, Minister, for Ravel’s more luscious effects, (the Pyramid m question) and ,. r!il -:nc. though some stcad^ 

genuine . stah 01 
attempt is. made to 
Monfc with -Charles 

. ■ Gainsborougn. one w ‘ ing along electrically. XT . K ' - •* ori «*nie y, 

mg scene. who sings Rosebery and accepted by The largest work was Beet-! The players are very good. llUI Bayreuth 

v.rii a Mo doveanu, 5m( r in lieu of estate .......... Pcrhnr and his co laboraior t 

staging as guide. 

hand, though alithe playing was ) 10 tncir own ran 5 . out mey ilc) ] • 

I iitieliigent; the scale of the piece! understand and respect iLs spirit. , f R 

‘Simed unwontedlv domestic. Oppressive authority tWcndla s "“ r - “ the Dutchman, 

seemed unwomco. «««« , ck Ri.hi»ima*trtri is Pi ’- ldtd ID? cast. His is not an 

«r,B*rt 3 Hnna] and intricate mother, the Schoolmaster) is set . . . . , 

’S S cotnSdiiig The against turbulent, yearning, con- v .°. lce - bu i ’f 

rather tnan c 0 n.auu.uu 5 if” H vr.Mih Anri thrt AftnrnKinn pre«ed the audience thanks to 

lrtMidth of theopfflnii^AIlegro i fused youlh. And the oppression audtonee thanks to 

' extends beyond tbe . characters ft/SKS “omSS 

■tpndenrv to clip rests, even the themselves: at one point a loom- 1 L "“ hn * dCT ® r WdS sometimes 
draraaS ones that punctuate the ins. menacing World Wa r i L ■> nd 

first subject The Molto Adagio armoured car appears, and the I J in s Senta. human and 

So di senumento’^ tormented boy Melchior help- u n „ g 

and -sweetly: one lessly throws slones at it. ^ ■««, »» » .th-l 

Con,in tnce and" dem® “acy 

S-L’CS Z Sior'-T 5 . i!S a™ 

Tr^antlna There was enough Vittorio Viioln. who manage^ - eartb y. likeable Daland 
energy ™the Scherzo a^d miraculously to be both chubby J"* **"*«£* ^, did lls 
final was full of buffo and intense. Thc other hravura J" 1 r _ ,ba « adequately, 

suarkle almost Haydnesque. It performance comes from Lidia Tf ! ,s irtn was. on the 

watiP an effective performance. Montanan (Wendlai. comical " b,, 'V.^ SO u nJ and ®nioy»We 
but perccptiblv underweight I and charmingly silly a t the star;. p rod U el ion the sort of thing one 
rhink the specific gravity of then gradually mure and more a '* c \, l l I * e bouse most of 

th? music calls for a grander moving and disturbing until Che the -’me to hear, and in Rmnp— 
JJL™* cai e harrowing final? of prnlonzefl. untH recently— very fieldom 

• ’ ‘ DAVID MURRAY unbearable, meaningful screams, beard. 

Last November; Barclaycard passed on the benefit 
of low money costs to its cardholders by reducing its 
monthly interest charge to ^L50%. 

We have maintained this rate for 7 months but 
money costs have now riseii to such .tn extent that, 
regrettably, our terms must now be revised as follows. 

The rate of interest charged by Barclaycard is to be 
increased to £1.75% per month. The new rate will be 
charged on amounts left outstanding on the due date for 
payment show on cardholder statements dated 
20th June, 1978 and thereafter until further notice. 
Clause 5 ot the Barclaycard Conditions ot Use is amended 

The new equivalent annual rates of interest are 
illustrated by the following examples which assume a 
free credit period of one month, but which can vary 

from 25 to 56 days. ( 

If a purchase was made costing say £200 and ' 
repayment made by six equal monthly amounts, the first 
of which became due one month latex; the rate would 
be 15.9%. Similarly; but with repayment made by three 
equal monthly amounts, the rate would be 10.9%. 

If no allowance, were made for the free credit 
period, the annual rate would be 23.1%. In practice, 
however, as can be seen above, it is 
extremely unlikely that any cardholder 
Would be charged interest at this rate. 



Barclaycar4Northamproii NNi iSG, 



Telegrams: Finantlmo. London PST. Teles: 886341/2, 883897 
Telephone: 01-248 SOW) 


Tuesday June 20 197S 







N EW YORK has just sent for companies to handle any- ance market Mr. Kramer res- The vision 
ripples through the thing but routine insurance, and ponds in two ways. Much of the insurance 
: — ..-J as a result nnp^fF” new exchange’s capital would exchange 

O L ^ insurance industiy-and » » result ‘one-off” policies new exchange’s capital would exchange is be J 

beyond it too - with the « those needing a , ery qu iek come It om mdindnals, a pre- Mr Jota Began, 

THE LATEST earnings survey The Bulletin, however, announcement of a move to set response are hard to place, vionsly untapped source repre- and McLennan 

shows that in the economy as appears to turn this proposition up its own equivalent of Lloyds Huwever the rules do say that ?f? til ?!L e aa firml in a*re« 

a whole earnings are now 121 on Us bead. It argues that 0 f London, paying that institu- anyone who has been turned ^ “ I ? 

per cent higher than a year because financial confidence is ti on the compliment of copying down b - v admitted insurance world’s onW cent 

ago. while' in the production weak, funding is a problem. ;t, but ar the same time facing companies may place his bnsi* lf IS!?.,!? b °^°5 a } 8 hi,«in-sa for reinsurance 

industries which user! to be the Wage restraint thus becomes it with the threat of competition. ness < n “surplus line’’ market. „“whS exLntion^and < 

basis of the survey the increase important to underpin mone- a Bill backed bv Governor wn,ch 15 unregulated, bur also would be based largely on what exceptional ana < 

is 15 per cent. This diver- tarv control, rather than the Hu*h Carey proposing amend- unprotected by state guarantees, is available in the ’surplus une risks, wo mi 

grace is a sharp reminder of other way round. 3s to New York insurance The rules in New* York are ^' ts To^er mrm £ Shrift* 

what almost invariably happens The Bank would naturally law is currently before the State particularly severe, which has f 2 ^ a ye *\' J b ia”*™ *«!! fnoin 

during a period of relatively not wish to defend a system of " a“ liman f"wd » l«t of insurance com- WOr,dW 

rapid S rmvth monetary control which will t J™ii, bepaied before ?hc Panies. including reinsurance <ie a cli^htlv rficannnint- Fnnixinn nnlv when nth or f*ir„ .... _ pnmnanips nut intn naiirhhmir. inis puses pmenuaJiy ine parea win it»s 

•:.|i .*■ 

: - r> 

for idea is to find some way-out -th&j 

rapid growth monetary control which will that it win be passed before the h an, «. including reinsurance en ?Li a 0U * 

This is a slightly disappoint- function only when other cir- summer is out. enabling a companies, out into neighbour- ™ ,s ‘ P J”* t l ~‘ y . 1 

in*, result or a 10 per cent cumstances are favourable, but Lloyds of Now York to open in ,n S state*, creating fears that w £^ h rp ij« ™ u s r 

hufni. but hardly an unexpected the passive tone of the Bulle- about a year from now. the mdusiry m New York could h! *7. fn r" a laree m re nf i 

one: the outcome for earnings tin’s remarks on monetary deve- The real Ltovds has reacted in the ,nn 2 fun become under- thV New- Vm 

early . passage 

in . the whole economy could Inpmcnts comes dangerously cautiously . preferring to with- capitalised. 

still be in line with forecast at near to arguing that this is in hold any assessment of what it Towards the end of last year. 

insurance for a large part of its its premium income enwuwura premium ana 

business. The New York from this country. specialised or - 

exchange would have none of __ . . risks- In the New 

Lloyds deeply rooted expertise ‘ The New York r* in p ance mar k e t. 

or reputation, but insurance exchange would *“ . 


14 -per cent ur 15 per cent for facl how our own system works, all means until the Bill emerges the New York State Commerce reputation but insurance exchange would provide an " 'fol-': : fT ni T-S9b ■ 

the whole year, wiiih produc- There is also a strange lack nf from the committees writing the Department got together with i n H U ciry analysts in New York alternative to Lloyds that would - Mr. -Hank Greenberg; JOngT’S <■ 

lion earnings perhaps a point conviction about the relation fine print. Privately. Lloyds a New York insurance consult- “ a situation where Lloyds help satisfy the need for addi- s^Porter of this scbeme^Mguek : ■ 

higher. It is dear, though, between domestic monetary underwriters have pooh-poohed ant, Mr. Donald Kramer, to see n ii»ht be forced to undercut the tiona 1 capacity for reinsurance that;* it would bring. -benefi^ - ^ 

that only a very sharp slow- developments and the exchange any suggestion of a threat to what could be done. Mr. i T § market in order to make It and special risks. It would also similar -to those for ,‘wnicb the . ■ 

down in earnings will keep rate, when the Bank remarks their unquestioned dominance of Kramer, himself a name at ^ore attractive to U.S. insurers contribute to the repatriation of Uoyds idea is being .. 

costs in line with current infla- chat the excessive credit crea- the world insurance field. Their Lloyds, came up with a proposal t0 d0 business on ’the other side insurance business that is cur- it would give ; a T 
tion rates, lei alone a further lion in the first quarter of the view is to some extent shared m create a New York insurance of ^ Atlantic instead of doing renUy leaving New York and the spur to the : 

reduction in inflation: but it year can hardly have bad any- b >' New Ynrk insurance people exchange closely modelled on it on their own doorsteps. U.S.” and therefore tq tha dty^too,- than- specific gney^ge&. ; ^^^ . 

■reduction in inflation: but it year can hardly have bad any- 
ca/inot be taken for granted. thing to do with the weakness 

year can hardly have bad any- b >' New Ynrk insurance people exchange closely modelled on j 
thing to do with the weakness wbo bave calculated that the Lloyds with the express idea of 
of sterliTK- since nobody knew r °! ura e of business handled by attracting more capital into the." 

vaiuitfi ue tanea lur grsntea. Fning to 00 WI£H we weakness — -- — V . / • • = . • *— iiis-. ■. ' < • . :..y - * : 'j :? ' 

of sterling, since nobody knew volume of business handled by attracting more capita 1 Jnto | b ®j , Reserve Board in Washington shouid be of majbrVcOncefflW ^ 

Confidence about it until the seasonal a Uoyds nf New York would be business and restraining the, A T A s S5SST towering responsibUities the Fed. All that thV ^proposai^ With . ^ 

This conjuncture, which has adjustments were revised, so jJS nnw' P rf„l ^ This wast hen^worded*^ - a 1 ties' are ^n£to tighten cover a great deal more than would achieve. they-say,woald w "hich^mve^: 

been seen during the prepara- that confidence cannot have ^!“ Bill has earned powerful This was then worded a> a , f n s restorine a City’s faded- be the repatriation, aT 'some ;requireme^by;.tbeir:Mrt^^ - 

lory- talking about the S been affected. The Bank £" 8 it ov2£ ^perationJ * fSSSS The fragmented beuefirto. the 

wage round in each nf the last appears obsessed with the J®™?. " Mr Kr^pr\ 1 nr^nn^l for hAnoinc a maior indication* are that the Fed activities which many U.S. . ti 0 n - for flie : Fed; is; v&eOie£'ir • 

two summers, is naturally had effect which expectation and ,^r a nd MDital to New York on lll the mahi features orSkr^ their^^^^^^^ believes it will have some banks"bave been cir- .waive^ V 

for finanoial oonfiHonop- im-pc. /..-.nRHano^ Vinva nr, 3°bs ana capital, to New i ork. on au me main features ot ,s ice ot ineir oust ness osck its resoon- mmstanre to develon offshore. kThb-vaAv- •- 

lory talking about the next been affected, 
wage round in each nf the last appears obsessed 

The Bank 
with the 

two summers, is naturally had effect which expectation andj 

Src ? p nfide u C ! ha e t on monelar >' Moreover. Governor Carey L'nyds including a trading flnorlthe U.S. mainland might expect difficulty reconciling us 
•tors understandably want tn flows, but reluetant to admit • — • • 

respon- cumstance to develop" offshore, tkm^'’deposlt^;/^a';Nw>ybrk’;'- :i 
nanage- but which would pose no Kpnfe^c 

. ’ tn mnnatsrv . . 

I - ■.* -.■* 

“T„LM n L t< ! H r S * bUt r “ 10 admil comes up for re-election in the wh^re syndicates of brokers and i a favourable passage. This to slbBlties for monetary man^ bjrt Jtucn wpum. ^ no 
•%ait and see. The point is made that monetary- flows affeci ailhim n ami pvprv tittle* bit underwriters can conduct in- unlikely however to be the fate ment and for the health or the greater ■ threat to -.monetary • ifae settmd.^qtiytete.^k. . 

nu£terly le buHcun" from ^ th^ n,ark , ets and ^ctations. This helps. However, the Bill is oniy surance business according inlof the plan to establish in New U.S. banking system ’ ^ tb ® hn^he U ^mainland 000 "- .. 

Rink nr FnSnH ■ Ihi sounds more Ilke analysis one parl 0 f a broad move here the exchange’s own constitution, j York what has variously been establishment of DIBF in New fiucted.' an the iU.S. mamUiml _ winch - 

Bank argues that nrnsoects for ° f b ° nd salesm ? u 111111 of a to reform American insurance It differs in only two respects: [described as a “banking free York. • w&n tS - U.S -offshore bank- inte rest ... 

-mwth vnd real incomes as well monetar >‘ aulhnrity. I aw , which is considered tin- whereas Lloyds insurance is trade zone.’’ a “foreign banking i t fl as not yet received * ' tS "thP ereater '» 1| l»- , W^VaY- , on^ . 

?! 7nr inflation wih Te -Jeatlv J , window” or “domestic inter- formal proposa i (this wUI b«M to the their /^estic 

improved if there is a moderate ' n ^ e P en ^ ent 11 national banking facilities, delivered after Governor Carey Singapore, partidflar baoks--^ 

outcome, few will be inclined Unfortunately “■•“W INSURANCE lu-nnlH a Now Vnrlc h ranch fSEf#?? and more recently Bahrein. ; SS? 

as for inflation will be greatly Jndenpndenl 
improved if there is a moderate . ' 

outcome, few will be inclined 
to argue. 

analysis does 

this strange i 
reflect two 1 

However, there is one point realities. British monetary con- 
missing from the Bank’s trnl. which rests so heavily on 


or a u.b. dank woicn couia oor- only that ns - staff is making a . L tn JqK n n dollar assets at DISF ^eposlts withr matitfities 
row or accept deposits only preliminary investigation. But RlW-Mm in dollar assets y nf ^ ThgTV , yn . f<d ^, 

missing from the Bank’s trnl. which rests so heavily on ^ row or accept deposits preliminary investigation, nut ‘ ‘ 0 f Jess than '.80 days..-, - 

analysis. It might be expected sales of Government bonds, is from non-U.S. residents and the few public comments P 18 ? 6 ™ m^nev ' ' The Ne^ ViTrfe ^tate legisla- 

that the national monetary excessively vulnerable to un'cer- . t . ..... , which could make loans only by individual governors of the ^an mrelas ^ady removedSr- 

authnritv, responsible for see- tainfy: and any sj-stem of mone- necessanly restrictive. One of conducted by individuals with ro non-residents for use out- federal reserve system, notably being m ^ 

ing that monetary growth is tarv control can be undermined the big arguments marshalled unlimited liability, the proposed [side the U.S. Mr. Henry Wallich and Mr. and the Cayman Islands. By ^r OM^ie^passmg 

kept within the official 8-12 per by politicians who think that by the reformers is that Lloyds New York exchange admits the | Nor ^risinelv there is con- Paul Coldwell, have laid heavy .the end of last year total assets SmP onS.tinn?fmm i a fp5S 

cent range, would offer a further they can proclaim a monetary IsiderableenthSsialm for the ' '• •' city ta^s- rJinplementatioDTof 

and powerful warning: a sharp target, and a target for domes- insurance market out of all pro- ship, with members baTin g ! B i an a mon- New Ynrk banks 
rise in costs would immediatel? tic credit expansion, and then portion to Britain* own role limited liability but backed * *« “ft ^ able to reSSre 

rise in costs would immediately “c ™n cxpansiun. ana men ™ »»»..• vwn .v.c w w Ki n h would be able to reduce 

put a strain on the available withhold stock for fear of a mil. They also say that the way a guarantee fund financed from ici! of Z 

put a strain on tne avauaoie ut iear ui - - — noeratino costs of their 

sources of credit, with a sharp rise in interest rates and spend things work at the moment in- a percentage of premiums orei^ braScheT and control = 

rise in interest rates and an the reserves tn resist a fall in surance is a drain on the U.S. earnecL This was a sop to the ^^eign branches and contip . ■ 

equally sharp faH in investment the exchange rate. A more balance of payments because so regulatory authorities. effectively Mlled S the most on l , he 

This admittedly, harsli and forcefully independent mone- much business goes to Lloyds. The BUI mentions - three jESt „ -a ns of recaoturinfi DIBF could 
destructive mechanism is the tary authorily. with more The clinching argument is specific areas of business for «£cient means or recapninng particillarl y , 



DIBF operations from state 'and - - 
city takes. ; -^Im pi em en tati o nTof r ' 
the JagisIation^^^conditiq^':on; 
the Fed paving pie wsy tfir&fir ' 
ting' hir the bsmWng free trade 
zone- in New Yorfe; -The result. 

The clinching argument is specific areas of business for efficient 

recapturing , . 

oinrv thr* particularly 

ramdly self-defealing: and’ it is The outcome the Bank so wishes brokers to get a fair share nf or hard-tn-place ri-ks. 

the general understanding of to see — wage moderation and the business. The Fact that two Were the exchange to get the j . . . . .1 unwu«iii«u mai • u mra y . Acguianou u • . . : . i;.-ns.-queni-es which give*- continued real growth— would major U.S. brokers were re- go-ahead for next year. Mr. . bLjS ,1m supposedly are circulating our- requires U.S. banks to maintain No one can say with certainly 

trade union leaders a strong be much more likely if its own cently barred from acquiring a Kramer has proposed a mini- j?'^" r n .'. “ e ”“ tn ' r ; “ side the U.S. would not “leak" specific ' levels of reserves bow long- It- wiH be: before tiie 

•». cumrui Aim uiauelKCiiiciJi. ui UK iimueiKB 1116 1ULULB lUi ..i.T^rn iT.i .1 .n't ■ " 

1 . ^ ” P to' money ^PP 1 ^ appear are federal reserve regulations an^O per ceirt^ ^ 

pm nt nvmlnt of unconvinced that dollars which m D ., and “Q". Regulation “D” W BahreiiL ^ , . ■ 

trade uniiin leaders a strong be much more likely if its own cently barred from acquiring a 

aud pusitive interest in 
rational level of settlements. 

a operations were not so depen- 
dent on it. 

reserves bow long - Jr. wiU be before the : 

* *■ ivioiiin a Hiront met fn rite suecuic ieveit» ui icseivcs ~ ~ r -■ 

inainr interpst in Lloyds mum initial capitalisation of ,l" car ™ dl ^ ct ^ jj back into the domestic economy aga i n9t domestic deposits. Fed pronounces on the-i«ue t bnt _ 

brokense h.s demonstr.ted 3 60 m . m3 de up of JO syndicates " ® ,h s f a , P e ‘ a ^ is P ,“?“ thmugh the New York tanking / hcse rese „ ra must be Todged " othi "S «™ f 
'h's worth $3m each, or some such I ITn 1 aiaie 1S ufiviiinur Ranitprc pprieraHv . n , , •» ^t.." .. a ‘vear. .not. least - .because the 

No movement on 
the- West Bank 

The U.S. property-casualty permutation. On an average |f ua ™ n ^ ed ’ and enab *j QS legi ^ agree that there, is some Fed is at present grappling ■witiL.. . ... 

insurance Industry has historic- underwriting to capital ratio ofl Ia J.®? has beenre ^ nt ? pa f sed mcidence of this through exist- ( a r tiKK1 „h Hie Fed is -at the '^ e process of tighten--^.. - 

_ n .. i , j i which now awaits the sienature . _ . s j (aitnougn tne rea is -at- xne c - 

window. Bankers generally ^ a Federal Reserve District ; 

Fed is at present ..grappling .witiL. 

ijraiidiiu- uiuu.fiij uan JM31HJU- umremriUHK u* wuuai lain* vi t ... _ .. .. ... incidence Ui lun luauu&u caui- /«,LtKmu»h fhe JTtvt ie at thp -w***-**-- 

ally been tightly controlled at three to one, that would enable p 0 ^’ a ^ n aits ^ e 51gna ure ing offshore operations, and irv men f eonsiderinc whether it idg P? 

state level. Only licensed or the exchange to underwrite of the Governor - they also concede that the Fed foreign, operations.. The City -of-' - 

“admitted" insurers may con- some S180ra. worth of insurance But support of local politi- fears that this might .happen * ,*c h * London, shouid rbfe watebing - 

duct business, and the State straight away. cians and bank regulators has on a much larger scale. requirement* ««’ ™ aZZZZsta clo5€ly ’. but 001 y«t losing any 

insurance superintendent must Critics of the scheme point out never really been in doubt. 

deposits gieep about a possible rettais* . 

approve all their premiums and that this is a mere drop in the 'Real concern, however, focuses Supporters of DIBF say they gatihered abroad and held at sauce of international p&ojdng 
policies. That makes it difficult bucket of the S60bn a year insur- Ion the attitude of the Federal do not understand why__this_fg££^gg - _oranCTes : _rai^e_fundg_jn_New - Ypric ; _._ I _j_£__ : __^_ 

THE ISRAELI response to recent opinion polls indicate 

American questions about the tbat on 'y *2 P®* 1 . ® e,lt tbe A 

r "j* f ve it "r r ■ ,hc fVIEfi R 

West Bank and Ga^a Strip nas compared w ith "twice that per- « ■ 

nut been as forthcoming and centage back In November when RoblflS OV©r 
precise -as it might have been. President Sadat of Egypt 
In one unfortunate sense this visited Jerusalem. th© W3t©T 

is no surprise because; Mr. The Americans, the second 

is nu surprise because Mr. 
Menahem Begin. Israel’s Prime 
Minister, is known to have 

ventage back In November when RnbillS OVCF lances, I was told, and are rare rhododendrons and dinner. The bureaucrats said 

President Sadat or Egypt 1 w liable to roast rather than roost azaleas. nothing. When I spoke to 

visited Jerusalem. th© W3t©T because of the 50-root gas Passengers arriving at Dieppe Quinn yesterday he was still 

The Americans, the second flares — “particularly when by ferry from England can see fuming. ’* When you are talking 

group which needs to be satis- with not a leal or twig tn boast c | ou ^ {, ° v ® r rbe «ars and the rh e rhododendrons, making a about horses, you should at least 

fled, can hardly be cuntent with about, the oil platforms far nut birds celestial navigation is out vast colourful sweep down to look at t-he stables occasionally.” 

Minister, is known to have fied. can hardly be cuntent with about, the oil platforms far out birds celestial navigation is out vast colourful sweep down to look at t-he stables occasionally, 

strung views un these occupied a statement which admittedly j n ^ North Sea hardly appear of synchronisation. - ’ the gca j us t south of the town, he remarked, 

areas and their Palestinian in- emphasises that Israel is a bird's natural haven. Yet The RSPB say? -Jm seabirds In the gardens is a house 


areas and their Palestinian in- emphasises that Israel is a bird's natural haven. Yet The RSPB says 'Jm seabirds In the gardens is a house j 

habitants. At the same lime, anxious to continue the peace- over 60 separate species, rang- breed around the North Sea and designed by Lutyens, and the a _ j 

fne statement was bound to be making processes, but talks only j nj „ f r0 m the Barred Tailed disperse to as far away as South French Government has classi- Tslkiflfi big ! 

vague because nf divisions in vaguely of consultations, nego- Godwit to the Short Eared Owl. America. “It would have been fied the place as an historic ..... j 

the cabinet. Nations and the parties in bave been spotted from the four a wildlife disaster if the Ekofisk monument. Mallet inherited the As Yugosiavia awaits a valedic- 

it wac nntiinevnppted that the a tap ° nse 10 questions. The p iatforms in BP's Forties Field, blowout in April 1977 had gardens from his grandfather, .tory speech from 86-year-old; 
It was not unexpected that me p rst was j 0 g n( j out what Israel Amateur Hird u-atr-hark u.-nrt. flfnirpri in ia« a u.h» u,h/i frttinriari the merchant President Tito at the 11th Con-! 

it was not unexpeciea inai p rst was ( 0 g n fl „ut what Israel 

era tic ^Movement for wTS^IldSitaE i0g °5 ^ ^ BP ■l? d been aU birds were about." 

which has in general been JJJ,* 1 Z FSXS*JSi « 5b“5 

opposed tr, Mr. Begins policy on se>,md was to establish how the a [.fe P etrL and ducks E Earthv lif^ 
settlements in the occupied P aln : :ti n i ans themselves would a iVbeen stortled to tarin y ,,Te 

Arab territories, would not vote participate in sealing their sP £ ten tvperofwad-rsnrl.d- L «t week I reported ho 
m favour »f the statement. It future thereafter. ff® 1 “E,L- L " French arp bccoraino a . 

A rah territories, would not vote in "mo thefr they - have also beer , startled to 

in favour «f the statement. It fuwre tile rafter" ? spot ten .types of waders. mcJud- 

was far more serious, however. <jhe American reaction is ,n R golden plo-er.>. Miipc and 
Mr F,nr w,i,mn Hip .iJ", .J! woodcock. F;vp so pa raff hirds- 

timt Mr. Ezcr Wei/man. the closely linked l«. that of the 
Defence Minister, a key man in ffl-rd group — the Arabs. Egypt's 
preserving some semblance of a reac tion has hc-en low-key. 

Amateur bird watchers work- occured in late summer, when who founded the merchant President Tito at the 11th Con- 
g on them tor BP had been all the birds were about.” banking firm oF Neuflitz, press of the ruling League of 
peering to see a wide ranee — . Schlumberger, Mallet The ex- Communists opening today in 

seabirds such as guffs and director hopes to open his new Belgrade, the cafes are alive 

ks, petrels and ducks. But Earthy lif© venture in a few weeks, with with political jokes. Perhaps 

cy have also been startled to a garden centre and craft shop, the best concerns Mirko, an 

ot ten types of waders, jnclud- Last wcek 1 reported how the •* j can - t say that I ever liked old-line Stalinist, who decides 
a golden plovers snip.' and Fref ich are becoming a nation banking,” he says. ” But I hope that instead of going west, he 
lodcnck Five separate birds nf Sardeners and avidly buying j shall sell enough plants to will go to the Soviet Union in 

of pre 

^ „ . fho mo-st 5 iirori 5 hiu niiPMc havp aentaiiy. mai in oruer-oooK 

e *preBln= JWK that Israel £«„ ™ - W™, the gardenins exhibition 

y have also hovered BriLish lawn-mowers and hedge- s how I still have some of the search of work. The first letter 

the helicopter pads But c,|i PPers. (The news is. inci- family financial acumen.** comes back to his friends. “This 

surnristnu onpsu hav-p dentally, that in order-book place is awful.” he writes. “I 


tn Mr. Begin, should nm he determined to carry on 
able to support the announce- w j»h search for peace' Presi- 


Film fans 

These ? rea t success.") As if to under- ■ •■M* 

rtties line the trend, a well-known Bureaucrats and parliamenta- 

earn 100 roubles a week, but a 
fried chicken alone costs eight 

Mirko is soon afterwards 

niCnt r ^h S ur M nnlv e U fut H o? denl Sadat ca^ulaies that' public j Z'Zhardl Pio^'and Britain’s French merchant banker, SwftS S orerTumpe vi S T«d b/ the KGB 
1 ^ministers — and* avoided the ST Z U erentoa BTbrtS -S • n » 1I «7 w «- * b ® Go.dcrest- J SltStaU 'ZTSS ^ 

lH ministers— anti a'omvn me y.S. will eventually bring pres- 

indignity of defeat on a key surc t0 jj ear un jj r Begin to as . ^ eI as tbe n l nre 
issue. change his policies. Bui such rublR s and blackbirds. 

. are Mr. Sadat’s domestic prob- Tbe Royal Society 

Out Oj touch | cms that he might well not Protection of Birds tell 

as well as the more common thar he is . quitting his office fora symposium on the relation- sequences of slandering the 
rubins and blackbirds desk— to become a commercial 5 t>ips between film industries Socialist motherland. So in his 

113 1 1 Li UldUAUU U?. - A , c 44 r 

The Royal Society for the e^raener. At the a^e of 34, an d govermnertts. Taxpayers next letter 

Protection of Birds tells me that j s J. ea1 .!” 2 Par ' $ „ ^ r . wiil be glad to know that the 

Everything is wonderful here. | 

Mr.^r comes acres, as have sufficient"'.^, tor' ihLs I Th ^7 pVat ^^ ^s^MnCli^stock^ wffh 5 eanbuv a Se^riedTcpham ’ 

inn nut .-.f toiirh with thrcii kins-haul approach i„ mmhI. north-cast of Aberdeen, are on and high-minded nature. The » can ouy a wnoie inea eiepnani 

place to re-locate or 

expand your business, '■ '-Mr-''- " 

the New Town of Corby j|§^_ JsSf : 

has got so much going . ~ 

It’s ideally placed in 

the industrial centre of ‘ 

Britain. Within easy reach of the East Coast ports,- V - “ . 
London and Birmingham. And neatly situated on the . : 
major road and.rail networks. , . _ . . V- 

What’s more, Corby is young enough to be . . ^ : . . 
vigorous and exciting -with modern factories ready for V -- 

you to occupy at highly competitive rents. (Or our : . . ' V 
"design and build" service will help you plan your own * • -r. 
specification.) But Corby is mature enough L top, to offer- . - 
well-established housing, schools, shops, public T. 

services, leisure activities.And skilled and unskilled 
labour is readily available. ’ ' 

Many companies have already put down roots in' ~ 
Corby-rwith success. Why not join them? Our- : - • 
experienced help and advice 
is at your service. \\1"/*/ ' 

being out of touch with three lung-haul approach u, succeed. norlb " 

groups of people m particular No mention is made of Kin? ,he ’’ fly ways '' of the waders as 

with a deep interest in peace in Hussein of Jordan, and this ,l,e - v “igrate between Arctic 
the Middle East- This stems m opportunity in tempt him and Scandinavia ana 

part from the historical pecul- into joining Mr. Sadat in nego- Britain’s East Coast- as lor 
iarity of Mr. Begins position, tiatjons has slipped by. Thj s b i rd s of prey, such as owis 
After nearly three decades in will strengthen the hand; of s P arrow ' bawks ’ t - 

opposition, ‘and troubled and those .Arab Stales which have !«« , - cn^lemmins 

OPPO 5111011 , .mu a liuuwicu atm iii-jse .-uau »iaies WtllCn have . 1 . 

painful past first in Europe and been arguing that the whole that 1? “breed to™ sea“- 

then in Palestine. Mr. Begin process of negotiations started ^^p foltowed by shorta-es 
ic a cn tel v aware of the oonor- hv rhp Sadat \-i s u u.— . sons are followed py snona B 

V which " him°;,"S 1 . s “™ n I ^™L«£*L 

\ m 


' rIn,:, ai,d have a deep interest in landing for rest on the plat- 

Ban '■'‘ haT happens eventuaUy to forms 'led me to ask whether 

Apart From members of Im Hmsu areas. It can only be Hie birds benefited from such 

own cabinet, the group Mr. hoped ihat the Israeli position man-made islands but its answer 

n^jin spews out of Toiicli M'iih as outlined by the cabinet on was a rather cun negative. Birds 

the Israel: public. The nio^t Sunday is not its finai word. know bow to handle ion-* dis- 


one - eJemen-t that seemed to be J" or a merc S1X roubles. If you j 
missing was an actual film, so c T n * h a PP6 n to like fried ele-| 
the Ponuguese hosts provided P haRts » you caR always add 
that, by inviting the 150 dele- 22°2 , * r ll - t Ti T » ublCs and get a 
gales to see a new prize-winning 1 ea cmcKen * 
work about their country called — — 

•* Tras-os-Montes ”, Three dele- Get plugged in 
gates turned up — two British 

and one Turk — plus the film’s Readers may care to keep 
director, who stored at the vast abreast of the new terminology 
emptiness -of the cinema in of work. Yesterday I telephoned 
Lisbon’s national Library in deep a Southern Electricity Board 
dismay.- office to ask why a man had 

One of the two British dele- faiJe d to appear to join up some 
gates who did see the film was * ires Friday. “He must 
James Quinn, chairman of tbe have becn over-programmed for 
National Pane! for Film Festi- that taF-" said a female voice, 
vals. At the next morning s “ Yuu mean be was too busy?" 
assembly Quinn stood up and 1 asked. “Yes. We shall re- 
blasted the delegates for dis- PrOnCanwne the work for 
courtesy. The parliamentarians Tuesday.” 
excused themselves hv saying 

they had been invited to a {JUSCVVeT 

Telephone (053.66; 3535. 


t:V-? Pi 

ir a 

.... — 

:. , ,,. ^sl- 

.Financial Times Tuesday June 20 1978 


COtOTOS for 
w fashion industry i s a high 
nsic mulU-miliioD-pound busi- 

Sff"v e 0Dly is that 

we Norwegians and the 
^janeae never wear purple 
tjc japwese eschew the 
shade because it is an imperial 
Mlour: the hard. Jine attitude of 
the Norwegians is more difficult 
to explain but presumably th ey 

ttem Pnrple d0 ® 00t suit 




^ ^ n ? on *° r the UK textile 
and [• fashion industries. The 
'2fL d SW» *» tho^ Profits lies 
n - J?+£ roduc,n 6 100 much fab- 
wc of the wrong colaur—though 
! a nsk— but in failing to 
stockpile enough material of the 
nght colour. 

-Marks and Spencer, for 
exampJe, does not have racks of 
unsold dresses, skirts and shirts 
in its stores. Yet the company 
says that if it can meet demand 
for a newly fashionable colour 
it can increase turnover by as 
much as 15 per cent. That could 
mean an extra £3m worth of 
sales in a single section of the 
company. By the same token, 
a mistake in colour forecasting 
can lead to a huge loss of 
potential sales. 

It is estimated that about 60 
per cent of ali textiles manu- 
. factored in the UK are made up 
Into clothes with roughly 15 p er 
cent of the clothing industry’s 
total output aimed at the. high 
'fashion end of the market 
where sales are heavily 
influenced by colour. This 
means that in any given year 
sales of approximately 200m 
square metres of fabric— worth 
in excess of £300m— would be 
at. risk if the forecasts of colour 
experts proved to be wildly out. 

In practice colour forecasts 
for women's clothes are largely 
based on the shades that sold 
welf in the preceding year and 

this introduces some measure of 
certainty into the colour busi- 
ness. The entire industry, from 
yam spinners to retailers, also 
does its best to achieve a broad 
consensus on fashion colours Tor 
the coming seasons and this is 
done on an international as we)) 
as a national basis. In some 
ways colour forecasting is a 
decidedly cautious and evolu- 
tionary process. 

Today the public . expects to 
be able to choose from a wide 
variety of shades and designs. 
On the other band people can- 
not afford to buy themselves 
completely new wardrobes every 
year so they also demand a 
degree of continuity. The fore- 
casters therefore have to come 
up with colours that will com- 
plement those Worn 12 months 
previously while still being 
different enough to tempt cus- 
tomers into buying. And colour 
can tempt them — Marks and 
Spencer says it Ls the single 
most important selling point for 

Initial cards 

Work nn colours and fabrics 
for a spring-summer or autumn- 
winter season of womenswear 
begins two years beforehand. 
Colour consultants, whether 
they work for big textile manu- 
facturing concerns or for free- 
lance organisations, have to take 
into account a wide range of 
factors when designing their 
initial colour cards. 

Their first task is to look back 
over the two preceding seasons 
to see which colours sold well 
and to try to identify coming 
trends. It is thought most high 
fashion colours have a sales life 
of about three years, beginning 
often in a small way, reaching 
a peak in year two and then 
tailing off. The job of the fore- 
casters is to assess how much 
vitality is left in the shades that 

*re already popular and to de- 
cide which of the new, up and 
coming colours is ripe for 
further exploitation. 

Two important factors they 
have to consider are fahric 
trends and the shape uf clothes 
fo rnmp. Softer outlines may 
call for light, delicate materials 
and pastel colours while a more 
tailored look is likely to require 
heavier fabrics and deeper 
shades. Judgments in this area 
are considerably complicated by 
lhc Tact that textiles are con- 
stantly changing in response to 
the whim of fashion and the 
advance of technology. 

For example. A. H. Beckman, 
a highly successful converter 
company — converters are the 
middle men who buy in grey 
cloth, have it dyed and printed 
and then sell it to the garment 
makers— reckons that about one- 
lliird of the fabrics in its range 
change completely every two 
years as some materials are 
phased out and others replace 
them. Beckman normally has 
a range of 30 In 35 clnths: so 
between ten and a dozen of 
them are involved in the bien- 
nial cycle al any one time. 

This year fhe company's 
range includes 100 per cent 
cotton muslin which has sold 
well although from Beckman's 
viewpoint this particular 
malerial "didn’t exist a year 
ago." At the same time the 
organisation reports that 100 
per cent, viscose moss crepe, 
onre extremely popular, has 
now “fallen by the wayside." 

The reason changing textile 
trends are so important for 
forecasters is that they have a 
strong influence on clothes 
design and therefore nn colour. 
Some materials also look much 
better in certain colours than in 
others. For example, velvet has 
far more appeal when it comes 
in rich, dark colours than when 

it has been dyed mauve or 

In addition to fabric trends 
and overall dress design there 
are often a number of maverick 
influences which can have a 
considerable impact on final 
sales figures and which colour 
forecasters have to take into 
account. For example, punk 
rock, with its vivid kitsch 
colours is now filtering through 
to the general public in a modi- 
fied form — last month the 
National Association of Scottish 
Woollen Manufacturers said its 
fabric collection for next year’s 
spring-summer season would 
include “flashes of neon colour 
such as fuchsia pink and elec- 
tric blue." 


shade card* and art a? a forum 
for the discussHin of colour 
trends. France. f 0 r example, has 
the Comite <tv Co-ordination 
dcs Industries dp h Mode, which 
is subsidised by the French 
Federation of Textiles and 
CJofftihg Industries. 

Once national colour cards 
have been produced they are 
taken forward jo U ne or other 
of the various international 
colour organisations. The 
British card goes in Intercoloc 
which is attended by represent- 
atives from Austria. Belgium. 
Bulgaria, Canada. Czecho- 
slovakia, East Germany. West 
Germany, France. Holland, 
Hungary. -la pan. Poland. 
Romania. Spam, Switzerland 
and the U.S. 

Once individual colour 
experts have completed work 
on their initial shade ranges, 
those working for the larger 
manufacturers and for the 
better established consultancies 
take their ideas to the British 
Textile Colour Group. This is 
where suggestions are discussed 
and hardened up or rejected. 
It is also where a British 
colour card, showing agreed 
shades for the coming season, 
is produced. 

The British Textile Colour 
Group was formed in 1976 at 
the instigation of Deryck 
Healey International, a colour 
consultancy. It is the successor 
of the British Colour Council 
which lasted from 1931 to 1974 
when it proved too unwieldy a 
body to be any longer viable. 

Among the organisations that 
send representatives to the 
British Textile Colour Group arc 
ICI. Monsanto. Court aulds. the 
International Wool Secretariat, 
the International Institute for 
Cotton. Tootal, Klopman and the 
Clothing Export Council. Many 
other countries have similar 
national groups that produce 

The Interr»>I»>r meeting is 
brief and divisions on the 
international colour card seem 
to depend largely on who can 
shout loudest. Certainly , far 
loss thought is put into the 
international shade card than 
into individual national ones, 
but the exercise i« none the less 

Modifications are usually 
made to initial colour ranges. 
For example, ine colours of any 
cloth destined for the mail order 
market have to be given special 
consideration. Rnuzhly 17 per 
cent of a 11 wumenswear is sold 
through mail order in the UK. 
In 1976 total mail order sales 
of women’s clothing were esti- 
mated at £36Um. It is therefore 
essential that all the colours 
used should look good not only 
cm the finished garments but 
also on the printed pages of 
the catalogues. And it is 
important to ensure that only 
colours which can be accurately 
reproduced m print are included 
in a mail order range. 

The deadlines to which colour 
forecasters hare to work vary 
considerably. When yam is 
dyed before being woven or 


Floral prints such as this In blue or pink are fat fashion for this summer season. 

knitted into fabric, information 
on colour is required early. 
Spinners need information 
about 18 monlhs before a season 
to market to weavers and 
knitters who will want to start 
production at least 15 months 
ahead of a given retail season. 
Sume time will then be spent 
making up fabrics which have 
to be ready for the garment 
makers between nine and 12 
months before the season 
begins. But woven or knitted 
fabric can also be dyed in the 
piece and this gives manufac- 
turers and converters more 
leeway on timing. 

The dyeing process itself 
presents comparatively few 
problems though occasionally 
there are nor sufficient stocks of 
a particular dye to meet demand 
— this happened a few years ago 
when there was a sudden call 
for a crushed bilberry shade. 
Dye manufacturing lead times 
are fairly long — between three 

and 12 months — so if stocks do 
run out the potential sales of a 
certain colour for that season 
are lost. 

As soon as converters and big 
textile manufacturers have 
decided on their colour ranges 
they start sending out samples 
— usually only to a small num- 
ber of their bigger customers. 

Tootal reckons to spend 
between £150,000 and £200,000 
on the initial sampling of just 
eight of its new, piece dyed 
cloths, each of them in 12 
colours. This would represent 
only a tiny proportion of the 
company's complete plain dye 
range and it would exclude 
Taota/’s colour wovens and 

One way of reducing risks 
with piece dyeing is to order 
quantities of grey doth well in 
advance while at the same time 
reserving dyeing capacity. To 
some extent at least, final deci- 
sions on colours can then be left 

until after sampling has been 
completed and analysed. 

But despite sampling exer- 
cises and the efforts of colour 
forecasters to predict trends and 
capture the imagination of the 
public, things can still go wrong. 
Marks and Spencer says there is 
always a chance that a colour 
will “ come from nowhere ” and 
take off. But once the season 
has started it may prove 
impossible to meet demand. 

The outlook for women's 
clothes for the coming winter 
and for spring-summer 1979 is 
— literally — brighter. The 
winter will see brighter 
colours appearing in the shops 
albeit mixed with some grey 
neutral tones. And the British 
Textile Colour Group card for 
next summer features a range 
of what it calls “lollipop” 
shades. This, at any me, is 
what is planned. Ultimate sales 
will depend on the feminine 

Defining audit 

Letters to the Editor 

done carefully over 5-7 years it ilturtraie this contention. As 
should be possible to do it with- early us 1963, when public spend- 
out causing undue increase in ing in real terms was littie more 
unemployment. than half its current level, these 

But do we live in the best of surveys were suggesting that the 
all political worlds? DesDite nuhlic would prefer a much 

^oiiid^appear from a . 11 Political worlds? Despite public wouia preier a rnuen 
Michael Firth’s article tJune 15) ri tual protests, only a minority of lower Slate element and a much 
that the stock market under- P ubUc officials and few politicians higher private element in educa- 
stands better than hr what is ( ,°( an >' *»«>’> are interested in lion, health, and welfare. But 

and what is not an audit qualifi- <*«»“* anything to gain value for what has happened? 

cation. money (indeed many do not So much for representatives. 

The two types of “aualifica- understand the concept, and some Mr. Riddell would next have us 
tion" {“ subsidiary audit" and abh °r ID- This is nol surprising believe that voters don't know 
“«4P mnriiM"! which because they are neither re- what they're about; they only 

risew the Smallest movement in warde d n0r constrained by consider half the question. Yet 

& efficiency, nor do they get surely Mr. Riddell is guilty of 

titSs expiana pjeasur / out of ^ conflict this very error in teI[ing Us that 

The departure bv a company involved. Most politicians seek public spending cuts will lead, 
with ite X Section “to do things," and in the long term, to inadequate 

zj -eSunS*- standard is doing things costs money. Once .-erviees. The other half of this 
“o wmPlvwith elected they find, that public question is that public sector 
the 22 expenditure provides power. tosses are private, sector gains. 

mSSS ^ eSwaendy the patronage, and publicity, gifts Individuals are quite capable of 
2?nSto ‘still khoir without wllich few relinquish voluntarily, spending money (indeed they do) 
Suaimcation a ti£e’ and fair Much of the political calculus ls on flrivate ^education, private 
muncanon, a wue ana 13 r the balance ■’ between buying chanties, and even private pro- 

Th- reference to subsidiaries critical floating votes at the tectiofl services. (There is more 
roe reference to suosiaianes . ^ expense of cither to protection than driving about 

being audited by otherfinns margin at expen e jyunj look-inf for criminals.) . Private 
does nothing to absolve _ tbe iiMtitultom in ihes- area. 

that we thoroughly agree with 
your correspondent we have been 
told by one of tbe leading motor 
insurance companies in this 
country that if wc continue to 
handle motor claims in this way 
fwhich they argue is profession- 
ally against the spirit of the 
agreement!) then such company 
will not accept any further busi- 
ness from us. 

I thought I would bring this 
point to your attention as a 
reader who took jour correspon- 
dent's advice should he aware 
that in some circumstances be 
could prejudice his future insur- 
ance position. I am quite sure 
your correspondent will cry out 
that I am totally wrong, but if 
he cares to speak to me on the 
telepbone can give him full 

Allan M. Covey, director. 

Covey &. Somerset (London) Ltd. 
141, Cricklcioood Broadicay, 


Unemployment figures and un- 
filled vacanies (June provisional). 

Mr. Denis Healey. Chancellor of 
the Exchequer, meets C.EI in dis- 
cussions on moves for shorter 
working week. 

Second day of Ministerial meet- 
ing of EEC Agriculture and 
Fisheries. Luxembobrs. 

Meeting continues in Washing- 
ton between trade negotiators for 
U.S., EEC, Japan and Canada in 
talks to narrow outstanding dif- 

British Institute of Management 
conference -Energy 200U"— 
speakers and panellist-5 include 
leaders of UK's energy industry 
and those responsible for formu- 
lating a national energy policy. 
Mount Royal Hotel. Wl. 

Second of six planned monthly 

Today’s Events 

gold sales by U.S. (each or 
300.000 ozs) to re-establish 
stability of the dollar in foreign 
exchange markets. 

Yugoslavian Communist Party 
Congress opens, Belgrade (ends 
June 23). 

Second in series of Department 
of Industry international con- 
ferences on Computer Aided 
Manufacture. National Energy 
Laboratory. East Kilbride. Glas- 
gow (until June 22). 

Liberian Board c»r Inquiry into 
Amoco Cadiz disaster continues 
in London. 

Union of Independent Com- 
panies' statement on Industrial 

Robert Von Hirsch collection 

sale begins. Sotheby's. New Bond 
Street London (until June 27). 

Confederation of Health Service 
Employees' conference continues, 

British Army Equipment Exhibi- 
tion continues. Aldershot. 

National Graphical Association 
conference continues. Isle of Man. 

Lon) Mayor of London attends 
piano recital given by Professor 
Irene Kohler in aid of the Mal- 
colm Sargeant Cancer Fund for 
children. Mansion House. EC, 7.30 


House of Commons; Northern 
Ireland orders, including ones on 
education, pollution and planning. 

House of Lords: Electricity Bill. 

second reading. National Health 
Service Bill, second reading. Scot- 
land Bill, report stage, final day. 
Protection of Children Bill. 

New construction orders 
(April). Gross domestic product 
list qtr.provisional). 

Allied Breweries (half-year). 
Plessey Company (full year). 
Powell Duffryn (full year). 
Eeralt Tin Wolfram, Connaught 
Rooms, Great Queen Street. W, 
12. Bodycote International, Man- 
chester, 12.30. Brocks, Pbole, 
10.45. Estates Duties Investment 
Trust, 91. Waterloo Road, SE, 
10.45. W. Runciman, 52, Leaden- 
hall Street, EC. 12. Vernon 
Fashion, Great Eastern Hotel, 
EC, 12. 

Time to deliver 

accounts, uur u«» .l . idp nt 3 l ' Over'tTme d0 so - ^ nd what on earth makes 

part of the accounts are in any jity. mount and major Mr. Riddell think that public web 

sense unsatisfactory. The state- be little i^ys mount ana major fm digh(?d QUt hy representa _ 

ment is therefore meaningless to m l^?ave recentlv ‘ reached the Uves - i* ° f net benefit to the 
the users of accounts and it is w e °. ave recently r f ain f“ ■ 

time auditors stopped uaja* it borefby It is not at all surprising that 

One of the objectives of the ■ .few _per cent . (maniiy oorn^oy VQters m beginnlng l0 take 

recently published draft audit- JJ” J te ' sienificant matters into their own hands, 

ing standards was to encourage in iublir%xpendflure. What else can they do. after help- 

auditors to make their reports I e h du C r n ° ve rament 1 ao nears reluct lessJy watching tbe inexorable 
clearer to the users of. the The Goveramrat appears remm of the Governraent 

accounts. This is a campaign l ant _ to misinformation machine, year after year? And 

would support wholeheartedly, tools — freedi ^nvertiStivT mm- atter a11 these years. Mr. Riddel! 's 
Nevertheless. Michael Firths and powerful invertigat e mos t sympathetic comment is 
StrinrK keem to imply that, mittees. Surely the odds on 
Sl^e?s%o7“waysS^what rational and considerate self- ^ 

a letter 

From Mr. J. H. Hurst 

'there is certainly a strong 

whilst he is not always dear what rational and ' e « caSe for ri m iti n g the growth of 
is and what is not a qualification, reform are low. To avoid e r ^ public sector ” Limiting the 
the stock market is. It was per- more of the same, or po.-ib > a arow1;ll! No ph rase cou id better 
fectiv right not lo react to the big upheaval which ' illustrate the gulf between the 

tv* types of “ qualification.” ge Stle aDd ^ 

r> K. Tairns. British form of Proposition 13. J: Yatetey Ro 

D. K. C3irn$. 

12. Fern lev Court. 

B£TEUSa~i« B<r», s?w-aj jS-js, — — — 

And the effect 
on share prices 

From Mr. Jan Wittet 

Each party might make an eieo- Edgboston, Birniinghom. 

lion offer to hostage to fortune a 

statutorily binding referendum 

for a moderate percentage tax U|0Slp CSulS Oil 
reduction (chosen by tbe pa r Jy) t - 

bank holidays 

individual politicians would not From* Mr. Harry Verney 

cir A«v attempt to quantify have to carry the opprobrium of Sir,— Mr. Buzby urges us to 
audit* qualifications -unpleasant decisions if the elec- telephone more, have extra tele- 
tbe impact of au q wav torate called for cuts. nKi™«, •*» hut ha muM in. 


~L*i— rr wh? shouw 

ment of share' ^.prices_ around toe {Jg C | tO CUI 

phones, etc., but be could in- 
crease my usage of the telephone 
by extending the cheap rate to 
all day on a bank holiday, when 
-.-I am sitting in my home branch 
rather than in my business tree ! 

. The cheap rate happens at 
Christmas and the New Year. 
. hut' please will the . Post Office 
extend this to other bank 

Sir,— Anent Mr. Riley’s letter 
(June 16), may I underline his 
comments re the Post Office. 

In my business life I find, 
generally, that letters carrying 
both first class stamp and the 
relevant postcode, do tend to 
arrive at their destinations 
wit bin an average of 24 hours, 
across the country. 

In particular, may 1 add a word 
of praise, and thanks, for the 
postmen of Maidstone for their 
efforts Ibis week. 

My grand-daughter wrote from 
South-West London to thank my 
wife for her birthday present. 
She is six. and her coverin 
envelope W3S addressed as 

Mrs. Hurst. Willerbeath Rd.. 

Coxhurst. Maidstin. 

That letter was posted on the 
afternoon of June 13 and 
delivered on the morning of 
June 15. Full marks to the Kent 
Post Office. 

J. H. Hurst. 

“ Jasmarda 
20 Wilbcrforce Road. 

Coxheath, Maidstone. Kent. 


ment oi 

companies. From Mr. T. G. Arthur 

that telephone 

tieation of . ttc appear 15 } repeating some operators may need tbe day off. 

and Accounts oTcor- toUedoi s ^®’?“ d J n f | mm P itting but surely putting at least dial 

to be naive in the sphere o f co spending, and indeed tommining caJIs on to ehcap rate wouJd 
relating statistics to ass tjaj an error identical to th ^ encourage us to buzz our friends 
the only paragraphs the Annual whleh h eacmises the referendum riore! “s 

reportThere Par,. 

?nfonnie«m , BTlSViSE -5 Claiming on 

maii’s review). of fte kDOCk for knOCk 

malt s review/. or. uie r r 

nr this however, it would appear dec i S ion S of t bf S nature — 

fo he unlikely that the Statistics b(} taken by “representative^ From Mr. Allan Si. Corey. 

can be relied upon, to demon- Tbc firs t - major flaw here is with reference to 

that; “ Clearly investors tht if v0t crs cannot be trusrea . . .... 

_ j-! J.. ion -t dnns on 

strate that; that if voters ^ “-'"on ywr article “Defeating Knock 

were using the audit qualification t take , proper ^ -decisions on. , g of your 

V oitov- the. values of these cific issues _ which ^m/ecuy. Ra . . v , fully 

to alter the 
Ian Wittet 

specific il-tat. Saturday edition. . I fully 

concern _ them,_ their d t a « ra - with «our correspondent 


24, Teviotdale 

c 2 ™™« 7 ft e ^Stotive 5 must- be. agree with your correspondent 

*»*«*■ SW- -|“JSrSL£S SfSiSJLS 

to ’"'reduce- “Sr'art accordingly, J^per^nVdstiinsagainst th 

the third 


Tbe “knock for knock” agree- 

HsrSSI fe ' s,y - " 

Si-araSSK ^ 

vMmrS ahd^uctien ■ m ov- Economic 


From the President. The British 
Transport Officers' Guild 

Sir. — You report and leader 
(June 14i on the Greater London 
Council's 15-year plan for 
London's roads highlight the 
reason why so many similar 
schemes receive a " luke-warm 
welcome” and/or “g*ner3K- 
major rows ” between the 
political parties. 

While your leader writer wel- 
comes the GLC "fulfilling its 
role as a strategic planning 
authority.” the question that 

must be asked is bow logical and 
practicable are the proposals 
from a total transport strategy 
point of view ? 

For example, your leader 
despairs of “road freight from 
the Channel ports " clawing “ its 
way through London's inade- 
quate road systems for many 
years yet.” Don't we all ? But 
do we really need new roads to 
correct this situation? 

We have no doubt that thn 
GLC has views on the total 
transport situation and where 
and how investment in the 
various transport modes would 
be most effective. It is to be 
hoped that the absence of refer- 
ence to them in the report is 
not due to the complete omission 
of such an important matter 
Trom the report itself! To pro 
duce proposals in a reonrt r»f 
this kind without taking the 
opportunity to indicate total 
strategic thinking would only 
fuel sterile arauments. 

Henry Haydon. 

Room 307, Wesf Sid* Offices 
Kings Cross Station, NX. 

ventures - V^rr-: T f . it 
-generous subsidies, ^ 

Some facts and figures for people 


Last year in the U.K., some 3,000 of these, ¥ on static and 

. , , - .. '^LBLjlgs-- . u'lSi 

beat patrols locked and closed 222,543 of these® and 



closed 363,212 of these; found 3,356 , 
took charge of 60,157 lost, discovered 7033 criminal 

offences, arrested 685,^3/ found 22,924 people in places 
where they shouldn’t have been, searched 479,870, 


and 199, 501, switched off(^D0ta) 
846,149 of these, . ’ turned off 1,777 of these,, — 

# -V: 

& 10,403 of these, discovered 438 of these, 
and extinguished another 430, rendered . 


2,657 people.... and, all in all, literally saved our clients 
and the country a fortune. ■ 

Giving fhe world a sense of security 

Member cl Secuntas international Member or BS1A 

Group 4 Total Security Ud, 7 Cartos Place, London W.l. Tel: 01 -629 8765 or your local office through Yellow Pages. 

3/ ;V r 

" i 

dividends ANNOUNCE 


Dawson Inti, -expands to peak £15lm I 

* | ■ F.pIJ and Sime 3.04 

>r and develop existing atm die 1 ’. „ , parmll int 2.15 

ia^wppS'^iih^Bjj INDEX TO COMPANY HIGHLIGHTS All the group's comi»u>i^ ChampeHam ^ ip P s 'v^" 

eviously is reported by Daman exceeded iheir pmtiK for the T nihJ .,» i «5 

A RECORD pretax profit nr 
£13. -33 m compared wiih f!0.3»«n 
previously is reported b« Dawson 
International for the March Ai. 
I97S, year. Turnover of the textile 
"roup climbed from fljT.titim w 

At halfway when profit was 
ahead from 13.94 m to 
directors predicted that the 
second half result would exceed 
the first six months profit. 

aiuons ■» if il ii apH"*-" 

to be exactly repeated this year. 

Oe lower me siuuh 
and better equipped to' meet this, 
they say. Current order boots 
are satisfactory against budget- 

During the year the investment 
in the associate company Amicale 
Industries of the US. was dis- 
posed of for £1.21 m. and the dif- 
ference between this figure and 
the group's share of consolidated 
net assets of Amieale has been 
charsed auainsi iradinc profit. 

Associate contributions are 
shown as ml against £0.t32m pre- 








Allied Plant 


3 - 

London Sumatra 



Baraoora Tea 






Bell and Sime 



Noyapara Tea 



Blyth Green 



Petbow Holdings 



Brown Shipley 



Propy. Partnership 



Chamberlain Phipps 



Shaw and Marvin 






Spear (J. W.) 



Dawson Inti. 



Sterling lnds. 



Fenner (J- H.) 



Swan (John) 



Hammeuon Propy. Tst. 






Walker (Charles) 


20 _ 






Whitbread Inv. Tst. 





Gt. Northern Inv. InL- 1-29 

Melncrney Props. int 2 

Pet bow 

Dnwson Int 1-98 

Allied Plant ...... 0.41 

Kuraoora Tea 2nd int 10 

J. W. Spear 1-23 

F.eli and Sime 3.94 

of spending - for. _j*rt • - ;^ r : ._ ' JL ^ 

*srs ?& . ahead s 

July 21 aos ■ - s:sj :v%7S ■■ ■ np y cen t toJ2 

Alia 29 1.98- '3.72' *53. XVTTH TURNOVER °P bv 

July 27 Nil 20 Nfi- Sfcrgg? ceriL w aer-BSp 

J?- ut ; .Jg &K.I 1 

July 21 3-W. S2* {Holdings), eadsfactorr in . . . . .*■!:'•*. i-2 T 4f«i5a®.S5s2! 

July 7 l.™. - -. - ?{* engineer, has been »»»■« l87 S,. v 

Aug. la 1-49 r 1 * ' nr- :Hhe ^ months to 

SepL 4 2.75 -* M k^Mr.; Joseph “"TV 

i ,%*k ■mmmmmmm. 


3 i ggjjgsaBBggBEahC.; 

Aug. 10 2 
July 27 — 

— 0JS2 

— 0.35 

,T C- - 


given, is recommended m the 
light, of encouraging rcsuiti* for 
the first five months of 1 4>“S- says 
Mr. Michael Hcathcotc. chairman. 

He adds that although trading 
conditions in the building indus- 
try continue to be difficult the 
current year should be a record. 

Chamberlain Phipps 52%gp 

J. Spear 
falls in 
final half 

The net final dividend u 
0.957p raising the total payment 
for the year front 1.573p to 

Tax for the 12 months tnnk 
E 181.S43 t H3S.97- ) and there 
was wn extraordinary credit nf 

£3.359 i C124.79S debit!. In 

addition there was a transfer to 

I Tn4nwn £0S4m* toTf-Wm taxable profit There is an element of "payment was . e ** p ..- 1 ^ V y 1 -aflfcrace^' 

U Dturn of' Chamberlain Phipps jumped 52 - from the tU ^ a £&rbfits or i8-4lm. . ; . . - 

WJ^tUlU cent frQm cs.itn to a peak- thot^h- elsewhere JSSP in April, the company ^b^tb:V-f423^5®sSr^- . 

. i £3. 19m in the March 31. 197S year registered the acquhotion ■ or-SJfestcnehi^ 

rtf Hlvfll on turnover 12 per cent higher at General ,nd 'f a tr, ®* h > h ^->Sm*BDaw>on and Son ofLinrofn, -• 

d I Oiym £j 1.44m against £45.89m. cent-ari area^ whidt business is complWierrtMy . ‘ 

" At halftime directors were automotive trun and l" E business in the belhniT - fncoine - * 

optimistic that results in the parts, wallcovenngs, adhe^igttt.Fen^ djr g Ct0 rs are 
I tTOPIIP second half would continue to and pachagi^. ^_q«^ent C^«ffteld. benefit to the mx> u P .will; ^ £S5£J»5."r \ -Sales 

^ ^ VVllV progress, and now say that the supply^ all the m^r Europra^u that real the - enlarged pool of £2^ m 

i.-TT-u r-pc • W I H s vi -mn shoe components and Phipps-Faire and Japanese vehlde tnahn- TMlrit fro l ^ e assoc iation pro-“ : pgr r . 16a ... 

UITH Ir?3 industrial d'\iaion dlvisions had a gooc j year . facturers and w now onthepwat- Rs interim' ''not-.-^^pSP^gp^-^a^ea^^gk*.- . 

turning round from a .->t»0.0 moulding division profits of breaking Into the L.S. market-'^des. T contribution from-the 7 i e »- dividendiis .Meppad’tm^fer-i* : ^- 

Ii'iM to a nrnlit. rite PI’B- . ___ . Ttc- +rirr» nrnHllPtS h»VP llMft' UIGllldS any COItiri effort nca 

viously. ALTIlut'SH SECOND half profits capital reserve of 11.004 

Earnings per -.p .ha^ ar. AL ff0m £1>5g|n l0 r 130m . i£ 1^4.79S from reserves i. 
shown at -*J. Ip ~ ■ (. - rW „ « W Sncar nnd Sons, tov and The zrouo s ornpMrlies were in- 

turning round from a £3lifl.0tW 
loss to a £153.UU0 profit, tho pi c 

The moulding division profits of breaking into ine marKfiL r v.o«^ contribution 

mmms ms^&s -s-ssas wsn ssssss 

the rate 
further ( 




ina lisa non iirusidimns, ■»»»** j _ 

5 and profits improved in the group and the company should v. 
•ra) industries division. start suppiymg before the ystf '■ 

satisfactory result is expected end. The UR footwear rnartet 
the current year despite the offers a major component- jp— 

1977-TS 1378-rt ' states^at' thq.groq^fef, 

ssir-^? ^ Sn^Tr iS? ; 

F2H H7m (£lfi.99m.l current assets had r makmg it im possible 

figure. Total net as^ employed « P™^^. „ ay lhat Uu . value A 

L l£2j.Hfim) at > • market orders received /l 

balance date. . . ._ That rt r 

intinums aimcuu »uiiu»iuc au^>i#uu juvu ■»** ."tv-.'iflErni 

ading conditions. chance for growth but the com-^stare 

Of the turnover figure, UK party . is improving its matgimS'Wft.i*"™ 

ay rsssrz jwjr s&fjxs 

h^ShYf V balaSresS S.?taMhTd£S>5d VoV i£ pS 

jhc 'potential «r the group wifi 

be further developed n the J- "' c 4ini , llit [0 >£ . L . an impr0 ve- 
current >ear They are iookin. menl j n c „ming months, they say. 
at ways of broadening ns base T j ie p r0 'if includes a £27.:»fi2 
by both internal development and , ^-70.41^ > •■ontribulion front an 
acquisition. ««rt..taii- oartnershin. and is sub- 

Sal-s oui!«irft ttie eraii p 


Tririinc pro lit 
Inii-rcst .. 


PrnfH before lax 


'M prfiRt 

Ftvr.-iordm^n- debus 


On i-i' nils 


i rr. diis. 

re looking •< difficult to sec an miprove- 
™ 1 ' h J menl in cming months, they say. 
nmpnt and The prolir includes a £27.:JH2 
pniem duo , A‘70.4l« » •-ontributioii front an 
197 S 1577 a^'oeiate partnership, and is sub- 

rnivj inuD jevt to fa.*; of I'O.flfim ti'l.loint. 

UT.-.-irj Earning? per 25p per share arc* l.ini; .hown at 3:t.3p against 2fip last 9.BTS f j ni „_ before an exchange Io-^s of 
J.’" h»; X 1 -128 compared with a £121.422 

15.5M lfl.JW eain piev louslv. 

7n;s i.:i.*-j The final dividend of l.2:!-Hp net 
* M2 lake? the tntai from l.ffii327p to 

picks up 


3.745 ' 



. S:0B0 

- 63 



: was- 






1.435 . 







- 1.437 








Tots paruai ciearaiK*-'¥^opOT«- :•-> 
a right to '’-reimtabiH^i>TSi6ii . '^ - 
lndcmesia. •- HowcuClt^he rpotets : - 

cem uw ueu u>- -rofici ff»-i.c o.<~ interests or luz.uuu t nu.uuui ana e-piun oiic.iu.»uie 4* . . Indonesian V Covert it*- 

Company, has paid dividends or extraordinary profits of £69.000 planned — £2.«m has already been ® comment company tnurn iftfa t' i-itC : V 

£».*vO»u i £4.000 ». i £26.0001. attributable profit was authorised with a lot __ ofexjrah- - __ t . ons bolstered Fenneris^ continuing^ prograim)a& srfc; 

Directors say that although the £t.s3m f£l.37m>. sion m eeneral fndustrieq f- Jts .Against an engi- habitation,' devislopibbht--y;iBd 

42 per cent owned -ihankat Earnings per lOp Share are and the major L.S. contract could 1flte v“* industry background of -jnodeniisatiott idf the v^ates. 

Harper GilHIian Bertiad achieved shoun at 7 _ 97 p (o.ggp) an( } the result in added impetus in f j-nanii • and falling Thifr' Sladefi Vrepla^a^ithe 

only a modest increase in trading nna! dividend, although down latter months of the year and stagnant « . jd wei j to . mafti- )irg e areas of .<>W . jd^jei^lkh - 
profits, a greatly reduced lax f rom j 4 g p l0 i^ 3 Sp. takes the into 1979410- The company also EfI®Sj um e and increase dames- ar e_ becoming- tme^ndnuct- and 

t i-to'.-a 

only a modest increase in trading 
PRE-TAX PROFIT of Allied Plant Profits, a i areHtly ii ™J" :ed j” me miai I rom -'2' ■« The dircclors mid-wav forecrcT 

silt J l . ie " , ® x ! m,u ’’, lt ^^' ir ^ d that second-half profii.- would J 

H AkT i.- i educed a supplcmen- ^ how an improvement proved to £ 

4 1” 5 tn ry payment will be made - , .. f ol , n( i e< i_ r lir ; ,i half-way 

Imasco sales 
growth set 
to continue 

S4].-= - - 

A‘lOil.’'t4 • • ■ 

Profh berorr ui ... 

*.i-| r.rDlii 

Tn mmvriii-? 

LM-ll 3 -U.- Iu« 




IriL-ludvS XIJ4 1M 
• Gam. 

fi 3v> •.‘■7 i.*M.7'.i wa> reported. 

•»7 "A2 Til 4I> 

2.342.788 2. 288.111 

i. -V„iJT ' Trade »n Malaysia and 

The directors' mid-wav fniec-ist |,me is covering gradually. The • Comment 
that second-half profit.- *oulA Chmmb*^ Phi 

-how an improvement proved to ^med Services <- 0 - |HranvL very good yea 
be well founded. r..r at half-way eI .‘ n . , ii tr ,h!n 

a decline rn*m IT 79. IM in m £02.utin le " 1 rfS t,ld ,he Aue'wlwn 

r ^ rKU ' V- .ir ThV ‘new joint contpany with StCrll] 

11,77 i!."-7r. the Swire Group in Houu Kong 

i *- specialising in the marketing and 

Turnovrr . t ">»•. ;n 4 <iisi nhution or consumer inods* EXCLUDING £ 

Traijms pmfili ... 7 -im ms hns ptronu growth prospects as £111.000 Trom C 

Vart.4? 'prop iSi Tunis i.nV'i does As-ocialed Liquor Disiribu- men tn. pre-tax r 

[he f 

s the automoUv^e'-SdTfonnance, has ^ 

Chamberlain Phipps has had a 5h£P coSd. . ^5°“ ^ b«!'*w5 ^fmiMra^aSke^piuB till SfaftW ^ ^ 

-•4 . the U.S. operations around shou)4 \/i Q FV1 11 IIKlKPS! - : 

n j ¥ ■ T 1 • ' assist results from this sector in ITWI VIilVlU<UMa, . 

Sterling Inds. improves 

■acquired the conveyor belt group, lJV * ***'■' ■ .. v; - 

KXCLUDING £113.000 against Earnings per share are shown James Dawson. Five monlhs of Having fallen 'froth:- a pre4ar ^ 
£111.000 rrom Crcwkeme Invest- at lOO.lp f67.1p). Dawson earnings, about *3**0i9°°' profit of £12,568 into ^"£12J84 Joss M 

menu, pre-tax profit of Sterling The company hag receivetf. the will be added to Fenner's full year h a D-tinib,.as : T!>reba3L^aT^i^c%l 

Sale* 5 of Imaseo. the largest divi- __ . 

sion of Imperial Tobacco, are. ex- 1^01161*1 V 
pected to continue on an upward 

trend in the current year, say the ir, 

director*! in the annual report rfl ri SlllDS 
Last year, sales rose S per cent r 

TTte "tobacco division has started makes headway 

a 823m five-year programme to up- . lo _ ( 

grade production facilities at ail For the year ta,March 31, 19*- 
its plants, while earnings in the Property Parlnci'hlps reports ai 
food division should increase in advance in prvla\ profits fron 
1979 — calcs last year were down £219,7154 tu £313.S67. 

,i win lm fl i if 1 In -J . 

?S7.I4« I.Ml'HIj 
l.TSV.fil' I.IIM* Turiwr" 

42.7.7 fi-' S19 Trjrim; pnifils 
1 i!> " 121.442 K.rru-di <Ex«.vjln?i 

1.541 74. ! 171 .OKI varcli.'lli- Prop lor.s 
75.4I.'< KS.ISl UulilinB «:». •.•xpi'ili-.-S 
1 .'fi.i T« I.IP.'.KSO p ra rit tael are lax 

£&J56> dTffinvd 7- dX 

x.i profit 

EMrJordiiian-- dtOii .. 


. Olvidi-nrls 

CapilNliWiiin wsu.* 
Pri-acqiiisnian profits 

Marvin tnafces; 
some recovery 

Filrjordiliarv dtbii '. : » ’-7 24« achieved by the Harper Gillillan At midway when reporting an pany's plans for a capital reduc- 

viaiiahu- kip .*-41 “ui i"? Group to date in the current jear advance from £261.000 to £474,000 tion have met with pre liminar y 

Dividends -p s s -*2j J is in line with budget. the directors said that the second refusal from the InTand Revenue. 

capimiiniiiin issu.’ .7i«. e.4 iis.-* 1 " Arrangements have been half profit would not be signi- The company is to- -make 

K pr0ft 242.117 31M359 finalised to increase the group s Hcantiy different than that of the further representations -but in 

- A rise m coiMci-coii v.uh n-.-y lords of , v lir I 1 1 : . . .. .. . . the meantime is paying:,* UOp 

iKxcsvanons.. uiuti- m 1977 b.-iua hhmuk SHt.B from 42 per cent io The second interim dividend is net per 30p share Interini dhrt- 

1979— «alcs last year were down £2lf),7fi4 tu £313i»». f umvard trend in Trading reynlK. year despite the a 

11 per cent at ^n.lmdiicin A t midway the rise was front h P e ^ r o U p i? pressing ahead with lower world suga 
the sale of two U.S. West Loast ^,434 u, £15S.US4 and Ihe three* e "p 3 n si0 n of ihe most profitable economy or Maur 
operations^ mrs said they were confident area s- of its operations— Mrueniral Blylh '.reel 

sis^ asin ^ 

shed m I9<.— a me n'.-xi ii.c .W4n. 10 ensure the gross 

ation— anil ihe Ireland Blyth had a noth er Rood lhe | |mir pennjtted. 
trading resulis. year despite the adverse effect of J|t , ton Healh En 

profit ability. 

acquisitions lhat wl 

— Mriiertirnl Blylh <.reene -tourdatn f , l|p ( | eve j opinH ar 
of rork-lin 1 Canada • a successful years lc , n .- e of products 
IC dim-ten, trading, however, m London, two <,n = e 01 P ro oucL,. 
n possible or the commodity trading depart- 

complement menu, suffered a setback. Titm-ncr 

— I'iruup iradirp profii* 

1 fus 

sSS S2S 

d,«uri liuv. 10 secure for ihe group a facility MoSB^hl 1 * 1 * 177 ” 

r il vei l r,,r ‘I^ and extending its ?if‘: 09 Vl° rf “f* 4 ?-,® *' . ' 

iny's plans for a capital reduc- tp-Tliarch .31, 1978v'witft : a- reduced 

an have met with pcelhhinary __ n -deficit' at £7,655 ^compared. -with 

fusal from the InTand Revenue. Rpl I Xr virnP' the', previous ' year's ■ profit of 

The company is to-. '-make Util IV uiauv..^. . £43.450'. ! .- - j r i 

irther representations -but *n «« iff i " ' The-'^residts wore “ adversely 

ie meantime is paying :,a ^20p t,/V| 34 - affected' by-ac' exceptional pro- 

!t per 30p share Interini dhrt- cW .' . -vision, of £ 18 , 665 . against a bad 

:nd which wfll cost X13.000. -v with turnover down from debi^-the-directors point out. Sales 
i ‘ -'fe J £3.74m to £3.6lm taxable prbfit .oF were better dt £L82nv : 

1T . $ f Bell . and Sime. timber : Imiwrter .. . After. .eredit of £8,183 . 

p hflJ5 • Wfllker * * ‘ and cawmiUer. fe« .fiumx £196^296 to xtcharffe^ .&&&* ^£he loss per lOp. 

" T fli,vvl • *.' - £121,142 in the April 29.-1978 yedr. sh*§ earner out - ! at -0564p vearn-. 

£1AA non f The result -was after depreciation ings No dividend Is to 

lOpS dLZUl/,U.UI/ : or £28^72 (£28,717) and interest or be : paid! " Last -year payments 
Pre-tax profit of Charles Walker £71,118 (£105,984). After tax of totalled 0.7p. 1 

'roun a faaliS Consolidated expanded Jrom 

l eifendSS £137.097 to JE205J78 in 1977 on 
I extending os sales ahoad at MBt acains t 

1577-Tfi I*ITS.77 £2.901. 

£ *£ Considerable effort continues 

..4.s7.7i>oo4i7s.oou to be put into diversifying the 
. sr.noo group from dependence on the 

ac: ma 711 ma r - ■ . - m.... 

the best 

■ ■ ■* “ r* ■•null'/. MMUII . WPI.IIVU ^lUUH IIUJAI UCJJCU MVIIVV war UI*' 

iL ls , . IS5.000 textile industry. These efforts 

Wia* r. US JSS:S ™ beginning to ^ vonslder- 

Eurjordmarj debits ... < 

Available 5.1 

Preferr-m.v div.t ....... ] 

rirri. inw-riro ; 

Second interim 1 » 

Keuinvd :*v: 

“fc'xeiiidina Crew-temp to vs 
Exp. of ro«i or shares in 

’i»!ooo ’ - able promise and, if the current 
534.000 403.000 momentum can be maintained. 
10.600 19.008 1978 should again, produce a 

islwo ifoMn t^usouable result the directors 

ivs. .Comprise: AftT tax Of £112.643 (£103.100) | 

1. v.-inniiui v^ruu r-trrDC 1 luvs. r comprise: aju ui i 

Ex«> it of ro«i or shares in Milton Heafli net profit came out or £92.535 
Engi'irtnng over value ot net lansibie [£ 33 , 997 ). There was an extra- 
5 * <l - ' Jiumrcd rw_.tftjfi. surplns on __rfj nn ™ lns« of n 1 ,Qi ihi« time 
■li-nn.-ii ..f nuvainiem m The x.-naii o rainary loss or Al^.oSf- mis time 
Mjihiu.,- Comojny &9.00A and UL-raiion on and dividends COSi Aln.uUj 
.’*diis! c:.m (14. non. rineludlng payment f£16J84). 
on ai.L-unn; of arroas. ■ - 

or financial advisor about 
Eagle Star^ new 




Full details also available from 
any Eagle Star branch office, or contact: 

Eagle Star Insurance Company LtxU 
Life Dept, Head Office, Eagle Star House, 
9 Aldgate High Street London EC3N 1 LD. 
Telephone: 01 -377-8000. 



A reenvery in pre-tax profit 
rrom £27.S4fi to £130.30-5 b 
re | wrier) hy Liliesbnll Company 
Tur 1977 from turnover slightly 

Inucr at £D.8Gni compared with 
£H.ii7m previously. 

The result is after depreciation 
or £i. “2.003 (£117.002) and interest 
of £126.242 (£124.526) and before 
a tax credit of £19,381 (£20,083). 

Mr. Allan Pike, the chairman, 
says lhat in the steel stockholding 
division the profit contribution 
was only a third of ihe previous 
year after it was being adversely 
affected by the general recession 
m ihe sted industry. 

With engineering, total turnover 
was increased and trading losses 
were reduced considerably. 

On the steel rolling side the 
first phase of the new plant is 
proving its worth. 

The company will prosper in 
ihe future given reasonable 
trading conditions. Mr. Pike says, 
and profit, so far this year is 
ahead of last year. 

Earnings per lOp share arc 
given ai fi .ip (l.9p» and Ihe final 
dividend of 12 £.ip net lake* the 
total from 1.3|> tn l.TAp. 

John Swan 
makes headway 

On Inmovcr up from £.145.117 in 
E 639.398. John Swan and Sons, 
livestock auctioneer and estate 
agent, reports pre-tax profits for 
the vrar to April 39. 197S. ahead 
from IIKI.R1U to ri87.5Rfi. At half- 
way the advance was froth 
E 136.900 in £141.800. 

Yearly earnings per £1 share 
are shown to have risen from 
4I.flp lo ."il.flp and the dividend 
is lifted from 19,505p to 2l.78Bp 

Profits last year included a 
£5.915 surplus on sale of property. 
Tax for the year under review 
took £190,428 f £85335) leaving 
the net balance at £87,158 

Noyapara Tea 
at £179,627 

On turnover of £343300 com- 
pared with £241-801) pre-tax profit 
of Noyapara Tea Holdings 
increased from £111326 to £179.627 

m After UK lax of £7.72? (nil) 
and overseas tax of nuO.DOO 
i £61.009 1 less " . £3.935 over- 
provision from prior years, nei 
1 profit was £81^55 {£50326J. 




‘ BEING HELD AT v ; >7 ' ' 

Please contact Conference Office: LP.S. Tel: Asebt fM90).^%t 

...big where it counts. The first major consortiiun'- 
bank; its members have aggregate assets of over 
£54,800 million. 

...small where it matters. Your business will be 
handled at senior level by experts who pride them- 
selves on providing a fast, efficient ana, above all, 
personal service. . - . ; ;; 


- ■ » 

...wide ranging and flexible. Whatever your 
particular need. MAIBL will tailor a financial' 
package to meet it, whether it be the provision of 
working capital, projccl fuiancing, leasing or 
restructuring debt. 

...truly international. The scope of our services 
spreads throughout the world, so that we can assist- 
you wherever you need our help in bringing ’your 
plans to successful fruition. 


26 Throgmorton Street London EC2N 2AH. 

Telephone; 01-588 027L Telex: 885455. 

Representative Office in Melbourne. Australia. . 

Subsidiary C ompany: MAIBL Bermuda ( Far East) U miled, Hong Kong, ' '. . ' : 

Member Banks-Midland Bank Limitcd:ThcToronlu Domimon Bark. The Standard Chartered Bank LiHittaL : '' " *' 
The Comnw rial Bank gf Auiiralialimiied. . '-v “ j 

4 4AI 0 I ■“ lit ^ ■ ■i /rt ff I r il^r 

— 1 

■ . z : '■-•-ii 


>n , -V 

l 7 * ... 

iJO/S " ^ na acia3 Times Tuesday June 20 197S 

Q Petbow higher 

:: and sees more 




‘ 1 h:aKt\ 


‘ cent ' inereaK <? >n 

10 “ii 5 ?" 1 * pre-tax profit of 
HoWtiigs, generating 
and - welding pfanr 
manufacturers. rose -13 per ceni 

trom £!.7Dm to ,a record £3.Hm 
r °r f the year to March 31. l»7s. 

With a satisfactory order bool- 
and a higher rale or production 
the group is now budgeting for 
further improved sales and profits 
jd the rarrtrt year, saj-s .Hr 
James Bird. The chairman. 

Eamtags : per 10p share are 
fig™ ;UP. fc»m. 3l.42p to 33.S4p 
-bcfore extarordmary items. The 
final dividend— proposed on a 
SroaBr, basts : because of u,S 

po^We reduction in the rate of 

•■ACT— : is raised from 7 Bln t n 
lifting the total f 0r P the 
year from li.846p to I3.05p the 
maximum permitted. 

- _ This represents a net final on 
;l*ie current rax basis up from 

- 4.35p to o.B I3p and a total for 
.the year of S.6l3p (7.776p). 

- A - one-for-one scrip issu* i* 
proposed as veTl a s in issue of 
one 10 . per cent cumulative 
preference share or £i each for 
fev ®7 s iU 5ris,lns °T.d inary shares. 

says , tl,e S r °up has 
held its share of world markets 
the same time continued 
us exercise or strengthenin': the 
.financial and management 
resources of the group, stock- 
turnover increased in the year and 
-'borrowings were reduced. 

-• 1 Exports ied the expansion in 

• sales. increasing to X16.36m 
.representing 77 per cent or total 

output. UK sales also rose 
.. despite a relatively depressed 
home market, and the cnmpanv 
bps continued its penetration into 
the EEC, he says. 

- !A e . ensure of the Australian 
subsidiaries has been concluded, 
with the exception of one final 
.-contract which will be completed 
.during 1978-79 The anticipated 
. losses incurred in the shutdown 
sjre as originally forecast, and the 
low state of the Australian market 
.has justified the decision to close 

• the manufacturing facilities there. 

Courtaulds profit £4m 

overstated— auditors 



_ x 




21 .91? 


Prvfit before tax 

3. M2 





■Net profit ... 


.EXiraarrtinarx dr-bus . 

K.t 9 

- Am-iti u table 

2.21. i 






1.301 ' 


r.Aigusu-ri for El) 19. 

TV rffvct 

of tbe 

- earwigs per share from *2.Mo on a 
rWrrred Lax basii to 33.64 L> on tbc now 


Petbow has joined the increasing 
number of family controlled com- 
panies to make a scrip issue in 
preference shares: a way of in- 
creasing income, and of releasin'; 
capita! from the business without 
losing control. The news helped 


Til.,- fitiiwriDR companies ham no: in> j 
“ ai ‘ N »0art mwiinss id ift.. 

■ X'-fianj.- siwh ni«-iinjM an- u-u.ijv 
■i' ll) lor ih.- purnuvs of innsi-l, nn-j 
u'VidiruU. 'tniciai ujdtfjljon*. ,n ,! 

■j-n,-:iu r d.vidi-nds ua r)a . ,t 
•f”! mi.r.nis or firsts ami : lj.- ..ii, 
'■-•iftuns ■hnwii bi-'tiu’ jn- bj£i<l 
Iasi year's tlinrtuMo: 


Imwini: .Mln-d limeiirt. tr, *. 


Finals: Anfirrron Strathclyde. \ 
LlMJfl 1 *. Brg.ifarJ Propur Tru<i kj, . . 
jric UcDcral IffltesunouL Eijm a 

Jaifsls. Fi.-isty Powell Duffryn 
■jii-ial Fiaithinc. Riusetl BaoUicrs ipjj. 
dingion. 1 . Smell Te SDuakoian. 



EAT iDdusin*'* tun ?7 

Vard:ll »j|:i U . ... Ju:.v 

niascoH- SiotlCioMcrs' TnE ... .Inn- j\ 

Um-TOli KiIkout Ju.i » 


Trill.; ni To le vision - Urn- :•<: 


p 1 ?' >•".« .in'- r. 

[;- p .. ...... Jin,, 

K"i:o:d . Jin,., i. 

Push the company’s share price 
up 9p to 22flp. Pre-tax profils an: 
up 13 per cent and with i<lrmi>;i 
SO per cent of sales headin'.* over- 
seas earning? look set to coniinue 
their upward growth. Margins 
have been clipped by more iban 

one jininv due to si IFF compel n inn 
from I lie l.'.s. and Germany, and 
sterling’s si rcnirih in the Jirsi six 
months. According lo the com- 
pany iis products now nccoun: tor 
more than .‘,0 per cent of UK 
goner h lor exports in the iui to 
Bp) kilowatt ranjje. Meanwhile- 
Petbow is trying to cut down its 
dependence on potentially un- 
stable Middle Easi countries and 
Europe, which now takes in W 
per cent of sales, was the fastest 
growing overseas market la;i 
year. At 220|> the shares si a ml 
on a p/e nf i».3 and a yield of ju<i 
over 6 per ceni rises by a point 
if the preference is taken into 

More growth bv 
US MC loti. 

The Leicester-based subsidiary 
of USM Corporation, USMC Inler- 
□ational. reports after-tax profils 
up £.037.000 to £5.789,000 for 1977 
Sales increased by £8.67m to 
£l‘22.47m, including export sales 
£2.9fim higher at £3B.79m. 

The group, which includes 
British United Shoe Machinery 
Company, Bostik and Tucker 
Fasteners of Birmingham, has 
other companies in the UK which 
are engaged m the manufacture 
or machinery for the rubber and 
tanning industries. 

TAXABLE PH OUT or CmirtaukU 
for I977-7X was overslated l»y 
pm say the auditors Price Wqlvr- 
uousf and Gompany. This resulted 
f J‘*ni the ^ roup’s Tailure to apply 
lli'* rclcva/ii accoumfng KCinifard 

m legat'd to regional developmrru 
2 i':uu> and the auditors qualify 
l lieir ropurl in this respect. 

In producing tin* published 
pnnii of r-^j -ni (jcso.ain^ for I lie lu March 31. 197S. the com- 
pany credited these grants over 
a period during which the mat ch- 
ine start-up costs and running 
losses are expected to be incurred. 
Under SSAP 4 grams should lie 
credited over the expected useful 
fife of the asset concerned. The 
efTcci on the previous year’s 
figures was an overstatement of 

On n current eon basis profit 
for liiii -78 would have been cm 
in II 0m (Udnij after extra de- 
preciation or ixim iH.'iim and 
£!om U45m) for the replacement 
co-i of stocks, less a gearing 
adjustment of £23m iXBOmi. 

.‘'apital spending last year at 
f.Viini v.js at a lower level than 
for some lime the directors say. 
This was because in recent years 
-nm- have been invested in new 
plan! and equipment particularly 
on the fibre and textile xuip, 
which must now be expected lo 
earn a proper return. 

The emphasis has thus been on 
improving the quality and com- 
f*ef iflveiirvs of the group’s pro- 
ducts in international markets fur 
i he capacities already created 
mi her ilian enlarging them 
fu iiber. 

substantial spending has been 
commit led to the modernising uf 
the UK paint factories by Inter- 

national Faint, wliirh increased 
profits last year, ami m ihe enn- 
linued expaasion by liriHsh 
Ccllophanv of H* polypropylene 
dim plant as well .is lu the im- 
provement of their film convert- 
ing fat-ili lies. .U ihe In-gimunj 
of lli" current year eapitJil ex- 
prnditurc aillhnnsrd and oui- 
standing amounted 10 £37.9iu 


Capital s|*endmg last year w^s 
furnished from the company's 
current cash earnings. New bor- 
rowings net of repayments during 
the period amounted in £ 12.3m 
includiny' the raising of a £20m 
UJ per cent sterling foreign cur- 
rency guaranteed loan 1!»89 in 
December and early repayment or 
the DM 92m fij per cent bonds 

.As reported on May 2/» in a 
depressed market at home and 
abroad externa I sales rose 4 per 
coni to £1.5Shn i£l..ilhul. The 
net dividend is raised to 2.2 'j2ji 
(2.0.11 25p > per 2op share. 

To avoid dismrtmg the ysir's 
results exchange adjustments 
relating to non-trading Hulls 
ainotmting to a deficit of 
iClmi was dcnlt with m resort us. 

Workm-.-. capiial was down £9.2m 
I mi xk.~i. 1 in ) b<u ba la in-es at bank 
and on deposit were uj> £;;0.:;m. 
With bought. m materials ami 
services at £!i72ni (£!inti~uni tin- 
value added during the year was 
mainiained ai £Bu:t 7m ifUKISmi. 

In (lie I'K demesne market the 
general lack of confidence during 
l'.l 77-78 led to stock reductions, in 
tin? lex! tie chain. Other adverse 
factors were an increase in fibre 
imports and a fall m fahric 
ext«ons. the elTeets of which were 
only partly offset by. a marked 

improvement in exports of cloth- 
mi:. The mr rail meet was a 
slump reducuun in demand on UK 

man-made fibre nm.Jucer-.. 

nf thu i>*? w multi-iibre avrange- 
ment irh’rfi is intended M regulate 
low-eest impurK. the direcmr? say 
provided monitoring k mfeelr.c. 
there is hope that the increase in 
low-cnsl imports wjlj be more 
closely in line with the growth in 
the EEC markei ih^u in ihe past. 
However, the n-w .,rrani-emem 
lasts only four years and gives 
little time f.»r the necessary 

restructuring m take pljee. 

Man-made I i fire producnon in 

the UK declined by n j, C r cent 
from the Previous year's level 
which itself represented a signi- 
ficant declme from ihe record 
level of 197-1. Profit margins in 
domestic and evpon markets were 
reduced ■iisniiieiinify This w:n 
•lite in pari i" the linancia) mid 
general markei candiimns. in 
addition fibre cvpicnies. especially 
fur the syinhetics. every where 
remain far in of : , n y likely 

demand for •'.mm- -. c j rs to come. 

With slightlj beTi.-r trading f f, r 
UK clothing -.uppliers lo the 
home markci ihi group nude pro- 
en'«s on many fr>>u'« in its con- 
iitmer pn«luci .icnvines with 
some advance in profit « overall 

Against :i li.ier--- round of exces-* 
world capacity in parkaaing films. 
Brilish Gell«i|ih..n<' ha.l a dilTi- 
cult trading year M.oinfaciuring 
units in both ihe t'K and over- 
seas operated ii'-i-iv. capacity for 
much of Hi* time Margins wen- 
squeezed by h.-jhor costs am! 
lower espori and prnur 

here fell fnuii i'l.’lin i£J5nnii. 

Meeting. Wiumme Hall. \\. 

July 19, at Hour*. 

Whitbread aims to lift return 

WHITBREAD AND CO. is aiming 
tn increase the return on its UK 
assets and to more lban double 
the share of profits earned over- 

.Mr. C. H. Tidbury, the chairman, 
says in his annual statement that 
its first aim is to increase the com- 
paratively low return on capital 
in the UK — a problem which he 
says is not peculiar to Whitbread 
and is now’ acknowledged by the 
Price Commission. 

The second is to increase the 
share of profit earned overseas 
from the current level of some 
8 per cent to 20 per cent within 
the next five years. 

On the trading side, the 
improved trend seen in the second 
half of the February 25. 1D7S. year 
has continued into the current 

year and he is confident the croup 
will make further progress at 
home and abroad. 

He says the regained momentum 
of its lager brands is particularly 
encouraging. Another year of 
growth for us lagers and special 
beers is ex peeled. 

Export beers have also done 
well although a promising start in 
Nigeria was hampered by import 
restrictions. Alternative arrange- 
ments to brew locally have been 

With brewing under licence, 
directors are still optimistic over 
the New- Zealand market while 
Mackeson continues iu establish 
itself us an international brand. 
Arrangements have bem con- 
cluded tn brew at the Windward 
and Leeward Brewery at St. Lucia 

in the Caribhe.m. and prngre» is 
also being made in Trinidad and 

Wine and spirit retailing in ihe 
UK is scon a- » potential growth 
area for Whitbread. 

A current co'i statement with 
accounts shows ihe £4::. 3m 
historical pre-tax pmlii eut to 
£3 1.7m by additional depreciation 
of £9.6m and a f.i fini cost nf 
sales, offset by a £3.4 m gearing 

Accounts sh»iv fixed assets 
ahead from isssMm to £4«l.73m 
and net current assets up from 
£61. 83m to There was a 

£0.fl5m decrease '£31. 72m increase! 
in liquid funds in the year. 

Meeting, i nisnell Street. EC, 
July 18 at noon. 

Hammer son staying out of UK market 

Milbury Limited 

Highlights for the year to 31st Martfi, 1978 

The Hammerson Property and 
Investment Trust is unlikely to 
undertake any new developments 
in the UK in the foreseeable 
future. Mr. Sydney Mnson, the 
chairman, confirmed at yester- 
day s annual meeting. Longer 
term. however, Mr. Mason 
believes that opportunities may 
arise for a modest degree of 
central . London t office, develop- 
ments and For the’litffited pro- 
visitm of shopping facilities. 

The current portfolio contains 
five development sites: two in 

Turnover £5,668,722 

Profit before Tax £601,593. 

Dividend 4-8p 

Earnings per share 25-32p 

an increase of 27-47% 
an’-increase of 24-14% 
an increase of 106 - 66 % 
an increase of 21 -32% 

Copies of the Annual accounts may be obfained fram Ihe SecfeJary, 
Milbury Limited, 178 Old Wellington Road, Eccles, Manchester M30 9QP. 

Australia, two in Vancouver and 
one m Reading.' In. reply to 
questioning Mr. Mason said that 
the gHup aimed at a return or 
3 per! cent 12 per cent at 
minim dm j over and above the 
eost of money on any new 

. So fai as the existing portfolio 
was Concerned Mr. Mason 
declined' to quantify the current 
net asset value per share. How- 
ever. he said that Woolgate 
House, which is valued in the 
books at its £25m original cost, 
was presently worth between 
£40m and £30ro. 

Summing up the current 
financial position of the company 

Mr. Mason said that any problems 
were now largely over. He 
intended to reduce rhorl-tcim 
borrowings further by way of 
sales of properties but these 
would not be on a large scale. 

In fast he was relatively haupy 
about the level of short-term 
borrowings and also about tbc 
groups accounting practices, 
where no changes— particularly 
with’ regard to the capitalisation 
of interest — are planned. 

Baraoora Tea 
pays 20p 

Following the recovery from a 
loss in 1978. pre-tax profits of 
Baraoora Tea Holdings moved up 
Trom £778.980 to 1837.378 in 1977. 

A second interim dividend of 
lOp is declared taking the total up 
lo 2fip net — the last dividend 
totalled 5p gross in respect of 

Turnover amounted to I1.681.S5R 
(II.572.3S4). After las of E5W.691 

t£2S2,520». earnings per 25 p mis re 
came through .a io.ip (6S.2p). 

reaches £0.9m 
-to pay interim 

An advance in taxable earnings 
Eroni £440,62; io £300.977 in the 
.second hair of 1977 by Mclnernej 
Properties lifted full-time profit 
from a depressed 1 , £6o2.fi2l to 
£902 977. Kales by the Irish-based 
construction group. ‘ which has 
in u- rests in the Middle East and 
the UK. slipped 10.38m to £2$.07m. 

Again no dividend is lo be paid 
fur (In* year— the last payment 
being tip for 1973 from profit ur 
£t.0tn. However, the company is 
io return to the dividend list with 
an interim for 1978 or 2p per lftp 

After tax of £302.700 I £385.705) 
e unings per share emerged more 
limn doubled at 3.17p t2.47pj. 

Brown Shipley exp; 
insurance recovery 

Interim Announcement 


Half Year Ended Half Year Ended 
4th March 1978 26th February 1977 

External turnover . 

Profit before taxation - 

Profit after taxation 

Earned for ordinary shareholders 

Dividends to ordinary shareholders 

Retained profit 

Earnings per share 


£000's ; 










The period of political and 
economic uncertainty which races 
the UK makes prospects for the 
banking group of Brown Shiple> 

Holdings particularly difficult to 
forecast, but directors are confi- 
dent that the insurance group's 
overseas earnings will provide the 
basis for good recovery in that 
side of the business. Lord 
Farnham. the chairman, says in 
his annual statement. 

In ihe March 31. 1978 year the 
insurance side had difficulties, 
with growth of earnings 
restrained by the generally low- 
level of economic activity and Ihe 
depressed stale of world trade. 
The contribution was down from 
£0.89 m to £0.8m. 

Lord Farnham says that 
although the overall level of 
underlying business overseas was 
maintained the increase in the 
value of the pound, particularly 
in the second half, was the main 
factor influencing the result. 

On the banking side, where 
profits rose 23 per cent to £1.3!m. 
the movements in interest rates 
and in the value nf the pound 
made it possible to earn good 

a Turnover increased by 10% . 

9 Pre-tax.profit increased byll A 

S p to 6 - 58 P 


- Extract from Chairman's statement 

hac ^ade progress during the first half 


^ *" . -nrina/fv concerned with the manufacture 

The Fenner Group is prmjnp r in dustria! conveyor beltings. 

Iw^gistrars Department 

National Westminster Bank Limited has 
been appointed Registrar of 


All documents for registration and 
correspondence should in future be sent to: 

National Westminster Bank Limited 
Registrar's Department 
PO Box No 82 
National Westminster Court 
37 Broad Street 
Bristol BS99 7NH. 

Telephone Bristol (STD Code 027 2j 
Register enquiries 290711 
Other matters 297144 

weVe got behind us 

When you fly with Group 4. you enjoy 

all the benefits private aviation has lo otter. 

Pius a few others that the others can't 

Because wherever you're going in 
Europe, we're probably already there. 

Not simply with airport facilities, but 
with an international network of offices in 
major and minor cities all over. 

Ready to provide you with cars, 
communications, security services, local 
knowledge — whatever you need. Whenever 
you need it. 

We're beiter in the air because we re 
bigger on the ground. 

And when you consider that the name 
Group 4 stands for (he biggest security 
organisation in Europe, there's only one A 
sensible thing to do. Ajr 

Put it all behind you. ,f 


Group 4 Aviation Limited, 

Head Office: Stavertor, Airport, 
Nr. Cheltenham, Glouceslershii-?, 

Tel: ChLiichdown iSTD C ,J 52 'i 

profits i mm foreign exchange 
dc-iiling*--. investment trading and 
money market operations. 

Although overall demand for 
cretin r t*:nained low ihe leasing 
bi.n-im.v- was buoyant, and assets 
held f'T leasing increased from 
£7 7Sm i'» £11.47m. 

The -i.-ike in Trinity Bank of 
Dublin Has increased to OS per 
com in the year and director# 
are confident that in due course 
i; w ill make a valuable profit 
enni ribiilHin. 

Tin- ypup plans io spend £In* 
on nw n 1 or nisi ng iis freehold 
prenn.-e- at Haywards Heath and 
inslallinc a computer centre 

Aci'HiiiK show current, deposit 
and niber accounts — including 
inner i->-cn’es and rax — up from 
rjALi-’lm to £179o4m. and loans. 
advaiiL-- and other account? vir- 
tually -i otic at £G1.7$m iWUnu. 
At ihi- -a me time holdings of 
TreMsur;- Bills, bills discounted 
and certificates of deposit ruse 
from £ , «'»'-0m lo £29m. and British 
i.ioverni’.v.nt and local auihnriiy 
si-furif- - holdings doubled from 
S7.7S/0 SUSlDm. 

Mifitng Founders Court. EC. 
July 12 a' 12.30 pm. 


Preliminary Announcement 

Group Results -for tfie period ended 31 st Decembsr 1 977 

Turnover ^ 9,863.01 5 9,965,61 0 

Profit beforeTax 130,305 27.846 

Profit after Tax 149.686 48,829 

{ before extraordinary items) 

Extraordinary Profit/(Loss) 35.908 (267,941) 

Net Profit/ (Loss) 185.594 (219,112) 

Retained Surplus (Deficit) 139.779 (259,431) 

Ordinary Dividends Interim 5% 10% 

Final 12.5% 5% 

Earnings perl Op ordinary share 6.5p 1.9p 

Subject to the confirmation of the shareholders at the Annual Genera! Meeting to 
be held on 12th July 1973. the final dividend will he payable on 13th July 1978 to 
holders of ordinary stock registered on 29th June 7 978. 

Steel stockholding h3s been adversely affected by the general recession in the 
steel industry but turnover has been maintained under highly competitive 

In engineering the year has been one of consolidation and reorganisation. 
Total turnover has been increased and trading losses considerably reduced. 

The improvements made in the steel rolling plant have helped the 
contribution that this division has made to group profit during the worst period of 
recession since ihe early 1 930‘s. 

Under extraordinary items there is a profit of £34,077 on the realisation of our 
investment in Nigeiia. 

Our activities are now centred on steel and engineering which will provide a 
firm working base For the future.The recession in the steel industry continues and # 
does not look like improving for some time to come. Given reasonable trading 
conditions however the company will prosper and the profit of the Group so far 
this year is in excess of the profit for the same period last year. 

Allan R. Pike, Chairman 



YEAR ENDED 28.2.78. 


DIVIDEND: Interim already paid 
Final proposed 


1 Whilst a reduction in profit is never welcome, 1 firmly 'believe that in the 
context of the building industry last year these results are a particularly 
sound achievement 

2. The group has decided lo adopt the proposals outlined in the exposure 
draft. 'Accounting for Deferred Taxation (ED19». As your Board feels it is 
unlikely any tax will be payable in the foreseeable future, the deferred 
taxation liability shown in the 1977 accounts lias been credited to 
reserves. This, t* 'gel her with the profit fur the year, bus the effect of 
increasing the sharehnldi-rs' funds front Lfi.Oin last yi-ar to A'LLSTm, thus 
giving an underlying value at cost of almost £1 per share. 

o. Ii i> pmpoM.-d lu pay a final dividend uf per slutiv. making (Tip (5.0pj 

lor die year. 


City House, City Road. Newcastle upon Tyne. 




Extracts from the Annual Statement by Lord 
Famkam , Chairman of Brown Shipley Holdings 
Limited, for the year ended 31st March, 1978 

With world trade sluggish and economic 
activity remaining at a low level, movements in 
financial markets were once again the domi- 
nating feature of the year for both banking and 
insurance broking. 

Sterling interest rates declined steeply during 
most of 1977, only to be reversed during the 
last quarter, with rates today very similar to 
those ruling in March 1977. Similarly the 
value of the pound fluctuated sharply, the rate 
against the dollar moving from $1 .72 in March 
1977 to a peak of almost $2.00 in Januaiy and 
ending at $1.86 in March 197S. 

The Banking Group was able to take advantage 
of the opportunities these sharp movements 
offered but the Insurance Group, with approxi- 
mately half its brokerage income earned over- 
seas, was adversely affected by the change in 
the value of the pound. 

Group profit, after taxation and transfer to 
inner reserve, amounted to £1,693,000 
(£1,482,000). A final dividend of 5.264p is 
recommended, bringing the total for the year 
to 9.264p, and represents the maximum 
increase permitted. 

Group disclosed reserves increased by 
£2,675,000, which includes retained profit of 
£1,180,000, realised capital profits of the 
investment trusts of £882, 000 and £732,000 
from the sale of No. 4 Moor gate. 

In a year of considerable activity banking profit 
increased by 23 per cent from £1,058,000 to 
£1,310,000. Although overall demand for 
credit remained low, good profits were earned 
from foreign exchange dealing, investment 
trading and money market operations and 
business with customers in raw material fields 
was again active. Leasing business was very 
buoyant and assets held increased from 
£7,784,000 to £11,472,000. 

Our Insurance Group had a difficult year, with 
growth of earnings still being restrained by the 
low level of economic activity and the depressed 
state of world trade. The result was 
disappointing and pre tax profit declined from 
£890,000 to £796,000. Although the overall 
level of our underlying business overseas was 
well maintained, the increased relative value of 
the pound was the main single influence. 

ffee Pasture 

Fluctuations in financial markets bring diffi- 
culties not only to our own business but also to 
many of our customers. It is disappointing that 
their adverse effect on confidence is still with 
us. We hope that achievement of more stable 
conditions will be given a high priority. Your 
company stands to gain far more from a 
healthy resurgence of industrial activity based 
on stability and confidence than from alertness 
in identifying opportunities in uncertain times. 
The period of political and economic 
uncertainty facing us makes prospects for our 
Banking Group particularly difficult to forecast 
but we are confident that the Insurance 
Group’s overseas earnings will provide the 
basis for a good recovery in that side of our 

Year ended 31st March 





Profit of the Banking Group 
after tax and transfer to 
inner reserve 

1,310 1,058 

Profit of Parent Company and 
Insurance Group after tax 

Net profit of the Group 


Retained profit 

Other net increases in reserves 

Total gross assets 

Shareholders funds 











221,845 192,470 
15,798 13,123 

The full Annual Report and Accounts and Chairman’s 
Statement may be obtained from The Secretary. 

i»wn flispfaf 

Hddings united 

Founders Court, Lothbury, 
London EC2R 7HE 

Jlnacciai i ui 


Crescent Growth Fund 

N. American expansion 


r -■ V aTbvff , _____ nnnn . 

. vats,. .. z*: 



is slili believed to be! is 

WHILE AuslnlisV potential pin. voun tenanve a lar’*> decree of 
ducer% of uranium cniiiimn* in ov-nerxhip restin' 7 with lX«A as a 
wait for permission to .-anri mine subsidiary or an'over-ea* group, 
development. I lie country \ i-oal rp \ 
producer's conumii! lo play tlioir ° 

part in meeliny Hie 

energy demands. 

Of ihe laiesl Australian coal 

I export contracts lo be announced ..mripiinM “VIT"? ” ' 

| neiv deals v» on h more than A 430m i ,srJl * ?l1 . L0; ? trac | The managers w: 

i £3lm i have been written by the n i 1 ?*,;, 1 ‘ the name to Crew 

big Utah Development -roup. ^ rab object™* Fuad m-* “ 

Australia's lending profit-earner uT^nrZ uhich vfa ''h' ^Rioffnex objecliv * 
which Is Sfl.2 per cent owned by exuloration h V * , term 

America's Ulah International and r-nnu-jft JiS 1 h f. s sl r. n ^.L^£j? achieve 

group to 
major stake in CA1E 
. kustralia s foreign 

take a | 

Crescent Unit Trust Managers £726.000 with 8S5 unithoWeis. •■domdinatjoh 
(1 „ seeking approval from unit- Since its investment aims and b.aCon 

... hoping lhai j uav 'nn'tH' found holders to chance the name and portfolio distribution are similar factories. _ oe . - 

MorW * to permit the arouu to take a I investment policy of Crescent to that of the Crescent Ttte number of shares^p per p(Jgj[^j 

f.mwfh Furul anil Fnr ihp ndootinn Fund u'hii^h has flV0r. tD.DS6 Will 

Growth Fund and for the adoption Fund, whieh has over. 10,006 will 

Investment 1 of a new trust deed. 

ant to change me mauagm ai«r -W-ttyr* cnares rwiwoww. .• 

Creseent American launch an American, fund; cent of the ordinary 

10.8 per cent by Utah 
I Australia. 

The importance of the latest 
Utah contract* Ls that they pro- 
vide justification for the AS250m 
Norwich Park coal dovelopmcm 
in Queensland and give the com- 
pany divor.silicalinn from its '■ales 
lo Ihe Japanese .steel industry: the 
(new ciiniraciv are with British 
j Si ct l. Romania. .South Kuicii and 

Sa udi 

Minina Ministry of** Pairolvum 
.Mineral Resources. 

Arab '* f I investmenl either ^exclusively or the newly launched - Crescent faciUTate._€pd. - .Tfte.^S ww . . „ 

ano ‘ to a very hish percentage in .Nonh T\»kyo Fund. The proposed mow SI «;~ rr ( Bem*?n of Ess-Food cocipTetfng^ afld 's 

li.n.i... Mnininiw .. U I. ...1 1. -.nil f.nt/I .nj 4k Ikn _ J .. lUn Dmril > 

Japanese sign 
S. African iron 
ore contract 

American companies with above winds up a-small fund and at the-/Vftr^„. a< apoointed to the B03rd documents. -^Th* '&}b7a 
average growth prospects. same time launches a new fund, n„ niS h Bacon Company- op include ‘PuhBckei^.tScd.i 


-^June’ 16. 

The Crescent Growth Fund 
uos established in November. 

Kf term ^.jh prospeclS IN ~D'aN1SH~BAC6N j HOVERINGHAM 
a time when it was fashionable The Danish Bacon Company Mr. G. H. Christopher Needier, 
to so Tor growth and a number has been notified that the Danish': the Fore ringham Group chairraaJL 
of growth funds were launched by bacon factories in Denmark have Yesterday said in a cirauar 


*•*'•*'» ui grow in iunus were launcntru oy oacon tactones in uemuant nave yesterday ;>«•«■* «• - Tl'CTST..-.:- - j*- ft 1 *. 

... _ . , , ASsijciatrd mawaniaE. in various unit trust groups. The each agreed to seU 20 per eenf of-' shareholders on its rwentacqu^ agreed toans^po^jW? 

? *?“ . 1 L nn r ‘ ,L . t ^ v biyh the AnglnvaaJ Croup is n rund has not been popular with their . holdings or “B” Ordinary tion of Superinr Sand and Gravel, make .an 

w!th Israel, w hwb could beworih major shareholder, is n» supply investors compared with the shares of £1 each fn Danish' Bacon -of Houston, -■ TesM,.“ . tha ;im: ;tfte 

snmv A»l.iUm are reported to 4-O.l'fifi tonnes or iron ••re to a other-, in the Crescent stable, its to Ess-Food, ‘ the ■ Copenhageh?;-introduction of— Hovennghfims < Fgl m oUth) * ^ 

i j secured by Coal and itroup of Japanese steel nulls over value at Mav 1, 1978 being based central organisation for the.- akiils and expencnce -together wiucff-owntrthO.t 

Allied Industries (C.ML) and the the year to nexi April. ■-> iih ship- ’ ■ ■ ■ 

Oakbridsc group. The coal i.* in moni.-* *iarhng in i»ci«iin>r reports 
he supplied tn the Israeli Electric Richard ftutfc from Johannesburg. 

Corporation for i1< new plant at .... 

' Modern which i- due lo start up in 't lee ^ Producers are 

l 9SI , 1 Mi in i In mu. Nippon Steel. Nippon 

Slate and Federal Government Kokan - K «bc and Kawasaki, 
ipprovnl is needed for ihp CA1L No new capacity will lw needed 
[and Oakbrldue deal*. An import- ii» meet the order, according to 
ant consideration for the CALL Anglovaal. Reflecting the reces- 

GPG in £25m Sudan project 

1 ‘that: naine t& FalnaHjjhv-l 

The Off w Js:- 6 upported, w . 

. —Board of. 

■ inttoffis ' . 

and .develop -^h^iote^^Kiv^: . 

■ r — - existing staff : .anr 

The Guinness Peat Group stands Guinness -Mahon and Co.^ the' With the balance satisfied by thfe 
to earn substantial benefits as a London-based merchant bank mV -iwnie of 64 per cent unsecured- 

Located near Khartoum, the agent for all- the lenders; the Into its organisation. 


ner ccnt-owned Cnnzinc Riotinto tonnes. lulllI „ B .„ i _ _ _ 

! of Australia dropped a joint. Associated Manganese i c also facilities will include an irrigation group’s merchant mg division- has 
ASRTm take over bid for CAfL. enaaged on an expan>i(m |iro- system covering 10^00 acres advised on the purchaK . and 
but Howard Smith has since ject of 3m tonnes of iron ore which will supply crops for the supply of plant and etjumment: 
increased its holding in the coal annually in association with l ! J5. project's cattle feedlots. There ant * Ffenchurch insurance Brokers 
concern to 50 percent. Steel. The last annual report w jj| be a sheep-breeding and Group is advising on various 

Hie basic reason for th* said ihi* project was proceeding rearing unit, a slaughter-house a spects relatmg to insurance.,;. In 
I abandonment of the long-standing slower than originally intended and processing plant with addition. GPI has signed :, an 
joint take-over of CAIL was NSW because of Lhe depressed steel refrigeration and cold storage export marketing agreement with 

plus related facilities including Seleit to organise and administer 

i Government 


to market. 

Dickenson absorbs 
Robin Red Lake 

| Red Lake Alines, two Oniario gold 
producers, are to amalgamate, 
reports John Sogouicli from 
! Toronto. 

The companies are already 

closely /inked. Dickenson owns 

1 77.4 per cent of Robin, while 
i Robin’s ora is milled in the 
Dickenson plant on a fee basis. 

Dickenson shareholders will 
1 receive one share in the amalga- 
mated company for one Dickenson 
1 ■share. Robin shareholders will 
receive one amalgamated com- 
pany share for every two and a 
I half Robin shares. 

thrown up suggestions that Dome 
is about to bid for Deni«on but 
this is rejected by top manage- 
ment in both companies a? hav- 
ing no basis in fact. For Dome 
the srake is a simple investment 
and it is understood they arc nol 
on the 

Denison board. 


animal quarantine for receiving fh e export of meat and certain 
cattle and sheep purchased from by-products, 
j Sudanese livestock producers. 

The U.S.S43m will be channelled 

through a specially created HOWARD TENENS 
rnmnany. Seleit Food Production, Howard Teneus Services and 
which is jointly owned by Paidntns. the transport and distri- 
Guinness Peat f 10 per cent), the bution division of Ihe Pakboed 
International Finance Corpora- Group, have reached agreement 
tion (a subsidiary of the World f or Paktrans to acquire thevAjr 
Rank), the Sudan Development Wingate division, the UK air 
Corp, the Abu Dhabi Investment freight forwarding subsidiary^' of 
Authority, and the Sudanese Tenens. The sale Ls subject to 
I Animal and Agricultural Produc- contract aod formal approvaf. by 
tion Company. the Bank of England. 

Many of the Guinness Peat 
Group subsidiaries are involved 
in the project. GPI has overall 
responsibility for the project and 
[has signed an eight-year manage- 
ment agreement with Seleit which R™!* "« 
includes detailed project planning. *£ I uls £j? n 

Of construction and ates tw0 department stores at 


Owen Owen, the Liverpool stores 
group, has completed its ££36ra 

Rich deposits of tin and copper 
have been located in the tribal • 
district of Bastar in Madhya I 

JUS is? "S M^VirSdS Ku C ma e r f 

supemston of construction 
' day-to-day commercial manage- 
ment of the company. 

Slough and Uxbridge. 

The group paid £1.75m Jn. cash 

'? “5«S ^ie^. announced" The copper 
!T^firnn-nr «-hh -Jn deposits were discovered clunne 

LhnS£,7i , n P h r tn excavations aimed at assessing the 

enhanced cap.ib lily to sei-ure pnsj>ib i| ily of commercial 

Customagic Board split 
widens over Mooloya 


tin LAST NIGHT it appeared that ordinary shares purchased invne- 
mining in ihe dislnct. writes K. K. (here was a growing rift between diaiefy afler the announcement. 
Sharma frum New Delhi. the Terry family and independent Aurora now owns J0J3m usborn 

Mr. Sakle> ha said it is now ,ii re ctors of Customaeic Manu- ordinary shares (38i»m shares 
established that tin deposits can nver Sova lnv«t- aflcr ,ha capiulisatiph issue)- 

be commercially exploited. This 2f2C¥im JS rlr equal to about 96.97 per cent or 

is to b n done bv the State menl s £lm bid for the company. ,u e caDilaJ 
Killi C-51M.000 in the Br?i three Government’s mining agencies! . The independent directors said p 

months oT while the com- \ n 3 -<essment of the copper ,n a statement lasl night that 

narabie figures tor Robin were deposits in Bastar is being made Mooloya’s bid of 20p cash a 

l-JIOTOOft IPVJ9T5I ,nrl f'S 1 .1 Irflll . ,1.,.,. 

substantial financing. 

Both companies have seen earn- 
ings recover on the back or the 
higher birilion price. Dickenson 
had 1978 first quarter net profits 
of C$428 .000 (£209,100) compared 

GROUP ACTrvmES ; r _ 

Manufacturers of hot drop forgings 'and prdi^n^ih 
ferrous and non -ferrous mBtafa. toyestm'eht castm^ . - 
and special purpose machines. Qectrfca J rnstaflatiorr " = ; 
and repairs and electrica 1 surface heating.^ v!' r S’''s- J . 

-a - - 


Year ended 2 fltir February 


tbruary YSM; ' • V ' • -V - ' 

■' 'flT Me .nan' • j 

Sales ^7^35000 

Profit before Taxaffa* '■ r -.i,iStA3B 
Profit after Taxation 
Ord. Dividends per ; } . v. 

share (Actual) ' - - T :8.97p 
Earnings per share ' ■ ' . .' Zff.lp 




being operated in 
district of the Siaie. 



In S\dn.\v. Pacific Copper said 
hail acquired a in 

zinc mine. 75 miles north of Van 
corner has recently completed its 
first full year of production. 

“ With the current stabilised 
i*o1d and silver prices, and 

anticipated price increases in the 

near and longer term, it is , . „ ... _ . 

management's opinion that all n h" 1 . 1 ' acquired a 10 per cent 
debt wHI be re-paid prior to the contributing Male m a uranium — . 

end of the current fiscal year." prospect. H«t km ca>i ot Yellow- con i rat .| S involving among other 

Mr. Donald .McLeod. Die presi- ^ Mr. Bernard Terry, wbo has 

j. n , nf c.5<n.inrt. Tne*<tian parenl. . , , r 

Pacific Cnpprr Mines holds SO per >° serve as a director of 

and the vendors of the Customagic in charge of the mail 

of Canada stood at CS1.5m 

( £732.8110 j, having been reduced 
by more than CS3n> since .March 

However, the Terry 
interests controlling a 
cent plus interest have already 
indicated that they intend to 
accept the offer. 

The offer document sen! lo 
Customagic shareholders yester- 
day reveals a series of material 

family shareholding of Dee Computer 
20 per an< J its associates now represents 
29.S8 per cent. 

dent said. 
At the 

end of last month. 

Xorthair's debt to the ***** 0 wn' the "remaic’ing “ibl order division. 


Caplan Profile of the LK ha- 
been given the go-ahead by (In- 
Foreign Investment Review 
Agency of Canaria tn purchase 
Expanded Plasties, an Ontario 
manufacturer of polystyrene 


-:i Sales up 17% and profits iip47%an^ _ 

s the highest yet in the hfstoiyof the ; .. ^ 
g company- j s 

• ^ 'TTte Forging Division wasnptablete “ } s 
'■ ^ nihlHtafri the gratify mg profit ... ■'§ 

s performance level of thearevio n ty aa r .= 
g and the indications are that this 1 J§f 

s division-will remain In a depressed , '- =• 
p state for T978-9- s 

^ The results for the Manufacturing m 

^ Division are very encouraging. There is = 
^ no reason why this division cannot p 

= look forward to further achievements ' f= 
p during the current financial year. .. / 3 

g Improved trading in the Electrical V . s 
p Division resulted in a satisfactory ' ■' = 
return in profits and if this - = 

improvement in trade is sustained fits ==■ 
p upward trend should continue- • *= • 

p throughout thecur rent financlalyeai 1 . = 

=rs Copies of the fuff Statement and Accounts can b & .’ == 
obtained from the Secretary. 


§=== ' SL Richard’s House, Victoria . Square, Droitwfch, 

== Worcestershire WR9 BDS. 

■ Ihe 

-•■•■Tv. IS' 

: i fe 

per cent. Among other material con 

* * * tracts outlined In the document 

,q— In order to take un its 23 per is 3 tec to Gras U‘Eau Consul 

Meanwhile Cochenoiir M'lllans ront entitlement 111 the tants ’* in the event that certain 

Gold Mines a tormer Oniario G 4 * 1 * 1 rights ic^ue and avoid shareholders of Customagic 

producer which last paid divi- investing fresh funds tn South 3CC cpt an offer by Moeleya for 

dens in 1%6 antl^ slili controls £ r rica.^_ London s I heir shares.” 

Mr. Terry's appointment os 
• tu, * 1 ^ . TO „,- .director jn charge of mail order 

- he IS subject to the offer going un 

holdimr in the latter irom 49 I*r 

praperiies in the Red Lake area, 
is hoping 10 reach an arrange- 
ment with Campbell Red Lake 

The idea is for Campbell Rpd 
Lake to undertake iimiergrnund 
e?.nkTJtion *i Consolidated 
Marcus Gold Mines a Coclienour 

Campbell Fed Lake is a" per 
cent, owned bv Dome Mines ;i r.d 
recently received a parcel of det-p 
«hares 'in Denison .Mtoes. when siaie 

Dome purchased a 
Denison slake. 
Market talk in 

10.1 per ocnl because nr 
scams and 

Toronto lias conditions. 

cent 10 45 fi per cent. 

★ + + 

Armen Steel, is building an 
CM«.-rimeni:il deep mine in 
Hkhhmn.i and could inter exploit 
12m tops of met a! lure ical coal in 
Iv.n explnrjilory <eums.' Most 
opermiuiis in the 
b»».*n abandoned 



nu-ihune cas, 


P. Hill sees 



expire on May 21. 
unsecured, imcrc-jt 
hv reference In vhe 
Kuro-currency inter-bank 
Sir Keith explains 

Following an invp.s'ment 
Jim during l lit* year. iJic company- 1 c i a tion. 


L’K and 



Although interest 
rising both in the 

L-.S. :,nd there is^iuv ■^—"'rr-gani'' Vhh investment 

now holds 20.2 per cent of the 
apital of Agrii-niiural Lnnd hn- 
provemeni Moldings and the 


Mooloya with ihe Terry Tamil 
interest has received acceptance 
representing around 47 per cent 
of Ciislomaaic. 

Cttsini, logic’s chairman. Sir 
Ocil Burney, who is also 
Mooloya director and has taken 
no part in Mooloya bid, is under- 
. stood to be one of the Customagic 
roof | directors rejecting the offer. 

Mooloya also said the company 
is holding talks with “a highly 
11182 and i> experienced and successful tes 
being fixed hie group with a view to their 
London being involved in the manage 
rate, menl 0 f the trading activities of 

r 'f| It is confident that this asso 
together with Mr. 

t f ::s being «»f a long-term ruiturc. 
The ih-urman re(»nr;s (hat the 

certainly over the 
exchange the •lir'-clor--- 

sss -i'Vssr? .Jr « 

™ ,n ,hc ELia-- 

current year, says •»• >'«<••-•-• { .i jn t.jnue tu improve 
Keith, me chairman, in hi- annual lhl ., vforr and at li> c 

ilatemeni same time, provide Ions tonn 

Members are tuld thai l lie in- ^ruwtii of #.-:i pi 1.-1 1_ i ;cogn»phicni 
creased dividend already an- cmpliasi- cnniimo> in he conren 
nounccd by Bcechani Group will iraiprl in ihe L’K :intl the Li.S. 
benefit earnings by 0.4 >p per However, the company is seek- 
share. tog 10 increase ns direct exposure 

As reported on May 28. pre-lax in the L‘.S m such a way hot lo 

revenue for the year to March 31. prejudice its dividend record and 
lo.45m to Efim and therefore the increase in its U.S. 


1978 rose from . 

earnings per 2.ip share were 7.9p portfolio must be u 
(7.05p». The dividend total is process. Sir Kciih 
lifted to r.Sp ifi.9pi net The di recti ms liel.evv that the 

At the year end. the company'; company should fuiiy moinlahi 
23 iarrest hoMing-t amounted to indirect inu*s!ii»ei,[ abroad 
vfil.iWm and accounted tor 30.3 Ihioii'lh it< holdings in Brilith 
per cent of the market value of companies trading mgrscas: for 
it5 listed investments. This indirect foreign content has 

Throuiihoul lhe year the ^ g?dK 

valuation of the investments - 11 '• UKr 

acquired from Jim company’s 
dollar borrowings, which amount 

man points mil. 

The directors intend to propose 

..... a special r'-s*diiln,n hi ihe AGM 

ra lr.sX.ltm. exceeded the borrow- ,,, amc .nd ihe ariiclv-. uf associa 
togs, and so Tar this excess has ,j„ n j n nrdor in giw the Board 

amounted lo s.iSm power to fix the raie of fee pay- 

Since lhe end of the year, lhe able to non- executive directors 
company ha« arranged a further up to a maximum nf £3.000 per 
niulli-rurrency loan facility for annum. It is ilit- Rns-rd's intention nominal tor lhe purpose oT to increase Hie pic.-crtt fee of 

financing portfolio in-.csimenli £2.000 by in per i-ent with effect 

in the U.S. This facility will from April 1, 1978. 

Bernard Terry 1 -? assislance. M-ill 
•’rapidly restore the trading 
activities of Customagic lo 
profitability." . 

Cusinungi.- siifTored a prc-in\ 
li»?.* of f I5.fihfi for the six montli 
to October 31. 1877, compared 
wish a pre-tax profit of flfl.OOO 
in lhe comparable period uf 197U 


Shares of Bridgewater invest- 
ment Trust have not been 
requoted on the London Stock 
Exchange as reported In Satur- 
day's paper. A relisting 15 
expected once an offer document 
from Sagcst SA, is posted to 


The offer bv News Holdings for 
F. Hewitt and Son (19271 has hen 
accepted in resperi of 120 (I3.i 
preferenre shares i $7 38 per cent l 
and 100 802 preferred ordinary 
shares (94 26 per ceiiH Roth 
offers unconditional and remain 


Aurora Holdings has received 
acccp lances of the offer tor 
Samuel Osborn in respccl of .VJUni 
ordinary shares i prior to capira- 
tisalion issue) Together with the 
1 3t m Osborn ordinary owned 
before the offer and the 2.30 m 

■ vita; - 



. r 

the Annual Report and Statement by the Chairman 
MrFPS Stammers for the year ending 31 March 1978. V.s: 

: .• 




■ The turnover at £24 million (1977: 
£21.7m) is the highest for the group to 
date and the profit before tax of £1.1 9m 
(1977: £0.76m| is slightly better than we 
have ever achieved before. 

During the year Cox & Wright-Urruted: 
acquired Air Tools & Compressors Ltdfe 

■ The board recommend a final dividend 
of 3.&p net per share (1977: 3.7p). 

■ Our Civil Engineering Division achieved 
a turn-round from a large ICS'S to a modest 
profit - reflecting great credit on the 
management concerned. 

add to its existing subsidiary, Cox &WrigRt 
(Pneumatics) and thus enlarged itsdrstri- 
bution network. Both companies -have 
now been merged and in future will tra$8 
as AT C Pneumatics Limited. 1 /*■ 

i y 

V. ■ 

' '*■> 


® The Refractories Division produced 
yet another record. This is particularly 
impressive when its main customer, the 
steel industry, was running at only 60% 

■ The Process Engineering Division and 
the Mechanical andStructurai Engineer- 
ing Division, both managed good profits. 
The latter division includes Tully Engin- 
eering which, in its Golden Jubilee Year, 
achieved excellent results. 

H We announced in January that.vve had 
sold our interest in Christy. Bros. Ltd* 
realising a profit of £53.690. Also 
announced this year was the disposal by- . • 

Trafalgar House of its entire holdinglp" 
this Group. - Tv 

H From the Directors' Report share-' 
holders will have learried that ! prdpoSe^ 
to retire at the conclusion of the Annuet- 
General meeting in July. Mr DR Brooks, at 

present Deputy Chairman, will succeed- 



■ The Group as a whole commenced 
this year with the . highest ever level of-’ 
orders, although in some cases margin? 
are somewhat thinner than is desirable. 

■k : 

j % 



Llo-.diHuu.*., Alda fe/P.Md.VJilr:,Jc^Ch^, ie si;9idA.\V|aoiri<iw (09984)27^ 


■ >v ; 

Civil Engineering— Specialist Refractory ManufactUfs^-^' ' ' 
Process Engineering - Mechanical and Structural Engineering. 

•i- «V, 

'■e it 



7‘- a?9 

; SbJc tO f 

.Mousvear I 

his ft 

five a 1: 


i. T-.rr.:;s 



Competition and 

Supply in the 

Brewing Industry 

G^r'nl*r C ': lhat ,his ,ndustr y h “ >F™ b«" ■!» subko or 
rceard 10 h tJ ve ? II S al, °"* lh,s ,imc b >’ thc Pricc Commission in 
qTcbr lr and mar ^ hs - Thc ^bsequem rcpon made 
Pnces had risen *« than prices generally and 
S,Zrr" 01 e , XCe55ivc - ^"ce Commission 

“ ma£ j e no a . P n * he slrucTure ot the Industry, although it had 

made no auempi to obtam recent ev idence on this matter. 

-^in^ lhCn ,& ^ Cd 3 reaM5ncJ response to the Pnce Cum- 
Govenwjvm°»H the P°' ms °f criticism and reminding the 

thc conclusion ?£ ^ on °P° iin ‘Commission had alreadv come t«» 
^hicwluH L “ l ,hn . e no P racli “> a bcrnfltivc TrinfmKm, 
sv«™. m ° re advJnIa S'°“ s <° >h‘ lhan .h/r-c-m 

■ ■ T h ' Pncc Commission has since complru-d a further Hiveslieaiwn, 
J‘ mc I 1 }. 10 .®? ind '^dual company, namek Allied Breweries. 1 he 
,Sh<!d cov ? red [he samc ground as that on the Industry 
and, once again, conlirmed that profit margins are not excessive, and 
-acknowledged lhat the method of valuing brewers’ public houses 

• . shows a low return to the Industry- on thc capital involved. 

L , llie Brewing Industry' has been in discussion with the Government 
- months past on these subiecis. I am pleased to report that 
Secretary ol State ai the Department of Prices and Consumer 
Itotection, in a statement made on the 2nd Mav, welcomed 
assurances given by the maior brewers on areas covered in these 
discussions, rhe main points concerned prices where the major 
brewers have undertaken to endeavour to hold prices for a period ut 
K u . m fci< 10 l ' veh >* months, and that efforts will be continued to 
reduce concentration of ownership of pubs in certain areas, and to 
explore the possibility of exchange of beers where there is a com- 
. mercial demand. 

\Vc look forward to a better atmosphere between the Government and 
rhe Brewing Industry in future. Vic are proud of our industry, with 
its eighty brewing companies, its pubs and the pint of draught beer 
which are unique to this country. Competition is intense between 
brand and brand, and pubs and clubs. Choice in the outlets, from mv 
experience, is wider in Great Britain than in any other country in the 
world, and this has also been acknowledged by Government. Manv of 
out competitors find it profitable to sell your Company's brands, and 
we shall continue to offer our customers a wide range of draught, 
bottled and canned beers, in addition to wines, spinis and soft drinks. 

I sincerely hope that both Ministers and the Pnce Commission will 
now leave this Industry in peace, so that we can bend all our efforts to 
the task of increasing the real wealth of your Company and of thc 
country by. building up our trade and earnings abroad, and improving 
the return on our assets at home. - 

The Board 

I would like to pay tribute to my predecessor, Mr. Alex Bennett, who 
iibired as Chairman on the 3? si .December. l Q 77 r .after 43 year* 
^fvice. Like Colonel Whitbread, he has given a lifeline's work io the 
. Cqpjpanv, and, with a very human touch, has guided Whitbread's 
; d^cldpment through the difficult inflationary tieqes of the last sev en 
ycare/We all’ wish him a happy retirement, and are most grateful for 
the time he has agreed to spend in continuing to help V\ hilbrcad and 
the Brewing Industry. He remains on the Board ol the Company, and 
Continues as Chairman of the Whitbread Investment Company. In 
additiomTtc is staying on as Chairman of the Brewing Research 
foundation and. has also undertaken the Deputy C.hairman'-hip of ihc 
Food and Drink Industries Council, two very important tasks both lor 
Whitbread and the Brewing Industry. 

Wy also wish a happy retirement to Mr. J. F.. Marti neau. who retired 
m Julv after more than fifty years with Whitbread, forty-five ol them 
on the Board, and we are grateful .to him for all he has done lor the 
Company over all these years. 

The Retail Trade 

read has some 8-000 retailers and their wives, as well as some 
i Free Trade customers. I try io meet as many of them 
Jv as I can, and I would like to pay wbme to them for ite- 
: sen-ice t hev provide for. their customers, the public, and to 
them lor their continued support. Good relations with ^retw ejs 
w the cornerstone of any successful business ,n . lh,s 
c in the Company will continue to work io maintain a happy 

owerous partnership on an individual basis. . ^ 

lv the National Union of Licensed Victuallers, the tenants 
Son has publiascd a of poims of review -,h rhe W' 
esc are beine discussed by our local Companies with 'hejocal 
rep resent at ives. Wc are confident of a satisfactory outcome 
e discussions. " . , „, lU . 

□ants have had a difficult time over the last eighiren 

ed bv conlinuine inflation and a depressed iraJc. ^ 
“V. . M,:, rha ^ ,,-ill pass and. as such, « is. «onh reminding. 

« AaX- Br^ing Indusir,- offers a uniqfle 
mi being a l.ccnsee these days is no sinecure, a lad 

X past I 'resident, Mr. .John Lewis, 

id wnh ihe nrobleeis .hai abuseof sleohri ^n 

. ^,-fpm of such problems can be exagg^a 
un“he Brewing 

- n olir socieiv ft something that worries ' 
lL c in our socwi . ^pany ran a 

n> ' °‘, > as paa o? oiTeo^raie advertising 
^nent as P ari _ -^i was sig- 

lcar ' “^tatMtapublic and members or the 

■ed ferine reusing efforts to in m unden.and 

ol viole "“- Foundation at Oxford 

, Whubread svcho i og ,- 10 look more 

rf Fxpenmen »' „ a board 


*his endeavour as iruslees. 

The Chairman’s Statement 

Mr. Charles Tidbury 5 s Report for the 
year ending 25th February, 1978 

May I start off by saying how honoured I am to be writing this Company Statement for thc first lime, and not 
without some irepidation. 

1977/78 was a difficult vear after the record year of 1976/77. The summer weather was not good, the economic 
climate was dull but, most important of ail to Whitbread, the quality of our service to our customers in 
certain areas was affected bv 

unofficial industrial relations 
problems, and, as a result, our 
trade suffered. Trading profits 
before the adjustment for 
foreign exchange, were J0.6V 
down ji the half-year, although 
1 am pleased to be able to 
report lhat, after a concerted 
effort by everyone in the Com- 
pany. the second half showed a 
H).5 f r improvement. At thc 
final outcome, trading profits 
for thc year were down by only 
V,. and profits before tax up 
by nearly 4V. 


— Beer 

Our trade performance for beer 
last year divides itself into two 
distinct periods — from March 
until September, and then 
October through to thc present 

'Phe first period’s sales were 
disappointing. Apart from thc 
general slowing down of the 
market, our situation was 
further exacerbated by indus~ 
trial relations problems. This 
caused us to lose share to 
our competitors. However, 
during this period of poor 
trading, Whitbread Trophy 
Bitter continued to make good 
progress, as did some of our 
local ales such as Marlow Bitter 
and Pompey Royal. Sales of 
canned beer through the Take 
Home Division ' continued to 
out perform the market, and 
our new organisation in 
Whitbread Scotland resulted in 
a substantial increase in trade 
qi that aresrl £ =»~* v ■ • ‘ • 
From October onwards, our 
skies began to improve, and 
since then we have continued to 
regain lost ground. Our 
standards of supply and 
customer service during the 
Chfisimas trading period were 
mutyi improved, resulting in 
our *- second half-year’s trade 
betn{f significantly ahead of the 
previous year. - rhis improved 
trend continues through to the 
present time. 

What is particularly encourag- 
ing is the regained momentum 
of our lager brands. Heineken 
and Stella Artois, despite the 
very poor spring weather. Wc 
expect another year of growth 
for our lagers, and our 
speciality beers, notably Gold 
l^ibel and English Ale. which 
continue to make good 

Our exports of beer have also 
done well, although a promis- 
ing start in Nigeria was 
hampered by import restric- 
tions, and alternative arrange- 
ment have been sought to 
brew locally. As far as brewing 
under licence is concerned, we 
are still optimistic over the New 
Zealand market, although the 
broadening of distribution in 
that country continues to be a 
problem. Mackeson is continu- 
ing to establish its position as 
an international brand, and in 
thc Caribbean arrangements 
were concluded to brew at the 
Windward and Leeward 
Brewery in St. Lucia. Vie are 
also making considerable pro- 
gress in Trinidad and Jamaica. 

— Soft Drinks 

Our Soft Drinks Company had 
a -difficult year. The adverse 
summer weather depressed the 
total soft drinks market, and R, 
White's lemonade suffered 
from this along with the rest. 
One sector where we managed 
to do better than the market 
generally was in mixers and 
fruit juices, with our Rawlings 
brand, which continued to 
increase its market share. 

centrated at Hat field, which 
enabled us to sell the Chelsea 
premises. Not long ago. many 
people thought that shops such 
as ours would bow out before 
the weight of the <upermarket 
chains. Thanl-s to the local 
service and trading ability of 
our sraff and managers, this 
has not proved be the case. 
Wc are pleased with thc results, 
and we regard this area as one 
-of potential growth for the 

Stowells of Chelsea celebrates 
its centenary this vear: having 
started from a single shop in 
Ealing, it ft now one of the 

largest uine and spirit whole- 
salers in the U.K. Lan gen bach, 
our German wine business, 
founded 125 years ago, has 
now doubled in value since our 
purchase of it four years ago. 
During the year Stowells 
acquired Hawker's Pedlars Sloe 
Gin. a brand which we believe 
has potential both at home and 

Long John whisky had a good 
year overseas, and sales at 
home have surpassed . the 
expectations of even the most 
optimistic among us. With 
Black Bottle. Islay Mist and 
malt whiskies Laphroaig and 

Mr. Charles Tidbury 

Tormore, we have ihe neces- 
sary brands for an important 
market sector. This year, 
Plymouth Gin has made 
encouraging gains. 









51 5k473 

Profit before Tax 






Profit after Tax 






Retained in the Rusiness 



Earnings per Snare .pence! — basic 


13. 78p 

— fully diluted 



5 Year Summary 






m&mmrn 1 









— Wines and 

Trading in wines and spirits ar 
home Ian vear was not easy 
but, at the retail end of the 
business, our Threshers' and 
Mackie's shops made good pro- 
gress. During ihc year, twenty- 
six shops trading as Agncus 
were added to thc chain, and 
the headquarters for the total 
operation was successfully con- 

Profits before Tax 






Whiibread tankers ready for loading at Samlesbury brewery, Lancashire, where the company has invested more lhan £30m. 

The Overlord 


The Company were very 
honoured when Her Majesty 
Queen Elizabeth The Queen 
Mother consented to open thc 
Overlord Embroidery Kooin at 
Chiswell Street on the 6th June 
this year, the 34th anniversary 
of Operation Overlord, the 
Allied D-Day landings in Nor- 

The Embroidery was com- 
missioned bv Lord Dulvcnon, 
and donated to thc nation by 
him in ] 973. It was designed by 
Miss Sandra Lawrence, and 
took the Royal School of 
Needlework five years to com- 
plete. It is now on loan to the 
Company from the Overlord 
Embroidery Trust, and is on 
view to the publje throughout 
the year. 

I hope that our shareholders 
will find an opportunity to visit 
the Brewery io sec thc 
Embroidery, and to see the 
work that has been done on our 
retained buildings on the site. 


Lasr 3 , ear, a toial of nearly 
j(j50n] was invested in thc busi- 
ness, with production of lager 
and distribution requiring thc 
-lion’s ’share. Some people have 
said that it is the brewers who 
force lager on a defenceless 
public. To that I would say, n 
i$: public demand that creates a 
market, and the sum of nearly 
£120m that your Company will 
have invested in lager will 
enable us io meet that demand. 
The same applies, to the grow- 
ing take home trade, where our 
Take Home Division continues 
to make encouraging progress. 
Sufficient canning lines are a 
prerequisite to support this sec- 
tor of the trade, and wc arc 
making the necessary invest- 

We intend to increase pro- 
gressively our level of invest- 
ment into new pubs, ihe 
improvement of our existing 

estate, and the Free Trade. In 
April 1978, we successfully 
issued jC15m of Sterling Foreign 
Currency Bonds at par with a 
coupon of 3 049 fixed lor 
twelve years. Annual redemp- 
tion from 1981 gives an 
average life of approximately 
94 years. This money, which 
was raised through a con- 
sortium of international banks 
led by our merchant bankers. 
Kleinuon Benson, will be used 
to finance our investments in 
U.K. trading assets. 




Production and 


Unfortunately, changes in the 
market place lead to changes in 
our production requirements, 
and during the year the 
closures of Rhymney and 
Blackburn breweries were 
announced, to take place 

during « 9 78. We have tried to 
soften the blow by careful plan- 
ning- and are keeping 
distribution depot in 

As well as completing 
Strathclyde Distillery for Long 
John whisky, we have con- 
tinued our construction of the 
new riant at Magor, which 
should be in production in 
19 T 9. Magor is in Wales, iust 
across the Severn Bridge. This 
brewery, on a sixty-acre land- 
scaped 9ttc, will represent 
maior development lor 

Ihe continued high qualit. 
our products has been ensured 
by :» -trengthening and re- 
orgiini r -uJ ion of nur Quality 
Control during the year, which 
i« no»r yielding benefits in the 
quality •«; our products at point 
of ‘.tic. I his year wc are 
extending nur control to the 

munuM- Hirers ol pur mw 

material:, and packaging by the 

appointment of a Quality 
Control Inspector. 

1 have noticed that, in assessing 
the value for money the public 
are willing to pay for a product, 
a little extra is always available 
for the one in perfect condition 
and whose reliability can be 
depended upon. 

Chiswell Street 




I uriie. wc have just con- 
cluded partnership arrange- 
ment.- with Trafalgar House to 
develop two blocks, totalling 
4llU,tMl sq. ft., of offices on our 
site. ‘Hie con -t ruction contract 
will be lei w Trollope dr Lolls, 
urn! wc believe that there will 
be u demand for good office 
trace in the City in two years 
time — a large invest mem dc- 
u*.ion which show- our con- 
fidence m the fmureofihe City 
and tht> country. 


Your Company has always 
been in the forefront of 
innovating sponsorship of 
sporting events, and we were 
very pleased this year to 
organise once again, in 
partnership with the Royal 
Naval Sailing Association, the 
Whitbread Round the World 
Race. In addition to such old 
favourites as the Whitbread 
Gold Cup at Sandown Park 
and the Badminton Hor«e 
'I nals, wc now include awards 
for literature and the arts, to 
say nothing- of golf, cricket, 
tennis, speed-boating, darts and 
many others. 

We are confident that sponsor- 
ship of this nature helps to keep 
our name and our products in 
the public eye. and in addition 
encourages sporis that are 
of interest jo many of our 


Philosophy of 

As you know, wc arc still a 
truly family brewing company, 
of whose independence I bclietc 
we can all be proud — but we 
have to keep the business suc- 
cessful. Success means making 
reasonable profits to allow us to 
invest in good research and 
development and modern plant 
to enable us to compete with 
(he changes in the market 
place It also means good cus- 
tomer service, a fair return to 
our shareholders, and a decent 
livelihood for those who work 
in the business. 

You will find Whitbread & Co. 

all over the country but, 
although we are national, we 
trade through nine local com- 
panies. It is interesting lhat 
w hen we did this in many 
said it would not work — now 
oihers arc copying us. Wc 
believe our svsiem gives the 
greatest sense of achievement 
and belonging in a large 
organrsnu.m bm it work* only 
as long as wc can find able and 
emerprtsine people to run these 
companies with high siandards 
of trading, management and 
leadership. To see that these 
standards are maintained and 
developed is one of the most 
important tasks which your 
Board is tackling at the present 

Aims and 

Two principal current object- 
ives have been set for the Com- 
pany: first, to increase the com- 
paratively low return on 'our 
capital in the U.K. — a problem, 
which is not peculiar to this 
Company and. I am glad to say, 
is now acknowledged by the 
Price Commission: secondly, to 
increase the share of profit 
earned from overseas, from the 
present level of approximately 
37 to nearer 20' » within the 
next five vears. 


We are disappointed at the ap- 
parent unwillingness of the 
Government to ease the tax 
burden on senior and middle 
management. If this country is 
to raise its productivity to the 
level of that of our major com- 
petitor*, in the world, surely we 
must have the same, if not 
better, incentives Tor people to 
work harder. 

I believe there is no lack of will- 
ingness to work but the frust- 
ration of rewards which leave 
those concerned, and ihcir 
faiuilic*. material! v worse ntV 
mus: be io the detriment of this 
country's objective of keeping, 
and improving, its place in 
world trade. 


Ownership and 
Profit- Sharing 

We would welcome any scheme 
which we could be reasonably 
sure would help to increase the 
feeling of involvement of all 
those working in the business, 
and thus benefit members of 
the Company, our customers 
and shareholders. Wc are 
currently studying all the im- 
plications for profit-sharing, 
with or without linked share 
ownership, before coming to a 
conclusion on any future 
policy. It is hoped that thc ideas 
mooted by the Government in 
the Finance Bill will encourage 
Industry in this area. As you 
know, since 1975 we have 
operated a successful own-as- 
you-earn scheme which gives 
people who work in the Com- 
pany a chance to save and ■ 
eventually own Whitbread . 


As I write this at the end of 
May, the current year ha* 
started well, despite the appal- 
ling weather of thc Easter 
holiday and even worse May 
Day — truly an international 
distress signal for a national 
holiday! We hope for better 
during the summer. I remain 
an optimist for our Trade, and 
1 am confident that, with the 
help of all who work in the 
Company team, and less atten- 
tion from Government to 
distract our senior manage- 
ment, we shall, this year, make 
further progress both at home 
and overseas. 

Annual General Meeting; 
Brewery, Chiswell Street, 
London EC1Y 45 D. 

12 noon ISth July 1978. 

- ■ J 









Chicago options markets 
agree on merger 


THE CHICAGO Board Options regulation and development. 

NEW YORK June 19- 

set up 
probe into 
Husky Oil 

on new 

■ konsttm fci l 

should he 

FORTp Z JS^SJS ‘ZnM £ S-7SuT*,W - THE Toronto aad Montreal «* 

«T E lomlr.^fi aono“«d an «*>*« S c ““' CtoaSd *« 1“ •“*'"* at. The announcement of a pro- 

a««« e Si«>a?7“ s$ jtc .jsr-s SmEl-sJs 

cislon. This has been done to Sachange „* 

traded on 

ibv over 

By Robert Gibbens . 

MONTREAL, June 19. 

, through inside information. 

Petrobras was submitted to an f^ r 

New York Stock EYdnoge. -j™™ opunns u-- [-‘in the sTock^as baited on 

, , The announcement comes at me dominant U.S. stock market. . already unsettina other Thursday June 8 and the last 

avoid stock market speculation a * m(? when the Securities and should be permitted to start an opt]0n ' s SkeU P wh..?c:i ft hat trade was at CS35*. 

Exchange Commission is calling options market. At present, this ^ WiIf strengthen the CBOE's 
further information about development for which * ,ho — 

The bait was due to rumours 

----- „ 1 fc ? e already ««S3S position.^e that a bid would be coming for 

official Stock Exchange Cornnus- options markets and has put into NYSE has been pressing, has ^^jean Stock Exchange, the company, 

sion investigation when its shares effeCT a moratorium on the been delayed because of con- ^.jjj C h also operates a share Last Monday, Petro-Canada 


oiMiMhe ' Sanlos ba" S in.driljlng ^ s ^"loT^e whXr and SKT WMnKfrX fhe' »rt Petroleum of the U.S .with a 

»"£■ risK ™ ntT * & h illicit trading activities on some fn what circumstances trading of expansion which is supposed shw^exebange offer worth about 

Fetroi was. exchange, but it reflected too its of O p t i on5 a nd their underlying t? be held in abeyance during 

One June 21. the Petrobras desire to carry out a through securities should be integrated tne bEC inquiry, 

board witl ratify the decision to rev j ew of other rapidly growing on an exchange floor. At pre- The OBOE Ls arguing lhat the 
“crease the company s capital fl ptions markets before making sent they must be traded on merger does not involve expan- 

from Si .41 on to 52.i-o n m rougn decis j 0n5 about their future separate floors. ft is also sion, merely consolidation. 


Government approval- to. start a -Saudi Arabia. — w 

new ** oilman’s special ".Special -Mam coach fin 2 

service which would _ provide a$£592, the 
direct air link betweeuTewSaud:^ which 

the Middle East "'--iTCRr round. In aq<uPP°- a 1 r ;-^-tOdaY.. r taat-^fiF.v.ys! 

i ~;, -_^~ntaBauig an advanced .hoo ^ g fcdicaliet&^&atii^ 
Branlff . has asked . ihe. ? XSya ia ^ e ^ ogSO, half 
Aeronautics Board-for expeditedTAA^i. fare, and: a-Special 

hearings on 
hopes to start 

fwved sharply earlier this year expansion of the markets already cern about the problems of regu- options market has setn a tele- revealed it was planning a CS45- 

fter rumours and counter- operatin g. latins such a market »nm In the SEr orn testing a-share cash bid, vhuh vras JP™*®* JSSfvJ,. in the »«*“-■ .Wek^dthe ’MrSffles®-, 

V sE F*j? OT '.^_“.5?f: «L, « .»» .» ^*tLS.s$3JE 

carriers to expand their to TeDStafl freto 

national operations, while at flw&enJgSSr* worth-' iroidd ? 

saem time developing a compared with HJ* 

a bonus issue of one new share decisions 
for every two held (ordinary or 

- The new bonds issue means 
' that since 1974, Petrobras will 
have increased its capital by 
□early 200 per cent (that year, 

nirTcoSmerate? 1 ^ no'loSSr BEATRICE FOODS. America’s some time after September 1. completed by the end of this 
allowed to increase their capital largest food producer, has The Government agency says it month. But it also acfcnow- 

FTC may block Tropicana deal 


NEW YORK June 19. 

Trading reopened in Canada 
between C$47 and C848 a share. 
Later in the week, Petro-Canada 
upped its hid to C$52 a share, to 
which Occidental replied with a 
revised share-exchange offer 
worth around U.S.S48. 

Trading was halted again, and 
when reopened on Friday, Husky 
stock was holding around the 
C$50 level in Ganada. 

The American stock exchange, 
where Husky shares are also 
traded, confirmed that it will also 

fare structure. 


1U *'- -■ ^aainrtwKt Time curreuuy «»*“**££ 

s plan . is to. start -London and trav elling ■■ 

■ MTfiM. mUGMT&ilait. o t 21 J hQTirs- TbMflices 

-rr • :• *Jji? ' — : — ^ •. • ;• ' - y? •. - - £ 

. §@0S lOWCT • 

Burlington Industries expects The natioa’s 

14 mediocre ** va«p pb ^ inp. fSp nt < m u v -m av^r* had u uflderesttosted wic. tag <sto 

bv subscription Vnd must con- warned that is $490m acquisition wants more lime to complete its lodged that the PTC could take investigate trading. Officials of 

fin*, themselves to bonus issues of Tropicana Products may be previously disclosed anti-trust any action it thought appropriate aU three exchanges said the 

in order to leave the market blocked by the Federal Trade investigation. under the anti-trust laws “ before main issue was whether inside 

more onen to shares of smaller Commission. However. Beatrice appears or after the proposed acquisition information on the coming bids 

corn naiiies unlikely to comply. In a filing is consummated. for Husky was leaked in con- 

_ ‘ Thp company announced that with the Securities and This action could include an traveotion of exchange rules. 

TMs vear Petrobras will invest FTC had asked for a post- Exchange Corn-mission, the food attempt to force Beatrice to In the House oF Commons in 
over &lhn in oil prospecting and p 0nen i e nt of the shareholders’ company said it had declined the dives-l itself of Tropicana. the Ottawa, Mr. T. C. Douglas, a 

exploration. vote on ^ proposed acquisition, FTC's request aod that it Florida-based producer of fruit spokesman for the New Demo- 

the largest agreed this year, until expected the acquisition to be juices. 

Toft nrooosal rejected : 

Damages cut in Kodak anti-trust case 

BRAZIL'S Industrial Develop- 
ment Council has rejected a 
proposal made by Toft (Jardine- 
Matheson Company of Hong 
Kong) to produce sugar cane 
harvesters in Brazil, writes THE $37.6ra damages which a divest itself of some of its main 
Diana Smith from Rio de jury awarded Berkey Photo in operations. But he ordered 


NEW YORK June 19. 

anti-trust suit Kodak to treat all 

Janeiro. Had the proposal been a ’protracted 

accepted. Toft would have re- against the world’s leading finishers alike, including it’s own 
ceived local loans at subsidised photographic products producer, colour print and processing divi- 
interest rates, and export incen- Eastman Kodak, has been sion. 

tives - reduced to S27.1m by the judge Berkey expressed satisfaction 

The proposal was turned down in the case. that the Judge upheld the jury’s 

essentially because of gloomy Kodak has indicated that it verdict against Kodak. The 
prospects for the sugar cane intends to appeal against the Judge said that in his opinion 
industry, with lower world damages award, which would be the evidence showed a carefully 
prices, and because of heavy tripled under Federal laws orchestrated programme by 
idle capacity in Brazilian cane designed to punish and dis- (Kodak! to use its film raooo- 
barvester manufacturing plants, courage anti-trust violations. 

In 1977 the Brazilian manufae- In reducing the sward. Judge 
turers Santal sold 91 machines Marvin E. Frankel of the 
for a total of $10.7m — this year Federal District Court in Man- 
thev do not expect to sell more baltan rejected a request by 
than 45. Berkey that Koday be forced to 

costs related to the trial. 

Tbe judge said be could not Alastair Gilliespie, said he would 

cratic Party, said there had been 
“ u game of badminton ” between 
Husky's head office in Cody, 
Wyoming, and Occidental 
Petroleum in Los Angeles. There 
may have been collusion to drive 
up the value of Husky stock by 

The Energy Minister, Mr. 

“ mediocre ” year ending Septeji^naker had “ underestfinated ft**omax ; j 

her 30 with guarter-by-quarter^cost and time required _ to re- Apput w- 

improvement, Mr.‘ William ^^ructure ” certain. ' tc 

Klopman, the chairman and -chief Specifically, French MGermao : ,t* # 

executive officer, told a group^qff operations were not shpwu^ the 

securities analysts. V^fctads of improvement that -had • r .l ^ , ; j^.S3.pgr >; o^ithPL , tf - 

.... —'>«,■ . , been anticipated as a. result, of the yeai t -earti£r perfody^Inspfe^-- .j- 
He tended to agreewitii'Wairf es tructurlng activities .there. The a ren*t goins 4U1 .dastrojp : \ 

Street earnings estimates that are iivorsted fabric operation .. -Jn they . ’?■ ! -• : 

generally in the $2.60 to S£80?n Germany Is still In the red and -moment, 
share range. s For fiscal-1977^-that situation is expected to ; 'Horne t 
Burlington earned $S9.9m or $%Zll - cohtinue through 1979. recom --ss-^. . _ v - 

a share fully diluted oh sales,- oIl On Imports. Mr. Klopman said year. ^Evea-the - — rr r ^ i ~ . 
nearly S2.4bn. . ,^%-r feat Burlington was looking -to AP4)J^ ■- f 

refer tbe charge to the Justice 
Department for legal advice. 

Later, Occidental put out a 
denial from Los Angeles that it 
has been engaged in collusion 
,* , . , with Husky to drive up the price 

“f ««<* “>• n« 

photo- justify the M devastating remedy 
of divestiture, which would in 
all circumstances be punitive 
rather than curative." 

In Rochester. New York, a 

while the company was aware 
of the judge’s ruling, it had not 
seen it and therefore could not 

The suit is one of a series 
which has been brought against 

poly in order to obstruct and 
frustrate competition on merit 
in the camera market. 

He upheld the jury finding 
that Kodak should pay interest appeal, could influence 
on the damages award and legal still outstanding. 

“Occidental wants Husky at 
the best possible price,” Occiden- 
tal said. Its discussions with 
Husky had been going on “ for 
several years.” The “ investiga- 
tion Mr. Gillespie has requested 

the giant company, and the will prove conclusively . . . that 

findings, unless 

overturned on 

All these Bonds have been sold. This announcement appears as a matter of record only. 


AGA Abtiebolag 

( Incorporated with limited liability in the Kingdom of Sweden) 

U.S. $25,000,000 9j per cent. Bonds 1988 

Issue Price 100 per cent. 

Interest payable annually on 15tb June 

Hambros Bank Limited Svenska Handelsbanken 

Bank of America International Limited Commerzbank Aktiengesellschaft 

Credit Suisse White Weld Limited 

Aiahli Bank of Kuwait (K.S.C) 

Arasierdam-Rouerdam Bank N.V. 

Algemcne Bank Nederland N.V. 

Amhold and S. Bleichrocdcr, In 

A. E: Ames & Co. 


AndreiCas Bank. A.S 

Banca Commcrcialc Indiana 

Banca del Goltardo 

Banca Nazjonale del Lavoro 

Amev Bank 


Bnche H.iT^ey Suutri Shields 


Banca della Svizzera lialiana 

Bank Julius Baer International 

Bank Mees & Hope N.V. 

Banqne Bruxelles Lambert SK. 

Bang ue Genera le du Luxembourg SJl. 
Banquc Nalionale de Paris 

Bank Giilzwilhr. Knrz. Bungcuer 

t'^criCA'i Limited 

Bankers Trust International 

Banque Franca ise du Commerce Extcrieur 

Bank of Helsinki 

tank Leu International 

Banque Arabe ct Internationale dTnvcsiisscmcm tB.AXL) 

Banque Francaise de Depot s ct de Tllres 
Banque de 1’Jndocbinc et dc Suez Banque JnlematioDoJc a Luscrabi?ms S-A. 

Banque dc Neuflize, Schlumbergcr, Mai let Banque de Paris ct de Puys-Bas 

Banque de Paris ct dcs Pays-Bas (Suisse) S.A. 

Baring Brothers i Co., 


Berliner Handels- und Frankfurter Bank 

Banque Populaire Suisse S.A. Luxembourg Banque Rothschild 

Baverische Vercinsbank Job. Bcrcnberg, Gossfcr & Co. 

Christiania Bank og Krcdiikasse 

Banque Worms 
Bergen Bank 

Barclays Bank Internal tonal 

Chase Manhattan Christiania Bank og Kreditkasse QBC 

Limited Umhevl 

Citicorp International Group Compagoie de Banque et dTnvesthscments (Underwriters) 5-A. Compaimie 'Monegasque dc Banque 
Cre ditans talt-Bankvwin Credit Commercial dc France Credit Lyonnais 

County Bank 


Duiwa Europe N.V. 

Den Danskc Bank 

of ISTl AfcoescJskati 

Den norske Crcdilbank 

DO Bank 

Deutsche Ocnoswrucruflsbank 

Drcxel Burnham Lambert 


First Chicago Robert Fleming & Co- 

Dillon, Read Overseas Corporation 
Euroraobiliare S.p.A. 

Doubtche Bank Deutsche Gire/cntrale 

.uiieDFCMiJsciMft —Deutsche Kommun.-tlbanfc— 

Dominion Securities l)n:<.dncr Bank 

Limited .t!'if-.-ngc.elhdHfi 

European Banking Company First B'l'Mou t Europe) 

Li mi red Limited 

Limited Limited 

Goldman Sachs International Corp. 

Gefina International 


Girozcntralc und Bank dcr fclemrichisclwn Snarkasscn 
.-Wtknecvlbet: «u 

Hill 5amucl & Co. 


Harnbro Pacific Hessiscfw Landes bank 

Limited -OntMCntrale- 

K ansa Uis-Qsakc-Pankki Kidder, Peabody International 


Kredietbank S.A, Luxembourgeoisc 

Groupement des Banquiers Prives Gcncvois The Gulf Bank K.S.C. 

JSJ International The Industrial’ Bank of Kuuviic KS.C 


Kjobcnhavns Handclsbank 

KredieJbank N.V. 

Kuwait Foreign Trading, Contracting & Investment Co. f.S.A.K.) 

Merrill Lynch International & Co. 
National Bank of Abu Dhabi 

Klein wort. Benson 


Kuhn Loob Lehman Broihcrs Iniernatieroal 

Lazard Frcrcs ct Cie. 

Manufacturers Hanover 


Morgan Grenfell & Co. 

Mitsui Finance Europe 

I irniUtl 

Lloyds Bank luit rudlional 
L HI ill-, I 

Samuel Montagu & Co. 


Nomura Europe N.V. 

Pierson, Hcldriog & Pierson N.V. 
Rowe & Pitman, Hurst-Brown 

Nordfinanz-Bank Zucridi 

PK ban ken Postipankki 

Nordic Bank 




Nesbitt, Thomson 


Orion Rank 


Priratbanken Rothschild Bank A.G. 

Salomon Brothers International Sal. Oppcnhcim jr. & Cie. 


Skandinavbka Enskilda Ban ken Smith Barney. Harris Lpham A Co- 


Solid? S.p. \. Sparbankemas Bank Srraus?. Tumbuil ik Co. 

Trade Development Bank. Union Bank ot I inland 

Liitidna Limited 

V«cins*und Wesibar.k. J. \ ontobel «k Co. 

A Lii«np«d U±ji i 

^estdcuLsehe Landes bank Dean Hitter Reynolds Interna t ionul 


The Nikko Securities Cv'., 'Europe) Lid. 

J. Henry Schroder vvagg & Co. 

OsierTcichische Lfmderbank 

ALlIonix i.|ivha,i 

N. M. Roih«chiM & Sons 


Scandinavian Bank 


- Soeictc Genemle 

Societe GcnemJc de Banque S.A. 

Sund -v.'.llsbankcn 

Swiss Bank Corporation (Oversea?) 


Union deBanqucs Arabcs ct Fran^ais®' — U.B.A.F . 

Union Bank of Norway 


S. G. H’.irbup' & Co. Ltd. 

Hood Gundy 


Yamaiffci Intenutional (Europe) 

June, 1978 

a suggestion we would be trying 
to drive up the price of Husky 
stock is without any foundation. 

“ Once we are given the oppor- 
tunity actually to make our bid, 
our purchases will prove the 
good faith of our intentions. 
We will co-operate with the 
investigation fully.” 

The battle for Husky Oil, Page 27 


'• • OTHER SYSTEMS AND PRODUCTS. , v " .v A* b'jr^f'.SS : 

• - : . •. • 

■v. . ? *.'v ; Sw’ 1 r^5<\V3h' >. 

Esselte holds 
90% of Dymo 

E«splte AB and Oxford Pendafl^x 
Corporation said that about l-75 m 
shares of Dymo Industries 
common stock or about 905 per 
cent of Dymo’s outstanding stock 
was tendered under of offer at 
$30 a share, and that the offer 
has been extended to June 30, 
reports Reuter from New York 
Oxford Pendaflex. a division of 
Esselte. said that June 30 will 
be the final extension. Dymo has 
1.93m sbares outstanding. 

Westinghouse settles 

Westingbouse Electric Corpora- 
tion has reached an out of court 
settlement with Union Electric of 
St. Louis Over a A828m lawsuit 
involving two steam turbine 
generators, reports Reuter from 
Pittsburgh. The suit, filed in 
1973 in U.S. District Court for 
the Eastern District of Missouri, 
arose from outrages of two Union 
Electric generating units. Labadic 
one and two during tbe years 
1971 to 1973. 

Under the settlement. Westing- 
house said it agreed to make a 
cash agreement in an unspecified 
amount and to provide credit to 
he applied to tbe purchase of 
three turbine rotors that will be 
used as spares for botb Labadie 
units and for two Rush Island 
generating units. 


Yen issue 
expected for 
Sears Roebuck 

By Francis Ghilcs 

THE dollar sector of the bond 

market was easier yesterday in 
fairly thin Monday trading. Many 
dealers felt that prices would 
fall further in the next few 
days. Convertibles remain the 
only really buoyant sector, at 
least where new Issues are 

The 515m convertible for 
ASICS, whose coupon has already 
been ’cut once by a quarter of 
a point to 6 per cent. looks as if 
it may see its coupon cut again 
before pricing, which is expected 
today. It was oversubscribed 13 

In the Dcutsche-Mark sector of 
the market, prices remained 
steady yesterday. A DM150m 
issue for Sanyo, to be arranged 
by Nomura and Deutsche Bank, 
was announced. Terms for this 
issue, the largest DM convertible 
ever, include a 10-year maturity 
and an Indicated coupon of 33 
per cent. Average life of these 
bonds will be eight years, and 
the conversion price is expected 
to be about 10 per cent. 

The Unit of Account 20m issue 
for dp Developncmcnt 
Regional was priced a l 99 J. 

The first yen-denominated bond 
for a foreign private company 
is expected shortly for the U.S. 
stores company Sears Roebuck. 
This development comes as no 
surprise, as the Japanese 
authorities are liberalising 
access by foreign borrowers to 
the yen market in an attempt to 
reduce their trade surplus. 

.' - -.-v^ ^ v-i • • 1 

■ • ,.;r • i. i . 

■ • - -r _ 

. - V - .-- ■ V 

vV : * r 



- V' 

1977 sales and order I 

Group income held dose to1976 (®^f i 

seen in 1978 


'f&zi "sr>yL*&\'->zyr J ' 

Annual Report Highlights 
(C millions, except per share data) 

Income Data 





Earnings before special 

adjustments and taxes 






Special adjustments .... 






Reported net earnings 

Per share 

Adjusted net earnings 

1.09 .' 


Per share 



Other Data 

Order bookings 



Order backlog (year-end) 
Investments in property. 



plant and equipment . . 



Employees! year-end) . . 

11.182... 11.243 

Dividend par share .... 

0.65 , - 


Camoums translated from Swedish kronor: I 

Skr 8.89 - £ 1 .00. 

r Despite weakness^ i n the Japanese . hcormmy -- 
which caused, loses in ohe 'sertpr, the FJalctj.;, 
Group continued ^cb xnake. cbnwrrerit progress^': * 
in its multinational operations during 1977.1 
Calculated in Swedi^i kronqr. : at . year-et^l, . 
rates.' sales increased 23 percent and. orjtefi;’ : 
booked were 25 percent' higher. Group earn-', 
ings were only marginally below 1976 figures, n 

FJakt's current strategy fdr«>ntinu ing growtfv; A 
is based on three approachesv (l) Expamioi) : / 
of its already widespread sale* organization 
throughout the world, (2) Increased !.emphgsl%jf' 
on sales of complete systems in riie fidbis;qfcrt 
air pollution control, induttriaf and comfort^- 6 
ventilation, industrial drying, arid wast Bundling •' 
and resource recovery, (3) Highly -efficient pro*, 
duct ion of standard products. 

Flakt is soundly equipped td cope with' the 
economic conditions foreseen during 1978. 
Although earnings are expected to decline, 
slightly, sales and order bookings shoflkfbptt^-; 
continue to rise, providing a good t»se fpr . t 
future growth. ... 

To learn more about* FJakt's progress, .aod'v 
prospects, why not write today for a copyrqf-^. 
our Annual Repori in English? . . vlVe 


. - V. »p 

AB Svenska FTaktfabriken 

Head Off ice: Fack. S-1 04 60 Stockholm, Sweden 

40 Group companies in 26 countries 
In the U.K., Flakt Ltd., 

Staines House, 1 58 High Street, Staines, Middlesex TW18 4AR 

■/ 1 




jj. 1 

>: : 

• i ' 


;s».' ' 



^r. r,’ 

iffl* C 

: ?rrc 

" j. ‘isri 

.5 :*?•■ 

' • 






i. < jf 


\-*L « 

Thorn Electrical Industries Limited 
has acquired James G. Biddle Co, 

Our Financial Services Department 
acted as financial advisor to Thom, 

Morgan Guaranty Trust Company 



financial 'limes Tuesday June 20 1978 

financial and company news \ 

Enka sees prospect 
of profit but sales 
remain depressed 


up UK 

“■«rH f. " iW: 
* t 

: %fc.. 

- c rv; 



Pr . ‘ ■ i» . »* 

•JV , . 





diaiiiul fibres Sub- 
sidiary of Atato of Holland, may 
** *• *° the profit zone this 
aay wipniveaient will 
tome from further cuts in costs 
xa&er than higher sales 

£225“ D h Hans Gue Dl fa er 
addressing efaare- 
bblders m WuppertaL WpTt 

SHS "? 1 where fiTSSwg 

^tod, hoped that the ejected 
agreement between West 
ahmipean producers would lead 
to price levels allowing the most 
•55?“* fibre . manu- 

al itity ers a mt!de5t level of profit- 

£®”J warned that no miracles 
* b e expected from the 
jSrffrJP* to restart hi two weeks 
fo discasa the. possible setting-up 
.of ct«is cartels in this sector 

^ Akzo parent saw 
t %n!£?2i : «**?“ to FI I66m 
(975m) from FI 153m, though the 
exclusion of extraordinary Items 
reduced this to a net Fl 55m loss 

against an FI 6m. profit. 

At the start of this year, the 
Enka management was pessuuis. 
tic about a possible return to 
profit. Since then, the companv 
has experienced . a 3 -per cent 
in consolidated turnover i„ 
FI 1.7bn. in the first five months 
although European turnover rose 
by 4 per cent to FI 2.5bn. with 
operating profits also increasing. 

Dr Zempelin told the annual 
meeting that Enka should m 
least be able to reduce its losses 
further this year, possibly even 
emerging from the red. 

So far in 1978, group capacity 
utilisation in Germany and 
Holland was running- at around 
90 per cent. Sales of nylon fila- 
ment yam had been especial tv- 
disappointing. though. with 
viscose filament and polyester 
fibre husiness also .weak. 

In ihe non-syDthetic • fibre 
sector, however, he reported a 
generally satisfactory' trend. 

j By Charles Batchelor 

, I 1 ! 

^ m •/- 

AEG meeting to propose 
voting controls 


VSf.Tl! LiTtr 

3 level 

.2. -THE proposal by AEG- 
iTelefunken to limit shareholders’ 
^vutiiijf rights to a maximum of 
.10 l>er cent comes before today’s 
j0uual'general meeting in Berlin. 
. JTh meeting takes place 'against 
a background of heavy stock 
^market -turnover In the AEG 
Shares and rumours of substan- 
tial stakes being built up in the 
company,, the- second largest 
telectrica 1 group in Germany 
t*fter Siemens and number three 
jn Europe. 

s In the agenda for the meeting, 
ihe AEG directors spell out the 
basic platform for their views on 
Noting controls. They maintain 
Jhat “potential partners in new 
co-operation schemes" are dis- 
couraged by speculation that 
major shareholdings in the com- 
pany are changing hands. 

Ihrring the first week of June, 
>e AEG share price rose some 
-per cent Although the West 
Herman equity market has been 
firm recently this is still a rela- 
tively spectacular movement by 
German bourse -standards. 

» According to agencies based in 
Frankfurt,, major German banks 


have written to shareholders 
whose stock they represent by 
proxy, requesting them either to 
attend the meeting or make 
known their voting intentions. 
Dresdner Bank has told share-' 
holders that their interests arej 
directly affected by thfr proposal. | 
but has not made a recommen- 
dation, whii e Commerzbank has 
invited shareholders to vote 
against the motion. Deutsche 
Bank has recommended a votei 
in favour, a bank spokesman' 

From Munich it is .reported 
Uiat Dresdner Bank sees no 
□anger of a foreign infiltration 
of AEG. Wolfgang - Roeller. 
management Board member told 
journalists here that . rumours 
that foreign interests were boost- 
ing their shareholdings were 
“ungrounded and. iocompre- 
hensibre." Hans -Jfrktericbs, 
management Board speaker, saw 
the measure as preventative. He 
said already under West .'German 
agreements with a series of 
countries, foreign holders of 
more than five per cent of! a com- 
pany’s shares must notify the 
Government. • : " • 

Philips computer move 


... AMSTERDAM. June 19* 

.-DUTCH-BASED inter- of France, Unidata, was ended 

national electrical group Philips in *975 after less, than two years.; 
planaAo pull out of a computer . will continue to operate 

■PgSgtgffA **. r™ ramputer 6n «rvtci, ^£k.t it 

15 ^-A|geinene EankJVederiand. ^f ers turnkey projects, caa- 

ABN* will thus become. the sole sultancy, and' software develop-. 

owner Of the Algemene Kekea -ments and applications. AB 
Pentrma (ARC) in Amstelveen,. has for some time offered couri- 
sooth 'of: Amsterdam. puter seryices to Us clients 

I Retont developments in the including-standard programmes 
fields of computers wfthin the for salary’, business and stock] 
JfiflSps j group have made the administration and computer 
Shareholding in ARC less inter- communications systems, 
esting. to -the electrical -company, • Philips is currently negotiating 
ABN. said In a statement, the sale of the Isotopes manufac- 
FhUips’s joint .venture into luring division of its Pbillps- 
large-seale computers with the Duphar pharmaceuticals sub- 
German Siemens group and C1I sidiary. 

Exchange (EOE) has made a 
significant breakthrough into 
the UR market by signing up 
three British stockbrokers as 
ublic order members. It is 
also considering applications 
from a further three UK firms. 
Mr. Lubhertus Scholl on. 
managing director of the EOE 

It also today announced a 
major extension to the range 
of tiuou-d options. The Uulcb- 
German chemicals group Akzo, 
Boeing Company, Occidental 
Petroleum Corporation amt 
Schlumbergcr will be quoted 
from Monday, June 36. 

Httogotens. the Dutch arm 

of the Dutch-German steel 
group Estel, Polaroid and 
Xerox Corporation wlir he 
traded from Monday. July 3. 

W. I. Carr and Sous, which 
was previously a member 
through its Hong Kong sub- 
sidiary, is now a direct member 
of the exchange, as is Joseph 
Ncbag which was previously 
represented through its JBer 
muda office. The third UK 
member is Phillips and Drew. 
W. J. Carr is expected to clear 
through First Options of 
Amsterdam, In which H has a 
one-third slake together with 
First Options of Chicago and 
Barclays Kol. Sebag is ex- 
pected to clear through Merrill 
Lynch and Phillips and Drew 
has yet to establish links with 
a clearing member. 

Direct British involvement 
in (be EOE was delayed 
initially by fears that pay- 
ments for option deals on UK 
slocks in Amsterdam would 
incur the dollar premium. It 
was later thought' that British 
firms would need special 
dealers’ licences to join Ihe 
Amsterdam exchange under 
the the Prevention of Fraud 
(Investments) Act Neither 
was found to be the case. 

Direct UK involvement is 
expected to Increase interest 
in the three UK stocks listed 
on (he exchange. These stocks 
— BP, GEC and ICI— have been 
practically neglected due to 
the parallel operations of (he 
London options market. 

Traders welcomed the list- 
ing or seven new stocks which 
takes the total up to 24. 
Companies like Boeing, 

Polaroid and Xerox are 
expected to create active 
Interest while Sehlumberger. 
will stimulate French Interest 
igovens and Akzo are also 
potentially active stocks which 
to ol| be Expected to attract 
m as well as Dutch 

Both have been 
excluded until now since both 
have pun into diffienlties In 
years and have sns- 

_ dividend payments 

several times. However, the 
reeent*- listing, of- KLM gave 
the market the biggest boost 
since fji opened on April 4. 
KLM (ms only just returned 
to dividend in 1977-78 after a 
seven-year gap. 


New data reveals high unused credit level 


IF DATA reported by bunks in 
the UK is anything to go by. 
less-developed and semi-indus- 
trial countries maintain unused 
credit facilities approaching a 
third of the loans they have 
already drawn down. Bunks 
would not necessarily have to 
increase their lending by ibis 
very large proportion bimply on 
request sim-e the new data in- 

I elude facilities which arc revoc- 
able and informal us well as 
those which arc irrevocable and 
i legally binding. 

However, although the system 
would, to say Uxe least, be 
strained if ait the facilities were 
called on at once, the figures 
are an indication of the extra 
foreign exchange which indivi- 
dual countries could raise should 
they need it. 

The figures, appear in. a new 
analysis m the Bunk uf England 
Bulletin which will henceforth 
he published twice a year in- 
ste-'id of quarterly, il wives a 
break-down of loans by hanks in 
rh»? UK to entities in each indi- 
vidual country according to I heir 
maturities as well as showing the 
size nl undrawn credit facilities 
available iu entities in each 

major banks’ lending to each 
country thus giving an indication 
of the exposure of the interna- 
tional banking system as a whole 
to borrowers in each country. 

No distinction is made between 
public and private sector 

The information is being 
gathered through central banks 
In each country housing major 
banks. Lending tu entities in 
these countries (the Group of 
Ten. .Austria. Denmark, Ireland 
and Switzerland! is, excluded 

from the Bank of England’s sew 

A pilot exercise was carried 
our at the end of 1976. From 
now on, it will be done every 
six months. The consolidated 
figures being prepared by the 
BIS have not yet been published. 

The Bank of England's new 
data on hanks in the UK for 
the first .time gives an indication 
of the proportion of banks' out- 
standing international loans 
which is for very 1 long maturities 
Figures on lending for periods 

of three years or more have 
been published for some years. 
The new data shown that 58.1bn 
or Z4 per cent of all loaas to 
the less developed or semi- 
industrial countries which banks 
in the UK have on -their books 
is not due to be repaid for at 

least five years. 

The new data is not compar- 
able to data collected hy the 
Bank previously for feeding into 
the BIS statistics. The figure is 
some S7bn higher than it would 
have been on the previous basis 




■ ■ 

Foreign Business 


Unused credit 













s . 


-W. Europe 










E. Europe 










Aus^ NZ, 5. Africa 










OPEC countries 










Non-oil- LDCs 




















Offshore Banking 







0 3 


1.9 ' 

Grand total 






9 ^ 


7 IS 


It is part of a wider move bein^ 
co-ordinated by the Bank for 
International Settlements iBISt 
to gather and publish informa- 
tion on the maturities of all 

Cyprus. Group of ten countries. Austria, Denmark, Republic of Ireland and Switzerland are completely 
excluded from the analysis. 

f Sub-totals do noc add up both because of rounding and because individual accounts of less than 
£500,000 are excluded from sub-totals. 

due to the addition of commer- 
cial bills and acceptances, many 
of them under ECGD guarantee, 
(o the figures for banks' lend- 

When it comes to reporting 
figures to the BIS. it is under- 
stood that the extent to which 
guaranteed export credits are 
included varies from 

Another point of Interest about 

the new figures is the high pro- 
portion of the unused credit 
facilities which are denomioated 
in sterling rather than other 
currencies. At 30 per cent of total 
Facilities, this is roughly three 
times the proportion of banks’ 
loans which are sterling de- 

it is thouglit that tills big 
discrepancy is partly due to n 
higher sterling proportion among 
export credit facilities which 
have not yet been drawn and 
partly to the Fact that standby 
facilities by banks in .the UK for 
banks abroad would be sub- 
stantially denominated, in ster- 
ling. Such standby facilities 
usually- take the form of agree- 
monts'to swap the home currency 
of one hank for another currency 
should the bunk activating the 
agreement fail short. 

Thus arrangements for dollar 
standbys would be made with 
banks in the United States, and 
arrangements for sterling stand- 
bys with banks in the UK. 

Recovery at Print emps 


Sales downturn 
at Preussag 

BfG advances up sharply 


FRANKFURT. June 39. 

FRENCH STORES group Au totalled FFr *4.5iu compared to! HANOVER. .Tune 19. 'BANK FUER GEMEINWTRT- gramme, it is to open a repre- 

Prinlemps aims lo move out of FFr 49.4m. Capital spending ! p REUSSAG lllc -w e . t German S0HAFT reports 3 substantial tentative office in Hong hong at 

the red this year with an opera 1- during the year totalled :^U S SAO. the ^ esr Genuan iinnrnupniAn , in its cred it the stint of next year, 

ing profit of around FFr 35m. FFr 46.7m after rF r 75m ln j “ , r “ in * *» IJSfS con- 

.Tudging by the results for the 1976. But ihe company expects cern, Hid U* ™ ?iS„ B /5 Q t 

first five months, the directors lo start ploughing hack fireaterlsohdaied turnover declined 8^ 
sec no reason why this objective amounts in the current 12 j P« r 

should not be achieved. Much months. It has earmarked from DM jlS.7m :n the same 

— ■ 'period of the previous year. 

In a company newsletter, 

Preussag said the turnover 

depends. on the turn of events in FFr 66in for investment, mostly 
the second half, but' up to May in shop renovations and building, 
sales at the Printemps shops were The company is apparently 

running some 10 per cent ahead, looking for “new outlets and 
Group net losses in 1977 possible ways or diversifying.” 

business during the past t' A '° * * * 

months. Business was slow in Brown Boveri plans to take over 
the first quarter, but by the end Ceag Light-Und Stromversogung- 
of May advances to. customers stechnik of Soest; as soon as the 
were up 26 per cent on the posi- application passes through the 
tion a year earlier — a rise of Federal Cartel Office without 
DM 600m to DM 14J!bn ($6.7Sbn). objection. Ceag has a base capi- 
Earnines were also satisfac- tal of DM 3m and increased turn- 

- . L . . *? ■> a — TVRJT flOm 

decline was primarily doe to thejtory. A 16 per cent increase in over by 7.3 per cent to DM ,92m 

IBM France increases profits 


SHARP increases in profit and the company had been raised to 

continuing weakness in its metals 
sector. Turnover in that sector 
was off 28 per cent to DM 212.8m 
from DM 296.5m in the 1977 

Losses have been particularly 
large in its zinc sector, the com- 
pany said. As a result of the 

sales arc reported for 1977 by FreMThn fmm FnWftn Inj^ zinc ' de mand, Preussag has 

IBM France, the offshoot of December. 1977, by the incorpo- 
Internationai Business Machines ration Of existing reserves, 
of the U.S. * * * 

Profits at the net level are French- building firm, Fougerolle 
24 per cent higher at Frs788m. will mal*- i FFr 79.9h con- 
The result has been achieved on vertible bond issues on June 22. 

a rise in sales of 12.3 per cent The bonds, priced at FFr 135 
margins over the each with a life of 12 years, will 

to Frs9.86m so margins , . 

year have widened noticeably, he offered to shareholders on a 
The company points out that one bond ror one share basis, 
industrial investments moved up Each bond b convertible into 
sharply in 1977 to Frsl-59bn. a one share at any time, 
rise of 30 per cent. 

cut capacity at its Harz foundry 
by 50 per cent and at its 
Raramelsberg ore mine by 40 per 

Most other sectors of Preussag's 
business — transportation, oil and 
chemicals, coal, and construction 
—registered small rises in turn- 
over against the level a year 


business volume, together with a in 1977. 
small rise in interest, margins * * + 

and improver! management earn- Volkswagen is not involved in 
ings, more than offset a 14.5. per concrete negotiations over the 
cent increase in administration purchase of a big stake in 
costs and pushed operating Guteboffnungs-Huette . Aktiep- 
profits up by 12.4 pter cent verein (GHH). the company .said 
For the 1978 business year, the after- a report in the -magazine 
bank — which is owned by West ** Der Spiegel.” 

German trade unions as well as This said that VW- was 
public bodies and co-operatives — interested in buying into the 
is expecting a favourable profits West German engineering group 
performance. Providing Bundes- as part of a long-term divecsifi- 
bank money policy remains un- cation policy, 
changed, it hopes to at least VW said it was holding talks 
equal those of 1977. in various industrial sectors 

It is also planning to build up within the framework of its 
its overseas business and has set investment policy, but these 
itself the target of - venerating have so far produced no concrete 
some 3(1 per cent of earnings results, 
overseas. As part of this pro- Reuter 

The directors told a Press 
conference that the capital of 

Public offer 
by Enel 

Kalian state electricity utility 
Enel plans to go ahead next 
month with its first public offer- 
ing since 1976. in die form of 
a L509bn seven-year bond. 
Reuter reports from Rome. Price 
of the issue has not yet been 
fixed: coupon will he 12 per cent. 

So far (bis year Enei has 
raise dLSOObn through the issue 
of a bond in three tranches. 



f Producers of Cotton and Texturised Yarns ) 

Year ended 25th March. 

profit before Tax 
Taxation ' '? . ;. ' 
■ Exceptional Credit . 
Available for Disposal 


(15.75%) 31,500 


(17.6%) 35,562 

Mr. J. B. Brierlejy; Chairman, reports: 

®5S5 OMCr 

U would tavftoeA <m economic ground to ««pe 

the necessity, for redundancies. 

The Subsidy, besides maintaining our workforce m employ- 


mak,DS a 

jj iyment -for '_the~ Y e ^ -of _ 

This advertisement is issued in compliance wit h the require- 
ments of the Council of The Stock Exchange. It does not constitute 
an invitation to any person to subscribe for or purchase any shore 
capital of the Company. 


'**^«** Holdings 


' ' The Council of The Stock Exchange has admitted the 12 per 
•' tent Convertible Cumulative Participating Preferred Redeemable 
Shares of lOp each to the Official List. Particulars of the rights 
.attaching to them are available in the Excel Statistical Service and 
copies of the statistical card may be obtained during usual business 
•hours on any weekday (Saturdays excepted) for the next fourteen 
days from:— - 

Singer & Friedlander Limited, 

20 Cannon Street. London EC4M 6XE. 

Energy, Finance & General Trust LctL* 
Dauntsey House, Frederick's Place, 
Old Jewry. London EC2R 8HN. 

Rowe Rudd & Co. Limited. 

63 London Wall, London EC2M 5UQ- 

BOthJana 197* 

AUtfiesenotehaveheenBold. This annoUflcementappears as a matter of record only. 

SR 50,000,000 
7%% Notes due May 15, 1983 

The National Commercial Bank 

Riyad Bank Ltd. The Saudi investment Banking Corporation 

BankAiJazira Gulf International Bank 

Banque du Caire AibankAlsaudi Alhollandi 

These Debentures having been soid, this announcement appears as a matter of record only. 

New Issue ' 

June 1978 

U.S. $25,000,000 

Dominion Bridge Company, Limited 

9 % Debentures due 1986 

Orion Bank Limited 

Credit Suisse White Weld Limited Pominion Securities Limited 

Salomon Brothers International L im ited S. G. Warburg & Co- Ltd. 

Westdeutscbe Landesbank Giro/entrale 

Algrmcne Bank X drrland N.V. 

A. E. Ames & Co. L. - Y*iird 
Amex Bank Limbed 

A in'ierriam-Rintcr Jain Bank N.V. 

A n dresem Bank A *S 

AM AG — Asian Inter national Acceptances & 

Capita] Limited 

B. .che Halsey Stuart Sliiclds Incorporated 
1’. ik Julius Baer Imemaiional Limited 
luinca Commcrrinic liaiiana 

Ponca del Got Lard o 

U.uica Della Svizzera Italians 

II tnco Urquijo Hispano Americano Limited 

I’aiik of America I mem Annual limited 

1 lie Bank of Bermuda Lid. 

IVmk Gutzwiller. K.urr:, Bungencr (Overseas) 


Vonk Heuwr & Cie AG 
I’ Leu International Ltd. 
hank Mas & Hope XV 

ll.v.ik Morgan Labouchere N.V. ken Trust liuemadanai Limited 
Runque Bruxelles Lambert S.A. 

I Li :ique Franr.tise du Commerce Exierieur 
U.tnquc Gcnerale du Luxembourg -S.A. 
Lnwiucdr i'lndochinc »;i dc Suez 
Unique Intern arkin.ilc a Luxembourg S.A. 

|;.v iw Louis-Urcyiux 

Basque Xaiionalc dr Paris 

r...nqitc dc XeiiHbs. Sclilumberger. Mallet 

K.iiiquedc Pan.% ct dcs Pa'vftu 

Ikiiiquc PoptiLdrc Suisse S.A. Luxembourg 

p.mquePrivee S.A. 

ft.uique Rothschild 

} 1.1 uque del' Union Lurupeerine 

Itiiiquc Wonm 

iti' ing Brothers k. Co.. Limiied 
r..i%er|«chc Hv’pui liekcri-und Wechsel-Bank 
H:i-.'.Thdj«; il: 

H. -i-jen Bank 

Jk-rliner Handcls-und Frankfurter Hank 
).•]' di tasrman Dillon & Cu- 
liilematioiiaJ Liiiiucd 
i’ Fry Limited 
{ ..u-euovv & G.*. 
t. >-m t air Rabobank 

I . Manhattan Limited 

t (.• :! ifea! Bunt (nierji:iH>>n^i Limited 
i nivfip I iiiematiMMul t.*ivup 
t ^Miin.-r/ljank Akitei nrt-*-! l-.tli.t It 
<- •.•mi.Xi^nte dt; Bdiiqiie cl dTuvoliaottiiCiitS 
l .'iideruTiier»t .-j.A. 

pagm- df Banque 

■■mmental lllmoi. Limited 

Copenhagen Handetibank 

County Bank Limited 

Credit Chiniique 

Crf-dit Cc>mmcrdal de France 

Credit Industrie! d’Abace ei dc Lorraine 

Credit IndusLriel cl Commercial 

Credit Lyonnais 

Credit du Nerd 

Cred i tans; all- Bankvcreia 

Credito Itaiiano 

Richard Dans & Co. BaokicTS vormals 
Hans W. Petersen 
Darva Europe N.V. 

Den Danske Bank af 1871 Aktieselskab 
Den norske Creditbank 
The Development Bank of Singapore Limited 
DG BANK Deutsche G cntiisc nschai'is bank 
Deutsche Girozenirale 

— Deutsche Kommunaibank — 

Dcvraay &: Associes International S.C.S. 
Dillon, Read Overseas CVwporation 
Dresdner Bank AkiicugeseHscbal'i 
Effect cn bank- Warburg AkticngcreUschaR 
Eummobiliare S.p.A. 

European Banking Company Limited 
Lunricst S.p.A. 

Him Boston 1 Europe) 


Fit -i Chicago Limited 
Hubert Fleming & Ckx.Limited 
Antony Gibbs Holding; Ltd. 
t iriiua International Limited 
Gcuosseiitchatiliclic Zcnt ralbank AG-Vienqa 
Ciro/eturaJr unci Bunk drr osicrreichiachen 
yparkassni AktiengeselbchuJt 
Cnjldman Sachs Imertuninnai Corp. 
Gn-enshields h)corjvirau?d 
Hambrtn Bank Limited 
HatidcLbunk N.W. ' Overseas) Limited 
Ht-niich a/td Co. Imcrnajional 
Hessische Landes iMiik-Ui w-entrrde- 
l i ill Samut-1 4: Co. Limited 
i".. K. Mm (on A G*. .V\ . 
,|uidi::c Fl<*nnn« i5t Companv Limited 
Ka 1 is» Hi— Os.tkr-Pankkt 
Kidder. I’rabuUv Interna tiunal Limited 
Khaiturori. Limited 
Ki-rfhetbank iS.V. 

Ki«-dieiliank Liixemlioureeuise 
Kuhn laK't.i Lvhttiali Brotlierv itiu.-niaiional 
i jv’-irtl L'reres ei Uic. 

Lt.'jrd Br-nheis ic Limited 

Leve-que Bcatlbien litt. 

LluvJv Bank imenidlionjl Limited 

>fanularriirers Hanover Limited 
McLeod. Young, Weir International Limited 
Merrill Lynch international & Co. 

Mitsubishi Bank (Europe) S.A. 

Samuel Montagu & Go. Li mi led 
Morgan Grenfell &. Co. Limited 
Morgan Stanley Iniemaciona! Limited 
Nederlandschc Middenstandsbank N.V. 
Ncderiandse Credietbank N.V. 

Nesbitt Thomson Limited 

The Nikko Securities Co., (Europe) Ltd. ■ 

Nomura Europe N.V. 

Nnrddcutsche Landes bank Girozenirale 
Nordic Bank Limited 
. OMcrreicliische Landcrbank 
Sal. ijlppcnhe-iro jr. «i Cic. 

Orion Pacific Limited 
Oversea* Chinese Banking Corporation 

Peit-rbiwck. Van Campcnhout, 

Kcmpen S..X. 

Pier-on. Heldring & Pierson N.V. 

W. C. Pitfield Si Co- (London/ Limited 
PKhankcn _ 


Pricatbankea AkiiescLkab _ __ . 

Richardson Securities of Canada (U.K.) Ltd. _ 
Rothschild Bank A.G. 

N. M. Rolliichild & Sons Limited 

Scandinavian Bank Limited 

J. Henrv Schro-Jer Wagg & Co. Limited 

SkanditMvi&ka Ensfcilda Banker 

N.V. Slavenburg’i Bank 

Smith Rarne»-. Harris Upham & Co. 


Society Bancairc Barclays (Suisse) S.A. 

Socieic Gcnerale . 

Societe Gf-neralc Alsacienne de Banque 
Socictc Gcnerale dc Banque S.A. 

Sahas S.p.A. 

Sparbonkmia-' Barb _ 

' Strain Turnbull &. Co. 

Sumitomo Finance I nleroalional 
Suit Hunt; K*' Iniemational Limited . 
•Svertilfa Handelsbankcn 
Swiss Bank Corporation (Ovcn^as) 


Union Batik of Finland Ltd. 

Wrbind achweif ■rijcher Kanionalhjuiken 
' Vcrcina-und \V.-,tbank Akiicngaellschali 
J. Vcintobei & 

Dean Witter Reynold.-* Imemaiional 

WuoH Ctindy Limited 

Yanuichi Inamatiunal CEuropc) Limited 




<C<*K 1'^ i t ? i f ijWt * i a >' V.' ir'i. ’ */%?£&.., . 



Tongaat Israeli government 

confident of .... ~ r] m 

maintained injection M M A1 

earnings BY L DANIEL - l - ^ f" 



SYDNEY. June 19. 

TEE AlTC June 4if. ~ 

THE ANZ banking group plans paid cn July 9, but they will reports that Repco and Ampol ° 

tn raise about SA31m (U.S.$35m) receive the final dividend. The Petroleum hare agreed on Kepco gy Richard Rolf* EL AL ISRAEL Airlines fa to governu*u» ui. w 

bv way of a rishts iiue to directors expect to set an annual acquiring a 50 per cent stake m X Rolfe receive the equivalent of 95m which El A1 has to make; to 

shareholders The directors said rate of at least 18 cents, which Ampol Finance, a wholly-owned JOHANNESBURG. June 19. rrom the ministries of Transport security personnel* ‘T£8.9m in 1976 

that the proceeds of the issue will mean a final payment of not Anipol unit. The news emanated THE DIVERSIFIED su^ar group, and Finance to cover the Josses . • ■' ' c * . ^aajristments of V’Jlo&c 

would finance continued growth less than 9 cents. from both parties. Tongaat. which recently acquired it has sustained as a result of T J! . , proposed to Pp 

in the operations of the group. In il976.77 the ANZ paid a final ^ fter the acquisition is com- contri>1 of the brick man ufac- the three-week strike in April ELECraOUtlldflCAIf^ Infcgfrwg.^y^gp^of 15 

The rights issue follows a 22 per dividend of 12 cents, making an ^thTcompany’l name turer * Primrose Industrial, ex- and the subsequent reduction (FrutaXomY of Aere-^ao^r ^^. dividend of 7 per $»?&*• 

cent increase in profit recently annual payment of 20 cents, or lo “ Amwl Repco Fin- P«te current earnings per share in bookings. al only producer ol pvc ^ company requires bqirfd. 

reported for the March half- 2 cents above the minimum fore* probably on Julv 3. each tt” - vcar similar to the level of E1 iS -°f, ec * _° ■* f/S also makes chlorlne.;caustic. ® ag .it is- qirrentiy-iBcreas^| 

year, to SA26.3m. cast ^**rd. ... . eomnanv wilMake 11 n "a further ^■“_ cen . ls achieved in the year ! “Plating capital as it aromatic products.' atfd'lJrel-rinB’ its 'capacity -Witt. 

EL AL ISRAEL Airlines fa to government in. the paymM - .C&&42ri> tenet 

JBlTTfa fmfl ft ? 



: s e f * * / 



cent increase in profit recently 
reported for the March half- 
year. to SA26-3m. 

cast by the Board. 

The latest issue will increase 

operating capital as it is taking . ■ f •: - wnaritv with a,- new 

delivery of ils. sixtS Boeing «3gHS£ fc J^^ -I ^'..*^aLJ2r 

LL tZuJ LJ V, 1 n rj 

itQ !T^ v •; 1 » P t- 

fnr the intenm dividend of . 

9 cents a share which will be FROM 

MELBOURNE. Reuter gross outstandings of $A42m. 

Ambassador Hotel going public 


AMBASSADOR HOTEL, a small into related fields. Ambassador the cui 
Singapore hotel company, will be said that plans are being made to dec! 
making a public offer of 2m of lo operate a chain of Food estab- lhan t, 

it shares and seeking a listing on I ishmenis in Singapore and year— s 
the Stock Exchange of Singapore. Malaysia. tion in lSr-. 

The shares, which will be Issued The company has been opera!- Net 
at the par value of SSI per share, ing prohlably since it was after t 
will raise the copanv's issued formed in 1972 to acquire the IBS- SS1.39. 
ranital in SSG.23ra. " room holsL Pre-tax profit for The 

j last season and direcily con- 

d * J V* faibuted 40 per cent «f group 

going public yns km 

much-bigger Huletts Corporation, 

SINGAPORE. June 19. SjijS \ c ^ nts for over 3 ! bir t ? ° f 
South African sugar production. 

Ambassador the current year. It also expects 1 n S»inst Tongaat’s direct 10 per 

Sugar produced rivm from! defined as participation by the Despite 
192,000 tonnes to 211.000 tonnes 


taxation 5,000 tonnes pa. 



TEL AVTV, June l9. 

f-j ■ 1 '^ h a 1 > <d h • 1 ir7.4 ii 1^ > 1 ;1 ~ 


: I<lLy 

.^mr, i\ 

grr"TM*T.T?rr. rTf TuS:?it 


!,) 4 »-■«, C; * * » I •.rfSWti* 

capital to S96.23na. 

The purpose of the issue is to 1977 amounted to SS540.286 comes w-ith the sp3ie of new f notes depressed world prices. I 
raise funds to repay part nf ils (USS2.W.0001. while the post-tax issues which have appeared in! record production and heavy! 
long-term loans and to provide figure was SS315.266. the Singapore stock market to | slacks held bv < xportin"g) 

ine current year, ir aiso expects u s«‘U3i luugaars a-ireci iu pvr . __ .. - • a 

to declare a dividend of not less C '•* D, • contributed the hulk of POLCAT— ISRAEL’S outstand- increased by only •« per ce«Ntp Bank Hajwalim— israers searoa 
than 7? percent for the current Tongaats investment income. j n g textile producer and 3,700. . : largest hank— has repotitetra 

^iv?r ,si,,cti,sin “ rpora ' S, 17 per *-• ' rojp ^SeT..’ 

.r 2 S?£°fi£ ” f « 9 -- «-> - aro oSata.i*^ 

"iff A, b a,aaor „o,e, usue S SW^gS 

comes with the soaie of new \ notes deares<w>d » mP y nricAs U0.i4. for the first five months -o£ .this ■ to pay 20 per cent in bonps 

issues which have appeared m! record production °and Sieavv ! Total sa J?5— of £ 0I ? bine year vroi^ S5^m fa 52 per .fcent shares to holders of 

the Singapore stock market to! stocks held bv <-voortinc I f ame t0 }~% uva f 938.7 m)~-ari ns© 00 January-Aprii, 1977. and-, ordinary A shares (15_per-Ce pt 

The Ambassador Hotel issue l look for sugar as “bleak." He 

long-term loans and 10 proviae npure v.a* me Singapore siock marnet to stocks held bv < vportinc ^ lu , . c - •"v : - ^ 

sufficient working capital for the _ Ambassador has forecast a pre- take advance of the current | nationals as the the main factors. ^f'Dt on 1976 

diversification of the company tax profit of around S9S00.000 for bullish conditions. 

Public Bank 
profit up 

Sime Darby unit setback 


By Wong Sulong 

AL STAFF As a measure of the problem. 

_ __ . . , . the industry's price stabilisation 

Plantations, of Hong Kong, which it does funcL which at a peak of 

CONSOL ! DATED Plantations, of Hong Kong, 
the Sime Darby subsidiary has not already own. 

H > am! ^ '^; n v«vInn«- D, rect exports totalled 820m as $14m for the whole o£ tills ytt^r: addition to unchanged cash divi- 
addorf t? ^ 1 ,e t Against Sl7m in 1976. In real ' l^ 'dends of 15 per cent grate to. 

tSd prices ^ » vriT no be lprms - overa11 turnover has ★ ★ holders of ordinary sharea and 

th^ doubled over the past four years ‘ T T? of 5 per cent gross to holders 

modest return *oo capital wbfch*i< while the company’s labour force THE investment company ,.;«f of ordinary “A” shares. - . 

permitted by the Government” ' . '-T'-v ' r ' 

the industry's price stabilisation Union Bank of Israel Amelins operation 

fund which stood at n Ticak of ” * ■ r 

YtTt 77T 

!OUU*fiSliKMS U] 

modest return on capital which fa 
permitted by the Government” 

PUBLIC BANK BERHAD after- announced a fall in attributable Mr. Robert P. Williamson, tn tf.n Z. 

tax profits rose by 6.5 per cent to p rf) fit for the nine months to senior vice-president and admini- n i erfi i v j ,. n Yir 
2.48m ringgits (U.S.Slm) last March 31 of 13.4 per cent to strator for Asia of Security «Pi 1 VI , 

year, though profits from the 28.81m ringgits, from 33215m Pacific, and Mr. P. T. Huo, chair- *“? “i* .l? for 

parent bank fell 5 per cent to ringgits in the same period of man of the Bank of Canton, said [„ , 1 

1.69m ringgits. the previous year. that the discussions may result J,. Q A “f r 

More aegressive 'ending ^ fall took p i ace in ile in cash offers by Security Pacific a sSficant 

policies at the bank s subsidiary. a rise of rX :2 per cent in turnover ° f 111x310 «ch for all the issued ^mess a Slgnihcant 

R96m three years ago. is now BY OUR OWN CORRESPONDENT 

TF.T, AVIV, June 19: . 

uuiuua iu scimii »u.riii«iucui «iu fluiumi- pletelv used up in th#’ current ... 

r cent to strator for Asia of Security veap So lhe ^ - s for a rise jn UNION BANK of Israel — a option and I£2 nominal capital for the issue of Its 25m nominal 

n 33 i i5ni * 2L C n ftf the local price, failing an upturn subsidiary of Bank Leu mi which note. The price of I£7 -per iunit <$1.4m) registered ordinary 

period of of the B^k of Canton, said . ^ world price. The Tongaat for many years has specialised up by l£4 f400 ^r^tj .shares 

7"T IK)0°ri^a , tifa 41 Pei " CCnt t0 Pre_rax profits c1 'nt re shwek^^^H^^each^or 6 ^!! hr,,fl of these markets, me 1 eacn. nominal ot regisiereo ^ -uuw w-nvw-.wqinnnpHi iuuwu w uw «»»»»» 

Thf cSman Datuk Teh down *. a per cent to 5l.93m HKSL eart for dll industT> . has good Te „ on to face capital notes foptions) 1983. purchase the shares offered, price index to the extent of 70 

Hon- Piol^ described the per ri l n «* its ’ f I2“ 5 ? lm . rin ^ ts - c!Zh,v the lfl7S ' 79 - vear with apprehen- series 4. convertible into shares Bank Leumi and its subsldianes per cent and convertible in 18B0- 

"™ a =™ « iSSSfel: VK- .iS3?*?-» p (S? e p W < JSrs •» » «***.&>* sss-saf jhs ®. ^ easnssL tssjO&LB . Sestf 

of rising overheads, stiff competi- ' r* V . . the issued 12 per cent first pre- Despite the reliance on t 

thnt riicruceinns nwv moiir 1,1 1X16 »oria price, ine inugaai tor many years nas speciauseu r* . 100 , , " zi r 

in cash offers bv Securitv Pacific directors’ report concludes: in financing the diamond trade — for the share, with the^caj^tal ings and of • I£I50m n omma J. 
. r „, . . Of HKSiO ealh^ ES “Unless a significant improve- intends to raise I£155m (Sflm) note and options at par.-, g ; registered 16 per cent deferral. 

Puhnc Finance Berhad hooslVd 1 1 r l S /-« 1 ”- 2 per ., cen c l ,n nerSnt St nrefereice ment revenue is achieved in I by a one-for-four rights issue of T The parent company, ^Bank I£100 each, capital notes lflRKU. 

nr«K« £ Kr’ p«nt tn ! '? 15 '.- 58ni rmggits. froml40.41m P er SniSIrenS the short-term, in either one or I 21.5m registered shares of I£1 fas announced, .that tt (series I) of.the bank, with tiie^ 

shies^ and HKSI each fm- S hf,fh nf these markets, the | each. 26.5m nominal of registered intends to utilise its. rights/: to-principa! linked to the consumer 

Extraordinary items reduced [erenc^^haVV 6 ? 8 ^e/cent^ the Chairman m B t?at°Tm^ai adjusSent) against a‘n “additional cent of thT pSd-up caiHtia^nf m^' c "in ‘Foo^OO^unitereach 'unit 

ofits by 3.000 ringgits, whereas S i ’* has the stroctuSl and finanria «sh payment of I£3 at the time the bank.' " • comprising two shares- and 

tho coma narin^ nf ih. n ra. the 6 per cent second preference ine structural and financial v*. . nt ia nninn Ranir'« tntai awte ot rrono no^.tai «nt*a 

tion. high liquidity ratios, and nr ni,”hv «(S5o ri n«e its whereas ^rence shares. 7.8 per cent or the chairman says that Tongaat ^smenr ) againsr aa aanroo 
lending constraints imposed by tt! nro the 6 per cent second preference has the structural and financial PfY" 1 ®"* °! V 

the centra/ bank. 1T ? the same period of the pre- gg per cent 0 f t j, e potential to average a comparable 01 conversion, and IE43m of 

The bank opened its eleventh v l°J/'lJ rea ^ P roduce<i a Sam new or di Qary shares in the Bank growth rate throughout the span P er ^“t . o re ^?*tered defer 
branch in Kota Baru recently. ° f - 0im ria S %its. or canton. of its planning horizon to 1982.” capital notes 1982-91 series 

and has plans for more in the The banks were awaiting the This apparently means that convcrti^ ble rnto or dinary sna 

current year. Oponrifo Parifip appointment of independem growth will he achieved in part a j t ? l 5 ^ ^ ceni ’ 8001 

Its 24-storey headquarters in oCAuruy r^L.iuc advisers to represent some by acquisitions “and expansion to adjustments. 

Kuala Lumpur is due to be com- 

the time the bank.' ■ . ' ' comprising two shares- and 

im of 18 Union Bank’s total, assets . at i£300 nominal, capital. ''notes, 
deferred end-1977 stood at IH&88bn Of the capital notes, I£L0m are to 



I Security Pacific 


minority stock- into new areas of activity." For The shares, .options and con- Israel Holdings, and 

pleted later this year, .and theltos Angeles has begun discus- holders before continuing the f he five years up to March 31. vertible bonds are to be offered owned subsidiary, the Fi 
bank sees another source of I sions aimed at acquiring alf the discussions. Tongaat’s earnings growth was a in a unit consisting of one national Bank of Israel, I 

bank sees anothi 
revenue in rentals. 

its - felly- BAYSIDE LAND .Corporation^^ 1 
Fir^jnter- subsidiary of Israel Discoimtj 

I shares of the Bank of Canton. AP-DJ 

Tongaat’s earnings growth was a in a unit consisting of one national Bank of Israel, haye.sub^ Bank Holding Corporation, plans 
compound 22 per cent annually, ordinary share, one I£1 nominal mitted a joint draft prospects to raise Ifi39m^($2jmy gross, or 
■ ■■■ ■ — — — — — ^ . , a n estimated H36.4m net through 


l f ,lfil nT v i f : : f: Eil ■'< I« IVi ff'iV-Ji > Im ( 

I.' J I.I 


■i-,' , 

Saudi Research and Development v ^ 
Corporation Limited % 

f (REDEC) \ 

j (Incorporated with limited liability in the Kingdom of Saudi Arabia) Y 

' Saudi Riyals 300,000,000 

Five-Year Loan 

Managed by 

Banque Arahe et Internationale d’lnvestissement (B.A.I.I.) 

Arab African Bank - Cairo Arab-Malaysian Development Bank 


Bank of America International Limited Bank of Credit and Commerce International 
Banque de l’Indochine et de Suez Banque Rationale de Paris 

Banque de I’Union Europdenne Citicorp International Group 

Credit Commercial de France The First National Bank of Chicago 

Manufacturers Hanover Trust Company Marine Midland Bank Al UBAF Group 


Provided by 

Arab International Bank 

Arab -Malaysian Development Bank 


Bank of Credit and Commerce International 

Arab African - Cairo Arab International Bank The Arab Investment Company S. AJL 


Arab -Malaysian Development Bank Bank Of America NT &SA 

Berhad Bahruia Branch 

Bank of Credit and Commerce International Bankers Trust Company 

Bahrain Srsneix 

Banque Arabe et Internationale dTnvestiasement (BJLLI.) 

Banque de ITndochine et de Sue« Banque Nationale de Paris 

OE-SXoro Banking Unit — Bahrain I^anima (Bahraicj Branch 

Banque de l’Union Europ6enne The Chartered Bank OJB.U. 

Citibank, N JL Credit Commercial de France 

Credit Comzuercial de Fiance The First National Bank of Chicago 

(Mayen Orient) S JLL, fihB * Wl Bnuidl 

Kredietbank SJL Luzembourgeoise Manufacturers Hanover Trust Company 

Marine Midland Bank Merrill Lynch International Bank Limited 

National Bank of Bahrain PKbanken International (Luxembourg) S A. 

The Royal Bank of Canada (France) Societe Generate de Banque SA. 

Union Bank of Finland International S.A. Union de Banques Arabes et Fran^aises — UA AF. 

Bahrain B=*ndi 

UBAF Arab American Bank UBAF Bank limited Uban-Axab Japanese Finance Limited 

UBAF Arab American Bank 

UBAF Bank Limited 

The National Commercial Bank 

(Saudi Arabia) 


AJcan Anssralla Sine USB Ml 

AMEV Spc IM7 931 

AonraUa 8ipc 1998 921 

Australian M. 4 S. 9J[» V2 961 
Barclays Bank SJpc 1992... 951 

Bowater 91 PC 1992 971 

Can. X. Railway 8|pc ISM 93! 
Credit NaUnnal , '*oc 1BS6 . 95 

Dwrniark Sipc 1934 971 

ECS 9|»: ISM - 9SI 

ECS 8 3 pc 1997 932 

EIB Sipc 1992 971 

EMI 9|pc 1989 982 

Encsson SI pc 1939 95i 

Es«l 9l»C 1WW KOV. ... 99; 

Gi. Lakes Paper Blpc 1984 971 

aanH-roli-r 91 pc 1992 99: 

Hydro Quebi'c 9pc 1992 ... 94i 

ICI Stpo 1037 9M 

LSE Canada Wpc 19W .. . IM* 
MacnuUan Rtoedcl Spc 1992 94* 

Mass - 7 Korwison 9jpc ■»! »S 

Mich'.-lm 91 pc 1998 IDO* 

Midland Int. Fin. SlPc 12 94! 

National Coal Bd. Spc 1987 97* 

Nui.uial Wftmnatr. Bpc ‘S6 B9I 
Nail. WstmtisTr. 9pc H6 ‘B 1 Mi 
NwfouniJljiid Spc 18*® SSI 
Nordic Inv. Bank SJpc ISS8 Mi 
Hors?'-* Kom. Bit. Sii* 1992 9SJ 

Nornlpo S!pc 1999 964 

Norsk Hydro Sipc 1992 ... 95 

Oslo 9pc 1988 .... SSI 

Pons Autonomcs Ppc 1991 97J 

Pror. Quebec Ppc 10*3 . .. 93| 

Prov. Saakaictnm. 3lcc '66 98 International 9pc 1987 921 

RRM Spc 1992 93 

S° Inert an Trust Sipc 1999... 904 

Skaod. EnsklJda Spc 199L.. 97* 

SKF Spc 1SS7 ... 92 

Sweden HTdom) Pipe 1887 91i 

United Blscims 9nc 1989 ... 971 

Volvo Spc 1937 March 924 


Aimralla TJpc 1934 931 

Ben Canada 7|pc 1997 >3* 

Br. Columbia Hrd “Ipc '33 921 Pac. Sine 1934 ... 97i 

Dow CtU-IPlcal Ppc 19S6 ... 93* 

F.CS 7Vpc ISM 911 

Rrs 5ltW 1»9 94* 

EF.r 7}ne IBM 9:<4 

FKC "Ipr 1934 94* 

Fnx* nmmi s'pt ik* .. sm 

no-av.Tktn 7Ipr 1SS2 93] 

Ktirkiims Sn<: BH( 

Mifhrlm S‘nc 1IW 9P1 Urban S2pc I9SI MJ 

Bruiwnrleli >'pc 1834 . 9H4 

New Hrun* PrnT. Slr«- -fi3 Ml 

V-v Ze.nland 9! PC IMfi ... 9*1 

‘1 nolle Inv. Bk. t.'pc 19S4 91* 

Norsk Hydro 71 pc 1952 951 

Nom-.ty Tlpc IBM - 941 

Ontario Hrrtro 3pc 1W7 ... 9H 

Slnccr SJpc 1932 9!>i 

S. of Scat. Elec. S':PC IBM »i 
Nvf.«1en ilCdoml 7?pc 1992 931 

Sw.-dlsb Stall- Co. 7 ; pc 'S3 P'ri 

Telmpx 9 1 pc 1934 9S4 

Tenneeo Tlpc 1*37 May . . 91 J 

Volkswagen 7;pc 1937 93* 


Allied Bn-wi-nes 19IPC ‘9fl S7J 

Citlmrp Upe 19M 91 

OlurtOMllts BiDC 1989 fiS 

ECS 91pc 19P9 94! 

KIP 9ipc I9SS W> 

EIB B;pc 19M S2J 

Finance Ibr lnfl. 91pc 19S7 9B 

Financo Tor I rid. 10uc 1939 f»4 

Fison? injpc 1937 9J* 

riPHtemcr lipe 1998 9l! 

IN.\ tnpr i«ma Wl 

Rnwnrree lfl*oe 10M M 

Scars 101 pu IffSR S'! 

Total Oil 91pc J9B4 894 


Asian Dev. Bank Hpc 10SS W1 

BXDE Sipc IJNfi 982 

Canada tlpc 19M 93 

Den Norsk e Id. Rk. 6tw 'B0 W! 
Di-niscbc Bank 4lpc 10S3 ... 971 

ECS 54UC IBM 931 

EIB 3|pr 1»n ■ ■ Ml 

EH Aquiialnp 5!pe IBSS .. 93 

Kpraram sjpc 10S7 M* 

Finland 3:pc IWd 971 

ForsmarTs 3?nc i»0 97 J 

Meurn r,oe 1995 M 

Nerri-nt 5 '-re 1,,s 9 JDR 

Norway IMt wil 

Norvar 4itv 1931 97 

PK Banket) s:pe 1943 .... 9tl 

Ornr Quehne 9pc **mh . . 97 

Ra'itiinmki:! sipc I® 51 ® 97 

Spain <5pr I 0 ® W 

T'linilWm 3:pc 193S .. *K; 

H’o Ptueer Co. fpe is*; .. 97 

Vi-tb-yip-la Ope 19V .... 97 

Warm Bank 33 ik IW* . 99 


Rank of Tokvo 1934 Slor Ml 

BFCE 1984 Sipe 994 

nvp jnsr. .s 1 . urn 

BOE Worms 19S3 9pc 9Sf 

t.CF 1953 Sin>- Wt 

ccmf ism suubg - m 

CndltaamU IStH/Hw ...» Mi 

■74 DC Bank 1992 9pq 3B04 

984 GZB 1981 8Iupc 992 

9S4 Inti. WesQnltvter 1984 *PC Mi 

M4 Lloyds 1983 8U«pfi 1M» 

M LTCB 1983 Spc 98* 

98* Midland 1987 8»I6 Ik: Mi 

98* • n»* Weimrinater 'M OStspc 99t 

9« OKB 1988 Tlpc 991 

934 SNCF 1985 8*PC Wi 

99* Stand, and CktnL 184 Ripe 994 

•J4 Wms. and Glyn's B4 8 its pc 99* 

W Source: WWta Wold Securities. 



IM* American Express 4*pc V7 94 

98 Ashland 5oc 1989 92 

1DW Babcock A VHkmt 8*pc V7 ins» 

re the sale .of 10 m registered orfli- \ 

nary share* of. 1 ^ 1 . -each and y .... 

* 800.000 - registered - •* ordinary - The> Tokyo ••-branc4t # - ^o . he 

J shares of.I£5 each, L.' Daniel o fficiall y Tnh'ogurahfed t pmtrr row; . 

writes from Tel Aviv. -'is the seconfi^fulI-se^e^Bverseas 

■mi Die iMne is. to be in 300.000 dfflee fee hank -4ras oi>enea.=t^ 
looi units (of which; 9.400. are to be other is in Bahrain- • 
mi offered to employees), each unit Lord Armstrong "teW 
99 i consisting of 50 I£1 shares and was . also interested . 

too tiiree It5, at the price' of I£195 ing similar branches, iit fioplf. 
iS! P® 1 " cc 111 of Par) Per trafL Kong. Singapore, West GeraSgS, 
99 , proceeds are to be used France, Sp^n^.Can^a;arwl'| 8 je 

ioo to finance the purchase of addi- Soviet’ Union, and was';eohSf^ei> 
tool tional real estate and the con- ing -investment -m. Si)M1h^3C&reih. , 
struct! on of further industrial c<wnm«i fft»l 
and commercia] premises. - -Renter ' 



Beatrice Foods 44pc I9B3 — 




Beatrice Foods 4*pc 1992... 




Rvdum.«pc W82 




Borden Spc 1992 




Broadway Hale «pc 1987... 




Camadan 4£v 1987 .. .... 




Chevron 5pc lfls? 




nan 4!pc 1987 




Eastman Kodak 44pc 1986 




Economic Labi:. 4Jpc 19S7 




Firestone 5pe 1983 




Ford 5oc J98« 




General Electric 4*pc 1987 




nniette 4!pc 1987 




Could 5oc 1987 




Hull and Western 5pc 1988 




Harris 5 pc 1992 — 




Honewell «oc 19S6 




ICT SJpc 1992 




IK A Spc 1997 .... 




In rhea pe Hoc 199S ............ 




ITT 41 PC T9OT - — 




JtWCO Spc I9B2 




Koniarsn 7Ipc 19M . 



n.v. -.■mm 

95 3. Ray McDermott 4»po W 1354 1= 

984 MnMPKhlta Mnc 1990 1 69 

93* Milan] Tlpc 199D 1 TI j; 

J. P. Montan 4»ix: 1997 ... ns 3 

Nabisco sipc 18*3 - 1044 lil 

944 Ovrcrra nilnnfi 4ipc WOT ... Ill 11 

99* J. C. Penney «nc 1987 ... 75 I 

934 Revlon 44pc 19S7 118 11 

98 TtevnoMln Meta'e Spc 1988 84 < 

99 S»H^-lk 4»pc WW W7f J11 

93i Sperry Rand 4 *dc 1SS7 DI 9 

931 S'lnlMl 4‘DC 19*7 F14 - 

90 Texaco 44pc 19« 73* 5 

93 Toshiba fijpc 1P92 _... 128* i: 

97 Tr Co. 5 pc 1984 77 T 

9S1 t'nlon Carbide 4 ’pc 19OT ... 94 9 

BTl Warner Lambert 4»pc 1997 S3 9 

994 Warner Lambert 9*pc 1988 T51 7 

994 Xerox 7pc lDW 7S 7 

97* Sourer: Kidder. Peabody Sectirlrtes. 

U.S. $25,000,000 Guaranteed ; ^c ; .. v : - 
Floating Rate Notes Due 

For the six months " 

21st June, 1978 to 21st December, 1978 : 

•. Notes will carry an interestrrate of J:r : _ 
9A per eent. per amnuoL : i .. 

The Notes are listed on The London Stock Estrange 
By: Credit Suisse, London.,^' yy.s.K^i;- 
Agent Bank 

Toii announce fr?n l appo^rs ,s a naner-of record only. Tho^eajrih'es referred lo 
in IMS announcemeni arerr .- available » reoidenls of the united Sidles. 

280,000,000 Mexican pesos 

•^7 ^3 

Ralston Purina Company 

through a subsidiary has made a public sale in Mexico of 

28,000,000 Series A Shares 

representing a Si % infe/esi in 

Industrias Purina, S. A. de C.V. 

We acted as advisor to Ralston ’Purina Company in the sals underwritten bv 

Cornermen, Casa de Balsa, SA- ' ■ 

Goldman, Sachs & Co. 

New York Bo&ion Chicago Dallas 
Doiroit Houston Los Angeles Memphis 
Pi'.iiadeiphia si. Lou'o San Francisco 

Internafionai subsidiaries: 

London Tokyo Zurich 


20 Ify ] ^ nancial Times Tuesday June 20 1978 


I \ 1L. HA^NEWS; 


C tM*. -I 

I -**J&\* 

: h 

■ ; ti 7- 1 ■ 

in t-;; 

-.'V ,C 


plan to ! 


Hid Bank 


NEVER BEFORE have the 
heavy oil resources of tile Uoyfl- 
minster' area . of south-west 
Saskatchewan — they also extend 
Into south-east Alberta — 
received so much atten- 
tion. But. these compara- 
tively, large potential reserves, 
from' which 'production has 
been obtained in small quan- 
ii tities -for many years, have 
emerged as the main issue in the 
‘ .current tussle for control of 
; 7 Husky Oil of Calgary, a com- 
; .pahy spanning the Canada-U.S. 
border in production, refining 
and marketing, with assets of 
^ - well over $C600m. 

-- The problems since the energy 
Crisis of 1973-74, have been the 
timing of large-scale production 
of heavy oil, the technology re- 
quired and the meshing together 
of a large number of interests 
; which hold leases in the area, 
in relation to the Canadian long- 
term oil supply. 

From the point of view of the 
'Federal Government, the timing 
could be crucial to the balance 

■ of payments and to security of 
ir: 7 supply. The prospects are good 
■- : for getting new domestic capa- 
' T city of perhaps 100.000 barrels 

— daily of crude oil at half the 
cost of a third Alberta tar sands 

. plant — if technical problems 
. . can he overcome. Tn the sands. 

? bitumen occurs close to the 
surface, mixed with sand, and 
!_■- at present, is strip mined and 
then upgraded; heavy oil 
oc^irs d«op below the surface. 

The second tar sands mining 
and processing operation. Syn- 
crude. will be starting up shortly 
and will ultimately have a capa- 
city of 125.000 barrels a day of 
. synthetic crude. This will bring 
. J .total tar sands production from 
...the two plants to around 175.000 
r:.. barrels daily compared with 
total Canadian needs of around 
2m barrels a day. 

• Syncrude will come on stream 
__ .at a capital cost of around 
■’’■’ i CS2bn. However, the third tar 

- -•sands minine . operation now 
I’..’ planned by Shell Canada with 

Tpartners cannot reach start-up 
much before the mid 1980s. 
.:■> It- will cost around C$4bn in 

■ current dollars for the same 
capacity as Syncrude. 

The Technology to extract oil 
from the deep-lying tar Mods 
through various methods of 
heating up the deposits under- 
ground, and using less water 
■than Syncrude with less 
: 1 environmental scarring, is many 
s years away. The most advanced 
project is that of Imperial Oil, 
' which’ has a pilot plant using 


Tar sand 




* Sands* 




A . 


Heavy oil 


steam to heat up the heavy oils 
2.000 ft down in the Cold Lake 
area of south-west Alberta, so 
releasing the crude oil into 
producing wells for pumping t« 
the surface and treatment in a 

to force the issue. And federal 
Energy Minister Alastair Gille- 
spie now says that the Occiden- 
tal Petroleum takeover of Husky 
could he acceptable to Canada if 
there were cast-iron guarantees 
that this would mean fast 
development of the Lloyd- 
minstor heavy oils. 

Occidental is one of the 
leaders in oil-shale technology 
in the U.S. but whether it can 

contribute extra know-how to 

the extraction of the Lloyd 
minster heavy oils is not clear. 

Husky is a very well known 
name in western Canada, and it 
would be hard for Canadian 
nationalists to make a case 
against it. It was founded 
1938 by American oilman Glenn 
Nielsen at Cody. Wyoming, with 
a 900 barrels d3ily refinery. 19 
employees and one producing 
lease. Mr. Nielsen is chairman 
and his son is president. The 
company mnved into Canada in 
the late 1940s with the first 
discoveries of major nil reserves 
in Alberta. Today it has pro- 
duction. refining and marketing 
operations on both sides of 
the border with exploration 
interests in the North Sea. 
Alaska and other parts of the 
Western hemisphere. It holds 
leases in the Alberta tar sands, 
and in other heavy oil areas ot 
Canada and the U.S. Last year 
it earned $42.8m on volume of 
Sfi?0m. against S30m on sales of 
$ 522 m in 1976. The parent com- 
pany is based, in Canada, though 

the reservoirs, putting the oil ~ are in Cody. Its 

through an upgrading plant Trnm the Llnyd- 

which would produce 
capable of being pipelined to 
any conventional refinery. 

. The Husky Oil group has for 

Syncrude-type processing plant. m years controlled much of 

But it will require more nme to Lloydminster 

prove the process, besides required to support “ 

having a price tag of several ™ on 

billion dollars. T"' 0 * invMt - c,ent P roduclJ0 
ment and timin„ . 
go with further tar sands plants 

r P nide l fl 77 production from the Llnyd 
CrUde minster free was 27.500 Dor- 
rcls daily, sold mainly in the 
U.S. Husky says it has identi- 
fied 16bn barrels of heavy oil 
in place in the Lloydminster 

It has formed a special tech- 


a rs Ce The* huge invest- cient production to justify the ni '‘ 1 ' , “roup to develop methods 
timln^prohfems that upgrading plant. Useif invotving of tertiary recovery to lift a 
an investment of well over r - atpr D erccntaee of the oil 


percentage of the oil 
Its proposed 

go with further tar sanas piams while Husky last year 

turned the attention of govern- _ ma j« r development 

ments and parts of . the oil ^ p Jith upgrading JgJjfXntiTdailv rating and 

industry towards the Lloyd- » continuous wran E liog over to a new- Canadian 

“s Me'^deeper than Those 5£i by investors, 

ot Imperial at M1U.-J &XSE+T Alberta and refiners and govern- 

“h^ would provide 25 per 

production-well h{ . s jj es many interests owning cent of the equity require . 

freehold leases in the area. jj- now seems that compro- 
However. the federal govern- m j ses are possible in the fight 
ment. and the national oil f 0r control of Husky in the in 
company Pctro-Canada. have t erest 0 f netting The heavy oil 
been getting impatient. reserves to market, especially 

It is quite possible that The as both countries are finding it 
real purpose of the Petro-. increasingly necessary to co- 

technology. However, generally 
a production well, after using 
‘secondary recovery techniques, 
will only pump up about 10 per 
cent of the available oil in a 
reservoir. The objective is to 
develop the fields further, using 
new tertiary technology.-and to 


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NYK. You can't beat 
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SJSPSpSHS of Canada bid for Husky Oil was' operate on energy matters. 

_ .UNE 


E==Sr:ssa“““ OT “-“ 

A source of energy 
that will last for 300 years. 

At the present rate of production, Britain 
has proved coal reserves which will last at least 
300 years. 

This puts Britain’s Coal Industry in a 
strong position alongside strictly limited oil 
and gas supplies, and the continuing develop- 
ment of nuclear power. With this assured 
energy supply, based on coal, British Industry 
can plan ahead with confidence. 

The benefits of being the EEC 's . 
biggest coal producer. 

Britain already has the biggest mining 
industry in the Community, producing as 
much coal as the rest of the EEC put together 
To replace Britain’s present coal output with 

imported oil would worsen Britain’s balance of 

payments by £5,000m a year. This makes coal 
good for Britain as a whole. 

Vast modernisation programme. 

To ensure that these huge reserves are 
available when needed the NCB, under its 
“Plan for Coal)’ is already investing heavily in 
developing new collieries and in expanding 
existing pits. 

We are still proving coal reserves in 
Britain four times as fast as we are using them- 
Selby, the biggest new coal project, will pro- 
duce 10 million tons of coal a yean This and 
other new mines are keeping British coal- 
mining in the forefront of mining technology. 

Ever heard cf afluidised bed? 

Britain is also taking a lead in the tech- 
nology of wring coal Fluidised bedcombustion 
is a new method of burning coal in industrial 
plant. These boilers should cost less than 
conventional plant and need less space. Tim 
method, in which coal is burnt in abed of ash 

or sand and which is 'fluidised’ by passing air 
through it, offers substantial advantages to 
those considering new industrial boiler plant. 

New ways to keep coal on the move 

There have also been spectacular ad- 
vances in coal and ash handling techniques. 
For example, compressed air is now being 
used to push coal through a pipeline from 
bunker to boiler and ash from boiler to storage 
silo. The system is completely enclosed and 
dust free, silent running, needs little mainten- 
ance and is cheap and simple to install. 

Problem- solving is our business. 

Coal benefits all sorts of customers. With 
District Heating, coal fired plant supplies 
heating and hot water to whole communities. 
Individual users, from the biggest power 
station to quite small industrial plants and 
individual homes, can benefit from the new 
knowledge and equipment on coal burning. 

There’s an enormous amount of know- 
how concentrated in the NCB Technical 
Service, covering all aspects of the efficient use 
of steam and hot water heating. If you need 
advice on making the best use of your existing 
plant, information on new equipment and 
techniques, how much new equipment costs 
and what savings it can give, ask the NCB 
or your Industrial Fuel Distributor. Expert 

help is available. , , . , .. 

The NCB has a new brochure which teUs 

what coal has to offer you now and in the 
future. There are also new technical booklets 
dea lin g in more detail with all designs of 
industrial coal-fired boiler houses. 

If you would like copies, or would like a 
technical expert to talk over your heating 
needs, write to National Coal Board, Market- 
ing Dept, Hobart House, Grosvenor Race, 
London SW1X 7AE, or ring 01-235 2020. 

Doing Britain and British Industry a power of good. 


This announcement appears as a matter of record only. May 1978. 



Vale do Rio Doce 





Ten Loan 

Managed by 

BankAmerica International Group 

Provided by 

Bank of America NT & SA 
The Bank of Tokyo, Ltd. / 

Bankers Trust Company ' 

Banque Nationale de Paris 
Chemical Bank 

Compagnie Financiere de la Deutsche Bank AG 

European Brazilian Bank Limited — EUROBRAZ 

The Industrial Bank of Japan, Limited 

The Long-Term Credit Bank of Japan, Limited 

Security Pacific National Bank 

Swiss Bank Corporation (International) Ltd. 




Edited by Denys Sutton 


Published monthly price Annual Subscription £25 00 (inland) 

Overseas subscription £28.00 USA & Canada Air Assisted S56 

Apollc Magazine. Bracken House. 10, Cannon Street. London, EC4P 4BY. Tel: 01-248 3000 

World Value of the Pound 

The table below gives the 
laiesf available rates of exclwn ye 
for ihe pound aiuinsl various 
currencies on June 19. 1978. In 
*01110 ca.-os rales arc nominal. 
Market rales are the average of 
buying and selling rales excejil 
where they are shown io be 
nihorwi>e. In %nine eases marker 
rales have been calculated fnnn 

those of foreign currencies to 
which they arc tied. 

Exchange in the UK and most 
of the countries lisied is officially 
controlled and the raies shown 
should not he taken 3S being 
applicable t<i any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations: (Si member of 

the sterling area other than 
Scheduled Territories: ck» 

Scheduled Territory: < n ) official 
rate: (K» free rate: iTj tourist 
raie: (n.c.i non-commercial rate: 
(n.a.) not available: (At approxi- 
mate rate n u direct quota iu*n 
available: selling rate: cbyi 

buying raie: inmn.i nominal: 
(exC) exchange certificate raie; 

(P> based on L'.S. dollar parities 
and guing sterling dollar rale. 
(Bkj banker*' itv«5) haste 

rale; itriiii commercial r.i»e; 
ten) enliven tule rate; (fn) 
linuneiai rale. 

Sharp liiirluniimis have been 
seen lately in the foreign 
exchange market. Kales in tin- 
table he bin are n»t in all cases 
rioting rales on ih<- dates shuun. 

Place and Local Unit 

Value of 
£ Sterling 

Place and Local Unit 

Valueof £; 

Sterling 1 | Place and Local Unit 

Value of 
£ Sterling 

Place and Local Unit 

Value of 
£ sterling 

tllfliM. ... I.«l- 

G2.0D : Ecuador ■-■=•■ 

JO. )08 S haft }<i-- kev w mu £ 

I Uix-lu "ll-tu . six,-.. Iran. 
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Kivip-ti Tunr 

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\nlliiiii< •*■ . k. I. ■*! ■•■!■»* Ii S 
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l* tilt 

884. SS 


1 Kii'vail- Hi!*.. 

Knnati 1 >irutr 




Ki|. I'..l l'..l 


ID. 483.1 


b-'iani-M- 1 : 

3 5259 


1 1 *™. -run 

' Vs Hi nn l.nrui. 



' l.ll-vilS. 

l.llx.- 1 'lnn •>' 


I •■■III ll .ll-H II IVxl. 


, l.ll.XH .... 

Id'.X HU Mlllul- 

1* 0.5452 

, I'ni-iut.S. I Kii.a 

Pmaniar .... ^lanini ! 

1 1. Ki, 

ni Yt-meii S. S. Yniux-n Imimi 

' t**n 

I I'l.iiii.fjiflx'-... I'li. [-e-u 
.u. , _ • t vii-timi! 

1 1 'll raira . X,."/.,. aland s 

■ kl>!BD-t Zl'ilv 

■' Pi>rtuK>). Pbi. 

! tioli-r... Tnn-I 
; krliii':|it; 1-!r. t’tfr. Kv-uCu 
' l“i !■■ !■■ Kii-' . 1 .Is 
' IV"!* 1 ,r " - - liv*l 

. Hi' < In la.. .. Knui-li frail- - 
* l.’iii-l-MH li:i.-.r--n S 

421 . 


n- -■ I..-.,,, 

■ I':U.75 

1 . 101 I 8, 


li", -i.n;,n» 


37 -l-i 

1 -J- l!|- . .. 

1 . 1 . l-xn- 

421 ■ 

0 iiS 

I-. -• 

1.5 IbS 

1 rlH|.|n-: 

1 i'li. \ li-lnxi. 


13.0825 v 

' r>!<ll-l;| 

linn li-iiai 


j Turk.-y 

1 "in-li 



' llllk-A 1 

| ^ 



1 hi i f. n 

In -fin '!■<■ 1 ; 



1 :• Nnin u 


1 ■i:i«,i -■t-,!'-. 

1 .- 




f i,!aiin\ 

■ 'em 1 10.74 
■ up- 10-86 


1 h-I.A'iiKmi*-. 
1 .'’>. 1 .-. . . 

1 . l.h.. 1 »n !i»|il 
||'l III J ■-■ 



\iv 74 . 8 7 

L |.|-r V.,'» . 

* .1 . \ - 1 hniK- 

421 •; 


Vatican. . 

I:«Iik 1 i l.n. 


1'la.. . 

|ka- a B . b ■ | 


1 7950 

■l iiuBl.lW 

' U'lliaiii-'Alli. 

1 * -uii } 

ill '4. J B0 1 
■Ti4. IsvS >3 


Vl^lJUII.I Mil 

I'm li. 



4 "'illul-.. 1 .•*■. 

1 .-. I»..ll» r 



West ere 


Samoa ■>•- 

.-an.'x,,, laL\ . 


1 Yemen lh-'l 

Y-u -.inf'ji. .. Nf> - V | 
Zaire Ru .. /in, 
./uni.— k •• n-.fii, 


Currency, Money and Gold MuiKCt> 

_ r . # .. , the 

Yen improves (mCTsr^ . r 

**■ • 1 — r ~ rggw. t uws-tAgs 8 1 

.. . \CiS.9 ■ ?. U-f^ » ^ W4fl47.0S66(lIAJ^ i — ‘ 

'[S’ Sof/ua 


trade figures bs 

Attention in yesterday's roreign an ea i^ p: S'] 

larkct was focused on the DM [2**^ ■fi™2 '.tfiS h & - l A »■« 

(?£.?■ -I * L 
GtOMLIen SI top 

5la ! 69-BM0-® 
SffWJlT ilin.a2i-10.57* 

[5*® Ik'l 





i 14&-148__. 

■Auenuon in voieruaya ‘"“-ft- nu^OOXIt J .ftmch Pr. I 9<i 

market was focused on the D Wj y l tJie ^ception of the yeti, fre Uihl£r -| j tJ 8- S 7 ^s?> 

Japanese yen, which reached a the Ievel of actirtty' in- most 27.3flJMn 

further post-war high against the centres remained extremely , dull. sw^Fr, 1 1* 

US dollar. There was a good Typical of the very thmtracHD|. ; — - ^ 

yen which tended to reflect the day The opening level" was . . ' • 

continuing trade surplus in Japan SL8330-1JS340 and at the close, . . ' " . / . l* --.- '.ViL’JrLV-. . -. .. 

n..d the general feeling that this the pourt showed pn,|A B SPOT -I FOflW#ftS AGilWlST •$ i 

must lead to a notable appreciation ment of 40 points to SLj34^L8S». - THC- - • • • ■ 

in the yen. It Umshed at a record 0 trie-weighted Index aa» *. Ont'ww * 

close of \21o.40 having been as was unchanged at 615 having^ >«r V • : — 

high as Y213.15 at one point before shown a slightly easier tendency fSTjjoa Z 2 Mxas» ft7?«Tfc 

the dollar made a slight recovery, at noon to 6L2. }*$%&* ***■]* ^ 

Althoueh the dollar came under FRANKFURT— The doUar was ‘^^ c Kr zjnvHMS ** *«««»»• • 

considerable presadre. .1 moved e. ~ 

Friday. The Bundesbank did nofj'2™®; ^ ism+jm . fMwvisciik -- -anr. -ta 

fZi: intervene. News that OPEC basll^,^ rSEluffl . «^3S4AM5 " • r _ ■■ ^ 

*« «aiarf Obsb -. -»r-«^ :*nn»Aqw n» 

S" as sss r 

Oocmwifa ' *jMR~:T fa "» Wiaa a 
KSOMseic lit* ;/ : • ' 

4S.OSS.7S _ 

S59.TS«BJ» 859.904*000 IzWJJScOfc/.'r^Att ■JMJMSeiie- -«S 

[ -ui' 

J2SSSS - 2H^ZO» ; BiSMJftr POT ' ' . ^ 





’ SpaclAl Enropra i . . • ' -'Mb* *'.-*€«*» i 'J' .-. 

nrswtaf petftr { June 19 * ' *•;. .'.-CripMntCinraaty 1 *•*: 
Rtgto • AtXBtmt f _ - . '--- y • Jwta dcp«et c . i 

. L' ai j mem HLInm . 
Sottnou EKUri mn 
' Ifi J wg wM C i e 

AS0N DJ f 11 A 11 J J 

above its lowest level against some 
currencies. Some comfort may 

intervene. News mar unsu nas aoumams 

agreed to keep . oil prices Xf* SSSSwo 

unchanged gave an initial boost ^nsteta seb -im?Yrny V-i ajri'a^^ '.V: li»'. dOuae^n: * 

,0 the dollar, but It fell back. ■««>» ^^cu»ato5 I “*^’ 1 “. - 

from the highest levels. Tn latfc us c ™“ * ~ . - ■ . 

trading the Ui5. cxurency 1 *~ " ■. 

improved again however to - . _ ^ ■ , 

around DM2.0923. compared with CURRENCY RATES }-CURfSENCYJ»P^®9® 

DM2.0878 in early business _ ’ =33 \ '' ' ' ’ ^r'7 r - 

The Bondcsbank trade-weighted , ££& ■ > •- • ’ ; • ^5.^55 

revaluation index of the D-mark . Jlin * 19 Rtgus • Accstmt ^ 

against 22 currencies was m5 * — ; aj uns~ S tma' -o f 

(143.41. up 0.7 per cent from the * ;•; iSrf xjv» osXar “"^.:v: v S« . • 

end of 19 m. : .x^ H ?»n dollar 1-7IW UJVS: Ctsaalan. d 

PA1US — Tbe dollar SSS SK c 

weaker on the day against the kram* !.’!!!! !. 6 -« 5 W vws • dkOsIi. Vto&i ^^.^ iis^z +• m 

French franc in very quiet trad- ...» ^25' +S 

ing. at FFr 4^933, against Cuficfcr ,S 

FFr 4.592Q.^at the start, but com- ?^ ncl1 fraDu usau • franc- - .v .4 *5 

pared with FFr 4.6050 on Friday S’ ; uajm 2 «M» . Lire 45 *^® •. 

the franc was steady against most Norweaiiui kT 01 * — ~ y “ 

other major currencies, but lost Jwew ISS? jwSSStop * 

ground in terms 0 / the yen. znw? LtoSefi eagiand oms«]N). * 

M Z7SWS 2^W0S Swiss- franc !T mJ7 +S3 ' * 

“ nst ' S^„*k r franc SA3WS 5.8580 ] Guilder -»».■.• -t»J . L 1 ' 

com- ?^L nclj ,raDu 1055A5 1859JX - I Krtntcb fr«TO — TSS: .4 A4* ; V . * 

iday: 5^? 11 2 MSM 2 ;|Ura -^-..-..^->..■•.*5*4 «.*. .r«» p.i* 

most JoSwcoUn W ’.Z I .. 

Swiss trauc 

97^54 . Based- ra- trade weigh ted. ,c!iansws fhaa. 

54M47 Wa&Iiingtoci aareemeot IXsaobet. 1571 

UW7 (Bank of England ttddx-H»>. ' -“ 

currencies. Some comfort may Sterling closed at FFr 8.4250,,:-— — 

have been gained from OPEC's unchanged from early levels, -Tiut rj 

decision not 10 increase oil prices a little easier compand vrith OTHER MARKETS. 

«™ »-r. On » T n Gdnranl, ggg %SA'ZV?xfr: 
figures at noon m .New ^ork. the agajnst FFr 3.19575 on Friday. 



trade-weighted average 

day. The yen's apprecia- Laol.fta on Friday. . Trading; m||™iJx^ i r i))l | t4r j a&2i«-B^6 4.6&6 j- 4-6SB0 tt«iy .:.,.>i....u4_.Lvl&60.ta 
similar basis improved tbe Japanese yen was very acttve, r^ H V .1 i Mkiaa^ L 3&M 

t. ifVi tho Ttnmoch /*nm*nri«i .wifsmn.i t* ■ i 1.1 1 ‘ AHTL/l Hlft /fl 'WPfv^l VTRH ‘YpfhfHilBtlil .. ^ 1 II HHAT 

non on a similar basis improved ine 7 ™ »«jr *u*e, 

..77 „ er pp n , against 36 3 ner *' xth Japanese currency -rising 
to ■>../ per ceni against <&.<, per tQ from ^. 975 . 

cent previously. 

sained at the dollars expense to with m e rising 

SwFr 1.8920 from -SwFr 1^925 to L455.32 from L452.60, and (he 
while the West Gennan mark also D-mark to L4I1.50 from L410.48. 

Rate sfran for Arsandm ts free nte. 


1 > 

•lime li 


1 IMIar 

j L’^. Dollar j Dutch Guilder 

S?ll*'-t l*"llll 

121, lHij 


i -Inv l*'<li>r.- 




u Visit 


1 1 ir--*- mojiiJifc...- 

it (fi-l^Je 


M . lit— mbs 1 



1 in** y,sr 1 

12lft 12ag ; 


11 - 111 , •• 



. Ii- 1 * 

1(U|- 104ft 



K 184ft- 154ft 

' & 0 T|-U 1 | 



14-15 • ' 

Tb» foUovnaK nomiaal rai»» were qu«nrd for London dollar certificates of* denarii: One tnoaUi 8.00-300 per cent; three months 8.20-8 J5 oer .cent;, sbr-months SJW-&70 per 
■•c-pi: oo-- year »ijj-S.93 per cent. T ' • *•"■'. • *-*» ! 

•.otis-ierm Eorodollar deposits: Two years 9lu,-95)6 per crat: three years 9*41 per ceoi: lour yean 9i-fl5 pex rant: five years K-9J per* cent. •'Bate* an a o nrin al 
■.•lost ns rales. •**.-• * , . ’ ‘ • 

Shan ii-rm rates an- call far stcrtlna. US. doflara and Canadian dollars;- two days' noucc far gadders and Swiss francs. - * v *v . . 

.\alaii rales arc elnf.iu raws In Sinjaoorr. •: / • ‘ -a* 


Juue l.* I\*und Sicili'ul l,S. Uiillar XteinwiheVUrk Japanese Ten 

Prai-c . Swtji franc • Hutch fiutldor* tt»U ian TJts'- i CfcUadn.' DnU»r^ Beljrlixn Frwnn 

axes, t 

lh.iiiM-ln- Mark 

l-l-TOi-i- Ven I 000 

Ki tram- !J 
1 — Kninr 

'..Hlin-llnli UmIUI 

Rc-l-.-mn ^'iniii- 1.0 

3.003- *767.9 

6.839 i 2622. 



German monetary move 


The West German Bundesbank February to May growth was down money market were tight, with.) 
has lifted iis 10-day special to a seasonally adjusted annual call and overnight money corn- 
red isc-** tint facility, ur sa-cu4led rate of 8J per cent from a rale uf manding 51 per cent, 
pension facility. This was 14 per cent from October to Vnt4t . Trwu „. r „ h m — 

installed by the central bank at a January. . W £T Tvhh^W-we"k bSl 

r:.;e of US per cent on fttaieh U. Athsns: The Bank of Greece SS quolS « elS per'«nT com- 

Himdi-sbintf ^^"o^bii^tradl t rec,1 , a , col * nt ra; * Jj? 9 ^ en nj,sed . paredAvith 8.72 per^nt o^n Fri- Trading in the London ; bullion, 
hill- friimhnnks 10 -?(■?! them hack 14 cen , 1 £rom 11 P? r ccn J day. while 28-week bills were 754 market remained fairly ; inactive 

« mmaures ,o curh ’ r sj«Ls«t ssli**? 

The move came as something of 
n surprise, in the light nf the 

naUon ' One-year bills were unchanged at factors to influence the marker.! 

Paris: Short-term money market 7.53 per cent. The metal opened at S184J-183- 

tmht and rather uncertain r ?, t ®* s showed l ,tL l c change. Federal funds were steady at^ an ^ easet * slightly to a morning 

conditions in the money market althoueh day-to-day money was 75 ^ cent. Ccrtincatcs or de- • • ''-''* • 

recently . easier at #f pw cem. l-on«t'r-lerm ,>^sii were unchanged at 7.70 per • Juue 12 ! June 16 

The German authorities also fates were firmer .with six-monUi CPnt for one-month: 7^0 pi-rcent!- 
nniniuncfd that the S per cent rlsll MJ * |Hfr f 6 ?' l ,° 5,: < f' cr for two-month and 7.97 per cent fl 
money supply crowih target for ,:cn 1 ^ an ^ 12-month by lfm per cenr f OP ihree-momli. t 

hoping 10 taptiallse on an call al 4 i per cenL compared with ^ ^1^- ' SU fier cem ; A 

ajiprcciation of ihe D-mark, earlier 43 per cent prexiously: one-month -J' ,' rj L , 120 ' 

pBr cent Uudmn (Ailiiel-. _ . - 

litis year. unchanged at 4! jicr cent: tliroo- 

Thc widely defined money month at 4t per cent, compared 
supply bad risen at an annual with 4i per cent: and six-monjh 

7.70- per-cent for 30 days: 7 75 per - Mnrnhl e-nsiiia 

cent Tor B0 days; 7.S0 per cent J x. u , nilMi \ l £$*T' 

for fM) days: i.8.> per cent for 120' . ” !leiob 447 j 

da vs: 7.90 per cent for l.w days: ifi-'H f-in» I .. ~ L 

and 7^5 per cent for ISO days. ■ ■tont-ni»ii>- : L-' 

" Ivn ug ent nd - 'tioia-HJa , .cYQi>_.tflxi 

rate nf id. I per ceil! at the end of at 5J per cent, compared with 51 
April, bui has slowed in recent P er « n L 

„._y . . * kruaerrand. 'Sjgji-TSSj JSI9)^«354_ 

IHgn-Brade commercial paper . . ! -ci-4*-h.m ' igitaj-iibt) 

was: 7 R5 per cent for 30 days; I Xew ^w>i«n*...-|-»t4- s .- ’ 

- -11 — * — ort -t- . ■ . inxMiitf li 

muntlix. tn the period from 

?r cent. 7 7 q p er conl f or go days; and 

Ilong Kong: Conditions in the 7.73 per cent for 90 days. 


Further exceptional help 

* U3e*-W4» ?i£25i^-fc»6i 
Ultt SoreraUpui: u ...(ae^.*7^ . |S5a$-Wf;- '• 
- |t£4ui-o »J) ■ 

lnterrwikinHl»y i . -V 

Kruijerran-t SI80A-W24 IS189»-Wli 

j . jfC 1 .S 3 -l. 4 j :utiiftf-jt4» 

; Now Soxereinnji^...;SSS».o<3 . S&2*rt4i 

, OM buvereiim* abSi-W* jS56?67* 

t S20 K^jiee, S2,6i-218i U 

Bank of England Minimum _ 

Lendjiie Rale 10 wr cent seo a ,ot of ,fie d ? y s h usbiess at market was also helped by banks' , .* ■ 

_ , 101*10! per cent Lli rough to hf-10 bringing fonvard balances above i«_i ~ 

(siiire June X. 1B7H) percent before falling away a: lire laraet. On the other hand, there-. f rin * r of However, -'the 

Despite the release nf some close, after excessive official inter- was a very subsiantial net iofce-up-1 ■ ernoon fixing showed*. 3U 

i-fi 4 .x m 0 r miecurl denoslts into the 'vnlion. to around 4 iht cent. or Treasury bills and an '• ™? r ?V e ,? ien . t to -S1S4.B0 .-and Qte' 
^ v-xTem ° 1 he^sinpfrnT dayto dav l ’ n,e Jonties alleviated f he in the note circulation. 11m w £ ; c"™* * S1S»5-1S5* ; iito. 

s. ..wm. int supply ■ (M» to ti.iy ; 5 j 1(ir t 3 n e |, y buying n very large in addition tp ihe rciviymmi by ' of *1 an ounce.- -Duruus. the 

-■■lx, 1 1 1 ■» Inn oni nn mnnnxi ... nx _ ,■ ... ... . _ J nnnn rhn.rt n j .. v. _ IL..U 

1 sIj & kIb ii.Si-1.a4 

However, roles eased slightly tn release oF special deposits, the i ,Cl -r -• 89 - 1 z 4*ww-- ' 

. ■ . . 1 1 — *■-' >11 auumvM •->»«- ■ ljmj hi* 111 u\ - - . — — . _ 

credit in Ihe London money amount of Treasury bills alJ direct the houses of Friday's exception-; P 00 ! 1 then ? -aPPMred to to 4. Hide. 

market xwirriluv. u .-k senin in from rhr rliarniinr hnnax nnri -.n_ !.«■■■ in-m, 1 buv ins whirti maxr .WAxfp.' 

market yesicrday. was again in from rhe discount houses and allv large loans. 'buying interest which, may -hAve' 

■•xiremely short supply. Inicrbank small numbers «if local authority Discount houses paid up to jij.^iemmetf ^ from the Middle Bast.. 

rates for uvernieht loans vcrc bills. In addition they lent an per cent for secured call loans at : In general sen lament rerdataed 
pushed up from 1P!-1U|. per cent exceptionally large amount 10 five the start.- but closing balances 3&od with a .generally op Tinria tte; 
at the "lari 10 10M1 per ccni on nr six houses at MLR. for repay- were taken between 5 per cent Bodertonc. . . 
the official forecast of a shortage, niont today. Apart from the and 7 per cent ' 


■ ■I 

'L«\kI Anlli.j Fitwn^i? 
Inlrrisiiik . Aulliunlv 1 twip'liri-v : Hgu- 
-Ifl-iMi.x ■- -n-ls l>vLf-«itx 



• Divminl i 
imrkrt .1r»'nn - 



• inv-iMm-. 
I -lux - nr 
1 ini- (liiiiilli ... 

i'li. til-illlli .. 
I IIHilllll- 
T.l IIIMll|!l . . 
1 "Iff* HUM It-. 

Hill- ini' 

lu.i imp- ... 

10I S 105a 

EiiaiMe! j tvnn. .. 

limk -FlnaTnila j Prune -Rote KI5 ■ -* > 

Bu-s* •• B:lla<$ jjjst- Funds »►. .- - - T 5 V, - 

rrvMiiJT UlUa m-mekj -4.JSL- 

— 1 — rrtasB TS BULr TOHioefcl .7J*~ 

lOr!, I0,i 
10.:, -10 

: : IQIj-IQS* 

I lOri-lOw | 9-3-10 

10l a -10i( I - 

■ 95.,-aoiH ! 9 -: -.10 

1 9; a .ioij : A.^tois 
.* . 

97 t .10i s 1010*3 

- 10-11 

XO-lOk lOid-IOIj 


10.1015 IOIq-IQIm 

9- :-.-io j flii -10 toifl-ioif 
fl.ft.I 0 ls : Slv.lO 10U-t04g 

l Sib-IO lO.ig 

10- 10*3 1 103n-10sa IOsb-IDI; 



9.-, r 

9‘a-Brb j 

! Bfsctrani Rale . v ?"J- 

• dvendjan — .v..'.. 

I'Joe loaotb '' "'"nje ' 

Jnrvc itHimla •._» jat*' ' 

•Six mooup — u. *#“'■ 

- - I0i..i0ij - * ; _ I . j I ; FRANCE.. ^ 

^ ■■ Ouseoant R«fc . 

'Aral auihorirr aitd Hiwnci- house* *r»pn day*’ notlrr. o»hrn veen days* u„umn local aortiarlty raartiracK ''Wmilitit ..... 

miiu'Jy Ibrvr* ver cm: four yean K-121 IKt x,.,. fix,- x,-;,^ t £8* mamb — H *-& ? 

• lur.u ralco l»' prtiru* pnwr. Hu ? iok rale* lar tour-month hank bill* ir-r ,.«»: mur-oioniti UW Oifis. 10} p>.T*C 3 -nr ' 7h**r munttu; ... _ *„„/.b!iS - 

* i iMi uari hi >h-. hr«n-l» ■ ««infinmnA m 1 
.xrn. a (urmerl. p^ri n' I- r— urti Wrsi ■ 
afrn-4 «>r H-n-h LaUJlonjI Afni-u. i 
r Rupees per pounCL j 

III. A'l-ui’ d nrt> r-104-.xi in- i.l-A 1 ' «■»■•-» "I ml imi* •.Mi-rr- , *■ H-*- i-x '•»- ‘■-■■xi 1 nMikr* 

pane l h-- **■ «< nu d- -i a I . .. nn ., h ,.. r ^ lr _ . j.jfhjuo* f 1 * 

rai. oi • I % hr j to "lit unit m ui»* I- F-e‘«i m crow rei;s u«ain*l RusciaR ; th» .ir. 1 1 — ■ 
new currency. j rnuSIc. j Ji Now 03* offiiiol r^i*. 

AiuTuclm-ic vDma raltx lor oni-nmuth Tr. jiitry bills H UM, P*r r«,u; iH-o-inrin.-j/ir,' 
ram.'! m . hn^ for onc-niumh haul: bilt< 0 * prr x.-?m: and i«xo-ni>inih flir' 0 j) 
Si is i>r 1 Kin. OiH-nwmb wads wits loi p-r rvnr luo-moruh iuj o-r .»m: mi ^'-n tiir.v-' 

j new currency. 

rinantc Hwse Bear Rated <pnhil«IVd hr the Finance Assituar 

DannU *arx iiar 'in.ll! »ums al v-icn rfar' nmirr*' M7 p»>r i-.-ni C 
Trtuarr Bills: Av-rate tender rater- of dtsruunt 5> 134S per cent. 

vw: raur-imxuii iraor piiu. in; p,.-r nn: 'Z."' 

-<(«i o-r «xiM. u«J ■'b/'.r-mvQih Jij^ p^r ■ . munU *> 
' Sllio-OlSla O-r crni; and ihrefmoma , 

0 1'ir.v-mtmih 15* p.>i rets. i l"“AN 

7"7, h ; ,nr h'naivc HW-'S A-snu a r., n . - c -r ..m from -Jane *.. W7 Clnrina Bank Oiirmtn Rat* _ ; ‘ 

ksra c25Tf STbir^r' ,,m C,ca,,w B -" k Bw B - ,rt ^ ^ «"• :WT«S!U^* : S * 

J Bills Discount Hale ; $JOS\ 





tJ 9 

AH of these securities having been sold, this announcement appears as a matter of record only. 


. .If you are a shareholder in an established and 
growing company and you. or your company, 

• require between £50,000 and £1,000,000 for any 
purpose, ring David Wilis, Charterhouse Development 
■ I fives ting in medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. We arc prepared to 
invest in both quoted and unquoted companies 
currently making over £50,000 per annum 
pre tax profits. 


Charterhouse Development, 1 Paternoster Row, Sl Pauls, 
London EC4M 7DH. Tel ephonc 01-24 S 3999. 


II", 18", 24" and 30" various length single and double radiators. 
Total quantity in excess of 10,000 radiators giving approximately 
275.000 sq. ft. of heating surface. 

For further detail* apply: 

A. C. Palmer and Co., Provincial Haro*. 

37, New Walk, Leicester LEI ATU. 

Telephone* (0533) 549818 


Cellulose Primer Surface r £30.00 per drum, approx. 150 Its. per drum. 

Assorted various cellulose colours £30-00 per drum. 

. . Flu* carriage. Material In perfect condition. 

Brilliant White Gloss £3.50 . per 5 Its. Brilliant White Vinyl Silk 
£3JQ0 per 5 Its. Brilliant White Masonry Paint 0.00 per S' Its. 
• i Flu i carriage. Direct from manufacturer, discount far large order*. 

Phone 051-523 4022 Telex 627608 


for the purchase of an established company with 
sound profit record in S.E. England. Management 
retained. All replies treated in strictest confidence. 
Principals only. 

Write Box G.2123, Financial Times, 10, Cannon 
Street, EC4P 4BY. 



Preferably with branded products 
Up to £1 million available 

Reply in confidence: 

Box G.2100. Financial Times, 

10. Cannon Street, EC4P 4BY. 


offers comprehensive admin, service including secrerarial. posral 
and telex. Full agency sales and service also available. Specialists 
in all sections of textile trade. Replies by 30/6/78. M.D. will 
be visiting UK ]u1y. 

Write Box G.2T12. Financial Times. 10. Cannon Street. EC4P 4 BY. 


New Issue / June, 1978 

A proven concept in the move- 
ment of goods between ports is 
about to be inaugurated in the 
U.K Some £5m of freight traffic 
will be generated on the firsr 
12 months of operation. Sub- 
stantial profits are available ro 
a forward thinking financial 
supporter quickly able to com- 
mit between £300.000-£500.000 

which will be recovered within 
9 months of operation. 

Write He* 6.2 1 19. Financial Time i. 
ID. Cannon Street. EC4P 4BY. 


for ipDCiil:icd product npidly cttib- 
Iwhing itself a* a “rind le i?* r ‘ 
floor and general cleaning maintenance. 
Approved at all levels. Established 
accounts avi.lablc lor ter v. sing in 
certain areas. Successful applicants 
will receive lull training and sales 

Write for full detail*, literature and 
inmriei lo 

Boa G.211 4. Flnoncia! Tlmoa. 
fp. Cannon Street. EC4P 4BT. 

businesses for s 

Financial help for 
small technical company 

A client is interested in invest- 
. mg £50.000-£75,000 in a small. 

' private company concerned with 
die technical aspect of com- 
puters -or related equipment. 

The company should be prefer- 
ably operating in, or bordering 
on. Surrey. 

Both the client and his wife 
are experts in the field of com- 
puters. particularly the provision 
of software. -• 

Client would require a non- 
executive directorship. 

RvpHer to: 


' Chartered Accountant* 

‘ 6/10 Eldon St.. London EC2M 7LU 



.#5% paid by return . 

. .on approved accounts 
Phone Bolton (0204) 693321 
Telex 63415 
SWerbum Finance (U.K.) Ud. 


: U.S.$ 8.5 MILLION 

Tor medium term to explore 
Gold Mine in Canaria i against 
mortgage on said mine, riease 

tfrtte to Box F ““ C .S 

Times. 10, Cannon Street, 

EG4P 4BY. • 


304 469-»i«. 

*» u » b ,^SIS!son af * c,tt 

a. p«»L“ i sr^‘ “ss- 

of prwiwork ? »nd 




You could realize substantial 
investment return through our 
multi-million dollars commodities 
group with a proven record of 
success. Minimum investment: 
Call or write: 

Dunn & Hargitt Research -S.8. 
Dept. 22a -Bee 6 
18 rue J. jordaens .. 

1050 Brussels, Belgium 
Telephone Brussels: 640.32.80. 
Available only tD residents of 
countries where not restricted. 
(Restricted in Belgium & U5.A.) 


for clients of busy home Improvement 
company. Appro*. £200.000 P»- 
taM.-- ■ Loin. ttOT-£!.M0~ por- 
ta.*. Offar* invited from r.rtns xb# 
to give speedy decisions. Mainly 
London and Home covered. 
Principals only. 

Write Box C.2I2 1. Financial Times. 
tO, Cannon Street, EC4F 4BY. 


Good opportunity to pu rebate excellent 
investment in the beautiful »™ peate- 
ful I.O.M. with ill the ca* advintafiei 
ol NO Capital Gains Tax. NO Estate 
Duty and ONLY 21 v Income Tax. 
Very easily managed with good pros- 
pects of hi' ciier profitable expansion. 

Present Income ... £15,803 p.a. 

PRICE £120.000 p.a. 

Farther details: 

Win-Stone Property Co. Ltd., 
145. High Street. Blackpool 
Tel: (0253) 200*7 


Sales ol appro*. £750.000 per annum, 
large proportion exported into Europe 
« rcaluoe prices. Brand leader m 
in price range. Would suit mther 
aluminium die«aiting company or 
plastic moulding company. At present 
all work subcontracted mere lore 
profits never being maximised. 

Plane reply to: 


9 Afana Square. ScoHaoroogh. Yorks. 
- F.T.A.O. Mr. 8- loosing 


For Sale. T.o. approx. £160.000 
with spare capacity. Good pro- 
duct lines await exploitation. 
Good labour force. High growth 
potential. Located North West. 
Write Box G.2109. 
Financial Times, 

10. Cannon Street. EC4P 4BY. 


Hear Southampton 
Long established mould 
gmoers. Superb long leasehold modern 
!St of 2.400 sq It. 

inventory of plant/machine ry. 

genuine retirement sale 


Bentley Smith Engineering Sales. 
Stone Crow. Lindfit'd. Sussex 

Tel: Lind field 2900 


Substantial group involved In a wide 
field of activities * w * bl '‘ h f£, r l .I 
superb prcsngioMS office, in Norm 
London hawe surplus office 
modation. etaff. funds and coin- 
inertial expertise which could he 
available to cIwm unable « 

tbs ir potencial/busmess or .* ou ™ 

ideas in 'the absence of *ueh facilities. 
Write In strictest confidence 
Managing Director. I -5.H.. 
Britannia House, 958-964 High Rd„ 
Finchley. London N.12 

FasTecc Systems specialising in d*e 
sales and servicing of en¥l 
and computerised test equ'pment 

Timex. 10. Cannon Street . EC4r 4BJ. 


Twr. fint-daf* ex-secrecaries will 


32 Ivor Mice, teker Strwet. N-W.lj ^ 

limited COMPANIES 

‘""formed by experts 





FROM £69 

Formation In ^eia* Inc' 41 *'?® 

'***'&&& ~ 
"J.tex: 627930 BAUQ MjJ 

fit- ^ •*£JS«s!S?» , S. 

If^w D E3 -a 

BKMOI-SM ulrod B <* 

plant and 

. . trtm the BP"“^ artn 

** "**■ 


•Em w* 

Telex 897784 1 

° tport «n bulk ptfrc 2f^naMin -F*ric 

tK» "P -Mwbsre. Saltier, 

Ltd- HamS J*}® 0 * 021-327 

TBI “ 33705 ■ 

Lltho Printing Company 

An expanding specialist printing company wants 
printing company to help meet increasing demand for ns services. 
Ideally the company should have turnover of up to £500.000. 
sparest pa city and be located in the North of England or Midlands. 
Replies are invited, in strictest confidence, to: 


(Reference CFD/THB) 

1 Paternoster Row, St. Pauls, 

London EC4M 7DH. 


Small quoted public company in the leisure 
sector (capitalisation £650,000) seeks to pur- 
chase and/or merge with other companies with 
a view to developing a broadly based leisure 
group. Please respond in confidence to 'Hie 
Chairman. Box G2115, Financial Tunes. 10, 
Cannon Street, EC4P 4BY. 





has funds available to purchase 
for cash a profitable business 
making up to £250.000 P.A. 
Details will be treated in strict 
confidence by principals only. 
Write Box G2I20. Financial 
Times. 10. Cannon Street. 
EC4P 4BY. 

Financial Group has capital 
available for the acquisition 
of smafl/medium sized 
businesses which are preferably 


Management available if 

Write Box G.2J13, FfnoncfoJ Time*, 
10. Cannon Street. EC4P 4BT. 

in the Greeter London or Home 
Counties ire»- Buimosi with reason- 
able prcm.'cs not neteuarily prqftable 
in which manajemonc will remain or 
iuy for a handover period. Pleaie 
supply full informiCc-n following which 
in immediate meeting will be arranged. 

Write Bax Financial Time*. 

10. Cannon Stroet. EC4P 46 Y. 

forwarding firm OR 


.A well known company wishes 
to -purchase an upholstery com- 
i-pany with a t/o of approximately 
l\m. The preferred loration is 
Whhln a 40 mile radius of Leeds. 
.'Principals- only please write to: 
; ' Box G2122, Financial Times, 
IQ. Cannon Street, EC4P 4BY. 


itivestmenc/purchase of smalt to 

’ medium size progressive com- 
pany manufacturing tubular 
framed; - upholstered furniture 

for the contract niarket. Loca- 
tion London area. Middx.. 
Herts. Berks. 

AH replies will be treated m strict 

4 .W«. Box C.2H J. 

. ; f 0, Cannon Street, EC4F 4BT- 


bnerested in aequirme acove compani« 
‘.to cwswustion, property d ^ elop "* f " 1 
aid' possibly engineering field. Com- 
Mniesraust have averaje innuaf profiu 

S £1 00,000 » OW.IM Wbra »■ 

.Would ixnider 'nwer^ure. il tbere 
ire adequate unreelierf or 


Prtncfpafs oofy -JIM tax 6.2176. 
Financial Times. 

10. Canaan Street. EC4r *BT. 


- d^sTow Chrlstthvrch 

*0202-24242 Ubst. 

. -ZZ3). 

Depot or warehouse might 
be an advantage 

Write Box C.2J35, Financial Time*. 
10. Can non Street. £C4ff 4 Bt. 

$ 100 , 000,000 

Republic of Finland 

8%% External Loan Notes Due 1983 

Interest payable June 15 and December 1 5 

Tbe Notes are direct, unconditional and general obligations of 
Finland for the payment and performance of which the 
full faith and credit of Finland is pledged. 

Salomon Brothers 

Goldman, Sachs & Co. 

Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fenner a Smith Incorporated 

Smith Barney, Harris Upham & Co. 


me First Boston Corporation SE? BrotherS Kuhn LOeb 

ABD Securities Corporation Atlantic Capital fJ^’.®d HalSey Stuart Sh,elds 

Blyth Eastman Diiion & Co. Diu'on. Read & Co. Inc. D-xei^urnham Lambert 
E. F. Hutton & Company Inc. Kidder ; Peabody & Co. Lazard Freres & Co. 

Loeb Rhoades, Hornblower & Co, ^ Webber ' JaCkS ° n & CU,1 ' ,S 

SoGen-Swiss International Corporation Union Bank of Switzerland ( 

The First Boston Corporation 
ABD Securities Corporation 
Blyth Easiman Dillon & Co. 


E. F. Hutton & Company inc. 

Loeb Rhoades, Hornbiower & Co. 

Warburg Paribas Becker Wertheim & Co., Inc. Dean Witter Reynolds Inc. 

BTaTsteams & Co. *=■ *° lhschi,d ’ Unierb6r9 ’ T ° Wbin 

Shearson Hayden Stone Inc. Yamalchl International (America). Inc. 

Citicorp international Bank Daiwa Securities Incorporated 

HHISamuel & Co. Kleinwort. Benson New Court Securities Corporation 

me Nikko Securities Co. Nomura Securities International, Inc. Onon Bank 

Scandinavian Securities Corporation Caisse des Depots et Consignations 

New Japan Securities International Inc. 

Bank of Helsinki KansaMis-Osake-Pankki Postipankki Union Bank of Finland Ltd. 

Daiwa Securities America Inc. 

nerica Inc. Robert Fleming 


New Court Securities Corporation 
-mational, Inc. Orion Bank 


All of these securities having been sold, this announcement appears ss a matter of record only. 

New Issue / June, 1978 


Common Stock 

($5 ParValue) 

Salomon Brothers 

Keefe, Bruyette & Woods, Inc. 

Kidder, Peabody & Co. 


Morgan Stanlay & Co. The First Boston Corporation Bache Halsey Stuart Shields 
^h^tman Diiion ft Co. Diiion, Read ft Co. Inc. ^-'dson, Lufkin & Jenrette 

DrexelBurnham Lambert Go.dman, Sachs & Co. E. F. Hutton ft Company inc. 

Lazard Freres ft Co. Lehman Brothers Kuhn Loeb Loeb Rhoades, Hornbiower ft Co. 

Merrill Lynch White Wel'd Capita! Markets Group P^ a Webbef ’ JaCkS ° n & CUrt ' S 

Smith Barney, Harris Upham ft Co. M-B bribes — 

Wertheim & Co., Ir.c. " Dean Witter Reynolds Inc. Bear, Stearns & Co. 

Foster ft Marshal! Inc. L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Inc. 

Gopenheimer & Co., Inc. 

Alex. Brown & Sons 

Weeden & Co. 

Thomson McKinnon Securities me. incorporated 

ABD Securities corporation , A^ c Ca P ital Basle Securities Corporation 

Daiwa Securities America inc. EuroPartners Securities Corporation 

Weeden & Co. 


Basle Securities Corporation 

Robert Fleming 


The Nikko Securities Co. 

International, inc. 

Scandinavian Securities Corporation 

EuroPartners Securities Corporation 
New Court Securities Corporation 
Nomura Securities International, Inc. 
Yamaichi International (America), Inc. 

Banque Nationale de Paris Caisse des Depbts et Consignations ^ nwort Benson 

• ■ _I I- 

Vereins-und Westbank 


Westdeutsche Landesbank 

Bargain-hunting moderates Wall St. dec 


S2.G0 lo £ — I142*V. to (1135%) 

Effective 51.8350 51 !% (50i%) 
CONCERN THAT lighter mone- 
tary policy Jirrd ns effects on 
interest rales and the economy 
pushed slocks lower on Wall 
Street yesterday. 

By the clo^e. however, bargain- 
h lulling had trimmed sonic of the 
Joses and left other stocks with 
small gains. 

The Don Jones Industrial 
Average — down more than four 
points in the morning— finished, 
with a gain of 1.05 at ttl&iiS. 

The NYSE AH Common Slocks 
index ended 4 cents off at 

Volume, at 25.50ni shares, was 
down on Friday, while 

declining shares ■ outnumbered 
advancing ones to 504. with 
306 issues unchanged. 

Investors were ex peeling the 
Federal Reserve's Open Market 
Committee to decide at its 
regular irmnlhly Dicering today to 
check the receni rapid expansion 
of the money supply. 

But with the economy already 
showing 'signs of slowing down 
a Tier a rebnund from the harsh 
winter, the Fed runs the risk or 
3 recession ir the measures 
adopted 3re too vigorous. 

Among -signs of economic slow- 
ing. investors last week learned 
that i he in personal income 
slowed in May. frrnn April, and 
that housing starts and building 
permits turned lover in May. 

On the positive side, the 
Organisation oT Perrolcum Export- 
ing Countries held the price of 
crude oil unchanged at lca-sl, until 

iis December wiectinc. 

JRM was .strong, rising $:» ! rn 
SgHH;. Burroughs gained SI; lo 
S74. : . Teledyne $2J to 11131, and 
Ton#* Instruments St l id $793. 

F«rd Motor, v hich fins been 
weak recently, picked up 5; in 
§47. U received a ?125m com 
tract to supply two satellite* m 
In,! ri for that country’s proposed 
salelliitf system. 

OirU’r llawley Hale was 

nncl'-myed S18L It agreed ;o 
acquire Thaih inter Brothers— up 
$11 to *16 bid. in over-the-counter 
tradin' — for stock. 

Ceitrral American Oil elected 
Williiiih P. Barnes chairman to 
j;il the c pot vacated on the death 
or Aigur fL Meadows a week 
earlier. The stock picked up $1 
to $41 

Honeywell gained $t' to S3". 
It plans to acquire Spectronics 
for j«nck. Spectronies jumped 
$ 5 ! to 421 J bid, m over-the- 
counter trading. 

American Broadcasting signed 
a final pact to sell its movie 
theatres for $50. It added $ ? to 
■4!J '.. 

Rumada Inns headed the actives 
list again, rising to S74. Last 
week 1 1 denied it had plans for 
casinos. Gaming stocks general Iv 
nuucil up- Caesars World added 
53 * lo SSL Dei E. Webb S2fc to 
yjp; and Playboy $li to SIS. 

Golden Nugget on the PaciGc 
exchange climbed ftl! to Sis;. 

Tmpieana eased Sti to $471 ond 
Beatrice Foods $1 to The 

Federal Trade Commission asked 
Bearrii-e to delay its planned 
purchase of Tropic-ana. but 

Beatrice refused. Bow Valley C$1 v - !l ■ 

tin i he A.MEKICAN SK prices Hudson’s Bay C-V in ?-U- 

declined in moderate trading. The movements or DM1.30 both ways. seonmem was utu*> «ovwo 8 « 

index .slipped U.59 io 149.0.. w»i i Hoilg Kong Public airt horiS bands were by the i poinL cut In call m^ie ? 

m-fi'S* nnCP Shares moved supply l.uher in difflfvvS Jhere changed, to 73 per cent. Th?y hog *ue 

in. ft unis. r , nfUit , hceiie trading the I lane Seng „ith losses of up to 25 pfennigs, rates at copimercjal toitewaifaU 

Mock voli i me eased MO.Wmi | nf j vX putting on is nr. iv.infs m The Bundesbank bought paper from the present .9^ per cent 

shares lu ••A ini. with losing j-iyja., 562.31 iis iii'-hwi level worih DM7 .2m against DM 15.5m before Ibe end of the month. • - 
issues outnumbering rising one* <incr .\ : 0 \eml>er s: i**7:i on Frida v., * Most -sectors were generally 

440 to 229 E Tices opened ’veil up and „ M - easier while Slores were jrregiHa£ 

Resorts InternatUinal led tnv advanced further in rh<‘ morning. ToJiVO Carrefour lost FFr12 to FFr L54S 

ttisiy' 0» ! l. UrLl .S_4conr/ piatv! throueSSr inJ^neniSm^aSd *J iws cf wed ,0H | r J” Brn<se[s ’ ' ~ ! 

any collusion to hid u P Husky's '\ tll \f_. Ko ng early gains. following WaU^Street. with^Jdto; 

■'hares a s was charged J)' j l5ank m^ iiiiS HKS1S.50 The Nikkei-Dov Jones Average Electrons, GDchenH. OAn 
Canadian MF Accidental, which „ K jiKSU.tS, fell 14.1k lo 5.477.32, whUe a nd Solvay advancing, but Sofina* 

cased 4. to &+»* in Nw \ork ^hceJock " r •>: «„ HK&1.20, volume totalled 3150m .shares Cobepa, YWfc MonUgnei. 

Stnek Exchange! trading, is bid- Jardine Matheson $» ■» HKIBJW . laOQmi. Hoboken, FN. Comelra and 

ding against Pciro-Canacta for SwiPf p ujrit .. in lft hksRJSS Export - orientated Electricals Tabacofina declining- ■ . ... -■% 

Husky. an/i lfon« Kr.nJ rt.- *»a rP „i.s and Vehicles fell on currency • H-fuiRn, JmnrtArf ‘RFf-C 5UV'4n'. 

I.indc was down DM1.30 to with Operators- stjn 
DH24S.O. however. . ^he forthcoming Wnial to 

Autos were mixed with TIus was showu by the fact that 
movements or DM1.30 both ways, sentiment was little encouraged 
Public authority bonds were by the i pointcut in ^ca I [W 

iTlUOk ^ ’ -T « 

easier while stores were irregular 
Carrefour lost FFr.12 to FFr 3^4S 



Coca-Cola Boitling of New lork 
offered to buy its shares at S2n 
each. Coke-New York eased $5 
to in NYSE trading. 

Canada to HKSSJTo and China Knginccn. nu ‘ , man >' , D ‘“ c 10 lower, fol 

Share prices closed weaker in 10 to II K $3 JO. EuStaftaS 0 ** d spandX fall on Wall S 

busy trading on Canadian stock Tugow jdWW UK^iS-lSm lost Y14 10 Y615 . • 

markets yesterday The Toronto (TIK$22S.S4«n). among sharply lower Oils. The g, 

Stock Exchange index ended 2.9 ^ sector was depressed bv reports “ S - 1U - 1 ? 

down at 1.14:: 3. While ihe Germany S5t this mlSZthe no ES°?U ^^als. 

Montreal composite index Jest t-9 After an uncertain si a rt. prices deposit on the continental shelf \anOmmeri 

to ltLJB. edged higher in lively trading on between Japan and Korea. Nederlanden i 

i Til.. 1^,1 tks hi-nri/l Hai'lino I lio r- ' . , .1 1 ti. u: .. .. Vo t. upglrur flginn 

aneau i.i cents IO Jliv?"-"'- tn 72 J and Toyota 

Kims Hotels SO to IIKS1U.30. Jar- gS'v'n l34 and 

dine Securities 40 to fTKSS.nO. "® ,0 r » 1 to 991. VI Tin 

^ w -mi Souv was unchanged at 

Fro pert? Share New World 3li u „. “Blue Chips" 


oior ll to 991. Mostly weaker in contin 

Sony was unchanged l at, quiet tn ^, m finished . FT 

10. H>wer. following the , sh^ 

popular stocks eased on sporadic ft WaD Sh«t - : : 

liquidations. Azko rose 60 cents to n 30O& 

v .. ... , Vli ,. V£1l ACIW IWC UV «1IU <V *1 

Nippon Oil lost Y14 to *61o. ^ R ^ T>oleb -^0 cents to 
among sharply lower Oils. The ^JO -in otherwise lower Dutch' 

down at 1.14:’ 5. while ihe 

Montreal composite index Jest 0-29 
to itejKi. 

Van Ommcren, Amro, National^ 
Nederlaoden and Ennla were aB 


36Tf- 1 ; 355 

over bids by Occidental Pei role um led higher by DeuLschc. up DM2 increased beer sales, with Kirin Turnover on .the. European 
and Petrn-Canada. fell C$1 J to at DM304 xd. rising \T to Y488 and Sapporo Options Exchange rose to 910-con- 

CjHft! on iiS.555 shares. Canadian Engineerings also improved by Y4 to Y287. tracts from 601 on Friday. /- ■ 

Occidental dropped 1! to g2£. 


June " June 
n ih 

Ahl>i1l Ia1.<- 

A'Wrwsocntph... , 

Aerna Lue.ll*i»- 

.11 r Pr>«ln,-l» 

A liw 

AlnmAluminiuiii ! 


Alles. LihJIum... 
Alle«h*m>' Rw 
Alllol Lhenm-Bl.. 

Alliisl Silw. 

Aili* I'bolmer".. 


Ameoolii Hess ..., 

Anier. Alrllnea... 
A mer. UriLD.I'. . 
Anier. Ur<u,lra-i 

Anier. *.«n 

.1 m er . LVn nn ni i> i 
Anier. Ei*e. IWw 
Anier. Esf.rer-... 
Amer. Hoi nel’iort 

Anier. Motor*.... 
Anier. Nil. lie-.. 
A mcr. .^tncrUi’l 


Anier. lei. A T--I. 


A 'IF 



An-h-T Huekmit. 
Anheiirer Un—.Hi 

A. F.A 

A wniein i.iil i 

AtUlnn-1 ‘.ill 

All. UifliUebl 

Auto I Win IV... .. 


A ecu 

Ar-*u I'n-Iiiel-... 
Uilt (ins KlA-t.... 

Hunk Ahutioi.... 
Bin ben Cr. X.V. 


Ueernce Fiwsi,. .. 
BMnoHi -kl-OWU 

LV-ii A Howell 


Ueaifiirt Foil* ‘H- 
tferliielwn Sr cel. 
Ubu;k A UeL-ker .. 


biatM.* CtAlllK..... 

B. .r* Warner 

Hmmll luu 

Umfi-sn ‘\‘ 

Bi iil'.'i Myers.... 

Hnt. Pet. .Vl>ll . 
brxk'v or t.i la*- .. 


Biu-yni» Kne 

HuIuvh \V»teli.... 
UurlinKlon Xtlin 


i.nrupbeli a>Hi|>... 
CaiunllJiri I’ltcil H- 
IhilsI IIandu1|>li.. 


t. a rr mr A r. ei lent i 
Cartel lUwie.v.. 

*. acervlllsrriru-r- 

C Us 

Cr Jlliese 1.4 mu .. 
Central X 5.W.... 

ICnrnlnt; >:in ••... 
Cl' : lul'n'ti-ina 

" j C ran" 

i Crwker Xat^ 

1 L’n'.rrn ZelleiHoel' 

I Cnniiiilii. Killin' 

I Uiitiiv Wni>lit . 

\ Liana 

; ihiri lij.l'i-me'.. 

i Lieci'- 

! I>d A!' hum 

j Uellnnn 

I IVnihpIy (uter.. 

' KHmnn... 
| tslii.Tni L 

, Uk-laf lii'nr 

Uuiitil K.,1.1 1, 

I Dinner ■ Haiti 

| lV.i-r I .ii-jii, .. 

I L»r.i» C'iieiiii.-al.... 

: Umf 

] Unmm-r. 

' I III I'.iiil 

• llymo liMinIrle- 

I X»C ,H Pl.-Ler 

• Ka*t .lirllue- . .. 
K.-imin Kmlak.. 

| Kat'in 

' K. U. .V O 

H Pi*-*- .\«i, lia-. 

• hi 1 1* 

. LiiietM-.i Dvi'V 
Kniei » All Kr i^l.i 

• binljaii 

1 K.M.1 

Knur II ini.l 

I h-niHil, 

, hi lit I 

1 Kas.'ii 

1 t'nii.Hiii'1 c mm m 
K».hI. K-m. M.'ie- 
| Kirerl- iie Iiiv... 

F«. Xni. 

. Kiev; i Van 


Flxi-kln I'iniw.. . 
I Hi n 'I 

j F.M.C 

Ford Motor. 

I Mek.... 

I Fo\l«im 

[ Fraiikliu Mint.... 

, KreC|'*rr Mineral 

. Fme>uutl 

■ tatjiia Inii* 


CT>-na .lli 'inli.. 
'. hnst-ilaiiliaunii 
C-lienilcai Ilk.M 

c'liearbigh I*-uni. 
V liiwltSvrteni, 
Cliica-jo Briiti:e.. 



Cuw- Alila-.-ri'n.. 

CiUeuri 1 

Ciiiea dennsf.... 

Cii\ Iiive»tiuK.... 

CVt.ii c'i ' m 

‘.'"Olite Palin.... 
Cillin! Aik man. 

I C .A. I' : 

1 1 rann.-tl 

■ inn. .Inter. I nl.. . 

Hen. Cable 

;i.i«i. D.vrwiui.-*... 

: lien. Klei-trur- 

• liuicml 

Cnii-isl Mill* 

! liem-ral M.Hnui... 

| lieu. Pub. Ltll....' 

i Ceil. 

' lien. Tel. likrl ... 

; IJl.-ll.Tvfe 

; (Siennao 

. l.tforKM Rwllr... 

| Dotty Oil ! 

! Gilletie- 

Iii.a1ri.4i H.h’ • 

Gneriyotr Tire. ...' 

(jouM ' 

lira-i- w. Ji.^ 

•.it. AllHU IWl '3>' 
(in. North Inni..' 

I'fiTy-iionii.l ‘ 

Uijli A We»icni. 

' Gull ■ »ii 

| Halil nil. .ri 

1 llauiiN Milium.... 

' KaruiM In^cer. ... 
Har»»- i | 

I Hein/ H. J i 


0- ri.i nil 'in Hat.... l'lel... 
Ci 'in. I ll A'ii.f'1 Am' 
Ci'iutilst hjii bill a- 
C'l'iuin.-li.'i] bai . . 
C 'iii'ii 'til K'Iim'H 
t' « 'Hi Mil lie' 
C'iiiiiii. "r'nietlm -- 
C'i ill, i' I erS.-iein.*’ 
l ' 11111 . lieu. I .Hi .. 


C'vii. h 10.41 \.l . 

t’.'/iT.ii r...i- . ... 

Coll'*" Nat. I,a .. . 

CiHiiimli'i !’"i'<.i 

C'-HItluelllMi lir|.. 
i.'ioiiiKni«i | .'ii... 
CVintiltenlai Tell . 
C'-ntii'.i Imib.. .. 

i .■■'■ir I., ''i*... . 

| Hc»lM1 Packant. 
j H'.li.lay Inn*...... 

j Hom>e.iHBe 

j HoneyvieM 

| H'suer 

' HLtt|'..C'iifi 1 .luier. 

' il.Hi-lint 
! IliiDri PIi.AiCIiii' 
j ItnU'in 'h.P.i 

■ l.c. Ituliofno ... 

, IX A 

1 1 ruti-nmi J Ln 1 — 

I I u i» ml Sieel 

j I/l>jlO' 

I lnten.*.ni Kn.. , ray l 

I I h M ! 

! lull, him our-.... 

■ lull. HarvealW... 

1 lull. Mill A Clu-in. 

, Inti. .M III! Ilia •!>-.. 

Inn. • 

lull. IWja'r... 

, Il'Ci , 

! lui. Kn-tiiurr . .... 

; lui. I'M. A let... • 

III' pill ■ 

: li.wn Ht*»l 1 

I II liileriiati"iMi- 
'.In,. UMior 

■ l'..lai' 11 -l 

| I'- ill. nine L Xv 

! I'll. Ilhlnrl-ie*. 
I l n4-icr r.ian'tue. 
Pul. *erw.. hin-i. 

I I'lilliuah .... 

I^’iakei « hii - 

! lia | ii'i .\mtnsn ■ 

\ liavihni-iii 

)'•' ' ' 

1(1 I fill ills" '•'i'* 1 .,. 





I'll :i.'T|i 

i lli.'-r), 

K. Koiink 

F.. KialaL 

K. K-.lak 

K. K«l#k 



t a .-'n 












A lyi-.iicin- 



K I.M. 
k I.M 
XI,.' I 

2 FW1 

Nul Xr+l 



N«1 Vi'l 




Nbi x«*i 

FI 20 







t 25.00 







1 :. n. ■siii'ii 



W. 1 ». S(»hII 




1 :. n. si, -a 

FI 40 



I mlv»**r 

FI 10 

11 50 






1. nilel "1* 




Home Oil “A" los CSli to CS40.' al DSiloS. 

Engineerings also improved by Y4 to Y2S7. 
up to DM2, led by Deniiis. up DM2 


Prices eased in fairly quiet 

BHP rose 2 cents to AS7.14 and 

Liggrt ‘if.vun 

Lull ' Kin 

LUt"h IlMlnal... 

Ua. , kb«'IAin-r , || 

Lone star Iml*.... 

L.4iu 1-iainl 
L, .nl- .ini* Ian. i.. 

I Lnlul-ii 

lau-ky Mi 
I.'kc t iing-l'nii 

I '(■•■lIlllMU 

: >1m> IJ. H 

I Mi i>. llaii"i<.T.. 

.Mam leu ■ >il 

! 'larin* M|.|iaii.l.‘ 
j .'Ikol.all FieM .... 

f V-rk m Hni*r.... 

• IV 


>’i.oi|^ Ik.lae 

I'IiiIa* Iri|ihifi kle. 

. Philip M.H-ri< 

l r iiilli|e,t , ili.J'm 

1 Pll-biuy 

Pill lev Bones..... 

P li-ai e y l.t/i A DM 


Firmer in thin trading, 'with 

■loli a* .Mail 1-1 lle„ 
JolllMIHI .l,i|in«n(l 
■IoIiiimiii C'uutn.l. 

4««\ .MalUilai.-ltir’s 

X*. Marl (Jf]' 

kal-oi Aiiinniiriii 

Kai:4*r In.ln -In*. 



I Kenneer.ifl 

I Kerr Me(l we....... 

j K. utile Waller 

i Klmberiv C'IitK .. 

1 Ki'i'iarre 

I Krai I 

• i> PJH**r C'*i. 

I*»-e«a.v Trani*.. 

Le» I su nno 

i Ubb.vOu.FiwI.. ' 

' Kl-vIihi 

; lkiii"lils MrinLr. 

Kevnuhl, If. .1 

I.i.-h' Mr-TTO>l. 24^ finer., 
li'iliui A Ha*-..... 

Ktiral Jiuleli 

: KTh 

47!j. I "ool worth.... . 19 

29i.' ! " iir..._ a 

bSi; • W 

241* [Zapata .... ir m 

321;. j/enitli ffulio 14 ■; 

34»a l L'.-'.Tm,i4» loti' r9*»:.. 

| I'5.Tr*a.<*ji7*;i»- rPO-.i 
57> ■ U.S. X Da« iall-.i b.7 1 <, 

221a i Kua.' Lt'&f 

45i a : Kyier SitIw 

1 11 

! ■iaietiRi- $l><rv'„. 
; M. Joe Miuoj'ili 


■ Sl tbii.' !’*rjer_. 
noita b> i n. 1 « 

■atili liiv.ii 

: ^anin 

I irhlil/ Itreii'iue. 

’ -■eliiiimhcraei^.. 

| m'M 

; kull P«|>rr 

• OT'l-l' M«'- 

. SM-taiiler li.H'.'-i 

28:a ‘ Aim ibl Pa pet.... I2>% 

44» l - 1 lirnki. 5 87 

b-i | ilotoAlunilaiinn 3 —u 
6 '-a ! '.Cvni»«l(ei..„ 21 *i 

1 5|: 1 .l>hevIov 43 t 
7oii I Bank oi Jluuue* 21 
18lv | Bank \..v» Serut 20 '. 

l7aa Ua.'*. lfo*«jiirr-ev.! S 

2 1 j B>»i> TMq4M»,.j S7 

U i Ikai Valley lad... 29' I 

. May Dii*. Niue* 1 


; McUt-uh. iu 

j M.-l inui.c'l L*"* la . 

| M-.Cilnn Hill 

i Ueuinrv.-; 


[ Hen I.I I .\ U'.'l > 

; .Hi -a ICirt 'nuiu. 

I Mi. .'I 

I .Mum M uieA Ute 

1 .'lubll Cnrfi 

! Ucna in m.. 

| Monpm j.p. 


I .VIiirj.'hy Oil 

J Nabiioi 

Xalent.'beiri Iml.. 
Xuliuiul tail 

iq .7 ■ seat uni Hiiii-ra... Z 8 'a 

10 i >«imu 24 

1 , 21 , ! ■'■.■mi leiti-l*.' 14 J* 

41 *s sear- l>'"etn* k.... 231? 

■jLDC'O 361* 

MraUUii 42-. 

11 ' 9 heinifin«|»*ii... 

42. a l h5 ’* 

37io **ia , e*ii;t<T| .... *7ia 

331, rniiHaiti Par... 13*1 

4 B 1 linger 21 K 

1 ° v [SmirliK.iiH* 

koZ Suit r..., 3i, 

Z -’ 0 321* 

>iuturrn l a.. X' 25'« 

241* ISauheml'* lrj, 

51;* 1 Mlm. ,Nat. lie. 36"j 

25;i iifiiliern Ptu-iri.-. 32 

2 - | 'Xailbernllailtiai : 48ij 

24 l M j 

*3U aouiinaiM : 20i* 

s ’*' 1 ttuhhiiiv'. 27 Jb 
»|«*TV Hutch.... 1"U 
| ■»|»-rry Kami... 41. j 

fi;** .$g'J‘b 35 

Bmn. 1 -.- 261* 
?W .UitC* I Horn la 42i« 
50f« ibl.Oli IniMam.J 4BJ* 

3*d.l*UObio B3 

45 iisutT riiemii-a-.l 40 
22 .. reruns Unis,... 15 

45, l 2 *lu.iff(M or, E4 

'HPl CB 0 ip., 

. * Hrasran 

S3 -a - 

361* ■ CmgM-' Puivei 

32>i Caiullow Mine-.. 
33 r* . Cui/i'Ja Lenient.. 
" Car uu l*i MV tan. 

the Bank nf NSW 2 cents to. firmer as were Banks, bur $nta 
A $6.06. while the AX'Z Bonk fell Vtscosa lost L17 to i,7l6 afnoag 
10 to A $3.03 and the National 2 firmer Industrials. V 

to AS2.4S. . . . . 

Rcnison rose 40 cents to AS10 Johannesburg .’ : :.:.s s ..' 
and Consolidated Goldfields _ . ® " ' 

3 cents to ASS JO. BH South fell Go,d spares clOMd- quietly 
7 cents lo AS1.16 and Uraniums Brmer, after an lniti^ making 
closed steadv or lower. »b Ime with weekend Itew 

ia put on 2 cents to AS2.28, York P rice s an <* higher afternoon 
CSR l cent to AS3.05, Comalco European bullion indications. •- 
3 cents to A$2.70 and Newmex Gold market sentiment j was 
2 cents to 20 cents. reflected tn the firmer Mining 

Southern Pacific tost 15 cents Financials, where De , r «eers 
to AS2 05. Central Pacific 10 cents gamed 10 cents to R6.40 following 
to AS6.0O, and Ansett and TNT 1 ? cal Pre s$ speculation on highfer 
1 cent each to ASl.59 and A$JL 11 interim profits and dividend. : 
respectively. Industrials were also ■ quietly 

firm, extending last week's higher 
p g * c trend: OK Bazaars gained 30 

T alii miiIq tn TJ7 Rfl fnllnu-inv its nKii*. 

L*Jt iV.t »?:* niti ■ sr , 

1 4,1 15 cents to R7.60 following its chair- 

PARIS— Easier in calm trading, man’s statement . : - 

30i, . Laulint' KuLL'cm,' 

■ ‘.uiui'bi liuiu-i 20 : ■ 

■ tjn IV-tlii- IS v 

t-kiu Pa-iiH- Ini. 20'. 
tan. .Mi|*.-Tii|i._ 59' 

. *. *iiiin» D'kceic.. 4 55 
• ^aifiir Almtua... 1 1 1 « 

■-hiciiain IB • 

•.'omlUi*' L7 • 

I *-"> 1 - &al ImitU .... £7"; 

L* -II'I Kllsrr Lida. . lb>« 

I ‘.nek* IlovaJiw - , 

. L-Main If nil • 12 1 1 

Ua"n lirvimi 9 


Dviiimii Mine? — t 75 Minrs- 66 

Dnria PetnWifli 64 V 
Dr.imninii Bri»1g»: ^4J. 
LKnnlai ...... _.| 1U 

L'ujjuni _.„! lc*s 

Kticxi'se XVki« £3-'i 

Sim Co, 423* 

Korvl lira or Can- 76t 
1 i.:««i>lar 29 

. X'al. Dt«D|iixk....; 

Nfli. Sen-WTp 1 1 al. 
A at l< >n*l "Sturt .. 


■ .\vi<tane imf* 

• ,'vir Ei i^u ml bl. 

u.u«ra MuluinL 
.V iH^ara sbari-. ... 
N. X IlHlII'Lriei . 
N'*nh Kii.Oi-.. 

' Allin Pwr 

Athivnrt illrllnei 
Nihum itaaror) 
A*aicn Sftnmu. . 

: ii vutcuui Petri" 
j 1 'SI Ivy Mather.. 

| i.ihv* IMuoa 

1 Dim 


| $i nw-s „...™ 

■ fivinikiuur.,„».J 
I L'ekt mmc 

lumlviu- I13ls 

2 ?! 4 i lelcx 51* 

*1 ** 1 renw. 30 ia 

Io i 

nuriiH Com iny.. 
• )*u.u* I tin mi*.... 

I'aviltl- ri j*. 

I'a-uli'.' Li^lil mi; . 
i Pa . I'm. A U ., 

; IVuAnilViaUii Au 
j Part ei Hnriulnri. 

I lVil«*b I hi 

j Krtl. IV. A N .... 

; P"iui> J. » 


I’lS'l'Ir* I hue 
IV* ililes fi*. . ..... 

. l'c|*iiu 

I l'ea’ui'i Prtn'leorr 10 i; 

I I'uiix 24.- 

, reKUjtuir.^ i 19:e 

• IV»ii> Inm.m 79s* 

• l'e.\M*-l.i|IX lias.. 4 lS| 
r. **H Utilities... 20 i?. 

I'm re Ini-. 41> 

I'uiiea .Mirror... .. 291* 
Timken 50i a 

, I'm no a 6 

I'ramraen'Si 15:j 

I l'mu*o 18i* 

j ItariH Union 3bU 

! I'rar-wav Inir'r 26ii 
i I'nin* I'urlilAli 1 G ‘9 

I’mirtler* 36*4 

I’n Cotinentain , 19%? 

66 / i.;*ti»ier... 29 

421* ; ijiant lel’i'knii* ll-lj 

46 U trtili Dll i.MDM'in 27 

30J* | Hanker si.i.Cfi. U 

12l fc Il-m-er, 34 

431* I Hi -me U|l *A'.. . 40 

111 ; ilu !-•*! llai Min 171* 

5>l ! lill >41 I!**-.... 21iH 

30iJ • riii-l***illi| i.i'.v 43 

,uc is I* 

10 i* 1 :uia-<*i„ 53»i 

24 In lii'Cerial Oil 16^ 

19 l»t*> 18:g 

| I.H.W 

i sLiht-ennm ' 

u.l.U ' 

l IWi.i 


I nl 1 .. 

L iiiid-f*' 

L lllli-i i-i M ... 
l-nhai Mni>'r|'. 
U ri ii hi Carl'iu*... 

1 l iii.m t. '."ii tiicrvi 
I' LUI Lain . 

, Uim-ii Pavifu: 


; m^iO'! ,'al.lin.. 
Inl'y.rPiLe. Lim . 
!.'•*>*« * r-.-e.-. 

' DuirtKi,iLiH|>... 

IsUiuu i . iiti.-h'. 
'U-'iuill'i' U"**u. 
)l«wy IncsiH"! 


M.»<i*» C'Ti-n 

M "tinti in "un-i.*' 
'•"*U"l «lllH'.. 
N"u*ui h.*»iy_' .. 

•\t lltl. 1 ••111* All... 

Mini*'' l*:i a I **• 
• >ali>iiH*l P.4- i- 
■ V-irir>.'i'|'|*i J 

U. T.1 ......I 124.5. *-4.^ 14 .04i 5.7 j \Ui*u*-iihh I mi 

Harponrx ™...| 294.5 -1.54 .b16.7Si 5.5 I Mitsubishi ham 

H.h'-Ii-i —i 130.70 .1B.75I 7.2 u n*ul awn H*i* 

H,*e*cb i 46.8 — 0.1; 4 4.3 Miuuhulii L«ir| 

Hr.rtuu j 134.51—0.5:9.36 3.6 MUhui k Cn. 

hall uO'1 Sam. — - 136.5—1.5 14.04| 5.1 iliuukorbi 576 

Kant *ih [ 324.5. +0.5 '24.44! 3.6 Dei i»o.....| 1,410 

h'*tii|i,.i _..| 226 I |18'72{ 4.2 ,\i|j*on Sliinpan.- 1 746 

tO. 68 -0.02 

tai4 i+aoi 

taj .6 l+fl.Qi 


tl-26 : 

M.rkG'f L<M b».; 

4 Carl 

' 10 ; 1.8 U A. Cole. 

+ 1 ! 12 4.7 USK (SI) 

+ 3 i 13 • 1.5 Com. OokirieM* AtM 

I 14 I 2J2 Container rSt) 

• • i oq , i n 

MH».i"jl,410 + JO | 16 0.5 SS! 1 * ^7 — 

.\i w «* Slnnpan..; 746 ; 12*0.8 |J2S«2hISlSi;"“ 

-vi Zlb Mpb^I 810 -1 16 ; 1.0 

— +20 48 , 1.3 ShVsriji: 

kHII_ . 185.50 10.76; 5.0' 

T237, I 234, 

Kni|,,_ > . > ..._,J 


U"i"nl<rau lib.— 


UA.\ | 

Mamie- mam j 

•Mrtaiiaer 1 

Muni-henii JhH-L .■ 

95 -1 

848.5- 1.3 
1.440—5 : 


199 + l . 

25 ! 6.0 
25 l 8.7 

T3.S0 1+0.05 j .i™— »*u 

12.40 hfl.ezl ^ tn «OP 

Janeiro SB* 

•aliyo KlCrtrlc— i 261 1+1 12 ■ 2.3 

suki.uJ Prrtah ! 848. —IS 1 30 1.8 

:lu-4Mdo~ =1,090 :+ 10 | 20 0.9 

9.36 4 JZ\ *«v J 1,710 1 [ 40 

3.0 1 i*i»!k* M arine-., 

158.50 17. U 5.4 t akthla Ciiwnit*..: 

11 2.3 
..I 15 2.0 


K-t. Inrfaatriea ^„... 
i o Deo. I V a tiau Trort. 

„ „ ICl AiKtcail* 

12.50/ p0.07 




12.22 I— 0.01 ■ : 

12^42 l+IUB ' MWES 

,i 8 * , 0645 . 59 . 

" ' S.97 
0 .I 6 IHI J 8 


1 t. llil**l IbaiHls. . 

j I. > lhnn«(. 

L'frtl i jMim 


* » Slwt 

. L'.'Da'tnii a. *•■•?,. 
: I'V liuiu-i rlu-... 

; I iivIiiib fcli*-I_. 

. llVlytl**- 

j " tiwr- tuim-ii. 
IVamui lai'ilun 
"*»tr. Mail' mum 

"V*i— Kaii*>. . . 

lUri ’'I ( 
4'rttm Vuiri 
.1' "Hill In Hill.. 
W»p,ln e b'J*lJb*' 

I'ti-llla-r* I M+-|," 

1 •'all. till. I'h II. 


, iV*i4r->. Ire,*.'* 
iW t «|* ., III'. 

' r'lai—i |k'\,.|.i, ..,i 

. I*' *. 1 C**o- «ai'*. 

. ',•!*■!»*■ Mur*i'.ii 

I,'hii;<.| •»!• 

H'rt --Iihu 

' If*.. ||. 4 . i,. 

!*’• U “1 HI...: tail.. 
U-ii-il 1 niri ' 

Mmaiiacr I 215.5 -1.5 IO 2.3 

.Mnni-hunii lin.A, 545 —3 I 18 1.7 

Aertivnimnu I 129.8 — U.7 — — 

1'iriMia L'M lAj 1 15.5 — 0.8 — 

|{iii-inWi ? i,hi(.-l.! 190 -0.3- 25 6.6 

Klreriluc I 271.3— U.7. 2B.12 5.2 

loint-ii' 288 *u2 16 2.6 

[g *-*•“- -'«*“* -*0.30 0.7 ,252^--^-—! 

_ _ i : 120 10 42 KWcD**iJ>.„: I 

-2.28 l+iliaS Anglo American Corpn. 
*n m AR DlOPtAP »"• 

Pmi-.-aa L 1 31 

■ ■■km Marine ; 492 *-1 

"+u>bitT.u Puu-'i 1.020 —10 

• iMnu **ni*» 308 

"iki-n.ihrtiaiini.,.' 144 1 

• ■•rav ' 144 ' 

• »*a» 'I 991 - 1 

>oi.i.ii'.. 288 16 2.6 144 > 

x*l Z.iukci... _....! 2+3.50 26.56 s.4 . vV* “liii I 991 — "i 1 

."■U va.-ji.Ml 1 117.3 +0.2 17.18 7.5 ' — - i— 

van* 175 14 , 4.0 Source Ntkko Securities. T* 

‘ hi* A 116.20 IZ 5.2 


Source Nlxho S e cu rities. Tokyo 

1.1 Lenimri Oil— I 

3.9 > aImsm Ksvontiion 

1-9 | MtM Holdings— ; 

3.5 . )lyur - Em tori um ’ 

3.5 [ Nerm — / 

1-0 ; MctiOiaa InietviKtH.iruil...-. 

I -V.jrth Broken H'-tlngb (Otle; 

iMkbndjie - 

| Oil noitvb 

I Doer bx pi oranoa ; 

- Plooeer Uomsnsie. ( 

UeeKluA 0*1 man , 

;1.83 -O.OB f Rast .Orlefomeln ii.« 3 ' : "+ 0 .is 

HJ13 ; j EMHiza ^ 13 s ; + 8:02 

tiJi3 xwHizg 

;jje 8 : +7.01 .Harmony — 
1 j.27 >- 0.01 Kinross 

1 1.27 >- 0 . 0 i Kinros 
t2.23 .+0JB Kl«>f 

. .MO* ".+0J3 

. 3J0 + 0 .C 

8J5 : + 0.10 

Pnte , + nr , IV. >M. H. c. $Msb * 


.irbai 2.340 

' — . A Hi • 'i, 

+ 10 ' - 

>*.Hn- i:'-.iii.' ■ 

i**u;r**>i'.. . 
iln-ii t main .. 
Mrinil i-.Miu*.- 
sk->*ii> >'. I*.., 

*IIIU*.41._ . 

-i.'-j. l:.- i. Iron 
*• -a**. •. nlirt.ln .. 
lojMlt" IS... I.M. 
Iiari-i. nulVj.. I.. 

I rill- \|, uni 1 1 - 

12.80 I 2.82 

l' •— 

• M > 1 illiwi|.ii ... 

, Wlni'if* 

I " iiiIhI III. In**.. 

! IVmhiiii 1 . 1 ■ 

i|*in 1 -. 1 — 1 .. 

I ill. - 

I M. -i-i. 'I In, • 

•* +ls 11 Uii.ii, .. 

I' h I I .«-| 1 1 - 1 . 


Wed. STradud. 
■.—* stork 

Vltnkl cFi^S .1 

\k.*i iM.uLb— 

.\i-_yriu Huk (FIliA 1 
A.MKV iKi.ltli ...... 

.Itufiibtqk tFiJlOt, 

■ IliUllkMI 

Ik +■ , IVesI 'in ( 1 W 
b'+i icr 1 iFi.tX'i. 
Knn m '.V.lktiri 
bun* mil l i 4 Fl.lL, 
• ll*l IlnaMlI* +<K1 l 
U uiiiukmiKl.aM. . 
ll«l 7 »U+ ihlntf- 

■ liwiliT 
11 . L. »l. tF..IU.n... 
lui. M ill lor l lo.:.. 
ViiHrilrn iFl.lOi...' 
»ii.Ni*l In-jk'i I- 
'•'Ii -Vl IlkiKiJS- 

1 Price . + .ir j DiivYl.l. bu. Hnr. Uiulw 1.630 —15 | 72 

19 ■ Fla, ! — Itrttcrt «ir : 1.930 -20:116 

— ■ : I..U.IL Uku'W....i 1.1900 '—2 ,100 

106.8 +0.3 ; +21. 3.4 u.+urn ^.i 429 '*-7 

30.1, + 0.6 - , - KHXl „:2_255 hJ — 5 

!l77 ■ 7.9 

- 30tuhlanri Mining. 

^imrxon bxpionilinn. 

~ (3) n 

4.4 ffatioat 

fr.U W+atern Mlninx i50 cents : 
8.3 IVielannln - 

,+ujio - s jo +0.10 

tl.75 Ruaenborg Ptadn^o ,.ug +oJI 

12.30 + 1 JI! • — 14.00 - . . 

10.86 I-0.01 «.*+-'.. v -+ . 0J»- +'0.15 

11.30 -QM ***** SA *0^0 

U.80 -0.64 Corporadon 4.63.' + 0 JO 

♦ 0.12 !; JB ferrtd s.M + fl t 0 

-KJ.33 L4JJ1 Blyre orslttldh . ' 0.7S. -+ 0 ^ 

tl.56 '+0.ot +.14^5 - - . ; 

+ 2^0 + 0.01 ^ Braatf, , ri5JS -- +0.95 

10.73 I SleTO . Tf -M - +*25 

10.26 1 + 0.01 S^!5 la - 4.TC + 0 .W 

10.30 '-Q.B8 rAJB ^ ’ ‘ 

*1,85 1-0 83 onefonietn 3755 

t0.90 Ceja ndWto*® '31.M ' -MflBO 

tl ^6 i- 0.02 w«Mern-D«p--Ji t ^i 3 — ..... U^O + 0 _LD 

. 0J»- +0.13 
Hon 4.63.' +4J0 

ferrtd _ s.M +040 

1 5.»- -+0fe 

y- -- — + *tas 
wr -..rij3s +* 1.95 

10-26 j+o'-oi 

10.30 ;-flLB 8 H^Lasc-: 

tl^6 i- 0.02 

tl.62 : 

559.5 + 1.5 ! 28.5^ 7.9 hits uobei 6.420 430 ! 6.7 I PARIS 

04.701 50 I 5.9 Pa fn* 1 ue .Nai„._. 2,725 1—45 '170 6.2 ! 

74.9 -0.6 23.5i 6.0 li.B, IttnuHni 2.060 >25 ,150 7.5 

90.5,— 0.3 ' 26 I 5.8 Uumert l.ZBfcd 1—2 1 85 6.6 

124.2 -0.3 1 BO I 6.4 Hoboken 2,210 —135 170 7.7 

74 ' 26 17.1 1.750 !+6 iI42 B.l 

Sa-itS?* K 


■iHcr sjs 

Anslo-Amer. Industrial « : g^a 
J jr: — — — Bartow Rand ... ' • VW 

.. . ' . ' ^'1 ^ gj 8 *®n indnsmar 10 ja 

;+o li*»« B I I "eotu *4 *■+ : -+*s u.D < MKars Srnron ~ ' 

390 gf-p.ttH *wflr»-JS=s:5S. 

JS&.U ajasjfsssr^^a. • 

« 2iSg=! HI C? .“-fj !J SaSTj ^- r - 

iis Z'S ,1 >^« —12 "75 < 4J9 McCarthy Radw^w’’-’’’”™’' mb? 

Kreliellamk 6.660 

67 7l 5 ; HI 52 U “"«* -;5.600 

a. ’.as « , js sjsar»— 

Oa.9 -Q.4 1 + • 5 .+ j ' S'522 

I0a.9 - 0.4 - 14 - 5.4 

4S.L — J.5 — ; 

24.7 - 0.3 12 : 4.9 

161.5 -ICU 8.4.9| 
47.9-0.4: 2b ; 7.9 

36.6J ■ 12.5 5.4 

106.7—1.7: 48 : 4.5 
63.a ' 21 7.9 

748 *1 1 «!, n r fJ?” ~ 9 - 1 .t 

JSSc ic 2-5 Edwra Stores 4*500 

»*• i;*u Hmx(<i+. n 2.970 ; 205 

>x- lien Bel*u|iii'T.945 | .. .. 140 
*i 4 in* -3. 100 1-45 215 


*>*<i'n>l IlkiKiJs - 53. a 21 , 7-9 V.Miii.juunir 164 1 

x.-i Mai Hk 1 Fiji. 184.6 -0.9 I 82 | 6.0 - ? 

• :.v *+•*. 'rti 1 157.5 -I.I- 36 , 4.6 ; 

1 hii iiniiiH-ieii... ; 142ro 4 . 0 ! 18,5.6 SWITZERLAND * 

A.B.X. R:mk 10 

Allied Irish Banks Lid. 10 ", 
-Vmerican Express Bk. 10 «V, 

Amro Bank 10 '?» 

A P Bank Ltd 10 "f, 

Henry Ansbacher 10 i '„ 

Bancn de Bilhan 10 ‘7. 

Bank of Credit & Cm to. 10 

Bank of Cyprus HI % 

Rank of N.S.W 10 % 

Bannue Be Iqe Lid 10 % 

Banouc du Rhone 301";, 

Birds \ s Bank 10 % 

Barnett Christie Ltd.... 11 
Brcmar Holdings Ltd. 11 'Y, 
F.nt. Rank nf Mid. East JO 

I Brown Shipley JO 

Canada Penn'r. Trust 10 
Capitol C & C Fin. Ltd. 10 "f, 

Cayzer Lid 10 n ;, 

Cedar Huidinss 10:% 

I Charterhouse Japhet... 10 

Chou la r tons 10 *u 

C. E. Coates IJ 

Consolidated Credits ... 10 
Co-one rat ive Bank ...*'10 
Corinthian Securities... 10 ( *Ti 

Credit Lynnnais 10 'V, 

The Cyprus Pnpular Bk. 10 l f. 

D{ Lawrie 10 

Faeil Tni-t 10 ,r « 

English Transeonl. ... 10 

First London Sees 10 % 

First Xat. Kin. Cnrpn. 11 '7i 
First .Nal. Secs. Ltd. ... It T, 

I Antony Cihhs 10 ,r „ 

Creyhound CHaranty... 10 'V, 

firindlays Bank i‘10 '7, 

ittuinnpes Mahon 10 *n 

l Haiijbn.3 Bank 10 ^ 

i Hill Samuel $10 % 

C Hoare & Co flO 

Julian S- IlndgL- 11 % 

Hongkong i; Shanghai 10 °h 

Industrial Bk. «.r Scot 9 % 

Keys+r Ullniann 10 

Knnwsley * o». Ltd.... 1- % 

Lloydi Bank 10 ‘V, 

London Mercantile ... 10 ^ 
Edward Manwin & Co. 11 ; l % 

Midland Bank 10 

i Samuel Montagu 10 % 

I Morgan Cron fell 10 °fi 

National Westminster 10 % 
Norwich General Trust 10 °n 
P. S. Rofson & On. ... 10 % 
Rossininsicr Accent'cs 10 % 
Royal Bk. Canada Trust 10 % 
Schlcsinner Limited ... 10 % 

E. S. Schwab 11 

Security Trust Co. Ltd. 11 % 

Sheniey Tmit il % 

Standard Chartered ... 10 "5 

Trade Dev. Bank 10 °r t 

Trustee Savings Bank 10 ‘o 
Twentieth Century Bk. H '7. 
United Rank *•. f Kuwait 10 °Ti 
Whiteaway laudiaw ... 101% 
WilJiann #• <:un's ...... 10 Ti 

Yorkshire Bank 10 % 

' hii liniiiM-iril... 

1'nWh.vl . 4 .. i.i. 39.4 + 1.1 - ! j 

I1iiii|miFi. IOi — • fe6.4 — u.4 ■ 17 ■ 6.4 ' JViru '+ 1,1 

i.jji'NrliV uiiPi.lCij, 82.1—0.9 — ■— June Pi • Kra. : — 

■I.J'U.JOI+'I 31*. I 171.U \256: 7.5 . 

rlfMiiim (11. oOi 131.50: ; — — ! 

ifon*riio iKi. 8Ui...j 122.5*0.2' » 5.7 A uimnlum 1,270 10 

lii >i liiliuU'tii Fl^o.., 129.1+U.5 66.75- 8.3 dllL'A' - !1.635 ct— 20 

-n>i«.iUnr)! j 261.8+0.8’ 19 [ 7.0 i il«l.uisn(Ki.KX+1.130»r.’— 20 

Hiiiii.ijhPi.3-iI. 131 +3 ■ 37;.! 4.2 m*. I*»rt. I>ri J -20 

I'.+ioPiH'. HkI+.S; 117 : -2 ; 50 . O.b |m. IUh* 595 3 

• nrji 

Ill lll I.ithPI-3'i 
l'n|..\nrtH*. Hlil+.S 

Llinivi o» .'Ii. Mi. 



131 . + 3 • 27.;.! 4.2 m*. I**i 1 . On J 845in 20 

117 : -g ; 50 > O.b | tin. lu** 1 595 ;-3 

120.7 -0.1 42. B . 7.1 I UM*»I 6*ih«u 2.210 -20 

41.2.— 0.4 • 20 | 1.2 I KM«i«m«ll 1.750 |— 10 

405 33 

— - . " I '.'• «!.**'( l+rite. 67.5—11.0 — 1 — { Prote* Bolfliruca **' TS TJ'S 

Dinner -J 735 —10 3J.7S 4.6 J MJnes Properties # rS 

► • js 1 ^. s r -^ 

J35L-SHZ5 iiI:l:S:l ^ {*/: "• 

— : L. JS4.0 -0.5 . 10.77; 8.6 9i Sugar. 5JteT ~«5 

.270 ! — 10 1 8 31 SfW^rr L648 -2 36.73-2.2 rVlfK+° alJ arad ? l atL 10-« - +«J8 

635xt : — 20 10 30 » «■!»..■ WO IS ■ 39.0 4.1 UBtaec US - . +VM, 

.130^.-20 ' 22 1.9 SMSJLt”' 1 -®! -® s k 5i . 1-5 Seeorities Sand *ns' 

«* «'? Mucrl Hennurav.— 470 12^ a!7 i 

„ Huullraa'. 151 -4 - 3 Z.OI 

is * B — 161.6!— 1.2 13.05 12 A i 

J® | | PocHlufrr : 90.7. ' 7* 8.2 

Pemod^Kicanl — 261 [—4 7.5 2.9 

Seeorilies Rand $U^‘o.71i 
( Discount of 37$%) ' 


? Th 
1's*. . 

* v HlTI 

3.9 1 KLvIki iCieofrej. 660 —30 5 3 a 1 *' eTOD “- , ' R **'i — . 251 4 7.5 2.9 

' ilifiiuiui lUVirf .' 74.500 -750.550 o!7 1 ^e«ge® , -V lu, > en - »64.8;— O.B 17^5 ; 4.7 


I 1>U i?J mail i. ...7.500 —50 

i liirunr+n u. 5.850 I--3S 

Jumk*n (Fr. IuOi . 1.425 i -20 

J. VwUcrPr. IXi,...!3.420 • 

_ Un. Keg— 2.205 I 

Priw i+nri Dir. 'V'M. DmlkunlUK.AiOi 2.520 W -25 
Cnuicri — ; ; . % Hiwn dirtW* 289 +4 

-! ' Snn.hv it'r. ah)i~!3.925 1—50 

An.u-i'toiiM>n 134J* — J* I 11 ' 8.2 Ik* IbirtH Lkjns: 486 —8 

ih mu' mH" IV ' 470 i+2 J 15 I 3.2 ainmUKCUFllX.’i 3954-3 

liHU-hv Iltmk 1221 -,— la 13 . 9.8 ■ ■sulw. Hi rP.lCLI 354 I r 4 

Ix.*t .v*ib li Lo. „ : 165l4sii— Hj | 1Z ■ 7.3 [ •'wmwur iKr. ac*u: 855 I 

V.^ia 814 ,— 2 - ; _ SPAIN » 

0.7 lUdu, lechnlquu.; 424 j-l ; 27 ‘ &.3 June is 
f l 556 4 •• 27 4.9 

ftr'eto ■ 

“V i'f iHame Pnulenr hy.ii-i.i 9 > 9.2 i — 

"at'» i'n - l - OofeHtn — . — ; 152.0 +U.6 «.5S 9.6 ' £25 ??P*® — ~ 
"AJ f.9 -ikt* JbMtenol — ,1.520 ~5 39 2.5 i 5??^ AUantlCO CUBO) 

f : 15 ',10.2 ! ‘yisiw* Hank<fc'.luu! 367 *— 2 

***r. Hi >"i t¥t ■ 360 i+ig 

Fur. liapir >..! 781*'- ll* 

HHIbUl+lMIlV ..._.r 12312 - *2 
li.VthTill.tKrtUl, 269<*.. -*-i( 

.Vi*i>l H'mu-i I9DL2S) —3 

.111.1*1+111 ; 75 

iVivniiunii... 128*4, -la 

Pn>iiD»l*nk.,>_.' 13o '—la 

3.4 **wilh>. P.att. 4,725 ! + 25 

— i-nn4i imiik -3 , 130 i—io 

8.9 /.urirti liv 10. /25 m: r 25 

j°;*' I ; STOCKHOLM 

40 2.1 
20 j 3.3 
44 2.1 

! MunfeTi nf »i.. A\i.vpilna I looses 

T-d.iy J-.Pvi|i> 7 . l.monlh d.-wrails 

T T- 4.17 'l no ,mns of fl 11 , 0*1 

,-n.rI unrfcv n'. . un tn TL* 

h i+i «i'.*t :;*i iiim r. . 
r'jli Ap* +•!». ir..+ £i.i*jo 
: D-m.ind rl+poMi-- 



Pure ' + *T Iiiv. Vi.|. ‘kJhm 

l*ii. ■ ; — . Un- i Lrtnki. 

;.3!ioo Sonianhi; ossi «m 

kkholm S aMa \. 5S : : ‘ 

~ firirt* . 4- ur ■ Dir ylT Zarasazailo !’l! - 2S4 ■ — '- • 

June 19 "Krone i — ! Kr. \ » ' fia°kii4U» js 2 '' ■■■ .*r ". 

: 1 «^»u* Andalecla m • -+“v 

! VU3 AmK..n»i— ’ 207 '-1 >6.5:26 .-fn** w ' ltal * v 

viwL*miiifAr*j 158 ■ 5 . 3.6 ® *-* .. 

A*>bi iKr.oOl 1 82 '-0.5 ; S fe.o 2% — 

Min* Cu|'«nfKi'5" l 125 : ; 6 4 8 n- .+•' 

,S'bf J II !££&= 

82 1-0.5 ; 
125 : ; 

68 i— 2.5 1 
116 1-4 ' 
1941-+4 1 

I —a , 


95.5 +0.5 
453 - 4 

. I *.rtiuur« M — ...' 237si -2 

| Klncl'lus *11* thSkT 

'nvmuuiK........! 128*4 -12 . — ! 0.5 j MILAN I MlmtioiVUKrT*: 125 6 q'a 78- .+•' - — * ■. 

“n >iiD+l*nk 138 '— la I 11 a.l I WILAN .lUfil. 1 68 i— 2.5 1 4 6.9^*-^?““ - » 

-•’I'h- tWeifcfrssi.' 403 1 iBia 1 11 • 5.0' 1 p rti . e -jl^ |i, v . VlT 116 1-4 | r.-4 3.5 Sol Rin riUL 102 - ■ 

1821, -lie: 12 6.5 ,i im .n L „,. ; Zj , Urv .'■kmia 194i-+4 ‘ 10 n.2 iSLifJJ? 10 w 

■_ ' ■ ! i ! ! iiraMH 237*i. - 2 . 10 S3 * EJSSi'tBL ] 

I I.ML ....1 95.5+0.5 — — ■ kl«rt , lu* , irrh&: 134 +1 . 6.3 : 4.7 i *.; a i. Prucudo* : 

, | '«3 .4 - - )6n W r*n-h’tkrCLJ 132 -J ! 5 4.0. *;«bo T5S35 mTSK ' . 

I • 150 8 -3 U"nw"ir. . 375 -2 ' 0 - 5.0 qWra|a - 9J5- 

i'IENNA : Hu. I ni :1.909v- -30 160 10 . 0 1 n+nii., ; 92 - + 2 • 4 : 44 nwiMnuro ■ 8 fc. 7 S - 4 - AJ^ 

— - — — (»in Him | 97.50 *5.75 - '>i*ii*m'nvei 51 :+l Qlarra •... ten j . 

, u I’ncr , - •** iiawnirt,. u 11.975 - 170 200 1.7 d*J£lMl«N.?. 334 j-l 16 4?8 RMWld^;- 

— TT - TT 7»' Ui' , *rtiw ... ■ 3».400 *3901.200 4.6 M.. t tea I but I* 61 , 1 _ Peiroleos. . • • rau. *■- —Iffa. 

«**■..*, „!«.! ^ 342 ..... 10 _ H M.*iir.ll-,.n ; 1 1 - **,,.ivifc A.r. ' 856 ;*-4 5 75 : 2.3 P«Wler« .5858 rr;*® 

"a « 2’? •H+H’fm 979ti ... .• - - y.h.t.-H'Kr 62 ... 4.5 t.n 1 ? nl3 " »• —rl*.: 


_ ) brjc+mui ‘r‘fhr»; 132 
?0 8.3 37S 

1 * f| “' 1.799 m- +24 150 8.3 I h"rue . 

: 1^- I'll :1.909V'.' *30 : 160 10.0 ; 

Ir »7.50*5JS - w.K™ • 

. (•*iii*M*imi 1 342 . ... 

iVriiinii *6* '— 
u-t+'iH 537 -8 

*vm|iHTII 90 '• i 

*U'iT li*'iii'rt .... 188 , -8 

I r «1 'l>u!nr*ii 239 • . — 3 

10 ■ 2.9 
9- ■ 3.4 
1 58 . 8 .1 

ti 3f , «l p >il^>n ; 140-^5 + l - • **u.iiik A.r. 

4-4 * ithiiIViv., 979*.. . - - y _ h t.-ti-Kr 

S1 i'irui -1 A 1 ".* <2.015 +33 I 130 *5 '**n.f RifeiH*.. 

- iVr+lil : 960. S 1 26.5' 8u E.3 n n i, U L ■«’ Krt- 

?.f| -iiihI|i*wi 71b — 17 i — I 

856 |+4 

*4 5 75 1.5 c r. nq ^Wkjra"— 5*58 h.OSI 

... 4.5 ta-'SSL »• >-l;: 

• 8 s < nK *™ '•-whim. 135' ‘ • * '* », 

6 7 0 5; ,p,onM :a . kb3S 

- L5 J. ^rr^U^ench »Z . - ' ' 

7 6 q 1 • Tutiaru* . i wx — 

—.‘Jnlmr £h*c. —'050 

■ rirtubniqi 

V.*im ihr. Si''i. . 

■7USt' .''T 


t •• rs’j 1 .': - , . • . ' 

Times Tuesday ^me 20 1978 

if - ••- ' - ~ 

insurance, property 


| Abbey Life Assurance Co. lid. 

, *Sg£fe= i k ’§ 1 ; 

■■it :i |SSfiE3fc:g? 

' y ■ ?*». Egn lls 1576 

£i%» v *'£2 m £ K r.t«— 12&.2 
Fd- Sor. 4 — 134.9. 
VEquuj' » 9 

*Ccm*.Fd Sur.6 111.4 ^ _ 

:. SJ*nejr Fd. S«r. 4...P09 1 1X4.SI "" 
t, Pnce* at. June 13. Valuation normally 1 





BS.Z .... 


132.? ... 
ICU „_.. 

11 ? 3 

Oevenl Portfolio Life fas. C. Lid.* wi n. , „ . „ „ 

HO Bartholomew Cl. Wal'.hwn Crn<4 w;<nio:i i P „ T* 0 ? 51 Man **« , n*nt Ltd. 
PunJolioPuntl * • . 1 4B GrtCfchunhKi R3P)uu ■ m.#> 

PoHioiioCapUai 7 * 3 * 3 4J >1 .. . j " 

- . Gresham Life Ass. Soc. Lid. 

OracfthurehKi .EC3P1HH ‘ 0I-S23 J200 

MansEOi Fund |149 9 1561! .. I — 

Pncn June J, N«t deaJinr Julv A 

2 Prince nf Wait* R4, BBWl* K»J 7CTS5S 5*3 *“*■ C». (llJC) LUL* 

•».L fash edm . <« j ioi« . i _ MHKwnd 

S i- lj‘! rutirt .1123 7 
Cl. Pwy.Pund. _.i«»s 

“ Growlh & See. Life Ass. Soc. Ltd.* 

“ *!*: *™y-oa : Tbwnw,B«to. WE* W281 gj “^V : 

liourt'. Southend £51 2JS 07024335 
hlwi Kay Inv. Pina," 

Suulii.a'i Tel . . u... 

TcchnnloGvPd NSJ 

Ertralnc Pd 
American Fd. 

F»r Earn Ed. . 

*t AUwajr Ufo Assurance CD. Ltd. 


flexible Finance. 
Lanrthan ji Sect. , 
Undbank Sc» Act. 
L» 4t S. Super Fit .. 









+ 0.4 









in i 



116. 41 195 ] ” Norwich Union Insurance Croup 

C7 .9*4 

J _ PO Box *. Noruleh NH 1 3NG 

21. Old Burlington St, W.L 
,ui ly Ftt. Arc — QS2.0 
_ .wdlnLAcc-,— 130.9 

FVLAoj^. — 188.1 
Inv.Aw.__ 163 0 
FwlFULAcc. ZXaiS 

gUl. M o p Jen.Acc. . 128 b 
WfiJ4n_PnFdAce _ llLB 

. 11990 

;A MBV life Assurance Ltd* 





a ass 



35*5 -J«, 

1544 -04 

Guardian Royal exchange bJuT'eIjW 

01-4375982 EwtiBQfce.E.C.3 ' 01-2837197 ET°P;rty Fund ... .1 

Property Bond* — 117*8 18201 ... I _ J*Vo>i"ruirf"* ” 

Hambro Life Assurance limited V Nor. La II June ifiCj 
»W^'5 S*Vt| P * ,Ben,x Bruner Co. Ud. 




-1-2! - 





rr:. — J- —■«* ™*aurance JUXI1-* aS?" 

Releue. RelEMle401DL J-ropTEap: .1 

r A«EVMSar7Fd._ 

w'AMKV — " 


>; •>. f AflEV 
■C 17^^ A 3CEV 

i' ^t^slan : — S7.9 

Arrow Life Assurance 

• aBVUxtarida0iinK7.1r.12.. 

• ^ l>n. Mgd. Pd. Eq. 

If - ! lj? PeB-MadFd-plL 

Barclays Ufe Ass nr. Co. Ltd. 

!Th WfiBomloMl SUL, ET. 

5|I " Barclay bowl** (13.2 


„ ■ SS£55rjrrr. SH 


Equity ,rtj76 

nxipertr. .(ifcL9 

Managcd Aec . .. 

Otenru „ . 

CillEdEM ^ 

American Ace. tlOLT 

“ - 11275 


Pea'. Prop! Aw! . .T. 12648 

&®:S? - HI 


Pen. P S Cjp . 

Pen. E..S. Arc 
Pen. Li A-F.Cap 
Pen.DAF Aet- . 



rai — 



1071 .._ 


Hearts of Oak Ben Hit Society 

1&-17. Tavist*); PJjwr, TVtn/7 PSM 9I-3P7S»20 

Hearts Ol Oak . r»4 385!^ .1 - S;R|S37 a ; - 

HiU Samuel Life Assur. Ltd.¥ &Tru?!l.i. •■ 
NLA Tut. AddivomheRdL, Crop. 01-08042U Ariuartil Fond. . 

148L7 . 

_ 4-3. Klnx William 5r. CC4P4HB. 015203978 

- SS lf 'L*“ [1122 UBOI-l* — 

_ Ebr.Pta Aa*. I 77.7 . _ 

_ Eh'r Th Kq.B.. |75t 7*9J ..J ~ 

Prop. Equity & Ufe Ass. Co.V 
1 IB Crawford Street. W1H 2AS. OI-M8 0857 
U. Silk Prop. Bd.. 1 UQ.B I J — 

nox^a |;U = 

Property Growl fi Awur. Co. Lfd.¥ 

I*on Hoa*c.Cr0vdnn,CROlLU 01-880 0808' 

Property Fund 

Pronenv Fund :A'_ 
.Vneulfimil Fund. 

bey N41. Fond _ 

Abbey Net. FA M;. 





13LB .. 
12YI -0 a 

1155 -a 9 
1893 . .1 
114.9 -0j) 
103.7 .... 
102.1 .. 

mi xo °* ‘ ' 

Men*? PmjTAr c.T 1 1M.1 ' ik« !. 

Do. Initial ......|973 1825 

•Current -unit value June IS 

•Property Unit* .. 
JToperty Strlea A . ManJECd L'niU . . 
01584 5546 Manun) Scrtn A 

Managed SenexC.. 956 

- - 1383 


Pcs Managed 'i'ap «T 

Pus Managed Aec 
fl .‘md fj 

Pns. R .'Kd. Can. 
Pnx G*teetL Acc . .. 
Pens. Equity Cap. 
Pena. Faulty Arc. . 
Pn» r*c£ intCa p.„ 
Pns Fxd In L Acc 

BeeUws Life Assnr. Co. Ud.» 

71. Lombard SL, EC3. 01-S23!2S8 

Blk. Hone June l US 7b J „„.J _ 

[.Canada Lite Assurance Co. 

: 24. High St, Potters Bar. Herts. PRar 51122 
Eqty.GttaJd.JuneZ.1 68 3 1 1 _ 

. RepBL Fed. Junes. | U?J | ...”.j _ 

Cannon Assurance Ltd. 9 

■ a -,1. Olympic Wjr., Wembley RA30NB .01-9028876 

Pens Prop. Cap j«l 

Pro*. Prwp Act .7.195 4 



174 7 -034 
103.2 -si} 

32SJ 7_ 

3023 ... 
97.2 -0.11 






io M 



nil 1 

Gilt -Edged Fd.'.v. 
♦Retire .Annuity , 
clinmtd Ann'iv . 
FMp- Cmrih rv«d 
All XFiiier Ac. GxT 

“ 9AII U-euherCap jl2ZB UM 


Pension Fd. I?t* ..._ 
* .'on v. Pena. Fd .. . 
Cor. Pna. Cap ft 
Man. Pens. Fq . .. . 
Man Pen* Cap. m 
Pmp Pnna. Fd. _ . 
Prop PensCap-Lia. 

Beta. Soc. Pen. n. 
Bids. Soc. Cap l*t.. 

353 4 
“ 3 2 

17B 0 




1 ,1 

uiiyUBiia 107.04 

' t.fntta 08.02 


rty I 'ntla- 

_ . J Bond/Ex 

Deposit Bond — _ UtL8 

-. Equify Accum. 276 

fwp«g Awum. ,. 0236 

Mapd. AcCum.- 1590 

* Equity M3 

Pipperty 103.7 

JAuuced 973 

Deposit 965 

2nd Gilt— 9B.4 

2nd Eq. Y+nyi'AeC- . M3 
ZndPrp. Pen s/Arc. - 1B7.D 
- 2pd Mttd pen*/ Are 99.4 
2nd Dep.Penfij'ArC. 98 .2 
2nd GUI Pens/Aec. 90.6 
LAESXF 38 8 

1230 -0.01^ 
13.9* ..... 
13.83 -0.01 
1172 . 




95.H . 

100.U -03 

«.a ... 


Imperial Lite Ass. Co. of Canada 

Imperial House. Guildford. 

Grauth Fd June 1BT72 0 7B3( ._ 

Pen*, rd. June 16. (66 4 n3 

L'nl; Linked Portfolio 
Managed Fond . [99 9 99.f _ . 

Fixed Ini. Fd ... J95.7 180.71 .... 

Secure Cap Fd . 95 9 108.11 ... 

Equity Fund.. _ Ml ULfl .... 

Irish Life Assurance Co. Ltd. 

11. Finsbury Square. ECZ 
Blue I'fip June iG - 
Managed Fund 
Prop. Mod. June 
Prop Mod. Gib. 

King & Shnason Lid. 

52. ComhiU. EC3. 

Prorlncial Life Assurance Co. Ltd. 


TJ255 23Z 2. 

_ FV>i- Managed Fd .013.2 
_ Prov. CashPd.. ..jSSSJ 

uilt Fund 20 

Property Fund 

Equity Fund - _. 

_ Fxd fnt. Fund — 






1183 . . 

121.7 -2.0I 

Prndentia] Pension e limited^ 

Hoi born Bars. EC1NZVR. 01-1030333 

D1-828NS3 rquii Fd. May 17-.1I2S.07 
Fxd Int. M*yI7 -(13824 
Prop. F. May 17 1(25.45 

Reliance Mutual 

Tiiij bridge WalJa Kent 

Bond Fd. Exempt ,_|1035S 18534-8311 — 
Next dealing date June 27. 

Gort-Sec-Pd. ... iin.l2 12S.nhi,... I - 

■ LAESJJ.2 1278 

>- . Current value June IB. 

Capitol Life Assurance^ 

. IConudon House. Cba pel Aah Wton 0082 28611 

gSJSKtel m : I z 

Laugh am Life Assurance Co. Ltd. 
Laogham H*. Halmbrook Dr.NWA 01-2033211 
Lsngham - A' Plan.. 163 S -67/' 

•Prop. Bond U4L3 1 > 

U1»p fSPi Man Fd|78 5 

Legal A General (Unit Amur.) Ltd. 
KingfApod House. 


Surrey 1_ 

uh laidai . 


Do Accvm. - 

Equity intdal 

Do. A crum 

Fixed Initial 

Do A rcum 

Ir.U. initial 


Charterhouse Magna Gp.V 
l&ChequersSq, Uxbridge USR1NE 

ttrihse Energy {38. « 40.41 

Chritaac. Money.— 29.4 * 3L0 .. . 

ChrUue Managed- 384 40.4 .... 

frbrtbse. Equity 35.6 37.4 

Main* BkL Soc. 124.6 

X»BB Managed— 1503 

City of Westminster Assnr. Co. Ltd. 
Itiagstead House. 8 Whitehorse Road. 
'Croydon CR02J A. 01-884B6B4. 

WtttProjp^Ftond—. 60.4 63 . 

57?/ ^41 -03 1 

. hi 

. 120.7 

U3 122 
„ftM.6 - 126 
.W&6 49. 

On. Accum . 199.5 




West Prop. 
M aa ageri Ftind 
Equity Fhnd— 
Farmland Fund — . 

Konev Fuad 

GUI Fund — i, 

Managed Initial 

Do Accum. . , 

Property initial...- 

Do. Aci-iim. I1B0.7 

Legal a General IU 
Exempt Cash In! L- 

Do. Acc urn — - 

Exempt Eq:y. IniL- 

Do. Accum.. 

Exempt Fixed InlL 

Da AM um. ; 

Exempt MngtL JnlL 

Bm Mapd. Act 

l -::. Moaay C«P — ' 
Veen. Muncy Acc. — 483 
RM-EquityCnp.^ 563 
Pena. Equity Arc — 53.2 
Rtnd ntroKly c a 
fttfotn Unto. —— 

Do. Accum . 

Exempt Prop. IniL . 
Do. Accum. 

Klaamrood. Tad worth, 
Burch Heath 92466 








1223 -0, 
1Z42] — 0 
18431 eB. 


'nil bnilnwW 
96.0 18X31 

973 102i 

1135 1243 

120.1 1263 _ 

1066 1Z2J 

188.1 113.1 

1166 iwl 

fWG 22271 

013335433 •*•!. Prop. Bds -] ml i | — 

Rothschild Asset Management 
Si.Su.1 thine Lent London. EC4. 01-620(356 

S.C. Prop Star ai.JJMJ ULStf I — 

Next Sub. Day June 30 

Royal Insurance Group 

New Hall Place. Liverpool. Oil 2274433; 

Royal Shield Fd. .—(134.1 1413) ] — 

Save & Prosper GnwpV 
4 Cl Sl Helen's Ijtdo, EC3P SEP. 01-394 8800 

Bal. Ire. Fd ft27.9 13S.4f 

Property Fd.* — ,....(151$ 

Gill Fd hl90 

Deposit Fdt [122.9 

CompJPenxFdt _..| 

.. .i - rtensJFd.~-(M3J 

Prop. Pena. Fd*- (218.8 

Gilt Pens. Fd 933 

Depot J>eiuF4 1-..I983 ' U33| June B. 


1253 -06| 


Prices on June 0. 
tWeeUy dealings. 

Schroder Life Grtugf 
Enterprise Boose, PorUmmith. 

g^SSi l !rdnw® J a!il 

F703 27733' 

EqulS- 3 J aim 0,_]1193 




1245 . 

1811 .,J: — 



I -—-i 

WT=I = 

Aasnr. Soc. Ltd. 

; Tetephtmi 01384 0W4 

dmnnexcial Union Group 
SL Helen's. L Dnderohaft BCR 
\TAnAcVUunel7 1 . 5496 
JXo.4anmhy.Utc— { M-04 

Ctmtederalimi Life Insurance Co. 

FI red inL 3 June 13 147.2 

lot. ITT June U 139.1 

K6S Gilt Juno 13.- 1423 
- E A 5 Sc. June 13— 1261 
Mngd. Fix. June 13. 13L7 
. (449 

._ MonryS June 13L— 117-2 

LAGPrpuFd. Junes |W.9 1MJ1 — \— PePMltJuneia^-. 1113 

Next sob. day July 1 . . Property June 13 -- 1546 

Life Assnr. Co. or Pennsylvania - SsffiS|jS^il: ml 
3042 New Bond St. H170W 01-403 88R BSPjsAreflJmioU. W.0 

Lloyds Bk. Unit Tut. Mngrs. Ltd. Vid.inUTn.Cap B 95A 
71. Lombard St, ECS. —8t-«EJiam .S-f 

Exempt ...|981 „• 1032J 1 739 E™P 

Legal & General Prop. Fd. Mgn.UA UmMmVL. 

U. Queen Victoria St- EOS 4TP D1-34BW7B Moner3Juneia ! 

SIC Chancery Lane, WC2A 1HE 

Lloyds Ufe Assurance 

20. Clifton S- EC2A 41DC 

01-2837300 8»KSH^g8 ffi 
I - OpL3Siui.June!5- 147.7 

1 OpcJDept-'vnelS.. 1»L« 127.8) M.r.i.i.* 

London Indemnity Ar GnL Ins. Co. Ltd. Bxuunc jo^il 

laao. The Fothury, Reading 60351 1. 

13491 — 

1264) ._ 

112 . 0 } 






250. « 

IV. Ply 


Xnv. Cash . 

tfows r Group 

nbonth EHlfi 30TJ. 031-055(1000 

L 0855 l»5i .... 

«!. - 99.6 1B4§ .... 

16- 97.7 lBZ.i 

067 14461 — 

135.1 148.3 

r Personal Ppn- Fd_[72_6 

Pen. Fund. 

fSs^Ibl Pbu. FBJ 

Managed Ban. FA _ 
Property' Pen. Fd.„ 
- VPrbtected-In. Pol 

l»=T 01 f^ 88 sawsasir 


374. B 

♦on — 

Fixed Interest 

Carshill Insurance Co. Ud. 

32,'ComtifIi. EX^S. . OJ-«0541O Jn v.^vst JhodTI.. 

— ] — - I - property Fund- 

The London A Manchester Ass. GrJ |^ r «^gs 
03(0 57333 j^iarEqu 

Cap. Growth Fund-' ' “ 

*fi« Exempt Fd.. 

. ipL Prop. Fd 
AExpx. Inv. TW. Fd. 

Flexible Fund 

UgCLPen Jaap 15 -.^ZMiO 2668) 

- Solar UftjAsuma I J mi to d 

— 1WU ay Plato London ECJN OTT. 0634220001 

Cap. Feb. May JS — — j 1 “ 

-■»»*» wd- Ki?B 5 « 

Credit & Commerce Insurance • 1^ p B nsion*-».._jM.f 

136 Regent St. London WlR'5m. 01-W07881 OMj Dmegh; JUTJ 

C^CMogd-Fd H»0 X32.8I .—l - EEff£S3«~“— 








■ • .. 




Solar Cash's) 

Solar IntL SJH5H 
iSoiarKanagedP — 


— Solar Property P— 

— Solar Equity J>- , 

— ■ Sote-yyi-tntp — 0145 

134 J -0 5 
U7J +0.4 — 

169.1 -02 - 

22U —0-6 — 
1061 . — — 
into — o.B _ 
1331 -OJ — 
1168 +0.3 — 
3694 -0.2 — 

mu -C6 — 

185.1 _ — 

188.1 — Ojf - 



Family 79-80** [ 

Family ( 

Crown Life Assurance Co. Ud.¥ KUriljf* — BS7l 112t i 

sasSBBaJKi m 

S M 



1863 ..-. 


1065 ..„. 
1062 .... 

103.4 _ .. 

WLl -D'iM 


1331 . 
1KTB +01 
lira a +0.1 
185.7 +0.2) 




Managed Bd — . 

Japan Fd. Bd.*.. -. 

Price* on ‘June 
Merchant Investors Assurance 
J 25. High Street. Cronton. 

IAjcb. . 1|LJ 

I Fd. InesL - 101-* 

LFtLInii J0LJ 

rFtt. Aec Mis 

XjgiftrFil loan — W 
•. tonlty Fd: WL — ML0 
c K^atyFd-Ace;.-- g| 

" .hut wffitatt--- » J 

? * M tan-" 16® 

’8SSf tSfeR 

- .Cr8wit8rt.1n<. , A 1 +hS96 

' i^owder Insarsnce Co. Ltd.^ j- 
>-::Vifte^«toniW.TDwwrPL,EC3, 03JCTM31 

'G0vJVwpiJuDe6_-f7»-l 7 ? J *' * 

; -Sftgfc star ina nr/flUilhuid Ass. . 

i: TjSewlueedIo SUEC3. ... 01-«8ia2 Eq A ctram- -£*\7 

t -Es«le/hlkLCnita -(O 3 

12 . 1 * 





Property P»°*- 

Equlij-— — 

EavlU'hMJ — - 

Money MVl Pens.... 


Deposit Pen* 

Managed , 

Managed Pen* — 

InlL Equity— 

Inti. Managed 








Sna 'Alliance Fund Mangmt. Ltd. 
SuhJUIimh Omn. Harduun. 04030(141 

Sun Alliance Linked Life Ins. ltd. 
Sm Alliance House. Horsham 0*03641(1 

EquIwFund niT.Z 

^•ahrtwcwX’U- - 6*4.5 


Sun Ufe of Canada fUKj Ltd. 
01>8BB017X 2, 3, 6 OockspurSt- 8W1V 5BH 01-0005*00 
Maple Lt Orth 1 1??.* 

I - 

—Jane 16- 

' Target Ute Assurance Co. Ltd. 

53^-521 5 86 

NJEL pensions Ltd* 

. Miliou Court. Dorking. Surrey. 

-2s!« 12- Stem 5 ? .1 m w 

Equity & LAW Life A SB. Soc. LM-V 

Neiw Moner Cap -j#L3 
NHex.Moti. Accj64J 

*•' - Anwrehoro RokL HighWi^ombe 



Nelcx Gth 1 nc Cap.. ffiJA 
Nel Mxd. Fd- Cap— E-! 

ProfvPd- Inv. — . . . 
5011 |1*rt) InL Fd. Joe. 

Act Inc- 


The Building and Civil Engjnering P a S e 
is published in'the Financial Times every 
Monday and carries news items relating to 

contracts and important developments m 

the'Constniction Industry. 

For detaUs of the advertising space 
available on the page each week, and costs, 

vou are invited to telephone . 

• - - > 01-248 8000. Ext 360 .. 

r write to The Advertisement Director 
Financial Times 
10, Cannon Street, Londoo- 



TranslnferaatienaJ Ufe Ins. Co. Ltd. 
atiretmSldj&. I EC4lNV. D1-4W8497 

TpapInv^Fd....-^ lgJ( : g^ = 
lizri+o.a _ 

wta+o.g - 
11391+0.9! - 

Trident Life Assurance Co. LhL¥ 



awSsond— . 




lor £100 premium. 

.'■Cash nine 
TfudhU Aonrance/Pensioiisy 
lCcauynge Road. Bcteud 


3>w6p June 15 

KquliyJmie 15 

P rop ert y June 15,-, 
Dapasii Jowls - J 
@5*5 Pen-May 18 ! + 
^rVoalDV-JUM 15. 
HaALS-WJiiflal - 
Do.^uK}-Jun« 1_ T 












81-490 4823 
- 0 ,> 

ViUibrugh Ufe Assurance 

1 ‘ ,-.'-0453 1538. 

229 S 24X-6J “8-L 

.ffiflStociS lil^ 
ISKsSrrSSi Si 

Vtuhrogti feosions Limited 
4M3M«iai«St..Mn -WIHSLA °'« a49£3 
(MBBOgcd- - 196 ♦ 10151 -01! 

"Sbaa.-ij' 1 » 

in 1 

-01 - 
-0.1 — 

Guaranteed SC* 'Ins. B*« Rates' Uble 
Welfare Insurance Co. Ud.V 

0303 57339 

The Leu. FaMfnsicnc, JtonL - 
MantfvuttkirFdi —l . . _ 

pSaSw1Sncis..plMM «fw '» Tta Lqadon i 

Manchester Group 


Windsor Life AssoJ*. Co. Ud. 
f High SlTMt. Windsor WiadicrMU* 

Ufa I nv. Pb»s— — 168.5 
niturcAssd-Gth *;.( 

SSlA S dftSv h - 1 „ SS 

Flit lav. Growth _jl06* X 


authorised unit trusts 

Abhey Vnll T«., Mgr*. \XA. fal Girt more Fund Mutagen * taxgi Perpetual Unit Trent Mngmt.V tax 

7M6 Gotehouvr h<i . A>iubwry 
Abbey Capitol 
Abbey 1n«mv“ 

Ahtwlni Tst Fd 
AbbevUen. T-a. 

itSfiWt iaLMan A*».&3A RR f*- 


424 .ziAmancaaW. ... 
5« ffmlshTJ-iAtv, 

* ilSSSSE 

Income FW*. 

Ks Ag«oa» - 
(j-JuU.TB.tAW 1 - 

69.91 -0 II 

Allied Ilunbro Ur0up¥ unjci 
H ambro flee.. Hun on. nreitfwmd. Ebmix. 
01-3BB sffil nr Hmitwood iORVi 21U» 
Balaocrd funds 
Allied Is! - 1615 

Rrtc. Inrfa Fund . 62.0 

Orth lilne. .. J4J 

El net U Ind. Dev. 336 
Allied Capiial ru 

Hambro Fund .. 1032 

llombro Ace FA... (117.9 
Income Ponds 
II Ich Yield Fd.. (701 

Hlchlncvmr . ...... M6 

AH Fq I nr jM.7 

imenutinial .1265 
PaeUle Fund ... .{43 • 
Secs. Of America-.. |55T 

U.S.A Exempt# W.0 

Specialist Fonda 

A1-3Q3J]; oBIjAr; si . IlcnU-v ■« > Msei 

8X2 r|H-i<wiI<;p.i.lls ...|39 9 
2 78 Piccadilly 
SI »ar«Wi 

■ h EAir-Incmnc . . 

?S rmoH^o-y VcL (37 5 

, C Capiial Fund . .1423 
fff Ini Kms A.Vjv rt.« (443 
iS Private Fund IJ«9 

42 8) 


I 3«l 

nMnv „ T ud* 'rbnO»nof Security* H.I.J Lindf^d 
rad'ily l nil T. Mgn. LRLV «Hh» ^ , Mier osmTIitt 

dS-;eHve.56l 3 L«iTdt..-WaH»vfi «JWI ^ lw , '1150 119001 „| «20 

-Incumc . . I2JX 31{3 ^ J 223 ! >M .Mine J,:-- 30 

, 37 6-011 *-*■ *vTquadbri-uiid "iS9 5 

IS Gibbs (Anfeuyi Lnli Tst. Mgs. Lid. Tnehnaioo-Kund 54 5 

5J« SX BlmnfieW SL KOI7XL Ol-MBUll SSJSwnST" Bs 
581 ,ai vG.Inrt"**’- -IS 2 4Sa.l« 818 A'^eanhiiod. WH 
4>6 <a>A.ii.u*w4htr ,ga 4i«3 1 «w Practical Invest. C«. LUL9P lyrtcl 

3X6 * 0fr ' flJ0 «.Wbom*burrSq.WC;A=R.% M4E3B8M 

r. ZZ» ITsrtical June U 1651 0 '.M2 I 421 

Govctt (John)* \enim Unit- 1213 6 226 7, ( 4 « 

rjrra l,: Mi. uvia. Provincial Life Inv. Co. UA¥ 

BaAKSaW' ]jM-7 I T7j} f 1*7 2EL Bixborocate HCJ rrrarfttci 

Mtu SmIhu Juik » Prnlltic Until. . . M«6 S06i-0.*l 1M 

|U16 124 5! -0« 7 39 


07I 2 U GrievesOO Managenieni Co, Ud- 

High Income 

Smaller Co '* Fd. - 
Recovery SJ*» .... - , 
lift Min. & fdty. ..HOJ 
Ovwkh Explu* P74 
Expt-Smlr. Co/*.. IT 

a JS 5BG«4h«nSL.KC5P=DS. 
IMJWfUSXl IS sarrtngiooJuo* M 205 0 
i Accum. Units'... - 222 1 
a 59 BWH-YdJunel5. 177 5 
596 JAeraiB.OuUaji- - SSI 
596 Endrov. Jcne Ll . . 198.8 

531 1 Accum. tWO*. I«6 7 


01470403 Pn*di- Portfolio Mngra. Ltd.V UlibHel 
4 S3 Holborn Bars EU1N2NH oi-sflJftSH 

(D PnidenusI (12*5 1KB[-1D1 4.49 

7 « Qniller MsuRcmeDt Co. Lid.V 
J-91 TSeStt &vcJtan«e 1 lX3NlHJ 1 . OI«rt(JT7 
X-9X QuadrauMlen Fd. .|U7X U0 71+CJI 4.60 
SSfSSl Income. |127J 13L»i -1-M »91 

3 92 RrlTonce Unit Mgrs. Ltd.9 

3 92 

is »S5>N-r 

519 JSSSEciSl-^-fc 
Ln-tBrsD June 14 (70 J 

Awferaen Unit Trust Momsera List lAryum-Una* — Reliance itse. Tunbridge W cUs.kl narcsssri 

iSBFeucbuiehSiLEC3M4AA (B39231 Guardian Royal Ex. Unit Mrts. LML opportunity Fd.. ..1666 7Ui .. . 1 5J28 

Amle»»oo UT (49 5 55.1) +8.7) OS vm) QeMlW. EC3I* -1|<N. >il-03aron SeMordcT.iAcr i WI *41-0 0 5.73 

Ansbacher Unit MgmL Co. Ltd. ^cwrdMUTB .|M* 92M-05! -» . Pas 43 ..-3 §72 

iNriSeSt ECWTJA^^ 014B3B37B, HendenWn Admin ivtralionV (aTfcRgi Ridgefield Manag em ent Ud. 

Inc Monthly Fluid IX6S.0 1750! I 8.90 premlerUTAdmin-.i F-aylcigh Rro«!, JtuBon. 3040. Kennedy SL Manchester W512368KU 

J 0217 217338 Ridgeil eld lot. IT.1103^ 

KldKefleld Income. rt3 0 

3-S Rothschild Asset Management (K> 

Arfanthnot Securities Ltd. (a)lc) 

>7, Queen Sx- Lqndcm ECtR 1BY 01-2385381 Cap-Graultaloe. 

107 Ad 

99 153 

18 49 

ton Income Fd__ OOSA 

High Inc. Fund. *1-0 

*i Accum. Units) .. 55.2 
(W/b VTdrwl.lnjl 552 
r rrfervpec Fund.. . HI 
(Aoram. UfiJtal- . - 37 7 
Capital Fund— . . . HJ 
Commodity Fund .. 58 3 

(Accum. Uni la) K0 

iltriv Wdreri .l/.i SIO 

Fln.fcProp.yv; 17.4 

GLsuta Fund .... 02 

(Accum. Uniui 46.5 

Growth Fund 512 

i Arcum. Unltai Hi 

Smaller Co'* Fd— 27.4 
Eaatarn fc lull. Fd. . 2T.B 
[S% Wdrwl.Ula.l _. 2U 

FOrelEnFd..- SJA 

N. AHUM, fc lot Fd 52.4 

594 +0.11 


4BJ . w 
2LC +0.4 

«9J . 
358 +0J 

423 +0 2l 
293 +0 U 
m -2M 
22.1 +21 

, M J S| -D4| 

1130 Cap-GroethAer- 
935 Income fcAsosla.. 
9.15 High IsM* Rwh 

111 TSSO.GoielMMseRd . Ajr1e*fcury. 


U27 ncilit mai l* 

- wSSdaifcm:-. »« 

»5 Oil t Not. Ran 1*71 

2g IdteimS**** 

5-2 cahm KJ2 

IS InCarnStfaBOl..-- ■ 

5'2 Wrld WldaJUB* W.|75.4 

^ g^trrr.lSi 



59uj* 0ll l 

N i.'. Equity F\indL-jttfcl 




Archway Unit Tst. Mgs. Ltd.V (age) 45 jv CfX h sl, ECZP 2LX 

«b» BfttUhTrimt- ,.pa9 4 

.VrehwayFund 8X5 0*tog . J 5*3 iciintiTrast 1»2 

Fneea at June 15. Next sub. day Jena 22. , « i ivillar TroM .. .(79 6 

I qi Dollar TVuat 

Barclays Unicorn Ltd. (aKglffc) !b|Ftiuind«miu(.Ni-2 

Unicom Ho 30a Romford RcLB; 01KH33M itailncomotresl;-. g68 

Unicom America -P4.7 

Do. AusL Arc 723 

pa. Aunt. Inc. WJ 

Do. Capital 662 

Do. Euan* Tst. ..1078 
Do. Extra! neome .. U 

Do. Flnancia] 59.9 

Do .aoo 723 

Da General JU 

Do Growth Acc *8 7 

Do. Income Tn. H.7 

•Do. Ptf A'n*. Tst... 1373 
Prices at Mqy SO ' 

Do. Recovery — 

Da Trustee FUnd.- 
Do. WTdwlde Trust 


tu N C. Income Funrf -1146.4 155.7 

N C. JnU. Fd. i Inc. 0926 99 

mm t a*y S C. Inll. F(L (6cc 392* 40. . 

29fl-0ll 194 N C Smllr Coy. Fdjl341 IMUj-OJl 455 

Rothschild A Lowndes Mgmt. (a) 
31*3 lii) iS SLhwnUdMlAne.Udn-'aCA 
•55 ( 455 New ct. Exempt- 11X250 354 

’I - 1 w Price on June li Not droltag July 17. 

I Rowan UnK Trust MhgL Ltd.Wai 
3 4* nty Gale Har . Fmstau.'y Sq., EC2, oi-eosioos 
130 AmeneatiJune I9-I71A 
121 Securities June 13-1X67.0 
US High \1d. June IS.. 

OiU Sanmel Unit Tst. Mgrs.t lai JsSSSSSh-1.: 

014088011 I Accum. Units) 

^eovl 'all I w ®®7»i Tst. Can. Fd. Mgrs. Ltd. 

4».w a., J.J 3*' Jenpyu Street. S.W.l. 010298=52 

4.72 Capiial Pd -IU6 7351 . J 355 

473 lwcmwFi-- .. |71.1 7S3 ...1 743 

7 78 Trices at Kay IS. Near dealing June 30. 

5 'll Save ft Prosper Group 

4. Iin*l SL HfJrti Land mi EC3P 3EP 
89-13 Queea 51 . EdinKirpli EH2 *NX_ 
n l"^ 7 ^S DeallMvlo 01J54 88S8 or D31-Z2B 1351 

Eav! tlLlI Tv 

:TA o 123 q; 

Nrtl ,'iil». June 

) 3.00 

Australian Selection Fund NV 

NocnE A 

l - 

M.vXi-r Upper: unitu™ c •• tr. ■< 
<».-inua(iM )2." Kc.V Sl .*»..;•)»: 
i rt: Share? • i 

N*.‘t .Uw-l Vdltii* June |y 

King ft Shuson .Mgrs, 

J Chari *isrs»* M Hel-i*r Jcrte" •il534'H74! 
Vjlloi H'i* ST. pcicr l , i*rt.Grn'.'. 2*77*1 
1 Thi'din. r-'irt-t-L*. I O V 
KII'Fknili'lsnrri J9l7 " 

* •') (I rruf. il.u.Jf • . }M3 z 
•ill: Fed i'>urr9jrv'i4i 
Inll Iffiil vn Til 
Km ; •J*«-rl«;.J ;19‘0 

F.fv'lnU. ....'J3JJJ 

105 8.:: 

' 12.08 

! a‘sf 

id»! ; liao 

JS5 8K- 

Rank of America International S.X 

35 BetfMsard i.5tenr„af. «i P 

-.Vldir.M-: lr».jc*. . I 645 

Pnci** j : iJfitf i." 1 -ns- d:\ June 2* 

Bnk. nf I.ndn. ft 5. America Ltd. 

KJeinunrt Benson Limited 

iu-uf ijct--.— . Vi, iwru M, r't 4. 0, 

.Ml-unUi - Fund IS - • . 

Net aa*rt uli 1 -, ]L 

-I - 

1 ViK-i-.urcr. « . 



Eurin.c->L Lu- F 

.' ! 065 ; 

. | 3 S6 

i> i..+na--. 1 1:.- _ 

: 6i : 6? ^ 

-CJI 4 07 

l'u \-rnm . 

|7B2 829! 

-■JU 4 09 

KB :9rl^* - 1 d 

1 £rpll55 ! 


KRIittl Fund 

• ;i -ii 7i 

.... ! 19 6 

KB Jjpj.i ) »nd . 

l 5F-33 82 

! 0 79 

KH I. S.Cutft rd. 

1 51'SIZ 96 

.. .. t 0 75 

Sik'ln-t n-l-RPjdre 

?:a# - 


• I’r.iinaii- • l.y 

! 15.65 19 63 

. 8 67 

Bnnque Brusellr*: Lambert 

2. Hue Dp "la MeCCI- «- B :0l*h Itr.itelv 
Rrilh F'liid I.K ..:i.66a 3 9;^ -:0| 7 02 

Bare lavs Unirorc Int. iCh. Is-1 Ltd. 

J i Farict C'ro-.-. >r lli-li,-- J.---. 0534 13741 

fu-rr-.-pj*. lr.inirj- i*(! 51 P . .. 1 XI 05 

Unldol.arTru*! js.nxi* JlTi .. .. I 4 20" 

UnihondTiu*: itf-IKH S'JH! ! ■“ 

•Kuhjppi )o iec amt uiU.h;<l>iin|C taxes 
Bore lavs Unicorn fnf. (L O. Man) Ltd. 
t Thenu.- J»l . Dnugl-i*. I.e 3L 0621 48SB 


*HR a.l Ob londea ujilnp aseata na!.-. 

Lloyds Bk. iC.I.i VlT Mgrs. 

P P fa .V 1 95. Sl Hell p.' Jp.-sri WH 17581 
U.->^TH tr-^- ui .158 8 6L4> ... I LZ4 

Neat <1>-a|mc dale July :? 

Lloyds International MfimnL S»4- 
T Rue du Rhosi- PO Brt 17H. 1311 ileum a 11 ■ 
l.luiils Int- Growth 1 :r H!M it:S3| . .. ■ ISO 
Uovd> let. Income (iFKDrJ J UC3; * 6J9 

1551 - 

54 g 

ho M:h 

r>^ k 

37 24) 


34 0 

42 0 . 

Do. I ManT-.. 

-45 9 

49 41 . 

Do Manx Hu*o+l 


M Ji 

Bishnpsgatc Cainmodity Scr. 

PO He. 42 IHiueIb- f n V 

I5T--2T St 


r.WR H-i'-Jun.' 

in 155 

1 225| 

■_WV1 -■ liana* 5 

52 512 


OntnnalL- :* 

nrd a! “51 rt and • 




M & G Group 

Three Qdar.s. Hill E'TUl 3WJ Cl S» V98 
.Ulonlir Junv !"* JM'fJSS J12J . 

An-L Ft. Jubc 14 111 SZJ8 1551 . 

■Told June 14 .. ilrllb lllDi. . . 

Mand ..127.4 1357(-01«J4« 

.Ai-rum Unit* ■ - 1180 2 191 ft -D.l| *3 48 

0634-OTil s >mu ^j Monta nu Ldn. Agls. 


North Anmr — - _ — IJSs? 
CatMLAmer&aCo PJ 5 

Bridge Management Ltd. 

no Box Vd (.rand Carman Cayman lx. 
Vhuj>i> Ivaej I 315 JM | — — 1 — 
GPU Rev ."414 Ilonp Kens 
v-.— M J..H+M |J> *»« 

Et-Siork tplii 

Britannia Tsi. Mngiiu. iCD Ltd. 

1 U. Olil B road -Si.ri. C 
ArwlleFri liini 1* 

Jan[i~l June IS . jiHKUU 

n.tfrr .ifl'-ilSO 

111 krMfvMa' 31 !£5B& 
HTJi'jO'rJuneT .'0155 

5J HI-? 7?! 

-JH-?7fl 3 56 
US . L09 

:i1? r 02-J 198 
SSS-PCM 0 76 

33 20 

*0»l — 







>53 a ifi ZtaPKBKom* 


IntoLV (*Hg) 

JaS IS CjiriatopherStroei.E C Z 

131 ItrieLInv. Fand IBD.t 

93 61 -9.71 655 

|jg Key Fund Managers Lid. taNg> 

Save ft Prosper Securities Ud-f 

631 ».WniSt.l5CaV8JF. 
A2S Key Energy IiLFd. 77.8 


.9 322.9 -031 5.06 Key Small Cos Fd.. 965 

55.2 -0.^ “ “ 


laicnatJoml Food* 

82 7j hS* jS ;■ 

Unlv! Growth . . . — 167 9 73o|-C.l! 

1 InereaalBX locmar Fuad 

6441 J U.97 High-Virld - 152.6 

102 M ] 3 07 HUh 

2 71-8*1 15 CTL\. 

-0-21 *74 Unlv.G: 

siS-Oll l!z7 Inww 
441 J 11.97 Hlgh-li 

. . 24| 7 3 07 nidi Ii 

Kfeinwort Benson Unit MonagersV Rich Return V*3 

tfc 30. FeochHrch SL, E.C.S. 01-0238000 




565{ -OJt 736 

cm IX Fonda 
5J» UK Equity — 
4.47 Oimoa FsadMil 

2-3 | L ft C Unit Trust Management Ltd* jSSS® — 'Kar 

*3. — "* M Tha Stock Eehougr. EC2N 1UP. 01-588 2800 U.S._ [77.6 

W=J 2ll7 commodity-. 

?AX (Sector Fnnda 

Commodity - [76.2 

Ener»- -[mJ. 

Do. A«aiin. .-__-— [71.4 74AJ -0 . _ 

Boring Bratbcn ft Co. LUL? fag*) StHuSmifc; 

88.LeadenhallSA.K(U. 01-3882830 »CR- Fd. Inv.TMX.- 

Stratton T*L OTU 177. 

Do. Accra. IZXOJ 219 

Next retday June ^ 11373 

BlohopsgMe Ttogresslve Mgmt. Co,V LfcCludfcCeuFd .|99Z 

B.BUlropapde.ECi Ol+^OBBaW LKWSOH Sees. Ltd. Vfagc) a =mnc: Uis 

B'xatePr-J one 0-0005 4jQ4 MGeoraeBt-EdlnhurahEHaiUG 001-2383011 .2**^ ■ 

ActUU. “-June 8.-65 J SB J 4.04 m^mS3b1s_-P 9 8 41JI_...I ASS «*ta-MI»l»m- IWa 

Bridge Food Managers***:) SSSLSS®^ » l 

King William SL.EC4R OAR OI-S234851 ttAccnmUidtol..- RS-2 

American fcGcaut .126.6 2S.( 

Income* 54to 

42 5 

712] -Oil 



46.91-0*1 4 75 

4® ... 

605 -09f 
647 -05 




5X1 ..... 

741 -- 

1T1 Rj-J-h* .SL Heller Je-s 

Sl crime Den oral nalcd Fdi. 

irrowllilnvetl 131 0 

Inroi Fd 180 2 

Ji-riei UitrtvTu [1366 
I'niijl. STsLStR l£2 21 
Esfih fnfjSHflh: IC0 17 
I'Ji Dollar Dranminaird Vdj. 

Unit .1 S Tst. . Flt-520 Saif 

InUIlshlm T*l . Ill ¥197 '.Sit -1 *0 

Vjluc June 16. N-^vt ilcalinjt June 26 
Brou-n Shipley Tst. Co. (Jersey) Ltd. 
P O. Bnv S«l SI Hi.-lu.-r. l.-rjcv 0S» T4T77. 
SlerlinR Bond Fd . |Q0 07 101^-007] 12 DO 

Buttorfield Management Co. Ltd. 

PO. IU>\ ini'. H&mil'.nn. Bermuda. 

Buure»vEquil* . .1226 2 04] | 194 

B'Jttmj Income IX-97 2M ... 5 BS 

Pnre.- a> Mu 12. Not*, suh day July lu. 
Capital International S.A. 

37 rue \'n!ne-Daine. Lu^cinl-norg. 

Capital Int Fund . I SUSX7 30 i— 0 311 — 
Charterhouse Japhet 
l.PatenK>5rerRo». Fi'« 




Adi verba — . 


Fondi.- — 

Emperor Fund 







US **Hl«hYMd M2 

653 --fAcorm. Unity - 167.6 . 

JU Deal. ton. •Tncs. rWed (Thun. **Fn. 

Legal A General Tyndall Fund* 

£§ Select Internal. „..t26o 0 
jjs Sehcllanmic — pXI 

IS Scotbitg Securities Ltd.V 

050 Scot MU..—— 094 <2^ -0JJ 

050 Scotyleld — RjJ 53H -0.3 

11 qi > Scouham 1572 6iS>j -OJi 

* M at&m=: ssi bw- j 

Prices at June IS. Next dealt. 




Price* at June 14. Next nub. day June 28 

351 18. CanyngeRwid. Britt pL 
JS1 Dm June 14 -]57t 

Capital lnc.t ! 

Do. Acc.t , . 

Excnutt- 1137 

Dealing Tuea. 

Britannia Tritsl Management (a) (g) ******* AdnUidsfration Ltd. HKKSSfiYiKPi 

a London WaV Puli dints, Loodtm Wall 2,Dtoiwa,UiKkniWTil6JP. _____ 01-48BSBBI Idrs^^A 


0372 30(1 Schlesbiger Trust Xngrs. Ltd- laKz) 

— „ — - — - 6X31 .— J 526 iiuccrparelJag Trident Trusts- 

IThor* Pnere Jana (Accum. Unit*} PT4 76 (J \ 526 South Street. Dcrhine- 

is. Neat *ub. dar July 12 Am. Exempt B22 

Am Growth Ml 

London E£3M SQL 

Asset? |71fc 

Capital Acc ta 7 

Comm & Ind. .pA5 

Cbm mod (ty 7772 

Domestic Wfc 



Extra W 

Financial Seca.- 
Gold A General.. 




Inc. Jb Growth HJ 

InTI Growth- 62.9 

Zn>reant5faam-. (9.4 

Muterals. — Bi 

Nat High Inc J9S 

New Issue __ B2 

North American 295 

TYoleaaionaJ... HU 

Property Staaroa 13.4 

SUM-. *55 

EBatua Change 51.4 

UidvIEtorBy 025 

m-jnsM-apne x«»i>w . 

77-01 .... J 522 I^bAMwa H24 

» ig Lluyds Bk. Unit TsL Mngrs. Ltd-V W ScrtS&Z.Efc 

-•a : H 1 % ml 

42* Worthing. 

724 FlwtOBmlnciU 

»0n +02 
405u -02 
120.1 +02 
425 -4U 
22J +03 
U3n ~SM 
92.0a +0J 
952a —0-4 
7*J -0J 
67.7 +06 

au +tu 
ass -02 

57.9 -02 
S£la —0.4 
5193a -ai 
14.4 .... 
411 -03 
304 *02 
341 -03 

8.51 :8S 

5-S Extra 10C.TM. BU 

4SJ Income Dial. .|38.7 


im-.Tai. Units..- . 

■ShrtgfwSSSssex 01-0231388 Mart ”07 

W.Q-0JJ 4.4? *NQ Yield; B7.9 


921 DatAcenoL) *8. 3 

3J7 Second (Cxpj 525 

427 DftiAccsanj. J*fi.8 

3X2 Third (Incw ac) *X5 

446 Do. ( Accum 1 UL6 

737 FoorthCExItie.1— 


70.1 ....... 

*76 —05) 
120.1 -05j 
423c -03 
n.6 —0-3 

4.49 JTef.AGUt Trust— 230. 

XU Property Shares 242 

3-04 Special S1L Tst 27.4 

621 UX Grtta. Accum. 215 
623 U.K-Grth-DisL ,_|l93 

S r J. Henry Schroder Wags ft Co. Ltd.? 


2341 — 0JI 2.61 
302 -05 1.81 

27.4 840 

262a -(U «30 

315 953 

416a -P-6 9.95 
316 xw -0.4 - 

535 -05 Z58 
IfJn 4 16 

30.9a -02 4 54 

29.9 -05 — 
245a ... 1250 
28J +02 259 
29J -0J 255 
23.1a -01 520 

204a .. 5.20 

51(8*0 a, 



Clive Investments I Jersey) LUL ^ 

PO Box 320. St. Hifhcr. Jersey. 0534JT30L OC iiir.Comdiv r” 

ClireGilt 1.1 .n* Dl 1*64| I 11.0O -Prire on June 1- 

CUvcGiliFd iJ&> 1.1999 10 62) ..—| I1J10 

Combill Ins. iGnernsey) Ltd. 

PO. Rnx 1ST. Si Pdcr Port. Guernsey 

mini Man. Fd |UBD 1B3.8| [ — 

Della Gronp 

P.O. Box 3012 ■‘Ja5'-ou. Eahsiaos. 

Delia Tdv. Jane 10. |S185 X94l — 

Deutscher Investment-Trnst 
Pmo/ach 26X6 Biebcrc*.- n 6-10 0000 Frankfurt 
ronrenlra.... _ .1100970 21W ... . I — 

taLftoiitenfantJ' . .1DMW3* 71.58} ... I — 

Dreyfus Intercontinental Inv. Fd. 

P.0 Br.1 N3712 N»w. Bahamas. 

■VAX’ June 0. • 1 li >1**2 1SH . — I — 

Emson & Dndlev TsLMglJrsy.Lld- 

PO.BmT 3.S1 Helicr. Jersey. OMtZTCH 

EDJ-C.T.- - 1119.4 126 91.. ..1 3.00 

F. ft C. Mgmt. Ltd. Inv. Advisers 

1-2 1 jarencc Pouctncy Hill. EC4R0B.V 
01403 4880 

'>nLFd. Ji*ncl4 — 1 SUS5.4S l+BJC? — 

Fidelity Mgmt. ft Res. (Bda.) Ltd. 

"O Box B70 Hamilton. Bermuda. 

252 IXMAccumj (665 

1% Ufe Cnit Tst. Mngrs. Ltd. 

849 TSOO.GetehuuoelUUAyfaabun’. OMSSOIl y£rum.l 1252 

462 Equity Accum. — .(1572 165 N I 4 -05 Income June 13- - 1*44 

iS H* G Grxmpf tyKcXrt SSSfiSlC SV 

2.60 Tore* Quay*. Tuwor HUL HOB SBQ. 0100 4988 1 Accum. Units I 1040 

457 • Seo aUo StockJSxchaage Dealing. Europe June 15... |5U. 

4.94 .American 

The British Life Office Ltd-¥ (a) 
Reliance Haw, TuAhridge Wella. KLOWZmn 
BUBririabDUc |fc& SiS +41.11 564 

m ad 

•Pricna June 14- Next dealing June ZL 

Brown Shipley ft Co. Ltd.¥ 
Mngrs; mndenCtEQ 

BS Units Jusw20..g^a 

Do. iAce.1 June 30.. 
Oceanic TruaU |a)< 
Financial . 


Growl h Accum. . .-..(1 
Growth la 




Overseas . 

Performance . .— 15*2 
Esmpt- junn 12 - -157 9 
Canada Life Vnit Tst. Mngrs. Ltd.V 

254 vAcennUniU)..., 
Auatmliolm — 
'Accum. Unitsi-. 


f Accum Duiai 

Compound Growth. 
Comers! cm Growth 
Connemion Inc. — „ 

Dlridend — jln.7 

i.\octun.Unitxi...... 2212 

Enropenn 0.4 

0141008320 lAccum-UnjUi 506 

229.91 -IJJ A7S Extra Yield.- 145 

286.41-151 4.75 i Accum. Urn tsi_ — U32 

Far Eastern- — 564 

gja lAccom. UniLO (61.9 

3,0 Fuudoflnv Trt*._ 

m 07 i Accoai. Unllxv KJ 

General „ - - 

oTr (Accum. Units! 1582 

i k High Income ..... — 1088 

lAccum.Urltsi 1695 

jja Japan Income 055.7 

439 (Accum. Unii*> 

■ n Slagnum ... 

atm lAccum. Gmt' — 


(Arctzm r.mtji. —fall 
Btronay . 022 

546! -0^- 157 (Acctun.CnltBi__j.b44 
556|-06| 167 *Pe»AgiarFd^2SBM.O 

37 01+0.1 
39.7 -02 
OBJ -02 

Sl7 ^02 

220a -02 
623 ... 
23 0a +02 
60 Jx 

34 High Sc. PMtors Bar.Hrrta. P.BarSlia fiiceum.Vi.lts. . -..HU 

" .014.4 

372 -0i 
S8J -0J 
81.7 -0J 
883 -0J 
1149 —02 
*87 -02 
684 ...... 

125 .aa +03 
2577 +0.5 
526 -02 
53J +02 
90.C +0.1 
320.1 +05 
M2 . — 


676a . .. 
822 +02 
1*3.4 +05 
2H.( +03 
HB.7a +02 
UNJ +03 
263 7a +02 
1652 +62 

222.7 -0.4 

277.7 -05 
18X2 +02 
3004 +03 

87.5 +03 
•84 +02 
1890a +0.4 
2792 +06 
1726 +01 
217 2 +03 


129.6 .... 
1916a ... 
' 283.9 ... 

87.1 . .. 
1983 . . 
-•J.C .... 
365 ... 
1732 .... 

250.6 .... 











111 *Spoci*.JUDef.~B«2 

l.K -Recovery June 7 —0*95 . 

431 ’For tax exempt funds only 

5” Scottish Equitable Fnd. Mgrs. Ltd.* 
246 28 Sl. Andrews Sq_ Edinburgh 031-40811101 

Income Unlu M2 53-fl \ 521 

Accum. Unala B72 KL9| ...4 521 

332 Dealing day Wednesday. 

332 Sebag Unit Tst. Managers Ltd.* (a) 

££ PO Box 511. Bcklhry. Hpe .E.C.4. 01-2385000 


15391 +0 
297.ll +0i^ 

Con. Gen Dial. . _ .... BB2 4021 -0-3 454 Second Gen. ... . — I 

Do. Gen. Accum — 1463 48« -921 434 (Accum. I'niU)— — K572 

Do. Inc. Dial TO2 J4-3 -0.4 7 77 .ypeciAl .. . gall 

DO. lac. Accum W.4 45.71 -02] 7.77 lAcrum. Unnsi 1203.9 

C-pei Uamral Mngt- Ltd.* FU “!‘‘-B5« 

100 Old Broad SI _ECSN IRQ 01J508B010 D90 

Capital fgg JfS 'I J-S ChartboodJuncl3. 1110 

Income -J792 8421 ..] 725 Chariid. June 13 -.. 1462 14841 

Prices W June 7. Next dealing June 21. . Accum. I-nit-i — IK3 183-3 

CkIM M Fdimo. LM.V (MCI 

JIUtnrn Houae. N rwcamlo- upon- Tyne si 185 

et=IS 4 sa :::•:( « 

ID MoyfJawpr Management Co. Ltd. t«Twi Grit Fund 

833 MrtfGreAhsm St. SC2V7A U. or-«0S80» Target Growth . 

Income June 7 0064 112.81 .....I 820 Tarmdlnll ... .. 

'SameralJuncT. — pB5 749 . ...{ 5.16 po Reinr. Unit* 

•t va Sebag Incwno Fd -(305 3L 1 

J® Security Selection Ltd. 

5*1 IS- 10. Lincoln'* Inn Relda,WC2 01-83IU9366 

5JQ. Unrl'JUiTsI Acc . *41 2571 j 2» 

643 Unrt ClhTatlnc ..ifil.0 224a* 4 230 

xS Stewart Unit Tat. Managers Ltd- (a) 
114 45. Charlotte Sq. Edinburgh 031-2283271 
IBte xm American Fnnd 

6 71 Standard Uniia— - IfiZ-B 
t'n Arrum. Units .— - — (73 0 
* 37 Withdraw*] L'nita. 1545 
437 -Stewart Orittoh Capital mud 

551 Standard 11336 14611 f 4 30 

551 Araun. Units — — -I1J35 1465] I 

420 Dealing fFn. “Bed. 

* x Sun Alliance Fond Mngt. Ud. 

Sun Alliance Hce-Uonham. 0(0384141 

JS S3+J 

7C Target Tst. Mngrs. Ltd.* (aMg) 

5*7 3t.Greahom5L.EC2. Dealings: 0286 5041 


3 . 48 

Mann Life Management LUL ?5|riFhSSdw’l^.< 

St. George ™ Way. Stevenage. 04S868W1 Target Equity P63_ 

TrReCExJnne I 


Do High Yield W 7 

Do. Accum. Units- fJl.9 

Ntott dealing dole June 28 

Charities Official Invest. Fdt 

77 London WalLECZN IDS. 

Income May 20 0*52 

Accum. May 18 (B65, . _ . 

4Usnxth. Only to Re&. dunun. 

^IXjl Acc.T.' alls — .J287 7 

Charterfaimu Jfcphel* 

I. PWenwrter Row. EK4. 

Accum. Units .... — 

CJ. Income. 

CJ Kora, rtu — 

Accum. Units.. 

CJ. Pd. Inv Tst — 

Accum. Units EQ.4 



Price June 16 Next dealing 

01-688 ibis Werenrv Fund Manager* Ud. TSpr.Jhiiaic .'pin 

P]^0O45» TgLlne-— 1295 

iif.g ' 


— J ... -J 660 3t> Gresham Sl. EC2P3BB. 

— ! -a. J . — . Mm. f »+n June H. jip * 

Arc. I'M. June 1* 
Mere. Ir.L Jun* 14 . 





Target Tst. Mgrs. (Scotland! (atfb) 

4 42 ])l .U lirl CruMU. Edia 1 03I-S298B2W2 

. . 4.42 Tarcct AmerJEaudeggl “021 130 

1.06 Midland Rank Gronp TorReiTiiMUr .OT7 <2.71 -03] 5^ 

5S llnS Trust Managers Ltd.* (n» Extra Income Fd 4591 635j .. .J 10 05 

rjMiroromi ii«um. silver Street, Hesrf. Trades Union Unit Tst. Managers* 
Yel (rtaa-FOWZ. ]po. Rovl Street. EC.Z OI^MMU 


4 71 Tm-Prei. . . .113.7 
a 71 Coyne Growth Fd D9 1- 

382 -04| 
65.6 -ft? 
31 Oa 
2981 ... , 

302 -03 
301 -O.ffl 

33.4 -0.9| 

167.4 . 
317 +0.1| 
















Sheffield M 3BD 
CummodilyA 1 -cu- ■ 65.9 

On. Accum. [J* 

Growth.... ■ — — ■ 37“ 

Chieftain Tmxt Managers Ltd.faa'Xgl Do. Accum . J04 

11 No- St EC3M4TP 01 283 3K! ““ ~ gj . 

American VtfOl M5t -0 31 158 7 03 

JUah Incomo j_ — |4IL8 44.11 . . | 936 Acnuo. 595 

UdunmioiialTrt--.|ril2<B Z6-fl*??| JS imernariocBl 493 

Basic Rearer. TsLftti 2»N *0J( 435 ^ Accum. — 525 

Confederation’ Funds MgL Ltd.* fa) gf*™* U9 

SO Chancery Lane. w<3A 1 HE JIKH202S2 Equir> Excmrt‘- -RW.6 
Growth FUnd W-0 44.1[ J 431 Do. Accum.- 

3 65 
21 . 

Cosmopolitan Fund Managers. 

-price* a> Mtr 3, 


78.91 +0 41 

iu +o3 

40 4a 

433 -01) 

30.1 -O.lf 
33J +0.11 


53 Jn 

56J -0J 
665 -0j 
702 -01 
109 J 


53 4) .... | 




Bwbl can June L9 
1 Accum. UnlUj 

. Next dealt cc June 30. 

Minster Fund Managers Lid. 

3a Pont Street. London SW1XBEJ. 01-235 BS25. Mlnxt cr Hp- Arthur SL.E.C.4. OI4B31050 ( Accum. Unlta) 

Minster June 

12 — KJ 373 

ll J98T 94.7) 



fg MntnaJ Unit Trust Managers* fang) SftSfftSJ?’* 7 

lS.Cufd.hall A«e ■ EC3R7BL. nHK 
Mutual Sec Plu* JSJ.0 54 6d-0JI 
ITS Mutual loc T< . .168.1 73g —Oil 

Coaouipoln.Grti.Fd- (178 19.11 ] 458 

Crescent Unit T*t Mgn. Ltd. UKgt 

4 Melville enw- Edinburgh &. 031-2384031 

Craeoni Growth — CO .2 29 

Cres-lnteroon. — 

Ores. High Dlxt ...... 

Ct«l Reserves 

Cre*. Tokyo. 

DlscreUcmary Unit Fnnd Managers 

22. Blumtieid SL.BC2M 7AL. PI-83B443S SSSi Hip h VW . BA2 60. 

Ditolncotne — |U25 iBJd — -J National and Comniereial 

EL F. Winchester Fnnd Mngt. Ltd. 
rad Jewry, ec 

SS7 Vaa.G^hJnel3 — 
5.48 (Ai-cum.UniU).._.._ 

BJLA tinit Trust Mgeamt. Ltd. JSJfiSSii 
Old Queen Street. SWIHUG. 01.BO07333. 1 Accum- Unlla.1 . . 
MLA Units .. -|4a5 423).. | 427 

TUUT June I.. - . 

310 Transatlantic and Gen. Secs. Co.* 

Chcluafoni 1C4551S51 



Ui Bur km. Jane 15.. 
256 (Accum. I'nitsl . .. 
828 ColomoJuneia .. 
828 (Accum-Unltci. - 
5.49 Cumld.June 14. . 
549 1 Accum. Units > -.- 

<Accum I.T11IIA'.- . 
llari boro June 13 - 

176 j: 


114 8 




80 7 









54 Jl 













ty i 











• •mmm 







Munul Blupnnp 

n|4|0Q48ll3 do Accum 

$5 Tyndall Managers Lid.* 
47 a( +05) 627 18 ^nyoge Ro“d. FnstoL 
021-011 0 61 iniome June 14 - 
(Accum. I'nlui. 

M. St. .redrew Square. Edinburgh 031.5560151 " 

J J? ■ErernidJuneM. .. 

01-608 =1«T Income June !■■ - -gJOA 151.81 . 
196i I 624 'Accum. LnlW ' • jwss JUB-OI .... 

53 1 SS Capl June M • 13Lm . . 

1 ■” 1 Acc BIO IT.II'- ...I154J 160 M .. . 

f-S (Areum. Vails) - . 
J-55 Int Earn June 14 

... ... 7®4 1 Accum. Units p — 

Emsan ft Dudley Tat Hnguikt. Ud. National Provident Inv. Mngrs. Ud.* rrei 

ao. Arlington St. a . V l. 91-4W7.W1 48.Gn.cec-hurdi.SI ECS>3(Hf OI-82J42CO 

Emsra Dudley T»-.|67 S 726J .. | JJSQ Gth I’rTW J«2 48Jrf . 4 05 jAreum. l ; THtai- . 

■atetaiUMu 5| s ~ ,n ' J “""* 

‘i-TS^'S'S+f’S-ai l,;™. 1 " 

Progriarttv.- |675 7BR -0 Jf 482 an Jkw 14 Next dealtiU! June K 

EipiWy * Law fn. Tr. M.f taKbMcl National WeslminsieriHai 
Amcnfasm Rd, High Wpcmnhc. mw 33377 jfli. Choapf" EC3V BEL* 01-006 0060 
EtjullyfcUw |69.B 66«(-0*| 4.14 OwUl' Areum- -g-J 1W4I 

Framltngton Unit Mgt, Ltd. la) - -1^ x| 

5-7, Ireland Yard . EC4B 5DU . OI-2M 0971 Grmrthlr.c.. . -..Hi « 4| — 0.7| 



166 C 

106 0 

ten 32211 







Amerie« Fd. 

drottalTst. IlM 

Income Tst. — — 103.6 
lot Growth FtL- .. 111.0 
Do. Accittn. .1114.4 

Portfolit'la' 1^ ws c 
l'm«fFJl h'd ,dl - - wL5 

232 NEL Trust Managers Ltd.* (aXg) 

Loodan Wall 
Cepito) Growth . 

Do Acrum - 

Extra Inc. Growth. 

Do Accum. ... 

Financial Pr'rty 

422 Do. Acrum - 

7 79 HinU Inc. Priority 
520 luUrrnatinnal . . 

5j 02 Special Sill .. . 

3U TSB Unit Trusts lyl 

1*9 :i.Ch«rtry Wxy.AruJoveT. Hants. 

881 *0.1 

90.0 +0 2 

40 J +01 
461 +01 

19.1 . .. 
66.0b +05 

33.9 -03 
3 M HU 





Murray. Jnhnstotic ilnv. Advlsen 
JKl Hope *t .Glasgon.CC. 1 T?f 5JZI 

•Hope Si Fd . . I il'S3363 I...' — 

■Mcrr+yFund. '■ SUSU.ll J — 

-N'AV M-y 15. 

Ncgit S.A. 

10a Hnuletard Rnyat. Luxcmbeure 
NAV.'une 16 J . SUS10 64 1+2 D1| 

Negit Ud. 

Rank of Bermuda BHrr . Hnm'.lton. Brsd 
N'AV June . . ..ICJJJ — ! J - 

Phoenix International 

)t» Ru+ 77 SL Peter r-ir.. CmciHrt. 

Inter Dollar Fund !5=J7 2.5W .. 1 - 

01-248 WW 

Pniperty Growth Overseas Ltd. 

2A In-fa Tiron Gibraltar iGlb'GIM 

I'S. DiillarKen.I.-l SI-SB589 J ..I — 
SIcrlingFynd .1 U23 77 1 . .. .| — 

Richmond Life Ass. Ltd. 

48. Aift.ll =lrcrt. Itouplus. LO.M P954 3331* 

!« -The Filter Tin* I [1102 U2* -051 - 

Richmond RnnrlPT II 74.8 10* S I 10 72 

Do. Platinum Rrf - 12B0 13«7i-i0| 

r« GeW hd . . 106.7 222 J *0 3/ — 

Do t m 57.02 Kd - P.TLD 1SD 0 -0 9l 11 74 

Rothschild Asset Management iC.I.) 
P.O B<rc 58. SL Julian; CL Gucniwy-Wfll 28331 

O.C.Eq Ft. May 30 -155.2 58.7 June 1 .(147 1 1S5 98 

OC.lnllFdt S135 143 

O.C j=mCoPdMy3L_ U46.3 155 6 

O <.'. ijonunodkiy* . .|134 b 142.6 

15.05 27.4000 

Next I np June 30. 

t Prices on June 7. Next dealing June 22. 






Royal Trust (CD Fd. MgL Ltd. 

P O. Bnt 1M. Roval Tsl Hsa+ Jcx*e+. tiSH 27(41 

RT.Int'LFd 1115955 9WI | 3.00 

R.T.InlLUsr iFd |94 98| ... | 321 

aline July . 



Save ft Prosper International 

Dcalim: lor 

37 Broad St- St. Heller. !erw<-- 0534^30581 

VA neJJar-denomJnjicrf Fotub _ 
DirFi(UlnI*'JuTicS 1958 *> 74xd| ..... | 

Internal. Ur. .jj.OB 7(21+0031 

FnrEAttern»7 .. 4149 

North American’! .13 79 4.10|-8JD| 

5r(W"t ... . - .(1453 35.33) J 

Surllna-drnonilnaitd Funds 
Fhanncl C.npiUil*. .1235.4 247H +P6 

Channel Wan d»t- 1146 9 154.A +0.6| 

Commnd.Junol — [124.5 1312)... 

5f FiMif June t.. -|l22.9 2294L... . 

Prices on ‘June 10. **Jnnc 14- “■Joae 15. 
{Weekly Dculincr. 




Schlesinger International Mngt. Ltd. 

■I I . Lu Malle SL, SL Helicx, Jecsc.r. D5347MW. 

Fidelity Am Aw. 
Fidelity Int Fund 
Fidel 1 1 c Wrld Fd — 




Fidelity MgmL Research (Jersey) Lid. 
Waterloo Hsc..P*n St. SL Heller, Jersey. 

CH34 srsftl 

Scries-A'lnuiP — j £3.90 | } — 

Series B 1 Pacific). . J t7.M 
Senes D 'AmAsi'iJ Ol47«d 
First Viking Commodity Trusts 
8 Sl GewrRe's SL, Douglas. I n it 
ntL'4 VOti Ldn. Agls. Dunbar Am. Ltd . 

S3. Pali Mali London SW175JH. 01-8307637 



S ACi.L C.E5 

iIUtFd 223 

3rU. FU Jersre^- Q06 
IninLFd Lxmbrs. .. pi0.66 
•Far East, Fend — 


-a «•« 




Next sub. day June 2L 
Schrader Life Gronp 

Enterprise House. PnrUmeuih. 





Intern atlMOl Fuoa« 

£ Equity 


SivqndV — .... _..p25.4 
ir ixed lniercf: . [135.1 

SFlxed IntcresL 
C Managed 

FM Vtk Cm Tat -.J377 . 3? 7J 

SMaaogcd ~.[XX50 








FiLVk.DbIupTH.r77J 8J.M 
Fleming Japan Fuad S_A. 

.'.7 rue *inir.j Daiiuc. Luxembourc 
f-Inv.Jnne J4 ...| SGS484B | 1 — 

Free World Fnnd Ltd. 

Ruuerficld BUlf . Hamlllon. Bermuda. 

NAVMarSl | SUS17955 | I - 

G.T. Management Ltd. 

Park Hw. 18 Fln'hurv Circus. London EC2L 
Tel- 0I-628 813L TLX; 880100 

J. Henry Schroder Wttgg ft Co. Lid. 

ICO. Chcapslde. E.C2L -01-S884CW) 

ChapS.iuri'itS .. 
Asian Fii June 12- 
Iwrtmg Fnd. .. . — 
Japan Fd. June 15 

5FS11 M 
, St’SUMl 
SUSlfcM 17 
SAlEb 1 
113(54 701 






Anchur'B' Units-.. 

Anchr-rOtli KdRe_ 

Anchor InL Fd .. .. 

Anchor la Jsy.TjI. 

8em- Hoc Fd 

berr+ CncMriC — - 
iiT.AnsW.. .... 

G T. Asia Sierlinx . 

G 1. Bond Fund ... 

GT. Dollar Fd 


G art mo re invest. Ltd. Ldn. 
2. St. Mar,- Axe. London. EC3, 



C9 90 






5UB43 60 

264 DO 

276 K 


14 46 





Sentri Assurance International Lid. 

PO. C01 328. Hamilton 9. Bermuda 
Manned Fund . ..(1L'SU» 1»W1| 1 — 

2275 Singer & Friediander Ldn. Agents 
1.76 20. Cannon Sl. EC l 0L24898M 

DekahmutS;. - JN30j ... I 63* 

1 JB 


Tokyo T sl June:. SU535JXI 

Stronghold Management Limited 
P.O Box 315, Sl. Helicr. Jersey. 0S34-7H® 
Commodity Trust ...J925B 9714; .... J — 


HI 283.1531 

Curl more Fund Maj(L (Far East' ItX 

Snrinvest (Jersey) UdL ix> 

ijueens Hte. [lon.Hd SL Holier. Jsy. 1*34 273(0 
American Ind TsL_l£8 48 !6S - 8MI ~ 

Copper Trart . -.1(1151 11 JTl+ttnsj — 

- ' ■ “ 0181 11.B51-P61I - 

1503 Hutchison Hu e, 10 Horcnur. Bd. H Kone , a - |«ric\Trt' _. 

HKisne. }$l . I 2M 

' Ii Sam TSB l?nU Trust Manager* »C.L) L* 1 ** 

( 5 70 Bagaielh- Rd .Sl Sniuur, Jersev ta;K734M 
jnraev Pund . . -1*76 50 1| . . | *79 

niccspit Gui-rnror Fund ..(47 6 50 *1 ... J ®/9 

us-. pnees an June 14. Next tub day June ZL 

Japan Fd . . .._.pL5U5« ljoffl 
N .\tnencan Tia. . ..ul'idXJB 11 US] 
Inti Bond Fund ... |SH5UH lfiiuf 
GartDwre loresinj+nl NngL Ltd. 
PO Box 32. DoiiKla*. IoSL 
G*ri more Inti Inc m4 
Gorunore [nil Grth|65 1 




Hambro Pacific Fund Mg ml. Ltd. 

Slid. Coiumiubt Centre. Song KowC 
Far Ea- 1 May 31 — Kliaih n«l j — 
Japan Fund . - .[Sl.'S725. 7kl|+951| — 

Hambros (Guernsey I XM.I 
Hambro Fund Mgrs. (C.1.3 Ltd. 

P O. Bn * 85. iJuernjev 

Cl Fund , 042 7 152Jr 

Inuil.nond Sl'MlM 7& 1BS.0 .- . - 

InL Equity St;sll0J7 1121 7 M 

lr.L S«-a(. -V |f.*SOJZ 10Sj.. JS0 

Ini. Si-fi» -P - Sl-sjL10 2.13} .. I 250 

Pncx cn June 14. Next dealinc June “I 

Henderson Baring Fund Mgrs. Ltd. 

PC. R-'i ■■‘(7Z3. Nassau. Bahamas 
Japan Fd — - -BUS17B 1SJ7J .... T - 

Pncex n n June 14. Next dealing dsi«? l ine -1. 
Hill-SomucI ft Co. iGaernscvi I5d. 

8 LayFetrm Sl- TWerTVirt Cacm.-ir. CJ. 

GnernaevTsL 1149.4 159 8wj -0 °l 3 56 

Kill Sanmel Overseas Fnnd S.A. 

37. Sour Dame. Luxembeurg 

;«9.08 19B4(-rj3i - 

International Pacific Inv. llnsl. Ltd. 
FU Bei K217. 58. Piu SL Sydney. Ao-A. 
Jn'+Iin Equity T*L. 15.42 51 2J22| . | — 

J.E.T. Managers I Jersey) Ltd. 

Tokyo Pacific Holdings N.V. 
lntimi* MBnascmenl Co. X V.. Curacao. 

.VAV per shore June 1- 5C353 71. 

Tokyo Pacific HI tigs. iSeabnordl N.V. ■ 
Inilmix Management Co. N.V, Curacao. 

NAV per f-h&ic June 12 SUS3P13. 

Tyndall Group 

8 50 ro. Box 1258 U* mi I tan 5, Bermuda. I- 77 SO 

i>:crseAK Jnne 14— IH 51JE 

1 Accum Cuta< - - |5< <l Bl 
3-Wac InL 31.1*18 I5 1 . 3258 

2 yrw*i.«t HHIer. Jersey 

TtM-’SL June 14 . _..jC7 65 
(Accum Snares' .115190 
American Jjnc 14 [835 
tAcccm shares*. -IB35 
Jury!*' Fd June 14. 1194 2 
i‘ino J. A-N I'ttJ. . 1273.2 
GIU Fund June H .107 2 
1 \ceunx Hn.insS' . [Ufl.6 
Victory Hount.Duuglu. Ida of Man. HU 2411 L* 
Managed Mac 18 .. .1129 0 135 fc .... | — 

rid. Ininl. Mngmnt. (C.I.) Ltd. 

14. M'llfju cr 51 roc!. SL Heller. J"nc> 

VI a Fund ... IUSSS JRM.. I 316 

I'nited State-9 Tst. Inll. Adv. Co. 

14. Rue AWnnRi-r Luscmi-onrg 

Jcr*er Rxtrnl Tsl_ 11(3.0 173 JJf .. . 

An ai May 31. Next sub. day June 3u. 

Jardine Fleming ft Csx Ltd. 

4d(h Fleur. Connaught Centre. Hong F»nr 

Nel asirt June 13. 



_ SB7C9.70 , . , 

Bouivaleni SOS68 iR. 




Jardine Esi n.Tei . _ 

Jardine J'pn.Fd 
J.irdJne.S E A . — . 

Jardinu Flcmlnl 

NAV May 28 

New sup, June 15. 

Keyselex Mngi.. Jersey Ltd. 

[ft RovM. Si Helior. Jcrxcy..iEnB 01 518 7870 

S. G. Warburg ft Co. Lid. 

.-in. Cm homStreeLEL'N OI-S99-1 355 

rm-JkLFd.Junel6..l SUS9 65 J+ons 
Fjie.lntJonelB... SUS17 72 
C.rSl SFd Apr.3l . 1 SVS709 
Sir. Ear Jure 11 .. Jjl'510J4 

■5 »onji — 
72 -JW — 

jf«l ) - 



Kot'clnv Inti 
iiC)-srlex Europe . 
Japan Glh. Fund 
Kerreies Japan 
Cent- AasotoCap . 

I 290 

Warburg Invest. Mngt. Jrsy. Lid. 

1 Charing Croa». SI Hdror. Jsy.CT 0534 73741 

■"MFUd May 20 ISITUJ3 12MJ _ — 

I'MTLid Mav 25 .102.58 IZ90 — 

Mcials T.*f June Ifl 102.17 12 (7 ... — 


TMTIjd JuneB. 100 68 1096] .... — t 

£13372 |-C Cm 

World Wide Growth Management* 

ll>a, Boulevard Flrwal. lAlxemhoucc. 

Wurld+ide Glh Fill 6US15.07 1-0 Jlf - 


expenses except a^enf 




Dealings to 0304 83Cto3 

232 MWaa Cmiri. rwidna. Surrey. ® n IblSuSSS?' ..'.K 

Friends' Provdt. Unit Tr. Mgrs.* lar . gas H-?| -°-*\ JJS -b- TCBIntomi. .::.^ 

D~fc.™F«i nnekine S300M55 NeWarllid" 1 " r • J 3 " . • 1 7 » fb. Do.Aceum . WL. 

UM 44 7.4 1 I7V For Sew Lonrt Fnnd Managers Ltd. tsk Scottish . jST 

^^^ /}s47 see RtrthrChiid A*«t «hi Do Accum M 

r.T tinit Managers Lid* Norwich bn inn Insurance Gronp (b> Ulster Bank* lai 

Pa'!' oi^aiSl 08W 222TO waring street. Reli.sL 

^ CimupTtt I'-l „.P45B 363 21-26) 5.05 ihilllleri.roalh 136 9 

03 -04! 
62L8e -0J 
65.5 -03 
891 -03 
955 -OJ^ 






Do Are... ... 995 Fd Un...... 1622 

G.T.D.S ItGetJ. . 1072 
GT. Japan 1I1O51- M9.9 

•GLPetwJEvFd 13*1 

rt.T. Int'i. Fund _ 123 « 
G.T. four YrtsFd -1334 

172. iJ 



Isa Pearl Trail Managers Ltd. iiNgKzi 







EBKJfifc Holh*'re_vrciV7hB 

Peart Groirtn N 
Acru= F.iit: - 
Pearl Inc. ■ _ 
pearl Lr.i: .<■ 

1 krcusi i-’niv 


31 5 


G. ft A. Trutt (a Kg) 
A. ha+leiah Bd . Bwnrirood 
G.fcA taa 

37 7ri -02 

. . . 48.7] 

Pelican L’nHs Adsun. LhL (ggsfi wne william si eC4R»ar 

(OUT ZTTW p-.FcunN.r.S’ M, "l h «sr «ni 336HM income units .. . JI9 5 
34.44 -051 452 FtOiCAa L WU ]«U 89J( -0.1J 5.09 Accra Lotto — - 

394-05! 533 

Unit Trnst Account & Mgmt. Lid. 


162 a + 

BimWilliaiP Sl. EC4B 9AH. 
M6I-011 4% FriareHw.Futtd. IU30 
Wider Grth. Fnd B93 
On Accum. . . .JJ4.V 


S-M Wider Growth Fnnd 

W) 3 




premium insurance, x Olfcmri npn- mrhi-lp* — - - t — j -_ - - j.... 

»• Olfercd prim include* all expcn-> il ftmi^ht i b mu g n managers 1 Prennus day’s pnro. 
9 f.v» <,f tav nn nv lised capital cam* un!e« (niitcorod ny 0 J unerase? gra so. t Suspended 
♦ Yield before .U-r «- wv * Es-subdiviHon. 

Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at 7th June. 1978 (Base 100 at 14.1.7") 

Clive Fixed Interest f.apilal 126.93 

Clive Fixed Interest lncomp 112.91 

CORAL INDEX: Close 465470 


‘ Prnperiy Growl h 

Van hrugh Guaranteed - 

- ’.ddre?* xhnwn ijirf+r !n«iir.T'- 1 

anl Prnp'rt? Rend T»W* 


V 1 



& RAII^-Cont. 

BANKS & HP— Continued 




I Price I+orjDh.'t Fed 1W j . [+ oH I* - _ !' 

I £ I _ Grow \leld Hish L<w | S*wfc Price I — 1 V* LvrlG 

i. is aK isms 

nnS*’pr 1384 — 

rdde te'.SliO. 


Etth 5pc ^-vafr 


M I £ M*l 



- J107 

- £30l z 

- 1 85 

Ransom ftm- lop 








Stria. Oedill 




119 98 

40 32 

b5 55 

25K IB; 

127 108 

135 106 
702 73 
72 52*2 

— 47 

26*2 1 23b IffeitwardTV! 



278 1178 I Allied Retail lOp 


i s « 

IS 1 !? 

" & 
33 M 
L9 15 
19 50 
3.2 128 
4.5 J}i 
(65 31 
_ 57 
55 « 


Wily 3pc 66 Aft 


Si. List Premium 51*e (based on K-0534 per ft 





Hieb bi* 

1+ ori Div VM £310 
I - I Mel Cvr Grs FIE U2 

SIB. Africa Sl’pc TOOL. 



Bid) Lmv 

an? 17 

341; 33 
96 98 

415 350 

54 46 

51 46 

44 40 

55 42 

77 65 


Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Fmantimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Bi rmingham , 

Liverpool and Manchester. Tel: 246 8026 



Amsterdam: P.O. Bos 1296. Anuterdam-C. 

Tele* 12171 Tel: 240 553 
Birmingham; George House. George Road. 

Teles 358650 Tel: 021-454 0922 
Bonn: Prcsshaus 11.104 Heuasalice 2ria 
Telex 8809542 Tel: 210039 
'Brussels: 39 Rue Ducale. 

Telex 23283 Tel: 5124037 
Cairo: P.O. Bos 204a 
Tel: 938510 

Dublin: 8 FitzwilliaiP Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street 
Teles 724S4 Tel: 031-226 4120 
FranWnrt Im SachsenLagcr 13. 

Telex: 416263 Tel: 553730 
Johannesburg: P.O. Box 2128 
Telex 84S257 Tel: 838-7545 
Lisbon: Praca da Alegria 58-ID, Lisbon X 
Telex 12533 Tel: 362 508 
Madrid: E spron ceda 32. Madrid X 
Tel: 441 6772 

Manchester Queens House. Queens Street 
Telex 668813 Tel. 081-834 9381 

Moscow: Sadoro-Sarootechnaya 12-24. Apt 15. 
Telex 7300 Tel: 294 3748 

gew York 7 S Rockefeller Plaza. N'.Y- IPO IS. 
Telex 88390 Tel. :212i 541 4625 

Pari': 38 Hue du Sentigr. 75002. 
TelM 22D044 Tel: 23657.43 




















'arieg & Gillow. 

■fl*_~lbn. I. Pil'd;. 




raJcned-lOp-1 146 

Rio de Janeiro: Avcnida Pres. Vargas 418-10. 
Tel: 253 4848 

Heine: Via della Mcreedc 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c;o Sveiuka Dagbladet Haalambsvfl«en 
Telex 17603 Tel; 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212834 Tel: 682698 
Tokvo: 8«h Hoot. Nihon KeLai Shirobun 
Building. 1-9-5 Otemac hL Ch iyona-ku. 

Telex J 57104 Tel: 241 2920 
Washington: 2nd Hoot. 1325 E. Street, 

N W. Washington DC- MM 
Telex 440225 TeL 12025 34< 867B 

LVI..4 20P 


Piewar iup 


Birmingham: George House, George RosdL 
Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street 
Telex 734*4 Tel: 031-226 4139 
Frankfurt: im Saclwnlacer U. 

Telex 18263 Tel: S5M67 
Leeds: Permanent House, The Headxow. 
Tel: 0532 454969 

Manchester: Queens House, Que ens Street 
Telex 686813 Tel: 061-834 9381 
New York: 75 Rockefeller Plant N.Y. 10019 
Telex 423025 Tel: t2!2l 489 8300 
Pari;.: 36 Rue du Scnlier. 75002. 

Telex 220044 Tel: 236.8*0 1 
Tokyo: Kasahara Building. l-G-10 WdllMA 
Cluyodfl-ka- Telex J 27104 Td: 295 4QaO 

33 1*«2 


Copies obtainable tram newMf 

: and bookstalls worldwide or on regular BubfiCrtptiOB tram 
FinnnwAl Ti pi*e 

ineEng'e 10p_ 

Senior £uk e, nip 

1 i 








£ 101 ; 





77L I 55 
53 38 

33 28 



Shaw Francis 3>p 

Simon Eng's 




-1 t3.46 
-1 7.77 



113” 2-^ 
12B ...... 

121 +3 




43 +1 







9 2 
8.01 5J 
2.81 9-2 







DDiB.umn Wp 

Christies InL lOp 





umont Haines 


GimcsGnwp ,| 82 




HaLTCr]l^i__ gg 

Hjnulbonie is,p„ 29 

HacimkCn Mr 94 


fcJ 9 






Lehns Harris 


2 tul 
6 U 2 








J 1 



— £80 

Sp 107 
it- 20 
— 87*2 

It » 

?_ a, 

I». la’iCt: 

i ps Patents 



6 a 


67. 1 Dq-WN-V 


Tfc Times Vn-Sp. 


66 144*2 


Les.tCdvrTL Inp 
Lon A VUa rm_ 

Prodded “A. 

Prudential & 

2 6 i ! -J'42 5 




U 1 

CAr>1tri..a f*|. 

|)rt l im r 

Da Part 

Do Lap-.r 


5,]|20jJ 90 

62.17 6.41 
$325 57 
?0.5 2.9 

TW.9 3 3 
dil4 5 5 

>12 64 38 
491 « 

.1104 3 6 
T4.69 3jb 
hi 36 0 
3 67 2.6 

IL06 18 
Cilice 3.7 
H.21 3.7 
53 23 

2.85 4 4 

025 10 

0.99 33 



113 J84 

2.68 I 6 
825 1 

1 |flJ 6 | 2.3)24.7] 

Brad Group 

WM !1 






, 46 31 

7.6 84 65 

9.2 86 b 641* 

2-0 1 67 48 

87 73i 2 

36 23 


13>4 I 4 
45» a 




1 161* lAllebone 

KffSvr.cii:. wp 





u 12 
55*3 39i 
4312 36 
32 28 

84 67 





Lancs, Fpr 

P. Mills* 





56 , 

34 I 27 
32 26 

« I 28 


18 b 









9.0 Mb 

If 93 
S'? 51 

|3 91 
7-7 43 
* 25 






48 . 

31 26 
34 fg 
,58 I 23 





HIrid Bros. fap 

3.67 * 

288 <t> 

$8 I' 

26 3; 

2.42 4 

7.65 2 

210 3. 

fi? \ 

« 3 

76 48 





23 3 CMWhb'P EsiU 2g|*!l 

47*; CajpWWH-” 70 ‘; 
43 ilarkf JJif* 1 "*'- ir- , 
2 “b c5Ris-s .wp 37 ; 

isrtoffftswrj* ^ | 


rorrijU? Wl_I®P — l || | 
£M ! 


Tr..:> Dreamc 

A!l laurel . 
AKtfuad Inr. Wp. 
Do Capital 50p. 
Amhiwclnr Iiy 

TWlnr EL 

Z | 5i5 } IAI 

s:*a--e£t_ Hi, 

"I- III 

J ,‘eoaif s feeder »n » 

iRfemxionaf secjwiss ary | 

i.Tuc^^.eri Ci'ivns j 


Tha Nomura Securities Co., Ltd. | 

^ I 

Smtiewn Hall, Mankwe'iScwre. London Will, I 
London EC.'YS SL Phew r 101 j 606-34 j i K53 

MINES— Continued 


— B78 | 1- ori Pit. I 

60 High LOto Sock I Price \ - J V* | 

1 2*0 U55 |Fhlnmftb50n ISO 1-5 Q50c 

IS- RhrtfnCorp lfijp. 16 j-lb 036 

l BO 52 Roan Cons. X4 68 -2 — 

9 175 123 l3WanyiiaSOp„ 156«d -2 iJIOO 

? 90 78 Dc Prcl.a* 9the> . 

41 32 Wantal'el fih 1 _ 36 -1 fQ7bc' 

l^i, 10 ImiOprSBWUJI.. 13b -1 — 



* 6.4 

16.4 8 0 

I L4 17.8 

13b 1-1 1-1 - I - 

Rrcliud: !):». J 

ScerfreSis . 

Sre.i Tra*. ?.t 

l ?3 15 W 

1 97 332 & 

^■4 125 63 

- 820 150 
“ 245 148 

; ~ 72 48 

L* l |o 10 

|W =3?. >8 

Si Vs 

s >» ' s 

■ 48 30 

I “ £l«b 750 
H 40 « 

y, 538 31 D 
149 300 50 

Z 160 84 

- 70 A 


53 30 24 

- 360 240 

- 60 45 

.r, 290 200 
!5 1 H5 1 U 

3.6 jo ft, 

- 290 22fl 

- 165 130 

- 93 78 

- 11 10 

4i SH 

400 280 
, t 70 40 

25 62 50 

,44.7 210 165 
« 61 49 

>69) 61 47 

* 205 140 

* 305 230 
83 220 134 

224 75 55 

f, 100 85 

81 100 74 

10.1 220 148 


l5.7) 100 | 70 




3J 17 9 

5.6 300 220 

- 465 245 
20J3 234 164 

6.9 90 30 

i5.4i £12 750 

- 45 43 

8.0 180 120 


AcmwSf .14 I. .. 

116 l-*l 

BilSnnlh.Vk- ... 110 !-J 

Central Pacilu . 570 -23 

l*i’C!.MEkKicU > $4«. 235 -5 

ilMKaL-iodivSl. 55 

Haraan ,\r«ifrp. 12 S -1 

MrtaLF.v Vi- _ 25-1 

U I M Hides 50c .. 208 +2 1 

Mourn Ljctl lA . .. 32 . j 

Sewmrtal HW. _ 4» ; 

Nwi'nR IUIISa.-.. 123 -1 

Nth Kalsurli 14 

Oakhndft-SM. . 270 -6 

PacilicCopper 38 -2 

PaarwsnS-.. . £14>< --i 

Pario;aM3cEv,Vp 38 -1 

PeliP-WjU*irt^>. 510 -10 

Southern Faulu: _ 195 -23 

WesHiMinincaOc. 144 -3 

WhuuCicckLSt 55 I 


.\mal.Mperia 25 

A> er Ilium SMI 3S5 

fenhTin 53 

Berjuntai SMI 285 

(Ji’Aut 135 

GoIdABa«-12bp_ 9‘. 

ij<*p«ncC(raE.^. 290 

Hundains 165 

Irlnt IQp 08 

JaniarD.-p 10 

KamuntincSMOjO. 68 

RilliiuJuil 490 

Malav [irvduiDcSML- 400 

aPj 6 jm 70 

Finjiulen top feOo 

rWahncSMl 203n 

.■SoiW Pi ran.. 51 

South Crafty lop. . . 59 

South KinU SMU 30 205 

St tin Malayan SMI. 305 

SunjeiEnsiSMI — 220 

Supreme Corn 531! 75 

Tanjmu: 1.1p 92 

ronplahllrw.SMl 96 

„.. 1Z51 L615^ 

0.9 r 

375 44112 

..... tfUOc * ± 

li4.51 3.4 51 

’ T.. 15*Q Ofl T9 

110 161218 

[Tronoh51U | 210 | [ZQ88c! Ifij 9.0 


iMesanaRr.'O | 87 f-2 l*Q30e| ISf t 


15 — — - 

225 tQ30c 2J, * 

440 -15 — — - 

223 -1 95 18 65 

77-7 — - - 

£11*4 — *4 - — - 

43 133 ♦ 4.7 

1B0 Q7e IS 18 

2.75 | 4> | 43 


Unless oUnrwiae Indicated, prim and net dividends we In 
pence and deasntlnaiiOKt are Zip. Gstfanated nrica/eamlnRS 
rrtio» and wren are based «n litest Jnnnai irpnlunlaMniai 
and, nbere possible, are updated on hall nearly rignrcs. P/Es oxn 
ealenJated an the basis of net distrlbntieiu hraekefed figures 
Indicate IB per cent- or mare difference If calculated on "nil” 
diaOiiHitiea. Cover* are based on -maximum"’ distribution. 
Yield* are baaed on middle prices, are gross, adjusted lo.VCT of 
34 per rent, and anew for value of declared distrtbnUom and 
rights. SecorlUev with denamlnations other Hun sterlmg am 
Bnated inclusive of tha Intestment dollar premiam. 

A -‘‘Uerlinp demi minaterl seenriti easrluch include i H B twbawt t 
dollar rri'mium. 

"Tan" Stock. 

- Kichs and Lows marked Oma luwa txum adjeuted to allow 
lor nfihts issue* fnr cash. 
r Interim since tncreasod, or resumed. 

; Interim since reduced, passed or deferred. 
tt Tax-free to non residents on application. 

» FiRurc* «r report awaited, 
tf Unlisted «*curity. 

« Price at time of suspension. 

T JmJlcafeddnndeudaoerpiauflnCaWfpawttwrtgWsfcBaej 
cover relates to previous dividend or IncccsL 
-• Free of Stamp Duty. 

* Mercer bid or reorpanisaSon 1 b progress. 

* Sat comparable. 

f Same interim: reduced Goal apd/or reduced • narahw 

§ Forecast dividend; cover cm earnings updated by latent 
interim statement. 

{ Cover allows lor conversion of shares not now ranhiag for 
dividend (i or ranking only for restricted dividend. 

* Cover does not allow lor shares which map also rank for 
dividend at a Inutre dale. No PIE ratio usually provided. 

* Excluding a final dividend declaration. 

* Heglona! price. 

[t No par value. 

a Tax free, b Figure based on prospectna or Wiser official 
estimate, c Cents, d Dividend rate paid or pay n fate on parr 
of capital:' cover based on dividend on lull capii-il. 
r Redemption yield. 1 Flat yield, r Assntncd dlridend and 
yield, h Assumed dividend and yl>dd alter scrip issue, 
i Payment from capital sources, fc Kenya, m lotertm hicher 
ihim previouis local, n Riiltun isauw pending « Earn In cs 
based on preliminary figures. r Australian cum-ncr. 
s Dividend and yield exclude a special payment. C Indicated 
diridcnd: twer rrlaiw U» previonc dividend. PIE raliu based 
nn laicv-t annual camingr. u Forecast dividend: cover based 
on previous year's earninc«. v Tax free up tu »p in the C. 

* Yielii alhnirs for currency clause, v Dividend and yield 
i .Tsed on nwycr terms. « Dividend and yield include ■ 
special payment: Cover does not apply lo special payment. 
A Net dividend and yield. ■ Preference dividend posted nr 
deim-red. C Canadian. D Cover and F'EraliocaiiertepreCils 
nf UJv. aerospace subsidiaries. K Issue price. F Inndcnd 
and yield baaed on prospectus or flUiw nflicial estimates for 
1377-78. C Assumed dividend and Meld alter pending scrip 
and or rights Issue. H Dividend and yield based on 
lave t<ctvis or other 'iHIcial estimates lor 1F78-77. K Plgi nw 
based on pmspectus or other official e?lioutcg for 1375. 
M Dividend and yield based on prospectus or other official 
estimates fnr 197H. S Dividend and yield based on prospectna 
nr other official estimates for 1B79. P Dividend and .rield 
hosed op prospectus or other official estimates for 1977. 

(1 Cross. T Figures .iiuumed. U No significant Corporation 

Tax pavable. Z Dividend hul in date. H Yield bnud on 

assumption Treasury BUI Bate slays unchanged until muaxnty 
of stuck. 

AbbrennlioiW! ri c* dividend: «c ex scrip taw; w ex rights: n ex 
all: d ex capital distribution. 



ei'h'.aal .. , 
sU!"tii«nS0c - 

jilKvef‘. r A:.- 
'r-nic. 7 -r-‘'i HI , 
» I'rioftl ... 

LVcficni Deep RL! 
233 116? jZJEdpanRl 

“ Recent Issues ” and - Rights ** Page 32 

This service Is available to every Company dealt in on 
Slock Exchanges throughout the Ini led Kingdom fur a 
fee of £400 per annum for each security 


The fnllpwingi^a 'election nfl^ndnnooMtaiinn* o! iharea 
pmiou‘ir fitted onh in regional markets. Fricesof Irish 
i&su-s. most of which are nol officially listed in London, 
are .u quoted on the Irish eychance. , 

.. shell Rcirshnn..] 52 I I 

Albany fnt-.20p 23 Sindoi) jW'm.J... j 90 

Ash Spuming.. 45 .. .. 

Bertnin.— - — 22 

BdC'vur 2 J 0 mien 

CToierCrnfl » IK,S “ 

Craig & RovcH «5m Coire. WS, m«.1 E9I J-b I 

Dyson i R. A i A • tf — — Alliance Gas 73 ] ! 

Ellis iMcHtly. « Amoit 344id|-l | 

Em* red ■ ■ - Jf — CnrrolI>7’ J.i... . 92dll-*-2 I 

yson * it. a i j » . ft 

Ellis & McHtly. 62 

Evenri - 18 

Fife Forge ... 50 

Finlay rVg.ap.. 23 

CiraicSbip tl ■ 15fl 

Hig«nns Kr«*vv. 80 
1 150 

Holt -'ll- 265 

Mhn >,iiM-niilr. 53 

Pekn-e '* U. . 165 

Pee! Mill.- . M 

Sheffield I'-ricK 45 

tTInniialfcin. 9B • 

Uiuirrele TYod* . 230 
Helton ■ lllifllN.i M 
1 n* i.'nrp. ..... 243 

InrhHwwM ... . 130 
.Isiceli. . .. 65 

Funhenm ... 30 

I'niildrc. ... „ 90 


*375 |.w> 


la? !l >' lir.i-l K 


Barclay!. Beak 
Beecham — 
Bools Drag — 

Dcbenhnffl* - J. 
Distillers — 


i *30 inslB-Amlrn sne... £39*s [■*-lb Q60Oc 1.1 
I o4 t:frra5ia , «?l'.:«i • 83 1+1 npJc LO 

285 I-eBeervIif.Sc 375 +4 &f25c 33 

.925 D&.-HipfT' 1 R5 ... £11% . ... <KQ0c. mi 
I 54 l«ier.!«ir:i;-s - 61 *1 5j2L7c lo 

I 70 lHjs.flat.lOc 83 1*2 ;Q2bc 141 


Redifon R-range 

Puts the computers 
where the people are 




Tuesday June 20 1978 

surplus cut is 


TOKYO. June 19 




JAPAN' REGARDS the reduction would : *l s o be the reduction of ?6.i?7bn. showed a rise of lfi per terms, exports were up nnly 3 per i 
of its trade surplus as its biggest exports, and the Government cent over the level of one year cent in May. compared with one! 

' * , 5 year earlier, bavin- fallen by 

S-2 per 

cent in the previous 

In volume terms. th'*re was a j 
0.8 per cent export decline last 
month, compared wilii a year 

international responsibility at had persuaded industry to keep ago. Oil imports according to 

present, and is contemplating the volume of exports during the the Finance Ministry, totalled 

emergency uranium imports and fiscal year 1978 at the same level ’J9m kilolitre* during the month, 

nil .stockpiling as short-term us in 19T7. But the government or he (ween Urn and 7m kilolitres 

measures. Mr. Takeo Fukuda. the could not be answerable for more than the average for the 

Prime Mi niftier, said today. JJ net nations in the dollar value past year. 

Mr. Fukuda was addressing facers ^uiside • ^ v;due terms, this tranflaics earlier, following a" ‘fall of no 

foreign crurespondeols as ihe j^nyns- control, such as the rate ,n, ° ,? tl?m P? rdr > |n «.-rease in th ^ >«* U»n 5.8 per cent in April. 

Finance Ministry announced that of i n || ;i uun in the US monthly ml import hill of Officials at the Ministry of 

Japan's visible trade surplus in A whether he would com- »PPWiiii*tely SfitlOm. The high Finance interpret these figures 
May was reduced by near* *lbn at the Bonn ilmZ 

compared with April. An { „ re <| U cing Japan’s current - . loiiouta o> a reauionarj 

acceleration «»r shipments in account surplus to Sfibn during 

advance of a nev, import tariff |h e current fiscal year. Mr. 

imposed nn June 1 is a major Fukuda said this was a “ hypo- dollar-denouiinaled increase of 

factor heVnd ihe-‘cbaage. and thr/ical figure.” which had been per cent from the same month 


By Paul Taylor, Industrial Staff. 

decline in June. 
Exports in May 


as indicating that Japan's 
exports are now levelling off in 
real terms, in line with the 
Government's promise 
The freak rise in ml imports 
in May helped to site Japan a 

the smailer surplus is not being used during the compiling of the last year (to ST.Ebni. Tins $110m deficit in its overall 

taken as an indicator oT dramatic 1975 Budget. He implied that compares with a more moderate 
results in Japan’s attempts to the flair re did not represent a rise Q f 13.9 per eent in the April 
cut its surplus. target, and that Japan was in no export figure. 

Mr. Fukuda said cutting down way committed to achieving it. Dollar figures for Japan's 
the surplus depended ultimately The dollar-denommated i ra de exports, however, have become 
on increasing imports, which in surplus for May amounted to increasingly misleading in view 
turn meant reviving domestic S1.3Shn. compared with the April of the revaluation of the yen 
demand. A decisive factor figure of S2.27bn. Imports, at during the last year. In ven 

balance of payments — the first 
since last January. Other items 
making up the overall balance! 
include a S600m deficit on 
invisibles and a si.45>>n deficit 
on long-term capital account. 

Minister looks for action on 
Japan surplus. Page 11 




Germans resist pressur 
for faster growth 


Luxembourg. June 19 . 



IN SPITE of renewed pressure targets for the Nine to today's tion on participating countries to 
from its EEC partners. West talks. M Ortoli will he free, intervene to keep their curren- 
Germany today stood firmly by however, to submit a paper along cies within specified margins, as 
j its refusal to commit ilseif to th pSfe iin«is to the summit meet- members of the currency 
any specific target for faster j n S Of EEC heads of government snake " do at present- Specific- 
j economic growth in advance of ' n Bremen early next month. ally, he displayed interest in two 
[next month's summit meetings Mr. Denis Healey, UK Chan- proposals along those lines 
! in Bremen and Bonn. cel lor. said after the meeting drawn up by the EEC monetary 

I Moreover the Community now despite his attempts to committee. 

• anoeaisc effectively to ‘hive Persuade Germany to modify its However. Mr Healey said that! 
.abandoned Us official objective uoyiion. he had some sympathy Britain would not he prepared! 
THE GOVERNMENT is expected | of an average growth rate of tni “• 10 patticipate in any 

By Elinor Goodman, 

Consumer Affairs Correspondent 


to publish shortly proposals for 4.5 per cent by the middle of He contended that the German currenc >’ arrangement unless it 
- - - - - - 1 — - - - was satisfied that it met a 

reducing the amount of infor-[next year. This was adopted. Government was reluctant to 

mation companies have to give 
the Price Commission before 
raising their prices. The change 
is one of a number which will 
probably be made this summer 
to coincide with the expiry of 
the Price Code. 

As a first step, the Depart- 
ment of Prices yesterday pub- 
lished proposals for stopping 
food and drink retailers re’ 

albeit amid German reservations, commit itself to faster growth ^ , ‘ , J be . r ,°J •*.-! er,a ' Thc hrs of 
by beads of governments of the while it remained unsure how V s ,!? a ; s . Uch arraQ S p - 

Nine when they met in Copen- far other EEC members would should not constrain eco- 

hagen less than three months gu to meet its demands for JJ 00 ?'*-’ 3 rowth by preventing 

ago. arrangements tc stabilise cur- P ar,l > changes wheD wpre 

EEC Finance Ministers spent entries and whether the US {£!““ of ?aymentS 

several hours here this afternoon w .otdd act effectively to cut its ’ • 

hammering nut a joint pre- 0, 1 import bill. The second condition was that 

summit statement of their posi- The implication of his analysis it must be clearly l’ecognised 
tions. But the most that the is that he does not expect that surplus countries had an 

f German delegation would accept Germany to announce any firm obligation to adjust their policies 

pricing goods already on the j was a vague reference to the new reilationary plans at least in the light of their economic j 

shelves. This w ill replace the ! fact that unemployment could until the seven nations western performance and nut just those | 

clause in Ihe Price Code which ‘not he reduced without an addi- summit in Bonn in mid-July, countries running a deficit. He j 

tiona! 1.5 to 2 per cent growth since the US will not be repre- said that the key to any future 
in the average gross domestic sented at the EEC summit meet- arrangement must be that il 
product of the Nine. ing in Bremen ten days earlier, provided for ar equitable 

Vo dale ha* boon fixed, how- Mr. Healey displayed coo- sharing out of rights and obllgu- 
. far arhi-vinu this level siderable interest today in j uons among participants 
..f prnwth M Fr wo is-Xavier series of proposals for linking It was also essential that the 

Ortoli !he EtiriiDcan^Cornmfs- sterling with other EEC curren- EEC's credit facilities be in- 
sinner for Economic Affairs, told cies inside a new form of creased to permit it to defend 
ih** rnupcil that on the basis of monetary arrangement. But tn any new currency plan against 
!heir C present j,.. licit? the Nine spite of bis apparent optimism the threat of speculative attacks. ! 
was unlikely tu attain a GDP he doubted whether the Nine But beyond this, there must be 
°rowth of much more than 2.5 were going to be able to work moves to bring about an effective 
oer cent in real terms this year out arrangements in principle transfer of resources from thc 
and in 1979 by the Bremen or Bonn summits, richer to the poorer regions of 

At German insistence, the ‘He said that he favoured a the Community, especially if the 
Commission dropped plans to relatively strict arrangement, creation of an eventual monetary 

recommend individual growth which would impose an ohliga- union was envisaged. 

The master of the Amoco 
Cadi* claimed yesterday that, 
in the vital minutes before the 
vessel’s steering gear failed, he 
was forced io change course 
and steer closer to the French 
coast to avoid a collision with 
another tanker in the wrong 
shipping lane. 

Captain Pasquaie Bardari 
was giving his first evidence 
to the Liberian Board of 
inquiry in London after being 
released by the French authori- 
ties. He told the Board that 
at about 9.45 aJD. on March 16 
when the vessel’s steering gear 
failed the tanker was off course 
and about 1-1 miles closer to 
the French coast than it would 
have been had be not bad to 
change course to avoid a 
~ rogue *’ tanker which was 
“ in violation . of the traffic 
separation scheme.” 

Captain Bardiri said that at 

9 a.m. following a night of 
storms with winds reaching 
force eight, the Amoco Cadiz 
was heading north “in the 
middle” of the Uskanl ship- 
ping separation scheme — 
which was designed to avoid 
vessels colliding. 

A small tanker was spotted 
further oat to sea but heading 
south across the shipping 
lanes toward the Amoco Cadiz, 
so he ordered his vessel to 
’Turn to the east to avoid a 

He said he did not manage 

10 obtain the name of the 
“ small tanker ” which forced 
the Amoco Cadiz off course, 
but said small ships often 
broke international agree- 
ments on shipping lanes. 

The Bank of ' Errand has.-. 1111 „ . 

learned at least one lesson from fade* fell 3.6 to . 467.0- Snh-^mdit^SS2 
the recent mini-crisis.: ^ oomnt 

latest Quarterly BuUetin argu^ ' 

that the autborities shouTd K&p.; . ■•: ;- pi^duetfa£p^^ 

’ ffowever. 1 ' "" 

monetary growtti wefl. 
the target range, rather- 3&n,4 
try to l*ive dangerously nc^ihe - 
upper limit. It was the faifejne 
to react during February^qda.. 
March, when saerfang M3 ^?as 
growing at near the 13- pec 'Beat- 
limit, that exposed fte JBzfffd^ 
rities to sudi & serious Jbjshch - 
of the targets when the "nnex- J 
pected late surge in mena^r^ 
growth arrived. The oyershot^f- 
ing of the target range ; 

Bank confesses, “ as much’.'Of a 
disappointment to the antih- 
rities as to the Tnarkets.’V.By 
implication the official reaeSjjfc 
to monetary overshootangr^nfl 

4ri bn ' 


1974 1975 1976 1977 ’78] 

chairtriaiOs. > 
cate that'Bawsoa^ 
ing 'for m-'i 

retail prices.. _ 
froin cashtpere 
where" 1 eoatkndn^if 
■ will, be vjnpre. , _ 

1 byl TJ 

. such a farge.pxhi , _ 

>e acf -prod^etioi^^ 
third of ; group. 
the-buiTung -nu&rinn^tswfteff 

n umbers, 

Other ships 

bans re-pricing on all goods with 
a slock turnover of more than 
10 times a year. The new order 
will cover only Food and drink 
and make no allowance for 

The Price Code, which em- 
bodies the presem controls on 
companies' profit margins, has 
been running alongside the new 1 
more flexible set of price con- 
trols for the last year. It ex- 
pires at the end of July and the 
Government apparently wants lo 
make some chanses to the re- 
maining controls at the same 

As well as possibly atari ng 
the profit safeguards in ihe con- 
trols. the Government has de- 
cided to try to reduce the 
administrative burdvn on both i 
companies and ihe Price Com- 

These changes, which wilt 
probably be published in the 
form of a consultative document 
later this month, could mean 
that some smaller companies 
would no longer have to notify 
the commission of proposed in- 
creases and that those com- 
panies still having to notify 
would not have to submit so 
much information about smaller 
increases as they do at present. 


EEC hope on U.S. import curbs 


Price Commission and tho Con 
federation of British Industry 
would be able to agree on a 
joint proposal for reducing thc 
information requirements 
i-nnmanios. But the talks broke 
down at the last moment and 
the two sides have put forward 

different proposals to the 
Department oF Prices. 

At presem all manufacturers 
with a turnover of more than 
£9m a year have to give the 
commission 2 S days’ advance 
notice of any price increase of 
over 2 per cent. The C 8 I is 
believed to have wanted all 
increases of. under 5 per ceni 
to be exempted from the pre- 


ELfROPEAN NEGOTIATORS at problems could be created next The EEC is suggesting that 
the trade talks here appear more year when certain key statutory some form or consultative 

confident that the U.S. will in powers of the 1974 Trade Act mechanism be established cover- 

the end agree to adopt the so- expired. in? both subsidies and what are 

called "injury test" before im- He was referring to the k " J,'!!" -^ s _£*“ 'S' - * 

posing restrictions on imports countervailing duties authority —that is. the ruht in individual 
which adversely affect domestic which runs out on January 3 next *®“: n n l 5! es th 1 ?.nn! 1 !? Ve «f ?imrher I 

industries. year. The U.S. spokesman agreed ^ a L nst . ..WP* 

A spokesman at the U.S. that expiration of this authority 

special trade representative's was “a source of great concern 

office acknowledced this morning to us all." 

Under current practice, the 
U.S. is exceptional in that it is 
not necessary to prove actual 

damages caused by imports tn 

that the precise wording oF such a domestic industry before levy- 
a formula had vet to be worked ins countervailing duties. It is 
! out and that the US., in any merely sufficient to prove that 
E" j case,- was still insisting on tbe imports have been subsidised by rcached on rhD m . ljor area5 ftf 
quid pro quo of European foreign governments. new muliinuiionai trade agree- 

ucceptance of greater discipline However, the President is em- ment by the July n deadline set 

over the controversial subject of powered to waive the imposition by Mr. Robert su-aus-s, the U.S. 
subsidy payments. of additional levies if he thinks chief negotiator. 

Sir Roy Denman, the EEC’s fit. *° r f ’! r - 't* c Washington talks 

director-general of external rela- Sir Roy acknowledged that it 

that the U.S. was “prepared to 
negotiate” the incorporation of 
It had been hoped that the j an injury test into U.S. statutes. 

He made it clear, however. 

country should rho clear need 
arise. I 

In the EEC view, sir Roy said- ' 
any such -committee of signa - 1 
lories" should in practice have ! 
limited power, if for no other; 
reason than thai ihe U.S. Con- 
gress would nhjeri were it to be 
given too much authority. 

Sir Roy said it was “possible" 
for Board agreement to be 

last 24 hours, have 

tions. maintained jn an imer- would ^be'difficuh t_io find Use riplu JJJJJJJJ “the^four 

view here this morning— on the language on subsidies that could parUes ~ T e vening, Mr. Robert 
second day of a scheduled three reassure the U.S. and simul- $i rauss . u.S. special trade repre- 
days of talks between the U.S.. laneousiy not circumscribe to an sentniive. is giving a dinner for 

the EEC, Japan and Canada— that excessive decree the right of the delegation head), at which thc 

if the U.S. did not enact some national government tn take Orel ^aempi .-.i co-ordinated 

form of injury law then major action. progress will he made. 

Captain Bardari said that the 
Amuco Cadiz had to leave the 
shi pping lane to avoid the 
small tanker and passed it at 
about 9.30. The .snpertanker 
was then enable to turn back 
onto its proper course because 
of other ships in the area. 

He said that he intended to 
steer the vessel back on course 
*’as soon as it was possible” 
hut at 9.45 the helmsman on the 
bridge reported that the 
rudder remained to port when 
he turned thc wheel to star- 

This was the first occasion 
that Captain Bardari realised 
I hr steering gear had failed. 
The Amoco Cadiz was, by this 
time, 71 miles north of Ushant. 

When the steering gear 
failed. Captain Bardari ordered 
thc engines stopped and sent 
messages out to other ships on 
two frequencies telling them to 
■* keep clear.” 

By 10.05 a.ra. the vessel had 
turned to port but had stopped 
moving forwards and at 11.10 
a.m. Captain Bardari phoned 
Radio Brest and was told (hat 
I he salvage tug Paei6c was in 
the area. 

Ten minutes later, he was 
told by the chief engineer that 
thc vessel’s hydraulic steering 
system had failed and that 
efforts to repair it had been 
“ abandoned.” 

He then radioed for 
“ immediate assistance ” and at 
12.20 the tug Pacific arrived. 
Captain Bardari toid the Board: 

“ I thought ihe tug would be 
callable of getting us under 

Twenty minutes after arriv- 
ing, I be tug captain asked for 
the Lloyds Open Form — a 
standard form of salvage con- 
tract. Instead, Captain Bardari 
offered hint a “straight lowing 
contract** which was accepted 
and at 1.14 the first line was 
pul on board thc stranded 

Captain Bardari will con- 
tinue giving evidence today on 
the events which lead up to 
the grounding of the Amoco 

be much more ' 'immeffiafevni - British and- Commonwealth nagging 
future. - - r -Shipping — appear to have ex : past •* booms,' 

Having tightened monetary' pected when they origi nally set' i een GFoll owed... 1 * 1 
policy the Bank is cJeariy con- it up hack in 1969. As a: result hacks: At 132p ' 

cerned that the message shouftl it could weld run out oi unused 3-3. and the.~4.ft: 

get through to wage earners. It capita! allowances within is hacketLtaiy covwT^iw^|£ 



nation anwo. lesreraay^ jwra- because its shareholders would •• 7"- J - 
ings figures for April, t^obgfa be prevented by existing lax law sharp ; arop^to 'gVBfj&r. r 

still just about consistent with a from settlio g off ^me ’of their current accotmt sutsfluf duf .u^5 ' 
14 per cent outturn for the- juft - own ttouwd ^ hwm' againa f» » be r 
rent wage round, are distnrlfmg OCL v tax able nrofita At- nre- 
in this context. And anyway the lit Y213.15 against, the 

anyway the , £ -r b . J ‘ ' Y213.15 agamst- the tT&^n, 

Bank is warning that company J* \ pareS’^ t ® rday ' ^ 

profit margins are likely to he * B "“5 Y213-40. After a temporinr.iSefe; .. 

eroded during 1978 by 1101 downwards to an .tuaoeiatg. back April endJS^gt.- • ■ 

accelerating costs. . hopes this -will r >be tb e yen /do liar - rafe.. ■ felf^.hl^'T, 
This does not add ap to 'a changed in the Finance -Bill from 218 to 230. 
situation of peace of mind for comniittee if a new da use currency has performed Strotrs^r .. 

the financial markets. Yester- allowing losses to be surrem- j n recent weeks : ~ 

day, moreover, the recent bout dered both ways is approved,, breach the 210 levdt. 
of indigestion in gilt-edged took though there is some doubt . s jbly -the 200TeveL' Qow5iaLIfe^- : - 
a turn for the worse as stags of whether the proposed -amend- Japanese authorities ^ ftaW?.. . 
last week’s long tap is^ie b^gan ment would help a company Apparently stopped''. 
to unload on an in creasing; scale. like British and Commonwealth heavily. .. . ■■■'■ 

a few days ahead of the* next Shipping which- holds its OCL Too much rienifkanc^'shofid^ : ~ 
call. \T stake through 4 non-tradine * nk 


subsidiary. IF .the move fails 

non-trading not be put on the' iltSf towcK 
move fails f 

Continued from Page 


requirements to- 
gether with those which yielded 

less than £250.000 a year in Continued from Page 1 
additional revenue. ' 

The commission, however, is 
understood to have argued that 
it ought to continue to be kept 
informed of these smaller 
increases but that it‘ was in 
favour of greatly reducing the 
amount of information com- 
panies would have to provide 
with small increases. 

Under the commission's pro- 
posals, the information require- 
ments would be reduced for 
about a third of the increase now 
being notified. The idea would 
be to devise some formula under 
which companies proposing 
smaller increases would not have 
to do much more than tell the 
commission when, and by how 
much, they wanted to raise their 
prices. The commission would be 
free to ask for more information 
if it needed to decide whether to 
carry out a full three month in- 

Such a formula would repre- 
sent a big reduction in the 
amount of information com 

Bank urges cut 

lo the 

monetary evidence suggested that keeping as the economy picked up. 

^| ary Campbell adds: The 

Bulletin includes a table show- 

ing interest payments due on 
public sector foreign borrowings 
over the next ten years. 

The table show> ihal at SI.7bn. 

attention — . . 

targets. monetary growth within the 

Following the excessive target range could only be help- 
growth recorded last year the ful for exchange rate stability, 
control should aim at keeping The “discretionary" element 
the growth around the middle of of fiscal policy — the specific 

the target range — set al S-12 changes introduced by Govern- 

per cent for the current year— ment — has considerably reduced lfiese could next year amount lo 

rather than accepting a figure activity over the period from an appreciable sum by compari- 

around the top of the range'. 1974 to 1977. son with the S2.2bn due prepay- 

Discussing the effect of mor.e- But this has been offset by thc r V en ‘ s principal. Bur whereas 

Cary growth on the sterling automatic stabilising impact of tnu repayment.,- principal in- 

exchange rale earlier this year, changes in lax payments and in U fnit 

the Bank reports that its own benefits. These have increased I 1 } 

research has failed lo find a tbe public sector financial deficit Si „ im, 1 0 5 i*®^ Il i l 1,1 tl i2Si 
close-knit relationship of the by 6.1 per cent of Gross Domestic 3 ntl under 

kind suggested by the inter- Product. '’’"if 

national monetarist school. In spite of the recent rise in * ®'- : S ^" rL ‘ h ° f 

The -pace of monetary expan- activity, many firms still had Jfthfn lS dU ° hC ^ * 
Sion did not become fully appar- “ ample spare if sometimes out- - for ihe purposes of estimating 

May, and seems dated, capacity. future interest navments, the 


ent until May. and 
unlikely to have played a major 
role in the weakening of eon- 

parties now have to give the com- fidonce in sterling in March. 

But there was concern over Bank has assumed that loans with 
the shortage of skilled labour in variable rates would continue at 
certain sectors of industry, which the interest rate levels ruling last 


But in ihe longer term, could create supply bottlenecks March, of 7} per cent. 

upward pressures linked to tbe 
nsr m output. 

f>n the first point, the Depart 
merit of Employment said yester- 
day that by the middle of this 
month some 711 per cent, of 
workers covered by major settle- 
ments had agreed, and 98 per 
cent of these denis were within 
■he official guidelines. 

Moreover, The official examina- 
tion of productivity agreements 
bas not highlighted any cases 
where there was a failure to 
observe self-financing require 

The older index increased hy 
15 per cent in the 12 months lo 
April lo 326.1 (January 1970= 
100). compared with a 7.9 per 
cent increase in retail prices in 
the period. 

Tbe newer index for the whole 
economy rose by 12.5 per cent 
in the year to April to 127.2 
(January 1976=1001. The index 
was 125.0. not seasonally 
adjusted, in March. 

Basic weekly wage rates rose 
by 0.3 per cent in May to 257.7 
(July 1972 = 100), for an in- 
crease of 14.3 per cent in the 
last year. This index covers 
only nationally negotiated basic 
rates for manual workers. 

The future 
tamers (OCL) 

liability company nangs - »m dfl ;TH * ■ challenge "of 

the balance this week. For commercial life under the 1880 Twinte Surpms.-Lasl-y* 
tbe consortium-owned shipping PartnerabiD Act ^ ^ tbe original official forecast wi 

business will almost certainly p . for a current account 

have to be turned into a n oweA „ I $0.7bn~ in fact there was: VMffi 

partnership unless a ne v clause LfawSOPl international pj us of, well over, $10bn. TbisS; 
is added to the Flna-ice BiU Dawson International has y ear - th® authorities are talking* 
today or tomorrow extending forged ahead in sturdy fashion, about reducing the surplus : 
group tax relief for the with pre-tax profits for the year $6bn but unofficial estimates." . 
members of consortia Other- showing a 50 per cent rise to suggest it could weD - increase?^ * 
wise there Is a distinct possi- £15.5m. Given its concentra- to over $15bn. Hence the pres-' : 
bility that OCL may actually tion at the quality end of the sure on tb©yen. There are,4lpwf .-: 
have to pay mainstream UK textUe market Dawson is little ever, signs at last of a ; rising^ 
corporation, tax— a rare event affected by the general textile outflow of capital, partly'du^po ^ . _ _ 
indeed for shipping companies cycle in the UK, and these foreigners unwinding their pda* 
—within the next two years, results reflect the influx of tions in the bond maritdt:7 ’HL:: ■ . 

The trouble is that OCL has tourists (boosted by the these^rrtat 4 7_- - 
been far more profitable than Jubilee) and a big push on rates they should start to relieve!.'-":, 
its shareholders — P & O. Ocean exports, which jumped by the. upward pressure on.the yen ^ • 
Transport, Furness Withy and more than a quarter. Overall, over the longer- term."’' 


RAEN over N. Ireland and 
W. Scotland will spread South- 
East later. 

London, S.E. England, E. Anglia 
Mainly dry. Max. 21C (70Fi. 
Central S. England, 

E. and S.W. England. N. England, 
the Midlands 

Sunny intervals, raid later. 
Channel Is. 

Cloudy, rain at times. 

Wales, N.W. and N.E. England, 
Lakes, Isle of Man. Borders, 
S.W. Scotland 
Cloudy, rain later. 

Tile Highlands, N. Ireland 
Ram at first. Max. 15C (59Fi. 
Outlook: Showers and sun 


N Id-day 






8 R 

Manvhstr. S 






ML-Ibcurno C 






Mexico C. C 






Mllnn S 






Momreal C 






MnKL-ow R 






Monlah S 





'■ok-i-atfl* V 







York F 





Oslo C 



B Air-.-s 




Paris F 





97.P«*nh r 






PreCTio F 



Ch Ir.i^o 




Fi-ylijnvik K 



Colo? no 


2 j 


Slo dv J’u S 






Roni'j l ’ 





Slnsauorc S 





Stockholm F 


Fra nt fun. 




Slra.Jjrs. F 






■Sydney R 






Tehran S 







Tel Aviv s 

2 fi 


H Korwf 




Tokyo C 






Toronto s 






Vienna S 






Warsaw F 







Zunch F 



’ ’ i - - 



■ r, -|- 
C ?1 TO 


{ Istanbul 

' Y’dar 

‘C >F 



2 ! 









lajs Pirns. 















Tn; Malaga 






59 Malta 







6 S [Nairobi 




Cine Tn. 




I Maples 






. 1 ! 

| Yitv 








j Klcnsla 







■ >Dono 































In vc moss 








l*. of Man n 






S— Sunny. F— Fair C— Clnudy. It— Ram 
T— Thunder. 


Importers and Merchants dealing in timber; : -V’/J *V 
ply/vo-jdc Sioird raaierials, joinery cornpoherdsr-ir.-:..^ 

nr«a tui.dir.g ma'orials. S4 wmi Hers, and Manufacturdri'^ 

■- 1 veneored panel? and other components.. ■; - | 

Results for 1978 - 

Mr. P. A. Bams-Graham. for the year ended 25th Mar6til§7S, - 



: 1977 
. £000V 


9.8ft; ■■ 

2.26981 p 2.05577p r : ;{.-: 

♦.The final dividend of 1 .76981 p per ordinary share ^ 
recommended is ihe maximum amqunt -permitted under * 
current restrict ions. wu “ u “": 

* Depression in construction industry continued - 

resulting in overall reduction in level of demand.- 
However, demand lor home iifiproverrients and 1 
Tnodernisation continued to increase ~ 


V* Tirr,. 



1: • .‘J -Y 

* Margins during tbe year were adversely affected-iy lfit 
kmnor Thf-r thc t ' specially aeainsttbe Swedii-. • 

v ^! he Pre viou syearwfaeu : fhe; 1: 

m in value ofthe £ resulted in substantial stoetp^fii^^ 

uaui (Joinery I Ltd. at Hamilton to improve and 

supplement service to Lana rksh ire customers H / 

* In view ol possible legislation regarding stock f * 

yaluanon relief, past policy of providing . 

■ r nr jr • , J of provjdin 
iniulffor deferred tax continued. 

Annual General Meeting : 1 2th July, j 378. 

Copies of the Annual Report and Chairman’s Statement ' 
can be obtained Iron, the Secretary. City Saa Milh 
Port Drnwlas. Glasgow G4 9TP. 

J- V 

- f. 
- ..flT 


« the POST office. P-laieri c. 
ay the Fuunciai Times Ltd.. Bridceo aoirJ t r?^ ,en C s preas ' tor 


House. Cannon street. Lfmdn^E<£tP'®7- . . 

O Ihe Ftowaal-Tlmiss^-aW ySP 

■ ^ij-r